Full text of Commercial and Financial Chronicle : March 20, 1909, Vol. 88, No. 2282

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Randal

"Jr rude

INCLUDING

Bank and Quotation Section (Monthly)
Railway and Industrial Section(Quarterly)

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

SATURDAY, MARCH 20 1909.

VOL. 88.

The Throuirle.

Week ending March 13.

Clearings al
1909.

PUBLISHED WEEKLY.

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CHICAGO OFFICE-P.Bartlett,513 Monadnock Block; Tel.Harrison 4012,
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA. COMPANY,Publishers,
P.O.Box 958. Front, Pine and Depeyeter Ste.,
New York.
Published every Saturday morninz by WILLIAM B.DANA COMPANY
William B. Dana,President; Jacob Seibertjr.,Vice-Pres. and See.; Arnold
G. Dana,Treas. Addresses of all,Office of the Company.

327.855,418

+8.5

362,868,802

298,893,963

34.439,606
31,707,841
+8.6
9,971,602 +25.9
12,556.557
8,109,768 +43.0
11,597,864
+14.4
6,995,219
8.000.000
4,228,180 +24.2
5,253,237
5.497,563 +29.0
7,091,803
4,062.794 +20.7
4,901,585
.488,835 +16.9
1,748,170
576,221 +26.9
731,498
987,071 -14.0
849,000
747,652 -15.8
629,425
570,000 +42.1
810,000
413,040 +14.6
473,206
360,854 +4.8
378,160
137,355 +15.5
158,636
750.000 +21.6
912,000
in total
included
490,780 Not
• 390,152 Not included in total

49,767,294
14,441,504
10,872,833
8,450,000
5,883,348
5,250,413
4,639,088
3,940,100
921,490

48,092,681
13,000,056
10,057.659
5,600,479
4,790,862
3,926,118
4,137,141

913,750
607,950

546,418
393,014

76,603,995 +18.2

106,155,490

91,439,776

+40.8
-14.0
+26.7
+12.0
+28.3
+36.0
+75.5
+24.3
+31.3
+6.8
+2.4
+31.8
+19.7
+3.9
+8.1
+19.0

32,505,229
21,231,703
13,468,711
8,720,183
8.072,865
6,227,294
3,361,537
2,394,407
1,135,150
1,497,800
1,088,339
895.555
816,974
750,000
648,122
320,194

23,908,683
16,915,998
10.070,063
6,852.565
6,170,712
5,224,331
2.636,314
1,848,577
1,001,080

101,590,937 +23.1

103,114,063

78,347,080

+9.0
-4.0
+16.6
+42.8
+10.9
+4.3
+1.3
-8.5
-6.0
+33.0
+52.3
+15.3
-12.1
-6.3
+13.0
-4.9
+19.0
-11.1
+21.2
+6.2
+64.2
+5.1
+15.6
+31.2
-1.9

64,826,753
20,483,022
13,329,423
10,502,062
7,201,500
6,658,939
5,400,265
5,085,003
3,709,995
4,229,325
4,000,395
2,812,449
2,462,631
1,684,129
1,669.428
1,340,000
1.638.471
1,913,302
1.540,031
1,475,000
905,073
727,009
587,979

57,331,572
18,732,119
13,271,866
9,170,628
5,707,500
5,718,828
4,843,559
5,428,727
3,620,262
4,181,396
2.496,963
2,034,978
1,803,749
1,475,622
1,544,072
1,161,120
1.590,538
1,544.072
1,168,549
1,291,898
750,000
606,172
425,000

149,819,807 +10.8

164,182,184

145,605,116

1908.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,364,695,680
127.296,799
96,301,746
20,121,592
221,058,247
57,030,872
13,929,674

61,184,164,356
104,834,485
94,742,659
16,709.438
193,675,676
50,'d26,328
13,925,655

Seven cities, 5 days
Other cities, 5 days

$1,900,434,610
416,268.341

$1,658;_78,579
331,497,6,2

+14.6
+25.6

Total all cities, 5 days
All cities, 1 day

$2,316,702,951
437,000,209

$1,989,776,279
378,571,340

+16.4
+15-4

32,753,703,160

$2,268,347,619

+16,3

Week ending March 13.
1909.

1908.

Inc. or
Dec.

1907.

1906.

6
$
WI
$
$
$
New York
1,512,736,319 1,244,089,489 +21.6 2,514,930,126 1,866,688,656
Philadelphia _ _ _
114,546,762 103,355,518 +10.8 144,706,688 141,345,760
47,073,825
Pittsburgh
55,411,962
36,437,690
35,977,624 +1.3
26,052,703
Baltimore
31,117,171
25,433,253
22,125,778 +15.0
Buffalo
6,686,779
8,161,010
7,236,390
6,800,175 +6.4
5,577,209
Washington _ _
6.518,664
6,296,111
5,775,108 +9.0
4,737,575
Albany
4,625,166
7,448,485
4,566,169 +1.3
3,725,212
Rochester
2,970,768
3,815,651
3,250,122 -8.6
1,563,992
Scranton
2,252,769
2,065,002
2,038,358 +10.5
1,499,764
1,823,226
Syracuse
1,975,079
1,926,333
5.3
1,281,219
1,356,160
Reading
1,473,767
1,153,234 +17.6
1,290,385
1,036,402
Wilmington
1,469,337
1,190,322
12.9
972.313
1.030,206
Wilkes-Barre _1,175,000
1,097,180 -6.1
1,106,007
1,446,018
816,218
1,284,498 +12.6
Wheeling
1,100,000
818,586 +34.4
1,060,446
Harrisburg
782,074
725,061
+7.9
York
682,425
652,060
516.933 +32.0
732,726
Erie
479,351
491,274
500,000 -1.7
540.000
Greensburg
553,400
495.700
462,300 +7.2
556,000
Binghamton
_397,164
426.657 -0.9
437,938
465,979
Chester
417,597
377,803 +10.5
Altoona
239,955 +34.3
329,180
322,298
284,053
Franklin
1,602,258 Not Included in total
Trenton
Total Middle_ _ 1,723,915,772 1,438,697,203 +19.8 2,784,723,364 2,112,851,328
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
Holyoke

k

_

Total New Eng.

138,699,144
7,343,000
3,884,682
2,248,824
1,882,421
1,505,270
1,561,480
1,204,683
804,087
477,163
448,882

122,009,402
5,670,000
3.385,431
1,995,308
1,593,240
1,571,058
1,496,014
844,976
692,161
421,465
385,264

+13.7
+29.5
+14.7
+12.7
+18.1
-4.2
+4.3
+42.6
+16.2
+13.3
+16.4

182,649,601
8,870,500
4,342,133
3,029,977
2,100,000
1,768,291
1,694,800
1,281,421
660,355
578,291
492.952

158,277,384
8,097,400
3,497,854
2,093,395
1,976,989
1,604,433
1,945.916
955,029
732,979
463,654
434,692

160,059,636

140,064,319 +14.3

207,408,321

180.079,725




1906.

365,687,383

1909.

Clearings at

1907.
,
$
256,101,455
27,256,300
16,801,957
13,877,388
11,154,639
7,740,752
5,348,100
5,000,880
2,985,363
2,438,761
2,157,419
1,787,313
1,001,102
919,797
870,621
794,111
642,576
960,337
589,372
645,000
613,552
549,576
493,916
575,785
453,212
351,016
344,058
251,391
133,053

+10.6
+9.1
+19.5
+10.6
+20.0
+4.3
+16.2
+25.3
+20.8
+10.4
+46.3
+43.5
+19.9
+31.4
+8.4
-12.9
+30.4
+46.7
+11.0
+13.1
+21.2
+6.1
-7.6
+71.9
+40.1
+8.0
+14.2
+40.4
-3.4
+14.0
+6.2

San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Helena
Sacramento
Fargo
%
- Sioux Falls
1-15.2 Stockton
+21.4 San Jose
+11 Billings
+20.4 San Diego
Fresno
+14.1 North Yakima
+13.6
+0.03
Total Pacific_

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, March 13, for four years.

Inc. or •
Dec.

$
236,428,355
24,086,150
12.303,464
12,153,242
9,856,136
7,119,154
4,708,000
3,785,008
2,790,309
1,997,852
1,318,267
1,468,005
906,278
960,759
826,127
785,399
755.698
686,723
688,625
650,000
621,462
446,005
420,928
381,037
357,530
300,000
285,989
241.043
142,488
357,385
28,000

CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U. S.
for week end. Mar.0 have been $2,753,703,160, against $2,631,299,196 last week and $2,368,347,619 the week last year.

Total all cities for week

1908.

$
Chicago
261,436,607
Cincinnati
26,268,600
Cleveland
14,707,517
Detroit
13,437,592
Milwaukee
11,831,468
Indianapolis _
7,424,988
Columbus
5,472,200
4,744,261
Toledo
Peoria
3,371,555
Grand Rapids_ _.
2,205,382
Dayton
1,929,357
2,106,301
Evansville
1,086,884
Kalamazoo
Springfield, Ill
1,262,573
Rockford
895,055
Lexington
684,989
985,423
Youngstown
Fort Wayne ___.
,,
1001746
Quincy
764,927
Akron
735,000
Bloomington_
753,794
Springfield, 0_ _ _
473,387
South Bend
389,029
Canton
654,130
Decatur
500,521
Jackson
324,185
Mansfield
326,670
Jacksonville, Ill,
338,544
Ann Arbor
137,616
Danville
407.304
Adrian
29,728
Tot. Mid.West,

Clearings-Return4 by Telegraph Mar.20

NO. 2282.

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

90,530,747

34,117,865
48,046,273
19,940,254
17,143,509
12.991,658
16,461,924
8,843.092
9,904,528
9,230,592
7,196,932
5,785,203
7,869,746
2,314,786
4,062,553
2,573.118
3,198.149
1,443.118
1,894,278
1,432,144
1,530,382
1,233,686
1,263.737
1.169,083
1,541,575
1,028,329
1,231,364
622,209
646,679
546,114
590,533
419,574 . 352,346
125,035.396

St. Louis
65,746,265
New Orleans_ _ _
15.709,472
13,762,084
Louisville
Houston
14,794,589
6,931.000
Galveston
6,256,053
Richmond
4,881,613
Atlanta
5,316,404
Memphis
2.843,519
Savannah
4,400,000
Nashville
6,539,778
Fort Worth
2,145,565
Norfolk
1,850,089
Birmingham __
1,497,608
Augusta
Jacksonville ___1,898,632
1,548.144
Chattanooga _ 1,856,876
Knoxville
1,204,767
Mobile
1,689,308
Little Rock
1,395,000
Charleston
1,475,000
Oklahoma
688,032
Macon
597,179
Beaumont
732,333
Austin
310,952
Vicksburg
Total Southern
Total all

166,072,262

Total Canada..

30,000

89-5;5,11;

467,720 .

993,900
818.366
539,550
664.928
440,442
261,571

2,631,299,196 2.234,631,679 +17.7 3,728,452,224 2.906,416,988

Outside N. Y.1,118,562.877
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton

60,339,430
16,370,722
11,790,526
10,358,309
6,250,500
6,000,000
4,818,510
5,813,394
3,024,485
3,307,403
4,294,469
1,861,673
2,104,559
1,608,775
1,680,882
1,628,401
1,559,853
1,355,351
1,393,458
1,314,164
898,356
654,817
516,480
558,483
316,807

204,5
886,813
24,071,450
14,490,717
12.297,055
9,369,875
6,097,119
5,1117,300
4,855,200
3,847,635
2,175,535
1,970,103
1,479,231
791,558
919,544
691,706
743,672
572,814
626,340
490,147
544,000
579,168
392,192
360,952
477,221
367,435
247,402
306,798
294,079
140,902

30,414,416
25,599,605
11,493,143
4,869,903
2,887.207
1,885,548
1,708,559
1,267,698
1,191.671
1,172,257
1,450,496
1,179,191
858,008
85 917,702
tow

11111.11.111.

990,542,190 +12.9 1,213,523,098 1,039,728,332
25,208,270
19,734,137
9,247.822
3,080,818
3,072,318
2,310,214
1,601,787
1,314,837
1,116,126
1,071,887
838,626
970,762
564,196

28,885,090
+20.7
25,319,899
+29.7
9,473,924
+24.3
3,501,175
+58.1
2,679,471
-6.0
1,599,791
-18.4
+6.7 1 1,575,000
-3.6
1,767.072
+6.8
1,083,289
+9.4
1,265,678
+73.0
1,318,785
+21.5 ' 1,035,401
+52.1
971,284

70 131 800 +22.6
"meiros
h'

80,475,849

25,658,894
21,927,145
6,385,663
1,944,938
2,347,563
1,486,347
1,468,189
1,244,342
976.988
994,083
980.059
65,414,211

710

THE CHRONICLE

raxxvirr.

nance of way and structures and those for maintenance of equipment. We now are able to eve sepWe present to our subscribers to-day the second arately also the transportation expenses and the
number of our new monthly supplement, the "Railway traffic expenses. With these additions, our compilaEarnings" Section. As noted by us when the first tions contain all the details of the returns as filed with
number made its appearance on Feb. 20, all railroads the Inter-State Commerce Commission, excepting only
engaged in inter-State traffic are now obliged to one small item of expenses and two very minor items
render reports of their earnings and expenses each of revenues. The items shown are: (1) the freight
month to the authorities at Washington. In this earnings, (2) the passenger earnings, (3) the total
new publication we undertake to reproduce these re- earnings, (4) the expenses for maintenance of way
turns for the benefit of our readers.
and structures, (5) the expenses for maintenance of
The magnitude of the task, we think, will be appar- equipment,(6) the traffic expenses,(7) the transportaent to every one, for in the "Railway Earnings" Sec- tion expenses,(8) the total expenses,(9) the net earntion we include every operating steam railroad in the ings, (10) the gross results from outside operations,
United States, big and little, which is required to file (11) the net results from outside operations, (12) the
these monthly returns with the Inter-State Commerce taxes, (13) the final net and (14) the miles of road.
Commission. Altogether there are over 800 roads, In all cases comparison is furnished with the previous
comprising an aggregate of more than 230,000 miles. year. We also give the figures for the fiscal year
The figures this time cover January and the seven to date as well as for the month.
months of the fiscal year from July 1 to and including
It has been suggested that it would be well to have
January. There are always some companies which the fixed charges also. Undoubtedly. But that item
are behindhand, and where the January figures are of information is not required in these monthly remissing in any case we have inserted those for the very turns. We shall be obliged to our subscribers if they
latest previous month to be found in the public rec- will point out any inaccuracies they may discover;
ords. It should be understood that where our "Rail- but we also ask their indulgence for any errors. The
way Earnings" Section does not give the January tables in this new publication comprise 30 pages of
statement the fault is not ours, but is due to the fact solid statistical matter, and every type and every figure
that the particular company has not as yet filed its from beginning to end has to be changed with each
report for that month. The roads are required to new issue, making it almost impossible to avoid an
make their returns in duplicate, and the duplicate is occasional mistake. At the same time we wish the
placed in the public files as soon as received. Our reader to know that when blunders occur the blame
representatives are in constant attendance and make does not always attach to us. It often happens that
transcripts the moment the statements come to hand, the returns, as filed, are inaccurate.
and these transcripts are at once forwarded to us.
As announced last month, the information in
Accordingly the present number of this publication "Railway Earnings" is intended to be entirely addiembraces all returns filed up to the hour of publica- tional to what we have been furnishing in the past.
tion.
We shall continue to give in the columns of this
As previously announced, with the passing of each journal, from week to week, the same elaborate and
month a new number of the "Railway Earnings" comprehensive figures of earnings that we have always
Section appears, giving the new month's figures. The been publishing, and we shall also give the gross and
issuance of this publication is in furtherance of the net earnings totals each week as received of the more
policy we have always pursued of devoting special important of the roads reporting to the Commission.
attention to reports of current earnings. In other In whatever form the returns come to hand, we shall
words, the collecting and compiling of returns of earn- make room for them as in the past. If the figures
ings has been our specialty for forty years or more, furnished by the companies differ from those filed
and prior to the inauguration of these monthly reports with the Inter-State Commerce Commission, the
by the Inter-State Commerce Commission,we had suc- reader will understand that the basis of computation
ceeded in covering about 90% of the entire railroad is different.
mileage of the country. Now that the Commission
The Inter-State Commission prepares monthly
has opened the way for obtaining statements for all summaries covering all the roads in the country.
the roads,we gladly avail of the opportunity and give These we have been unable to make room for in our
the reader the benefit of the additional service.
new publication, and accordingly print them here.
We wish to call attention to the fact that through They afford an idea of the magnitude of the railroad
the use of a more condensed type we have succeeded system of the United States. For the months from
in getting in some additional items in our tables this July to October inclusive the totals are complete.
time. Last month in the ,case of the expenditures For the subsequent months,however,the summaries, it
we showed separately only the expenses for mainte- will be observed, still remain more or less incomplete.
OUR "RAILWAY EARNINGS" ISSUE.




MONTHLY EARNINGS OF UNITED STATES RAILROADS.
1907.
1908.
JULY.
Per Mile Ratio
Per Mile Ratio
Amount. of Line. PerCt
Amount. of Line. PerCt.
Item.
$
$
RAIL OPERATIONS.
$
$
154,335,610 689 38 67.70
127,221,139 554 99 65.36 Freight Revenue
56,465,908 252 22 24.77
52,148,138 227 49 26.79 Passenger Revenue
66 32 6.51
13,480,264
58 81 6.93 Other Transport'n Rev. 14,846,364
1.01
10 27
7 73
.91 Non-transport'n Rev_.. 2,299,998
1,771,479
01
08
18,827
13,592
06
.01 Unclassified Revenue:94,634,612
26,893,423
27,447,708
3,995,854
64,351,868
5,073,045
15,969
127,777,867
66,856,745
4,517,122
3,662,907

849 08 100.00 Total Gross Earnings__
117 32 13.82 Maint. of Way & Struc_
119 74 14.10 Maint. of Equipment__
17 43 2.05 Traffic Expenses
280 73 33.06 Transporta'n Expenses
22 13 2.61 General Expenses
0 07
.01 Unclassified Expenses-

227,966,707 1,018 27
32,532,992 145 32
35,750,400 159 08
19 23
4,304,186
75,292,508 336 31
21 80
4,880,082
11
23,577

100.00
14.27
15.68
i.89
33.03
2.14
01

Net Revenue
COMBINED NET _
1-12 Annual Taxes_

60,570,273

264 23
792
229,230

17 54
14 34

296 52 3028

4,100,719
3,907,295

716,921

3 20

75,899,883
6,781,494

339 02
30 29

69,118,389 308 73
FINAL NET
770
Number of Returns-223,876
Miles of Road
AUGUST.
$
$
RAIL OPERATIONS.
161,759,324 720 80 67.23
Freight Itevenue
Passenger Revenue.._ 61,691,128 274 90 25.64
66 51 6.20
Other Transport'n Rev. 14,925,140
.92
2,210,769
9 85
Non-transport'n Rev_
.01
06
14,717
Unclassified Revenue_

$
585 28 65.07
247 51 27.52
59 07 6.56
.84
7 54
.01
05

206,254,003

899 45 100.00 Total Gross Earnings__ 240,601,078 1,072 12 100.00
120 94 13.45 Maint. of Way & &rue_ 34029,134 151 63 14.14
127 35 14.16 Maint. of Equipment__ 36,489,055 162 60 15.17
1.73
4,167,425
18 57
1.88 Traffic Expenses
16 96
76,847,314 342 43 31.94
286 53 31.85 Transportation Exp
4,947,088
22 04 2.06
2.35 General Expenses
21 11
.02
29
.01 Unclassified Expenses_
63,892
.07
572 96 63.70 Total Operating Exp__ 156,543,908 .697 56 65.06
326 49 36.30
Net Earnings
84,057,170 374 56 34.94

4,750,265
3,852.188

20 72
16 80

898,077
75,765,923
7,260,511

3 92
330 41
31 66

OUTSIDE OPERATIONS.
Gross Revenue
4,174,873
Total Expenses
3,197,655
Net Revenue
COMBINED NET
1-12 Annual Taxes_

68,505,412 298 75
794
229,309

977,218
85,034,388
6,883,372

FINAL NET
Number of Returns_ _ _ _
Miles of Road

18 60
14 25
4 35
378 91
30 67

218,399,160
28,630,240
31,640,001
3,951,369
67,687,711
5,016,293
16,655

952 02
124 80
137 92
17 22
295 06
21 87
07

136,942,269

596 94 62.70 Taal Operating Exp__ 156,379,840

696 10 66.90

355 08 37.30 Net Earnings

344 33 33.10

4,328,213
3,692,420

18 87
16 10

635,793
82,092,684
7,376,809

277
357 85
32 16

325 69
793
229,406

74,715,875

233,735,976 1,040 43 100.00
33,333,986 148 38 14.26
36,176,766 161 03 15.48
18 85 1.81
4,231,698
77,475,285 344 86 33.14
5,144,098
22 90 2.20
.01
08
18,007

OUTSIDE OPERATIONS.
Gross Revenue
3,965,179
Total Expenses
3,254,028
Net Revenue
COMBINED NET
1-12 Annual Taxes

-

FINAL NET
Number of Returns_ _ _ _
Miles of Road

711,151
78,067,287
6.835.132

_

796 50 71.74
234 20 21.09
6003 6.30
.87
9 60

249,932,145 1,110 23 100.00
34,707,384 154 17 13.89
38,836,178 172 51 15.54
4,404,251
19 57
1.76
83,483,951 370 84 33.40
5,294,228
23 53 2.12
18,619
08
.01

624 36 61.87 Total Operating Exp. 166,744,611

740 70 66.72

88,304,281

384 71 38.13 Net Earnings
83,187,534
OUTSIDE OPERATIONS.
Gross Revenue
3,780,806
19 56
Total Expenses
3,197,506
17 08

369 53 33.28

568,396

2 48
387 19
33 34

81,220,235

353 86
796
229,535

Net Revenue

1670
14 20

583,300

2 59

COMBINED NET
1-12 Annual Taxes_

83,770,834
7,063,895

372 12
31 34

FINAL NET
Number of Returns_ ___
Miles of Road

76,706,939

340 74
777
225,119

$
150,256,617
43,372,432
14,329,437
1,878,281
15,282

NOVEMBER.
$
$
RAIL OPERATIONS.
663 23 71.60 Freight Revenue
155,439,291
191 45 20.67 Passenger Revenue__
45,001,783
83 25 6.83 Other Transport'n Rev 14,884,998
2,122,551
8 29
.89 Non-transport'n Rev__
.01 Unclassified Revenue
16,521
07

699 86 71.48
202 62 20.69
67 02 6.84
956
.98
.01
07

209,852,055

926 29 100.00 Total Gross Earnings.. 217,465,144

979 13 100.00




1 66
293 18
3077

59,392,287

267 41
673
222,100
•-•

DECEMBER.
RAIL OPERATIONS.
$I
639 75 69.43 Freight Revenue
126,212,594
206 99 22.46 Passenger Revenue.... 43,866,697
66 06 7.17 Other Transport'n Rev. 13,822,023
8 56
.93 Non-transport'n Rev
1,935,928
07
.01 Unclassified Revenue-

196,908,534
21,345,453
30,572,787
3,912,741
69,478.232
5.343,574
15,104

921 43
99 88
143 07
18 31
325 12
2601
07

130,667,891

611 46 66.36 Total Operating Exp. 136,018,802

651 78 73.19

66.240,643

49,818,440
309 97 33.64 Net Earnings
OUTSIDE OPERATIONS.
3,318,673
Gross Revenue
18 84
2,868,002
Total Expenses
17 49

238 72 26.81

4,025,476
3,737,678

100.00
10.84
15.53
1.99
35.28
2.71
.01

Total Gross Earnings_ 185,837,242
Maint. of Way & Struc_ 21,529,207
Maint. of Equipment_ _ 31,651,790
Traffic Expenses
3,790,278
Transportation Exp_ _ _ 73,616,491
General Expenses
5,413,070
Unclassified Expenses_
17,966

604 79 67.91
210 20 23.61
66 23 7.44
9 28 1.04
890 50
103 16
151 67
18 16
352 76
25 94
09

287,798

1 35

450,671

2 16

311 32
33 43

COMBINED NET...
1-12 Annual Taxes

50,269,111
6,540,142

240 88
31 34

277 89
601
213,700

FINAL NET
Number of Returns...
Mlles of Road

43,728,969

Net Revenue

100.00
11.59
17.03
2.14
39.61
2.91
.01

15 90
13 74

66,528,441
7,144,447

209 54
579
208,687

1908.
JANUARY.
RAIL OPERATIONS.
$
94,452,129 574 73 68.31
605 58 69.38 Freight Revenue
195 34 22.38 Passenger Revenue__ _ _ 31,945,992 194 39 23.10
62 81 7.46
63 20 7.24 Other Transport'n Rev. 10,322,130
1.13
9 47
1,555,935
8 74
1.00 Non-transport'n Rev_ _
Unclassified Revenue_
138,276,186
15,703,782
24,151,386
3,118,990
58,331,185
3,983,578

841 40
95 55
146 96
18 98
354 94
24 24

100.00
11.36
17.47
2.25
42.18
2.88

872 86
97 75
150 33
19 04
339 43
24 56

105,705,597

631 11 72.30 Total Operating Exp__ 105,288,919

640 67 76.14

40,492,231

32,987,267
241 75 27.70 Net Earnings
OUTSIDE OPERATIONS.
2,131,519
17 89
Gross Revenue
1,977,285
18 54
Total Expenses

200 73 23.86

2,995,886
3,105,885
-109,999

65

40,382,232
5,776,225

241 10
34 49

100.00
11.20
17.22
2.18
38.89
2.81
____

Total Gross Earnings_
Maint. of Way & Struc_
Maint. of Equipment__
Traffic Expenses
Transporta'n Expenses
General Expenses
Unclassified Expenses_

146,197,828
16,372,676
25,178,651
3,189,719
56,851,321
4,113,230

206 61
198
167,492

143,310,848

88,872,677
7,652,442

368,465
66,225,791
6,833,504

136,713,517
44,234,312
14,116,948
1,828,449
15,308

34,606,007

3 17
347 50
30 43

317 07
775
224,654

OCTOBER.
$
RAIL OPERATIONS.
179,306,241
722 55 71.60 Freight Revenue
213 95 21.20 Passenger Revenue_ _ 52,722,756
63 82 6.33 Other Transport'n Rev. 15,742,534
2,160,614
8 67
.86 Non-transport'n Rev
08
.01 Unclassified Revenue_

231,615,129 1,009 07 100.00 Total Gross Earnings_
28,151,244 122 65
12.15 Maint. of Way & Struc..
33,504,260 145 97 14.46 Maint. of Equipment__
4,077,804
17 76
1.76 Traffic Expenses
72,392,258 315 39 31.26 Transportation Exp. _
22 50 2.23 General Expenses
5,165,043
09
.01 Unclassified Expenses20,239

17 65
14 48

71,232,155

FINAL NET
Number of Returns---Miles of Road

15 03
13 37

1909.'

78,151,016 348 24
776
224,416

77,356,136

293 82
695
226,550

101,430,863
32,717,481
10,585,728
1,463,756

SEPTEMBER.
$
RAIL OPERATIONS.
$
$
159,664,8971 710 72 68.31
649 94 68.27 Freight Revenue
233 51 24.53 Passenger Revenue_ _ _ _ 57,368,723 255 36 24.54
65 26 6.27
60 15 6.31 Other Transport'n Rev 14,661,397
.87
9 03
.88 Non-transport'n Rev.... 2,027,528
8 36
06
.01
13.431
.01 Unclassified Revenue
06
Total Gross Earnings__
Maint. of Way & Struc.
Maint. of Equipment__
Traffic Expenses
Transporta'n Expenses
General Expenses
Unclassified Expenses_

Net Revenue
COMBINED NET
1-12 Annual Taxes--

59,383,994

$
149,099,646
53,569,234
13,707,876
1,918,729
13,675

100.00
13.11
14.49
1.81
30.99
2.29
.01

85
326 78
32 96

66,564,854

$
134,210,199
56,755,743
13,545,601
1,729,632
12,828

4,488,744
3,920,348

682 61 69.72

65,857,326
325 93 35.19 Net Earnings
OUTSIDE OPERATIONS.
3,338,865
18 10
Gross Revenue
2,970,400
17 25
Total Expenses

193,424

3 72

$
165,850,348
49,107,838
14,650,214
1,990,052
16,677

600 36 64.81 Total Operating Exp__ 151,607,818

73,839,295

74,032,719
7,467,865

295 38
31 15

81,456,891

136,012,760

335 82 32.98

854,215

131,386,157
74,867,846

.2690 12.96
157 40 16.08
17 85 1.82
357 41 36.50
22 98 2.35
.01
07

682 45 67.02

OUTSIDE OPERATIONS.
3,927,238
Gross Revenue
3,210,317
Total Expenses

1907.
Per Mile Ratio
of Line. PerCt.

Amount.

28,184,975
34,959,696
3,964,949
79,379,732
5,103,332
15,134

75,182,962

67,710,960
7,140,687

27,732,969
29,203,418
3,887,822
65,704,012
4,841,554
16,382

NOVEMBER (Concluded.)
1908.
Per Mile. Ratio
Item.
Amount. of Line. PerCt.
RAIL OPERATIONS.
24,869,116 109 77 11.85 Maint. of Way & Struc_
31,598,840 139 48 15.05 Maint. of Equipment__
3,895,990
17 20 1.86 Traffic Expenses
70,585,109 311 56 33.64 Transporta'n Expenses
5,050,223
22 29 2.40 General Expenses
.01 Unclassified Expenses_
13,482
06

557 42 65.65 Total Operating Exp.... 152,783,745
291 66 34.35 Net Earnings
19 70
15 98

711

THE CHRONICLE

MAR. 20 1909.]

12 97
12 03

154 234

94

COMBINED NET_
1-12 Annual Taxes_

33,141,501
5,440,677

201 67
33 11

FINAL NET
Number of Returns___ _
Miles of Road

27,700,824

Net Revenue

168 56
195
164,341

THE FINANCIAL SITUATION.
The idea President Taft started off with in making
tariff legislation on this occasion the paramount subject for consideration was, we think, the popular
view for ensuring speedy action on a subject that is
widely disturbing general business. No doubt the
more quickly tariff legislation could be disposed of,
admitting it is wisely done, the greater would be the
corresponding gain to trade. It seemed, however, as
if at the outset the Payne bill had proved a disappointment. No disappointment ought to have been felt
over a development which largely grew out of misunderstandings of the measure itself.
The changes in the tariff schedules had been so
largely kept secret as to add to the misunderstandings
when the announcements were made. Attack consequently came from almost every industrial and
financial interest. Even lack of prospective revenue
was made a serious defect, and would be if not corrected;
the sale of long-term bonds would necessarily lead to
large increases in national bank notes on a market
where there is no demand for them;. bonds can only

/12

THE CHRONICLE

be floated by using them as a fresh basis for currency,
increasing our already redundant paper money,which in
turn could, if used, not fail to give further impulse to
the outflow of gold, already so freely under way. But
these and the hundreds of other defects now being
.specified daily will of course be largely modified and
adjusted after weeks of discussion. We have as yet
.only entered upon the initial steps.
This week's engagements of American gold coin for
Argentina, amounting to 23/b millions—together with
those shipments which have preceded this • week's
consignments—make an aggregate since the beginning
of the year of more than 21 millions. That metal
has gone forward from New York on London account.
That is to say, the indebtedness of London, as the
world's clearing house, to Argentina, incident to
imports of Argentine wheat by Europe and also to
pay for Argentine securities negotiated by that country at European centres, is being settled through
the indirect shipments by London of gold via this
centre to Argentina instead of London effecting such
settlements by the direct transmission of gold from
the British capital to Argentina.
There were good reasons why this method of indirect
settlement by London of its Argentine indebtedness
was preferred to adjustments by direct remittance.
One reason was that American gold coin was the
cheapest form of metal remittance; the coin is procurable under normal conditions, when it is readily
available in the London bullion market, at a price
about 13' pence per ounce, or 3 cents per pound
sterling below that of bars. When this year's London
remittances to Argentina via New York began, however, it was regarded as highly probable that the
required volume of remittance would be so large as to
exhaust the supply of American gold coin in the London market, cause an advance in the market price of
the coin and thus defeat the plan of the London
bankers to procure cheap metal remittance for the
Argentine settlements. European sources of supply
for American coin could not be relied upon, for stocks
of this form of the metal were only moderate and an
attempt to buy the coin on the Continent would most
assuredly have a tendency to advance the price.
There was, however, an abundant supply of free
gold in New York which could be obtained through the
simple process of the exchange of United States notes
or gold certificates at the Treasury for coin; the exchanges at New York on London were favorable to the
success of the plan for procuring metal remittance from
London via New York to Argentina, and the plan
seemed not only entirely feasible but most likely profitable to the remitters. Moreover, Argentina, while it
was eager to obtain gold, gave preference to coin instead of to other forms of the metal; the coin could
always be made profitably available for internal or for
intra-national exchanges between Argentina and contiguous countries which like itself used either silver or
paper as the principal currency, gold, therefore,
commanding a premium, and so long as the abrasion
of the coin was not excessive, it was accepted at its
tale value. In the process of indirect remittance
from London to Argentina via New York, London
canceled its indebtedness to its South American creditor; New York satisfied its obligations to London,
which otherwise would have been met either with




[VoL. Lxxxvm.

exchange or with gold, and Argentina received payment for its grain or securities or other evidences of
debt, which payment was effected with the kind of
money that was most acceptable.
Regarding the recently-negotiated 50-million-dollar
5% Argentine loan, the fact is stated that its success
"marks a definite stage in the advance of Argentine
credit in the estimation of European investors."
Nearly twenty years ago the Argentine Government
became embarrassed in its finances and conferences
between bondholders and the Government resulted
in the reduction of the rate of interest on the external
debt at a fixed date. The punctual redemption by the
sinking fund and the anticipation of the payment of
the full interest by a year disarmed much of the criticism provoked by the default. Since then, over ten
years ago, the credit of Argentina has steadily risen.
Before the addition of 50 million dollars to the debt
by the above issue the debt appears to have been
378 millions.
It is reported as a singular circumstance that the
$1,500,000 gold bars that were shipped from New York
to London March 9—which caused much surprise by
reason of the fact that computations of factors contributing to such movement failed to indicate a profit
.on the transaction—proved to have been consigned to
the London correspondent of the consignor instead of,
as is customary with similar exports, to the Bank of
England. This correspondent is said to have pursued
this course in accordance with its new policy of itself
carrying a special reserve of gold, which policy has
been urged for adoption by London joint-stock banks
in order to avoid dependence entirely upon the Bank
of England. Possibly, it is suggested, other jointstock institutions in London may also adopt such
policy, in which case, while exchange conditions shall
be favorable,there maybe direct importations by these
banks of gold bars and coin for reserve purposes.
Such movement is now in active progress. It is encouraged by offers by New York banks to their London
ccirrespondents to supply them,instead of with more or
less abraded coin, with absolutely freshly-minted coin
hot off the shovel for this purpose.
On many occasions at intervals the London jointstock banks have been subjected to more or less severe
criticism for their neglect or refusal to comply with
what is claimed to be a reasonable requirement, that
they shall maintain in their own vaults an adequate
reserve instead of relying upon that of the Bank of
England. Various excuses have been made from time
to time by these banks for their failure to comply with
this suggestion, but it has been unheeded except by
a few of the banks. The matter seems now to have
been taken up by the British Government, at the insistence of the 13anking and Currency Commission of
the Association of Chambers of Commerce of the
United Kingdom. It seems probable, therefore,that
unless measures shall be taken to accumulate such
reserve, the necessary legislation will be invoked. If,
as the result of this action by the Government, the
joint-stock banks shall generally comply with the
reserve requirement, they will doubtless obtain the
gold in the cheapest market; if American gold coin
shall be acceptable in satisfaction of the demand, it
will be selected. Therefore, it seems quite conceivable
that the imports of American gold coin and $1,500,000
bars which were effected March 9 by one of the London

MAR. 20 1909.j

THE CHRONICLE

joint-stock banks, if they were made to comply with
reserve requirements, will be followed by other imports for a like purpose by other London joint-stock
banks; indeed some of these institutions are now
bidding for our gold coin.

713

year. For the eight months of the fiscal year 1908-09
the imports totaled $816,252,350, comparing with
$841,641,802 in 1907-08 and $932,734,859 in 1906-07.
The net result of our February foreign trade is consequently a balance of merchandise exports of only
$7,400,397, which contrasts with a similar balance of
$83,004,381 in 1908 and $36,511,538 in 1907. Moreover, only once since 1895 has the February export
balance been so low, and that in 1905 when it reached
3 millions. The favorable balance for the two
but 3%
months of the calendar year, at $60,476,996, is also
comparatively meagre, contrasting as it does with
204 millions in 1908, and showing important decreases
from most earlier years back to 1896. The eight
months' balance at $341,505,798 is 174 millions below
that for 1908 and 15 millions smaller than for 1907.
Gold exports for the month were $8,860,814, against
$1,967,597 in February 1908; for the two months they
reached $16,725,170, against $2,411,797 last year,
and for the eight months of the fiscal year 1908-09
aggregated $44,423,651, against $21,326,746 in 190708. Gold imports totaled $3,576,413 in February
this year, $6,996,596 for the two months and $30,864,993 for the eight months of the fiscal year 1908-09,
against $2,847,133 in the month last year, $13,646,617
for the two months and $135,576,042 for the eight
months. It follows, therefore, that on balance we
exported net $13,558,658 in the eight months ended
Feb. 28 1909, whereas in the corresponding period
of 1907-08 the net imports reached $114,249,296.

The official statement of our foreign trade for February 1909, issued this week, shows, as have practically all statements for the last twelve months, a
contraction of the outward movement of goods as
compared with the like period of the previous year.
In fact, during the twelve-month interval (March 1908
to February 1909 inclusive) the result for September
alone was greater than in the preceding year, and that
due solely to a freer movement of cotton. On the
other hand, since business conditions here have given
evidence of improvement, exports have still continued
below normal, while the inflow of commodities has
been upon an augmenting scale, exhibiting the last
three months gains over the corresponding periods a
year ago. This increasing import movement is the
special feature in our current foreign trade statement.
As to the value of the merchandise shipments, it
continued low ($126,036,204), showing a decrease
from February of 1908 of 413% million dollars and
declines from 1907 and 1906 of respectively 333j
millions and 153
% millions. Of the February 1909
export total, 633% millions of dollars, as pointed out
last week, was accounted for by breadstuffs, provisions, cotton, oil and cattle, leaving 62X millions
to represent the outflow of other articles of commerce.
Grain markets are beginning to reflect crop influThis latter total contrasts with about 73 millions in
February 1908, and furthermore is smaller than for ences. Last week they were adversely influenced by
any month since July 1905, when the aggregate was the official report on stocks of cereals in farmers'
% millions. For the two months of the calendar hands on March 1 1909, which reached results quite
613
year 1909 the total merchandise exports reached only generally in excess of current belief and caused a de$282,720,414, or a loss of 91 millions from 1908, and cline in prices. Before the week's close, however,
for the eight months of the fiscal year 1908-09 the not only had the decline been fully recovered, but in
aggregate at $1,157,758,148 exhibits a decrease from wheat a level of quotations higher than those prevailing
before the issuance of the stock report was reached,
the period of 1907-08 of over 200 millions.
Imports of merchandise, on the contrary, have export demand assisting. The current week the notarecently been increasing, and for February 1909 were ble influence has been the weather in theUnited States,
not only appreciably greater than in the month of and with the opinion prevalent that prospects for an
1908, but only 4 1-3 millions less than the record for early spring are fairly favorable, giving promise that
the period made in 1907. It is also to be noted that last fall's poor start will be largely recovered from, an
this year's total for February was in excess of that easier feeling in the market is in evidence. As the sitfor January. No special significance, however, at- uation now is, the outlook is considered to be rather
taches to that fact, as it is not an unusual occurrence encouraging for winter grains. Last fall's seeding of
notwithstanding the smaller number of days covered. both wheat and rye in the United States was less than in
The same situation was disclosed in 1905 and 1904, the previous year,according to the Department of Agriand in 1908, 1907 and 1906 the longer month was in culture, but no official reports of condition were then
excess of the shorter, but to only a slight extent. It or have since been,and will not be,available until next
is not possible, of course, at this early date to state month. Reliable private advices, however, and especspecifically the extent in which leading commodities ially those secured by the Cincinnati "Price Current,"
have shared in this year's expansion. But such infor- indicate a fairly promising outlook. Ample moisture
mation as we have indicates that it has been quite and absence of alternate freezing and thawing thus far
general, with luxuries in particular receiving increased are mentioned as encouraging features in the winterattention. The inward movement of all classes of wheat situation. Condition is, of course, not unigoods covered a value of $118,635,807, the largest formly promising now; but where the outlook is at
total since August 1907 and 34 millions greater than present unsatisfactory the opinion is that with future
February 1908. For the two months of the calendar good weather decided improvement is likely. Much
year the imports of commodities aggregated $222,- hinges of course on the weather during the remainder of
243,418, or a gain of 52M millions over the restricted March, and with that favorable a fairly good crop is
movement of the period in 1908 and -27y1 millions anticipated. As an incident of the season, it is stated
less than for the like interval of 1907, which, by the that in sections of Ohio and Indiana,where the drought
way, was the record January-February total and, was especially severe last fall, improvement in conmoreover, the only one greater than that of the current dition has been much greater than could have reason,




714

THE CHRONICLE

ably been expected. From the large amount of plowing reported as having been accomplished in almost all
sections during the winter, an enlargement of corn
area is expected this spring.
The crop situation abroad is in many respects also
fairly promising. Some damage to wheat by floods
or climatic changes is reported from Germany and
Hungary, and the weather has caused anxiety to farmers in France. From Great Britain, Belgium, Holland,
Spain, Italy, Roumania and Russia, however, advices
are favorable on the whole. Rain has been of material benefit to corn in Argentina,and, barring unforeseen occurrences, a bumper crop of that cereal is looked
for in that country. The oats crop there is also stated
as of record proportions, and the wheat yield only
exceeded by last year's phenomenal product. Accounts from India have also improved since the rains
of late February, and a satisfactory wheat crop is now
considered probable. A tendency to increase estimates of the harvest now drawing to a close in Australia is now reported. Taken altogether, the outlook
at home and abroad at the moment seems to afford
no reason for discouragement.

[VOL. =XVIIf.

on the globe. This is their statement, to illustrate
the magnitude of the business.
• It is not done with absolute satisfaction to all users;
what business is? While men live and breathe, they
can and will complain. The telephone servants are
not utterly faultless; but users of the service are
sometimes hasty and unreasonable. On the whole, it
would be hard to name any public service which
furnishes so little occasion for complaint, either just
or unjust.
These remarks are suggested by the expected proposition at Albany to bring the telegraph and telephone
also under the Public Service Commission. Consistency and uniformity are the only reasons yet cited;
due deference to those excellent qualities requires(to
the minds of persons who believe it) that five men
who have already undertaken to manage nearly the
entire State should have added to their load the care
of businesses which seem to be now working to general
satisfaction. What is not done with superhuman
perfection when under charge of persons who give it
their entire time will be more perfect, we are asked to
suppose, when put on the shoulders of a few who
are already charged with all physical transportation.

Little or nothing has been publicly heard, in a
The bank statement of last week was almost featureconsiderable time, of a competing telephone service in
with comparatively slight changes in the principal
less,
this city. When one thinks soberly about it, it is
and small gains in the surplus reserve. Average
items
easy to see that a telephone is, naturally, a monopoly;
decreased $7,278,700; the reduction in actual
loans
but as an offset to the exaggerated hatefulness of that
was $3,227,000. Average deposits decreased
loans
much misused term should be noted the fact that the
$8,801,900;
according to the statement of actual contelephone has to work in competition, so to speak,
ditions,
the
decrease was $4,204,800. Average cash
with itself and with the commercial and social growth
reduced
was
$529,700;
the actual decrease was $46,800.
of the city. It must not only serve existing customers
average
reserve
The
was augmented $1,670,775, to
well; it must keep pace with growth by additional
$13,452,950;
according
to the statement of actual conplants provided, including new exchanges, some of
increased $1,004,400,to $13,ditions,
the
reserve
was
the latter being subdivided as they become unworkupon the basis of deposits
computed
397,325,
and,
ably large. We think it would be safe to say that the
telephone people are intensely absorbed in their own less those of $2,434,100 public funds, the surplus was
problems of present and growing service; that they $14,005,850.
find this severe enough for their time and energy,
Stock speculation was in small volume during the
and have none of either to expend upon outside sub- greater part of the week, and therefore there was but
jects.
a moderate demand for money either on call or on time.
In the great office buildings (not to count the wires Interest quite generally centered upon tariff revision;
and other plant involved in reaching those) the miles while the schedules were undisclosed by the Comof wire employed run from 230 to 750, the latter being mittee, there was uncertainty, and when the
details
the number to be in the Hudson Terminal when fully of proposed changes were announced, they
were recompleted. The number of instruments employed garded as likely to provoke such opposition as to
make
range from 1,300 to over 3,000; in five of the largest their adoption improbable without material
amendment.
of these structures 2,300 miles of wire and nearly In any event discussion would be prolonged
and the
10,000 instruments are or soon will be used, and there final result
not be obtained perhaps until midsummer.
are many cities of considerable size in which, it is
said, not so many miles of wire and not so many instruMoney on call, representing bank and trust comments are used as in a single one of these huge build- pany balances, loaned at the Stock Exchange during
ings. These buildings, of course, are only one portion, the week at 2% and at 1%%, averaging about 14
3 %;
although a notable portion, for purposes of illustration this minimum was quoted by all lenders. Time loans
of the total telephone service of this city.
on Stock Exchange collateral are practically unchanged
Being wise in the business, the telephone people seek compared with last week. Lenders are said to be
by advertisement to keep in better touch with the reluctant to press their offerings of short-date funds
public. In 1879, they say, the city telephone "book" 'in view of the pendency of influences, such as the
consisted of a small card, containing the names of the April settlements, which Will tend toward higher rates;
252 subscribers then served; the directory, re-issued there is, too, the possibility of firmer money as the
every few months, has now grown to a book of 580 result of continued shipments of gold, though such
pages, containing nearly 250,000 names, and serving tendency may be only temporary if it shall contribute
a very good purpose as a business directory inciden- to arrest the outflow of the metal. Moreover, another
tally. The regular edition of 400,000 copies, laid on influence that is expected to be exerted upon the
one another singly, would make a column six miles market for time loans is preparation for the contemhigh, overtopping by a half-mile the highest mountain plated issue of large amounts of railroad stocks and




MAR. 20 1909.]

THE CHRONICLE

715

to-day (Saturday);
bonds for improvements, extensions and betterments, all of which went forward
nt made little
consignme
this
against
bills
the
but
supplies
which will probably go far to absorb floating
for exchange
rates
While
market.
the
on
n
n
impressio
speculatio
of capital. Hopes are entertained that
the margin
London,
to
point
t
gold-expor
at
the
ruled
scheme
will be more active now that the tariff-revision
who
bankers
those
only
that
so
small
was
of
profit
will
it
has been announced; while it is being discussed,
offset
to
aid
ents'
correspond
their
rely
upon
could
manipue
most likely afford opportunity for speculativ
transaction.
lation,which will impart a certain degree of activity possible loss could assume the risks of the
a few of the
to the market. Time contracts on good mixed Stock Therefore the exports were confined to
little risk
however,
was,
There
houses.
strongest
sixty
for
Exchange collateral are quoted at 23.1@2%%
they were
as
long
so
to
Argentina
in
exports
involved
five,
to
four
and 2% for ninety days,21A©2Wi%for
London
account.
on
effected
months;
eight
4% for six and seven and 3@33i% for
23
Compared with Friday of last week rates for exthe longer maturities continue to be the favorites with
10 points lower at 4 86@
borrowers. Commercial paper is quiet, with some new change on Saturday were
higher for short at 4 8810©
offerings, though there are no accumulations of names. 4 8605 for long, 5 points
higher for cables at 4 8835(4)
Quotations for sixty to ninety day endorsed bills re- 4 8815 and 5 points long rose 15 points to 4 8615
Monday
On
4
8845.
ceivable 3)i@3X),%, with some sales at higher rates, @,4 8620, short 5 points to 4 8815(4)4 8820 and cables
33'@4% for prime and.4()43'% for good four to six 10 points to 4 8845@4 8850. On Tuesday long was
months' single names.
5 points higher at 4 8620(0 8625, short 5 points
unremains
discount
of
at 4 8820@)4 8825, while cables were unchanged.
rate
• The Bank of England
On Wednesday long fell 10 points to 4 8610(0 8615;
sixty
of
discounts
reports
cable
changed at 3%. The
was unchanged and cables were 5 points higher
short
to ninety day bank bills in London 234%. The at 4 8850(0 8855. On Thursday long was 10 points
4% and at Berlin and
open market rate at Paris is 13
higher at 4 8615@4 8625, short 10 points at 4 8825
to our special cable @4 8835 and cables 15 points at 4 8855(0 8870. On
According
3%.
is
it
Frankfort
from England, the Bank of England gained £794,418 Friday long rose 15 points and cables 10 points and
bullion during the week and held £39,967,126 at the the tone was strong.
The following shows •daily posted rates for sterling
close of the week. Our correspondent further advises
by some of the leading drawers.
exchange
,
us that the gain was due most largely to purchases
Wed. Thurs., Frt.,
Tues.
Fri.,
Mch. 19
18
17
in the open market; but imports were £293,000 greater
Mch.
Mch.
.
16
Mch.
15
Mon..
Mch. 12 Mch.
8634
8634
8634
than the exports and shipments to the interior of Great Brown
8634
560 days 4 8634
8634
89
89
89
89
89
1SIght_ 4 89
Brothers
8634
8634
8634
8634
8634
160 days 4 8634
Britain combined. The details of the movement into Kidder, Pea89
89
89
89
89
Wight__ 4 89
body & Co
8634
8634
8634
8634
160 days 4 8634
British
8634
and out of the Bank were as follows: Imports, £1,- Bank
89
89
89
89
89
1Sight__ 4 89
North America
8634
8634
8634
8634
8634
560 days 4 8634
of
071,000 (of which £501,000 bought in the open mar- Bank
89
89
89
89
89
1Sight__ 4 89
Montreal
8634
8634
8634
8634
8634
4
days
560
Bank
8634
Canadian
89
ket,£400,000 imported from United States and £170,- of Commerce
89
89
89
89
1Sight„ 4 89
8634
8634
8634
4 8634
8654
days
160
8634
IckelHeldelbach,
89
89
89
89
89
000 from miscellaneous sources); exports, £120,000 heimer dc Co
1Sight_ 4 89
8634
8634
8634
8634
8634
560 days 4 8634
Lazard
89
89
89
89
89
1Sight„ 4 89
(of which £115,000 to South America and £5,000 to Freres
8634
8634
8634
8634
8654
4
560 days 8634
Merchants' Bank
89
89
89
89
89
1SIght_ 4 89
Bermuda), and shipments of £157,000 net to the of Canada
interior of Great Britain.
Rates for exchange on Friday were 4 8630@4 8640
for long, 4 8825(4)4 8835 for short and 4 8865@,4 8875
The foreign exchange market was generally firm for cables. Commercial on banks 4 8590(4)4 86 and
for
this week and the business was light. The demand .documents for payment 4 85(0 863/8. Cotton
e 48590
acceptanc
for
cotton
53,
4853(08
payment
for remittance was good; it was largely due to Euro,.
@,4 86 and grain for payment 4 86@4 863
pean selling of American securities resulting from the
revival of political friction between Austria and Servia,
The following gives the week's movement of mone.y
the latter refusing to be pacified by the movement to and from the interior by the New York banks.
Net Interior
for the reference of the matter in dispute to the Powers
Shipped by
Received by
Movement.
N. Y. Banks. N. Y. Banks.
Week ending Mch. 19 1909.
,
for solution. A more favorable outlook regarding the
64,384,000
Gain
$3,763,000
$8,147,000
Currency
608,000 Gain 1,038,000
1,646,000
Balkan situation on Wednesday was counteracted, in Gold
$4,371,000 Gain $5,422,000
$9,793,000
its market effects in London, by the naval debate Total gold and legal tenders
disturbing
had
a
in the House of Commons, which
With the Sub-Treasury operations And gold exports
influence. The relatively higher discount rates abroad the result is as follows.
than those for money in New York continues to be an
Net Chhnge in
Out of
Into
Bank•Holdings.
Banks.
Banks,
Week ending Mch. 19 1909.
important factor in the exchange market, contributing
$4,371,000 Gain $5,422,000
$9,793,000
Banks interior movement, as above_
to transfers of capital to Europe for employment Sub-Treas.
40,619,000 Loss 3,219,000
37,400,000
oper. and gold exports__
rule
y
through exchange operations. Commodit drafts
,990.000 Gain $2,203,000
$44
$47,193:000
tenders
legal
and
Total gold
at exceptionally high rates, reflecting small exports of
The following table indicates the amount of bullion
merchandise; consequently the market is quite bare of
in the principal European banks.
bankers' bills and none are created by arbitrage
March 19 1908.
March 18 1909.
operations in stocks, for the selling thereof isin greater Banks of
Total.
Rilver.
Total.
Gold.
Silver.
Gold.
volume than is the buying. Some slight relief to the
£
£
£
.£
x
.£
40,613,156
39,967,12Q 40,613,1,
England__ 39,967,126
market so far as supplies of exchange are concerned Franco
___ 143,985,720 35,510,360 179,496,080110,309,45 36,173,044146,482,497
_ 42,097,050 13,278,450 55,375.500.34,348,00I12,703,000 47,049,000
was looked for as the result of gold exports, which Germany
6,353,000122,026,000
Russia ___ 121,771,000 7,788,000 129,559,000115,673.01
52,083,000 12,781,000 64,864,000 46,597,001 12,779,000 59,376,000
Aus.-fittn.
ng
reimbursi
the
of
in
offerings
would be reflected
Spain ____ 15,869,000 32,523,000 48,392,000 15,659,001 26,050,000 41,709,000
38,067,000 4,687,000 42,754,000 36,417,001 4,500,000 40,917.000
4,437,900 12,131,500
drafts incident to the export operations. The Argen- Italy
Neth'Iands 9,579,600 4,053,000 13,632,600 7,693,60
6,082,000
Nat.Delg._ 4,175,333 2,087,667 6,263,000 4,054,667 2,027,333 3,902,000
small,
3,902,00
because
4,342,000
however,
gold
were,
Sweden _ _ 4,342,000
tine engagements of
3,347,000
5,009,500 3,347,00
SwItzerl'd. 5,009,500
1,466,000
1,506,000 1,466,000
there was no steamer this week, and those reported for Norway.— 1,506,000
420,077,876 105,023,277 525,101,153
,806
708,477591,160
78,452,329112,
week
millions;
DA
Total
about
to
next week's shipment amount
Prev week 476,570,478'112,394,910 588,965,388 419,249,744 104,529,622 523,779,366
in addition $3',300,000 gold coin was secured for London,




716

THE CHRONICLE

Lxxxvin.

Meantime, the majority of outsiders are considerTHE "HOUSE RULES."
ably in the dark as to just what all this contest means.
Contrary to the expectation of a good many people, That the movement to change
or modify the rules was
the first act of the new Congress, convened in extra provoked by Speaker
Cannon's despotic rule of the
session last Monday, was not to take up the tariff, preceding session, every one
understands. But people
but to indulge in what might easily have been a very acquainted with
parliamentary law in general, and
memorable struggle over the rules and the power of with the proceedin
gs of Congress in particular, are
the Speaker. Of the week's incidents in connection aware that abuses of
this sort—if they actually are
with the new tariff bill we defer any lengthy notice abuses—are a question
less of the language of the
to another occasion. It is worth while to reviev. the rules than of the manner
of interpreting them. The
really interesting question involved in the earlier and insurgents very
largely drew their strength from new
minor contest.
members of the House who had been unable to obtain
Originally there is no doubt that the clash in the the chance,to which
they felt themselves entitled, for
dominant party converged on the Speakership itself. speaking on various
motions and for calling up their
Mr. Cannon, through some rather arbitrary policies favorite resolutions. Now,
there can be no doubt
pursued by him, especially toward the younger and that great injustice
may be perpetrated by a Speaker
newer members of the House, had made himself dis- who construes and
exacts the rules unjustly. We are
tasteful to a portion of his own party's membership. unable for ourselves,
however, to conceive of any rule
When, however, the question was canvassed as to or rules which could
actually deprive the Speaker,
presenting other names in opposition to Mr. Cannon, under our American
practice, of such power. No
it became evident, long before the assembling of Con- rule could possibly be contrived
which would force
gress, that the thing was impracticable. On the the Speaker of the House to
see and recognize, in a
question of the rules of Congress no obstacle existed Congressional debate, a
member whom he does not
in the way of combination between the insurgents and choose to recognize. But
this is only to say, as we
the Democrats. The House of Representatives, have already said, that the
real question is, not what
under the• Constitution, is empowered to "determine are to be the rules, but
who is to be the Speaker, and
the rules of its proceedings." This being a new Con- on the second of these
questions the House had made
gress, its first duty naturally was to decide under what its decision before the struggle
over the rules began.
rules its deliberations should be conducted. In acFurthermore, it is the teaching, not of our own
cordance with the usual practice, Mr. Dalzell moved legislative experience only,
but of the experience of all
the re-adoption of the rules of the previous Congress, other parliamentary bodies,
that in order to avert
and demanded the previous question on his resolution. legislative chaos, the rules
of a popular assembly must
The previous question was first ordered by a vote of be drastic and far-reaching.
That every member of
194 to 188; then, much to the surprise of both so large a body as our House
of Representatives should
parties, the resolution itself was voted down by be heard in debate as often as
he chooses would be
193 to 189.
utterly out of the question. It would reduce the
This gave the insurgents the chance to bring their deliberations of our Congress
to much the same conparticular program forward, and Representative ditions as the deliberati
ons of the first and second
Clark, their leader, presented a resolution providing Russian Doumas.
When to this is added the enormous
that in the special session the rules of the previous multitude of bills
proposed in a Congress representing
House should be continued, but that in the regular ses- so widespread and varied
interests, sectional and othersion convened next December the Speaker should wise, as does our own,
the problem of effecting even
be empowered to name at the start only the Ways and necessary legislation certainly
does not become less
Means Committee, the Committee on Enrolled Bills perplexing, and it certainly
could not be solved save
and the Committee on Printing and Mileage; further by adopting such
a code of rules as circumstances and
provision then being made in the resolution for a new experience have led
the House in its previous sessions
committee of fifteen to draw up rules for the new to adopt.
House. The members of this proposed committee
We imagine that what people have had in mind, in
were stated in the resolution, thus preventing the the feelingthat some
gross abuse had been perpetrated
possible selection by the Speaker of his own sympa- through the rules to which
the insurgents made obthizers. Of the names set down in the resolution, jection, was the episode
of 1890. Mr. Thomas B.
five were organization Republicans, five were insur- Reed had then been elected Speaker.
There was a
gents and five were Democrats. Moving, as usual, narrow Republican majority
and a bitter conflict
the previous question on his resolution, a second sur- over numerous impending
plans of legislation, and the
prise was encountered by the defeat of such motion autocratic power assumed
and exercised by Mr. Reed
through a vote of 203 to 179. Before the meaning of challenged bitter and
widespread criticism, among
this vote was clear, even to the House itself, Repre- not only home but
foreign observers. Yet even of
sentative Fitzgerald of New York moved to strike out the celebrated
contest of 1890 it must be said that it
all of the Clark. resolution after the enacting clause, had far less to do with
the composition of the rules
substituting another resolution which should provide than with the manner
of exercising them.
for a few routine and minor changes in the rules, the
In the first place, Congress actually went on legisonly important one of which was a rule providing that lating, during the first
two months of its opening
the regular order of bills on the weekly calendar day session, without any rules
at all, and within that
should be set aside only by a two-thirds' vote. This period not only were certain
contested election cases
amendment, which practically broke down the pro- settled, but an important
customs administrative Act
gram of the insurgents, was then adopted by a vote of was passed. Since a parliamen
tary body with no rules
211 to 172.
is necessarily wholly subject to its presiding officers,




MAR. 20 1909.1

THE CHRONICLE

Mr. Reed became ipso facto absolute ruler of the
House. This rule he exercised in a manner not very
often attempted in a deliberative assemblage—refusing, for example, to admit that a quorum had been
broken when the minority members of the House
withdrew out of protest, and when not, enough of
the majority were left to constitute the usually accepted quorum. It is not strange that assumption of
power in such shape should have added greatly to the
bitter feeling of the day.
Yet when, in February 1890, the new rules were
eventually passed, they turned out to be, with two
exceptions, precisely the same as under the preceding Congress—those two exceptions being the
granting of authority to the Speaker to count for purposes of a quorum members present but not responding
to their names, and to refuse to entertain motions
which, in his judgment, were offered merely for dilatory purposes. There was much dispute as to the
wisdom or propriety of these innovations, and a good
deal of feeling over the way in which the Speaker
used the power thus conferred. But the fact remains
that the body of the rules as adopted in the Congress
of 1890 has been reaffirmed by every subsequent
House of Representatives, and that they are virtually
reaffirmed by the present House. In our judgment,
even the committee of fifteen proposed by the insurgents would in the end have been compelled to
repeat pretty much their substance. The problem of
the Speakership is no doubt a serious difficulty in
American legislation. It is a difficulty which admits,
we imagine, of no direct solution so long as the Speaker
of the House remains the direct appointee and agent
of a single political party. The English, wiser than
ourselves in that regard, and taught by a long experience the necessity of a completely impartial
presiding officer in Parliament, have created a permanent office of great dignity in the Speakership, whose
incumbent is supposed, from the moment of his entry
on that office, to discard all political prejudices and
sympathy. That such a change is to be anticipated
in our own parliamentary system, we should scarcely
venture to predict.
EGYPT AND ITS INCREASED COTTON
PRODUCTION.
The opening of the barrage or dam at Esneh, in
Egypt, on Feb. 9 has drawn renewed attention to
Egypt as a source of increasing cotton supply in coming
years. The development of that staple in Egypt
being wholly dependent upon the water supply from
the river Nile, much interest attaches to the progress
of the work instituted to conserve and control that
supply and which was recently completed. Frofn
time immemorial the narrow strip of land along the
Nile Valley was rendered very productive by deposits
of rich mud left by the river when in flood, the size of
the crops produced varying with the extent of the
flood. It thus happened that there was wide variation
in the cotton yield of Egypt from year to year. Without going back too far or too fully into this phase of
the subject, it should be sufficient to point out that
while in 1875-76 the product was 2,928,498 cantars
(a cantar is 99 pounds), and dropped to 1,683,749
cantars in 1878-79, it rose again to 3,198,800 cantars
in 1879-80. These variations were, of course, ascribable to river conditions and were impossible to foresee.



717

It remained for the insufficient flood of 1888 to direct
the attention of English engineers to the problem of
controlling the waters of the river and thus, through
irrigation, extend the area of productive soil. How
well they have succeeded is amply attested by the output of crops of recent years.
The plans of the engineers comprehended the construction of a large reservoir at Assuan, 750 miles from
the sea, and a series of three barrages—at Esneh, 110
miles below Assuan; at Assiout, 230 miles further down,
and at Zifta, on one arm of the Nile delta. The last
of these upon which work was begun was the barrage
at Esneh—a construction starting after the flood of
1906 with expectation that it would be completed late
in 1910. But, contrary to the quite general experience with public works, it was finished 18 months
ahead of the contract time. As evidencing the importance of this final piece of work and in fact of the
whole irrigation scheme, we cannot do better than refer
in effect to the remarks of Ismail Sirrey Pasha, Minister
of Public Works, at the opening ceremonies. He
pointed out that the province of Keneh, in which
Esneh is situated, has, up to the present, been absolutely dependent upon the height attained by the Nile
flood, and in years of low level the land has been exposed to the worst calamities of drought. The work
accomplished up to 1899, he said, had reduced the
area that could not be irrigated from 250,000 feddans
(approximately acres) in 1877 to 80,000 feddans in
the later year. The opening of the Esneh barrage
would not only have the effect of preventing the recurrence of "sharaki" lands in Keneh, even in years
of lowest floods, but will permit of the better irrigation of the 350,000 feddans of cultivated land situated
within the radius of its direct action.
"Sharaki" is an Arabic word and signifies such land
as can only be used for the raising of winter crops
owing to the lack of irrigation during the dry months.
Since the institution of the Esneh barrage, however,
much land which formerly was "sharaki" will now
be supplied with water, so that it may be used'for the
cultivation of cotton.
It is of course hard to estimate the ultimate benefit
to Egypt of the irrigation work the completion of these
various dams or barriers will work, not only in the
matter of cotton production, but in the raising of
grain and sugar. We have seen that from a total
product of 2,931,691 cantars in 1886-87 the cotton
crop advanced to 5,879,750 cantars in 1896-97 and
6,949,783 cantars in 1906-07, and in the latest season
(1907-08) was 7,234,669 cantars. Furthermore, according to competent authorities, a further important
gain is to be expected. In fact, Lord- Cromer, former
British Commissioner in Egypt, and one of the men
best versed in the affairs of that country, does .not
consider 10,000,000 cantars (equal to about 2,000,000
bales of 500 lbs. each) an impossible figure. Even
greater extension of the Egyptian cotton crop is possible through the reclamation of the lakes in Lower
Egypt and the development of the oases. The former
is reported to be an especial project of the Khedive,
and if carried out would add about 750,000 feddans
to the cultivated area and probably about 300,000
bales of 500 lbs. each to the crop. The work of reclamation, however, it is currently reported, will not be
undertaken until the addition to the Assuan Dam is
finished, in 1912. Then over twice as much Nile water

718

THE CHRONICLE

as at present will be held up, and there will be.summer
water enough to irrigate this large tract. There is no
way of estimating the outcome from development of
the oases. The success that has attended the irrigation plans lately completed should at any rate lend
impetus to further plans for developing the agricultural
resources of Egypt.
As regards the current year's cotton planting in
Egypt, the general impression is that there will be a
reduction in acreage, as a considerable area in Lower
Egypt is to be diverted from cotton to cereals. In
Upper Egypt also a smaller planting of cotton is belived to be likely, owing to the revival of sugar-cane
• planting. The reduction in area, it is stated, however,
will not necessarily mean a corresponding diminution
in yield, as the Government has practically resolved
to take over the supervision of the crop this year.
This,it is thought,:will mean an intelligent fighting of
the cotton pest, and consequently a much smaller
loss in yield through it than was occasioned last year.

.Lxxxvm.

could be accomplished by efficiency in operations
when there were no abnormal obstacles to overcome.
Prior to this his efforts in that direction had counted
for little or nothing.
All this is equivalent to saying that where previously
it was impossible to prevent enormous increases in the
expenses, now the Central management succeeded in
effecting a noteworthy decrease in the same. The
distinctive feature, therefore, in the results for 1908 is
not alone the shrinkage in tonnage and in gross
revenues, which was of large magnitude, but the
coincident great saving effected in the expenses. In
the present article we shall confine ourselves entirely
to the Central proper, without including any of the
subsidiary lines, like the Michigan Central, the Lake
Shore, the "Big Four," the Pittsburgh & Lake Erie,
the Rutland, &c., which, together with the Central
itself, make up what is known as the New York Central
System. The totals for the whole system are not yet
available. When received they will surely be found
interesting and instructive. With them in our possession it will be possible to see whether the policy of
THE NEW YORK CENTRAL IN A YEAR OF retrenchment and economy and efficiency in operaDEPRESSION.
•
tions observable in the case of the Central proper has
Like the other railroads of the country, the New extended in the same manner and degree to other parts
York Central had trying conditions to contend with of the system. For the present the chief feature is
during the calendar year 1908, the period covered by that gross earnings on the Central itself were reduced
the present annual report. With that fact in mind, $9,519,691 (the gross falling from $98,369,059 in 1907
the results disclosed must be regarded as eminently to $88,849,367 in 1908), but that this was attended
satisfactory. In a measure the years immediately by a diminution of $10,384,249 in the expenses, thus
preceding were trying ones, too, but in a different way. yielding an actual gain in net of $864,557. It is
In these years operating cost kept steadily Mounting proper to say here that in presenting the figures for
up until a point was reached where the large expansion 1908 the managers have continued the old system of
in business which occurred year by year simply added classification and accounting, instead of showing the
to gross revenues without bringing any increase in the results according to the Inter-State Commerce methods.
net. This means that the company was netting no This was done so as to have correct comparisons with
return on the large extra capital investment in the the preceding year. In the 1909 report the results
shape of new stock and debt which it had been obliged for both years will be on the Inter-State Commerce
to make to provide the increased facilities to handle basis. The monthly returns have already been
the larger volume of traffic.
changed to conform to the new method.
In reviewing the report for 1907, we expressed the
When the expense accounts are closely scrutinized,
situation in a graphic way by pointing out that in the the process by which retrenchment was accomplished
three years from 1904 to 1907 gross earnings had risen is made very plain. The bulk of the reduction in exalmost $20,000,000, bringing them close to the penses is found under the head of "Conducting Trans$100,000,000 mark—that is, had increased from portation," where efficiency and good management
$78,573,208 to $98,369,059—but the net revenues, count for most. Of the total decrease of $10,384,249
even after cutting out entirely in 1907 the special in expenses, cost of conducting transportation is reappropriations for new construction and equipment, sponsible for $7,236,547, the amount spent in this way
had remained practically stationary, having been for having been reduced from $45,995,903 in 1907 to
1907 $22,565,725 and for 1904 $22,450,823.
$38,759,355 in 1908. In one direction it was not
In 1908 the situation was exactly reversed. Rail- possible to attain as high a degree of efficiency as in
road properties and railway management were again other years, as is evident from the fact that the averput to the test, and a very crucial test it was; but age train-load, including company freight, was only
this time the difficulty, arose from extreme depression 441 tons in 1908, as against 481 tons. Of course the
in trade and a resulting collapse in the volume of irregularity in traffic movements occasioned by the
railroad transportation service to be rendered. , Pre- dwindling in the volume of tonnage was responsible
viously the railroads had had more business than they for the smaller train-load. Nor was there any decrease
could handle. with 'due economy. Now they did not in wages. The improvement was effected in another
have enough. On the other hand, there was an ;way: there was a reduction in theforce of employees.
amelioration of the adverse conditions under which Moreover, railroad labor being in over-supply, it was
railroad operations had previously been conducted. amenable to more careful supervision and stricter
It is an ill wind that blows no good to any one,and in discipline, improving the service and at the same time
this instance the falling off in traffic brought with it reducing the cost of the same. There was some saving,
a compensating advantage in the fact that the railroads also, through the circumstance that fewer foreign cars
were able once more to. get control of their expense were in service (the traffic being light) and that the
accounts, The railroad manager again came to his per diem charge for the use of foreign cars was reown and was given a chance to demonstrate what duced.




MAR. 20 1909.

THE CHRONICLE

719

In expenditures for "Maintenance of Way and whole shows a slight improvement, being 6.43 mills
Structures" there was a saving of $1,693,762. This per ton per mile for 1908, against 6.24 mills for 1907.
was distributed quite generally through the various This slight rise in average follows from the fact that the
accounts. The expense for renewal of rails was but loss in tonnage of merchandise and other freight of
slightly below that of the previous year and the the higher classes was not proportionately as great
charges for renewal of ties increased. Broadly speak- as in the ton nage of commodities of lower grade.
The extraordinary expenditures for the year charged
ing the property was well cared for. In Maintenance
to
capital account aggregated $13,248,069, of which
$1,403,347.
of Equipment there was a decrease of
was for additions to property and $7,644,$5,603,731
large
show
Under this head the various repair items
for
was
337
being
constructio n work on leased lines and for
it
skimping,
decreases, but this does not imply
Central
terminal improvement,charged in part
Grand
locomoand
due to the fact that so many of the cars
funds
by lessor companies. Everyprovided
against
of
need
in
not
tives were idle and therefore were
to
had
be charged to capital, since
possible
thing
was
it
that
repairs. Altogether the circumstance
so
greatly
were
earnings
reduced. As is known,
impairing
without
found possible to reduce expenses
gold
of 1904 were put out
debentures
of
$13,000,000
the
of
one
is
property
the physical standard of the
the
of
close
year the position
the
At
calendar
1908.
in
gratifying features in the report.
principal
its
as regards
and
subsidiaries
Central
the
of
with
compared
as
earnings
We have stated that net
The
of
strength.
one
unusual
was
cash
resources
this
but
$864,557,
increased
the preceding year had
cash,
of
than.
$16,018,182
less
no
held
itself
Central
serfrom
transportation
results
refers entirely to the
vices. In the income from investments there was a the Lake Shore held $14,418,964 and the Michigan
noteworthy contraction, reflecting the diminished Central held $3,683,939.
profits of the subsidiary lines in the stock of which the
Central has large holdings. For instance the Lake THE UNITED STATES STEEL CORPORATION
REPORT.
Shore paid only 12% dividends in 1908, against 14%
The annual report of the Steel Corporation for the
in 1907, and the Michigan Central paid only 6%,
against 8%. In the aggregate the loss in income late calendar year comes at the moment when a new
from investments was $1,104,972. Owing to this tariff bill has been introduced in Congress proposing
diminution the final net earnings were $240,414 a sharp cut in duties on articles of iron and steel.
smaller than in 1907. The loss came concurrently The general assumption is that lower duties on foreign
with an increase of $1,767,537 in fixed charges. Lest iron and steel mean diminished profits on the domestic.
any one imagine that this increase in fixed charges products. Whether this will prove true in the case
represents entirely or chiefly a larger call for interest of the Steel Corporation remains to be seen. Through
on outstanding obligations we hasten to say that the the expenditure of enormous sums of money, chiefly
biggest single item in this increase is an addition of derived from earnings, for improvements and in the
$973,090 to the taxes paid on real estate, which taxes building of additional plants of the most modern type,
rose from $2,180,248 in 1907 to $3,153,338 in 1908. the Steel Corporation has put itself in position where
The loss in net combined with the increase in charges it can turn out its products at the very lowest unit of
necessitated a reduction in the dividends on Central cost. This is an advantage the importance of which
stock from 6% in 1907 to 5% in 1908. Over and should not be lost sight of. Wage reductions may also
above the requirements for the 5% dividends,asurplus serve to diminish the inroads on profits, supposing
of $144,276 remains on the operations of the twelve that a lower range of values is permanently to rule
months—which is obviously not bad for such a period as a result of the cut in duties, though it is by no
as 1908 was. We notice that in the profit and loss means certain that,with a revival of trade activity,
account some large items have been charged off against values would not again rise, notwithstanding the lower
accumulated surplus income. One item in particular duties.
We make these preliminary remarks because whatis the $1,495,000 discount on account of the gold debentures of 1904. The payments on this account ever the course of prices in the future and whatever
might have been spread over a series of successive the range of tariff duties, it seems.unlikely that the
years, but it was thought best to clean up the whole Steel Corporation will ever be called upon to endure
more unfavorable conditions than those which it enthing at one operation.
As far as the decrease in earnings is concerned, it countered during the period covered by the annual
extended to both passenger and freight. The passen- report now at hand. The year 1908, as every one
ger revenues were reduced $2,013,367. It is stated in knows, was a period of intense business depression
the report that the decrease was about equally divided ,throughout the whole range of industries. In none of
between local, commutation and inter-line business. ,the industries was the depression so pronounced as in
In the freight earnings the decrease reached $8,205,899. the iron and steel industry. The reason for this, of
It is pointed out that the' volume of tonnage carried course, is that the steel industry is so largely dependent
records a decrease in nearly all of the classified com- 'upon the orders of the railroads and the railroads were
modities, the greatest reduction being in grain, bi- !sustaining such frightful losses in revenues that they
tuminous coal, ores and lumber. Aggregate tonnage had to keep down their orders to the lowest possible
fell from 47,422,174 tons in 1907 to 39,105,955 tons limit consistent with safe operation. As a result the
in 1908, and of this decrease of 8,316,219tons,3,200,- profits of the Steel Corporation in 1908 were cut in
120 tons was in coal and coke. The loss in the tonnage two. The point which it is important to bear in mind
of bituminous coal* is stated, was in part due to the is that this great diminution in profits followed not as
suspension of labor in the Morris Run district during a consequence of lower prices, but of a tremendous
eight months of the year. It happens that the average shrinkage in business. The report tells us on page 26
rate received per ton per mile on the freight traffic as a that in the domestic trade the prices received for steel



720

THE CHRONICLE

products shipped in 1908 averaged substantially the
same as those received in the preceding year. Also,
we are told that for exported material of all kinds the
average prices, while somewhat lower than those received in the preceding year, compared very favorably
with the average for domestic business.
The application of all this will readily appear. The
recent cuts in prices for various articles of iron and
steel make it probable that the average of prices for
1909 will be lower than for 1908, whatever the course
of tariff legislation. On the other hand,it seems equally certain that the volume of business will be larger;
for when tariff legislation, which is having such an
unsettling effect in so many different lines of business,
is once out of the way and uncertainty in that regard
removed, there appears to be no reason to doubt
that trade activity will be resumed. We may be sure,
too, that in no industry will the beneficial effects be
so quickly or so strikingly manifest than in the iron
and steel trades. In brief, then, though prices may
be off, the larger volume of business done should serve
as more than an offset, allowing aggregate profits to
show recovery from the extreme low point reached
during 1908.
Yet in 1908, the worst period of depression encountered by the Steel Corporation since its organization, the company earned its dividends in full,
namely 7% on the preferred stock and 2% on the
common stock, and had a very comfortable balance
left over on the operations of the twelve months.
Accordingly it seems reasonable to conclude that any
change in 1909 will be a change for the better. Probably few persons appreciate how extreme the collapse
in the iron and steel business was in 1908. The Steel
report serves to give prominence to that fact. In
1907 the• net earnings of the subsidiary companies
were $160,964,673. For 1908 they were only $91,847,710, a loss in net in this single period of twelve
months of $69,116,963. If we take the result reached
after deducting interest and sinking fund charges
and payments into the depreciation and extinguishment and extraordinary replacement funds, the contrast is yet more striking. In that way we get the
amount remaining available for dividends. In 1908
the amount so available was only $45,728,713, whereas
the amount in 1907 had been $104,565,563, showing
a reduction in the available dividend fund in the large
sum of $58,836,850.
That with such a tremendous shrinkage the Steel
Corporation should have had enough to meet its
dividend requirements,with a surplus left over, is the
best evidence that could be offered of its inherent
strength in the matter of earning capacity. The preferred dividends called for $25,219,677 and the
common dividend for $10,166,050, making together
$35,385,727, as against an available sum on the operations of the twelve months of $45,728,713, leaving a
surplus of over 10 million dollars—$10,342,986. In
1907 the surplus above the dividend requirement was
no less than $69,179,836, and out of this an appropriation of $54,000,000 was made on account of the construction and acquisition of additional property, new
plants, &c., &c. In 1908 the company was obliged to
forego any• appropriation of that kind, but that has
been the full extent of the influence of the hard times
pon the company's affairs; and the appropriations
of previous years were of such tremendous magnitude



[VOL. Lxxxvm.

that there was really no necessity of further contributions of the same sort in 1908. As a matter of fact,
the company could get along without special appropriation of this kind for quite a while, for it still holds
large amounts unused out of the contributions of
previous years to the various funds.
It must not be supposed that in 1908 the Steel
Corporation made no contributions whatever to any
of the improvement or debt-extinguishment funds.
In truth it made quite considerable contributions of
this kind in the ordinary way. It was only the large
special appropriations that it was obliged to withhold.
The $10,342,986 surplus which we have stated was left
on the operations of 1908 over and above the dividend
requirement remained after sinking fund payments
aggregating $6,973,273 and after $11,532,896 contributed to the extraordinary replacement funds and
$3,844,214 contributed to the depreciation and extinguishment funds. In other words, the Steel Corporation in one of the very worst years,ever known in
the steel trade earned its dividends in full with
$10,000,000 left over,after having contributed no less
than $22,350,384 to the improvement and debt
extinguishment funds.
Perhaps the most striking measure of the loss in
business sustained is furnished when we take the
aggregate gross value of the commercial transactions
conducted by the respective companies (this including
sales made between the subsidiary companies) and
the gross receipts of the transportation companies for
services rendered both to subsidiary companies and
to the public. For 1907 the aggregate of sales and
receipts had been $757,014,767. For 1908 the corresponding aggregate was only $482,307,840, showing a
decrease in the prodigious sum of $275,000,000. The
average number of employees in the service of the
different companies was only 165,211, against 210,180
in 1907, showing a reduction of 45,000 employees.
The amount paid in salaries and wages was reduced,
roughly, $40,000,000, falling from $160,825,822 in
1907 to $120,510,829 in 1908.
Production suffered a striking diminution in all
directions. Only 16,662,715 tons of iron ore were
mined, against 23,980,558 tons in 1907; only 8,169,931
tons of coke were manufactured, against 13,544,764
tons; only 2,186,007 tons of limestone were quarried,
against 3,201,222 tons. The blast furnace products
aggregated only 6,934,408 tons, against 11,422,795
tons; the steel ingot production only 7,838,713 tons,
against 13,342,992 tons, and the total of rolled and
other finished steel products for sale only 6,206,932
tons, against 10,564,537 tons. This total of 6,206,932
tons of finished products, we are told, was the lowest
for any calendar year since the Steel Corporation was
organized. Of Portland cement, however, the output
was 4,535,300 bbls., against 2,129,700 bbls. The
report states that near the close of the year an extension of the cement plant at Universal, Pa., was commenced, which Will increase the daily capacity of this
plant from 4,000 to 10,000 bbls. With the completion
of that extension, the annual capacity of the cement
plants operated by the Universal Portland Cement Co.
(a subsidiary concern) will be 8,200,000 bbls.
The favorable position in which the Steel Corporation finds itself and the satisfactory results it is able
to display are due, as already stated, to the enormous
SUMS of money applied towards improvements.and in

MAR. 20 1909.1

THE CHRONICLE

the building and acquisition of new plants. The
money, as also already stated, came chiefly from
earnings. We have in previous annual reviews furnished figures to show the magnitude of the appropriations for these purposes and the amount of surplus
earnings applied in the same way. But with each
succeeding year the figures become more imposing,
and therefore the statement deserves to be brought
forward and its significance re-emphasized. The balance sheet shows for Dec. 31 1908 undivided surplus
for the Steel Corporation and its subsidiary companies
in amount of $133,415,214, of which only $25,000,000
was provided at organization, the other $108,415,214
having been accumulated out of earnings. This is
entirely independent of the amount standing to the
credit of the sinking and reserve funds, which reaches
$64,879,359, and the amount standing to the credit
of the bonds sinking fund, which is given as $38,074,012. Altogether, therefore, the three items represent
a total of over 211 million dollars.
This, however, tells only part of the story. Large
sums applied out of earnings no longer appear in the
accounts, having been marked off the books from
among the assets, with corresponding reductions on
the liabilities side. There is a statement in the report which gives the accumulated surplus for the
period from April 1 1901 (the date of the organization
of the company) to Dec. 31 1908 after the deduction
of charges and the payment of dividends. The surplus thus given amounts to $242,906,841. It should
be distinctly understood, however, that this is the
surplus after the large yearly sinking fund contributions and also the appropriations for the depreciation
and extinguishment funds and the extraordinary and
special replacement funds. These appropriations have
been of very large extent. Following the plan pursued
by us in previous years, we undertake to show in the
table which follows what these appropriations and
contributions aggregate for the whole of the period
since the inception of the enterprise. We start with
the recorded surplus of $242,906,842 and then add
the amounts which were deducted each year before
arriving at the surplus.
EARNINGS APPLIED IN IMPROVEMENTS AND EXTENSIONS.
Aggregate net income (above charges and above contributions
to various funds) from date of organization (April 1 1901)
to Dec. 31 1908
$540,647,148
Dividends paid—
On preferred stock (54M%)
$218,975,275
On common stock (153i%)
78,765,032 297,740,307
Surplus
$242,906,841
Add contributions to sinking funds, to depreciation and extinguishment funds and to
extraordinary and special replacement and
improvement funds—
Calendar year 1908
$22,350,384
do
do 1907
32,857,241
do 1906
do
34,707,335
do
do 1005
27,405,062
do
do 1904
18,207,328
do
do 1903
29,292,866
do 1902
do
27,814,389 192,634,605
Aggregate amount of net earnings put into property

$435,541,446

It will be seen from the foregoing that in the less
than eight years of its existence, the Steel Corporation
has taken out of earnings and put into the property,
and applied to its improvement, enlargement and extension,the enormoussum of $435,541,447. If the company should have another such prosperous year as it
had in 1907 and apply similar amounts as in that year,
it would be found that the whole of the $508,000,000
common stock, whether it originally represented a
cash investment or not, had been paid for out of
earnings.
A statement in the report notes that since the organization of the company there has been expended




721

for additional property and construction (exclusive
of the cost of the stock of the Tennessee Coal & Iron
Co. and the cost of the Union Steel and Clairton Steel
companies),and for extraordinary replacements and
betterments,the sum of $348,032,939. What has been
effected through this large expenditure is indicated.
by another table in the report showing the increase.
in capacity of the plants between April 1 1901 and,
Jan. 1 1909. The blast-furnace capacity is now
14,990,000 tons, against 7,440,000 tons, an increase
of 7,550,000 tons, of which only 2,228,000 tons is due
to the purchase of the Tennessee Coal and other companies and 5,322,000 tons is due to additions and improvements made in the plants of the subsidiary
companies since their acquirement by the Steel Corporation. Similarly the steel ingot capacity has been
increased from 9,425,000 tons to 17,070,000 tons,
5,887,000 tons of this increase being due to additions
and improvements. The capacity for rolled and other
steel and iron products for sale has been increased
from 7,719,000 tons to 12,900,000 tons, 3,678,000 tons
being due to improvements. The cement capacity
has been increased from 500,000 barrels to 6,100,000
barrels.
Attempts are often made to create an impression
that the Steel Corporation is anxious to establish a
monopoly in the manufacture of iron and steel. The
report shows that notwithstanding the increase in
capacity by purchase of other companies and by extensions completed, the subsidiary companies of the
corporation have not in the aggregate retained their
relative position in the trade. Taking the figures of
production of pig iron and steel (the basic products),
a comparison between 1908 and 1901 in respect of the
proportion of the iron and steel business controlled
by the subsidiary companies of the Steel Corporation
and by other manufacturers shows that in the case of
pig iron the percentage of the Steel Corporation to the
whole has remained substantially unchanged, being
4332% for 1908 as against 43.2% in 1901, while the
Steel Corporation's percentage of the steel production
has declined from 66.2 to 56.4. Obviously, therefore,
if any desire exists to create a monopoly, very little
progress is being made in that direction.
RAILWAY GROSS EARNINGS FOR FEBRUARY.
In the number of our "Railway Earnings Section"
which we issue as a supplement to-day to our
paper we show both the gross and the net earnings
for the month of January of all the railroads of the
United States which. are obliged to file monthly reports with the Inter-State Commerce Commission at
Washington. A few roads which make it a practice
to furnish early preliminary estimates have already
submitted figures for the month of February, but
relating of course only to the gross. It takes from
30 to 50 days after the close of the month to obtain
audited returns of both gross and net. On the other
hand, current estimates of the gross can of course be
given shortly after tthe close of the month.
Following our usual practice we bring together the
figures of the roads which submit these early approximations. It is gratifying to find that for February,
as for January, the record is one of improvement over
1908. It must not be forgotten, however, that in
comparing with 1908 we are comparing with very
small totals. Hence the gain represents merely a

recovery of what was lost last year or, to be more
accurate, it represents a recovery of apart of what was
lost last year. For, speaking of the roads collectively,
the 1909 earnings are by no means equal to those of
1907. Our tables comprise 53 roads, operating 81,871
miles of line. On these roads there is an increase of
$4,133,506, or 9.02%. On the other hand, our early
compilation for February 1908, covering a slightly
larger aggregate of mileage, showed a loss of $5,706,584, or 10.71%. The following furnishes a summary
of the early February totals for each year back to
1897.
Mileage.

Gross Earnings.

February
Year Yr. Pre- InGiven, ceding cr'se.

Year
Given.

Year
Preceding.

Increase(+)
or
Decrease (-).

Year. Roads Miles.

Miles.

%

$

91,864
95,506
92,273
94,042
98,076
94,914
96,646
82,882
82,193
83,265
93,497
84,405
81,871

91,177
94,571
91,211
91,829
95,283
93,269
94,496
80,691
80,429
81,405
91,740
83,328
80,308

0.86
0.09
116
2.41
2.93
1.76
2.27
2 71
2.19
2.28
1.91
1.29
1.29

33,393,769
39,207,730
37,059,046
43,739,672
50,430,204
50,301,694
55,694,648
45,889,825
43,651,281
53,838,607
65,168,022
47,582,490
49,515,764

Jan. 1 to Feb .28.
1897 __ 125 91,864
18981_ 125 95,357
1899 __ 117 92,236
1900_.. 102 93,769
1901 _ 104 98,039
1902 __ 92 94,914
1903 __ 78 96,646
1904... 67 82,882
1905.... 60 80,087
1006.... 57 82,729
1907 __ 67 93,497
1908 _ 59 84,405
1909 __ 53 81,871

91,177
94,427
91,174
91,556
95,246
93,269
94,496
80,691
78,369
80,928
91,740
83,328
80,308

0.86 67,321,230 70,779,471 -3,458,241 4.88
0.99 80,195,211 69,217,374 +10,077,837 15.86
1.16 79,001,425 76,844,948 +2,156,477 2.81
2.41 92,056,260 78,114,962 +13,941,298 1.78
2 98 106,690,137 98,151,022 +8,539,115 8.70
1.73 108,781,813 102,330,497 +6,451,316 0.30
2.27 117,867,542 105,478,219 +12,389,323 11.75
2.71 94,786,426 96,803,491 -2,017,065 2.08
2.19 92,756,575 91,098,787 +1,657,788 1.82
2.23 111,888,088 91,312,897 +20,575,191 22.53
1.91 136,240,193 133,124,581 +3,115,612 2.34
1.29 99,975,812 110,477,618 -10,501,806 9.51
1.29 101,458,518 95,122,719 +0,335,799 6.66

1897....
1898 __
1899-1900 __
1901 -1902....
19031904 __
1905 __
1908.._
1907 __
1908 __
1909 __

125
126
118
103
105
92
78
67
61
58
67
59
53

Lxx5cvni.

THE CHRONICLE

722

$

s

%

34,087,463
-693,694 -2.03
34,335,397 +4,872,333 14.19
37,580,536
-521,490 1.38
36,447,592 +7,292,080 20.01
46,733,346 +3,696,858 7.91
48,404,740 +1,896,954 3.75
48,912,743 +6,781,905 13.87
46,032,562
-142,737 0.31
44,914,739 -1,263,458 2.81
42,850,373 +10,988,234 25.64
63,850,213 +1,317,809 2.06
53,289,074 -5,706,584 10.71
45,382,258 +4,133,506 9.02

Note.-We do not include the Mexican roads in any of the years.

•

Detroit1909
1908
Cleveland1909
1908
Peoria1909
1908
Duluth1909
1908
Minneapolis1909
1908
Kansas City1909
1908
Total of all1909
1908

Flour.
(bbls.)

Wheat.
(bush.)

Corn.
(bush.)

Oats.
(bush.)

13,200
12,600

125,161
88,429

178,554
415,939

172,644
139,186

3,863
4,386

28,690
56,709

469,770
893,995

491,870
427,818

33,130
16,160

85,000 1,664,884
166,000
900,300

487,000
970,000

182,000
125,000

16,000
41,000

193,266
293,354

112,450
85,900
9,045

Rye.
(bush.)

700,969
1,714,645

100,058

110,119
165,826

4,348
2,354

5,732,210
5,064,000

397,840
867,060 1,169,760
517,620 1,355,400
559,930

123,130
76,250

2,445,400 1,290,900
887,950
529,600

418,000
362.000

1,289,304 11,213,180 14,632,706 10,239,150 5,138,852
1,298,493 9,895,388 12,478,753 11,927,274 3,442,616

Jan. I to Feb. 28.
Chicago1,310,361
1909
1,606,521
1908
Milwaukee412,303
1909
382,350
1908
St. Louts1909
425,470
1908
393,040
Toledo1909
1908
Detroit1909
28,500
1908
29.400
Cleveland1909
8 372
1908
7,407
Peoria1909
215,978
1908
171,450
Duluth1909
9,045
1908
Minneapolis1909
1908
Kansas City1909
1908
Total of ail1909
1908

Barley.
(bush.)

350,581
348,341

1,029,300 16,232,821 11,755,976 5,213,693
1,641,281 18,782,071 12,635,675 3,475,285

268.000
346,171

547,600 1,351,700 1,462,800 2,071,600
749,000 1,360,400 2,358,000
998,000

195,900
232,800

1,973,804 4,171,045 2,892,825
2,052,587 4,717,800 9,052,400
569,900
173,900
213,300 1,531,700

770,900
505,700

1210,800
351,000

43,000
87,237
7,000
7,000

300,842
460,350
308,100
848,947
45,710E1786,730 ; r817,310 , 51,230
111,077.2.040,655 -,i 1,768,135 2 21,502
,
446,000
136,000 2,937,393 1,049,500
296,000
318,900 3,713,800 1,801,500

73,000
64,000

289,617
278,036

18,923
9,716

1,042,460 1,668,200 2,575,230
1,327,010 2,790,640 2,363,270

235,827
310,910

178,655
264,371

1,589,221
3,586,429
10,495,090
12,260,970

259,961
1,043

4,516,550 2,238,600
3,621,070 1,640,100

413,739
767,053

1,021,000
817,200

2,410,029 20,685,830 30,050,960 21,592,992 11,418,270 841,650
2,590,168 25,067,985 35,352,120 25,652,103 9,297,793 1,057,834

With reference to the cotton movement in the South,
the shipments overland for the month this year were
165,545 bales, as against 160,836 bales. The total,
however, falls much below that for 1907, when the
shipments were 195,018 bales. In the case of the
receipts at the outports the comparison is much the
same, the total being better than a year ago but far
below that of 1907. In brief, the Southern port receipts were 693,038 bales in February 1909, as against
662,239 bales in 1908, but as against 896,548 bales
in 1907. At New Orleans, Savannah and Norfolk
the receipts were smaller than in either of the two
preceding years. At Wilmington the receipts fell
below those of last year, but ran better than those
for 1907.

As concerns the influences at work during February,
trade of course was more active than at the time of the
intense depression in business twelve months before.
It nevertheless fell far short of its full normal volume.
Weather conditions were not much of a drawback in
either year, the winter having on the whole been very
mild over the country at large, though,as usual, some
particular sections and some particular roads suffered
from snow or from excessive rains. In the matter of
the leading staples, Southern roads had the advantage
of a larger cotton movement and Western roads of a
larger grain movement. It should be noted that the
month this year had one day less than last year,
OF COTTON AT SOUTHERN PORTS IN FEBRUARY, AND
February 1908 having been a leap year. But if, on RECEIPTS
FROM JANUARY 1 TO FEBRUARY 18 1909, 1908 AND 1907.
the one hand, the absence of the extra day served to
Since January 1,
! February.
make the improvement in 1909 less marked than it
Ports.
1907.
1909.
1908,
1908.
1909.
1907.
otherwise would have been, on the other hand the exbales. 271,444 263,590 417,955 671,131 650,584 1,009,469
Galveston
20,277
16,119
126,105
45,504
65,637
46,709
istence of the extra day in 1908 reduced the loss below Port Arthur, dre
182,440 197,385 235,498 449,390 531,235 605,362
New Orleans
16,926
20,703
67,100
24,099
62,006
52,624
Mobile
what it would have been at that time save for that Pensacola,
19,345
0,811
45,645
17,145
42,744
46,709
ecc
86,555 188,872 209,248 221,483
69,084
62,605
Savannah
fact.
23,857
5,491
85,151
28,852
42,231
64,468
Brunswick
8,214
4,461
32,214
10,583
20,796
16,463
Charleston
With the exception of oats the receipts of all the Georgetown,
32
100
668
320
227
302
dre
17,683
30,385
53,374
18,888
48,383
86,210
Wilmington
41,998
47,788
leading cereals at the Western primary markets in Norfolk
88,786 110,437 116,763
27,307
8,208
322
6,750
3,251
19,346
619
Newport News, &c
-February 1909 ran heavier, than in February 1908.
693,038 662,239 896,548 1,815,186 1,844,211 2,225,844
Total
Taking the figures for the even four weeks,the deliveries
of wheat, corn, oats, barley and rye combined were
In the case of the separate roads the record is much
41,574,469 bushels in 1909, as against 38,092,372
the roads, collectively. Results are
bushels in 1908. In the following we show the details the same as for
better than last year but not as a rule up to those
of the Western grain movement in our usual form.
of 1907. Nor are the individual gains so large as in
WESTERN FLOUR AND GRAIN RECEIPTS.
many periods in the past. Decreases, however, are
Four weeks endOats.
Barley.
Corn.
ing Feb. 28.
Rye.
Flour,
Wheal.
(bush.)
(bush.)
(bush.) (bush.) not numerous, being the exception rather than the
Chicago(bush.)
(bbls.)
1909
664,718
731,350 7,758,410 5,650,285 2,425,343 122,000
1908
807,562
627,655 6,729,249 5,976,316 1,497,100 117,500 rule. In the following we show all changes for the
Milwaukee643,600
900,000
633,700
256,478
1909
68,100 separate roads for amounts in excess of $30,000,
276,600
626,000
371,000
894,000
191,375
374,000
90,000
1908
Be. Louiswhether increases or decreases. It will be observed
318,500
229,550 1,020,900 1,837,290 1,209,625
14,000
1909
184,600
196,670
846,000 1,638,750 1,609,200
1908
19,237 that there is only one road with a decrease of that
Toledo105,800
301,300
66,900
3,000
1909
168,000
482,300
2,000 amount.
70,000
1008




PRINCIPAL CHANGES IN GROSS EARNINGS IN FEBRUARY.
Increases.
Increases.
79,775
Canadian Pacific
$803,000 Cin. New On. & Tex. Pac.
$78,683
565,000 Illinois Central
Missouri Pacific (2)
56,332
455,699 Atlanta Blrm. & Atlantic_
Great Northern (2)
54,879
Southern Railway
303,160 Ala.New Orl.&Tex.Pac.(3)
49,297
Baltimore & Ohio
273,323 Chicago Great Western_
48,225
Chesapeake & Ohio
260,038 Colorado & Southern
40,104
Grand Trunk (4)
171,704 Alabama Great Southern_
36,983
Louisville & Nashville_ _ _
170,768 Wisconsin Central
34,783
142,435 Chic. Ind. & Louisville__ _
St. Louis Southwestern_ _ _
Mobile & Ohio
122,836
Minn. St. P. (So S. S. M
Representing 30 roads in
116,868
_ 54.169,383
Denver & Rio Grande_ _ _ _
116,100
our compilation__
Decreases.
Wabash
99,391
$42,380
International & Gt. North.
90,000 Toledo St. Louis & West__
f
Note.-Figures in parenthesis after name of road indicate /he number o
lines or companies for which separate returns are given in our compilation.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
February.

1009.

1908.

1907.

1904.

1905.

1906.

$
$
$
$
$
$
Canadian Pacift. 4,819,001 4,016,000 4,268,206 4,224,452 3,056,094 2,541,862
595,875
499,274
647,799
Chic Great West
r608,195 r558,898
643,857
171,758
188,422
204,559
Dui So Sh & Atl_ r193,014 r187,927 r210,250
Gt Northern Sys 3,267,64: b2,811,949 2,656,873 3,188,259 2,553,703 2,241,342
190,649
169,583
213,049
Iowa Central_ __ _ r205,93
248,531
r218,129
178,770
192,778
237,995
254,013
Ilinneap & St L. r253,74
r252,547
389,207
523,873
764,745
Minn St P & S SS
702,339
770,03'
653,171
Total
10,117,572 8,698,621 8,984,069 9,480,858 7,183,727 6,309,463
* Results are based on 111 miles less road beginning with 1905.
S Actual figures of earnings are now used for comparison.
r Figures are on the new baste of accounting prescribed by the Inter-State Commerce Commission
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
February.

1907.

1908.

1909.

1905.

1906.

1904.

$
532,433
353,826

$
494,520
Buff Roch & Pitts
366,687
Chic Ind & Louis
Grand Tr of Can)
Grand Tr W_ )62,629,471 2,357,767 2,741,838 2,602,274 2,268,252 1,649,525
Dot (I H & 1111
Illinois Central__ a4,468,153a4,389,470 4,428,661 4,366,911 3,513,523 3,707,757
110,916
94,726
104,142
06,191
81,282
100,352
Tol Peoria & W.
254,151
263,273
312,998
229,195
220,893
307,684
Toledo St L & W
1,870,828 1,771,437 1,988,266 1,940,555 1,575,769 1,522,943
Wabash
$
r515,200
r315,167

$
r500,978
r349,950

$
7582,817
r411,022

$
613,844
408,906

10,021,555 9,707,040 10,560,640 10,349,630 8,569,189 8,106,499

Total

aEmbracessome large items of income not previously Included in monthly returns.
b Includes Canada Atlantic beginning with October 1904.
r Figures are on the new basis of accounting prescribed by the Inter-State Commerce Commission.
EARNINGS OF SOUTHERN GROUP.
February.

1909.

1907.

1908.

1904.

1905.

1906.

$
258,882
Alabama Gt Sou_
Ala N 0 & T P207,734
172,656
N 0 & N East_ 7256,719 7206,679 r255,623 r259,952
119,287
90,333
Ala & V Icks _ _ _ r120,134 r113,362 r125,310 r121,433
134,654
97,013
Vicks Shr & 1'.. r111,205 r113,138 r137,401 r113,358
834,466
961,035
707,467
Cent. of Georgia_ r916,200 r921,800 1,049,020
522,293
709,423
541,067
Gin N 0 & T P__ r594,977 r515,202 r654,735
Louisv & Naah_b r3,424,640 r3,253,872 r3,696,996 3,432,952 2,774,510 3,113,928
683,642
556,138
788,371
Mobile & Ohio__ r792,364 7669,528 r891,535
Southern Hy__ r3,966,181 73,663,021 4,507,702 4,433,002 3,411,850 3,779,894
714,790
558,490
791,248
826,593
Yazoo & Miss V. a851,132 a844,456
$
r283,495

$
r243,391

$
r324,001

$
326,189

$
215,273

11.317.047 10.544,449 12,469,816 11,936,963 9,124,797 10,369,570

Total

a Includes some large items of Income not previously Included in monthly returns.
S Includes earnings of Atlanta Knoxville & Northern.
r These figures are on the new basis of accounting prescribed by the Inter-State
Commerce Commission.
EARNINGS OF SOUTHWESTERN GROUP
February.

1990.

1098.

1907.

1906.

1904,

1905.

$
$
$
$
$
$
911,014
569,141
652,655
Colo & South *,. r1,133,140 r1,084,915 1,026,742
Denver & Rio Gr 71,319,30 r1,203,200 r1,485,440 1,405,981 1,092,813 1,088,677
695,261
469,742
408,660
r503,000
397,359
Internat & Gt N. r593,00
Mo Pac & CentBr 3,510,000 2,945,000 3,624,177 3,459,758 2,741,302 3,521,229
669,164
708,738
529,900
St Louis S W____ r828,762 r686,327 r842,853
857,883 1,007,511
Texas dc Pacific__ r1,122,14 r1,122,999 r1,423,053 1,113,014
Total

8,506,342 7,545.441 9,097,526 8,068,247 6,271,912 7,264,382

*For 1909, 1908, 1907. 1906 and 1905 includes all affiliated lines except Trinity
& Brazos Valley RR, For 1904 we have combined Colorado & Southern and
Fort Worth & Denver City.
r Figures are on the new basis ot accounting prescribed by the Inter-State Commerce Commission.
GROSS EARNINGS AND MILEAGE IN FEBRUARY.
Gross Earnings.
Name of Road.
1909.
Alabama Great South
Ala New On dc Tex P
New On do Nor East
Alabama & VIcks__
Vicks Shreve & Pac
Atlanta Blrm do Atlan
Baltimore & Ohlo____
Bellefonte Central__ _
Buff Roch & Pittsbih
Canadian Northern__ _
Canadian Pacific
Central of Georgia...
Chattanooga Southern
Chesapeake & Ohio
Chicago & Alton
Chicago Great West
Chic Ind & Louisville_
Gin N 0 & Texas Pao_
Colorado do Southern_
Denver & Rio Grande
Detroit dc Mackinac
Detroit Toledo & Iron
Ann Arbor
Duluth So Shore & Atl
floscirsrlA Smith As Rift




723

THE CHRONICLE

MAR. 20 1909.1

3
283,495
256,719
120.134
111,205
170,267
4,955.671
4,864
500,978
502,600
4,81 9.000
918,200
5,351
1,835,612
855,318
608.195
349,950
594,977
1,133.140
1,319,300
89,001
91,176
113,637
193,014
171 sum

1908.
$
243,391

Mileage.

(+) or
(-).

Inc.
Dec.

$
+40,104

1009. 1908.
309

309

206,679
113,362
113,138
113,935
4,682,348
4,009
515,200
485,600
4,018,000
921,800
5,581
1.575,574
882,594
558,898
315,167
515,202
1,084,915
1,203,200
75,043
95,083
104,562
187,927

+50,040
+6,772
-1,933
+56,332
+273,323
+855
-14,222
+17,000
+803,000
-5,600
-230
+260,038
-27,278
+49,297
+34,783
+79,775
+48,225
+116,100
+13,958
-3,887
+9.075
+5,087

196
143
171
642
3,992
27
588
3,224
9,428
1,915
105
1,898
998
818
616
336
1,950
2,552
348
438
300
595

196
143
171
423
4,006
27
568
2,874
9,230
1,913
105
1,839
1,005
818
616
336
1,953
2,499
344
486
300
591

1A7 A91

-1.7 ISLA

90R

!OR

Mileage.

Gross Earnings.
Name of Road.

Grand Trunk of Can.
Grand Trunk West
Det Gr Hay & Mil_
Canada Atlantic__
Great Northern
Eastern of Minn }
Montana Central_.
Illinois Central
Internat & Gt North_
Iowa Central
Louisville do Nashville
Macon & Birmingham
Manistique
Mineral Range
Minneap & St Louis
Minneap St P dc S S M
Mo Pacific & Iron Mt_
Central Branch_ _ _ _
Mobile do Ohio
Nevada-Cal-Oregon
Rio Grande Southern_
St Louis Southwestern
Southern Railway....
Texas Central
Texas & Pacific
Toledo Peoria & West
Toledo St Louis & W_
Wabash
Wisconsin Central_ _ _ _
Yazoo & Miss Valley_

1909.

1908.

$

$

(+) or
(-).

Inc.
Dec.

1909. 1908.

$

2,357,767

+171,704 4,528 4,528

3,267,648

2,811,949

+455,099 6,899 6,653

4,468,153
593,000
205,930
3.424,640
12,050
4,072
59,621
253,746
770,039
3,379,000
131,000
792,364
24,694
30,237
828,762
3,966,181
92,057
1,122,140
81,282
220,893
1,870,828
532,215
851,132

4,389,470
503,000
218,129
3.253,872
11,916
2,171
55,776
252,547
653,171
2,850,000
95,000
669,528
20,271
40,399
686,327
3,063,021
69,612
1,122,999
94,726
263,273
1,771.437
495,232
844,456

+78,683
+90,000
-12,199
+170,768
+134
+1,901
+3,845
+1.199
+116,868
+529,000
+36,000
+122.836
+4,423
-10,162
+142,435
+303,160
+22,445
-859
-13,444
-42.380
+99,391
+36,983
+6,676

2,529,471

Total (53 roads)
__49,515,76 445,382,258
Net increase (9.02%).
Mexican Roads (not in eluded in to tal)677,530
516.392
Interoceanic of Mexico
587,560
Mexican International
539,829
667,100
Mexican Railway....
569,600
104,836
Mexican Southern_
_
112,321
4,261,874
National Rys of Mex_
3,944,833

4,519
1,159
558
4,388
105
73
128
1,027
2,394
6,101
388
926
184
180
1,469
7,016
268
1,885
248
451
2,515
1,131
1,371

4,377
1,159
558
4,347
105
73
128
1,027
2,309
6.091
388
926
164
180
1,469
7,010
268
1,885
248
451
2,515
1.023
1,279

+4,133,506 81,871 80.303

736
736
-161,138
918
918
-47.731
321
321
-97,500
263
+7,485
263
-317.041 5,129 5.108

ITEMS7AB0UT BANKS, BANKERS AND TRUST CO S.
-The public sales of bank stocks this week aggregate 168
shares and were all made at auction. No trust company
stocks were dealt in. One hundred shares of Mercantile
National Bank stock were sold in one lot at 1873. The last
previous public sale was made in January at 190.
Shares. BANKS-New York.
10 Hanover National Bank_ _ _ _
; 58 Mechanics' National Bank__
100 Mercantile National Bank__

Late. High. Close.
545
545
545
254
254
254
1873's
1873 187

Last previous sale.
Jan. 1909- 540
Mch. 1909- 260
Jan. 1909- 190

-George S. Terry is to assume his duties as Assistant
Treasurer of the United States at New York on Monday next.
Mr. Terry succeeds Hamilton Fish, who resigned in November last.
-The State Senate of Nevada is reported to have killed
on the 17th inst. the deposit guaranty clause of a banking
bill pending in the Legislature. Every Republican, it is
stated, voted against the bill, together with three Democrats.
-The appointment of George T. Cutts of Missouri as a
national bank examiner at large is announced. Mr. Cutts
had formerly been a Vice-President of the National Bank of
Commerce of Kansas City, Mo., having served from the time
of the reorganization a year ago until last November, his
withdrawal from the management occurring at the time of
the resignation of William B. Ridgely from the presidency.
During the period of the suspension of the institution, from
December 1907 until April 1908, he conducted the receivership. Mr. Cutts is the fourth national bank examiner at
large named by Comptroller Murray, the others being
J. M. Logan, Miller Weir and Edwin F. Rorebeck.
-Protests against the establishment of postal savings
banks have been registered in resolutions adopted by Group 6
of the Iowa Bankers' Association and Group 6 of the Arkansas Bankers' Association. The members of Group 6 of
the Iowa Association voiced their opposition in the following
resolution, passed at a meeting on the 11th inst.: "Resolved,
that on principle we are opposed to the United States
engaging in the banking business through the medium of
the postal savings banks and we are particularly opposed
to the provision of the Carter Bill now pending in Congress
as recently amended by its author. We believe its inevitable effect will be to transfer a large volume of deposits
from the country to the already congested money centers,
and we respectfully request our Senators and Representatives
in Congress to oppose the enactment of the measure."
-A clearing-house association, it is stated, has been
established in Meridian, Miss. While no regular organization
has heretofore existed for the purpose, daily exchanges
are reported to have been made in the past between the
banks at the office of the First National Bank, with James
Hamm acting as manager. Walter Broach of the First
National Bank and R. C. Weems of the Union Bank &

724

THE CHRONICLE

Trust Company are credited with perfecting the organization
of the association.
—In a decision handed down on the 15th inst.,the Supreme
Court of Pennsylvania upholds the validity of the $2,000,000
bonds given by several of the directors of the failed Allegheny
National Bank of Pittsburgh to secure the deposits of the
Commonwealth, thus affirming the decision of Common
Pleas Court No. 2 of Allegheny County. The directors had
sought release from the responsibility on the ground that
the Board of Revenue Commissioners had authorized the
substitution in April of last year of the bonds of two surety
companies in place of those of the directors, which had
been given some years ago during the term of a former
State Treasurer. The substitution, however, was not
agreed to by the State Treasurer in office and judgment
against the individual bondsmen was obtained by Attorney
General Todd. The Supreme Court decision in part says:

WoL. Lxxxvni.

