Full text of Commercial and Financial Chronicle : June 5, 1909, Vol. 88, No. 2293

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financial

TO,
0111wwrrt31 3;
VOL.88.

JUNE 5. 1909.

NO. 2293.

rtintrle
Published every Saturday by WILLIAM B. DANA COMPANY. Front, Pine and
Depeyster Sta., N. Y. C. William B. Dana, Prest.; Jacob Seibert Jr., Vice-Prest.
and Sec.; Arnold G. Dana, Treas. Addresses of all. Office of the Company.

CLEARINGS
-FOR MAY, SINCE JANUARY 1 AND FOR WEEK ENDING MAY 29.
Clearings at
-

Fire Months.

May.
1909.

1908.

Inc. or
Dec.

1909.

1908.

Inc. or
Dec.
-e"z:1,
.
+12 7
+4.1
+17.9
+10.4
+18.5
+2.5
+6.3
+12.7
+3.6
+15.5
+8.8
+3.6
+12.9
+22.4
+7.9
+12.6
-2.5
--3.2
+0.5
-4.3
-6.4
+16.7

1909.

•

Week ending May 29.
Inc. or
1908.
Dec.
1907.

1903.

$
$
$
$
$
$
$
New York
6,669.833,831 +
11.4 39,969 21,908 29,304,754,263
•
608,486 1,281,153,532 + 1.6 1,386,695,324 1,581568,923805
,
Philadelphia
492974608 +13.2 2,709,151,577 2.403,525,252
558,094,947
131,358,996
88554209 +483 136.154.086 144 638072
896,733,349
861,177,017
Pittsburgh
163,607,294 +12.0
183,241,113
46,239,573
45,249,384
32.095,756 +44.1
47,397,232
Baltimore
489,560,528
577,200,330
97,256,237 +24.1
24,547,361
120,733,491
18,196,413 +34.9
24,972.315
24,227,999
Buffalo
164,881,640
34,053,830 +10.1
181,965,509
8.840,058
37.478,692
7,236,273 +22.2
6,254,550
7,023,538
134,989,447
23,929,470 +15.3
113,881,585
Washington
6.878,599
27,590,444
4.591,581 +49.9
5,632,064
6,328,068
108,200,625
Albany
5,477,849
23,708,241
110,894,646
23.958,547 -1•0
4,688,977 +16.8
4,136,644
6,456,647
14,424,445 +9.2
72.684,492
77,299,492
•
Rochester
15,748,991
3,288,634
2,634,348 +24.8
4,421,298
4,039,501
9,326,008 +7.5
51,887,150
46,049,894
Scranton
2,388,329
. 10,023,985
2,170,025 +10.0
1,928,666
1,870,903
7,324,914 +18.4
8,676,242
41,608,050
43,124,760
1,703,940
Syracuse
1,167,902 +45.9
1,394,685
1,442,827
5,294,189 +11.6
5,910,907
26,460,272
Reading
30,560,386
1,371,729
933,851 +46.9
1,035,630
1,175,936
5,073,472 +18.6
6,019,256
•
27,649,861
25,401,125
Wilmington
1,317,608
973,021 +35.4
1,246,260
1,233,451
4,641,521 +10.2
5,116,235
24.225,888
25,094,953
Wilkes-Barre
1,171,975
1,001,325 +17.0
794,793
978,182
5,859,263 +17.3
•
6,876,705
28,006,837
Wheeling
1,642,149
31,608,567
937,508 +75.2
831,080
866,408
•
4,122,134 +15.8
4,773,199
20,600,316
25,216,418
Harrisburg
1,176,811
724,834 +62.4
708,181
771,968
•
3,542,347
3,231,963 +9.6
16,411,332
17,702,795
York
797,389
606,722 +31.4
2,517,966 +19.6
3,011,804
12,289,540
13,832,560
Erie
606,765
434,375 +39.7
623,176
526,287
1,681,000
•
2,020,100 -16.8
10,032,400
Binghamton
9,781,000
305,700
390,400 -21.7
509,300
390,200
•
2,277,292 +4.3
2,375,357
10,303,194
Greensburg
10,643,752
473,582
540,814 -12.4
339,816
488,170
1,995,716
1,922,672 +3.8
Chester
9,744,061
9,796,250
461,741
326,051 +41.6
503,341
478.262
1,026,306
1.101,823 -6.9
Franklin
5,316,846
5,556,016
231,027
206.135 +12.1
252,428
210,000
1,663,098
1,694,428 -1.8
Altoona
7,941,592
8,481,338
381,560
302,240 +26.2
1,037,262
852,781 +21.7
Frederick
4,656,081
5,433,395
6.170.451
6,047,789 +2.0
Trenton.
6,047.780
31,048.296
1.368.5,'l
1.051.901 +30.2
9,126,563,430 7,577,298,848 +20.4 44,973,305,985 33,808,832,304 +33.0 1,928,638,384 1,450,917,58o +32.9 1,628,771,031 1,827,024,564
Total Middle
663,361,796
600,383,789 +10.5 3,513,679,639 2,922,887,996 +20.2
Boston
138,620,950 112,251,782 +23.5 117,161,845 131,464,860
31,660,900
25,206,500 +25.6
Providence
155,386,800
133,673,900 +16.2
6,727,100
4,526,100 +48.8
6,078,600
5,883,500
14,788,654
Hartford
13,156,619 +12.4
77,047,328
69,279,757 +11.2
3,026,453
2,339,168 +29.4
3,319,059
2,852,498
11,285,443
New Haven
9,155,470 +23.3
57,283,149
49,449,914 +15.8
2,359,114
1,801,230 +31.0
2,264,117
2,295,035
9,300,589
Springfield
7,858,580 +18.3
44,057,215
38,605,515 +14.1
1,820,476
1,655,000 +10.0
1,538,260
1,699,796
6,891,144
Portland
7,100,296 -2.9
34,644,495
35,429,005 -2.2
1,465,473
1,850,624
1,243,510 +17.9
1,487.559
6,921,314
Worcester
5,954,937 +16.2
34,140,111
30,131,473 +13.3
1,627,492
1,102,429 +47.6
1,371,487
1,234,868
4,416,468
Fall River
3,528,164 +25.2
19,621,534 +26.8
24,884,789
1,059,189
757,375 +40.0
629,233
931,756
3,6'74,567
New Bedford
2,862,157 +24.2
18,444,150
15,340,322 +20.2
759,560 •
469,862 +61.7
717,967
• 586,890
1,897,838
Lowell
2,029,645 -6.5
9,863,154
9,914,445 -0.5
406,445
375,665 +8.2
453,707
441,284
2,002,162
Holyoke
1,781,639 +15.8
10.199.513
9.140.017 +11.8
363.476 +29.6
471.601
457 4c()
408.017
756,260,875
Total New Englan
679,018,296 +11.4 3,979,630,345 3,333,473,878 +19.4
158,343,945 126.886,09/ +24.8 135,799,843 149,328,583
1,145,913,456
Chicago
984,085,644 +18.9 5,592,098,671 4,791,182,111 +16.7 274,064,837 185,740,277 +47.6 203,660,528 179,702,549
Cincinnati
102,681,850
92,628,200 +10.9
22,527,900
508,500,850 +9.8
558,312,350
18,092.550 +24.5
20,618,350
21,007,000
Cleveland
63,629,263
57,996,421
+9.7
13,338.046
328,096,227
12,795,232 +4.2
302,257,331
+8.5
13,250,443 • 13,212,873
Detroit
66,988,866
63,954,322 +4.8
14,340,839
10,947,273 +30.9
277.291,629 +4.3
289,106,004
11,572,537
10,753,437
Milwaukee
45,188,654
39,191,115 +15.3
213,819,257 +12.2
10,284,063
239,838,761
6,678,335 +54.0
9,082,199
7,575,918
Indianapolis
34,192,822
27,932,819 +22.4
5,915,023
4,933,954 +19.9
145,419.394 +14.6
166,617,248
5,855,137
6,442,196
Columbus
22,734,600
18,558,000 +22.5
5,369,900
120,048,400
3,763,900 +42.7
98,861,300 +21.4
4,529,700
4,462,200
Toledo
15,611,290
14,897,490 +4.8
3.321,698
3,058,604
76,944,107
83,779,201
+8.9
+8.6
2,988,115
3,186,415
Peoria
11,632,622
9,623,221 +20.9
2,945,688
1.654,879 +78.6
55,275,811 +10.7
61,173,291
2.338,485
2,473,076
Grand Rapids
10,917,879
9,162,568 +19.2
2,257,859
1,476,621 +52.9
44,125,338 +10.3
48,681,895
1,998,494
2,139,400
Evansville
8,287,362
7,398.487 +12.0
1,712,905
41,943,163
1,157,435 +48.0
37,558,379 +11.7
1,292,393
2,136,935
Dayton
7,885,728
31,616,242 +23.4
6,202,658 +23.9
1,701,628
39,007,947
1,236,882 +37.6
1,598,123
1,608,298
Kalamazoo
5,263,430
19,710,636 +25.5
4,191,958 +25.6
1,113,400
24,742,222
959,884 +16.0
833,403
704,690
Snringfteld, Ill
3,864,462
3,153,977 +22.9
21,096,588
795,354
17,381,990 +21.4
700,350 +13.6
662,526
539,757
Fort Wayne
+3.6
16,641,775 +14.4
3,954,986
3,818,747
19,044,946
949,170
720,608 +31.7
617,547
784,697
Youngstown
3,764,068
2.381,254 +58.1
12,943,731 +33.9
17,336,189
892,710
561,899 +53.8
609,296
672,214
Rockford
2,942,134
2,273,182 +29.4
14,402,365
12,612,987 +14.2
724,292
518,599 +39.7
666,540
528,912
Akron
2,961,240
2,240,008 +32.2
14,476,696
11,380,922 +27.2
700,000
500,000 +40.0
533,000
422;161
Lexington
2.766,520
2,228,564 +24.1
13,896,984
14,636.355 -5.1
658,740
419,309 +57.1
492,992
529,806
South Bend
2,032,885
1,822,505 +11.5
9,215,109
8,105,048 +13.7
403,971
293,797 +37.5
405,352
414,682
Quincy
2,327,207
1,807,421 +23.2
10,716,259 +15.1
12,331,254
481,023
398,515 +20.7
330,884
319,862
Canton
2,995,854
1,672,537 +79.1
16,045,430
9,166,628 +75.0
590,810
320,440 +84.4
510,333
534,650
Bloomington _
2.011,189
1,614,956 +24.6
11,872,684
+7.7
11,019,851
520.407
286.924 +81.4
487,130
348.854
Spridgtield, Ohio
__
2,045,930
1,590,283 +28.6
10,665,083
8,555,993 +24.7
462,224
295,228 +56.6
270,784
355,128
Jackson
1,498,001
+2.8
1.456,915
7,208,406
0,574,502 +9.6
276,000
230,000 +20.0
255,000
204,000
Decatur
1,804,310
1,410,865 +27.4
8,729,270
+5.1
8,302,611
490,696
275,540 +78.1
326,498
:302,464
Mansfield
1,288,387 +15.5
1,487,201
7,441,970
6,363,501 +16.9
369,114
264,927 +39.3
283,399
241,489
Jacksonville, Ill
1,360,167
1,001,056 +35.9
6,362,633
242,674
5.587,105 +13.9
149.441 +62.3
167.418
194,676
Danville
1,224,361 +20.0
1,469,287
7,853,481
6,934,64'3 +13.3
333,765
188,126 +77.4
Ann Arbor
671,714 +22.8
824,859
160,256
3,489,590
115,564 +38.7
3,060,618 +14.0
97,624
105,000
120 094 +10.7
6
Adrian
26.594
132,828
14.000
12 116 4.118.
1564.773 -2.1
. 557.410
Total Middle West_ 1,581,170,950 1,347,605,663 +17.3 7,795,471,988 6,773,116,676 +15.1
367,978,521 258.747,22/ +42.2 288.372,4o0 259,878,142
Details of Pacific on Page 1414.
Total Pacific
396,058.151
309,145,973 +28.1 1,901.936,760 1,558,676.814 +22.0
89,710,358
58,634,660 +53.0
79,420,388
60,238,253
Kansas City
141,726,350 +26.2
178,898,017
941,771,701
38,927,290
26,274,602 +48.2
714,854,231 +31.7
25,877,132
21,174,328
72,574,091
78.140,938 -7.1
Minneapolis
405,259,197 -13.6
15,917,346
350,018,418
13,444,147 +18.4
13,938,307
17,313,298
Omaha
61,386,083
48,312,787 +27.1
246,185,845 +21.5
14,494,121
299,071,182
9,927,039 +46.0
8,974,950
8,919,896
St. Paul
35,388,011
37,487,937 -5.6
191,541,526 -2.0
187,720,009
7,937,552
9,533,036 -16.7
7,696,316
6,532,021
Denver
35,802,858
31.389,604 +14.1
186,297,958
155,889,647 +19.5
8,250,000
6,021,216 +37.0
6,337,399
5,806,747
St. Joseph
23,628,581
20,969,651 +12.7
108,782,210 +22.0
132,767,017
5,351,652
3,948,350 +35.5
5,522,722
5,215,838
Des Moines
15,392,631
12,077,274 +27.4
61,879,333 +24.4
76,985,158
2,925,119
2,182,494 -1-34.0
2,100,000
1,910,000
Sioux City
11,023,904
8,479,729 +30.0
45,668,108 +20.8
55,157,313
2,198,532
1,534,359 +43.3
1,758,832
1,717,243
Wichita
10,166,287
5,718,611 +77.8
28,429,821 +60.7 . 2,369,921
45,683,863
1,320,005 +79.5
1,218,549
869,939
Lincoln
5,936,663
5,015,221 +18.4
25,297,094 +25.0
31,618,531
1,307,379
1.181,740
1,091,145 +19.8
1,288,793
Davenport
4,943,991
4,249,648 +16.3
23,869.622 +16.4
27,785,828
1,203,811
828,338 +45.3
618,966
907,825
Toneka
5,326,456
4,249,083 +25.3
21,182,221 +33.2
1,189,483
28,221,599
857,946 +38.6
721,707
688,447
Cedar Ranids
4,446,939
3,388,127 +31.2
22,436,085
17,543,091 +27.9
1,149,766
620,732 +120.4
541,049
519.267
Colorado Springs _ _ _ _
2,862,28:3 -2.5
2,791,151
13,093,442 +12.0
14,659,696
574,422
714,000 -19.6
700,000
685,970
Pueblo
2,235,629
1,870,028 +19.5
10,813,661
11,473,538
+6.1
482,000
408.765 +17.9
538,477
349,448
Fremont
7,705.951
+6.7
412.000 -7.5
1.302.804
381.000
1,389,786
195.474
6,719,320 +14 7
309.582
Total other West...
471,330,988
407,240.105 +15.7 2,419,376,871 2,077,008,369 +16.5
79.019,284 +32.4
104,657,394
81,172,575
70,952,887
St. Louis
262,783,648
231,156,976 +13.7 1.371,555,181
1,232,333,767 +11.3
60,499,206
44,567,294 +35.7
54,044,904
51,041,815
New Orleans
65,114,871
56,909,452 +14.4
352,666,827
13,245,841
342,006,905 +3.1
12.147,923
+9.0
14,214.117.
16,517,388
Louisville
45,172,314
44,719,546
+1.0
281,152,237
238,601,627 +17.8
10,707,168
7.867,319 +36.1
10,573,363
10.972,659
Houston
55.611,021
288,033,355
35,741,578 +55.6
190.499,587 4-44.4
13,384,762
9,559,470 +40.1
10,843.695
7,987,021
Galveston
23,733,500
22,083,009 +7.5
137,819,500
135,086,000 +2.0
5,326,500
5,019,500 +6.1
5,857,000
5,480,500
Richmond
27,800,277
23,168,649 +20.0
141,330,288
119,842,651 +17.9
5,982,846
4,340,160 +37.8
4,782,449
5,083,783
Atlanta
30,004,740
16,634,703 +80.4
118,797,939 ' 93,870,339 +26.6
6,731.828
3.149,276 +113.8
3,836,959
3,838,654
Memphis
20,987,348
16,676,1)82 +25.9
114,245,416 ; 105,307,089
4,585,180
+8.5
3,114,005 +47,2
3,214,773
3,454,572
Fort -Worth
26,228,160
17,764,619 +47.6
136,376,972
89,788,494 +51.9
6,000.000
3,335,000 .4-79.9
2,393,034
3,032,058
Nashville
14,269,890
80,019,763
12.196,738 +17.0
7:1,790,512 +8.4
3,355,913
2,862,174 +17.2
3,063,970
4,135,433
Savannah
14,071,989
12,583,409 +11.8
77,818,253
68,277,926 +14.0
2,933.643
3,437,114
2,789,467
+5.2
3,095,703
Norfolk
10,720,167
7,771,178 +37.9
55,254,845
42,004,076 +31.5
2,639,181
1,736,163 +52.0
2,072.394
2,212,869
Birmingham
8,361,738 '
' 7,171,101 +16.6
42,652,451
38,853,324
+9.8
1,778,073
1,580.737 +12.5
1,048,292
1,933,914
Jacksonville
7,677,270
6,091,648 +26.0
37,803,767
30,494,469 +24.0
1,566,275
1,229,347 +27.4
1,234,031
1,247,800
Chattanooga
5,991,695
•5,690,523 +5.3
31,666,628
29,299,332 +8.1
1,251,508
1.216,947
+2:8
977,764
750,000
5,910,507 •
Knoxville
6,5171- 01
6
+7.1
32,472,429
30,116,361
+7.8
1,362.290
1,012,848 +34.5
1,336,943
1.241,308
Augusta
6,763,265
5,517,933 +22.6
37,609,243
33,300,292 +12.9
1,322,357
+6.7
1,239,415
1,145,5:36
1,166,831
Little Rock
6,499,890
5.138.447 +26.5
34,250,621
28,714,030 +19.3
1,255,381
1,166,158 +7.6
1.101.812
927,766
5.333,688
Charleston
4,896,536
+8.9
29,716,073
27,565,902 +7.8
1.026,311
1,038,844
+4.1
1,075,500
1.109,141
Mobile
5,708,672
4,756,355 +20.0
28,696,845
26,894,518 +6.7
1,163.582 +3.1
1,199,763
1,289,743
1,392.946
Oklahoma
6,551,530
4,071,190 +60.9
31,356,694
18,449,101 +70.0
1,325.000
816.158 +62.3
1,092,473
700.000
Macon
2,364,536 +26.1
2,980,330
16,983,791
13,564,465 +25.2
439,388 +35.7
596,115
573,560
400,481
Beaumont
2,413,618
2,105,765 +14.6
12,570,245
12,068,839 +4.2
469,505
407.125 +15.3
321,525
370,729
Austin
1,965,094 +68.0
3,301,161
14,762,896
+37.8i
10,716,388
254,476 +215.8
803,548
Columbia
2,615,247 +18.2
3,092,339
15,577,762
12,198,688 +27.71
Guthrie
1,032.472 +12.8
1,164,318
6,240,439
4,709,2:30 +32.51
Valdosta
491,833 -8.0
452,612
2,988,779
2,671,300 +11.11
Vicksburg
1,006,293
1,199,364 -16.1
7,179,250
7,876,208 -8.8'
166,923
279,096 -40.2
Columbus, Ga
1,386,345 +4.6
1,302,872
7,518,448
7,344,124
+2.3
_ __ .
Wilmington, N.C.__ _
1,483,502
1,138,160 +30.3
7.617.1.11
5.740 041 +32.7 .
_ - - - _ -- _
-.- Total Southern
672,493,231
560,536,080 +20.0 3,552,712,080 3,080,985,585 +15.31 149,557,68o 112,310.339 +33.2 133,201,905 114,503,007
Total all
13,00:3,877,625 10,880./344,915 +10.5 64,622,414.015 50,632.001.301 +27.6 2,798.8411 910 2,086.515.109 +34 1 2,346.724.911 2,414,454.209
Outside New York_ 4,907,627,533 4,211,011.134 +16.5 24,652,612,107 21,327,339,363 +15.6 1,112,277,79J 805.361.6,10 +38.1 960,028.887 861 061,334
I

re'

Table Clearings by Telegraph and Canadian Clearings on Page 1414.




* Not included in total for month and live months' comparison incomplete.

1396

THE CHRONICLE

THE FINANCIAL SITUATION.
The most distinctive feature of the situation is the
unmistakable revival in trade. The improvement is
proceeding in a steadily widening circle. The buoyancy and activity manifest on our Stock Exchange
this week in such a conspicuous degree are but a
reflection of the growing betterment of trade affairs.
At first it was merely the iron and steel industry—that
most important of the country's industries—that revealed signs of new life. Now evidence to the same effect
is discernible in many other quarters. It is marvelous
what a transformation has occurred in men's hopes,
and in their views also, within the period of the last
twelve months. Just a year ago mercantile and industrial affairs were at their lowest ebb and the whole
country was in the deepest despair. Confidence
seemed to be completely gone and the outlook was
gloomy in the extreme, with scarcely a bright spot
on the industrial horizon. Now every one is buoyed
up with new hope and the future is once more viewed
with unabated confidence.
The change is the more remarkable inasmuch as it
comes at a period of the year when the disposition usually is to proceed with the utmost caution,and for obvious reasons. We have just entered upon a new
crop season when the unavoidable uncertainties attending the raising of our mammoth supply of agricultural productions, upon which so much depends,
are present in every one's mind,since experience teaches
that the future course of trade will in large measure
be controlled by the question whether the new stores
of nature's bounties are to be meagre or abundant.
No one can tell yet what the 1909 crops will amount
to. Nevertheless our business men are going ahead
even without knowledge on that point. The new hope
which has sprung up in men's breasts also comes at a
time when tariff legislation is still far from completed—
indeed when as to many articles and schedules there is
just as much doubt as to what the new tariff duties
are to be as there was three or four months ago.
When 1909 opened and trade began to lag after
the spurt of activity which came in the closing months
of 1908 with the assurance of the defeat of Mr. Bryan
in his third attempt to grasp the Presidency, we were
told that it was the uncertainties of tariff legislation
that was keeping enterprise in check and placing
an embargo upon trade. No doubt this was, and is
even yet, an unsettling influence; for uncertainty of
any kind is always a deterrent upon men's actions.
But now, though this dampening influence is still
present, business seems to be proceeding without regard to the same, and there is every evidence of a genuine and pronounced revival in trade. In a word,
men once more have confidence in themselves and in
one another.
What is the reason for the rejuvenation? The ready
reply will be that sentiment has changed. But why
has sentiment changed? A year ago we were all controlled by fears and there was just ground for those
fears. Now these fears have vanished. The causes
were largely, if not entirely, political. And no one
can deny that the political aspect, at least as far as
national affairs are concerned, has been wholly altered.
The transformation in that respect has been no less
striking than the transformation in the trade situation.
When business men proceeded so cautiously in January



[VoL. Lxxxvm.

and February of the present year, it was, in the main,
with the view to awaiting and seeing what would be
the policy and plans of the new Administration coming
into power on the 4th of March. It is hardly needful
to remind the reader of the depressing influence exerted
by the late Administration or to recall the ebullitions
of wrath, the denunciations of the courts, the assaults
upon corporations and wealth, the attacks upon the
railroads, and the crude propositions for reconstructing the industrial and economic fabric which were
hurled at a suffering public with such painful frequency under that Administration.
Would the new Administration follow a similar
course? If so, then it were in vain to hope for a
return of normal trade activity. Anxiety on that
score was quickly allayed. The test came almost at
the moment that the Administration took office; and
Mr. Taft lost no time in making his position understood. On a re-trial of the celebrated action against
the Standard Oil Co. in which a fine of $29,240,000 had
been imposed, the trial judge was obliged to order an
acquittal, since the prosecution had no case. We
all know what bitter words President Roosevelt used
last August when the United States Circuit Court of
Appeals reversed Judge Landis and how his every
utterance breathed defiance of the courts. The new
Administration treated the failure of its suit in a
totally different way. It acted with dignity and
composure. Through Attorney-General Wickersham
it announced that it would be guided entirely by the
rules laid down by the courts. There would be no
litigation for sensational effect. Cases similar to the
one that had failed would be abandoned and the legal
department of the Government would hereafter make
sure that the law had actually been violated before it
attempted prosecution.
Since then the Government has been acting in a
similar sensible and dignified way, showing that its
policy would be not to disturb but to assure the
mercantile and financial world—that nothing would
be done to threaten the security and stability of legitimate business interests. This is all that the public
had been waiting for and all that any one could ask
for. Here, then, we have the reason why business
men have been taking new hope and trade activity
has been spreading in all directions. Moreover, the
fact that trade has quickened so decidedly, with assurance on that point, indicates what actually occasioned
the panic of 1907 and the trade revulsion and convulsion that followed in 1908. No doubt a large part
of our population never fully appreciated what a
blighting influence upon trade the old political influences and methods had exerted. But the lesson, and
the evidence of it, is now before them. It is in
the highest degree gratifying that the old conditions
are now behind us. Furthermore, in the change
which has occurred to new and better conditions we
manifestly have a sure foundation for enduring trade
revival and for the glowing prospects of the future
which are now being so generally entertained.
A statement authorized by J. P. Morgan,
Co. makes clear the details of the negotiations
which this week have resulted in arrangements for
the practical listing of United States Steel stocks on the
Paris Bourse. It corrects some of the statements
of a misleading character which appeared during the

JUNE 5 1909.1

THE CHRONICLE

week and discloses the far-reaching importance of
the negotiation. It appears that a block of 100,000
shares of Steel common has been sold to a Paris
syndicate, composed of Morgan, Harjes & Co., the
Credit Lyonnais,the Comptoir Nationale d' Escomptes
and the Societe Generale. This syndicate will issue
its own certificates secured by the 100,000 shares of
Steel common, and such certificates will be traded in
on the Paris Bourse.
It is stated that it had at no time been proposed
to list any part of the Steel stock on the Bourse; to
list only a small portion of 5,000,000 outstanding
shares of common stock would have involved an
expense of about $3 per share, which would
have been prohibitory. Neither was it proposed to place any part of the 100,000 shares,
as above noted, on the Paris market. All that was
desired was to put the stock before the French investor and to enter into business relations which
may eventually result in the investment of large
amounts of French capital in American enterprises.
The block of 100,000 shares of Steel above noted
will not be transferred to Paris, but will be held in
New York by the Bankers' Trust Company in trust
for the syndicate; this company will collect the dividends thereon, forward them to the syndicate in
Paris, and such syndicate will pay dividends in the
same amount to the holders of its certificates. It is
by an arrangement similar to this that many American
stocks have been traded in at Amsterdam. The
only American securities previously listed in Paris
were a block of Pennsylvania Railroad bonds and a
lot of New York New Haven & Hartford debentures.
As the result of the announcement of the proposed
listing of Steel in Paris, the stock had almost a continuous advance this week, not only in New York
but in London and Paris.
The Treasury deficit for May was $5,453,955 and
for eleven months of the fiscal year ending with
May $97,858,102. May's receipts from customs
increased 83/ millions, compared with a year ago, but
there was a nominal decrease as compared
with last month. Internal revenue increased 1 million
over May 1908 and there was a slight gain therein
compared with last month. Disbursements for May
were greater by 4 millions than those in the corresponding month last year. There was a decrease of
$2,700,000 in civil and miscellaneous expenditures,
compared with last month and an increase of 1 million
on account of the Navy. Pensions payments show a
gain of 3 millions and those for public works 33
millions compared with April.
Engagements of $885,000 gold bars for shipment
to Paris on Thursday were made profitable as an
arbitrage operation through a rise in sterling at New
York on London and an easier tone for exchange at
Paris on the British capital. On Thursday the Paris
rate on London sharply advanced, the result of active
trading; but as sterling at New York on the British
capital also rose, shipments of gold coin to Paris
could not be advantageously effected.

1397

ing Government bond market conditions that attract
attention. The fact is recognized that the Government has about exhausted its market for the certain
sale at not less than par of any considerable amount
of bonds bearing as low an interest rate as 2%. With
the exception of 63 millions 3s of 1908-18, there are
no bonds which may be refunded into consols and no
public deposits that can be made to stimulate a
market for Panama bonds. It seems necessary,
however, that money shall be provided for the needs
of the Government through new bond issues. In
order that they may be marketed, when emitted, they
will have to bear a rate of interest which will place
them on an investment basis. To effect such purpose,
though, they will come into competition with the
consols and the Panamas,and, owing to the higher
interest rate, the new bonds will be attractive while
the consols and the Panamas will be discriminated
against. It would be a breach of good faith and
contrary to public policy for the Government to impart to the new bonds any privilege enjoyed by the
2%s, such as partial tax immunity on circulation
bwd upon the new securities, which would give them
an artificial price; neither would the extension of
this partial tax immunity be necessary if the interest
rate on the bonds were on an investment basis, for
they should be regarded as on their merits alone.
With a view, therefore, more firmly to establish an
artificial price for the 2s and thus make the market
receptive for more Panamas, it is suggested that the
partial tax immunity enjoyed by circulation on the
2s be increased by reducing such circulation tax
by one-half, or to IA of 1%. The tax would bear
such a reduction,for collections thereunder are now
three times the requirements for national bank administration; even at W of 1% the yield would be
i
13 millions, while last year the expenditures chargeable to the tax fund were $527,000. The proposed
tax reduction is, according to the circular, likely to be
acted upon at the present emergency session of Congress.
There are indications, as stated in the circular,
that depository accounts must soon be reduced in
order to increase the working balance of the Treasury.
Such deposits now amount to 62 millions, of which 52
millions are in temporary or special depositories and
the remainder in permanent or regular accounts. The
former might be reduced by 20 millions without interfering with the business of thePepartment, and if this
course were taken and the regular accounts to remain
undisturbed, the above-noted 20 millions reduction
would be the extent of the withdrawals. There is no
necessity for the maintenance of the 10 millions balances in special depositories. These, however, are
distributed among one 'thousand banks, many of
which qualified largely for the purpose of being designated as a United States depository, and these and
others bought bonds at high prices and have suffered
loss through the shrinkage of the premium on such
securities and also through the recall of their deposits
from time to time. For these reasons the equities
seem to be with the banks, and favor the retention
of the depository accounts,unless the Treasury actually
is forced to withdraw them.

Bank managers who, for the benefit of their correspondents, make a study of situations which may
be of interest to such correspondents have submitted
The foreign exchange market was quite strong on
in a recent circular some facts and suggestions regard- the resumption of business on Tuesday, after the



1398

THE CHRONICLE

holiday, and, owing to a recession of half a centime in
exchange at Paris on London,there were expectations
of a renewal of the movement of gold hence to the
French capital; such expectations were later in the
week realized, when engagements of $885,000 gold
were effected. On Saturday of last week $1,250,000
n gold coin was shipped to Argentina. Part of this
consignment consisted of double eagles which were
withdrawn from the Sub-Treasury; the remainder
was in eagles that were obtained from the banks.
The Bank of England on Tuesday secured the whole
of the $5,000,000 Cape gold that was offered in the
London bullion market on that day. The fact that
Vienna bankers were not competitive bidders for the
metal would seem to indicate that Austria's requirements for gold are satisfied. French bankers also
refrained from bidding for the South African consignment, probably relying upon their ability to obtain
the metal from New York, possibly on more advantageous terms.
It appears by London mail advices that French
bankers are large investors in South African mining
stocks. Recently the Bank of Paris bought outright
a block of about 50,000 shares of the Ferrera Deep
mine, at the same time, it is reported, obtaining an
option for an equal amount of the stock; this seems
to indicate that as the result of cheap money the large
banks at Paris, which have heretofore extensively
traded in gold-mining shares through London, are
now directing their attention to more or less permanent
investments therein.
The cotton crop situation at this time is set forth
at such length on subsequent pages in our annual
report on acreage that briefest reference to the subject
will suffice here. According to our compilation, area
has been further augmented by 1.05%, indicating that
the freely tendered advice to curtail planting has been
as usual ignored, and rightly so in view of the world's
needs of the staple and the profit in raising it. That
the increase in area has not been greater than mentioned above is accounted for by two causes—fear of
boll-weevil invasion and high prices for grain. The
first cause, operating in Louisiana,is responsible for a
rather large reduction in acreage in that State, and
also accounts for a small falling off in Mississippi.
An increased planting of grain has served to hold down
the gain in Texas, Oklahoma and Arkansas to very
moderate proportions, and explains an actual slight
loss in area along the Atlantic.
So much has been said of late about the poor crop
outlook that it becomes important to state that our
investigations indicate a better promise at this date
than at the corresponding time a year ago. Planting
differed little,if at all,in the two years on the average;
but weather conditions on the whole have been more
favorable. The season has not, of course, been free
from complaints of excess of moisture or lack of it,
and low temperature has been referred to from time
to time. Deficiency of rainfall in Texas was apparently the most serious drawback, but since the middle
of May complaints on that score have practically
ceased. All things considered, the outlook now would
seem to be fairly promising, better than last year,
and capable of further improvement under future
normal meteorological conditions.




[VOL.

Bank clearings continue to make a very satisfactory
exhibit, the completed results for the latest month
(May) furnishing convincing evidence of the improvement in affairs as compared with a year ago. Moreover, the favorable May showing is not due to an important augmentation in dealings in stocks at New
York or other speculative centres. On the contrary,
the transactions at the New York Stock Exchange
were smaller for the month this year than for the
corresponding month a year ago, comparison being
between 16,495,230 shares and 20,975,022 shares.
Furthermore,the total for the five months of 1909,at
78,814,142 shares,is only moderately heavier than the
aggregate (74,997,001 shares) for the similar interval
of 1908. Bond dealings, however, continue noticeably
larger and in excess of any former year. At the
Boston Stock Exchange the month's sales were 1,346,426 shares, against 1,173,283 shares in May 1908,
with the five months' results 5,877,501 shares and
4,575,431 shares respectively.
As emphasizing the encouraging character of the
latest returns of clearings, it is to be noted that of the
127 cities included in our May compilation on the
first page of this issue, only 11 record losses from the
previous year. Moreover, the gain for the whole
country in May, as compared with the month of 1908,
reaches 19.5%, and for the five months is 27.6%.
Compared with two years ago, there is also an increase
for the month (5%), but for the period since Jan. 1 a
loss of 2.8% is exhibited. Outside of New York the
gain in the total for May is 16.5% and for the five
months 15.6% when contrasted with 1908, with the
losses 2.8% and 1.2%, respectively, compared with
1907. Considering the returns by sections, we find
that the middle group (which includes New York)
exhibits a gain for the month of 20.4% over 1908 and
for the period since Jan. 1 the increase reaches 33%.
In the New England section the gains were 11.4% and
19.4% respectively, and for the Middle West 17.3%
and 15.1%. Pacific Slope cities, without exception,
recorded increases, the hggregate for the division for
the month exceeding that for 1908 by 28.1%, with the
five months' result a gain of 22%. Thp "Other
Western" group records an excess in May of 15.7%
and in the five months of 16.5%, as compared with
1908, and for the South the percentages of gain were
20% and 15.3% respectively.
Clearings for the Dominion of Canada also make a
very gratifying exhibit for May, each of the thirteen
cities participating, and the same is true of the five
months' result. For the shorter period the gain in the
aggregate as compared with 1908, reaches 24.2% and
contrasted with 1907 is 5.3%. For the five months
the increases are 22.1% and 8.6%, respectively.
Commercial failures for May 1909, while covering a
smaller aggregate of liabilities than in April, were
somewhat heavier than in the corresponding month
of 1908. The exhibit is, therefore, by comparison less
satisfactory than that for any month since August
last. The poorer showing, moreover, is due in considerable measure to important failures among brokers,
a status of affairs that was also a feature of the April
showing. The disasters among brokers, however,
have resulted largely, if not wholly,through speculation, and, although they have served to materially
swell the aggregate of liabilities, cannot be taken as

JUNE 5 1900 •

THE CHRONICLE

indicating any let-up in the progress toward normal
business conditions. In fact, eliminating from the
month's total the liabilities of brokers, we find the
situation to be more favorable than a year ago. Of
the brokerage failures referred to above, the most
important in the liabilities involved were W. W. Tracy
& Co., of this city, about $1,500,000, and Sederquist,
Barry Sc Co., also of New York, half a million, these
two concerns contributing much the greater part of
the $2,253,377 indebtedness of brokers, transporters,
Src., in May 1909. A total that compares with only
$1,083,709 in the month of 1908 and $1,171,440 in
1907.
Disasters among manufacturers, according to
Messrs. R. G. Dun Sr Co.'s statement, stood for liabil ties of $7,156,140 in May of the current year, contrasting with $6,988,988 in the previous year and
$4,758,725 in 1907. But in the trading division the
showing is a favorable one, the month's indebtedness
this year at $4,974,233 comparing with $5,570,684 for
May 1908 and $4,035,245 for the period in 1907. The
liabilities of all failed concerns, however, as stated
above,and for the reasons enumerated, were greater in
the month this year than in 1908 or 1907, the contrast
being between $14,383,750 and $13,643,381 and
$9,965,410. The suspension of the Waterville (Me.)
Trust Co. with obligations of $1,500,000, and one
small bank, comprised the disasters among banks in
the month of 1909, whereas in May last year 20 finan4
cial institutions, with aggregate indebtedness of 51
millions of dollars, were forced to the wall. In 1907,
however, one small bank comprised the insolvent list
and only $10,000 was involved.
A more satisfactory indicator of the comparative
favorableness of the situation this year is furnished
by the results for the elapsed five months of the calendar year. The total number of failures for that
period in 1909 was only 5,868, representing $75,670,026
of indebtedness, whereas in the like period of 1908
the aggregates were 7,597 and $109,666,040. In
1907, however, the exhibit was much better than now,
the number of failures having been only 4,772 and the
liabilities $53,123,097. It is to be noted that the
status of affairs in manufacturing lines is encouraging,
$32,316,972 of indebtedness for the period this year
comparing with $47,950,964 and $24,598,123 respectively in 1908 and 1907. A similar situation is to be
recorded among traders,whose five months' aggregate
of but $31,015,834 contrasts with $43,155,257 last
year and $23,046,702 two years ago. Obligations of
brokers, transporters, Scc., for the period since Jan. 1
total $12,337,220, against $18,559,819 in 1908 and
only $5,478,272 in 1907. Financial casualties for the
five months of 1909 involved obligations of $11,500,000,
that aggregate comparing with $77,636,619 for the
corresponding interval of 1908 and $9,629,028 in 1907.
According to computations by the "Insurance
Press," a journal which pays particular attention to
summaries of this nature, payments for death claims
within this country and Canada by all life companies
and associations in the United States were about
%
3303 millions in 1908, to which an estimated 150
millions may be added for "dividends" and surrender
values, plus payments to foreign policy-holders and to
annuitants. These figures cover more than the work
done by regular level-premium companies under the




1399

review of the official reports in this State, the total
payments for death claims by these regular companies
having been only 192% millions in 1907. These figures are impressive, and a business which disburses
to its associated owners out of private funds a total
of over 480 millions annually is vast enough to claim
consideration.
The advance of new life insurance business might
halt, because of statutory restrictions or otherwise,
without necessarily involving any decline in these
disbursements; indeed, assets must be expected to
grow, and payments to the insured naturally grow,
by the nature of the case. It is therefore somewhat
remarkable when this natural increase shows a halt.
The past year was in some aspects one of no progress,
and in some States official figures show_ a decline in
death claims and endowments. The financial and
industrial troubles certainly could not have tended to
reduce mortality among holders of policies; yet we
should not be warranted in putting all adverse results
in life insurance upon either those troubles or upon
bad legislation. These are the chief causes, but their
respective shares can only be estimated.
The companies which make returns to this State
reported at the end of 1906 an increase of some 273I
millions in the amount of loans to policy-holders during
that year; in 1907 there was a further increase of about
4
721 millions in these loans; in 1908 a further increase
of about 553/ millions, bringing the total to a little
over 362 millions outstanding. These loans are made
upon the policies as security, and of course stand as
liens, reducing the insurance protection by just so
much. We may assume that this increase represents
mainly the unfavorable condition of things in general.
Almost immediately after the trouble in the autumn
of 1907 came a large resort to these loans, because
holders of policies which had been running some years
suddenly realized that they possessed in them an asset
available for borrowing at once, however stringent the
loan market. Of late years some of the larger companies have organized regular arrangements for keeping more in touch with their members; this includes
systematic effort to dissuade from lapses and to keep
policies alive by temporary aid. Special effort has
been made to follow up policy loans and get the
borrowers to pay them off; yet the loans have increased
notwithstanding, and so far we see the effects of general trouble.
But the official returns to this State show that
about 1,124 millions of outstanding insurance ceased
in 1908 in other modes than by death and maturity;
that is, by expiration,surrender,lapse or decrease. These
are unfavorable and undesirable modes of termination;
they always indicate more or less unhealthiness in
life insurance conditions,and used to be charged mainly
to excessive competition. The amount thus ceased
in 1908 was about 613 millions more than in 1907.
Here are hidden the effects of adverse legislation and
of the disturbance caused by the investigation of 1905,
which lasted publicly for at least six months. How
far the indiscriminate headlines and comments during
the inquiry produced distrust and anger, and caused
men to drop their policies,can never be exactly known,
for no record of it has been made. But particular
cases have been reported, as in one where a man persistently refused to pay his renewal, although the effort
from the company to persuade him to do it was pushed

1400

THE CHRONICLE

to the limit; then he suddenly died, and his widow
pathetically explained her condition and inquired
whether the company could not do something.
Where a few cases have come to light it is safe to
assume that many have occurred and the loss has
been borne in silence. But it would not be extravagant to conclude that all which has ever been unjustly
taken from the insured, by all the means discussed
and denounced in 1905 and legislated against in 1906,
i s far less than has been since lost through existing insurance sacrificed or natural insurance prevented as
the result of this particular exercise of the desire to
reform things too sweepingly and suddenly.

VOL.

the month of 1908 was a loss of 10,501. For the four
months of 1909 the net increase was 345,389, against
a decrease last year of 58,067. For the ten months of
1908-09 the arrivals (alien and non-alien) exceeded the
departures by 405,554, against a similar balance of
only 242,251 in 1907-08. For the month and four
months of 1907,and the ten months of 1906-07,the net
gains in foreign-born population were 140,626, 360,628
and 782,904 respectively.
As regards the month just closed(May) immigration
was hardly upon as free a scale as in April. According
to figures compiled by us for the full period the arrivals
of steerage passengers at New York were only 89,772,
against 96,598 for April. In May of 1908, however,
the inflow of aliens through all ports of the country
reached the meagre total of 48,245 and the departures
were 61,251, so that a further net loss of 13,006 in
population resulted. This year, on the other hand,
the outward movement continues small, so that the
month will show an important net gain.

The immigration statement for April, made public
last week, presents no features differing so essentially
from those for earlier months of 1909 as to call for extended comment. It shows, as did those months, a
comphratively free movement of aliens to the United
States, and, concurrently, there has been a small efflux
of the same class from the country. In that respect the
movement is in sharp contrast with that of a year ago,
The Pennsylvania Railroad returns of earnings are
when departures were in excess of the arrivals. The now showing larger increases with each succeeding
reasons for the difference were fully explained by us month, just as in 1908 (with which we are comparing)
when reviewing the statements for March and preced- they had been recording steadily augmenting losses.
ing months of 1909. Suffice it to say, therefore, that The company's return for the month of April has been
for April this year the inward movement of immigrants issued this week and shows for the lines directly opwas slightly larger than in March, having been 116,754, erated east of Pittsburgh and Erie an increase of $1,and nearly three times the total for the month of 1908, 353,500 in gross and $397,000 in net, and on the lines
which was only 41,274. In April of 1907 and 1906, directly operated west of Pittsburgh and Erie a gain
however, the arrivals were considerably greater, aggre- of $1,115,400 in gross and of $293,400 in net. In
gating 145,256 and 150,397 respectively. It is to be other words, on the combined lines directly operated the
noted that, as in March, Italian immigration was con- improvement aggregates $2,468,900 in gross and $690,spicuously heavy in April. It was 40,360, or over 400 in net. A gain of (roughly) 2 2 million dollars
one-third of the aggregate from all countries in the in gross in a single month is evidence of course of a
month this year, almost equal to the total coming from very substantial increase in the traffic of the system.
all directions in April 1908, and greater than the influx Nevertheless this gain is not anywhere near equal to
from Italy for the corresponding periods in the big the loss sustained in April of last year. At that time
immigration years 1907 and 1906. For the four the company's return showed for the combined lines
months ending April 30 1909 the influx of immigrants a loss of no less than $5,402,100 in gross and of $1,438,was 340,814, which contrasts with the small total of 400 in net. The reason why the loss was of such large
124,392 in 1908 and 404,332 in 1907. For the ten dimensions in April 1908 was not alone that the whole
months of the fiscal year 1908-09 (July 1 to April 30) of the country's industries were in a state of collapse,
the arrivals were 558,477, against 714,606 in 1907-08 but also that there was a pretty general suspension of
and 945,729 in 1906-07. Including non-immigrant coal mining in the bituminous regions pending the adaliens—non-citizen residents returning from abroad— justment of the question of wages. As the Pennsylthe arrivals in April 1909 were 138,382, against 55,220 vania Railroad is the largest coal-carrying system in
in 1908 and 165,626 in 1907; the four months' total the United States,this latter circumstance served in an
reached 410,389, against 162,081 and 455,628 respec- important degree to swell the amount of the decrease.
tively, and the ten months' aggregate 716,554, against In the following we show the gross and net earnings
835,346 and 1,061,904.
for the last six years for the lines east of Pittsburgh
Moreover, with the improvement in our industrial and Erie—being the only portion of the system for
affairs, the outward movement of aliens continues which we have the data for such a comparison.
along restricted lines. For April 1909 the departures
of steerage passengers were but about 20,000, for the Lines East of 1909.
1906.
Pittsburgh.
1905.
1907.
1908.
1904.
April.
$
four months of the calendar year they reached 65,000,
$
Gross earnings. 11,875,388 10,521,888 13,370,388 10,249,188 10,789,288 10,368,277
and for the ten months of the fiscal year 1908-09 Oper. expenses 8,758,132 7,801,632 9,986,232 7,275,332 7,719,232 7,054,098
Net earnings 3,117,256 2,720,256 3,384,156 2,973,856 3,070,056 3,314,179
totaled 311,000. These results compare with the large
to April
efflux of 65,721 in April 1908, 220,148 for the four Jan. 1earnings. 30Gross
45,530,129 41,897,329 50,573,029 45,607,029 39,144,629 36,811,979
months and 593,095 for the ten-months period of Oper. expenses 34,981,656 32,652,756 39,104,456 33,580,956 30,688,057 29,012,285
Net earnings 10,548,473 9,244,573 11,469,473 12,026,073 8,456,572 7,799,694
1907-08. Even in April 1907 the departures were
greater than in the current year, having been 25,000,
while for the four months they were 95,000 and for
The market for money was easy again this week; the
the ten months aggregated 279,000. Combining the payments of interest and dividends, which began on
outward and inward movement, it is found that, Tuesday, appeared to have been largely anticipated,
whereas in April this year there was a net gain of and receipts from the interior and liberal subscriptions
118,382 in the foreign-born population, the result in 'Go the Armour and the Dry Goods companies securities




JUNE 5 1909.1

THE CHRONICLE

contributed to easy call loan ratesithough the demand
incident to stock speculation was comparatively
urgent. Day-to-day money, representing bank and
trust company balances, loaned on the Stock Exchange
during the week at 2% and at 13%, averaging about
19%; all lending institutions quoted 13% as the
minimum. Time loans were in only moderate request
and offerings were not pressed. Round amounts of
franc finance bills were drawn but few sterling loan
drafts made their appearance. Rates for time contracts on good mixed Stock Exchange collateral were
2@231% for sixty and 2% for ninety days, 2@
j
23
4% for four, 3@33-1% for five to six and 33/2@3%%
for over-the-year maturities. The inquiry was largest
for the latter period and considerable amounts were
placed at the above quoted bid rate of 33% on exceptionally good collateral; nine months' loans were
negotiated at 39%. The demand for commercial
paper continues in excess of the supply and the best
grades are promptly taken, largely by New York
banks and trust companies. Quotations are 3@332%
for sixty to ninety-day endorsed bills receivable,
33 @4% for choice and 4% and above for good four
4
to six months' single names; some prime four months'
unendorsed paper sold at 332%.
The Bank of England rate of discount remained
unchanged this week at 23/2%. The cable reports
discounts of sixty to ninety-day bank bills in London
1Wi%• The unofficial or open market rate at
Paris is 1%% and at Berlin and Frankfort it
is 24%. According to our special cable from Lon7
don, the Bank of England lost £840,840 bullion during
the week and held £37,302,530 at the close of the week.
Our correspondent further advises us that the loss was
due largely to shipments to the interior of Great
Britain, but exports exceeded imports by £165,000.
The details of the movement into and out of the Bank
were as follows: Imports, .£95,000 (of which £10,000
from Hong Kong, £13,000 from miscellaneous sources
and £72,000 bought in the open market); exports,
£260,000 (of which £252,000 to South America and
£8,000 to Gibraltar), and shipments of £676,000 net
to the interior of Great Britain.
.....
The foreign exchange market was remarkably
strong this week, promptly absorbing the reimbursing
bills drawn against exports of gold to Argentina and
to Paris, and rates rose to about the highest recorded
in a year; the business was chiefly confined to short
Expectations that exchange would be immediately
influenced as the result of the successful negotiations
for the listing of Steel stocks on the Paris Bourse
were not realized. Such listing, of itself, would
not, it was asserted, create exchange, for the listed
stock is to be represented, according to official reports,
by the certificates of a syndicate that are issued
against Steel stock which is held by such syndicate in
trust, and these certificates will be traded in on the
Bourse. The supply of sterling for remittance was
slightly augmented through drafts against a shipment
of PA millions gold to Argentina and on Wednesday
the export of $885,000 gold to Paris created an equal
amount of French exchange. These offerings of sterling
and franc bills made only a temporary impression
upon the market. Long sterling and franc drafts,
representing borrowing of foreign capital through



1401

finance bills, contributed to an easier tone for these
kinds of exchanges. Canadian bankers drew sixtyday bills at 4 8640 and ninety day at 4 8580, incident
to such financing operations; extensions of these
contracts for another period of three months would
made the proceeds of the long drafts available for
six months' loans at 3%@31 4%, the ruling rate for
/
domestic money. The market was quite strong on
Thursday and it so continued on Friday.
Compared with Friday of last week rates for exchange on Tuesday were 15 points lower for long at
4 8630@4 8635; 5 points higher for short at 4 8785®
4 8790, and 5 points for cables at 4 8805@4 8815.
On Wednesday long and cables were unchanged and
short rose 5 points to 4 8780@4 8795. On Thursday
long was 15 points lower at 4 8625@4 8630, on a rise
in unofficial discounts at London; short was 5 points
higher at 4 8785@4 8795, and cables 5 points at
4 8810®4 8820. On Friday long rose 10 points while
short and cables fell 5 points.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
Fri., Mon., Tues., Wed., Than., Fri.,
May 28 May 31 June 1 June 2 June 3 June 4
Brown
560 days 4 87
Brothers
1Sight __ 4 8834
Kidder
160 days 4 87
& Co
(Sight__ 4 8834
Bank British
560 days 4 87
North America
1Sight__ 4 8834
Bank of
560 days 4 87
Montreal
1Sight__ 4 884
Canadian
J60 days 4 87
Bank of Commerce 1Sight__ 4 8834
Heldelbach, Ickel160 days 4 87
1Sight„ 4 8834
heimer & Co
160 days 4 87
Lazard
1Sight__ 4 8834
Freres
560 days 4 87
Merchants'
Bank of Canada ....Sight. _ 4 8834

87
8834
87
8834
87
8834
87
8834
87
8834
87
8834
87
8834
87
8834

H
0
L
I
D
A
Y

87
8834
87
8834
87
8834
87
8834
87
8834
87
8834
87
8834
87
8834

87
8834
87
8834
87
8834
87
8834
87
8834
87
8834
87
8834
87
8834

87
8834
87
8834
87
8834
87
.8834
87
8834
87
8834
87
8834
87
8834

Rates for exchange on Friday were 4 8630@4 8640
for long, 4 8785@4 879 for short and 4 8810@
4 8815 for cables. Commercial on banks 4 8590@
4 86 and documents for payment 4 85%@4 8631.
Cotton for payment 4 859/8@4 853/. Cotton for
2
acceptance 4 8590@4 86 and grain for payment
4 86@4 863.
The following gives the week's movement of money
to and from the interior by the New York banks.
Week ending June 4 1909.
Currency
Gold

Received by
Shipped by
N. Y. Banks. N. Y. Banks.

Net Interior
Movement.

$9,185,000
1,822,000

Total gold and legal tenders

$4,176,000 Gain $5,009,000
906,000 Gain
916,000

$11,007,000

$5,082,000 Gain $.5,925,000

With the Sub-Treasury operations and gold exports
the result is as follows.
Week ending June 4 1909.
Banks' interior movement, as above_
Sub-Treasury oper'nsand gold exp'ts
Total gold and legal tenders

Into
Banks.

Out of
Banks.

Net Change in
Bank Holding?

$11,007,000
24,100,000

$5,082,000 Gain $5,925,000
27,200,000 Loss 3,100,000

$'35,107,000

$32,282,000 Gain $2,825.000

The following table indicates the amount of bullion
in the principal European banks.
June 3 1909.

June 3 1908.

Banks of
Gold.
England_ 37,302,532
France __ _ 147,319,960
Germany _ :39,906,250
123,446,000
Russia
Aus.-Hun. 55,914,0(10
Spain _ _ _ 15,941,003
Italy _ - _ 38,389,000
Neth'Iands 9,698,000
Nat.13e1g... 4,305,333
Sweden _ _ 4,384,000
SwItzerl'd. 4,778,000
Norway -- 1 ,034,000

Silver.

Total.

Gold.

Silver.

Total.

x

37,302,532 38,198,203
35,582,760 182,902,72012:3,117,696
11,966,600 51,872,85 37,460,000
8,649,000 132.005,000112,267,000
12,908,000 68,822,000 45,758,000
32,053,000 47,994,000 15,582,000
4,734,000 43,123,000 36,323,000
3.741,800 13,439,800 7,700,600
2,152,667 6,458,000 4,051,333
4,384,000 3,891,000
4,778,000 3,425,000
1,634,000 1,522,

38,198,203
36,561,219 159,678,915
12,824,000 50,284,000
7,583,000 119,850,000
13,335,000 60,093,000
26,695,000 42,277,000
4,395,000 40,718,000
4,196,100 11,896,700
2,025,667 6,077,000
3,891,000
3,425,000
1.522,000

Total week 483,018,075111,787,827594,805,902430,295,832107,614,986537,910,818
Prey. week 485,739,562114,367,320600,108,882428,015,915108,226,413536,242,328

1402

THE CIIRONICLE

THE RISE ON THE STOCK EXCHANGE.
The most noteworthy phenomenon of the clay,
not only in our own but in the foreign markets, is
undoubtedly the sudden outburst of speculation for
the rise. It has taken different forms in different
markets, and different explanations have been assigned
to it abroad and here. In London, it has displayed
itself in a violent advance in the market for South
African gold mine shares, and a highly interesting
incident in connection therewith is the recent turn of
Paris capital on a very considerable scale into the
speculation in these shares. Economies in mining
and a consequent larger yield on the gold mine shares
is the popular explanation. At London, it appears
from all the dispatches that the Stock Exchange has
witnessed an outburst of speculative activity of a
violence not seen in that market, in the Kaffir shares
at any rate, since the famous "Barnato boom" of
1895. In our own market we have had the rather
striking spectacle of prices, after lying dormant
during fully a month at the end of the winter season,
suddenly turning into an upward movement, which,
although irregularly distributed, has sufficiently demonstrated the presence of an appetite for speculation.
Such a phenomenon brings a number of other
considerations into view. To many 'people the fact
of such a speculative movement, only a year and a
half after the panic of 1907, is itself the greatest
matter of surprise. But it is not by any means
wholly without precedent. The London "boom"
of 1895, just referred to, came at a similar distance
from our panic of 1893, and not only was speculation
rampant in London at that time, but our own markets
went through a season of active speculation, partly
a reflex of the London situation and partly a response
to the apparently successful efforts to protect our
Treasury's gold reserve.
Beyond even this matter of precedent, however, it
must always be kept in mind,in discussing the question
as to recovery from 1907, in finance and in industry,
that in two important respects the fundamental
situation, when our markets emerged from the panic,
was such as had never existed on any previous occasion
of the kind. We refer to the familiar facts that the
currency was sound, as it certainly was not after
the panics of 1893 and 1873, and that the agricultural
West, instead of being, as it was on those previous
occasions, in a condition of depression and financial
helplessness, was wealthy and prosperous to a degree
never before witnessed in the history of the country.
It was literally true that, whereas the West had been a
burden on the financial resources of the East for years
after our earlier panics, it was, in a certain sense, the
mainstay of the whole country's position after the
panic of 1907. The importance of this consideration
has not diminished during the past eighteen months.
It is, we believe, very largely to these two facts that
some striking and apparently surprising phenomena
of recent months must be ascribed. First of all,
there was the undoubted spirit of confidence and
optimism which prevailed, in the mind of the public
at large, within a very few months after the panic
itself. It assumed, no doubt, some slightly grotesque
forms, and it was difficult for many people to take
altogether seriously the "prosperity leagues" and
the "sunshine movement." Yet, at the same time,




[Vora. Lxxxvin

as the year 1908 drew on, it became evident that
real conditions were mending with unexpected rapidity.
It was noticeable, also, that whereas in all other
panics the market for real estate and the building
industry had been the last to collapse,and had suffered
longest of all, it was in these very markets that activity
seemed on this occasion to be most promptly resumed.
Indeed, it is probably true that the interruption to,
activity in real estate was more temporary than in
any other market. This was largely true even of
prices, taking the country as a whole, but it was
even more notably true of volume of transactions.
Stagnation in the realty market for a series of years
has not been unusual at such junctures; but in 1908,
where building permits taken out in the principal
American cities footed up in January only $27,970,617,
as against $46,136,314 in the same month of 1907,
by September they had parallelled the total of the
year before, and in December stood at $52,470,754,
which not only far surpassed the $29,849,650 of the
previous December, but ran beyond even the earlier
active months of 1907. This was a striking illustration
of the difference in conditions as compared with most
previous occasions of the sort. It was not the only
novel and curious phenomenon. One of the portentous incidents of the six months following the
panic was the extraordinary emigration movement,
which in some months of 1908 resulted in an exodus
of laborers actually greater than the inflow. Yet
the movement turned with such violence toward
the cloSe of 1908 that immigrant arrivals during
the past few months have been fully up to the normal
of good times.
Such things are sufficiently distinct evidence that the
country was, at all events, not headed for such a
period of depression and despondency as followed
our other financial crises. Much doubt remained,
and still remains in some directions, as to the exact
nature of the situation. The position in the steel
trade early in the present year was extremely perplexing and disconcerting. The reduction in prices
which was eventually ordered led to great confusion
and unsettlement during many weeks, but even this
was followed, as were the similar cuts in the textile
industries last year, by exceptionally large orders,
hurried in to take advantage of the inviting prices.
It would be premature to assume that this sudden
demand has struck a pace which is sure to be maintained continuously. But it added necessarily to
the optimism of the day.
The stock market has drawn its own inferences from
these various phenomena, as it usually does. How
far its advancing prices have reflected relief from the
absence of the complete demoralization in the steel
market which may have been expected, how far it
has indefinitely discounted the longer future, how far
it is prudently measuring reasonable probabilities, and
how far it has passed under the spell of unreasoning
speculative excitement, are matters which are not
always easy to determine. There is undoubtedly
much in the argument that the people at large who
hold stocks have apparently been reluctant to sell,
even at the higher prices, and that this, as usual, has
provided the opportunity for advancing the level of
prices still higher.
In a larger sense,the stock market has a traditional
value as the index to coming events. There are,

JUNE 5 1909.)

THE CHRONICLE

however, certain dangers in assigning this function
to a speculative market, arising chiefly from the
familiar habit of over-discounting. A speculative
market may look to the immediate or the very much
longer future, but in looking to the more distant
outcome, it runs the risk .of overlooking what may
happen before its hopes are realized. This was
notably the case in the year already refered to, 1895.
The Stock Exchange ievival of that year may be
classed with perfect safety as the forecast of the
reviving prosperity which began in 1897 and which
assumed such extraordinary proportions later on.
But before such expectations were by any means
fulfilled there were some troublesome bridges to pass
over, and the crossing caused for a considerable time
a different aspect of things on the Stock Exchange
and elsewhere. There is always the more or less
doubtful question of the money market, as we learned
in the autumn of 1901; there is the question of the
crops, as we have learned on numerous occasions. It
does not follow that either of these considerations will
play an essential part in cheating hopeful expectations
on the present occasion. Both may conceivably
serve to encourage real confidence later on. But
persons who wish to penetrate the future, if they are
wise, will ,take the unpleasant possibilities into as
full account as the pleasant.
In the meantime, the testimony of present-day
indications, not excepting the stock market, in
pointing to a return of better times, is gratifying to
every one. It is additional witness to the great
change in the fundamental elements of financial
strength, recuperative power and genuine prosperity
which has come to the United States during the
dozen past years.
TOO MUCH LEGISLATION HARMFUL.
Three prominent railroad men, talking this week
on widely different subjects, have given expression
to a common conclusion, namely, that in this country
we are attempting too much .by legislation, and that
interference on the part of Government with the everyday affairs of men is pernicious and harmful and at the
same time destructive of that confidence and stability
which are essential to uninterrupted progress. Mr. E.
H. Harriman discoursed freely on a variety of topics
on the eve of his departure for Europe; Mr. James J.
Hill delivered an elaborate address on the opening
of the Alaska-Yukon-Pacific Exposition at Seattle,
and President Charles S. Mellen of the New York New
Haven & Hartford Railroad wrote a letter to the
Public Utilities Committee of the Connecticut Legislature protesting against the bill proposing to establish in Connecticut a Public Service Commission.
Added importance is given to the views of , these
men by the fact that in politics their party affiliations
are widely different. When, therefore, all three point
to the dangers arising from attempting too much by
statute, it is obvious that the warning should be
heeded.
Mr. Hill made the matter a leading feature of his
speech. He declared that the greatest service to the
nation, to every State and city, to-day, would be the
substitution for a term of years of law enforcement
for law-making. He thought the watch words of the
republic ought to ,be "Equality, Simplicity, Economy
and Justice." He said they were interwoven with




1403

every fibre of the national fabric. To forget or deny
them will lead to every misfortune and every possibility of destruction that rises now threateningly in
the path of our country's greatness. Equality before
the law, he argued, is an embodied promise of the
United States. It is the first principle sought to be
established by the Federal Constitution. In so far
as we have been faithful to it, we have not only grown
great and prosperous, but have commanded the respect
of others because we respected ourselves. Continuing,
he said:
"It needs heroism, it involves the shaking off of
ostentatious follies that have already warped our earlier
ideals, it may even require a considerable readjustment
of our whole industrial system and a reform in our
very conception of the relation between a government
and its citizens, before the severe standard of absolute
equality before the law can be restored. It demands a
new standard of economy in both our public and
private expenditure.
"It demands the repeal of many laws and the suppression of many of the bills presented to State and
Federal legislatures—so many are there framed to
give to one an undue advantage or take away from
another fair field and an equal judgment. It demands
the abolition of that most hateful and corroding element in a republic that is called class consciousness.
To steer the ship of state among these shifting and
conflicting currents, now full speed ahead and now full
peed astern, is a •task of extraordinary difficulty.
Yet, unless we can follow the course of equal justice
laid down on the chart, shipwreck lies somewhere
ahead."
Mr. Hill also urged that the frequent use of the
phrase "our complex civilization" creates a vague
impression that simplicity has been banished necessarily from the modern world by a kind of natural
evolution, whereas it remains now, as always, the
normal rule of a wholesome national life. We have
complicated our educational system and made it
superficial. We have complicated our social life until
natural human intercourse is overlaid with a, thick
stratum of vulgar prodigality, luxury, display and
insincerity. We have complicated our law-making
until, despite the high standards, the unimpaired
traditions and the continual labors of the courts, the
administration of justice is difficult and sometimes
uncertain. We have complicated our financial system
until it encourages the wildest speculation at one moment and at another sinks into business collapse.
We have complicated our industrial organization at
both ends of the scale until the great middle class,
which represents labor uncombined, a fine energy
and modest accumulations of capital, finds many
of its rights invaded or destroyed. And we complicate
all these complications by incessantly passing more
laws about them. He argued that simplicity in governing methods, in character and conduct must be a
fixed quality of the State that survives those changes
of the centuries in which all others have vanished.
Mr. Harriman made no set remarks, but expressed
himself without reserve on all the topics broached by
the newspaper representatives who had called upon
him to get his opinions on a variety of current matters.
He gave utterance to much the same views with reference to the causes of the recent panic that have been
frequently set out in these columns. He repudiated
the idea that speculation should be held responsible
for that calamity. "It wasn't speculation and highpressure business which led up to the panic," he

1404

THE CHRONICLE

said, "but uneasiness caused by the attitude of the
public officials." "The panic of 1907 was directly
caused by the extraordinary court decision of Judge
Landis—there is no doubt about that. There was
some distrust that hadn't been recovered from, caused
by the reaction of the spring months, but it wasn't
until the Landis decision came along that it became
serious. That decision is what frightened people into
withdrawing money from circulation."
Mr. Harriman finds what others have noticed,that
there is now a tendency on the part of the public to
take a saner attitude toward corporations. He said
that on his recent trip to the Pacific he found that
conservatism was rapidly taking the place•of the hysteria of the last few years. "People are beginning to
get back their courage. They have been submerged in
hysteria. They didn't know whom to trust and kept
everybody under suspicion. Now, I think people are
returning to the old-fashioned idea that they can have
some confidence in the other fellow. Suspicions are
narrow, and it is courage and confidence that make for
progress."
Mr. Mellen's comments, as already indicated, were
prompted by a desire to oppose the establishment of a
Public Service Commission, but what he had to say is
of general application and wide interest. After noting
that the chief power over the New Haven Co. conferred
by the proposed bill is control by a political board
over the management of its finances, he declared that
this seemed to him unwise and injurious. He did not
assume that there would be any
toward his
company on the part of any political board that might
be created; for it was difficult to believe that any men
would consciously wish to hamper the financial arrangements of the largest business corporation in New
England, whose prosperity is evidently essential to the
welfare of the communities which it serves. But
assuming the most perfect good will toward the company by every member of the contemplated commission, the working of the proposed machinery of financial control would inevitably act injuriously upon the
company's finances.
In the first place, the mere fact that all the company's plans would have to be prematurely revealed
to the world in a public hearing, at which the officials
would be obliged to state precisely the purposes for
which it was intended to raise new capital, might
seriously hamper or even altogether prevent the execution of these plans. In the second place, the bill
provides that the proposed political board shall dictate
to the directors of the company the prices which they
must receive for the company's securities. The communities served by the company are steadily growing in
population and in the magnitude of their commerce.
It is inevitable that the company will in the future,
as in the past, have to add largely to its facilities in
order to handle economically and expeditiously the
increasing traffic on its lines. For this purpose it will
require new capital in large amounts, but $20,000,000
or $30,000,000 of new capital cannot ba obtained in
the same way or on the same terms that a few thousands can. The financial managers of the company
need a free hand in the preparation of their financial
plans, and in the delicate negotiations with bankers
whose intermediation is often required. Under the
proposed law there could be no certain basis for financial negotiations until aftor a public hearing and a




[VOL.

Lxxxvm

decision by the proposed political board, which decision
might be delayed for months. Moreover, the board
may fix the price of the securities too high, in which
case the financial plan will fail, with much resulting
mischief; or the board may fix the price too low, in
which case the bankers will not offer so much as they
would have done if negotiations had been unhampered.
Mr. Mellen also objects to the provision of the bill
fixing an artificial limitation on the borrowing power
of the corporation. This, he demonstrates, would
operate unfairly and mischievously. It would seem,
he says, that it ought to be the common desire in
Connecticut to enable the company to borrow at home
and abroad, upon' the best terms possible, all the
money which its directors think can be safely borrowed
and profitably used in the development of its business.
But the proposed bill provides that the company can
not issue bonds in excess of the amount of its nominal
capital stock. Mr. Mellen shows how this would
work in the case of the New Haven. In normal times
the market value of New Haven stock, he urges, has
been about $200 a share. A careful appraisal of its
property indicates that the value of this property,over
and above all liabilities, is sufficient to justify such a
value for the stock. But the provision referred to
would forbid the company to issue bonds for more
than one-third of the actual value of the property.
That is, if the company's capital is assumed to be
$100,000,000, its bonds could not exceed $100,000,000.
As the property represented by the stock is worth
$200,000,000 and that represented by the bonds would
be worth $100,000,000, the whole value of the property
would be $300,000,000, against which the law would
allow the issue of only $100,000,000 in bonds. Mr.
Mellen also avers that the proposed law will financially
injure weak corporations as well as those financially
strong.
Referring to the assumption that there should be
public interference with the methods of raising new
capital because the public is somehow harmed if the
nominal capital of a company is greater than it need
be, he shows that this assumption embodies an economic fallacy. A manufacturing corporation earning
$100,000 per annum on a capital of $100,000, would
earn no more if its nominal capital were $1,000,000
or $10,000,000. The sole:difference would be that in
the latter case its dividends would only be 1% on the
$10,000,000, as against the 100% on the original
$100,000 of stock. However, this particular point has
no bearing on the New Haven Co., which Mr. Mellen
says cannot be intelligently accused of having any
"watered" stock. It has never issued any stock since
it was organized in 1872 at less than 100 cents on the
dollar; but, on the other hand, it has during that time
received in premiums on stock issued $22,808,537.
Accordingly, he urges, that a statute ought not to be
passed injuriously affecting the financial future of this
great Connecticut company, because it is thought
(whether intelligently or not) that some other company
has in the past followed unsound principles of finance.
Generalizing, Mr. Mellen says, it is easy to declaim
about the existence of evils and to demand that they
be immediately cured by statute. But when such a
declaimer drafts his statute, it often appears that this
statute would cause, in direct or indirect ways, evils in
other respects which would outweigh any good expected from the law. It used to be better understood

JUNE 5 1909.]

THE CHRONICLE

than it is now, he argues, that there are comparatively few evils that can advantageously be attacked
by the statute law,and that on the whole that country
is governed the best which is governed the least.
Mr. Mellen is here expressing sound and sensible
doctrine and his letter should serve to defeat the proposed measure or at least to secure its modification
so that it will be shorn of its most objectionable features. Moreover, what he says, taken in conjunction
with the views expressed by Messrs. Harriman and
Hill, ought to have the effect of enlightening public
sentiment so that there will be less interference with
natural forces in promoting the development of the
country's industries than there has been in the immediate past.
FEDERAL TAXES ON INHERITANCES.
While the inheritance tax proposal is not contained
in the Aldrich Tariff Bill now under discussion in the
Senate, the final attitude of Congress on the question
cannot be definitely known until the actual conclusion
of tariff legislation. Provision for a tax of that kind
is embodied in the Payne Bill as it passed the House
of Representatives, and President Taft also advocated
such a tax in his inaugural address. The States,
not unnaturally, are opposing the proposal, and it is
obnoxious and objectionable on many grounds.
Twice has the Federal Government, under the
spur of necessity brought about by the extraordinary expenditures of war, resorted to the experiment
of levying taxes upon inheritances, and, unlike
the tax upon incomes, the legality of this form of
taxation has received the sanction of the Supreme
Court of the United States. The tax upon legacies
and successions imposed on account of the Civil War
took effect on June 30 1862 and its repeal became
effective on Oct. 1 1870. The second resort to this
sort of taxation was a part of the general scheme for
meeting the cost of the Spanish War and was applied,
subject to certain exemptions, to the personal estates
of persons dying between June 13 1898 and July 1
1901, so far as the interests in such estates became
absolutely vested in the possession and enjoyment of
beneficiaries not especially exempted prior to the
repeal of the law, which repeal took effect on July 1
1902. At least this statement of its scope is in accordance with the conclusions so far reached by the
courts, with perhaps a single exception, in cases in
which their aid has been invoked for its interpretation.
Legacies or distributive shares passing to the husband
or wife of the decedent were exempt from taxation,
as were also bequests for educational, literary, artistic,
religious and charitable purposes,and all interests not
in excess of $10,000, to whomsoever passing. The
rates of taxation were progressive in a double sense,
the minimum rate of three-quarters of 1% being
imposed upon interests of not over $25,000 which
passed to lineal issue or ancestors or to brothers or
sisters of the decedent. The rate doubled if the
taxable interest passed to the descendant of a brother
or sister, and quadrupled if to an uncle or aunt or
one taking as the descendant of either. Four per cent
was exacted on interests passing to great-uncles or
great-aunts or their descendants and 5% on those to
more remote collaterals, to strangers in: blood or to
bodies politic or corporate. Whatever the degree of
relationship the rate increased 50% if the interest




1405

exceeded $25,000 and did not exceed $100,000; 100%
if from $100,000 to $500,000; 150% if from $500,000
to $1,000,000 and 200% if it exceeded $1,000,000.
Thus the maximum rate. under the law became 15%
and this rate was applicable to an interest exceeding
$1,000,000 when such interest passed to a relative
more remote than a second cousin. In a recent case
the Supreme Court held that the highest rate was
properly exacted upon an interest passing to a legallyadopted daughter of the decedent.
The collections under this law naturally continued,
owing to delays in the settlement of estates, for some
time after its repeal, the amounts received by years
being as follows:
Years ending June 30—
1899
1900
1901
1902
1903
1904
1905
1906

Amts. Collected
$1,235,435 2
2,884 ,491
5,211,898
4,842.966
5,356,774
2 072 132
774,354
142,148

Total

$22,520.201

1:

Amounts collected subsequent to June 30 1906
would doubtless slightly increase the aggregate shown
but not in a material degree. The amounts refunded
as improperly exacted are not definitely known, but
it is probable that in the aggregate they somewhat
exceed 10% of the collections and that therefore the
total sum remaining to the Government to the credit
of this tax is less than 20 millions.
The geographical distribution or incidence of this
tax is interesting and significant. As might have been
expected, it fell most heavily upon the northeastern
portion of the United States, but few would apprehend, without an examination of the data, how largely
this was the case. The collections were not reported
separately by collection districts after July 1 1902,
but for the first four fiscal years during which they
were made such data are available. The following
table, for the years 1899 to 1902, inclusive, during
which the collections aggregated $14,174,792, shows
the amounts collected in Eastern and Northeastern
States.
Per Cent PerCent
Amounts
of Total of Total
Collected.
Concerns. Pop'n.
New Hampshire, Maine and Vermont_. $323,174 71
2.3
1.9
Massachusetts
2,021,614 35
14.2
3.7
Connecticut and Rhode Island
1.8
1,258,434 68
8.9
New York
4,973,518 17
35.1
9.6
New Jersey
623,071 55
4.4
2.5
Maryland and Delaware
426,586 51
3.0
1.8
Other States and Territories
4,548,392 03
32.1
78.7
United States

$14.174,792 00

100.0

100.0

Thus the State of New York paid $351 out of each
$1,000 collected under this tax, although its inhabitants number but 96 in each 1,000 of the total population of the United States. Massachusetts paid $142
of each $1,000 collected, though it has but 37 of each
1,000 of the country's population. The average payment per 1,000 of population for New York was
$684 22; for Massachusetts, $720 63; for the whole
region covered by the States specifically enumerated
in the foregoing table, $597 27. For the rest of the
United States the average payment per 1,000 of population was $76 35. Such an inequitable distribution
of the burden of any tax among the people of the United
States plainly violates the spirit if not the letter of the
Constitutional requirement that direct taxes shall be
apportioned among the States in proportion to their
population. It is especially obnoxious when the injustice is so sectional in its operation. The result is
one which might temporarily be borne as an incident
of war, but it ought to forbid the permanent adoption
of taxes on inheritances as a source of Federal revenue.

1406

The ready answer to this objection, viz.,that the tax
is placed where it can most easily be borne, is neither
sufficient nor in accordance with the facts. As the
tax contemplated must be confined to personal property in order to meet the Constitutional objections to a
direct tax not apportioned in accordance with population, it is not a tax upon property or wealth but upon
a particular form of property. The preponderating
portions of the total exactions which were collected in
New York, Massachusetts and the other States specifically named do not indicate that these States
possess proportionate shares of the national wealth;
they only mean that the property of the people of
those States is more generally in a particular form,
that of personalty, than that of the inhabitants of
other portions of the country.
It should be observed that these objections are quite
aside from any considerations affecting the propriety
of this form of taxation as a source of revenue for
particular States. Proposals of the latter sort are
to be accepted or rejected upon quite different grounds,
and it is worth remembering in this connection that
most American students of taxation, who approve
these taxes at all, are of the opinion that legacies and
successions should be reserved for State taxation or
as the subjects of especial and temporary emergency
taxes necessarily levied by the Federal Government.

are in large measure only a shifting from one product
to the other, as the exigencies of the case may be,
most cultivable land being already utilized in one way
or another. Thus it happens that with provisions high
corn will be substituted for cotton, as has been done
to some extent this season.
But when we get into newer territory we find each
year a tendency—and a natural one at that—to add
to the area under cotton. Still even there the additions from year to year will vary much in ratio, and in
some cases an actual reduction occurs. We have to
go no further back than the spring of 1905 for an instance of that kind. From the largely increased
planting the previous year, favorable weather conditions assisting, an unprecedented crop was secured—a
yield nearly 33/ million bales greater than in the
previous season. As a result the world's surplus stock
of cotton was very appreciably augmented and a
marked decline in prices was the outcome, values at
time of planting in 1905 being the lowest in six years.
While the excessive supply may not alone have been
effective, it, in conjunction with low prices, was instrumental in bringing about a general diminution in area
—noticeable in every cotton-growing State—that
completely wiped out the previous year's addition.
Again, some comparatively local cause, such as a late
flood, will operate to hold down or take away from
cotton acreage. But in the long run in newer fields,
such as Texas, Oklahoma and to some extent Arkansas,
considerable virgin soil is brought into cultivable condition each year, and under any but extraordinary.
circumstances cotton gets some of it, and very often
the major portion.
So far as the present season is concerned, there has
been no apparent reason for cutting down cotton
acreage, but a number of factors working to induce an
increase. The most potent of these has been the comparatively high prices ruling for the current crop,
despite the fact that the ultimate yield bids fair to
approximate very close to, if not e)eceed, the record
production of 1904-05. Again, notwithstanding the
large yield,surplus stocks of the raw material have not
become excessive, considering the rate at which consumption of cotton is increasing. It is only a few
years.ago that the carrying forward from one season
to another of a surplus of a million bales or so would
have had a marked effect on price bases. Now a
carry-over of any amount is merely taken as a guaranty of sufficiency of supplies in time of need—crop
disaster; and a large acreage does not assure a corresponding crop. On that point it hardly seems necessary to enlarge, so many instances in support of it
being comparatively fresh in the minds of those who
follow cotton matters closely. Lest, however, there
should be any doubt on this point, we repeat the compilation we gave last year showing the variations in
yield for a number of years past:
Year's Planting.

.

• Census Bureau total.

.

on.,200 1.0NceCOO....1M-1 10.:01 00
.4
,-4,
,
No000c0CD000000000000000
=CD CD
ice 00GO GO oZo0o0o0c0c0c0C0 CA C7, . CLI C.

l

COTTON ACREAGE AND CONDITION
JUNE 1909.
Our investigations into this spring's cotton planting
have not unearthed any evidence of the wholesale
reduction in area planted that early disseminated
reports claimed would be a feature of the season.
Changes in acreage have occurred, of course, and some
of them have been in the direction of curtailment of
planting; but on the whole there has been the usual
non-attention to the freely offered advice to decrease
cultivation. It is passing strange that each spring
for some years past there have been the same rumors
circulated about intentions to largely reduce area,
emanating apparently from practically the same
sources; but the reduction never materializes. The
reports are always received with incredulity, but they
continue from year to year, their disseminators failing
to grasp the humor of the situation. The question
naturally arises: Why should there be any general
reduction in area with the world's need for cotton
quite steadily increasing and the crop a profitable one
in the raising?
Usually one of the arguments advanced in favor of
reducing acreage is the alleged lack of profit. It is
undoubtedly true that in some sections of the South
there are crops that, all things considered, make a
better return at times than cotton; but, speaking generally of the results of recent years, the staple has been
the best paying crop. Cost of production has increased
of late years in most sections, but prices secured for
the product have advanced in much greater ratio.
Back in the nineties, with cotton selling at times but
little above 5 cents for middling uplands at New York,
lack of profit or actual loss at the plantation was a
reasonable assumption. But the last four seasons,
with middling here ruling above 9 cents all the time,
and above 10 cents during most of the marketing
period, claims of unprofitableness lack force. This is
amply proven by the planter's attitude regarding area.
In the older sections of the belt, and more particuarly
in the Atlantic States, any changes in the area of crops




[VoL. Lxxxvm.

THE CHRONICLE

"Chronicle"
Acreage.
9,985,000
17,449,000
17,834,000
20,173,480
20,910,320
20,838,205
20,680,247
21,718,545
23,028,792
23,175,000
24,175,245
26,533,944
27,874,105
27,300,371
20,995,986
32,363,600
28,808,415
31,557,242
33,079,425
33,512,112

Crop
Bales.
-4,352,317
5,714,052
5,669,021
7,313,726
8,655,518
9,038,707
9,892,766
8,714,011
11,180,960
11,235,383
0,439,559
10,425,141
10,701,453
10,758,326
10,123,686
13,556,841
11,319,860
13,550,760
11,581,829
'13,408,841

Pounds
per Acre.
--191
149
144
169
194
203
234
104
237
240
189
193
186
192
170
207
192
211
170
193

JUNE 5 1909.j

THE CHRONICLE

As we remarked a year ago, the foregoing is selfexplanatory and highly instructive, showing how inconclusive the mere fact of area is as indicative of
product. Normal conditions assured, the greater the
area the larger would be the total yield. But while
acreage is controllable, weather is not. In the series
of years covered by the table the average yield per
acre has varied all the way from 144 lbs. lint per acre
(1884 planting) to 240 lbs. (1898), with the production exceeding 200 lbs. in only six out of the twenty
seasons given. In the season drawing to a close the
crop is of course, as already stated, close to, if not in
excess of, the previous record in number of bales,
but in product per acre is only of average proportion
in fact, the average of the other nineteen years.
On the acreage as given a yield per acre as great as in
1899 would have afforded a yield over 16 million bales;
but on the basis of the 1884 production per acre the
outturn would have been barely 10 million bales.
This indicates the possible variations that may result
from weather conditions, and denotes the folly of
making any crop estimates based mainly upon acreage figures.
We have attempted to enumerate above some of
. the considerations which in one way or another influence planters in the matter of acreage; and with
them in mind we fail to discern any reason why any
reductions in area should have been looked for this
year, except such as have been induced by locally operating causes. Prices have been remunerative recently, the world's needs are increasing and labor is
plentiful. With those favorable factors working in
unison it is not reasonable to expect that Southern
planters would generally curtail cotton area for some
other product.
We note with a certain amount of satisfaction, as it
tends to confirm our estimate of total acreage issued
In June last, that the Department of Agriculture has
revised its acreage- figures for 1908. It announces
that as a result of a special investigation a revision of
its preliminary estimate of the area planted to cotton
last year has been made, the revision indicating that
the acreage then seeded was about 33,370,000 acres,
instead of 32,081,000 acres as estimated last June.
This brings the Government total for last year practically in accord with ours, which was 33,512,112 acres.
This is the second time within the last few years that
the Department has been forced to take such action.
The former occasion, however, a much greater addition
had to be made, as after stating in June 1906 that
"the Department is convinced that the estimated
planted acreage in cotton of about 28,686,000 acres
is near the truth," it made revision the following June,
increasing the 1906 area to 32,049,000 acres, or a little
in excess of our result. There is no intention in referring to this matter to reflect in any way upon those
who have charge of the compilation of the estimates
for the Department; but the fact that such important
corrections have had to be made rather indicate that
the sources of information are not of the best. As
regards our own compilations of area, we have never
been dogmatic enough to assert that the results are
absolutely correct, but do claim that they indicate
the tendency as closely as it can be arrived at short of
an actual census. Consequently we should be permitted to entertain a feeling of satisfaction at their
virtual confirmation at this time.




1407

Conclusions.
From the details by States given on subsequent
pages, we sum up our conclusions briefly as follows:
FIRST, Acreage.
-As already inferred, there has
not been any general tendency this spring toward
radicalism in either direction in the matter of cotton
area, and certainly our investigations have unearthed
no evidence that advice to reduce it largely has been
heeded. Locally operating causes have been effective
in the direction of curtailment; but, generally speaking, conservatism has been the rule, and on the
average for the whole country the result has been a
small increase in area. In this respect the season has
differed little from that which preceded it. Comparatively high prices for grain have induced planters
in some States, if not in all, to substitute cereals for
cotton, with the result that in a number of instances
new land given to "cotton has barely offset that taken
away or left but a nominal increase, and in others there
has been an actual decrease, as in North Carolina and
Mississippi. In Louisiana,of course,the situation has
been very different, our reports indicating that fears
of a boll-weevil invasion, more apparently on the part
of those who make advances to farmers than of the
planters themselves, has been instrumental in bringing
about quite an important reduction in acreage. It is,
in fact, only in newer sections (mainly of Texas and
Oklahoma) that we find really large additions, and
even there grain seems to have been substituted on
some land heretofore given to cotton. At the same
time, with prices remunerative, as they have been
during the season now drawing to a close, there has
been a pretty full planting of the staple, as, according
to our analysis of the situation, there has been a net
gain in the country's cotton acreage of 1.05%, against
1.31% last year. The changes, as we have made them
for each State, are indicated in detail in the following:
Es imated for 1909.
States.
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Oklahoma
Missouri
Total

Acreage,
1908.

Increase.

35,359
1,156,116
2,567,015
4,487,217
282,945
4,772.093
3,754,395
1,723,196
9,684,213
1,992,595
784,790
2,165,596
106,582

Decrease.
1 per cent

1 per cent
2 per cent
1 per cent
10 per cent
4 per cent
1 per cent
2 per cent

33,512,112 1.05 per cent

--.
Acres, 1909.
35,359
1,144,555
2,592,685
4,487,217
282,945
4,867,535
3,716,851
1,550,876
10,071,582
2,012,521
784,790
2,208,908
106,582
33,862,406

This compilation shows that there is a net increase
compared with 1908 of 1.05%, the total acreage reaching 33,862,406 acres in 1909, against 33,512,112 acres
in 1908. We add the acreage for previous years for
comparison, giving at the foot of the table not only the
acreage but the total crop for each year, with the percentage of increase or decrease n area or production compared with the previous year and the product per acre.
COTTON ACREAGE FOR THE YEARS NAMED-(000s omitted).
1908-09. 1907-08. 1906-07. 1905-06. 1904-05.
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Oklahoma
Missouri, &c

4

Total acreage
Total production
Increase in acreage
Increase in production
Product per acre, lbs
• Decrease.

35
1,156
2,567
4,487
283
4,772
3,754
1.723
9.684
1,993
785
2,166
107
33,512
1.31%

35
1,156
2,554
4,465
283
4,725
3,699
1,715
9,494
1,973
793
2,082
105
33,079
11,582
4.82%
•14.53%
170

35
1,133
2,480
4,377
277
4,543
3,557
1,665
8,873
1,915
785
1,813
104

34
1,079
2,339
4,091
262
4,168
3,204
1,541
7,923
1,807
740
1,522
98

37
1,241
2,659
4,546
288
4,342
3,683
1,732
9,106
2,101
841
1,682
106

31,557 28,808 32,384
13,551
11,320 13,557
9.54% •10.99% 11.62%
19.71% *16.50% 33.9%
211
192
207

1408

THE CHRONICLE

SECOND.—As regards maturity, cultivation and
condition, the conclusions we reach are as follows:
(1) In maturity the crop at this writing would be
called a late one, and therefore not as well advanced
as a year ago. Low temperature and some flooding
of bottom lands delayed planting; and cold weather
during April.and the first few days of May, culminating
in frosts from the 1st to the 3d of the latter month,
retarded germination. Moreover, deficiency of moisture in portions of Texas all through the season down to
about the middle of May was an adverse influence
but during the last two or three weeks the weather
has been more favorable, barring excess of rain in
some localities, inducing satisfactory development
of the plant and working a decided improvement
in the outlook. In fact, telegraphic advices as we go
to press denote that the crop is doing well as a whole.
The prospect therefore is that with average seasons a
fairly good crop will be secured.
(2) Cultivation, according to our returns, has been
well looked after, with the result that fields over much
f the belt are now quite free of foreign vegetation,
many, in fact, stating that the weather has favored
work so much that they are cleaner than the average.
Fertilizers have been more extensively used this year,
the takings of both commercial sorts and home-made
composts having increased.
(3) Condition of the plant, as our summaries denote,
is now in the main fairly promising, and, except that it
is less advanced, is rather better than last year at this
time. In Texas of course the droughty conditions that
were so prominent a feature down to the middle of
May caused a feeling of pessimism with regard to the
outlook in that State, which, however, has been largely
dispelled by the progress the crop has made under the
influence of the recent rains. Speaking generally,
the plant is now in good condition pretty much everywhere and on the whole quite well fortified to overcome any ordinary adverse conditions. The ultimate
outturn, however, is a problem to be solved by the
weather conditions during the next two or three months.
Our summaries by States are as follows:
VIRGINIA.—The preparation of land for cotton and the
actual putting in of the seed in Virginia this season was about
on a par with 1908. Our reports on germination indicate
that seed came up fairly well on the whole, and that little or
no replanting had to be done. Weather conditions since
growth began have been favorable on the average, although
there have been some complaints of too low temperature.
Stands average good over the State and fields are in a satisfactory state of cultivation. Acreage.—The cotton area of
Virginia is at best limited, and this season, while changes
are noted in some localities, it remains practically the same
as it was last year. Fertilizers have been used to about
the same extent as in the previous season.
NORTH CAROLINA.—On the average the planting
season differed little from last year, work starting in some
sections about the middle of April and finishing generally a
month later. While the season in April this year was on the
whole more satisfactory than in 1908, there were complaints
that heavy rains rendered the soil crusty and hard to work
in some localities, retarding operations to some extent.
But this applied to a comparatively very limited area. With
regard to germination, our, returns are quite full and pretty
well in accord. They indicate that seed came up well in
most instances. Cold weather was complained of at times
as late as the first week in May, and in a few instances moisture is stated to have been rather in excess; but in the main
conditions have favored satisfactory growth. Only a small
amount of replanting is reported to have been necessitated.
Since the middle of May weather conditions, both as regards
temperature and rainfall, have been especially favorable,
and the plant in consequence on June 1 was more satisfactorily situated than at the same time a year ago. Stands
range from fairly good to very good, and fields are in a prime
staterof cultivation. Acreage.—The high prices for provisionslhave induced planters in some sections to devote more
land to corn and other food crops this year and less to cotton.
This has been in part counteracted by additions elsewhere,
so that for the State as a whole the net reduction would not
seem to have been greater than about 1%. Fertilizers of




[VOL. Lxxxvni.

the commercial sorts have been taken a little less freely,
but home-made composts have been used to about the same
extent as a year ago.
SOUTH CAROLINA.—Planting began shortly before the
middle of March in some sections of South Carolina, although
comparatively little seeding was done in that month. But
with fairly favorable weather in the early part of April work
was actively prosecuted. Still there was a disposition in a
number of localities to defer operations until a later date,
so that generally work was not completed before the 15th
of May, or a few days in advance of 1908. Advices as to
germination are quite satisfactory. One or two correspondents report that seed came up poorly; but the consensus of
opinion is that it germinated well to very well. During
most of the period since growth began the weather was
favorable to the plant, but in a few localities development
was delayed by lack of moisture, and there were occasional
complaints of low temperature. But, taking it altogether,
there has been little of an adverse nature in the weather conditions, and this accounts for the fact that less than the usual
amount of replanting has been necessary. Moreover,
recently temperature and rainfall have been just about as
desired for the best interests of the plant. Stands.—Under
conditions such as we have outlined above an average good
stand has naturally been secured. As in all years, there ate
some complaints, but this year they are decidedly few, and
therefore the exceptions that prove the rule. Cultivation
likewise has been well attended to, our reports indicating
that fields are free from grass and weeds. Acreage.—In many
sections the disposition has been to make no change in area;
but at some points we note a tendency to slightly increase
the amount of land under cotton and in other cases decreases
are indicated as a result of the substitution of corn or other
food crops for the staple. A thorough canvass of the situation seems to warrant placing this year's average addition
at 1%. Fertilizers of commercial sorts have received
less attention, but home-made manures have been normally.
used.
GEORGIA.—Although the planting season was a few
days later than in 1908, it was a little ahead of two years ago.
It is noted by some of our correspondents that rains during
the early spring retarded preparations for planting, so that
the actual work of seeding did not start in some sections
until near the first of May. In a few districts seed was put
in as early as the 10th of March, but there was no activity
to operations until about the 10th of April, after which date,
however, good progress was the rule, with the finish about
the middle of May. While a few of our advices refer to a
.
poor start, seed germinated well on the whole, and a rather
unimportant amount of replanting was required. Weather
since growth began would seem to have been quite favorable
in the main, and recently the conditions have been notice.
ably satisfactory. Development of the plant has consequently been quite encouraging. Stands, therefore, average
good, and the fields are reported to be clean and well cultivated. Acreage.—As in the Carolinas, the tendency in some
parts of Georgia has been to plant more corn and small
grains, owing to the high prices prevailing, the land being
taken away from cotton. But early intentions in that
respect were modified before the close of the planting season,
and,following the advance in cotton, so that now,analyzing,
carefully the reports received, we find the balance either way
to be so small as to cause us to leave the area as it was estimated last year. Fertilizers.--:A slight decline this year in
the takings of commercial fertilizers isindicated by our reports; but there deems to have been no change in the use of
home-made sorts.
FLORIDA.—Owing to the late spring and consequent
delay in preparation of the soil, planting began and was
completed in this State at a later date than in 1908. In an
average year work is pretty well under way early in March,
but this year little was done until near the close of that month
and was not finished until after the middle of May. Seed
.
is stated to have come lip well, however, the excellent
preparation of the land assisting, and only a very moderate
amount of replanting was required. Low temperature was
an adverse factor at times, and there.were also some coinplaints of too much moisture. But since the 10th of May
quite satisfactory conditions have fostered favorable development of the plant. Stands now average good, but the
crop is hardly up to the normal in point of advancement.
Fields, however, are reported to be free of foreign vegetation
and well cultivated. Acreage has been added to in some
districts and decreased in others, and has apparently for
the State as a whole undergone no measurable change from
a year ago. Fertilizers have been a little more freely used
than in the previous season; but they are not largely availed
of in Florida.
ALABAMA.—The planting season was prolonged by unfavorable weather conditions over quite a considerable
portion of Alabama this season. Seeding was begun in some
instan es as early as the first of March, but for the State as
a whole it was not well under way until after April 1. During
March the rainfall was excessive in a number of sections,
exceeding fifteen inches at some points, and in April also the
precipitation was above the normal in many districts. ,As a
result bottom lands along the Tombigbee and other rivers
and creeks were overflowed, seriously retarding work. In
upland sections the situation was more satisfactory, but even
there some lands were badly washed by the rains. Conse-

JUNE 5 1909.]

THE CHRONICLE

quent upon the deterring influences, planting was not everywhere completed until about the middle of May. Notwithstanding the early drawbacks, our returns as to g armination
are in the main quite favorable. A few are to the effect
that seed came up poorly or only fair, but many say well,
and others very well; so that the start was about up to an
average. In flooded sections replanting has been necessary,
and cold weather has been responsible for a limited amount
also. There are of course some complaints of adverse conditions other than the excessive rains referred to above;
but they have to do more particularly with the period prior
to May 1. After that date the weather was favorable
down to the middle of the month, since which time there has
been too much rain in some districts. Latterly there has
been some improvement in the weather and the plant is
therefore doing better. This is indicated by the fact
that stands are now reported generally good, and there
has been no neglect of opportunities to carry on work
of cultivation. Acreage.—The tendency in the matter
.
of area this year has been conservative. Many reports
cover unchanged results, and a few note that increases
have been made. On the other hand, in some sections
the exmore land has been given to corn, oats and hay at.
pense of cotton. Giving due weight to all the various returns, we reach the conclusion that on the average for the
whole State there has been an addition of, say, 2%. Fertilizers.—Increased takings of commercial sorts are indicated at some points, and at others, while the actual amount
availed of has been no greater than last year, it has been of
better grade. Only a slightly larger amount of home-made
manures has been used.
MISSISSIPPI.—Returns received from Mississippi indicate that weather conditions operated somewhat to delay
preparatory work and 'planting this spring, but not to the
extent that farm operations were interfered with in 1908.
Seeding began March 15 in some districts, ten days later in
others, became general towards the middle of April,and
finished about one month subsequently, or about ten days
in advance of a year ago. While there were no extensive
floods this spring, some bottom lands were overflowed as a
result of heavy rains, and from the same cause the soil in
some upland districts became packed and hard to work.
Under the circumstances it is not surprising that our reports
on germination are somewhat conflicting. Some state that
seed came up poorly or was killed by frost; others say only
fairly well; but the majority of the returns refer to the start
as fairly good to good. From the various adverse conditions—cold and wet weather, the frosts of May 1 and 2,
and the overflowing of land—replanting has been required
to a much greater extent than last year, amounting in a few
cases to almost half the crop. Recent weather conditions,
or, more correctly speaking, since the 10th of May, have
been quite propitious in the main, although there was rather
too much rain in localities the last week of the month,and the
crop has considerably improved. The plant is smaller, of
course, than in an average season, but is developing well and
looks strong and healthy. Stands, while still a little irregular,
are in the main good, and of late there has been no mentionable hindrance to work of proper cultivation. Acreage.—Fear
of the boll-weevil is instanced as a reason impelling some
farmers to reduce the area under cotton; but cases of that kind
have apparently been exceptional and are well offset by additions elsewhere. In fact, the great majority of Mississippi
planters seem to have pursued a conservative course, adhering to the acreage of the previous season. All things considered, a fair measure of the change,this year would seem
to us to be a decrease of about 1%. Fertilizers, although
not used at all in richer sections, have come in for greater
attention elsewhere this year, the commercial varieties in
particular having been more freely used.
LOUISIANA.—The situation in Louisiana seems to have
been essentially different from that elsewhere in the South
this spring. Although the depredations of the Mexican
boll-weevils have heretofore been practically limited to Texas,
and notwithstanding that last season the insect was a comparatively negligible factor, unusual anxiety, if not alarm, is
reported to have prevailed in parts of Louisiana over their
expected appearance this spring. Why this should be so
is rather past understanding, but as it is stated as a fact
by correspondents in whom we have great reliance,it is not
to be doubted. It does not follow that in all cases where
cotton area has been curtailed it has been on account of
planters' personal fear of the weevil, but alarm over the
possible appearance of the pest has caused a withholding
of advances to farmers and thus restricted their capacity to
plant. There has been quite generally, furthermore, a disposition to plant later than usual, with the idea of overcoming largely the effects of the weevil, and it follows therefore that more than the average amount of seeding was done
in May. The result is that the planting season was later
than normal, little or nothing being done before March 15;
but work was completed between May 15 and 20. There is
considerable variation in our reports on germination. Early
planted seed in many cases came up poorly and to some extent was plowed up and replanted. Later plantings as a
rule started off well. Low temperature was a deterring influence in April and the first few days of May,with some
frost, and thus further (and in some districts considerable)
replanting was entailed. Since about May 10, however,
meteorological conditions have been rather more favorable




1409

and the plant has benefited. Stands now average good
and fields are clean, but the crop is hardly up to the average
in advancement. Acreage, as will be inferred from what we
have said above, has been decreased to a relatively important
extent. On the returns we have received,a reduction of
10% appears to be justified, and so we put it, although believing it to be rather too high. Fertilizers are not extensively used in Louisiana, and this year there has been an
important decrease in all sorts.
TEXAS.—With the rainfall much below the normal since
last fall there has been considerable delay this spring in preparing the soil and planting seed. In this respect 1909 contrasts sharply with 1908, when the bountiful season in the
ground in most sections of Texas, as a result of the rains of
the previous fall and winter and favorable weather conditions in the early spring, facilitated preparations for the crop.
Planting operations began hardly anywhere this year before
the middle of March, and dry weather in some districts delayed almost all work until May. Yet there was little if any
difference in the general completion of seeding this year
and last year, for in 1908 excessive moisture in May, causing
some flooding of land, was a deterring influence. Notwithstanding the droughty conditions, of which there has been so
much complaint this year, our advices regarding germination
are not noticeably unfavorable. In some sections seed is
said to have come up poorly, and in instances there had to be
a second or third planting; but the majority of the returns
say well or very well, although late. Dry weather has been
of course a quite general cause of complaint ever since last
fall, but recently there has been very welcome and beneficial moisture. Low temperature has also been referred to
as retarding growth, the two being responsible for a moderate amount of replanting. After the middle of May the
weather was quite favorable as a rule, giving the plant
satisfactory development, and a marked improvement in
the crop is indicated by our telegraphic advices of June 1.
Stands vary accordinm to locality, but on the average they
are good and rather e'
better than at this time a year ago.
Fields are clean. Acreage has been largely increased in
newer sections of Texas, some reports from Western localities
covering percentages of addition as great as 50%. Conservatism elsewhere has been quite the rule, but there have
been very few decreases. For the State as a whole we
make the gain approximately 4%. Fertilizers are availed
of in only limited quantity.
ARKANSAS.—The preparation of land for cotton this
spring was interfered with somewhat by weather conditions,
so that work was carried on later than in an average year.
Compared with 1908, however, there was little or no difference. Beginning late in March in some localities, planting
did not become general until near the middle of April and
was not completed before the third week in May. Low temperature is noted as retarding germination of early planted
seed, which came up poorly in some instances; but late
plantings started off well to very well. As regards the
weather conditions of the spring, there are few complaints
of too much rain; in fact, moisture in the main seems to have
been quite well distributed, according to our returns. Low
temperature, however, was an adverse factor during April
and the first few days of May, culminating in killing frosts
between the 1st and 3d in some districts. This latter circuwstance, moreover, largely explains the necessity for replanting, of which, nevertheless, there was no important
amount. Development naturally was slow, if not virtually
checked, during the period of low temperature; but since
about the 5th of May there has been little to complain of.
The plant consequently has taken on satisfactory growth
in the main and at this time is in a rather promising condition, although somewhat backward as compared with an
average season. Stands.—Subject to the qualification that
some cotton is only just coming up, stands are good as a
rule and the crop is well cultivated. Furthermore, the
present favorable weather makes the outlook encouraging.
Acreage has been decreased in some sections, so it is stated,
through fear of a boll-weevil invasion, and at other points
high prices for grain have been an inducement in the same
direction. Elsewhere there have been additions in many
cases, and for the whole State we should deem a fair average
gain to be about 1%. Fertilizers.—Commercial fertilizers
have been much more freely used in some sections and homemade manures have been availed of to a slightly greater extent than in 1908. In portions of Arkansas, however, no
artificial aids are used.
TENNESSEE.—There seems to have been little or no
difference between the start of planting in Tennessee this
year and last, but work was finished a little earlier the current
season. Seeding began shortly after the first of April and
was completed as a rule by the middle of May. Germination
was delayed somewhat by adverse weather conditions,
but, while some of our returns are to the effect that seed
came up poorly, the majority say well to very well, with the
qualification that a certain portion was too lately planted
to be up yet. April and early May were rather cold, especially at night, with frost in some localities May 2, and excess of
moisture was also complained of in a few districts. From
these various causes a moderate amount of replanting was
necessary. Conditions from about the 10th of May have,
however, been quite favorable, giving an impulse to developinent of the plant,which now presents a very satisfactory
appearance, encouraging belief in a good crop. Stands are

1410

THE CHRONICLE

now good where the crop is up, and cultivation has been well
attended to. Acreage has been increased in some districts
and cut down in others, and for the whole State it would
appear to us that the area is practically the same as in 1908.
Fertilizers, never very freely used, have been availed of to a
moderately greater extent this year.
OKLAHOMA.—Weather conditions during the early
spring hindered farming operations. Continued low temperature retarded preparation of.the land, and the same adverse influence made progress with planting slow. Seeding
began in a few districts around the first of April, but there
was no activity to operations until well along in the month,
and in many sections little or nothing was done until May.
Consequently work was not finally completed before June 1,
or later than in an average season. First-planted seed came
up rather poorly, and latest plantings have not yet had time
to germinate. But for the remainder, which constitutes the
greater part of the planted area, seed is stated to have come
up well. Replanting to only a limited extent has been required and that mainly of early seedings. To sum up briefly
our reports as to weather conditions, it can be said that there
has been more frost and cool weather than usual this spring
in Oklahoma, but without entailing serious damage. May conditions, however,have been favorable on the whole, and especially since May 12, a succession of fairly favorable seasons
after that date appreciably assisting development of the
plant, which now looks strong and healthy, although not so
forward as in a normal year. Of course nothing definite
can be said of the most recently planted cotton, as it is not
yet up; but where chopping out has been done stands are good
on the whole. Furthermore, fields are clean; in fact, some
of our correspondents remark that they are in as good condition as ever seen at this time of the year. Acreage—In this
State it would seem that some land heretofore devoted to
cotton has this year been put in cereals; but this has been
more than offset by changes in the other direction elsewhere
and by the bringing of virgin soil under cultivation. Still
the net change has not been heavy, our analysis of the returns leading us to add not more than 2% to the previous
area. Fertilizers are used to only a very unimportant extent—really not at all in most sections.
MISSOURI.—Adverse weather conditions in the early
spring delayed farm work, so that the time of planting was
a little later than in an average season. Cold and wet
weather served to retard germination; consequently seeds
were slow in coming up; but eventually a fairly good start
was reported. Only a moderate amount of replanting had
to be done. Too much moisture at times and occasional
spells of low temperature were unfavorable factors during
April and the first part of May; but recently the conditions
have been quite uniformly favorable, inducing satisfactory
growth of the plant. Stands therefore are now reported to
be fairly good and the crop is well cultivated. Acreage under
.cotton in Missouri is quite limited in extent, and the changes
made this year have been very unimportant. We deem ourselves justified in placing the area the same as in 1908.
Fertilizers are not freely used in Missouri.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
111—Only one lot of bank stock, amounting to 10 shares,
was sold at the Stock Exchange this week,and no sales were
made at auction. The only public transaction in trust company stock was a sale at auction of 4 shares of Central Trust
Co. stock at 2700 to 2705, ex-dividend of 200%. 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 June issue of which accompanies to-day's
"Chronicle." Bid and asked quotations for all New York
City bank and trust company stocks are also published
weekly in another department of the paper, and will be
found to-clay on pages 1419 and 1420.
Shares. BANK—New York.
Low.' High. Close.
188
10
• Commerce, Nat. Bank of_ ___ 188
188
TRUST COMPANY—New York.
4 Central Trust Co
x2705 x2705
x2700

Last previous sale.
May 1909— 188%
May 1909-3041

a Sold at the Stock Exchange. z Ex-dividend.

