Full text of Commercial and Financial Chronicle : March 27, 1909, Vol. 88, No. 2283

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The
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°Ill

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

State and City Section(Semi-Annually;
Electric Railway Section(Th=aies)

SATURDAY, MARCH 27 1909.

The Titranicle.

Clearings al1909.

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CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, Ste., indicates
that the total bank eh arings of all clearing houses of the U. S.
for week end. Mar. 27 have been $2,576,915,360, against $2,276,187,134 last week and $2,253,009,921 the week last year.
1909.

1908.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,233,969,027
120,437,990
89,171,441
19,071,652
211,604,769
51,839,431
11,417,865

$1,080,562,249
99,234,387
86,988,638
17,145,801
189,666,567
46,817,646
12,589,748

+14.2
+21.4
+2.5
+11.2
+11.6
+10.7
-9.3

Seven cities, 5 days
Other cities, 5 days

$1,737,512,175
409,416,211

$1,533,005,036
311,097,682

+13.3
+23.6

Total all cities, 5 days
All cities, 1 day

$2,148,928,386
429,986,974

$1,864,102,718
388,907,203

+15.2
+10.6

L Total all cities for week

$4,576,915,360

$2,253,009,921

+14.4

Clearings-Returns by Telegraph Mar.27

%

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 20, for four years.
Week ending March 20.
Cleari s at
1909.

1908.

Inc. or
Dec.

1907.

1906.

1,644186,337 1,387,t13,808 +18.5 2,095184,242 1,681133,696
New York
Philadelphia.._ 114,618,092 111,837,687 +2.5 155,794,795 138,547,723
Pittsburgh
58,660,798
36,578,028
36,877,601 -0.8
50,129,218
29,209,705
Baltimore
24,032,083
24,874,039
20,058,521 +19.8
8,845,290
7,511,895
Buffalo
6,265,247
7,012,079 +7.1
Washington
5,840,177.
6,180,819
5,022,742 +23.1
4,777,553
7,751,067
4,506,971
Albany
4,478,794
5,476,779 -17.7
3,711,068
3,124,072
3,004,029
Rochester
3,174,239 -1.6
2,298,222
2,003.988
1,795,213
Scranton
1,905,990 +5.1
1,989,837
1,759,452
Syracuse
1,417,750
1,919,512 -8.3
1,503,505
1,295,988
1,131,570
Reading
1,074,782 +20.6
1,486,195
1,167,712
Wilmington
1.1
1,180,975
1,143,340
1,249,342
1,000.576
Wilkes-Barre
936.555
1,238,989 -19.2
1,031,948
1,619,847
919,902
1,310,154 +23.6
Wheeling
1.607,204
1,211,031
891,215 +35.9
Harrlsburg
743,582
675,194 +10.0
York
690,621
654,804
538,215 +21.7
542,761
Erie
585,600
460,700
498,600 -7.2
395,200
Binghamton _ ... _
391,347
500,000
417,135 -6.2
420,922
Greensburg
397,181
417,239 -4.8
Altoona
388,212
420,851
365,431 +6.2
522,775
Chester
233,372
264,223
211,378 +10.4
292,860
Franklin
1,378,936 Not included in total
Trenton
Total Middle

1,854,666,369 1,589,546,243 +16.7 2,377,944,688 1,923,529,247

151,145,560
Boston
6,818,400
Providence
3,175,104
Hartford
2,180,086
New Haven
1.885,405
Springfield
1,593,815
Portland
1,703,589
Worcester
1,241,583
Fall River
869,604
.
New Bedford_..
435,773
Holyoke
490,678
Lowell
Total New Eng

171,519,377




125,263,025
5,463,600
2,839,237
2,083,088
1,873.233
1,503,844
1,328,063
866,619
761,117
434,228
389.455

+20.7 170,981,320
7,927,300
+24.8
3,887,841
+11.8
2,254,126
+4.7
1,909,245
-0A
1,787,166
+6.0
+23.2
1,544,967
1,190,486
+43.3
665,614
+14.1
439,004
+0.4
468;884
+26.0

142,805,507 +20.1

193,055.953

144,160,249
6,751,700
2,800,636
2,053,657
1.591,300
1,522,892
1.726,045
804,771
635,716
420,540
410,457
162,877,963

NO. 2283.
Week ending March 20.
Inc. or
1908.
Dec.
1907.

1906.

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

$
258,168,296
26,444,700
13,719,699
13,090,345
11,097,011
7,454,752
5,486,600
3,999,798
2,691,896
2,590,707
1,991,571
1,950,561
1,104,260
1,281,519
827,251
848.349
789,445
675,000
597,086
558,982
710,413
720,901
374,106
413,233
374,152
418.345
383,680
261,912
110,279
28.500
435,279

$3
226,418,623 +14.0 235,834,918
23,817,600 +11.0
26,854,500
12,825,291
+7.8
20,721,338
12,485,067 +4.8
13,629.320
9.323,497 +19.0
10,586,033
6,249,209 +19.3
7,248,655
4,420,300 +24.1
5,401.700
3,699,806 +8.1
4,401,949
2,691,872 +0.0
3,019,800
1,892,150 +36.9
2,405,674
2,113,142 -5.8
2,472,787
2,293,684 -15.0
1,781,825
850,880 +29.9
1,194,556
914,994 +37.9
933.214
730,650 +13.2
734,899
684,933 -5.3
675,768
623,443 +26.8
660,357
570.000 +18.4
748,000
558,567 +6.9
412,143
522,684 +6.9
571,235
457,075 +55.4
618,825
420.944 +71.2
561,881
412,608 -9.8
378,793
388.635 +12.1
413,622
286,779 +30.5 ,
396,015
396.174 +5.6
345,019
316,482
300,450 +27.9
273,991 -4.4
216,306 .
120,668
137,450 -19.8
30,332
27,025 +5.5
325.550 +33.7

$
196,346.990
23,619.100
13.549,501
11,455,122
8.560,066
5,580,971
5.107,900
3,440.13
3,165,6 5
1,930,4 2
1,914,754
1,272,131
848,074
746,151
603,060
646,270
595,822
511.420
5o0,786
321,198
603.842
403,290
311,178
327.855
299.281
279.14
252,9 .2
208,3 9
102,113

Tot. Mid. West

359,378,628

317,093,048 +13.3

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

31.381,843
37,965,222
10.045,617
13,586,995
10.310.671
7,677,987
6,969,444
9.000,000
4.722,135
5.330,997
4,836,485
7,071,910
4.199.636
5,321,296
1,409,918
1.703.236
858,295
866,269
722,149
926,000
612,827
755.407
565,000
620,000
415,814
434,443
383,750
439,502
131,227
170,653
800,C10
822,000
457,165 Not included I
442,350 Not included I

343,687,812

283,534,110

+21.0
+35.2
+34.3
+29.1
+12.9
+46.2
+26.7
+20.8
+1.2
+28.2
+23.3
+9.7
+4.5
+14.5
+30.0
+2.7
n total
n total

40,266,713
11,986,862
9,578,674
7,482,910
5.611,258
5,411,786
4,594,339
3,054.229
779.408

38,526,836
11,297,489
9,705,788
4,931,724
4.141.163
3,722,276
3.595,928

487.209
431.900
425,000.

606?238
591,132
338,378

Total Pacific

95,324,601

75,730,107 +25.9

90.090,288

77,517.002

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

45.377,644
16,363,018
15,778.718
8,253,334
9,232,350
6,501,706
3,860,532
3,000,404
1,974,408
1,751,461
1,144.501
1,474,870
916,329
518,048
887,567
743.115

32,134,163
19,271,049
12,561,296
9,161,219
7,398.914
5,330,667
2,909,919
2,687,506
1.539,294
1,322.187
1,197,317
976,261
841,892
547,006
476,438
371,774

+41.2
-15.1
+25.6
-9.9
+24.8
+22.0
+32.7
+11.7
+28.3
+32.5
-4.4
+51.1
+8.9
-5.3
+86.3
+27.3

30,509,528
18,504,067
11 398,735
8.941,961
7,983,341
6,162,497
3,022,167
2,379,759
1,300,227
1,232,507
1,039,017
620,781
725,056
508,191
750,000
325,556

22.835.413
16,779,102
9,798,966
6,921,935
5,726,900
4,658,410
2,550.002
1,913.873
954,473

Tot. oth. West.

117,506.005

98,726,902 +19.0

95,403.388

76,030.676

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

68,445,998
16,270,302
15.272,668
15,025,959
6,638,000
6,522,505
4,969,827
4,967,091
3.003,071
3,500,000
6,158,611
2,563,683
1,900,000
1,459,663
1,571,691
1.850,514
1,541,151
1,737,849
1,365,000
1.350.000
1,500,000
692,328
587.854
637,896
250,501

Total Southern

169.792,154

56.972,314
16,414,211
10.736,017
10,607,013
8,481,500
5,300,000
4.534,693
5,585,888
2,683,546
2,903,159
3.939,845
1.988,710
1.872.984
1,801,823
1,546.243
1,481,053
1,368,359
1,335.910
1,286,565
1,230,753
986,366
579.574
540,000
448,231
287,808

+20.2
-0.9
+42.3
+41.7
+2.4
+23.1
+9.6
-11.1
+11.9
+20.6
+56.3
+28.9
+1.4
-19.0
+1.6
+24.9
+12.6
+30.1
+6.1
+9.7
+52.1
+19.6
+8.9
+42.3
-13.0

142,913,065 +18.8

1,078,569
880.831
522,980
520,688
871.231
219,033

85,316,694
53,249,063
19,122,517
17,346,497
12,060,912
13,273,073
12,230,244
9,200,000
6,481,500
5,244,500
6,453,053
5.134,512
5,289,106
4,083,902
5,005,071
5.426.553
3,244,519
3,609,408
3,949.883
4,561,027
3,585.479
2,697,856
2,839,718
1,936,658
2,171,818
1,649,834
1,362,873
1,536,855
1,769,986
1,534,481
1,878.728
1,153.338
1,550,000
1,222,914
1,345,410
1,225,865
1,732.535
1.376,351
1,358,205
1,345,209
1.057.305
845,275
663,492
567,029
575.000 .
450.000
162,230,191

137,225.317

Total all

2,768,187,134 2.366,814,872 +17.0 2,282,512,120 2,660,714,315

Outside N.Y

1,123,400,797

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Total Canada_

979,371,064 +14.7 1,167,327,878
+6.0
+30.1
+17.7
+43.5
+31.5
-3.9
+28.6
+6.9
+0.1
+17.6
+54.1
+15.4
+24.9

27.238,900
23,751,172
11.216,108
4,425,457
3,334.730
2,013,140
1,773,707
1,353,566
1,098,784
1,171,845
1,481,297
1.294,474
862,327

25,705,700
18,249,184
9,526,724
3,085,044
2,536,903
2,094.794
1,379,105
1,271.487
1,097.420
996,077
981,904
1,121,155
690.872

81,015.507

68,716,459 +17.9

978,780,619

34,397.594
26,276,917
24,197,901
19,077.645
9,934,397
6.981,. 5
2,107,i f
3,771,375
3,091,273
2,429.0,
1,931,159
1,516.422
1,432,338
1,653.867
1.889,929 • 1.207,168
877.847
1,117,690
1,242,589
812.008
1.078,000,
1,108.797
911.136
922,850
86,337,421

63,629.971

788

THE CHRONICLE

THE FINANCIAL SITUATION.
bill
of exchange is the great promoter of
"The
modern commerce," and London hassimply been taking
advantage of the situation the current week of the prevailing foreign exchange rates at New York on London
direct and via New York to Argentina. Of course the
exchanges at New York on London were, as stated, not
only favorable to the success of the plan for procuring
gold coin remittance, but so decidedly so as to make
the operation not merely feasible but quite profitable to the remitters. Moreover, Argentina was
not only eager to obtain gold, but gave decided preference to American gold coin, as in that form the metal
could always be made profitably available and advantageous for internal and for intra-national exchanges
between Argentina and contiguous South American
countries. The recently negotiated 50 million dollar
5% loan greatly facilitated all the attendant exchange
operations referred to above, and gave Argentina,
aided by its wheat and corn exports, the power to
absorb the American gold coin.
This demand for gold coin from London as an indirect
settlement by it of its Argentine indebtedness arose
because it was the cheapest form of metal remittance,
as we showed last week. When this remittance to
Argentina via New York began, it was not expected
to exhaust the supply of American gold coin in the
London market. But it soon did, which advanced the
market price of the coin, and thus checked that
method of cheapest coin remittance for the London
bankers. An abundant supply of free gold in New
York thereupon led London bankers to other forms
of gold remittance. Abraded coin, of course, did
not serve that purpose. But, as we said last week,
New York bankers then began to offer London banks
"newly minted coin hot off the shovel." It filled the
bill, and hence the double eagles went forward in large
quantities, supplying a demand for reserves for the
joint-stock banks of London.
Judging from ,.the engagements of gold for export
to London this week—which, together with actual
shipments, aggregate $10,300,000—in response to
reserve requirements by the Bank of England and by
the London joint-stock banks, the demand is nearing
its end. The metal that has been shipped recently
was in the form of double eagles. Such coin does not
circulate as money in foreign markets; it is usually
bought and sold by the Bank and by the bullion
dealers, and it does not pass current in trade transactions. By far the greatest proportion of the 14 millions of this coin that has been forwarded to the
present date has, as said, been placed in the vaults
of the London joint-stock banks for the augmentation
of the reserve of these institutions. It is probable
that the metal will remain in these depositories, and
be treated as such reserve, thus enabling the cash
accumulations of these concerns to be released for "till
money," or for such other purposes as may be required from time to time. In this way the joint-stock
banks will hold a reserve quite independent of that
which the Bank of England holds for all other banking
institutions. It is claimed that the latter will thus
be self-protected in emergencies instead of contributing
to embarrassing the Bank.
It seems that the manner of the retention and of the
disposition of such extraordinary reserve of the joint-




[VOL. Lxxxinit.

stock banks will be similar to that which has been
adopted by the Bank of England on occasions when,
because of crises, it has reinforced its reserve through
borrowings from the Bank of France. During the
Baring crisis, it will be remembered, the Bank of
England negotiated a loan for 15 millions sterling
with the French bank; the gold so borrowed was held
by the former in its vaults and the contents of the
cases were retained undisturbed until the crisis had
passed. Then the gold was returned to the Bank of
France in the unbroken receptacles, its existence, as
an available reserve, contributing to allay apprehension of unsettlement incident to the panic. So long,
therefore, as the London joint-stock banks shall hold
an independent reserve, and such holding be disclosed
through the periodical statements, public confidence
will be doubly assured in the absolute stability of
these banks under all conceivable conditions. Moreover, through the voluntary adoption of this policy
of maintaining independent reserves, criticism of these
banks for their neglect or refusal to accumulate such
reserves will be disarmed, and doubtless more harmonious relations will be maintained, and friction, so
far as it has heretofore existed, between the Bank and
the joint-stock institutions will cease.
A recent suggestion reported is that some revenue
might be raised by a tax on dividends of corporations other than banks and insurance companies.
Such an impost would be collected from the corporations and not from individual stockholders, but none
the less it would be an income tax upon the latter. It
would plainly go counter to the uniformity which
ought to underlie all taxation, being in reality (however the form might seek to disguise the fact) an income tax laid upon some persons and not upon others.
A tax proposed on the incomes of classes of merchants
and not upon all would clearly be discriminative and
not uniform; a tax on incomes of stockholders in a
cotton factory in Lowell and not upon those of a bank
in the same city seems equally discriminative and
equally doubtful on constitutional grounds.
To say that the proposed impost is not on the entire income of any person but only on income from
specified sources does not remove the difficulty. If
the railroads met the demand by deducting the tax
when declaring dividends, the burden would be
visibly laid on the stockholders; but there would be
very strong reasons against this course, and the natural
one would be to take the amount out of the expenditures somewhere. This would be to reduce by so
much the dividend-paying capacity, which is only
another term for net-earnings capacity; it would be
in the process of "skinning" a road. This would tend
to retard the physical ability—already one of the
counts frequently alleged, with more or less correctness, against the roads—to keep pace with requirements of a growing country. - Coming after the troubles of the last few years, this would have a cumulative
effect, and would certainly not be in the public interest.
It has been shown, by figures which need not be
repeated, that bank and railraad stocks are widely
distributed and the average holdings are small; even
in the last year or two the stocks of several of the largest railroads have been further distributed in point of
holdings. If the effect upon individuals is worthy of
consideration in such a case, it must follow that a 2%

MAR. 27 1909.j

THE CHRONICLE

tax, as suggested, might bear hard on persons or
estates that look chiefly to these dividends for income.
Putting all else aside, raising or lowering revenue
by imposing or changing duties on imports is difficult
because no man can tell in advance how revenue will
be affected by even a change in one article; still less
when a number of changes act and counteract upon
one another. If more revenue must be had and must
be had soon, there is far less uncertainty in this respect from stamp taxes; it is also in favor of those that
collection is certain and at the very minimum of expense, and that the entire proceeds go to the treasury.
The problem for which Congress was called is difficult in all respects, but as to the need of revenue,
the old-fashioned remedy of cutting expenditures
gets no attention except in the generalization (to which
even the most active spenders cordially assent) that
economy is most desirable. The country stands
committed to the canal, and must go on with that
somehow; but through the last eight years there has
been an unceasing push to enlarged war footing, new
bureaus, new commissions, and more outlays and commitments in more directions than the people realize.
Some of the older men may recall an old ditty with a
sort of refrain thus: "Our lands they are broad enough,
don't be alarmed, for Uncle Sam is rich enough to
give us all a farm." The country has gone along as
if the public resources and treasury were inexhaustible,
until public spending, from Federal down to municipal
governments, has become one of the most popular processes and has behind it a heavy pressure.
Retrenchment is acceptable in the abstract of
course, but begins to meet objection as soon as attempt is made to apply it in the concrete. Still, it
may not be quite useless—and it certainly is not untimely—to remind ourselves that to check profligacy
and practice economy can aid revenue as effectually
as to increase taxation.
Every right-minded- person will rejoice that Governor Hughes has reached the conclusion that no
ground exists for removing District Attorney Jerome
from office and has dismissed the charges which had
been brought against Mr. Jerome with that end in
view. After the findings and report made last August
by Commissioner Hand, who had been appointed by
Mr. Hughes special commissioner to investigate the
charges, no other course would seem to have been
open to the Governor. And yet the Governor himself is a trained lawyer, accustomed to weigh evidence,
and in this instance he was particularly well acquainted
with the facts which formed the subject-matter on
which the most important of the charges against the
District Attorney were based. It is therefore gratifying to have the Governor's approval and confirmation of the findings and conclusions of the special commissioner. As we pointed out when reviewing the
report of Mr. Hand exculpating Mr. Jerome, in our
issue of Aug. 29 last, the proceedings against the
District Attorney were part and parcel of the general
attacks which have been made in recent years against
men of large means and against corporations, and
against all who refused to join in the wholesale crusade
against the same. In a general way Mr. Jerome was
accused of having failed to bring to justice men of
prominence in the financial world and elsewhere who
d been guilty, as alleged, of fraudulent practices,




789

for which they should and would have been punished
if only the machinery of the law ha.d been set in motion,
but which machinery was not employed for that purpose because of the neglect, the incompetency or venality of Mr. Jerome.
The allegations rested on the series of revelations
brought out by the insurance investigation of a few
years ago, in which Mr. Hughes himself was so prominent; on certain acts disclosed by the Metropolitan
Street Railway investigation; on the alleged failure
of Mr. Jerome to secure the indictment of New York
Central officials for the accident a few years back in the
Fourth Avenue tunnel, and his refusal, as charged,
to make an investigation of matters growing out of the
so-called Shipbuilding Trust, the Ice Trust, &c. Mr.
Hand in his report was forced to characterize all these
various allegations as "the volunteered, irresponsible
charges of self-constituted censors of public morals,
lightly made, with no responsibility, recognized or
felt, and with no personal knowledge as to their, truth
or falsehood;" and he found that not one of the series
of charges against Mr. Jerome had been proved, but
that all were disproved upon the evidence. Mr.
Hughes, after having held the report under advisement since last August, now concurs in these findings.
As already stated, the Governor, as far at least as
the specific charges based on his investigation of the
insurance companies was concerned, was unusually
well qualified to decide whether or not the District
Attorney had been negligent in failing to prosecute
alleged offenders among insurance officials. In accepting the report of the commissioner and dismissing the
charges, Mr. Hughes states that he has carefully examined the voluminous record and studied the evidence which it contains with regard to the investigations and proceedings of the District Attorney and
the various matters to which the charges relate, and
that he agrees with the commissioner in his conclusion
that the charges have not been sustained. Nothing,he
says, has been presented which furnishes any just
ground for impeaching the good faith of the District
Attorney in connection with any of the transactions
set forth, nor has anything been shown which would
justify his removal.
It is marvelous what little substantial ground there
is found to have been for the denunciations and characterization of the various things which have loomed
large in the public eye in recent years. The case
against the Standard Oil Co., in which the celebrated
fine of $29,240,000 was imposed, was of the same
baseless character as that against the District Attorney. Yet that Standard Oil fine, with the reckless
assaults upon corporations and upon men of wealth
—the so-called "rich malefactors"—precipitated the
panic of the autumn of 1907, from the effects of which
not alone the United States but the whole world has
since been suffering. Under an Attorney-General
with a high sense of duty, like District Attorney Jerome, the suit against the Standard Oil Co. on which
the prodigious fine referred to was imposed would
never have been brought, and if the action had been
begun and taken before any judge except Judge Landis,
it would have been promptly thrown out of court.
Owing to the way in which the Oil Company has been
branded as an evil-doer, it will no doubt be difficult
for many honest-minded folk to disabuse their minds
of the notion that the Oil Company escaped conviction

790

THE CHRONICLE

on a technicality. We deem it important, therefore,
to reiterate what we have said before, that the Government fizzle in this particular Standard Oil suit followed
alone from the circumstance that the Government
had absolutely no case against the company. The
suit failed on its merits, or rather lack of merits. The
company was accused of having shipped oil at 6 cents
per 100 pounds when it should have paid 18 cents.
As a matter of fact, the actual prevailing rate was
6 cents, and the Government was unable to establish
that there had ever been an 18-cent rate.
While we are on this subject, too, it seems not out
of place to note that on Wednesday of this week
Justice Blanchard dismissed the six indictments
against George W. Perkins, formerly Vice-President
of the New York Life Insurance Co., and Charles S.
Fairchild, ex-Secretary of the U. S. Treasury, and
formerly a trustee of the Life Insurance Company,
in the cases against these men growing out of Mr.
Hughes' insurance investigation. The indictments
were dismissed on the motion of District Attorney
Jerome, who showed that under the decision recently
handed down by the Court of Appeals of this State
in the case of John R. Hegeman, President of the
Metropolitan Life Insurance Co., the accusations
against Messrs. Perkins, Fairchild and other insurance
men did not constitute a crime. Thus one after another
the famous cases which have been doing duty for
the political leaders are falling to the ground. One
would imagine that the outcome must be very disconcerting to those who have been so prominent in the
movement; but they will probably trust to public
forgetfulness and look around for some new ammunition to use in keeping up the political agitation so as to
further their political prospects.
The Pennsylvania Railroad having fixed seventy
years as the age of retirement, Captain John P. Green
has refused a re-election as First Vice-President of
that corporation, because he will reach the age limit
next July. Captain Green is rounding out a service
of forty years with the Pennsylvania Railroad Company and in that period he has acted as an executive
adviser for five of the company's eight Presidents.
As a Vice-President he has had charge of the company's
ri;ncial affairs. During his experience the financial
transactions of the railroad have grown from deals
involving a few millions to those of great magnitude,
at times reaching $100,000,000 in a single transaction.
Under Captain Green's management the company's
needs have always been anticipated and negotiations
for funds have been concluded well in advance of
actual requirements. This policy has been adhered
to even in times of financial distress. This has been
advantageous for the reason that the company has
generally been able to obtain better terms than the
corporations which entered the market later.
Looking forward to the time when the retirement of
Vice-President Green would be compulsory, President
Cassatt in 1906 selected Henry Tatnall, at that time
President of the Franklin National Bank, for the
position of Treasurer, and the office of Fifth VicePresident was created for Mr. Tatnall. Mr. Tatnall
has been schooled as the successor of Vice-President
Green. Relinquishing his position as Treasurer he
now becomes Fourth Vice-President and will have
charge of the company's finances, in which capacity




[VoL. Lxxxvm.

he will have the able advice of Second Vice-President
Samuel Rea, who has kept in touch with this part of
the corporation's business. He will likewise have
the cordial co-operation of Effingham B. Morris, who
is a member of the Pennsylvania board. Mr. Morris
is President of the Girard Trust Co. and one of the
ablest financiers in Philadelphia. It was largely
through the influence of Mr. Morris that Mr. Tatnall
was put in line for promotion to take up the responsible duties of Captain Green. Under the company's
pension system Captain Green will receive an annual
pension which is estimated at about $13,000.
Cotton circles have had several matters of a more
or less important nature to engage their attention
this week. Perhaps chief among them in interest
is the action of the New York Cotton Exchange with
regard to the proposed spinners' contract and the
restoration of quarter grades to the classification
schedule; others have been the final ginning report of
the Census Bureau for the season 1908-09 and the
statement by the same bureau of stocks of raw cotton
in the United States on Feb. 28 this year; also initial
reports by individuals, whose statements entitle them
to authoritative standing in the cotton States, favoring the idea of an intention in those States of making
the planted area under the staple less this spring. All
of these matters have been subjects of more or less
discussion during the week, and in varying degree
have been factors shaping, at least temporarily, the
course of the market, without, however, to any appreciable extent disturbing the basis of value.
The first of the matters referred to above to which
attention was directed was the action of the New York
Cotton Exchange on the spinners' contract proposition
on Thursday, March 18. It will be remembered that
the subject first came before the Exchange a month
earlier, being a recommendation made by the special
investigating committee that had been appointed to
devise means of meeting and disarming criticism to
which the body had been subjected. The adoption
of the contract it was,and is,believed by many would
result in a distinct advantage to the Exchange by
providing a contract that would meet the requirements
of the actual users of cotton, and thus materially increase the volume of trading. The subject, however,
was considered to be too large a one to be summarily or
quickly acted upon, so its consideration was deferred
a month. At the meeting of March 18, because of
opposition to some of the features of the proposition,
its amendment was suggested, and it was finally referred back to the committee from which it had emanated. The question of the restoration of the quarter grades, that had been dropped from the classification schedule a year previously, precipitated a discussion in which it developed that in the minds of
leading members of the Exchange their elimination
was considered to have been a mistake. A vote on
the proposition was deferred until Monday of the current week, but at the meeting then held the committee's recommendation was adopted. The amended
classification will go into effect on contracts for delivery in March 1910, and will therefore include in
addition to grades now deliverable, Fully Good Middling, Barely Good Middling, Fully Middling, Barely
Middling and Fully Low Middling. What further

MAR. 27 1909.1

THE CHRONICLE

791

in the hands
action, if any, will be taken on the "spinners' contract" presses 2,306,786 bales, the quantity
at 518,479
reported
was
of transportation companies
is problematical.
326,737
possession
their
The final report on cotton ginning for the season of bales, producers still had in
for.
accounted
elsewhere
1908-09 was issued by the Census Bureau on Satur- bales and 255,669 bales were
availais
1908
in
time
day last, and it was in line with the expectations of As no data for the corresponding
presumably
those who believed that the yield shown would ap- ble no comparison is possible; but it is
disclosed
above
as
stock
proximate if not exceed the largest previous crop. safe to assume that the total
in
supplies
of
the
situation
states
The report, which purports to cover the actual pro- pretty accurately
compilation
The
time.
present
duction from the 1908 planting, makes the yield this country at the
but
13,408,841 running or standard bales. In this total is, of course, somewhat experimental in nature,
a
become
it
will
reliable
if
proven
and
continued
there is included an item of 93,085 bales which ginthe
of
cotton
knowledge
the
to
valuable
addition
ners and delinters estimated they would turn out
after the March canvass, as well as 344,970 bales world.
linters from cottonseed oil mills, &c. As earlier reLast week's bank statement showed important gains
ports had prepared us to expect, this aggregate is
in
reserve, as the result of liquidation in loans and a
moderately greater than the crop estimate of the Dedecrease in deposits and in reserve reconsequent
last,
partment of Agriculture issued in December
the actual cash gain was comparatively
quirements;
linters,
which gave the probable growth, not including
loans decreased $3,718,300, while,
Average
small.
each.
weight
as 12,920,000 bales of 500 lbs. gross
statement of actual conditions, the
to
the
s
according
Department'
Allowing now for linters would bring the
. Average deposits fell
$16,594,500
was
gross
contraction
estimate up to about 13,255,000 bales of 500 lbs.
were reduced $14,707,deposits
actual
off
13,563,942
$3,683,700;
each, which compares with an aggregate of
$532,600; actual cash
increased
cash
000.
Average
Census
bales of like weight foreshadowed by the
Average reserve
of
$2,359,300.
gain
a
indicated
Bureau.
to the
according
$1,453,525;
an
of
showed
increase
sets
two
The quite close conformity between the
aug
was
reserve
the
of
conditions
actual
statement
rule,
of figures this year is rather exceptional. As a
and,
computed
,
$19,433,375
to
mented
$6,036,050,
those
the Bureau's totals have been well in excess of
of the Department, although in 1907-08 the aggregate upon the basis of deposits less those of $2,556,200
as announced by the latter was greater by nearly public funds, the reserve was $20,072,425.
Preparations began this week for the distribution
600,000 bales. In 1906-07 the Bureau was in excess
and after Thursday next of April dividends and
on
and
bales,
by a million bales; in 1905-06 by 600,000
these will amount, as estimated, to about
interest;
details
in 1904-05 by a million and a half. As to the
Probably the bulk of the sum will,
millions.
903
be
to
much
of this final ginning report, there is not
be temporarily placed in banks and
customary,
as
is
received
said. They reflect the accuracy of reports
as deposits, in anticipation of its
companies,
trust
of
sections
most
in
during the growing season, that
the funds are so deposited they
while
and
payment,
than
better
appreciably
the cotton belt the crop was
thus more or less affecting the
call,
on
loaned
be
will
were
rule
the
to
in the previous year. The exceptions
money
market.
production
reduced
Oklahoma and Louisiana, where
Notwithstanding the shipment to London on Saturwas indicated, and this is now clearly substantiated.
of last week of 3 1-3 millions, on Tuesday of 6/1),
day
than
greater
materially
The Texas crop is, of course,
and on Wednesday of $500,000, which sums
millions
little
find
we
considered,
that of 1907-08. All things
withdrawn during the current bank week,
chiefly
were
ginthe
of
accuracy
reason to doubt the substantial
money was only slightly affected, time
for
the
market
adequate
an
is
only
not
ning report. That granted,
firmer for the longer maturities.
shade
a
being
loans
assured—
s
requirement
e
supply to meet consumptiv
inquiry for day-to-day funds;
any
scarcely
was
There
good
no
been
really
has
there
a matter about which
the tendency of prices of
and
tame
was
speculation
ut
question—b
to
the
season
during
ground at any time
discouraging traddownward,
generally
was
securities
stocks
the
surplus
to
addition
there will be a further
time contracts
The
s.
professional
than
other
by
ing
of cotton.
to take adprincipally
were
negotiated
were
that
reginning
the
of
heels
the
upon
Following closely
or
few
none were
and
offerings
of
attractive
vantage
week
this
of
on
Monday
issued
Bureau
the
Census
port,
its first preliminary summary of stocks of raw cotton traceable to stock commission houses.
Money on call, representing bank and trust comin the United States. This compilation, authorized
by Congress Feb. 26 1909, shows the quantity of cot- pany balances, loaned at the Stock Exchange during
averaging about 1%%;
ton in the country at the close of February this year the week at 2% and at
andiits location, bales being reduced to the equivalent lending institutions generally quoted 13% as the
of 500-1b. bales in all cases except foreign cotton. minimum. Time loans on good mixed Stock Ex0 for sixty and 23(4)
To go into the details of the report extensively would change collateral were 237
4% for ninety days, 2%@3% for four, 3% for five,
require too much space, and we also omit reference to 23
the deductions made therein, especially as the Bureau six and seven months, and some loans were placed at
0 for eight, 332% for nine and 3%@4% for ten
remarks that;the statistics of consumption were arrived 3317
at by deduction and are subject to change in the final months. Commercial paper was offered in increased
report. The compilation makes the total stock of volume but, as has recently been the case, there were
cotton in the United States at the close of February no accumulations, the demand being sufficient to
5,252,663 bales, of which 3,721,971 bales in cotton- absorb the supply. Rates are 334@39% for sixty
growing States and 1,530,692 bales elsewhere. Of to ninety-day endorsed bills receivable, with some
this aggregatelmanufacturers are stated to have held sales at 4%, 39@,4% for prime and 43% for good
1,844,992 bales, there were at warehouses or com- four to six months' single names. It is reported that




792

THE CHRONICLE

regular commercial maturities, such as those above
mentioned, have been discounted at material concessions from the rates here quoted. A number of
choice endorsements and single-name bills have been
bought for discount in London at exceptionally low
rates and renewals of the endorsed paper, for a period
of ninety days, have been provided for.
The Bank of England rate of discount remains unchanged at 3%. The cable reports discounts of sixty
to ninety-day bank bills -in London 1%%. The
open market rate at Paris is 19'% and at Berlin
and Frankfort it is 2%%. According to our special
cable from England, the Bank of England gained
£979,775 bullion during the week and held £40,946,901
at the close of the week. Our correspondent further
advises us that the gain was due principally to purchases in the open market; but imports were £297,000
greater than the exports and shipments to the interior
of Great Britain combined. The details of the movement into and out of the Bank were as follows: Ifnports, £1,339,000 (of which £683,000 bought in the
open market, £616,000 imported from United States
and £40,000 from miscellaneous sources); exports,
£172,000 (of which £167,000 to South America and
£5,000 to South Africa), and shipments of £187,000
net to the interior of Great Britain.

Lxxxviir.

gagements were reported. The total sent forward to
London this week was $10,300,000. The Argentine
steamers sailing this week carried $2,500,000; but this
sum was previously reported as engaged. Including this amount makes the week's exports of gold
to London and South America $12,800,000. The shipments to London alone, since they began March 9,
amount to $14,000,000; to Argentina thus far this
year exports have been $18,250,060, of which $5,100,000 went forward this month.
Compared with Friday of last week, rates for exchange on Saturday fell 10 points for long to 4 8620®
4 8625, 5 points for short to 4 8825@4 8830 and 5
points for cables to 4 8865@4 8870. On Monday
long was 5 points higher at 4 8625®4 8630, short
5 points lower at 4 8820@4 8830 and cables 5 points
at 4 8860@4 8865. On Tuesday long fell 10 points
to 4 8615@4 8620, short 20 points to 4 8805@4 8810
and cables 20 points to 4 8840@4 8845. On Wednesday long was 5 points lower at 4 8610@4 8615, short
10 points at 4 8795@4 8805 and cables 10 points at
4 8830@4 8840. On Thursday long rose 10 points
to 4 8615@4 8625, short 5 points to 4 8795@4 8810
and cables 10 points to 4 8835@4 8850. On Friday
long was 25 points, short 5 and cables 15 points higher.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.

Fri., Mon., Tues., Wed., Thurs. Fri.,
The foreign exchange market was dull and lower
Mch. 19 Mch. 22 Mch. 23 Mch. 24 Mch. 25 Mch. 26
560 days 4 86%
this week. Among the more important of the influ- Brown
86%
863.
86
86
86
Brothers
1Sight.. 4 89
89
89
88%
88%
883
Kidder
&
560 days 4 86%
ences contributing to the fall in rates were easy dis- Company
863
86
863
86
86
Wight__ 4 89
89
89
883
88%
883
British
560 days 4 86%
86%
86%
863
80•6
86%
counts in London, reflecting accumulations of Ameri- Bank
North America ...._1Sight__ 4 89
89
89
89
89
89
Bank ot
160 days 4 86%
86%
86%
86%
86%
863
can gold as reserve, which fall checked the demand Montreal
Wight_ 4 89
89
89
89
89
89
Canadian Bank
160 days 4 86%
86%
86%
86%
863
863
for exchange for the remittance of jbankers' balances of Commerce
ISight„ 4 89
89
89
89
89
89
Heidelbach, Ickel560 days 4 86%
86%
86%
86
86
86
heimer & Co
ISIght__ 4 89
for employment abroad; the sale of bills that were Lazard
89
89
88%
88%
883
160 days 4 86%
86%
865
86
86
86
Freres!
ISIght„ 4 89
89
drawn against the week's shipments of gold to London; Merchants'
89
88%
88%
88%
Bank
MO days 4 863
86%
86%
86%
864
86%
iSight_ 4 89
89
89
89
89
89
moderate purchases of American securities by Euro- of Canada
pean bankers that tended to the creation of exchange;
Rates for exchange on Friday were 4 8640(4)4 8650
investments by London in commercial paper; the for long, 4 88()4 8805 for short and 4 8840@4 8845
drawing and placing of finance bills, and the almost for cables. Commercial on banks 4 86@4 8610 and
unmistakable indications that the Bank of England documents for payment 4 8525@4 8590. Cotton for
payment 4 851
/
1@4 85%, cotton for acceptance 4 86®
official rate would soon be reduced. There was no 4 8610 and grain for payment 4 8580@4 8590.
speculative support to the market, showing that the
The following gives the week's7movement of money
extraordinary rise in rates at the end of last week,
to record figures, had resulted in closing out whatever to and from the interior by the New York banks.
Received by
Shipped by
short interest had then existed. While there seemed
Net Interfir
N. Y. Banks. N. Y. Banks.
Week ending March 26 1009.
Movement.
to be some assurance in the fall in exchange that the Currency
$7,462,000
$2,743,000 Gain $4,719,000
2,864.000
907,000 Gain 1,957,000
export movement of gold to London was nearing its Gold
$10,326,000
$3,650,000 Gain $6,676,000
end, the operations of the recently organized foreign Total gold and legal tenders
iri.
exchange combination appeared to show that London
With the Sub-Treasury operations and gold exports
result is as follows.
joint-stock bank requirements had not yet been satis- the
_
fied, for this combination was understood to be acInto
Out of
Net Change in
Banks.
Week ending March 26 1009.
Banks.
Bank Holdings.
cumulating gold in anticipation of future requisitions
Banks' interior movement, as above_ $10,326,000
$3,650,000 Gain
therefor. On Wednesday one million in gold bars Sub-Treasury oper.and gold exports- 43,010,000 51,000,000 Loss • $6,676,000
7,984,000
$53,342,000
Total
gold
and legal tenders
$54,050,000 Loss $1,308,000
was withdrawn from the Assay Office and sequestrated
in a trust company, presumably for later shipment;
The following table indicates the amount of bullion
while the gold is so. held, it will count as a loss to the in the principal European banks.
banks, though the trust company may indirectly
March 25 1009.
March 26 1908.
Banks of
utilize it for loans.
Total.
Silver.
Gold.
Gold.
Silver.
Total.
There was a shipment to London on Saturday of
z
z
40,946,901 40,763,388
England_ _ 40,946,901
40,763,388
last week of $3,300,000 gold coin and engagements were France -- 144,066,921 35,604,36C 179,671,280
110,580,110 36,315,400 146,895,516
Germany _ 42,777,500 14,170,100 50,947,600 35,203,000 13,020,001 48,223,000
129,559,000
7,788,000
-- 121,771,000
115,684,000 6,704,000 122,388,000
made on that day and on Monday for the export on Russia
Aus.-Hun. 52,083,000 12,781,000 64,864,000 46,597,000 12,779,000
59,376,000
_ — 15,876,000 32,634,000 48,510,000 15,505,000 26,126,000 41,631,000
Tuesday of $6,500,000; a fall in exchange on Monday Spain
Italy
38,067,000 4,687,000 42,754,000 36,417,000 4,500,000 40,917,000
Neth'iands 9,579.600 4,026,600 13,606,200 7,694,400 4,470,600
afternoon, due to the sale of bills against the new en- Nat Beig... 4,230,667 2,115,333 6,346,000 4,144,667 2,072,333 12,165,000
6,217,000
Sweden _ 4,342,000
4,342,000 3,901,000
3,901,000
gagements above noted, served to arrest the move- Switzerl'd. 5,009,500
5,009,500 3,376,000
3,376,000
Norway — 1,450,000
1,450,000 1,488,000
1,488,000
ment for the moment, and with the exception of $500,- Total week
480,200,088 113,806,303594,006,481 421,353,565 105,987,330527,340,904
Prey
week
478,452,329112,708,477591,160,806 420,077,876105,023,277 525,101,153
000, which was secured on Tuesday, no further en-




MAR, 27 1909.]

THE CHRONICLE

793

goes from four and seven cents per pound to three
cents; works of art twenty years old, on which a quite
The debate on the new tariff bill has begun under indefensible tax of 20% was levied under the Dingley
what may in many respects be described as favorable Act, are placed on the free list.
This is a striking series of propositions, and it by
auspices. We suppose that the majority of people
had made up their minds, even before the election of no means completes the list. It is offset by a few proMr. Taft, that revision of the tariff, in the direction visions which are conspicuous chiefly because
generally of lower protective duties, would be inevi- of their contrast with these other scehdules—
table. An explicit pledge to this effect had been made women's gloves, for instance, on which the duty now
both by the Republican platform and by the Repub- ranges from $1 75 to $3 per dozen pair, are all to pay
lican candidate. There had, as was natural, been $4, with an additional tax on each extra inch of
very considerable skepticism as to the extent to which length. This, with the increased tax on hosiery, has
these pledges would be redeemed, but the positive already excited an interesting demonstration from
assertions of Mr. Taft's inaugural largely settled that. women's organizations—a demonstration which will
In the report of the Ways and Means Committee, sub- very possibly make itself felt in the House deliberamitted to the House along with the new tariff bill, tions. But, taking it all in all, the bill stands for a
the foremost reason for revision of the tariff is declared fair and tentative tariff reduction measure. It is but
to be that "after twelve years' operation of the present right, we think, that the country at large, whatever
tariff, many new conditions have arisen which render individuals may feel regarding the general question of
it advisable that the rates be readjusted." This was protection, should give due credit for an honest and
conceded, as we saw at the December hearings of the statesmanlike beginning.
What the Senate will do with the measure, and what
Committee, even by many manufacturers whostrongly
favored protection, and it will not have been forgotten will happen in the Conference Committee, are questo what extent the possibility even of drastic revision tions on which no light has yet been thrown. The
Senate Finance Committee is at present preseiving
was then asserted by Mr. Carnegie.
The bill as proposed by the Ways and Means Com- singular secrecy regarding its own purposes—perhaps
mittee has, after a pause for study of its schedules, the members are waiting to consult their own conbeen accepted by the country, we believe, as a tariff stituencies. Every one knows that in the tariff bills
reduction measure in good faith. If the people had of 1894 and 1883 the measure as it came up from the
nothing else to guide them, they might rightly enough House of Representatives was pretty much torn to
be guided by last Wednesday's speech of the Demo- pieces by the Senate, and the substituted schedules
cratic leader in the House. Mr. Clark's statements again so altered in conference between the houses that
regarding the new measure were such as to absolutely the bills as finally enacted, on each of those occasions,
assume honesty of purpose on the part of the Repub- bore very slight resemblance to the original proposilican majority in the Committee. Instead of the acri- tion. It is also true that, in both those episodes, the
monious personalities which have almost invariably alterations were wholly in the direction of increased
accompanied introduction of a new tariff bill, this protection. Whether the trend of events is to be the
speech was largely given up to cordial recognition of same on this occasion, it is not possible at present to
the sincere and honest work, in the direction of re- say. All that can be confidently reckoned on is
vision, done by Mr. Payne and other Republican mem- what has already been seen regarding the attitude
bers of the Ways and Means Committee. "The Re- of public opinion generally, toward the bill as it
publican platform," Mr. Clark further observed, "was stands to-day.
There are two considerations in the matter, however,
equivocal," but he added, "most of the Republican
members of the Committee came at last to construe it neither of them bearing immediately on the question
as a revision downward." This, from a Democratic of tariff revision, which will certainly play a considermember of the same Committee and the Opposition able part in the House and Senate debate. The first
leader in the House, is perhaps as strong testimony is the matter of maximum and minimum duties.
to the sincerity of the House Republicans as could be Hitherto it has been the practice of our Government
in its tariff legislation, and, we believe, the practice of
desired.
many
are
stand
in
certainly
foreign governments also, to fix a general level of
The reductions as they
public
exhave
could
the
as
import taxes, and then to make • special concessions
cases quite as sweeping
pected. To mention only a few of the more im- from this level to such foreign nations as will meet
portant: iron ore in the proposed bill is placed on the us half-way in reciprocal reduction of their own duties
free list, as against the 40 cents per ton duty under on our exports to their markets. The Payne bill
the Dingley Act; the duty on pig iron is reduced from now under consideration quite reverses this attitude;
$4 per ton to 82 50; on steel rails froni seven-twentieths it fixes new rates of duties, which are to be general on
of one cent per pound to seven-fortieths; on nails from goods imported from all foreign countries; but with this
six-tenths to five-tenths; on a very large section of it couples a proviso that, when a foreign tariff is more
machinery manufactures from 45% ad valorem to favorable to merchandise of other nations than to
30%; on timber from one cent per cubic foot to one- imports from the United States, a so-called
half of one cent. On boards the duty is cut in half. maximum tariff shall be imposed on that counWood pulp, which has been paying one-twelfth of try's goods. This maximum tax, according to
one cent per pound, goes upon the free list wherever the Ways and Means Committee, represents generally
no export duty is imposed by the country of its origin. an increase of 20% over the rates prescribed for the
Hides, which have been paying 15% ad valorem, go tariff as a whole; Mr. Payne in his House speech
to the free list; leather, which has hitherto paid 20%, intimated that in some cases it might mean an increase
is to be taxed 5 to 15%, according to the grade; wool of 100%.
THE NEW TARIFF BILL.




794

THE CHRONICLE

WOL. Lxxxviii.

Now, while it is not unreasonable that nations which will be kept down. It ought not to be forgotten that
will not give to our merchants as favorable a rate of the Dingley Tariff of 1897 was followed by a rather
entry into their markets as they give to merchants of prolonged period of insufficient yield and of disother nations should be excluded from the full benefits appointed Congressional estimates. The customs
accorded by us to merchandise of nations which do revenue alone, in the first twelvemonth after that
grant us such concessions, it is to be observed that a law's enactment, was $27,000,000 less than the year
very wide difference exists between a proffer of mutual before, and the reason was that the prevalent low
concession and a threat. With governments, as with domestic prices for commodities cut down the year's
individuals, it is one thing to say that, if you make imports $148,000,000.
such and such a concession to us, we will make this
As for the plan of refunding the Panama Canal exother concession to you, but a very different thing to penditure of half a dozen years ago, there appears to us
say that unless you make a specific concession in our to be decided force in the criticism that as an entering
favor, we will engage in a "tariff war" against your wedge the expedient would be dangerous. The money
products. Nowhere is tact and good form of more for the purchase of the Canal was appropriated, in
importance than in diplomacy, and international trade good faith from the ordinary revenue. It might have
has come of recent years to play a powerful part in been raised through bond issues even then, but it
diplomatic considerations.
was not. If, then, the principle is to be recognized—
The second question which arises has to do with the even in this more than usually reasonable case—that
revenue-producing powers of the new tariff bill. This such an expenditure of public revenue in a by-gone
is a question of exceptional difficulty; it depends not period, even for permanent utilities, may at a future
only on the theoretical increase in the productive date be made good through increase in the public inpowers of a tariff schedule when reduced, but also on debtedness, it is hard to see the limit to the process.
the state of trade and on the level maintained for Even in Congress haphazard suggestions have been
prices in the domestic market. These latter con- heard this week of similarly reimbursing the Treasury
siderations are matters on which nobody has the for river and harbor outlays. The end of that would
right to speak with confidence. The Ways and Means be the incurring of endless debt for expenditures
Committee, in its report to Congress, treat the sub- long since made.
The objection to this, and the very general criticism
ject rather gingerly. Their conclusion is that, through
increased productiveness from the customs under the of the proposed inheritance tax, leave open the quesCommittee's schedules, amounting to nearly $20,000,- tion of other possible taxes—a question which will be
000 over the fiscal year 1908, through $20,000,000 heard from, doubtless, in the Senate. There has been
to be derived from an inheritance tax and through talk of stamp taxes as an immediate revenue pro-,
$1,500,000 to be derived from a tax on cigarettes, ducer. We shall defer consideration of these expedithere will be left for the fiscal year 1910 a deficit of ents until the Congressional debate and the alternative
$10,155,816. In order to guard against this or a proposals have progressed a little further.
possibly larger deficit, the new bill further provides
that $40,000,000 spent by the Treasury .out of its THE NEW YORK CENTRAL SYSTEM OF LINES
AND BUSINESS DEPRESSION.
ordinary revenues in 1902, for purchase of the Panama
We reviewed last week the annual report of the
Canal, shall now be made good through issue of bonds
to that amount, proceeds of which shall be turned New York Central & Hudson River Railroad Co. for
the calendar year 1908 and noted the effects of busiback into the Treasury's general fund.
We are reluctant to criticize estimates made with ness depression on the road's income and affairs.
such care as those of the Ways and Means Committee This week we have the results for the Central and all
must have been. But we feel it necessary to point its controlled and subsidiary lines, making up what
out that the Committee is leaning towards the side of is known as the New York Central System. The totals
optimism. The report itself declares that a much larger in this case, being so much more comprehensive than
revenue even than its own estimate may be expected those for the Central proper, are correspondingly
"with return of prosperity, which the Committee more interesting and instructive than were the latter.
believes will follow, a settlement of the tariff question, The company does not publish an annual report for
and with a continuation of the increase in revenue general distribution showing the combined results,
which has manifested itself during the present month." but simply makes up the totals for the use and conWhether this expectation is in all respects safe as a venience of the officials and furnishes proof sheets of
basis for revenue calculations, is rather an open the tables to the press.
question. By return of prosperity, must in this conWe noted last week that on the Central proper gross
nection be meant such activity in business as would at earnings for the twelve months of 1908 had fallen off
once increase very greatly consumption of imported $9,519,691, being, roughly, a little short of 10%.
merchandise. If such returning prosperity were to For the New York Central System the ratio of decline
take the form of higher domestic prices for commodi- has been heavier and the amount of reduction nearly
ties, it is by no means impossible that, as occurred three times as great. In this case we are dealing with
in 1895, the import trade might be greatly stimulated, figures of very large magnitude, the gross earnings
and with it the yield of the new tariff schedules. for the previous calendar year of the New York Central
But if, on the contrary, the road to financial recupera- System having fallen not so very much short of a
tion were to be found—as it invariably has been in quarter of a thousand million dollars. In exact figthe two or three years after our serious panics— ures the gross earnings for the calendar year 1907 were
through adjusting domestic prices to a level where $241,456,945. From this there has been a drop in
the impaired consumptive power can become generally 1908 to $214,714,599. The loss, it will be seen, is
effective, then by that very process the import trade $26,742,345, or a little over 11%. It is noteworthy,




MAR. 27 1909.]

THE CHRONICLE

too, that the loss extended to the passenger department as well as the freight department, which is not
true of many of the large systems of roads in other
parts of the country. We need not stop here to give
the amount of decreaie under each head, as the details
appear in our "Railroad News Department" on
another page. We may, however, compare the
Central's grand totals with the corresponding totals
for the Pennsylvania Railroad, comprising all the
lines leased, operated and controlled by the same.
The aggregate of the gross earnings of the Pennsylvania Railroad system in 1907 was $326,785,525,
from which there has been a drop in 1908 to $274,338,803. The loss here, it will be seen, is no less than
$52,446,722. Not only is this nearly double the shrinkage on the Central as far as mere amount is concerned,
but it is also much heavier in ratio, the Pennsylvania's
decline figuring out 16%, whereas the Central's ratio
was, as we have already seen, only a little over 11%.
This is what would have been expected by well informed
persons. In the first place, the expansion in the earnings of the Pennsylvania Railroad in the years immediately preceding had been proportionately much
larger than in the case of the New York Central System, though these latter gains were of very large
extent. In the second place, the bulk of the traffic
of the Central is of a character possessing relatively
greater stability than that of the Pennsylvania.
The Pennsylvania gets an enormous traffic from the
iron and steel industry in the Middle and Middle
Western States, and also from the coal districts in the
same territory. These are both admittedly industries,
where there is marvelous expansion in times of trade
activity, but where also there is shrinkage of equally
notable proportions in times of business reverse.
Certainly during 1908 the slump in the iron and steel
industry was more pronounced than in any other
industry, and by reason of that fact and the consequent diminution in the demand for coal the shrinkage in the coal shipments over the Pennsylvania lines
was a circumstance of hardly less importance. The
Central's traffic in coal has also been considerably enlarged in recent years, and in 1908 that class of traffic
suffered considerable decrease. But the Pennsylvania
far overshadows its neighbor in that respect, it being
much the largest coal-carrying system in the country.
How did the managers of the New York Central
System meet the shrinkage of $26,742,345 in gross
earnings? The answer is, in the same way as the
managers of the Pennsylvania system, namely by
reducing expenditures. The loss of $52,446,722 on
the Pennsylvania was attended by a reduction of
$45,010,424 in expenses and taxes, leaving a loss of
$7,436,297 in net earnings. The loss of $26,742,345
on the Central lines was attended by a reduction of
$20,309,676 in the expenses of operation, and at the
same time the outlays for betterments and additions
charged to expenses were cut down $6,455,459, making
together $26,765,136. In the Central case, therefore,
except for the taxes, there would have been a trifling
increase in the net, notwithstanding the great shrinkage in the gross revenues. The Central does not include taxes in the expenses but combines them with
the fixed charges. As it happens, the Central's taxes
increased $1,263,419. Hence, on the same basis of
comparison as the Pennsylvania, the Central figures
would show a loss in net of about 13 million dollars.




795

Income from other sources, covering chiefly the Central's investments in its subsidiary companies, was also
reduced in amount of $2,248,361. Besides this, the
Central had larger fixed charges to meet, this represent‘
ing the new capital outlays which the different companies were obliged to make in the periods immediately preceding to provide additional facilities to
take care of the enormous growth in traffic which had
occurred prior to the advent of the panic. After
deducting the charges, therefore, the available income
in 1908 was only $20,464,822, against available income in 1907 of $25,969,008, a reduction of $5,504,185.
To meet this situation, dividends were reduced from
$23,426,623 to $18,291,860. The Central itself cut
its dividend from 6% to 5%;the Lake Shore paid only
12%, against 14%; the Michigan Central only 6%,
against 8%; the Big Four (on common) and the Rutland (on pref.) passed their dividends altogether, &c.,
&c. The final result,therefore, was a surplus above
the reduced dividend of $2,172,962 in 1908, against
$2,542,385 in 1907.
In considering the decrease in expenditures, the
first thought that occurs is that there was room for a
reduction, inasmuch as in the years preceding, owing
to traffic congestion, the rise in wages and in the
cost of materials and supplies,and the decrease in the
efficiency of labor—an enormous gain in gross revenues had brought with it very little addition to the
net. Thus in the three years from 1904 to 1907 the
gross had risen over $54,000,000, but the gain in net
had been less than $7,000,000, notwithstanding 'a
considerable reduction in the outlays charged to expenses for new construction and new equipment. Of
the reduction of $20,309,676 in the ordinary expenses,
$9,298,042 was in the cost of conducting transportation, $4,556,938 was in the outlays for maintenance
of equipment, $6,418,635 was in the maintenance of
way expenditures and $36,062 was in the general expenses. The decrease in transportation expenses is
not as large as would have been expected in view of
the shrinkage in traffic; on the other hand, the great
change in traffic movements occasioned by the shrinkage in the volume of traffic made it impossible to
attain the same degree of efficiency in Operations as
in 1907. For instance, while in the three previous
years the average train-load had been raised from 445
tons to 498 tons, in 1908 there was a drop in this
average to 455 tons. The earnings .per train mile,
which in the three years had increased from $2 53 to
It is im$2 77, in 1908 . dropped to $2 52.
portant to note, too, however, that the Central System realized slightly lower rates, the
average per ton per mile for the freight traffic
in 1908 having been only 5.98 mills, against 6.01
mills in 1907.
The large decreases in the maintenance expenditures,
amounting for way and structures and equipment combined to $10,975,572, or over 16%, whereas the reduction in transportation cost was only 9%, is evidence of the rigid economy which the management
were obliged to practice in order to make both ends
meet. Of course this does not imply that plant and
equipment were allowed to run down. With less
traffic there was much equipment in idleness, and
with the cars idle there was of course no need of
repairs on the same. It is obvious, however, that the
maintenance expenditures were not on the liberal

.

796

THE CHRONICLE

[VoL. Lxxxvm.

scale that they would have been if business had been trol of the subsidiary lines is held) was reduced from
good and earnings large.
$291,883,042 at the close of 1907 to $262,177,329
The large cut in the charges against earnings for at the close of 1908. In this and other ways the
additions and betterments is evidence to the same aggregate cash holdings of the combined
properties
effect. We have already stated that these outlays were increased from $11,257,346- to $42,799,526.
had been curtailed to the extent of $6,455,459
The policy pursued in this respect by the managers
as compared with 1907.
When the compari- of the Central has been the same as that pursued by
son is carried further back, the contrast becomes the managers of other properties. The public
obyet more striking. In 1908, it appears, these outlays viously has been the loser through the
tremendous
for new construction and equipment amounted to curtailment of the capital expenditures of
the roads
only $4,189,936, as against $10,645,396 in 1907, and the curtailment of their ordinary
expenditures
$12,595,440 in 1906 and $13,705,869 in 1905. Thus, and the cutting out of their betterment
outlays.
when the railroads suffer they are obliged to curtail The lesson is obvious. If there is to be any enduring
their outlays in a double way. On the one hand, the revival in trade, the railroads of the United
States
ordinary expenditures are cut to the bone, and, on the must be induced and encouraged to make
again the
other hand, the outlays for new work are reduced to same liberal outlays as in the past.
the vanishing point. Obviously, to the extent that
the railroads reduce their expenditures and their outMODERN LAW OF CORPORATIONS.*
lays for new work, to the same extent are their orders
This elaborate work has been on the Editor's desk
diminished by which business in other lines of industry for several months awaiting opportunity for
review.
is kept going. This is the secret of the tremendous We very much regret
that we could not give an earlier
trade depression experienced by the country during notice of it, as it is the very best work on corporations
the year 1908. At the bottom of it all there lies the —their legal status, powers, functions and developfact that,through oppressive legislation and the attacks ment—that has come
under our observation. The
on the railroads, destroying the confidence of investors author expressly
excludes consideration of the subject
and making it difficult to get funds for new capital of the relation of
corporations to the State or to the
outlays, the railroad work was reduced to the lowest public,together with
questions as to the constitutional
possible basis, bringing stagnation to all the allied • powers of the Legislature
in dealing with corporations
industries.
and their affairs. He has also excluded the topic of
This is seen yet more clearly when we consider the foreign corporations, and he
does not attempt to treat,
small extent of new capital outlays in 1908 as com- except incidentally, of the
topic of the winding up and
pared with those of preceding years. In reviewing the dissolution of corporations. But
he covers practically
results for 1907, we showed that in the three years everything else relating to corporate
affairs.
from 1904 to 1907 the capital stock of the combined
The methods of incorporation, the power to issue
companies had increased from $326,894,698 to $418,- capital stock and classes of shares, the right to create
783,600, the funded debt had risen from $460,480,579 bonds and mortgages, the liabilities and disabilities
to $549,176,672, $55,000,000 of short-term notes had of directors and a host of other branches and divisions
been created and $17,850,259 of loans and bills payable of the broad general subject of corporations are not
incurred. This made an aggregate of addition to only diligently and ably, but also interestingly, disstock and debt and other obligations for the three cussed. Though a lawyer, Mr. Machen avoids
years of no less than $253,435,254. We pointed out technical language. On account of the author's
that,though these figures included some duplications, power of succinct statement and clearness of exowing to the fact that in the case of the Big Four and pression, and simplicity of language, the work
one or two of the other companies, the Central itself will repay study by all those interested in corporation
had been obliged to take a good part of the stock matters.
increases made by those companies; yet the capital
It is impossible to examine these two volumes and
additions were of such magnitude that the general note the orderly arrangement of the text, the
copious
result would remain unaffected even after making an notes, citations and references, without becoming
imallowance of $30,000,000 or $40,000,000 on that pressed with the writer's thorough mastery of
his
account.
subject. Mr. Machen has unquestionably brought
Now consider by contrast the small capital additions together a big fund of information for the benefit
in 1908. In the total of stock there was no change alike of his legal brethren (who will be
able readily
whatever, while the amount of the funded debt of the to turn to the authorities cited• for full informacombined companies was enlarged by only a little over tion on any particular point) and the general public.
$21,000,000, being increased from $549,176,672 to The author is a man of broad views and a sound
$570,875,672. The amount of the short-term notes economic thinker as well. This latter is obviously
remained unaltered at $55,000,000 and the aggregate an immense advantage when treating of a subject
of loans and bills payable was reduced from $17,850,- which has played such a prominent
and such a wide
259 to $14,551,969. As a matter of fact no new work part in the industrial and economic advance of recent
of any consequence was undertaken. The managers times. There is much
historical research in the
devoted themselves mainly to placing the different work, as Mr. Machen traces
the corporation back to
properties in easy financial condition so as to be pre- its beginning.
pared to withstand the tremendous strain to which
Of course in an article of this kind it is possible
they were being subjected. They disposed of all only to refer to certain
general observations taken at
available securities so as to get ready cash and as a
• MACHEN ON CORPORATIONS: A Treatise on the Modern Law of
consequence the total of securities owned (which in Corporations with
reference to Formation and Operation under General
Laws. By Arthur W. Machen Jr. of the Baltimore Bar. Two Volumes.
Octavo. Bound in law canvas, laced on with cloth joints. 2,032 pages
large part represents the stock holdings by which con- $12,
net. Little, Brown & Co., 254 Washington Street, Boston.




MAR. 27 1909.