Manor, N. Y., during the week of May 3. Monday, the 3d,
will be set aside for section and committee meetings, and
Tuesday and Wednesday, the 4th and 5th, for council
meetings. Briarcliff may be reached either on the main line
of the New York Central RR. at Scarsborough Station, or
on the Putnam Line of the New York Central, at Briarcliff
Manor station.
—Plans for the consolidation of two local trust companies
—the Equitable and the Bowling Green—have been formulated, and pill be carried into effect at the end of the month.
The Bowling Green Trust Co. is to lose its identity in the
merger, the business of the two institutions being continued
under the name of the Equitable Trust. There is to be
no increase in the capital of the latter, the amount remaining
at $3,000,000, and the existing stockholders retaining their
present holdings. The Bowling Green has ,a capital of
$1,000,000 and surplus and undivided profits (Jan. 1 1909)
"We cannot agree that there can be no recovery because the bond in of $2,973,389. Under the merger agreement the value of its
question was taken in the name of a particular State Treasurer and was only capital, surplus, undivided profits and good will is taken at
1 ntended to cover defaults occurring during the term of office of the official
$4,112,068 29—the equivalent of $411 21 per share. For
n whose name It was taken. The bond in terms negatives this theory.
It was taken to secure deposits during the term of the Treasurer named or the surrender of their holdings, the stockholders of the
his successor In office so long as the State funds are deposited in the in- Bowling Green are to receive $410 29 per $100 share, or a
stitution bound by the bond.
total of $4,102,900, and it is proposed to distribute among
Nor is there any merit in the contention that the bond was only intended
to cover moneys deposited at the time it was given or at most during the the employees of the company the sum of $9,168 remaining
term of the Treasurer then in ofice. Such a construction would do violence after this payment. The consolidation will add nearly
to the plain intention of the parties as gathered from the bond itself, the
$15,000,000 to the deposits of the Equitable, which on
purpose for which taken, and the course of business dealings between
Jan. 1 1909 amounted to $22,490,318. The Equitable will
the State and the institutions carrying its balances on deposit.
These bonds are continuing obligations to protect the State against continue its main office at 15 Nassau St., and besides its
oss so long as moneys are deposited in the institution giving them. Such
Fifth Avenue branch recently opened, will maintain for the
bonds may be surrendered and new or additional ones may be taken in lieu
thereof, but when this is done all of the constituted authorities having present a branch to be known as its Bowling Green branch.
to deal with the subject must join the act In the manner provided by law.
Meetings of the stockholders of the two institutions will be
In the present case the old bond was not surrendered by the State Treason March 31 to ratify the merger agreement. The
held
urer and It could not be done without his consent, nor could it be done by
him alone without the approval of the board. These requirements of board of the consolidated company, as announced, contains
the law were not complied with and the obligation of the bondsmen to but four members of the Bowling Green Trust; they are
answer for the default of the bank still remains.
Harry C. Bronner, Edwin Gould, Edward T. Jeffery and
' Judgment affirmed."
Winslow S. Pierce. The full board will be made up of the
—A bill giving authority to trustees of failed corporations following members:
C. F. Adams 2d, C. B. Alexander,
to settle claims in behalf of the institutions which they repre- Harry C. Bronner, U. H. Broughton, F. R.Coudert, Paul D.
sent, subject to court approval, has been passed by both Cravath, W. H. Crocker, T. De Witt Cuyler, William A.
branches of the Ohio Legislature. The particular purpose Day, M. Hartley Dodge, John F. Dryden, Edwin Gould,
for which the bill was designed, it•is understood, was to per- E. H. Harriman, T. H. Hubbard, E. T. Jeffery, Bradish
mit an adjustment of the differences between the Ohio Ger- Johnson, Otto H. Kahn, Alvin W. Krech, L. F. Loree,
man Fire Insurance Company and the failed Citizens' State Paul Morton, Ralph Peters, Winslow S. Pierce, Henry S.
Bank of Napoleon, Ohio, without recourse to lengthy liti- Redmond and V. P. Snyder. Alvin W. Krech, who has
gation entailed under the old law. The bank assigned on been President of the Equitable Trust since June 1903, will
Dec. 16, following the failure of the insurance company, continue at the head of the institution, and will have the
the assignment, it was reported, having been due to over- following assistants
in the official staff: Lawrence L. Gillesloans made by the Cashier of the bank to the President of the pie and Frederick W. Fulle, Vice-Presidents; Lyman
insurance company.
Rhodes, Secretary; H. Mercer Walker, Treasurer; Richard
—The system of bank examinations, which has been R. Hunter, Assistant Secretary, and Herman J. Cook and
adopted by the clearing-house associations of several George M. Stoll, Assistant Treasurers. The Equitable Trust
cities, notably, Chicago, Minneapolis, Los Angeles, &c., Co. has been operating under its present title since May 1
s to be put into operation by the St. Joseph,Mo.,Clearing- 1902, the name having been changed at that time from the
House Association, according to the Chicago "Tribune". It American Deposit Co. Its capital was increased from
s stated, however, that in the case of the St.Joseph Asso- $1,000,000 to $3,000,000 in 1903; the new stock was put out
ciation the work will be delegated to the firm of Marwick, at $500 per share, thereby raising the surplus from $500,000
Mitchell & Co., the chartered accountants, who will likely to $8,500,000. The present surplus and undivided profits
appoint one of its examiners to permanently take charge are $10,600,000. A consolidation of the Equitable and the
of the same.
Mercantile Trust Companies was planned in June 1907, but
—It is reported that Joseph L. Mohundro has succeeded abandoned a year ago, notwithstanding the fact that the
A. W. Engle, resigned, as bank examiner of the State of litigation instituted by a small minority stock interest had
Washington. Mr. Engle was appointed examiner in 1907, resulted in a decision upholding the merger. The Bowling
following the passage of the law,providing for the creation Green Trust Co. was originally known as the Produce Exof the office,which went into effect on June 14 of that year. change Trust Co.; the change in the title occurred early in
1900. Several years ago (in Junel1906)the..company reduced
—At the annual convention of the American Bankers)
its capital from $2,500,000 to $1,000,000 through the sale
Association, to be held in Chicago in the week of Septemof $1,500,000 of New York City bonds in which its capital
ber 13, the business sessions will be conducted in the
was invested, the stockholders receiving 60% of the par
Chicago Auditorium Theatre. The theatre is connected
value of their stock in cash and 40% in new stock. The
with the Auditorium Hotel and the Annex, which will
surplus was at the same time increased from $2,500,000 to
be the headquarters of the association in the Convention
$3,000,000.
city 4.making it particularly convenient for the members.
—The Fourth National Bank of;this city, through the
A resolution has been passed by the Chicago Clearing-House
purchase
of real estate adjoining its present building at
Association requesting the banks in that city not to engage
rooms in bulk for their customers. This will thus leave Nassau and Pine streets, has become the owner of the entire
from Pine to Cedar
the hotels open for the bankers of the country to reserve block on the east side of Nassau St.
their own accommodations, and they will be taken care of streets. The property which the bank has just taken over
was acquired from the Germania Life Insurance Co.; it has
according to the date of their application.
an area of about 4,900 square feet, meaSuring 73.1 feet on
—The Executive Council of the American Bankers' Associa- Nassau St. and 73.2 on Cedar St. While the purchase price
tion will hold its spring meeting at Briarcliff Lodge, Briarcliff has not been divulged, it is understood to have been in the




MAR. 20 1909.1

THE CHRONICLE

725

neighborhood of $1,500,000—the figure at which the Insur- bank's funds, and was sentenced on the 16th inst. to five
ance Co. had been holding the property. This would make years in the Federal Prison at Atlanta, Ga. The institution
the price per square foot about $307, a rate for city property closed its doors on Dec. 16, following the disclosure of the
which has been exceeded in but three or four instances. The shortage, but reopened on Feb. 8.
—The sale at auction of three shares of stock of the Girard
Fourth National also owns,in addition to the building occupied
by it and the present acquisition, a lot at 22 Pine St., the Trust Co. of Philadelphia at $892 per share was reported
combined properties thus owned having frontages of 149.8 this week, the highest price, it is said, ever paid for stock
feet on Nassau St., 94.1 feet on Pine St. and 73.2 feet on in any financial institution in Philadelphia. The company
Cedar St. The site is to be improved with a modern office has a capital of $2,500,000, in $100 shares.
building, which will contain suitable ground floor quarters
—Notice has been issued of a special meeting of the stockfor the bank. It has not as yet been announced when the holders of the Franklin Trust Co. of Philadelphia to be held
work of construction will begin. The Germania Life Insur- on May 20, at which the question of increasing the capital
ance Co. is entitled to occupy its present quarters for two from $200,000 to $400,000 will be submitted for action.
years under an agreement held by it, but it is not thought
—The proposition to increase the capital of the American
that the company will interfere with any plans which might Bank of Philadelphia from $50,000 to $100,000 was ratified
comto
construction
be developed for carrying the work of
at a special meeting of the stockholders on the 11th inst.
pletion before that period. The location of the property is One-half of the new issue, it is stated, will be offered to the
considered particularly advantageous, the fact that there present stoCkholders at $60 per share and the other half to
are no high buildings in the surrounding territory serving new interests at $70 per share. The bank began business
to insure for the building excellent light.
last June. It is located at Broad St. and Passayunk Ave.
—A quarterly dividend of 5%, representing an increase
—Thomas E. Long has been elected President of the Real
of 1% over the last disbursement,and raising the rate from Estate Savings & Trust Co.of Allegheny, Pa., to replace the
16% to 20% per annum,has been declared to the stockholders late James Richey Jr. Mr. Long had heretofore been Viceof the Title Guarantee & Trust Co. of this city, payable President and is succeeded in that office by James N. DunMarch 31 to holders of record March 23.
can.
—The 4% quarterly dividend declared by the Equitable
—Augustus E. Rice, President of the Ohio Bankers' AssoTrust Co. last week, payable March 31, is an increase of 1% ciation, died on the 15th inst. at the age of sixty-two years.
over the last previous declaration, which was 3%.
Mr. Rice was also President of the Croghan Bank & Savings
—The Union Exchange Bank of this city has entered the Co. of Fremont, Ohio.
national system, taking the name of the Union Exchange
—The directors of the Harris Trust & Savings Bank of
National Bank. The plans of the institution to organize
have declared a quarterly dividend of 23/2%, payChicago
under the Federal laws became known last December, when
able April 1 to stockholders of record March 17. This is an
action toward increasing the capital from $750,000 to $1,increase of one-half of 1% in the quarterly payment and
000,000 was taken. The bank announces a combined capital
places the stock on a 10% basis, as against 8% heretofore.
and surplus of $2,000,000, and total resources of $11,000,000.
sum of $250,000 has been transferred from undivided
The
It began business in June 1903. Henry S. Herrman is Presito surplus account, making the latter now $750,000.
profits
dent and David Nevius Vice-President and Cashier.
—N. 0. Werner, formerly President of the Swedish—The Columbia Trust Co. of this city this week declared American National Bank of Minneapolis, absorbed by the
an initial quarterly dividend of 2%, payable on March 31. Northwestern National Bank of Minneapolis last December,
The institution has a capital of $1,000,000 and was organized is one of the principals in the movement to establish a new
in 1905. In its latest statement (Dec. 311908) it reported Federal institution in Minneapolis, the application to orsurplus and profits of $1,311,260 and gross deposits of $11,- ganize which was approved at Washington on the 11th inst.
029,857.
It is stated that Mr. Werner will be President of the new
—The Metropolitan Bank of this city placed its stock on institution, which is to bear the title the Scandinavian
an 8% basis this week through the declaration of a quarterly American National Bank, and is to have $250,000 capital.
disbursement of 2%. The former rate was 1M% quarterly. The proposed bank is to occupy the quarters formerly used
—T. De Witt Cuyler and Moses Taylor Pyne were elected by the Swedish-American National, and is to begin business
directors of the United States Mortgage & Trust Co. of this early in May.
city at a meeting of the stockholders on Thursday. William
—C. C. Waller, former President of the Southern Bank &
A. Jamison has been elected a member of the Executive Trust Co. of Fort Smith, Ark., which failed in March 1906,
Committee.
is reported to have been sentenced to a term of two and a
—Work on the proposed addition to the building of the half years in prison and to pay a fine of $750, following his
Rochester German Insurance Building of Rochester, N. Y., conviction on charges of embezzlement. Under an appeal
is to begin immediately, the contract for the construction the accused was released on bonds of $50,000.
—It is stated that at the annual meeting of the Colorado
of the same having just been awarded. As noted in an item
a year ago, the improvements to be made will also give to Bankers' Association, to be held at Denver on June 21 and
the National Bank of Rochester, which is housed in the same 22, action will be taken toward forming a Rocky Mountain
building with the insurance company, increased banking Bankers' Association—the organization to comprise the
facilities. The main banking room on the ground floor will banking associations of all the Western States.
be enlarged to the extent of 2,500 square feet, and addi—The Gate City Bank of Kansas City, Mo., purposes to
tional space will likewise be provided for the officers' rooms increase its capital from $100,000 to $200,000, and to orand other rooms. It has also been decided to locate the for- ganize under the national system. These changes are to
eign department on the second floor. The addition is ex- occur within the next two months. The new issue of stock
pected to be completed in another year. The insurance com- is to be disposed of at $125 per share, and the premium, $25,
pany is to occupy two floors of the new building, besides its placed to the surplus account.
present quarters. Eugene Satterlee is President of both
—Myron R. Sturtevant has been elected a Vice-President
the bank and the insurance company. Peter A. Vay is of the Central National Bank of St. Louis, of which H. P.
Cashier of the bank.
Hilliard recently became President, as noted last week.
—The Faneuil Hall National Bank of Boston was formally Mr. Sturtevant had heretofore been Cashier of the bank,
placed in voluntary liquidation at a meeting of its stock- and he is succeeded in that office by J. A. Berninghaus,
holders on the 16th inst. The institution was recently taken who had been an Assistant Cashier of the Mechanics-Ameriover by the Beacon Trust Co. and is now operated as a branch can National Bank
—The name of the Kentucky Title Savings Bank of Louisof the latter. For the convenience of the business men in
the vicinity the branch is open from 7 to 10 p. in. on Satur- ville, Ky., has been changed to the Kentucky Title Savings
Bank & Trust Co. The change went into effect Feb. 1.
day night.
—The Hermitage Bank & Trust Co. of Nashville, Tenn.,
—Frederick M. Varney, formerly Cashier of the First
been incorporated with a capital of $300,000. The list
has
pleaded
H.,
an
N.
to
guilty
Somersworth,
of
Bank
National
indictment charging the embezzlement of $85,000 of the of incorporators includes the name of State Comptroller




726

THE CHRONICLE

Frank Dibrell, who, it is expected, will be President of
the new organization. The company will conduct a
general banking and trust business.
—The bankers' associations of Alabama and Mississippi
will hold their annual conventions on May 11 and 12 at
Mobile, Ala., and Columbus, Miss., respectively. After the
adjournment of their meetings the members of the two organizations are to be the guests of the New Orleans ClearingHouse Association. The annual meeting of the Louisiana
Bankers' Association is to take place May 13 and 14. ,
—An application to organize the American National Bank
of Meridian, Miss., with $200,000 capital, has been approved
by the Comptroller of the Currency.
—John Victor, previously Cashier of the People's National
Bank of Lynchburg, Va., has succeeded J. W. Ivey in the
presidency. Mr. Ivey has taken the place of former VicePresident J. D. Langhorne, and G. E. Vaughan succeeds
to the cashiership.
—The South Texas National Bank of Houston, Texas,
removed last week to temporary quarters, pending the construction of its handsome new bank building, which when
completed will be one of the finest structures in the South.
—Frederick Terrell has advanced from the vice-presidency to the presidency of the City National Bank of
San Antonio, Texas, succeeding George C. Saur as head of
the institution.
—A. L. C. Magruder has taken the place of J. M. Bennett
Jr. as Cashier of the National Bank of Commerce of San
Antonio.
—George Roeth has become President of the Union National Bank of Oakland, Cal., succeeding James L. De
Fremery, who takes the post of Vice-President heretofore
held by Mr. Roeth. J. H. Perine is Cashier.
—The stockholders of the London-Paris National Bank of
San Francisco,at a meeting on the 8th inst., authorized the
issuance of $1,500,000 new capital, increasing the amount
from $2,500,000 to $4,000,000, and ratified the consolidation
plans entered into with the Anglo-Californian Bank, Ltd.
The consolidated institution, which will be known as the
Anglo and London-Paris National Bank,will begin operations
on April 1.
—The Mercantile Trust Co. of San Francisco is said to
have purchased the business of the safe deposit department
of the California Safe Deposit & Trust Co. of San Francisco.
The latter institution suspended in October 1907 and is in
charge of Edward J. Le Breton as receiver.

[VOL.

go-nmercial arid Wisttilantous4ews
STOCK OF MONEY IN THE COUNTRY.—The following
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 March 1 1908 wilt
be found in our issue of March 28 1908, page 771.
Stock of Money Mch.1 1009 -Money in CirculationIn United
Held In
Mch. 1
Mch. 2
Treasury.d
Stales.
1909.
1908.
$
S
Gold coin and bullion_ ___*1,656,725,109 186,394,881 609,988,359 633,804,057
47,699,690 812,612,179 791,6(11,899
Gold certificates_a
Standard sliver dollars.... 563,791,812 6,878,913
72,158,899
86,539,225
13,342,608 471,411,392 446,101,369
Silver certificates_a
155,622,140 24,855,000 130,767,140 127,388,912
Subsidiary silver
4,468,000
Treasury notes of 1890_ _ _ _
15,330
4,452,664
5,308,501
346,681,016 10,922,510 335,758,506 337,053,315
United States notes
National bank notes
678,285,600 30,686,733 647,598,867 664,719,363
3,405,573,677 320,795,671 3,084,778,006 3,002,666,641
Total
Population of the United States March 1 1909 estimated at 88,448,000; circulation
per capita. $34 88.
* A revised estimate by the Director of the Mint of the stock of gold coin was adopted in the statement for Aug. 1 1907. There was 8 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 depesitaries to the credit
of the Treasurer of the United States, amounting to $59,696.892 90.

National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
APPLICATIONS TO CONVERT INTO NATIONAL BANKS
APPROVED.
The Farmers' & Merchants' Bank of Woodland, Cal., into "The First
National Bank of W,00diand." Capital, $200,000.
The Okanogan Valley Bank, Okanogan, Wash., into "The First National
Bank of Okanogan." Capital, $25,000.
NATIONAL BANKS ORGANIZED.
Certificates Issued March 8 to March 13.
9,353—The Houston National Exchange Bank, Houston, Tex. Capital.
$200,000. .Henry S. Fox, Pres.; Henry S. Fox Jr. and Jos. F.
Meyer, V.-P's.: N. C. Munger, Cashier.
9,354—The First National Bank of Lewisville, Ark. Capital, $25,000.
8. W. Smith, Pres.; C. C. DuBose and Ed. Alexander, V.-P's.:
D. W. Glaciney, Cash[er.
9,355—The Merchants' National Bank of Billings. Mont. Capital, $250,000. Russell E. Shepherd, Pres.; Roy J. Covert, Cashier.
9,356—The Allen County National Bank Of Scottsville, Ky. Capital,
$25,000. F. J. Hale, V.-P.; A. S. Gardner, Cashier; W. W. Gardner, Asst. Cashier. Conversion of The Allen County Bank or
Scottsville.
9,357—The Commercial National Bank of Beaumont, Tex. Capital, $150,000. John C. Ward, Pres.; T. W. Garrett and G. W. Carroll,
V.-P's; F. M. Law Cashier. Rupert Cox, Asst. Cashier.
9,358—United States National Bank of Newberg, Ore. Capital, $50,000.
J. L. Hoskins, Pres.; S. I.. Parrett, V.-P.; J. C. Coicord, Cashier;
W. E. Crozer, Asst. Cashier. Conversion of the Bank or Newberg.
VOLUNTARY LIQUIDATIONS.
6,067—The Alvord National Bank, Alvord, Tex., Jan. 16 1909.
8,568—The Farmers National Bank of Midlothian, Tex., Feb. 20 1909.
8,209—The First National Bank of Hastings, Okla. Feb. 27 1909.
Feb. 5 1909.
6,052—The First National Bank of Cordell, Okla.,'
7,967—The First National Bank of Waukomis, Okla., Feb. 10 1909.
7,996—The First National Bank of Terral, Okla., Feb. 12 1909.
8,631—The American National Bank of Winchester, Tenn., March 19.909.
6,058—The First National Bank of Sayre, Okla., Feb. 20 11109.
5,766—The First National Bank of Elk City, Olfia., Feb. 23 1909.
5,082—The National Exchange Bank of Springfield, Mo., March 10 1909.

pArinetarglComintrciatEnglisitgrws

DIVIDENDS.
The following shows all the dividends announced for the
English Financial Markets—Per Cable.
The daily closing quotations for securities, &c., at London, future by large or important corporations:
as reported by cable, have been as follows the past week:
Dividends announced this week are printed in italics.

London,
Mon.
Sat.
Tues.
Week ending March 19.
Wed.
Thurs. Fri.
23 5-16 233
Silver, per oz
d 23%
23%
23%
233
84 1-16 83%
Consols, new,2% per cents__ 84 1-16 831
83 11-16 83%
83
15-16
84%
For account
83 11-16 83%
84%
83 11-16
French rentes (in Paris)__fr_ 98.20
97.90
98.20
96.85
97.00 97.22%
Amalgamated Copper Co_ ...._ 69%
69%
693i
693i
69%
69%
sg
S Anaconda Mining Co
8%
8is
88
8%
8%
106
Atchison Topeka & Santa Fe 106%
1063
105%
1053
105%
Preferred
105
105
105
..105
104%
105
Baltimore & Ohio
109%
11081
110
1103j
1093.
110%
96
Preferred
96
96
963
90%
963
Canadian Pacific
17181
1708
171%
170%
171
1703
Chesapeake & Ohio
68
08
6781
70
683(
7081
Chicago Great Western
635
63
634
681
531
6
Chicago Milw. & St. Paul...145(
145
14681
14581
148
14681
Denver & Rio Grande
45
45
45
45
46
45%
Preferred
87
87
87
87
87
8781
Erie
2481
25
2481
24
2481
2481
First preferred
3981
34)
3981
39
39
3881
Second preferred
3081
3181
3181
Illinois Central
14434
144
144
145
14434
145
Louisville & Nashville
133
1323
%
13334
13134
13334
13281
Mexican Central
213(
2134
2134
2134
21
21
Missouri Kansas dr Texas
4234
42
4134
41g
418
%
4134
Preferred
7434
75
7434
75
74
75
National RR. of Mexico
43
43
43
43
43
43
N.Y.Central & Slid. River_12634
12734
128
12734
12034
12681
N. Y. Ontario & Western... 463j
47
4534
46
4651
4654
Norfolk & Western
90
8934
89
89
8934
90
Preferred
8834
8834
8834
8834
8834
8834
Northern Pacific
14154
14034
140
14034
141
1403j
a Pennsylvania
66%
6631
66
6634
6654
6634
a Reading Co
66
05
6334
6334
6634
643f
a First preferred
4631
4631
4634
4651
4634
4634
a Second preferred
47
47
47
47
47
47
Rock Island
23
2334
2234
23
23
2334
Southern Pacific
11834
11934
11834
11934
11931
11934
Southern Icy
2434
24
24
24
2434
2434
Preferred
63
63
6381
6334
63
633.4
Union Pacific
183
179%
18234
17934
17934
18134
Preferred
9734
9734
9734
973.4
9734
9734
U.S. Steel Corporation
45
4634
45
4551
4554
4534
Preferred
113
11334
114
113
11334
11234
Wabash
18
1834
1834
1834
18
1734
Preferred
46
46
46
4534
4534
4434
Extended 4s
75
75
75
75
75
75

3081

..1 Price per share.

b .£ sterling




3081

3181

Name of Company,
Railroads (Steam).
Atlantic Coast Line RR
Beech Creek, guaranteed (guar.)
Belt Ry. of Chicago (guar.)
Boston & Albany (quar,)
Boston & Maine (guar.)
Canadian Pacific, common
Common (extra)
Preferred
Chicago & Eastern Ill., pref. (guar.)._
Chicago & North Western, pref. (guar.).
Chicago & Western Indiana (guar.).—
Chicago Rock Island & Pacific (guar.)._
elev. Cine. Chic. dr St. L., pref. (guar.)
Col. & Southern 1st & 2d preferred__ _
Delaware & Hudson (guar.)
Grand Trunk Ry.—
Guaranteed stock
First preferred
Second preferred
Interborough Rapid Transit (quar.)_ _
Kansas City Southern, pref. (guar.)
Manhattan, guar. (guar.)
Minn. St. P. & S. S. M., corn.(No. 12).._
Preferred (No. 12)
N. Y. Central & Hudson River (guar.)._
N. Y. Lack. & Western, guar. (guar.)._
N. Y. N.H.& Hartford (quer.)
Pitts. Bessemer & Lake Erie, common
Pitts. Ft. IV. & C., reg. guar.(quay.)
Pitts. Ft. IV. & C.,special guar.(guar.)
Pitts. Youngst. & Ashtab.,comApref.
Reading Company,2d preferred
St. Louis & San Francisco—
Chic. & E. Ill. pf. tr. certfs. (guar.).K. C. Ft. S. & M. pt. tr. cents.(qu.)
Southern Pacific, corn.(guar.)(No. 10)..
Southern Railway—
Mobile & Ohio trust certificates
Toledo St. Louis & Western, preferred
Union Pacific, common (guar.)
Preferred
West Jersey & Seashore

When
Per
Cent. Payable.
234
1
2
2
134
3
34
2
134
2
134
134
131
2

234

May
April
Mch.
Mch.
April
Mch.
Mch.
Apr.

April
April
Mch.
April
April
April
Mch.

Books Closed.
Days Inclusive.

10 April 29 to May 10
1 [folders of rec. Mch. 23
31
Not closed.
31 Holders of rec. Mch. 6a
1 Holders of rec. Mch. 10
31 Mch 2 to Apr. 1
31 Mch. 2 to Apr. 1
1 Mch. 2 to Apr. 1
1 Holders of rec. Mch. 20
1 Holders of rec. Mch. 15
31
Not closed.
1 Holders of rec. Mch 19a
20 Holders of rec. Mch. 20
1 Niche 21 to April 1
20 Holders of rec. Feb. 27

April.
2
April.
5
April.
2)4
234 April 1 Mch. 20 to Mch. 31
April 15 Holders of rec. Mch. 31
1
April 1 Mch. 13 to Mch. 24
April 15 Holders of rec. Mch. 26
3
334 April 15 Holders of rec. Mch. 26
134 April 15 Mch. 27 to April 21
154 April 1 Holders of rec Mch 15
Mch, 31 Holders of rec. filch. 15
2
134 April 1 HolderS of rec. Mch. 15
April 6 Mch. 14 to April 6
13% April 1 Mch. 16 to April 1
334 Mch. 25 Holders of rec. Mch. 15
2
May 10 Holders of rec. April 22

134

134

134 April
April
1
134 April
2
2
234
2
2

1 Mch. 18
1 Mch. 18
1

to
to

April 1
April 1

April 1 Moll. 16 to Mch. 31
April 15 Holders of rec. Bich. 31
April 1 Holders of rec, filch. la
April 1 Holders of rec. Mch. la
April 1 Holders of rec Mch. 15

Name of Company.

TPer
reent.

When
Payable.

Books Closed.
Days Inclusive.

Street and Electric Railways.
134 April 1 Mch. 23 to April 1
American Cities Ry. & L., pre/. (qua?.)
14 April 1 Holders of rec. Mch. 20
Bangor fly. & Electric (guar.)
Apr. 1 Holders of rec. Mch. 10
1
Brooklyn Rapid Transit Co.(No. 1)
5,1ch. 30 Mch. 7 to Mch. 16
Chicago City By. toner)
April 1 Holders of rec. Mch. 17
Houghton Co. (Mich.) Tr.,pref.(No. 14) a
Philadelphia Traction
kprIl 1 Holders of rec. Mch. 6
$2
Portland Ry.,L.&P., pref. (qu.) (No.11) 14 April 1 Holders of rec. Mch. 15
Ap I 1 Holders of rec. Mch. 15
Ridge Ave. Passenger, Phila. (guar.)
$3
St. Jos. Ry.,L.,/f.&P., pref.(qu.)(No.26) 13( April 1 Holders of rec. Mch. 15
April 1 Holders of rec. Mch 10
Seattle Electric, pref. (No. 17)
April 1 Holders of rec. Mch.19a
1
Springfield (Ill.) By. dc Light (quar.)
Toronto Railway (guar.)
1% April 1 Holders of rec. Mch. 15
Tr -City Railway & Light, pub (guar.)._ _
1% April 1 Holders of rec. Mch. 23
Twin City Rap.Transit, Mtnn., pf.
.(quar.) 1% April 1 Holders of rec. Mch. 19
Union Traction of Indiana, preferred
2% April 1 Holders of rec. Mch. 26
United Rys. of Si. Louis, pref. (guar.). _ _
14 April 1 Mch. 26 to Mch. 31
United Trac. & Elec., Providence (guar.) 14 April 1 Mch. 17 to April 1
West End Street, Boston, common.
3% April 1 Mch. 23 to April 1
West IndiaElec.Co.,Ltd.,com. (qu)(No5 44 April 1 Mch. 25 to April 1
Banks.
Coal & Iron Nat. (guar.)
234 April I Holders of rec. Mch. 10
Hanover National (guar.)
April 1 Mch. 21 to Mch. 31
4
April I Holders of rec. Mch. 20
3
Mechanics' National (guar.)
Mch. 31
Metropolitan (guar.)
April I Mch. 21 to
2
Nineteenth Ward (monthly)
lg Mch. 31 Holders of rec. Mch. 25
Trust Companies.
Mch. 31 Mch. 28 to Mch. 31
Columbia (guar.)(No. 1)
2
Mch. 31 Holders of rec. Mch. 29
Equitable (guar.)
4
Fifth Avenue (guar.)
Mch 31 Holders of rec. Mch. 30
3
Mch. 31 Holders of rec. Mch. 31
Guaranty (guar.)
5
April 1 Mch. 17 to April 1
3
Lawyers' Title Ins. & Trust
Long Island Loan de Trust, Bklyn.(guar.). 3
April 1 Holders of rec. Mch. 20
31 Mch. 25 to Mch. 31
Mch.
5
Mercantile (guar.)
, Metropolitan (guar.)(No. 49)
Mch. 31 MO.20 to Mch. 31
6
Mch. 31 Mch. 24 to Mch. 31
8
New York (guar.)
Mch. 31 Holders of rec. Mch. 23
Tile Guarantee & Trust (guar.)
5
April 1 Holders of rec. Mch. 20
2
Trull Company of America (guar.)
1 Mch. 26 to Mch. 31
April
3
Washington (guar.)
Miscellaneous.
1
Aeollan,Weber Plano&Planola,pt. (qu.) 14 Mob. 31 Itch. 21 to April 31
Mch.
April 15 Mch. 16 to
3
American Agricultural Chemical, pref.._
134 April 1 Holders of rec. Mch. 20
Am. Beet Sugar, pref. (quar.)(No. 39)._
American Brake Stag & Fdry., corn. (qu.) 134 Mch, 31
1% Mch. 31
Preferred (guar.)
14 April 1 Holders of rec. Mch 17a
American Can, preferred (guar.)
April 1 HOlders of rec. Mch. 11
2
American Caramel, pref. (guar.)
% April 1 filch. 12 to Mch. 21
Amer. Car & Fdy., corn. (guar.)(No.26)
Mel. 21
134 April 1 Mch 12 to
Preferred (guar.) (No. 40)
April 1 Holders of rec. Feb. 27
$3
American Express (guar.)
1 April 16 to May 2
$1.56 May
American Malting, preferred
234 May 3 Holders of rec. April 15
American Malt Corporation, preferred
Am. Iron, & Steel corn. & pref. (guar.) 14 April 1 Holders of rec. Mch. 20
April 1 Holders of rec. Mch. 15
2
American Pipe & Construction (quar.)
Mch. 31
134 Mch. 31 Mch. 25 to
American Radiator, common (quar.)
Mch. 31 Mch. 25 to Mch 31
2
Common (extra)
April 1
April 15 Mch. 27 to
Am. Smelt. & Ref. corn. (quar.)(No.22) 1
14 April 1 Mch. 13 to Mch. 18
Preferred (guar.;(No. 39)
April 1 Holders of rec. Mch. 13
5
American Snuff, common (guar.)
134 April 1 Holders of rec. Mch. 13
•-• Preferred (guar.)
Am. Sugar Mfg., corn. & pref. (guar.) 14 April 2 Holders of rec Mch. la
April 15 Holders of rec. Mch. 31
American Telephone & Telegraph (guar.). 2
1% April 1 Holders of rec. Mch. 15
American Tobacco, preferred (guar.)._
April lb Holders of rec. April 10
1
Amer. Typefounders', common (guar.)._
134 April 15 Holders of rec. April 10
Preferred (guar.)
134 April 15 Mch. 27 to April 5
American Woolen, pref.(guar.)(No.40)._
April 15 Holders of rec. Mch. 21
2
Bell Telephone of Canada (guar.)
April 1 Feb. 18 to Feb. 28
3
Brooklyn Union Gas (No. 34)
April 1 Holders of rec. Mch. 15
2
Cambrla Iron
I Mch. 15 to Mch. 31
April
Canadian Gen. Elec., Ltd., corn. (guar.) 14
Mch. 31
Preferred
334 April I Mch. 15 to
April 1
April 1 Mch. 10 to
Celluloid Company (guar.)
1% April 15 April 1 to April 17
Central Coal & Coke, common (quar.)
14 April 15 April 1 to April 17
Preferred (guar.)
14 April 1 Holders of rec. Mch. 10
Central Leather, pref. (guar.)
April 1 Holders of rec. Mch. 11
Ch. June. Rys. & U. Stk. Yds.,com.(qu.) 2
14 April 1 Holders of rec. Mch. 11
Preferred (guar.)
14 April 1
Cincinnati Gas.& Electric (guar.)
April 1 Mch. 21 to April 1
1
Consolidated Cotton Duck, preferred__
April 10 Holders of rec. Mch. 31
1
Corn Products Refining, pref. (guar.).
April 10 Holders of rec. Mch. 31
1
Preferred (extra)
April 1 Mch. 20 to April 1
Cumberland Tel. & Tel. (qs.)(No. 102).. 2
April I Holders of rec. Mch. 19
1
Dominion Coal, common (guar.)
Duluth Edison Electric, pref. (qu.)(No.12) 134 April 1 Holders of rec. Mch.17a
du Pont(E.I.)do Nemours Powd.,pf.(qu.) 14 April 26 Holders of rec. April 15
234 April 1 Holders of rec. Feb. 27
Eastman Kodak. common (guar.)
April I Holders of rec. Mch. 2
5
Common (extra)
134 April 1 Holders of rec. Feb. 27
Preferred (quar)
134 April 1 Holders of rec. Mch.19a
Evansville Light, pref. (guar.)
General Chemical, preferred (guar.)
134 April 1 Holders of rec. Mch. 22
April 15 Holders of rec. Moll. 5a
2
General Electric (guar.).
Mch. 31
334 April 1 Mch. 21 to
General Motors, preferred
14 April I Mch. 16 to April 1
Great Lakes Towing, pref. (guar.)
rec.
of
Mch. 19
Holders
1
April
234
25)._
(No.
Guggenheim Explor. (guar.)
50c. Mch, 25 Holders of rec. Mch. 20
Homestake Mining (monthly)
1 April 11 to May 2
134 May
International Nickel, pref. (guar.)
14 April 1 Feb. 28 to April 1
International Silver, pref. (guar.)
of rec. Mch. 20
Internat. Smokeless Pow. dz Chem., cm_ _
34 April 1 Holders
April 1 Holders of rec. Mch 13a
Mackay Cos., corn. (guar.) (No. 16).. 1
April 1 Holders of rec. Mch 13a
1
Preferred (guar.) (No. 21)
April 1
Massachusetts Gas Companies, common 1
134 April 15 Holders of rec. April 1
Massachusetts Lighting Cos. (quar.)
Mch. 31
234 Mch. 31 Mch. 15 to
Mergenthaler Linotype (guar.)
April 1 Holders of rec. Mch.19a
1
Michigan Light, common (guar.)
134 April 1 Holders of rec. Mch.19a
Preferred (guar.)
1 April 18 to May 2
Michigan State Telephone, pref. (guar.). 134 May
Nat. Biscuit, corn. (guar.) (No. 42).... 134 April 15 Holders of rec. Mch 29
Mch. 31
Mch. 31 Mch. 12 to
National Enam. & Stamp., pref. (qu.)._
National Lead. common (guar.)(N0.21) 151 April 1 Mch. 13 to Mch. 16
Mch. 31
14 Mch, 31 Mch 26 to
National Licorice, preferred
April 2
134 April 2 Mch. 21 to
National Sugar Relining, preferred
2
April 1 Mch. 21 to April 1
National Surety (guar.)
April 15 Holders of rec. April 1
2
New York Dock, preferred
Mch. 21
14 Mch 20 Mch. 14 to
Niles-Bement-Pond, common (quar.)
14 April I Holders of rec. Mch 15a
North American
15
April
to
134d
1
April
April
15
common
Elevator,
Otis
134 April 15 April 1 to April 15
Preferred
134 April 1 Holders of rec. Mch.19a
Peoria Light, preferred (guar.)
234 Mch. 31 Mch. 27 to April 6
Phelps, Dodge & Co
2
April 15 Holders of rec. Mch.31a
Procter trz Gamble, pie!.(guar.)
134 April 15 Holders of rec. April 6
common
(guar.)
Oats,
Quaker
5
34 April 15 Holders of rec. April
Common (extra)
Mch. 22 Mch. 2 to Mch. 3
$1
Quincy Mining (guar.)
21
Mch.
to
11
134
Mch.
20
!quar.1
Mch,
pref.
Spring,
Railway Steel
234 Mch, 31 Holders of rec. Mch. 15
Royal Baking Powder, corn. (quar.)
134 Mich. 31 Holders of rec. Mch. 15
Preferred (guar.)
2
(guar.)._
April 1 Holders of rec. Bich. 12
Ltg.
Safety Car Heating &
Mch. 15 Holders of rec. Mch. 10
San Diego Cons. Gas & Elec., corn. (guar.) 1
1 Holders of rec. Mch. 18
Sears, Roebuck dz Co., pref. (aunt.).... 1% April
1
April 20 Holders of rec. April 7
Shawinigan Water & Power (guar.)
14 April I Holders of rec. Mch. 20
Sloss-Sheffield St. & Iron, pfd. (guar.)._
134 April 5 Holders of rec. Mch. 13
Swift & Co. (guar.)
134 April 1 Itch. 24 to April 1
Teflt-Weller Co., pref. (guar.)(No. 31)
Mch. 31 Mch. 16 to Mch. 31
Texas & Pacific Coal (guar.)
1
April 15 Mch. 16 to April 15
Union Bag & Paper, pref. (guar.)
April 10 April 1 to April 10
Union Switch & Signal, com.&pre1.(Var.) 3
334 April 1 Holders of rec. Mch. 19
Union Typewriter, 151 pre/. (No. 32)
April 1 Holders of rec. Mch. 19
4
Second preferred (No. 32)
United Bank Note Corp., pre'. (guar.)... 134 April 1 Mch. 18 to April 1
April 15 Holders of rec. Mch. 26
2
(guar.)
Fruit
United
April 15 Holders of rec. Mch. 31
2
United Gas Improvement (guar.)




727

THE CHRONICLE

NUR. 20 1909.1

Books Closed.
Days Inclusive.

When
Per
Cent. Payable.

Name of Company.

Miscellaneous (Concluded).
United Shoe Machinery, corn. (quar.)b.. 2
April 5 Holders of rec. Mcg.f15
2
Extra
April 5 Holders of rec. Meh.45
Preferred (guar.)
134 April 5 Holders of rec. Mch.115
April 1 Holders of rec. Mch. 0
U. S. Finishing, pref. (guar.)(No. 39).__
1
Common (No. 1)
April 1 Holders of rec. Itch. 20
134 April 1 Holders of rec Mch..10
United States Leather, pref. (quar.)
Apr11,19
U. S. Steel Corp., coin. (qu.)(No. 21)._
34 Mch. 30 /deb. 16 to
Utah Copper (guar.)
50c. Mch. 31 Holders of rec Mch.,19
Virginia-Carolina Chem., pref. (guar.) 2
April 15 April 1 to Aprililfr
34 April 15 Holders of rec. Mch. 20
Western Union Telegraph (guar.)
Westinghouse Air Brake (guar.)
April 10 April 2 to April 10.
declared.
a Transfer books not closed. b Also 10% In common stock. d
134% Payable April 15 and 134% Payable Oct 15.

Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction,
By Messrs. Adrian H. Muller & Son:
Stocks.
5 Consumers' Biscuit &
Mfg. Co
9V
112 Richmond Lt. de RR.Co.
(voting trust ctfs.) _ _$6 per sh.
100 Texas Land Syndicate
$21 per sh.
No. 3, 55 each
20 Germania Fire Ins. Co_ .26034
50 J. G. White & Co.,Ine.,
75
pref
100
4 Swift & Co
58 Mechanics' Nat. Bank_ _254
12534
50 E. W. Bliss, pref
Bonds.
$3,000 Southwestern St. By.
Co. of Phila. 1st 5s, 1929,
Feb. 1909 coup. attached_ _ _ 50
510,000 Ohio Copper Co. 6s... 9434
11,000 Monongahela fly. By.
Coal Co.lst5s,1945,j.&D_99 & int.
*1.000 Consolidation Coal Co.
1st 4.50, 1922, J. do J100 & int.

Stocks.
100 Mexican Lead Co. corn_ _327
50 Tiffany Electric Mfg. Co.,
$5
$25 each
630 Westchester Fire Insur431-440
ance Co
1,118 Bklyn. City RR. C0_190-19034
10 Continental Ins. Co_ _ _1,461
10 Fidelity Fire Ins. Co. of
295
N.Y
100
40 Gill Engraving Co
3,000 Bingham Gold M'g Co_ _
*19
25 East Shore Terminal Co.
lot
50 Inter-State Bevel. Co__
50 Maxim Powd. Mfg. Co.
100 Mercantile Nat. Bank...18734
545
10 Hanover Nat. Bank
90 Beaver Nat. Bank_ _$10 per sh.
107
50 Mortgage Bond Co
200 Tri-CityRy.&Lt.Co.com. 1634
20 Amer. Coal Co. of Alle120
gheny County, Pa

Imports and Exports for the Week.-The following 'are
the imports at New York for the week ending March 13; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK

Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods
General Merchandise
Total 10 weeks

1906.

1

1909.

1908.

1907.

$3,619,942
14,960,069

$2,453,178
7,805,139

$4,090,763
12,105,0671

For Week,

83,476,554
10,495,197

.$18.530,011 $10,258,317 $16,201,830 $13,971,751
$37.897,628 $29,882,475 $41,590,5361 $36,364,376
132,181,776 83,957,445 141,882,949, 112,915,384
1
$170,079,404 $113,839,920 $183,473,485 $149,279,760
I

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending March 13 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1908.

I

1909.

1900.

1907.

For the Week
Previously reported

$13,630,030 $17,824,406 $13,837,522 $11,918,224
110,456,843 140,432,190 118,927,770 113,206,695

Total 10 weeks

$124,086,873,$158,256,596 $132,765,292 $125,124,919

The following table shows the exports and imports of
specie at the Port of New York for the week ending March 13
and since Jan. 1 1909, and for the corresponding periods
in 1908 and 1907:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK
Imports.

Exports.

a

Gold.
Week.

Since Jan.1

Week.

903,050 1,373,550
2,000
1,500,000 12,466,000
9,925
. ,823,050 $20,862,495
794,445
7,600
1,702,226

Total 1909
Total 1908
Total 1907
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

215,798
75,488

$57,945
1,129,779
199
140,839
88,213
733,916
511,100

$608,289 $2,661,991
211,878 7,220,838
67.973 1,627,544

501
26,081

1,660
1,430
28,596
21,300
30,034

$44,651
2,661
5,631
21,729
419,495
233,974
157,176

$829,499 $9,776,272
780,165 8,055,839
819,405 8,541,137

$89,037
26,495
27,355

$885,317
852,989
490,279

$665,965 $8,565,484
162,000 1,170,900
1,534

Total 1909
Total 1908
Total 1907

Since Jan.1

$26,304
289,500
199
1,000

• 1,420,000 $1,591,020
5,420,000

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

$6,017

13,308

Of the above imports for the week in 1909, $1,000 were
American gold coin and $1,430 American silver coin. Of
the exports during the same time, $1,527,900 were American gold coin and $__ __ were American silver coin.
Boston and Philadelphia Banks.-Below is a summaty of
the weekly totals of the Clearing-House banks of Boston and
Philadelphia.
We omit two ciphers(00)in all these figures

Banks.
Boston.
Feb 20._
Feb. 27__
Mch. 6_
Mch. 13._
Phila.
Feb. 20._
Feb. 27__
Mch. 6...
Mch, 13._

Capital
and
Surplus,

Loans.

Specie.

Legals. Deposits. a CircuWinn.

$
41,790,0
41,790,0
41,790,0
41,790,0

3
213,010,0
212,632,0
205,216,0
200,480,0

$
25,670.0
22,743,0
21,637,0
22,238,0

$
3,840,0
4,373.0
4,175,0
3,197,0

54.390,0
54,390,0
54,390.0
54,390,0

257,762,0
258,389,0
257,853.0
258,589,0

78,841,0
74,989,0
73,421,0
71,884,0

Clearings.

$
9,388,0
8,199,0
7,986.0
7,899,0

$
158,070,5
139,318,1
175,611,0
138,699,1

311,947,0 15,4.35,0
306,132,0 15,457,0
303,404,0 15,399.0
302,076,0 15,613,0

132,557,7
110,904,9
131.346.0
114,546,I1

$
258,955,0
253,066,0
248,141,0
243,593,0

a Including Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $767,000 on Mch. 13, against $765,000 on Itch.6.

THE CHRONICLE

728

Statement of New York City Clearing-House Banks.-The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending March 13.

Lxxxvin.

NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended March 13

We omit two ciphers (00) in all cases.
Banks.
00s onittled.

Capital. Surplus.

Loans.
Average.

Specie. Legal& Deposits, ReAverage. Average. Average. eve.

Bank of N.Y _Manhattan Co..
Merchants' ___ _
Mechanics' _ _
America
Phenix
City
__
Chemical
Merchants' Ex_
Gallatin
Butch & Drov.
Greenwich _ _ _ _
Amer. Exch.
Commerce
Mercantile _-- _
-Pacific _
Chatham
Peop,es'
Hanover
Citizens' Cent_ _
Nassau
Market & Fult'n
Metropolitaa
Corn Exchange
Imp. & Traders
Park
East River
Fourth
Second
First
Irving Exch.__
Bowery - --- N. Y. County..
German-Amer
Chase
Fifth Avenue- _
German Exch.
Germanla
Lincoln
Garfield __
Fifth
Metropolis _
West Side
Seaboard
Liberty
N. Y.Prod. Ex.
State
14th Street_
Copper

2,000,0 3,305,6
2,050,0 3,479,7
2,000,0 1,588,2
3,000,0 3,715,8
1,500,0 5,032,4
1,000,0
633,1
25,000,0 26,218,2
3,000,0 5,887,0
600,0
523,1
1,000,0 2,429,3
300,0
146,1
500,0
733,7
5,000,0 5,163,1
25,000,0 15,394,4
3,000,0 2,483,3
500,0
852,4
450,0 1,002,2
200,0
466,5
3,000,0 10,384,0
2,550,0 1,416,6
500,0
392,3
1,000,0 1,607,3
2,000,0 1,207,5
3,000,0 5,241,2
1,500,0 7,345,8
3,000,0 9,568,9
250,0
100,1
3,000,0 3,319,9
1,000,0 1,747,0
10,000,0 118,368,6
2,000,0 1,409,6
250,0
792,1
500,0 1,285,6
750,0
655,0
6,000,0 5,931,0
100,0 2,108,1
200,0
892,5
200,0
993,6
1,000,0 1,309,5
1,000,0 1,135,1
250,0
462,0
1,000,0 2,000,3
200,0
929,5
1,000.0 1,682,2
1,000,0 2,505,2
670,6
1,000,0
827,7
1,000,0
319,8
1,000,0
2,000,0 2,506,3

20,325,0
35,100,0
20,978,0
30,768,0
28,907,2
8,093,0
187,637,2
29,427,6
7,252,6
9,542,8
2,247,7
7,005,0
30,129,2
164,567,8
13,235,0
3,660,3
7,227,2
1,998.0
71,067,2
21,901,5
5,557,6
8,063,8
11,692,5
46,071,0
27,587,7
87,875,0
1,336,4
28,515,0
11,636,0
116,989,7
19,600,8
3,063,0
,905,9
4,242,8
81,242,1
13,116,2
3,486,9
4,776,8
14,796,6
7,696,4
3,212,0
11,440,8
4,436,0
20,006,0
16,692,3
7,564,6
11,349,0
5,095,4
20,235,1

3,863,0 1,286,0
9,234,0 1,621,0
3,512,0 2,259,0
7,357,0 1,400,0
5,733,7 2,929,0
1,576,0
387,0
42,228,0 7,978,0
5,108,5 2,309,7
1,291,3
651,5
1,237,6
773,4
463,9
152,7
1,909,2
200,0
3,974,7 1,845,2
25,632,7 12,429,5
1,411,6 1,110,1
275,7
666,4
1,073,7 1,094,2
530,0
37,4
15,535,4 6,585,5
5,347,6
321,0
731,6
846,5
1,155,1 1,192,0
2,927,6
168,1
7,037,0 5,668,0
4,535,0 1,991,0
26,459,0 2,739,0
160,6
197,2
4,978,0 3,100,0
2,732,0
391,0
26,910,5 1,379,7
4,133,9 1,429,5
762,0
74,0
1,390,0
694,9
791,6
227,8
18,908,7 4,109,8
2,774,9 1,073,8
375,9
480,7
764,4
605,9
3,043,8
988,2
1,668,1
479,5
572,2
397,3
1,172,6 1,922,0
967,0
228,0
4,202,0 2,113,0
3,984,3
447,7
2,186,2
118,0
3,300,0
235,0
932,8
516,3
4,441,3
340,0

18,940,0 27.1
41,800,0 26.0
22,729,0 25.4
33,017,0 26.5
32,171,9 20.9
7,613,0 26.6
188,371,5 26.6
28,826,3 25.9
7,761,9 25.0
P

•

2,113,6 29.1
8,024,9 26.2
23,178,8 25.3
148,927,2 25.6
9,694,3 26.0
3,410,427.6
7,906,3 27.4
2,233,0 25.3
85,132,9 26.0
21,809,3 26.1
6,166,8 25.4
8,393,6 28.0
11,954,2 25.9
52,412,0 24.2
25,884,0 25.2
104,029,0 28.0
1,484,2 24.1
31,077,0 26.0
12,229,0 25.5
112,483,1 25.1
21,120,4 26.3
3,290,0 25.4
8,449,1 25.4
4,118,7 24.7
90,907,8 25.3
14,845,3 25.9
3,732,9 23.1
5,491,3 25.0
15,863,1 25.3
7,894,3 27.2
3,583,2 27.1
11,640,2 26.5
4,916,0 24.3
23,920,0 26 4
10,593,5 26.7
8,975,9 25.5
14,196,0 25.0
5,629,6 25.7
19,530,5 24.4

Clear.-House Clear.-House iState Banks &
Total of ail
Banks.
Banks.
Trust Cos. not Bank.s& Trust
ActualFigures
Average.
In
Aver. Cos. Average.

Loans dr investments__ 1,308,622,100 1,305,353,700 1,077,064,100 2,382,417,800
Change from last week -3,227,000 -7,278,800
+1,152,300 --0,126,500
1,356,258,300 1,352,149,000 a1,035,748,000 2,387,897,000
Deposits
Change from last week -4,204,800 -8,801,900
-2,000,600 -10,802,500
Specie
Change from last week

271,995,700
+919,100

271,330,300
+214,800

129,930,700
-1,346,600

401,261,000
-1,131,800

Legal-tenders
Change from last week

80,466,200
-965,900

80,159,900
-744,500

b21,044,300
-27,300

101,204,200
-771,800

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

352,401,900
-46,800

351,490,200
-529,700

c150,975,000
-1,373,900

502,465,200
-1,003,600

25,272,100
+1,823,200

25,272,100
+1,823,200

Total reserve
Change from last wk.
Percentage to deposits
requiring reserve
Percentage last week

352,461.900
-46,800

176,247,100
+449,300

527,737,300
-80,400

Surplus reserve

351,490,200
--529,700

26.03%1
25.94%

26.03%
25.90%

13,397,325

13,452,950

19.20%
19.10%

a These are the deposits after eliminating the item "Due from reserve neposltortes and other banks and trust companies in New York City;" with this item
included deposits amounted to $1,215,677,200, a decrease of $3,297,500 from
last week. In the case of the Clearing-House banks, the deposits are "net" both
for the average and the actual figures. b Includes bank notes. C Of this amount
State banks held $15,715,600 and trust companies $135,259,400.

The averages of the New York Clearing-House banks
combined with those for the State banks and trust companies
in Greater New York outside of the Clearing House compare
as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER
EW YORK.
We omit two ciphers in all these figures.
Week
Ended.
Feb.
Feb.
Mch.
Mch.

2027__
6_
13_

Loans and
Investments.
$
2,424,105,1
2,403,228,7
2,388,544,3
2,382,417,8

Deposits.

Specie.

8
$
2,441,868,8 410,148,0
2,411,455,2 409,076,5
2,398,699,5 402,392,8
2,387,897,0 401,261,0

Legals.

Tot. Money Entire Res.
Holdings. on Deposits

$
$
$
102,685,6 512,833,6 535,874,9
101,033,7 510,810,2 534,109,5
101,976,0 504,368,8 527,817,7
101,204,2 502,405,2 527,737,3

Totals, Average 126,350,0 168,258,9 1305,353,7 271,330,3 80,159,9 1352,149,0 26.0
1308,622,1 271.995,7 80,466,2 1356,258,3 26 0

Actual figures March 13

On the basis of averages, circulation amounted to $48,549,700 and United States
deposits (included in deposits) to $2,423,700; actual figures March 13, circulation
$48,362,200; United States deposits $2,434,100.

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.

Week ended March 13.

State Banks
7'rust Cos.
Stale Banks
Trust Cos.
outside of
in
in
outstde of
Greater N. Y. Greater N. Y. Greater N. Y Greater N. Y.

Loans and investmentsChange from last week_

300,997,200
+821,700

983,612,300
+571,200

Specie
Change from last week_

48,702,300
+559,400

123,496,000
-1,439,200

Legal-tend's & bk. notes_
Change from last week.

26,952,800
-:390,200

11,763,400
-17,300

Deposits
Change from last weekReserve on deposits
Change from last week_
P. C. reserve to deposits_ _
Percentage last week_

349,194,500 1,102,726,800
+756,000 -3,949,500
95,966,800
+544,900
28.0%
27.8%

143,534,600
-142,400
17.8%
17.7%

.

81,536,600
+565,000

128,093,900
+1,209,200

86,683,400
-44,600

136,584,900
+485,500

18,730,900
-369,500

20,823,800
-287,800

22.3%
22.7%

15.8%
16 0%

+Increase over last week. - Decrease from last week.
Note.-"Reserve on deposits" includes, for both trust companies and State banks,
not only cash items but amounts doe 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 thirty days, and also exclusive of time deposits not
payable within 30 days, represented by certificates, and also exclusive of deposits
secured by bonds of the State of New York. The State Banks are likewise required
to kOep a reserve varying according to location, but In this case the reserve is computed on the whole amount of deposits, exclusive of deposits secured by bonds of
the State of New York.
Reserve Required for Trust Companies
-Trust Co's- -State BanksTotal
and State Banks.
Of
Total
Of
,Reserve which Reserve
which
LocationRequired. in Cash. Required. in Cash.
Manhattan Borough
15%
15%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
10%
20%
10%
Other Boroughs(without branches in Manhattan).15%
10%
15%
7J, %
Any Borough with branches in Manhattan
15%
15%
25%
15%
Elsewhere in State
10%
5%
15%
6%

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.




Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending March 13, based on average daily results
We omit two ciphers (00) in all these figures.

Banks

Capital.

Surplus.

Loans,
Disets
and
Investments.

N. V. City.
Boroughs of
Man .itBrx
Wash. H'ts 100,0
214,3 1,107,0
200,0
154,3 1,635,6
Century ___
Colonial ___
400,0
231,3 4,276,7
Columbia _- 300,0
430,9 5,761,0
877,2
Fidelity ..-- 200,0
174,7
Jellerson. _
685,3 3,322,7
500,0
Mt. Morris. 250,0
265,3 2,381,3
Mutual _
319,6 4,060,8
200,0
19th Ward_
300,0
478,9 4,378,0
Plaza
100,0
397,4 3,179,0
23d Ward_
92,0 1,578.4
200,0
828,0 7,276,0
Union Exch 750,0
Yorkville .._
100,0
420,6 3,507,0
Coal&I.Nat
725,8 4,484,0
500,0
236,4 1,801,0
New Nethld 200,0
145,8 1,092,3
Batt P. Nat 200,0
Borough of
Brooklyn.
462,2 2,933,5
Broadway
150,0
Mfrs' Nat_ _
252,0
777,6 5,391,7
Mechanics' 1,000,0
948,1 10,086,0
Nassau Nat. 750,1
919,9 6,703,0
Nat. City
300,0
568,7 4,465 0
North Side_
200,0
132,7 1,548,0
Jersey City.
First Nat
400,0 1,210,8 4,041,1
flud Co Nat 250,0
721,1 2,493,3
Third Nat_
374,0 1,605,5
200,0
Hoboken.
First Nat_ _
220,0
612,5 2,622,3
Second Nat. 125,0
220,5 2,120,5

Specie.

Legal
Tender
and
Bank
Notes.

Deposit with
Clearing
Agent.

Other
Net
Banks, Deposits.
(Soc.

$
112,0
34,1
626,7
587,0
70,7
30,8
465,4
28,7
63,0
244,0
168,6
567,7
47,7
891,0
216,0
185,3

285,0
67,0
224,0
87,9
352,9
459,5
553,0
491,0
121,9
68,6
423,1
176,5
325,2
33,7
719,3
702,8
767,2
306,9
407,0 1,044,0
314,9
54,1
600,0
839,9
699,2
402,9
231,0
622,0
72,0
157,0
35,9
33,2

21,2 360,6
562,7 136,1
223,0 1,848,5
311,0 620,0
87,0 576,0
84,6
139,7
267,2
154,7
66,9
105,2
64,5

287,8
814,7
1,349,0
1,309,0
711,0
172,0

347,1 2,695,1
27,0
360,1
126,5
977,0
10,0
65,7

151,0
117,2

1,131,0
253,6 1,881,3
848,7 6,010,3
6,879,0
919,1
179,6 3,291,2
72,1 3,094,2
5,1 5,046,4
818,3 5,765,9
4,342,1)
1,950,4
7,389.9
150,0 4,681,4
130,0 5,025,0
15,0 1,912,0
890,0
261.7 3,510.9
184,8 5,988,8
178,3 13,528,8
7,083,0
166,0 5,617,0
218,2 1,909,3
962,0
559,1
67,5

7,438,1
2,724,4
2,618,9

215,0 2,283,2
328,2 2,593,8

Tot. Mch. 13 8,347,0 12,748,7 94,787,9 6,347,8 9,510,1 15,314,5 5,613,2 115505,3 '
Tot. Mch. 6 8,347,0 12,748,7 04,014,8 6,266,0 9,604,8 14,380,9 5,197,0 113743,4
Tot Feb. 27 8,347,0 12,748,7 93,995,5 6,417,8 9,550,0 13,129,0 4,901,9 112661,2

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

Spencer Trask &
WILLIAM AND PINE STS..
•
NEW YORK
Branch offices: Chicago. III., and Albany, N.

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

Alan hers Oautti.
trail Street, Friday Night, March 19 1909.
The Money Market and Financial Situation.---Two events
of the week have attracted especial attention in Wall Street.
We refer tO the °introduction in Congress 'of the revised tariff
schedules of the Ways and Means Committee on Tuesday
and later to the advanee in foreign exchange rates to the
highest quotations reached since the panic in 1907. The
latter has, of course, 'resulted in heavy 'gold exports, the
shipments for the week practically,all of which is going out
to-morrow, amounting ,to $3,300,000. In !connection with
this movenient the international trade statistics for February
are significant. They show a large decrease in exports and
an increase of imports as compared with last year, and only
a small net balance in our favor-the small*, it is reported,
for any month in Several years past.
Among other matters of interest was the publication of the
United States Steel Corporation's annual report for 1908.
The result,of the year's operations had been foreshadowed in
the quarterly 'eports, and therefore the large decrease in the
volume of business and of, net earnings caused no surprise.
More importance seemed to attach to the new tariff rates on
iron and steel and to:, future probabilities of the iron
industry than to any record or revieW, of the past.
Accompanying a rather sharp break in the price of wheat
on Thursday was discussion of the iMProved condition of
the winter-wheat crop as a result of recent snow and rain in
the West and Southwest.
Notwithstanding the outward gold movement, noted
above, local money market conditions and rates remain
•
practically unchanged.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
4@)2%.
3 % to 2%. To-day's rates on call were 13
from 14
Commercial paper quoted at 3Y1 ©3%% for 60 to 90 day endorsements, 3M@4% for prime 4 to 6 months' single names.
The Bank of England weekly statement:on Thursday
showed an increase in bullion of .£794,418 and the percentage
of reserve to liabilities was 49.41 against 50.64 last week.
The rate of discount remains unchanged at 3%, as fixed
Jan. 14. The Bank of France shows a decrease of 10,400,000
francs gold and an increase of 1,700,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
March 13.

Differences
from
previous week.

1908.
Averages for
week ending
March 14.

1907.
Averages for
week ending
March 16.

$
$
$
8
124,350,000 126,150,000
126,350,000
Capital
159,864,900 156,252,300
168,258,900
Surplus
Loans and discounts__ 1,305,353,700 Dec. 7,278,800 1,160,719,500 1,053,576,600
51,562,300
61,406,200
263,600
48,549,700 Dec.
Circulation
1,352,149,000 Dec. 8,801.900 1,171,829,300 1,003,974,400
Net deposits
14,583,400
49,260,500
18,600
2,423,700 Inc.
U. S. dep. (incl. above)
214,800 264,496,400 183,454,400
271,330,300 Inc.
Specie
70,572,300
59,126,000
744,500
80,159,900 Dec.
Legal tenders
Reserve held
25% of deposits

529,700
351,490,200 Dec.
338,037,250 Dec. 2,200,475

Surplus reserve
Surplus, excl. U. S. dep

323,622,400
292,957,325

254,026,700
250,993,600

13,452,950 Inc.

1,670,775

30,665,075

3,033,100

14,058,875 Inc.

1,675,425

42,980,200

6,678,950

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 Hosea app•ar on th 3 preceding page.

Foreign Exchange.-The market was generally strong
this week, influenced by a demand for remittance to pay
for securities and to transfer credits and by a scarcity of
bankers' and commodity bills. Gold exports to Argentina
were interrupted by the fact that there was no steamer;
engagements for next week were 2% millions. Shipments to
London amounted to $3,300,000.
To-day's (Friday's) nominal rates for sterling exchange
were 4 86% for sixty-day and 4 89 for sight. To-day's
(Friday's) actual rates for sterling exchange were 4 8630@
4 8640 for long, 4 8825@4 8835 for short and 4 8865@
4 8875 for cables. Commercial on banks 4 8590@4 86 and
documents for payment 4 853@4 86%. Cotton for payment 4 85%@4 853, cotton for acceptance 4 8590@.4 86
and grain for payment 4 86(4)4 863g.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 17%a©5 17% for long and 5 163ja@5 163d for
short. Germany bankers' marks were 943, @94 15-16 for
long and 95 5-16)95% for short. Amsterdam bankers'
guilders were 40 26©40 28 for short.
Exchange at Paris on London to-day 25f. 24c.; week's
range 25f. 24o. high and 25f. 23c. low.
The week' range for exchange rates follows:
Short
Lang
Sterliss7, Mired14 8865
04 8835
04 8640 14 8825
4 9681)
High
14 8835
@48815
04 8605 14 8810
4 86
Low
Part, Bankers' FrancsI
n5 1734 15 164a 05 1634d
S 17lAii
High
05 1634x
15 1634
5 1834
6 i8
Low
Germs,/ Bonier* 'larksI
04 94 15 161 95 5-16 ® 9534
High
0434
0 95 5-16
0 9434
1 9534
04%
Low
Amsterdam Bombers' GatklersI 40 27
0 40 28 I
High
4020
0 40 27 I
Low
-Lem a 1-16 el 1%. d i-22 ol 1%. h 3-32 of 1%.
Plus: h 1-16 *1 1%. x 1-16 or 1%. y3-32 of 1%.




729

THE CHRONICLE

MAR..29 190941

Cables 04 8875
@48845

The fol lowin were the rates for exchange on New York at
, the undermentioned cities to-day: Savannah buying 50c.
.per $1,000 discount; selling 75c. per $1,000 premium,
Charleston selling $1 per $1,000 premium. New Orleans bank
75c. per $1,000 discount; commercial $1 per $1,000 discount.
Chicago 20c. per $1,000 premium. St. Louis 30c. per
$1,000 premium; and San Francisco 50e. per $1,000 premium.
State and Railroad Bonds;-1---Sa1es of State bonds at the
Board $5,000 Virginia 6s deferred trust receipts at 38.
The transactions in railway and industrial bonds have
averaged only a little over $2,500,000, par value, daily,
and are therefore the smallest of the year. ,
United States Bonds.-Sales of Government bonds at the
Board include $26,000 Pan. Can. 2s, reg., at 101, and $500
3s, reg., 1908-18, at 101. The following are the daily closing.
quotations; for yearly range see third page following.
Interest I Mr's.
Periods 1 13
2s, 1930
registered Q-Jan *10134
2s, 1930
coupon Q-Jan *10134
3s, 1908-18
registered Q-Feb *101
38, 1908-18
coupon Q-Feb *101
3s, 1008-18_ _ _ _small coupon Q-Feb *lb° •
4s, 1925
registered Q-Feb *119
48, 1925
coupon -Feb *12034
2s, 1936_Panama Canal regis Q-Feb *101
Is, 1938.Panama Canal regis Q-Nov ,*101

Mch.
Mch. Iti,h. Mch.
• 19
18
17
16
15
*10134 *10134 *10134 *101% *101%
*10134 *10134 *10134 *101% *101%
*101 *101 *101 *101 *101 '
*101 *101 *101 *101 *101 '
*100 *100 *100 *100 *100
*119 *119 *119 *119 *119
*12034 *12034 *12034 *120% *120;4'
101 *101 *101 *101 *101
*101 *101 *101 *101 *101 •

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

Railroad and 'Miscellaneous Stocks.-Operations in the
stock market lave been On a somewhat larger scale thar.
last week but are still limited in volume: Prices showed a
tendency to decline early in the week but the market became
firmer late on Tuesday and has so continued, but with more
or less irregularity up to the close of business to-day. As a
result a large portion of the list of active stocks closes
fractionally higher than last week and a few issues show a
substantial advance.
Among the exceptional features is Reading, which advanced nearly 5 points,and has held a law part of the gain.
Chesapeake & Ohio is 3 points higher, Union Pacific nearly .3
and St. Paul 2. Other active railway stocks show a net
gain except Atchison, North West., Erie and Wabash preferred, which are fractionally lower.
Columbus & Hocking Coal & Iron has been the strong
feature of the industrial list, adding over 3 points to the
advance noted last week. American Ice is nearly 2 points
higher, Smelting & Refining and General Electric over a
point. Steel common sold ex-dividend on Monday, and
with the preferred, Colorado Fuel & Iron, Amalgamated
Copper and Sugar Refining, closes fractionally lower, than
last week.
For daily volume of business see page 737.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
for
Week ending Mch. 19.
Week.

Range for Week.
Lowest.

25 20
Ann Arbor
100 100
Beech Creek
25 11034
Cent dr f33 Amer Teleg_
40 40
Detroit de Mackinac
19 87%
Preferred
400 101
General Chemical, pref._
100 42
Nat Mex pf tr recta
6,194
34
Peoples' Gas L & C rts
25 125
Rome Watertown & 0g.
40 28
Rutland, pref
St L & S F-C & E Ill
5 66%
new stock trust cents.
100 11034
Sears, Roebuck & Co, pf
100 10234
United Cigar Mfrs, pref_
300 115
U S Leather, pref
Wise Central pref tr rcts_ 2,650 87

Highest.

Range since Jan. 1
Lowest.

Mch
Mch
Mch
Mch
Mch

4
13 663
16 11034
17 10234
17 115
19 87%

Mch
Mch
Mch
Mch
Mch

Highest.

Mch 20
Mch 100
Jan 11034
Mch 40
Mch 8734
Jan 102
Feb 44
Feb
34
Mch 126
Mch 28

Mch
Mch
Mch
Mch
Mch
Feb
Feb
Mch
Jan
Mch

13 6534 Jan 67
Jan 11034
16 101
Jan 10234
17 99
Mch 128
17 115
Mch 8734
17 87

Jan
Mch
Feb
Mch
Meh

Mch 18 20 Mch 18 20
Mch 16 100 Mch 16 100
Atch 19 11034 Mch 19 105
Mch 17 40 Mch 17 40
Mch 17 8734 :Web 17 8734
4 Mch 17 9834
Mch 15 1013
Mch 13 42 Mch 13, 38
Mch 15
34 Mch 18 %
Mch 13 25 Mch 13 125
Mch 15 28 Mch 15 28

Outside Market.-Trading on the "curb" this week was
irregular, the chief activity being confined to a few industrials,
which showed a general rise day by day. Mining shares
were generally weak. Boston Consolidated Copper opened
2. British
at 10%, dropped to 103/ but recovered to 113/
Columbia dropped from 7 to 6, at which figure it rested to%.
day. Butte Coalition was inactive, dropping from 23 to 223
Cobalt Cefitral was affected by rumors to the effect that the
dividend would be passed, and receded 9 cents to 38 cents,
recovering to 42 cents and sinking again to 40 cents on the
declaration of a reduced dividend. Cumberland Ely ranged
from 7 11-16 to 7 13-16. First National Copper started the
week at 6 15-16 and ends at 6%. Giroux from 8% declined
to 83.-i. Goldfield Consolidated rose from 73 to 83 but
reacted to 7%. Greene Cananea shows a net loss of X,
falling from 93-i to 93. Miami from 134 receded to 123-i,
but closes at the former figure. Nipissing fell from 113,-i to
%. Ohio Copper was a strong
10%, closing to-day at 103
feature, increasing from 7% to 8%. United Copper com% 'Trading in
mon gained %, advancing from 12 to 12.
bonds was on a firmer and more regular scale. Argentine 5s
were steady at 984. American Writing Paper 5s advanced
from 833/i to 84. Southern Pacific 4s, `w. '" ranged from
97 to 97 o-16. Western Pacific 5s dropped from 953A to
8, to-day's figure. The rise in American Tobacco and
953/
Standard Oil, which were features last week, continued.
The former, after an early drop to 360, recovered to 369.
Standard Oil was marked by a rise from 666% to 673.
United Cigar advanced from 56 to 60 and closes at 5932.
Outside quotations will'be foudd on page 737.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCU1'YI1I14 TWO PAGES
8Q( Ko---/31,H8S7 AND LOWEST SALE PRICES
Saturdert
March 13.

Monday
March 15.

Tuesdau
March 16.

1Volnesday
March 17.

2'Inersday
Mch. 18

Friday
Mch. 19

-ales 01
me
Week
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

Range :;t7tee Jai 1 1909 U
on basis of lee-share tots
LrAcett

Ran,* iar Pleotous
Year (1908)
Lowest

Railroads
• 10312 10378 10338 10353 10253 10353 10212 10378 103 10312 10718 1035 33,800 A tch Topeka & SantaFe 9778 Jan 13 10438 Itch 2
65 Feb
10212 10212 10213 10212 10214 10214 *10214 10212 10233 10234 2,300 rx Do pret
10014 Jan 20 102,13 me, 11
103 103
8338 Feb
*11712
11913
11912
11834
11034
119
11712
1101
12018 2,645 A tlantle Coast Line RR.... 10712 Jan 14 12213 Mch15
*11712 119 511712
2
5912 Meh
10312 Feb 23 11212 Jan
10758 108
10718 10712 10634 10718 10613 10738 107 1075,3 10714 108
aitlrnore & Ohio
19,865
7012 Feb
9412 *9331 941. 59412 9412 *9334 9412
94
9412 *94
02 Feb 3 0412 Mch 15
*9312 94
509 I-, Do pret
80 Jan
7133
7214
7053
7058
7114
7112
707
67
Jan
9
72
8 7218
7.378
7114
7012 71
32,300 Brooklyn Rapid ransit _
ii 3
3714 Feb
64 *___ 64
64 *__
463 Mehl° *63 Mehl°
64
563
63 *__ 64
Ip4 ()et
54) Buffalo & Silaque. pret
16618 16653 166 16634 167 16734 167 168
x165 Mch 3 17814 Jan 4 14!) Feb
166 16658 16558 166
7,000
anadlan Pacific
6434 6434
6458 *62
*6112 6434 6158 6133 *____ 64
6014 Jan 11 0514 Jan 15
66
265 k anada Southern
54 Mel:
215 Feb 23 235 Jan 8 160 Feb
*22712 230 *22712 23713 *22713 23713 1228 228 *22712 235 *22712 235
70 Central of New Jersey
6612 6713 6634 6814 6
0 143,200 Chesapeake de Ohio
66
6634 6573 67
913, 6
7033
63
59
734 691
5,;
1 *5
7138 Mch19
2512 Feb
6'
57
.3
3j
Faenb 24
*53
9 70,4 Jan 7
50
59
5312 59
5973 5978 59
800 Chicago do Alton RR......_ 5
Is Feb
75
*____ 75 *---- 75 *____ 75 *____ 75 *70
72
72
7614 Jaa 8
100
Do pre(
47 Mch
514 614
613 612
612 634
612
414 518
6
74
114 P
Mech'
18
4 111, Jan 2
614 534 18,730 Chicago Great' Western
318 Feb
66
*56
*55
65
65 *55
60 Jan 22 6118 Jan 20
*55
65 *65
*55
65
65
Do 4% debentures
8312 Meh
• *2914 3013 *30
2712 2513 2512 1,500
25 Jan 13 37 Jan 4
3034 2835 2834 2714 2812 26
3513 Feb
Do 5% pref -A"
814
8
812
7
634 7
512 Mch19 1413 Jan 2
83t 834
713
612 7
16,084
Do 4% pref "13'
b Feb
143 144
3 15134 Jal'. 4 10312 Jan
1.:e
eb 24
43
118}
14373 14518 42,025 Chicago Mllw & St Paul_ 17
14158 14214 14134 14233 14134 14314 14213 144
16012 161 *1605 I611.. 1,475
15813 Mch15 167 Jan 25 138 Jan
15912 15912 15812 15834 159 15934 15978 160
Do pre(
17738 17733 17712 178 *17712 17813 17734 17734
177 177
135 Jan 2 13513 Jan
i*177 178
975 Chicago & North Western
x2
10
581.4
5
5 JM
acnh2
15
3 5425 Jan 5 )185 Jan
*21012 220 x208 20812 *208 215 1.20813 215 *20812 215 *20813215
200
Do pref
Jan
156 Jan 5 114 Feb
*150 155 *150 155 *150 156 *150 155 *160 155 *150 155
Chic St P Minn & Omaha
16613 Jan 30 169 Jan 95 14013 Jan
*158 170 i153 170 *158 170 *163 170 *153 170 *158 170
Do pret
*514 614 *514 6
*553 612 *512 614 *514 614 *512 6
7 Jan 4
53 Apr
Chic Un Trac etls stmpd
1578 16
*1412 16
*1453 16
1414 Feb 26 1814 Jan 27
*1434 1612
*1434 1612 *1412 16
4 Apr
200
Do pret ctis stmpd
0 7912 Feb 16
5t8718 n 25
7378 7612 7512 7512 *73
*73
74
*74
75 *74
75
4712 J'ne
75
1,300 Cleve On Chic & St L
__ *101 105
*102 105 *102 105 *102 ___ *102 ___ _ *102
8.518 Feb
100 Jan 4 103 Feb 11
Do pref
63
21 Feb
Jan
63
63
6314 6334 6312 6334 6334 -637-8 63
6315 2,100 Colorado & Southern
63
6814 Jan 8
84
84/4 8413 8434 *8113 8212 2,200
.8334 8334 8312 8334 8312 84
5018Jan
2.J
ja
an 2 8512.Jan 8
73
6114
Do 1st preferred
8112 379
3934 Feb
. 81
.8034 803.1 80
8112 81
7033 3,850
8412 Jan 7
8014 8014 811
Do 26 preferred
17334 17334 17412 17453 17453 17434 *17312 175
2(41 182 Jan 4 1411. Feb
176973124
1,400
17314 17 14 *17314 175
el/mare de Hudson
*545 550
645 545 5550 550 *345 650 4530 510 *530 650
135
etaware Lack & West_ 5:35 Feb 6 3550 Jan 4 420 Jan
4414 4478 44
*43
44
4312 44
4312 4413 4334 45
4434 9,305 Denver & Rio Grande
1414 Feb
3753Jan 6 4873 Feb 5
8512 8512 48512 8513 1,030
8434 8434 8458 85
Mch
85
Jan
90 Feb 10
8434 8434 85
Do pret
66 *____ 56 *___ 66
56
5713 5713
60
60
3212 Apr
56 Jan 31, 6212 Feb 20
340 Detroit United
18
L18 1138 1713 ,1600 Duluth So Shore & Atian 3
1812 *17
17
17
0 Feb
*17
1773 1778 17
18
511 : J
li
aeniii
: 21 Jan 15
31
31
301 4 31
*31
32.
430
3i
30:14 3034 *293; 31
28 Feb 23 3612 Jars 15
1134 Feb
420
Do pret
2453 2373 2412 28,150
23
24
24
19 Mei)
23.18 2378 2334 243
2263 Mcial 3434 Jan 2
2434 24
3813 3834 3712 3778 3,700
3734 39
3833 39
2433 Ma
.38
3812 3758 38
5113 Jan 2
rleDo let pre(
311. *29
3113 *30
21313 Mehl' 4012 Jar. 4
31
16 Meli
000
i 2973 3012 2973 2973 3034 3034 *30
. Do 2d pref
13653 Feb 24 14814 Jan 4 11334 Feb
13934 14014 13973 14018 1393.; 14078 140 14/14 14014 14113 14012 14134 16,635 Great Northern pret
66
6612 6512 CO
67
6614 6534 66
45j1 Jan
_ 6618Mch12 74 Jan 27
6614 6614 6658 66
7,920
Iron Ore
15 *14
15 *14
*14
15 *14
*14
15 *14
13
418 F
ye
15
eb
b 26
5 17 Jan 4
8 Jan
15
W.cleb ctfB 8
Green'Bay 0cproperties..3914 *36
i *37
3812 *37
3914 *37
39 Feb
20 Mch
3914 *37
3914
4012 Jan 11
3914 *35
avsna Electric
85
*80
*80
85
*80
85 '(,5
85
85
*8') 83 *80
II Do pret
8412 Mch 1 370 Jan
103 Jan 4 106 Jan 12
*101 100 *100 106 *100 106 *100 106 *100 106 *100 106
62 Feb
Flocking Valley tr rcts
*87
00
90
*81
*87
388 Mch 8 93 Jan 21
(J0
*87
00
90
*87
90 *87
69 Mch
Do oref
13/ Feb 2; 149 Jan 4 12212 Feb
14034 14034 141 141
14078 14073 14178 14214 14214 14233 14214 14214 2,000 ilinols Central
15
1533
1414
1514
1313
15
15
15
1473
Feb 24 19 Jan 5
1434 1478 1434 15
6,971 Interboro-Metropolltan_
634 Jan
4433 45
4134 44
45
33 Feb 24 4938 Jan
.4313 44
4312 4414 44
4334 44
14,872
1713 Feb
Do pret
2912 29
27 Feb 24 3414 Jan 18
2938 2914 2913 2,360 Iowa Central
2353 2858 2838 2812 2812 2914 29
10 Feb
5814
5833
5814
5412
Jan
4 6134 Jan 19
5814 1,650
r 5312 58'2 5712 5834 5814 5814 5814 5814
2712 Feb
Do nret
*75
75 *74
5612 *75
70
b 22
4 7614 Mehl°
7912 7614 7614 *74
7512 75
200
C Ft S & 131 tr cfs.pree 67743784
57 Aug
4418 4434 4358 4417 4418 4431 4412 4578 4478 4558 4412 4514 34,631 manses City Southern.... 37 Feb 23 4714 51 6
18 Feb
Feb
73
7314
7234 73
7434 Jan 8
7212 7212 7212 72', 7213 7314 7212 7358
46 Feb
6,600
Do pref
22
1912 Feb 25 24 Jan 2
2113 2113
*1912 2012 *1913 2012 2012 2034 *20
*1912 22
300
ake Erie & Western
12 Jan
50
5212 7212 51
48 .:an 23 54 Feb 16
5234 60
*48
51
5073 51
62
800 IA Do pret
*50
74 May
59 Jan 4 6612 Jan 19
64
64 *62
*62
64
*62
64
*62
*62
64
25 Long Island
30 Feb
564
64
x121 Jai 29 131 Mch18
130 13034 9,200 Louisville do Nashville
12973 13012 13013 131
129 130
8714 Feb
12834 12834 129 120
14218 Mch15 4536,1an 4 120 Jan
460
anhattan Elevated
1437 14378 14213 14213 14218 14218 14233 14233 *14212 14313 *14233 14712
:5 i .en
31
*21
30
*24
32 *25
28
42 Jan 5
23
• *22
15 Feb
30 *25 • 30
100• etropolitan Street
19
852112 F
i ,mieccbhh 1
60 25143..n 4
2012 2034 2012 2034 1,100 Mex Cent Trust cents
• 2013 2012 2013 2012 2034 2034 2073 21
1412 May
*5312 55
54
65 Jan' 8
*51
20 Mch
54
6312 5312 1,170 MInneapolis & St Louis....
53
5314 6312 5334 52
88
85
85 *84
8212 8213
90 Jan 8
85
86
61 Feb
; 8312 84
85
85
Do pret
610
13212 Jan 2 14913 Jan
145 141)4 145 14613 4,350 Mlnn St P & SS Marie
' 14218 143
14258 143 *14234 14412 14478 145
7914 Jan
147.? Feb 26 159 Jan 7 12312 Feb
158 153 *15512 158 *15533 158
*153 111 *153 157 3153 157
Do pret
100
1512 Feb 23 4473 Jan 22
4033 4078 3934 4033 4013 4078 4014 4138 4012 411.: 4013 4073 24,250 Mo Kansas dc 'texas
1712 Mch
71 Feb 21 7514 Jan 21
46 Feb
73
73 *6
78
14 6
78
3:34 6
73
73
37
14
8 6
79
33
72
*71
73 *71
73
338
13 17
1:020
Do pret
65 Feb 24 7. 33Feb 5
2812 Feb
6934
68
6934 6853 6938 6812 6912 60
Missouri Pacific
11734 Jan
*122 130 •422 130 -1.122 130 3122 130 *122 130 *122 130
ki ash Chan de St Louis_ 12212 Jan 5 125 Jan 18
M c,
'34
5, 13234 Jan 4
0013 Jan
12412 12513 12434 12513 12433 12514 23,920 1,
1 y Central & Hudson.. 120,1 Feb
12312 12334 12338 1241;' 12312 125
4:54
57 Jan 4
2413 Jan
50
50
5112 *4913 5112 51
Chic & St Louis
62
4912 41 12 43'2 4914 *48
1.600 N
100 Feb 20 100 Feb 20
90 Jan
*96 105
*96 105
*96 105
*95 104
*90 10; *96 105
Do 1st pret
8/ Feb 4
60 Feb
73
73 *75
79
82
*77
*76
32
Do 2d pref.
100
15
75
7 11!
15
77815 F
M(
e13124 16334 Jail 8 12833 Jan
4715
78
5 158
153 158 *4
9778
314 NYNH & Hartford
160 160 *163 15878 158 153
4214 Feb 24 4914 Jan 4
2913 Feb
451.5 46
4514 4314 5,500 N Y Ontario & Western_
4412 443.! 4513 4518 4434 46
' *4434 46
8414 Jan 6 9138 Jai 2(1
58 Feb
*87
8734 *87
8734 8634 8634 8712 8812 8758 8814 8713 8773 7,000 Norfolk & Western
74 Mei)
8534 Jan 28 ss Jan 20
*35
87
*85
87
87
_ *85
Do adjustment pref
*85
88
*85
88
4 14314 Jan 2 11673Jan
17
3614
3 F
meebh 23
4 13714 13828 13734 13873 138 13953 27.110 Northern Parifl13673 13738 13653 13714 15658 117365 Sep
83 Jan 7
82
*78
82
*77
82 *78
OacIfle Coast Co
82
*77
*77
82
*77
82
*90 100
*90 100
May
*90 100
Do 1st pref
*90 100
L
*90 100 *90 100
79 Mch
*78
85
*78
85
85
*73
*78
85
Do 26 pref
85
85
*73
• *78
8 135 Jan 4 10834 Jan
182061182 Feb '13
12958 13013 12934 13033 13018 11034 22,374 Pennsylvania
129 12914 129 12912 12918 130
4
Jan
Feb
94
59 Jan
0073 9078 *8912 0013 8034 8934 9013 9178 0112 13213 9153 9158 2,525 Pittsb Cin Chic & St L....
104 Feb 10 10812 Jan 28
5113 Meli
nref
103 103 *106 110
*106 110 *1(53 110 *106 110 *106 110
115 Feb 23 14438 Jan 4
9218 Feb
st p ret
1(0
) e
12473 12658 12614 12912 12834 13073 12853 12978 482,100
12433 125
12414 126
b
2u
1
}
F
'e
e
0
90
93 Jan 5
78 Jan
589
Da
89
480
*89
89
52
00
*89
90
*89
*80
90
9312 Jan 5
76 Jan
94
494
*90
94
2d pret
55
02
*88
94
492
02 *89
*00
92
20/8 Feb 24 2618 Jan 8
1012 Feb
23
2318 2318 2358 7,090 Rock Island Company
2218 2218 2213 2212 23
2218 2234 22
58
F
J
a
eri
b
2
1
4
3
6514 Feb
57
67
2034 Feb
Do pret
6158 6134 6112 6158 6112 62
62
6234 62/4 6234 6214 6334 23,410
70 Feb 1(
02 J'ne
*65
70
*65
*65
70
70
*65
70
*65
72 *65
t L & San Fr, 1st pref_
70
36 Feb 23 42 Jan 2
1914 Feb
3678 3718 3713 3718 1,050
*37
38
*3712 3712 *3512 37
Do 2d pret
763 37
2012 Feb 25 2458 Feb t
10 Mch
*22
23 *2112 23 *22
2234 2234 *22
520 St Louis Southwestern
23
24
2234 23
4712 Jan 6 5414 Ja-. 4
2412 Feb
*52
5212 5234 *52
53
63
*51
Do pref
400
62
53
*51
5212 *51
11458 Feb 24 12112 Jan 22
6614 Feb
11713 11738 11634 11738 11034 118
11758 11833 11734 11858 11813 11834 65.870 Southern Pacific Co
11834 Feb 24 12312 Jan 27 1063 Jan
122 122
12118 12118 12073 12077 121 122
12214 1221.1 1,900
122 122
Do pref
'12 Feb 24 2718 Jan 2
2334 2413 2312 2317 2334 2373 2378 2414 2334 2414 24
24
7.800 Southern v tr cfs stmpd_
Ws Jan
65
60
Jan
5
Feb
lb
do
2512 Mel)
62
62
6112 6112 6118 613! 6112 6214 6134 62
6134 62
Do pret
3,610
30 Feb 24 3734 Feb
1234 Feb
3178 3258 3213 323.! 3253 3278 3213 3212 32
33
3213 4,500 Texas & Pacific
32
17
1
381
13:
12 *3
14
133 37
3714 3712 3773 3734 3812 *3
1513 Meh
13
10,910 third Avenue (N Y) - :3433 Mch 19 4212 Jan 18
36/2 3712 37
612 Oct
200 Toledo Railways ea Light 11 Jan 14 1538 Jan 2
1212 1212 1214 1214 *1114 13 *11
1312
43 Feb 29 531 1 Jan 14
12 Feb
40
46
4712 4733 4733 *46
4634 4(3
4673 2,700 Toledo St L & Western
9613 *45
*45
6434 Feb 24 7414 Jan 4
33 Feb
7033 70
7013 4,500
6934 7012 70
Do _pre f
6914 6913 5913 6914 6912 70
2
Jan
107
97
Transit_
Feb 15
7814 Feb
100 TwinClt,v Rapid
10412 10412 *10412 106 *104 106 *104 106 *103 105 *10314 1051 i
17212 Feb 24 18413 Jan 2 11013 Itch
178 17233 353.40 inlon Pacific
17478 17558 17458 1755r 175 17678 17633 17838 17773 179
x94 Men 1 97 Jan 8
9512 95 95
)914 Apr
9512 .9513 9513 49514 9514 *95
1,400 V.) Do pref
9512 *95
*95
25
Feb
37 Jan 4
35. *30
*30
35
*30
33 *30
35
15 Jan
*30
35
*30
34
Unit Rys Inv't of San Fr 30
65 Ja:•. 7
*51
53 *5112 52
*5112 52
*5112 52
53
*51
2712 fait
Do pref
*5112 53
5
10514 Feb 2
'
:5 1934 Jan 2
1713 1734 1734 18
634 Mch
t
abash
4,150
1712 1714 1778 1733 1778 1712 18
• 17
41 Feb 23 62 Jan b
4312 4458 4412 9518 4414 4434 4412 45
4312 44
13 Mch
Do
15.510
4214 44
6l6 2573 Feb
1934 20 *1912 2012 1953 1978 4.740 Western Maryland
5 Mch
1934 2018 1934 1978 1933 20
Feb
1
8
933
13
*9
10
1273
Jan
40
10
10
Erie......
*0
4
412 Mch
*9
10
,
.. 813 10
10
VI/Peeling & Lake
*9
'0 Feb 21 2578 Jan
2212 *21
*20
22
*21
1213 Apr
22 *20
22
22
*20
22
Do 1st pre
*20
2t
*10
12 *10
1518 Jan t
t Feb
12 *10
*10
12
12
*10
12
*10
12
Do 2d pret
6
4917
:
4
8
8
6
1
14
2
4834
Mch
734
3
8
4:
p3
73
11 8
48
83
1312 Feb
11 0
5112
4914 4
41112 WisconsIn Central
4834 497,. 49
4914 4878
.5., '
,oh
87'
87
88
1,1, 802 86
8613 87
13,3 ',ref

Q

E

Rending

S

U]

321738 ,FTaenb

10114 Dec
104 Dec
11112 Dec
1178 Dec
94 Dec
6934 Dec
Mch
18018 Nov
63 Nov
229 Dec
593s Dec
6878 Dec
79 Dec
1458 Nov
6814 Aug
/3 Dec
1718 Nov
1521. Dec
1643; Dec
18512 Dec
224 Dec
160 Dec
174 Dec
718 Dec
18 Dec
7012 Dec
1.'978 Dec
59 Dec
79 Dec
76 Dec
18138:Deo
675 Nov
4012 Dec
8314 Dec
66 Nov
783.1 Nov
3334 Nov
36 Nov
5133 Dec
41 Dec
14814 Dec
751s Nov
1712 Dec
40 Dec
84 Dec
10413 Dec
93 Dec
14934 Nov
20 Dec
4912 Dec
3212 Dec
67 Dec
7513 Dec
4233 Deo
7213 Dec
26 Dec
58 Deo
5618 Dec
12534 Dec
15434 Dec
4412 Dec
2413 Dec
5612 Dec
90 Dec
135 Nov
15112 Dec
9311 Dec
7513 Dec
6713 Dec
122 Nov
126 Dec
6512 Dec
105 Nov
85 Deo
161 Nov
4778 Dec
8614 Nov
88 Dec
15734 Nov
9312 Jan
00 May
97 Jan
13214 Dec
8512 Dec
10834 Nov
14314 Dec
92 Dec
99 Dec
2514 Dec
6258 Dec
69 Dec
4214 Dec
24 Dec
5578 Deo
12212 Dec
12512 May
2714 Dec
402 Dec
3714 Dec
47 Aug
1512 Dec
50 Dec
7312 Deo
9638 Deo
18478 Nov
98 Nov,
40 Deo
6012 Dec
2058 Dec
5234 Dec
24 Dec
13 Dec
2614 Dec
1534 Nov
3814 Dec
721, Deo

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Banks
200 Fifth Avet 4000
ChaseaEx 1 190
Mutual 9...... 29) 31J
Plaza
..., 610 05
185
,...50,- Irving N Ex 180
42212
203
_
430
11.-Fifth
,._
Prod
Chemical
9-. Nassal:
Exc1111
New Yorc
16212 _
)::lierson 9. 18)
300 3
165 First
210
780 800
Reserve_ _ 130
165
Aetna
1721- Citizens' Ctl 155
550
--- New Neth'd 20J
Aberty___ 526
..,34212 3471, 14th St 9 --135
... Seaboard __ 365
Amertca I _. 575
New YorkCo 760
590 - City
435
180 Lincoln __, 420
3-80 .i-J-212 Second ___ 350
New York ,. 325
Amer Exch- 250 260 Goal 6, Iron 245 25(3 Fourth ___ 214 218
klanhattan11 320 130
____ Gallati .
215 Sherman --135
355 365
N'lit &Dayl 200
BattetY _,..F1c
26/
• )
-- Colonial 9..- 530)
dark% &Ful 260
-:
925 Garfield- ----- 2 i..)
41 i
1 9th Ward ; 465
State 11_ .... 230
Bowery 1/ , .V) 3-3-5 . Columbia 11_ 375
Mechanics'- 1254
2-6-0 __1Gemmere. _ 185 190 Germ Am
1-40
BronxBorol 300
Mercantile .. -11.8i12 ---- Northern -- ----150 12th War-61
150
175
245 23d Ward
____ M'erch Exch 160
Bryant Pk 1, 155
1-65 'Copper ..„.._ 230 235 Germ'n Ex 950
c7-0 Pacific 11___ 230
10.)
885
__ - Germania 11 525
475
Park
_ _ lerchants', 160
164
Butch & Dr 14) 151 Corn Ex ill....
Union Exc
190 ::(;(1135 Greenwich 1! 265
195
2-80- detropolls 11 373
......._ People's 11_ 280 '44 .Vash fi't. 11 230
Century 9
_170 175 East River_ 330175
rianover __ 1345
175
__
185
195 Phenix
Chase
300 ,-- eidellty 11_ 16.5
detroporn11 190
Vest Side 11 500
---.•
lekstha yn
/301
31u
inin & Trite 555 660 - .it Morrisl_ 250
_ __
Yorkville 11 425 I
.
BId ann asked pnces, no sa.v,s wars' made on this day. •-•
than 100 Amens. tState uanks. a rix-tlividend Lula rights. 4, New stock.
* Sale at Stock Exchange or at auction this week. ,'; First installment paid. a Sold at private sale at this price.




SIDUK8-11101-1ST AND tOW leS7 SA LE PRICES
Saturday
March 13

Monday
March 15

731

BOW -York StocK itecord-Conciuded--Page 2

MAR. at 1909.1

Tuesday
March 10

Wednesday
March 17

Thursday
March 18

Friday
March 19

,
ates ot
tle
1Vcelc
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

nano. Sine, ./aa
190
•tn basis 01 100-shan lots
Lowest

Highest

Banat ior Previous
. Year (1908)
Lowest

H Whey

Industrial&MIscellaneous
..3 104 Jan i200 Ana:
190 Jan 20 191 Feb .
*191 200 *191 200 *191 200 *191 200 *191 200 *191 200
Adams Express
355 Jan 27
5 aid, 1633 Dec
870
ills-Claimer,
1234 Feb 24
1312
*1212 1312 *13
14
1312 1312 1353 1'3.38 41334 1334 13
5234 Dec
14 atell
2,000
Do pref
44
38 Feb 24 50 Jan 2
41
4158 42
42
4338 *4112 4312 * 41
*41
4312 43
8838 Nov
Feb
Feb
26
Jan
:
4518
157,800
8434
65
09
68
6653
Copper
6612
6814
677
8
Amalgamated
6733
6834
6838
6734
0773 0814
35 Nov
13 Jan
l:io Agricultural
re
3312.)an 5 4078 Jan 2:1
500
50 Amer
Chem_
3634 3(534 2,2
*3614 37
*36
371s 3634 38
38
3812 3714 38
56 Is a
781. Jan
9513 Jan 18 98 .7 14ch 18
97
97
98
*94
98
97
*94
93
*98 100 *94 100
247k Ape
912 Feb
23,520 American Beet Sugar
2014 Jan 13 2714 Mch10
251s 2534 2434, 26,
8 26
2714 2614 271s 2534 2613 2512 26
8134 Dec
65 Jan
267
Do pret82 Jan 7 8334 Mch I.
89 *____ 8834
8812 8812 ____ ____ *87
8834 8834 8834 *83
1014 Nov
4 Feb
913 Feb 2
712 Feb 23
818 838 1,550 American Can
818 818
843 818 *3
818
838
818 813
8
7978 Nov
44 Jan
4,270
Do prat
71 Feb 23 171. Feb 2
7512 7533 7512 7614 70
7414 75
75
7612 x7478 7478 75
5034 Dec
7512 Feb
4414 Feb 24 5112 Feb 15
4834 4914 4838 4834 6,872 American Car & Foundry
4812 4812 49
4814 48
48
4812 48
Dec
109
Mel.
Mch
7
0
475
$414
Do
Feb
23
1113:(
pret
*11014
1107
3
10712
4
11012
1103
511012
11012
11012
11012
11012 1101* 511012 11012
4434 NO7
2434 Feb
2,370 American Cotton Oil
4218 Jan 5 54i Jan 25
52 *5113 5214 5113 5212 5214 5178 5134 5212 *5113 52
52
74
97 Nov
Do pref
98 Jan 7 10312 Feb 19 180 Jan
5100 100 *100 102 *100 102 *100 102 *100 102 *100 102
American Express
5205 Feb 5 210 Jan 8 170 Feb 1224 May
4200 206 *2051 206 *200 205 *200 206 *200 205 *200 205
812 Dec
800 American Hide & Leather
614 Feb 25
818 Jan 21
234 Feb
718 714
738
7
*612 7
612 612 *012 7
*612 7
1213 Mel, 3734 Dec
Do pret
34 Feb 24 4253 Jan 23
4018 4114 4,980
41
*38
40
3933 3938 39
3312 3813 3812 30
187g
Jan
317
s Aug
19,940
A
1212
Feb
3014
Ammeerrilocoan
n
l
u
8
2
0
3
4
at
chla
ceSe
e
cu
d
rities293
3
30
2.834
301i 30
2878 2918
3034 2934 3038 2858
6 Mel, 1712 Dec
14
*13
12 Feb 25 16 Jan '25
Linseed
14
*13
*12
1414 *1314 14
*1214 14
*13
14
100
Do pref
17 Mel, 3614 Dec
33
29 Jan 12 351s Feb 5
*30
34
*31
33
33
*29
*2812 3212 31
31
*30
5958 Aug
3138 Feb
peoricp
arnerLocomotIve- 49 Feb 23 5814 Jan 7
5134 5012 9114 3,100 Am
5114 51
51
5014 5(04 5018 51
5034 51
8612Jan 113 Dec
10014 Feb 24 14 Jan 2
4112 .. __ *112 11.1 *1A2 11 311273 11 *11?12 11112 11 5s 111_3
81,3 Sep
; aba•
4
MB Feb a
1,300 American Malt Corp
7 Jan 7
8
814 -812
5!18 Sep
4,020
52
Do pref
21 Jan
51
• 2 Jan 7 54 Mall 12
5178 52
5134 52
5318 5334 5234 54
5134 52
8413 Aug
378 Amer Smelters Sec pret B 30 Jan 4 1053 Feb 15
8514
6
70
5 Jan
*84
8412 8433 8438 *8414 8412 8412 8412 *8434 8518 8514
Aug
8434 8518 05,920 AmerSinett'ng & Relining 7734 Feb 24 8038 Jan •
8258 8318 8214 8314 8214 8313 8353 8453 8378 85
ta!1.,
2 Febg 1014 Aug
101 J- n 2 10512 Feb 71
Do pret
10'213 10318 103 10314 3,365
10134 10134 10178 10214 10218 10214 10214 103
peoricwrnetSoulT
225 Mch 9 225 Mch 9 180 Aug200 Apr
_ *190 ____ *205 ____ .1 205 ____ *205 ____ *205 -_-- ...... Am
•*180
9712 Sep
80 Mc
1 507 Feb 11
97
*90
97
*90
97
*90
97
_ *90
*91 -Iii
41 Nov
28 Sep
896 Amer Steel Found (new) _
3478 Feb 29 1) Jan 4
3538 3512
3512 3512 -5U8 '
.3.5'14 3514 3514 *3514 36 *3512 36 *12912
13012 4,400 American Sugar Refining 11.638 Feb 24 134 Jan 22
9834 Jan 13734 Aug
13018
13012
13014
129
12873
13014
12912
128
131 131
131
Nov
Feb
12978
Feb
8
105
1
175
Do
pref
130
',fah
*128
x128
128
128
*128
130
*128 130 *125 130 *126 130
Nov
Jan
8 12934 12938 13038 10,140 American Teleph & Telex 12.5 Feb 1 13038 Alch19
12918 12912 129 12933 129 12012 12914 12934 1295
2,100 AmerIcan Tobac (new).p
1r18
2 4' Y
1
04
558 Mchll HP212.Jan
94
94
9012 Feb 6
95
9514 39312 9313 9313 9334 9334 4)334 94
Dec
3238
Feb
Amer
14
Jan
7
1513
200
can
9
:
37
1
Woolen
9
i
29
2814
2814
*28
2814 2814
29
2812 *28
*28
29
*28
9334 Jan
97 Nov
Feb 17
Do pref
510
7814 Feb
9714 9613 9612 9612 9612 0033 97
*0(1
97
9612 9612 *96
2713 Feb 15312 Nov
4013 4178 4138 4178 4078 4138 8,400 dAnacondaCopper Par125 E3734 Feb 26 85058 Jan 2 ,
4034 4034 3973 4053 3934 41
Mch
3
225
Assoc
17
10634
Merch
1st
pref
Feb
106
__-_
--- •
__ *104 --__ 100 106 *104 ___ 106 106 *104 ___
*104
400
Do 2 e rref
10112 I. ei• 17 10412 Feb 19
*102
4102 ____ *102*102 ---- *102 -___ 102 103
414 438 8,250 aBatopilasaltn'ng Par$20 $278 Jan 29 $488 bleb 19
4
414
414
338 4
4
*3i3 314
314 -358
Nov
2714
3'5 I'lcil
laethiellem
Steel
1834
Mali
9
a
600
26(4
Jan
25
52 Jan
''21.3
*19
2138 *2012 2212
21
2034 2034 21
*1912 21
21
*10
57 Nov
47 Feb 24
do pref
L4 Jan 8
'
35 Apr
1
52 *___ 52 *___ 52 *___ 52 *__-- 5112
5() *_
Nov
.5214
Brooklyn
Union
Gas
118
Jan
28
Feb
25
130
Jan
8
)85
130
*120
*126
130
130
130
*120
412512 12513 *126 130 *126
17 Nov
8 Jan
225 Brunswick Dock deC Imp 13 Jan 13 :638Jan 2
13
*13
1412 51314 1:314 *1234 1412 1312 1312 *1318 1412 13
'2378 Jan 2 3312 Feb 4 110 Feb 425 Jan
370 Butterick Co
*2912 33
30
3212 *3014 31
30
34) *30
2938 2958 30
Dec
33
2512
'deb
2
Feb
11,500
Central
Leather
33
Jan
4
151.2
2012
2918
28
2718
2818
28
297
8
28
*2734 2814 2734 28
75,1 Jan 102 Dec
Do pret
100 Meh '2 104 Mch 1
101 101 *100 102 410113 10112 102 10212 510238 10238 1,275 %
410112 102
42 Dec
Colorado Fuel & Iron
Feb 2:3 4512 Jan 7
29
Feb
9,325
1558
327
8
32
3173
3314
3212
33
3318
323
8
321*
32
:32
3214
,
13 Alch18
1434 Mci, 271. Dec
3614 3533 3778 3714 3838 3014 3812 3712 3778 36,200 Col & Hock Coal as iron. 2138 Feb 23 3
3338 3414 34
44e Apr
dComstockTunrel.Par $2 23c Itch 8 30e Jan :1
20c Meh
167 Dec
96 Jan
18,700 Consolidated Gas (N Yi _ 11412 Feb 4 16514 jail 4
18i.4 1-2812 12814 131 12913 13012 12958 13012 12918 130 12812 12912
Aug
Fel.
2012
103
4
2012Jan
27
Feb
24
Refining_
1012
Products
1812 1812 22,231 Colin
1812 1838 1834 1834 1914 1878 1938 1814 19
*18
80 Aug
66 Jan
Do pret
7314 Feb 24 7778 Mc111.6
7734 2,533
7738 77
77
7614 7712 7734 7773 *7714 78
77
*75
Oct
JIlft
5
4S14
23
4513
Feb
Carpet
45
Oct
Crex
4712
49
*46
*40
49
*46
49
49
49
*46
*46
49
*40
2714 Feb
4634 Dec
2,250 Distillers' Securities Corp 3212 Feb 23 ..038 Jan 21
36
3412 3438 3438 3412 3434 3458 3453 35
34
3412 34
94 Aug
Federal Mining & Smelt'r 55 Mch 2 5114 Jan 28
7212 Nov
70
*66
70
*60
*60
70
70 *60
70
*66
70
*66
.
rg8912
I
!ivy
24
/A
Jan
16
Feb
80
pref
200
Do
80
80
*'74
81
80
83
c74
81.
4‘.74
80
83
*80
61(12!'00
Federal Sugar Ret of N Y
7312 Feb 100 J'ly
Do pre'
(90 Jan '5 500 Jan 25
6- General Electric
15018 Feb 23 156 Jan 4 (11 Jan 104 Dec
1544fEiii Thi" fiii7i 4:51- iE412 iii- fEi- -------ii
41.
6112 1-6.3.- Hii2 1-E:1-4 15
92 Mch16 110 Jan 4
78-53 Jan10912 J'iy
100 Granby Cons M 8 & P
90
*90
96
05
92
92
*90
95 *90
*90
95
*90
6758 Nov
62 J'n.
62 Jan 30 6812 Itch 5
Harvester
stk
tr
etas
100
1
nt
09
5)37
*(37
69
*67
69
*67
69
6718
*67
69
13713
Jo. 11014 Nov
11
99
Jan
la
Feb
15213
Do
10914
1
pret
stk
tr
ars.200
11153 11153 11134 11134
411178 11212 *11158 11214 *11153 112 *11158 112
9 May
9 Jan 5,
6 Oct
7 Feb 25
71s 71, *714 712 *714 712 1,6(1(1 Int Mer Marine stk tr ctts
Vs 714
744 714
714 714
2678 Dec
10 Feb
Do pref
21 Feb 73 2758 Jar. 2
950
22
'2218 *2134 2212 *2134 2212
22
22
2218 2218 *2112 22
5,13614
International
Paper
2,000
10
912 978 *9
934 934 *912 10
934 934
912 978
Jan
arni 4
41 Ocl.)
ci% 13
413
14
3 rfe
1 14
2j
Ja
Do prof
4812 4812 2,010
4914 49
50
4734 49
5112 49
4933 5013 *50
3978 Dec
13 Jan
37
3614 371.4 3613 3734 *3612 3712 1,050 internat Steam Pump- 3:02 Feb 25 4213.1a3. 2
"738 3713 3713 3718 37
Deo
3414
Jan
8212Jan
30
804
Jan
.
65
pre(
Do
8412 *83
8412
8478 *83
8413 *83
8413 *8234 8413 *83
*83
78 Nov
62 Feb
7(3
2 Jar. 4
,
1 7
6
70
912 Jan 2
100 Mackay Companies
73
73 *71
7314 7213 7218 *71
73 *71
7312 *71
*71
7134
Nov
Feb
F
J
.
e
i
b
i
1
A
I
5
6
9
8
78
prof
600
o
71
*7012
71
71
7078 7078 71
7078 *70
*7013 7078 *70
9612Jan 2 10358
250 National Biscuit.
102 102 *101 10318 *102 10318
*10178 10318 10113 10112 *10138 102
ec
11'10
712 Dec
an
1E
102
.
j
1a
Feb
r121
1181.Jan
11
Do
pref
305
121
4121
121
120.58
__
*119
____ *119
__ *119
4120
1514 Dec
713 Feb
1514 Jan 77
1253
- Feb 24
200 Nat Enamel'g & Stamp'g
14
*13
14
1312 *13
*1212 1312 *1212 -1-312 *1212 1312 13
Do pret
82 .Jan 5 85 Jan 21 570 Feb 18214 Dec
85
*81
85
*81
85 *8112 85
*81
85
*81
85
*81
92 Aug
26 Feb
4,800 National Lead
7114 Feb 25 8112 Jan 22
7518 7434 7518 7514 7512 7512 7618 7512 7614 7534 76
75
10614 Nov
8713 Jan
Do pref
245
1055s Jan 4 10914 Feb 2
10612 10813
*10612 107 110713 10712 10612 10612 *10612 107 *10612 107
98
97,s Jan
Ja
Oct
$6 Jan '2
$218
alehl3
Newhouse
8,300
id
&
S_Par$10
312
3
53
312
312
3
5
8
3
8
3
37
8
312
37s 4
318 378
Nov
5$9438
80 Feb 23 92 Jan
380 New York Alr Brake
86
8513 8518 *80
83
8
8:
84
83
*81
85
*81
3113 Jan 7 3i17 Mch , 90 Feb 122 Nov
100 N Y & N .1 Telephone
11578 11578 *11412 116 *11412 116
*115 11612 *115 11712 *11412 117
78 Nov
4218 Ma
72 Jan 13 8412 Jan 27
7914 1,500 North American Co. new
79
79
8038 x7912 797s 7838 7838 7833 7838 79
80
24 Apr
4014 Dec
2918 Feb 24 363.4 Jan 14
31
3158 3118 3178 3,300 Pacific Mall
30
31
_
291* 2913 2934 30
nt 46164%2
80 Jan
112 11212 20,945 1 eople's G L & C (Chic) 10112 Jan 13 114 Feb 15
109121-105-8 11034 11314 11214 11334 11238 11334 11214 113
Dec
Feb
'25
13
Jan
,
1014
Plttsburgh
Coal
Co
*10
12
12
12
*1012
*1012
*1012
12
12
*1012
12
*10
50 Dec
3612 Feb
Do pref
40 Feb 25 4712 Jan 19
100
44
42
*4012 44
4212 4212 *40
43 *40
42 *10
*40
45 Dec
1714 Feb
3013 Feb 23 4314 Jan 22
36
308 3618 3658 1,993 Pressed Steel Car
3512 3514 36
3533 3512 3514 3512 *35
69 Jan 10214 Dec
96 Feb 26 103 Feb 2
Do pref
250
*96
93
9714 9714
*96 100 *96 100
9714 9714 *97 100
174 Nov
169 Jan 30 172 Jan 19 147 Jan
778 Pullman Company
17018 17013 *170 171 §170 170
*108 170 *167 16912 169 170
134 Dec
12 Apr
412 atch (.
158Jan 4
312 334
312 312
334 334 1,766 (441cksilver Mining
3
312
*31.2 4
11'
312 Dec
Jan
Jan
16
11
6
14
Do
pref
Feb
1,000
4
4
4
4
*4
6
4
3
34
5
4
*4
Dec
4914
Feb
4
It
233
4834
Jan
3212 Mch 8
3638 3613 3618 3612 1,500 D aliw ay Steel Spring
-5558 -351-2 3513 3514 3512 3512 :3534 30
,
3 Decv
0
9472 Feb 74 103 Jan (3
75 Jan 12
100 1 1, Do pret
*9814 1(11
*9814 101
100 100
*9814 101
*9314 10114 *9814 101
Feb
s
143
4
Jan
Feb
2:3
1658
2612
Iron
&
Steel
Re_pubilc
2,650
21
2012
21
2014 2012 2038 2012
2014 20
20
2()
20
8913 Nov
6718 Feb24 8814 Jan 22
63 J'no
Do pref
070
7014 71
*70
73
7:3
7112. 7112 57212 7212 *71
72
*70
INeo0
.
'al Jan
7218 3,100 4,;loss-Shettleld Steel as Ir 65 Feb 23 8118 Feb 9
74
7218 7214 72
72
73
7212 721. 73
*7218 73
8712Jan
18
10:1
!
4 Dec
27
_
10978
Jan
Feb
20
.
1
)0738
Do
pret
*103 ____ *103 ____ *108 ____ *106 ___
_ *10S
*10714
dTennessecCopper Par$25 83434 Feb 20 849 Jan 4 52512 Feb Z52 Nov
4158 -4112 4173 -417-8 4012 41,31 4031 4 118 4034 4114 4133 4218 ---------- Texas
3413 Dec
45 Feb
7(10
Pacific Land Trust 8012 Feb 23 8518 Jan 19
8473
8478 *83
8134 *80
8412 *50
8434 8434 843.1 *84
*80
4 Feb
350 I I Mon Bag & Paper.914 Feb 24 1112 Jan 12
1014 1014 *1014 11112
10
914 914 *914 10)2 *10
1013 10
6634 Nov
LI
4478 Jan
Do pret
66 Jan 8 6934 Jan 22
09
*07
09
*67
09
*07
69
*67
69
*67
69
4'67
3078 Dec
1712 Feb
2438 Feb 24 3034 Jan 9
740 U S Cast I Pipe 4!c Foundr
27
27
27
2718 2718 27
28
2612 261* *26
*2514 23
7878 Aug
5053 Jan
150
Do prof
70 Mch 2 77 Jan 8
7012 7012
73
73 *66
*60
*11(1
73
72
*60
*60
73
90 Jan
70 Feb
100 United States Express
82 Feb 10 85 Jar 21
85
83
33
*82
85
*82
85
35
*82
85
*82
*82
Nov
69
3614
Feb
tach19
7314
Feb
23
Improvern't
64
Realty
&
10.475
U
S
7314
72
717
3
713
4
71
72
7213 7134 72
7014 7212 72
1514 Aug
4 Feb
U 8 Reduction & Reilreg 10 alch12 1338 Jan 7
1212 *712 1212 *7
1212
1212 *7
1212 *7
*7
1213 *7
39 Aug
16 Feb
24 Feb 24 32 Jan 19
2612 2612
300
Do pref
:30
*26
26
*2(3
26
30
*26
31
26
28
3712 Aug
1734 Feb
*29
31
200 United States [tubber... 27 Feb 24 3412 Jan 2
:10
. 3012 *2912 30
2012 2912 *2912 3012 30
*291
70 Feb luS Dec
410
Do 1st pret
98 Jan 29 107 Jan 11
*10213 103 *10212 10:313 10318 10314 10312 10312 *103 10312 *103 10313
7513 Nov
42 Feb
6712 Feb 25 7334 Jan 5
100
Do '2d pre!
70
*05
*68
70
69
4.68
*63
70
*68
70
09
70
57334 Nov
4114 Feb 23 5518 Jan 22
'2534 Jan
4434 x4353 4438 4378 4514 4413 4558 4412 4538 4:'78 4434 347,150 UnIted States Steel
44
1719 Jan 11458 Nov
Do prof
107 Feb 23 115 Jan 22
11018 11034 19,110
11013 11038 11018 11012 11038 51078 11012 11138 11012 111
20 Jan 55234 Nov
1,600 dUtah Copper__ Par 910 $54918 Feb 76 $4773 Jan 4
41
4114 4112 4112 x41
41
*4013 4112 4033 4058 4078 41
4534 Dec
16 ' Feb
4078 Feb 24 4878 Jan 25
6,800 Virginia-Carolina Chem
43
4318 4:312 43
43
4213 4314 4314 4314 43
' 4234 43
114 Jan 19 115 Jan 19 r87 Jan 115 Nov
Do prof
*11212--- *11212 --- *113 ____ *113 110 *115 116 *115 116
08 Nov
Jan
43
6
Coal
&
Coke
57
Jan
Iron
Feb
28
64
VIrgInia
67
100
457
01
60
*5713
*57
60
*5713
457
57
*5713 -60
300 Jan 5 300 Jan 5 4250 Feb 325 Nov
*290 335 *290 335 *290 335 *290 335 *290' 335 *290 335%Pens Fargo & Co
41 Feb
7134 Nov
64 Feb 24 7012 Jan 2
1,050 ""' asternUnion Teieg_
(36
06
06
06
500
66
*65
66
6512 66
*6534 66
94 Nov
38 Met
1,900 Westingh'scItl &Mfg erten 74 Feb 24 81318 Jan 4
79
79
7938 79
79
7714 *7(112 7712 78
7738 7712 77
58 M., 195 Nov .
110 Mch 3 120 Jan 4
Do 1st pref.
10))
115 115 *110 119 *110 119
4103 119 5108 117
BANKS
BUJ

Banks
Brooklyn
_
Borough 11Broadway 11 )3-5-0 Brooklyn 4,_
i-iiFirst
110
Hiliside11
Halite BIKIJ, 110
Homustead1 100
Manufac'rs' 400
alechantcall 235
Montauk - 140
Nassau.... '240
Nat City__ 290

Ask
110
910
145
2(10
)30
125
125
425
250
195
270
310

AND

Ask
13Ut
Banks
Brooklyn
.._ 160
North Side 11
Peopia's._ 1-55 1-(i9
Prosp'ctPld 160
110
Terminal 11_ _ _ ii,c. 110
Union li .

Taus]:

COMPANIES-BANKERS' QUOTATIONS

Trust Co's Bid
N Y Chi/
Carnegie __ 135
Central Tr. 2100
Columbia.. 235
Commercial 145
Com'wealth 150
Empire ___ 240
Equleble Ti440
Farm Lo 3,1 1276
Ptdellty _ 200
Fifth Av Ti
-325
Fulton __ 270

Ask
Trust Co's BUZ
Guar'ty Tr_ 560
195. timardlan Tr 160
190
_ Hudson _
Knietterbacr 310
2-4-0
Law 'T I &T, '230
-_-_-_-_ Lincoln 'rr_ I, 143
Manhattan- 370
iti(i - Mereantile _ 723
_ Lictroportn 540
-.450
2-1-0 - Morton Ti
---- Mutual ____ 125
--- Mut All'nee 120

Ask
17-i__-____
-1-50 3
.
.
10._

Trust Co's But
NY LIfeecTr 1100
al Y Trust_ 56 1
Standard Tr 5425
TitieGu& Tr 430
Tr Clo of Am 305
Union Trust 1225
u
t,JS littr &Tr 410
rot states_ 1,140
VanN'd'nTr 255
Washington 400
Westchester 140
Windsor _- 130

Ask
3120
571)
__

trust Co's
Brookyln
3rooklyn Ti
,atizens' _
Flatbush __
31 Franklin __
1275
lanillton __
930
dome _____
1175
Kings Co __
265. L Is! L & TiNassau ___
116- People's ___
Allillamsbg
135

Dia

Ask

400
125
200
195
'260
104
465
295
160
230
80

415
130
2716275
110

Trust Co's
:16E---.
N Y City
170
---295
305
Astor
-Bankers' Ti (00
100 j
1-30 llowl'g Gr'n 400
B'way Tr
13212
rizhts. a
quoted dollars per share.
* Bld and asked prices no sales on this day. i Less than 100 shares. I Ex-rights. b New stock. I Ex-rily. and are State Now
,
banks.
with a paragraph (11)
I Sale at Stock Exchange or at auction this week. a Trust co.vertitlefttes 11 fianks marked




New York Stook Exchange Bond Record. Friday. Weekty and Yearly
1909, the Exchange method of quoting bonds was changed, and prices are now al!,-"and interest"--exekopt for Income
and defaulted 5ondS•t•

HON DS
N. Y.STOCK EXCHANGE
WEEK ENDING MARCH 19

ra

a.