—The Committee on Taxation in a report to the Massachusetts Senate on Wednesday referred to the next General
Court the bill to tax stock transfers. The bill provides for
a tax at the rate of two cents on every hundred dollars.
—One of the measures vetoed by Governor Hughes at
Albany is the Phillips Bill, which embodied the views of the
State Bar Association, and which would have permitted the
issuance of stock without a nominal or par value by business
corporations other than those for banking, insurance, railroad, transportation and educational purposes. The Governor gave the following reason for his action:




VoL. Lxxxviii.

This bill represents an important departure with regard to the capitalization of corporations, which has received the approval of public-spirited
students of corporate problems. But if such a measure be enacted, its
administrative features and its relation to the general statutes of the
State, such as those providing for taxation, should be worked out in an
entirely practicable way and leave no question of its results.
This bill is technically defective by reason of an inaccurate reference
with regard to the imposition of the stock transfer tax, and it is also opposed
by the State Comptroller because in his judgment it would not be adjusted
In a suitable way to the present plan of annual franchise assessment. It
has been suggested that the bill might be enacted into law and be subse
quently amended to remove the ground of these objections. But it seems
to me that the better course is to perfect the plan and to provide for such
adjustments as may be necessary before it is approved.

The bill was referred to in an editorial article in our issue
of April 17.
—The Georgia Bankers' Association, at its annual convention held at Savannah on May 27 and 28, placed itself on
record as opposed to both the guaranty of bank deposits
and to the postal savings bank proposition. The latter
resolution was offered by F. D. Bloodworth, Cashier of the
National Bank of Savannah at Savannah, Ga., and reads
as follows:
Resolved,That the association hereby expresso; its disapproval of the proposed postal savings bank. The fact that of all the savings deposits of
the world practically one-half are on deposit In the banks of the United
States is convincing proof that adequate facilities for the savings of the
people are now provided by the banks, and that there is no need for the
Government to compete with its own citizens in this branch of banking.

Joseph A. Davis of Albany, who introduced the other
resolution, held, according to the Savannah "News," that
the guaranteeing of deposits is not a/governmental function;
that it encourages adventurous spirits to enter the field of
banking; that it strengthens the weak and unworthy, and
operates as an injustice to the true and tried bankers; and
that it boosts the meretricious to the detriment of the legitimate institutions.
In his report as Chairman of the Legislative Committee,
Joseph A. McCord of the Third National Bank of Atlanta
recorded the fact that the bill offered in the Legislature last
summer for the guaranty of deposits was overwhelmingly
defeated in the banking committee of the Senate.
The address of President Horace A. Crane (Vice-President
of the Citizens' & Southern Bank of Savannah) also contained a reference to the two propositions which have been
made subjects of political agitation. He declared the guaranty plan to be a proposition so contrary to all principles
of sound banking that one is tempted to believe that there
is no danger of its being made a law in any of the older or
More conservative States; but the country's experience with
.
the free-silver craze warns us not to rest in fancied security
by taking such a view of the case. Some bankers have
asserted that this insurance is desirable, and it would not be
strange if they should have a considerable following. The
American Bankers' Association, he added, at its convention
in Denver last September expressed, in no uncertain manner,
its disapproval of both of these propositions. The new
President of the association is E. D. Walter, Cashier of the
National Bank of Brunswick at Brunswick, Ga. L. P. Hillyer, Vice-President of the American National Bank of Macon,
has been re-elected Secretary of the organization.
—State Bank Commissioner Young of Oklahoma, who is
empowered to fix the rate of interest to be paid by the banks
and trust companies under his supervision, under date of
the 12th ult. issued a circular setting out specifically the
rates which are becoming operative on June 1. These, as
given in the Dallas "News," are as follows: on bank balances,
not to exceed 3% per annum; on savings accounts when kept
in a separate ledger and pass book for this purpose, not to
exceed 4% per annum; on time certificates for not less than
ninety days, 3%; on time certificates for six months or
longer, 4%. The payment of interest on checking accounts
of individuals, firms or corporations will not be permitted;
this, however, does not include city, county, State and
Government deposits. The Commissioner's ruling applies
to all State banks and trust companies and it is stated that
national banks paying a higher rate of interest than the
State institutions are authorized to pay will not be allowed
to act as reserve agents for the Oklahoma State banks. All
existing certificates (verbal agreements to cease June 1)
bearing a greater rate of interest may be carried to maturity,
after which they must either be paid or renewed at a rate
not to exceed the above.
—In the Texas deposit guaranty measure passed by the
Legislature on May 11 and signed by Governor Campbell

JUNE 5 1909.1

THE CHRONICLE

on the following day, two methods of protecting deposits
are offered—either through the guaranty fund or a bondsecurity system. The law provides first of all for the creation of a State banking board,to be composed of the Attorney
General, Commissioner of Insurance and Banking and the
State Treasurer. The board is to have the control and
management of the guaranty fund, the general supervision
and control of the bond-security system and the power of
regulation, control and supervision of the State banking
institutions. The Act . requires that every corporation
which may hereafter he incorporated under the laws of the
State with banking and discount privileges, and every banking and trust company heretofore incorporated or that may
hereafter be incorporated, under Chapter 10 of the Acts of
the First Called Session of the 29th Legislature, shall protect
its ,depositors by either of the plans outlined, the same to
be adopted by Jan. 1 1910—the option to be exercised
by Oct. 1 1909. For the purpose of creating the guaranty
fund, institutions electing to come under that plan are to
pay on Jan. 1 1910 1% of their daily average deposits for
the preceding year ending Nov. 1 1909 (not including United
States, State or other public funds if otherwise secured).
i
Annually thereafter there is to be a payment of Y of 1% of
the average daily deposits until the fund reaches $2,000,000,
and no further payments are to be made unless the fund is
depleted; but the first payments are to be made without
reference to the maximum sum. In the event of the depletion of the fund below $2,000,000, or in case of necessity
to meet an emergency, the board is authorized to require the
payment of not exceeding 2% in any one year of such average deposits. Twenty-five per cent of each payment called
for is to be paid in cash; the remaining 75% is to be credited
by the institutions to the State Banking Board as a demand
deposit, subject to check, upon the order of the board. The
board is required to keep on deposit with the State Treasurer
at all times 25% of the fund. Institutions organized less
than-one year prior to the time the law goes into effect, or
hereafter organized, are to pay into the fund 3% of their
capital and surplus, which is to constitute a credit fund,
subject to adjustment on the basis of their deposits as provided for other banks now existing at the end of one year;
this, however, is not to apply to banks and trust companies
formed by the reorganization or consolidation of institutions
which have previously complied with the provisions of
the Act.
It is provided that any national bank may avail of the
privileges of the fund under the same terms and conditions
as State banks, and in the event of national banks being
required by Federal enactment to pay assessments to any
guaranty fund of the Government, those having availed. of
the Act may withdraw and receive the unused portion of
all assessments paid by them. Deposits upon which interest
is paid or secured deposits are not insured under the Act,
and will receive only the pro rata amount which may be
realized from the assets, resources and collections. The
State is to have for the benefit of the fund a first lien upon
all the assets of banks and trust companies obliged to close.
In the event that the fund or any part thereof shall be used
to pay depositors of a national bank, the State Banking
Board is to receive from the receiver of the bank the pro rata
share of the proceeds of the assets and collections which
would be due to said depositors.
There is also a section governing the maintenance of savings departments by State banks or trust companies. It is
required thereunder that the business of such departments
is th be kept entirely separate and distinct from the general
business of the banks and trust companies; that all moneys
received as su.ch savings deposits, and the funds and securities in which the same may be invested, shall be segregated
from other moneys and funds of the institution, and specified
securities are named in which investments may be made.
It is provided, however, that 15% of such savings deposits
must be kept on hand in actual cash. In case of the insolvency or liquidation of an institution operating a savings
department in accordance with the Act,its savings depositors
are to have an exclusive prior lien upon all the assets of the
savings department. Any bank or trust company maintaining a savings department may agree to pay any rate
of interest it sees fit, and if the earnings of the savings department are insufficient to pay the interest, such interest




1411

or the deficiency therein shall be paid by the institution out
of its general funds. In computing the aggregate amount
of average annual deposits of a bank or trust company for
the purpose of ascertaining whether or not it shall be required to increase its capital as provided in the Act, or for
the purpose of determining the amount required to be paid
into the guaranty fund, the deposits of the savings department are not to be included.
Under the alternative plan, the bond-security system
which the Act provides for, it is required that the banks
and trust companies adopting that scheme shall file with
the Commissioner of Insurance and Banking on Jan. 1 1910,
and annually thereafter, a bond, policy of insurance or other
guaranty of indemnity in an amount equal to its capital
stock. Every such bond or policy of insurance shall secure
the deposits held at the time the bond is filed and approved,
and all deposits made during the period of twelve months
thereafter. The bond or other form of guaranty provided
for under this arrangement may be made by any person,
firm or corporation authorized to execute the same; but it is
provided that any corporation which is operating under the
guaranty fund system shall not be accepted as a surety on
such bond. The Act permits any person, firm or corporation
lawfully transacting a banking business in the State, and
which has been engaged in business in the State for at least
twelve months, to take advantage of the bond-security system. In the case of persons or firms transacting a private
business, the amount of the bond or policy of insurance is to
be fixed by the Commissioner of Insurance, and is in no event
to be less than one-half the amount of the average daily deposits with such persons or firms for the preceding period of
.a
twelve months. Whenever the deposits of corporation filing
a bond, policy of insurance or other guaranty of indemnity
shall exceed six times the amount of its calcdtal and surplus,
it will be required to furnish additional security, such additional security to consist of one or more bonds, policies of
insurance or other guaranties of indemnity in a sum which
shall in the aggregate be equal to the total amount of such
excess of deposits above six times the amount of the capital
and surplus of such corporation. There is also a provision
permitting national banks in the State to avail of the bondsecurity system.
The Act also amends the banking laws of Texas in other
particulars, one of its sections providing that "all State
banks and trust companies shall be permitted to loan upon
or discount commercial or business paper secured by lien
upon cotton and cotton-seed products to the same extent
and upon the same conditions as is now or may be provided
for national banks." There is also a requirement for an
increase in the capital of the banks when deposits are in
excess of certain stipulated percentages.
The Act goes into effect Aug. 9 1909.
—The incorporation of the Gulf Surety Co. of Dallas was
reported on May 27, the object of the proposed concern, it
was stated, being to act as surety for State banks adopting
the bond feature of the new law.
—The election of officers of the Carnegie Trust Co. of this
city. which was to have occurred at the annual meeting on
the 1st inst., was deferred until next week, pending the
completion of arrangements for the taking over of the
Van Norden Trust Co., the Nineteenth Ward and Twelfth
Ward banks.
—The proposition to increase the capital of the Central
Trust Co. of this city from $1,000,000 to $3,000,000, referred
to in these columns May 22, was ratified by the stockholders
yesterday. The present shareholders are entitled to subscribe to the new stock at par, in the proportion of two
shares for each share now held. Payment for the stock, it
will be recalled, was provided in the special dividend of $200
p3r share, declared on May 18.
—William G. McAdoo, President of the Hudson/Sc Manhattan Railroad Co., was chosen as a trustee of the Lincoln
Trust Co. of this city on Wednesday.
—Reinhold Van der Emde, President and one of the
founders of the Yorkville Bank, at 85th Street and 3rd
Avenue, died on Tuesday the 1st inst., after a brief illness.
Mr. Van der Emde had been at the head of the institution
since its organization in 1893. He was born in Germany
in 1842, and came to this country in 1869. He was a

1412

THE CHRONICLE

trustee of the German Savings Bank, Vice-President of the
German Society, and was identified with other leading
German organizations.
—Elmer E. Black, a partner in the banking firm of N. W.
Harris & Co. of this city, died on May 30 following a short
illness from blood poisoning. Mr. Black, who was forty-six
years of age, had been associated with the firm for twentythree years, and had been a partner for fifteen years. He
was to have acted as toast master at a dinner given by the
firm at the Hotel Plaza last Saturday night, the 29th ult.
—The stock of the Federal Trust Company of Newark,
N. J., has been placed on a 10% ibasis with the declaration
this week of a semi-annual payment of 5%, which represents
an increase of 2% in the yearly rate, 8% having heretofore
been paid. The institution has a capital of $1,000,000.
6:- —The "Newark News" of May 27 reports the consummation of negotiations whereby control of the Citizens' Bank of
Elizabeth, N. J., has been acquired by interests connected
with the National City Bank of New York. The Citizens'
Bank has a capital of $100,000 in $50 shares, and the price
paid by the new owners is said to have been 165, or $82 50
per share. The change in ownership, it is stated, will not
occasion any change in management, L.F.Hersh continuing as
President and Edward A. Faulks as Cashier. One of the
officers of the National City Bank of New York, in referring
to the matter, made the following statement:
"The rumors regarding the bank have been highly exaggerated. In a
way, there is really no significance In the change. During the last ten years
the Citizens' Bank has been associated with the National City Bank as a
correspondent. Our business relations have been very close and we have
had the highest regard for Mr. Hersh, Mr. Faulks and the people associated
with them in the directory. This being the case, It is perfectly natural for
some of the people connected with the National City Bank to look with
favor on a purchase of stock merely as an investment when the opportunity
offers. There is a possibility that the bank may be converted into a
national bank, but that has not been decided upon."

—The directors of the Trenton Trust & Safe Deposit Co.
—
of Trenton, N. J., have elected Barker Gummere President
of the institution to succeed the late Hugh H. Hamill.
Mr. Gummere had been Second Vice-President and Treasurer
of the company. The offices of Secretary and Treasurer
have been combined, and Barker G. Hamill, heretofore
Assistant Secretary, and son of the deceased President, has
been chosen to the consolidated office.
—A final dividend of 30%, making a total of 100%, is
reported to have been paid this week to the depositors of
the failed First National Bank of Manasquan, N. J. Newspaper advices state that payment in full was made possible
by the acceptance by the Government of a proposition of
four directors to purchase the remaining assets for $60,000.
The bank closed its doors on May 1 1908, following the
suicide of President Morgan D. Magee.
—The National Shawmut Bank of Boston has been
selected as the custodian of 1,000,000 silver dollars of the
Government's money, which it was decided to transfer
from the Boston sub-Treasury, owing to the overcrowded
condition of the latter. The money was part of the reserve
held for the redemption of silver certificates; it is now
maintained as a Government deposit in the bank, amply
secured by bonds of the United States, and bears a fixed
rate of interest. A special safe was built, within the vaults
of the bank for the storing of the money, and it is stated that
it will remain intact in the vaults until the Government
decides to withdraw it.
—Announcements in the Boston papers state that a
settlement of the affairs of the bond firm of H. W.Poor & Co.
in that city has been arranged and assented to by secured
creditors holding $1,656,943 of the firm's paper and unsecured creditors holding claims of $68,649. Under the settlement,it is stated,the secured creditors agree to have $211,000
of their claims treated as unsecured, making a total of about
$280,000 unsecured obligations, against which there will be
available securities having an appraised value of $97,000.
The unsecured creditors, in other words, will receive a dividend estimated at 35% in first mortgage and refunding bonds
of the Fort Dodge Des Moines & Southern RR., put in respectively at 60 and 25. The secured creditors will receive
in the neighborhood of 87% in cash through the sale of collateral.
—A charter for the Lincoln Trust Co. of Boston, which
was refused about a month ago, was granted this week on a




[VOL. Lxxxvm.

second hearing of the petition. It is stated that J. H. Goddard, President of the South End National Bank, will be
President of the new institution, and that the Vice-President
will be Edward H. Hatch, formerly Vice-President of the
National Bank of the Republic, which was taken over by
the National Shawmut Bank.
—The proposal to increase the capital of the Springfield
National Bank of Springfield, Mass., from $250,000 to
$500,000 was ratified last month by the stockholders,and the
new capital was paid in on the 1st inst. Through the
issuance of the additional stock, the surplus has also been
increased to $500,000, besides which the bank has undivided
profits of about $75,000.
—Charles S. Calwell, Cashier of the Corn Exchange National Bank of Philadelphia, was this week chosen to the
additional office of Second Vice-President, Mr. Calwell has
been a director of the institution for some time past.
—Mark W. Watson, President of the Exchange National
Bank of Pittsburgh, died in the University Hospital at
Philadelphia on the 1st inst from a stroke of paralysis. Mr.
Watson was eighty-one years of age. He had been identified
with the institution, originally the Exchange Bank, since
1857, having been chosen a director in that year; three
years later he became President, continuing in that capacity.
with its reorganization as the Exchange National Bank, and
remaining at its head until his death. He was President
also of the Standard Underground Cable Co. and the Monongahela Water Co.
—A check for $248,500, representing the balance of the
deposit of the State of Pennsylvania, held by the Allegheny
National Bank of Pittsburgh when it closed its doors last
year, together with interest at 2%, the counsel fees, and
costs in the proceedings to recover the money, was received
by State Treasurer John 0. Sheatz on May 27 from the
bondsmen. Mr. Sheatz had endeavored to compel the
payment of 6% interest on the money, but in an opinion
handed down on the 25th ult. Judge Robert S. Frazer decided
that the State Legislature did not exceed its authority in
passing a resolution authorizing the State Treasurer to settle
with the bondsmen at 2%. The net amount which goes to
the State is $243,384. Its deposit amounted to $523,966, of
which $288,182 had previously been paid.
—The Braddock National Bank of Braddock, Pa., will
increase its capital from $100,000 to $200,000 through a
stock dividend of 100% declared last week out of undivided
profits. The institution has a surplus of $500,000, and this,
with the $100 000 additional which is to be converted into
capital, is said to have been accutnulated solely through
earnings. It is also stated that the bank has paid dividends
from the start, and on July 1, when it will have been in
operation 263 years, will distribute its 53d semi-annual
dividend.
--W. J. Hayes of Cleveland, who was indicted while in
Europe on the charges concerning the disposal of bonds of
the Cincinnati Bluffton & Chicago RR., appeared in court
in answer to the indictment on the 1st inst., and was released under bail of $22,000. His son, H. E. Hayes, who
was indicted with him, furnished a similar amount of bail
in April. The cases will be tried June 17.
—Indictments were returned on the 2d inst. by Police
Justice Stein at Detroit against Louis H. Case, one of the
partners in the failed firm of Cameron Currie & Co., Detroit,
and against several of the firm's employees. The firm was
placed in receiver's hands on July 18 1908 and was adjudicated bankrupt the following month.
—The directors of the Union Trust Co. of Chicago have
elected Richard J. Collins to the directorate to fill the
vacancy caused by the death of C. F. Kimball. Mr. Collins
is President of the Fulton Market, Chicago.
—The North Avenue State,Bank of Chicago has increased
its dividend rate from 5 to 6% per annum, having declared a
quarterly distribution of 1M%, payable July 1 to stockholders of record June 25, against 1% in April.
—Daniel J. Schuyler Jr. of the law firm of Schuyler,
Jamieson & Ettelson, has been elected a director of the
Colonial Trust & Savings Bank of Chicago. The directors
of the institution have declared the regular quarterly dividend of 2%, together with the usual extra dividend of M.%,
payable July 1 to stockholders of record June 25.

JUNE 5 1909.1

THE CHRONICLE

1413

be held in
—President N. W. Harris of the Harris Trust dr Savings meeting of the American Bankers' Association
a gift of $155,000 to the North- that city in 1910; urging upon the National Monetary ComBank, Chicago, has offered
of a central
western University of Evanston, Ill., on condition that the mission earnest consideration of thelorganization
enough more within one year to swell the bank of issue and condemning the postal savings bank plan;
institution raises
inviting all the banks to join the State Clearing-House Assofund to a round million.
of the ciation and one, dealing with bills of lading, recommending
—Amendments to the articles of incorporation
Bankers' Association take for
Marquardt Savings Bank of Des Moines, Ia., providing for a that the members of the State
Commercial cash or immediate collection only those bills signed by
change in the name of the institution to the
stamped by him with the
Savings Bank, were adopted by the stockholders on May 25. the authorized railroad agent and
dissipate date of signature, the bills to be made out in ink or indelible
The purpose of the change, it is stated, is to
out as well as given
any impression that may exist that the bank is a private one. pencil, and to have the amount written
being G. W. in numerals.
It was organized in 1891, one of its founders
—The payment of 50% of the claims of the depositors and
Marquardt. The present officials are G. D. Ellyson, President; D. F. Witter, Vice-President, and J. H. Hogan, creditors of the California Bank of Oakland has been made,
according to the report of Receiver J. P. Edoff for April.
Cashier.
—The People's National Bank of Clay Center, Kansas, The bank suspended in November 1907.
—It is stated that arrangements for the absorption of the
announces that its stockholders have subscribed for its quota
of stock in the proposed Kansas Bank Deposit Guaranty dr American National Bank of Los Angeles by the Citizens'
Surety Co., which has been organized to insure the deposits National Bank of that city are to be formally acted upon by
of those desiring to become members, and to transact a the stockholders on June 16. Controlling interest in the
general surety business. The company, as is generally American was acquired recently by interests in the Citizens'.
known, is to be owned and controlled by Kansas hankers,
—The Sterling Bank of Canada (head office Toronto),
and its capital ($500,000) is to be made up by contributions which began business three years ago (May 1 1906), in its
of an amount equal to 23% of the capital and surplus of the annual statement for April 30 1909 reports total assets of
banks participating in its organization. The pro rata share $5,154,940. The deposits,interest and non-interest-bearing,
for which the People's National subscribes amounts to $3,150, aggregate $3,306,077. The bank has a paid-in capital of
and it will pay for its policy a yearly premium of approxi- $829,489 and reserve fund of $207,372. G. T. Somers is
mately $450. The rate charged by the company for deposit President,and F. W. Broughall General Manager.
insurance, payable when liability is finally determined, is
—In the presentation of the annual report of the Imperial
fixed at 50 cents per annum per thousand for deposits up to
Bank of Canada (head office, Toronto) at the thirty-fourth
the amount of capital and surplus and $1 per annum per
annual general meeting on May 26, President Wilkie drew
thousand for deposits in excess of capital and surplus, payattention to the growth in deposits during the year—an inable semi-annually in advance. It is announced that divicrease of about 20% having occurred, the amount having
dends of 6% per annum, payable semi-annually, will be
risen from $30,150,000 to $36,063,516. The profit and loss
paid on the stock of the company from the start, but that
account of the bank for the twelve months ending April 30
no greater dividends will be paid until the capital and net
1909 shows net profits,after the customary deductions, of
earnings equal $1,000,000, and none thereafter which will $743,524. With the balance of $475,915 at the credit of
reduce the capital and surplus below that amount.
the account on April 30 1908 and $34,242 premium on new
—The name of the State Bank of Kansas City, Kansas, was stock, the bank was able to apply toward its usual disburserecently changed to the Exchange State Bank, to avoid ments the sum of $1,253,681. These items included the payconfusion with names of other banks in its locality. By ment of $549,540 in dividends, at 11% per annum; the transunanimous vote of its stockholders the institution has decided fer of $34,242 to reserve account,and the writing off of $69,921
to avail of the depositors' guaranty law. The bank was from bank premises and furniture account,leaving a balance
organized four years ago. It has a capital of $100,000, and of $599,978 to be carried forward. The paid-in capital of
under date of March 16 1909 reported surplus and undivided the bank and its reserve account now stand at $5,000,000
profits of $27,654, deposits of 8661,982 and total resources each. Its total assets are $50,254,066, comparing with
of $792,768. C. K. Wells is President and C. N. Prouty is 843,804,196 a year ago.
Cashier.
—The Deutsche Bank of Berlin reports the following
—The Farmers' National Bank of Kingman, Kan., which balance sheet under date of April 30 1909:
made application this week for a State charter, is said to be
Liabilities—
‘
$ -.1
$
Assets—
47,619,000
the first national bank in that State which has decided to Cash,foreign coin& coups. 27,337,000 Capital
24.690,000
145,898,000 Reserves
Bills receivable
relinquish its Federal charter in order to avail of the deposit- German Treasury notes_ 8,110.000 Creditors for moneys
deposited and in curCash balances with banks
322,049,000
rent account
16,978,000
guaranty law.
and bankers
59,296,000
Stock Exchange loans__ _ 55,945,000 Bills payable
von
—The Cumberland Valley National Bank is the title under Loans on merchandise 10,400,000 Dr. GeorgFund Siemens 1,557,000
Pension
8,575,000
owned
Securities
5,607.000
which a new financial institution is being formed in Nash- Syndicates
5,760,000 Sundries
15,571,000
ville, Tenn. The application to organize the bank was ap- Shares of allied banks_ 155,049,000
current acct..
Debtors in
5,119,000
proved at Washington on May 22. It is to have a capital Bank premises
4.076,000
Sundries
of $300,000. R. E. Donnell, who has just retired as Assist458,818,000
Total
458,818,000
Total
of Nashville, is interant Cashier of the First National Bank
Edward D. Adams is the New York representative of the
ested in the proposed institution, and it is stated is to become
institution.
its President.
W. Cabaniss, formerly President of the failed Ex- FALL RIVER MILL DIVIDENDS FOR FIRST HALF
change Bank of Macon, Ga., was.found guilty on the 29th
OF 1909.
ult. of the charge of declaring an illegal dividend on Dec. 31
Thirty-four cotton-manufacturing corporations located
1906,and sentenced to a term of twelve months on the State in Fall River which furnish reports of operations have dequarter of the year.
prison farm and to pay a fine of $500. Mr. Cabaniss denied clared dividends during the second
The total amount paid out is slightly less than for the
charge of knowingly declaring an unearned dividend out corresponding period of 1908 and appreciably smaller, but
the
of the bank's funds, and during the trial it was intimated exhibits important increases over the similar quarter of 1906,
that the accused had been given false reports by subordinates 1905, 1904 or 1903. The aggregate of the amount disor an average of 1.58% on the
and was unaware of the true condition of the bank. Refer- tributed has been $397,125,smaller dividends than in 1908,
capital. Six mills declared
also made to the fact that since the closing of the three increased the rate, and twenty-five maintained last
ence was
institution on July 7 1907 Mr. Cabaniss had paid in full his year's percentage. In 1908 the amount paid out by thirtyindebtedness to the bank, surrendering his house and lands two mills was $410,750, or an average of 16.6%. In 1907
$528,525, or 2.21% on the capital.
and completely canceling every pecuniary obligation. thirty-two mills paid out
In 1906 twenty-nine mills disbursed $298,025, or 1.32%.
be made for a new trial.
A motion will
In 1905 only nineteen mills made distributions and the
—The California Bankers' Association, whose annual con- aggregate was $166,750, or 0.78%. In 1904 twenty-seven
or an average of 1.15%. In 1903,
vention opened at Del Monte on the 27th ult., has adopted mills paid out $247,150, an average of 1.42%; in 1902 the
thirty-two mills paid out
condemning the guaranty of deposits. The average rate was 2.14%. In 1901 the average percentage
a resolution
San Francisco "Chronicle" states that resolutions were also was 1.43 and in 1900 the average rate of distribution was
passed indorsing the request of Los Angeles that the annual 2%. In 1899 the average dividend was 1.31%; in 1898




1414

THE CHRONICLE

it was 0.50%; in 1897 it was 0.91%; in 1896 it was 1.57%;
in 1895 it was 1.58%, and in 1894 it reached 1.52%. The
current year's rate has therefore been exceeded only four
times in the last fifteen years.
Dividends 1909. Dividends 1908. Inc.(4-)
or
Capital.
Amount.
Amount. Dec.

Second Quarter,
1909 and 1908.

(-).

American Linen Co
Ancona Mills
Arkwright Mills
Barnard Mfg. Co
Border City Mfg. Co
Bourne Mills
Chace Mills
Conanlcut Mills
Cornell Mills
Davis Mills
Davol Mills
Flint Mills
Granite Mills
Irargraves Mills
King Philip Mills
Laurel Lake Mills
Luther Mfg. Co
Mechanics' Mills
Merchants' Mfg.Co
Narragansett Mills
Osborn Mills
Parker Mills
Pocasset Mfg. Co
Richard Borden Mfg. Co
Sagamore Mfg. Co
Seaconnet Mills
Shove Mills
Stafford Mills
Stevens Mfg. Co
Tecumseh Mills
Troy Cot. & W.Mfg. Co....
Union Cotton Mfg. Co
Wampanoag Mills
Weetamoe Mills
Total
a

$
800,000 1%
300,000 a1%
450,000 13.
495,000 1%
1,000,000 1%
1,000,000 1
1,200,000
300,000
400,000
500,000
500,000
580,000
1,000,000
800,000
1,500,000
600,000
350,000
750,000
1,200,000
400,000
750,000
800,000
1,200,000
1,000,000
900,000
600,000
550,000
1,000,000
700,000
750,000
300,000
1,200,000
750,000
500,000
25,125,000 1.58

On $100,000 preferred stock.

12,000
1,500
6,750
7,425
15,000
10,000
24,000
4,500
8,000
7,500
7,500
8,700
20,000
12,000
22,500
12,000
6,250
11,250
18,000
8,000
11,250
12,000
18,000
20,000
18,000
9,000
8,250
15,000
10,500
11,250
9,000
18,000
7,500
7,500

[VOL. Lxxxvm
Week ending May 29.

Clearings at1909.

1908.

Inc. or
Dec.

1906.

1907.

Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton

28,677,009 22,271,577 +28.7 27,841,867 26,743,036
22,781,035 16,386,494 +39.0 25,163,103 21,807,132
10,503,273 7,920,064 +32.6 9,011,404 9,420,817
4,743,352 2,788,901 +70.1 2,941,895 2,178,079
2,927,267 2,303,813 +27.1 2,486,171 1,903,667
2,048,974 1,527,843 +34.1 1,650,524 1,687,335
1,568,995 1,587,655 -1.2 1,597,907 1,528,754
1,535,467 1,025,388 +49.7 1,715,554 1,441,126
1,092,090
944,506 +15.7 1,112,524
924,411
900,347
790,884 +13.8 1,181,179 1,058,871
1,586,957
942,968 +68.3 1,223,067
908,163
1,007,377
743,422 +35.9
959,001
570,146
838,074
629,321 +33.2
763,661

12,000
1,500
6,750
9,900
2,475
10,000 +5,000
15,000 -5,000
24,000
4,500
Total Canada
80,211,117 59,862,834 +33.9 78,547,857 70,171,537
8,000
7,500
7,500
Clearings by Telegraph-Sales of Stocks, Bonds, &c.
11,600 --2,900
20,000
The subjoined table, covering clearings for the current week,
12,000
usually appears on the first page of each issue, but on account
22,500
18,000 -6,000 of the length of the other tables is crowded out once a
month.
dividend. +5,250
The figures are received by telegraph from other leading cities.
11,250
18,000
It will be observed that, as compared with the correspondt
8,000
week of 1908, there is a decrease in the aggregate of 0.8%
11,250
12,000
due to the holiday in the week this year. So far as th
18,000
individual cities are concerned, New York exhibits a loss
20,000
27,000 -9,000 of 6.3%; Boston, 18.1%; Philadelphia, 3.4%; St. Louis,
9,000
6.2%; Baltimore, 8.8%. Chicago records a gain of 1%
8,250
and New Orleans 8.5%.
15,000
dividend. +10,500
11,250
1908.
1909.
%
18,000 -9,000 Clearings-Returns by Telegraph June 5.
18,000
New York
-6.3
$1,387,675,175 $1,480,642,678
7,500
Boston
135,150,312 -18.1
110,637,130
7,500
Philadelphia
114,914,286
-3.4
111,039,398
Baltimore
22,370,996
-8.8
20,391,421
397,125 1.66 410,750 --13,625 Chicago
210,320,722
+1.0
212,532,701
St. Louis
-6.2
52,154,890
48,920,541
New Orleans
+8.5
8,616,113
9,349,657

Combining the foregoing results with those of the first
Seven cities, 5 days
-6.1
$1,900,693,023 $2,024,175,997
quarter, we have the following exhibit for the half-year. It Other cities, 5 days
-9.7
330,469,863
365,998,747
is seen that on a capitalization of $25,125,000 the mills have
Total all cities, 5 days
$2,231,162,886 $2,390,174,744
-6.6
paid out in dividends $1,079,250 in the first half of the present All cities, 1 day
555,063,941
418,630,673 +32.6
year, or an average of 4.30%, against 3.92% in 1908, 4.70%
Total all cities for week
$2,786,226,827 $2,808,805,417
-0.8
in 1907, 3.26% in 1906, 1.15% in 1905, 2.36% in 1904,
2.89% in 1903 and 3.57% in the like period of 1902. In
Our usual monthly detailed statement of transactions on
1901 the average dividend was 3.16%, in 1900 it was 4.44% the New York
Stock Exchange is appended. The results
and in 1899 it reached 2.19%.
for the five months of 1909 and 1908 are given below:
Half-Years, V
1909 and 1908.
American Linen Co
Ancona Mills
Arkwright Mills
Barnard Mfg. Co
Border City Mfg. Co
Bourne Mills
Chace Mills
Conanicut Mills
Cornell Mills
Davis Mills
Davol Mills
Flint Mills
Granite Mills
Hargraves Mills
King Philip Mills
Laurel Lake Mills
Luther Mfg. Co
Mechanics' Mills
Merchants' Mfg. Co
Narragansett Mills
Osborn Mills
Parker Mills
Pocasset Mfg. Co
Richard Borden Mfg. Co
Sagam ore Mfg. Co
Seaconnet Mills
Shove Mills
Stafford Mills
Stevens Mfg. Co
Tecumseh Mills
Troy Cot. & W. Mfg. Co_
Union Cotton Mfg. Co
Wampanoag Mills
Weetamoe Mills

Capital.

Dividends 1909. Dividends 1908. Inc.(±)
or
Amount.
Amount. Dec.

(-).

$
800,000 3
300,000 3
450,000 3
495,000 3
1,000,000 3
1,000,000 2
1,200,000 4
300,000 3
400,000 4
500,000 3
500,000 3
580,000 3
1,000,000 4
800,000 3
1,500,000 3
600,000 4
350,000 3
750,000 3
1,200,000 3
400,000 4
750,000 3
800,000 3
1,200,000 3
1,000,000 4
900,000 4
600,000 3
550,000 3
1,000,000 3
700,000 3
750,000 3
300,000 7
1,200,000 26%
750,000 2
500,000 3

24,000 3
24,000
3,000 3
3,000
13,500 3
13,500
14,850 4
19,800 -4,950
30,000
25,000 +5,000
20,000 3
30,000 -10,000
48,000 4
48,000
9,000 3
9,000
16,000 7
28,000 -12,000
15,000 3
15,000
15,000 3
15,000
17,400 5
29,000 --11,600
40,000 4
40,000
24,000 3
24,000
45,000 3
45,000
24,000 8
48,000
24,000
10,500 No dividend. +10,500
22,500 3%
26,250 -3,750
36,000 3
36,000
16,000 4
16,000
22,500 3
22,500
24,000 3
24,000
36,000 3
36,000
40,000 9%
95,000 -55,000
36,000 8
72,000 -36,000
18,000 3
18,000
16,500 3
16,500
30,000 3
30,000
21,000 1%
10,500 +10,500
22,500 6%
48,750 -26,250
21,000 12
36,000 -15,000
318,000 3
36,000 +282,000
15,000 2
15,000
15,000 3%
17,500 --2,500

25,125,000 4.30 1,079,250 3.92

Total

972,300 +106,950

Canadian Bank Clearings.
-The clearings of the Canadian
banks for the month of May 1909 show an increase over the
same month of 1908 of 24.2%, and for the five months the
gain reaches 22.1%.
Five Months.

May:
Clearings at
1909.

1908.

Inc. or
Dec.

Canada
$
Montreal
140,000,000 117,650,019 +19.0
Toronto
116,363,182 88,695,872 +31.2
Winnipeg
- 55,916,690 44,003,603 +27.1
Vancouver_ _ 20,715,136 13,956,386 +48.4
Ottawa
15,327,977 12,443,076 +23.2
Quebec.
9,187,015 8,871,954 +3.6
Halifax
7,711,630 7,639,608 +0.9
Hamilton
6,633,488 5,673,749 +16.9
St. John
5.712,777 4,983,796 +14.6
London
4,910,676 4,825,804 +1.8
Calgary
6,881,994 4,576.647 +50.4
Victoria
5,407,586 4,695,828 +15.2
Edmonton_ _ _ 3,794,559 2,972,637 +27.7

1909.
661,818,356
855,886,834
252,961,403
94,746,999
69,493,972
43,283,723
35,690,536
30,596,718
27,217,080
24,714,813
31,347,266
24,434,590
18,811,743

1908.

Inc. or
Dec.

548,165,109 +20.7
431,746,809 +28.8
212,944,363 +18.8
67,743,285 +39.9
59,246,260 +17.3
41,854,093 +3.4
35,847,145 -0.4
28,598,869 +70
24,406,163 +11.5
23,497,858 +5.2
21,388,880 +46.6
22,284,306 +9.6
14,365,341 +31.0

Total Canada 398,582.700 320,988,539 +24.2 1,871,003,833 1,532,086,487 +22.1

The clearings for the week ending May 29 make a very
favorable comparison with the same week of 1908, the
increase in the aggregate having been 33.9%.




Descriptivn.

Five Months 1909.
Par Value
or Quantity.

Actual
Value.

Five Months 1908.
Par Value
Price. or Quantity.
Aver.

Aver.
Price.

Actual
Value.

StockfSh's.
78,814,142
74,997,001
1Val. $7,189,539,575$6,866,646,879 95.5$6,497,377,925$4,893,877,261 75.3
RR. bds_
$571,528,400 $545.473,051 95.4 $333,150,100 $275,722,109 82.8
Gov't bds_
$196,700
$201,904 102.7
$344,820
$380,954 110.5
State bds_ _
$18,078,200 $18,209,743 100.7
$53,999,000 $55,996,733 103.7
Bank st'lcs.
$12,100
$23,299 192.6
$114,700
$217,307 189.4
Total -_ $7,779,354,975$7,430,554,876 95.586,884,986,525$5,226,194,454 75.9

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1909
and 1908 is indicated in the following:
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1909.
Number
of
Shares.

1908.

Values.
Par.

Actual.

Number
Shares.

Values.
Par.

Actual.

S
$
Jan. 37,275,500 1,609,551,575 1,550,409,801 16,594,895 1,398,403,800 1,015,764,111
Feb _ 12,337,199 1,142,192,700 1,082,075,181 9,839,708 833,139,900 609,986,418
Mch_ 13,650,695 1,240,583,900 1,175,489,766 15,939,255 1,387,712,725 1,014,698,437
1 stqr 43,263,294 3,992.328,1753,807.954,748 42,373,858 3,617,316,425 2,640,448.966
April 19,055,618 1,719,193,800 1,647,943,217 11,648,123 1,024,180,450 782,948,479
May 16,495,230 1,478,017,800 1,410,748,914 20,975,022 1,855,881,050 1,470,479,816

The course of bank clearings at leading cities of the country
for the month of May and since January in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
MayJan.1 to May 31
(000,0008
1908.
1909. 1908. 1907. 1906. 1909.
1907.
$
$
$
omitted.)
$
$
$
$
New York
8,096 6,670 7,335 3,793 39,970 29,305 41,534
5,592
Chicago
915
1,146
4,791
964 1,121
5,182
3,514
674
Boston
683
663
600
2,923
3,738
665
2,709
Philadelphia. - - 558
643
493
2,404
3,128
245
1,372
St. Louis
277
263
231
1,232
1,339
214
Pittsburgh
897
237
183
164
861
1,185
51
San Francisco
760
189
150
130
680
986
109
116
Cincinnati103
558
93
509
600
120
Baltimore
577
121
122
97
490
623
101
Kansas City
042
179
142
137
715
666
68
Cleveland64
75
328
58
302
368
74
New Orleans.._ 65
353
57
77
342
427
103
Minneapolis
77
78
350
73
405
421
Louisville
53
281
57
45
45
239
290
60
Detroit
62
64
67
289
277
288
Milwaukee
39
46
45
39
240
214
232
Providence _ _ 32
33
34
155
25
134
171
Omaha
43
48
48
299
61
246
235
35
40
Buffalo
34
37
182
165
184
40
32
37
35
188
192
185
IntalPaanualpolis
31
28
35
34
167
145
172
Denver
27
31
33
36
186
156
164
Richmond141
26
24
23
28
120
134
Memphis
17
18
19
21
114
105
107
Seattle
37
31
41
48
207
154
197
Hartford
13
16
15
15
77
69
81
Salt Lake City_ 27
25
20
19
126
126
89
Total
12,195 10,231 11,601 12,774
Other cities... 809
781
650
663
--Total all _ _ _13,004 10,881 12,382 13,237
Outside N. Y__4,91.18 4,211 5,047 4,444

1906.
$
45,276
• 4,526
3,533
3,212
1,244
1,122
700
550
602
522
329
422
367
282
269
198
168
205
159
155
142
138
126
113
191
75
116

60,574
4,048

47,264
3,368

62,763
3,715

64,742
3,232

64,622
24,652

50,632
21,327

66,478
24,944

67,974
22,698

THE CHRONICLE

JUNE 5 1909.1

Pacific Clearings brought forward from first page.
Five Months.

May.
Clearings al
1009.

1908.

Inc. or
Dec.

San Francisco_ 149,899,254 130,439,897 +14.9
Los Angeles___ 56,165,045 42,286,824 +32.8
Seattle
48,049,612 31,408,884 +53.0
Portland
30,334,061 23,255,344 +30.4
Salt Lake City_ 26,526,527 18,826,873 +40.9
Spokane
30,007,066 24,109,561 +24.5
Tacoma
24,973,480 16,323,774 +53.0
Oakland
7,737,896 5,743,335 +34.7
San Diego _ _
5,027,641 3,037,589 +65.5
Helena
3,818,028 2,619,318 +45.8
Sacramento
4,034,295 3,330,510 +21.1
Fargo
3,056,102 1,923,036 +58.9
Sioux Falls ._. 2,328,200 1,984,412 +17.3
San Jose
1,803,301 1,661,718 +8.5
Stockton
1,622,918 1,548,502 +4.8
Fresno*
2,064,068 1,907,365 +8.2
NorthYakima* 1,501,456 1,034,790 +45.1
Billings
674,725
646,396 +2.2

Inc. or
Dec.

1908.

1909.
759,519,656
266,530,045
206,557,698
149,014,692
126,062,191
147,380,108
101,348,099
37,871,877
21,591,059
18,015,769
19,134,190
13,684,430
13,065,200
9,040,539
9,393,488
10,334,002
7,427,984
3,697,719

680,088,299 +11.7
201,693,801 +32.1
154,363,871 +33.8
119,610,339 +24.6
88,949,955 +41.8
112,394,556 +31.1
83,730,427 +21.0
30,045,293 +26.0
14,779,853 +46.1
13,064,127 +37.9
17,639,092 +8.5
10,738,986 +27.4
10,685,409 +22.3
8,873,979 +1.9
8,549,255 +9.9
3,900,018
1,679,084
3,469,572

Total Pacific 396,058,151 309,145,973 +28.1 1,901,936,760 1,558,676,814 +22.0

1415

BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for May 1908
will be found in our issue for June 27 1908, page 1568.
Bonds and Legal-Tenders
on Deposit for
Bank Circulation.

•

Circulation Afloat Under

1908-09
Bonds.
May 31_
Apr. 30_ _ _ Mch. 31........
Feb. 28..,..,.
Jan. 30____
Dec. 31_
Nov. 30..
Oct. 31____
Sept. 30...,.
Aug. 31____
July 31....
June 30--- -

Legal
Tenders.

657,972,970
653,901,910
651,267,130
640,769,140
635,214,560
631,318,790
618,497,940
632,624,850
632,871,890
631,607,490
629,432,420
628,147,130

3
31,914,847
34,243,657
38,265,225
42,696,715
46,363,455
48,281,960
52,270,912
39,065,637
48,639,442
59,339.115
66,728,009
75,083,400

Bonds.

Legal
Tenders.

656,268,268
653,164,570
646,142,390
635,588,885
630,309,637
628,786,205
614,907,265
626,779,350
626,972,885
625,986.993
625,360,982
623,250,517

$
31,914,847
34,243,657
38,265,225
42.696,715
46,363,455
48,281,960
52,270,912
39,065,637
48,639,442
59,339,115
66,728,009
75,083,400

,

Total.
$
688,183,115
687,408,227
684,407,615
678,285,600
676,673,092
677,068,165
667,178,177
665,844,987
675,612,327
685,326,108
692,088,991
698,333,917

* Not included in total; comparisons incomplete.
Week ending May 29.
Cleartngs al
1909.

1908.

Inc. Or
Dec.

1906.

1907.

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on May 31.
U. S. Bonds Held May 31 to Secure
-

San Francsco_Los Angeles
Seattle
Portland
Salt Lake City_ Spokane
Tacoma
Oakland
San Diego
Helena
Sacramento
Fargo
Sioux Falls
San Jose
Stockton
Fresno
North Yakima
Billings

31,783,801
13,334,674
12,656,826
6,115,202
6,293,415
6,215,524
5,681,602
1,687,400
1,125,000
1,191,392
1,004,000
541,287
485,000
409,970
363,192
407,950
260,000
154,123

25,507,007 +24.6
7,119,999 +87.3
6,000,000 +110.9
3,832,926 + 59.6
4,045,633 +55.6
3,887,903 +59.9
2,860,405 +98.6
1,226,639 +37.6
800,000 +40.6
586,918 +103.0
641,287 +56.6
400,317 +35.2
355,000 +36.6
407,000 +0.7
313,488 +15.9
396,926 +27.8
144,880 +79.5
108,332 +42.3

37,425,230
9,614,532
7,586,856
6,136,570
5,029,260
5,156,945
4;256,678
2,285,643

25,082,627
9,015,040
7,914,878
4,140,801
3,692,973
3,594,995
3,000,000
2,500,000

786,365

716,408

359,819
282,490
359,819

332,803
247,738

Total Pacific_

89,710,358

58,634,660 +53.0

79,420,388

(6
Wonetargi

60,238,253

ercial3Englisligenre

Week
Sal.
Mon.
Tues. a Wed. Thurs.
Silver, per oz
24 5-16 244
24%
Consols, new, 214 per cents_ _
c8414
844
8414
For account
844
c8414
8414
French Rentes (in Par.)_fr. 97.75
97.7714 98.1214 98.10
Amalgamated Copper Co__ _
8714
873's
8714
b Anaconda Mining Co
1014
1014
1014
Atch. Top. & Santa Fe
11214
11214
11214
Preferred
10714
10714
10714
Baltimore & Ohio
HOLI- HOLI-118
118
11714
Preferred
DAY. 9614
DAY
9614
9614
Canadian Pacific
(WHIT
-18614
187
18614
Chesapeake & Ohio
-79X
80
mg
SUN
5
TIDE.)
Chicago Great Western
5
5
1544
157
Chicago Milwaukee & St. P.15634
52
5114
5134
Denver & Rio Grande
90
90
90
Preferred
3514
36
3534
Erie
53%
54
5334
First preferred
4314
43
4314
Second preferred
150
151
15034
Illinois Central
14214
1424 1424
Louisville & Nashville
4334
4314
434
MIssonri Kansas & Texas_ _
74
74
75
Preferred
5434
55
Nat. RR.of Mexico, 1st pref.
5534
264
2634
Second preferred
2634
134X
1344
N. Y. Central & Hudson Riv.
13314
514
504
514
N. Y. Ontario & Western__ _
9134
914
9134
Norfolk & Western
89
89
89
Preferred
Northern Pacific
15134
15134 15134
694
6834
a Pennsylvania
6914
7914
Reading Company
7914
79
47
47
a First preferred
47
5134
514
a Second preferred
513-4
3234
334
3234
Rock Island
Southern Pacific
12934
12634
1263-4
3214
32
Southern Railway
3214
72
Preferred
72
72
Union Pacific
19514
19614
1943-4
Preferred
100
100
100
6934
U. S. Steel Corporation
663-4
664
Preferred
126
1233.4
12334
22
Wabash
22
22
5434
Preferred
55
5514
Extended 4s
80
7934
7934

Frt. _
24%
844
8414
98.1214
8914
1014
11614
10714
11914
9614
1894
81
5
159

5214

90
3734
4
533
444
15134
14314
44
7511
55
264
13534
52
92
89
15234
70
80
47
5034
3334
1364
33 ,
72
19934
100
7034
1304
22
55
7934

.£ sterling. c Ex-dividend.

Tonxin.excial and Elliscellanzonsgem
-Among other securities the following, not
Auction Sales.
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Stocks.
111-113
.500 E. W. Bliss, common
45 Northwestern Ohio Natural
Gas
$5234 per sh.
20 International Construction Co.)
(stock trust ctf.)
1 10-100 Mex. Timber Field Co_ I
K.C.Mex.&O.Ry.Co.pt.tr.ctf.}$1000
K.C.Mex.&ORy.Co.com.tr.ctf.I lot
3 Sierra Madre Development Co.1
2 Chihuahua & Sinaloa Development Co




Stocks.
127 Standard 011 Co. of N. J.-669-671
10 Bond & Mtge. Guarantee
462
4 Central Trust Co., ex $200
2700 to 2705
dividend
25 Phenix Insur. Co. of Bklyn__25551
30 W'maburg City Fire Ins. CO.
.401
Bonds.
315,000 E. W. Bliss Co. Os, 1932,
10414 & int.
A. & 0
515,000 10th & 23d St. Ferry Co.
5s, 1919, J. & D.(ex. June mt.). 6614

Bank
PublicDeposits
Circulation.
in Banks.

Total
Held.

$
46,115,180
2%,Panama Canal, 1916-1936
4%, Loan of 1925
12,583,050
3%, Loan 01 1908.1018
13,832,920
562,197,300
2%, Consols, 1930
2%, Panama Canal, 1918-1938
23,244,520
3.65%, District of Columbia, 1924...
State, city and railroad bonds
Hawaiian Island bonds
Philippine loan
Porto Rico

$
5,847,000
4,673,700
5,298,500
35,012,800
1,688,000
1,535,000
21,126,671
759,000
5,720,000
619,000

IS
51,962,180
17,256,750
19,131,420
597,210,100
24,932,520
1,535,000
21,126,671
759,000
5,720,000
619,000

657,972,970

82,279,671

740,252,641

Total June 1 1909

English Financial Markets-Per Cable.
daily closing quotations for securities, &c., at London,
The
as reported by cable, have been as follows the past weekLondon,
BE
ending June 4.

a.Price per share.

Bonds on Deposit
May 31 1909.
11444 40
,

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits May 1 and
June 1 and their increase or decrease during the month of
May.
National Bank Notes-Total Afloat- '
Amount afloat May 1 1909
Net amount issued during May
Amount of bank notes afloat June 1 1909
Legal-tender Notes• ••4
Amount on deposit to redeem national bank notes May 1 1909
Net amount of bank notes redeemed in May
Amount on deposit to redeem national bank notes June 1 1909

$687,408,227
774,888
$688,183,115
$34,243,657
2,328,810
$31,914,847

-The followSTOCK OF MONEY IN THE COUNTRY.
ing table shows the general stock of money in the country as
well as the holdings by the Treasury, and the amount in
circulation on the dates given. The statement for June 1 1908
will be found in our issue of June 13 1908, page 1448.
-Stock of Money June 11909. -Money in Circulation
Held in
June 1
June 1
In United
States.
1909.
1908.
Treasury.d
$
$
$
$
605,243,676 618,620,761
Gold coin and bullion_ _•1,644,900,733 196,801,188
27,461,850
815,394,019 783,708,489
Gold certificates_a
6,855,586
563,985,812
70,740,226'78,103,331
Standard silver dollars
6,987,843
479,402,157 456,668,484
Silver certificates_a_
27,250,163
158,587,115
131,336,952 121,382,852
Subsidiary silver
8,812
4,265,188
4,274,000
5,053,899
Treasury notes of 1890..
7,158,209
339,522,807 335,192,274
United States notes_ _ .._ 346,681,016
25,425,734
662,757,381 637,452,199
National bank notes__ _ _ 688,183,115
3,406,611,791 297,949,385 3,108,662,406 3,036,182,289
Total
Population of the United States June 1 1909 estimated at 88,806,000; circulation
01.
per capita, *35
*A revised estimate by the Director of the Mint of the stock of gold coin was
adopted in the statement for Aug. 11907. There was a reduction of $135,000,000.
a For redemption of outstanding certificates an exact equivalent in amount of
the appropriate kinds of money is held in the Treasury, and is not included in the
account of money held as assets of the Government.
d This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in national bank depositaries to the credit of
the Treasurer of the United States, amounting to $61,388,906 98.

-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
APPLICATIONS TO CONVERT INTO NATIONAL BANKS
APPROVED.
The Citizens' Bank of Crewe, Va., into "The First National Bank of
Crewe." Capital, $25,000.
The Bank of Ellendale, No. Dak., into "The Ellendale National Bank."
Capital, $25,000. .
The First Bank of Vale, Ore., into "The United States National Bank of
Vale." Capital, $50,000.
NATIONAL BANKS ORGANIZED.
May 2110 May 26.
9,413-Haddon Heights National Bank, Haddon Heights, N. J. Capital,
$25,000. Clemens Titzck, Pres.; Howard H. Evaul, Vice-Pres.:
William M. Nash, Cashier; James Wesley Garrett, Asst. Cashier.
9,914-The Ridgewood National Bank, Ridgewood, N. Y. Capital,
$100,000. Louis Berger, Pres.; Aug. W. Neumann, 1st Vice-Pres.:
Emil G. Raeder, 2d Vice-Pres.; Elliott R. Couden, Cashier.
-The Windsor National Bank, Windsor, N. Y. Capital, $25,000.
9,415
Albert Manwarren, Pres.; T. V. Furman, Vice-Pres.; L. H. English, 2d Vice-Pres.; Harvey Sims, Cashier.
9,416-The First National Bank of Eldred. Pa. Capital, $25,000. H. H.
Redfield, Pres.; O. D. Underwood, Vice-Pres.; E. E.Drake, Cashier,
-The Benton County National Bank of Prosser, Wash. Capital,
9,417
$25,000. G. W. Hamilton, Pres.; E. L. Stewart, Vice-Pres.; C. R.
Harper, Cashier.
VOLUNTARY LIQUIDATIONS.
6,855-The Okmulgee National Bank, Okmulgee. Okla. May 17 1909.
National Bank of Mulhall, Okla. Feb. 15 1909.
9,032-The First

[VOL. Lxxxvni

THE CHRONICLE

1416

Statement of New York City Clearing-House Banks.—The
DIVIDENDS.
The following shows all the dividends announced for the detailed statement below shows the condition of the New
York Clearing- House banks for the week ending May 29.
future by large or important corporations:
The figures for the separate banks are the averages of the
Dividends announced this week are printed in italics.
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
Per
When
Books Closed.
Cent.

Name of Company.
Railroads (Steam).
Alabama•Great Southern, ordinary stock
Albany & Susquehanna, guar
Atch. Topeka & Santa Fe, pref.(No. 22)..
Atlantic Coast Line RR., common
Atlantic Coast Line Co., Conn.(guar.)._ _
Belt Ry. of Chicago (guar.)
Boston & Albany (guar.)
Boston & Lowell
Boston Revere Beach & Lynn
Chesapeake & Ohio (auar.)
Chicago Indianapolis & Louisville, corn_ _
Preferred
Chicago & North Western, common
Preferred (guar.)
Chicago & Western Indiana (guar.)
Chic. R. I. & Pacific (guar.)
Delaware & Hudson Co. (guar.)
Delaware RR
Denver & Rio Grande, pre/
Detroit & Mackinac, preferred
Greene RR., guar
Interborough Rapid Transit (qu.)
Morris & Essex, guar
N. Y.Lack. & Western, guar.(quar.).
Norfolk & Western, common
St. Louis & San Francisco—
Chic. & E.Ill., con. stk. trust calls
_
Chic.& E.Ill., pref. stk. trust certfs.(qu)
K C.Ft.S.& Mem.,pre/. It. certs.(qu.)
.0
St. Louis Southwestern, pref.(No. 1)
Southern Pacific, eom. (guar.)(No. 11).
Preferred (No. 10)
Union Pacific. common (quar.)
Valley RR.(N. Y,), guar

Payable.

2
4%
2%
3
2
2
2%
$4
3
1

Days Inclusive.

We omit two ciphers (00) in all cases.

June
July
Aug.
July
June
June
June
July
July
June
June
2
June
3% July
2
July
1% June
1
July
2g June
4
July
2% July
23. July
June
2 July
July
33
18, July
2
June

26 Holders of rec. June 1
1 Holders of rec. June 15
2 Holders of rec. June 30
10 June 23 to July 11
10 May 30 to June 9
30 Not closed.
30 Holders of rec. June 5a
2 May 16 to May 22
1 Holders of rec. June 15
28 Holders of rec. June 14
28 Holders of rec. June 14
28 Holders of rec. June 14
1 Holders of rec. June 4
1 Holders of rec. June 4
30 Not closed.
1 Holders of rec. June 18
21 Holders of rec. May 29

July
July
July
July
July
July
July
July

1 June 17 to July 1
1 June 17 to July 1
1 June 17 to July 1
15 July 7 to July 15
1
15 Holders of rec. June30a
1 Holders of rec. June 5a
1 Holders of rec. June 22

5
1%
1
2
1%
3%

15 June 27 to July
1 June 16 to July
19 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
18 Holders of rec. May

5
2
14
17
10
15
29

Street & Electric Railways.
American Railways (guar.)
1% June 15 June 1 to June 3
Brooklyn Rapid Transit (guar.)
1 Holders of rec. June 9
July
1
Chicago City Railway (guar.)
1% June 30 June g to June 12
Chippewa Valley Ry. L. cfc Pow., p1. (qii.) 1% June
1 Holders of rec. May 31
Continental Pass. Ry., Philadelphia
June 30 Holders of rec. May 29
$3
I Holders of rec. June 20
Indianapolis Street Ry
July
3
Lynchburg Traction & Light
June 15 Holders of rec. May 29
1%
Extra
June 15 Holders of rec. May 29
1
1 Holders of rec. June 2
Massachusetts Electric Cos., preferred
1% July
Nashville Railway Sr Light, corn. (No.1.) 1
1 Holders of rec. June 19
July
Northern Ohio Tr. & Light (guar.)
Tune 15 June 2 to
b
1 June 23 to July 1
West End St., Boston, pref
$2 July
Banks.
1 June 27 to June 30
Mercantile National
July
2
Trust Companies.
Central (special dividend)
$200 June 15 Holders of rec. June 1
Fifth Avenue (guar.)
June 30 Holders of rec. June 29
3
Miscellaneous.
Amer. Beet Sugar, pref. (qu.)(No. 40)—
1 Holders of rec. June 19
1% July
American Can, pref. (guar.)
I Holders of rec. Junel6a
1% July
1 June 4 to June 24
Amer. Car & Fdry., corn. (qu.)(No. 27)..
July
1 June 4 to June 24
Preferred(guar.) (No. 41)
1% July
American Chicle, corn. (monthly)
June 20
1
American Express (guar.)
1 Holders of rec. May 29
July
3
Amer. Pipe & Construction (guar.)
1 Holders of rec. June 15
July
2
American Radiator, common (quar.)___ _
1% June 30 June 24 to June 30
Amer. Smelt. & Ref., corn. (qu.) (No. 23)
July 15 June 26 to June 30
1 June 12 to June 20
Preferred (guar.)(No. 40)
1% July
I Holders of rec. June 15
American Snuff, corn. (guar.)
July
5
Preferred (guar.)
1 Holders of rec. June 15
1% July
Amer. Sugar Ref., corn. & pref. (guar.)._
2 Holders of rec. June la
1% July
1 Holders of rec. June 15
American Tobacco, pre/. (guar.)
July
Borden's Condensed Milk, pref. (guar.)._
June 15 June 6 to June 15
Bush Terminal, preferred
1 Holders of rec. June 30
2% July
Butte Elec. & Power, corn.(qu.) (No. 19) 1% July
1 Holders of rec. June 15
Calumet & Hecla Mining (guar.)
$6 June 22 Holders of rec. May 22
Canadian Gen. Elec., Ltd., cam. (guar.)
1 June 15 to June 30
1% July
Celluloid Company (quar.)
1 Holders of rec. June 15
13. July
Central Leather, pref. (guar.)
1 Holders of rec. June 10
1% July
Chic. Janet. Rys. & U. Stk. Yds.,com.(qu.) 2
j Holders of rec. June 14
July
Preferred (guar.)
1% July
1 Holders of rec. June 14
Chicago Telephone (guar.)
2
June 30 June 27 to June 30
Childs Company, common (guar.)
June 10 June 5 to June 10
2
Preferred (guar.)
1% June 10 June 5 to June 10
Consolidated Gas of N. Y. (guar.)
June 15 Holders of rec. May 18a
1
Crex Carpet
June 15 Holders of rec. June 1
2
Extra
June 15 Holders of rec. June 1
Detroit Edison (guar.) (No. 1)
1
July 15
Diamond Match (guar.)
June 15 Holders of rec. May 31
2
du Pont (E.I.) de Nem. Pow., corn. (qu.) 2
June 15 Holders of rec. June 5
Preferred (guar.)
1% July 26 Holders of rec. July 15
du Pont Internat. Powder, pref. (quar.)_
1 June 20 to
1% July
Eastman Kodak, corn.(guar.)
2% July
1 Holders of rec. June 1
Preferred (quar.)
1% July
1 Holders of rec. June 1
Equitable Ill. Gas L., Phila., pre!
3
June 15 Holders of rec. June 8
Federal Mining & Smelting, pref. (guar.)
June 15 Holders of rec. May 28
General Chemkal, pref. (guar.)
1% July
1 Holders of rec. June 19
General Electric (guar.)
$2 July 15 Holders of rec. June 3
Guggenheim Exploration (guar.)
2% July
1 June 19 to July 1
Ingersoll-Rand, preferred
I Holders of rec. June 12
July
3
International Silver, pref. (guar.)
1 June 19 to July 1
1% July
Internat. Smokeless Pow.& Ch.,com.(qu.)
July
1 Holders of rec. June 19
Laclede Gas Light, common (guar.)
1% June 15 June 9 to June 15
Preferred
23. June 15 June 9 to June 15
Lansing Fuel & Gas
July
Holders of rec. June 15
1
Mackay Companies, corn. (qu.)(No. 16). 1
July
Holders of rec. Junel2a
Preferred (guar.)(No. 22)
July
1
1 Holders of tee. Junel2a
Maryland Coal, preferred
2% June 30 June 16 to June 20
Michigan State Telephone, pref. (quar.). 13. Aug. 2 July 18 to
Aug. 2
National Biscuit, corn.(guar.)(No. 43).... 13 July 15 Holders of ree. June28a
Nat. Enam. & Stamping, pref. (guar.).1% June 30 June 11 to June 30
National Lead, common (guar.)(No. 22)
1 June 12 to June 15
July
Preferred (guar.) (No. 70)
1% June 15 May 22 to May 25
Niles-Bement
-Pond, common (guar.).- - 1% June 21 June 13 to June 21
North American Co. (guar.)
1 Holders of rec. Junel5a
ijI July
Philadelphia Electric
June 15 Holders of rec. May 25a
3
Quaker Oats, common (guar.)
1% July 15 Holders of rec. July 3a
Common (extra)
July 15 Holders of rec. July 3a
Quincy Mining (quar.)
June 21 May 23 to June 2
$1
Railway Steel Spring, pref. (guar.)
June 21 June 9 to June 21
Realty A ssocistes (No. 13)
July 15 Holders of rec. July 5
3
Rubber Goods Mfg., pref. (guar.)(No. 41)
June 15 Holders of rec. June 10
Safety Car Heating & Lig. (guar.)
1 Holders of rec. June 9
July
2
Sears, Roebuck dc Co., pref. (quar.)
1 Holders of rec. June 15
1% July
Standard Oil (guar.)
June 15 Holders of rec. May 21
$9
Street's Western Stable-Car Line, pref
1 June 20d to July 1
3% July
Swift & Co.(guar.)
July 5 Holders of rec. June 12
Union Stock Yards (Omaha)
1 May 22 to May 31
June
134
(qear.)
United Bank Note Corp., pref.(quar.)— _
1 June 17 to July 1
1% July
United States Leather, pref.(quar.).—
1 Holders of rec. June 10
1% July
U. S. Steel Corp., corn. (qu.) (No. 22)....
June 30 June 11 to June 30
Utah Copper Co.(guar.)
50c. June 30 June 19 to June 30
Waltham Watch. common
1 Holders of rec. June 10
1% July
Womans Hotel Co. (guar.)
1% June 15,Holders of rec. June 8
a Transfer books not closed.
Dec. 15. d Correction




payable Sept. 15 and 34%
b Also declared % %

Banks.
00s omitted.

Capital,. Surplus.

Loans.
Average.

ReSpecie. Legals. Deposits
Average. Average. Average. eve.

$
$
$
2,000,0 3,408,4 20,453,0 3,936,0 1,400,0
Bank of N. Y__
2,050,0 3,567,7 36,800,0 10,428,0 1,605,0
Manhattan Co
1,665,2 20,565,0 3,968,0 1,681,0
2,000,0
Merchants' ____
Mechanics' ___ 3,000,0 3,716,7 33,021,0 7.608,0 1,588,0
1,500,0 5,178,4 28,837,3 5,759,4 2,197,9
America
657,2
7,461,0 1,155,0
1,000,0
351,0
Phenix
25,000,0 27,789,9 184,434,1 58,154,0 8,553,0
City
3,000,0 5,972,7 28,891,8 5,130,6 2,272,3
Chemical
547,5
600,0
758,2
7,455,9 1,320,3
Merchants' Ex_
990,3
9,147,6
1,000,0 2,403,4
748,6
Gallatin
153,2
2,334,2
103,2
547,4
300,0
Butch. & Drov_
755,1
400,0
7.462,2 1,854,4
500,0
Greenwich
American Exch. 5,000,0 5,395,5 31,711,2 4,497,2 1,008,2
25,000,0 15,474,9 182,458,3 31,755,3 11,958,0
Commerce
3,000,0 2,548,4 15,598,5 2,313,3 1,081,6
Mercantile
732,0
596,4
864,8
4,025,6
500,0
Pacific
973,1
7,470,6 1,191,4
450,0 1,015,6
Chatham
119,1
569,1
470,5
200,0
1,855,6
People's
3,000,0 10,512,6 70,861,9 14,713,3 7,282,3
Hanover
319,5
2,550,0 1,406,9 23,784,1 6,292,8
Citizens' Cent
990,1
642,1
5,412,8
435,8
500,0
Nassau
891,0
8,113,0 1,302,1
1,000,0 1,621,4
Market & Fult_
166,1
2,000,0 1,309,7 10,556,5 2,562,8
Metropolitan
Corn Exchange. 3,000,0 5,372,3 44,117,0 6,583,0 6,093,0
Imp.& Traders' 1,500,0 7,409,4 26,868,0 4,626,0 1,523,0
3,000,0 9,681,4 88,728,0 24,123,0 1,174,0
Park
149,6
316,2
1,467,2
103,9
250,0
East River
3,000,0 3,284,7 26,011,0 4,950,0 2,600,0
Fourth
1,000,0 1,774,6 11,276,0 2,861,0
199,0
Second
10,000,0 18,634,6 117,861,1 26,887,6 1,282,2
First
2,000.0 1,421,1
973,7
Irving Exch. _
19,698,6 4,263,0
250,0
61,0
Bowery
803,0
789,7
3,287,0
500,0 1,312,5
640,8
1,281,6
N. Y. County
7,794,1
656,2 " 4,030,8
750,0
215,1
German-Amer _
705,8
5,000,0 6,254,4 81,191,0 18,941,0 4,734,0
Chase
100,0 2,178,6 12,898,1 2,802,7 1,005,4
Fifth Avenue
200,0
German Exch._
3,473,4
857,6
675,7
365,0
Germania
200,0 1,020,9
809,0
5,067,6
495,7
1,000,0 1,270,5 14,640,2 3,216,5
Lincoln
772,0
Garfield__.._
1,000,0 1,144,5
7,564,4 1,611,0
298,2
250,0
Fifth
470,6
300,4
484,2
3,216,8
1,000,0 2,020,2 11,727,1
Metropolis
805,6 2,238,2
200,0 1,087,3
West Side
4,650,0 1,017,0
246,0
1,000,0 1,731,4 19,137,0 4,160,0 1,898,0
Seaboard
1,000,0 2,576,2 17,514,9 3.585,5
Liberty
911,5
687,2
7,847,3 2,285,7
N. Y. Prod. Ex 1,000,0
263,0
1,000,0
810,3 11,765,0 3,738,0
State
266,0
4,893,4 1,165,3
14th Street.... 1,000,0
320,1
474,5
2,000,0 2,577,2 25,509,9 6,048,6
Copper
225,6

19,144,0 27.9
44,500,0 27.0
22,134,0 25.5
35,656,0 25.7
31,167,7 25.5
6,494,0 24.1
200,520,3 33.3
28,194,8 26.4
8,052,7 25.8
6,997,5 24.8
2,478,2 26.2
8,691,1 25.9
25,434,4 25.4
171,699,0 25.5
12,841,2 26.4
4,145,9 32.0
8,151,2 26.6
2,402,6 28.6
84,559,8 26.0
24,588,8 27.0
6,081,0 26.8
8,229,5 26.6
10,419,8 26.1
51,616,0 24.5
24,744,0 24.8
100,842,0 25.0
1,693,8 27.5
28,807,0 26.2
11,873,0 25.7
112,867,2 25.0
20,452,0 25.6
3,460,0 25.0
8,134,6 24.3
3,958,5 25.5
91,255,0 25.9
14,535,8 26.1
4,083,1 25.4
5,712,5 22.8
15,635,0 25.5
7,481,0 25.5
3,245,9 24.2
11,874,1 25.6
5,133,0 24.6
22,802,0 26.6
17,416,1 25.8
9,554,0 26.6
15,182,0 26.3
6,110,6 26.7
27,099,6 26.4

Totals, Average 126,350,0 172,318,0 1331,846,0 296,857,1 77,668,2 1398,160,3 26.8
Actual figures May 29

1332,573,8 208,740,6 76,796,2 1400,439,5 26.8

On the basis of averages, eirculati, it amounted to $49,100,600 and United States
deposits (included in deposits) to $2,417,400; actual figures May 29, circulation
$49,160,100; United States deposits, $2,415,100.

The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
STATE BANKS AND TRUST COMPANIES.

TVeek ended May 29.

State Banks
Trust Cos.
Trust Cos.
State Banks
outside of
in
outside of
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. V.

Capital as of April 28 —

2f,975,000

59,675,000

*8,563,000

*8,025,000

Surplus as of April 28____

37,306,000

173,921,500

*10,086,923

*9,807,164

83,043,900
+289,700

127,762,200
+235,200

Loans and investments- _
Change from last week_

0
+1:201 400
297,350,400 1,048 0 2:000
—699,800

Specie
Change from last week_

8
50,121 100
- 01:300

117,608,600
+806,000

Legal-tend's & bank notes
Change from last week_

27,006,700
+72,600

13,477,000
+628,200

Deposits
Change from last week_

351,693,100 1,187,232,200
—1,607,700 +21,369,000

Reserve on deposits
Change from last week_

102,077,500
—731,600

0
+1:879 00 0
138 88 :3 00

P. C reserve to deposits.
Percentagelast week___.

29.5%
29.6%

17.0%
16.9%

87,698,300
+151,500

137,100,200
+55,300

18,671,100
—213,700

21,314,500
—125,300

21.0%
22.2%

10.1%
16.2%

+ Increase over last week. —Decrease from last week. *As of March 24.
Note.—"Surplus" Includes all undivided profits. "Reserve on deposits" includes, for both trust companies and State banks, not only cash items but amounts
due from reserve agents. Trust companies in New York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required is computed on
the aggregate of deposits, exclusive of moneys held in trust and not payable within
thrty days, and also exclusive of time deposits not payable within 30 days, repro
sented by certificates, and also exclusive of deposits secured by bonds of the State
of New York, The State Banks are likewise required to keep a reserve vary ng
according to location, but in this case the reserve Is computed on the whole amount
of deposits, exclusive of deposits secured by bonds of the State of New York
Reserve Required for Trust Comphnies
—Trust Cos.—
—State Banks—
and State Banks,
Total
Of
Total
01
.
Reserve. which
Reserve tchich
Location—
Required. in Cash.Required. in Cash.
Manhattan Borough
15%
15%
25%
15%
Brooklyn Borough (without branches In Manhat.)15%
20%
10%
10%
Other Boroughs(without branches In Manhattan).15%
74%
15%
10%
Any Borough with branches In Manhattan
15%
15%
25%
155
,
Elsewhere in State
6%
15%
5%
10%

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing

House. These figures are shown in the table below, as are
also the results (both actual and average) for the ClearingHouse banks. In addition, we have combined each corresponding item in the two statements, thus affording an aggregate for the whole of the banks and trust companies in the
Greater New York.
gg f 1 NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.
-House Stale Banks & Total of all
Trust Cos. not Banks& Trust
Banks.
Banks.
IlVeek ended May 29.
-H. Aver. Cos. Average.
ActualFigures
Average. In C.
Capital as of April 28__

126,350,000

126,350,000

69,700,000

196,050,000

Surplus as of April 28_

172,318,900

172,318,900

182,845,100

355,164,000

Loans and investments 1,332,573,800 1,331,846,000 1,129,626,700 2,461,472,700
-F2,165,400
1-8,543,500
Change from last week
1-197,300 ---6,378,100
Deposits
1,400,439,500 1,398,160,300 a1,091,445,600 2,489,605,900
Change from last week 1-5,848,000 -2,497,400 4-13,547,600 1-11.050,200
123,922,800 420,779,900
298,740,600 296,857,100
Specie
,
4-5,435,500
4-778,400
4-4,857,100
Change from last week 4-5,386,300
t4
b22,495,200 100,163,400
77,868,200
76,798,200
Legal-tenders
4-297,200
4-513,200
--216,000
--816,900
kChange from last week
Yid

374,525,300
4-4,441,100

Aggr'te money holdings
Change from last week
Money on deposit with
other bks. & trust cos.
Change from last week

375,536,800
A-4,549,400

'Total reserve
PChange from last week
Percentage to deposits
requiring reserve _ _ _ _
Percentage last week_

375,536,800
1-4,549,400
,
26.86%
26.64%
25,426,025

c146,418,000
1-1,291,600

520,943,300
1-5,732,700

24,985,225

Surplus reserve

1417

THE CHRONICLE

JUNE 5 1909.1

27,383,400
--114,900

27,383,400
--114,900

374,525,300
1-4,441,100

173,801,400
1-1,176,700

548,326,700
4-5,617,800

26.82%
28.46%

18.80%
18.80%

We omit two ciphers (00) in all these figures.
Capital
and
Surplus.

Banks.

-Boston.
May 8_ 41,790,0
May 15_ _ 41,790,0
May 22__ 41,790,0
May 29.. 41,790,0
May
May
May
May

8__
15..
22..
29._

54,390,0
54,390,0
54,390,0
54,390,0

Loans,

Specie.

207,431,0
210,050.0
210,731,0
209,383,0

28,401,0
28,070,0
27,580,0
27,018,0

3,990,0
4,307,0
4,571,0
4,285,0

Clearings.

Legals. Deposits. a Circulation.

175,796.6
163,921.2
150,202,3
138,621,0

313,756,0 15,554,0
320,215,0 15,512,0
324,684,0 15.483,0
324,601,0 15,422,0

80,154,0
82,704,0
85,739,0
84,711,0

259,935,0
261,122,0
261,992,0
263,319,0

7,681,0
7,612,0
7,591,0
7,581,0

141,201,6
129,824,4
132,560,7
131,359,0

267,361,0
269,964,0
269,027,0
265,632,0

a Including Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $736,000 on May 29, against 8729,000 on May 22

Imports and Exports for the Week.
-The following are
the imports at New York for the week ending May 29; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK
For week.
Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods
General Merchandise
Total 21 weeks

1909.

1906.

1907.

1908
.

$2,882,465
13,312,238

$1,562,109
8,961,018

$2,837,792
13,023,987

$2,191,669
8,716,686

$16,194,703 $10,523,127 $15,861,779 $10,908,355
$71,745,729 $50,302,184 $79,276,243 $67,469,740
285,487,048 201,024,978 297,731,690 241,605,376
$357,232,777 $251,327,162 $377,007,933 $309,075,116

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 29 and from Jan. 1 to date:

+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories and other banks and trust companies in New York City:" with this item
included, deposits amounted to $1,299,200,000, an increase of $21,046,100 over
last week. In the case of the Clearing-House banks, the dep.331ts are "net" both
for the average and the actual figures. b Includes bank notes. c Of this amount
State banks held $15,332,400 and trust companies $131,085,600.
1,41

EXPORTS FROM NEW YORK FOR THE WEEK.
1908.

1909.

I

1907.

1906.

For the week
Previously reported

$11,952,0S4 $11,835,640 $6,161,338 $9,959,917
245,728,766 270,173,571 254,195,649 248,205,812

Total 21 weeks

$257,680,820 8282,009,211 $261,356,987 $248,165,729

The averages of the New York Clearing-House banks
The following table shows the exports and imports of
combined with those for the State banks and trust companies
in Greater New York outside of the Clearing House compare specie at the Port of New York for the week ending May 29
and since Jan. 1 1909, and for the corresponding periods
as follows for a series of weeks past:
in 1908 and 1907:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We °nal two ciphers in all these figures.
111414 1
Loans and
Week
Ended. Investments.

1

April
April
April
May
May
May
May
May

10_ _
17-24_
1_ _
8_ _
15._
22..
29...

MO

2,393,663 8
2,413,389,0
2,442,699,2
2,452,951,1
2,471,511,9
2,484,649,6
2,459,307,3
2,461,472,7

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK

Deposits,
2,388,047,2
2,410,000,6
2,443,452,8
2,443,979,6
2,473,377,8
2,475,794,3
2,478,555,7
2,489,605,9

Specte.

97,977,4
399,487,4
401,378,5 99,338,5
405,218,3 98,647,7
404,948,3 99,078,9
98,159,9
404,340,1
409,301,0 99,970,9
99,866,2
415,344,4
420,779,9 100,163,4

497,464,8
500,717,0
503,866,0
504,027,2
502,500,0
509,271,9
515,210,6
520,943,3

524,745,7
526,804,2
530,571,4
532,508,3
531,154,4
536,680,0
542,708,9
548,326,7

-The following is the
Reports of Non-Member Banks.
statement of condition of the non-member banks for the
week ending May 29, based on average daily results.
We omit two ciphers (00) in all these figures. •

Banks.

Capital.

Legal
Loans,
Tender
Disc'ts
Specie. and
and
SurBank
Investplus.
Notes.
ments.
--*

N. Y. City.
Boroughs of
8
Man.& Brx.
228,2 1,188,0
Wash.Hghts 100,0
149,6 1,457,4
Century ._ _ 200,0
249,4 4,759,8
Colonial _
400,0
Columbia _ 300,0
439,7 5,731,0
Fidelity __
200,0
182,7 1,009,3
684,2 3,204,8
Jefferson_ _
. 500,0
284,2 2,912,3
Mt. Morris_ 260,0
Mutual - -- 200,0
318,7 3,990,2
Plaza
100,0
402,2 3,621,0
23rd Ward_ 200,0
93,8 1,748,7
Union Exch 1,000,0
942,6 8,222,1
Yorkville
100,0
439,9 3,778,2
Coal & I. N. 500,0
736,5 4,826,0
New Neth_. 200,0
241,5 1,938,0
Batt.Pk.Nat 200,0
146,6 1,094,2
Aetna Nat_ 300,0
308,5 1,965,5
Borough of
Brooklyn.
524,3 3,128,0
Broadway. 200,0
780,5 5,595,2
Mfrs.' Nat. 252,0
Mechanics'.. 1,000,0
933,9 10,590,5
927,4 6,517,0
Nassau Nat, 750,0
587,2 4,397,0
Nat. City_ _ 300,0
141,8 1,591,4
North Side_ 200,0
Jersey City.
400,0 1,221,3 4,473,1
First Nat_ _
718,2 2,699,5
Hud.Co.Nat 250,0
375,8 1,774,7
200,0
Third Nat_ _
Hoboken.
611,4 2,777,2
First Nat_ 220,0
Second Nat. 125,0
237,1 2,243,5

Deposit withClearing
Agent.

Other
Net
Banks, Deposits.
d:c.

258,0
125,7
453,3
805,0
92,4
280,9
439,9
681,2
629,0
254,6
256,2
397,6
488,0
226,0
79,4
97,2

1,309,0
381,1 2,009,7
697,6 6.418,6
7,205,0
1,014,0
382,5 3,615,1
83,3 3,832,7
5,1 4,906,3
4,412,0
2,040,6
8,407,1
150,0 4,924,3
80,0 5,088,0
25,0 2,111,0
1,002,2
22,0 1,818,0

439,0
28,0 409,0
608,5 126,7 1,047,0
232,6 1,808,9 1,125,6
315,0 625,0 1,069,0
894,0
115,0 646,0
134,1
375,3
66,5

299,1 3,928,1
209,2 6,469,2
190,9 13,737,8
6,757,0
1- 1,6 5,793,0
6
220,3 2,135,8

33,0
188,0
25,8 278,8
723,1 310,4
636,0 608,0
74,9
86,7
10,1 437,5
38,8
544,7
34,8 662,4
325,0 343,0
51,0
156,4
846,8 1,300,0
49,8 713,7
913,0 287,0
231,0
78,0
46,2
179,2
32,3
936,7

272,6
173,6
56,8
132,4
77,5

395,7 2,442,6 1,271,0 6,994,7
234,9 423,0 2,791,0
25,7
56,5 2,469,1
692,3
133,5
22,2
62,6

129,3
91,8

65,3 2,293,4
366,0 2,724,1

Tot. May 29 8,647,0 12,907,2 97,233,6 7,533,2 9,616,8 14,105,2 5,068,9 116206,8
Tot. May 22 8,647,0 12,907,2 97,063,1 7,649,3 9,542,0 15,513,7 5,654,1 118035,1
Tot. May 15 8,647,0 12,907,2 96,913,3 7,699,0 9,421,7 14,456,7 6,500,3 117643,7

-Below is a summary of
Boston and Philadelphia Banks.
the weekly totals of the Clearing-House banks of Boston and
Philadelphia.




Imports.

Exports.
Gold.

Tot. Money Entire Res.
Holdings. on Deposits

Legats.

Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Since,Jan.1.
$13,958,120
12,019,232

1,989,815
2,000
$300,000 23,980,000
2,030,145

Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

15,200
6,460
3,942
91,217

$620,635 $17,356,411
52,700 1,753,150
9,647
20,000
61,087
190

1,171
26,181

8693,525 $19,207,647
482,705 16,540,864
1,089,432 17,291,787

Total 1909
Total 1908
Total 1907

Sincelan.l.

$7,215

$300,000 $53,979,312
6,397,000 38,053,291
2,813,838 4,681,534

Total 1909
Total 1908
Total 1907

Week.

$112,919
2,129.284
350
279,179
233,095
1,143,209
1,155,624

$124,034 85,053,660
227,237 10,327,175
40,125 5,509,945
$10,279
200
26,378
7,692
35,885

$121,673
4,615
5,764
65,226
950,358
464,276
430,160

$80,434 82,042,092
48,088 1,292,967
23,435
743,990

Of the above imports for the week in 1909, $15,905
were American gold coin and $216 American silver coin.
Of the exports during the same time, $300,000 were American gold coin and $20,100 were American silver coin.

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

Spencer Trask & Co.
WILLIAM AND PINE STS.,
NEV YORK
Branch offices: Chicago. III.. and Albany. N. Y.

MOFFAT & WHITE
Members New York Stock Exchange
HANOVER BANK BUILDING.
5 NASSAU STREET.
DEALERS IN INVESTMENT SECURITIES
Commission Orders Executed for Cash Only.
Banking and Exchange of every
description In connection with

IMPORTS AND EXPORTS

International Banking Corporation
NO. 60 WALL -STREET. NEW YORK
Special facilities for Travelers
Capital & Surplus. 56,500.000
in all parts of the World.
Branches at Home and Abroad.

Lxxxvin.

THE CHRONICLE

1418

Vaulters'

azette.

Wall Street, Friday Night, June 4 1909.
-A decidedly
The Money Market and Financial Situation.
sensational advance in a few stocks has been the interesting
feature of the week in Stock Exchange circles. No doubt
the steadily increasing activity in the iron and steel industry,
which has been noted week by week for some time past, has
enhanced the value of U. S. Steel Corporation shares, and
from this and other causes, among which are the arrangements made or in progress for trading in them on the Paris
Bourse, there has been an advance of 25 points in Steel common and 14 points in the preferred within a few weeks, or
since early in April.
As usual, such an advance in an important and widely
held stock has had a stimulating effect in other groups, and a
considerable list of more or less important issues has sold
this week at the highest prices since the early months of
1907. A part of the demand which has caused this advance
comes undoubtedly from investors who take the securities
out of the market,and it is reported that purchases for foreign
account have exceeded the sales, but the movement referred
to seems to be due in considerable degree to an advancing
wave of speculation which has been gaining in force recently
and which has heretofore been most conspicuous on the Chicago
Board of Trade.
As is well known, such a wave can gain headway only when
money is abundant and cheap at all important trade centers,
as is now the case. There is no change to note in the money
market here. Gold to the amount of $2,135,000 has been
shipped this week, $1,250,000 to Argentina and $885,000
in bars to Paris.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
9
from 13/% to 2%. To-day's rates on call were 13'@2%.
Commercial paper quoted at 3@3M% for 60 to 90 day
endorsements, 3%@4% for prime and 4 to 6 months' single
names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £840,840 and the percentage
of reserve to liabilities was 45.61, against 47.84 last week.
The rate of discount remains unchanged at 23/2%, as fixed
April 1. The Bank of France shows a decrease of 1,650,000
francs gold and a decrease of 325,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averagee, for
week ending
May 29.

Dtlferences
from
Freetotes week.

1908.
Averages for
week ending
May 29.

1907.
Averages for
week ending
June 1.

126,350,000
124,350,000 129,100,000
Capital
172,318,000
162,068,700 160,994,100
Surplus
Loans and discounts_ 1,331,846,000 Dec. 6,378,100 1,215,118,500 1,139,931,100
41,600
49,100,600 Inc.
57,150,400
Circulation
50,628,900
1,398,160,300 Dec. 2,497,400 1,285,788,800 1,128,194,600
Net deposits
4,500
2,417,400 Inc.
19,857,500
31,1313,200
U. S. dep. (Incl. above)
296,857,100 Inc. 4,657,100 298,729,800 221,928,000
Specie
216,000
77,668,200 Dec.
70,627,400
Legal tenders
72,903,100
Reserve held
25% of deposits

374,525.300 Inc. 4,441,100
624,350
349,540,075 Dec.

Surplus reserve
Surplus excl. U.S. dep

24,985,225 Inc.

369,357,200
321,447,200

294,831,100
282,048,650

5,065,450

47,910,000

12,782,450

25,589,575 Inc. 5,066,575

52,874,375

20,685,750

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

-The market was dull and with few
Foreign Exchange.
features of importance during the week,and it was influenced
directly by the successful negotiations for listing the Steel
common stock on the Paris Bourse; the tone wasstrong at the
close. Exports of gold,$1,250,000 to Argentina and$885,000 to
Paris.
To-day's (Friday's) nominal rates for sterling exchange
for sight. To-day's
were 4 87 for sixty day and 4 88
(Friday's) actual rates for sterling exchange were 4 8630@
4 8640 for long,4 8785@4 8790 for short and 4 8810@4 8815
for cables. Commercial on banks 4 8590@4 86 and documents for payment 4 85%@4 863. Cotton for payment
3g@4 853/. Cotton for acceptance 4 8590@4 86 and
4 85/
2
grain for payment 4 86@4 863's.
To-day's (Friday's) actual rates for Paris bankers' francs
were 516%a@516%forlong and 5 163-1@5 15%h for short.
Germany bankers' marks were 953@95 3-16 for long and
95 7-16@953- for short. Amsterdam bankers' guilders
were 40 35©40 37 for short.
Exchange at Paris on London 25f. 18c.; week's range 25f
18c. high and 25f. 17c. low.
The week's range for exchange rates follows:
Long---Short
Sterling, Adual48830
@48795
High
@48640 14 8785
4 8625
@48790
Low
@48630 14 8785
Parts Bankers' Francs
05 168%
High
5 168%a
15 168%a
05 15%h
5 1734a
05 168%
15 158%h
®5 15%a
Low
Germany Bankers' Marks
95 3-161 95 7-16 © 9554
High
9.58%
Low
(i) 95
,
948%
1 95 5-16 0 95%
Amsterdam Bankers' Guilders
High
1 40 35
0 40 37
Low
® 40 35
1 40 33
a 1 1601 1%. d 1-32 of 1%. h 3-32 of 1%.
Plus: /1 16 of 1%. x 1-32 of 1%. y 3-32 of 1%
riCS13:




--Cables14 8810
14 8805

1

I

@48820
@48815

The following were the rates for domestic exchange at
New York at the undermentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75e. per $1,000
premium. Charleston selling $1 per $1,000 premium. New
Orleans bank 75c. per $1,000 discount; commercial $1 per
$1,000 discount. Chicago 25c. per $1,000 premium. St.
Louis 40c. per $1,000 premium. San Francisco 40c. per
$1,000 premium.
-Sales of State bonds at the
State and Railroad Bonds.
Board are limited to $10,000 Virginta 6s deferred trust
to 47.
receipts at 451%
The market for railway and industrial bonds was only
moderately active during the early part of the week but,
owing to numerous transactions in a few issues, the transactions on Thursday averaged upwards of $10,000,000 par.
-No sales of Government bonds
United States Bonds.
have been reported at the Board this week. • The following
are the daily closing quotations; for yearly range see third
page following.
May
29

Interest
Periods
registered Q-Jan
2s, 1930
coupon Q-Jan
2s, 1930
-Feb
registered Q
3s, 1908-18
-Feb
coupon Q
3s, 190848
-Feb
Is, 1908-18_ __ _small coupon Q
-Feb
registered Q
4s, 1925
-Feb
coupon Q
4s, 1925
2s, 1936_Panama Canal regts Q
-Feb
-Nov
2s, 1938.Panama Canal regis Q

May
31

H
0
L
I
D
A
Y

H
0
L
I
D
A
Y

June
1

June
2

June
3

*1018% *1018%
3
*101% *101%
*1018% *1018%
*102 *102
*100 *100
*1188% *1188%
*121 *121
*101 *101
*101 *101

June
4

*1018% *101%
3
*101% *1018
%
*1018% *1018%
*102 *102
*100 *100
*1183 *1188%
%
*121 *121
*101 *101
*101 *101

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

-The stock market
Railroad and Miscellaneous Stocks.
was.strong during the earlier days of the week but on Thursday exceeded all recent records in an upward movement
which was unusual in several cases and during which nearly
1,500,000 shares were traded in-a volume of business.
which has rarely been equaled since the days of panic in
1907. The Harriman stocks (Union Pacific and Southern
Pacific) and United States Steel shares were leaders of the
movement, advancing from 4 to 8 points and carrying a
dozen or more other issues to new high record prices Among
the latter are St.Paul, Great Northern, Northern Pacific,
Atchison, Canadian Pacific, North West., Missouri Pacific,
Baltimore & Ohio, Erie, New York Central, Brooklyn Rapid
Transit and several industrial stocks.
To-day's market was much like that of yesterday but
more irregular and erratic.
The industrial list has been in favor throughout the week,
especially that part of it which represented railway equipment shares and also the copper stocks. The latter are
substantially higher.
For daily volume of business see page 1428.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 4.

Sates
for
Week.

Range for Week.
Lowest.

Chicago Terminal Trans_I 100 38% June
2,000 26c. June
Comstock Tunnel
10 85 Juno
Green Bay & W deb ctf
Homestake Mining
5 918% June
M St P & S S M sub recta
first installment paid_ l 100134% June
100 147 June
Pref sub recta 1st paid
100 4 June
Ontario Sliver Mining_
150200 June
Phelps, Dodge & Co_
500 338% June
Rutland, preferred
-C & E III
St L & S F
3 68 June
new stock trust certs_
15011148% June
Sears, Roebuck & Co, pt
600,1068% June
United Cigar Mfrs, pref_
Vandalla
10 898% June
110 56 June
Vulcan Detinning, pret_

Highest.

Range since Jan. 1.
Lowest.

Highest.

May 4% Jan
1 38% June.1 2
1 29c. June f4 21c. Apr 30c. Jan
3 85 June 3 85 June 85 Juno
Jan 94% Apr
3 918% June 3 87
2 1348%
3 147
3 4
1 200
3 378%

June
June
June
June
June

2 130
3 143
3 3%
1 175
4 28

1 68
11148%
4 1078%
2 898%
1 568%

June
June
June
June
June

Apr
1 62% Apr 70
Jan 115% May
1 101
Jan 110
May
3 99
2 84% Jan 89% June
Jan 57
May
1 45

May 134%
May 149
Apr 5%
May 200
Mch 37%

June
May
Jan
May
June

Outside Market.
-The attention of the "curb" market this
week was directed to the so-called Heinze properties, the
financial and legal troubles of the management of the United
Copper Co. having a depressing effect on these shares.
Otherwise the market ruled fairly firm. The pressure to
sell United Copper common caused a break in the price from
1134, to 83%, though it subsequently rose to 9%. It again
weakened to 8%, but recovered finally to 93-. The loss in
Davis-Daly was 13% points to 4 and in Ohio Copper from
4
5 13-16 to 4, with the close to-day at 4% and 43 respectively.
4
Boston Consolidated from 16% fell to 153 and ends the
week at 1574. British Columbia moved up from 83-g to 834
4
and down to 73 . Cumberland-Ely sold up from 8 7-16
to83 and closed to-day at811-16. Greene Cananea rosefrom
4
to 11 and ends the week at 10%. Miami improved
10
from 14% to 1534 and weakened to 15. Nevada Con/
solidated sold down from 223 to 225s and up to 23, closing
4
to-day at 22%. Industrials were quiet. American Tobacco
gained 15 points, to 430,with transactions to-day up to 433.
International Salt from 181 weakened to 163 but rallied
4
to 17. Standard Oil advanced 2 points to 676, then
dropped to 669, with a final recovery to 673. The feature
in the bond department was the initial trading in the new
Atchison Topeka & Santa Fe 4% bonds, "w. i.," from 109
to 1091%, a substantial rise to-day carrying the price to 113.
There was also heavy trading in the "rights" from 3 to
1 1-16. International Salt 5s went up from 61 to 61%.
Kansas City Southern 5s weakened from 101% to 1013/2,
but recovered to 1013%. Western Pacific 5s eased off from
98 to 97%.
Outside quotations will be found on page 1428.