THE CHRONICLE

797

random to show the broad scope and liberal character might it be said that the right to make a conveyance
of the work. In pointing out that by the common of real estate is a franchise because the deed must be
law of England corporations could be formed in only signed and sealed by the grantor with certain formalione way—by a special charter granted by the Crown— ties and recorded in the registry of deeds. The reHe takes occasion to say that no sufficient sound quirements for the formation of a corporation are
economic reason applicable to modern conditions can scacely less simple. Mr. Machen notes that more than
be adduced to support this common law rule. twenty years ago Mr. Morawetz, with his accustomed
For, in a free commercial country, individuals should accuracy and insight, said: "The right of forming a
have the power by mere private contract or agreement corporation and of acting in a corporate capacity,
to associate themselves together for any merely private under the general incorporation laws, can be called
lawful object. They should enjoy the same freedom a franchise only in the sense in which the right of formin the formation of corporations that Anglo-Saxon ing a limited partnership or of executing a conveyance
jurisprudence has -always accorded in the formation of land by deed can be called a franchise."
The author well says that the progress of events and
of partnerships or voluntary associations. To be
the
development of jurisprudence in recent years make
against
sure, he argues, safeguards should be provided
statement more profoundly true and more imthis
immunity
fraud, and particularly against abuse of that
to be borne in mind than when it was uttered.
portant
debts
the
for
from individual liability of the members
many corporations do hold franchises.
sure,
be
To
constiestimation
of the company which in popular
the right to condemn private property
For
instance,
essential,
most
tutes the most valuable, if not the
operate a railway along the public
to
right
the
or
But,
corporation.
characteristic of a commercial
is a franchise, and these rights
highways
or
orstreets
the
sort,
this
of
subject to all needful restrictions
by corporations. But the
enjoyed
frequently
are
prides
that
ganization of corporations in any country
for some purely private
corporation
a
be
to
right
its
mere
of
right
the
on
and
itself on freedom of contract
We may call
character.
this
of
longer
no
is
manner
purpose
the
effective
most
in
citizens to co-operate
speak
sometimes
we
and
choose,
we
if
forfranchise
a
it
the
as
be
as
free
.should
in any lawful enterprise
franchise
as
corporations
of
the
business
on
taxes
of
ed
mation of unincorporat associations.
Nevertheless the common law prohibition of cor- taxes; but in all such cases we are using the term with
porations except by royal charter was carried by our a new meaning. Always should the fact be recogancestors across the Atlantic and became part of nized that now-a-days, when the right to organize a
the jurisprudence of the United States. After the corporation is almost as free as the right to execute a
Declaration of Independence the prerogative perished deed of real estate, corporations are very different
altogether, and was not renewed or vested by the things from what they were when that right was convarious State constitutions in the Executive. Ac- fined to a few favorites of king or parliament.
He urges that in construing modern general incorcordingly, persons desiring to become incorporated
laws, these principles should always be
poration
legislature
the
to
apply
were obliged in each case to
mind. We should never forget that the
in
borne
first
the
During
.
a
for special Act of incorporation
half of the nineteenth century incorporation by special object of such laws is to further the prosperity of the
Act became increasingly frequent, and everywhere country by promoting commercial enterprise, and
the necessity was felt of relieving the legislatures from that this object should not be thwarted by a narrow
the pressure of this business, as well as of freeing them construction different in spirit from that in which the
from the temptation to corruption which such busi- laws themselves are conceived. Fraud should be
ness was too apt to bring. As in England, general effectively punished; but in order to prevent frauds,
incorporation laws were the means adopted for attain- the courts should not discourage enterprise. It is easy
ing this result. By the middle of the century general to prevent fraud by stopping commercial intercourse;
enabling Acts for the formation of manufacturing and but the remedy, if not worse, is more disastrous than
mining corporations had become common throughout the disease. Moreover, the fact that frauds are comthe United States. Gradually the purposes for which mitted by abuse of the incorporation laws should not
companies could be incorporated under these general be allowed to obscure the fact that such frauds are
laws were extended until, at the present time, in all small in comparison with the amount of good that is
except a few ultra-conservative States corporations accomplished by liberal laws liberally construed.
As indicating how careful and accurate the author
may be organized under general laws for the conduct
of any lawful business, with usually some few named is in the use of legal terms and expressions, and what
exceptions. Even where the objects for which incor- a trained mind he possesses—qualities of incalculable
poration can be had are not expressed in these sweep- value in the preparation of a treatise of this sort—we
ing terms, they are so numerous and varied as to in- may refer to his definition of that hackneyed term
"ultra vires." This phrase, while convenient and
clude all the usual forms of business enterprise.
Mr. Machen shows that under this development the appropriate, has, he shows, been so often misused, or
right to incorporate is no longer a franchise or special employed with a meaning other than that which it
privilege. When indiyiduals may incorporate them- most properly bears, that it has lost the univocal
selves by these simple means, the notion that the right character which should distinguish all legal terms or
to be a corporation is a franchise is manifestly baseless. "words of art." In its proper sense, he tells us, it
The right was formerly a franchise, when it could be denotes some act or transaction on the part of a corsecured only by the special favor of the Crown or of poration which, although not unlawful or contrary to
the Legislature. But a franchise is a special privilege public policy if done or executed by an individual, is
and any right that can be obtained by anybody yet beyond the legitimate powers of the corporation
merely by going through a few statutory forms can- as they are defined by the statutes under which it is
not properly be designated by that term. As well formed,or which are applicable to it, or by its charter




798

THE CHRONICLE

[Vcm. Lixxxvin

or incorporation paper. The misuse of the term con- sion at Washington. There are always
some comsists in applying it to any act or transaction which is panies which are behindhand in filing
their returns,
beyond the lawful powers of any person. For in- and hence not all the statements have
yet come in
stance the acts of an agent in excess of his authority for the month in question. The missing
roads, howare said to be ultra vires. So acts which the directors ever, are mainly lines of minor consequen
ce, the inof a corporation should leave to the shareholders and clusion of which would not materially
affect the general
not undertake themselves are said to be ultra vires. result. How very comprehensive our
summaries are
Again, no man has the lawful power to commit illegal will appear when we say that they
cover altogether
acts, and hence any violation of law is said to be 712 roads or companies, embracing
222,456 miles, or
ultra vires. But all these uses of the phrase he deems 97 per cent of the whole railroad
mileage of the
unfortunate and confusing, and he thinks they should country.
be rejected in favor of the narrower meaning as deWe have said that the showing was a favorable one..
fined by him.
This is so because the totals are better than a year ago,
We have room only for reference to one other topic and yet the improvement loses much of its
significance
discussed and that is the liability of the directors of a when we consider that comparison is with
figures in
corporation for confiding in executive officers and 1908 which had recorded a very heavy
falling off.
agents. In the daily newspapers a disposition has It follows that this year's gains are only
a recovery
grown up to hold that directors must be considered of what was lost last year. As a matter of fact,
they
negligent in their duties if they do not personally are a recovery of only a part of the losses of last
year.
supervise all the acts and doings of the officials and The gain in the gross this year amounts to $9,286,84
1
subordinates. This is clearly impractical and in con- on the 222,456 miles of road included. As expenses
flict with the rules of common sense and would also were held (for the roads as a whole) at practically the
appear to be contrary to the views of the courts. same point as in January 1908, substantially the whole
What the author says is undoubtedly true, namely of the gain in gross appears as a gain in the net; the
that directors of a large company cannot be expected actual increase in the net being $9,059,19
5.
to attend personally to all its multiform affairs; they
With, roughly, 93g million dollars gain in gross and
must employ agents and servants, and rely upon them. 9 million dollars gain in net,
what was the result in
Their power to do this, even without express authority, January last year? At that time
losses were so heavy
is shown to be beyond dispute. The precise degree of that some of the roads withheld
their returns. On
supervision which they ought to exercise over their 185,216 miles of road, however, our tables showed
a
subordinates, Mr. Machen says, is impossible to define. loss in gross earnings in the large sum of $20,524,600.
In no case will they be liable, however, unless their The roads at that time furnishing exhibits of both
negligence is more than an error of judgment.
gross and net comprised an aggregate of only 157,629
Directors are not liable for failing to examine the miles, and on this mileage there was a loss of $20,books kept by a supposedly honest officer, although 025,624 in gross and $11,496,346 in net. Careful
an examination by any one conversant with book- computations made by us later in the year when figures
keeping would have detected the defalcation. And were available for a larger mileage led to the conclusion
the mere fact that the cashier whom they employ that for the whole railroad system of the United States
was known to have indulged some time before in the loss in gross earnings for January 1908 must have
speculation is not enough to charge them, as a matter been $29,000,000 and the loss in net $18,000,000.
of law, with responsibility for his misconduct in the
Contrasted with this great shrinkage in 1908, the
office. Directors are not bound to suspect fraud or gains of a little over 9 million dollars in gross and net
wrong behind an apparently innocent transaction. alike look small, and it is evident that there is improveNevertheless the whole duty of directors is not per- ment merely as compared with the very low point
formed by employing agents of good character and reached at the time of the extreme depression a year
skill; they must watch them with ordinary diligence ago. The satisfactory feature of course is the fact
and certainly must not abdicate virtually their proper that with extremely moderate improvement in the
function of supervision. On this principle directors gross revenues the managers have been able to hold
are liable for voting large sums for preliminary or down the expenses, giving a gain in net, as far as
other miscellaneous expenses without requiring either amount is concerned, nearly as large as the gain in
an itemized account or any report of a finance com- the gross, and making the ratio of increase in the net
mittee. The authorities in support of these various quite striking, it being 22.18%.
propositions are given at length.
—bureau or Decrease—
RAILROAD GROSS AND NET EARNINGS
FOR JANUARY.
Our compilations of the gross and net earnings of
United States railroads for the month of January
make a favorable showing in disclosing a substantial
improvement in gross and net alike over the corresponding month last year. These compilations are
more comprehensive than any monthly exhibit we
have ever presented before, since they are based on
the elaborate returns contained in our "Railway
Earnings Section" of last Saturday, comprising every
railroad in the country which is obliged to file monthly
statements with the Inter-State Commerce Commis-




January (712 roads)—
Mlles ot road
Gross earnings
Operating expenses
Net earnings

1008.
1909.
Amount. Per Cent.
219,516 Lie.
222,456
2,941
1.34
$181,027,699 3171,740,858 Inc. $9,286,841
5.41
130,899,560 Inc.
131,127,206
227,646 0.17
$49,900,493

$40.841,298 Inc. 39,059,195 22.18

In the following we show the comparative totals
for 1909 and also the comparative totals for preceding
years back to 1896. The figures for each year are
precisely as registered by our compilations for such
year. The fact which has to be borne in mind is that
while for 1909 the results are practically complete,
for the years preceding they fell in larger or smaller
degree short of representing the whole railroad system
of the country. January being a winter month, the
results have often in the past been controlled by
meteorological conditions, extreme cold and severe

snow blockades on occasions serving materially to
cut down both gross and net results. On this point
all that it is needful to say on the present occasion is
that neither in 1909 nor in 1908 was the weather a
disturbing influence of consequence, the winter both
this year and last year having been mild.
Net Earnings.

Gross Earnings.
Year.

Year
Given.

Year
Preceding.

799

THE CHRONICLE

MAR. 27 1909,1

Increase or
Decrease.

Year
Given.

Increase or
Year
Preceding. Decrease.

Jan,
.$
1896 __ 53,316,855 48,726,980 +4,589,875 15,494,163 13,189,595 +2,304,568
, 6 ,o89 59,615,619 -3,550,030 14,277,924 15,394,495 -1,116,571
1897 -60,345,290 52,705,271 +7,640,019 17,833,662 14,601,313 +3,232,349
1898
1899 - 63,149,988 58,753,141 +4,396,847 18,749,045 17,447,630 +1,296,415
1900 __ 78,264,483 66,312,140 +11,952,343 26,384,125 20,489,925 +5,894,200
1901 __ 90,514,376 81,878,382 +8,685,994 30,135,751 25,911,701 +4,224,050
1902 __ 99,888,443 91,517,103 +8,371,340 32,993,376 30,441,463 +2,551,913
+276,406
1903 __ 100,840,997 92,230,740 +8,610,257 30,021,883 29,745,477
1904 __ 101,839,230 106,687,145 -4,847,915 29,043,886 32,139,525 -8,095,639
1905 _. 103,641,710 96,912,364 +6,729,346 26,583,361 23,538,414 +3,044,947
1906
128,566,968 106,741,980 +21,824,988 38,673,269 26,996,772 +11,676,497
-809,874
1907 _- 133,840,696 123,664,663 +10,176,033 36,287,044 37,096,918 -11,496,346
1908 _- 135,127,093 155,152,717 -20,025,624 29,659,241 41,155,587 +9,059,195
40,841,298
1909 _ 181,027,699 171,790,858 +9,286,841 49,900,493
was 135i
Note.-In 1896 the number of roads included in the month of January1902,
109'
n 1897, 127; in 1898. 130; in 1899, 115; in 1900, 114; in 1901, 130; in
in 1009
103:
1908,
in
97;
1007,
in
100;
111903, 105; in 1904, 103; in 1905, 94; in 1906,
712. Neither the Mexican roads nor the coal-mining operations of the anthracite
coal roads are included in any of the totals.

As far as the separate roads are concerned, it is
almost needless to say that the list of gains is a large
one, both in the gross and the net; but here the same
qualifying remark is to be made as in the case of the
general totals, namely that in many instances, present
gains succeed even heavier losses last year. In the
table we now present we show all changes for the
separate roads for amounts in excess of $100,000,
in gross and net alike, and whether increases or decreases. As far as the losses are concerned, they are
chiefly limited to the Northern Pacific and the Great
Northern, both of which companies had unusually
good results in January 1908. Besides these two, the
only other loss of any consequence is furnished by the
Southern Pacific in the case of the gross earnings and
by the Chicago & North Western in the case of the net.

It remains to see what the results are when arranged in groups according to geographical location.
Last year we found that every group recorded a loss
in gross earnings and also every group a loss in net.
The present time this situation is reversed, and all
but one of the groups has a gain in the gross and all
but one of the groups a gain in the net. The group
showing a loss in the net is the Northwestern (groups
6 and 7 combined), where the falling off follows almost
entirely from the losses reported by the Northern
Pacific and the Great Northern. The summary by
groups is as below:
SU\IMARY BY GROUPS.
Net Earnings.

Gross Earnings.
Section or
Group.

1909.

January.
Group 1(28)
Group 2(137)
Group 3(99)
Groups 4 & 5(138)
Groups 6 & 7(111)
Groups 8 & 9(151)
Group 10(48)

$
8,690,764
44,722,145
24,617,473
24,086,228
37,565,158
31,873,518
9,472,413

Total (712)

1908.

1909.

I

1908.

nc.(+)or Dec.(-)

$
$
I $
%
$
8,129,996 2,107,664 1,006,132 +1,101,532109.48
43,175,056 11,815,897 9,416,495 +2,399,402 25.48
22,429,348 5,813,015 4,353,044 +1,459,971 33.53
21,459,050 7,457,987 4,390,014 +3,067,973 69.89
36,809,036 10,496,853 10,924,324 -427,471 3.91
30,097,411 8,618,827 7,719,817 +899,010 11.65
9,640,961 3,590,250 3,031,472 +558,778 18.43

181,027,699 171,740,858 49,900,0340,841,2981+9,059.195 22.18

Mileage.-The mileage for the above groups is as follows: Group 1, 7,687 in 1909;
against 7,694 in 1908; Group 2, 25,352, against 25,252; Group 3, 24,096, against'
24,096; Groups 4 and 5, 37.846, against 37,076; Groups 6 and 7, 61,193, against
60,205; Groups 8 and 9, 53,280, against 52,458; Group 10, 13,002, against 12,734
grand total, 222,456, against 219,515.
NOTE.-Group I. includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion wes$
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III, includes all of Ohio and Indiana; all of Michigan except the norther
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio an
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all South Dakota and North Dakota, and
souri north of St. Louis and Kansas City; also all of Montana, Wyoming and
ars
Nebraska, together with Colorado north of a line parallel to the State line, passing
through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south
of Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California. Nevada, Utah
and Arizona, and the western part of New Mexico.

It will be observed that we have changed our system of grouping the roads. As our figures are based
entirely on the returns filed with the Inter-State
Commerce Commission, we have deterhuined also to
adopt the Commission's grouping or classification.
The only departure we make from the Commission's
arrangement is that we have combined groups 4 and 5
so as to bring all the Southern roads together under
one head, also groups 8 and 9 so as to bring the Southwestern roads together, and have likewise combined
groups 6 and 7, these two latter comprising the systems running west and northwest from Chicago,
the mileage of most of which spreads over the territory
covered by these groups. We do not include any of
the Canadian lines in our figures, except of' course so
much of the same as lies within the United States and
for which returns are filed with the Commission.
The confines of the different groups are indicated in
the foot-note to the above table, but it is important to
PRINCIPAL CHANGES IN NET EARNINGS IN JANUARY.
Increases. note that where a road or system covers more than one
Increases.
Atch Topeka & Santa Fe_ $816,771 Pittsburgh & Lake Erie__ $200,431
183,792 group or overlaps into others we have necessarily
706,836 Chic New Orl & Tex Pac__
N Y N 11 & Hartford
179,754
632,694 Del Lack & Western
Louisville & Nashville
153,326 been obliged to place it in some particular one of the
Pennsylvania
1/539,78 Seaboard Air Line
123,432
514,125 Clev Cinc Chic Fe St Louts_
Southern Railway
S
115,633
&
Ang
Los
Ped
472,916 San
Erie
groups, as no way exists of dividing it up among the
429,790
Union Pacific
in
roads
23
Representing
Ohio
426,040
&
Baltimore
it may be located. Our
*8,246,111 two or more groups where
our compilation
404,819
Atlantic Coast Line
390,8 12
Lake Shore & Mich Sou_
Decreases. plan in such cases has been to place the road or system
N Y Central & Hud Riv_ _ a364,132
$482,957
312,264 Northern Pacific
Philadelphia es Reading__
266,507 in the group where the bulk of the revenues is appar309,675 Great Northern
Boston & Maine
136,571
__
West_
North
Fo
Chicago
296,546
Illinois Central
281,269
ently obtained. In their annual statements to the
Norfolk ds Western
Representing 3 roads in
210,193
'Southern Pacific
$886,035
compilation
201,081
our
Inter-State Commerce Commission the companies are
Chesapeake & Ohio
a These figures cover merely the operations of the New York Central required to show the amounts earned in each of the
Itself. For the New York Central System the result is a gain of $1,235,355.
y These figures represent the lines directly operated cast and west of groups, but of course no such division is attempted
Pittsburgh, the Eastern lines showing $315,561 increase and the Western
'lines $224,219 increase. For all lines owned, leased, operated and controlled in the case of the monthly returns.
is a gain of $612,813.

PRINCIPAL CHANGES IN GROSS EARNINGS IN JANUARY.
Increases.
Increases.
$173,643
14928,981 Chia Milw & St Paul
Pennsylvania
168,142
Island
466,285 Rock
Lake Shore & Mich Sou_ __
145,180
454,901 Atlh Top & Santa Fe_ _ _ _
Louisville & Nashville..___
136,34
451,844 D ,nver & Rio Grande_ _
Pitts & Lake Erie
135,034
429.386 Boston & Maine
Missouri Pacific
131,947
N Y Cent & Hud River__ a428.366 Chic St Paul Minn Fe Om_
107,156
408,399 Cinc N 0 & Tex Pacific__
Illinois Central
105,640
398.682 Wheeling & Lake Erie__ _
Norfolk d: Western
376,474
NYNH & Hartford
roads
28
338,626
Representing
Francisco_
St Louts & San
In our compilation_ _ _$8,058.688
262,886
Chicago & North West.. _ _
258,568
Philadelphia & Reading
242,851
Atlantic Coast Line
Decreases.
238,846
Clev Cinc Chic & St Louis_
$468,899
233,758 Southern Pacific
Southern Railway
343,791
224,890 Great Northern
Chesapeake & Ohio
284,825
213,833 Northern Pacific
Missouri Kansas & Texas_
209,283
Seaboard Air Line
202,407
Representing 3 roads in
Union Pacilie
$1,097,465
our compilation
186,335
Baltimore & Ohio
filed
Note.-All the figures in the above are on the basis of the returns rethese
Where,
however,
Commission.
Commerce
e
with the Inter-Stat
turns do not show the totals for any system, we have combined the separate
roads so as 40 make the results conform as nearly as possible to those given
In the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Central
Resit. Including the various auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," &c.,
tile whole going to form the New York Central System, the result is a gain of
$1,680,139.
y These figures represent the lines directly operated cast and west of
Pittsburgh. Eastern lines showing $328,574 increase and the Western
lines $600,407 increase; for all lines owned, leased, operated and controlled,
the result for the month is a gain of $1,013,032.

the result




SOO

THE CHRONICLE

Lxxxvin.

ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
—The public sales:of bank stocks this week aggregate 57
shares, of which 44 shares were sold at auction and 13 shares
at the Stock Exchange. The prices paid show but slight
changes from those recorded for the last previous public sale.
No trust company stocks were sold.

sive, the Board of Taxes and Assessments has issued the
following notice directing attention to the fact that the asessments for those years will be open for public inspection
from March 18 1909 to Oct. 31 1909 and that grievances in
the matter must be presented to the Board prior to Sept. 1
1909.

Shares. BANKS—New York.
20 Chatham National Bank_ __
2 Citizens' Central Nat. Bank_
•10 City Bank, National
a16 Commerce, Nat. Bank of
9 Market & Fulton NatlBank_

Pursuant to the provisions of Chapter 74, Laws of 1909, public notice is
hereby given that the assessments for taxation of shares of stock of
banks
and banking associations in the City of New York, made for the years 1901
to 1907, inclusive, by the Board of Taxes and Assessments of the City of
New York, will be open to public inspection beginning March 18, 1909, and
until October 31, 1909, in the office of the Board of Taxes and Assessments
of the City of New York, in the Hall of Records. Borough of Manhattan,
City of New York; that applications for reduction or cancellation of said
assessments may be made to said Board at Its said office, in writing,
on or
before September 1, 1909, specifying the ground therefor, by any person
deeming himself aggrieved by said assessments, and that upon such application a hearing, if requested, will be granted by said Board or by a member or members thereof.

Low.
298
1603
345
188k
261

High.
298
1603.
345
190
261

Close. Last
298
Feb.
160% Feb.
345
Mch.
190
Mch.
261
Jan.

previous sale.
1909— 300
1909— 159%
1909— 347
1909— 190
1909— 266

• Sold at the Stock Exchange. a Of tills amount 3shares were
sold at
the Stock Exchange.

—The Governing Committee of the New York Stock Exchange on Wednesday granted the petition of the members
to close the/Exchange on Good Friday, April 9, and Saturday, April 10. The Coffee and Cotton Exchanges will likewise suspend business for the same period—from Thursday
until Monday.
—It is announced that Charles Dyer Norton of Chicago
has been appointed Assistant Secretary of the United States
Treasury, succeeding Louis A. Coolidge, resigned, and that
Charles Dewey Hines of Dobbs Ferry, N. Y., has been
named as an Assistant Secretary of the Treasury to succeed
Beekman Winthrop.
—The case of the American Bankers' Association against
the American Express Co., concerning the issuance of money
orders, brought under the Inter-State Commerce Law, has
been assigned for the taking of testimony, April 26, 10 a. m.,
at the United States Court Rooms, Chicago.
—Under an Act passed at the present session of the Massachusetts Legislature and approved on March 6, interest on
all loans of money and on all bonds and notes purchased or
held by the Commonwealth will hereafter be computed on
the basis of 365 days to the year, instead of 360 days. The
law is known as Chapter 148 of the Acts of 1909, and reads as
follows:

—The Knickerbocker Trust Co. of this city announces
the anticipation of the thirteenth and fourteenth installments
2% each, due depositors on June 26 1910 and Aug. 26.
of 123/
1910. The thirteenth installment and interest will be
credited on April 22 to the drawing accounts of certificate
holders of record, after which date interest on the certificates
will cease; the fourteenth, or final installment, will be
credited to the drawing accounts on April 22, but only on
surrender of their certificates duly endorsed for cancellation.
The installments are, as stated, the final ones on the certificates of deposit received by depositors for 70% of their
accounts. In barely more than a year from the date of its
re-opening, which occurred on March,26, 1908, the company
will thus pay off these certificates, though under the
plan of rehabilitation it had two years and four months in
which to meet the same. The remainder of the deposits,
30%, are represented by surplus certificates, "Series A,"
bearing 4% interest, the principal of which is payable only
out of net earnings and surplus. The agreement stipulates,
however, that the surplus is in no event to be reduced below
$8,000,000 by reason of any such payment.
—The six indictments against George W.Perkins,formerly
Vice-President of the New York Life Insurance Co., and
Charles S. Fairchild, formerly a trustee of that institution,
AN ACT RELATIVE TO THE COMPUTATION OF INTEREST
ON and ex-President of the New York Security
BONDS AND NOTES IN DEALINGS WITH THE COMMONWEA
& Trust Co.,
LTH.
Be it enacted, ctc.,'as follows:
were dismissed on Wednesday by Justice Blanchard in the
Section 1. On all loans of money made to or by the Commonwealth
and on all bonds and notes purchased or held by the Commonwealth,
Criminal Branch of the Supreme Court. The indictments,
terest shall be computed on the basis of three hundred and sixty-five into the year and not on the basis of three hundred and sixty days to the days it is reported, charged forgery in the third degree, and were
year.
Section 2. This Act shall take effect on its passage.
returned by the Grand Jury in Dec. 1906. An indictment
Approved March 6 1909.
—It is stated that Gov. Gillett of California has decided against Robert A. Granniss, former Vice-President of the
to appoint Alden Anderson to the post of State Superin- Mutual Life Insurance Co., for forgery in the third degree,
tendent of Banking created under the Bank Act lately passed has also been dismissed. It is understood that there is
by the Legislature. Mr. Anderson is a Vice-President of the still an indictment against the latter charging misdemeanor. The dismissal of the indictments was the result
London-Paris National Bank of San Francisco.
—Group 2 of the Alabama Bankers' Association at its of a motion to that end made a week ago by District Attorney
annual meeting on the 16th inst placed itself on record as Jerome, who argued that under a decision recently handed
down by the Court of Appeals in the case of John R. Hegeopposed to the postal savings bank idea.
man, the accusations against Messrs. Perkins, Fairchild and
—The newly established Minneapolis Stock Exchange
Granniss did not constitute a crime.
held its first session on Tuesday of this week in the office
—Mark T. Cox, a member of the New York Stock Exof the Clearing-House Association. For the present the
change firm of Robert Winthrop & Co. of this city, died on
Exchange will have two • calls a week—on Tuesdays and
Fridays at 11 a. m. Particulars regarding its organization Tuesday, after a short illness of pneumonia. Mr. Cox was
one of the incorporators of the Public Service Corporation
were given in our issue of Feb. 27.
of New Jersey and was identified as a director with the
—The developments of the past week would seem to indiWisconsin Central Ry., besides various other railroad and
cate that likelihood of a change in the location of the Philaindustrial enterprises. He was also a member of the board
delphia Stock Exchange from Third and Walnut streets to
of directors of the Union National Bank of Newark and the
the vicinity of Broad and Chestnut streets, has greatly Fidelity
Trust Co. of that city. He was made assignee of
diminished. It is stated that E. Clarence Miller, President
the banking firm of H. W. Poor & Co. at the time of its
of the Exchange, has rejected the offer to have the organiza- assignment
last December.
tion make its headquarters in the Real Estate Trust Building.
—A settlement of claims of the failed National Bank of
It had been rumored that the Girard Trust Co., too, would
North America of this city against F. Augustus Heinze and
seek consideration for an offer to house the Exchange in its
George Baglin was authorized by Judge Lacombe of the
proposed building on Chestnut St., but a quietus was put
United States Circuit Court on the 20th inst. The terms of
upon this report in the issuance of a statement by Effingham
the settlement, it is stated, provide for the payment by
B. Morris, President of the company, that his institution
Mr. Heinze to the bank of a balance of $41,169 88 due on
would not care to enter into any competition to secure the
a note for $100,000, dated June 24 1907, and payable to the
Exchange as tenants. Mr. Morris also took occasion to
order of the bank, and for the payment to the bank of the
state that it has always seemed to him unfortunate for the
balance of $121,190 on a note for $200,000 given by Mr.
Board of Governors to consider a removal; that the Exchange
Heinze to Mr. Baglin, and payable to the order of the bank.
had been moved three times in twenty-five years, and that it
Under the settlement, John M. McKinnon, agent for the
would be well if they could be satisfied with their present
shareholders of the institution, is directed to discontinue the
home and consider it a permanent one.
actions pending against Messrs. Heinze and Baglin in con—In accordance with the newly-enacted law intended to nection with
the claims thus disposed of. Mr. McKinnon is
remedy alleged irregularities in the method of assessing bank also
authorized to sell to the Trust Co. of America 1,960
stocks in New York City for the years 1901 to 1907 inclu- shares of
stock of the Lands Purchase Co., and to accept in




MAR. 27 1909.1

THE CHRONICLE

payment therefor $75,000 par value of the stock of the North
America Safe Deposit Co., and $3,400 in cash.
—John M. Knapp, surviving partner of the New York
Stock Exchange firm of Coster, Knapp & Co., was discharged from bankruptcy on the 22d inst. The firm assigned last April. Its liabilities were $1,601,561, while Mr.
Knapp's individual debts, it is stated, were $9,623.
—Harry Kolbe has succeeded W. A. Price as Cashier of
the Bronx National Bank of Bronx Borough and Charles
A. Belling has replaced 0. M. Nilson as Third Vice-President of the bank.
—Through the declaration this week of a 4% quarterly
dividend by the Manufacturers' National Bank of Brooklyn
Borough, the stock of that institution has been placed on a
regular 16% basis. The rate last year was 3%% quarterly,
or 14% per annum, although 16% was paid in all, owing to
the payment of an extra dividend of 2% declared in December, a custom which the institution has been following since
1906.
—The Home Trust Co. of Brooklyn Borough expects to
remove from its present quarters at 184 Montague St. to
the Manufacturers Bank Building, at 198 Montague St.,
about April 15: The company has leased the first floor and
basement at the new location, which is already equipped
with safe deposit vaults, the offices having been formerly
occupied by the Title Guarantee & Trust Co. and the Citizents' Trust Co. The Home Trust Co. began business in
April 1905. It has a capital of $750,000, surplus and profits
of $300,000, and deposits of one and three-quarter million
dollars.
—The application to organize the Seaside National Bank
of Coney Island, N. Y., was approved by the Comptroller
of the Currency on the 16th inst. H. A. Davidson,formerly
President of the Lafayette Trust Co., is the leading spirit in
the movement toward the establishment of the new bank,
which, as noted a month ago, is to have $100,000 capital.
There is also to be a surplus of $20,000, the intention being
to sell the stock at $120 per share.
—Under a certificate of reasonable doubt granted on the
19th inst by Supreme Court Justice Marean of Brooklyn,
Col. Edward Earle Britton and Quarantine Commissioner
Frederick H. Schroeder, former officers of the Eagle Savings
& Loan Association of Brooklyn, recently convicted on
charges of larceny, have been released on bail of $5,000 each.
The accused are also said to be under additional bail of
$7,500 each on other indictments pending against them.
—The Claremont Bank of Jersey City, which recently
completed its organization, began business on the 24th inst
in its banking rooms at Ocean and Carteret avenues. The
new bank starts with a capital of $50,000 and surplus of
$25,000, and has as officers Edward S. Pierson, President;
Benjamin L. Stowe and William A. Laney, Vice-Presidents,
and Joseph G. Parr, Cashier.
—The Trenton Banking Co. of Trenton, N. J., announces
the death on the 16th inst of its Vice-President, Elmer
Ewing Green.
—Webster Knight has been elected President of the
Phenix National Bank of Providence, R. I., to succeed
Jonathan Chace, who resigned the presidency on Monday.
Mr. Chace continues as a member of the board of directors.
—The firm of E. H. Gay & Co. of Boston, which was
placed in the hands of John P. Reynolds Jr. as receiver on
Oct. 22 1908, was formally declared bankrupt on the 23d
inst. Since the appointment of the receiver, the secured
indebtedness of the firm, according to the Boston "Transcript," has been reduced from $5,432,428 to approximately
$2,000,000.
—The stockholders of the Real Estate Trust Co. of Philadelphia are to meet on May 20 to vote on a proposition to
reduce the capital to not less than $4,000,000. The company
has at present $1,473,600 of common stock and $3,049,700
of preferred stock, or altogether a total outstanding capital of
$4,523,000. This it is proposed to reduce to $4,000,000 by
cancellation of either the common or preferred stock, as
opportunity may arise.
—F. A. Griffin, who, with others, was indicted by the
Pittsburgh Grand Jury on Monday in the Aldermanic bribery
cases now under investigation, resigned as Vice-President




801

of the Columbia National Bank of Pittsburgh on that day.
The indictment against Mr. Griffin, it is stated, charges
perjury, alleged to have been committed in the giving of
testimony with regard to the payment of moneys to secure
the selection of the bank as a city depositary.
—A dividend of 5% has just been distributed by Receiver
Robert Lyons of the Cosmopolitan National Bank of Pittsburgh. This is the second distribution since the institution
closed its doors last September. The previous dividend,
30%, was paid in November.
—William Connell, President of the Third National Bank
of Scranton, Pa., died on the 21st inst. Mr. Connell, who
was born in 1827, was a well-known coal operator, and had
been a member of Congress from 1897 to 1903.
—John Poole has• become Cashier of the Commercial
National Bank of Washington, D. C., succeeding G. 0.
Walson.
—E. R. Perkins and Samuel Mather have been elected
Vice-Presidents of the Cleveland Trust Co. of Cleveland,
Ohio, to fill the vacancies caused by the recent resignations
of E. G. Tillotson and C. 0. Patch.
—Homer L. Rose has tendered his resignation as Assistant
Secretary and Treasurer of the Columbus Savings & Trust
Co. of Columbus, Ohio. He is to become Cashier of the
newly organized Commercial & Savings Bank of Canton,
Ohio, which has been formed with a capital of $50,000.
—Two weeks ago we stated in this column that William
H. Mitchell, Vice-President of the Illinois Trust & Savings
Bank of Chicago was probably the oldest active banker in
this country. We have received the following letter from
a correspondent in Chicago questioning the accuracy of this
statement, but it appears from the clipping which he encloses
that Mr. Samuel C. Eells of Dixon, Ill., for whom our
correspondent claims the distinction of being "an older
active banker," is this month celebrating his 87th birthday,
whereas Mr. Mitchell has reached 92 years.
"Chicago, March 22 1909.
"Wm. B. Dana Company, New York:
"Gentlemen.—The statement, second column, page 662, in "The Chronicle" of March 13th that Mr. Wm.H. Mitchell of the Illinois Trust & Savings
Bank 'is probably the oldest active banker in this country, if not in the
world,' attracted my attention. I challenged the statement, for I believe
that Mr. Samuel C. Bells of the City National Bank, Dixon, Ill., is an
older active banker than Mr. Mitchell. I enclose a clipping from the
semi-weekly edition of the "Dixon Telegraph," March 19 1909, which shows,
and there is no question about the matter, that Mr. Eells has been actively
engaged in the banking business in that city for a period of fifty-five years.
Since 1855 he has had a controlling interest and has actually controlled the
operations of the bank. At first it was known as Robertson, Eells do Co..
then as Eells & Coleman, then as the Lee County National Bank and then,
as now, the City National Bank. Mr. Eells was born in Albany, N. Y.
"If Mr. Eells is not the oldest banker, I believe that honor is enjoyed by
Mr. Thos, D. Robertson of Rockford, Ill., who induced Mr. Eells to come
West. I believe Mr. Robertson is connected with the Winnebago National
Bank."
—S. S. Cook has resigned as an Assistant Cashier of the
Northwestern National Bank of Minneapolis to take the
office of Cashier of the Minnesota Loan & Trust Co. of
Minneapolis. Mr. Cook was formerly in the employ of the
latter institution, but in 1906 became identified with the
National Bank of Commerce as an Assistant Cashier, and
since the absorption of that bank by the Northwestern
National in June last has continued as an Assistant Cashier
of the consolidated bank.
—The Silver Bow National Bank of Butte, Mont., has
increased its capital from $100,000 to $200,000. The new
stock, par $100 per share, has all been put out, the certificate
authorizing the increase having been issued by the Comptroller of the Currency on the 11th inst. The Butte Commercial Bank, capital $100,000, was merged in the Silver
Bow National on Jan.4. The consolidated institution is under the management of B. F. White, President; John MacGinniss, Vice-President; Robert T. F. Smith, Cashier, and
Zephin Job and Henry P. Bennett, Assistant Cashiers.
President White, who is also President of the First National
Bank of Dillon, Mont., was at one time Governor of the State
of Montana.
—The stock of the Mercantile Bank of Kansas City, Mo.,
which opened for business on Feb. 15, we are advised, is
quoted at $115 bid and $122 asked. The bank has $100,000
capital and a surplus of $10,000. Its officers are W. H.
Winants, President; P. V. Covington and George H. Edwards, Vice-Presidents, and George H. Ruddy, Cashier.

•11U4

THE CHRONICLE

802

[VOL. Lxxxvni.

DEBT STATEMENT FEBRUARY 27 1909.
English Financial Markets—Per Cable.
The following statements of the public debt and Treasury
The daily closing quotations for securities, &c., at London,
cash holdings of the United States are made up from official as reported by cable, have been as follows the past week:
figures issued Feb. 27 1909. For statement of Jan. 30 1909,
London.
Week ending March 26.
Sat.
Mon.
Tues.
Wed. Thurs.
see issue of Feb. 6 1909, page 350; that of Feb. 29 1908, see Silver,
Fri.
per oz
d 23 5-16 2334
2334
23 3-16 2334
23 3-16
March 28 1908, page 771.
Consols, new, 234 per cents_ 8334
8334
8334
83 11-16

8334
83 11-16 83 15-1683 13-16 839-16 83%
For account
French Rentes (in Paris)_ _ fr. 97.0734 97.15
97.1734 96.9234 97.25
Amalgamated Copper Co__ _ 6934
7031
7134
71
7234
b Anaconda Mining Co
894
894
834
894
894
Atch. Topeka & Santa Fe— ..10594
10534
10594
105g
10594
105
Preferred
105
105
10534
10634
Baltimore & Ohio
11011
11134
11034
11034
111%
Preferred
9634
96
96%
9634
Ng
170%
17134
Canadian Pacific
172
17034
17134
Chesapeake & Ohio
7194
7134
7094
7094
7094
44
434
Chicago Great Western
43/
494
434
Aggregate int.-bearing debt__1,091,990,190 863,458,810 49,858,680 913,317,490 Chic. Milwaukee & St. Paul_14734
14894
1473.4
148
14894
Note.—Denominations of bonds are:
45
Denver & Rio Grande
459.4
4534
453.4
453.4
Of $20, loan of 1908, coupon and registered.
Preferred
8734
8734
87
8794
2434
Of $50, all issues except 3s of 1908; of $100, all issues.
25
Erie
244
2534
fig
Of $500, all issues; of $1,000, all Issues.
39
First preferred
39
3834
3834
3994
Of $5,000, all registered 25, 35 and 4s; of $10,000, all registered bonds.
3134
2934
Second preferred
3034
3034
31
145
Of $50,000, registered 28 of 1930.
Illinois Central
145
14631
146
147
133
Louisville & Nashville
133
13334
13234
133
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
21
Mexican Central
21
2134
21
21
Kansas
Missouri
Texas_
&
4134
4
42
4134
January 31.
42
February 27.
5
Funded loan of 1891, continued at 2%,called May 18
Preferred
75
74%
743
74%
75
1900, interest ceased Aug. 18 1900
43
43
4g%
4234
$32,000 00
$32,000 00 National RR. of Mexico.... 43
Funded loan of 1891, matured Sept. 2 1891
12734
12934
130
23,750 00
23,750 00 N. Y. Cent.& Hud. Riv. R11.12734
Loan of 1904, matured Feb.2 1904
46%
46
i
M
11
6
68,950 00
08,950 00 N. Y. Ontario & Western.— 4634
Funded loan of 1907, matured July 2 1907
8934
8934
80
2,320,700 00 2,280,300 00 Norfolk & Western
Refunding certificates, matured July 1 1907
8834
8834
8834
17,880 00
17,880
00
Old debt matured at various dates prior to Jan. 1 1861
Northern Pacific
1424
14134
14334
14334
14434
and other Items of debt matured at various dates
a Pennsylvania
6634
67
6034
6734
6734
subsequent to Jan. 1 1861
664
67
66
60
910,425 26
6734
909,605 26 a Reading Company
a First preferred
46
46
4634
46
4634
Aggregate debt on which interest has ceased since
a Second preferred
47
47
47
47
47
maturity
2334
25
2334
2434
2434
$3,373,705 26 $3,338,485 20 Rock Island
Southern Pacific
12134
121
12034
11934
11934
DEBT BEARING NO INTEREST.
Southern Railway
2434
2434
2434
2434
2434
Preferred
United States notes
6334
04
6334
6334
6334
$346,681,016 00
Union Pacific
Old demand notes
18434
184%
182
18334
18534
53,282 50
9734
National bank notes—Redemption account
9794
9734
9734
973.4
40,700,127 50 U.Preferred
S. Steel Corporation
Fractional currency, less $8,375,934 estimated as lost or destroyed_ _
4634
4534
4534
4434
4534
6,861,357 28
Preferred
113
11234
11334
11334
11234
Wabash
Aggregate debt bearing no interest
1834
1
1834
1834
834
1834
$394,295,783 28
Preferred
4534
45
47
4594
4534
RECAPITULATION.
Extended 48
75
7434
75
75
7434
Increase(±) or
Classilication—
Feb. 27 1909.
Jan. 311909.
a Price per share. b £ sterling.
Decrease (—).
Interest-bearing debt
$913,317,490 00 $913,307,490 00
+$10,000 00
Debt interest ceased
3,338,485 20
3,373,705 26
—35,220
00
Debt bearing no interest
394,295,783 28
397,146,623 28
—2,850,840 00
DIVIDENDS.
Total gross debt
$1,310,951,758 54 $1,313,827,818 54 —82,876,060 00
Cash balance in Treasury
291,203,812 52
299,701,585 48
The following shows all the dividends announced
—8,437,772 96

INTEREST-BEARING DEBT FEBRUARY 27 1909.
Amount
—Amount Outstanding
\
Interest
Issued.
Registered. Coupon.
Total.
Payable.
Title of Loan—
25, Consols of 1930
Q.-J. 646,250,150 641,136,250 5,113,900 646,250,150
Q -F. 198,792,660 41,013,060 22,931,500 63,945,460
35, Loan of 1908-18
Q.-F. 162,315,400 97,364,300 21,125,600 118,489,900
45, Loan of 1925
28, Pan. Canal Loan 1906.Q.-N. 54.631,980 54,600,480
• 31,500 54,631,980
28, Pan. Canal Loan 1908-Q.-F. 30,000.000 29,343,820
656,180 30,000,000

134

Preferred

Total net debt

$1,019,687,946 02 $1,014,126,233 06

+$5,561,712 96

* Including $150,000,000 reserve fund.

The foregoing figures show a gross debt on Feb. 27 of
$1,310,951,758 54 and a net debt (gross debt less net cash
in the Treasury) of $1,019,687,946 02.

8894

,4

8834

8334
8334
97.15
7234
834
10634
106
111%
9634
1716
%
7034
5
1483.4
4631
ng,
41
3234
147
13334
22
42

4
7

04

1.41

8934
14434
6734
68
46
47
254
12134
2534
64

18534
9734
4634
11334
1834
4834
7534

for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Atlantic Coast Line RR
234 May 10 April 29 to
May 10
Beech Creek, guaranteed (quar,)
1
April 1 Holders of rec. Mch. 23
Belt Ry. of Chicago (quay.)
2
Bich, 31
Not closed.
Boston & Albany (quay)
2
Bich. 31 Holders of rec. Mch. 60
Boston Jr Maine (quar,)
1% April 1 Holders of rec. Bich. 10
Canadian Pacific, common No. 54
3
April 1 Bich 2 to Apr. 1
ASSETS.
LIABILITIES.
Common (extra)
94 April 1 Mch. 2 to Apr. 1
Trust Fund Liabilities—
Trust Fund Holdings—
$
Preferred
Apr.
2
1 Bich. 2 to Apr. 1
860,341,869 00 Gold certificates
Gold coin
860,341,869 00 Chicago & Eastern III., pref. (quar.)_ -- 1% April 1 Holders of rec. Mch. 20
484,754,000 00 Silver certificates
Silver dollars
484,754,000 00 Chicago & North Western, pref. (quer.). 2
April 1 Holders of rec. Bich. 15
4,468,000 00 Treasury notes of 1890_ _
Silver dollars of 1890.—
4,468,000 00 Chicago & Western Indiana (guar.).—
Not closed.
154 Mch. 31
Chicago Rock Island & Pacific (guar.)._
1% April 1 Holders of rec. Mch 190
1,349,563,869 00
Total trust fund
Total trust
Clev. Cinc. Chic. & St. L., pref. (quar.) lg April 20 Holders of rec. Mch. 26
liabilities.1,349,5
63,869
09
General Fund Holdings—
Gen.Fund Liabilities —
Col. & Southern 1st & 2d preferred
April 1 Bich. 21 to April 1
2
Gold coin and bullion-- 36,394,881 20 National Bank 5% fund 23,171,823 74 Delaware
Lackawanna dc Western (guar.). 234 April 20 Holders of rec. April 3
Gold certificates
47,699,690 00 Outstanding checks and
Grand Trunk Ry.—
Silver certificates
13,342,608 0
drafts
Guaranteed stock
11,862,354 02
April.
2
Silver dollars
6,878,913 00 Disbursing officers' balFirst preferred
April.
5
Silver bullion
4,293,649 66
ances
70,881,700 77
Second
April.
preferred
2%
United States notes_ _ _ _
10,922,510 00 Post Office Department
Great Northern (quarterly)
1% May
1 Holders of rec. April 10
Treasury notes of 1890_
15,336 00
account
4,281,821 64 Interborough Rapid Transit (quer.). - 234 April 1 Bich. 20 to Bich. 31
National bank notes_ __ - 30,686,733 00 Miscellaneous items— __
Kansas City Southern, pref. (quar.)
96
April
15
Holders of rec. Mch. 31
1
1,893.551
Fractional silver coins
24,855,000 27
Manhattan,
1% April 1 Mch. 13 to Bich. 24
(quar.)
Fractional currency_ _ _
105 00 Total gen'i liabilities... 112,091,343 03 Minn. St. P. guar.
3
April 15 Holders of rec. Bich. 26
& S. S. M., corn.(No. 12)_
Minor coin
2,423,953 98
Preferred(No. 12)
334 April 15 Holders of rec. Mch. 26
Bonds and interest paid_
24,988 20
N. Y. Central & Hudson River (quar.)_ lg April 15 Bich. 27 to
April 21
N. Y. Lack. & Western, guar. (quar.)
April 1 Holders of roc Mch 15
lg
Tot. in Sub-Treas'rles 177,538,428 31
N. Y. N. It. & Hartford (quar.)
Bich. 31 Holders of rec. Bich. 15
2
In Nat. Bank Depositaries
Pitts. Bessemer & Lake Erie, common 1% April 1 Holders of rec. Bich. 15
Credit Treasurer of U.S. 59,696,892 90
Pitts. Ft. W. & C., reg. guar. (quar.)-- 14 April 6 Bich. 14 to April 6
Credit U.S. dis. officers.. 12,646,932 13
Pitts. Ft. W. & C., special guar. (quar.) 1% April 1 Bich. 10 to April 1
April 1
Railroad Securities, preferred
2
Total In banks
72,343,825 03
May 10 Holders of rec. April 22
2
Reading Company, 2d preferred
In Treas. of Philippine Islands—
St. Louis & San Francisco—
Credit Treasurer of U.S.
1,439,373 50
Cash balance and reserve-Chic. & E. III. pf. tr. certfs. (guar.).- 1% April 1 Bich. 18 to April 1
Credit U.S. dls. officers
2,033,528 71 Total cash and reserve__ 291,263,812 52
K. C. Ft. S. & H. pt. tr. certfs. (qu.)-- 1
April 1 Mch. 18 to April 1
Blade up of—
Southern Pacific, corn.(quar.)(No. 105... lg April 1
Total in Philipp es__
3,472,902 21 Available _ _ 141,263,812 52
Southern Railway—
and
2
April 1 Bich. 16 to Bich. 31
Mobile & Ohio trust certificates
Reserve Fund Holdings—
Reserve Fund—
April 15 Holders of rec. Bich. 31
Toledo St. Louts & Western, preferred 2
Gold coin and bullion __ 150,000,000 00 Gold&bull _150,000,000 00
2% April 1 Holders of rec. Bich. la
Union Pacific, common (quar)
2
April 1 Holders of rec. Bich. la
Preferred
Grand total
1.752,919,024 55
Grand total
1,752,919,024 55 West Jersey & Seashore
2
April 1 Holders of rec Bich. 15
Street and Electric Railways.
American Cities Ity. & L., pref. (quar.) lg April 1 Mch. 23 to April 1
April 10 Bich. 24
Aurora Elgin d: Chic. RR.corn. (guar.).—
to April 10
131 April 10 Mch. 24
Preferred (guar.)
to April 10
lg April 1 Holders of ree. Mch. 20
Bangor Ry. & Electric (quar.)
1
Apr. 1 Holders of rec. Mch. 10
Brooklyn Rapid Transit Co. (No. 1)
194 Mch. 30 Mch. 7 to
Chicago City Ry. (Guar)
Mch. 16
Auction Sales.—Among other securities the following, not Col.
134 April 1 Holders of rec. Bich. 24
Newark & Zanesville, pref. (quar.)
regularly dealt in at the Board, were recently sold at auction. Columbus Railway & Light
g April 1 Holders of rec. Mch. 16
1% April 1 Mch. 22 to April 1
Halifax El. Tramway,Ltd.(guar.)
By Messrs. Adrian H. Muller & Son:
April 1 Holders of rec. Bich. 17
Houghton Co. (Mich.) Tr.,pref.(No. 14) 3
Stocks.
Stocks.
$2
Philadelphia Traction_
April 1 Holders of rec. Bich. 6
4 Manhattan Lite Ins. CO..
2 Women's Hotel Co
Portland Ity..L.&P., pref. (qu.) (No.11) 131 April 1 Holders of rec. Mch. 15
40
New York
33
420
349 Marion Realty Co
Ridge Ave. Passenger, Phila. (quar.)-April 1 Holders of rec. Mch. 15
120
20 Chatham Nat. Bank_ _ _ _ 298
100 People's Vaudeville Co100
St. Jos. Ry.;L.,H.&P., pref. 0111.)(No.26) Ig April 1 Holders of rec. Mch. 15
9 Market & Fulton Nat.
10 Internat. Vaudeville Co_ 50
3
Seattle Electric, pref. (No. 17)
April 1 Holders of rec. Bich 10
Bank
50 Walker Realty Co. (Vot.
261
1
April I Holders of rec. Mch.19a
Springfield (III.) Ity. & Light (guar.).—
6 Continental Ins. Co_ _ _ _1451
Trust Ctfs.)
IN April 1 Holders of rec. Mch. 15
Toronto Railway (guar.)
100
6 Fidelity Fire Ins. Co_ __ _2973i
25 Casualty Co. of America _146
Tri-City Railway & Light, pref. (guar.).- 1% April 1 Holders of roe. Mch. 23
872 Keystone Seal & Press
100 Cent. New Eng. Ry.,com, 15
Twin City Rap. Tran ., Minn., pf. (quar.) 1% April 1 Holders of rec. Bich. 19
Co
2g April 1 Holders of rec. Bich. 26
Union Traction of Indiana, preferred
$5 per sh. 1,300 Cobalt Coalition Mg. Co.,
255 Schofield Mfg. Co_
_5125 lot
Sc. per sh. United Rys. of St. Louts, pref. (guar.).- 1% April 1 Mch. 26 to Mch, 31
2 Citizens' Cent. Nat. Bk_ 16034_
200 Gen. Elec. Display Co.,
United Trac. & Elec., Providence (quar.) 154 April 1 Mch. 17 to April 1
5 Hanover Fire Ins. Co_ _160 34
3% April 1 Mch. 23 to April 1
$10 each -$4 34-84 88 per sh. West End Street. Boston, common..
4 Hudson Co. Gas Co
100 Union Typewriter Co.
West India Elec.Co.,Ltd.,com.(qu)(No5 434 April 1 MO.25 to April 1
116
1 Norf. & New Brunswick
common
Banks.
58
Hosiery Co
85 People's Security Co. $1 per sh. Aetna National (guar.)
$10
2
April I Holders of rec. Bich. 24
13 Nat. Bank of Com10 United Cities Realty
Century (guar.)
134 April 1 Bich. 25 to
Bich. 31
merce, x-div
Corp. preferred.. _$90 per sh. Chatham National (guar.) (No. 153)
18834
4
April 1 Mcli. 24 to Bich. 31
12 German-Amer. Ins. Co....500
Citizens' Central National (guar.)
134 April 1 Holders of rec. Mch. 29
12 Niagara Fire Ins. Co__ -305 g
Coal & Iron Nat. (quar.)
Bonds.
254 April 1 Holders of rec. /deb. 10
.14 Nassau Fire Ins. Co
Commerce, Nat. Bank of (quar.)
155
$5,000 Lex. & East. Ry. Co.
2
April 1 Bich. 25 to April 1
N.Y.HorseShowAss'n_ $12 lot..
Gen. 5s 1935. F. & A
25 .April 1 Holders_ of rec. Mel. 31
5834 Fifth Avenue (guar.)

TREASURY CASH AND DEMAND LIABILITIES.—
The cash holdings of the Government as the items stood
February 27 are set out in the following:

golauxercial and pAisctitantons4guirs




Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Banks (Con.)
April 1 Holders of rec. Mch. 31
8
First National (guar.)
2
April 1 Mch. 24 to Mch. 31
Fourth National (guar.)
3
Mch. 31 Mch. 25 to Men. 31
Garfield National (guar.)
4
April 1 Mch. 21 to Mch. 31
Hanover National (quar.)
2
April 1 Mch. 22 to April 1
Irving National Exchange (guar.)
3
April 1 Mch. 24 to Mch. 31
Market & Fulton National (guar.)
April 1 Mch. 26 to April 1
Manufacturers' National, Brooklyn (guar.) 4
Mechanics' National (guar.)
April 1 Holders of rec. Mch. 20
3
(guar.)
Metropolitan
2
April 1 Mch. 21 to Mch. 31
April 1 Mch. 28 to Mch. 31
Nassau National, Brooklyn (qu.)(No. 95) 3
Nineteenth Ward (monthly)
Mch. 31 Holders of rec. Mch. 25
April 1 Holders of rec. Mch. 23
4
Park National (guar.)
Prospect Park, Brooklyn (guar.)
134 April 1 Mch. 30 to Mch. 31
Trust Companies.
Columbia (guar.) (No. 1)
Mch. 31 Mch. 28 to Mch. 31
2
bleb. 31 Holders of rec. Mch. 29
Equitable (guar.)
4
Avenue
Fifth
3
hich 31 Holders of rec. Mch. 30
(guar.)
Mch. 31 Holders of rec. Mch. 31
5
. Guaranty (guar.)
April 1 Mch. 17 to April 1
Lawyers' Title Ins. & Trust
3
Long Isl. Loan & Tr., Bklyn. (guar.)._ 3
April 1 Holders of rec. Mch. 20
Mercantile (guar.)
Mch. 31 Mch. 25 to Mch. 31
5
Mch. 31 Mch. 20 to Mai. 31
Metropolitan (guar.)(No. 49)
6
Mch. 31 MO.24 to Mch. 31
New York (guar.)
8
Mch, 31 Holders of rec. Mch. 23
Title Guarantee & Trust (guar.)
5
April 1 Holders of rec. Mch. 20
Trust Comnany of America (guar.)
2
Mch. 31 Holders of rec. Mch. 26
Van Norden (monthly)(No. 23)
1
April 1 Mch. 26 to bleb. 31
Washington (guar.)
3
Miscellaneous.
1
Aeollan,Weber Plano&Planola,pf. (qu.) 13% filch. 31 Mch. 21 to April
Mch. 31
April 15 Bich. 16 to
American Agricultural Chemical, pref.- 3
20
Zilch.
rec.
of
Holders
1
April
Am. Beet Sugar, pref. (guar.)(No. 39)-- 134
Amer. Brake Shoe & Fdry., corn. (qu.).- 13.1 Mch. 31
1% Mch. 31
Preferred (guar.)
April 1 Holders of rec. hich 17a
American Can; preferred (guar.)
April 1 Holders of rec. Mch. 11
2
American Caramel, pref. (quar.)
April
1 Mch. 12 to Mch. 21
Amer. Car & Fdy. corn. (guar.) (N0.26)
Mch. 21
1% April 1 Bich 12 to
'(No. 40)
Preferred (guar.)
April 20 April 16 to April 20
1
American Chicle, common (monthly)
1
April
to
28
Mch.
1
April
134
Preferred (guar.)
$3
April 1 Holders of rec. Feb. 27
American Express (guar.)
21
April
to
6
April
April
21
13%
(guar.)
Locomotive,
pref.
American
1 April 16 to May 2
$1.56 May
American Malting, preferred
Holders of rec. April 15
American Malt Corporation, preferred_ _ 2% May 3
1 Holders of rec. Mch. 20
1%
(guar.).
April
pref.
&
Am. Iron & Steel corn.
2
April 1 Holders of rec. Mch. 15
American Pipe & Construction (guar.)._
134 Mch. 31 bleb. 25 to Zilch. 31
American Radiator, common (quar.)
2
Mch. 31 Zilch. 25 to Mch 31
Common (extra)
Mch. 31 /itch. 25 to Bich. 31
American Screw (guar.)
April 1
April 15 Mch. 27 to
corn.(guar.)(No.22) 1
Am.Smelt. &
Mch. 18
1% April 1 Zilch. 13 to
Ref.,(No. 39)
Preferred (guar.)
April 1 Holders of rec. Mch. 13
5
American Snuff, common (guar.)
134 April 1 Holders of rec. Mch. 13
Preferred (guar.)
Am. Sugar Refg. corn. & pref. (guar.) 1% April 2 Holders of rev Men. la
April 15 Holders of rec. Mch. 31
American Tcleph: & Teleg. (guar.)._ _ _ 2
1% April 1 Holders of rec. Mch. 15
American Tobacco, preferred (guar.)._
April 15 Holders of rec. April 10
1
Amer. Typefounders', common (guar.)._
April 15 Holders of rec. April 10
1
Preferred (guar.)
40)
(No.
15 Mch. 27 to April 5
13
April
(guar.)
pref.
Amer. Woolen,
April 15 April 1 to April 22
Associated Merchants, first pref. (quar.),_
% April 15 April 1 to April 22
First preferred, extra
134 April 15 April 1 to April 22
Second preferred (guar.)
% April 15 April 1 to April 22
Second preferred, extra
(guar.)
April 15 Holders of rec. Mch. 21
Canada
of
2
Telephone
Bell
2
April 1 Holders of rec. Mch. 25
Bell Telephone of Missouri (guar.)
Bell Telephone of Pennsylvania (guar.)... 134 April 15 April 6 to April 15
1 Mch. 27 to Mch. 31
April
cont.
66)
(guar.)
W.)
(No.
(E.
Bliss
234
April 1 Mch. 27 to Mch. 31
2
Preferred (guar.)(No. 66)
134 April 27 Holders of rec. April 20
British-Canadian Asbestos, Ltd. (guar.),_
April 1 Feb. 18 to Feb. 28
3
Brooklyn Union Gas (No. 34)
April 1 Holders of rec. Zilch. 15
2
Cambria Iron
1 Itch. 15 to Zilch. 31
(guar.)
April
corn.
1%
Ltd.,
Elec.,
Gen.
Canadian
334 April 1 Mch. 15 to Mch. 31
Preferred
April 1
134 April 1 Mch. 10 to
Celluloid Company (guar.)
134 April 15 April 1 to April 17
Central Coal & Coke, common (guar.)._
April 17
13% April 15 April 1 to
Preferred (guar.)
April 30 Holders of rec. April 23
2
Central Dist. db Print. Tel.(Oar.)
1% April 1 Holders of rec. Mch. 10
Central Leather, pref. (guar.)
134 April 7 Holders of rec. Bich. 31
Cent. dc So. Am. Telegraph (guar.)
April 1 Holders of rev. Zilch. 11
Ch. June. Rys. & U. Stk. Yds.,com.(gu.) 2
134 April 1 Holders of rev Mch. 11
Preferred (guar.)
Mch. 31 Mch. 28 to Mch. 31
2
Chicago Telephone (guar.)
134 April 1
Cincinnati Gas & Electric (guar.)
Col. do Hocking Coal de Iron, pref. (quar.), 1% April 1 Holders of rev. Mch. 20
1
April 1 Bich. 21 to April 1
Consolidated Cot ton Duck, preferred___ _
1
April 10 Holders of rec. Mch. 31
Corn Products Refining, pref. (guar.),_
1
April 10 Holders of rec. Mch. 31
Preferred (extra)
April 1 Mch. 20 to April 1
Cumberland Tel. & Tel. (qu.) (No. 102) 2
34 April 30 Holders of rec. AprillOa
Distillers' Secur. Corp. (guar.)(No. 26),_
April 1 Holders of rec. Mch. 19
1
Dominion Coal. common (guar.)
Duluth Edison Elec., pf. (qu.) (No.12) 1% April 1 Holders of rec. hich.17a
du Pont(E.I.)de Nemours Powd.,pf.(qu.) 13% April 26 Holders of rec. April 16
234 April 1 Holders of rec. Feb. 27
Eastman Kodak, common (guar.)
April 1 Holders of rec. Mch. 2
5
Common (extra)
14 April 1 Holders of rec. Feb. 27
Preferred (quar)
% April 1 Holders of rec. Mch. 27
Electric Storage Battery, corn. & pref. (qu.)
134 April 1 Holders of rec. Mch.19a
Evansville Light, pref. (guar.)
1% April 1 Holders of rec. Mch. 22
General Chemical, preferred (guar.)
April 15 Holders of rec. Mch. 5a
2
(guar.)
General Electric
3% April 1 Mch. 21 to Zilch. 31
General Motors, preferred
1% April 1 Mch. 16 to April 1
Great Lakes Towing, pref. (guar.)
of rec. Mch. 19
Guggenheim Explor. (guar.) (No. 25)-- 234 April I Holders
1 April 11 to May 2
IM May
International Nickel, pref. (guar.)
131 April 1 Feb. 28 to April 1
International Silver. pref. (guar.)
3( April 1 Holders of rec. ?itch. 20
Internat. Smokeless Pow. & Chem., coin_
April 20 April 2 to April 26
3
La Rose Consolidated Mines (guar.)
April 26
April 20 April 2 to
1
Extra
April 1 Holders of rec. Mch 13a
1
Mackay Cos., corn. (guar.) (No. lb)...
April 1 Holders of rec. Zilch 13a
1
Preferred (guar.) (No. 21)
134 April 1 Holders of rec. April 1
Manning, Maxwell & Moore (guar.)
April 1
Massachusetts Gas Companies, common 1
Massachusetts Lighting Cos. (quar.)....... 134 April 15 Holders of rec. April 1
234 Mch. 31 Mch. 15 to Mch. 31
Mergenthaler Linotype (guar.)
234 April 14 Holders of rec. Bich. 31
Mexican Telegraph (guar.)
April 1 Holders of rec. hich.19a
1
Michigan Light, common (guar.)
Holders of rec. Bich.19a
(guar.)
134 April
Preferred
April 18 to May 2
Michigan State Telephone, pref. (guar.). 1% May
April 7
2% April 7 Mch. 28 to
Milwaukee & Chicago Breweries, Ltd
of rec. Mch 29a
Holders
42)._
(No.
15
134 April
Nat. Biscuit, com. (quar.)
1% Mch. 31 Mch. 12 to Zilch. 31
National Enam. & Stamp., pref. (gu.)_
to Mch. 16
National Lead, common(guar.)(N0.215 1% April 1 Mch. 13
Mch. 31
1% Mch. 31 hich 26 to
National Licorice, preferred
April 2
134 April 2 Mch. 21 to
National Sugar Refining, preferred
to
April
21
1
Mch.
1
April
2
(guar.)
National Surety
134 April 15 Holders of rec. bich.31a
New England Teleph. & Teteg.(guar.)._
N. Y.& N.J.Telephone (qua?.)(No. 102) 15% April 15
2
April 15 Holders of rec. April 1
New York Dock, preferred
April 26
3
April 20 April 1 to
Nipissing Mines (guar.)
2
April 20 April 1 to April 26
Extra
Mch
15a
rec.
of
Holders
1% April 1
North American
134d April 16 April 1 to April 15
Otis Elevator, common
15
to
April
1
April
134
April
15
Preferred
April 15 Holders of rec. Mch. 22
Pennsylvania Salt Manufacturing (No.92) 6
1% April 1 Holders of rec. Mch.19a
Peoria Light, preferred (guar.)
April 6
234 Ditch. 31 Mch. 27 to
Phelps, Dodge & Co
2
April 15 Holders of rec. Mch.31a
Procter & Gamble, pref. (guar.)
to
May 15
1
15
May
May
2
169)
(No.
(guar.)
Co.
Pullman
134 April 15 Holders of rec. April 5
Quaker Oats, common (guar.)
34 April 15 Holders of rec. April 5
Common (extra)
3
April 16 Holders of rec. April 5
Realty Associates (No. 12)
Mch. 15
Royal Baking Powder, corn. (gust.).... 2% Mch 31 Holders of rev,
1% MO. 31 Holders of rec. Mch. 15
Preferred (quay.)




803

THE CHRONICLE

MAR. 27 1909.1

Books Closed.
Days Inclusive.

Per
When
Cent. Payable.

Name of Company.

Miscellaneous (Concluded).
Safety Car Heating & Ltg. (quar.)____
2
April 1 Holders of rec. Zilch. 12
Sears, Roebuck & Co., pref. (guar.),AprIl 1 Holders of rec. Mch. 18
Shawinigan Water & Power (guar.)
April 20 Holders of rec. April 7
April 1 Holders of rec. Mch. 20
Sloss-Sheffield St. dr Iron, pfd. (quar.)
Spring Valley Water
34 Mch. 31 Holders of rec. bleb. 20
Standard Milling, preferred (No. 12)__
1% April 15 April 4 to April 15.
Preferred (extra)
34 April 15 April 4 to April 15
Street's West. Stable Car Line, corn. (gu.).
34 April 26 April 11 to April 27
Swift & Co. (guar.)
1% April 5 Holders of rec. Bich. 13
Tefft-Weller Co., pref. (guar.)(No. 31)_
134 April 1 Mch. 24 to April 1.
Texas & Pacific Coal (guar.)
134 Mch. 31 Zilch. 16 to Mch. 31
Union Bag & Paper, pref. (guar.)
1
April 15 MO. 16 to April 15Un. Switch & Signal, com.&pref. (guar.) 3
April 10 April 1 to April 10
Union Typewriter, 1st pref. (No. 32)__ _ _ 334 April 1 Holders of rec. Mch. 19
Second preferred (No. 32)
4
April 1 Holders of rec. Men. Icr
United Bank Note Corp., pref. (guar.)._
April 1
134 April 1 Mch. 18 to
United Fruit (guar.)
2
April 15 Holders of rec. Aida. 26,
United Gas Improvement (guar.)
2
April 15 Holders of rec. Zilch. 31
U. S. Smelt., Ref. & Mining, cont. (guar.) 1
April 15 Holders of rec. Zilch. 31'
Preferred (glair.)
April 15 Holders of rec. Zilch, 31'
White (J. G.) & Co., pref. (guar.)
1% April 1 Holders of rec. Mch. 241
1
Wilkes-Barre Gas et Electric (guar.)
April 1 Holders of rec. Bich. 22
2
United Shoe Machinery, corn. (quar.)b_
April 5 Holders of rec. Mai. 15
2
Extra
April 5 Holders of rec. Itch. 15
1% April 5 Holders of rec. Mch. 15
Preferred (guar.)
U. S. Finishing, pref. (guar.) (No. 39),.. 1% April 1 Holders of rec. Mch. 20
1
April 1 Holders of rec. Mch. 20
Common (No. 1)
134 April 1 Holders of rev Zilch. 10
United States Leather, pref. (guar.).- _ _
April 19
U. S. Steel Corp., corn. (qu.) (No. 20
34 Nich, 30 Mel,. 16 to
50c. Mch. 31 Holders of rev MO. 19
Utah Copper (quar.)
1% April 20 Holders of rec. April 10
Vulcan Detinning, pref. (quar.)
April 15 April 1 to AprilD5
Virginia-Carolina Chem., pref. (quar.) 2
April 15 Holders of rec. Mch. 20
Western Union Telegraph (guar.)
234 April 10 April 2 to
April 10
Westinghouse Air Brake (guar.)
a Transfer books not closed. b Also 10% in common stock. d 3% declared.
134% payable April 15 and 134% payable Oct 15.