U. S. Government
U S 2a coasol reguitered.d1930 -J
U 328 oonsol coupou...41930
k1918 -F
U S 38 registered
k1918 -F
U 3s coupon
U 3 38 reg small bonds 1C1918
U S 3s eon small bonds k1918 -F
1925 •F
U S 4s registered
1925 -F
U 4.5 coupon
US Pan Can 10410 yr 2s.k1936 41-1-1

Prtce
Friday
March 19

Week's
Range or
Last Sate

Range
Since
January ,

HON Us
Price
N. Y. STOCK EXCHANGE t.
Fridao
WEEK ENDING MARCH 19
44. Alarch 19

Week's
Range or
Last sale

in

E.ce,

Range
Since
January 1

Bid

Low
High No Low Nigh Cent ot Ga RR-(eon)
Ow
8,4 tow
.11191( Ni tow Eton
10114 Feb'09
3t1 prei income g 65.....p1945 Oct
65
101% 102.
1
604 68
60 165 53
60
103 Jan'02
3d pref income g bs stamp° .
103 103
53
54 Feb -09
54
66
1035 Jan 011
ehatt Div pur mon g 46.1931 J:1;
103% 103%
89% Feb'ob
10114 Feb'09
Mao & Nor Div 1st g 58.1946 J-2 1054
100% 101.4
1047
.J'ne-08
107 J'ne'02
At iil ua & AU Div 5s
1947 2-2 10614
...
115 Nov'05
100
100¼ Nov'08
Mobile Div 1st g 54
1011
1946 J -J 109
105 Dec
119 119% 12014 Nov'08
;011 RR & Bot Ga col g 53 1937
10434 105 Mal -01
105 106
1204
122 Nov'08
12734 12614 12734 1..8
Cent ot N J geu'l gold 58.1987 J.
.11 127 128%
101 10111 101
101
26 101 101
Registered
117 127% 127% Mar'011
41987
126 127
1093
Dock
.
55..1911
&
Imp
gu
Am
110
Alar'09
109 110
Foreign Government
Le .fe kind it gen gu g54 19211
Imperial Japanese Governm't
Leh & Willa% B Coal os..1912 1I-N 100
99% Jan 9).93/14 9934
Sterling wan 412s
19
1,2
25
0 F -A I 92% Sale 9214
9234 52 903
Con eat guar 44s. g1910 Q-M 100%
.9334
10014
997 10014
11/1/
.Stle 91%
2t1 series 4128
928 27 894 93
J J t 917
N Y & Long Br gen g4c 1941 M-S 109
.Hale 843
Sterling loan 48
1931 ..j t 847
. 84%
8034 3514 Cent Pazitio See So Pacilio Co
Repub of Cuba fis erten debt.. M.s t1028
Sale
101% 1
CentVermont 1st gu 94.s.e1.920 Q-F
021"1 10134 104
/
41
,
,
33
. 0)2
31
,
2 sai
II 93.
83
23 Mar'69 ...• 83
83
San Paalo(Braz11)5s tr recta'it) J -J
/
41
/
4
051
981
1 1192493's Chas & Say See Atl Coast Line
1899
merle°
g 58 ot
98%
U h 01
421911 A-0 1034
101% elms & Ohio goldes
1034 Feb.01/
103%1034
1954 -D
Gold 48 of 1904
9334 93
1 ,91Z34
53
1939 M-N 11534 1167 11614 .16
let onsolg5a
v.14 94
31 114% i 17
lime are pi lees on the b arts of g5 to Z.
cRegistered
11534 11414 Feb 'Oil
1939 M-N
11:34 1144
State and City Securities
10134 :3ai.. 113114 1017 74 100
Gen landing & impt 541 1928
4 103
1924 F-A 108%
Dist of Columbia 3-65s
110 Nov'08 .
105 Sale 104.
General gold 4 hs
7
105', 15 104 106%
M-13
96
Louisiana new consol 45 1914 -J
1054 Deo'04 ....
Registered
11989822 'XS 102 105% 104 May'Ob
New York CityBig Sandy 1st 48
1944 .14. 104 01
1)0',
1.1014
9014
101% 10134 8
43 temporary reefs Nov 1958 11.8
Craig Valley 1st g 56- 1940 1.2 109
9 10134 106
109 Feb'01)
16
107%11034
.
Sale 101% 1017.
1958 M.N 1017
4% Corporate Stock
91
1.10 Jan '09
Potts Creek Br let 4s 1946 J-J
101%103
90
'JO
4% assessment bonds
.. 1918 M-N
10134 Dec'08
994 Sale
it As A Div lat con g 48 1989 2.2
8914
31)14
911 41004
1957 M-N 11114dale 1114 1113 170 1111.1121.
New 41-28
94
10
1144.1'1.0m
2,1 consols 40
J
-J
1
1917
44
48
1043
.
New
31-N
104%
4 104 10434
Warm Spr Val 1st g 56 1889
41 M.S 107%
113141'13U'05
..
90
449ô Corporate Stock 1957 M-N 1114 1117 11114 11134 32 11141124
1)5 Sep'08
Greenbrier Hy ltitgu g 48'40 11-N
11117 m•N 112,4 104% 10414 104 't
4 V.assem8mt bonits
8 104 1044 Oldc & Alt RR ref g 3s 1949 A-0
7814
7814 784
1 78', 80
102
Sale
Corporate
Stook
1957 M-N
1017
. 10214 1; 101%1034
400
74% Sale 7314
Railway 1st lien 310_1930 J -J
743 16 '134 .76%
110 Ang'08
N -Y state-Highway 48 1958 M- s
73 Feb'09
Registered
J.J
73
73
101
1933
10214 Jan'09
So Carolina 412s 20-40
100 101 1004 blar'09
10214 1024 Clue Burl& Q-Deny D 44 1
5
2
0
2
19
9
F
-A
100 - 100%
9534
settlement
Tenn new
35 1913 .1 • J
9534 b'eb'01" ••
96%
General 4s
1938 M-13 10(134 sale 1004 100%i
90
1,5
89%101
y3 Jan '09 .... 954
31,83
Virginia fund deUt 2-3e 1991 J • J
9
48
3
1/2
Sale
Ul
Illinois Div 31.8
111
J J
83
8714 38
68 deferred Brown Bros Ms.
38
5
1/04 9214 11134 Leo'08
Registered
11411
9 .14
11)4
10134 102% 101% 10214
Ills Div 48
101% 1034
1949
1043
4
Oct
11/6
'0z,
Iowa Div sink fund 54 1911) A-0
A IMAMS Cent See SO By
Sinking fund 4s
IOU Feb'01.
99%100
A-0 100
1-1.1aba Mlttl See At Coast Line
Nebraska Extension 48 1
11)
92
17
1) M-N 10114102 102 Mar'/1)
1014102
Albany & Sus See Deldb kind
Registered
10114 out '1)6
M.N
Allegheny Valley See Penn RR
southwestern Div 45
894100
911 Mar'09
11912
21
7 M-S
99
994
Alleg & West See Batt R (111
Joint bonds See Great North
W 8634 86%
87% 12 84
41995
Abu Arbor 1st g 4s
Delimit-lire 5s
10214
1024 Mar'09
1913
8714
M-N
102
1034
Sale
4
10014
1003
S
Fe-Gleu
101 'be 10014 101%
Atch T &
g 40.11/95 A-0
Han & St J os consol 68-1911 M.8 11).334 1037 10534 10334
2 103% 10334
Registered
. 99
1995 A-0 100 1007
9934
1 99 10014 Ohio& E Hire( di imp g 451955
68
88
Si', 88
1
85 90
94 Sale 94
Adjustment g 4s
114
41995 Nov
4 92
130%
96%
1st consol g 435
Feb'09
1934
lie
A-0
12113.13()
Registered
9214 Feb'09 ...• 0214 9114
411190 Nov
Ueneral cense'1st 50.-1937 M-N 114% 116% ll54 115%
114%1154
9414 94% 11414
Stamped
41995 31-N
9434 17 9214
its,
Registera1
1937 11-N
115 11414 Jan'00
9514
1144 1144
. 1054119., 10214 106
Cony g 4s
1955 .1-1) 11.1434 Sale 1037
Chic Si Ind C lty bit 5(1 1938 J-J 11402
115 Ifeb'W.)
114 115
1917 J-1) 106% Sale 10534 1074 534 1053 1077
10-year cony g 58
. Chicago Si Erie See Erie
86 blat'08
Debentures 44 Serieell 1918 F -A
Chic In Si Louniv ret 64...1947 J.J 1281,130 129 Feb'09
127 129
984 Nov'U4
Series 1
1911 F -A
Reluntung gold 5a
J -J 109 114', .1475 b'eu'u(.
113 114%
94 Nov'06
Series K
1913 F -A
Louisv N A Si Ch 1st 6819
81
4Z J -J 1024.
/024 Feb 09
10214 10214
97
97% 977 blar'08
East Okla Div 1st g 48 1928 M- S
11341s
97
(1111c Mil Si St P term g5s 11/14 J -J
99
1
1.1.; ;
1054
104%
Sale
95%
954
1958 J -J
Short Line 1at 4s g
9514 62 9412 04,
Ueneral g 4s series A .e1981) 1-1 10214
10314 51ar'd9
10941034
At'Knox & N See la& A
103
Registered
•
019811
Oct
103%
'uo
97% 102 944 97%
Atlantic Coast 1st g 40.41952 M- s 97% Sale 97
General g 340series 13 e1089
917 9134 Mar-c9
91.4 1.14
Charles do Say 1st g 74 1950 J•J 13034
••
Chic & L Su Div g 5s....1921 J.J 110
115,
4 out 'uo
12314 J'ne'l/a • Say k'& W 1st gold 138 11134 A-0 128
Chic Si Me Riv Di* 54...19211 J -J 1127.113% 1.127410(0.'09
1934 A-0 112% 116 11214 Jan.'04 ...
1st gold 58
1011
4 1024 10118Jan 'u1)
Ohio & Pao Div 68
1910 J -J
111
1 C:
11414 Not'05 ...
Ala Mid 1st gu gold Ss 1925 11.N 111014
110. 110%
1021 J -J 110
Chic Si P W lat g 54
1094110d.
9614
294 Mar'06 •
Bruns& SV lot gu g 45 193e J -J
105
Dak & Ut So g 5s
10574 Alai'015
1916
105%1057
.
89% 90 Mar'ut)
o1952 31-N
L etc X co/1 g 4s
122
1374J -iy '9:1924 J -J
k'ar Si Sou alisii g us
1.13 %
86
96
9514 Sep 'lie •-•
Sil Sp(Ma & gu g 48 ..11112, J -J
11110 J.J 102% sat. 102% 10..%
liast Si 1) Div 1st Is
10241029i
Atlantic & Daily See South ity
4
1083
101%
Apt
'ye
Dabs
J•J
knatth & N W See sod Paella,
lui)4 Nov 08
LaCrosse Si D 1st 54
11/
11 J.J 10,34
111
934 93% 93%
9334 lb 93
Ualt &(Mm)prior 1g 3%0.1925 J-J
1014 blar'811
1810 j.j 1(114
9414
Mineral Point Div 50
101410134
I-)Registered
1124 93% 92 Mar'011
41925 Q•J
102 101%
1910 J -J
93
113
so Minn Div let 68
101¼ 102
100.
Sale
Gold 45
100%
1007
. 40 10014 101,
A-1948 A-0
1011%19044
1901) .2 10014100% 100% Mar 0u
Southwest Div 1816s
1
99
Registered
994 99
99
41948
lb u Jan -09
99 100%
1921 J -J 110
g5s
&
1093
Div
Wis
Minn
4 110
Pitts June 1st gold 65-1922 J -J 108
120 Oct '01
1054 Ziov'the
Mil Si No let Si L 6s....1910 J-D 102
89
PJun & Al Div lat g 312811/26 SI-N
107
8914 Jan'09
107% Deo'08
1915 J 8914 89%
let condo' 68
PLE& W Vs Sys ref 451941 11-N
9414 116 93% 96
9434 9334
116
11)15 Q.F 110 1i64.i 110
Chic& Northw cons 78
Southw um let g 34e...1925 9114 91% 814
91% az 904 917.
99 J'ne-0.7
1886.1026 10.A 14)04 Loa
Extension 40
Registered
89 Oct '06
- 91
411125
101 sale 101
101
Registered
b'-A
Motion itiv 1st gu g 54-1918 -A 104
.Feb'07
1057
V3
93
11-1 Sale
General gold 5148 1886 19
27
6
88
109 Apr'05
Con Ohio R 1st c g4 48..11130 31-5 102
828 9814 Feb4111
Registered
.
11 i %.m.(1.08
113 Feb'011
ut tor & W con 1st g us 1933 A-0 1133
87
1/ A-0 111t
92
dinkIng iunti 6s 1879
111/
1.......................
Ohio River UR 1st g 56 1936 2-1) 113
11514 Feb'00
l0u34 15 en,4A,
Registered
A-0 1014
1114 Feb'09
General gold 68
108 b-eb'09
11/37 A.0
11184 112
28
1/ A-0 109
Sinking land 5a 187
11 112
879-111
1194 Mar'04
11
.
.
1/.
..: **
Pitts()WY &Tol 1st g 64 1922 A-0 .
1 1 V% Jan 9/1)
11879-1929 A-0 10514
Registered
1194
L004 Mar'ut4
97
Pitts & Wait 1st g 44-1917 J -J
101 Nov'08
t101.1 31-N
Debentme os
...
lot
Lou Nov'04
Stat 181 Ity 1st gu g 4 his 1943 J-1)
11)01.1 31•N
Registered
108 Jan '1111
Beech Creek see N 5 U&11
11121 A-0 14)1)14
Debenture 5s
1133 J
Bellev Jo Car see Illinois Cent.
Registered
A-0
Bkiyu & Montauk see Long 1
.113 l'etP09
1 M-It 11341137
95
23
19
Sinking tund deb 55
Bruns Je West see Alt Coast L
109
J -ly'0e
113
Registered
158.._
M-N
Banal° ISI & Erie See Erie
10214 lieu')),,
19 0 M-S 101.
North Illinois 1st
Banal° It Si P gun g 68 11137 9-13
1111¼ FelP01)
1174 117 14 Feb'09
Mil L S & West 1st g 6s 1921 All-S 119
116% 117'.
Cons& 445
115 Jan'Mt
11/5. M-N
1094 109% 109¼
4 101) 109%
Ext 16 thin sfund g 5s 19211 F -A 115
.A.li & West let g 48 gu itoue A-0 luU
142 4,
tut/ Jan'09
4.12
Ashland Div 1st g 63..1925 M-/3 1224
IOU 100
1213
.
SiCl Slah 1st gu g bs
123 Jai('09
11)43 J -J 11614
103 J'ly'08
1924 Mich Div let g Os
Koch & Pitts 1st g as 1921 F-A
118% 119 Mar'01.1
118%119
Incomes
1911 M-N 101 104 109 sop '03
Consul 1st g Os
1133
4 11414 114 Mar'09
11/22 J-13 1214 122 12114 Mar09
118% 121% eliic Rock 1s1 Si Pax 64 11.117 J -J
Batiste & Southwest Nee Erie
112 4J 14-'08
11117 J -J 11.234
Registered
Bun & base 1st ref g 4s.d11151 J -J
5914 87% Mar-011
1988 J •.1 100 100% 1004 1006 21 1.1)% 101
lieneral gold 4s
8714 90
BurOitSiN Sec 0 It 1 de .1!
9114
1.09% Mar'uti
11)88 J -J
Registered
nin So lst ext
1913 J-J 10634 Sal. 1061/4 10634 16 1064107
11214
1)2% 216. 110% 9936
A-0 925 Sale
Refuntling g 4s
9814.
1913
t.f2(1 5.4
if? J'ly 't14 . . 1,058 U4
102%10234 1014 1018', 2 102 102%
°3
14
0 M-N
Coil trust Series hl 40 19
iteguitered
9634
11/13 t1-13
10214 11.1034 bla)'07
924 Nov'Ou
1/12 M-N
195
J 98
94%
CM-b Si Shawn See Ill Cent
M-N (1414 96 4, 114%
.11
944 944
1/334 11734 WI% Feb'09
Carolina Cent See Seab Air L
1916 M-N
A 4s
11334 9334
934
Carthage& Ad See IN le ectl H
96 Feti'l/a
ori-N
04$
U4
115
1124
66%
Ced It Ia & N See SO Rd,N
84
7 .41-N
19
818
Aug'07
P 4s
78% sal» 78
Can Brandn lty See Alo Pao
V.% (140 76% 814
Chic it 1 Si Pao RR 48_2002 M-N
Cent of (Ia RR 1st g 58.41945 L1'-A 115
116% Feb'09
2002 Si N
65 Aug'Oe
Registered
1151411614
11145 31-N 1097.1104 i097
Cousot gold 158
. WU .1F
7 10814111
1915 11.13 89% sale 88
Coll trust gold 54
3934 1SC .8114 934
Registered
1945 11-ti
113 Apr'06
Bur 030 it As Northern1st pret income g 6s....p11/45 Oct
79
711
80
79
116 Feb'09
Con 1st & col tr g 50. 1934 A-0 113 '
116 117
78
Leo'08
Stamped .
1934 A-0
Registered
120% Mar'03
60 •bo
2u prei income g 64....p1945 Oct
64
1074
65
(3- 63
CR1F & N W lstgu 58 1921
664
Ill No.
006
66 Sal. (55
2d pi ef income 2 6s stamped
126
85
1 60
J-1)
65
1927
76
& St L 1st gn g
Ask
10114 102
1011
,
101 101%
101

J..,

1.61'1_,:

ItiCE1LANE011n 11(1 1)----Contilineil on ext. l'azo.
street Hallway
Street Hallway
Brooklyn Rap Tr g 54
1044 105 10414 1044 2 1044 105
1945
Met St 1:y gen col tr g 65.1997 F-A
84
85
85 Feb'O.
8114 88
1st refund cony g 4s
88% dale 83%
2002 J -J
834,242 8114 85%
1002 A.0
Rat g 44
OtS
68
57
03%
68 Fob'09
13k City Imam 50.11/16 1941 J .2 10214
102% 102% 1 10214105
ISWilyec 7th AvIstogos 11143 J -D 105 Halo 103
7 103 105
105
Bk Q Co& Soon gag 66 1941 8.5
91 Oct'OS
93 101)
Col&
4 191 1024
Av 1st,gu g 58.1993 3I-S WU 1014 i(/1 4 101¼
13klyn Uu RI let g 4-50 11150 F -A 1024 Sale 101% 10214 132 10034 103
Lex Av& P Fleitgu Os1993 M-S 1014 101% 1014 10114
It 100 1024
Stamped guar 4-68„...1950 F -A
103 10014 Nov'06 .• • ...
138
Third Ave RR eon gu 48 2000 J -J
118
68
1 68
71
Kings Co El let g 4s....11141 '
853
b -A
. 9614 86 Feb -09
86
86
65 67
68
67 Sale 67
Cent Tr Co certfs
..
714
Stamped guar 4s
8714 87
87
674 11 85
1941) F-A
8714
109 111 110 Feb'();,
Third
64..11137
Ave
J
Ry
109%1154
lat
g
Nassau Ewe gag 4s.. .1951 J -J
7734 81% 8114 Mar-01.
7814 82
Met WS El(Clue)1 et g 40.1938 F -A
1134J'ly '01Conn Ry& List& ref g4
.
10134
4s'51 3.1 10l'1
102% Feb
023.
91.1 • •
102N
Ity Si Lt gen 4128 ..11133 J • J
Stamped guar 4128
102
102
1951 .1
5 101%192
Nov'08
8
98
78
31-N 100
812 SP
JO3 Ity Lt
St
P
Os
1st
Si
g
Den COu Tr Co let g 58...11133 A-0 98
95 J'ne'00.
1 104 Nov'06
Paul City Cab con g Ga_11/37 J •J 105
86 mar'09 •
Del United let con g
,.11)32 J
8114 85
40 A ng'08
ndergrotuid
31-N
68...1921,
of
Lon
Havana Elec consol g 54.1952 F-A
89
139
89
1 89
89
4 128
81
Inter Met coil 44s
. 797
.67u 1614 81% • Income 60
.Stu. 773
1959 A-0 777
71)
. 7
28714
4laar
27 Sa1
27
1.
)78 15 'J732
81
1948
Inter nap '.11 3.yr cony 98.1911 M.N 10314 Salt. 1034 1033
.113 10514104
84 Oct 'us
Union El(Chic) 1st g 58-1
45
3
"
3
9
.
.....
1
Internal Trao colt tr 44 1949 J -J
724
72-..
7214 11) 72% 721
73 1{M'09
74
: United RRs San Fr s r 48.11127 A-0
74
72
Manila Elec 1st & coll 38.1953
95 May'06
S
United Rya 13t L 1st g 48.111;34 .1•2
86 Feb'09
8714 88
9414 85
42lo price Fralay; latest this week. 11F1at. aline Jan a Due Am- e Due
.olal spas J'Re ADue 4.
Aeons Aar Mine Out ii Due Nov 80 Rion Sale




13'

MAR.20 1909.
N. Y.STOCK EX cif A N(4E
WEEK Emmen MARCH 19

733

New York Bond iteCOrd-Continued-Page 2
J-rice
Yriday
March. 19

W eels'
Range or
Last Sate

Since
•January 1

Ift) Ii
N. Y. STOCK EXCHANGE
WEEK ENDINO MAECH 19

ts

=.14:

Price
Prtitay
March 19

Wee s
Rance or
Last sate

•?-

flange
Since
January 1

II atm At- tow Jily4
484 Low
lila
/Ito No tow High Erie-(Con)
liu.
Atos how
con)
4
/
Ohio Rock 1 & P
101 1071
108 10719 Feb•011
Y Sus & W 1st ret 58.1537 J•J
......
. 102 Aug'"
4
/
Choc Ok & (I gen be .o19111 J •J 1021
Dec'Osi
10014
-A
F
21 gold 4'9e
4 112 107 Nov'Ob
/
•
1952 M-N 1101
Consol gold 56
9034 92
5034 Mar'09
89
General
gold
5s
105
194,
103
Mar'05
105
4
1
Keok & Des 51 lat 56
192.; A-0 105/
11412 Dec'1.)8
Ternnual 1st gold 5s...1943 M-N 11314
Qhiostb&N0 See III Cent
Regis $5,000 each...1943 M-Is
4
/
01110 St L & Pitts bee Penn Co
1 101% 1021
102
102
102
Sale
4-0
Mid
N
Ititot
J
lstg
65.1911)
130
130
4
/
& 0 con 6.1-1930 J•) 130 1301
Ohio St P
101 102
102 Jan '09
1024
Wilk & ER let gu g 56.194'2 J
93 Dec'03
Cons Os reduced to 310.1930 J.1)
10941124
11219
Fe9'99
& Intl 1st con tru g 68..192t) J -J 112
1294 Jall'W
Oh St P & Mimi let g 6s 1918 M•N 129
Erie 83 Pitta See Penn Co
,Mar'04
1203
,Nor Wisconsin 1st ds 1930 J -J 1244
......
4 Jan'08
/
1121
Evans & '1' H 1st cons 6s 1921 J -J
118 Deo'05
St P & S City let g 18-19111 A •0 115
.....
J'ly
4
1
/
102
1st general gold 68
1942 A-0 102
112 11219 Deo'ob
Ohio& West Ind gen g 6609:42
114 A pr'05
4-0 108
Mt
1923
gold
Vernon
1st
Cfs
98
1/0%
Idar'tel
4
/
971
97
Consol 50-year 4s
1052.?!.;
90 J'ne'Uts
Still Co Branch let g 58 1931 4•0 0634
Chic & W Allen see Pere Marq
kargo as So See Ch 51 & St P
()hoc0 do (lull See C 1 db
I lint& Pero 51 see Pere Aar
113 Oct '00
Ulu Ai 83 It 21 gold 4'.s 193? J -J
4 Fla C& Peum bee Sea Air Line
/
95 1021
1024 10214
(Jin D & 1 let gu g 5e 1941 M-N 102%
105 Mar'95
Fort St U 1) Co 1st g 410.1941 J-J
78
4
/
4 1161
/
4 8 115351171
/
CFhnd&FtWFttgu4su.'33 31-N
4 Sale 1161
/
Ft W & Den C let g6& 1921 J-0 1161
70 A ug'09
81.4
Oin 1 83 W 1st int g 48.1953 J•J
88
85
58 Mar'09
89
88
It W& 1110 Cr let g 444 1928 J -J
'01)
Jan
4
/
901
101
Deo
W
g
lst
5s 11435 J -J
Did
al
&
See
Pac
A
Liar
So
Co
'02
Deo
4
/
1071
lst guar gold 5s
913 Sep On
1935 J-J 101
lral 1141 Hot 1882 let 58.1913 A-0 99
0 IStL.3b (4 See 0 e&tit.L
Georgia & Ala See sea A Line
OinS&C BeetICOStL
Oa Car & Nor bee Sea A Line
Olearlield & Mali See 11 It & P
97% 5 9714 987 Georgia Pacific see So Hy
974
C83)tL gen g 45 1993 J-D 9714 98
Olev
(411a VU & Nor See So Pan Co
95% 96
95 Mar'09
95
Oalro Div let gold 46.-1939 J-J
(40uv& Oswegat See N Y Cent
4
931
'Or
Oct
954
Chi W & M Div 1st g4a.19111 J • J
15 95/
4 9734 ()rand Rap & Ind bee Penn RR
1
96
96 bal. 96
St L Div 1st col tr g 4s l9i10 14-18
Gray's Pt Term See St L S W
91 Oct '07
98% 581 974 994
1119u 31-N
Regietered
98% Hale 981
4
/
Ut Nor-C 13& Q coil tr 4s 11121 J J
92 Feb -08
4 11)
/
971
§pr db Col Div lot g 4e 1944/ 31-S 96
98
98
118
Registered.
1921
Sep '06
98
W W Val Div 1st g 46-1940 J -J
Jan '04
Greenbrier Ity See Cites & 0
105
106
'Oc
Oet
0 1 St L & C ()ousel 68 1920 M-N
95
100
-J
J
Gulf
Os
81959
4 51ar'09
/
4153.11stret&tg
984 1)819
4 1181
/
98 19 991
k1936
let gold 4s
LI an & St Jo See C 134119
1)7 s set 'oz.,.
97%
k1936
Registered
ousatomo See U IN 1141 1-1
110 Dee '1)8
Oln Jo CI con let g 56-1925 •J 1USeig
10734 100
71 104% 109
flock Val 1et consol g 44
0 1991) J J 107%
11434 Sep'0,
4Sep 'Ms
/
1001
1914 J -D 106
00 do 1 consol 76
Registered
1999 J J
1914 J-14
4 Feb'09
/
Consol sink fund 7s
1)84 98%
981
A-0
984
Col
H
&
1st
g
V
est
45
Nov'08
1945
130
97
994
904 b 01)410
General°mum( gold 615 1934 J-J 128's
11104
Col & Tol 1st ex 4s
1955 F- A
1934 J-J
Registered
&
[boost
E
W
So
Tex
'08
See
Pat
J'ly
94
Ind BL & W tat prot 46 11140 A-0
&
Cen
See
Tex
[Lutist
Pac
So
Cu
103%104
104 Mar'013
0 Ind & W 1st pt6s...s111135 Q-J
94
93
9434 Meets'
9.3
94% Illinois Central let g 45 1951 4-) 104'4
Peo & East 1st con 40 194u A-0
A Registered
1951 J -J
40
42
41 Mat'011
66
44
199) Apr
income 48
31-N 10014100%
155)._1955
46
ret
(when
1st
4
/
931
Clay & Marietta See Penn It0
let golu S'914
1951 J -J
Olev & Pitta See Penn Co
1951 J -J
Registered
16 80
844 Sale 844
85
87
1047 J
94% 9434
Col Midland 1st g 48
14 17
143
94
A-0
Extended 1st g 34s
1951
4 98
1
08/
99% 19 974 09
91'90
437: i
sjA:
s 13
euliu
Colorful.)80 Sou let g 48-1929 F -A
1st gold 38 sterling
1951 M-S
99% Sate 1493
. UUN 103 111334 1001
4
/
1936 M-N
Belund db ext 448
100(410019
4
/
A-0 1001
Coll
gold
Trust
4s
1932
98
10014
(Joluin & Greenv See so ity
1952 A-0
Registered
1 IOU 101%
Cot & Hock Val See Hook Va.
41014 101% 1.01
/
L N U & Tex gold 4s _11153 51-N 1001
97 Marti.
Col & Tot See Hock Val
31-N
1'483
Registered
9919
1#' 1,,.
1 'J9 12 991
001 COLL 83 Term See N
4
/
•D
J
99%
Cairo Bridge gold 46
11180
Conn & Pas Rive 1st g 46.1043 A-0
9u‘.4 oU
90
4 92
/
891
45 1953 J
1
LoutsvDiv&Term g3/
1)5
95
95 Jan'09
1952 J•J
Cuba BR let 50-yr 5 g
123
...
F-A
Middle Div reg Os
1021
& St P
I lak & et So se4
;11 "49 5‘.
"
7842 AAII
713
1981 F•A
Omaha Div let g 3s
AJallas & Waco See di K &
?US, Dec'ob
71)
St Louis Div&term g 33 1951 4-4
Del Lack & Western4-4
774
19:11
Registered
1144 114%
1144 Feb'09
Morris& Essex lst7e 1914 M-N 114
90'-, Dec'08
4
/
891
Gold 34e
1981 J-J
117 1171
4
/
1915 J-D 119%117% 11719 Feb'OP
let consol guar 'is
40ot,'99
/
1011
88
1981 11-4
Registered
4
/
127 J'nellt.
111.1.5 J-1) 1151
Registered
ev'uu
100
-J
J
831
Spring Div let g 310_1961
93% 93%
146'4 9:3% Feb 09
2018 J -0 94
1st ref gu g 3126
100)8Jan 'ut.,
1004 100
F-A 100
1951
48
g
Lines
Western
1st
1feb01)
•
•
140%
121/%121
119%1204
Y Lack 83 1/31 1st 66-1921 J -J
121 121
121 b
4-1)
118
1925
08
isellev
&
1st
Car
4 Instelni
/
112 1124
1923 If-A 1124 112% 1121
98
0t)
98
Construction 56
M'S
1.8
Carl,& Shaw 1st g 46 1932
99%
101)1410014
4 Feb'Ou
/
1001
11123
4
/
11941191
Term 83 improve 4s
4 121 11)19 een'ut)
/
4-1) 1181
&
g
L
0
St
N
58-11151
Chic
11.).Z
114
1111 119
119 Feb'us.
Warren lst ret gu g310 20M) le- A
-It
1951
Registered
1214 Apr'08
b'eb'siu
LIU
00
130
061 S. Ilud 1st Pa Div 71E1917 .31•S 1214
4-D
90
4s
/
1951
Gold 31
4
/
149 ttugq)1
1917 31-S 1191
100 Alarq).
Registered
Memph Div let g 413-1951 J-D
102'-, 119 101 1021
4
/
4 103 102
/
1943 11A-N 1021
138 j'ly'05
1st &rot 4s
St L Sou let gu g 4s. _1931 31-6
100
12 100 1023e
11111) J -D LOU Sale 100
10-yr cony deb 48
Ind HI& West beec'CC&StL
11)319 104 Dec'08
:16
98 Feb'01
1922 J -J
98
99
let lien,equip g 4'is
J -J
la
11150
Ind
g
46
III
lot
4s
974
97
171)4
6
97
4 Ian
/
.31ar'51l
I.10 110's
1946 A-0 971
4.5
1
cony 3/
Alb &
lut & Great Nor lstg 68 1919 M-N 11014111 110
..
129 Nov'023
85
87
80:
tb4ii
8019
Rene 83 Saratoga ist 70 11321 M-N 129
gold 58
1909 31-5
2.1
60 Oct'0.
4s)
Vet my tut Bridge See Pa lilt
31 gold 48
1921 31-5
9719
4
/
981
96
974 974
10941114
11014 110 Mai'sh
Deny & R Or 1st con g 46.1936 J -J
Iowa Central 1st gold 58 1935 J-1)
4 106
1
4 Febln" • 103/
/
1936 J -J 10)1910)3 1031
M-S
Consol gold 44s
4 .11 7534 52
/
791
79 Sale 7834
48
Gold
1951
4
/
1521
4
4
/
1013
4
/
3
1031
1021
4
/
1041
improvement gold 56-11125 J
RR
ellerson
J
See Erie
1)41
4 Salt 1)4'e
/
.202 92% 95
944
1955 F•A
1st & refunding be
iz al A & R bee L &
b
Felt'05
Rio (Jr Juno 1st gu g 56 1939 4-0 104%
Mau & Mich See Tot & 00
76 Dec115
Rio gr So 1st gold 43- 1940 J -J
K C Ft S & 31 See St L
85 Mar'05
1040 J -J
Guaranteed
It & 13 See st L ea S
K C&
98 Mar119 ••
9134 98
Rio fir West let g 44- 1939 J -J
Kau C & Pectin) See M K &'1
4
/
851
Inge and col trust 48A 1'34t1 A-0 81519 Sale 55
751
4 42 72% 754
/
Kan City Sou 1st gold 38 1115U 4-0 75 Sale 75
95
97 Jan'02
Utah Coot 1st gu g 4s(41917 A-0
63 Oct 'Uu
195u A-u
Registered
Des )Loi& b't It see 51 & st
N
Kentucky Cent see L&
1051
4 107 110 Sep '04
/
Des Mot Uu Ity 1st g 56-11117 M-N
Kook & Des 510 See C R I&
95 Jan 'lit)
94 100
95
95
yet & Mack lot lieu g 45.1995 J-D 88
Knoxville & Ohio See So ity
88
110
90
88
88
1995 4-1)
4 11 112%1144
/
1141
Gold 48
114
uke Itrie & W 1st g 56 1937 J -J 113'2
19714 Mar 01)
H4744 107 12
Detroit SouthernIt
21 gold Os
1041 4-4 107%
Mar'09
82
82
80
73
814
M-S
4 114'4
/
1121
Oluo Sou Div 1st g 48 1941
4 114'4 113% 1febq01
/
A-0 1131
114
g
North
1945
gu
01110
1st
56
Feb'011
113
1141
114.
110
4
/
Dul & Iron Range 1st66-1937 A-0
L Sho & Mich S See N Y Cent
1064 Itar'Ob
1937 A-0
1064108
Registered
107%
J -J 107%
Y
g
1940
N
gu
Val
let
445
Leh
1916 J-J
21 66
108 Oct '05
1940 4,4
Registered
97
Dul Short Line See Nor Pao
97
97
4 Lehigh Val(Pa)cons g 46 9003
/
11012 1101
1104 Feb'Oli
11b34 118%
•4 1104 118%
Dui So Shore 83 Atl g58-l937 44 111
A-0 11719
1941
Ter
let
56
V
g
Ity
gu
Leh
'91,
Oct
101)-,.
L'ast ot Minn Nee t. PAL 04, 31
11614
A-0
Registered
1941
4 J'13-'05
1
1199.at Ten Vs& Oa See So Ry
107/
Leh V Coal Co let gag 06 1933 J -J
Feb•115
1124112k,
1124
4
1133
ICIgin Jot & East 1st g 56.1941 M-N
3.17 May's..5
Lou & N V 1st guar g 4s 11145 IIElm Cort & No See Leh& N
1945 .31-5
Registered
4 MaY'08
/
991
1947 M-N 100
Erni let ext old 4s3
11319Jan 'us)
A-0 102
C
El
11414
N
&
p168
1st
Apr'08
1044
31-13
1911)
21 ext gold Sis
4 Jan '04.,
1
105/
1914 A-1) 1014
Uold guar Os
4 Le444
/
4 Feb'Ou
/
1041
1041
11)23 M'S 10319
3d ext. gold 44s
Leh S. Huts R see Cent of N J
105 19 Nov'05.
11,20 A-0
4th ext gold 156
J
N
it
&
t;e01.0t
tikes')
Leh
see
91
'09
97
Jan
97
1925 4-1)
6th ext gold 46
, Leroy & Caney Vas See blo P
4
/
L2241247
1920 11-S 122 124 12214 1221
let ootisol gold?...
Lung Dock see Erie
122 121 Oct '05
1920 M-S
1st cousol g tund 76
110 111
Ill Jan '01/
901. Long 180d-let con g 55 41931 4-1 112
85%
86
85
11
bale
4
863
Erie let con g 4s prior-n:16 4
97%
411131
tat consul gold 414
711 Jan'05
Row:merest
114146 J -J
96%
06... 5 SU
4 Sale i6'9
/
961
1938
General gold 413
4 67 6101
/
4
/
71)1
4 771
/
4
1
70 Sale 6)/
let coulsot gess lieu g 48 11)116 J -J
4
/
,004101.11
luu Feb'u9
1322 m•b 100
4s
/
Ferry gold 41
8519 Feb's),
Registered
WM; J -J
'uts
Oct
994
4-I)
90
11432
tioht As
1
791,, 7 75'4 85,
'79
j'euiicohltr g 45
1951 F-A
931.3 1(419 Dee,'Un
1949 Mdi
5010 45
Unified
63
'ii
15
'63
65
624
A
4
4,
A-0
cony
1953
-year
60
1044 litu'U,
1934 4-1.) 10334
Deuenture old 5s
51/
1,9
34 OS
(10
SeriSeries14_1953 A-0 51) bulb 58
UO
U'i
4 3.031
/
4 9.3
/
1949 M-S 961
Guar rel. gold 48.
111 Aug'05
141 Erie let 78 1916 4-b 115
Bun
M-S 1024
g
1st
65-1911
Mont
&
likiyu
31iir'oll
115%117
•
•
.
1164
2
1
116
116
gold
M•N
let
56
Erie
1982
Ohm &
Decor
101%
M-S
101
1911
5,3
let
121 Dec'Or •-.• ......
()Lev & Mallon Val g 58 11135 4-4 110
4.Notr'ut.
/
1101
4
/
.27 12814 • II& MB let eon g 581113h A-0 1041
1284 Mar'09
Long Docic consol g 6s 1935 A-0 12819
105 Apr'0.
98
1927 31-S
N V & It B let g Os
20 120
120 Alat'01)
Coal& RR let cur gu 68 1922 M-N
Nev't)t,
109
102'4
gu5s.193k
g
Q-J
coo
1st
Slits
Nor
106 Is'eb'ols •.• MU 156
Dock & Imp lst curtle 11413 J -J 11)64
....... 90
.1))
99 Jan 'fib
Louisiana & Ark 1st g 58.1927 51-S
108 108
iu8
N 7 & Green L vu ir 58,19411 StN 1012 110 108
eau.,
Aext
oil
AleiCELLANKoUrs litIND93-Centinuess

.U6 '14K
...

•

Full;

J-J

t•ns ams Electric Light
Atlanta U L Co last g 513-11)47 J -D 101 14
[00'9 10658 4
411111 let con g 58.1040 M-N 100%
likiyu
11101) M124 Feb'Us.
Cony tieben 614
60 leb'ulf
A-0
(32
11.44;
09%
be
Gas
g
1st
Buttalo
165 lsec'08
11/011 4.4
Comm.( Gas conv deblie
1923 J
1014 101, 10114 Marla)
Detroit, Uity thus g 6s
961 stip '08
Let bias Co con 1st g 66_1919 F -A
lid Mar'05
1024
Eq It 1..131 I let con g 614-1932 M.
4 Oct '01
/
011
(las& Mee Berg Co c g 56.1949 4.1)
84 Jan '09
83
79
lien Electric deb g 348_11142 F-A
4 1391
/
4 10
/
139 1381
1917 J-D
10-yr g deb 58
985 101 107% Dec'00
Or Kept)) L. Co 1st g 68_11)15 F -A
102 Jily
Hudson Co Gas 1st g 5, 11140 M-N 104
Deo'06
Kan city(hi0)Gaff ist g 56 1922 A-0 94
Kings Co El 1.41 P g 6+4_11)37 A-0
4 100 Jan '00
/
tt197 A-0 113 1161
Purchase money Us
88 Sep '08
90
Eta El 1.1Bk u Hamm g 4s19131) J -J
92 Aiar•Oit
92
93
Milwaukee Gas L let 48 1927 M-N
-Au price r riday; latest wit and asked this week.a Duo Jan o it




(laps and Electric 1.4410
. 104% 11 102% 105
Lac Gas Lot St L lstg 55.0.919 Q-F 104% Sale 1.049
lo0/
4 1014
1
4 blar'09.
/
1934 4•0
101 1011
Rot and ext 1st g ds
4 1011
/
4
/
101
-0
130 1001
100%
J
5s...11148.
100191(11
g
X YGELD 83
119 124
4 554
/
20 831
83
54% 80
85
Purchase money g 4s...10.19 F-A
63
60
1007s Salt 10074 100,
, lb 100 100%
Est El ill 1st cony g 56-1910 M•
111 lit
1998 J J Ill
111 Mani)
1st CO11801 gOla 85
100 4.• 1011
4
/
21 97 97
97
07
N Yd3f4 El 143P let con g 531031' F-A 95
,
Dec's)
.3i-N
5s1921
100
Gas
g
100
1st
Rich
cf.;
N Y
10434 S"3-'
05
Pat & Pas1.s41ECongSs.1941, M.S
1111 121
4
/
4 11:3 :20-4 1201
/
['Co uas & 0 1st con g Us.194) A -0 1201
84
84
10234 1034
1947 31.1 1034
iO3 leb'ili
Itetunding gold ós
136 140
103 1C4
104 Fetf'09
Ingo Os 1937 J -J 10334
eke
011.1•1,41
......
1
144,
01130-yr158'36
&
Gas
IndNat
..
0)3
1 1111% 103
eon ti• Coot Ch 1st gu g 65.'36 4-0 102 404 103
101 Nov'09
Mu Fuel Gas let gu g 5s.1947 51-N 101
4-1)
97
56.'51
g
1st
Lighting
Syracuse
IOU 100
110 3igs
CreuTA01(i ea El 1st g os 1949 M-b
4
/
4 1021
1
102/
r 9
102 Ma'
4
/
Westchester Light'g g 58 1050 J-0 1031
1
92
112.
.o.on Lulle
0110 .tpr *Due .3tey 4 Due . ly e Due .tug u Due -ict I Doe
a.

103

107

734
BOND:.
N. Y. STOCK EXCFI A NOE Z.0
' Wage hINuitie 24ARCI1 19
V:

New York Bond Record-Continuud-Page
Prize
Friday
twolt 19

Week's
Icange or
Last Sale

Range
Since
January I

BOND?.
N. Y. STOCK EXCHANGE
Warm Erripueo RIARcH 19

3

1"rice
14.2
r. t
Friday
, March, 19
4:93

[VOL. LXXXVIU.
Week's
Range or
Last Sale

Bang*
Since
January

Bid
Ask Low
High No Low Birth, N Y Cent & H It--(0ontinuee
Bid
Ash Low
_High No Low itligh
i
Louisv Neatly gen g 643.1930 J-D
1161
,
117 Mar'09
117 1171
/
4
Oonv &()awe 1st gu g 5s 1942 J-D
1937M-14
Gold 6s
11634 116% 1l64
110 11634
Moh & Mal 1st gu g 48..1991 91-s
98 Al at'03
9912
1940 J-J 101 Sale 101.
Unified gold 48
101
13
1001
/
4102 14
NJ Juno It fru 1st 43._1986 F- A
105 Oct'02
1940 9.
Registered
99
10114J'ly:06 •
N Y Si Harlem g 3/
9614 Oct '19.
1
43.-2000 M-N
1910 A•0 101 104 105 J'ne'08
Sink Lund gold 63
N Y & North lst g 58...1927 A-0 110 1173210732 Aug'08
1931 M-N 110 112 1094 Feb1111
Coll trust gold 5s
14183 10934
95
N
Pu
Y
&
1st
A-0
100
eon
gm
sep '03
1993
g
43
48.1923
A-0
100 10012 100
5-20-yr col tr deed g
100
97 1001
/
4
Nor & Mont 18t gu g 53.1916 A-0
E H & Nash 1st g 63-.1919 J -D
111 Jan'09 •
111 ill
Pine Creek reg guar 63.1932 5-0 127
1311
/
4 Jan '09
1313213132
• L Cin do Lex gold 412s 1931 )4-N
1074 Feb'09 •... 10734 107%
R W&0con lstext5s.h1922 A-0 110 112 110% Feb'09
11034 1i059
12214
41, M 1st gold 63.-1930 J
NO•
122 Oct'08
Oswe & It 2d gu g 5s...61915 F-A 100
105 Jan '01.1930 J -J 119
• N 0 & 112(1 gold Os
120 Jan'09
120
120
R W&OT Rlst gag 53.1918 M-N
Pensacola Div gold ds 1920 M.ft
10714 Aug'06
Rntland 1st con g 41
103 Sep 'te/
43_1941 J -J
1921 M-S 114
St L Div 1st gold Os
117 Mey'07
Og&LChain 1st gu 43 g1948 J.J
91
93
93 Deo'03
1980 M.S 68
2d gold 3s
75
621
/
4Aug-'07
Rut-Canad 1st ga g 43.1949 J -J
90
11034 Jan '01)
1)034 9034
AM-Knox & Cin div 48 1955 M-N 96
9632 9614
961
/
4
95
9612
St Law & Adir let g 53. 1996 J -J
115 Feb'09
115 116
At! Knox & Nor 1st g5s1944i J •D 6 113%116 116 Ply 06
A-0
gold
2d
63
135 125 Feb'03
1998
Header Bdge 1stst g 66.1931 11.3
110 Jan '09
110 110
Uticsa & Blk Rivgug43.1922 J - J 101%
1031
/
4 Dec'08,
Kentucky Cent gold 43 1987 J -J
1981
/
4 9834 9812
991
/
4
96
9834
Lake Shore gold 31
/
4 Sale 115
/
43-.1997 3-fl 951
954 10 9132 96
L&N &M&M.1stg 41231945 41.3 1041
103 .Deo'08
/
4
Registered
1997 J -D 9334 941
/
4 1)434
94 14 8 11334 9412
L& N-South M 'cant 43.1952 J -J
911
/
4 Mar'09
88
9132
1928 34.9 9534 sate 9532
Debente.7e
g
48
9632 34) 95
97
N Fla & 6 1st gu g 6s. .1937 F-A 113 114 1151
/
4 Mar'09
11514 11514
,7931 M-N
25•year g 4s
9532 sale 951
/
4 953
, 67 96
N&C Bdge gen gu g 41;1945 J -J 105%
96%
Ka A & G R lstgn o 58.1938 J•J 10934
Pens & Atl 1st gu g 68 1921 F-A 10834
109 Jan '09
109 109
Mahon CI RR lst 56_1934 J-J 11332
109 Oct '4)7
S & N Ala con gu g 53-1936 F-A
11434 1151
/
4Feb'09
1123211532
Pitts & L Erie 26 g 5s.a1928 A-0
100 MarOb
L & Jett Bilge Co gu g 43 1945 M-S 94
9132 Jan'08
...........
Pitts MeK di, Ylstgu 63 1932 .i-i 125
1301
/
4 Jan '09
LNA&Ch See C I & L
Piol;
2d guar 6s
1934 J.- J 12612
hi:Ilion Coal See LS& MS
MoKees&
B V ling Eis 1918 J.,-9
manhattan Ryconsol 48.1990 A-0 991
.
/
4 39% 99% 9934
,,„,
98 100
Mich Cent 1st consol 66 1909 AL101 .5'06'09
Registered
1990 A-0 97
101 101
.""
104 Apr'05
......
• 58
1931 M-S 11534
114% Oct 08
Stmpti tax exempt 1990 A-0 99% dale 99% 1001
/
4 81 99%1001
/
4
Registered
1931 Q-M 112
119 1'ue'UtI
I' Cent
MOR'pc & B V See
45
100Iti Mar'01)
1940 J4 994
1001
Ilex Cent cons g 4s trust recta
/
4 1001
831
/
4 85
/
4
84
84
1 82 85
Registered
106/
1
4 Nov'Ol)
1940 J -J
21
1st cons ino g 3s trust rects
23
211
/
4
211
/
4
21.1
/
4 26
J' L & S 1st g 31
In) J'nein/
4s
1951
91-S
19
2d cons ino g Os trust reels_
21
2034 Mar'09
2034 241
923
/
4
lst g 3123
1952 M.-N 9232 93
7, 2
9
,38,
blex Internet 1st con g 48.1977
9064J'1,y'01
Bat C & Stnr 1st gu g 33 1989.
Stamped guaranteed....1977 M-13
-0
80 Feb'08
N Y Chio& St L let g4s 1937 A-0102 Sale 102
102 1 14
1 19
00
1 19
Biex North 1st gold 63.-1910 J •D
0 5814
99 105 May'09
Registered
100 Sep '08
1937 A-0
Mich Cent See N Y Cent
Debentures 4s
/
4
/
4 931
9332 931
1 91% 931
1931 M-N
lifid ot N J See Erie
/
4
West Shore 1st 45 gu 2361 J -.I 1031
/
41031
/
4 103
ii 103 1041
10332
MIILS&W See Chio & N W
/
4
Registered
2361 J -J 1024,Sale 1021
/
4 1031
/
4 5 1011
/
41031
/
4
hill & North See Ch
& St P
N
Y
&
Greenw
Lake See Erie
Minn & St L 15t gold 78 1929 .1-D 13332
1331
/
4 Feb'09
1331
/
41331
/
4 N Y & Har See N Y C & Hud
Iowa Ex 1st gold 7s
1900 J-D
101 Deo'08
N Y Lack & W See D L & W
Pacific Ex 1st gold 63 1921 A-0
118 Jan'07
N
Y
L
53 & W Bee Erie
South West Ex 1st g 7s 1910 J.0
11314 Mar'05
N Y& Long Br See Cent of N J
lst consol gold 53
/
41111
/
4 Mar'011
1934 11-N 1101
/
4 1111
109 1111
/
4 N IN H & H-Cony 63_1948 J.J 1341
/
4 1341
/
4 134
1344 7 13334 13539
1st and retund gold 43_19411M- S 85
8514
851
86
/
4 *1! 841
/
4
87%
Cony deben 31
/
4s.
981
/
4 Sale 98
1956 J -J
931
/
Des 51 & Ft I) 1st gu 43.• 235 J-J
4 35 9732 100/
97 Apr'06
1
4
Housatonic It con g 68-11)37 11•N 117/
1
4 120 11812 Dee't),
Kinn & St L gu SeeBCR&N
N
H
Derby
&
con
cy
60.1918 M-N
111StP&SSMcong4tutgu'38 J -J
99
100 Mar'09
99
/
1
4
100
N Y & North See N Y CI& li
M.SSM&Alstg 4 intgn 1926 J-J
91) Mar'09
99
99
N Y 0& W ref 1st g 43-g1992 91-S 9834 99
18 98
Minn Un See St I'M &M
9934
393%
99
Regis $5,000 only
101 91.1
g1992 91-S
ado Kan & Tex 1st g 43-1990 JD 9934 100
......
9934 100
'
193
'
0U
17 98%1001
/
4 N Y & Put See N Y C& li
,2d gold 4s
8634 Mar'09
86 87
gi4190 1f-A
SON 8832 N Y & R B See Long Island
1st ext gold 53
109 108
1944 11-8
108
1041
/
4 101)1
/
4 N Y S lis W Se4 Erie
1st &I refund 4s
/
4 87
2004 11-S 87 Sale 351
34 3334 871
/
4 N Y Tex db M See So Pao Co
. Gen s 1 41
1)1'2 91% 9134
/
43
1936 J
911
/
4 31 14014 9332 Nor & South
1st g 6a
1941 M-N 101
991
/
4j'ne'OE,
891
St L Div 1st ref g 4s
/
4 Max-'09
2001 A-0 8634
891
/
4 891
/
4 Skirt & West gen g Os
1931 M-N 1271
1271
/
4 Mar'llii
/
4
Dal & Wa 1st gu g 58 1940 M-N
1101
FR-6;128
/
4 110 Ilar'04110 110
Improvem't
&
ext
g
1934
F-A 12712.-----120 Mar'09
68
Kan C So Pao 1st g 4s 1990 F-A
1)3
9334 93
93
129 129
1 93 93
River
New
1st
g
A-0
63
1932
127
128 1281
/
4 betruk)
Mo K & let gu g 63 1942 A•0 114 115 11412 Feb'09
1281
21281
/
4
113 1141
/
4
N & W By 1st con g 4s 1996 A-0 99
41 961
111 K & Ok 1st gu 5s
1942 M-N 111 112 111 Mar'09
/
4 991
Sale
/
4
u934
108 112
93
Registered
1996
A-0
91
'07
Sep
1081
/
4 1091
• K & T et T 1st gu g 63 1942 11-8
/
4 10834 108%
-1 106 11.0
Div'l
lstl&
gen
g 43- 1944 J •J
9334 sale 93
93 .- 44) 93 95
/
4
100/
1
4 J'ne'08
Sher Sh & So 1st gu E 53 1943 j-D 1081
10-25 year cony 43
/
1932 3.1) 1161
4 c•-ait 96%
1931
'
/
4
.65
/
4 Feb'09
9914
Tex& Okla 1st gu g os 11143 11-S 109 111 1111
981
/
4
.
108 111%
Pocah 0& C joint 4s 1941 J-0 913k Sale 91%
91",
/
4 1151
81)/
1
4 92%
_1920 11-N 115 11512 1151
/
4 1 11332114j
Ido Pacific 1st con g
C C& T let gu g 5e
luu 32 Ifeb'05
1922 ..
J•J
1
„
Trust gold Os stamped.a1917 11-S 102 10232 102 Mar'09
93
,
1/4
1003210232
Solo V & N lat gii g 43 1989 .9-N
1 961
Registered
10432 Feb'07
a1917 11-S
/
4 981
91
/
4,
98% 97
91
North Illinois Bee Chi Si N
1920 F-A 1023210332 10332 Mar'09
1st cell gold 5s
101 1031
/
4 North Ohio See L Erie & WW
/
4 84's 8234
1945 M-S 811
841
40-year gold loan 43
/
4 105 78% 851
/
4 Nor Pao-Prior lien g 48_1997 Q J 10232103 1024 1031
9512
/
4 311 102%104
95 Mar'03
1938 M-N
8d 75 extd at 4%
Registered
1997 Q.J 102 Sale 102
1021
/
4 12 191 109
94
95 Feb'Uit
Cent Br lty 1st gu g 43 1919 11 -A 93
89
95
General lien gold 3s....a2047 141-F
73
75
Sale
4
,143
743
4
91
91 Feb'09
44..4
Cen Branch U P 1st g 46 1943 J-D
91
91
1224
Registered
/4`.4 5 7234 '74
Leroy&CVALIstg53 1926 J-J
a2047 4"b. (3%
110 Mar'05
..
St Paul•Dul Div g 48....1090 J -D
971
/
4 9974 6 96
97%
Pao Rot ?do 1st ex g 48.1938 F-A 100 100% 100 Mar'Ut)
993
4
100
Dul Short L 1st gu 59-19113 M'S
/
4
113
113
2d extended gold 53 11)33 J -J 1121
1 11232113
C B & Qcoll tr 48 See Gt Nor
/
4 Sale 11132 1111
Sgeu con g 631931 A-0 1111
StL Ir
/
4 16 1111
/
4112
ecu
ert
giii
68
0
12032121
.
,d82
Gen con stamp gtd g 5s 1931 A-0
110 Oct'03
23 F-A 1203212132121 Mar'09
StIregtaNterPedg
1
4 Feb'Oo
1191
/
4121 120/
124)/
1
41201
/
4
90
UnItied & ref gold 43 1924) J •J
91
11034
90% 4 86 90%
St
Paul
&
Dal
1st
117 4 -1'1;97
53.1931 b -A 11 138
9078 sale 904
Rut & G Div lst g 43 1933 M-N
91
19 881
/
4
91
1917
24163
•
A-0 1041
194 Fe 91,
1.04 104.
Verdi V & W 1st g 53 1926 M-S
/
4
10732 Apr'06
98
99 Feb'09
lat consol Auld 43
99
99
60 65
MobJ & K C lst cons g 53 11)53 J -J
98 Dee'06
1968 J-4
,
1) „
921
Wash Cent rat g 4s
/
4 -.I au'09
921
/
4 9212
124 12412 Feb'09
Mob & Ohio new gold 63 1927 J •D
1948r.,
11932145
Nor P110 Ter Co 1st g 68 1933 -.) .93.14
.3
11534 1.1534
11634 A."
1
114
14
117% 118 Feb'09
let extension gold 68-h1927 Q-J
117 118
Nor Ry Cal See So Pao
/
4 90
General gold 4s
90 Mat'01)
1938 11-S 881
)1612 91)
Nor Wis See C St P 1,1 & 0
Montgom Div 1st g 63 1947 F•A
114 1121
/
4 Febilit)
1121
/
4 11232 Nor Si Mont See N Y Cent
St L & Cairo coil g 4s-e11130 Q-b'
75 May'Ob
......
1 t Ind & W See C C C & St L
Guaranteed g 48
1:16
1931 J -J
97 101 Nov'04
1 /hie Riv RR See Halt Si U
M & U coil 48 See Southern
ire Si Cal See So Pao Co
Mohawk & Mal See N VC&ll
ire Short Line See Un Pee
Monongahela Ely See B & U
)swego & Rome Nee N Y()
?dont Cent SeeStPM&M
)Clf&StP
See (I &NW
Morgan's La & T See S P Co
o Coast Co 1st g 53
110
1091
/
4110
1946 J-D 110 Sale 110
Morris& Essex See Del L& W
ao of Missouri See Mo Pao ..
xi ash Chat & St L 1st 70.1913 J -J 112 1121
/
4 1121
/
4 1121
/
4 1 11214112;; Penn RR 1st
'09
Jan
105
real
105 105
est
101
g
44 1923 m-N
1-1 1st consol gold Os
1923 A•0 1131
/
4
1131
/
4 1131
/
4 11 1133211332
Consol
gold Os
1.032J 1111'"
1091
/
/
41091
141114 91-8 1091
4
Jasper Branch 1st g 03 1923 J -J
/
4
1161
/
4 May'07
(Jonsoi gold 4s
106 Oct'08
1943 ..M•LS
Mehl 51 W & Al 1st 6s 1917 J -J
/
4 Mar'05
1171
Consol gold 48
43
t 10
1948 m 1•1 10432 sale 1014 104% 0
1)4
7/
T & P Branch 1st 6s
1
42 19
0
,
1917 J -J
113 Ply'04
4Z
Convertible g 3/
.
971
/
4 972
1
43
1912 11-19 44774 98
Nash .99or & shot See L
.
&N
Convertible g 3/
9534 247 WA 95%
1
44
1915 J.1) 0534 Sale 9534
Natof Mex prior lien 41
/
46.1926 J-J 10132102 102 Feb'09
102 102
96 J'ne'lli
Alleg Val gen gag 44 1942 03-S 100
1st consoL 4s
1951 A.-0
83
82
82
80
8334
D It R R & Bgelst gu 414g936 F-A
Newli&D Bee N YN1-1&1-1
9314
Phila Bal.& W 1st g 48_1943 91-8 1031
/
4 1 19312 103,2
/
4 Sale 1031
N Juno RR See N Y Ceut
/
4 1991
Sod Bay & so let g 5s 11)24 J -J
102 Jan '09
New & Cin Bilge Ses Lou& N
UN J RR & Can gen 45 1044 M-8 , 10434
.104 Mar'09
N Y likin & Alan Belt Seel. 1
104 104
Penn Co-Guar lat g 4128 1921 J -J 109 32
106
106
N Y Cent & It Riv g 3123 194)7 J •
104 1001
93
92% 93
/
4
931
/
4
92% 9432
• Registered
1931
/
4 J'ly'07
1921 J -J 199
Registered
1997 J -J
9134 92% 1)214 Feb'01)
924 933
964.
, Guar 3/
1
4s coil trust reg 1937 11-d
4 J'ne'06
90
Deben g 45
1934 VI-N
/
4
,Sale 1141
145
943
66 9338 951
/
4
Guar
31230011
1)04
tr
ser
Mar'llit
901
/
4
11.-11)41 F-A
Lake Shore coll g 31
/
4s 1993 F-A 84 Sale 841
11014 901
/
4 841
/
4
/
4 11 84
8534
Tr Co certit's gu g 312)3 1916 11-N
961
/
4 974 97
Registered •
• 97
1993 F-A
1)61
/
4 97
31
84
82 Mar'in.)
82
841
/
4
Gu 312s tr ate()
891
/
4 Feb'09
1942 J-0 891
Mich Cent coll g 312s
/
4
191)3 F-A 83 84
891
/
4 891
/
4
89
831
/
4 4 83 8434
Go
31
/
4
8
tr
ctls
D
-D
1131
/
4
/
4
1944 J
1)01
9032
Registered
19113 F -A
9012 9032
8412Nov'Ob
Guar 15-25 year g 4s
1931 A-0
09
9834
9834
Beech Creek 1st gu g 4s 1936 J • J 1001
98% 99
/
4 ....... 99 Oct'03
......
Cl Si Mar 1st ga g 4,23 1935 311-N 10032
110 Jan'05
Registered
1936 J.J
102 Mar'04
......
Cl
&
P
gen
gu g412sser A.'42 J -J
11034 Jan'u9
2d gu gold Os
1936 J -J
1..
165
;11034
Series B
1942 A-0
Beech Cr Ext 1st At 33255105] A-0
Series 0 31
/
4s
9812 Deo'05
11148 M-N
Cart & Ad 1st g-u g 4s 1981 J -0
931/4
.....
RwriA. 11M /41,
1 0811 ge. A
413 1-,
HO
7M ,w'104
•1

S.F

P

Ai ISCHIA (IN KOUS BONDS-Continued on
Next Page
Coal and Iron
Telegraph and Telephone
Col F & 1 Co gen 3 t g53..1943 F-A
9434 9614 94 Mar'09
94 1004 Am Telep & Tel coil tr 4s 1929 J.J
Convertible deb g Os....1911 F.A
94
941
/
4 941
/
4 2 91% 941
85
/
4
8732 Feb'09
8714 8732
Convertible 4s.
Col Fuel Co gen gold 68.1919 34-1N 1061
1936 M.S
9534 Sale 954
957
.191 921
1071
/
4
/
4Oct '04
/
4
Instalment certificates .
Gr RIv Coal Si C 1st g 631911) A-0
0232 -Jan'09 ...• 1923a 95%
10232 Apr'06
94
......
Mich. State Telep. 1st 68.1924 F-A
Cleart Bit Coal lstsl4s 11440 J--1
98', 99 100 FelPtio ••.• 9932101)
96 Apr'02
......
West Union col tr cur 53.1933 J -J
ColIndu 1st& colt 53 :01_1934 F- A
981
/
4 Sale 981
/
4 981
/
4 119 95 102
72'I Sale 721
/
4
73
34 71
77
I'd and real est g 412s 11)50 M-N
Contin'tal C lstst gu 53 g.11151: F-A
1J3' Sale 93%
94 101 9334 9634
10732 Dec'04
Cony 48, Series A
Jed & Clear C & I 1st g 53.1928 J-1)
1936 5I-N 86
84%
847F 47 84 851
107 May'97
/
4
Mut Un Tel 8 tund 63. 1911 M-N
Kan& tiC Si C lsts f g 58.11)51 J-J 1004
99
10()
Mar'ut)
1051
/
4 Dec'06
95 100
lIatiUlftet tiring
Pleas Val Coal let g s f 56.1928 J -J
Industrial
105 Oct'00
Allis.chalmers 1st 58
Sunday Creek Co g 63....1944 J J
1936
Salt
82
811
/
4
82
,
8
98 Feb'07
73
59 81
83%
Am Ag Chem 1st 055
Tenn Coal gen 58
1928 A-0 100 Sale 9104 1.00
1951 J J 103 Sale 1011
/
4 103
9%
6 10
3 .3
7
96
46
1011
/
410314 Am cot On ex;4'las
Tenn Div 1st g 68
1915 4997
kfi
a1917 A-0 10634 .----• 1061
in 4
/
4 Feb'09
10614 1001
/
4 Am Hide Si L lst s t g 63 19114 11-8
Birm Div 1st consol 68..1917
,
993
98
98
98
/
4 10154 Mar'09 -•• 1061
1061
/
41081
4 9634 100
/
4
1004
Amer
Secur
Ice
deb
g
63-1925 A-0 73/
CaIiCI'tCo 1st gu g 63.1922 J -D 105 110 110 Jan '09
1
4 75
/
4 1 67
/
4 731
731
1
73,
110 110
Am Spirits Mfg 1st g 63 1915 M-S
De Bar C & I Co gu g 63.1910 F-A 100
95
110
951
/
4 Feb'Ou .... 951
103 Nov'03 -• ......
/
4109
Am Tobacco 40-yr gl3s
1944 A-0 108 Sale 1074 108
Valron Coal &Colst g 58 1949 M.S 1)4
95
95
92 10514 108
95
95
1101
/
4
4s.
771
1951
Victor Fuel 1st s t 55
Salo 7734
1953 J -J
78 183 '14
1131
/
4 Feb'07 -• ......
7838
87
Am Thread DA cot tr 48-1919 J -J
90%
9034
110%
1
4
1 90% 90/
*No price Friday; latest bid and asked. aDite Jan b Due Feb a Due
Aar a Due
/t Duosly JeDite A.tig g Dee Dot p Dee Nov q Due060 8 Option 811111




MAE. 20 1909.]
-8
Ds
1'4.2
N. Y. STOCK EXCHANGE;-... t,'"
4;11,
WEEK ENUINO MARCH 19

New York Bond Record-Concluded- Page 4

735
•8
Week's
-sz
Range
Since
Range or,,',i:i
Last Sale ''''' January 1

'8.
.4HON
BON Ds
Range
Week's
1;;..*
Price
.Since
N. Y. STOCK EXCHANGE z-,:
Range or 8 p
.L
Friday
Last Sale •''' January 1
Z.
4
,
:-.7., Nardi 19
W BEK ENDisa 3IARcH 19
High No Low Nigh Southern Pac Co-(contintred)
Bid
Big
dish bow
Ask Low
Riga No bow High
Penn Co-(Continue0)
92 Apr'07.
122% Aug'08
92%
Erie & Pitts gu g 3128 13 1940 J J
Morgan's La 0C4 T 1st 78.1018 A 0
..
9834 Apr'04 .... .......
.
Series C
1940 J-J
924
1st gold Os
1920 .14 114% ...... 116 Nov106 ....
'
No of Cal guar g 5s
Grit & I ex 1st gu g 4 128 1941 J - .1 10712
10634 Dec'08.
112 Feb 107
1938 A-0
'02
104
Z, 104 104
Ore & Cal 1st guar g 58 1927 J -J 102% 104 104
Pitts Ft W & C 1st 7s 1912 J -J
127% Oct
So P of Argulatg 6s. .c1909 J-j 100
100 18100s
100 Feb'09 .... 1(10 100%
2(178
109 18Jan 'Oh
1912 J -J
107 Oct '08
1st guar g 614
101% Jan '09 .... 101%16113
3(1 7s
61912 A-0
01910 J-J 10134
So
110
110
Pao oi Cal-08 E& F. .1912 A.0 1031a 108 1041-2J'ne'Os
Pitts Y& Ash let con 53.1927 51-1.3 113
110 Feb109 ...
1st gold 68
PCC&StLgu 4 128A-1940 A-0 109
10918 Dec'08 .
11412 Dec'04
1912 A-4)
1st con guar g 55
116 May107
Series 13 guar
109 'Margit) .... 109 109
1942 A•0 109
1937 1J-N 113
..
...
....
112 %.1 1 ne105
104 Apr'Us .... ......
Series C guar
SPacorN Mex 1st g 08_1911 J-J 103
1942 3I-N 10838
So Pao Coast 1st gu 4s g.1937 J-J
Series]) 48 gUar
102 Feb 100 .... 14014102
1445 M-N 10034
34
96
Series E 31.2 guar g
106 13 107% Feb 107 ...- ......
96 Felf09 .... 04
1949 F-A
9438 95
Tex&NOSabDivlst g6s 1912 M-S
....
Con gold 5s
Series F 48 guar
98% Apr'08
1953 J.D 101
1943 J -J
97%
So Pac RR 1st ref 4s
95' 374 9434 96%
9478Sale 9434
C St L& P 1st con g 58 1932 A-0 115%
116% Nov'08 .... ......
1955 J -J"
Pensacola & Ati See L& Nash
111% 35 100 113
Southern-lst con g 58- 1994 J -J 111 11114111
110 114 Nov'06 .... ...
Registered
Peo & East See C (I C & St L
1994 J-J .
78% 150 ya
795,
Develop & gen Is Ser A 1956 A-0 78% Sale 7814
123 18Jan '05 .... ..._.._
Peo & Pek Cu 1st g 68.-1021 Q.F
Mob & Ohio coll tr g 48 1938 M.s
87% 8914 89%
80'2 1 8514 89%
10034 Dee'05 .... ............
20 gold 41-2s
51921 51-N
Mew Div let g 4%-55 .1996 J -J
1117 Nov108 ...2 -.....-.
Pero Marq-Ch& W Al bs 1921 J •D 103
109 Apr'02 ,
St Louis div 1st g 48-.1951 J.J
Flint & PM g 6s... .....1920 A-0 11314115 11334 11334
89% 91
5914
6 112r4 115
89% 2 .8738 91
Ala Cen It 18t gds
_
108 Sep'08
1st censor gold 53
1918 J-J 108
1939 M-N 107 109% 109% Feb 109 . 104% 109%
Atl & Dorm 1st g 45
91 Deo14/8
Pt Huron Div 1st g 58 1939 A•0 107%
93
106 Nov108
1948 J-J
.
2d 4s
92 J'ne'06
Sag Tus & H 1st gu g 48 1931 F-A
8514 86
1948 J-41
_
Atl & Fad let g guar 4s 1949 A•0 81
Phil 115 W ,S'ee Penn RR
Col & G-reenv 1st Os
115% Mar'06 ....
111 1•el.'07 ..
Phils & nestling Coils 78.1911 J.D
1910 J -J 108
i
E T Vs & Ga Div g 544_1930 J.J 109%
95
109% 10914 -6 jui;;;.-04Philippine ity lst 30-yr a f 48137 J -J
9314 04 Mar'09 .. 94
Con 1st gold 5s
4 114% 113 Mar'09 .... 112 113%
1956 M.N 113,
Pin. Cm.& St b See Penn co
E Ten reor lien g 58
1938 M-S 104 107 105 Feb 109 .... 105 105
Pitts Cleve & Tot See B & 0
Ga Midland 1st 38
1946 A-0 60
64
06% be9109 .... 6014 6614
Pitts Ft W & Cli See Penn Co
Gs Pao ity let g Os
1922 J -J 11513
Pitts McKees & Y See N Y Oen
11512 Iceb'09 .... 114% 116
Knox & Ohio 1st g 6s 1925 J• J 115
114 Oct '08 .... .
118 Dee'08
Pitts Sh & L It: 1st g 58-1940 A-0 11614
..
11538 Apr'06
9378.1'1y'97
mob& 13ir prior lien g 5s 1945 J-J 105
1st consol gold 5s
1943 J-J
..0Mortgagegold 4s
82 .Nov'08
1945 J-J
Pitts & West See 13 &
103% F'09
eb
Rich & Dan con g Os. 1915 J -J 110
.... 10814 109%
,Sale 99% 100 101- 09% 1001
Des/ling Co gong 4s
097
1997.i.J
....
95
92
Aug'08
A-0
Pne'08
Deb
5s
90
1927
stamped
981
4
1997 .1 -J
Lk Registered
_75 Loci 'Us
97% 97 Marge)
9634 9814
Rich dr Meek 1st g 4s 1948 M-N
Jersey Cent colt g
1951 A 0
103 Feb1011 ....'
in t„ ii.jr
So Car & Ga let g Se. 1919 M.N 103
I.)& H
Reussetaer ..% Sar See
4s..
10914
112
uct
1043
S
M•
Virginia
Mid ear 065-1910
Rich & Dan See South ay
---.
10814 1)ec'06
1421 M-S 10514
series D 4-5s
Rich & Meek See Southern
- ...
Series E 5s
1926 M-S 107341034 113 Dec 10,,
Rio Or West See Den & Rio Gr
M.N
10812
108%
General 5s
1930
k 107 108%
Hoch & Pitts See lilt Ss P
1936 M.N ._..., 109% 108% 3111/"00 .... 1074 1084
Guar stamped
Rome \Vat & Og See N YCent
9610,411'07
84
W 0& W 1st cy gu 48 1924 F-A
Rutland See N Y Cent
103
Dec108
West N C 1st, con g 08 1914 J -J 1064
TU8 & 11 See Pere Mani_
944 95 Mar'09 .... 92
8 & N Ala See L ds N
96
ag
Lit
Jo & Or 1st 1st g 4s 1947 .1-J
117 .1 11y'00
Stook Falls & Nor lst g 69.1931J J J
St .L & Cairo See Mob & 011ie
'I 'er A of St L 18t g 4128_19:313 A-0 1084 109 109 Mar'09.... 109 109
St L & Iron Mount see n I'
116 l'eu'OL/ .... 116 116
.1. 1st con gold 56-.1894-1944 F-A 114 .Bt L K (.1& N See Wabaslt
Gen refund a t g as
1953 J.J
90
97% 9714
97%
2 9(3
9714
Bt L 51 Br See T lilt A ul St. L
St L M Bge Ter gu g 50 1930 A-0 11114 1124 111 Dee'llb
St Louis & S V--:ion g 03 1931 J- J 124 126 12414 Moen .... 12214124%
1931 .1. J 111
..L'ex & N 0 See So Pac Co
General gold 58
111 Mar'09 .,. 110¼ 111
89
89
Sale
89
16
M.N
89
1112',
Mar'09
895
8
Tex
&
118
rec
Pa43 1st gold 5s
.... 117 11814
2000 J-D 11614117%
Gen 15-20 yr 38 tr
91
26 gold Inc 5s
75
70
70
2 (38
70
80
Q2000 Mar
96
96 Mar'01,1
St 1.& 6 B RR cons g 4s..'96 .1 .,
96¼
La Div 13 L 1st g bs
Southw Div 1st g 5a 1947 A-0 111014
101 Feb 109
1931 J • J 103 105 105 Jara 109 .... 106 105
101 101
Refunding g 48
1051 J -J
W Alin W & N W 1st gu 58'JO F- A 100 105 10012 N ovg)4
8514 85% 8478
8514 78 8478 89
Tot ce, 0 C let g 5s
112 Jan '09 ...- 111%11214
5-year gold 1.10teti ,I % 11)08. J -D
08 Nov'Oti
1935 J -J 111 12
111 may104
Western Div lst g 58. .1935 A•0 112
StI. M & So East gu412g1909 2.0
General gold 55
1935 2-1) 14.15 106 104 Nov10s
K C Ft S & Si con g Lis 192s M.N 119 120 119 Feb 109.. 110% 120%
Kan & 31 1st gu g 4s
94% 95 Feb'
13•JU A-0
09 .... 9214 96
K 0 Ft6 LLI; Al Ity ref g 4s 1930 A-0 83 Sale 83
8314 11) 82% 86
Tel P 8.5 W 1st gold 48....1917 J -J
90
9134 94 Margot( .... 864 88
KC& AI it & It lot gu58.192t) A-0
.
Tol St L& W prlien g 3%8.1925 J -J
90
9014 90 Mar'09 ... 00
Oz'rk & Cli 4)let gu 58 ea:113 A-0 9714 98
Ill%
9738 Mar'16)
..
50-year gold 4s
1950 A-0 8414 8478 8414
35
l; 8314 8814
St Louis So See 111111013 Cent
95 Dee'00
13134
93
Bt L 6 W let g 4s lid ctfs.19811 51-N
94
25 9212 94o, Tor liam & Bull 1st g 48./41940 J-D
9334
94
I I later& Del let con g 56 1928 J-1)
109 1084 Mal.'09 ...- 10814 108.4
26 g 4s the bond ctfa...p1089 J -J
82 Feb'00.
79
82
81 Nov'Us
84
1952 A-0
1932 J.D
Consol gold 48
7814 7834 Mar'09 .... 7814 8014 ki 1st refund g 48
Un Pao RR & 1 gr g 4s _1947 J -J 102% Sale 10234 103% 89 102 104
Gray'ePtTerletgrtgbs 11347 J -D 10214
101 18 Apr'07
Registered
1947 J -J 1024 Sale 10214 10214 ( 10034 103
St Paul & Dul See Nor Pacific
9858 Sale 98,4
0814 117 9(33 99
1st & ref 48
g200S 31-S
104 Jan'09
St Paul 51 & Man 12(1 6s 1909 A-0 102
102 104
20-yr cony 4s
1927 J-J 10414 Sale 10314 104% J4:, 102 104
1933 J • 2 132 132% 13214 13238 6 131 13238
let consul gold 68
Ore Ry & Nay con g 48.1946 .1-1.) 91)le Sale 9914
997s 7 9834 9914
Registered
134 Deegoti
1933 J -J
119
2 119 12014
Ore Short Line 1st g6s..1922 F-A 118 %ill) 119
Reduced to gold 4138-1933 J • J 1094 109 , 1094 Mar'09 .... 109 HI
117
2, 115 118
let cousol g 58
1940 J -J 117 118 117
Registered
116 18Apr'01
1933 J -J
953,
9476 Is 94
Guar refund 48
.343
1 8 Sale 94.12
1929 J-D
1010 21-5 10314
10314 103% 1 1031410314
Dakota ext gold Os
94 Jan'00 .... 94
Registered
1929 J-D
94
1937 J -D 101 Sale 9934 10/
b 994 101
Mont ext 1st gold 4s
107%*ep'Us ....
Utah & Nor gold 58-1926 2-2 10614
Registered
1937 2-l)
1004 Oct'06
-4
Uni N J RR (f0 C Co See Pa RR
E Minn Nor Div let e 41311)4s A-0
Utah Central See Rio Lir Wes
124 May'05
KUM U111011 lat g 08.-1922 J -J
..
Utah & North See Un Pacific
1037 2• 2 13214134 130 Apr'Oc
tdont C 1st gu g Lis
Utica & Black It See N Y Cent
Registered
11137 J -J
13(34 May'00
%/ andalia consol g 48 .1955 F.A
98 Nov108
1937 J -4 115¼ 117 11614 Mar'09 .... 115%117
let guar gold be
-113 Sep '06
1 era Cruz 05P1st gu 4%81934 J-J
1163 Feb 109 .. 11014 116%
Will & 3 F let gold os 1938 34) 118 -a
Ver Val Ind & W See Mo P
St P & Nor Pao See Nor Pao
Virginia Mid See South Ry
StP& S's City (S'ee U St P31 &L)
09 --- 117%11711
9014 sale 9014
5 A& A Pass 1st gu g4s 1943 24
9014 13 80
9214 Va & Soutliwg, Ist ga 58.2003 J -J 108 115 117%Jan'
1.13'1, 1 9814 9834
let cons 50-year bs
1958 A-0 9818 9538 9514
8 l'e Pres Lb Ph ist g 68-11042 )0-5 11014 11214112 Feb 109 .... 112 113
1039 es-N 112 11214 112% Mar'09 .... 1124 11414
abash 1st gold 58
110 Oct '05
4 1'& N P let sink( g 58.11/193 J
10434 105 Mar'Or)....
241 gold Cis
1939 F-A10214105
Sav li' & West h'ee Ati Coast L
10018Jan'uo .... Lou'. 10014
Debenture series A
1939 J -J
Scioto Val & N E See Nor & W
86 Atar'09 .... 86
Series B
90
1930 J -.1
0518 37 0314 00
Seaboard Air Line g 45 -11450 A-0 6578 Sale 64 14
100 lieulls.
1st lien equips fti g Cis. 1921 M-8
92
9034 Oct 'Us
1911 M-N
Coll tr refund g bs
93 Alat'Ou
-J
1st
lien
50
J
yr g term 43.11154
88 Jan '07 ... ....
Atl-Birm 30-yrIst g 46.61933 51-S
7314 1084 7114 7814
734 Sale 72
lit rot and ext g 48 -.1950 J.LI
86 J'13•'08
Car Cent 1st con g 48_19411 J -J
2 108 11114
Det & ea Ext let g 58..1941 J -J 1031411014 1094 109¼
10714 Aug'06
Fla Con & Pen 1st g 08.1915 .1 • J 100
97 Nov104 ....
1)e8 5loin Div let g 4s.1939 2-2
3614
let land gr ext g bs -.1930 J -J
80 Mar'09 .... 80
Om Div 1st g :3%s
80
1941 A-0 71
80
Consul gold be
1943 J •J
14(914 Mar'05
Tol & Cli Div let g 4a 11441 M.5
9114 91 Dee'us
. 1024 102%
103% 1024 Feb 109
Ga & Ala Ity let con 5801945 J -J
50 Mar'09 ___
Wab Pitts Term 1st g 48.1954 J-1)48
5514
Ga Car & No 18t,gu g 6511/29 2-2 10814 *ale Lib% 10514 4 105 IOU
Trust(10
o cortfs
49 sale 49
49% 57 4534 5634
10034 Feb 'uti
11126 3-2
Roo 1,
46 55
3eab & R
10634 10634
Ill gold 4s
8 *sus
3
1954 J-D
1)
15 54 1414
Sher Shr & So See 51 K & 'I
Warren see Del Lac & West
BR Sp Oen.& (.4 See At! Coast L
Wash Cent See Nor Pao
Bo Car & Us See Southern
\Vasil 0& W See Southern
Boutitern Pacific CoWash'fermi let gu 31-26-1945 F -A
9334 Feb109. . 93% 9314
92
30 00
02
Gold 4s(Cent Paccoll) k1949 J -D 92 Sale 0134
West Alaryla,nd lat g 4s. 1952 A-0 8338
3338
83% It 8238 80
Registered
85
1c11/49 J •D 86
55
9114 55 Feb 109
A-0
05
Mar"01, .... 01
lieu
&
1952
cony
g
4s
6814
Cent Pac 1st rot gu g 48 11440 F-A (1734 978 9734
087
8
7214
98 144 lm(38
105 Dee•Us
W Vs Cent & P 1st g 6s 1911 2-2 1024
Registered
1949 If-A
0734 .Mar'09
9734 973,
Mort guar gold 31-2s../c11420 J -D
0018 9014 9038
91114 2 89% 034 \Vest N Y& Pa lat g 56-1937 J -J 11634 117 11634 31arge./ .... 116 117
Lien
gold
1943
3-4a
A-0
Through St 14 let eu 4s'54 A-0
9514 9534 0538 Mar',A,.... 9538 95%
9314 94
9334 94 Mar'09
01943 Nov
34 Feb 107
Income bs
Gal Bar & 8 ADA,g 68-1910 F-A
101%101%
10118 Feb 101)
\Vest No Car See outlt ity
Mex & Pac 1st g 58
1931 M-N
1 110 110
110
110
A-0
bs...1926
\V lieerg & L E 1st g
105 Feb'09 .... 107 109
Gila V Li & N littgu g 58 11124 M-N 10414
10314 Dec'Os .... ......
Wheel Div 1st gold bs..11128 J -J
95 .1 1.1y 1t38 ....
Mona E & W T let g ba 11133 M.N 1021.2
101 Jan'08 .... ......
Exten & Imp gold 53. 193U F-A
10512 Dec'08
1933 M-N 102¼
1st guar 55 red
-.
104 Aug'Oti
8814 14 8314 90
RR let consol 4s..... -.1949 111-S
8734
El & T(21st g Sc int gu 1037 J -2 109 12109% 10034 Feb 109 .... 10934 10934
20-year equip 3 1 Us ...1922J-J
99 Deo'08 ....
Consol g 6s lot gugc 1912 A-0 108%
...
10738 Nov107 .... ......
Wilkes & East See Erie
9414 Det3'08 .... ......
Gen gold 48 in'. guar 1921 A-0 96
Wit & Sioux la' See St P M & 11
Waco& N W div 1st g 6813u M-N 116 114 116 liec'00
941
/
4 73 8914 95
1041 J -J 10814
9438 Sale 9414
A & N \V let cu g 55
107%Jan '09
107% 107 o: Wis Cent 60-yr let gen 4s 1949 J-J
Price
Friday
March 19

S

NV

„HANLE'. .ANIE0 US HON Ds-lloncluded.
Rlatualacturing & Industrial
Beth Steel let ext s 1 68_1926 24
Cent Leather 20-year g 58.11125 A-I)
Consol Tobacco 50-yr g 18.11)51 F- A
Distil Sec Cor cony 1st g 58.127 A-0
Int Paper co let con g Lis 1918 F-A
1935 J -J
Consol cony s f g bs
Int St Pump 10-yr cony. Us'13 J -J
Lackaw steel let g Us. 1923 A.0
N 1: Air Brake let cony Os'28 M-N
Republ& Slat& coltr 58.1934 A-0
,44US Leath Co 8 Itten
US Realty& I cone deb g5s.12 J J
U 5 Rubber 10-yr colt tr 644.:1 1, -D
U * steel Corp- J coup .011363 51-N
SI 10-60 yr bs.1 rag _01963 81 N
Va-Car (;heni col tr 5s g 19112 A-0
1023 J -D
1st 15-year 58
Westinehoume E & .%181 58 '31 J -J

80 Sale 7913
80
85
97% Sale 9714
97% 41
76% 774
7714
1
75 12 Sale 7434
7534 62
105 105'4 106
105
2
87% 87% Mar'09 ......
102 102% 102
102
4
98
96% Mar'09 ....
108 109 103
109
1
09
98%
0812 b
106
105%100 PM
6
893
, 89
8938 11102% Sale 102% 1027,161
103 Sale 10278 103% 5417
10234
10234 103-14 2
10514 Nov'to,
96% 71
96% Sale 9614
.93 Sale 03
0314

11 No price Irrulay; tatest old aitrl tusked this week.




a Duo Jan

Miscellaneous
Adams Ex col tr g 4s
1948 M-S
131k1.41 lerryCo 1st cons g 55'48 F-11
Chic Jo & t Yard col g 58.1915 J-J
Bet Mdl M ld gr income-s_1911 A-0
Institution for Irrig Wks
& Devel of Agricul s f1043
M-N
4%8 (ctfs)
Emit Mercan Marine 4%8_1922 A-0
loot Navigation lets 1 55.1921i F-A
Man Bch 11 & L gang 46 1940 51-N
Newp Ne Ship & D D 5801990 J-J
N Y Dock 60-yr 1st g 45 1951 F-A
Providence Sec deb 46- 1957 M-N
Provident Loan Soc 4128 1921 M-S
stJosepli Stk Yds 1st4128 1930 J -J
5, Yuba, Wat Co cou g Lis 1923 J J
93% 117,., Sp Val Vat Works let 66.1906 M-S
US Red & Ref 1st s t g 6s.1031
904 115
u Due Feu 0 Duo Apr e Duo May g Due J ne

7913 8514
96% 99
75
77%
7314 7878
101 108
85
88
100 102%
94
98
108 113%
98%100%
11(41410614
8434 897
1024 103%
102 18 10414
102 104',

93% Sale
?. 40

9334 2
92
93%,
9312
41 Oct'06
......
100 Jan'08
......
47 Apr'08
......

93118,
92% 19 92
92% Sale 92%
77
31) 71
'7•2 Sale 71%
72
t38 210,
8678 87 Mar'09
87
50 Feb 1U2
95
96 Aug'08
93
92% 95
92% Feb 109
90
88
90
90 Jan g)11
1,5% Dec'08
92 100
10012sep 105
112 J'ly'04
11312.1'1y'00
91 Mar'09
IV''Yr
91%

.91...
......

...... •
•
•••••••
......

PDu6P1Y o Doe Nov

:Option 54444../

CHICAGO STOCK EXCHANGE-Stook Record-Daily, Weekly and Yearly
STOCKS-IIIGHEST AND LOWEST SALE PRICES
hattrrim,
March 13.

Al man.,
March 15.

'inc-seas
March 16.

*170 180 *170 180 *170
*312
*312 4
4
11
*10
12
11
*10
*108 112 *103 110 *103
*41
42
4012 4034 *40
*27
*27
*27
28
28
*10
1112 *10
1112 *10
*25
25
25
*25
26

W ednesday
March 17.

l'hursdav
March 18.

Friday
March 19.

180

*175
*4
12
*10
110 *108
41
40
*23
28
1112 10
26 *25

185
Last Sale 180 Mch'09
412 *312 412 *312
412
11
*10
12
*10
12
110 *108 111 110
110
40
9018 4012 401 1 4014
29
28
28
*28
29
10
11
1138 *10
1112
26
*25
26
*25
26
Last Sale 7
Dee'08
Last
18
July'07
;5;" -ii" ;F34" 33 *35 83 ;5;7 30.- 39 Sale
39
41
4214
*79
80
*79
80
80
80
*79
80
81
81
82
82
*1712 19
*1713 19
*1713 19
*1712 19
Last Sale' 19
Mch'09
6214 5214 *52
55
*5018 54
*5013 54
6012 51
*50
53
_
Last Sale 48l2 May'08
2212 2212 *2112 12172 ;2112 2213 ;2112 -Eli 421
23 *21
23
69
69
*68
69
*63
69
*68
69
6012 6912 *68
69
*54
58
*54
58
*54
58
*54
58
56
56
56
56
3018 3012 304 3012 30
3012 3018 3038 301 3033 3013 3038
*9612 98
*9812 93 *964 98
*9612 98
Last Sal* 98
hfch'09
Last Sale 28
June'08

hates
0/me
Week
shares

ci OCKS
CHICAGO STOCK
EXCHANGE

Rano, irtac,
Jan.I 1909
Lowest

Iltghe.si

Railroads
--- Chicago City Ely
100 180 Mch 8 190 Feb 3
3 Jan 15
145 Chicago & Oak Park 100
4 Jan 22
12
Do pref
9 Jan 21
100
15 Jan 22
25 Cale Rys part (If ''1"-__ 110 Mch19 11534 Jan 6
40 .%i('h17 4534 Jan 2
112 Cl ic Rys part ctt "2"-_
15 Chic Rys part ctf
2773 Jan 12 30 Jan 14)
10 Mehl?
89 Chic Rys part. etf'4"___
1312 Jan 2
11 Chicago Subway
100 25 Feb 26 2914 Jan 2
--__ Chic Union Traction_100
Do oref
-13
09 35 Feb 24 4212 Mch19
Kans City By ea Lt-1
100
79 Jan 8 82 Mch 19
400
Do pref
17 Jan 4 19 MO 8
1(1
0(1i
10-.
Nietropol W S Elev.-1
100 47 Jan 14 6373 NIch 10
Do pref
- North Chicago Street_ 100
io Northwestern Eiey 100 '21 Jan 6 23 Jan 21
65
100 63 an 6 6912 Mehl8
Do prof
45 South Side Elevated_100 50 Jan 25 60 Mehl°
1.57t Streets W Stable C L-100 2U7 Jan 20 3073 Feb 18
Do pref
100 97 Feb 15 9812 Jan
-.-..--.
%Vest Chicago Street 100

Miscellaneous
83t
818
818 818
539 American Can
773 Jan 30
100
75
75
75
7512
.
0
.
7
Do pref
100 7134 Jan 6
Last Sale 202 Mch'09
American Radiator 100 200 Jan 14
Last Sat: 123 Feb'09
Do pref
123 Jan 20
55
5512 *55
57
"i8i Amer Shipbuilding 101
55 Nich 11
1
Last Sale 106 Mch'09 ---Do pref
100 101 Feb 24
'Last Sale 10
July'08
Amer Straw Board - _
34
34
12
*14
12
*14
*14
12 -86 Booth (Al de Co
*14 . 12
12
*34
38 Mch 12
156
214 234
1
'112
134 118
134 25s
118 114
lls 112 5.325
Do pref
34 Feb 9
100
54
*53
54
*53
*53
*51
54
53
Last Sale 5312 hich'09 ....:....... Cal & Chic Canal &D.,100
5114 Jan 8
--- -Last Sale 147 May'08
Central Trust Bank-100
*1
113 *I
.1 g
lia *1
1'8 *1
Last Sale 1
Dee'08
Chic Brew'g & Mait'g
4
*3
4
*3
*3
4
4
*3
Last Sate 2
Dee'03
Do prof
*21
22 *21
23
12
23 *21
22
*21
23 *201. 21
-28
Pneumatic Tool-100 21 Mch 5
Chia
132 133
13112 132 *131' 132
13214 13214 13113 13112 1 132 - 133
191 Chicago Telenhonc_ _100 127 Jan
Las, Sale 214
hich'08
Do rights
*lio" cif" *120 fif" *120 121 121 121 12134 122
121
--66 Chic Title & Trust_100 11/ Jan 18
11114 11178 11113 11101 11114 11112 11114 111% 11114 11133 *11()
11114 11112
79U Com monis,'th- Edison.100 107 -Jan 21
1834
*18
1812
19
*1831 1912
19
200 Corn Prod Ref Co Com__
1713 Feb 25
74
77
*73
*7712 7813 *7712 7812
71
773 -ifis
Do
125
Pref _
Do
7312 Feb 24
122 12212 l,•153 122
122 122 *121 122
12112 122 ,121,2 122
143 Diamond Match
106 117 Jan 9
41
42
*41
*.,1
41
42
*3912 41
4012 41
*40
41
35 Illinoli Brick
100 38 Jan 26
4314 431 t *43
45
*43
45 *43
*42
45
94
*43
45
43 Jan 5
5 Masonic Temple
Last Sale 212 June'07 -_-- MIlw & Chic Brewing
Last Sale 20
Do pref
*102 103 *-15F foi" *Mil-2 01;*30112 f6i1-2 102 102 *10112July'08
103
-724 National Biscuit
100 9778 Jan 2
*119 120 *119 120
119 11912 11912 11912 120 120 *11912 121
122
Do pref
100 11814 Feb 15
*85
8 12 8512 *35
86
*85
86
86
*85
86
*85
36
25 National Carbon
100 82 Jan 14
*119 120 *119 120 *119 120 *119 120
Last Sale 119 5ich'09
no 110 Jan 15
10934 10034 11012 11234 1)2 1131. 11278 11312 11253 11314 112
11212 tiiii5 People
p
r
e
f
l
(
esGa
sLikcoice....iou
102 Jan 6
53 1 11-16
73
12
3-1
12
78 11-16 1
11-15
Ights_
1
7,615
1
Do
12 Feb 25
76
7634 7812 78. 79
77
7834 *7718 72i2 7712 78
78
854 Sear. Roebuck com_100 55 Jan 5
*11033 111
11012 1 t(112, *110 11034 111 11131 109 10401 110
110
319
100 101 .Jan 5
Do
10133 10112 10133 10112 10133 10112 10133 10112 10138 101(2 10133 10112 1,817 Swift dcprof
Co
100 10012k, 0
Las! Sale 7
Feb.09 --_
rights
Do
I Feb 5
-- 155- 511 *iii" ga- *128 130
*HT 130 1127 El)
128
128
34 The Quaker Oats Co__ 100 119 Jan 5
100 100 80:14 9931 100 100 m no 10012 10012 100 101
pref
100
Do
362
Jan 2
9.312
78
78
112 112 13s 133 133 133 118 118 1.2C6 Unit Box Bd & P Co-100
114
53 Feb 10
5
478 473
7
734 8
712 712 7 714 612 634 433 Do pref
100
334 Mehl()
*23
2473 25
25
25
24
*23
24
24
25 *23
inn
25
15 Feb 16
'250 Wegrern Stone
838 833 • 814 814 *313 838
813818
7512 7553 7513 763s 75
751 1 75
7512
*202 210 *202 210 *202 210 *202' 210
*123 128 *123 128 *123 128 *123 128
57
*55
*55
57
57
*55
*54
56
*105 106 *105 106 *105 106 *104 106

_

.0

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending March 19.

Interest
Perto,

Price
Friday
March 19

Week's
Range or
Last Sale

'Mar for Prevtous Year
(1908),

914 Jan 2
77 Feb 2
202 Feb 4
128 Jan 20
59 Jan 6
106 Mch 1
1 Jan 2
5 Jan 5
56 Jan 26

2738 Jan 4
133 Mehl:.
122 Mch18
11173 NIch12
2053 Jai 27
7733 Mch 19
12414 Feb 10
42 51191 2
46 Feb
109 Jan VI
12012 Feb 6
81 Feb 27
11112 Melt 2
11412 Feb 18
1 illehi6
80 Mch 11
112 Feb 1
103 Mch
'20 Ja:' 18
130 Jan 30
10134 Feb it
112 Mch 16
oi. Jan 4
25 "-'

Lows.

Htghest

160 Jan
15s Fel)
61-Dec
8434 .1•11.•
38 Oct
20 Nov
934 Sep
15 Feb
212Mell

185 Deo
34 Aug
10 Aug
119 Nov
47 J'no
28 Deo
1312 Dec
3012 Dec
7 Deo

30 Oct
4734 NW,.
68 Sep
5612 Nov
1214 Nov
19 .Tad
42 Jan
64 May
94 May
47 May
1334 Aug
22 Dec
40 Aug
6212 Dec
42 Aug
11 Jan
2612 Apr
34 Nov
85 Apr 103 J'ne
25 Apr
31 MO
4 Fob
41l Jan
125 Jan
116 Apr
37 Mei,
91 Jan
1() J'ly
78 Dec
3 Dee
40 'Feb
147 Ma
1 Oct
2 Nov
20 Dec
106 Jan
34 Feb
100 Jan
80 Jan

1038 Nov
767g Deo
200 Dec
12314 Nov
63 Nov
104 Nov
42 Jan
30 Jan
100 May
6714 Dec
147 May
lig Aug
4 Apr
3012 Aug
153 Sep
234 Feb
116 Deo
)10 Oct

113 Jan
30 Jan
38 .1'nr

131 Aug
9212 Dee
46 J'ly

20
19 J'ne
97
70 Jan
10134 Jan 120
87
61 N4/-I,
Iii Mal) 115
8012 (tin 100

J'ly
Dec
Aug
Dec
Nov
Deo

24 Jan
72 Jan
8812 Jan

50 Dec
102 Dec
10534 Sep

11434 Jan
87 Jan
34 J'IY
11', J'Iv
113-.

134 Jan
Mt) J'Iy
0.1 Jan
12 Jan

Chicago Banks and Trust Co-mnanies
fl'dg
Sold

Range
for
Year 1209

Hid
Ask Low
Mph No, Low
1120
kmer Strawb'd 1st 65..1911 J - J -- - 100 Me9'07
lass Av & F G (St L) 5s'12 J . 3 .- ___ 10114Feb'09 __ 151 foli:
01927
J
- - 100 MaY111.
Alio Board of Trade
..„
Dhlcatro C.ty Ry 5s___1927 ii - DA 1041 104
10414 10438 10 10414 105
Shia Consol Br&MIt 68._ 1 - J ---- ---- 103 Apr04
Milo Como! Trac 410-1939 .1 - 11 -- ---55 Aug'07
Ale AudItoriu ,n lit 541920 F A --- --- 9634 Jan'06
-Shia Dock Co 1st 4s__1929 A - ()
Milo No Shore Elec 6s-1912 A - 0 --- --- 87 Feb'06 ---- __-- ---'
Ado Pneum Toola1921 3 - J
70
73 '7312Meh'09 ---1st 53
72
74
. 1927 F • A 1021. Sale 10238 10212
Mlle fly Is.
4 10112 1023.
9478- Sale
9473 9473
Chi:. Rys 4-55 series "A"
4
9312 953
'11"
88.53 ,
..878 8'42 8334 42
Chic Itys 4-5s srrics'
8434 sin
9058 Sale
Chic Ily3 ..,-55 series "C'
0078 0 i
11
39
91'
102 10214 102 Meh'0!) ---- 10113 1023,
Chic itys roll 68_1913
3htc ity: Fund dis____1913 --.....--102131Ich'0 -10218 1023
102Ig
Ala Rya T
Oils 1st 5s_ __ -em ., 10213 Sale 102
.
'1 102 1021;
3111c It I & P RR 0_2002 NI • N ____ __
6612Aug'0 _-__ __ _
Collat Trust c 5,3_1913 B- 5 --21
6612.11y3/8 -- _
3ommortw'al th - EdisonChic Edlson deb 6511110 J - J 10031
100 June'08 ----------1st r as ____July 1926 A - 0 11/1 14 101-58 10114 10114
1 101 103:
_1926 51.8 10153 102
10134Meh'09 ---- 101 1021,
Debenture
5s--55519.1: NI • 5 10:13 10314 1031811eh'09 -Commonw Elect
134 1035,
114;nois Tunnel 5s----1928 J - T) ---- -- 80 vec'08 ----ECan City Ily&LtCo 55 1913 M - N -- - - ........ 96 Ort'0,
5s-1928
0
1)6--__
A
Kalek'b'ker Ice 1st
96 Meh'09 ---95 -0-ti90
90 Mch'09 ---:Aka St 51-1st 5s _1923 J - .1 83
73
la)
1925 Feb -- --_
16 blay'05
Income 53
%fete W Side El156
Sale
1938 F - A
86
ls; 43
86
10
83
861
J 84
1933 J
Est.:melon g 48
8412 8414Mch'09 ---8213 841
'forth Chtc St 1st 58-1909 J - J --- __
00 Dee'1/6
1st 5s
75 Aug'66
Refunding c 4;0_1931 A - 0 ---- -_
No Chic City ity4 H51927 It- N --.... 75 Feb'07
9214 -all
Et
9512
North West El lit 0_1911 NI • 5 951-2 Sale
95
95
Ogden Gas 58
9512 80
95
2
1945 M - N
93
951:
_ 10012510'09 --_
10014 100i:
'earsons-Taft 5s
1916 .1 - D 9912
4.404
11 • S 0612 -9734 9734
2
9634 98 .
901,11ch'09 __
4.6(ls Series E
11 - N 90
9912 '07?
Ni. • N 100 Sale 100
9.805 Series F
10(1
3 100 1001j
'eo Gas L&C hit 63_1943 A - 0 120
_ 120 Jan'09 ..... 120 120
MO'
0
104
16
.
414
10312
____
Refundinc c Is _1947 11 - h
103 1(1.1
Chic Gas L&C 1st-5s 1937 .1 - ,1 103 101
104 Feb'09 ....„ (04 104
Consum Gas 1st 53_1936 J - D '01 103
1112 Feo'09 __ 102 102
iiut'l Fuel Gas 1st5s14/47 11 - N ---IOU
..__
Setv0)
,
- .
iouth Side Kiev 4%_1924 J - ,, 9534 -96-17 1614 9614
Mt. ma;
11.
iwift & Co 1st g 5s___1914 .1 - J 1 0173 Sale 10173 10178
012
- 1017,
: 1,
'Ilion El (Loop) 5s.....1945 A - (1 ... '21
96 Feb 09 ___
92
95
jnion Pacific cony 0_1911 11'N - --------134 Nov'04
_. 70 Jan'09 .....
Jolted Box Board cot tis'e
70 -7-41
tee
mart)?
_
Vest Chic St 1st 5s..._1928 II - N .....
19(19 F - A ...... ...... 6312 Sep'05 --__ ___ ___.
Tunnel 1st 55
Debenture 64
1914 .1 - I)
__ _.. 73 June'07 _.
tulti 11 - N _...... ____
8014 Jac' '8
Consul tr Is recs.
Wes Di vel ty fly 4-W4193? .1 - J _-- -- 37 Dee'0(
)4,512 .1 4-0,
Vestern Stone (30 59_191)9 A - 0 ____ _ __
.,,,,„ ____.,-,......... I n t...t•4 • III Ilgt re nififif•tc.fil Ill? Cgiltnifrn -hil n

NAME.

Outstand
W4
Stock

Dtrzetend Recora

Siffpia

and.
P10/141

In
1007

In
1908

Last Patd
wd

Q.N1 Deo 08, 2
6
$2,000.000 31,'265,23!
Bankers National
An Dec 08, 6
Calumet National
100,000 • 31,125
.1-.1 Dee '03, 5
10
10
500,000
Chicago City
177,153
Jan '09, 3
12
12
Commercial National
3,000,000 4,266,567
C)-.1 Ian 09, 2
8
8
4,000.00( 3.710,93
Continental National
6 Q-1%1 Dec 53, 112
50Mo
Cook Co State Savings_
4,833
hill '09. 3
12
Corn Exchanfre National 1,000,000 5,068,464. 12
fi
t)
Q- 1 Jan 119, 112
200,1101)
53,703
zDrcxel State
9% t -.I Ian '09, 212
8
392,911;00,000
Drovers Dep National-6
Q- 1 Jan '09 11j
31,160
200.000
Englew000 State
12 Q-51 Dee 31 '08.
12
8,000,000 8,053,83,
First National
10 Q-11 Dec '08, 212
10
168,320
150,000
First Nat Englewood
Priv ate Ila nk
615,761
Foreman Bros B'k'g Co.. 1,000,000
Q,1 -1T4;- 09, 2_
447,712
Fort Dearborn National- 1,000,1100
5
5
fan 09. 213
158,218
Hamilton National
500,000
Q,1 Jan '09, 2
8
8
346.63'
1,500,000
itibernian B'k'rr Assn
.1-.1 Jan '09, 5
10
106,340 10
200,000
Kaspar State Bank
ill +2 Q-11 Dee '08, 412
403,035
Live Stock Exchange Nat 1,250,000
4
4
61,573
300,000
Feb 01/, 1
Monroe National8
,
2,000,000 1,124,106
Q-J Inn
Nat Bank of Republic.
Q-41 Ian '09, 112
491.825
1,500,000
National City
1,2,7.5:1 began busine Si
250,000
Aug 26 1907
National Produce
65,801
200,000
Jan 1/9, 114
North Avenue .titate..--.:
6
10.571
50,u0o
North Side State Savings
Q-4 Jan '09, 112
ii
100.000
(z)
Q-4 Jan '09. 112
rOakland National-- _
68,859
250,000
Prairie National
8 Tr--17
000,000
_
Prairie State
4
2
260.000
7,548
Railway Each/titre.
Jan '08. 2
300,000
131,97, Organ !zed
Oct 12 1906
Security
6
78,0(15
200,000
Q-J tan 09, 112
South Chicago Sa-ings11
State Bank of Chicago- 1,000,000 1,364,095 9 +1
Q-4 Jan '09, 3
6
108,016
250,000
-ftocir Yards Savings
.1-1) Dec *08. 4
6
41,783
200,000
M'S Nov '08, 3
Union Bank of C hleago„
6
60,803
ii
200,000
U nion Stock Yards State
Q-1 Jan '09, lig
8
8
American Trust As Saygs- 3,000,000 2,975,463
Q-4 Dee '08, 2
80.463
(1-.1 Jan '09, 134
zCentral Trust Co of IlL 2,000,(10(/
105,751
C hica.o Say Bic dc Tr_ _ n5011,000
Q-4 bin 09, 113
is
Chicago Title & Trust__ _ 5,000,000 41,208,019
Q-./ Jan 3/9. 112
3
50,000
14.336
Citizens Trust dc Savings
A -0 Oct 08, 2
485,685 10
600,0110
Col, it Trust 63 Savings
Q-.1 Jan 09, 212
6
02,969
200,000
Drovers Trust & Savings
Q-.1 Jan '09. 2
1,500,000
1/7,368 Organ
Farwell Trust Cu
Apr 13 1907
2,000,000 2 330.446
leftst Trust & Savings_
1,092 in('o7p or.tted 1903 V. 87.p.1138
200,000
Guarantee Trust & S'av_
808.303
Ii art-is Trust & savings_ 1,250,000
Q-.I 15/1 '09, 2
innois Trust & Savings_ 5,000 000 3,258,064 JIT
16+4
Feb 'Oil. 1
200,000
49.064
enwood Trust & Savo
Q-41 Jan '99. 112
6
200,000
31,619
2
View
Trirt & Saygs
Lake
434
Jan '09. 114
Merchants' Loan & Er Co 3,000,000 4,861,652 12
12
Jan '09, 3
750,0011
250,015
Metropolitan Trust as Say
0
6
Q-.1 Dec 08: 112
,500,000 2,015,679
Northern Trust Co
8
8
Q-.1 Jan '09, 2
200,000
48,036
N..:rth-Western 'Cr & Say
6
6
J-./ Jan '09, 3
88,1193
200,000
People's Trust & Savings
0
it
Jan '09. 4
103,004 08
Pullman Trust & Savings /4500,000
Q,1 Jan '09, 2
352,922
500,000
zRoyni Trust Co
8
8
Q-1
' Feb '09, 2
21,002
200,000
*,toctrmen's'Crust & Say..
6
5
Jan '09. 212
1,000,04/0 1,132 00,
Union Trust Co_
8 Q-10 Dec '08; '2
213,908
Western Trust & Savings 1,000,000
8
Q-J Jan '09; 112
50,812 Began businc Si
West Side Tr & Say Bank
200,000
Sept S 1993
Woodlawn Tr&Say Bank
31,978
200,000
Ian '09. 111

• Iltd and as red prices; no saie3 were made on this day.
1 Fob, 5 (close of business) for national banks and Feb. 6 (opening of business) rot'
Stat) lnstltuttoaa. ::24o priev Friday; iateit price this week.
a Due Dec. 31. t, Due June. k Capital increased from $300,000; a stock dividend
33 1-3
holm,' declare 1 in part payment therefor. n Capital and surplus to be increased. g Dividends are paid Q-J, with extra payments Q-F.
As of data Deo. 31 1903.
x Drexel State and Oakla,n.1 National banks consolidated in Febru-ry 1909 under name of Drexel State Bank.
yal Trait Co, 1.1 a3.1.1531
la.1 3121' ,e.1 la 115
itrat i':441 C . V. 53. p. 5,1 .

r.0




Volume of Business at Stock Excnanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
March 19 1909.

737

THE CHRONICLE

MAR. 20 1909.)

Railroad,
doe.,
Bonds.

State
Bonds,

U. S.
Bonds.

Electric Companies
Chicago Edison Co See 011
e Kings Co El L&PCo 100
Narraan(Prov) El C0.50
NY & El L dePowOu_lit
Preferred
100
United Elec of N J
1st 2; 4s 1949
J-D

Bid
cag
122
*87
37
68
60
74

ASk
11 t
129
14812
43
70
65
76

Hui Asa
Industrial and Miscei
20
Oonsol Car Heating 10u
:Jona Ry Lir t &Rettig-10v
5
Consol Rubber Tire 100
2
Preferred ....._10i) 20 W1Debenture 4s 1951A&O /88 42
._
Cons Steamship Lines Um
Coll IT 4s 1957 rcts J &.1 i -161-4 Yi"
,c
Corru
nciP
briodsRe
c teeft See Stock Es' 1st'
718 734
loll
5834
ePreferred
1,8
758 77e
Cr.mberland Ely Copper95
1
122
1
eDlamond Match Co-10
Dominion Copper
LI Ilse
rt
5 *234
Douglas Copper
Econ'y Lt & P (Joliet, III)
1st M s I g Is 1956_J-D 93': 96
. 20
2
5..
.,:
2
7
%1
,10 .
Electric Boat
1
1:1
75
FAePeretrorrevd
Preferred
Vehicle
'2
Preferred
12
Empire Steel
52
100 49
Preferred
eFederal Sugar of NY SeR Stk S x list
eGeneral Chemical.. 100 6514 76
10u 101 102
ePreferred
Goidneld Congo) Mines-10 *734 '77s
72
ureien
(lo
dH
elle
1 Ole
la
Cnoa
er
pnpea
20 ,0914 912
Guggenheim Explor'n 100
eHackensack Water Co
12-4-.1 87 88
hail Si
lg
irn
4a
81'5
2
100 33
0o
"
37
Havana lobacco Co..1007
1312
P
1ir
t fgerre
Is d
june 1 .22.4110 15
20

Ferry Companies
B & N Y 1st Os 1911_14
90 98
70
N Y &ER Ferry stk_i00 40
$17,500
78
0
1st Se 1922
64
0 9
M-N / 9
96,500 620,500
N Y & Bob Is \iay 40 J-D
86,000
Hob Fy 1st Is 1946M-N 106 101+
172,000
NY deNJ 5s 1946 __J-J 94 96
70,500
35
10th & 23d Sts Ferry..100 25
207,500
lit mtge Ss 1919 _J-D 65 65
22 0
2814
4
$650,000 $26,500 eUnion Ferry stook _100 93
2,559,144 $230,077,350 $15,370,000
Total
elst Is 1920
M-N
Short-Term Notes
Jan. 1 to March 10.
Week ending March 19.
Sales at
New York Stock
Am Clg ser A 4s '11_M-S 9814 9834
1008.
1909.
1908,
Exchange.
1909.
Set B 4s Mob 15 12M S 9718 9712
Amer Light & 'Fr 6s-See G . sec
36,041,369 Am Tel 63 Tel g 5s 1.0 J-J 10112 10112
37,141,811
2,559,144
4,065,117
Stocks-No. shares__
$230,077,350 $350,264,225 $2,534,006,875 $3,059,668,375 Atlan Coast L 55 '10.M-S 101 10114
Par value
$35,200 Ches & Ohio 83 JI '10J-J 100
$10,100
1 212
$500
0212 1
Bank share, par.
Bonds.
dc Alton Ss 161r..1-1)
$211,820 Chic
$176,000
$28,500
Chic Ill & Pac 6s '09A-0 100 10014
$26,500
Government bonds__
29,338,500 Cln Ham &D4 40 '08 M-S 7 65 75
10,937,600
2,448,000
650,000
State bonds
155,392,100 C C C & St L Is, June '11 10114 10158
287,325,000
RR.and misc, bonds.. 15,370,000 11,036,500
Erie 6s, Apr 8 1911__A-0 __
$184,942,420 Interb R T g 6s1911
$298,438,600
111-N 10314 11133-4
Totalbonds ------- 516,046,500 $13,513,000
09
112
0). 19
99
55 Mch 1910
81-S 111
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
KCRydiLightOz':2M S
EXCHANGES.
Kan C So g Is Apr *1 2-J-J 9975 i00i, Hecker-Jones-Jewell Mill
9712
lit lis 1922
81-S 101 los
Lack Steel Is g 1910 /11-S 96
New 1-yr 56 Meh 1 '10 9s 9912 Hoeg-Hall-Mar, new 100 30 45
Philadelphia.
Boston.
_
Lake Sh de M. So 53'10 F A 101 10114 Hoboken Land & Imp100
e513 1910
1I-N -991;
Lou & Nash g Si '10-51-S 101' 1014
Week ending
Unlisted I Bond
Listed
Bond
Listed Unlisted
10012 Houston Oil
Nits
March 19 1909.
100
Cent
Is
July
1
191'
tales.
shares, shares.
sales.
lty
shares. shares.
45
filch Cent 5s 1910.-F-A 101 , 10431;
1-10(1800 Realty
110
$33,600 Minn & St L g 58 '11.F-A 99.4 10038 e1ngersoll-Rand con:000
964
$26,000
3,413
3,690
10,515
0
°1i
18
(
6
27
0
Natoffilex
Is
Saturday......
extto'09 A-0 100
2,610
30,300
99,000
14,045
13,062
10(1 92
ePreferred
13,635
Monday
101 10114
66,000 N Y Cent Is 1910___F-A A14%
5,155
156,500
10,050
11,915
16,274
' Co_103 95 106
312% Internat'l Bank'ir
Y C Lines Eqp 3.3'10-27
Tuesday
94,600 N
10,612
324,500
19,655
17,304
22,826
Exo Ills
N YNH&HIs'10-'12 101 113212 inen1 Men Mar See Stk
Wednesday
6,344
49,100 Nod & West 38
0,420
123,000
18,468
12,534
100 100 107
Thursday
191081-N 1913, 101 2 Internael Nickel
101,400 Pa
6,710
13,999
9,802
114,500
20,348
Pr f,
i4t tioilyi 2,,
?
..rI
resd1 932_...A1
4
0
0
0 84
87
Friday
RP,Is Mch 15 '10 111-S slers
86
84
Public ServIce Corp Is76,0331 32,3951 5374,900 StEMS'east
69,456 $843,500
96,132
16
Total
444s '09.J.1) WU W012 International Salt.. 10
55
1st g Is, 1951
Ao
11-0
000 / 5
7
10
830
9734
St L & San Fr g 5s'11...161.1 97
12
Inpterniat'lSIlver
4
g notes'12 opF &A 90 94
Preferred
73
South'n coil tr 5s 1111 A-0 100 1(1014
1st 6s 11)48
J II 109 Ill
South By g Is 1910__F-A 9612 97
Suntli.Tri Fly 63 1911.111-N 9912 99'8 Lackawanna Steel__ 100 33 36
All bond prices are now "and interest" except where marked "1."
Fidewater 65, 1913, guar 10214 10234 Lanston Monotype-20 1312 135s
'1\iltkgeesCB
a whyedfsw
it
Oli 215
16
o-c
.
0all
7z 275
Wabash Is. May 10 1909 10012 10038 eLLe
via Ask
Street Railways
Bid 4311 WestIngh El&M (Ss 1910 10012 101
106
Street RailwaYs
Pub Serv Corp N J (Con)
erre
Ta
dylor
Lop
rdref&
105
New York C Up
20
100 97 102
Railroad
Ji0 Hob & PatersonBleeck St de Ful F stir_luu 14
75
75 Chic Peo & St L pref-10G
eLorillard (P) pref-100 n125 135
4s g 1949
Ni- N 74
•1st mtge 4s 1950.1-J 85
1 20
So J Gas El&'Frac _100 118 120
30
12 112 Madison Sq Garden Je B'y & 7th Ave 6111_100 140 196
Deposited stock
2d Os 1919
80 100
Gu e Is 1053__M-S 98 99
12 I12
e 2d mtge 5s 1914__J • 1 /100 103
Undeposited stock
212 10
No Hud Co Ity6s'14 j- 106 10712
95 eManbat Beach Co_ -100
'Con Is 1993 See Stock Exc. list
Prior lien g4 34s'30M&S / 88
66
Manhattan Transit...--211 * '233 212
551028
.1-3 106 108
B'way Surf 1st 57, gu 1924 99 104
Con in tic g Is 1930..J&J / 48
7
Mitchell Mining
.3_
14
Ext Is 1924____M-N 12
02
1 1.0
Cent'l Crosst'n stk_100-_ 120
Income Is, July 1930_ / 2
26
Monongahela R Coal-6U
10 * is 47
Pat City con 6s '31..J.D
100 24
e lst mtge 6s 1922.61-N 793 1 10
Chic Subway
60 * 2414 25
Preferred
60
100
30
2d
100
stk
opt
A-0
&
E
It
63..1914
Pk
N
Cen
Ft W & Den Cy std-100 97/4 ---•
Mortgage
.100
Bond
Co..
110
107
90 So Side El (Chic) See Ch Icaro ITST Nat Rys of Mexico•Chr't'r & 10th St stk 100 75
9212 Nat Bank of Cuba-100 100 106
Prl lien 4443'67(w 1)J-J 92
Cot & Oth Ave 5s SeeStock Exc list Syracuse R T Is '46_111 &S 103 105
Trent P & H Is 1943. J-D 95 100
DryDEB&BGen NI 431057(wI)A-0 84 86 Nat'l Surety (new)..100 105 175
Copper.5
Nevada
Conted
*1752 1734
United Rys of St LN orth'n Securities Stubs. 100 1N
e lst gold tis 1932_J-I) / 92 96
NeY-Utah M-111 & Sin 10 e278 3
100 2152 2212 Pi tts Bess & L E
Com vol tr ctfs
65
60 *35
•Scrip 58 1914____F-A 1 45
e Preferred
100 0312 0414
50 *60 65 eNew Central Coal_ - 20 40 53
Preferred
BIghth Avenue stock_100 240 28.)
Alr
SetStoll
N
Y
Brake
63
Exc List ,
Gen 4s 1934_ _See Stock Esc est Iltallroad Securities Coe Scrip 6s 1914_ _F-A 1 96 WO
Unitfly3 San Fran See Stk Exo list
ln C stk tr cfs ser A '52 90 92 N Y Biscuit 6s 11111.51-S 7100
- _100 233 250
•42d & Gr St ley stk
eNew York Dock......100 33
40
100 4212 44 Seaboard CompanyWash 1-ty & El Co
92d St M & St N Ave_100
100 78
ePreferred
8t)
100 9014 9114
10U 40 5U
Preferred
1st preferred
1)1)
1st mtge 65 1910_M-S 95
N Y Mtge & Sem.ty lUu 195 200
48 1951
J-D 8734 8814
60
Cons & 2d pret-See Bait Sic list
2dincome 63 1915..J-J / 54
N Y TransportatIon__20 *34, 444
Seaboard Air LineInter-Met-See Stk Each ange list
Gas Securities
9612 Mies-Bern-Pond com-100 9/ 103
Coil Is eat May '11 M-S 96
Lex Av &PavF 5s See Stk Eire list
6 *1012 1034
New York
Union Pacific 48 See Stk Each list NiP188111g Mines
Metropol St Ity-See Stk Exo list
eUntarlo Silver_, -10‘)
Cent Un Gas 5s g '27.J &J 100 101
334 434
Ninth Avenue stock_100 160 19
Oat Trans 1st 5s'4-5M-N
9412 9612
Second Avenue stock.100 35 60 Con Gas (N Y)-See Stk Sic list
Industrial and Miscel
S
Otis Elevator com....190 10 5112
10k0 12
12
, 100 • Mutual Gas
8 1st mtge 5s 1909_ M-N
•
100 118
Preferred
97
Adams Exp r 43 1947J-D 93
94
New Amsterdam Gas79
Consol 5s 1948____F-A / 77
Ahmeek Mining
23 2143 155 Pittsburgh Brewing...50 *1934 1978
1st consul Is 1948 J-J 10) 101
• Sixth Avenue stook_100 118 130
Preferred... __..60 *3912 3934
65 NY & EllGas 1st 5844 J-J 103 103
100 lbo 114
Alliance Realty
Sou Boulev Is 1945__J-J 60
Pittsburgh Coal..... Stk Ems list
J-J 95 100
_A-0 h0
Conseil Os 1945
Allis-Chalmers Co 1st intg
90
So Fer 1st 5s
Pope miff Co com(new)100 20
50
23
N Y& Richmond Gas 100 30
s 1 Is 1936-See Stock
1019_-Stock Lao list
Third Avenue-Sal
Preferred (new)....-100 66
uu
70
Nor Un 1st Is 1927_114-N 90 101
100 E1x4c
American Book
5h 1111"5t
Tarry W P & NI 5s 1928 / 70
80 American Brass
100 113 117 Pratt & Whitn pref....100 98 102
85 e Standard Gas coin..100
YkersSt Rit5s 1946 AO 80
RealtyBAssoc
sk0
(
w1 kc
30
i yon
100 a 60 93 American Chicle con1 100 191 193 i40ya
i)
n 100 145 150
•Preferred
35
28th & 29th Sts 1st 5s '96 25
M-N 100 105
let 5s 1930
100 101 103
150 160
Preferred
e Twenty-Third St Stk 100 203 250
gs
Preferred
Other Cities
100 106 108 '
Am Graphophone com100
._ 20
Union fly 1st lis 1942 F-A 94
0
60 Am Gas & Elec, oom..850
.100 -31.1Safety Car Heat & Lt-100 128 130 ,
Preferred
Westehestlst 5s 43 J-J 70
23
Preferred
*3
100 y112 ja- Seneca Mining
*42
1
100
3
4314 Amer Hardware
Brooklyn
100 470 440
Amer Light & Tract-104 149 Am Malt1ng 65 1914.-J-0 100 103 Singer Mfg Co
Allan Ave Is 1909___A-0 10.1 101
100 102)2 1011-2 Amer Press Associn -100 9212 100 Standard Cordage_ 100
Preferred
AO 97 102
34 114
Con 53 g 1931
lit Mg Se '31 red_A-0
Col tr g 6% notes.A-0 132
t4
/ 22
Am Soda Fount com-1(10
25
Is 1933__A-0 95 100
BB&W
51.) a 114 --1-4
Adjust Id 53 Apr 1 1981 1 3
100
4 ;
1st preferred
6 16
Brooklyn City stock .1') 190 194 Bay State Gas
100
2d preferred
Bingh't'n (N Y) Gas Wks
3$ ,
2 Standard Coupler com100 25
Con 68-See Stk Each Exi list
100 100 110
Preferred
ai
Am St Found new-See S 1IiEx
1st g 68 1938__A&O 85 96
ii8 - ilist
Bkn ligts lst 5s 1941 Al) 95 00
Standard Milling Co 1110 10
6s 1335
Brooklyn Union Gas deb
18
A &O
Min 0 Co & Sub See Stir Eau list
100 61
Preferred
Deb 4s 1923
&A 61
e6s 1909 See Stk Each list
53 1
Bklyn Rap Trah -See 8th Eze list
Ni-N 82 84
let Is 1930
50 215 225
5
American Surety
Buffalo City Gas stock100
7
e Coney 1st & Bklyn_101.1 83 100
1st Cis 1947-See Stock Sic list
American Thread pref_5 *414 5 Standard 011 of N J-100 672 674 ,
1st cons g 4s 1048__J-J 77 82
137, Am Tobacco Cu com_100 365 375 Swift & Co-Sea Bost Stk p,ze list
link C & N Is 1939..J-J 96 100 Con i-1as of N J 5$ '36..J-J 93
let 58 191U-1914.-4-J 101
PowAmer Typefders com.100 35
Consumers'
40
Gent&LorSt let 65_31 &N
100 93 97 eTexas& Pacific Coal-10(1 45 100
Preferred
list
Is 1938 L&
Kings C El 4s-See Stock
2
212 Title Ins Coot N Y _100 150 160
Amer Writing Paper-100
Denver Gas & E ec-100 110 112
Nassau Elea pref____100
Preferred. _100 14
10 Tonopah Min (Nevada).1 4612 ess
Gen g Is 1940 op.111-N 92 95
A-0 1;:;5s 1944
1st s t 53 Ur-OJAI-3-J 82 83 Trenton Potteries conz100
10
Elizabeth Gas Lt Co-10U 276
1st 95 1951-,See Stock Esc list
6
6
Preferred, new--100 50 66
Essex & Hudson Gas.100 126 128 AGM &WInd.SS Lines 100
N W'tiglalat 1st ex 4445 92 97
101/ 25
Prilerred100 17
Steinway 1st 68 1922-J-J 106 110 Gas & El Bergen Co_100 60
19 Trow Directory
.
--.J-J / 68 61
Col tr g
e Gr Rap (I 1st 5s 15_F-A, 101 102
Other Cities
UniVI,TYrerPoerrwerld1or 00111100 67 It
100 z110 113
100 115 110
Barney & Smith Car-100
Hudson Co Gas
Buffalo Street 111,
.---100 z109 112
6
16
31
18
20
100 ---. 14
Indiana Lighting Co
Preferred
- let consul 5s 1931_F-A 106 109
NoteCorp-6o
*65 60
2d,preferred..
F-A
61
68
1917
United
Bk
A-0
106
108
Be
4s
1058
op
thl
m
Steel
Corp
--See
65
S tligz
De,b
50 *63
50 20 40 Bills Company corn
Preferred
50 110
9734 Indianapolis Gas
Columbus (0) St Ity.100 95
1
120 12
.101) 104 100
United Cigar Mfrs__ -100 5712
A-0 76
50
11352
1st g
Preferred
Preferred
90
ePreferred____-100 101
90
Jackson Gas 58 g '37 A-0 91
Bond & MtgeCluar:._100
Colons fly con 5s--SeePh. In list
opper. .
1011 1218 121:
100 90 100 Borden's Cond Milk -100
131 - (Jutted Copper
Crosst',
.vn 1st Is '33 J-D 1.,0 104 e Laclede Ga
lo.)
Preferred
-------100
cum_
100 31
76
80
100
85
&
Ltg
Preferred
100
Ely
Preferred
/Conn
81
1
29
05
107
'
9212 :,712 Madison Gas 85 1926-A-0 103 108
ePreferred
British Col Copper
I *534 6 U S Casualty__ ,..-100 205 215
6U
)0 68
U S Envelope com---100 80
Newark Gas 68 1944-Q-J 130 132
Butte Coalition Mining 15 *224 23
Grand Rap de ty___100
ePreferred
go Casein Co of Am oom-100
leu 102 182
_100 80 88 Newark Consgl Gas.-100 95
.
Preferred
214 3
-.100 60
e Con g Is ru48--J-1) 106 107
Preferred
Loulsv St 5s 19-3-0-__J&J 107' 109
75 U S Finishing__ ___ ,_100 86 85
SPreferred_
101 96 100
No Hudson L It & PowCasualty Co of Amer-100 140 150
Lynn & Bos let Is '24 J-I) 105 107
•
trs
I!
et te
s
oi
,
lp
atle
ont
1.00 129
15s 1938
A-0 98
Celluloid Co
,'New Ori Rya & Lgt-100 q34 Idlz
8 U S tee
7 132
'11 11814 115
Col
Pat & Pas Gas& E1ee-101) 86 90 Cent Fireworks cont-100
100 302 .•Preferred.
Col tr s f 153 '51 not opt 11554 115
100 661360
e Con g Is 1940___M S 103
Preferred
Gen Mg 4 4s '35 Se.S tk Es list
U S Tit Gin& indem-100
100
4
3
tlorth Chic Street See Ch leap) list St Joseph Gas 53 1937.-J-J 90 98 Central Foundri
'10
100 1012 18 el/ tah Copper.Co-Se. Stk EiCtr US$
!elegy & telephone
Preferred
Pub Serv Corp of N J .100 103
Waterbury Co, com_100
Deb Si 1919 op '01 M-N
75
72
'Fr ctfs 2% to 6 7opoTPer 82 83 eAmer Teleg & Cable_100 7(92 $0
10014
'Central
&
So
100
-Preferred
.
Amer_100
IOU
Mfg
Co.100
110
115 Chesebrough
M-N
570 000
Coll tis g notes.
Commit Un Tel (NY)_25 110 120 City,Investing Co--100 58 63
Westchester 441
_'1-ronz Tit
Ely 100 40
North Jersey St09& Mtge Guar
120 142 15.
1s145 1948
M-N 7712 .781-2 Emp & Bay State Tel 100 60 70 eClaflIn (It B), coin -1110 100 103
77
Franklin
,
78
100 91
37
Western Ice.. ...
100
42
elst pretence
95
Cons iract of N
9712 Westingh Alr-Britke.,...60
•
,..e2d preferred... _100 92
.. __J-D luN2 10612 'Gold & Stock Teleg .10(1 105 112
1st Is
1.11:
NY&N.1 Teleph-See St k Ego list Col & Hock Coaldil-pl 100 n65
West El & Mfg s-,81* St lex*
75
Now'kPasRy
53'30 J-J 108 P110
1933eNurthwestern Teleg....50 10$ -112
10
1917,... J-J 79 8912 White Knob Min
lie g
Rapld Tran St Ity.1111) 245
.41.N
Pact & A an ti
Prrteht
Certr Os Oct 19561:.:J-4 95 10112 w0
25 85 65
fentr
led
Fum0 prit.ilo
'
1st 55 1921
A-0 106
Southern h Atlantic-215 90
96
105 109
Sells
on
Stk.
a
Ex..
but
not
trZa-ritrlits.
5lPae.
very
active
/FLA
y
rat-righta.
prloe.
n
price.
Nom.
sSsle
*Per sure.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday




Shares.