Now York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGEs
STOCKS-11I0HEST AND LOWEST SALE PRICES.
ScaurdaY
May 29

Monday
May 31

Tuesday
June 1

Wednesday
June 2

Thursday
June 3

Friday
June 4

Sales ol
the
Week
Sham:

STOCKS
NEW YORK STOCK
EXCHANGE

Range s:nce Jan. 1 1909.
On basis 01 100-share lots.
Highest

Lowest

Range f o9o8 .
y% ror Presious

r

MEMORIAL DAY

Illohest

Lows

Railroads
10918 11018 109 11014 10958 11058 112 11514 192,100 A tch Topeka & SantaFe 9778 Jan 13 11514 J'ne 4
60 Feb
10434 105
10434 10434 10518 10514 1,740 CI Do pref
10434 105
10014 Jan 20 10514 J'ne 4
8338 Feb
12734 12818 128 128
12313 12914 2,300 Atlantic Coast Line RR
128 129
10713 Jan 14 12913 May20
5912 Mch
11478 11514 11434 11518 11434 116
11638 11912 65,228 1..?altimore & Ohio
10312 Feb 23 31912 J'ne 4
7613 Feb
100 LP Do pref
*9312 9412 *94
9412 9312 9312 *9313 95
92 Feb 2 96 Apr 12
80 Jan
79
8 7914 8214 52,875 Brooklyn Rapid Transit_ 67 • Jan 9 8214 J'ne 4
7958 78 4 793
8
3
8 787 793
3714 Feb
18112 183
182 18214 18214 18412 184 18538 14,250 kJ( lanacllan Pacific
8
z165 Mch 3 1853 J'ne 4 140 Feb
67
anada Southern
*62
67 *62 67 *63
*63
67
6014 Jan 11 68 May25
54 Mch
300 Central of New Jersey
294 294
29434 2943 294 294 ,
293 295
4
215 Feb 23 29812 May12 160 Feb
8
78
7814 7778 7834 7812 7912 7834 795 42,520 Chesapeake & Ohio
553 Jan 6 8014 May20
3
2513 Feb
20
0 D a pr
71
7112 7114 7138 707 7138 7012 7114 2,400 Chicp go ek Alton RR
8
5778 Feb 24 7434 Apr 1
10 Feb
7578 7578
76
pref
*7312 7612 *7312 7812 76
47 Mch
71 Feb 24 7812 Mch27
,600 hIcago Great Western
478 478
478 478
412 47
8
412 436_
4
318 Feb
414 Mch18 1112 Jan 2
65
*60
65 *64
Do 4% deb.mture65 *55
65 *55
60 Jan 22 64 May17
2312 Mch
Do 5% prof "A"
*27
29 *27
29 *2613 29
29 *26
1512 Feb
25 Jan 18 • 37 Jan 4
714
250
*7
Do 4% pref "13"
7
7
8 714
5 Feb
8 *67
lY 1413 Jan 2
67
8 67
8
15034 15212 15134 15312 153 15418 1543 157 139,969 Chicago Milw & St Paul_ 146 Feb 27 157 J'ne 4 10312 Jan
112 Meb
16612 17034 15,940 Do pref
165 165
165 166
165 166
4
15812 Mch 15 1703 J'ne 4 138 Jan
18414 185
184 18434 18458 18612 x182 18278 8,726 Chicago & North Western 17318 Feb 24
•' 218 225 -___
Do prof
*218 227 *218 227 1217 225 ,
x208 Mch15 1, 5 Jane 5 3185 jan
12612 j a 3 13512 Jan
8
*155 160 *155 160 :0.55 160 *155 160 -_- Chic St P Minn 80 Omaha 148 Apr 22 156 Jan 5 114 Feb
165 175 *165 175
Do pre
1165 175 *165 175 ,
16613 Jan 30 17018 April 14012 Jan
6
133
14
3
*5
100 Chic Un Trac ctfs stmpd
*5
6
*514 6
458 Apr 20
7 Jan 4
5 Apr
8
16
15
300 Do pref ctfs stmpd_ _ _ 133 Apr 17 1814 Jan 27
*1412 17
1512 *1412 16
*14
4
4 Apr
74
73
7412 1,800 Cleve Cin Chic & St L
74
74
7414 73
74
1.8 Jan 29
J'ne
*101 104 *101 104 1101 104 *101 104
Do pref
100 Jan 4 10512 3e h2b
l
8712 Feb
4 518
72 F cb l2
63 64
6258 64
64
3,300 Colorado & Southern
645 645
8
8 64
5718 Jan 5 6814 Jan 8
21 Feb
8134 82
82
82
1,200 Do 1st preferred
82 82
83
83
7615 Jan 2 86 May 1
503 Jan
3
8014 8012 *804 803
4
400 Do 2d preferred
8014 8012 *8014 81
7314 Jan 2 8413 Jan 7
3934 Feb
19212 19412 19212 193
19212 19314 193 19414 4,300 nelaware &Hudson
16734 Feb 24 200 May14 14112 Feb
*605 660 :605 660
,
660 660 ',65O 680
100 11elaware Lack & West_ 535 Feb 6 680 Apr 22 420 Jan
5178 5012 5112 17,700 Denver & Rio Grande
503 5012 497 5013 50
8
5
54 Apr 20
1414 Feb
88 88
8734 8734 88 . 8878 8858 8918 4,209
Do pref
306 90 Feb 15
3914 Mch
*55
5812 *55
5812 15613 5612 58
140 Detroit United
58
6213 Feb 20
3213 Apr
573697 5 jjjaaa nnn
:1
*165 1734 *167 173
8
950 Duluth So Shore & Atian 1514 Jan 6 21 Jan 15
8
4 1714 177
8 173 18
4
6 Feb
32 *31
*31
3112 31
3234 323 3234 1,000 Do pref
28 Feb 23 3612 Jan 15
4
1134 Feb
3434 353
8 347 3512 347 353
8
8
8
2258 Metal. 86,2 J'ne 4
4 347 3612 86,780 Lille
12 Mch
5214 5258
5158 5212 5112 5112 5212 53
15,090 E.1 Do 1st pref
3613 Meh 1
53 J'ne 4
243 Mch
8
4214 4318 4212 4234 42
4278 4234 4312 7,600
Do 2d pref
2813 Mchll 4311 J'ne 4
16 Mch
147 148
147 14712 14714 14812 1487 14912 42,300 Great Northern pref
1305 Feb 24 14913 J'ne 4 1133 Feb
8
8
4
7334 7434 7378 7438 7414 7612 7512 7612 45,480 Iron Ore properties
18 Nich 12 7612 J'ne 3
65
4813 Jan
*____ 1612 16 16
1612
16
18 Green Bay & W,deb ctt B 14 Feb 2(3 55 Jane 4
17
2
;8'5'2
55
55
125 Havana Electric
39 Feb 1
58
35512 5513 *50
20 ja
8 M:11
*83 85 - *8312 90 *83 90 *83
90
Do pref
:1 eb 25 8618 Apr 8 170 Jan
0158 k lle hy 33
8318 m
*102 ___ *102 __ *97 102 1____ 101
106 Jan 12
Hoek Val J P & M Co rcts
62 Feb
9014 *90
88 Apr 27 93 Jan 21
9014 *90
200 Hocking Valley pref.
9014 893 9014
4
69 Mch
147 14778 147 147
137 Feb 2:.; 14513 J'ne 4 12213 Feb
147 148
14818 14912 12,930 I Ilinots Central
1638 1634 1534 1614 153( 1614 16
19 Jan 8
17
16,348 Lnterboro-Metropolitan_
634 Jan
4578 4612 4412 4578 4518 4513 4434 4638 15,700
3634 Mch23 4938 Jan 6
Do pref
1718 Feb
32
3238 31
27 Feb 24 36 Apr 15
10 Feb
31
*3013 31
3112 3178 2,175 Iowa Central
58
5812 57
5412 Jan 4 62 Apr 15
5712 *57
5712 5734 5812 2,645 Do pref
2713 Feb
*7734 78
78
4
57 Aug
7834 7914 7914 37834 7834
510 ITC Ft S & M tr cfs, pref 743 Feb 2 7913 May13
4614 4678 4612 4714 4613 473
8
18 Feb
8 4612 4718 16,775 51
. -ansas City Southern... 37 Feb 23 483 May14
4
73127312 73
2
5 7 7 ivic “ 0
46 Feb
Do prof
''78 Feb 28 25182 ktaly18
7
7312 73
7314 7314 7312 1,650
1913
*23
25 *23
25
200
ake Erie dc Western
2434 2434 2412 2412
*51
5213 52
22 .Tany
1
4 Ma
53
5313 5413 35338 5338
550 kJ Do pref
48 ..an 23 56 Apr 8
*68
70 *68
70
30 Feb
70
1,400 Long Island
6834 7014 *69
59 Jan 4 7118 May24
8714 Feb
*13858 13913 13914 13914 13912 14012 14014 14034 3,800 Louisville do Nashville
x121 Jan 29 14034 J'ne 4
*14612 148 *146 148 *146 148
14612 147
400 VI anhattan Elevated_
142 • Mch25 15312 Jan 4 120 Jan
*25
2714 *25
2714 *25
550 1,
-Letropolltan Street
51 Afh 2c 6 42 Jan 5
22
5
29
25
25
15 Feb
1,050 Minneapolis & St Louis
5612 5612 5612 5658 5614 5634 58
58
Mch
104512 Jaa np 8
690 J an s
8 20 Fe h
769114 Alcb
88
88
*87
89 *87
89 *86
90
120 Do pref
81 Mch 10
138 13818 131334 13714 13738 140
6.800 Minn St P & S S Marie_
14018 141
Jan
Jan
*149 150 *149 150
150 151 *150 151
300 Do prof
1134212 A r 2 159 Jan 7 12312 Feb
7
3
4214 42
4218 4212 42
43
4212 4314 26,500 Mo Kansas de Texas
3512 Feb 23 4478 Jan 22
1713 Mch
*72
73 *72
600
Do pref
3
4 7514 Jan 21
7314 73
65 Feb 2
71 F
7314 7234 73
46 Feb
7714 29,620 Missouri Pacific
7714 J'ne 4
743 753
4
8 743 7512 75 8 7612 76
4
2812 Feb
3
20 .T ash Chatt & St Louis.. 12212 Jan 5 135 Apr 14
*129 135 *130 140 *130 140 3130 130
2: 128 Ap 1
5312 533
4 53
53 8 533 533
5
8
8 53 4 533
3
4 1,100 LI at Rys of Mex 1st prof 511 A pr 15 5414 May25
99:4 n
135 J ue 4
2653 Msy22
2513 2534 2538 2558 2514 2534 243 257 12,470 Do 2d pref
4
8
1 meh 4
83,600 N Y Central & Hudson_ 14 12 Feb 5
130 13112 130112 13158 13114 13218 13214 135
Jan
*51
54
57 Jan 4
*50
5512 56
5634 1,700 N Y Chic & St Louis
2413 Jan
54
65
Do 1st prof
100 Feb 20 100 Feb 20
*96 105
90 Jan
*96 105 *96 105 *96 105
*80
7614 Apr 6 87 Feb 4
84
*80 84
100 Do 2d prof
84
84
*80
85
60 Feb
15718 Feb 24 17258 J'ne 4 1283 Jan
1703 1703 171 171
171 171
4
171 1725
8 1,402 N Y N II 85 Hartford
8
4
5012 5114 5014 5058 5013 52 48,330 N Y Ontario & Western_ 42 Feb 24 52 J'ne; 4
4934 51
14
2918 Feb
8414 Jan 6 9418 Apr 22
8914 893
4 89
8912 8918 8912 8918 9118 15,400 Norfolk & Western
58 Feb
Do adjustment pref-_ 8518 Mch26 88 Jan 20
88 *86
*86
88
88
74 Mch
*86
88 *86
14714 14838 14714 148
13314 Feb 24 0p
154 J'ne 4 1167 sen
3 A pr 1
4
8
14758 14812 149 15038 92,750 Northern Pacific
6 8 Ja
5
76 Mch 3
975 Pacific Coast Co
98
95
9813 *97
*9312 97 *92 98
*93 105
*98 105 *98 105 *98 105
Do 1st prof
3
.100 Mch30 100 Mch30
90 May
*94 100 *94 100 *94 100
Do 2d pref
868812
l)27 100 Mch31
*93 100
5
79 Mch
12618 Feb 13 13938 May 4 10834 Jan
1345 13512 135 13534 13513 13718 1367 13818 113,800 Pennsylvania
8
8
*90
93 *9034 93 *90
94 Feb 4
Jan
92
9234 93
700 Pittsb Cin Chic dc St L...
69 Jan
*110 120 *110 120 *110 120 1.110 120
Do prof
104 Feb 10 110 Mch 25
8118 Mch
4
118 Feb 23 159 4 May20
8
15514 1563 15312 1557 15312 15612 15518 15712 436,150 P ceding
3
9218 Feb
*91
9212 *9113 9218 *9112 9218 91
89 Mch22 93 Jan 5
400 1-,,, 1st pref
913
4
78 Jan
*99 101
*98 101
2d pref
4
98
90 Feb 1 1043 May13
9814 *98 101
200
76 Jan
207 Feb 24 34 May13
8
32
323
4 3134 3214 3134 3338 3234 333 107.700 Rock Island Company
8
1012 Feb
8
4
727 May13
70
7058 693 70
6978 7158 7034 7178 19,700 Do pref
2034 Feb
*6858 70 *68 8 70 *6858 70 *685 6912
Qt L & San Fr. 1st pref. 56 Feb 29 71 Apr 241
42 J'ne
5
3
4
8
65 Mch 2
3
7
4514 4514 46
4714 May13
4434 4514 4413
4513 4534 2,750 kJ Do 2d pref
1914 Feb
2734 2814 2814 2812 2712 2812 2734 28
8,600 St Louis Southwestern
2013 Feb 25 2812 J'ne 2
10 Mch
7112 695 7114 6912 7013 24,900 Do pref
8838 693
4 70
7431 28 JJ op
6 142413 Feab
,63 JFae b
8
8
4712 Jan 6 113151 3 J n 424
12314 12418 12378 12438 12412 13014 13034 13318 409,150 Southern Pacific Co
11458 Feb 24
Do pref
12612 12612 127 12714 12712 132
132 13458 9,746
4
112 4} b 2
.
283 Fe 2
.
3112 3214 315 3214 313 3218 3158 3214 57,400 Southern v tr cfs stmpd_
8
4
3214 J'ne 1
918 Jan
71
7014 71
70
70
7078 7012 7034 3,600 Do pref
do
60 Jan 5 7138 May22
2513 Mch
34
*3312 34
3358 3414 337 365 35,400 Texas & Pacific
34
8
8
2514 Feb 34 373 Feb 6
3
0 m b21
4
1234 Feb
2914 2934 2813 3012 7,750 1
2934 3012 2818 29
-111rd Avenue (N Y)
1513 Mch
4212 Jan 18
10
10
9 8 10
7
*9
10
10
10
871 Toledo Railways & Light
7 May12 1538 Jan 2
613 Oct
5214 5234 5214 5234 5234 5278 52
525
8 1,400 Toledo St L & Western... 43 Feb 26 543 Apr 19
12 Feb
4
6914 6912 69
6914 69
3,050 Do pref
70
6934 70
643 Feb 24
4
Jan
33 Feb
310414 10414 10412 10412 105 10614 10638 10634 1,743 Twin City Rapid Transit 97 Jan 2 10414 Feb 15
77
4
7814 Feb
18912 19158 19013 19134 1905 19334 x191 19234 447,000 1 l•Ilion Pacific
8
17213 Feb 24 1933 J'ne 3 11012 Mch
4
9738 9712 9714 9712 9738 9734 9714 9818 4,524 k-i ' Do pref
x94 Mch 1 9812 May Ii
7914 Apr
38
38 *37
39 *36
40
644 Unit Rys Inv't of San Fr 30 Feb 25 39 Apr 29
*3612 38
15 Jan
*54
5534 *55
55
55
56
300 Do pret
5534 55 4
3
25 69 Apr 29
2712 Jan
2112 2178 2114 2113 2138 2158 2138 2134 12,725 Wabash
5014 Feb 2
15 F
634 Etch
3 2178 J'ne 1
53
5414 5318 5418 45,100 T T
54
Do pref
5313 5412 53
41 Feb 23 5412 J'ne 1
13 Ma
21
22 48,500 Western Maryland
2038 2138 20 ,s 2114 2013 22
3
1812 May26 213 May 7
5 Mch
8
*10
1112 11
1138
12
1012 11 *10
600 Wheeling & Lake Erie__,,
412 Mch
813 Feb 6 127 Jan 4
8
25 *22
24
*23
25
24
24 *22
100 Do 1st pref
20 Feb 21 257 Jan 8
1218 Apr
8
*1212 14
*1212 14 *1212 1312 *1212 1312
1) Feb
Do 2d pref
1018 Fcb 20 91,m ny::0,
1518 Jaa 8
7
5912 59
59
5914 1,720 Wisconsin Central
59
3578 Jan 6 637 Apr 20
1312 Feb
5812 5812 59
8
9133 9153 9118 9114 *9118 9158 91
9113 1,030 Do pref Trust Co otfs 8614 Mch 31

10114 Dec
104 Dec
11113 Dec
117s Dec
9/. Dec
6934 Dec
18018 Nov
68 Nov
129 Dec
59 4 Dec
,
6878 Dec
'el) Dec
1458 N ov
9814 Aug
, Dec
3
1713 Nov
15219 Dec
1644 Dec
18512 Dec
224 Dec
160 Dec
174 Dec
715 Dec
18 Dec
7012 Dec
9973 Dec
59 Dec
79 Dec
76 Dec
1813 :Dec
5
175 Nov
4013 Dec
8314 Dec
o6 Nov
:/c4 Nov
3334 Nov
36 Nov
5138 Deo
41 Dee
14814 Dec
7518 Nov
1713 Dec
40 Dec
84 Dec
10413Dec
93 Dec
1493 A ov
4
20 Dec
4912 Dec
3213 Dec
57 Dec
7513 Dec
4238 Dec
7218 Dec
26 Dec
58 Dec
5338 Dec
1253 Dec
4
1543 Dec
4
4413 Dec
5612 Dec
90 Dec
135 Nov
15113 Dec
4312 Dec
7513 Dec
6713 Dec
122 Nov
126 Dec
5712 Dec
105 Nov
85 Dee
161 Noy
477 Dee
8
8614 Nov
88 Dee
4
1573 Nov
'J312 Jan
90 May
97 Jan
13'214 Dec
8812 Dec
10834 Nov
14314 Dec
92 Dec
99 Deo
2514 Deo
6258 Dec
69 Dec
4214 Dec
24 Dee
5578 Dec
12212 Deo
12512 May
14
27 Dee
6313 Dec
3714 Dec
47 Aug
1512 Dec
50 Dec
7312 Dec
9638 Dec
18478 Nov
98 Nov
40 Dec
5913 Dec
2058 Dec
5234 Dec
24 Dee
13 Dee
'2614 Dec
1534 Nov
3814 Dec

BANKS AN D TRUST COMPANIES-BROKERS'. QUOTATIONS
Ask
Bid
Bank;
Bid
Ask
Bid
Banks
Banks
200 Fifth
300 350 Irving N Ex 18711
Oh.:IseaEx $ 190
Chemical _ 42212 430 First
800 825 Jefferson 11 - 180
New Yore
155
175 ,.. _ Citizens' Ctl 155 159 14th St 11
180 Liberty-- 530
Aetna
585 City
575
340 350 Fourth ---- 213 222 Lincoln __, 420
America $
Vanhattanl 335
6mer Each_ 25212 23713 Coal & Iron 245 250 Gallatin --- 84) 350
__ Colonial 11.... 5300
-, 271) 235
Mark't dcFul 260
id attety Plc 130
___ Columbia 11_ 375 425 Germ Am $ 140
____ Mechanics'_ 255
Bowery I .. 375
',
. Commerce _ 1188
____ M ercail.) _ 180
---- Germ'n Ex11 450
nt
BronxBoroi. 300
233 -. Germania 11 550_ March Each 160
Bryant Pk $ 155 160 Copper -.„
--$ 265
28S Merchants', 160
-Butch & Dr 140 150 Corn Ex 11- 335
__ Metropolis $ 375
century $._ 170
175 East River- 1'25
115 Hanover - - 54)
-• Fidelity 11_ 163 175 imp & Trad 535 545
325
Metropol'n$ 18712
Chase
____
_ 36212 Fifth Ave9. 4000
IThatham _
1314.1 and asked prices. no sales were made on tails day. Z 15x-rights 5 Less than 100 shares.
r. Sale at Stock Exchange or at auction thLs weak. /a First installment paid. n Sold at private
Banks

Bid




As/c

--

..Garfield

._Greenwich

Ask
1921j
_
C60
-435
34212
263
2611
135
170
164
_
195
__-

Banks
Mt Morrts11.
Mutual 1___
Nassau 11_
New Neth'd
NewYorkCo
New York _
N'ht &Dayl
Northern __
Pacific 11_
Park
People's II
Phenix
-.

Bid
250
290

Ask
Banks
...- Plaza 11._._
310 Prod Ezel
---- Reserve_
200 210 Seaboard -- lecond ___.
750- Sherman
335 375
220 250 1 State 11- „
105 125 23d Ward-$
230 240
Union Sic _
465 475 I , Yash F1't..1
,
West Side $
280
295
175
185
Yorkville I
-205

Bid
610
165
142
865
875

Ask
525
170
145
380
---.

--133

Ii State banks. a Ex-dividend and rightAk
sale a5 this pricy

240 20
100
18713 195
265
_-.
600
_--,
425
.......
New stock.

-HIGHEST AND LOWEST SALE PRICES
STOCKS
Saturday
May 29

[VOL. Lxxxvuz

VOW .YOTIK StOOK Itecora-Oonciuded-Page 2

1420
Tuesday
June 1

Monday
May 31

Wednesday
June -

Thursday
June 3

Friday
June 4

Sot's
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range since Jan. 1 1909
On beasts 100-share lots.
LOWeid

Highest

Range for Previous
Year (1908)
Lowest

Highest

inchistrial&Miscellaneous
390 Jan 20 119934 May 6 164 Jan 1200 Aug
A dams Express
*200 __ _ *205 ___ _ *205 --- - *205
1638 Dec
5 Mch
1234 Feb 24 1612 May17
1538 1512 1558 1578 16
1814 1,500
Ills-Chalmers
16
16
5234 Dec
14 Mch
8
38 Feb 24 125 May17
Do pref
8 5178 5178 5138 5178 5114 5214 2,050
5134 517
8838 Nov
4518 Feb
$712
3
8514 85 4 8418 8538 8478 8712 8618 8738 108,790 Amalgamated Copper__ _ 65 Feb 26 4412 J'ne 3
J'ne 3
35 Nov
13 Jan
3312 Jan 5
4 40
4278 43
*3912 393
4412 4358 4412 8,900 Amer Agricultural Chem_
16 Nov
9512 Jan 18 99 May28
781. Jan
Do pref
*9712
- *9712 --- *9812 9912 *9912 100
2478 Apr
2014 Jan 13 393 May17
912 Feb
4
19,900 American Beet Sugar
39
3912 3834 3918 3812 3914 3812 39
8134 Deo
82 Jan 7 9512 J'ne 4
65 Jan
95
95
95
9512. 9512 9512 95
633
95
Do pref
1014 Nov
4 Feb
712 Feb 23 1418 May21
1248 1278 1234 1318 1314 133 13,400 American Can
1278 13
4
8
767 Nov
44 Jan
7112 Feb 23 86 J'ne 4
8138 8034 833
8112 8214 81
14,900
Do pref
4 8334 88
5034 Deo
251, Feb
5734 X5634 577
5712 57
57
8 5712 5812 21,400 American Car & Foundry 4414 Feb 24 5812 J'ne 4
.
.
10712 Feb 23 117 May 6
8414 Mel) 109 Dec
11634 117 x116 11678 11678 1167
*116 117
8 2,010
Do pref
4434 Nov
5 7014 J'ne 4
4218 Jan
2434 Feb
66
6814 6812 6934 6914 7014 36.890 American Cotton Oil_ _
66
66
97 Nov
98 Jan 7 10614 Mayll 380 Jan
10112 10112 10112 103 *102 105
470
*100 103
Do pref
1205 Feb 5 1230 May18 1170 Feb 1224 May
*223 230 *220 230 *220 230 *220 230
American Express
812 J'ne 2
25
813 Dec
234 Feb
14
8 812
6 Feb
83
8
814 83
814 814 2,300 American Hide & Leather
3
814 8 s
3734 Deo
1212 Mell
34 Feb 24 4312 J'ne 1
4338 5,620
4312 43
4312 43
4312 43
43
Do pref
8
317 Aug
1212 Feb
1878 Jan 8 4214 Apr 13
Securities.._
39
3914 3938 37
4 3718 3712 4,746 American Ice
714 373
3
0 Mel] 171. Dec
12 Feb 25 1812 J'ne 3
5
4
1712 17 8 1712 1758 173 1812 1814 1812 6,572 American Linseed
17 Mel, 3611 Deo
29 Jan 12 44 J'ne 4
40
41
4114 4314 43
44
5,600
3912 40
Do pref
5958 Aug
3138 Feb
49 Feb 23 6114 J'ne 4
5812 5938 5878 5934 5914 6012 593 6114 21,600 American Locomotive..._
4
8512 Jan 113 Dec
12
10914 Feb 24 117 May 7
115 11512 11512 11612 11634 1167
115 115
8 1,400
Do prof
v Men
'
81 1 Sep
7 Jan 7 1112 J'ne 1
1138 11
1138 1114 1112 7,350 American Malt Corp_
1012 1112 11
21 Jan
5'13 Sep
/2 Jan 7 5812 J'ne 3
58
5712 5812 57
58
5612 5734 57
14,200
Do pref
8418 Aug
70 Jan
*8812 8912 *89
8912
200 Amer Smelters Sec pref B 80 Jan 4 8978 May20
887$ 89
8912 *89
5512 Feb 107 Aug
9738 J'ne 4
94
9412 9314 94
9314 9614 9578 9738 77,150 Amer Smelting& Refining 7734 Feb 24 11412 J'ne 3
8
8734 Feb 1103 Aug
101 Jan 2
110 11 112 11114 11412 113 8 11412 6,880
*109 110
5
Do pref
225 Mch 9 1255 Apr 17 180 Aug '200 Apr
*230
_
*230
*230
*250 American Snuff
9712 Sep
80 Mch
95 Mch 1 105 May22
"
4
100
103 103 *101 f6 *101 104 *102 104
Do pref
41 Nov
28 Sep
4612 •46
42
4912 51
51
423
4 44
6,768 Amer Steel Found (new)- 3478 Feb 24 51 J'ne 3
4
9834 Jan 1373 Aug
8
132 132
1,200 American Sugar Refining 1263 Feb 24 1:.11 Apr 8
132 13214 13238 133
*131 133
12678 J'ne 3 131 Apr 8 105 Feb 131 Nov
128 *126 12714 12678 1267 *12844 12714
200
*125
8
Do pref
8
14014 140 4 140 14034 140 14038 13978 1403 10,030 American Teieph & Teleg '125 Feb 1 14234 Apr 22 101 Jan 1325 Nov
4
3
9712 J'ly
7212 Jan
10114 10114 10114 10112 10158 102
10214 10258 2,300 American Tobac (new),pt 9012 Feb 6 104 May10
8
323 Dec
1512 Feb
28 Feb 4 3738 May21
3618 3612 3614 383 *36
363 *3(1
4
4
4 1,400 American Woolen
363
97 Nov
7814 Feb
4
923 Jan 6 10653 J'ne 4
106 10614 10578 10614 106 10638 10612 10658 2,105
Do pref
5312 Nov
13,700 dAnacondaCopper Par$25 83734 Feb 26 $52 May 8 62712 Feb
5138 5012 51
5012 513 • 5114 52
51
4
400 Assoc Merch 1st pref___ _ 105 Apr 2 109 J'ne 4
*108 ---- 108 109
__
___. ......
_ _ *107
*107
Do 2d pref
10112 Feb 17 10412 Feb 19
65 Sten
$212 Jan
4
;g
8
-;5f2 38 - 2
dBatopilas Mining Par$20 $27 Jan 29 2453 Apr 2
34 *312 33
3
*312
2714 Nov
12 Jan
9 3234 J'ne 4
1834 ?dell
3234 13,350
2958 2978 2912 2912 2912 323
8 31
ethlehem Steel
67 Nov
36 Apr
6112 64
47 Feb 29 84 J'ne 3
62
6312. 64
2,800 L° Do pref
6112 62 *58
318 Jan 28 14012 May15 x85 Feb /5214 Nov
800 Brooklyn Union Gas... _
13758 13758 139 1393
4
*138 140 *137 140
17 Nov
0 Jan
8
4 1818 1812 3,900 Brunswick Dock & C Imp 13 Jan 13 1914 May28
4 1814 183.1 183 183
1814 183
'237g Jan 2 3478 May17 110 Feb 325 Jan
*3212 3312 3312 3312 §3312 3312
235 Butterick Co
33
33
33 Deo
1512 Feb
2512 Mch 2 33 Jan 4
2933 30
3018 2912 3014 2934 30
4,600
Leather
30
entral
3
76 4 Jan 102 Dec
9934 Apr 5 10412 May 7
10378 10412 104 10414 10412 10412 1,850
104 104
Do pref
42 Deo
5
15 8 Feb
f512
29 Feb 23 , Jan I
4158 4238 4134 4214 4134 427
8 4212 4338 35,600 Colorado Fuel & Iron_ _
2712 Dec
4
143 Mch
2138 Feb 23 6512 May 3
6334 6318 6338 2,235 Col & Hock Coal & Iron_
63
0312 0312 6314 0312
96 Jan 187 Dec
Jan 4
144 14578 13.500 Consolidated Gas (N Y)- 11412 Feb 4 16514
143 14358 14312 144
14358 144
2012 Aug
3034 Feb
1612 Feb 24 2612 J'ne 2
54,500 Corn Products Refining_ _
8 2512 26
3
2514 2638 2578 2612 25 4 263
80 Aug
56 Jan
9178 9212 6,120
14
73 Feb 24 9312 J'ne 1
9234 93
4
92
Do pref
0312 913 93
4514 Oct
4712 Oct
45 Jan 5 61 May25
61
5612 5612 *55
100 Crex Carpet
60
61
*55
*59
3
*18 4 Dec
2714 Feb
4034 3934 407
4078 40
8 4,100 Distillers Securities Corp 321. Feb 2:3 4112 Jan 25
4034 4114 40
94 Aug
7212 Nov
55 - Mel, 2 9512 May12
9014 9014
00
800 Federal Mining & Smeit'g
88
90
95
*83
*83
89 Nov
59 Feb
80 Feb 24 93 May10
00
90
9158
*8812 91
700
*88
Do pref
*8812 90
6812 Jot)
55 J'iy
...... Federal Sugar Ref of N Y 345 Mch20 145 Mch 2()
7:312 Feb 100 J'iy
NO Jan 25 9112 Mayll
Do pref
16234 Dec
4
15018 Feb 23 1613 May17 111 Jan
7
8
16114 16134 16012 1615 184 4 1593:1 159 160 - 5,300 General Electric
4Y
4
783 Jan 10912 J.
100 Granby Cons M H & P_ _ _ 91 Mch12 110 Jan 4
10578 10578 *103 106 *102 109 *101 106
8
675 Nov
52 J'ne
8418 86
8512 8618 8512 8512 8,800 nt Harvester stk tr ctfs 62 Jan 30 8618 J'ne 3
5378 84
09 J'ne n0i4 Nov
12214 12214 3,020 I. Do pref stk Li* Ws_
10914 Jan 16 123* J'ne 3
*12(3 120 4 12018 12012 12012 123
3
9 May
6 Oct
9 Jan 2
818 3,100 Int Mer Marine stk tr ctfs
8
7 Feb 25
818
8
83
8
838 *8
8
8
267 Dec
16 Feb
8
21 Feb 23 275 Jan 2
4 2434 25
6,300
Do pref
25
8 2434 2512 2414 243
253
1314 Nov
8 Apr
91, Mch 13 1512 J'ne 3
1438 1418 1412 1438 1512 1453 1538 11,550 International Paper
14
65 Jan
47 Oct
6212 6314 5,522
4734" Mc,h18 6314 J'ne 4
6012 6078 81
6212
6034 61
Do pref
8
397 Deo
13 Jan
4112 5,000 Internet Steam Pump__ _
3312 Feb 25 4234 May12
4012 4118 4044 4034 4078 413
4 41
8414 Deo
65 Jan
MaY13
8678 8778 3,900
873
8 8678 87
Do pref
4 87
8714 873
8212 Jan 30 8912 J'ne 4
78 Nov
52 Feb
8212
8 8178 82
8038 817
Jan 21
8178 8212 6,200 Mackay Companies
70
7934 81
7134 Nov
3
597 Feb
75
6912 Jan 9 75 J'ne 3
7412 7412 75
75
1.200
7412 74
74
Do pref
97 Deo
(58 Jan
8
9612 Jan 2 1085 Jan 16
500 Vational Biscuit
*106 1063 10534 106 *10512 10612 106, 106
4
Jan 11 126 May 7 102 Jan 12012 Deo
12314 *122 126 *122 126
11812
300 LI Do pref
12314 12314 12314
1514 Deo
712 Feb
3
3
15 8 15 8 1534 1534 1538 1573 1,400 Nat Enamel'g & Stamp'g • 1258 Feb 24 1612 May14
1534 16
J70 Feb 58214 Dec
*87
*8612 80
90
*8612 89
82 Jan 5 87 May13 (
*8612 89
Do pref
92 Aug
36 Feb
4 8714 8878 12,650 National Lead
883
Feb 25 9014 Apr 19
7114
8714 8678 8714 8634
87
8712Jan 10614 Nov
10234 Apr 21 11112 May27
108 10814 10814 10812 109 10918 1,875
108 108
Do pref
8
$97 Jan
$438 Oct
24 214 12,750 Newhouse M & S_Par $10 $17 Apr 29 $8 Jan 2
214 212
8
214 2 8
5
*212 2 4
3
98 Nov
50 Jan
81) Feb 23 92 Jan ',1
8978 88
88
90
8912 *88
*8412 89
3,020 New York Air Brake_ __ _
Apr
90 Feb 122 Nov
*120 124 *123 124 *123 124 *12114 124
NY &NJ Telephone__ 3113 Jan 7 125 Jan 22
27
78 Nov
4218 Mch
*8118 8212 81
8214 8118 8178 8158 8212 4,100 North American Co. new 72 Jan 13 8412
24 Apr
4014 Dec
3
2918 Feb 24 86 4 tan 14
2938 2958 2912 2912 2914 30
2978 30
1,050 Pacific Mall
80 Jan 10612 Dec
114 11478 11434 11514 6,900 L eople's G L & C (Chic) 10112 Jan 13 11812 Ayr 12
114 11438 11312 114
1458 Dee
812 Mch
1234 1214 1'214
1214 1214 *1214 1314
10 Apr 21 1312 May24
12
Co
600 Pittsburgh Coal
50 Dec
3612 Feb
14712 4712 48
48
48
*47
40 Feb 25 4912 May24
48
49
225
Do pref
45 Dec
3714 Feb
8
3012 Feb 23 463 J'ne 2
4312 4514 4412 4538 4434 45
4412 4514 11,030 Pressed Steel Car
69 Jan 10214 Dec
96 Feb 26 105 May 8
10378 104
104 10414 1,278
10334 104
§103 103
Do pref
Nov
169 Jan 30 10112 May21 14712 Jan 174 Dec
*183 190 *187 190 *187 18912 189 189
100 Pullman Company
184
Apr
8
85 May12
158 Jan 4
7
7
*6
3
200 Quicksilver Mining
7
814 0 4 *6
*614 6 8
12
3 Dec
112 Jan
Mch29 10 May13
3
8
8
778
*7
8
*7
7
*7
Do pref
300
4914 Dec
4
233 Feb
3212 Mch 8 4834 Jan 2
4512 4512 4658 46
4414 4514 45
463
4 4,800 D allway Steel Spring..
75 Jan 103 Deo
9778 Feb 24 108 J'ne 4
107 107
107 108
107 107
*10512 107
800 Lb Do pref
20 Nov
1434 Feb
3
165 Feb 23 3212 J'ne 4
3112 3112 3212 38,460 Republic Iron & Steel
2978 3012 2934 31
31
63 J'ne 8912 Nov
6718 Feb 24 10412 J'ne 4
98
97
0634 97
8
995 100 10412 11,660
Do pref
98
4
813 Nov
36 Jan
8334 8412 8212 8418 8312 8438 8312 843
8 6,500 loss-Sheffield Steel & Jr 68 Feb 23 8434 May24
ii712 Jan 11014 Deo
Feb 20 110 J'ne 1
10738
116 116 *11212 117 *115 117 *116
Do pref
100
Nov
4114 4114 4114 4114 4218 4214 42 - 2 1,800 dTennesseeCopper Par$25 $3434 Feb 26 $49 Jan 4 82512 Feb $5214 Deo
4118412
45 Feb
90
90
*8912 5014 *8912 9014 *8912 9014
100 Texas Pacific Land Trust 8012 Feb 23 92 May10
4 Fob
8
95 Nov
914 Feb 24
1434 May24
14 • 1412 1412 1458 1412 1412 1412 1412 1,000 Union Bag & Paper__663 Nov
447 Jan
4
8
66 Jan 8 7714 May22
78
*75
78
76
76
76
600 t-) Do pref
76
76
11114 J'ne 3
111 111
11038 111
3,745 United Dry Goods of ctfs 11038 J'ne 2 3514 May12
11078 11114 111 111
1712 Feb
3078 Deo
3314 34
3312 34
34
4,050 U S Cast / Pipe & Foundr 2438 Feb 24 8012 J'ne 4
3412 35
34
565 Jan
8
7878 Aug
70 Mch 2
7778 7812 7812 79
Do pref
79
8012 2,462
79
70
Apr 30
70 Feb
90 Jan
90
*83
90
90
*83
*85
90
United States Express_ _ 82 Feb 10 399 Mayl'i
*85
3614 Feb
64 Nov
84
8318 84
7
7
83 8 83 8 83
8212 8318 3,100 U S Realty & Improvem't 64 Feb 23 8512 Jan 7
4 Feb
1338
1514 Aug
*10
1312
1312 *10
1312 *10
U S Reduction & Refln'g 10 Mch12 33 J'ne 1
1312 *10
16 Feb
39 Aug
24 Feb 24
*29
*29
31
31
Do pref
33
29
33
400
29
173 Feb
4
3712 Aug
27 Feb 24 4212 J'no 4
4212 11,800 United States Rubber
4
3812 3914 3914 3914 391 4012 41
76 Feb 108 Dec
98 Jan 29 11714 J'ne 4
112 112 §112 112
Do 1st pre!
112 11438 11612 11714 8,060
42 Feb
7512 Nov
6712 Feb 25 85 J'ne 4
80
79
*71)
79
Do 2d pref
81
7918 80
85
5,800
253 Jan
4
4
683 Nov
4114 Feb 23 6938 J'ne 3
8
647 6558 6458 6714 6738 6938 6738 69 640.725 United States Steel
8712 Jan 11458 Nov
107 Feb 23 12838 J'ne 3
12014 122
Do pref
12212 1283 12534 128
12014 121
94,845
8
May
5112 517
5112 52
8
53
8 615 52
7,996 dUtah Copper_ _ _Par $10 $3918 Feb 20 $53 J'ne 7 v20 Jan 85234 Nov
52
5318
3
113 Feb
4534 Deo
4078 Feb 24
5038 5078 6034 5234 5214 5318 5214 5318 33.360 Virginia-Carolina Chem
114 Jan 19 120 J'ne 3 x87 Jan 116 Nov
11938 11938 120 120 *121 123
Do pref
320
119 119
68
43 Jan
68 Nov
66
66
*64
68 *6412 66
65
300 Virginia Iron Coal & Coke 57 Feb 23 330 J'ne 3
65
May26 3250 Feb 325 Nov
300 Jan 5
ells Fargo & Co
*320 350 *320 350 *315 350 *315 350
41 Feb
4
713 Nov
75
estexn Union Teleg- 64 Feb 24 7812 May 7
74
7412 3,525
7512 7514 7513 74
76
94 Nov
38 Mch
74 Feb 24 8618 Jan 4
8414 4,550 Westingh'seEl&Mfg ease
8334 8414 84
8312 84
5
83 8 84
no Mch 3 121 May24 58 Mch 125 Nov
Do 1st pref
100
121 121 *12012 124 *12012 122 *120 122

vot

MEMORIAL DAY

C

S

‘

BANKS AND TRUST COMPANIES-BANKERS! QUOTATIONS.
Banks • Bid
Brooklyn
Borough 11..
Broadway 11 63111Brooklyn
245
First
110
tillistdell.
home Bk11,. 105
•Homesteadl, 100
Manufacird 410
Mechanics, 240
140
Montauk
240
Nassau
290
Nat City

Ask
110
910
145
260
)30
120
125
250
146
270
310

Ask

Bid
Banks
Brooklyn
North Side
People'S-_ iRC"
Prosp'ctPkIl 150
Terminal 1190
JJnlonfl

160
14)
100

Trust Co's
N 1' City
310
Astor
Bankers' Ti 675
13•way Tr..- 140

325
700
145

180

Bid
N Y City
Carnegie __ 185
Central Tr.. 12700
Columbia.... 250
Commercial 145
Corn'wealth
Empire ___ 240
Equit'ble Tr 480
Farm Lo&T 1300
Fidelity _ _ 204
Fifth Av Tr 400
Fulton -__ 270

Trust Co's

Ask

Mist Co's
Guar'ty Tr..
195 Guardian Tr
tx705 Hudson
Knickerb'kr
141- Law T I&Tr
155 Lincoln Tr_
Manhattan470 Mercantile Metroportn
210 Morton Tr_
Mutual --Mut All'nce

Bid
690
158
170
320
24212
16212
370
726
550
450
120
120

Trust Co's Bid Ask
NY Life&Tr 1100 1120
N Y Trust.. 565 575
Standard Tr 325
5"1"(i
TitieGu& Tr 500
01124712 Tr Co of Am 375
400
16712 Union Trust 1275 1300
US Mtg &Tr 430 440
390
Unit States.. 1200 1215
760
410
Washington 375
150
Westchester 145
140
Windsor __ 135
127
130
Ask
725
166

Trust Co's

Bid

Ask

Brookyln
Brooklyn Tr
Citizens' -Flatbush -Franklin Hamilton
Home
Kings Co
1. Isl L & Tr
Nassau _ --People's
W lillamsb g

400
130
200
200
265
108
465
300
155
285
80

416
136
275

1136
100

share.
• Bid and asked_prices: no sales on this day. § Less than 100 shares. Ex-r ghts. New stock. c Ex-div. and rights. a Now quoted dollars per
I Sale at Stock Exchange or at auction this week. s Trust co. certificates. 11 Banks marked with a paragraph (11) arc State banks




New York Stock Exchange-Bond. Record, Friday, Weekly and Yearly

income and defaulted bonds.
Jan. 11909, the Exchange method of quoting bonds was changed, and prices are now Cl---"and interes1"-excepl for
BONDS
N. Y.STOCK EXCHANGE
WEEK ENDING JUNE 4

Price
Friday
June 4

Week's
Range or
Last Sale

T.!?,

Range
Since
January

BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING JUNE 4

.2

Price
Friday
June 4

Week's
Range or
Last Sale

,

kanoe
Since
January 2

High No Low High
Elia
Ask Low
Low High Cent of Ga ItR-(eon)
66
53
66 May'09
30 pret income g 58....p1945 Oct
73
101: 102%
70:
702 Sale 70: 19', 50 51
3(.1 pref income g5e stampet.
102: los
8914 Feb'08
Chan Inv put mon g 48.1951 id)
103% 103%
1047 J'ne'08
Mac & Nor Div let g 55.1949 J -J 105'.,
4
1001 102 18
Mid 14a & Atl Div 58. .1947 J -J 106% 1093 115 Nov'05
4
4
/
ll04 1101
4
/
110:
1101 May'09
Mobile Lily 181 g 55
1946
104 106
en 1111& II of bia col g 5s11)37 41•N 1.0414 107 104 12 MaY.09
119 14 I19 4
4
1 127 129
127% 128% 1274 1273
,
3ent of N J gong gold 5(9.1987
121
121
126 1273
4
127% 128 127', MarOti
Registered
101 1014
1104 1104 5 109 1104
Am Dock.& Imp gu 58. 198
4
. 921 • J 110
Le & Hutt R gen.gug 5s 1920 J.J
Foreign Govermnent
4
033 100
Leh & Wilks 13 Coal 58..1912 U.N 100', 101 LOU Apr'09
Imperial Japanese Governing
8
.
Con ezt guar 412s
gI910 Q-M 100% Sale 1003 100: 11 U97 10012
9412 74 90% 044
.
1925 F -A / 943 Sale 94
Sterling loan 41-2s
N Y& Long Br gen g4s 1941 11-9 IOU
32 89: 1 3'
4
1
J /
93%
1(125 .T-J I 93% Sale 93%
2(1 series 43-2s
atio Co
.,
,
88% 314 8.03 883 Cent Pawl° kiee So Pae
1931 J-J t 1.38: 813% 884
Sterling loan 4s
5 801 893
4
/
,
89
88: 89
Repub of Cuba 55 exten debt.. 11-S 1102:103: 103% 103% 25 101% 104: CentVerraont 1st gu 94,0,81920 QAT
Chas/8 Say see All Coast Line
94: 33 1192: 93
San Paulo(Brazil)5s trrects'19 J -J 149412 Sale (1114
8
101: 101: 4 101:1031
0.1911 A-0 101%
09', 9 07% 101 12 Cites & Ohio gold 98
99
99: 99
U s oi Mexico st g 5s of 1899
5 11414117
let consol g 5s
,
1939
n54115 4 115% 11114
25 924 'J5
05
.
(347 95
1954 J-D
Gold 4s of 1904
4
1134 114:
114:Feb'09
Registered
3/1.N
t 2' 8e-se are pr ices on the b all of $5 to 2.
Gen funding & impt 58 1192% J -J 101% sale 10112 10114 46 10114103',
9
State and City Securities
104% sale 104% 10478 44 104 10014
uenerai gold 4 4
4s.
)4110 Nov'08
1924 F- A 108:
Dist of Columbia 3-05s
105 105
105 Apr 09
Registered
te
11999922
S ......
105:Dee'04
90
Louisiana new CO1180148 1914 J -J
89: in
Big ;8ancly 1st 48
1944 J-D 894 897 89:Apr'09
8
New York City
4
1103
1040 .1-J
(Iraig Valley lot g 58
113 110 Maythi
1013 102:
4
8 Apr'09
.
45 temporary recta Nov 195SM.S 1013 102: 1023 4014 2' 101 4
90
90
90: 00 Jan '09
Potts Creek Br 1st 43 1946 J-J
1 103
1958 51-N 101% Sale 101%
4% Corporate stock
10 991410)114
11)', 100
& A LHv leteon g4, 1980 J.J
100
4
1.013 Dee 08 - •
51-N
(Pio assessment bonds _1918
96
90'. 964
4
/
961 Apr'09
20 coneolg 4s
J.J
5
8 1117 27 111 18 112:
8
'957 11-19 11 17 Sale 1113
New 4:8
.....
4
/
1131 Ket)'05
89 11-S 107%
9
104 1043
. 'Warm Spr Val let g 5s. 1941‘
10414 MaY'09
1017 11.N 1044
New 412s
1(5: 95 sty'08
Greenbrier IV 1st gu(44.s '40
,,
8Sale 111: 1.13 27 [111411214
1113
4'a% Corporate Stock _1957 M-N
80
78
/714 783 78:Mar09
4
1044 1044 1 104 10414 Chic & Alt RR ref g 38 1949 A-0
1917 ).4-1
412% assessnit bonds
73: 77
71
8
763 bale 76%
Beltway let lien 312.2 1950 J.J
1 1.01.: 103:
101: 102
1057 M-19 11)1'.,
4% Corporate 8tock
7'3
73
73 Feb'09
Registered
J-J
1124 Apr'09 . 1123 1123
4
4
112:
-Highway 48 1958 M-S
N Y State
.
110%
100 1003
1122
1024 Jan'00 .
10214102', Obie Burl& Q-Denv D4s 1959 F-A 101) salt 1004 .9,..v'09
1931; J -J 101
2s
So Carolina 44 20-40
, 10u
.
993 101.
100',
1958 M-S
951 953
4
2
. General 4s
953 Feb'09
4
953
settlemeut 38 1913 I•J
Tenn nevr
93
914,
91
Illinois Div Vos
91: 91%
91
J-J
01:slav'09
01
111: 93
94
J -J
Virginia fund deut 2-33-1991
1.1114 Lee'I./b
90%
4
451
0
1949 J-J
Registered.47
371 48
4
444 48
68 deferred Brown Bros ate. -,,
Is 101%1034
1949 J.J lul% bale 1013 101%
Ills Div 4s
105%106
4
1053 Apr
Iowa Div sink fund 51) 1911) A-0 105'4
Railroad
4
994 1.013
4
A-0 DUN 100 L., 1013 May'09
Sinkingfund 4a
A laoama Cent See So By
101 1 d 101',May'09
1011410214
,
1
1 99
Nebraska Extension 48 1)27
M1(11 See At Coast Line
.4611.11aba
1014101:
101 4 Mar'09
1927
Registered.
Hue
Albany& Sam See Del&
141) 10(13
4
8
14111)1 May'01.1
21
1927 11-S 1004
Southwestern Div Is
Allegheny Valley See POUR RI<
Joint bonds See Great North
Alleg & West Hee Butt 11 & P
M-N 102%102% 102% 102'-. 10 102 103:
Debenture 58.
854 4 84
4
851 873 854
,
87%
/41995 Q-J
Ann Arbor let g 45
4
/
4
/
4
/
91
lian & titJoseonsoltls 1911 41-5 1031 ben, 1031 1031 lc 1034 103%
6
1u07 Sate l00' 101 157 1004101:
4
-(long 46.1095
&telt Te8 S Ire
89 265 85
by
87
90
88,2
4
/
99 100% 011ie& It Illret & imy g 48 1955 J.J 128
1
99 4 1004, 1001 May'09
1995
Registered
129%137
131 137 May'09
1934 A-0
1st coaxal g tie.
04 sale 93: 544
92
1)5.4.
/41995 No
Adjustment g 45
4
/
1151 3a,.. 116 18 1158- 22 1.14:115%
General consul D458.1 3 1I-N
-1931
•
924 Feb'09. .. 924 924
81095 Nov
Registered
114 1141
4
/
114 May'09
41-N
15 0214 95:
1)4 Sale 93%
Itegbitered
94
81990 U-N
Stamped
114 115
437
93
By 1st581 6 J-J 11 4%114% 114 4 May'09
Chle &
4
/
1955 J-1) 114 %Sale 1091 11414 1918 102:1144
2
Cony g 45
115 136 - 105% 115
Chicago & Erie See Erie
1917 J-1) 111% Salt 111
10-year cony g 55
May'th,
127 129
8
Chic Ia & Louisv ref 6s...1047 J.3 1287 129 120
9,3: Mat'08
Debentures 4s Series11 1910 F-A 100
112:114%
0
1947 J.J 113 113: 112¼ me4' 9
.
963
Refunding gold fis
98:Nov104
1911 F-A
Series I
4
/
10241021
Louiev N A cfc Ch let de 1910 J.J 102 10214 1024 MaY'09
9812
,
9814 6 98 4 U81
1913 F•A
'3814
2
Series K
104%1054
10414 alar01.1
ChicMil&StPtoring5s 1914 J.J 104%
.
99
974 97% 973 May'09
97
East Okla Div 1st g 48 1928 M.
4
/
1041 104'-, 5 102:104%
,
34 1044
General g 4s series A..81989
8
953 951 '3514 4 04: 064
4
/
1058 -.1
Short Line 1st 48 g
103:Oct '08
101
e1989
Registered
ALI Knox & N See L 8s N
1
4
:123
914 91 niarou
01
General g 312s serieslt et5e9 -J
96% Sale 96: 96% 2' 944 973
4
Atlantic Coast 1st g 48.81952 1I-S
4
l09% 109%
109 110 1093 may14)1)
Chic & Su Div g 5s....1921 J.J
4
Charles & Say let g 7s 1939 J.J 1323
4
/
11214113',
112%113: 1131 mayg/9
Chie & Mo Rix Div 56_1926
Say 1'& W let gold 68 1934 A-0 128 128: 12314 3'ne'08
101,, ,May'09
101¼ 101's
,
J -J 1014
Chi° & Pao Div 68
114 114
114 May'09
let gold 58
1934 A-0 112:
1104, Liu: 21 101)1411014
1
921
19° J -J 110
Chio & P W 1st g 5s
8
.
1107 1107
,
110 8 May'011
.
Ala Mid let gu gold 58 1928 M-N 1103
105 L210574
8
1916 J -J 100 4106% 1057 Mar'09
Dak&Gt8og5e
1 064 1.101,
1)6
964
964
Bruns& W 1st gti g 48 ...I:Y.38 J-1
137:1gy'99
1924 J.J 121
Far & Sou seen 968
901, 4 89
00
9614
9018
91
o1952 M-N
L & N cell g 4s
10212 102:
10214 MaY'03
1910 J -J 1014
Haat & D Div 1st7s
97
1)7
07
97 Apr'09
Sit Sp Oca & (.4 gu g 4)) -.1918 .1•
Mar'ou
1U1 101
0
19
1st56
56_291 J -J 100:101 lul
Atlantic & Danv See South Its
,
109:Nov'08
J -J 108,
10
LaCrosse & 1) let
Austin do N W S'ec Sou Pacific
-,
101% May'09
11)114 101%
1910 J-J 1003
Mineral Point Div 5s
944 i 93
94 12
94 Sale 91
elt& Ohio priori g34
25.1925
1014
101'4 102
10114 May'09
1910 J.J
so Minn Div let66
93
92
93 May'09
93
Registered
41925
100% 100%
4
/
,,
1003 May'09
1909 J-J 1001
Southwest Div 1st6
101
28 100410114
4
Gold 4s
8.1948 A.-0 1003 Sale 100:
8
10:04 110
110 .nay'09
Mar'09
. Wis & Minn Div g 58. 1921 J-J 108,
99 1003
991 100'4
4
Registered
4.1948 (1- 1
.
4
4
S 1013 1013
4
104% 101%
Mil & Nu let M. 1, 9s., 1910 J-1) 1013
108
120 001 '01
Pitts June let gold 6s...1922 J
4
4
1 107%1073
4 1073
.
J-1) 101% Sale 1073
1810011501
1 88
89
89 sale 89
8914
PJ an& M Div let g 3121.1925 11-N
1.15,
4 116:
4May 09
0111C& Northw cons 78.-1913 Q-F 115 115:115 4
8
1915
933 25 93: 96
8
933 Sale 033.
P L E &NV Va Sys ref 451941 1L-N
101 101
1886-1926 F-A 100141.03 101. Alar'09
Exteueion 48
914 May'09
00% 91%
914
91
South w Div let g 34
4s...1925 J -J
10014 May'09
4
993 101
Registered
1886.1928 F-A 100:
91
31
8812
91 Apr'09
Registered
41925
8
921 •'it:, '32', 943
4
91% 92
91
9
87
192 41-N
General gold 31
28
8
1057 Feb'07
Motion Itiv 1st gu g 5s..1919 -A 104
8
1.131 03%
p1987 Q-F 90% 91: 934 Apr'119
Registered
1021
109 Apr'05
.:
Con Ohio It 1st eg4:s..11/30 11-S
,
111 ,
11112 May'08
Sinking feud (Is. .1879-1929 A-0
8
1101 113%
4
1134 May'09
Cl Lor & W con 1st g 5s 1933 A-0 1133
l09 l0l(3
4
4
1093 F014'09
Registered_ .,. .1879-1929 A-0 103)4
113:leeu'09
113:113'a
Ohio River RR 1st g 5s 1936 J -1) 113:
Sinking fund 5s-1879-1929 A-0 108:109: 108% 108% 2 108 100
1084112
1937 A-0 110:111 111:Feb'09
General gold 5s
105%
110%l[04
.
1103 Jan'09
1879-1029 A-0
110:14ar'04
Registered
.
1922 A-0 1104
Pitts Clev & ToE 1st
8
4
1909 .11-N 100%100% 100: 1005 12 i301 101
Debenture 58
08.8
08
98
U8 Apr'09
Pitte & West 1st g 4s 1017 J -J
100% 1003
8
8
100%3Slay'09
„i()03
1909
Registered
100 Nov'04
Stat 1st By 1st gag 4'as 1943 J-1)
108 1094
1921 A-0 108 1004 1094 May'00
Debenture 5s
Beech Creek See 4 0 ,Sb 11
103 J'ne'07
1921 A-0
Registeced
Bellev (lb Car See 1111uoisCont
I 1117
113
113
8113:
1933 M-N 113
Sinking fund deb 54
,
Bklyn 441 Montauk See Long 1
M-N 110 112:109 Ply'08
Registered
Bruns & West See Atl Coast L
101 19114
101 Apr'00
10
E33 M-8 100%
North Illinois let 5e
Buffalo N Y & Erie See Erie
4
0
1111 L & West let g 6s 1921 M-S 11 :11978 119: 11912 'i 11912 1193
8
116: 117%
Buffalo It & P gen g 58 1037 11-S 1163 117 117 May'09
09
113:115
Ext & Imp stand g 5e 1029 F -A 114:1147 115 Jan'
110 Dtar'09
109 110
1957 M-N 107
Consul 4 4,2s
14214 b't•14'02
8
Ashland Div let g 68_11125 M.S 123:
luU Jan'00
A-0 1003
100 100
All & West 1st g 46 gu 1998
4
1223 1234
1234 Apr'09
1924 J.J 122:
8
1151
Mich Div 1st g tis
103 Ply'08
Cl & .11ah 1st gu g 53- 1943
1.03: 10312
M-N 1024 10342 103:Islay'Mt
Incomes
4
118% 119
8
Reel,& Pitts 18t g 6s 11321 F-A 1183 1187 119 Aiar'09
,
1133 114:
4
9 1
4
/
-D 1214121: 1211 1214 7 11.814 121 12 Clilo Rock lel& Pa43 Us 1017 J • J 1133 114',, 114 Apr'00
1922 J
Consul let g 68
11v98187 J.J 112:114 112:Y11'08
Registered
Bullaio& Southwest See Erie
101
9914101',
J • J 100'. lul 100
General gold 4.1.
4
803 May'00
89
87: 00
Bull & Susg 1st ref g 4s.(111)51 J -.1
.
91/3 100',
9914100¼ 1004 Apr'00
1'388 J.J
Registered
Bur L; It N Nee C I P
8
, 111
(3214 I'll' 903 94
8
1934 A-0 921 bait
Refunding g 4e
10641.07
1013 J-J 106:106% 1064 May'01)
ion So 1st ext 6o
(
09
97 J'ly '04
Coll trust Series/I 4s 1910 M-N
14,1-6 1021 102 4 10214 May'09
102 103
4
4
11)13
..)12t1
97
07
it 97
97 Sale 97
J 48
1912 M-N
100% oluy'07
1913 u.S
Registered
114: 94:
94%
,
94 2 Mar'011
M
1915 M-N
4
Garb & Shawn S'ee Ill Cent
3
. .
4133 93
8
937
933 Feb'09
N 48.
0 17
1916 m-N
Carolina Cent Nee Scab Air L
95
95
.8I-N
934 in', :15
0 48
Carthage& Ad Nee10/811
1)2', 8614 84 Aug'07
1'4s
1016
Ced It la b'JON 8eeBCJlt&1
Si 177 75: 82:
,
80% Sal() 501
Chic R 1 & Pao .1111 4s '2002 M-N
Con 13rancn By See Mo Pac
65 Aug'08
2002 MN
Registered
11642 Feb'09
1.151411614
115%
Cent of Oa RR 1st g 5s..p1945
14312 32 87: 94'2
93% sale 113
li-S
Coll trust gold 5s
8
8
1945 11-N 111% Sale 110% 111% 40 1083 1113
Consul gold 15s
1913
Bur Ced 11/8 Northern......
113 Apr'06
Registered
58_2,1,4455 11-11
1945
115 117
4
A-0 113:1151 115 May'09
Cou let & col tr g 58-1934
'2
82
79
80
82
Oct v 81
let pret income g
120:blar'03
A-0
Registered
81
1 80
81
81
81
Stamped
111 Nov'03
924
(Ill lif&NW 1st gu 581931 A-0 108
72: 73
26 63
73
72:Sale
29 pret income g fus....p1945 Oct
M & -It L lst gu g 7s 1927 J-1)
60
70 May'09
73
74
72
2,1 et income v 5s stain ued

Lt.

S. 4:overeaten'
U 25 consul registered.d1930
U 328 consol coupon....41930 Q-J
k191.8 Q-1r
U S 38 registered
k1918 Q-F
U S 3s coupon
U S 1.3s reg small bonds k101.8 (z-F
U S 3s con small bonds k1918 Q-F
1925 Q- F
U S 48 registered
1025 Q-F
U S 43 coupon
US Pan Can 10-30 yr 2s.k1936 Q•N

High No
Bid
disk Lou'
1011410214 101: Feb'09
1024 May'09
101%
8Jan '09
10114 102: 1033
102 102: 1024 Apr'09. •
107 J'ne'02
4
/
1001 Nov'08
100
4
1183 1194 110: May'03
121
121 May'00
101 10112 101 illar'00

B

MISCELLANEt

&If) 81,-Coliliiiaued on ,v ex' rage.

treet Maihray
87 May'09
90
87
Met St fly gen eo1 It g 55 1997 F-A
102:108
10711 107:May'09
2002 A.0 57
58
57', May'09
Ret g 4s
8912 423 81: 89:
Sale 88
89
&Way& 71h Avila o g5s 11143 J-D 102%104 10414 May'09
10212 105
1034 103% 1034 May'09
100 May'00
Ool& 9th Av Ist gu g 55.1993 1I-S 100
994,1 9:1 12
9() 99: 9912 Mae09
Lox Av & P b'1stgug 5s 1903 11-S 100 190: 100 May')).
4
9 11903 106
103:Sale 103', 104
70 14 May0173
Third Ave RR con gu 482(100 J.J
1021,103
103 May'09
10212
70 Salt 694
10
Cent Tr Co certfs 8tmpd...
874
86
8714 May'00
8?',
110
109 112 110
Third Ave By let g 58 1937
88
85
'2
88
87% 884 tsti
9312 J'ly 'OC.
Mot W S (Chas)let g 46 1938 F-A
10 78: 84
83
83 Sale 8212
834
81
82
9-3',
8102', N Orl By & Lt gen 4125 _1935
1023
101%102% 102% Feb'09
98 Nov'08
If-N 101
St Jos By Lt & P leig
8
1013 lt)2
8
1017 Mar'011
4
/
1021
110:Novgh,
:it Paul eity Cab eon gLs 1113; J -J
9.5 J'ne'00
98 Apr'01.
118
Underground of Lon 5s. 1920 11-N
81: 85
84 Apr'00
84
1933 J.J
84
84% 85 May'01
4125
90
89
00 May'09
91
92
37:Sale 36%
374,
1948
Income 6s
81%
79 731) 76
783 Sale 7712
8
84 Oct 'ut
Union El(Chic) let g 53 1945
103% sale 103: 103% 304 14)3 104
75
76
72: 72: United 11.115 San Fr s f 48 1927 A-0
72
72:May09
85
85: 86 May'01,
United lip; St L let 94e1934
98 Ma.'06
......
4;Duo Aug oda() out p One
D11 .au &Duo 'ly
00 Jan th 1.)116 Apr d Due May
al)
"No price Friday; Latest ums weer.

8,treei itaii.vn.y
Brooklyn Rap '1'r g 5s
1945 A.0
refund cony g 48- 2002 J -J
let
13kCity 1st con 5s.1916 1041 J.J
Bk Q Co& Seen gu g 56 1941 M-N
13klyn Un El 1st g 4-53 1950 F-A
1950 F-A
Stamped guar 4.58
1949 F-A
Kings Co El let g 4s
1949 F-A
Stamped guar 45
1951 J -1
Nassau Bloc gu g 48
Conn By & L 11488 ref g 4:8'51 J -J
1951 J.J
Stamped guar 4:s
,
Den Con Tr Co let g 5s 1031
Dot United let con g 4:s 1939 J.J
Havana Bloc consol g 58 1952 F-A
IOU A-0
Inter-Met coll 4 128
litter Rap T S-yr cony 68.1011 kl-N
lnternat Trae colt tr 4s 1049 J.J
Manill Klee let & colt 58 1958 'A.




84: 88
8
633
59
103 105:
100 102',
100 10212
6512 71
54 6314 71:
BD 115:
25 18:34 834

Yi

118
98
4
734 85
37:
22

79%
28 7'2
94', 5'9
s ontion sans

1422
,
ISOND),
N.Y. STOCK EXCHANG E
WEER ENT/ING JLINE. 4

New York Bond iteoord-Continuecl--Page 2
1
-rice
Friday
June 4

We.ete's
Range or
Last Sale

Range
Since
January 1

130N1)83
N. Y. STOCK EXCHANGE
WEEK PINDINO JUNE 4

[VoL. Lxxxvux
Pr we
fi rdy
June 4

Wee,c's
Range or
Last Sale

itoS
Since
Januar,' 1

43k Low
/4 La
Biqa No Low
Chic Rock i & Pac-(Con)
Bid
Erio-(Can)
A sit Low
-11;on No Ii" PI
1041
4
102 Aug'08
Choc Ok & G gen g Os.o1919 J
N 3( Sus de.:: IN let ref 63 1937 J -J 1047
.108 10514 May-011
1051 10711
/
4
,11•N 111 112 111 Apr'09
1952 1
Consol gold 58
. 111
2s
20 gold 41
1937 F-A
1001 liee'00
4
/
4
A-0 .1051106 106 Mar'09
Kook & Des .1.1 1st
103 105
General gold 58
90
94
1940 F-A
110 May'09
92
90
Chic st L & N 0 Bee IllGent
Terminal let gold 53 1943 81-N 114
1141 Deo '1);,/
/
4
Chic St L & Pitta Bee Penn 04
Regis *5,00t)each 1943 M-N
129%1301 129% 129%
/
4
Chic St P H & 0 con 63 1930 J
129%1307
.
Mid RItorN J letg6s 1910 A-0
13)1', May'01'
11)1 19702',
93 Dec'03
Cons Os reduced to 3123 193(, -I) 9312
Wilk & Ea 1st gu g 5s 194') J-1) 103 %
103 4 May'09
,
4
101 1033
Ch St P & Minn 1st g 6s 19E MN 129 12
12919 May'09
,
02914 129%
& Ind 1st con gu g 83 1920 J
112
115 Alay'U,
103)19115
128 12
129% May'01,
Nor Wisconsin 1st 6s 1930 J
129%1293 Erie & Pitts Bee Penn Co
.
.
St P 83 6 City let g 6s 1919 A-0 1161 117 11519 May'09
1153 11.9
,
Evans 'I' 11 1st cons 68 1921 J- J 114
115 May'09
1133 115
8
/
4
Chic& WestInd gen g 6s ql932 O.:11 111%1121 11212 Apr'09
112 112%
.
1st general gold Si
1942 A-0 1031
11.3 May'011
103 10412
95%
013
1)56 19 1)53 98
1952
,
COD80150-y,ear 4s
.
Mt Vernon 1st gold0 1923 A-0 108
114 A in '05
Chic & W Mien. Bee Pere Mare
Sufi Co Branch 1st g 53 1930 A-0 06%
95 J'ue'Oe
Ghee()& Gulf See 0 It I & P
LiNirgo & So See
P
99
113 Oct '00
Giu H & 1) 2d gold 412s 11/37 J J
L lint& Pere Al See Pere 3lai
107
103 Mar'09
Oin 1.) & I let gu g 6s 1941
.95..108 Fla & Penin Bee Sea Air Line
80
.Find 83 Ft W Ditgu 4s g.'23 M-N
Fort St U D Co 1st g 4123.1041 J-J
105 Mar'9r
84
70 Aug-08
Cin I & W 1st gu g 43.1953 J •1
11514
115; 11512
rt w ce, Den 0 lat g 63 1921 J
i 115', 1171
/
4
9612Jan'09
Ind Dec 83 W 1st g 5s 1935 J -J 105
98% 96% Ft W & Rio Gr lat g 4s 1028 J-J
873 87% 573 May'ul,
4
4
85
58
107% Dec'02
1935 J -J
1st guar gold 53
4 lel Har & SA See So Pac
CIlitL&O Bee (.) e & St I.
A-0
- 100
99 Apr'09
L.Tal & Hof 1882 let 53.1913
99
119
CinS&C SeeCCOStL
Georgia & Ala See Sea A Lint.
Clearfield & Mali See B B &
(4a Car & Nor See Sea A Line
974 98% 98
98
4 97% 987 01e
Clev Cin C & st L gen g 4s 1093 J
. -orris Pacific Bee So ity
97
97 May'09
Cairo Div 1st gold 48-.1039 J -J
95% 1/7
Gila V G & N
-or See So Pan Cc
94
/
4
911 May'09
Oin W & M Div 1st g 43.1991 J -J
04
96
(bony & Oswegat See N Y Cent
,
961
96% May'01
St L Div 1st col tr g4e 1990 11-N
05% 97% Grand Rap& Ind See Penn ItE
01 Oc:'07
1904) 11-N
Registered
......
Gray's Pt Term See St L S W
146
92 Feb-Os
Syr & Col Div let g 49 1940 41-S
4
9814 161 97; 9914
98 Hale 973
Gt Nor
-C B&Q coll tr 43 1921 J.J
95
98 Sep '00
W W Val Div let g43 1944) J •I
973 11 97; 90
,
9712 $ale
U78,
Registered.A
1921 (4..)
63-192.0 Vi•N 10519
106 Apr'0:4
106 106
o 1St L 83 C consol
Greenbrier By See Cites & 0
5 May'09
98% 987 987
k1936
1st gold 4s
98% 98% Gulf&SIlstre18,:tgos 51952 J-1
96 Oct '095 100
97 Oct '08
98
k1936
Registered
an & St Jo b'ee C13 (.4
109%112 1001 May'09
.
Cm S& 01 eon Dit g 58..1928
1091 109%
/
4
ousatonie See NINH&B
114 4 Sep 'WS
1914 J -D 106
00 & I °onset 7s
, 2 104. 109
.
4
Ilock Val letoonsolg41213 11191) J -J 10512 1053 l053 1053
Coneol sink fund Is... 1914 I -I)
10012Sep
Registered
191111 1-1
128% 129% 130 Nov108
General consol gold 63 1934 J -J
98% 983
,
Col & li V lst ext g 4s 1948 A-C
983 'MaY4
903
8
'00
1934 J -J
Registered
4
Cal & Tol let ex 48
119', 11919 1/1/1 N'eu'01.
97
911%
195 F- A
94 J'ly
Ind B1 & W let pref 41) 1940 A-0 97 101
Roust E
W Tex Bee So Par
0 Ind & W 1st pf 5a...81038
........
linnet& Tex Con See
06
96
97
96
Peo & East 1st con 4s 1940
98
964, llinois Central letgSo Pac Co J -J 104%
103%104
104 Apr'0:
43 1951
52 Sale 50
52
1090 Apr
Income 4a
40
56
L Registered
10711
/
4
1951 J-J 101
Clev & Marietta See Penn RE
1ig i 4s 42.
let ref 3
8
4 10014 41 93919 101',
4
1958 M.N 1001 sale 1001
Clev &"eats Bee Penn Co
933 Dec'Oz!
8
94%
1051 J -J
833 Sale 833
.
843 15 80
4
4
1947 J .1
Col Midland 1st g 4s
013 A ug'08
4
8719
91%
Registered
1951 1-.7
973 Sale 973
4
977t 11 971 90
4
Colorada & Son let g48 1929 F -A
4
Extended let g 3123
4
/
4
931 Mayqh,
( 943
1951 A-0
99% Sale 99%
911% 21) 963 11/01
0
Refund & ext 41
1936 M-N
. . 1st gold 3s sterling
70 4 .1,i '4)3
1951 M-8
Colum & Greenv Bee So By
(loll 1.srust gold 48
1001 102
/
4
1952 A-0 1011 12100% 102 May'09
Cot & Hock Val See Hoek Val
Registered
98 51 ay'0',
105`) A-()
Col & Tot See Hack Val
L X 0& Tex gold 43 ...1953 11-0( 11/9%
100% 100% 7 09 101%
.
Col Conn & Term Bee N & W
Registered
1953 31-N
97 Many,
Conn 83 Pas Rive let g 48.1943 A•
Cairo Bridge gold 4s
11)5 .i -0 90% WON 100 Apr'09
5U
*1;61 9166..
1
96 Jan'09
t37'9
Cuba RR let 50-yr 5 g
1952 J - J
95
95
LouisvDiv&Terin g312.3 1953 J.4
92
VOS 90% 1/0; 90; 1 90
ak&GtSo dee C AI 83 St P
Middle Div rag 68
123. May'91
,
1021 F-A 105
allas 83 Waco See 31 IC &
F-A
79
79% 79 Apr'01,
Omaha Div lat g 3s
1961
79
79
Del Lack & Western
St Louls•Div&term g3s 1951 1.4
79
711 14 Doc'08
8
.
/
4
Morris& Essex 1st78 1914 M-N 1137 1141 1137 May'01,
1137
.114%
77
Registered
1951 J-J
let°onset gnarls
1915 -1) 116% 116% 110% 116%
*.: 116 2117%
,
5.1
89% 90% 90;Dee'06
•
Gold 3iss
1951
116%
Registered.
• 127 J'ne'05
1915 J
881 887 101;Oct '99
Registered
4
1051 J -J
51
4
114
903 961 At at'Oil
4
2000 1-0
1st ref gu g K
93% 961
128
. Spring Div 1st g 312s 1951 J -J
89%
100 Nov'00 •
119% May'09
8
N Y Lack &W let 6e 1021 J -J 11113
1111%121
Western Lineeletg 43 1951 F-A 1003
4
1003 May'll9 • • 100 4 100%
4
.
.
/
4
A 110%1107 1101 May'09
1923
Construction 55
112 1123
8
Bellev & Car let 63
121 lob 109 • 1929 J-D 119
121 121
10019102 0003 May'09
4
1923
Term & improve 4s
1)9% 100%
97
Oar b & Shaw let g 4s 1032 MMar'09 •- 98
98
102 Feb'09
94
Warren let ref gug 3128 2000 F-A
Chia St L& N 0 g 5s 1051 .1-1) 119 10120 1111% May'09 • - • 1183 119%
.
12018 May'09
Del .11, Hutt 1st Pa Div 78 1917 ii-s 120.
/201.122
J-D 117
itegietered
119 Pen'01/
111) 119 '
1411 aug'ul
11117 M•S
Registered
Gold 3128
92
91/ IfelP09 •--• 00
195
51 -1) 111/
90
4
4
1943 M-N 14)21 102% 1023 14E3
le 101 id I
let &ref 48
memph Div 1st g 43. .1951 J-D
100 Mar'01)8 12
/
4
/
4
1916 1-n 1051 Sale 104 12 1031 12 100 1073
10-yr cony deb 48
. St L Sou let gu g 4s
1/8 J'ly
1931 11-S
103/ Male 103
1
4
10319 14 103 10312 Ind 131 & West See CC C& St 1,
1922 J -J
1st lien equip g 4 128
105
1946 A-0 105 Sale 103
21 97 107
Alb & Sus cony 3123
Ind III 83 Ia liit g 4s
98 May'01
98
1950 5-1
1/4.1
98
129 Nov-08
Rens & Saratoga 1st 7)4 1921 M-N 127
110; 111;309'09
lut ad tireat Nor let g 68..1919 M-N
110 112
Del Riv RR Bridge See Pa 119
10019 May'01)
gold
1909 M-S ll/t)
85 100%
9714 Sale 971
/
4
97% 17 943
Deny & It Grist con g 48 1936 1-1
M-S
98%
50 zasy,
09
32dd
47'2 Si)
4538
50
1921
00
103
1936 J -J .103 106 14)3
10 103 10(3
Consol gold 412s
Iowa Central 1st gold 53 1038 -1) 10318112 109
109
/
4
.1111
1087
Improvement gold 58 11128 J -I) 103 104% 103 May1)0 .... 1013 1031
. /
4
,
Gold 4s
79% Sale 79h
79; 1() 783 82
94 Sale
1'33
4
0, 144 92% 1153 fa al A it G it Bee 1,S&1051
/
1
4
1055 F- A
1st & refunding 68
8 ,
Ai .*,
1,3 Ireb'ue
108%
Rio Gr J two let gu g 53 1939 J -D
Ukan & Mich. See Tel & 0 C
783 80 Apr'01:
.
Rio gr So 1st gold 43.-1940 J - J
80
80
K C Ft S & Ai See St I,& S F
83 Mar'08
1940 J -J
Guaranteed
h:C&MR&B SeeStL&SIC
1/6 1 97% 9614
4
J -J
96% 6 95 1001 lien C & Pacific See M K
Rio Or West 1st g
&1
87
8519 May'09
Mge and col trust 43.4.1949 A.0
83
87
743
. 75
Kan City Sou let gold 33..11)50 A-0 743 Sale
4
:3 723 761
4
4
97 Jan'02
95
Utah Cent lstgu g 4s 41917 A-0
0,3 °et '00
Registered
A-0
Des Moi& Ft D !see & St
Kentucky Cent Bee L & N
195°
110 Sep '04
Des Mo! Un By let g 53 1917 M-N 105
Kook & Des Mo Bee C R I&P
95
93
93
Dot & Mack 1st lien g 4s 1995 -1) 93
2 93
95
Knoxville & Ohio See Se By
90
88 Apr'09
1995 •L 88
Gold 48
88
110
I la,ke Erie & W 1st g5s..11137 J-J 114% Sale 11419 114%
4 112%114%
Detroit Southern
107
La 20 gold 58
J 107 Sale 107
107 109%
1941
SI
83% 81 May'01)
M-8
4
Ohio Sou Div 1st g 48 1041
80
82
North Ohio 1st gu g 58 11)45 A.0 113 114% 1133 Apr'119
/
4
11212 1141
113 116
Dul & Iron Range let 58 1937 A-O 113 113% 113 May'01
L Silo & Mich 8 Bee N Y Cent
101319 Mar'ob
Registered
1937
1081, May'09
.
4
I 1073 1081
Lou Val N Y lat gu g 4128.11)40 .
106%108'4
J -J
1910
2t1 43+3
......
Registered
1940 J .J 105 108 108 0ci,
Dul Short Line See Nor Pao
97
Lehigh Val(Pa)cons 54s.2003 M-B
98
97% 9712 1/7 12 May 01/
11012 Feb'09
Dal So Shore & At! g 53 1931 J -J 112
1101911019 Loll V Ter By 1st gu g 56 1941 A-0
4
11014 1183
118 117 May'01'
Vast ot Minn See StP & 31
109;vet '91.
Registered
1941 A-0
.I.2ast Ten Va 83 Ga See So Ity
107 122'1y
Lou V Coal Co let gug 53 1033 J -J 11111%
115 115% 115 May'01
Elgin Jo!83 East 1st g 58 1941
11214115
96 Apr'011
Leh & .N Y 1st guar g 43 1045 M-S
943
1)6%
9619
Elm Cort & No b'ee Leh& N I
Registered
1945 SI-S
9012 May'08
1947 M-1‘ 100%
Erie let ext gold 43
/6
113' Jan 4
F.10 & N let pr Os
1914 A-0 102%
M-S 106%
1063 106%
.
19114
2d ext gol 58
4Jan '06
1001
Gold guar be
10519106%
1014 A-() 101%
103 104% 10419 Apr'UV • -• 104% 10412 Leh & Hud R See
1923
3d eat gold 4129
.
Cent of N J
1061 May'09
4
106 1061 Leh 8, Wilicesb See Cent of N J
4th ext gold 5a
1920 A-0 103%
/
4
97 Jan -OP -• ))7
J-1) 97%
5th ext gold 48
1928
97
Leroy & Caney Val See Mo P
/
4
1st consol gold Is
192() 11-S 124% 125 1241 May'09 -• 12219124% Long Dock See Erie
121 Oct '09
1st consol g fund Is
192() M-S 12112
Long Island
1.10 12 Sale 90%
904 11 85
Erie 1st con g 4s prior 1990
91
1st con g bs
111% 1123 111 Jan'09
110 111
4
h1031
391 8619
4
Registered
86% 86%
1996 J -J
let consol gold 48
973
4
/411.131
78% Sale 78%
'ill% 26 69% 80
1st censel gen lien g 4s 19116 J-J
97 May'09
General gold 48
971 98
/
4
96
07
1938
78% 85% Feb'07
Registered
1990 J -J
100;Ape°,
Ferry gold 4123
100% 100%
1922
89
Si) Sale 130
Penn coil tr g 45
7 761 89/
1051 F-A
/
4
99;Oct'06
1
4
Gold 4s
97
1932
85%
991, 9019 May'01
-year cony 4s A
86
60
1953 A-0 86
851, 117 63
86
Unified gold 4s
96
1049
06%
75
761 302 57% 7612
do
/
4
Series B 1953 A-0 76 Sale
104; Deu'Ut.
Debenture gout 5s
105%
11/34
115 Xiar'09
Buff N Y& Erie let 73 1916 J-1) 116
115 115
h May09
Guar ref gold 45.
11918
1049
97; 99%
116;Apt'09
Ohio & Erie let gold 513 1982 M-N 117
115%117
Bklyn & Mont 1st g 68-1911
103
121 Dec'Ub
Clev & Mahon Val g 58 1936 J -J 110
101% Dee'08
let56
101
1911
126
127
Long Dock consol g 63 1935 A.-0 127
1 126 128%
1101 Nov'00
N YB&MiSlstcongSel93b
/
4
.105%
1141 5 112%120
/
4
Coal83 RR 1st cur gu 66 1922
114 114% 114
105 Apr'07
100
NY&RBletg5s
1927
110 Apr'09
Dock & Imp 1st cur 66 1913 J-.1
1011 110
109 Nov4)6
Nor ShB lsteon ggu6so1932
108 Mar'09. • 108 108
N Y & Green L g g 53 1946 MN
-u
• 90
Louisiana & Ark let g 58.19'27 M-S
97% 99 May'01)
148
99
511SCELLANE1
BONDS
-Continued on Next Page.

H

D

Gas and Electric Light
Gas and Electric Light
Atlanta(4 L Co let g 53...1047 J
1011
/
4
NYGELII&P g 513...1948 -I) 103% Sale 1031 1031
/
4
/
4
Bklyn U Gas let con g 58 1045 tA-N 108 110 108 May'09
103 108
Purchase money g 48...11/49 F-A
85% Sale 85%
85%
tiulialo Gas 1st g 56
75
70%
701
/
4
1947 A-0 71
Ed El III 1st-cony g 53..1910 M-8 100% 1003 100% May'01)
60
701,
4
Detroit City Gas g5fs
/
4
1923 .1-J 101%1021 101% 1011
/
4
100%1021
consol gold 53
1st
111
1995 1-4 111 112 111
4
Del Gas Co con 1st g 5s 1918 F -A 190 102
9519 Sep '08
......
NY&QEl L&P 18t con g 531030 F-A
98% May'09
97%
EqOLBIletcon g 5s 1932 M-8
,
96 blank
.....
X Y & Rich Gasist g 5s.1921 M-N
100 100 Dee'Oe
Gas& Elee Berg Co c g5s 1941/ J-1)
6119 Oct '01
Pat & Paa & E con g 58.10411 M•
104% Nov'05
Gen Electric deb g 3123 1942 le-A
81 May'09
80%
Peo Gas & C 1st con g 6s 1942 A-0 120%123 121 May-09
.140
84
10-yr g deb 51.
147
1917 J-D 1443 Sale 145
85 136 147
Refunding gold 5s
1947 M-S 103 104 103% 103
4
Gr Rap G L CO 1st g 5e 1015 F-A
100 1074 Dee'00
CliG.L.Y., Cite latga g Ss 1937 J -J 101 sale 104
104
Hudson Co Gas 1st g 58_1949 M-N 105%
102 J'ly'OS
Ind Nat Gas dl Oil 30-yr 53'30 SI-N
94 Sa1e 94
94%
Kan City(Mo)Gas lst g 58 1922 A-0 96
100 May'09
100 101)
Con G Coot Cli lstgu g 53.'36 J -D 11)2 1 103 102 May'01)
.
Kings Co El Lit,P g 53 1937 A-0
Mu Fuel Gas 1st gu g 53.1947 M-N 101
101 Nov'08
Purchase money 65
1997 A-0 117 110 118 May'09
110 115
Syracuse Lighting 1st g 53.'51 -I) 93
Ed E11113ku letcon g 4E11939 J -J
88 Sep 'Os
88
Trenton 0& El 1st g 6s 10411 M-8
110 may'05
Lac Gas LotSt List g 58.441910
104
10-1
104%
1023 105
4
Union Elee L& P Istg5s 11132 II-13 100 102
1)0 Jan'08
Ref and ext let g511
100
1034 A-0 100 100 100
,
100 13)11, Utica El L& P let s g 63 1950 -1 102
Milwaukee Gas L let 48 1927 M-N
02
92 Sale 92
'25 92
1.121 Westchester Liglitig v 53 11150 J-0 103%
/
4
102% Mar'09
.No price Friday; latest bid and asked this week. .oue ,
an seine ceti 4Lae apr tIDue .157 a. Otte J-ly ic Due Aug o Das Out q Due
D00




8 10012103'.
831 8E3
/
4
2
10019100%
1 110 111
97
98%
119 121
102%103%
12 103 104%
s
4
15 863 947
10119103
.....
...... ••••••

10219102'.
JUDtion11410'r

New York Bond

JUNE 5 1909.1
BONDS
N. Y. STOCK EXCHANGE
Witick ENDING jUNE 4

°
-.
‘
g
.

...Q.

Price
Friday
June 4

Record Continudd-Page 3
-

Week's
Range
.kange or 2.
.
Since
Last Bale -,-;".. January 1

u? 4 1.00?901.
.”1.770790:4770777WW2.,70900A7,
* lLit
A
.).4- a>,-..;
s.,,,
P '
,
,
it(54- 45
. 12di
,,

Ilia
Ash Low
.High No bow High
Lonisy & Neatly gen g 68 1930 J -D
1161 1161 1101 1 11512 1171
/
4
/
4
/
4
/
4
Gold 5s
1937 M-N 11612
117 May'09 .. 110 117
Unified gold 48
1940 J.J 1001 Sale 1001 1011 0 1001 1021'4
/
4
/
/
4
4
/
4
Registered
1940 J.J
100 May'00 . 100 1001
991
/
4
/
4
Sink fund gold 6s
1910 AM 102
106 .1'114)108
/
4
1931 M-N 1101
Coll trust gold 5s
110 May'09
108% 1101
/
2
E H & Nash let a 6s
1919 J -D 1111
111 Jan'09 .... 111 111
/
4
L Cln 84 Lox gold 412s 1931 M-N 1071.... 1071May'09 .... 10741073i
/
4
/
4
/
1
N 0& M let gold 68
1930 J -J 1253
4
May'09
12515
l243 125 ',.
4
N 0 & M 26 gold Os
1930 J -J 119
120 Jan'00 ... 120 120
Pensacola Div gold.68-1920 M-S
1071 Ang'06
/
4
St L Div lat gold 6s
1921 M-S 1141
/
4
117 Mar07
26 gold 38
1980 M.S 71
'71 May'09 .... 71
75
71
AU Knox & Cm dm 48-1955 6/1-N
961 961 May'09
/
4
/
4
95
961
/
4
St Law & Adir let g 58 1996
A ti Knox & Nor 1st g 58190 .1 -0 1133 116 116 J'ly'06 ....
4
26 gold 68
199d
Blender Bage 1sts tg 66.1931 M-S
110 Jan '09
110 110
Utica & Blk Riv gu g 48 1922
Kentucky Cent gold 48 1987 J-J
98 991 071 97% 4 96
/
4
/
4
98%
Lake Shore gold 312E4.-1997
L&N & M & M lst g 41
81945 M-I3 105
103 Deo'08 ...
/
4
---Registered
10971
L& N-Sonth M. joint 48.1962 J -,J
/
2
903 901 901 1 88 911
/
4
90
4
/
4
Debenture g 48
1928
N Fla & 8 1st gu g 5s 1037 F•A 1121
/
4113 114% May'09 .... 114% 1151
/
4
25-year g 48
1931
N&C Bdge gen gu g 412s 1945 J -J 1051 1061
/
4
/
4
KaA&G R 1stguo58 1938
Pens & AU 1st gu g Os 1921 Ir- A 1087
/
4
1091 Aisv'09
109 1091
4
/
2
Mahon 0'1 RR lst 56 1934
S & N Ala con gu g 58_1936 F-A 114 1141 1151 Feb'09 .... 1121 115 12
/
2
/
4
/
4
Pitts & L Erie 26 g 55.a1928
9512May'011
1.. & Jell B6ge Co gu g4s 1945 M'S
94
951
/
2
Pitts hicK& Y 1st gn 613 1932
LNA&CIL beeCI&L
26 guar 68
1934
N1 alion Coal Sea L S & M S
MoKees& B V 1stg 6s 1918
/
1
921
/ 994 4 921 100
2
/
2
99½100
0i an hattan Ey consol 48 14)90 A-0
Mich Cent 1st consol 68 1909
104 Apr'05 ....
Iteeistered
19911 AM
55
1931
/
4
/
4
/
4
/
4100% i
Stmpd tax exempt-1990 A-0 1001 Sale 1001 1001 10 991
Registered
1931
hicK'pt & 11 V. See N it Cent
4s
1940
89 May'09 .... 82
89
Nies Cent cons g 48 trust rects .... 89
Registered
1940
281 May'09.... 211 281
/
4
30
/
4
/
4
let cons Inc g 3s trust recta .... 27
20-yr deb 48 J P
1920
/
2
251 Apr'09 .... 20% 251 jI., & S 1st g 31 M rec 1951
27
/
4
26 cons Inc g 38 trust sees.. .... 24
/
4
s
/
1
904rly'01 ...
hies Internet 1st con g 48.1977 11.8
1st g 3128
1962
80 Feb'08
1977 hi-8
Stamped guaranteed
Bat C & Stur 1stgu g 38.19811
1001May'09 ....i00¼ 101
/
4
1910 J -D
hies North let gold 38
N Y Chic& St List g 45 1937
Mich Cent See N Y Cent
Registered
1937
Mid ot N J See Erie
Debentures 43
1931
Mil L S & W See Chic & NW
West Shore 1st 4s gu 2361
North Bee Ch hi 31, St 1'
MU &
Registered
2861
/
2
1331 Feb'09 .... 1331
/
4
/
21331 N Y & Greenw Lake Bee .Ent
Minn & St L 1st gold 78-1927 J.1) 1321
/
4
118 Jan'07.
Pacific Ex lat gold 6s 1921 A-0 105
N Y & liar Bee N Y 0.5 }Ind
101% May'09 ...• 101% 103's N Y Lack & W BeeDL&W
West Ex let g 78 1910 J-0
South
1939 51-N 1011 110 110 Apr'09 .-. 109 1111 N Y L E & W Bee Erie
1st corm'gold 6a
/
4
86
851 804 47 841 871 NY&LongEr seeCentorNJ
/
4
1st and refund gold 48_19411 M'S
/
4
/
4
90
97 Apr'06.
Des 51 & Ft I) let gu 45-'35 J.J
N Y N /I & ii
-Cony 68-1948
Minn & St L go, See BC It doN
Cony deben 31
/
4
8
1950
991
/
4
hi StP& SS Di con g 4intgu'38 J.J
993 May'09 •
99 100
Housatonic R con g 55 1937
IIISSM&A Ditg4intgu 1926 J.J
99 Mar'09 .... 99
99
N H& Derby con cy 56 1918
hiinn U n Bee St P LI 84B1
N Y & North 8438 Y C & H
/
4
&to Kan & Tex 1st g 48 1990 J-D 100 Sale 991 100
'22 984100/ N Y 0& W ref lstN 48-91992
/
1
1
4
g
91990 F-A
/
4
871 88
871 871 6 863 883
/
4
26 gold 4s
/
4
4
4
Regis 85,000 only
91992
1944 M•N *
11181 10712 hisy'01) .-. 1041 1091 NY & Put Bee N Y
1st ext gold 6s
/
4
/
4
/
4
05 H
2004 M.8 86 Sale 86
lst & refund 45
8111 40 834 871 N Y & R B Bee Long Island
/
4
/
1
/
4
/
4
ill Sate 91
Gen el 41
1936 J -J
8
1/11 ili 901 939 N Y 8& W See Erie
/
4
4
5
2001 AM
881 88 Apr'09 .... 88 891 N Y 'Tex 8,1 bi Bee So
St L Div let ref g 4s
/
4
/
4
Pao Co
Dal & Wit let gu g 5s 1940 M-N 1051,1091, 1091 Mar'09 .... [091,110
/
4
Nor & South lat g ba
1941
Kan 0.5 Pao let g 45.-1990 F-A
98 Apr'09
93 93
Nort & West gen g 68
1931
Belo K 84 II. 1st gu g bs 1942 A•0 114 Sale 114
114
6 113 1141
/ Improvenet & ext g 68 1934
4
1942 M-3 111
111
H K& Ok let gu 55
12 108 112
111
New River let g 68
1932
hi K & T ot T 1st gu g 56 1942 M-S 107 1081 10914 May'09 ..... 106 110
/
4
N & W Ry let con g 48 1996
Sher Sh,S bo let gu g 58 1943 j.0
1101 110¼ Apr'01..... 1101 1101
/
4
/
4
/
4
Registered
1996
Tex& Okla 1st gu g5s 1114:3 S1-8 109 1091 109 May'09 .... 108 1111
4
/
4
Div'l lstl& gen g 48 1944
do Pacific let con g 611
/
4
1920 li•N
1141 116 May'09 .... 1131 116
/
4
10-25 year cony 4s
1932
Trust gold 5s stamped.a1917 M.8 1013 102 102 May'09 .... 1001 10'21
4
/
4
/
4
Pocali C & C joint 48 1941
Registered
a1917 31-S
1041 ,
/ 1 011'07 .... ...
4
CC& T lat lin g 58
1922
let colt gold 6s
/
1
4
1920 F-A 102 103 103 May'09 .... 161 103%
Selo V.5' N L let gu g
40-year gold loan 48
834 71 78% 851 North Illinois Bee Chi4s 1989
/
1
/
4
1945 M.S 831 Sale 82%
/
4
9014
961 1 Wils 961 North Ohio Bee L Erie& N W
36 7s extd at 4%
/
4
1938 M-N
1151/4
/
4
84 W
Cent Br Ry let gu g 48 1919 P.A 93 941 93 May'09 .... 89
/
2
95
Nor Pao-Prior lien g 48 1997
Con Branch ILI P 1st g48 194/•• J-D
89 Mar'Ou
91
89
Registered
1997
Leroy&OVA Llstg 58 1920 J.J
110 blar'05
General lien gold 3s....a2047
Pao B,of hio let ex g 48.1938 lf-A 1001
1001 Mar'011
/
4
/
4
994 1001
/
4
Registered
a2047
26 extended gold 5s 11138 J -J '"
113 May'09
St Paul-Dul Div g 4s. _1996
1121,1131,
StLIrM&Sgen will;581931 A-0 1111 Sale 1111 1111 I 1.11 112
/
4
/
4
/
4
Dul Short L 1st gu 68-1918
Gen con stamp gtd g 58 1931 A-0 111 1111 1101 May'09 ..., 1101 1111
/
4
/
4
/
4
/
4
C B& Q con tr 48 See Gt Nor
Unified & ref gold 48 1929 J -J
891 89 86
90
/
4
211½
90%
St P.5 N P gen g 6e....1923
Rix 84 ti Div list g 48 1933 M-N
/
4
901 901 901 90% Li 881 91
/
4
/
4
/
4
Registered certific's..1923
107 2 Apr'06.
2
Verdi VI & W let g 68 1926 M-S
St Paul & Dul 1st bs....1931
hiobJ .5K 01st cons g56 1953 J -.I
118 Dec'06
265s
1917
/
4
Hob & Ohio new gold 68_1927 JD 1221
1223 May'00
4
let consol gold 4s
1191,126
1968
1st extension gold Us../i1927 Q-J 117 1181 118 May'Ou .... 117 118
/
4
Wash Cent let g4a
1948
91 May'Ots .... 861 91
General gold 45 ..__193b M-S *ul
.
/
4
Nor Pao Ter Co let g 64
hiontgom Div let g5s 194'7 F-A 112% 113 1123 May'01/ .... 11212 112% Nor Ry Cal See So Pao 1933
4
85
75 blay'08
St L & Cairo colt g 48-81930 Q-F
....
Nor Wis See0St P M & 0
101 Nov'04 .... ......
410
Guaranteed g 48
1931 J-J
Nor & Mont Bee N Y Cent
hi & 0 coil 4s See Southern
i I Ind& W BeeOCC&StL
hiohawk & Mal tieeN Y C& H
VW° ltrY RR See Balt(lb 0
Monongahela Ely See B &0
."' Ore & Cal Bea So Pao Co
Mont Cent Bee St P M& hi
Oro Short Line Bee Un Pao
Olorgan's La & T Bee S P Co
Oswego & Rome Bee N Y C
Morris 84 Essex See Del I.& W
0 C F & St P Bee C & N \V
/
4
/
4
. 1111 1111May'09 .... 1111
Rah Chat & St 1,lst 78.19113 J -J
/
41121 Vac Coast 001st g 5s
/
4
/
4
1928 A-0 1131 1131 1131 May'08 ... 1131 1131 i ao of Missouri See Mo 1946
/
4
/
4
1.1 lat consol gold 6s
/
4
/
4
Pao
1211 1161 hitty'O'i .... ......
/
4
/
4
Jasper Branch let g 68 1923 J -J
Penn Elt, let real eel g 48 1923
4
1171 Mar'05 .... ......
Mold Di NV & Al lat 6a 11)17 J -J
Consul gold ba
1911'
'04
1917 J -J
113 Ply
T & 2 Branch let
Consoi goat 48
1943
6s...
Nash Flor & Shot Bee L& N
Contiol gold 4s
1945
/
4
8
1021 Apr'011
/
4
Nat,ot Alex prior lieu 41 1026 1-3
102 103
Convertible g 312s
1912
consol 4s
1951 ..0 84 85
/
4
let
841 841 4 80
/
4
85
Convertible g 3'28
1915
Nat Rya of hies pr 1412s 1957 I J
.
/ 103 till 921 96
4
951 Sale 1.141
/
4
/
4
Aileg Val gen gu g 40 1942
Guar gen 4s
1977 4...0 89 Sale 89
81/
16 86
89
D R RR& Bge 1st gu 488.'38
New II & 1) Bee N Y N 11 & 11
Philo Bat& W 1st g 48 1943
NJ Juno RR Bee N Y Cent
Sod Bay & So let g 55 1929
N Y litchi 84 Man Bob Bee L 1
U N J RR & Can gen 45 1944
N Y Cent& H. Inv g 31 1997 J • J
/
4
8
4
/
4
93
/
4
93'4 931 931 27 923 94 14 Penn Co
-Guar let g 41 1921
/
4
8
Registered
19117 J •J
921 93:
/
4
9314 Marin)
93
14
Registered
1921
Deben g 4s
1939 M-13 953 901 953
/
4
/
1
4
L061 .18 034 961
4
/
4
/
4
Guar 3/ coll trust reg 1937
1
4
8
Lake Shore coil g 31
/
4
s 191)8 F-A 841Sale 841
/
4
/ 843 10 84
4
4
85%
Guar 312s call tr ser B 1941
Registered
19118 F-A
821
/
4
83 May'09 ._. 82
841
/
2
Tr Co eertif's gu g 31 1916
/
4
8
&licit Cent coll g 31
/
4
8
19118. F -A
83
82 83
84
84
843
4
Gu 31s tr Ws0
/
4
1992
Registered
1998 FA 824
82
/
1
8212 Apr'09.
b21
/
4
Gu 3'2s tr Ms D
1944
Beech Creek let gu g98 1.931) J • J 1003
4
4
4
1002 Apr'09 .... 1003 100',
Guar 15-25 year g 4s
1931
Registered
1936 J •J 1001
/
4
102 M.ar'04 .... ......
01.5 Mar 1st gu g 4125_1935
1938 J -J 107
26 gu gold 68
(21.5 P gen gug 41 ser A.142
/
4
8
8511151 A-0 841
/
4
Beech Cr Ext lstg 31
/
4
Series 13
1942
Cart & Ad 1st gu g 4s 1981 J -0 118
1171 Apr'Ot)
/
4
971 971
.
/
4
Series 0 31
/
4
/
4
8
194b
Golly & °awe lat en Le 6s 1942 1-1)
.... ......
Series 1)31
/
4
8
1950

Price
Friday
June 4

But
Ash Low
High No Low IIigli
100
100 May'Oa ...- 100 100
943
4
106 Oct '02.
91
961 Oct'0,
4
110 1171 1071 Ang'08
/
4
/
2
100 Sep '08
95
...... --/
2
12012 1301 1311 Jan '111/ .
/
2
1311 1311
/
2
/
2
/
4
1101 Sale 1101 110% M 1102 la
/
4
2
1023
4
106 Jan '08
...... -.....
1064 111
..
103 Sep 'Lm
931 95
/
2
91 Apr'09 -, 91
91 .
913 92
4
92
92
6 903 92 4
115 Feb'09 .... 115 115
1101
/
4
125 Feb'1/8
1011
1031 Dee'Ob
/
4
/
4
941 941 941 95
/
4
/
4
/
4
12 9412 955
921 931 031 May'09 .... 921 941
/
2
/
4
/
4
/
4
/
2
96 Sale 96
1461 56 95
/
4
97
951 Sale 951
/
4
2 953 71 95
4
;
971
/
4
1111
/
4
1181
/
4
109 Oct'07
102
100 May'Ob .
1261
/
4
/
4
1301 Jan'09
130¼130½
1261
/
4
•••• ...... -----1101
/
4
...... ......
*1001
/
4
101 Feb'09
101. 101.
113 1161 1143 Oct '08 .
4
/
4
.
112
119 J'ne'06.
1001
/
4
/
4
1001 Apr'09
10011004
/
4
/
4
1061 Nov'00 .
941 May'09
/
4
94 93
/
1
4
/
1
4
. ...
.
90 l'ne u8
90 92
92 May'09
ills 92as
1011 Sale 1011 101*, '25 100/1024
/
4
/
2
1
4
1011 100 Sep '01 .--- . t/
4
93'i 931
/
4May'09 .... 9t1 94
/
4
1621 Sale 1021 102',
/
4
/
4
1021 1041
/
4
/
4
10011013 1021 102¼ 1 101121031
/
4
4
/
2
/
4
,

WW

1383 Sale 133
8
1381 43 1333
/
4
4
1083 Sale 108% 108% 5. 971 us%
4
/
4109%
117
11812 DeL3'08
...
991 Sale 991
/
4
/ 991 7 98 99%
4
/
4
1011rne'W
/
4

,,0(1)

3.66644 IL5-4

A:410007.Z

104
.
9912J'ne'08 .... ...
127, Mar'09 .... 127'128
2
1271
/
2
1'201
/
4
129 Mar'09 .... 129 129
/
4
4
1281
/
4
/
4
* 99 8.14/ 1281Ifeb'01,._. 1281 1281
, 98
119
34 98 991
/
4
971 91 Sep '01 . ,
/
4
93 04
/
1
4
934 93% 20 93 96
/
1
981 bale 977
/
4
4
1181 108 931 991
/
4
/
4
/
2
92
921 921 2 891 93
/
4
/
4
/
4
109,,Fe0'05
106
981 981 97
/
4
/
4
97
6 9612 991,
/
4103 1023 103
1021
4
99 1021
/
4104
1021
/
4
1021 1021 5 101 103
/
4
/
4
Ws bale 744 75
/
1
32 73
76
784 743 hiar'00 .. . 724 7411
/
1
4
/
1
4
971
2 971 4 96
/
4
1471
/
4
977

120
1121
/
2
1041
/
4
971 99
/
4
941 96
/
4
1161 117
/
4

1201 May'09 ....
/
4
116 May'09 ....
1171 J' '
/ 1Y 07
4
104% m0Y'09 .....
1' 011
42
97/ 1125' ....
92123an'011 ....
1101 Mar'09....
2

1101 111
/
4

/
4
1101 110;

120

N

4W44Z.i44E7007,1Z99041c0Z4

IIISCELL leSEOUS BONDS
-Continued on Next ['age
Coal mid iron
Telegrapii and Telephone
00111.5100 gen
g 55-1943 F-A
95
99
0612
/
4
951 1 94 1001 Am Telep & Tel cell tr 4s 1929 J J
/
4
Convertible deb g 56.-1911 F-A
86
97
871Feb'01/
/
4
Convertible 4s.
871 8712
/
4
1936
Gr BIN Coal ,S 0 1st g 681919 A-0
,
1021 Apr'06
/
4
Mich, State Telep. let 58.1924 F-A
Cleart 131t Coal lat t 4s...194t) 2-1
95 Apr'02
Pao Tel & Tel let 58 J P H rec 3.1
Col Indu 1st& cell 58 gu_1934 F-A
701 Sale 771 '79
/
4
/
4
96 71
West Union col tr cur 514.11138 J -J
79
Contin'tal C 181st gu 58 g.11152 F-A
1071 Dec'04
/
4
I'd and real eat g 41
/
4
8...1950 M-N
Jett & Clear & I 1st g 68.1926 J.1)
107 May'97
Cony 48, Series A
1936 5I-N
Yqu& 110.50ltitstg5s.11)51 J...1 1004
/
1
1051 Deo'06
/
4
Met Un Tel a fund 68. .1911 M-N
Liens Val Coal lat gs 5s.192b -J
(
105 Oct '00
.11anniacturing 3c: industrial
rocall Con Collier lets f 58.'57 J -J
883
4
883 Maylou
4
Allis-Chalmers let 55
86
81)
11131) -J
Sunday Crew( Co g 6s....1944 J -J
7:1
78 Feli'07
Am Ag chem. 1st c 58
1928 A-0
Tenn Coal gen 58
/
410'21 1021 10'31 13 1011,103', Am cot Oil est 41
1951 J.J 1021
/
4
/
4
/
4
1915 2
/
4
s
44
Tenn Div let g fis
/
4
108 May'09
a1917 A-0 1081
1061 1081 A.m Hide & L 1st a t g 68_11119 13-13
/
4
/
4
Birm Div 1st consol 68_1917 J -J 108 109 108 Mity'119
1061 108
/
4
Amer Ice Seem'deb g 6s 1925 A-0
Cal:0 hi Co 1st gu g 138.1922 J-D 105
110 Jan'09
110 110
Am Spirits Mfg lat g 63..1016 M'S
De Bar 8, too gu g 68.1910 F-A
103 .Wov'Or
Am Tobacco 40-yr g Os ,.l944 A-0
YeIron Coal &Colst g 68 1949 M.S 97 Sale 97
971 1 05
/
4
9/1
4s.,
1951 F.A
/2
Victor Fuel lets t 5s
93', Feb 107
11153 J -J
87
•.....
A.ni Thread let coi tr 46 1918 J -J
*No prase Y'rittay; latest bid and a8itelL aDite Jan 01)tie cob Duo ..aalC u. aJao
/i-Due.)'Ly ,)ue ag




1423
.,,
Week's
li--,
Range
Range or 8-'..
Since
Last Sale 4
:1z4 JanuarY1

I

z.
BON 0).
Z.',....'
N. Y. STOCK EXCHANGE -...• ,,
WEEK EP050/0 jusz 4
7,3
4 ••
N Y Cent & H it.-(Covitinuaa,
Moll & Mal lat gug 48-1991
N J Juno ft gd 1st 48...198C
N Y 84 Harlem g 312,s-2000
N Y& North 1st g 5s...1927
ist Yd.Pa lat con gu g 4s 1993
Nor & Mont lat gri g 68.1916
Pine Creek reg guar 68.11132
R Wdli0con latext5s./[1022
Owe & R 2d gu g 58...81915
Roulitguily T It lst gu 4a 91isSii
it Wett aiclhaaetd isin gau 5s 9991
n meo tstgu 88 4
)
4 .