Imports and Exports for the Week.-The following are
the imports at New York for the week ending March 20; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For

week.

$3,231,285
14,317,949

1906.

1907.

1908.

1909.

Dry Goods
General Merchandise

$2,332,789
9,814,846

$3,300,592
11,102,847

64,687,839
16,111,624

$17,549,231 612,147,635 $20,799,463 $14,403,439

Total
Since January 1.
Dry Goods
General Merchandise

$41,128,913 $32,215,264 846,278,375 639,664,968
146,499,725 93,772,291 157,994,573 124,018,231

Total 11 weeks

8187,628.638 $125,987,555 8204,272,948 $163,683.199

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 20 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1909.

1906.

1907.

1908.

For the week
Previously reported

$13,032,394 $15,208,810 $12,690,296 $11,645,328
124,086,873 158,258,596, 132,765,292 125,124,919

Total 11 weeks

$137,119,267 $173,465,406 8145,455,588 $136,770,247

The following table shows the exports and imports of
specie at the Port of New York for the week ending March20
and since Jan. 1 1909, and for the corresponding periods
in 1908 and 1907:
EXPORTS AND IMPORTS OF/SPECIE AT NEW YORK.
Imports.

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

SinceJan.1.

Week.

$3,300,000 84,891,020
5,420,000

82,056
581,516

41,065 1,414,615
2,000
3,500,000 15,966,000
19,845
9,920

32,095
3,047
4,880

SinceJan.l.
$60,001
1,711,295
199
172,934
91,260
738,796
511,100

86,850,985 $27,713,480 $623,594 $3,285,585
678,177 7,899,015
806,695
12,250
200 1,702,426 1,222,801 2,850,345

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

$460,885 $9,026,369
1,170,900

$2,539
37

13,306

96
46,823
5,940

100

501
26,181

$460,985 $10,237,257
952,012 9,007,851
1,081,428 9,622,565

Total 1909
Total 1908
Total 1907

855,435
54,940
16,024

$47,190
2,698
5,631
21,825
466,318
239,914
157,176
$940,752
907,929
506,303

Of the above imports for the week in 1909, $23,858 were
American gold coin and $96 American silver coin. Of
the exports during the same time, $6,841,185 were American gold coin and $100 were American silver coin.
Boston and Philadelphia Banks.-Below is a summary 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. 27._
Mch.
Mch. 13_
Mch.20__
Philo.
Feb. 27__
Zilch.
Mch. 13_ _
Zilch. 20...

Capital
and
Surplus.

Loans

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

212,632,0
205,216,0
200,480.0
198,595,0

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

258,389,0
257,853,0
258,589,0
257,947,0

Specie.

Levis. Deposits. a Circu-

22,743,0
21,637,0
22,238,0
24,330,0

$
4,373,0
4,175,0
3,197,0
3,259,0

74,989,0
73,421,0
71,884,0
72,756,0

Clearings,

8,199,0
7,986,0
7,899,0
7,593,0

139,318,1
175,611,0
138,699,1
151,145,6

306,132,0 15,457,0
303,404,0 15,399,0
302,076,0 15,613,0
302,265,0 15,721,0

110,904,9
131.346,0
114,546,8
114,618.1

253,066,0
248,141,0
243,593,0
249,414,0

a Including Government deposits and the Item "due to other banks." At Boston
Government deposits amounted to $758,000 on March 20,against $767,000 on Mch.13

804

rnIE

[VoL.Lxxxviii.

CHRONICLE

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 20.

NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended March 20

Clear.-House Clear.-House State Banks & Total of all
Banks.
Banks.
Trust Cos. not Banks& Trust
ActualFiyures
Average. in C.-H. Aver. Cos. Average.

We omit two ciphers (00) in all cases.

p
Banks.
00s omitted.
Batik of N. Y
Manhattan Co_
Merchants' --Mechanics' _
America
Phoenix
City t;
Chemical
Merchants' Ex..
Gallatin
Butch. & Drove
Greenwich _
Amer. Exch
Commerce
Mercantile _ _
Pacific
Chatham
People's
Hanover
Citizens' Cent_ _
Nassau
Market & Fult'n
Metropolitan _ _
corn Exchange
Imp.& Traders'
Park
East River_ _
Fourth
Second
First
Irving Nat Exch
Bowery
N. Y. County_ _
German-Amer _
Chase
Fifth Avenue_ _
German Exch_ _
Germania
Lincoln
Garfield
Filth
Metropolis __
West Side
Seaboard
Liberty
N. Y.Prod. Ex.
State
14th Street_ _ _ _
Copper

Capital. Surplus.

2,000,0
2,050,0
2,000,0
3,000,0
1,500,0
1,000,0
25,000,0
3,000,0
600,0
1,000,0
300,0
500,0
5,000,0
25,000,0
3,000,0
500,0
450,0
200,0
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,000,0
1,500,0
3,000,0
250,0
3,000,0
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
2,000,0

Loans.
Specie. Legals. Deposits. HeAverage. Average. Average. Average. s've.

3,305,6 20,316,0 3,618,0 1,371,0 18,762,0 26.6
3,479,7 35,450,0 9,368,0 1,740,0 42,600,0 26.0
1,588,2 20,706,0 3,948,0 1,776,0 22,397,0 25.5
3,715,8 30,848,0 7,362,0 1,373,0 33,059,0 26.4
5,032,4 29,570,9 5,832,1 3,149,9 33,142,6 27.1
298,0
633,1
8,107,0 1,595,0
7,570,0 25.8
26,218,2 183,780,6 41,661,9 7,153,0 183,095,7 26.6
5,887,0 29,383,1 5,801,5 2,403,1 29,536,0 28.0
7,312,0 1,244,8
785,4
523,1
7,894,9 25.7
9,521,1 1,172,5
761,4
2,429,3
7,577,9 25.5
146,1
2,288,3
457,8
178,2
2,164,3 29.3
7,164,3 1,946,0
200,0
8,213,3 26.1
733,7
5,163,1 29,628,8 3,177,9 2,517,4 22,577.7 25.5
15,394,4 167,119,9 26,135,2 12,416,9 151,918,5 25.5
2,483,3 13,076,3 1,449,9 1,024,0
9,475,5 26.1
852,4
3,675,4
303,2
715,2
3,493,0 29.1
974,2 1,135,3
1,002,2
7,384,0
8,000,3 26.4
1,978,1
466,5
494,9
41,6
2,171,6 24.6
10,384,0 69,396,3 14,754,4 6,930,7 83,003,1 26.2
1,416,6 21,458,8 5,352,2
321,8 21,562,4 26.5
392,3
5,595,1
603,3
6,157,0 25.0
940,7
8,110,8
950,3 1,367,8
8,390,8 27.6
1,607,3
170,8 11,538,1 26.5
1,207,5 11,308,9 2,896,9
5,241,2 44,526,0 6,955,0 5,675,0 51,749,0 24.4
7,345,8 27,055,0 4,537,0 1,880,0 25,233,0 25.4
9,568,9 89,313,4 24,190,5 1,949,4 102,371,5 25.5
1,333,1
100,1
233,3
152,6
1,497,9 25.7
3,319,9 27,518,0 4,740,0 2,550,0 29,270,0 24.9
1,747,0 11,346,0 2,696,0
386,0 11,930,0 25.8
18,368,6 113,747,0 30,252,9 1,590,9 112,811,7 28.2
1;409,5 19,808,1 4,121,1 1,440,2 21,327,7 26.0
792,1
738,0
3,123,5
79,0
3,385,0 24.1
7,971,9 1,324,2
662,1
1,285,6
8,412,1 24.3
794,9
655,0
4,163,3
222,8
4,009,9 25.3
5,931,0 83,616,4 19,418,8 4,304,0 93,930,9 25.2
2,108,1 12,912,1 3,007,1
981,3 14,691,3 27.1
3,499,2
375,8
510,3
892,5
3,630,8 24.0
905,2
620,3
4,780,5
993,6
5,650,5 27.0
949,8 15,794,7 25.0
1,309,5 14,775,9 3,036,9
443,9
7,580,5 1,870,9
1,135,1
7,918,7 29.2
492,4
425,3
3,191,2
3,523,3 26.1
462,0
2,000,3 11,249,1 1,100,8 2,099,5 11,537,8 27.7
229,0
4,986,0 25.9
4,465,0 1,064,0
929,5
1,682,2 20,856,0 4,363,0 2,233,0 25,051,0 26.3
435,1 16,879,8 25.2
2,505,2 17,174,0 3,817,9
241,1
8,886,9 26.4
7,434,7 2,107,5
670,6
239,0 14,062,0 25.4
827,7 11,362,0 3,344,0
569,2
827,1
5,568,0 25.0
5,135,1
319,8
862,7 19,997,1 24.8
2,596,3 20,518,7 4,105,8

Totals, aver_ 126,350,0 168,258,9 1301,635,4 271,520,1 80,502,7 1348,465,3 26.1
Actual figures March 20

1292,027,6 274,337,1 80,484,1 1341,551,3 26.4

On the basis of averages, circulation amounted to $48,581,900 and United States
deposits (included In deposits) to $2,453,600; actual figures March 20, circulation
$48,734,700; United States deposits, $2,556,200.

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:

Loans & Investments__ 1,292,027,600 1,301,635,400 1,070,089,000 2,371,724,400
-6,975,100 -10,693,400
Change from last week -16,594,500 -3,718,300
1,341,551,300 1,348,465,300 a1,023,285,100 2,371,750,400
Deposits
Change from last week .-14,707,000 -3,683,700 -12,462,900 -16,146,600
Specie
Change from last week

274,337,100
+2,341,400

271,520,100
+189,800

127,477,400
-2,453,300

398,997,500
-2,263,500

Legal-tenders
Change from last week

80,484,100
+17,900

80,502,700
+342,800

520,710,700
-333,600

101,213,400
+9,200

Aggr'te money hold'gs 354,821,200
Change from last week +2,359,300
Money on deposit with
other bks. & trust cos.
Change from last wk.

352,022,800
+532,600

c148,188,100
-2,786,900

500,210,900
-2,254,300

24,596,600
-675,500

24,596,600
-675,500

354,821,200
Total reserve
Change from last wk. +2,359,300
Percentage to deposits
26.49%
requiring reserve
26.03%
Percentage last week_

352,022,800
+532,600

172,784,700
-3,462,400

524,807,500
--2,929,800

26.15%
26.03%

19.30%
19.20%

19,433,375

14,906,475

Surplus reserve

+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the Itqm "Due from reserve aeposltortes and other banks and trust companies in New York City:" with this Item
Included deposits amounted to $1,209,495,800, a decrease of $6,181,400 from
last week. In the case of the Clearing-House banks, the deposits are "net" both
for the average and the actual figures. 5 Includes bank notes. c Of this amount
State banks held $14,559,600 and trust companies $133,628,500.

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.

Loans and
Investments.

Deposits.

Feb. 27__
Bich. 6__
Mch 13._
Mch. 20-

$
2,403,228,7
2,388,544,3
2,382,417,8
2,371,724,4

3
2,411,455,2
2,398,699,5
2,387,897,0
2,371,750,4

Specie.

Lege*.

Tot. Money Entire Res.
Holdings. on Deposits

$
$
$
409,076,5 101,633,7 510,810,2
402,392,8 101,976,0 504,368,8
401,261,0 101,204,2 502,465,2
398,997,5 101,213,4 500,210,9

$
534,109,5
527,817,7
527,737.3
524,807,5

Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending March 20, based on average daily results.
We omit two ciphers (00) in all these figures.

II Banks

Capttat,

Surplus.

Loans,
Disc'ts
and
Investments.

Specie.

Legal
Tender
and
Bank
Notes.

Deposit with
Clearthy
Agent.

Net
Other
Banks, Deposits.
etc. .

N. Y. City.
Boroughs of
Man.deBrx
58,0
1,175,0
275,0
Wash. H'ts 100,0
214,3 1,136,0 140,0
64,6 246,0 1,850,4
34,4 215,5
Century ___ 200,0
154,3 1,624,5
STATE BANKS AND TRUST COMPANIES.
455,9 851,5 6,041,5
Colonial _ 400,0
231,3 4,307,9 613,0 366,1
483,0
6,826,0
Columbia _ _ 300,0
430,9 5,742,0 572,0 o33,0
110,1
906,4
Trust Cos.
69,6
State Banks
T72131 Cos.
70,8
State Banks
Fidelity _ _ 200,0
915,8
174,7
183,4 178,6 3,275,3
outside of
outside of
in
29,8 431,4
in
Jefferson_ _ 500,0
Week ended March 20.
685,3 3,298,0
315,4
74,5
3,136,1
35,7
481,6
Greater N. Y. Greater N. F. Greater N. Y Greater N. F. Mt. Morris_ 250,0
2,415,7
265,3
5,1 5,041,6
562,2
31,5 727,0
Mutual ___
200,0
319,6 4,188,2
188,7 707,5 5,841,4
72,6 835,5
19th Ward_ 300,0
478,9 4,381,2
127,684,600
898,0
81,688,000
425,0
4,211,0
983,049,800
294,282,300
228,0
Investments_
3,166,0
and
Plaza
Loans
100,0
397,4
261,3
50,5
1,944,0
--409,300 23d Ward_ _ 200,0
+151,400
-562,500
Change from last week_ -6,714,900
92,0 1,638,1 163,2
6,813,6
Union Exch 1,000,0
950,0 7,003,9 468,9 1,237,0
381,5
686,1
150,0
48,484,400
4,695,1
121,614,300
50,7
3,545,6
Yorkville _
100,0
Specie
420,6
546,0
90,0 4,780,0
-217,9,00 --1,881,700
Change from last week_
Coal&I.Nat. 500,0
725,8 4,521,0 912,0 207,0
242,0
71,0
15,0 1,977,0
New Nethld 200,0
236,4 1,857.0 113,0
34,0
36,5
27,181,400
186,6
12,014,200
931,0
notes.
Legal-tend's & bk.
145,8 1,095,3
Bat.Pk.Nat. 200,0
+228,600
+250,800
Change from last week_
Borough of
Brooklyn.
226,6 179,1 3,395,4
343,634,500 1,102,634,500
22,4 341,0
80,868,600 136,775,500 Broadway_
462,2 2,984,7
Deposits
150,0
873,7 206,3 6,096,9
+190,600 Mfrs.' Nat_ 252,0
+185,200
-92,300
Change from last week_ -5,560,000
777,6 5,377,5 612,7 126,7
1,821,6
1,464,8
237,5
178,0 14,151,8
948,1 10,568,7
Mechanics' 1,000,0
20,707,200 Nassau Nat. 750,0
95,185,400 142,102,000
19,026,900
7,393,0
Reserve on deposits--919,9 6,777,0 331,0 666,0 1,438,0
667,0
526,5
96,0
-781,400
151,5
-116,600
+290,000
-1,432,600
b,530,0
4,469,0
week_
last
Change from
Nat. City-- 300,0
568,7
77,4
218,9 216,7 1,948,8
132,7 1,549,1 141,5
North Side_ 200,0
18.0%
28.3%
15.6%
22.6%
P. C. reserve to deposits_
Jersey City,
351,3 5,019,1 962,0 9,781,9
22.3%
28.0%
15.8%
17.8%
Percentage last week_ _
First Nat_ 400,0 1,210,8 4,023,3 256,6
24,3
311,1 551,3 2,736,2
721,1 2,494,9 160,5
Hud.Co.Nat 250,0
62.9 145,6 1,000,0
1,588,5
77,5 2,703,0
374,0
200,0
Third
Nat-.
+Increase over last week. - Decrease from last week.
Hoboken.
14,6
153,2 232,6 2,320,3
612,5 2,629,3 102,4
Note.-"Reserve on deposits" includes, for both trust companies and State banks, First Nat_ 220,0
72,2
70,2
87,3 370,5 2,644,2
220,5 '2,149,8
not only cash items but amounts due from reserve agents. Trust companies In New Second Nat. 125,0
to their deposits,
York State are required by law to keep a reserve proportionate
The percentage of re- Tot. Mch.20 8,597,0 12,870,7 95,448,0 6,253,8 10290,6 16,380,3 5,443,7 118146,9
the ratio varying according to location as shown below.exclusive
of moneys held 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
serve required Is computed on the aggregate of deposits,
In trust and not payable within thirty days, and also exclusive of time deposits not Tot. Mch. 6 8,347,0 12,748,7 94,014,8 6,266,0 9,604,8 14,380,9 5,197,0 113743,4
payable within 30 days, represented by certificates, and also exclusive of deposits
Banks are likewise required
secured by bonds of the State of New York. The Statethis
case the reserve is comto keep a reserve varying according to location, but in
puted on the whole amount of deposits, exclusive of deposits secured by bonds of
tha State of New York.
-Trust Co's- -State BanksReserve Required for Trust Companies
We shall be pleased to furnish to institutions and investors copies
Total
Of
Total
Of
and State Banks.
of our special circular describing
Reserve which Reserve
which
43 RAILROAD BONDS
Required. in Cash. Required. in Cash.
LocattonListed upon the Now York Stock Exchange
15%
25%
15%
15%
Manhattan Borough
10%
20%
10%
Brooklyn Borough (without branches In Manhat.)15%
15%
10%
Other Boroughs(without branches In Manhattan).15%
15%
15%
25%
15%
Any Borough with branches In Manhattan
NEW YORK
- .
6%
15%
5%
10%
WILLIAM AND PINE STS.,
Elsewhere In State

Aaniting and financial.
Spencer Trask & Co,

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.
The




Branch offices: Chicago, Ill., and Albany. N. V.

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

5 NASSAU STREET.

V- anktrs'

azeitt.

Wall Street, Friday Night, March 26 1909.
The Money Market and Financial Situation.-Influenced
no doubt to some extent by expectation that any change in
industrial affairs will be for the better, the security markets
have shown 'a firmer tendency this week. There is very
little, if any, evidence, however, that industrial affairs are
improving, and the outlook in this particular is not very encouraging. The iron and steel trade seems to be quite as
demoralized now as at any previous time, and the cut in
wages which has therefore been found necessary, and the
unsettled labor conditions in the anthracite fields (the latter
are evidently growing less portentous, however, day by day),
are factors which must be taken into account in any forecast
of probable future developments. In agricultural districts
the prospect is more hopeful. Here railway traffic is showing some improvement, and the crops of the coming season
may, perhaps, occupy a relatively large place in the total
of the year's business-especially if present prices are maintained.
The European bank reserves show the effect of recent gold
shipments from this port. The Bank of England's supply
increased more than $5,000,000 during the week, and the
Bank of France, as well as the Bank of Germany, shows a
larger gold reserve. At London open market rates are lower
than at any time since last autumn, showing that the demand
there as well as here is limited. Shipments of gold from
here to Europe this week amount to $10,300,000.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 13% to 2%. To-day's rates on call were 1%®2%.
Commercial paper quoted at 3%®3%% for 60 to 90 day endorsements, 3%@4% for prime 4 to 6 months' single names.
The Bank'of England weekly statement on Thursday
showed an increase in bullion of £979,775 and the percentage
of reserve to liabilities was 49.05,against 49.41 last week.
The rate of discount remains unchanged at 3%, as fixed
Jan. 14. The Bank of France shows an increase of 2,000,000
francs gold and 2,350,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
Mch. 20.

Differences
from
previous week

1908.
Averages for
week ending
Mch. 21.

1907.
Averages for
week ending
Mch. 23.

$
$
$
$
Capital
126,350,000
124,350,000 125,800,000
Surplus
159,864,900 155,486,700
168,258,900
Loans and discounts__ 1,301,635,400 Dec. 3,718,300 1,161,653,600 1,049,989,600
Circulation
61,245,000
50,920,300
48,581,900 Inc.
32,200
Net deposits
1,348,465,300 Dec. 3,683,700 1,182,080,200 1,002,144,600
U. S. dep. (Incl. above)
14,512,100
48,227,200
29,900
2,453,600 Inc.
Specie
189,800 271,990,000 184,974,400
271,520,100 Inc.
Legal tenders
60,954,500
70,271,200
342,800
80,502,700 Inc.
Reserve held
25% of deposits _____
Surplus reserve_____
Surplus, excl. U. S. dep

532,600
920,925

332,944,500
295,520,050

14,906,475 Inc. 1,453,525

37,424,450

4,709,450

15,519,875 Inc. 1,461,000

49,481,250

8,337,475

352,022,800 Inc.
337,110,325 Dec.

255,245,600
250,536,150

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

Foreign Exchange.-The market was lower this week,
influenced by easier discounts in London,sales of bills against
gold exports and also against securities. Gold shipments to
London, $10,300,000, and to Argentina, $2,500,000; the
latter, however, was previously reported as engagements.
To-day's (Friday's) nominal rates for sterling exchange
were 4 86®4 86% for sixty day and 4 88%®4 89 for sight.
To-day's (Friday's) actual rates for sterling exchange were
4 8640@4 8650 for long, 4 88®4 8805 for short and 4 8840@
4 8845 for cables. Commercial on banks 4 86®4 8610 and
documents for payment 4 8525®4 8590. Cotton for payment 4 854Q4 85%, cotton for acceptance 4 86@4 8610,
and grain for payment 4 8580()4 8590.
To-day's (Friday's) actual rates for Paris bankers' francs
2for long and 516 a@)5 163dforshort.
were 5 17%a®5 173/
Germany bankers' marks were 95®95 1-16 for long and
95®95 7-16 for short. Amsterdam bankers' guilders
40 28®40 30 for short.
Exchange at Paris on London 25 fr. 223'c.; week's range
25 fr. 23c. high and 25 fr, 223c. low.
The week's range.for exchange rates follows:
-Long
Sterling, Actual04 8650
High
4 8640
44 8615
4 8610
Low
Parts Bankers' Francs05 1734
High
5 17k4a
05 1854
Low
5 1840
Germany Bankers' Marks-116
High •
95
094 13-16
Low
943
4
Amsterdam Bankers' GuildersHigh
Low

Short
14 8825
14 8795

(44 8830
04 8810

15 WO
15 1634a
I 95%

05 1634
@5 163-(d

1 95 5-16

095 746
095%

1 40 28
1 40 27

@4030
@4029

-Cables
14 8865
14 8830

04 8870
04 8840

Less: a 1-16 of 1%. d 1-32 of 1%. h 3-32 of 1%.
Plus: k 1-16 011%. x 1-32 of 1%. V 3-32 of 1%.

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day:Savannah,
buying, 50c. per $1,000 discount; selling, 75c. per $1,000
premium. Charleston, selling, $1 per $1,000 premium.




805

THE CHRONICLE

MAE. 27 1909.1

New Orleans bank, 75c. per $1,000 discount; commercial, $1
per $1,000 discount. Chicago, Sc. per $1,000 premium.
St. Louis, 15c. per $1,000 premium. San Francisco, 50c.
per $1,000 premium.
State and Railroad Bonds.-No sales of State bonds have
been reported at the Board this week.
The market for railway bonds has been slightly more active,
owing to an exceptional movement of a few issues. Prices
have generally been steady, 5 out of a list of 25 representative bonds closing without net change.
Among the special features are Wabash ref. and ext. 4s,
which advanced over a point in sympathy with the stock.
Am. Tobacco 6s, which are i3/ points higher than last week,
and Third Ave. con. 4s, which have lost 18% points. Other
changes in the list referred to are fractional.
United States Bonds.-No sales of Government bonds have
been reported at the Board this week. The following are
the daily closing quotations; for yearly range see third page
following.
Interest
Periods
28, 1930
registered Q-Jan
2s, 1930
coupon Q-Jan
35, 1908-18
registered Q-Feb
35, 1908-18
coupon Q-Feb
Is, 1908-18____small coupon Q-Feb
4s, 1925
registered Q-Feb
4s, 1925
coupon Q-Feb
2s, 1936_Panama Canal regls Q-Feb
25, 1938_Panama Canal regis Q-Nov

Mch. 1 Mch.
20
22

Mch.
23

Mch.
24

Mch.
25

Mch.
26

*10154 *10154 *10134 *10154 *10154 *10134
*101% *101% *10134 *10134 *10154 *10154
*101 ,*101 *101 *101 *101 *101
*101 ;*101 *10134 *10134 *10134 *1014
*100 I*100 *100 *100 *100 *100
*119 *119 *119 *119 *119 *119
*12054 *12034 *12034 *12054 *12034 *12034
*101 '4.101 *101 *101 *101 *101
*101 *101 *101 *101 *101 *101

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

Railroad and Miscellaneous Stocks.-As noted above, the
stock market has continued generally firm in tone throughout
the week,and the volume of business is a little larger. A few
railway issues have been notably strong with no apparent
reason therefor and practically the entire active list is
substantially higher than last week except the local traction
stocks. The latter were weak, owing, presumably, to the
fact that permission to construct and operate new subway
lines has been asked for by a competing company. Third
Avenue declined 8 points and Interborough preferred over 3.
Chesapeake & Ohio also showed a tendency to weakness.
Reading and New York Central have been the strong
features of the market and both show a net gain of nearly
4 points. Southern Pacific and Union Pacific are over 2
points higher. Chicago & Alton made a sensational advance
of over 10 points.
The copper stocks all show the result of improving trade
conditions. Columbus & Hocking hoal & Iron has continued
the upward movement noted last week, and closes at 43%,
as against 213
% a month ago. Consolidated Gas advanced
on the election of a prominent man to its presidency, and the
United States Steel issues are about a point higher.
For daily volume of business see page 813.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending March 26. for
Week.

Range for Week.
Lowest.

Chic Term Trans, pref.. 100 1934
Keokuk& Des Moines__
100 5
Nat Mex pref tr rects___
100 4154
100 34
New York Dock
Preferred
100 79
40 334
Ontario Silver Mining
%
Peoples' Gas & C rights_ 3,775
2417354
Pitts Ft Wayne & Chic..
20010254
United Cigar Mfrs pref
100120
U S Leather pref
2,600 8654
Wis Cent pref tr rects

Highest.

Mch 25 ;1934
Mch 24 5
Mch 23 41%
Mch 22 34
Mch 25 79
Mch 22 3%
Mch 23
%
Mch 26 17354
Mch 22 10254
Mch 24 120
Mch 24 87%

Range since Jan. 1.
Lowest.

Mch 25 17%
Mch 24 5
Mch 23 38
Mch 22 30
Mch 25 75
Mch 22 3%
Mch 22
%
Mch 26 173%
Mch 23
Mch 24 19
15
9
Mch 23 86%

Highest.

Jan 20
Mch 8
Feb 44
Feb 35
Ts 794
Mch 54
Feb
34
Mch 17414
102%
lifa
jcn
h 128
Mch 87%

Jan
Jan
Feb
Mch
Mch
Jan
Mch
Jan
Mch
Mch
Mch

Outside Market.-An,irregular tone marked this week's
trading in "curb" securities and, outside of a few industrial
stocks, few changes of importance' took place. A rise of
25 points in American Light & Traction stock occurred, due
to rumors that a 10% stock dividend would be paid. Mining
shares were irregular, with slight changes one way or the
other. Boston Consolidated Copper opened at 118% and
closed to-day at 11%. British Columbia advanced from 6
to 68%. Butte Coalition rose from 228% to 243
% and reacted
to 24. Cobalt Central ends the week at 398%, at which
figure it started; it reached 413/i but subsequently
dropped again. Cumberland-Ely receded
to 73%.
3 . First National
Davis-Daly moved up from 48% to 5%
Copper fell from 6% to 68%. Greene Cananea ranged from
9 to 98%. Nipissing was steady a t103
4 to 11. Ohio Copper
4 to 65
dropped from 73
%. United Copper common rose from
11% to 13 but reacted to 125
%. In the bond department
Pacific Telephone & Telegraph 5s were dealt in for the first
time, and there was an active demand for them at from
953/ to 963
4. Argentine 5s held steady at 983
4. Southern
Pacific 4s "w. i." sold from 97 to 973 and the "rights" from
'A to %. Western Pacific 5s were quoted 94% and 95.
American Light & Traction shares, as already stated, gained
253 points, making advances from 1503 to 1598%, 164,
170 and 176. American Tobacco after rising to 380 reacted
to 370, finishing at 372. Standard Oil experienced a series
of setbacks which caused a drop from 675 to 656. United
Cigar sold from 598% to 608%. Chicago Subway was active
with sales ranging from 258% to 288%.
Outside quotations will be found on page 813

New York Stock Exchange-Stock Record, Daily, Weekly and. Year17
OCCUPYING TWO
OGI1.8-11IGHB.IT AND LOWHST SALE PRICES
Saturday
March 20

Monday
March 22

Tuesday
March 23

Wednesday
March 24

Thursday
March 25

Sates el
the
Friday ,
Week
March 26 Shares

PAGES

STOCKS
NEW YORK STOCK
EXCHANGE

Range
Jan. 1 1909
on basis 01 100-share lots
Lowell

klighest

Railroads
10234 10334 10234 10334 10278 10312 10314 10353 10312 10414 36,050 A tch Topeka do SantaFe 9778 Jan 13 10433 Mell 2
10212 103
*10214 104
10214 10312 10318 10312 10378 104
10313 10373 10353 10413 3,100 IX Do pref
40014 Jan 20 10418 Mel.26
11933 12018 11878 11934 11912 11912 119 11912 11812 11812 2,550 Atlantic Coast Line RR
/19 119
10712 Jan 14 12212 Meh 15
10712 10734 108 10812 10818 10834 10712 10933 10858 109.38 109 10938 26,825 11.1a1titnore & Ohio
10312 Feb 23 11212 Jan i
*9312
9414
94
94
9414
9414 *9334 9412 *9312 94
49334 9334
550 a a Do pref
92 Feb 3 9412 Mch15
7114 7158 7134 7218 7118 7238 71
72
7133 7178 7138 7134' 24,120 Brooklyn Rapid Transit_ 67 Jan 9 7373 Men 3
*____ 64 *____ 64 *-- 64 *____ 64 *_ 64 *___- 64 1
Buffalo & Susque, pref__ 563 Mch16 5t3Meh 16
8
167
168
168
5
1677
8
16612 16714 16712 16734 16753 16734 8,000 rlanadian Pacific
167 16733
x165 Meh 3 17814 Jan 4
6513 652 6512 *6512 60
*64
6512 *64
*6512 66
*6512 66
128 kJanada Southern
6014 Jan 11 6512 Mch23
022712 235 *22714 235 *22712 235 *22712 235 *22712 235 *22712 235
Central of New Jersey___ 215 Feb 23 235 Jan 8
6912
6914
70
6812
70
6834 6978 6853 6938 6878 8912 83,700 Chesapeake & Ohio
69
b53 Jan 6 7033 Mch 19
62
6278 6278 6312 6234 6312 6412 6978 68
60
60
5778 Feb 24 7012 Mch2.
7012 18,170 Chicago & Alton RR
*70
75
_, - - *69
75
*09
75 *---- 75
75
7612
200
71 Feb 24 7612 Mch:6
Do pref
412 434
414 434
412 478
412 -45;
452 434
414 Mch18 1112 Jan 2
434 473 7,300 hicago Great Western
*55
65
*55
65
*55
65
*55
60
*55
65 *55
65
Do 4% debentures....__ 60 Jan 22 6118 Jan 20
2518 26
27
*25
27
*25
28
*25
*25
2612 *25
28
200
25 .an 13 37 Jan 4
Do 5% pref "A"
08 7
634 7
634 7
634 7
678 7
*673 7
612 Mch19 1413 Jan 2
4,800
Do 4% pref "B"
14334 14433 14438 14538 14413 14512 14412 14.838 14478 14533 145 14553 31,750 Chicago Milw & St Paul_ 141 Feb 2:I 15134 Jan 4
*16034 16114 161 16134 16134 162
162 16258 16134 16214 16233 163
15812 Meh 15 167 Jan 25
2,600
Do pref
1793.1
17812
170 17934 17812 17913 179 179
17814
*17734
17914 17934 6,480 Chicago & North Western 17318 Feb 24 185 Jan 2
*208 215 *208 215 *210 215 *210 215 *210 215 *211 215
x208 Mch 15 4,25 Jan 5
Do prof
150 160 *150 155 *150 155 415234 15234 1152 152
*150 160
10 Chto St P Minn & Omaha 9152 Mch26 156 Jan 5
*158 170
158 170 *158 170 *158 170 *158 170 *158 170
16612 Jan 30 169 Jan 95
pref
Do
*5
613 *5
6
512 512 *5
13
*5
6
*5
51,
100 Chic Un Trac ctfs stmpd
7 Jan 4
514 Jan 13
1514 1514 1513 1512 *1412 16
*1414 16
*1412 16 *1412 1512
500
1414 Feb 26 1814 Jan 27
Do pref etfs stmpd
75
*74
75
75
*74
75
*73
7514 75
75
7478 7478
200 Cleve Cln Chic & St L_ 18 .an 29 7912 Feb 16
105 105 *104 106 *103 106 *103 110 *10112 110
*102 105
100
Do pref
4
105 Meh22
100 Jan
63
*6212 6278 6234 6278 63
6218 6212 6318 6318 6312 6412 2,430 Colorado & Southern
5713 Jan 5 6814 Jan 8
8112 8112 8112 8112 48138 8112 *8012 8112 8038 81
81
914
761,Jan 2 8513'Jan 8
Do 1st preferred
8134
4.7,7
78
7812 7878 7814 7834 3,100
7812 7834 7834 7878 78
79
Do 2d preferred
7314 Jan 2 8412 Jan 7
017314 17412 174 17414 17412 175
17513 17512 17612 17738 176 177
5,100
& Hudson
16734 Feb 24 182 Jail 4
*530 550 *535 540 *540 550 *540 550 *540 550 *540 550
11.1elaware Lack & West_ 535 Feb i, 2550 Jan 4
44
4434 44
4414 4614 4514 4578 22,120 Denver & Rio Grande
4418 4414 45
45
44
3753 Jan 6 4878 Feb 5
8514 85
8512 85
85
8512 8512 85
85
8578 86
8610 3.350
7913 Jan 6 90 Feb 10
Do pref
...... *571461i2 *---- 6012 *5434 6012 *5434 6012 *5714 60
trod
56 Jan 30 6312 Feb 20
DuluthDe tr it Cas
510 Detroit
17
*1612 1738 *1612 17
41634 104 17
*1612
17
17
So Shore & Atian 1514 Jan t% 21 Jan 18
30
3013 3012 3013 3078 3038 3033 *30
30
*3014 3073
600
Do pref
,
28
258 5
F1ecbit pi
Ja n 12
5
2414 2518 2414 2538 2418 25
2334 24
2412 204 2533 2578 47,675 U ric
3434 Jan
3738 3753 38
3870 3778 3814 38
38
3858 4012 40
4013 6,595 14 Do 1st pref
3612 Mellli
5112
l Jai
2
30
283.1 2834 *30
3014 3012 3012 3012 3134 *3034 3234 1,550
3034
2812 Mehl' 4012 Jan 4
Do 2d pref
14134 14313 14134 14312 14234 14312 14212 143
14034 142
14234 14314
oppe
rre
prrn
13658 Feb 24 14814 Jan 4
O
orrtehe
68
6612 6652 66
6612 66
6634 6634 6712 68
6712 68
%9
27
4:
ies_ _ 6511
700 Gre
properties
4(.
80.2
IraotnN
74 Jan 27
14
15
*1312 14
14
14
*14
14
14
14
14
14
12 Green Bay & W.deb ctill 14 Feb 26 17 Jan 4
*37
3914 3914 3914 *39
40 *39
*3813 3914 3978 3978
40
39 Feb 1 4012Jan 11
200 LI avana Electric
*80
*80
85
85
85
8412 8412 *80
*8334 85
85
*80
100 II Do pref
8312 Feo b 8412 Mch 1
1.100 106 *100 106 *100 106 *100 106 *___. 106
104 104
10 Hocking Valley tr rcts
103 Jan 4 106 0 Jan 12
*8713 93 *8818 93
*9013 93 *9013 92
93
*87
90
90
200
488 Mch 8 93 Jan 21
Do pref
142 14212 14212 143
14212 14333 143 14334 14334 14334144 144
137 Feb 21. 199 Jan 4
3,800 I llinois Central
1314 13
1373 1414 1153 1414 1178 1314 13
1313 14
13'2 29,900 interboro-Metropolitan. 1115.3 Mch 23 19 Jan 5
4214 4212 3634 4212 3712 3914 3834 3912 3918 40 61,840
42
41
3634 Mch23 4933Jan 0
Do pref
*2834 2012 2914 2914 2834 2914 *2834 2912 2878 2878 2912 2934 1,110 Iowa Central
27 Feb 24 3.114 Jail 18
5778 5814 *5713 5812 *5712 5812 5838 5812
68
45814 5814 *57
700
5412.1an 4 6134 Jan 19
Do pref
*74
7534 7534 *74
76
*74
76
*74
78
76
*74
77
200 ir 0 Ft S & M tr cis, pref 7434 Feb 5 7614 Mch 16
45
4533 4458 4514 4433 4614 4514 4612 463.1 4638 41,610 fa.ansas City Southern... 37 Feb 23 4714 Meh 6
4412 45
7312 7434 11,320
7313 74
74
7338 73
7234 7314 7314 7312 73
6778 Feb 24 7434 Jan 8
Do pref
22 *20
*20
22 *20
22
22 *20
*20
22
*2012 22
I ake Erie & Western_ 1913 Feb 25 24 Jan 2
45212 5212 *51
5212 5218 5218 5318 5318 *51
53
*51
250 1.1 Do pref
5212
48
an 23 54 Feb 16
*62
65 .60
64
*62
65
64
64
64
*62
*62
*62
59 Jan 4 6612 Jan 19
Long Island
12812 130 *12912 13012 12912 130
12914 13014 129 130
112934 130
4,300 Louisville & Nashville
z121 Jan 29 131 Mch18
142
142
142
142
1142 14712 *142 14712 *142 14712 4142 142
Elgraete
ll
400
ptotgan
142 Mch25 15312Jan 4
21
21
21
*20
521
27
30
*21
*20
150 1‘1:tro
30
30
*24
21 Mell 25 42 Jan 5
22
2012 2012 2034 2114 2073 2073 2012 2012 2078 22
2312 27,700 Mex Cent Trust certfs
1912 Feb 23 2514 .7:./3 4
5414
5414
54
55
5312 5312 5312 54
1,230 Minneapolis & St Louis
*5212 54
55
*52
52 Meh 6 6.5 Jan 8
*8212 86
35
85
*82
85
85
*82
100
81 Mch 10 90 Jan 8
85
*82
85
*82
Do prof
14512 146 x14238 143
2,450 Minn St P le S S Marie- 13212 Jan 2 14912 Jan 8
14513 14512 145 14512 14512 14578 145 146
157 157 5156 156 *156 15812 *153 158
158 158
260
115533 158
14712 Feb 26 159 Jan 7
Do ford
1, Feb 23 4478 Jan 22
4014 4053 4058 4114 401.2 4118 4014 4138 4078 4138 4118 4112 35,400 Mo Kansas & Texas
7334 7312 7334 1,300
*7234 7314 7313 7358 7314 7338 *7313 7334 *73
3571 - Feb 23 7514 Jan 21
Do prof
6958
69
6034
6014
6914
7133 23,107 Missouri Pacific
6812 6812 6878 6934 6812 70
68 Feb 24 7::33Feb 5
125 125 *123 130
100 1\1 ash Chatt & St Louis_ 12212 Jan 5 125 Jail 18
.122 130 *122 130 *122 130 *122 130
12414 12412 12452 12614 126 12733 127 12814 12758 128 2 x12673 12713 47,169 i'l Y Central & Hudson_ 12013 Feb 24 13234 Jan 4
52 *49
*49
,52
5233 5233 *49
52
52
4934 Men 9 57 Jan 4
*4912 5134 51
400 N Y Chic & St Louis
___- ____ *96 105 *96 105
*96 105
*00 105
*96 105
100 Feb 20 100 Feb 20
Do 1st pref
79
79 *75
79
-__- --- *75
*75
79
*75
70
*75
Do 2d pref
78 Men ,! 87 Feb 4
159 *159 1504 15914 15914
455 N Y N H & Hartford_ _ _ _ 15713 Feb 24 16334 Jan 8
115812 15878 15878 15873 159 159 4159 .
4558 40
46
4578 4615 7.400 N Y Ontario & Western- 4214 Feb 24 4914 Jan 4
4512 4534 45
4514 46
45
45
88
8712 8838 88
8734 88
88
8714 8714 8712 88
8414 Jan 6 9338 Jan 20
8818 3,050 Norfolk & Western
87
8513 8513
87 *85
*85
*85
*S5
*85
88
87
87
100
Do adjustment pref
8518 Mch26 88 Jan 20
13978 14034 14038 14153 14034 14153 14034 14134 141 14138 67,494 Northern Pacific
13838 140
13314 Feb 24 14314 Jan 2
83
83 *77
*77
82
*77
82
*77
82
*78
pacific Coast Co
82
*78
76 Mch 3 83 Jab 7
*90 100 *90 100
*90 100
*90 100
1
*90 100
Do 1st pref
*90 100
85 *78
*78
88 *77
88
85
*78
85
Do 2d pref
*78
85
*78
13153 13213 13133 13218 27,110 Pennsylvania
13034 132
12613 Feb a3 135 Jan 4
13018 13012 13033 13134 131 132
9212 9178 9238 9233 9233 9218 9232 9134 9173 1,800 Plttsb Cin Chic & St L
92 *91
*91
8612 Jan 5 94 Feb 4
110 110
110 110
Do pref
10812 1031,*108 112 *108 112 *10814 112
300
104 Feb 10 110 Mch25
118 Feb 23 14438 Jan 4
12(153 12834 12812 13114 12978 13114 13014 13234 132 13314 13214 13314
*89
00 *89
d°1st prof
90
90 89.9
*89
90
400
89 Meh22 93 Jan 5
8912 *89
*8912 91
89
*90
92
93 *90
94
*90
2d prof
94
*90
94
93 *88
*90
90 Feb 1 9312 Jan 5
2073 Feb 24 2638 Jan 8
2312 2378 233.1 2412 2332 2432 2438 2478 2438 2478 29,770 Rock Island Company
23
23
6414 6518 52,500
5753 Feb 24 6514 Feb 6
Do pref
6212 6318 6318 6414 6333 6418 6273 6414 6334 65
70
*65
*65
69
70
*65
Qt L 5c San Fr, 1st pref.. 67 Jan 13 70 Feb 16
70
*65
*65
70
70
*65
36 Feb 23 42 Jan 2
3912 4,300 1,-7 Do 2d pref
3714 3838 3814 3873 39
37
3734 *3713 38
37
*36
22/2 2273 *2214 23
22
2234 2278 2273 2278 2234 2278 1,400 St Louis Southwestern.... 2012 Feb 25 2458 Feb 6
22
5313 5314 53
531.
, 1,740
53
Do pref47
12Jan 6 5414 Jan 4
*52
53
5234 53
53
*5112 53
11458 Feb 24 12113 Jan 22
11773 11838 11812 110-34 11878 1201 1 11912 12038 120 12032 12018 1203:;', 137,650 Southern Pacific Co
12312 12310 1,600
123 123
Do pret
122 12258 12212 12284 12212 123
11834 Feb 24 12313 Jan 27
122 122
22 Feb 24 2713 Jan 2
*2334 2373 2413 2433 2334 2414 2373 241$ 2378 2412 2432 245; 9,100 Southern v tr cfs stmpd_
6212 6218 6212 7,118
Do pref
6212 62
6211 62
60 Jan 5 65 Feb 15
do
6134 6134 *6134 6212 62
*32
30 Feb 24 3734 Feb
3212 3173 323, 3173 3233 32
3314 7,600 Texas & Pacific
3212 3213 3273 33
29
27
20
47,090 1 lard Avenue (NY)..... 2512 Mch 24 4212 Jan 18
3412 3513 3512 3534 2734 3612 2512 2012 27
13
500 Toledo Railways & Light 11 Jan 14 1518 Jan 2
1118 1112
*11
1218 1134 1134 *1112 12
1312 12
*11
4812 48
4738 46 47
47
4714 47
4914 9,000 Toledo St L & Western.... 43 Feb 21, 5314 Jan 14
4614 4714 47
7153 7113 7112 11,000
71
Do 43ref
7014 7034 7018 7073 7012 71
6434 Feb 24 7414 Jan 4
71
70
100 Twin City Rapid Transit 97 Jan 2 107 Feb 16
10334 10334 *103 10514 *10312 10514
.103 105 *104 106 *103 105
17212 Feb 24 18413 Jan 2
1'7734 17833 179 1801, 17934 18118 180 18118 18033 18133 18033 18114 ; 61,800 1 1 nlon Pacific
9554 95
980 t..) Do pref
95
95
49434 0134 *9434 9,514
95
394 Mch 1 97 Jan 8
9512 95
*95
35
32 *30
*30
35 *30
35
*30
35
Unit Rys Tnv't of San Fr 30 Feb 25 37 Jan 4
*30
35
*30
52 *32
53 *52
53
52
360
5134 52
604 Feb 25 65 Jar. 7
Do pref
*5134 52
*5134 52
1858 1833 1834 3,310 IV abash
1814 18
1813 18
18
15 Ifeb 23 1934 Jan 2
18
1734 1778 18
Do pref
41 Feb 23 62 Jan 8
4414 4414 4412 4458 4552 4512 4614 4514 4758 4738 4818 42,450 Tv
44
2153 19,650 Western Maryland
20
21
2013 2012 2034 21
20
1933 Mch16 2573 Feb 5
1912 20
*1912 20
*312 • 9
g
g
*512 912
g
914 *al. 910 sg
g
813 Feb 6 1272 Jan 4
350 Wheeling & Lake Erie
22
22 *20
22 *20
20 Feb 21 2578 Jan 8
Do 1st pref
22 *20
22 *20 - 22 - *20
*20
12
*9
12
12
*9
12 *20
1013 Feb 26 1518 Jan 8
Do 2d pref
*10
32
*10
12
*10
4914 4914 4914 4914 4814 49
3,700 Wisconsin Central
3573 Jan 6 5112 Moh 2
4914
4913 4()
49
4814 4831 49
.... Qai. .Qai. 271. 2711 5,2734 R65. 86511 87
87
87
010.Tal 13 4014 Mal% 2
87
1.200
Do nref_
.- ---...

nelaware

-I5,

38

Rea

BANKS

AND

TRUST

1-avious
Year (1908)

&Mgt 107

66 Feb
8333 Feb
5912 Slob
7612 Feb
80 Jan
3714 Feb
55934 Oct
140 Feb
54 Mel
160 Feb
2513 Feb
10 Feb
47 Mch
313 Feb
3312 Meh
1512 Feb
6 Feb
10312 Jan
138 Jan
13512 Jan
4185 Jan
114 Feb
14013 Jan
53 Apr
4 Apr
4712 J'ne
8518 Feb
21 Feb
5033 Jan
3934 Feb
14112 Feb
420 Jan
1414 Feb
3914 Met,
3213 Apr
6 Feb
1334 Feb
12 Ma
2433 Mel"
16 Mel)
11334 Feb
4812 Jan
8 Jan
20 Mel.
470 Jan
62 Feb
69 Mcb
12213 Feb
634 Jan
171s Feb
10 Feb'
2712 Feb
67 Aug
18 Feb
46 Feb
12 Jan
34 May
80 Feb
8714 Feb
120 Jan
15 Feb
1412 May
20 Mch
61 Feb
7914 Jan
12313 Feb
1712 Mel)
46 Feb
2812 Feb
6_
734 Jan
9054 Jan
2412 Jan
90 Jan
60 Feb
12833Jan
2913 Feb
58 Feb
74 Meh
11878 Jan
65 Sep
90 May
79 Meli
10834 Jan
59 Jan
8113 Mch
9213 Feb
78 Jan
76 Jan
1012 Feb
2034 Feb
Fenbe
42
1014 J'

10114 Dec
104 Dec
11112 Dec
1178 Dec
94 Dec
6934 Dec
6431 Men
18018 Nov
68 Nov
229 Dec
5933 Dec
6878 Dec
79 Dec
1453 Nov
6814 Atiz
43 Dec
1718 Nov
15213 Dec
16434 Dec
18512 Dec
224 Dec
160 Dec
174 Dec
718 Dec
18 Dec
7013 Dec
1,973 Dec
59 Dec
74) Deo
76 Dec
1813i Dec
675 Nov
4012 Dec
8314 Dec
56 Nov
183,4 Nov
3334 Nov
36 Nov
5133 Dec
41 Dec
14814 Dec
7513 Nov
1712 Dec
40 Dec
84 Deo
10412 Dec
93 Dec
14934 Nov
20 Dec
4913 Dec
3212 Dec
57 Dec
7512 Dec
4238 Dec
7218 Dec
26 Dec
58 Dec
5638 Dec
12534 Dec
15434 Dec
4412 Dec
2412 Dec
5612 Dec
90 Dec
135 Nov
15112 Dec
4312 Dec
7512 Dec
0712 Dee
122 Nov
126 Dec
5712 Dec
105 Nov
85 Dec
161 Nov
4778 Dec
8614 Nov
88 Dec
15734 Nov
931., Jan
90 May
97 Jan
13214 Dec
8812 Dec
10834 Nov
14314 Dec
92 Dec
99 Dec
2514 Dec
6253 Dec
00 Dec
4214 Dec
10 Moli 24 Dec
2412 Feb
5578 Dec
6614 Feb 12212 Dec
10638Jan 12512 May
2714 Dec
01s Jan
6312 Dec
2512 Mcb
1234 Feb
3714 Dec
1512 Mch
47 Aug
612 Oct
1512 Deo
12 Feb
60 Dee
7313 Dec
13 Feb
7814 Feb
9638 Dec
11012 Mch 18478 Nov
7914 Apr
98 Nov
15 Jan
40 Dec
5912 Dec
2713 Jan
2053 Dec
834 Mch
5234 Dec
13 Mch
5 Mch
24 Deo
412 Mel%
13 Dec
2614 Dec
1213 Apr
9 Feb
1534 Nov
3814 Deo
1313 Feb
721, Dec
.:e4 Pei

COMPANIES-BROKERS! QUOTATIONS.

Ask
Bid
8141
Ask
Ask
Banks
Bank,
:
Ask
BO
Bid
Banks
Banks
Banks
200 Fifth Aye11. 4000
cbaseaEx 1 190
185
---- Irving N Ex 180
Mutual %--- 490 310 Plaza 11_ _
300 350 Jefferson I _ 180
-- _ Nassau IL.- _ 205
Chemical __ 42212 430 Fifth
Prod Each
New Yor'c
....-..
785
-_
165
169 Citizens' Ctl 11601. ---- First
550- New Neth'd 200
21-0 Resery -. -Aetna
Liberty-- 625
155
- - 14th St1
180 Lincoln ___ 420 435
NewYorkCo 75
1345
690 C1ty
_ Seaboacrd ..America 1- - 575
250- Fourth
214
260 Coal & iron 245
355
218
Amer Each.. 250
Manhattan' 320 330 New York _ 325
3-3-21, Second ---_
355
--- Gallatin
-- . Colonial 1- WOO
Battecy Pk. 130
Wark.t&Ftti 1261
220 - Sherman __
--_ N'ht &Dayll 200
425 Garfield
Bowery 1 _ _ 320 335- Columbia 1 _ 375
255 19th Ward 11 465
475 State 1_
-._ Commerce _ 118814 1190 Germ Am 1.1 116- 29° NiechaniceBronaBoroll 300
___- 150 12th Waid
.- Northern
18712
Mercantile 2- 259
235 Germ'n Ex11 450
1-70 Pacific I__ 230
Bryant Pk Ii 155
1-65 Copper __ _ 230
245 23d Ward ,
--- Merch Each 160
Union Exc :.
150 Corn Si 1
335 345 Gerrnania 1 525
...-._.- Merchants._ 160
Butch & Dr 140
480
154 Park
470
13.5 Greenwich 11 265
Wash 1-1.to '
295
East River_ 125
Century 1- 170 175
280 Metropolis 1 375
---- People's 1- 280
590
West Me 1,
175 Hanover
Chase
300
190 195 Phenix
oli'lli_ 26
6
.
.
6.- 4
____ Fidelity 1_ 165
1,1e
t t%
185
ro
t xrr
175
1'
trnrkv1110
Imo ec Tracl 550 ,
Chatham _ 1298
._ ...
__0
- .. . .
•
Ski and asked prices no sales were made on tills clay.
I r;x-rigats. S Less than 100 snares. 11 State banks. a Ex-dividena auu
L. a Sale at Stock Exchange or at auction this Week. Is 1
4irst installment paid. a Sold at private sale at this price.
Banks

Bid

Ask




Highest

Lowest

Ask
aid
625
610
1021
'-130 - .„..,
31,0 365
135
230
26
.
0
---- 155
_
100
'ijo
190
__
230
500
425
-.
Jaew bieca.

New York gtocic liecord-Conciuded-Page 2

MAR. 27 1.909.1

SPOCK&--III JIIIVIT AN 1) TJOWES7' SA as PRICES
Saturday
March 20

Monday
March 22

Tuesday
March 23

Wednesday
March 24

Thursday
March 25

Friday
March 26

... ates a/
,he
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Rano! sine( Jan
190 ,
On ba.313 ot 100-3ha,.. (cis

807
ham, ,07 tievious
Y ear (19(1)

Lowest
H‘gaes:
Lowest
titvhest
---.--•
Industrial&Miscellaneous
Express
190 Jan 20 191 Feb :_3 164 Jan 1200 Aug
*191 200 *191 200 *191 200 *191 200 *191 200 *191 200dams
1633 Dec
Allis Chalmers
1.334 Feb 24 1558Jan 27
5 /deb
1312 1333 1338 1314 1312 1334 1414 1418 1414 1,610 *13
1312 *13
14
Do pref
38 Feb 24 60 Jan 2
Mch
4412 1,800
5234 Dec
*43
44
44
43
43
4312 4314 4434 44
43
*41
65 Feb 26 8434 Jan :
8833 Nov
4518 Feb
7034 7038 7078 98,400 Amalgamated Copper
7034 6912 7058 70
683a 6878 7058 69
08
3313 Jan 5 4078 Jan 2:i
35 Nov
13 Jan
600 Amer Agricultural Chem_
3714
37
37
37
37
*3612 38
4 37
1
4 37/
1
37/
38
*36
t6 Nov
Do pref
100
781-, Jan
9512 Jan 18 98 Mch I8
*9512 9712
96
9712 *90 100
97 *90 100 *95
96
*9J
247g Apr
912 Feb
2014 Jan 13 3253 1W,
0126
2914 3258 64,000 American Beet Sugar
2758 2713 2834 28
*2534 2614 26
2878 2814 29
Dec
Jan
5134
82
pref
7
Do
8934
Aich2.•)
Jan
300
85
4
893
8834
8813
8812 8812 *86
8834 *83
88 *___ 8834
*83
712 Feb 23
4 Feb 2
1
9/
250 American Can
1014 Nov
4 Feb
814 814
814
833
838 *8
*8
814 814 4838 838 *8
53
Do pret
71' - Feb
771e Feb 2
2,900
7673 Nov
44 Jan
74
*7312 75
7438 7414 7412 74
7358 7414 74
7333 74
5034 Deo
15
'2512 Feb
4 4818 4858 4814 4834 4838 4912 5,600 American Car de Foundry 4414 Feb 24 6112 Feb
1
4 4838 4812 4812 4834 48/
1
48/
Do pref
10712 Feb 23 11134 mob 70
300
8414 Mch 109 Deo
*110 11078 11078 11078 *110 111
110 110 *109 111 *109 111
4218 Jan 5 56 Jnn 26
4434 Nov
'2434 Feb
4 1,100 American Cotton Oil
/
5158 5158 5112 52
*5114 5214 5112 511
52
*5113 52
52
Do prof
98 Jan 7 10312 Feb 19 480 Jan
97 Nov
*109 102 *100 1(12
*98 102 *100 102 *98 102
*99 102
American Express
3205 Feb 5 210 Jan 8 3170 Feb 4224 May
*200 205 *200 205 *200 205 *200 205 *200 205 *200 210
American Hide & Leather
614 Feb 25
81. Dec
813Jan 21
234 Feb
738 *713 714 *634 714 *612 7
732 *7
*612 7
*7
34 Feb 24 4258Jan 23
Do pref
373; Dec
1212 .1.1ch
41
40
4033 4112 4014 41
3912 3912 3912 3912 4012 4012 3,800 American
Ice Securities
1878 Jan 3 3113 Mc1125
3173 Aug
1212 Feb
3112 15,821
2913 2973 3014 3118 3038 3138 3014 3113 3034 3112 31
1712 Dec
12 Feb 25 16 Jan 25
0 Mob
50 American Linseed
1412 *1314 141
4
/
*13
14
*13
14
414
*13
*1314 14
14
Do pref
29 Jan 12 35/
4 Feb 6
1
17 Met, 3614 Dec
*30
34
3378
*29
33 *29
33 *30
34
33 *30
*30
31/
49 Feb 23 51314 Jan 7
4 Feb
1
54133 Aug
5212 5234 5414 4,950 American Locomotive__ _
5012 51
5218 5218 52
52
51
5113 52
Do pref
10914 Feb 24 114 Jan 2
8512 Jan 113 Dec
350
114 114
*112 114 *112 114
114 114 *112 115 *112 115
9/
4 Feb 3
1
853 Sep
7 Jan 7
Aich
200 American Malt Corp
8
*7
8
712 *7
718 *7
*1
8
7
738 *7
5 18 Sep
Do pref
a Jan 7 54 Mch12
21 Jan
5118 1,000
51
52
*51
51
51
51
51
5112 62
*5134 52
4
Aug
Jan
16
80
Feb
B
8653
pref
Sec
8418
Smelters
Amer
Jan
70
1,200
85
85
8534
*8434
12
85
*8434
*8453 8434 8434 85
8538 8533
5512 Feb 107 Aug
8738 8612 8738 28553 8614 80,600 Amer Smelting& Refining 7734 Feb 24 8938Jan s
8353 8458 8412 8678 8512 8778 86
8734 Feb 11038 Aug
301 Jan 2 10612 Feb 11
Do pref
103 10338 10313 10312 10313 10313 10338 10312 10338 10334 10212 10234 2,700
American Snuff
225 Itch 9 225 Mob 9 ISO Aug 200 Apr
*220 250 *210
_
*220 250 *220 250 *220 250 *220 250
80 Met, 9712 Sep
Do pref
95 N. ,, 1 497 Feb 11
400
97
97
97
97 *92
*90
07
97
*92
97
97
97
41 Nov
28 Sep
4 Feb 24 99 Jan 4
1
34/
3734 3,385 Amer Steel Found (new)_
3713 37
3533 3538 3538 3512 3514 3534 3514 3512 36
Sugar Refining 12633Feb 24 124 Jan 22
9834 Jan 13734 Aug
American
4,700
4
1303
130
130
130
4
1303
13033
12931 12934 130 13012 12978 13114
Nov
131
1
Meh
8'
Feb
12973
Feb
105
2128
pret
Do
200
*128 130
129 129 *128 130 *127 129 *127 129
129 129
Feb 1 1.5053 Meh26 .101 Jan 13258 Nov
130 13014 13014 13013 13038 13058 10,850 American Teleph & Teleg 125
12958 130
12933 12934 12958 130
9712
50
J'ly
7212
Feb
Mchll
8
955
.lan
6
American
12
Tobao
2,400
(new).Pf
9413
95
8
95
947
9514
94
9414 *9312 9412 9414 9414 *9312
3238 Dec
1512 Feb
21 Feb 4 :31 Jan 7
3014 3013 3034 3034 2.500 American Woolen
2914 31
29
2878 2878 2818 2818 29
97 Nov
6 10014 Mch25
7514 Feb
pref
Jan
Do
9334
20818
10014
3,050
10014
9818
100
99
8
7
98
9734
9712
87
97
87
4278 4233 4234 4238 424 4212 4278 8,850 dAnacondaCopper Par$25 3,3734 Feb 26 iatr3 Jan 2 $2713 Feb 55312 Nov
4012 4034 4158 4258 42
100 Feb 17 106:14 Mch 3
110 Assoc Merch lat prat
*104 ____ 103314 10614 *104 ___ 410612 10612
*104 -- *104
Do 2d pref
10112 Feb 17 10412 Feb 19
145
10318 10318 *102 - _ *102 _ _
*102
410313 10318 *102
-$5 Mch
1,775
Mining
dBatopilas
Pa420
$212 Jan
$28 Jan 29 $433 Men 19
118
4
,1
334 -i
358 378
8
373 -37-418
4
418 418
2714 Nov
12 Jan
1834 Mob 9 2614 Jan 25
100 44ethlehem Steel
23 *21
23
22
22
2438 *21
2112 *21
*21
2112 *21
57 Nov
Jan 8
Apr
IA
24
35
pref
Do
Feb
47
0
1__
50
*48
51)
*48
50
*47
50
__
*__
52
_
50
118 Jan 28 13/12 Mch26 285 Feb 15214 Nov
128 128 *128 132 *129 132
131 13112 1,200 Brooklyn Union Gas
156 120
129 130
17 Nov
6 Jan
*1231 14
*1234 14
*1234 14
10 Brunswick Dock & C Imp 13 Jan 13 1633 Jan 2
41234 1234 *1234 1312 *1278 14
10 Feb 425 Jan
465 Butterick Co
221 Jan 2 3312 Feb 4
3078 3073
3212 . 2958 2958 42934 2934 *3012 31
*30
2958 30
33 Dec
1512 Feb
2512 Mch 2 33 Jan 4
2,310 rlentral Leather
2834 29
2914 2938 2834 2912 2812 2812 2878 29
20
429
7534 Jan 102 Dec
100 Meh 2 104 Mch 1
400 •-i Do pref
102 102
*10114 10314 *101 10214 10214 10214 *101 10233 102 102
42 Dec
.513
Jan
2:3
Iron
&
Feb
'7
Fuel
29
Feb
3
Colorado
5
15
33
32
8,800
33
32
3314
3278
8
7
32
4
3
32
8
7
32
32
3214
32
4 Feb 23 4512 Meh28
1
1434 Met) 2712 Dec
45
4 3934 4434 43
1
4358 4512 33.595 Col & Hock Coal & Iron- 21/
3712 3734 3773 3834 3812 39/
44o Apr
200 Mch
.24 .25-„- --__ __200 dComstock Tunnel_Par32 230 Mai a 30e Jan 21
(N
96
Gas
*an
16514
Jan 107 Dec
Consolidated
4
Y)4
Feb
16,340
11412
13313
130
4
1313
13012
132
iio131
13212
131
12
9
2
1
Ho2013 Aug
1034 Feb
1613 Feb 24 201. Jan 27
1812 5,710 Corn Products Refining
1814 1834 18
1834 1834 1834 1812 1834 1814 1831
*18
80 Aug
Do pref
56 Jan
7314 Feb 24 78 - Meh26
1,300
*7634 7712 *7634 7734 *7612 7734 7738 7713 7738 7712 7712 78
4814 Oct
9712 Oct
Crex Carpet
45 Jan 5 4512 Feb 23
49
*46
49
*46
*45
49
49
*46
49
*46
49
*45
,4714 Feb
1834 Dec
3514 3512 30
3573 36
36
4 3614 35/
1
36/
4 3534 3534 1,700 Distillers' Securities Corp 3212 Feb 23 ::033 Jan 21
1
*35
7212 Nov 94 Aug
Federal Mining & Smolt)/ 55 Mph 2 7114 Jan 28
70 *66
70
*66
70
70 *66
*66
70
*60
89 Nov
59 Feb
80 Feb 24 54 Jan '5
Do pref
400
83
80
80
80
83
80
83 *75
*76
*74
6812 J'ne
65 J'ly
70 Federal Sugar Ref of N Y 145 Mch20 445 Mch20
45
-_-_--- --------_ ___- _445
7312Feb 100 J'ly
Do pret
190 Jan • :. 490 Jan :5
16018 Feb 23 158 Jan 4 111 Jan 16234 Deo
General Electric
E ---155 15334 Nil; 1ii12 fir
15512 153-1-2 *353 11EGranby Cons 1.2 S & P-,- 92 Mehl° 110 Jan 4
7834 Jan 10912 J'ly
4,90 96 *90 100 *91 96 *92 100 *93 98
96
*90
4 Nov
1
67/
tr cUs 62 Jan 30 6812 Mch 5
stk
Harvester
Int
62 J'ue
300
6818
6818
*67
69
69
6814
*87
*67
4
3
08
68 *67
68
J'ne 11014 Nov
99
tr
stk
11212
Ws-,
16
Jan
10104
prof
Feb
11
Do
1,500
112
112
11134 11134 11134 11134
4 112
1
11134 11134 11134 11134 111/
9 May
1 Feb 25
0 Jan 2
6 Oct
700 Int Mer Marinearine stk Sr etas
712 712
738 712
4 758
1
712 712 *7/
714 714 *714 712
2W8 Dec
Do pre
16 Feb
1,00
21 Feb 23 2733 Jan 2
2258 2258 *2212 24
22 *22
4 2212 23
1
2214 22/
22
221
1314 Nov
913 Mch 13 1212 Jan 4
8 Apr
912 912
10
*9
934 934 1,700 International Paper
934 973
912 934
912 912
65 Jan
9734 Mb 18 5634 Jan 4
Do pref
47 Oct
52
50 *50
*48
50
*47
52 *48
50
*48
*48
50
3974 Deo
3312 Feb 25 421.
,Jan 2
800 Internat Steam Pump
13 Jan
37
37
38
3614 3678 *3614 3714 3712 3712 3734 3778 *37
8414 Deo
Do pret
05 Jan
8212Jan 30 8634 Jan 4
200
8412
8412 8438 84/
4 *83
1
8412 *83
*83
8412 *83
8412 *83
78 Nov
52 Feb
70 Jan 21 76 Jan 4
200 Mackay Companies
73 *72
7314 *7112 73
7212 *72
*7112 73
72
*7112 74
7134 Nov
11
Feb
pref
72
Feb
3
9
Jan
6912
Do
597
100
71
12
*70
71
*7012
*7012
71
8
5
70
3
5
70
71
*7012 71
*7012
97 Dec
68 Jan
700 IV ational Biscuit
96'2 Jan 2 10833J,sn 6
4 105 *10412 10512
1
104/
10512 106 *102 106
*102 10313 104 104
300 LI Do pref
11812 Jan 11 32212 Mch23 102 Jan 12013 Dec
12212 12212 *11812 12212 *119 12212 *11612 12212
*121 12212 12112 122
1514 Deo
712
Stamp'g
&
2
120
Enamel'g
Feb
Jan
Nat
Feb
24
100
14
1514
*13
2,'
14
*13
14
*13
14
*13
1312 1312
14
*13
Do pre
82 Jan 5 85 Jan 21 VO Feb 28214 Dec
84
*82
84
8412 *82
*81
*8112 85
85
*S1
85
*81
92 Aug
38 Feb
7114 Feb 25 811. Jan 22
7,075'National Lead
3
77
4
773
4
3
4
775
773
7634
78
4
3
76
4
3
77
77
76
4
3
75
*7533
Do prof
8712Jan 10614 Nov
10558Jan 4 30914 Feb 2
300
10613 10612 *106 10713 *107 10714 *107 10713 *107 10712 107 107
$978 Jan
3433 Oct
312 334
4 5,760 Newhouse DI & S_Par 410 $318 Mohl3 $31 Jan 2
1
312 353
312 3/
313 31
4
1
333 312
4 3/
1
3/
98 Nov
59 Jan
tio Feb 23 92 Jan 1
350 New York Air Brake
8412 8412
86
*83
86
*83
*82
8412 85
86
86
*82
Nov
Telephone
122
J
N
&
3113
Y
Feb
90
,
Mch
Jan
3117
N
7
380
118
*1181?
11614
411614
11612
11638
8
1163
116
11612
116
*11412 116
78 Nov
4218 Mch
7053 *7834 7912 793i, 7934 1,100 North American Co, new 72 Jan 13 5412 Jan 27
*7814 7912 79
79
7838 7838 79
4014 Deo
24 Apr
2918 Feb 24 3834 :Tan 14
3233 3112 32 *3112 34/
3212 3112 3112 1,200 11.38.C1IIC Mall
4 *31
1
3114 3114 32
80 Jan 16612 Dec
11014 112/
4 III 112
1
11212 113
11114 11112 112 11212 8,525 3 eopie's G L & C (Chic) 10112 Jan 13 114 Feb 15
11158 112
1458 Dec
Pittsourgh Coal Co
812 Nich
104 Feb 25 13 Jan I
12
12 *10
12
12 *10
*1034 12 *10
*10
12
*10
50 Dec
3613 Feb
Do pref
200
40 Feb 25 4712 Jan 19
44
*4212 45 *40
45
45 *41
*41
4212 43
44
*40
Dec
45
Car
Steel
Pressed
4314.Jan
Feb
4
/
23
171
Feb
22
3012
1,520
2t1
3634
*3512
4
3612
363
4
363
37
36
38
3614 3612
36
Do prof
96 Feb 26 103 Feb 2
69 Jan 10214 Dec
117
98
93
*97
93
498
98
98
*96
98 kV
98
*96
169 Jan 30 172 Jan 191 147 Jan 174 Nov
17014 17012 17012 17012 171 17134 1,600 Pullman Company
17014 171
*170 171 *170 171
134 Deo
12 Apr
412 Mch 0
158Jan 4
700 Quicksilver Mining
312 312
313 312
312 312 *31i 334
331 334
4
*3
312 Dec
334 Feb 11
112 Jan
Do pref
400
5
614 Jan 16
*3
5
*3
*334 5
*334 4
4
4
*334 0
4914 Dec
2334 Feb
500 D allway Steel Spring
3212 Mch 8 4834 Jan 2
3634 3634
37
*38
36
3718 36
37
*3512 3614 3614 361
75 Jan 103 Dec
306 L1. Do pret
4 Feb 24 103 Jan 9
1
97/
99
*9814 10014 9912 9912 *9814 9934 99
49814 9814 100 100
29 Nov
1434 Feb
800 Republic Iron & Steel... 1658 Feb 23 2612 Jan 8
2031 2034 2034 2034
21
21
21
*20
21
2012 2012 *20
Do pref
300
6718 Feb 24 8814 Jan 2-2, 63 J'ne 8912 Nov
72 *7013 7213 7178 7173
7038 7033 7078 707r, *71
*71) 73
Jr
&
Steel
4,;:loss-Sheffield
4 Nov
1
68
36
9
81/
Feb
8118
Jan
23
Feb
72
13
72
73
73 *72
*71
73
*71
73
*71
72
*71
8712 Jan 11014 Dec
/ Do pref
1,
10738 Feb 20 10973 Jan :27
__ *106
.*106
___ *106
*106 _ _ *106---- *106
Par$25
Nov
35214
dTennesseeCopper
4
$343
Feb
32513
Feb
41
Jan
26
4
41
$49
1114
3525
4118
if
34
11
41
4112
41
42
41
4034 41
8412 Dec
Texas Pacific Land Trust 8012 Feb 23 8518 Jan 19
45 Feb
4
1
4 *8334 84/
1
8478 *8314 8478 *8334 84/
8478 *83
8478 *83
*83
953 Nov
1 1 nion Bag & Paper
914 Feb 24 111
4 Feb
.Jan 12
1012
1012 *912 /012 *914 1012 *9
*912 1014 *912 101 *10
4473 Jan
Do prof
U
6634 Nov
66 Jan 8 6934 Jan 22
6834 *67
68
6838 *07
*67
68
*67
69
*67
69
*67
3078 Dec
660 U S Cast 1 Pipe & Foundr 2438 Feb 24 3034 Jan 0
1712 Feb
2712
4 427
1
27/
27
27
427
27
*2514 2714 42578 2578 *26
4 Aug
1
78/
Do prof
1653 Jan
541
70 arch 2 77 Jan 8
7012 71
70
70
70
*67
70
70
70
46712 8712 *65
90 Jan
States
United
Express
Feb
70
200
10
Feb
21
82
84
Jan
85
*83
84
*8313
83
83
84
*82
83 *8232 84
83
64 Nov
2,530 U S Realty & Improvem't 64 Feb 23 7314 Mch19
3014 Feb
72 *72 73
72
73
7318 *71
7118 7212 7273 7314 72
1514 Aug
1212
U S Reduction & Retheg 10 Mch12 1338Jan 7
4 Feb
*712 1212 *712 1212 *712 1212 *7
*712 1212 *712 121
39 Aug
DO prof
16 Feb
24 Feb '24 32 Jan 19
100
30
30 *29
*26
30
*26
20
26
*26
30 *26
30
3712 Aug
United States Rubber
1734 Feb
27 Feb 24 3412Jan 2
3012 *29
3012
3012 *29
*29
31
*2012 301 *2913 3013 *29
Do 1st pref
920
78 Feb 108 Dee,
98 Jan 29 107 Jan 111
4 10333
1
10318 10338 10314 10314 10312 10312 10338 10338 10314 10338 103/
Do 2d pret
7512 Nov'
6713 Feb 25 7334 Jan 5' 42 Feb
70
*67
70
*66
70
*6513 70
70 *66
*65
*65
70
2534 Jan
4114 Feb 23 5511Jan 22
5834 Nov
4314 4334 4378 447
4413 4514 4433 4518 4478 4534 258,160 United States Steel
4414 45
Do prof
8712 Jan 11458 Nov
107 Feb 23 115 Jan 22
110 1101 11012 11078 11012 11133 111 11138 111 11114 11,423
10912 110
4118 4118 4114 417 • 41/
4 4212 42
1
4238 4258 4313 6.107 dUtah Copper_ _ _Par $10 53918 Feb 26 $4715 Jan 4 ..,20 Jan $5234 Nov
42
42
4534 Deo
4 Feb 24 4S3 Jan 25
1
40/
16 Feb
3,600 Virginia-Carolina Chem
4214 427 • 4214 4273 43
43 *4213 4414 *4212 43
4 43
1
*42/
Do pre
200
114 .Tan 19 11578 Mch24 287 Jan 115 Nov
4
1
11534 1163. *115 116
4 11578 *115 116 *115 115/
1
115/
*115 116
68 ; Nov
57
Coke
&
Coal
Feb
Iron
ile
Jan
Vir
43
2:3
64
0
60
Jan
*57
60
*57
60
*5712
*57
60
*57
60
*5712 60
ells Fargo & Co
300 Jan 5 300 Jan 5 4250 Feb 225 Nov
*290 335 *290 335 *290 335 *290 335 *290 325 *290 325
7134 Nov
estern Union Teleg__ 64 Feb 24 7012.L,
41 Feb
,n 2
6612 2,200
66
65
65
65
0514 6512 6533 66
*6413 6512 65
33 Mch 94 Nov
780 Westingh'seEl&Mfg assen 74 Feb '14 8618 Jan 4
79
80
4 7934 7934 *79
1
79/
7914 7914
80
*7734 7834 *78
110 Meh :4 v'm inn A
Do 1st nref
__
58 Mch 125 Nov
*110 119 *110 119 *tin 110 *110 110 *110 110 *110 119