Par value.

130,972 $12,267,200
316,498 28,410,050
374,968 34,495,050
666,785 60,233,300
592,727 50,796,200
477,199 43,875,550

$1,578,000
2,319,000
2,432,500
3,581,500
2,612,000
2,847,000

A

Outside Securities

Sic-

Ira

1308TON STOOK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
.Saturday.
March 13.

Monday
March 15.

7'utsday
March 16.

Wednesday
March 17.

Thursday
March 18.

Sates
01 the
lerickly
Week
March 19. Shares

STOCKS
BOSTON STOCK.
EXCHANGE

Ranoe stna. Jan 1
. .1900
LOWeSL

Rallroack
98
034 j
0 10
Ja
a,
n
, 13
5
223 Atch Top & Santa Fe_ 1000
*10313 10334 10333 10333 103 10334 *10353 10373 103 10358 10313 10313
102 102 *10214 10314 *10213 10313 10214 10214
Do pret
9
'10212 10312 102 102
100 225 Jan 4
233 23314 23314 23314 23313 23312
234 23412 233 233
178 Boston & Albany
234 235
300 12414 Jan
12612 12613
127 12713 12712 12734 127 12712 126 126
322 Boston Elevated
127
100 224 Jan 12
231 231
232 232
235
__ 232
235
102 Boston & Lowell
33___ 232 3____ 232
100 13213 3an 2
138 13814 13812 139
137 13713 13712 13712 13712 138
233 Boston & Maine
137
100 161 Feb 26
Last Sale 152 Meh'09
Do pre(
301
301
24 Boston de Pro vklence_100 300 Jan 4
-*KC 301 555- 300 *555- -----_-_ 301- 301 301 301
1134 Jan 2
*15
Last Sale 18
18
18
*15
18
Most Suburban El Cos-__
*15
Meh'09
*14
18
6013 Jan 5
74
74
*73
74
*72
*72
73
74
*73
7412 73
-775 Do pret
*74
1012 Jan 8
Last Sale 1412 bieh'09
Boston & Wor Elec Cos
*57
52 Jag 5
*57
53
58
57
*5512 57
56
-110 Do pref
-T911- 56 ;35- 58
Last Sale 150 bleh'09
Chic June By & USY_100 143 :an 25
100 116 Mch19
Do met
fir *117 119 *117 119 *117 119 117 118 118 116
18
Last Sale 173 Mch'09
Con & Mont. Class 4_ _100 170 Jan
Last Sale 130 Feb'09
Conn & Pass Riv pret_100 139 Jan 2
*138
100 267 Jan 15
27212 27212
5 Connecticut River
100 132 Jan :3
13313 134
112 Fitchburg. pref
.4,270- 4 155r2 fig; 13312 g; 13312 1-33-11-3 *13313 134
13312 1333
109 75 Jan (3
79
76
7734 78
78
.79
7712 79
79
*7812 79
513 Ga By & EleCtric
79
100 79 Jan 14
*83
*8312 85
*84
85
85
*82
85
Do pret_
85
85
85
*83
10
100 19514 Jo:. 13
Last Sale 85
Maine Central
Meh'09
10) 1114 Jan 12
4 1438 1413 1434 1434 -555 Mass Electric Cos
1413 1434 wiiis 16'- *1414 1434 ;Nag -1-4-3100 5813 Jan 15
7012 7212 7012 7112 7112 7214 7034 71 7014 7034 630 Do pret Ilartford..100
7034 72
157 Jan 21
158 15834 15812 159
15814 15814
158 159
16012 16012 715812 159
447 N YNH &
100 146 Feb 4
Last Sale 14613 Meh'09
_ Northern N Ii
Mch13
209
pre1_100
Norwich
&
Wor
209
209
35
i5i- 198 1553 19712 148 Old Colony
100 194 Jan a
198- ffi- *198
198 198 *:::: 198
100 27 Jan 22
27
27
5 Rutland pref
Last Sale 90/4 Ale-11705
100 3014 Mch 2
Seattle Electric
*9012 9114 *9012 9114 ;55f2 9114 *9O1 9114
98
98
100 98 Meli 18
98
98
Do pret
--_ _ *98 ___- *08 _
59
--4 178 17913 17834 17913 1.582 Union Pacific
100 717278 Feb 23
17473 17658 176743 1773
17514 17514
, *9717514 17514 *97100 9313 Mch 2
*9412 9512 9434 9434 *9478 9578 *9478 9578 *9473 9573 9434 9434
Do pre
29
Last Sale 165
100 165 Jan 20
Jan'09
Vermont & Mass..
;5i- Wt-.2 *97 9713 97 97 -374 West End St
50 88 Jan 2
' -57- 117 - -5i- 98 -57710834 10834 10812 10812
Do pre
50 10314 Jan 9
*109
180
*109 ---- *-__- 108 *___- 109
Last Sale 144 Meh'09
Worc Nash & Roch 100 144 Mch12
Miscellaneous
3813 3312 3753 38
37
3714 1,013 amer
• *3614 37
n0 Ag
orriectul Chern 100 3314 Jan 2
3752 38
3613 37
9634 97
96/2 9612 97
9612 9613
96
100 94 Jan 18
414
96
9913 9912 796
9
912
50
558Jan 26
914 038
834 918
9
934
834 2,657 Amer Pneu Service
834
933' 934
2014
2014
20
1912
50 13 Jan 13
1914 1912 1,575
2014
Do pret
2012 2034 2014' 2012 20
130 13038 130
130
100 12613 Feb 24
128 12934 12912 13013 129 130
896 Amer Sugar Retin
' 13012 131
129 12973 12912 12934
129 12913 129 129
100 127 Jan J
Do pret
12978 12978 129 129
154
12934 13014 8,772 Amer Telep & Teleg 100 12514 Feb 1
12914 12933 129 12933 12913 12938 12914 12978 12953 130
28 *28
28
29
*28
29
100 2712 Feb 4
29
29
*28
2834' 2834 *28
55 American Woolen_
97
100 1.3313 Jan 15
Do pre
9612 9614 9634 9612 9673 9613 9673 97
9613 9612 96
388
Last Sale 5
*4
5
10
4 Jan 6
*4
5
bleh'09
5
*4
5
Boston Land
*4
128 128 *12612 128 *125
127
--10 Comb Telep & Teleg_100 125 Jan 25
*12634 128 *12634 128 *12634 128
33
*3212 3312
33
100 Dominion Iron & Steel-- 1812 Jan 11
*3234 3334 *3212 3312 *3214 33
II;
812
812 812 *814
7 Jan 4
9
335 East Boston Land
812 834
838 812
*814 812
252 252
252
25212
163 Edison Elee Illum___100 245 Jan 2
25212 25212 253 253
254 254
25313 254
100 15033 Feb 24
154
15413
156 General Electric
153 15334
15112 15112 15234 154
64
64
64
64
64
788 MassachusettsGasCos 100 50 Jan 5
64
65
64
65
764
100 80 Jan 5
9213 9234 9258 9258
Do • pret
92
896
92
92
9238 9212 92
100 :0212 Mch12
208
021
77:3
208
131 Mergenthaler Lino
8 -i924-5-8 20773 208
204 204 *206
_ *207 211 *296
10
2 Jan 5
212
213
916 Mexican Telephone
212 212 *214 -2-3-4 *214 234
212 212
212 _-212
77013
7012
74
*72
73
Cotton
Yarn
100
77012 Mch19
73
E
N
*72
132
74
72
73
73
72
99
100 93 Jan
*9813 99 *9813 99
Do pret
229
9914 99
99
99
99
9912 99
13434 135
100 12614 Jan 3,
135
135 135
135
195 N E Telephone
135 135
13413 135
13413 135
*78
79
*78
79
79
79
10 Pao., c Coast PuwJr_ _100 75 Feb 0
79
79
*78
79
*78
*78
16913 170
100 168 Jan 30
170 170
257 Pullman Co
16913 16912
16912 170
169 16912 169 169
934 Jan 11
10
106 Reece 13utton-Hole
*1014 1012 1014 1012 1012 1012 *1014 1012 1012 1012 1014 1014
10153
10112
swtft
&
Co
100 100 Jan 9
10133
10112
10153
10134
835
10133
10118
10133 10112 10114 10112
22 *20
22
*20
*20
25 22 Jan 15
22
2 Torrington, Class A
22
*20
22
*20
22
22
2414 Jan 211
Last Sale 25
26
25
Do pret
Meh'09
28 *25
*25
*35
26
*25
26
1 Jan 26
*113 2
Last Sale 112
Union Cop L'd ea Mtg.. 25
Meh'09
*112 2 •
*112 2
*112 2
100 12612 Jan 13
132 13234 133 133
United Fruit
13213 13318 -7
7
53
132 13213 13214 133
13114 /32
25 754 Mch19
55
4.324 Un Shoe Mach Corp
' 6213 6314 75613 3634 5613 5612 5614 5614 5513 5614 54
3l2 Jan 11
2912 29
2913 29
25
Do pret
2913
205
30
72034' 2334 2912 2912 329
:30
4418 4512 4434 4533 44
100 4134 Feb 24
4458 14,223 US Steel Corp
4373 44
4353 4418 4334 45
100 107 Feb 23
11013 11013 1,034
Do pret
110 11012 110 11033 11033 11073 11012 11112 11012 111
*612 713
618 Jan 11
Last Sale
West Telco & Teleg_100
Meh'09
*612* 712 *612 71.2 *612 712
li 3
1
Alecb
612 F
05
0 77
12
78 *_-- 78
Do pret
78
78
78
63
78
78
78
78
80
*78
Mining
*712
8
Con
8
Adventure
734
30
8
*712
*712 812 *753 812 *712 8
25 34 Jan 29
39
*38
39
*38
39
130 A ilouez
*3812 3912 *38
40
*39
39 • 39
6733 6812 6773 6853 6813 69 29,403 Am333amated Copper 100 65 Feb 26
6778 8833 6633' 6773 6634 68
2313 Feb 4
25
24
*2334
Zinc
Lead
&
Sm....
Am
200
2434 2312 2414
*____ 2434 *--__ 2434
25 3813 Feb 26
25 Anaconda
4014 405s
514
Jail
475
Arcadian
-478
473
935
-;43.4
48
-,138 -4-3;
53
*473
514
5
30
2.
213
25
5 30Feb
1,110 Arizona Commercial.. 2
35
3514 3414 3413 *3414 35
35/2 3512 35
35/2 3412 35
25 45 Feb 17
A ruolct
Meh'09
Last Sale .80
*.75 .80 *.75 .80 *.75 .85 *.75 .85
25 4314 Feb 11
Atlantic
*14
1412
1334
14
14
-495
13
3
4
*1412' 15
1412 1412 1414 1412
Last Sale .50 Meh'09
Bonanza (Dev Co)__.. 10 .45 Feb 16
*.45 .60 *.45 .60 *.45 .60 *.45 .60
1934 Mehl5
:458 BostonConC&G (eats) El 1738
1114 1034 1034 1113 1134 1173 1173 1112 1112 1112 1112 111
Feb 26
5
Bos&CorbCop&SilAig
*1713
18
1753
1753
635
18
1734
18
18
1814
1734 1778 *18
1
7138 eb24
0
2
22.3 2273 1,637 Butte CoalitIon
2314 23
2234 2234 2273 23
*23
2212 23
23
Feb
9912 100
100
593 Calurtiet & Arizona....150
99
100 100
100 100
99 100
09 100
23
Feb
585
25
(
C
,rgu
620
te
m
n
e
n
tlat
Hecla
*615
620
52
*615
620
620
C.__ 630
615 620
610 615
b276
1
Faeen
F b
912 J
3
(.
208
2914 2912 2912
280
*2914 30
2912 2912 2913 2913 2914 2914 29
500 Cons Meteor Gold
.30
*.30 .34 *.30 .34 *.30 .34 *.31 .34 .30 .30
100
yonper
Co
Range
Con
n
7433
7453
5,281
7414
76
7818 7612 76
7614 7512
7334 7534 74
20
912 Feb 26
3,215 Daly West
1014 1013 1012 12
873 934
938 10
*912 958
912 912
713 Feb 1
1413 14
1453 8.484 13 33; Butte Cop Mln_10
1413 14
1414 14
1412 1453 14
1413 14
2 Jan 9
Elm
River
218
25
213
214
218 *2
213
218 *2
*2
2
2
*2
5
00
13 Feb 20
875 Franklin
1414
14
14
1414 *14
14
*1313 14
14
1334 14
14
212
0
5
dated.10
_Ca
opna
sn
oe
lla
195 Granby c
91
*90
92
90
9112 92
93
9212 9234 93
92
92
26
Feb
9
•
913
20
913
912 958
Greene
314
938 2,531
933 938
933 912
933 033
5
Guanajuato Consot
Dee'08
Last Sale 2
Jan 5
5312 -2614 2533 2512 2534 21314 2,495 Isle Royale (Copper)_ 25 24
2713 2712 27 -if- 264 2613 '5 16 Jan 30
16
17
*1614 1612 1612 1612 1,780 Lake Copper
• *17
1612 1634
1713 1678 17
25 13 Jan 30
441 La Salle Copper
15
, 15
1412 1434 1478 1478 1434 1434 1412 1412 1412 1412
414 Mch IS
25
412 1,109 Mass Consol
412 413
414 414 *4
412 412
412 453
412 453
Feb
b 17
Feb
.60
.60
100 Maydower
0.60 .70 *.60 .70 *.60 .70 *.(30 .70 * .60 .70
533
04
i' '
1
20
4
4
4
500 Mexico Cons Al & S
4
4
31
4
4
4
4
334 37s
5 1234 Feb 26
Miami
*1314
Copper
1313
1313
1333
133
3,656
1312
4
1312
135s
1333 1312 1312 1312
373 Me1119
25
933 10
670 Michigan
1034 1034 1053 1034 1013 1013 1014 1014 1038 1038
25 59 Feb 1
61
61
61
*61
62
155 Mohawk
(33
*62
6013 6212 6018 8012 61
Feb 11
19
10
C
.35
.40
Consul
C
36
*
.25
.30
*.30
Montana
.30
1,200
.35
.35
.35 .35
.35 .35
442 Nevada Consolidated_ 5 1612 Feb 26
*1713 1758 1712 1712 1713 1712 1712 1734 1712 1778 1712 1713
333 Mch 6
353 378 *313
334 1,190 Newhouse Mines & S_ 10
313 35s
334 "373
4
37g 373
4
15 6614 Feb 24
6838 6673 6712 6714 63 10,323 North Butte
6813 6853 6712 6838 6713 6812 67
25 .60 Jan 8
Last Sale 60 1310'09
*.60 .70
Old C3Iony
*330 .75 *60 .70 *.(30
122
47
6214 Feb 24
544 01(1 Dominion
4712 -4814 4814 4913 $4812 4912 4914 50
49 49
*4814 49
125
126
126
126
128
*___
Osceola
135
*129 130'
12812 128 128
3173 31
3213 9,399 Parrott (Silver & Cop) 221055
3112 3212 3073 3134 3034 3112 3034 3114 31
1.4
1
FFaeenbb 2'
1 J
Last Sale. 1
1
Jan'09 _ _ _ Phoenix Consoildated 25
-1
1
1
25 85 Feb 1
*86
85
85
86
86
40 Qu:ncy
86
88
*85
*85
85
86
Last Sale 5
Feb'09
Hhode Isl8nd
_
20
5
Feb
aen 3
2F
478 j
20
5
*213 -2-3; *218 233 *218
233
40 3anta Fe(Gold & Cop) 1
2 -2;
*218 233 *2(3 /3-3
1
10 1312 Feb 26
14
14
14
1414 1414 14
1,228 Shannon
14
14
14
14
1414 34
4213 4212 42
42
42
1,236 Superior
4234 4234 42. 42
4'12 4178 41
4
Faellb 25
438j
14
15
0 3
1433 1453 1438 1433 1412 1412
971 Superior &Boston Nlin_2
15
15
15
15
1434 1434
14
14
1358 14
1312 1353 1338 1358 1314 1312 1314 1314 2,585 Superior&Pitts Copp- 10 1314 Mobil)
80
25 72 Feb 1
77
78
*77
78
90 Tamarack
'79
78
*78
' *75
80
80
SO
25 12 Feb 19
1313 1334 1312 14
1313 1314 1314 1334 1318 1312 1318 1312 1,101 'trinity
y Copper
1234
100 1138 Feb 2
60
12
*1134 12
. 12
*1173 1214 1234 1234 *1214 1253 *1214
Los Sole 36
Nov'08
_
Do pret
_
2913 2412
3012 3012
1
755 UnitedStatesCoal &Oil 25 28 Jan 12
-3113 31 -31-14 -51- 3113 3034 31
4014 *40
41
40
41
573 U S Smelt Be!& Mln_ 50 39 Feb 25
40
4012 40
*4013 4112 40
40
•
45
4453 45
50 44 Jan
45
45
Do pref
45
1,491
45
45
45
' 4314: 4538 45
EN Feb 25
533
5
67
8
Utah-Apex Mini
6
6
*512
6
865
53
4
6
*558
553
534
534
6 3114 Feb 24
3034 3934 1.366 Utah. Consolidated
40
4014 40•• 40
3934 3934 3973 4014 3934 40
34012 4114
41
10 3934 Feb 26
4073 4113 41
240 Utah Copper Co
4012 41
' *4012 4112 4034 41
75 Jan (i
413 *4
35
4
413 1,74Q letoria
414 412
412 453
412 434
412 458
5 Jan 18
25
512 6
760 Wiuoria
*512 6
6
*514
*8
612
6
613
*6
6
140
140
139 140
'5 139 • Mcli18
140 140
57 Woi vet Ine
A140 . 143' 141 141
140 140
234
233 Jan 4
250 Wystidot
25
213 212 *212 234 *212 234 *212
212' 258
*253 273
0 New sunk. c .3431 paid. 0 Ex-stoos (11V.
did and aseed prt3es
el3elore Day't
assess'Ce called in 1003.




Highest

anqe lor Previous Year
(1908)
&nee&

.lItg/iesz

10434 Mch12
6733 Feb
10213 Mch 6
8:32 Mel.
237 Jan 15 1811.Jan
130 Jan 2; 1211'. Dec
236 Mch10 20014 Feb
140 :3
114 Oct
152 Feb 26 136 Feb
301 Jan 9 '284 Jan
22 Feb 3
9 6131:
75 Feb 3
45 Jan
812 Nov
1.112 Mch 12
57 Jan 29
4712 Dec
150 Feb 10 126 Jan
120 Jan 3 102 Jim n
173 Mch
163 Dec
539 Jan •
13314 Sep
276 Mehl° '244 Jan
412 F b
18
36
117 Jan
:67 Apr
85 Feb 18
31 Oct
19514 Jan 1
193 Nov
mehii
7
1234
5 Feb
814-Jan
40 • Jan
164 Jan 9 128 Jan
14612 Mehl I
140 Jne
209 Mch 13 :100 Apt
20013 Jan 3 175 Jan
'5 Jan
30 Jan
70 Feb
9212 Jan Ii
8838 Jan
10112 Jan
Ja
an
11012 Mel.
6:134
5 0
138
7834 Apr
Jan
150 Jan
3
76 Jan
9614
38 M t115
96 Jan
11012 Feb 3
145 Mch12 138 J'iy

10114 Dec
10414 Dec
.230 Dec
)40 Jan
228 Dec
190 Jan
160 Jan
301 Nov
13 Mch
58 Nov
17 Jan
6013 Jan
15114 Dec
13012 Dec
165 Mch
138 Apr
233 Dec
133 Nov
86 Deo
85 Dco
193 Nov
1334 NOV
64 Nov
101 Not
146 Ayr
105 Feb
1964, Dec
34 Dec
95 Dec
102 Dec
18553 Nov
9718 Nov
161 Nov
0112 Sep
)10 Dec
140 Mch

13 Jan
77 Mch
4 Feb
912 Feb
0914Jan
106 Feb
91) ja n
16 Jan
7734 Feb
3... Jan
94313 Jan
1434 Jan
414 Mch
*201 Mch
111 Jan
49 Al e h
77 Jan
102 Apr
1 Mell
90 Mch
75 Mel,
105 Jan
5113 J'ne
147 Jan
9 Apr
8812 Jan
20 Jan
23 May
114 Alch
11412 Jan
138i Jan
2433Jan
26 Jan
8712 Jan
4 Feb
69 Jan

35 Nov
93 Nov
12 Dec
23 Dec
13753 Nov
132 Nov
13212 Nov
3238 Dec
9612 Nov
412 Dec
128 Nov
2114 Dec
833 Nov
253 Nov
162 Dec
60 Dec
90 Nov
215 Nov
3 Oct
78 Nov
9:3 Dec
128 Nov
79 Dec
17412 Nov
1012 Nov
10813 J'iy
24 Oct
2613 Dec
213 Jan
148 J'ly
6238 Nov
30 Nov
5834 Nov
114 Nov
912 Nov
8014 Dec

...034 Jan 23
100 Feb 16
978 Feb .3
2034 Nich 13
13334 Jan 22
13113 413,
13014 Alch19
3033,an
9712 Feb 18
5 Feb 25
128 Mch 17
3812 k eb 17
10 Feb 25
25412 Mch 4
130 Jan 2
67 Feb 16
1378 Feb 18
220 Feb 17
212 Feb 4
75 Yeti ifi
9933 Mch 15
135 hien i
79 Alch19
17213 Jan 1:3
104 .Jan :
10333 Mch 6
2312 Jan 4
2534 Mch 5
134 Jan
13313 Mch19
0614 Jan 14
3034 Mch 6
5473 :van 15
11478 Jan 15
8 Jan 6
82 Jan 11

112 Feb
1014 ;Tan
24 Apr
45 Feb 16
45 Feb
845 Jan 2
2034 Jan
2734 Feb 0
28 Feb
4878.an 6
3 Dec
673 Mch 2
14 Jan
38 Jan 2
.40 Feb
1 Feb 17
8 Apr
18 Jan 2
.60 Mch 11 .25 Oct
1014 Apr
1713 Jan 2
1114 Apr
2258Jan 2
1512 Jan
2733 Jan 2
93 Feb
119 Jan 4
680 Jan 4 z665 Arch
21 Feb
3434 Feb 16
an 15 .25 Itich
.35
5618 Feb
8214 Jan 2
7 Jan
11 MC819
1578 Mch 1
834 Dec
.98 Mch
212 Jan 15
612 Apr
1613 Jan 2
80 Jan
110 Jan 4
1234 Jan 2
678 Jan
158 J'iy
5314 Feb 19
1734 Feb
10 Sep
2312 Jan 4
163i Feb 16
1214 Jan
638 Feb 10
214 Mch
.65 Mch 3 .25 Jan
3 Jan 8
319 Dec
1538Jan 2
F34 Sep
714 Feb
13 Jan 4
7013 Jan 8
45 Feb
35 Jan 2 .23 Dec
195 Jan 15
83s Jan
6 Jan 4
438 Oct
8514 Jan 2
4034 Feb
60 Jan 8 .50 Jan
5814 Jan 2
28 Jan
138 Feb 19
77 Feb
5218 Mch 12
1012 Jan
1 Jan 1.
13 M3I1
13.1 Jan 4
77 Feb
514 Jan 5
2 Mph
278 Ja
8
153 Apr
1778 Jan 4
934 Feb
404 NIch I
14 Apr
1712 Feb 16
1773 Jan 2
1413 Opt
90 Feb 25
56 Nich
17 8 Jan 23 • 1218 Feb
1614 Jan 8
453 Mch
2334 Apr
3214 Feb 10
0 Mch
4653Jan I
28 hirli
4613 Jan 12
37 Feb
634 Jan 2C
438 Sep
41334 Jan 2
2913 Jan
47
an 4
2878 May
533 Feb 15
213 Apr
413 Jan
612Jan 2
152 Jan 2 11512 Jan
4 Jan 13 .60 May
11 Ex-rIglits- a Ex-dlv

1214 Aug
4112 Nov
8818 Nov
:30 J'ne
53 Nov
6 Jan
4033 Dec
.90 Aug
1912 Nov
.75 Nov
1813 Nov
25 Nov
30 Aug,
130 Aug'
700 Jan
3634 Nov
.45 J'ne
8373 Nov
1173 Nov
II) Dec
234 Nov
1913 Nov
110 J'ly •
1318 Aug
278 Jan
21314 Jan
2414 Dec
1714 Jan
838 Aug
.75 J'iy
8 Jan
1512 Dec
1512 Nov
73 Nov
13 Jan
2034 Nov
8 May
8934 Nov
J'ly
6013 Dec
13513 Dec
3118 Dec
14 Jan
100 Aug
633 Nov
333 Nov
1914 Nov
3612 Nov
2013 Nov
88 Nov
25 Aug
1613 Nov
3(1 Nov
3634 Nov
4673 Nov
47 Nov
7 Nov
60 Aug
53 Nov
b Nov

73g NOV

155 Nov
333 Oct
and rights!

739

Boston Bond Record

MAR. 20 1909.)

ISON 11:.
ZS
Week's
Price
co••••
i..
4.,
BOSTON STOCK EXCH'G1E .
,
Frid.du
r 1-3*
Wince ELIDING MARCH 19
Rangeo
Last
Sate
March 19
.
High ho
Bia
Ask Lou'
Am Telen & Tel con tr 48.1920 J -J
94 Sale 93%
94's 128
Convertible
.,...1936 m-8
957 Sale 961
4
/
95% 546
83
8
1st 8t5-8 g 1919 J.j 83 sale 83
48....Am Writ Paver
Ariz Corn Cop let cony 68 1918 31.5
130 Feb'09
Atoll Top& 8 Fe gen g 48..1995 A.0 10058 101 10056 100% 7
Adjustment g 48.....fly 1995 Nov
94% Mar'09
9354
Stamped
Ply 1995 Al-N
4 151.ar'09
/
941
93%
1955 JD
60-year cony 4s
102 12Jan'09
10-year cony 58
1917 J4) 107
1078 Feb'014
Boston Elect, L cense' 58.1924 SI-5
110 Feti'04
Boston & Lowell 48
1916 J -J
4 Mar'09
/
1001
Boston Le Maine 4428
1944 J-J
104 4 Oct'08
1124Jan'03
Boston Terminal let 346.1947 F-A
Bur & Mo Bay ex 68
1918 J -J
104 Oct '07
1918 J-,)
Non-exempt 68
102 Sep '05
1910 j4
Sinking fund 48
99 12Jan'09
Butte & Boston 1st 68-.1917 A-0
100 J'ne'01
Cedar Bap 411, Mo It let 78.1916 M-N
117 J'ne'08
267s
1114J'ly'05
1909 J-D
1
83
83
Cent Vermt 1st, g4s..May1920 Q.b' 8216 83
11103 Oct'07
0 B & Q Iowa Div let 68.1019 A-0
100 Dec'08
Iowa Div 181 48
1919 A-0
100 Apr'08
1'113 M-N
Debenture 58
993 Mar'09
Denver Exten 48
1922 F-A
100'y Oct'08
Nebraska Extev 48
1927 M-N
Feb'09
98%
B Lte SW 8148
1921 M.S
92 Jan'09
Illinois Div 348
1'149 J -J
Joint bonds Bee Gt Northern
Ohio J c lty & Stk Yds 58.1915 J -J 10256103 10258 102%
94 Feb'09
Coll inlet refunding g 481940 A-0 92
4 Fob'011
/
1181
Oh MA & St P Dub D 136..1920 J -J
126 Feb'05
Oh M & St P Wle V div 6819211 J -J
102
Ohio & No Alienist gu 58.1931 M-N 102 103 102
Ohio & W Mich gen 58....1921 .1-D 104 104% l0412 Mar'09
91 Dee'07
Concord & Mont cons 46..1920 J •D
4 Jan '03
/
1121
Conn & Pass It let g 48...1943 A-0
I 6% Mar'09
Cone S S .14 colt trg 4s etre 1957 r -J
96 FelPOLL
96
1227 A-0 94
Current Itiver let es
'114 Mar'09
Det Gr Bap & W 1st 48 1.1141, A-0
91 Nov408
Dominion Coal let 8 fee-11140 ,1/1-N
10318 Ain '05
1915 M-8
Fitonburg 48
31.8
911 Apr'Oe
192',
48
133
133
Fremt Elk & Mo V let 68 1933 A-0
140 A pr'05
14'13 A.0
Unstampeu let 68
.1-J
97%
1921
98%
98
48
tr
4
/
981
coil
Q
&
13
(J
Nor
Gt
9814 3rar'09
1421 t,•.:
9758
Rehostered 48

g-.

Range
Since
January 1

..
BON Ds
;I.§
BOSTON STOCK EXCH'GE .L., L.
Weee ENDING MARCH 19

44.:

..
i;
Week's
A ad0.1
Price
mace
foriday
Range or ;-:e'
: January 1
March 19'Last Sal. o'

Slob .0 tow High
Ask tow
Bia
Low Bigh •
4
/
4 1001
/
91 4 9458 Illinois Steel deben 58....1910 J -J 100
-4 Feb'09... 1001
1001
Non-concert deben 58...1913 A-0 10012
1004 [0014 1-0 1001810018
4 95 7t/
931
la Falls &sioux 01st7e..1917 A-0
83
117 Apele83
Nan 0 Clin & Sur 1st 58. 1925 A-0
9534 Feb'09 .... 95
9534
130 150
1004101
100' Jan'09
4 Kan CIL s&Gulf ext 58..1911 J-D
/
100 1011
....
411912 1191
/
4 Mar'09 ....11614121
/
9.2% 94% Kan C Ft Scott & M tis.....1928 M-N 1191
)
:10
92
Kan C M & B gen 48
1
4 114.
/
941
1934 M.S
93
142 jab ',di
1934 M.S
Assented income 58
89 ..-4 804 89
89
89
1(12'2102 4.
107% 107% Kan C & M Hy& Br let 581929 A-0 10151
10334 1034 2 103¼l03
4
/
Maine Cent cons let 7s...1912 A-0
11356 Nov'Ou
Cons 1st 48
10114 Sep '05
1912 A-0
4
/
4 1001
/
1001
Mara Hough vt. Ont let 68.1925 A-0
115 J'ne'08 .... . ...
SI ex lean Central cone 48..1911 J-J
84% Mar'09 ... ._.
84% 8434
1st cons ma 38
Jan 1939 J'ly
1116 Apr'02d cons me 38
4 A IWO- .... ......
/
11151
Jan 1939 J'ly
1917 J- J
994 99. Mich Telep let 58
.
Minna Gen Elec con g es 1929 J -J
1024 AiLe'04
New Rug Cot Yarn 5s....1929 F-A
10414 1044 7 1U2' 1041
4
/
New Eng Teleph 68
102 Feli'0,.... 102 102
1915 A-0
68
86
1004 Sep'08
81
1910 A-0
New England cons g 68. .1945 J -J
Boston Term 1st 4s
1939 A-0
N YN H & 11 con deb 3481950 J -J
1 97% 9914
98
98
Cony deb 68(Ws)
134
9958 100
134
1948 J-J
1 134 13516
984Ply 08
98% 9.558 Old Colony gold 48
1924 F-A
Oreg By le Nay con g 48..1946 J-D
119614 J'ly 'OL• ..... .. .... ..
Lis%
Sh
Oreg
Mar'0:. .... 118%1......
Line 1st g 68
1022 F-A
92
92
Repub Valley lets f 66_1919 J-J 1034
105 Dee '0,-. .... ......
4 Rutland let con gen 4128.194.1 J.J
/
102 1031
1074 Nov'05 .... .......
Rutland-Canadian let 481949 J •J
94
102 3fal'02
91
9812 May'06 .... . ..
11814 1181
4 Savannah Elea 1st cons 58.1952 J -J
/
Seattle Elea 1st g 5e
105% Feb'0Feb'09.... 1.054
1930 F-A 105
.- - 10534
97 Aprqi,
•
101 102'1 ferro Haute Mee g es....1929 J -J
994 Nev'09
102 104% forrington let g 58
1918 11-13
Union Pac RR & 1 gr g 48.1947 J.J
103% Mar'09.. 10214103'
20-year cony 48
It 1020,104
104
104
.
1927 j•J
.
116 Jan '08
16% 184
, Uniten Fruit cony gen 56.1911 31-5
U S Coal & 011 let 8 f 68-1938 M-N
2 120 133
131
96
131
96
:3 1021
9114 U13 Steel Corp 10-60 yr 58.1963 M-N 102% Sale 102% 10254
4 1041
/
87
4
/
West End Street By 48. .1916 F-A
4 FelL'08
/
961
Gold 44*
1914 M-S
1024 Feb'ON . .. 102 42 102 11
0019 deoenture 4s
11'158liee'06
1910 M-N
Gold 4,5
1917 F-A
.. . 10018 Mar'09 . . 10018 100 14
133 133
1Vestern Teleph & Tel 58.1932 J•J
9814 -1-5 874 1(914
118
Sale
98 .9376 Feb'u,. .... 9376 9374
971-s 98's W18C0118111 Cent let gen 481949 J -J
109% • •.,•'05
97% 98,
4 Wisconsin Valley 1st 7e..1909 J -J

No igloo Friday; Latest bid and ;4310341
Nara-Buyer pays accrued merest in addition to the purchase price tor all Boston Bonds.'

* If at °rice

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Prices---Not Per Column Prices
saturdav
March 13

Monday
March 15

uesdau
March 16

76

711

1234 12%
*124 13
.124 13
244 *23% 241-, *234 26
.23
114
4 •II
/
4 111
/
111
4
/
•1078 111

Wednesday
March 1?

Thursday
March 18

Sates
ACTIVE STOCKS
of the
Week (112r Bonds and inactive
Friday
Stocks see below)
March 19 Shares

36
*SO
77
*75
109 106 •105 1054
.1212 13
19
124 124 13
.284 24
213
'24
2314 '25
4 11% •11% 114 114 114
/
111

Range Since
Jan 1 1909
Lowest

llighest

Baltimore
Con.Gas EL L. & Povr.100 30 Mar 8 35 Jan 25
100 78 Mar16 85 Jan
8
Do pref
50 101) Jan 4 111. Jan lo
22 Northern Central
100 11% Feb26 15 Jan 4
824 Seaboard(new)
100 22% Feb24 15 4Jan 6
Do 26 prat
300 United By,* Electric 50 U% Feb 3 114 Mari9

kange for Previous
Year(1908)
ighest

Lowest
20 Jan
65 Mar
80 Jan
4 Feb
10 Feb
10 Jan

SO Dec
814 Dec
102 Dec
lb Dec
26 Dec
12 Nov

Philadelphia
43 A.tuerican Railways-. 50 45 Jai 4 46% Feb 1/, 4234 Mat 464 Nov
.454 46
*454 46
45% 4534 "45 12 46
"45% 46
*454 46
50 32% Feb23 39% Jan '4 2674 Feb 40'.Deo
4 2,013 Cambria Steel
34,
344 34
34
24%
3434 34% $434 34% 34
33
35
8',Jan 114 Deo
12,4 4,327 Electric, Co of America 10 x1074 Jan 20 12% Mar19
4 12
/
1218 121
12
12
1174 1174 1178 11% .11% 12
3¼ Jan 19% Dec
10,029
154Jan 5 '2534 Feb .9
100
Gen
otis
tr
2415
Asphalt
'244
25
4
'25
't4
4
241
23%
25
25%
'25
24%
244 24%
100 53 Jan 5 6678 Fee 19 1974Jan 594 Dec
654 2,208
Do pref tr ate
65
66
-4 •65
654 051
6338 66
6514 (j)4 66
65
3% Feb 17 Dee
4 2,020 Lake Superior Corp...l00 14% Jan 6 19% Mar
/
1854 181
18% 18%
18% 19
18% 19
18% 19
18% 18%
1,521 Lenigh C & Nay tr etre 50 96 Jan 6 105% Mar 8 784 Jan 97% Dec
10444 104% 104 104
1034103% 104 106
1034104
103% 104
60 67 Feb23 70% Jan •4 52% Feb 76% Deo
704 70% 3,071 Leliigh Valley
4 71
/
7015 704 71 14
701
4 6112 69
/
4 091
/
4 691
/
691
Vs Apr
24-lbw 12 "ie Jan
100 1',e Jan 11
*2
200 Marsden Co
2'.
'2
'2
4 Jan 4 54916Jan 6016 Dee
/
50 631
4 Feb24 671
/
4 1,016 Pennsylvania RR
/
051
4
/
4 CO
/
651
05
4 651
/
64 L'A(Buie 644641318 64716 64% 611
4 Jan 2 344 Mat 44% Dec
/
120 Plaladelp'aCo(Pithib) 60 404 Feb24 431
42
4 42
/
421
424 42
42
42
•4134 42
42
4'4
42
54 Feb 12% Nov
4 Feb23 12 Jan 21
/
1l1, 1134
1158 1158
11% 11% 11% 11%
11% 104 1,536 Philadelphia Eleetrict 26 111
11% 1134
481u Jan 26 d12 14 J'ne 2512 Dec
60 24%Jan
. 27'-. 2754 6,240 Piths Rapid Transit
274 '2758 27% 27% 27% 27%
27% 277
27 12 2714
4Jan 4 48;s3.4 Feb 711116 Dec
/
50 59 4 Feb23 721
46215H 62916 631
/
4 0318 644 04% 05% 03 041516 31,0311 Reading
/
4 621
/
62518 621
46 Jan 2 39 Jan 45 4 Dec
50 44 Mar
Do let pref
21
441/18 4016
44
44
4 Jan 2 374Jan 4114 Dec
/
50 45116 Mar '4 471
Do 2(1 pier
46
51
45% 45%
4 .45% 461
/
4
/
4 *45
/
46_s 451
.454 461
.46
60 51 Jan 6 544 Jan 21 z444 J'ne 504 Apr
534 5358 53',z 53% 3,461 Union Traction
63', 63'-., 534 514 5314 53%
534 63¼
gy,
wet)
4
/
891
Feb23
50
7314 Jan 114% Lieu
Impt
Gas
United
110%
2,589
i/0%
904
110
1101
901
4
90
4 utl
/
1.10
4
/
901
130¼ 1,014
100 29 Feb16 29 Feb15 25 J'ne 28 Nov
29
200 Welebach Co
30
29
'20
29
.29
PHILADELPHIA

Bid

Ask

PHILADELPHIA

%(oink
Inactive stocks
Prices are all "and
Allegheny Val pret....5(1
interest."
51)
American Cement
AI Val IL, ext 78 1910 A-0
IOU
Amer Pipe Alfg
Alt &LVElec 4 128'33.F-A
Bell Telephone (PLL).100 101 .t12
Am Rye cony 58 1911..1.1)
50 46
Cambria Iron
All City let 58 g'19.51-N
Central Coal ac COk0.100
Berg& Elirw let 68'21 J4
76",
C011801 True or N
Bethle Steel 68 1998.4.4.1
Diamond State Steel..10
Choc& Me let58 1949.14
10
Preferred
Ch Ok & G gen 58'19 14
Easton Con Electric 5.60
Col St By let con 58 1932
Bice Storage Butt....101J
46,4 47
10(1
Preferred
ConTrao of NJ let 58.'33
100
E & A let M 5e 1920 51.N
Ft Wayne & W V
50
Germantown Pass
Elec & Peo Tr etk tr etfs
125
100
Indianapolis St
Eq II Gite-L let g 13f5 1928
30
Indianapolis RI 43.1933
Indiana Union Tr....100
Interetato 4s 1943 ..
Insurance Cool N A..10 214, 22
Lehigh Nay 448 '14.Q-J
Inter Sni Pow & Cliem.50
1914.Q-F
4 1354
/
Rita 48 g
Keystone Telephone ..50 131
50
Preferred
Gen 51 448 g.1924.Q.F
KeyetoneWateliCaee.100
Lou V 0 let Se g'33-J4
10 161
4 15'5 Leh V ext 46 18U-948.J-11
/
Lit Brothers
50
51.8
2d 78 1910
Little Schuylkill
J-1)
Comet 68 1923
Minehth & ISchuyl H..50
JD
Annuity 68
Haven Iron & Steel 5
50
Gen cons 48 2003.1\1-N
Northern Central
Leh V Trau con 43185J-1)
North Penneylvania..150
50
renusylvania Salt
New Con Gases 1948 J-D
.9.1naylvania steel..100
Newark Pass con 58 1930
100 104
Preferred
NY Ph& No let 48'39 J4
424
Income 4a 1939...M.N
Co(Puto) pref...50 42
Norris.b0
NoOltioTrac cones'19..14
50 02
9215 Penn gen 68 r 1910-Var
Phtla Traction
8
812
10
Conaol 53 r 1919. .Var
Hallways General
Penn & Mil Steel con 68.
Stisquett Iron & Steel..5
10
Pa & NY Can 58'39.A-0
tidewater Steel
A.0
10
Con 4s 1939
Pre:erred
, 634 Penn Steel let 58'17 M-N
01
ronopali Mining of Nevl
100
People's Tr tr carts 4s'43
Union Tr ot Ind
P Co let& col tr 58'49 St-S
J RR &0..100
United
Con& col tr es 1951M-N
Unit True Pitts pref..50
74
Phil Mee gold trust ate.
Warwick Iron& Stee1.10
Trued, certifs 48
Weet J ersey & Sea 811.150
P & E gev. 51 6 g'20.A-0
Westmoreland Coal....50
Gen M 48 g1820..)t&O
Wilkes Gas & Elec..100

Bid

481C

99
4
/
1181
1054 106
141e%
4 113¼
/
931
87
42% 43%

11038
10414 1.044
121
4 974
/
971
614
1094

rhila

1014d
110

97
10154
984 98%
101 101 12
74% 75

PHILADELPHIA
Ph & Read 26 Ss '33.A.-0
J-D
Con M 78 1911
Ex Imp 51 48 g'47 A-0
Terminal Sc g 1941 4-F
P W & ii col tr 45'21 J4
Portland lty let 5s 1930.
Roch By& L con 58'54J-.1
Spanish-Am Ir Os'27 J4
U Trac Ind gen 58'19.J.1
Un Bye Tr ctis 48'49J&J
United Bye Inv 1st coil tr
51-N
at 513 11)26
U Trao Pit gen 54'97 J-J
Welsbaoli a t 561930.J-D
Wlks-B(la E con5s'55J-J
BALTIMORE
inactive Stocks
Ala Conti Coal& Irou 100
100
Prof
Atlanta & Charlotte 100
Atlan Coaet L (Conn)100
100
Canton Co
Cons Cot Duck Corp ..5u
50
Preferred
Georgia Son & Fla. 100
100
-el
let pt
100
-el
2d pt
100
Brewing
Bonds
.Prices are all"and
interest"
Amicostia & Pot68
Atl & ch ext 448 '10.J-1
Mien C L 1411.431952M-S
All Coast L(Ct)ctfe 55 J4.)
(Ate of lndebt 4a....J4
J4
6-20 yr 416 1925
M-N
Bait CPase let
halt Fundg 56.1916 M-N
Exchange 3168 1930.14
Balt& 1st 6s m 1'11 A-0
Balt Trao let 5s..'29 Itt•N
No Bait Div 581942 J-D
Cent'l By con381932 M-N
RitA Imp 66.1932 4-S
Chas CityRy let58'2334

Bid

ASB

BALTIMORE

Chas By G & El 58'99 11-h
117
1044 rat:, Cherie& A ext 58 '09 J -J
1910 A-0
29 78
City &Sub let 58..'22.1-1)
City & ltiub(Was)let fai'46
100
Coal & By let es'20E-A
Col &Grnv let138.1916J4
4 101% Cowie! Gas 6s 1910 J-D
101,
....111393.D
58
78', Ga& Ala let con 55'46J -1
Oa Car &N 1st 58 '29J4
814 811
4 Georgia P 1st 6s...'2'2 J-J
/
Gabe& Fla let be 1945J-J
G-B-S Brew 2-48 195151-S
794 SO
26 income 6s 1951 51.14
99 100
Krioxy Traci let 58'28A-0
LakeR El let gues'4251-S
Macon Ity&Ltlat58.62J-J
85
25
Memphis St lot 58'45 J4
80
Mettit(Wael1)18t58'25 F A,
Mt Ver Cot Duck tel 58.
25714 281
oo 83 ,Npt N&(.)P let bis'313 M-N
General 58. .1941 51-S
64
23% 2614 Norfolk St let 63'44_1.4
North Cent4101925 A-0
22
36
:Series A 58 1926. .14
94'S 95¼
Series B Ss 1926.....J.J
70
4
/
701
Pitt Ln'rrac 68 1997.J4
2
3
Poto Val let 58 1041..J.1
Say Flat,West 55'34 A-0
Seaboard A- L48 1950A-0
4 Saab & Bean Os 1928.14
/
104 1041
100 1004 South Bound lit Os..A.0
9712 URIL&P late 48'29 31-N
97
Cu Sy& /L1 lst 4s'49 11.11
107 110
Income Lis 1949.....J-D
84
Funding 5s 1918....J-D
215
Va Mid 2d Der 6s
101
Sd series Se 1916. ICS
107 108
4th ser 3-4-58 1921.?.{.8
4 101
/
1001
bLk swiss 56 1926.11-8
10354 1041
4
/
Vs(State) as new '32.J-J
112
Fund debt 2-3s 1991.J.I
116
West 11 0 ass 831914 J-J
113
WesVaC&Plst6g'11J-J
112
Wil & Weld 68..1935.J4
1044 105

Bid

Ask

8715 89
110
10914 10104
105% 106
101 1021
4
/
109 110
101 1021
4
/
1114 Ill"
,102%
10Z 4
105',. 10616
115 117
109 110
42% 4314
10
12
104
115
94
96
964
110
80% 81116
105
10612
1114
111 12 116
102
103
112% 115
654 68
109 1084
106 107
95
96
874 87%
634 5334
80
804
103 1031
4
/
106
107 108
108 109
89
90
108 110
102's 108
114 114%

•Bid and asked; no sales on this day. 11El-rights. 11$7.60 paid. t $12 4 veld. t $134 wad. 4435 paid. a Receipts. b $25 paid. c$30 paid. 41024 paid.




THE CHRONICLE

740

[VOL. Lxxxviii.

blues-taunt anti itlattroact
HAILHOAD Gi-COSS 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
The returns of the street railways are brought together separately on .4 subsequent page.
period
Latest Gross Earnnios.
Week or
Al onth.

RO ADS

Current
Year.

Prevtous
Year.

July 1 to Latest Date.
Current
Year.

Pretncus
Year.

$

!x Pc
Ala N 0 & T,
N 0 & N East__ February _ 256,719 206,879 2,083,864 2,069,178
- Ala & Vicksburg_ February _ 120,134 113,362 1,074,143 1,067,254
Vicks Sh ec Pao__ February _ 111,205 113,138
963,609 1,054,717
5,693
Ala Tenn & North__ January _ _
4,202
37,624
27,633
7,456,225 7,316,675 54,818,417 56,056,303
k Atch Top & S Fe.. January
Mch
AO
1st
Birm
wit
It
Atlanta
47,006
26,802 1,401,416 1,144,674
Atlantic Coast Line January __ 2,560,-15 2,023,464 14,491,925 15,209,665
Baltimore & Ohio__ February - 4,955,671 4,882,348 47,284,007 52,744,611
Bangor ec Aroostook .January -- 243.95.6 201,131 1,640,338 1,534,147
Bellefonte Central__ February 4,864
4,009
47,313
42,769
Boston & Matne__ , fanuarY -- 2,919.249 2,784,21(1 23,391,753 14,778,961
3,467
Bridgeton & Saco 14 January __
2,860
30,246
34,066
Buff Roch & Pitts__ 2d wk Alch 119,742 149,947 4,976,149 5,735,468
187,467 148,290 1,359,663 1,327,447
Buffalo & Susq____ January __
Canadian Northern.. 20 wk hfch 148,900 132,700 6,953,000 6,637,700
Canadian Pacific__ 2(1 wk Mch 1,461,000 1,220,000 53,133,517 51,723,053
Central of 'Georgia_ 1st wk Mai 235,300 225,100 8,044,863 8,378,933
Central of New Jer_ January -_ ,031,887 2,135,183 15,111,802 10,779,781
Central Vermont.. r January .., 247,163 230,303 2,079,848 2,145,181
1,281
Chattanooga South_ 4th wk Feb
1,593
56,633
77,730
Chesapeake It Ohio_ 1st wk Mch 430,994 433,207 17,779,180 18,869,641
5,743
Chesterfield 36 Lane lanuary __
4,468
37,730
29,069
Chicago & Alton fly 20 wit Mch 265,345 251,769 9,018,435 8,879,420
Cale Burl & Quincyr Januttey __ 5,807,989 5,766,083 47,410,544 19,289,179
Mch
wk
171,803
1st
Great
West
150,769
Chicago
5,775,689 5,718,917
95,00, 84,620 3,571,959 3,626,737
chic Ind & Louisv_ 1st wk hfch
Chic Dui & Southern -See New Yon. Cad teal.
1,135,355
4,308,998
Chia Nfilw & St Paul January __
36,816,798 35,473,987
Ch I: do North West r January -- 4,656,739 1,393,853 49,989,868 10,530,567
Chic St Paul M & V January -- 1,088,819 956,872 8,226,559 8,161,134
77,545
77,438
Chic Term.TransR h January -650,048
681,853
__ 579,217 574,667 4,829.082 5,225,543
.. 8e
ntTLw
an Ham & Dayt_r_ J
York C..•u (rat.
Cincinnati Northern
()ley Cln Chic & St 1. -See New York CLa tral.
Colorado Midiand_i January -- 197,257 158.226 1,427,039 1,455,437
Pa Colorado & South 20 wk Mch 256,104 242,767 11,030,946 10,701,617
24,069
31,549
Col Newb It IAur__ January __
165,491
174,740
58,126
54,60,4
408,725
December..
Copper Range
447,239
4,334
9,160
48,69r.
Cornwall
January -94,151
203.659
188,887
80,549
15,044
Cornwall It Leb___r January __
183,704 1,065,86" 1,053.126
January -- 218,2
Cuba Railroad
I Delaware & Hud
January -_ 1,311.113' 1,453,251 10,981,693 12,205,036
January __ 2,609,881. 2,518,556 9,830,171 20,656,613
Del Lack It West
2d wk Mch 353,000 287.300 14.555,525 15,139,944
Denver & Rio Gr
26,186 1,088.736 1,210,175
22,432
Det Tol & Iront sy6 1st wk Mch
36,46'2
29,131 1,196,803 1,366,080
1st wk Mch
Ann Arbor
22,379
29,294
794,204
Detroit & Mackinac 2d wk Mch
839,543
87,641 4,752,742 5,200,846
78,916
Dui It Iron Itange_r January __
43,996
51,163 1,866,890 2,216,430
2d wk MO
Dui Sou Sh & AU
599,082
4,016,089
El Paso It So West.r January -3,585,307 3,681,328 29,793,690 31,187.0611
January
Erie
Evansville & Ter. H -See Rock Island S ystem.
1,261
1,616
11,313
Fairchild 36 Nor E__ January -11,590
53,421
51,912
450,803
onda .1ohns 36 Glov January -490,594
eorgia klailroad _ January -_ 234,012 237;30, 1,718,261 1,830,499
eorgla South & Fla -See Sout hero Itall way.
rand Trunk Syst__ 20 wk Moh 709,81i, 677,895 f,7,435.522 30,280,308
113,549 3,622.788 4,138,997
Or Trunk West_.: 1 th Wit Feb
28,776
37,195 1,108,827 1,253,540
Dot Or Hay & Mil 'th wk Feb
26,007
32,450 1,211,347 1,416,414
Canada Atlantic.. ti4 wit Feb
Great Northern Syst February _ 3,267,648 2,811,940 36,803,189 40,391,606
1( 3,545 101,o0
1,108,498 1,353,919
Our: It Ship Island.. January __
Hockaig Valley____ January __ 399,523 328,.3-. 3,857, 92 4,047;548
Illinois Cen ral____ February .. 4,468,153 4,389,470 28 542,052 40,922,606
128,009 119,000 5,852,084 o,104,602
In ze,•ii • t & Gt Nor.. 20 wk Alch
a Interoceanic Mex_ 1c1 wk Mch 137,569 148,605 4,432,630 5,479,760
'id wk Meh
67,457
56,74',.. 2,102,888 2,205,622
Iowa. Central
ianuary _ 147,788 139,90
1,347,903, 1,328,801
Kanawha & Mich
Kansas City South_ january _ 685,530 646,103 5,168,166 5;687t025
January
766,000
568,000
K 0 Mex & Or!eilt
Lake Erie & Witst'e -See New York Cen its,.
ake Shore & 51 :',on -See New York Ct.n
.TantiarY -- 2,540,278 2.639,721) 19,562,007 22,125,624
ehigh Valley
29,041
29,324
221,821
exin ton I: East_ ,anuary _
316,134
.puary -Medi', 623
Dec.321 ,499
Long slam,
78,696
648,582
Louisiana & Arka,n_ January -- 114,52
688,179
22.511
16,35r.
669.065
Louis Ifend & St L.. 2.1 wit Feb
672,661
rulw & Nashville.. 20 wk Mai 844,375 800,980 32,358,210 32,734,480
12,050
11.916
92,713
1,06,695
i acon & Birmingh_ February _
590t7.Ian
vary
,
___..r
601.
;.
4,92..,,
Central
\72 5,325,849
aine
February 4,0/2
2,171
33,316
Manistique
40,203
23,538
23,755
220,571
Mary and I:. :'enn.._ Unuary
237,104
a hlexibaa Central__ January _ _ 841;455 2,904,259 18,155,897 ?.1,407.,711
a Mexican Internat_ 2d wk Mch 157,589 151,631 4,783,681 6,032,498
164,000 4,566,301 4,454,200
a Mexi2an Railway_ 4th wk Fe!' 136,401
35.000
3,0,111.
834,462
838,523
a MeXican Southern 4th wk Feb
Michigan ,Central- See Ntw Y ork Otntr et,
14,523
2d wk Mch
579,07
15,861
5(4,440
Mineral Range
Mch
83,740
wk
74,528 2,991,010 2,844,664
Mlnneap & St Loui-. 20
204%03,0 223,28
8,077,210 8,504,782
Mon St P & S S M.. 2d wk Mc
Missouri Kan de T.: January __ ,005,219 1,791„386 15,797,587 15,092,848
Mb Pac 86 Iron hIt_o 20 wk Mch 795,000 707,000 31,681.351: 31,661,189
3.4,000
30,000 1,215,000 1,107,000
'Central Branch_o 20 wk Mc
Total system....-o 20 wk Mch 829,000 737,000 32,896,3.59 32,768,189'
30,129
23161
995,421
987,634
WWI° Jack & K C Wk Feb 13
969,959 878%011 6,504,226 6,655,381
Nashv Chat t It St L January a Nat Ry's of Mexico 2d wk Mc 1,0315,006 992,190 14.760,767 16,402,070

i

t

Latest Gross Earninas.
ROADS.

Week or
Month.

Curren:
Year.

July 1 to

Previous
Year.

Current
Year.

cans) Date.
Prevzoos
Year.

$
$
4,539
7,751
Nevada-Cal-Oregon 1st wk
255,216
238,461
6,503
6,352
Nevada Central_ December .
41,588
14,151
N Y C It Hud River January __ 6,011,643 6,170,327 51,798,403 57,617,,191
La - e Shore It M S January -- 3,316,725 2,850,440 24,941,368 26,214.377
Lake Erie It West January -- :334,228 336,488 2,828,341: 2,970,888
Chic Ind It South January -- 265.603 235,605 1,771,705 1,740,587
Michigan Central. January - 1,907,661 1,861,468 15,090,866 16,574,595
Cleve C C It St L.. January - 2,024,965 1,786,119 15,630,64:3 13,794,151
peorla It Eastern. January __ 208,762 250,172 1,702,451 1,818,598
56,821
Cincinnati North.. January _77,139
660,984
582,216
Pitts It Lake Erie January -- 837,229 585,384 7,130,324 8.447,740
Rutland
195,835 187,815 1,712,028 1,659,404
January _
N Y Chin & St L.. January - 751,854 759,087 5,580,682 6,004,635
Total all lines_ January __ 16531644 15080620 131811799 139574677
N Y Ont It Western January __ 591,312 593,987 4,931,512 4,900,212
NYNH& Hart-r January _- 4,055,890 3,679,416 31,706,686 33,176,303
N Y Susq It West
January __ 262,122 276,965 1,847,661 2,017,527
Norfolk It Western_ January _ _ 2,310,699 1,912,017 17,011,275 18,931,011
Northern Central
January __ 867,030 874,436 6,814,69(3 7,879,390
Northern Pacific
January __ 4,147,390 4,432,215 41,792,5136 15,000,1310
Pacific Coast Co
January -- 401`,846 479,140 3,788,451 4,774,714
Pennsylvania Co_ _r January __ 2,889,374 2,485,107 24,564,718 28,942.649
a Penn-East P It E :January __ 11220812 10563:312 33,407,253 98,234,753
d West of P It E.. January
Dec.6.59 2,900
Inc.600 100
Pere Marquette...._r January __ 1,096,667 998,574 8.822,956 8,360,584
Phila Halt. 36 Wash.. Jan nary
1.263,140 1,201,840 9,727,278 10,302,078
Pitts Cin Chic It StL January __ 2,148,833 2,000,197 16,093,627 18,266,239
70,380
Raleigh It Southp't January
75,573
7,863
12,429
Reading Company January __ 3.230,761 3,075,599 23.528,193 26,460,845
Coal It Iron Co
January __ 3,072,528 3,122,490 20,305,1154 24,144,490
Tot& both eos_ _ January _ _ (3,303,287 6,198,08,0 i3,833,846 '0,805,342
filch Fred It Pot_r January __ 167,226 136,068 1,052,314 1,128,134
Rio Grande June_
December
68,720
80.3134
452,320
430,583
Rio Grande South.._ 1st wk 111.113
9,575
401,350
9,052
Rock Island System January __ 4.814,978 4,647,237 36,893,338 36,779,881
e St L It San Fran January -- 3,907,186 3,573,432 28,769,615 20,002,806
f Evansv & '1'er H January _
164,192 157,259 1,293,762 1,382,996
Total of all lines_ January __ 8,886,357 8,877,928 66,756,715 (18,085,773St Jos It Grand Isl.. January .._
91)7,041
120,360 125,535
088,403
St Louis Southwest_ 20 wk Mch 196,026 158,667 7,60-1,551 7,161,713
San Ped LA It S D-r January __ 585,730 669,080 4,082,020 4,671,631
Seaboard Air Line__ January __ 1,424,963 1 215,680 9,210 842 9,273,043
Atlanta It Birm_ January __
552,,,37
559,109
70,826
(10,753
Florida West Sh. January -85,710
18,895
73,763
13,001
Southern Indiana... January __
82,351 138,018
699.833 1,013,713
716,70
C Southern Pao Co.... January _ _ 8,802,61:1
20,48 71 583.700 '
Southern Railway__ 1st wk Mch 1,015,060 936,373 36,122,808 37,226,604
Mobile It Ohio__ 1st wk Mch
163,094 13:1,445 6,690,757 6,033,178
Cin N 0 It Tex P_ 1st wk
151;666 129,800 5,297,861 5,617,100
62,490
Ala Great South.. 1st wk If&
54,729 2,467,8/39 2,580,833
Georgia Sou It Fla 1st wit Mch
36,071 1,345,627 1,427,870
41,311
828,024
875,711
1st wk Mch
15,181
20,894
Texas Central
2d wit Mch 261,393 243,511 10,810,408 11,147,379
Texas It Pacific..
42,10
11,743
5,740
Tidewater It West_ January __
262,461 272,579
Toledo It Ohio Cent -January
872,113
766,598
20,451
19,208
Toledo Peor Is West 1st wk Mch
66,283 2,327,878 2,820,,r9)
59,243
Toledo St I. It West 1st wit Mch
35,940
45,403
4,319
7,664
Tombigbee Valley.._ January __
Union Pacific Syst_ January __ 5,343,736 5,1813,922 17,9.83,824 18,109,118
668,559 674,206 5,281,220 5,834,845
Vandalla
January
882,041
738,372
73,390
103,401
Virginia &Sou West January __
20 wit Mch 487,542 446,594 18,194,421 18,828,993
Wabash
509,315 469,528 3,0,94.266 3 200,150
Western Maryland r December
283,310 :1,358 0116 3,724 716
291,71(
West Jers It Svash_ January _ _
379,174 273,534 3,383,987 3,683,100
Wheel It Lake Erie r January
473
934
White Riv(Vt) 2wksend Feb 27
Wisconsin Central _ 2(1 wk Meli 133,888 140,653 5,254,078 5,3(10,532
165,145
172,739
22,708
20,59'2
Wrightsv It Tehn_ _ January
Yazoo It Miss Vail.. February _ 851,132 844,456 7,122,295 7,132,744
--Precious
Current
Year.
Year.
1 Period.
rarious Fiscal Years.
Jan
Bellefonte Central
Jan
1 Delaware It Hudson
Jan
Mantstiqtue
Jan
Mexican Railway
Jan
Mexican Squthern
New York Central It Hud River_ Tan
Lake Shore It Mich Southern.. Jan
Jan
Lake Erie It Western
Chicago Indiana It Squthezn_ Jan
Jan
Michigan Central
Jan
Cleve Cln Chic It St Louis
Jan
Peon& It Eastern
Jan
Cincinnati Northern
Jan
Piffebureli h Lake Erie
Ian
Rutland
New Yorli.Chicageo 36 St Louis Jan
Jan
Total' all lines
4Jan
Northern Central
Penn'-East of'Mitts It Krie- Jan
a West of PIttsiwrgh It Erie..
Phila Baltimore & WkshIngton Jan
Jan
Pitts Cin Chicago It St Louis
Dec
Rio Grande Junction_
Jan
L
Texas It Pacific
Jan
West Jersey It Seashore

1 to Feb
to Jan
1 to Feb
1 to Feb
to Feb
I to Jan
1 to Jan
to Jan
1 to Jan
1 to Jan
1 to Jan
1 to Jim
1 to Jan
o Jan
1 to
1 to Jan
to Jan
11 to Jan
Jan
1 to Jan
to Jan
J an
1 to J

28
31
26
28
28
31
31
31
3,1
31
31
31

$10.154

1,371,117
7,270
1,126,900
226,121
6,611,643
3,316,725
334,228
205,603
1,907,661
2,024',96
203,762
:1
3
11
77,1;0
837,229
31
195.835
31
751,851
31 16,531,644
31
807038
31 11,210,812
31
inc.00
31 1,263,140
1
2,148,833
D
A
A
3
14
1
1 to
08,7.20
2,890,633
1 to Jan 31
292,710

$9,472
1,455,251
7,397
1,3.92,600
207,671
6,179,327
2,850,440
336,488
235,605
1,861,468
1,786,119
250,172
56,821
585,324
187,815
750,987
15,089,626
874,430
10,563,313
),40/C
1.206,840
2,000,1,97
80384
2.89404
28' .110

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

Cur'nt tYear Prev's Year Inc. or Dec.

Monthly Summaries.

a
Oh week Dec
let week Jan
2d \visit :fan
3d week Jit.q
4th week Jan
1st week Feb
20 week Feb
3d week, Feb
4th week Feb
1st week Mch

(48 roads)......- 24087,805 13,026,254
+981.641 6.01
,+240,103 2.95,
(43 roads)--.....
t ,588,102 8,344,099
5,040,038
+341,132 3.95
8,985.170
(43 roads)
+279,343 3.11
9,258,432 8,079089
(44 'roads)
+804,367 3.07.
(43 roads)
13,228 706- • 12,834:339,
8,490,377 +1,233,847 14.52
(45 roads)__
0,730,224
8/.723,906
+789,165 11.04 ,
(44 roads)
'9,523,070
9,183,662
+881.290 '9.60
(45 roads)--_ 10,084.852
+249,1391 2.28
,(45 roa(is)__ 10,690,604 10,940.295
9034,027
+847;,701 9.31
(44 road)...._ 10,422,328

Month ld'ay
Month June
Month July
Month Aug
Month,Sept
Month Oct
Month Nov
, Month Dee
Month Jan
Month Feb

Cuent Year Prey's Year Inc. or Dec.

•
$
4
1908 (120 rogdm 153.112,628 198,146,871' -45,034,243 22.67
1908 (193 roads). 146,270,130 170,397,094 --33,126,904 18.47
1908( 97 roads) 156;103..183 133,365,9,3 --27,262,110 14,87
1908 (105 roads). 179.781,772 209,690,782 -29,909,010 16.64
1008 (114 roads). 210,014,059 228,004,945 -13,960,886- 6.23
1903 (119 roads)- 223,931,291 2+0,0523757 -16,721,4613 c.93
1908 (118 roads).. 205,963,343 213,913,641; -7,050;305 3.71
/908 (234 roads). 215,251,439 204370,660 -1-;10.774.,770
1909( 51 roads). 49,948,282 47,080,810 +2,267,463 4.76
1909 ( 53 roads)- 49;515,764 45,382,258 +4,1311.506 9.02

,i Mexican currenzy. t O Includes earninzs,ol Uulf &Chicago Division. c Includes the Houston 34 lexas Central anti Its subsidiary lines In bOth
years. 1 Covers lIntss.directly operated. e Includes the Chicago It Eastern Illinois In bo4137,ears. r Includes Evansville It Indiana RR., h ,IneludQ3
earningl et Col. & South., Ft. Worth It Denver City and all afpliated lines, excepting 'Malty It Brazos Yallsy.R11. 4: Includes In both yeors earna
of_Denver 'Enid It 'Oil, ,rtit , Pecos'Vattay Systemand:Santa Fe resoott &Phoenix By. i These figures do not Include receipts frinn se'
.
til Est
, er-litate Comater,oe COmmtsslon metta00. .
r .These
errlgur_es here areion k.lic old asis'et accounting-not the sew,tit•Irli
. figures are en the,,st*e
. .
•
nresevi bskrbli'the- Intiw-Shae Continerse Conunloston.




741

THE CHRONICLE

MAR. 20 1909.1

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of March. The table covers 44 roads and shows 9.31%
increase in the aggregate over the same week last year.
First Week of March.

1909.

1908.

$
$
Alabama: Great Southern
62,490
54,729
Altanta Birmingham & Atlantic
26,802
47,096
Buffalo Rochester & Pittsburgh
121,343
149,947
Canadian Northern
133,300
140,200
Canadian Pacific
1,380,000 1,103,000
Central of Georgia
225,100
235,300
Chesapeake & Ohio
430,994
433,207
Chicago & Alton
225,102
219,754
Chicago Great Western
171,803
150,769
Chicago Indianapolis & Loulsv_
84,620
95,006
Clue New On & Texas Pacific_ _
129,800
151,666
Colorado & Southern
261,074
307,274
Denver & Rio Grande
292,300
355,000
Detroit & Mackinac
18,525
27,731
Detroit Toledo & Ironton
26,186
22,432
Ann Arbor
29,131
36,462
Duluth South Shore & Atlantic_
47,085
49,055
Georgia Southern & Florida_ _ _ _
36,071
41,311
Grand Trunk of Canada
615,110
Grand Trunk Western
624,373
Detroit Gr Hay & Milw_ _ _ _
Canada Atlantic
115,000
123,000
International & Great Northern
156,321
126,888
Interoceanic of Mexico
54,049
58,950
Iowa Central
818,1535
884,800
Louisville & Nashville
157,913
135,440
Mexican International
13,460
15,090
Mineral Range
67,845
76,323
Minneapolis & St Louis
182,903
201,700
Minneap St P &SSM
630,000
791,000
Missouri Pacific & Iron Mtn_ _ _ _
25,000
32,000
Central Branch
163,094
133,445
Mobile & Ohio
1,042,546
1,100,799
Mexico
National Rys of
7,751
4,539
Nevada-California-Oregon
9,575
9,052
Rio Grande Southern
214,046
162,337
St Louis Southwestern
1,015,060
936,373
Southern Railway
20,894
15,181
Texas Central
260,311
241,204
Texas & Pacific
19,208
20,454
Toledo Peoria V Western
59,243
66,283
Toledo St Louis & Western__ _
490,722
447,181
Wabash
155,397
Wisconsin Central
134,895
Total (44 roads)
Net increase (9.31%)

Increase. Decrease.
--$
7,761
20,294
28,604
6,900
277,000
10,200
2,213
5,348
21,034
10,386
21,866
46,200
62,700
9,206
3,754
7,331
1,970
5,240
9,263
8,000
29,433
4,901
66,265

71;i5o

22,473

8,478
18,797
161,000
7,000
29,649
58,253
3,212
523
51,709
78,687
5,713
19,107
1,246
7,040
43,541
20,502

1).422,328 9,534,627 1,046,065
887,701

153,364

Net Earnings Monthly to Latest Dates.
In our "Railway Earnings" Section, which accompanies
to-day's issue of this journal, we furnish full details of the
gross earnings and expenses for the latest month and the
fiscal year to date of all roads that are obliged to file monthly
statements with the Inter-State Commerce Commission.
We print here, therefore, only the returns supplied by the
companies themselves, or, rather, such of them as have come
in this week. Where the figures furnished by the companies
differ from those filed with the Commission, the reader
should understand that the basis of computation is different.

Latest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

$
Houghton Co Trac Co January __
23.561
Illinois Traction Co__ January __ 352.958
Jacksonville Elec Co_ January __
37,936
Kansas City Ry & Lt January __ 534,528
Kansas City-Western January _
24.368
Knoxville Ry & Lt Co January __
48,217
Lake Shore Elec Ry_ January __ '73,591
Lex & Inter Rys Co_ _ January __
40,503
Little Rk Ry & El Co January _
59.904
Memphis Street Ry_ _ January __ 128,469
Milw Elec Ry & Lt Co January __ 341,478
Milw Lt Ht & Trac Co January __
58,115
Montreal Street Ry_ _ Wk Mch 13 66,142
Nashville Ry & Light January __ 138,969
NJ & HR Ry & FyCo December
38.518
North Ohio Tr & Lt_ January __ 147,895
North Texas Elec Co_ January __
88,937
Norf & Portsm Tr Co. January __ 157,439
Northwestern Elev_ _ February _ 161,581
Oakland Traction Co_ January __ 214,583
Oklahoma City Ry_ _ February _
24,599
Paducah Tr f& Lt Co_ January __
19,048
Pensacola Electric Co January __
19,784
Portland Ely L & PCo January __ 339,226
Porto Rico Rys Co__ January __
33,925
Rio de Janeiro Tram
Light &
__ January __ 579,289
St Joseph (Mo)
Power_By Lt
Heat & Power Co_ February _
73,250
San Fr Oak & San Jo January __
70,193
Sao Paulo Tr Lt & P. January __ 206,251
Savannah Electric Co January __
49.986
Seattle Electric Co_ - January __ 402,810
South Side Elevated_ February . 160,421
Sou Wisconsin Ry Co February _
11,623
Springt(Ill) R & L Co January __
91,980
Tampa Electric Co_ _ January _
50,978
Toledo Rys & Light_ January __ 225,217
Toronto Railway_ _ Wk Mch 13 66,150
Twin City Rap Tran_ 1st wk Mch 122,191
Underground El Ry
of LondonThree tube lines... Wk Mch 6 £13,085
Metropolitan Dist _ Wk Mch 6 19,381
United Tramways_ Wk Mch 6
£4,014
United RRs of San Fr December.. 603,403
United Rys of St L.. February . 808,160
Whatcom Co Ry & Lt.January __
33,348

Jan. 1 to latest date.
Current
Year.

Previous
Year.

s

$
18.678
327.910
32.860
496,321
23,317
38.505
70,878
40.715
55.680
118,761
308,192
54,354
64,681
124,878
33.236
126,125
74,201
144,861
143,055
225,085
17,013
19,916
18,156
340,813
30,818

$
23.561
352,956
37,936
534.528
24,368
48,217
73,591
40,503
59.904
128,469
341.478
58,115
707,266
138,969
537.768
147,895
88,937
157,439
334,816
214,583
49,702
19,048
19,784
339,226
33.925

18,678
327.910
32,860
496,321
23,317
38,505
70.878
40,715
55,680
118,761
308,192
54,354
678.923
124.878
482.061
126.125
74,201
144,861
298,662
225,085
33,929
19,916
18,156
340.813
30,818

545.105

579.289

545,105

66,812
152,685
136,971
70,026
70.193
70,026
191,731
206,251
191,731
46.321
49,986
46,321
364,202 ' 402,810
364,202
156.750
332.606
331,669
11,149
23,481
22,450
85,777
91,980
85,777
45,293
50,978
45,293
216,960
225,217
216.960
62,280
691,172
639,797
107,080 1.126,440 1.027,265
£11,725 1118,495 £104,755
1.9,157
£88,151
£80,870
£5,192
£44,396
147,364
481,285 6,866,303 4,745,116
775,454 1.637,196 1.602,852
32,538
33,348
32,538

e These arum are for oeal•Ildated oealpaer.

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 monhtly 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 March 6 1909. The
next will appear in the issue of April 3 1909.

-Gross Earnings-- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads
$
i
$
E
Binghamton Street Hy_ _Feb
24,061
21.364
10,841
7,006
Jan 1 to Feb 28
50,354
43,799
22,719
15,238
Central Penna. Tract Co_Feb
52,871
50,722
10,832
6,428
-Gross Earnings- -Net Earnings
Jan 1 to Feb 28
110,196
103,448
24,184
12,655
Previous
Previous
Current
Current
Charleston Consol Ry_a_Feb
59,024
58,232
21,366
18,822
Year.
Year.
Year.
Year.
Mch 1 to Feb 28
756,327
727,661
266,815
260,579
$
Roads.
$
$
$
Feb
284,090
270,224
2,071 Montreal Street Ry
84,178
68,775
2,985
4,202
5,693
Ala Tenn & Northern_ __Jan
Oct
1
to
13,912
Feb
28
1,514,615
1,458.463
655,063
514,987
21.068
37.624
27,633
July 1 to Jan 31
Oklahoma
573,340
City
Ry
Feb
24,599
17,013
7,949
4,093
1,272,096
4,682,348
Baltimore & Ohio_ b_ _ _ _Feb 4,955,671
Jan 1 to Feb 28
49,702
33,929
16,045
7,455
July 1 to Feb 28
47,284,007 52,744,611 16,021,985 14,575,256
16,746 Schenectady Ry- bColorado Midland_a__ _ _Jan
197,257
158,226
51,989
Oct 1 to Dec 31
213,244
301,640
246,273
60,803
79,218
July 1 to Jan 31
333,460
1,427,039 1,455,437
July 1 to Dec 31
467,291
566,744
155,333
155,379
292,400
Jan
557,300
197,400
g Mexican Railway
725,500
Jan 1 to Dec 31
880,229 1,065,741
256,330
297,127
29,589 United Rys of St
85,940
8,682
121,121
Toledo Peo & Western_b_Jan
808,160
Louls_a
Feb
775,454
276,382
255,914
149,139
666,108
147,374
756,933
July 1 to Jan 31
Jan 1 to Feb 28
1,637,196 1,602,852
560,666
528,953
7,684
Jan
4,319
913
2,482
Tombigbee Valley
& Mohawk Valley- b7,832 UticaOct
45,404
35,940
16,047
July 1 to Jan 31
269,524
1 to Dec 31
272,418
102,341
112,917
July 1 to Dec 31
580,124
600,011
231,393
221,788
a Net earnings lvre given are after deducting taxes.
Jan 1 to Dec 31
1,089,342 1,120,410
429,473
396,388
b Net earrilwrs here given are before deducting taxes.
g These results are in Mexican currency.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.

-lid., Rentals, etc.-

-Bal. of Net E'ngs.Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
$
$
Roads.
40,050
c6,105 cdef 10,459
Colorado Midland
37,449
Jan
c20,624
c54,124
223,930
July 1 to Jan 31
225,549
x6,170
25,482 zdef10,630
Toledo Peo & Western_ __Jan
22,201
July 1 to Jan 31
201,711 zdef12,286 zdef17,030
173,194
c After allowing for miscellaneous charges and credits to income.
z After allowing for other income received.

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

Week or
Month.

American Rya Co_ __ February
C Aur Elgin & Chiefly January __
Binghamton St By. February _
Birm Ry Lt & Power January __
Brockton & Ply StRy January __
January __
Camaguey Co
Cape Breton Eke Co_ January __
Central Penn Trac_ _ _ February ..
Charlest Con FiyG&E February
Chicago Railways Co_ January __
Cleve Painesv & East January __
Dallas Electric Corp_ January _ _
Detroit United Ry__ _ 1st wk Meh
1st wk Jan
Duluth Street Ry
East St Louis & Sub_ January __
January __
El Paso 1.11ectric
Fair & Clarksb Tr Co. December.
Ft Wayne & Wabash
Valley Traction Co °January __I
Cialv-Hous Elec Co__ January __
eran(l Rapids 11ys Co February
Havana Electric Ry_ Wk Mei 14
Honolulu Rapid Trim
December..
& Land Co.._




Current Previous
Year.
Year.
199,094
90,637
24,061
192,343
7,086
11,337
18,332
52,871
50,025
922,528
18,318
117,107
125,169
16,144
153,539
51,512

Current
Year.

Previi)Us
Year.

$
$
420,493
401,944
192,605
99,637
93,985
93,985
50,354
21,364
43,799
192,343
177,745
177,745
7,086
6,587
6,587
11,337
7,556
7,556
18,332
20.885
20,885
110,196
50,722
103,44,8
58,231
118,670
119,801)
813,275
922,528
813,275
18,331
18,318
18,332
89,616
117,107
89,616
110,715 1,169,668 1,054,338
14.767
16,144
14,767
173,066
153,539
173,066
46,802
51,512
46,802
385,165
368,671

100,673 103.020
91,435 80,615
64,018
71,451
38,142
30,596
38.293

Jan. 1 to latest date.

32,755

199,673
91,435
149,01(5
414,181

108,020
80,615
133,472
392,789

382.130

367.164

Interest Charges and Surplus.
-lid., Rentals, etc.- -Bid. of
Current
Previous
Current
Year.
Year.
Year.
Roads.
Binghamton Street Ry_ _Feb
Jan 1 to Feb 28
Charleston Consol Ry___Feb
Mch 1 to Feb 28
Feb
Montreal Street Ry
Oct 1 to Feb 28
Schenectady RyOct 1 to Dec 31
July 1 to Dec 31
Jan 1 to Dec 31
United Rys of St Louis_ _Feb
Jan 1 to`.Feb 28
Utica & Mohawk ValleyOct 1 to Dec 31
July 1 to Dec 31
Jan 1 to Dec 31

E'ngs
Previous
Year.

Net

9,411
18,313
13,992
165,800
32,037
145,342

8,269
16,565
13,443
162,006
82,947
148,135

1,430
4,404
7,375
101,015
52,141
409,721

def1,363
def1,327
5,378
98,573
35,828
366,852

29,964
62,116
122,255
234,917
470/485

30,846
65,750
128,081
233,418
466,872

z34,036
z97,707
x140,869
41,465
90,181

z56,437
z100,006
z182,456
22,496
62,081

50,573
132,808
296,278

49,432
130,874
291,925

x53,879
z103,509
z145,628

z96,448
z125,202
z139,699

x After allowing for other income received.

ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous co 5 panics 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" it which
it is published. The latest index will be found in the issue
of Feb. 26. The next will appear in that a Marc& 24.

742

THE CHRONICLE

New York Central & Hudson River Railroad
(Report for Fiscoa Year ending Dec. 31 1908.)
On subsequent pages there is published the report at
length, also the balance sheet and comparative tables of
traffic, equipment, &c.
Below is given a four-year comparison of the earnings,
.expenses, charges, operations, &c.:
FISCAL RESULTS FOR CALENDAR YEARS.
1908.
1907.
1906.
1905.
3,781
3,782
3,784
Miles operated
3,774
Earnings from51,200,547 59,406,446 54,824,283 52,312,331
Freight
27,824,492 29,837,859 28,568,778 25,761,387
Passengers
3,584,722
3,577,455
3,122,328
Express
2,868,942
2,737,731
2,775,430
Mails
3,007,463
2,711,344
3,206,771
2,455,296
Rentals
2,315,885
2,179,555
295,105
Miscellaneous
316,573
251.031
262,042
88,849,368
Total
ExpensesMaintenance of way, &c. 10,768,284
13,420,283
Maint. of equipment
38,759,355
Transportation__
2,471,163
'General

98,369,060

92,089.769

86,095,602

12,462,047
14,823,631
45,995,903
2,521,753

10,718,590
14,569,057
37,267,589
2,398,450

9,984,101
13,238,125
34,360,221
2,385,582

65,419,085
Total
(73.63)
Per cent exp. to earns._
New construction (additions, betterments) _ _
New equipt. (additions))
23,430,283
Net earnings
Add-Div. on Lake Shore &
Mich. So,stock owned 5,434,704
Dividend on Michigan
Central stock owned._ _ 1,008,983
Dividends and interest on
2,024,591
other securities
Interest on loans, notes
1,352,629
and sundry bills
550,172
Sundry miscel. profits

75,803,334
(77.06)

64,953,695
(70.53)

59,968,029
(69.65)

1,249,296
148,001

869,165

897,857

33,801,362
Gross income
DisbursementsInterest on funded debt. 8,501,964
952,646
Interest on gold notes_ _
Rentals leased lines__ _ 9,766,285
Taxes on real estate, &c. 3,483,135
590,751
Tax on capital stock_ _ _ _
Misc. taxes, int. on loans,
987,396
&c., and misc. Items_
St. L. A. & T. H. Ry.,
138,600
interest, rentals, &c_ _
295,708
Use joint facilities

34,041,777

33,535,551

31,118,351

8,214,520
1,045,049
9,632,266
2,511,070
764,610

8,214,520

8,223,557

9,501.170
2,924,594
1,011,557

9,508,499
2,726,021
1,143,438

350,420

457,500

287,381

154,750
285,264

154,750
303,812

109,631
243,974

24,725,485 22,957,948
Total
9,075,877 11,083,820
Net income
DeductReserve to redeem bonds
8,931,600 10,717,920
Dividends
(6%)
(5%)
Rate of dividend
Special improv't fund for
new equip. & better'ts
Uncollectible charges and
299,370
miscellaneous

22,567,904
10,967,647

22,242,503
8,875,848

7,832,885
(5h%)

150,000
6,612,500
(5%)

2,800,000

1,500,000

315,329

595,095

1,308,261

1,532,722

22,565,726 .25,827,813

24,594,851

6,340,488

4,377,956

3,623,136

1,345,144

812,691

672,572

2,393,122

1,647,926

1,329.935

8,931,600 11.017,290 10,948,214
8,857,595
Total
66,539
144,277
19,433
18,253
Surplus for year
See profit and loss account on a subsequent page.
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
1908.
1907.
1906.
$
Assets160,766,696 156,601,159 152,933,107
Cost of road
29,413,842 30,659,079 24,707,522
Leased lines, construction, he
60.706,976 59,268,782 56,504,918
Equipment
142,218,521 142,203,815 142,128,392
Stocks owned
11,656,093 17.414,207 12,282,661
Bonds owned
2,256,383
2,905,836
2,256,363
Other property
7.010.681
Grand Cent. terminal and electrif_ _ _ 12,181,855 12,462,535
114,940
374,143
471,490
Advances
16,018,182
4,633,022
6,993,639
Cash
7,047,442
7,841,273
7,729,634
Traffic balances receivable
8,568,695 11,039,408
6,305,921
Sundry collectible accounts
19,088,256 19,243,974 16,735,918
Loans and bills receivable
7,115.875 10,000,215
7,098,763
supplies
and
Fuel
cos_
_
_
3,035,752
3,035,752
3,036,813
Securities acquired from lessor
3,239,431
3,779,470
3,485,217
Items in suspense
483,428,920 481,462,669 449,681,039
Total assets
Liabilities178,627,100 178,627,100 178,177,800
Capital stock
4,900
4,900
4,900
Consolidation certificates
Bonded debt (see "Ry. & Ind." Sec.).243,414,845 230,414,845 230,414,845
150,000
150,000
150,000
Bonds and mortgages payable
25,000,000 25,000,000
Three-year gold notes
6,844,889 10,047,456
9,594,496
Wages and supplies
2,198,770
4,656,491
2,708,559
Traffic balances payable
6,759,604
6,561,869
2,542,430
Interest and rentals accrued
2,232,900
2,679,480
2,237,987
Dividends payable January
78,835
,
81,273
Dividends and interest unclaimed
1,995,278
1,851,948
1,537,562
Sundry accounts payable
110,000
1,620,000
187,000
Loans and bills payable
20,290
16,790
4,790
Bonds past due
2,243
2,353,474
Special improvement fund
3,035,752
3,036,813
Securities in trust for lessor companies 3,035,752
2,011,231
2,013,367
2,017,576
Aecounts with lessor companies_
10,946,871 14,698,092 14,631,554
Profit and loss
Total liabilities
-V.88, p. 686, 624.

483,428,920 481,462,669 449,681,039

Lake Shore & Michigan Southern Ry.
(Report for Fiscal Year ending Dec. 31 1908.)
On subsequent pages is published the report at length
also the balance sheet and comparative tables of traffic
equipment, &c.
The comparative statistics for four years, compiled for
the "Chronicle", are as follows:
OPERATIONS AND FISCAL RESULTS.
1906.
1907.
1908.
1,520
1,520
1,511
Miles operated Dec. 31..
ler Equipment821
930
921
Locomotives
614
640
643
Passenger cars
35,586
40,891
39,561
Freight cars
1,468
1,673
1,687
Working cars

0Operations-

1905.
1,520
739
519
28,298
952

8,431,166
7,195,742
6,545,616
Passengers carried (No.) 8,558,345
491,518,018 488,654,632 422,413,859 369,901,000
Passenger mileage
2.027 cts.
2.035 cts.
1.914 cts. 1.967 cts.
Rate per pass. per mile_
$1.54
$1.47
$1.64
$1.47
Pass earns. per train mile
Rev. fgt. (tons) moved_ 26,224,406 34,281,046 33,835,932 32,314,514
a4,852,862 a5,741,263 a5,621,502 a5,099,918
Freight (tons) mileage
0.521 cts.
0.533 cts.
0.520 cts.
Av. rate per ton per mile 0.525 cts.
Tons of revenue freight
624.5
618.4
619.6
586.5
teXper train mile
$3.25
$3.30
$3.22
43.01
Fgt. earns, per train mile




[VOL.

Lxxxvm.

1908.
Earnings$
Passengers
9,583,227
Freight
25,935,473
Mail, express, rents, &c_ 4,446,158

1907.
$
9,769,873
31,111,482
4,072,120

1906.
$
8,715,703
29,762,197
4,066,478

1905.
$
7,675,938
26,980,655
3,935,217

39,964,858
Total gross earnings
Expenses4,909,069
MaInt. of way & struc
Maint of equipment.... 5,422,114
Conducting transport'n_ 15,554,043
826,785
General

44,953,475

42,544,378

38,600,810

6,328,638
6,044,155
16,350,910
820,644

5,322,563
5,843,734
15,376,192
709,588

4,369,542
4,944,965
14,292,416
620,791

26,712,011
Operating expenses
(66.84)
P. c. of exp. to earns.._
New equipment
Construe. & betterments 1,292,277

29,544,347
(65.72)
911,126
4,082,988

27,252,078
(64.06)
1,201,877
4,221,846

24,227,715
,(62.76)
3,360,773
3,743,021

Total expenses
Net earnings

34,538,461
10,415,014

32,675,801
9,868,577

31,331,508
7,269,302

28,004,288
11,960,570

a Three ciphers omitted.
" Equipment includes in 1908 125 locomotives, 25 passenger cars, 3,696
freight cars and 200 steel ballast cars in company's service leased under
equipment trust and 1,592 freight cars leased under rental agreement.
INCOME ACCO UNT.
1908.
ReceiptsNet earnings
11,960.570
Interest, dividends, &c_ 4,692,667
Total income
16,653,237
Rentals paid
1,100,382
Interest on bonds
5,170,000
Interest on gold notes
750,000
Interest on bills payable
179,416
Divs. on guar. stock_ _ _ _
64,020
Int. on equip. trust cert.
289,225
Taxes
1,424,201

1907.

1906.

1905.

10,415,014
5,716,420

9,868,577
4,153,505

7,269,302
3,518,663

16,131,433
1,420,244
5,170,000
616,118
163,791
74,690

14,022,082
1,450,186
4,428,292

10,787,965
1,305,613
3,822,776

165,002
53,350

88,261
53,350

1,300,875

1,-4-18-,640

1,050,000

6,320,000
7,535,470
Total disbursements
8,977,244
8,745,717
4,467,965
Surplus for dividend
6,488,612
7,385,716
7,675,993
Dividends, per cent...(12)5,935,980(14)6.925,310(10)4946,650 (8)3957,320
Surplus
1,740,013
'460,408
1,539,982
Profit and loss account, see a subsequent page.

510,645

GENERAL BALANCE SHEET DECEMBER 31
1908.
Assets$
RR., bidgs., equip., &c_ 91,500,000
Real estate
431,498
Stocks owned
a88,523,792
Equipment trust certs
Bonds owned
a1,194,655
Materials, fuel, &c
3,512,137
Cash
14,418,965
Uncollected earnings &
other open accounts
32,880,112

1007.
$
91,500,000
436,661
90,516,840
3,341,000
8,194,655
4,981,937
961,127

1906.
$
91,500,000
438,661
84,552,511

1005.
$
84,000,000
438,661
76,669,353

8,194,655
4,358,527
4,938,939

1,223,635
3,263,448
664,040

32,630,356

21,695,921

16,828,420

Total assets
232,461,159 232,562,577 215,679,215 183,087,557
LiabilitiesCapital stock
50,000,00050,000,000 50,000,000 50,000,000
Funded debt
135,400,000 135,400,000 135,404,000 101,324,000
Three-year gold notes
15,000,000 15,000.000
3,000,000
Bills payable
1,006,299
1,206.000
1,978,660
Dividends payable
2,967,990
2,067,990
3,957,320
992,270
Accrued interest, &c
1,499,689
1,484,891
1,195,242
Audited pay-rolls and
6,079,735
5,900,655
5,537,550
vouchers
3,110,368
889,962
1,307,770
1,634,157
1,705,253
Due railroads
1,703,956
435,748
700,383
Miscellaneous accounts_ 1,261,990
Income account
21,515,868 17,805,259 17,298,529 17,118,973
Total liabilities

232,461,159 232,562,577 215,679,215 183,087,557

a See text of report on subsequent pages.
-V. 88, p. 375. 231.

Michigan Central RR.
(Report for Fiscal Year ending Dec. 31 19(18.)
On subsequent pages is published the report at length,
also the balance sheet and various tables of interest.
Statistics.-Operations, earnings, charges, &e., and the
comparative balance sheets were as follows:
OPERATIONS AND FISCAL RESULTS.
1906.
1907.
1005.
1008.
1,745
1,746
1,745
1,746
Miles operated
Equipment523
544
544
512
Locomotives
436
443
391
436
Passenger equipment_ _ _
22,601
18,889
16,394
22,366
Freight equipment
Operations4,981,631
4,479,173
5,150,871
3,923,866
Passengers carried
309,184,971 312,790,973 277,360,478 249,329,847
Passenger mileage
2.05 cts.
2.10 cts.
2.06 cts.
1.95 cts.
Rate per pass. per mile_
Revenue tons moved... 14,347,464 16,538,163 15,816,491 14,159,886
Revenue tons mileage.... '2,634,120 "3,027,734 *2,910,834 '2,585,063
0.641 cts.
0.628 cts.
0.615 cts.
Av. rate per ton per mile 0.627 cts.
Earnings$6,168,190 $6,541,103 $5,928,874 $5,225,528
Passenger
16,947,001 19,926,803 18,650,230 16,255,481
Freight
2,079,204
1,802,859
1,696,484
1,803,297
Mail, express, &c
Total gross earnings_ _$24,918,488 $28,547,110 $26,275,588 $23,283,868
Operating ExpensesMaintenance of way, &c. $3,061,375 $4,991,923 $3,489,189 $3,418,740
4,070,277
4,386,927
5,542,578
Maintenance of equip't_ 2,978,744
12,406,032 13,503,987 12,141,721 10,518,814
Transportation
565,563
541,435
556,776
559,201
General
Total oper. expenses.$19,005,352 $23,131,751 $21,730,264 $18,865,916
(81.03)
(82.70)
(81.03.)
(76.27)
P.c. oper. exp. to earns_
$5,913,136 $5,415,359 $4,545,324 $4,417,952
Net earnings
• Three ciphers omitted.
INCOME ACCOUNT.
1006.
1907.
$5,415,359 $4,545,324
702,519
402,004

Receipts1908.
$5,913,136
Net earnings
655,505
Income from investm'ts

$6,568,641 $6,117,878
Total income
Disbursements$568,200
Rent (incl. Can. South.) $510,310
2,098,230
2,268,038
Interest on debt
702,007
842,176
Interest on loans, &c_ _ _
11,300
Int. on equip. tr. certs
214,402
1,008,776
1,105,694
Taxes
Dividends
(87)1,124,280 (8)1.409,040
Total
$6,065,801 $5,887,553
$230,326
Surplus $502,840
LI:, Profit and loss account, see a subsequent page

1905.
$4,417,952
315,812

$4,947,328

$4,733,764

$566,310
2,073,850
317,599

$561,202
2,015,320
221,785

1,001,741
(5)036,900

962,002
(4)749,520

$4,896,400
$50,928

$4,500,830
$223,934

MAR. 20 1909.

BALANCE SHEET DECEMBER 31.
1907.
1908.
1907,
1908.
Assets$
$
Liabilities$
$
.Coat of road and
18,738,000 18,738,000
Capital
equipment ____49,458,296 50,220,400 Bonds (see "Ry. &
Investments
8,136,602 12,546,802 Ind "Section)._26,030,000 26,765,000
Beal estate, &c.,
Notes & bills pay_14,450,000 14,711,111
866,182
not used in open
738,891
Wages
624,596
ation
302,597
302,597 Traffic bal. pay'le_ 748,892
25,537
28,607
Loans and bills reInterest unclaimed
5,463
5,333
ceivable
4,607,116 3,783,422 Divs. unclaimed
Traffic balances reSundry accts. pay_ 2,506,146 2,269,861
594,813
594,032
ceivable
2,833,706 4,252,857 Accr. int. & rent
936,900
562,140
.Sundry collectible
Dividends
4,911
4,911
accounts
1,635,256 1,889,892 Canada Southern_
117,962
Fuel and supplies_ 1,569,780 2,390,346 Insur. fund. bldgs. 125,547
1,913,626
'Cash
3,683,940 1,318,774 Items in suspense_
Items in suspense_
146,220
Income account __ 8,741,014 9,131,127
Total
-V.88, p. 375.

73,273,513 76,705,090

Total

73,273,513 76,705,090

Cleveland Cincinnati Chicago & St. Louis Railway.
(Report for Fiscal Year ending Dec. 31 1908.)
7 On subsequent pages is published the report at length,
'
:and also the balance sheet.
Statistics.-Operations, earnings, charges, &c., and the
.comparative balance sheets were as follows:
OPERATIONS AND FISCAL RESULTS.
1905.
1906.
1907.
1908.
1,983
1,983
1,982
1,982
Miles operated
'Tons of freight carried_ 19,539,873 20,617,199 18,149,086 16,673,876
'Tons carried one mile_ :2856758,929 3157791,079 2769222,527 2465708,374
.598 cts.
.592 cts.
.572 cts.
.568 cts.
Rate per ton per mile_ _ _
$23.4099
$2.41
$2.33
52.18
.Freight earn. per tr. mile
394
422
383
Aver. train-load (rev.)
376
449
429
406
'Train-load (all freight) _ _
$7,205
$7,908
$7,926
$8,693
Fr't earn, per m. of road
5
234
5
7,0
5,989
6,701,012
6,225,337
6,721,878
Passengers carried
Pa,ss'gers carried 1 mile_364,274,227 379,921,520 357,434,713 328,227,823
48
52
49
52
-Passengers per train mile
1.903 cts.
1.841 cts.
1.910 cts.
Rate per passenger mile_ 1.858 cts.
Earnings515,711,941 517,238,348 $15,683,733 $14,291,108
'Freight
6,908,326
6,379,056
7,127,049
6,963,864
Passengers
757,854
613,966
849,999
646,767
Express
787,297
716,673
741,728
782,577
Mails
503,319
413,616
464,533
487,727
.Rentals
23,548
32,720
26,147
Miscellaneous
30,248
$24,621,661 526,447,804 524,594,916 $22,517,763
Total earnings
Expenses52.611,392 53,432,738 $3,286,477 $2,999,105
MaInt. of way. &c
3,390.675
Maint. of equipment
3,801,196
4,209,998
3,573,927
9,980,670
,Conducting transport'n_ 12,200,908 11,868,537 11,008,629
499,896
618,028
General
622,356
563,680
Total expenses
$19,231,524 $20,133,629 $18,432,713 516,879,345
,Per cent exp. to earnings
(78.11)
(74.96)
(74.95)
(76.13)
Net earnings
$5,390,137 56.,314,175 $6,162,203 $5,638,418
241,477
Dividends, nterest. &c_
137,405
208,569
186,544
Gross income
55,527,542 56,500,719 56,370,772 $5,879,895
Deduct$3,030,936 $2,989,581 52,946,801 52,865,299
Interest on bonds
671,408
812,767
758,156
752,586
'TaXes on real estate_
70,070
81,610
84,737
78,043
'Taxes on gross earnings.
1,018
967
1,002
988
RR. Corn't•s' assessm'ts_
209,740
205,080
224,094
204.505
Use joint facilities
80,328
80,214
80,784
74,948
Rentals other property_
111,607
242,314
587,605
414,586
Miscellaneous interest
499,925
499,925
500,000
500,000
Pref. dividends (5%)_ _ _
(3)1.411,689 (4)1,511,754 (4)1,328,950
,Common dividend
$5,318,763 $6,439,190 56,317,719 $5,838,344
Total
$41,550
5208,779
561,528
553.053
:Surplus
Profit and loss account, see on subsequent page.
GENERAL
CONDENSED
BALANCE SHEET DEC. 31.
1908.
1907.
1907.
1908.
$
$
$
LiabilitiesAssetsRoad & equl p't_125,701,334 122,490,294 Common stock_ 47,056,300 47,056,300
2,049,971 Preferred stock_ 10,000,000 10,000,000
Stocks other cos. 2,127,971
1,482,530 Fund. debt (see
Bonds other cos. 1,498,991
2,438,171
"By. & Ind"
Equip. tr. ctfs_
Section)
*3,571,793 3,421,209
65,612,727 64,612,727
Advances
1,629,801 4-year g. notes_ 5,000,000 5,000,000
Fuel & supplies_ 1,494,150
1,785,731 Wages & supp_ 4,152,308 6,742,683
2,247.504
Cash
Loans&bills pay. 5,615,925 3,013,990
Cash in banks to
Traffic bal. pay.
184,870
178,980
pay coupons,
459,612 Interest accrued
402,741
494,601
467,103
diva., &c...._
Bond Int. due
Loans and bills
Jan. 1
131,935
543,020
383,020
131,935
receivable
58,480
Bond int. unci'd
70.330
Traffic balances
125,000
963,091 Div. on pref__
125,000
858,794
receivable
470,563
Div. on corn
Sundry collecti21,792
17,194
ble accounts _ 2,573,483 3,015,946 Divs. unclaimed
New car contracts
New car con1,468,306
509,275
per contra)
tracts(per contra)
509,275 1,468,306 Peoria & East.
47,054
•Other Item/L.__
By. Co
21,371
295,592
Peoria & Eastern
Trust equip. reRy. Co
5,314
placement fd_
55,266
Kankakee &Sen2,445
4,433
Mt.G.Sh.L. By.
eca RR
43,000
27,250 Profit and lose, 2,078,461
1,847,568
Total

141,301,970 141,659,528

Total

141,301,970 141,659,527

*Kankakee & Seneca By., $117,000; Central Indiana By., $780,129; Short Line
division, $1,328,831; real estate, $41,151; Springfield Union Depot, $1,840; Cincinnati Union Depot, $60,000; Evansville Mt. Carmel & Northern, $203,551; Saline
Valley By., $12,059; Saline & Williamson Counties property, $968,302; Chicago &
Harrisburg Coal Co. property, 558,931.-v. 88, /3. 294.

Philadelphia Baltimore & Washington RR.
(Report for Fiscal Year ending Dec. 31 1908.)
President James McCrea says in brief:
General Resuits.-The severe industrial depression occasioned a marked
falling off in traffic, the tonnage of the system showing a decrease of over
13;i% and the ton mileage of about 6%%. while passe ger mileage showed
The average rate received per passenger per
a decrease of over 7
mile was less than 2 cents.
Gross earnings show a reduction of $1,129,001. This was apparently a
little more than offset by the decrease in operatinglexpenses; but, due to a
change in classification, certain charges on account of hire of equipment
and rents are now charged directly against the income account instead of
being included in operating expenses as heretofore. The amount paid on
account of rents also was larger on account of the full year's use of the new
Washington terminal station and a readjustment of the charges for the use
of the Broad St. station and the elevated line in Philadelphia. The rentals
paid roads operated under net earnings leases also show a considerable increase, so that after providing for all fixed charges, taxes and other liabilities, there was a net income of $1,456,558, a decrease of $532,317 as compared with the previous year.
Out of this net income there were paid two dividends of 2% each; and
after deducting $17,526 on account of the principal of car trusts, the balance, $433,513, was applied toward the extraordinary expenditures.
Extraordinary Expenditures.-The items of extraordinary expenditure
amounted to $1,223,402. notably as follows:

U%.




743

THE CHRONICLE

$65,338
Right of way at various points
82,446
Improvements in Wilmington
Havre-de-Grace, new line and bridge, including expenditures for
99,270
right of way
New line in Washington. Montana Ave. to Florida Ave., including
564,066
one-hall cost of coach yard
Other improvements in Washington, including elevated, tunnel,
281,656
delivery yards, &c
138,921
Rebuilding 8 locomotives and pool freight cars
After applying surplus income of $433,513 toward this expenditure, there
transferred
remained a balance of $789,888, which, together with $22,546
from real estate account, a total of $812,434, was charged to cost of road.
It will be seen from the above that the principal construction and equipment expenditures for the year covered the completion of the passenger
station at Wilmington, the final payments on account of the new bridge
over the Susquehanna at Havre-de-Grace, and the further construction,
in connection with the Washington improvements, of the line from Montana
Ave. to Florida Ave.. the Eckington coach yard, the Virginia Ave. elevated
and Maryland Ave. subway, and the 9th St. and 12th St. delivery yards
in that city.
Compensation from Government.-The Washington Terminal improvement Is now practically completed, and in consideration of the surrender
by your company of its Tightto have a passenger station in the Mall, and as
a contribution toward the expenditure made by your company in the revision of your line through that city, and the conveyance of the old station
property at 6th and B streets to the United States Government, the company has received the sum of 51,500,000 in conformity with the Act of
Congress of Feb. 28 1903. This payment has eliminated the charge heretofore carried to tha account on the balan e sheet. (See description of
terminal in "Railroad Gazette" of New York for Oct. 23 1908, page 1192.
-Ed.)
Bond Sale.-In accordance with authority given at a special meeting of
the stockholders held July 31 1907, a sale was made (V. 87, p. 1605) on
Dec. 16 1908 of 55,000,000 of your 4% serial gold loan bonds, bearing date
Jan. 1 1909, of which the sum of $500,000 matures annually from Jan. 1
1915 to Jan. 1 1924, at which date the entire amount will have been paid.
The proceeds thereof, together with the sum received from the United States,
were used to repay moneys heretofore advanced to your company for construction purposes.
Sub-Companies.-The Delaware RR. shows a considerable decrease in
gross earnings, and, while the operating expenses were materially reduced.
the net income showed a substantial decrease as compared with 1907. By
reason of severe economies the company was able, after paying dividends
aggregating 8%, to transfer $200,000 to its extraordinary expenditure fund
to cover future betterments and improvements, and to carry a balance of
$19,244 to the credit of its profit and loss account.
The Philadelphia ec Baltimore Central RR. shows a decrease in gross
earnings, but a greater decrease in expenses, so that its deficit after meeting
all charges was but $21,542, as compared with $72,081 for the previous
Year. The Philadelphia & Delaware County RR. shows a surplus of
$6,564 after meeting all charges. The Delaware Maryland & Virginia RR.
shows a deficit of $44,619 in meeting its liabilities.
The Columbia & Port Deposit Ry., which was closed for a large portion
of 1907 by reason of the building of the dam at McCall's Ferry, was in full
operation during the year,and shows a surplus of $15,873 after meeting Its
fixed and other charges.
Securities Held.-The statement of securities owned shows an increase
In the holdings of certificates of indebtedness from subsidiary companies
(Wash. Term. Co., $150,000; other. $42,000) and also in your holdings of the stock of the Washington Terminal Co. (from $1.500,000 to
52,061,000); less the amount of securities sold to your sinking fund, and the
Junction RR. stock, eliminated therefrom by reason of the absorption of
that road by the Pennsylvania RR. Co.
Trackage Flights.-In connection with the acquisition of that property
by the Pennsylvania RR. Co., It granted your company trackage rights
over the Junction RR. from Gray's Ferry to West Philadelphia Station.
and thence over its elevated line into Broad St. Station for 100 years.
upon payment of a proportionate share of the cost of operation, taxes and
interest on the value of the facilities used.
OPERATIONS AND FISCAL RESULTS.
1906.
1905.
1907.
1908.
Operations706
706
714
716
Miles operated
12,087,963 12,412,399 11,595,975 10,498,721
Passengers carried
Pass. carried 1 mile_ _ _ _347,443,265 376,768,716 347,868,021 320,296,945
2.018 cts.
2.017 cts.
Rate per pass. per mile- 1.947 cts. .1.929 cts.
13,708,293 15,855,905 13,756,835 12,734,681
Tons carried
837,851,164 898.449,521 795,122,655 725,411,993
Tons carried 1 mile
0.957 eta.
0.954 cis.
0.937 cts.
Rate per ton per mile_ _ _ 0.923 cts.
$
$
Earnings6,944,007
7,589,061
8,420,391
7,734,929
Freight traffic
6.465.095
7,015,959
7,294,499
6,829,531
Passenger traffic
653,352
695,501
882,763
899,678
Express traffic
408,481
444,495
424,191
404,520
Transportation of mails_
205,269
196,225
233,728
257,912
Miscellaneous
16,126,570
Total earnings
ExpensesMalnt. of way & struc.._ 1,991,906
2,686,535
Maint. of equipment
262.130
Traffic
6,992,555
Transportation
352,248
General expenses

17,255,572

15,941,241

14,676,204

2,234,184
3,100,547
291,236
7,508,696
321,567

1,897,423
2,585,102
290.320
6,550,905
276,237

1,710,094
2,378,798
262,490
6,193,651
257,899

12,285,374
Total expenses
(76.18)
Per cent of exp. to earn_
526,564
Taxes
3,314,632
Net earnings
937,798
Deduct net earns. rentals

13,456,231
(77.98)
498.564
3.300,777
747,296

11,599,987
(72.77)
460,162
3,881,092
750,687

10,802,932
(73.61)
a285,659
3,587,613
a751,526

2,376,834
Balance
Add739,201
Interest on investments_
Interest-general acct..
Interest on equipment..
Rents

2,553,481

3,130,405

2,836,087

717,659

682,220

25,391

35,881
58,455

656,009
30,577
40,906
77,447

Total net income ____ 3,116,035
Application of Net Income20,938
Fixed rentals
900,000
Interest on bonds
316,333
Interest-general acct
Interest on mortgages
15,675
and ground rents... _
Payment of principal of
17,526
car trusts
8135,065
Hire of equipment
8261,986
Rents
9,480
Miscellaneous
1,005.519
Dividends, 4%
433.513
Extraordinary expend

3,296,531

3,906,961

3,641,026

41,781
900,000
303,703

45.625
900,000
157,30$

a49,948
900,000

14,496

12,747

12,747

8,728
939,742
1,842,810

24,567
939,742
1,714,023

17,526
33,845
13,829
972,630
998,720

3,641,026
3,906,961
3,296,531
3,116,035
Total
a Items corresponding to these have been changed in later years, the
aggregate of the three items in 1905 is, however, correct.
b Classification changed, certain items formerly included in operating
expenses being charged against income.
STOCKS AND BONDS OWNED DEC. 31-TOTAL PAR VALUE $12,321,875
VALUE IN BALANCE SHEET. $8,769,651.
Par Value,
Par Value.
B. & 0. RR.Co. pref. stock_ 31,000,000 Washington Ter. Co. 4% de$150,000
indebtedness_
mand
of
etre.
stock
1,048,700
do common
Balt. Ch. & AU. By. pref. stk. 328,650 Chester Creek RR. 1st M. 6s,
185,000
1933
due
250,000
stock
common
do
Colum. & Pt. Dep. By.stock_ 1,000,000 Md. Del. & Va. 4% ors. of
42,400
Indebt., due Dec. 5 1909._
326,200
Del. Did. & Va. RR.stock
1,664,475 Junction & Breakwater BR.2d
Delaware BR.stock
M.4s, matured Feb. 1 1899_ 250,000
76,800
Elk. & Middle. RR.stock,
2,061,000 Phila. & Bait. Cent. BR. 1st
Washington Terminal Co
67,000
B. 45is, due 1911
Phila. & B. C. BR. stock___- 2,497,150
100,000 Worcester 11.R. Co. Id II. 4e,
Rosalyn Con. RR. stock
399,500
matured April 1 1896
Union BR. of Bait. stock____ 875,000

744

THE CHRONICLE

GENERAL BALANCE SHEET DECEMBER 31.
1908.
1907.
1908.
LiabilitiesAssets41,462,569 40,650,135 Stock
Cost of road
25,138,000
230,720
253,266 Funded debt
Real estate
20,000,000
4,928,157 4,928,157 Temporary recta.
Equipment
for 4% debens__ 5,000,000
Rey'd line through
Washington __1,500.000 Mtges. and ground
Stocks owned ____ 8,046,301 7,658,651
rents
284,623
567,319 Pay-rolls & vouch_ 860,707
Bonds owned ____ 723,350
55,969 Interest accrued,
Net traffic balances
other
not matured ___ 209,900
Due from
companies, &c.,
Due controlled cos. 1,564,486
other than traffic
Due individs.&cos. 184,725
balances
448,356 1,054,241 Accounts payable_
Due from agents- 499,849
556,723 Sinking fund
500,000
Materials on hand_ 589,512
914,087 Car trust principal
Cash
677,057
539,072
charged off ____
110,652
Sinking fund
500,000
500,000 Taxes awaiting setMiscellaneous
1,336
28,029
tlement
94,909
Miscellaneous
94,803
Profit and loss_
4,064,402
Total
58,107,207 59,205,649
-V. 88, p. 686.