120 121
I.15 1201
/
4
104 1044
971 99
/
4
921 921
/
4
/
4
1153 1161
4
/
4

:3 109121101
/
4

•103
1041 May'09 .... 103 105
/
4
1091
/
4
/
4
1091 Jan 'Ou . .. 1091
/
41091
/
4
100
1021 May'0,.. . 1.021 1041
/
4
/
4
/
4
1051 bale 1041 105
/
4
/
4
/
4
it, 1041 1051
/
4
1011 sale 1001 1011 /6, 97 22 1011
/
4
/
/
4
4
/
4
u73 bale 961
8
/ 971 143 94.3 973
4
4
/
4
4
99 J'neV/
10o1
/
4
lie,
1031
103 L2 Mar'08 ..... 1031,1013',
/
4
in
102 Jan'03
105
104 Mar'08 .. 104 104
1051
/
4106 1051 105 2 - 104 1061
. 5
/
4
/
4
11)31,104', 1041 Mar09 .... 1041 1041
/
4
/
4
/
4
90 i.,,J'ne'Ou
1101
/
4
4
4
1101 Mar'01 .... 901 90',
911
/
4
97i.,,, 971 971 ALIO)? ... 961 971
/
4
,
/
4
/
4
/
4
891 FetPul _ 891 891
/
2
911
/
4
/
4
/
4
4
9012 931 903 May'08 .... 901 904
/
4
/
4
11811001 1)9••,,liday'ul .... 981 illias
/
4
/
4
/
4
110 .1 all 'W.,
1051
/
4
4
1103 Jau'09 .... 1103 1103
109
4
4
109
1.
981 Dec'01,
/
4
941
/
4
90 May'08 ...i.....
9412

93 95; 943
4
951 3
/
2
1031 Sale 1031 1041
/
4
/
4
/
4912
99 100 Feb'uk,
97
071 Salt 971
/
4
/ 971 60
4
/
4
991 Sale 991 991 1
/
4
/
4
/
4
961 bale 961
/
4
/ 961 26
4
/
4
891 92
/
4
893
4
893
4 4
100
100 Mar'09

911 96
/
4
021
/
2106
991100
/
4
'30¼ 981
/
4
981 102
/
4
933 Miss
4
84 921
/
4
95 100

88 Sale 87%
881 228
/
4
101 Sale 1001 101
/
4
18
97% Sale 97%
07%
1001 Sale 100
/
4
1001 36
/
4
70
11
77
73
95% May'09
112 Sale 112
1121
/
4
80 San: 80
801 144
/
4
1)1 14 Apeot,
911
/
2

80
881
/
4
96 101
96
e8
36 4 100',
,
80
67
1151 100
/
4
1041,112',
'14
801
/
4
981 iii'
/
4

pa.

i):1.0 ..NOV 14 11.1

,41.1.ft

BOND!.
N. Y.STOOK EXCHANGE
WEEK ENDING JUNE

WoL. Lxxxvtu.

blew York Bond Record -Concluded-Page 4

1424
8. 8,

Price
Friday
June 4

Week's
Range or
Last Sale

Range
s;
S--Since
Ara January 1

BON Os
N. Y. STOCK EXCHANGE
WEEK ENDING JuNE 4

Price
rutay
June 4

Week's
Range or
Last Sale

Range
since
14:s. January

No Low
11
Sid
itak Low
Rich No Low liig
Southern Pao Co-(Continued)
424 Low
Sid
(Jontinued)
4
/
1221 Aug'08
Penn Co-(
92 Apr'07
Morgan's La & T lat 73 1918 A
116 Nev'06
Erie & Pitts gu g 3128 B 1940 J J
1920 J-J 115
63
4
983 Apr'04
1st gold
1940 J-J
Series C
112 Feb817
1938 A-0
No of Cal guar g Is
106% Dec'08
1071
4
104 104
104 Mar-09
Gr 118,8 I exist gu g 41281941 J-J 107/1094
Oct'02
Ore & Cal 1st guar g 5s 1927 J -J 103% .
4
/
1011 Jan'09
Pitts Ft W & C 1st 7s 1912 -T-J 107 110 127% May'09
1011910114
Ariz 1st gu t 6s.c'10 J-.1
110
So Pac ot
1094 110
1912 J -J
2d7s
104143
so Facet Cal-ds K& 1f_.1912 A-0
107 Oct '08
h191' 4-0 107
4
/
1141 Dec'04
3d 78
110 Feb'09
1st gold Os
110 110
4
/
11-N 1101
116 Mayer/
Pitts Y& Ash 1st con Os.1927
93
1 2 51- N
1917 4-1) 112
4
1
4
/
109/ Apr'09
1st con guar g 38
109
1091
41091
/
109% 104 Apt '01P CC& St L gii 4123A-1940 A-0 109
109 May'09
8 Pacer N Mex 1st g 63 1911 J -J
109 109
1942 A-0
90
92 Mayete,
92
Series B guar
8819 1)2..
4.1
1
112/ 88-'03
So Pao Coast 1st gu 4s g 1937 J J
Isl 108%
1942 M.
'07
4
/
Series guar
2
/
Tex&NOSabDivlst g6s 1912 31-S 100 105 1071.Feu'08 .
L004102
1945 Ii-N 100% 1011 102 Feb'09
98; Apr
berms 1)45 guar
1943 J -J
Con gold Os
95
9412 95
9414 Apr'09
94
1949 F -A
7
1)514221 94% 9614
954 8ale 94
C,aries E 3', guar g
1955 J -J
Pac RR 1st ref 48
1953 J-0 101
4
/
112¼ 37 100 113
Series F 40 guar
1994 J • J 1121 Sale 112
1161
2
/
116;116. Southern-let con g 5s
11619 May'09
4
/
C St L & P 1st con g 5s 1932 A-0
1994 J•J 109 111 110 May'09 . 109 1101
Registered
Nash
83
271
884 ..- 'id
8
8314
Pensacola & AU See L &
Develop & gen 4s Ser A 1956 4-0 891 sale 827
4
1
4
/ 1 851 901
4
/
4
/ 90/ 891
4
/ 891
4
/
Peo & East See()(l0 & St 1, 0-F 109
43 1938 M-S
12318Jan'05
Mob& Ohio coil tr g
lst g 65-.1921
113 113 Apr'011
113 113
Peo & Pek
4
1003 Dee'05
Mem Div lat g 412-5s 1996 J -J .
01921 31-N
17 878 91
91 Sale 91
91
4
/
.
2. gold 41s
106 Maf09
105
St Louis div lst g 48- 1951 J-J li1/
105 106
J.
4
1
108 Sep'08
Pere Marq-Ch & W 31 551921 A.-0 1131 115 113% May'09
1918 J-J
4
Ala Cen R 1st g 6s
1124 115
93
91 Dec'08
Flint& P M g 6s... .....1920 M-N 1991..
1948 J• J
1 1043 1091
109; 1o9¼
4
/
4
/
4
Atl & Danvlstg4s
1939
ti2
1st consol gold 5s
4
/
4
/
4
1
1064 110 1081 1081 13 108;108/
2&14e
Pt Huron Div 1st g 5s 1939 4-0
9 -j
19 8 A-0 81
Atl & lad Ist g guar 43 94 j
8A
3
no.
110¼ 110 14
Sag Tus& It 1st gu g 48 1931 11
1916 .14 110
Col & Greenv let Os
RR
4
1104
1093 1093
4
1093 31ar'09
4
Phil B & W See Penn
4
/
1151 NI ar'06
105
T Vs & Ga Div g 58 1930 4-J 1141 115 113% May'09
4
4
/
8
1101 1133
Phila & Reading cons 7s.1911 J-D
1956 31-N
93 May'09
93
Con 1st gold Is
95
93
103 107
107 Apr'09
Philippine Ry 1st 30-yr sf48'37 J J
1938 M-8 *106%
E Ten reor lieu g 5s
Co
664
64
64 Apr'0
Pius out & St L See Penn
922 A.0 03
1946 j..3
Ga Midland 1st 3s
117 Apr'09 .... 114% 117
8
1167
Pitts Cleve & Tot see B &0
GA Pao IV 1st g (is
188% 1184
4
115 118 1181 1lny'09
Pitts Ft W & eh See Penn C
Knox & Ohio lst g Os 1925 J• J 103
115% Apr'06
Pitts MoKees & 17 See NY Can
5s 1945 •J
Mr prior lien g
at
116%119 114 Oct'0
82 Nov'08
Pitts Sh & L K 1st g 58 1940
.1945 J• J
8
937 Ply'97
Mortgage gold 43
1943 J -J 115
4
/
111 Apr'Uti
1101
10814 111
1st °omit)! gold 58
Rich & Dan con g 68.-1915 J -J 102 4
92 J'ne'0
Pitts &, West See B& 0
54 99% 1003
8
997 Sal. 99% 100
8
Deb 5s stamped
1997 .)-,9
75 Oct'08
Readiug Co gen g 4s
1927 A O
Rich & Meek 1st g 4s 1948 3 - N 10214
98%100 100 May'09
'381410)0
1997 .1
10114103¼
103% May'00
AA- Registered
4
/
1919 M-N
4
971 971 May'09
/
97
So Car .13(la 1st g 5s
961 981
4
/
4
/
Oct '00
ersey Cent coll g 4s 1951 A 0
V-8 1(16 14 .112 112/ Dee'00
Virginia Mid tier 06s 1916 8
4
Reussetaer & Sar See 1) ds
1081
1921 M•S 100
aeries 1)4-58
See South Ry
113 Dec'01'
Rich & Dan
1926 81-8 107 12
series 8158
4
/
107 1081
4
/
Rich & Meck See Southern
41111 1081 Mar'00
/
4
/
1936 M-N 1101
General Is
1084 1091/4
4
/
Rio tar West See Den & Rio Gr
4
/
1091 Mar'09
1101
Guar stamped
ScaB h& P
8Jan 807
Hoch & Pitts
. 961
864
4 -A
1926 F.
O& W 1st oy gu 4s-193 alliS
W
,
109'4
4
Rome Wat cla Og SeeN Y Cent
1091 Apr'01
4
/
West /3 0 lat con g 6s 1914 3-3 1081
Rutland See N I Cent
& N A la See 14 N
-1.
%lag Tus & 1 See Pere Marq
117 J'ly'Ou
May'09
& Nor lstg 68.1939 J J
4
/
901 95%
1ok Falls
96
92
97
Mar'011
. 109
Ot Jo & Gr 1st let g 4s 1941 J-J
4
' er Apr St L 1st g 4123_1939 A-0 108 1083 109 May'01)
St L& Cairo See Mob & Olu
115 116
4
/
1st con gold.58-.1894.-1944 1P-A 1151 ___ 11514 May'09
4
973
(16
St L & Iron Mount See M
98
971
4
/
1953 J -J
sa
Gen refund 8 g
4
StLHO&N See Wabash
1104 1101
4
110¼
St L 31 Bge Ter gu g 53 1930 A-0 1101
13r b'ee BR A or St L
St L
2 1221 124% Tex & N 0 See So Pao Co
4
4
124% 125 1243 1843
4
/
-J
4
/
St Louis& S F- eug 65.1931 j
4
/
4
/
4
1
200 J-D 115/1161 1161 1161 10 11612119
3
110 4 Di ay•O
Tex Pao 1st gold 5s
110%
110 111
1931 J
75
General gold 5s
65
65
1 65
4
0000 Mai (35
913 150 881 91%
2d gold Inc 5s
91% Salt 91
4
/
1927 M-N
4105
/
1031
Gen 15-20 yr 5s
105 Jan'09
1931 •
95 Apr'09
La Div B 1, 1st g Os
91.
,
95
96 1
St L& S If RR consg45-88.i J -J
106 12 Nov'04
5
3 F.
.90 .1-11 100
8
1'
101 Feb'09
W 31in W & W latgu 5 9
4
101 101
4
/
Southw Div let g 58-1947 A-0 1001
111 1121
112 1121 112 May'09
4
87¼ 34 8-1% 89
lat
'Vol & 0 0 g 58
87 Sale 87
1951 J-J
Refunding g 48
4
Western Div let g 5s. 1935 A-0 11212116 ill ,818804
1004 1193 Apr'01)
993 993
4
4
4
/
St L & So East gu 41g1909 J.1)
•
4
/
1031
4104% 1031lYlay'09 . -• 10314105
/
1935 J-D
General gold os
41204 1114 12 Apr'09
/
UM% 184012
K Ft & Al con g 6s 1928 1$11-N 1191
4
4
/
941 Apr'09 -• 923 95
1)3
27 82% 86
4
/ 85
Kau ds AI 1st gu g 45- 1990 A-0
4
ref g 4431936 A-0 843 Sale 841
4
K0Ft & M
801 94
92
90
92
94
1917 J-J
Tol P & W lst gold 4s
KC& M It& Blatgu5s.11)21) A.0 100
4
/
4
91%
901 011 90% May'09 •..• 90
-J
4
973 May'09
4
/
1;'/4 97% TolStL& W pr lien g312s 1925 J
.
Oz'rk & Oh C 1st gu 6s g.1913 A-0 971 99
4
/
8 4 831 881
4
847
/
1960 A-0 844 bale 84
-year gold 48
50
4
St Louis So See Illinois Cent
91% Apr'09 ...• 91% 91%
& Bull 1st g 4s.A1946 J -1) 913
4
/ 94% 12 921 9414 Tor Ham
8
937 931
4
/
3
4
/
41088
/
St Lb W 1st g 4s bd etts.1981 M-N
1081
86
49 79
Uister& Del let con g 5s 1928 J-D 107 10!) 1081 Mar'09
84
85
4
/
851
inc bond otIs...p19811 J.J
2d g 4s
81 Noy'08
4
/
952 j..J
1
gr 1,
1st refund g45 43.. 90 A-0 861
Si
62 78 811
4
/
4
/
4
1932 J -D 801 Salt 801
()tinsel gold 4s
..
4 10314 161 102 104
.
102% 103 1023
&
4
/
1011 Apr'07
lin Pao RR
Gray's PtTer lstgu g 5s 1947 J -D
4
/
4
/
4103 1021 1041 11 100% 103
/
4 J
190078 m-SJ
g12927 iJ 1021
Registered
119 9634 100
4
4
St Paul& Dal b'ee Nor Pacific
993 Sale 1)93
1s
t & ref 43
10118 May'09
4
1011 104
4
4
/
St Panl & Man 2d 6s 190 A-0 1011
110 bale 1071 1104 3057 102 110%
20-yr cony 4s
4
/
131 132%
4
/
1933 J-J 1311 1324 1321 May'09
8
1st consul gold 68
99%
98% 997
994 98%
99
Ore Ity & Nay con g 45 1946 J
8
132 132
1325 132 Apr'09
J -J
1933
4
/
41201
/
1181
Registered
119
,
,
1 2 F-41
8
Ore Short Line lstg 6s-1942 3.3 119 1194 116 May'09
109 111
;
s-1933 J•J 108%109 1093 May'09
4
/
116
Reduced to gold 41
115 118
114 117
5s
1st cousol g
108% 108% 10 1083 1083
4
4
1933 J•J
Registered
96%
4
95', 70 94
941 Sale 6414
(8.)
1929 J-D
8
Guar refund 4s
4
1
1910 31-N 10212 103 1023 Alay,
10`;•% 103/
94 Jan'09 ..•• 94 94
Dakota ext gold 68
Registered
994 101
1937 J -1) 1004 101 1004 May'09
10712Sep'08
106%
Mont ext 1st gold 4s
29 J
Utah & Nor gold 5s 1926 j
1004 Oct '06
4
991
1937 J
" Registered
Uni N J ItR & 0Oo 6'ea Pa RR
4
/
E Minn Nor Div 1st g 481948 4-0 1011
Utah Central Bee Rio Gr Wes
124 May'05
Minn Union 1st g 63.-1922 J-J 101
132% Utah & North Bee tin Pacttle
1937 J-J 1314 132¼ 131% May'09
g 68
/dont C 1st
4
1361 May'OU
Utica & Black R 88.81N Y Cent
1937 J• J
98 Ney'08
Registered
4
andalia consol g 4s .1955 F -A
1144 117 1937 J -J 115 116 1144 1141
98 Sep'06
lat,guar gold 5s
01934 3-3
4
.
1161 116 , V era Cruz aliPlstgu 41
4
,
1st gold 5s 1938 J -D 116 116% 1163 Feb'09
Wffi&SF
Vet Val Ind & W Hee Ilo P
t3t P & Nor Pao ,Ste Nor Pac
See South By
Virginia Mid
4
/
4
/
1171 1171
/AP& S'icCity See()StP &U
108 115 11712Jan'09
4
/ 904 33 89
8912 Salt 891
923 Va & Southwit lat gu 58.2903 J-J
8
4
/
981 99%
4
99% 991 May'09
8A.& A Pass lstgug4s 1943 J •J
1958 A-0 99
1st cons 50-year Is
8
1117 11212 Apr'09
112 113
17 1117
811414
4
/
8 Fe Pres & Ph Ist g 5s 1942
112% Sale 1121 113
1939
abash 1st gold Ss
110 Oct'05
12 1021
4105
/
Ble&NP lat sink f g 58 1911) J J
1939 F-A 104 wile 1034 104
2d gold 53
4
/
41001
/
1001
10018Jan'09
Say al: West See Atl Coast 11,
1939 J-J
Debenture series A
92
86
92 May'ut,
8oiotoVal&N E Bee Nor&
1939 J -J
4
/
851 61 631 856
8eries B
8
4
/
410212
/
4
/
1021May'09 .• 1021
Seaboard Air Line g 43 1950 A-0 85 Sale 81
4
/
1st hen equip a Id g 58 1921 M-S 1021
99
99% 99% May'09
4
1
95/100
4
/
1911 14-N
871
87
s7 May'09
Coll tr refund g 5s
88 Jan'07
1st lien 50.yr g term 48 1954 J
82
8
....
18 Wit; 71% 783
774
Atl-Birm 30-yrlst g 4a.e1933 1.177% bale
19513 J-J
1st ref and ext g 4s
90
63 J'ly 889
4
/
......
108 1111
4May'011
Cent 1st con g 4s 1949 J -J
10115
Car
109%1104
4
/
Let & Ch Ext let g 63-1941 J
1071 A.ug'06
8
86% May'OP ..•• 863 86%
Fla Con & Pen 1st g 55 1918 J • J 100
37 15
1st g 4o-1939 3-3
Des Mein Div
......
1 7912 80
ext g 58.-1930 J -J
79; '1918
lat laud
80
77
4
/
Om Div lst g 312.3
10911&ar'05
4
/
1943 J -J
911
90
Consol gold Oa
911 91 18 May'09
4
/
A-S
19
Tol al, Ch Div lat g 4s 1941 M-C 85 Sale 50
1024 9838'09
1024 1021
4
/
551
,
11, 48
62
Ga & Ala IV 1st con 5s o1945 J-J
51
Wab Pitta Term 1st g 43 1954 'D
105k...Man/11
105 106
4
4
6014 40 453 553
Ga Oar & No 1st gu g Os 1929 J - J 104%
50 Sale 50
Trust Co certfs
4
1063 Feb 88)
4
1063 100,
4
4
/
141
1926 J - J 1073
91420 8
9
8eab & Ron 1st 5s
9 sal'
1954 J-D
2,1 gold 48
Sher Shr & So Bee .01 K T
Warren See Del Lao & West
81169 Oca & 61 See AU Coast L
Wash Cent See Nor Pao
So Car & Ga Bee Southern
Wash 08s W See Southern
3
9314 93 4
4
933 Feb'09
Southern Pacific Co
12
8-1946 F -A
4
/
92% 27 90
8
92% Wash Terml Ist gu 31
923 Salt 92
4
/
851 43 82% 88
4
4s(Cent Pao coU) /c1949 J -D
Sale 851
Gold
West Maryland 1st g 4s 1952 A-0 85.4 71
91; 85 Feb'Utl
85
85
4
/
86
731
k19411 -D
01
70 May'09
Registered
& cony g 4s
Gen
103% 7594 9711033
8
4
/
4
/
105 Deo•08
Cony 4s (full paid) g1929 M.S 1021 Sale 100
912 A .1
4
971 S51, 971
WVa Ceut & P 1st g Os 1951 . 0
8
973 so 974 987
4
116 117
1104 Mar'09
ret gu g 4$ 1949 F.A
Cent Pac lot
973 9'73 • West N Y & Pa lat g 5s 1937 J -J 110 115
4
4
953 96% 97% 3Iar'09
4
8
953
87
1949 F-A
87;Apr
Registered
1943 8-0
Gen gold 4s
4
/
901 4 891 93'.,
8
8
4
/
911 01)1
34 Ifeb'07
4
13../c1929 J
Mort guar gold 3/
IncomeIsNov
9314 1)5
,
D3 8 06 May'09
St L 1st gu 48'54 A-0
Through
1
. 43
101 le mt. West No Car See South:
4 Ap8041
F-A 101 1
1011
8
107 109
105 Feb4)9
Gal liar & A lat g 66 191
4
Wheerg & L E 1st g 5e1926 A-0 1081
110 112
1931 -N 110 112 11114 Apeoto
Mex & Pac ltst g 53
108% 95 J'iy'08
Wheel Div 1st gold 58-1988 3-3
104 904
104 Mar'09
4
/
4
/
1051 Deo8.95
Gila VG &N 1st gu g5s 1924 M-N 1041
Eaten & Imp gold 6s 1930 F-A
May'09
103 10514
4
/
4
/
Mons H & W T 1st g 53 1933 IA-N i11312105 12 10514
4
/
881 881 881 3 83% 90
1949 11-S 88
RE,lst consul 4s.....
4
1
4
1
103/Apr'09
4
/
1031 108/
10214
1933
119 De0'08
1st guar 5s red
1992 3-1 ......
-year equip f 55
20
4
110
2 1093 110
& TO 1st g 58 int gu 1937 J -J 110 Salt 110
Wilkes & East Bee Erie
8
1073 Nov'07
......
Consol g Os int gust. 1912 A-0 109
Wil & Sioux F See StP &
96
96; 96 May'09
06
4
/
96 131 891 96%
.1921 A-0 90
Gen gold 48 int guar.
4
/
951 Sale opt
Wis Cent 50-yr 1st gen 48 1949 J.J
1
/
Waco& N W div 1stg 66'30 M•11 111; 118 116 Dee'96
9414 Sale 041,
91'1 37 934 95
4Jan'09
/
1071
Sup& Dul div& term lst48130 M-N
1071410714
A 013 N W 1st wu 5s
1941 j_j 108

y

W

.111sCEL ANEOUS BONDS-Coneluded.
,Ilanntsicturing 64 Intsti-drlai
8
961 1115
95% Sale 9512
4
13'39 J-D
Armour &Co 1st real est4/
90
4
90
8
897 *Sale 873
Beth Steel 1st ext at 55..1026 J -J
911
66
4
/
-year g 58.1925 A-0 981 98% 0812
Cent Leather 20
784 30
4
4
Distitheo Cor cony let g 5s.'27 A-0 773 Sale 773
4
/
4
/
Co 1st con g 08 1918 F -A 1041Sale 1041 10419 3
Int Paper
88
1
88 Sale 88
1935 -1
Consol cony sI g Is
8May'09 •
1036
4
Int St Pump 10-yr cony. Os'13 J -J 1033
98% May'09
4100
/
981
1st g 5s
1923 A-0
Lackaw Steel
114', 10.
4
/
N 1' Air Brake 1st cony 68'28 M-N 1141Sale 112
100
21
4
/
Repub I& Slat& coltr 53.1934 A-0 100 1001 100
4
/
971
8
Union Bag 8,, P 1st It 5s 1930 J.J
9612 973 9612
1064 1
4
Us Leath Co /deb g 65_1913 1111-N 1061 Sale 106
4
/
911 17
US Realty& I conv deb g58'24 J.J
91 12 Bale 91
8
US Rubber l0-yrcou tr 63218 J.D 104% Sale 1043 104% 111
4
/
8
U S Steel Corp-3 coup .81963 M-N 1057 Sale 1051 1064 742
8 2
10512 1057
SI 10-60 yr 5s.1 reg _81963 3,1-11 102%
28
100
100 Sale 97
Va-Car Chem 1st 15-yr 5s 1923 J
4
/ 94%
94% Sale 941
Westinghouse H & Ms[Os '31 J -J
No
. price Friday; Latest bid and asked this week. a Due Jan




Miscellaneous
1948 M-S
Adams Ex col ti- g 4s
B'krn FerryCo 1stcons g 55'48 F-A
1952 A-0
Bush Terminal 1st 4s
1965 J -J
Consol 5s
Chic Jo& at Yard col g 58 2915 J -J
Dot M & Mid gr incomes 1911 A-0
Institution for Irrls Wks
& Devel of Agrieul s I
1943 3I-N
8
4
/
41 (ctfs)
Int 3lercan Marine 412a 1922 A-0
Int Navigation 1st s f 58 1929 F-A
Newp Ne Ship & D D 6s81990 J
N Y Dock 50-yrist g 45 1951 F-A
1957 M-N
Provulenj 8eo deb 4s
1
/
3
Providentlkan Soo 44 1921 111-S
1
/
3
St Joseph Stk Ydal/444 1930 -3
8 Yuba Wat Co con g 66 1923
US Red & Ref let s f g 66 1931
et) a Dna Apr eDue May g Due XII°

96
9612
90
77
9612 99
731 78%
2
101 106',
4
/
881
85
100 1033
4
98%
93
108 114¼
8
98 1007
111% 971
4
/
1041
41061
/
4
/
843 913
4
4
4
1021 104%
10214106¼
8
101% 1057
93% 100
9014 95
o Due

93%
94
25

94
9312
41 Oct'06
8May'09
90% 911
944
4
4
/
941 941
100 Jan'08
47 Apr'08
29

92
4
/
941 May'09
75 Wig 71
4
741
87
87
2 86
96 Aug'08
94
94
2 91
90 Jan'09
90
4
/
951 Dec'08
.......
1001
286p'05
.....
112 J'ly'04
.89..
90
Sale 90

94%
94
4
/
741 Sale
4
/
861 87
'J5
94
4
1
87/
96
100
90

2 02
94
......
4
/
931
911 944
4
/

.

a Duo J'Ijr

p Due Nov

95
77
4
/
881
94
90

93

sOvUon Sale•

CHICAGO STOCK EXCHANGE-Stock Record.-Daily. Weekly and. Yearly
-HIGHEST AND LOWEST SALE PRICES
STOCKS
Saturday
ltfay 29

Monday
May 81

Tuesday
June 1

Wednesday
June 2

Thursday
June 3

FrWay
June 4

Sala
of the
Week
Shares

STOC KS
CHICAGO STOCK
EXCHANGE

Range for l'revious Year
(1908)

Range since
Jan. 1 1909
Lowest

Pailroads
Chicago City fly
*180 190 *180 190
Last Sale 180 Apr'09
100 180 Mch 8 190 Feb 7
*219
10 Chicago do Oak Park_100
4
*2
3
3
*312 4
4 Jan 22
3 Jan 15
Do pref
*12
14
*10
Last Sale 12 -May'09
14
100
9 Jan 21
15 Jan 22
188 Chic Rys part ctf "1".... 107 J'ne 4 111534 Jan
*108 109 *108 110
107
12
10712 10712 107
124 Chic Rys part ctf "2"___ 38 May 4 9534 Jan 2
3812 3812 *38
39
3812 3812 3812 3812
Chic Rys part ctf "3"___ 26 May21 30 Jan 29
May'09
28
*26
*26
Last ,Sale 26
.
28
87 Chic Rys part ctf "4"___
1014 10)4 *912 10
1012
10
9 May 3 1312 Jan 2
1014 *10
030 Chicago Subway
2412 25
2512 2512 25
100 2419 J'ne 4 2914 Jan 2
2514 2478 25
499 Kans City fly & Lt 100 35 Feb 24 51 Apr 30
5012 51
4912 5014 50% 5038 *5012 51
10 Do prat
86
*35
8612 053 053 *84
8612 *85
100 79 Jan 8 8612 May18
4
4
Vetropol W S E1ey_100 17 Jan 4 19 Mch 8
Apr'09
*17
*17
18
Last Sale 19
18
155 Do pref
*52
5312
54
*51
53
100 47 Jan 14 64 J'ne a
54
52
52
Northwestern Elev__ _100 21 Jan 6 25 May 6
*23
24
*23
Last Sale 25
24
May'09
Do pref
100 63 Jan 6 73 May 7
*7014 7212 .1014 7219
Last Sale 3912 May'09
25 South Side Elevated 100 50 Jar_ 25 61 May 7
57
*5612 58
5658 5658 57
57 *56
5018 3,327 Streets W Stable C L.100 2914 Apr 13 5038 J'ne 2
5018 49%
. 4814 4912 49
503
s 50
25 Do pref
100 97 Feb 15 105 May18
106
106 105 *104 105 *104 105 *105
1314 13%
1,212 1238 1238 1'3
1234 13
86
8212 83
8214 8214 8114 8114 81
Last Sale 203 May'09
*205 210 *205 210
Last Sale 13878 May'09
*12812 129 *12812 129
61
*60
61
60
60 *60
6012 *60
109
108 10814 10814 109 *108
*107 108
3
8
3
8
*12 .34
*14
12
3
s
3
8
2
2
178 2
134 214
134 2
1112
11
1012 11
10
11
10
10
5412 5514
5412 55
54
55
5312 54
*55
57
57
5512 5512 *55
55
55
Apr'09
118
Last Sale 1
118 *1
*1
Apr'09
Last Sale 21
*2
3
*2
3
*22
*2412 25
231
, 2312 25
*2412 25
133 13314 *133 134 - 13314 13378
13234 133
Mch'08
Lag Nate 21.1
--- 127
127
*126 127 *126 iii" *126 127
119 11912 *119 11912 119 11912 119% 11912
May'09
Last Sale 24
Last Sale 8812 May'09
12412 1E- 125 125
125 125
12412 12512
,
*40
4012 4 40
40
40
4012 *40
41
*43
45
45
*43
Last Sale 4314 Mch'09
Last Sale 212 June'07
Last Sale 2012 Apr'09
*11/612 107 *i8U2 107
- ---106
106
10534 106
12278 12278 12234 123
*12212 13312
*86
87 *86
90
92
93
-56- 91
*119 120 *119 120
LastSale 119 May'09
11438
11333 114
11478 11514
11414 115
Last Sale 11-16 Mch'09
1439 95
-51 Wi 94
9412 94
9412
11438 11438 *114 115
11414 11414 1141/ 114109 10934 10958 110
10912 10978 1093 110
4
Feb'09
Last Sale 7
*12712 109 2
---1131
*128 130
130
*101 102
10134 10134 101 101 *101
102
Apr'09
Last Sale 112
Apr'09
Last Sale 3
Apr'09
Last Sale
14 - 8
11115
1414 1414 14
22
22
*21
22
23
*21
23 *20

-firs ay.;

Miscellaneous
2,755 AtnerIcan Can
100
1,867
Do pre
100
American Radiator_ 100
Do pref
100
100 Amer Shipbuilding.. 100
40 Do pref
100
795 Booth (A) & c
io
100
3,948
Do pref
100
9,285 Booth Fisheries corn
2,610
Do pref
30 Cal & Chic Canal & D_100
____ Chic Brew'g &
Do pref
113 Chic Pneumatic T001_100
39 Chicago Telephone_ _100
Do rights
,
40 Chic Title & Trust___100
314 Commonw'th-Edison_100
Corn Prod Ref Co Corn...
Do
Do Pref....
385 Diamond Match
100
50 Illinois Brick
1040
Masonic Temple
Mllw & Chic Brewing
--- -_-_-Do pref
408 National Biscuit
100
180 Do pref
100
250 National Carbon
100
Do pref
100
1,150 People'sGasL&Coke_ _100
__
Do rights
17210 Sears-Roebuck corn.. 100
Do pre!
22
100
2,839 Swift ,Si Co
100
_
Do rights
246 The Quaker Oats Co__100
35
Do pref
100
Unit Box 13d & P C0_1(10
Do Full paid.
Do pref
100
Do Full paid
1,559
100
20 Western Stone

Interest
l'erto

Price
Friday
June 4

Week's
Range or
Last Sale

1418 ma,y20
83 J'ne' 4
203 May 3
123 Apr 17
6012 May17
109 J'ne 3
1 Jan 2
5 Jn.n 5
1112 J'ne 4
5514 J'ne 4
58 Apr 16
1 Apr 27
218 Apr 27
2738Jan 4
134 Mch24

117 Jan 18 127 Xi:ie 4
.
.107 Jan 21 111,12 May28
1718 Feb26 2418 ma,y 7
7014 Mch25 8812 May19
117 Jan 9 129 May15
38 Jan 26 42 Meli 2
43 Jan 5 45 Feb
2012 Apr 21
9778Jan 2
11814 Feb 15
E4.2 Jan 14
110 Jan 15
102 Jr.ii 5
12 Feb 25
56 Jan 5
101 Jan 5
10012 Jr..,
6 Feb 6
119 Jan
9812 Jan 2
5 Feb 19
8
214 Feb 26
334 Mch 10
1012 Nfeh
15 Feb 16

2012 Apr 27
109 Jan 16
12"i Apr 20
93 J'ne 4
120 Apr 1
118 Apr 8
1 Mch 20
95 May 6
11538 May18
110 May15
20 Jan 18
13212 Apr 3
103 May17
158 Mch26
318 Mch 2
912Jan 4
153 Mch26
4
25 fJ ch 15

160 Jan
153 Feb
612Dec
8434 J'ne
38 Oct
20 Nov
93 Sep
4
35 Feb
30 Oct
68 Sep
12 Nov
14
42 Jan
4
133 Aug
46 Aug
d2 Aug
2612 Apr
85 Apr

185 Dec
318 Aug
10 Aug
119 Nov
97 .E'ne
28 Dec
1312 Dec
3012 Dec
4
473 NOV
8612 Nov
19 Jan
64 May
22 Dec
6212 Dec
/1 Jan
34 Nov
103 J'ne

4 Feb
4112 Jan
125 Jan
116 Apr
37 Mch
91 Jan
7 Dec
8
3 Dec

103 'vox,'
8
767 Dec
8
LOO Dec
12814 Nov
63 Nov
109 Nov
30 Jan .
100 May

90 Feb
0714 Dec
) Oct
1.1s Aug
4 Apr
2 Nov
3012 Aug
20 Dec
106 Jan 153 Sep
234 Feb
4
3 Feb
100 Jan 116 Deo
80 Jan 110 Oct
113 Jan
30 Jan
:38J'ne

137 Aug
4212 Dec
46 J'ly

19 J'ne
70 Jan
10134 Jan
61 Mch
91 Mch
8012 Jan

20 J'ly
97 Dec
120 Aug
87 Dec
115 Nov
100 Dec

24 Jan
72 Jan
8812 Jan

56 Dec
102 Dec
10534 Sep

1143 Jan
4
87 Jan
14 J'iy

134 Jan
100 J'ly
,1Jan
13

112 J'iy

12 Jan

3
11 4 Oct

17

Apr

Chicago Banks and Trust Companies

Chicago Bond Record
BON DS
CHICAGO STOCK
EXCHANGE
Week endirui June 4.

ns Jan 39
713 Jan 6
4
200 Jan 14
128 Jan 20
541s Apr 21
101 Feb 24
38 Mcb 12
14 may22
10 maN 24
52 May24
6114 Jan .1
1 Apr.27
218 Apr 27
20 Mch 24
127 Jan 4

Highest

Lowest

Highest

B•ds
Sold

Range
10?
Year 1909

NAME.

OutsiandIng
Stock

Surplus
and
Props

Dividend Record
In
3907

In
1908

Per- Last Paid ;
hod
%

8
8 Q-M 11ch 091 2
Bankers National
32,000.000 51,280,543
An Dec 08; 6
Calumet National
35,711
6
0
100,000
10
J-.1 Dec '08; 5
185,585 10
Chicago City
500.000
12 Q-.f Apr '091 3
3,000.000 9,252,207 12
Commercial
Q-.1 Apr 09; 2
4,000,000 3,770,866
8
8
NatNational
ionl,.e
6
6 Q-M Sich '09; 112
CookClo State Savings.,
6,186
60,000
;
Q-J July ,00 112
12 04 Jut '09; 3
(
1
CornExchange National 3.000,000 5,072,478 12
29,273
0
Ian
200,000
zDrexel State
8
600,000
394.788
9;4 Q-.1 Apr '09. 212
Drovers Der. National
Q-.1 Apr '09, 112
20(5,003
30,176
6
6
Engleigood States..
12 Q-S1 sich 31'094
8,000,00 7,973,493 12
FirstNational
180,000
166,750 10
10 Q-M sich '09. 212
First Nat Englewood.
-525,639
Priv ate Ba nk
Foreman Bros B'k'g Co_ 1,000,00
8
426,112
8
Q-J -- 7- .1
A pr 0
Fort Dearborn National. 1.000,000
9
162,275
5
5
500.000
J-.1 Jan '09, 212
Hamilton National
797,546
8
QJ Apr '09) 2
8
Ei I barn!an B'k'g Assn-- 1,500,000
114,548 10
10
.1-.1 Jan '093 5
200,000
Kaspar State Bank
404,706 __ 10+2 Q-S1 Meh '09. 212
Live Stook Exchange Nat 1,250,000
4
4
Q-F Mayl 09; 1
62,370
300,000
Monroe National
8
Nat Bank of Republic.... 2,000,000 1,138,138
8
4
Q 1 A p r : :24
Q:1
09 1
1.500,000
491,856
89.
National City
Aug 26 19
250,000
64,058 Began busine as
National Produce
200,000
July
North Avenue State.
" QQ-..‘11
2
11
50,000
66 048 --1313 217
:
NorthSide State Savings
:04; 1%
93 3
0.
200,000
7,072 See V. 87, p. 1 277.
North West State
6
Q-J Jan '09: 112
100,000
(z)
9
rOakiand National-- _
250,000
Prairie National
8 Q-11 51'h31'09.112
S ,000
71,671
42 3
8
prairie State
250,000
4
4,201
2
Jan '08, 2
RalIdray Exthanass- _
300,000
o Oct l21906 112
Q„, A pr06;
Security
127,837 Organ ized
200,000
6
8,163
South Chicago Savings.._
7
Q-J Apr 1)9,3
State Bank of Chicago-- 1,000.000 1,381,020 9+1
11
6
7
6
Q.4 J pre 3 1;
.1-D Aun ,09 2
250,000
72
Stock Yards Satiage_ _ _
173,046
200.000
6
6 114-N may '09. 3
:3 0
08666
43 5
Union Bank of Chicago_
200,000
Union Stot Yards State
8
8
Q-.1 Sidi '09; 2
American Trust & Savgs- 3,000,000 2,436,180
7
Q-.1 Apr '09; 134
7
716,112 .._
zCentral Trust Co of III_ 2,000,000
6
1;.4 Q-J Apr '09. 112
n500,000 r..20768:640164
Chicago Say Bic & Tr__
.1
6
Q-J Apr '09, 112
Chicago 'Title & Trlist__ 5,000,000
50,000
4 A -0 Apr '09,2
°Meats Trust & Savings
600,000
49 10
881
2
3
8+2 Q-J July '09, 212
Colonial Trust & Savings
200,000
734 Q-J Apr '09,2
95,430
8
Drovers Trust tig Savings
1,500,000
189,651 Organ Ind
Apr 13 1907
'Faro:fell Trust
Q-M Mch 31109,4
First Trust &Savings.... 2,000,000 2,555,926 _-- _
200,000
064:8756 In_ cor_ p orated 1908 V. 8743.1138
8 48
Guarantee Trust 4c Say_
Q-.1 Apr '09, 212
6
Harris Trust 63 Savings- 1,250,000
- 6
,7 A ay20 '0934
Illinois Trust & Savings- 5,000,000 8,290,736 10+4 16+4 (.44 sipr 66, 1
200,000
6
40,694
fienvrOod Trust & SaYgs
200,000
4;4 Q4 Apr '09: 114
2
31,797
Lake View Trust & avgs
12
Q-.1 Apr '09)3
12
Merchants' Loan 63 r Co 3,000,000 4,955,439
750,000
6
256,639
6
Q-J Mch '091 112
Metropolitan Trip( & Say
8
1,500,000 2,050:732
71 91
6
8
Q-J Apr '091 2
Northern Trust Co
200,000
6
J-J Jan '09j3
North-Western Tr & Say
6
6
200,000
u'94,774,774
J4 Jan '09; 4 •
People's Trust & Savings
8
153,141 18
8
Q-.1 Apr '09,1 2
Pullman Trust & Savings /500,000
500,000
8
Q-F Feb 1)912
(z)
zlinyal Trust Co
200,000
6
89
:1872
5
J4 Je.11 '09; 212
gookraon's Trust & Say.
1,000,000 1,14203
47.11
8 .1 i Mch '09, 2
Union Trust Co
210,633
8
6
Apr '09. 112
Western Trust & Savings 1,000,000
56,076 Began budne as
200,000
Sept 6 1908
West Side Tr & Say Bank
32,905
it
6 04 Am* '09. 112
200.000
Woodlnwn TracSav Bank
Nots.-Anented Interest must he added to all Chicago bon d prices
• Bid and asked prices: zo sales were made on this day. t Apr. 28 (close of business) for national banks and Apr. 29 opening of business) for State
Institutlons, 3 No price Friday; latest price this week. a Dna Dec. 31. b Due June. k Capital increased from 6300,000; a stock dividend of 33 1-3%
being declared in part payment therefor. 11 Capital and surplus to be increased. q Dividends arc paid Q-J, with extra,payments Q-F. r As of date
Dec. 31 1908. w As of date Feb, 6. z Drexel State and Oakland National banks consolidated in February 1909 under name of Drexel State Bank,
Royal Trust Co. purchased by and merged in the Central Trust Co. V. 88, p. 541.
High
llid
High No. Low
Ask Lena
JOP Sich'07
Amer Strawb'd 1st 68_1911 ,1
J D 9 8 §iie 9558 9018 21 9558 064
Armour & Co Ois_
Aurora Elgin & elite 55 1
-047. A -0)
Cal & So Chic My Co
,
10212Jan'09 -- 10212 1021.
1927 F - A (10112 102
1st M 68
101 10114
10114Feb'09
J
Pass Av & F (.4 (St L) 58'12 J
100 Mar07
Chlo Board of Trade 4s1927 J -D
8105
1557
Chicago City RY 58_1927 F - A 1037 Sale 10378 104
---- 103 ap4'04
Ohio Consol Br &Mit 68____ J - J
-EU- 16
Ohio Consol Trao 444s_1930 J -D ---- ---- 60 Ape°
4
963 Jau'00
- A __-Chic Auditorium 1st 5s1929
Ohio Dock Co 1st 4s_1929 A - 0
Chic Jo RR 1st M g 55_1945 Id- S
87 Feit
It3;
Ohio No Shore Eke 68_1912 A -%7- 747;
2
7478
s
J "fii Sale 7412
Chic Pee Tool 1st 58_a1921 J
9 10118 10234
_1927 17 - A 10114 Sale 10118 101%
Chic My 5s
9478
9478
1
9312 9534
9.58 series"A" A - 0 9478 95
Chic Rys
8712
8
8934 8912
Chic Rys 4-5s series "B" J - D 87 Sale 87
9012 Apr'09 90
89 91
Chic Ilys 4-58 series "C" F -A
8
10118 1023
Os...1913 F - A 10138 Sale 10138 10138
Chic Rys colt
1021811ch'09 --- 10218 10238
Chic Ityi Fund Os_ _1913 F - A
8
10114 10213
:: 17021- 101145tay'09 Chic Rys Tern Cttslst 5s.
N
-- OW2AUg'08
Ohio RI &P RR 4s__2002
6612Jly'08
.
101 lb134
- S
Collat Trust g 55_191:1
103 1033
4
_1923 J-1) 116514 fiiJ 10318 1031/
Chlo Telephone
10318 20 101 10314
5s__Commonw-Edison 5 -1943 M - S 103 Sale 103
_
Chia Edison deb 681913 J -,J :100 ..- 100 J meld
_July 1020 A - *101 Sale 10114 10114 -2 101 10134
1st g 5s
3 101 10218
Debenture 5s.. _1926 M S (10114 10112 10114 10114
__9 10234 10358
Commonw Elect5sb1043 M - S 10318 Sale 10318 10314
--- 80 Dee'08
Illinois Tunnel 5s____1928 J -D
Ran City My & Light
5
98
9334
3
9812 98 4
Co 58
_1913 M - N 39834 Sale
96 Mch'09 - 95 06
Knlck'b'ker Ice 1st 58.1928 A -0
90
1
73
91
J 90 Sale 90
Lake St 111-1st as ....1928 J
16 May'05 -_Income 5s
1926 Feb
Metr W Side El
83
8612
8512 8512May'09
1st 48
1931 F - A
2
337
8 S37
8212 3414
____ 84
Extension se 48
J
1933 J
9512
95 Sale 95
0
9214 9612
North West ED 1st 4s 1911
No W G-L & Coke Co 58'28
-- N 78- Yale -68- 98 " --ia -55- 18 1945
Ogden Gas 55
1916 J -D 100 -- 100383,Ich'09 _._ 10014 10012
Pearsons-Taft 15s
96 4 98
3
M S 903 ---- 97 hie.11'09 -4.90s
4
98
Id - N
99
4.605 Series E
101 1004
___ 100 Mch'09
M - N 99
997
4.808 Series F
4May'09 ---- 120 122
1213
Peo Gas L&C 1st 6s...1993
10312 1760 10314May'09 -- 103 104
8
Refunding g 58.....1947
1 104 1093
104
8
Chic Gfts L&O 1st 5s 1937 J - J 104 Sale 104
4 102 1,02i2
Consum Gas 1st 5s_1936 J -D 107 10212 10238 10238
102 Apr'09 -- 10112 102
Mut'l Fuel Gas 1st5s1947 M N
01: 1093
41 92 3
10
9
J -13;" Wi 1.1638May09
South Side Elev 9;0_1929 J
1
Swift & Co 1st g 5s....1014 J -J :10114 Sale 10114 10114
95 May'09 -. 92 96
Union El (Loop) 58_1945 A 114 Ney'04
Union Pac,Iflo cony 98_1911 M - N
-i4 - - 5
itc
/73- 75 May'09
1United Box Board col 13s".:6
8
7771
0
. .
. .
.7
J- J 7712 Sale 7513 jiy. 4 _7_2_014 _771
General mtg (Ss
Western Stone Co 5s....1909 A •




A:

44,

I 426

BOSTON STOOK EXCHANGE-Stock Record, Daily, Weekly and Yearly
-NOT PER CENTUM PRICES
SHARE PRICES
iVednes'at, Thursday
Tuesday
-a11
!•on:
Saturday
June 3
June 2
June 1
May 31
May 29

Friday
June 4

Sales
o/ the
Week
Shaun

STOCKS
BOSTON STOCK
EXCHANGE
•

Range since Jan. 1
1909.
Lowest

Highest

,eane 701 l'ectous Y cca
(1008)
Locysi

H ahest

MEMORIAL DAY

EXCHANGE CLOSED-EXTRA HOLIDAY

roa d
Railroads
R Isanta
Fe_ 100 98 Jan 13 11412 J'ne 4
13753 Feb 10114 Deo
437 Atch Top
11018 11018 113
11412
110 110
*10934 110
ke;t2 Mch 10414 Dec
100 10034 Jan 16 105 May24
27
Do pref
105
*10412 10512 10458 10458 *10412 10513 105
100 225 Jan 4 23914 Apr 8 18112 Jan 230 Dec
23414 23414 235 235 *-___ 231
91 Boston' & Albany
23414 23414
100 12414 Jan 7 13218 Apr 22 ',12112 Dec 140 Jan
166 Boston Elevated
12978 12978 12912 12913 12934 1293
4
12934 130
100 224 Jan 12 235 Mch 19 20014 Feb 228 Deo
22714.228 *___ 228
228 228
*__ 228
86 Boston & Lowell
100 13212 Jan '2 147 Apr 26 114 Oct 140 Jan
146
146
311 Boston & Maine
z145 14512 145 14512 145 146
100 161 Feb 26 160 Apr 3 136 Feb 156 Jan
Last Sale 159 May'09
Do pref
14 Boston & Prov1dence_100 297 Apr 2d 301 Jan 9 284 Jan 301 Nov
,
300 2 *---- 300'.
S661;
506 300
13 M ch
9 Mch
1134 Jan 2 22 Feb 3
33 Boston Suburban El Cos_
16
15
*1513 1612 "i5 - 16 - 15
E8 NOT
45 Jan
6012 Jan 5 75 Feb 3
72
Do pref
32
70
70
70
*70
72
*70
812 Nov
17 Jan
10 May10 1413 Mch 12
*10
Last Sale 11
May'09 ---- Boston& War Elec Cos
*10
601 Jan
4712 Dec
52 Jan 5 5812 Apr 21
Do pref
Last Sale 56
May'09
15114 Dec
50 Chic Junc By & USY_100 143 :an 25 151 May14 126 Jan
151
151 151
151
102 Jan 12012 Deo
100 116 Mch 19 120 Jan
Do pref
Lost Sale 120 May'09 ---*11612 ficr *ii5" 120
5
Mch
Last Sale 171 May'09 ---- Con & Mont, Class 4 100 170 Jan 26 173 Mch 25 163 Dec 166 Apr
13314 Sep 138
Conn & Pass Riv pref _100 139 Jan 2 14212 Mch
Last Sale 139 May'09
1 0
- 00 267 Jan 15 275 Mchlu 244 Jan 263 Dec
Connecticut River
Last Sale 273 May'09
*270 275
130 Mayll 136 Feb 5 117 Jan 133 Nov
21 Fitchburf:, pref
r13033 13034 13013 561; 130 13013 13013 13012
88 J'ne 3
(17 Apr
86 Dec
100 75 Jan
,
86
50 Ga Ry & Electri
*8614 8714 8712 88 *8738 89
86
85 Dec
81 Oct
100 79 Jan 14 85 Feb 18
_
85
85
_ *35
Do pref
*85
5
85
100 19514 Jan 13 19514 Jan 1.4 193 Nov 193 Nos
Central
Last Sale 19514 Jan'09
Maine
1334 No;
814 Jan
100 1114 Jan 12 15 Feb 15
*12 - 12
11
Last Sale 1314 May'09 ---- Mass Electric Cos_
*1212 13
69 No%
40 Jan
100 6813 Jan 15 7314 Mch 27
Do pref
44
6912 6912
6814 *____ 69
6812 6813
No;
& Harttord_100 157 Jan 21 17212 May's 128 Jan 161 Apr
17013 1703 170 17014 170
4
17034 171
17213 1,338 NYNH
145
100 146 Feb 4 147 Men 20 140 Jne
Last Sale 147 Meh'09 ---- Northern N H
Mchi3 200 Apr ",05 Feb
Last Sale 200 • Apr'09
Norwich & Wor pref _100 200 Apr 13 209 Jan
__19018 Dec
175 Jan
100 194 Jan 5 20018
ioiii 19813 19813 19813 *I,- 19813
10 Old Colony
___ 198
5
1, Jan . 34 Dec
100 26 Apr 27 38 J'ne 4
32
38
30
23
-28
215 Rutland pref
38
95 Dec
70 Feb
100 1014 Mch 2 11313 J'ne 4
iii" 112 11212 11212 11312 11312
108 103
55 Seattle Electric
888 Jan 102 Dec
100 9712 Apr 5 10113 Jnn
9912 10012 101 101
101
Do pret
218
101
100 100
8
x19212 J'ne 4 11012 Men 1855 No;
100 z17278 Feb 26
18912 19112 191 19118 x18833 1893 19158 19212 3,330 Union Pacific
4
9738 Nov
783.1 Apr
100 9312 Mch 2 9718 May 5
Last Sale 9612 May'09
Do pref
*9714 9814 *9714 9814
161 Nov
Jan 20 175 Apt 17 150 Jan
172
172
1 Vermont & Mass_ _ _100 165
9113 Sep
76 Jan
50 88 Jan 2 9818 Apr 23
.- 9214 93
9113 VS" -iifi 9213 -ars 13
205 West End St
16 Jan )10 Deo
50 105 May26 )12 Apr 27
107
Do pref
107
-i(17 103
107 10713 107 107
103
146 May19 138 J'iy 140 Mcb
Last Sale 146 May'09
Wore Nash & 14och 100 144 Mch 12
Miscellaneous
35 Nov
3
13 Jan
43
4412 4334 4414 5,682 Amer Agrlcul Chem 100 3314 Jan 2 4413 J'ne 10
3
395 3934 3934 43
96 Nov
77 Mn h
100 94 Jan 18 IOU Feb
Do pref
9834 100
666
9912 9173
9813 99
9814 99
12 Dec •
8
97 Feb '23
4 Feb
50
358Jan '26
4
813 83
:10 -092 Amer Pneu Service
813
,814 P.33
5
812 8 s
23 Dec
912 Feb
50 13 Jan 13 2034 hich13
Do pref
19
1912 19
451
1953 19 8 1912 1912 19
5
8
9914 Jan 1375 Nov
136 Apr 8
100 12613 Feb 24
1.495 Amer Sugar Relln
13214 13213 132 13214 13134 13214 13214 133
100 312614 J'ne 1 131 Apr 13 106 Fen 132 Nov
Do pref
216
127
512614 12634 127 12714 127 12738 127
99 Jan 13212 Nov
Telep & Teleg_100 12514 Feb 1 14212 Apr 22
14012 6,286 Amer
14033 14078 140 14034 140 14012 140
3238 Dec
16 Jan
100 2712 Feb 4 3712 May 8
3612 *3612 37
121 American Woolen
3..;
36
9012 Nov
4
353 3614 36
7734 Feb
100 931, Jan 15 10612 J'ne 3
Do pref
10514 10012 10614 10012
734
10513 106
10558 106
412 Dec
3 Jan
334 Apr 1
10
514 May 3
Boston Land
200
*412 5
5
5
*412 5
9612 J an 128 Nov
Cumb Telep & Teleg_100 125 Jan 26 138 May17
-Last Sale 136-- May'05
*13513 136 *13512
2114 Dec
3812 Feb 11
4
143 Jan
3818 3818 *3712 38
75 Dominion Iron & Steel.... 1813 Jan 11
3A
*3713 3812 *37 816 ov
414 Mch
7 Jan 4 1313 J'ne 1
3
1234 1312 1212 12 4 1214 1258 1212 1234 4,980 East Boston Land
Nov
59 Edison Elec Illum___100 245 Jan 2 260 Apr , 201 Sicli 263 Dec
248
248
248 248
249 249
249
100 15038 Feb 24 16112 May17 111 Jan 102
226 General Electric
161 161 x15914 15958
161 16112
60 Dec
49 Alch
sCos 100 39 Jan 5 6712 Apr 12
63
-643 14 - 1,445 MassachusettsGa
4
4
-3
4 65
6512 643 643
65
4
90 Nov
77 Jan
100 89 Jan 5 97 Apr 21
Do pref
679
91
91
9014 90 4 9012 9012 9034 91
,
100 20212 Mch 12 '220 Feb 17 192 Apr 215 Nov
283 Mergenthaler LIno
20913 21018 21018 21018 21018 212
3 Mch 29
3 Oct
1 Mch
10
5
Telephone
'2 Jan
Mexican
May'09
Last Sale 3
4 3
*23
*234 3
78 Nov
40 Mch
100 63 Apr 24 86 J'ne 4
617 N E Cotton Yarn
86
8514 86
8518 85
14 8473 8514 85
93 Dec
75 Mch
100 93 Jan 2 105 J'ne 3
Do pref
105
83
105
105
105
*104
103
,
100 12614 Jan 5 135 Men 11 105 Jan 128 Nov
271.5 E Telephone
133
133
132 133
- -1133 113 2 133 113
79 Dec
6112 J'ne
Pacific Coast Power 1(50 75 Feb 6 100 May27
Last Sale 100 May'09
*99 100 *102
100 168 Jan 30 192 May22 147 Jan 17412 Nov
27 Pullman Co
9
-189 I8 12 *188 190 *18E12 190
189 189
1012 Nov
1034 Jan 2
9 Apr
934 Jan 11
25 Reece Button-Hole.... 10
_
*1014 -- *1012
1012 1012 *1014
8812 Jan 10812 J'iy
100 100 Jan 9 11012 May15
33 Torft&
1097 11018 1,925 Swirwgt
8
10912 110
5
109 8 fib
109 110
24 Oct
20 Jan
Coon. Class A.._ 26 2012 May21 2312 Jan 4
22
*21
22
22
*21
22 *21
22
2612 Dec
23 May
25 241 Jan 29 26 J'ne 3
4
26
*25
26
26
26
*25
26
*25
2 Apr 2
212 Jan
114 Mch
lon Pref
I
1 Union Cal) L'd & M'g_ 25
1 Jan 26
May'09
Last Sale 112
100 12612 Jan 13 139 J'ne 4 11413 Jan 148 J'IY
"I68 United Fruit
139
138
136 137
156/2 137
13613 137
6014 Jan 14
6238 Nov
3812 Jan
25 r54 Mch l'J
6214 6012 6114 8,470 Un Shoe Mach Corp
60
6114 61
5858 60
30 Nov
247
8Jan
Do pref
25 2812 Jan 11 3034 Mch 5
447
30
3018 3018 30
30
3018 3018 30
5834 Nov
26 Jan
100 4134 Feb 24 6938 J'ne 3
3
5
6473 65 8 6434 6714 6712 6933 6743 68 4 28,963 U S Steel ECorp
8712 Jan 114 Nov
apre D
100 107 Feb 23 128 J'ne 3
2,83755
8
1267 128
122 128
12038 121
12013 121
012 Nov
1234 May 5
4 Feb
West
Teleg 100
618 Jan 11
1134
1134 *11
4
113 *11
1134 *11
1112
8014 Deo
59 Jan
Do pre:
100 70 Mch 3 8812 May14
42
8714
*87
88
8712 *87
8712 8713 87
Mining
1214 Aug
1012 May28
112 Feb
3,555 Adventure Con
712 Feb 1
25
818 812
8
8
3
8 4 914
14 1014
9
4112 Nov
24 Apr
5Ailouez
' 25 34 Jan 29 40 Feb so
4012 *40
41
40
40
39
40
40
8
873 J'ne 4
8318 Nov
45 Feb
21
8 8414 8538 8478 8714 8613 8738 21,247Amalgamated Copper 100 65 Feb 26 273 Feb 9
8514 857
4
30 J'ne
2034 Jan
25 23 Men 27
1.420 Am Zinc Lead & Sin
2414 2414 2538 26
25
25
*2412 2512
8
28 Feb
53 Nov
25 3818 Feb 26 815 J'ne 4
25 Anaconda
515
8 5158
_
6 Jan
6 May10
3 Dec
212 Jan 30
25
5
515 -- 8
5
609 Arcadian
E13
, 1
5 4 - ; Ws
May 8
4058 Dec
14 Jan
42
4238 2,465 Arizona Comnaercial_ 25 30 Feb 26 4614 Feb 17
4134 4212 4114 42
4212
42
,90 Aug
.40 Feb
17
Arnold
25 45 Feb
*84 1
Last Sale .76 May'09
3
*4 1
8 Apr
1913 Nov
914
25
9 J'ne 3 18 Jan 2
9
8
,
,
9 4 "io8 Atlantic
9 4 95
914
914 912
10 .45 Feb 16 .80 May 7 .25 Oct ,75 Nov
Bonanza (Dev Co)
Last Sale .60 May'09
*.45 .60 *.45 .55
1818 Nov
1014 Apr
1714 May 8
1618 1512 1573 1558 1558 153
4 15 8 1:5ii BostonCon C&G (rcts) 21 1034 Mch15 2258 J an 2
7
16
25 Nov
1114 Apr
5 1738 Feb 26
19
19
1918 2,450 Bos&CorbCop&SUMg
19
1914 1812 1812 18
1613 Jan
30 Aug
Butte Coalition
15 2138 Feb 24 28 May 8
2,417
2658 27
2613 2678 2634 27
2678 27
93 Feb 130 Aug
10 9514 May 3 119 Jan 4
546 Calumet & Arizona
103 104
104
10313 104 z104
103 104
Mch
25 585 Feb 23 680 Jan 4 065 Feb 700 Jan
34 Calumet & Hecla
670 670
670
675 675
670
665 675
3634 Nov
21
25 29 Feb 1 3434 Feb 16
280 Centennial
33
33
7
378
32
3212
*3314 34
an 15 .25 Mch .45 J'ne
1,300 Cons Mercur Gold_ _ 1 .23 May12 .35 J'ne 3
.23 .23 *---- --23
.23 .25 *.20 .25
8378 Nov
5513 Feb
8214 8112 82
6,108 Copper Range Con Co 100 6812 Feb 26 8234 Metal)
8178
8112 823 z8114 8214
4
1178 Nov
7 Jan
712 May23 12
20
8
400 Daly-West
12 712
7
712 713 *712
3
12 7 4
7
10 Deo
1018 Apr 20
834 Dec
712 Feb 1
5.920 East Butte Cop Min_ 10
1334 14
1378 1438 1334 1418 1312 14
234 Nov
.99 Mch
213 Jan 15
112 Apr 17
Elm River
12
218 *17
40
*178
2' 2
218
8
8 218 *17
612 Apr
1913 Nov
25 17 Apr 5
25 13 Feb
1634 16
1614 1678 16
1653 16
1614 4,475 Franklin •
512 May 8
713 May28
1,755 Giroux Consolidated_ 5
753 758
8
758 75
3
74
3
3
4 74
73
73
au Jan ,10 J'iy
Jan 4
105 10512 103 105
255 Granby Consolldated- 100 90 Feb 26 110 Jan
106
106
*10512 106
1318 Aug
3
67 Jan
9 Feb '26 1234
20
5,310 Greene Cananea
3
5
3
10 8 11
1012 10 4 1013 10 4 1058 11
12 J'ne 3
835 Hancock Consolidated 25 10 Apr 24 3314 Feb 11
1114 1112 1112 12
12
8 1178
117
11
2614 Jan
1734 Feb
Isle Royale (Copper).. 25 2218 Apr 27
2734 28
28
2858 28
2813 3,691
28
28
81. May12
712 Apr 30
812
745 Kerr Lake
8
8
8
7
78 8
8 14
8
10 Sep
2414 Dec
25 16 Jan 30 2614 J'ne 4
2414 2414 2314 2434 2514 2614 4,907 Lake Copper
2412 25
1214 Jan
1714 Jan
25 13 Jan 30 1,.64 Feb 16
La Salle Copper
375
14
14
,14
14
14
14
14
14
214 Mch
838 Aug
1814 May28
414 Mch 13
25
1214
31,801 Mass Consol
9
812
1418 1814 !1112 15
Mch
.25 Jan
.75 J'iy
93'
25 .30 Apr 29 .65
___ Mayflower
Last Sale .50 May'09
.60 *.50 .60
*.50
31. Dec
8 Jan
514 May10
312 Apr 16
& S.... 10
6
5
Ws
5
5
5
1.695 Mexico Cons M
518 518
4
13- Sep
1512 Deo
1234 Feb 26 16 May12
3
4 1434 1514 147 1514 1518 1514 4,400 Miami Copper
1458 143
714 Feb
1314 Mch 4
1612 NOV
25
3
730 Michigan
9 4 May26 7018 Jan 8
11
11
11
1113 11
11
10
11
45 Feb
73 NO1.
1
25 59 Feb 1
67
*66
214 Mohawk
66
66
67
66
67
67
Apr 6
8
13 JIM '
Montana Consol C & C 10 .19 Feb 11 .40 May20 .25 Dec
Last Sale .25 May'09
V.25 .30 4..25 .30
83 Jan
3
20 4 Nov
8 23
Nevada Consolidated_ 5 1612 Feb 26 2334
23
2258 23
2234 227
806
2273 2278
434 Oct
8 May
6 Jan 4
17 May 5
8
213 212
212 620 Newhouse Mines & S... 10
212
214 212
*212 2 4
3
4034 Feb
3
89 4 Nov
15 5213 Apr 27 8514 Jan 2
5413 37
56
55
4
4 563 14,298 North Butte
553
5634 5.3
413 Mch '.:2 5014 May12
North Lake($8 paid)- 23
9
858
3 9
87
914 934
14 4,325
9
9
J'iy
25 .48 Apr 20 .65 May 4 .50 Jan
Last Sale .60 May'09
Old Colony
2
6012 Deo
28 Jan
25 4714 Feb 24 5814 Jan
5413 "ilk) Old Dominion
*6412 5512 5413 5412 5414 5412 54
77 Feb 13512 Deo
25 122 Feb 26 138 Feb 19
136
216 Osceola
137
135 136 *133 136
136 137
3118 Deo
1012 Jan
1 36 May25
38
35
35
3514 3513 1,793 Parrott (Sliver & Cop) 10 26 Feb 1 99 Jan 4
3512 35
35
17 Feb 100 Aug
25 85 Feb
93
91
*90
90
90
115 Quincy
90
90
90
338 Nov
8
278 Ja
153 Apr
2 Feb 25
(Gold it Cop) 10
212
400 Santa Fe
212
212 213 *212 234
234 2 4
3
1914 Nov
1'778 Jan 4
3
9 4 Feb
10 1313 Feb 26
16
16
1618 1,500 Shannon
1614 16
16 • 1614 16
3612 Nov
14 Apr
25 34 Jan 5 4614 Mch 1
40 4 403
3
4 41
320 Superior
4114
4178 4178 41/2 4112
14 Mch 24 1812 May28
1714 1734 1714 175, 3,543 Superlor&Boston Min 10
18
8 17
17
175
2018 Nov
1413 Oct
1414 1414 1414 1.459 Superior&Pitts Copp.. 10 1278 Apr 27 1778 Jan 2
1414 14
14
1414 14
88 Nov
56 Mch
25 66 Apr 27 90 Feb 25
*72
7213 7213
70
77 Tamarack
70
71
71
25 Aug
8
175 Jan 23
1218 Feb
12 Feb 19
25
fit; 1312 1312 969 Trinity
3
13 4 13 4 1313 3
14
14
1612 Nov
8
45 bleb
918
100
9
812 J'ne 2 1614 Jan 8
914
918
510 United Copper
5
812 10 8
10$8 1033
3034 NOV
9 Mch
3418 3312 34
34
1.450 United StatesCoal &Oil 25 28 Jan 12 3418 J'ne 3
3314 34
3212 33
2
467 Nov
28 Mch
Feb 25 5073 May24
5038 4978 5014 5018 5013 7,037 U S Smelt Ref & Min- 50 39
5058 50
50
47 Nov
37 Feb
50 44 Jan 8 50 May24
Do pre
4 4913 4934 4912 4933 3,133
4934 49 4 4953 493
3
7 NOV
438 Sep
634 Jan 20
Apr 29
5
513 518
5
340 Utah-Apex Mining
5
514 51
,
5 3 514
60 Aug
2913 Jan
5 3714 Feb 24 4634 Jan 2
1,529 Utah Consolidated
4314 4214 4258 4212 4278 4278 43
43
Nov
52
10 3934 Feb 26 63 May S' 2878 May 53 Nov
51
52
734 Utah Copper Co
33
52
6214 5118 52
6
213 Apr
512 May 6
353 Jan 6
*5
5
25
5
Victoria
270
5
5
5
,
52
5
( 4Nov
73
412 Jan
2
612Jan
434 Apr 30
25
6
585 Winona
614
6
6
*512 6
6
6
Nov
25 139 Mch13 162 Jan 2 11512 Jan 155
148
148
75 Wolverine
148 148 *148 151
148 148
33,
.150 M.v
4 Jan 1:
214 Apr 23
25
334
314
3 4 5,767 Wyandot
3
312
31s 314
314 37-16
.
-rights, a Ex-div. and right11 •
Ass't paid. b Ex-stock dlv. a Si
c Before pay't of asscss'ts called in 1909. • Bid and asked prices. .2 New stock.




--51i;

2,
(a,

Boston Bond Record

JUNE 5 1909. I
BON Ds
tt•-•
,-BOSTON STOCK EXCEPGE 4,2,..
WEEK ENDINO JUNE 4
..F..-4

Price
- •.
r rinctu
June 4

Week's
Range or
Last Sate

kl`c

_High
Bia
Ash Low
km Telen & Tel c,oll tr 48.1929 J-J
0512 Bale 954
904
Convertible 48.
1931 M.S 103. Salt 103% 104
4
Am Writ Paver 1st a t Os g 1911) ,j.j
83 Mar'09
Corn Cop 18t cony 68 1918 31-8
Ariz
190 May'09
Atcn Top & t3 Fe gen g 48..1995 A.0 1004 101 1003 1003
4
4
Adjustment g 4s....J ly 1996 Nov 03 95
.
93 May'04
,
Stamped
Ply 1995 M. '
03
95
937 Mar'01.
50-year conv 4s
1955 J-D 11414 Salo 1141 1141
/
4
/
4
10-year cony 5a
1917 J-D
111/ May'09
1
4
Atl Gull &W £88 Lines 5s.',54) J -J
70 Sale 70
'711
/
4
Boston Elect L Ounsol 68.1024 51-I3
110 Feb'04
Boston & Lowell 48
1916 J.J
1001 Mar'09
/
4
Boston dtt Maine 44s
1944 J-J
/
4
1041 Oct'08
Boston Terminal 1st 3'.1947 F-A
1124 Jan'03
Bur eis Mo Rly ex 6s
1918 J -J
104 Oct'07
Non-exempt 68
1918 J -J
102 Sep '05
Sinking fund 4s
1910 j...j
99 4Jan'09
Butte & Boston 1st 013.-1917 A-0
100 J'ne'01
Cedar Rap & Molt let 73.1916 M-N
117 J'ne'08
2d 78
1909 J-D
11118 Ply'05
Cent Vermt lat g 4a...May192i1 Q-F 58' 89% 894 May'09
0 B & 44 Iowa Div 1st 55.1019 4-0
11103 uct'07
IOWA Div 1st 4a
10018 Mar'01.
1919 A-0
Debenture 58
100 Apr'08
1913 NI-5
4
Denver Exton 4s
993
99.4
1922 F-A
Nebraska Exton 43
192 May'09
1927 11/I-N
13 &SWat 48
8
985 Feb'09
1021 M-S
1.1.4 91'
Illinois Div 348
1949 J -J ,
Joint bonus See Gt Northern
8
8
Wile -10 Ry & Stk Yds 68.1916 J •J .1025 Hale l025 102%
921
/ 93
4
Coll trust refunding g 4819411 A-0 924
1181 Feb'09
/
4
Oh Mil & St P Dub D 68_11)20 J -J
126 Fob'05
Ch M & St P Wis V div 681920 J -J
10% Apr'09
Chic & No Mien 1st gu 58.1931 NI-N 1024
4
/
4
Chic do W Mich gen 68....1921 .1-1) 105 1051 1053 May'09
01 Deo'07
Concord & Mont eons 48..1920 J-1)
4
1121 Jan'03
Conn & Pass It let g 43...11.4:4 A•0
1a27 4-0
96 Feb'09
Current River 18t 68
914 Mar'00
Det Gr hap & W let 4a...1946 A-0 914
01 Nov'08
Dominion Coal 1st a 1 Ga..1940 M-N
1915 M-S
10318 Ain '05
Fiten burg 48
1927 M-S
96 Apr'0',48
Frenit Elk & Mo V lat 68..1933 4-0
133 blar'014
1933 4.0
Unstamped 1st Os
140 Apr'06
975 981 98
,
at Nor 0 13 & Q coil tr 48 1921 J -J
983
8
1923 Q-J
Registered 48
975
s
0819 May'09

Range
Since
January I

Low BigIt
4
/
4
913 961
33 9219106
83 83
190
130
/
4
1 100 1011
8
913 94%
9374 9419
16 1024 109%
10741.14 k.
39 59
72
4
/
41001
1001

,
994 99¼

81

90

/
4
1001810111
095 100
8
101 4 102
4
98% 985
8
3 914 92

3

11 102 1031
/
4
04
4 01
1181 1181
/
4
/
4
......
101 102;
102 100
96
87

133
14

90
914

133

1.17 12 99
97% 1384

1427

LI°
BOSTON STOCK EXCIVGE t.. 7:
Wank Exuma Julia 4.-,;'
,
:.

Price
.p)-iday
June 4

Week's
ia
Range
Since
Range or ;E
Last Salo 4 j: January 2

Ripe Au Lou' iites,
Rid
A Sli how
Illinois Steel deben 58
1910 J-J 1.0019101 1001 Mar'01. .... 1001 1003
/
4
/
4
4
Non.convert deben 5s 1913 A-0 101 1011 1011 May'011 .... i0018 1014
/
4
/
4
la Falls &Sioux Clst 76 1917 4-0
117 Apr'o•
Kan C Clin & Spr 1st 5s. 1925 A-0
1161
4
961 May'01. .... 94
/
4
Kan C Ft S& Gulf ext 53 1911 J-D
9Jan 'OP ... 1001101
/
4
100,
Kan()1ft Scott du 51 6a
1928 M-N 119 4, Sale 119, t 191 - 11614 1201
/
4
2
/ 7
4
Kan C M & B gen 4s
1934 M-S 02 94
93
1.3 May'04. .... 1.0
Assented income 5s
:- 919 may'09 .... 8619 90
1934 M-S 893
4
Kan C & M Ry& Br 1st 551929 A-0
4
1031 Apr'0 .... 10319 1033
Maine Cent cons 1st 7s 1912 A-0
113%.Nov'Oti
Cons 1st 48
1912 A-0
1014 Sell 05
'
Maro 11 ough & Ont 1st68 1925 A-0
115 J'ne'OS
Mass Gas 44s (recta)
1029
4
9J 4 Sale 993
4
997 61. 981 997
Mexican Central cons 4s191] J-J
86 Mann, ... 8419 86
lateens me 3s
Jan t939 Ply
1110 Apr'Or
28 cons me 3s
Jan 1939 Ply
1115 4 Apr'W
Mich Teleplst 6s
1917 J- J
Minna Gen Elec con g 58 1929 .1-.1
1024 Ang'04
New Eng Cot Yarn 58
1929 F-A 10418 Sale 1944 1041 :- 1021 104 4
/
4
/
4
New Eng Teleph 53
1915 A-0
102 Feb'Ob .... 102 102
6s.
1916 A-0
1004 Sep'1* ..
New England cons g 5s 1945 .1-J
Boston Term lot 4s
1931' A-0
NT Y N H & II con deb 31951956 J -.I
1077 May'o.. .... 9719 10719
4
Cony deb ils (etts)
1948 J.J
4 134 138
138
138
Old Colony gold 4s
1924 F.A.
1.0.1 1.0]
101 Apr'09
Oreg Rya: Nay con g48 1946 J -I)
.
.....
1904 J'iy'Oe ........
..
,
Greg Sh Line 1st g Os
1022 F-A
8
L187 Mar'llt• .... 1187 1194
8
Repub Valley 1st of 6s 1919 J-J
105 Deo'lk .... ......
Rutland 1st con gen 41 1941 J.J
0
1074 Nov'05 .... ......
Rutland-Canadian 1st 461941 J -J
4
102 11.1a002 .... ......
Savannah Elec lat cons 58 1952 J -J
9812 May'06
Seattle Mee 1st g 5s
1930 F-A
106 May.01-.. ..... 10518 1064
Terre Haute Elec g Ss
1929 J 4
97 Apr'07 .... .... .
.
Torrington 1st g 5a
1918 M-S
994 Nov'06 ....
Union Pao RR & 1 gr g 48 1947 J-J
10219 Apr'09 .... 1021 1034
4
20-year cony 48
1927 J-J
... 1071 May'UMay'09.. . 1025 ION
.
/
4
8
United Fruit gen 8 14¼s1923 J-J ....- Sale 901
965b
9834 41 9519 97
/
4
U S Coal & Oil lot 81 08 .1938 M-N
140 May'09 . 120 140
US Steel Corp 10-60 yr 58.1963 M-51-14106 Sale 106
DM ..-t 1021
,
4.100
West End Street Ry 4s. 1915 F-A
10019 Apr'09 .... 1004 1001
/
4
Gold 412s
1914 M-S 101% Sale 101% 101.y[0019 10219
Gold deoenture 4s
1916 II-N
1004 Apr'09 .... 10041004
Gold 4s
1917 F-A
1005 Apr'09 . . 1001910019
8
Weatern Teleph & Tel 58 1932 J -.I
8 991 14 96
991 991
/
4
4
99
1191
/
4
Wisconsin Cent 1st gen 461949 J-J ......
95 14 Apr'0:. .... 937 954
8

Nara--Buyer pays accrued interem,in John lion to the num Mee price for all iinSton Bonds.

No price Friday; latest Old anti asked.

1j le at_ price.

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Pricen,
--Not Per Cement Prices
Saturday
.alay 29

.Monday
./ay 31
5

fluesaay
June 1

88
21
40
.1.!
.
1.1
0

>4
A

*14
CS
0
0
14

88
21
40
12¼

Weanesaay
June 2

iT
874 88
106 4 10014
21
-2a 21
40 40
*12
121 *12
/
4

45%
453
,
45
401 397 41%
/
4
40
8
144 1219 124 12;
*231 24
/
4
23 23
65
65
65
65
/
4
8
27% 291 281 285
4
1
4
1031 103/ 103 41113/
/
4
1
4
791 791 80
/
4
/
4
79
6771e
4119
1178
301
/
4
78

67*,,
114
12
32
7831e

073
1367"14
42 42
8
117 12
32%
32
70% 77%

554 56
54 55
8712 873
4 874 87%
.33
'33
1'1111.AIDELPIII

Bid

Ask

Inactive Stocks
Allegheny Val pref....59
511 391
/
4
American Cement
100
Amer Pipe Mfg
Bell Telephone (Pa)J00 108
69
Cambria Iron
40 4
,
Central Coal & Coke.100
Consol Trim of N J...100
......
Diamond State Steel..10
Preferred
le
Easton Con Electric 6.66
Wee Storage Batt...
.106 60
523
4
Preferred
100
b't Wayne &W V
100
50
Germantown Pass
Indianapolis St
100
Indiana 'Union Tr.. 100
Insurance Cool N A..10 22
224
Inter Sin Pow & Chem.50
Keystone Telephone ..50 131 13%
/
4
50
Preferred
KeystoneWatchCaae.100
10 15% 10
Lit Brothers
50
Little Schuylkill
Stinehill & Schuyl H..50 03
N Haven Iron & Stee1.5
54
Northern Central
North Pennsylvania..59 10119
50 105
Pennsylvania Salt
Pennsylvania bleel..100
100
Preferred
44
Phila Co(Pitts) pref...50 43
Phil German & Norr18.50
/
4
50 911
Traction
7%
11
Railways general
Susquen Iton & Steel..b
10
Tidewater Steel
10
Preferred
71 71
/
4
/
4
Tonopah Mining of Nevi
100
Union Tr of Ind
United N J RR & 0-100
Unit Trao Pitts pret..50
8.4 9
1
Warwick Iron& Steel.lb
West Jersey & SeaSh.50 50
..56
Westmoreland Coal..
Wilkes (.4as & Eleo..100
*Bid and asked; no sales on this day.




Thursaay
June .1

*42
45
"88
89
100 100¼
21
*21
211
/
4
*3919 40
40
124 *12
12t,

ssks

Range Since
Jan 1 111,41
Lowest

Baltimore
Con.Gas EL L.& Pow.100 30 Mar
376
Do prof
100 76 Mar16
80 Northern Central
50 100 Jan 4
185 Seaboard(new)
4
100 115 Feb 21
266
Do 26 pre!
100 22% Feb24
United Ry dv Electric.. 50 1/3 Feb Z,
4

Highest

Bid

Ask

PUILA DELP1114

Bid

Asa

hangs for Previous
_Year(19081
Loivest

424 Mayl'. 20 Jan
09 MayI
05 Mai
111. Jan It 80 Jan
21 blay18
4 Feb
41 Mayr, 10 Felt
121 Apr IC 10 Jan
/
4

Philadelphia
34 American Railways.... 60 45 Jan 4 463 Feb19
/
4
x1154 451 *451 40
/
4
4
43% 42
8
42'-. 20,410 Cambria Steel
/
4
42
60 327 Fel)21 431rne 3
402 Electric Co of America 10 x107 Jan 2i, 12.4 Mar30
8
*124 1219 124 124
1,010 Gen Asphalt tr etre
254 Feb i9
'223 29
4
100 15 42Jan
*224 23
293
Do pref tr Ws
667 Feb IS,
8
644 05
643 64%
4
100 63 Jan
4 2819 '28% 2,240 Lake Superior Corp.. 100 143 Jan I 337
4
8May t281 291
/
4
198 Lenigh C & Nay tr <AM 50 96 Jan
11114 Apr29
1031 103"4 103%103%
/
4
7,001 Lehigh Valley
7113 80; 80. 801
4
/
4
50 07 Feb23 804 Mayll.
Marsden Co
100 14May 5 218Jan 12
2,503 Pennsylvania RR
50 63% Feb24 191l May4
671198 (3819
403 Philatielp'aeo(Pittab) 60 4012 Feb24 4312 May 4
414 42
41'-., 42
117 14
8
11% 11% 2,150 Philadelphia Eleetriet 25 1114 Feb23 12%MayD8
8
3i' 3218 32% 334 32,099 Philo Rapid Transit
50 247 Jan 5 36 4, Api 28
60 594 Feb23 nulni 51ay49
77'4 76j16 7711,00.1, 17,853 Beading
40 Jan
Do 1st prof
50 44 Mar
60
*49
Do 2d pier
50 45118 Mar I 52 May13
8May 4
541 654
/
4
4 50
50 51 Jan 6 587
67 11,004 Union Traction
87% 37% 874 88% 5,160 United Gas Impt
5) 84% May13 944 wet) 1,3
*3:3
100 28 Slar20 3319 May24
*33
Welsbach Co
334

PHILADELPHIA

fitfittest
30 Dec
811 Dec
/
4
102 Dec
15 Deo
26 Deo
12 Nov

42% Mal 404 Nor
8
267 Feb 404 Dec
/
4
819 Jan 111 Deo
319 Jan 19% Deo
197 Jan 691 Deo
8
/
4
35 Feb 17 Dec
8
8
781 Jan 073 Deo
/
4
52% Feb 763 Dec
4
27 Apr
8
15is Jan
54318 Zan 68118 Deo
344 Mal 44.4 Dec
54 Feb 12% Nov
81219 Pia 2512 Dec
463 Feb 711118 Dec
39 Jan 45 ,
,
Dec
3719 Jan 4.34 Dec
r441J'ne 564 Apr
/
4
7819 Jan 94% Deo
'25 J'ne 28 Nov

HAI:1'1,001LE

Ask

/
1
4
Ph So Read 20 6a '33.A.0
Chas Ry 49& El58'99 31-8 91
Con M 78 1911
J-D
Charl026 A ext68.'09 J-J 111
11)104-0
Ex Imp M 4s g'47 4-0 102
20 Is
Terminal 6a g1941 (4-F 1204 121
City & Sub 1st58.222 J-D 108 109
P W & B col tr 4s'21..1%J 100% 1.004 City& Sub(Was)lst58'4b 104% 105
,
Portland Ey 1st Os 1930.
Coal & I By lat 68'20E-A 102 1024
}loch Ry& Leon 58'54J4
99 Col&Gruv lat68.1910J-J 110 112
4
Spanish-Am Ir 68'27 .f4
/
4
1021 Cohsol Gas 68...1910 J-D 1011 1013
/
4
116 11
U Trac Ind gen 514'19.J.J
58
1039 J-D 1111 112
/
4
Un Rys Trolls 48'49J&J
113;
/
4
781 78% Ga& Ala 1st eon 58'453-3 1051 106
/
4
Cla Car&N lat5ag'29J-.1 106% 100
l(15% United Ity8 Inv 1st colltr
sf 58 1920
M-N
7919 80 Georgia P 1st 68 .'22 J-J
106',
Trao Pit gen 5s'97 J-J
GaSo & Fla lat58 1045.1.J 110 1104
Welsbach 5 f 5a 19:30.J.D 82
83 G-B-6 Brew 3-43 1951,M.8 40¼ 413
4
14
12
G&E con5s'55.1t4 98
4
2d income 5a 1951 .5I-14
9319 933
106%
KnozY'Trite 1st 58'28A-0 105 11/7
BAurimour,
Lakeli El 1st gu5s'4251-S 112 114
861 864
/
4
inactive Stooks
SW, 514 Ala Cons Coal& Iron.100
Macon Ry&Ltlat6a'53J-J
07
Memphis St lot 53'45 J-J
06
Pret
.10U
06
Met:it(Wash)1 t53'25F A 110 112
Atlanta & Charlotte..100 185
1
,
1051
/
4
Mt Ver Cot Duck lot 5s. 82; 824
Atlau Coast L (Conn)11.10 280 290
90
110', I10'4 Canton Co
NptN&O P lat5s'38 M-N
85
100 93
116
General 5s. .1941 51-8 55
Cons Cot Duck Corp. .50
8
Norfolk St 1st 58'44 J-J 105
Preferred
50 241 26
103%
/
4
North Cent4481925 4-1., 106% 1074
Georgia Sou 26 Fla. .100
Series A 58 1926. J-.) 112
1st prof
100 93
140
95
Series B 53 1926.
112
100 7219 80
2d pref
974 97N
100
21 25 Pitt Un Trite 5s 1997.J-.)
/
4
,
60
001 G-13-8 Brewing
4
Poto Val let 5s 1941...14 106 108
Bonds
Say b'la & West5s'344.0
Prices are all"and
Seaboard A L 4a 19504-C 851 854
interest."
10012
/
4
AUROOStia de) Pot58
4
1031 1033 Saab & Roan 58 1926.J.J 10S 1011
/
4
South Bound lot 58..4-0 106 108
Atl & Ch ext 448 '10.J4 100
94
,8'29 61.14
8
/
4
Atlan C L ER48195224-8 965 971 U El L&P lat44
102
93
Un Ry& El lat43'49 M-S 871 874
109
/
4
At!Coast L(Ct)otts 5s J-D 100 108
JD 57" 58
85¼
Income 4s 19411
Otto of indebt 48 .J4 86
Funding 58 1936-1-D 801 8t)19
/
4
.74 891
5-20 yr 48 1925
/
4
Va Mid 2d ser 6s '11.61-s 101 1Bait Crass 1st 5s'll 11-1N
3d series Oa 1916..M.8. 106
Bait Fundg 58.1910
101
103
4th ser 3-4-5a 1921.61-8 107
Exchange 34 1930.14
/
1
8
in', 08
5th series 5s 1920.11.1-5 108 110
Balt& P 18t
A-0 103% 104
103
/
4
1*719 Balt Trao 1st 56..'29
Va(State) 3s new'32..14
014 921
.
110 112
93
Fund debt2-38 1991.J-J
92
102 1024
, Islo Balt Div 5141942 J-D 114 110
West N C eon 08 1914 J-J 107 109
Cent'!By eon5a1932 61.14 112 113
76¼ 70
WeaVa C&P lat6g'11 J-J 1(1219 103
Ext& Imp 58.1032 M.S
Wil & Weld 58..1935.J4 113 114,
Chas City Ry 1st 58'23.14
$7.50 paid. t 111419 paid. t $1319 paid. 4 $35 paid. a Receipts. b $25 paid. c$30 paid. d$42 19 paid.

Bombs
Prices are all "and
interest."
Al Val E ext 78 1010 4-0
Alt &LVEleo 4 4,s'33.F-A
Ain Rya cony Os 191.1.J-D
AU. City lot 5s g'19.51-N
Berg& EBrw lst08'21 J-J
Bathe Steel 63 1998.(44
Choc& Me lot53 1949 J-.1
Ch Ok & G- gen 68'141 J..]
Col St Ity lot coatis 1932
Con Trae of NJ lot 58.'33
E & A 1st 21 5s 1920 11I-N
Elec & Peo Tr istk tr aft;
Eq II Gas-L 1st g 68 1928
Indianapolis Ry 43.1933
Interstate 4s 1943 ..F-A
Lehigh Nay 448 '14.Q.J
Rita 4s g
0
Gen M 41 g 1924.Q-1
Leh V C 1st 58 g'33 J..)
Leh V ext48 1s1 11348.J-D
M-S
287s 1010
J-D
Consol 6s 1023
.1-1)
Annuity Os
Gen cons 48 2003.61.N
Leh V Tran con 43'35.1-D
New Con Gas 5s 1948 J-D
Newark Pass con 58 1930
NY Ph & No 1st4s'39.1.3
Income
No0hioTraocon5s'141.j4
Penn geu 0a 1910
Var
Consol 54 14)19
Vai
Penn & Md Steel con 68.
Pa & NY Can 58
A-0
Con 48 1939
Penn Steel 1st 58'17 M-N
People's Tr tr certs 48'43
P Co 1st& col tr 53'49 M-S
Con& eoltr Os 195161-14
Phil Eleo gold trust ars
Trust certifa 4s
P & E gen 24 6 g'20.A-0
Gen 1K 48 g 1920 A.3b0
¶ Ex-rights.

Priday
June 4

Sales
AcrivE STOCKS
of the
Week (For Bonds and Inactive
Stocks see below)
Share

[VoL. Lxxxvnx.

THE CHRONICLE

1428

Industrial and Miscel
sle
1310
Consol Rubber Tire_100
Preferred .....___100 "IS 26
38
Debenture 4s 1951A&O 1 35
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Cons Steamship Lines 100
DAILY. WEEKLY AND YEARLY.
Coll tr 4s 1957 rctsJ&J Iti" 21
Corn Prod Ref See Stock Ea, list
9
eCrucible Steel
Stocks.
Railroad.
101
4
,
ePreferred •
104, 691 -03
State
.S.
U
Week ending
Crmberland Ely Copper.5 *85:' 834
Par value.
Bonds.
Bonds.
Bonds.
Shares.
Ferry Ccrm pa n ies
June 4 1909.
eDlamond Match Co_100 1241, 125
8r: 100.
88
92 Dominion Copper
10
HOLIDAY
B & N Y 1st 6s 1011_1•J
Saturday
40
314
Douglas Copper
.„..5 *3
HOLIDAY
N Y &ER Ferry stk_1(0, 3:1
Monday
60
Econ'y Lt Is P (Joliet, I1J)
M-N 50
1st 55 1922
$170,500
697,587 $66,028,700 $4,551,500
Tuesday
1st M s f g 5s 1956-J-U
08
94
4,780,500
783,599 72,400,900
N Y & Bob 53 May.46 J-D 96 98
58,000
Wednesday
25.
Electric Boat
100 20
Hob Fy 1st Is 104651-N 107 108
9,860,000
1,468,248 138,409,800
456,500
Thursday
75
96
98
Preferred
100 60
1,622,664 151,501,900 10,990,000
NY Is NJ Is 1046_ _J-J
62,000
Friday
40
Eleotne Vehicle
100
1
10th & 23d Its Ferry_10o 30
Preferred
2
100
1st mtge Is 1919-1-13 55 65
4,572,098 $428,347,300 $30,182,000
$747,000
Empire Steel
24
100
eUnlon Ferry stock_100 22
4
Preferred
56
10t
432
M-N .'3 96
elst Is 1920
Week ending June 4.
Jan. 1 to June 4.
Sales at
eFederal Sugar of N Y See Stk 51151
New York Stock
eGeneral Chemical__ -100 6712 72
Short
-Term Notes
1909.
1908.
1909.
1908.
' Exchange.
ePreferred
100 10311 104
99t2 Goldfield Consol MInes_10 *712 755
A 45 '11__M-S 99
3,916,448
4,572,098
83,386,240
78,913,449 Am Cig ser Mch 15 '12/il F 9812 991 Gold Hill Copper
-No. shares_ __
Stocks
3
8
1
Ser B 4s
$428,347,300 $349,629,150 $7,617,886,875 $7,047,007,075
Par value
Greene Cananea
4
10058 101
20 *103 11
$4,400
$12,100
$110,100 Am Tel Is Tel g 53 '10 J-J 10034 10114 Guggenheim Explor'n 100 197 200
Bank shares, par
Allan Coast L Is '10_111-S
Bonds.
102 10212 eHackensack Water Co
$24,500
$369,320 Chas di Ohio(3s Jlyl '10J-..1 /70 80
$196,700
Government bonds
Ref g 4s '52 op '12--J-J 89
91
&11/4
838,000
$747,000
54,837,000 Cln Hamg 45 )45 '08
18.825,200
Hall Signal Co
State bonds
100 55 65
Col tr
1913___J-J 95 9/
601,710,400
348,760,100 C C C & St L 5a, June '11 10118 10112 Havana Tobacco Co.._100 10
RR. and misc. bonds_ 30,182,000 13,412,000
13
Preferred
100 20
24
WJ 101
Lrle 63. Apr
530,929,000 $14,274,500
$620,732,300
$403,966,420 Interb B T g8 1911_A-0 10314 104
1st g Is June 1 '22-J-D 69
Total bonds
71
63 1911 M-N
1007 Hecker-Jones-Jewell Mill
8
Is Mch 1010
M-S 10012
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
1st 6s 1922
g
M-S 105 109
C Ry eeLlizht 6s '1211-S 9934 100010382 ETer, -Ha11.x1ar,
46
nevv_100 35
EXCHANGES.
Kan C So 558 Apr '12.J-J 100
Lack Steel Is e 1910_M-S gj 0012 Hoboken Land & Imp100
M-N 99
e5s 1910
Lake Sh & At So 5f10 F A 1004, 10118
Boston.
Philadelphia.
1041
"kr
Lou Is Nash g 55 '10-M-S 101 10112 Houston Oil
Week ending
-12
100 38
Preferred
4
Mex Cent 55 July 1 191) 10038 1003
Bond
Listed
Listed Unlisted
Unlisted
Bond
June 4 1909.
101 100 110
11,11ch Cent Is 1910
F
-A 10078 10118 Hudson Realty
sales.
shares. shares
shares. shares.
sales.
Minn Is St L g Is 'll_F-A 99.58 100 eIn gersoll-Rand com,100 55
93
100
-ePreferred
N Y Cent 58 1010_ F
-A 10078 111118
_HOLI DAY
Saturday
N Y C Lines Bop 5s '1U-27 4.30 312% Internat'l Bank'g Co 10J 105
_HOLI DAY
Monday
Bic list
10212 Int'n1 Mer Mar See Stk
NYN/1 &H
20,834
$77,900
41,282
12,470
17,918
$660,100 Norf Is West Is 53'10-11 101 10158 Intemael Nickel__100 105 ill
Tuesday
118,580
21,764
36,132
15,302
23,376
Wednesday
58,400 Pa RR 55 Mch 191031-N 10114 10114
100 84
87
Preferred
15 '10 M-S 101
48,400
30,224
29,039
54,898
27,490
78,860
Thursday
ST
1st g Is 1932--A&O 85
Ily,
41,555
99,800
32,646
22,452
23,801
170,500 Public Service Corp Is- See St 100
Friday
18
International Salt--10. 17
SU.Is San Fr g Is'1I_J&J 9934
62
1st g Is, 1951
A-0 ; 58
%g notes'12 opF 3:A 9614 9711
83,162 $344,680 114,3771 88,686 8367,860
164,958
Total
8
12
106
Sonth Ay g 5e 11)10 l--A 10014 100\ Intemael Silver
10t, 83 90
8
Preferred
Southern By 6s 1011.M-N 101 1013
1st Is 1948
8
J-L 109 Ill
Tidewater Is, 1013, guar 1027 10318
8
WestIngh EI&M Os 1910 1007 10114 Internal Smelt Is Refg 101, 120 125
Jones Is Laughlin Steel CO
9934 100
1st s C g,5s 1939 __M-N
Railroad
All bond prices are now "and interest" except Where marked
46
Lackawanna Steel__100 43
Lanston Monotype_20 *15
1512
Atch Top Is Santa Fe
Street Railways
Bid Ask
Hid Ask
Street Railways
4
Cony 4s (when issued) 11212 1123 Lawyers' Mtge Co_ __104. 300 310
Pub Serv Corp N J (Cots
cLeh Is Wilkes-B Coal 50 11)) 110
New Ycrk City
Chic Yeti & Ss L
itapid Tran St I1y-1U0 245 ---30
,
100 .10‘) 105
Lord & Taylor
Bleed> St & Fut F stk_10t. 20
Deposited stock__ _
3
1
1st 0s 1921
___ 80
1
A-0 105 3
Preferred
e 1st mtge 4s 1950_J
100 98 103
Undepeel ted stock__
JO Hob & Paterson
-Je B'y & 7th Ave stk100 145 160
Prior lien g4 ;i3'301.41&s / 83 93 eLorIllard (P). pref 100 n125 135
45 g 1040
M-N 79 80
Madison Sq Garden. 100 25
35
e 2d mtge Is 1914__J-J /100 101
Con rnlgg 53 1930_J&J / 48
55
So J Gas El& Trac..100 127 129
2d 6s 1919
80 100
M-N
Income 03, July 1930._
Con 551943 See Stock Exc list
512
Gil g 55 1953
M-S 99 1CO Chic Subway
Manhattan Trans't_ _20 * 2le 238
B'way Surf 1st 53 gu 1924 1002 105
25
100 23
No Bud Co Ry6e114 J-J 105 107 Ft NV Is Den Cy std_100 9712 _
---- -Mitchell Mining
lu *Se. 100
B Cent Crossett stk_100
IS 1028
514
J-J 106 108 Kansas City Sou Is Apr 1
Monongahela It Coal_50 * 5
81st rage 65 1922_M-N / 90 104)
Ext 55 1024..,.....M-N 101 103
5U
Preferred
26
1950 (when issued)_, lop, 102
e Con Pk N & F. R stk 100 25 40
00
Pat City eon Gs '31 _J-D 118 _.-- Na;Rys of Meiloo-SeeS tk Ex list Mortgage Bond Co___iou 112 115
e Chr't'r & 10th St stk 100 80
2d 43_1914 opt A-0 100 _--- Nerth'n Securities Stubs_ 11212 123
Nat 13anic of Cuba..
-.100 98 101
Cot & Oth Ave 5s See Stoc!, Sic list
So Side El (Chic) See Ch leaser) list
Nat'l surety (new)_1(10 180 18712
Pitts Bees & L E
Dry D E 13 & B50 *35 a
76
96 99 Syracuse R T be'40.M&S 104 106
Nevada Cons'd Copper_5 *221; 223
4
Preferred
e 1st gold 5s 1932-J-IP
50 *70
53 Trent P &R.Is 1943_ J-D 95 IOU eRallroad Securities Co
Nev-Utah Mtn Is Stn -1(i *238 212
e Scrip Is 1914___F-A / 45
United Rys of St LIll C slit tr cfs ser A '52 9112 92 eNew Central Coal... 20 40
53
Eighth Avenue stock.100 250 300
Coat rot tr ct13
NY Air Brake es See Stok Exe list
4
100 223 2314 Seaboard Company
e Scrip 6s 1914_ __F-A / 96 IOU
e Preferred
100 68 6814
N Y Biscuit 6s 1911-91-S / 100
let preferred
70 72
8 92d & Gr St F'y ak_100 200 260
Oen 4s 1934__See Stock the list
___ ____
Corn Is Id pref--See B2 Exc list eNew York Dock_..100 35
1 1t
0
42d St 11 & St N
ePreferred
Unidlys SauFran See Stk Exe list Seabeetrd Air Line
100 78
81
Ave.,100e 1st mtge 6s 1910...M-S 97 100
4112 4212
-100
Wash fly & El Co.
Coll be eat May '11 M-S 9914 9934 N I Mtge it Scour+ ty.100 195 200
2d Income 6s 1915-1-J 1 50 75
100 89 90 Union Pacific es See Slit Elul, list N Y Transportation_20 *315 412
Preferred
-See Stir Each ange list
Inter-Met
48 1351
s
J-D 1 8714 873 West Pa0 1st 55 '33_M-S 9731 93 Slies-13ern-Pond com_1(n) 100 103
Lox Av &PavF is See Stk Bic list
•Nipissing Mines
5 51038 1072
Metropol St By-See Stk Exc list
Gas Securities
eOntarlo Silver
100
412
Industrial and Miscei
Ninth Avenue stock_100 150 170
Otis Elevator com__100 55 60
iy_ew York
Second Avenue stock..104) 15 28
Preferred
100 98 100
Adams Hip r- 4s 1047J-1) 92 03
e 1st mtge Is 1909_M-N 9712 99 Cent UnOliae Sc g '27_J&J 102 103
-See Stk Exo list
82 Con Gas (N Y)
Ahmeek
25 167 170 Pittsburgh Brewing-50 *2414 2432
Consol 53 1948____F-A / 78
50 *4314 4312
Preferred
as
e Sixth Avenue stock _100 110 120 e Mutual G._ , _100 141 _-- Alliance Realty_ ___100 110 115
Pittsburgh Coal_See Slit Bic Is;
ou
t5 New A.msterdamaeAllis-Chahnere Co 1st mtg
Sou Boulev 55 1945__J-J 85
90
1st cortsol Os 1945-J-J 10112 10212
26
5 Is 1936-See Stock Exch list Pope Mfg Co com(new)100 22
1st Is 1919_ _A-0
So Fer
Preferred (new)_,-- 100 73 78
N Y&ERGas 1st 56'44 .1-,) 104 106
Artierican Book
100 147 155
Third Avenue-See Stock Erre list
80
Pratt Is White pref-100 US 106
J-J 96 100 American Brass
Cosset 1Ss 1045
100 112 116
Tarry W P & Ai 58 1928 1 50
40
Realty Assoc (Bklyn) 100
N Y & Richmond Gas 100 32
153
relpea Chicle com 100 207 214
YkereStRR5s 1946 A-0 85 95
tiOval Bak Powd own 100 160 165
Preferred
100 102 105
nth eo 29th Sts 1st 53 '96 1 25 32 Nor Un 1st Se 1927-M-N 05 100 Am
100 105 108
Preferred
t_Twenty-ThIrd Ststk 100 200 250 e Standozd One con3_100 n 50 80
Graphophoue com100 10
100 is 60 90
98
e Preferred
IS- Safety Car Heat & Lt..100 127 130
Preferred
..100
Union Ry 1st 581042 F-A 90
25 604
01-N 100 105 Amer Hardware
1st be 1930
80
0
100 12E - 129 Seneca Mining
Westchest 1st Is 43 J-J 6
-100 950 465
Other Cities
AmMaltinglis 1914..-J-[) 101 1116 Singer Mfg Co
Brooklyn
37 1 Amer
100
14
Standard Cordage
4
4
Am Gas & Elec. com_50 *36
1909-A-0 100 101
Press Assoe'n_100 115 105
AU= Ave Is
1st Ai g 55 '31 red_A-0 20
50*441, 4512 Am Soda Fount com_100 ____
A-o 97 102
Preferred
22
Con 58 g 1931
14
Adjust Al 5s Apr 1 1931
Amer Lgtit & Tract-100 194 - 191
yi l
1st preferred
3
100
6
15
) & W E 5s 1933.._A4) 95 100
B
prefe
100 104 10512
35
2d preferred
100
2 Standard Coupler com100 25
Brooklyn City stock.„_10 190 194
,
1110 100 110
Preferred
nay 3t$24 0.8
118 Am St Found new-See s tli ..
1
50
-See Stk Each Exit list
. gi list
, Con Is
21
Os 1935._
Bingielen (N Y) Gas Wks
__ A&O 99 102 Standard Milling Co.....100 18
1st 58.1941 A-0 97 100
Bbn Hgts
100 56
Preferred
___
59
Deb 4s 1023
1st g ils UM__
&A 70 72
Skin Queens Co Is SubM-N 84
1st Is 1930
list
86
A&O50 214 217
elet g 53 '41 op'16_J-J 96 100 Brooklyn Us Gas--See St kExc ---- American Surety
63 .712 American Tbrod prof _5 *412 514 Standard Oil of N .1,-100 673 674
4
Stock Exch list Buffalo City Gas stonk100
Con guar Is-See
-See Bost Stk Esc list
Swift Is Co
Sze list
-See Stook Sac list Am Tobacco Co eom_100 930 435
1st 55 1947
Bklyn Rap'Iran-See Stk
1st Is 1910-1914___J-J
-s 10114'
45
e Coney 151 & Bklyn__100 80 95 Con Gas of N J Is '36...J-J 93 08 Amer Tyr/eiders corn-1 04.1 90
8 85 Consumer& L H & PowPreferred _____,___100 95 100 eTexas& Pacific Coal-100 90 ino
1st cons 95 1948__J-J 7
Title Ins Co of N Y.....100 150 leo
5s laza
5 100
J-D 110 -__ Anger Wilting Paper_100
Bric c &'I Is 1939_J-J 9
212 3 ronopah Min (Nevada)
.1 *7
20 '
7
14'
Pftferred
100 19
Or'pt&LorSt 1st 6s_M &N -,-- ---- Denver Gas & Eke _100 135 140
7
4
Gen g 55 1949 op_M-N 92 94
1st Sr 53 19 op'09-J-J 80 80 Trenton Potteries com100
-See Stock Exo list
prigs (2 El 45
Preferred, new--100
60i.
.
-- AtIGf &Wind SS Lines 100
Nassau Eleo pref-.100 -...., ---- Elizabeth Gas Lt Qo 100 275
4
814 83 Trow Directory......lot 50
25
35
& Hudson Vlas-10t1 130 112
7
:Preferred__
100 2214 22 4
A-0 _90 7,
Os 1944
3 Unian Typewriter cbm100 70
71
as & El Bergen 00_100 70 71
Col tr it Is 1959
J-J / 69 70
...1 1st 4s 1951-See Stock r•Ao 1..*
100 116 113
1st preferred
11 W'bg&Flat 1st ex 4 As uu 100 e Gr Rap Gist Is '15-F-A / 99 102 Barney & Smith Car_100 30 59
100 11612 118
2d preferred
100 85 100
Hudson Co Q101---, -100 125 128
Preferred
Steinway let 6s 1922-4-J 106 109
55
Indiana tighting Co_ 100 1812 20 Beth' m SteelOorp--See S tk Ex list Wilted Bk Note Corp-50 *53
Other Cities
50 *53
Preferred
45 1953 op
55
P-A / 6212 6312 Bliss company oom- 50 112 115
Buffalo Street ByUnited Olgar Mfrs._ .100 70 73
50 25 30
50 123 128
-A 108 10912 Indianapolis Gas
Preferr
consol 5s 1931 F
let
°Freterred____ .......100 106 108
lst'g 56 1952._,__A-0 75
90 Bond & MtgeCtuar__100 4110 465
A-0 100 10712
Deb 8s 1017
Copper
100
United
919
Columbus (0) St Ry -100 -- 9814 Jackson Gas Is g '37-A-0 88 9212 Borden's Cond Mlik_100 129 133
I'referred
100 30 36 .,
8
100 92 _.- 1057 a Laclede Gas
______ 100 10512 108
Preferred
Preferred
100 210 21$'
U S Casualty
c Preferred _100
_ 95 British Col Copper
5 *734 8
100Colum By con'5s-ScePhl la list
Madison Gas Os----- A-0 19 - 108
52
1926
3
-Butte Coalitlen /dining 15 *2634 2714 U S Envelope com---100 47
Crossesvn 1st Is '33 J-D 10212 105
100 108 113
Preferred
Newark Gas Is 1044-_Q-J 132 134 Calteln CO of Am com-100
74
3
eConn Ely & Ltgcom..100 72
2
_100 90 100
U S Finishing
Newark Consol Gas- 100 Wu 101
100 60 70
Preferred
100 80 85
ePreferred
Preferred_
1011 100 105
e con g Is 1948_ _,._J-1) 1099 ---- Caenalty Co of Amer 100 135 145
1st Is ref 9 Hti-See Stir Exc list
U S Steel Corporation
Pow100 '58 5934 No Hudson L H &Oellulold Co
100 132 135
Grand Rapids Ity
51
Col tr s t 5s' opt '11 11412 115 58 1938_,
9
A-0 110 - Cent Firelrorks com ,100
100 8234 _Preferred
Col tr s f Is '51 not opt 11412
95
Preferred
e Loulsv St Is100 60 70
1.930 J&J 10714 108 Pat & Pas Gas& Elec-100 90 e Can g Is 1040.....A1 S 10312 105 Central Foundry
23
4 314 U S Tit Gu Is Indem-100 50 11
Lynn & Bos 1st Is '29 J-D 105 107
100
e Now Ott Itys & Lgt_100 1518 1538 St Joseph Gas Is 1937-J-J 95 100
Preferred
18 e Utah Copper Co-See Stk Exc list'
100 16
Waterbury Co. corn...100
e Preferred
Deb Is 1019 op '01 111-N
Telegr & Telephone
100 4112 42
70 75
Preferred
109
Gen Mg 4;is '35 See S tk Ex list eAmer Teleg & Cable..100 76 80 CI:mei:nom gh Alfg Cq-100 520 570
Westchester Is Bronx Tit
Pub Serv Corp of N J.100 110 11012 eCeutral & So Arner_100 110 _ City Investing Co....-100 65
70
& Mtge Guar
100 115
Tr ctfs 2% to 6 roperpet
.
6812 8912 Conim'l En Tel (NY)_25 110 116 eClanin (IL B), com-104) 100 103
Western Ice
100
Coll 53 g notes 09.M-N 10014 10034 Einp & Bay State Tel 100 60 70
05
elet preferred
100 91
North jersey St By 10.) 45 55
100 40
45
Franklin
e2d
92
9712 Westingh Air Brake _.5o *110 11011
West El Is Mfg Is-See St Sic
1st 43 1948
81 eGold & Stock Teieg 100 108 115 Col Is Hock Coal&l p1100 to
iii-N 80
White Knob Mtn
10
• Cons Tract of N J__100 78
1st g Is 1917
79
N Y Is N J Teleph-See St It Exc list
J-J
Preferred
1st 5s 1933
10 * 12
Col tr Os Oct 1956._J-J sh 102
J-D 10612 10712 eNorthwestern Teleg _50 109
New'kPasRy Is '30 J-J 109 110
Worthing Pump pref I00 108
'antic
25 65
Pacific & A'
75 Consol Car Ileatlog 100 25 30
*
qnntherrt AP Atinntin 25 On
OF, (ions By Let&Refrie_100
_..
. Neils tin Iitk. rfx.. jut aot very ict4ve. /Flirt price. a Nom. s Sale price. xEx-d!v. y Ex-rights.
* Per share. ;Ex-rights,•

Volume of Business at Stock Exchanges




Electric Corn panics
Bid
icago
Chicago Edison Co See
e Kings Co El L&PC0 100 124
Co_50 *91
NarrTn(Prov)
in
NY& El L &PowCo,10
69
Pre erred
(hilted Elee of N 5-10;) 70
1st g 4s 1940._-__J-D 7612

Outside Securities

Arg

Ask
list
126
03
:15
72
75
7714

1429

THE CHRONICLE

JUNE 5 1909.1

limestinent and igaittoad intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

Ala N 0 de Tex Pac
38,000 2,660,591 2,542,012
N 0 & N East.-r 1st wk May
55,000
23,000 1;360,456 1,335,778
Ala & Vicksb___r 1st wk May
24,000
19,000 1,203,722 1,294.613
Vicks Shr & Pac.r 1st wk May
19,000
35,422
48,413
3,810
Ala Tenn & North.. March
5,413
8,006,009 7,361,388 78,112,940 77,571,762
k Atch Top Fc S Fe_ April
24.535 1,852.896 1,414,188
39,863
Atlanta Birm & Atl 3d wk May
2,310,604 2,266,534 21,958,463 22,149,747
Atlantic Coast Line April
5,761,925 5,024,785 58,900,373 63,080,036
Baltimore & Ohio__ April
252,180 232,577 2,453,972 2,233,350
Bangor & Aroostook April
51,397
57,133
4,530
4,708
Bellefonte Central__ April
3,242,023 2,874,568 32,739,888 32,970,588
Boston 6: Mainc__r April
40,258
37.195
3.323
3,573
Bridgeton & Saco R March
Buff Roch & Pittsb_ 4th wkMay 229,444 157,259 6,471,251 6,921,237
166,571 128,516 1,908,461 1,776,318
Buffalo & Susq____ April
Canadian Northern.. 3d wk May 171,600 155,900 8,650,700 8,145,900
Canadian Pacific___ 4th wkMay 2.139,000 1,718,000 69,675,527 65,773,764
Central of Georgia.._ 3d wk May 176,000 162,000 10,142,168 10,346,243
2,228,572 2,271,591 21,414,148 22,642.771
Central of New Jer. April
298,266 245,726 2,615,712 2,507,886
Central Vermont-r March
97,119
73,098
1,521
1,384
Chattanooga South_ 3d wk May
Ohio. 3d wk May 530,451 418,376 23,344,962 23,357,346
Chesapeake &
55,041
47,830
4,964
4,616
Chesterfield & Lane April
Chicago & Alton Ry 3d wk May 238,837 255,408 11,304,680 10,942,865
6,054,599 5,686,977 66,046,113 66,437,216
Chic Burl & Quincyr April
Chicago Great West 3d wk May 132,592 133,319 7,297,139 7,218,842
87,825 4,692,586 4,611,865
Chic Ind & Louisv_ 3d wk May 103,810
("ale led & Southern -See New York Cea trai.
5,064,982 4,777,616 45,813,300 44,189,592
Chic Milw & St Paul March
4,942,763 4,406,280 55,032,551 53,950,689
Chic & Nor West....r April
1,073,751 934,770 11,369,658 11,032,480
Chic St PM & Om_r April
88,018
853,988
812,144
94.536
Chic Term TransRR March
642,893 553,338 5,996,062 6,288,682
Cin Ham & Dayt-r March
Clsv Cln Chic & St L -See New York Cen
Colorado Midiand_r March
180,020 142.711 1.761,814 1,727,046
h Colorado Fc South 4th wkMay 393,474 306,772 13,940,527 13,207,833
Colum Newb & Lau March
229,627
221,921
30,658
31,172
Copper Range
556,150
508.014
54,016
47,436
February _
107,970
Cornwall
86,105
April
12,073
5,750
Cornwall &Leban_r March
245,579
246,587
23,088
26,431
Cuba Railroad
April
226,657 209,758 1,766,920 1,720.385
1 Delaware & Hud_ April
1,735,833 1,527,626 15,531,051 16,572,955
Del Lack & West_r April
2,826,271 2,605,330 27,851,423 27,964,999
Denv & Rio Grande 4th wkMay 540,900 452,800 18,972,552 18,761,743
Det Tol & Iront Sys 2d wk May
24,791 1,344,856 1,454,384
24,146
Ann Arbor
29,449 1,522,748 1,862,294
2d wk May
30,359
Detroit & Mackinac 3d wk May
22,856 1,021,212 1,061,417
19,197
Dul & Iron Range.r March
100,152 105,526 4,938,127 5.395,588
Dul Sou Sh & Atl
55,01 9 43,391 2,367,338 2,871,976
3d wk May
El Paso & So West.r April
666,289 534,501 6,013,350 6,537,992
Erie
4,013,465 3,639,733 41,943,570 41,819,117
April
Evansville & Terre Haute
-See Rock Is land Syst em.
16,172
16,935
Fairchild & N E
1,573
1,988
April
652,527
632,738
Fonda Johns & Cloy April
66,999
70,285
Georgia Railroad
214,735 212,095 2,412,230 2,536,332
April
Georgia South & Fla -See Sout hern Rail way.
Grand Trunk Syst- 3d wk May 751,983 704,477 34,620,212 37,060,329
75,577 4,919,957 5,381,185
Gr Trunk West-- 3d wk May 101,364
23,574 1,464,089 1,547,735
Det Or Hay & Mil 3d wk May
34,012
28,235 1,586,249 1,727,327
36,012
Canada Atlantic.. 3d wk May
3,887,370 3,483,481 44,631,158 47,093,144
Great Northern Syst April
153,326 143,687 1,582,280 1,816,490
Gulf & Ship Island.. April
391,277 246,595 5,013,118 5,089.536
Hocking Valley
April
4,391,602 3,995,718 47,961,430 49,585,780
April
Illinois Central
Internal & Gt Nor.. 3d wk May 128,000 109,000 7,253,194 6,209,982
a Interoceanto Alex.. 3d wk May 127.921 133,227 5,832,560 6,920,548
70,130 2,768,819 2.780,880
70,794
4th wkMay
Iowa Central
161,620 129,679 1,795,885 1 720 184
Kanawha & Mich- April
769,321 632,274 7,370,376 7,685,531
Kansas City South- April
819,631
15,696 1,216,856
28,124
3d wk May
K 0 Mex & Orient
Lake Erie & West'n -See New York Cen tram.
Lakes Shore & M Sou -See New York Cen tral.
2,866,980 2,903,519 27,380,947 29,461,368
April
Lehigh Valley
34,490
339,633
410,187
42,417
April
Lexington & East
.
Dec.102,3 55
Inc.31, 974
April
Long Island
93,293
891,378
105,480
857,176
Louisiana & Arkan_ March -__
854,317
846,436
75,055
84,201
Loulsv Hend & St L April
Louisville Fc Nashv. 3d wk May 819,045 749,920 40,749,745 40.174.802
9,330
115,941
129,268
9,873
Macon & Birming'rr April
647,825 613,017 6,892,516 7,188,394
Maine Central____i April
39,452
49,954
6,459
3,132
April
Manistlque
314,484
322,210
35,545
37,490
Maryland & Penn.._ April
a Mexican Internat. 3d wk May 143,219 155,946 6,118,275 7,412,163
a Mexican Railway_ 2d wk May 140,400 154,000 6,124,400 7,081.700
23,026 1,123,378 1,112,779
24,129
a Mexican Southern 2d wk May
Michigan Central -See New Y ork Centr at.
736,157
716,727
14,853
15,223
Mineral Range
3d wk May
86,572 3,804,369 3,538,249
96,659
Minneap & St Louis 4th wkMay
Minn St P & S 8 M. 3d wk May 218,527 178,092 11,187,758 10,431,541
2,001,752 1,520,746 21,616,520 20,068,200
Missouri Kan & Tex April
Mo Pao & Iron Mtn_ 3d wk May 754,000 660,000 39.979,119 38,500,715
28.000 1,502,000 1,361,000
29,000
Central Branch.._ 3d wk May
Total system
3d wk May 783,00t, 688,000 41,481,119 39,861,715
21,340 1,386,988 1,327.702
26,445
bMobile Jack & K C Wk May 22
Nashv Chatt & St L April
892,430 806,909 9,312,883 9,218,528
a Nat Rys of Mexico 3d wk May 960,648 949,555 24,843,406 25,503,934
5,668
350,760
301,168
9,864
Nevada-Cal-Oregon 3d wk May
4,832
55.166
57,737
March
Nevada Central..
4,87i

July 1 to Latest Date.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Y-ar.