iisK iisii iiu2

3400

BANKS AND TRUST COMPANIES-BANKERS', QUOTATIONS.
Ask
Ask
Ask
Ask
Trust Co's Bid
[rust Co's Bid
Trust Co's Bid
Bid 11.1*
Trust Co's Bid
Banks
__ NY Life&Tr 1100 1121)
Guar'ty Ti:.. 560
Brookflin
N Y City
Brooklyn
41.5
400
Ti:
Brooklyn
Y
570
N
563
175
160
Trust_
Tr
185
_Guardian
195
Carnegie
110
___
-- 160
Borough I_
135
___ Citizens' __ 125
___ Standard Tr 325
-__ Hudson ___ 140
__ Central Tr- 2100
155
410
.:350
1,
____ Flatbush __ 200
____ TItieGu& Tr 609
KnIckerb'kr 310
150
240
160 Columbia - 235
Broadway.
_ 145
Brooklyn %._
_
201
__
Franklin
315
305
Am
of
Co
145
Tr
__
__
230
&Tr
I
T
.--Law
Commercial
110
260
245
First
275
160 Union Trust 1225 1::75 Hamilton.. 285
Lincoln Tr_ 5140
80 100 Com'wealth ..... 155
330
Hillsideli_ _ 110
115
105
430 Home
US Mtg &Tr 420
___ Manhattan_ 370 390
Empire ___ 240
120
Home f3k 11_ 105
-Kings Co.. 405
--- Unit States_ 1140 1175
Equit'lle Tr 440 460 Mercantile - 725
Trust Co's
125
Homestead% 100
305
___ VanN'd'nTr 255 265 L 131 L & Tr 295
____ Metroportn 540
Farm Lo&T 1275
N 1' GUY
475
Manufac'rd 400
170
295
---- Name
160
.... Washington 400
305 Fidelity __ - 200 210 Morton Ti:. 450
245
Astor
Mechanics'' 230
280 300
150 People's
.._ Westchester 140
__ Mutual __ 125
---- Fifth Av Tr 325
Bankers"Pr i00
145
Monta,uk
140
100
80
130
Williamsbg
Windsor __ 130 135
..-_ Fulton ---- 270
---- Mut All'nce 120
Bowl'g Gen 400
270
240
Nassau
13212
Tr
B'wsr
310
290
City
Nat
. • Bid and asked prices: no sales on this day. 4 Less than 100 shares. I Ex-rights. b New stock c Ex-div. and rights. d Now quoted dollars per O&M
,t Sale at Stock Exchange or at auction thla week. s Trust co. certificates. 11 Banks marked with a paragraph (11) are Stato banks.
Bid

Ask




Banks
Brooklyn
North Side')
Peoples-Prosp'etP13.11
Terminal 11_
Union 11- --

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

Jan. 1 1909, the Exchange method of quoting bonds was changed, and prices are now c413-uand interest"-except for income and defaulted
bonds.'
BONDS
N. Y. STOCK EXCHANGE
Wititk EDWIN° MARCH 26

Price
Friday
March 26

4

Week's
Range or
Last Sale

Range
Sines
January 1

IttiN1)?..
N. Y. STOCK EXCHANGE
WRECK ENDING MARCH 26

Price
Friday
March 20

Week's
Range or
Last Sale

Range
Since
A:4 January 2

Bea
A84 Low
High No Low _High Cent of GaRR-(Con)
Stu
As4 Low
High No Low High
10114 102 101 12 Feb'09
55
1011
3d pret income g be....p1045 Oar
/
4 1021
/
4
601
/
4 68
58
2 53
60
1011
/
4
103 Jan'01)
53
103 103
3d pref income g Its atampel.
64 Feb.04
55
54
1-4-F 1411 10134 103% Jan 014
pur
g
Div
Chatt
4819M
mon
103% 103%
J-1)
8938 b'eb'u5
101
102'.
1011
/
4Feb'09
Q•F
Mac & Nor Div 1st g 3a 1946 'J -J LOS',
1001
/
4 1014
l0478J'ne'08
10'7 J'negrd
Q-B'
1947 J-J 1(16
Mid Ga & All Div 5a
113
Nor'05
1004 Nov'08
41-F 1.00
Mobile Div let g 58
14346 J -J 10978
105 Dec107
..
119 11934 12038 Nov'08
104.4 105 Mar'09
Con RR& B of Oa col g 35 1937 stl•N
1-0.6 106
1201
/
4
122 Nov'08
1
4 Sale 12734 12744
Cent of N J gen'i gold 58.1987 J -J 127/
/27 128%
1
4 101 Mar'09
127
Q N 101 101/
Registered
41987
127% 12738 Mar'09
101 101
126 1271
/
4
110
Am Doak & Imp gn 58..1921
110 Mar'09
109 110
Foreign Government
Le & Had it gen gag 58 1924/ J J
......
.
Imperial Japanese Governing
100
Leh & Wilks B Coal 58..1912 M-N
9034 Jan '01,
90% 9934
9238 Sale 92
Sterling loan 4 125
1925 F
9234 36 90313 9334
Con ext guar 4153. .g1910 Q-M 10038
10038 10034
1 991
/
41001
/
4
1925 J• J t 9218 bile
92
2u series 4/
921
/
4 200 894 93
1
4,9
N Y& Long Br gen g 48 1941 /1-9 100
Steriing loan 4s
1931 J -J * 85 sale 8434
851
/
4 .6 8034 8514 Cent Pacific See So Pacific Co
/
4
#1021
Sale
Repub et Cuba 58 erten debt..
102% 10214 1*, 10134 104
85
CentVermont 1st gu 948 61920 Q-F
83
ar'll()
83
83
93.4 Sale 1,9314 9334 49 ¶921
San Paulo(Brazil)58 tr recta'19 J -J
/
4 93% Chas& say See AtI Coast Line
98
U S 01 54ex1ce 8 I g ba or 1/3911
1181
/
4 9812 Mar'Oil
/
4
1031
/
4Feb'09
a1911 A-0 1031
9734 101,
2 Chas & Ohio gold 6a
1031
/
41031
/
4
921
/
4 9334 93 Mar'09
1054
Gold 48 of 1904
11534 1154 115¼ 16 114%117
19311 0/1-N
1st coneol g Os
921
/
4
04
t 7 hese are pr Lees on 14-el zits of $5 to B.
1:0071,278.
3
1 15
.
34 114
Registered
00
/
1939
1
48 Fe
ili
o:2,
,
9
1131
/
411412
State and City Securities
Gen funding & impt 58 1928 J.J
246 10,1,103
1
4
1924 F-A 108/
Dist 01 Columbia 3•658
110 Nov'08 -•
105
1992 • 8 10538 sale 105
General gold 41
/
4s
/04 109%.
Louisiana new cense'43 1914 J-J
et)
/
4 Dee'04 .•1051
1992 M.8 102 105,14 104 MaY'Oti ••..
Registered
New York City8 Salt t10
90a8 2t1 . .
1944 .1 -D 00,
Big Sandy 1st 48
I
48 temporary recta Nov 1958 U.S
10134 10175
101) Feb'09 .•• 107%110% .
10134 106
Craig Valley ltst g 55.-1940 J .J
1958 3141 10138 Sale 101% 1017
, 74. 1011
4% Corporate stock
90 Jan '011 -•• 90
/
4103
Potts Creek Br 1st 43 1946 j-j
U0
10134 Dee'05
4% assessment bonds -1918
1)44,100,
8 0034 100
& A Div 1st con g 45 1989 24
901210014
1957 11-N 111% Sale 1111
New 4'-is
/
4 11134 .192 1111
1
4 J'15,108 .... ......
93/
2dconsol g 48
/
4112/
1980 J-J
1
4
-•••••
11117 51-N
New 4/
1
48
l04'. 104', 11 104 1043
1134 Pe1.04/6
Warm Spr Val let g 55_1941
4
41
/
41)0 Corporate Stock I957 M-N 111'9 112 11138 11138
90
95 Sep'05
1111
/
4 112',
Greenbrier Ry ist
g '40 M-N
......
1917 M•N
4'2% assessmt bonas
104% 1044 Mar'u9
104 1041
Chic
&
Alt
38-19411
RR
784
ref
g
/
4
A-0
410
.1h)2' 12 1011
4% Corporate Stock __1957 M-N 102
102
7434 82
4/
83'..
1
4
/
1
4
58 78
1' 4t1/ 731
74
Rail/way 1st lien 31
/
4 103¼
/
48-1950 J -J
/
4 7634
1121
/
4 1124 11234 11234 51) 1123
N Y state-Highway 48-1958
Registered
4
73
1950
J
1l23
-J
73
4
1113., J.,) 101
/
48 20-40
so Carolina 41
102¼ Jan'09 • .• 102¼ 1024 Oldo Burl& Q-Denv D 4a1922
1
4 10%312 Feb'09Mar..411 .. 100 1002
F -A 100 104)/
0534
Tenn new settlement 3s 1913 J • J
9534 Feb'09 •.
•
. 951
/
4 Sale 1001
/
4 1001
/
4 19; 991
General 43
/
4101
/
4 9334
1958 M-8 1001
90
Virginia fund debt 2.3e 1091 J -J
95
93 Jan '09 ..•. 93
91',
014 &tie
93
1)11,
Illinois Div 3/
8 111
113
1
4
5
1949
J
.J
Sc deferred Brown Bros cite.
371
/
4 38 Mar'09
38
•
Registered._
48
J -J
Ills Div 48
32
134 elc
12
°4
8 8 10134 1031
/
4.
1949 J.J 102 Bale 10
IC allroad
Iowa Div sink fund 58_1911/ A-0 1041/4
10434 Oct '05
Lartalus. Cunt Nee So Ry
Sinking fund 48
941
/
4 100
1919 A-0 1004
111.1aLia Mail bee At Coast Line
Nebraska Extension 48 11)27 M-N 101¼ 102 In/
1011
/
4
3 -.2 1011,102
1
4 re5.3
Albany & Sue° bee Del& Hue
101% Oot .4)5 ..... ......
1011
/
4
Registered
1927
Allegheny Valley bee Penn 111.4
Southwestern Div 48
1921 11.9
99
/
4
991
Alleg & %Vest bee Butt &
Joliat bonds See Great North
86% 874 86%
41995 Q-J
8689 22 84
A.nu Arbor lat g 48
8784
:
Debenture Sts
A 1" 10
U'231
10 °9 ....
1)2
12 "
b 102 1031
1913 M-N 101
/
4
Atoll '1:& s Pe-Gou g 48.1095 A.-0 lt)078 Sale l0034 101 2e), 1001
1011%
Han & St J ea conaol 6.2_1911 M-8
/
4101/
10389103',
1
4
Registered
1995 A-0 9934 1001
/
4 12 99 100%
/
4 1001
/
4 1001
Ohio& Illref da imp g 4819S5 J J
8r •••:i 85
8734 ts8 Rtir Mar
90
Adjustment g 48
05
41995 Nov
94
94
02
954,
1st consol g 4313
1934 A.0 130
129%1308
Registered
41895 Nov
/
4Feb'09 •••• 921
921
General conaol Ist68.-1937 14-N 11434 1131
/
4 924
0% 13
1°12
6
1316
/
4
3
2
1141
/
41151
/
4
Stanthed
114 Sale 94
411)1)5 51-N
74
1)41
/
4
921
/
4 953,
Registered
1937 M-N 11334 116 1141, Jan W9 .... 1144 1141
/
4
Convg4s
1955 J.D 105 Sale 10438 103 444, 102¼ 106
1l4'
Chic ‘s halO Ity let 33 1926
115 leelP09 .... 114 115
10-year cony g os
It/17 J-D 1116¼ Sale 10614 104% 44.1 10534 107% Chicago & Erie See Erie
Debentures 45 SerleaH 11/10 F-A
90.2 Mat'Ob •
Oldc In & Louisv ref 6s 1947 J
1281
/
4130 129 Feb'09
127 129
96/
1
4
Series 1
9812 Nov104 ••-•
1911 F•A
Refunding gold 58
1047 J.J 1011 11418 114'
/
1
4 Feb'0914 b'etigiu
•
113 1141
/
4
04
Series K
94 Novs06 •--•
1013 F•A
Louiav N A & Oh 1st68 1910 J
1031
/
410214 1024 Feb109
/
4
1021
/
4 1021
97
East Okla Div let g 48 1928 M-8
97/
1
4 9778 Mar'09 •••• 97
99 (lluoMli&StPtermg5s 1914 .14 1041
/
4
109 Margit)
10438 1054
931
/
4 Sale 951
Short Line 1st 43 g
135¼ 114 941
/
4
1955 J -J
General g 4s series A-61981).14
/
4 991
/
4
/
1
4
1021
/
41031
/
4
All Knox & N see L & N
10.1
Registered
el1389
103 Oct '08
Atlantic Coast let g 43./41952 11.3 97 Sale 97
971
/
4
944 9742
General g 3's aeries 13 8.11)09 ?4
r3
'o.9
.4
-j 144:04 11178 1 U031:: 111.1a0
.91.
.. 9234
Charles & Say 1st g 78 1930 J -J 131
Chic & .1.4 Su Div g 58. .1921 j-j
11514 Oct gib
EA J;;;,1;i3
8av & W 1st gold 63-11.134 A-0 127
/
4113/
Ohio & Mo Rav Div 58_1926 j4 1121
1
4 1121
Mar'09
/
4
1
4
121
4 112/
1• /
/
4 1144 11289 Jan'04 .••.
1st gold 5s
1934 A-0 1121
10134 1021, 10178 Jan '01)
Chic & Pao Div 63
1910
i0178 1011
/
4
11408 No'05 •..•
Ala 51141 1st go gold 58_19213 51-N 109
110
Ohio & W let g 58
110
1921
110
S
Eu91
/
41103
2
/
4
Mar06
991
Bruns& W let gug 43_1935 J -J
Dak & Gt So g 58
105% biai'05
1916
105'2 105/
1
4
89
90
7 813
89
o1952 M.N
L & N eon g 48
93.2
Oar & Sou aaau g 68
1924
ll
1)6
9:1 1284V'
ail Sp Oca & Ci gu g
..11/1/- J -J
1
,
11
110
0
:
2
08 ...•
0
2
:
/
1
44
4
Haat & D Div lat78
8
10234 13
1910 j.J
07
2/
4
A1
2j'1
10
1.
23 55 102'2 102/
1
4
Atlantic Dauv See South Ity
10144 Apr-05
15155
1910 2.2
......
Austin & N W seeSou Pacific
LaCrosse & D 1st 5s
109 t2 Nov U8
1919 J -J
93is Sale 931
94
/
4
93
1011
Dalt& Ohio prior ig 3123.11/25 J -J
/
4
Mineral
,3
1011
/
4 Mar'09
Point Div 58
941
93
/
4
1910 J• J
fag;
ira
92% 92 Mart441
/4192.5 Q-.1
11,/ Registered
/
4 Sale 101% 14.11% 12 1011
So Minn Div let 6a
1910 J -J 10111
/
4 102
4.11)48 A.0 100k Sole loot, /MIN 05 ,
Gold 45
101/38 100% 100% luv
10
,
018 100
Southwest Div 1st68
13
1 100% 10034
1
1909 :
• 119¼ 99 Mar'09
Registered
41945 Q-.1
110
110
Jan'O#
Wla & Minn Div g
10934 110
J -J
120 uct '01
Pints J uuc let gold 68_1922 J •J 108
.
1051
/
4 Nov't)
Mil&NolstML6s...1910 J -D 1021
891
81)
/
4 Jan 'id/
/
481925 11-N
PJ un & M Div let g 31
Deo'4/5
891
let consol 68
/
4 8912
1913 J-D
9378 Sale 931
/
4
94
PLE& W Va t•_4y8 ref 451941 )4-N
Mar'09
10
15
01,10.5 Northw cons 78
734
/
4 116
:1161
1915 Q.F 1
/15313113
914 91% 1)118
91¼ 6
Boutlaw lily 1st g 3/
1
48-1923 J • J
8''7 9
/
4 403
99 J'ite'05
30
Extension 45
3312
4 9
31
678
1886-1920 r A 1001
....
.•
7
91
Registered
89 Oct'06
41925 Q-J
,,
u8u
, 10
9911
10 L4 92,,
138,4 Mar O.'
Registered
1886-11126 le- A 100¼
9104 101
10378 Feb 107
MO13011 Riv let gag 58..1910 F•A 104
General goal 3/
10.31
/
4 2.4 152,, 941
03 Sale 93
1
48
/
4
1987 114-N
109 Apr'05
/
48-11)30 11.8 102
c g41
Cell Ohm it
Registered
•..•
003
8 U338
211087
11-F
113 Feb'09
W con 1st g 5s 1933 A-0 11338
Si! Ler
/1045 113
/
4
Sinking fund 66_1879.1929(
4-0 1111
1131
/
4 Feb'UO
Ohio livier 1111 1st g 5a.11136 .1.1) 113
1131
Registered.
/
41131
/
4
1879-1929 A-0 101)10934 Feu'09 •..• 10034 10934
111 12.Peb'e11
11.131 A-0
uteueral gold Sc
105' Feb'09
Sinking lund 6e..1879-111215 A-0
lOn 10544
1091
/
4 112
11912 Mar'04
Pitts Clev &'1 oi lat g Sc 1922 4-0 117;4
11034 Jan'09 •... 11034 11034
Registered
1879-1929 A-0 1054
is
Nov'08
101
West
g
48-1917
1st.
-J
J
Plats &
1
4 Marta) •..• i00141001n
00/
luu 1/4
Debenture 58
1009
M-N
/
100 Nov'04
431042 J-1)
Stat lel Ity lat gug 41
101 inn'08
Registered
11/01) M-N
Beecn Creek See Nk U & 11
Debenture 68
1921 A-0 10914 1119% 108 Jan'in
Beller & Car bee Illinois Cem
Registered
1921
A-0
Bklyu & Montauk bee Long.!
1131
/
41131,
Sinking fund deb Sc
▪ 29
1933
1
110
°143)
3 12j
Bruns & Welit bee All Coast L
J:li
ty'
le'3
0
°65
71
1te stered
M-N
10
121
,,,
Buffalo N Y & Erie bee Erie
4D
re
e
,
c:
0
00,
North
1
3
0
1st
3
3
58.-1
9
M-S
1
1171
/
4Sale 1171
/
4 1171
Banal° R & I' gen g 50-1937 1.1/
4 6 t16'2117'
Mil L & Weat 1st gilts 1921 NI-S
1
4 110 110
1957 M-N 109/
110
Conaol •11
115 Jan '01)
/
48
4 109 109N
Ext & Imp a fund g 5e 1929 F -A
1.00 Jan'09
Alibi Weal;latg 43 gu 11)115 A-0 100
110
1 2:
1:;
1421
/
49%0'02
:
31134
6
.4
100 100
Ashland Div 1st g 65 1925 M-8 1
103 J'iy'08
01.5 Mali lat lett g 53.-1943 J-J 11638
123
Jan'09
Mich Div 1st g 6s
1924 J -J
119 Marg/9
/loch & Pitts 1st g 6a 1921 F -A 118
11834 119
Incomes
M.N 101 104, 109 sup 't43
Cons(/' 151 g Us
1922 J'-D 121's12'4 1211
/
4 Marl/9
11834 1211
/
4 ChM Hock 151 & Pao 65-11117
1311 J -J 113-4 ilAab 114 Alar'Oi.
Bultalo & Southwest See Ern
112 4.4 J'
1/1'08
Registered
11998187 J -J 11234
891. 871
Butt &use 1st ref g 4841951 J -J
/
4 Mar09
/00
General gold 443
14
871
/
4 90
J •J OM% sale 100
BurCRdsti Nee C R 1.51'
UU,t, AllteUU ...•
tiU La ...
Registered
J
1988
-J
tau Solis;ext de
1913 J -J 10638 Sale 10638 10634 10 1061
/
4 107
Refunding g 48
263
A-0
%.-0241 be
1024 19 102 1021
u12Noo:i:mn0tu::7t6:
4
2
1013 41.13 102¼ 10234 102
S 8.
t
1t7
:
6
.
.
a 1.
Coll trust Series/I 4s 13
/
4
1)1
34/
4 til-N '
Registered
1024 141034 May'07
1913 4.8
JI:041/
J 45
191"
Carl)& Shawn See 111 Cent
04
M.es
NI-N
11)15
941
/
4 9412
Carolina Cent Bee Scab Air L
N 45
M-N
0:334 1)334
Cartilage& Ad. see N 10.511
110 Feb'09
931
/
4
04$
M-N
95
95
Cedl4IaP&N bee 13 C it& N
90
1 l./
Le bai
8
765 is A u,
u t3:4 :
g:
00,
,.
P 4a
19
931
18 M-N
Con Brancii Ity See Alo Pao
Chic It 1.5 Pao RR,44 2002 M.N
'Wu 814
cent 0/ ua RR 1st g 5a-p1946 F•A 115
11612 Feb'09
1151
old
Angus
ter
g
us
tr
/
R
4 1161
o
e
u
c
/
4
2002• N
Consol gold 38
idwi, 95
1945 11-14 109k Sale 109k 1097* 20 108/
1
4111
..
1;05
trust
8 Sale 8934
us g
Its
1913 51-S
871
/
4 931
/
4
Registered
113 Apr'06
1945 11-14
Bur Cod 114, Northern......
ta.)
let preL income g 58-41945 Oct
80
80
116
1131
col
/
4
lat
&
Con
La'g 68. 19:34 4.0
6 79
80
Feb'011
•
117
11q.
Stamped
•
* 80
80
80
21/ 80
Registered
1201
/
4 Mar'03
80
1034 A-0
2u pre! income is be....pl949 Oct
03 12 1 63
62
/
4
64 18 631
6614
ORIF(lb NW latgu 58 1921
111 Islovg/5
10778
25 pie! income u 6a stamped .... 024 Sale 624
624 5 60
63
• Id & St L let gu g 78 1927 J-1 125
U. m. 4.overtame1It
U B 28 consul registered.d1930
d1930
U S 28 consol coupon
k191.8
U S 38 registered
k1918
S 35 ooupon
U 5 Sa reg small bonds-k1918
U 5 38 con small bonda-k1918
1925
U S 48 registered
1925
U S 48 coupon
S Pan Can 10-30 yr 25./e1.930

,11 ISCELLANEOUS RON Ike-Continued on Next Page.
'Arcot ciaaaway
Street Hallway
Brooklyn Sap Tr g ba
1946 A.0 1044 105 1044 1041
/
4 1 1041,105
Met St Ry gen col tx g 55 1997 F-A
1st refund cony g 45
8338 8a1., 83¼
2002 J-J
83% 04 8112 86o,
Ref g 48
2002 A-0
13k City 1st con 53.1916 1941 J -J 103,
/
4 1031
/
4 3 10289105
2Sale 1031
Jiway&7thAvlstogos 1943 J-D
Bk Q Co& S eon gu g 58 1941 M-N
110¼
99-1
/
4 sale 991
/
4
Uol&9thAvlstgu g tes 11100 M-5
5 9945 1115¼
/3klyn On El 1st g 4.68 196v F -A 102 sale 1011
jAx Av.& P F latgu g 531993 M-S
/
4 102
3 10089103
Stamped guar 4-38- 1950 F -A
/
4 Nov'08
103 1001
Third Ave RR conga 4824)00 J-J
Kings Co El lat g 4a
86 Feb'01 .... 86
87
1949 P•A
Cent Tr Co certfs tatmpd...
80
Stamped guar 48
57
87
al', 87
1949 F-A
1 86
4374
Thad Ave By let g 58 1937
Nassau Elea gu. g 48
/
4 Mar'09 .... 7812 82
80% 811
80
196l J -J
Met W S El(('lue)1st g 48 1938 F-A
Conn Hy& L let& ref g 41
Feb'09
102%
102%
J-J
8
....
1013
/
43'51
Orl Ry & Lt gen 41
/
43 11)33 J • J
1(52891011',
Stamped guar 4/
/
4 10178 1 101%102
/
410'2 1011
1
48
1951 J•J 1011
St Joe RyLt11 344 P 1st g 38'31 11-N
Den eon Tr Co 1st g 58-1933 A-0
95 J'ne'00
It Pant City Cab con g Ga 1937 J -J
Det United 1st con g 41
Mar'09
86
84,3
4
/
48.1932 J -J
811
/
4 85
Underground of Lou 58. 1920 11•N
14avana. Elec eonsof g 53.1952 F-A
89 Mar0089 80
89
88
41
/
4s.
11/3.1 J -J
Inter-Met cell 4 toe
78 1.43 76
1956 A-0 77% Sal. 76
813,,
Income 68
11148
Inter Rap T 3.yr cony 68 1911 M.N 1031
/
4 103% 5 1031
/
4San 1031
/
4104
Union ILL (Chia) 1st g 58_1945
lnternat Trao colt tr 48_1040
721
/
4 Mar'011
72,
2
t, United R148 San 1,'rs f 48.1927 A-0
J
7215
Manila Elec 1st & coil :48.1953 M.8
08 mer'06
......
United Bys St L lot LC 4s11134 J -J
price Friday; latest this week. liflat. apue Jan ii Due ALV 6 Dile .Nlay
aDue gy k;Due .t.ug




851
/
4 Salt 851
S51
/
4
/
4 12 8412 83
58
56
58 Feb'09
104 101134 105
1054, • 1) 103
3581
/
4
58 105
6389¼
100
100
101 10212
1011
/
4
/
4 1021
1011
/
4 1011
/
4 1011
:
7
2
1
63
04 10
/
4 6 10
6634 Sale 6634
67
III 6634 71,
6538 Sale 634
631
/
4 3281
11111 Sale 109
/
4
109
It 100 1151
1)3',J'iy '04
71)
90',Sep '06
100
98 Nov'08
11012/40*,00
40 Aug'05
............
73,
4
78
78
11)'S 81
'271
/
4 Sale
31
271
/
4 '28
24 22
84 Oct 'ye
Sale
74
74
74
74
7-2
/
4 85
85
871
85
5 84¼ 86
woe uct p LIne .vut, s pt1011 ciii

New York Bond

MAR.27 1909,

809

IteCOrd-Continued-Page 2

..,
LW:NW,:
Lange
li z
Weeic's
Przee
Range
1,
Weeds
Sines
Range or ::: c
Fri,/ay
Since
N. Y. STOCK EXCHANGE
Range or ;-8
, January 1
Last Sate
::,.1. March, 26
1:c January 1
W HIM Estpmo MARCH 26
Last So,le ,
litet AL. -ow High
Ask tato
Mb
High No taw Birth Erie-(Con)
Ask Law
But
Chic Rock i & Pac•-(Con)
S Y Sus & W 1st ref 59.1937 J-J 104 108 107% Feb'Oil .... LW 1071s
102 Aug'08 ....
Choc Ok & G gen g 68.01910 J -J 10211
'0,3
Dec
10014
F-A
2d
1937
gold 4128
Conan! gold 58
1052 M-N 110%111 107 Nov'08
VON Mar'ti ,... 904, 112
89
1940 F-A
General gold 5s
105 Mar'01).... 103 105
1923 A-0 1051
Net:it: & Des hi 1st 5s
4
/
•ue .... .
Deo
....4
/
1141
114
M-N
1943
Terminal
gold
6s
t
la
Chic St I.& NO See 11Cent
Ite,lis $5,000 each 1943 M-N
Ohio St L& Pitts See Penn Co
4 102 Maru9.... 101% 102111
/
6 12912130%
Mid Rao( NJ latg69.1910 A-0 102 1021
130
Ohio St P M & 0 eon 68 1030 J.1) 130 Sale 130
102 Jan 'OJ .... MI 102
Wilk & Ea lat gu g 58.1942 J41 1004
93 Dee'03 ---- .....
Cons (38 reduced to 31
48 1930 J-D 93
/
4
/
4 Feb'09 .... .0012 1121
/
1131
4 12012 Jan'OP ... t29½1214% Sr& Ind lat con gu gUe 1926 J -J 112
/
eh tit P 415 Minn latg tis 1913 M-N 12041301
Erie & Pitta Bee Penn Co
129% Mar'04 .
4
/
Nor Wisconsin let 6a 1930 J -J 1261
'03
Jan
.
11212
111
..
.1
Dec'08.
.1Evans
T
&
a
let
(03.1921
cons
118
St P & 8 City let g 69-1910 A-0 116
10212J'Iy'U8 ....
.......
latgeueral gold 5s
1042 A-0 102
1124 Dec'08 ...„
Ohio& West Intl geu g tisq193•_ QM 111
.......
9574 5 964 98
114 Apr.o. ....
Mt Vernon 1st gold 68-1923 A-0 108
Cons& 50-year 48
99% 96%
195'2 J. J
J'ne-..., .... ___.......
05
A-0
Sail
Co
9654
Branch
59.11)30
let
g
Chic& W Mich .w Pere Marq
41argo & So S'es Ch hi J. Itit P
Choc° & Gulf .
45ee C R IP1
&
L lint& Pere Ji See Pere Mar
113 Oct'00
0th 14 & 1) 2,1 gold 412a 1987 J-J
09
1 05 103
Flat)& Pemu See Soa Air Line
103
Cin D & 1 let gu g 5s 1941 M-N 103 Sale 103
105 Mar'9,Fort St U D Co 1st g 41
48.1941 J -J
/
C Find& Ft W 1st gu4sg.'23 31-N
78
4 hfar'ul' ...• i15%.1174
/
....
..
et W& Den 0 lst g 643....1921 J -D 116 116% 1161
70 Aug'08 .... .
4
/
811
Cin 1 & W let rit a 48.1953 J -J
58
88 Mar'uti .... 35
&
Rio
W
981
let
Lot
88
....
....Gr
;
961
C09
4
/
g
A
4s.1928
-.I
4.P
/
J
961
, Ind Dec & W let g 5a 1935 J -J 102
i 3a1 Har & SA See So Pac Co
10712'100'02 .... __.
lat guar gold 56
1935 J-J 109
Sep 08 .... ___ _4..
96
99
1
ki
A-0
Iralli.84
of
1st
1882
59.1913
C DR I.& Li b'es (2 0 C & 861.
Georgia & Ala Bee Sea A Line
Oin 8 & (2 Sset)0(.1 St .1
'
Ga Car & Nor Bee Sea A Line
Cleartield & Mah See 13 R & P
98%
4
971
Georgia Pacific see So Ay
13
8
978
974
98
()ley Cm C & st Lgen g 49 1993 J-0 9714
4 96
/
Gila V GI & Nor See So Pac Co
5 051
96
96
' Cali",.01v 1st gold 49. .1039 J-.7
96
Gouv & Osvregat Bee N Y Cent
9514 Oct'08
Cin W & Al Div 1st g 4e.191)1 J -J ,
_4 _
93
4 9734 Grand Rap & Ind See Penn RR
1
95% 13 U3/
90'4 904 95%
St L Div let col tr g 413-1901.114-N
Gray's Pt Term Bee St LB W
91 Oct '07 ....
1900 51-N
Reguitered
•
9954 15c Of% 994
98's sale 08
(it Nor-C B& Q coil tr te 1921 J• A
02 Feb On
_Spr & Col Div let g 49_1940 M-8 96
98
103
..-, 974 99
08
1921 Q-.7
Registered.h
06 ---- ......
• 98 sop'
92%
W W Val Div let g 49-1940 J.J
Greenbrier Ry See Ches & 0
105 Jan'04
0 i St L & C 0011801 69-1920 M-N 105
96 Oct'08
100
-1
J-.
01952
&
Gulf
I
5s
6
g
9812
&t
....
4
/
Darer
981
Mar'09
4
/
'381
p
.
Q
ki9.36
981/4
9854
lat gold 48
LI an & St Jo See C B & Q
07 Oct '08
9754
k1936 Q-bRegistered
3 1094 10914 1 houtiatoinc Set 21 TN H.& H
4 109¼
/
1091
4
/
Cin S & Cl eon 1st g 55-19223 J-J 1091
108 108 Mar'09 .... .0484 109
Hock Val 1stconsol g4128.1999 A - J
114% Sep'OS .
1914 J -D 106
ut
',
CC C & 1 creosol Is
100½3e1)
19911 .1-A
Registered
9S's leelPtee .... 984 981
Cousol sink fund 79- 1914 J -D - 130 Nov'08 .
4
/
4
/
Col & Ii V let ext g 49 1043 A-0 081
1281
4
/
•J
9914
J
1034
69
gold
consol
General
91041'eu'uu .... 94
0934
F-A
Tot
1955
&
48
Col
ex
let
1934 J •J
Registered
.
Roust E & W Tex See So Pat
94 J'Iy'08
Intl B1 & W let pret 443 1940 A-0 04
Roust& Tex Cen See So Pac Co
11933 Q J
0Intl & W let pt 59
1031O4
104 Mar'09
95
I Ihnoie Central lat g 48..1951 A -A 10414
b 93
95
1940 A-0 04%817 9484
Peo & East 1st con 4s
10754 AWL)..
1961 J -J 1014
L Registered
56
40
4212 41 Mat'09
42
1990 Apr
Income 43
M•N 10081002 100% 100% 1. 330.8 101%
ref
1st
1951
49
(when
188)
141i
Peon
Bee
Cloy 44 Marietta
4 Dec'uo .
4 93,
/
931
.lat golu 3.29
1951 A -J
Clem & Pitts See Penn Co
9134 Aug 08 .... .
..
91
87
84 4 26 80
Registered
1951 A -A
8434 84
1947 J - J
Col Alidlauti let g 49
Jan 'lid .... 9-454 94%
A-0
9454
1951
Extended
let
99
974
g3149
6,
-A
F
49-1929
98
98
9754
Sale
g
let
Coloratt0 & Sou
'01
(Jot
70
let
gold
S
m2..9
38
1004
09%
1463
4
/
991
1951
Bale
4
4
993
sterling
1935 M.1.1
Rotund & ext 4129.
4
/
1962,A-0 1004 1021
4 1004 Mar'01, ... 1.00 4 1001
/
Coll Trust gold ts
Colum & ureenv 444 So Ity
1.8 Aieru
1962 A-0
Registered
Col & !LOCK Val See Hock Vai
100
2
4
4
/
v
1001
.00
Sale
101%
4
/
1001
&
0
N
L
Tex gold 49 _1953 m-N
Cold), Tot See Hock Val
97 Marti,
1053 11•N
Re.glaU3red.
Col Conn & Term bee N d), W
4Mar Lov .. . 991
/
11331
4 9914
/
Cairo Bridge gout 48
1950 J ..1) 9954100
Conn & Pas Itive 1st g 46.1943 A-0
901
4 .
/
1 90
82
8914
9014
49 1953 J - A
1
95
115
LoausvDiv&Term g3/
95 Jan'09.
96
1952 J -J
Cuba RR 1st 50-yr 5 g
123 MaY'99
Middle Div reg 59
1021 F-A 106
1 lak8o set0 At db kit P
Apr'04)
4
/
781
8054
79
A
FOmaha
1931
Div
g
let
38
K341
liallan de Waco See M
80% 704 Dee'ub..
79
Bt Louis Div&term g 38 1951 J -.I
Del Lack & Western........ .... ...... --77
1901 J - J
tered.
114 .«, 11414 Foli'09 .... 11414 114%
Morris& Essex lat78-1914 M.
90 i Dec'03
4
/
801
J
.2s
31
ia
grd
J....
1951
Feb'09
117
117%
4
/
1171
1st oonsol guar U.-Atilt, A -I) 1 16%117%
1014001 IA,
88
1
,
1951 J,-.
Registered
. 1427 J'uo'05
4
/
1015 .1-1) 1151
Registered
100 Nov'ts.
Spring Div 1st g 31
1 9354 964
4e. 1951 .4-. .89
/
9614
4
/
041
4
/
061
48
/
200o J -D
}IA ret gu g 31
4Jan'09 ..... 1004 1001
1
i Li0/
4
/
,., 100
Western Lines let g 46 1951 .,',1
4 120% Feb'00 .... 12054121
/
N Y Lack & W let 68-1921 J -J 110%1201
121 Feb'0.1 .. .21 121
... 118
1923 _a -1.,
112 112¼
13ellev & Car 1st tis
Construction 5s
1023 F-A 1121411254 112¼ Mar'ut).
9g 14a1109 .... 98
98
084
,.b
•
m.
1032
&
Carb
Shaw
4.3.
g
1st
4
Feb'01)
1001410U
1004
4
094
413
M-N
improve
A928
di,
Term
1194: Feb'uu .... 1191
4119%
/
Chic St L & N 0 g Cie. 1951 4-.1-' 118%
94
102 Fob'03
48 2000 F-A
1
Warren 1st ret gu g 3/
119 Feb'u, ... 119 lig
1951 A -I) 117
Registered
4 Apr'08
/
1211
Del & kind 1st Pa Div 79 1917 1.1-9 12154
90
.... 90
Fell'ov
90
91)
J-D
1951
Gold
•
4
/
31
8
Aug'01
1194
149
Registered
1'117 3.1-s
100 Iliar'0:-. __ ........__
Memph Div let g 4s. 1951 :r.-13
101 101½
4 102 Mar'09
/
lat &ret 43
1943 MN 102 1021
98 J'Iy'ut .... ...... ....«St L Son let ga g ta. _1931 la's
23
4
/
4 Sam 100'. 1001
/
10-yr cony deb 49
1916 J -D 1001
4 104 Dec'08 ----- ------ --- End B!& West Bee CC C& St L ,
/
1922 J -J 103 1031
1st hen equip g 414e
98 Feb'Oi .... 96
D7 100
98
1950 .1,•J
004 Intl HI & Ia lat g 49
9714 11 U7
1-411. 97
1946 A-0 97 ,
Alb & See cony 312s
4 4 110 110%
/
1104 1101
Int & Great Nor lat g 6i3 1910 51-N 110
....
129 Nov408.
Rens & Saratoga lat 79 1921 M-14 129
4.03 . . 85
/
law 16-S
4 Mar1
/
861
36 19 38
37
24
gold
59
Del Riv lilt Bridge Bee Pa RR
4t) uo (AA'I).
3d gold 4s
19213f13,
4
/
1 10 96
981
97 ;
4
/
9712 96'2 971
Deny & IL (ir lat con g 48 11)36 J .J
01) .... 1094 1114
4
/
109 110% 110 Mar1
Iowa
_
106
_.-1,
4
/
Central
....
59-1938
Feb'00
1031
let
gold
103½
106
-J
1936 J
Consol gold 41
4s
/
4 ..,.. , 7354 82
/
791
7912 Sale 79
Gold 49
1951 "''''b
4 103 102 12 Mar')9 .... 1015410314
/
Improvement gold 59-1928 .1 -I. 1021
J enema 1111 See Erie
1
9454 193 11254 1.35
9414)3:tie 9334
1055 F- A
let & rain:ding Os
at
if
.
&
A
Feb'08
(I
R
&
See
98
S
M
LB
108
• Rio (Jr Juno let go g 58 10311 J -D
11-1.a.it & Mich Bee'Doi & 0(.1
.
4 76 Dee'05
/
721
Rio gr So lat gold 49- 1940 J -J
KCIetS&M. SeeStL&8111'
85 Mar'08
1944. J -J
Guaranteed
9754 IV 05 10014 KC&MR&B As'eestLitiSF
9754 974
Rio Or West 1st g 48._ 103U J - .1
8514 5 83
lista 0& Pacille Bee 31 K.& T
87
4
/
Mgeand col trust 48A 1940 A-0 8514 8634 851
7514 'il 7254 7554
4 75
/
731
Kan City Sou let gold 39-1050 A-0 75
97 Jan'02
05
..
Utah Cent 1st's-it g 4s ali)17 A-0
63 Oct 't.a.
Registered
1056 A-0
Des blot & It I) See Al & bt L
Kentucky Cent bee Le. N
4107 110 Sep '04
/
Des Min Unity let g581917 it-N 1051
95
Keok & Des Mo bee C R I&P
95 Jan'09 ... 95
Mack let lien g 48.1095 J-1) 02 100
Knoxville •52 Ohio See So Ry
90
ili 88
.
89
13i) Sale
1996 J „Li
Si)
Gold 4s.
It i1254 11414
114
114
4
/
1 alto Erie & W let g 59..1937 J -J 1131
Detroit Southern1o714 Mar'09 . . t074 107%
1941 J -J 107%
82
I-4 2d gold Os
....
Mar'09
80
82
82
80
M-8
/1)41
4s
g
let
Ohio Sou Div
11 1121
113%
11354
411414
/
114,4
9
1131
A-0
geh'ull
....
59-1945
114
1.16
North Ohio let gu g
Dui & Iron Range 1st:m 1037 A-0 113 11414114 Mat-403 .
L She & Mich 8 See N I Cent
4
/
1061
1937 A-0
Registered
4 1061
4108
/
1074 107%
J
-J
9.1940
107%
1st
Y
N
4
/
41
g
Val
.....
gu
Leh
-.
.
J-.1
1016
2t1 68
108 Oct 'lib .
Registered
1940 A -A
DIU Short Line Se. Nor Pno
111 ___ 1101
974 a Mar',th' -•-- U7
97
4 1101
/
4 Feb'09 .... 1101
/
97SI
4 Lehigh Val(Pa)cons g 49 2003 Ni-N
/
Dal So Shore dli Atl g 58-1937 J -J
118% Mar in) .... 1164 118%
4
/
1171
A-0
Ity
Ter
1st
1041
V
gu
Leh
58
g
Limit o( Minn See StP AI& Al
100190.A'
1941 A-0 1154
99
Registered
-IL:iitst Ten Vlt & Ga Bee So ity
107 12J'ly'or
113%
11214 Feb'09
...1124 11214 Leh V Coal Co let grt g 39 1083 J •J
Elgin J ol & East lat g 38 11)41 li-N
97 Olay'08 .
.-Leh & N Y let guar g 49-1946 M-S
9354
Elm Cort & No See Leh& N I .41-N 100
4 May'08
/
991
Registered
1945 51-9
1047
Ene 1st ext ,old 48
11318Jan'06
4
/
4
/
4 1 1051
/
4 1°51
/
4 1051
/
El C & N lot pi Os
1914 A-0 102.1
191914-S 10514 107 1051
2d ext gol 59
10514Jau'06 ...
1914 A-0 1014
4 Feb'09
/
1041
Gold guar be
10414104½
4
/
1923 M-8 1031
49
/
8clext gold 41
4
/
Leh le Had it Bee Cent ot N J
1054 Nov'08
1920 A-0 1051
4th ext gold 5s
&
95
97
Lch
NJ
of
W1BLesb
Cent.
Jau1/9
'See
....
97
07
-D
J
1928
5th ext gold 48
2 1224124% Leroy & Caney Val See Mo P
1224 1132¼
.l24
1192014-11
1st consol gold Is
Long Dock See Erie
122 121 Oct'08
1920 11.-S
let consul g tuud Is
111 Jan'09 .... 110 111
85
4
/
801
.
4
/
861
904 Long IsI'd-lst con g5s.h1931 34 112
83%
-J
J
-1096
• Erie let con g 48 prior
97%
let comet old 49
/41931 -J
79 jan'03
1906 .1-J
Regiiitered
4 i 96
/
96a;
961
4
/
4,731
1038 -I) 064 08
General go d 4s
4 7714
6 /
7154.13801
4 Sale 704
/
711
lat consol gen hen g 48-1,096 J •J
410054
/
4 Feb'ut) .... 1001
1
11/0/
1922 141-8 100
4 Feb'07
/
Ferry gold 414a
8131
1906 .1,1
Registered
4 uct
/
991
'I)..
1982 J -D 00
4 (3016 4*
/
79
7514 851
79 Mar'09
1951 F-A
Penn colt tr g 4s
4 Dco'08.
/
941
1049 Is- S
Unified gold 49
67 63
7714
68
1053 A-0 66% Sale 65
50-year cony 48 A
10412 Dec'08 .
1934 3-1) 105%
Debenture ,olci. 5a
69
4 sale 58
/
61,208 58
do
Series 13_1053 A-0 611
194g 44.8
4 96 2.111.009 .... 074 99
/
Gnar ref g.o d 4s
9314 981
115 Aug'08.
Bull N Y& Erie 1st78-1916 J -r: 115
.
Illtlyn & Mont lat g 69-1911 M-S 1021
4 1161
1
4
/
4 Mar'09 .... 11054117
/
• Chic & Erie let gold 59-1981: 41•N 116 116/
_
101% Dee'Lp•
1911 M-S 101
1st0a
121 Dec'08
. Clow ..%3 Mahon Vat g 58.1938 •J 11.0
11014 Nov'Oti .
N 1: Il& M Blatcon g.58 193.1 A-0 1044
1284 Mar'09
4
/
127 123¼
Long Dooli: consol g 69 1036 A-0 1281
105 Apr'Oi
11)27 M-S 100
N Y& 1113 let g 5s
120 Mar'09 . 120 120
Coal 83 RR 1st cur gu 69.1922 3.1-1C ,
Nor ShB lst con ggu3801932 (I-A 107 lo.) 109 Nov'96
106 106
106 Feb'99 ,
Dock & imp 1st cur 69_1913 J -J 1064
Is i
i)9 Jan'00 .... 39
00
Louisiana.& Ark let g 58.11)27 31-9 •
N I & Green I. go g 08.1946 Ni Is 108 110 108 Mar'09 .... 108 108
BOND:,
N. Y.STOCK EXCHANGE
WEEK ENDING MARCH 26

Price
brielav
tat k•-,
z--.:., March. 26

r

..

•

.
0 .1.