Total

1907
25,137,950
20,000,000

284,623
1,777,475
209,900
1,314,483
6,081,505
500,000
82,989
93,379
64,463
3,658,882

58,107,207 59,205,649

Twin City Rapid Transit 0o.,plinneapolis, St. Paul, &c.
(Report for Fiscal Year ending Dec. 311908.)
The report signed under date of Jan. 20 1909 by President
Thomas Lowry (who died Feb. 4 1909) says in substance:
General R.sults.-The gross earnings have increased $343,767, or 5.68%.
and the operating expenses $185,620, or 6.23%, of which approximately
$50.000 was due to highe: scale of wages authorized in June 1907. There
was thus an Increase In net earnings of $158,147. Owing, however;to an
Increase in taxes of $28,824 and in bond interest of $107,368, togt.ther
with a larger appropriation to renewal funds, the net surplus is $16,046 less
than the previous year. Considering the business depression that was
experienced during the year, the results are gratifying and would seem
fairly to indicate what might be expected under favorable business conditions.
Maintenance-Renewal Fund.-Maintenance expenses have been Increased by 334,719. the property maintained at a high standard or efficiency, and the car mileage increased 7.41%. In addition to maintenance
charges of 5496.676, renewals have been made and charged to the renewal
fund to the amount of $256,006. The direct appropriation to the fund for
the year was $544,000 and Interest to the amount of $29,800 was further
aided to it, an increase of 350.300 on the appropriation of the previous year.
The renewal fund (inaugurated in 1904) now amounts to $1,173,714, of
which $1,173,500 is invested in the 5% bonds of the company.
Construction.-There was expended in new construction $1,131,868,
distributed as follows:
Additions to power plant__$386,285 Track,suburb.($41,738),&c. $65,543
New shops at Midway
26,593 Selby tunnel
18,577
Car equipment
449,607 Buildings and fixtures
3,064
Track, Minneapolis
152,644 Big Island and Tonka Bay__ 29,554
Bonds.-Of the Minneapolis Street Ry. Co. 7% bonds, $20,000 were
redeemed May 1 1908. An equivalent amount of 1st consols may be issued
in place of them. There were issued during the year 31.643,000 of the
consols due 1928: of these. $343,000 were acquired for renewal and reserve
fund investments.
EARNINGS, EXPENSES, CHARGES, &c.
1907,
1908.
1906.
1905.
$
6,020,542
Passenger earnings
8,333,297
5,592,079
4,733,335
35,201
66,213
Other sources
52,909
25,920
6,399,510

6,055,743

5,644,988

4,759,255

388,694
291,051
205,624
516,418
48,000
235,774
1,480,495

412,518
269,748
192,209
513,867
48,000
203,132
1,340,962

354,341
240.230
195,024
467,264
48,000
a202,522
1,167.999

251,585
203,762
143,491
403,574
48,000
122,940
945,784

Total operating
Net earnings
DeductInterest and taxes
Dividends on pref.(7%)
Dividends on corn.(5%)

3,166,056
3,233,454

2,980,436
3.075,307

2,675,380
2,969,608

2,119,137
2,640,118

1,359.363
210,000
1,005,000

1,223,171
210,000
1,005,000

1,137,428
210,000
952,500

1,050,797
210,000
881,388

Total
Balance
Approp. for renew. fund

2,574,383
659,091
544,000

2,438,171
637,135
506,000

2,299,928
669,680
482,000

2,142,185
497,933
b340,000

Balance, surplus
P.c. exp.& taxes to earn.

115,091
64.35

131,136
63.84

a187,680
61.83

157,933
58.27

Total receipts
ExpensesGeneral expenses
Maint. of equipment
Maint. of way ro struct_
Operating power plants_
Insurance
Injuries and damages__ _
Car service

a In 1906 figures $50,000 are added to item of injuries and damages as
appearing In report of that year to cover estimated amount of deficiency
in reserve in consequence of awards in court decisions proving higher than
anticipated, the surplus of the year being therefore reduced by that amount.
S In the report of 1905 this item appeared as $240,000 anti the surplus as
$257,933; but after it was published,the directors appropriated an additional
$100,000 for renewals out of the surplus, as stated in the report of the
President.
GENERAL BALANCE SHEET DEC. 31.
1908.
1908.
1907.
1905.
Resources3
$
$
Roadway, &c.,including
securities in treasury_ 42,761,175 41,629,306 39,972,152 37,323,634
Notes & accts. receivable
39,089
136,611
92.625
50,627
Cash
,..____
986,007
1,107,797
743,777.
336,716
Materials and supplies__
557,375
424,587
502,449
300,034
Insurance fund,
107,247
65,072
84,743
52,789
1,173,500
Renewal funds
363,500
855.500
363,500
45,677,929
_ Total
Liabilities30,100,000
Common stock
3,000,000
Preferred stook
19,523,000
Funded debt
158,580
Unpaid vouchers, &c_
408,299
Taxes accrued, not dile_
316,200
Int. accrued, not due__ _
Bills payable
251,250
Dividend payable
1,173,714
Renewal funds .
Miscellaneous
182,246
Special reserve
26,576
540.064
Income account-surplus

43,952,386

41,972,198

38,517,300

20,100,000
3,000,000
17,900,000
189.384
370,232
294,033
250,000
251,250
855,921
174,738
141,855
424,973

20,100,000
3,000,000
16,546,000
178,844
331,637
283,117

18,000,000
3,000,000
15,566,000
134,822
$10,422
270,850

251,250
590,450
97,063

225,000
470,895
83,154

593,837

406,156

Total
-V. 88, p. 687, 007.

43,952,386

41,972,198

38,517,300

[VOL.

over 4-5 of 1%. The percentage of passengers using transfers during 1908•
increased to 44.50, as against 42.34 for 1907 and 25.70 in 1900. The
average fare per passenger in 1908 was 3.35c., as against 3.39e. in 1907
and 3.48c. In 1900
Funded Debt.-There has been no change in the funded debt during the
year. The $1,200,000 collateral trust notes are still outstanding, the
Mississippi Valley Trust Co. not having exercised its option to purchase
$1,500,000 4% bonds of this company, but which there is every reasonthe
to,
believe they will do before the expiration of the option on July 1 1909.
It will be necessary in the near future to devise plans for comprehensively
providing for future financing, as the growth of the city will necessitate
many extensions.
Roadway, &c.-During the year there were rebuilt 21.47 miles of track,
of which 18.83 miles were 9-in. 112-1b. groove rail laid on concrete. In
addition 11.52 miles of track was rebuilt, by placing new ties and concrete
under old rail, 16.14 miles of T rail track on the county lines have been
tamped, ballasted and re-surfaced in a substantial manner. With an approximately like mileage of track reconstructed annually for several years, most
of our very worst track will have been reconstructed and an appreciable
decrease in maintenance expenses should result. To the paved track
there have been added during the year 16.79 miles.
Rolling Stock.-A license was obtained from the Pay-as-you-enter Car Co.
and 230 of our cars changed to that system and put into operation
satisfactory results, it being our intention to change such of our cars aswith
are
suitable for this system and put them into operation as rapidly as possible.
On account of the general depression of business and the falling off of passenger traffic, only two additional new cars were finished and placed on our
lines during the year.
One Mill Passenger Tax.-[The report refers to the decision of the United,
States Supreme Court in May 1908 sustaining the right of the city to levy
the tax of 1 mill per passenger (V. 86,p. 1287) and says that since the
decision was handed down Judge H. S. Priest, the general counsel for the
company. has filed a bill in the State Court to enjoin the city from enforcing
this tax upon several grounds, the chief one being that it is a tax upon the
income and hence a tax upon all of the property of the railways, which.
already pays an ad valorem tax upon the assessment made by the State
Board of Equalization. Judge Priest contends this is double taxation, not
justified by the city charter or the Constitution of the State of Missouri
and expresses great confidence in defeating the tax.[
SUMMARY OF CAPITAL EXPENDITURES FOR YEARS 1905 TO 1908
1908
1906.
1905.
1907
Total.
Real estate, bldgs., &c. $49,188
$225,189 $235,436 $56,529 $566,342
Track and roadway_ _ _ 487,046
560,676 619,056 306,363 1,973,141
Electric line constnict'n 13,900
17,424
96,970
3,429
131,723
Power plants & equip_ 50,711
65,178
73,621
33.587
223,097
Cars & electric equip__ 64,974
144,891 '118,026 •64,577
27,262
Miscel. equipment_ _ _
3,590
62,666
26,972
164
93,392
Total

$669,409 $1,076,024 $034,029 $335,495 $3,014,957

• Credit items in 1905 and 1906, representing cars and equipment sold
See also tables of earnings and balance sheet in V. 88. p. 501, 507.

Havana (Cuba) Electric Railway.
(Report for Fiscal Year ending Dec. 31 1908.)
President Warren Bicknell, New York, Feb. 111909, says:
The following is a comparative statement:
1908.
1907.
1906.
Operating railway mileage
50.4
50
50.
Gross earnings per track mile
$38,448 35 $36,217 76 $31,40603
earnings
per track mile
Net
19,168 09
12.251 82
18,923 11
Ratio operating expenses to earnings_
50.15%
53.27% '
60.98%
During the past year a decree was issued by the Provisional Government,
of Cuba giving authority to the Havana Electric Ry. Co. to construct
about 30 miles of extensions or new lines into sections of the city of Havana
and suburbs not served by existug lines. The importance of this concession is the more fully appreciated when we consider that the track-mile
earnings for the past years were in excess of $38,000, which approximates
the maximum earnings attainable upon such a system. Many of the
extensions authorized should be constructed by the company at once,
both because necessary for the convenience of a large number of people
and because they will prove a profitable investment.
The directors have been able during the year to declare and pay dividends
aggregating 6% on the preferred and 1% on the common stock.
RESULTS FOR CALENDAR YEARS.
1907.
1908.
$1,937,797 $1,810,888
Gross earnings, railroad
332,2$4
Gross earnings, stage lines
339,010
$2,276,807
Total gross earnings
$971,725
Operating expenses of railroad
274,699
Operating expenses of stage lines_ _ _ _
12,858
Taxes (and in 1907 rentals)

1906.
$1,570,302'
348,801

$2,143,122 $1,919,103
3964,7331
254,211) 31,254,66
13.7911

Total operating expenses
Net earnings
Miscellaneous earnings

$1,259,282 41-.232,735
$1,017,525
$910,387
774

Total net income
Interest on funded debt
Sinking fund for bonds
Preferred dividends
Common dividend
Miscellaneous
Balance'

31,017,525
$438.142

$1,254,660
$664,443
287

$911,161
$664,730
$440,037
$400,862
105,050
95,800
(6)299,998(535)275,000 (4)200,000
(1) 74,637
3,781
sur .$200,967 sur.$91,075 def.$31.932"

BALANCE SHEET DEC. 31.
1907.
1908.
1908.
1907. :
$
LiabilitiesAssets$
$
$
Properties
20,828,551 20,797,795 Common stock_ _ 7,463,704 7,500,000;
156,995 Preferred stuck_ .: 5,000,000 5,000,000
Stage lines
160,036
Funded
debt
294,895
Insular Ry. Co.... 300,254
' 8,728,181 8,972,561
421,128 Aecrued flunntedrse.
s_t.
Cash
643,003
_: 18410
:8
46
58
1
5:
83
9:11946
45,528 Sinking
undry debtors__ _
30,102
S
Sundry
520,535
creditors,
Materials on hand.. 387,135
incl. reserves ter
Taxes and insuraccrued liabilities 74,444
18,052
8,025
ance prepaid
82,444
12,236 Profits applied in
Deposits as seem%
52,000
the redemption
129,630
Treasury bonds
of bonds through
36,347
Treasury stock_
sinking funds___ 366,000
269.000'
Reserve for divs_
149,637
75,
"
Profit and loss sect'329,821
241,796
2",409,106 22,43:3,142
Total
-V. 88, p 624, 158.

Total_

_ -22.409,106 22,433,142

United States Steel Corporation.
(Report for Fiscal Year ended Deic. 31 1908.)
United Raftways Company of St. Louis.
The annual report, signed by Elbert H. Gary, Chairman'
(Report for Fiscal'Year ending Dec. 311908.)
of the Board, and President William .E. .Corey, will be
The usual 'comparative, tables were in V. 88, p. 501. found substantially in full on subsequent pages of to-day's
"Chronicle." Given with it are many important tables of:
President John I. Beggssays in substance:
Ecirnings.-Passenger eamingti,for 19.08 as compared with 1907 decreased operations, balance sheet, &c.
$248,320, equal to 3.33%. Operating expenses, taxes and depreciation
The following tables show the gross total income for the
were reduced $308,423, equal to 4.35%. The amount available for dividends increased 950,186. Dividends paid on the preferred stock inereased calendar years and the deductions which are made in order to
$200,000, owing to the fact that the $4,000,000 pref. stock !Muted for the determine the net earnings; also the amounts appked bo the
acquisition of the Si. Louis & *uburban Jan. 1 1907 commenced to participate in dividends Jan. 11008. - The earnings remaining available for divi- payment of interest, dividends, &c., of the CSOrpOratiOn
dends ea $iss
11,00k kir 11/08 wows 5207,808, equivalent to sllghtlf itself, and finally the surplus from the yeatoS operationw•




45,677,929

MAIL 20 1909.1

THE CHRONICLE

GENERAL ACCOUNT OF THE CORPORATION AND ITS
SUBSIDIARY COMPANIES.
1906.
1908.
1907.
,
$
$
$
'Gross sales and earnings
482,307,840 757,014,768 696,756,926
Manufac. cost and open expenses_ __a367,735,103a564,166,777a517,083,955
Admin., selling and general expenses,
excl. gen'l exp. of trans'n cos
12,932,696 15,945,437 14,304,110
Taxes
4,356,126
5,383,924
5,361,160
Com'i discounts & int.& mind
4,247,443
4,066,018
2,707.181
Total expenses
Balance
Miscell. manTg.. &c., gains
Rentals received

388,736,139 589,562,156 539,991,634
93,571,701 187,452,612 156,765,292
3,226,159
628,195 , 2,567,151
564,762
899,058
880,610

Total net income
95,060,508 170,718,821 160,556,213
Proportionr
of net profits of properties owned whose gross revenue.
&c., are not included
1,416,140
520,641 51,737,939
Interest and dividends on investments and on deposits, &c
3,952,803
4,744,801
3,777,439
Total income
99,358,586 177,201,561 165,925,156
Sub. company int. charges, doc.Int. on bonds & snorts, sub. cos_
6,391,043
6,368,163
7,189,492
Int. on bills pay. & pur. money
obi's of sub. cos. & miscell. Int_ _ _
170,436
124,032
211,714
Total underlying int. charges
Balance
cLess profits earned by sub. cos
Net earnings

6,561,479
6,492,195
7.401,208
91,957,380 170,709,366 159,363,677
2,739,404
9,744,692
109,670
91,847,710 160,964,674 156,624,273

a The expenditures for ordinary repairs and maintenance were $29,000,000 (approximate) in 1906, $35,000,000 (approximate) in 1907 and
$27.000,000 (approximate) in 1908. b Includes those of Tenn. Coal, Iron
& RR. Co. Er m November 1907. c Profits earned by sub. cos are sales
made and services rendered account of materials on hand in purchasing cos'.
Inventories and which profits have not yet been realized in cash from the
standpoint of a combined statement of the U. S. Steel Corp.and subsidiary companies.
'INCOME ACCOUNT OF UNITED STATES STEEL CORPORATION
1908.
1906.
1907.
91,847,710 160,964,674 156,624,273
Total net earnings
Deduct charges,
Deprec. and extin. and extra. repl.
15,377,111 22,241,983 21,253,272
' funds (reg. prey%)
Spec. fund for Improvements and
construction
3,500,000
7,500,000
Expenditures made and to be,made
on add'i prop. & cons'n, ace_ .._
35,500,000 28,500,000
Set aside for contemplated apPro•
priations. &•3
18,500,000 21,500,000
Charged off for adjustments
90,502
cr.94,035
681,516
Int. on U. S. Steel
bonds____ 23,882,647 22,860,353 22,839,850
Sinking fund U. S. Steel
Corp*Corp
4,908,000
5,385,203
5,137,497
do
subsidiary cos
1,904,084
1,977,761
1,588,070
Preferred dividend (7%)
25,219,677 25,219,677 25,219,677
Common dividend (2%)
10,186,050 10,166,050 10,168,050
Total deductions
Undivided profits for year

81,504,723 145,784,838 143,881,415
10,342,987 15,179,836 12,742,859

• Includes operating results of Tennessee Coal, Iron & RR. Co. since Nov.
1907.
GENERAL BALANCE SHEET OF UNITED STATES STEEL CORPORATION AND ITS SUBSIDIARY'COMPANIES DEC. 31.
•
1906.
1907.
1908.
AssetsProperties owned and operated by
. the several companies
c1,458,205,725 1,435,540,088 1.378,185,605
Expend. for imp'ts,explo., stripping and develop, at mines and
for advanced mining royalties,
&a., chargeable to future operations of the properties
7,494,961
22,243,595
14,002,116
Cash held by trustees on acct. of
bond sink. funds (in 1908,
$38,086,500) par value of red.
bonds held by trustees not
treated as an asset)
543,962
397,288
444,201
Investments outside real estate
and other property owned_.. _
3,083,000
1,617,351
1,717,120
Insurance fund assets*
5,009,556
3,649,971
4,120,159
Investments for depreciation and
extin. funds*
13,269,254
11,708,499
10,741,977
Investments for Gary plant•
2,537,507
10,145,789
15,920.542
Inventories z
143,179,829
136,188,874
119,897,467
Accounts receivable
34,708,118
58,836,773
58,398,454
Bills receivable, customers'and
6,201,532
guar. loans
4,203,933
10,193,707
711,044
Agents' balances
835,269
672,576
4,823,800
Sundry stocks and bonds
8,831,154
7.720,348
Loans on collateral
50,000
7,600,000
6,000,000
• Cash
67,636,808
53,963,849
49,548,053
1,542,398
1,902,756
Contingent fund and mind_ _ _ _
1,215,523

745

subsidiary companies on sale of materials, &c., to other sub. cos., &c..
$28,335,737 (see explanations on a subsequent page)-balance. $133,415,214.
z Inventory valuations include profit accrued to subsidiary companies
on materials and products sold to other subsidiary companies and undisposed of by the latter-see contra specific surplus account for these profits.
The total of all inventories is, however, below the actual current market
prices.-V. 88, p. 569, 509.

Union Typewriter Company.
(Report for Fiscal Year ending Dec. 31 1908.)
President Clarence W. Seamans, March 17 1909, says:
In addition to the general dulness of trade, this company had to contend
with unusual conditions due to the fact that it was preparing to launch
new model machines, causing hesitation on the part of buyers, and undoubtedly some lack of enthusiastic effort on the part of salesmen. In the
face of such circumstances, it required a good deal of money and effort to
keep the selling organizations intact and maintain a reasonable volume of
business. The net earnings for the year, however, amount to $812,627
and warrant the payment of the dividends on both classes of preferred
stocks. (Compare V. 86, p. 726.)
The new models were put upon the market toward the latter part of the
year, and met With most satisfactory reception. Within the past few
months a remarkable change has taken place in the business of the company, and since Jan. 1 the sales have been greater than at any like period
since the organization of the company.
RESULTS FOR THE YEAR 1908.
Profits for the year
$812,629
Deduct dividends-7% on $4,000,000 1st pref. stock___$280,000
8% on 5,800,000 2d pref. stk•448,000 728,000
Balance, surplus over dividends

484,629

• The dividend paid includes that on $800,000 second preferred held in
the treasury as an investment-see below.
BALANCE SHEET AS OF DEC. 31 1908.
Assets5316.499,693
Plants, patents, trade-marks and good-will
Second preferred stock in treasury
400,000
Stocks and bonds in other cos. (net worth) and thLs co.'s 2d
pref. stock, $805,000
2,083,720
Inventory of material, supplies, machines, &c
1,542,707
Accounts receivable
3,153,175
Cash in banks and held by selling companies
278,582
Taxes, insurance, &c., paid in advance
56,422
Total
$24,014,299
LiabilitiesFirst preferred stock
$4,000,000
Second preferred stock (outstanding $5,000,000)
6,000,000
Common stock
10,000,000
Bills and accounts payable (including interest)
1,322,285
Surplus (after deducting dividends paid April and October 1908) 2.692,014
Total

$24,114,299

• After deducting $2.000,000 for depreciation on patents, plants, &c.
Compare V. 86, P. 726.

Otis Elevator Company, New York. •
(Report for Fiscal Year ending Dec. 31 1903.)
President W. D. Baldwin, March 12 1909, writes:
The volume of the company's business for the year 1908 has approximated 70% of the sales of 1907. This reduction was due to the general
depression of business, which has affected the development of, building
throughout the country. The decrease in the earnings for the year has.
however, been rendered less unfavorable than it otherwise would have been
by the profits accruing from the large amount of uncompleted work carried
over from 1907 and completed in 1908.
The smaller volume of work undertaken in 1908 has released a large
amount of working capital and enabled your directors to reduce the company's liabilities over $2.250,000. Bad or doubtful claims have been
charged off and liberal deductions have been made in inventories to meet
the reduced price of materials and for maintenance of plants and improvements.
The reduced volume of business has given the opportunity to further
improve the efficiency of all branches of the organization. While at this
time the prevailing conditions do not point to any great increase in business
in the near futUre, there is good reason to anticipate a sufficient amount
of work during the coming year to operate the plants of the company as
profitably as during the past year.
Out of the earnings of last year's business the directors have declared
a dividend of 3% on the common stock, payable 1M% April 15 and 1 36%
Oct. 15 1909.
RESULTS FOR CALENDAR YEARS.
1905.
1908.
1907.
1908.
Net earns, after all chgs.,
repairs and renewals__
$996,104
$832,773
$912,938
$855.167
DeductPref. dividends (6%)- $378,375
$347,791
$371,794
$339,697
Common dlvidends__(3%)191,259(3%)191,259(3%)191,259(2%)127,000
Depreciation
246,235
216,117
271,118
213,139
Surplus
Previous surplus

$50,000
1.881.934

$161,934
1,700.000

$100,000
1,600.000

$200,000
1,400,000

1,746,017,531 1,758,113,014 1,681,309,769
Total assets
Total surplus
a$1,884,424 $1,861,934 81.700,000 $1,600,000
Liabilities508,302,500 508,302,500 508,302,500
Common stock
a After deducting adjustments aggregating $27,510.
Preferred stock
360,281,100 300,281,100 360,281,100
GENERAL BALANCE SHEET DEC.81.
562,156,250
Bonds held by public
593,231,210 600,185,271
2,514,628
Mortgages of subsid. companies
2,135,240
1,834,325
1908.
1907.
1908.
1907.
Purchase money obi!. of sub. cos 2,527,656
1,717,500
3,258,701
AssetsLiabilities$
$
Current accts. pay. and pay-rolls 20.858,014
22,508,488
23,853,579 Plant aceount..._A0,847,898 10,895,362 Capital (preferred) 0,310,000 6,295,000
Bills and loans pay. (sub. co's) _ _
1,052,748
Cash
840,500
643,765
753,034 Capital (common) 0,375,300 6,375,300
Employees' deposits, &c
1,077,292 Bills receivable_
1,057,495
923,845
186,644 Bills payable
286,967
925,000 2,842,500
Accrued taxes not due
2,728,361 Acc'ts receivable__ 2,112,950 3,524,556 Ace'ts payable__
3,736,748
3,577,024
484,780
910,865
,Accr'd int. & unpres'd coupons.
7,166,344 Inventories
7,863,914
7,986,038
2,373,833 3,211,687 Pref. dividends___
94,650
94,425
Preferred stock dividend
6,304,919
6,304,919
6,304,919
Corn. dividends___
191,259
191,259
Common stock dividend
2,541,513
2,541,513
2,541,513
Surplus
1.884,424 1,861,934
S. 1. U. S. Steel Corp. bonds
2,530,833
2,530,833
2,530,833
Sinking funds of subsid. cos_ _ _
612,698
16,265,413 18,571,283 Total
461,241
Total
10,165,413 18,671,283
790,979
Depreo'n & extin'ment funds
12,441,615 -V. 86, p. 719.
15,837,447
16,848,277
23,080,344
Inprove't and replao't funds
22,201,395
22,705,962
Diamond Match Co.
Spec.cons.fund for acct.Gary,Ind. 7,202,770
26,867,798
26,051,243
7,424,706
Contingent and mlscel. funds
7,991,276
8.722,064
(Report for Fiscal. Year ending Dec. 31 1908.)
3,057,059
3,923,815
Const'n fund for auth. app'ns
682,433
3,741,829
Insurance funds
4,848,358
5,725,778
President 0. C. Barber, Chicago, March 15 writes:
Bond sink, funds with accret'ns
General Results.-The net earnings for the year 1908 were $1,894.724, as
represented by cash and by recompared with 22,296,078 for the year 1907. The profits from the manudeemed bonds not treated as
31,503,976
25,164,788 facture and sale of matches were approximately as large as for the preceding
assets (see contra)
38,074,012
year, but owing to the general business depression small earnings were
Undivided surplus of U.S. Steel
122,645,244
97,720,714 derived from the lumber operations in California. This, together with
Corp. and subsid. companies_ d133,415,214
761,810
Stocks subsid. cos. not owned_
23,400 interest charges incident to the California purchase and notes payable
840,303
KI
largely caused the decrease in the earnings for the year.
Purchase.-On May 6 1908 you were advised (V. IS. p. 1283) that the
Total liabilities
a1,748,017,531 1,758,113,014 1,681,309,769
board of directors had decided to acquire the interest of Bryant & May,
• At market value in 1907; cost in other years.
• Ltd.in the California properties at cost, with interest at 5% per annum,
Inladdition there are $11,921,000 subsidiary companies' bonds author- as follows: -This will amount to about $2,250,000 as of Dec. 31 1907: of
ized or created for capital expenditures made-held in the treasury subject this sum $500,000 to be evidenced by notes payable four years hence, and
to provide for the payment of which the preferred non-Voting stock of
to sale, but not included in assets.
Offc'As follows: Balance of account Dec. 31 1907. $1,435,540,068; adjust- Bryant & May, Ltd.owned by us, worth about 3100.000. and yielding
ments deducted In 1908. $114,843; expenditure in 1908 for construction about 5M% per annuin at present market prices, too be set aside and sold,
&o., $49,422,697-$1,484,847,922; less charged off to bond sinking funds. and the proceeds applied toward the rediotion or payment of the notes in
$660,000; depreciation, extinguishment and replacement funds, $3,- question; the remainder of the purchase price, viz.: 31,760.000, to be paid
892,342; funds provided from surplus net Income for payment of capital in semi-annual installments, the last payment to be made on Jan. 15 1923:
interest at 5% to be computed and paid seini-annually."
expenditures. 322,089,855; balance, $1,458,205,725.
The purchase was consummated during the year for a consideration of
diAs follows: Proceeds of capital stock provided in organization, $25,000,000; aceumuktted/surplus, $80,079,477-1105,079,477;.add surplus of I $2,156,156; in addition to which there was assumed the payment of money.,

(




THE CHRONICLE

746

then owing on account of the Sierra purchase. Of the purchase price,
£100,000, or approximately $500,000, was evidenced by notes. payable in
four years, the remainder being payable in semi-annual installments
extending over a period of 15 years. During the year there was realized
from the sale of a portion of the aforesaid block of Bryant & May preferred
stock the sum of $133,292, which has been applied toward the reduction
of this indebtedness. The entire amount unpaid as of Dec. 31 1908 and
owing to Bryant & May, Ltd., was $1,949,964.
Coupon Notes.-DurIng the year there were issued on favorable terms
$2,000,000 of 5% coupon notes, $500,000 of which mature on July 1 1909
and $500,000 on the first of each July thereafter. (V. 86, p. 1470.)
Balance ,Sheet.-As a result of the purchase of the interest of Bryant Fe
May, Ltd., in California and of additions to the Barberton and Oshkosh
plants, the assets and liabilities are greater than they were a year ago, the
net increase in assets, consisting of plant, pine lands, inventory, accounts
receivable and cash, being approximately $3,000,000,and the net Increase
in liabilities, represented by notes and accounts payable,being approximately
$2,725,000.
INCOME ACCOUNT.
1908.
1907.
1906.
1905.
Net profits after deducting reserve for doubtful accts., &c2,279,911
Depreciation, repairs and replacements
385.187

2,610,830

2,307,623

314,760

313,854

272,280

1,772,280

Balance of profits
1,894,724
Reconstruction charged off_ _ _
59,848
Appropriated for gen. reserve_
20,000
Dividends (10%)
1,600,000

2,296,076

1,993,770

1,500,000

1,600,000

1,550,000

1,500,000

Surplus
Previous surp. (as adjusted) _ _

696,076
1,387,856

443,770
888,147

1,000,000

677,940 *2,083,932

1,331,917

1,000,000

Total surplus

214,876
463,064

[VoL.

LXXXVIII

product of the Gautier plant was 64% of 1907. The output of this plant
constitutes an important branch of the business and was less affected by
the depression than the other finishing departments. At the Franklin
plant the Otto Hoffman ovens produced 97%, the open-hearth plants 73%.
the structural shop 54% and the car shop 21% of their maximum products
in 1907.
Mineral Properties.-The coal, iron ore and limestone properties owned.
or controlled produced satisfactory results. The Penn Iron Mining Co.
shipped from the Menominee Range, Mich., 176,400 tons of iron ore for
use at your works. The Republic Iron Co.. of which you own 90% of
the capital stock, shipped from the Marquette District, Mich., of iron ore'
67,439 tons; add amount on Lake Erie docks Jan. 1 1908, 29,565, tons;
total, 97,004 tons. Deduct shipped to customers, 23,686 tons, and shipped
to your works, 48,247 tons, leaving on docks Dec. 31 1908, 23,071 tons, or
which 6,317 tons are sold.
The Mahoning Ore & Steel Co., Mesabi District, Minn., of which you
control 50% of the capital stock, produced 611,593 tons of iron ore, of
which 201,211 tons, generally low-grade ore, were sold for account of that
company; the proportion of the remainder paid for by your company was.
207,893 tons, of which 82,755 tons were sold at a profit and 125,138 tons.
werereserved for use at your works.
New Mill Proposed.-An 18-inch continuous mill on the site of old No. 2
mill, to be operated in connection with the 48-inch blooming mill, was
authorized in December and should be productive in the early part of next
year unless unduly delayed by business conditions. This necessitated the.
removal of the 13-inch mill from its present congested location to the
Gautier plant, where, by moderate additions, its output can be materially
increased.
Improvements.-There was expended for improvements $560,548; of this
amount $482,080 was charged to plant additions and the remainder.
78,468, was repaid by amount realized from sales in 1908 of real estate and
minerals, under terms of your lease from Cambria Iron Co.
There was expended in addition $352,225 for replacements and alterations, and charged to operating accounts.
Manufacturers' Water Co.-Work on the Quemahoning Dam and pipe
line will be commenced as promptly as possible and when this improvement
is completed the pure water supply should be ample for present maximum
output, with a large reserve for future expansion. The cost of this is
estimated at $2,500,000.

• From the total surplus. $2,083,932,as of Dec.311907,there was written
off: reduction in value of pine lands and stumpage, $703,497; reduction in
patents, rights, trade-marks, &c., $917,371; surplus, balance, Dec. 311907,
$463,064.
EARNINGS,EXPENSES,CHARGES,ETC.
BALANCE SHEET DECEMBER 31.
1906.
1007.
1905.
1908.
•
1907.
1906.
1908.
Net earnings from operation_ $824,159 53,888,109 $4,897,704 $4,100,183
1905.
Assets$
$
$
510,971
343,628
$
Rents, investments, &c
•1.067,691 1.004,755
Plants and other investments 8,063,187 6,419,3131 7,858,8691
Pine lands and stumpage__ 1,997,876 x1,268,858j
Total net income
12,330,570
$1,891,850 $4,982,954 $5,408,675 $4,443,811
Patents, trade-marks, &c___ 5.000,000 5,000,000 5.917.370j
Fixed charges under Cambria
Sierra purchase
708,409
Iron Co. lease interest on
Purchase Bryant & May, less
443,476.
444,672
term notes, &c
420,687
398,093
their payment ($383,409)
325,000
on account
Balance
$1,493,756 $4,562,267 $4,964,003 $4,000,336
849,712
Matches
1,097,158
398,763
Deduct663,150
Lumber and logs
2,278,585 1,569,1741 1,624,899 2,431,797 Dividends, 3%
$1,350,000 $1,350,000 $1,350,000 $1.350,000
Misc. merchandise & supplies 1,060,481
701,768f
General depreciation fund_ _ _
550,000
550,000
500,000
100,000
Notes receivable
152,353
96,509
91,385
184,605 Inventory depreciation fund_
300,000
Accts. receivable, less reserve 1,648,450 1,470,570 1,330,767 1,426,114 Betterment & improvt. fund
2,400,000 3.000,000 2,000,000
Cash
303,802
540,520
753,288
266,971
Total deductions
$1,450,000 $4,550,000 $4,900,000 $3,900,000
Total
21,782,766 18,768,959 17,975,341 17,303,207 Surplus
$43,756
$12,267
$64,003 $100,336
LiabilitiesCapital stock
16,000,000 16,000,000 16,000,000 15,000,000
* Of the $1,067,691 other income in 1908, $705,716 was duo to profits
660,000
Notes payable
V2,000,000
mining
and lake transportation companies and $104,020 to profit.
905,000 from ore
650,000
Sierra purchase
z1,949,964
on surplus ore sold.
819,506
907.012
Accounts payable
563,425
398,207
BALANCE SHEET:DEC. 31.
176,389
Reserve
247,850
80,000
1908.
463,064 1,331,916 1,000,000
677,940
Surplus and profits
1907.
1908.
1907.
$
Assets$
Liabilities$
21.782,766 18,768,959 17,975,341 17,303,207 Leasehold estate*.33,090,305 33,090,305 Capital stock
Total
45,000,000 45,000,000
Plant additions_11,785,577 11,303,497 General depreciation fund
888,090
z Including one-half interest in pine lands and stumpage in California. Equip't additions_ 925,620
3,250,000 3,150,000
Real est. Steel Co_ 320,788
320,462 Inventory depreciafter deducting $703,497 written off against surplus.-V. 88, p. 508.
Sundry securities_ 1,518,638 1,518,638
ation fund
105,000
300,000
V 5% gold notes due $500,000 July 1 yearly to 1912.-V. 86, p. 1470.
z Deferred payments due 1909 to 1923 to Bryant & May, Ltd., on Cali- Inventory account 6,334,727 7,192,232 Betterment & imSpecial deposit
provement fund 9,400,000 0,400,000
1,000,000
fornia purchase. V. 88, p. 508.
3,190,015 1,186,518 Accounts payable,
Cash
Electric Storage Battery Co.
•
including div _ 1,903,800 2,048533
Accts. receivable_ 4,758,730 5,070,590
receivable_
_
_
138,107
Bills
678,420 Profit & loss acct. 2,403,707 2,356,218
for Fiscal Year ending

(Statement
Dec. 311908.)
President Herbert Lloyd signs the printed sheets upon
which the following is furnished:

INCOME, &c.
1908.
1907.
1906.
$636,580
Total net income
$821,275 $1,059,373
Less dividends on common and pref. stock_(3 X)528,093 (5)812,450 (5)812,450
$108,487
$8,825
$246,923
FINANCIAL STATEMENT.
Current Assets1908.
1907.
1906.
$579,953
Cash
$169,022
$184,424
080,065
1,182,744
Accounts receivable_ _ _ _
1,220,137
355,567
355,596
Notes receivable
342,111
Inventory accts. (raw
mat., stock in process
and finished product
997,498
909,449
and unexp. insurance)
1,262,828
Surplus

$2,613,083
Total
Current Liabilities69,796
Accts. pay., not due, &c.

1905.
$1,213,987
(5)812,440
$401,547
1905.
$106,779
1,566,805
199,813

882,894

$2,616,811

$3,009,500

$2,756,290

67,699

166,081

66,069

Assets over liablities__ $2,543,287 $2,549,112 $2,843,419 $2,690,221
CONDENSED BALANCE SHEET DEC. 31.
1907.
1908.
1908.
1907.
AssetsLiabilities886,191 Preferred stock_
Plant investment_ 1,115,835
193,000
194,000
Treasury stock.. 1,750,575 1,750,575 Common stock _17,807,000 17,806,000
Stks. & bds.owned 1,219,122 3,061,205 Accounts payable_
67,110
52,519
Sundry liabilities_
Patents, agreemls
2,686
15,180
and franchises_ A3,722,961 13,699,626 Surplus
*2,003,679 3,669,327
Mortgages
49,000
49,000 Reserved for depreciation, bad
Cash
579,954
169,022
Accts. receivable.. 680,065 1,182,744
debts and unfinNotes receivable
ished contracts- 397,102
355,567
355,596
326,381
Inventory accts.,
raw materials,
stock, &c
997,498
909,449
Total

20,470,577 22,063.408

Total

20,470,577 22,063,408

* After adding Increment from appralsement of factory plant above book valuation, $223,450, and deducting depreciation of Electric Vehicle Co. securities, $1.
940,000, and sundry adjustments not incident to the current year, aggregating
$57,586.-V. 86, p. 1592.

Cambria Steel Co., Philadelphia.
(Report for Fiscal Year ending Dec. 31 1908.)
The report, signed by E. B. Morris, Chairman Executive
Committee, and Powell Stackhouse, President, under date
of Philadelphia, Pa., March 10 1909, says in substance:
General.-Shipments of steel show a decrease 43.3% in quantity and
42.3% in gross value of all products, compared with the preceding year.
There was little recovery from the depression in business that existed at
the close of 1907. The falling off was most pronounced in all products used
by the railroads, as shown by the comparative percentages of your output
with 1907 t. c., rails 28%, cars 21%, locomotive and car axles 38%, while
steel that was in more general use-bar and agricultural steels, the demand
was 64%, structural shapes 54% and plates 46%.
Output.-The output of steel from the Bessemer Department was but
33% of the preceding year. The total product of metal from all eight blast
furnaces was 51% of that in 1907, the previous 11183111111M, The finished




Total

62,062,507 62,254,752

Total

...._62,062,507 62,254,752

*Property, works, coal, ore lands, &e., subject to payment of $338,720 annual
rental under Cambria Iron Co lease for 999 years, being 4% on $8,408,000 Cambria
Iron Co.'s stock.-V. 86, p. 1041.

American Brass Company,Waterbury, Oonn.
(Report for Fiscal Year Ending Dec. 311908.)
RESULTS OF AMERICAN BRASS CO.(PARENT CO.)
1908.
1907
1908.
1907. I
$
$
1
$
$
Divs. from sub. cos_ $928,699 3,555,080 Deb. notes paid off__ 225,000
IDividends ....,..(5t%) 787,500 800,000
Rec'd acct. loans_
200,000
2,500,000
Cash bal. Jan. 1 1908 60,664
I Stock div. (20%)--1
Total
1,189,363 3,555,0861 Total deductions-1,184,383 3,512,733
4,980
42,353
Curr. expend., &c.... 171,883 212,733 Balance, surplus__
*Current expenditures, &c., include interest on loans, &c., in 1908, and in 1007
interest on subscription to new capital, machinery in course of construction to be
charged out when completed, etc.
Note.-For the first half of 1907 the actual capital was only $10,000,000.
although $2,500,000 had been authorized and the stockholders had subscribed for same. Therefore, for the first two quarters of 1907 the corn
pany paid 1 U% on $10,000,000 and for the last two quarters 1 )i% on
$15,000,000. The company also paid to the stockholders interest on their
subscriptions for the additional $2,500,000 at the rate of 5% per annum,
making the total dividends for 1907 as shown above.
BALANCE SHEET JANUARY 1.
1909.
1909.
1908,
1908. I
1 Liabilities$
$
Assets60,664(Capital stock
15,000,000 15,00D,000
Cash
4.980
2,533,7561Debentures
Due from sub. cos_ 2,333,756
9271,000
18,1731 Accrued interest_ _
Accounts recelv_
19,079
9,833
171,4141Surplus
Birm. Brass Co.inv 168,162
49,254
26,057
Stock subsid. cos _12,500,080 12,500,0801
15,026,057 15,284,0871 Total
15,020,057 15,284,087
COMBINED RESULTS OF SUBSIDIARY COMPANIES.
1909.
1908.
1908. i
1909.
$
$
$
1
S
Earnings for year, 1,037,518 1,303,249 Total income
11,670,220 14,187,788
I DeductPrern.on add.stock
2,060.0801Dividends
Co1.13rass.M fg.Co
928,699 3,555,086
Previous surplus_ _10,632,702 10,824,459 I
Total
11,670,220 14,187,7881 Balance, surplus10,741,521 10,632,702
Total

Note.-The earnings for 1905 and 1906 were $1,336,976 and $2,205,798 respectively, contrasting with $1,303,249 and $1,037,518 respectively in 1907 and
1908.
COMBINED BALANCE SHEET SUBSIDIARY COMPANIES JANUARY 1
1909.
1908.
1908.
1009
LiabilitiesAssets$
$
$
$S
Capital stock
Real estate, mach.
5,550,000 5,550,000
• and tools*
9,036,981 8,953,148 Loans from parent
Cash
857,422 company
1,002,239
2,333,756 2,533,750
Accts. receivable-- 2,959,338 3,326,422 Current accounts&
Bills receivable-- 380,352
bills payable
945,633
485,913
1.067,631
Stock of other cos_ 3,130,201 2,303,876 Reserve for conPatents
848,157
1,000
1,000 tingencies
989,425
Material & supplies 4,172,222 4,582,467 Surplus 1
10,741,521 10,632,702
--Total
20,682,333 20,510,248 Total
20,682,333 20,510,248
* After deducting $400.000 for depreciation yearly.-V. 84. p. 1054 WA

MAR. 20 1909.]

THE CHRONICLE

Quaker Oats Co., Chicago.
(Report for Fiscal Year Ending Dec. 31 1908.)
President H. P. Crowell, Chicago, Feb. 25 1909, says in
substance:
General Results.-The almost insurmountable problems occasioned by
the extremely poor oats crop of the year 1907 did not decrease as the months
passed, but on the contrary they increased-not only in the United States
but also in Canada. By scouring the country we obtained enough sound
oats to take care of our export Quaker Oats business,
the high prices
forced us to abandon the making of all kinds of exportbut
oatmeal that were
In any sense competitve. This means that our Peterborough
Mill was
shut down much of the year and the handsome earnings from this branch
of our business have been greatly reduced. We confidently expect to regain this business now that the grain condition in Canada has become normal and the oats that we are at present milling are of excellent quality.
In addition to all of the regular repairs, we have written
off $154,610 for
depreciation of buildings and machinery. Our earnings for
the year are
$1,125,748. Deducting the depreciation and the $869,410 paid in dividends, we have left $101,728 to carry to profit and loss surplus. Notwithstanding these difficulties our Quaker Oats business is larger than ever,
and shows a handsome increase.
We are laying a broad and strong foundation for the balance of our Quaker Family group, and have already made
sales that are as large as we have any right to expect.
Plants.-As very few of our shareholders have ever visited or seen the
immense mills of the company, we are enclosing with our report cuts of
them that you may have
idea of their appearance and size. The buildings are of brick on stonean
foundations,
the interior finished in what is
known as mill construction. The Cedarwith
Rapids, Peterborough and Battle
Creek plants are practically new. The Akron Cereal Mill, while older,
is modern in equipment and in the best of condition; the flour mill and
some of the secondary buildings will presently need to be rebuilt.
INCOME ACCOUNT.
1906.
1908.
1907.
1905.
Profits for year
$1,125,748 $1,365,166 $1,283,389 $1,119,572
Int. Am. Cereal bonds (paid
off June 1 1906)
$40,000
$96,000
Dividend on preferred, 0%__$511,979
$511,9741
571,263
445,032
Dividend on common (8 %)_ _
357,436
357,136f
Construction expenditure__ _
29,488
Depreciation
54,610
-1151,912
Surplus for year

$101,728
$344,644
$642,638
BALANCE SHEET DEC. 31.
1907.
1908.
1908.
$
AssetsI Liabilities$
Plants, c‘cc
10,717,381 10,729.128 Preferred stock... 9,000,000
Stocks of sub cos
733,033
723,033 Common stock _ 4,500,000
7reasury stock
479,900
479,900 Due to sub. cos
Due from sub. cos_ 605,145
610,6481BIlis payable
1,655,000
Grain
1,574,227 1,312,7491Accounts payable_ 228,914
Manufactured g'ds 1,244,920 1,233,292 I Reserves
472,691
Mans & supplies_ 049,933
908,5431Surplus
2,048,443
Bills & acc'ts rec.._ 1,629,933 1,985,2131
Cash
270,576
226,2891
Total
-V.88, p. 568.

1

17,905,048 18,208,7951

Total

$578,540
1907.
9,000,000
4,500,000
74,531
1,085,000
323,732
378,817
1,946,715

17,905,048 18,208,795

(The) Butterick Company.
(Report for Fiscal Year ending Dec. 31 1908.)
Profits
Dividends paid
Balance, surplus

INCOME ACCOUNT.
1908.
1907.
1006.
1905.
1904.
$341,547 $259,678 $360,511 $555,919 $645,057
180,000 360,000 480,000. 480,000 480,000
$161,5975100,322'5119,489

$75,419 $165,057

* Deficit.
BALANCE SHEET DEC. 31.
1908.
1907.
1908.
1907.
AssetsLiabilitiesCash
189,005
100,302 Mortgages payable 720,000
745,000
Bonds owned
31,000
25,000 Bills payable
125,000
274,000
Stocks owned_
11,060
1,060 Accounts payable_
182,601
198,746
Accts. receivable__ 1,394,582 1,431,366 Federal Co. bonds_ 600,000
600,000
Paper in stock
220,249
261,216 Reserve for depreMdse, manutact'd
ciation
429,232
345,390
and In process
438,799
422,023 Capital stock
12,000,000 12,000,000
Real est. & imp'ts 1,760,859 1,774,569 Surplus
896,075
734,528
Machinery & plant 1,121,289 1,096,063
Patents, good-will,
contracts, copyrights,
trademarks, &c
9,786,065 9,786,065
Total
14,952,908 14,897,664
-V.86, p. 1591.

Total

14,952,908 14,897,664

747

Stockholders.-The stockholders now number 955, of whom 250,
oir
26%, are employees of the company.
LVCOME ACCOUNT YEARS ENDED DEC. 31-E. I. du PONT de NEMOURSPOWDER CO. WITH SUBSIDIARY COMPANIES.
1908.
1907,
1906.
1904
1905.
$
$
$
s
$
Gross receipts
28,027,094 31,601,938 30,751,726 27,655,381 26,103,869.
Net earnings
9,929,251 3,929,508 5,332,802 5,063,612 4,438,701
DeductionsExtraord. adjustments tfc
profit & loss on sale of
real est., securities, &c. 129,313
387,816
66,110 *cr.97,259*cr.109,939.
Int. on outstanding bonds 729,266
676,427
535,819
307,245.
266,670
Pret. stock dividends_
771,078
735,637
989,236 1,136,801
988,716
Common stock dividends. 1,786,738 1,741,392
821,390
112,081
1,533,825
•
Int. adjust. & divs. on
subsidiary co.stocks.._
74,971 *cr.68,006
240,145
42,288
194,958
Total net deductions._ 3,491,366 3,473,266 3,365,136.
2,169,890 1,493,061
Surplus carried forward__ 1,437,885
456,242 1,967,666 2,893,722 2,945,640.
Accumulated sur. to date_11,823,740 10,385,855 9,929,613
7,961,947 5,068,225
* Indicates credits to profit and loss.
CONSOLIDATED NET EARNINGS OF ALL SUBSIDIARY CORPORATION
S..
1903.
1902.
1901.
1900.
1899.
1898.
$4,454,723
83,652,718
$3,458,854
$3,038,303
$2,788,670
$2,308,153
The consolidated comparative balance sheets were given
In V. 88, p. 501.V. 88, D. 689. 50

United States Reduction & Refining Co., Colorado Springs.
(Report for 17 Months ending Dec. 31 1908.)
The report. signed by the executive committee,consisting
of J. D.Hawkins, Chairman;Chas. M.MacNeill and Spencer
Penrose, says in substance:
Owing to the change In the fiscal year, now ending Dec. 31, the financial
statement appended represents a period of 17 months from Aug. 1 1907.
The new drainage tunnel, which will greatly increase the available
tonnage of the Cripple Creek district, has been driven nearly 5,000 feet.
By the end of 1909 it is expected that the tunnel will be driven over 9,000
feet, when the results of the drainage will probably be appreciably
felt.
The tonnage of ore produced in Cripple Creek during
past year
was somewhat greater than during the preceding year, andthe
the tonnage
handled by your company was about the same as during the preceding year.
but the treatment charges obtained were much lower, owing
to the competition of another ore-treatment mill referred to in the last annual
report.
The financial condition of your company is such that we can go on
with.
this rate war Indefinitely, meeting our fixed charges, but without promise
of dividends while it continues. We are confident, however, that such condition will not continue for any extended period.
The plant for the treatment of tailings has continued to be very profitable, and the net income therefrom already has been more than double the
original cost of the plant.
The net income amounted to $372,877. One quarterly dividend.
amounting to $59,187, was paid on the preferred stock. The sinking fund
now contains 809 out of a total of 2,650 bonds outstanding, also $26,076.
cash. It will be remembered that the sinking fund bonds are not canceled,
but held by the trustee, and continue to draw interest, which is applied:
to the purchase of additional bonds for the fund. These purchases amounted.
to over 100 bonds this past year.
INCOME ACCOUNT.
17 Mos. End.-Years Ending July 31
Dec. 31 '08. '1906-07.
1905-06.
1904-05.
Inc.from plants in op'n_
$360,592
$432,404
$611,055
$533,242
Inc. from outside inv'ts_
42,110
32,000
32,000
57,000
Premiums from bonds
purchased for sink. fd.
15,126
5,040
15,668
Interest on bonds purchased for sink. fund_
67,470
37,290
25,140
13,890
Sundry interest received
39,406
21,049
33,138
22,625
TOtal income for year_
$529,704
$527,778
$701,333
DeductGeneral exp., salaries,
advertising, taxes, &c. $111,610
$89,129
$90,728
Cost maint. Idle plants__
28,566
30,570
942
Improve'ts during period
11,651
13,549
19,990
Preferred dividends_ __ _(134)59,187 (6)236,748 (6)236,748
Interest on bonds
225,250
167,750
159,000
Premium on bonds purchased for sink. fund_
8,471
Total deductions
$436,264
Balance,surp. or deficit.sur.$88,440

$692,925
$153,185
1,418
13,706
180,000

$528,996
$524,629
$348,309
def.$1,217 sur.$176,704 sur.$299,116

A statement made to the N. Y. Stock Exchange Dec. 9
1908 said:

The company now owns in fee the following properties:
Name of Plant.
Locations.
Acres. Mlitly.
Cap'y. No.Bids.
Standard
Colorado City, Col.}
73.55
12.000 tons
12
Colorado No.2 (tailings) "
30,000 tons
Colorado No. 1 Colorado City, Col.
37.88
9,000 tons
12
Union Plant
Florence, Col.
80.00
32,000 tons
11
The company
_- owns all the stock of companies owning In fee the following:
Nat.
Ore
Sampl'g
Cripple
Creek.
Col.
1.00 ' 6.000 tons
General Results.-The calendar year 1908 (the 107th in the history of
2 '
Cep. Cr'k S. & O.
this enterprise) has brought a contraction in the general business
of the
Co. (for samp'g)
"
18,000 tons
country, though for several reasons the net result to the company
__-_
4
has
been
'rho
National
Plant
and
the Metallic Plant have been destroyed by fire
an increase In profits. This result Is very largely due to perfect organizasince the date of the original application, but neither of these plants was
tion, rigid economy, resulting in the closing of factories unable
to manu- ever operated by this company. The company
facture at least cost, a favorable market for raw materials
owns all the stock of the
and
perfected
United
States Smelting Co.. amounting to 500,000 shares of the par value
arrangements for purchasing such materials, particularly abroad.
We have placed in operation several new improvements, thereby justi- of $1 each and $325,000 par value in bonds out of an authorized issue of
$600,000. The entire issue is outstanding. The Smelting company is
fying the expenditures of our experimental departments.
engaged In the production of a zinc lead pigment, with a capacity for treatGovernment Plants.-Our business with the United States
Government ing approximately 3,000 tons of crude ore per month.
has been fairly satisfactory, though much reduced in volume.
-V.88. p. 455.
ment now maintains two smokeless powder factories, both ofThe Governwhich have
BALANCE SHEET.
Increased their production during the two years past, resulting
in the perJan. 1 '09. Aug. 1 '07.1
manent closing of one of our three factories. Fortunately Government
Jan. 1 '09. Aug. 1 '07.
Assetsorders form a comparatively small proportion of our total business.
$
Liabilities$
$
Cost of property.a12,317,193a12,318 881 Preferred stock
Insurance.-Our system of self-Insurance has continued to work
satis- Outside Investm'ts,
factorily, so that the accumulation of the various funds has increased
outstanding____ 3,945,800 3,945,800
to
cost
389,500
392,500 Common stock
over $1,200,000, an amount which Is now at our disposal against commerCash, accounts recial losses, accidents and unforeseen depreciation of property.
outstanding- 5,918,800 5,918,800
ceivable and adLitigation.-Some progress has been made in the development of the suit
First mtge. bonds_ 2,650,000 2,650,000vances on ore, &c 516,795
585,233 Accounts payabie_
of the United States Government against the company on account of
20,612
20,100.
9,904
alleged violations of the Sherman Anti-Trust law. The Government side Baruch Bros.....
Unpaid interest &
26,076
dividends
224
of the case has been nearly all presented. It speaks for itself. We await Trust Co., N. Y._
16,941
11,708.
Kessler & Co., N.Y
8.271
11,858 Accrued interest_
the final outcome with confidence.
13,250.
180,920
203,954 Income account,
Balance Sheet.-As a result of the contraction In business which began Supplies, &c
666,000 surplus
in November 1907, materials and finished product have been turned into Bonds In sink. fund 809,000
1,705,506 1,618,992'
cash and collections made on accounts receivable, so that the cash balances
Total
14,257,659 14,178,650 Total
on hand have increased to $3,683,423 during the 12 months.
14,257,659 14,178,650
With $671,957 from working capital, the year's surplus of $1,437,885
a "Cost of property represents the par value of securities originally exchanged
and $1,540,880 received during the year on account of sale of a portion of
for
property.
the $2,500,000 common stock which was offered in November 1907, we
have a total of $3,650,722, which has been used principally toward
dating our current liabilities; the latter have been reduced during theliquiyear
to the extent of $4,464,944.
Our accumulated surplus as shown on balance sheet (see V. 88, p. 501),
viz. $11,823,740, represents the amount of our earnings reinvested
the
business since Aug. 1 1903. The dividends disbursed during the in
period, viz., $11,439,634, equal slightly less than one-half of thesame
RAILROADS, INCLUDING ELECTRIC ROADS.
net
earnings after paying interest on the funded debt.
Anderson (S. C.) Traction Co.-Stock.-A block of
New Factories -During 1908 the directors curtailed the building of new
factories. We believe, however, that the time has come for further ex- $150,000 preferred
stock is being offered with a view to endtensions, all of which can be readily financed from the surplus funds on
ing the recbivership and building a 9-mile extension.-V.86,
hand at present. It is not expected that an offering of securities
will be
during
the current ycar:
nut(19
p. 1158, 601.

(E. I.) du Pont de Nemours Powder Co., Wilmington, Del.
(Report for Fiscal Year ending Dec. 311908.)
The comparative balance sheets were given in V.88, p. 501.
President'. C. du Pont writes in substance:




GENERAL INVESTMENT NEWS.

748

THE CHRONICLE

Atchison Topeka & Santa Fe Ry.-Proposed Bond Issue
Deferred.-On Tuesday the directors, it is understood, practically decided to issue $25,000,000 additional convertible
bonds and arrangements it is said had actually been made
for selling them to bankers, subject to the prior right of the
shareholders to subscribe therefor. On Wednesday,however,
the matter was deferred. Walker D. Hines, Acting Chairman of the Executive Committee, issued this explanation:
Some time ago the company began the consideration of a plan to issue
additional convertible bonds with the view of raising new capital while
market conditions were favorable, although the company had no immediate
need for the money. After the details of the plan had been decided upon,
it was learned that the Legislature of Kansas, under the laws of which the
company is incorporated, had passed a stock and bond Act regulating
future capital issues. While this Act has not yet taken effect and would
not have applied to the contemplated issue if made at once, yet after
deliberation It was decided that it was not advisable to make the issue upon
the eve of the Act taking effect, but that it was preferable to postpone the
entire matter and at some convenient time make application to the Kansas
Board of Railroad Commissioners for the certificate contemplated by the
new Act.-V. 88, D. 51.

[VOL. Lxxxvni.

Chicago Great Western Ry.-Tentatire Plan.-The following . compilation is based on the particulars that have
been published, it is asserted, from official sources, regarding
the terms of the reorganization plan as at present contemplated (subject to revision):
Proposed Authorized Issues.
First mortgage 50-year 4%, authorized issue
360,000,000
retire
Mason
City & Ft. Dodge 4s...312,000,003
Reserved to
Reserved to retire Wis. Minn. & Pac. Div. 4s_ _ 5,811,001
Immediate issue to be sold to provide, for pity15,000,000
ment of claims, improvements, etc
27,189,003
Reserved for future purposes, possibly
N ot stated
New preferred stock issue limited to
Issuable to retire present debenture stock at 110_ 30,940,003
For assessments on preferred B and common stock 10,135,000
1\ ot stated
New common stock, limited to
Issuable in exchange for present stock (common
and A and B preferred) on payment of assessments 44,252,008
Proposed Terms of Exchange.
And Deceive New
To Pay
Stock.
Assessmeal. New Pf. New Corn
Holder of each $100 ofDebenture stock ($28,127,000)
None.
$110
None.
Preferred A ($11,336,900)
ii.21)
Preferred B ($23,104,000)
$15
60
;iii
•15
Common stock ($44,465,000)
15
40
,

Binghamton (N. Y.) Ry.-Bonds Offered.-John T. Steele,
Fidelity Building, Buffalo, is offering at 101 and interest,
yielding about 4.93%, a block of first consolidated mortgage
5% gold bonds dated 1901; authorized amount, $2,500,000,
• For assessment.-V.88, p. 158.
of which $803,000 have been issued, $999,000 are held to
retire underlying bonds at or before maturity, and the reChicago Milwaukee & St. Paul Ry.-Joint Lines with
mainder for future acquisitions, extensions, &c., under Harriman Interests.-The company, in order to avoid duplicareful restrictions.
cation of lines, has sold to a subsidiary of the Union Pacific
Extracts from Letter of President G. T. Rogers, Binghamton, N. Y.. a half interest in its line from Black River Junction to where
March 1 1909.
This company owns and operates 46 miles of street railways, serving a it crosses the Pallyup River, 3 miles from Tacoma, a distance
population of approximately 65,000, under valuable franchises, practically of 26 miles, and has undertaken to build jointly with the
exclusive and perpetual. The first consols are on legal authority first lien
long from a point near
upon 9 miles of second track on the principal thoroughfares in Binghamton; Union Pacific a line about 100 miles
a portion of the new modern combination car barn and general office build- Tacoma to Gray's Harbor on the Pacific.
ing; the Binghamton Industrial EXposition grounds, comprising 55 acres
Pacific Coast Extension.-In accordance with the plan for
of city property, together with various buildings thereon; the $50,000 substation and real estate valued at $10,000 In Endicott; the 10-mile high po- using electrical power over the division between St. Regis,
transmission
greater
portion
of
tential
line; a
the main station equipment Mont., and St. Joe, Idaho, the Chicago Milwaukee & Puget
and on all new cars and real estate acquired since consolidation in 1901:
Sound Ry. Co. bids have been received for the construcalso by a lien on all other properties subject to the underlying bonds.
Approximately $200,000 has been expended since December 1901 for tion of two hydro-electric power plants to supply 30,000
maintenance and charged to income and $500,000 for improvements, reconstruction, extensions, real estate and additional equipment charged to h. p., one at St. Joe, Idaho, and the other at a point about
capital account. The construction Is of 94-lb. steel girder rails in paved 40 miles below Missoula, Mont. The company has exerstreets and 60-lb. "T" rails. 60-ft. lengths, In unpaved streets. The excised its option on the Priest Rapids RR., projected to run
penditures from earnings will serve to decrease the operating expenses in
succeeding years and therefore increase the surplus available for dividends, southerly to Hanford, Wash., 66 miles, and will combine
which are now being paid at the rate of 2 % per annum on upwards of
$970,000 capital stock. The company has no floating debt and continues it with the branch line of the Chicago Milwaukee & Puget
Its policy of paying approximately 50% of Its surplus earnings in dividends Sound, already under construction from the Columbia River
and the balance for maintenance and betterments.
crossing at Beverly, Wash.-V. 88, p. 293, 230.
Earnings for years ended June 3() 1908 and 1907 and 8 Months ending
Chihuahua & Pacific RR.-Change in Control.-See Mexico
WWI February 1909 and 1908.
Period.
Gross.
Oper. Exp.
Net. Int., Taxes. Bal.,sur. North Western Ry. below.-V.84, p. 693.
$95,309
$71,527
$125,358
1908-09 (8 mos.)____$220,687
$23,782
Colorado & Southern Ry.-New Officer.-E. T. Nichols,
84,924
66,159
1907-08 (8 mos.)_-_ 207,337
122,413
18,785
130,184
180,644
100,715
1907-08 (12 mos.).... 310,828
29,469 Third Vice-President of the Great Northern Ry., has been
123,211
94,977
163,813
1906-07 (12 mos.) __ _ 287,024
28,234 elected Secretary and Treasurer to succeed Steuart MacKie,
See also page 10 of "Plieetrio Railway Section."-V. 79, p. 1639.
who resigned.-V. 88, p. 623, 563.
Boston & Lowell RR.-Bonds Offered.-Adams & Co.,
Great Northern Ry.-Reduction of Bond Premiums.-The
New York & Boston, and James A. Hutchinson, Boston,
of
offered this week, at 102 and interest, yielding 3.85%, $350,- premiums now offered on exchanges of underlying bonds
consoli000 4% bonds (not mortgage), dated April 1 1909 and due the St. Paul Minneapolis & Manitoba Ry. Co. for
reduced on
April 11929. This issue will retire a like amount of bonds dated mortgage 4s of the Great Northern will be the
second
April 1 -on each $1,000 bond from $5 to $4 on
maturing April 1 1909. Compare V. 88, p. 99, 157.
mortgage bonds and from $15 to $14 on the Dakota extenBoston & Northern Street Ry.-Bonds Offered.-Perry, sion bonds. Compare V. 87, p. 1533; V. 86, p. 295, 624.
Coffin & Burr, Boston, offered this week at 91 and interest
Hudson Companies.-To Erect Building for Lease to Gimbel
$500,000 refunding first mortgage 4% bonds, due 1954. Bros.-It was announced this week that negotiations have
Compare Massachusetts Electric Companies in V. 88, p. 375, been closed for the erection upon property owned at the pres231.-V. 86, p. 1223.
ent terminal of the Hudson & Manhattan RR., on the west
Brockton & Plymouth Street Ry.-Preferred Stock Offered. side of Broadway between 32d and 33d streets, of a building
-Stone & Webster are offering at a price to yield about estimated to cost about $4,500,000, to be occupied under
the total authorized issue of $110,000 6% cumulative a 21-year lease, with four renewals, as a department store
5
preferred stock. Dividend dates, March 15 and Sept. 15. by Gimbel Bros. of Philadelphia and Milwaukee. The rent
-V.77, p. 2158.
to be paid is 5% on the ground valuation (understood to be
Buffalo & Lackawanna Traction Co.-Securities-New $6,700,000) and 6% on the cost of the building. Whether
Road.-The Public Service Commission, Second District, a separate realty company will be incorporated to hold title
has approved the ma ing of a mortgage to the New York to the property leased has not been determined.
The building, which will be of brick, finished with limestone and granite
Trust Co. as trustee to secure an issue of $1,500,000 of 5%
trimmings, will have a frontage of 197.5 feet on Greeley Square, and will
bonds, of which the present issue will be $1,000,000. The run
400 feet east on 32d and 33d Streets, its total floor area to be 27% acres.
company is required to retire $900,000 stock and must then It will be 10 stories in height and have 41 passenger elevators, arranged In
separate groups, while merchandise will be carried to the upper floors
sell $45,000 stock, thereby making $100,000 outstanding. four
in 6 separate freight elevators.
The road is controlled by the Mayer-Sheehan interests and it
The store has been designed by Mr. Graham of D. H. Burnham & Co..
who planned the Wanamaker stores in Philadelphia and New York, the
will afford a double-track entrance into Buffalo for the allied Marshall
Field store in Chicago and the H. G. Selfridge store, which was
Buffalo & Lake Erie Traction Co. (V. 88, p. 293.)
opened within a week in London. There will be an entrance in the
The proposed line will be a double-track trolley road, about 434 miles basement to the 33d Street station of the Hudson & Manhattan RR.,
in length, extending from a connection with the tracks of the Buffalo & access to a platform being obtained from 2 floors. However, none of the
Lake Erie Traction Co. near the Lackawanna Steel Co.'s plant at the tunnel tracks will actually run under the store. Immediately behind the
Buffalo city line, thence extending along the Hamburg Turnpike, Louisiana store will be the New York Terminal of the Pennsylvania 1114. and the
St. and certain other streets to Lafayette Square, the business centre of Sixth Avenue Elevated of the Manhattan Hy. will pass In front.-V. 88.
Buffalo. Some of the work of construction has been done and the road p. 505.
will probably be completed by the close of this year. The construciton
International Traction Co. (Buffalo, N. Y.).-Report.will be more than usually expensive and will take a very considerable time
by reason of the various bridges and viaducts needed to cross various For year ending Dec. 31:
will
bear
Balance,
Bonds
canals and steam railroads.
date Dec. 1 1908, and will Calendar
Net
Exp.,Taxes
Gross
Fixed
Surplus.
be due in twenty years, with the right to the company to call any or all on
Charges.
Year& Deprec.
Earnings.
Earnings.
$172,291
or before Dec. 1 1911 at 105 and interest, and thereafter on or before 1908
$1,522,837
$3,531,855
$1,695,128
$5,226,083
312,261
Dec. 1 1913 at 110 and interest. Denomination $1,000. Interest J. & D. 1907
1,480,207
3,652,602
5,445,070
1,792,468
at office of trustee. President, Jos. B. Mayer; Vice-Presidents, Ashley -V. 87, p. 1533.
T. Cole and J. C. Calisch; Secretary, J. A. Byrne; Treasurer, P. C. SchutLake Erie & Western RR.-Report.-For calendar year:
rum.-V. 88, p. 293.
Balance.
Year. Gross.
Net. Oth.Inc. Charges.
Pref. Div.
Chicago City Railways.-Report.-The results for the 13 1908.$4,534,789
def.$272,912
$746,677 $7,656 41,027,245
months ending Jan. 31 were:
6,864
1907. 5,066,940 1,212,125 6,930
975,460 (2%)$236,800 sur.
Operating expenses In 1908 include $20,815 for new construction.V. 88,
Passenger receipts
$8,979,735 Income from operation_ _ _32,194,276
p. 231.
Beets. from oth. sources
216,047 Other income (contractors'
profit, brokerage, &c.)..
655,206
Marshall & East Texas RR.-New Stock-Extension.-The
Total receipts
$9,195,782
Oper. exp., taxes, renewTotal income
$2,849,482 shareholders will vote May 15 on increasing the capital stock
als and int. on cap. inv_ 8,169,494 Interest on bonds
849,739 from $75,000 to not exceeding $250,000, and authorizing
Net earnings
City's proportion. 55%

Net income
$1.026,288
$1,999,743
564,458 Dividends for 12 mos..9% 1,620.000

• Co.'s proportion, 45%__ $461,829
Interest on capital
$1,732,446

Surplus for 13 months.. _

$379,743

• Income from operation_$2.194.276
The total receipts as above. $9,195 782, compare with $7,562,693 for the
11 months ending Dec. 31 1907 and the net earnings, $1,026,288, with
$1.152.421,-=‘
,
. 811. p. 293, 330.




the extension of the road south through the counties of
Harrison, Panola, Shelby, Sabine and Nevytoit to the city
of Newton, 125 miles.-V. 87, p. 677, 544.
Metropolitan Street Ry., New York.-Foreclosure Decree.Judge Lacombe in the United States Circuit Court on Thursday signed the decree of foreclosure under the $12,500,000
general collateral trust mortgage of which the Guaranty

MAR. 20 1909.]

THE CHRON 1 CLE

Trust Co. of New York is trustee. The amount due for
principal and interest under the mortgage is $13,589,271.
The sale is to take place as an entirety on June 1 at the
County Court House, this city. The leases of the Belt Line
(Central Park, North & East River RR.), Twenty-eighth &
Twenty-ninth Street and Fulton Ferry lines will not be included.
Lease of Street Railway Division of Harlem Road.—See New
York & Harlem RR.below.
•
Through Line Ordered.—The Public Service Commission
on March 11 ordered the receivers of the Metropolitan Street
Ry. and the receiver of the Second Avenue Ry. to re-establish
a through line for a single fare on the 86th Street crosstown
line from Central Park West to the Astoria ferry at the foot
of East 92d Street.

749

Minneapolis St. Paul & Sault Ste. Marie Ry.—Option to
Subscribe.—Shareholders of record April 12 are entitled to
subscribe at par on the company's warrants until 3 p. m.,
April 30, at either the First National Bank, Minneapolis,
or the Bank of Montreal, in New York, Montreal or London,
for $2,016,000 new preferred and $4,032,000 new common
stock, to the extent of 6 shares of new for each 25 shares of
old held.
All subscriptions must be made for both kinds of stocks, in ratio of one
share of preferred and 2 shares of common. Subscriptions are payable at
the aforesaid institutions, 20% on subscription; 20% on June 4; 20% on
July 15; 20% on Aug. 31, and 20% on Oct. 15 1909. The new certificates
will be delivered at the company's office, 31 Pine St., New York, on or soon
after Oct. 15 1909. No interest or dividends will be allowed on advance
payment, but all shares fully paid will rank for dividends with existing stock
for the half-year ending Dec. 31 1909. The new stock certificates will not
be issued until after the closing of the books for the October 1909 d vidend.
—V. 88 D. 686. 564.

When a separate receiver was appointed for the Second Avenue RR.
the through service was discontinued and passengers over the entire route
were required to change cars at Second Ave. and to pay a second fare.
The Second Avenue Co. controls the crosstown line east from Second Ave.
and up Avenue A to the ferry. It was shown at the hearing that the
franchise relations affecting the line in question are extremely complicated,
but the order was based on the fact that contracts exist between the city
and the companies and also between the companies themselves which
oblige them to provide a through service for a single fare in return for the
privilege of using the road across Central Park.

Missouri Pacific Ry.—New Directors, &c.--Kingdon Gould,
second son of George J. Gould, and R. M. Gallaway were
last week elected directors, succeeding Stuyvesant Fish
and S. Davis Warfield. Mr. Gould and H. B. Henson have
ibnecclouweemembers
s:
of the executive committee, which now

deed in favor of the National Trust Co., Ltd.. of Toronto, as trustee.
The issue may be increased for extensions of lines, construction of terminals,
double tracking and other special purposes. The said bonds will be dated
March 1 1909 and are redeemable at par on March 1 1959 by annual payments commencing March 1 1919, to be applied In annual drawings at par,
or by purchase of the bonds on the market or by tender if they are at or
below that price, or the bonds may be redeemed at 105% at any time on
six months' notice, or on the company going into voluntary liquidation, or
amalgamating with any other company.
The company is acquiring control of the Chihuahua & Pacific RR.,
(through purchase both of the $2,860,000 stock and the $2,360,000 bonds.
The road extends from Chihuahua to Minaca, 122 miles, and La Junta to
Temosachic, 55 miles; total, 177 miles.—Ed.) and the Sierra Madre & Pacific RR. Co. (Temosachic to Madera, 32 miles). together operating 210
miles of lines, and proposes in the immediate future to acquire further lines
and construct extensions (for which concessions have been granted),
amounting to about 402 miles, which it is expected will be in operation by
Jan. 1 1911, thus increasing the mileage of the railroads to 612 miles. One
terminal of the railroads above referred to will be at El Paso, Tex. Another terminal will be at Chihuahua. Large smelting works exist at both
Si Paso and Chihuahua, and a line of railroad is projected froM Chihuahua
into the coal fields of northeastern Mexico.
The railroads which it is proposed to build immediately are all to he located in the mining, timber and agricultural regions described above,
but the financial plans ca the company contemplate, and later it is proposed
building, a line across the Sierra Madre Mountains to the Pacific Coast,
where such extension will connect with the extensive system now being
built by the Southern Pacific 12R. Co. west of such mountain range. This
system, in connection with the line to El Paso, will form one of the shortest
lines between Chicago, Kansas City and St. Louis and the Pacific Coast,
and afford the most direct route from all Mississippi Valley points to the
west coast of Mexico; It will also afford another outlet for lumber manufacturers along the lines of the system.
The company is acquiring timber lands of vast extent, covering an area
of over 2,700,000 acres, a great portion of which is covered with heavy
• pine forests, which will cut into lumber of the highest grades. It is estimated that there is sufficient timber standing thereon from which to manufacture at least 8,000,000,000 feet of lumber. Two large saw-mills are
already constructed and ready for operation at Madera, one of the terminit
of the company's system, and it is proposed to construct another large mill
at El Paso, or other convenient point. The mills already built have a
capacity of 100,000,000 feet per year. The plant at El Paso will have a
capacity of 175,000,000 feet per year.
The mills at Madera should be in full operation by July 1 of this year,
and it Is estimated that the net revenue from operations from the railroad and such mills, including sale of ties, for the half-year ending Dec. 31
1909 will be; Railroads, $121,000; mills, $280,000; total $401,000. When
the proposed railway extensions that are to be immediately undertaken
and the mills at El Paso are completed, which is expected to be by the end
of the year 1910, it is estimated that the net income for the year 1911 will be:
Railroads, $900,000; mills, $1,200.000; total, $2,100,000.
The proceeds of the bonds now,offered have and will be applied in the
acquisition, development and extensions of the properties before referred
to, and for the other general purposes of the company.
Officers and Directors.
F. S. Pearson, President (New York), President of Rio de Janeiro Tramway, Light & Power Co., &c.
E. D. Kenna, Vice-President (Chicago, Ill.), formerly First Vice-President
of the Atchison Topeka & Santa Fe By. Co.
Enrique C. Creel, Vice-President, Governor of State of Chihuahua, VicePresident Chihuahua & Pacific RR. Co.
Walter Gow, Vice-President (Toronto), director of Rio de Janeiro Tramway, Light & Power Co.
Sir Win. C. Van Horne, Chairman of Canadian Pacific By. Co.
E. N. Brown (Mexico), President National Railways of Mexico.
Julio Limantour (Mexico), director National Railways of Mexico.
Guillermo Landa y Escandon (Mexico), Senator of Federal Congress of Mex.
W. T. Eldridge (New York), of Strong, Sturgis & Co., New York.
R. C. Brown (Mexico) and H. M. Hubbard (London), directors Mexico
Tramways Co.
E. R. Wood and Minor /Aufir of Toronto, and Hiram C. Smith.

paid, nor does it appear that, if ultimately they should be upheld, there
will be surplus earnings sufficient for their payment.
Under these conditions and upon advice of counsel, your directors are
of the opinion that, for the present at least, it would be imprudent to declare dividends payable out of rental due or to become clue under the
lease to the Metropolitan Street Ry. Co., and that, until some readjustment
is made, such rental should be reserved as a protection against the arrears
of taxes above mentioned or other obligations.
[According to press reports, the receivers of the Metropolitan Street By.
Co. are considering plans which may result in a relinquishment of the aforesaid lease.—Ed.]--V. 84. D• 159.

George J. Gould, Kingdon Gould, Frank J. Gould, H. B. Henson, Edw n
Gould, B. T. Jeffery

and Fred. T. Gates.—V. 88, p. 506, 452.
Decisions.--The Appellate Division of the Supreme Court
New York & Harlem RR.—April Semi-Annual Dividend
on March 12 handed down decisions in four cases brought by
the city to recover from street railways of the system of 2% on Account of Street Railway Rental Not Declared.—The
moneys expended in repairing pavements between the tracks semi-annual dividend of 2% usually paid on April 1 from the
rental due from the Metropolitan Street Ry. Co. under its
and for two feet on each side thereof.
• The city in 1902 began 35 similar suits, the aggregate amount involved lease of the street railway division has not been declared.
being, it is stated, about $1,500,000. The decisions just handed down This does not affect the semi-annual distribution of 5%
sustain the referee, Hamilton Odell, In two cases and reverse him in two. paid in
January and July out of rental received from the
It is estimated that the principles laid down by the decisions when applied
to all the cases will result In the recovery by the city of about *750,000.— New York Central for the use of the steam division.
V. 88, D. 686. 564.
Vice-President E. V. W. Rossiter, in •a circular dated
Mexico North Western Ry.—Bonds Offered.—The Mexi- March 18, says in brief:
On June 11 1896 the city or street railroad was leased to the Metropolitan
can Transportation Co., incorporated in Canada Feb. 18
By. Co. for a period of 999 years, at a rental for the first five years
1909 with $1,000,000 capital stock in $100 shares, has Street
of $350,000 per annum, and thereafter of $400,000 per annum, which latter
changed its name to the Mexico Transportation Co. and in- amount is equivalent to 4% on the $10,000,000 capital stock. This rent
payable quarterly, in March, June, September and December, and it
creased its authorized share capital to $40,000,000, of which is
has been the custom of the New York & Harlem RR. Co. to declare a 2%
$15,000,000 has been issued. An application has been made dividend semi-annually,
payable in April and October. out of this rental,
applying to the payment of the April dividend the quarterly rental received
to the Parliament of Canada to change the name to the in
the previous December and the quarterly rental received in March.
Mexico North Western Ry. and also to empower the com- On April 1 1902 the Metropolitan Street Ry. Co. sub-let to the New York
pany to guarantee the bonds, debenture stock or evidences City sty. Co. the property covered by the aforesaid lease, and on Sept. 24
receivers of the property of that company were appointed.
of indebtedness of any corporation the majority of whose 1907
At the present time your company's accumulated surplus, less certain
outstanding actual and contingent liabilities. amounts to only about $400.capital stock is held or controlled by it.
which would be insufficient to meet certain unpaid franchise taxes
An issue of first mortgage 50-year gold bonds has been 000,
which we will be required to pay in case the
of the city or street
authorized, at present limited to £5,000,000 5 per cents, railroad make default in the payment of thereceivers
lessee's obligations. During
1901-1908,inclusive, there have been assessed against the New York & Harof which £3,000,000 have been issued (subject to increase lem
RR. Co.'s city railroad special franchise taxes amounting, with interest,
as below mentioned). The Bank of Scotland in London to upwards of $800,000. The Metropolitan Street
By. Co., under the terms
its lease, is required to pay these taxes. Though so obligated, the Metrofrom March 8 to 11 received subscriptions on behalf of the of
politan company has undertaken first to test their legality, which accounts
contractors of this issue for £2,400,000 of the £3,000,000 for the accumulation of unpaid taxes; that there Is good reason for contesting
taxes is shown by the fact that in the case of other street railroad comat 90%. Denomination £100. Interest M. & S. A circu- these
panies decisions have been rendered for substantial reductions from the
lar says in substance:
amounts of the original assessments. Investigation fails to disclose that
piThe issue of 0,000,000 first mortgage bonds will be secured by a trust the receivers have reserved a fund from which such arrears of taxes can be




New York New Haven & Hartford RR.—Notes Sold.—
Kidder, Peabody & Co. and F. S. Moseley & Co., New York
and Boston, offered this week at 1003( and interest, and
have entirely sold, an issue of $5,000,000 one-year 4% notes
dated March 1909 and due March 1910. Denominations
$1,000 to $100,000, coupon form. Interest payable semiannually.
Payment of Bonds.—The $1,117,000 New Haven & Northampton Co. 6% bonds due April 1 1909 will be paid at maturity in cash at New Haven.
Nearly All Paid For.—The subscriptions for the $39,029,600 6% convertible bonds, the last installment on which,
25%, is not due until July 15 (V. 85, p. 1339), have, it is
announced, been paid in full, with the exception of sums
aggregating about $1,000,000.—V. 88, p. 625, 506.
Pittsburgh Wheeling & Lake Erie Coal Co.—Protective
Committee.—The interest due Jan. 1 1909 on the $634,000
first 4s being in default, the following provisional committee
has been organized: E. E. Carpenter, 141 Broadway,
Chairman, Franklin Leonard Jr. and J. T. McCadden. A
permanent committee will be chosen next week. Empire
Trust Co., depositary. There are also $200,000 prior lien
5s outstanding.—V. 88, p. 104.,
Rapid Transit in New York City.—Another Proposition.—
The Public Service Commission on March 18 received a
proposition from the Bradley, Gaffney, Steers Co., Henry
Steers, President, No. 1 Madison Ave., proposing to build
without expense to the city the Broadway-Lexington Ave.
subway.—V. 88, p. 687.
Reading (Pa.) Traction Co.—Listed.—The Philadelphia
Stock Exchange has listed $55,000 additional first mortgage
6% bonds, dated July 1 1893, making the total amount
listed to date $500,000.
St. Louis Iron Mountain & Southern Ry.—New Director.—
Kingdon Gould of New York has been elected to the board
to succeed S. D. Warfield and R. F. Edwards of St. Louis
as successor to J. C. Van Blarcom, deeeased.'—V. 88, p. 565.
Santa Fe Raton & Eastern RR.—Separate Committee
Meeting.—See Yankee Fuel C9. under "Industrials" below.
—V. 88, p. 625.

750

THE CHRONICLE

Southern Indiana Ry.-Foreclosure of Alleged Coal Proper.ties.-See Indiana Southern Coal Co. under "Industrials"
below.-V. 88, p. 565, 507.
Tallulah Falls Ry.-Issue Approved.-The Georgia Railroad Commission has authorized this company, until recently
in receivers' hands,- to make an issue of $1,454,000 bonds.
A. B. Andrews, Vice-President of the Southern Railway, is
President. Compare V. 88, p. 687.
Tarrytown White Plains & Mamaroneck Ry., New York.Receiver's Certificates.-The $100;000 5% one-year receiver's
certificates issued to provide additional equipment have
been sold, subject to confirmation by the Court. They have
-a lien ahead of the $300,000 first mortgage bonds.-V. 88,
p. 687, 626.
Texas & Pacific Ry.-Report.-See "Annual Reports" on
-a preceding page.
New Directors.-Alvin W. Krech, President of the Equitable Trust Co., and Kingdon Gould have been elected directors
to fill vacancies.-V. 88, p. 507.
Texas Traction Co.-See Denison & Sherman Electric Ry.
.above.-V. 87, p. 98.
Twin City Rapid Transit Co.-New Officers.-Vice-President C. G. Goodrich has been elected President to succeed
:the late Thomas Lowry; General Manager Willard J. held
has been elected Vice-President, and J. M. Mitchell, of St.
Paul, has been made a director.-V. 88, p. 687, 507.
• Virginia Passenger Rates.-New Rate Ordered.-The Virginia State Corporation Commission on March 16, by alvote
of 2 to 1,after considering the petitions of the Chesapeake &
Ohio, Norfolk & Western, Southern, Atlantic Coast Line
-and Seaboard Air Line for an increase in the passenger rate,
previously fixed by the Commission at 2 cents per mile, made
an order permitting a 2M-cent maximum rate to be put into
'effect on traffic in the State on and after April 1 next.
Under the decision of the United States Supreme Court on Nov. 30 last,
the companies named, should they desire to oppose the order, which
is
not considered likely, would have to carry the litigation through the
various State courts before seeking redress in the United States Supreme
Court. i:4The Louisville & Nashville, New York Philadelphia & Norfolk,
-Chesapeake Western and Richmond Fred. & Potomac, two of which
have legal proceedings pending to restrain the enforcement of the law, will,
It is said, continue to charge the old 2-cent rate pending decision by the
•courts. Compare V. 88, p. 296: V. 87. P. 1480. 1453.

iVoL. Lxxxvm.

American Telephone & Telegraph 0o.-Earnings.-For
the first two months:
Two Months ending Feb. 281909.
Income from dividends
$3,713,107
Interest and other revenue from associated and licensed companies
1,711,300
Telephone traffic (net)
719,495
17,552
Real estate
204,761
Other sources

1908.
$3,403,567

1907.
$3,029,891

1.656,081
697,830
18,226
117,553

9/0,589
628,565
4,750
88,195

Total income
Expenses

$6,366,215
348,055

$5,893,257
341,211

$4,721,990
325,133

Net earnings
Deduct interest

$6,018,180
1,554,844

$5,552,046
1,280,941

84,396,857
1,094,226

Balance, surplus (for dividends)_ _ _ _$4,463,310
-V.88, p. 627, 566.

$4,271,105

$3,302,631

Associated Oil Co., San Francisco, Cal.-Report.
Cross
Calendar
Income.
Year$13,218,033
1908
10,245,711
1907
-V. 87, p. 1161.

Expenses
and Taxes.
$10,980,796
8,0-13,363

Interest
Deprec.
on Bonds. Reserve.
$138,046 $577,670
144,354
455,292

Balance,
Surplus.
$1,521,521
1,602,702

(B.F.) Avery & Sons Co., Louisville, Ky.-New Securities.
-The shareholders will vote March 31 on authorizing an
issue of stock or bonds, the proceeds of which will be used in
building a large plow plant on a tract of 35 acres of land which
has been acquired in the southern section of Louisville.V. 76, p. 1250.
Oar Lighting & Power Co.-Reorganized Concern.-This
company was incorporated under the laws of Maine on
Dec. 28 1908 with $8,000,000 of authorized capital stock,
all of one class, in shares of $25 each, as successor of the
Consolidated Railway, Lighting & Refrigerating Co., bid in
by the reorganization committee at receiver's sale, per plan
in V. 87, p. 1239, 1360, 1666; V. 88, p. 55.
Central Fireworks Co., New York.-Dividends Resumed.Dividends on the preferred stock ($1,267,200), which, having been paid in full to September 1907, were then suspended, have been resumed with a semi-annual distribution
on March 1 1909 of 3M%.-V.86, p. 605.
. Central Foundry Co.-Report.-For 18 months ending
Dec. 31:
Period
Net
Maine. & Int. paid
Balance.
CoveredIncome. replace'ts. Lt. accr'd. Sur. or Def.
18 mos. end. Dec. 31 1908
$474,678 $133,259 $347,670 def.$6,251
12 mos. end. June 30 1907 ._
467,171
144,944
231,780
447
The net earnings over charges of the Central Iron & Coal Co.
sur.90.
and the
Central Radiator Co. whose stocks are owned, were $115,541 for the 18
months, comparing With $227,160 for the year ending June 30 1907.V. 87, p. 482.

Wabash-Pittsburgh Terminal HR.-Receivers' Certificates.
-Judge James S. Young, in the United States Circuit Court
.at Pittsburgh, on March 11, it is said, authorized Receivers
• Consolidation Coal Co., Maryland.-60% Dividend in
McMasters and Skelding to issue $500,000 of receivers' cer- Stock.-The shareholders
a majority of
tificates to purchase 500 steel-hopper coal cars of 100,000 whose $10,250,000 capital of this company,
stock was formerly owned by the
lbs. capacity each. The Pittsburgh "Dispatch" of March 12 Baltimore
& Ohio RR., voted on March 18 to increase the
on the authority of the receivers said:
authorized issue of stock to $20,000,000. Of the new shares
The company has the assurance of coal operators of the shipment of
more than 500,000 tons of coal over the line this year. Heretofore the $6,150,000 will be issued to stockholders of record April 24
company has made its coal shipments in cars leased from other roads. as a stock dividend of 60%. The $3,600,000 new stock
Such cars, it is alleged, have been ordered returned, leaving the company
will be held in the treasury, available from time to time as
without its equipment.-V. 88, p. 887, OM
required for the acquisition of additional coal lands, and "to
Wheeling & Lake Erie RR.-Proposal to Issue Receiver's provide capital for the transportation,
delivery and marketCertificates.-Receiver B. A. Worthington on March 11 ing of coal in the company's coastwise trade." In addition
applied to Judge Taylor in the United States Circuit Court to cash dividends at the rate of 6% per annum paid for sevat Cleveland for. permission to sell $1,429,976 receivers' eral years past, extra cash dividends of 2% each were paid
certificates to provide for the rehabilitation of the property, in the first quarter of 1907, 1908 and 1909.
*including the building of several new stations, grade reducAn officer of the company is quoted as saying:
tions, ballasting, dock improvements, replacement of wooden
For many years the company has distributed only a part of its surplus
bridges by steel structures, &c. If authority be granted earnings in dividends. It has invested the balance in lands and o her
property. A portion went to the profit and loss account, due to the acfor the issue, the receiver says he wishes to sell $750,000 at cumulations
surplus earnings. These enhancements, as shown by
of
once and hold the remainder until July 1. The application the books of thesuch
company, amounted on Dec. 31 1908 to $6,400,700. Ills
this
which
ills now proposed to give the stockholders the benefit of.
made on March 1 to issue $373,000 receiver's certificates
Report.-The results for the year ending Dec. 31 were:
(V. 88, p. 626) has presumably been granted, since the March
Charges, Divs., Balance,
Other
coupons on the first consols have been paid.
c0
.
1.
o83 $57
$Income.
36t:
(8%)
Surplus.
1Ye
90
a8rGross.
00 $820,000 $14,260
$3,691,746 $1,0
N
4e41:277
Wisconsin Central Ry.-Majority of Preferred Stock
1907
4,643,804 1,744,030 374,195 646,816 820,000 651,409
Deposited.-It is reported that a majority of the preferred 1906
4,310,608 1,522,580 497,232 591,108 820,000 608,704
86, p. 1341.
stock has been deposited with the committee.-V. 88, p.
•
687, 606.
Consolidated Gas & Light Co., Tiffin, &c., Ohio.-1? e
ceivership.-At Toledo on Dec. 10 1908, upon application by
the National Equipment & Supply Co. of Montpelier, Ind.,
INDUSTRIAL, GAS AND MISCELLANEOUS.
Judge Knappen in the United States Circuit Court appointed
Alabama Consolidated Coal & Iron Co.-New Mortgage.- James W. Harbaugh of Toledo receiver of the property.
The company has filed its new mortgage with the Windsor The plaintiff in June last obtained a judgment for $5,534
Trust Co. of New York, trustee, to secure an issue of $5,000,- against the company.
000 50-year "refunding and improvement" bonds;$3,500,000
The bill of complaint alleges that the Seneca County plant is closed;
of these, it is said, are 6s .and the balance 5s. Compare and, as It Is the most important of the defendant's holdings when in operation, the company is unable to pay its judgment. The Security Trust &
V. 86, p. 604, 722, 796, 1045.-V. 88, p. 566.
Savings Bank of Toledo is trustee of the Seneca County plant by virtue
a mortgage to secure $125,000 bonds, and also of the Delphos plant by
American Brake Shoe & Foundry Co., New York.-Divi- aof mortgage
securing $50,000 bonds. Recent coupons are in default and
dend Increased.-A quarterly dividend of 134% has been foreclosure proceedings are supposed to be contemplated.
-V. 76, p. 1032.
declared on the $2,140,000 common stock, payable March 31,
Consolidated Railway Lighting & Refrigerating 0o.-Realong with the usual quarterly distribution of 1:Y1% on the organized Company.-See Car Lighting & Power
Co. above..$3,000,000 pref. stock. This increases the regular annual V. 88, p. 55.
rate from 4%, maintained on the common shares since
Crucible Steel Co.-Dividends Resumed.-The directors
Oct. 1904, to 5%. On Dec. 31 1907 1% extra was paid.on Tuesday declared a quarterly dividend of 1% on the
V. 83, p. 494.
$24,436,500 7% cumulative preferred
!payable Mch. 31
American Caramel Co.-Report.-The sales for the calen- to holders of record Mch. 30, being thestock,
first distribution since
dar year 1908 were $735,360, against $1,006,738 in 1907, the 1% paid in Dec. 1907.
and the net profits $127,698, against $213,876. The profit
Dividend Record of Preferred
and loss surplus Dec.31 1908 after the payment of 8% div- 1900. 1901. 1902. 1903. 1904. 1905. Stock.
1906. 1907. 1908.
idends on the preferred stock ($80,000) and 73
7
1
0
Dec.,!
%
5g
7
on
6
the
/
2
5 Si
Overdue to March 1909, 25%.
common ($75,000) was $307,383, against $369,900.-V. 88,
Semi-Annual Statement.-Extracts from the statement
p. 376.
American Piano 00.-New President.-C. H. W. Foster, made by Chairman Dupity on March 16 and the results for
President of Chickering & Sons (included in the consolida- the half-year ending Dec. 31 1908 (which we compare with
tion), has been elected President to succeed Ernest J. Knabe those for the last half of 1907) follow:
Notwithstanding the heavy shrinkage in our inventory values, the result
Jr.-V. 88, p. 102.
of the past three months shows a net wont of $555,823, or at the rate of



MAR.)1909.1

751

THE CHRONICLE

8% per annum on the preferred stock, an increase of $144,611 over the
vrevious three months. The profits of the past six months have been
4947,695, which, on account of the loss during the corresponding three
months, now shows an increase of $1,199,854.
The condition of the company's plants has been In all cases fully mainstained, $301,279 having been spent during the past six months in renewals, repairs and improvements. The economic working of all branches
'of the company's service has resulted in the surplus on Feb. 28 being
.$2,640,590, an increase of nearly $1,000,000 in six months. This Is almost
to the maximum surplus recorded in the company's history, plainly showflng that it has now practically reached Its former strong financial condition.
Earnings for the Six Months ending Feb. 28.
Net over Other Res. for Adjus.of Pref. Div. Balance,
.Six
Mon'hsInt.,&c. Income. Contin, Inv. Val. (1%). Sur. of Def.
$244,365 sur.$703,330
1908-09
$967,036 $2,400 $19,341
1907-08
177,569
5,836 $426,292 244,365 def. 70,232
Net Earnings by Months ("P." profit;"L." loss.)
Feb.
Jan.
Sept.
PeriodOct.
Dec.
Nov.

[The Maxwell-Briscoe Motor Co. is capitalized at $750,000 common
stock and $750,000 7% cumulative pref. stock In shares of $100 each,
practically all outstanding. The pref. dividends have been paid regularly
in May and November; the remaining profits have chiefly, it is said, gone
into the business. No bonded debt; only a small purchase money mortgage. Owns plants at Tarrytown, N. Y.; Pawtucket, R. I., and New
Castle, Ind., and has recently leased plant of old Rand Drill Co. at Tarrytown. Expected output for year 1909, 9,000 or 10,000 automobiles.
Officers and directors-Benjamin Briscoe, Pres. and Gen. Mgr.. J. D
Maxwell, Vice-Pros. and Gen. Supt.; F. D. Dorman, Secretary; Richard
Irvin, Treasurer; Walter B. Horn and E. J. Corbett.

1908-09__P. 00,967 P.156,878 P.163,388 P.194,388 P.171,546 P.189,889
1907-08__P.139,536 P.174,203 L. 13,865 L. 56,729 L. 23,070 L. 42,325
The 1% dividend above in 1908-09, which is that declared payable
March 31 1909, is not shown as deducted from the earnings of the recent 6
months' period in the statement as issued by the company, the surplus
profits for the 6 months being therefore given therein as $947,695. The
total accumulated surplus Feb. 28 1909 was $2,640,590. There was
charged against the operations of the half-year in 1908-09 for repairs and
renewals, $301,279, against $265,246 in 1907-08.-V. 88, p. 378, 297.

Missouri Power Co.-Completely Merged.-See United
Missouri River Power Co. below.-V.86, p. 112.
National Fire-Proofing Co.-Earnings for Calendar Year.-

Michigan State Telephone Co.-Report.-For cal. year:
Bal.
Gross
Cal.
Net
Spec.exp. Interest Pr. div. Com.div.
surp.
Year. earnings. earn'gs. &bond disc. paid.
(6%)
(2%)
1908_53,413,280 $911,429 $29,229 $417,595 $136,958 $69,170 $258,477
1907__ 3,092,226 775.784 28,476 414,776 136,645 69,170 126.717
The dividends on the common stock deducted from the earnings of 1907
are the 2% paid June 1 1908. Compare V. 86, p. 984.-V. 88, p.629, 380.

Calendar

Net

Year-Earnings.

1908

$41,089
502,233

Preferred
Dividend.
(1 %)$79,005
(4%)316,020

Replacement
Reserve.
$100,000
100.000

Balance.
def.$137,916
sur. 86,213

. 87, p. 42.
07
\
'
19
Daly-West Mining Co.-First Dividend since 1907.-The Light, Heat & Power Co.-Report.-For year
National
a
cents
30
of
dividend
company has declared a quarterly
31, including constituent companies
ending
Dec.
31,
March
record
of
share, payable April 10 to shareholders
Balance
Net
Bond
Oper.
Gross
being the first dividend since Dec. 1907. See V. 85, p. 1521. Calendar
surplus.
interest.
earnings.
expenses.
earnings.
Year$167,703
$319,327
$151,624
$412,255
$731,582
Indiana Southern Coal 0o,-Foreclosure.-See Southern 1908
118,387
120,206
238,593
357,935
596,528
1907
Indiana Coal Co.-V.87, p. 548.
94,768
66,129
192,875
160,897
353,772
1906
36,676
32,707
69,383
93,586
162,969
1905
Denver Gas & Electric Co.-Report.-For year ending -V.
87, p. 419.
Feb. 28:
Bat.,Sur.
Dividends.
Interest.
Net.
Osceola Consolidated Mining Co.-Calumet & Meta
Gross.
Year$',202,074 $045,590 $384,302 (6%)$210,000 $351,288 Interests in Control.-At the annual election on March 11 the
1908-09
281,134
157,500
376,413
815,047
(43i)
2,013,000
1907-08
following were elected to represent the Calumet & Hecla
-V. 88, p. 378.
Electric Storage Battery Co.-Report.-For calendar year: interests, now in control:
Gross.
Year.
$845,705
1908
1,075,227
1907
1,331,800
1906
-v. 86, P. 1592'

Other Inc
Dividends. Bal., sur.
Net.
$530,525 $106,054 (3(%)$528,092 $108,487
8,825
(5%)812,450
133,069
688,206
246,923
128,666
(5%)812.451
930,707

Fairmont Coal Co.-Report.-This company, controlled
by the Consolidation Coal Co. of Maryland, reports:

New Directors.-Francis L Higglnson, Francis W. Hunnewell, Thomas
L. Livermore, George A. Flagg, Rodolphe L. Agassiz, Quincy A. Shaw
and Jampq MacNaughton.
New Officers.-R. L. Agassiz. President of the Calumet & Hecla, President, in place of Albert S. Bigelow; Quincy A. Shaw. Vice-President;
William J. Ladd (re-elected).-V. 88. IL 568.

Pacific (Bell) Telephone & Telegraph Co.-Bonds.-It is
currently reported that J. P. Morgan & Co., the First National Bank and the National City Bank of New York will
shortly offer for public subscription a block of about $16,000,000 5% collateral trust 1:wricts, dated 1907 and clue 1937.--General Motors Co. New York.-Further Particulars- IT. 88, p. 689, 509.
Somerset Coal Co.-Report.-This company, controlled
Maxwell-Briscoe Co. Not in Company's Control.-Reference
by the Consolidation Coal Co. of Maryland., reports:
was made in our last issue to the declaration of the first Calendar
Balance.
Charges
Other
Net
Gross
on the preferred stock and to the under- Yeardividend of 3
Earnings. Earnings. Income. to Income. Surplus.
$71,903 $266,365 $145,914
$1,736,797 $340,370
standing that the company had taken over control not only 1908
283,603
356,534
150,065
490,072
2,368,865
of the Buick, the Olds and some smaller companies, but also 1907
160,237
264,834
26,840
398,231
1,957,371
1906
of the Maxwell-Briscoe Co. This statement was based -V. 88, p. 382.
both on knowledge of a plan that was in contemplation last
Southern Indiana Coal 0o.-Foreclosure Decree.-The
summer and on reports in the trade that the three companies Federal Court at Indianapolis on March 13 entered decrees
named are now held in the same interest. However, we of foreclosure against the Indiana Southern Coal Co. and the
have since learned on unquestionable authority that the Southern Indiana Coal Co., both closely allied with the
plan of last summer was abandoned and that the General Southern Indiana Railway Co., under mortgages upon which
Motors Co. does not own stock in the Maxwell-Briscoe there is due for principal $1,500,000 and $1,842,000,respecCo. Members of a well-known Wall Street banking house tively, with interest due and unpaid from Oct. 1 1907 and
have long been more or less closely identified with the July 1 1907 respectively. Compare V. 87, p. 550.
management of the last-named company, but, we are
Southern Iron & Steel Co.-Incorporated Under Plan.assured, have no interest in the General Motors Co.
This company was incorporated at Trenton, N. J., on March
A circular issued not long ago by W. D. Johnson & Co., 16 with $17,000,000 of authorized capital stock, consisting
Hanover Bank Building, New York, offering the 7% cumu- of $10,000,000 common stock and $7,000,000 6% nonlative preferred stock, says:
pref. stock (in $100 shares), as successor of the
Capital stock authorized; preferred, $7,000,000; common, $5,500,000. cumulative
Capital stock outstanding Jan. 1 1909, $7,522,474 (of which it is under- Southern Steel Co. (which see below), per plan in V. 86, p.
stood a little less than $5,000,000 was preferred and about $2,500,000 1288; V. 87, p. 484, 551; V. 88, p. 568, 455, 105. The plan
common-Ed.); assets (exclusive of patents), $8,025,532; indebtedness.
nothing. The company is a holding company, interested in five operating calls for the making of a "first and refunding mortgage"
companies. These companies are engaged in the manufacture of autoto secure not exceeding $10,000,000 20-year bonds. The
mobiles and automobile parts. The policy of the company is dictated by
practical and successful men, familiar with automobile construction. The Corporation Trust Co. represents the company on New Jersey.
company is represented in almost every city and town throughout the
Southern Steel Co.-Sale Advertised for April 12.-An
United States.
The production of the operating companies for 1909 will be 22,000 auto- advertisement on another page announces that this comWith
$25,000,000.
approximate
will
year
mobiles, and the sales for-the
proposed extensions to present plants, and new plants to be constructed, pany's extensive property, including manufacturing plants,
the producing capacity in 1910 will be in excess of 40,000 automobiles iron mines, coal mines, &c., will be sold at auction by the
Among others, the company controls the largest automobile plant in the
United States, said plant now producing 15,000 automobiles per annum. trustees in bankruptcy at Birmingham, Ala., on April 12.
The earnings of,the General Motors Co. are sufficient to pay the dividends Full particulars as to the properties and the terms of sale
upon the preferred stock several times over.
W.: H. Hassinger, Chairman of
Directors (and officers)-President. William M. Eaton; Vice-Presidents, may be obtained from
William C. Durant and Fred L. Smith; Secretary and Treasurer, Curtis II. trustees, Bronx-Marx Bldg., Birmingham.
ExecuHatheway; Henry Russell, William J. Mead and Henry Henderson.
Successor Company.-See Southern Iron & Steel Co. above.
tive committee, Messrs. Durant, Smith and Hatheway. Registrar of stock,
Trust Co. of America; transfer agent, Corporation Trust Co.
-V. 88, p. 568, 455.
Gimbel Bros., Philadelphia.-To Have New York Store.Springfield (0.) Light, Heat & Power Co.-First DiviSee Hudson Companies under "Railroads" above.-V. 84, dend.-An initial dividend, 1%, on the $1,000,000 of capital
p. 934.
stock is announced, payable April 10 on stock of record of
Helena Power Transmission Co.-Completely Merged.-See March 30.-V. 88, p. 509, 629.
United Missouri River Power Co. below.-V.86, p. 1103.
Standard Oast Iron Pipe & Foundry Co., Bristol, Pa.
Helena (Mont.) Water-Works Co.-Injunction-Appeal- Bonds Offered.-Cramp, Mitchell & Shober, Philadelphia,
Conditional Bond Offering.-See "Helena" in "State and are offering at 95 and interest a block of first mortgage gold
City" Department on a subsequent page.-V.87, p. 1240.
5% coupon sinking fund bonds dated July 1 1908 and due
Lawyers Mortgage Co.-Dividend Increased.-The com- July 11928, but subject to call at 1023'j and interest, beginpany has declared a quarterly dividend of 3% on the $2,500,- ning July 11913, either for the sinking fund ($25,000 yearly,
000 of capital stock, payable April 1 to stockholders of rec- beginning in 1913) or otherwise. Interest Jan. 1 and July 1.
ord March 25. This puts the stock on a 12% basis, as against Girard Trust Co. of Philadelphia, trustee. Denominations
$500 and $1,000 (c*). Tax-free in Pennsylvania and New
10% for the past two years. See report in V. 88, p. 156.
brief:
Maxwell-Briscoe Motor Co., "Maxwell" Automobiles.- Jersey. A circular says in
Not Interested in Any Consolidation Scheme.-President and First mortgage gold 5% coupCoanPit
ai".
sinking
fundbonds,
$1,000,000
General Manager Benjamin Briscoe referring to current
dated July 1 1908
and extenbetterments
improvements,
company
Reserved for
Co. (see that
rumors regarding the General Motors'
500,000
to Co_
cost
of
be issued only for 75%
to
and
sions,
that
above), writes: "We desire to state most emphatically
$500,000
its
outstanding
of
any
Issued and
the Maxwell-Briscoe Motor Co. is not, neither are
stock, 7% cumulative, authorized, $1,000,000; paid in
907,000
stockholders or connections, interested in any way in any Preferred
cash at $100 per share
1!090,000
Common stock)
consolidation scheme whatever."
.

Net
Balance.
Other
Gross
Dividends
Charges
Cal.
Prey. Year. Surplus.
Year. Earnings. Earnings. Income. to Inc.
1908 „$3,401,815 $711,316 $510,398 $652.000 (2%)$240,000 $329,714
1907 __ 4,860,327 1,444,028 579,273 836,511 (2%) 240,000 946,790
1906 __ 4,510,588 1,335,258 448,524 710,353 (4 A) 540,000 533,429
-V. 87, p. 289.




752

THE CHRONICLE

The mortgage is a first lien upon the franchises, real estate, plant and
fixtures located at Bristol. Pa., and all other property now owned or heres/ter acquired. The property consists of 80 acres of land on the Delaware
River adjoining Bristol. Pa., with a river frontage of 2,900 feet, and facilities for both rail and water shipments; buildings of steel construction
brick-encl sed, with concrete foundations and slate roofs. Equipment
complete in every detail. The plant is entirely new, harmoniously arranged
and of the most approved type. Inasmuch as the net profit on manufactured pipe is more than $4 per ton, and as the capacity of the plant is to be
100,000 tons per annum, it is reasonable to assume that, after the company
is in full operation, its net profits will equal $400,000, without taking into
account the profits from special work, for which the plant has a capacity
of 30 tons per day. The plant is now in operation and has orders sufficient
to keep it fully employed for four months.
Expended for real estate, buildings, machinery, equipment,
&c., up to 1998
$798,488
Cash on hand
108,512
Proceeds of bonds now Issued to be devoted to additional equipment and working capital...
500,000
Real estate, buildings, machinery and cash assets
$1,407,000
The equity over and above the issue of bonds is represented by the
of preferred stock subscribed and paid for in cash, to wit: $907,000. amount
Directors: Joseph S. Seen Jr., President; George M. Bunting, VicePresident; E, E. Pennock, Robert Wetherill, W. Lane Verlenden, J. Edward Durham, George Reynolds; Sec. and Treas., Charles C. Price.V. 87. P. 291.

Union Typewriter Co.-Report.-See "Annual Reports."
Proposition to fee-Incorporate under New York Laws.-At
the annual meeting on March 17 a resolution was introduced
to incorporate the company, now a Jersey City corporation,
under the laws of New York State. The proposed change,
which will be considered by the management, will, it is said,
reduce expenses about $70,000 a year.-V. 86, p. 726.
United Missouri River Power Co.-Note Offering-StatusConsolidation--Collatercz1 Bonds Now a Mortgage Lien.J.. Sr,IV. Seligman & Co,, New York, and.Stone & Webster,
Boston, New York and Chicago, recently offered an issue
$1,500,000 three-year 6% (mortgage) gold coupon netes
(a direct mortgage, subject to $3,701,000 underlying bonds.
-Ed.), dated Nov. 2 1908 and due Nov. 1 1911, but subject to call at 105 and interest. Coupons payable May 1
and Nov. 1. Central Trust Co. of New York, trustee.
Extracts from Letter of Treasurer William B. Gower, New York, Feb. 5 1909.
The United Missouri River Power Co. owns in fee the properties (having
absorbed the same by consolidation on or about Feb. 20 1909.-Ed.) formerly belonging to the Missouri River Power Co. and the Helena I'ower
Transmission Co., comprising two water powers on the Missouri River with a
capacity of 18,000 constant and 14,000 intermittent horse power; also an
auxiliary 6,000 h. p. steam plant in Butte and transmission lines to Butte,
Helena and Anaconda. Dam No. 2, considerably damaged by high water
in the spring of 1908. Is now being rebuilt.
Earnings(Dam No. 2,in partial operation in 1907-03, was damaged April 15
1908).
Years end. Jan. 31
11 MOS. to
1906-07.
At ii. p. per me. Dec. 31 '08. 1907-08.
1905-06. 1904-05.
5,600
6,500
4,500
Dam 1. constant
4,500
5,000
1,600
2;700
2,300
Dam 1,intermittent
1,300
1,100
6,500
1,700
constant
Dam 2,
300
2,500
1,400
Butte steam plant
14,000
13,400
Total
8,200
5,800
6,100
$585,118 $726,942 $409,604 $309,250 $296,235
Gross earnings
;250,933 $536,760 $199,919 $139,356 $206,066
Net earnings
For the 11 months ending Dec. 31 1908 the earnings were derived almost
exclusively from Dam No. 1. the injury to Dam No. 2 having occurred early
in the year (April 15 1908.-Ed.).
As the sinking funds of the mortgages are believed to be a sufficient provision for depreciation of the plants, the net earnings above are arrived at
without any further allowance for depreciation.
Company's Outstanding Securities.
Missouri River Power Co. 6% bonds, a first mortgage on Dam
No. 1, callable at 105 and Interest. Sinking fund, $25,000 per
annum (V. 76, p. 708)
$630,000
Helena Power Transmission Co. 6% bonds, a first mortgage on
Dam No. 2 and on the steam plant in Butte. Sinking fund,
130,000 per annum, beginning in 1910. Bonds callable at
105 and Interest (V. 81, P. 843)
900,000
United Missouri River Power Co. 6% 30-year sinking fund gold
bonds dated March 11906, being (now) a direct (consolidated)
mortgage on Dams Nos. 1 and 2. Sinking fund, $20,000 per
annum, 1911 to 1916, inclusive, and $30,000 per annum 1917
to 1936 inclusive. They may be called at 105 and accrued interest after March 11911. Authorized issue, ;3,300,000; $800,000 are reserved for refunding at their maturity such of the
bonds of the above two issues as shall not have been provided
for by their respective sinking funds; reserved for acquiring,
at cost, the stocks and bonds of other corporations, or other
property, $329,000: outstanding (these bonds were originally
'a collateral trust issue. See V. 86, p. 112.-Ed.)
2,171,000
United Missouri River Power Co. 3-year 6% notes, being a direct
mortgage on dams Nos. 1 and 2, subject to the above $3,701,000 of iDonds
1,500.000
United Missouri River Power Co. capital stock ($250,000 7%
pref. and 110.000,000 common)
10,250,000
The gross earnings when dam No. 2 shall have been reconstructed are
estimated at $1,100,000 and the net earnings at $800,000 per annum (being over 2A times the total fixed charges $312,060 , based on the earnings
of those months of the year ending Jan. 31 1908 during which the company
delivered between 17,000 and 18,000 h. p. of the 24,000 h. p. capacity of
dams Nos. 1 and 2.
In addition to the properties above described, the company owns $1,250,000 out of the $2.000,000 outstanding stock of the Capital City Power
Co. (V. 86, p. 111), which owns a third water power on the Missouri River,
and has expended $350,000 in preliminary work on the dam and in procuring water rights on either side of the Missouri River for 28 M miles. This
third water power has a head of 117 feet and Is capable of a total development of 25,000 h. p. constant and 8,000 h. p. intermittent. According
to present plans, this development will be financed by the bonds of the Capital City Power Co., and it is estimated that, upon completion of the third
dam the United Missuori River Power Co.'s share of these earnings will
amount to from $400,000 to $450,000 per annum, which, together with the
earnings of dams Nos. 1 and 2, should show earnings of over $1,000,000 on
the $10,000,000 capital stock of the United Missouri River Power Co.
The mining and other industries in the region furnish a ready market for
all the power that this company is capable of developing, and, owing to the
poor quality of the coal available, electrical power generated by water shows
great economies. President, S. T. Hauser, 49 Wall St., New York: See
also V. 86, p. 112, 606.-V. 88, p. 690.

United States Finishing Co.-First Dividend on Common
Stock.-The directors on Thursday, along with the declaration of the quarterly dividend of 14
3 % (No. 39) on the
preferred stock, declared quarterly dividend No. 1 on the
common stock, both payable April 1 to holders of record
March 20. There is now outstanding $3,000,000 preferred
and $1,500,000 common stock on which the above dividends
are to be paid. Compare V. 87, p. 1092.
Earnings.-The net earnings for the 6 months ending
Dec. 31 1908 were $352,264, comparing with $185,715 for
the corresponding period in 1907.-V. 87, p. 1088, 1092.