Current
Year.

Previous
Year.

N Y C & Hud River April
7,370.829 6,461,207 75.647,312 76,310,695
Lake Shore & M S April
3,336,855 3,020,209 34,748,976 35,291,836
Lake Erie & West April
363,916 321,685 3,904,332 3,942,190
Chic Ind & South April
237,428 183,275 2,480,786 2,396,607
Michigan Central April
2,190.467.1,949,367 21,431,552 22,270,220
Cleve C C & St L.. April
2,109,205 1,708,658 21,810,673 21.139,791
Peoria & Eastern April
223,373 197,205 2,382,160 2.436,737
Cincinnati North April
768,419
947,875
65,708
103,953
Pitts & Lake Erie April
912,856 599,257 9,716,143 10,470,469
Rutland
April
,
242,738 212,165 2,364,366 2,450,690
N Y Chic & St L_ April
858,730 743,780 7,944,848 8,404,208
April
Total all lines
17950350 15462516 183334019 185831857
N Y Ont & Western April
689,987 665,358 6,929.285 6,688,459
NYNH& Hart_ _r April
4,692,471 4,149,689 44,758,598 44,560,317
N Y Susq & West.. April
305,375 273,634 2,704,400 2,777,433
Norfolk & South....r April
220.912 181,034 1,987,634 1,788,013
Norfolk & Western_ April
2,413,271 1,994,048 24.059,982 24,802,783
Northern Central_ _ April
1,052,102 941,502 9,666,781 10,506,281
Northern Pacific_r April
5,280.862 5,198,621 56,861,083 58,876,887
April
Pacific Coast Co..
566,582 503,660 5,319,708 6,144,096
Pennsylvania Co..-r April
3,292,152 2,571,227 33,716,615 36,919.531
dPenn-Eastof P&E April
11875388 10521888 117806570 127568770
d West of P & E_ April
Inc.1.11 5.400
Dec.4,604 .000
1,187.117 1,039,845 11,826,882 11,337.305
Pere Marquette.- _ _ April
1,442,173 1,339,673 13,861,374 14.094,674
Philo, Bait & Wash_ April
2,226,656 1,888,318 22,770,942 24.250,220
Pitts Cin Chic & StL April
13,507
10,845
102,496
Raleigh ee Southp't. April
117.328
3,476,012 3,269,977 33,642,087 35,425,498
Reading Company.. April
4,633,805 4,453,707 30,292,773 32,861,571
April
Coal lc Iron Co
8,109,817 7,723,684 63,934,859 68,287,065
April
Total both cos
181,133 147,487 1,403,067 1,424,197
Rich Fred & Pot_ _r March
622,134
646,164
52,505
73,740
Rio Grande Juno March ___.
516.239
11,687
538,533
10,362
Rio Grande South.. 3d wk May
4,618,013 4,281,369 51,000,505 50,231,553
Rock Island System April
2,997,852 2,517,812 31,707,141 31.007.950
St L & San Fran_ April
785,302 557,587 8.663,668 9,332,293
Chicago & E Ill.. _ April
165,443 159,506 1,780.423 1,887,942
I Evansv & Ter H April
8,566,610 7,516,274 93,151,739 92.459,740
Total of all lines_ April
110,194 121,181 1,342,534 1,366,972
St Jos & Grand Isl. April
St Louis Southwest.. 4th wkMay 235,218 194,128 9,548,608 8,860,102
San Ped LA 6s SL_r April
721,510 621,401 5,997,257 6,309,184
Seaboard Air Line_ March
1,658,369 1,444,597 12,333,550 12,008,933
679.760
715,094
68,685
86,529
Atlanta & Birm
March
93,742
Florida West Sh_ March
116.058
13,978
22.104
April
Southern Indiana
987,792 1.389,920
87,931
106,151
9,926,274 9,138,097 100151827 104780569
c Southern Pac Co.. April
Southern Railway.... 3d wk May 883,381 804,441 46,801,976 46,691,943
Mobile & Ohio.... _ 3d wk May 189,060 158,843 8,730,267 8,711,821
Cin NO & Tex P.. 3d wk May 153,354 128,264 6,931,601 7,099,054
50,227 3,165.908 3.178.402
66,151
Ala Great South.. 3d wk May
30,881 1,772.283 1,783,380
35,581
Georgia Sou & Fla 3d wk May
945,754
6,564 1,076,700
15,345
3d wk May
Texas Central
Texas & Pacific_ __ _ 3d wk May 232,408 197,388 13.124,413 13,176,832
61,803
6.708
7,840
75,575
Tidewater & West_r April
239,128 189,919 3,468,072 3,605,053
Toledo & Ohio Cent April
18,171
973,319 1,088,350
22,532
Toledo Peer & West 3d wk May
67,204 3,045,758 3,474,128
63,322
Toledo St L & West 3d wk May
45,439
60,770
5,408
7,208
Tombigbee Valley.._ March
6,242,876 5,966,854 65,368,499 64,061,450
Union Pacific Syst- April
710,18 2 611,33 77,356,454 7,863,271
April
Vandalta
893,238
72,090
981,133
78,869
Virginia & Sou West April
4th wkMay 660,361 588.008 23,501,945 23,592,604
Wabash
Western Maryland r March ___ _ 500.699 394,448 4,488,500 4,362,712
438.214 428.514 4,478.284 4,794,884
West Jersey & Sea,sh April
426,717 236,434 4,639,577 4,621,643
Wheeling & L E..-r April
737
1,222
White Riv(Vt)2wks end M'y 13
661.678 591,390 5,620.783 5,676,375
March
Wisconsin Central
240,206
232,118
15,884
16.778
Wrightsville & Tenn April
749,904 750.077 8,666.460 8,794,815
Yazoo & Miss Vail.. April

Jan
Bellefonte Central
Jan
1Delaware & Hudson
Jan
Manistique
Jan
a Mexican Railway
Jan
a Mexican Southern
New York Central & Hod River Jan
Lake Shore & Mich Southern_ Jan
Jan
Lake Erie & Western
Chicago Indiana & Southern_ Jan
Jan
Michigan Central
Cleve Cln Chic & St Louis
Jan
Jan
Peoria & Eastern
Jan
Cincinnati Northern
Pittsburgh & Lake Erie
Jan
Jan
Rutland
New York Chicago & St Louis Jan
Jan
Total all lines
Jan
Northern Central
Jan
a Penn-East of Pitts & Erie
Jan
a West of Pittsburgh & Erie
Phila Baltimore & Washington_ Jan
Pitts CM Chicago & St Louis_ Jan
Dec
Rio Grande Junction
Jan
Texas & Pacific
Jan
West Jersey & Seashore

Previous
Year.

Current
Year.

Period.

Various Fiscai Years.

1 to Apr 30 $19,975 $18,101
1 to April 30 5.957.146 5,855,303
17,149
13,407
1 to Apr 30
1 to May 14 2,709,200 3,020.100
1 to May 14 512,425 481,926
1 to April 30 27.460,552 24,872,531
1 to April 30 13,124,333 11.927,899
1 to April 30 1,410,211 1,307,790
1 to April 30 974,684 891,625
1 to April 30 8,248,347 7,557,093
1 to April 30 8,204,995 7,131,759
1 to April 30 888,471 868,311
1 to April 30 364.030 243,024
1 to April 30 3,414,048 2,608.113
1 to April 30 848,173 779,101
1 to April 30 3,116,020 3,159,560
1 to April 30 68,053,864 61,346.808
1 to April 30 3.719,227 3,501.327
1 to April 30 45,530.129 41.897.329
1 to April 30 Inc.2,589 ,300
1 to April 30 5.397,236 4,939,438
1 to April 30 8,826.148 7,984,178
1 to Mch 31 262,563 225.531
1 to May 21 5,204,658 4,898,907
1 to April 30 1,412.078 1.353,478

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.

Curant Year Prev's Year Inc. or Dec.

Monthly Summaries.

Chnera Year Prev's Year Inc. or Dec.

$
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

week
week
week
week
week
week
week
week
week
week

Mch (45 roads)
Mch (43 roads)---_
Mch (47 roads)---April (49 roads)April (42 roads)---April (41 roads)---April (49 roads)--May (46 roads)..-May (43 roads)-May (43 roads).

9,806.011
+764,138 7.79
10,570,149
9,805,930
+756,577 7.61
10,562,507
16,017,203 14,194,326 +1,822,877 12.84
9,563,209 +1.199,675 12.54
10,762,884
9,144.139
+896,687 9.81
10,040,826
9,056,824 +1,053,104 11.63
10.109,928
14,051,625 12,232,959 +1,818.666 14.78
9,049,675 +1,082,991 11.96
10,132,666
10,156,119 8,919,700 +1,236,419 13.85
9,110,933 +1,089,114 11.95
10,200,047

Month
Month
Month
Month
Month
Month
Month
Month
Month
Month

I

9;

$

July 1908 (792 roads) _ 194,634,612 227.966,707 -33,332,095 14.63
Aug 1908 (794 roads). 208,254,003 240,601,078 -34,347.075 14.25
Sept 1908 (793 roads).. 218,399,160 233,735,976 -15,336,816 6.56
Oct 1908 (796 roads).. 231,615,129 249,932,145 -18,317,016 7.45
Picot 1908 (804 roads). 210,971,123 218,967,731 -7,996,608 3.65
Dec 1908 (798 roads). 205,216,481 193,791,645 4-11,424,836 5.90
Jan 1909 (750 roads).. 182,347,842 172,275,946 4-10,071,896 5.84
Feb 1909 (792 roads). 173,867,206 159,982,896 +13,884,310 8.65
Alch 1900 (715 roads). 202.167,425 180,889,095 4-21,278,330 11.78
April 1909( 50 roads). 48,753,048 43,104,976 +5,648,072 13.10

a Mexican currency. o Includes earnings of Gulf & Chicago Div sion. c Includes the Houston & Texas Central and its subsidiary lines in both years,
cl Covers lines directly operated. f Includes Evansville & Indiana RR. /1 Includes earnings of Colorado & Southern, Fort Worth & Denver City and
all affiliated lines, excepting Trinity & Brazos Valley RR. k Includes in both years earnings of Denver Enid & Gulf RR., Pecos Valley System and
Santa Fe Presco.t & Phoenix Ry. !These figures do not include receipts from sale of coal. o Figures here are on the old basis of accounting-not ths
new or Inter-State Commerce Commission method. r These figures are on the new basis prescribed by the Inter-State Commerce Commisslon.
•- •




1430

THE CHRONICLE

[VOL.

Lxxxvin.

-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Roads.
Apr 1,052,102
223,554
272,554
941,502
Northern Central Is
512,862
3,719,227 3,501,327
540,662
Jan 1 to Apr 30
Apr 5,280,862 5,198,621 2,167,328 2,250,911
Northern Pacific_ b
1908.
Increase. Decrease.
1909. 1
Third Week of May.
56,861,083 58,876,887 25,954,809 25,773,383
July 1 to Apr 30
Apr
566,582
66,518
503,660
Pacific Coast
103,020
$
$
5
$
5,319,708 6,144,096
940,324
July 1 to Apr 30
748,117
40,315
Previously reported (36 roads)- 9,862,951 8,818.797 1.084,469
39,863
24,535
15,328
Apr 3,292,152 2.571,227
643,265
929,169
Atlanta Birmingham & Atlantic
xPenna Company_ b
171,600
155,900
15,700
33,716,615 36,919,531 11,608,162 11,119,640
July 1 to Apr 30
Canadian Northern
1,384
1,521
137
Chattanooga Southern
Pennsylvania Lines directly operated
35,581
30,881
4,700
Georgia Southern & Florida_ East of Pitts & Erie_ b_ Apr11,875,388 10,521,888 3,117,256 2,720,256
9,864
5,668
4,196
Nevada-California-Oregon -45,530,129 41,897,329 10,548,473 9,244,573
Jan 1 to Apr 30
15,345
6,564
8,781
Texas Central
Inc 1,159,400
Inc 293,400
West of Pitts & Erie__Apr
67,204
63,322
3,882
Toledo St Louis & Western_ _ - _
Inc 2,589,300
Inc 445,100
Jan 1 to Apr 30
10,200,047 9,110,933 1,133,311
44,197 Phila Balto & Wash_b__Apr 1,442,173 1,339,673
Total (43 roads)
367,624
320,024
1,089,114
5,397,236 4,939,436 1,066,838
Net increase (11.95%)
826,438
Jan 1 to Apr 30
Pitts Shaw & Northern_b204,443
185,236
15,849 def39,284
Jan 1 to Mch 31
-The table fol670,357
15,331 de164,433
623,839
Net Earnings Monthly to Latest Dates.
July 1 to Mch 31
52,505
73,740
n22,122
n15,751
lowing shows the gross and net earnings of STEAM railroads Rio Grande Junction_ _Mch
225,531
n78,769
262,563
n67,659
Dec 1 to Mch 31
reported this week:
834,944
Apr 4,618,013 4,281,369 1,225,337
Rock Island_a
-'Gross Earnings-- -Net Earnings
51,000,505 50,231,553 13,263,429 12,396,255
July 1 to Apr 30
Previous
Current
Current
Previous
778,857
2,997,852 2,517,812 1,039,969
Year.
St Louis & San Fran_a Apr
Year.
Year.
Year.
Roads.
31,707,141 31,007,050 9,301,464 8,543,553
July 1 to Apr 30
254,382
45,971
557,587
785,302
Chicago & En Tel_a__Apr
186.026
17,193
Atlanta Birm & Atl_b_ _Apr
8,663,668 9,332,293 2,492,813 2,504,760
July 1 to Apr 30
1,747,675
350,254
July 1 to Apr 30
56,069
62,452
159,506
165,443
Evansv & Terre H _a_ - Apr
783,901
Line_a__ _Apr 2,310,604 2,266,534
631,347
Atlantic Coast
572,643
564,647
1,780,423 1,887,942
July 1 to Apr 30
21,958,463 22,149,747 7,034,703 5,075,251
July 1 to Apr 30
Apr 8,566,610 7,516,274 2,582,140 1,715,840
Total all lines_a
232,577
106,547
187,573
Bangor & Aroostook_b__ Apr 252,180
93,151,739 92,459,740 25,622,354 24,017,212
July 1 to Apr 30
887,372
2,453,972 2,233,350
628,898
July 1 to Apr 30
31,874
47,470
657,660
746,207
Apr 3,242,023 2,874,568 1,049,522
818,311 St Louis Southwestern_a Apr
Boston ec Maine_ b
8,788,494 8.223,196 1,864,748 1,655,877
July 1 to Apr 30
32,739,888 32,970,588 9.276.523 8,371,285
July 1 to Apr 30
2,691,357
Apr 9,926,274 9,138,097 3,348,253
Apr 741,200
223,900
686,100
Canadian Northern
160,700 Southern Pacifica
100,151,827 104,780569 34,239,818 28,747,125
July 1 to Apr 30
8,143,800 7,683,100 2,380,000 2,140,400
July 1 to Apr 30
Apr 6,384,038 5,497,736 2,143,507 1,722,234 Southern Railway_ b_ _Apr 4,229,607 3,787,681 1,284,258 1,104,944
Canadian Pacific_a
44,101,621 44,238,643 14,162,405 10,797.849
July 1 to Apr 30
63,342,527 60,435,764 19,140,287 18,435,375
July 1 to Apr 30
214,376
245,985
Apr 819,639
694,410
Mobile & Ohlo_b
def4,589
6,492
Chattanooga Southern_a Apr
5,237
del 448
8,185,192 8,240,463 2,571,031 2,419,902
July 1 to Apr 30
92,122 def36,315
69,350
July 1 to Apr 30
def1,100
184,050
253,430
O& Tex Pac_ b_ Apr 682,238
Cine N
613,301
859,004
Apr 2,183,233 1,718,853
Chesapeake & Ohio
577,904
6.484,996 6,704,455 2,238,898 1,463,018
July 1 to Apr 30
July 1 to Apr 30
21,819,486 22,102,219 8,368.357 7,454,074
46,310
250,941
108,091
283,740
Ala Great Southern_b_ Apr
Ø530,974
835,091
3306,788
Apr 947,340
Chicago & Alton-a
3301,092
911,657
2,972,507 3,026,478
July 1 to Apr 30
July 1 to Apr 30
10,601,864 10.292,772 33,982,483 33,383,303
def3,118
41,713
137,777
Georgia South ec Fla_b Apr 167,632
708,289
zChic Burl & Quincy_b_Apr 6,054,599 5,686,977 1,067,054
280,515
1,669,473 1,690,737
479,291
July 1 to Apr 30
July 1 to Apr 30
66,046,113 66,437,216 21,765,337 20,523,763
1,288
7,840
6,708
1,733
& North West_ b_ _ Apr 4,942,763 4,406,280 1,409,953 1,448,011 Tidewater & West'n_b_Apr
xChic
5,213
4,547
61,803
to Apr 30
75,575
July 1
July 1 to Apr 30
55,032,552 53,950,689 19,541,549 18,164,726
14,073
189,919
17,433
Toledo & Ohio Central_a_ Apr 239,128
365.729
934,771
teChic St P Minn & 0_b_Apr 1,073,751
309,559
3,468,072 3,605,053 1,007,928 1,026,005
July 1 to Apr 30
11,369,658 11,032,480 4,096,356 3,742,163
July 1 to Apr 30
p58,462
p96,464
244,293
275,042
104,884
209,758
226,657
Cuba RR
86,322 Toledo St L & West'n_a- Apr
Apr
July 1 to Apr 30
2,850,387 3,284,020 p940,090 p949,454
769,576
1,766,920 1,720,385
607,507
July 1 to Apr 30
Apr 8,242,876 5,966,854 2,711,520 2,807,277
r730,895
r546,731 Union Pacific-a
Delaware & Hudson_b_ _Apr 1,735,833 1,527,626
July 1 to Apr 30
65,368,499 64,061,450 31,891,894 26,171,790
5,957,146 5.855,303 r2,086,951 r2,079,805
Jan 1 to Apr 30
117,767
Apr
139,758
710,182
611,337
zDel Lacka & West'n_b_Apr 2,826,271 2,605,330 1,214,299 1,021,283 zVandalia_b
July 1 to Apr 30
7,356,454 7,863,271 1,835,446 1,877,255
27,851.423 27,964,999 12,595,442 11,603,033
July 1 to Apr 30
8,383
Virginia & Southw'n_b__Apr
9,631
78,869
72,090
421,841
415,790
Denver & Rio Grande_a_ Apr 1,723,952 1,432,772
221,136
July 1 to Apr 30
328,196
981,133
893,238
17,268,952 17,323,243 4,731,890 5,612,509
July 1 to Apr 30
77,854
West Jersey & Seash_b_Apr 438,214
89,554
428,514
68,635
197,930
56,209
209,423
Duluth So Sh & Atl_b_ _Apr
Jan 1 to Apr 30
1,412,078 1,353,478
41,860 def70,640
605,424
650,332
, 2,203,007 2,535,010
July 1 to Apr 30
14,483
750,077
5,881
501
1,573
1,988
252 Yazoo ,SG Miss Valley_a__ Apr 749,904
Fairchild ec Northeast_b_Apr
July 1 to Apr 30
996,166 1,071,621
8,666,460 8,794,815
1,082
16.172
314
16,935
July 1 to Apr 30
a Net earnings here given are after deducting taxes.
34,433
212.095
214,735
3,193
Apr
Georgia RR_b
b Net earnings here given are before deducting taxes.
478,127
2,412,230 2,536,332
384,794
July 1 to Apr 30
g These results are in Mexican currency.
Apr 3,887,370 3,483,481 1,279,542 1,070,405
zGreat Northern_b
n These figures represent 30% of gross earnings.
44,631,158 47,093,144 17,764,191 17.035,917
July 1 to Apr 30
p For April miscellaneous charges and credits to income was a credit
246,595 . 135,767
12,619 Item of $5,485, against a debit of $10,045 in 1908, and for period from July 1
Apr 391.277
Hocking Valley_b
5,013,118 5,089,536 1,618,826 1,523,782 to April 30 was a credit of $350,873 in 1909, against $37,287 In 1908.
July 1 to Apr 30
r For April 1909 net from Coal Department was $38,811, against $63,689
800,667
633,856
Apr 4,391,602 3,995,718
Illinois Central a
47.961,430 49,585,780 10,829,715 10,691,109 last year, and from Jan. 1 to April 30 was $329,769 in 1909, against $369,547
July 1 to Apr 30
last year.
234,040
663,056
228,202
pInteroceanic of Mexico_Apr 611,172
s After allowing for miscellaneous charges to income for the month of
5,442,298 6,503,174 1,819,067 1,922,891
July 1 to Apr 30
April 1909, total net earnings were $281,642. against $267,865 last year,
17,569
161,620
129.679
17,844 and for period from July 1 to April 30 were $3,623,932 thls year, against
Kanawha & Michigan_a_Apr
301,723
1,795,885 1,720,184
154,395 $3,290,591.
July 1 to Apr 30
z These figures are on the basis of accounting required by the Inter-State
42,417
34,490
7,076
6,529
Lexington & Eastern_b_Apr
339,633
410,187
60,448
114,902 Commerce Commission.
July 1 to Apr 30
Inc 31,974
Inc 7,459
Apr
Interest Charges and Surplus.
Long Island
Inc 306,768
Inc 258,550
Jan 1 to Apr 30
-Int., Rentals, da.- -Bat, of Net E'ngs.Previous
Current
Previous
733,055
Current
Louisville & Nashville_b Apr 3,619,651 3,271,226 1,161,660
Year.
Year.
Year.
38.250,290 37,931,957 13,335,071 9,113,341
Year.
Roads.
July 1 to Apr 30
613.017
190,508
161,661
Apr 647,825
zMaine Central_ b
z30,301
81,889
Bangor & Aroostook_ _Apr
6,892,516 7.188.301 2,111,228 2,288,788
July 1 to Apr 30
x147,794
820,737
July 1 to Apr 30
593,639
599,542
271,699
274,254
gMexican International_Apr
70,305
54,430
31,892
34,579
Apr
5,743,631 6,979.818 2,315,179 2,364,903 Cuba RR
July 1 to Apr 30
439,639
305,889
301,618
July 1 to Apr 30
329,937
67,514
66,494
Apr
11,828
8,172
Mineral Range_ b
d109,211
d140,681
296,491
689.687
671,602
115,243
102,001 Denver & Rio Grande__ _Apr 335,931 3,346,831 d2,297,661 d2,913,098
July 1 to Apr 30
3,201,798
July 1 to Apr 30
Missouri Kans & Tex_b _Apr 2,001,752 1,520,746
305,429
601,633
95,457 zdef30,464 zdef31,815
108,032
21,619,520 20,068,200 6,481,291 6,345,755 Duluth So Sh & Atlantic_ Apr
July 1 to Apr 30
966,683zdef269,934zdef240,014
972,340
July 1 to Apr 30
806,909
Nashv Chatt & St L_ b_ _Apr 892,430
210,320
208,029
60,119 zdef14,102 zdef55,434
59,980
Apr
9,312,883 9.218,528 2,019,933 2.020,190 Georgia RR
July 1 to Apr 30
575,624 zdef37,175xdef178,214
607,182
July 1 to Apr 30
°National Rys of Mexico_ Apr 4,480,173 3,931,128 1.993.621 1.426,296
x54,328 zdef63,507
109,014
116,759
Apr
13,078,430 12.605,958 5,777,202 4,493,465 Hocking Valley
Feb 1 to Apr 30
1,181,483 1,097,298 x1,254,336 x1,314,368
July 1 to Apr 30
N Y Cent & Hud Riv_b_Apr 7,370,829 6,461,207 2,342,543 1,700,660
z817 zdef1,872
22,769
23,318
27,460,552 24,872,531 7,047,145 5,048,883 Kanawha & Michigan_Apr
Jan 1 to Apr 30
222,625 z157,084
x95,753
231,907
July 1 to Apr 30
Lake Sh & Mich So_b_Apr 3,336,855 3,020,209 1,071,585
968,070
13,694 zdef4,450 zdef5,509
16,308
Apr
13,124,333 11,927,899 4,472,733 3,811,058 Mineral Range
Jan 1 to Apr 30
128,693 xdef29,259 xdef23,823
146,114
July 1 to Apr 30
321,685
45,106 def18,540
Lake Erie ec West'n_b_ Apr 363,916
8531,620
x76,350xdef200.931
166,832
Jan 1 to Apr 30
1,410,211 1307,790
107,953 Missouri Kans & Texas_ _Apr 3530,750 35,386,816 z654,193 x1,272,873
35,929,075
July 1 to Apr 30
183,275
33,078
Chicago Ind & Sob __ Apr 237,428
17,288
149,448
58,657
58,581
151,663
Nashville Chatt & St L_ Apr
891,625
217,407
Jan 1 to Apr 30
974,684
178,962
507,981
496,471
1,511,952 1,523,719
July 1 to Apr 30
643,430
Michigan Central_b__ _Apr 2,190,467 1,949,367
636,392
90,180
149,031
107,202
102,948
Jan 1 to Apr 30
8,248,347 7,557,093 2,356,014 1,997,070 N Y Ontario & Western_Apr
832,331 1,085,239 1,173,516
942,034
July 1 to Apr 30
476,989
Clev Cine Chic ec StL Is Apr 2,109,2'05 1,708,658
309,038
440,060
324,378
481,511
Apr 462,760
Jan 1 to Apr 30
8,204,995 7,131,759 1,888,229 1,343,268 Norfolk & Western
4,448,467 4,369,360 5,035,870 4,194,475
July 1 to Apr 30
197,205
55,376
Peoria & Eastern_ b_ _ _Apr 223,373
25,070
Pitts Shaw & Northern
201,713
kmJan 1 to Apr 30
868,311
888,471
198,263
45,333 zdef9,609 zdef11,463
56,639
Jan 1 to Mch 31
Cinc Northern_b
65,708
21,575
Apr
103,953
4.281
x45,804
134,874 zdef54,496
158,523
July 1 to Mch 31
Jan 1 to Apr 30
67,667
243,024
364,030
22,798
7,418
8,333
8,333
13,789
Rio Grande Junctlen___Mch
Pittsb & Lake Erie_b_Apr
380,325
912,856
599,257
191,010
34,326
33,333
Dec 1 to Mch 31
45,436
33,333
Jan 1 to Apr 30
3,414,0-18 2,608,113 1,524,918 1,045,808
169,013 zdef79,897 zdef88,851
169,837
St Louis Southwestern__Apr
Rutland_b
76,378
212,165
Apr 242,738
39,505
1.685,261 1,666,697 z570,776 z648,443
July 1 to Apr 30
Jan 1 to Apr 30
200,225
779,101
848,173
153,561 Toledo & Ohio Central__ Apr
39,054
38,540 zdef19,422 zdef15,461
N Y Chicago & St L_b_ Apr 858,730
267,281
743,780
216,837
405,950 x658,100 z791,218
July 1 to Apr 30
400,378
795,406
Jan 1 to Apr 30
743,010
3,116,020 3.159,560
d These figures are after allowing for other income and for discount and
Total all lines_ b
Apr 17,950,350 15,462,516 5,413,666 4,109,611 exchange. The sum of $10,000 is deducted every month from surplus and
Jan 1 to Apr 30
68,053,864 61,346,806 18,938,289 14,650,634 placed to the credit of the Renewal Fund.
h Fixed charges include taxes amounting to $45,203 for April 1909.
zN Y N H & Hartford_b_Apr 4,692,471 4,149.689 1,606,716 1,418,563
July 1 to Apr 30
44,758,598 44,560,317 14,257,839 12,905,694 against $65,838 in 1908, and additions and betterments of $28,640 this
year, against $12,253; from July 1 to April 30 taxes were $921,969 in 1909.
210,150
665,358
239,211
N Y Ontario ec West'n_a_ Apr 689,987
$556,075; additions
were $428,505 for the same
6,929,285 6,688,459 2,027,273 2,005,847 against against $521,994 the and betterments Prior to July 1907 it was the
July 1 to Apr 30
period,
previous year.
944,271
764,438 practice to Include these items in the expenses.
Norfolk & Western_b__ _ Apr 2,413,271 1,994,048
July 1Ito Apr 30
24,059,982 24,802.783 9,484,337 8,563,835
z After allowng for other income received.

-For the third week of
Latest Gross Earnings by Weeks.
May our final statement covers 43 roads and shows 11.95%
increase in the aggregate over the same week last year.




JUNE 5 1909.]

THE CHRONICLE

STREET RAILWAY AND TRACTION COMPANIES.
Name of
Road.

Latest Gross Earnings.
Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

5
American Rys
_ _ April
823,516
856,724
222,076 213,955
cAur Elgin & ChicRy. April
373,244
402,356
106,412 97,934
Binghamton St Ry_ _ April
88,868
100,880
24,972 22,730
Birm By Lt & Power March __
551,615
522,091
181,818 177,003
Brockton&Ply St Ry March
20,182
21,395
7,579
7,254
Camaguey Co
January _ _
7,55e
11,337
11,337 •
7,556
Cape Breton Elec Co_ March
56,341
50,685
16,462
17,432
Central Penn Trac_ _ _ April
209,789
224,500
57,168
53,817
Chariest Con RyG&E April
242,345
239,039
59,976 61,048
Chicago Railways Co_ March........ 985,927 857,732 2,802,503 2,429,948
Cleve Painesv & East April
77,620
77 189
21,807 20,834
Dallas Electric Corp_ March _ _ _ _ 102,867 87,907
314.362
261,798
Detroit United Ry__ _ 3d wk May 139,800 127,537 2,678,859 2,415885
Duluth Street Ry_ _ _ April
264,133
287,923
75,422 68,948
East St Louis & Sub.. April
651,386
621,256
160,347 148,795
El Paso Electric
134,308
March _
142,487
45,602 43,641
Fair & Clarksb Tr Co April
107,231
114,919
31,296 29,273
Ft Wayne & Wabash
Valley Traction Co April
397,976
420,971
106,250 99,740
Galv-Hous Elec Co__ March..
238,869
269,.98
95,611 83,539
Grand Rapids By Co.. April
271,355
302,801
77,625 68,826
Havana Electric By.. Wk May 30 38,124 34,393
797,714
834,478
Honolulu Rapid Tran
& Land Co
128,269
119,822
33,405 29,243
April
Houghton Co Trac Co March........ 25,457 19,773
55,787
70,887
Illinois Traction Co.._ March
950,787
346,131 318,338 1,020,935
Jacksonville Elec Co_ March _
101,203
41,047 36,965
115,776
Kansas City Ry & Lt April
542,376 492,472 2,130,778 1,941,652
26,835 25,953
101,068
Kansas City-Western April
96,005
47,131 46,522
139,215
Knoxville By & Lt Co March ___ _
128,017
78,574 73,200
289,316
Lake Shore Elec By.. April
280,898
40,957 43,985
Lax & Inter Rys Co.. March ___ _
119,725
120,955
56,589 56,552
Little Rk By & El Co March _
171,030
183,509
133,151 128,857
Memphis Street By.... March
379,712
360,264
336,041 306,162 1,326,885 1,213,128
Milw Elec By & LtCo April
60,523 55,517
Milw Lt Ht & Trac Co April
232,182
214,002
Montreal Street By.... Wk May 22 71,031
70,894 1,397,768 1,341,480
April
Nashville By & Light
139,939 118,431
North Ohio Tr & Lt.... April
151,906 129,806
504,889
586,989
North Texas Mee Co_ March
109,013 91,651
280,611
237,183
Nonf & Portsm Tr Co April
138,858 143,465
607,417
558,917
Northwestern Elev.... May
173,657 162,751
864,872
776,621
Oakland Traction Co.. March _
_ 233,992 232,494
653,675
668,170
Oklahoma City Ry__ April
31,653
19,614
109,907
73,099
Paducah Tr & Lt Co_ March
17,641
18,304
54,496
56,675
Pensacola Electric Co March __ _ _
19,013 19,205
57,878
52,739
Porti'd(Or)RyL&PCo April
377,488 341,493 1,442,446 1,350,758
Porto Rico Rys Co.... April
31,870 28,807
128,967
117,493
Rio de Janeiro Tram
Light & Power_ _ _ April
609,162 540,175 2,363,986 2,178,260
St Joseph (Mo) Ry Lt
Heat & Power Co.._ April
72,440 64,609
300,637
268,265
San Fr Oak & San Jo March _
75,166 74,598
213,949
213,031
Sao Paulo Tr Lt & P_ April
204,484 196,223
813,115
773,942
Savannah Electric Co March _ _
46,814 48,161
142,655
138.200
Seattle Electric Co.... March _ _
420,418 354,887 1,202,918 1,066,705
South Side Elevated.. May
180,673 184,935
866;831
871,513
Sou Wisconsin By Co April
12,414
45,641
48.532
11,825
Springf (Ill) R & L Co April
76,008 67,665
340,349
310,515
Tampa Electric Co_ _ March _ _ _ _
48,176 43,121
152,614
136,982
Toledo Rys & Light.. April
215,315 202,317
829,633
872,496
Toronto Railway..__ _ Wk May 29 79,692 72,988 1,420,171 1,309,548
Twin City Rap Tran_ 3d wk May 127,540 118,020 2,460,834 2,249,864
Underground El Ry
of London
Three tube lines_ _ Wk May 22 £12,485 £11,325 £259,565 1233,570
Metropoliant Dist.. Wk May 22 £10,011
£8,891 £195,137 1177,566
United Tramways.. Wk May 22 £6,802
17,691 £109,148 £115,462
United Rys of St L.._ April
911,654 885,691 3,452,002 3,327,451
United RRs of San Fr March _ _ _ _ 808,815 564,674 1,716,626 1,559,690
Whatcom Co By & Lt March
32,172 28,581
96,265
88,668
c These figures are for consolidated company.

Street Railway Net Earnings.
-The following table gives
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of May 29 1909. The
next will appear in the issue of June 26 1909.

1431
Interest Charges and Surplus.

Roads.

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

-Bat. of Net E'ngs.Current
Previous
Year.
Year.
$
$
13,677
12,226249,717
235,978
def.275
def.474
5,311 def.1,112
865
1.148
382
1,691
z9,942
z8,876
x28,216
x24,274
x10,293
x5,137
x37,262
x27,933

Aur Elgin & Chicago._ _ _Apr
28,553
28,330
July 1 to Apr 30
280,245
278,979
Binghamton Street Ry__ Apr
8,966
8,359
Jan 1 to Apr 30
36,468
33,211
Cleve Painesv & East_ __Apr
8,383
7,973
Jan 1 to Apr 30
32,840
31,828
Fairmont & Clarksb_ _ _ _ Apr
12,310
11,486
Jan 1 to Apr 30
49,254
45,972
Honolulu R T & L Co_ ...Apr
6,142
6,099
Jan 1 to Apr 30
24.572
24,502
Hudson Valley By Co
Jan 1 to Mch 31
59,036 def.42,411 def.47,816
59,094
July 1 to Mch 31
165,464
165,767 def.80,108 def.18,254
Kansas City By & Lt..__ Apr
153,846
87,747
151,016
73,799
June 1 to Apr 30
1,698,819 1,683,912
885,519 1,010,149
Metropolitan Street RyJan 1 to Mch 31
975,247
x24,044z df.421,793
996,764
Nashville By & Lt
Apr
22,136
32,607
31,026
8,889
Oneida Railway
Jan 1 to lIch 31
4,588
1,782
p12,769
p9,777
Schuylkill& Dauphin _ May
587
807
Syracuse Rapid Transit Co
Jan 1 to Mch 31
93,131
9,319
29,221
86,639
Twin City R T Co
Apr
140,367
126,075
134,968
121,097
Jan 1 to Apr 30
547,256
439,861
494,206
396,756
United Traction Co (Albany)
Jan 1 to Mch 31
116,521
x86,811
99,630
x70,263
Utica & Mohawk Valley
Jan 1 to Mch 31
72,580
'51,923
z21,953
x36,158
July 1 to Mch 31
205,386
182,797 z125,462 z161,360
x Alter allowing for other income received.
y After allowing for net revenue from outside operations and for other
Income and taxes.

ANNUAL REPORTS.
Annual Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue of
May 29. The next will appear in that of June 26.
American Cities Railway & Light Company.
(Report for Fiscal Year ending Dec. 31 1908.)
President J. K. Newman, March 2 1909, wrote in substance:
-The income of the company, as set forth in the accompanying
Income.
statement, except for the comparatively small amount received as interest
upon investments and cash balances, is derived from the dividends declared
and paid upon the stocks of the various local companies. The latter do
not In any case pay out their full earnings. The undivided surplus earnings
of the local companies are not taken by your company into its income or
assets.
Undivided Earnings.
-The proportionate interest of your company in the
undivided surplus earnings of the local companies and the actual cash
surplus earnings of your company for the years 1908 and 1907 are as follows:
1908.
1907.
American Cities Railway & Light Company's share of
surplus earnings over dividends
$259,686 $274,718
Surplus earnings collected as above
104,030
95,404

Surplus earnings, divided and undivided
$363,716 $370,120
-equivalent to an earning capacity of 3.38% and 3.45% per annum respectively upon the outstanding common stock of your company.
Out of the undivided surplus earnings shown above, the local companies
set aside as reserve funds for renewals, betterments and contingencies
5218,874 66 in 1907 and $158,141 in 1908.
--Gross Earnings- -Net Earnings
Local Companies.
-Your company now owns in the aggregate 84.1% of
Current
Previous
the preferred stock and 88.9% of the common stocks of the following cos:
Current
Previous
Roads.
Year.
Year.
Birmingham Ry., Light & Power Co. (V. 87, p.1603); The Memphis St.
Year.
Year.
$
By. Co. (V. 88, p. 5641); Little Rock By. & Elec. Co. (V. 87, p. 1664):
Knoxville By. & Light Co. (V. 85, p. 793); Houston Lighting & Power
Aur Elgin & Chicago_ _ _ _ Apr 106,412
07,934
42,230
40,556 Co.,
1905 (V. 83, p. 40; V. 82. p. 283).
July 1 to Apr 30
1,183,401 1,156,466
529,982
514.957
Results in 1908.
-The results achieved by all the companies during the
Binghamton Street By....
_Apr
24,972
22,730
8,691
7,885 past year are remarkable, considering the Industrial depression. Tile slight
Jan 1 to Apr 30
88,868
100,880
32,099 decrease in gross earnings was considerably more than counterbalanced by
41,779
Black River Traction Co_areductions in operating expenses, so that in spite of an Increase In taxes
Jan 1 to Mch 31
16,177
16,493
def.896 def.1,915 the combined net earnings were $89,152 greater In 1908 than in 1907.
In all the properties the tide seems now to have turned. Dec. 1908
Cleve Painesv & East_a_Apr
20,834
21,807
9,248
9,121
.Tan 1 to Apr 30
77,189
77,620
33,519 showed an increase in both gross and net earnings over Dec. 1907, while
33,222
Jan. and Feb. 1909 show further marked improvement.
Fairmont & Clarksb_ b .. _ A pr
31,296
29,273
18,422
18,653
The increase In Interest charges is due to putting nearly $1,500,000 into
Jan 1 to Apr 30
114,919
107,231
64,341
60,284 new construction, which was mainly contracted for before the slackening
Ft Wayne & Wab Vali_ _Apr
106,250
99,740
40,277
40,359 or general business. The additional facilities have not been needed In
Jan 1 to Apr 30
420,971
397,976
166,161 1908 but they are available for the increases In business which the companies
167,714
are once more experiencing. At the power-house in Birmingham the
Honolulu R T & L Co_ b _ Apr
33,405
29,243
15,909
10,607 changes made have proven entirely satisfactory.
In Memphis also the
Jan 1 to Apr 30
128,269
119,822
59,391
49,912 power-house operation has been materially improved, though
it cannot be
Hudson Valley By Cob
entirely satisfactory until tile completion of the new power-house, of which
Jan 1 to Mch 31
98,980
16,683
113,813
11,220 only one section is In operation.
July 1 to Mch 31
415,117
85.356
493,073
147,513
Physical Condition.
-During the past year the Birmingham Co. has comKansas City By & Lt_b_ Apr
542,376
241,593
492,472
224,815 pleted the installation of automatic stokers and the capacity of the Little
June 1 to Apr 30
5,939,558 5,620,390 2,584,338 2,694,061 Rock and Houston power-plants has been increased by the installation of
a new 1,500 k. w. turbine in each.
Metropolitan Street By..b
The power-plant capacity and car equipment now provided are adequate
Jan 1 to Mch 31
2,927,503 3,360,345
891,400
447,025 to take care of an increase of nearly 25% in business if uniformly distributed.
Nashville By & Lt_a____ Apr
139,939
54,743
118,431
39,915 This makes unnecessary any large expenditures for construction this year.
Finances.
-The Birmingham Co. has sold $250,000 of 6% "refunding and
Nonf & Portsm Tr Co.._..Apr
138,858
143,465
51,041
59,777
Jan 1 to Apr 30
607,417
249,856
558,917
200,267 extension mortgage" bonds in addition to completing the delivery of the
$1,000,000 sold In 1907 (V. 87, p. 1603). This leaves the company with
Oneida Railway..b
no current indebtedness for construction except a loan of $150,000 from
69,028
Jan 1 to Mch 31
56,116
20,216
13,293 your own company.
Rio de Jan Tr Lt & P_a_ Apr 609,162
The Little Rock Railway & Electric Co. executed during the year a
540,175
229,129
185,395
2,363,968 2,178,260
Jan 1 to Apr 30
882,755
786,329 mortgage to secure an authorized issue of $5,000,000 "refunding and extension mortgage" bonds. The proceeds of the $365,000 of thsee bonds which
Schuylkill & Dauphin......May
2,748
1,394
the company has sold are more than sufficient to pay off all the company's
Syracuse Rapid Tran Co_ b
current indebtedness for construction. (Compare V. 87, p. 414, 1664.)
Jan 1 to irich 31
328,068
306,126
102,450
115,880
The Memphis Street By. Co. has recently sold $300.000 consolidated
Twin City R T Co_ b_ _ _ Apr
537,049
493,497
275,335
247,172 mortgage 5% bonds (V. 84, p. 1248), which has permitted it to pay up its
Jan 1 to Apr 30
2,087,748 1,901,956
987,117
890,962 entire current construction indebtedness.
The Knoxville Railway & Light Co. during the past year sold $200,000
United Trac Co (Albany).. b
of Its consolidated bonds, thus funding the
Jan 1 to Mch 31
454,260
453,702
159,050
129,903 Indebtedness and providing for its few pressing balance of its construction
construction requirements.
Into:& Mohawk Valley_ b
(V. 85, p. 345, 405, 793.)
Jan 1 ,to Mch 31
260,926
238,239
93,919
The Houston Co. now has no current indebtedness for construction except
83,939
July 1 to Mch 31
841,050
836,250
325,312
305,727 $50,000 loaned by your company.
The net result of this financing, therefore, has been to leave all the local
a Net earnings here given are after deducting taxes.
companies entirely free from floating debt (except the loans from this comb Net earnings here given are before deducting taxes.
pany) and with cash balances aggregating more than $400,000.




FOR
AMERICAN CITIES RAILWAY de LIGHT CO INCOME ACCOUNT
CALENDAR YEARS.
1907.
1908.
1907.
1908.
IncomeDivs.on stks.local cos_6533,031 $521,965 Expen., includ. taxes $29,501 317,348
Int. on loans to local
$518,396 $509,774
Net earnings
496
13,474
companies
4,293 Dividend on preferred
1,391
Int. on bank balances_
414,366 414,370
stock,6%
368
1
Inc.from other sources
$104,030 $95,404
Balance, surplus
$547,897 $527,122
Total income
COMBINED INCOME STATEMENT OF LOCAL COMPANIES FOR
CALENDAR YEARS.
1905.
1907.
1906.
1908.
65,435,494 $5,437,796 $4,710,637 $3,870,806
Gross earnings
2,153,954
2,675,103
3,371,703
3,280,248
Operating exp. & taxes
$2,155,246
1,228,215

$2.066,093
1.140,662

$2,035,534
993,157

$1,716,852
836,571

$927,031
25,500

$925,431
15,342

61,012,377
12,500

$880,281
12,500

Surp. over sink. fund.. $901,531
617,176
Divs. declared and paid__

$910,089
604.676

$1,029,877
674,014

GENERAL BALANCE SHEET DEC. 31.
1908.
1907.
1908.
Liabilities
AssetsCapital stock____624,475,386
Stk. in treas. and
c2,833,000
Bonds
disc. on treas.
1,669,655
18,133,134 Bills payable
stk. & bds.sold_See
011 lands & lea.ses_18,155,447 17,711,536 Audited vouchers_d1,253,113
160,051
Accounts payable_
Personal prop. and
28,853
sundry investm't 7,711,574 7,019,939 Freight
49,721
1,619,000 Accr'd Int. on bds.
Bonds In treasury)
Bal. due on prop'y
Stock in other} 7,052,007(
and stk. purch's 764,676
1 5,905,499
companies, &c.J
Deprec'n reserve__ 1,902,079
Mat'l & supplies__ 405,990
181,850 Surplus
6,264,684
74,510
Cash on hand____
Bills & acc'ss rec., 2,372,383 1,262,509
Recle from MtnHated cos.(net). 1,379,119 1,202,969
Divs. receivable_a 1,089,367
295,757
Deferred divs_
Oil on hand, incl.
441,438
cost of transp'n_ 799,537
Dep. for redemp55,500
55,527
tion of bonds___

$867,781
(?)

Net earnings
Interest charges

[VoL. Lxxxvm.

THE CHRONICLE

1432

Surplus
Sinking funds.

Total assets.......39,391,218 53,533,374

$355,863
6305,413
(?)
Surplus over dividends 6284,355
AMERICAN CITIES RAILWAY & LIGHT CO CONDENSED BALANCE
SHEET DEC. 31.
1908.
1907.
1908.
$
LiabilitiesAssets
Preferred stock... 6,906,178
Stocks of local cos_17,622,136 17,622,136 Common stock
___10,761,165
Bills receivable of
188,000 Pref. stock dlv.
295,000
local companies_
(payable Jan. 1) 103,592
161,242
158,878
Cash
409
Dividends unpaid_
1,400
receiv
Accounts
1,915
Accounts payable..
304,155
Surplus
18,077,414 17,971,378
Total
-V. 88, I,- 1251
.

Total

18,077,414

39,391,218 53,533,374

In connection with the report the following is pertinent:

-A Los Angeles paper on Feb. 28 1908 (not 1909) said:
Agreement.
and the Indepen"The Independent Sales Agency of the Kern oil fields
Bakersfield this week
1907.
dent Producers' Association of Coalinga succeeded at the future price of
$
an agreement with Associated 011 Co, on
In reaching
6,906,177 oil. The agreement covers the output for a period of two years, and means
10,761,165 that more than 11,000,000 barrels of oil will be delivered to the Associated
of the first year is
011 Co. during that time. The price for the deliveries
103,593 to be 6034 cents per barrel and for those of the second year 63 cents per
318 barrel. This means an average for the two years of 61 X cents. The minmaximum at
imum delivery per day is fixed at 14,000 barrels and the
200,125 16,000 barrels. The average price paid to the Independents by the Assohas been
and Standard companies during the past three years
ciated
-Ed. 'Chronicle.'
17,971,378 about 22 cents per barrel. [The contract was signed.

"Engineering & Mining Journal" for Oct. 10 1908 said:

-Our total sales of oil during 1908 exceeded those of
Sale and Price.
30% higher,if both
1907 by 6% only, but the net realization per barrel Is contracts alone the
old and new contracts are considered; while on new
cost of producIncrease In the average price per barrel is over 100%. The
than during 1907.
ing oil during the year 1908 was about 10% lower completed 65 new wells:
year 1908 we
-During the
New Development.
also put in operation
Kern field, 41; McKittrick field, 15; Coalinga, 9. We number of wells now
five old wells previously abandoned, making the total 1907, this being an
at the close of
producing 310, as compared with 240
condition of many of
Increase of 29%. In addition we have improved the
increased 52%.
our old wells, so that the production during 1908the Associated Pipe Line
-During the past year
Pipe Lines Constructed.
stock, completed an 8-inch
Co., of which this company owns one-half the a distance of 282.7 miles.
rifled pipe line from Bakersfield to Port Costa, this company owns pracThe Associated Transportation Co., of which line from the Santa Maria
tically all the stock, constructed an 8-inch pipe
These lines are now in operafield to Gaviota, a distance of 30.53 miles. of this company.
tion and should add greatly to the earnings established a station at 16th
-During the past year we
Tank Stations.
85,000 barrels; tankage at
St., San Francisco, having a storage capacity of
made necessary by the conPort Costa to the extent of 241,700 barrels, in our business; a tank stapipe line and by increase
struction of the Valley
66,000 barrels.
tion at Redondo, with a capacity ofships have been kept constantly em-During the year our
Shipping.
of oil from Redondo, Gaviota, Monterey and
ployed in the movement
of oil than during any prePort Costa, and moved a much larger quantity
vious year and at a greater profit.
STOCK HOLDINGS IN OTHER COMPANIES.
Total Auth. Our Hold'gs
Total Auth. Our Hold'gs.
$94,650
$5,000,000 $2,500,500 Comm.Petrol. Co_ $250,000
Amal. 011 Co
900,000
000 3,500,000 Recruit 011 Co____ 1,000,000
Assoc. Pipe LIneCo.7,000,
141,419
500,000 Shreeves Oil Co.__ 250,000
Assoc. Supply Co_ 500,000
Assoc. Trans. Co_ _10,000,000 10,000,000 Sterling Oil & De175,169
250,000
velopment Co__
150,000
Bakersfield Ir.Wks. 150,000
30,200
50,000 Sunset Mon. Oil Co 500,000
Buell Rancho Oil Co. 100,000
100,000 West Coast Oil Co,
200,000
Cal. Coast Oil Co
625,000
2,500,000
Common
Los Alamos Oil &
625,000
2,500,000
Preferred
17,050
Developm't Co_ 160,000
Of the above companies controlled and operated by us, the following paid
1908, to-wit: Amalgamated 011 Co., 1% per month bedividends during
ginning March 1908; Sterling 011 & Development Co., 120% in all; California Coast 011 Co., 150%.
The West Coast Oil Co. should this May begin paying 8% on pref. stock.
to develop.
The Recruit 011 Co. owns a large territory, which we are beginning during the
The Commercial Petroleum Co. is now producing and should,Co. controls
coming year, begin to pay dividends. The Buell Rancho 011
are now drilling and ex16,000 acres in the Santa Maria field, on which wea well drilled and should
pect a producing well. The Shreeves 011 Co. has
pay dividends.
produce during the coming year; it has no debt and should in the Santa
The Los Alamos 011 & Development Co. controls 2,240 acres
development work is in progress. The Bakersfield Iron
Marla field; no
with outside
Works and the Associated Supply Co. do a general business
Oil Co.,
oil companies as well as serving as subsidiaries for the Associated
ng.
and are more than self-supporti
but the
-There have been no new oil regions discovered, the proProduction.
and
production has been in almost every instance greatly Increased the Coalinga
true of
ducing area of each territory enlarged. This Is notably
and Santa Monica fields.
in the selling price
During the past year there has been a marked increase
development work by all the
of oil, which was due largely to decrease inIn fact, we started in the year
producing companies throughout the State;
with a shortage of oil; the Increased price has, however, stimulated drilling
the State.
and there are a great number of tools now running throughout
.
The production at present is slightly greater than the consumption
authorized an issue of 625,000,000
-On Aprli 27 the directors
[Bond Issue.
time, would be put out in
bonds, of which $6,000,000, It was said at that according to press reports,
the near future for new construction, including,
and also "a pipe line
more reservoirs, tankage and distributing stations,
in the midfrom Coalinga to San Francisco Bay, another from McKittrick, the Assoof Kern County, to Gaviota, where
dle of the West Side oil fields
a new
ciated refinery Is situated on the Santa Barbara County coast, and
tank ship.-Ed.]
INCOME ACCOUNT FOR CALENDAR YEARS.
1006.

1905.

$6,509,787

$4,973,101

$4,190,549
78,943
328,752

$2,950,795
77,501
304,617

Total deductions _ _ _ _$11,696,512 $8,643,009 $4,598,244 $3,332,913
$1,521,521 $1,602,702 $1,911,543 $1,640,188
Gain for year
Feb. 1
From the surplus earnings dividends were paid: No. 1, 1 %%. Feb. 1
1 %,
M
1905, $321,165; No. 2, l.%, Aug. 1 1905, $335,084: No. 3, since.
$446,059; No. 4, l.%, Mch. 1 1907. $446.059. None
1906,




1,324,409
4,743,163

stock
a Since received. b After deducting $15,524,614 working capital, beingbonds,
discount given as cash subscriptions for stock. c After deducting treasury
$1,619,000.

Associated Oil Co., Bakersfield and San Francisco, Cal.
(Report for Fiscal Year ending Dec. 311908.)
W. L. Porter, Chairman Exec. Corn., says in substance:

1907.
1908..
Income, Incl. divs. of
affiliated companies_ _613,218,033 $10,245,711
Deductions
Production, transportation, administration,
purchase of oil, Inter$10,980,796 $8,043,363
est, taxes, &c
144,354
138,046
Interest on bonds
455,292
577,670
Depreciation reserve__ _

Total

1907.
40,000,000
4,625,000
1,730,373
999,575
10,819
37,410
62,625

An event of importance to the oil industry of California is the completion
on
of the 8-in. rifted pipe line from Bakersfield, Kern County, to Port Costa
was
San Francisco bay,a distance of 282 miles, at a cost of $4,500,000. 011
Costa
started In the pipe a short while since and the flow reached Port
Sept. 12. The daily flow through the pipe line will be from 17,000 to
20,000 barrels of heavy fuel oil. The rifled pipe line for carrying heavy
oil was the Invention of John D. Isaacs. Water pumped in with the oil
follows the rifled corrugations and forms a thin sheen about the oil, and
the two move along together, the oil forming a central core that does not
come into direct contact with the pipe. This avoids friction, which, with
such oil, would prevent progress. Relay pumping stations are established
every 23 miles, while with ordinary smooth pipes, they must be maintained
every 14 miles, and the oil must be re-heated at each place In order that It
will flow more readily. The heating is done away with in the Isacas pipe
line. This new system of pumping heavy oil is economically a great saving.
The Associated 011 Co., which Is now shipping by steamer and rail
70,000 barrels of oil daily, expects to get 20,000 barrels a day through the
new pipe line. Branch rifled pipe lines are to be built to the Sunset,
Coalings and McKittrIck oilfields In the San Joaquin valley.
[The Associated Pipe Line Co. was incorporated in CaliforniA on Sept. 21
1907 with $7,000,000 of authorized capital stock in shares of 6100 each,
which was subscribed for by its directors as follows: W. S. Porter, $3.498,000; F. H. Buch, $1,000; W. F. Herrin, $1,000; E. E. Calvin, 83.498,000; George L. King, $1,000. The three men first named are directors
of the Associated Oil Co. The Pipe Line Co. was unbonded in January 1909
-Ed. "Chroniele."]-V. 88. P. 1131, 750.
and presumably still is.

Columbus (0.) Gas & Fuel Co.
(Report for Fiscal Year ending March 31 1909.)
The report made by President H. D. Turney at the annual
meeting in Columbus on May 5, gummarized by W. B.
Jackson in the "Ohio State Journal" of Columbus, and officially revised for the "Chronicle," is substantially as
follows:

fixed charges, taxes,
The company, after paying all operating expenses,
expenses, earned a surplus for the
dividends on preferred stock and other
the surplus of the fiscal year ended March 31
year of $22,087,a decrease from
from the gas sales In Columbus,
1908 of $50,996. The decrease in revenue was $68,599 for the year, while
meter sales and in the artificial department
of production, of interest and taxes, legal
the increase from cost of rentals,
$34,905, or a total of $103,504.
expense and artificial department was in cost of gas purchased, $20,400;
Credited against this must be the decrease general expense and increase of
of distribution,
of maintenance, $15,000;
atal
total of *53,188, leaving ato nd
gas sales in the field and small towns, a
decrease in gross revenue of $50,316.
was due to the mild winter
The decrease in sales of gas in Columbus time the number of consumers
same
the industrial depression, but at the
said, now supplies about 25,000
increased by 1,310. [The company, it is $800,000 a year.
-Ed.]
consumers with gross sales of gas of about under lease 61,568 acres of oil
company had
On March 31 1908 the
the year 11,393 acres deemed
It gave up during
and gas lands.
field 5,673 acres; in the Mt. Perry
unproductive and acquired In the old gas
Bremen oil district, 10,294 acres. This
district, 16,422 acres, and In theacres acquired during the year, at a cost
makes a total addition of 32,409
and this has been charged against
of $15,217 In excess of the former year,
considered valuable for both oil and
expenses. All of this new territory is
gas.
of $76,703, as
43 wells
Thirty-five wells were completed at a cost charged into against
the production
was
in 1908 at a cost of $105,631. There wells, which resulted in securing
account $15,879 for reviving abandoned
10,000,000 cubic feet daily.
additional gas production of over $16,411 for test wells in newThere also
territory,
was charged to production account
Perry County, which proved
for three wells In Madison Township,
chiefly
a large acreage able to furnish gas.
the suit brought by the city
from
The increase In legal expenses comes
streets by the Columbus Gas Co.
in regard to the payment for the use of the
was installed at Johnstown at a cost of
A second pump of large capacitysupplied with pumping
capacity for years
$84,603, and the company is now
to come.
con
President Turney stated that the prospects for an abundant and wells
the
tinned supply of natural gas were never brighter than now, andcubic feet
production of over 20,000,000
at Basil alone have a combined
daily and are the two largest wells ever drilled by the company. The
artificial department is a loss to the company, and all that can be done is
to limit this loss as much as possible. the advance in the price of natural
There was no friction on account of
gas and the board believes that the coming year will be the most profitable
In the history of the company. [The directors voted in February last that
the rate for natural gas, recently 25 cents a thousand cubic feet, after allowdiscents
ing for the discount, should be raised to 35 the a thousand, with a rate
company, under the
count of 5 cents a thousand, a rate which since
-Ed.)
1905.
has had the legal right to charge
ordinance,
ly
Of the land held under lease In the Bremen oil field, it is conservative
estimated that 1,000 acres is In proved territory. The policy of your direca waiting one In regard to the production of oil. Numerous
tors has been
territory.
companies have been drilling wells and thereby proving your proved to
One well was drilled in Reading Township, Perry County, which
drilled In Jackson Township which should
be a failure. A well is now being
production
prove a producer. It Is thought that the prospects for a good
pursue work
of oil within the next year are favorable, but It Is policy to
of this kind with extreme caution.

JUNE 5 1909.1

THE CHRONICLE

INCOME ACCOUNT FOR YEARS ENDING MARCH 31.
1907-08.
1908-09.
$348,083
$297,087
275,000
275,000

Net income
Dividend on preferred stock (5%)

Surplus for year
Surplus for year ended March 31 1908

$22,087
196,406

Total surplus end of year

$218,494
BALANCE SHEET MARCH 31.
1909.
1908.
1909.
Assets
LiabilitiesProperty, plant &
Pref. stock outst'g 5,500,000
8,377,817 8,283,287 Corn. stock outat'g 2,750,000
equipment ____
Artificial gas plant 1,500,000 1,500,000 First mtge. bonds,
Material & supplies
37,456
41,532 Columbus Gas Co. 1,500,000
17,375
Cash
Accounts payable_
151,089
49,292
Government bonds
31,270 Accrued taxes__ __
16,107
168,599
Accts. receivable_
199,781 Accr'd int. on bds..
18,750
Ammonia, coke,
Unpaid dividends_
64
tar, meters, &c..
3,965
6,636 Surplus
218,494
Total
10,154,504 10,062,486
-V.84. p. 1370.

Total

$73,083
123,323
$196,406
1908.
5,500,000
2,750,000
1,500,000
80,320
16,946
18,750
64
196,406

10,154,504 10,062,486

Gulf Refining Company.
(Bal. Sheet of Jan. 1 1909 and 1908, Filed in Massachusetts.)
1909.
1908.
1908.
1909.
LiabilitiesAssets
$
$
Capital stock
Real estate and ma1,500,000 1,500,000
chinery
2,201,520 2,345,212 Accounts payable_1,815,024 1,054,349
Surplus
Material, stock in
51,398 203,722
1,800,270 1,849,294 Funded debt
process
750,000 750,000
Floating debt
Cash and debts re520,000 1,161,228
1,480,959 1,419,080 Profit and loss
ceivable
846,336 944,287
Total
-V. 84, p. 934.

5,482,758 5,613,586

Total

5,482,758 5,613,586

Kansas Natural Gas Co.
(Report for Fiscal Year ending Dec. 31 1908.)
The company reaches "a population of over 750,000," its
lines being located as stated in V. 87, p. 223.
Pres.T. N. Barnsdall, Pittsburgh,Pa., Feb.'251909,-wrote:

1433

Pursuant to this agreement, all of the outstanding 6% bonds($4,000,000)
were exchanged for the refunding mortgage 5% bonds and canceled.
The mortgage covering said 6% bonds will be [has been-Ed.] canceled
of record at once, and the refunding mortgage will be [is now-Ed.] a first
lien upon all the properties and franchises of the Indiana company. All
the stock of the Indiana company is now held by the Trust company as
additional security for the said $6,000,000 of bonds upon the trusts set forth
In said refunding mortgage, precisely as if said capital stock had been
described in said refunding mortgage as part of the trust estate thereby
created. The Indiana comipany also owns all the capital stock of the
Kokomo Natural Gas & 011 Co., consisting of 10,000 shares of the par value
of $5 per share, which capital stock has, in accordance with the provisions
of said refunding mortgage, been pledged as part of the trust estate. The
Indiana company, by the unanimous action of its stockholders and directors, executed and delivered an agreement providing for the conveyance to,
and vesting in, the People's Gas Light & Coke Co. of all its property, assets
and effects on the payment of the said bonds, whether paid out of earnings
of the Indiana company or by the People's Gas Light & Coke Co., under
Its guaranty, as aforesaid, and the contracts theretofore existing between
the Indiana company and the People's com]pany were canceled and annulled.
The business of the Indiana company has since been conducted in the
Interest of the People's Gas Light & Coke Co. By this arrangement the
People's company secured control of the most available supply of natural
gas for consumption in Chicago,
The property of the company consists of three pipe lines complete, two
8-inch and one 10-inch line, extending from the limits of the city of Chicago
on the southeast, where they connect with the mains of the People's company, to the gas and oil fields in Indiana, substantially 145 miles each in
length. In addition, the company owns 300 miles of pipe lines in Grant,
Howard, Madison and other counties in Indiana. It has a large equipment. consisting generally of pumping stations, together with lands (some
of which are leased), on which the same are situated, in Greentown, Fairmount, Kokomo, Fowlertown and Summitville, Ind., with the necessary
apparatus, consisting of pumps, engines, boilers, &c. The company also
has a plant and equipment for generating artificial gas, and approximately
900 leases, in the usual form of such lease, covering gas and oil rights on
several thousand acres of land in the above-named and other counties in
Indiana.
EARNINGS (Sc., FOR 12 MOS.ENDING AUG.31 1908.
Gross receipts
$609,000 Net earnings
$350,716
Operating exp., incl. taxes_ 258,284 Bond interest
300,000
Net earnings

$350,716
Balance Surplus
BALANCE SHEET AUG. 31 1908.

$50,716

Assets
Liabilities
Construction
$10,178,867 Capital stock
$2,000,000
Cash on hand
112,699 Refunding mtge. bonds_ 6,000,000
Material on hand
10,754 Accounts payable
13,786
Since the last report, your company and its underlying and affiliated Green. N.G. & Oil Co.stk
8,000 Coupons past due
1,300
companies have laid 33 miles of 16-inch main lines and 24 miles of field Stocks deposited in trust
Bond interest accrued_ _ _
100,000
lines, constructed a new 3,300 h. p. compressor plant at Grabham, Kan.,
Ind. Nat. Gas & Oil Co_ 2,000,000 Bills payable
43,000
added 3,300 h. p. to the compressor plant at Scipio, Kan., 1,100 h. p. at
Kokomo Nat. G.&O.Co
75,000 Casualty reserve fund_ _ _
8,707
Petrolia, Kan., and completed the 500 h. p. compressors at Altoona and Coupon account
1,300 Accrued charges
4,361
Neodesha, Kan. Four gas wells were purchased and 104 wells drilled
- Accounts receivable
9,416 Surplus
4,224,882
78 gas and 26 unproductive. We now have 258,429 acres under lease.
40 oil wells thereon. The number of consumers increased
with 373 gas and
Total
$12,396,036
$12,396,036
Total
about 10% during the year and we now have 120,297 domestic and 786 -V.88, p. 1316.
manufacturers, a total of 121,083.
RESULTS FOR CALENDAR YEARS.
Pittsburgh Oil & Gas Co.
1906.
1908
1907.
Number of consumers Dec. 31
59,087
121,083
110,112
(Report for Year ending March 311909,)
Gross earns. froth sales of gas, oil, &c. $3,892,026 $3,019,519 $1,999,313
DeductPresident T. N. Barnsdall says in substance:
Maint., oper. exp., rentals and taxes_
x834,205
784,2061 1,233,811
Rentals leased prop.,gas purch.& int- 91,509,185
Properties.
-During the year we have acquired, through'underlying com1,028,246J
Dividends (538%)
panies, 9,089 acres of oil and gas leases and surrendered 20,746 acres that
660,000
have proved unproductive, and now have in force 113,363 acres, a decrease
Balance, surplus
$785,502 for the year of 11,656 acres. In addition to the above, we own 558 acres
$888,635 $1,207,067
of royalty accounts, 844 acres in fee simple and 693 acres of oil and gas
rights.
x Includes cost of drilling 104 wells in 1908.
Includes bad accounts written off.
The drilling operations resulted in the completion of 61 wells, 16 of which
were unproductive, and with the abandonment of 95 wells, we now have:
CONSOLIDATED BALANCE SHEET DEC. 31.
Wells in Operation, 1,367-0i1 1,161, Gas 206.
1908.
1907.
1907.
1908.
LocationGas,
Oil.
Location
-Gas.
Assets$
$
Liabilities$
__ _
Pennsylvania
308
126
117 Texas
Investment
21,694,281 20,624,459 Accounts payable.. a567,667
981,932
102
West Virginia
259
2 Oklahoma
Cash and accounts
Bonds outstanding 6,533,333 6,928,000 Indiana
15
__ _
134
38 Illinois
receivable
(a)
1,015,867 Capital stock
12,000,000 12,000,000 Ohio
35
217
14 New York
b2,593,281. 1,730,394
Surplus
Of the 95 wells abandoned, 65 were located in the Indiana field, where
Total
21,694,281 21,640,326
the production is now confined to a very small area,and the cost of operating
Total
21,694,281 21,640,326
exceeded the revenue from these wells.
a Accounts payable are stated in 1908 after deducting cash and accounts receivaProduction.
-The net production of oil shows a decrease as compared with
ble, the amount of the latter not being stated.
last year of 112,113 bbls., which is attributed to the natural decline of
b After deducting sundry suspense items In 1908, aggregating $25,749, against the old wells and the limited amount of drilling done in new territory.
similar items amounting to $108,962 in 1907.-V. 88, P. 567.
• The revenue from the production of 459,736 bbls. of oil amounted to
$600,947, an average of $1 31 per bbi., a decrease of 6 cents per bbl, as
compared with last year.
Indiana Natural Gas & Oil Co., Chicago, Ill.
Oil Production-Total Barrels, 459,738 in 1908-09, 571,850 in 1907.08.
(Official Statement Dated Nov. 2 1908.)
High-Grade.
1908-09.
1907-08. Low-Grade.
1908-09.
1907-08.
Pennsylvania_ 92,910.18 137,251.61 Indiana
29,801.10 47,910.30
The statement made to the New York Stock Exchange Ohio
49,461.09 61,199.01 Illinois
66,081.03 54,535.69
in connection with the listing of $6,000,000 refunding mort- West Virginia 122,597.26 153,810.58 Ind. Ter't'y 59,756.78 71,943.44
39,129.14 45,199.12
Texas
gage 30-year 55 bonds, dated May 1 1906, due May 1 1936,
Average net production per month, 38,311.
The total cost of oil production for the year aggregated $189,858, an
guaranteed, principal and interest, by the People's Gas Light
avreage cost of 41 3-10 cents per bbl.,
& Coke Co. of Chicago, a block of which was recently approximately 5 cents per bbl., due to an increase over last year's cost of
the decreased production.
Earnings.
-The total amount of net earnings for the year as shown above
offered in the "Chronicle" by Hartshorne, Bogert &Battelle,
was applied to the reduction
in the
New York, and Wollenberger & Co., Chicago, says in sub- gas division is due entirely toof the debt. The decrease in earnings a genthe recent financial stringency. With
eral resumption of business an increase is sales is anticipated.
stance:
[The territory served is, as stated in V. 87, p. 224, with the addition of
The company was organized in October 1889 under the laws of Indiana. Osgood, Pa.
-Ed.]
The capital stock is $2,000,000, fully paid.
1905-06.
1908-09.
1907-08.
1906-07.
By an agreement dated April 22 1891 between the company and the
-011 div'n_
$793,501
$800,948
$783,560 $1,009,816
Chicago Economic Fuel Gas Co., the latter corporation having a franchise Gross earns.
Gas
309,148
387,357
415,403
366,227
to operate throughout the city of Chicago until January 1916, it was agreed Prop. division
of earns. from Riv.
that the Indiana company should furnish natural and artificial gas to the
Gas Co. ($40,413 in
Economic company for a term of years. Subsequently agreements were
1909) and Buckeye
entered into between the Indiana company and the Economic company,
State Gas & Fuel Co.
dated Dec.122 1892, and between the Indiana company and the People's
($19,848 in 1909)
60,261
65,596
59,197 Not stated
Gas Light & Coke Co., dated Sept. 1 1898 (the Economic company having
in the meantime been merged into the People's company), whereby the
$970,357 $1,236,512 $1,435,240 $1,208,904
.
Indiana company was to furnish and supply natural and artificial gas for
Oper., exp., incl. rentals,
the term ending Dec. 22 1915.
royalties, taxes, drillThe capitalization of the Indiana Natural Gas & 011 Co. consisted of
632,059
424,974
ing, depree'n, &c_
564,174
489,204
$2,000,000 capital stock and a bonded debt of $4,000,000 of 6% bonds
dated July 1 1890. By an agreement entered into Nov. 10 1908 by Elias
$576,845
Net earnings
$545,383
$871,066
$747,308
C. Benedict and the People's Gas Light & Coke Co., it was provided that
Deductions- •
the said Benedict should deposit with the Central Trust Co. not less than
$92,197
$255,289J
$241,827
$237,786
95% of the outstanding first 6% bonds of the Indiana company and all the Interest on funded debtl
155,182
1
capital stock, which stock and bonds were to be exchanged at par for $6,- Int. on current debt _ _ _ f
000,000 5% bonds of the Indiana company, being the bonds described in Transfer and registering
1,340
4,320
7,342
of bonds, &c
1,340
this application. It was further provided that all the stock should be
None
None (5)300,000
None
held by the Central Trust Co. as additional security for the bonds described Dividends paid
application, and that the said Benedict should procure the Indiana
in this
$239,126
$259,609
$554,720
Total deductions_ ___
$243,167
company to enter into a valid agreement to convey to the People's Gas
$508,182
$611,457
$302,216
$22,125
Light & Coke Co., upon the payment of the principal and interest of said Balance,surplus for year
the lands, buildings, machinery, pipe lines, lease$6,000,000 of bonds, all
BALANCE SHEET MARCH 31.
hold interests and all other property of the Indiana company, and that
until the vesting of said property in the People's Gas Light & Coke Co., all
1909.
1908.
1909.
1908.
LiabilitiesAssetsgas and all oil produced or manufactured by the Indiana company should
$
$
$
be first subject to the demands of the People's Gas Light & Coke Co., in- Property account_10,598,984 10,611,722 Acc'ts payable, less
acCts receivable,
cluding the utilization of any pipe lines of the Indiana company for the Stocks and bonds
cash, &c
transportation of oil for the sole use of the People's Gas Light & Coke Co.
of outside com643,838
783,932
35,140 Bonded debt
In consideration of this agreement, the People's company guaranteed
2,110,000 2,322,000
panies
Capital stock
by endorsement on each bond the payment of the said $6,000,000 of bonds
6,000,000 6,000,000
Surplus
1,843,146 1,540,930
as follows: "For value received, the People's Gas Light & Coke Co. hereby
guarantees the due and punctual payment of the principal of and the interTotal
est upon the within bowl according to its tenor" [signed, The People's Gas
Total
10,596,984 10,646,862
10,596,948 10,646,862
, President].
Light & Coke, by -V.88, p. 1134. 381.




Union Natural Gas Corporation, Pittsburgh, Pa.
(Report for Fiscal Year ending Dec. 31 1908.)
Pres.T. N. Barnsdall, Pittsburgh, Feb. 9 1909, wrote:
-Since the last annual report the company, through its unProperties.
derlying companies, has acquired 32,016 acres of new oil and gas leases,
and surrendered 40,646 acres that have proved unproductive, and now
holds 228,781 acres, a decrease for the year of 8,630 acres. In addition
to the above, your company owns a one-half interest in 55,779 acres In
West Virginia, through its ownership of stock in the Reserve Gas Co.
During the year your company has purchased 26 gas wells and drilled
81 wells, of which 71 were gas wells, 1 an oil well and 9 were unproductive,
and now has a total of 5 oll wells in Ohio, 550 gas wells in Ohio and Pennsylvania, and, through its ownership of stock in the Reserve Gas Co., a
one-half interest in 132 wells in West Virginia.
-While there was a substantial increase in the number of
Production.
consumers during the year, there was a less amount of gas consumed, and
the ratio to each consumer was less than in recent years. Manufacturing
plants were, in many instances, run on less than 50% of their capacity,
and some were practically shut down during the greater part of the year.
A general resumption of business on a better basis Is now quite apparent
in towns throughout the entire system, and a corresponding increase in
sales of gas may be reasonably anticipated. The reports for January 1909
show an Increase over December 1908 of from 12% to 15%, which is more
than double the ordinary increase as between these two months in former
years. Earnings for January 1909 (approximate), $410,000.
There were laid In field lines 42.32 miles; in main lines, 6.76 miles; In
extensions in cities and towns, 10.42 miles, a total of 59.50 miles of pipe.
No new distributing plants were installed and none are contemplated.
Number of Consumers.
1908.
1907.
Increase.
Kind84,931
80,586
4,345
Domestic
2,350
2,014
336
Special
87,281
82,600
4,681
Total
[The territory served is as described in V. 87, p. 222, with the addition
of Lancaster, O., to the cities to which the company is supplying gas "on
a favorable percentage basis, through distributing systems owned by
other companies."
OPERATIONS OF THE CORPORATION AND ITS UNDERLYING
COMPANIES FOR CALENDAR YEARS.
1906.
1007.
1908.
1905.
Gross earns., gas, elec.,&c$3,377,117 $3,658,090 $2,990,926 $2,618,741
Oper. exp., incl. taxes,
drilling, rentals, roy943,511
1,143,636
1,067,450
877,358
alties, &c
422,863
436,502
339,251
404,946
Gas purchased
Net Inc. from oper___ $1,904,721 $2,077,952
268,079
250,705
Int. on bonds, &c
Dividend
(10)900,000 (10)900,000

$1,624,552
268,600
(8)720,000

$1,402,132
233,595
(8)720,000

$988,600
$1,150,705 $1,168,079
$635,952
$909,873
$754,016
BALANCE SHEET DEC. 31.
1908.
1907.
1908.
8
Liabilities$
$
Assets9,000,000
"Investment" -16,611,972 16,281,602 Capital stock
Bonds, "Union" 2,400,000
Underly'g bonds.._ *899,000
Net acc'ts payable 338,579
3,974,393
Total surplus
Surplus

Total

[VoL. Lxxxvni.

THE CHRONICLE

1434

16,611,972 16,281,602

Total

$953,595
$448,537
1907.
$
9,000,000
2,700,000
*902,000
459,225
3,220,377

16,611,972 16,281,602

-V. 88, p.455.
* These run from 15 to 25 years and are mostly 5 per cents.
Union Oil Co. of California, Los Angeles, Cal.

(Report for Fiscal Year ending Dec. 31 1908.)
President Lyman Stewart, Los Angeles, Cal., Jan. 30 1909,
wrote:
-In spite of the financial depression, disastrous fires
General Results.
and disappointing delays in the completion of its wells (thereby curtailing
its income) the company has enjoyed a more prosperous year than ever
before.
-The board of directors at its last meeting
Future Sales of Treasury Stock.
passed a resolution directing that in the future sales of treasury stock
be made to the stockholders in proportion to their holdings for the purpose
of paying outstanding obligations or extending operations at a price not
exceeding par, or $100 per share.
-During the past year the capital stock of
Increase of Treasury Stock.
your company was Increased from $10,000,000 to $50,000,000. Of this,
$23,982.200 has been issued. As full particulars of this transaction were
given you at the time, we will not repeat the history in this letter. [See
-Ed.]
V. 87, p. 551.
-Your company has no stock in either the Union ProviStock Holding.
dent Co. or United Petroleum Co.
The United Petroleum Co. was organized for the purpose of insuring a
stable policy in your company. It holds the majority of the stock of the
Union Provident Co. and also stocks in several othbr corporations. Its
capital was increased in 1908 from $1,500,000 to $10,000,000, of which
$8.075,100 Is issued. [The report of the United Petroleum Co. on Jan. 30
said: "Holds 80,824.41 shares of Union Oil Co. of California stock, or its
equivalent in Union Provident Co. stock, as its principal. Special investments in addition to above: Union 011 Co. of California, 1,842 shares at
$100, market value, $184,200; Union Transportation Co. bonds, 182 at
cost, $168.000; Pitcher & Garbutt 011 Co., 198,909 shares at cost, $27,996:
California Industrial Co., 200 shares at cost, $18,000; Newlove 011 Co.,
1,700 shares at $150, $255,000; total, $653,196. Net accounts payable.
-Ed.]
$340,752; balance in special investment account, $312,444.
The Union Provident Co. was organized June 20 1903 with a capital of
$5,000,000 (since increased to $25,000,000), the object of the corporation
being solely to issue Its stock in exchange for that of Union 011 Co. of
California, share for share. The result of these exchanges is that the Union
Provident Co. now controls a majority of the issued stock of the Union Oil
Co. of California.
To provide a fund to cover the current expenses of the company, which
are small, a bonus of 4 1-6 cents per share has been and will be collected
from those changing Union Oil Co. stock into Union Provident. This fund
now amounts to $6,635.
-Although there has been an increased producCondition of Oil Industry.
tion of oil on the Coast, there has been also a large Increase In the consumption, and the demand is steadily increasing. The organization of the independent producers, which has prevented their oil being used to depress the
market, has been of such great benefit to the Industry that it would seem
that no independent producer would be so unwise as to seek to return to
the former ruinous policy. This experience of the independents will
doubtless Insure greater stability to the industry for the future.
Report of Auditor.
Earnings.
-The net earnings for the year were $3,022,933, contrasting
with $2,080,772 in 1907; dividends paid (regular), $1,240,000, against
$877,564 In 1907. Total dividends paid by the company to Dec. 31 1908,
$20,339.559. This includes special dividend (200%) declared Aug. 20 1908
of $15,794,800 (see V.87, p. 551); present rate of dividend on par value,6%.
Bonds.
-The Company has no direct bonded debt, but has guaranteed:
Bonds Owned by
Bonds
Authorized
and Issued. Redeemed. Un.011Co. Outstan'g
Mission Transp. & Refining Co.
(V. 79, p. 2799) bonds
$1,000,000 $150,000 $10,000 $840,000
Union Transportation Co. (V.
161,000 2,839,000
83, p. 102) bonds
3,000,000
Union Steamship Co. (V. 83. To•
250,000
750,000
102) bonds
1.000,000
The United Steamship Co. has outstanding $240,000 in bonds, but these
are not guaranteed by the Union Oil Co.
-On Dec. 31 1908 the quick assets, including cash on hand,
Floating Debt.
crude and refined oils, goods In warehouses, good accounts receivable (aside
from amounts due from affiliated companies), amounted to sufficient to
pay $1 45 for every dollar of floating debt, including deferred payments on




properties purchased, amounts/due stockholders and due affiliated companies.
-The holdings, direct and indirect, in sub-companies are
Sub-Companies.
substantially as shown In V. 85, p. 280, the only changes noted being the
omission from the list of the Syndicate Oil Co., the Western Iron & Steel
Co. and the Surf 011 Co., an increase in the number of shares issued by the
Newlove 011 Co. from 12,197 to 15,000, the control being held by contract,
and a change in the authorized capital stock of the California Industrial Co.
to $500,000, of which 3,003 are outstanding, "over one-third" thereof being
owned by the Union 011 Co.,and the addition of the Kaiser Oil Co.,which is
Just being organized with $100,000 stock soon to be issued, of which over
one-half will be owned by the Union Oil Co.
Report of Manager of Geological and Land Department.
There was acquired during the year (1) in fee in Santa Barbara County
3,997 acres; and (2) by lease in Santa Barbara County, 2,820 acres; in
Kern County, 7,373 acres; In San Bernardino. County, 6,400 acres, and
Los Angeles County, 370 acres; total acquired, 20,960 acres.
Number of Acres Owned and Controlled by the Union Oil Co. of California.
Aggregating $234,315, Jan. 1 1909.
Oil Lands ec. R'ts. Mining
Oil Lands ee RI& Mining
County- In Fee. Lease. Claims.
County- In Fee. Lease. Claims.
400
160 1,760
Ventura ____ 65,915 9,005 3,968 Fresno
San L. Obispo 1,459
4,320
Los Angeles__ 8,785 1,703
40 7,373
Kern
3,654 2,536
Orange
640 San Bernard'o
6,400
San Benito__ 2,726
Monterey_
23,800
Humboldt ___ 3,168
Santa Barb'a_ 77,904 8,599
164,049 59,577 10,088
Total of all
During the year your company has developed its Brea Canon properties
by drilling several new wells, four of which will soon be put on the pump.
These wells look very promising.
In June of last year we purchased the Bell Estate property, consisting
of 4,000 acres in Santa Barbara County; the development work has been
prosecuted vigorously, and now five wells are drilling (milt. No. 1 and
No. 2 are both in oil and show up well. This property is on the eastern
extension of the Santa Marla field, and promises to be rich in oil.
We have also secured leasehold on approximately 65,000 acres of prospective oil territory outside of California, upon which development work
will soon begin. This is in addition to the total figures given above.
Report of Manufacturing. Sales and Marine Department.
-The demands for our refined oils have increased so
General Results.
rapidly that we have never been able to take full advantage of them. We
have, as a result, added ten new stills to our Oleum Refinery; these were
completed in November, practically doubling its capacity. We have just
completed the erection of our Fresno station. The Bakersfield refinery
was operated to its full capacity, producing a slightly increased quantity
of asphaltum over the previous year.
The return from the asphaltum business has fallen off as compared with
the previous year. In 1907 the Trinidad and Bermudas asphalt was
practically off the Eastern market, while In 1908 their competition resulted
in naturally decreased prices. Furthermore, the demands for the more
profitable refined products justified us in giving them a preference at our
Oleum refinery. As a result the asphalt output at Oleum was diminished.
Both our New York and Chicago offices, however, handled an increased
tonnage.
The consumption of our fuel oil at the Hawaiian Islands has been larger
than any previous year. In Chile our second station (at Taltal) was completed in June; our reports show a constant increase in fuel consumption
at both stations. The consumption of oil on the Isthmus of Panama was
much greater toward the close of the year than previously. The Guatemala
Central By. continues to use our oil with satisfactory results.
In 1908 our Pacific fleet transported over 40% more oil than in 1907;
furthermore, we made deliveries on new business to vessels not operated
by us. amounting to about the same per cent of all the oil transported by
us in 1907.
Market Conditions.
-Fuel oil prices at the beginning of the year were
very satisfactory. A temporary decrease in the general consumption of
fuel oil followed, owing to the financial depression, resulting in a falling off
in prices. The last quarter of the year has seen a revival of business and
a return to good prices. The year 1909 opens with only a few of our lowpriced contracts uncompleted, and no indication of any material reduction
in present prices.
The prices of refined oils have been generally maintained along the Coast:
gasoline prices, however, have been reduced from time to time, owing to
large importations of benzine from Sumatra.
-Our increased refinery capacity, our new stations and the
Prospects.
natural increased business of our established stations justify the expectation
that we shall be able to market all of our products at satisfactory prices.
The outlook is most encouraging, and 1909 should show a substantial
Increase in net profits over thoselof 1908.
Report of Manager of Field and Pi* Line Department.
236
Number of wells producing in 1908
11 1-10%
Increase in production over 1907
8 1-10%
Decrease in oil stocks on hand
62%
Increase in number of wells drilled over 1907
23%
Increase in number of feet drilled
Miles of pipe line Jan. 1 1909, 385; on Jan. 1 1908, 313.50; in19%
crease, 61.50, or
Iron and steel tankage Jan. 1 1909, 3,300,000 bbis.; Jan. 1 1908,
13 4-5%
2,900,000 bbls.; increase, 400,000, or
RESULTS OF OPERATIONS FOR CALENDAR YEAR.
1905.
1906.
1907.
1908.
Capital stock outstanding Dec. 31
$23,982,200 $7,807,400 $7,144,700 $6,447,500
(?)
(?)
(?)
Gross earnings
$9,197,251
96,724
187,348
264,458
Depreciallon charged oft x436,471
(?)
(?)
(?)
All other expenses
y5,737,847
Net earnings
Total dividends

$3,022,933
1,240,178

$2,080,772
877,564

$1,029,478
561,109

$1,001,397
392,556

Balance, surplus, used
for betterment and
$468,369
$608,840
increase of plant_ _ _ $1,782,755 $1,203,208
z There was also charged off on auxiliary companies $259,685, making
the total depreciation charge $696,156.
1/ Expenses in 1908 ($5,737,847) included: Rental of properties, vessels,
pipe lines and water and gas lines. $564,000; refineries, Including oil rugs
through stills, $2,954,476; operating wells, general expenses, including
interest, taxes, legal services, salaries, office rents, drilling expenses on
new wells, operating gas and water lines and miscellaneous Items, $770,214;
transportation expenses by land and water and operating various outside
branches, stations and offices, $1.449,156.
(The dividend rate was increased in Feb. 1905 from 2.7% per annum
monthly); in April 1906
(22 Jic. per share monthly) to 6% per annum (50c. to 12%
per annum ($1
to 9% per annum (75c. monthly); in May 1907
monthly); and in Nov. 1907 to 15% per annum ($1 25, 1)i%, monthly).
Aug.20 1908 a special dividend of 200%, or $15,794,800, was declared.
On
payable in the company's obligations, which was generally applied to
payment for treasury stock. Beginning Oct. 20 1908 the monthly dividend
on the enlarged stock was made 6% per annum, or M of 1% monthly.
-Ed.]
V. 87. D. 551.
No balance sheet is furnished. Compare V. 88, p. 948.
Wichita (Kan.) Natural Gas Co., Pittsburgh, Pa.

(Report for Fiscal Year ending Der. 31 1908.)
Pres. J. D. S. Neely, Pittsburgh, Feb. 2 1909, wrote:
Since the last annual report the company has laid In main lines 29 miles; in
field lines 5 miles; a total of 34 miles; bringing the total amount of pipe,
12
main and lateral, ranging in size from 2 In. to. In., to 343 miles. During
station
the year the company installed in the field a complete compressingwithout
which was put in operation early In November, and which has run
interruption since date noted.
During the year the company drilled 16 wells, 10 of which were productive and 6 unproductive, the latter drilled for the purpose of testing certain
acreage held by your company, with a view of determining its value.
The number of consumers has been increased as follows: domestic,
6,479; special, 30; total, 6,509. The total number of consumers now
being supplied is 17,560 domestic and 117 special rate.

JUNE 5 1909.1

THE CHRONICLE

[The territory served is as described in V. 87, p. 223, with the addition
of Arkansas City and Eldorado.
-Ed.]
RESULTS FOR YEAR ENDING DECEMBER 31 1908.
(The company began supplying gas in April 1907.)
Year end. 9 Mos.end.
Dec. 31 '08 Dec 31 '07
$608,686 $279,809
Gross earnings from sale of gas, &c
88,076
108,739
Operating expenses, rentals, taxes, &c
Gas purchased
34,031
Allowance for free service
12,537
Net income
Interest on bonds, &c

$453,380
105,890

$191,733
99,557

Surplus earnings
Charged off for acreage surrendered, bad accts., &c
Bond interest for 1906 and items paid before company was in operative condition

$347,490
43,310

$92,176
26,355

$304,180

Net surplus

$65,821

BALANCE SHEET DECEMBER 31.
1907.
1908.
Assets-Investment (lines, wells, acreage, &c.)_$5,036,203 $4,787,472
Liabilities
$271,202 $151,651
Accounts payable, less accts. receivable and cash
Bonds (first mortgage bonds,$1,125,000; second mort1,395,000 1,550,000
gage bonds, $270,000)
3,000,000 3,000,000
Capital stock (30,000 shares, par $100)
65,821
370,001
Surplus
$5,036,203 $4,767,472
Total
[Since Jan. 14909 the company, it is said, has redeemed $125,000 of Its
-Ed.]
-V.88, p. 455.
mortgage bonds.
first mortgage 65 and $30,000 second

United States Smelting, Refining & Mining Co.
(Report for Fiscal Year ending Dec. 31 1008.)
President W. G. Sharp, April 29 1909, wrote in substance:

1435

Street's Western Stable Car Lines, Chicago.
(Report for Fiscal Year ending Dec. 31 1908.)
Net earnings
Interest on bonds
Int. on car lease warrants

1908.
$301,320
104
64,860

1907.
$299,828
2,083
70,730

1906.
$305,390
4,575
76,527

1905.
$320,702
6,950
82,243

Net income
Divs. on preferred (7%)
Divs. on common (2%)

$236,356
54,250
76,000

$227,015
54,383
76,694

$224,287
54,383
76,694

$231,509
54,383
76,694

$95,938
$93,210
$106.106
BALANCE SHEET DECEMBER 31.

$100,431

Surplus

1908.
1908.
1907.
1907.
Assets
LtabilitiesCars, franchises, pat3,800,000 3,834,700
Common stock
ents, real estate,
Preferred stock
775,000 776,900
buildings, &c
7,640,916 7,611,242 1st M. bonds (retired
Construction and maFeb. 1 1908)
25,000
terials
72,811
85,252 Car lease warrants 1,512,496 1,606,664
Accounts receivable_ 135,748 194,611 Car renewal funds
170,501 145,994
Bills receivable
50,000 Dividends paid Jan
46,125
46,365
Cash
23,294
84,313 104,427
54,799 Accounts payable
Deferred expenses
1,704
30,000 110,000
3,576 Bills payable
Surplus, Invested in
assets of company_1.455,538 1,349,432
Total
-V. 88,,p. 1376.

7,874,473 7.999,481

Total

7,874,473 7,999,481

Casein Company of America.
(Report for Fiscal Year ending Dec. 31 1908.)
Lorenz R. Schwerin, Vice-President, New York, May 12,
wrote:

The financial statement at the close of the fiscal year 1908, herewith
submitted, shows undivided profits of $269,042,after payment of preferred
dividend No. 34, making, as usual,8% for the year. Of this amount $229,transferred to working capital.
-The tonnage of ore produced from Centennial-Eureka, Mam 042 has beenin a previous report, the
Output.
As stated
business of your company Is conmoth and the United States mines at Bingham, and in Mexico, was 608,512 flicted with the utilization of milk. The
products obtained range from
of
tons, of which the values of the metal contents were in the proportion
the highest grades of butter and the most delicate food products, such as
41% copper,2% lead, 37% sliver and 20% gold.
combined profits for the year, $1,198,621 (or 40%) milk sugar and dietmlik, which equals the best baby foods, to casein glue
Of the $3,017,947
used mainly in paper coating, and
weremade during the first six months, and $1,819,326 (or 60%) were made chicken feed, which is obtained as classed as a "heavy chemical," and to a
a by-product of one of the branches of
during the second six months.
words, by the various processes of the several
At the Mammoth plant In California the addition to the smelter, the our manufacture. In other
.converting plant and the additional railroad and transportation facilities subsidiary companies, every ingredient of milk is utilized, being converted
a staple for
went into operation during the first half of the year, but did not reach nor- into some product, now recognized as until there which your subsidiary
In the trades,
mal capacity and efficiency until the middle of the year; 41% of the Mam- companies are leaders approximate Idea of our is nothing left but the
utilization of milk, I will
moth tonnage for the year was extracted and smelted during the first six water. To convey an
state that in the manufacture of only one product, casein glue, 137,000,000
months and 59% during the second six months.
At the Real del Monte and Pachuca properties in Mexico, only one mill, quarts of milk had to be handled to produce the amount of that product
the Loreto, was running at the beginning of the year; the second mill, the sold during 1908.
The business of the subsidiary companies during 1908 was very satisGuerrero, began operations in April; and while neither of these mills
reached its full capacity and efficiency during the year, they did much bet- factory, and the outlook for the present year is encouraging. While our
ter work and handled more tonnage during the latter half of the year; company is subject to the general unsettled trade conditions affecting all
36% of the Mexican tonnage was extracted and treated during the first six Industries, the setbacks to one or the other branches of our business are
fortunately amply offset by the increased demand and earnings in other
months and 64% during the second ..six months.
-Your company acquired during the year 191 shares ad- branches.
Balance Sheet.
INCOME ACCOUNT.
ditional stock of subsidiary companies. The Centennial-Eureka Mining
1908.
1907.
1908.
1907.
Co. acquired a majority of the stock of the Bullion Beck & Champion Mining Co.
Divs., &c., reed from
Net profit
$80,478 $82,219
The charges to capital account for construction and other additions In
subsidiary cos
$130,350 $131,979 Divs,on preferred stk.,
1908 have aggregated $996,301, as follows:
Expenses, depr'n, &c_ 49,872 49,760
80,000 80,000
8%
$203,626
Mine properties
Net profit
Smelter buildings and plant at Bingham Junction, Mammoth
Balance, surplus__$478 $2,219
$80,478 $82,219
362,620
and Chrome
BALANCE SHEET DEC. 31.
208,126
Mills, mine buildings and other equipment
71,505
Refineries at Chrome and Grasselli
1907.
1908.
1908.
1907.
Additional investments In stocks of subsidiary companies and in
LiabilitiesAssets
$
$
150,424 Patents
Bullion Beck & Champion Mining Co. stock
5,147,080 5,145,938 Preferred stock
1,000,000 1,000,000
The consolidated balance sheet includes for the first time the assets and Investm't in stk. of
Common stock
5,487,000 5,487,000
liabilities of the Cotnpania de Real del Monte y Pachuca. In previous balsubsidiary cos_ _1,459,051 1,476,602 Bills payable
20,000
ance sheets the net cost of this investment was included under "cost of prop- Notes receivable_ ___
6,609
6,920 Accounts payable
2,665
2,625
erties." By including these assets and liabilities under their respective Accounts receivable_ 26,203
28,030 Surplus
*269,042 283,563
assets are Cash
headings, the cost of properties is decreased and the net current
2,739
2,443
Increased by $465,190.
23,664
21,141
Open accounts
The liabilities from one company to another are eliminated in the con- Due by subsid. cos
93,361 112,114
solidated balance sheet from both liabilities and assets.
Shareholders.
-The total number of preferred stockholders is 5,582 and
6,758,707 6,793,188
Total
Total
6,758,707 6,793,188
.of common stockholders 1,616 at this date.
Maturing Bonds.
-The $500,000 6% debentures of the United States
.
..After deducting $14,999 reduction in_investment of stock of subsidiary
Mining Co. due in May 1909 will be paid at maturity.
-V. 88. p. 1256.
companies.
EARNINGS AND OPERATIONS OF ALL COMPANIES FOR YEAR.
-P.C. in value
1906.
1908. 1907. 1906.
1907.
1908.
34.5
37 45.0
32,803,603 38,518,378 33,856,287
10.0
14 10.0
27,304,347 53,617,324 27,828,644
34.5
.23 22.5
8,340,566 6,739,269 4,852,293
162,537
21.0
235,822
26 22.5
128,208
1908.
1907.
1906.
1908. I As. price.
1907.
$0.1883 $0.1875 Sliver,p.oz.$0.5297 $0.6520 $0.680
$20.56 $20.329
0.0520 0.0546 Gold, p. oz.
1908.
1906.
Net earns, after deducting repairs_ ___ $3,535,556 $2,386;541 $3,927,507
$311,631
$120,009
$244,744
Deduct-Depree'n & reserve funds__
175,978
148,242
166,318
Administrative and legal expenses_
30,000
30,000
30,000
Int. on 6% debs. of U. S. Mg Co__

•Copper,lbs
Lead,lbs
Silver, oz
Gold, oz
1908.
Av. price.
Copper,p.lb$0.1327
,
Lead, p.lb. 0.0423

$3,017,947 $2,070,214 $3,504,522
Profit for year
$5,368
$8.052
$1,948
Divs. on minority stock of sub. cos
1,672,348 , 1,508,581
Divs. on U.S. Sm.,R.&M.pf.stk. %) 1,700,801
(7
Dividends on common stock
(4%)
701. (6 )1096,232
931
sur.$607,163 def.$700,314sur$1990,573
Balance
U. S. SMELTING, REF. oe. MINING CO. AND SUBSIDIARY COS.
CONSOLIDATED BALANCE SHEET DEC. 31.
1908.
1907.
1908.
1907.
Assets
Liabilities
17,549,125 17,547,062
Cost of properties_39,872,945 39,341,835 Common stock
.Shares held for exPreferred stock._24,299,175 24,292,725
change of stocks
Cap. stk. of sub,
of other comcos. not held by
6,413
panies
7,162
U. S. Sm., Ref.
& M'g Co. (par) 1,056,224 1,033,750
Tot, cap. assets_39,879,358 39,348,997 U. S. Min'g debs.
(paid off May'09) 500,000
500,000
Deferred charges to
50,546
102,044 Current sects and
operations ____
746,286
accr'd pay-roll_ 1,092,802
690,529
Ores and matte_ 666,321
80,000
243,000
Drafts in transit__
Supplies, fuel and
847,120 Bills payable
2,267,170 3,331,348
981,330
timber
Metals in transit &
Res'ves for fr't,&e. 371,698
378,554
5,315,434 6,061,213 Divs. deci'd (paid
In process
794,048
600,717
Jan. 15)
600,581
Notes receivable_ 628,489
968,987 Deprec'n funds
973,451
Acc'ts receivable_ 970,796
617,446
969,528 Undiv'd surp. ap1,329,724
Cash
plie'bie to stocks
of sub. cos. not
held by U.S. S.,
Ref. & Si'g Co
43,926
46,229
Profit and loss sur_ a987,704
557,003
Total

49,821,998 49,838,224

Total

49,821,998 49,838,224

• After deducting $176,462 reserve to reduce Inventory values of metal
.on hand at Dec. 31 1908.-V. 88. p. 1139. 887.




GENERAL INVESTMENT NEWS.
RAILROADS,INCLUDING ELECTRIC ROADS.
Atchison Topeka & Santa Fe Ry.-Shareholders Permitted
to Subscribe for New Convertible 4% Bonds at 104.
-The
company announced on Wednesday (see advertisement on
another page) that the privilege will be given to all shareholders of record June 16, whether holders of common or
preferred stock, to subscribe at 104 and interest during the
period beginning July 20 and ending July 22 1909 for an
amount of 4% convertible gold bonds, issue of 1909, equal
to 12% of their respective holdings. The offer has been
underwritten by J. P. Morgan & Co. The bonds will mature June 1 1955 and will be convertible prior to June 1 1918,
at the option of the holders, into common stock of an equal
par value. The new issue is limited to $35,000,000. Only
.
826,377,000 of this amount is needed to supply present stockholders on the basis named, but as the owners of the existing
convertible bonds may use the right to exchange these for
common stock in order to participate in the new offering,
the directors have made the authorized issue sufficiently
large to provide for this contingency.
The subscription price of each $1,000 bond will be $1,040
and accrued interest, payable as follows: At time of subscription, $260; between Feb. 2 and Feb. 4 1910, $260;
between Aug. 2 and Aug. 4 1910, $260; and between Feb. 7
and Feb. 9 1911 $260 and adjusted accrued interest.
An official statement says: "The company has on hand
ample cash for all current capital requirements, but it intends in the near future to make important extensions
and betterments, which are expected greatly to increase
its earning capacity, and has deemed it prudent to make
this provision for new capital at this titne in contemplation
of such proposed work." The construction of the longproposed Texico to Brownwood, Tex., cut-off, it is stated.,
is one of the improvements which the management has in
mind. See page 11 of "Railway & Industrial Section." -

1436

THE CHRONICLE

There are now outstanding $71,163,000 convertible bonds,
namely, $45,107,000 of a $50,000,000 issue created in 1905
and $26,056,000 of a $30.000.000 issue authorized in 1907.
' This last-named issue was made under a $98,000,000 authorization approved by the shareholders Jan. 30 1907, which
covers also the new issue of $35,000,000 described above.
A circular signed by Comptroller D. L. Gallup, dated
June 2 1909, says in substance:

[VOL Lxxxvin.