Det(I,

•I

3-Continued on Next eage.
.
illISCELLANEOUrs 110113
Gas and Electric Light
Atlanta L Co let g 68_1947 J-D
liklyn U Gas let con g 59.1434,5 M-N
1009 M.S
Cony deben tis
1947 A-0
Buitalo use Ist g 5a
190i) Consul Gas cony deb 68
1923
Detroit City Gail g be
Dot Gas Cocoa let g 58...1913 F -A
GLN 1C 1st eon g 08-1082 M.
Gar& Rico Berg Co c g 59.19411
Lien Electric deb g 3'0..1942 10-A
11)17 J-D
10-yr g deb 5s
Gr Rap ti L Co 1st g 59-19.11. F-A
Hudson Co Gas let g 58..1949 IJI-N
KairCity(Mo)Gas 1st g 58 1922 A-0
Kings Co El L& P g 58-1087 A-0
4697 A-0
Enroliaae money 68
Ed Sill Bkn lst eon g 491939 J•J
Milwaukee Gas L let 4s..1027 M-11
•

pnue iermay; la.tast




Gag and Electric Light
Lac Gas Lot St,1.1st g 5ee1919 Q-F
1984 A-0
Ref and ext 1st g 5s
100% 106% 117 1113 107
110 12,1 .NYGELH&Pg 56-1948 J -D
122 IrelVou
6312 1) 00
4Sale (32
1
63/
4 Purchase money g 4s...1949 F -A
/
631
Ed El III let cony g 58-1910 M-8
165 Dec'05
1990 J-J
410114
/
let consol gold 0s
101;4 1014 '2 1001
101'4
NY&Q El L&P let con g 591930 F-A
95% Seq.)'08
100.
N Y & Rich Gas let g 59.1921 M-N
96 Mar'03
103%
Pat & Pas G & E eon g 58.1940 Ni-8
611
4Oct '01 ••.•
/
POO Gas & C let con g 69.1043 A-0
84
80
70
80
3 80
Refunding gpitt 59
1947 hi-S
14 136 140
136 138% 13834 130
Cit G-L & Cke 1st gu g 59 1937 1-3
101 1074 Dec'00 •..• ......
Ind Nat Gas& Oil30-yr Ss'30 11-N
102 .111y'0.z
10/.
Con (I Coot Cli 1st gu g 59.'36 -0
90 Dee'O, ..•.
Mu Fuel Gail lst gu g50.1947
Syracuse Lighting let g 59.'51 J-D
100 100
415 Jan'09
.
0
4 1.
/
113 1161
Trenton G & El 1st g 59..1949 M-3
86. Sep '03
92 Mar'00
9218 We9tchesterLighVg g 54.1950 I-0
92
93
92

101 14
106%

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104

105
101
100'.
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100% Sale
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lot
4
/
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1
85
85
100% 100% 8 100 100%
111
1 111 Ill
111
97
07 Mar'09
97
100 Dec'08
104 4 Nov'05
......
119 121
120¼ Mar'09
103 Feb'09
102%10314
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103
101

Mar'09
Nov'08

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New York Bond

810

lieCOrd ---Continudd-Page 3

[Vol. LxxxvInd
awe

BONDS
Y..STOCK EXCHANGE
WEEK ENDiN0 MARCIE 26

44%)

Price
Friday
.3Iarc1i. 26

Week's
_Range or
Last Sate

Range
Since
- January 1

RON DS
N. Y. STOCK EXCHANGE
WEEK ENDING MARCH 26

t_tt

Pried

Pridam
.3farelt 26

Week's
Range or
Last Sate

Range
Since
Jawearg 1

But
Ask Lou' titgla No Low lite n N Y Cent & H R-(Continuedi
Big
AA Low .1ligh
Low JiigA
/
2 117 Mar'09
117 1171
/
2 Gonv& Oswelstgag5s 1942 J -D
Lenisv (lb Washy gen g 66 1930 J-D 116 1161
1161
/
2 1161
/
2 Mar'09
110 1161
1937 M-N
/
2
091
/
2
98 .51ar'08
Moh & Mal 1st gu g 4s..1991 M-S
Gold 56
1011
4
Sale
101
1011
J-J
/
4
26
1940
F
100%1021
/
4
94%
105 Oct'02
NJ June it gu 1st 48. .1986
• Unified gold 46
991
/
4
1011
/
4Ply'013
1940 J-J
9214
9614 Oct'0,
Registered
N Y & Harlem g 3¼s...2000 M-N
•
105 J'ne'08
1910 A-0 101
/
4 1071
/
2 Aug'Ob
Sink trind gold Os
N Y & North 1st g 5s. .1927 A-0 11U 1171
110
112
1093
4
Feb'09
M-N
95
11/83
1931
4
A-0
109
/
1
2
100 Sep'08
NY & Pn 1st con gug4s 19113
Colt trust gold 5s
100
1001
100
/
4
100
S 97 1001
/
4
A.0
8-20.yr col tr deed g 46 1928 11.0
Nor
&
Mont
lstgug5s.1916
111 Jan'09
111 111
1311
/
2 Jan'09 .... 1311
& Naah lat g 66.-1919 3-0 111
Pine Creek reg guar 69.1932 J-0 127
.
/
2 1311
/
2
/
4
1
2- Feb'09 -• 1071
107/
/
2 10734
W&0con latext56./41922 A-0 111 112 110% Feb'09 .... 1101,1101,
L Cin d, I.ex gold 412s-1931 M-N 1071
1
4
12434 124/
1
2 13 1'2434 124/
F-A 100
103 Jan '05
1
2
2.1 0& M is;gold 68-.1930 J -J 122/
Oswe
&
R
2d
gu
g
5s...e1915
120 Jan'09
1930 J -J 119
111
120 120
M-N
N 0& NE 2d gold 6s
RW&OTElst gag 53.1918
1
4 Ang'06
107/
103 Sep ,ut,
< Pensacola Div gold 66-1920
Rutland let con g 41
/
28..1941 J-J
S 1141
/
4
117 May'07
91
1921
93
93 Dec'0
St L Div 1st gold 66
Og&LCham lst gn 48 g1948 I
...
621
/
2Ang'07
75
198(1 M.S 63
90
9034 Jan '09
2d gold 38
Rut-Caned lstgn g 48.1949 I-J
90% 9044.
M-N
951
/
4
953
4
.
*L
961
/
4
961
4
115 Fen'09
95
961
/
2
A.t1 Knox & Cin div 46 1955
St Law & Adir lat g 58.1996 3-J
115
116
135 125 Feb'0
AU Knox & Nor 1st g 5131946 .1-0 113%116 116 Ply'00 •
2,1 gold 68
1996 A-0 .
110 Jan'09
10314 Dec'08
110 110
'fender Bdge 1stsfg 66.1931 M-S
Utica & Blk Rivgug4s.1922 J.I 101%
J-J
/
2 9S/
1
2
981
/
4 Sale 981
95
95,
4 95
951 16 94% WS
'JO
98/
1
2
Kentucky Cent gold 48 1987
Lake Shore gold 3/
1
28-.1997 J
103 Dec'08
/
2 94'4 931
/
2 931
/
4
/
2 9 931
/
481945 M-S 1041
L&N& M&Mlatg41
Registered
1997 J-D 931
/
2 94/
1
2
9238 9114 Mar'09
9534 140 95
88 911
/
4
L& N-South M )(Ant 46.1952 J.J
Debentrige g 48.
1928 M-S 9534 Salt, 95%
91
/
4 Mar'09
/
2 gale 95%
95
19 95
11514115¼
N Fla & 8 let Ka g 56-1937 F-A 113 114 1151
25.year g 4s
1931 M-N 951
96%
/
41061
/
4
1
261945 J-J 1051
Ne, Bilge gen gn g 4/
Ka A & R let giao56 1938 J.J 110
109 Jan'09
1
4
109 109
/
2
109 Uct'07
• Pens Oa Atl lat gu g 68-1921 P-A 108/
Mahon 0'1 RR let 56 1934 J-J 1131
/
2Feb'09
1151
100 May-08
1321
/
21151
/
2
& N Ala con gu g 5s 1936 P-A
Pitts ttb L Erie 20 g 5s.a1928 A-0 102
/
2 941
1261
/
2
J.J
/
2 16 94/
13012
Jan'09
1
2 941
/
2
:Lab Jeff Bdge Co gu g 46-1945 M-S 94 -.. 941
Y
let
Pitts.5foK &
go 68.1932
130¼130
/
2
:LNA&oh See0 1 8al,
2t1 1.ar 68
1934 J-J 1261
Rfi ahon Coal See L 8 8, M 8
MaKees&BV1stgfis 1918 J-J 110
1001
/
4
/
2 99% 23 98 100
Feb
-09
M-S
101
.0-Lanhattan Ryconso146 1990 A-0 99½------ 991
101
Mich Cent 1st concord 60 1909
101.
104 Apr'05
114/
1
2 Oct '0
Registered
1990 A-0 97
66
1931 M-S 11534
4
1
4 1001
/
4 40 99%1001
112
119 l'uo'09
/
2Sale 99/
Stmpd tax exempt 1990 A-0 1001
/
4
Registered
1931
1001
8Mar'09
991
4
....
McK'pt & B V Bee N V Cent
10018
1001
.
441
1940
84 Mar'09
106;31‘loe0i)
8412 85
82 85
J-J
adex Cent cons g 4s trust rects
Registered
1940
/
2 2514 92 211
2514 Sale 241
1)0 J'ne118
/
2 26
1st cons inc g 3s trust rects
J L& 8 1st g 3126
1951 11-S
4u 2034 We
23
92
23 Sale 22
92% Sale 92%
911
/
4 11208
2d cons Inc g 38 trust recta..
lot g 31
/
2s
1952 M-N
11038-Ply'01
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bier Internat 1st con g 48.19/7
Bat
C
&Star
1st
gu
g
38
1989
80 lieb'08
102
100 g. 1021
Stamped guaranteed....1977 M-S
/
4
Y.Chic& St L 1st g4s 1937 A-0 10128101; 102
105
MaY'00
99
Sep
'08
100
bier North let gold
.1910 J -19
_Registered
1937 A-0
/
2 93¼
931
/
2 93 4 931
91% 931
/
2
Mich Cent See N Y 66..'
Cent
Debentures 4s
1931 M.N
1031
/
4
103 1041
/
2
Mid of N J See Erie
West Shore 1st 46 ga 2361 J -J 103 sale 103
102 Sale 102
1027
.
1.01/
1
210312
MIILS& W Bee Chi° & NW
Registered
2361 I
Mil & North Bee ChM 8a St 11
N Y & Greenw Lake See Erie
1331
/
2Feb,09
1331
/
213312 N Y & Her SeeN Y & Had
/
2
Minn & St L 1st gold 78..1927 J-D 1331
101 Dec'08
Iowa Ex 1st gold 76
1909 J
Y Lack & W See D L& W
119 Jan '07
• Pacific Ex lat gold 68 1921 A-0 107
NYLJI1&W See Erie
11;i14 Mat.03
South West Ex 1st g 78 1910 J-D
N Y 80 Long Br See Centof NJ
1103
4
110'4
/
2111
5 109* 1111
/
2 1341, 14 13334 1351
1934 M-N *1101
/
2 Z.7 Y N
134% Sale 1341
• 1st eonsol gold 58
/
2
& li-Conv
8514 15 8414 8'71
85% 85.4
981
/
2
/
4
/
2 44 9712 1001
981
98
/
4
Cony deben 31
1st aua retund gold 4s 1940 NI- S 85
/
2s
1956 J -J
97 Apr916
8812
/
4
Housatonic It con g 58 1937 M-N 1171
Des M & Ft D 1st gu 46-'35 J-J
1181
/
2De0'°z'
N1-N
Derby
Kinn & St I., gu Bee BOR&N
&
con
cy
NH
56
1918
100 Mar'09 ••-• 991
99
/
2100
hi StP&
N Y &.North
M gong 4intgu'38 J -J
YC&li
99 Mar'09
99
99
hiSSM&Alstg4intgul926 J-J
98
981
/
4 981
/
2 U87,3
99/
1
2
N YO&W ref let g 4s..g1992 11-S
Regis $5,000 only
10.1 14J'uo'Uu
Kinn Un Bee St P
g1992 M-S
23 983810014 N Y & Put See N Y C &if
9934 Sale 9934 100
Mo Kan & Tex 1st g 48 1990 J-D
86,s,
Mar'09
561
/
2
87
S113 88/
1
2 NY8aRB See Long Island
0.990 F-A
20 gold 4s
1011 108 Mar'09
/
2 N Y & W See Erie
1041
/
4 1091
1944 M-N
• 1st eat gold 58
/
2
nl¼ 1(14 83% 871
2004 M-S 87 Sale b61
. N Y Tex & M See So Pao Co
• 1st & refund 45
911
/
4
Sale
91%
Si
9014 931
1936 J-J
/
4 Nor & South lst g 56
Gen s f 412s
99¼ J'ne'09
1941 M-N 101
/
2 8912 Mar'09
891
2001 A-0 88
891
/
2 891
/
2 Norf 8a West gen g 68
/
2130 1271
St L Div 1st ref g 4s
/
2 Mar'Uti .... 127,2 128
1931 M-N 1271
/
2 109;
1091
/
2 1091
[0)i1 110
129 Mar'uli .... 129 129
Iiuprovem't& ext g 6s 1934 F-A 127
Dal & Wa 1st gu g 68-1940 M.-N
93
Mar'Ob
1
2
93 93
New River 1st g es
Kan 0& Pao 1st g 4s 1990 1'-A • 93/
/
2 12812l'etr01)
A-0 127 1281
1281
/
2198's
1932
114
114
1
2
113 1141
/
2 N& W Ry let con g 48 1996 A-0 U57 Sale 1/87
gu g 58 1942 A-0 114/
Mo K & 11.
.
ib 961
/
4 991
/
2
111
/
2 111
1942 M-N 111 1111
108 112
Registered
E.& Ok 18t gu 68
98
91 Sep '07
A-0
1996
/
2 Mar'09 •... 106 110
93%
Div'l lst 1& gen g 46 1944 J -J
M K & T of T lstou g 613 1942 11-S 10814 109 1081
9338
9338
93
95
100/
1
2J 919
/
4
'
09
Sher Sh & So 1st gu g 53 1943 J-0 1081
year
961
/
4
9678
cony
,
4
111)
10-25
96
4s
D
931
/
2 981
/
2.
1932
/
4 Feb'09
108 11138
Tex& Okla lstgn g 5s 1943 M-S 108 110 1111
Pooah C & C joint 46 1941 J-0 91
913
, 91% Mar'09
1
4
89% 92/
115
115
4 1131
/
2
/
2116
109.2 eu'
CC& Tlst
g 5s
alo Pacific 1st con gi3s _1920 M-N 1141
/
2
1922 J -J 1031
1021
/
4 lb 100;1021
/
2
S 102¼ t*.113 102
Trust gold 58 stamped a1917
lIar'oi,
N
961
V&
/
2 981
Scio
Elst gu g 46 19149 M-N
/
2 91
... 9131
/
2 9812..
1041
/
2Feb'07
a1917 11-S
Registered
North Illtnols Bee Chi & N W
/
2 1021
/
4 1021
/
2 1 101 1031
/
211131
/
2 North Ohio See L Erie d, W
1920 F-A 1021
1st cold gold 58
82
/
1
2
82
San:
821
/
2
280
M-8
783
4
851
/
4
1945
103
loan
4s
-year
gold
10234 Sale 10234
40
52 102%104
Nor Pao-Prior lien g48.-1997 Q
. 05 Mar'08
......
Registered
extd at 4°5...........J38 M-N 0512
/
2 101%
, ad
101 103
1997 Q- J 10134 sale 1011
95 l'69'09
93 94
89
JO
95
7444 Sale 7434
General lien gold 3s....a2047
Cent Br By let gu K413.1919 F -A
75 73
73
91 14)0'09
J-1)
91
48.1948
91
74%
'7434
733
,
Registered
6 7234 7434
Cen Branch U Platg
a2047
1
2-m
Mor'05
110
90,8 Maiguli .... 90
.
977
Paul-Dul
St
Div
g
• Leroy& VA Llst g5s 1926 J-J
481996
J
-0
/
4
1.001
/
4 1001
991
/
2 1901
/
4
Dul Short L lst ga 5s..191e M-S
Pao It of Mo let ex g 48.1938 F-A 10014 Sale 113
Mar'OL:
/
2
112¼ 113
011¢_eolltr 46 See Cit Nor
2(.1 extended gold 5s 1938 J -J 1121
CB
121 Mar'09 .... 1201
/
2121
/
4
Sgen con g 5s1931 A-0 111%112 11114 11134 13 1.1114 112
SZL Ir
lIt P N P gen g 6s....1923 F-A 1201
110 Oct'Us
/
2
1
21201
931Pub .... 120/
Gen con stomp gut g 3s1931 A-0
Registered certifte's...1923 Q-F 12014 121 19.011 1.
90
1101
/
2 9 86
9014
901
/
2
'Unified & ref gold 4s 1929 J -J
Paul & Dill 18t 53.....1931 F-A 112
1171
/
4
-PIT
'
07
St
.
991
/
2 907 31 881
91
104
104 Feu'0
104
/
4
91
5s
Biv&G Div 1st g 48 1933 NI-N 90
1041
/
4
241
A-0
1917
1071
/
2Apr'00
149
9.1
1st consol gold 48
1)8
Venn V 1 & W 1st g 56 1926
1968 -1)
03 Dec'08
60 63
921
/
2 921
/
2
93.2
Wash Cent let g 48
Slob & K 1st eons g 58 1953 J-J
92'.Jan 'VI' -•
1948
/
2Feb'09
124 1241
1153
4
1161
/
2.
119;125
Pac
Ter
Co
116
Nor
Mob & Ohio new gold 66 1927 J-D
1101
1st
/
2
g
66
i
1933
1t144
/
2 11'14 11734 2 117 118
1st extension. gold 6s..A1927 9t-J 11734 1191
Nor By Cal Bee so Pao
90
Mar'09
/
2 90
.1938 M-S 881
861
/
2 91/
Generai gold 48
Wls See C St P & 0
Nor
/
2Feb'09
1121
/
2 1121
1121
/
2 1121
/
2 Nor & Mont Bee N Y Cent
Moutgom Div 1st g 55..1947 F-A
'75 MaY'08
,Inct & W ,Yee C C & St 1,
St L & Cairo coil g 48..61930 Q-F
lie
97 101 'Nov'04
1931 J-J
Gnarauteed g 48
hiolIlyRlI See Balt ce:, 1/
,S4 0 coil 4s See Southern
Ore & Cal See So Poe Co
Mohawk&Mal SeeN Y 08;II
Ore Short Line See Un Pao
MononfalieL2, Itiv Bee B Sa
()imago & Rome See N V 0
ela
Mont Cent See St P
0C1t&StP .9ee CdaNW
1091
/
2110
fdorgan's La & T See S P Co
/
2 110 Mar'09
1)no Coast Co 1st g 58.-1946 -I) 1091
/
21101
W
Morris & Essex See Del
I soot Missouri See Mo Pao
1121
/
4 11218 Mar'09
1121
/
4112/
•ki ash Chat & St L 1st 78.1913 J-J
1
4 Penn ltit 1st real eel g46 1923 NI-N 101
105 J9.1009 .... 105 105
11312 Mar'09
/
2
10912 Jan'09 ... 1091
/
2,
/
21091
1928 A-0 1131
cousol goal 5s
/
2
LI lat consol gold 5s
/
2 1131
1131
1911) 11-S 1091/2
116
Jasper Branch 1st g 68 1923 J -J
Consol gold 4s
106 Oct'
08
1943 NI-N
11724 blar'05
MoAl.
W ‘4, Al 1st 6s 11117 J-J
Consol gold 4s
/
2 11/438 116 iO4, 104.4
.Sale 1011
NI-N 1043
1948
113 J'ly'04
• T &P Branch 1st 613.. 1917 J -J
convertible g 3128
9836 6 U7'-2 9924
9838 Sale 98
1912 M.N
136 Sale 955, 96 46u 94% 90
Convertible g 31
Nash Irlor & Shef See 1:84
/
26
1915 I-I)
/
2102 102 Feb'09
99 J'ne'u7
102 102
Alleg Val gen gu g 4s...1942 M-8 100
Natof Alex prior lien 41
/
28.1926 J -1 1011
82 Mar'09
82 la
811
83/
1st consol 4s
1
2
D1tliit&11gelstgu45g36 F-A 95
j0'.Mar'09
D See N Y N ki1&
9511
*New
India Bal& W
1031
/
21031
g 48..1943 M-N 1031/2
/
2
10-g J an 'oil
Y Cent
•N J Jtine N-11 Bee
Sod Bay 83 So 1st g 56...11124 I - I
97
New & Cin 13dge SeeLott& N
104. 104
104 Milr'01
U NJ ER & Can gen 48.1944
S 1041
/
2
100
Mar'09
Bkin
&
Man
Bolt
N Y
See L. 1
Penn Co-Guar 1st g 4126 1921 J -J 10534
.... 104 1061
/
2
1
2 . 93
57 92% 941
NY Cent& 11 lliv g 3128.1997 J.,. 93 Sale 92/
/
4
Itegisteree
10378./'1Y 917
1921 J - J
90 4,J'ne'Ou
1
2 921
/
4 Feli'09
/
2 92/
911
1121
/
4 93%
Registered
•
1997 J -J
/
2s con trust reg 1$137 M-S 90
Guar 31
943
.
05
Mar'011
95
94%
936
8
27
951
/
2
Deben g 4s
1934 .1.1-19
9014
Guar 212.ii coil tr ser B. 1941 F.A 90/
9014
1
4
8438 39 84
1
4 Sale 84
851
/
2
Lake Shore coll g 3/
1
23-1995 F -A 84'/
Tr Co certif's gu g 3/
/
4 97 Alar'03
961
1
26 1916 .51-N 961
/
2 971
/
4 97
894 WelPuts
8214
821
/
2
82
84
Registered
841
1998 F-A 81
/
2
1
28 tr etre C
Gu 3/
891
/
4 891
/
4
1942 J -D 81138
833
4
831
/
2
15 83
841
/
2
Mich Cent coil g 9128
831
/
2 84
1999 F-A
/
2 Mar'011
Gu 3;8 tr ctfs D
1944 J-D 001
/
2 9314 901
/
2'
/
2 901
901
1 82
82
•
Registered
821
/
2 82
1995 F-A
b2
Guar 15-25 year g 46
983 Mar'U.
1931 A-0
99
9868
Oct
'09
99
- Beech Creek 1st gu g 46 19363-I 1001
Mar
1st
gag
41
/
2
6
/
2
110 Jan 1./5
012.9
1935
111014
102 Mar'04
Registered
1936 J -J
0183 P gen gag410ser A.'42 J-J 110/
11034 Jan'Op
1
4
11034 11034 ,
SO gu gold 56
Series 13.
.1936 9105
1942 A-0 11078
• Beech Cr Ext1st g 3121361951 A-0
981
Series03/
/
2Deo'03
1
28
1948 11-N
14314
Cart& Ad lst gn g 4s...1981 J -0
series D3'.2
1950 F-A
90 May'08
931
/
2
MISCELL 4.N.EOUS BONDS-Contieued on Next Page
Coal and Iron
Telegraph and Telephone
Col //' & 1 Co gen s / g 5s..1943 F-A 941
94 1001
/
2 941
/
2 1
/
4 Am Telep & Tel colt tr 48 1929 1-J
/
2gale 941
94
94
1 913
94
, 941
/
2
Convertible deb g 6s....1911 F- A
871
/
2 871
/
4
Convertible 46.
87IsFeb'09
85
1936 M.S 96 Sale 901
/
2 961
/
4 1.708 921
/
2 9614
, Col Fuel Co gen gold 68.1919 M-N 19612
ingtahnent certificates
1071
/
2Oct'04
......
923
8Jan
'09
...•
92%
94
Gr Riv Coal & C 1st g 661919 A-0
102% Apr'06
Mich. State Telep. lat 58.1924 F-A 981
/
2 99 100 Feb
991
/
2100
Cleart Bit Coal 1stit4
95 Apr'02
.....
1941) J -J
West Union col tr cur 53.19:311
981
/
2 99 *11 95 102
99
ColIndu 1st.% coil 58 fl 1934 F-A
/
4
721
/
2 97 71
77
/
4 Sale 721
/
2s 1950 191-N
721
Fti and real est g 41
1)5
94
94
93
3
4 901
Contin'tal C later gn 5s g.1952 F-A
10768 Dee'04
Couv 4s, Series A
1936 M-N 861
/
4 711 84
/
4Sale 851
/
2 8ii1
86'..
Jett& Clear084 1 1st g 53.1926 I-D
...
107 May'97
Mut Un Tel s fund 66 1911 M-N 99
95 100
100 Mar'09.
•Kan& IL C & 01st s f g 58.1951 3-3 1001
1051
/
2Dec'06
Alainitacturing J‘e• &miasmal
/
4
Pleas Val Coal 18t g f 68.1928 -J
105 Oct'00
Allis-Chalmers 1st 56
8234 129 81
.7 -I
8212
Sale
82
1930
83%
Sunday Creek Co g 58-.1944 J - J
78 Feb'07
72
Am Ag Chem isle Is
192b A-0 100 Sale 991
-35 116 100
/
4 100
:Tenn Coal gen 56
1951 -1 1011
101;10318 Am Cot Oil ext 41-2s
/
2103 103 Mar'09
1915 (4-.9
971
/
4 Mar'01• . .• 96
97
97/
1
4
• Tenn Div 1st g 6s
a1917 A.0 10634 109 10612 Feb'09
10014108¼ Am Hide & L lets f g 6s 1919
99%
Sale
98
9934
9 9634 100
/
4 Mar'09
1061
Binn Div lst 0011801 68..1917 1-3 101/1
1061
/
210614 Amer Ice Secur deb g 68 1925 A-0 73 sale
/
4
73
73'-. 2 67
731
/
2
Cah C M Co 1st go g 6s.1922 3-0 195 110 110 Jan'09
110 110
Am Spirits Mfg 1st g tis 1916 U-S 95
901
/
2Feb'Oli
90
/
2100
951
' De <Bar C & I Co gn g 613.1910 F -A 100
103 Nov'05
Am Tobacco 40-yr g344 A-0 10912 Sal.' 108
1091
/
2 iVi 10514109'.
95
.Valron Coal &Colst g 58 1949 M-S 94
95
96
95
961
/
2
4s
1951 F-A
771
/
4Salo 7714
-75%
78 154 74
Victor Fuel late 58
1953 J -J
931
/
2 Feb'07
87
Am Thread 1st col tr 4s 1919 J -J
901
/
2
• 90681far'09
9038 90% .
5.N o price "friday; latest
andaisked. olkus jag, Duo Feb eDueitar ttDueipr A Due J'ly glJae Aus 0 DUO UOS 29Do.6 Ziov 1)ue Dee (lotion Sale




MA.R. 27 1909.1
ISO N Ds
N. Y.STOCK EXCHANGE
WEEK ENDING MAncn 26

New
k

Price
Friday
March 26

York Bond Record-concluded-Page 4
flu
Range
Week's
Since
Range or
Last Sale 414 January 1

BON DS
N. Y. STOCK EXCHANGE
WEEK ENDuca MAUCH 26

-4 Z.

Prize
Prtoay
March. 26

811
14 ee
Range or
Last Sale

Range
Since
41,c January

Low Ji194
,the
Bid,
484 Low
Bid
Agit Leo
KWh No Low High Southern Pao Co-Wontinuect)
'Penn Co-(Continuea)
4 Ang'08
/
1221
Morgan's La & T 1st 78 1918 AO
92 Apr'07
9234
Erie & Pitts gu g3126 B.1940 J J
1st gold Os
J • J 11434 ...... 116 Nov'06
1940 J J
Series C
9SN Apr'04
9234
112 Veti'll;
No of Cal guar g 5s
193
9 A-0
928
106% Dec'08
• 'Grit& Iexlstgug41261941 J -J 107%
104 104
10234 104 104 .Mar014
Ore & Cal 1st guar g 56 1927 J•
127%Oct'02
Pitts Ft W & lat 76...1912 J-4
4
1
100 100/
100 Feb'09
So P of Ar gu lat g Os...c1909 1-1 100
109% 10914
4Jan '09
/
•
24178
1091
1912 1.j
'09
Jan
101%101%
101%
101%
1st guar g
1-1
3d 76
107 Oct '08
h1912 A-0
'ne'09
So Pac of Cal-tia & F
A-4) 103¼ lOs 104123Dee'04
110 110
110 Feb'09
• Pitts Y& Ash lat con 58.1927 M-N 113
11414
let gold 6s
2Dee'08
/
1091
PCC& St Lgu 412sA...1940 A-0 109
116 May'07
lat con g. uar g 56
109 109
19
2 11-N 113
17
93
109 Mar'09
Series B guar
1942 A-0 109
104 Apr'09
2.14)4006
/
1121
Series C guar
SPcofNMex1stgoi1911 J -J .103
1942 11-N 10834
So Pao Coaat 1st gu 4s g.1937 J-4
4102
/
1001
102 Feb'09
Series D 4s guar
1945 31-N 10034
106 12 14)714 Feb.07
96
94
Tex&NOSabDivlat g6.s 1912 31-S
95 Feb'09
Series E 3% guar g....1949 F..A. 94
96
4 Apr'08
/
981
97%
Con gold 5s
1943 J -J
Series F 48 guar
1953 .7.13 101
95 265 94% VIPs
941
4
/
9434
Sale
,•io
Pao
RR
lert
4s
ref
-.I
1955
Nov'08
4
/
1161
CStL&P lat con g 56.1932 A-0 11612
11184 4 106 113
Southern-lat eon g 5a
1994 J-4 111 Sale 111
Pensacola & Ati See L & Nash
110 114 Nov')).
Registered
1994 J-3
Pee & East ,See 00(.) & St L
70%
4 7834 134 76
/
Develop & gen 4,1 Ser A 1956 A-0 73% sale 731
pee Pek Un lat g 6s....1921 49-F 109
1231*Jan '05
8814
4
/
4 88% 881
/
85% 811¼
Mob & Ohio coll tr g 46-1938 31-S 881
10014 Deo'05
2a gold 4/
26
1
01921 1.1.N
107 Nov'08
Kern Div 1st g 412-5s. 1996 3.1 107
Pere Marq-Ch& W M 66 1921 .I.0 103 106 109 Apr1.12
1.3 8934 Sale. 89%
St Louis dtv 1st g
8934 3 87% 91
4 115
/
1121
Flint& P M g 6s.
1920A.-0 113's115 11334 Mar'09
105 Sep '03
......
Ala Oen R 1st g 65
1918 J.3 108
104% 109%
1st eonsol golds.
107 ]09'. 109¼ Feb'09
1939
91 Dee'05
93
Atl & Danv 1st g 4s
1948 J.J •
106 Nov'08
- Pt Huron Div 1st g 68.1939 A-0 1071si
92 rue'Oti
284s
1948 J-4 86% 86
Sag Tula & ii 1st gu g 48.1931 F-A
Atl & Fad 1st g guar 48 1940 A-0 81
Phil B & W See Penn RH
111 Fe0.07
1916 4-J 108
Col & Greenv 1st 68
2 Mar'06
/
1161
Phila & Reading cons 78.1911 JD
10934 liar.09
E T Va & Ga Div g 55_1930 J-4 110
109%109%
4 16 93% 95
/
2 931
/
vs 931
Philippine By 1st 30-yr 8148'37 J -J
112 1131
4
/
Con 1st gold 58.-.- 1956 11-1,4 118%114 113 Mar'09
Pitta
& telt 14 See Penn eo
104
1'010E.
105
107
M-S
105 105
Ten
lien
E
56
rear
g
1938
Pitte Cleve & Tol See B 0
64
4 Pe6
/
601
2
1
2 66/
/
661
1946 A.61 63
Ga Midland 1st 3s
Pitts Ft W & Ch See Penn Co
115/
4 Feb'09
1
114% 116
1922 J.J 11614
Ga Pao Ry lat g ths
Pitts MoKees & Y /ieeN Y eon
118 Dec'05
Knox & Ohio lat g 6a. 1925 j.J 11534
114 Oct'08
4
/
Pitts Six & L K 1st g 56-1940 A-0 1161
115% Apr'06
slob& Bir prior lien g5s 1945 J-4 106
9314 J'ly
1943 1.J
let conaol gold 58
82 Nov'08
1940 J-4
Mortgage gold 46
Pittg Se West See B &0
10414 Feb'09
108.4 10912
65 9934 100%
1915 4-1 110
Rich & Dan con g 66
9934 Sale 9934 100
1997 J.J
1)eading Co gen g 4a
112 J'ne'01927 A-0 102
Deb 58 stamped
4 99
/
95 Aug'08
981
•
1997 J •
1-8,Registered
OK
Th
11•N
&
1948
Mar'09
Rich
4a
Meek
g
lat
97
96%
9812
96
97
Jersey Cent ooll g 40. 1961 A 0
103 Feb'09
10114 103
1919 NI-N 103
So Car & Gs 1st g 5s
Rensselaer & liar See 1;as IL
'66
10914
Oct
112
Virginia Mid ser C 66.-1916 M-S
Bich & Dan See South lty
4
/
10814 Dec'00
1921 M-8 1061
Series D 4-58
Rich & Mock See Southern
113 Dec
Series E be.
1926 M.S 107%
Rio Gr West See Den & Rio Gr
4
/
108% Mae"
107 108%
1936 M-N 1091
General 68
13.011 &Vats Bee 13 it P
4
/
1091
109% 109¼
107/
M-N
4 10912
1
stamped
1936
Cent
Guar
Y
N
Rome Vat Og See
4
/
96% Jan'07
W 1st oy gu 48-1924 F-A 861
15L0
Rutland See N Y Cent
108 Dee'OS
1071
4
/
3.9
Marq_
1914
34st
68
,
g
10:)
eon
%Wed
Pere
See
IL
&
'rue
',lag
96
& N Ala See'1OE-14
92
9414 95 Mar'09
AatJo & hr tel lat g 48.-1947 4-7
117 J'17'
Spok Falls & Nor 1st g 66.1939 1.
St L Se Cairo Bee Mob & Ohio
iir 109
P
Ai
See
'er A of St L 1st g 4%6_1939 A-0 10814109 109 Mar'09
fikouut
Iron
St L&
116 Feu'Oli
114%
116 116
F-A
Wabash
1 1st con gold 6s....1894-1944
StLKe&N Bee
0'1
96
9714 9712 Mar'44,
9734
1953 Gen refund. a g as
St L Di Br See T ltlt A of St L
Dec'06
4
/
111
1101
A-0
9
0
1
3
F-:444ng
1
:31
124
M.
Ter
St
g
Bge
gu
1930
I.
66
J
S
126
1241
&
4
/
Mar'09
Louis
St
22% 12414
.N 0 See So Pae Co
111)34 111 Mar'09
General gold 6s
4111
1
11'0/
117 118%
117% 118 Mar'09
1st gold 5s
2000 -D
38 81) 89
76 89 89% Tex
89
Gen 15-20 yr as tr rec-1927
70 Ala,209
50
75
68
95h 96 hlar'IN
q2000 Mar 70
20 gold ifleOs
91
4
/
961
St14 & b' RR cons g 46-'99 3-4
106 105
1931 J.J 103 105 105 Jan .00
B List g 58
Div
La
101
Feb'09
101
101
•§Q11/b3S,Nv
W Min W& N W 1stgu 58'JO 1.`• A 100 105 106% Noe04
4Sale 851
'
g 4s g"-fat '1.1.‘-j 112
Aaiun
4 89
4 31 84/
1
/
4 851
/
112 Jan 'u1)
4
1
4
/
111%112/
1935 J-4 1111
Tot a,o o lat g 58
5-year gold notes 412_1903 J -D
98 Nov'08
111 h1s3404
Western Div 1st g 56. 1935 A-0 112
4g1909 .1)
1
StL M & So East gu4/
1935 -.1) 105 106 104 Nov'ut
General gold Os
JLOMtS&Mcong6s192b M.N 1198 120 119 Feb'09
116% 12012
04% 1 92% 95
Kan &K let gu g 48._ 1990 A-0 94% Sale 144%
4 SI
/
84 15 82% 86
• IL0Ft & Ry ref g4a 1936 A-0 831
83%
90
4 88
/
861
91% 94 Marl),
Tot P & W 1st gold 4a._ 1917 J -J
KC& MIt&i3latgu5s.1920 A-0 100
-J
90
litar'Llt
90
911
90
4
/
91%
g
1925
lien
pr
3%6
W
&
Tot
L
St
Mar'09
Clerk & Oh U 1st gu Os g.1913 A-0 971
117¼
4 98
/
4 40 83% 88%
/
351
A-0 861
2Sale 84
/
50-year gold 4s
SS Lotus So See Illinois Cent
91%
95
'04,
Dee
50 J -D
0.11;
1.9
94% 23 92% 94% Tor Hma & Buff 1stg 4s.h1
4
/
St LS W 1st g 4s 191 otfa.1989 1i-N 04% Sale 941
109 10812 1081
4 6 to3N1c433.
/
Ulater& Del 1st con g 66 1925 -1)
82
79
2d g 4a luc bond etfs...p1989 J-J
82 Feb'09
A-0 *84
81 Nov'09
1st refund g 4s
7318 15 78 501
4
/
0011801 gold 48
1932 J.1) 78% Sale 78
6 14)2.. 104
2 -4 102% Sale 10234 103
947
Un Pao RR & 1 gr g 4s 195
4A.pr'07
/
1011
Gray's PtTer 1st gu g 66 1947 J -D 102%
102
102
J -J 102
1003.103
Registered
lit Paul & Dul See Nor.Paellic
4 237 11634 99
/
981
.g1
007
294
8 11-S 98% Sale 9814
Ist & ref 48
S 102 104
102
102
It Paul Id & Man 20 6s 1909 A-0 102
J
1274
J.
4
/
104% :ink: 104
1041
102 106
1927
cony
4s
20-yr
132%
1
131
132%
132%
132%1327e
-4
(is
1933
gold
lat consol
9834 2 9834 9974
Ore Ry & Nay con g 48 1946 J -1) 98% bale 9534
134 Dee'09
1933 J -4 132
Registered
4 119 118% 118.2 I' 1181
/
4
/
4 1201
/
Ore Short Line 1st g 68 1922 F-A 1181
Reduced ta gold 412s..1933 J-4 109¼l09 109% 109'9 6 109 1/1
117
115 118
1946 -3 *117 118 117
1st cense' g Se.
4 Apr'01
/
111;1
1933 J •J 10534
Registered
3. 94
95
4
943
6
947
Sale
4
953
J
-D
1929
refund
Guar
46
2Mar'09
/
4 103%
/
1031
1031
1910 M-N 10314
Dakota ext gold Os
94 Jan'09 .... 94
94
1929 J-D
Registered
101
101
1 9914101
Mont ext 1st gold 4s....1937 4.1) 1411
107 12sop'05
-4 10634
J
de
gold
1926
Utah
58
Nor
'06
Oct
2
/
1001
1937 -1.4
Registered
IYntNJ RR&CColje.PaRI(
E Minn Nor Div 1st g 461943 A-0 9114
Utah Central Bee Rie Gr Wee
124 May'05
Minn Union 1st g 63.-1922 J -4
Utah & North bee Un Pacific
4 130 Apr'08
/
1937 J -J 132 121331
Mont'lat gu g ba
Utica & Black R See N Y Cent
2 May'00
/
1361
Registered •
1937 J-J
08 Nov'0
V andalia °ousel g 46. .1955 F-A
115%117
2 Mar'09
/
1937 J.J 11514117 1161
lat guar gold 58
95 Sep IA;
V era Cruz&Platgu.41281934 I-4
116% 116N
116% Is'eb'09
Will & lf 1st gold 58 193s jj) 116%
Ver Val Ind & W See hie P
StP & .Nor Pao See Nor Pao
Ry
Mid
South
See
Virginia
St
U
&O
M
See
City
S'x
&
StP
'0
£171211714
9014 Sale 89%
92% Vs e southw't 1st gu 56.2003 9.4 108 115 11712Jan
9014 '27 89
A& A Pass 1st gu g4s...1943 J•J
va3b
4 9534 14834
/
9814 9834
11)58 A-u 991
1st cons 60-year Os
4 112 Feb'09
/
112 113
ire Pres & Pli 1st g 58_11142 .11-S 110% 1121
t 112 114%
11.34 112 UV
112
1939
VI abash list gold 56
110 Oct'05
g
N P let sink g 53.1919 3 J
it te2/
105
4
1043
5
-A
F
4105
1
104:10
2d
5s
V
gold
Bay & West See Atl Coast L
2Jan'09 .... ,00/
/
1001
4
/
4 1001
1
9 J -4
39
193
Debenture series AL.-19
Sedoto Val & .2)1 K aee Nor& W
86 Star'ulf
Utile
90
Se
•
-4
1939
Series
13
6814
Sale
A-0
4
66%
68
63% 6814
Seaboard Alr Line g 4s -11150
'08
Dec
100
M1921
g
fd
s
56
B
1st LIen equip
112
9512 15 95% 95%
95%
1911 M.N
Coll tr refund g1541
93 Mai'04,
1st lien 60 yr g term 48 1954 -4
88 Jan'07
Atl-Birm 30-yrlst g 43.441933 M-S
7274
74141195 7/34 7860
......
1956 J.4
1st ref and ext g 46
87
85 J'ly'08
Car Cent lat oon g 43...11149 J -J
4 Mar 09 ... 108 1111
/
1091
4
/
3-9
Det & Cli Ext 1st g 5s 1941
10'714 Aug'013
Fla Con & Pen 1st F4)8.11116 J • J 100
97 Nov'04
-4
Div
46-1939
g
1st
Mom
Des
J
-1930
oa
ist land gr ext g
Mar'01)
80
A-0
80
80
s
2
/
Div
31
g
lat
Om
10914 Mar'05
1943
Consol gold 58
1)1 Dee'ut
1 M-5
41
94
Tot& Ch Div 1st g 4s..19
4 loolP09
/
4 102%
/
1021
10314 1021
Ga & Ala Ity lat c,on 56 ol945 J-J
1 48
48
48
651
4
/
Wab Pitts Term 1st g 48.1954 -D
1041/4 1051
4 Mann;
/
105 106
Ga Car & No latgugOs 1929 J -4
49% 43 4534 65%
48
Sale
49%
Co
certfs
Trust
10934 Feb'09
106% 10634
1929 J.4
eleab & ltoa lat 56
864 34, 8
14%
big
2u gold 4s
1954 4-D
'X
E
bee
lut
So
&
Shr
Sher
Warren See flex Lae & West
13118p Oca & Li bee Atl Coast L
Wash Cent See Nor Pao
flo Car J., Ca See Southern
Wash 0& W See Southern
Soutnern Pactile Co4 9334
/
9334 Feb'09
931
Terml 1st gu :;121) 1945 F.A
Wash
26
4
917
90
92
92
(4old 4s(Cent Pac coll).k1941) J -D 91 7s Sale
83
s3
8234 Sd
7
b3 Sint
West Maryland 1st g 4a 1952 A-0
85
85
k1941 -1) 56 914 85 Fob'00
Registered
70
96 Mar 09
61 '72%
1052 A-0
Gen & cony g 4s
4 9738
/
118;:
34 97
9734 971
97N rgi 943
Cent Pac 1st ref gu g 4811)49 F-A
105 Deo.4)
10214
W Va Cent & P 1st g tia 1911 J 9734 Mar'09
194 V-A
Registered
1113 117
4 116% 11634
/
1171
4 West N Y & Pa 1st g 56 1937 9-9
/
4
/
8914 031
0012 901
Mort guar gold 3123..k1112; -1) 9012 91
1/5
901
95%
2 6 95
/
115
1943
Gen gold 3-4.8
94 lidarl09
9314
114
Through St L let gu 4s ';.14 A-0
07
Feb.
34
Nov
4111143
6s
Income
2
/
1011
101
Feb'09
10
4
1
1/
94
Gal liar & S A 1st g 66-1910 F.A
West No Car See South By
110 110
Alex & Pao 1st g 6s....1931 M-N 108 11014 110 Mar'09
107 109
106 Feb'09
Wheerg & L E 1st g 5s. 1926 A-0
104
104
1 104 104
Gila V 41.33N lstgug 58.1924 til-N .1041
4
/
.iy'05
90
Wheel Div 1st gold i.e.192a J -J
101 Jan'08
Eons K & W T 1st g 56.1933 .91.N 102%
105% Dec 44Exten & Imp gold 5s...193 F-A
101 Aug'013
11133 .91-N 102%
1st guar Os red
8734
57% 87% 37%
110
1 10934 116.. RR 1st cousol 46....
R&T Chat g(mint gu..11)37 J -J 10912 110 110
......
119 Dec'03
20-year equip a f Os ...1922 J -4
l0734Nov'07
Consol g 68 int guar...1919 A-0 10834
Wilkes & East See Erie
9414 Deo'08
Gen gold 48 lot guar..1921 A.0 95
51
&
IL
Ste
See
F
Sioux
&
Wit
Dee
116
'06
Waco&.N W
latgUe'39 4.1-N 110 118
9414 574 8911 95
94% Sale 9414
107½.fan'09
10714107¼ Wis Cent 50-yr list gen 40 1949 J.
A & N W 1st gu u 5.4.-1941 J•J 1081
4
/
......

f119102

^

......

000

•••••

•-

.
•

•

•

alist,ELLANEOUS BONDS-Concluded.
Miscellaneous
inituulactermg & industrial
93% 12 92
1948 M.s 9312 Sale 93
811, 27 7912 851
4 Adams Ex cot Lr g4a
/
8112 Sale 80
Beth Steel let ext af 58_1926 -J
41 Oct'06
lateens g Os'48 F.A
Iferryee
Irkrn
6a1925
A-0
g
08
9814
148
4
/
0714
971
99
20-year
4
/
901
Cent Leather
'OS
Jan
100
J.
J
54.1916
g
col
Yard
J
Chic
&
c
75
77'9
7812 771411Ear'09
Consol Tobacco 5O-yr g 46.1951 F-A
47 Ape()
311
4 Det M & hi ld gr mcomea 1911 A-0
1
4 75/
1
7514 17 73/
Distilsec()or conv hat g 68.'27 A-0 7534 Sale 75
Wks
Irrig
for
Institution
108
101
1918
F-A
4
/
1051
9
68
g
4
/
1051 sale 105
lot Paper Co let con
&, Devel of Agrieul a
88
1635 J
8'7% b 85
87% Sale 87%
Consol cony a I g 644
92
92 9212 92% Mar'09
1943 16-N
102
2 100 10214
414s (offs)
4 102
/
Int St Pump 10-yr conv.68'13 4-1 102 1021
4 83 71.
/
71%
721
Mercan Marine 4%3 1922 A-0 71% 72
Int
98
A.0
94
1923
Mar'09
4
....
/
9434 961
Lackaw Steel 1st g 5s
87
Mar'09
87
86%
1
65
s
1st
1929
-A
F
109 Sale 108
109
7 108 11314 int Navigation
N V Air _Brake tat cony 138'28
50 Feb'09
4 Man Bch It & L gen g 46 19443 26-N
/
98% 9 98 1001
Repub I& S lat&coltr 56 1934 A-0 98 Sale 98
96
95
A.ng'08
D
Se
J-J
Ship
1)5681990
Ne
Newp
10 1041210614
118 Leath Co s *deb g643-1913 M•N 105%106 105 ' 100
91
93
93 Sale 93
4 2 8414 b97e N Y Dock 50-yr 1st g 46 1951 F-A
/
891
ti9 le Sale 89%
118 Realty 4.I cony deb g 58'24 J-4
90
88
90 Jan'09
1967 M-N
102:bale 10256 1024 42 10214 10334 Providence ;Sec deb 4s
S Rubber 10-yr coll tr 65215 J.D 1
100
Dee'08
95%
92
Soc
M-13
Loan
4126
1921
Provident
102% Sale 10214 10314 668 10214104%
• Steel Corp-i coup 41963
99 100% see'05
46 1930 -.I ./
8 102 10414 St Joseph Eitk Yds let41
10214 103
81 10.111) yr 68. reg .41963 34-N
112 J'ly'04
S Yuba Wat Co con g 6s1923 1-4
105% Nov'08
VA-Car Chem col ix Os g 1912 A 0
4 Sp Val Wat Works 1st 65.1906 14-S
/
4 96% 83 9334 9'71
/
1923 J -0 96 Sale 1161
let 10-year Os
89
93
93
93
sr g 68.1631
lat
Ref
&
Red
S
U
95
0014
03
27
Sale
92%
3-1
'31
5s
9214
51st
&
141
Wostinullouse
.Ply piles Nov *Option
&Due
g
'no
J
May
Da*
*Due
Apr
Due
8
eel)
Silas
a
this
Jan
Due
week.
asked
and
bid
9No price Friday; latest




93%

4
1
93/
77
88%

......

......

93
140
00 00
00.0041

•.....

93
VW*

CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGIIES2' AND LOWEST SALE PRICES
sat urday
March 20.
*175
4
*10
110
4114
*28
* 10
*25
-4134
*30
*1712
*5013
._
2178
*68
*50
3013
*9612

M &non ,,
March 22.

Tuesday
March 23.

185 *175 185 *175
41. *4
*4
4
/1 * 10
*10
11
11014 *101.3 110 *109
4114 *4012 4112 41
2812 2812 *28
29
1112 *10
1112 *10
2612
26
2538 26
4053
42
81 * 80
19
*1712
54
*5018

____
40-i8 4012
81
*80
19
*1712
54
*50

2178 *2112 2212 *2112
69
*68
69
69
53
5612 5612 *543
303, 3018 3014
3013
*9612
68
*9612 98

818 818
84 813
814
74
7334 7412 7412 75
*202 210 *202 210 *202
*123 128 *123 128 *123
*55
*55
66
56
*55
*104 106 *104 106 *104

Wednesday
March 24.

Thursday
March 25.

Friday
March 26.

185 *175 185
Last Sale 180 Mch'09
412 *4
412 *4
41. *4
5
*10
11
11
Last Sal-i 12
Mch'09
110
110 110
110 110
11034 11034
41
*4012 4112 *41
42
41
41
29
*28
29
*28
29
27
27
1112 *10
1112
Las: Sal, 11
Mch'09
2312 27
28
2712 2814 2734 2841
Last Sale 7
Dec'08
____ ___- -___
Last Sal,18
July'07
4012 4012 403, *4073 4178 42
42
82
8113 8178 8112 8134 *81
82
19
*1712 19
Last Sale 19
Mch'09
61
*50
51
Last Sale 5214 Mch'09
Last Sale 4612 May'08
2212 22
22
*2112 2212 22
22
69
*68
6812 *68
69
*68
69
58 '4(56
53
*54
60
53
58
3014 30
3014 30
3014 30
3038
*9612 98
98
Last Sale 93
Mch'09
1431 Sale 28
June'08
814
814 8
,
4
7412 74
7438
210 *202 210
128 *123 123
56
*55
56
106 *104 106

814
814
8
814
74
7434 7414 7414
Last Sale 202 Mch'09
Last Sale 128 Feb'09
Last Sale 55
Mch'09
Last Sale 106 Me.141)9
Last Sale 10
July'08
;
174 ---1-2
r4 --1
Last Sale 34
2 --'
'
714 -- -1-2
illch'00
*113 114
114 114
138 138
133 112
133 112
138
153
*51
53
53
*51
*51
53 *51
53
Last Sale 5312 MehIA
.... ---_
Last Sale 147 May'08
*1
118 *1
118 *1
118 *1
118
Last Sale 1
Dec'08
*3
4
4
4
*3
*3
*3
4
Last Salt 2
Dee'08
*2012 2112 2012 2073 *20
20 '20' - 2014 2014 2014 2012
21
133 133
132 133 *1432 133
13212 134
134 134
13118 13312
_
Last Sate 214
151 fif" *11912 cif 11934 11034 __ Meh'08
11112 11153 11112 11158 11112 1111. 11112 11153 111 11112 *111
1-1-11-2
*18
*18
19
19
*18
19
*18
19
Last Sale 19
Mch'09
*7714 7734 *7714 7734 *7714 7734 *7714 7731 7014 7014
12133 12112 12112 122
12112 12112 121 12112 121 121
121
1217*40
41
*40
41
41.
4112 4914 4014 40
4038 41
41
*43
*41
45
42
*43
45
*43
45
Last Sale 4314 Mch'09
..-- ---- ---- ---- ---- ---- -_-- ---Last Sale 212 June'07
_
_
_
Last Sale 20
July'03
*la;f62 i6i fa ioi iod 463 fol
____ ____ *105 106
*120 121
12112 122
122 122
121 121
*121
123
*85
86
*85
86
*85
86
*85 - 86
Last Sale 3.512 Mch'09
*119 120 *119 120 *119 120 *119 120
Last Sale 119 Meh'09
112 112
11238 11278 111 113
11114 112
11114 112
11112 1124
11-16 1 11-18
78
58
34
58
,
s 13-16
is
72
53
7712 78
7712 7712 76
7738 7514 7512 7473 75
7412 7512
10814 10814 10912 10913 110 110
104328 10938 10938 10512 10938 10933
10138 10112 10112 10138 10158 10134 10153 10178 10178 10214 102
10238
Last Sale 7
Fcb'00
*127 130 *127 130 *125 123
123 128 *128 130
130
130
*100 10014
012 10013 10012 10012 *100 10014 10014 10014 100
100
110 *158
---- ---- -158
10-- ---- ---- ---- ---- ---- *1
-,,- -,-- ,- ---- ,734 734
8
778 717
8
*24 -25
24 -24- *23 -24- *22
*22
24
24
*22
24

-7;1'4 --1; --;

.115; c2-2-- .ii5f2 iii-

Sales
al the
Week
Shares

interea
Period

Price
Friday
March 26

Week's
Range or
Last Sale

Range tince
Jan. 1 1909
Lowest

Range lc?
1:11108)

Highest

Railroads
Chicago City By
100 130 Mch 8 190 Feb 3
--ii) Chicago & Oak Park_100
3 Jan 15
4 Jan 22
140 pref
100
9 Jan 21
15 Jan
-E5 Chic Rys part ctf "1"__ _ Ill) Mch19 11534Jan 22
291 Chic Rys part ctf "2"_„ 40 Meh 17 4534 Jan 2
151 Chic Itys part ett "3"___
2778 Jan 12 30 Jan 29
10 Mch17 1313 Jan 2
Chic Rys part ctf "4"___
1,•-1;31)
- Chicago Subway
100 25 Feb 26 2914 Jan 2
Chic Union Traction_100
Do pref
100
-1 Kans City By & Lt....100 35 Feb 24 4212 Mch19
- •9
.
7_0
. Do prat
100 79 Jan 8 82 Mch19
-- Metropol W S Elev_100 17 Jan 4 19 Mch 8
100 47 Jan 14 5378 Mehl°
Do pref
North Chicago Street_100
-16 Northwestern Elev 100 21 Jan 6 23 Jan 21
100 63 Jan 6 6913 Mch 18
Do pref
5
60 South Side Elevated 100 50 Jan 25 60 Mch16
:
1 5.
2.6
. Streets IV Stable C L..100 2974 Jan 20 3073 Feb 18
100 97 Feb 15 98l Jan 5
Do pref
....__ West Chicago Street 100
--

Aliscellaneous
100
703 American Can
100
1,152
__
Do pref
American Radiator,.,.100
100
Do pref
Amer Shipbul1ding_100
Do pref
100
Amer Straw Board
100
- Booth (A) & Co
Do pref
100
4.
_...._ Cal & Chic Canal & D_100
....._ Central Trust Bank,. 100
Chic Brew'g & Malt'g
Do pref
-128 Chic Pneumatic Tool_100
311 Chicago Telephone___100
Do rights
-56 Chic Title & Trust__ _100
468 Commonveth-Edison_100
Corn Prod Ref Co Com
Do Pref__ _
Do
25
100
273 Diamond Match
100
145 Illinois Brick
Masonic Temple
........ii....o__ Milw & Chic Ilrewing
Do pref
100
National Biscuit
100
Do pref
216
100
National Carbon
100
Do pref
1,955People'sGasL&Coke_ _100
Do rights
5,297
1.088 Sears-Roebuck corn,.,.100
100
Do pref
296
100
1.394 Swift & Co
Do rights
--__
25 The Quaker Oats Co .i00
100
Do pref
116
136 Unit Box Bd & P Co_100
100
Do pref
46
100
20 Western Stone

117

Chicago Bond Record
BONDS
CHICAGO STOOK
EXCHANGE
Week endinO March 28.

STOCKS
CHICAGO STOCK
EXCHANGE

77g Jan 30
914Jan 2
7133 Jan 6 77 Feb 2
200 Jan 14 202 Feb 4
123 Jan 20 128 Jan 20
55 Mch 11 59 Jan 6
101 Feb 24 106 Mch 1
38 Meh 12
34 Feb 9
5114 Jan 8

1 Jan 2
5 Jan 5
56 Jan 26
......

20
.72-7-3;Jan --4
127 Jan 4 134 Me1124
117 Jan 13 122 Mch 18
107 Jan 21 11178 Mch 12
1718 Feb 25 2058 Jan 27
7014 Mch25 7733 Mch 19
117 Jan 9 12414 Feb 10
:38 Jan 26 42 Meh 2
43 Jan 5 45 Feb e
978 Jan 2
11814 Feb 15
82 Jan 14
110 Jan 15
102 Jan 5
12 Feb 25
55 Jan 5
101 Jan 5
10013 Ja a 9
Feb 5
119 Jan 5
9813 Jan 2
68 Feb 19
334 Me111.0
15 Feb 16

109 Jan 16
122 Mch22
87 Fe)) 27
11912 Met
'2
11413 Feb
15
13m Mch26
80 Mehl'
11? Feb 1/103 Mch 6
20 Jan 13
130 Jan 30
10134 Feb 10
158 Mch26
91.4an 4
?5 Veh 15

11

Lowes.

Highes!

160 Jan
15s Feb
612Dee
8434 .I'ne
38 Oct
20 Nov
034 Sell
16 Feb
212Nleb

185 Dec
318 Aug
10 Aug
119 Nov
47 J'ne
28 Dec
1:312 Dee
3012 Dec
7 Dec

Oet
68 Sep
1'214 Nov
42 Jan
44 May
1334 Aug
40 Aug,
•".,2 Aug
2612 Apr
85 Apr
25 Apr

4734 Nov
8612 Nov
19 Jan
54 May
47 May
22 Dec
6912 Dec
71 Jan
34 Nov
103 J'ne
31 May

4 Feb
1038 Nov
4513 Jan
7678 1)cc
125 Jan
Dec
116 Apr 12814 Nov
37 Mob
63 Nov
91 Jan
104 Nov
10 J'ly
42 'Jan
73 Dec
30 Jan
3 Dec 100 May
40 Feb
5714 Dec
147 May 147 May
14 Aug
1 Oct
4 Apr
2 Nov
3012 AMC
20 Dec
106 Jan 153 Sep
1•3,
b
34 Feb
100 Jan 116 Dec
80 Jan 110 (let
113 Jan
30 Jan
J'ne

131 Aug
4212 Dec
J'iy

10 J'ne
70 Jan
3013.4 Jan
51 Mei(
91 Mob
8012 Jan

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

24 Jan
72 Jan
8812 Jan

Dec
102 Dec
10534 Sep

11434 Jan
87 Jan
14 J'137
112 J'ly
113,

134 Jan
100 J'ly
14 Jan
12 Jan

a

17

An,

Chicago Banks and Trust Companies
13'ds
Sola

Range
for
Year 1909

NAME.

Outstandnig
Stock

Surpius
a;:el
Proltt;

DitWend Record

Per- Last Paid
n
1903 iod
1907
Hid
Ask Low
High No Low
Rig, Bankers National
3
-NI Dee 052'
8
$2,000,0041 61,265,935
_
Amer Strawb'd let 6s_1911 J - J -----_ 100 Mete07
Calumet National
6
An Dec '08, 6
6
100,000
34,125
Casa Av & F G (St L) 5s'12 J - J -- ___ 101.14Feb'09 ..- 151.- 1-0-114- Chicago City
10 .3-.1 Dec '08; 5
10
500,000
177,133
100
J
481927
D
___
of
May'07
Trade
Board
_
Chia
Comnierclal National
Q-J Jan '09; 3
12
12
3,000,000 4,266,567
Chleago a ty Ry 58_1927 F - A 10433 Sale 10414 1045,, 42 11W4 f(8 (2-.1 Jan 09; 2
1 - Continental National..
8
4,000,000 3,710,93 1
Chle Consol Br&Mit 6s____ .1 - J -------103 Apr'04
6
-NI Dec '08: 113
Cook Co State Savings_
6
50,000
4,831
--------55
434s-1939
Trac
D
Consol
,J Chic
Aug'07 -___ _- -- Corn Exchange National 3,000,000 5,068,4614
CI-J Ian '09; 3
12
12
Chic Auditorium 1st 581929 F - A __-- ..--- 9634 Jan'06 ___ _- -- xDrexel State
(4
,
1 Jan '09; 112
200,000
53,703
_____"" - Drovers Dep National
___
__
Chic Dock Co 1st 4s.._1929 A - 0 Jan '09; 212
600,000
392,9111
Feb'136 -___ _-_- "- Englewood State
Ohio No Shore Elec 6s-1912 A - 0 ---- -----87
'Q-.1 Ian '09; 112
6
938(-I6
200,000
31.160
- "- First National
Chia Pneum Tool-M 1)ee 31 '08: 3
12
12
8,000,000 3;053,83
73 Sale 73
73
a1921 J - J
6
1st 53
-31
72
10
Dec '08, 212
First Nat Englewood
74
10
150,000
168,32(4
1927 F - A 10214 10212 102
10214
Chic Ry 55
12 10112 1023 Foreman Bros B'k'g Co.. 1,000,000
Priv etc Bs ok
615,764
0478 954 95
95
50
9312 053, Fort Dearborn National_ 1,000,000
Chic Rys 4.58 series "A"
(;)-.1 Jan '09, 2
8
8
4.87,712
8812 88'•
141413 89
Chic Rya 4-3s aeries "B"
8
.1.,1
8434 801, El arni to n National
5
Jan '09, 213
5
158,216
500,000
9(112 91
9078 91 -_
Chic Rys 4-58 series "C"
89
91' Hibernian B'k'g Assn_
Q-.1 Jan '09, 2
8
8
846,632
1,500,000
102
.102 Sale 102
1 10113 102; Kaspar State Bank
Chic Rys coil 68_1013
.1-.1 Jan '09; 5
10
106,340 10
200,000
___ 1021831ch'lr ---- 10218 102.3, Live Stock Exchange Nat
Chic 1174 Fund 6s____1013
-Ai Dec '08; 412
10+2
408,033
1,240,000
Chic Rys Tern Ctts 1st 5s. ,.,.. _ 210178 Sale 10173 10218 40 10178 1021. Monroe National
4
Q-1, Feb '09, 1
4
300,000
61,578
Chic R I &P 11114s,._2002 let- -N ---- ---- 6612Aug,'08 ___
8
(4-.1 .lan '09, 2
Nat Bank of Republic- _ 2,000,00(1 1,124,106
6612J'Iy'08 ____ __ "- National City
Collat Trust g 5s___1913 If - S ---- -----3 Q-4 Jan '09; 112
491,325
1,500,000
Commonw'aith-Edisonbus1ne
Aug 26 1907
250,000
62,753 began
---- National Produce
Chic Edison deb 68191:1 J . J 10058 -- 100 June'08
'255 Q-.1 Jan '09, 114
North Avenue State
200,000
65,891
10158
10114
10114
10114
--.
1st g 58 ___July 1926 A - 0
101 1-0-1-3; North Side State Sayings
Q..) Jan '09: 112
6
50,000
10,570
5 101 10213 rOttkland National
Debenture__1926 Al - S 1014 Sale 10158 10158
Q-.1 Jan '09; 118
6
100,000
(x)
--__ 1031831ch'09 ____ 10234 1035 Prairie National
Commonw Elect
5s--50194:. \I - S UM
63,859
250,000
__
80 Dee'08 ____
Illinois Tunnel 5s_ __1923 J - D ---- ---3
Prairie State
87
4'M Jan '09. 2
40,752
200,000
Oct'03 --..- __
Kan Ott" Ry deLtCo-5s 1913 II - N -------06
.
2 ---- Jan '08; 2
Railway Exchange
4
7,548
250,000
Sale 06
KnIck'b'ker Ice 1st 58-1923 A - 0 1)6
96
1
95 IC Security
ct 12 1906
300,000
131,978 Organ trod
Lake St El-1st lis ___1923 J . J :
90 Meh'09 -90
90
83
'73
6
6
South Chicago SayIngs73,005
Q-.1 Ian '09; 112
200,000
Income 55
---- --- 16 May'05 ..- __
1923 Feb
State Bank of Chicago.
11
Q-.1 Jan '09, 3
1,000,000 1,364,095 9+1
Metz W Side El6
Stock Yards Savings
168,016
7
.1-I) Dee '08; 4
250,000
8512 Sale
8513 86
1st 48
1933 F - A
6
6
83
41,783
861: Union Bank of Chicago
6 11-N Nov '08; 3
200,000
Extension g 45
1933 J
83
8212 ---- 83
1841, Union Stock Yards State
J
5
6
60,803
6
Q-J Jan '09) 112
200,000
___
North Chic St 1st 5s-1909 J - J --------90 Dee'06 --------American Trust & Saygs- 3,000,000 2,475,463
8
8
Q-J Dec '08; 2
let 5s
30entral Trust Co of III_ 2,000,000
7
840,468
7
Q-J Jan '09; 134
Refunding g 43-0_1931 A - 0 --------79 AnViiti -___ __ __-• Chicago Say Bk 80 Tr
105,751 --n500,000
135 Q.J Jan '09, 113
-------75 Feb'07 ---No ChIc CityRy4 301927 M.IN ...._
0
Chicago Title & Trust
6
Q-.) Apr '09, 112
5,000,000 51,208,619
3(4
512 91.1
North West El 1st 4s_1911 M - S 96 Sale
9214 ii• Citizens Trust 63 Sayings
3
14,336
50,000
4
A -0 Oct '0502
Ogden Gas 55
951, Cok.- (al Trust & Savings
93
95
1945 If' N
95 ---9613 98
8+2 Q-J Jan '09, 213
485,685 10
600,000
100121dch'09
,.._
--:9912
Pearsons-Taft 5s
1916 J - I)
10014 1001: Drovers Trust & Sayings
6
92,069
200,000
735 Q-.1 Jan '09)2
9634 98
5
97
9712
4,405
M. S 97 Sale
Farwell Trust Co
1,500,000
177,368 Organ lzed
Apr 13 1907
993431ete09 ....__
4.503 Series F
9912 997, First Trust & Savings..
99
M-N
2,000,000 2.230,4411
100
100
____
_-_9912
Series
4.30s
F
M-N
100 Ho, Guarantee Trust & Say.
co p orated 1908
1,002 1174200,000
Peo Gas L&C 1st 63-1993 A - 0 120
--__ 120 Jan'09 _- 120 120
HarrisTrust & Savings,. 1,250,000
803,803
(1
(4-.1 A
V pr87;09
1)11:
213
Refunding re 5s.,_,,_1947 M - S 10313 10414 10312 10313 ;A) 103 104
IllinoisTrust & Savings- 5,000,000 8,258,064 1-6-41-4 16+4
q Feb 'OW 1
10438
7 104 1043, Kenwood Trust 63 Savgs
Chic Gas L&C 1st Os 1937 J - J 10312 10112 104
6
44,064
200,000
6
Q-.) Jan '09' lIz
Consum Gas 131 5s..1936 J - I) :1024 Sale 10218 10218 11 102 1021; Lake View Trust & Savgs
2
31,619
200,000
434
Q-,1
1 10112 lop. Merchants' Loan & Tr Co 3,000,000 9,867,659
Mut'l Fuel Gas 1st5s1997 31 - N :10112 Sale 10112 10112
12
12
Q-.1 la
114,
°9
09 3
an '
96
South S:de Eiev 4 30_1924 J - J
9612 9614 9614 ---.
9412 961; Metropolitan Trust & Say
250,615
6
750,000
6
Q-.1
Swift & Co 1st g 5s-1914 J - J /10134 Sale 10134 102
7 10012 102
Northern Trust Go
8
1,500,000 2,015,679
8
Q.,1
95 Feb'09 --Union Si (Loop) 5s__1945 A - 0
95
95
92
North-Western Tr & Say
6
48,036
200,000
11.3
6
-kJ j
9 2
4
3
Jan
ne '09
0
0908
jDa
nn
Union Pacific cony 4s..1911 M - N --------114 Nov'04
People's Trust & Sayings
88,093
200,000
6
6
J-.1
io- 'f(j- Pullman
70 Jan'09 ___
United Box Board col Os'96
Trust & Sayiny,s k500,000
k3
161,004
8
Q-,1 Jan '09 2
90 May'07 ---- ___ _
West Ohio St 1st 53-1928 Al - N
_
zRoyal Trust Co
352,422
8
500,000
8
Q-le Feb '09
- Stockmen's Trust &
Tunnel 1st 5s
1909 F - A --------6812 Sep'05 -__ ___
. -_-.
21,002
6
200,000
Say5
J-J
73 June'07 _._
Debenture 6s
1914 J - D -------Union Trust Co
1,000,000 1,132.907 --8 Q -M j
Dafc :09
08) 2
212
Consol g Os rcts-1936 If- N
8014 Jne'08 -- ___ _
Western Trust 63 Sayings 1,000,000
213,968
6
6
Q-J
Jan '09; 1,12
Wes DlyCltyRy 4101932 J - J --------87 Dee'06
West Side Tr & Say Bank
50,872 Began buslne 46
200,000
Sept 5 1908
Western Stone Co 58-1909 A - 0
8512 JIV08
_
Woodlawn Tr&Sav Bank
31,978
(3
200,000
11
Q-J Jan '09; 112
-1370ee----Aerrnert Interest must ha-ad/le-rail all Chicago bon d-n-ri,p...-• Bid and asked prices; no sales were made on this day. t Feb. 5 (close
business) for national banks and Fe,. 6 (open ng of business) for State instio
tutions. I No price Friday; latest price this week. a Due Dec. 31. b Due
deolared in part payment therefor. n Capital and surplus to be increased. June. It Capital Increased from $300,000; a stock dividend of 33 1-3% behmr
q Dividends are Paid Q-J, with extra payments Q-F. r As of date Dec. 31
1908. z Drexel State and Oakland National banks consolidated In
February 1909 under name of Drexel States Bank. Royal Trust Co. purchased by
and merged la the Central Trust Co. V. 88, p. 541.