[VQL..Lxxxviil„

United States Silver Corporation.-Dissolved.--See "note"
in report of International Silver Co. in V. 88, p. 683.V. 76, p. 107.
Western Gas Co., New York.-New Stock.-The shareholders on March 15 voted to increase the capital stock from
$4,000,000 to $5,000,000.-V. 88, p. 629.
New Director.-J. M. McCarthy has been elected a director
to succeed H. B. Wilson. Compare V. 88, p. 629.
-"Yankee Fuel Co.-Separate Committee.-At a meeting of
bondholders of the Yankee Fuel Co. and the Raton & Eastern
Railway Co. held on March 15 at the office of T. Laflin
Kellogg, 115 Broadway, it was voted to form a separate
committee Of five to represent their interests, in opposition
to the general committee announced two weeks ago. Mr.
Kellogg has resigned from the general committee appointed
on March 3 in respect to the E. D. Shepard & Co. corporations. Compare Santa Fe Liberal & Englewood RR. in V.
88, p. 625.
-Investors and institutions are invited to correspond with
the firm of Thomas Newhall, 32 South Broad St., Philadelphia, about any electric railway security in which they are
interested at the present time. Mr. Newhall, well known as
a specialist in electric railway bonds, is particularly in a
position to advise investors regarding the following electric
railways: Minneapolis Street Ry. and St. Paul City Ry.
cons. 5s, 1928; St. Paul City Ry. Consolidated Cable 5s,
1927; Rutland RailWay,,, Light & Power first 5s, 1946; York
Rys. first 5s, 1937; Galveston Electric Co. first 5s, 1940;
Northern Texas Traction Co. first 5s; Seattle Electric Co.
cons. and ref., 5s, 1929; and Minneapolis General Electric
Co. first 5s, 1934. .
-David Pepper Jr. announces his removal to new offices,
1515-1517 Commonwealth Trust Building, 1201 Chestnut
St., Philadelphia, Pa., where he will carry on the business
of engineer and general contractor, making a specialty of
complete construction and equipment of electric and steam
railroads, water-power and lighting plants, as well as general
contracts. Mr. Pepper is also prepared to make complete
plans, surveys, estimates, reports and appraisals on public
utility properties and aSsume the management of them.
His experience in this class of work dates from 1889.
-Roger W. Babson, of Wellesley Hills, Mass., has prepared a new edition of his book, "Bond Offerings Indexed,"
showing what firms are prepared to either buy or sell each
of the 5,000 corporation bond issues which have been offered
during the past twenty years, and at approximately what
prices; also showing on what Exchanges the bonds are listed.
if they are listed. The book also contains a list of the bond
dealers of the United States. The price is $5. It may be
obtained by addressing: Put dishing Department of the
Office of Roger W. Babson, Wellesley Hills, Mass.
-nce
. ou
d,o. 15aThkers, 25 Broad Street5nn
-G. W. Walker fithat they have opened an office in the Shawmut Bank Building, 55 Congress Street, Boston, in charge of Virgil C. Gates,
who has been their Boston representative for the past four
years. Guy Warren Walker, of the firm, and formerly of
Boston, has been in the banking and investment business
for over twenty years: from 1889 to 1894 in the office of
Kidder, Peabody & Co., Boston, and since then on his own
account located for the past ten years in New York City.
-The stock and bond house of Wm. B. King & Co.,
Houston, Tex., is distributing to investors a complete little
booklet, giving the capital, bid and asked price, &c., of a
number of the leading Texas stocks and bonds, particularly
those of Houston, Galveston and Beaumont. Houston City,
Harris County and Galveston County bonds are given in
detail.
-W. R.'Uloward & Co. Inc., 66 Broadway, this city, are
to-day advertising in this issue $40,000 Susquehanna Metal
Manufacturing Co. 6% first mortgage gold bonds at 92%
and interest. ,,The bonds are in denominations of $100 each,
due 1928, and interest is payable Nov. 1 annually.
-Sutro Bros. & Co., bankers, members of New-York
Stock Exchange, 44 Pine Street, New York, are offering by
advertisement on another page Government of Porto Rico
4% gold bonds maturing 1912 to 1929,inclusive,andlyielding
33
4% net."4
-H. H. Hayes, for many years associated with the Cleveland bond house of W. J. Hayes & Sons, both as buyer and
seller, has been employed by Wollenberger & Co. of Chicago
as salesm,an of their securities in Ohio territory.
-Wm. E. Nichols & Co., 15 Wall St., have issued the
eleventh annual number of their pamphlet entitled "Annual
Statistics of New York and Brooklyn Banks and Trust
Companies." It.may be had _free on request. ;
A
bankers, Broad and Chestnut
-Edward B. Smith & Co., bankers
streets Philadelphia, and 27 Pine
this city, will
furnish
'complimentary copies of the 1909 edition of "Pre,41
,t
ferred Stocks" to all who request it..
-Schmidt & Gallatin, 111 Broadway, have prepared an
exhaustive study of the Chicago & North Western Ry.
System. A free copy will be mailed on application. Write
for circular 70A.
-The new investment bond firm of 11. M. Joyce & Co.
started business this week. Its offices are in the Gillender
Building, 1 Nassau Street, this city.

753

THE. CHRONICLE

MAR. 20 1900.1

AttliTirts

and garnintnts„

UNITED STATES STEEL CORPORATION.

SEVENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DEC. 31 1908.

Office of United States Steel Corporation,
51 Newark Street, Hoboken, New Jersey,
March 16 1909.
To the Stockholders:
The Board of Directors submits herewith a combined report of the operations and affairs of the United States Steel
Corporation and Subsidiary Companies for the fiscal year which ended Dec. 311908, together with a statement of the condition of the finances and property at the close of that year.
INCOME ACCOUNT FOR THE YEAR 1908.
The total earnings of all properties after deducting all expenses incident to operations, including those for ordinary
repairs and maintenance (approximately $27,000,000),
employees' bonus funds, and also interest on bonds and $91,847,710 57
fixed charges of the subsidiary companies, amounted to__
Less: Appropriations for the following purposes, viz.:
Sinking Funds on Bonds of Subsidiary
$1,588,070 45
Companies
Depreciation and Extinguishment Funds
3,844,214 21
year)
the
for
provisions
(regular
Extraordinary Replacement Funds (regu11,532,896 80
lar provisions for the year)

16,985,181 46
$74,882.529 11

Net Earnings In the year 1908

Add, for net adjustments In sundry accounts

29,247,850 00
94,034 59

$45,728,713 70
Total
Dividends for the year 1908 on U.S. Steel Corporation Stocks,viz.:
$25,219,677 00
Preferred, 7 per cent
10,166,050 00
Common, 2 per cent
35,385,727 00
$10,342,986 70

Surplus Net Income for the year

UNDIVIDED SURPLUS OF U. S. STEEL CORPORATION AND
SUBSIDIARY COMPANIES.
(Since April 1 1901.)
$25,000,000 00
Surplus or Working Capital provided in organization
6,1 Balance of Surplus accumulated by all companies from
subof
April 1 1901 to December 31 1907, exclusive
sidiary companies' inter-company profits in Inventories,
$69,736,490 77
per Annual Report for year 1907
Undivided Surplus of all companies for
10,342,986 70
the year 1908, as above
80,079,477 47
exclusive
1908,
31
December
Surplus
Total Undivided
of subsidiary companies' inter-company profits in
$105,079,477 47
inventories
Undivided Surplus of Subsidiary Companies, representing
subsidiary
other
to
materials
of
sales
on
Profits accrued
companies and on hand in the latter's inventories, viz.:
Balance on December 31 1907, per Annual
$27,908,752 85
Report
Add, Adjustments during the year 1908
affecting the balance existing Decem317,313 91
ber 31 1007
$28,226,066 76
109,669 94

Balance December 31 1908
Total Undivided Surplus December 31 1908

28,335,736 70
$133,415,214 17

COMPARATIVE INCOME ACCOUNT FOR THE FISCAL YEARS
ENDED DECEMBER 31 1908 AND 1907.
Increase or Decrease.
1907.
1908.
91,847,710 57 160,964,673 72 69,116,963 15 Dec.
Earnings
Less, Appropriations for
the following purposes, viz.:
Sinking Funds on Bonds
of Subsidiary Com389,690 58 Dec.
1,977,761 03
1,588,07045
panies
Depreciation and Extinguishment Funds
(regular provisions
6,681,746 03 2,837,531 82 Dec.
3,844,214 21
for the year)
Extraordinary Replacement Funds (regular
provisions for the
11,532,896 80 15,560,237 38 4,027,340 58 Dec.
year)
Special Replacement and
3,500,000 00 3,500,000 00 Dec.
Improvement Funds
Net Earnings in the,Year 74,882,529 11 133,244,929 28 58,362,400 17 Dec
Deduct—
Interest on U. S. Steel
Corporation Bonds
23,862,646 70 22,860,352 82 1.002,293 88 Inc.
outstanding




1907.

Increase or Decrease.

4,050,000 00
1,087,497 18

247,706 12 Inc.

45.634,679 11 105,247,079 18 59,612,400 17 Dec.
Less, Charged off for
various accounts and
775,550 11 Dec.
Cr.94,034 59
681,515 52
adjustments

Deduct—
Interest on U.S. Steel Corporation Bonds outstanding, viz.:
$14,166,455 03
Fifty Year 5 per cent Gold Bonds
9,696,191 67
Ten-Sixty Year 5 per cent Gold Bonds
Sinking Funds on U. S. Steel Corporation
Bonds, viz.:
Installment on 50-Year 5
per cent Gold Bonds ..$3,040,000 00
Installment on 10-60 Year
5 per cent Gold Bonds_ 1,010,000 00
Interest on above Bonds
1,335,203 30
in Sinking Funds
5,385,203 30

Add, Increase during the year 1908

1908.
Sinking Funds on U. S.
Steel Corporation
Bonds, viz.:
4,050,000 00
Installments
Interest on Bonds in
Sinking Funds_ _ 1,335,203 30

45,728,713 70 104,565,563 76 58,836,850 06 Dec.
Balance
Dividends on U. S. Steel
Corporation Stocks,
viz.:
Preferred, 7 per cent_ _25,219,677 00 25,219,677 00
Common, 2 per cent_ _10,166,050 00 10,166,050 00
Surplus Net Income for
10,342,988 70
the Year
Appropriated from Surplus Net Income for
the following purposes, viz.:
On account of expenditures made and to be
made on authorized
appropriations for additional property, new
plants and construction, and for discharge of capital obligations
Specifically set aside for
authorized appropriations and expenditures account construction Gary, Indiana, Plant
Balance of Surplus for
the Year
10,342,986 70

69,179,836 78 58,836,850 06 Dec

35,500,000 00 35,500,000 00 Dec.

18,500,000 00 18,500,000 00 Dec.
15,179,836 78

4,836,850 08 Dec.

MAINTENANCE, RENEWALS AND EXTRAORDINARY
REPLACEMENTS.

The expenditures made by all companies during the year
1908 for maintenance and renewals, including the relining
of blast furnaces, and for extraordinary replacements, in
comparison with expenditures for the same purposes during the preceding year, were as follows:
1908.
1907.
Ordinary Maintenance
and Repairs
$27,328,955 79 $35,503,668 32
Extraordinary Replace10,729,603 92 20,324.584 80
ments
Total

Decrease.

P.C.

$8,174,712 53 23.0
9,594,980 88 47.2

$38,058,559 71 $55,828,253 12 $17,769,693 41 '31.8

The decrease, as compared with preceding year, in the
outlays for ordinary or current maintenance and repairs
is attributable entirely to the fact that the plants and properties were operated to a much lesser extent than in 1907.
Accordingly fewer repairs were necessary. Advantage was
taken, however, of the shutdown during the year of many
plants to make such repairs as it is neither practical nor
economical to prosecute while the mills are in operation.
The expenditures for extraordinary replacements show a
considerably larger relative decrease as compared with 1907
than do those for current maintenance and repairs. This is
attributable in part to the fact that in the two previous years
rehabilitation and modernizing of the properties was conducted on a very liberal scale and in part to the fact that
expenditures of this character are not made from year to
year on relatively the same basis that the properties are
operated. At the close of the year the plants and properties,
collectively speaking, were in first-class physical condition.
The entire amount of the foregoing expenditures was
charged to current operating expenses and to replacement
funds reserved from earnings. A statement showing the
principal items of replacement and betterment comprehended in the total expenditures for extraordinary replacements is included in the statistical tables printed in this
report.
in
The following table shows the amount of the expenditures
made during the year for above purposes by the respective
groups of operating properties:

[VoL. Lxxxvm.

THE CIIRONICLE

754

EXPENDITURES DURING YEAR OF 1908
Ordinary
Maintenance &
Repairs, In- Extraordinarll
eluding Blast Replacements _•
Furnace
Relining.

EXPENDED ON

Manufacturing PropertiesTotal, except Blast Furnace Relining
Blast Furnace Relining
Coal and Coke Propertie
Iron Ore Properties
Transportation PropertiesRailroads
Steamships and Docks
Miscellaneous Properties

Total.

Total
Expenditures
in Previous
Year.

Increase (-I-) or
Decrease (-).

$15,991,141 20 $8,542,749 60524,533,89080538,143,761 0 --$13,609,870 27
2,177,791 09 1,481,975 08
2,177,791 09
+695,816 01
593,629 01
2,334,192 62 2,301,095 2
1,740,563 61
+33,097 37
379,819 79
952,225 66
866,252 3'
572,405 87
+85,973 36
856,747 59
337,88436
18,773 57

6,049,275 69
628,927 20
168,851 13

6,906,023 28 11,352,028 62
966,811 56 1,112,524 11
187,62470
569,716 69

-4,446,905 34
--145,712 55
-382,091 99

327,328,955 79 $10,729,603 92 $38,058,559 71
35,503,668 32 20,324,584 80
555,828,253 12

Total expended in 1908
Total expended in 1907

$8,174,712 53 $9,594,980 88

Decrease

517,769,693 41

• These expenditures were paid from funds provided from earnings to cover requirements of the character Included herein, as see page 10.

expenses, for account of these funds, together with incomereceived by the funds from other sources, the expenditures,
and payments made therefrom during the year, and the unThe appropriations made during the year endi ng Dec. 31 expended balances in the funds at Dec. 31 1908, are shown1908 from earnings and through charges to current operating in the subjoined table:
mINKING. DEPRECIATION. EXTRAORDINARY
AND IMPROVEMENT FUNDS.

REPLACEMENT

CREDITS TO FUNDS.
Set Aside during 1908 from
Income and . Other Income
Balances
Dec. 31 1907. by Charges to and Credits.
Current
Expenses.

FUNDS.

Sinking Funds on U. S. Steel Corporation Bonds
Sinking Funds on Bonds of Subsidiary Companies,
Depreciation and Extinguishment

_

52,530,833 33 $4,050,000 00
790,979 30 1,588,070 45
15,837,447 37 3,844,214 21

Total.

Payments from
and Charges
to Funds
in 1908.

Unexpended
Balances to
Credit of
Funds,
Dec. 311908.

56,580,833 33 $4,050,000 00 (a) $2,530,833 33.
461,241 29,
*179,171 60 2,558,221 35 2,096,980 06 (b)
514,091 33 20,195,752 91
3,347,476 36 (c) 16,848,276 55
$19,840,351 17
$693,262 93 529,334,807 59 $9,494,456 42
456,47660 29,239,915 09 10,766,228 80 (d) 18,473,686 29

Total Capital Depreciation Funds
Extraordinary Replacement and Improvement

$19,159,260 00 $9,482,284 66
17,250,541 69 11,532,896 80

Total of foregoing
Blast Furnace Relining

$36,409,801 69 $21,015,181 46 51,149,739 53 *58,574,722 68 $20,260,685 22
6,410,067 30 2,177,791 09
4,950,853 50 1,459,213 80

$38,314,037 46
4,232,276 21

$41,360,655 19 $22,474,395 2.6 $1,149,739 53 564,984,789 98 $22,438,476 31

542,546,313 67

Grand Total

(a) Payments to Trustees of Bond Sinking Funds.
(6) Payments to Trustees of Bond Sinking Funds _____________________________________________________________ 51,856,080 60
240,899 48
Amount transferred to Extraordinary Replacement and Improvement Funds
(c) Amounts charged off for payments from these funds for:
Expenditures made in 1908 for additional property and construction
Expenditures made in previous years for additional ore property
Bonds, Mortgages and Purchase Obligations retired in 1908
Write off of depreciation account of sundry properties

$2,096,980 00-

$2,541,035 15
200,000 00
1,070,229 35
44,453 11
$3,855,717 61

Less, Recovery of depreciation written off December 31 1907 in book value of investments held for account
of these funds
(d) Expenditures and charges made during 1908, viz.:
Expenditures in 1908 for Extraordinary Replacements
Write off account valuation of property abandoned

10,766,228 80.

In Depreciation and Extinguishment Fund Assets, viz.:
$6,793,413 81
Sundry Securities at cost
6,475,840 47
Cash
513,269,254 28
Invested in Tennessee Coal, Iron & Railroad Co.'s stock_ __ 4,222,537 11
723,380 34
In Sundry Marketable Securities, at market value

U. S. steel Corporation Bonds
Subsidiary Companies' Bonds
Total

3,347,476 36.

$10,729,603 92
36,624 88

The halal-ices to the credit of the several funds on Dec. 31
1908, per the preceding table, are included in the assets of
the organization in the following accounts, viz.:

FUNDS.

508,241 25

757,500 00•
In Cash (Special Deposit)
In Current Assets-Cash,Loans, Receivables, Inventories,&c.23,573,641 94
542,546,313 67
TRUSTEES OF BOND SINKING FUNDS.

The Trustees' transactions for account of the Bond Sinking Funds of the United States Steel Corporation and Subsidiary Companies for the year, and the condition of the funds
on Dec. 311908, are shown in the following table:

Cash
Resources
in Hands of Installments
Trustees,
Received.
Dec. 31 1907.

BONDS REDEEMED
AND OTHER
PAYMENTS.
Interest
Accretions
and Other
Receipts
in 1908.

Total.

Par Value
of Bonds.

Cash
Resources
Net Premium in Hands of
Paid on Bonds
Trustees
Redeemed. Dec. 31 1908.

$6,977 51 $4,050,000 00 $1,271,277 59 $5,328,255 10 $4,932,500 00
437,223 37 1,002,940 60
446,685 52 2,786,84949 2,266,000 00

$346,692 17
25,950 52

$49,062 93404,898 97

$444,200 88 35,952,940 60 $1,717,963 11 $8,115,104 59 $7,198,500 00

$372,642 69

$543,961 90'

Note.-The installments received by the Trustees include a cash deposit of $46,860 00 not paid from funds provided from Income. The itemof Interest Accretions and Other Receipts embraces $1,696,597 38 of interest accretions and $21,365 73 of proceeds from sale of property.
_
SPECIAL FUNDS FOR CAPITAL EXPENDITURES.
Special Construction Fund for Account Gary, Indiana, Plant.
The appropriations made from surplus net income In previous
years for account of this fund, as shown in annual report
$50,000,000 00
for 1907, amounted to the aggregate sum of
Advances have been made from this fund to cover expenditures for the acquirement of real estate and construction
work at the Gary Plant, the building of the City of Gary,
and terminal railroad work adjacent thereto, as follows:
During the year ending December 31 1906__$4,632,202 11
During the year ending December 31 1907__19,316,555 27
During the year ending December 31 1908_18,848,472 19
42,797,229 57

For the real estate, less credits for land.sold (a net of about
9,000 acres) and for development and construction work
in the City of Gary _________ $10,531,389 53
27,439,263 40.
For construction of the manufacturing plant
For terminal railroad work adjacent to and in connection
4,826,576 64
with the manufacturing plant
542,797,229 57

For a full description of the development and construction
of the City of Gary and the Gary manufacturing plant,
together with a statement of the progress made in the work
to Jan. 1 1909, reference is made to respectively the annual
report for the year 1907, and to page 758 of this report.
Of the unexpended balance of $7,202,770 43 remaining
Leaving a balance unexpended December 31 1908 of__ $7,202,770 43 at Dec. 31 1908 m the Gary Construction Fund,$2,537,507 23
was invested in salable securities pending the actual requireA general classification of the total amount of expenditures ment of the money. This investment is separately shown
made to Jan. 1 1909 in connection with the above worktis in the General Balance Sheet. The balance of the fund is in
the cash assets of the organization.
as follows:




V.

THE CHRONICLE

MAR. 20 1909.]

General Construction Fund for Authorized Appropriations.
The unexpended balance in this fund at close of the fiscal year
$3,923,814 96
1907 was
Of this amount there was expended during the year ending
December 31 1908, in payment for additional property,
3,241,382 31
new plants and construction
Leaving an unexpended balance on December 31 1908, available for future capital expenditures heretofore authorized of $682,432 65
CAPITAL STOCK.

The amount of outstanding capital stock of the United
States Steel Corporation on Dec. 31 1908 was the same as
at the close of the preceding fiscal year, as follows:
Common Stock
$508,302,500 00
360,281,100 00
Preferred Stock
BONDED, MORTGAGE AND DEBENTURE DEBT.
The total bonded, mortgage and debenture debt of the
United States Steel Corporation and Subsidiary Compa$602,320,511 17
nies outstanding on January 1 1908 was
Issues and Additions during the year, viz.:
In exchange for other bonds:
Union Steel Co. First Mortgage and Collateral Trust
Bonds (issued in exchange for Sharon Steel and
333,000 00
Sharon Coke Co. Bonds retired)
Subsidiary Companies' bonds sold to trustees of sinking
funds:
Duluth Missabe & Northern By. Co. General Mortgage
Bonds
$39,000 00
Connellsville & Monongahela Ry. Co. First
27,000 00
Mortgage Bonds
Chi. Lake Shore & East'n By. Co. Federal
100,000 00
Equip. Trust Bonds
Bess. & L. E. RR. Co. National Equipment
40,000 00
Trust Bonds
Youghgahela Water Co. First Mortgage
25,000 00
Bonds
231,000 00
Schoen Steel Wheel Co. First Mortgage Bonds (amount
of this issue outstanding at time Schoen Steel Wheel
1,350,000 00
Co. was acquired by Carnegie Steel Co.-July 1908)_._
$604,234,511 17
Less, Bonds and Mortgages retired or acquired during the
year, viz.:
Carnegie Steel Co.'s issues:
Ohio Steel Co. First Mortgage Bonds__ _ $370,000 00
Schoen Steel Wheel Co. First Mortgage
38,000 00
Bonds
Lorain Steel Co.-The Johnson Co. First
Mortgage Bonds
104,000 00
Clairton Steel Co.'s issues:
Clairton Steel Co. Five Per Cent Mortgage Bonds
500,000 00
St. Clair Steel Co. First Mortgage I3onds
100,000 00
Union Steel Co.'s issues (in lieu of which
Union Steel Co. Bonds were issued):
Sharon Steel Co. First Mortgage Bonds..
41,000 00
Sharon Steel Co. Collateral Trust and
Mortgage Bonds
89,000 00
Sharon Coke Co. First Mortgage Bonds_
203,000 00
H. C. Frick Coke Co.'s issues:
First Mortgage Bonds
99,000 00
Continental Coke Co. Purchase Money
Mortgage Bonds
137,000 00
Hostetter-Connellsville Coke Co. Purchase
Money Mtge. Bonds
25,000 00
Pittsburgh Steamship Co.-Northern Lakes
SS. Co. Bonds
10,000 00
Penn. & Lake Erie Dock Co.-C. F. &
Storage Co. Bonds
11,685 00
Sundry Real Estate Mortgages of various
500,915 60
companies
$2,228,600 60
Bonds purchased by Trustees of Sinking
Funds, viz.:
U. S. Steel Corporation 50$3,531,000 00
Year 5% Bonds
U. S. Steel Corporation 101,401,500 00
(30 Year 5% Bonds
Sundry Bonds of Subsidiary
2,202,876 28
Companies
7,135,376 28
$9,363,976 88
Potter Ore Co. First Mortgage Bonds retired by that company (T. C. I. & RR.
5,000 00
Co.'s proportion)

9,368,976 88

$7,454,976 88

From April 1 1901 to Dec. 31 1908 the amount of bonds
and mortgages paid and retired by all companies was as
follows:
Bonds and Mortgages paid and retired with moneys from
$14,131.185 61
Depreciation Funds and Surplus Income
Bonds purchased and retired with Bond Sinking Funds pro40,192,284 15
vided from net earnings
Total ________________________ 354,323,469 76
During the same _________ -there -svere sold and assumed ____
sidiary companies bonds and mortgages to provide funds
for new property and construction work (Including $6,456,727 79 by Union Steel Company to provide funds for
part payment of cost of completing construction work at
Donora and South Sharon, which was under way when
capital stock of that company was acquired by U. S. Steel
_____
$18,373,128 70
Corporation) to the.sum of
Bonds have also been issued -13-5T subsidiary companies for •
985,795 00
funding unsecured indebtedness and for working capital...
There were also issued and sold during the period named
(1901-1908) U. S. Steel Corporation 10-60 Year 5 per
cent bonds as follows:
For account construction and capital ex$20,000,000 00
penditures
For account purchase of stock of Tennessee
30,000,000 00
Coal Iron & Railroad Co
$50,000,000 00
Treasury Bonds Subject to Sale.

There were on hand at the close of the year in the Treasury
of the United States Steel Corporation, available for sale,
various bonds of subsidiary companies of an aggregate par
value of $4,789,000, a net decrease of $60,000 compared
with the amount so available at close of preceding year$192,000 of bonds having been issued and $252,000 having
been sold or canceled during the year. The foregoing bonds
were issued by subsidiary companies to provide funds for
construction and were purchased by the U. S. Steel Corporation, but, being held in its Treasury as disposable assets,
are not included in the schedule of outstanding bonds, no




Chicago Lake Shore ct Eastern By. Co. Federal Equipment
Trust Bonds
$1,190,000
Chicago Lake Shore & Eastern By. Co. American Equipment
Trust Bonds
815,000
Connelisville & Monongahela By. Co. First Mortgage Bonds_ _
929,000
Monongahela Southern RR. Co.First Mortgage Bonds
1,200,000
Bessemer & Lake Erie RR. Co. National Equipment Trust Bonds 280,000
Youghgahela Water Co. First Mortgage Bonds
375.000,
There may alFo be issued at any time to cover capital expenditures made, bonds at par, as follows:
Union Steel Co. First Mortgage and Collateral Trust Bonds__
Duluth Missabe & Northern Ry. Co. General Mortgage Bonds

$4,789,000
3,074,000.
4,058,000.

Total of Capital Obligations authorized or created for capital expenditures made, and held in the treasury subject
to sale, but not included in Assets as shown in the General Balance Sheet
$11,921,000

A detailed schedule of the various issues of bonds outstanding on Dec. 31 1908, also of bonds held by Trustees of Sinking Funds, the interest on which is currently paid into the.
sinking funds, will be found on page 36 of the pamphlet
report.
PURCHASE MONEY OBLIGATIONS, BILLS PAYABLE
SPECIAL DEPOSITS OR LOANS.

AND

During the year 1908 payments were made in the discharge
of unsecured liabilities of the above character as follows:
Purchase Money Obligations
Bills Payable
Special deposits or Loans

$731,044 90
1,012,247 59
133,650 27

$1.876,942 76
Bills payable were issued during the year in part payment for
the acquirement of sundry securities purchased for investment, to the amount of
800,000 00
Net decrease during the year in above named liabilities__ _$1,076,942 76.

Since April 1 1901 there has been paid off an aggregate
amount of liabilities of the above character of $45,255,067 53.
During the same period Purchase Obligations to the amount
of $5,008,563 75 were issued in connection with the acquirement of additional fixed property and other investments
and assets. Of the total amount paid off as aforesaid, the
sum of $10,403,724 40 represents moneys originally borrowed
by subsidiary companies, or received and used as working
capital; the balance, $34,851,343 13, represents specific
obligations originally incurred in the acquirement of property, or for moneys used for the purchase of property or the.
discharge of capital liabilities.
The outstanding liabilities of the above classes at Dec. 31
1908, in comparison with amounts outstanding at 'close of
the preceding year, were as follows:
Outstanding
Dec. 311908.
Purchase Money Obligations...32,527,655 75
Bills Payable
840;500 00
923,845 31
Special Deposits or Loans
Total

Outstanding
Dec. 31 1907.
$3,258,700 65
1,052,747 59
1,057,495 58

Decrease.
$731,044 90.
212.247 59
133,650 27

$4,292,001 06 $5,368,943 82 $1,076,942 76
PRODUCTION.

The production of the several subsidiary properties for
the year 1908, in comparison with the results for the year
1907, is shown in the subjoined table. In order to make
the comparison upon relatively the same basis, the production figures of the T. C., I. & RR. Co. for the entire year
1907 have been included in the results shown below for that
year:

Bonded, Mortgage and Debenture Debt, December 31
$594,865,534 29
1908
Net Decrease during the year ending December 31 1908_

755,

- --- in the assets of the organization as shown by the General Balance Sheet. The bonds on hand in the Treasury Dec. 31
1908 were as follows:•

Products.
Iron Ore MinedIn Lake Superior Ore Region:
Marquette Range
Menominee Range
Gogebie Range
Vermilion Range
Mesaba Range
In Southern Ore Region:
Tennessee Coal. Iron & RR. Co.'s Mines
Total
Coke ManufacturedBee-Hive Ovens
By-Product Ovens

1908.
Tons.

1907.
Tons.

830,087
1,021,598
1,078,025
927,206
11,272,397

1,170,49&
1,625,358
1,425,457
1,724,217
16,458,273.

1,533,402

1,576,757

16,662,715

23,980,556.

7,591,062
578,869

12,716,013.
828,751

8,169.931

13,544,764

Coal Mined, not Including that used in making coke_ 3,008,81e
2,186,007
Limestone Quarried
Blast Furnace Products6,810,831
Pig Iron
74,716
Spiegel
48,861
Ferro-Manganese and Silicon

3,550,510
3,201,222
11,234,447
130,554
57,794

6,934.408

11,422,795

4,035,275
3,783,438

7,556,460
5,786,532

7,838,713

13,342,992

Total

Total
Steel Ingot ProductionBessemer Ingots
Open Hearth Ingots
Total

Rolled and Other Finished Steel Products for Sale1,050,389
Steel Rails
551,106
Blooms, Billets, Slabs, Sheet and Tin Plate Bars_
312,470
Plates
313,733
Heavy Structural Shapes
Merchant Steel, Skelp, Hoops, Bands and Cotton
577,591
Ties
654,428
Tubing and Pipe
93,406
Rods
1,275,785
Wire and Products of Wire
770,321
Sheets-Black, Galvanized and Tin Plate
403,832
Finished Structural Work
84,669
Angle and Splice Bars and Other Rail Joints
40,252
Splices, Bolts, Nuts and Rivets
24,057
Axles
54,893
Sundry Steel and Iron Products
Total
Spelter
Sulphate of Iron
Universal Portland Cement

1,879,985
761,195
894,384
587,954
1,338,833
1474,629
126,095
1.481,226
1,070,752
719,887
195,157
67,991
189,006
77,463

6,206,932

10.564,537

28,057
26.411
Bbls.
4,535,300

31,454
24,540
Bbls.
2.129,700

756

[Vot. Lxxxvin.

THE CHRONICLE
INVENTORIES.

At Dec. 31 1908 the aggregate book valuation of the inventories of all the properties equaled $143,179,629, in comparison with a total at close of the preceding year of $136,188,874, an increase of $6,990,755. This increase is attributable chiefly to the larger quantities on hand at close
of 1908 of iron ore, pig tin and spelter. At Dec. 31 1908
the tonnage of iron ore on hand in stock piles at mines, at
furnaces and at lower lake docks was 24% greater than at
close ofthe preceding year. The average price at which
the ore was inventoried is, however, somewhat less, as
shown by an increase of only 13.5% in valuation, against an
increase of 24% in quantity.
Inventories were taken on the basis of actual purchase or
production cost of materials to the respective companies
holding the same, unless such cost was above the market
value on Dec. 31 1908, in which case the market price was
used. Inventory valuations are believed to be conservative,
the aggregate valuation for all raw, partly finished and finished materials produced within the organization being below the market price on Dec. 31 1908. Inventory valuations do, however, include the profits on materials embraced
in inventories which have been purchased by one subsidiary
company from another; but, as shown by the General Balance Sheet, such profits are segregated and carried in a specific surplus account, and will not be included in the reported
earnings of the entire organization until such profits shall
have been converted into cash or a cash asset to the organization. The specific surplus account referred to is, therefore, practically a guaranty fund for these profits so locked
up in inventories pending realization in cash.
CAPITAL EXPENDITURES.

The expenditures made during the year by all companies
and properly chargeable to capital account, for the acquisition of additional property and construction, less credits
for property sold, equaled the aggregate sum of $49,422,697 42. All of the above expenditures comprehend, as
stated in the certificate of the chartered accountants (see
page 31), only actual additions and extensions to the plants
and properties. The capital expenditures are classified by
property groups as follows:
Gary. Indiana, Plant, the City of Gary and terminal railroad
work adjacent thereto
;18,733,841 04
Other Properties, exclusive of Tenn. Coal, Iron & RR.Co., viz.:
Manufacturing Properties
14,610,51746
Coal and Coke Properties
1,938,401 65
Iron Ore Properties
3,103,96593
Transportation Properties
7,238,627 29
Miscellaneous Properties
336,351 05
Tennessee Coal, Iron do RR. Co.'s properties, viz.:
Manufacturing Plants
*2,399,266 83
Ore, Coal and Limestone Properties
831,474 41
Birmingham Southern Railway
139,737 57
Sundry Real Estate
90,514 19
3,460,993 00
Total for the year:1908

counts of the organization of the charges and payments
named.
EMPLOYEES AND PAY-ROLLS.

The average number of employees in the service of all
companies during the fiscal year of 1908, in comparison
with the fiscal year of 1907, was asiollows:
1908.
Number.
118,557
17,164
13,135
14,165
2,190

1907 .
Number.
151,670
21,447
16,462
18,133
2,468

165,211
$120,510,829

210,180
$160,825,822

Emptoyees of—
Manufacturing Properties
Coal and Coke Properties
Iron Ore Properties
Transportation Properties_
Miscellaneous Properties
Total
Total annual salaries and wages

SUMMARY OF EXPENDITURES FOR ADDITIONAL PROPERTY
AND CONSTRUCTION AND FOR PAYMENT OF
CAPITAL OBLIGATIONS.
From April 1 1901 to December 31 1908.

The following is a summary of the payments which have
been made by all companies since April 1 1901 (the date of
organization of U. S. Steel Corporation) for the abovenamed purposes ,viz.:
For Additional Property and Construction
$255,497.987 37
For Bonds and Mortgages discharged, exclusive of bonds redeeemed with Sinking
$14,131,185 61
Fund moneys
For Bonds redeemed with Bond Sink. Funds 40,192,284 15
For Purchase Money Obligations paid off,
originally issued for acquirement of prop34,851,343 13
erty
$89,174,812 89
Less, Amount of securities included in this
total of payments which were origin lly
issued after April 1 1901 in financing property and constructionlexpenditures made
subsequent to that date
3,303,793 53
85,871,019 36
Total payments on capital account
$341,369,006 73
Of the foregoing total expenditures and payments there
have been financed by the issue and sale of securities the
following amounts, viz.:
By U. S. Steel Corp. 10-60-Year 5% Bds_620,000,000 00
By Union Steel Co. Mtge. and Coll. Trust
Bonds issued and sold for account of
construction expenditures on that company's properties made since Dec. I 1902 6,456,727 79
By Bonds and Mtges. of sundry subsidiary
companies
11,916,400 91
4,103,528 20
By Purchase Money Obligations issued
$42,476,656 90
Less, Amount of the foregoing securities
to
Dec.
31
retired
'08
3,303,793 53
up
which have been
39,172,863 37
Balance of expenditures

6302,196,143 36

;49,422,697 42

This balance of capital expenditures has been paid with
The funds for the payment of the expenditures made during the year 1908, as above, have been provided from the funds derived from the following sources, to wit:
Bonds paid from Bond Sinking Funds set aside from net
following sources, viz.:
From Bonds disposed of and assumed during the year for
account construction outlays
$1,542,000 00
From Depreciation, Replacement and Sinking Funds appropriated for payment of expenditures included therein
2,604,158 87
From General Construction Fund appropriated from surplus
net income
•
3,241,382 31
From Special Construction Fund appropriated from surplus
net income for account Gary, Ind., Plant and Property_ 18,848,472 19
And the balance has been advanced from the general surplus
account as an investment thereof in the Property Account_ 23,186,684 05
Total

$49,422,697 42

In addition to the foregoing amount of expenditures made
during the year for additional property and construction,
there was expended the gross sum of $7,453,158 33 for stripping the overburden from ore bodies preliminary to mining
ore from open pits, for additional logging equipment, &s.
Against this charge was credited $1,813,611 for expenses
of foregoing character absorbed in operating expenses for
1908, for mining ore and timber logged, leaving a net increase
during the year in the amount invested in stripping outlays and logging equipment. of $5,639,547 33. The total
investment at Dec. 31 1908 in these operations and carried
in Property Account equals $15,936,929 20, all of which will
be absorbed in operating expenses. when respectively the
ore thus uncovered is removed and timber is cut.
Since April 1 1901 (the date of organization of United
States Steel Corporation) to Jan:.1 1909 the amount expended by all companies for additional property and construction (including expenditures by T. C., I. & RR. Co.
from Nov. 1 1907 only) equaled $255,497,987 37.'
Reference is made to statement in the next column,
showing the sources from which were provided the funds for
payment of the foregoing total of capital expenditures made
since April 1 1901; also for the payments made since same
date of capital liabilities (bonds, mortgages and purchase
obligations), together with the disposition made in the ac-




earnings, and the interest accretions thereon

*40,192,284 15

Expenditures paid from bond sinking, depreciation and
improvement funds, and from surplus net income, and
formally written off thereto by authority of the Board of
Directors, the Property Account being correspondingly
reduced, viz.:
Paid from Sink'g,
Depreciation and
Improv't Funds.

Paid
from Surplus
Net Income.

Expended for—
Additional Property
and Construction___ _ $25,114,572 27
Payment of , Capital
9,790,380 82
Obligations

$132,294,974 65

$34,904,953 09

$148,142,161 08

15,847,186 43

183,047,114 17
Total of payments made from Funds and Surplus Net income and charged off thereto
$223,239,398 32
And the funds for the balance of the outlays have been ad•
vanced from the capital surplus at date of organization
and the surplus net income of the U. S. Steel Corporation
and the Subsidiary Companies as shown at Dec. 31 1908_ _ 78,956,745 04
Total-------------------------------------------$302,196,143 36
VOLUME OF BUSINESS.

The volume of business done by all companies during the
year, as represented by their combined gross sales and
earnings equaled the sum of 8482,307,840 34.
This amount represents the aggregate gross value of the
commercial transactions conducted by the respective companies, and includes sales made between the subsidiary companies and the gross receipts of the transportation companies
for services rendered both to subsidiary companies and to
the public.
The earnings for the year resulting from the above gross
business represent the combined profits accruing to the several corporate interests on the respective sales and services

MAR.20 1909.}

THE CHRONICLE

757

rendered, each of which is in itself a complete commercial of lesser activity in the United States, was most forcibly
illustrated during 1908. An essential feature necessary to
transaction.
the successful conduct of a foreign trade, and one that can be
EMPLOYEES' STOCK SUBSCRIPTIONS.
obtained only by remaining continuously in the business,
In January 1909 there was offered to the employees of the is that the manufacturer, his grades of goods and his methods
United States Steel Corporation and of the Subsidiary Com- shall become known to the consumers. Otherwise the use
panies the Privilege of subscribing for 18,000 shares of Pre- of the foreign market is largely limited to the so-called
ferred Stock and 15,000 shares of Common Stock at the price "dumping process," which is only accomplished at profitless
of $110 per share for the former and $50 per share for the prices.
In the domestic trade the prices received for steel products
latter. The conditions attached to the offer and subscription were substantially the same as those under which Pre- shipped in 1908 averaged substantially the same as those
ferred Stock had been offered in each of the previous six received in the preceding year.
The expenditures made by the subsidiary companies during
years, excepting as to the subscription price. Moreover,
because of the lower price at which the Common Stock was the year for additional property, construction and improveoffered, as compared with the price for the Preferred, the ments, including outlays for account of the Gary Plant in
special bonus to be paid subscribers who retain their stock Indiana and for the Tennessee Coal, Iron & RR. Co., were
for five years was fixed for the Common shares at one-half as follows:
the amount of bonus which is to be received by holders of Additional Property andlConstructIon:
For all properties except
te
$27,227,863 38
those nod:below
Preferred shares. Subscriptions were received from 19,192
.
For Gary Plant
18,733,841 04
employees for an aggregate of about 23% in excess of the
For Tennessee Coal, Iron & RR. Co
3,460,993 00
amount of stock offered. Subscriptions were reduced pro Improvements and Extraordinary Replacements
10,729,603 92
rata except that employees subscribing for stock equaling
$60,152,301 34
a value at the subscription price of $110 or less per employee
The purposes for which the above expenditures were made
were allotted the full amount subscribed for. The total
number of shares allotted was 18,000 of Preferred and 15,318 are shown in considerable detail in tables in this report.
of Common Stock. At Dec. 31 1908 there were 22,960 em- Generally speaking, the outlays were made in the continuaployees who had purchased Preferred Stock under offers tion and completion of additions and improvements which
made by the Corporation, and who on that date either held had been authorized and were under way at the time of the
the certificates of stock or were making monthly payments commencement of the industrial depression which followed
the financial panic in the fall of 1907. Some new work of
on account of the purchase price thereof.
considerable magnitude was, however, authorized during the
OF
ACCOUNTS AND STATISTICS. year, principally by the coke properties, to provide the added
BALANCE SHEET,STATEMENTS
requirements called for by the additional furnaces comThe statements of accounts, statistics, &c., presented fuel
pleted and nearing
at Gary, Carrie, Duquesne
in this report comprehend, unless otherwise specifically and Youngstown; bycompletion
the iron ore properties in opening and
stated, the combined results for the Uinted States Steel developing mines in order to
supply the increased ore tonnage
Corporation and all of the Subsidiary Companies, including
required by these additional furnaces; the increase in the
the Tennessee Coal, Iron & Railroad Company.
The Condensed Balance Sheet, page759,exhibits the com- lake transportation facilities by the purchase of two additional
bined assets and liabilities of the United States Steel Cor- 11,000-ton ore steamers; and by the T. C., I. & RR. Co. in
poration and of the several Subsidiary Companies, based on opening new ore mines and rehabilitating and enlarging the
the valuations at which the stocks of the Subsidiary Com- capacity of its blast furnaces. There was also commenced,
panies and the Carnegie Company bonds were acquired by near the close of the year, an extension of the cement plant
the Steel Corporation, but liabilities from one company to at Universal, Pa., which will increase the daily capacity of
this plant from 4,000 to 10,000 barrels. With the compleanother are omitted from both liabilities and assets.
The outstanding capital stocks of subsidiary companies tion of this extension, the annual capacity of the cement
which are not held by the United States Steel Corporation plants operated by the Universal Portland Cement Co. (a
show a net decrease during the year of $121,507 50. This subsidiary company) will be 8,200,000 barrels of Universal
results from the acquirement during the year by the Corpora- Portland cement. In the year 1908 there were shipped to
tion of an additional $158,405, par value, of Tennessee Coal, customers 4,138,757 barrels of cement, against 2,322,875
Iron & RR. Co.'s stock, less the issue to outside holders barrels in 1907. This increase was made possible through
of $36,897 50 of that company's stock purchased by them the completion and placing in operation, late in 1907, of
under subscriptions made prior to the date at which a con- Plant No. 4, at Buffington, Indiana, and Plant No. 5, at
trolling interest in the Tennessee company's stock was Universal, Pa.
At the close of the year there were unexpended on approacquired by the Corporation.
The accounts of the Steel Corporation and of the Subsid- priations authorized for construction and improvement puriary Companies for the year 1908 have been audited by Price, poses the following sums: For all properties exclusive of
Waterhouse & Co., the chartered accountants selected for Gary, $28,200,000; for Gary, $22,500,000; total, $50,700,000.
this purpose by the stockholders at the annual meeting It is estimated that about 75% of this total will be expended
April 20 1908. The certificate of the chartered accountants during the year 1909.
Since the organization of the Corporation there have been
is printed in full on page 31 of pamphlet.
expended for additional property and construction (exclusive
GENERAL.
of the cost at date of acquirement of Union Steel and ClairThe depression which began in the fall of 1007 in nearly ton Steel companies, and of the stock of T. C., I. & RR. Co.)
all lines of industry throughout the United States continued the following amounts:
durinc,the year 1908 and was severely felt in the steel and For account of the Gary, Indiana, Plant, Including the
of the City of Gary and terminal railroad work__ $42,797.229 57
iron elude. The extent to which these changed conditions Forbuilding
116,155,559 41
account of the Manufacturing Properties
affected the business of the susbidiary companies of the or(including expenditures by U. S. Steel Corporation)
20,056,764 27
the Coke and Coal Properties
ganization is shown by the decreased earnings and output For account of"
23,120,539 17
Iron Ore Properties
in 1908 as compared with similar results for the preceding
49,026,895 81
Transportation Properties
4,340,999 14
" Miscellaneous Properties
year. The production of rolled and other finished steel products for sale to consumers outside of the organization was
$255,497,987 37
Total Capital Expenditures
in 1908 only 6,206,932 tons the lowest for any calendar year
the same period there was expended for extraordisince the United States Steel Corporation has been organized. During
92,534,952 12
nary replacements and betterments the sum of
The falling off in business compared with the year 1907 was
more marked in the domestic than in the export trade, as
$348,032,939
49
Total
shown by the following figures of shipments of all kinds of
On account of the foregoing expenditures there were issued
products to customers:
1907.
and disposed of bonds, mortgages and purchase obligations
Decrease.
%
1908.
Domestic—
Rolled and Other Finished Steel
subsidiary companies to the amount of $39,172,863 37,
9,477,491 3,972,401 41.9 of
5,505,090
Products
417,514
162,589 38.9 leaving a balance of expenditure of $308,860,076 12, the
Pig Iron, Spiegel. Ferro and Scrap 254,925
2,310,108
43.1
Coke
995,813
and
Coal
1,314,295
Iron Ore,
funds for the payment of which have been provided from
844
2.9
28,990
28,146
Sundry materials and By-Products
the current earnings and surplus of the organization. There
Total tons all kinds of material,
have also been paid off through operation of the bond sink7,102,456 12,234,103 5,131,647 41.9
except cement
funds and by discharge upon their maturity, $85,871,ing
*1,815,882
2,322,875
4,138,757
(Bbls.)
Cement
019 36 of bonds, mortgages and other capital obligations
Export—
which were outstanding at the time of the organization of
Rolled and Other Finished Steel
236,738 23.3 the U. S. Steel Corporation.
1,014,014
777,276
Products
. 21,898
21,898
The expenditures for new property, construction and imPig Iron and Scrap
___
164
68
232
Sundry Materials and By-Products
provements as above have greatly strengthened and
214,676 21.2 enlarged the properties in every respect. The following
1,014,082
Total tons all kinds of materials 799,406
table shows the comparative normal annual productive
capacity of basic manufactured products at April 1 1901
• Increase
The export business constituted about 12.4% of the entire and Jan. 11909. The facilities of the iron ore, coke and coal
shipments of rolled and other finished steel products. The and transportation properties have been also increased
average prices received for exported material of all kinds, contemporaneously with the enlargement of and additions
while somewhat lower than was received in the preceding tO the manufacturing properties; and large additions have
year, compared very favorably with the average for the likewise been made to the reserves of unmined ore and coal.
domestic business. The advantage to both the manufac- In the capacity figures at Jan. 1 1909 there are included only
turer and the employees of the permanent establishment such units of the Gary Plant as are ready for operation at the
of a fair volume of foreign trade, especially during periods date of writing of this report.




64

"

41

(VOL: xxxxvm.

THE CHRONICLE

758

COMPARATIVE ANNUAL PRODUCTIVE CAPACITY.
April 1 1901 and January 1 1909.
INCREASES SINCE APRIL 1 1901.

C,1PACIT Y
April 1 1901.

Tons.
7,440,000
9,425,000
7,719,000
Barrels.
500,000

'Mast Furnace Products
Steel Ingots
Rolled and Other Steel and Iron Products for sale
Cement

During the last eighteen months the subsidiary companies
of the Corporation have increased their open hearth steel
capacity by 3,052,000 tons. This includes 500,000 tons of
steel capacity controlled by the Tennessee Coal, Iron & Railroad Company. During the same period the Bessemer steel
capacity of the subsidiary companies was reduced (by reason of substitution of open hearth for Bessemer) by 746,000
tons, leaving a net increase in the total steel capacity of
2,306,000 tons, of which 1,806,000 tons resulted from enlargements of old plants and the new plant at Gary, and
500,000 tons by the addition of the Tennessee Coal, Iron &
Railroad Company.
Notwithstanding the increases in capacity by purchase of
other companies and by extensions completed, as indicated,
the subsidiary companies of the Corporation have not in the
aggregate retained their. relative position in the trade.
Based on the figures of actual production of pig iron and steel
(the basic products), the situation in 1908 as compared with
1901 in respect of the proportion of the iron and steel business controlled by the subsidiary companies of the U. S.
Steel Corporation and by all other manufacturers is as shown
below. The percentages for 1908 for subsidiary companies
of this Corporation include, of course, the output by the
Tennessee Coal, Iron & RR. Co., which in that year was
3.2% of the country's entire production of pig iron, 4.4%
of the entire production of open hearth steel, but only 2.5%
of the total production of open hearth and Bessemer steel
ingots.
Pig IronIn 1901.In 1908
Percentage produced by subsidiary companies of U. S. Steel
Corporation in each of the years named
43.2
43.5
Percentage produced by all other Manufacturers
56.8
56.5
100.0

110.0

Steel IngotsPeratetage produced by subsidiary companies of U. S. Steel
Corporation In each of the years named:
Bessemer Steel
70.1
Open Hearth Steel
58.8

66.3
48.6

Total by U. S. Steel Corporation interests
Percentage produced by all other Manufacturers:
Bessemer Steel
Open Hearth Steel
Total by all other interests

66.2

56.4

29.9
41.2

33.7
51.4

33.8

43.6

100.0

100.0

By Purchase
of Union and
Clairton Cos.

Tons.
1,228,000
1,258,000
1,103,000

Due to Additions and ImBy Purchase
provements
of Tennessee
made by the
CAPACITY
Coal, Iron de. Companies after Jan. 1 1909.
Railroad Co.
their acquirement by U. S.
Steel Corp'n.
Tons.
1,000,000
500,000
400,000

Tons.
5,322,000
5,887,000
3,678,000
Barrels.
5,600,000

Tons.
14,990,000
17,070,000
12,900,000
Barrels.
6,100,000

Construction work in the development and the building
of the city of Gary, as outlined in the last annual report, has
been carried on vigorously. Nearly all of the dwelling houses
and other buildings planned to be constructed by the company have been completed and are occupied. About ten
miles of the street paving has been completed. There have
also been built over eleven miles of cement sidewalk. The
entire first sub-division is now being supplied with electric
light, water and gas, and is equipped with a complete sewer
system. The power required for furnishing these facilities
is supplied from the manufacturing plant. Within the first
sub-division there have been built or are in process of building seventy-four business blocks of substantial construction, costing in the aggregate $1,147,000. All of the buildings completed are occupied. One hundred and forty-three
dwelling houses and flats have been completed in the first
sub-division by outside parties at an estimated cost of
$486,000. At this date there are approximately sixty additional dwelling houses and fiats in process of building by
outside parties. At Jan. 1 1909 there had been sold by the
company a total of 449 building lots, and this number was
increased during the month of January 1909 by the sale of
an additional 184 lots. The sales of lots now being made
are largely to employees, who are purchasing for the purpose
of building homes. About 130 acres of land lying immediately east of the first sub-division has been sold to the
American Locomotive Company for use as a manufacturing
site. It is the intention of the Locomotive Company to erect
on this site a plant for the manufacture of locomotives which
will have a capacity of fifty finished locomotives per month
and will employ about 3,500 men.
The terminal railroad work adjacent to the plant and the
City of Gary referred to in detail in last annual report, was
substantially completed during the year. The main line
of the Lake Shore & Michigan Southern Railway Co. was
reconstructed with double track and relocated for a distance
of 11.75 miles, its traffic being diverted from its old to the
new line on Aug. 27 1908. The Baltimore & Ohio Railroad
was reconstructed with double track and relocated for a
distance of 10 miles, the new line having been placed in
operation on July 19 1908. The construction of the new line
of railway from a connection with the Chicago & Indiana
Southern RR., east of the plant site, southwesterly and
westerly, passing to the south of the City of Gary, to the
town of Gibson, where connection was again made with
the Chicago & Indiana Southern RR., a distance of 7.6
miles, was completed and placed in operation on Nov. 8
1908. This line of railroad is leased to the Chicago & Indiana Southern RR. Co. The old line of the last-named
railroad, and which passed through the plant site, was reconstructed and relocated and is leased to the Chicago Lake
Shore & Eastern Ry. Co. (a subsidiary company of the Corporation) and will be used by it in serving the manufacturing plant. In the large railroad yard just west of the steel
plant, 51.19 miles of yard tracks and sidings have been graded
and laid. The yard was opened for service on Nov. 15 1908.
At the eastern end of this yard there have been constructed
and put into operation a large round house, coal chutes,
power plant, machine shops, &c. Within the steel plant
there have been laid 79.25 miles of standard gauge sidings
and tracks connecting the several mill departments with one
another and with the main line of the Chicago Lake Shore
& Eastern Railway.
The Board takes pleasure in acknowledging the loyal and
efficient services of the officers and employees of the Corporation and the several subsidiary companies.
ors.
By order of the Board of Directors.

All of the construction work account of the manufacturing
plant at Gary, Indiana the City of Gary and the terminal
thereto was carried on continuously
railroad work adjacent'
and actively during the past year.
At the manufacturing plant, four of the blast furnaces
have been completed, three being now in operation. The
first pig iron was produced on Dec. 211908. The remaining
four blast furnaces now under construction will be completed
during the year 1909. Ot the fifty-six open hearth furnaces
authorized to be constructed, one unit of fourteen furnaces
is completed, another unit of fourteen furnaces is nearing
completion and a third unit of fourteen furnaces will be completed during the current year. Several open hearth furnaces in the first unit are now in operation, the first steel
having been produced on Feb. 2 1909. The rail mill is completed and is now in operation, the first rail having been
rolled on Jan. 24 1909 from steel ingots supplied from other
plants. The billet mill will be completed by July 1 1909.
Construction work on the 160-inch plate mill, on a group of
merchant mills,and on the car-axle plant,iswell under way,
the expectation being that all of these finishing mills will be
H. GARY,
completed and in operation before the close of the present
year. A full complement of mechanical shops, including
hai
machine shops, foundry, pattern shop, blacksmith shop and
WILLIAM
E. COREY,
roll shop, together With necessary equipment and machinery,
has been completed, and the several shops are now in operaPresident.
tion, furnishing economical facilities for aiding in the general construction work at and the operation of the plant.
We have audited the following Balance Sheet, and certify
The vessel slip, together with docks, including ore-handling
apparatus, have been completed. The ore docks have a that in our opinion it is properly drawn up so as to show the
capacity for handling and storing 2,000,000 tons of iron ore. true financial position of the United States Steel.Corporation
The organization of the operating force has been developed and Subsidiary Companies on Dec. 311908.
as the several mill departments have approached completion,
PRICE, WATERHOUSE & CO., Auditors.
and at the present time the plant is in readiness to produce
pig iron, steel ingots and open hearth steel rails.
New York, March 8 1909.




759

THE CHRONICLE

MAR. 20 1909.1

UNITED STATES STEEL CORPORATION AND SUBSIDIARY COMPANIES CONDENSED GENERAL PROFIT AND LOSS ACCOUNT.
For Year Ending December 31 1908.
Dross Receipts—
$482,307,840 34
Gross Sales and Earnings (see page 756)
Operating Charges, viz.:
Manufacturing and Producing Cost and
Operating Expenses, including ordinary maintenance and repairs and
provisional charges for depreciation_$384,700,283 73'
Administrative, Selling and General
Expenses, and Employees Bonus
Funds (not including general expenses of transportation companies) 12,932,696 1:1
Taxes
5,361,160 20
Commercial Discounts and Interest__ _
2,707,181 06
$405,701,321 12
Less, Amount Included in above
charges for provisional reserves for
depreciation now deducted for purpose of showing the same in separate
item of charge, as see below
16,965,181 46
Balance
Sundry Net Manufacturing and Operating
Gains and Losses, including Idle Plant
expenses, Royalties received, Depreciation in inventory valuations. &c-Rentals received

388,736,139 66
$93.571,700 68

$628,194 92
860,610 13

1,488,80505

Other Income—
Net Profits of Properties owned, but whose
operations (gross revenue, cost of
product, expenses, &c.) are not included
$520,641 23
in this statement
Interest and Dividends on Investments and
3,777,438 73
on Deposits, dec

Balance, being the aggregate earnings of the several
companies for the year before deducting provisional
*91,957,380 51
charges for depreciation
Less, Net Balance of Profits earned by subsidiary companies on sales made and service rendered account of
materials on hand at close of year in purchasing companies' inventories, and which profits have not yet been
realized in cash from the standpoint of a combined
statement of the business of the U. S. Steel Corporation and subsidiary companies
109,68994
Earnings for the Year 1908, per Income Account.
$91,847,710 57
page 32
Less, Appropriations for various Depreciation Funds_ _ _ - 16,965,181 46
Net Earnings in the year 1908

Total Net Manufacturing, Producing and Operating
Income,before deducting provisional charges for de$95,060,505 73
preciation

DECEMBER 31 1908.

LIABILITIES,
Capital Stock of U. S. Steel Corporation—
Common
$508,302,500 00
Preferred
360,281.100 00

ASSETS.
Property Account—
Properties Owned and Operated by the Several Companies—
Balance of this account as of Dec. 31
$1,435.540,068 50
1907
Adjustments during 1908 in the foreCredit 114,843 46
going balance
Expended for Additional Property
49,422,697 42.
and Construction in 1908

$868.583,600 00
Capital Stocks of Subsidiary Companies Not Held by
U. S. Steel Corporation (Par Value)
Bonded and Debenture Debt—
United States Steel
Corporation 50-Year
$303,957,000 00
5% Bonds
United States Steel
Corporation 10-60200,000,000 00
Year 5% Bonds_

$1,484,847,922 46
Less, Charged off to the following accounts, viz.:
To Bond Sink. Funds $660,000 00
To Depreciation, Extinguishment and
Replacement F'ds 3,892,342 49
To Funds provided
from Surplus Net
income for payment
of capital expenditures(see page 754)22,09,854 50
26,642,196 99

640.302 50

$503,957,000 00
Less, Redeemed and
held by Trustees of
Sinking Funds
28,690,500 00

$1.458,205,725 47
Expenditures for Stripping and Development at Mines, and
Investment in Structural Erection and
Logging Plants, viz.:
Bal. at Dec. 31 1907$10,297,381 87
Net increase during
the year 1908_
_ 5,639,547 33
15,936,929 20
$1,474,142,654 67

$475,266.500 00
Balance outstanding
Subsidiary Cos.' Bonds
(Guaranteed by U.
S. Steel Corpor'n)__ $47,769,000 00
Subsidiary Cos.' Bonds
(not guaranteed by
: TJ S. Steel Corp'n)_ 79,557,342 85
.;1
$127,326,342 85
Less. Redeemed 'rand
held by Trustees of
9,396,000100
Sinking Funds
Balance outstanding
Debenture Scrip, Illinois Steel Co

117,930,342 85
34,366 66
1593.231.209 51

Capital Obligations Authorized or Created for Capital
Expenditures Made (Held in the Treasury Subject to
sale, but Not Included in Assets—See
page 755.)
Subsidiary Cos.' Bonds, not included
in this Balance Sheet as either a Liability or an Asset
$11,921,000 00
$9,106,666 18
2,800,000 00
6,306.666 18

Investments—
Outside Real Estate and Investments in sundry securities, including Real Estate Mortgages and Land Sales
Contracts
Sinking and Reserve Fund Assets—
Cash resources held by Trustees account of Bond Sinking Funds
($38,085,500 par value of Re(leemed Bonds held by Trustees
not treated as an asset.)
Contingent Fund and Miscellaneous
Assets
Insurance Fund Assets (at cost)- -.
Depreciation and Extinguishment
Fund Assets (at cost)
Investments (at cost for Special Construction Fund for Gary Plant)-- -

$74,882,529 11

• Includes charges for ordinary maintenance and repairs, approximately
$27,000,000. See table on page 753.

CONDENSED GENERAL BALANCE SHEET

Deferred Charges to Operations—
Payments for Advanced Mining Royalties, Exploration expenses and
Miscellaneous charges, chargeable
to future operations of the properties
Less: Fund reserved from Surplus to
cover possible failure to realize Advanced Mining Royalties

4,298,079 96

$99,358,585 69
Total
Interest Charges—
Interest on Bonds and Mortgages of the
$7,189,491 50
Subsidiary Companies
Interest on Purchase Money Obligations and
Special Deposits or Loans of the Subsidiary Companies
211,713 68
7,401,205 1*

3,082.999 57

$543,961 90

Mortgages and Purchase Money Obligations of Subsidiary
Companies—
;1,634,324 78
Mortgages
2,527,655 75
Purchase Money Obligations
4,161,980 53
Current Liabilities—
Current Acc'ts Payable and Pay-Rolls.. $20,858,014 34
840,500 00
Bills Payable
Special Deposits or , Loans due em923,845 31
ployees and others
3,577,024 09
Accrued Taxes not yet due
Accrued Interest and Unpresented
7,986,038 12
Coupons
Preferred Stock Dividend No. 31,
6,304,919 25
Payable March 1 1909
Common Stock Dividend No. 21.
2,541.512 50
Payable March 30 1909
43,031,853 61

1,902,755 53
5,009,555 05
13,269,254 28
2,537,507 23
23,263.034 89

Current Assets—
*143,179,628 56
Inventories
Accounts Receivable
34,708,118 43
6,201,532 12
Bills Receivable, Customers
711,043 51
Agents' Balances
4,823,800 16
Sundry Marketable Bonds and Stocks
50,000 00
Loans on Collateral
Cash (in hand and on deposit with
Banks, Bankers and Trust Com40,548,053 46
panies subject to check)
239,222,176 24

Total Capital and Current Liabilities
$1.509.648.946 15
Sinking and Reserve Funds—
Sinking, Depreciation and Replacement
$42,546.313 67
Funds, per table on page 754
General Construction Fund for author682.432 65
ized appropiations (see page 754)..
Special Construction Fund for account
7,202,770 43
Gary, Ind., Plant (see page 754) _ _
Contingent and Miscellaneous Operat8,722,064 27
ing Funds
5,725,778 47
Insurance Funds
64,879,359 49
38,074,011 74
Bond Sinking Funds with Accretions
Income appropriated for payment of
bond sink ng funds—Represented by
redeemed bonds not treated as assets
(the Interest on which is currently
added to the sinking fund) and by
cash—See Contra.
Undivided Surplus of U. S. Steel Corporation and Subsidiary Companies—
Capital Surplus provided in organization$25,000.000 00
Balance of Surplus accumulated by all
companies from April 1 1901 to Dec.
311908, per table on p. 32 pamphlet 80,079,477 47
Total Surplus exclusive of Subsidiary
Companies' Inter-Company Profits
$105,079,477 47
In Inventories
Undivided Surplus of Subsidiary Cos..
representing Profits accrued on sale
of materials and products to other
subsidiary companies and on hand
28,335,736 70
in latter's Inventories
133,415,214 17

$1,746,017,531 55

$1.746.017,531 5$

• Inventory valuations include profits accrued to:subsidiary companies on materials and productsitsold to other subsidiary companies and undlsposed
it by the latter—see contra specific surplus account for these profits. The total of all Inventories is, however, below the actual current market prices.




THE CHRONICLE

760

THE NEW YORK CENTRAL 86 HUDSON RIVER RAILROAD COMPANY.
-

FORTIETH ANNUAL REPORT-FOR THE YEAR ENDED DEC. 31 1908.
To the Stockholders of The New York Central & Hudson River
Railroad Company:
The Board of Directors herewith submits its report for
the year ended December 31 1908, with statements showing
the results for the year and the financial condition of the
company.
The mileage embraced in the operation of the road is as
follows:
Miles.
805.47
3.06
2,617.92
81.70
272.64

Main line and branches owned
Proprietary lines
'Lines leased
Lines operated under contract
Trackage lights
Total road operated

3,780.79

The slight decrease in road mileage operated is due to
change of alignment and measurement at various points on
the system. A statement showing in detail miles of road
and track operated will be found upon another page.
The capital stock authorized and outstanding is as follows:
Authorized to December 31.1008
$250,000,000 00
There was no change during the year in the amount issued
and outstanding; the total on December 31 1908 being
178,632,000 00
Balance authorized but not issued December 31 1908

$71,368,000 00

The funded debt outstanding on December 31 1907 was_$230,414,845 00
There have been issued and sold during the year, to provide
funds for extensions, additions and improvements to the
company's property,gold debentures of 1904 amounting to 13,000,000 00
Making the total funded debt outstanding on December 31 ipos
$243,414,845 00
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
1907.
1908.
Increase (+) or
3,780.79 miles 3,781.95 miles
Decrease (-).
Earningsfrom Operation- operated.
operated.
-1.16 miles.
Freight traffic
$51,200,547 11 $59,406,446 56 -$8,205,899 45
Passenger traffic
27,824,491 56 29,837,859 02
-2,013,367 46
3,577,454 78
Express traffic
3,584,721 72
+7,266 94
2,775,430 31
2,737,731 35
Transportation of mall
-37,698 96
2,455,295 65
+751,47541
Rentals
3,206,771 06
316,573 23
295,104 86
-21,468 37
Miscellaneous sources_ __ _
Totals

$88,849,367 66 $98,369,059 55

--59,519,691 89

(77.06%)
--(3.43%)
Expenses of Operation- (73.63%)
Maint. of way and struct_$10,768,284 26 $12,462,046 72 --$1,693,762 46
--1,403,347 86
Maintenance of equipment 13,420,282 68 14,823,630 54
--7,236,547 79
Conducting transportation 38,759,355 32 45,995,903 11
2,521,753 51
2,471,162 52
--50,590 99
General expenses
Totals

$65,419,084 78 $75,803,333 88 -$10,384,249 10

$23,430,282 88 $22,565,725 67
Net earnings
Other IncomeDividend on Lake Shore &
Michigan Southern stock $5,434,704 00 56,340,488 00
1,345,144 00
Div. on Mich. Cent. stock 1,008,983 00
Dividends and interest on
2,024,591 40
2,393,121 69
other securities
Interest on loans, notes
1,352,629 11
1,249,296 24
and sundry bills
550,171 77
148,001 43
Sundry misc. profits

+5864,557 21
--$905,784 00
-336,161 00
-368,53029:
+103,332 87.
+402,17034

$10,371,079 28 $11,476,051 36

--$1,104,972 08

$33,801,362 16 534.041,777 03
Gross income
First Charges58,501.964 02 58,214.519 58
Interest on funded debt
Interest on three-year 5%
952,646 21
1,045,048 60
gold notes of 1907
Interest on equipment
586,545 01
48,710 44
trust certificates
Interest on loans, notes
227,363 92
114,370 79
and bills payable
Use joint facilities: fixed
295,708 39
285,264 40
interest basis
St. L. & A. Railway: int138,600 00
154,750 00
erest, rentals, &c
N. Y. 80 Ottawa Railway:
57,660 00
58,240 00
interest on bonds
9,574,606 00
Rentals of leased lines__ _ 9,708,044 63
3,153,338 85
2,180,248 55
Taxes on real estate
329,796 35
330,821 03
Taxes.on special franchises
599,751 32
764,609 74
Taxes on capital stock
2,547 18
2,978 04
Taxes on bonded debt
159,944 33
160,629 62
Taxes on gross earnings
Railroad Commissioners'
18,447 65
7,200 00
assessments
3,795 40
5,283 65
Canadian provincial taxes

--$240,414 87

524,725,485 61 $22,957,948 09

+$1,767,537 52

Totals

Totals

+$287,444 44
--92,402 39
4-537,834 57
d-112,993 13
+10,443 99
--16,150 00
+580 00
--133,438 63
+973,090 30
--1,024 68
--164,858 42
--430 86
--685 29
--11,247 65
-1,48825

$9,075,876 55 $11,083,828 94 --$2,007,052 39
Net income
Cash dividends, four each
--1,786,320 00
8,931,600 00 10,717,920 00
year
Surplus

5144,276 55

$365,908 94

--$221,632 39

••••••
Mae

• 5% in 1908; 6% in 1907.
$144,276 55
Surplus for the year
14,608,092 24
Amount to credit of profit and loss, December 31 1907_
Add: amount credited from bills against sundry roads,
485,408 23
adjusting use of joint properties prior to 1908
$15,327,777 02
Deduct: ten per cent advance payment and
installments prior to current year, on
trust equipment
$1,195,030 60
Discount account Gold debentures of 1904.. 1,495,000 00
Discount, commissions and expenses, ac785,419 66
count equipment trust certificates
573,396 58
Injury claims prior to 1908
Improvements on Boston & Albany Rail229,386 93
road assumed by lessee
Cancellation of uncollectible charges and
101,772 29
sundry adjustments
Balance, December 31 1908

Maintenance of way and structures_310,768,284 26
Maintenance of equipment
13,420,282 68
Conducting transportation
38,759,355 52
General expenses
2,471,162 52

4,380,906 06
$10,946,870 96

decrease $1,693,762 46
decrease 1,403,347 86
decrease 7,236,547 79
50,590 99
decrease

In maintenance of way and structures reduced charges
were quite generally distributed through the various accounts.
The expense for renewal of rails was but slightly below that
of the previous year, and the charges for renewal of ties
increased.
In maintenance of equipment, the various repair items
show large decreases, due to the volume of idle cars and locomotives. Under the head of renewals, expenses were charged
with $1,051,601 73, the value of equipment retired, less the
amount received from sales, scrap, &c.
In the cost of transportation the station, train and locomotive expenses, notably fuels for locomotives, show large
decreases.
The per diem mileage balance decreased $761,608 52,
owing to a reduction early in the year from fifty cents to
twenty-five cents per diem.
The net earnings were $23,430,282 88, a decrease of
$864,557 21.
Other income amounted to $10,371,079 28; the decrease
of $1,104,972 08 was largely because of a reduction in the
income from investment securities.
The first charges were $24,725,485 61, an increase of
$1,767,537 52. The principal items of this increase were
interest on additional four per cent gold debentures of 1904,
interest on equipment trust certificates, and heavier charges
for taxes on real estate.
The depression in business which began late in the year
1907 continued throughout the year covered by this report.
Through a gradual improvement in revenue during the
latter part of 1908, and the continued economy in expenses,
especially in the cost of transportation, there resulted a
profit from operations for the year sufficient for the declaration of a dividend of five per cent.
The requirements of the Federal and State Commissions
entailed considerable additional expense in the preparation
of special statements and the attendance of counsel and
employees at the numerous hearings before the Commissions.
The first annual reports to the Commissions under the new
law have been prepared and filed, and the experience gained
in the preparation of these reports, and the subsequent
correspondence with the Commissions prove, that in view
of the details demanded, the added expense is permanent in
its nature, and will undoubtedly continue to increase.
Extraordinary expenses during the year were as follows:
For additions to property, charged to cost of road and
$5,603,731 54
equipment
For construction work on leased lines and for Grand Central
terminal improvement, charged in part against funds pro7,644,337 50
vided by lessor companies
Total

• The Dunkirk Allegheny Valley & Pittsburgh Railroad, 90.51 miles,
is also leased by this company, but its mileage and operations are not included in this report. Separate accounts are kept and independent reports
prepared in its behalf.




Gross earnings were $88,849,367 66, a decrease of $9,519,691 89.
Freight earnings were $51,200,547 11, a decrease of $8,205,899 45. The volume of tonnage carried shows a decrease
in nearly all of the classified commodities, the greatest reduction being in grain, bituminous coal, ores and lumber. The
loss in tonnage of bituminous coal was in part due to the
suspension of labor in the Morris Run district during eight
months of the year. The average rate per ton per mile
received shows a slight improvement, due largely to the
fact that the loss in tonnage of merchandise and other freight
of the higher classes was not proportionately as great as in
the tonnage of commodities of lower grade.
The passenger earnings were $27,824,491 56, a decrease
of $2,013,367 46. This decrease was about equally divided
between local, commutation and interline business. The
immigrant business was practically suspended.
The earnings from express traffic were $3,584,721 72, an
increase of $7,266 94.
The earnings from transportation of mails were $2,737,731 35, a decrease of $37 698 96. The earnings during the
first six months were affected, as compared with the previous
year, by an arbitrary reduction in compensation by Congress,
which became effective July 1 1907.
The expenses of operation were $65,419,084 78, a decrease
of $10,384,249 10. The percentage of operating expenses
to revenue was 73.63%, compared with 77.06% in the
previous year.
The operating expenses by groups are as follows:

$13,248,069 04

Details of the above-mentioned expenditures are shown on
subsequent pages. (See pamphlet report.)
As stated in previous reports, this company had acquired
$12,000,000 out of a total issue of $20,000,000 of the capital
stock of The Mohawk Valley Company, which was organized
as a holding company for the securities in various electric
railway, light and power companies in the State of New York.
9

THE CHRONICLE

MAR. 20 1909.1

• During the year a plan for the consolidation and merger
•of certain of the electric railways above mentioned was
submitted to the Public Service Commission of the Second
District, and received its approval. This plan provides,
among other things, for the reduction of the capital stock
•of The Mohawk Valley Company from $20,000,000 to
$7,500,000, and the surrender and retirement of $12,500,000
of the stock and the delivery in exchange therefor of stock
of the electric railway companies.
Under the provisions of this plan this company retained
$4,500,000 of its total holdings of $12,000,000 of the capital
.stock of The Mohawk Valley Company, and surrendered
$7,509,000, for which it received in exchange stock of the
electric railway companies of the par value of $10,239,200.
Out of a total mileage of 389.02 miles of such interurban
street railways, a consolidation has been practically effected
of the properties in, and in the vicinity of, Rochester, New
York. ,The consolidated company—New York State Railways—n exchange for its stock, will acquire all of the other
street railway properties formerly owned by The Mohawk
Valley Company.
A further consolidation of these companies with the New
York State Railways will be accomplished as soon as practicable.
The final deliveries of equipment under the New York
• Central Lines Equipment Trust Agreement and Lease of
1907 have been made, and on another page will be found a
statement shoWing the amount of certificates issued by the
Guaranty Trust Company of New York, and the amount
of equipment assigned to each of the New York Central lines,
together with the yearly rental paid.
•

761

Large expenditures have been made in constructing additional tracks, in eliminating grade crossings, and in improving
terminal facilities at various points, particularly for passenger traffic. The tidewa ter terminal at East Boston, where
the water front property was destroyed by fire during the
year, has been re-built, and many other improvements on
the line of the Boston & Albany Railroad have resulted in a
noticeable gain in the operating efficiency of that road.
The cost of the principal improvements on that line is provided for by the issue of Boston & Albany Railroad Company
four per cent bonds.
In the enlargement of the Grand Central terminal in
New York City, the company's engineers have been confronted with the problem of complete reconstruction and the
handling at the same time of heavy passenger traffic.
Notwithstanding these obstacles, the work is progressing
steadily without serious inconvenience or delay to the
traffic, and the available space for terminal purposes has
already been considerably increased. The building for the
accommodation of the company's offices and the new post
office is nearing completion.
Anew contract, effective July 24 1907, has been executed
between the New York New Haven & Hartford Railroad
Company and this company, both for itself and as lessee of
the New York & Harlem Railroad. Under the new agreement, interest upon the invest ment in the property, and the
expenses incident to the operation of the terminal, are to be
pro-rated on the basis of relative actual use.
W. H. NEWMAN,
President.

SUMMARY OF FIRST CHARGES.
$8,501,964 02
2,259,103 53
9,708,044 83
4,256,373 43
$24,725,48 561

Interest on funded debt
Interest on miscellaneous obligations
Rentals of leased lines
Taxes
DIVIDENDS.

Four at 134% on 1,786,320 shares of capital stock, payable April 15, July 15, Oct. 15 1908 and Jan. 15 1909, aggregating 5%

$8,931,600 00

CAPITAL STOCK.
Number of shares issued
Consolidation certificates not converted

1,786,271
49

Total par valu outstanding
Consolidation certificates outstanding

$178,627,100 00
4,900 00

Total number of shares outstanding
1,786,320
Total par value outstanding
2,500,000
Number of shares authorized
Total par value authorized
Par value per share
$100
miles),
$221,773
62.
(805.47
Amount of capital stock per mile of road owned

$178,632,000 00
$250,000,000 00

FUNDED DEBT.
Class of bond—
Gold mortgage
Gold bonds, Lake Shore collateral
Gold bonds, Michigan Central collateral
Debenture bonds of 1900
Gold debentures

Date of
issue,
1897
1898
1898
1900
1904

Date of
maturity,
July 1 1997
Feb. 1 1998
Feb. 1 1998
July 1 2000
May 1 1934

Total amount of funded debt

Amount of
Amount issued and
authorized issue. now outstanding.
$100,000,000
$85,000,000 00
100,000,000
90,578,400 00
21,550,000
19,336,445 00
5,500,000
5,500,000 00
50,000,000
43,000,000 00

Rate of
interest.
314
1 %
3 M%
3 h%
4%

Payable on the
first day of—
January and July
February and August
February and August
January and July
May and November

$243,414,845 00

Amount per mile of road owned (805.47 miles), excluding Lake Shore and Michigan Central collateral bonds and Debentures of 1900, $158,913 43.

CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1908.
LIABILITIES.

ASSETS.
Cost of road andequipment—
Cost of road
Cost of equipment

$160,706,696 04
60,706,976 01
$221,473,672 05
Advances for leased lines construction and
equipment—
$17,089,937 80
Nov York 64 Harlem Railroad Co
7,428,419 82
West Shore Railroad Co
2,471,202 01
Spuyten Duyvil 64 Port Morris Railroad Co_
1,152,904 02
Syracuse Geneva & Corning Railway Co__
953,713 63
Pine Creek Railway Co
Other leased lines
317,664 76
20,413,842 04
12,181,854 91
Grand Central terminal improvement
Securities owned—
Stocks of sundry companies
$142,218,521 13
Bonds of sundry companies
11,656,093 26
153,874,614 39
Other property
2,256,363 36
Advances other than construction
114,939 82
7,115,875 30
Fuel and supplies
Current assets—
Cash charged Treasurer
$16,018,182 33
Loans and bills receivable—
New York State Realty &
Terminal Co
$11,937,000 00
Mohawk Valley Company 5,262,500 00
Terminal fly. of Buffalo
500,000 00
Rutland Railroad Co_ _
363,819 17
Mutual Terminal Company of Buffalo
70,000 00
Clearfield Bituminous Coal
Corporation
170,000 00
Buffalo Thousand Islands
217,500 00
64 Portland RR. Co.._ _
New Jersey Shore Line
223,000 00
Railroad Company_ _ _
New York 64 Ottawa Rail172,400 00
way Company
172,036 93
Miscellaneous
19,088,256 10
Traffic balances receivable
7,047,442 30
8,568,694 51
Sundry collectible accounts
50,722,575 24
3,239,431 12
Items in suspense
_
3,035,752 00
Securities acquired from lessor companies (per contra)

Capital stock—
Capital stock
Consolidation certificates

$178.627,10000
4,900 00
$178,632,000 00

Funded debt—
Gold mortgage bonds
$85,000,000 00
Gold bonds Lake Shore collateral
90,578,400 00
Gold bonds Michigan Central collateral__ _ _ 19,336,445 00
Debentures of 1900
5,500,000 00
Gold debentures of 1904
43.000,000 00
243,414,845 00
150,000 00

Bond and mortgage payable
Total capitalization
Three year gold notes of 1907
Current liabilities—
Wages and supplies
Loans and bills payable
Traffic balances payable
Interest and rentals accrued
Interest unclaimed
Dividend payable January 15 1909
Dividends unclaimed
Bonds past due
Sundry accounts payable

$6,844,889 11
110,00000
2,198,77049
6,759,603 66
52,019 10
2,232,900 00
47,970 60
16,79000
1,995,278 29

Accounts with lessor companies—
Boston & Albany Railroad. Co
Fall Brook Railway Co
Wallkill Valley Railroad Co
Carthage 64 Adirondack Railway Co

$1,257,208 55
669,27066
59,34937
25,402 44

$422,196,845 00
25,000,000 00

20,238,221 25

Securities held in trust for lessor companies (per contra)- - Profit and loss

2,011,231 02
3.035,752 00
10,916,870 96

$483,428,920 23
$483,428,920 23
NEW YORK CEXTRL LINES EQUIPMENT TRUST OF 1907.

Lines Equipment Trust Agreement and Lease of 1907, toThe following statement shows the character of the equip- gether with the total amount of certificates issued by the
ment acquired under the terms of the New York Central Guaranty Trust Company, and the amount now.outstan ding.



762

THE CHRONICLE

LocoPassenger
Roadmotives,
cars.
New York Central & Hudson River RR. Co
447
88
Lake Shore & Michigan Southern Ry. Co
125
25
Chicago Indiana & Southern RR Co
2
8
Michigan Central RR. Co
5
15
Cleveland Cincinnati Chicago & St. Louis Ry. Co_112
17
Totals

691

153

Freight
cars.
4,000
4,000
3,400
3,500
1,525

In addition to the annual rental payment of one-fifteenth
of the par value of the certificates originally issued, the
further sum of $1,500,000, representing interest at the
rate of 5% per annum on $30,000,000 of certificates, was
paid in 1908 by the companies parties to the agreement, as
follows:
New York Central & Hudson River Railroad Company
$595,245 08
Lake Shore & Michipn Southern Railroad Company
335,419 64
Chicago Indiana & Southern Railroad Company
188,998 84
Michigan Central Railroad Company
195,31008
Cleveland Cincinnati Chicago & St. Louis Railway Company..
185,017 36
Total
$1,500,000 00
DESCRIPTION OF FREIGHT MOVED.
Inc. (-I-) or
1908.
1907.
Dec.(-).
Products of Agriculture.
Tons.
Tons.
'Tons.
Grain
2,090,456
2,784,689
--694,233
Flour
815,774
882,026
--66,252
Other mill products
781,610
810,722
--29,112
Hay
447,214
441,249
i-5,965
Tobacco
16,993
16,532
A-461
Cotton
139,944
140,932
988
Fruit and vegetables
975,762
828,136
A-147,626
Other articles
141,579
133,727
+7,852
Products of animals.
Live stock
756,693
814,777
--58,084
Dressed meats
324,193
345,670
--21,477
Other packing-house products
327,812
286,823
A-40,989
Poultry, game and fish
73,291
86,553
--13,262
Wool
76,932
67,013
A-9,919
Hides and leather
135.650
106,075
A-29,575
Milk
320,020
319,021
A-999
Dairy products
201,771
181,743
A-20,028
Other articles
101,890
75,009
A-26,881
Products of mines.
Anthracite coal
5,135,838
5,480,394
--344,558
Bituminous coal
10,092,167 12,632,294 --2,540,127
Coke
506,944
822,379
--315,435
Ores
420,443
961,711
--541,308
Stone, sand and other like articles
1,784,238
1,808,655
--24,417
Other articles
251,013
302,629
--51,818
Products of forest.
Lumber
1,344,818
1,784,701
--439,883
Other articles
1,174,875
1,283,024
--108,149
Manufactures.
Petroleum and other oils
397,597
399,784
--2,187
Sugar
318,066
390,366
--72,300
Naval stores
123,938
94,540
A-29,398
Iron: pig and bloom
379,150
578,326
--197,176
Iron and steel rails
65,820
133,810
--67,990
Other castings and machinery
791,343
1,116,691
--325,348
Bar and sheet metal
652,371
974,025
--321,654
Cement, brick and lime
1,294,795
1,491,986
--197,171
Agricultural implements
127,502
109,616
Ar17,886
Wagons, carriages, tools, etc
102,574
140,677
--38,103
Wines, liquors and beers
299,977
306,015
--6,038
Household goods and furniture
124,660
123,255
A-1,405
Other articles
4,238,062
4,514,936
--276,874
Miscellaneous.
Commodities not previously mentioned1,752,182
3,653,623 -1,901,441
Total

39,105,955 47,422,174 -8,316,219
FREIGHT CARRIED AND TON MILEAGE.
Increase (-1-)
1908.
1907.
or Decrease(-)•
Tons of freight earning
revenue
39,105,955
47,422,174
-8,318,219
Tons of company's freight_
6,240,311
7,837,312
-1,597,001
Total No. of tons carried

45,346,266

Tons of revenue freight carried one mile
7,787,086,351
Tons of company's freight
carried one mile
1,151,277,700

55,250,486

-9,913,220

0,362,473,992 -1,575,387,641

1,393,953,110 -242,675,410
Total No. of tons carried
one mile
8,938,364,051 10,756,427,102 -1,818,083,051
PASSENGERS CARRIED AND TICKET MILEAGE.
Interline passengers
2,796,855
3,085,878
-289,023
Local passengers
28,016,315
30,475,662
-2,459,347
Commutation passengers
12.041,899
12,978,218
-938,319
Total No. of passengers
carried
42,855,069
46,539,758
3,684,689
Passengers carried one mile 1,534,649,681 1,687,152,224 -152,502,543
TRAIN MILEAGE.
Freight trains
20,179,767
22,198,360
-2,018,593
Passenger trains (excluding
mail and express trains)._
22,814,317
23,919,863
-1,105,546
Mail and express trains1.426,036
1,313,221
A-112,815
Mixed 'trains
75,891
155,495
--79,604
Work trains_ _ _
,
1717,770
2,343,906
-826,136
Other non-revenue trains_,:
90,115
106,439
--16,324
Total train
46,303,896
50,037,284
--3,733,388
ENGINE MILEAGE.
Freight engines
24,218,617
27,221,628
-3,003,015
Passenger engines
25,377,963
26,947,158
-1,569,191
Mixed-train engines
80,236
203,576
--123,340
Switching engines
12,882,364
15,492,335
-2,609,971
Work engines
1,952,153
2,575,049
-822,898
Other non-revenue service_
414,322
366,474
+47,848
Total engine mileage_ _ _ _
Loaded freight cars
Empty freight cars (including caboose cars)

64,925.655
72,806,220
CAR MILEAGE.
469,668,641
534,688,457

-7,880,565
-65,019,816

264,606,640

278,026,177

-13,329,537

Total freight-car mileage
Passenger cars
Work cars

734,365,281
139,703,150
5,071,729

812,714,634
148,458,444
8,601,232

--78,349,353
-6,755,294
-1,529,503

Total car mileage
Miles of road, including
trackage, operated in
freight service
Miles of road, including
trackage, operated in
Passenger service

879,140,160

965,774,310

--86,634,150




3,765.61

3,786.77

3,506.06

3,507.22

--I.16

150
200
100

Certificates issued
by Guaranty Trust
Co. for 90%
of value.
$11,904,901 78
6,708,392 73
3,779,976 60
3,906,381 73
3,700,347 16

650

$30,000,000 00

Company
service
cars.

tiOO

16,425

[VOL. Lxxxvm
Rental paid and
applied to
redemption of
certificates.
$793,660 12
447,226 18
251,99844
260,42545
246,689 81
$2,000,000 00

Balance certific'ea
issued by Guaranty
Trust Co. outstand.
Dec. 31 1908.
$11,111,241 66
6,261,166 55
3,527,978 16
3,645,956 28
3,453,657 35
;28,000,000 00

FREIGHT RESULTS.
Increase(
1908.
1907.
or Decrease(-)
Earnings from transporta'n$50,065,454 27 $58,420,500 56 -$8.355,046 29•
Earnings from miscellaneous sources
1,135,092 84
985,946 00
+149,146 84
Total freight earnings__ _$51,200,547 11 $59,406,446 56 -$8,205,899 45
Earnings per ton
$1.28
$1.23
+50.05
Earnings per ton per mile_ _
cts. 0.643
eta. 0.624
cts. +.019
Earnings per train mile_ _ _
$2.47
$2.61
-$0.14
Earnings per mile of road
operated in freight service, trackage included_ _
$13,596 88
$15,771 19
--$2,174 3/
Density of freight traffic
(t. e., tons carried one
mile per mile of road)__ _
2,373,683
2,855,610
-481,927
Average number of tons of
revenue-earning freight
carried per train mile__ _
419
384
-35
Average number of tons of
all freight (including company's) carried per train
mile
441
481
-40
Average number of revenueearning tons per loaded
car mile
16.58
17.51
-.93
Average number of all tons
per loaded car mile
19.03
20.12
-LOD
Average number of miles
one ton of revenue-earning freight carried
199
197
+2
Average number of miles one.
ton carried (all freight)-197
195
+2
Average number of freight
cars per train mile
36
36
Average number of loaded
cars per train mile
24
Average number of empty
cars per train mile
13
12
+1
PASSENGER RESULTS.
Earnings from passengers_527,024,664 44 $29,045,163 51 -$2,020,499 07
Other passenger train earnings
387,144 42
359,313 22
+ 27.831 20
Earnings from miscellaneous sources
412,682 70
433,382 29
-20,699 59
Total passenger earnings $27,824,491 56 $29,837,859 02 -$2,013,367 46
Earnings from mail and
express
$6,322,453 07 56,352.885 09
-$30.432 02
Earnings per passenger_ _ _
$0.63
;0.82
+$0.01
Earnings per passenger per
mile
eta. 1.781
eta. 1.722
ctS. +0.039
Earnings per train mile__ _
$1.20
$1.22
---$0.02
Earnings per train mile (including mall and express)
$1.30
$1.41
-$0.02
Earnings per m le of road
operated in passenger
service, trackage included
(incl'g mail and express)
;10,318 03
$9,739 41
-579 52
Density of passenger traffic
(I. e., passengers carried
437,713
one mile per mile of road)
481,051
-43,338
Average number of passenger cars per train mile....5.7
5.8
-0.1
Average number of passen70
-3
gers per train mile
67
Average number of miles
36
one passenger carried..
36
EQUIPMENT, INCLUDING EQUIPMENT OF LEASED LINES
1908.
1907.
542
587
35
34
1,008
1,064
324
358
15
17

Locomotives.
For passenger service
Electric locomotives
For freight service
For switching service
Dummy engines, etc

1,924

Totals

2,060

27,499 miles
Average mileage per engine
31,600 miles
Cost of repairs (excluding renewals) per
cts.6.8385
engine mile
cts.7.1844
$1.74
Cost of fuel per ton
;1.82
eta. 11.82
Cost of fuel per engine mile
eta. 12.33
Cars in passenger service.
952
Passenger coaches
958
125
Electric motor cars
125
Smoking cars
101
192
Combination cars
194
198
Immigrant and excursion cars
67
72
Dining cars
23
23
Buffet and cafe cars
17
18
Mall, express and baggage cars
523
531
Officers' and pay cars
15
15
Other cars in passenger service
219
222
• Totals

2,326

Total seating capacity
98,680
Average mileage per passenger car
57,872 miles
Cost of repairs (excluding renewals) per
passenger-car mile
eta. 1.04
'
Cars in freight service.
Box cars
34,593
Flat cars, common
3,250
Flat cars, steel
252
Stock cars
782
Coal and coke cars
22,154
Refrigerator and produce cars
851
Caboose cars
961
Totals

62,843

Total
__
Average
capacitycapacity
Cars in company's service.
Ballast cars
Derrick cars
Steam wrecking cranes
Cinder, push, gas and oil transport cars_
Other road cars
Totals

•

2,354
99,186
60,420 miles
eta. 2.10
37,246
3,400
253
932
23,300
881
980
66,992

2,058,625 tons
33.27 tons

2,164,043 tons
32.78 tons

633
45
24
890
1,913

655
45
23
810
1,991

3,505

3,524

THE CHRONICLE

MAR. 20 1909.}
Marine Department.
Ferryboats:
Side-wheel, single deck
Screw, double deck_ _ _
Tugs:
Wood
Steel
Freight propellers:
Wood
Steel
Steam-hoisting barges _ _
Hand-hoisting barges__ _
Covered barges
Open-deck scows
Grain boats
Car floats
Total floating equip't_

1908
Number.
Capacity.
5
3

1907
Number.
5
3

2
20
4
3
10
25
96
4
39
45

Capacity.

2
19
4
3
11
24
96
4
38
45

4,450 tons
4,800 "
24,000 "
2,200 "
19,230 "
544 cars

256

4,750 tons
4,550 "
24,000 "
2,200 "
18,720 "
544 cars

437

1907.
1908.
Average mileage per engine
. 27,499 miles
31,600 miles
Cost of repairs (excluding renewals) per
engine mile
cts. 6.8385
cts. 7.1844
Cost of fuel per ton
$1 82
$1 74
Cost of fuel per engine mile
eta. 11.82
'ets.12.33
Cars in passenger service.
Passenger coaches
50
50
Dining cars
2
2
Buffet smoking cars
2
2
'
Cafe cars
2
2
Combination car
1
Baggage, mail and express cars
ii
31
_
Totals
88
70
Total seating capacity
Averagerem
pa
iliers
neerwat
as
r)
ag
(
edguA)iansg
sern
eg

254

Total ledger value of
fleet
12,282,327 15
$2,269,423 75
EQUIPMENT LEASED UNDER EQUIPMENT TRUST.
Locomotives.
1907.
1908.
For passenger service
40
112
Electric locomotives
2
For freight service
170
260
For switching service
34
63
Totals

763

244

senger car mile
Cars in freight service.
Box cars
Flat cars, steel
Coal and coke cars

4.160 •
57.872 miles
per pascts 1.04

4,146
60,420 miles
cts. 210

1,989.
1,000
1,000

Totals

1,997
1,000
1,000

3,989

Total capacity
Average capacity

3,997

169,560 tons
42.51 tons

169,880 tons
42.50 tons

LAKE SHORE & MICHIGAN SOUTHERN RAILWAY COMPANY.
THIRTY-NINTH ANNUAL REPORT-FOR THE YEAR ENDED DEC. 31 1908.
To the Stockholders of The Lake Shore cfe Michigan Souther
Railway Company:
The Board of Directors herewith submits its report for
the year ended December 31st 1908, with statements showing the results for the year and the financial condition of the
company.
The mileage embraced in the operation of the road is as
follows:
Miles.
870.89
220.84
416.04
3.33

Main line
Proprietary lines
Leased lines
Trackage rights
Total

1,511.10

To the surplus for the year
$1.740,013 12
There should be addedProfit from sale of Lehigh Valley RR.Co. stock$3,472,594 77
Adjustment of sundry accounts
35,73083 3,508,325 60
$5,248,338 72
There should be deductedDiscount, commissions and expenses on account of New York Central Lines Equipment
Trust Certificates of 1907
$442,581 79
Discount on sale of bonds of Chicago Indiana &
Southern Railroad Company
650,612 24
Settlement with New York Central & Hudson
River Railroad Co. for facilities at Buffalo
prior to 1908
444,535 53
Amount to the credit of profit and loss Dec. 31 1907

1,537,729 56
$3,710,609 16
17,805,259 03

Balance Dec. 31 1908
$21,515,868 19
There is a decrease of 9.25 miles in the mileage of road
operated during the year, due to changes in location of variThe
earnings
for
gross
the
year
were
$39,964,858
44, a
ous terminals and elimination of curves.
A statement showing in detail the miles of road and track decrease of $4,988,616 58 as compared with last year.
The freight earnings were $25,935,473 24, a decrease of
operated will be found upon another page.
$5,176,008 88, due to the falling off in tonnage handled
There was no change in capital stock during the year, the
during the depression in business conditions prevailing
amount authorized and outstanding December 31st 1908
being
$50,000,000 00 throughout the year.
There has been no change in the funded debt of the comPassenger earnings were $9,583,226 94, a decrease of $186,pany, the amount outstanding December 31st 1908 being $135,400,000 00
There were sold during the year 114,000 shares of stock 646 01. While there was an increase in the number of pasof the Lehigh Valley Railroad Company and $7,000,000 00 sengers carried, the reduction of passenger rates in various
of bonds of the Chicago Indiana & Southern Railroad Com- States caused a decrease in earnings.
The earnings from express traffic were $1,460,403 74, an
pany.
There were purchased during the year 4,800 shares of stock increase of $292,312 92.
The earnings from transportation of mails were $2,188,of the Toledo Terminal Railroad Company and one share
215 09, a decrease of $36,554 50.
of stock of the Mahoning State Line Railroad Company.
The earnings from rentals and miscellaneous sources were
Full particulars regarding the equipment acquired and
rental paid under the terms of the "New York Central Lines $797,539 43, an increase of $118,279 89.
The operating expenses for the year amounted to $26,Equipment Trust Agreement and Lease of 1907" will be
712,011 57, a decrease of $2,832,335 70.
found on another page. (See New York Central report.)
Maintenance of way and structures decreased $1,419,SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
568 63. The heavy improvement work in 1907, consisting
ncrease (+)
1908.
1907.
or Decrease(-) of four-tracking the main line, rebuilding bridges, construc1,511.10 miles 1,520.35 miles
-9.25 miles
tion of new stations, etc., made necessary during that year,
operated.
Earningsfrom Operation- operated.
operated.
$25,935,473 24 831,111,482 12 --$5,176,008 88 heavy charges to maintenance to provide for changes to existFrom freight
9,583,226 94
9,769,872 95
-186,646 01 ing roadway and structures. In 1908 there was a curFrom passengers
1,460,403 74
1,168,090 82
From express
+292,312 92
2,188,215 09
2,224,769 59
-36,554 50 tailment of such permanent improvements, resulting in
From malls
729,647 45
604,726 17
From rents
+124,92128 correspondingly decreased maintenance charges.
74,533 37
67,891 98
From miscellaneous
-6,641 39
Maintenance of equipment decreased $622,040 15, due to
$39,964,858 44 $44,953,475 02 -$4,988,616 58 the large amount of equipment out of service during the
Totals
year, and therefore not requiring repairs.
(65.72%)
Expenses of Operation(+1.12%)
(66.84%)
Maintenance of way and
Conducting transportation decreased $796,867 71, due to
structures
$4,909,069 09 $6,325,637 72 -$1,419,568 63
6,044,154 56
Maintenance of equipment 5,422,114 41
-622,040 15 the falling off in traffic and a resulting reduction in the cost
Conducting transportation 15,554,042 88 16,350,910 59
-796,867 71 of train service.
General expenses
820,644 40
+6,140 79
826,785 19
General expenses increased $6,140 79.
Totals
$26,712,011 57 $29,544,347 27 --$2,832,335 70
The income from investments for the year was $4,692,New construction(addition
betterments)
4,082,988 44
--2,790,712 13 666 48, a decrease of $1,023,753 18, due to .reduction in
1,292,276 31
911,125 60
-911,12560 dividends on stocks owned.
New equip't (additions)_
The first charges increased $231,526 43, due to interest
Total Expenses
$28,004,287 88 $34,538,461 31 -$6,534,173 43
on equipment trust certificates and increase in taxes.
Net Earnings
$11,980,570 56 $10,415,013 71 +$1,545,556 85
There was expended during the year for Additions and imOther Incomeprovements to the property and charged to income the folInterest and dividends on
°owned
bonds
and
3,367,797
32
4,530,005
00
-1,162,201
68
stocks
lowing amounts:
on loans and 'deInterest
posits

Totals
Gross Income

1,324,869 16

1,186,414 66

+138,454 50

$4,692,666 48

$5,716,419 66

-$1,023,753 18

$16,653.237 04 $16,131,433 37

+8521,803 67

First Chargesinterest on funded debt__ $5,170,000 00 $5,170,000 00
750,000 00
Interest on gold notes_ _ _ _
616,118 08
Interest on equipment
289,225 42
trust certificates
1,420,243 93
Rentals of leased lines_ _ _ 1,100,381 87
179,415 86
163,790 82
Interest on loans
64,020 00
74,690 00
Divs. on guaranteed stock
1,424,200 77
1,300,874 66
Taxes,

+289,225 42
-319,862 06
+15,625 04
--10,670 00
+123,326 11
+$231,526 43

Net Income
_
(127;_
_
$7.675,993 12 87,385,71585
Dividends
1908, ,
6,925,310 00
14% 4907)
- 5,935,980 00

+$200,277 24

$460,405 88

+11,279,607 24

Surplus_,




$8,977,243 92

! Total

81,740,013 12

$1,292,276 31

_+133,881 92

$8,745,717 49

Totals

$134,123 06
65,318 63
380,014 16
641,266 03
71,554 43

Yards and Sidings
Shops and Engine Houses
Stations and Other Structures
Roadway and Bridges
Land at 'Various Places

-989,33000

W. H. NEWMAN,
President.
CAPITAL STOCK.
Number of shares Issued-Common
Number of shares issued Guaranteed ten per cent
' Total number of shares outstanding
Number of shares authorized
Total par value issued and outstanding
Total par value authorized
Par value per share

494,665
5,335
500,000
500,000
$50,000,000 00
50,000.000 00
$100 00

764

THE CIIRONICLE

•

[VOL.

FUNDED DEBT.
Date of
Date of
Amount of
Amount issued and Rate of
issue,
maturity,
authorized issue.
now outstanding. interest.
1897
June 1 1997
$50,000,000 00
$50,000,000 00
3%%
1903
Sept. 1 1928
50,000,000 00
50,000,000 00
4%
1906
May 1 1931
50,000,000 00
35,000,000 00
4%
BONDS OF OTHER ROADS ASSUMED BY THIS COMPANY.
1890
Jan. 1 1940
400,000 00
400,000 00
5%

Class of bondGold mortgage
Gold bonds
Gold bonds
Kalamazoo & White Pigeon

Payable on the
first days ofDecember and June
March and September
November and May
January and July

FIRST CHARGES.
• Interest on Bonds.
Interest 33,6% per annum on Gold mortgage
bonds
$1,750,000 00
Interest 4% per annum on Gold bonds of 1903
2,000,000 00
Interest 4% per annum on Gold bonds of 1906_ _ 1,400,000 00
Interest 5% per annum on Kalamazoo & White
Pigeon mortgage bonds
20,000 00
$5,170,000 00
Interest 5% per annum on Gold notes of 1907
750,000 00
Interest on equipment trust certificates
289,225 42
Dividend 12% on 5,335 shares L. S. & M. S. Ry. guaranteed
stock
64,020 00
Rental of leased lines
1,100,381 87
Taxes
1,424,200 77
Interest on loans and bills payable
179,415 86
. Total first charges
$8,977,243 92

Stocks.
Number of
Shares.
New York Chicago & St. Louis RR. Co. 1st pref__ 25,030
New York Chicago & St. Louts RR. Co. 2d pref__ 62,750
New York Chicago & St. Louis RR. Co
62,400
Northern Central Michigan RailroadCo
5,985
Pittsburgh ec Lake Erie Railroad Co
100,002
Reading Company 1st pref
121,300
Reading Company 2d pref
285,300
Reading Company
200,050
Sturgis Goshen & St. Louis Railway Co
3,000
Swan Creek Railway Co
400
Taylor Street Warehouse Co_
100
Terminal Railway of Buffalo
5,000
Toledo Terminal Railroad Co
4.800

DIVIDENDS.
Payable July 29th 1908, 6% on 494,665 shares capital stock_$2,967,990 00
Payable Jan. 29th 1909, 6% on 494,665 shares capital stock_ 2,967,990 00

Elkhart & Western Railroad Co. first mortgage
Jamestown ec Franklin Railroad Co. first mortgage
Jamestown & Franklin Railroad Co. second mortgage
Terminal Railway of Buffalo first mortgage

Total

12%

$5,935,980 00

CONDENSED .GENERAL BALANCE SHEET DECEMBER 31 1908.
ASSETS.
Cost of road and equipmentCost of road
$66,700,000 00
Cost of equipment
24,800.000 00
$91,500,000 00
Securities ownedStocks of sundry companies
$88,523,791 65
Bonds of sundry companies
1,194,655 24
89,718,446 89
Other propertyReal estate not used in operation of the road
431,498 13
Advances for lessor and other companies$1,024,101 59
Jamestown & Franklin Railroad Co
• Lake Erie Alliance & Wheeling RR. Co
1,015,526 31
Franklin & Clearfield Railroad Co
7,090,815 85
Cleveland Short Line Railway Co
3,334,932 37
Lake Erie & Pittsburgh Railway Co
2,437,157 47
14,902,533 59
Fuel and supplies
3.512,136 69
Current assets• Cash charged Treasurer
$14,418,964 71
Remittances in transit
1,179,350 74
Due from agents and conductors
376,916 68
Loans and bills receivableCleveland Cincinnati, Chi•
cago ec St. Louis Ry-$5,500,000 00
952,915 88
Lake Erie & Western RR_
Indiana Harbor Belt RR... 793,846 61
Chicago Indiana & Southern RR
505,000 00
Terminal By. of Buffalo
500,000 00
Chicago Kalamazoo &
Saginaw By
147,832 33
Other bills receivable_
823 73
8,400,418 55
Traffic balances receivable
565,866 66
Sundry accounts collectible
7,455,020 02
32,396,543 36
$232,461,158 66
LIABILITIES.
Capital stockCommon
• Guaranteed

$49,466,500 00
533,500 00

Funded
Gold
Gold
Gold

$50,000,000 00
50,000,000 00
35,000,000 00

debtmortgage bonds
bonds of 1903
bonds of 1906

$50,000,000 00

Bonds of other roads assumed by this companyKalamazoo & White Pigeon first mortgage bonds
Three year five per cent gold notes of 1907
,Current liabilitiesAudited pay rolls
$1,372,586 61
Audited vouchers
1,737,781 40
Traffic balances payable
31,673 49
Interest and rentals accrued
1,499,689 45
. Dividends payable January 29 1909
2,967,990 00
Dividends and interest unclaimed
68,284 04
Sundry accounts payable
1,162,051 99
Accounts with lessor companiesMahoning Coal Railroad Co
Profit and loss

135,000,000 00
400,000 00
15,000,000 00

8,840,03698
1,705,253 49
21.515,868 19
$232,461 158 68

STOCKS AND BONDS OWNED.
Stocks.
Number of
Shares.
Battle Creek & Sturgis Railway Co
825
Central Trunk Railway Co
238
Chicago Indiana & Southern Railroad Co. pref.._ 50,000
Chicago Indiana ec Southern Railroad Co
120,000
Chicago Kalamazoo & Saginaw Railway Co. pref_ 1,800
Chicago Kalamazoo & Saginaw Railway Co__
1,800
Cleveland Cincinnati Chicago & St. Louis By. Co_302,077
Cleveland Short Line Railway Co
2,500
Detroit & Chicago Railroad Co
10,000
Detroit Monroe ec Toledo Railroad Co
4,141
Detroit Toledo & Milwaukee Railroad Co
7,500
Detroit Terminal Railroad Co
933
Elkhart & Western Railroad Co
4,598
Fairport & Phalanx Railroad Co
10
Franklin & Clearfield Railroad Co
5,550
Hocking Valley Railway Co
11,540
Indiana Harbor Belt Railroad Co
12,250
-Jackson Coal Railroad Co
680
Jamestown & Franklin Railroad Co
11,733
Jefferson Coal Co
5,100
Kalamazoo & White Pigeon Railroad Co
2,309
Lake Erie Alliance & Wheeling Railroad Co ___) 50,000
Lake Erie Alliance & Wheeling Coal Co
Lake Erie ec Pittsburg Railway Co
50
Lake Erie & Western Railroad Co pref
59,300
Lake Erie & Western Railroad Co
59,400
Lake Shore & Michigan Southern Railway Co.. _ _
39
Lansing Transit Railway Co
10
Mahoning Coal Railroad Co pref
7,990
Mahoning Coal Railroad Co
17,318
Mahoning State Line Railroad Co
12
Merchants' Despatch Transportation Co
23,335




Total par
value.
$82,500 00
11,900 00
5,000.000 00
12,000,000 00
180,000 00
180,000 00
30,207.700 00
250,000 00
1,000,000 00
414,100 00
750,000 00
93,300 00
229,900 00
1,000 00
555,000 00
1,154,000 00
1,225,000 00
34,000 00
586,650 00
510.000 00
230.900 00
5,000,000 00
5,000 00
5,930,000 00
5,940,000 00
3,900 00
1,000 00
399.500 00
865,900 00
600 00
2,333.500 00

Total par value stocks

Total par
value.
$2,503,000 00
6,275,000 00
6,240,000 00
598,500 00
5,000,100 00
6,065,000 00
14,265,000 00
10.002,500 00
300,000 00
40,000 00
10,000 00
500,000 00
480,000 00

$127,454,450 00
Bonds.

Total par value bonds

Total amount held
$200,000 00
298,000 00
500,000 00
500,000 00
$1,498,000 00

Grand total par value stocks and bonds

$128,952,450 00

The above securities are carried on the books of the company at a total
value of $89,718,446 89.
FREIGHT CARRIED AND TON MILEAGE.
Incerase (+) or
Decrease (-).
1907.
1908.
Tons of freight earning
revenue
34,281,946
26,224,406
-8,057,540
Tons of company freight
3,289,630
3,053,484
-236,146
Total No. of tons carried

29,277,890

37,571,576

-8,293,686

Tons of revenue freight carried one mile
4,852,862,871
Tons of company freight
carried one mile
227,072,584

5.741,263,554

-888,400,683

262,700,359

-35,717,775

6,004,053,913

-924,118,458

Total number of tons
carried one mile
5,070,935,455

DESCRIPTION OF FREIGHT MOVED.
Increase (+) or
1908.
1907.
Decrease (-).
Products of Agricu ltureTons.
Tons.
Tons.
Grain
1,726,872
1,898,861
-171.989
Flour
392,993
449,463
-56,470
Other mill products
312,365
387,118
-74,753
Hay
286,042
230,427
+55,615
Tobacco
23,908 •
23,230
+678
Cotton
38,930
38,986
-56
Fruits and vegetables
342,049
+64,766
277,283
Other articles
126,930
203,864
-76,934
Products of Animals632,059
Live stock
533.674
+98,385
Dressed meats
234,686
159,132
+75,554
Other packing-house pro152,955
ducts
127,541
+25,414
53,114
Poultry, game and fish_ _ _ _
58,092
-4,978
14,844
Wool
12,015
+2,229
39,081
50,585
Hides and leather
+11,504
89.475
101,105
Dairy products
+11,630
54,903
84,718
Other articles
+29.815
Products of Mines1,170,065
1,426,354
Anthracite coal
+256,289
7,896,565
6,718,345
-1,178,220
Bituminous coal
1,359,254
824,913
Coke
-534,341
5,275.703
2,605,232
-2,670,471
Ores
Stone, sand and other like
2,847,465
2,344,662
-502,803
articles
298,997
171,389
Other articles
-127,608
Products of Forest830,672
693,613
Lumber
-137,059
204,047
153,590
Other articles
-50,457
Manufactures554,172
521,647
Petroleum and other oils_ _
-32,525
114,910
98,318
Sugar
-16,592
5,704
6,053
Naval stores
-349
495,745
936,864
Iron, pig and bloom
-441,119
03,552
286,098
Iron and steel rails
-222,546
Other castings and ma405,403
758,475
chinery
-353,072
742,794
1,083,147
liar and sheet metal
-340,353
887,728
1,013,636
Cement, brick and lime__ _
-125,908
87,295
93,721
Agricultural implements_ _
-6,426
88,763
Wagons,carriages,tools,&c_
163,848
-75,085
126,120
130,219
Wines, liquors and beers_ -4,099
Household goods and furni53,014
104,975
ture
-51,961
2,734,717
Other articles
3,934,774
-1,200,057
MiscellaneousOther commodities not pre401,353
viously mentioned
634,541
-233,188
26,224,406
34,281,946
-8.057,540
PASSENGERS CARRIED AND TICKET MILEAGE.
Increase (+) or
1908.
1907.
Decrease (-).
1,072,719
1,100,931
Interline passengers
-28,212
7,485,626
7,330.235
Local passengers
+155,391
Total

Total number of passengers
carried
Passengers carried one mile
Freight trains
Passenger trains, exclusive
of straight mall and express trains_
Mail and express trains exclusive
Mixed trains
Work trains
Total train mileage
Freight engines
Passenger engines
Switching engines
Work engines

8,558,345
491,518,018

8,431,166
488.054,632
TRAIN MILEAGE.
8,208,002
9,108,434

+127,179
+2,863.386
-900,432

7,204,685

7,361,612

--66,927

712,416
66,528
535,090

994,149
175,296
633,550

--281,733
--108,768
--98,460

16,816,721
18,273,041
ENGINE MILEAGE.
9,366,484
11,353,531
8,386,120
8,805,511
5,964,734
7,500,923
1,000,731
1,357,801

-1,450,320

Total engine mileage-

24,724,069

29,017,766

-1,987,047
-419,391
-1,536,189
-351,070
-4,293.697

THE CHRONICLE

MAR. 20 1909,]
Loaded freight cars
Empty freight cars (including caboose car mileage) _
Total freight car mileage
Passenger cars
Work cars
Total car mileage

CAR MILEAGE.
246,411,772
274,549,595

-28,137,823

134,078,958

115,286,749

+18,792,209

380,490,730
52,877,061
2,775,777

389,836,344
55,037,716
6,458,992

-9,345,614
2,160,655
-3,683,215

436,143,568

451,333,052

-15,189,484

Miles of road, including
trackage, operated in
freight service
Mlles of road, Including
trackage, operated in
passenger service

1,511.10
1,529.80

1,520.35

-9.25

1,539.05

-9 25

FREIGHT RESULTS.
1907.
1908.
Earnings from transportation
$25,454,972 80 $30,596.387 38
Earnings from miscellaneous sources
515,094 74
480,500 44

Increase(+)or
Decrease (-)
$5,141,414 58
.--34,594 30

Total freight earnings_ _ _$25,935,473 24 $31,111,482 12 -$5,176,008 88
+07.9 cts.
Earnings per ton
cts. 89.2
97.1 cts.
-0.008 cts.
Earnings per ton per mile_ _
0.533 cts.
0.525 cts.
-$0.22
Earnings per train mile_ _ _ _
$3.30
$3.08
Earnings per mile of road
operated in freight ser--$3,300 06
vice-trackage included_
$20,463 37
$17,163 31
Density of freight traffic
(1. e., tons carried one
--587,379
3,949,126
mile per mile of road)_ - ..
3,361,747
Average number of tons of
revenue earning freight
618.4
-31.9
586.5
carried per train mile_ _ _
Average number of tons of
all freight (including
company's) carried per
646.7
-32.8
613.9
train mile
Average number of revenue
20.9
19.7
-1.2
tons per loaded car mile_
Average number of all tons
20.6
21.9
-1.3
per loaded car mile
Average number of miles
one ton carried, revenue
185.1
167.5
+17.6
freight
Average number of miles
one ton carried, all
freight (including com173.5
pany's)
+13.7
159.8
Average number of loaded
cars per train mile
29.8
29.6
+0.2
Average number of empty
cars per train mile
16.2
+3.8
12.4
Average number of freight
cars per train mile
46.0
+4.0
42.0
PASSENGER RESULTS.
Earnings from passengers_ $9,407,654 29 $9,613,351 70 -$205,697 41
Other passenger train earnings
170,016 10
151,199 50
+518,816 60
From miscellaneous sources
5,556 55
5,321 75
+234 80
Total passenger earnings $9,583,226 94
Earnings from mall and express
$3,648,618 83
Earnings per passenger_..
Earnings per passenger per
mile
Earnings per train mile, excluding mall and express
Earnings per train mile, including mall and express
Earnings per mile of road
operated in passenger
service, trackage included; including mall and
express
Density of passenger traffic
(l. e., passengers carried
one mile per mile of road)
Average number of passenger cars per train mile_
Average number of passengers per train mile
Average number of miles
one passenger carried__ _

$9,769,872 95

-$186,646 01

$3,392,860 41

+5255,758 42

$1.10
1.914 cts

$1.14

-$0.04

1.967 cts.

-0.053 cts.

$1.30

$1.30

$1.64

$1.54

+$0.10

Cost per Mile RunRepairs
Enginemen
Round-house labor
Fuel
Water supply
Lubricating oil and waste
Other supplies
Total cents

321,296

$8,552 51
317,504

+596 89
+3,792

6.55

6.45

+.10

66.77

64.83

+1.94

57.43

57.96

-.53

1908.
152
416
225
3

1907.
152
391
285

EQUIPMENT OWNED.
Locomotives
Passenger service
Freight service
Switching service
Inspection service
Total

Total
Total seating capacity of revenue passenger cars
Cost of repairs (excluding renewals) per passenger car mile
Cars in Freight ServiceBox cars
Stock cars
Flat cars
Gondola cars, drop bottom
Gondola cats, drop bottom,steel
Gondola cars, hopper bottom, steel
Gondola cars, plain composite
Gondola cars, self clearing, steel
Coal and ore cars, side dump
Coke cars
Caboose cars
Total
Total capacity of freight cars (tons)
Average capacity of freight cars (tons)
Cars in Company's ServiceBallast cars, steel
Ballast cars, wood
Derrick cars
Steam shovels
Pile drivers
Snow plows
Tool and other work cars
Total
Total cars, all classes
Floating EquipmentTugs
Dredges
Scows
Naptha launch

796

808

35,472

35,045

1907.
Cents.
5.21
8.36
1.74
12.40
.74
.29
.37

29.14

29.11

618

615

21,360

21,917

0.823 cts.

0.884 cts.