Chattanooga (Tenn.) Rys.—Consolidation.—A meeting of
the stockholders will be held on June 30 to vote on the
question of selling the road to the new company, which will
take over tho property and the Chattanooga Electric Co.
Compare V. 88, p. 1372, 1312.
Chicago Cincinnati & Louisville RR.—Rumored Chesapeake & Ohio Alliance.—Reports are current this week that
Chesapeake & Ohio interests have acquired a large amount
of the securities of the Chicago Cincinnati & Louisville RR,
and that when reorganized the road will be used as a Chicago
connection for the Chesapeake & Ohio. Compare V. 88,
p. 1312.
Chicago Indianapolis & Louisville Ry.—Dividend Increased
—A semi-annual dividend of 1 %% was declared June 3
on the common stock, comparing with 13/2% paid semiannually from 1905 to 1908 inclusive; also the regular semiannual dividend of 2% .on the $5,000,000 preferred stock,
both payable June 28 on stock of record June 14.

The bonds are part of an authorized issue not exceeding $35,000,000 4%
convertible gold bonds, issue of 1909, to be issued pursuant to an indenture
dated June 1 1909; Morton Trust Co., trustee. Interest payable June 1
and Dec. 1; both principal and interest payable in gold coin of the United
States of the present standard, without deduction for any taxes which the
company or the trustee may be required to pay or to retain therefrom
under any present or future law of the United States or of any State, Territory, county or municipality therein. Coupon bonds of $1,000; registered
bonds without coupons, $1,000 or $5,000,or any multiple of $5,000 that
may be authorized by the board or executive committee; coupon bonds
exchangeable for registered bonds and the registered bonds for coupon
bonds. The bonds may be called for redemption by the company on any
interest day at 110% and interest; but when so called they may, at the
option of the holders, provided the time for conversion has not expired,
be converted into stock, as aforesaid, at any time before the day named for
The Louisville do Nashville and Southern Ry. own 93% of the common
redemption.
The bond and indenture will provide that the company will not execute and 77% of the preferred stock, which has been deposited as security for
any new mortgage upon any of the lines of railway owned by it on Jan. 1 their joint 50% 4% collateral trust bonds on the basis of $78 and $90
1905, except by way of further security for bonds issued under mortgages per $100 share, respectively.
executed-by the railway company prior to that date, unless such new mortDividend Record of Common Stock.
1905 to 1908.
gage shall provide that all said convertible bonds issued- and to be issued 1902.
1904.
1909.
1903.
3%
June, 1%%
shall be included in the debt secured by such new mortgage.
%%
3%
1_70
The privilege of subscription will be accorded only to the holders of sub- .—V. 88, p. 99.
scription warrants. No subscription for a fraction of a bond will be reChicago Railways Co.—Additional Bonds Reported Sold.—
ceived. Fractional warrants may be sold in the market,and when presented
prior to July 19 1909 In amounts of $1,000 or more may be exchanged Press reports state that N. W. Harris and the National City
subscription warrants entitling the holder to subscribe for a full bond.
for
Bank of New York have agreed to purchase an additional
The company cannot buy or sell fractions.
At the time of paying the first, second or third installment,subscribers block of.$6,000,000 of the first mortgage 5% bonds for rethe subsequent installment or installments and thereupon will be
may pay
entitled to receive the bonds,or if the bonds shall not then be completed, habilitation required by the ordinance of Feb. 1907 and
by reason of delay in their engraving (which will be expedited as much as will offer them about Aug. 1. This will make $20,000,000 of
practicable), the subscribers will retain until such completion of the bonds
--V. 88, p. 1124, 819.
the fully recelpted warrants. The bonds will bear interest from the first the issue outstanding.
day of June or December, as the case may be, next preceding the date
Cincinnati Hamilton & Dayton Ry.—Plan of Readjustthe subscribers become entitled thereto.
upon which
The subscriptions must be made at the office of the company, 5 Nassau ment—Sale to Baltimore & Ohio.—The committee, consisting
St., New York, and each payment must be made at said office in cash or of J. N. Wallace, Chairman; Harry Bronner, F. S. Smithers,
New York exchange or certified checks on New York City banks, payable
Henry S. Redmond,and John H. McClement, representing
to the company.
Stockholders residing In Great Britain or on the Continent of Europe
43/2% notes issued in 1905, announces by advertisement
may present their warrants and may make their subscriptions at the office the
of Baring Brothers & Co., Ltd., 8 Bishopsgate-within, London, between on another page, a plan of readjustment providing:
20 and July 22 1909, and may make payment of the respective installJuly
(1) The control of the system shall be acquired by the
ments in sterling or by check to the order of Baring Brothers do Co., at the
uniform rate of 49 %d. sterling per dollar. On payment of the last install- Baltimore & Ohio RR. Co. and ample capital provided
of the warrants to Baring Broth- through securities to be guaranteed by the B. & 0. and
ment with adjusted interest and surrender
ers & Co., the bonds that have been paid for In full will be shipped from
New York and delivered at their office. Foreign subscribers must pay otherwise, to pay or secure all claims or liens ranking ahead
all stamps and Government duties required by law in Great Britain in re- of the 432% notes, for construction and development purspect of their subscriptions.—V. 88, p. 1252, 1001.
certificates

Berkeley Springs & Potomac RR.—Sale Ordered.—
United States District Judge Dayton at Martinsburg, W. Va.,
on May 11 granted a judgment in favor of the Baltimore
& Ohio for $129,853, due the latter with interest and costs,
aggregating more than $175,000. ,o4

The road, which extends from Berkeley Springs and Hancock Station,
6 miles, and has been operated as a branch of the B. & 0., was ordered
to be sold unless payment was made within 30 days.

Boston & Albany RR.—Bonds Authorized.—The Massachusetts Railroad Commissioners have approved the issue
of $4,500,000 25-year 4% bonds for improvements. Compare V. 88, D. 1060, 99.
Boston & Northern Street Ry.—Additional Bonds to be
Issued.—See Massachusetts Electric Companies below.—
V. 88, p. 748.
Central of Georgia Ry.—Auditor's Report in Income
Litigation.—Colonel William Garrard, the auditor appointed
by the Supreme Court at Savannah, Ga., in the suits (V. 86,
p. 419) brought by the Central Trust Co. of New York and
the Manhattan Trust Co., as trustees for the holders of the
second and third mortgage income bonds,to obtain a decision
holding that the full 5% interest was payable on the two
classes of income bonds out of the earnings of the fiscal
year ending June 30 1907, on May 31 filed a report in which
judgment was rendered in favor of the bondholders for the
full $288,970 interest unpaid, with interest thereon to the
date of payment. If sustained, the decision will have an
important bearing on the question of the liability of the
company for payments on the income bonds for the fiscal
year 1907-08, for which -no dividends have been declared.
The full 5% on the $4,000,000 third incomes calls for $200,000 and
on the $7,000,000 second incomes for $350,000, against $261,030 (3.729%)
paid thereon. The auditor finds that Instead of the $461,030 dividends
paid on the first and second incomes from the earnings of the fiscal year
1906-07, there was available for dividends out of the earnings of that year
an additional amount of $860,904, making a total of $1,321,934, whereas
the full 5% dividends on the three classes of income bonds call for $750,000.
'The principal item which it is held was wrongly omitted by the company
was the $542,399 net income on hand June 30 1907 of the Ocean Steamship
Co., all of whose stock Is owned. Other items were $100,000 of the $150,000
set apart as a lumber reserve fund ($50,000 being held to be ample)4240,110
on account of equipment trust notes after allowing for depreciation, $41,683
expended for new power plant, &c., and $39,540 for other purposes.
These aggregate $963,732, from which are deducted $102,828 for clerical
errors in favor of the railroad company, leaving $860,904 as above stated.
—V. 88, p. 1372, 822.

poses and for working capital; (2) the holders 'of
of deposit of the Central Trust Co. representing 434% notes
shall Teceive for each $1,000 of notes represented thereby
$60 in cash and $1,000 of new general mortgage bonds, to
draw interest as follows: 434% dependent upon income
until July 11911; 1% fixed and 334% dependent upon income
until July 1 1914; 3% fixed and 13/2% dependent upon income until July 1 1916; thereafter 43/2% fixed.
(3) During July 1916 (or sooner, in case of earlier acquisi
tion by B. e0. of the controlling stock) the B. & 0. RR. Co
will, upon demand,unless said general mortgage bonds sha
have been sooner redeemed, either (a) pay 85% in cash and
interest for said bonds or (b) issue in exchange therefor a.
new 4% bond, secured by said general mortgage and guaranteed as to principal and interest by the B. & 0. RR. Co.;
the B. &. 0. RR. Co. to elect whether to make such purchase
or such exchange; (4) the B. &. 0. RR. Co. may, prior to
July 1 1916, substitute for the general mortgage bonds above
referred to new bonds of a like amount, secured by said
general mortgage bearing 4% fixed interest, and guaranteed,
.
principal and interest, by the B. . 0 . RR. Co.
(5) All expenses of the committee are to be paid, and no
charge therefor shall be made against the depositing note-.
holders, and a nominee of the committee is to become a
member of the board of directors of the Cincinnati Hamilton
& Dayton Ry. Co.
Of the new "first and refunding" 4% bonds, $13,000,000
are to be pledged to secure not exceeding $11,557,000 of the
4% purchase money notes dated 1908 and due July 11913;
these notes are to be guaranteed by the Baltimore & Ohio,
whereupon the present refunding mortgage bonds (dated
1904) are to be canceled.
The time for the deposit of 434% notes with the Central
Trust Co. of New York, under the agreement of Dec. 14 1905,
has been extended until the close of business on June 22 1909.
—V. 88, p. 1313, 1196.
Columbus (0.) Railway & Light Co.—Bonds Sold.—
Richardson & Clark of Providence, R. I., and the Huntington
National Bank of Columbus, 0., have purchased the remaining $490,000 of the $3,000,000 Columbus Street Ry.
first mortgage 5% bonds due July 1 1932, to provide for
'
the retirement of the $490,000 Colu mbus Consolidated Street
RR. bonds maturing July 1 1909.—V. 87, p. 1473.
Des Moines & Fort Dodge RR.—Report.—For cal. year.

Central Railroad of New Jersey.—Tax Reduced.—The
Supreme Court of New Jersey in suits brought by the company, Morris & Essex RR. and Long Dock Co., against
Int. taxes. Bal. for div.
Net.
Year—
Gross.
def.$13.331
$173,280
$159,949
Y
$521,071
the State Board of Assessors,argued last February, held that 1908
170,280
232,035
1007
612,512
second-class railroad property (property other than main
6
7rom the surplus as above in 1907 a dividend of 5% on the preferred
F
stem—see items under caption of Railroad Taxation in ($38,175) was paid Aug. 1 1908. Action on the preferred dividend payable Aug. 1 next will be taken late this month.—V. 86, p. 1463.
New Jersey, V. 86, p. 109 and V. 85, p. 347) can only be
Erie RR.—Purchase of June Coupons.—J. P. Morgan &.
assessed on market value, and that no franchise value or
additional value imparted thereto by its use under rail- Co. announce that they will, until further notice, continue to
purchase at par, for cost, the coupons clue June 1 from the
road franchises can be included.
0 bonds
The decision is important, Inasmuch as if sustained by the Court of $709,500 New York & Erie RR. fifth mortgage 4
Errors and Appeals, it will establish a rule of taxation for the large terminal and the $2,380,000 Buffalo New York & Erie HR. first
in jersey City and Hoboken. The Court holds in effect that
properties
mortgage 7s.—V. 88, p. 1372, 1127.
the intangible property, I. c., the franchise, is taxed separately against
the main stem property for the benefit of the State and that to tax
Gainesville (Ga.) Electric Ry.—Re-sale.—At the rethe terminals therefor would mean the imposition of a double tax.—V. 88.
sale on June 1 the road was again sold to R. L. West of Atp. 157.




JUNE 5 1909.1

THE CHRONICLE

lanta, representing the bondholders, for 8104,000. Compare
V. 88, p. 624, 52.
Galveston Harrisburg & San Antonio Ry.-Decision.Judge Maxey in the Federal Court at Austin, Tex.,on May25,
in the suit brought by Thomas H. Hubbard and the Crocker
.estate in behalf of themselves and others to foreclose the
$6,354,000 Western Division 2d mortgage (income) bonds,
because of failure to pay interest thereon claimed to be
earned, held that the Southern Pacific is a proper party
thereto, and directed the latter to answer the bill by July 5
next. Compare V. 84, p. 803.
No decision on the merits of the case has yet been rendered, as would appear to be the fact from some of the newspaper accounts.
-V. 86,P. 1343.

Georgia Florida & Alabama Ry.-Purchase of Minority
Interest.
-A press dispatch from Bainbridge, Ga., states
that President J. P. Williams, the majority stockholder,
on May 26 bought out the interests of the minority stockholders and also practically all of the bonds outstanding
outside of his own holdings. Vice-President J. 0. Hatch
and General Manager J. C. O'Dell have retired from the
management and will probably, it is said, be followed by
a number of the directors.
-V. 83, p. 213.
-Strike Settled.
-The strike
Georgia RR. & Banking Co.
of the firement on the Georgia RR. was called off on Saturday
last, the questions remaining unsettled to be arbitrated
-V. 88, p. 1372.
under the terms of the Erdman Act.
-Offering of
Grand Trunk Pacific Branch' Lines Co.
-The company's bankers, Glyn, Mills,
Guaranteed Bonds.
Currie & Co. received subscriptions in London from May 25
to 29 at £97 per £100 bond for £1,000,000 4% first mortgage
sterling bonds, due 1939, viz:

1437

presently to issue and sell $10,000,000 5% gold bonds to be dated July 1
1909 with Interest payable Jan. 1 and July 1 except as to the last coupon
to be generally applied as follows:
1. To pay off the collateral gold notes on July 1 1909
$5,100,000
2. To reducing grades to
of 1% on three full operating
divisions, aggregating 41% of the total length of the line
1,250,000
3. To rearranging four dlivsion terminals to permit of better
and more economical operation under the 16-hour law
and to provide more adequate facilities for taking care of
the power and traffic
1,000,000
4. To ditching, ballasting, new rail, improvements to track
and bridges
1,000,000
5. The balance to be used for the improvement of terminal
facilities at Kansas City and Port Arthur; for facilities for
securing new business and for other corporate purposes
1,275,000
Total
$9,625,000
The $10,000,000 bonds proposed to be issued at present have been sold to
Ladenburg Thalmann & Co., subject to your approval at a special meeting
called for that purpose for June 29 1909. One of the conditions of said
contract Is that the bonds shall be offered at par and interest to both
common and preferred stockholders.
Subscriptions must be made on the form of warrant, which will be
mailed to each stockholder of record on June 10 1909,as soon as practicable
after that date. Subscriptions must be lodged before 3 p. m. June 24
with Ladenburg, Thalmann & Co., 25 Broad Street, New York, or with
the Amsterdamsch Trustee's Kantoor,•Nieuwenclijk 197-199 Amsterdam,
Holland.
-V. 88, p. 1313, 1253.

Lehigh Valley RR.
-William A. Read &
-Bonds Offered.
Co. are offering, at 98 and interest, the unsold portion of $2,
000,000 general consolidated mortgage 4% gold bonds due
May 1 2003.-V. 88, p. 1372, 452.
Lehigh Valley Transit Co.
-Debentures Authorized.
-The
stockholders, as stated last week, on May 26 authorized an
issue of debentures to take care of the floating debt and
to provide for improvements. The debentures, we are
now informed, are limited to $1,500,000, being 3-year
6 per cents dated July 1 1909 and maturing July 1 1912,
but are subject to call at par on any interest date.
-V. 88,
p. 1373, 823.
Metropolitan Street Ry., New York.
-Sale of Receiver's
Certificates for Refunding.
-To provide for the payment of
$3,500,000 5% receivers' certificates issued in 1908 and due
June 15 1909, the New York City Ry. and the Metropolitan •
Street Ry. have sold to The Central Trust Co. of New York
and William A Read & Co. a new issue of $3,500,000 43%
peceivers' certificates to mature June 15 1910. Interest
rayable June 15 and Dec. 15. (Compare V. 86, p. 1590,
2185, 857, 668.)
Earnings.
-The report of the receivers for the quarter ending March 31 shows:

1500,000 (part of £521,600) principal and Interest unconditionally
guaranteed by Government of Province of Saskatchewan; 1500,000 (i)art
of £1,313,300) principal and interest unconditionally guaranteed by
Government of Province of Alberta. Interest payable M & N in London,
also in Montreal and New York, at the fixed rate of exchange of $4.86
Denominations of £100 and £200. (These are the bonds
to the
referred to in the press dispatches as having been over-subscribed. It
will be noted that nothing Is said of any guaranty by the Grand Trunk
Pacific Ry. Co. Ed.)
Statement Regarding Grand Trunk Pacific Branch Lines Co.
The proceeds of the bonds will be applied in the constructioinof branch lines
in the Provinces of Saskatchewan and Alberta. Acts were passed in the
last Sessions of the Legislative Assemblies of the Provinces of Saskatchewan
and Alberta authorizing the respective Provinces to guarantee, at the rate
of $13,000 per mile, the first mortgage bonds to be issued by the company
for the construction of the following branch lines, viz.:
Province of Saskatchewan (195 miles) Province of Alberta (491 miles)
Melville to Yorkton
40 miles
Ryley to Calgary and
3 Months1909.
*1908.
3 Months1909.
*1908.
Biggar to Battleford
45
f
Coutts
1 miles
MI Meiville to Regina
110 " a"
_ 40
McLeod Branch --------Gross earnings_ _2,927,503 3,360,345 Int. on real estate
/ *Each issue of bonds will be secured y a mortgage to which the Provincial Oper. expenses_2,036,103 2,913,320
4
mortgage _
_
11,875
11,875
Government will be a party, creating a first charge upon the railway, equipInt. on bds. other
ment, property and tolls of the line or lines of railway Included therein,
Net earnings_ 891,400 447,025
roads operated
12,500
36,250
and including an unconditional guaranty on the part of the Government Other income_ __ 107,892
127,946 Taxes
339,482
227,453
which will also be endorsed on each bond. The proceeds of the bonds will
Rentals
480,765 a721,186
be deposited with Canadian banks approved by the Lieutenant-Governor
Total net Inc_ 999,292
574,971
of tile Province, and will only be paid over to the company as the work
DeductTotal deduc'ns 975,247 996,764
progresses.
Power is reserved in the mortgage and bonds for the issue Int. on bonds_ __ 130,625
Balance, surplus
24,045df.421,793
company of additional bonds up to $2,000 a mile, making an aggre
by the
gate of $15,000 a mile, and also for the issue up to $15,000 a mile of bonds
• Includes besides the present system the Central Park N. & E. River
for the construction of additional branch lines of the company. All bonds RR. Fulton St. RR., Kingsbrldge By.(until March 1), New York City Ry.,
BR.,
so issued will rank panl passu with the present issues respectively, but no 2d
RR., 28th & 29th Streets Crosstown RR. and (until Jan. 12 1908)
issue can be made until the Government guaranty in respect thereof has the Third Avenue RR.
been authorized by the Legislative Assembly.
a Includes $40,500 rental of Central Park N. & E. River RR. which on
These branch lines will be worked under agreement by the Grand Trunk April 1 1908 had not been permanently defaulted.
-V.88, p. 1373, 1253.
'
Pacific Railway Co. and will form important feeders to that portion of the
Mason City & Ft. Dodge RR.
-Purchase of Coupons.
main line of the Grand Trunk Pacific Railway from Edmonton to Lake
Superior, about 1,250 miles, which it is confidently expected will be open Blair & Co., 24 Broad St., announced on May 30 that in
for traffic in the autumn of this year. V. 88, p. 1372.

Grand Trunk Pacific Ry.-Bond Sale.
-See Grand Trunk
-V. 88, p. 1372, 1253.
Pacific Branch Lines Co. above.
-Grand Central Extension
Hudson & Manhattan RR.
-The Board of Estimate and Apportionment
Approved.
yesterday unanimously approved the action of the Public
Service Commission granting permission for an extension of
its subway in Sixth Avenue to 40th Street and under Bryant
Square and 42nd Street to the Grand Central Station.
President McAdoo says the company will proceed to get consents at
once, or, failing in that, will apply to the Appellate Division for leave
to begin condemnation proceedings,and that the road will be completed
within two years. Compare V. 88, p. 1197, 944.

-The comIowa Central Ry.-Sale of Equipment Bonds.
pany has sold to Taller & Co., New York, an issue of about
$320,000 5% equipment bonds, maturing annually to 1919
inclusive, and covering 12 locomotives, 50 gondola cars and
250 coal cars, which together cost about $400,000. The firm
-V. 88, p. 564, 452.
had on Friday sold the entire issue.
-New Control.
Kingston (N. Y.) Oonsol. (Electric) RR.
Fred T. Ley, Harold A. Ley and Leo Ley of Fred T. Ley,&
Co. of Springfield, Mass., general contractors, and others of
that place, have acquired control, and, it is said, will make
considerable outlays for improvements.
-V. 73, p. 1160.
-Option to Subscribe
Kansas City Southern Railway.
-All shareholders of record June 10 are
for New Bonds.
offered the privilege of subscribing at par and interest, until
3 p. in. June 24, for $10,000,000 of the proposed new
refunding and improvement bonds (par $1.000) to the
extent of 19.60% of their respective holdings. Subscriptions
must be paid June 30 1909. Chairman Hermann Sielcken
in a circular dated May 20 says in substance:
Your directors, desiring to take advantage of the present favorable
opportunity to refund permanently the outstanding collateral gold notes,
aggregating $5,100,000, and realizing the impossibility because of the
rapidly growing business, to provide adequately for the enlargement of the
capacity of your railway out of surplus earnings alone, believe it to be
desirable that provision shall now be made so far as possible for the future
financial needs of the company.
It Is proposed to cancel the present Improvement mortgage bonds,
aggregating $10,000,000; to call and pay off the outstanding collateral
gold notes, aggregating $5,100,000,and to create $21,000,000 "refunding
and Improvement bonds" bearing interest at not exceeding 5% per annum,
due April 1 1950, but redeemable at the option of the railway at 105 and
Interest on any Interest date upon 60 days notice, and to be secured by all
of the property and franchises of the company,owned and hereafter acquired, subject to the existing lien thereon. Of this amount It Is proposed




order that the holders of the first mortgage coupons maturing
June 1 might suffer no inconvenience or delay pending the
announcement of the plan of reorganization of the Chicago
Great Western Railway Co., the firm would purchase the
coupons at their face value on and after June 1 upon presentation at their office.
-V.82, p. 1380.
Massachusetts Electric Companies.
-Dividend Increased.
-A dividend of 13t% has been declared on the $20,557,400
preferred stock, comparing with 1% on Jan. 1 last after an
intermission of 4 years. Compare V. 87, p. 1420; V. 85, p.
1646.
Subsidiary Bonds.
-The Old Colony Street Ry. and the
Boston & Northern Street Ry. have petitioned the Massachusetts Railroad Commissioners for permission to issue $275,000
and 8536,000 additional refunding mortgage 4% bonds due
July 1 1954 for improvements, which it is understood will
increase the amounts outstanding to $3,167,000 and $2,867„000 respectively. Perry, Coffin & Burr of Boston are offering $250,000 Old Colony and $500,000 Boston & Northern
bonds. Price on application.
-V. 88, p. 883, 375.
Mexican Northern Ry.-Extension of Bonds.
-The $708,000
outstanding 1st mortgage 6% bonds will mature on Dec. 1
1910 and in view of this fact an agreement has been entered
into with the Morton Trust Co. and Spencer Trask & Co.,
and other bondholders, for an extension of the date of
payment to Dec. 1 1930 at the same rate of interest. The
agreement ielieves the company of the obligation of paying
to the sinking fund interest upon the $952,000 of bonds
now held by the fund, but continues the obligation to
use as sinking fund 5% of gross earnings and also interest
upon bonds acquired by the fund from and after Dec. 11910.
Bondholders desiring extension are requested to present
their bonds to the Morton Trust Co. before August 1.
Holders not desiring the extension will receive cash on
Dec. 1 1910.-V. 88, p. 1313.
Michigan United Railways.
-New Bonds.
-Extension,
-Applications were received in London from May 19
&c.
to 24 by Tomkinson, Brunton & Co., through the National
Provincial Bank, on behalf of the owners for $1,000,000
additional "first and refunding" thirty-year 5% gold bonds
at £96 10s. for each $500 bond, payable £10 per bond on

1438

THE CHRONICLE

application and £86 10s. on 24th June 1909. On Dec. 31
-1908 this issue covered the entire system, subject to only
$3,190,000 of underlying bonds on certain portions. The
$350,000 Lansing & Jackson bonds had previously been
exchanged for "first and refunding" bonds,increasing the
amount of the latter outstanding to $3,060,000; this is now
increased to $4,060,000. President, Myron W. Mills,
Jackson, Mich., March 3 1909, wrote:
The increase of traffic receipts from $637,815 in 1905 to over $1,000,000
during the last twelve months forces the company to make a number of
permanent improvements and extensions, such as the construction of a
passenger and a freight terminal building in Jackson, the acquisition of
further freehold properties, the extension of the city systems of Battle
Creek and Kalamazoo and of the interurban line connecting these cities,
and the centralization of our repair shops. Considerable additions to our
rolling stock are also indispensable. In addition a further extension of
19 miles of line, to be laid on freehold land, is also contemplated. As it is
estimated that the new work will produce an addtional net revenue of
over 10% upon its capital outlay, the company has deckled to issue $1,000,000 of 5% "first and refunding" 30-year gold bonds, and meet the
expenditure out of the proceeds of sale.
For the six months ending Nov. 1 1908 our gross earnings have been
$577,488; the operating expenses were $284,382, resulting in net earnings
of $293,256. During the last four months our takings show an increase
of over 15% over the corresponding period of last year. Since the incorporation of the present company, we have—after paying the interest
on our bonded debt and dividends of 6% on our preferred stock—been
able to carry forward considerable surpluses each year; the present surplus
(Dec. 31 1908) is $284.486. It is intended to discharge our present liabilities with part of the proceeds of the present sale; [the amount due
"sundry creditors" was on Dec. 31 1908 $398,933, including all current
liabilities aside from accrued interest and taxes.—Ed.) thus freeing the
company from its floating debt, and, as already indicated, to employ
the balance then remaining on the new work enumerated above. Our
most recent extension of 12 miles of line belween Lansing and Mason was
opened for traffic in November last, and showed itself at once capable of
earning 10% upon its cost. Compare V. 87, p. 167, 282, 285; V. 88, p. 295.

Missouri Pacific Railway.—Consolidation Plan. —Secretary A. H. Calef in a circular dated May 29 says: "The
ownership of the more than 3,700 miles of railroad which
constitute the •Missouri Pacific system proper is, as you
doubtless know, divided among a large number of separate
railroad. coprorations. The consolidation of the company
and various subsidiary lines, as outlined in the accompanying notice of stockholders' meeting, is a step toward the
unification of the system (excluding the Iron Mountain
lines)in one common ownership, which the board of directors
believe will bring about substantial economies in administration, secure greater efficiency in operation, and make it
possible more advantageously to finance the future requirements of the system, to fund its floating debt, refund
its outstanding bonds and provide for the extensions and
betterments necessitated by a rapidly increasing business.
The action proposed is therefore strongly recommeneded for
your approval."
The notice of the shareholders' meeting called for August 6
states that the purpose of the meeting is to consider "a
contract and articles of consolidation bearing date May 29
1909 heretofore entered into on behalf of the Missouri
Pacific Railway Co. and the following-named corporations
by order of their respective boards of directors:—
Kansas & Colorado Pacific Ry. Co.
Central Branch By. Co.
Rooks County RR. Co.
Nevada & Minden By. Co.
Nevada & Minden Ry.Co. of Kansas.
Kansas City & Southwestern Ry. Co.

Kansas City ec Southwestern Ry. Co.
Fort Scott Central Ry, Co.
Kanopolls & Kansas Central Ry. Co.
Kansas Southwestern By. Co.
Leroy & Caney Valley Air Line RR.

[VoL. Lxxxvni.

Sufficient prior lien bonds and general mortgage bonds are reserved to
redeem the outstanding bonds and other obligations of the Mexican Central
By. Co. Ltd. and the National RR. Co. of Mexico, with the object that
ultimately the prior lien bonds may become an absolute first charge on the
combined properties. The bonds are to be further secured by the mortgage and pledge of all property acquired by the proceeds of any of the
prior lien bonds or by the use of the guaranteed general mortgage 4%
gold bonds.
The prior lien 43% bonds rank before the $160,000,000 authorized
amount of guaranteed general mortgage 4% sinking fund redeemable gold
bonds maturing Oct. 1 1977, principal and interest and sinking fund installments of which are unconditionally guaranteed by the Mexican Government. Provision is made in the prior lien mortgage for the creation by
the company of a cumulative sinking fund (the first annual payment in
respect of which is to be made for the year 1917) calculated to be sufficient.
with accumulations, to retire the entire issue at or before maturity. The
sinking fund is applicable to the purchase of bonds in the market at not
exceeding 105 and interest, or by drawings at 105 on not less than 90 days'
notice; the bonds are also redeemable,in amounts of not less than $10,000,000, on any interest date after Jan. 1 1017 at 105,on not less than 90 days'
notice.
Net Income of Lines Now Comprigng the National Railways of Mexico
for the fiscal year ended June 30 1908.
Total net income after deducting operating expenses(U.S. cur.)-$8,933,002
Fixed and other charges, partly estimated, prior to
interest on the prior lien bonds of the National
Rys. of Mexico, for the current fiscal year—
Interest on prior lien and consolidated mortgage
bonds of the former National RR. Co. of Mexico_$2,024,600
281,563 2,306,163
Other charges
Leaving (on basis of last year's earnings) applicable to interest
$6,626,838
on the prior lien 4 M % bonds
The interest on $84,759,977 prior lien 4 M% bonds (which
amount includes the present issue of $24,000,000 bonds)
$3,814,199
amounts to
The net earnings for the first nine months of the present fiscal year show
an increase of $674,037 U.S.gold over the same period of the last fiscal year.
The company now owns by direct ownership and controls through stock
ownership a total mileage of 6,987 miles. Compare V. 88, p. 1318, 1313.
The subscription will be opened simultaneously In London by J. Henry
Schroder & Co. and Speyer Brothers, in Amsterdam by Hope & Co. and
Messrs. Telxera de Mattos Bros. in Switzerland by the Swiss Bankverein
and the Union Flnanciere de Geneve. Bonds of this issue are already
listed on the Stock Exchanges of New York, London, Amsterdam and
Switzerland. The issue has been well received, being quoted In London
yesterday at a premium of M of 1%.]—V. 88, p. 1318, 1313.

New Orleans Railway & Light Co.—Meeting to Act on
New Bond Issue.—The shareholders will meet June 28 to
vote on authorizing the issue of $50,000,000 5% "40-year
first and refunding mortgage" bonds. See full particulars
in V. 88, p. 1373, 1313.
Bonds Called.—The $76,000 30-year bonds issued by the
New Orleans Gas Light Co. in 1883 have been called for payment at the New Orleans office on July 1.—V. 88, p. 1373,
1313.
Pacific Traction Co., Tacoma, Wash.
--New Bond Issue.—
This company, which is building a system of street railway
lines, having already in operation a line from. Tacoma to the
State Insane Asylum, with extensions to Steilacoon and
Olympia projected, filed on May 29 a mortgage to secure
an issue of $5,000,000 bonds. Compare V. 85, p. 922.
Philadelphia Electric Co.—Description of Property.—The
"Electrical World" of New York for May 27 contains an
11-page article, including numerous illustrations, entitled
"Generation, Distribution and Sale of Electrical Energy in
the Quaker City."—V. 88, p. 1317, 998.
Philadelphia Rapid Transit Co.—Strike.—The strike on
the surface lines which began May 29 following the announcement that,beginning July 1,the wages of the men would be
increased 1 cent an hour, from 21 to 22 cents, amounting
for the company to an increase, of about $300,000 a year,
has continued this week, largely tieing up many divisions
and resulting in considerable disorder and some injury to
cars. At the outset the men demanded 25 cents an hour,
but yesterday it was said they were willing to accept 22
cents provided the company could prove its inability to pay
snore and would grant (1) an assurance that they will not be
kept on duty inore than ten hours a day and (2) recognition
of their status as union men.
Pending a settlement of the strike the effort of the Citizens'
Committee to induce the company to restore the strip tickets
is in abeyance.—V. 88, p. 1197, 1129.
-4% Basis.—
St. Louis Southwestern Ry.—First Dividend.
The directors on Wednesday declared a first (semi-annual)
dividend of 2% on the $19,890,000 preferred stock (5% noncumulative), payable July 15 to holders of record July 6.
Secretary Arthur J. Trussell made the following statement:

whereby all or any of said corporations and the Missouri
Pacific Railway Co. have agreed to consolidate in the whole,
and to consolidate the stock of the respective companies
making such consoliation, and to form and make,under and
pursuant to the laws of the States of Missouri Kansas and
Nebraska, a new consolidated corporation, to be known as
'
88, p. 823, 749.
The Missouri Pacific Railway Co
Missouri Water, Light & Traction Co., Nevada, Mo.—
Foreclosure Sale.—The property was sold at foreclosure sale
on May 15 by Receiver Hiram Phillips to A. Mitchell of
St. Louis, Mo.—V. 84, p. 508.
National Railways of Mexico (Ferrocarriles Nacionales de
Mexico).—Prior Lien Bonds Offered.—Kuhn, Loeb & Co.,
Speyer & Co., Ladenburg, Thaltnann & Co. and Hallgarten
& Co., all of New York, are offering for subscription,at 95
and interest until 3 p. in., Monday, June 7, by advertisement on another page (the yield being about 494% if the
bonds are held until maturity),$24,000,000 prior lien 41 3 0
/
The directors at their meeting yesterday decided that the earnings of
the
sinking fund redeemable gold bonds, maturing July 1 195 . the company, both In volume and stability, had reached a point where the
holders of the preferred stock might fairly expect distribution, and
These bonds are part of the issue fully described in the board considered Itself justified in Inaugurating dividends on the preferred
It was assumed that the
statement recently made to the New York Stock Exchange, stock at the rate of 4% per annum. expected to provide for earnings of
regular divithe company could be conservatively
which was cited at length in our issue of May 22, pages 1318 dends hereafter at least at that rate.
to 1321, and they are payable, principal and interest, in
No Financing.—The company, it is stated, has no floating
New York City, London, Germany, France, Switzerland, debt and requires no financing, the treasury holding ample
Amsterdam and Mexico City on the basis there shown.
cash and paid-up securities.—V. 88, p. 1374, 1314.
Extracts from Letter by Vice-President D. P. Bennett. dated May 29 1909.
Shreveport (La.) Traction Co.—Bonds Called.—TwentyThe Mexican Government owns a controlling interest In the stock of the
company.
two first mortgage 5% bonds have been drawn and will be
RIIThese bonds form part of a total authorized issue of $225,000,000 (which redeemed on July 1 at 105 and interest at the Hibernia
may be increased by $6,000,000 to retire £1,200,000 4% prior lien bonds
of the Mexican International RR. Co. Of the amount authorized, $89.- Bank & Trust Co. of New Orleans, or at the company's office
225,077 have been issued, of which $28,465,100 are pledged as collateral in Shreveport.—V. 87, p. 481.
or are in the company's treasuify, and a portion thereof forms part of the
present issue of $24,000,000 bonds.
Southern Pacific Co.—Retirement of Preferred Stock.—
As the properties of the Mexican Central By. Co. Ltd. and the National
RR. Co. of Mexico have been deeded to the company, the prior lien 4 M% The management,it is understood, will.retire the outstanding
gold bonds are now a direct mortgage on the properties formerly owned by $75,000,000 preferred stock, which may be called for
both these companies subject to the liens of the outstanding bonds of the
Mexican Central By. Co. Ltd. and National RR. Co. of Mexico. Addi- payment at 115 at any time before July 1 1910, although
tional securities of the above-named companies as acquired are also to be no date has yet been fixed. The preferred stock may be
deposited with the trustee of the prior lien mortgage. The bonds (by
at any time at the option of
means of the deposit of bonds) are practically a prior lien charge on the converted into common stock
entire Mexican Central By. system (about 3,510 miles), and are a charge the holder. See form of certificate, V. 83, p. 273. As
the National RR. Co. of Mexico system (about 3,477 miles), subject to both classes of stock are at present selling far above the
on
outstanding indebtedness of about $50,289,000 charged upon the
of the National RR.Co.,and subject, as to the lines of the Mexican Inter- price at which the preferred stock may be called, the holders
national and Interoceanic companies, to their respective outstanding issues,
avail themselves of the privilege
a large nmount of which, comprising the voting control, Is held by the will, of course, generally
of conversion into common stock.—V, 88, p. 1129, 1062.
NationarRR. Co. and this company respectively.




JUNE 5 1909.1

THE CHRONICLE

-Purchase
Toledo Bowling Green & Southern Traction Co.
-New Stock-Exchange of 25% of Common Stock for Pre-The stockholders will vote June 29
ferred-New Mortgage.
on the following propositions:
1. To increase the capital stock [from $1,500,000, all common]to $2,000,
000, of which $1,250,000 shall be common and $750,000 (cum.) preferred.
2. To purchase the Toledo Urban ec. Interurban Ry. Co. and pay for same
$500,000 bonds and $375,000 of the $750,000 preferred stock, thus giving
to the bondholders 50% in bonds and 37% In preferred stock.
3. To give the remaining $375,000 preferred stock to the stockholders
of the Toledo Bowling Green & Southern Traction Co., pro rata; that is,
each stockholder may surrender 25% of his holdings of common stock and
receive in exchange a like number of shares of preferred stock.
4. To Issue bonds of $500,000, which shall be secured by a first mortgage
on the property of the Toledo Urban & Interurban By. Co., and a second
mortgage on the Toledo Bowling Green & Southern Traction Co.
[Bondholders of the Toledo Urban ee, Interurban fly. Co. will be requested
to sign the request to deposit their bonds in either the Citizens' National
Bank, Cincinnati, 0., the First National Bank, Toledo, 0., or the American
National Bank, Findlay, 0., for the purpose of purchasing the Toledo
Urban 8c Interurban property and disposing of same to the Toledo Bowling
Green & Southern Traction Co., as more fully explained in the resolutions
presented to them. [No agreement has been reached for consolidation
with the Columbus Delaware & Marion Ry., but consummation of the
plan outlined above, it is thought, may clear the way for further negotiations with that company.]
-V. 88, p. 507.

Toledo Urban & Interurban Ry.-After Foreclosure to Be
-See
Sold to Toledo Bowling Green & Southern Traction Co.
that company above.
-V.88, p. 507.
-Notice to
28th & 29th Sts. Crosstown RR., New York.
Bondholders.
-The first mortgage bondholders' committee,
J. W. Hamer Chairman, 925 Chestnut St., Philadelphia,
announces that there has been deposited $1,151,000 of the
'
$1,500,000 bonds outstanding, and that foreclosure proceedings are now pending. Bonds not yet deposited will
he received by the Central Trust Co., N. Y., depositary,
without penalty until and including June 15 1909, "after
-V.88, P. 376.
which no bonds will he received."
-New Line.
-The company has let a
Union Pacific RR.
contract for building 100 miles from Wamsutter, Wyo.,
line of the Union Pacific, west of Cheyenne, to
on the main
Craig, in Routt County, 40 miles west of Steamboat Springs,
Colo. the present terminus of the Denver Northwestern A:
Pacific, shortening the distance between Denver and Salt
Lake about 20 miles. Construction is to begin at once.
V. 88, p. 1374, 824.
Wichita Falls & Northwestern Ry.-Bonds Offered.
Lewis Bros. & Co., 60 Devonshire St., Boston, are offering,
at 95 and interest, the unsold portion of a block of $1,000,000
first mortgage 5% bonds, dated Jan. 1 1909 and due Jan. 1
1939, but subject to call at 105 and interest on any interest
day. Interest payable J. & J. at First Trust & Savings
Bank, Chicago, trustee, and the Equitable Trust Co., N. Y.
Extracts from Letter of F. N. Finney. formerly Pres. M. K. & T., May 10.
At your request I have examined the Wichita Falls By., extending from
Henrietta to Wichita Falls, Tex., 18 miles, and the continuation of the
same, the Wichita Falls & Northwestern Ry., from Wichita Falls to Frederick, Okla., 51 miles; and have also driven over and examined the country
between Frederick and Elk City, Okla., a distance of 89 miles-proposed
extension. The road is well built and the country is a garden the entire
distance, raising with equal facility and profit cotton, alfalfa, wheat, oats,
corn and fruits.
The Wichita Falls By. Is operated by the Missouri Kansas & Texas By.
Co.,forming an extension of that company's Henrietta branch, and it earns
and pays the largest dividend on its stock of any road in the United States.
I have no hesitancy whatever in saying that the interest on the bonds
proposed to be issued at the rate of $15,000 per mile will be met without
difficulty, leaving a large surplus for dividends. President J. A. Kemp
of Wichita Falls, who is the principal owner of the properties, is well and
most favorably known to me as a man of large means and great ability.
Earnings of the Wichita Falls ec. Northwestern Ry. Co. and the Wichita Falls
Ry. Co., as reported by Public Accountants.
Period CoveredGross. Op. Exp.
Net.
Taxes. Op.Prof
Year ending Oct. 31 1908_4274,861 $111,860 $163,001 $9,365 $153,636
72,912 100,519 4,288
5 mos. ending Mch. 31 1909.. 173,431
96,231
Abstract of Letter of President J. A. Kemp. Wichita Falls, Tex., May 8.
Bonds.-Referrine; to tile $1,000,000 first mortgage 5% bonds dated
Jan. 1 1009, this issue Is a first lien at an average rate of $15,000 a mile
on the Oklahoma division by an immediate mortgage on the property and
on the Texas division by the deposit with the trustee of all the bonds and
stock issued thereon. This form is adopted to comply with the Texas
laws requiring the title of Texas railways to be held In Texas corporations.
The total authorized issue of Wichita Falls & Northwestern By. Co.
bonds Is $2,300,000, of which these $1,000,000 have been Issued, covering
the properties mentioned, frqm Henrietta to Frederick, and $1,300,000,
will be issued to extend the road from Frederick in a northwesterly direction,
connecting with the 'Frisco system and Kansas City Mexico & Orient By.
at Altus; the Chicago Rock Island & Pacific at Mangum, and the Choctaw
Oklahoma & Gulf at Elk City. Tile trust deed provides that bonds for this
construction can be taken down at the rate of $15,000 per mile for every
ten miles of completed road.
Road.
-The Wichita Falls & Northwestern Ry. Is a continuation of the
old Wichita Falls By. Co., running from Henrietta to Wichita Falls, Tex.,
which has been in operation for the past 14 years, and upon which road you
sold the bonds some eight years ago (now called for payment at 105 and
interest). [The amount of Wichita Falls By. bonds recently outstanding
was $219,000. Compare V. 73, p. 1161-Ed.] The extension commences
at Wichita Falls, Tex., and runs northwesterly into the State of Oklahoma,
to the city of Frederick, where it connects with the St. Louis & San FranBR.,
cisco RR. a distance of over 51 miles. This extension, together with the
Wichita
road, makes a continuous road upon which these bonds are
a first mortgage, from Henrietta, Tex., to Frederick, Okla., a distance
of 69 miles. The extension from Wichita Falls to Frederick has been in
operation for about 1
years, and its construction is of excellent quality,
with a maximum grade of 4 of 1%; new steel rails, 65 lbs. to the yard;
heart-pine ties, 2,640 to the mile; first-class bridges, stations, section houses
and terminals. The terminals at Wichita Falls and Frederick are especially
valuable.
11.
-The net earnings for this property for tile year ending June 30
Earnings.
1909 (last three months estimated) are $225,000; interest on $1,000,000
bonds now issued calls for $50,000, leaving a surplus of $175,000.
The old Wichita Fails By. connects with the Missouri Kansas & Texas
at Henrietta, Tex., and is being operated by them under a lease having
22 years to run, which provides for a division of gross earnings. This
property alone will earn $100,000 net for the year ending June 30 1909.
The Texas State Tax Board has valued this property at over $1,000,000
for taxation purposes, based on its net earnings of 8% for 1907.
This road traverses about 155 miles of the most productive part of the
Red River Valley, devoted to cotton, wheat, corn, alfalfa and fruit culture
and feeding of many hogs and cattle. Our strategic position as an InterState line entitles us to Inter-State rates, and our connections with the
various systems in Oklahoma and tile Missouri Kansas & Texas at
Henrietta and the Colorado Southern at Wichita Falls, both of which make
connections with the Gulf of Mexico, enable us to either originate or become an intermediate line on a large anti profitable tonnage seeking an outlet to the Gulf, and assures us of a favorable division of Inter-State rates.
[President Kemp on .Tune 1 wrote to the "Chronicle": "We are now
extending our line from its present terminus at Frederick to Altus. about




1439

28 miles. The contract for this 28 miles has been let and theiwork is well
under way. We contemplate beginning work on the further extension
from Altus to Mangum at an early date. The sinking fund provision for
the bond issue s 1% payable semi-annually.
-Ed.]
-11. 88, p. 946, 884.

Wichita Falls Ry.-Company's Bonds Called.
-Earnings,
&c.
-See Wichita Falls & Northwestern Ry. above.
-V.
88, p. 946, 884.
Wisconsin Central Ry.-Further Deposits of Preferred
Stock Without Penalty Until 3 p. m. July 1.
-The prefeivd
shareholders' committee, Jules S. Bache, Chairman, makes
the following announcement:
The time for accepting, without penalty, deposits of Dreferred stock
by Empire Trust Co., 42 Broadway, New York City; American Trust Co..
53 State St., Boston; Anglo-American Bank,31 Lombard St., London, Eng.,
under this committee's deposit agreement of March 2 1909, is, by arrangement with the Minneapolis St. Paul & Sault Ste. Marie By. Co., extended
to 3 p. m., July 1 1909. For two years after said date preferred stock will
be accepted by said depositaries only upon the payment of $2 per share
in addition to the sum provided in said deposit agreement.

New Transfer Agent.
-The capital stock will be transferred
at the agency of the Bank of Montreal, 31 Pine St., New
York.
-V. 88, p. 1199.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Beet Sugar Co.
-J. Horace
-New Director.
Harding of New York has been elected to the board. Compare V. 88, p. 1374, 1250.
American Petroleum M.
-Listed in Los Angeles.
-The
company's shares were recently listed on the Los Angeles
Stock Exchange on which occasion a Los Angeles paper said:
The

nominal capital stock Is $10,000,000. The preferred stock is onefifth of the total capitalization, the number of shares outstanding being
15,062. The common stock consists of 80,000 shares, of which about
79,000 shares have been issued. The preferred stock is 6%. Dividends
on both preferred and common are payable quarterly on Feb. 1.
&c.
Bonds have been Issued to the amount of $2,000,000; sinking fund after
1909; Southern Trust Co., trustee. The company owns 1,360 acres of oil
land in tile Coalinga field, and the daily production at the present time Is
6,000 barrels. Compare V. 87. D. 98.

American Steel Foundries.
-Earnings.
-For the 3 and 9
months ending April 30:
Three
Net
Mos.
Earnings.
1909 _ _ $238,282
1908 _ _def.114,767
9 mos.
1900 _ _ $433,686
_
709,458
-V. 88, p. 627.
1908-

Other
Income.
$4,516
33,148

Total Net
Income.
$242.798
def.81,619

$50,945
55,082

$484,631
764,540

Charges, & Balance, Sur.
Depreen.
or Der.
$153,998
sur.388,800
140,075
def.221,694
$464,704
420,225

sur.$19,927
sur.344,315

American Telephone & Telegraph Co.
-Earnings.
-The
earnings of the "Associated Operating Companies" for April
and the 4 months ending April 30 are as follows:
One
Gross
Operating
Net
Month- Earnings. Expenses.
Earnings.
1909_ _$11,093,600
$7,972,500
$3,121,100
1908_-_ 10,282,000
7,293,500
2,988,500
Four Months
1909_ __ _$43,260,700 $31,573,200 *11,687,500
I11,180.000

Interest
Paid.
$603,700
641,800

Balance,
Surplus.
$2,517,400
2,346,700

$2,402,200
2,615,400

$9,285,300
8,573,600

With reference to the foregoing figures the company says:,

These figures for 1908 Include a proportionate part of the extraordinary
provision for depreciation for the year made in Dec. 1908. Equivalent or
greater provision is being made for each month of 1909.-V.88, p.1374,1315.

Bibb (Cotton) Manufacturing Co., East Macon, Ga.New President.
-E. T. Comer, of Savannah, was elected
president on May 25 to succeed the late Walter T. Hanson.
V. 85, p. 470.
Booth Fisheries Co., Chicago.
-Reorganization Completed.
--This new company on May 24 formally took possession
of the property of A. Booth & Co., thus completing the
reorganization. The directors, mostly Chicago men, are:
E. A. Crosby, Clerk of the First National Bank; Ralph Van Vechten,
Vice-President of the Commercial National Bank: Herman
Cashier of the Continental National Bank: B. C. Sammons, Waldeck.
Assistant
Cashier of Corn Exchange National Bank; Charles G. Dawes, President of
the Central Trust Co.; A. I. Valentine and S. E. Robertson of Wilmington,
Del. Officers-President and Treasurer, Frank C. Letts; Secretary,
E. A. Crosby.
-V. 88. p. 1255.

Buffalo & Susquehanna Iron Co.
-Bonds Called.
-A
third installment ($100,000) of the first mortgage 5% bonds
has been called for payment June 1.-V. 85, p. 1520.
Bush Terminal M.
-Semi
-Annual *Dividends Begun.
A semi-annual dividend of 2 M% has been declared on the
$1,500,000 .5% non-cumulative preferred stock, payable
July 1 to holders of record on June 30. Previous dividends
paid annually in February were as follows: 57 in 1906,
2;g7 in 1907 and 2% in 1909. Compare' V. 88, p.
0
1256, 941.
Butte Coalition Mining M.
-Report.
-For calender year.
Cal. Dividends. Interest.
Total
Year- Received. Received. Income.

Net (after Dividends Balance,
Expenses.)
Paid. Sur. or Def.

1908 __
105,064
105,064
73,526
1907 __ 1,320,000 173,345 1,493,345 1,461,465
-V. 86, p. 1407.

sur. 73,526
1,650,000 def.188,535

Chesebrough Manufacturing Co.
-New President.
-Oswald
N. Cammann, Vice-President, has been elected President to
succeed Robert, A. Chesebrough, who retired.
-V.85, p. 224.
City Electric Co., San Francisco.
-Offer for Stock.
-An
exchange periodical says:
Negotiations are under way by the California Gas & Electric Corporation for the purchase of the property of the City Electric Co. It is said
that the price is placed at $5,000,000. The City Electric Co. operates a
large electric plant at North Beach and is controlled by the FleischhackerMack Interests. The company furnishes electricity for motors exclusively.
[The same periodical recently reported that the United Railways Investment Co. had made an offer of $25 per share for the stock. Sc!.]. Compare
V. 88, p. 233; V. 85, p. 1404.

City Water Co. of Chattanooga, Tenn.-ProposedflNew
Water-Works.
-See Chattanooga, Tenn., in "StateleziCity"
Department on another page.
-V.87, p. 1535
Corn Products Refining Co., New York.
-$10,000,000
Bonds Authorized-$5,000,000 Sold.
-Speyer
Co.r announced on Tuesday that they had sold $5,000,000 first

1440

THE CHRONICLE

mortgage sinking fund 5% gold bonds, being the present
issue under the $10,000,000 mortgage authorized on that
day by the stockholders at their adjourned meeting. The
bonds, offered by the firm at 98 and interest, are dated
May 1 1909 and run for 25 years, maturing May 1 1934,
but subject to call at 105 and interest either as a whole or
for the sinking fund. Interest payable May 1 and Nov. 1.
Par $1,000 c*. Principal and interest payable in New York
in U. S. gold coin of the present standard, without deduction
for such taxes as are payable by the company or the trustee.
Abstract of Letter from President E. T. Bedford. New York. June 2 1909.
The total authorized Issue is $10,000,000, and the proceeds of the $5,000,000 bonds purchased by you (Speyer & Co.) are to be applied to the payment of the cost of the first unit of the company's new plant now in course
of erection at Argo on the outskirts of Chicago (approximately $4,000.000)
and as additional working capital. Of the remaining $5.000,000 bonds, a
sufficient amount is reserved to refund the company's outstanding 5%
debentures, amounting to $1,989,000, by exchange therefor. bond for bond,
and the remaining bonds are only issuable either for retiring $2,026,720
underlying mortgage bonds or for further acquisitions and improvements,
which, under the terms of the mortgage, become forthwith subject to Its
lien. A sinking fund will be provided to retire annually at least 2% of
the total amount of bonds which may have at any time been issued. The
bonds will be secured by a first mortgage to the Title Guarantee Fc Trust Co.
of New York, as trustee.
Plants upon which the mortgage will be a first lien, valued at $12,000,000.
[Capacity, bushels of corn per day.]
Waukegan, Ill., capacity _ _ _ _26,000]Davenport, Iowa, capacity_ _ _14,000
15,0001 Argo, Ill. (first unit), capacity 20,000
Pekin, Ill.. capacity
Plants Recently Constructed for the Manufacture of Company's Supplies.
$355,429
Davenport, Ia., Granite City, Ill. (cost and worth)
Collateral onwhich the Mortgage will be a First Lien, valued at $2,133,150.
50 shares Granite City Alton & Eastern Ry. Co., 2,000 shares
Crystal Car Line, 500 shares Chicago Peoria & Western RR.
Co. of Illinois, 500 shares Chicago Peoria & Western RR. Co. of
value $330,000
Iowa, 200 shares Illinois Valley Belt Ry. Co.
993 shares common stock National Starch Co., being all the stock
. No value
of that company except 7 shares preferred stock
07,400
All the capital stock of Corn Products Co., Ltd.(£20,000)
19,300
All capital stock of Corn Products Co., Antwerp (Fr. 100,000) _ _
All capital stock of Corn Products Co., m.b.H. Hamb'g(M.100,000) 23,700
,217,000; estimated
National Starch Mfg. Co. 6% bonds; par, $1
1,662,750
value 75%
All patents, trade marks, trade names, brands, good-will, &c.,
established by large expenditures for advertising, &cNot valued
Plants an which the Mortgage is a Second Lien, Equity $4,048,280.
Plant at Edgewater, N. J. capacity 28,000 bushels„ and plant
at Granite City, Ill., capacity 12,500 bushels, value, $6,075,000,
less underlying bonds secured by mortgage on these plants,
$4,048,280
$2,026,720: equity
Summary of all Property Owned-Mortgaged and Unmortgaged.
Total value of foregoing property on which the mortgage will
$18,536,859
be a specific lien
Other real property, consisting of land and abandoned plants
which are not made subject to the lien of this mortgage, being
2,500,000
now in the market for sale, valued at
Other assets, consisting of securities, stock, merchandise and
other quick assets, in excess of all liabilities (not funded) _ _ _ 5,599,908
Net Earnings Available for Interest upon this Issue of Bonds, had it existed
Years ended Feb. 28.
Total 3 years.
1908-09.
Average.
1907-08.
1906-07.
$9,812,234
$2,486,727
$3,270,744
$3,034,202
$4.291,305
[After deducting $2,093,860 expended during the three years for new
permanent improvements and betterments and charged to
construction,
expense.]
The average net earnings dqring this period have therefore been equal
the entire authorized issue
to nearly seven times the interest charge upon ending Feb. 28 1909 (comthe fiscal year
of $10,000,000. The profits forless than in the previous
years, I consider
V. 88, p. 1370), although of other large
pare
manufacturing corporations
compare favorably with those
March and April of the current
during the same period. The earnings for of
previous
year show a handsome Increase over those paid to the months.
holders of preferred
The company since Its organization has
stock dividends amounting in the aggregate to $4,921,761 and has accumusurplus of $4.890,470.
lated a
Properties and Business.
The company is now directly engaged in the manufacture of a large vaproducts of corn, chief among which are corn syrup (glucose)
riety of the
and starch. It is by far the largest manufacturer of these products in the
world. With the exception of the National Starch Co. (whose financial
condition did not justify taking over its assets and assuming Its liabilities),
subsidiaries have been dissolved or
all of the company's manufacturing the
company. The new Argo plant
merged and their assets acquired by
will be an up-to-date concrete, fire-proof, non-explosive structure of the
most approved design, having a daily capacity of 60,000 bushels of corn.
The first unit of 20,000 bushels will soon be in operation.
Capitalization.
$29,817,600
Preferred stock, authorized, $30,000,000; issued
49,754,500
Common stock, authorized, $50,000,000; issued
secured by mortgage covering Edgewater plant_ _ 1,726,720
Bonds (6%)
300,000
Bonds (6%) secured by mortgage covering Granite City plant_
1,989,000
Debentures (5%) Corn Products Refining Co

Application will be made to list the above bonds on the
-V..88, p. 1375, 1370.
New York Stock Exchange.
-Two New
Corporation of United Cigar Stores, New York.
Directors.-Charles R. Sherlock and Herman M. Vistal of
New York have been elected to the board. Compare V. 88,
p. 1132.
-Financial Plan.
Denver (Colo.) Gas & Electric Co.
The management, it is said, have under advisement a tentative plan which would provide for the capital requirements
of the company's rapidly growing business over a long
series of years. The proposition, it is reported, is to form
a new company, which will probably be called the Denver
Gas & Electric Light Co.,and have an authorized bond issue
of $25,000,000 to $30,000,000. The amount of the capital
stock has not yet been determined, but it would be larger
than the present issue, which is $3,500,000. An exchange
•
periodical says:

[VoL. Lxxxvin.

Hayden committee, aggregating $155,000, were less than
the reserve fixed by the Court, the sale was adjourned to
June 4.-V. 88, p. 1315.
Flint Mills.-Stock Increased-Option to Subscribe.
The stockholders on May 24 voted to increase the capital
stock from $580,000 to $1,160,000 , and to construct a new
mill with 50,000 spindle capacity. The cost of the latter is
estimated at about $800,0 00, and it is expected to have it
ready for operation by Ju ne 1910.
Stockholders of record May 24 are offered the right to August 1 next
to subscribe for the new stock at par in the proportion of one share for
every one now held, payable 25% each on October 5 1909. January
and April and July 5 1910, interest at 4% to be allowed on prepaid Instalments.
Recent Dividend Record.
1905. 1906.
1007.
1900. 1901. 1902 to 1904.
1908.
4% 6) % 12% (incl. 4% extra) 8%
5
,
6 % yearly
7%
8%

Holmes Manufacturing Co., New Bedford, Mass.
-Dean & Shibley and W. L.
Floating of New Enterprise.
Mauran, both of Providence, have recently been placing
at par ($100 per share) the $1,200,000 capital stock of
this new company, one-half of which is 6% cumulatiVe
convertible preferred. The entire common stock has been
subscribed for and a good portion of the preferred stock.
The construction on the mill, we are informed, will start
about July 1 and be completed by May 1 1910.

The mill is to contain about 55,000 spindles. On Jan. 1 1910 Charles
L. Harding will become President. After payment of 6% per annum on
both classes of stock, the preferred is entitled to participate in further
dividends up to 8%. While receiving 6% yearly, the pref, will have no
voting power, but if such dividends are not paid for two years from Dec.31
1911, it will have exclusive voting power. During the calendar year 1912
the preferred stock may be converted by the holder, 6 shares of preferred
Into 5 of common. After Jan. 1 1913 the preferred will be subject to call
at 120 and accrued dividends. No bond or mortgage can be issued without
consent of 75% of the preferred.

-Edward
-Bonds-Earnings.
Jacksonville (Fla.) Gas Co.
V. Kane & Co., North American Bldg., Philadelphia, are
,
offerini a blcok of the first mortgage 5% sinking fund gold
dated June 1 1907 at 95
and interest, yielding
bonds''
about 5.30%, authorized issue $2,000,000, viz.: outstanding,
$824,000; reserved for future extensions and betterments
at 90% of cost, $1,176,000. The firm reports:
Miles of MeMain. ter s.
1908____54.2 4,370
1907____45.8 3,315
2,492
1906____37
Earnings Year ending
Gross earnings
Operating expenses
Net earnings
Interest charges
Surplus

Ran- Arc
Net
CubicFeet
Gross
ges. Lamps. Gas Sold.
Earnings,
Earnings.
3,708 1,440 99,676,400 $138,734 72 $64,851 25
2,896 1,006 70,989,800 102,896 73
48,887 50
2,000
500 50,589,000
34,015 87
76,736 40
Dec. 31 1908 and Half-Year ending March 31 1009.
Year ended 6 Mos.ended
Dec. 31 08. Mch.31 09
$138,734 72 $85,594 22
41,881 68
73,883 47
$64,851 25
33,808 77

$43,712 54
20,600 00

$30,982 48

$23,112 54

The coupons due June 1 1909 will be paid at the First
National Bank, New York City. See further particulars in
V. 88, p. 234.
-Judge
La Porte (Ind.) Water Supply Co.
-Foreclosure.
Anderson in the United States District Court in the suit of
Northern Trust Co. of Chicago, as trustee, against the
company and the city of La Porte, rendered a verdict for
$68,792 for the plaintiff and ordered the foreclosure sale
of the property. The city has appealed from the decision.
A Chicago paper says:
There were $53,000 bonds, issued by the supply company in the Kankakee auxiliary water works pumping station, which was built ten years
ago. At that time La Porte was in debt and compelled to build the plant
in an indirect manner, but the courts held the supply company was a
myth and the contract void. Failure of the city to pay principal and
Interest on the bonds resulted in foreclosure and receivership proceedings.

-Reorganization
McCall Ferry Power Co,, New York.
-The committee, consisting of William M. Barnum,
Plan.
A. C. Bedford, S. Reading Bertron, Charles A. Coffin and
Gardiner M. Lane, appointed by preliminary agreement
dated Dec. 7 1908, has under date of May 28 submitted
to the holders of the company's first mortgage bonds
a plan of reorganization and have made arrangements
whereby "if such plan is promptly adopted with substantial
unanimity,the new money called for thereby will be supplied
by others without requiring any contribution from the
bondholders. The plan has been approved by holders of
a large amount of the bonds.

Outline of Plan.
Either the present company readjusted or a new company-such company
new or old, to be named Southern Pennsylvania Power Co., or other
appropriate name-to be capitalized as follows:
Bonds-First mort. thirty-year 5% gold bonds_ __ _ $12,500,000
For use in obtaining the "new money" by sale at 90, with
4,250,000
stock as shown below, not to exceed
To go to present bondholders as hereinafter stated, 40% of
-- ---- - 3,330,000
par of the present bonds ______-----Leaving in treasury for future capital expenditures under
4,920,000
proper safeguards and restrictions, at least
8,500,000
Stock-Authorized stock, all of one class
3,500,000
To go with the new bonds sold at 90
The necessity for re-financing arises front the fact that the bond limit
To go to the present bondholders, 60% of par of the present
of the present company has been reached, and it is necessary to provide
bonds
4,995,000
for extensions and improvements to meet the development of the city.
5,000
Leaving in treasury
A sufficient number of bonds will be reserved to take up the $7,478,600 of
enough will be Issued to provide
Holders of McCall Ferry Power Co. first mortgage bonds to receive
bonds of the present company, and only
for the Immediate necessities in the way of extensions. The balance will 40% of the principal of such bonds in the new bonds and 60% thereof in
be held in the treasury for future use. The present company has been most voting trust certificates for the new stock; all such new stock (amounting
successfully managed by Henry L. Doherty, Its President and Frank W. to nearly three-fifths of the whole issue thereof) to be deposited under a
Frueauff, General Manager. The company now has a surplus 011.1,383,321, voting trust terminating Nov.1 1912, when the certificates will be exchangeand the earnings, according to its annual report for the year ending April 30 able for the stock-the voting trust to provide for three voting trustees,
two to be nominated by those furnishing the "new money" and one by the
1909. were 16.75% on its capital stock. Compare V. 88, p. 1311, 1315,
committee, successors, if any, to be nominated by the same interests
-This com- respectively.
-First Dividend.
iffDetroit (Mich.) Edison Co.
to agree to take
Parties not Interested In the enterprise
pany, controlled by the North American Co., has declared 170,000 of the new bonds at 90 ($80,000at presentbe for like use at $4,the
more to
alfirst (quarterly) dividend of 1% on its $5,000,000 capital discretion of the committee) and with this amount receive $3,500,000 stock.
The present preferred
stock, payable July 15 to holders of record July 1. Compare have no share in the new and common stock of McCall Ferry Power Co. to
issues.
V. 88, p. 161; V. 87, p. 350.
The amount of "new money" has been fixed through conference with
are to furnish it at
them sufficient-after
-As the only bids those whofor all expenditures ofa figure deemed bycomplete the enterprise
Copper Co.
-Sae Adjourned.
.
0 Dominion
providing
reorganization-to
on May 28, claimed to be on behalf of the to such an extent that Its operation will, as they estimate, make earnings
atithe time of sale




JUNE 5 l9fflij

THE CHRONICLE

sufficient to pay all bond interest and leave a substantial surplus. They
also estimate that the further construction for which the treasury bonds
are reserved will result in large additional earnings. They have had
experience in the successful management of similar enterprises and the
committee have confidence in their management of this one.
The success of the plan depends, to a large extent, and the early resumption of the work depends entirely, upon the prompt acceptance of
the plan by a large proportion of the bondholders. Accordingly, the
committee urges all bondholders who approve the plan to become parties to
said plan and agreement immediately by depositing, or causing the deposit
of, their bonds and preferred stock at once with one of said depositaries.
Those holding certificates of deposit under said preliminary agreement
should surrender them in exchange for certificates of deposit under said
plan and agreement; and those whose bonds and stock are pledged should
arrange with the pledgees for the deposit thereof. The depositaries are
the Knickerbocker Trust Co., New York, and the City Trust Co., Boston,
Depositors are notified that, unless they withdraw their deposits on or
before July 1 1909, they will be bound by tile enclosed plan with like effect
as if they had executed the same.
-V.88, p. 1200, 1633.

Metropolitan Home Telephone Co. of Boston.
-Decision.
The full bench of the Massachusetts Supreme Court on
May 27 dismissed the petition for a mandamus to compel
Superintendent of Streets Emerson to grant a permit to
open up streets for laying wires.
The order of the board of aldermen of Dec. 31 1906, gave the company
rights in more than 200 streets and the company claimed the duty of the
Superintendent of Streets was only ministerial, and did not confer the
right to set aside the order.
It is held that the order did not comply with revised laws, Chapter 122,
Section 2, requiring a written petition, hearing, notice to abutting land
owners and written specifications of precise locations,and that the franchise comes from the Commonwealth and not from the aldermen, and the
functions of a franchise cannot be performed by a permit. The Court
says: "The conception of granting to any telephone or street railway company or other public service corporation at once and in advance of its
practical operation the right to occupy all the streets of a municipality is
repulsive to our theory of local and State supervision and regulation in
detail of construction in public ways by such corporation. Almost irreparable confusion and mischelf would be wrought by adopting any other
-V. 83, p. 1594, 1527.
construction of the statute."

Middleport & Pomeroy (0.) Water Works Co.
-Sold.
A press despatch says that Special Master Emmett Peoples
on May 27 at Gallipolis, 0.,sold the property of the company
under a judgment for $84,050 to W. W.Watson of Scranton
and W. W. Rajol of Shamokin, Pa., trustees, for $50,000.
Montreal Light Heat & Power 0o.
-Report.
-For the
year ending April 30:
Gross
Fiscal
Net
Interest
Dividends
Earnings. Earnings. on Bonds, &c. (6%).
Year1908-09
$4.079,769 $2,235,116 $489,268 $1,020,000
1907-08
3,792,218
2,140,562
493,095
1,020,000
-V.88, p. 1316, 380.

Balance,
Surplus.
$725,848
627,467

Mortgage-Bond Co. of New York.
-Bonds Offered
.Ladenburg, Thalmann & Co. 25 Broad St., N. Y., are
offering, at 90 and interest, ' advertisement on another
by
page, the unsold portion of their block of $2,000,000 4%
ten-sixty-year gold mortgage bonds, series 2, dated Oct. 1
1906, due Oct. 1 1966, but redeemable at par, at option of
company, on and after Oct. 1 1916, upon any interest day,
after not less than 60 days' notice by advertisement. A
sinking fund commencing April 1 1912, it is calculated, will
redeem the bonds at par on or before maturity by halfyearly drawings. Coupon bonds in denominations of $1,000,
$500 and $100, or equivalent in English, French, German
and Dutch currencies. These bonds are part of a series
of $5,000,000, of which $1,000,000 have been previously sold.
Extracts from Letter of President Richard M. Hurd, Dated May 15 1909.
The company is organized under the banking law of the State of New York
as a mortgage loan and investment corporation, with a share capital of
$2,000,000 [incorporation completed April 16 1905) and is subject to
periodical inspection by the Banking Department of the State. [Present
surplus $400,000. The company Is paying quarterly dividends at the rate
of 5% per annum, the rate having been changed from 4% to 5% in June
1908. The names of the directors will be found in tile company's speel aadvertisement on a previous page.
-Ed.]
The company owns first mortgages in 18 cities, amounting to $4,192,314,
on property valued at $10,487,582. The bonds outstanding must be
secured at all times by deposit with the trustee of first mortgages equal in
face value to the face value of the bonds outstanding on improved real
estate in cities of the United States having a population of not less than
40,000, subject to the right temporarily to deposit cash, United States
Government bonds or bonds or stock of the City of New York at a valuation
5% below the market value thereof. All mortgages used as security are
limited to one-half of the value of the mortgaged property as appraised for
the company, except that In cities of 300,000 or over such mortgages may
be for an amount not exceeding three-fifths of the value of the property
so appraised and In New York City not exceeding two-thirds of said value.
No loans are to be made on farm property, unimproved property, undivided
interests, representing less than the entire ownership of the property,
leaseholds, churches, factories, clubs or theatres. No real estate is to be
acquired, except to avoid losses under foreclosure, or to provide offices for
the company's own use. All real estate acquired under foreclosure is to
be promptly sold.

Application will be made to list these bonds on the New
York, London and Amsterdam Stock Exchanges. A
simultaneous offering will be made in London by Messrs.
Coutts & Co. and in Amsterdam by Administratiekantoor
Broes & Gosman, C. S.
-V.82, p. 221.
Mt. Carmel (Ill.) Gas & Electric 0o.
-Receivership.--The
company was recently placed in the hands of a receiver.
A technical paper says:
The company charges tile City Council with unfair treatment by revoking its franchise because its plant was not being finished within the
prescribed time limit, and claims that every effort was made to complete
the plant and the work already accomplished represents an expenditure
of $100,000 for the installation of gas, electric light and hot-water heating
systems.
-V. 85, p. 287.

1441

Incorporated under the laws of Indiana in May 1902, absorbing the New
Castle Gas & Light Co. Owns and operates all the lighting interests in
the city of New Castle, Ind., for both private and municipal purposes,
Including artificial gas and electric ty,and also natural go . through
ship of entire capital stock, the Enterprise.Gas Co., recently acquired: alko
has power station capable of developing 1,500 h.p. and distributing system,
and furnishes steam heat by means of 7.000 feet of mains. The artificial
gas plant is in course of construction and will be completed about June 1
1909, with a daily capacity of 250,000 cubic feet. Price of gas for cooking
and lighting, $1 10. Fifteen miles of gas mains, perpetual for gas, light,
heat and power. Population served 10,000.
Capital stock: $100.000 common, all issued; $15,000 7% franchise preferred, all in treasury; par of shares, $100. Bonded debt authorized,
$375.000 first mortgage 5% gold bonds, viz.: $160,000 outstanding, $125.000 reserved for completion of gas plant, $90,000 reserved for future extensions, restricted to 80% only of the cost thereof. No prior liens remain
outstanding.
Calendar
-Gross Receipts
Net after Bond Balance,
Year.
Elec. Hot Water. Total.
Taxes. Interest. Surp.
1908
$34,084 $10,312 *44,396 *19,178 $8,000 $11,178
1907
21,944
8,135
30,079
10,547
8,000
2,547
Net earnings 2 times the interest on bonds for the year 1908 from the
proceeds of electricity and heating only, and it is estimated that after the
artificial gas plant is in operation the ratio of net earnings over interest
charges will be increased. Directors (and officers): Ambrose Petry, Pres.,
and J. T. Bacon, Vice-Pres., Chicago; M. 0. Straight, Treas., and H. L.
Olds, Secretary. Detroit.

Newhouse Mines & Smelters.
-Reorganization Plan.
-A
committee consisting of Charles A: Morse, Chairman, 111
Broadway, N. Y., Frank A. Schirmer and Louis N. Kramer,
with John Josten as Secretary, 111 Broadway, N. Y., and
Samuel Untermyer and Isidore H. Kramer as Counsel,
announced on June 1 the following plan, which they say has
already been underwritten and has received the approval of
a majority of the bonds and a large amount of the stock.
Security-holders who desire to participate in this plan are
required to deposit their securities with the Hungarian
American Bank, 32 Broadway, New York City, not later
than July 11909. Certificates of stock must be indorsed in
blank and must be accompanied by the first of the two installments on account of the stock of the new company,
which are payable 50 cents per old share at time of deposit
and the remlining 50 cents per old share on Aug. 16 1909.

Plan of Reorganization.
Owing to the recent depression in business generally, and in the copper
industries especially, and also owing to numerous unfortunate caves and
mishaps at the mines of the company located at Newhouse, Utah, your
company finds itself with an indebtedness of nearly $200,000, partly past
due, on which suit is threatened, and with no funds with which to meet
the semi-annual interest that will fall due on July 1 1909 on its $1,300,000
outstanding first mortgage bonds, and the $100,000 required also on July 1
1909 for sinking fund purposes. The company is unable to meet these obligations and requires substantial further working capital for the development
of its mines, the alteration of its mill, and to pay its creditors. To that
end a prompt reorganization is imperative.
It is proposed that a new company be organized, to acquire the property
under foreclosure, and Issue:
6% 20-year income bonds (convertible into stock at par), to be
given in exchange, $ for b, for existing bonds
$1,300,000
600,000 shares of common stock of the par value of *5 per share,
to be given in exchange for present($6,000,000) stock (par $10),
share for share, on payment of $1 per share in cash, or to
underwriters
3,000,000
Additional stock to be reserved for conversion of bonds $1,300,000
The new company will covenant not to create any mortgage to rank
prior to the income bonds, except with the consent of three-fourths in
amount of the then outstanding Income bonds, and that tile then holders
of income bonds shall have the right to exchange their bonds at par for the
bonds that may be issued secured by any such mortgage. The interest on
the income bonds will be payable annually, but only if and when earned
and out of the net profits of the year: the bonds may be retired at par by
setting apart annually 20% of the net earnings for that purpose, subject
to the right of the bondholders at any time with in ten years to convert
their bonds into stock at par.
In order to furnish the necessary working capital for development,
payment of debts, expenses of foreclosure, reorganization and underwriting,
the stockholders will be required to subscribe to the capital stock of the new
company and to pay $1 for every share so subscribed. Every stockholder
so subscribing will receive one share of common stock, par *5, for each
share, par $10, now held by him. Each holder of $1,000 par value of the
present bonds will receive for the bonds and accrued interest, $1,000 pa
value of bonds of the new company.
The cash requirements of this plan have been fully underwritten.
-V
86, p. 1103.
Niagara Falls Power Co.
-New Ilerrtgage Authorized.
-

The stockholders on Tuesday authorizied the new issue of
6% bonds, limited to $25,000,000, to provide for refunding,
extensions and improvements. Compare V.88, p. 1316,880.
North American Co.
-First Dividend of Controlled Company.
-See Detroit Edison Co. above.
-V. 88, p. 1200, 999.
Pacific Mail Steamship Co.
-Withdrawal of Panama Boats.
-The company has served notice on the War Department
that it will withdraw its San Francisco-Panama service on
Aug. 3.-V. 88, p. 1371.
Park, Tilford Co.
-Bonds Paid Off.- Forty ($40,000)
6% gold sinking fund debenture bonds issued under the
indenture dated June 11906, were paid off on June 1 at the
office of the Lincoln Trust Co., New York, trustee.
V. 83, p. 276.
Passaic Steel Co.
-Foreclosure Sale-Protest.
-The property was sold at the foreclosure sale on May 29 to Lawrence
Fagan, owner of the HobOken Iron Works, for $190,000.
'rile bondholders' committee, representing, it is said, about $1,800,000
of the $2,500,000 bonds, protested against the sale on the ground that no
opportunity was afforded to make higher bids,and announced that It would
oppose the confirmation by tile Court at tne hearing befure Judge Cross
In the Federal Court on Thursday next.
-V.88, p. 1134, 689.

Peoples' Gas & (Joke Co. of Los Angeles.
-Sale.
-At the
trustees' sale on May 24 the property was sold to G. H. Hayes,
Monongahela River Consolidated Coal & Coke 0o.
- a "Goldfield mining man," for $10,000.-V. 88, p. 1134.
-Year.
Operations for Half
-For six months ending April 30:
Peoples Gas Light & Coke Co., Chicago.
-Official StateGross
Six
Total
-Deductions
nat.,
-See that company
Mos.
Tons. Earnings. Royalty. Deprec. Tax.eans. lstM.Int. Sur. ment as to Indiana Natural Gas & Oil Co.
under "Annual Reports" on a preceding page.
-V. 88, p.
1908-09_2,869,134 978,511 199,542 212,098 204,745 242,830 119,296
1907-08-.3,254,055 1,351,589 226,028 213,119 248,783 253,170 410,489 1317, 948.
-V. 88, p. 629, 234.
People's Water Co., Oakland, Cal.
-New Control.
-New
New Castle (Ind.) Light, Heat & Power Co.
-Bonds Directors.-Following the change in ownership of a large
Offered.
-Petry & Co., Chicago and Detroit, are offering at block of the stock, the board of directors was on May 9
94 and interest, yield:ng 51 %,$65,000 first mortgage 5% reorganized as follows:
4
New Directors-J. Y. Eccleston, Cashier of the Oakland Bank of Savings
gold bonds dated Jan. 2 1908, due Jan. 1 1929, optional
President of the Security Bank & Trust Co.; L. G.
at 102M on any interest date after Jan. 1 1911. Interest H. C. Capwell,of the First National Bank of Oakland; and A. Ay. Burpee,
Vice-President
Naylor,
J. & J. at the Carnegie Trust Co., New York, trustee. De- President of the First National Bank of Berkeley.
-Walter H. Leimert, Wickham Havens and
Old Directors Remaining.
nominations, $100, $500 and $1,000. The firm says:
George,,,N. O'Brien of the American National Bank of San Francisco.




1442

THE CHRONICLE

Directors Resigned.—President Louis Titus, E. A. Heron, W. F. Kelley,
John H. Spring.

The "San Francisco Commercial News" of May said:

The banks Interested will not actually own the company, but will finance
It and instist upon the appointment of a suitable manager. The company
is not at present on a paying basis, and it is largely for this reason that the
radical change is being made. There are several propositions in the air.
It Is understood that there is a possibility of cooperation with San Francisco
in the Hetch Hetchy project.
[The "San Francisco Chronicle" of the same date contained a report
that the complete control of the stock had passed into the hands of Frank
Havens, Wickham Havens and Lester Burpee and his associates preliminary to the execution of a plan for forestalling the efforts of the two
cities to acquire the water properties under the metropolitan water district.
Act. In this connection, William B. Bourn and his associates In the
control of the Spring Valley Water Co. are said to have been working on
a plan for the merger of the People's Water Co. with the Spring Valley
and many other properties.]—V. 83, p. 1350, 1010.

Princess Furnace Co., Glen Wilton, Va.--Bonds Called.—
The following bonds, called for redemption, were payable
June 1 at the Virginia Trust Co. of Richmond, Va., viz.:
Nos. 2, 46, 61, 72 and 95.
--New Stock.—To provide for
Providence (R. I.) Gas Co.
the construction of new works at Sassafras Point "for the
manufacture of gas in accordance with modern methods,"
the company is.offering to shareholders of record July 1 1909
the right to subscribe at par ($50 a share) on or before July 31
for $1,400,000 new stock to the extent of two shares of new
stock for each five shares of their respective holdings. Subscriptions are payable 30% Oct. 1 1909, 30% April 1 1910,
20% Oct. 1 1910 and 20% April 11911. The installments
will bear interest at 4% per annum until Oct. 11911, when
the new stock will be issued. This will increase the stock
to $4,900,000.—V. 84, P. 629.
Realty Associates Co., Brooklyn, N. Y.—Change in Dividend Period.—Dividends heretofore payable April 15 and
Oct. 15 will in the future be paid on Jan. 15 and July 15.
The directors have accordingly declared a dividend of
3%, payable July 15. The last dividend was 3%, paid
April 15. The "Brooklyn Eagle" says:
No extra dividend was declared for the July period, as has been done at
the October disbursement for the past several years; but the stockholders
lose nothing by the passing of the extra 2% dividend, because they will
receive three dividends in nine months. It is expected that the extra disbursement will be continued next year. Compare V. 88, p. 1060

Rhode Island Dyeing & Finishing Corporation.—Foreclosure.—Having defaulted on the January 1909 interest,
the property covered by the trust mortgage to the Union
Trust Co. of Providence, as trustee is to be sold at fore'
closure under the power of sale contained in the mortgage,
on June 7.—V. 83, p. 498.
Rindge Land & Navigation Co., Los Angeles.—Offering.
of California Farm Land Mortgage Bonds Yielding 6%.—
Barr°11 & Co., Los Angeles, are offering at 90 and interest
the unsold portion of $1,000,000 20-year 5% sinking fund
gold mortgage bonds dated Feb. 20 1906, due Feb. 20 1926,
but redeemable'at 105 and interest on or after Feb. 20 1911.
Denomination $500 and $1,000. Interest payable semiannually at Los Angeles Trust Co. trustee, Los Angeles, Cal.
'
Total issue, $1,500,000; reserved to pay underlying bond
issue of Middle River Navigation & Canal Co., covering
11,914 acres, $400,000; canceled by sinking fund in 1908,
$33,000; outstanding, $1,067,000. Annual sinking fund at
least $25,000 yearly. Capitals tock, all issued, $3,500,000.
A circular says:
The property consists of 21,207 acres of level farm lands located within
easy reach of Sacramento and San Francisco and about eight miles west of
Stockton; 19,737 acres are in San Joaquin County and 2,470 acres in
Contra Costa County. The lands are all rented to responsible tenants, and
are all under cultivation, being abundantly irrigated from waters of the
San Joaquin River. The Santa Fe Railway has four stations on the
property. and there are 40 miles of water front where large river steamers
may land at the farmers' doors. The company owns, and this mortgage
covers, 240 buildings, large dredgers, pumps, traction engines and all
necessary equipment for ditching, irrigating, draining, grading, &c. The
land Is easily irrigated, requiring little attention, except In the regulation
of the flow at the head gates.
The harvesting Is done with large steam traction harvesters, covering
about 100 acres per day. There are over 2,000 acres planted to asparagus;
it is estimated that these growing plants alone are worth upwards of $300,000. These lands are among the richest In California.
For the year 1908 the Income from rentals was $208,681; operating
expenses, $43,139; leaving a surplus of 8165,542, which is more than
twice the annual interest charges. For 1909, based upon leases already
made, the earnings of the company will exceed $235,000; operating expenses, $40,000; surplus, $195,000.
Directors (and Officers)—George I. Cochran, President; A. J. Wallace,
Vice-President; F. B. Scotton, Secretary; Carson C. Cook, Manager;
M. K. Rindge, Samuel K. Rindge, W. W.Beckett and W. J. Williams.

Rockford (Ill.) Electric Co.—Bond Offering—Status.—
Miller & George, 96 Westminster St., Providence, R. I.,
are offering, at 98 and interest, yielding 5.1%, this com(0
pany's "first and refunding mortgage" 57 gold bonds,
dated March 1 1909 and due March 11939, but redeemable
on March 1 1914 or on any interest day thereafter at 105
and interest. Denomination $1,000c*. Interest M. & S.
at Standard Trust Co. of New York, trustee. Bond sinking
fund beginning March 1 1914 an amount equal to 1%
yearly of total bonds outstanding; improvement fund from
March 1 1919, a like sum fot improvements or extensions
which shall not be made the basis for issuing additional bonds.
This Illinois corporation "controls the entire electric lighting, electric power and steam business in the city and its
stock is owned by the American Gas & Electric Co. (V. 87,
p. 1661; V. 88, p. 824), which is closely identified with
General Electric Co. interests, assuring a progressive policy
along conservative lines."
Abstract of Letter fromiVice-President R. E. Breed, May 7 1909.
Authorized.
Issued.
Capitalization—
1,8550000:000000
Preferred stock
$1 ,50 Comn
stock
832,000
"First and refunding mortgage" 5% bonds (present issue)
Reserved to retire a like amount of Rockford Edison Co. first
68,000
mortgage 5% bonds (closed mortgage)
Total bonds outstanding




$900,000

[VOL. Lxxxvm.

In view of the constant growth of the territory served it was deemed ad:visable to provide for the development of the company's business by an
authorized Issue of $7,500,000 bonds, which will provide for the requirements of the company for many years. The remaining bonds may be issued
only for not exceeding 80% of the reasonable value of betterments, improvements and extensions as defined In the mortgage, or for the cost,
not exceeding par, of first mort. bonds of any electric light, electric
power, steam or hot-water heating plant or gas plant a majority of the
outstanding stock of which shall be at the time Fledged with the trustee.
The amount of bonds issued to acquire bonds o such other corporations
shall at no time exceed 20% of the total amount of bonds then outstanding.
No bonds in addition to the present issue may be certified unless the net
earnings, together with the net earnings of such other corporations, a
majority of whose stock is so pledged, for the preceding twelve months,
shall have been not less than twice the annual Interest charge on the bonds
outstanding and those then applied for and any outstanding underlying
bonds and any outstanding bonds of other corporations above referred to.
Earnings Years ending March 31—
1909.
$292,858
Gross earnings
$2 9 ,
152 8
08'36
$167, .
1 9 7 55
09
$93,660
Net earnings (after taxes)
$82,167
$76,552
16,487
Bond interest*
14,249
13,489
$77,173
Surplus
$67,918
$63,063
*The annual Interest charge on $900,000 bonds now outstanding 1
$45,000.
Franchises.—The principal franchises do not expire until 1958 and are
liberal and free from burdensome restrictions.
Plant.—The company generates its electric energy by steam and water
power from stations having a present combined capacity of 6,500 h. p.
The principal generating station Is located on Rock River and is now being
thoroughly rebuilt, with an additional 4,000 h, p. generating capacity and
automatic coal and ash-handling apparatus, thereby greatly Increasing
economy of operation. The company has the use of an additional 1,300 h. p.
generating capacity through its lease of the plant of the Rockford & Interurban Ry. Co., which lease has ten more years to run. The business section
is covered by 13i. miles of exhaust steam-heating mains.
Field.—Rockford is situated 90 miles from Chicago, in a rich agricultural
section. It leads the world in the production of hosiery, is the second city
in the United States in the manufacture of furniture, and takes a leading
rank in its output of farm machinery. The present population is conservatively estimated at 50,000, an increase of over 60% in the past eight
years.—V. 88, p. 1257.

St. Albans (Vt.) Gas Light Co.—Bonds Offered.—Blake,
2
Martin & Co., Boston, are offering at 1033/ and interest,
yielding 53 %, the unsold portion of the present issue of
4
$50,000 first mortgage 30-year 6% gold bonds, dated May 1
1908 and due May 1 1938, but subject to call after May 1 1913
at 110 and interest. Par $500c*. Interest payable M. & N.
at People's Trust Co., St. Albans, or at office of Blake,
Martin & Co., Boston. Authorized bond issue, $65,000.
Stock, all one class, fully paid in, $50,000. A circular says:
Incorporated in Vermont Nov. 16 1859 and owns a three-story office
building, generator and purifier buildings, station meter, coal sheds and
three holders, with a combined capacity of 52,000 cu. ft. • All buildings of
brick, with slate and iron roofs. , Manufactures gas by the Lowe water-gas
system. 011 tanks are of steel, cylindrical, with capacity of 10,000 gallons.
The company has over 8
miles of mains and the output of gas is at the
rate of 10,000,000 cu. ft. per annum. The earnings for tile year ending
Oct. 31 1908 were, gross, $16,157; net. $6,718; interest on bonds, $3,000:
balance, surplus, $3,718. Population of St. Albans, over 8,000.

Suburban Construction Co., New York.—Bonds Offered.—
Swartwout & Appenzellar, New York and Chicago,are offering
at par and interest,with 50% stock bonus,the unsold portion
of the total authorized issue of $500,000 6% debenture
bonds due Nov. 1908, but subject to call in whole or part
at par at any interest date, May 1 and Nov. 1. • Denominations $200, $400, $600, $800 and $1,000. Stock authorized,
$500,000; par $100. President, Charles E. Bayliss; VicePresident, Dean Alvord.
Extracts Iron Letter by Charles E. Bauliss, Vice-President Dean Alvord Co..
April 23 1909.
The Suburban Construction Co., recently organized (tinder laws of New
York State—Ed.), has been one long in contemplation, intended primarily
to do the building upon the developments of the Dean Alvord Co. The
houses will be of a character which will find ready purchasers, while such
houses as the company prefers to hold will always rent for a larger return
on the investment than upon any other class of income property. Mr.
Alvord is closely in touch with all the operations of the company. Being
upon the eve of what we believe to be one of the greatest real estate developments New York and Long Island have ever seen, we wish to be in readiness
to build houses for sale upon our own or other properties and also to build
for those who have purchased lots.
A brief review of what the Dean Alvord Co. has done may be of interest.
About 20 years ago Mr. Alvord founded this business for the wholesale
purchase, development and sale of large acreage tracts adjacent to New York
on Long Island. Among the most important developments at present
are Belle Terre and Roslyn Estates on the North Shore. Notable among
our completed developments is Prospect Park South, Brooklyn; In the course
of this development over $1,000,000 worth of houses of our construction
were built and sold.
Profit of a Few of Our Profitable Syndicates, Purchases and Sales.
9
10
8
11 12
7
6
5
Transaction No. 1
4
2
3
Per cent
369 266 164 73.9 132 666 98.5 101 52.75 48.75 292 28C

Texas Company (Oil), Houston, Tex.—Extra Dividend.—
An extra dividend of 5% has, it is stated, been declared on
the $11,000,000 outstanding stock. Regular quarterly dividends of 3% (12% annually) have been paid for some years
past. Compare it. 86, p. 606.—V. 88, p. 831, 569.
United Copper Co.—New Directors.--At the annual
meeting on Tuesday the following directors, all new, except
the two first named, were elected:

F. A. Heinze, Stanley GifTerd and W. FL Joyce of New York; David
Micheijohn and Richard R. Kilroy of Butte, L. A. Dunham of Salt Lake.
George Lane of Montreal and L. V. ‘Vyckoff of Newark.—V. 87, p. 170.

United Dry Goods Companies.—Preferred Stock Sold.—
J. P. Morgan & Co. on Tuesday announced that all of the
$10,000,000 7% preferred stock offered by them had been
sold. The temporary certific:1 tei issued by the bankers
have been admitted to the unlisted department of the New
York Stock Exchange.—V. 88, p. 1377.
. 'United States Light & Heating Co. of Maine.—Stock
Offered.—Walston H. Brown & Bros., New York City and
Boston are placing the unsold portion of a block of $500,000
7% preferred stock. Their circular says in brief:
Issued.
Capitalization—
Authorized.
Preferred stock (7% cumulative, preferred as to
$1,500,000
$2,500,000
both dly. and assets, par $10)
10,500,000
15,000,000
Common stock (par $10)
The company has acquired the Bliss Car Lighting Co., Milwaukee; National Battery Co., Buffalo, and United States Light & Heating Co. of
New Jersey, New York City, and has Issued its $1,500,000 preferred and
$10,500,000 common stock for the purpose of acquiring these properties
free and clear of debt and to provide for the enlargement of its plant, leavinga cash surplus of about $270,000 In the treasury. No bonds can be
issued without the consent of two-thirds of the preferred stockholders.

JUNE 5 1909

THE CHRONICLE

The electric apparatus for car lighting which this company is now manufacturing has already been installed on over 50 railroads, including the
New York Central, Pennsylvania, Lehigh Valley, Erie, Atchison, Rock
Island, Southern Pacific, Delaware Lackawanna & Western RR., Colorado & Southern, Chicago Milwaukee & St. Paul, Chicago & North West,
Union Pacific, Chicago Burlington & Quincy, Northern Pacific, Denver &
Rio Grande. It is installed on the Empire State Express. Orders for
lighting cars exceed the capacity of the company in its present condition.
The lighting apparatus generates the electric current from the axles of
railroad cars, each car being equipped with its own generators. The storage
batteries in each car permit the continuous use of light for six days without
the wheels moving. The annual cost of lighting a car with gas is approximately $525; the cost of lighting a car equipped with the company's system
of electric lighting is about $21.0 yearly. The manufacture of this apparatus
is fully protected by patents all over the world. Through its subsidiary
companies, this company owns a patent on a roller-bearing power transmission in which the strain is taken away from the armature bearing.
Estimate of Earnings Based upon Capacity after Enlargement.
$1,875,000
1,500 apparatus at $1,250 per equipment
Operating, manufacturing, administration and selling expenses
1,050,000
at $700 per equipment

'31Te Oirantutercial

c..
COMMERCIAL EPITOME.

Friday Night, June 4 1909.
The tendency towards improvement in trade continues,
although the policy of conservatism is still plainly discernible.
Crops seem to be doing better, the iron and steel trade keeps
broadening, various other manufactures are gradually reviving and the liberal bank exchanges as compared even with
those -of four years ago seem to indicate clearly enough the
favorable drift of the times.
Stocks of Merchandise.

Cocoa
Net$825,000 Coffee, Brazil
___
Add net profit on output of the National Battery Co. of Buffalo,
Coffee, Java
300,000 Coffee, other
$1,500,000 Storage batteries
Sugar
$1,125,000 Hides
Total estimated profits available for dividends
Cotton
Officers and Directors.
Saltpetre
William H. Silverthorn, President (President Ry. Steel Springs Co.).
Manila hemp
Springs Co.).
Julius E. French, First Vice-President (Chairman Ry. Steel
Sisal hemp
Edwin Hawley, Second Vice-President (President'Iowa Central RR.).
Flour
C. A. Starbuck, Third Vice-President (President N.Y. Air Brake Co.).
Theodore P. Shonts (President Interborough Rapid Transit).
-* Bags.
-Newman Erb (President Wisconsin Central RR.).
-V.88. p. 1260. 1066.
Walter S. Crandell, Secretary and Treasurer.
LARD has

-Block of Common Stock
United States Steel Corporation.
to be Dealt in on Paris Bourse Through Syndicate Certificates.
See "Financial Situation" on a previous page.
--On July 1 there will be paid at the Fidelity
Called Bonds.
Title & Trust Co. in Pittsburgh $100,000 bonds of the
H. C. Frick Coke Co., drawn for redemption at 105 and
-V. 88, p. 1377, 1124.
interest.
Willimantic (Conn.)',Gas & Electric Co.
-Reported Sale of
-Jesse F. Church. and Secretary C. Winfield Noyes
Control.
have resigned, control of the property having, it is reported,
been acquired by A. M. Young of Waterbury and New York
-V. 88, p. 236.
and associates.

--By mutual consent the Chicago & Boston bond house
of Mason, Lewis & Co. dissolved partnership on June 1, and
became two distinct firms. Win. A. Mason, Joseph W.
Harris and Herman W. Friend, as co-partners, take the
corporate name of Wm. A. Mason & Co. and retain the
Chicago main offices. Mr. Friend will represent this firm
in Boston. George A. Lewis, Edward B. Lewis and David
F. Tilley, under the corporate name of • Lewis Brothers
& Co. will continue the old Mason, Lewis & Co. offices in
Boston.
-Edward B. Smith & Co. of Philadelphia and New York
are to-day offering by advertisement in this issue $75,000
Doylestown & Willow Grove Railway Co. 1st mortgage 4%
bonds, free of Pennsylvania tax, at a price to yield over 5%.
These bonds are secured by an absolute first mortgage upon
all the property of the Doylestown & Willow grove Railway,
which is leased to the Philadelphia Rapid Transit Co., the
latter guaranteeing the payment of interest on the bonds.
Price and description on application.
--The bond department Of Taylor Smith & Evans (mem49
bers New York Stock Exchange),' Wall Street, is distributing a June circular of investment bonds. Among the
issues mentioned are Eastern Railway Co. 4s of 1948,
St. Paul Minneapolis & Manitoba Ry. con. gold 4s of 1933,
Montana Central Ry. Co. 1st mtge. 6s of 1037, Armour &
Co. real estate 1st mtge. gold 4s of 1939, Jersey 'City
Hobokbn & Paterson Street Ry. gold 4s of 1949, &c. The
circular will be mailed upon request.
-The new firm of Frenaye, Wright & Slade began business
this week at 71 Broadway. The copartnership includes:
William E. Frenaye, William May Wright and Howard
Slade, all formerly identified with William P. Bonbright
& Co. Frenaye, Wright & Slade are members of the New
York Stock Exchange and will conduct a general banking
and brokerage business in stocks, bonds and other securities.
-Messrs..R. Moat & Co., stock brokers, Montreal, have
sent us a complimentary copy of the 1909 issue of the "Ca,nadian Annual Financial Review." It is a volume of some 600
pages, and is the standard book of reference for Canadian
securities.. Publisher, W. R. Houston, 7 King Street East,
Toronto.
-Arthur Lipper & Co., New Street and Exchange .Place,
NeNi.York, have issued a circular regarding the International
Mercantile Marine Co. and its "mortgage and collateral
trust" 4 1,:;% gold bonds, describing the security behind the
bonds -and their status with respect to the earnings of the
property.
-A. B. Turner &.Co., 24 M'ilk Street, Boston,.have compiled a useful circular of sOme 25 pages, describing a large
number of Eastern mill and other industrial properties.
The earnings in each case are given for a series of years,
capitalization, dividends, &c.
-Pfaelzer c‘:, Co., 25 Broad Street, have issued a circular
quoting 154 securities. The list is in alphabetical order,,
so that one can tell at a glance if any particular bond, is
quoted.
•
• --W. H. Newbold's Son & Co., of Philadelphia, have
moved from 113 South Fifth St., to ,new offices at 51.1
Chestnut Street,




1443

June 1
1909.

May 1
1909.

June 1
1908.

bags
80,923
74,321
18,185
bags 3,332,035 3,554,529 3,146,846
41,060
bags
45,696 396,878
mats 392,579 *398,282 225,096
42,662 147,402
tons
46,797
21,150
11,600
6,000
No.
bales 181,405 122,992
86,666
bags
185
283
None
bales
5,212
3,980
11,882
bales
1,173
298
None
barrels and sacks
25,300
56,600
30,100

been strong and higher, partly in sympathy
with grain and partly owing to bullish statistics of supply
and an animated speculation. Receipts of hogs have been
small. The cash trade has been good. Prime Western
11.45c.; refined Continent 11.85c.; South American 12.40c.;
Brazil in kegs 13.40c.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
July deliv. in elev__cts.10.9234
11.0734 11.0734 11.20
11.30
Sept. deity. in elev__11.0254
Holl- 11.173-4 11,20
11.30
11.4254
Oct. deliv. in elev
day. 11.1754 11.20
11.05
11.3234 11.4234

PORK active and higher; at Chicago it has been the
highest since 1896. Mess here $20@$20 50; clear $19 50®
$21 50; family $20@$21. Beef steady. Mess $11®$11 50.
Cut meats firm. Pickled hams, regular, 12 to 20 lbs.,
11 Y ®12c.; clear bellies, 14 to 16 lbs.,11 2 ®11,
4
5
4c. Stocks
of cured Meats at five principal points in West decreased last
month 22,000,000 lbs. compared with a decrease of 5,300,000
lbs. in May 1908 and an increase of over 43,000,000 lbs. in
May 1907. Tallow 5%c. and quiet. Butter firmer; creamery extras 263@263 c.; firsts 2534®26c. Cheese in pretty
good demand and about steady. Increased receipts, however, are expected from now on. Fancy full cream, 1234c.
for small or large, white or colored. Eggs, Western firsts to
extra firsts 21 ®22
COFFEE has changed but little, the speculation
'
being lifeless, and nothing in the news affecting the situation
decisively one way or the other. Latterly the European
markets have been firmer. Spot coffee in moderate demand.
No. 7 Rio 7%c.; No. 4 Santos 9 M ®9Xc.; fair to good
Cucuta 93@104e. The closing prices were as follows:
June
6.95®7.00
July
6.55 ® 6.60
August
6.10(46.15
September _ _6.05 6.10

October
November
December
January ___

5.90@5.95
_5.85 ® 5.90
5.85®5.90
_5.90 ® 5.95

February _ _ _5.90@ 5.95
March
5.95@6.00
April
5.95@6.00
May
5.95@6.00

SUGAR.
-Raw has declined under in creased supplies.
Trade has been quiet, partly owing to the Detroit Convention
of the National Wholesale Grocers' Association, which has
had a large attendance of leading buyers and others. Centrifugal, 96-degrees test, 3.89c; muscovado, 89-degrees test,
3.39c.; molasses sugar, 89-degrees test, 3.14c., closing at
3.02c. for 96c entrifugal, 3.42c for 89 muscovado and 3.17c.
for molasses. Refined quiet at 4.85c. for standard granulated. Tea has been in increasing demand and firmer.
Spices have been active and higher. Wool in good demand
and firm. Crude rubber higher but quiet. Spirits of
turpentine 413-c. with a fair demand. Rosin strained $3.20.
OIL.
-Linseed firm; City raw American seed 59®60c.
Boiled 60 ®61c. Calcutta seed 75c. Cotton seed moderately
active, with winter of late 6®6.14c. and summer white
6®6.20c. Olive 1.25®1 50c. Lard oil steady; prime
83®86c.; extra No. 1, 52()54c. COcoanut steady but
quiet; Cochin 731 )71
3
( /0. Palm Lagos 51 ®5%c. Peanut
3
A
yellow 65®70c.
-In fair demand at steady prices; refined
PETROLEUM.
in barrels' 8.50c.; bulk Sc.; cases 10.90c. Gasoline, 86degrees test, in 100-gallon drums, 183 c.; drums $7 50
4
extra. Naphtha, 73®76-degrees test, in 100-gallon drums,
16Y0.•, drums $7 50 extra.
TOBACCO has been affected more or fess unfavorably
by the recent holidays. Certainly business has been on
only a moderate scale at the best and as a rule it has in fact
been quiet. Packers and others concede that for the
moment at least there is little life in trade. Prices as a rule
have remained unchanged and have been to a large extent
nominal, pending further developments.
COPPER has advanced in spite of, reports of big stocks
in first and second hands in the United States and Europe;
though it is said that from second hands there is some
disposition to shade prices and European quotations of
late have reacted somewhat. Lake 13M®133 c• electro4
/
.
lytic 13,%®13Mc. casting 13K3®13 8c. Tin 295%®29%c.
and firm. Lead irm at 4.35®4.45c. Spelter 5.30@5.35c.
Pig iron has generally been less active and somewhatirreguar.
But coke has been more active at stronger prices. The
bookings of structural material during May are put at about
225,000 tons. Confidence is growing. No. 1 Northern
foundry $16®$16 50.

1444

[VoL. Lxxxvm.

THE CHRONICLE
COTTON.

On Shipboard, Not Cleared for
-

Friday Night, June 4 1909.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
58,706 bales, against 101,194 bales last week and 86,430
bales the previous week, making the total receipts since
the 1st of September 1908 9,553,730 bales, against 7,897,324 bales for the same period of 1907-08,showing an increase
since Sept. 1 1908 of 1,656,406 bales.
Sat.

Receipts atGalveston
_
Port Arthur_
Corp -Christi,&c_
New Orleans.._ _ _
aui le
olfTort

Mon.

Tues.

Wed.

4,228

1,817
____
____
2,714

9,762

7,818 11,333

1,270
____

8,029
____

Thurs.

1,139
____

Fri.

1,796
____

726

Total.

5,550 19,601
_
2,145
2.143
2,131 14,796
494
2,000
____
125

1,665
3,332
_
380
-i6i -ilYi -ioi
6 .5
1
Pensacola15
Jacksonville, &c.
-------------------__
2,775 10,86.
7.
2
1
,
Savannah
,
1.7
2
2 2,862
-------------------------3
Brunswick
--------__-_
596
163
1
Charleston
20-- - ___
Georgetown --------------------___
-----32
_
451
85
71
215
Wilmington
25
23
393 4,758
1,251
804
1,298
680
Norfolk
332
____
169
____
__
____
____
169
Newport N., &c_
New York
55
il
Boston
'
---06
--------------142
____
Baltimore_ __ _
44
43
Philadelphia.. _ _ _
1
_-__
Totals thls week_

4,812

8,534 16,447 58,706

The following shows the week's total receipts, the total
since Sept. 11908, and the stocks to-night, compared with
last year:
1908-09.
Receipts to
June 4.

1907-08.