ill

MAR. 27 1909.1

THE CHRONICLE

813

ineustea. end Miscel
5)0 Ask
.481
It)
Consol Car HeatIne_100
11.5t
125 (Ions Fly Lat&itetrie_10()
5
Tire__10
Consol
91
Slobber
TRANSACTIONS AT Tile NEW YORK STOCK EXCHANGE
_100 20
40
Preferred
DAILY, WEEKLY AND YEARLY.
41
4s-------&O :39
Debenture _70
ii_
Cons Steamship Lines 100
1014
rcts
J
del
Coll
tr
1957
4s
Stocks.
Railroad,
Corn Prod Ref See Stock Fete
V. S.
State
Week ending
Ferry Companies
7
718
eCrucible Steel
10'
Bonds.
Shares.
March 26 1909.
Par value.
Bonds,
Bonds.
B & N Y 1st Gs 1911_14
10
5734 5814
ePreferred
*778 8
60
Cemberiand Ely Copper
NY&ER Ferry stk_100 30
$172,000
Saturday
214,189 $18,948,900 $1,231,000
/106
0
9°
6411.3„
0 50,
9
75
0:
1; eDD
oinam
iinownc
nd Match
1st 5s 1922
oo
Co-100 121 122
255,500
523,308 45,333,300
Monday
2,553,000
is
Cats
N Y & Rob Is May-46 J-D
Copper
1
613,440 55,709,000
95,000
2,776,000
Tuesday
*234 3
Douglas Copper
Hob key 1st Is 1946M-N
84,000
Wednesday
576,871 51,875,100
3,575,000
Econ'y
Lt
95
NY
&
P
96
&NJ
58
(Joliet,
111)
1946
29,500
____J-J
Thursday
490,748 43,229,800
3,458,500
1st Ai s 1 g ss 1956-J10th & 23d Sts Ferry_100
93" 96
60,000
Friday
432,869 39,488,150
3,510,500
26
Electric Boat
35
let mtge 55 1919__J-D 2 (15
75
Preferred
eUnion
Ferry
steek_100
Total
$696,000
2,851,425 $254,584,250 $17,113,000
25
2 91
23
8 4 Eiectr c Vehicle
elst 5s 1920
FO
11-N 9
2
Preferred
10
Sales at
Jan. 1 to March 26.
Short-Term Notes
Week ending March 26.
12
Empire Steel
10
New York Stock
52
Preferred
Am Gig ser A 4s '11 M-S 98e1 9858
49
10
1908.
Exchange.
1909.
1909.
1903.
Ser B 48 Mch 15 '1255 S 9718 9758 eFederal Sugar of N Y Set Stk 8: a list
Amer Light & Tr
Gai Sec eGeneral Chemical-400 66
75
40,657,251 Am Tel & Tel g 5s6s-See
39,993,236
Stocks-No. shares_-..
4,615,882
2,851,425
102
ePreferred
'10 J-J 10118 10135
$3,467,151,925
Par value
$254,584,250 $407,483,550 $3,788,591,125
Atlan Coast L Si '10-A1-S 101 10114 Goleleld Consol leinesr1°
0
7151e
19°
$36,200 Ches &Ohio
$10,400
Bank shares, par
$1,000
1300
78
Gold Hill Copper
6s Jiy1 '10J-J 10258 103
1
4-61.e
Bonds
Chic & Alton 5s 191e_J-J 100 10014 Greene Cananea
20
912
$257,820 Clue RI
$176,000
$46,000
Government bonds..
& Pac Os '09 A-0 100 10014 Gugcenhem Explor'n 100
32,204,500 Cin Ham &D4
11,633,600
•State bonds
2,866,000
$696,000
75 ellackensack Water Co
%s '08 11-S / 65
171,413,600 C C C & St
304,438,000
lilt. and misc. bonds
17,113,000 16,021,500
Ref g es '52 op 12-J-J
87
SS
L Is, June '11 15114 10112
_
Hall Signal Co
00
0 32
-10
Lrie es, Apr 8 1911 A-0
37
$203,875,920 interb R T g Os 1911 le-N iliS14
3316,247,600
Total bonds
$17,809,000 $18,933,500
- fcT4 - Havana Tobacco Co.. 1
8
10
Preferred
83
5s bleb 1010
18
0
,
014
Al-S 19
PHILADELPHIA
'
°
99
112
DAILY TRANSACTIONS AT THE BOSTON AND
1st g Is June 1 '22...1-1)
11 C Ry &Light 63'12 If- S
EXCHANGES.
Kan C So g 58 Apr '12...1-0 100 10014 Hecker-Jones-Jewell Mill
1st es 1922
11.-S 101 108
Lack Steel 5s g 1910_,11-S 9012 0712
9912 Eleee-Hall-Mar, new_100 30
45
New 1-yr res Meh 1 '10 98
Phiktdelphia.
Boston.
Lake Sh & M So 58'10 F A 101 10114 Hoboken Land & ImplOs)
e5s 1910
Week ending
Lou & Nash g Is '10-M-S 101 10138
Bond
Listed
Unlisted
Bond
Listed Unlisted
March 26 1903.
111-0Nli 97
912 9
Mex Cent 58 July 1 1910 100 10012 Houston Oil
shares.
sales.
shares.
sales.
shares. shares.
orrR
45
ee
dalty
100 30
4 HuPdrseofe
4,91318
Mich Cent Is 1910
09
112 10
F-A 19
10u 100 116
Minn
&
St
L
g
Si
'11.F-A
3,984
$66,000
$18,000
6,878
4,966
9,576
Saturday
eIngersoleitand com 100 60
10014
100
Natoildex
5s
ext
to'09
A-0
138,500
7,610
119,500
32,083
13,647
21,497
02
5
Monday
ePreferred
100 ,
Y Cent 35 1910
F-A 101 10114
3,796
20,400
86,000
14,657
60,580 N
21,888
Tuesday
105
N Y C Lines Berl 5s'1'J37 5414% 3.7% internate Bank'g Co_10J
23,641
6,310
14,052
190,500
78,300
30,458
Wednesday
'nen'
Her
est
Mar
See
Lac
Stk
102
10012
NYNH&
II
55'10-'12
7,769
63,500
14,823
4,090
59,000 Norf
17,352
Thursday
100 IOU 107
& West 55 1910,11-N 10114 10112 Internaei Nickel
2,595
9,530
238,500
23,803
16,257
110,700
Friday
87
Preferred
Pa RR es Mch 15 '10 111-S 10114 10112
1st g 5s 1932----Ar9
56
Itys
0 84
117,028
88,800 $735,000
97,4491 23,385 $494,080 Public Service Corp 5s- See St
Total
15
STLMS'east 4 14s '09-1-D 100 10014 International Salte-10.; 12
55
1st g Is. 1951
97
9712
A0
8
1-00 ; 50
St L & San Fr g 58'11 -J
95
internate Silver
12
4 %eeir notes'12 opF dcA 90
100 e9
71
South is coil tr 5s '01/- A-0 100
4
07012
97 19
P
1tI.teffelsrre
ld948
ill
South Ry g 5e 1910_1' A
1CM 19
34
0
31
Southern Sty 65 1911.51-N 9912 9934 Lackawanna Steele-2
All bond prices are now "and interest" except where marked "1."
Tidewater 6s, 1913, guar 102 1021., Lanston bIonotype-20 1314 1334
- Lawyers' Mtge Co
1(10 2e5 275
Wabash Is, May 10 1909 100 10014
Street Railways
Bet Ask
Street Railways
eLch Se Wilkes-B Coal sol
Bid Ask Westtngh El&M 65 1910 10012 101
0 10i
Pub Serv Corp N J (Con)
Lord & Taylor.
109 103 105
New York C lb
20
14
J C Bob dc PatersonRailroad
Preferred
102
100
Bleed:St & Fut F stle_100
45 g 1949
75
eLorillard (P) pref 100 4412.5 135
65
N 7412 76
e 1st mtge 4s 1950-J-J
Chic Peo & St L pref-100
So J Gas El&'Frac _100 120
1* 112 Madison S0 Garden-100 20
30
• B'y & 7th Ave stk__100 135 155
Deposited stock
Cu g 55 1953
3d 6s 1910
../.1-Di
99
M-S 98
50 le0
e 2d mtge 55 1914__J-J 09 101
1; 112
Undeposl ted
No Bud Co Ity6s'14 J-J 106 10712
95 eManhat Beach Co--100
312 10
Con Is 1943 See Stock Eire list
Prior lien g4 3es'30 deS / 88
5811)23
Manhattan Transit___20
J-J 106 108
B`way Surf 1st 51 gu 1924 09 104
55
Con mtg c 58 1930_J&J / 48
e14 112
14
7
Mitchell Mining
__ 120
Ext Is 1924____M-N 102 103
e Cenel Crossen stk_
i 2
Income 58. July 1930
ettie
ggd
10
9 * 18 47g
ela It Coal_5
Pat City con 6s '31 _J-D 121
e 1st mtge es 1922_M-N
10()195 - 110
Chic Subway
10(1 27 .`...?... Mopnro
Sole 2414 25
Zd 68_1914 opt A-0 100
60
e Cen Plc N & R stk 100 30
Ft W & Den Cy std 100 9712
Mortgage Bond Cu___ILIO 107 LO
90 So Side El (Chic) See Ch least° 11(W- Nat Rys of MexicoCheer ec 10th St stk 101) 75
9212 Nat Bank of Cuba-100 IOU 105
Syracuse R T Is'46_M &S 103 105
Fri lien 4 eis'57(w I)J-J
92
Col & 9th Ave Is See Stool: Eire list
Nat'l Surety (new)__11.1(/ 165 175
85
Trent P & H 55 1943.J-D 98 101
Gen le 481957 lw I) A-0 84
DryDEB&BNevada Cons'd Copper-5 *1814 19
96
United flys of St LNorth'n Securttles Stubs, 100 125
1st cold 5s 1932-J-D 92
Nev-Utah Min & Sm -10 *278 3
100 2165 2212 Pi tts Bess & L E
37
Com vot tr etfs
55
50 *35
e Scrip 5s 1914-A 1 45
el)
e Preferred
100 6312 6414
53
50 *60
65 eNew Central Coal.
Preferred
Eighth Avenue stock_100 240 280
NY
Air Brake 6s See Stck Mac list
Exe
list
Stock
Gen
4s
1934__See
100
1115
eRaliroad
Securities
1914____F-A
Co
e Scrip (is
N Y Biscuit 6s 1911-M-S Iwo
92
UnitRys San Fran See Stk Pero list
Ill C stk tr cfs ser A '52 90
e 42d & Gr St ry stk_100 230 250
eNew York Dock____100I 33 76100 4112 4212 Seaboard CompanyWash RI' & El Co..
425 St M & St N Ave_100 ePreferred
100 79
92
100 91
80
Preferred
1st preferred
10() 42
99
e 1st mtge 6s 1910_M-S -95
N Y Mtge & Secur'ty_1001 195
45 1951
Corn & 2d pref-See Bait Exc list
J-D / 8712 8818
60
2d income 6s 1915_J-J 1 50
N Y Transportation, 21) *4
434
Seaboard Air LineInter-Met-See Stk Each ange list
Gas Securities
Coil 5s ext May '11 le-S 96
9612 Niles- Bern-Pond com -100 95 105
Lex Av &Pavle 5s See Stk Ems list
5 *11
Nipleene Mines
New York
1118
Union
list
Exc
Pacific
Each
es
Stk
See
list
Stk
-See
Re
St
001
Mete0
eOntario Silver
100
100 102
3
4
Ninth Avenue stock__100 160 190 Cent UnGas 55 g '27_J&J
Out Trans 1st Is '45 M-N
50 Con Gas (N Y)-See Stk Sao list
9-02 9612
Second Avenue stock_100 30
Industrial and Miscel
Otis Elevator com-lut) to
100 120 130
52
e let nage 55 1909_M-N 95 100 e Mutual Gas
ye
Preferred
1.)
...5
00
Adams Exp es 1947 J-D
g_1
97
New Amsterdam Gas78
Consol Is 1048-A / 73
Pittsburgh Brewin
*1975 20
Ahmeek Mining
23 s145
1st consol Is 1948_J-J 99 101
19
43
514 155
19554
•Sixth Avenue stock_100
Preferred
Alliance Realty
.3934
100 110 114
NY &ERGas 1st 55'44 J-J 103 106
*39
Sou Boulev Is 1945-J-J Ur 155
Pittsburgh Coal_See StIel Sac list
J-J 95 100
Consol 55 1945
Allis-Chalmers Co 1st mtg
e0
So Fey 1st 58 1919___ A-0 80
Preferredifg Co(
co
or
w
(
)
s I 58 1936-See Stock Each list Popee
50
n_e_
23
20
N Y & Richmond Gas 100 30
Third Avenue--See Stock Exe list
American Book
90
100 145 155135 70
Nor Un 1st 55 1927--M-N 96 101
Tarry W P & M 5s1928 / 70
85 e Standard Gas com 100
Pratt & When prefw-_-_)111000000 99
American Brass
100 112 115
YkersStRR5s 1946 A-0 80
Realty
Assoc
90
100
(13klyn)
n60
e Preferred
35
1001 143 150
American Calebe cons.100 190 193
28th & 29th Sts 1st 5s '96 / 25
109
Royal Bak Powd co
corn ijO
M-N 100 105
lst 5s 1930
161)
Preferred
100 101 103
e Twenty-Third St stk 100 200 250
Preferred
Other Cities
90
IN 108
Am Graphophone corn100 10
20
Union Ity 1st 5s 1942 F-A 94
Safety Car Heat & Lt-100 123 129
Am Gas & Elec. com_50 *32
33
50
_100 25
Preferred
Westchest 1st Is 43 J-J 70
.45
Preferred
50 *42
44
100
Amer Hardware
100 y112 0' Seneca Mining
Brooklyn
Amer LIght 6: Tract-100 170 17s
Ain Maier'tr Os 1914--J- D 100 103 SIneer Mfg Co
102 470 980
Atlan Ave 58 1909___A-0 100 101
.
10
0
L)
100 103 104
1n
stdamrdg 5
Csoe3d1
Preferred
agree_d_....A
Amer Press Assoc'n_100 _9_2
114
.
12 10014 Sta
.
A-0 97 102
Con 53 g
Cu) tr 5 11% notes-A-0 132
_ _ Am Soda Fount com-100
/ 2214 25
B 13 ec IV F. 5s 1933-A-0 95 100
50 s Pp.
Adjust 11 Is Apr 1 1931 / 3
Bay State Gas
4
1st preferred
100
15
b
Brooklyn City stock..,. 10 188 193
(N Y) Gas Wks
Sta
pnre
dfaera
deC
douplerM
com
ioo
2d preferred
25
35
100
Con 58-See Stk Exch Exc list
1st g Is 1038----A&O 8.5
Am St Found new-See S tiEi
95
110
Bkn flgts 1st is 1941 A-0 95 100
51
16
.2
° 8
rdeMillIng Co Ili-11N
Standard
6s 1935
Brooklyn Union Gas deli
18
100
&O
list96
Bkin 0 Co & Sub See Stk Exc list
100
Preferred
Deb 4s 1923
eis 1009 See Stir Each list
54
F &A 61
65
Bklyn Rap Tran -See Stk Exc list
5s 1930
Buffalo City Gas stock100
5
7
American Surety
84
50 215 225
e Coney lel & Birlyn_100 Si VA
3
11)47-See
Stock
Is
Standard
Oil
of
N
J
lOOl
Sac
list
1st
American Thread pref__5 *414 5
82
77
658
1st cons g 95 1948__J-J
93
Am Tobacco Co com_10() 370 380 Swift & Co-See Bost StkI Bee list
97
Con GaS of N J Is, '36_J-J
Brit C & N Is 1s)39_J-J 95 100
1st Is i910-l914
Consumers' L H & PowAmer Typefders com..1 00 33
J-JI 101
36
Gept&LorSt 1st es..M&N
J-D
1935
93
97
eTexas&
85
100
Pacific
Coal-100
100
Preferred
Is
100
Kings C El 4s-See Stock Exc list
IOC) 150 160
Denver Gas & E.ec _100 110 112
Amer Writing Paper-100
134 214 Title Ins Co of N Y
Nassau Elea pref__100
95
100 14
Gen g Is 1949 op_M-N 92
16 Tonopah Ilin (Nevada)_1
Preferred
5s 1044
A-0 95
*714 712
Tre
p
n
re
t
r;
e
n
rre
Po
com10
0
0
so
275
_100
d.
tte
Gas
Lt
Go,.
rw
rl
i
c
es
1st
s f g 55 19 op'09-J-J 8212 85
Elizabeth
6
1st 4s 1951-See Stock Exc list
130
Essex & Hudson Gas_100 124 fi(F AtiGf &Wind SS Lines 100
5
6
N W'bgeclelat 1st ex 43.s 92 'J7
Trow Directory
100 25
Preferred
100 17
Gas & El Bergen Co....(10t1 63
35
Steinway 1st 6s 1922-J-J 105 110
19
/
58
UM
m
coull0(.1
50
Typewriter
Col tr g Is 1959
J-J
Other Cities
59
59
e Gr Rap 0 1st Is 15-F-A 10) 102
1st preferred
100 118 11912 Barney & Smith Car_100
Hudson Co Gas
112
50
Buffalo Street ity2d preferred
100 xiee 112
100
18
20
Preferred
1st consol 5s 1931 F-A 106 109 Indiana Lighting Co
15
°°
0 x*
15
1°
5
61
F-A
13ethl m Steel Corp--See S t63
A-0 106 11)8
It-1.:: it United Bk Note Corp-4s 1958 op
60
Deb es 1917
Preferred
5U ,
463
50 20
9734 Indianapolis Gas
Bliss Company corn- 50 108 113
35
55
Columbus to: St 1ty-100 05
United Cigar Wu- -1
10) 104 106
50 120 125
90
A-0 75
110
9: 2:31
6
00
5 62
Preferred ..e
1st g 5s 1952
Preferred
ePreferred
Bond & Mtge Guar___100 405 41$
Uti
Jackson Gas 55 g '37-A-0 91
LUU 101 103
Colum fly con 5s-SeePle in list
05 10
37
United Copper
1
100
100 90 100
Borden's Cond Milk-100 126
1244
Crossewn 1st 55 '33 J-D en 104 e Laclede Gas
Preferred
00
100
85
0.3
80
35 37
Preferred
c Preferred
eConn fly & Ltc corn_ 100 75
5 *618 614 U S Casualty
100 8212 5712 Madison Gas 6s 1926-A-0 103 108
215
British Col Copper
ePreferred
go
100 .58
Butte Coalition Mining 15 *24
50
Newark Gas Os 1944-Q-J 130 132
2414 U S Envelope com-100 33
Grand Rapids Ry
88
ePreferred
IOU 80
96 Casein Co of Am com..100
212 3
100 101
Newark Consol Gas 100 95
Preferred
U S Finishing_____ -100 80
100 60
75
85
Preferred
Con g Is 1948
J- D 106 107
e Loulsv St 5s 1930__J&J 107 109
Preferred
1001 95
Casualty Co of Amer-100 140 150
No Hudson L H 66 PowLynn & Hos 1st 5s 24J-I) 105 107
100 129 132
U SSteel CorporationA-0 100
Celluloid Co
fee 1938
to New On Ilys & Lgt..100 1458 1512
Cel tr 5 t 5s '51 opt 11 11334 116
100 3612
7
8
Pat & Pas Gas& E11ec-100 85
90 Cent Fireworks com-100
Preferred
Col tr s f 5s '51 not opt 11334 116
100 5612 60
Preferred
M S 103
e Con g 5s 1949
Gen M g 4 3es '35 See S tir Ex WC
100
312 U S Tit Gu & indem-1110
3
U0
1)8 Central Foundry
North Chic Street See Cb icago list St Joseph Gas 5s 1037-J-J
70
100 16
18 eUtah Copper Co-See Stk Sic list
Preferred
Pub Serv Corp of N J 100 105 107
Teiegr & Telephone
82 eAmer Teleg & Cable-100 7612 80
Warbury
Waterbury Co, com-100
Deb es 1919 op '01 M-N 57
70
2 0,7)0
5
Tr ctfs 2% to 6 %perpet 81
9O7
Preferred
100
Ooll 55g notes 00..M- N
10014 eCentral & So Amer_ _100 11() 115 Chesebrouee Mfg Co-100
100 163
Westchester 6: Bronx NI, 145
0.5
00 167
Comm'l Un Tel (NY)_23 110 116 City Investing Co
North Jersey St Ry 100 40
77 Tr Emp & Bay State Tel 100 ce) 70 eCiallin (1-1 13), com-100
6c Mtge Guar
lit 95 1998
)11-N
155
100 91
77
100
elst preferred
Franklin
100 40
Western Ice
50
Cons Tract of N J__10() 76
95
9712 Westingh AIL Brake__-50 *:::: 112
100 92
e2d preferred__
1st Is 1933
J-D 10312 10612 eGold & Stock Teleg _100 105 112
N Y&NJ Teieph-See St It Mac list Col do Hock Coal&I pt 100 n6.5
West El & Mfg Is-See Sti 16xe list
75
New'kPasRy 545 '30 J-J 108 110
2-2 79
8910 White Knob Min
1st g Is 1917
eNorthwestem Teleg_50 108 112
Rapid 'Fran St Ry_100 245
Pacelc & Atlantic
65
Col tr es Oct 1956-J-J
Preferred
25 55
95 l0112 wo
.
ed
1st es 1921
A-0 106
Southern & Atian tic_ _23 90
Pumn eref-101 105
Sells
on
Stk.
Flat
a
active.
price.
*Per share. etExertghta. b11a.s.
but not very
a Nom. s Sate price. sEx-dly. i Le-rights.

Volume of Business at Stock Exchanges

Electric Companies
Bid
Chicago Edison Co See an (cat; .
e Kings Co LI L‘.,̀
0 100 122
Narraean(Prov)
Co-50 *8814
NY&Q El L &PowCo.,143/ .35
Preferred
100 65
100 60
United Eiec of N J
lot -, 4s 1949
J-D 74

2

Outside Securities




100




MAR. 27 1909.1

Boston Bond Record

BON Ws
P
Price
t.EP
BOSTON STOCK EXCGE
Friday
'
4.-. c
WEEK ENDINci MARCH 26
42, Ifarch 26

.4
1:3Z

815

Range
Since
g,:4''
.,- January
1

BON
BOSTON STOCK EXCIPGE
WEEK ENDING Martc•II 26
U

_High Pb- Low High
Bea
As Low
Am Telop & Tel con tr 48.1929 J-J
941
/
4 Sale 9334
941
/
4 225 914 94%
Convertible 48.
193'. M-S
96 Sale 9558
96 32:- 924 96
Am Writ Paver 1st s t 58 g 1919 j.j
83
83
83 Mar'0:,
Ariz Corn Cop 1st cony 6s 1918 M-S
130 150
130 Feb.09
Atcn Top & S Fe gen g 46..1995 A-0
10058 1003, 4 100 10114
Adjustment g 45....Xly 1996 Nov
934 95'- 9458 Mar'09 .... 92% 945s
Stamped
J'IY 1995 31-N
937, 2 937e
93'. 954 9378
50-year cony 4s
1955 J.D
10212 102¼
1024 Jan '011 .
10-year cony 53
1917 JD 107
107% Feb'09. .. l07% 107%
Beaton Elect L consol 58.1024 3.1-S
110 s'eti'04 .
Boston & Lowell 4s
1916 J - si
10041004
10014 Mar'09.
Borden e/ Maine 448
1944 J -J
101 12 Oct'08 Boston Terminal 1st 345.1947 F -A
11212Jan'03.
Bur & Mo MY ex lis
1918 j.J
104 Oct'07 Non-exempt 68
1918 J.J
102 Sep '05 _
Sinking fund 48
1910 J -J
994 Jan '01.2
994 99:
Butte & Boston 1st 68....1917 A-0
100 J'ne'01 .
Cedar Rap & Mo R 1st 78.1916 M-N
117 J'ne'08.
2d 7s
1909 J-D
11118P1y'05.
Cent Vermt 1st g4s..May1920 Q-F 81
86
83 Mar'09 .... 81.
83
0 B & Q Iowa Dlv let 68.1919 A-0
11103 Oct'07 _
Iowa Diy 1st 48
1919 A-0
100 Dee08 .
Debenture 58
1913 M-N
100 Apr'08
Denver Exten 43
1922 F-A
0958100
993 Atar'01.
Nebraaka Exton 4s
1927 MN
/
4 • 10141014
101 12 1011
B&SW 5 t48
1921 M-S
988 Feb'01.
9858 915,3
Illinois Div 3128
92
1049 J -J
92
92 Jan'09
Joint bonds See Ot Northern
Ohio Jo By et, Stic Y(15 58.1915 J-3 10212 Sale 10212 102,-; 25 102 1034
Coll trust refunding g481940 A-0 92
94
91
94 Feb'09
Ch MU & St P Dub I) 68..11120 J •J
1184 Feb'09 .... 11814 1184
Ch M & St 1' W15 V thy 661920 J.J
126 11%8'05
Chic & No Mien 181 gu 53.1931 M.N
103 102 Mar'09 .... 101 102 4
Chic eVe W Mich gen 58....1921 .1 -13
1044 1044 Mar'09102 1047e
Concord & Mont eorik. 4s..192o J -D
91 Dec'07 .
Conn & Pass It 1st g 4s...1943 A-0
11214Jan'03.
164
1634
2 164 184
Cons S S L coil tr g 48 Ufa 1957 J•J
96 Feb'09 ... 96
Current River 1st Is
96
1327 A-0 92
914 Mar'09.
92
87
Det Cr liap & 1...2 1st 4s...1946 A-0
01:
91 Nov'08.
Dominion Coal 1st 8 f 55..1940 M-N
10318 Apt'01.
1915 M-S
Fitcnburg 4s
96 Apr'02..
1927 31-S
.
48
133 Mar'09.
133 133
Frerat Elk & Mo V 1st 68..1933 A-0
140 Avr'05.
1933 A-0
Unstamped 1st Os
-- 974 '3514
9814 •2:,
GI Nor C II & Q coil tr 48 1921 J.J ,98 Sale 9718
9713 9814
1921 Q-J
9734
Registered 48
984 Mar'01

Illinois Steel deben 58
1910 J-1
Non-convert deben 5s 1913 A-0
la. Falls &sioux Clst 78 1917 A-0
Kan C Olin & Spr 1st 58 1925 A-0
Kau C Ft S& Galt eat 5.4 1911 J -D
Kan C Ft Scott & M 6s
1928 M-N
Kan C & B gen 48
1934 M-S
Assented income 55
1934 M.S
Kan C & 31 By & Br 1st 531929 A-0
Maine Cent cons 1st Is. 1912 A-0
Cons 1st 48
1912 A-0
Mare Hough & Oat 1st68 1925 A-0
Mexican Central cons 4s 191]
J
1stcons Inc 3s
Jan j931* J'iy
29 cons ma Js
Jan 1939
Mich Teleplst 55
1917 J.
Minne Gen Elec con g 5s 1929 J-3
New Eng Cot Yarn 5s
1929 F-A
New Bug Teleph 58
1915 A-0
As
1916 A-0
New England cons g 5s 1945 J -J
Boston Term 1st 4s
1939 A-0
NYNH&H con deb 31
/
481956 J -J
Cony deb 6s (ctfs)
1941 J.J.
0111 Colony gold 4s
1924 F-A
Oreg By & Nay con g 4s 1946 J
Oreg Sh Line 1st g Os
1922 F-A
Repub Valley 1st a f 68 19114 J -J
Rutland 1st con gen 4128 1941 J -J
Rutland-Canadian 1st 4s1949 J4
Savannah Bloc 1st cons 58 1952 J -J
Seattle Elea 1st g Is
1930 F-A
Terre Haute Klee g 58
19211 J
Torrington 1st g Is
191a M-S
Union Pao RR & 1 gr g 48 1947 J -J
20-year cony 48
1927 J.J
United Fruit cony gen 58 1911 31-S
U S Coal & Oil 1st s f 6s. 1938
U S Steel Corp 10-60 yr 56.1963
West End Street By 4s. 1915 F-A
Gold 41
1914 M-S
/
44
Gold (le Denture 4s
1916 M-N
Gold 45
1917 F -A
Western Teleph & Tel 68 1932 3.3
Wisconsin Cent 1st gen 481949 J -J
Wisconsin Valley 1st. 78 1900 J-J

wee's
k
Range or
Last Sale

PTlett
Anti all

March. 46

Week's
Range or
I-ctst Sale

i.anoe
..5ttice
January

Bia
Ash Low
.11trin
bow High
10014 Sale 1001
/
4 100¼ It VAN 10012
10012 Sale 1001
/
4 10034
,
r 100%1004
117 Apr'095% Feb'09
95
:4534
1004Jan'09
10012101
1194 Sale 11938 120
13 1164 120
93
92
92
92
90
89
80 Mani:.
864 89
1031
/
4 103% 103% 10334
10312103%
113% Noy'00
1014 Sep'05
115 Pae'OS
854
834
84% 85%
1116 Apr'Or
111514 Apr'0,
1024 Ang'04
1014
104% Sale 104
102 Feb'09
1004 Sep Nk

102%1044
102 102

98 3Iar'Ou
9758 994
134 Mar'09
134 1354
9812Ply ut,
1196'4 J'IY'.*
1.1878Mar'09
1034
105 Dec'06
1074 Nov'05
102 Mai'02
95133lay'06
10534 106% 106
106
Apr'07
994 Nov'06
103% Mar'00
1024 103%
104 Mar'09
l0-158 104
116 Jan '08
131 Mar'09
120 133
10234 Alar,09
1024 1044
964 Fe6'08
1024 Feb -09
i1l2 421021
/
4
9958 Deo'01!)
100.8 mar,o;..
100% 100's
96
la
974
12 117½ 904
93'8 Feb'Oir
93% 93%
100% \ 111P06

Norio- Buyer pays accrued interest in addition to the purchase price for all Boston Bonds. 'No price Friday; latest bid and asked.

T, Flat price.

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Prices-Not l'er Centel', Prices
Saturday
March 20

Mariam'
March 12

*1041
/
41051
/
4
/
4 .13
131
.13
*24
27
.24
27
/
4
.11% 111
11%

7'uesday
March, 23

Wednesdai,
March 24

Sales
ACTIVE STOCKS
of the
Priday
Week (l'or Bonds and Inactive
S'tocks see below)
March. 26 Shares

Thurstiav
.March 25

*30
35
•76
77
1041
/
4 1041
/
4 105 105
103 105% 105 105 14
*13
131
/
4 1312 134
14
144
14
14
*24.
26
*24
25
. 25
25
26
111
/
4 •111g 11.2 *11 14 1112 .111
•11
/
4 1134

45% 4534 *451
*4512 46
/
4 4534 *451
/
4 45%
/
4 4534 '451
34
34
34
84
/
34
4
34'
341
34% 34% •34
121
/
4
12
12
12
12
1214 12% 124
1213 124
241
/
4 24
24,k,
244 241
,
/
4 2436 243
.24's 2413 '24
654 65
65
/
4 65
6434 6431
65
65
69½ *641
15% 15%
151/4 1834
18% 1813
184 18% '1813 10
104 104% 1041
/
41041
/
4 104 1044 10414 1044
104 101
71.4
71
7034 71
71 18 7134
711
/
4 7134
70% 7034

*3513 6614 65% 65148 65% 654631518 6513/6 66
6578
*4113 42
414 413.,
42
42
42
42
42
42
11% 11% 11% 11% 1184 11%
11%
11.%
11% 11%
/
4 2758 27% 27% 28% '18
271
284 28% 28%
28
64 q. 611je 65
t3913 65316 6016 60% 664 66318
64'*
4513
*451
/
4 46
454 45% .454 46
'4552
'45'- 46
.45%
/
4 534 5334 63% 5576 5.4% 54% 644 5458 6458
534 531
1/05
8
904
9056 90%
1,0'4
90
804 90), 90
904 00%
..
28
Bid

Ask

Inactive Stocks
Allegheny Vol pref....50
50
American Cement
100
Amer Pipe Mfg
Bell Telephone (Pa).10U 1017, 1024
50 4614
Cambria Iron
Central Coal & Coke.100
°onset Trao of N J...100
Diamond State Steel..10
10
Preferred
Zaaton Con Electric 5.50
Mee Storage Batt....100 40
47
Preferred
100
100
Ft Wayne &W V
Germantown Pass
61
126
Indianapolis St
101
Indiana Union Tr....101
Insurance Co of N A..10 22
224
Inter Sum Pow .1,', Chern.50
Keystone Telephone ..50 12% 1352
50
Preferred
iNeystoneWatchease.100
10 151
/
4
I Lit Brothers
50
Little Schuylkill
Ulnehill & Schuyl 11..5
Haven Iron & Stee1.5
50
Northern Central
North Pennsylvania..50 1001/4
5
Pennsylvania Salt
Pennsylvania 9teel..100
100 101
Preferred
Phila Co(Pitts) pref...50 4134 42
Phil German & Norria.50
/
4 03
50 921
Phila Traction
8
81
/
4
10
Railways General
Ettusqueh Iron & Steel..5
Tidewater Steel
10
Preferred
10
Tonopah Mining of Nevl
734
Union Tr of Ind
100
United N J It B & O..100
Unit Trac Pitts pret..50
Warwick Iron & Stee1.10
71
/
4 8
49
,West Jersey & Sea 13h50 45
. Westmoreland Coal....50 91
Wilkes Gas & Elec..100

PHILADELPHIA
Bonds
Prices are all "and
interest."
Val
E ext 78 1910 A-0
Al
Alt &LVElec 4 Lis'33.1f-A
Ara Rye cony 58 1911.J-1)
At! City 1st Is g'19.14-N
Berg& EBrw 1st 66'21 J4
Bethle Steel 6s 1998.Q.F
Choc& Moist 58 1949 J-J
Ch Ok &0 gen 58'19 J-J
001 81 By let con Is 1932
Con Trac of N J lat 68.'33
E& A 1st 3I 5s 1920 M.N
Bloc & Peo Tr stk tr ctfs
Eq 11 Gas-L 1st g 5s 1928
Indianapolis By 48.1933
Interstate 48 1943
/
4s '14.Q-J
Lehipli Nay 41
1914.Q-1f
Ilits 45 g
Gen M 4526 g 1924.Q-F
Leh V C 1st 58 g '33..J.J
Leh V ext 48 lst11148.J-D
M-S
2d 78 1910
3-1)
Consol 65 1923
3-1)
Annuity 68
Glen cons 48 2003.M-N
Leh V Tran con 48'353-1)
New Con Gas 58 1948 J.D
Newark Pass con Is 1930
NY Ph & No 1st48'39 J-J
Income 4s 1939 M.N
lioOhloTrao m158'19.34
Penn gen tis r 1910 Var
Consol 5s r 1919. Vat
Penn & Md Steel con 6s.
Pa & NY Can 58'39.A-0
Con 4s 1039
A-0
Penn Steel 1st Is'17 M-N
People's Tr tr certs 4.5'43
P Co 1st& col tr 58'49 51-5
Con& col tr Is 195131-N
Phil Elea gold trust ctfs
Trust certlfa 48
P .24 E gen. MI g'20.A.0
Gen M 48 g 1920..A&O

* Bid anti asked; no sales on this day. If Ex-rights. 957.50 paid.




Lowest

Highest

100 30 Mar 8 35 Jan 25
100 76 Marie, 85 Jan
60 100 Jan 4 111 Jan it
100 11% Feb25 15 Jan 4
100 2234 Feb24 26 Ilar26
50 1134 Feb 3 111
/
4 merit(

latnge /or Previous
Year(1008)
Highest

Lowest
20
65
50

Jan
Mar
Jan
Feb
10 b'eU
Jan

30 Dee
/
4Dee
811
Dee
15 Dee
26 Dec
12 Nov

Philadelphia
American Railways
50 45 Jan 4 46% Feb lb 42% Mat 461
/
4 Nov
1,030 Cambria Steel
50 32% Feb23 39% Jan 2 26% Feb 401
/
4 Deo
3,144 Electric Co of America 10 x1078 Jan 20 12% Mar26
8.52 Jan 1114 Dee
2,801 Cell Asphalt tr ctis
100 15,2Jan 5 '2534 Feb
3¼ Jan 1936 Dec
1,173
Do pref tr ctts
100 63 Jan 5 6618 Ileb19 197,
591
/
4 Dec
1,899 Lake Superior Corp.. 100 14% Jan 5 19% Mar 1
358 Feb 17 Dec
1,051 Lehigh 0& Nay tr otIs, 60 96 Jan 5 1057, SIKr 8 784 Jan 11738 Dec
4,560 Lehigh Valley
54) 437 Feb23 76% Jan 1 5258 Feb 76% Dec
Marsden Go
218Jan 12 1518 Jan
100 11316 Jan lb
2% Apr
1,170 Pennsylvania RR
66
60 6318 Feb24 674 Jan 4 51.'18 Jan 681/6 Dec
410 Pluladelp'aCo(Pittsb) 50 401
42
/
4 Feb1:4 43 Jan '2 3152 mat 44% Deo
3,510
Philadelphia Electric' 25 114 Feb23 12 Jan 21
1134
/
4 Feb 12% Nov
61
'29 25,260 Phils Rapid Transit
21* Mar2u d124J'ne 25/
50 2476 Jan
1
4 Dec
661
:22,267 Reading
50 511 12 Feb23 7215Jan 4 43
6
(16 c
Fan
eb 7111/6 Dee
5
454
Do 1st pret
50 44 Mar 3 46 Jan 1
11
4.5 /
1
4 Dee
357
46
Do 29 pier
50 451/6 Mar 2 47% Jan 2 3752 Jan 441
/
4 Dee
547,. 10,608 Union Traction
60 51 Jan 5 54% Mar26 444 L,J'n 5014 Apr
11058 4,3'15 United Gas Impt
60 89¼ Feb23 941
/
4 leen I., 73¼ Jan 9434 Dee
104 Welsbach Co
30
100 28 Mar26 3U Mart.) •25 J'n '28 Nov

0451
/
4 46
344 34's
124 12%
23
24'S,
63
64
18% 15%
104½ 1047,,
7134 71%

65
•41%
11%
274
64

PHILADELPHIA

Baltimore
Con.Gas EL L. & Pow
Do pref
465 Northern Central
29li Seaboard(new)
180
Do 20 pref
United By & Electric

Range Since
Jan 1 21409

Bid

Ask

/
4
102% 1031
97/
1
4
1
4
951
/
4 09/
1164 118%
112
1054 105%
105%
03 L,1 04
1061
/
4
50
86
4234 431
/
4
105
1101
/
4
104.4 1041
/
4
106
145
97% 974
631
/
4 64
1691
/
4

1021
/
4

100
97'4 9712
1031
/
4 104
984
101% 101%
7434 75

PHILADELPHIA
Ph & Reau 29 Is'33.A.0
Con M 7s 1911
J-D
Ex Imp M 48 g'47 21.0
Terramal Is g1.941 Q.F
P W& B col tr 48'21 J-J
Portland By 1st Is 1930.
loch Ry& L con Is'54J4
Spanisii•Am Ir Os'27 J-J
Trac Ind gen 58'19.3-J
Un Ilya Tr etf8 48'49J&J
United Bye Inv 1st coll tr
sf 38 1926
M-N
U Trac Pit gen 58'97 34
Welsbach s 168 1930.3.D
W1k8-130&Econ58'5334
BALTIMORE
Inactive Stocks
Ala Cons Coati& Iron 100
Pre
100
Atlanta & Charlotte. 101)
Allan Coast L (0000)100
Canton Co
100
Cons Cot Duck Corp. .5t,
Preferred
50
Georgia Sou & Fla. .100
1st prof
100
2d. prof
100
G-B. Brewing
100
Bonds
Prices are all"and
interest."
Anacostia & Pot 5s
Atl & Cli ext 4',s
Allan t.'iL 1t1t48195251-S
Atl Coast L(Ct)ctis 553-D
Otis of indebt
6-20 yr 48 1925
3.3
Bait CPass lat5s'll M-N
Ball Fundg 58.1016 M-N
Exchange 3/
1
48 1930 J.J
Balt& Plat681121'11 A,
0
Salt Trac 1st55.229 51.11
No Balt Div Is 1942 J-D
Cent'l lty cou581932 M.N
Eat& Imp 53.1032 M-S
Chas CityRy 1st55"23.14

Bid

Ask

117
1064
1024
100
101%

8034 81
80
99

100

25
70

35
80

260 280
84)
02
8.2 8
221
/
4 25
26
22
94
95
70
72
2

10311 104
100
974
97
105 108
821
/
4 86
89
85
101 12 102
107,4 108
10084 101
i0334 1044
110 112
/
4
115 1211
113 114
110
1041
/
4 1115 las

BA 14 V1.114.14.4B
Chas IV &.E158'1)1151-S
Char'C& A ext.5(4.'09 J-J
'29 78
1910 A-0
City& Sub 1st 5s,,'22 3.1)
City& Sub(Was)18t6a'48
Coal & I By 1st 58'20E-A
Col&C4rnv 1st tia.1916J-J
CoLsol Gas 68-1910 3-11
1939 3-1)
Is
Ga& Ala latcon 68'453-J
Ga Car&N lat fis g'29 J4
Georgia P lat 68..222 J-J
GaSo& Fla 1st bs 1945J-J
G-B-S Brew 3-4s 195151-8
2d income Is 1951 M-N
Knoxv Trac 1st Is'25A-0
Laken El .1.8t gab/4'4224.S
SlaconRy&L.118t5s'53.1--J
Memphis St 1st 58'45 J-J
MeLSt(Wash)18t58'25 VA
Mt Ver Cot Duck 1st Is.
NptIC&O 21st58'38 M-N
General Is. 1941 51-5
Norfolk St 1st 58'44...J-J
North Cent41
/
4,1 1925 A-0
Series A Is 1926. ...J -J
Series B Is 1926.....J-J
Pitt Un Trac Is 1997-.1..1
Poto Vol 1st Is 1041..J-J
Say Fla&West53'34 A-0
Seaboard A L48 1950 A.0
Saab & Roan Is 1926.J-J
South Bound 1st 58..A-0
U El L&P 18t412.3'29 M.N
Un By& Eliot4s'49 51.8
Income 48 1949.....J-D
Funding Is 1936...J-D
Va 1tild 29 ser 68'11.51.5
3d series I. 1916. M-S
4th ser 8-4-6511121.51.5
5th series Is 1926.51-8
Va (State)Is new'32.34
Ftuid debt2-38 1991.J-J
West N C con 68 1914 J-J
We.sVa C&P 1st6g'11 3-3
Wil & Weld 58-1935.J4

Btu

Ask

90
89
110
105
109 1004
105 1054
1011. 102
109 110
101% 102
11114 111%
102: 103
10513 1051
/
4
115¼ 1161
/
4
10014 109%
42% 434
10
12
104 105
115 117
.97..
110 115
79% 80
105
1(05
1121
/
4
1121
/
4
506
103¼
113¼ 115
671, 684
103 109
106 108
954
95
86% 57
534 53%
791
/
4 80
10219 104
105
105
107
90
94
112
94
107 100
1021
/
4 102%
114 116

41124 paid. $ $134 paid. )335 paid. a Moe TM& b $25 paid. 4930 paid. 454211sad.

TIIE CHRONICLE

816

[Vcm. Lxxxvin

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

Week or
Month.

Current Previous
Year.
Year.
-3
s •

Latest Gross Earnings.

July 1 to Latest Date.
Current
Year.

Previous
Year.

S
$
Ala N 0 & Tex Pac.
N 0 ec N East___ February - 256.719 206,679 2,083,664 2,069,178
Ala & Vicksburg.. February _ 120,134 113.382 1,074,143 1.067,254
963,609 1,054,717
Vicks Sh & Pao__ February . 111,205 113,138
5,693
4,202
37,624
Alr.• Tenn & North__ January __
27,633
k Atch Top & S Fe.. February _ 7,215,792 8,782,551 61,834,210 62,808,854
45,938
28,802 1,447,354 1,171,476
Atlanta Birm & At! 2d wk Mch
Atlantic Coast Line January __ 2,26.6„15 2,023,464 14,491,925 15,209,665
Baltimore & Ohio__ February _ 4,955,671 4,682,348 47,284,007 52,744,611
Bang4r & Aroostook January _ 243,956 201,131 1,640,r,38 1,534,147
4,864
4,009
47,313
. 42,769
Bellefonte Central__ February-_
Boston & Niaine_r January -- 2,919.249 2,784,210 23,391,783 24,778,961
2,860
3,467
Bridgeton & Saco R January -30,246
34,068
Buff Roch & Pitts__ 3d wk Mch 117,547 149,947 5,063,478 5,836,804
Buffalo ec Susq____ January _ 187.467 148,290 1,359,663 1,327,447
Canadian Northern. 3d wk Mch 169,400 142,800 7,122,400 6,780,500
Canadian Pacific__ 3d wit Mch 1,436,000 1.247.000 54.589,517 82,070,053
Central of Georgia.. 2d wk mch 228,500 235,400 8,273,363 8,614,333
Central of New Jar.. February _ 1,762,353 1,800,737 16.874,155 18,580,519
247,163 230,303 2,079,848 2,145,181
Central Vermont_r January _
80,659
59,330
1,448
1,441
Chattanooga South_ 2d wk Mel;
Chesapeake & Ohio. 2d wk Mch 47.7,533 433.207 18,256,713 19,302,848
5,108
5,918
35,077
43.,887
Chesterfield & Lane February _
Chicago & Alton By 2d wk Mch 265,345 251,769 9,018,435 8,879,429
Chic Burl & QuIncyr January __ 5,807.989 5,768,083 47,410,584 49,289,170
Chicago Great West 2d wk Mch 147,179 155,093 8,922,868 5,874,010
84.675 3,669,470 3,711,412
97,511
Chic Ind & Loulsv_ 2d wk Mch
Chic Ina & Southern -see New York Cen trai.
Chic Milw & St Paul January __ 4,308,998 4,135,355 36,816,798 35,473,987
Chic & North West r January __ 4,656,39 4,393,853 39,989,868 40,530,567
Chic St Paul M & 0 January -_ 1,088,819 958,872 8.226,559 8,181,134
77,438
77,545
650,048
881,853
Chic Term TransRR January __
Cin Ham & Dayt_r_ January __ 579,217 574,667 4,829,082 5,225,543
Cincinnati Nortnern -See New York Ceti trai.
Cloy Cln Chic & St L -See New York Cen tral.
197,257 158,228 1,427,039 1,455,437
Colorado Midiand_r January __
h Colorado & South 2d wk Mch 256,194 242,767 11,050,946 10,701,617
165,491
174.740
24.069
21.549
Col Newb & Laur__ January _54.604
58.126
December..
408,725
447,239
Copper Range
9,180
4.334
48,695
94,251
January __
Cornwall
30.549
15.044
188,887
203,659
Cornwall & Leb__r January __
January __ 218,258 183,794 1,065,869 1,053.126
Cuba Railroad
January __ 1,371,117 1,453,251 10,981,693 12,205,038
!Delaware & Mud
January __ 2,609,880 2,518,556 9,838,179 20,856,613
Del Lack & West
Denver & Rio Gm...... 3d wk Mch 370.400 292.100 14,925.925 15,432,044
23,454
25,361 1,112,190 1,235,536
Det Tel &Iront Srs 2d wk Mch
40,283
31,052 1,237,088 1,397,132
2d wk Mch
Ann Arbor
29,392
25,684
823,598
868,227
Detroit & Mackinac 3d wk Mch
78,918
87,641 4,752,742 5,200,848
Dul & Iron Range-r January __
48,846
50,736 1,913,738 2,267,166
3d wk Mch
Del Sou Sis Si AU
4,016,089 _
El Paso & So West.r January __ 599,082
January _- 3,585,307 3,561,328 29,793,690 31,18-7-,56i
Erie
Evansville h Per. H -See Rock Island S ystem.
1,261
__
1,616
11,313
11,590
Fairchild & Nor E .January
535,771
502,368
45,177
51,565
Fonda Johns & Glov February January __ 234,012 237,30,s 1,713,261 1,880,499
Georgia stallroad
Georgia South & Fla -See Soot hern Rail way.
Grand TrunkAyst- 3d wit Mch 710,528 685,552 28,146,048 30,965,860
Gr Trunk west.... 1st wit Mch 109,884 114,858 3,732,672 4,253,655
27,369
27,175 1,138,196 1,280,715
Det Gr Hay & Ml! 1st wk Mch
26,503
30,922 1,237,850 1,447,338
Canada Atlantic_ 1st wit Mch
Great Northern Syst February ..3,267,648 2,811,949 36,803,189 40,391,606
Gulf & Ship Island January -- 108.545 161,006 1,108,498 1,353,919
January __ 309,523 828,834 3,857,592 4,047,548
Hocking Valley
February _ 4,468,153 4,389,470 38 542,052 40,922,606
Illinois Central
Internat & Gt Nor_ 3d wk Mch 144,000 123,000 5,998,084 5,227,802
a Interoceanie Mel.. 3d wit Mch 180,565 150,004 4,593,195 5.629,764
65,267
59,247 2,168,165 2,284,879
3d wk Mch
Iowa Central
January _ 147,788 139,094 1,347,903 1,328,801
Kanawha & Mich
Kansas City South_ February _ 686,723 857,429 5,854489 6,344,454
766,000
568,000
K C Max ec Orient.... January _
Lake Erie & West'n -See New York Cen trai.
Lake Shore Jo M Sou -See New York Cen trai.
2,143,045 2,116,331 21,705,052 24,241,955
February
Lehigh Valley
29,324
221,821
29,041
316,134
January __
Lexington & East
Dec.321 ,499
Inc.67, J23
January
Long Island
78,698
884,582
114,520
688,179
Louisiana & Arkan_ January __
22,511
18,355
669,065
672,881
Louis 1-lend & St L._ 3d wit Feb
LOUISV ds Nashville_ 2d wk mail 844,375 800,080 32,358,210 32,734,480
11.916
92,713
12.050
106,695
Macon & 131rmIngh_ February _
590,751 601,3.55 4,927,572 5.325,849
Maine Central ____r lainiary __
2,171
33,316
4,072
40,203
Mantstique
February:
21,514
244,931
24,360
258,619
Maryland & Penn
February _
a Mexican Central
January -_ 2,841.455 2,991,259 18,155,897 21,407,711
183,510
4,918,917
6,196,008
a Mexican Internat.. 3d wk Mch 135,236
155.200 4,712,400 4,809,400
a Mexican Railway_ 1st wk Men 146,100
26,188
26,356
860,818
864,691
wk Mch
a Mexican Southern 1st
Michigan Central- See New Y ork Centr al.
595.143
15,897
580,337
15.336
3d wk Mch
Mineral Range
72,299 3,073,361 2,916,963
82,321
M1nneap & St Louis 3d wk Mch
225,906 9,192,236 8,820,748
Minn St P & S S M.. 3d wk Mch 215,028 1,791,386
15,794,587 15,092,848
Missouri Han & Tex January -, 2,005,219
813,000 735,000 32,493,359 32,396,189
Ma Pac & Iron Mt-o 3d wk Mch
29.000 1,247,000 1,136,000
32.000
Central Branch-0 3d wk Mch
Total system_o 3d wk Mch 844.000 764,000 33,740,359 33,532,189
29,024 1,110,157 1,087,9981
27,760
Mobile Jack & K C Wit Mch 13
Nashv Chatt & St L January __ 959,959 878,011 6,504,226 6,655,381
Ar." rl.‘,. nt 4i,o Ari WIC Moll 1.060.591 967,126 15,821,358 17.369.196
a

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

S
S
'S
f:
7,548
4,734
262,764
Nevada-Cal-Oregon. 2d wk Mch
243,195
4,482
4,429
46,070
Nevada Central__ January -48,580
N V C do Hud River January __ 6,611,043 6,179,327 54,798,403 57,617,491
La ,e Shore & M S January __ 3,316,725 2,850,440 24,941.368 26,214,377
Lake Erie & West January -- 334,228 338,488 2,828,349 2,970,888
Chic Ind h South January __ 265,803 235,605 1,771,705 1,740,587
Michigan Central. January __ 1,907,661 1,861,468 15,090,866 16,574,595
Cleve CC & St L_ January __ 2,024,965 1,788,119 15,630,643 15,704,151
Peoria & Easter.i. January _ 208,702 250,172 1,702,451 1,818.508
5(1,821
77,139
860,984
Cincinnati North.. January __
582,216
Pitts & Lake Erie January __ 837,229 588,384 7,130,324 8,447,740
January _ 105,835 187,815 1,712,028 1,859,404
Rutland
N Y Chic & St L., January _ 751,854 759,987 5,580,681 6,004,635
15089626 131811799 139574677
January
Total all lines
N Y Ont 46 Western January __ 591,312 593,987 4,931,512 4,900,212
NY NH & Hart __r January __ 4.055,89(1 3,679,416 31,706,686 33,176,303
January __ 262,122 276,965 1,847.666 2,017,527
N Y Susq ec West
Norfolk & Western.. January _ 2,310,699 1,912,017 17,011,275 18,931,041
January __ 867,036 874,436 6,814,690 7,879.390
Northern Central
Northern Pacific
January __ 4,147.390 4,432,215 4,,792,568 45.000,819
January __ 401,846 479,140 2,788,451 4,774,714
Pacific Coast Co
Pennsylvania Co__r January __ 2,889,374 2,485,11)7 24,564,718 28,942.649
d Penn-EastP & E January __ 11220812 10563312 83,407,253 96,234,753
Dec.6.59 2,900
a West of P & E.. January __ /nc.600, 100
Pere Marquette......r January __ 1,096,667 998,574 8,322,956 8,360,584
Phila. Bait & Wash_ January __ 1,263,140 1,206,840 9,727,278 10,362.078
Pitts Cin Chic & StL February _ 2,073,528 1,937,310 18,167,155 20.203,549
70,880
75,575
Raleigh & Southp't January _
7,863
12,429
Reading Company.. January __ 3,230,761 3,078,599 23,528,193 26,460,845
Coat & Iron Co_ January __ 3,072,526 3,122,490 20,305,654 24,144,499
Total both cos___ January -- 8,303,287 6,198,089 43,833,848 80,605,342
Rich Fred & Pot__r January _ 167,226 138,088 1,052,314 1,128,134
528,238
516,836
Rio Grande Junc___ January _
51,250
64,516
440,015
413,072
Rio Grande South__ 2d wk Mch
9,432
11,722
Rook Island System January __ 4.814,978 4,647,237 36,603,338 36,779,881
e St L & San Fran January __ 3,907,186 3,573,432 28,769,615 29,902,896
f Evansv do Ter H January _ 164,192 157,259 1,293,762 1,382,996
Total of all lines- January __ 8,886.357 8,377,928 66,756,715 68,065,773
986,403
997,041
St Jos & Grand Is!.. January __ 120,360 125,535
St Louis Southwest_ 3d wit Mch 177,069 178,814 7,781,620 7,341,327
San Ped LA & S L_r January .._ 585,730 569,080 4,082,026 4,674,631
Seaboard Air Line_ January __ 1,424,963 1,215,680 9,210 842 9,275,043
552,537
Atlanta & Birm. January __
856,109
60.793
76,828
65,710
73,763
Florida West Sh. January __
18,805
18,001
699,833 1,013,713
82,351 138.018
January __
Southern Indiana
c Southern Pac Co
January ....8.802,812 9,320,48/. 71.583,760 77,716.779
Southern Railway.... 2d wk Mch 1,039,880 974,036 37,162,728 38,201,540
Mobile & Ohio
2d wk Mch 159,888 153,871 6,850,644 7,086,061
Cin N 0 & Tex P_ 2d wit Mch 139,954 133,817 5,438,239 5,750,777
54,507 2,526,898 2,635,190
60,690
Ala Great South_ 2d wk Mch
36,071 1,388,164 1,463,942
42,536
Georgia Sou & Fla 2d wk Mch
841,479
894,843
13,455
18,032
Texas Central
2d wit Mch
Texas & Pacific
3d wk Mch 258,672 236,837 11,069,080 11.384,316
55,945
42,146
6,743
5,740
Tidewater & West.. January __
262,461 272,570 2.735,629 2,796.985
Toledo & Ohio Cent January __
896,121
787,216
24,008
20,618
Toledo Peor & West 2d wk Mch
64,165 2,401,954 2,885,101
74,076
Toledo St L & West 2d wk Mch
35,940
45,403
4,319
7,664
Tombigbee Valley.... January __
Union Pacific Syst_ January __ 5,343,736 5,189,922 47,983,824 48,109,218
Vandalla
r January __ 668,559 674,206 5,261,220 5,854,845
815,443
66,087
748,128
77,071
Virginia & Sou West February _
3(1 wk Mch 499,204 458,257 18,693,625 19,280,250
Wabash
Western Marylancta January _ 471,300 417,114 3,565,506 3.617,284
202,710 283,310 3,358,016 3,724,716
West Jers & Seash_ January __
Wheel & Lake Erie r January _- 379,174 273,534 3,383,987 3,883,100
1,034
1,272
White Riv (Vt)2wks end Mch 13
3d wk Mch 143,260 133,922 5,397,333 5,494,434
Wisconsin Central
16,145
22,708
172,739
20,592
Wrightsv & lenn
January -Yazoo & Miss Vail_ February _ 851,132 844,458 7,122,295 7,132,744
"
Current
Previous
Year.
Year.
Period.
Various Fiscal Years.
$10,154
$9,472
Jan 1 to Feb 28
Bellefonte Central
Jan 1 to Jan 31 1,371,117 1,453,251
I Delaware & Hudson
7,270
7,397
Jan 1 to Feb 28
Manistique
Jan 1 to Mch 7 1,273,000 1,547,800
Mexican Railway
252,477
233,839
Jan 1 ot Mch 7
Mexican Southern
31 8,611,643 6,179,327
New York Central & stud River. Jan 1 to Jan 31
Jan
Lake Shore & Mich Southern.. Jan 1 to Jan 31 3,316,725 2,850,440
334,228
Jan 1 to
338,488
Lake Erie & Western
285.603
235,805
Chicago Indiana & Southern_ Jan 1 to Jan 31
Jan 1 to Jan 31 1,907,661 1,881,468
Michigan Central
Jan 1 to Jan 31 2,024,985 1,786,119
Cleve Cin Chic & St Louis
Jan 1 to Jan 31
208,762
250,172
Peoria h Eastern
Jan 1 to Jan 31
77,139
56,821
Cincinnati Northern
Jan 1 to Jan 31
837,229
585,384
Pittsburgh h Lake Erie
Jan 1 to Jan 31
187,815
195,835
Rutland
Jan
to
31
1
789,987
751,854
New York Chicago & St Louis Jan
Jan 1 to Jan 31 16,531,644 15,089.626
Total all lines
Jan 1 to Jan 31
874,430
807,036
Northern Central
Jan
to
1
31 11,220,812 10.563.312
d Penn-East of Pitts & Erie- Jan
Jan 31
Inc.60 0,400
d West of PIttaburgh & Erie_ Jan 11 to
to Jan
Jan
Phlia Baltimore & Washington Jan I to Feb 31 1,283.140 1,206,840
28 4,222,381 3,937,507
Pitts Cin Chicago & St Loutsto
Jan 31
Dec
1
133,236
131.634
Junction
Rio Grande
Jan 1 to Mch 21 3,149.325 3,106,382
Texas & Pacific
283.31(
Jan 1 to Jan 31
202,710
West Jersey h Seashore
--16531644

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Cuent Year Prev's Year Inc. or Dec.
Cur'nt Year Prev's Year Inc. or Dec. %
Monthly Summartes.
-S
g
$
3
$
$
8,341;099
t,588102
+248.103 2.05
Month May 1008 (120 roads). 153,112,628 198,146 871 -45,034,243 22.61'
1st week Jan (43 roads)---18.47
146,270,130
roads).
-33,126,964
179,307,094
8,640,038
(113
170
8
981
June
1008
+341,132
3.95
Month
Id week Jan (43 roads)-9'288
'
432 8.979,089
+279,343 3.11
Month July 1908( 07 roads). 156,103,383 183,385,943 -27,262,110 14.87
Sd week Jan (44 roads._-'228.706 12,834,339
+394,387 3.07
Month Aug 1908 (108 roads) _ 179,781,772'209,690,782 -29,909,010 10-64
8th week Jan (43 roads)..,..
8,496,377 +1,233,847 14.52
9,733
230
4
0,9
Month Sept 1908 (114 roads).. 210,014,059 223,064,045 -13,950.886 6.23
1st week Feb (43 roads).- 13
8733,905
Month Oct 1908 (119 roads) _ 223,931,291 240,852,757 -16.721,458 6.96
+789,165 9.04
Id week Feb (44 roads).9,183 582
9
'
524'852
+881,290 9.60 Month Nov 1908 (118 roads).. 205,963,343 213,913,043 -7,950,305 3.71
Sd week Feb (45 roads)__.._
5.27
+249,691 2.28
80,804 10,940,295
09
Month Dec 1908 (234 roads). 215,251.439 204,476,660 +10,774,779 5.41
4th week Feb (45 roads)---- 18,6
9,534,627
+887,701 9.31
Month Jan 1909 (712 roads).. 181,027,699 171,740,858 +9,286,841 9.02
tel week Mch (44 roads)___ 10
.1.715A 1,1 ,
Itinnth Fol., boo i rt5 rnads1 _ 49.515.784 45.852_21511
4.4.133.506
4AV/1'3
12
,18
e
05015 011
70
.
lines In both
a Mexican currency. b Includes earnings ot Gulf 43 Chicago Division. c Includes the Houston & TexaS Central and its subsidiary
Evansville & Indiana RR. /s Includes
years. d Covers lines directly operated. e Includes the Chicago & Eastern Illinois in both years. f Includes
earnings
Worth & Denver City and all Militated line4„ excepting Trinity Si Brazos Valley SIR. k Includes in both years
earnings of Col. & South.
do not include receipts from sale of coal
Of Denver Enid & Gulf Ret., Pecos Valley System and Santa Fe Prescott &Phoenix By. 1 These figures
bails
new
the
on
method. r These figures are
o Figures hero are on the old basis of accounting-not the new or Inter-State Commerce Commission
4rescrtbed by the Inter-State Commerce Commission.
Weekly Summaries.




rt.

THE CHRONICLE

MAR. 27 1909.]

Latest Gross Earnings by Weeks.-In the table -which
follows we sum up separately the earnings for the second week
of March. The table covers 45 roads and shows 7.79%
increase in the aggregate over the same week last year.
Second week of March.

1909.

1908.

$
$
Alabama Great Southern
60,690
54,507
Atlanta Birmingham & Atlantic
28,802
45,938
Buffalo Rochester & Pittsburgh
149,947
119,742
Canadian Northern
132,700
148,900
Canadian Pacific
1,461,000 1,220,000
Central of Georgia
228,500
235,400
Chattanooga Southern
1,448
1,441
Chesapeake & Ohio
433,207
477,533
Chicago & Alton
251,769
265,345
Chicago Great Western
155,093
147,179
Chicago Indianapolis & Louisv_
84,675
97,511
Cin New Onl & Texas Pacific_ _ _
133,617
139954
Colorado & Southern
242,707
256,194
Denver & Rio Grande
287,300
353,000
Detroit & Mackinac
29,294
22,379
Detroit Toledo & Ironton
25,361
23,454
Ann Arbor
31,052
40,283
Duluth South Shore & Atlantic_
51,163
43,996
Georgia Southern & Florida_ __42,536
36,071
_
Grand Trunk of Canada
Grand Trunk Western
077,895
709,819
Detroit Grand Haven & Mil
Canada Atlantic
119,000
128,000
International & Great Northern
148,605
137,569
Interoccante of Mexico
56,748
67,457
Iowa Central
800,980
844,375
Louisville & Nashville
151,631
137,589
Mexican International
15,861
14,583
Mineral Range
83,740
74,528
Minneapolis & St Louis
204,030
223,289
Minneapolis St Paul & S 8; M
795,000
707,000
Missouri Pacific & Iron Mt
34,000
30,000
Central Branch
159,886
153,871
Mobile & Ohio
991,190
National Railways of Mexico.... 1,015,006
7,548
4,734
Nevada-California-Oregon
11,722
9,432
Rio Grande Southern
196,026
158,067
St Louis Southwestern
1,039,860
974,938
Southern Railway
,._
18,932
13,455
Texas Central
261,393
243,511
Texas & Pacific
20,618
24,008
Toledo Peoria & Western
74,076
64,165
Toledo St Louis & Western..
487,542
Wabash
446,594
Wisconsin Central
138,888
140,653

Increase. Decrease.
$
6,183
19,136
'
16,200
241,000

30,205
6,900
7

44,320
13,576
7,914
12,836
6,337
13,427
65,700
8,915

817
-Int., Rentals, &c.--Bal.of Net E'ngs.Current
Previous
Previous
Current
Year.
Year.
Year.
Year.

Roads.
Cumberland Tel &TelCo_Feb
Jan 1 to Feb 28
Dunkirk Allegh Vail & PittsOct 1 to Dec 31
July 1 to Dec 31
Jan 1 to Dec 31
Little Falls & DolgevilleOct 1 to Dec 31
July 1 to Dec 31
•
Jan 1 to Dec 31
Raquette LakeOct 1 to Dec 31
Rio Grande Junction.. _ __Jan
Dec 1 to Jan 31

169,840
353,825

188,316
383,091

42,627
87,374

37,552
76,428

11,757
24,165
31,257

16,637 xdef6,675 xdef9,946
30,267 zdef14,101 zdef8,685
37,359 xdef35,802 zdef16,707

3,039
5,463
9,854
5,078
8,333
16,666

x4.344
x8,004
x10,846

x338
x7,111
(10,637

4,748 xdf.11,817
11,021
8,333
16,666
23,303

x3 ,835
7,042
22,824

4,893
7,316
12,157

f After allowing for net expenses and income of American Gas & Electric
Co. and deducting dividend on preferred stock.
x After allowing for other income received.
1,907

STREET RAILWAY AND TRACTION COMPANIES.

9,231
7,107
6,465

Latest Gross Earnings.
Name of
Road.