14,890
305
3,977
6,201
1
5,499
1,000
1,498
142
1,036
424

15,517
340
3,904
6,410,
I
5,499
1,000
1,498
165
1,046,
436

34,973

35,825

1,302,997
37.71

1,322,577
37.37

80
583
27
12
4
11
770

80
584
27
12
4
12
754

1,487

1,473

37,078

37,913

2
1
4

2
1
4

1

1

8
8
EQUIPMENT LEASED UNDER EQUIPMENT TRUST.
1907.
Locomotives1908.
45
Passenger service
45
Freight service
' 45
45
Switching service
32
35
Total

Cars in Passenger ServicePassenger cars
Cars in Freight ServiceBox cars
Gondola cars, hopper bottom, steel
Gondola cars, self clearing. steel
Total
Total capacity of freight cars (tons)
Average capacity of freight cars (tons)
Cars in Company's ServiceBallast cars, steel

125

122

25

25

996
2,000
1,000

1,000
1 ,668
1 ,000

3,996

3,668

189,840
47.50

173,400
47.27

200

200

EQUIPMENT LEASED UNDER RENTAL AGREEMENT.
Cars in Freight ServiceBox cars_
1,292
1,107
Stock cars
291
300
Total

Average miles run per locomotive in service__

1908.
Cents.
5.48
8.19
1.83
12.13
.88
.30
.33

Miles run per ton of coal
14.19
14.14
Fuel ConsumedCoal-number of tons
2,044,887
1,748,545
Average price per ton
$1.76
$1.71
Total cost
$2,998,747 27 $3,598,089 82
Cost of fuel per engine mile (excluding work
engine mileage)
12.55 eta.
12.26 cts.
Cars in Passenger ServicePassenger cars
228
234
Smoking cars
61
61
Combination cars
47
46
Emigrant cars
4
4
Baggage cars
173
165
Postal cars.
60
60
Dining and buffet cars
27
27
Horse cars
6
Officers' and pay cars
11
11
Air brake instruction car
1
1

Total

$8,649 40

765

1,398

1,592

CLEVELAND CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY.
TWENTIETH ANNUAL REPORT-FOR YEAR ENDED DEC. 311908.
To the Stockholders of the Cleveland Cincinnati Chicago &
St. Louis Railway Company:

The following is a statement of the capitarstock authorized
and outstanding on Dec. 31 1908:

The Board of Directors submits herewith the following
report for the year ended Dec. 311908.
The mileage embraced in the operation of the road is as
follows:
1,680.97
Main line
166.64
Branches
134.62
Trackage rights

Preferred stock authorized
Common stock authorized

Total length of road operated
Second track
Side tracks
Total mileage of track

1,982.23
338.63
1,061.04
3,381.90

The total mileage of track operated has beenticreased
during the year as follows:
38.05
Second track: increased
1.21
Side tracks: increased
---39.26
.67
Main line: decreased
Total additional tracks




38.59

$10,000,000 00
50,000,000 00

Total preferred and common stock authorized_
__ $60,000,000 00
$10,666:W0 oct
Preferred stock issued and outstanding
47,056.300 00
Common stock issued and outstanding
57,056,300 00
Balance common stock authorized but not issued December 31 1908
$2,943,700 00
The funded debt outstanding December 31
1907 was
_ ___
______ ____$64,612,727 45
This has been increased during the year by the
Issue of C. C. C. & St. L. fly. general mortgage bonds:
$1,000,000 00
For improvements
78,000 00
For retirement of prior lien bonds
1,078,000 00,
565,690,72745,
The prior lien bonds retired during the year are
as follows:

Brought forward
C. I. St. L & C. By. Co. firdt mortgage six
per cent bonds
C. I. St. L. & C. By. Co. general first mortgage four per cent bonds

$65.690.727 45
$6,000 00
72,000 00
78,000 00

Total funded debt outstanding December 31 1908

$65,612,727 45

There was expended during the year for additions to the
property, improvements, double tracking, equipment, &c.,
and charged to cost of road and equipment, the sum of
$3,210,932 47, as follows:
Cleveland Division
Cincinnati Division
St. Louis Division
Chicago Division
Cairo Division
Michigan Division
Interest during construction
For new equipment

$404,213 45
420,236 09
653,559 87
212,623 75
97,059 04
20,451 66
151,852 98
1,250,935 63

Total

$3,210,932 47

There has been advanced on account of the St. Louis
Short Line Division during the year, for construction,
$100,370 73.
There has been advanced to the Central Indiana Railway
Company during the year, for improvements and operation,
$76,193 72.
There has been advAnced on account of the Chicago &
Harrisburg Coal Company property during the year, $25,497 42.
There has been advanced on account of the Saline and
Williamson counties property during the year, $18,129 11.
The Evansville Mt. Carmel & Northern Railway Company
was organized under the laws of the State of Indiana Aug. 1
1906, and under the laws of the State of Illinois Nov. 7 1906,
to construct a railroad from Mt. Carmel, on the Cairo Division,
to Evansville, Indiana. There has been advanced on account of this property during the year $11,692 82.
The Saline Valley Railway Company was organized under
the laws of the State of Illinois April 6 1907, for the purpose
of constructing a railroad from Harrisburg, Saline County,
Illinois, to Marion, Williamson County, Illinois. There
has been advanced on account of this property, during the
year, $610 34.
There were sold during the year to the Missouri & Illinois
Bridge & Belt Railroad Company 40 shares of its capital
stock, par value $4,000; similarly each of the other proprietary companies surrendered a like amount, making a
total of 440 shares, par value $44,000, which that company
holds in its treasury uncanceled as "Treasury Assets."
There has been purchased during the year by the Central
Trust Company, Trustee for the C. C. C. & St. L. Ry. Company's St. Louis Division first collateral trust mortgage
bonds, 21 bonds, par value $21,000, making a total of 520
bonds at par value of $520,000 now held by the Central Trust
Company, Trustee.
Full particulars regarding the equipment acquired and
rental paid under the terms of the New York Central Lines
Equipment Trust Agreement and Lease of 1907 will be found
on another page. (See New York Central report.)
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
1907.
1908.
Increase(+)
Miles operated Miles operated or Decrease
1,982.90
Earningsfrom operation.
1,982.23
-.67 miles.
$15,711,940 70 $17,238,347 59 -41,526,406 89
From freight traffic
7,127,049 44
6,908,325 96
From passenger traffic
-218,723 48
849,998 84
757,853 86
From express traffic
-92,144 98
From transportation of
741,728 05
malls
716,673 35
-25,054 70
From rentals
464,533 10
503,318 75
+438,785 65
From miscellaneous sources
26,147 25
-2,599 02
23,548 23

(-).

Totals
$24,621,660 85 $26,447,804 27 -41,826,143 42
Expenses of operation.
(76.13%)
(78.11%)'
+(1.98%)
For maintenance of way
and structures
$2,611,391 72 43.432,738 28 -4821,346 56
For maintenance of equip't 3,801,196 10
4,209,998 30
-408,802 20
For conducting transport'n 12.200,907 91 11,868.537 02
+332,370 89
For general expenses
622,355 61
618,028 61
-4,327 00
Total expenses
.

$19,231,524 34 $20,133,629 21

--$902,104 87

Net earnings
45,300,136 51
Other incomeDividends on stocks owned
$57,324 90
Interest on railroad bonds
owned
43,420 00
Interest on loans, notes and
•
36,660 73
sundry accounts

$6,314,175 06

65,079 38

-28,418 65

$137,405 63

$186,543 73

--$49,138 10

Gross income..... _ 35,527.542 14
First charges.
Interest on funded debt__ _ 43,030,935 67
812,766 67
Taxes on real estate
81,609 85
Taxes on gross earnings
Railroad commissioners' as966 87
sessments
Use joint facilities; fixed
224,094 31
interest basis
80,784 45
Rentals of other property..
Interest on loans, notes and
bills payable
587,605 62

46,500.718 79

-$973,176 65

$2,989,581 11
758,155 98
84,736 96

+341,354 56
+54,610 69
-3,127 11

988 07

--21 20

204,505 08
74,948 31

+19.58923
+5,836 14

Totals

Totals
Net income
Cash dividends, preferred,
four. aggregating 5% __ _
Cash dividends common,
two, aggregating 3% •

$4,818,763 44
3708,778 70
$500,000 00

Totals

3500,00000
4208,778 70

To the surplus for the year

-$924,038

$78,452 24

-421,127 34

43,012 11

+407 89

.414,585 84

+173,019 78

$4,527,501 35

+4291,26209

41,973,217 44 --41,264,438 74
4500,000 00
1,411,689 00 ---$1,411,689 00

Surplus




[VOL. LXXXVIII.

THE CHRONICLE

766

31,911,68900-41,411,68900
461,528 44

+3147,250 26
4208.778 70

Brought forward
$208.778 70
There should be addedAdjustment of sundry accounts to conform to requirements of classifications prescribed by InterState Commerce Commission, etc
$404,303 55
Less discount, commissions and expenses in connection with New York Central Lines Equipment Trust of 1907, discount on C. C. C. & St.
L. Ry. General Mortgage Bonds and adjustment of sundry other accounts
$22.114 27
382,189 28
Amount to credit of profit and loss December 31 1907
Balance December 31 1908

$230,892 97
1,847,567 88
$2,078,460 85

The gross earnings were $24,621,660 85, a decrease of
$1,826,143 42.
The freight earnings were $15,711,940 70, a decrease of
$1,526,406 89. The local earnings show a decrease of 9%
and the interline a decrease of 11%.
The passenger earnings were $6,908,325 96, a decrease of
$218,723 48. The local earnings show a decrease of 4%
and the interline a decrease of 1%.
The express earnings were $757,853 86, a decrease of
$92,144 98, due to the general business conditions.
The mail earnings were $716,673 35, a decrease of $25,054 70, due to reduced Government allowance.
The rent earnings were $503,318 75, an increase of $38,785 65, due chiefly to increased rentals received from foreign
roads.
The expenses of operation were $19,231,524 34, a decrease •
of $902,104 87.
Maintenance of way and structures showed a decrease of
$821,346 56, which is general and made possible by the
high standard previously maintained; the only important
item of increase being in tie renewals.
Maintenance of equipment showed a decrease of $408,802 20, which is general, and was also made possible by the
high standard previously maintained; the only important
item of increase being in renewals of freight cars.
Conducting transportation showed an increase of $332,370 89. The principal fluctuations were as follows:
Fuel for locomotives decreased $134,253 11.
Engine and roundhouse men, train service and supplies
decreased $239,439 43.
Station, yard, telegraph service and supplies decreased
$219,837 46.
Car mileage and per diem balance increased $639,602 60,
due to decreased demand for system cars on foreign roads
and the adjustment of reclaims accrued in prior years.
Loss and damage increased $251,833 83, due chiefly to
the settlement of deferred claims, largely the result of congestion in the latter months of the year previous, and the
increase in fire claims as the result of this year's midsummer
drought.
The net earnings were $5,390,136 51, a decrease of $924,038 55.
Other income was $137,405 63, a decrease of $49,138 10,.
due principally' to decreased interest earned from notes and
deposits.
First charges were $4,818,763 44, a net increase of $291,262 09. The principal fluctuations consisted of an increase'
in interest on funded debt, due to the issue of additional
bonds, increased taxes and increased interest on loans.
The net income for the year, after paying first charges,
was $708,778 70, out of which was paid a dividend of 5%
on preferred stock, leaving a surplus for the year of $208,778 70.
The operation of the Kankakee & Seneca Railroad for the
year (for which separate accounts are kept) shows earnings
$87,596 91, operating expenses and taxes $103,478 46,
deficit $16,281 55.
The Mt. Gilead Short Line (for which separate accounts
are kept) shows earnings for the year $5,496 12, operating
expenses and taxes $7,527 02, deficit $2,030 90.
W. H. NEWMAN,
President.
FIRST CHARGES.
$
Interest on bonds ________
--------5 67
36
Taxes on real estate ___________________________ _ __ ____________ 3'8
03
10.7
2 66
81,609 85
Taxes on gross earninis _ ___----- _____________________ _
966 87
Railroad commissioners'_____________
224,094 31
Use joint facilities; fixed interest basis
80,784 45
_______________
Rentals of other property587,605 62
__
Interest on loans, notes and bills _____________
Total first charges __________________________________ _ _$4,818,763 44
CONDENSED GENERAL BALANCESHEET DECEMBER 31 1908.
ASSETS,
Cost of road and equipment ________________________":.$15,701,331 03
Securities ownedStocks of other companies
$2,127,970 59
1,498,991 44
Bonds of other companies
3,620,962 03
Advances$117,000 00
Kankakee & Seneca RR. Co
780,128 88
Central Indiana By. Co
1,328,830 57
Short Line Division
068,302 07 ,
Saline and Williamson Counties property
58,931 07
Chicago & Harrisburg Coal Co. property
1,840 00
Springfield Union Depot Co
60,000 00
Cincinnati Union Depot
41,151 20
Real estate
203,551 00
Evansville Mt. Carmel & Northern By. Co
12,058 64
Saline Valley By. Co
3.571.793 43
.
--r-1.494,160 16
Fuel and supplies

MA.R. 20 1909.j

THE CHRONICLE

Brought forward
5134,394.239 65
Current assetsCash charged Treasurer
$519,184 62
Cash in transit
1,728,319 65
Cash in banks to pay coupons, dividends, etc. 467,103 37
Loans and bills receivable
131,934 79
Traffic balances receivable
858,793 83
Sundry collectible accounts
2,573,483 19
6,278,819 45
Items in suspenseNew car contracts (per contra)
$509,274 52
Other items
21,370 64
530,645 16
• Accounts with lessor and other companiesPeoria & Eastern Railway Co
$55,265 96
Kankakee & Seneca RR. Co
42,999 60
98,265 56
5141,301,969 82
Capital stockCommon
Preferred

LIABILITIES.
$47,056,300 00
10,000,000 00

$57,056,300 00
Funded debtC. I. St. L. & C. By. 1st mtge. 6% bonds_ _ _
$635,000 00
C. I. St. L. & C. Ry. gen. 1st M.4% bonds_ 7,323,000 00
C. C. C. & I. fly. lst consol. mtge. bonds__ 4.138,00000
C. C. C. & I. By. gen. consol. mtge. bonds__ 3,205,000 00
I. & St. L. RR. 1st mortgage bonds
2,000,000 00
I. & St. L. By. 1st mortgage bonds
500,000 00
C. C. C.& St.L.Ry.(C. VAC.Ry.)1st M.bds. 5,000,000 00
C. S. & C. RR. 1st consol. mtge. bonds
2,571,000 00
C. C. C. & St. L. By. (Springfield & Columbus
Div.) first mortgage bonds
1,103,730 00
C. C. C. & St. L. By.(W. W. Valley Div.)
mortgage bonds
650,000 00
C. C. C. & St. L. By. (St. L. Div.) First
collateral trust mortgage bonds
10,000,000 00
C. C. C. & St. L. By. (C. W. & M. Div.)
4,000,000 00
mortgage bonds
C. C. C. & St. L. By. general mtge. bonds
24.058,000 00
C. S. & C. preferred stock and scrip
428,997 45 65,612,727 45
Total capitalization
$122,669,027 45
5% Four-year gold notes
5,000,000 00
Current liabilitiesWages and supplies
$4,152,398 25
Bills payable-L.S. & M. S. fly. Co
5,500,000 00
Bills payable-Dayton & Union RR. Co_ _ _
112,500 00
Bills payable-other
3,425 00
Traffic balances payable
178,980 32
Interest accrued
494,601 47
Bond interest due Jan. 1 1909
383,020 00
Bond interest unclaimed
70,329 50
Dividend unpaid-preferred stock payable
Jan. 20 1909
125,000 00
Dividends unclaimed
17,193 87 11,037,448 41
New car contracts (per contra)
509,274 52
Accounts with lessor and other companiesMt. Gilead Short Line Railway
2,444 59
Items in suspenseTrust equipment replacement fund
5,314 00
Profit and loss
2,078,460 85
$141,301,969 82

767

THE PEORIA AND EASTERN RAILWAY COMPANY.
REPORT FOR THE YEAR ENDED DEC. 31 1908.
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
1908.
Increase(-I-)
1907.
Miles operated Miles operated or Decese(-).
Earnings from operation.
351.61
351.61
From freight traffic
$1,930,518 21 $2,143,178 50 -5212.660 29
From passenger traffic
668,343 24
-41.958 36
710,301 60
From express traffic
66,036 94
-4,471 44
70,508 38
From transportation of mails
77,953 18
77,337 62
+615 56
From rentals
20,725 45
+11,773 08
8,952 37
From miscellaneous sources_ _ _
885 77
68 74
+817 03
Totals
$2,769,462 79 $3,010.347 21 -$245,884 42
Expenses of operation.
(77.87%)
(73.67%)
-1-(4.20%)
For maintenance of way and
structures
$313,962 68
5408,006 02 -$94,043 34
For maintenance of equipment_ , 384,486 41
441,408 08
-56,921 67
For conducting transportation_ 1,386,929 13 1,298,246 00
+88,683 13
For general expenses
67,289 58
70,129 93
-2,840 35
Totals
52,152,667 80 $2,217,790 03 -565,122 23
New construction (addition
betterments)
90,349 48
87,247 09
+3,102 39
Total expenses
52,243,017 28 52.305,037 12 -$62,019 84
Net earnings
5521,445 51
Other income.
Interest on railroad bonds owned
52,950 00
Interest on loans, notes and
sundry accounts
379 17
'IVAN

$705,310 09 --$183,864 58
$3.275 00

--$325 00

11.826 90

--11,447 73

$3,329 17

515,101 90 --$11.772 73

Gross income
$524,774 68
First chargesInterest on funded debt
5404,260 00
Taxes on real estate
107.410 90
Taxes on gross earnings
4,951 15
Railroad commissioners' assessments
61 13
Use joint facilities: fixed interest basis
34,608 72
Interest on loans, notes and bills
payable
8,954 97

5720,411 99 -5195.637 31

Totals

$404,260 00
100,888 33
5.35645

$560,246 87

Net income
'$35,472 19
Interest on income bonds, 4% _
Balance

ai

+5-6i-22
-40530

69 73

-8 60

34,621 71

-12 99

7.871 17

+1,083 80

5553,067 39

+57,179 48

8167,344 60 -$202.816 79
160,000 00 -160,000 00

Def.$35,472 19 Sur.$7,344 60

-$42,816 79

To the deficit for the year
There should be added:
Payments for new equipment in excess of reserve fund
$114,618 15
Less adjustment of sundry accounts to conform
to requirements of classifications prescribed
by Inter-State Commerce Commission
53,915 58
Amount to credit of profit and loss December 31 1907
Balance December 31 1908

$35,472 19

60,702 57
$:,6.174 76
252,455 01
$156,280 25

MICHIGAN CENTRAL RAILROAD COMPANY.
SIXTY-THIRD ANNUAL REPORT-FOR YEAR ENDED DEC. 31 1908.
To the Stockholders of the Michiganrentraliltailroad Company:
The Board of Directors herewith submits its report for
the year ended Dec. 311908, with statements showing the
results for the year and the financial condition of the company.
The report covers the operation of the following mileage:
Miles.
270.07
345.05
1,117.34
14.00

Main line
Proprietary lines
Leased lines
Lines operated under trackage rights
Total road operated

1,746.46

A statement showing in detail the miles of road and track
operated will be found upon another page.
The capital stock authorized and issued to Dec. 31 1908 was $18,738,000 00
The funded debt outstanding on Dec. 31 1907 was
$26,765,000 00
It has been decreased during the year ended Dec. 31 1908
as follows:
Michigan Central-Jackson Lansing & Saginaw
3;4% gold bonds of 1951 purchased and canceled by the Trustees of the Land Grant
Fund of the Jackson Lansing & Saginaw
Railroad Company
$10,000 00
Michigan Central-Terminal 4% bonds of 1941,
retired in exchange for Indiana Harbor Belt
4% bonds
725,000 00
735.000 00
Total funded debt Dec.31 1908 (detalls.on another page) 526.030,000 00
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
1908.
1907.
1,746.46 miles 1,746.46 miles Increase (1-) or
Earnings from operation. operated.
operated.
Decrease (-)•
From freight traffic
$16,947,001 50 $19,926,803 28 -82,979,801 78
From passenger traffic_ _ _ _ 8 ,168,190 19
6,541,102 67
-372,912 48
From express traffic
1.040,663 03
1,241,632 68
-200,969 65
From transportation of mails 413,540 83
429,173 16
-15,632 33
From rentals
43,536 34
31,786 18
+11,750 16
From miscellaneous sources
305,556 00
376,611 97
-71,055 91
Totals
524,918.487 95 $28,547,109 94 -$3,628,621 99
Expenses of operation.
(76.27%)
For maintenance of way
and structures
$3,061,374 85
For maintenance of equip't 2.978.743 87
For conducting transportation
12,406,032 50
For general expenses
559,201 12
Total expenses

(81.03%) •

(-4.76%)

$4,991,923 14 -$1,930,548 29
4,070,277 11 -51,091,533 23
13,503,986 92
565,563 48

-1,097,954 42
-6,362 36

$19,005,352 34 523,131,750 65 -54,126,398 31

Net earnings
Other income

55,913,135 61
655,505 40

$5,415,359 29
702,518 99

+5497,776 32
• -47,013 .59

Gros.s income

/6,568,641 01

$6,117,878 28

+5450,76273




First charges1908.
Interest on funded debt_ _ $2,268,938 33
Rentals of leased lines_ _ _ _
510,310 00
Taxes
1,105.694 21
Interest on loans, notes and
bills payable
842,176 27
Interest on equipment trust
certificates
214,402 05
Totals

Increase (-I-)
1907. • or Decrease(-).
52,098,230 00
+5170,708 33
568,200 42
-557,890 42
1,008,775 79
+96,918 42
702,006 59

+140,169 66

11,30000

+203,102 05

54.941,520 86

$4,388,512 80

+5553,008 06

Balance available for div__ $1,627,120 15
Cash dividends (in 1908
6%,in 19078%)
1,124,280 00

51,729,365 48

-5102.24533

Surplus

$502,840 15

1,499,040 00

-374,760 00

$230,325 48

+5272,514 67

Surplus for the year
Amount to credit of Profit and Loss Dec. 31 1907
•

$502,840 15
9,131,127 34

$9.633,967 49
DeductExpenses of extension Canada Southern First
Mortgage bonds
5141,291 45
Loss on sale of Chicago Indiana & Southern bonds 315,107 44
Discount, commissions and expenses on account
of Equipment Trust certificates
257,721 27
Use of Indiana Harbor Belt terminal facilities prior
to 1908
109.446 60
Adjustment of sundry accounts
69,386 67
892.953 43
Balance to credit of Profit and Loss Dec. 31 1908

$8.741,01406

The •gross earnings were $24,918,487 95, a decrease of
$3,628,621 99 from the previous year.
The freight earnings were $16,947,001 50, a decrease of
$2,979,801 78. This was due to a decreased movement in
nearly all commodities.
The passenger earnings were $6,168,190 19, a decrease of
$372,912 48, due to a general decrease in both local and interline business.
The express earnings were 31,040,663 03, a decrease of
$200,969 65.
Earnings from transportation of mails were $413,540 83,
a decrease of $15,632 33.
The total expenses of operation were $19,005,352 34,
a decrease of $4,126,398 31.
Maintenance of way and structures decreased $1,930,548 29; due to the general economies effected and reduced
expenditures for new buildings, separation of grades, new
yards, logging branches, &c.
Maintenance of equipment decreased $1,091,533 24;largely
due to the reduction in expenditures for repairs on account
of idle equipment during the business depression.

Lxxxvm.

THE CHRONICLE

768

Conducting transportation decreased $1,097,905 42; due
principally to the falling off in the volume of traffic handled
and a general curtailment of expenses. The decrease in car
mileage-per diem account-was caused by the preference
given to loading of this company's cars and by the change
in the rate of per diem on March 1 1908 from 50 cents to 25
cents. The increase in rents for tracks, yards and terminals
is on account of additional expenditures for terminal facilities;
and the increase in expenses of stock yards and elevators is
on account of extraordinary expenditures incident to the
aphthous fever epidemic.
The net earnings were $5,913,135 61, an increase of $497,776 32.
Other income was $655,505 40, a decrease of $47,013 59.
First charges increased $553,008 06, the principal items
being interest on additional bonds and equipment trust certificates issued, increased rate on Canada Southern first
mortgage bonds and interest on loans.
The profit from operation for the year, after payment of
6% in dividends upon the capital stock, was $502,840 15,
which has been carried to the credit of Profit and Loss.
Total cost of road and equipment to Dec. 31 1908

$35,213,257 09

This represents per mile owned (270.07 miles) $130,386.
Joliet & Northern Indiana Railroad Construction account
was increased by expenditures for elevation of tracks in
the City of Joliet
Terminal Railroad (Chicago) Construction account was decreased by expenditures for construction assumed by the
Indiana Harbor Belt Railroad Company as explained below
Jackson Lansing & Saginaw Railroad Construction account
was decreased by purchase and retirement of bonds as previously commented upon

$71,338 77
$823,443 17
$10,00000

On Jan. 11908, the Indiana Harbor Belt Railroad Company, having taken over the ownership and control of the
Terminal Railroad property, in accordance with the terms
of the agreement of Jan. 29 1907, there were retired $725,000
of Michigan Central-Terminal Railroad 4% bonds,.in exchange for which a like amount of Indiana Harbor Belt
Railroad general 4% bonds were issued. During the year
this company received from the Indiana Harbor Belt Railroad Company $105,000 of the latter issue of bonds in consideration of the transfer and delivery to the Indiana Harbor
Belt Railroad Company of 1,058 shares of the capital stock
of the Calumet Western Railroad Company and $98,443 17
in cash in reimbursement of the amount expended by this
company for the construction of the Terminal Railroad in
excess of the proceeds of the $725,000 Michigan CentralTerminal Railroad bonds above mentioned.
Under agreement of Dec. 4 1907, covering reorganization
of the Toledo Terminal Railroad Company (in succession to
Toledo Railway & Terminal Company), this company

acquired 12%, viz.: 4,800 shares, of the outstanding capital
stock of the Toledo Terminal Railroad Company, and guarantees interest on that company's 432% fifty-year bonds of
1957, aggregating $6,000,000, in proportion to stock holdings.
There were sold during the year $3,825,000 4% First Mortgage bonds of the Chicago Indiana & Southern Railroad Company and $115,000 general mortgage 4% bonds of the Indiana Harbor Belt Railroad Company.
On Jan. 11908, $14,000,000 Canada Southern first mortgage 5% bonds were extended to Jan. 1 1913 at 6%.
Full particulars regarding the equipment acquired and
rental paid under the terms of the New York Central Lines
Equipment Trust agreement and lease of 1907 will be found
on another page. (See New York Central report.)
Effective Jan. 1 1908, an agreement, modifying that dated
Dec. 29 '1903, was entered into with the Pere Marquette
Railroad Company, under the terms of which the annual
rental payable by the latter was reduced on account of its
relinquishment of the right to use the St. Clair Branch of the
Canada Southern Railway between the junction of the Lake
Erie & Detroit River Railway, near Courtright, Ontario,
and St. Clair Junction, and also that portion of the main lime
between St. Clair Junction and the crossing of the London &
Port Stanley Railway.
W. H. NEWMAN,
President,
SUMMARY OF FIRST CHARGES.
Interest on funded debt
Rentals of leased lines
Taxes
Interest on loans, notes and bills payable
Interest on Equipment Trust Certificates

$2,268,938 33
510,310 00
1,105,694 21
842,176 27
214,402 05

Total first charges

$4,941,520 86

DIVIDENDS.
Payable July 29 1908,3% on 187,380 shares of capital stock_
Payable Jan. 29 1909, 3% on 187,380 shares of capital stock_
6%

Total

$562,140 00
562,140 00
$1,124,280 00

AMOUNT OF FUNDED DEBT PER MILE OF ROAD.
Amount
per Mile
Funded
RoadMiles. of Road.
Debt.
Michigan Central Railroad
270.07 $51,838
$14,000,000
Grand River Valley Railroad
17,902
1,500,000
83.79
Detroit & Bay City Railroad
175.73
22,762
4,000,000
Kalamazoo & South Haven Railroad
17,722
39.50
700,000
Michigan Air Line Railroad
115.16
22,577
2,600,000
Jackson Lansing & Saginaw Railroad__ _ 1,730,000
'4,562
379.23
Joliet & Northern Indiana Railroad
45.00
1,500,000
6,667
$26,030,000

1,108.48

323,483

CAPITAL STOCK.
Number of shares issued and outstanding
Total par value issued and outstanding
187,380
Number of shares authorized
Total par value authorized
187,380
Par value per share
$100 00
Amount of capital stock per mile of road owned (270.07 miles), $69,382 0(),,

$18,738,000 00
18,738,000 00

FUNDED DEBT.
Date of
Issue.
1902
1879
1886
1881
1889
1890
1901
1907

Class of BondMichigan Central First mortgage
Grand River Valley First mortgage
Grand River Valley First mortgage
Detroit & Bay City First mortgage
Kalamazoo & South Haven First mortgage
Michigan Air Line First mortgage
Jackson Lansing dc Saginaw First mortgage
Joliet do Northern Indiana First mortgage

Date of
Maturity.
May 1 1952
Sept. 1 1909
Sept. 1 1909
Mch. 1 1931
Nov. 1 1939
Jan. 1 1940
Sept. 1 1951
July 10 1957

Total amount of funded debt

Amount of
Authorized
Issue.
$18,000,000
500,000
1,000,000
4,000,000
700,000
2,600,000
•2,000,000
3,000,000

Amount Issued
Rate of
and now
Payable on the first days of
Interest.
i
.0003
Outstanding.
May and November.
March and September.
6%
500,000
March and September.
6%
1,000,000
itch., June, Sept., Dec
5%
4,000,000
May and November.
5%
700,000
January and July.
4%
2,600,000
March and September.
3 34%
1,730,000
January 43 July 10th.
4%
1,500,000
$26,030,000

• $270,000 purchased and retired by the Land Grant Trustees.

CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1908.
ASSETS.
Cost of road and equipmentMichigan Central Railroad-Main Line
Michigan Air Line Railroad
Grand River Valley Railroad
Jackson Lansing & Saginaw Railroad
Kalamazoo & South Haven Railroad
Detroit & Bay City Railroad
Bay City & Battle Creek Railroad
Battle Creek & Sturgis Railroad
Joliet & Northern Indiana Railroad
Total cost of road and equipment
Securities ownedStock in sundry companies
Bonds of sundry companies

$3,299,652 23
2,501,715 87
2,589,921 64
815,610 24
4,168,297 78
7,171 75
330 59
862,338 77

Items in suspense




.,

14,245,038 87
$49,458,295 96

$7,784,626 50
351,976 00

Other propertyReal estate, &c., not used in operation of the road
Fuel and supplies
Current assetsCash charged Treasurer and Local Treasurer_$3,683,939 86
Loans and bills receivableDetroit River Tunnel Co_ _ _ _$4,297,825 26
Indiana Harbor Belt RR_ _ _ _
793,846 61
Chicago Kalamazoo & Saginaw Ry
221,748 50
Chicago Indiana & Southern
RR
195,000 00
Toledo Terminal Railroad..
34,302 00
Other companies
64,393 86 5,607,116 23
Traffic balances receivable
Sundry collectible accounts

$35,213,257 09

2,833,706 38
1,535,255 57

8,136,602 50
302,597 18
1,569,779 68

13.660,01804
146,220 13
$73,273,513 49

$18,738,000 00
Capital stock
Funded debt$14,000,000
00
1952
Michigan Central 336% bonds of
1,500,000 00
Grand River Valley 6% bonds of 1909
4,000,000 00
Detroit & Bay City 5% bonds of 1931
Kalamazoo & South Haven 5% bonds of 1939 700,000 00
2,600,000 00
Michigan Air Line 4% bonds of 1940
Jackson Lansing & Saginaw 33i% bonds of
1,730,000 00
1951
Joliet & Northern Indiana 4% bonds of 1957_ 1,500,000 00 20,030,000 00
Total capitalization
Three-year 5% gold notes of 1910
Current liabilities-____________________ $738,891 20
__ _
Wages __
4,450,000 00
_- bills payable
Loans and
__748,891 93
Traffic balances payable
594,031 84
Interest and rentals accrued
28,607 50
Interest unclaimed
562,140 00
Dividend payable January 29 1909
5,333 00
Dividends unclaimed
2,506,145 94
Sundry accounts payable
Accounts with lessor companiesCanada Southern Railway Company
Other accountsInsurance Fund-buildings --------------------------Profit and loss

$44,768,000 00
10,000,000 00

9,634,041 41

4,910 67
125,547 35
8,741,01.1 06
$73,273,513 49

FREIGHT CARRIED AND TON MILEAGE.
Increase(+) or
Decrease(-)•
1907.
1908.
-2,190,699
16,538,163
14,347,464
Tons of freight earning revenue
-242,073
1,975,933
freight
company
1,733,860
Tons of
-2,432,772
18,514,096
16,081,324
Total No. of tons carried_ _
Tons of revenue freight car2,634,120,022 3,027,734,750 -393,614,728
ried °De mile
Tons oPeompany freight car125,603,560 -13,346,700
ried one mile
112,256,860
Total No. of tons carried
one mile
2,746,376,882 3,153,338,310 --406,961,428
DESCRIPTION OF FREIGHT MOVED.
Products of Agriculture1,055,044
Grain
1,116,210
240,756
Flour
251,038
218,229
Other mill products
256,591
140,684
Hay
128,631
12,399
Tobacco
11,947
35,182
'Cotton
45,341
240,022
Fruit and vegetables
234,571
230,459
Other articles
328,716
•• Products of Animals399,422
Live stock
405,988
248,187
Dressed meats
153,300
118,014
,Other packing-house products_ ,
96,828
31,820
26,195
Poultry, game and fish
11,495
12,946
Wool
34,692
40,489
Hides and leather
66,034
60,746
Dairy products
25,917
30,114
Other articles
Products of MinesAnthracite coal
Bituminous coal
Coke
Ores
Stone,sand and other like articles
Other articles
Products of ForestLumber
Other articles
ManufacturesPetroleum and other oils
Sugar
Iron: pig and bloom
Iron and steel rails
Other castings and machinery_
Bar and sheet metal
'Cement, brick and lime
Agricultural implements
Wagons, carriages, tools, etc_ _
Wines, liquors and beers
Household goods and furniture
.Other articles
MiscellaneousOther commodities not previously mentioned
Total

+61,166
+10,282
+38,362
--12,053
-452
+10,159
--5,451
+98,257
+6,566
--94,887
--21,186
-5,625
+1,451
+5,797
--5,288
+4,197

1,232,777
2,459,090
151,188
35,372
1,226,883
249,774

1,215,746
2,827,084
193,569
26,639
1,615,383
217,214

+17,031
-367,994
-42,381
+8,733
--388,500
d-32,560

664,892
1,039,063

988,100
1,140,955

-323,208
-101,892

120,953
67,518
90,886
16,719
355,214
166,773
382,838
63,924
50.079
40,439
40,159
1,700,959

102,827
85,890
197,239
30,196
630,646
386,822
376,022
77,210
5 3,583
36,150
39,991
1,900,813

+18,126
--18,372
-106,353'
--13,477
--275,432
--220,049
+6,816
--13,286
-3,504
+4,289
+168
--199,854

992,313

1,287,728

--295,415

14,347,464

16,538,163

•-2,190,699

FREIGHT RESULTS.
Increase(+) or
Decrease (-).
1907.
1908.
Earnings from transporta'n$16,513,137 59 $19,412,008 10 -$2,898,870 51
-80,931 27
514,795 18
433,863 91
Earns,from miscell. sources
Total freight earnings. _ _$16,947,001 50 $19,926,803 28 -$2,979,801 78
Earnings per ton
Earnings per ton per mile_ _
Earnings per train mile_
Earnings per mile of road;
trackage included, operated in freight service_ _
Density of freight traffic
• (1. e., tons carried one
mile per mile of road)_ _
Average number of tons Of
revenue earning freight
carried per train mile__ _
Average number of tons of
all freight (including company's) carried per train
mile
Average number of revenue
tons per loaded car mile_
Average number of all tons
per loaded car mile
Average number of miles
one ton carried
Average number of miles
one ton carried (including
company's)
Average number of loaded
cars per train mile
Average number of empty
cars per train mile
Average number of freight
cars per train mile

$1.15
cts. 0.627
$2.38

$1.17
cts. 0.641
$2.69

-$0.02
-eta. 0.014
-$0.31

$9,703 63

$11,409 83

-$1,706 20

1,572,539

1,805,560

-233,021

379

420

-41

395

437

-42

16

16

17

17

184

183

+1

171

170

+1

23.89

25.93

-2.04

11.43

9.90

+1.53

35.32

35.83

-51

PASSENGER RESULTS.
Total earnings from passen$6,030,419 26 $6,422,952 73
r passenger train earnOtrers
103,483 43
122,106 59
ings
14,666 51
15,664 34
From miscellaneous sources

-4392,533 47

Total passenger earnings $6,168,190 19

$6,541,102 67

Earnings from mall and
$1.454,203 86 $1,670,80584
express
$1.29
$1.17
Earnings per passenger
Earnings per passenger per
CtS. 1.95
eta. 2.05
mile
$1.09
$1.09
Earnings per train mile_
Earnings per train mile, including mail and express
$1.28
$1.30
earnings
Earnings per mile of road
operated in passenger
service, trackage included
(including mall and ex$4,481 73
$4,827 05
press)
Density of passenger traffic
(i. e., passengers carried
181,791
183,911
one mile per mile of road)
Average number of passen6.00
6.25
ger cars per train mile_ _
Average number of passen- '
52
55
gers per train mile
Average number of miles
63
60
one passenger carried




769

THE CHRONICLE

MAR. 20 1909

+18,623 16
+997 83
--$372,912 48
-4216,601 98
--$0.12
eta. --0.10

--$0.02

-$345 32
-2,120
-.25
+3
-3

Oranntercial Timm
COMMERCIAL EPITOME.
Friday Night, March 19 1909.
Trade still waits on tariff revision, and meantime, too,
the
iron and copper trades is not without
some depression in
a certain moral effect. It is hoped, however, that when the
the
of
tariff has been accomplished, general trade
revision
will receive a beneficial stimulus. Prices as a rule arc pretty
sustained.
Railroad traffic much better than a year ago.
well
LARD has declined at times, in spite of an upward tenprice
the
of hogs at Chicago. Profit-taking has
in
dency
accounted for the setbacks as much as anything, though it
is also noticeable that the receipts of hogs at Western points
do not show quite so marked a decrease as compared with
the large figures of last year. Occasional declines in grain
have also not been without their effect. Prime Western
10.55c., City 10.25c., refined Continent 10.70c., South
American 11.50c., Brazil, in kegs, 12.50c.
DAILY CLOSING PRICES
Sat.
10.27
May delivery
10.40
July delivery
September delivery_ _ _ _10.52

OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri.
10.22
10.25
10.22
10.15
10.07
10.37
10.32
10.35
10.25
10.17
10.45
10.50
10.47
10.40
10.32

PORK has been in fair demand and firm, with mess $18©
$19 and family $18 50©$19 50. Cut meats have been generally steady, with a fair trade; pickled hams 9%©103/
2c.,
pickled bellies, 10 to 12 lbs., 9©9%c. Beef has been dull;
packet $13 50©$14 50, mess $9©$12, family $14 75©
$15 25. Stearines have been firm; oleo 133'e. for New York
and 1394c. for Chicago. Tallow firm; city 6c. Butter,
creamery extras 29c. firm. Cheese in good demand; State,
fancy, full cream, 153e. Eggs, fresh 23©24c., firsts 19c.
OIL.-Cottonseed has been lower on liquidation; winter
5.65©6.14c., summer white 5.45(:)5.75c. 'Linseed has been
quiet; city, raw 56©57c., boiled 57©58c.; Calcutta 75c.
Lard has been firm but quiet; prime 79©80c. extra No. J.
56©57c. Olive has been slow of sale at $1 50441 60. Cocoanut has been quiet and without interesting features;
Cochin 6%©7c.,Ceylon 6 •6©6%c.
COFFEE futures have been quiet, and the certainty that
no duty is to be imposed has caused more or less liquidation,
which might have had more effect than it has had but for
the support which leading interests are supposed to have
given the market almost daily. At the same time it is understood that some of the prominent bulls here have been
selling. Prices declined and later rallied. European markets have continued rather irregular or depressed.. Rio on
the spot has been quiet at nic.for No. 7, with No. 4 Santos
4c. Mild growths have been quiet, with fair to good
8%©83
Cucuta 9Yi©103.'c. Quotations for futures were as follows:
March
April
May
June

6.95®7.0O
6.90t6.95
6.90@6.95
6.40@6.45

6.30@6.35
July
6.05@6.10
August
September ....6.00@6.05
5.75@5.80
October

November _ _5.75@ 5.80
5.7®80_
December
January -....5.75®5.80
February ___5.80®5.85

PETROLEUM.-With the usual trade, refined has been
steady; barrels 8.50c., bulk 5c., cases 10.90c. Gasoline, 89
degrees, in 100-gallon drums, 19c.; drums $8 50 extra.
Naphtha 16c. for 73 to 76 degrees in 100-gallon drums;
drums $8 50 extra. Spirits of turpentine has declined to
2 ©41c. Rosin, strained, $3 25.
403/
SUGAR.-Raw has advanced, with a better demand and
an upward tendency of prices for refined. Centrifugal,
96-degrees test, 3.92©3.98c., muscovado, 89-degrees test,
3.42©3.48c. and molasses, 89-degrees test, 3.17©3.23c.
Refined in active demand and advancing. Granulated
4.75©4.85c. Spices quiet but steady. Tea quiet but firm.
TOBACCO has continued to meet with only a light demand
so far as many descriptions are concerned, but some improvement in trade has taken place here and there in fillers and
binders. Such improvement, however, does not appear to
be general. Yet prices, it is argued, are down to comparatively low basis, a basis at any rate low enough, it is contended, sooner or later to stimulate trade, especially as
manufacturers, it is believed, are carrying relatively small
supplies. A large proportion of the new crop, aside from
Pennsylvania and Ohio, has been absorbed. Ohio is very
firmly held, but the quality does not seem to attract buyers.
Cuban, though steady, sells but slowly. The usual trade in
Sumatra is in progress.
COPPER has declined under pressure of increased offerings coincident with falling quotations in London. Lake
4c., electrolytic 123'©1231c. and casting 12©
1234©123
123c. Prices for copper have touched the lowest point in
two years. In London trade has been active at the decline.
Here business has been quiet. Spelter has been steady at
4.75©4.773'c. Lead has been in better demand and firmer
at 3.9714©4.023/
2c. Reports of the forming of a lead
syndicate have been denied. Tin has declined sharply.
The offerings have increased considerably both from the
home trade and foreign holders. London prices have fallen
heavily. Here on the spot 28©283c. was at one time
quoted, but latterly 28.30©28.50c. Iron has been dull,
weak and unsettled. Structural steel material has been
sold, it is understood, at the new low level of 1.10c. at
Pittsburgh. Pig iron has been depressed, with sales, it is
stated, on the basis of $16 50 for No. 2 foundry, with Northern New York, Virginia and Alabama furnaces competing
for business in New England. No. 1 Northern nominally
$16 50©$17.

170

THE CHRONICLE

oL.

COTTON.

On Shipboard, Not Cleared for-

Friday Night, March 19 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
95,195 bales, against 126,759 bales last week and 150,074
bales the previous week, making the total receipts since
the 1st of September 1908 8,412,653 bales, against 7,136,851
bales for the same period of 1907, showing an increase since
Sept. 1 1908 of 1,275,803 bales.
Sat.

Receipts at-

r

60 1,048
- - Pensacol
Jacksonville, &c.
Savannah
2-,H).
2 1,5i15
Brunswick
Charleston
Georgetown ----------___
___
Wilmington
544
397
Norfolk
1,£143 1,123
Newp'tNews,&c_
____
____
New York
Boston
'75
Baltimore
Philadelphia -------__
75
Totals this week_

Tues.

Wed.

Thurs. Fri.
Total.
-----3,8/14 4,299 9,'794 4,2'72
5,889 5,002 33,140
___
1,600
--------------------- 5,218
5,218
1,782 4,387 3,911
5,452 2,350 4945 22,827

Galveston
Port Arthur
CorpusChristl,&c
New Orleans
Mobile

Mon.

"iiii

-iii

-496

2,6-56

1
2,872

1-itli

-556

-- i

105
1,133
1,299
____

---426
1,028
__

5

'75

66

-:
---___
274
949
____
42

--------____
- - 8_-

1,589 --4.124
1
1-,i775 13,762
1,110 1,110
'
460
------105
___
270 3,044
776 7,118
39'7
397
50
1
198
958 . 958
____
83

10,651 14,145 19,717 14,810 13,858 22,014 95,195

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
March 19.

1907-08.

This Since Sep This Since Sep
Week. 1 1908. Week. 11_07.

Galveston
33,140 3,165,771 35,133 2,107,951
Port Arthur
5,207 107,676
1,600 126,894
Corpus Christi, &c 5,218 106,596
37,562
156
New Orleans ____ 22,827 1,734,162 21,695 1,660,932
Gulfport
20,221
Mobile
4,124 324,030 2,331 288,672
130,421
Pensacola
141,790
27,576___
Jacksonville, &c_
7,569
1
6 5 1,368,220
Savannah
13,762 1,311,721 12,4
Brunswick
____ 196,392
1,111 303,318
Charleston
1,460 185,735 1,067 188,811
2,192
Georgetown
387
105
2,868 463,994
3,044 356,708
Wilmington
7,118 489,464 6,723 477,541
Norfolk
48
5,870
Newport News,&c
11,357
397
13,751
____
3,180
50
New York
12,854 ' 423
10,410
198
Boston
85,875 1,749
958
62,673
Baltimore
4,007
173
83
7,221
Philadelphia
95.195 8.412,653 90,038 7,136,851

Total

Stock.
1900.

1908.

113,996

129,369

239,930

181,740

34,780

26,726

80,511
2,180
18,151

77,297
4,883
16,276

6,680
32,094
118,376
5,357
14,180
2,871

10,639
27,252
119
96,559
11,071
12,839
2,344

669,106

597,114

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-

1909.

1908.

Galveston
_
Pt.Arthur,&c.
_New Orleans_
Mobile
Savannah
Brunswick_ _ _
Charleston,&c
Wilmington_ _
Norfolk
N'port N., &c
All others_ _ _ _

33,140
6,818
22,827
4,124
13,762
1,110
1,565
3,044
7,118
397
1,290

35,133
5,363
21,695
2,331
12,465

Total this wk..

95,195

1907.
74,169

1906.

1905.

1904.

1,067
2,868
6,723
48
2,345

39,732
3,165
19,622
1,088
1,442
3,274
8,873
598
7,426

31,229
7,606
29,458
1,561
12,404
2,710
1,025
568
6,873
278
10,869

42,511
6,404
54,759
3,344
23,980
968
1,968
6,542
14,225
388
19,242

17,081
413
22,904
1,457
7,681
241
810
1,395
8,514
592
3,354

90,038

159,389

104,581

174,331

64,442

SinceSept. 1- 8,412,6537,136,8518,674,771 6,545,7087,506,5286,645,484

The exports for the week ending this evening reach a total
of 92,623 bales, of which 33,905 were to Great Britain,
10,642 to France and 48,076 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1908:
•
Exports
from-

Week ending Mch. 19 1909. From Sept. 1 1908 to Mch. 19 1909.
Exported toExported toGreat
CantIGreat
Britain.Fence. nerd. Total. Britain. France

Continent.

Total.

Galveston ____ 14,562 ____ 9,145 23,707 1,327,431392,497 1,017,0232,736,951
1,600 1,600 63,109
63,785 126,894
Port
_
Corp.Chris.,&c.
7,402
Arthur7,402
___ 16,642 28,160 739,761188,928 524,2841,452,973
New Orleans__ 11,518
Mobile
10,195 8,753 18,948 77,221 87,073 63,215 227,509
32,287 50,874
Pensacola
49,297 132,458
4,132 16,089
Gulfport
20,221
Savannah
4,142 ---- 3,715 7,857 144,673 87,672 5313,527 768,872
181,423
87,609 269,032
Brunswick_
5,725
67,119 72,844
Charleston..
88,207 8,731 251,125 348,063
Wilmington__ _
____
28,800
Norfolk
1,971 30,771
_ __
Newport News
New York_
_ _
-:121r7 5,762 6,209 125,791 36,135 142,398 304,324
Boston
10,359 90,005
1,636
376 2,012 79,646
Baltimore
49,768 87,001
32,134 5,099
1,747 ____
700 2,447
Pthladelphla
300 __
8,268 47,537
400 39,269
100
Portland, Me_
743
743
San Francisco_
61,138 61,138
Seattle
1,283 1,283
57,165 57,165
Tacoma
8,660
8,660
Portland, Ore_
300
300
Pembina
____
100
100
Detroit
2,103
2,103
Total

Great
GerOther CoastMarch 19 at- Britain. France many. Foreign wise.
8,183 5,427
New Orleans__
Galveston
20,134 10,460
Savannah_ __ - -__
____
Charleston_ _ _ _
_
Mobile
1,293
1,500
Norfolk
New York
1,800
200
Other ports
4,000
____
Total 1909_ 35,410 17,587
Total 1908_ 44,108 23,126
Total 1907_ 86,977 43.522

5,883 17,141
13,585 5,495

1,666
4,276
1,200
6,000

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




Leaving
Stock.

202,888
60,900
80,511
__
566 1,260 16.951
____
.27,111
600 7,669
13,717 13,717 '',' 18,377
1,900
____
5,100 113,276
___
10,000
21,268
408 37,042
3,422 53,096

31,944 24,536 18,347 127,824
48,722 19,124 19,320 154,400
86.129 56.498 28.401 101.527

541,282
442,714
751.141

Cotton has declined, and the trading has been anything
but animated. Texas has had beneficial rains, and in its
southwest portion the drought is said to have been broken.
Trade has been quiet, it is stated, in yarns,and talk of curtailment of production is heard from North Carolina. Fall
River has been sluggish. Little attention has generally
been paid to reports of excessive rains in the eastern section
of the belt or of floods in Alabama. The belief of many,
founded apparently on letters and telegrams from the South',
is that in Texas and elsewhere there will be no decrease in the
area planted. Much lower prices for fertilizers than those of
a year ago are reported from Georgia. Spot markets have
declined, coincident with reports of increased offerings at
the South. Some have sold "futures" in the expectation
of a ginners' report on Saturday which will show large figures.
Large spot interests are supposed to have liquidated considerable of their holdings. The South and Liverpool have
at times been sellers. Some reports in regard to trade in
Great Britain, Germany and France have been unfavorable.
The agitation of tariff revision and the uncertainty as to its
effects on general trade when completed, particularly in the
iron and steel business, has not been without a certain influence. Liverpool has apparently been more or less influenced, too, by the alarmist reports about the danger of
serious complications between Austria and Servia and a decline in British consols, which seem to give such rumors
some sort of color for the moment. Many of the "longs"
have become discouraged and sold their holdings. Such
sellers have included, it is understood, some interests prominent ip the trade as well as a scattered clientele among the
commission houses. Wall Street houses have also sold, and
it is said that the sellers have included some people in Chicago. The most depressing factors have been the reported
dulness and depression in the spot markets, the stagnation
in speculation, the occurrence of beneficial rains in Texas,
and a fear that the Census Bureau's ginning report of Saturday, March 20, would be bearish. Disappointment, too, at
the failure of general trade to revive, as it was supposed it
would with the opening of the year 1909, has also been a
more or less potent factor. To-clay there was a small advance on covering of shorts, some Liverpool buying and
more or less buying by commission houses. There was less
selling pressure both here and in Liverpool. The Atlantic
States, particularly Georgia, are complaining of the effects
of recent heavy rains. Wall Street people are disposed to
buy on a scale down. Some well-known spot interests were
understood to be selling July and October on the advance.
Prominent people are in some cases believed to be inimical
to a rise at this time, but many other members of the trade
are disposed to buy on the setbacks in prices. Also, there
was some talk to-day to the effect that the ginning report
of to-morrow may,after all, be more or less bullish. It has
been a week of light trading and as a rule of slight fluctuations,
though on one day prices broke sharply under the pressure
of long liquidation and other selling. The predictions on
to-morrow's ginning report are generally 13,300,000 to 13,400,000 bales, excluding linters. Spot cotton has been quiet
and middling upland declined to 9.65c., rallying to-day,
however, to 9.70c.
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. falr____1.30 on
Middling fair
110 on
Strict good mid__0.66 on
Good middling
..Q.44 on
Strict middling _..0.22 on

c
Basis Good mid. ting d_c_ Even
Middling
0.30 off Strict mid,tinged_0.20 off
Strict low mid
1.00 oft Middling tinged...A.30 off
Low middling
Strict good ord-1.50 off Strict low mid. ting.1.00 off
Good ordinary.--.2.50 oft Low mid. tinged....2.25 off
Strict g'd mid.tgd.0.35 on Middling stained...1.00 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Mch. 13 to Mch. 19Fri.
Sat. Mon. Tues, Wed. Thurs.
9.85
9.80
9.65
9.70
Middling uplands
9.65
9.65
NEW YORK QUOTATIONS FOR 32 YEARS.
1909_ c
1908
1907
1906
1905
1904
1903
1902

9.70
11.00
11.00
11.40
8.20
14.50
10.10
9.12

1901_c
1900
1899
1898
1897
1896
1895
1894

8.56
9.88
6.31
6.12
7.38
8.00
6.25
7.50

1893_c
1892
1891

1889
1888
1887
1886

9.00
6 81
9.06
11.38
10.12
10.12
10.00
9.25

11.31
11.06
10.19
12.19
10.81
13.19
10.00
10.88

1885
1884
1883
1882
1881
1880
1879
1878

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.

Futures
Market
Closed.

33,90510,642 48,076 92,623 2,972,455873,0983,007,5136,453,066

Total 1907-08_ 10,01215,708 78,778104,4982,539,105746,5132,886,9806,172,598

Total.

Sales of ,.pot and Contract.
Spot,

Saturday__
Monday_ _ _
Tuesday _
Wednesday
Thursday ..
Friday ___
Total

Quiet
Quiet, 5 pts. dee_ _
Quiet, 15 pts. dee_ _
Quiet
teady
Quiet. 5 pts adv

Steady
Barely steady
Steady
Steady
Steady
Steady

200
26

Cons=. tract.
1,400
200
3,000

226

4,600

Total.

200
1,426
"HO
3.000
4,828

771

THE CHRONICLE

MAR. 20 1909d

AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items for
4:.
0
Ca
the corresponding period for the previous year-is set out
a
t3
P
in detail below.

ao ag

C2V.1 52W.1

,..F. ,..a .4:
5-1a-gr.Q.0.052w.4.9-wg
nwl.glag
2w.. 5-'w.1 51.
ci.120ftg. ..12f41.glaIT
ag

. ..
..

Total Continental stocks

1,500,000 1,205,000 1,301,000 ,1,199,000
11,000
11,000
14,000
13,000
444.000 504,000 434,000 349.000
343,000 241,000 273,000 225,000
4,000
3,000
5,000
4,000
8,000
17,000
44,000
46,000
70,000
145,000
36,000
38,000
5,000
13,000
2,000
18,000
891,000

861,000

896,000

672,000

2,391,000 2,066,000 2,197,000 1,871,000
Total European stocks
107,000
163,000
130,000
India cotton afloat for Europe_ _ _ 182,000
478,926 302,981
American cotton alit. for Europe_ 423,483 349,548
32,000
54,000
25,000
52,000
Egypt,Brazil,&c.,ailt.for Europe_
299,000 234,000 215,000 181,000
Stock In Alexandria, Egypt
724,000 967,000
497,000 641,000
Stock in Bombay, India
776,249
669.106 597,114 1,052,668
Stock in U. S. ports
512,820 543,270
506,124
697,642
Stock in U. S. interior towns
13,144
5,882
5,697
21,787
U. S. exports to-day
5,233,018 4,554,783 5,403,296 6,793,644
Total visible supply
Of the above, totals of Ame,ican and other descriptions are as follows:
Americanbales.1,297,000 988,000 1,098,000 995,000
Liverpool stock
54,000
65,000
68,000
Manchester stock
69,000
Continental stock
851,000 784,000 827,000 622,000
302,981
American afloat for Europe
423,463 349,548 478,926
776,249
U. S. port stocks
669,106 597,114 1,052,668
512,820 543,270
U.S. Interior stocks
697,642 506,424
13,144
5,882
U. S. exports to-day
5,697
21,787
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American.

4,029,018 3,298,783 4,040,296 3,306,644
110,000
8,000
16,000
40,000
182,000
52,000
299,000
497,000

118,000
124,000
9,000
13,000
11,000
12,000
69,000
77,000
163,000
130,000
54,000
25,000
234,000 '215,000
641,000 724,000

128,000
10,000
12,000
50,000
107,000
32,000
181,000
967,000

1,204,000 3,298,000 1,363,000 1,487,000
4,029,018 4,554,783 4,040,296 3,306,644

.
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No4.43
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G.,

Movement to March 20 1908.

IV cek

Total Great Britain stock
Stock at }lambing
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste

0
0
IC,
00

0
04
:70
4:,
.1

1906.
1907.
1908.
1009.
bales.],407,000 1,112,000 1,216,000 1,123,000
10,000
9,000
8,000
13,000
66,000
76,000
85,000
80,000

, .

I

Friday,
March 19.

March 19Stock at Liverpool
Stock at London
Stock at Manchester

...... 1
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.4
00

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.

p

............
''"'
0
.
,

Receipts.

g

Thursday,
Ma.Vi 18.

.. .. .. ..
I .. ..
Iv. ;.,6 66 66 WW
I@ TZ TZ I@ II I@ i; TZ 'IN TZ TZ TZ
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. ..
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II .. .. .1 ..
,,, 6;
64 e.s 1 W Wk
;..il
_,.. ;...ca
I@ TZ T@ T@ TO TO N TO T@ T@ T@ T@
mm mm m moo m m mm m mm m moo
II il;E: kk kl '7,11.' '41 i::1 l'e=.1 CO k'4 kl '0000
I. I. I. I. I.
II 1. I. II I. II I.
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to to to
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:1
1
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Movement to March 19 1909.

0I@

1
1
i
1

tlit14.

-1

Week. I Season.

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go 0-,
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a
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Tuesday, i Wednesday,
March 16. .March 17.

..
il .. .. .1 .. .1 .. .. .1 .. .1
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ilil. ;_il, ;... .;),;.. ;... 6k 6i1,4 6

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Monday.
Its arch 15.

I®

Saturday,
March 13.

6:.! 6i4 6 66 6 ili:
:p. ;,.:t
. 4,. :s..,t;
I@ T@ T@ T@ TZ T@ i@ TZ T@ N To lo
.0 ... .0. .. 0.. ... 0.
i 4i ' :V.1 i'oq?. ee l .!.I1 it.ft; itl k.1 kl ;v1"4
11 ilk: '
co. .1 .. .1 .. .. ©I .. .1 ..
6:12 i.t to 6!,,,, to e.t Wee.
, 6 ;,,it :D.
1,
0 T(0 7(0 7@ T@ I@ T@ i@ Ili@ To To T@
mm mm m mm m mm mm m cm m mm
4
.
II i'2i' ktie, L'I i.st! COI il.g '4..t
. '41 kk kl k'
II .. .. .1 .. .1 .... .1 .. .1 ..
i :te, 6 Wi4
.1=1.ta 6ii .0 ;-,,,. ;-. ..,. 6*. 8
I@ T@ I@ T@ T@ T@ T@
I@ IZ i@ T@
FF cop F mm F mm mm m mm m FF
•
II 28 .2.'1 81 ki.1 ';'1 ki4 :ts!',4 L'I 'zi'; to nt

i

nIqximminnnoq.0.0.0
li cc ww =I ca, ad wc cc ci cow col mm

The above totals show that the interior stocks have decreased during the week 23,711 bales and are to-night 191,208
bales more than at the same time last year. The receipts
at all the towns has been 10,739 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing
the overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows: •
March 19ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

----1908-09-------1907-08---Since
Since
Week. Sept. 1. '1
Week. Sept. 1.
11.004
526,137
10,108
327,076
3,509 273,156
6,233
153,303
1,242
26,873 ;
1,123
26,428
41,033
1,748
64,611
751
936
37,888
2,392
35,130
1,043
2,481
73,147
151,853
3,986
4,027 230,301
192,684

Total gross overland
23,509 1,310,619
Deduct shipmentsOverland to N. Y., Boston, ecc_- 1,289
116,487
Between interior towns
287
38,398
Inland, &c., from South
1,002
29,677
Total to be deducted
Leaving total net overland •

2,578

27,074

848,801

2,345
518
1,100

83,484
58,054
48.727

184,560

3,963

188,265

20,931 1,126,259

23,111

660,536

• Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 20,931 bales, against 23,111 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 465,723
bales.
-----1908-09----- -----1907-08
Since
/n Sight and Spinners'
Since
Sept. 1.
Week. Sept. 1
Week.
Takings.
90,038 7,136,851
Receipts at ports to March 19_ _ _ _ 95,195 8,412,653
660,536
23,111
20.931 1,126,259
Net overland to March 19
43,000 1,370,000
Southern consumption to Mch. 19 a 49,000 1,304,000
Total marketed
Interior stocks in excess

165,126 10,842,912
583,627
*23.711

156,149 9,167,389
*6,703 425,841

149,446
Came into sight during week_ __ _141,415
11,426,539
9,593,228
Total in sight March 19
5,233,018 4,554,783 5,403,296 4,793,644
Total visible supply
6.01d.
6.00d. North, spinners' takings to Mch. 19 52,145 2,177,516
4.97d.
5.86d.
Middling Upland, Liverpool
38,705 1,308,278
11.10c.
11.65c.
9.70c.
10.68c.
Middling Upland, New York_ _
8 5-16d. 8 13-16d.12 11-16d. 9 13-16d.
Egypt, Good Brown, Liverpool
a These figures are not the takings by Southern mills, but are estimates
9.65d.
7.75d.
10.35d.
8.75d. of consumption based on information received from time to time dining
Peruvian, Rough Good, Liverpool
Broach, Pine, Liverpool
4 546d. 5 7-16d. 5 9-16d. 5 11-16d. the season and revised, If necessary, when complete returns are received
5%d.
5d. at season's close. Reports from various sections of the South indicate that
4%d.
5 Hd.
Tinnevelly, Good, Liverpool_
'takings by the mills have thus far this season been appreciably heavier than
corresponding period a year ago, but actual or approximate
Continental imports for the past week have. been 58,000 during the obtainable.
data is not
bales.
• Decrease during week.

The above figures for 1909 show a decrease from7last
week of 127,079 bales, a gain of 678,235 bales over 1908,
a decrease of 170,278 bales from 1907, and a gain of 439,374
bales over 1906.




Movement into sight in previous years:
Week1907-March 22
1906-March 23
1905-March 24

Since Sept- 1Bales.
221,782 1906-07-March 22
136,782 1905-06-March 23
248,327 1904-05-March 24

Bales.
11,585,404
9,053,531
10,162.774

772

THE CHRONICLE

WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1, for the last two seasons, from all sources from which
statistics are obtainable, also the takings, or amounts gone
out of sight, for the like period.

[VOL Lxxxvm.

Galveston, Texas.-It has rained on two days of the week,
the rainfall reaching eighty-four hundredths of an inch.
The thermometer has ranged from 42 to 70, averaging 56.
Abilene, Texas.-Rain has fallen on one day of the week,
the rainfall being one hundredth of an inch. Average thermometer 55, highest 82, lowest 28.
Corpus Christi, Texas.-We have had rain on two days of
the week, the precipitation reaching five hundredths of an
1908-09.
Cotton Takings.
1907-08.
inch. The thermometer has averaged 58, the highest being
Week and Season.
Week.
Season.
Week.
78 and.the lowest 42.
Season.
Fort Worth, Texas.-There has been rain on one day during
Visible supply March 12
5,360.097
4,657,641
Visible supply Sept. 1
1,714,982
2,291,844 the week, to the extent of one hundredth of an inch. The
American in sight to March 19.. _ 141,415 11,426.539 149,446 9,593,228.
Bombay receipts to March
62,000 1,400,000
57,000 1,383,000: thermometer has averaged 58, ranging from 34 to 82.
Other India ship'ts to March 18
15,000
160,000
10,000
140,000!
Palestine, Texas.-It has rained on one day of the week,
Alexandria receipts to March 17
15,000
841,000
10,000
866,000.
Other supply to March 17 •
155,000
1,000
191,000 the rainfall reaching three hundredths of an inch. The
Total supply
5,593,512 15,697,521 4,885,087 14,465,072' thermometer has ranged from 34 to 74, averaging 54.
San Antonio, Texas.-Rain has fallen on one day during
• Deduct5,233,018 5,233,018 4,554,783 4,554,783 the week, the rainfall being three hundredths of an inch.
Visible supply March 19
Average thermometer 59, highest 80, lowest 38.
360,494 10,464,503 330,304 9,9.10,289
Total takings to March 19
Of which American
287,494 8,374,503 250,304 7,630,289
Taylor, Texas.-We have had rain on one day of the week,
73,000 2,090,000
Of which other
80,000 2,280,000. the precipitation reaching •forty-two hundredths of
an inch.
The thermometer has averaged 57, the highest being 80 and
•Embraces receipts to Europe from Brazil, Smyrna, West Indies, ttc.
the lowest 34.
New Orleans, Louisiana.-There has been rain on one day
EGYPT AND ITS INCREASING COTTON PRODUC- during the week, to the extent of two inches and twelve
hunTION.-In our editorial columns to-day will be found an dredths. The thermometer has averaged 60.
Shreveport, Louisiana.-It has rained on three days of
article under the above caption.
the week, the rainfall reaching one inch and ninety-four.
-A practical manual for those trading in the Liverpool hundredths. The thermometer has ranged fromm 36 to 74,
cotton market has been issued by Mr. Auguste Bruckert of averaging 55.
Vicksburg, Mississippi.-Rain has fallen on three days
Liverpool under the title "Cotton Pamphlet." In it he explains the various methods of trading and market customs, during the week, the rainfall being two inches and fifty-four
gives specimens of transactions which help to make these hundredths. Average thermometer 54, highest 73, lowclear, such as the statement and invoice which pass in the est 36.
Helena, Arkansas.-Farm work is now progressing. The
case of a conversion of futures into actual cotton and the
statement of charges involved in taking up a tender. The river is 47 feet on the gauge, or 5 feet below high-water mark,
book will be found of much value by the spinner, manufac- but rising. We have had rain on two days of the week, the
precipitation reaching forty-four hundredths of an inch.
turer and operator trading in the Liverpool cotton market.
Indications for more rain. The thermometer has averaged
QUOTATIONS FOR MIDDLING COTTON AT OTHER 42.3, the highest being 70 and the lowest 34.
Memphis, Tennessee.-The river is 38.2 feet on the gauge,
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for or 5.2 feet above the flood stage, and rising. It has rained
on two days of the week, the rainfall reaching seven huneach day of the week.
dredths of an inch. The thermometer has ranged from
33.8 to 70, averaging 49.
Closing Quotations for Middling Cotton onSelma, Alabama.-It has rained on three days of the week,
Week endingTuesday.iWed'day.
Monday.
Sat'day.
March 19.
Thursd'y. Friday.
the rainfall reaching two inches and twenty-five hundredths.
The thermometer has ranged from 32 to 78, averaging 51.5.
9 7-16 9%
9 7-16
9 9-16
9 9-16
Galveston
9%
9 5-16
9 5-16
9'
9 7-16
9%
New Orleans_
Mobile, Alabama.-Lowlands along rivers are flooded,
9%
9%
.9%
9
Mobile
93,1
9%
but the waters are now falling except along the lower Tom9 3-16
9 3-16
9 5-16
9 3-16
Savannah
9 3-16
9 3-16
934
9 3-16
93j
Charleston
9%
bigbee, which is 24 feet above the flood stage, and an addi9 3-16
9
9
9 3-16
Wilmington__
9
9
tional rise of 3 feet is forecasted. We have had rain on two
9 7-16
9%
9%
93
9%
Norfolk
0 7-10
9.85
9.80
9.65
9.85
9.65
Boston
days of the week, the precipitation reaching eighty-eight
9.65
95
93%
9%
96
/s
Baltimore
9%
9%
hundredths of an inch. The thermometer has averaged 59,
10.05
9.90
9.90
_ 10.10
Philadelphia
9.90
9.95
9%
9 7-16
9%
Augusta
9 5-16
the highest being 74 and the lowest 38.
93.
9%
9 7-16
9%
9 7-16
Memphis
9% • 9%
Montgomery, Alabama.-Rivers are still overflowing
9 7-16
9 7-16
9 7-16
9 7-16
St. Louts
9 7-16
9 7-16
9%
9 7-16
9 7-16
9 5-16
Houston
plantations, but now falling slowly. We have had rain on
9 5-16
9%
9
9
9
9
Little Rock
9
8
four days of the week, the rainfall being four inches and
seventy-two hundredths. The thermometer has averaged
54, ranging from 34 to 78.
NEW ORLEANS OPTION MARKET.-The highest,
Madison,
-There has been one shower the past
lowest and closing quotations for leading options in the New week. The Florida.
thermometer has averaged 56, ranging from
Orleans cotton market for the past week have been as follows: 40 to 80.
Augusta, Georgia.-There has been rain on four days during
Sat'clay. Monday, Tuesday, Wed'day. Thursd'y, Friday,
Mch. 13. Mch. 15. Mch. 10. Mch. 17. MO. 18. Mch. 19. the week, the precipitation being three inches and fourteen
hundredths. The thermometer has averaged 52, the highest
Marchbeing 65 and the lowest 33.
March_ ® - 9.30-.36 9.17-.25 9.21-.25 9.16-.21 9.20-.28
Range
Savannah, Georgia.-There has been rain on three days
6.37 - 9.27-.29 9.17-.20 9.26-.29 9.21-.22 9.25-.27
Closing
during the week, to the extent of sixty-one hundredths of
Aprilan inch. The thermometer has averaged 59, ranging from
..-- @ --- --- @ --- --- @ --- --- @ --- --- @ --- --- @.'Range
9.48 • 9.32 * 9.18 • 9.27 • 9.21 • 9.27 •
Closing
42 to 79.
May9.46-.51 9.35-.48 9.23-.37 9.26-.35 9.18-.28 9.25-.32
Range
Charleston, South Carolina.-It has rained on three days
9.48-.49 9.35-.36 9.27-.28 9.34-.35 9.28-.29 9.28-.29 of the week, the rainfall reaching one inch and sixty-seven
Closing
June_ ® _ _ ® _- ® _ _ ® _ _ ® _ _ ® _ hundredths. The thermometer has ranged from 42 to 74,
Range
Closing
9.53-.55 9.40-.42 9.31-.33 9.39-.41 9.30-.32 9.32-.34 averaging 58.
14 dUGreenwood, South Carolina.-Rain has fallen on four days
9.57-.61 9.46-.59 9.32-.48 9.34-.42 9.28-.37 9.34-.41
Range
9.59-.60 9.46-.47 9.35-.36 9.41-.42 9.36-.37 9.37-.38 of the week, the rainfall being two inches and twenty-two
Closing
October9.24-.29 9.18-.30 9.00-.20 9.10-.18 9.06-.13 9.08-.18 hundredths. Average thermometer 47, highest 56, lowRange
0.27-.28 9.17-.18 9.09-.10 9.17-.18 9.12-.13 9.15-.16 est 38.
Closing
Decemberthree
9.24 - 9.17-.20 9.07-.16 9.06-.13 9.06-.10 9.07-.15 riStateburg, South Carolina.-We have had rain on
Range
9.24-.25 9.15-.16 9.07-.08 9.14-.16 9.10-.11 9.12-.14 days of the week, the precipitation reaching one inch and
Closing
Januaryfourteen hundredths. The thermometer has averaged 53,
Range
- @ -- ® .22- ® - 9.11 -- @ -- ® _
9.26-.27 9.16-.17 9.08-.09 9.15-.17 9.10-.11 9.13-.15 the highest being 70 and the lowest 33.
Closing
ToneCharlotte, North Carolina.-We have had rain on two days
Quiet.
Easy. Steady.
Easy.
Easy.
Quiet.
Spot
Easy. Steady. Steady. Steady. B'y st'y. of Oheyweek, the rainfall being forty-five hundredths of an
Dull.
Options
inch. The thermometer has averaged 47, ranging from
32 to 57.
Little Rock, Arkansas.-Rain has fallen on one day during
WEATHER REPORTS BY TELEGRAPH.-Our telegraphic reports from the South this evening denote that the week, the rainfall being four hundredths of an inch.
Average thermometer 52, highest 72, lowest 32.
rain has fallen in most sections during the week, but that • The following
statement we have also received by teleon the whole the precipitation has been moderate and in graph, showing the height of rivers at the points named at
Texas generally light. Farm work has therefore made 8 a. m. of the dates given:
Mch.19 1909, Mch.20 1908.
better progress. The Mississippi River however, continues
Feet
Feet.
15.8
16.8
New Orleans
Above zero of gaugeat a high stage and rising. In Alabama the water is gradually Memphis
34.9
Above zero of gauge38.2
15.8
21.8
Above zero of gaugereceding from flooded lowlands except along the lower Tom- Nashville
8.9
6.9
Shreveport
Above zero of gauge45.4
Vicksburg
bigbee River, where a further rise is predicted.
46.0
Above zero of gauge..




773

THE CHRONICLE

MAR. 20 1909.)

The exports to Japan since Sept. 1 have been 126,670 bales
INDIA COTTON MOVEMENT FROM ALL PORTS.
from
all
Pacific ports, 600 bales from New Orleans and 24,619
from
shipments
The receipts of cotton at Bombay and the
from New York.
bales
for
1
Sept.
from
India ports for the week and for the season
Cotton freights at New York the past week have been as
three years have been as follows:
follows, quotations being in cents per 100 lbs.:
March 18.
Receipts atBombay

Exports from,

1906-07.

1907-08.

1908-09.

Liverpool
Since
Manchester
Since
Since
1.
Week. I Sept. 1. Week. I Sept. 1. Week. I Sept. - Havre
Bremen
62,000,1,400,000 57,00011,383.000 123,000 1,771,000 Hamburg
Antwerp ___ _ _ _
Ghent, via Antwerp
Reval
Since September 1.
Gothenburg
For the Week.
Barcelona. direct_..
ContiGreat
Genoa
Great ContiTotal.
nent.
Trieste
Britain. nent. Total. Britain.
-Japan

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

1,000 11,000 12,000
11,000 11,000
3-0566 19,000 22,000

17,000
15,000
30,000

381,000
353,000
593,000

398,000
368,000
623,000

3,000
1,000
7,000

3,000
1,000
7,000

4,000
3,000
4,000

25,000
10,000
66,000

29,000
13,000
70,000

1,000

1,000

3,000
4,000
2,000

15,000
25,000
19,000

18,000
29,000
21,000

2,000 10,000 12,000
9,000 9,000
3,000 3,000

11,000
9,000
7,000

102,000
89,000
61,000

113,000
98,000
68,000

3,000 24,000 27,000
21,000 21,000
3,000 30,000 33,000

35,000
31,000
43.000

523,000
477,000
739,000

558,000
508,000
782,000

ALEXANDRIA RECEIPTS
.4 lexandria, Egypt,
March 17.

115,000
8,311,015

80,000
6,497,277

75,000
6,687,884

Exports (balcs)-

This Since
Week. Sept. 1.

This! Since
Week. Sept. 1.

This Since
Week. Sept. 1.

To Liverpool
To Manchester
To Continent
To America

1,750 141,032
7,250 148,807
12,250 236,961
400 56,097

3,000!178,459
9,250 161,779
8,000 256,764
1,5001 49,966

4,000 173.387
7,750 167,252
6,250 265,406
3,500 93,337

21,650 582,897 21,750646,968 21,500 699,382

Total exports

Note.-A cantar is 99 lbs.

Egyptian bales weigh about 750 lbs.

MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
eazy for yarns and quiet for shirtings. Manufactueers
are generally complaining. 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
Turin.

83( lbs. Shirt- Coin
Pigs. common Mid.
Upt's
to finest.

32. Cop
Twist.

l.
e. d.
d. d.
d.
Feb
5 7 11-16® 8% 4 8 ©7 7% 5.15 9 15-160
511 9% ©
8% 4 7 ©7 8
11 7 9.j5
©
5.09 9%
83i 4 6 07 7
19
7 934 5.02 9% 0
8 4 6
26 7
Mob
0
5 7% 0 8 4 0 07 6% 5.14 9
4 6 07 6% 5.08 8% ©
0
12 7
4.97
7
8%
(437
6
73-16©
4
8
19

2

Saturday.

Mid.Upeds

Receipts (cantars)This week
Since Sept. 1

8)4l58. Shirt' Cos'n
legs, common Med.
U pi's
to finest.
s. d.

d.

1
0
10
9

6.35
6.21
6.14
6.00

10)4 5 4%08 8
10 5 4 08 7
9% 5 3 ©8 6

6 04
6.00
5.86

d. s. d.
1134 6
10% 5
1034 5
10% 5

10
9
6
5

(49
09
08
08

Wed.
12
11
15
18
25
18
28
30
36
25
18
28
45

Thurs.
12
11
15
18
25
18
26
30
36
25
18
28
45

Fri.
12
11
15
18
25
18
26
30
36
25
18
28
45

Mch. 19.
56,000
2,000
1,000
51,000
4.000
93,000
1.407.000
1.297.000
32,000
179.000
135.000

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

1906-07.

Tues.
12
11
15
18
25
18
26
30
36
25
18
28
45

Mch. 5. Mch. 12.
Feb. 26.
54.000
50,000
55,000
bales_
Sales of the week
4,000
6,000
3,000
Of which speculators took__
2,000
1,000
1,000
Of which exporters took_ _ _
49,000
47,000
52,000
Sales, American
12,000
3.000
10,000
Actual export
60.000
91,000
106,000
Forwarded
1,416,000 1,431,000 1,454.000
Total stock-Estimated
Of which American-Eat_ _1,320,000 1,325,000 1,344,000
•
107,000
Total imports of the week_ _ _ _ 150,000
79,000
91,000
Of which American
124,000
175,000
230,000
259,000
Amount afloat
130,000
184,000
224.000
Of which American

Market, 1
12:15 )
P.M. )

1907-08.

Mon.
12
11
15
28
25
18
26
30
36
25
18
28
45

LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:

AND SHIPMENTS.

1908-09.

Sat.
12
11
15
18
25
18
26
30
36
25
18
28
45

Sales
Spec.&exp.

Quiet.

Monday.

Tuesday.

Weerday. Thursday.

Moderate
demand,

Fair
business
doing,

Fair
business
doing.

1

Quiet.

5.10

5.08

5.04

5.00

5.00

4.97

7,000
500

7,000
300

10,000
300

12,000
500

8,000
1,000

8,000
2,000

Dull, 1
Futures.
point
Market 1 Steady,
unchanged decline,
opened
Market,
4
P.M.

Moderate
demand.

Friday

Quiet at
4 points
decline,

Quiet at Quietunch. Steady at
203 pta. to 1 point 102 pta.
advance.
decline.
decline,

Quiet at
Quiet. 234 B'ly st'y at Steady at Easy at
3401 pt. 334@554 204 pta.
Quiet, pts. dec. to 506 pta.
pt. dec. pta. dec. advance.
unch'ged. % pt. adv. decline.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
Tim prices at given in pence and 100ths.

Thus: 5 01 moans 5 01 100d.

Fri.
Thurs.
Wed.
Mon.
Sat.
Mch. 13
12% 1234 125j 4 12% 4 12% 4 1234 4 12% 4
to
Mch. 19. p.m. p.m. P.m. P.m. P.m. p.m. P.m. p.m. P.m. P.m. P.m. P.m.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
5 01% 99% 00 95% 94 91% 93 92 88 8834 90%
March _ _ _
5 01% 99% 00 95% 94 9134 93 92 88 8834 90%
Mch.-Apr.
5 01% 99% 00 95% 94 9134 93 92 88 88 90
Apr.-May
5 0334 01% 01% 97 95% 9334 95 93% 89% 90 91%
May-June
5 05 02% 02% 98 96% 9434 98 95 91 92 9334
June-July
5 05% 0334 0334 98% 97% 95% 97 9654 9234 9354 95%
July-Aug_
5 00% 00% 00% 95% 9434 9234 94 93% 89% 91 9234
Aug.-Sep_
4 97% 98 9734 93 92 89% 9134 90 M 87 88% 90%
-Oct
Sep.
4 94% 95 9454 SO% 89)4 87 89 88% 85% 86% 8854
Oct.-Nov_
4 92% 9354 93 89 88 85% 87% 87 83 M 85 87
Nov.-Dec
4 9134 92% 92 88 87 8434 86 86 82)484 86
Dec.-Jan
4 91 9134 91 87% 86 84 85% 853481)4 8334 8534
Jan.-Feb
Tues.

BREADSTUFFS.

Friday Night, March 19 1909.
Flour has shown no activity. On the contrary, trade in
grades has been distinctly quiet. It is said, too, that
SHIPPING NEWS.-As shown on a previous page, the most
West and Northwest the sales have been generally
the
at
have
week
the
past
States
United
the
from
exports of cotton
Jobbers complain of a slim demand from retailers.
small.
made
as
detail,
in
shipments
The
bales.
reached 92,623
Some prefer to buy from hand to mouth until the big wheat
up from mail and telegraphic returns, are as follows:
Holders maintain that
Total bales. deal in the May option is liquidated.
the situation is sound, owing to what they regard as the
NEW YORK-To Havre-March 15-Guatemala, 55 foreign_ _ _
408
Latterly flour has
March 16-Alf, 191 upland. 162 Sea Island
39 firmness of the cash-wheat situation.
To Dunkirk-March 16-Alf. 89
1,000 been quiet but steady. Stocks on the Pacific Coast are said
To Bremen-March 17-Roon, 1,000
8
To Hamburg-March 12-Pennsylvania, 6
505 to be light.
To Rotterdam-March 16-Estonia, 505
50
Wheat has declined, in spite of determined efforts to susTo Antwerp-March 12-Marina, 50
To Genoa-March 12-Konig Albert. 679_ __March 16-Principe
the price, and in spite, too, of some features which have
tain
680
di Piemonte, 1
450 appeared to favor the believers in higher quotations. EuroTo Naples-March 12-Konig Albert, 450
574
To Barcelona-March 17-Erika, 574
markets have, on the whole, been firm. Argentina
2,497 pean
sharp
To Japan-March 13-Wray Castle, 2,497
5,980 shipments for the week will show, it is estimated, a
GALVESTON-To Liverpool-March 13-Barbadlan, 5,960
8,002 falling off. Receipts at the interior markets of this country
To Manchester-March 17-Anselma de Larrinaga, 8,602
2,510
ago. NorthTo Barcelona-March 18-Sicilia. 2,510
6,635 have been much smaller than those of a year
To Genoa-March 18-Sicilia, 6,635
ly small, and the
PORT ARTHUR-To Hamburg-March 17-Burgermeister Hoch- 1,600 western receipts have been comparative
mann, 1,600
stock at Minneapolis has steadily decreased. With three
NEW ORLEANS-To Liverpool-March 12-Commodore, 11,518_ _11,518
9,098 exceptions, wheat and flour stocks at the West are the smallTo Bremen-March 12-Mount Royal, 9,098
499
United Kingdom are much
To Antwerp-March 12-Mount Royal, 499
7,045 est in ten years. Stocks in the
To Genoa-March 12-Soperga, 7,045
10,195 smaller than a year ago, being only 65,600,000 bushels,
MOBILE-To Havre-March 18-Magician, 10,195
8,753
at this time last year, while two
To Bremen-March 12-Dragoman, 8,753
1,537 against 96,300,000 bushels
SAVANNAH-To Liverpool-March 13-Author, 1,537
2,605 years ago they were 87,200,000 bushels. Roumania's crop
To Manchester-March 13-Author, 2,605
250
bushels smaller than the preliminary estimate.
To Gothenburg-March 17-Huelva, 250
2,550 is 20,000,000
To Barcelona-March 12-Alberta, 2,550
500 At times Budapest prices have advanced sharply and British
To Trieste-March 12-Alberta, 500
415 consols have fallen, owing to fears of serious trouble between
To Genoa-March 12-Alberta,415
577
BOSTON-To Liverpool-March 13-Devonian, 577
1,059 Austria and Servia. This also has tended to advance prices
To Manchester-March 12-Iberian, 1,059
378 in other European markets as well as on this side of the
To Yarmouth-March 12-Boston, 376
1,747
export demand
BALTIMORE-To Liverpool-March 16-Vedamore, 1,747
100 water. Also, there was at one time a better
To Bremen-March 17-Breslau, 100
600 at the West and Northwest, including Winnipeg. Some
600
12-Mobile,
-March
To Antwerp
300
300
,
decrease in the
PHILADELPHIA-To Liverpool-March 12-Haverford
100 have contended that the estimated sharp
To Genoa-March 12-Taormina, 100
1,283 Argentina shipments this week would be the beginning of a
SEATTLE-To Japan-March 16-Alti Maru, 1,283
____
MI 1111110A. rogii
steady diminution of such shipments. Bulls still insist that
Total




92,023

774

THE CHRONICLE

the sheet anchor of the market on this side of the water is
the domestic cash situation. It must be confessed, too, that
although the fluctuations of prices have now and then been
violent, sharp rallies have quickly followed sudden and
marked declines, and that the net loss has been comparatively
small. Yet constant support has been necessary. Speculation has at times been sluggish. The weather of the
West has been, on the whole, favorable, and crop advices
cheerful. Many experienced people consider the price unwarrantably high. Selling of the July option has been heavy.
An increase in the European supply for the week of 2,140,000
bushels sent the total up to 82,970,000 bushels, a fact which
of itself has caused selling. The visible supply in this country increased last week 3,088,000 bushels, as against an actual
increase for the same week last year of 783,000 bushels.
Russian crop news is cheerful, and arrivals at Southwes
tern
markets are increasing and are supposed to indicate liberal
interior reserve supplies. Powerful interests, however,
are
still arranged on the bull side, and the outcome of the May
deal is awaited with a good deal of interest. To-day prices
receded both here• and in Liverpool, mainly because of
unexpectedly liberal exports from Argentina and
Australia.
The total from Argentina thus far this year is 48,362,0
00
bushels (including 4,848,000 the past week), against 57,842,000 during the same time in 1908.
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Frt.
124% 1233% 123
123
1233% 125%
21
1203% 119%
1
1193% 120
%
119%
11334 1123% 111% 111 % 1123% 111%
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
11734 11634 115% 11534 11834 116
July delivery in elevator
105% 104% 104
104% 103%
September delivery in elevator_ _ _ _ 98% 983% 973% 104
97% 98
97%

NEW YORK.

No. 2 red winter
May delivery In elevator
July delivery in elevator

CHICAGO.

[VOL.

Wheat, per bush.
N. Duluth, No. 1
N. Duluth, No. 2
Red winter. No. 2
Hard "
"
Oats, per bush.Nat. white,26 to 281bs
No. 2 white
White clipped

GRAIN.
Corn, per bush.125
No. 2 mixed
123
No. 2 yellow
el 122%
No. 3
12534 Rye, per bush.No. 2 Western
573% @583%
State and Jersey
59 3434 60
Barley-Malting
573% ® 61%
Feeding. c. I. I. N. Y

el. 75
7334
72
to.b.88c
Nominal.
75078
72 @74(3

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

Flour.

Wheat.

I

Corn.

Oats.

0
Barley.

Rye.
bbls.196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
s. bu. 56 lbs'
185,075
542,298 2,515,000 2,006,500 bush.481b
1,053,000
29,000
71,750,
178,200
260,000
186,000
136,500
38,000
21,500
541,889
3,731
98.542
171,588
1,731
1,399,680
97,550 - 302,480
405,630
41,990
15,000
81,400
60,000
1,000
3,800,
18,060
99,150
38,500
1,480'
2,590
157,290
126,350
1,200
60,710i
311,288
647,730
458,800
135,200
18,000
49,200 1
18,000
317,900
160,500
83,000
5,000
j
411,600
297,000
95,000
Tot.wk.'09
393,515 3,438,605 4,476,751 3,532,672 1,986,118
134,721
383,6741 3,419,146 2,825,568 4,999,505
Same wk.'08
914,158 145,678
362,123 4,116,942 4,817,304 3,699,750 1,516,767
Same wk.'07
138,287
Since Aug. 1
1908-09_- 13,350,468 180,978,188 101,302,017 116,242,781 65,341,929
1907-08___ 11,902,348 168,091,175 126,285,077 128,051,806 51,112,730 5,167,839
1906-07--- 13,753,183 170,256,699 136,664,621 134,541,330 51,985,314 5,479,216
5,733,335
Chicago _
Milwaukee__
Duluth
Minneapolis_
Toledo
Detroit
Cleveland
St. Louis
Peoria
Kansas City.

Total receipts of flour and grain at the seaboard ports for
the week ended March 13 1909 follow:

Flour,
Wheat,
Corn,
Oats,
Barley,
Rye.
Indian corn has declined on the promise of better
Receipts atbbls.
bush.
bush.
bush.
weather New
bush.
bush.
York
133,312
356,400
and a larger movement of the crop and some sympath
194,625
332,450 90,525
1,150
y with Boston
37,477
149,972
31,100
110,652
2,808
2,595
wheat. Moreover, the Liverpool market has latterly
Portland, Me
13,165
25,714
117,139
declining,and large operators have vigorously attacked been Philadelphia
60,722
102,866
256,828
95,044
2,000
prices
Baltimore
39,728
15,887
223,693
22,572
1,998
at the West, with the knowledge that a large interior
7,261
2,408
43,334
or Richmond
32,058
37,704
country "long" interest existed and with the hope
New Orleans *___ _ 18,080
2,400
240,400
84,000
of
disNorfolk
1,143
lodging it. Some overselling, however, has resulted..
59,000
The Galveston
23,000
bears have stood in their own light. Besides the export
Mobile
4,965
10,600
Montreal
11,8(10
47,185
demand has latterly increased. Some leading houses
2,458
28,328
9,288
5,220
at St. John
390,188
11,280
Chicago, if they have sold July aggressively, have bought
Total week
328,080 1,284,371 1,040,476
May. The resistance of the May option has been a feature.
710,750 117,899
11,006,
Week 1908
373,985
876,425
652,316 1,019,477 228,254 57,674
It has helped to prevent cash prices from being forced to a Since
Jan. 11909_2,988,197 14,514,294 16,297,621 10,236,681 2715,119
216,816
lower level than they have actually reached. Within a day Since Jan. 1 1908_3,614,319 13,607,505 20,000,280 7,296,614 1294,476 990,679
,
or two, moreover, the country offerings at Chicago have
*Receipts do not include grain passing through New Orleans for foreign
ports
decreased, owing partly to threatening weather. The on through bills of lading.
recent drought in the Southwest may have caused a moderate
The exports from the several seaboard
decrease in the acreage. The Western receipts are compara- ending March 13 1909 are shown in the ports for the week
annexed statement:
tively small. Elevator people have endeavored to force
Corn, Flour,
Wheat,
Oats,
Rye, Barley, Peas,
prices downward and with a period of clear weather it is
Exports frombush.
bbls.
bush.
bush,
bush,
bush.
bush..
New York
34,332 41,688
233,084
12,918
expected that receipts will increase and prices recede. To- Portland,
76,906
753
25,714 13,165
Me____ 117,139
day prices advanced at first but declined later, owing to Boston
12 4,672
172,540
73,000
liquidation and bear attacks at Chicago. Cash prices then, Philadelphia __ 118,228 252,387 16,611
215,106 15,624
Baltimore
however, were higher, owing partly to predictions of
3,037
Orleans ___
2,700 216,617
180
wet New
10,600 4,965
Mobile
weather following rains reported to-day.
1,143
Norfolk
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs. Fri.
76 34 763% 7634 75
75
75
75% 7554 74 % 7334 73% 73%
75
74 36 74% 73% 73
7334
7434 7436 74
73 K, 7234 7234
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
68'% 673% 67
66
6634 663%
July delivery in elevator
67% 67% 67
6534 66
6534
September delivery in elevator_ _ _ _ 673% 67% 6636 65'%
6534 653%

NEW YORK.

Cash corn
May delivery in elevator
July delivery in elevator
September delivery in elevator_ __ _

CHICAGO.

St. John, N. B
Total week
Week 1908

390,188

5,220

..1,033,879 754,762 106,125
1,131,843 1,433,355 218,529

11,280
13,104
161,186
753
17,519 162,654 66,444 23,073

The destination of these exports for the week and since
.July 1 1908 is as below:
Flour
1Vhcat
Corn
Since
Since
Since
Week
July 1
July 1
Week
Week
July 1
Mch.
1908.
13.
1908.
Exports for week and Mc/i.13.
Mch. 13.
1908.
bush,
bush,
bbls.
bbls.
bush,
since July 1 tobush.
United KIngdom___ 47,819 4,117,680 726,043 47,675,668 258,228 12,297,701
18,080 1,791,954 296,236 43,939,174 466,877 9,747,536
Continent
11,600
293,962
So. & Cent. Amer
19,873 473,296
1,039
30,040.
12,285
15,868 1,031,209
West Indies
28,606
874,336
64,280
Brit. No. Am. Cols_ 1,957
12
8,012
59,485 .
Other Countries
2,528 225,695
20,652

Oats have fallen, partly owing to general long liquidation
and partly to heavy selling by cash houses at the West.
Also they have been affected by the depression at times on
other grain. Bears enlarge a good deal, too, on the fact
106,125 7,704,014 1,033,879 01,980,574 754,762 22,979,177
Total
that Argentine oats are being steadily imported. At the
218,529 8,708,984 1,131,843 92,343,801 1,433,355 41,260,135
same time the receipts of domestic oats at Western points Total 1907-08
have been small and over-confident short selling has led to
The world's shipments of wheat and corn for the week
an over-crowding of that side of the market. Quick rallies ending March 13 1909 and since July 1 in 1908-09 and 1907-08.
have latterly occurred. It is believed, however, that farm are shown in the following:
reserves are very !arse, that prices are too high and that,
Wheat.
what with the likelihood of a big resultant acreage and
Corn.
Argentine competition in this country itself, the tendency
1907-08.
1908-09.
Exports.
1908-09.
1907-08.
of prices must be downward. The cash trade has been light.
Since
Week
Since
Week
Since
To-day prices advanced, then reacted. They are 3 cents
Since
July 1. Mch. 13, July 1.
Mch. 13. July 1
July 1.
lower at Chicago than the recent high level.
Bushels.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Tues.
Mon.
Sat.
Wed.
Thurs.
Fri.
No. 2 white 60-61
60-61
60-61
5934-60
5934-60
5934-60
White clipped,
34 to 361b358 %-60% 58 %-69% 58 %-60% 57 %-59% 57 %-59% 57%-59%
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
May delivery in elevator
55% 54 % 54%
July delivery in elevator
50
49% 48%
September delivery in elevator__ _ 413% 403% 403%

CHICAGO.

IN
Wed. Thurs. Fri.
54
543% 543%
483% 483% 483%
403% 403% 403%

Bushels. Bushels.
Bushels. Bushels.
North Amer. 1,688,000 138,486,700 144,424,000 800,000 22,787,400
Russian _
1,752,000 48,928,000 54,024,000 410,000 12,760,500
22,144,000
28,608,000
493,000 18,997,500
Danubian - 168,000
Argentina .._ 5,152,000 73,788,000 58,784,000
43,374,500
0th. countr's 1,488,000 36,358,000 30,096,000

Total ____ 10248000 326,168,700 309,472,000 1,709,000 97,919,900 125,582,000

The quantity of wheat and corn afloat for Europe on datesmentioned was as follows:

The following are closing quotations:
FLOUR.
Winter, low grades- _$4 00@$4 50 Kansas straights
$5 30@$5 45
Winter patents
5 75@ 6 00 Blended clears
@ 5 60
Winter straight
5 60@ 5 75 City patents
6 5046' 6 80
Winter clear
4 70@ 5 00 Rye flour bbls
4 253-) 4 75
Spring patent
5 80@ 6 15 Buckwheat flour
2 1034
Spring straights
5 25® 5 40 Graham flour _________ ---@ - __
Kansas clears
4 5034 4 901Corn meal kiln dried------34 350
-




Bushels.
37,166,000.
17,752,000
34,400,000
36,264,000-

1Vheal.
United
Kingdom. Continent.

Corn.
Total,

Bushels. Bushels. Bushels. I
Meh. 13 1909_ 33,600,000 22,960,000 56,560,000
Meh. 6 1909._ 33,520,000 24,080,000 57,600,000
Mch. 14 1908_ 36,760,000 22,120,000 58,880,000
ts,4

United
Kingdom. Continent.
Bushels.
2,805,000
2,720,000
2,040,000

Bushels.
2,040,000
2,550,000
3,720,000

Bushels.
4,845,000,
5,270,000
5,760,000-

THE CIIRONICLE

Li- 20 1909.J

The value of these New York exports since Jan. 1 has
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and been $3,651,077 in 1909, against $2,277,990 in 1908.
Some lines of bleached goods, especially the medium and
seaboard ports March 13 1909 was as follows:
high grades, have continued in fair demand, with urgent
AMERICAN GRAIN STOCKS.
Barley requests for deliveries; the low end, however, is dull and
Rye,
Oats,
Wheat,
Corn,
bush
bush.
rather soft in places. The call for prints, notably from the
bus/s.
bush,
bush,
261,000 West, has improved and become more general, while there
48,600
690,000
985,000
91,000
New York
"
121,000
afloat
which
73,000 has been no abatement in the demand for ginghams,
8,000
21,000
Boston
295,000
93,000
rule strong. Wash fabrics have met with a ready sale,
Philadelphia
106,000
25,000
57,000
4,000
88,000
Baltimore
169,000
204,000
502,000
particularly novelties and fancies, purchases being chiefly in
290,000
New Orleans
633,000
316,000
such goods as percales, batistes with border effects, and
Galveston
55,000
150,000
50,000 crinkled
20,000
Buffalo
912,000
1,365,000
and mercerized fabrics. Linings have been fairly
afloat
216,000
2,762,000
1,000 active, especially mohairs and alpacas, on which mills are
9,000
Toledo
117,000
265,000
247,000
afloat
70,000
said to have booked a satisfactory amount of orders; there is
2,000
15,000
Detroit
88,000
220,000
321,000
907,000 some talk of advances on duplicate business. Sales of
122,000
Chicago
974,000
1,016,000
4,204,000
146,000 sheetings and drills to China recently are estimated at about
19,000
196,000
Milwaukee
681,000
292,000
796,000
20,000
Duluth
1,279,000
315,000
8,246,000
655,000 35,000 bales, the 3-yard sheetings being on the basis of
112,000
2,117,000
Minneapolis
13,793,000
405,000
148,000 6 1-3c. with the usual discount, or unchanged from the
23,000
481,000
St. Louis
454,000
1,017,000
Kansas City
253,000
1,240,000
2,559,000
9,000 basis reported last week. The print cloth market has ruled
45,000
835,000
Peoria
249,000
4,000
quiet, with an easier tone; regulars are'quoted at 3 7-16c.,
83,000
Indianapolis
341,000
141,000
,-ic. to
529,000 3,052,000 nominal, while standard wide goods are lower at 43
8,948,000
Total Mch. 13 1909 36,996,000 6,617,000
509,000 3,111,000 4%c.
Total Mch. 6 190936,941,000 6,562,000 8,950,000

Montreal
Fort William
"
afloat
Port Arthur
Other Canadian

CANADIAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
217,000
27,000
39,000
2,790,000
291,000
2,353,000
983,000

Total Mch. 13 1909_ _ 6,456,000
Total Mch. 6 1909_ _ 6,191,000

American
Canadian

Wheat,
bush.
36,906,000
6,456,000

Rye,
bush.

Barley,
bush.
89,000

217,000
223,000

89,000
85,000

SUMMARY.
Oats,
Corn,
bush,
bush,
6,617,000
8,948,000
27,000
217,000

BarIsu
Rye,
bush.
bush.
529,000 3,052,000
89,000

27,000
28,000

529,000 3,141,000
9,165,000
Total Mch. 13 1909__43,452,000 (1,644,000
509,000 3,196,000
6,590,000
9,173,000
Total Mch. 6 1909__43,132,000
748,000 3,938,000
Total Mch. 14 1908..40,149,000 6,822,000 9,055,000
Total Moll. 16 1907__47,354,000.13,149,000 10,073,000 1,563,000 2,188,000
Total Mch. 17 1906..47,272,000 15,349,000 23,636,000 2,255,000 3,934,000

WOOLEN GOODS.-Quietness prevails in men's wear; a
few duplicate orders have been received for worsted suitings
for fall, but not much business of this nature is expected
until sample pieces, now being delivered, reach clothiers.
Demand for spring lines has been well maintained, particularly for medium grades. A noteworthy feature of the
men's wear market is that cancellations on heavy-weights
so far, it is stated, have not been large. Dress goods have
been less active. Jobbers and cutters-up have completed
initial purchases of worsteds, but a moderate amount of
business is still being done by mills which were late in
seeking fall trade, and fair orders are being sent in by road
salesmen. An advance of from 23 to 5 cents a yard has
been announced by a large Worsted producer on any additional orders for fall. Unfinished worsteds have been in
active demand from cutters.




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-a IN, Ca cc cc

..40.1com

•41061 C1NV 6061

70,017

co

°C10I

6,288

940
1,923
1,012
478
18

Since
Jan. 1.
90
107
5,402
3,022
4,314
41
1,5.
296
146
4,502
621
406
20
2,635
239
1,91141 9,604
3,274
130

Week.
5
3

OLLSLI3'0E

fl'79'1,63`LC

Total

1,532
378

Since
Jan. 1.
249
137
30,655
3,975
7,817
2,690
7,480
353
3,132
9,973
3,556

Week.
6
1

S2.17'n43.6Z

Neto1York to March 13.
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other Countries_

WAREHOUSE WITHDRAWALS THROWN UPON THE MARKET.

9C6`8W6C

pala3tIvitu

sllodtui reloy

FOREIGN DRY GOODS.-Imported worsteds and
woolens have been comparatively quiet, so far as new busiTHE DRY GOODS TRADE.
ness is concerned, owing largely to uncertainty regarding
New York, Friday Night, March 19 1909.
the
tariff. Linens have continued in active request and
Naturally, the all-absorbing topic in the textile trades
during the week has been the new tariff bill. The resume strong, with considerable talk of further advances shortly.
of the tariff, which was sent out simultaneously with the Trade in burlaps has been of fair proportions, prices remainintroduction of the bill in the House of Representatives on ing unchanged.
Wednesday, and upon which the trade based its first opinion, Importations and Warehouse Withdrawals of Dry Goods.
was very incomplete and misleading, especially as regards
The importations and warehouse withdrawals of dry goods
the provisions affecting textiles. Careful perusal of the full at this port for the week ending March 13 1909 and since
text of the measure has caused somewhat of a shock to dry Jan. 1 1909, and for the corresponding periods of last year,
goods interests generally, for instead of relatively few and are as follows:
moderate changes in the textile schedules, as at first appeared, it developed that radical changes had been made
C-n3
which the digest made no mention of. Briefly stated, the
"countof
bill, among other provisions, changes the method
ing" cotton cloths for tariff purposes, which, it is claimed,
will materially increase the duty on such goods; a duty of
1c. a yard is proposed on mercerized fabrics and lappets,
instead of 1% as was at first indicated; it was thought that
the silk schedules had not been altered, but many important
changes therein have just been discovered. The extent of
the proposed duties on hosiery was a distinct surprise to
on °NNW
144. ci ccci
ci
handlers of such goods, while the new provisions covering
C, C4 OD CA W
co Co cm OD CA
0+ Co C0 C. CO
4. 4. CD CD 0
yarns, linens, raw wool, &c., caused not a little concern to
those interested. The discovery of these and other unex- C4 C4
ea ci
. Si IA 'c cc
0:
.
IA ID CA
pected features of the bill, together with uncertainty over .
.4 CD .4
.40
<20
CR CO .4
CD .. .
0
0 ccthe final outcome, has served to create much unsettlement CD cx 4. ..
0 1ia
.
IV
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.
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02 "
"
which will probably continue until the matter is definitely 4.
cc
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cc ta 0.4 iv
As, co 0 oo co C4 0 OD a. a.
settled. In the cotton goods division trade generally has to
0
.
W
been quiet, some lines moving more freely than others,as in .
•
4.
CD
CO 4a CA
tc,1
OD No
Ca
NCANOW
-so cD .
0.N.4W
CA
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the preceding week. The primary market for cottons showed 1.,
"0 4.:4 Ix Ce la In -OD
00
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Is
eoba:c6"
.
w..w.
co CD CA C. C0 Co
B
OW
little activity, with an easier tendency noted in gray goods. W
c00.004aM
N C4 00 ,,
to .4 CA 0+ Iv 0, CO CA
m ..4. mmeomm
Jobbers continued to do a fair business on wash fabrics and
Ca
co
some other domestics, but buying has been of the conservaN.4
NM
14 CO
tive sort. Quite a substantial volume of business has been
0WC04+0
CO
CP 02
Co Ca
02
C000
cc
put through for China account within the east ten days or
"0
"C4
• CD
so, but demand is now reported less active; trade with
WN
Ca CO
.N.w.
.M
miscellaneous ports has been relatively quiet. Few, if any,
new features have developed in men's wear or dress goods.
WO
WM
,wbtv
60
CA C4 CA '504
DOMESTIC COTTON GOODS.-The exports of cotton cc C5 CA '
Na
0 00 CD CA ..
CD CA tD -its
w .4
ci OM ..
ccci 4. W 4. Ea 0
goods from this port for the week ending March 13 were 6,288
packages valued at $315,335, their destination being to ta
ci
GA "
.400
a. 140
the points specified in the tables below:
ID 00
cn 0 O.
.4 4.N
co a. 05
-1908-1909---

THE

'nu

ST7

CHRONICLE

AND CITY DITM11-1YIENT,

MUNICIPAL BOND SALES IN FEBRUARY.
We present herewith our detailed list of the municipal bond
issues put out during the month of February, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 639 of
the "Chronicle" of March 6. Since then several belated
February returns have been received, changing the total for
the month to $17,715,429. The number of municipalities
issuing bonds was 177 and the number of separate issues 222.

(VOL.

Name.
Page.
Rate.
Maturity. Amount.
Price.
582_ _Patterson Special Sch. Dist., 0.. 43
1911-1922
6,000 102
463_ _Pawhuska, Okla
5
41919-1934
10,000
99
520_ _Peru, Ind
33
1920-1929
20,000 100
520....Plne Bluff Levee S.D.No.3,Ark. 6
1929
40,000 100
582_ _Pomeroy, Ohio
5
1909-1919
19,490 104.037
463...Port of New Orleans, La
5
1,000,000 100.20
520.. _Portsmouth. Ohio
4
1910-1919
42,500 100.917
463_ _Quincy, Wash
5
1929
8,000 100
583 _ _ Rhode Island
3%
1959
300,0001 100.625
Island
Rhode
583_
3%
1939
600,0001
463_ _ Rockport, Ohio
4%
1938
9,000 109.194
583_ Rock Springs S. D. No. 4. Wyo_ 5
41919-1934
19,000 104.342
521_ _ Rocky River, Ohio (7 issues) _ _ _ 5
1909-1918
9,020 104.223
521_ _ Rome Union Free S. D., N. Y
4
41,000 101.599
521._ Rosebud, Tex
5
41919-1949
23,500 101.888
583_ _ Rye, N. Y
3.85 1919-1958
400,000 100.194
4
583....Saginaw County, Mich
1910-1919
16,000 100.006
397_ _St. Matthews S. D.,So. Caro..
10,000
4583....St. Paul, Minn
1939
400,000 104.035
583_ _Salem, Mass
33
1910-1919
40,000'H100.839
464_San Francisco, Cal. (6 issues) _ _ 5
5,400,000 112.33
583_ _Santa Barbara, Cal
43
1909-1948
40,000 105.128
5
643 _ _Sausalito. Cal
1910-1949 11
729 ,101
13,
0
464.. _Seneca Falls, N. Y
4
1910-1914
100
643....Shawnee, Okla.(3 issues)
5
1929
583_ _Spokane, Wash
4%
1929
521_ _Spooner, Minn.(2 issues)
6
1924
15,000 101.60
521.._Spray, Ore
1919
6
704_ _Springs Sch. Dist. No.4, N.Y.... 43
1911-1928
101.60
583....Stamford, Conn
1939
4
50,000 104.812
397....Stillwater S. D. No. 16, Okla.._ 5
1929
10,000 102.02
397_ _Struthers School District, Ohio.. 43
1926-1937
25,000 108.652
583...Sussex County, Va
43 41919-1939
41,000 100
521_ _Sycamore School District, Ill
1910-1920
4.
15,000 101.88
583._Tipton County, Ind. (3 issues). 4% 1909-1918
12,030 100
704_ _Traverse City, Mich. (2 issues)_ 4 g
1929
35,000 102.141
1914-1949
464 _ _Travis County, Texas
4
50,000 100
397_ _Trenton, N J
1939
4
200,000 103.83
583 _ _Trumbull Co. Road D. No. 1, 0.. 5
1923-1933
60,000 113.416
705_ _Tucumcari Sch. Dist., N.Mex._ 6
41919-1939
24,000 108
643_ _Tuscaloosa, Ala
1937
5
75,000 y100
521 _Twin Falls, Idaho (2 issues)........ 6
41919-1929
20,000 107.40
397_ _Ulster County, N.Y
1910-1932
115,000 106.451
43
584_ _Union County, Ohio
30,000 105.125
5
585„Utica. N. Y
1910-.1929
186,000 101.397
4
585„Utica, N. Y
1910-1915
17,378 101.43
43
705...Versailles, Pa
5
1914-1934
12,000 105.104
585 __Wahoo, Neb
50,000 100
5
Warren
County, Miss
397_
41913-1928
14,500 101.175
5
397....Warren County, Miss
41914-1929
16,500 102.25
5
585_ _Washington, Ind
20,000 101.65
4
585_ Washington County, Ind
1909-1918
4,560 100
43
585_ Washington Township, Ohio...... 5
4,000 110.437
464.. Watts, Cal. (2 issues)
50,000 100
1910-1949
5
522_ Waukegan Twp. S D., Ill
-1010-1929
85,000 100.764
4
522_ Wauseon, Ohio
1910-1919
45
102.023
523_ Webster, N. Y
3.95
32,000 100.103
523_ Wellsville, N. I'
4.15 1910-1934
15,000 100.02
643_ Wenatchee, Wash
5
1924
30,000 106.626
585_ _Wenatchee Sch. Dist., Wash..... 4
41910-1929
80,000 100
585_ Willets, Cal
5
1910-1939
30,000 107.50
644_ Yakima Co. S. D. No. 49, Wash 5
15,000 100
465_ Yonkers, N. Y
4
1910-1919 225,000 100.4471
Total bond sales for February 1909 (177 municipalities covering 222 separate issues)
k$17,715,420
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including $30,661,000 of temporary loans nor $3,000,000 Porto Rico loan, reported, and which do not
belong in the list. z Taken by slnklng fund as an investment. y And
other considerations.