This Since Sep
Week. 1 1907.
Galveston
19,601 3,527,278 17,696 2,377,785
108,500
Port Arthur
145,113
_
37,825
____
CorpusChristi.&c. 2,143 147,003
New Orleans__ 14,796 2,023,931 21,282 1,903,767
Gulfport
20,221
Mobile
2,405 317,380
2,000 371,713
159,117
____
Pensacola
125 150,099
29,526
25
8,369
Jacksonville, &c_
Savannah
16,862 1,471,193 12,024 1,470,718
____
197,903
Brunswick
2,862 319,087
1,317 195,694
6 208,132
Charleston
50
581
Georgetown --------2,569
451 407,895 3,590 490,011
Wilmington
5,147 520,790
4,758 576,840
Norfolk
16,056
243
169
6,812
Newport News,&c
_
18,639
3,658
New York
306
93
15,986
13,164
Boston
96,611
743
206
75,898
Baltimore
5,738
44
57
9,352
Philadelphia
58,706 9,553,730 64,885 7,897,324

Total

This Since Sep
Week. 11908.

Stock.
1909.

*t PM

75,464

1908.
---47,584

150,278

120,094

16,523

10,638

44,700
6,846
5,053

43,009
327
11,724

975
13,605

6,475
17,890

183,389
4,308
4,536
2,143

78,275
6,475
6,839
1,366

507,820

350,696

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston ___
Pt.Arthur,&c.
New Orleans_
Mobile
Savannah
Brunswick_
Charleston,&c
Wilmington
Norfolk
N'port N., &c
All others_

1909.
19,601
2,143
14,796
2,000
10,862
2,862
596
451
4,758
169
468

1908.

1907.

17,696
21,282
2,405
12,024
1,367
3,590
5,147
243
1,131

8,276
138
8,594
583
6,426
75
122
742
3,434
786
1,123

1906.
15,504
498
11,411
2,680
13,646
2,488
293
2,283
6,221
298
1,942

1905.
22,600
7,390
23,350
2,981
19,331
5,986
477
2,717
11,997
1,184
3,668

1904.
----2,705
5,620
1,424
2,592
127
58
1,161
198
563

64,885
58,706
30,299
Total this wk_
56,254 101,681
14,448
--------------Since Sept. 1_ 9,553,730 7,897,324 9,520,813 7,483,260 9,187,790 7,009,114

The exports for the week ending this evening reach a total
of 59,280 bales, of which 28,956 were to Great Britain,
6,301 to France and 24,023 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1908:
Week ending June 4 1909.
Exported to
Exports
from-

From Sept. 1 1908 to June 4 1909.
Exported to
-

ContiGreat
Great
Main.Fence nent. Total. Britain. France.

Continent.

Total.

6,522 14,666 1,449,019421,188 1,165,673 3,036,780
Galveston ____ 8,144
66,257
Port Arthur.._
_
78,856 145,113
Corp.Christi,&c_ _ _
26,638
26,638
New Orleans__ 15,50 6,199 5,138 26,837 896,184 239,172 666,869 1,802,225
0
.90,228 105,742
Mobile
79,737 275,707
37,070 63,056
1,75
Pensacola
52,023 153,049
175
4,132 16,089
Gulfport
20,221
Savannah _
10,573 10,573 162,919 91,227 633,096 887,242
186,871
Brunswick_ _
89,370 276,241
____
5,725
77,244
Charleston_
82,969
98,309 8,731 296,169 403,209
Wilmington_
Norfolk
100
-100 32,701
2,417
35,118
Newport News.
New York
4,131
102
713 4,948 144,426 43,232 176,832 364f490
Boston
89,573
31
10,669 100,242
31
48,452 7,529
61,652 117,633
1,050
Baltimore1,050
PhIlaediphia
52,981
100
_
100
12,346
65,327
Portland, Me_ _
796
796
San Francisco_
81,846
-S
-66 -goO
81,846
Seattle
_
68,006
68,006
Tacoma
10,756
10,756
Portland, 0
_
300
300
Pembina
100
100
Detroit
4,374
4,374
Total

Great
- Britain. France
June 4 at
New Orleans__
Galveston ____
Savannah ____
Charleston_
Mobile
Norfolk
New York__ _ _
Other ports..
Total 1909_ _
Total 1908._
Total 1907_ _

5,847
15,000

GerOther Coastmany. Foreign wise.

2,068 12,897
9,224
2,000 12,000 18,000

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared,ratithe.rports named. We add similar figures for
New Y6rk.




Leaving
Stock.

514 80,550
3,000 50,000
500 11,100
9,150
9,150
5,000
1,000

119,728
25,464
44,700
5,053
5,423
4,455
178,389
17,808

25,847 12,068 26,997 28,724 13,164 106,800
9,328 26,812 13,326 20,570 89,967
19,931
1,597 4,525 21,670 22,383 69,609
19,434

401,020
260,729
367,747

_
7- 566
,
-400

1,566

_

1,000

-565

1,566

300

2,500
500

200

Speculation in cotton for future delivery has been fairly
active at an advance in spite of not a few favorable crop reports and the expectation of a more bearish Government
report than at one time seemed likely. Heavy rains in Louisiana and Mississippi and also in parts of Tennessee, Alabama and Georgia account in a measure for the firmness of
prices. Some reports, too, have estimated a decrease in the
acreage, although experienced people in the cotton business
are dubious about the possibility of cutting down the area
in a season of comparatively high prices. The South has
seen prices about half of what they are now, and yet somehow or other the acreage has gone on increasing. Some
private reports point to a small aggregate increase in the
area. The report of this newspaper, published elsewhere,
puts the increase at 1.05%. Various reports on the condition published during the week have ranged from 80 to 82%,
whereas recently pretty much everybody was predicting a
Government report of 73 to 75%, as contrasted with a June
condition last year of 79.7. Latterly any such idea has
been very generally abandoned, however. Bulls have consoled themselves with the fact that years of high June conditions do not always mean big crops. That fact has been
exemplified time and again They have been laying stress
on the idea that though a low June condition is apt to mean
a deficient crop, a high condition may also be the forerunner
of small yields, as was the case in the four years ending with
1902, and was also the fact in 1896, a year which has latterly
been considerably talked about by bullish historians. Prices
have advanced in spite of the belief of conservative people
that the crop is doing very well in Texas and most other
parts of the belt, even if conditions in Louisiana and Mississippi may be for the moment somewhat less favorable than
could be desired, owing to torrential rains. Spot sales in
Liverpool have latterly fallen off sharply. The local stock
has been steadily increasing. Spot markets, though firm,
have not shown any great animation. Present high prices,
it is felt by many, discount a good deal. Next season's
supply will be supplemented by a large surplus carried over
from the present season. Bulls, however, believe that the
consumption during the coming season will break all records,
and they have dwelt much on the idea that even a relatively
high June condition in the Government report may be the
forerunner of a deficient crop-that is, of a crop less than
the world's requirements. There has been very heavy liquidation, as everybody knows, and the technical position of the
market is regarded as much healthier than it was recently.
Receipts have latterly decreased, A good many insist that
crop conditions have deteriorated since May 25, the date
of most of the recent reports issued. Of late, Chicago and
New Orleans and Wall Street. have bought, though at one
time they were good sellers. To-day the Bureau gave the
condition as 81.1%, and the acreage as 4.4% less than last
year. The report caused selling for a time and some decline,
but prices rallied and the net change for the day was slight.
Spot cotton declined 15 points, but has latterly advanced to
11.50e. for middling upland, with little business. Prices
show a net rise for the week of 10 points. .
The rates on and off middling, as established Nov. 18 1908
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fair
c 1.50 on
Strict mid. fair____1.30 on
Middling fair
1.10 on
Strict good mid-__0.66 on
Good middling___0.44 on
Strict middl ng____0.22 on

c Basis
Middling
Strict low. mid0.30 oft
1.00 oft
Low middling
Strict good ord._ _1.50 oft
2.50 oft
Good ordinary
Strict g'd mid.tgd..0.35 on

Good mid. ting'd_c_Everi
Strict mid. tinged_0.20 off
Middling tinged_ _0.30 oft
Strict low mid. ting.1.00 off
Low mid. Caged.. 2.25 off
Middling stained1.00 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 29 to June 4Middling uplands

Sat.
H.

Mon. Tues. Wed. Thurs,
H.

11.25

11.35

11.50

Fri.
11.50

NEW YORK QUOTATIONS FOR 32 YEARS.
1909_c
1908
1907
1906
1905
1904
1903
1902

11.50
11.50
12.90
11.30
8.50
11.75
11.50
9.38

1901_c
1900
1899
1898
1897
1896
1895
1894

8.25
9.00
6.25
6.50
7.75
7.75
7.25
7.31

1893_c
1892
1891
1890
1889
1888
1887
1886

7.88
7.81
8.75
12.31
11.19
10.00
11.44
9.25

1885_c
1884
1883
1882
1881
1880
1879
1878

'10.81
11.56
10.75
12.06
11.06
11.88
13.19
11.38

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.

Futures
Market
Closed.

28,956 6,301 24,023 59,2803,371,817995,966 3,590,59E 7,958,382

Total 1907-08_ 21,972 1,167 39,962 63,1012,771,887826,9593,393,901 6,992,747

Total.

Saturday
Monday
Tuesday _ _ Quiet, 15 pts. deeWednesday ulet, 10 pts. adv_ _
Thursday - Quiet, 15 pts. adv_
Friday_ _- - Wet
Total

HOLIDAY _ _
HOLIDAY _ _
Steady
Firm
Steady
Steady

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

Total.

THE CHRONICLE

JUNE 5 1909.1

1445

FUTURES.
-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year-is set out
f
0.
in detail below.

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Receipts.

10 I@ I@
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18

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Movement to June 5 1908.

10

I@

II

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T0

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MM
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Week. I Season.

_11_11_=_11 44 g4 :I .. :I
•II II 88 II 88 88 88 88 88
-4.4 00.4 ww 64 66
-4.4
000°0000 00 UN .y 40

F

Movement to June 4 1909.

um 11 0-1
I 050 ml
oo I 00 oo oo 00 00 00
MM
64 0000 COO
6:4 0400
64
wo
oo
I;
I@ 10 I; IO
0. 08 !@
.5
0. 00
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64
AM 4
OW
na.4

Lab°
.CO A
4

0.

0 001 0 001 004700.40000.40.000000000°0W.40
THE VISIBLE SUPPLY OF COTTON to-night, as made
hi
0
N
m.N.
.N
up by cable and telegraph, is as follows. Foreign stocks, 0 N, .0000 um00044.4 .....40°00:1,4.0..IN
CO
as well as the afloat, are this week's returns, and conse- .4.001 0W.40 W 00.44.5..10O.
. . .
.
.
01.
.40:4-..01.0021.
.
ON. 000N00.4.40.4Www000000ONWOOMM..1W00
Co
quently all foreign figures are brought down to Thursday
O.. 00.4WWO0004040000°.00.404.4.W.400.4.10000O
evening. But to make the total the complete figures for
The abovetotals show that the interior stocks have deto-night (Friday), we add the item of exports from the United creased during the week 39,579 bales and are to-night 3,485
States, including in it the exports of Friday only.
bales more than at the same time last year. The receipts
at all the towns have been 9,495 bales less than the same
June 41909.
1906.
1908.
1907.
Stock at Liverpool
bales.1.154,000 654,000 1.190,000 862,000 week last year.
Stock at London
5,000
8,000
10,000
14,000
Stock at Manchester
82,000
94,000
67,000
70,000
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing
Total Great Britain stock
1,241,000 732,000 1,294,000 943,000 SINCE SEPT. 1.
Stock at Hamburg
10,000
21,000
14,000
14,000 the overland movement for the week and since Sept. 1, as
Stock at Bremen
415,000 411,000 346,000 242,000 made up from telegraphic
reports Friday night. The results
Stock at Havre
303,000
192,000 249,000
127,000
Stock at Marseilles
4,000
5,000
3,000
4,000 for the week and since Sept. 1 in the last two years are as
Stock at Barcelona
38,000
43,000
17,000
11,000 follows:
Stock at Genoa
41,000
24,000
67,000
52,000

Stock at Trieste

Total Continental stocks

6,000

28.000

28,000

7,000

817,000

724,000

7E4,000

457,000

Total European stocks
2,058,000 1,456,000 2,018,000 1,400,000
India cotton afloat for Europe_ _ _
94,000
107,000 248,000
184,000
Amer. cotton afloat for Europe
192,646
259,236
200,705 218,705
Egypt,Brazil,&c.,alit.for Europe
31,000
33,000
41,000
27,000
Stock in Alexandria, Egypt
149,000
156,000
108,000
83,000
Stock in Bombay, India
558,000 753,000 967,000
434,000
Stock in U. S. ports
507,820 350,696 437,356 464,460
Stock in U. S. interior towns_ _ _ _ 264,001
260,516
242,238
249,359
U. S. exports to-day
3,058
4,409
7,599
5,745
Total visible supply
3,811,656 3,109,916 4,050,708 3,599,269
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
751,000
bales.1,047,000 536,000 1,056,000
Manchester stock
80,000
63,000
56,000
68,000
Continental stock
766,000 631,000 633,000 400,000
American afloat for Europe
200,705 218,705
192,646
259,236
U. S. port stock
507,820 350,696 437,356 464,460
U. S. interior stock
242,238
249,359
260,516
264,001
U. S. exports to-day
4,409
5,745
3,058
7,599
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

2,919.656 2,036,976 2,653,708 2,145.269
107,000
5,000
14,000
51,000
94,000
31,000
156.000
434,000

118,000
8,000
7,000
93,000
107,000
33,000
149,000
558,000

134,000
10,000
14,000
91,000
248,000
41,000
106,000
753,000

111,000
14,000
11,000
57,000
184,000
27,000
83,000
967,000

892,000 1,073,000 1,397,000 1,454,000
2,919,656 2,036,976 2,653,708 2,146,269

Total visible supply
3,811,656 3,109,976 4,050,708 3,599,269
Middling Upland, Liverpool
5.83d.
6.51d.
6.01d.
7.44d.
Middling Upland, New York_ _ _ _ 11.50c.
11.40c.
11.20c.
13.25c.
Egypt, Good Brown, Liverpool
9d. 8 9-16d.
115.1,d.
11d.
7.75d.
Peruvian, Rough Good, Liverpool
9.50d.
8.65d.
11.15d.
Broach, Fine, Liverpool
53id.
5,
Ad.
6%(1. 5 11-16d.
Tinnevelly, Good, Liverpool_ _
5 7-16d. 5 5-16d.
514d.
53d.

Continental imports for the past week have been 106,000
bales.
The above figures for 1909 show a decrease from last week
of 152,658 bales, a gain of 701,680 bales over 1908, a decrease of 239,052 bales from 1907, and a gain of 212,387
bales over 1906.




----1908-09---Since
Week. Sept. 1.
5,897 622,288
1,341
299,411
30,147
55
1,038
78,114
46,084
748
1,409 174,837
3,805 263,148

June 4ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia ports
Via other routes, ece

----1907
-08
---Since
Week. Sept. 1
6,156 411,834
4,677
195,122
315
32,876
498
49,883
1,060
46,3o2
798
89.980
1,013
210,666

Total gross overland
14,293 1,514,079
Deduct shipments
Overland to New York, Boston, &c 343
136.974
Between interior towns
44,098
120
Inland, &c., from South
5,279
47,359
Total to be deducted

5,742

14,517 1,037,123
1,106
910
2,617

102,072
63,028
60,224

228,431

4,633

225,324

8,551 1,285,648

Leaving total net overland*

9,884

811,799

• Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 8,551 bales, against 9,884 bales for the week
last year, and that for the season to date the aggregate net
overland exhibits an excess over a year ago of 473,849 bales.
-----1907-08----171908-09
In Sight and Spinners'
Since
Since
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
Receipts at ports to June 4
64,885 7,897,324
58,706 9,553.730
Net overland to June 4
9,884
a 8,551 1,285,648
811.799
Southern consumption to June 40 50,000 1,850,000
36,000 1,808,000
Total marketed
Interior stocks in excess

117,257 12,689,378
149,986
*39,579

110,769 10,517,123
*28,065
179,933

Came into sight during week_ _ _ 77,678
12,839,364
Total in sight June 4

82,704__________
10,697,056

North'n spinners' takings to June4a 27,772 2,560,261
33,582 1,649,209
a These figures are not the takings by Southern mills, but are estimates
of consumption based on information received from time to time during
the season and revised, if necessary, when complete returns are received
at season's close. Reports from various sections of the South indicate
that takings by mills have thus far this season been appreciably heavier
than during the corresponding period a year ago, but actual or approximate
data are not abtainable. • Decrease during week.

Movement into sight in previous years:
Week-June 7
1907
1906-June 8
1905-June 9
1904-June 10

Bales.
64,031
88,154
142,126
45.047

Since Sept. 11906-07-June 7
1905-06-June 8
1904-05-June 9
1903-04-June 10

Bales.
12.871,356
10,373.460
12.272,305
9,697,313

[VOL. Lxxxvm.

THE CHRONICLE

1446

QUOTATIONS FOR MIDDLING COTTON AT OTHER past week, the rainfall being two inches and five hundredths.
-Below are the closing quotations of middling The thermometer has ranged from 63 to 84, averageing 73.
MARKETS.
-The week's rainfall has been one inch
Augusta, Georgia.
cotton at Southern and other principal cotton markets for
and fifty-five hundredths, on three days. The thermoneter
each day of the week.
has averaged 79, the highest being 93 and lowest 68.
Savannah, Georgia.
-We have had rain on four days of the
Closing Quotations for Middling Cotton onWeek ending
week, the rainfall reaching one inch and eighty-four hunSardag• Monday. Tuesday. Wed'day. Thursd'y. Friday•
June 4.
dredths. The thermotneter has averaged 79, the highest
10'%
10
Galveston
1014
being 90 and the lowest 64.
10%
10%
10 %
New Orleans
-We have had a trace of rain
Charleston, South Carolina.
10%
10'%
boxt
ioye
Mobile
10%
10%
10%
Savannah
on one day during the past week. Average thermometer 79,
Charleston
highest 90, lowest 68.
10 ye
Wilmington_ _
11
10%
to%
-Dry weather is needed. We
Norfolk
Charlotte, North Carolina.
11.25
HOLI- HOLI- 11.40
11.50
Boston
have had rain during the past week, the rainfall reaching
11 y,
DAY. 11%
DAY.
11%
Baltimore
11.50
11.60
11.75
Philadelphia
four inches and twenty-three hundredths. Average ther10 15-16 10%
10 15-16
Augusta
mometer 75, highest 89, lowest 65.
10%
10%
11
Memphis
10'%
10'%
The following statement we have also received by tele103i
St. Louis
10%
10'%
10%
Houston
graph, showing the hieght of rivers at the points named at
10%
10%
10%
Little Rock_ __ 8 a. m. of the dates given:
June 4 1909. June 5 1908.
Feet.
-The highest,
Feet.
NEW ORLEANS OPTION MARKET.
16.9
Above zero of gauge_
19.2
quotations for leading options in the New New Orleans
lowest and closing
26.5
Above zero of gauge_
30.0
Memphis
market for the past week have been as follows: Nashville
11.2
11.0
Above zero of gauge_
Orleans cotton
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
May 29. May 31. June 1. June 2. June 3. June 4.
June-Range
Closing
July
Range
Closing
August
Range
Closing
September
Range
Closing
October
Range
Closing
November
Range
Closing
December
Range
Closing
January. Range
Closing
March
Range
Closing
,Tone
Spot ______
Options

s

_ ® _ ___. ® _
10.83-.85 11.10 *

-@ 11.08 .•

10.81-.99 11.00-.19
10.89-.90 11.17-.18

11.06-.29
11.14-.15

- @ - 10.82-.09
10.79 - 11.08-.09

0

10.97-.01
11.00-.01

HOLT- 10.65-.81 10.70-.86 HOLI- 10.73-.88
DAY. 10.71-.72 10.83-.84 DAY. 10.83-.84
- @ -- @ 10.70-.72 10.81-.83

10.78-.86
10.81-.83

10.65-.79 10.68-.84
10.70-.71 10.81-.82

10.74-.87
10.82-.83

10.65-.82 10.73-.86
10.72-.73 10.84-.85

10.75-.88
10.82-.83

-@-© 10.78-.80 10.89-.91

10.88-.90

Firm. Steady. Quiet.
Quiet.
Steady. Steady.
Steady.

Nominal.

WEATHER REPORTS BY TELEGRAPH.
--Telegraphic
reports received by us this evening from the South indicate
that rain has fallen in most localities during the week, with
the precipitation somewhat in excess at a number of points
in the Gulf States and in some districts of Arkansas. Tennessee and the Atlantic States. There are complaints that
rain has flooded or washed lands in Alabama and has prevented work of cultivation.
Galveleon, Texas. &c. -Our usual extensive weather
reports from Texas have failed to reach us this evening.
-It has rained heavily on five
New Orleans, Louisiana.
days during the week, the rainfall being six inches and one
hundredth. The thermometer has averaged 79.
Shreveport, Louisiana.
-There has been rain on four days
durink,r the week, the rainfall reaching ninety-one hundredths
of an inch. Thermometer has ranged from 75 to 90, averaging 82.
Vicksburg, Mississippi.
-There has been rain on six days
durina the week, the precipitation reaching two inches and
hundredths. Average thermometer 73, highest 86,
fifty °
1Gwest 63.
Helena Arkansas.
-Rain has fallen on two days of theweek
to the extent of two inches and seventy-three hundredths.
The thermometer has averaged 71.7, the highest being 81
and the lowest 64.
-We have had rain on five days of
Little Rock, Arkansas.
the past week, the rainfall being one inch and twelve hundredths. The• thermometer has averaged 73.5, ranging
from 62 to 85.
-We ,have had too much rain,interMemphis, Tennessee.
fering with .cultivation. Crop now needs hot, dry weather
with abundant sunshine. We have had rain on three days
during the week, the rainfall reaching one inch and seventyfive hundredths. May rainfall six inches and twenty-six
hundredths. The thermometer has ranged from 63 to 83.4,
averaging 72.4.
Nashville, Tennesgee.-Rains are interfering with crop
work. We have had rain during the past week to the extent
of one inch and twenty-three hundredths. Average thermometer 74, highest 86 and lowest 62.
-Continuous and excessive rains in the
Mobile, Alabama.
interior. Crop reports are gloomy, covering much damage
by floods and washing. Cultivation suspended. There has
been rain on six days during the week, to the extent of six
inches and fifty-one hundredths. The thermometer has
averaged 75, the highest being 85 and the lowest 66.
Montgomery, Alabama.
-Crops are not doing well, being
damaged by rain. We have had rain on six days during the
week, to the extent of four inches and nineteen hundredths.
The thermometer has averaged 75, ranging from 63 to 88.
Month's rainfall four inches and eighty-one hundredths.
Selma, Alabama.
-We have had rain on seven days the




28.9
47.8

INDIA COTTON MOVEMENT FROM ALL PORTS.
1906-07.

1907-08.

1908-09.

June 3.

! Since
Sept. 1.
37,0001 1,752,000 45,0001,826,000 59,0002,705,000

Receipts at

Since
Sept. 1.

Week.

I

Since
Sept. 1.

Week.

11.08-.12
11.02-.04

- 10.82-.98
10.81-.84 11.06-.08
HOLIDAY.

8.4
43.1

Above zero of gauge..
Above zero of gauge_

Shreveport
Vicksburg

Week.

Bombay

Since September 1.

For the Week.
Exports from
Great ContiBritain. nent.
Bombay
1908-09
1907-08
1906-07
Calcutta
1908-09
1907-08
1906-07
Madras
1908-09
1907-08
1906-07
All others
1908-09
1907-08
1906-07
Total all
1908-09
1907-08
1906-07

Total.

12,000 12,000
15,000 15,000
53,000 53,000
1,000
1,000
2,000

Continent.

Great
Britain.

Total.

21,000 540,000 561,000
21,000 544,000 565,000
59,000 1,006,000 1,065,000
4,000
3,000
7,000

37,000
19,000
105,000

41,000
22,000
112,000

3,000
5,000
3,000

19,000
25,000
22,000

22,000
30,000
25,000

4,000 4,000
1,000 '6,000 7,000
28,000 28,000

15,000
14,000
8,000

207,000
185,000
179,000

222,000
199,000
187,000
--

17,000 17,000
1,000 22,000 23,000
83,000 83,000

43,000 803,000 846,000
43,000 773,000 816,000
77,000 1,312,000 1,389,000

1,000
1,000
2,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
June 2.
Receipts (eantars)This week
Since Sept. 1

1908-09.

1907-08.

1906-07.

12,000
6,645460

22,000
7,054,232

700
0,850,490

This Since
Week. Sept. 1.

Exports (bales)

178,465
9,756 195,840
3,500 313,080
76,465
_
13,250 763,850

To Liverpool
To Manchester
To Continent
To America
Total exports

This Since
This Since
Week. Sept. 1. Week. Sept. 1.
1,750 211,972 2,750 204,437
189,335,
_ 190,477
0,000 323,145; 7,250 323,906
300 62,098; 1,250 107,089
8,050 786,550 11,250 825,909

-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market is
.
steady for yarns and quiet for shirtings. Merchants are
.
buying very sparingly. 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.
4.
Apr.
23 7%
30 we
May
7 7%
14 7%
21 7%
28 8
June
4 8

831 lbs. Shill- Cot'n
ings, common Mid.
Upl's
to finest.
-s. d. d.
s. d.
4 8
4 7

32s Cop
Twist.

d. s. d.

©8 73i 5.49 7 13-160
©8 7% 5.53 7 11-16©

4 734@8 7%
4 8% 8 9
4 8Y0)8 10
g 08 10%

5.54 7%
5.78 8%
5.85 8% 0
5.88 8 9-16 0

8% 4 9 08 10% 5.83 8%

83.1, lbs. Shirt- ent'n
!nos, common Mid.
to finest.
Upl's

0

s. d.

d.

9 411
80
8% 4 10%08 0

5.31
5.40

8% 4 103487 103-s
80
941 50
5 0 08 0
9% 5 1 08 1%

5.69
6.08
6.35
6.52

5 1%08 3

6.51

-Mr., Fr. Jac. Andres of
EGYP
-TfAN COTTON CROP.
Alexandria and Boston, under date of May 8, has the following from Alexandria on the new crop:
Reports of the growing crop are favorable. Owing to the heavy rains
during April, considerable re-sowing was done with the best weather and
soil conditions. The weather is at present ideal and the young plants are
doing very well. There has been less "Yanovltch" and "Abassi" planted
this year and more "Add:" "Nubari" about the same.

L. H. A. Schwartz & Co., American agents for R. & 0.
Lindemann, Alexandria, Egypt, submit the Alexandria
General Produce Association's report on the growing Egyptian crop at the close of April as follows:
Thanks to the exceptionally favorable weather which prevailed during
March, cultivation has been completed sooner than usual. Sowings proceeded rapidly and were nearly terminated generally, when, between the
15th and 19th of April, very heavy rains fell, retarding those still uncom-

THE CHRONICLE

JUNE 5 1909.1

1447

pleted. These rains have caused only partial damage to the late cultivation and mostly in the low clay soils, causing an appreciable amount of resowing. Notwithstanding this, the plant is considered to be 10 to 15 aays
In advance of last year, and the aspect is very satisfactory. The acreage
planted in lower Egypt seems to be equal to that of last year. As usual,
Mit-Afill predominates, and is even augmented, while there is an appreciable
reduction in ,Toanovich. Nubari seems to have been planted in nearly the
same proportion as last year. Abbassi planting has been largely decreased.
Water is abundant throughout, and the rotations adopted by the Irrigation
Service are not at all severe. Worms have done no damage up to the
present time. In upper Egypt sowings are ended, and the condition of
plants Is good. Acreage seems somewhat smaller, principally in the
provinces of Minieh and Beni-Souef, In comparison with last year.

COTTON ACREAGE REPORT.
-In our editorial columns will be found to-day our annual Cotton Acreage Report,
with an account at length of the condition of the plant in
each section of the South. The report has been prepared
in circular form, and the circulars may be had in quantity
with business card printed thereon.
COTTON ACREAGE ESTIMATES.
-Under date•of May
25 Messrs. Dick Bros. & Co. issued their annual estimate of
Total bales.
cotton acreage and condition. The estimate is based upon. NEW YORK-To Liverpool-May 28-Arabic, 3,243
3,243
To Manchester-May 28-Terence, 788
replies of average date of May 20, and makes the average in788
To London-May 29-Minneapolis, 100
100
being
crease in acreage about .84 of 1%, the area this year
To Dunkirk-May 29-Californie, 102
102
To Hamburg-June 2-Pennsylvania, 15
15
placed at approximately 33,562,000 acres. Condition is
To Japan-May 29-Aragonia, 700
709
given as 77.1.
GALVESTON-To Liverpool-May 27-Barbadian, 8,144
8,144
3,906
To Bremen-May 29-Wittekind, 6,522
Messrs. Latham, Alexander & Co. on the basis of
6,522
15,500
replies of average date May 25 make the decrease in acreage NEW ORLEANS-To Liverpool-June 2-Victorian, 15.500
To Havre-June 1-Virginie, 6,199
6,199
To Oporto
-May 29-Miguel Gallart, 1,839
1,839
4.7%.
To Barcelona-May 29-Miguel Gallart, 749 _ _ _June 1-Fede-In our advertising columns this week will be found the
rica, 850
1.399
To Trieste-June 1-Federica, 1,500
1,500
cards of some of the largest dry goods commission merchants
To Mexico-June 1-Norhelm, 400
400
and mill-selling agents in the country. Those represented PENSACOLA-To Genoa-May 31-Monginevro, 175
175
are Wellington, Sears & Co., with offices in New York, SAVANNAH-To Bremen-June 2-Dronning Olga, 3,174_ __June 3
-Wearside, 6,900
10,074
Boston and Chicago. Woodward, Baldwin & Co., New
To Hamburg-June 3-Wearside, 299
299
To Malmo
-June 3-Wearside, 200
York; H. J. Farber, Drewry & Co., New York; Fleitmann
200
NORFOLK-To Liverpool-June 3-Bollviana,
100
& Co., New York; Lawrence & Co., Catlin & Co., with offices BOSTON-To Liverpool-May 28-Cymric, 31 100
31
in New York, Boston, Philadelphia and Chicago; William BALTIMORE-To Liverpool-May 28-Ulstermore,850
850
To London-May 28-Mackinaw, 200
200
Iselin & Co., New York; the Textile Commission Co., New PHILADELPHIA-To Genoa-May 19-Verona, 100
100
• SAN FRANCISCO-To Japan-June 1-Nlppon Maru, 800
York and L. F. Dommerich & Co., New York.
800
-The business cards of a large number of representative
Total
59.280
cotton commission and brokerage houses of New York
LIVERPOOL.
-By cable from Liverpool we have the foland other cities, including the following prominent dealers lowing statement of the week's sales, stocks, &c.,at that port:
in Egyptian cotton, Richards, Atkinson & Haselick of
May 28.
May 21.
June 4.
May 14.
48,000
33,000
62,000
56,000
Boston and Philadelphia; L. H. A. Schwartz & Co. of Sales of the week
3,000
1,000
6,000
Ofwhich speculators took
2,000
Boston, Herman Capelle Co., New York and Lucius Beebe
Of which exporters took_
1,000
1,000
2,000
24,i) " 00
& o., Boston, will be found in the back df the paper.
Sales, American
42,000
57,000
47,000
4.000
13,000
Actual export
4,000
6,000
FALL RIVER MILL DIVIDENDS.
-The statement of Forwarded
53,000
56,000
68.000
83,000
stock-Estimated
1,209,000 1,180,000 1,169,000 1,154,000
dividends for the second quarter and half-year will be found Total which
Of
Arnerican-Est_ _1,101,000 1,073,000 1,066,000 1,047,000
on page 1413.
Total imports of the week__ _ _
42,000
80,000
57,000
57,000
Of which American
27,000
64,000
45,000
42,000
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Amount afloat
136,000
181,000
140,000
169,000
Of which American
Cotton Takings.
Week and Season.

1908-09.
Week.

Season.

1907-08. s
Week. I Season. 11

Visible supply May 28
3,263,986
3,964,314
Visible supply Sept. 1
2,291,844
1,714,982
American in sight to June 4_ _ _
82,704 10,097,056
77,678 12,839,364
Bombay receipts to June 3..
37,000 1,952,000
45,000 1,826,000
Other India ship'ts to June 3 _ _ _
251,000
5,000
285,000
8,000
Alexandria receipts to June 2_ _
886,000
2,000
3,000
941,000
Other supply to June 2_a
165,000
2,000
207,000
1,000
Total supply
Deduct
Visible supply June 4
Total takings to June 4
Of which American
Of which other

104.000

146,000

Spot.

Saturday.

Monday.

Tuesday. Wednesday. Thursday.

Market, 1
12:15
P.M. J

Quiet.

4,086,992 17,842,346 3,404,690 18,213,900

Mid. Upikis.

583

3,811,656 3,811,656 3,109,976 3,109,976

Sales
Spec.&exp.

6,000
300

275,336 14,030,690
199,336 10,898,890
76,000 3,134,000

294,714 13,103,924
201,714 9,996,924
93,000 3,107,000

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

corroN

112,000

136,000

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:

Fatures,
Market 1
opened
5

HOLIDAY.

HOLIDAY.

Quiet.
583
8,000 •
1,000

Friday.

Dui .
583
8,000
2,000

HOLTDAY.
Steady at 1 Steady at 4 Quiet at
02 pts.dee. 05pts.adv. 1 pt. adv.
Barely st'y Easy at Steady at
at .51 07 13-@21410.2M
,

Market, 1
4

pts. dec. pts. adv
pts. adv.
CONSUMPTION AND OVERLAND MOVEP. M. J
-Below we present a synopsis of the
MENT TO JUNE 1.
crop movement for the month of May and the nine months
The prices of futures at Liverpool for each day are given
ended May 31 for three years.
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
1908-09.

Gross overland for May
bales_
Gross overland for 9 months
Net overland for May
Net overland for 9 months
Port receipts in May
Port receipts in 9 months
ceipts
Exports in May
Exports in 9 months
Port stocks on May 31
Northern spinners' takings to June
Southern consumption to June 1
Overland to Canada for 9 months (Included in net overland)
Burnt North and South in 9 months_ _ _ _
Stock at North. Interior markets June 1..
Came in sight during May
Amount of crop in sight June 1
Came in sight balance of season
Total crop
Average gross weight of bales
Average net weight of bales

1907-08.

1906-07.

89,809
1,507,700
70,718
1,280,343
429,491
9,512,604
465,671
7,913,975
521,644
2,543,232
1,818,000

64,963
1,025,299
51,145
802,473
236,807
7,844,341
274,587
6,937,438
376,548
1,616,413
1,791,000

58,450
1,605,927
43,758
1,294,549
256,618
9,490,514
305,985
8,051,073
493,033
2,499,453
1,850,000

108,598

96,207

115,316
500
8,279
400,638
12,807,325
743,435
13,550,760
514.67
492.17

11,731
18,364
349,952
541,548
12,790,947 10,642,814
939,015
11,581,829
509.21
513.83
486.21
490.83

Fri.
Thurs.
May 29
Wed.
Mon.
Tues.
Sat.
to
4 1214 4 1214 4
1214
June 4. 1214 l23- 1214 4 1234 , 4
P.m. P.m. P.m. P.m. P.m.!P.m. P. In. P.m. P.m. P.m. p.m.
d.
d.
June __ _
June-July.
July-Aug_
Aug.
-Sept.
Sept.
-Oct.
Oct.
-Nov_ HOLINov.
-Dec. DAY.
Dec.
-Jan _
Jan.-Feb_
Feb.-Mch.
Mch.-Apr.
Apr-May..

it.

it. it. 1 d.

HOLIDAY.
•

5
5
5
5
5
HOLI- 5
DAY. 5
5
5
5
5

d.
d.
it.
it.
it. it.
69 66 69 67% 69 70
69 66 69 67% 69 70
76 73 76 74 A 75 76%
74 71
74 725 73 74%
72 72 5-5
72 34 69% 73 71
71
68 71 34 70 70% 71
703 67 70% 69 69% 70
70 663- 703 69 69% 70
70 66% 703 69 69% 70
705-i 67 703-i 69 693-5 70
70% 67 703 69 69% 70

BREADSTUFFS.

Friday, June 4 1909.
AGRICULTURAL DEPARTMENT REPORT ON ACREFlour has been quiet but firm for many grades. Prices
-The Agricultural Department at Washington
AGE, &c.
issued on June 4 its report on cotton conditions and acreage have naturally sympathized with the rise in wheat, and
moreover receipts have been light and supplies comparaas follows:
tively small. The bullish features of the situation, however,
The Crop-Reporting Board of the Bureau of Statistics of the Department
of Agriculture finds, from reports of correspondents and agents of the Bu- have undoubtedly been neutralized in a large degree by the
reau, that the area planted to cotton in the United States this season (1909), persistent aloofness of buyers,who have continued to purIncluding that already planted and expected to be planted, is about 95.6%
of the area planted to cotton last year, equivalent to about 31,918,000 chase on a hand-to-mouth scale, apparently being dubious
acres, as compared with 33,370,000 acres, Indicated by the Bureau's re- as to the permanence of the present high level of prices for
vised estimate of last year's planted area, a decrease of about 1,452,000
wheat in view of the generally favorable outlook for the crop
acres, or 4.4%.
The condition of the growing crop on May 25 was 81.1% of a normal in this country. Of late there has been some easing of prices,
condition, as compared with 79.7% at the corresponding date in 1908
owing to impossibility of securing those recently demanded.
and 81.4% the average condition for the past 10 years on May 25.
The following table shows, by States and for the United States, the estiWheat has advanced again, making new high records under
mated area in cotton in 1909, as compared with the area planted in 1908,
and the condition of the growing crop on May 25 of 1909, 1908 and 1907 the impulse of excited speculation. Not but that there have
and the average for the past ten years:
been some rather sharp reactions. They were brought




THE CHRONICLE

1448

about by heavy liquidation in July and later months and
also by favorable crop reports. The Kansas outlook has
improved. The Ohio State report, if 21 points under that
of a year ago, was 7% better than for May. Kentucky has
improved 9% over the condition of last month. A more
favorable Government report is expected on.the 8th inst.
Liverpool reported a smaller consumption during the month
of May.iiJuly, according to not a few, is likely to be a newcrop month, not an old-crop one-a vast difference. The
foreign markets have latterly been lower. Some unfavorable crop reports from France have been contradicted. Certainly an English statistician, cabling from Paris the other
day, stated that France had fair rains and that the outlook
was good. France may make as much wheat as last year.
Also it is said that Argentine advices of damage by drought
have been exaggerated. Some of the leading bulls, it is
understood, have been selling July and buying September and
December. Of late, some Chicago people had been buyers
of September and sellers of December at differences of 1%
to 2 cents per bushel. But there can be no disguising the
fact that the price of July has advanced sharply during the
week and that later deliveries have also been at times substantially higher, although it is true that the later options
have of late plainly shown the effects of selling pressure.
The factors which have encouraged the bulls have been persistent reports of drought in Argentina and unfavorable crop
advices from France, Germany and Hungary. Drought has
prevailed in Bulgaria and Turkey. Receipts have been small
and stocks are decreasing more rapidly than they were a
year ago. Missouri and Tennessee have been sending some
unfavorable reports about the condition of the crop, and
Texas is said to be getting too much rain. Argentina shipments for the week are estimated at only about half what
they were for the same week last year. To-day prices declined. Rains were reported in Argentina. Foreign markets
fell.

NEW YORK.

DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red winter, f. o. b
ets.146
147
147
150
150
July delivery in elevator
125
Ho!!- 125
125
125
1253%
September delivery in elevator_ _ _ _115% day. 116 • 1163% 116 % 116
December delivery in elevator_ _113%
114
1143% 1143% 114%
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Frt.
July delivery In e:evator
cts.117
11934 119% 1183% 1184
September delivery in elevator_ _ _ _108 % Holt- 10934 ii034 1104 109
December delivery In elevator_ _106% day. 10734 108
108
i0834

CHICAGO

[VOL.

Lxxxvm.

GRAIN.
Wheat, per bush.
Cents. Corn, per bush.N. Duluth, No. 1
No. 2 mixed
N. Duluth, No. 2
No. 2 yellow
1353%
Red winter, No. 2
f.o.b. 150
No. 2 white
Hard "
Rye, per bush.
Oats, per bush.
No. 2 Western
Nat white, 26 to 28 lbs.62 ® 84 4
State and Jersey
No. 2 white
65
Barley-Malting
White clipped
634 ® 694
Feeding, c. 1. f. N Y

Cents.
elev. 86
f.o.b. 8234
f.o.b. 8435
f.o.b. 943%
Nominal
Nominal
8039 82

The statements of the movement of breadstuffs to market
indicated belo w are prepared by us from figures collected by
the New Yor k 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
-

Flour.

Wheat.

Oats.

Corn.

Barley.

Rye.

bbis.196lbs bush.60 lbs. bush. 56 lbs. bush.32 lbs. bush.481bs. bu.56 lbs.
134,111
131,000 3,188,000 2,343,000
Chicago ____
360,000
3,000
51,800
158,000
Milwaukee__
53,900
150,000
58,800
3,000
73,691
116,000
Duluth
23,837
19,977
458
948,200
141,280
Minneapolis
173,840
151,196
10,780
22,000
123,600
Toledo
17,200
3,500
42,429
6,560
Detroit
32,197
4,222
1,284
98,322
Cleveland
95,145
2,500
404,485
58,070
227,200
37,070
St. Louls
70,200
3,000
165,000
356,791
2,000
23,600
Peoria
25,000
1,000
80,500
267,300
82,950
Kansas City.
Tot.wk.'09
Same wk.'08
Same wk.'07

363,865
316,665
306,131

1,486,693
2,154,274
2,729,154

4,076,107
3,702,530
4,432,816

3,307,919
2,438,723
2,537,797

687,673
472,705
535,261

24,738
73,360
68,011

Since Aug. 1
1908-09_ .._ 17,297,041 203,654,113 126,828,001 143,858,154 75,743,421 5,915,473
1907-08___ 15,553,985 193,751,972 158,110,166 165,184,115 58,284,961 6,231,747
1906-07_ -- 17,861,554 214,622,630 177,230,308 177,741,806 63,630,601 7,102,097

Total receipts of flour and grain at the seaboard ports for
the week ended May 29 1909 follow:
Wheat,
Flour,
bush,
Receipts atbbls.
306,000
121,171
New York
23,212
128,775
Boston
342,485
44,940
Philadelphia
0,377
22,846
Baltimore
21,930
3,512
Richmond
20,400
12,384
New Orleans'
714
Newport News___
8,000
Galveston
Mobile
47,147 1,184,622
Montreal
275,932
Total week
282,656
Week 1908
Since Jan. 1 1909_6,126,840
Since Jan. 1 1908-7,008,186

Corn,
bush.
32,625
14,850
28,500
53,421
42,708
35,400

Oats,
bush,
435,375
105,849
105,245
55,460
39,114
88.500

Barley,
bush.
34,425

Rye,
bush.

1,000

800
1,77

7,000
9,200
51,422

78,145

85,273

2,018,589
275,126
908,688 120,698
2,574
387,293
2,785,461
743,329 89,662
5,408
27,790,847 25,022,967 19,513,867 3565,247 3085 8
0
28,990,008 23,730,517 16,543,221 2111,841 1031,410

Indian corn has advanced partly under the stimulus of the
rise in wheat. Iowa has sent some unfavorable crop ad
*Receipts do not include grain passing through New Orleans for foreign port
vices, and the interior has offered corn very sparingly at
of lading.
Chicago and other distributing points of the West, although on through bills
the aggregate receipts have, after all, been liberal. Most of
The exports from the several seaboard ports for the week
the cash corn at Chicago is controlled by one interest, how- ending May 29 1909 are shown in the annexed statement:
ever, and this fact has contributed to the strength of the
Corn, Flour,
Rye, Barley, Peas.
Oats,
Wheat,
bbls.
bush,
bush.
bush.
bush,
bush.
bush.
Exports fromsituation there. Too much rain is said to have fallen in
6,009 54,930
2,175
270,213
New York
Illinois and parts of the South. including Texas. Commis- Boston
,
9,581
4,000
240,673
24,539
1,100 67,037
sion houses have bought July and September freely, and of Philadelphia ____ 491,359
3,600 20,512
90
41,405
late the appearance of things has seemed to suggest that the Baltimore
9,642 7,897
580
New Orleans __
outside public was deeply imbued with the idea that prices Newport News__ 714
8,846
are to advance, has been taking the market away from pro- Galveston
9,200
fessional operators. On the other hand, however,the weather Mobile
50,000 39,190
1,440,454
49,748
Montreal
as a rule has been fine and crop reports generally favorable.
79,551 208,707
6,845
74,287
Total week_ 2,484,104
The belief of very many is that under ordinary conditions Week 1908
21,919 17,143 73,492 26,366
2,523,815 268,260 165,164
the next crop will be very large and that only abnormally
high prices for wheat can prevent lower quotations for corn.
The destination of these exports for the week and since
To-day prices made a new high record.
July 1 1908 is its below:

NEW YORK.

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN
Sal. Mon. Tues. Wed. 7'hurs. Fri,
cts._ _86
Cash corn
86
86
86
86
July delivery In elevator
79
Si % 82
Holt- 81
82
September delivery in elevator
'76
clay. '76 % T7
78
'78
December delivery in elevator
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts.70
71 34 71 % 73
73
September delivery in elevator
6734 Holt- 68 % 68
6934 6934
December delivery in elevator
5734 day. 58% 583% 583% 583%

CHICAGO.

Wheat
Flour--Corn
Since
Since
Since
Week
July 1
July 1 Week
Week
July 1
1908. May 29.
1908. May. 29
1908.
Exports for week and May 29.
bush.
bbls.
bush, bush.
bbls.
bush.
since July 1 toUnited Kingdom--119,039 4,858,287 2,035,841 56,305,085 50,850 15,953,344
2,125,196 448,263 46,491,077
33,637
13,639,800
Continent
616,762
468,576 4,702
60,772
South SE Cent. Amer_ 16,178
17,033 23,507 1,117,759
30,357 1,321,305
West Indies
69,324
300
9,512
Brit. Nor. Am. Cols.
348,556
74,403
8,598
492
68,426
Other countries

208,707 9,339,430 2,484,104 103,356,174 79,551 30,849,613
Oats have advanced with other grain. This rise came in
Total
165,164 10,724,568 2,523,615 104,982,864 206,26045,604,558
spite of the fact that stocks in Chicago are large and that Total 1907-08
taking the crop outlook as a whole it is favorable. The cash
The world's shipments of wheat and corn for the week
demand at Chicago has been at times pretty brisk, and there ending May 29 1909 and since July 1 in 1908-09 and 1907-08
have been flurries of bull speculation; but on the whole the are shown in the following:
trading in futures has not been especially animated. There
Wheat.
Cern.
is an undercurrent of skepticism as to the possibility of
maintaining prices at their present level unless something
1907-08.
1908-09,
1908-09.
Exports.
1907-08.
serious should befall the wheat or corn crop. Barley, it is
Since
Since
Week
Week
Since
Since
worth while to observe, however, has latterly been rising,
July 1.
July 1.
May 20,
July 1.
July 1.
May 29.
partly owing to unfavorable crop reports. The Ohio report
Bushels. Bushels. Bushels.
Bushels.
Bushels. Bushels.
on oats was 91%, however, or 2% better than that of last
93,000 39,337,400 41,084,000
North Amer. 2,679,000 156,987,700 167,761,000
.
year. The report on rye in Ohi•D was 78%, against 92% Russian _ 3,408,000 73,400,000 59,622,000 399,000 19,039,500 24,126,000
Danubian __ 304,000 33,480,000 26,320,000 527,000 27,061,500 44,391,000
a year ago. To-day prices were higher.
104,748,000 100,736,000

NEW YORK.

DAILY CLOSING PRICES OF OATS IN
Wed.
Mon. Tues.
Thurs.
Sat.
Fri.
No. 2 white
66
65
65
86
cents
65
HoltWhite clipped,
34 to 36 lbs.63 4-653% day. 6334-653% 63 4-65 34 8334-6514 6334-653%
DAILY CLOSING PRICES OF OATS FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
cts.5334
53% 53 34 53 3453%
July delivery In elevator
433% Holt- 4434 4434 44
September delivery in elevator
44
443% day. 44 % 443% 44
December delivery in elevator
4534

CHICAGO.
4

The following are closing quotations:
Winter, low grades
Winter patents
Winter straight
Winter clear
Spring patent
Spring straights
Spring clears

FLOUR.
$5 9039$6 25
Kansas straight
500@ 550
$6 80® $7 25 Kansas clears
6 SO® 6 75 City patents
7 2039 7 50
5 45P 5 95 Rye flour, bbls
6 5039 6 90 Graham flour
4 1539 4 40
__
5 8539 6 25 Corn meal, kiln dried.__ 3 90
5 2539 5 65




3,102,000 62,264,500 51,501,000
Argentina _- 2,016,000
Australlan.._ 200,000 32,096,000 10,956,000
0th. countr's 1,664,000 20,110,000 24,998,000

Total _- 10271000 420,821,700 390,393,000 4,121,000 138,702,900 161,102,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
UnUed
Kingdom. Cantinent.1

Corn.
Total.

Bushels. Bushels. I Bushels.
May 29 1909._ 27,280,000 14,320,000,41,600,000
May 22 1909_ ,27,520,000 15,200,00042,720,000
May 30 1908_.22,720,000 15,440,000 38,160,000

United
Kingdom, Continent,
Bushels.
9,350,000
9,435,000
7,310,000

Bushels,
9,010,000
8,245,000
9,095,000

Total.
Bushels.
18,360,000
17,680,000
10,405,000

JUNE 5 1909.1

1449

THE CHRONICLE

5,231

159,387

73,609

The value of these New York exports since Jan. 1 has been
$8,542,465 in 1909, against $4,786,902 in 1908.
An important development of the week which is another
indication of the generally strong situation was the placing
of a leading line of cotton blankets at value, with the announcement that the mills making them are sold ahead to
October. The call for most lines of domestic cottons has




palavata

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-----1908---Since
Week. Jan. 1,
2
250
10
435
11,978
---3,935
2,1i3
-2 .
12,669
535
2,770
311
9,110
10
819
369
5,845
479
17,614
1,102
6,164
_

0-

a
1

soclabrv

Total

-----1909----Since
Week. Jan. 1.
26
553
589
30
_
76,969
70
-4
7,718
837
14,653
502
5,726
727
17,012
27
723
159
6,268
676
21,981
615
7,195

0,141

•aoniad 2JVS mouna

New York to May 29Great Britain
Other Europe
China
India
Arabia
Africa
West 1 ndes
Mexico
Central America
South America
Other countries

6ZL. , IL
0
V

sliodati ploy

The visible supply of grain, comprising the stocks in improved somewhat; the heavier descriptions of sheetings
granary at principal points of accumulation at lake and have moved rather slowly, but heavy drills, osnaburgs and
seaboard ports May 29 1909 was as follows:
other fabrics have been taken a little more freely. Staple
printed goods have also been ordered more extensively,
AMERICAN GRAIN STOCKS.
Barley, and in some quarters advances are being talked of as proRye,
Wheat,
Corn,
Oats,
bush. bable within the next month or so. A satisfactory business
bush,
bush.
bush.
bush.
127,000 is reported as having
New York
2,000
512,000
68,000
787,000
been done on leading ticketed bleached
Boston
1,000
8,000
126,000
8,000
54,000
goods, while other bleached goods have shown some imPhiladelphia
10,000
55,000
Baltimore
1,000 provement Not a few lines of well-known colored cottons,
97,000
51,000
170,000
212,000
New Orleans
209,000
154,000
161,000
especially shirtings and working-suit fabrics, are well under
Galveston
30,000
14,000
Buffalo
62,000 order.
905,000
9,000
659,000
50,000
through the summer, and wash goods generally have
Toledo
12,000
207,000
64,000
52,000
4,000 been in good request. In print cloths a fair amount of busiDetroit
2,000
-249,000
62,000
109,000
Chicago
501,000 ness has been done, and the market has continued strong,
62,000
3,186,000
1,096,000 3,073,000
31,000
Milwaukee
7,000
131,000
95,000
11,000
with bids of 33 c. for regulars, and standard wide goods
A
Duluth
4,000
5,004,000
462,000
Minneapolis
151,000 somewhat firmer at 43 c.
58,000
8,056,000
761,000
10,000
4
St. Louis
79,000
4,000
103,000
139,000
79,000
WOOLEN GOODS.
-As already noted, duplicate orders
Kansas City
182,000
103,000
280,000
3,000 have continued to come forward in the dress goods market
Peoria
6,000
8,000
204,000
81,000
Indianapolis
88,000
54,000
74,000
54,000 for the next fall season, and selling agents and manufactOn Lakes
10,000
252,000
440,000
547,000
194,000 urers are discussing advances on further re-orders. In
On Canal and River..
304,000
224,000
fact, some leading domestic mills have withdrawn their lines
Total May 29 1909_19,767,000 2,841,000 7,463,000
235,000 1,300,000
265,000 1,557,000 from the market and are declining additional business at
Total May 22 1909_ _22,420,000
1,492,000 7,370,000
current levels. It is quite generally believed that numerous
CANADIAN GRAIN STOCKS.
Barley, lines will be advanced shortly,and while no definite announceRye,
Oats,
Corn,
Wheat,
bush. ment has yet been made, it is expected that medium-price
bush.
bush.
bush.
bush.
103,000 goods will be from 10 to 12 per cent and the better grades
7,000
256,000
13,000
Montreal
778,000
1,494,000
Fort William
from 12 to 15 per cent higher. Because of the upward ten2,025,000
Port Arthur
803,000
Other Canadian
dency of worsteds, a somewhat better demand is reported
103,000 for woolen fabrics, but the improvement in the latter has
13,000
256,000
7,000
Total May 29 1909._ 5,100,000
85,000 not been general. Broadcloths and unfinished worsteds
14,000
246,000
Total May 22 1909.. 5,900,000
appear to have led the demand so far for fall. In men's
SUMMARY.
Barley, wear, opening prices on spring, 1910, fabrics are anxiously
Wheat,
Corn,
Oats,
Rye,
bush.
bush' awaited, and in this division also it
bush.
bush.
bush.
is generally expected
19,767,000 2,841,000 7,463,000
235,000 1,300,000
American
5,100,000
103,000 that material advances will be made, owing to the sharp
Canadian
13,000
7,000
256,000
rise in the cost of raw material. Many inquiries are being
Total May 29 1909__24,867,000 2,854,000 7,719,000
242,000 1,403,000
Total May 22 1909..28,320,000
1,506,000 7,616,000
265,000 1,642,000 received by leading producers, while not a few buyers are
Total May 30 1908__22,818,000 4,796,000 8,385,000
261,000 1,543,000 said to have offered to make commitments at value for that
Total May 23 1008..24,072,000 3,638,000 7,909,000
250,000 1,617 000
Total June 1 1907.-49,729,000 5,595,000 10,605,000
928,000 season; most mills, however, have been disposed to proceed
572,000
Total June 2 1906._30,811,000 3,370,000 8,976,000 1,594,000
904,000 cautiously, and but little actual business has yet been put
Total June 3 1905.-20,033,000 4,558,000 7,744,000
922,000 1,227,000
Total Juno 4 1904..20,603,000 4,157,000 5,003,000
174,000 through; an exceptional instance is that of one mill which
842,000
has booked substantial orders for worsteds at a material
advance over the opening fall price.
THE DRY GOODS TRADE.
-Imported woolens and worsFOREIGN DRY GOODS.
teds have been in fair demand but the aggregate of sales
New York, Friday Night, June 4 1909.
The generally firm tone in cotton goods noted last week has not been large. The linen market has continued strong,
has been well maintained, while some lines have shown with an active demand for all kinds of dress linens and
increased strength. The primary market, especially, has household goods for immediate use; trade has been restricted,
displayed greater firmness, as is evidenced by the fact that however, but very low stocks in first and second hands.
various selling agents who have been holding prices open on Trading in burlaps has been quiet without particular feature;
certain staples because of the refusal of buyers to operate 10 ounce are quoted at 4.55c. to 4.60c., but light-weights
freely, are now being urged by mills to withdraw such prices remain unchanged at 3.50c.
or else adyance them so as to afford manufacturers a reason- Importations and Warehouse Withdrawals of Dry Goods.
able profit; needless to say, the sustained high price of raw
The importations and warehouse withdrawals of dry goods
material has forced mills to take this stand. Jobbers, at this port for the week ending May 29 1909 and since
particularly in the West, have been more disposed to cover Jan. 1 1909, and for the corresponding periods of last year
well defined needs, while converters and maufacturers were as foilows:
have continued to place contracts steadily and have shown
4
4
Tftiwn 1
,
less hesitation in paying the prices asked. A substantial
gtv2.2g
86=gg0
business has already been booked in bleached goods, duck,
W >4 5aR
print cloths, etc., and first hands appear confident of the
g
future notwithstanding the comparative quietness in certain
finished lines. Among jobbing houses trade has been largely
of a filling-in character, although the aggregate of such sales
is reported as quite satisfactory; better weather, especially
in the early part of the week, caused an improved demand
from many quarters for seasonable lines, and buying for
fall needs has been of fair proportions. It is noteworthy
that second hands have shown less willingness to release
Ca
I. b.
ea
Co
Ca CA 060
00 " - .
goods. Export trade both with China and miscellaneous oo
Ca
c)
W. CA CD .4 Co
Co 4. 04 N CA
00
00 Ca Co CD co 4. •
Ca Co 4. Co Co
ports, has been quiet, and featureless. In the men's wear
light-weight fabrics for 09 04
market interest centers largely in
no
[a
.000.
4
4.4
"en 09 A
spring, 1910, and it is stated that numerous inquiries are "oo .
00
09 0000A-1
oo NM
O. 04.
.40400.4
bein received by leading manufacturers in advance of the to ON
.03 1.
6
official openings, and also that substantial orders are being 74, 1.0
Co
to 4>
to
CO
ea 0409
tendered at value. In dress goods re-orders for the coming
N.
04
ta
fall season have continued to be received and there has been 04 .4 .4
.1N
.4 V is is .4).'
CO
NW
V f4 "'04 00
considerable discussion of advances on further duplicate .4 NI en 00i.WO
10 A
. :Is iN4
C4
co
orders.
A
en "co 04 00 0.0 .4
0
0
CO
oo
is
.403
.4 0000.40009
4.0
09
DOMESTIC COTTON GOODS.
-The exports of cotton
W.
CAL
goods from this port for the week ending May 29 were 4,263
00 OWCWis
WN
00W
09 Co 6
04
- - .
04 00
10C
0000 .4.4NOW
packages, valued at $240,740, their destination being to the
03
WM
WO
00 .00000..Z0
00
OW 00WW4.
points specified in the table below:
-3
4
. :13.
.
,
o
.7
? 0, 666 0000
„3

1450

THE CHRONICLE

STAUE ;11\11)

'TY

DtPATITivttNie

The Thranicle,
PUBLISHED WEEKLY.

Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
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13 00
European Subscription six months (including postage)
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Subscription includes following Supplements
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INDUSTRIAL(quarterly) ELECTRIC RAILWAY(3 times yearly)
RAILWAY AND
BANKEhs'CONVENTION (yearly)
RAILWAY EAnsiNos(monthly)

AND CITY

Terms of Advertising-Per Inch Space
Transient matter per inch space(14linAs)times)
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Months
22 00
Three Months (13 times)
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Standing Business Cards
Six Mouths
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50 00
Twelve Months(52 times)
87 00
CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012.
-Edwards & Smith,1 Drapers' Gardens, E. C.
LONDON OFFICE
WILLIAM B. DANA COMPANY,Publishers,
P.0. Box 955. Front. Pine and Depeyster Sts.,
New York.

MUNICIPAL BOND SALES IN MAY.
The market for municipal bonds remains practically unchanged. Current transactions show that most of the cities
are floating 4% issues and obtaining fairly high premiums.
During the month of May the bonds sold reached a total of
$24,550,295, as compared with $25,280,431 for the same
month last year and $15,722,336 for May 1907. As we
have stated on numerous occasions, our table of sales consists
only of long-term loans made by States, cities, counties and
other minor divisions within the territorial limits of the
United States. The temporary loans negotiated during the
month aggregated $7,693,747. Sales made in May by places
located in the Dominion of Canada amounted to $8,631,682.
Over seven millions of this amount was contributed by the
provinces of New Brunswick, Ontario and Manitoba, and the
cities of Toronto, Ont., and Vancouver, B. C. The output
for each of these was $2,187,000, $1,150,000, $762,000,
$1,914,840 and $1,397,000 respectively. The city of Manila
floated $1,000,000 4s.
The following are some of the large issues included in our
May list: New York City, $1,560,000 3s and $111,000
4s sold to the sinking fund at par, Hudson County, N. J.,
4s, $1,000,000 sold on a basis of about 3.942% and $800,000
at par; Baltimore, Md., 4s, $1,750,000, on a basis of 3.76%;
Port of New Orleans, La., 5s, $1,750,000, at 101.227; Chicago, Ill., 4s, $1,500,000, on a basis of 3.914%; MemPhis,
4s, $1,000,000, on a basis of 4.09%;.New Orleans,
41
La., 4s, $1,000,000, at 94; State of Minnesota, 4s, $560,000,
at par, and Pittsburgh, Pa., 4s, $710,000, on a basis of
3.742%.
The number of municipalities emitting bonds and the
number of separate issues made during May 1909 were 225
and 294, respectively. This contrasts with 257 and 396 for
April 1909 and with 288 and 427 for May 1908.
For comparative purposes we add the following table
showing the aggregates for May and the five months for a
series of years:
Month of
For the
May.
Five Mos.
24,550,295 $141,398,116
1909
1908------- - 25,280,431 137,476,515
15,722,336
93,957,403
1907
14,895,937 80,651,623
1906
16,569,066
92,706,300
1905
55,110,016 '113,443,246
1904
62,649,815
14,846,227
1903
20,956,404
59,211,223
1902
47,754,962
14,562,340
1901

1900
1899
1898
1897
1896
1895
1894
1893
1892

Month of
For the
Five Mos.
may.
$9,623,264 $58,273,539
7,897,642
33,996,634
7,036,926
34,373,622
8,258,927
56,890,312
10,712,538
30,384,656
11,587,766
41,084,172
14,349,410
50,067,615
4,093,969
30,774,180
7,856,860
36,844,291

In the following table we give a list of May loans to the
amount of $24,550,295 issued by 225 municipalities. In the
case of each loan reference is made to the page in the
"Chronicle" where an account of the sale is given.
MAY BOND SALES.
Maturity.
Rate.
Page.
Name.
51910-1929
1453_ _Aberdeen Sch. Dist., Wash__ _ 4
1910-1913
6
1453__Adams County, Ind
1929
4
1453_ -Albert Lea, Minn
1911-1918
1384_ _Alexandria Sch. Dist. No. 1,La 5
1934
5
1453_ _ Alva, Okla. (3 issues)
51919-1929
1453 _ _ Alva School District, Okla_ __ _ 5
1453_ _ Amelia School District, Ohio__ 4) 1910-1919
1384_ _ American School District. Cal_
1267_ _ Anderson School City, Ind_ _ _ _ 33% 1911-1915
5
1927
1267 _Ashland, Ala
436 1910-1919
1329_ _ Ashtabula County, Ohio
4
1911-1930
1384_ _Auburn, N. Y
4
1914
1329_ _ Auburn, N. Y
436 1919-1938
1329_ _Avonmore, Pa
4
1954
1329_ _Baltimore, Md
4
1957
1329_ _Baltimore, Md
4
1957
1329_ _Baltimore, Md
4
1958
1329_ _Baltimore. Md




Amount.
$80,000
800
26,000
45,230
40,000
25,000
3,500
4,000
50,000
8,000
18,000
200,000
51,700
21,000
500,000
500,000
500,000
250,000

Price.
100
100
101
101.50
102.164
103.80
100
102.733
101.087
100
105,177

a

Lxxxviii.

Name.
Rate. Maturity. Amount.
Page.
Price.
1267_ _Barberton, Ohio (4 issues)____ 5
1910-1919
20,450 104.393
1384__Bay City, Mich
5 1912,'14&'17 100,000 102.781
1384_ _Benton Co. S. D. No. 13, Wash 5
1929
10,000 100
1330_ _13enton Co. S. D. No. 22, Wash 5
51919-1929
2,000 100
4
1267_ _ Bergen County, N. J
1914-1938
150,000 101.39
4
1330_ _Bethel, Conn
1939
40,000 100
4
1384_ _Boyd County, Ky
1929
15,000 102
1330_ _Bramwell, W. Va
1933
25,000 111.111
5
1330_ _Bronson Township, Ohio
1910-1920
5,500 104.181
1268_ _Brookville School Dist., Ohio_ 6
1913-1916
1,060 108.693
1330_ _Brunswick & Topsham Water
District, Me
4
1936
42,000 104.50
4
1453_ _Buffalo, N. Y
1910-1919
20,000 x100
43
1384_ _Canfield Township, Ohlo
1911-1930
25,000 104.028
1384. Canon City, Colo
100,000
1929
1384_ _Canton School District, Ohio__ 4
34,000 102.177
5
1939
1268_ _Cape May, N J
50,000 103.375
1453...Carter County, Okla
385,000 105.847
1019
_Cedar Rapids Ind. S. D.,Ia-_ 4
1454_
60,000 100.508
436 51929-1949
1384__Charlotte County, Va
40,000 102
1014-1923
1268_ _Chaska Ind, Sch. Dist., Minn.. 4
12,000 100
436
Township, Ohio
1384_ _Chatfield
13,000 105.276
436
1939
125,000 106.53
1268_ _ Chattanooga, Tenn
4
1,500,000 100.77
1385_ _Chicago, Ill
4,000 100.125
1330_ _Claremont Ind. S. D., So. Dak. 536 1914601916
35,000 100
1385_ _Clarke Co. S. D. No. 77, Wash_ 43 51910-1929
5
51919-1939
11,000 103.045
1268_ _Clay Center, Kans
25,000 106.148
1454_ _Cleveland Heights Sch. D., 0_ 436 1920-1932
•
5
55,000 x100
1454.. _Cleveland, Ohio
1929
5,000
1268 Clover Leaf Township, Minn__ 6
100,000
1385_ _Cortiandt S. D. No. 7, N. Y_ 44.10
50,000
13.95
1910-1016
7,000 100.714
1268_ _Coshocton School District, 0._ 4
35,000 106
5
1210_ _Cudahy, Wis
59,000 107.95
5, 51929-1939
1385 ..Curry County, N. Mex
„
158,002
436
1210_ _Cuyahoga Co., 0.(6 Issues)
15,915 103.33
436 1910-1919
1268_ _Cuyahoga County, Ohio
94,500 102.631
436 1910-1919
1268_ _Cuyahoga County, Ohio
62,379 100
1331_ _Daviess County, Ind
60,000 100.393
336 1910-1929
1331_ _Dedham, Mass
130,000 100
1914-1923
1385_ _Des Moines School Dist., la_ _ _ 4
3,500 100
6
1924
1385_ _Dieter, Minn
30,000 100.125
1210__Dinwiddie Co., Va. (2 issues).. 43.1 51919-1939
35,000 100
5
1929
1268_ _Durant School District, Okla
2,000
4
1912-1915
1454_ _Eaton, Ohio
10,000 102.09
436 1910-1916
1331_ _ Eden Township, Ohio
1,400 104.49
5
1910-1919
1269_ _Elmore, Ohio
275,000 100
51919-19 19
,
1385_ _El Paso Co., Tex. (2 issues) _ _ _ 4
43. 51919-1929
25,000 101.61
1454_ _Emporia Sch. Dist., Kan
4
1939
75,000 100.17
1331_ _Englewood, N. J
175,000 100
1454.._Ensley, Ala
4
1924-1935
120,000 101.91
1454_ _Erie County, N Y
5
1911-1919
1269_ _Fillmore School District, Cal
9,000 104.122
436
1929
5,000 100
1454_ _Fort Dodge, Iowa
1929
33,000 104.196
1331_ _Fort Scott School Dist., ICans. 434
51929-1949
125,000
1269_ _Gaffney, So. Caro
51920-1949
168,000 100
1455_ _Galveston, Tex
30,000
1331_ _Garrick School District, Pa.. _ _ 436
436
1924
10,000 y103
1331_ _Gladwin County, Mich
Ill.__ 43-1
13,000 y103.01
1269.. _Glen Ellyn School Dist.,
4
1924-1933
5,000 100
1386_ _Glen Ridge, N. J
4
1910-1919
50,000 103.176
1386__Gioucester, Mass
5
1910-1919
20,000 104.625
1269_ _Grafton Township, Ohio
1922-1927
6,000 108.88
1455_ _Greenburgh S. D. No. 8, N. Y.. 5
436
25,000
1386_ _Greenfield, Iowa
1916
14,000 100.02
1210_ _Greenfield, Mass. (2 issues)- - - 351
5
1914-1923
20,000 101.775
1331.. _Greenville, No. Caro
436
25,000 102.63
1269_ _Greenville County, So. Caro
191S- 1929
39
32,000
1269_ _Gum Ridge Drain. Dist., Miss. 6
436
1929
130g gig y105.35
:
1210_ _Hamilton County, Tenn
51914-1949
2
1269_ _Hamlin. Tex
5
1949
100,000 106.077
1269.. _Harnoton, Va
5
19,535 100.859
1269_ _Hardin County, Ohio
4
51919-1949
10,000 100
1269_ _Harris County, Tex
1939
60,000 100
1386_ _Hartford,Conn-Northeast,S.D 4
1914-1938
15,000 101.006
1455 __Hawkinsville, Ga-5
1934
45-1
25,000 100.30
1455_ _Hays School District, Pa
436 51914-1929
30,000 100.081
1270__Hickman County, Tenn
5
1919-1940
75.000
1386„Hidalgo County, Tex
43.1 1910-1934
50,000 100.422
1455_ _Holland, Mich
5
51929-1949
2,000 101
1386_ _Honey Grove, Tex
4
51919-1949
16,000 100
1270__Hood County, Tex
4
1959
1,000.000 100.129
1211 Hudson County, N J
1949
4
800,000 100
1211_ _Hudson County, N J
1016-1929
50,000 111.15
1331_ _ Imperial High Sch. Dist., Cal.. 6
336 1939&1940
75,000 100
1270_ _Indlanapolls, Ind
4
51914-1929
250.000 y100.25
County, Mo
1332_ _Jackson
436 51919-1949
202,000 100
1386_ _Jefferson County, Tex
1929
158,969 103.52
436
1386_ _ Kansas City, Kans
12,629
436
y,
1386_ _Kansas
5
25,000 106.20
1270_ _Kimball Township, Mich
51911-1919
1,800 100
5
1332_ _ King Co. S. D. No. 33, Wash
1949
16,000 100
1386_ _Knox Clty Ind. Sch. Dist., Tex 5
15,170
1910-1919
5
,
1270_ _Lakewood, Ohio
1,470
1910-1914
5
1270.. _Lakewood, Ohio
1919-1923
50,000 100.52
1386_ _Lansing School District, Mich_ 4
30,000 104
5
1270_ _Laurel. Miss. (3 issues)
30,000 103.083
1332_ _Laurinburg Sch. Dist.,No.Caro 5
14,000 102.946
4
1270 __Lawrence, Mass
1910-1919
130,000 100.23
3
1386...Lawrence. Mass
1929
5
18,000 103.333
School District, Okla
1332.. _Lehigh
8,000 103.637
436 1911-1926
1332_ _Lenox Township, Ohio
5
40,000
1387 __Liberty School District, Mo_
17,000 105.881
1270_ _Liverpool Township, Ohio.. • 436 1922-1939
436 1915-1929
60,000 106.78
1270_ _Lucas County, Ohio
5
1910-1949
75,000 109.80
1387_ _Madera, Cal. (2 Issues)
454 51924-1929
16,000 101.312
1332_ _Madison, So. Dak
1939
331 1010.1919
20,000 103.86
1387_ _Maiden, Mass
1939
334
20,000 103.80
1387_ _Malden, Mass
336
10,000 100.27
1387_ _Malden, Mass
103.600
1270_ _Mansfield, Ohio (10 issues) _ _ _
1939
5
110,000 108.24
1456 _Marietta, Ga. (2 issues)
5
18,000
1156_ _Marinette, Wis
6,500
1332 _Marks. Miss
20,000
12 11_ _Marshall, No. Caro
1929
7,000 101
1337_ _Mayesville S. D. No. 18,S. C__ 5
5
75,000 103.2611
1270_ _Mayfield, Ky
5
1911-1917
3,500 104.405
1332_ _Medina, Ohio
431
1959
1,000,000 104.17
1387_ _Memphls, Tenn
1922
1339_ _Midland School District, Mich_ 43i
4
1910-1929 3
1332-Milwaukee, Wis
4
1913-1915
560,000 100
1270. _Minnesota
4
51919-1929
50,000 y100
1332_ _Mitchell, So. Dak
2,433 103.29
1332_ _Monroe Twp. Sch. Dist., Ohio. 5
4
1939
1270„Montclair, N. J
24,500
5
1 y ssog 1 2.71
: 0
1332_ _Montgomery, Ala
436 51919-1039
1333_ _Mt. Pleasant, Pa.(2 issues)
4
1950-1955
1332_ _Mt. Vernon, N.
4
51915-1919
1387_ _Muncie School City, Ind
5
449,000 105.678
1456_ _Muskogee County, Okla
1910-1929
25,000 100
1333 _ Nashwauk, Minn
.
4
1929
100,000 loo
1387_ _Newark, N. J
4
1948
215,0001 100.13
1388_ _New Britain, Conn
4
1939
1388_ _New Britain, Conn'
153,000f
4
1910-1919
8,605 101.147
1270_ _ Newburgh, N. Y
4
1910-1919
5,500 101.259
1270_ _Newburgh. N.
4
51028-1942 1,000,000
1388 __New Orleans, La
94
5 (
/1911-1914
1388..
32,500
.New Orleans, La
3
1958
1456_ _New York City (3 issues)
1,560,0001x100
4
1958
1456_ _ New York City
111,000J
20,000 101.262
1333_ _Northampton,
_
431 1910-1910
29,000 101.234
1212_ _ North Tonawanda, N. x
5
1009-1928
57,000, 101.754
388_ _Norway, MIch
109.61
436
1934
13,500
271_ _Norwood, Ohio
43-1 1910-1919
2,659 102.331
1271_Norwood, Ohio

1g:333 18?:gg

1A2:333 131:3g5

JUNE 51909.1

THE CHRONICLE

Name.
Page.
Rate. Maturity. Amount. Price.
1333_ _Oakland, Md
1911-1955 $45,000 106.001
5
1388_ _Oneida County, N. I'
150,000 100.313
1911-1920
4
1919-1929
1212_ _Orchard Mesa Irrig. Dist., Colo 6
60,000
95
1388_ _Painesville, Ohio
9,000 101.627
1924-1926
4
1271_ _Panola County, Tex
15,000 100
a1919-1949
4
1388_ _Paris, Tenn
40,000
1388_ _Paris, Tex.(5 issues)
65,000
4 M d1919-1959
1333_ _Parnassus, Pa
20,000 100.425
4.40
1388_ _Park Rapids Independent Sch.
District No. 1, Minn
32,000 100
1924
4
1271_ _Patton Public Sch. Dist., Pa_ 4 M d1919-1939
12,000 101.112
1456_ _Perinton Un. Fr. Sch. Dist.
No. 9, N Y
6,000 100
4.40 1910-1919
1271_ _Phillipsburg, N. J
52,000 100.50
4
1333 _ _Piqua, Ohio
65,000 102.41
1929
4
710,000 103.016
1333_ _Pittsburgh, Pa.(3 issues)
1910-1939
4
1333.. _Plain City School District, 0_ _ 4 M 1924-1934
5,500 106.30
1388_ _Plainville S. D. No. 7, Ohio
12,000 100.125
1919&1929
4
1333_ _Plymouth, Mass
53,000 100.41
3)
1457_ _Portland, Ore
100,653
6
1,750,000 101.227
1271_ _Port of New Orleans, La
5
1213_ _Providence, R. I
300,000 z100
1939
3%
1334_ _Quincy, Mass
30,000 102.039
3M
75,000 100
1334_ _Rahway, N. J
1959
4
1334_ _Redwood County. Minn
70,000 100.506
1914-1918
43
35,000
1334_ _Reno, Nev
6
30,000 101.50
1910-1924
1334_ _Rensselaer County, N Y
4
100,000 104.27
1939
1271_ _Rochester, N. Y
4
30,000 102.416
1919
1334_ _Rockwell City Ind. S. D., Iowa 43
10,000
d1919-1929
1389_ _Rolla School District, Mo
5
3,000 101.566
1334_ _Salem Two. Sch. Dist., Ohio_ 4 M 1910-1914
45,000 100
d1928-1948
5
1458_ _San Antonio, Tex
45,000 104.527
1271_ _San Diego School District, Cal_ 4% 1921-1929
22.000 100.79
1916
1389_ _Sandusky, Ohio (3 issues) _ .. _ _ 4
5,000
d1919-1049
5
1458_ _San Marcos, Tex
15,000 100
1458 _Santa Cruz County. Cal
_Santa
11,500 102.173
5 1919,'24&'29
1213_ _Selby, So. Dak
1916-1920
4
5,525 100.126
1389_ _Shelby, Ohio
1910-1919
5
5,000 104.55
1213_ _Sherman Township, Ohio
d1924-1939
5
6,000 100
1334_ _Shiro Ind. S. D. No. 30, Tex
5
30,000 100
1334_ _Sierra Madre, Cal
5A
5,000
1272_ _Silver Lake, Minn
67,950 101.42
1390_ _South Omaha, Neb.(3 issues).. 5
1929
400,000 105.668
1272_ _Spokane S. D. No. 81, Wash__ 4 M
4
1938
225,000 102.819
1335 Stamford, Conn. (Town)
4
1934
35,000 102.78
1390_ _Stamford, Conn. (City)
5
1919-1949
20,000
1390_ _Stamford, Tex
43 d1919-1929 219,500 102.039
1335_ _Stevens County, Wash
1335_ _Syracuse, N. Y
4
1929-1940 300,000 104.38
1335_ _Taunton, Mass
20,000 103.87
1938
33
1335_ _Taunton, Mass
4
10,000 110.51
1928
1390_ _Teaneck Township S. D., N. J.. 5
1910-1939
30,000 107.477
_Toledo,
1214 _Toledo, Ohio
1924
4
55,000 102.027
1335_ _Tomah, Wis
5
20.580 107.774
_Torrington, Conn
1335_
4
1929
150,000 100.30
1272_ _Troy. N. Y.(2 issues)
4
1910-1929
170,000 101.47
1272_ _Tulsa, Okla
5
65,000 103.269
1929
1391_ _Union County, N. Mex
6
1928
15,000
1459__Union County, Ohio
48,000 105.30
5
1391_ _Utica, N. Y.(4 Issues)
1910-1929
88,0001 100.92
4
1391_ t ca, N. V
4% 1910-1915
20,260J
1391__Vancouver Sch. Dist., Wash_ 43.
35,000 100
1335_ _Vermilion School Dist., Ohlo.._ 4
7,000 100.30
1335_ _Vernon Township, Ohio
17,000 100.588
4
1335_ _Vigo County,Ind
20,000 111.05
1929
4.
_Wagoner County, Okla
1391_
4. 1929&1934 250,000 101.12
1214_ _Wakelon Graded & High Sch.
District, No. Caro
10,000 107.355
1939
6
1392_ _Waller County, Tex
18,000
4
1335_ _Watertown, So. Dak
15,000 102.466
4 M 1910-1929
1335_ _Watertown Ind. S. D., So.Dak 43
1910-1929
30,000 101.416
1335_ _Watertown Ind. S. D.,So. Dak 43
10,000 102.01
1910-1929
1335_ _ Wealthwood, Minn
6,500 100
1910-1922
1272_ _Wells Township Sch. Dist., 0_ 5
10,00010 4.75
1910-1919
1459_ _West Carthage, N Y
30,000 106.666
4
1215_ White Plains, Isl. Y
White
27,000 100.696
1939
4,
1215_ _White Plains, N. Y
1934
4
12,000 100.729
1392_ _Wilkes-Barre, Pa
13,000 100
d1910-1914
5
1336_ _Winfield, Kens
4 M 1919-1939
65,000 y100
1336_ _Winters Joint Un. U.S. D.,Cal 5
1910-1924
30,000 100
1215_ _Woodbury, N.J
4 M 1947-1956
20,000 106.317
1273 __Wood County, Ohio
1909-1914
5
50,000 102 168
1216_ _Wyandot County, Ohio
1910-1914
5
23,000 102.76
1216_ _Wyandot County, Ohio
1910-1914
5
14,000 102.366
1216_ _Wyandot County. Ohio
1910-1914
5
11,000 102.366
1273_ _Wyoming, Ohio
1939
4
2.,500 102.51
1392_ _Yakima Co. S. D. No. 54aVash 4 A d1910-1929
30,000 100
.
1336_ _Yonkers, N Y
4
1910-1949
4
1338_ _Yonkers, N V
1910-1929
50,00065,000} 100.17
4
1910-1929
1336.. _ Yonkers, N Y
65,000
5
YoungStown,
1273_ Youngstown, Ohio
1910-1914
5,000 103.02
5
1910-1914
1273_ _Youngstown, Ohio
5,000 103.02
5
1910-1914
1273_ _Youngstown, Ohio
22,000 103.045
Total bond sales for May 1909 (225 municipalities
covering 294 separate issues)
k$24,550,295
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including $7,693,747 of temporary loans reported, and which do not belong in the list. z Taken by
sinking fund as an investment. y And other considerations.
BONDS OF AMERICAN POSSESSIONS.
Rate. Maturity. Amount.
Name.
Price.
Page.
1267...Manila, Philippine Islands..__ 4
d1918-1938$1,000,000 102.28
BONDS SOLD BY CANADIAN MUNICIPALITIES.
Name.
Rate. Maturity. Amount.
Page.
Price.
1929
1460_ _ Adamston School District_ _ .. 5 M
$4,000
1939
4
1460__ Amherst, N. S
50,000
1336_ Berlin. Ont.(2 issues)
1910-1939
5
48,000
1274_ _Blenheim, Ont
5
3,465
1336_ _Bloomfield, Ont
4Y 1910-1929
8,000 102.35
1336_ Howell School District, Sask
1919
54
1,000
1392_ Brandon, Man
1939
4M
50,000
1392....Brandon, Man
1939
5
47,000
1274...Brownlee Village, Sask
1924
4,000
6
1392_ _Carberry. Man
1910-1929
5
8,000
1337.. _Chilliwack Township, B. C
1919
.6
7,000
_Cliffe School District. Sask ___ 5$4
1460_
1919
1,100
1460_ _Dauphin S. D. No. 905, Man.._ 5
1910-1929
60,000
1460_ _Durham
1929
4$4
11,000
1392..- Eagleton School District, Man.. 6
1910-1929
3,500
1337 _Essex, Ont
5
1,746 101.705
1460_ _Estevan, Sask
1939
23,000
1924
1274.... Eyebrow Village, Sask
6
4,000
1910-1939
1337_ _Fort Frances, Ont
5
9,000
1939
1481_ _Fort Frances, Ont
5
25,000
1392....Govan, Sask
1924
6
4,000
6
1919
1392 Granum, Alberta
2,000 103.168
1461_ _Gravenhurst, Ont
5
1939
20,000
1461_ _Greenfield School District..__. 6
3,500
1461 _ _Hamilton, Ont. (5 issues)
4
377,000
99.11
1274_ _Hartney, Man
0
5,000 100
5M
1274_ _Highgate, Sask
1,300
1337_ _Huron Township, Ont
1910-1914
5
3,500
6
1337_ _Indian Head, Sask
1924
750,
6
1274_ Irvine, Alta_
Irvine,
7,000
1929
7
1216_ _Killarney, Man
2,000 107
1910-1919
1337_ _Kingsland S. D. No.2111,Sask 6
1910-1919
2,000 105
1616
5M
1274_ _Liberty School District, Sask
2,000
6
1274.. _Linton School District, Sask
1,000
1919
1337_ _Louisville School District, Ont. 5 M
1,000
1337_ _Luck Lake Sch. Dist., Sask__ _ 6
1910-1919
1,200
._
5
1910-1929
1337_ _Magrath, Alta
10,000




1451

Page.
Name.
Rate. Mattirity. Amount. Price.
1393_ _Maidstone, Sask
1910-1918
8
$900 114.444
1337_ _Manitoba (4 issues)
1949
762,000
4
99.51
1461_ _Melfort, Sask
8
3,600
1929
1393 _Melville, Sask
1924
12,500 102.50
5$4
1274_ _Milton, Ont
10,000
1919
5
1461 _Moncton. N B
_Moncton.
55,270
1949
4
1461_ _Mount Victory Sch.Dist. Sask. 63
,
1,600
1217_ _New Brunswick (Province of).. 4
2,187,000
1338_ North Battieford, Sask
1910-1919
5
10,000
1461 _Norwich, Ont
_Norwich,
1910-1919
5
6,350
1338.. _Ontario
1,150,000 100
1939
4
1275 _Pembroke, Ont
_Pembroke,
1919
14,495
4$4
1338_ _Pleasant Valley, Man
1,000
1910-1919
6
1393....Raymond School Dist., Alta
20,000
1910-1939
6
1275_ _Red Deer, Sask. (2 issues).
1929
3,600
1393_ Rochester Township, Ont
1910-1919
5
2,000
1393_ _Rochester Township, Ont
1910-1919
6
2,240
1338_ _Romney Township, Ont
1910-1924
11,021
5
1393_ _Rusylvia S. D. No. 1913, Alta_ 5$4
1,402 100
1461 _ _Sackville N. S
1927-1929
15,000
4
1275_ _St. Thomas, Ont
72,086 103.86
4$4
1461 _Sarnia, Ont. (5 issues)
5
25,654
1393....Springer Township, Ont
3,500
1910-1929
5
1275__Stavely, Alta
2.000
1910-1919
6
--1338_ _Sydney Mines, N. S
25,000
1929
4$4
1461 _Toronto, Ont
_Toronto,
1,914,840 100
1217.. _ Valleylield, Qua
32,000
1933
5
1461_ _Vancouver, B. C. (9 issues) _ _ 4
1,397,000
98.26
1217_ _Wasteena S. D. No. 2231,Sask. 6
1919
1,000 100
1338_ _Watson. Sask
1910-1924
2,000
6
1275_ _Welland, Ont
44,242
4$4
1461_ _Wetaskiwin, Alta
4,680
6
1275_ _Windsor, Ont
5
9,0001 104.585
1929
1275_ Windsor, Ont
5
1919
6,6415
Total

$8.631,682

REVISED TOTALS FOR PREVIOUS MONTHS.

The following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Page.
Name of Municipality.
Amount.
1387...Mt. Pleasant Sch. Dist. No. 9, N. Y.(2 issues, March list)_$60,000
1272_ Willits, Cal. (February list)
30,000

We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate. Maturity. Amount.
1288 _Chicago, Ill.-Ridge Park Dist. 5
_Chicago,
1929
$18,500
1330_ _College Hill, Pa
5
1914-1935
11,000
1268_ _El Centro, Cal
5
1909-1918
20,000
1331_ _Greene Co. Ark.(2 issues) _ _ _ _ 6
1919-1928
70,000
1332_ _Kansas (16 issues)
'
124,265
1332_ Kasson, Minn. (March)
1914-1919
6
6,000
108E _Logansport School City, Ind__ 4
d1919-1929
40,000
121L _Oak Park School District, Cal_ 6
2,000
1333_ _Oklahoma City, Okla
5
1934
885,000
1271_ _Potter Co.; So. Dak. (March).. 5
1914-1929
50.000
1334_ _Salina, Utah
6
1929
8,800
1389_ _Seneca County, Ohio
1918
17,500
4$4
1083 __Sheboygan, Wis
4
120.000
1334....Sparta, Tenn. (March)
5
1914-1928
15,000
176_ _Springfield, Mass. (January) _ _ 3$4 1912-1938 1,080,000
1272...Union County. N. Mex
6
30,000
1272_ _Valley City, No. Dak
5 1919,'24&'29
18,000
1272_ _ Willits, Cal
30.000
4$4 1910-1939
1273_ _Wilmington, Cal
5
1921-1948
70,000

Price.
100
100
100
103.30
102
113.357
103.488
100
102.19
103.583
102.37
101.375

All the above sales (except as indicated) are for April.
These additional April issues will make the total sales
(not including temporary loans) for that month $37,034,702.

News Items.
Cincinnati, Ohio.
-Litigation.
--On May 29 City Solicitor
Ballard brought suit in the Common Pleas Court to restrain
the issuance of the $1,000,000 bonds for park and boulevard
purposes. The ordinance providing for the bonds was
recently passed by Council and signed by the Vice-Mayor.
It is maintained that at the election held May 11 the bond
proposition did not carry because it did not receive a twothirds vote as required under the referendum election laws.
Graymont (P. 0. Birmingham), Ala.
-Bonds Declared
-The Montgomery "Advertiser" contains the folInvalid.
lowing in its issue of May 21 concerning the decision of the
State Supreme Court declaring invalid the school and sanitary-sewer 5% 20-year bonds sold last February. V.
88, p. 959.
For having hurried too much with an election for the issuance of school
and sanitary sewer bonds in February 1909, the city of Graymont, Jefferson
County, wasted its energy and money, as the Supreme Court of Alabama
yesterday decided with the Jefferson Chancery Court that the election was
void. The ordinance passed by the Graymont Council calling for the
election was contrary to the Code regulating the holding of elections in
municipalities of Alabama. The provision violated was that which says
that no election shall be held within two years of an election for the same
purposes.
It seems that on July 27 1908 Graymont voters held an election at which
a bond issue of $20,000 for "acquiring sites and building school-houses
thereon and equtpping the same" was carried by a decisive vote. Also at
the same time and by authority of a smillar ordinance an issue carried on
that date in the sum of $10 000 for the construction of sanitary sewers.
Finding that the bonds authorized and executed after that election were
insufficient, the Graymont authorities set about to supplement the funds,
ordering an election for February this year much less th,n m e year after
the other election for like purposes; and, erring thereby, they could not
realize on the issue, for tile reason that W. P. Stott, a tax-payer, got an
injunction in the Jefferson Chancery Court to prevent the execution and
sale of the bonds. The decree granting the injunction was affirmed.

Hidalgo County Drainage District No. 1, Tex.
-Litigation.
-Suit has been started in the State Supreme Court to test
the validity of an issue of $176,000 drainage bonds which the
Attorney-General's Department recently refused to approve.
Papers state that the case has been set down for hearing
June 9.
-Amendment to Act Relating to Exemption from
Maine.
Taxation.
-The Legislature of this State passed an Act,
which we give in full below, exempting from taxation all
bonds issued after Feb. 1 1909 by the State or any county,
municipality, village corporation or water district therein.
Banks and trust companies holding such bonds are allowed
to deduct the same from the assessment of their shares.

1452

THE CHRONICLE

[VOL. Lxxxvm.

expense necessary to be incurred for the construction of said railroad
and for property to be acquired for such construction and for the operation
of said railroad, together with a statement which shall show (1) the proportion of said cost and expense, stating the amount thereof in money'
which in the opinion of said Commission should be assessed upon the property benefited; (2) the boundaries of the district or districts in said city
upon which an assessment or assessments aggregating said amount should
in the opinion of the Commission be levied, and (3) the amount so to be
levied in every such district. Thereupon the Public Service Commission,
with the approval of the board of estimate and apportionment, or other
such local authority of said city, shall have power to, and, if in their judgment the interest of the public so require, they shall after publishing a
notice at least one week in advance in the City Record, and in such other
newspapers published in said city as said board of estimate and apportionment, or other local authority, shall designate as sufficient, stating the
time, place and subjects to be considered, and after a joint hearing pursuant to such notice by and before said Commission and said Board or other
authority, which may be adjourned from time to time, fix and determine
the boundaries of the district or districts upon which said assessment or
assedsments shall be levied, the whole amount or proportion of any such
cost and expense to be assessed upon proporty benefited by said improvement and the amount or proportion of such whole assessment to be levied
in said district or districts respectively benefited by said improvement,
and the decision of said Public Service Commission, approved by the said
board of estimate and apportionment or other such local authority, shall
be final as to each matter so fixed and determined.
5. The Public Service Commission shall thereupon certify to the board
of assessors, or other analogous authority of such city having power to
levy assessments for local improvements in said city, the amount or
amounts of such cost and expense so directed to be assessed upon property
benefited in each such district, and said board of assessors, or other such
body, shall thereupon proceed forthwith in the matter provided by law for
levying assessments for local improvements in said city, save as otherwise
herein specified, to levy and assess said amount or amounts upon the real
property within said district or districts benefited thereby in proportion
to the amount of such benefit, and shall not be limited in the levying of
said assessment or assessments to one-half of the fair value of any house
or lot or improved or unimproved lands.
6. The entire amount or amounts from time to time so assessed against
any property benefited shall after confirmation and entry of each such
assessment, with interest thereon at six per centum per annum, after sixty
days from the entry of the same,as in the case of other assessments for local
improvements levied in said city, be a lien upon the said property, but
every separate assessment shall as to the payment thereof be so distributed
that the payment of the amount so assessed, with interest,shall as to each
parcel of property be made as follows, namely: one-tenth thereof within
sixty days from the date of said entry and the other nine-tenths of such
assessment in nine installments as nearly equal in amount as may be, with
said interest, in one, two, three, four, five, six, seven, eight and nine
years,respectively, from the date of entry of such assessment, but all installments not due may be paid at any time with interest to the dale of
payment. Provided, however, that if any such Installments and interest
thereon be not so paid within three years after such installment shall be
d le as aforesaid, the parcel so assessed or the tax lien thereon shall be
subject to advertisement and sale for the whole assessment then remaining
at the end of three years unpaid, in the same manner as may be provided
In the case of assessments for local improvements levied In said city.
7. In order to provide funds to meet the cost and expense of construction
of said railroad and of acquiring any property necessary for such conrailroad
Future Issues of Municipal struction or operation of said or other in advance of the collection of such
Michigan.—Act Exempting
chief financial officer of such city
assessments, the comptroller
Bonds from Taxation.—Prior to its adjournment on May 20 shall in addition to power to issue assessment bonds under the procharter of such
State passed the following Act, which visions of any law or such assessment city have also additional authority
the Legislature of this
bonds under said law or charter to
lieu of issuing any
exempts from taxation bonds hereafter issued by any in and sell at not less than par on or after the date when any such asesssIssue
which shall be
village or school district in the State meat shall be confirmed and entered, bondsdesignated as known as rapid
county, township, city,
aforesaid. Such
transit assessment bonds for the railroad
of Michigan:
rapid transit assessment bonds shall not be issued or sold upon the faith
of the city shall not be pledged
An Act to Exempt from Taxation Bonds Hereafter Issued by any County, or credit of the city and the faith and credit of any thereof, but such
payment
bonds
nor shall the city be liable for the
Township, City, Village or School District within the State of
Michigan.
shall be payable only out of the moneys derived from the collection of such
assessments as the same shall be paid in. Such bonds shall be in such
The People of the State of Michigan enact:
other financial officer shall designate and
Section 1. All bonds hereafter issued by any county, township, city, form as the said comptroller or
ten years and bear such rate of interest
village or school district within the State of Michigan pursuant to statute shall be payable at not more than annum as the comptroller may fix, and
not exceeding six per centum per
are hereby exempted from all taxation.
State purposes, shall be receivSection 2. All Acts and parts of Acts inconsistent herewith are hereby shall be exempt from all taxation except for or installments
thereof, and
Approved May 13 1909.
able in payment of any such assessments
repealed.
In selling such rapid
after one year.
may be made redeemable
may
New York City.—.Assessment of Real Estate for the Con- transit assessment bonds the comptrollerhim by the terms of sale
therefor shall be made
payment
struction of Rapid Transit Railroads.—In our "General or otherwise prescribe thatany thereof to
shall be allotted in installments
by the purchaser to whom
Investment News" last week, we made mention of the fact from time to time as the comptroller shall call for the same, and may
for forfeiture
that the Governor had signed the Travis-Robinson bill, which providemade thereon of the right to such bonds so allotted and any payments
by the purchaser for non-payment of any such inmakes possible the construction of additional subways in stallment as so required. The comptroller may require such installments
capital or by the city. The bill to be paid as the needs of the construction of said railroad, as certified to
this city either by private
shall in his judgment require. The moneys
him by the
also contains other features, namely, the assessment of derived from Commission,any bonds issued by said comptroller or chief
the sale of
any
issuance of assessment bonds, which should financial officer In advance of the collection ofsuch such assessments and
real estate and
assessments shall be
the
from the collection of
be mentioned in this Department. Under the Act just kept moneys derived apart from all other funds of the said city and
separate and
and the
passed the city is granted the authority to assess such pro- shall be known as the subway construction fund of such railroad,the contoward the cost and expense of
same shall be applied only
perty as, in the opinion of the Public Service Commission, struction of such railroad to oracquiring of property necessary for the
and
and
is benefited by the construction of any rapid transit railroad. construction and operation of the same as aforesaid, said to the retirement
said bonds issued in advance of the collection of
The Act allows the city "to levy and assess said amount or of8. Whenever the Public Service Commission, with the assessments. the
approval of
or
amounts upon the real property within said district or dis- board of estimate and apportionment the other analogous local authority
cost and expense of construction
of such city shall have determined that
tricts benefited thereby in proportion to the amount of such of any railroad and acquisition of property for said railroad or any part
benefit, and shall not be limited in the levying of said assess- of such cost and expense shall be assessed as aforesaid upon property
have been confirmed
benefited,
ment or assessments to one-half of the fair value of any entered in and the assessment therefor shall section, no contract forand
the
pursuance of the provisions of this
house or lot or improved or unimproved lands." In order construction of such railroad shall be made until the board of estimate
or such other local authority shall have consented
to provide funds in anticipation of the collection of such and apportionment
limit to the amount of city bonds, if any,avallable
thereto
assessments, the city may issue assessment bonds as they for the and prescribed! a contract as herelnbefore provided and also until
purposes of said
bonds issued by
other improvements, or may, under ad- assessment bonds or rapid transit assessment advance of the the compare now issued for
collection of
troller under the provisions of this section in
ditional authority conferred upon them in the Act, issue such assessment shall have been sold sufficient in amount when paid for
what is to be known as rapid transit assessment bonds. Time to cover the proportion of the said cost and expense payable from assessfor the construction of any such
Such contract
ments levied
Act states that in the latter case the faith and credit of the railroad shallas aforesaid. any sums of money payable thereunder to the
provide that
shall be made
city shall not be pledged for the payment of the bonds, but contractor for or on account of construction of said roadany, by said only
appropriation, if
board
derived from
such bonds shall be payable only out of the moneys derived from the moneysapportionment said
or other local authority of said city and
and
of estimate
and interest
from the collection of the assessments as the same are paid from the collection of such assessmentsthe collection ofthereon or bonds
of
said assessments,
issued and sold as
in. The bonds may bear interest at not exceeding 6% and and that the city aforesaid in advance any such contractor for any sum
shall not be liable to
shall be exempt from all taxation except for State purposes. or sums so payable under said contract for or on account of construction
the extent of the appropriation, if any, made
They shall be payable in not more than ten years and may of said railroad except tosaid board of estimate and apportionment or
therefor as aforesaid by
be made redeemable after one year. We print below that other such local authority.
9. In case the whole assessment so made hereunder or the money collected
portion of the Act which deals with the matters we refer to
shall be in excess of the amount necessary to pay the said cost and expense
above:
or portion thereof for which such assessment is levied and assessed under
.
3. A rapid transit railroad to be owned by the city,audio, i,tie construction the provisions of this section, the board of estimate and apportionment
power whenever the said cost and
of which with public money in whole or in part a contract or contracts are or other such local authority shall have bonds Issued in
advancefof the
authorized to be entered into as aforesaid, shall be a local improvement. the expense or •portion thereof and all paid or whenever the
accumulaapproval of the board of estimate collection of such assessment have been
The Public Service Commission, with the
and apportionment, or other such local authority, shall have power to tions of the said subway construction fund of such railroad are sufficient
determine whether all or any, and if any what, portion of the cost and In its judgment to pay the said cost and expense or portion ther of and said
expense necessary to be incurred for the construction of said road and for bonds, to cancel any installment of such assessment not then d e; and any
property to be acquired for such constniction and for the operation of such excess of moneys then or thereafter derived from collection of such
said road shall be assessed upon property benefited thereby, and such assessments when ascertained and determined shall be apportioned, if
assessment or assessments shall be laid and confirmed and collected in necessary, between the several districts of assessment in the same proaccordance with and shall be in all respects subject to the provisions of the portion as such whole assessment was apportioned and shall be applied
charter and laws respecting the levying, confirming and collection of to or towards the reduction of any assessment at that thne unpaid or shall
assessments for local improvements In such city, and In the City of New be paid fo the person or persons entitled thereto In proportion to the total
York,in accordance with and subject to the provisions of chapter seventeen amount assessed in such district or districtS.
of the Greater New York charter, except as otherwise hereinafter provided.
Raleigh, No. Oaro.—Bonds Declared Valid by State Supreme
4. At any time after the consents have been obtained for any such
rapid transit railroad and the detailed plans and specifications therefor Court.—On May 5 the State Supreme Court, Justice 13rown
and directed, the Public
have been prepared as hereinbefore authorized
writing the opinion, sustained the validity of the $125,000
Service Commission may transmit to said board of estimate and apportionment, or other local authority of such city; an estimate of the cost and municipal-building bonds, mention of which was made in

CHAPTER 49.
An Act to Exempt Certain Public Bonds from Taxation.
Section 1. All bonds issued after the first day of February 1909 by the
State of Maine, or any county, municipality, village corporation or water
district therein, shall be exempt from taxation.
Section 2. Section 54 of Chapter 8 of the Revised Statutes is hereby
amended by adding after the word "bonds," in the sixth line thereof, the
words "all bonds issued after the first day of February 1909 by the State
of Maine, or any county, municipality, village corporation or water district
therein," so that said section as amended shall read as follows:
"Section 54. The Board of State Assessors shall thereupon determine
the values of the several franchises of the said banks and institutions according to the following rule: from the average amount of deposits, reserve
fund and undivided profits so returned by each bank or institution there
shall in each case be deducted an amount equal to the value so determined
of United States bonds, all bonds issued after the first day of February 1909
by the State of Maine, or any county, municipality, village corporation
or water district therein, the shares of corporation stocks such as are by
law of this State free from taxation to the stockholders, and the assessed
value of real estate owned by the bank or institution, and also an amount
equal to two-fifths of the value so determined of such other assets, loans
and Investments as by such statement appear to be loans to persons resident or corporations located and doing business in this State, investments
in mortgages on real estate in this State, securities of this State, public or
private, bonds issued by corporations located and doing business in this
State or guaranteed by such corporations; provided, the corporations
issuing such bonds be operated by and physically connected with such
guaranteeing corporations, and also an amount equal to two-fifths of the
cash on hand and cash deposited within the State. Upon the value of each
of said franchises so ascertained, the Board of State Assessors shall assess
of 1%; one-half of said tax shall be assessed on or before
an annual tax of
the 15th day of June and one-half on or before the 15th day of December.
The Board of State Assessors shall thereupon certify said assessments to
the Treasurer of State, who shall forthwith notify the several banks and institutions interested. All taxes so assessed shall be paid semi-annually
within ten days after the fifteenth days of June and December."
Section 3. Section 65 of Chapter 8 of the Revised Statutes is hereby
amended by adding after the word "bonds," in the third line thereof, the
words "all bonds issued after the first day of February 1909 by the State
of Maine, or any county, municipality, village corporation or water district
therein," so that said section as amended shall read as follows:
"Section 65. The Board of State Assessors shall thereupon deduct from
the average amount of the time and interest-bearing deposits so returned
an amount equal to the value so determined of the United States bonds,
all bonds issued after the first day of February 1909 by the State of Maine,
or any county, municipality, village corporation or water district therein,
the shares of corporation stocks such as are by law of this State free from
taxation to stockholders, and upon the balance so found assess an annual
tax of one-half of one per cent; one-half of said tax shall be assessed on or
before the 15th day of June on the balance of said deposits so ascertained
for the six months ending on and including the last Saturday of April,
and one-half on or before the 15th day of December on the balance of said
deposits so ascertained for the six months ending on and including the last
Saturday of October. The Board of State Assessors shall thereupon
certify said assessment to the Treasurer of State, who shall forthwith notify
the several trust and banking companies Interested, and all taxes so assessed shall be paid semi-annually within ten days after the 15th days of
June and December." (Approved March 11.)




JUNE 5 1909.j

THE CHRONICLE

V. 88, P. 1147. The Raleigh "News and Observer" states
that the question was raised 'as to whether or not the bonds
to erect the municipal building, when the city already owned
and was in the occupation of a city hall, were constitutional
as a necessary expense under Constitution, Article 7, Section 7, the bonds haying been authorized without a vote of
the people."
"In the opinion of the Court Justice Brown says that, while the Act of the
Legislature was necessary to levy a special tax and provide a sinking fund,
the municipal authorities, having declared the building to be a necessary
expense, could have contracted the debt without such authority. It is
further held that a city building is a necessary expense, and that the determination of the kind of building necessary for the needs of the city is for
the determination of the governing authorities. Under this doctrine the
fact that the building is to include a public hall is held not to affect the
legality of the issue."

Bond Proposals and Negotiations this week
bave bean as follows:

1453

Bratenahl School District (P. 0. Cleveland), Ohio.
-Bond
Offering.
-Proposals were asked for until 5 p. m. yesterday
(June 4) by Clifford A. Neff, Clerk of the Board of Education,for the $16,000 43/2% school bonds mentioned in V. 88,
p. 1148.
Authority, Sections 3191, 3192 and 22b, Revised Statutes. Denomination $1,000. Date June 4 1909. Interest semi-annual. Maturity June 6
1929. The result of this offering was not known to us at the hour of going
to press.