31,924
9,000

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

American Rys Co...... February _ 199,094 192,605
420,493
401,944
94,335 85,552
193,972
c Aur Elgin & Chic By February _
179,537
24,061
21,364
50,354
43,799
Bingham'n St Ry___ February _
369,797
$45,087
14,042 Birm Ry Lt & Power February _ 177,453 167,342
7,086
6,587
7,086
6,587
1,278 Brockton & Ply StRy January __
7,556
11,337
11,337
7,556
January __
Camaguey Co
9,212
18,332
20,885
18,332 20.885
19,259 Cape Breton Elec Co.. January __
50,722
110,196
52.871
103,448
February _
Central Penn Trac
88,000
118,670
119,800
59,025 58,231
Chariest Con RyG&E February _
4,000
922,528
813,275
Chicago Railways Co_ January __ 922,528 813,275
6,015
18,318
18,332
18,318
18,332
Cleve Painesv & East January __
23,810
117,107
89,616
Dallas Electric Corp_ January __ 117,107 89,616
2,814
Detroit Uinted Ry
2d wk Mch 123,299 110,582 1,292,967 1,164,920
2,290
14.767
16.144
14,767
16,144
Duluth Street Ry
1st wk Jan
37,359
$30,788
302,372
East St Louis & Sub.. February _ 148,833 157,722
04,924
51,512
46,802
51,512 46,802
January __
El Paso Electric
5,477
$68,671
385,165
Fair & Clarksb Tr Co. December..
17,882
3,390 Ft Wayne & Wabash
103,020
109,673
Valley Traction Co January __ 109,673 103,020
9,911
91,435 80,615
91,435
80,615
Galv-Hous Elec Co.... January __
40,948
133,472
149,040
71,451
64,018
1,765 Grand Rapids Rys Co February _
452,504
432,496
Havana Electric Ry_ Wk Mch 21 38,323 39,707
Total (45 roads)
10,570,149 9,808,011 869,008 104,870 Honolulu Rapid Tran
382,130
367,134
December.. 33,293 32,755
& Land Co
Net increase (7.79%)
764,138
23,561
18,678
23,561
18,678
Houghton Co Trac Co January __
674,803
632,448
Illinois Traction Co February _ 321,847 304,538
37,936
37,936 32,860
32,860
Elec Co.. January __
Net Earnings Monthly to Latest Dates.-The table fol- Jacksonville
534,528
496,321
Kansas City Ry & Lt January __ 534,528 496,321
lowing shows the gross and net earnings of STEAM railroads Kansas City-Western February - 23,939 21,777
48,307
45,094
43,867 42,991
81,496
92,085
Knoxville By & Lt Co February _
reported this week:
73,591
Ry_ January __
70,878
73,591
70.878
Shore
Elec
Lake
-Gross Earnings- -Net Earnings
- Lex & Inter Rys Co
78,768
38,285 36,290
February
76,970
Current
Previous
Previous
Current
54,537 51,276
Ry & El Co February _
Little
Rk
114,441
106,956
Year.
Year.
Year.
Year.
Memphis Street By.... Ferbuary _ 118,092 112,646
246,561
231,407
Roads.
$
$
$
$
341,478
308,192
Milw Elec Ry & Lt Co January __ 341,478 308,192
58,115 54,354
58,115
54,354
Atch Top & Santa Fc_b_Feb 7,215,702 6,752,551 j2,763,560 32,323,254 Milw Lt Ht & Trac Co January _ _
775,497
63,243
July 1 to Feb 28
742,166
61,834,210 62,808,854323,826,990318,891,193 Montreal Street By.... Vt'k Mch 20 68,231
138.969
124,878
46,416 Nashville Ry & Light January __ 138,969 124,878
01,506
180,932
American Gas & El Co_ _Feb
214,873
38,518 33.236
537,768
482.051
142,353 N J & HR By & FyCo December
200,752
562,943
Dec 1 to Feb 28
678,399
284,399
February _ 136,504 119,301
245,426
North Ohio Tr & Lt
103,536 North Texas Elec Co_ January __
126,509
Buffalo Hoch & Pitts_b_ _Feb
406,589
470,760
88,937 74,201
88,937
74,201
1,648,391
4,704,846 5,386,963 1,388,628
July 1 to Feb 28
312,164
276,660
Norf & Portsm Tr Co_ February _ 154,725 131,799
334,816
298,662
698,496 Northwestern Elev.... February _ 161,581 143,055
654,458
Central RR of N J_b___ _Feb 1,782,353 1,800,737
214,583
225,085
16,874,155 18,580,519 7,152,900 8,028,031 Oakland Traction Co_ January __ 214,583 225,085
July 1 to Feb 28
49,702
24,599 17,013
33,929
February _
1,730 Oklahoma City Ry
2,268
5,108
5,918
Chesterfield & Lancas_ b_Feb
19,048
19,048 19,916
19,916
12,091 Paducah Tr & Lt Co_ January __
13,155
35,077
43,667
July 1 to Feb 28
19,784
18,156
18,156
Pensacola Electric Co January __
19,784
614,824
22,165
660,042
z Chic Great Western..b_Jan
108,315 Portland Ry L&P Co February _ 355,002 332,299
694,228
673,112
935,643 Porto Rico Rys Co.... January __
4,995,690 5,009,249
801,195
July 1 to Jan 31
33,925
30,818
33,925 30,818
225,868 Rio de Janeiro Tram
524,413
511,848
212,487
Cumberland Tel &Tel CO..Feb
579,28
January __ 579,289 545,105
545,105
Light & Power
1,058,271 1,031,579
Jan 1 to Feb 28
441,199
459,519
5,292 St Joseph (Mo) Ry Lt
Detroit & Mackinac_a_Feb
89,003
74,628
15,100
66,812
73,250
152,685
136,971
Power
Co..
February
_
Heat
&
737,179
142,001
July 1 to Feb 28
147,723
798,223
70,193 70,028
70,193
70,026
San Fr Oak & San Jo January __
Dunkirk Ailegh Vail & Pitts_ b406,656
378,420
Sao Paulo Tr Lt & P_ February _ 200,405 186,689
71,053
75,680
4,826
8,349 Savannah Electric Co January __
Oct 1 to Dec 31
49,986 46,321
46,321
49,986
146,910
152,073
9,631
20,911 Seattle Electric Co.._ January __ 402,810 364,202
July 1 to Dec 31
402,810
$64,202
256,408
276,987
19,701 South Side Elevated.. February _ 160,421 156.750
Jan 1 to Dec 31
332,606
$31,669
def5,251
11,623
11,149
23,480
22,450
51,585
45,177
23,423
16,546 Sou Wisconsin By Co February _
Fonda Johns & Glov_a_ _Feb
87,948 81,141
179,928
166,918
502,368
535,771
271,373
273,506 Springf (Ill) R & L Co February _
July 1 to Feb 28
50,978 45,293
50.978
45,293
January
__
Electric
Co....
Tampa
657,429
271,409
086,723
205,381 Toledo Rys & Light_ January __ 225,217 216,960
Kansas City Southern_ b_Feb
225,217
216.960
5,854,889 6,344,454 2,267,923 2,133,838 Toronto
July 1 to Feb 28
758,431
702,477
Railway......_ Wk Mch 20 67,259 62,680
89,123
86,241
45,409
41,199 Twin City Rap Tran_ 2d wk Mch 118,900 109,150 1,249,852 1,140,065
Keystone Teleph Co_a_ _Feb
698,823
707,141
357,168
329,180 Underground El By
July 1 to Feb 28
of London582,252
328,452
Feb 2,143,045 2,116,331
Lehigh Valley_ b
Three tube lines.... _ Wk Mch 13 £12,930 £11,425 £131,425 £116,180
21,705,052 24,241,955 7,698,525 8,267,577
July 1 to Feb 28
£97,622
£89,723
£9,471
£8,853
Metropolitan Dist_ Wk Mch 1$
Little Falls 6: DolgevIlle_ b£49,139
£52,795
£5,413
United Tramways_ Wk Mch 13
£4,743
16,456
18,035
7,239
4,903 United RRs of San Fr December.. 603,403 481,285 6.866,303 4,745,116
Oct 1 to Dec 31
34,587
37,118
13,106
13,824 United Rys of St L.._ February _ 808,160 775,454 1,637,196 1,602,852
July 1 to Dec 31
60,715
64,455
19,695
21,948 Whatcom Co Ry & Lt January __
Jan 1 to Dec 31
33,348
32,538
33,348 32,538
05,079
58,405
Mass Lighting Cos
Feb
4,482
4,429
675
Nevada Central_ b
80
Jan
o Then figures are for consolidated company.
46,070
48,580
July 1 to Jan 31
13,941
5,515
Pitts Cin Chic ec St L_a_ Feb 2,073,528 1,937,310
417,825
418,657
Street Railway Net Earnings.-The following table gives
, Jan 1 to Feb 28
4,222,361 3,937,507
833,025
792,343
the returns of STREET railway gross and net earnings
28,017
Portland Elec Co
30,922
19,492
18,519
Feb
reported this week. A full detailed statement, including all
Raquette Lake_ b5,960 def.6,781
Oct 1 to Dec 31
4,630
825 roads from which monhtly returns can be obtained, is given
51,250
n19,354
Rio Grande Junction___ _Jan
n15,375 once a month in these columns, and the latest statement of
64.516
131,634
133,236
Dec 1 to Jan 31
n39,969
n39,490 this kind will be found in the issue of March 6 1909. The
66,087
Virginia Southwestern..b_Feb
17,511
77,071
8,957
April 3 1909.
748,128
815,443
295,985
July 1 to Feb 28
199,217 next will appear in the issue of
-Gross Earnings- -Net Harnings417,114
173,193
142,325
z Western Maryland_ b_ -Jan 471,300
Previous
Current
Current
Previous
3.505,586 3,617,284 1,399,691 1,358,408
July 1 to Jan 31
Year.
Year.
Year.
Year.
Roads.
deducting
earnings
hero
given
taxes.
are
after
a Net
36,117
30,727
94,335
85,552
Aurora Elgin & Chicago_Feb
b Net earnings here given are before deducting taxes.
435,28
446.110
975,017
982,759
July 1 to Feb 28
The company now includes the earnings of the Denver Enid & Gulf RR.,
Pecos Valley system and Santa Fe Prescott & Phoenix By. in both years. Birm By Lt & Pow_a__ _Feb
69,006
57,494
167,342
177,453
For Feb. taxes amounted to $269,679, against $241,765 in 1908; after
141,714
109,436
369,797
345,087
Jan 1 to Feb 28
deducting which, net for Feb. 1909 was $2,493,881, against $2,081,489
170,881
465,526
133,480 1
519,592
last year. For period from July 1 to Feb. 28, taxes were $1,881,468 in Detroit United Rys_a_ __Feb
375,347
974,591
303,072
1,078,754
Jan 1 to Feb 28
1909, against $1,902,015 hi. 1908.
78,635
157,722
65,490
n These figures represent 30% of gross earnings.
Sub.._
_Feb
148,833
East St Louis &
330,788
126,481
168,888
z These figures are on the basis of accounting required by the Inter-State
302,372
Jan 1 to Feb 28
Commerce Commission.
21,777
6,754
7,573
23,939
Kan City-West Ry Co_a_Feb
218,907
80,936
87,260
231,234
July 1 to Feb 28
Interest Charges and Surplus.
42,991
19,681
Lt Co_a_Feb
43,887
21,266
&
Ry
Knoxville
-Int., Rentals, &C.- -Bal. of Net E'ngs.31,401
81,496
44,815
92,085
Jan 1 to Feb 28
Previous
Current
Previous
Current
121,170
135,817
321,847
304.538
Year.
Illinois Traction Co-a- - _Feb
Year.
Year.
Year.
255,426
632,448
282,281
674.803
Jan 1 to Feb 28
Roads.
36,290
8,364
8,618
38,265
American Gas & El Co....Feb
33,940
32,895
/27,428
111,357 Lexington ec Interurban Feb
20,375
76,970
18,697
78,768
Jan 1 to Feb 28
98,710
101,552
(96,211
138,747
Dec 1 to Feb 28
29,441
24,926
54,537W1 51,276
Feb
520,358
127.989
526,489
178,137 Little Rock By & El_a_Feb
Central RR of N
53.794
59,801
114,442111.4106,956
Jan 1 to Feb 28
4,053,125 3,983,528 3,099,781 4,044,503
July 1 to Feb 28




11,036

10,709
43,395

THE CHRONICLE

818

(VOL. Lxxxvm.

-----GrossEarnings
Current
Previous
Year.
Year.

Net Earnings
- SUMMARY OFFINANCIAL TRANSACTIONS AFFECTING INCOME.
Current
Previous
1008.
Year.
1907.
Year.
1905.
1906.
Miles operated
12,283.40
Roads.
12,282.21
12,028.7312.159.56
Earnings$
5
118.092
$
$
112,646
Memphis Street Ry_a___Feb
41,304
37,449 Freight
139,059,927 163,341,895 152,124,382 139,483,818246,561
231,407
Jan 1 to Feb 28
84,743
77,647 Passenger
56,205,363 59,454,532 55,973,759 50,614,828154,725
131,799
Norfolk & Portsm'th Tr_Feb
71,868
7.261,027
43,520 Express
7.363,501
5,863,6856,195,498
312,164
276,660
136,140
Jan 1 to Feb 28
6,421,312
89,760 Mails
6,538,840
6,600,024
8,901,308
4,938,516
136,504
119,301
Northern Ohio Trac & Lt Feb
3,846,212
55,983
40,835 Rentals
3,595,867
3.366.
830'
828,454
284,399
914,364
245,426
119,148
Jan 1 to Feb 28
798,947
800,686
85,068 Miscellaneous
355,002
332,299
Portland By Lt & Pow_ _Feb
187,626
157,542
214,714,599
241.456,945
Totals
225,591,500 206,728,132
694,228
673,112
Jan 1 to Feb 28
340,975
324,766
Expenses(73.03%)
(72.67%)
(69.76%)
(68.91%)
200,405
186,689
Sao Paulo Tram Lt&Pow Feb
131,980
121,794 Maintenance of way, &c. 28,134,417 32.553,051 27,723,009 25,180,133
406,656
Jan 1 to Feb 28
378,420
269,272
30,180,490 34,737,427 34,189,593 30,674,067
249,819 Maint. of equipment
94,247,180 103,545,223 90,410,903 81,878,044
87,948
Springfield (III) By & Lt_Feb
81,141
47,294
43,068 Transportation
5,480,045
5,516,107
179,928
Jan 1 to Feb 28
186,918
5,074,026
94,685
4,751,902
89,274 General
483,101
Twin City Rap Tr Co_b_Feb
453,944
209,317
200,301
156,042,132
178,351,809
Totals
157,378,431 142,482,146
Jan 1 to Feb 28
1,008,762
923,835
449,153
411,991
Additions, &c.2,562,690
7,007,781
New construction
8,441,720
8,121,468
a Net earnings here glven are after deducting taxes.
1,627,246
3,637,615
New equipment
4,153,721
5,584,401
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.

Total expenses__ _160,232,068 188,997,205 169,973,872 158,168,015

-int., Rentals, &c.
- -Bat, of Net E'ngs.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
$
Aurora Elgin & Chicago_Feb
28,261
28,184
7,858
2,543
July 1 to Feb 28
222,928
222,879
223,182
212,401
Birm By Lt & Pow
Feb
44,786
43,524
24,220
13,970
Jan 1 to Feb 28
89,569
87,304
52,145
22,132
Detroit United Rys
Feb
154,457
135,122
z27,146
x2,671
Jan 1 to Feb 28
308,159
271,188
z89,755
z41,832
Kan City-West By Co.. Feb
6,871
6,858
957
July 1 to Feb 28
53,888
54,941
32,842
27,406
Knoxville Ry & Lt CoFeb
11,483
11,398
9,783
8,283
Jan 1 to Feb 28
22,967
22,846
21,848
8,555
Little Rock Ry & EL....Feb
9,730
11,034
18,407
14,696
Jan 1 to Feb 28
19,309
21,780
38,041
34,434
Memphis Street By
34,451
35,251
Feb
6,053
2,998
Jan 1 to Feb 28
68,950
70,851
13,892
8,697
Northern Ohio Trac&Lt _Feb
43,755
43,731
12,232
def.2,920
87,842
Jan 1 to Feb 28
87,683
31,465 del.2,574
122,789
Twin City Rap Tran___..Feb
133,963
75,354
77,512
144.744
Jan 1 to Feb 28
267,926
181,227
167,247
x After allowing for other income received.

ANNUAL REPORTS.
Annual Reports.-The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since Feb. 27.
This index, which is given monthly, does not include
reports in to-day's "Chronicle":
Page.
Industrials (Concluded)RailroadsAla. New On. & Tex. Pac. June.563 Central Leather Co
560
Cleve. Chi. Chic. & St. L__743, 765 Chicago Junction Railways &
558
Union Stock Yards Co
Delaware Lack. & Western
560
681 Cleve. & Sandusky Brew. Co.._ _689
Georgia & Florida
748 Colorado (Bell) Telephone Co
Lake Erie & Western
628
Lake Shore & Mich. South_ _742, 763 Consolidation Coal Co., Maryi'd_750
742. 787 Cuyahoga Telephone Co
Michigan Central
628
742, 760 Denver Gas & Electric Co
N. Y. C. & Hud. Rtver
751
559, 570 Diamond Match Co
Northern Central
745
622, 630 (E.I) duPont deNemours Pow. Co747
Pennsylvania
743 Electric Storage Battery Co
Phila. Bait. & Washington
5
559 Fairmont Coal Co
Pittsburgh (+0 Lake Erie
751
881 Havana Tobacco Co
Rutland RR
682
International Silver Co
Electric Railways883
Capital Trac. Co., Wash., D. C._559 Kansas Natural Gas Co
567
Chicago City By. (13 mos. endKings County Elec. Lt.&Pow. Co.561
748 Lackawanna Steel Co
ing Jan. 31)
689
Easton (Pa.) Consolidated Elec 685 Lehigh Coal & Navigation Co
684
Georgia Railway & Electric Co. 560 Michigan State Telephone Co_
751
744 Montreal Steel Works
Havana (Cuba) Electric By
567
564 National Carbon Co
Illinois Traction Co
561
Indiana Union Traction Co
624 National Fire Proofing Co
751
International Traction Co., Buff_748 Nebraska (Bell) Telephone Co.._568
Inter-State Rwys., Philadelphia_624 Niagara Falls Power Co
568
Louisville RY
564 Nova Scotia Steel & Coal Co.,Ltd.568
New Orleans R. & Light Co_ __ _560 Osceola Consolidated Mining..._689
560 Otis Elevator Co., New York..._745
Toronto Railway
744 Parke, Davis & Co., Detroit (BalTwin City Rapid Transit Co_
United Railways Co. of St. L._ _ _744
ance Sheet Jan. 11900)
562
West India Electric Co., Jamalca_687 Pittsburgh Coal Co
682
IndustrialsQuaker Oats Co., Chicago
747
Ala. Cons. C. & I. Co. (prel. rep.).566 Quincy Mining Co
568
American Brass Co., Waterbury_746 Railway Steel Spring Co
884
American Radiator Co
684 (Wm. H.) Rogers, Ltd., Toronto_690
American Snuff Co
882 Sloss-Sheffield Steel & Iron CO. 683
American Tobacco Co. of N. J
682 Shawinigan Water & Power Co_ _562
American Woolen Co., Boston_ _ ..623 Somerset Coal Co
751
American Writing Paper Co
582 Tennessee Copper Co
589
Associated Merchants Co., N. Y..683 Toronto Electric Light Co
629
Associated 011 Co„ San Fran_ __ _750 Union Switch & Signal Co
561
Baldwin Co. (pianos, organs and
Union Typewriter Co
745
562 United States Leather Co
player pianos), Cincinnati
561
_
_586
Canada_
Bell Telephone Co. of
United States Red'n&Ref'g Co.. 747
(The) Brooklyn (N.Y) Un.GasCo.882 United States Steel Corp ___744,753
746 Western Telephone & Teleg. Co_ _890
Cambria Steel Co.. Phila
Central Fdry. Co.(18 mos. ending
Wilkes-Barre (Pa.) Gas & E1ec.Co690
750
Dec. 31)

New York Central & Hudson River Railroad.
(Combined Results of Allied Lines for Calendar Years 1905,
1906, 1907 and 1908.
The following statement has been compiled showing the
combined results of the allied lines for the calendar years
1905 to 1908. See also statistics of operations in editorial
remarks on a preceding page.
COMPANIES INCLUDED.
N. Y. Central & Hudson River RR. Lake Erie 86 Western RR.
Little Falls & Dolgeville RR.
Chicago Indiana & Southern RR.
Dunkirk Allegheny Val. & Pitts. RR. Indiana Harbor Belt RR.
Lake Shore & Michigan Southern By. Cleve. ctn. Chicago & St. Louis By.
Lake Erie Alliance & Wheehng RR. Peoria & Eastern By.
Michigan Central RR.
Cincinnati Northern RR.
Chicago Kalamazoo & Saginaw RR. New York Chicago & St. Louis RR.
Detroit & Charlevoix RR.
Pittsburgh & Lake Erie RR.
Rutland RR.
ROAD MILEAGE.
1907.
1906.
1908.
1905.
6,532.29
Owned (corporate)
6,348.80
6,533.34
6,247.03
Controlled through ownership
704.69
747.22
of stock
701.40
680.85
Leased or operated under con4,575.10
4,583.20
tract
4,568.24
4,647.93
Oper. under trackage rights
470.13
480.34
480.51
453.12
Total miles operated




12,283.49

12,282.21

12,159.56

Net earnings
Other income

54,482,531
16,113,856

54,459,740
18,382,217

55,617,829
12,711,817

50,560,117
10,764,012

Gross income
First ChargesBond interest
Rentals
Taxes
Other charges

70,506,387

72,821,957

68,329,446

61,324,129

22,698,042
12,673,943
9,039,129
5,720,450

21,795,126
12,861,894
7.775,710
4,420,219

20,554,463
12.379,292
8,462,170
1,955.332

10,824,218 12,225,261
7,793,947
1,552,762

Totals
Net income
Dividends

50,131,564 46,852,948
20,484,823 25,969,008
18,291,860 23,426,623

Surplus

2,172,963

2,542,385

43,351,257 41,396,188
24,978,190 19,927,041
18,009,178 15,419,279
6,969,012

4.508,662

COMBINED BALANCE SHEETS OF DECEMBER 31.
1906.
1907.
1908.
AssetsCost of road and equipment.._ 702,950,468 692,506,404 662,216,418
Advances to leased lines and
47,489,357
other companies
65,323,494
65,391,530
269,153,130 Securities owned & acquired_
288,291,513
262,177,329
Other property
3,044,100
3,036,138
3,030,975
17.418,041
Fuel and supplies
21,973,162
15,745,212
17,424.790
Cash
11,257,340
42,799,526
Traffic balances receivable_
15,133,122
17,141,999
13,789,570
Loans and bills receivable
24,398,904
38,845,448
37,307,306
Other current assets, &c
28,611,152
31,044,015
40,763,012
Total
1,175,774,073 1,177,690,464 1,084,889,014
LiabilitiesCapital stock, common
385,902,500 366,352,500 355,728,600 Capital stock, preferred
52,431,100
52,881,100
52,431,100
Funded debt
534,088,672
570,875,672 549,178,672
Gold notes
55,000,000
55,000,000
Bonds & mortgages, real estate
150,000
150,000 150,000
Wages and supplies
29,414,706
22,483,826
32,871,463
Traffic balances payable
4,641,632
5,201,751
7,183,321
Loans and bills payable
14,551,969
14,855,405
17,850,259
35,351,285
Other current liabilities, &c...._
39,558,435
41,370,704
Profit and loss
53,482,345.
53,936,089
55,304,445
Total
-V. 88, p. 760. 742.

1,175,774,073 1,177,600,464 1,084,889,014

Texas & Pacific Railway.
(Report for Fiscal Year ending Dec. 31 19HI8.)
President George J. Gould, March 1, writes in brief:
General Results.-The operations for the year 1908, compared with 1907,
show a reduction in gross earnings of $2,754,353, or 16.52%, and a decrease in net earnings of $1,465,221, or 28.79%. The effect of the industrial
stringency on the business of the company is clearly demonstrated by the
character of freight moved. While the transportation of miscellaneous
products, live stock and the product of mines was nearly normal, manufactures and merchandise, which yield the greatest revenue, declined 119,755
tons, with a decrease of $829,156, or 20.40%. In revenue therefrom. This
condition was partly compensated for by an increased yield of cotton and
other agricultural products. While operating expenses show a decrease
of $1,289,132, the operating ratio increased from 69.45% to 73.93%.
The increased cost of labor and material and the extraordinary accidents
of flood during the year will measurably account for this discrepancy.
Passenger business shows a decrease in revenue of $519.712.
Floods.-The destruction caused by the floods during April 1908 affected
the line of the Texas & Pacific at a low estimate $350,000 in earnings and
$250,000 physically. In addition to this heavy loss the line was cut in
two in various places by high water during the months of May. June and
July, compelling the abandonment of through train service, both freight
and passenger, resulting in the loss of quite an amount of revenue. From
April 16 to 24 all through train service between Fort Worth and El Paso
had to be abandoned.
Improvements.-The expenditures on Improvement account aggregated
$304,803, of which 5100,835 was for ballast.
Taxes.-The year 1908 was the first year in which what is known as the
"full rendition law" passed by the 30th Legislature of Texas went into
effect, and as a result practically all of the properties in the State were
largely Increased in values for purposes of taxation over and above the
valuation that had been placed upon the same properties for the same
purpose, in former years. The tax rates or levies, however, were made
less than in former years.
Business Conditions.-The year 1008 was largely one of unsatisfactory
and discouraging conditions until late in the year, when a change for the
better occurred. A return to normal conditions can now be expected.
In Louisiana, while the sugar and rice crops were fully up to those of
average years, the cotton crop in fully one-half of the State was almost an
entire failure, owing to the ravages of the boll-weevil. In Texas fairly
good grain, fruit and cotton crops were made, and all sections of the
State are in a fairly prosperous condition. The western section of the
State in particular is receiving much attention and attracting a largo immigration from other States, as well as from the central and eastern sections.
The rapidity with which much of the territory along the Rio Grande
Division is being occupied, and the success attained in the growth of farm
crops is a matter of congratulation. The success in the cultivation of cotton
has been such as to Justify the belief that in a short time the yield of cotton
alone in this territory will almost equal that now produced in the eastern
section of the State, and that the Rio Grande Division will earn more
revenue proportionately than any other part of the system.
DESCRIPTION OF ROAD DECEMBER 31.
-Weight of Rails (miles)- -Length of Bridges (feet)
75-lb. 63-lb. 56-lb. Other. Iron.
Wood. Comb'n. Trestles.
71 13,634
1908
492
116
1.246
47
530 175,358
71 13,329
1907
506
1,232
116
519 174,482
141
71 13,329
1906
511
1,173
118
519 174,462
141
71 12,486
1905
1,049
611
116
188
1,269 176,914
AMOUNTS OF LEADING COMMODITIES CARRIED (000s omitted).

Year1908
1908
1904
12,028.73'1002

Total
Tons.
4,945
4,734
3,673
3,816

Manuf.&
Live
Lumber. Stock. Grain, Cotton. Coal. Merch.
1,046
177
743
280
549
205
1,014
135
394
924
446
221
870
128
608
181
865
218
127
324 21 1.030
485
606
211

MAR. 27 1909.1

THE CHRONICLE

OPERATIONS, EARNINGS, EXPENSES. ea.
1908.
1907.
1905.
1906.
'Mlles operated
1,885
1,885
1,826
1,848
OperationsPassengers carried
2,477,268
2,044,309
2,807,993
2,536,661
Pass. carried one mile_ _147,088.397 170,670,488 149,677,552 115,502,539
Rate per pass. per mlle_
2.43 cts.
2.40 cts.
2.35 cts.
2.41 cts.
Freight (tons) moved_
4,944,853
2,158,701
5,368,994
4,734,002
Freight (tons) mileage_ _915.086,204 1136385121 961,189,714 814,302,141
Aver, rate per ton per m.
1.03 cts.
1.01 cts.
0.99 cts.
1.03 cts.
Aver. train-load (rev.)
221
215
218
215
'Gross earnings per mile_
$7,383
$6,643
$8,110
$8,978
Transportatian Receipts- $
$
$
$
Freight
9,401,569 11,273,331
8,243,229
9,901,702
Passenger
2,714,881
3,568,420
3,602,006
4,088,132
.Mail
280,073
312,748
314,420
300,136
Express
275,577
322,220
357,513
338,967
Miscellaneous
616,630
312,357
771,796
638,271
Total
13,917,315
Transportation ExpensesMaint. of way & struc
1,800,898
Maint. of equipment..... 2,171,407
'Traffic expenses
190,207
'Transportation
5,735,105
General expenses
391,191

16,671,668
1,655,856
2,245,957
100,0331
7,145,7601
430,334

Total (excl. taxes) _ _ _ 10,288,808
P. C. of exp. to earns_ __
(73.93)
Net, earns, from oper_ _ _ 3,628,507
Other receipts
127,818
Total income
DisbursementsInterest on bonds
Interest on 2d incomes_
Fire claims
Taxes
Interest and discount
Improvement account_ _
Equipment account.. __ _
Insur. fund and misc__ _

3.756,325

14,914,608

12,130,391

1,522,081
1,838,040

1,290,885
1,371,413

6,077,826
417,176

5,124,373
423,695

11,577,940
(69.45)
5,093,728
110,553

9,854,923
66.08)
5,059,685
56,017

8,210,166
(67.68)
3,920,225
584,162

5,204,281

5,115,702

4,504,387

1,507,785
1,475,650
1,493,625
1,498,500
(334)863,664 (5)1,233,806 (5)1,233,806
164,140
604,100
345,438
333,764
558,429
188,489
172,310
123,400
331,330
1,098,487
919,155
304,803
557,595
1,128,249
599,420
570,523
600,785
87,517
197,463
51,160
32,463

5,464,131
4,785,265
Total disbursements__ 3,491,310
4,535,150
.Balance
sun 265,015 def.259.850 sur.330,437 def.30,763
GENERAL BALANCE SHEET DECEMBER 31.
1908.
1907.
1906.
1905.
$
""Assets$
$
$
Railroad, equipin't, &c_ 90,167,939 89,977,984 89,231,889 88,556,654
N. O. Pac. RR. stock__ *6,716.200 *6,716,200 *6,716,200 *6,716,200
2,039,542
,Securities owned
1,885,513
647,598
637,355
514,073
Elevator property
514,073
509,205
509,205
3,539,500
3,810,167
New equipment
1,198,782
1,429,020
,Gordon coal mine
141,541
• 508,385
Materials on hand
833,007
479,384
310,383
297,445
•Cash on hand
155,520
552,467
805,770
Accounts collectible__
1,784,161
2,497,753
2,779,337
1,221,006
.Land notes receivable
32,008
45,881
50,940
36,965
Miscellaneous
36,502
277,938
291,099
114.408
Total assets
105,635,755 108,714,036 102,456,902 100,478,515
Liabilities'Capital stock
38,763,810 38,763,810 38,763,810 38,763,810
Bonds, &e
55,059,324 55,078,677 54,501,693 54,495,565
Equipment obligations_ 3,591.000
3,836,000
1,429,029
1,198,781
Vouchers and pay-rolls.. 1,490,927
2,294,000
1.138,759
902,570
Interest due & accrued..
287,111
281,692
272,954
277,120
Bills payable
5,865,398
5,183,600
3,166,800
4,450,200
'Other accounts
236,114
335,538
207,511
555,825
Income account
342,071
940,720
1,240,275
1,570,712
Total liabilities
105,635,755 108,714,036 102,456,902 100,478.515
• This item is not an available asset, but Is held simply to protect certain
Tights and franchises appertaining to the line in Louisiana -V.88. p. 507.

819

Chicago City Railway.
(Report for 13 Months ending Jan. 31 1909.)
President T. E. Mitten, Chicago, March 16 1909, says
in substance:
Rehabilitation.-54.12 miles of track have been reconstructed during the
past year, of which 22.90 miles represent replacement of cable tracks
removed. The ordinance requires 94.71 miles of track to be reconstructed
by April 15 1910. 81.20 miles have been reconstructed, leaving but
13.51 miles to be re-constructed during the coming year. In addition
7.99 miles of new track have been constructed since Jan. 1 1908.
The remainder of the 300 pay-as-you-enter cars purchased in 1907 have
been placed in service, and 152 of the 300 cars purchased &tiring 1905 and
1906 have been remodeled for pay-as-you-enter service.
Two new car stations of large capacity and modern equipment have been
built during the year. There are now four such stations all told with
a
total housing capacity of approximately 1,100 cars.
Power and Power Contract.-On June 1 1908 an advantageous agreement
was entered into with the Commonwealth Edison Co. whereby the
railway
company will purchase for a period of at least ten years all of the electrical
energy used in the operation of its railway system (V. 87, p. 1013.)
A new sub-station has been built during the year and new rotary converters are now being installed therein. There are now four such substations with a total manufacturers' rated capacity of
36,000 kilowatts.
Additional rotary converters have been installed in each
of the other
sub-stations, also an additional rotary converter and a large storage
battery
have been added to the railway company's equipment in the Plymouth
Place sub-station of the Commonwealth Edison Co.
The new underground conduit system for the distribution of power is
practically completed and the installation of cables therein is well under
way.
[Bonds.-There are now listed on the Chicago Stock Exchange $22,000,000
first mortgage 5s of 1927 (contrasting with *14,000,000 early in 1908).
and there are said to be in the treasury $3,000,000 authorized but unissued.
See "Chronicle" of Jan. 30 1909, p. 293.-Ed.]
INCOME ACCOUNT.
(Including in 1907 the 11 months ending Dec. 31, under terms of ordinance of 1907, with net income for month of January 1907 as a part of "other
income" under individual operation prior to date when said ordinance took
effect. The dividends in 1907, as here shown, include the "extra" 23.1%
declared paid Feb. 10 1908.)
13 Months 11 Months
ending
ending
Jan.31 '09. Dec. 31 '07.
Passenger receipts
$8,979,736 $7,460,635
Receipts from other sources
216.047
102.059
Total receipts
$9,195,783
Oper. exp., taxes, renewals and int. on capital investment, as approved by Board of Supervising
Engineers
8,169,495

$7.562,694

Net earnings
City's proportion, 55%, as per ordinance

$1,026,288
564,458

$1,152,421
633,831

Company's proportion, 45%, as per ordinance__ $481,830
Interest on capital, as certified by Board of Supervising Engineers
1,732.446

1,118,386

Income from operation
• Other income
Net income
Interest on bonds
Dividends
Surplus for the period

$2,194,276
655,207

6,410,272

$518.590

$1,634,976
281,582

$2,849.483 $1,916,558
849,740
(9%)1,620,000 (9)1,620,000
$379,743

$296,558

"Other income" includes in the recent 13 months' period contractors'
profit, brokerage, &c., against other income from Jan. 1907 operation. &c.
(net), $281,582 in the earlier period.
STATISTICS FOR 13 MONTHS ENDING FEB. 28 1909 AND ENTIRE
CALENDAR YEAR 1907.
1908-09. Per Cent. 1907. PerCent.
(13 Months) Inc.
(Year.)
Inc.
Fare passengers
180,243,173 2.90 182,422,148 3.99
Transfer passengers
111,977,673 6.97
97,171,371 2.69
Fare and transfer passengers
292,220,866 4.43 259,593,519 3.50
The company owns 805 double-truck cars, 251 single-truck, making a
total of 1,056.-V. 88, p. 748. 293, 230.

Chicago Railways.
(Preliminary Statement for Year ending Jan. 31 1909.)
The company has issued a preliminary statement of earnings for the year ending Jan. 31 1909 (Jan. partly estimated),
the first 12 months of operations under the new franchise
Dominion Coal Company.
.ordinance, with comparative actual figures for the preceding
year; also condensed comparative balance sheets as of Dec.31
(Report for Fiscal Year ending Dec. 31 1908.)
1908 and 1907. In connection with this statement we give
The report of President James Ross, accompanied by a
the income account which appears in the elaborate circular statement of the results for the late
calendar year and the
regarding the system just issued by Babcock, Rushton & comparative balance sheets
of Dec. 31 1908 and 1907, will
Louderback, 18 Wall St., N. Y.,and Rookery Bldg., Chicago, be found at length on subsequent
pages of this issue of the
EARNINGS FOR CALENDAR YEARS (JANUARY 1909 ESTIMATED).
"Chronicle."-V. 88, p. 628, 508.
1908.
1909.
1909.
1908.
$
10,745,253 10,367,551 Balance
Passenger
3,298,441 3,168,171
Other income__ '249,553
193,020 5% on Investment 1,740,073 1,566,158

Totals
10,994,806 10,560,571
Net earnings..__ 1,558,367 1,602,012
Oper. exp., as per
City or Chicago,
ordinance, 70% 7,696,364 7,392,400
55%
857,102
881,106
Chicago Rys. Co.,
45%
Balance
3,298,441 3,168,171
701,265
720,905
INCOME ACCOUNT FOR YEAR ENDING JAN. 31 1909 (FROM
AFORESAID CIRCULAR).
Chicago Railways Co. 45%
$701,265
5% on investment
1,740,073
Amount applicable to interest charges, &c
Deduct interest, sinking fund and dividendsTotal interest on bonds
Series C sinking fund
• Dividend-$8 on 30,800 series 1 certificates

$2,441,338
$1,926,826
250,000
246,400

American (Bell) Telephone & Telegraph Co.
(Report for Fiscal Year ending Dec. 31 1908.)
The report of the company, containing the remarks of
President Theodore N. Vail, and the income account and
balance sheet, and many tables giving valuable information,
will be found on subsequent pages of to-day's "Chronicle."
Below are given our usual comparative tables. The reports
of all the subsidiary companies furnishing the data will be
given in a later issue.
INCOME ACCOUNT OF THE OPERATING COMPANIES.
(Excluding Long-Distance Lines of the American Telephone & Telegraph Co.
1908.
1907.
Gross earnings
1127,117,200 $120,753,200 1105,441,600
Operating expenses and taxes_ __ _ $54,257,400 $53,242,300 $47,206,400
Maintenance
37,204,200
34,665,700
30,639,200
Total expenses
$91,461,600 $87,908,000 $77,845,600
Net earnings
$35,655,600 $32,845,200 $27,596,000
Interest
6,973,700
7,025,500
5,197.800
Balance
$28,681,900 *25,819,700 $22,398,200
Dividends declared
21,605,300
19,206,100
16,682.000

Total above deductions
2,423,228
Balance applicable to series 2 certificates
$18,112
Note.-On Jan. 31 1909 the company had outstanding $8,000,000 of its
first mortgage bonds, including the original issue, $5,000,000, and $3.000,(100 issued early in 1908 (compare V. 86, p. 545). In February 1909 an
additional $6,000.000 of these bonds was sold (V. 88, p. 451), increasing
the amount outstanding to $14,000,000 and rats ng the company's total
interest charge to $2,301,826, as shown in the aforesaid circular of Babcock,
Undivided profits
Rushton & Louderback. The firm say: "During the year 1908-09 an
$7.076,600
$6,613,600
$5,716,200
average amount of only about $6,500,000 had been expended in rehabilitation of the property, so that approximately $7,500,000 of the sum derived INCOME ACCOUNT OF AMERICAN TELEPHONE 80 TELEGRAPH
CO.
FOR
CALENDAR YEARS.
from the first mortgage bonds had no earning capacity whatever."
1908.
1907.
1906.
• The amount of dividends here shown includes dividend No. 1, $4, Dividends
$13,280,128 $11,805,168 $10,281,438
paid Nov. 15 1904. and also the money applicable for a dividend of the Interest and other revenue from assosame amount due next May.
ciated and licensee companies
9,720,466
9,307,023
6,477.154
Te ephone traffic (net)
3,976,512
3,901,653
BALANCE SHEET.
2,705,138
Real estate, &c
921,864
595,826
245,423
Dec.31 '08. Jan.31 '08.
Dec.31 '08. Jan.31 '08.
Assets$
Liabilities$
Total
$27,898,970 $25,609,671 $19,709,153
Railroad and equipCapital (city purExpenses
2,003,956
2,130,381
1,851,468
ment (city valuchase price, as
ation)
38,945,441 32,589,047
per ordinance).38,945.441 32,589,047
Net earnings
$25,895,014 $23,479,290 $17,857,687
Cash and cash
Reserve for damInterest
7,773,307
7,209,902
4.888,750
items(net)
1,868,382 1,449,461
ages
1,072,423
586,112
Due City of Chicago 795,959
863,349
Balance
$18,121,707 $16,269,387 $12,970,936
Dividends
12,459,156 10,943,644 10,195,233
Totals
40,813,823 34,038,508
Totals
40,813,823 34.038,508
-V 88, v. 504. 451.
Surplus
15,862,551 $5,325.743 12,775,703




820

THE CHRONICLE

BALANCE SHEET OF AMERICAN TELEPHONE & TELEGRAPH CO.
DECEMBER 31.
1907.
1908.
1908.
1907.
LiabilUiesAssetss
$
Stks. assoc. cos_235.729,306 202,338,100 Capital stock._ _180,587,000 179,595,255
coll,
4%
trust
other
Bonds &
bonds, 1929.- 53,000,000 53,000,000
obligations of
assoc. cos.._ _ _ 73,289,389 71,066,696 4% cony. bonds,
1936
Telephones ____ 9,599,137 10,169,548
136,000,000 90,000,000
Real estate ____ 2,181,728 3;493,583 4% Amer. Bell
bonds, 1908
Long -distance
48,000 10,000,000
teieph. plant_ 42,650,900 41,621,174 5% coup. notes,
1007
6,000
Cash & deposits. 41,137,264 13,490,602
10,000
5% coup. notes,
Temporary cash
7,988,000 5,285,782
1910
25,000,000 25,000,000
loans
Short-term notes 3,277,467 11,610,775 Other notes pay.
485,000
2,969,141
9,573,385 Divs. pay.Jan.15 3,169,532 3,050,560
Accts. receiv_
277,937 Int. & taxes ace.
Patents
320,000
Treasury bonds_
but not due-- 3,709,233 3,316,160
Treasury stock_ 22,110,400 27,110,400 Accts. payable. 1,302,980 1,162,589
Deprec. reserve_ 21,884,159 18,413,533
Surplus
16,225,918 12,324,885
440,932,822 396,357,982
Total
Total
440,932,822 396,357,982
-V. 88, D. 750. 627.

American Sugar Refining Co., New York.
(Report for Fiscal Year ending Jan. 2 1909.)
PROFIT AND LOSS ACCOUNT.
1908.
Net earnings for year
$6,502,930
7% dividends paid on capital stock,including Jan. 2 6,299,942

1907.
$8,749,291
6,299,930

[VoL.

Secured Gold Notes.-The $5,000,000 two-year 5% secured gold notes
matured March 1 1909, and were paid. A new issue of one-year secured
gold notes in the same amount has been sold on favorable terms. (V. 88,
p. 379, 567.)
Balance Sheet.-Investigation has shown an increase in the value of ore
bodies and other properties owned by your company far greater than the
asset, hitherto carried on the balance sheet, of "discount, commission
on bonds, expenses during organization period and improvements to leased
properties." Your directors have therefore decided to increase the valuation of your properties by an amount equal to the above items of "discount. commissions on bonds, &c.," as it appeared in the balance sheet
at Dec. 31 1907, and to apply the credit in extinguishing that asset.
RESULTS FOR YEAR ENDING DEC. 31.
(Lackawanna Steel Co. and Subsidiary Companies.)
1908.
1907.
1906.
Gross sales and earnings
$15,087,879 $33,011.410 $28,989,639
Less-Manurg cost and oper. expen's $12,741,601 $26,388,013 $23,243,340
Add-Misc. mfg. & oper. gains&losses
27,988
Total income from mfg. & operat'g $2,346,278
Other IncomeDivs, on investments in ore, int. on
deposits, &c
229,374
Net income from property rented
Net earns, on ore cos. & RRs. contr'd

$6,623,397

$5,774,286

607,661

1 425,385
63,661
I. 167,082

Total income
$2,575,652
DeductAdministration, sell'g & gen'l exp'ses1 $660,387
Taxes
1
Sales agents' commissions
Commercial discount and interest......
22,128

$7,231,058

$6,430,415

$734,179

j$277.618
1 82,559
228,207
Cr. 4,928

Net earns, over ord. rep'rs&maint_ $1,893,137
Deductions per "Income Account"SInk'g fund on bds. & exh'n of min'als $394,965
Depreciation and accruing renewals__
744,187
Int. on Lack. Steel Co. bonds & notes 1,499,692
Int. on bonds of subsidiary cos
479,030
Disc't and comm'n on bonds & notes..
Int. on bills and loans payable
Rentals and royalties
101,536

$6,431,454

65,425

$5,846,959
$202,988 $2,449,361
$449,791
$270,846
1,282,189
1,099,841
ASSETS AND LIABILITIES OF THE AMERICAN SUGAR REFINING
1,435,972
1,250,000
COMPANY AND ITS CONSTITUENT COS.
506,611
138,888
Jan. 2 1909. Dec. 28 1907.
168,693
85,360
Assets$
$
88,097
Sugar refineries, land, wharves, buildings, tools and
144,350
154,929
machinery in Brooklyn, Jersey City, Boston,
New Orleans and Philadelphia: also sugar wareNet income
def. $1,326,273 $2,443,846 $2,758,098
houses in Chicago and St Louis
48,483,245 48,825,336
Further AppropriationsBrooklyn Cooperage Co. property, including shops,
Additional provision for improv't &
land, buildings, machinery and equipment in
extraord'y replacement funds (makBrooklyn and elsewhere, cooperage materials,
ing $1,500,000 for year)
$400,159
&c., also timber lands
6,144,977
5,645,193 Prot. for reduc'n of exp. org. period_
250,000
Brooklyn Transportation Co. stable properties in
Brooklyn and Jersey City and equipment, &c
329,517
373,816
surplus,
Balance,
income for year_def$1,326,273 $2,443,846 $2,107,939
Brooklyn Distilling Co
593,054
599,436
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Insular Improvement Co of California, including
real estate owned in San Francisco
250,000
(Lackawanna Steel Co. and Subsidiary Companies.)
250,000
Refineries' sundry supplies, including bone-black
1,705,119
1908.
1,764,584
1907.
1907.
1908.
Raw sugar, including sugar to arrive, refined sugar
Assetsand syrup and stock in process of manufacture
21,395,724 17,532,226 Cost of real estate,
Stock outstandlng.34,728,000 34,721,400
Cash
6,814,428
plants, &c
62,759,109 60,615,067 Lack. Iron & Steel
5,016,986
Loans
10,449.761 17,666,550 Investments in ore
Co. stock not
Accounts and bills receivable
5,545,409
companies, &c_ 6,173,952 5,032,321
5,934,482
owned
22,000
28,600
Bonds and stocks held for use as reserve
6,451,775
6,933,870 Disc. & comm. on
First mortgage 5%
Investments in beet sugar and other corporations_ 22,189,151 22,907,052
bonds, exp. durcony, gold bonds15,000,000 15,000,000
period
organ.
ing
5% gold notes__ _14,990,000 15,000,000
130,352,160 133,449,532
Total assets
and improvts. to
I &Meld. cos. bonds. 8,069,000 8,404,000
Liabilitiesleased prop., less
Ellsworth Coll. Co..
45,000,000 45.000,000
Capital preferred stock
amts. written off
2,350,621
pur. money notes 1,500,000 1,500,000
45,000,000 45,000,000 Deferred charges
Capital common stock
Current accts. and
Accounts and bills payable, incl. acceptances, unto operations..
33,334
44,951
pay-rolls
2,844,637 2,970,313
arrive
10,284,775
to
der letters of credit for raw sugar
9,327,269 Bond sinking fund
Bills payable
187,082
144,469
______
Unpaid divs., those of Jan. 2 1908 and old balances
-cash
1,585,418
128,161
130,435 Taxes accrued, not
1,500,000
Reserve for rebuilding
1,500,000 Inventories
10,973,648 10,322,290
due
121,846
64,117
5,869,663
Fire insurance reserve fund
5,459,908 Misc. accts. reedy. 506,998
922,443 Interest accrued
489,543
488,704
Surplus as a contingent reserve for business under.22
Customers' accts.
Mines extinguish,697,722 25,576,936
action of stockholders' meeting
(less reserve)..._ 3,686,398 4,373,811
ment and bond
Notes receivable
377,985
593,893 sinking fund
1,566,078
792,629
130,352,160 133,449,532 Cash in bank and
Total
Depreen and reon hand
794,883 1,337,346
placement funds 2,303,289 1,846,497
• After deducting cost of refinery at Chalmette. near New Orleans
Contingent & misc.
(less amounts debited to surplus in former years), and cost of additions
376,442
108,846
funds
made in 1908 to the refineries at Brooklyn and Jersey City.
Profit & loss acct. 3,236,490 4,562,764
Surplus for the year

Output.-Willett & Gray's "Sugar Trade Journal" of this
city on Jan. 7 gave the following estimate of the amount of
refined sugar consumed in the United States:

Total assets____85,434,468 85,723,178
-V. 88, p. 689, 567.

CONSUMPTION OF REFINED SUGAR.
-Calendar Year1908.
1907.
-Per CentTons.
Produced byTons.
1908. 1007.
American Sugar Refining Co
1,364,286 1,401,061
45.14 49.27
Independent refiners
1,147,712 1,064,827
37.98 37.44
492,969 375,358
16.31 13.19
Beet sugar factories
Foreign refiners
17,186
.57
.10
2,682

New York Air Brake Company.
(Statement for Fiscal Year ending Dec. 31 1908.)
Treasurer William N. Shaw in the statement made to the
New York Stock Exchange in connection with the listing
of the $3,000,000 first mortgage 6% convertible 20-year
bonds says:

3,022,153 2,843,928 100.00 100.00
Total consumed
The National Sugar Refining Co., Included with the independent refiners.
produced about 315,000 tons in 1908, against 306.000 tons in 1907.

On the basis of Willett & Gray's calculations, the following
is obtained in cents1908. 1907. 1906. 1005. 1904. 1903. 1902. 1901.
4.957 4.649 4.515 5.256 4.772 4.638 4.455 5.050
4.073 3.756 3.686 4.278 3.974 3.720 3.542 4.047
-0.884 0.893 0.829 0.978 0.798 0.918 0.913 1.003
Difference
Granulated sugar opened Jan. 2 1908 at 4.55, rising Ito 5.35 on April 16
and except early in May remaining at that figure until May 21, then gradually declining to 4.50 at the close of the year. Raw sugar opened the year
at 3.85 and closed at 3.87, the highest price for the year being 4.49 on
April 22.-V. 88, p. 688, 296.
Average PriceGranulated sugar
Raw sugar

Lackawanna Steel Co. (and Subsidiary Companies.)
(Report for Fiscal Year ending Dec. 31 1908.)
President E. A. S. Clarke, West Seneca, Erie County,
N. Y., March 10 1909, writes in brief:

.Total liabilitles.85,434,468 85,723,178

These bonds are a first lien upon the following parcels of real estate
held in fee in Watertown, N. Y. Beebee's Island property, comprising
about 10 acres on which are erected 34 buildings, with a total floor space
of over 135,000 sq. ft., and a valuable water right in the middle of the
Black River, with a fall of 35 feet; East plant, comprising about 66 acres,
on which are erected 8 iron and brass foundries, with a floor space of over
250,000 sq. ft.; Factory St. property, consisting of an office building and
factories, containing over 25,000 sq. ft., &c., ece•
Real estate other than factories, consisting of about 195 acres, suitable
for factory or dwelling purposes, adjacent to the East plant, is covered
by a real estate mortgage ot $20,000 and does not come under lien of the
mortgage securing the bonds.
CONSOLIDATED INCOME ACCOUNT YEAR ENDING DEC. 31 1908.
Sales and other incomes ___ -------------------$1,601.606
Cost of manufacturing and selling •
120,000
Interest on bonds May 31 to Dec. 31
1,357,507
Profits for the year------------------------------------- $244,099
CONSOLIDATED BALANCE SHEET DECEMBER 31 1908.
LiabilitiesAssets$
4,260,655 Capital stock
Factory plants
10,000,000
Patents, fran. & good will 4,997,614 First mortgage 6% convertible bonds
Water power (as per ap3,000,000
1,378,935 Accounts payable
praisal)
21,201
Stock invest. In other cos.. 416,200 Accrued nterest on bonds
30,000
Reserve
90,000
for depreciation....
Real est., other than fac
63,933
46,715 Mortgage on real estate
Sundry items
318,071
other than factories- -- Cash on hand
20,000
465,990
Accounts receivable
899,489
Inventory mdse. (cost)..-Deficit-Profit and loss
(account charging dis261,466
count on bonds)

General Results.-The general depression continued in the iron and steel
trades during the year 1908, although from the middle of the year until
December there was noticeable improvement. No changes were made in
prices until late in the first half of the year. The reductions then made
were moderate and continued through the balance of the year. There
was a decided reduction in the volume of business at the close of 1908 and
the beginning of 1909, and on Feb. 19 1909 radical reductions were made
in the prices of your company's products in order properly to care for the
interests of its regular customers. It is hoped that these lower prices
will stimulate business.
Your company received during 1908 from mines which It owns, or in
13,135,133
Total
Total
_13.135,134
which it is Interested, 1,097,321 gross tons of iron ore, and produced a -V. 88, D. 104.
total of 489,391 gross tons of coke and 468,010 gross tons of pig iron. It
also produced 348,187 gross tons Bessemer ingots and 215,605 gross tons
of open-hearth Ingots, making a total of 563,702 gross tons of steel ingots.
Central Foundry Co., New York.
po,Shipments of products aggregated 476,850 gross tons, contrasting with
991.700 in 1907, as follows:
(Report for 18 Months ending Dec. 311908.)
1908.
1908.
1907.
1907.
Pres. August Heckscher, N.Y.City, March 15 1909, writes:
Standard rails
190,763 523,200 Plates
33,832 113,069
Light rails
20,253 48,777 Merchant steel pr'cts 17,921 61,343
General Results.-The net income from operating your plant for the 18
Angle bars, fittings
Sheet bars. slabs,
months ending Dec. 31 1908 was $474,678, against which were charged
144,&c
billets and blooms104,108 61,157 maintenance and replacements, $133,259, and interest
18.719 33,510
paid and accrued.
Structural shapes_ _ 72,816 141.455 Pig iron and miscel_ 20,438
8,289 $347,670, leaving a deficit of $6,251.
The fact that the shipments for the year were 48% only of those of the
The net earnings of the Central Iron ec Coal Co. and the Central Radiator
previous year, and less than 40% of your company's annual capacity, ex- Co., both of whose capital stocks is owned by your company, were (after
plains the difference in earnings shown on tho balance sheet.
barges) $115,541.




MAZ. 27 1009.1

The period under review has been the most trying in your company'
experience. The stocks of pig iron on hand and the contracts for near-by
deliveries were at the time of the last annual report at a very high cost;
this iron had to be consumed and has since been replaced by iron at much
lower prices, entailing a large depreciation in inventories. The same thing
was true of the inventories of finished goods. These high-priced goods
have since been disposed of and have been replaced by goods made from
low-priced iron, with a considerably reduced cost of manufacture.
The sales of soil pipe and fittings footed 46,203 tons during the year
closing Dec. 28 1907. For the twelve months of 1908 they have been
47,296 tons. The sales of universal pipe, however, were during the period
under review very severely curtailed, which fact is also true in a less degree of
the Fuirn & Walker sanitary pipe fitting business. Since Jan. 1, however,
the new business for universal pipe has shown a large increase over last year;
In addition to which your company has received a large order for pipe to be
used in the installation of a high-pressure fire service system in Philadelphia.
The ability to get this business against strenuous competition is most gratifying. This contract is by far the largest your company has ever secured.
Our sales in all lines have shown a healthy improvement over last year,
and although prices are extremely low, starting from such a low level of
prices, the future certainly looks brighter than at any time in the past.
The plant of the Radiator Company has been maintained and its equipment improved. The results of its operation have been satisfactory, the
earnings, indeed, having been larger than in any previous year. In nor;
mal times this department should produce a considerable income for your
company, the shipments for January and February showing a considerable
increase over last year.
The earnings orAthe furnace, coal, coke and iron ore properties of the
Central Iron & Coal Co. in the South have been satisfactory, and the plant
Is in good operating condition.
Bonds.-On Aug. 1 1908 the Central Iron ec Coal Co.'s *500,000 mortgage matured. It was paid off and a permanent bond issue of $2,000,000
authorized, of which $1,000,000 was reserved for future improvements
and extensions; the remaining $1,000,000 was purchased by the Central
Foundry Co. and the proceeds used to redeem the said $500,000 mortgage
and reimburse the Foundry Company for advances made. Since then
$520,000 of these bonds have been re-sold at satisfactory prices (V. 87, p.
547), and $296,000 of your company's debentures purchased and placed in
its treasury.
RESULTS FOR FISCAL PERIODS.
18 mos. ending
Dec. 31 1908.
Earnings from sales, less
operating charges.... _
$474.678
Deduct$347,670
Bond interest
Repairs and renewals at]
133,259}
plants
Replacements

Years ending June 30
1904-05.
1906-07.
1905-06.
$467,171

*493,769

$511,423

$231,780

$231,780

$231,780

36,095

42,705

127,166}
17,778j

def.$6,251 sur.$90,447 sur.$225,894 sur.$236,938
Balance for year
Note.-The net earnings after charges of the Central Iron & Coal Co.
and of the Central Radiator Co., whose stocks are owned by the Central
Foundry Co., were in the 18 months ending Dec. 31 1908 *115,541 additional, against $227,160 in the year ending June 30 1907.
BALANCE SHEET.
Dec.31 '08, J'ne 30'07.
Dec.31 '08. J'ne 30'07.
AssetsLiabilitiesProps.& equipm't 14,907,118 14,896,348 Capital stock_ _ _ _a13,300,000a13,300,000
Investments
c1,822,987 1,200,000 Debenture bonds_ 3,863,000 3,863,000
Acets & bills reele 366,116
650,506 Accrued bond int_
38,630
38,630
Inventories
605,459 1,100,057 Bills & acc'ts pay_ 587,100
562,989
Cash
48,.05
39,523 Discounted notes
Deferred chges. &
40,583
receivable
acets unadjusted
83,332
107,160
45,345 Reserves
b05,598
Discounted notes
receivable
40,583
Accr'd int.'recle__
14,960
Profit and loss__
6,251
Total

17,854,328 17,972,362

Total

17,854,328 17,972,362

a Also $700,000 held in treasury.
b Includes reserves for depreciation of inventories, $24,195; reserve for cash discounts and doubtful accounts, $26,759, and other reserves, $14,644.
C Investments include: Central Iron & Coal Co. stock, at par, $1,000,000; Central
Iron & Coal Co. stock at market, $396,000; Central Radiator stock, at par, $200,000;
Central Foundry Co. debenture bonds, $222,000, and stock, $4,987 at market.
Note.-There were also contingent liabilities Dec. 31 1908 as follows: Bills receivable discounted, $7,237; bills of subsidiary companies endorsed, $30,000; total,
$37,237.
CENTRAL IRON ct COAL CO. BALANCE SHEET.
Dec.31 '08. J'ne 30'07.
Dec.31 '08. J'ne30 '07.
AssetsLiabilitiesProps. & equip't__ 1,706,268 1,625,458 Capital stock
1,000,000 1,000,000
Bills & acc'ts rec.. 133,048
500,000
1,000,000
87,791 Bonded debt
Cash
85,680
Bills & Reels pay_
41,386
7,0951
Cash in sink. fund_
1,807
4,035 Accr'd bond int.__
25,000
Deferred chges. &
Reserves for reace ts unadjust_ d265,439
107,572
78,152
placenfts, &c__
134,335
Notes receivable
Discounted notes
60,858
discounted
receivable
60,858
112,334 Profit & loss surp_
115,335
Inventories
28,271
273,358
Total

2,228,992 1,998,048

Total

2,228,992 1,998,048

d Includes bond discount which is being pro-rated over the life of the:mortgage.
CENTRAL RADIATOR CO. BALANCE SHEET.
Dec.31 '08. J'ne 30 '07.
Dec.31 '08. J'ne 30'07.
LiabilitiesAssets$
$
$
Prop. & equipmq.. 145,203
143,715 Capital stock
200,000
200,000
Bills & acc'ts rec._
61,976
51,633 Bills & acc'ts pay_
69,647
89,238
Cash
2,204 Reserves
2,839
5,000
4,734
Deferred chges. &
Disc'ted notes rec_
2,200
acc'ts unadjust_
10,010 Profit & loss Burp_
3,885
3,509
16,316
Notesrec. dIsc'ted_
2,200
Inventories
61,452
90,185
Total
-V.88, p. 750.

283,026

299,947

Total

283.026

299,947

Spring Valley Water Co., San Francisco.
(Report for Year ending Dec. 311908.)
President W. B. Bourn, San Francisco, March 11, writes
in brief:
General Remarks.-All repairs and replacements made necessary by the
earthquake and fire have been made and the stock assessment account
closed. Expenditures on this account amounted to $611,336, leaving a
balance of $228,664 to the credit of shareholders. In the accounts the
assessment of $840,000 has been treated as a stock assessment. It is
doubtful if this method of accounting is just to the shareholders. The
possibility remains of its being treated as an extraordinary capital expenditure. The accounts for 1908 show, on the old method of accounting, a
profit of $561,378. From this amount your directors ordered the charging
of $280,000 to depreciation and contingent funds, leaving the net revenue
$281,378 (from which a dividend of 1%, 280,000, was paid Dec. 23 1908.
See V. 87, p. 1482.-Ed.]
The total number of rate-payers April 18 1906 was 53,560. The ratepayers on Jan. 1 1909 numbered 51,177, an increase for the year 1908
of 3,882.
The plant has been maintained in a high state of efficiency, but in the
not far distant future abnormal repairs and replacements must be made.
Recent decisions of the Supreme Court of the United States have laid at
rest many questions that have heretofore disturbed the management.
The company must endeavor to maintain rates that will enable it from
earnings to, create a fund for depreciation and contingencies. (See Knoxville Water Co., V. 88. p. 161; Consolidated Gas Co. of New York, V. 88.
p. 103, 233, 297.-Ed.]




821

THE CHRONICLE

Dividends.-It may reasonab e be expected that regular quarterly, dividends will be resumed this month at the rate of 2% per annum. This is
far from a reasonable return on the present value of the property used in
supplying the city and county with water. (V. 87, p. 1482.)
We have every reason to believe that under the laws and conditions
which control the operation of the company, a return to shareholders of
7% per annum on the value of the property used in rendering service will
be deemed just and reasonable. During the calendar year a decision of
the 1903 rate case may be expected. (V. 87, p. 1014.)
Plant, &c.-The plant is now developed to supply San Francisco with
35,000,000 gallons per day, and this delivery can be quickly increased to
more than 40.000.000 gallons per day. The water division can now supply
more than 50,000,000 gallons per day, and the resources now owned by
the company can supply a demand of a daily delivery of more than 125.000,000 gallons. On March 1st of this year a supply of water sufficient
to last the city for four years was available without another drop of rain
during that period. (V. 87, p. 1482.)
It will be our hope that time will remove prejudice and establish friendly
relations with municipal administrations (V. 87, p. 1360).
INCOME ACCOUNT FOR CALENDAR YEARS.
1908.
1908.
1907.
1907.
EarningsWater sales_ _2,195,600 1,852,389 Gross earnings_ _2,264,360 1.917,168
Rents
29,593
24,444 Operating exp.- 652,054 607,232
Discount
686
1,883
Suburban Co.
Net earnings_1,612,306 1,309,936
collection _ _ _ _
24.254
24,304
DeductInterest
9,825
3,103 Accrued taxes__ 324,095 293,594
Sundry sales, &c
813
6.151 Acer.int.on bds. 714,360
714,360
Service connecDepreciation,&c. 260,000
tion
3,589
Contingent and
Insurance
•
4,914
20,000
insur. fund
Dividend (1%).. 280,000
12,473
10,448
Miscellaneous_ _ _
Gross earnings2,264,360 1,917,168
Balance, surplus, for year

Total deduc__1,610,928 1,018,402
1,378 291,534

BALANCE SHEET DECEMBER 31 1908.
Assets$
Liabilities$
Real estate, water rights,
Capital stock
28,000,000
rights of way, &c
45,836,318 Stock assessm't,_$840,000
Union Square Impt. Co
•500,000 Deduct replace'ts 611,336
Bills & accounts ree,eiv'le_
46,382
228,664
Materials, supplies and
General mtge. 4% bonds_17,859,000
stable equipment
360,257 Current liabilities
402,999
Consumers accounts
72,383 Deprec.& obsolescence fd_
260,000
Cash on hand and in banks
91,752 Contingent & insur. fund_
20,000
Taxes paid in advance
113,726 Surplus, net revenue
265,180
Special deposit under injunction
15,025
Total

47,035,843

Total

47,035.843

Cash and note of Union Square Improvement Co. held by Union Trust
Co. See also V. 87, p. 1482.

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Anthracite Coal Roads.-No Strike Pending Negotiations.
-At the convention of Districts 1, 7 and 9 of the United
Mine Workers of America held in Scranton, Pa., on March
25, it was voted not to declare a suspension of work after
April 1, pending the effort to secure an amicable agreement
with the operators; or, failing in that, to have President Taft
appoint a commission to examine the conditions throughout
the region. Compare "Coal Department" in report of
D. L. & W. RR. in V. 88, p. 558.)-V. 87, p. 676.
Atlanta Birmingham & Atlantic Ry.-Permanent Receivers.-H. M. Atkinson, temporary receiver of the company, and S. F. Parrott, President of the Atlanta Compress
Co., have been appointed permanent receivers, the latter
succeeding Temporary Receiver P. S. Arkwright. A press
report says:
This appointment also covers the Georgia Terminal Co. and the Alabama Terminal Co., subsidiary organizations of the railroad. The entrance from Pelham, Ala., to Birmingham, about 19 miles, will be completed, and also track to coal mines.-V.88, p. 684, 623.

Buffalo Rochester & Eastern RR.-Application Denied.The Public Service Commission, Second District, at Albany
on March 16 denied the application of this company for a
certificate of necessity premitting it to construct and operate
a steam railroad between Troy and Buffalo parallel with the
New York Central and West Shore.
The company's authorized capital stock is $3,500,000, of which $350,000
is stated to have been paid in, while the cost of the projected line, estimated
by the company at $85.559,018, is placed by the Commission's engineer at
about $100,000,000. The Boston & Maine and the New York New Haven
& Hartford have both at times been suspected of being behind the project.
Ralph D. Gillette is President and A. D. Robinson Secretary. Both
live at Westfield. Mass.

Canadian Northern Ry.-Proposed Extension to Duluth.See Duluth Winnipeg & Pacific RR. below.
Provincial Guaranties, &c.-The Alberta Legislature recently voted to guarantee 4% bonds at $13,000 per mile
on some 850 miles of projected branches of this system.
The Saskatchewan Legislature also was asked by the Government of
Saskatchewan to authorize the guaranteeing of 30-Year 4% bonds on about
500 miles of Canadian Northern branches,if built. As security for the guaranty the Government, it is said, will receive in each case a first mortgage
on the branch and its equipment. The Ontario Government, it is stated,
has announced its willingness to give a land grant of 4,000 acres per mile
but no cash subsidy on the proposed line from Seliwood, north of Sudbury.
to Port Arthur, 500 miles, through a clay belt. The Manitoba Legislature,
ills said, was considering last week a proposition to guarantee $3,000,000
bonds of the company to be issued on account of terminals; also bonds for
extensions at from $10,000 to $13,000 per mile.

Stock Control.-D. D. Mann, of the firm of Mackenzie,
Mann & Co. of Toronto and Vice-Pres. of the Can. Nor. Ry.,
was recently quoted as saying: "There is not a dollar of
the stock in our concern owned outside our office."V. 88, p. 563, 230.
Carolina Olinchfield & Ohio Ry.-Description of Enterprise.
-See article with numerous illustrations and maps in the
"Railway and Engineering Review" of Chicago for March 13
1909.-V. 88, p. 451, 230..
Chesapeake & Ohio Ry.-New Transfer, &c., Office.On and after April 1 1909 the transfer of stock and registry
of bonds of the company and its affiliated companies will be

822

THE CHRONICLE

made at the New York office of the company, room 1313,
71 Broadway.—V. 88, p. 563, 451.
Chicago & Alton RR.—Listed.—The New York Stock
Exchange has listed the $8,000,000 3% refunding 50-year
bonds sold to Kuhn, Loeb & Co. in Jan. last (V. 88, p. 293,
99), making the total amount listed to date $45,350,000.
Earnings for Six months Ending Dec. 31 1908.
Net (over Other
Gross
Fixed
Pr.Lien Pf. Div. Balance.
Six
Taxes.)
Inc. Chges.,&c. Div.(2%) (2%)
Mos. Earnings.
Surp.
1908__$6,699,215 $2,729,628 $2,018 $1.570,534 $17,586 $390,880 $752,646
1907__ 6,580,731 2,055,301
—V.88, p. 504, 293.