FEBRUARY BOND SALES.
Name.
Page.
Rate.
Maturity. Amount.
Price.
640__Allenhurst, N. J
5
$12,000
461_ _Altoona. Pa
5
200,000 100
393_ _Altoona School District, Pa_ __ _ 4
1939
90,000 103.38
393_ _Amsterdam, N. Y
3.75 1929&1939 300,000 100.105
461_ _ Augusta. Me
4
1934
40,000 103.75
461_ _ Augusta, Me
4
1909-1918
45,000 100.59
699_ _Barnard School District, Kan
43 1913 1924
15,000
98.462
578_ _Bartholomew County, Ind
4% 1909-1918
7,360 100
393_ _ Bergen County, N. J
4
1914-1938
100,000 102.261
578_ _Binghamton, N. Y
4
1912
8,000 100
640_ _ Blacksburg, So. Caro. (3 issues) 5
1929
15,000 100
518_ _Blakely, Pa
1919
454
10,000 101.02
579_ _Boone County, Ind
4% 1910-1919
5,760 100
461_ _Bowbells, No. Dak
6
1929
4,000 100
840_ _Brownstown, Pa
2,000
_Buffalo,
393_
N. Y
1959
4
500,000 108.5299
398. _Buffalo, N. Y
1910-1919
4
30,000 x100
640_ _ Buffalo, N. Y
1914
4
8,293 x100
699__Butte, Mont
1919
50,000 100
640_ _Byesville, Ohio
1911-1935
5
5,000 109.56
778_ _Central School District, Mo_
41914-1929
5
25,000 4.60 basis
518_ _Clarksville, Tenn
43 41919-1929
31,500 101.01
579_ _Clayton, N. Y
1910-1927
4
18,000 100
461_ _Cleburne, Tex
41929-1949
5
1.996 100
640_ _Cleveland, Tenn
1914-1944
5
60,000
579_ _Clinton County, Ind
1909-1918
433,520 100
579_ _Clinton County, N. Y
1910-1924
4
30,000 100.41
640_ _Clovis, New Mexico
6
1939
125,000
461_ _College Hill, Ohio
1929
4
25,000 103.164
518__Corning, N. Y
1910-1915
5
6,000 101.75
779_ _Corsicana, Tex
41917-1947
4
10,000 x100
580_ _Covington, Ky
1910-1919
5
3,484 104.51
580_ _Darke County. Ohio
1910-1912
5
10,000 102.10
$80_ _Davenport, Iowa
1910-1929 450,000
4
580_ _Daviess Uounty, Ind
19094918
43
6,120 100
580....Depew School District, Okla.__
5,000
461.. _ Dunmore. Pa
1909-1938
43
60,000 103.501
394 __East Liverpool Sch. Dist., Ohio 4
1925-1947
69,000 103.64
$80...Englewood, Colo
100.000
700.... Erick, Okla
1934
6
27,500 103.273
4% 1910-1919
640... _Euclid, Ohio
15,000
41919-1929
580_ _Eugene Sch. Dist. No. 4, Ore
5
40,000 104.062
1910-1916
518,_ _Farmer Twp.Sch. Dist., Ohio
43
7,000 102
700_ _Fergus Co. Sch. Dist. No.8,Mont 6 (11914-1916
1,300 100
4) 41928-1948
640....Fort Worth, Tex
100,0001 100
%
41928-1948
4
640_ _Fort Worth, Tex
50,000f
BONDS OF AMERICAN POSSESSIONS.
481_ _Franklin School District, Ind_
20,000 101
•
641_ _Giles County, Tenn
100,000
Page.
Name.
Rate.
Maturity. Amount.
Price.
43
394_ _Glens Falls, N. Y
25,000
461_ Porto Rico
4
1914-1933 $3,000,000
4%
482_ _Gloucester. City, N. J
1929
100,000
4
462_ _Gloucester, Mass
1909-1918
BONDS
SOLD BY CANADIAN MUNICIPALITIES.
13,090 104.390
4
468._Gloucester, Mass
1909-1918
40,000 103.690 Page.
Rate.
Name.
Maturity. Amount.
Price.
4% 1910-1914
304_ _Gloversville, N Y
9.250 100.504 588_ _ Arroyo S. D. No. 1980, Sask..... 6)
1919
$1,500 100.65
5
641_ _Grand View, Ind
1910-1920
4,000 100.25
_Asquith, Sask
466_
1919
8
3,400
4
394_ _Greene County, N. Y_
1921-1928
78,000 102.341 524.. Aylmer, Que
1958
4%
50,000
518._Greensboro, No. Caro
5
1939
30,000 108.05
586_ _Bernardine Sch. DLst., Sask.__ _ 7.
1919
800
4
580.. _Greenville, Ohio
1910-1934
75,000 103.065 644_ _Brandon, Man
1939
4%
20,000
4
700....Guadalupe County, Tex
41914-1939
15,000 z100
644...Brandon,
1920&1939
Man. (2 issues)
24,000
5
519.. _Haddonfield Sch. Dist., N. J_
50,000 102.14
465_ _Brickburn School Dist., Man_.. 6
1929
15,000 102.70
580_ _Hamilton County, Ind.(3 iss.). 4% 1909-1918
18,900 100
524_ _Calgary, Alberta
1939
250,000 100.87
4;.
700_ _Hannibal, Mo
4
41914-1929
75,000 100
707.. _Carmichael School Dist., Sask.._ 8
1919
1,650 103.03
482_ _Hardin County, Ohio
5
1910-1914
44,030 101.66
524...Chamberlain Sch. Dist., Sask._ 7
1929
2,500
462_ _Harris County, Tex
4
41919-1949
120,000
99
707 __Crescent Heights Sch. D., Alta_ 6
9,000 104.555
580.._ Harris County, Tex
225.000 100
1910-1019
524_ _Echo Lake S. D. No. 2108,Sask.
1,400
5
482....Harrison County, Ind
37,500 100
586.. _Eden Valley Sch. Dist., Sask.__ 6
1919
1,000
4%
519.. Henderson County. Tenn
54,000
485_ _Edmonton, Alberta
4% 1917,'29&'49 254,000 101.25
581_ _Hendricks Co., Ind. (2 issues)__ 4% 1909-1918
22,170 100
524_Edmore S. D. No. 2179, Sask._ 7
1,000
105
_Herkimer,
4.10
N Y
519_
1910-1919
30,000 100.008 524...Emerald Hill S.D.No.2182,Sask. 6
1919
1,600 100.218
519_ _Ismay Sch. Dist. No. 8, Mont.... 5% 41914-1919
5,500 100.909 644-Ft. William, Ont. (13 issues)._ 4)
485,500 100.88
4
581_ _Jackson, Minn
1929
10,000
1919
586_ _Fox S. D. No. 2211, Sask
6
1,000
519„Jackson, Ohio (3 issues)
4
1913-1915
1,500 100.333 586-Frultvale Sch. Dist., Sask
1919
7
800
4%
641_ _Johnstown, N Y
50,000 105.58
465__Gananoque, Ont
1929
5
19,621
641...Kankakee County. Ill
4
1916-1930
150,000 101.233 485__Goderich, Ont
1939
5
10,000
106.52
581_ _Keokuk County, Iowa
4
41914-1919
110,000 y100
465....Graton Roman Catholic School
581_ _ King Co.S. D. No. 153, Wash.... 43 41914-1929
20,000
19104939
5
District No. 13, Sask
8,000
99
1-6
395_ _Lancaster School District. Pa.._ 4
1936-1938
75,000 105.40
780_ _Halleybury, Ont. (5 issues) _ _ _ _ 5
86,000 06
701__Lawton School District, Ohio.... 5
1929
100,000 103.537 586Halleybury, Ont
4,000
701__Lee County, Tex
5
41923-1928
840 100
1919
468_ _Hale School District, Sask
6
1,500
462_ _Le Moyne,Pa
4)
7,000 101.50
524__Hallfax, N. S
1940
4
J100,600
99.61
581_ _Lenox,Tenn
5
50,000
1 5,000 100
519_ _Lexington, Ky
25.000
1919
6
465...Kelleher Sch.
Alberta
1,700
488._Logan County, Ohio
4
1916-1925
50,000 102.153 466....Leader School Dist.,
1919
6
Sask
District,
1,500
519...Lorain School District, Ohio...... 4 3i
18,500
1919
446_ _Le Ross School District, Sask_ 6
2.000
641_ _Luverne, Ala.
5
41919-1929
20,000
1929
645_ Listowell, Ont
43.
25,000
641_ _Mabton. Wash
5
1929
12,800 100
1914-1918
4%
_London,
399_
Ont
76,608 102.644
462.. _McKinney, Tex
6,000
645_ _Lock Ayr
Dist., Sask1,200
581._ Madison County. N. Y
4
1920
215,000 101.384 586_ _Lunnville School
1919
65
School Dist.,Sask
1,000
1910-1919
581_ _Madisonville,.Ohlo
5
10,933 104.84
19104929
_McNab
586_
issues)
Twp.,
-..
4
_
A
Ont.(3
20,000 101.125
1909-1913
6
701_ _Madisonville, Ohio
3.114 104.023 586....Medicine Hat, Alberta
5
1929-1939
21,500
1914-1933
4
581_ _Mamaroneck, N. Y
10,000 100.50
1929
5
465_ _Minnedosa Sch. Dist., Man
20,000
1915
462_ _Marion, Ohio
4
25,000 101.06
1949
4%
587_ _Moncton, N. B
10,000
395_ _Maryland
3% 41919-1924 1200,000 100.20
1919
6
587_ _Moreland School Dist., Sask
1.500
1 25,000 101
5
525_ _Mosa Township, Ont
1916
3,042 101.512
d1919-1949
468._Matagorda County, Tex
4
10,000 100
309__Niagara Falls, Ont. (3 issues)
5
1910-1929
14,150 104.289
41914-1929
463.. Memphis Ind. Sch. Dist., Mo.... 5
22,500 102.502 645....Nokomis,
6
Sask
1929
10,000 103.07
395.. _Memphis, Tenn
242,000
6
5
587__North Vancouver, B. C
98
30,000
1910-1919
519_ _Middletown, Ohio (2 issues).. __ _ 4.
13,557 102.533 465...Notre Dame
de Grace, Que--50,000 100.60
463_ _Minco, Okla
1929
10,000 101
6
525_0rangeville, Ont
4
43A 19 1949-1929
1
7,937
463_ _Mineral Wells, Tex. (2 issues)
41929-1949
5
18,0004 /ri basis
6
486_0xbow,
Sask
5,000
708. _Minnesota (10 issues)
Various
4
91,558 100
525__Palmerston, Ont
5
'1910)
-19
939
10,000
519_ _Mitchell, Neb
41914-1929
18,000 102.25
6
5
525_ _Portage la Prairie, Man
1949
35,000 109.82
519.. _Modesto School District, Cal
1919-1934
5
32,000 110.843 587__Pt. Arthur,
Ont. (11 issues)- - - 5
1929&1939
181,240 107.27
520...Montclair, N. J
35,000 100.25
525__Port Hope, Ont
43
1910-1049
60,000 102.781
582...Montclair. N. J
1939
4
266,750 103.399 587_ Quinton
School District, Sask- 6%
1919
642.. _Montgomery County, Ohio
1,200
4% 1910-1913
1,300 100
587...
Richmond,
4%
Que
588. _Mooers, N. Y
25,000 197
1910-1916
5
7.000 102
587_ Richmond, Que
702....Moorhead, Miss
20,000 j
41923-1929
6
12,000 103
_St.
645_
1188,Man
Boniface
5
S.
D.
No.
1910-1929
582_ _Moulton Township, Ohio
22,000 103.08
1910-1012
6
1,000 102.125 587_ St. Boniface, Man
5
1939
175,000
398. _Mt. Gilead, Ohio (4 issues)
1910-1018
5
11,656 Various
645.. St. Hyacinthe, Quo
4
1949
166,384
93.20
520_ _Mt. Vernon. N. Y
1914
4%
25,000 103
525_
Sarnia,
5
Ont
1909-1918
5.500 101.981
520_ _Murdo, So. Dak
1929
5
12,000
93.75
466_ Sarnia. Ont
5
1910-.1919
396_ New Bern, No. Caro
7,122
1939
5
50,000 105.70
466_ Saskatoon,Sask
5
1939
30.000 104.27
642_ _New York City
1958
3
917,0001z100
645_ Selkirk. Man
5
1959
20,000
642.... New York City
1958
220,0001
4
468_ Shelburne, Ont
5
1910-1929
4,661
708...Oxford, Miss
1929
5
25,000 103
587__Shelby School
1019
2,000
463.._Pana Sch. Dist. No. 4, Ili
4%
13,000 103.095 587....Simcoe, Ont. (3District, Sask.-issues)
103."901
21,300
520.. _Park Rapids, Minn
1924
4
6,500
645_ _stgnanrd Schnol District. Sask.. 7
1910-1019
1.300 100
520_ _Park Rapids, Minn. (3 Issues). 6
19,000
645-Strathcoaa; Alta
5
1049
15,000 103.25




1)
(00

TIIE CHRONICLE

MAR. 20 1909.1
Name.
Rate.
Page.
5
466.._Sudbury, Ont
6
486_ _Swan River, Man
434
707_ _Sydney Mines, N. S
5
466_ _Vancouver North, B. C
587_ _Verag School District, Sask_ _ _ _ 8
6
587-Wadena, Sask
468_ _Walkerville Sch. Dist., Sask._ 734
466_ _Waterloo, Ont. (5 issues)
525.. _Westminster S.D.No.1848,Alta.
5
587_ _Wetaskiwin, Alberta
5
525__Wetaskiwin, Alberta
5
466_ _Weyburn. Sask
525....Whiteberry S.D.No.2139,Sask_ 6
534
587_ _Wolseley. Sask
486:Yale School District, Alberta
6
7
466.. Aiellow,Grass, Sask
5
466_ _York Township, Ont

Maturity.
1910-1929
1924
1928
1959
1919
1919
1919
1939
1959
1939
1910-1919
1910-1924
1919
1939
1929

Price.
Amount.
19,000
6,000
25,000
15,000
1,200
3,850
1,500
29,805
1,000
15,000
105,000 101.009
30,000
98.333
1,500
18,000
1,800
20,000
'
2,000 107.26

$2,757,370

Total

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.
519__Lexington, Ky. (December list)
581_ _Mecklenburg County, Va. (November list)
781_ _Milton School District, Ore. (January list)
642_ _ North Hempstead, N. Y. (April list)
643__Tusealoosa, Ala. (August list)
643_ _Winter High School District, Cal. (August list)

Amount.
$25,000
60,000
35,000
25,000
75,000
30,000

WO have also learned of the following additional sales for
previous months:

Maturity.
Bate.
Natne.
Page.
1909-1912
4
481_ _ Ann Arbor, Mich. (Nov.)
578_ _Ashland, Ore. (Dec.) (2 Issues)- 434
d1919-1929
579_ _Carbon Co. S. D. No. 34, Mont_ 6
5
1910-1930
461_ _Chattooga County, Ga
4
1920
461_ _Cleveland, Ohio .(Dec.)
6
1929
Okla_
14,
No.
Dist.
Sch.
518_ _Cornish
461_ _Eagle Pass S. D., Texas (Dec.)_ 5
518.._Ellisburg Union Free School District No. 25, N. Y. (Oct.)- - - - 434
11916-1919
461_ _Fergus Co. S. D. No. 18, Mont_ 6
1913
580_ _Fergus Co. S. D. No. 55, Mont_ 6
1929
434
518_ _Gallatin County. Mont
4
1922
462__Green Island, N. Y
1933
462__Greenville County, So. Caro_ _ _ 5
1910-1925
482_ _Hamburg Sch. Dist. No.7, N.Y. 5
434 1910-1919
519_ _Herrin, IIL (2 issues)
d1914-1939
519_ _Highland Park S. D. No. 5, Va.. 5
4
1910-1927
519_ _Huntingdon,Pa
4
519_ _Jackson, Mich
1928-1929
5
1928
641.. _Lamont, Iowa (Dec.)
d1917-1927
5
581_ _Lawrence County, So. Dak
d1918-1928
5
641_ _Lehi, Utah
1910-1916
5
702__Medina County, Ohio
4 Various
463 __Minnesota (10 issues)
642_ _Moundridge, Kan. (2 issues) _ _ _ 434 d1914-1929
434,5&6 Various
483 _ _Nebraska (6 issues)
Various
4
702_ _North Dakota (15 issues)
1929
463_ _Okmulgee, Okla. (4 issues) _ _ _ 5
434 1910-1912
520_Piqua Sch. Dist., Ohio (Dec.)
1918
534
520_ _ Red Lake Falls, Minn
1920-1924
5
523__Wilton, N. Y

Price.
Amount.
$10,129 100
77,500
700 100
55,000 106.10
140,000 x100
7,990
30,000 100

'777

Bond Calls and Redemptions.
Denver, Colo.-Bond Call.-The following bonds have
been called for payment on March 31:
STORM SEWER BONDS.
Sub. Dist. No.10 of the Capitol Hill Storm Sewer Dist. No. 1, Bond No.16.
South Capitol Hill Storm Sewer Dist. No. 1, Bonds Nos. 33 and 34.
SANITARY SEWER BONDS.
East Side Sanitary Sewer Dist. No. 1, Bonds Nos. 16 to 20 inclusive.
West Colfax Ave. Special Sanitary Sewer Dist., Bond No. 20.
SIDE-WALK BONDS.
Central Side-Walk Dist., Bonds Nos. 15 to 73 inclusive
Side-Walk Dist. No. 10, Bonds Nos. 94 to 109 inclusive.
Side-Walk Dist. No. 12. Bond No. 52.

t f,.

IMPROVEMENT BONDS.
Capitol Hill Improvement Dist. No, 1, Bonds Nos. 156 to 180 inclusive.
Capitol Hill Improvement Dist. No. 2, Bonds Nos. 94 to 126 inclusive.
Capitol Hill Improvement Dist. No. 3, Bonds Nos. 100 to 139 inclusive.
East Capitol Hill Improvement Dist. No. 1, Bonds Nos. 59 to 66,inclusive
East Denver Improvement Dist. No. 2, Bonds Nos. 6 to 68 inclusive.
Eighteenth Ave. Improvement Dist. No. 1, Bond No. 54.
Highlands Improvement Dist. No. 1. Bond No. 33.
Mountview Improvement Dist. No. 1, Bonds Nos. 39 to 42 inclusive.
North Side Improvement Dist. No. 1, Bonds Nos. 1 to 14 inclusive.
North Side Improvement Dist. No. 2, Bonds No. 1 to 10 inclusive.
Ogden St. Improvement Dist. No. 1; Bond No. 13.
South Side Improvement Dist. No. 1, Bonds Nos. 32 to 35 inclusive.
West Denver Improvement Dist. No. 1, Bonds Nos. 83 to 85 inclusive.
PAVING BONDS.
Lawrence St. Paving Dist. No. 1, Bonds Nos. 3 and 4.
Water St. and W. 23d Ave. Paving Dist. No. 1, Bond No. 38.
Welton St. Paving Dist. No. 1, Bond No. 29.
VIADUCT BONDS.
Fourteenth St. Viaduct Dist. Bonds Nos. 776 and 777.

Upon the request of the holders of any of the above bonds
received 10 days before the expiration of this call, the City
Treasurer will arrange for their payment at the Mercantile
Trust Co., New York City, but not otherwise.
1,800 100
Henry County (P. 0. Clinton), Mo.-Bond Call.-This
1,200 100
1,920 100
county called for payment March 1 4% refunding bonds
35,000 103.53
Nos. 56 to 96 inclusive and dated Oct. 11897. Denomina2,000 100
55,000 110.068 tion $1,000.
8,700 100
5,500 100.472
Holden, Mo.-Bond Call.-Payment will be made on
30,000 101.003
April 1 at the National Bank of Commerce in St. Louis of
10,000 100
40,000 101.025 electric-light bonds Nos. 17 and 18, issued in 1897.
25,000 104.30
La Belle Township, Lewis County, Mo.-Bond Call.150,000 100.073
20,500 100
was made for payment on March 6 of 4% funding bonds
Call
101.12
1,875
Nos. 1 to 9 inclusive. They are in denomination of $500
80,200 100
28,500 100
and are dated July 1 1899.
45,975 Various
36,300 100
Reading, Berks County, Pa.-Bond Call.-Payment will
100,000 100
be made on April 1 at the City Treasurer's office of $200,000
11,000 101.09
.5,000 100
refunding loan of April 1 1888 bonds. The securities are
4,584 108
numbered from 1 to 200 inclusive.
All the above sales (except as indicated) are for January.
Warren County (P.0. Bowling Green), Ky.-Bond Call.These additional January issues will make the total sales Reports state that the Fiscal Court has ordered that pay(not including temporary loans) for that month $25,084,403. ment be made on April 1 of $15,000 turnpike bonds.
Additional sales and eliminations for 1908 make the revised
total for the year $313,797,549.

Bond Proposals and Negotiations this week

News Items.
Carthage, Jasper County, Mo.-Bonds Declared Valid by
State Supreme Court.-The State Supreme Court on March 9
handed down a decision upholding the validity of the $220,000 5% gold coupon water-works bonds mention of which
was made in V. 88, p. 319. The Court, it is said, sustains
the validity of the issue on every point and orders a peremptory writ upon the State Auditor to register the bonds.
Helena, Mont.-Injunction Issued in Water-Works Case.Judge Hunt of the Federal Court has granted the application
of the Helena Water Works Co. for an injunction to restrain
the city from installing a municipal system. V. 87,p. 1674.
The Court holds that inasmuch as the sale of $600,000 bonds
in November was made subject to the approval of Judge
Dillon, it was conditional and therefore void. An appeal
from this ruling has been taken to the Federal Court at San
Francisco and in the meantime the city is offering the issue
at public sale, proposals to be received until May 1. See
item under head of Helena, Mont., on a subsequent page.
Kansas.-Legislature Adjourns.-The Legislature of this
State adjourned at 6 p. m. on March 13.
Oklahoma.-Legislature Adjourns.-The Legislature adjourned at midnight on March 12.
Oregon.-Bill Providing for Tax Exemption of Municipal
Bonds Vetoed by Governor.-The following bill passed by the
Legislature and providing for the exemption from taxation
of all municipal bonds has been vetoed by the Governor.
Be it enacted by the People of the.State of Oregon:
Section 1. All bonds heretofore issued, or which may be hereafter Issued
by the State of Oregon, or any county, precinct, town, city, school district'
or other municipality within said State, shall be free and exempt from
taxation.

Texas.-Legislature Adjourns-Extra Session.-In accordance with the resolution previously adopted (V. 88, p. 698),
the Legislature of this State ended its regular session for
1909 on March 13. Two hours after adjournment the Legislature re-convened in special session upon the call of the
Governor, who submitted a number of subjects for legislation. One of the recommendations made by Governor
Campbell is "the prompt establishment of an effective
system for the guaranty of the deposits of State banks of
Texas under the supervision and control of the State."
Washington.-Legislature Adjourns.-The Legislature of
this State adjourned shortly after midnight on March 11.




have bean as follows:
Abilene School District (P. 0. Abilene), Taylor County,
Tex.-Bonds Voted.-It is reported that $40,000 school
bonds were voted on March 3.
Adams County (P.0. West Union), Ohio.-Bond Offering.
-Proposals will be received until 12 m. April 6 by S. S.
Jones, County Auditor, for $14,000 4% coupon funding
bonds. Authority Section 2834a, Ohio Laws, Vol. 93, page
233. Denomination $500. Interest semi-annually at the
office of the County Treasurer in Adams County. Maturity
March 1 1929.
Adamstown, Lancaster County, Pa.-Bonds Defeated.The $10,000 water-works bonds mentioned in V. 88, p. 461,
were defeated by a vote of 40 "for" to 100 "against" at the
election held Feb. 16.
Alameda School District (P. 0. Alameda), Alameda
County, Cal.-Bond Election Proposed.-Reports state that
the Board of Education intends to petition the City Council
to call an election to vote on propositions to issue the following bonds: $100,000 for a new building to replace the present
Haight School building; $70,000 for a school-house at
Eighth St. and Santa Clara Ave. and for additions to the
Porter and Wilson School building; and $65,000 for the
addition of a technical department to the high school.
Allegheny County (P. 0. Pittsburgh), Pa.-Bond Sale.On March 19 the $1,000,000 4% 30-year coupon roadimprovement bonds described in last week's "Chronicle"
were awarded to Mason, Lewis :& Co. of Chicago at
102.1711-a basis of about 3.878%.
Alliance, Boxbutte County, Neb.-Bond 0/ferin .-Proposals will be received until April 30 for $45,000 5% sewer
bonds. Authority, vote of 296 "for" to 38 "against" at
election held March 9. Maturity twenty years, subject to
call after five years.
Alliance, Stark County, Ohio.-Bond Offering.-Proposals
will be received until 12 in. March 25 by Chas. 0. Silver,
City Auditor, for $9,500 4 9% (not 4% as at first reported)
bridge bonds. Denomination $500. Date April 10 1909.
Interest semi-annually at the office of the City Treasurer.
Maturity April 10 1929. Purchaser to furnish blank bonds
at his own expense. Bids to be made on blank forms fur-

778

TIIE CHRONICLE

nished by the City Auditor and accompanied by a certified
check on a national or State bank for 5% of bonds bid for,
payable to the City Treasurer.
Almeda Drainage District, Harris County, Tex.-Bonds
Authorized.-At a meeting of the County Commissioners'
Court held March 10 the issuance of $200,000 drainage bonds
was authorized.
Ardmore School District (P. 0. Ardmore), Carter County,
Okla.-Bond Election.-This district will vote on March 23
on propositions to issue $100,000 bonds to build a high
school and $60,000 bonds to repay money borrowed from
the'city of Ardmore to build schools and purchase sites.
Arenzville School District(P.0.Arenzville), Cass County,
111.-Bonds Voted.-Of a total of 33 votes cast at an election
held March 13, only one was against the issuance of $5,301)
4% school-building bonds due 1924. Interest semi-annual.
Date of offering not yet determined.
Ashtabula County (P. 0. Jefferson), Ohio.-Bond Offer
ing.-Proposals will be received until 1 p. m. March 22 by
P. C. Remick, County Auditor, for $34,000 432% coupon
highway-improvement bonds. Denomination $500. Date
March 1 1909. Interest semi-annually at the office of the
County Treasurer in Jefferson. Maturity $3,500 yearly on
March 1 from 1910 to 1981 inclusive and $2,500 on March 1
1919. Certified check for $500, payable to P. C. Remick,
County Auditor, is required.
Barberton School District (P. 0. Barberton), Summit
County, Ohio.-Bond Sale.-The $16,000 432% coupon
school-building bonds described in V. 88, p. 578, were sold
on March 15 to the Rudolph Kleybolte Co. Inc., of Cincinnati at 106.12 and accrued interest. The following
proposals were received:
R. Kleybolte Co. Inc-Cin$16.979 20
Seasongood & Mayer, Cm,.'17,507 00
Barto, Scott & Co., Colum 16,971 50
Somerset Bank,Somerset_ 16,944 00
Davies-Bertram Co., Cin_ 16,883 00
Otis & Hough, Cleveland_ 16,877 00
Well. Roth & Co., an_ ___ 16,858 00
Hayden,Miller & Co.,Cleve 16,828 00
Scour. S. B. & Tr. Co.,Tol. 16,826 00
Union S. B. & Tr. Co., Cin 16,825 00

Hoehler & Cummings, Tol.$16,805 75
Western-German Bk., Cin. 16,805 00
S. Kuhn & Sons, Cin
16,784 00
First Nat. Bank, Cleve
16,784 00
C. E. Denison & Co., Cleve 16,731 25
New First Nat. Bk., Coium 16,716 25
Cleveland Tr. Co., Cleve
16,660 80
McCoy Fc Co., Chicago_ _ _ 16,650 00
W.J. Hayes & Sons, Cleve 16,104 17

'
Bid said to contain an error; therefore rejected.

Maturity on Sept. 1 as follows: $500 yearly from 1910 to
1917 inclusive and $1,000 yearly from 1918 to 1929 inclusive.
Baudette Independent School District No. 111 (P. 0.
Baudette), Beltrami County, Minn.-Bond Sale.-On Mar.12
the Wells & Dickey, Co. of Minneapolis purchased $6,500
5% 14-year building bonds at 102.046. Purchasers to furnish blank bonds. Following are the bids:
Wells & Dickey Co., Minn__ _a$6,633'Chas. H. Coffin, Chicago__ __a$6,566
S. A. Kean, Chicago
06,500
a And furnish blank bonds. b Less $325 for blank bonds.

Denomination $500 and $1,000. Date Jan. 1 1909.
Interest semi-annual.
Bennettsville, Marlboro County, So. Caro.-Bonds Proposed.-This town proposes to issue $10,000 bonds for the
improvement of streets and for the extension of sewerage and
water-works.
Bethlehem, Northampton County, Pa.-Bonds Authorized.-The Borough Council recently passed an ordinance
providing for the issuance of $15,000 4% 15-30-year (optional) coupon refunding water-extension-loan bonds. Denomination $100. Interest April 1 and Oct. 1 at the Borough
Treasurer's office. Bonds are exempt from all State taxes.
Bettsville, Ohio.-Bond Offering.-Proposals will be received until 12 m. March 23 by E. Koester, Village Clerk,
for $1,200 5% fire-engine bonds. Authority Section 2835,
Revised Statutes. Denomination $300. Date March 26
1909. Interest semi-annually at the Village Clerk's office.
Maturity $300 on Sept. 1 in each of the years 1910, 1911,
1912 and 1913. Certified check for $100, payable to the
Village Clerk, is required. Bonds to be delivered not later
than March 26 1909.
Blythe School District, Riverside County, Cal.-Bond
Election.-According to reports, a proposition to issue $2,800
bonds will be submitted to a vote of the people on March 30.
Boonville School District No. 1 (P. 0. Boonville), Oneida
County, N. Y.-Bond Election.-An election will be held
April 3 to vote on the question of issuing $40,000 schoolbuilding bonds.
Bridgeville, Allegheny County, Pa.-Bonds Voted.-At a
special election held March 16, $23,000 paving bonds were
authorized by a vote of 192 "for" to 59 "against."
Brunswick Township (P. 0. Brunswick), Medina County,
Qhio.-Bond Sale.-On March 15 Hayden, Miller & Co. of
Cleveland were awarded the $8,000 5% coupon roadimprovement bonds described in V. 88, p. 699, at 109.862
and accrued interest. Following are the bids:

Hayden, Miller & Co.,Clev_$8,789 001 First Nat. Bank, Cleveland
00
Say. Dep. Bank Co-Medina 8,737 00 Well, Roth & Co., Cinc_ ___ $8,669
8,665 00
Seasonqood & Mayer, Cin__ 8,713 90 Otis & Hough, Cleveland__ 8,662
00
C. E. Denison & Co., Clev__ 8,681 00 New First Nat. Bk., Column. 8,656 75
Sec. Say. Bk. to Tr. Co.,Tol. 8,671 00 W.J. Hayes & Sons.Clev__ 8,562 40

[VoL. Lxxxvm.

C. E. Denison & Co.,1a$65,560 00
Cleveland
5 c71,220 75
Trowbridge & Niver I a65,527 00
Co., Chicago
066,787 50
c68,267 00
Union Investment Co., a65,325 00
Minneapolis
066,800 00
Thos. J. Bolger Co., a65,020 00
Chicago
566,780 00
Wells & Dickey Co., a65,015 00
Minneapolis
066,575 00
U. M. Stoddard & Co., a65,000 00
Minneapolis
666,850 00
Hoehler & Cummings a65,000 00
Toledo
First National Bank, 566,783 00
Cleveland
c70,159 00
a For 4 %s. b For 5s.

Kane & Co
666,715 50
Minnesota Loan & Tr. 666,560 00
Co., Minneapolis__ -John Nuveen Fc Co., 566,551 00
Chicago _
c69,751 00
Security Tr. Co., St. Pau1.666,365 00
Security Svgs. Bank tol 065,775 00
Trust Co., Toledo__ _5 c68,750 00
Chas. H. Coffin, Chicago 665,651 00
McCoy to Co., Chicago_ c70,575 00
Farwell Trust Co., Chleagoc69,526 00
S. A. Kean, Chicago__ c68,510 00
W.J. Hayes & Sons, Clev.c68,315 00
F. B. Hitchcock & Co.,l c66,325 00
Chicago
Herman Russell, N. Y
c65,073 00

c For 6s.

Buffalo, N. Y.-Certificate Issue.-The issuance of a
$1,000 4% certificate of indebtedness to construct a foot
bridge has been authorized. Under the terms of the ordinance the certificate is to be taken at par by the City Comptroller in trust for the Hertel Avenue Outlet Sewer Sinking
Fund. Date March 15 1909. Principal and interest are
payable July 1 1910 at the City Comptroller's office.
Buncombe County (P. 0. Asheville), No. Car.-Bond Sale.
-On March 8 the $125,000 43% 30-year coupon funding
bonds described in V. 88, p. 579, were awarded to the
Fifth-Third National Bank of Cincinnati at 104.30 and
accrued interest-a basis of about 4.246%.
Butler Township (P. 0. Butler), Butler County, Pa.-Bond Offering.-George R. White, Township Treasurer, is
offering for sale $8,000 432% road-improvement bonds.
Interest semi-annual. Denomination $500.
Caldwell County (P. 0. Lockhart), Tex.-Bond Election.
-The proposition to issue the $50,000 good road bonds
mentioned in V. 87, p. 1436, will be submitted to a vote ot
the people, it is reported, on April 24.
Calhoun County (P. 0. Anniston), Ala.-Bond Election
Proposed.-The Board of County Commissioners is considering the advisability of calling an election to ascertain whethet
or not the voters are in favor of issuing $200,000 public-roa dimprovement bonds.
California.-Bonds Authorized by Legislature.-The Legislature has passed the bill providing for a bond issue of
$18,000,000 for a system of State highways.
Cameron School District (P. 0. Cameron), Calhoun
County, So. Caro.-Bond Election.-According to reports
an election will be held March 22 to allow the voters to
determine whether or not bonds shall be issued to erect a
school house.
Camp Hill, Tallapoosa County, Ala.-Bond Election.Reports state that the Town Council have decided to call an
election for the purpose of issuing bonds for electric lights.
Cape Girardeau County (P. 0. Jackson), Mo.-Bond Sale.
-This county, it is stated, has awarded $48,000 4% courthouse bonds to the Harris Trust & Savings Bank of Chicago.
Capitol Heights, Ala.-Bonds Proposed.-This town
proposes to issue $25,000 school-house bonds.
Capitol Hill, Oklahoma County, Okla.-Bonds Voted.According to reports, the issuance of $150,000 sewer and
water-works-system bonds was favorably voted upon at a
recent election.
Cardington, Morrow County, Ohio.-Bond Sale.-An issue
of $5,000 4
11-15-year (serial) bonds has been disposed
of to F. P. Hills, Cashier Delaware Savings Bank Co. of
Delaware, at 105. Denomination $1,000. Date Nov. 1
1908. Interest semi-annual.
()arson School District, Glenn County, Cal.-Bond
Election.-A proposition to issue $4,000 school-building
bonds will be submitted to a vote of the people, it is stated,
on March 29.
Centralia School District (P.0. Centralia), Boone County,
Mo.-Bond Sale.-On Feb. 12 $25,000 5% school bonds
were awarded to the Mercantile Trust Co., of St. Louis, at
101.80. Purchaser also to pay accrued interest and furnish
blank bonds. This is on a basis of about 4.60%. Denomination $1,000. Date March 1 1909. Interest semiannual. Maturity March 1 1929, subject to call after
March 11914.
Chandler, Lincoln County, Okla.-Bonds Voted.-The
proposition to issue the $25,000 5% 25-year sewer bonds
mentioned in V. 88, p. 579, was favorably voted upon
March 9.
Chattanooga, Tenn.-Bonds Authorized.-The City Council on March 12 passed an ordinance providing for the issuance of $125,000 refunding sewer bonds.
Cheviot, Hamilton County, Ohio.-Bond Ofiering.-Proposals will be received until 12 m. to-day (March 20) by Chas.
Craig, Village Clerk, for the following 5% coupon streetimprovement assessment bonds:,

Applegate Avenue improvement bonds. Denomination $540.
Maturity part each six months from Aug. 20 1919 to $5,400 Certified
check for $275, payable to the Village Treasurer, is reFeb. 20 1925 inclusive.
quired.
4,125 Darwin
Avenue improvement' bonds. Denomination $,112 50.
Brown County (P. 0. New Ulm), Minn.-Bond Sale.Certified check for $205, payable to the Village Treasurer, is required.
On March 9 the $65,000 6% 5-9-year (serial) ditch-conCarrie Avenue improvement bonds. Denomination $171. Certistruction bonds described in V. 88, p. 579, were awarded to 1,710 fied
check for $100, payable to the Village Treasurer, is required.
C. E. Denison & Co. of Cleveland at1100.861 for 432s.
Authority Section 1536-281, Revised Statutes of Ohio,
Following are the bids:
Section 95 of the Municipal Code. Date March 20 1909.




MAR. 20 1909.j

THE CHRONICLE

Interest annually at the First National Bank of Cheviot.
Maturity part of each issue yearly on March 20 from 1910
to 1919, inclusive. Purchaser to pay accrued interest.
Chino City School District, San Bernardino County, Cal.Bond Offering.-Proposals will be received until 11 a. m.
March 15 by the Board of Supervisors, Chas. Post, ex-officio
Clerk (P. O. San Bernardino), for $2,000 5% gold school
bonds. Authority, vote of 260 "for" to 26 'against" at
election held Jan. 9. Denomination $500. Date Feb. 8
1909. Interest annually at the office of the County Treasurer. Maturity $500 yearly on Feb. 8 from 1910 to 1913
inclusive. Certified check or cash deposit for 5% of bid,
payable to the Chairman of Board of Supervisors, is required. Purchaser to pay accrued interest. This district
has no bonded debt at present. Assessed valuation $1,155,549.
Chino High School District, San Bernardino County, Cal.
-Bond Offering.-Proposals will be received until 11 a. m.
March 15 by the Board of Supervisors, Chas. Post, ex-officio
Clerk (P. 0. San Bernardino), for $40,000 5% gold highschool bonds. Authority, vote of 255 "for" to 26 "against"
at election held Jan. 9. Denomination $2,000. Date
Feb. 8 1909. Interest annually at the office of the County
Treasurer. Maturity $2,000 yearly on Feb. 8 from 1910
to 1929 inclusive. Certified check or cash deposit for 5%
of bid, payable to the Chairman of Board of Supervisors, is
required. Purchaser to pay accrued interest. This district
has no bonded debt at present. Assessed valuation $1,155,549.
Cleveland, Ohio.-Bond Offering.-Proposals will be received until 12 m. April 19 by Thomas Coughlin, City Auditor, for the following 5% coupon bonds:

f•

779

Authority Section 4637-9, Revised Statutes of Ohio. Date
April 1 1909. Interest from Oct. 1 1909, payable semionnually at the office of the County Treasurer in Cleveland.
Certified check for 10% of bonds bid for, payable to the
County Treasurer, is required. Purchaser to pay accrued
interest.
Proposals will also be received until 11 a. m. April 7 by
Wm. F. Black, Clerk of Board of County Commissioners,
for $667,000 4% coupon Mastic Road Bridge bonds. Authority, election held Nov. 3 1908, also Sections 871 and 872 of
Revised Statutes. Denomination $1,000. Date April 1
1909. Interest semi-annually at the County Treasurer's
office. Maturity $35,000 yearly on Oct. 1 from 1910 to
1926 inclusive and $36,000 on Oct. 1 in each of the years
1927 and 1928. Certified check for 10% of bonds bid for,
payable to the County Treasurer, is required. Purchaser
to pay accrued interest.
Bond Offering.-In addition to the above, proposals will
also be received until 11 a. in. March 27 by the Board of
County Commissioners for the following 4% coupon
Euclid Township Mayfield Road improvement bonds:
$7,062 assessment bonds. Denomination $500. except one bond of $62.
Maturity on Oct. 1 as follows: $62 In 1909. $500 yearly from 1910
to 1913 inclusive and $1,000 yearly from 1914 to 1918 Inclusive.
44,336 (county's portion) bonds. Denomination $1,000. except one bond
of $336. Maturity $1,336 on April 1 1910; 32,000 each six months
from Oct 1 1910 to April 1 1917. inclusive, and $3,000 each six
months from Oct. 1 1917 to Oct. 1 1919 inclusive.

Authority Sections 22b and 4637-9, Revised Statutes of
Ohio, as amended by the General Assembly on May 9 1908.
Date April 11909. Interest from Oct. 1 1909, payable semiannually at the office of the County Treasurer in Cleveland.
Certified check for 1% of bonds bid for, payable to the County
Treasurer, is required. Bid must be unconditional. Purchaser to pay 8A:cured interest.
$76,000 street-improvement bonds. Maturity $38,000 on Nov. 1 in each
Proposals will also be received until 11 a. m. March 31 by
of the years 1910 and 1911.
288.000 street-Improvement bonds. Maturity $72,000 on Nov. 1 In each the Board of County Commissioners, William F. Black, Clerk,
of the years from 1910 to 1913 Inclusive.
for the following 43/9% coupon Parma and Royalton townDenomination $1,000. Interest from May 1 1909, pay- ships York Road bonds:
able semi-annually at the American Exchange National Bank $26,450
assessmentgbonds. Denomination 31.000. except one bond of
in New York City. Certified check on a national hank for
3450. Maturity $450 on Oct. 1 1909: $1,000 each six months
from April 1 1910 to Oct. 1 1915 inclusive and $2,000 each six
5% of bonds bid for, payable to City Treasurer, is required.
months from April 1 1916 to April 1 1919 Inclusive.
Bids must be made on blank forms furnished by the City 93,750 (county's
portion) bonds. Denomination $1,000. except one bond
of $750. Maturity $3,750 on April 1 1910; $4,000 each six months
Auditor.
from Oct. 1 1910 to Oct. 1 1912 inclusive, and 85,000 each slx
Clifton Springs, Ontario County, N. Y.-Bonds Defeated.
months from April 1 1913 to Oct. 1 1919 inclusive.
-An election held March 16 resulted in the defeat of a propoAuthority Sections 22b and 4637-9, Revised Statutes,
sition to issue $8,000 municipal light plant bonds. The as amended by the General Assembly on May 9 1908. Date
vote was 49 "for" to 60 "against."
April 1 1909. Interest semi-annually at the County TreasCorinth, Miss.-Bond Offering.-Further details are at urer's office. An unconditional certified check for 1% of
bonds
bid for, made payable to the County Treasurer, is
hand relative to the offering on April 1 of the $25,000 5%
5-20-year (optional) coupon bonds mention of which was required. Accrued interest to be paid by purchaser. Demade in V. 88, p. 518. Proposals for these bonds will be livery within ten days from the time of award.
received until 8 p. m. on that day by Benj.R.Warriner,City
Decatur, Adams County, Ind.-Bond Sale.-Reports
Clerk. The proceeds of the issue will be used for the follow- state that the $12,000 4
coupon city-building bonds
ing purposes: $8,000 for water-works and sewerage repairs described in V. 88, p. 700, were sold on March 16 to J. H.
and extensions, $8,000 for the liquidation of outstanding Sontag & Co. at 103.75. Maturity $1,000 yearly on Jan. 1
warrants and $9,000 for street improvements. Date April 1 from 1911 to 1922 inclusive.
1909. Interest annual. Bid must be accompanied with
De Funiak Springs, Walton County, Fla.-Bond Election.
certified check for $250 for each lot of bonds or for $750
-An election will be held April 15 to vote on the question
with bids for the entire issue.
Corsicana, Navarro County, Texas.-Bond Sale.-On of issuing the following 6% 20-year bonds: $12,000 for waterFeb. 17 the Sinking Fund purchased at par $10,000 of the works, $8,000 for sewerage, $10,000 for electric lights and
$15,000 4% school-house bonds registered by the State $5,000 for street and park improvements.
Comptroller on Feb. 9. (V. 88, p. 579.) Denomination
Delaware, Delaware County, Ohio.-Bond Offering.-Pro$1,000. Date Oct. 11907. Interest semi-annual. Matur- posals will be received until 12 m. to-day (March 20) by F. D.
ity Oct. 1 1947, subject to call after Oct. 1 1917.
King, City Auditor, for $31,727 47 5% coupon West William
Corvallis School District (P.0. Corvallis), Benton County, Street improvement assessment bonds. Denomination $500,
Ore.-Bonds Voted.-On March 8 this district, it is stated, except one bond for $727 47. Date not later than April 1
authorized the issuance of $30,000 high-school-building 1909. Interest semi-annually at the depository of the sinking fund in Delaware. Maturity on March 1 as follows:
bonds by a vote of 198 to 16.
Crawford County Road District No. 1 (P. 0. Bucyrus), $4,227 47 in 1910, $3,500 in 1911 and $3,000 yearly from
Ohio.-Bond Sale.-The Commissioners of this county on 1912 to 1919 inclusive. Purchaser to pay accrued interest.
March 16 awarded the $30,000 5% coupon road-improvement
Delaware County (P.0. Delaware), Ohio.-Bond Offering.
bonds offered on that day to Seasongood & Mayer of Cincin- Proposals will be received until March 30 by the Board of
nati for a premium of $3,309. Maturity on Sept. 1 in 1923 County Commissioners for the following 43/9% ditch bonds:
and 1924. For a description of these bonds see V. 88, p. 700. $25,250 ditch bonds. Denominations $500 and $262 50. Maturity
$1,262 50 each six months from Sept. 1 1909 to March 1 1919
Crockett, Houston County, Tex.-Bids Rejected-Bond
Offering.-All bids received on March 15 for the $25,000 5% 19.630 idnietlcuhsive.
bonds. Denominations $500 and $463. Maturity $1,963
each six months from Sept. 1 1909 to March 1 1914.
water-works bonds mentioned in V. 88, p. 115, were rejvcted.
Authority Sections 4480, 4481 and 4482 of the Revised
Proposals are again asked for these bonds and will be received until March 29 by C. L. Edmiston, Mayor. Author- Statutes. Date March 1 1909. Interest semi-annually at
ity, Article 486, Revised Statutes of 1895, and vote of 73 the office of the County Treasurer in Delaware. Certified
"for" to 29 "against" at election held Nov. 28 1908. De- check for $500 on a bank doing business in Delaware
nomination $500. Date Jan. 1 1909. Interest annually County, payable to A. S. Conklin, County Auditor, is reon March 1. Maturity forty years, subject to call after quired.
twenty years. Certified check or cash for $500 is required.
Des Moines School Distrct (P. 0. Des Moines), Iowa.Cuyahoga County (P. 0. Cleveland), Ohio.-Bond Sale.- Bond Offering.-Proposals will be received by John H.
Dispatches state that this county on March 17 awarded the Hogan, Treasurer Board of Education, for the $200,000
$13,000 432% coupon Mastic Road Bridge bonds, described school-building bonds voted (V. 88, p. 700) on March 8.
on page 700 of the "Chronicle"for March 13 1909, to Hayden, Rate of interest to be named in bid.
Miller & Co. of Cleveland for a premium of $563. Maturity
Durham County (P. 0. Durham), No. Caro.-Bonds to Be
$1,000 yearly on Oct. 1 from 1910 to 1922 inclusive.
Offered Shortly.-The County Commissioners on March 16
Bond Offering.-Proposals will be received until 11 a. m. decided to advertise for bids for $150,000 4% funding bonds.
March 24 by the Board of County Commissioners for the fol- Denomination $1,000.
lowing 43% coupon improvement bonds:
Duval County (P. 0. Jacksonville), Fla.-Bond Election.$24.472 Columbia Road improvement assessment bonds. Maturity $1,472
on Oct. 1 1909 and $1,000 each six months from April 1 1910 to Local papers state that an election will be held to vote on
April 1 1916 inclusive and $2,000 each six months from Oct. 1 1916 the question of issuing $1,000,000 good-road bonds.
to Oct. 1 1918 inclusive.
93,773 Columbia Road improvement (county's portion) bonds. Maturity
Elmore, Ottawa County, Ohio.-Bond Sale.-On March 15
;3,773 on April 11910. $5,000 yearly on Oct. 1 from 1910 to 1919
Inclusive, 84,000 yearly on April 1 from 1911 to 1915 Inclusive, and $1,400 and $240 5% funding sewer bonds were sold, the
35.000 yearly on April 1 from 1016 to 1919 inclusive.
former -issues to W. R. Todd & Co. of Cincinnati at 106.071




780

THE CHRONICLE

[VoL. Lxxx yin.

and the latter issue to Henry Croll of Genoa at 104.166. 4.20s. Maturity on July 1 as follows: $10,000 yearly from
1912 to 1918 inclusive and $5,000 in 1919.
The following bids were received:
$1,400
$240
Hillsboro, Hill County, Tex.-Bond Election.-An election
Bonds.
Bonds.
$1,485 00
W. R. Todd & Co., Cincinnati
held April 6 to vote on the question of issuing $36,000
$250 00 will be
Henry Croll, Genoa_
1,456 00
243 50 public-improvement bonds at not exceeding 43% interest.
Colonial Bank, Fremont
1,442
43
Elmore
243
98
Bank,
First National
These securities, if voted, will mature part yearly for 40
1,435 00
243 00
Croghan Bank, Fremont
years and will be issued for the following purposes: $16,000
1,422 75
Hayden, Miller & Co., Cleveland
Toledo
Co.,
Trust
&
1,415
Bank
00
Security Savings
for building a city hall; $12,000 for the improvement and
1,413 25
Dresden National Bank, Dresden
extension of the water-works; $4,000 for a school site, and
Date March 1 1909. Interest annual.
$4,000 for street-improvements.
Essex County (P. 0. Salem), Mass.-Note Sale.-On
Hubbard City, Hill County, Tex.-Bond Offering,,,March 15 the $400,000 temporary-loan notes described in Proposals will be received until 8 p. in. March 22 by H. C.
last week's issue, were awarded to the City National Bank Bishop, City Secretary, for the $15,000 5% gold street
of Gloucester at 3.04% discount and $11 premium.
and sewer bonds voted (V. 87, p. 1675) on Dec. 15 1908.
Fillmore School District, Ventura County, Cal.-Bond Authority Chapter 4, Revised Statutes. Denomination
Election.-Reports state that a $9,000 bond election will be $500. Date Jan. 1 1909. Interest semi-annually at the
Seaboard National Bank in New York City, the City
held March 27.
Treasurer's office in Hubbard City, or at the State Treasurer's
Freeport, Nassau County, N. Y.-Bonds Voted.-The elec- office in Austin. Maturity Jan. 1 1949, subject to call
tion held March 16 resulted in favor of propositions to issue after Jan. 1 1919. Bonds are free from city taxes and
the following bonds:
were registerd by the State Comptroller on March 6. Total
10,000 municipal-water-system-extension bonds. Vote was 274 "for" debt, including this issue, $25,500. Assessed valuation for,
to 126 "against."
15,000 light-system-extension bonds. Vote was 263 "for" to 133 "against." 1908 $1,021,000.
Maturity $1,000 of each issue yearly, beginning 1914.
Independence, Montgomery County, Kans.-Bond OfferFresno School District (P. 0. Fresno), Fresno County, ing.-This city will offer for sale on April 1 $40,000 5%
Cal.-Bond Election Proposed.-This district proposes to sewer bonds. Maturity thirty years, subject to call after
hold an election to vote on the question of issuing $150,000 ten years. R. S. Litchfield is Chairman of the Finance
Committee.
5% bonds maturing part yearly from five to twenty years.
Fulton County (P. 0. Wauseon), Ohio.-Bond Offering.Inman School District (P. 0.Inman), McPherson County,
Proposals will he received until 11 a. m. March 22 by J. E. Kans.-Bond Sale.-The $10,000 school-house bonds reMerrill, County Auditor, for the following 43'% road-im- cently voted (V. 88, p. 247) have been sold to the State
provement bonds:
School Fund at par for 4 2s.
$19,000 road No. 59 bonds. Maturity $2,300 on Jan. 1 and $1,500 on
Ithaca, Gratiot County, Mich.-Bonds Defeated.-An issue
from
year
1911 to 1915 inclusive.
July 1 each
8,000 road No. 58 bonds. Maturity $1,000 on Jan. 1 and $600 on July 1 of $15,000 bonds was defeated at an election held March 8.
each year from 1911 to 1915 inclusive.
Jackson County (P. 0. Independence), Mo.-Bond Offer6,000 road No. 54 bonds. Maturity $600 each six months from Jan. 1
1911 to July 1 1915 inclusive.
.-Proposals will be received until 10 a. m. March 31 by
8,000 road No. 64 bonds. Maturity $1,000 on Jan. 1 and $600 on July 1 ing
0. H. Gentry Jr., County Treasurer, for $250,000 4%
each year from 1911 to 1915 inclusive.
The above bonds are dated March 1 1909. Interest Jan. 1 coupon hospital bonds mentioned in V. 88, p. 581. Deand July 1 at the office of the County Treasurer. Certified nomination $500. Date Nov. 30 1906. Interest semicheck or bank certificate for $200, payable to the County annually at the ofice of the County Treasurer. Maturity.
twenty years, subject to call after five years. Certified
Treasurer, is required.
on a bank in Jackson County for 2% of bonds bid for,
-Bond
0.
S.
Election.-An check
Gaffney, Cherokee County,
to Jackson County, is required. Purchaser to pay
payable
the
on
vote
to
31
of
question
election will be held March
accrued interest. Delivery March 31 1909. Blank forms
system.
issuing bonds for a sewerage
for bids will be furnished by the county.
Glasgow, Howard County, Mo.-Bond Offering.-ProKalamazoo, Mich.-Bond Offering.-Proposals will be
posals will be received until 12 m. March 23 by Ed. A. Weng- received until 5 p. m. March 22 by John R. Ross, City Clerk,
ler, Mayor, for $8,000 6% gold coupon water-works bonds. for the following 4% bonds:
Authority, vote of 261 "for" to 68 "against" at the election $65,000 street-improvement bonds. Denomination $1,000. Maturity
held Feb. 23. Denomination $100. Maturity twenty
$6,500 yearly on April 1 from 1910 to 1919 Inclusive.
city improvement bonds. Denomination $1,000. Maturity
years, subject to call after five years. Certified check for 20,000 $2,000
yearly on April 1 from 1910 to 1919 inclusive.
$250, payable to Ed. A. Wengler, Mayor, is required. The 12,000 street railway paving bonds. Denominations $1,000 and $200.
Maturity $1,200 yearly on April 1 from 1910 to 1919 inclusive.
city has no debt at present. Assessed valuation for 1908,
Authority Section 20, Chapter 16, of Local Acts of 1907.
$560,000.
Grand Rapids, Mich.-Bond Election Proposed.-The Date April 1 1909. Interest semi-annually at the office of
Ways and Means Committee has submitted a report to the the City Treasurer. Bonds are exempt from all taxation.
Kanaranzi Township (P. 0. Kanaranzi), Minn.-Bonds
City Council recommending that the question of issuing
$250,000 auditorium or town-hall construction bonds be Voted.-The electors of this township on March 9 authorized
voted upon at the April election.
the issuance of $3,500 6% bridge-building bonds by a vote
Granite School District (P. 0. Salt Lake City), Salt Lake of 40 to 9. Maturity $500 yearly from 1919 to 1925 inclusive.
Kandiyohi County (P.0. Willmar), Minn.-Bond Offering.
County, Utah.-Bond Offering.-Proposals will be received
until 7 p. m. March 25 by H. N. Winter, Clerk Board of -Proposals will be received until 2 p. in. March 25 by the
Education, for $100,000 school-building and site-purchase Board of County Commissioners, at the office of John Feig,
bonds. Authority vote of 329 to 115 at election held Feb. 20; County Auditor, for $39,515 37 5% drainage bonds. Aualso Chapter 16, Laws of Utah. Denomination $1,000. thority Section 18, Chapter 230, of the Laws of 1905. DeInterest (rate to be named in bid) payable semi-annually. nominations $357 67, $16,000, $12,000 and $11,157 70.
Bonds are free from taxation. Maturity 20 years, subject Date March 25 1909. Interest payable in Willmar, Minn.
to call after 10 years. Certified check for 5%, payable to Maturity on Feb. 15 in the years 1916, 1917 and 1918.
the Board of Education, is required.
Bonds are exempt from taxation. Certified check for $2,000,
Hamilton School District (P.0. Hamilton), Butler County, payable to the County Treasurer, is required. Assessed
Ohio.-Bond tering.-Proposals will be received until 12 m. valuation $8,113,446.
April 8 by the Board of Education, John A. Keller, Clerk,
Kansas City School District (P.0. Kansas City), Kans.for $28,000 4% coupon bonds for the improvement of school Bond Sale.-An issue of $184,000 432% bonds has been sold.
property. Denomination $500. Date Jan. 15 1909. In- The securities are dated Feb. 15 1909 and mature Feb. 15
terest semi-annual. Maturity $5,000 on Jan. 15 in each of 1929, but are subject to call at any time. Interest is paythe years 1928, 1930, 1932 and 1934 and $8,000 on Jan. 15 able at the State Treasurer's office in Topeka.
1936. Certified check for 5% of the bonds bid for, payable
Kaufman, Kaufman County, Texas.-Bonds Voted.to the District Treasurer, is required. Purchaser to pay The election held March 6 resulted in favor of the issuance
accrued interest.
of the $6,000 432% water-main-extension bonds. There
Helena, Mont.--Bond Offering.-J. A. Mattson, City were sixty-two votes cast, all of which were for the issue.
Clerk, will offer at public auction at 12 m. May 1 the follow- Maturity forty years, subject to call after fifteen years.
ing 5% gold bonds:
Kearny (P. 0. Newark), Essex County, N. J.-Bonds
$600,000 water bonds. Maturity $100,000 on Jan. 1 1919, $100,000 on Authorized.-An ordinance providing for the issuance of
Jan. 1 1924 and $400,000 on Jan. 1 1929. Deposit of $10,000
$100,000 town-hall-construction bonds was passed by the
required with bids.
70,000 sewer bonds. Maturity $10,000 on Jan. 1 1919. $10,000 on Jan Town Council on March 11.
1 1924 and $50,000 on Jan. 1 1929. Deposit of $1,000 required
with bid.
Kershaw County (P. 0. Camden), So. Caro.-Bond
Denomination $1,000. Date Jan. 11909. Interest semi- Offering.-Proposals will be received until 12 m. April 5 by
annually at the office of the City Treasurer in Helena, or at M. C. West, County Supervisor, for $40,000 5% coupon
the option of the holder at some bank to be designated by bridge-building bonds. Date May 1 1909. Interest semithe City Treasurer in New York City. Deposits to be in the annually at a bank in Camden. Maturity May 1 1934.
form of certified checks, payable to Frank J. Edwards, Bonds are exempt from all taxation. Certified check for
$1,000, payable to the County Supervisor, is required.
Mayor.
Kiowa, Pittsburgh County, Okla.-Bonds Voted.-The
Hempstead (Town) Union Free School District No. 11,
N. Y.-Bond Sale.-On March 15 the $75,000 coupon or $31,000 6% water-works and electric-light bonds mentioned
registered bonds described in V. 88, p. 701, were sold to in V. 88, p. 641, were authorized on March 12 by a vote of
Adams & Co. of New York City for $75,066 (100.088) for 103 "for" to 5 "against."




MAR. 20 1909

THE CHRONICLE

Knoxville, Tenn.-Bond Sale.-It is reported that the
$150,000 high-school-building and the $50,000 viaductconstruction 434% bonds offered by this city on March 16,
were awarded, the former issue to the Merchants' Loan &
Trust Co. of Chicago, Ill., for a premium of about $8,000,
and the latter issue to the Harris Trust & Savings Bank of
Chicago, Ill., for a premium of about $2,000. Maturity
April 1 1939.
Lake County (P.0. Crown Point), Ind.-Bond Offering.Proposals will be received until April 24 by Chas. A. Johnson,
County Auditor, for $37,500 5% coupon Calumet Township
bridge-construction bonds. Denomination $500. Interest
semi-annual. Maturity $3,000 each six months from
July 1 1910 to July 1 1914 inclusive and $3,500 each six
months from Jan. 1 1915 to Jan. 1 1916 inclusive.
Lawrence County (P. 0. Ironton), Ohio.-Bond Offering.
-Proposals will be received until 12 m. April 7 by the County
'Commissioners, for $50,000 5% turnpike bonds. Authority
Sections 4758, 4759, 4763, 4764 and 4766 of Revised Statutes
.of Ohio. Denomination $1,000. Date March 1 1909. Interest semi-annually at the County Treasury. Maturity
$5,000 each six months from March 1 1924 to Sept. 1 1928
inclusive. Certified check for 2% of bid, payable to the
County Treasurer, is required.
Leavenworth, Leavenworth County, Kansas.-Bonds
ordinAuthorized.-On March 9 the City Council passed ancoupon
ance providing for the issuance of the following 5%
improvement bonds:
of Delaware Street.
$5,979 37 for the improvement of
east and west alley in block 48.
444 00 for the Improvement

Denominations $500, except one bond of $423 37. Date
March 1 1909. Interest semi-annually on Feb. 1 and
August 1 at the office of the State Treasurer. Maturity
-on August 1 as follows: $423 37 in 1909, $1,000 in the years
1910 and 1911 and $500 yearly from 1912 to 1919 inclusive.
Lehigh County (P.0. Allentown), Pa.-Bond Offering.Proposals will be received until 11 a. m. March 25 by J. S.
Troxell, Chief Clerk of County Commissioners, for $200,000
4% coupon (with privilege of registration) funding and
public improvement bonds. Denomination $500. Date
April 1 1909. Interest semi-annually at the office of the
'County Treasurer in Allentown. Maturity April 1 1924,
subject to call after April 1 1914. Bonds are exempt from
taxation. Certified check for 10% of bid, made payable to
the County Commissioners, is required. Delivery on or
before April 1 1909. Bonded debt this issue ($200,000).
Assessed valuation, $60,885,023.
Lemhi County (P. 0. Salmon), Ida.-Bond Sale.-On
March 8 $40,000 5% court-house bonds wele awarded to
A. B. Leach & Co. of Chicago at 103.06. Denomination
$1,000. Date April 1 1909. Interest payable in January
and July.
Lewiston, Nez Perce County, Ida.-Bond Sale.-On
March 1 the $22,000 5% 10-20-year (optional) gold coupon
drainage system bonds described in V. 88, p. 581, were
awarded to the Seattle Trust & Title Co. of Seattle at 105.022
and accrued interest. Following is a list of the bidders:

781

Township, is required. Bonded debt at present, $9,500.
Assessed valuation $1,008,000.
McDowell County (P. 0. Welch), W. Va.-Bond Sale.This county on March 15 awarded the $50,000 5% 10-20-year
coupon bonds for public buildings, described in V.88, p. 323,
to Seasongood & Mayer of Cincinnati at 105.50.
Madisonville School District, Hamilton County, Ohio.Bond Offering.-Proposals will be received until 6 p. m.
March 27 by J. F. Klein, Clerk of Board of Education, for
$50,000 4% coupon school-construction bonds. These securities are part of an issue of $125,000. Denomination
$500. Date March 27 1909. Interest semi-annually at the
Fourth National Bank of Cincinnati, Ohio. Maturity thirty
years.
Manning School District (P. 0. Manning), Clarendon
County, So. Caro.-Bond Sale.-This district recently
awarded $79,000 bonds to N. W. Harris & Co., New York
City, at 104.50.
Marion, Ohio.-Bond Sale.-Owing to the fact that no
bids were received on March 12 for the two issues of 4%
funding bonds, aggregating $2,900, and -described in V. 88,
p. 641, they were awarded to private individuals.
Mart, McLennon County, Tex.-Bond Offering.-Proposals will be received until 6 p. m. April 5 by R. W. Bass,
Mayor, for the $50,000 5% water-works bonds voted (V. 88,
p. 519) on Feb. 9. Denomination $1,000. Date April 1
1909. Interest annual. Maturity April 1 1949, subject
to call after April 1 1929. Certified check for $500, payable
to the City Treasurer, is required.
Massachusetts.-Bond Sale.-On March 17 the $2,888,000
3% and 334% gold bonds (18 issues), a description of which
was given in last week's issue, were awarded to R. L. Day
& Co. and Estabrook & Co., both of Boston, at their joint
bid of 101.196. The other bidders were:
Blodgett, Merritt & Co., Bos_101.076 E. H. Rollins & Sons.. A. B.
Leach & Co., Blake Bros.
Kountze Bros., New York _100.76
& Co.. and Harvey Fisk &
Kidder, Peabody & Co., Bos_100.69
100.278
Sons, Boston. jointly
N. W. Harris & Co.. Boston_100.625

Maysville, Mason County, Ky.-Bond Sale.-The following award was made on March 15:

$30,000 4% school-building bonds awarded to the Bank of Maysville at
101 and accrued interest. Denomination 3500. Date Feb. 1
1909.
5,000 6% sidewalk bonds awarded to the State National Bank of Maysville at par. Denomination $250. Date Dec. 8 1908.

Interest Feb. 1 and Aug. 1.
Mecklenberg County (P.0. Boydton), Va.-Bond Election.
-Reports state that the question of issuing $60,000 Chase
City Road District improvement bonds will again be submitted to a vote of the people on March 23. These bonds
were awarded on Nov. 9 1908 to A. J. Hood & Co. of Detroit
but were subsequently refused by them as the original
election was declared illegal. See V. 88, p. 581.
Melrose, Middlesex County, Mass.-Bond Sale.-Reports
state that Blake Bros. & Co. of Boston recently purchased
$78,000 3% 20-year school bonds at 104.17-a basis of
about 3.216%. Interest semi-annual.
Miami County (P. 0. Troy), Ohio.-Bond Sale.-On
00 Mp,rch 13 $24,500 5% ditch-construction bonds were awarded
Chic_ab$22,460
.Rollins&Sons,
E.
00
le.a$23,105
Tr.&T.Co.,Seatt
Seattle
2.453 00 to the Piqua National Bank of Piqua at 100.959. DenominaHarris Tr. & S. B.. Chic_ab23,050 00 Geo.H.Tilden &Co.,Seattle.a2
00
A. B. Leach & Co., Chica22,944 00 C. H. Coffin, Chicago_ ......b22,441
00 tions $100, $200, $300 and $500. Date Jan. 1 1909. Inter522,231
Chicago
Kean,
A.
S.
50
61
Lewls....ab22,7
B.,
Lewiston N.
Security Savings Bank &
semi-annual.
W. R. Compton Bond &
a22,227 50 est
Trust Co., Toledo
Mtge. Co., St. Louls....ab22,719 00
verCo.,Chab22,225 00
Millbury School District (P. 0. Millbury), Woo11 County,
Seasongood & Mayer, Cin_a22,667 85 Trowbridge&Ni
00
Chic_b22,151
&
Co.,
Woodin,MoNear&MOoreChb22,666 80 John Nuveen
are at hand relative
22,014 75 Ohio.-Bond Offering.-Further details
Otis & Hough, Cleveland_a22,550 00 Farson, Son & Co., Chic
to the offering on April 5 of the $10,000 4%% building
addition to their bids.
a These bidders offered accrued interest in
bonds mentioned in V. 88, p. 702. Proposals for these
S These bidders offered to furnish blank bonds.
C. M.
Licking County (P. 0. Newark), Ohio.-Bond Offering.- bonds will be received until 12 m. on that day by 3991,
Proposals were asked for until 12 m. yesterday (March 19) Deibut, Clerk Board of Education. Authority Section
of
by J. N. Wright, County Auditor, for $3,600 4% coupon Revised Statutes. Denomination $1,000. Date day
Denomination $200. Date delivery. Interest semi-annually in Millbury. Maturity
ditch-improvement bonds.
March 1 1909. Interest semi-annual. Maturity $200 on $1,000 yearly beginnning one year from date of bonds.
March 1 1910 and March 11911,and $200 each six monthsfrom Bonds are free from taxation.
Milton School District (P. 0. Milton), Umatilla County,
March 1 1912 to Sept. 1 1919. Bonds are exempt from
taxation. The result of this offering was not known to us Ore.-Bond Sale.-On March 5 this district sold $35,000 5%
10-20-year (optional) building bonds to the Bankers, Reserve
at the hour of going to press.
and accrued interest.
Lima School District (P.0. Lima), Allen County, Ohio.- & Life Co. for $35,550 (101.571)
Dec.29 1908. Denomination $1,000.
Bond Offering.-Proposals will be received until 12 m. April Authority election held
11909. Interest semi-annual. These bonds were
12 by G. A. Herrett, Clerk of Board of Education, for Date Jan.
January (V. 88, p. 174), but the sale was
$22,000 5% school bonds. Authority Section 3994, Re- disposed of ylast
canceled.
vised Statutes. Denomination $1,000. Interest semi-annu- subsequentl Auglaize County, Ohio.-Bond Offering.-In
Minster,
ally. Maturity part yearly from one to twenty-two years
addition to the$2,5005% electnc-light bonds to be offered for
from date.
(March 20)(V. 88, p. 582), proposals will
Lincoln County (P. 0. Shoshone), Idaho.-Bond Offering. sale at 12 m.to-day
at thesame time and place by Jos.H. Lanfers-Proposals will be received until 10 a. m. April 14 by also be receivedClerk,
for $4,000 5% coupon Frankfort Street
Village
Harry W. Anderson, County Clerk, for $28,000 coupon weiler, assessment bonds. The purchaser may designate
0 interest. Authority paving
refunding bonds at not exceeding 67
wishes the bonds in denomination of $400 or
Vol. 1, Section 1960-1961 Revised Codes. Denomination whether he
in denomination of $250 and ten bonds in denomi$1,000. Date July 1 1909. Interest semi-annually at the ten bonds
of $150. Date Feb. 8 1909. Interest annually at
office of the County Treasurer or some bank in New York nation
office. Maturity $400 yearly on
City. Maturity $2,800 yearly on July 1 from 1919 to 1928 the Village Treasurer's
from 1910 to 1919 inclusive. Bid must be uncondiinclusive. Certified check for 5%, payable to the County Feb. 8and
be accompanied by a certified check or cash detional
Clerk, is required.
Delivery within 5 days from date of sale.
Lyme Township (P. 0. Bellevue), Huron County, Ohio.- posit for $100.
interest.
Bond Offering.-Proposals will be received until 12 m. Purchaser to pay accrued
Montgomery County (P. 0. Rockville), Md.-Bond OfferMarch 25 by W. H. Erdrich, Township Clerk!for $10,000
will be received until 12:30 p. m. March 30
5% coupon road-improvement bonds. Denomination $500. ing.-Proposals
0 coupon bonds.
Commissioners for $20,000 47
Date April 1 1909. Interest Jan. 1 and July 1 at the Belle- by the County
$1,000. Interest semi-annually on April 1
vue Savings Bank Company in Bellevue. Maturity $500 Denomination
the Farmers' Banking & Trust Co. of Monteach six months on Jan. 1 from 1910 to July 1 1919 inclusive. and Oct. 1 at at Rockville. Maturity $1,000 yearly on
Certified check for 3% of bonds bid for, payable to Lyme gomery County




782

Oct. 1 from 1909 to 1928 inclusive. Bonds are exempt from
taxation. Certified check for $200, payable to the County
Commissioners, is required.
Montgomery County (P. 0. Dayton), Ohio.-Bonds Authorized.-Local papers state that the County Commissioners
have authorized the issuance of $18,000 Needmore Bridge
construction bonds.
Montpelier, Vt.-Temporary Loan.-A loan of $10,000 has
been negotiated with the Capitol Savings Bank & Trust Co.
of 'Montpelier at 5%. Loan runs for six months.
Moultrie, Colquitt County, Ga.-Bond Election.-An
election will be held April 15 to vote on propositions to issue
the following bonds, mention of which was made in V. 88,
p. 582; $24,000 to extend the large water mains and install
a stand pipe for fire protection; $19,000 to complete the
sanitary sewer system and $7,000 to improve streets.
Mount Vernon, N. Y.-Bond Sale.-On March 16 thr
$60,000 tax relief and $40,000 school-tax-relief 43/
2% 3-yeae
bonds described in V.88, p. 702, were disposed of, the former
Ferris
&
White
of
New
York
City at 100.93 and the
issue to
latter issue to W.N. Coler & Co. of New York City at 100.937.
Purchasers to pay accrued interest. A list of the bids
received follows:
Ferris & White. New York
W. N. Coler & Co., New York
N. W. Harris & Co., New York
First National Bank, Cleveland
Kountze Bros., New York
Dominick & Dominick, New York
John D. Everitt & Co.. New York
W.J. Hayes & Sons, Cleveland

460,000
Bonds.
$60,558
60,480
60,407
60,397
60,252
60,228
60,198
60,013

$40,000
Bonds.
$40,372
40,375
40272
,
40,265
40,168
40,152
40,132
40,013

Myrtle Point, Coos County, Ore.-Bond Offering.-Proposals will be received until 7:30 p. m. April 25 by I. E. Rose,
City Recorder, for $22,000 5% gold coupon water-works
bonds, "series B." Denomination $1,000. Date May 1
1909. Interest semi-annual. Maturity thirty years, subject to call after twenty years. Bonds are exempt from taxation. Certified check for $500, payable to I. E. Rose, City
Recorder, is required. Bonded debt at present, $20,000.
Assessed valuation $310,243.
Narragansett (P.0. Narragansett Pier), R.I.-Bond Sale.
-An issue of $30,000 sewerage bonds has been purchased
by John E. Babcock. Date April 1 1909. Interest payable'
at the banking house of N. W. Harris & Co. of Boston.
Nereson (P. 0. Garland), Roseau County, Minn.-Bond
Sale.-On March 8 the $6,000 20-year coupon road bonds
described in V.88, p. 582, were awarded to the ScandinavianAmerican State Bank of Badger as 6s. Bids were also
received from C. H. Coffin of Chicago, the First State Bank
of Badger, the Commercial Investment Co. of Duluth, the
Farmers' & Merchants' State Bank of Greenbush and F. E.
Magraw of St. Paul. We are informed, however, that
Magraw's bid was received too late to be considered.
Newark, Licking County, Ohio.-Bond Sale.-Reports
state that the highest bid received on March 15 for $3,335
5% coupon Union Street assessment bonds offered on that
day was one of $3,497 (104.857) submitted by Scasongood
& Mayer of Cincinnati. Denomination $500, except one
bond of $335. Date Sept. 1 1908. Interest semi-annually
at the office of the Sinking Fund Trustees. Maturity on
Sept. 1 p,s follows: $500 yearly from 1911 to 1916 inclusive
and $3n• in 1918.
Newberry School District (P. 0. Newberry), Newberry
County, So. Caro.-Bond Election.-Reports state that an
election will be held March 24 to vote on the question of issuing $40,000 school-building bonds.
Niagara Falls, N. Y.-Bonds Voted.-An election held
March 10 resulted in favor of a proposition to issue watersystem-construction bonds. The vote was 1,366 to 278.
Norfolk, Va.-Bonds Authorized.-It is stated in local papers that the City Council recently adopted an ordinance providing for the issuance of $50,000 30-year refunding Fifth
Ward improvement bonds.
Northampton County (P. 0. Easton), Pa.-Bond Sale.The $300,000 4% coupon (with privilege of registration)
refunding, funding and improvement bonds described in
V. 88, p. 520, were sold on March 15 to Goldman, Sachs &
Co. of Philadelphia at 103.79 and accrued interest-a basis
of about 3.73%. Maturity $100,000 on March 1 in each
of the years 1919, 1929 and 1939.
Norwalk, Conn.-Bond Sale.-This town, it is stated, has
awarded the following bonds to the Norwalk Savings Society:
$225,000 4% 30-year coupon or registered refunding bonds, bids for which
were rejected on March 4 (V. 88, p. 642) at 101.
20,000 334% water bonds at par.

Oconomowoc, Waukesha County, Wis.-Bond Sale.-On
March 5 $15,000 4% 123/
2-year (average) sewer bonds dated
Dec. 1 1908 were awarded to the Harris Trust & Savings
Bank of Chicago.
Oklahoma, State of.-Bond Sale.-The $1,314,000 bonds,
the unsold portion of the issue of $1,460,000 4% coupon
bonds, bids for which were rejected on July 16 1908 (V. 87,
p. 1494) have been sold to the Commerce Trust Co. of
Kansas City.
Oklahoma City, Okla.-Bond Election.-The question of
issuing the $1,035,000 bonds mentioned in V. 88, p. 642, will
be voted upon April 27.
Omaha, Neb.-Bond Sale.-This city on March 15 awarded
$100,000 20-year sewer-renewal, the $75,000 20-year paving-




Lxxxvn t

THE CHRONICLE

renewal and the $161,500 7 1-3-year average improvement
43% coupon bonds described in V. 88, p. 702, to O'Connor
& Kahler of New York at 104.829. Following are the bids
submitted:
O'Connor & Kahler,N.Y_ $352,750 61
N.W.Halsey & Co., Chic_ 351,989 56
Farson, Son & Co., Chic_ 351,176 15
Biodget, Merritt & Co.,
351,989 56
Chicago
Provident Savings Bank
351,067 25
& Trust Co., Cinc

Seasongood&Mayer, Cin_$350,527 32
Estabrook & Co., Boston 349,344 20
McCoy & Co., Chicago__ 349,250 00
Wm. R. Compton Bond &
Mtge. Co., St. Louis__ 348,627 65
Samuel Burns Jr., Omaha 348,624 77
Spitzer & Co., Toledo__ 348,148 00

Orrville, Wayne County,Ohio.-Bond Offering.-Proposals
will be received until 12 m. March 22 by A. L. Reed, Village
Clerk, for the following bonds:
$7,500 5% sewage-disposal-plant (village's portion) bonds. Denomination $500. Interest annual.
9,000 4 M% coupon water-works improvement and extension bonds.
Authority Section 100 of the Municipal Code. Denomination
$1,000. Interest semi-annual.

Date March 15 1909. Maturity March 15 1919. Certified check for 5% of bonds bid for, payable to the Village
Treasurer, is required. Purchaser to pay accrued interest.
Palisades Park, Bergen County, N. J.-Bond Sale.-On
March 11 $3,500 5% 10-16-year (serial) registered funding
judgment bonds were awarded to the Palisades Trust &
Guaranty Co. of Englewood at par and accrued interest.
The following proposals were received:
Palisades Trust & Guaranty Co.,
R. M. Grant & Co., N. Y ____b100.27
Englewood
al00 Northern New Jersey Trust
Co., Edgewater __
100
a and accrued interest.
advertisement."

b bid "rejected as same did not comply with

Denomination $500. Date March 1 1909. Interest
semi-annually at the Northern New Jersey Trust Co. in
Edgewater. Bonds are tax exempt.
Paxton Township, Ross County, Ohio.-Bond Offering.Proposals will be received until 12 m. March 22 by Ralph.
K. Jones, Township Clerk (P. 0. Bainbridge), for $12,000'
5% town-hall-erection bonds. Authority Section 1479,
Revised Statutes. Denomination $500. Date March 22
1909. Interest annual. Maturity on March 22 as follows:
$500 in 1910, $1,000 in 1911, $1,500 in 1912, $2,000 in 1913.
and 1914 and $2,500 in 1915 and 1916. Bids to be made
on blank form furnished by the Township Clerk and accompanied by a certified check for 2% of bonds bid for, payable
to the Township Treasurer. Purchaser to pay accrued
interest.
Perry County (P. 0. Augusta), Miss.-Description
Bonds.-We are advised that the $30,000 5% 5-20-yea
(optional) public-road -improvement bonds awarded on
March 1 to the Perry County Bank of New Augusta and the
Bank of Richton at par (V. 88, p. 703) are dated March 1
1909. Denomination $500. Interest annual.
Perry School District (P. 0. Perry), Dallas County, Iowa.
-Bonds Voted.-An issue of $32,000 43.% 5-10-year (optional) school-building bonds was authorized by a vote of
376 "for" to 91 "against" at an election held March 8.
Pine Island, Goodhue County, Minn.-Bonds Voted.-At
an election held March 9 $3,000 5% city-hall and jail bonds
were authorized. Maturity $1 ,000 in each of the years 1910,
1911 and 1912.
Pittsburgh, Pa.-Bond Sale.-On March 15 the $1,975,000 4% coupon Water-plant-purchase bonds described
in V. 88, p. 703, were awarded to H. F. Bachman & Co. of
Philadelphia and the Equitable Trust Co. of New York at
their joint bid of 103.016. The following bids were received:
H. F. Bachman & Co., Phila.--1
Equitable Trust Co., New York_ J103.016
N. W. Halsey & Co., New York .102.767
Wm.Salomon & Co., New York. 102.468
J. S. and W.S. Kuhn,Pittsburgh 102.27
Lawrence Barnum & Co., N. Y_ _101.777
It. L. Day & Co., New York_ _ _ _101.583
J. I. Buchanan, Pittsburgh
101.57
Drexel & Co., Philadelphia_ ---1
Brown Bros. & Co., Philadelphia1101.559
Wm.A. Read & Co., New York_ _101.33
Kountze Bros., New York
1
N. W. Harris & Co., New York_ )101.316

Robt. GlendInning & Co., PhIla.a102.33
b101.74
H. C. Bughman
First Nat. Bank, Piltsburgh_b101.505.
b101.272
Colonial Trust Co
$65,800 due 1932_103.05
i65,800 due 1933....103.15
Dollar Say- 65,800 due 1934_ _103.25
ings Bank, 65,800 due 1935..103.30
Pittsburgh 65,800 due 1930_103.40
65,800 due 1937._103.45
65,800 due 1938_103.50
65,800 due 1939..103.60
Pittsburgh Bank for Say., Pitts.c102.69

a For $658,000 bonds maturing $65,800 yearly from 1920 to 1920 inclusive. b For $600,000 bonds maturing $20,000 yearly from 1910 to
1939 inclusive. c for $300,000 bonds maturing $10,000 yearly from 1910
to 1939 inclusive.

The bonds mature on Jan. 1 as follows: $65,800 yearly
from 1910 to 1929 inclusive and $65,900 yearly from 1930
to 1939 inclusive.
Pittsburg School District(P.0,Pittsburg), Camp County,
Tex.-Bond Election.-The election to vote on the question
of issuing the $9,000 5% 20-40-year (optional) schoolbuilding-addition bonds mentioned in V. 88, p. 703, will be
held April 6.
Plainview, Hale County, Tex.-Bonds Registered.-On
March 10 $16,000 5% 15-40-year (optional) water-works
bonds were registered by the State Comptroller.
Pomona, Cal.-Bonds Voted.-The propositions to issue
the $23,000 city-hall-site and the $30,000 city-hall-building
432% 1-40-year (serial) bonds described in V. 88, p. 643,
carried at the election held March 10. The vote was
951 to 189 on the former proposition and 1,057 to 88 on the
latter proposition.
Porter Township, Scioto County, Ohio.-Bond Offering.Proposals will be received until 12 m. April 10 by Cary A.
Walden, Clerk of Board of Trustees (P. 0. Sciotoville), for
$5,000 432% coupon bonds. Denomination $500. Date
April 1 1909.AInterest semi-annually at the First National

MAR. 20 1909.1

THE CHRONICLE

783

forms for bids
Bank of Portsmouth, Ohio. Maturity $1,000 yearly on Filbert, City Treasurer, is required. Blank
April 1 from 1914 to 1918 inclusive. Purchaser to pay will be furnished by the City Comptroller.
Redlands, San Bernardino County, Cal.-Bond Election.accrued interest.
vote on the
Port Orchard School District (P. 0. Port Orchard), Kit- An election will be held April 2, it is stated, to
fitP
sap County, Wash.-Bonds Defeated.-An election held question of issuing $20,000 school bonds.
Renton, King County, Wash.-Bond Sde.-On March 5
March 6 resulted in the defeat of a proposition to issue $5,000
$23,000 5% 1-20-year (optional) water-supply bonds were
school-house bonds.
Princeton, Millelacs county, Minn.-Bonds Defeated.- awarded to the State of Washington at par for 5s. Bids
An election held March 9 resulted in the defeat of a propo- were also received from the Seattle National Bank of Seattle,
the United States Trust Co. of Seattle and E. H. Rollins &
sition to issue $15,000 funding bonds.
of Chicago.
Proctorville, Lawrence County, Ohio.-Bond Sale.-The Sons
Richmond County (P. 0. Rockingham), No. Oar.-Bond
$5,000 4% 5-20-year (optional) coupon refunding bonds,
proposals for which were asked until March 2, have been Offering.-Proposals will be received until 12 m. April 5 by
awarded at private sale to the Davies-Bertram Co. of Cin- the Board of County Commissioners,B. F. Reynolds, Clerk,
cinnati, according to reports, at par and accrued interest. for $20,000 5% 30-year coupon refunding bonds. Denomination $500. Date Jan. 1 1909. Interest semi-annually
See V. 88, p. 582, for a description of these securities.
at some bank in Rockingham, No. Car. Bonds are exempt
posals
.-Pro
Offering
Pulaski, Pulaski County, Va.-Bond
from
all taxes, except those levied by the State.
Committee,
Finance
by
will be received until 7 p. m. April 15
coupon
ear
Rock
Valley School District (P. 0. Rock Valley), Sioux
30-y
5%
J. W. Miller, Chairman, for $40,000
of $20,000 bonds
bonds. Authority election held July 10 1908. Certified County, Ia.-Bonds Vote -An issue
check for $500, payable to the Town of Pulaski, is required. for school purposes was authorized by ah vote of 282 sfo
to 33 "against" at an election he d a
Put-in-Bay, Ottawa County, Ohio.-Bond Offering.Ryan Jefferson County, Okla.-Bond Election ProposedProposals will be received until April 1 by L. E. Schraidt,
According to repor s an election will be held in the near futur 3
Village Clerk, for the $8,000 5% coupon water-worksDe- to vote on the que tion of issuing $69,000 bonds to construct
construction bonds voted on Jan. 12. V. 88, p. 324.semia water-works and sewer system and an electric-light plant.
nomination $1,000. Date May 1 1909. • Interest
are
St. Johns School District No. 2, Multnomah County, Ore.
annually at the office of the Village Treasurer. Bonds the
exempt from taxation. Certified check, payable toissue, -Bond Sale.-This district has sold $40,000 high-school and
$10,000 grade-school 10-20-year (optional) bonds, bids for
Treasurer, is required. Bonded debt, including this
which were asked until Feb. 25. Date April 1 1909.
$15,000. Assessed valuation $400,000.
St. Lucie County (P. 0.Fort Pierce), Fla.-Bond Election.
Putnam County (P. 0. Ottawa), Ohio.-Bond Offering.Proposals will be received until 12 m. to-day (March 20) by -An election will be held on April 20 to vote on the question
the Board of County Commissioners, at the office of Joseph of issuing $150,000 5% road bonds. Denominations $100
Kersting, County Auditor, for the following 5% coupon to $1,000. Interest payable at Fort Pierce. Maturity
10, 15, 20, 25 and 30 years.
road-improvement bonds:
$11,000 Andrew Rockey stone road (Monroe Township) improvement
1916
St. Manes, Kootenai County, Idaho.-Bond Offering.in
and
1915
in
in
$2,000
1914,
$1,000
Maturity
bonds.
and $3,000 in 1917 and in 1918.
Proposals will be received until April 5 (date changed from
6,500 S. D. Hensel stone road (Monroe Township) improvement bonds.
Turnbull, Village Clerk, for $177000 gold
Maturity $1,500 in 1914, $2,000 in 1915 and $1,000 in 1916, in March 29) by J. S.
1917 and In 1918.
coupon water-works-extension bonds at not exceeding 6%
14,000 K. C. Pierce stone road improvement (Monroe Township) bonds. interest. Authority Section 2316, Chapter 12, Revised
Maturity $2,000 In 1914 and $3,000 yearly from 1915 to 1918
inclusive.
Code of 1909. Denomination $1,000. Date April 5 1909.
7,000 J. W. Newell stone road improvement (Van Buren Township) Interest Jan. and July in St. Manes. Maturity 1929,
bonds. Maturity $2,000 in each of the years 1914 and 1915 and
subject to call after ten years. Bonds are exempt from all
$1,000 in each of the years 1916, 1917 and 1918.
29,000 John Hoffman stone road improvement (Palmer Township) bonds. taxes. Certified check for 23'% of bid, payable to the
Maturity $5,000 In 1914 and $6,000 in each of the years 1915, 1916
Village Treasurer, is required. Bonded debt this issue.
1917 and 1918.
14,000 Duncan Dewer stone road improvement (Palmer Township) bonds.
Floating debt $697.
Maturity $2,000 In 1914 and $3,000 in each of the years 1915, 1916
1917 and 1918.
St. Petersburg, Hillsboro County, Fla.-Bond Offering.Authority, Section 4670-19 of the Revised Statutes of Proposals will be received until 8 p. m. April 1 by W. F.
Ohio. Denomination $1,000, except one bond of $500. Devine, City Clerk, and Collector, for $10,000 5% gold
Date August 1 1909. Interest semi-annually at the office coupon refunding bonds. Denomination $1,000. Date
of the County Treasurer in Ottawa. Bonds are free from July 1 1909. Interest semi-annually in New York City.
all taxes. Purchaser to furnish blank bonds and pay for Maturity thirty years. Bonds are exempt from taxation.
transcript of proceedings. Certified check (or cash) on a Certified check for $100, payable to the Village Clerk, is
bank in Ottawa for $1,000, made payable to the County required.
Auditor, is required. Purchaser to pay accrued interest.
Salisbury, Rowan County, No. Car.-Bond Offering.Putnam County (P.0. Oooperville), Tenn.-Bond Election. Proposals will be received until 12 m. March 22 by A. H.
to
submitted
be
will
bonds
road
-A proposition to issue
Boyden, Mayor, for $50,000 5% coupon street-improvea vote of the people on March 27.
ment bonds. Authority Chapter 335 Private Laws of 1907.
Racine, Wis.-Bond Sale.-Reports state that $20,000 Denomination $1,000. Date April 1 1909. Interest semi43% sewer bonds were sold at public auction to the Harris annually at the National Park Bank in New York City.
Maturity April 11954. Certified check for $1,000, payable
Trust & Savings Bank of Chicago at 104.72.
advertisement states
Radnor Township School District, Delaware County, Pa. to the Mayor, is required. Official
in the payment of principal
-Bond Offaring.-Proposals will be received until 3 p. m., that the city has never defaulted
•
•;: •
';64
March 25, by Chas. S. Walton, Treasurer, 258 North Third or interest.4'41IL .1
Samson, Geneva County, Ala.-Bond:Sale.-An issue of
Street, Philadelphia, for $70,000 4% registered schoolimprovement bonds. Denomination $500. Date April 1 $20,000 bonds was recently sold.
1909. Interest semi-annual. Maturity $11,500 on April 1
San Anselmo,Mann County, Cal.-Bond Election Proposed.
in each of the years 1914, 1919, 1924, 1929 and 1934 and -It is stated that the Trustees propose to call an election
are
tax-exempt.1
Bonds
$12,500 on April 11939.
to vote on the question of issuing $5,000 public-park bonds.
San Jose, Cal.-Bond Election.-An election will be held
NI Ravenna, Ohio.-Bond Offerings.-Proposals "will7be reClerk,
March 30 to vote on the proposition to issue the $45,000
ceived until 12 m. March 22 by E. W. Marvin, Village
bonds.
garbage-incinerator installation and site-purchase bonds
for $16,000 43% street-paving (village's portion)
Authority Section 2865, Revised Statutes. Denomination mentioned in V. 88, p. 325.
the
at
Santa Barbara County (P. 0. Santa Barbara), Cal.-Bond
$500. Date March 1 1909. Interest semi-annually
Second National Bank of Ravenna. Maturity $1,000 each Offering.-Proposals will be received until 10 a. m. March 24
six months from March 1 1910 to Sept. 1 1917 inclusive. for $50,000 6% road-improvement bonds. Authority vote
Certified check for $400, payable to the Village Treasurer, of 211 "for" to 16 "against" at an election held Feb. 26.
is re9uired. Bonds will be delivered within five days from Maturity $5,000 yearly on March 1 from 1910 to 1919
inclusive.
the time of award. Purchaser to pay accrued interest.
Sarasota, Manatee County, Fla.-Bond Offering.-P .oposProposals will also be received until 12 m. April 5 by the
Village Clerk for $27,200 4% street-paving assessment als will be received until 2 p. m.April 27 by the Bond T stees
bonds. Authority Section 2865, Revised Statutes. De- for $25,000 6% coupon street-paving bonds. Denomination
nominations: 10 bonds of $220 each and 50 bonds of $500 $1,000. Date May 1 1909. Interest semi-annually at
each. Date March 1 1909. Interest semi-annually at the Sarasota or New York City. Maturity thirty years. CertiSecond National Bank of Ravenna. Maturity $2,720 yearly fied check for $1,000, payable to the Bond Trustees, is reon March 1 from 1910 to 1919 inclusive. Certified check for quired. Bonded debt, not including this issue, $140,000.
3500, payable to the Village Treasurer, is required. Bonds Assessed valuation $435,000.
Scurry County (P.0. Snyder),Tex.-Description of Bonds.
will be delivered within five days from the time of award.
-We are advised that the $70,000 4% 10-40-year (optional)
Purchaser to pay accrued interest.
School
EIReading, Pa.-Bond Offering.-Proposals will be received court-house bonds awarded on March 2 to the State
dated
are
703),
88,
p.
(V.
and
interest
par
accrued
at
Board
CompCity
B.
Dorward,
0.
24
by
March
m.
p.
until 7:30
annually
$1,000.
Interest
1908.
Denomination
12
August
registraof
privilege
(with
4%
coupon
$200,000
troller, for
0,7114
tion) refunding bonds. Denomination $1,000. Date April 1 on April 10.
-On March 13 the $500,000
Sale.
-Bond
Wash.
Seattle,
City
the
of
office
the
at
semi-annually
Interest
1909.
light extension 20-year couTreasurer. Maturity $40,000 on April 1 in each of the years park and the $500,000 municipal
of which were given in V. 88, p. 583,
particulars
bonds,
pon
from
exempt
are
Bonds
and
1934.
1929
1924,
1919,
1914,
Trust &Savings Bank, the Mertaxation. Certified check for.5% of bid, payable_to.E.„H. were awarded to the First



784

THE CHRONICLE

chants' Loan & Trust Co and A. B. Leach & Co., all of Chicago, at their joint bid of $1,005,555 (100.555) for 4s.
Shamokin, Northumberland County, Pa.-Bond Offering.
-Proposals will be received until 1 p. m. April 6 by W. H. R.
Smink, Chief Burgess, for $55,000 4% municipal bonds.
They are free from State tax.
Sidney, Ohio.-Bonds Authorized.-The City Council has
passed ordinances providing for the issuance of $22,000 (city's
portion) and $20,000 assessment paving-intersection bonds.
Siler City, Chatham County, N. 0.-Bond Election Proposed.-Reports state that an election will be held shortly
to vote on the question of issuing bonds to purchase property for school purposes.
Spokane School District (P. 0. Spokane), Spokane
County, Wash.-Bond Election.-An election will be held
March 27 to allow the voters to determine whether or not
$400,000 20-year school-building-addition bonds at not
exceeding 41
4% interest shall be issued.
Springfield School District (P. 0. Springfield), Greene
County, Mo.-Bond Election.-An election will be held
April 6 to vote on the question of issuing $125,000 building
bonds.
Stamford, Conn.-Bond Sale.-A list of the bids received
on March 16 for the $225,000 4% town-hall bonds described
in V. 88, p. 521, follows:
W.J.Hayes& Sons, Cleveland103.51 Kountze Bros., New York_ _101.31
Blake Bros.
1Boston _102.775 Blodget, Merritt & Co.,
E.H.Rollin;&Sonsf
Boston
Stamford Tr. Co., Stamford_101.875 Rhoades & Co., New York100.531
Perry, Coffin & Burr, Boston.101.64
(for *100,000 bonds)
101.056

Maturity December 1 1938.
Stanton, Martin County, Tex.-Bond Election.-Local
reports state that a $15,000 school-house bond election will
be held March 20.
Sturgeon Bay,Door County, Wis.-Bond Sale.-On March
15 the $27,000 5% coupon electric-light-plant bonds described in V. 88, p. 704, were awarded to A. B. Leach & Co.
of Chicago at 107.022. The following bids were received:
A. B. Leach & Co., Chic_ _$28,896 00
Wm. R. Compton Bond &
Mtge. Co., St. Louis__ 28,789 70
McCoy & Co., Chicago__ 28,780 00
Woodin, McNear & Moore,
Chicago
28,733 00
Harris Trust & Savingsf 28,690 00
Bank, Chicago
1'27,545 00
E. H. Rollins & Sons, Chic. 28,650 00
'Trowbridge & Myer Co.,
28,621 00
Chicago
Otis & Hough, Cleveland_ 28,615 00
28,417 50
Coffin & Crawford, Chic
• For 4 ji% bonds.

S. A. Kean, Chicago
$28,404 00
C. E. Denison & Co., Clay_ 28,379 75
Farson, Son & Co., Chic
28,359 00
Chas. H. Coffin, Chicago_ 28,351 00
John H. Sonnitag & Co
28,350 00
Rudolph Kleybolte Co.
Inc., Cincinnati ___
28,177 20
Thos. J. Bolger Co., Chic_ 28,015 00
First Nat. Bank, Cleve_
27,896 00
F. E. Magraw, St. Paul
27,850 00
John Nuveen & Co., Chic_ 27,552 00
Farwell Trust Co., Chicago 27,332 10
W.J. Hayes & Sons, Clev_ 27,103 47

A bid was also received from Edwin White & Co. Maturity $2,000 yearly on Jan. 1 from 1914 to 1926 inclusive
and $1,000 on Jan. 1 1927.
Burry County (P.O.Dobson), No. Caro.-Bond Sale.-We
see it reported that an issue of $5,000 bonds to build a home
for the aged and infirm has been disposed of to a Chicago firm.
Syracuse, N. Y.-Bond Sale.-On March 16 the two issues
of 4% 1-20-year (serial) registered bonds aggregating
$300,000, described in V. 88, p. 704, were awarded to Wm.
Salomon & Co. of New York City at 101.436-a basis of
about 3.833%. Following is a list of the bids received:
Wm. Salomon & Co., New York
Lawrence Barnum & Co., New York
N. W. Harris & Co., New York
R. L. Day & Co., New York
Estabrook & Co., New York
Kountze Bros., New York
Blodget, Merritt do Co., Boston
W. N. Coler & Co., New York
A. B. Leach & Co., New York
C. E. Denison & Co., Cleveland

$150,000
school
bonds.
$152,154 00
151,905 00
151,635 00
151,633 50
151,620 00
151,320 00
151,065 00
150,958 00
150,855 00

$150,000
fire and hall
bonds
$152,154 00
151,905 00
151,635 00
151,633 50
151,620 00
151,320 00
151,065 00
150,965 00
150,855 00
151,756 00

Bids Rejected.-The following bids, all of which were
rejected, were received for the $20,000 414% 1-4-year (serial)
registered boulevard bonds offered on the same day:
Wm. Salomon & Co.,
Commercial National Bank,
*20,233 50
New York
Syracuse _
$20,087 20
A. B. Leach & Co., N. Y. 20,154 00 Blodget, Merritt & Co.,
Boston
W. N. Coler & Co., N. Y. 20,140 00
20,062 00
R. L. Day & Co., N. Y. 20,118 00 N. W. Harris & Co., N. Y. 20,061 00
W.J.Hayes& Sons, Cleve. 20,007 00

Temple, Tex.-Bonds Voted.-The election held March 1
resulted in a vote of 370 to 61 in favor of the proposition to
issue the $50,000 street-paving bonds mentioned in V. 88,
p. 397.
Terrell County (P. 0. Dawson), Ga.-Bond Election.-An
election will be held April 15, it is reported, to decide on the
question of issuing $25,000 steel-bridge-construction bonds.
Texarkana, Texas -Bond Offering.-Proposals will be
received until 8 p. m. April 2 by A. B. De Loach, Mayor,for
the following 5% bonds mentioned in V. 88, p. 521:
. $125,000

school bonds. Denomination $1,000.
5,500 jail-construction bonds. Denomination *500.
2,500 fire-station-construction bonds. Denomination $500. •
3,000 street-Improvement bonds. Denomination $1,000.

Date March 1 1909. Interest semi-annually at the Texarkana National Bank in Texarkana, or at the office of the
State Treasurer in Austin. Maturity forty years, subject
to call after five years. Bonds are exempt from taxation in
this State. Certified check for 1% of bid, payable to A. B.
De Loach, Mayor, is required.
Tod Township, Crawford County, Ohio.-Bond Offering.Proposals will be received until 12 m. March 26 by Frank
Cristee, Township Clerk (P. 0. Osceola), for $16,000 4%




Lxxxvin.

road-improvement bonds. Denomination $500.
Date
March 1 1909. Interest semi-annual. Maturity $2,000
yearly on Sept. 1 from 1919 to 1926 inclusive. Cash or
certified check for $300, payable to the Township Treasurer,
is required. Purchaser to pay accrued interest.
Trenton School District (P. 0. Trenton), N. J.-Bonds
Proposed.-The Board of School Estimates recently passed
a resolution providing for the issuance of $10,000 portableschool-building bonds. An ordinance will be drawn providing for these bonds and presented to the City Council at its
next meeting.
Upper Darby Township School District (P. 0. Upper
Darby), Delaware County, Pa.-Bond Sale.-Edward V.
Kane & Co. of Philadelphia have purchased $60,000 4%
bonds. The securities are exempt from taxation and will
mature $6,000 yearly from 1911 to 1918 inclusive and
$12,000 in 1919.
Velasco Drainage District (P. 0. Velasco), Brazoria
County, Tex.-Bonds Registered.-The $50,000 5% 20-40year (optional) coupon drainage bonds mention of which
was made in V. 88, p. 643, were registered by the State
Comptroller on March 10.
Ward Township School District, Hocking County, Ohio.-Bond Offering.-Proposals will be received until 1:30 p. m.
to-day (March 20) by Tom B. Parry, Clerk of Board of Education (P. 0. Carbon Hill), for $6,000 5% school bonds.
Authority Section 3991 and 3992 of Ohio School Laws. Denomination $1,000. Date March 1 1909. Interest semiannual. Maturity twenty years. Certified check for 5%
of bonds bid for, payable to the Treasurer of the Board of
Education, is required. Purchaser to pay accrued interest.
Washington County (P. 0. Jonesboro), Tenn.-Bonds Defeated.-The election held March 13 resulted in the defeat
of the proposition to issue the $150,000 road bonds mentioned in V. 88, p. 585.
Washington School District (P. 0. Washington), Washington County, Pa.-Bond Election.-A proposition to issue
$150,000 4% high-school-building bonds will be voted
upon April 14.
Watertown, Mass.-Temporary Loan.-Reports state thai
a loan of $125,000 has been negotiated with Estabrook & Co.
of Boston at 3% discount and $1 premium. Maturity $75,000 on Sept. 2 1909 and $50,000 on March 25 1910.
Watertown, Middlesex County, Mass.-Note Offering.Proposals were asked for until 12 m. yesterday (March 19) by
Chas. W.Stone, Town Treasurer,for the discount of $75,000
notes due Sept.20 1909 and $50,000 notes due March 25 1910,
to be issued in anticipation of the collection of taxes. Notes
will be certified as to their genuineness by the City Trust Co.
of Boston and their legality approved by Storey, Thorndike,
Palmer & Thayer of Boston, a copy of whose opinion will be
delivered to purchaser. The result of this offering was not
known to us at the hour of going to press.
Watonga, Blaine County, Okla.-Bond Sale.-On March 9
$18,000 6% 20-year general-improvement and funding
bonds were awarded to the State Guaranty Bank of Watonga
at 104.10. Denomination $500. Date March 1 1909.
Interestsemi-annually at the fiscal agency in New York City.
Wellsville, Columbiana County, Ohio.-Bond Offering.Proposals will be received until 12 m. to-day (March 20) by
J. F. McQueen, City Auditor, for the following bonds:
$1,000 4% fire-station bonds. Denomination $500. Date Dec. 1 1906.
Interest semi-annual. Maturity Dec. 1 1926.
500 5% fire-station bonds. Denomination $500. Date Sept. 1 1908.
Interest annual. Maturity Sept. 1 1928.
1,500 5% city-building-Improvement bonds. Denomination $500. Date
Nov. 1 1908. Interest annual. Maturity Nov. 1 1928.
250 5% city-building-improvement bond. Denomination $250. Date
Nov. 1 1908. Maturity Nov. 1 1928. Interest annual.
8,500 5% refunding bonds. Denomination $500. Date Jan. 1 1909.
Maturity Jan. 1 1929. Interest annual.
1,200 5% paving (city's portion) bonds. Denomination $600. Date
April 1 1908. Interest annual. Maturity April 11928.
2,353 20 5% street-paving bonds. Denomination $235 32. Date Jan. 1
1909. Interest annual. Maturity $235 32 yearly on Jan. 1
from 1910 to 1919 inclusive.
650 50 5% street-paving bonds. Denomination $65 05. Date Jan. 1
1909. Interest annual. Maturity $65 05 yearly on Jan. 1
from 1910 to 1919 inclusive.
1,191 42 5% street-paving bonds. Denomination $132 38. Date Jan. 1
1908. Interest annual. Maturity $132 38 yearly on Jan. 1
from 1910 to 1918 inclusive.

Interest is payable at the City Treasurer's office. Each
bid must be accompanied by a certified check for $200, made
payable to the Sinking Fund Trustees. These securities
are not new issues, but bonds held by the Sinking Fund as
an investment.
Wentworth, Lake County, So. Dak.-Bond Sale.-On
March 6 $7,400 5% 20-year bonds were awarded to the State
of South Dakota at par. Denomination $1,000. Interest
January and July.
Westfield, Chautauqua County, N. y.-Loan Voted.-It is
stated that an election held March 16 resulted in favor of a
proposition to issue $2,000 electric-light and highway bonds.
Westmoreland County (P. 0. Greensburg), Pa.-Bonds
Proposed.-The Board of County Commissioners purposes
to issue $500,000 0
0
, 0 funding bonds. They will be
exempt from State tax.
Willoughby, Lake County, Ohio.-Bandfering.-Pros
po als will be received until 12 m. April 12 by C. C. Jenkins,
Village Clerk,for $3,000 43% coupon water-works-improvement Series "H" bonds. Denomination $500. Date March
11909. Interest semi-annually at the Cleveland Trust Co.

4
1
/

785

THE CHRONICLE

MAR 20 1909.]

in Willoughby. Maturityr$500 each six months from , Barton Township, Ont.-Debenture Sale.-The Dominion,
March 1 1916 to Sept. 1 1918 inclusive. Bonds are exempt Securities Corporation, Ltd. Toronto, recently purchased
from taxation. Draft or certified check for $100, payable $25,000 4% 20-year debentures.
Boissevain, Man.-Debentures Voted-Debenture Offering.
to the Village Treasurer, is required. Purchaser to pay
-The election held March 6 resulted in a vote of 74 "for"'
accrued interest.
Wyoming County (P. 0. Oceana), W. Va.-Bond Election. to 4 "against" the proposition to issue the $7,000 5% electric-The election to vote on the question of issuing the $50,000 light-works debentures mentioned in V. 88, p. 64441 Ma6% 5-30-year (optional) bonds will be held March 30 and turity part yearly for thirty years. Proposals for these
debentures will be received until 5 p. m. to-day (March120.)
not March 20 as reported in V. 88, P. 252.
Brandon, Man.-Debentures Proposed.-This place proYoungstown, Ohio.-Bond Offering.-Proposals will be
received until 2 p. m. March 22 by Wm. I. Davies, City poses to issue $100,000 water-works-extension debentures.44
Brantford, Ont.-Debenture Offering.-Proposals willbe
Auditor, for $50,000 4% grade-c rossing-elimination bonds.
The bonds will be dated April 1 1909. Interest semi- received until 12 m. to-day (March 20) by A. K. Bunnell,
annually at the office of the City T reasurer. Maturity $5,000 City Treasurer, for the following debentures for local improvement purposes:
yearly on Oct. 1 from 1912 to 1921 inclusive. Purchasers $20,075
434% debentures. Maturity Dec. 31 1928.
must be prepared to take the bonds not later than April,
216434% debentures. Maturity Dec. 31 1916.
4%
debentures. Maturity Dec. 31 1948.
and the money must be delivered at one of the banks in 11,248
1,525 434% debentures. Maturity Dec. 31 1918.
Youngstown or at the City Treasurer's office. Each bid
8,593 434% debentures. Maturity Dec. 31 1923.
6,092 434% debentures. Maturity Dec. 31 1923.
must be accompanied by a certified check on a national bank
2,457 434% debentures. Maturity Dec. 31 1923.
for 2% of the bonds bid for, payable to the City Treasurer.
1
debentures. Maturity Dec. 31 1928.
,740434%
13,531
% debentures.

Canada,its Provinces and Municipalities.
Alberta.-Debenture Sales.-The following debentures
were recently purchased by Nay St James of Regina:
10-year school-house

Boyne School District (P. 0. Nanton)-$1,500 6%
debentures.
system
Clarseholm-$70,000 57, 20-year water-works and electric-light
installation debentures.
5% 30-year
Claresholm School District (P. 0. Claresholm)-$20,000
school-house debentures.
Daysland-$2,500 6% 10-year permanent-improvement debentures.
20-year
Lundbreck School District (P. 0. Lundbreck)-$7,000 5%
school-house debentures.
schoolMcLeod School District (P. 0. McLeod)-$30,000 5% 30-year
house debentures.
school30-year
5%
Magrath)-$30,000
0.
(P.
Magrath School District
house debentures.
20-year
5%
Sedgewick)-$10,000
0.
(P.
District
School
Sedgewick
school-house debentures.

Balgonie, Sask.-Debenture Election.-It is stated that
propositions ti issue the following 6% 25-year debentures
will be voted upon March 26: $3,000 for street grading and
sidewalk construction; $8,000 for purchasing land and
erecting !a, town hal1_,thereondand_$2,000 to purchase land
for.park purposes.

NEW LOANS.-NEW LOANS.
$15,000
$176,000
BOROUCHOFWILSON City of St. Paul, Minn,
Allegheny County, Pennsylvania
4%% TAX FREE BONDS;
SEALED PROPOSALS.will be received by
the undersigned until 7:30 o'clock P. M. Thursday,
March 25th, 1909, for the purchase of Fifteen
Thousand ($15,000) Dollars 434% tax-free coupon bonds of said Borough. Bonds will be dated
May lst, 1909; will be In the denomination of One
Thousand ($1,000) Dollars, with semi-annual interest coupons andawith privilege of registration
as to principal.
Bidders are requested to bid upon bonds in
different maturities as follows: First, a flat issue
maturing 1934.
Second: Maturing =Five =Thousand ($5,000)
Dollars in 1919; Five;,Thousand ($5,000) Dollars
in 1924; Five Thousand ($5,000) Dollars in 1929.
Principal and interest of said bonds will be payable at the First National Bank of Wilson, Pa.
Bonds will be drawn by Archibald W. Powell,
Esq., Pittsburgh, Pa.; will be prepared under the
supervision of and certified as to their genuineness by the United States Mortgage & Trust Company, New York City, New York, and their legality approved by John G. Johnson, Esq.,
Philadelphia, whose opinion, or duplicate thereof,
will be delivered to the purchaser. Each bid
must beatccompanied by a certified check on a
National Bank or Trust Company for 3% of the
amount of the bonds bid for and payable to the
Borough of Wilson.
The right is reserved to reject any or all bids.
FINANCIAL STATEMENT.
6760,660 00
Assessed valuation
15,000 00
Bonded Debt, including this issue
None
Other Debt
15,000 00
Total Debt
6,755 25
Cash on hand, all funds
1.500
Po puts tion
J. D. BLACKBURN.iFinance
Committee.
A. G. WILSON,
}
JOS. KIRMEYER, J

HUNT, SALTONSTALL & CO.,
Meanings of New York Slack Exchange

30 YEAR-4%
SEWER AND SCHOOL BONDS

MISCELLANEOUS.
Cuban Securities
A SPECIALTY

FRANCKE, THOMPSON & ROBB
Members NY. Stook Exchange

OFFICIAL ADVERTISEMENT.
City Comptroller's Office.
Telephone 6444 Hanover
Notice is hereby given that the City of St. Paul,
Minnesota, will receive sealed bids for the purchase of the whole or any part of 375,000 00 of
BRANCH OFFICE
SEWER BONDS, dated November 1, 1908, due
thirty years after date without option of prior Bristol Building, Bib Ave. and 415.1 si.
payment, and
*50,000 00 of HIGH-SCHOOL BONDS, dated
Telephone 1658 Bryant
March 1, 1909, due thirty years after date without
option of prior payment, and
$50,000 00 of GRADED SCHOOL BONDS,
dated March 1, 1909, due thirty years after date
without option of prior payment.
All of the above-mentioned bonds bear interest
at the rate of four (4%) per cent per annum,
payable semi-annually, principal and interest
payable at the Financial Agency of the City of
St. Paul in the City of New York.
Bonds will not be sold for less than par and
accrued interest. A certified check payable to
the City Treasurer of the City of St. Paul for
two (2%) per cent of the par value of the bonds
bid for must accompany each bid that will be
considered.
The committee reserves the right to reject any
and all bids.
Sealed bids must be filed with the undersigned
by 12 o'clock noon on March 24. 1909. and will
be opened at that time.
LOUIS BETZ,
City Comptroller.

43 Exchange Place

Perry, Coffin & Burr,

INVESTMENT BONDS.
60 State Street,
BOSTON.

Charles M. Smith & Co.
Blodget, Merritt & Co.
BANKERS

CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO

STATE, CITY
AND

RAILROAD BONDS

Adrian H Muller& Son

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

AUCTIONEERS.

Investment Securities
60 STATE STREET
BOSTON

Maturity Dec. 31 1918.

Denomination, any amount over $100. Interest semiannually at the Bank of Montreal in Brantford. Purchaser
to pay accrued interest. Assessed valuation $11,562 140.041
Calgary, Alberta.-Debenture Election.-Propositions to.
issue 4% 30-year debentures for the following purposes
will be voted upon April 2, according to reports: $27,000 to
purchase lots for city purposes and $144,000 for an electriclight plant, system and power.
ted
Carleton County (P. 0. Ottawa), Ont.-Debenture Sale.in
described
On March 15 the $20,000 5% debentures
V. 88,
p. 707, were sold to H. O'Hara dr Co. of Toronto. Maturity
part yearly on Dec. 31 from 1909 to 1938 inclusive.
Oranbrook, B. 0.-Debenture Sale.-An issue of $35,000,
5% 20-year school debentures was recently disposed offat
par to the Imperial Bank of Canada. Denomination $1,000.
Date July 1 1909. Interest annual.
Emard, Quebec.-Debenture Sale.-An issue of $35,000.
5% (payable semi-annually) sewerage and funding debentures, maturing in 1937, was awarded to 0. E. HurdiofjMontreal.

Regular Weekly Sales
OF

MERKEL STOCKS and BONDS
H. C. Speer & Sons Co. OTTOJULIUS
BROKER
WEDNESDAY.
Established 18145.

First Nat Bank Building, Chicago
CITY COUNTY
AND TOWNSHIP




BONDS.

44 AND 46 WALL ST.. NEW

YORE

INVESTMENT SECURITIES.
Corresnonderma InvIt.a4

EVERY

Office, No. 55 WILLIAll STEEET,
Corner Pine Street.

[voL.

THE CHRONICLE

786

Govan, Sask.—Bonds Authorized.—A by-law has been
passed, it is stated, providing for the issuance of $4,000
15-year debentures.
Guelph, Ont.—Debenture Sale.—Two issues of 43%
20-year paving debentures, aggregating $65,156 48, were
recently awarded to the Ontario Securities Corporation,
Limited.
Haileybury, Ont.—Price Paid for Debentures.—The price
paid for the five issues of 5% debentures aggregating $86,000,
awarded on Feb. 22 to the British-American Securities Co. of
Toronto (V. 88, p. 645), was 9.6 and accrued interest.
Kildonan (P. 0. Box 1403, Winnipeg), Man.—Debenture
Offering.—Proposals will be received until 6 p. m. March 22
byt.G. F. Munroe, Treasurer, for $6,000 5% debentures.
Interest March 1 and Sept. 1. Maturity March 11929.
Lacombe, Alberta.—Debenture Sale.—W. A. MacKenzie
Sri Co. of Toronto purchased $9,000 5% 18-year funding
debentures at par. Date April 11909. Interest annual.
Lake School District No. 1607, Sask.—Debenture Sale.—
This district recently disposed of $1,000 debentures.
Medicine Hat, Alberta.—Debenture Election.—Reports
k tate that an election will be held March 26 to allow the
voters to determine whether or not the following debentures
hall be issued: $20,000 20-year debentures to purchase
a, gas-boring plant and extend the gas system and $36,000
0-year debentures to extend the water-works-system.
Montreal, Que.—Debentures Authorized.—The City Council
has authorized the. issuance of about $4,000,000 publicwork debentures. We are informed, however, that it is
ely that these debentures will not be offered for sale
"for a long time."
fr, New Liskeard, Ont.—Debenture Election,—An election
will be held March 26 to vote on a proposition to issue $5,000
5% road debentures.
Port Hope, Ont.—Debenture Sale.—This municipality has
awarded an issue of 5% 20-year local-improvement debentures to the Dominion Securities Corporation of Toronto.
St. Oatherines, Ont.—Debenture Sale.:—Brouse, Mitchell
& Co. of Toronto were recently awarded,it is stated, $25,000

4% coupon school debentures. Interest payable in Toronto.
Maturity 1923.
Saskatchewan.—Sale of School District Debentures.—
The following debentures of school districts of Saskatchewan
were recently sold to Nay & James of Regina:
Anerley School District (P. 0. Outlook)—$2,000_A%-;10-year schoolhouse debentures.
Beeston School District (P. 0. Grenfell —$1,500 7% 10-year schoolhouse debentures.
Belvidere School District (P. 0. Swift Current)—$1,500 534% 10-year
school-house debentures.
Elvevow School District (P. 0. Dundurn)—$1,200 6% 10-year schoolhouse debentures dated Feb. 24 1909.
Grasby School District (P. 0. Asquith)—$1,800 6%% 10-year schoolhouse debentures.
Lac Qui Pane School District (P. 0. Hanson)—$500 63% 10-year
school-house debentures.
Rosebush School District (P. 0. Watson)—$1,200 6% 10-year schoolhouse debentures.
Wheat Valley School District (P. 0. Swift Current)—$1,800 5'%%
10-year school-house debentures.

Swift Current, Sask.—Loan Authorized.—The voters recently authorized a loan of $12,000 for public improvements
and fire protection.
Walkerville, Ont.—Debenture Sale.—The Dominion Securities Corporation of Toronto has been awarded an issue of
$6,866 80 5% 10-year local-improvement debentures.
Wellesley Township (P. 0. St. Clement), Ont.—Debenture
Offering.—Proposals will be received until April 1 (postponed
from March 20) by A. B. Robertson, Reeve,for $4,750 4%%
gold drainage debentures. Denomination $442 29. Date
Feb. 1 1909. Interest annually on Nov. 18 at the Standard
Bank of Canada in St. Clement. Maturity part yearly on
Nov. 18 from 1909 to 1923 inclusive. Debentures are exempt from all taxation. Debenture debt, including this
issue, $27,000. Floating debt, $2,000. Assessed valuation,
$3,800,000.
Winnipeg, Man.—Consolidated Stock Sale.—The Bank of
Montreal, 47 Threadneedle Street, London, E. C., was authorized by this city to receive subscriptions at par until
March 10 for an issue of £500,000 ($2,430,000 at $4 86)
4% consolidated registered stock maturing April 1 1940.
The issue was over-subscribed. Interest is payable on
April 1 and Oct. 1 at the above-mentioned bank.

r4EW LOANS
NEW LOANS.
NEW LOANS.
$150,000
$350,000
$350,000
City of Birmingham, Ala. City of Birmingham, Ala. City of Birmingobam, Ala.
SCHOOL BONDS

SCHOOL BONDS

SCHOOL BONDS

Sealed bids for the sale of $350,000 City of
Birmingham, Alabama, School Bonds will be
received by the Mayor at his office in Birmingham.
Alabama, until 12 o'clock, Noon, April 8th, 1909
Said bonds to be dated July 1st. 1909, and bear
interest at the rate of 5% per annum, payable
semi-annually, and mature 30 years from date.
Bonds to be delivered and paid for as follows—
;150,000 on July 1st, 1909.
100,000 on April 1st, 1910.
100,000 on January 1st. 1911.
No bid will be accepted for less than par and.
accrued interest and each bid must be accompanied by certified check for $2,500.
The right is reserved to reject any and all bids.
H. B.SHROPSHIRE JR.,
City Clerk.

Sealed bids for the sale of $150,000 City of
Birmingham, Alabama, School Bonds, part of
an authorized issue of $350,000, will be received
by the Mayor at his office in Birmingham, Ala.,
until 12 o'clock Noon, April 8th, 1909.
Said bonds to be dated July 1st, 1909 and bear
interest at the rate of 5% per annum, payable
semi-annually and mature 30 years from date.
Bonds to be delivered and paid for on July 1st,
1909.
No bids *ill be accepted for less than par and
accrued interest and each bid must be accompanied by certified check for $1,000.
The_right is reserved to reject any and all bids
H. E. SHROPSHIRE JR.,
City Clerk.

Sealed bids for the sale of $350,000 City of
Birmingham, Alabama, School Bonds will be
received by the Mayor at his office In Birmingham.
Alabama, until 12 o'clock, Noon, April 8th, 1909.
Said bonds to be dated July 1st, 1909, and bear
interest at the rate of 5% per annum, payable
semi-annually and mature 30 years from date.
Bonds to be delivered and paid for on July 1st,
1909.
No bids will be accepted for less than par and
accrued Interest and each bid must be accompanied by certified cehck for $2,500.
The right Is reserved to reject any and all bids.
H. E. SHROPSHIRE JR.,
City Clerk.

NOTICE TO REDEEM
Galveston Forty-Year Limited Debt
Bonds of the

CITY OF GAL VESTO1N
Issued by It In the year 1883
Notice is hereby given to the holders of the
bonds of the City of Galveston known as "Galveston forty-year limited debt bonds," Issued by
said city lu the year 1883, and numbered 979.
980, 981, 982, 983. 984, 985, 986, 987, 988, 989.
990, 991, 992, 993, 994, 995. 996, 997, 998," 999.
1000, 1001, 1002 and 1003, each of said bonds
being for one thousand dollars ($1,000) and each
dated on the 1st day of January, 1883, that the
city of Galveston will redeem at par the hereinbefore named and numbered bonds upon their
presentation at the office of the Treasurer of said
city, at Galveston, on the 31st DAY OF MARCH,
1909, and any of the bonds herein described and
designated which are not presented for redemption, as aforesaid, on the 31st DAY OF MARCH.
1909, shall cease to bear interest from and after
said date, the bonds hereby designated for
redemption being those bearing the earliest date
of said "Galveston forty-year limited debt bonds"
which,are now
This notice is given
In pursuance ofoutstanding.
Section 2
the Ordinances of
said City by virtue of which of
Ordinances the bonds
laereinbefore named and designated were issued.
The option is hereby extended to the holders
of the above-numbered bonds to receive instead
of payment and in exchange thereof 4 3i% Galveston Grading, Filling and Drainage Bonds,
which are due forty years from date, the city
reserving the right at any time after twenty years
from the date of the bonds to redeem, selecting
by lot the bonds to be so redeemed.
T. J. GROCE,
Treasurer of the City of Galveston.




Albert Kleybolte stic Co.,
409 Wfthavat Street,
CINCINNATI, 0.
MUniCiPal,

& COMPANY
McCOYMacDonald,
McCoy do Co.
Formerly

Municipal and
Corporation Bonds
181 La Salle Street, - Chicago

County, State,
CHELTEN TRUST COMPANY
and tiligb.Grade Publie Ser-tie•
5614 Germantown Avenue
Securities
Philadelphia. Pa.
Coinerponclence Solicited.
sonets the buslzr ss of Corporations and Municipalities desiring the service of a Registrar. Trustee
or Pinancia. Agent.

SLACKSTAFF & CO
INVESTMENTS
1332 Walnut Street
PHILADJILPH/A

LIST OF SPECIALTIES ON REQUEST
MUNICIPAL AND RAILROAD

BONDS.

JOHN H. WATKINS
MUNICIPAL
AND

RAILROAD BONDS
No. 2 WALL STREET

NEW YORK

WEBB 81-4 CO.,

LIST ON APPLICATION.

SEASONGOOD & MAYER,
Mercantile Library Building
CINCINNATI.

INVESTMENT SECURITIES.
74 BROADWAY, NEW YORK