Bristol County (P. 0. Fall River), Mass.
-Bond Sale.
On June 1 the $40,000 5
-year Registry Building notes and
the $40,000 6-year Court House notes described in V. 88,
p. 1384, were awarded to the American Banking Co. of
Boston at 102.793 and 103.273 respectively. The following
bids were also received:
Biodget, Merritt & Co., Bost_102.641Kountze Bros., New York_ _ _ _102.26
Blake Bros. & Co., Boston_ _ _102.271

Buffalo, N. Y.
-Bond Issue.
-The issuance of a $39,145
Aberdeen School District, Chehalis County, Wash.
-Bond 4% bond has been authorized. Under the terms of the
Sale.
-On May 29 $70,000 funding and $80,000 building 4% ordinance the bond is to be taken at par by the City Compbonds were awarded to the State of Washington at par.
troller in trust for the Erie Railroad Grade Crossing Bond
Denomination $1,000. Interest annual. Maturity May 1929, subject Sinking Fund. Date July 1 1909. Principal and interest
to call after one year.
are payable July 1 1910 at the City Comptroller's office.
Adams County (P. 0. Decatur), Ind.
-An
-Bond Sale.
Bond Sales for May.
-The following 4% bonds were purissue of $800 6% 1-4-year (serial) drainage bonds was sold chased at par during May by the city's sinking funds:
on May 29 to John B. Holthaus at par. Denomination $200. $75,000 00 temporary loan bonds dated May 1 1909 and due July 1 1910.
15,000 00 temporary loan bonds dated May 1 1909 and due July 1
Date May 3 1909. Interest semi-annual.
27,000 00 temporary loan bonds dated May 1 1909 and due July 1 1910.
1910.
-Bond Sale.
-On 22,000 00 temporary loan bonds dated May 1 1909 and due July 1 1910.
Albert Lea, Freeborn County, Minn.
364 55 monthly local work bonds dated May 15 1909 and due May 15
May 24 $26,000 43% 20-year coupon trunk-sanitary-sewer
1912.
construction bonds described in V.88, p. 1267, were awarded 23,000 00 temporary loan bonds dated May 1 1909 and due July 1 1910.
00 temporary loan bonds
to the Harris Trust & Savings Bank of Chicago at 101. *2,500 00 grade-crossing bonds dated May 15 1909 and due July 1 1910.
3,000
dated May 1 1909 and due July 1 1910.
Date Aug. 1 1909. Interest semi-annual.
382 54 temporary loan bonds dated May 10 1909 and due July 1 1910.
20,000 00 refuse-utIllzation plant bonds dated May 15 1909 and due
-Bond Sale.
-On May 20 issues of $8,000
Alva, Okla.
$2,000 yearly from May 15 1910 to May 15 1919 inclusive.
reservoir, $30,000 city-hall and $2,000 water-works-exten•Previouly reported in V. 88, p. 1268, but reprinted here in order that
bonds were awarded to George I. Gilbert of the list may be kept complete.
sion 5% 25-year
Oklahoma City at 101.50. Denominations $1,000 and $500.
Butte, Boyd County, Neb.-Bond Offering.-Proposals
Interest semi-annual.
will be received until 8 p. m. June 7 for $9,000 6% 5-20-year
Alva School District(P.0.Alva), Woods County, Okla..
- (optional) water-works bonds. Authority, vote of 101 "for"
-The $25,000 5% 10-20-year (optional) school- to 9 "against" at an election held April 27. C. S. Meyer is
Bond Sale.
building bonds voted on April 27 (V. 88, p. 1209) were pur- Village Clerk.
chased on May 19 by M. M. Falkerson, Cashier Alva Security
Canfield, Mahoning County, Ohio.
-Bond Offering.
-ProBank of Alva. Denomination $500. Interest Jan. and posals will be received until 12 m. June 7 by J. R. Taber,
July.
Village Clerk, for $2,000 6% road-improvement bonds.
Amelia School District (P. 0. Amelia), Clermont County,
Interest annually at the office of the•Village Treasurer. Maturity $500
Ohio.
-Bond Sale.
-On May 15 Miles Bicking of Batavia yearly on June 15 from 1915 to 1918 inclusive.
Canton, Ohio.
-Bond Offering.-Proposals will be received
was awarded $3,500 43/2% 1-10-year '(serial) school-building
bonds for $3,578 75 (102.164) and accrued interest
-a basis until 12 m. June 12 by James E. Flohr, Clerk Board of
Sinking Fund Trustees, for $26,000 4% coupon refunding
of about 4.058%.
Denominations: 10 bonds of $50, 10 bonds of $100 and 10 bonds of $200. market
-house-site bonds.
April 1 1909.

Date
tion.

Interest semi-annual.

Bonds are exempt from taxa-

Authority. Section 113, Municipal Code of 1902. Denomination $1,000.
Date March 1 1909. Interest semi-annually at the City Tre%surer's office.

Maturity
Ashland, Ohio.
-Bond Offering.
-Proposals will be re- of bonds March 1 1929. Certified check on some bank of Canton for 5%,
Purceived until 12 m. June 7 by Edgar Koehl, Village Clerk, for chaser to bid for, made payable to the City Treasurer, is required.will
furnish blank bonds and pay accrued interest. Bonds
be
$24,000 Bank Street and $6,400 Grant Street 5% coupon delivered within ten days from the time of award.
improvement bonds. The former issue is in denomination
In addition to the above, proposals will also be received
of $1,200 while the latter issue is in denomination of $320.
until 12 m. June 11 by Armstrong Ashbrook, City Auditor,
Authority, Section 2835, Revised Statutes. Date June 1 1909. Interest for the following coupon bonds:

March and Sept. at the First National Bank of Ashland. Maturity one
bond of each Issue every six months from March 1 1910 to Sept. 1 1919
inclusive. Bonds are free from taxation and will be delivered within 10
days from time of award. Bid to be made on each Issue separately and be
accompanied by a certified check for 5% of bonds bid for, made payable
to the Village Treasurer.

Atlanta, Cass County, Tex.
-Bonds Not Sold.
-Only one
bid was received on June 1 for the $15,000 43-% 10-40-year
(optional) water-works bonds described in V. 88, p. 1384.
We are advised that this offer did not comply with the
requirements of the sale.
Attalla, Etowah County, Ala.-Bond Election.
-An election will be held June 7, it is stated, to vote on a proposition
to issue $20,000 5% 30-year school-building and repair bonds.
-Temporary Loan.
Auburn, Me.
-This city has borrowed
$50,000 from Loring, Tolman & Tupper of Boston at 3.07%
discount. Loan matures next November.
Bay City, Mich.-Bids.
-The following bids were received
on May 21 for the $100,000 5% local-improvement bonds
awarded, as stated in V. 88, p. 1384, to C. E. Denison &
Co. of Cleveland.
C.E.Dentson&Co.,Clev_•$102,781 001A. B. Leach & Co.,Chic.•$101,550 00
Thos. J. Bolger Co.,Chic _'102,451 601Farson• Son &
Chic_'101,523 50
First Nat. Bank, Cleve...'102,384 00I Lumberman's State Bk.,
Co.'
R. Kleybolte Co.Inc.,Ch.•102,070 00
Bay City
101,025 00
Security Trust Co., Det_ 102,030 00 First Nat. Bk., Bay Clty.•100,000 00
S. A. Kean, Chicago_ _ __ 101,620 00 Old 2d N. Bk., Bay City.•100,000 00
•And accrued Interest.

Big Spring Township, Ohio.
-Bond Sale.
-The Tiffin
National Bank has been awarded, it is stated, an issue of
$14,500 43/2% road-improvement bonds. The price paid by
the bank was 102.820.
Birmingham, Ala.
-Temporary Loan.
-A loan of $150,000
has, according to reports, been negotiated by this city
at 5%. Loan matures January 20 1910.
Bladen County (P. 0. Elizabethtown), No. Caro.
-Railroad-Aid Bonds Defeated.
--The election held May 25 in
Hollow, Bethel and Elizabethtown townships to vote on the
question of issuing railroad-aid bonds resulted in the defeat
of that proposition.
Bogota School District (P. 0. Bogota), Bergen County,
N. J.
-The $48,500 43/2% coupon school bonds,
-Bond Sale.
described in V. 88, p. 1330, were sold on June 1 to A. Civrac
Sr Co. of New York City at 100.10. This was the only bid
received. Maturity $500„in 1923 and $3,000 yearly from
1924 to 1939 inclusive.




$1,000 4%% East Eighth Street sanitary sewer bond. Maturity 5 years.
1,600 4 A % Bluff Street sanitary sewer bond. Maturity 5 years.
2,700 4% North Clarendon Avenue sanitary sewer bond. Maturity
5 years. Denominations $1,000 and $1,700.
1,600 4%% West Lake Street storm-water-sewer bonds. Maturity 5
years.
6,000 4;i% East Eighth Street storm-water-sewer bonds. Denomination
$1,000. Maturity 10 years.
800 5% bond for the construction of all house connections to the curb
line in certain streets. Maturity 5 years.
4,000 4%% West Seventh Street improvement bonds. Denomination
$1,000. Maturity $1,000 yearly from 2 to 5 years inclusive.
500 4 A % West Seventh Street (city's portion) bond. Maturity 5 years.
2,600 4 M% Worley Avenue improvement bonds. Denominations $1,000
and $1,600. Maturity $1,000 in 2 years and $1,600 in 5 years.
500 4 3% Worley Avenue improvement (city's portion) bond. Maturity 5 years.
22,300 4 A %, North Cleveland Avenue improvement bonds. Denomination $1,000, except one bond of $1,300. Maturity on March 1
as follows: $5,000 in each of the years 1911 and 1912, $6,000
In 1913 and $6,300 in 1914.
2,700 4 M% North Cleveland Avenue (city's portion) bonds. Denominations $1,000 and $1,700. Maturity $1,000 in 3 years and
$1,700 in 5 years.
3,500 454% West South Street improvement bonds. Denominations
$1,000 and $1.500. Maturity $1,000 in 2 years, $1,000 in 4
years and $1,500 in 5 years.
500 4
West Fifth Street improvement bonds. Maturity 5 years.
8,600 4%% Erie Street improvement bonds. Denomination $1,000, except one bond of $1,600. Maturity $2,000 yearly from 2
years to 4 years inclusive and $2,600 in 5 years.
1,200 4 %%, Erie Street (city's portion) bond. Maturity 5 years.
The above bonds are dated March 1 1909. Interest semi-annual. Certified check on some bank of Canton for 5% of bonds bid for, payable to the
City Treasurer, is required. Purchaser to furnish blank bonds and pay
accrued interest. Delivery within 10 days from the time of award.

Carlstadt School District (P. 0. Carlstadt), N. J.
-Bond
-On June 3 $32,000 5% 30-year school-building bonds
Sale.
were awarded to John H. Watkins of New York City at
109.97 and accrued interest-a basis of about 4.40%. Following are the bids:
J. H. Watkins, New York _ _109.97 Caristatdt National Bank,
i
Parson Son & Co., N. Y___ _107.63
Carlstadt
105.75
R. M. Grant & Co.. N. Y106 41 H. L. Crawford & Co., N. Y_102.181
All bidders offered to pay accrue interest.
Denomination *1,000.
Date April 1 1909. Interest semi-annual.

Carter County (P. 0. Ardmore), Okla.
-Bond Sale.
Reports state that this county on May 28 awarded the
$385,000 bonds offered on that day to Spear & Dow of
Fort Smith, Ark., for $407,510
-the price thus being
105.847.
Carthage Township (P. 0. Carthage), Moore County,
-Bond Offering.
No. Caro.
-Proposals will be received until
2 p. m. July 5 by N. A. McICeithen, Chairman Board of
Commissioners, for $8,000 5% road bonds
Denomination $500.
required.

Interest semi-annual.

Certified check for $400 is

1454

Lxxxvni.

THE CHRONICLE

Cedar Rapids Independent School District (P. 0. Cedar
-An issue of
-Bond Sale.
Rapids), Linn County, Iowa.
$60,000 10-year Washington High-School improvement
bonds, bid for which were asked until May 29, was awarded
to the Security Savings Bank of Cedar Rapids at 100.508
for 4s. Purchaser to pay all expenses. A list of the other
bids received follows:
G.M.Bechtel & Co., Daven_a$60,300 II Amer. Tr. & S. B., Chic_ _ _ _b$60,480

I

Harris Tr. &S. Bk., Chic__ a59,710 Bert Clark & Co., Chicago__ c61,470
Coffin & Crawford, Chicago.. a59,400 First Nat. Bank, Cleve_ __ _ c60,871
A. B. Leach & Co., Chic___ 660,480 John Nuveen & Co., Chic__ 00,054

a For 4s. b For 4 Ms. c For 4 Ms.
A bid was also received from S. A. Kean of Chicago. Date July 11909.
Interest semi-annually at the District Treasurer's office. Denomination
$1,000. These bonds were offered without success (V. 88, p. 1330) on
May 17.

Chatauqua School District No. 3 (P. 0. Chatauqua),
-Bond Sale.
-On June 1 the
Chatauqua County, N. Y.
$16,000 43-% coupon school-building bonds described in
V. 88, p. 1384, were awarded to Isaac W. Sherrill of Poughkeepsie at 10:3.70 and accrued interest. Following are the
bids:
Isaac W. Sherrill, Poughk'sle_103.701Rud. Kleybolte Co. Inc.,N.Y.103.58
103.681 First Nat. Bank, Cleveland __102.52
John J. Hart, Albany
Maturity $5,000 in each of the years 1919 and 1924 and $6,000 in 1929.

-Bond Offering.
-FurChester, Chester County, So. Caro.
ther details are at hand relative to the offering on June 25
of the $26,000 4% coupon water-plant-extension and
street-improvement bonds mentioned in V. 88, p. 1384.
Proposals for these bonds will be received until 12 m. on that
day by W. A. Latimer Jr., City Treasurer.
Denomination $500 or $1,000, at the option of the purchaser. Date
July 1 1909. Interest annually at the office of the City Treasurer. Maturity July 1 1949, subject to call after July 1 1929. Bonds are exempt
from taxation. Certified check for $1,000, payable to the City Treasurer,
Is required.

Dudley School District (P. 0. Dudley), Huntingdon
-E. F. Gould Sr., Secretary of
-Bond Offering.
County, Pa.
Board of Education, is offering for sale an issue of $600
school-building bonds of this district. Denomination $100.
Date Dec. 1 1908. Interest annual. These bonds are part
of an issue of $5,100, $4,500 of which was disposed of on Dec.
1 1908 to local investors.
-Reports
Easton, Talbot County, Md.-Bonds Defeated.
state that this town on April 26 defeated a proposition to
issue $50,000 street-improvement bonds.
-Bond Sale.
-On May 24
Eaton, Preble County, Ohio.
the $2,000 4% school bonds described in V. 88, p. 1331, were
awarded, it is stated, to the Eaton National Bank and the
Preble County Bank of Eaton. Maturity $500 yearly on
Sept. 1 from 1912 to 1915 inclusive.
El Cajon School District (P. 0. El Cajon), San Diego
-The electors at th6 district
-Bond Election.
County, Cal.
will have presented to them on June 7 a proposition to issue
$5,000 bonds.
-Bond Election.
Ellsworth County (P.0. Ellsworth), Kan.
-Local papers state that on June 7 the voters will be asked
to express their preference as to whether a jail shall be built
by issuing bonds, estimated at about $20,000, or by levying
a special tax for the purpose.
Emporia School District (P. 0. Emporia), Kans.-Bond
-An issue of $25,000 432% 10-20-year (optional)
Sale.
building bonds was disposed of on May 31 to John Nuveen
& Co. of Chicago at 101.61. Following are the bids:
Trowbridge & Niver Co.,
$25,100 00
Chicago
25,075 00
Well, Roth ec Co., Cin
25,050 00
Commerce Trust Co__
Thos. J. Bolger Co., Chie 25,010 00
Security Savings Bank &
24,650 00
Trust Co., Toledo
R. W. Morrison & Co.,
1.
4,500 00
Kansas City_
Date July 1 1909. Interest semi-annua2

John Nuveen & Co., Chic.$25,402 50
Coffin .& Crawford. Chic_ 25,397 50
Seasongood & Mayer,
25,265 00
Cincinnati _
25,250 00
Iola B. Johnson
Cutter, Watter & May,
25,216 00
Chicago _
25,105 00
S. A. Kean, Chicago

-On June 1 the $150,000
-Bond Sale.
Cincinnati, Ohio.
4% 30-year water-works-improvement bonds, a description
Denomination $500.
of which was given in V. 88, p. 1268, were awarded to the
-Despatches state that this
-Bond Sale.
Ensley, Ala.
Western Gemran Bank and the Fifth-Third National Bank,
$175,000 bonds mentioned in
both of Cincinnati at 104.034 and accrued interest, a basis place recently awarded the & Koller of New York, at par
V. 88, p. 1151, to O'Connor
of about 3.775%. The bids were as follows:
1 5 056 00 and interest.
Western German Bank and Fifth-Third National Bank, Cin_41 56:431 0 0
-On
Hayden ,Miller & Co., Cleveland
-Bond Sale.
Erie County (P. 0. Buffalo), N. Y.
Seasongood &) 154,551 03
Provident Say. Bk., German Nat. Bk. and
May 29 the $120,000 4% 15-26-year (serial) registered
Mayer, Cincinnati
54; 05 51
53
and Kuhn ec Sons, Cincinnati __ 150 0 00 highway-improvement bonds described in V. 88, p. 1385,
Rudolph Kleybolte Co. Inc.,
Well, Roth & Co., Cincinnati
W. Harris & Co. of New York City at
-On were purchased by N.
Clark County (P. 0. Springfield), Ohio.-Bond Sale.
101.91 and accrued interest. A list of the bids received
June 1 the $19,000 4% coupon bridge-repair bonds described follows:
W. N. Coler &
_ _100.595
in V. 88, p. 1385, were awarded to the First National Bank N. W. Harris & Co., N. Y_ _ _101.91 Wadsworth & Co., N. Y_ -Y_100.40
Wright, N.
& Burr, N. Y_ _101.446
of Springfield at 100.642 and accrued interest. The following ParkinsonBros. New York_ _100.90
Kountze
All bidders tittered accrued interest in addition to their bids.
are the bids:
Cleveland.$19,047
-We
-Bond Election.
First Nat. Bk., Springf'd.$19,122 00 First Nat. Bk.,& Co., Ctn. 19,023 00
Escondido, San Diego County, Cal.
75
19,077 00 Alb. Kleybolte
Davies-Bertram Co., Cin_
Fifth-Third National Bank,
see it stated that an $18,000 bond election will be held
Rudolph Kleybolte Co.
Cincinnati
19,020 50
____ 19,066 00
Inc., Cincinnati
June 12.
Dayton Say.& T. Co., Dayt19,050 00 Provident Say. Bank &
Trust Co., Cincinnati
19,002 55
-Note Offering.
-ProWell, Roth & Co., Cln_ __ 19,047 50
Essex County (P. 0. Salem), Mass.
Maturity $1,000 each six months from June 1 1910 to June 1 1919 in
posals will be received until 10 a. m. June 14 by David I.
elusive.
Robinson, County Treasurer, for the discount of $40,000
-Bond Offering.-Further details are at refunding notes dated June 21 1909 and due March 21 1910.
Clarksdale, Miss.
the offering on June 11 of the $50,000 5%
hand relative to
-Bond Sale.
-On
Essex County (P. 0. Newark), N. J.
20-year coupon water, sewerage and refunding bonds men40-year gold coupon hospital bonds
88, p. 1385. Proposals will be received until June 2 the $440,000 4%
tioned in V.
described in V. 88, p. 1269, were awarded to N. W. Halsey •
8 p. m. on that day by W. N. Purnell, City Clerk.
York City at 102.638-a basis of about 3.878%.
$500. Date July 11909. Interest semi-annually at place & Co. of New
Denomination
designated by purchaser. Certified check for 5% of bid, payable to the Following are the bids:
"City of Clarksdale," is required.

-During May the sinking
-Bond Sale.
Cleveland, Ohio.
fund purchased $55,000 5% street-improvement bonds at
par. Securities are dated May 11909.
Cleveland Heights School District, Cuyahoga County,
-On May 28 this district, it is stated,
--Bond Sale.
Ohio.
0
awarded the $25,000 4Y)7 coupon school bonds described
in V. 88, p. 1330, to the First National Bank of Cleveland
for $26,537-the price thus being 106.148. Maturity $2,000
yearly on Oct. 1 from 1920 to 1931 inclusive and $1,000 on
October 11932.
-An election will be held
Columbus, Ga.-Bond Election.
Aug. 19 to vote on the question of issuing $75,000 43/%
-year gold coupon hospital-construction bonds. Interest
30
April 1 and Oct. 1 at the City Treasury.
-A Ooposition to issue
Commerce, Ga.-Bond Election.
sewerage bonds will be submitted to a vote of the people,
it is stated, on June 8.
Commerce School District (P. 0. Commerce), Ga.-Bond
-According to reports, a $10,000 additional-school
Election.
bond election will be held June 8.
-Bond Offering.
Copiah County (P. 0. Hazlehurst), Miss.
-Proposals will be received until 2 p. m. June 7 by the
Clerk, for $30,000 5%
Board of Supervisors, J. H. Long,
coupon road and bridge bonds.
Authority, Section 333 of the Code of 1906. Denomination $1,000.
Date June 7 1909. Interest annually on Jan. 1 in Hazlehurst at the Merchants' & Planters' Bank or the Bank of Hazlehurst. Maturity June 7
1929. Bonds are exempt from all taxation. Bonded debt, including this
issue, $130,000. Assessed valuation, $7,305,996.

3 Clark, Dodge & Co., N. Y101.51
N. W. Halsey & Co., N. Y__102.6. 8 Howard IC. Stokes, N. Y___ 101. 71
3
4
01 . 1
102.630
J. S. Ripple, Newark
T. W. Stevens
14 D. y & Ct
J.cKaEverito & Co., N. Y101.
102.
Howard Say. Inst., Newark_102.55
A B Leach & Co. New York101.58

Eureka School District No. 45 (P. 0. Eureka), Flathead
-Bond Offering.-Proposals will be received
County, Mont.
until June 9 by J. W. Cope, District Clerk, for $2,200 6%
coupon school-building bonds.

1909. Total debt of the district at
Denomination $550. Date June 9
1908, $294,385.
present is $4,469. Assessed valuation for

-On June 2 the $85,000
-Bond Sale.
Fall River, Mass.
loan was awarded to Kountze
33'% special school-house 101.17-a basis of about
3.40%.
Bros. of New York City at
The other bids were as follows:

101.0691Estabrook & Co., Boston
_100 58
R. L. Day ec Co.,Boston_
ake Bros. & Co., Boston_ _ _10042
E. H. Rollins & Sons, Bos101.0261Bl
Blodget, Merritt & Co., Bos_100.67 1
Denomination $1000 or multiple. Date May 1 1909. Interest semiMay 1 from 1910 to
annual. Maturity $3,000 yearly on to 1939 inclusive. 1934 inclusive and
$2,000 yearly on May 1 from 1935

-Bond
Fayette County (P. 0. Washington C. H.), Ohio.
Offering.-Proposals will be received until 12 m. June 29 by
II. D. Chaffin, County Auditor, for the $40,000 4% hospital
and site-purchase bonds voted (V. 88, p. 322) on Jan. 16.
Authority, an Act of the General Assembly, passed May 9 1908. Denomination $1,000. Date July 1 1909. 1 Interest semi-annual. Maturity
$6,000 on March 1 1910, $6,000 on Sept. 1910 and $7,000 each six months
from March 1 1911 to Sept. 1 1912 inclusive. Certified check for $100,
payable to the County Treasurer. is required. Delivery within ten days
from time of award. Accrued interest to be paid by purchaser.

Fishkill Union Free School District No. 7 (P. 0. Mattea-Bond Sale.
-On June 1
wan), Dutchess County, N. Y.
815,000 4% school-addition bonds were awarded to the
- Matteawan Savings Bank of Matteawan at par.
Dorr Township School District No. 5(P.0. Dorr), Mich.
-On June I the $5,000 10-year coupon schoolBond Sale.
Denomination $1,000. Date June 11909. Interest May and November.
house bonds described in V. 88, p. 1151, were awarded to Maturity $1,000 yearly.
-On
-Bond Sale.
Fort Dodge, Webster County, Iowa.
the Michigan Trust Co. of Grand Rapids at 102.63 1 and
May 10 the $5,000 4% 20-year coupon refunding water
accrued interest for 5s. The following bids were received:
$5,026 00 bonds mentioned in V. 88, p. 1151, were awarded to Cleo. M.
Mich.Tr.Co.,Grand Rap_ _ _$5,131 551 C. H. Coffin, Chicago
Cutter,Waller & May, Chic. 5,058 00 John Nuveen & Co., Chicago_ _ _ _ par Bechtel & Co. of Davenport at par.
par
Hamlin, Chicago_ _ _ 5,045 00 First State Bank, Allegan
W. A.
A. J. Hood ec Co., Detroit_ 5,030 00




Denomination $1,000.

Date June 1 1909

Interest semi-annual.

THE CIIRONICLE

JUNE 5 1909.]

-Of the three
-Bonds Awarded in Part.
Galveston, Tex.
issues of 20-40-year (optional) bonds, aggregating $250,000,
bids for which were rejected on May 4 (V. 88, p. 1269),
$168,000 were sold on May 19 to E. A. Toebelman at par and
accrued interest.
-On May 28 the State Comptroller
Bonds Registered.
registered $25,000 5% 20-40-year (optional) school-building
bonds.
Gerrish Township (P. 0. Roscommon), Roscommon
-Proposals will be received
-Bond Offering.
County, Mich.
until June 12 for $20,000 5% highway-building bonds.
Authority, vote of 40 "for" to 15 "against" at an election held May 17.
Maturity 1929.

Greenburgh School District No. 8 (P. 0. White Plains),
N. Y.
-Bond Sale.
-On May 18 Geo. M. Hahn of New York
City purchased $6,000 5% 13-18-year (serial) school-enlargement bonds at 108.88-a basis of about 4.215%. Following
are the bids:
Geo. M. Hahn, New York_ _56.532 801Fenwick & Rogerson, N. Y.$6,490 00
R.KleybolteCo.,Ine.,N.Y__a6,576 00 Home Savings Bank, White 6.317 25
Plains
Adams & Co., New York__ 6,530 00
a "Bid not signed."
Denomination $1,000.

Interest May and November.

1455

-The $50,000
-Bond Hale.
Holland, Ottawa County, Mich.
coupon city-hall-building and equipment "Series A" bonds,
proposals for which were asked until May 19, were awarded
on May 26 to H. V. Noble & Co. and W. E. Moss & Co.,
both of Detroit, at their joint bid of 100.422 and accrued
interest for 41.4s. The other bidders were:
-$20,000 as 4 Hs and $30,000 as 43s
Woodin, McNear & Moore, Chicago.
-par, accrued interest and blank bonds-"would prefer $1,000 denomination" and interest "payable semi-annually."
-$51,275 accrued interest and blank bonds
N. W. Halsey & Co., Chicago.
for 4 Hs. Interest semi-annually in Chicago. Denomination 51,000,
-$51,130 and accrued interest for
Harris Trust & Savings Bank, Chicago.
4 H% bonds of $2,000 denomination: if denomination Is $1,000, add
$375 to premium. Chicago delivery.
A. B. Leach & Co., Chicago.
-$51,205 and accrued interest for 43-48. Denomination $1,000. Interest semi-annual. Chicago or New York
delivery.
First National Bank, Cleveland.
-$50,972 and accrued interest for 43is.
Farson. Son & Co., Chicago.
-$50,762 50 for 4 H9f:, bonds in denominations
of $1,000.
Fisk dc Robinson, Chicago.
-$50,450 blank bonds and accrued interest for
4 Hs. Denomination $1,000. Interest semi-annual. Chicago delivery.
E. H. Rollins & Sons, Chicago.
-$50,250 for 4 Hs or $52,510 for 55. Also
furnish blank bonds. Denomination $1,000.
Bert Clark & Co. Chicago.
-$50,062 57 and accrued interest for 4 Hs.
S. A. Kean, Chleako.-$53,025 and blank bonds for 58. Chicago delivery
Thos. J. Bolger
Co., Chicago.
-$52,600 and accrued interest for 5s.
Denomination $1,000. Interest semi-annual. Chicago or New York
delivery.
John Nu,veen & Co., Chicago.
-$50,576 for 5% bonds in denomination of
$2,000. Also furnish "blank bonds and draft of any further
Chicago
to be taken in issuing the bonds without expense to the city.
delivery.

'
-Pro-Bond Offering.
Grenada, Grenada County, Miss.
posals will be received until June 15 by J. P. Jones, City ReThe bonds mature $2,000 yearly on Feb. 1 from 1910 to
corder, for the following 5% coupon bonds voted on April 5 1934 inclusive and are described in V. 88, p. 1270.
p. 1269):
(V. 88,
Hudson School District, Los Angeles County, Cal.
$12,500 for enlarging the white public-school buildings, $5,000 for imthe sewerage
-This district, it is stated, has voted to issue
proving the light and water plants and $10,000 to extend semi-annually Bonds Voted.
plants. Denomination $500. Date July 1 1909. Interest
$10,000 bonds for a new building at Puenta.
at the Hanover National Bank. Maturity twenty years. Bonds are taxexempt. Certified check for 5% of bid, payable to the City Recorder, is
Huntington Park High School District, Los Angeles
required.
-Bonds Voted.
-By a vote of 331 "for" to 29
County, Cal.
Hallettsville Independent School District (P. 0. Halletts- "against", this district on May 15, it is stated, authorized
-Reports state that an election
-Bonds Voted.
vile), Tex.
the issuance of'$65,000 school-building bonds.
held May 20 resulted in a vote of 177 to 32 in favor of a propo-Bonds Voted.
-The $35,000
Itasca, Hill County, Tex.
sition to issue $18,000 school-building bonds.
school-building bonds mentioned in V. 88, p. 1153, were
-Proposals will be re- authorized by the voters of this place, it is stated, at an elecHamilton, Ohio.
-Bond Offering.
ceived until 10 a. m. June 15 by Walter S. Bowers, Secretary tion held on May 16. The vote was 150 to 76.
of Sinking Fund Trustees, for $90,000 25-year refunding
-Bond Sale.
-On June 1
Jackson, Madison County, Tenn.
gas-works and $35,000 15-year refunding gas-works, electric- the $45,000 20-year coupon refunding water-works bonds
light and water-works 4% bonds.
described in V. 88, p. 1386, were awarded to Albert KleyDenomination $500. Date July 1 1909. Interest semi-annually at the
and accrued interest for
office of the City Treasurer in Hamilton. Bonds are exempt from taxation. bolte & Co. of Cincinnati at 100.25
Certified check for 5% of bonds bid for, payable to the Trustees of the Sink- 434s. S. A. Kean of Chicago offered $45,270 for bonds, the
ing Fund 13 required.,
principal and interest on which is payable in Chicago.
Handley Independent School District (P. 0. Handley),
-The $20,004
Jesup, Wayne County, Ga.-Bonds Voted.
-Bond Offering.-Proposals will be 5% water-works bonds mentioned in V. 88, p. 1332, were
Tarrant County, Texas.
received until 2 p. m. June 9 by H. G. Thomas, President authorized at the election held May 29 by a vote of 69 to 28.
Board of Trustees, for the $20,000 5% 20-40-year (optional)
-Bond Offering.
King County School District No.3, Wash.
coupon school-building and site-purchase bonds voted on -Proposals will be received until 11 a. m. June 8 by Mat H.
May 5. V. 88, p. 1331.
Gormley, County Treasurer (P. 0. Seattle), for $12,000
Denomination $1,000. Date May 15 1909. Interest semi-annually at coupon school-house bonds.
the office of the State Treasurer or at the Chemical National Bank in
New York City. Certified check for $400, payable to the President of the
Board of Trustees, is required. Official circular states there is no litigation
or controversy of any kind pending or threatened which might affect the
corporate existence or boundaries, the titles of the present officers to their
respective offices, or the validity of bonds now offered for sale. Total debt,
this issue. Assessed valuation for 1908, $1,110,720. Actual value (estimated), $2,000.000.

Authority, election held April 22. Denomination $1,000. Interest
(rate not to exceed 6%) payable annually at the County Treasurer's office
in Seattle or at the fiscal agency of the State of Washington in New York
City at option of purchaser. Maturity 20 years, subject to call after 5
years. Certified check or draft for 1% of the bonds, payable to the County
Treasurer, is required. Bonds will be ready for delivery on July 15 1909.
Bonded debt, not including this Issue, $20,000. Warrant debt, $9,418 88.
Assessed valuation for 1908, $1,504,224.

-The
Hawkinsville, Pulaski County, Ga.-Bond Sale.
-Bond OfferKing County School District No. 45, Wash.
-29-year (optional) electric-light bonds, de$15,000 5% 5
scribed in V. 88, P. 1269, were sold on May 27 to McCoy & ing.-Proposals will be received until 11 a. m. June 10 by
Co. of Chicago at 101.006 and accrued interest. The follow- Matt. H. Gormley, County Treasurer (P. 0. Seattle), for
$1,200 coupon funding bonds at not exceeding 6% interest.
ing proposals were received:
Authority, election held March 20 1909 Denomination $200. Interest
'$15,151 Robinson-Humphrey Co.,
McCoy & Co.. Chicago
Treasurer's office in Seattle or at the fiscal agency
S. A. Kean, Chicago

15,3451

Atlanta

'$15,015

• Also pay accrued interest.

annually at the County
of the State of Washington in New York City, at the option of purchaser.
Maturity fifteen years, subject to call at any interest-paying date after date
of issue. Certified check or draft for 1% of the bonds, payable to the
County Treasurer, is required Bonds will be ready for delivery on July 1
1909. This district has no bonded debt at present. Warrant debt,
$1,158 68. Assessed valuation for 1908, $33,624.

Hays School District (P. 0. Hays), Allegheny County,
-The $25,000 43/% coupon
-Description of Bonds.
Pa.
school bonds awarded on May 4 to J. S. & W. S. ICuhn Inc.,
-Bond Offering.
Klamath Falls, Klamath County, Ore.
of Pittsburgh at 100.30 (V. 88, p. 1210) are dated June 1 Proposals will be received until 8 p. m. June 21 by A. L.
and mature June 11934. Denomination $1,000. In- Leavitt, Police Judge, for $40,000 4% coupon sewer bonds.
1909
terest semi-annual. Bonds are free from taxation.
Authority, an Act of the Legislative Assembly of 1905. DenominaInterest April 1 and
tions $1,000, $500
- Treasurer's office. and $100. twenty years. CertifiedOct. 1 at the City
-Bond Offering.
Henry County (P. 0. Napoleon), Ohio.
check for 5% of
Maturity
Proposals were asked for until 1 p. in. yesterday (June 4) bid is required.
by F. J. Beck, County Auditor, for the following 43%
Bosse Independent School District (P. 0. Kosse), Limecoupon road-improvement bonds:
-The voters of this dis-Bonds Voted.
stone County, Tex.
$16,000 Damascus Township Road No. 71 bonds. Denomination $1,000. trict on May22,by a vote of 59 "for" to 12 "against," authorto Jan. 1 1914,
Maturity *1,000 each six months from July 1 1910
bonds
inclusive and $2,000 each six months from July 1 1914 to Jan. 1 ized the issuance of the $10,000 40-year school-building
1916, inclusive.
mentioned in V. 88, p. 1270.
30,000 Harrison Township Road No. 72 bonds. Denomination $2,000.
-Bond Oftering.-ProposKrebs, Pittsburg County, Okla.
Maturity $1,000 each six months from July 1 1911 to July 1 1915
inclusive and $2,000 each six months from Jan. 1 1916 to Jan. 1 als will be received until 8.30 p. in. June 10 by E. J. Roche,
1917 inclusive.
2,500 Marlon Township Road No. 73 bonds. Denomination $500. Ma- City Clerk, for $50,000 5% coupon water-works bonds.
turity $500 yearly on July 1 from 1911 to 1915 inclusive.
4,000 Flatrock Township Road No. 73 bonds. Denomination $500.
Maturity $500 yearly on July 1 from 1911 to 1914 inclusive and
$1,000 in each of the years 1915 and 1916.
5.500 Monroe Township Road No. 73 bonds. Denomination $500. Maturity $500 on July 1 in each of the years 1911, 1912 and 1913 and
$1,000 yearly on July 1 from 1914 to 1917 inclusive.
20,000 Monroe Township Road No. 73 bonds. Denomination $2,000.
Maturity $2,000 yearly on July 1 from 1911 to 1914 inclusive and
$4,000 on July 1 in each of the years 1915, 1916 and 1917.
1,500 Flatrock Township Road No. 74 bonds. Denomination $500.
Maturity $500 on July 1 in each of the years 1911, 1912 and 1913.
2,000 Liberty Township Road No. 75 bonds. Denomination $500. Maturity $500 yearly on July 1 from 1911 to 1914 inclusive
23,000 Washington Township Road No. 75 bonds. Denomination $1,000.
Maturity $1,000 each six months from July 1 1911 to July 1 1912
inclusive and $2,000 each six months from Jan. 1 1913 to July 1
1917 inclusive.
27,000 Flatrock Township Road No. 79 bonds. Denomination $1,000.
Maturity $1,000 on July 1 1911 and $2,000 each six months from
Jan. 1 1912 to Jan. 1 1918 inclusive.
Authority, Seciton 6. page 96, Ohio Laws of 1894. Date July 1 1909
Interest semi-annually at the County Treasurer's office. Bid to be made
on each block of bonds separately. Purchaser to pay for transcript of
proceedings. The result of this offering was not known to us at the hour
of going to press.




Authority, Sections 26 and 27, Article 10, of the Constitution of Oklahoma. Date July 1 1909. Interest annually at the fiscal agency. Maturity July 1 1934. Bonds are exempt from municipal taxation. Certified
check for $500, payable to the City Treasurer, is required. Total debt.
this issue ($50,000). Assessed valuation for 1909, $450,000.

Lawrence, Mass.-Bids.-The following bids were received
1-10-year (serial) coupon
on May 27 for the $130,000 3
paving-loan bonds awarded on that day to E. M. Farnsworth
& Co. of Boston (V. 88, p. 1386):
E.D.I.Farnsworth&Co.,Bos.... _100.23 Blake Bros. & Co., Boston_ __100.11
Biodget, Merritt & Co., Bos_100.189 Estabrook & Co. Bosn____1012552
Kountze Bros.. New York__ _100.17

-An elect-Bond Election.
Leon, Decatur County, Iowa.
tion will be held June 8, according to reports, to vote on tge
question of issuing $35,000 water-works-construction bonds.
Lincoln Union High School District (P. 0. Lincoln),
-A recent election
-Bonds Defeated.
Placer County, Cal.
resulted in the defeat of a proposition to issue $30,000 building bonds.

1456

THE CHRONICLE

[VOL.

Longview Independent School District (P. 0. Longview),
Napoleon Ohio.
-Bond Ofiering.-Proposals will be re-Bond Offering.
Gregg County, Texas.
--Proposals will be ceived until 12 m. June 7 by G. E. Rafferty, Village Clerk,
'
received until 1 p. m. June 8 by T. C. Morgan, Secretary of for $20,000 434% coupon refunding water-works and electricSchool Board,for $40,000 5% coupon school-building bonds. light bonds.
Denomination $1,000. Date May 1 1909. Interest April and October
in New York City or Austin. Maturity forty years, subject to call after
twenty years. Certified check for $500, payable to the Secretary of the
School Board, Is required. This district has no debt at present. Assessed
valuation, $1,750,000.

Authority Section 2701, Revised Statutes. Denomination $1,000.
Date May 11909. Interest semi-annually at the Village Treasurer's office.
Maturity $1,000 each six months from May 1 1910 to Nov. 1 1919 inclusive.
Bonds are free from all taxes and will be delivered within ten days from the
time of award. Certified check for $500, payable to the Village Treasurer,
is required. Purchaser to pay accrued interest and furnish blank lithographic forms.

Lowell, Mass.
-Proposals will be received
-Bond Offering.
until 3 p. in. June 8 by Andrew G. Stiles City Treasurer, for
Nashville, Tenn.
-Bond Election.
-On June 10 the voters
$120,000 334% coupon street-paving arid sewer bonds.
of this city will decide whether $300,000 434% 30-year
Denomination $1,000. Date June 10 1909. Interest semi-annually at
the City Trust Co. of Boston. Maturity $12,000 yearly on June 10 from bonds shall be issued for purchasing a site and equipping
1910 to 1919 inclusive. Bonds are exempt from taxation. Bonds will be a new high-school building. Date Jan. 1 1910. Interest
ready for delivery on June 10 1909. Accrued interest, if any, to be paid
by purchaser. Bonds will be certified to as to their genuineness by the semi-annual.
City Trust Co. of Boston. Their legality has been approved by Storey*,
New Brookland School District No. 29 (P. 0. New BrookThorndlke, Palmer do Thayer of Boston, a copy of whose opinion will be
land), Lexington County, So. Car.
Clivered to the purchaser.
-Bonds Not Sold
-No satisfactory bids were received on
Lower Merion Township School District, Montgomery Bond Offering.
-Bond Offering.--Proposals will be received May 31 for the $10,000 434% 20-year coupon school-building
County, Pa.
until 12 p. m. June 8 by Richard J. Hamilton, Secretary bonds described in V. 88, p. 1333. The bonds are again
offered, this time as 534 per cents, and proposals will be
(P. 0. Ardmore), for $200,000 4% coupon school bonds.
Bids are requested as follows: (a) For the entire issue of $200,000 bonds. received until June 15. Certified check for 1% of bid is
(b) For $80,000 of the issue. to consist of bonds maturing $4,000 on July 1 required.
in each of the following years: 1914, 1917, 1918, 1920, 1922, 1923, 1925,
New York City.
-Bond Sales.-During the month of May
1926 and from 1928 to 1939 inclusive. (c)For the entire issue of $200,000.
of which $80,000 shall be delivered July 1 1909 and the balance in lots of this city disposed of to its Sinking Fund,at par, the following
$60,000 within one year thereafter at such time as the district shall fix.
The district, however, reserving the right not to issue bonds in excess of bonds:
$180,000. Denomination $1,000 or,at the option of the successful bidder,
not exceeding 10% thereof will be issued in the denomination of $500.
Date July 1 1909. Interest semi-annual. Maturity $10,000 on July 1 in
each of the following years: 1914, 1917, 1918, 1920, 1922, 1923, 1925,
1926 and from 1928 to 1930 inclusive. Bonds are free from taxation.

Madisonville, Hamilton County, Ohio.
-Bond Offering.
Proposals will be received until 12 m. June 16 by J. A.
Conant, Village Clerk, for the following bonds:

Purpose.
Various municipal purposes
Rapid transit bonds
Library bonds
Water bonds
Total_

Authority Sections 2835 and 2836 Revised Statutes and Section 53 of
Municipal Code. Denomination $100. Date July 1 1909. Interest
March 1 and Sept. 1 at the Citizens' National Bank of Middleport. Maturity $2,000 yearly on Sept. 1 from 1931 to 1941 inclusive and $1,800 on
Sept. 1 1942. Certified check for 5% of bonds bid for, payable to the
Village Treasurer, is required. Purchaser to pay accrued interest and
furnish blank bonds at his own expense. Delivery within ten days from
time of award.

Milton (P. 0. Boston), Mass.
-Temporary Loan.
-Boston
papers state that a loan of $25,000 has been negotiated by
this town at about a 3% discount.
Milton, Umatilla County, Ore.
-Bonds Voted.
-This city
recently voted, it is stated, to issue $15,000 bonds for the
extension of the city light and power plant.
Monterey, Monterey County, Cal.
-Bonds Voted.
-According to San Francisco papers, this city on May 26 voted
to issue $63,000 storm-water, $8,000 bridge, $12,000 sewer,
$14,000 fire, $45,000 street and $8,000 cemetery-road bonds.
Mt. Holly Graded School District (P. 0. Mt. Holly),
-Bond Offering.
Gaston County, N. 0.
-Proposals will be
received until 1 p. m. June 10 by the Board of Trustees, J. A.
Costner, Secretary, for $7,000 6% 20-year coupon schoolbuilding bonds.
Authority, vote of 132 "for" to 11 "against" at an election held May 4.
Denomination $500. Date July 1 1909. Interest semi-annually at the
National Park Bank in New York City. Certified check for $200, payable
to J. A. Costner, Secretary, is required. Bonded debt $70,000 (this issue).
Floating debt $800. Assessed valuation for 1908, $432,114.

Mount Pleasant Union Free School District No. 9 (P. 0.
-Bond Sale.
Pleasantville), Westchester County, N. Y.
On June 3 the two issues of 43/2% registered school-building
aggregating $60,000, described in
and site-purchase bonds
V. 88, p. 1387, were awarded to the Rudolph Kleybolte Co.
Inc., at 106.16 and accrued interest. The bids were as
follows:
$50,000 $10,000
Rudolph Kieybolte Co. Inc., New York (for both issues)
106.167Ferris & White, New York
106,147 102.757
Geo. M. Hahn, New York
105.67
102.07
Adams & Co., New York
105.60
102.17
W. N. Coier & Co., New York
103.187 102.03
Farson, Son do Co. New York
101.76
101.23
N. W. Harris & Cd., New York (for both issues)
104.819
-First National Bank, Cleveland (for both issues)--Maturity $1,000 yearly on Jan. 1 from 1919 to 1948 inclusive.

Muskogee County (P. 0. Muskogee), Okla.
-Bond Sale.
On May 26 an issue of $449,000 5% bridge, court-house, jail
refunding bonds was awarded to 11.0.Speer, Sons & Co.
and
of Chicago for $474,495, the price thus being 105.678. Denomination $1,000. Interest Jan. and July.




Amount.
$670,000
111,000
90,000
800,000
$1,671,000

The following revenue bonds (temporary securities) were
also issued during May:

$2,013 5% coupon Centre Street improvement (village's portion) bonds.
Date Jan. 4 1909. Interest annual. Maturity part yearly on
Revenue bonds, current evpenses
Jan. 4 from 1910 to 1919 inclusive.
10,000 4% fire-engine purchasing bonds. Denomination $500. Date • Revenue bonds, current expenses
April 14 1909. Interest semi-annual. Maturity April 14 1934. Revenue bonds, special
Certified check for $100, payable to the Village Treasurer, is required Revenue bonds, special
with bids for each issue. Purchaser to pay accrued interest.
Total

Marietta, Ga.-Bond Sale.
-On May 27 $80,000 waterworks and $30,000 sewerage 5% 30-year gold coupon bonds
were awarded, according to reports, to J. H. Hilsman & Co.
-the price thus being 108.24. Purof Atlanta for $119,065
chasers to furnish blank bonds. Denomination $1,000.
Date July 1 1909. Interest semi-annually in Marietta or
New York City, at option of purchaser.
Marinette, Marinette County, Wis.-Bond Sale.
-This city
sold $18,000 5% bonds on May 29.
-Bonds Registered.
Mart, McLennon County, Texas.
-The
$50,000 5% 20-40-year (optional) water-works bonds mentioned in V. 88, p. 959, were registered on May 11 by the
State Comptroller.
-Bond Offering.
Middleport, Meigs County, Ohio.
-Proposals will be received until 12 m. June 7 by F. G. Hunker,
Village Clerk, for $23,800 4% coupon Second Street (village's
portion) improvement bonds.

Rate of Int. Maturity.
1958
3
1958
4
1958
3
1958
3

Interest.
2%
24
3 ji
3N

Amount.
$300,000
1,565,000
335,600
100,000
$2,300,600

Nez Perce Independent School District No. 1 (P. 0. Nes
Perce), Nes Perce County, Idaho.
-Bond Offering.
-Proposals will be received until 8 p. m. June 24 by E. W. Wing,
District Clerk, for $55,000 57 improvement bonds.
(0
Authority, Section 33, House Bill 105, Laws of 1909. Denomination
$1,000. Date July 1 1909. Interest semi-annually in Lewiston, Idaho.
Maturity twenty years, subject to call after ten years. Certified check
for 5% of bonds bid for, payable to "Independent School District No. 1,'
Is required. Official circular states that this district has never defaulted
on its principal or interest, and that there is no controversy pending or
threatened. Bonded debt, including this issue, $116,000. Assessed
valuation for 1908, $5,034,000.

Norton, Wise County, Va.-Bond Offering. Further details are at hand relative to the offering on June 15 of the
$50,000 5% coupon (with privilege of registration) seweragesystem and street-improvement bonds mentioned in V. 88,
p. 1388.
Proposals for these bonds will be received until 1 p. m.
on that day by S. C. Whitaker, Mayor. Authority, vote of
119 to 20 at election held May 4 1909; also Section 1038e,
Code of 1904. Denomination $500. Date June 15 1909.
Interest semi-annually at the Bankers' Trust Co. in New York
City. Maturity June 15 1939. Bonds will be delivered
within ten days from time of award. Certified check for
$500, payable to the Town Treasurer, is required. Total
bonded debt, this issue. Assessed valuation of real property,
$541,039 85. Assessed valuation of personal property,
$241,837 50. Total value of all real property (estimated),
$1,500,000. Official circular states there is no litigation
now, pending or threatened affecting this issue of bonds.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Dpeartment.
Parkersburg, Wood County, W. Va.-Bond Sale.
-On
June 1 the $270,000 4% 20-year coupon water-works bonds
described in V. 88, p. 1333, were awarded, it is stated, to
Cincinnati parties.
-Temporary Loan.
-Reports state that
Peabody, Mass.
this town has negotiated a temporary loan of $80,000 with
Tupper of Boston at 2.98% discount.
Loring, Tolman &
Maturity Nov. 4 1909.
Perinton Union Free School District No. 9, N. Y.
-Bond
-On May 31 the $6,000 school-building bonds described
Sale.
in V. 88, p. 1333, were awarded to John J. Hart of Albany
at par for 4-40s. The other bids received were as follows
Poughkeepsie-$6,006
for 4 ;is.
Isaac W. Sherrill,
,
First National Bank, Cleveland-$6,004 20 for 435s.
Myron W. Greene, Rochester-$6,090 for 5s.
W. H. Jerrels, Fairport-$(3,000 for (Ss.
Emma E. Osborn, 1airport-$6,000 for 5s.
Otto Zarger, Fairport-$6,010 for 5 ;is.
Maturity $600 yearly on Dec. 1 from 1910 to 1919 inclusive.

Pittsboro Township (P. 0. Pittsboro), Chatham County,
-By a vote of 59 "for" to 109
-Bonds Defeated.
No. Caro.
"against" this township on May 11 defeated a proposition to
issue $30,000 bonds.
Pleasanton School District (P. 0. Pleasanton), Alameda
-The election held May 24
-Bonds Voted.
County, Cal.
resulted in favor of the proposition to issue the $20,000 5%
1-20-year (serial) school-building bonds, mention of which
was made in V. 88, p. 1333. The vote was 130 to 28.

JUNE 5 1909.)

THE CHRONICLE

-Bond Sale.
Portland, Ore.
-This city on May 24, it is
stated, disposed of an issue of $100,653 6% improvement
bOnds.
-Bond
Prairie Drainage District, Terrebonne Parish, La.
Offering.-Proposals will be received until 12 in. June 19
by C. P. Smith, President Board of Commissioners (P. 0.
Houma), for $15,000 5% coupon bonds.
Denomination $1,000. Date June 1 1909.
Interest annually at
Hibernia Bank & Trust Co. of New Orleans. Maturity June 1 1919.

Quincy, Mass.
-Bond Sale.
-Reports state that the $40,000 3y% coupon water bonds described in V.. 88, p.
1389, were sold on June 3 to Estabrook & Co. of Boston at
100.65. Maturity $2,000 yearly on May 1 from 1910 to 1919
inclusive and $1,000 yearly on May 1 from 1920 to 1939
inclusive.
Reading, Mass.
-According to reports
-Temporary Loan.
a loan of $20,000 due in one year has been negotiated with
Loring, Tolman & Tupper of Boston at 3.38% discount.
Ridgewood Township School District (P. 0. Ridgewood),
-Proposals will be
Bergen County, N. J.
-Bond Offering.
received until 8:15 p. in. June 7 by E. A. Lane, Clerk of
Board of Education, for $80,000 4% coupon school bonds.
Denomination $1,000. Date May 1 1909. Interest semi-annually at
United States Mortgage & Trust Co. in New York. Maturity $2,000 yearly
on May 1 from 1915 to 1919 inclusive, $3,000 yearly on May 1 from 1920
to 1929 inclusive and $4,000 yearly on May 1 from 1930 to 1939 inclusive.
A certified check for 3% of bonds bid for, payable to the Board of Education, is required. Bonds will be certified as to their genuineness by the
United States Mortgage & Trust Co. and their legality approved by Caldwell & Reed of New York, whose opinion will be delivered to the purchaser. Bonds will be ready for delivery on June 10 1909. Purchaser
to pay accrued interest.

1457

Riley Township School District, Putnam County, Ohio.
Bond Sale.
-On June 1 the $7,500 5% coupon school-building
and repair bonds described in V. 88, p. 1389, were awarded
to Seasongood & Mayer of Cincinnati at 102.16 and accrued
interest. The bids received were as follows:
Seasongood & Mayer, Cincin_ -$7,662 1 Otis & Hough, Cleveland_ _ _ _$7,654
Hayden, Miller & Co., Cleve_ _a7,690 First Nat. Bank, Cleveland__ 7,638
Barto, Scott & Co., Columbus 7,614
a Bid not accompanied by the required certified check; therefore not
considered.
Maturity $500 on Sept. 1 and $1,000 on March 1 from Sept. 1 1910 to
March 1 1915 inclusive.

Rochester, N. Y.
-An issue of $300,000
-Note Sale.
8
-months local-improvement notes was disposed of on June 3
to Bond & Goodwin of New York City at 3.60% interest
and $65 premium. The bids received were as follows:
Bond & Goodwin, New York-3.60% interest and $65 premium.
F. S. Moseley & Co., Boston-3.5899% interest and $1 premium.
Farson, Son & Co. New York-3.60% and $62 25 premium.
R. N. Kalbfleisch-L-4% interest and $15 premium.
Alliance Bank, Rochester
-4% interest.
R. W. Pressprich-$100,000 notes at 3.74% interest.
Security Trust Co.. Rochester-$100,000 notes at 3.75% interest

Rockport (P. 0. West Park), Cuyahoga County, Ohio.
Bond Offering.
-Proposals will be received until 12 m.
June 26 by Fred.Feuchter, Village Clerk, for the following
4% coupon bonds:
$4,000 cemetery bonds. Date May 15 1909. Maturity May 15 1916.
6,000 water-main-extension bonds. Date July 15 1909. Maturity
July 15 1939.
Authority, Sections 2835, 2835b, 2836 and 2837 of Revised Statutes.
Denomination $1,000. Interest semi-annually at the People's Savings
Bank Co. Certified check for 5% of bonds bid for, payable to J. M. Hogan,
Village Treasurer, is required. Purchaser to pay accrued interest.

Rose School District, Cal.
-Bond Election.
-On June 8
the voters of this district will determine whether or not
$2,800 bonds shall he issued.
St. Clair, Schuylkill County, Pa.
-Bond Sale.
-Reports
state that this borough has awarded the $90,000 44% sewer
The official notice of this bond offering will be found among bonds offered on June 2 and described in V. 88, p. 1389, to
J. S. & W. S. Kuhn Inc., of Pittsburgh, for $93,819-the
the advertisements elsewhere in this Department.

NEW LOANS.

$40,000,000

NEW YO':K CITY
4 Per Cent. fiold Stock and Bonds
Exempt from all Taxation
Issued in Coupon or Registered Form
Interchangeable at will alter Purchase

To Be Sold Tuesday, June 8, 1909
Al 2 o'clock P. M.

$38,9t0A00 Corporate Stock, Payable May 1st, 1959
$2,000,000 Assessment Bonds, Payable May 1st, 1919
COUPON INTEREST PAYABLE
AT OPTION OF HOLDER

IN NEW YORK OR LONDON
A LEGAL INVESTMENT FOR TRUST FUNDS
Send bids in a pealed envelope enclosed in the addressed envelope. A DEPOSIT OF TWO
PER CENT. OF PAR VALUE MUST ACCOMPANY BID. Such deposit must be in money or
etirtified check upon a New York State Bank or Trust Company, or a National Bank. For
fuller information see "City Record," published at Room No. 2, City Hall, New York.

Consult any Bank or Trust Company, or address

HERMAN A. METZ,Comptroller City of New York




280 Broadway, New York.

NEW LOANS.

$170,000
City of South Norwalk, Conn.,
4% Coupon Water Bonds
Sealed proposals will be received by the undersigned until ONE O'CLOCK P. M. JUNE 16.
1909, at the office of the Water Commissioners,
for the purchase of all or any part of $170,000 00
coupon bonds of $1,000 00, at 4% per annum,
interest payable semi-annually at the City National Bank and the South Norwalk Trust Company. Principal payable at the office of the Water
Commissioners.
$52,000 00 Water Bonds due July 1, 1939. To
refund matured bonds.
9,000 00 Water Bonds due July 1, 1940. To
refund maturing bonds July 1 1910.
109,000 00 Water Bonds due July 1. 1939. To
fund floating debt.
The legality and genuineness of these bonds
will be certified to by the South Norwalk Trust
Company.
Each bid must be accompanied by certified
check of 2% of the amount bid, payable to the
order of the Water Commissioners. The check of
the successful bidder to be held to secure the payment of the bonds. The right is reserved to reject
any or all bids. Intending purchasers can obtain
copy of Water Commissioners' last annual report
1908 by application to the Water Office.
Total City and Water Department Resources and
Liabilities May 15, 1909.
Total City Resources, not including
$211,957 16
Streets and Sewers
565,560 63
Total Water Department Resources
City Liabilities
Water Department
Net Surplus

$777,517 79
$216,740 01
327,800 00
232,977 78

$777,517 79
Grand List of 1908, $5,725,000 00.
City and Library Tax, 8 mills.
ALBERT M. POHLMAN,
Finance Corn. of Council.
Water
CHRISTIAN SWARTZ,}
STEPHEN S. H ATCH Commissioners.
FRANKLIN A. SMITH,

$ I 00,000
County of Hennepin, Minn.
Road and Bridge Bonds
Sealed bids will be received at the office of the
undersigned until MONDAY, JUNE 21st, 1909.
at 11 O'CLOCK A. M., at which time said bids
will be opened by the Board of County Commissioners of Hennepin County, Minnesota, for
the purchase of the whole or any part thereof
of $100,000 00 County of Hennepin Road and
Bridge Bonds of the denomination of $1,000 each.
dated July 1st, 1909, payable July 1st, 1939.
Bidders will state rate of interest; interest to be
paid semi-annually, not to exceed 4% per annum.
No bid will be received for a sum less than the
par value of the bonds and accrued interest to
date of delivery of said bonds.
The Board of County Commissioners reserves
the right to reject any or all bids.
A certified check for two per cent (2%) of the
par value of the bonds bid for, made to Henri
C. Henke. County Treasurer, must accompany
each bid as a guaranty of the execution of a contract It awarded.
Circulars Containing full particulars will be
mailed upon application.
HUGH R. SCOTT.
County Auditor.

[VOL.

THE CHRONICLE

1.45S

price thus being 104.243. Maturity $20,000 July 1 1919
and $35,000 on July 1 in each of the years 1929 and 1939.
St.Francis Levee District(P.0.St.Francis),(May County,
Ark.—Bond Offering.—Further details are at hand relative
to the offering on June 17 of the $325,000 20-40-year repair
and $40,000 30-40-year refunding 5% coupon bonds mentioned in V. 88, p. 1334. Proposals for these bonds will
be received until 2 p. m. on that day by H. D. Tomlinson,
Secretaryi Levee Board, Room 162, Randolph Building,
Memphis, Tenn.
Authority, an Act of the General Assembly passed at the 1909 session.
Denomination $1,000. Date July 1 1909. Interest semi-annually at
Memphis or in New York City. Certified check for 2% of bid, payable
to Eugene Williams, Treasurer, is required.

San Antonio, Tex.—Bonds Awarded in Part.—On May
22 $17,000 of the $45,000 5% improvement District No. 7
sewer bonds mentioned in V. 87, p. 1439, were disposed of
to local investors at par and accrued interest.
Denomination $1,000. Date Aug. 1 1908. Interest semi-annual.
Maturity Aug. 1 1948, subject to sail after Aug. 1 1928.

San Marcos, Hays County, Tex.—Bond Sale.—It is stated
that the $5,000 5% 10-40-year (optional) street-improvement
bonds registered by the State Comptroller on May 20 (V. 88,
p. 1389) were sold on May 26 to the State Bank & Trust Co.
of San Marcos.
Santa Barbara, Santa Barbara County, Cal.—Bond Election.—An issue of $50,000 bonds will be submitted to the
voters on June 8.
Santa Cruz County (P.0. Santa Cruz), Cal.—Bond Sale.—
Reports state that Ulen, Sutherlin & Co. of Kansas City
have bought $15,000 bonds at par and accrued interest.
Sapulpa, Okla.—Description of Bonds.—We are informed
that the $82,000 6% 20-year funding bonds recently awarded
to the Davies-Bertram Co. of Cincinnati (V. 88, p. 1083)
are dated Feb. 13 1909. Denomination $1,000. Interest
semi-annual.
Er Seymour, Baylor County, Tex.—Bonds Voted.—Reports
state that this city at an election held on May 25 authorized
the issuance of sewerage and water-works bonds by a vote
of 127 to 10 for the former issue and 127 to 7 for the latter
proposition.

Sioux County (P. 0. Orange City), Iowa.—Bond Offering.
--Proposals will be received until 12 in. June 7 by H. H.
McKee, County Treasurer, for $15,000 4% coupon jailconstruction bonds.
Denomination $1,000. Date June I 1909. Interest annually in Orange
City. Maturity $5,000 on June 1 in each of the years 1914, 1915 and 1916.
Certified check for 5% of bid, payable to the County Treasurer, is required.

Solvay, Onondaga County, N. Y.—Bond Sale Postponed.—
The sale of $150,000 5-29-year (serial) street-improvement
bonds which was to have taken place June 1 has been adjouned to June 15. See V. 88, p. 1389, for description of
these securities.
Spotsylvania County (P. 0. Spotsylvania), Va.—No Bond
Election.—We are informed that a temporary injunction was
granted which restrained the county from voting May 18
on the propositions to issue the $60,000 Courtland Road
District and $40,000 Chancellor Road District bonds, mention of which was made in V. 88, p. 1272.
Stafford, Tolland County, Conn.—Bond Offering.—Proposals will be received until 12 m. June 21 by Marcus B.
Fiske, Town Treasurer (P. 0. Stafford Springs), for $40,000
4% coupon funding bonds.
Denomination $1,000. Date July I 1909. Interest semi-annually at the
First National Bank of Stafford Springs. Maturity $2,000 yearly on July 1
from 1918 to 1937 inclusive. Certified check on a national bank or trust
company for 5% of bonds bid for is required. The bonds will be certified
to as to their genuineness by the City Trust Co., of Boston. Their legality
has been approved by Storey, Thorndlke, Palmer do Thayer of Boston, a
copy of whose opinion will be delivered to purchaser. Bonds will be ready
for delivery on July 1 1909. These bonds were originally advertised to be
sold June 16 under the head of Stafford Springs. This was an error, however, so the subsequent date was agreed upon and new notices printed.
The bonds are issued by the town of Stafford and Stafford Springs is the
post-office address.

Tiffin, Seneca County, Ohio.—Bond Offering.—Proposals are asked for by this city, according to local papers,
until June 25 for an issue of $20,000 street-improvement
bonds.
Traer School District (P. 0. Traer), Tama County, Iowa.
—Bond Offering.—Proposals will be received until 4 p. m.
June 22 by R. H. Moore, District Treasurer, for the $30,000
43.i% school-building bonds voted (V.88,p.1335)an May 10.
Trafford, Westmoreland County, Pa.—Bond Sale.—On
June 1 the $15,000 432% 16-30-year (serial) improvement

NEW LOANS.

NEW LOANS.

NEW LOANS.

$1,060,000
STATE OF MARYLAND,

$80,000

$2,100,000

Board of Education of the

Portland Water Dist.,Portland, Me.

Treasury Department.
Annapolis, Md., May 29th, 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
8340,000 Series "A" and $720,000 Series "B"
of the said Loan.
Series "A" of the State Roads Loan will be
dated August 1, 1908, bear interest from February 1, 1909, at the rate of three and one-half per
centum per annum, payable semi-annually on the
first day of February and August in each and
every year, and the principal will be redeemable
at the pleasure of the State after the first day of
August in the year 1918, and the whole debt will
be payable on the first day of August, 1923.
Series "B" of the State Roads Loa- will be dated
February 1, 1909, bear interest from the 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
ooupons attached.
Said proposals must be delivered, sealed, to
the Treasurer of the State, at ANNAPOLIS,
ON OR BEFORE 12 O'CLOCK NOON OF THE
29TH DAY OF JUNE, 1909, and must be at a
price, accrued interest to date of delivery in all
cases to be added thereto, and have endorsed on
the envelope "Proposals for the State Roads
Loan." Each bid must be accompanied with a
certified check on some responsible banking institution for five 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, June 29th, 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 will be deliverable July 1st, 1909.
The right is reserved to reject any and all bids.
AUSTIN L. CROTHERS,
Governor.
I. W. HERING.
Comptroller of the Treasury.
MURRAY VANDIVER,
Treasurer.




TOWNSH I P OF R I DGEWOOD ,
BERGEN COUNTY, N. J.,
4 PER CENT BONDS
Sealed proposals will be received by the undersigned until 8:15 P. M. June 7th, 1909, for the
purchase of $80,000 4 per cent Coupon Bonds of
the Board of Education of the Township of
Ridgewood, in the County of Bergen, N. j., of
the denomination of $1,000 each. Bonds will
be dated May 1st, 1909, and mature as follows:
Two bonds annually from May 1st, 1915. to
May 1st, 1919, inclusive; three bonds annually
from May 1st, 1920, to May 1st, 1929, inclusive;
four bonds annually from May 1st, 1930, to
May 1st, 1939, inclusive.
Interest and principal payable semi-annually at
the United States Mortgage & Trust Company in
the City of New York.
Bonds will be engraved under the supervision
of, and certified as to their genuineness by, the
United States Mortgage & Trust Company, and
their legality approved by Messrs. Caldwell &
Reed of New York City, whose opinion as to
legality, or duplicate thereof, will be delivered
to the purchaser.
Each bid must be accompanied by a certified
check on a National Bank or Trust Company for
three per cent of the amount of the bonds bid for,
payable to the Board of Education of the Township of Ridgewood, N. J.
Bids will be opened at the office of the Board
of Education at the High School Building, Beech
Street, Ridgewood, N. J.
The right is reserved to reject any or all bids.
For further particulars and form of bid address
E. A. Lane, Clerk of the Board of Education,
Ridgewood, N. J.
Ridgewood, N. J., May 25th, 1909.
G. E. KNOWLTON,
FRANK WRIGHT,
E. A. LANE,
Finance Committee,

JOHN H. WATKINS
MUNICIPAL
AND

RAILROAD BONDS
No. 2 WALL STREET

NEW YORE

4 PER CENT BONDS
Office of the Tru,ties
May 25 1909.
The Trustees of the Portland Water District
bids until 10 A. M. on June 11th,
will receive
1909, for the purchase of $2,100,000 bonds of
said District, bearing Interest at the rate of 4%,
payable semi-annually on the 1st days of June and
December, upon presentation of the proper coupons at the City Trust Company, Boston, Mass.
or at the United States Trust Company, Portland, Maine.
Said bonds are dated 1st of December, 1908
and are payable on the 1st day of December, 1928
The bonds are numbered 1 to 2100, inclusive,
and are issued under authority of a vote of the
Trustees passed on May 18th, 1909.
These bonds will be engraved under the supervision of and certified as to their genuineness by
the City Trust Company, Boston.
This Trust Company will further certify that
in the opinion of Messrs. Ropes, Gray & Gorham
this issue is a valid obligation of the Portland
Water district, and a copy of their opinion, approving the legality thereof, will accompany the
bonds when delivered, without charge, to the
purchaser.
All legal papers incident to this issue, together
with an affidavit certifying to the proper execution of the bonds, will be flied with the City Trust
Company, where they may be inspected at any
time.
The bonds will be ready for delivery July 9th,
1909.
Bids should be sealed and endorsed "Proposal
for bonds," and addressed to the Trustees of the
Portland Water District, 33 Plum St., Portland,
Me. Bids will be opened by the Trustees and a
representative of the City Trust Company.
A certified check for two thousand dollen
($2,000), drawn on a national bank or trust company, should be sent by each bidder.
These bonds are a legal Investment for saving
banks of the New England States, as follows
Maine, New Hampshire, Massachusetts and Rhode
Island, and are exempt from taxation in Maine.
The right to reject any or all bids is reserved
LINDSAY B. GRIFFIN,
WILLIAM L. BLAKE,
MILLARD F. HICKS,
ALBERT B. BOYD,
JOHN W. DEERING,
Trustees Portland Water District.

& COMPANY
McCOYMacDonald. McCoy & Co.
Formerly

Municipal and
Corporation Bonds
FREE-OF-TAX BONDS
181 La Salle Street, - Chicago
YIELDING FROM 3%% TO 5%

LEGAL INVESTMENT
AND OTHER

Details upon Request

FOIZIELESr 4 & CO.
r
421 CHESTNUT ST. PHILADELPHIA PA.

R. T. Wilson & Co.
Bankers & Commission Merchants
33 WALL STREET

-

NEW YORK

JUNE 5 1909.

1459

THE CHRONICLE

bonds dated June 1 1909 and described in V. 83, p. 1391,
were awarded to J. S. & W. S. Kuhn Inc., of Pittsburgh,
for $15,056 (100.373) and accrued interest. There were
no other bidders.
Troy, N. Y.
--Certificate Sale.—On May 29 $100,000 4%
certificates of indebtedness were awarded to Bond & Goodwin of New York City at 100.37.
Truscott Common School District (P. 0. Truscott), Knox
County, Tex.—Bonds Voted.—The proposition to issue the
$6,500 5% 40-year school bonds mentioned in V. 88, p.
1335, carried by a vote of 20 to 9 at the election held May 24.
Tryon Graded School District (P.0.Tryon), Polk County,
N. C.—Bond Offering.—Proposals will be received by the
District Trustees for $7,000 6% coupon bonds. Maturity
20 years. Certified check for 4% of bid is required. T. T.
Ballenger is Treasurer.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Union County (P. 0. Marysville), Ohio.—Bond Sale.—
An issue of $48,000 5% ditch bonds, it is reported, has been
awarded to Breed & Harrison of Cincinnati at 105.30.
Van Alstyne School District (P.0. Van Alstyne), Grayson
County, Texas.—Bonds Voted.—A proposition to issue
-40-year (optional) school-building bonds was
$12,500 5% 5
voted upon at an election held May 27. The vote was
84 "for to 28 "against." Proposals for these bonds will be
received at any time.
Vincennes, Knox County, Ind.—Bonds Defeated.—The
$300,000 4% sewer bonds mentioned in V. 88, p. 1214, were
defeated at the election held May 11. The vote was 876
"for" to 959 "against."
PI Warren Township Special School District No. 1 (P. 0.
Warrenton), Trumbull County, Ohio.—Bond Offering.—Proposals will be received until 12 m. July 1 by the Board of
Education, William Risden, Clerk, for $2,500 4% school
bonds.
Denomination $500. Date July 1 1909. Interest annually at the office
et the District Treasurer. Certified check for 5% of bonds bid for, payable
to the Board of Education, is required. Delivery July 1 1909.

Washington School District (P. 0. Washington), Washington County, Pa.—Bonds Defeated.—The election held
April 14 resulted in a vote of 134 "for" to 1307 "against"
the proposition to issue the $150,000 4% high-school-building
bonds mentioned in V. 88, p. 784.
Ward County (P. 0. Minot), No. Dak.—Bond Sale.—An
issue of 7% 2
-year bonds was sold on May 5 to the Union
National Bank of Minot at 102.20. Denomination $500.
Date May 5 1909. Interest semi-annual.
Waycross, Ware County, Ga.—Bond Election.—An election will be held June 19 to vote on the question of issuing
$35,000 5% gold bonds, for the purpose of installing an
electric-light and power plant.
Denomination $1,000. Interest semi-annually at the American Exchange
National Bank in New York City. Maturity thirty years.

WestCarthage (P. 0. Carthage), Jefferson County, N.
Y.—Bond Sale.—The Watertown Savings Bank, according
to reports, was awarded the $30,000 water-supply bonds
offered on May 25 and described in V. 88, p. 1335, at 106.666
for 4s.
Westmont (P. 0. Johnstown) Cambria County, Pa.—
Bond Offering.—Proposals will be received until 7 p. m.
June 7 by H. P. Shomo, Borough Secretary, for $10,000
5% coupon street-improvement bonds.
itr
, Denomination $100. Date June 1 1909. Interest semi-annually at
Johnstown Trust Co. of Johnstown. Maturity June 1 1929, subject to
call after June 1 1914. Bonds are exempt from taxation. Certified
check for $250, payable to the Borough Secretary, Is required. Debt.
this Issue. Assessed valuation for 1909, $601,875.

West Point,(May County, Miss.—Bond Offering.—Proposals will be received until 6 p. m. June 18 by B. Y. Rhodes,
-20-year
Mayor, for $17,500 20-year city-hall and $15,000 10
(optional) siedwalk 5% bonds. Mention of the former issue
was made in V. 88, p. 1158.
Denomination $500. Date July 1 1909. Interest semi-annual.
fied check for 10% of bonds bid for is required.

Certi-

West Seneca, Erie County, N. Y.—Sewer District No. 1.—
Bonds Not Sold—Bond Offering.—No bids were received on
May 27 for the $17,000 5% sewer bonds described in V. 88,
p. 1272. Proposals are again asked for these bonds and will
be received this time until 2 p. m. June 10 by E. H. Cosgrove, Town Clerk. Interest semi-annual. Certified check

•• •
•• •
• • I• I.

NEW LOANS.

NEW LOANS.

$60,000

$200,000

Town of Norton, Va.,

CITY OF WINNIPEG, CANADA,

SEWER AND STREET BONDS
Sealed proposals will be received by the Mayor
of the Town of Norton, at his office in Norton,
Virginia, until one o'clock p. m. on the 15TH
BAY OF JUNE, 1909, for the purchase of bonds
to be issued by the said town of Norton, to the
purchaser thereof, in the aggregate sum of fifty
thousand dollars ($50,000), and to be dated on
the day of said purchase, payable thirty (30)
years from the date thereof, and bearing interest
at the rate of five (5) per centum per annum,
payable semi-annually with the proper coupons
representing the same attached and payable, the
principal and interest, at the Bankers' Trust Co.,
New York City. Said bonds are to be issued for
the purpose of constructing a system of sewerage
In the said town of Norton and also for the purpose
of constructing and improving the streets of
said town.
Said bonds will be sold to the best bidder for
not less than the par value thereof. All bids must
state the number of bonds bid for, and the gross
amount of bid.
Said bonds shall be issued in the denominations
of five hundred dollars each. Every bidder must
file with his bid a certified check payable to the
Treasurer of the Town of Norton for $500, upon
condition that if the bid is accepted the bidder
will receive and pay for such bonds as may be
Issued and delivered to him as above set forth,
within ten days from the time of the award, said
check to be retained by the Town of Norton if said
condition Is not fulfilled by the bidder.
The Town of Norton reserves the right to reject
any or all bids.
S. 0. WHITAKER,
Mayor of the Town of Norton.
May 18th, 1909.

Cuban Securities
A SPECIALTY

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

43 Exchange Place

SCHOOL BONDS

NEW LOANS.
$7,000
Tryon,

N. C.,

GRADED SCHOOL DISTRICT BONDS

The Trustees of Tryon Graded School District
Scaled 'tenders, addressed to the Secretarytwenty-year 6%
Treasurer, Winnipeg School Board, will be re- want sealed bids on $7,000
coupon bonds.
ceived up to twelve o'clock, noon, July 2nd 1909,
Bids must be accompanied by certified check
for the purchase of $200,000 of debentures of the
School District of Winnipeg No. 1, repayable equal to 4% of bid.
T. T. BALLENGER, Treasurer,
at the expiration of 35 years from the 1st of August
Tryon, N. 0.
1908, with interest at 4 per cent per annum,
to be paid and
payable semi-annually. Money
delivery made at Winnipeg. The purchaser shall
have the option of taking delivery at any time
between July 3d and August 1st, 1909. Principal
and interest payable at London, England; New
i
York, U. S. A.; Toronto, Montreal or Winnipeff
The School District of Winnipeg No. 1
coterminus In area with the city of Winnipeg.
BANKERS
Assessed value of ratable property within the
School District, $108,000.00.
Provision has been made for registration of
bonds.
The highest or any tender not necessarily accepted.
AND
For further information apply to the underR. H. SMITH,
signed.
Secretary-Treasurer, Public School Board,
Winnipeg, Canada.

Blodget, Merritt & Co.
STATE, CITY

RAILROAD BONDS

$500,000
State of North Carolina

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

BONDS
Sealed bids will be received at the State TreaSurer's office, Releigh, for the purchase of $500,000
Four Per Cent Bonds of the State of North
Carolina, dated July 1st, 1909, running forty
years, exempt from all taxation.
Principal and interest payable at the National
Park Bank, New York City.
All bids must be accompanied by a certified
check for two per cent of amount bid.
Bids to be opened at my office at 12 noon,
June 17th, 1909.
The right Is reserved to reject any or all bids.
B. R. LACY,
State Treasurer.

Perry, Coffin & Burr,

INVESTMENT BONDS.
60 State Street,
BOSTON.

Telephone 6444 Hanover
BRANCH OFFICE
Bristol Building, 5th Ave. and 42ti St.
Telephone 1658 Bryant.

Albert Kleybolte & Co.,
469 Walnut Street,

CINCINNATI, 0.

CHELTEN TRUST COMPANY
5614 Germantown Avenue,
Philadelphia, Pa.
Solicits the business of Corporations and MuniciPolities desiring the services of a Registrar,Trustee
or Financial Agent.




Municipal,
State,
County,
and High-Grade Public Service
Securities
Correspondence Solicited

NATIONAL LICHT,
HEAT & POWER CO.
GUARANTEED

BONDS

All Issues

A. H. Bickmore & Co.
BANKERS
New York
30 Plne Street,

1460

[VOL. taxxvitt.

THE CHRONICLE

for 5% of bid, payable to Henry C. Lien, Town Supervisor,
is required.
16 Williamsport, Pa.—Bond Election Proposed.—This city
has under consideration the holdinF of an election some time
in July for the purpose of submitting to the voters a proposition to issue $50,000 bonds for repairing and repaving
streets.
Willoughby, Lake County, Ohio.—Bond Offering.—Proposals will be received until 12 m. June 21 by C. C. Jenkins,
Village Clerk, for $4,000 43/2% sewer-construction bonds,
Series "E".
Denomination $500. Date March 1 1909. Interest semi-annual.
Maturity $500 each six months from Mnrch 1 1919 to Sept. 1 1922 Inclusive.
Certified check (or draft) for $100, payable to the Village Treasurer, is
required. Purchaser to pay accrued interest.

Willshire Township, Van Wert County, Ohio.—Bond
Offering.—Proposals will be received until 1 p. m. June 14
by J. Dudley, Township Clerk, care of Balyeat & Walters,
1073., East Main Street, Van Wert, for $20,000 4% coupon
?
Special Road District No. 2 road improvement bonds.
Denominations $1,000 and $500. Date-7July 1 1909. Interest semiannually at the Willshire Bank Co. in Willshire. Maturity as follows:
$1,000 on Sept. 15 1910, $500 on Sept. 15 1913, $500 on Sept. 15 1914,
$1,000 yearly on Sept. 15 from 1915 to 1925 inclusive, $1,000 on March 15
1918 and $1,000 yearly on March 15 from 1920 to 1925 inclusive. Certified
check for $500 is required.

Winchester, Frederick County, Va.—Bond Offering.—Proposals will be received until 10 a. in. June 23 by Shirley
Carter, Chairman Finance Committee, for the $50,000 4%
coupon sewerage-system bonds voted on Jan. 7(V.88, p.177).
Date July 1 1909. Interest semi-annually at the office of the
City
Treasurer. Maturity July 1 1939. subject to call after July 11929.
Certified check for 1% of bid is required.

Youngstown, Ohio.—Bond Offering.—Proposals will
be
received until 2 p. m. June 21 by Wm.J. Davies, City Auditor, for the following 5% bonds:
$26,000 to pay the city's portion of improving streets;
$600
Beliview Avenue; $4,620 to pave Bryson Street and Parkview to sewer
Avenue;
.7,000 to pave Bissell Avenue; $7,285 to pave Delason Avenue;
4795 to sewer
Sherman Street; $750 to grade Whitney Avenue; $7,000 to pave
Fruit Street
and $1,050 to sewer East Federal Street.
Bonds will be dated June 28 1909. Maturity part of each
Oct. 1 from 1910 to 1914 inclusive. Interest semi-annually issue yearly on
the City Treasurer. Purchasers must be prepared to take at the office of
the
later than June 28, the money to be delivered at one of the banks bonds not
own or at the City Treasurer's office. Bids must be made on in Youngseach block

of bonds separately and be accompanied by a certified check on
bank for 2% of the bonds bid for, payable to the City Auditor. a national

Yuma County (P. 0. Yuma), Ariz.—Bond Offering.—
Further details are at hand relative to the offering on June 30
of the 850,000 5% gold coupon court-house and jail bonds
mentioned in V. 88, p. 1392. Proposals will be received
until 10 a. m, on that day by the Board of Supervisors,
J. M. Polhamus, Clerk.
Denomination $1,000. Date June 30 1909. Interest January
and July
at the County Treasury in Yuma County. Maturity June 30
1944.

Canada,its Provinces and

Municipalities.

Adamston School District, Can.—Debenture Sale.—An
issue of $4,000 53/2% 20-year debentures has been awarded
to Wm. C. Brent of Toronto.
Amherst, N. S.—Debenture Sale.—F. B. McCurdy &
Co. of Halifax purchased on May 26 $50,000 4% debentures
due in 1939.
Burlington, Ont.—Debenture Sale.—On June 1 the
$47,200 43% water-works debentures described in V. 88,
p. 1336, were awarded to the Traders' Bank of Toronto at
par and accrued interest. Maturity part yearly for 30 years.
Carman, Man.—Debentures Voted.—At the election held
in this place on May 21 a proposition to float the $25,000
5% 30-year water-works debentures (V. 88, p. 1336) was
favorably voted.
Cliffe School District, Sask.—Debenture Sale.—An issue
of $1,100 53-% debentures was recently awarded to Geo.
A. Stimson & Co. of Toronto. Maturity part yearly for
ten years.
Durham, Can.—Debenture Sale.—Wm. C. Brent of
Toronto was the successful bidder recently for an issue of
$11,000 432% 20-year debentures.
Dauphin School District No. 905, Man.—Debenture Sale.—
On May 27 the $60,000 5% school bonds offered on that day
were awarded to G. A. Stimson & Co. of Toronto. Maturity
part yearly for 20 years.
44,41
Estevan, Sask.—Debenture Sale.—An issue of $23,000
30-year school debentures have been awarded to Nay &
James of Regina.

TRUST COMPANIES.

MISCELLANEOUS.

BANKERS TRUST COMPANY

HUNT, SALTONSTALL & CO.,

7 WALL STREET, NEW YORK.

Capital $1,000,000

Surplus and Undivided Profits, $1,432,400

DIRECTORS
STEPHEN BAKER.
EDGAR L. MARSTON.
Pres. Bank of the Manhattan Co., N.Y.
Blair ,S3 Co., Bankers, N. Y.
SAMUEL G. BAYNE.
GEORGE W. PERKINS,
Pres. Seaboard National Bank, N. Y.
J. P. Morgan as Co., Bankers, N. Y.
EDWIN M. BULKLEY.
WILLIAM H. PORTER.
Spencer Trask & Co., Bankers, N. Y.
Pres. Chemical National Bank, N. Y.
JAMES G. CANNON,
DANIEL G. REID,
Vice-Pres. Fourth National Bank, N. Y.
Vice-Pros. Liberty National Bank, N. Y.
EDMUND C. CONVERSE.
BENJ. STRONG Jr.,
President, New York.
V ce-Pres dent, N. Y.
HENRY P. DAVISON.
EDWARD P. SWINNEY.
J. P. Morgan & Co., Bankers. N. Y.
Pres. First National Bank, Kansas City.
FREW,
WALTER E.
JOHN F. THOMPSON,
Vice-Pres. Corn Exchange Bank, N. Y.
Vice-President, New York.
FREDERICK T tIASKELL.
GILBERT G. THORNE.
Y.-Pres. Illinois Trust 4511Sav. Bank,Chicago.
Vice-Pres. National Park Bank, N. Y.
A. BARTON HEPBURN.
EDWARD TOWNSEND,
President Chase National Bank. N. Y.
Pres. Importers' es Traders'National Bank, N.Y.
THOMAS W. LAMONT,
ALBERT H. WIGGIN.
Vice-President First National Bank. N. Y.
Vice-Pres. Chase National Bank, N. Y.
OATES W. McGIARRAH,
SAMUEL WOOLVERTON.
President Mechanics National Bank, N. Y.
President Gallatin National Bank, N. Y.

Members New York Stock Exchange

Investment Securities
60 STATE STREET
BOSTON

MUNICIPAL AND RAILROAD

BONDS.
LIST ON APPLICATION

SEASONGOOD & MAYER,
Mercantile Library Building
CINCINNATI

Charles M. Smith & CO.
CORPORATION AND
MUNICIPAL BONDS

Particular attention is called to the personnel, character and strength of this
company's directorate. Interest is allowed upon deposits,

FIRST NATIONAL BANK BUILDING
CHICAGO

E. C. CONVEILsE, Pres.
J. F. THOMPSON, V -I'.
B. ST'IONS.; Jr., V.
-P
D. E. POMEROY, V. P.
F. I. KENT.
F. N. is. CLOSE, Secy:
H. W. DONOVAN, Treas,
II. F. WILSON Jr., Asst. Sec'Y.

p. J. GOODHART & CO.,
Bankers
57 IlitOADWAY

NEW YORK
Telephone 2240 Rector
320 Walnut St., Cincinnati

MISCELLANEOUS.

Bank and Trust Co. Stocks

Wilkinson, Reckitt, Williams & Co.

WEBB & CO.,

CERTIFIED PUBLIC ACCOUNTANTS

INVESTMENT SECURITIES.

NEW YORK

CHICAGO

52 Broadway

Marquette Bldg'.




LONDON, ENGLAND
Leadenhall Bldg's.

PHILADELPHIA
MutualvLife

74 BROADWAY, NEW YORK
Eetablished 18S5.

H. C. Speer 8c Sons Co.
First Nat. Bank Building,Chicago
CITY COUNTY
AND TOWNSHIP

BONDS.

TIIE CHRONICLE

JUNE 5 1909.]

Fort Frances, Ont.—Debenture Sale.—Sewer and waterworks debentures amounting to $25,000, and bearing 5%
interest, have been awarded to Geo. A. Stimson & Co. of
Toronto. Maturity part yearly for 30 years.
Gravenhurst, Ont.—Debenture Sale.—On May 28 the
$20,000 5% 30-year water-works debentures described in
V. 88, P. 1393, were awarded to G. A. Stimson & Co. of
Toronto.
Greenfield School District, Canada.—Debenture Sale.—
This district recently awarded $3,500 6% debentures to
Wm. C. Brent of Toronto.
Hamilton, Ont.—Debenture Sale.—This city on May 27
awarded the five issues of 4% debentures, aggregating
$377,000 and described in V. 88, P. 1337, to the Dominion
Securities Corporation, Ltd., of Toronto at 99.11.
Hargrave School District, Man.—Debenture Offering.—
Proposals will be received until 12 m. June 10 by James A.
Rose, Secretary-Treasurer, for $4,000 debentures. Interest
annual. Maturity part yearly for twenty years.
Lashburn, Sask.—Debenture Offering.—Proposals will be
received until July 1 by G. G. Morriss Secretary-Treasurer,
'
for $1,500 53% 15-year improvement debentures.
Macdonald, Man.—Debenture Offering.—Proposals will
be received until 12 m. June 23 by H. Grills, SecretaryTreasurer, for $6,000 telephone-system debentures.
Melfort, Sask.—Debenture Sale.—Geo. A. Stimson & Co.
of Toronto have been awarded an issue of $3,600 8% debentures. Maturity part yearly for twenty years.
Moncton, N. B.—Debenture Offering.—Proposals will be
received until 5 p. in. June 15 by J. S. Magee, City Treasurer,
for $133,000 434,% 40-year debentures.
Debenture Sale.—Aemilius Jarvis & Co. of Toronto were
the successful bidders recently for an issue of $55,270 4%
40-year school debentures.
Mount Victory School District, Sask.—Debenture Sale.—
Debentures bearing 6%% interest amounting to $1,600
have been awarded to Geo. A. Stimson & Co. of Toronto.
Maturity part yearly for twenty years.

BONDS
Canadian Government

W. A. MACKENZIE & CO.,
TORONTO, CANADA

Adrian H. Muller & Son,
AUCTIONEERS.

Regu;ar Weekly Sales

Nog Stales TM t Compano of Jew NIL
45 and 47 Wall street.

PITAL,
SURPLUS AND UNDIVIDED PROFITS,

EVERY WEDNESDAY.

$2,000,000.00
$13,412.564.21

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

EDWARD W. SHELDON, President, JOHN CROSBY BROWN, Vice-Pres.
-P.
HENRY E. AHERN, Secretary.
WILLIAM M. KINGSLEY, 2d V.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS,2d Asst.Sea.

OF

STOCKS and BONDS

Norwich, Ont.—Debenture Sale.—This place recently
awarded an issue of $6,350 5% debentures to G. A. Stimson
& Co. of Toronto. Maturity part yearly for ten years.
Sackville, N. S.—Debenture Sale.—This town on May 26
awarded $15,000 4% debentures to F. B. McCurdy & Co.
of Halifax. Maturity $7,000 Jan. 1 1927, $2,000 Jan. 1
1928 and $6,000 Jan. 1 1929.
Sarnia, Ont.—Debenture Sale.—The five issues of 5%
debentures, aggregating $25,654 and described in V. 88, p.
1338, were awarded on May 22 to Wm.C. Brent of Toronto.
Toronto, Ont.—Debenture Sale.—The "Monetary Times"
of May 29 states that Mayor Oliver has returned from London,
Eng. where he and City Treasurer Coady disposed of $394,000 '
($1,914,840 at 4.86) bonds at net par Toronto, to
Coates, Son dr Co. See V. 88, p. 1217.
Vancouver, B. 0.—Debenture Sale.—This city on May 31,
according to reports, awarded the nine issues of 4% debentures
aggregating $1,397,000, and described in V. 88, p. 1275, to
Aemilius Jarvis & Co. of Toronto, at 98.26.
Wetaskiwin, Alta.—Debenture Sale.—Wm. C. Brent has
been awarded an issue of $4,680 6% debentures.
Winnipeg, Man.—Debenture Election.—Propositions to
issue the following debentures will be voted upon June 24:
$400,000 to construct an overhead viaduct over the Canadian
Pacific Railway property and to reconstruct the superstructures of the Main Street Bridge and the Louise bridge;$50,000
to erect a fire-hall and install a fire-alarm-system and $150,000 for parks.
Winnipeg School District No. 1 (P. 0. Winnipeg), Man.—
Debenture Offering.—Proposals will be received until 12 m.
July 2 by R. H. Smith, Secretary-Treasurer School Board,
for $200,000 4% school debentures. Date August 1 1908.
Interest semi-annually in London,•Eng., New York,Toronto.
Montreal or Winnipeg. Maturity August 1 1943. Debentures will be delivered any time between July 3 1909 and
August 1 1909, to suit purchaser.
The official notice of this debenture offering will be found
among the advertisements elsewhere in this Department.

TRUST COMPANIES.

MISCELLANEOUS.
Acceptable for Deposit by

1461

John Crosby Brown;
W. Bayard Cutting.
lharies S. Smith,
4'1111am Rockefeller.
klexander E. Orr.

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

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

Office, No. 55'WILMA /I STREET,
Corner Pine Street.

ESTABLISIIED 1854.

JAMES TALCOTT.
Banker and Commission Merchant.
Manufacturers' and Other Accounts
Solicited and Financed.

SALES CASHED
Equitable Interest Allowed on Deposits
SUBJECT TO CHECK
MAIN STORE.
108-110 FRANKLIN ST.. NEW YORK CITY.
Annexes In New York and other cities.

'Vht Tog:rotation Trust (CO.
37 Wall Street, New York, maintains the most
complete system in existence for the organization
of corporations in every State.
Information regarding the corporation laws and
practice furnished without charge.

C. B. VAN NOSTRAND
36 WALL STREET

IninoisTrust&SavingsBank
CHICAGO

INDUSTRIALS

Capital and Su.rplus
*41 3,-200,000

BLACKSTAFF & CO. Pays Interest on Time Deposits, Current and Reserve Accounts
INVESTMENTS
1332 Walnut Street
PHILADELPHIA

LIST Of SPECIALTIES ON REQUEST



Deals in Investment Securities and Foreign Exchange
Transacts a General Trust Business.
CORRESPONDENCE INVITED.

[voL.

THE CHRONICLE

1462

grnst gainpanies.

Mississippi Valley Trust Co. CITY TRUST CO. OLD
Fourth & Pine Sts.. St. Louis
CAPITAL. SURPLUS
' '
and PROFITS;$8 400 000

GENERAL FINANCIAL AND FIDUCIARY
BUSINESS TRANSACTED.
DIRECTORS
Saunders Norvell
John I. Beggs
Aug. B. Ewing
R.J.0 Reilly M D.
Wilbur F. Boyle D. R. Francis
Wm. D. Orthwein
James E. Brock August Gehner
Henry W. Peters
August A Busch S. E Hoffman
II. Clay Pierce
Murray Carleton Breck' ge Jones
William C.. Lackey August Schlafly
Charles Clark
Robt, H. Stockton
Horatio N. Davis W. 1 McBride
Nelson W McLeod Julius S Walsh
John D. Davis
Rolla Wells
OFFICERS
JULIUS S. WALSH. Chairman or the Board
BRECKINRIDGE JONES. Pres dent and Counsel
JOHN D. DAVIS. Vice-President
SAMUEL E HOFFMAN, VIce-Preeident
WILLIAM G. LACKEY. Vice-Pres. and Bond Officer
JAMES E. BROCK. Secretary
HUGH R. LYLE. Asst Secretary
HENRY C. IBBOTSON. Asst. Secretary
C. HUNT TURNER Jr., Asst. Secretary
LOUIS W. FRICKE, Asst. Secretary
FREDERICK VIP:RUNG, Trust Officer
HENRY SEMPLE AAIES Amt. Executive Officer
and Asst Trust Officer
WM. McC. MARTIN. Asst. Bond Officer
GEO KINGSLAND. Real Estate Officer
C. W NIORATH Sate Denoeit °Meer
A

50 STATE STREET. BOSTON. MASSBUNKER HILL BRANCH:
City Square, CHARLESTOWN MASS.

Capital & Surplus, -

$4,000,000

Transacts a General Trust and
Banking Business
Interest Allowed on Deposits Subject to Check.
Acts as Trustee under Railroad and other Mortgages; also as Agent for the Registering
and Transfer of Stock.
A legal Depositary for Court Funds, and author:
tzed to act as Executor, Guardian. Administrator and Trustee.
DIRECTORS.
PHILIP STOCKTON, President.
CharleE. F. Adams 2d.
George E. Keith,
F. Lothrop Ames
Gardiner M. Lana
William Amory,
Arthur Lyman,
John S. Bartlett,
Maxwell Norman,
Charles E. Cotting,
Robert T. Paine 2d.
Alvah Crocker,
Andrew W. Preston.
George A. Draper.
Richard S. Russell.
W. liam P. Draper.
Quincy A. Shaw
Wilmot R. Evans.
Howard Stockton.
Frederick P. FIsh,
Charles A. Stone.
Edwin Farnham, Greene Galen L. Stone,
Robert F. Herrick,
Nathaniel Thayer.
Francis L. Hilzginson,
Henry 0. Underwood
Henry C. Jackson
Sidney W. Winslow.

COLONY
TR02411ASPO.
B1
1

apital and Surplus, - Sl 500,000
Authorized Reserve Agent for Trust
Companies of Maine, Rhode Island and
Massachusetts.
BOARD OF DIRECTORS.
T. Jefferson Coolidge Jr.. Chairman
Gordon Abbott,
Robert F. Herrick:
0I'ver Ames,
Henry S. Howe,
C. W. Amory:
Walter Hunnewel':
Charles F. Ayer.
Thomas L. Livermore:
Samuel Carr,
Charles S. Mellen,
B. P Cheney,
Laurence Minot.
T. Jefferson Coolidge.
Richard Olney,
Robert T. Paine 2d,
Charles E. CottIng.
Philip Y. DeNormandie. Philip L. Saitonstall;
Herbert M Sears,
Philip Dexter.
Nathaniel Thayer.
Frederic C. Dumaine.
Lucius Tuttle.
Frederick P. Fish,
Stephen M. Weld,
Reginald Foster.
Charles W. Whittier,
George P. Gardner,

Rhode Island Hospital Boston Safe Deposit The NEW ENGLAND
AND
)
Trust Company
TRUST COMPANY

Trust Company

PROVIDENCE R. I.

BOSTON, MASS.

CAPITAL; $1,000,000. SURPLUS, $2,000,000
BOSTON, MASS.
Safe Depo3!it Vaults
Authorized to ac as executor and to receive
and hold money n property In trust or on deposit
DIRECTORS:
from Courts )f Law or Equity, Executors;
Howard 0. Sturges
Royal C Taft.
Administrators, Assignees, Guardians, Trustees:
Robert H. I. Goddard. Stephen 0. Metcalf.
Corporations and Individuals.
Waiter R. Callender
Robert I. Gammen
Interest Allowed on Deposits, Subject to Check
Also acts as Trustee under Mortgages and as
Edward Holbrook,
William B. Weeden
Transfer Agent and Registrar of Stocks and Bonds.
Edward D Pearce.
James E Sullivan
Acts as Trustee under Railroad and other
Interest allowed on Deposits Subject to Check.
Benjamin M. Jackson
Robert Knight,
Mortgages.and is authorized to act as Executor.
OFFICERS
Jahn R. Freeman
John W. Danielson
Guardian. Administrator and Trustee
DAVID R. WHITNEY. President
Charles S. Mellen
Herbert J. Wells
CHARLES F. CHOATE, Vice-President
Robert %V. Taft
John C. Pegram
ALEXANDER COCHRANE. Vice-President
Webster Knight.
Lyman B. Golf
NATHANIEL THAYER, Vice-President
Rowland G Hazard Stephen 0. Edwards,
JAMES R. HOOPER. AJtuary
Frank W Matteson,
Nelson W. Aldrich
HENRY N. MARR, Secretary
R H Eves Goddard Jr.
Samuel R. Dorrance
FRED. W. ALLEN, Asst. Sec. .5* Treas.
HERBERT J. WELLS, President.
DIRECTORS.
THOMAS E. EATON, Asst. Treas.
CHARLES E. ROGEROSN, President.
EDWARD S. CLARK, Vice President.
FRANCIS R. JEWETT, Trust Officer
James Longley
George R. White
HORATIO A. HUNT. Vice-President
CHAS. E. NOTT, Mgr. Safe Dep. Vits.
Henry S. Shaw
Costello C. Converse
WILLIAM A. GAMWELL Secretary.
BOARD OF DIRECTORS
Gerard C. Tobey
Edward W. Hutchins
PRESTON H GARDNER, Trust Officer.
William Endicott, Chairman
Nathaniel J. Rust
James R. Dunbar
CYRUS E. LAPHAM:. Asst. Sec's.
James, G. Freeman
Walter C. Baynes
Frank G. Webster
Elwyn G. Preston
JOHN B. WILLIAMS. Asst Seey.
Morris Gray
Alfred Bowditch
Arthur F. Estabrook Richard M. Saltonstall
HENRY L. SLADER. Asst. Sec'y
James R. Hooper
Timothy E. Byrnes
William B. Rice
Jerome Jones
Ernest Lovering
Charles F Choate
George B. Wilbur
Nehemiah W. Rice
Henry H. Proctor
Alexander Cochrane
Charles F. Fairbanks Nathaniel F. Ayer
James M. Prendergast
George Dexter
Wallace L. Pierce
Richard C. Humphreys
Herbert M. Sears
Philip Dexter
John W. Farwell
George W. Wheelwright
Lawrence M. Stc.ckton
William Endicott Jr.
C. Minot Weld
William H. Wellington
Nathaniel Thayer
Francis W. FabYan
CAPITAL and SURPLUS, $10,000,000
Eugene V. R. Thayer
William Farnsworth
CHARTERED 1836.
David R. Whitney
Frederick P. Fish
Acts as Executor, Administrator, Trustee,
George Wigglesworth
Assignee and Receiver.
Providence, R. I.
Financial Agent for Individuals or
CAPITAL
Corporations.
$3,000,000
Interest Allowed on Individual and
SURPLUS
3,000,000
Corporation Accounts
OFFICERS.
Acts as Trustee of Corporation Mortgages
Cyrus P. Brown, President.
Depositary under Plans of Reorganization
Arthur L. Kelley, Vice-President,
Registrar and 'fransfer Agent
H. Martin Brown, Vice-President.
Assumes entire charge of Real Estate.
Otis Everett, Vice-President.
Safes to Rent in Burglar-Proof Vaults.
003-605407 Chestnut St., Philadelphia.
Joshua M. Addeman, Vice-President.
Waldo M. Place, Treasurer.
$1,000,000
E. B. MORRIS, President.
CAPITAL
Ward E. Smith, Asst. Treasurer.
W. N. ELY, let Vice-President.
ADAM A. STULL. Preeident
Chas. H. Manchester, Secretary.
A. A. JACKSON, 2d Vice-President.
,
H. Howard Pepper, Asst. Secy. HENRY G. IIRENGLE, 1st Vice-Pres. & Trca urer.
C. J. RHOADS,3d Vice-Pres. and Treasurer.
Frederick B. Wilcox, Auditor JOS. S. CLARK, 2d Vice-Pree., Superv'g Trust Dept.
E. S. PAGE, Secretary.
GERS:
MA
BOARD OF DIRECTORS.
ci LEAS. P.LINEAWEAVER.Sec.& /last Trust Officer
Edward J. Berwind,
Effingham B. Morris,
Samuel P. Colt
Cyrus P. Brown
I WiCTORS.
Randal Morgan,
John A. Brown Jr.,
Olney T. Inman
Eibridge T. Gerry
Edw. T. Stotesbury,
Levering Jones,
John B. Garrett,
Henry 0, lirengle,
Wiliiam R. Dupee
Chas. C. Harrington
Charles E. Ingersoll,
William H. Gaw,
James Crosby Brown, Malcolm Lloyd,
Warren 0. Arnold
Joseph Davol
John MeIlhenny,
John S. Jenks Jr..
Francis I. Gowen,
John Cadwalader,
Richard A. Robertson Louis H. Comstock
Richard Wain Mein.
Henry B. Come,
Geo. H. McFadden,
E. W Clark Jr.,
Joshua M. Addeman
Herbert N. Fenner
E. C. Felton,
Clement B. Newbold.'
Henry Tatnall,
Eekley B, Coxe Jr.,
James M. Scott
J. Milton Payne
Israel W. Morris,
John W Pepper,
Isaac H. Clothier,
Edwin S. Dixon,
William H. Perry
Eben N. Littlefield
W ham F. Read,
William T. Elliott.
Thos. DeWitt Cuyler,
Eugene L. EUI4ond
Arthur L. Kelley
Otis Everett
W. Hinckle Smith.
Frank Samuel,
C. Hartman Kuhn,
Joseph C. Fraley,
H. Martin Brown
C. Prescott Knight
Adam A. Stull.
C. Francis;
[tarry
James Speyer,
Levi P. Morton
Jesse H. Metcalf
Edward D. Toland,
Henry L. Gaw, Jr.;
Broad and Cl estnut Streets.
George F. Baker
John J. Watson Jr.
S.
Howard 1, Graham: Joseph R. Wainwright)
Henry A. C.Taylor
Charles H. Allen
PHILADELPHIA
, rInli..tiV•
W,
1115r n '"1-•••
,
George M. Thornton
$2,000,000
$2,000.000

CAPITAL
SURPLUS-

Transacts a General Trust and
Banking Business.

Capital .
• $1,000 000
Surplus (Earned)
2,000,000

Girard Trust Cowan

Industrial Trust Company

The TrustCompany
of North America

CENTRAL
TRUST COMPANY
OF ILLINOIS,
CHICAGO

Capital,
Surplus and Profits

-

$2,00Q000
900,000

CHARLES 0. DAWES, President.
W. IRVING OSBORNE. Vice-President.
A. UHRLAUB, Vice-President.
WILLIAM R. DAW ES. Cashier.
L. D. SKINNER. Asst. Cashier,
WILLIAM W. GATES, Asst. Cashier.
A. G. MANG, Secretary.
MALCOLM MeDOWELL, Asst. Secretary.

BANKING, SAVINGS AND TRUST
DEPARTMENTS




The
Trust Company of America
37-43 WALL STREET, NEW YORK.
LONDON OFFICE:
COLONIAL BRANCH:

222 Broadway, New York.

95 Gresham St., London, E. C.

CAPITAL AND SURPLUS $8,000,000

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