Lxxxvm.

large iron ore docks over which can be handled 15,000,000 tons of iron ore
per annum during the shipping season; also a large new coal dock, with
modern coal-handling equipment, completed in 1908. It also owns 92
standard locomotives and 7,279 cars, of which 4,454 are steel ore cars of
100,000 lbs. capacity.
The road is highly prosperous, having paid dividends since 1903 as
follows: In 1903, 150%; In 1905, 70%; In 1906, 40%; in 1907, 50%; and
In 1908, 100%. Capital stock now outstanding, $4,112,500. Capital
stock now outstanding, $4,112,500. On Dec. 31 1908, after the payment
of 100% dividends, the company has an undivided surplus of $12,363,361.
A large part of this surplus has been re-invested in the property, and the
proceeds of the bonds purchased by you have been applied towards the
reimbursement of the treasury for a part of the outlays for construction.
Earnings, ctc., for Calendar Years.
Gross.
Year—
Net.
Surplus.
Charges.
$8,115,285 $5,214,479 $800,699 $4,413,780
1908
11,924,899
1907
7,213,724
6,487,920
725,804
10,076,298
1906
6,328,628
727,864
5,600,764
7,806,950
1905
4,961,671
910,990
4,050,681
4,412,830
1904
2,398.582
705,859
1,692,723
"Charges" here include interest, bond and other sinking funds and
betterments.
Application will be made in due course to have these bonds listed on the
New York Stock Exchange.—V. 88, p. 231.

Chicago Rock Island & Pacific Ry.—Listed.--The New
York Stock Exchange has listed $3,266,000 additional refunding mortgage 4% bonds, due 1934, making the total
listed $78,208,000, with authority to add prior to Jan. 1 1910
$220,000 additional on notice that they have passed beyond
the control of the company, making the total authorized
to be listed $78,428,000. The $3,486,000 authorized to be
Duluth Rainy Lake & Winnipeg RR.—See Duluth Winnilisted are those recently sold to Speyer & Co.(V. 88, p. 623.) peg & Pacific RR. below.—V. 88, p. 623, 563.
Purposes for Which $3,486,000 Bonds Have Been or Are to Be Applied.
Duluth South Shore & Atlantic Ry.—Listed.—The New
Issued for additions and improvements
$3 266 000 York Stock Exchange has listed the
$12,000,000 common
To be issued to refund Choctaw Oklahoma ec Gulf equipment
notes maturing April 1 1909
220,000 and $10,000,000 preferred stock.—V. 87, p. 807.
Earnings for 7 Months ending Jan. 31 1909.
Duluth Winnipeg & Pacific RR.—Incorporated.—This
Seven
Gross
Net (over
Other
Interest &
Balance
Months—
Earnings.
taxes).
Income.
Rentals.
company was incorporated in Minnesota on March 18 with
for Divs.
1908-09
$34,492,006 $9,125,917 $573,387 $6,078,951 $3,620,353
$100,000 capital stock for the purpose of building the pro1907-08
34,372,114
8,948,458
From the balance as above were paid two quarterly dividends, viz., posed line from Virginia, Minn., to Duluth, thus connecting
lki% Oct. 1 1908 and 1% Jan. 2 1909, calling for $2,058,581, leaving a
the Duluth Rainy Lake & Winnipeg RR., now controlled
surplus of $1,561,772.
Payment of Notes.—Speyer & Co. announce that the by the Canadian Northern Ry. Co., with Duluth. The
$6,000,0006% notes dated 1906 and extended in 1908(V.82, directors are:
Wirt H. Cook, who Is also President of the Duluth Rainy Lake
p. 803; V. 86, p. 602; V. 87, p. 479) will be paid at maturity, & President
Winnipeg RR.; J. L.Washburn, W.D. Bailey, L.I. Feetham and J. F.
.April 1, at their office. (Compare V. 87, p. 1478; V. 88, Walsh. Compare Virginia & Rainy Lake in V. 87, D. 1664.
p. 623.)—V. 88, p. 623.
Erie RR.—To Submit Trust Indenture.—The company on
Colorado Springs & Cripple Creek District Ry.—Bonds Thursday gave out the following regarding the proposed
Called.—Second mortgage 5% gold bonds to a total of $30,000,000 5% bond issue maturing in not to exceed 30
$180,000 have been drawn for redemption on April 1 at par years nor less than 20 years. (V. 88, p. 504, 623):
andinterest at the office of the International Trust Co. of
No action has been taken with respect to the acceptance of the conditions
Imposed by the Public Service Commission in connection with the granting
•
Denver, Col., trustee.—V. 87, p. 740.
of authority to issue bonds. The precise nature of the restriction will not
Continental Passenger Ry., Philadelphia.—Purchase of be known until the Commission has passed upon the form of collateral trust
covering the proposed bond Issue. The company will submit
6% Bonds Due July 1 1909.—Arrangements have been made Indenture
the form of such indenture for approval, and it Is expected that it will be
by the Philadelphia Rapid Transit Co. with Sullivan Brothers passed upon within a few days. The company
will then be able to deterwhether it can accept the terms and restrictions of the order.
& Co. 427 Chestnut St., Philadelphia, for the purchase of mine
[Compare opinion of Commissioner Martin S. Decker in "Evening
$280,000, the entire issue of these bonds, on and after April 1 S.In" of New York for March 25.—Ed.]
1909, at 103%, with coupon dated July 1 1909 attached.
Coupons Due April 1 to Be Paid by Co.; Not Purchased.—
Denison & Sherman (Electric) Railway Co.—New Control. It was learned yesterday that the coupons on the bonds of
—This company, we are informed, will pass under the man- the system falling due on April 1 will be paid by the company.
agement of J. F. Strickland Co., Dallas, Tex., May 1 1909. For about a year the coupons have been purchased by J. P.
It is not proposed, at this time, that any new securities will be Issued. Morgan & Co. as they matured, but this course will not be
The Texas Traction Co. is now under the management of the J. F. Strick- adopted with regard to those maturing next month,and it is
land Co.. and on and after May 1 cars will be run through from Dallas to
surmised the company will itself pay coupons maturing in the
Denison,
a distance of about 75 miles.
Strickland Co. are managers for the Bonham (Tex.) Electric & future until such time as the new funding plan becomes
The J. F
Tex.,
Gas Co., Cleburne (Tex.) Electric & Gas Co., Dublin (Tex.) Electric &
Gas Co., Hillsboro (Tex.) Electric & Gas Co., Sherman (Tex.) Electric & effective.—V. 88, p. 623, 563.
Gas Co. and Waxahatchie (Tex.) Electric & Gas Co. The officers of the
Geneva Corning & Southern RR.—Consolidation.—The
J. F. Strickland Co. are: J. F. Strickland, Chairman; M. B. Templeton,
General Counsel; Osce Goodwin, Treasurer; R. B. Stichter, General Man- shareholders of
the Syracuse Geneva & Corning Ry., the Fall
ager; J. D. Caldwell, Secretary.—V. 81, p. 613.
Brook Ry., and the Pine Creek Ry., voted on March 16 to
Denver 86 Rio Grande RR.—Listed.—The New York Stock
the companies into this new company, organized
Exchange has listed the $5,000,000 additional "first and re- consolidate
and Pennsylvania per consoliunder
funding" Mortgage 5% bonds sold to a syndicate of bankers dation the laws of New York
agreement dated Feb. 4 1909. Capital stock authorin February last (V. 88, p. 504), making the total amount ized and
all outstanding, with equal voting rights:Common,
listed to date $22,500,000. The proceeds of the bonds just
cumulative (not redeemable),
listed will be used to acquire equipment and for improve- $2,325,000; preferred 4% $100. No new bonds as yet.
$5,000,000; par of all shares
ments as required from time to time.—V. 88, p. 504, 294.
The officers are: W. C. Brown, President; John Magee, of Watkins,
Duluth Missabe & Northern Ry.—New President.—M. W. Vice-President; E. L. Rossiter, Treasurer; and Dwight W. Pardee, Secretary.
directors to serve for the ensuing year are: W. C. Brown,
A. McGonagle, Vice-President and General Manager, has W. H.The
Newman, William IC. Vanderbilt, H. McK. Twombly, E. V. W.
Rossiter, John Carstensen, A. H. Harris, John Magee and D. Beach.
been elected President, succeeding W. J. Olcott, resigned.
office, Albany, N. Y. Business office, Grand Central Depot,
Bonds Ofiered.—Redmond & Co., New York and Phila- Principal
New York City.
delphia, are offering to their customers the unsold
Lease.—See New York Central & Hudson River RR. below.
portion of a large block of the present issue, $0,601Grand Trunk Ry.—Proposition to Canadian Government.—
000, of general mortgage .5% gold bonds, dated Jan. 1
1906. These bonds are due Jan. 1 1941, but are subject to See Grand Trunk Pacific Ry. below.
Legislation—Consol.. Debenture Stock, Etc.—At the annual
call at 105 for the sinking fund as below stated. New York
Trust Co., New York,trustee. Interest J. & J. Denomina- meeting on April 21 1909 the shareholders will vote on accepting "an Act of the Parliament of Canada entitled 'The
tion $1,000.
The company is controlled by the United States Steel Grand Trunk Act, 1909,' and to authorize the directors to
Corporation, providing that company with access from exercise the powers conferred by said Act." The Act in
question authorizes the company to issue for the "general
Duluth to its valuable iron ore deposits in that section.
Digest of Letter from President W. J. Olcott, New York, March 18 1909. purposes" of the company:
Referring to the general mortgage 5% sinking fund gold bonds purchased by you, we beg to give the following information:
The bonds arc secured by a direct mortgage upon the entire property,
covering 195 miles of mainline, 86 miles of branches and terminals, including
ore docks, equipment. &c., as below described. They are subject only to
$1,174,000 first mortgage 6% bonds of 1922, which are a mortgage upon
but 65 miles, and a consolidated first mortgage, under which there are now
outstanding $1,158,000 of bonds, which will be retired In 7 years through
their sinking fund. In 1916, therefore, the general mortgage 5% sinking
fund gold bonds will become a direct first mortgage upon the entire property,
except 65 miles.
A sinking fund provides a sum each year equal to 2% of the par of the
outstanding bonds of this issue (including the bonds in the sinking fund)
and such installments with Interest accretions on the sinking fund holdings
will retire by call (at 105) an amount of bonds of thls issue equal to the
amount now outstanding before their maturity Jan. 1 1941. fin addition
to $9,388,000 of the issue outstanding, $213,000 bonds are now In the
sinking fund.—Ed.1
Additional bonds may be issued for construction or purchase of additional
railroad, at not exceeding $30,000 per mile of single main track, $50,000
per mile of double main track and $20,000 per mile for each additional
mile of second, third or fourth main tracks; also for additional equipment
and!for additional terminal facilities, grounds, tracks, yards and railway In
Duluth, Minn., for an amount not exceeding 75% of the cost thereof.
Sufficient bonds of this issue are also reserved to retire at maturity or prior
thereto the underlying bonds now outstanding, exclusive of any of said
underlying bonds which may be acquired by the sinking fund on any of
such issues.
hooThe road extends from Duluth to the rich ore fields of the Mesaba Range.
Minn., and also forms. with the Canadian Northern Ry.,a through line
between Duluth and Winnipeg. The company owns at Duluth Harbor 5




(1) In addition to the "consolidated debenture stock" mentioned in and
authorized by the Grand Trunk Act, 1897, and ranking equally therewith,
such amount of perpetual consolidated debenture stock (bearing interest
at a rate, not exceeding 4%), as the proprietors of the company shall from
time to time determine: Provided always that the aggregate amount
of the annual interest on such debenture stock to be issued under this Act
shall not exceed £100,000.
(2) From time to time additional 4% guaranteed stock ranking In all respects pani passu with the 4% guaranteed stock heretofore authorized.
Provided always that the total amount of 4% guaranteed stock issued bY
the company, including that Issued under the Acts, 1884 and 1903, shall
not at any time exceed In the aggregate £12,500,000.
The company shall, whenever requested, render to the Government statements of the application of the proceeds of the additional stock by this
Act authorized, which shall be used for the reduction of grades and In other
Improvements to road-bed, double-tracking, substitution of stronger
bridges, Improvements and additions to rolling stock, workshops, Increasing elevator and siding accommodation, and terminal facilities, and such
additional means and facilities to meet the growing requirements of the
business as, in the opinion of the directors, is requislte.—V. 88, p. 564.

Grand Trunk Pacific Branch Lines Co.—Provincial Guaranty.—See Grand Trunk Pacific Ry. below.—V. 88, p•
563, 295.
Grand Trunk Pacific Ry.—Loan Asked from Government.
The company, having applied to the Dominion Government
for a loan:of $10,000,000, 2d Vice-Pres. William Wainwright
has made the following statement:
LA I:A

ja.g

MAR. 27 1909.]

THE CHRONICLE

for the
It is merely a request that the Government will act as bankers
accept the
company to the extent of $10,000,000, for which they will
and
endorsed
interest,
4%
Co.
Pacific
bearing
Trunk
bonds of the Grand
guaranteed by the Grand Trunk Railway Co. of Canada.
have to be
The object of this is to save the heavy discount that would
time,
undertaken If these bonds were placed on the market at the present
the English
owing to the large number of flotations recently placed InSection
of the
Prairie
the
of
in
required
is
consequence
loan
This
market.
line having cost considerably more than the engineer estimated. necessary.
A better roadbed is being constructed than was at first thought
than
The grade from Moncton to the Rocky Mountains will not be more
been reduced
4-10 of 1%,or 21 feet to the mile. The curvatures have alsoreason
is that
and the line built as permanent work throughout. Another
went
wages were very high, labor was scarce and materials of all kinds that
a
into the road were very dear, and in addition the Government placed
duty on steel rails.
$32,000
to
named
reasons
the
P.
line has run up for
The cost of the G. T.
provide the
per mile, and while the Grand Trunk Pacific Company have toGovernment
money, they are willing to do so and ask no favor from the
out bonds
putting
avoid
beyond this assistance of their credit in order to
now and making a heavy loss.
[Another statement says: "The resolution provides for an advance, by
way of loan to the company of a sum not exceeding $10,000,000, with 4%
interest, payable half yearly, and repayable in 10 years. Whether advanced
Trunk
in one or several installments, the loan is to be secured by Grand
of
Pacific bonds, bearing the same rate of interest, the principal amount
be
the bonds received In pledge to equal the sum advanced, such bonds to
trust
of
deed
or
mortgage
secured, subject to any prior lien or charge, by
by way of mortgaTe on the Prairie Section, Including equipment and propof
erty, tolls, rights and franchises, and to be guaranteed as to payment
pages
principal and interest by the Grand Trunk Railway Co." Compare
59 (table) and 64 of "Railway & Industrial Section."]
letter sent to
The "Montreal Gazette" of March 25 published a longPresident
C. M.
the Canadian Government under date of Nov. 16 1908 by
in connection with
Hays explaining the necessity for additional financing the
Section
Prairie
under
accomplished
the Prairie Section, beyond that
M. guaranteed by the
mortgage limited to 12,100,000 and the 3% 1st
the Prairie Section, 130 miles
Government. Owing to the extension offor
reasons above menother
the
and
further west than was contemplated,
was then estimated by the company's
tioned, the cost of the Prairie SectionGovernment's
at $33,007,449.
engineer
the
by
and
engineer at $32,198,351
issues there has been reor $36,034 per mile. From the aforesaid bond
estimated, will be reIs
it
$1,000,000,
and
$21,509,925
due
is
or
ceived
equipment to the mountain section,
ceived from the transfer of construction
is limited to $32,198,351), the sum of
leaving to be provided (if the cost
o
the Prairie Section to Sept. 30
iture
expen
al
act
The
*9,688,426.
1908,'nein ling net interest on bon . wa $24.087.743.
the mountain section, CoilingThe "Gazette" states that with regard tothe
estimates the
woof' Schreiber, the engineer employed by or Government,
nearly $80,000 a mile, conat
$67,056,000,
cost, including interest,
estitrasting with $46,783,103, or about $55,000 per mile, the company's
mate. The amount invested therein by the promoters of the undertaking
up to Dec. 31 1908 Is stated at $9,597,149. The issue of capital stock
has been $24,942,000. The proceeds are set down at $24,942,000. Of
the shares $249,000 are held In trust for the Grand Trunk Ry. and 21
Individuals hold 20 shares each. Ed.
The Saskatchewan Legislature has also had under consideration, and
probably has already adopted, a bill Introduced by the Government of that
Province to guarantee branch line 30-year 4% bonds at $13,000 per mile
on, it is understood, the following: A 40-mile line to Yorktown; a 40-mile
line to Battleford; a 110-mile line to Regina. The Government, it is said,
will take In each case first mortgages on the lines and their equipment as
security for tie guaranty.

823

are
nor at more than 80% of cost. Under the mortgage, $40,000 bonds
must
due annually beginning Jan. 1 1912, and in addition the company
beginning
lucerne,
surplus
the
of
deposit with the trustee each year 50%
of
July 1 1910, for the further retirement of these bonds, until $1,000,000
them have been canceled. J. H. P. Hughart, Vice-President and General
the
examined
has
Manager of the Grand Rapids & Indiana RR. Co.,
property and recommends the bonds.—V. 88, p• 375.

Minneapolis St Paul & Sault Ste. Marie Ry.—Right to
$2,016,000 New Preferred Stock and
Subscribe for
$4,032,000 New Common.—See advertisement on another.
page. The terms of subscription are as stated in V. 88, p.
749.
Missouri Pacific Ry.—New Bond Issue.—It is understood
that a new mortgage is in contemplation under which bonds
will be issued to provide for the company's requirements,
both present and future. The details as to the nature of
the bonds, the interest rate, &c. have not yet been deter' issue, it is said, will be
mined. The flotation of the first
through Kuhn, Loeb & Co.—V: 88, p. 749, 506.
National RR. of Mexico.—Exchange of Securities.—See
National Railways of Mexico below.
$10,000,000 Notes to Be Paid.—The $10,000,000 5% collateral notes due April 1 will be paid at maturity at the office
of Speyer & Co.—V. 88, p. 564, 452.
National Railways of Mexico.—New Securities to Be Ready
April 1.—Notice is given by advertisement on another page
that the new securities will be distributed on and after
April 1, 150 schedules daily as follows:
In Exchange for Certificates of Deposit of The Mercantile Trust Co.. Repre
senting SeCond Preferred, Deferred and Common Stock of National
Railroad Co. of Mexico.
Certificates for second preferred shares (carrying coupon No. 1 and
common shares of Ferrocarriles Nacionales de
and
upwards attached)
Mexico (National Railways of Mexico), in engraved form, will be delivered
at The Mercantile Trust Co., 120 Broadway, New York.
In Exchange for Certificates of Deposit of Central Trust Co. of New York,
Representing Securities of Mexican Central Railway Co.,Ltd.
(1) Prior lien 45,6% 50-year gold bonds (carrying coupon due July 1
1909 and all subsequent coupons attached); (2) Guaranteed general
mortgage 4% 70-year gold bonds (carrying coupon due April 1 1909 and
preferred
all subsequent coupons attached); and (3) Certificates for second
of Ferrocarriles
shares (carrying coupon No. 1 and upwards attached)
form,
Nacionales de Mexico (National Railways of Mexico), in54engraved
Wall St., New
will be delivered at Central Trust Co. of New York, No.
St., Boston.
York, or by Kidder, Peabody & Co., No. 115 Devonshire
In Exchange for Interim Certificates of Central Trust Co. of New York,
Representing Any Bonds of New Company.
Engraved bonds will be delivered at the Central Trust Co. of New York
and The New York Trust Co., upon surrender of the interim certificates
properly endorsed.

Provincial Guaranty for Branch Lines.—The Legislature of
the Province of Alberta recently voted to guarantee about
$6,300,000 branch line 4% bonds, to be issued (presumably
by the subsidiary company, the Grand Trunk Pacific Branch
Lines Co.; see V. 88, p. 295, 563; V. 82, p. 333) at $13,000
par mile on 491 miles of branches in that Province. V.88,p.624.
Inter-State Railways, Philadelphia.—Reorganization Matters.—Various particulars follow:

Notice is given that no additional deposits of securities
of Mexican Central Railway Co., Ltd., or second preferred,
deferred or common stock of National Railroad Co. of
Mexico will be received under the consolidation plan after
April 1 1909. For basis of exchange of old for new securities
see page 94 of "Railway and Industrial Section."
Payment of $10,000,000 Notes.—See National RR. of
Mexico above.—V. 88, p. 452, 375.
New York Central & Hudson River RR.—Annuat Meeting
—Proposed Leases.—The shareholders will act at the annual
meeting on April 21 upon approving:

Trust
The time for depositing the company's bonds with the Philadelphia has
& Sate Deposit Co. under the Edward B. Smith & Co. agreement.,
$7,000,000
been extended to and including April 10. Up to yesterday about
McAllister has
had been deposited with the aforesaid trust company. J. R. in
(1) A contract for the use and lease by this company of the railroad of
conjunction
been added to the reorganization committee which is acting
the Spuyten Duyvil & Port Morris RR. Co. for the term of the corporate
with E. B. Smith & Co.
existence of said company, and any extensions thereof; and (2) a contract
R. T. Martin & Co., Philadelphia, acting on behalf of several interests, for the use and lease by this company of the railroad of the Geneva Corning
recntly appealed to the bondholders to communicate with them.—V. 88, 86 Southern RR. Co. (which see above) for the term of the corporate existp. 624, 564.
ence of said company, and any extensions thereof; and the substitution of
contracts for the existing contracts for the lease of the same railroads.
Lehigh Valley Transit 0o.—Listed.—The Philadelphia such
[On Tuesday Justice O'Gorman appointed Charles F. Brown as referee
Stock Exchange has listed:
to pass upon the question of granting the application of the Central Trust
mortgage of the New York
An additional $54,300 extended preferred stock voting trust certificates, Co. trustee under the $100,000,000
outstanding) for permission to assent to the proposed
making the total listed $4,269,100; $6,850 extended common stock voting Central ($89,000,000of
the Spuyten Duyvil & Port Morris RR. (V. 88. Atrust certificates, making the total listed $1,018,700: $3,500 additional change n the lease
is the 5 1-3-mile double-track road extending from Mott Haven
preferred stock, making the total listed $9,000 (sic). V.87, p. 1533, 1011. 375), which
Junction to Spuyten Duyvil, connecting the New York & Harlem and the
report says: "The lease was made on Nov. 1
New Bond Issue.—The shareholders will vote May 26 on New York Central. A press
at a rental of $79,120 per annum and expires Dec. 311970. The New
making a new bond issue of $1,500,000, of which $500,000, 1871
York Central and the Spuyten Duyvil companies desire to enter into new
does the corporate exit is said, will go to fund the present floating debt,and the arrangements and leases which are to run as long as According
to proposed
of the Spuyten Duyvil railroad company.
balance be issued from time to time on account of improve- istence
plan, the latter company shall mortgage its property, plant, &c., to pay
ments.—V. 87, p. 1533.
the New York Central $2,341.697 for betterment , improvement, &o.,
made ani to be made." The new lease will be ,ubstit_ted for the old
Louisville Ky.) Railway.—Bonds Sold.—The $1,000,000 under
the N. Y. Central's $100,000,000 mortgage.]

40-year 43/2 0 second mortgage gold bonds were awarded
on March 1 to a Louisville syndicate of banks and trust
8 for the lot.—V. 88, p. 686, 564.
companies at 97%
Manistee & North-Eastern RR. of Michigan.—Bonds Offerrd.—Devitt, Tremble & Co., Chicago & Philadelphia,
and A. B. Leach & Co., Chicago, New York, &c., are offering,
at prices to yield 53%,$1,015,000 5% serial gold bonds,
"an absolute first mortgage," dated Jan. 11909, due $40,000
annually on Jan. 1 from 1912 to 1936 and $15,000 Jan. 1
1937. Interest payable Jan. 1 and July 1 at Michigan Trust
Co., Grand Rapids, Mich., trustee, or at the Metropolitan
Trust Co., N. Y. City. Redeemable on any interest date
after Jan.1 1910, upon 60 days' notice,at 1023' and interest
Denomination $1,000(c*). A circular says in substance:

Capitalization.
$2,000,000
Capital stock
$1,500,000
First mortgage 5% bonds authorized
485,000— 1,015,000
Reserved for extensions, imp'ts and equipment_
Statement of Earnings for Calendar Year 1908.
$431,325 lint, on bonds outst'g 1909__$50,750
Gross earnings
54,638
Net earns. (after taxes)._ _ _ 105,388 I Surplus earnings
In business during 1908, the earnings
depression
general
the
Owing to
suffered a reduction, in common with practically all steam railroads in the
United States. With the resumption of business, it is estimated that the
net earnings will amount to approximately 3150.000 for 1909. The net
earnings for the 13 years prior to 1908 were at the average rate of $130,250
per annum, the net earnings for 1907 having been $144,481.
The company was incorporated in Michigan Jan. 7 1887 and owns a
standard-gauge steam railroad extending from the city of Manistee to
Traverse City, with branch lines to Provemont, Empire Junction,Wexford
and Onekama, comprising 128.83 miles of main line, laid with 65-1b. rails,
and 55.37 miles of sidings and spurs laid with 56-1b. rails—a total mileage
of 184.20 miles, with valuable terminals, river frontage and docks in Manistee and Traverse City. The authorized bonded debt does not exceed
$8,000 per mile of road. Of the authorized issue of $1,500,000 bonds,
$485,000 are reserved for future issuance and not more than $100,000
thereof may be issued In any one year,for equpiment and improvements,




New York State Railways.—See that company below.—
V. 88, p. 760, 742.
New York State Railways.—Incorporated.—This company
was incorporated at Albany on March 23 with $23,140,200
of authorized capital stock, consisting of $3,862,500 5%
first preferred, $4,500,000 second preferred and $14,777,700
common stock, all in $100 (?) shares, as a consolidation
in the interest of the New York Central & Hudson River RR.,
of the Rochester Ry. Co., the Rochester & Sodus Bay Ry.
Co. and the Rochester & Eastern Rapid Ry. Co. per plan in
V. 88, p. 53, 231, 375. The officers are:
President, Horace E. Andrews of Mentor, Ohio; Vice-Presidents, William
Ohio:
K. Vanderbilt Jr. of Great Neck, L. I.; John J. Stanley of Cleveland,
Treasurer, Edward L. Rossiter of Greenwich. Conn., and Secretary, Joseph
are:
C. Collins of Rochester. Directors not included among the officers
William C. Brown, Albert H. Harris, Edward V. W. Rossiter, New York:
Lindsay.
M.
Alexander
Hollister,
A.
John Carstensen, Scarsdale; Granger
Rochester, and Walter M. Kernan, Utica.—V. 88, p. 686.

Northern Ohio Traction & Light Co.—New Notes for
Refunding.—The directors, in order to provide for the payment of maturing obligations, namely, $600,000 collateral
trust 6s, due Sept. 1 1909, $300,000 Canton & Akron second
mortgage 5s due May 1 1909 and $100,000 Tuscarawas
Electric first 5s due May 1 1910, have authorized an issue of
$1,000,000 6% collateral trust notes, to be dated May 1 1909
and to mature in annual installments on Nov. 1 from 1911
to 1918, viz., $100,000 yearly 1911 to 1914 and $150,000
yearly 1915 to 1918. These notes will be secured by a
deposit of the following securities: $1,000,000 Northern
Ohio Traction & Light 4s, $700,000 Canton-Akron consolidated 5s, $200,000 Akron Wadsworth & Western first 6s.

824

THE CHRONICLE

Pennsylvania RR.—Bonds Voted.—At the annual meeting
this week the shareholders formally authorized the proposed
increase of $80,000,000 in the indebtedness of the company
to provide for maturing bonds and notes. (V. 88, p. 631.)
New Officers.—The following changes are announced in
consequence of the retirement of Capt. John P. Green as
First Vice-President, after forty years in the co's service:
(1) Charles E. Pugh, Second Vice-President, elected First Vice-President
and director, in charge of pension, insurance, real estate and purchasin2
departments. (2) Samuel Rea, Third Vice-President, elected Second VicePresident and director, In charge of the engineering and accounting departments. (3) J. B. Thayer, Fourth Vice-President, elected Third
President and director, in charge of traffic department. (4) Henry ViceTatnail, Fifth Vice-President and Treasurer, elected Fourth Vice-President
and director, in charge of company's finances. (5) J. F. Fahnestock, Assistant Treasurer, elected Treasurer. (6) W. W. Atterbury, General Manager, elected Fifth Vice-President, in charge of transportation department.
(7) W. Heyward Myers, formerly General Superintendent of Northern
Central RR. and Erie Division, appointed General Manager. V. 88,p. 686.

Pittsburgh Terminal RR. & Coal Co.—New President.—
B. F. Bush, President and receiver of the Western Maryland
RR., has been elected President, to succeed F. A. Delano,
President of the Wabash RR.—V. 88, p. 687.
Springfield Wilmington & Cincinnati Ry.—New Stock.—
This company, organized in 1907 to succeed the bankrupt
Springfield & Xenia (Electric) Ry. Co., filed at Columbus,
0., on March 20 notice of its desire to increase its capital
stock from $4,000,000 to $5,000,000. Compare V. 84, p.
1308, 1249.
Spuyten Duyvil & Port Morris RR.—See New York Central & Hudson River RR. above and in V. 88, p. 375.
Texas Traction Co.—See Denison & Sherman Electric Ry.
above.—V. 87, p. 98.
Union Pacific RR.—Joint Lines with St. Paul.—See
Chicago Milwaukee & St. Paul Ry. in V. 88, p.
88, p. 565, 453.
Wabash RR.—Notes Redeemed.—The company has paid
off a large amount of the $6,160,000 two-year5% notes maturing May 1 and have arranged for the payment of the balance at maturity.—V. 88, p. 453, 296.
West End Street Ry. Boston.—Consolidation Matters.—
The protective committee, which represents over 188,000
shares of the stock, being more than a majority, is sending
to the stockholders a report of its findings upon the proposed
consolidation with the Boston Elevated Ry.
The committee disapproves the consolidation of the two roads
the terms of the Act of 1908, and recommends an exchange of Westunder
preferred for Elevated first preferred, and of West End common for End
Elevated second preferred, share for share, of the same par value, the Elevated
stock to be closed issues secured by trust deeds and the dividend rate
thereon to be 8% cumulative. It is also proposed that some $1.317,000
free assets of the West End be divided among the holders of West End
preferred and common shares.—V. 88. p. 453, 102.

Youngstown & Ohio River (Electric) RR.—Opened
Through.—This road was formally opened on March 16 from
Lisbon to East Liverpool, Ohio, permitting the establishment
of through trolley service from East Liverpool via Salem to
Youngstown, about 58 miles (including 20 miles, Youngstown to Leetonia, over the Youngstown & Southern Ry.),
in about 2 hours and 20 minutes. Compare page 59 of
"Electric Railway" Section.—V. 87, p. 679.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Gas & Electric Co.—Earnings.—Moyer & Co.,
Philadelphia, who are recommending to investors the gold
collateral trust 6% bonds, report earnings for the quarters
ending Jan. 31 in 1909 and 1908, and the results for the
calendar years 1908 and 1907, as follows:
—Operating Cos.— Payments by A.G.ec.E.Co.
Gross. Bat.,Sur. NetExp. Int.Col.5s, Pf.Div. Sur.
Period endingJan. 31 '09, 3 mos$681,371 $203,918 $12,818 $78,525 $22,950 $89,625
Jan. 31 '08, 3 mos___ 558,337 153,100 11,228 78,525 20,160 43,187
Dec. 31 '08, year__ 2,129,066 513,521 32,193 314,100 84,270 82,958
Dec. 31 '07. year__ _1,727,267
See particulars as to controlled properties, .&c., In V. 87, p. 1661; V. 88,
p. 627. 232.

American Ice Securities Co., New York.—Directors.—
Robert T. Hooper of Philadelphia and J. W. Middendorf
of Baltimore have been elected directors to succeed Lewis
C. Ledyard and Percy H. Brundage.—V. 88, p. 687, 627.
American Light & Traction Co.—Proposed Extra Dividends
Payable in Stock.—At a meeting of the executive committee
on Thursday it was decided to recommend the policy of
continuing the payment of cash dividends on the common
stock at the present annual rate of 8%, payable quarterly,
with an extra dividend of 10% in stock payable yearly so
long as the earnings continue favorable. Compare dividend
record, V. 88, p. 102.
The date on which the first stock dividend will be paid has not been determined, but It is expected to be distributed some time during the year
beginning February last, possibly in November next.—V. 88, p. 229, 160.

American Pneumatic Service Co., Boston.—Terms
Deal.—Vice-President Oakes Ames on March 16 sent substantially the following statement to the "Boston Financial
News" regarding the deal with former President W. E. L.
Dillaway and his United Store Service & Tube Co.:
The United Company were advised by counsel that they were constantly
nfrInging several of our patents, and they thus recognized
that they were
unable to longer compete without risk of becoming enjoined and heavy
damages being awarded against them. The United Company, at the same
time, own or control certain patents, which when owned and used in connection with those of this company, would be of great value.
With these facts as a basis, negotiations were concluded and as a result
the competition of the United Company and the opposition of Mr. Dinaway, which had existed for the past 18 months, has been eradicated and the
earning power of the American Company correspondingly
This
company will also receive the assistance of Mr. Dillaway as increased.
advisory counsel
for a period of five years. The terms further provide and guarantee on
the part of Mr. Dillaway that the tangible assets of the United Company
equal its liabilities, and that Mr. Dillaway and his associates will not for a
period of 15 years be competitors in any way of the American Company.
As a consideration of the above, the American Company turns over to Mr.
Dillaway $53,500 of its bonds and 7,500 shares of its common stock.
Various suits between the companies are withdrawn with the exception
of that questioning the validity of the recent bond issue, which suit we are
desirous of having settled on its own merits by the Supreme Court.—V.
88, p. 103.

Western Maryland RR.—New Receiver's Certificates—Payment of Interest on First Mortgage 4.9.—In order to increase
the available funds in the hands of the receiver to an amount
equal to the interest (about $850,000) due April 1 on the
first mortgage 4s, a new issue of $700,000 receiver's certificates has been created, maturing in six monthly installments of $116,666 66 2-3 each and bearing interest at the
rate of 434%, which is to be paid when the certificates are
Cincinnati Newport & Covington Light & Traction Co.—
redeemed.
New Director.—Louis J. Hauck has been elected a director
After payment on April 30 of the remaining $100,000 5%% certificates to succeed Joseph S. Trevor,
issued in 1908, the only other receiver's certificates remaining outstanding
will be the $1,205,722 5s sold in 1908 to provide for maturing equipment
Consolidated Gas Co. of New York.—New President.—
notes (V. 86, p. 1469) and $536,000 5s sold last December on account of
George B. Cortelyou, recently United States Secretary of the
new equipment (V. 88, p. 55).—V. 88, p. 508, 232.
Wisconsin Central Ry.—Plan Effective.—A very large Treasury, was on Thursday elected President of the company;
majority of the preferred stock having been deposited under also a trustee to succeed Arthur H. Elliott, who resigned.—
the deposit agreement dated March 2 1909 (V. 88, p. 626), V. 88, p. 689, 378.
(J. B. & J. M.) Cornell Co., New York.—Receivership.—
the same has been declared effective. The time for depositing preferred stock has been extended to 3 p. m. March 31. On March 22 this company, manufacturers of structural iron
After that date, subject, however, to termination without further notice. and castings, was put into bankruptcy with its own consent
preferred stock will only be accepted upon the payment of a penalty of $1 on petition of the Bethlehem Steel Co., Froment & Co. and
per share, except in cases of executors and administrators, which will be
T. P. Kelly & Co., holders of claims for goods sold amounting
dealt with upon written application to the committee.
$46,375 39. The Court appointed as receivers Michael
IF Sale of $500,000 Superior & Duluth Division 4s—Mortgage to
Closed at $7,500,000.—The company has sold an additional Blake of 149 Broadway and A.Gordon Murray of 60 Wall St.
The ocmpany, It is stated, has unsecured liabilities amounting to $500.$500,000 Superior & Duluth Division 4s, making the amount 000
and outstanding bonds amounting to $600,000, secured by a mortgage
outstanding $7,500,000, and has agreed to close the mortgage on its plant at Cold Spring.
Its accounts receivable and materials aggreit is said, about $500,000, and there are uncompleted contracts of
at that figure. The issue by the terms of the mortgage was gate,
more than $1,000,000. There is $1,000,000 of common stock outstandto be limited to $8,500,000, but right to issue the remaining ing. also $1,000,000 of 7% preferred stock. The plant at Cold Spring is
$1,000,000 is now renounced, and a provision to that effect valued at $1.000,000. New York office, 601 West 26th Street.
Corn Products Refining Co.—Probable Bond Issue.—At
will, no doubt, be incorporated into the new "first and
the annual meeting on March 23 the minority shareholders
refunding mortgage."
New Mortgage.—The shareholders will vote April 13 not complained of the diversion of earnings to improvements,
only on leasing the property to the Minneapolis St. Paul & and on motion of Thomas Read, holder of 13,000 shares, it
Sault Ste. Marie Ry., but also on approving the action of was voted that the directors consider a policy by which
the!directors in authorizing (1) an issue of first and refunding future improvements may be defrayed by means of mortgage
4% 50-year gold bonds to an aggregate principal amount not bonds bearing not over 5% interest. An issue of $10,000,000
exceeding $60,000,000, for the purpose of providing for the bonds, it was suggested, would suffice for all purposes,
refunding and funding of the outstanding obligations and including the refunding of existing bonds. The $29,797,600
indebtedness of the company as it may become due and for 7% preferred stock has been receiving of late only 5%
other proper corporate purposes and uses; and (2) the execu- per annum, and the accumulated dividends on April 11909,
tion of a mortgage to secure the said issue, which mortgage it is stated, will aggregate $1,200,000.
shall cover all the franchises,railways and other real and perPresident E. T. Bedford In December last denied the report that the
is a Standard 011 concern, and said: "Charles M. Pratt. P. Q.
sonal property now owned or hereafter acquired. The follow- company
Barstow, J. A. Moffett and myself, all of whom are Standard 011 directors,
ing is pronounced substantially correct:
own less than 5% of the stock of the Corn Products Refining Co., and the
The directors have recently authorized $60.000.000 bonds, of which it is
the intention to use between $10,000,000 and $15,000,000 in the near
future for additions and imiprovements, notably the shortening of the main
line between Chicago and Minneapolis and St. Paul by 40 miles, through a
cut-off, involving the expenditure of $6,000,000. The company's present
entrance into Milwaukee depends on a short-term contract for trackage
rights and terminal facilities. It is expected that a line will be built into
that city, and a terminal erected, the total cost being between $3,000,000
and $4,000,000; $750,000 must also be provided to reimburse the treasury
on account of the payments for the completion of the Duluth extension.
Compare V. 88, p. 687, 750.




total holdings of Standard Oil Interests have at no time exceeded that
percentage. My own holdings are 22,000 shares."—V. 88, P. 628.

General Motors Co.—Companies Controlled.—The "Brooklyn Eagle" of March 24 contained a special dispatch giving,
on the authority of William B. Wise, sales manager for the
company, particulars regarding the enterprise, andsaying:
The Buick interests, under the name of the General Motors Co., alreadY
have absorbed five well-known factories, and negotiations are pending for
the purchase of several of the best-known plants In the country. The

MAIL. 27 1909.1
=—

THE CHRONICLE

factories

which have already been bought by the new corporation are the
Ranier, at Saginaw. Mich.; the Olds Motor Works, at Lansing, Mich.; the
Oakland plant, at Pontiac, Mich.; and the National and Reliance factories
in Indianapolis. Efforts are being made to get control of the Pullman
factory at York. Pa., and other well-known plants in the Central West.
Compare V. 88, p. 751.

Great Eastern Telephone Co., New York.—New Stock.—
The company, it is stated, proposes to increase its capital
stock from $1,000,000 to $50,000,000. D. A. Reynolds is
President.—V. 84, p. 1309.
Idaho-Oregon Light & Power Co.—Earnings.—Megargle
& Co., New York, offering $100,000 "1st and refunding mortgage" 6s at par and interest, report:
Earnings for Calendar Year (last three months of 1908 estimated).
Gross.
Bond Interest. Bal., Sur.
Net.
1908
*203,295
1.j $60,253
*129.973 1
$69,720
1907
188,713
102,840 J (on bonds now out)
There are outstanding $628,000 first and refunding 6% bonds dated
April 1 1907 and $544,000 additional are in the hands of the trustee, to
retire 4534,000 bonds of acquired properties. Further amounts are reserved for extensions, additions, &c. "The above net earnings," the firm
says, are derived principally from the sale of electric power transmitted
from the Barber plant on the Boise River and the Horseshoe Bend plant
on the Payette River, comprising about 2,500 h.p. The Ox Bow plant,
now being constructed on the Snake River, will develop when completed,
21.000 additional electrical horse-power, and half of this will be at once
utilized, thereby largely increasing the gross earnings, with but a comparatively small increase in operating expense." See full particulars in
V. 84, p. 1490.—V. 87. p. 169.

825

& Telegraph Co., by a first lien on practically the entire Bell telephone system in Oregon and the eastern half of Washington; (3) through the ownership and deposit of the entire capital stock (except 7 directors'shares) of the
Sunset Telephone & Telegraph Co. (which operates in California, outside
the county and city of San Francisco, in western Washington and the remaining part of Oregon and Washington not operated by the Pacific
Telephone dc Telegraph Co.). by a first lien on the property of that company,
subject only to its $3,000.000 bonds, upon the retirement of which, in 1913.
the Pacific Telcp. & Teleg. "first mortgage and collateral trust 5s" will
be secured, either direct or through the deposit of securities, by a first lien
on the entire system. A sinking fund beginning in 1913 will receive annually an amount equal to
of 1% of the outstanding bonds, including
those in the sinking fund, and should retire 30% of the issue at maturity.
Earnings or Three Years Ended Dec. 31.
1908.
1906.
1907.
Gross revenue
$7,982,520 $9,099,075 $10,535,109
Oper. exp., taxes and liberal maintenance (in 1908 $3,280.000)
6,360,397
7,066,261
7,738.282
Net income
$1,622,123
Annual bond interest on $23,000.000
bonds now outstanding
Balance

$2,032,814

$2,796,827
*1,157.500
$1,639,327

• Actual bond interest was considerably less than $1,157,500, owing to
$10,000,000 of the "first and collateral" 5s having been outstanding for
less than a iyear.
Gross Revenue of the Combined Companies Operated by Pacific Telephone &
Telegraph Co.
1904.
1905.
1906.
1907.
1908.
Gross revenue__$6,824,506 $7,884,071 $7,982,520 $9,099,074 $10,535,109
During each year for the last five years the maintenance expenditures
have amounted to more than 30% of the gross earnings, the actual expenditures for maintenance and reconstruction during that period, included in
operating expenses, amounting to $13,795.000.

Jones & Laughlin Steel Co., Pittsburgh.—Sale of Bonds.—
The company has sold a block of $15,000,000 30-year 5%
bonds to a syndicate headed by the First Trust & Savings
Millett, Roe & Hagen of New York and Boston are offerCo. of Chicago and Blair & Co. of New York. An official in°.$500,000
of the aforesaid bonds at a price yielding about
statement, it is reported, says:
"Owing to the existing business depression money has accumulated in 54.70.—V. 88, p. 751, 689.
make
the
Issue.
large amounts in the banks, and it seems a propitious time to
Pocahontas Consolidated Collieries Co., Incorporated.—
We do not anticipate any large expenditures for new work at the present
time, but wish to be ready when times improve to complete plans which Listed.—The New York Stock Exchange has listed $1,713,300
we have decided upon.—V. 87, p. 290
first mortgage 5% bonds due 1957, with authority to add,
Loveman, Joseph & Loeb (Department Store), Birming- prior to Jan. 11910, $4,184,200 additional on sale and disham, Ala.—Stock Offered.—Ladenburg, Thalmann & Co., tribution, making the total authorized to be listed $5,897,500.
New York, and Otto Marx & Co.of Birmingham until March 25
Earnings Since Organization of Company.
received subscriptions at 105 (ex April quarterly dividend)
Period
Total
Net
Fixed
Preferred
Common
Balance,
Earns. Earns. Chges. Dividend. Dividend. Sur. orDf.
for the final $400,000 of an issue of $1,000,000 7% cumu- 12Covered—
mos. end.
8
8
lative preferred stock.
Dec.31 1908 862,421 659,042 235,108 (6)168,000 (6)271,200 def.15,266
Business established in 1889; incorporated In N. Y. State Jan. 1909.
Common stock, $2,000,000; pref. stock, $1,000,000, In $100 shares, with preferences as to assets as well as dividends, but subject to call at 120 and accumulated dividends. No mortgage can be placed on property without
assent of 75% of both pref. and common. Earnings before charging
partners' salaries and interest on capital: 1908, $170,792; 1907, $198,791;
1906, $198,739; 1905, *171,776.

New England (Bell) Telephone & Telegraph Co., Boston.—
New Stock.—Shareholders of record April 23, it is announced,
will be permitted to subscribe at par not later than May 31
for $3,562,400 new stock to the extent of 10% of their
respective holdings. Payment for half the number of shares
subscribed for is to be made July 16 1909 and for the remaining half Jan. 17 1910, the certificates to be issued as of respective dates of payment.—V. 87, p. 1667.
p New York Air Brake Co.—Listed.—The New York Stock
Exchange has listed the $10,000,000 stock and $3,000,000
first mortgage 6'% convertible 20-year bonds.
Report.—See "Annual Reports" on a preceding page.—
V. 88, p. 104.
Pacific (Bell) Telephone & Telegraph Co.—Bond Sale.—
J. P. Morgan & Co., the First National Bank and the National City Bank, all of New York, offered this week at 953
and interest, and have wholly sold (see advertisement published for record on another page) $16,500,000 "first mortgage and collateral trust"5%sinking fund 30-year gold bonds,
dated Jan. 2 1907 and due Jan. 2 1937, but redeemable at
110 on Jan. 2 1922 or any interest date thereafter. Interest
payable Jan. 2 and July 2 at New York or San Francisco.
Denomination $1,000, coupon or registered bonds. Taxexempt in California. Mercantile Trust Co. of San Francisco, trustee.
Abstract of Letter from E.C. Bradley, Vice-President and General Manager.
March 12 1909.
This company in December 1906 was organized under the laws of California and owns and operates the entire Bell Telephone System of the Pacific Coast, Including telephone exchanges In the following cities, all of
which are connected by long-distance wires: San Francisco, Los Angeles.
Seattle, Portland, Oakland, Spokane, Tacoma, San Jose, Sacramento,
Berkeley, Fresno, Pasadena, San Diego, Stockton, Salem, Santa Barbara,
Riverside, Eureka, North Yakima, Eugene, and practically every other
city and town of importance in California, Washington and Oregon.
The population of the territory served is in excess of 4,250,000, and is
increasing with remarkable rapidity. The value of the property of the
company, without considering good will, franchises or other intangible
values, and after allowing over $6,000,000 for depreciation, is estimated
at $35,000,000, or over 50% In excess of all outstanding bonds, including
those sold to you; it will be further increased through the expenditure of
a part of the proceeds from the sale of the bonds you have purchased.
The greater part of the property is new and of modern design, there having
been expended over $18,000,000 on the property during the last four years.
A majority of the outstanding capital stock of the Pacific Telephone de
Telegraph Co. is owned by the American Telephone & Telegraph Co. (the
Bell System of the United States---sec annual report of that company on a
subsequent page.)
Capitalization (Bonds Immediately to Be Issued Shown as Outstanding).
A uthorized. Outstanding.
Pref. stock (receiving regular diva. of 8% per an.) $32,000,000 $18,000,000
18,000,000
18,000,000
Common stock
35,000,000
20,000,000
"First mortgage and collateral trust" 5s
Sunset Tel. & Tel. Co. 6s ($750,000) and 5s
($2,250,000), to retire which in 1913 $3,000,"Closed Ms."
3,000,000
000 P. T. & T. 5s are reserved
Of the "first mortgage and collateral trust" bonds authorized, $12,000,000
may be issued for extensions, additions, &c., but only up to 66 2-3% of
the cost thereof. The Sunset mortgages are closed and liberal sinking
funds, now amounting to $500,000, are provided for their retirement;
such of the $3,000,000 Pacific Tel. & Tel. Co. 5s as are not issued for refunding the same arc issuable under the same conditions as the remaining
escrow bonds.
The bonds which have been sold to you (J. P. Morgan & Co.) are issued
for the purpose of retiring floating debt recently incurred in the development and extension of the system and for making still further extensions
and additions In order to provide for the rapidly growing business.
The "first mort. and collat. trust" 5s are secured (1) by a direct first
mortgage on the entire plant and real estate of the company in the city and
county of San Francisco: (2) through the ownership and deposit of the entire
capital stock (except 67 directors shares) of the Pacific States Telephone




6 mos. end.
Dec. 31 1907 762,160 588,982 118,214 (3) 84,000 (3)135,600sur.251.168
—V. 88. p. 235.

Pullman Co.—New Director.—John S. Runnells has been
elected a director to succeed 0. S. A. Sprague.—V. 87, p.
1608.
Spring Valley Water Co., San Francisco.—Quarterly Dividends Resumed at Rate of 2% Per Annum.—As foreshadowed
in the annual report on a previous page of this issue, the
directors on March 18 declared a quarterly dividend of 50
cents per share(M of 1%), payable March 31 to holders of
record March 20.—V. 87, p. 1482, 1360.
Standard Cordage Co., New York.—April Interest.—Interest on the $2,806,000 first mortgage 5s will mature April 1
and in view of this fact the company's financial policy is
receiving special consideration by the board of directors.
—V.88, p. 228, 105.
Standard Oil Co., New Jersey.—New Director.—H. M.
Tilford has been elected a director to succeed his brother,
the late W. H. Tilford.—V. 88, p. 690, 372.
Syracuse (N. Y.) Light & Power 0o.—Proposed New
Mortgage on Controlled Property.—See Syracuse Lighting Co.
below.—V. 88, p. 382.
Syracuse (N. Y.) Lighting Co.—Proposed Second Mortgage.—Application has been made to the Public Service Commission, Second District, for approval of a second mortgage
to secure an issue of $2,500,000 6% bonds, the proceeds of
which will be used for extensions, improvements, &c., the
present issue to be $207,000. The hearing held March 22
was adjourned until March 30, when the company will try
to justify the issuing in May 1907 of $1,000,000 debentures
without the consent of the State Commission. Compare
Syracuse Light & Power Co. in V. 88, p. 382, and see V. 88,
p. 298.
Texas Company (Oil), Houston, Tex.—Convertible Bonds.
—See page 831.
Union Typewriter Co.—New Vice-President.—A. A. Forrest has been elected 2d Vice-President to succeed James M.
Gifford, who resigned.—V. 88, p. 752, 745.
United Box Board Co.—See United Box Board & Paper
Company.—Directors of New Cornpany.—All of the floating
debt of the old company having been paid as provided in
the plan of reorganization, and the number of the board
of directors having been fixed at 14 (against 12 for the old
Box Board & Paper Co.), the following were on Thursday
elected directors of the new company, the United Box Board
Co:
New Men Elected.—Herman Grossman, J. M. Hopkins and Geo. H.
Webster of Chicago; E. C. Bodman, of New York; W. H. Binnlan of
Quincy, Mass. and Eugene M. Strehl of Paterson.
Old Company Elected.—Sidney Mitchell (President); Hyatt
Directors of'
Cox (Vice-President and Treasurer). Charles C. Adsit (Vice-President).
W. C. Staley (Secretary), Luther W. Bodman, Geo. J. Marott, A. Albert
Sack, L. A. Wiley and Jos. E. Otis.
Old Men Retired.—James Todd, W. H. Kemp and Lazard Kahn.

All of the officers of the old company have been elected
to similar positions in the new company.—V. 87, p. 1163.
United Box Board & Paper Co.—Payment of Overdue
Interest.—Treasurer Cox announces, under date of March 15,
that funds are on deposit with the Trust Co. of America,
New York, for the payment of the semi-annual installment
of interest due Jan. 15 1909 on the collateral trust bonds.—
V. 88, p. 509, 298.

826

THE CHRONICLE

[VoL. Lxxxirm.

AI/Parts and Pocumrabk
AMERICAN TELEPHONE & TELEGRAPH COMPANY.
ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 31
1908.
New York, March 16 1909.
duits and cables between New York and Philadelphia, ChiTo the Stockholders:
cago and Milwaukee,
a substantial part of the way beHerewith is respectfully submitted a general statement tween New York and and
Boston.
covering the business of the Bell system as a whole, in
total
mileage of exchange wires over 57 per cent
Of the
addition to the report of the American Telephone & Tele- is underground. Of the total
value 84 per cent is copper
graph Company, for the year 1908.
per
cent
iron. Of toll wires 91 per cent is copper
and 16
BELL SYSTEM IN THE UNITED STATES.
and only 9 per cent iron.
SUBSCRIBER STATIONS.
All the subways and pole lines are built, with few excepThe number of stations at the end of the year operated tions, under franchises which are actually or in effect permanent; the larger pole lines for a considerable part
directly by the associated companies which constitute
are
built over rights of way actually owned by the companies
system in the United States was 3,215,245, an increaseour
of
179,712. In addition to this number, there were 1,103,144 which were acquired at a cost of some $8,000,000, and could,
exchange and toll stations connected to our system by our not now be acquired at many times that outlay, if at all.
The
toll and long-distance lines, but operated by local,
office and sub-station equipment are uniform,
co- and allcentral
operative and rural independent companies or associatio
of the highest standard. Each year shows a marked
ns
having sub-license or connection contract& Adding
improvem
ent in both durability and permanency of standard.
also
our telephones employed for private-line purposes, there was
DEPRECIATION.
a total of 4,364,629 stations connected to the Bell system,
Studies have been made during the year to determine the
as against 3,839,000 stations at the close of the previous actual rate of depreciation which should be provided for.
year, an increase of 525,629 stations.
Figures from actual experience could be made for pole
WIRE MILEAGE.
lines, iron wires and most of the central office and sub-station
The total mileage of wire in use for exchange and toll equipment, but underground conduits, copper wires and
cables must still be ascertained from experience.
service was 9,830,718 miles, of which 1,220,126 were
added
during the year. These figures do not include the mileage
Of the total value of the telephone plants owned by the
American Telephone & Telegraph Company and associated
of wire operated by sub-licensees.
companies—
TRAFFIC.
Real Estate constitutes
Including the traffic over the long-distance lines, but
9
not
Underground Conduits and Cables
including sub-licensees, the daily average of toll connection
20
was about 463,000 and of exchange connections abouts Copper Wires and Aerial Cables on Poles
18
Pole Lines, not Including Wires
18,500,000, as against corresponding figures in 1907
of
$8,000,000 of this represents ownership of rights of 26 0
494,000 and 18,130,000; the total daily average for 1908
way
reaching 18,963,000, or at the rate of about 6,106,000,000 over private property.
freonntr oeist
per year.
4'Y
Central
ice and Sub-station Equipment
PLANT ADDITIONS.
23 0
As to the depreciation of property, Real Estate is standard
The amount added to plant and real estate by all the
companies, excludinc,sub-licensees, constituting our system and established.
Underground Conduits can be classed with Real
in the United States during the year 1908 was:
Estate,
or rather with permanent construction on long-term ground
For exchanges
$15,824,000
For toll lines
rents.
8,812,600
For land and buildings.
Cables and Copper Wires have shown very small deprecia2,000,600
$26,637,200 tion, and experience has not yet established a definite rate;
• Not including a large amount of real estate purchased from the
American there is, however, a net scrap value of 40 per
Telephone do Telegraph Company during the year.
cent.
Iron Wires have a life of from eight to fifteen years.
PLANT ADDITIONS OF PREVIOUS YEARS.
Pole
Lines
have
a
life
of
from
ten
sixteen
to
years.
The amount added in 1900 was $31,619,100; in 1901,
Central Office and Sub-station Equipment have a depre$31,005,400; in 1902, $37,336,500; in 1903, $35,368,700; in ciation
dependent on their character, the condition in which
1904,$33,436,700; in 1905,850,780,900; in 1906,$79,366,900;
are maintained and on the policy of renewal or replaceand in 1907, $52,921,400, making the grand total of ex- they
penditure upon these properties during the nine years ment by new or improved apparatus.
CONSTRUCTION FOR THE CURRENT YEAR.
$378,472,800.
Estimates of all the associated operating companies and
MAINTENANCE AND RECONSTRUCTION.
During the year $39,736,700 were applied out of revenue of the American Telephone & Telegraph Company for all
anticipated requirements for 1909 have been prepared.
to maintenance and reconstruction purposes.
The total amount of maintenance and reconstruction Maximum expenditure in each case has been agreed upon,
charged against revenue for the last six years was over and all who are responsible for the expenditures are working
in entire accord with these agreements and understandings,
$186,700,000.
The result of the appraisements and studies on depre- and it is believed that the results will be, as they were in
ciation given below establishes the fact that our charges 1908, well within the limits fixed.
against revenue for maintenance and reconstruction are
ASSOCIATED COMPANIES.
conservative and on the right side.
FINANCIAL CONDITION.
It would not be wise or good policy to reduce our mainThe associated operating companies of tile United States
tenance until we have accumulated enough surplus to pro- (not including the American Telephone & Telegraph
Comvide for and make possible any change of plant or equipment pany) commenced the year with a reasonable
made desirable, if not necessary, by the evolution and devel- which has, however, been substantially indebtedness,
reduced. The
opment of the business.
obligations of those companies to other than
In the meantime the public is getting the use of the surplus Telephone & Telegraph Company decreased the American
and reserve without being called on to meet charges on $2,709,000, while the cash on hand increased for the year
at the same
securities issued against it.
time $2,295,000—a net improvement in condition of
PERMANENCY OF PLANT.
$5,004,000.
There exists much misunderstanding as to the permanent
During the year the Western Electric Company decreased
value of a modern telephone plant. Originally exchange its indebtedness 86,225,000 and decreased its cash $1,194,000,
plants were open-wire construction, largely on house-top making a net improvement of $5,031,000 for that company.
fixtures and to a certain extent on poles. The central offices
The total improvement of our associate operating and
were in leased buildings, seldom fireproof, the equipment manufacturing companies in the United States was thus
was of various types and standards, due to the rapid improve- over $10,000,000, bringing the current and floating indebtedment or development then taking place.
ness of all the associated companies well within the limits
Now the central offices in all the principal centres and in of current operations.
many of the less important are in fireproof buildings built
PHYSICAL VALUATION OF TELEPHONE PLANTS.
•
for the purpose and owned by the companies.
For the purpose of determining the relation between the
From these offices radiate the underground conduits con- physical plant and the capitalizat
necting the central offices with each other and the various exchange, toll and long-distance ion, a valuation of the
line plant included in the
districts of the exchange territory. Through these subways Bell system in the United
States was made in 1907. The
the wires are run in cables of copper wire, sheathed with valuation was based on
lead covering. The extensions of these lines are open wire plant. This appraisem the replacement cost of the existing
ent gave our plants a value 835,generally copper, or aerial cables strung on pole lines of sub- 000,000 in excess of
the obligations outstanding against them.
stantial construction. The various cities and exchange
No new valuation as a whole has been made, but several
territories are connected by means of pole lines of substantial valuations of
all
construction, on which are strung for the most.part copper ciated companiesor parts of the plants of several of the assounder the
have been
wires. As fast as improvements in transmission methods direction of public authorities made either by or
.
make it possible, underground construction for long-distance
In every case has the
so made exceeded the
trunk lines is being done. There are now underground con- valuation as carried on the valuation
books.




THE CHRONICLE

MAR. 27 1909.1

If to this valuation be added the value of patents, franchises and rights of way, the position and strength of the
business must be conceded.
The following statements will show the book value of plant,
outstanding obligations existing against it and the growth
and financial,condition of the associated companies.
BELL TELEPHONE COMPANIES IN UNITED STATES, AMERICAN
TELEPHONE & TELEGRAPH COMPANY NOT INCLUDED.
COMPARISON OF EARNINGS AND EXPENSES,1907
AND 1908 (Duplications Excluded).
Increase.
1908.
1907.
Gross Earnings
$120,753,200 $127,117,200 $6,364,000
$48,731,600
34,665,700
4,510,700

$49,083,800
37,204,200
5,173,600

$352,200
2,538,500
662,900

• Total Expenses

$87,908,000

$91,461,600

$3,553,600

Balance, Net Earnings
Deduct Interest

$32,845,200
7,025,500

$35,655,600
6,973,700

$2,810,400
*51,800

Balance
Deduct Dividends

$25,819,700
19,206,100

$28,681,900
21,605,300

$2,862,200
2,399,200

$6,613,600

$7,076,600

$463,000

Expenses: Operation
Maintenance
Taxes

Undivided Profits

• Decrease.
COMBINED BALANCE SHEET, 1907 AND 1008.
(Duplications Excluded.)
Increase.
Assets—
Dec. 31 1907. Dec. 31 1908.
*$692,600
$8,107,600
$8,800,200
Contracts and Licenses
27,750,000
475,034,600
447,284,600
Telephone Plant
*1,380,200
14,858,500
16,238,700
Supplies, Tools, etc
*3,601,800
36,359,400
39,961,200
Receivables
2,295,100
8,730,400
6,435,300
Cash
808,100
22,642,300
23,450,400
Stocks and Bonds
$541,362,300 $566,540,900 $25,178,600
Total
Liabilities—
Capital Stock
Funded Debts
Bills Payable
Accounts Payable

$348,129,400
37,115,300
92,615,100
19,415,500

$375,891,600
39,649,800
85,179,300
17,205,500

$27,762,200
2,534,500
*7,435,800
*2,210,000

Total Outstanding Obligations $497,275,300
35,125,200
Surplus
8,961,800
Depreciation Reserves

$517,926,200
34,491,500
14,123,200

$20,650,900
*633,700
5,161,400

$541,362,300

$566,540,900

$25,178,600

Total
• Decrease.

The decrease in "Surplus" account is due to a change in
the dividend dates of several companies—bringing them
within the quarter and year in which the earnings are made;
and also to charging off all uncollectible and a large amount
of doubtful accounts.
• ENTIRE BELL SYSTEM,INCLUDING CANADA.
AMERICAN TELEPHONE do TELEGRAPH COMPANY AND ASSOCIATED HOLDING AND OPERATING COMPANIES IN THE
UNITED STATES AND CANADA, NOT INCLUDING
CONNECTED INDEPENDENT OR SUBLICENSEE COMPANIES.
' We submit a balance sheet and earnings and expense

statement of the Bell Telephone business as a whole, eliminating all duplications and showing the figures and results
as if operated by a single company.
In addition to the above, there are associated or connected
with and forming a part of the system for all purposes of
communication some 7,700 independent or sub-licensee
companies operating over 1,100,000 stations, and representing an aggregate investment of capital which a few years
since would have been considered ample for the whole country, probably over $100,000,000 in all.
COMPARISON OF EARNINGS AND EXPENSES, 1907 AND 1908.
(Aft Duplications, Including Interest. Dividends and Other Payments to
American Telephone cc:. Telegraph Company by Associated
Holding and Operating Companies, Excluded.)
1907.
Increase.
1908.
Earnings—
$90,782,300
$95,847,700 $5,065,400
Service
From Exchange
36,291,600
37,600,100
1,308,500
From Toll Service
5,933,000
6,568,600
635,600
From Other Sources
Total Earnings
Expenses—
Operation
Maintenance
Taxes

$133,006,900

$140,016,400

$7,009,500

$47,554,800
38,372,800
5,013,700

$47,329,300
41,027,200
5,685,900

•$225,500
2,654,400
672,200

Total Expenses

$90,941,300

$94,042,400 • $3,101,100

Balance Net Earnings
Deduct Interest

$42,065,600
10,654,100

$45,974,000
11,034,500

$3,908,400
380,400

Balance
Deduct Dividends

$31,411,500
18,714,100

$34,939,500
21,338,100

$3,528,000
2,624,000

$12,697,400

$13,601,400

$904,000

Undivided Profits

• Decrease
COMBINED BALANCE SHEET, 1906, 1907 AND 1908.
(Duplications Excluded.)
Dec. 31
2 Years'
Dec. 31
Dec. 31
1908.
Increase.
1907.
1906.
Assets—
$
$
9,078,000
8,107,600 •1,054,400
Contracts and Licenses_ 9,162,000
Telephone Plant
465,411,900 521,514,500 545,045,600 79,633,700
18,588,100 17,702,200 16,130,700 *2,457,400
Supplies, Tools, etc
Accounts Receivable_
23,653,100 24,490,100 20,689,900 •2,963,200
24,374,000 28,672,300 35,154,400 10,780,400
Securities and Loans
8,444,800 25,440,700 54,916,000 46,471,200
Cash and Cash Assets_
Total
Liabilities—
Capital Stock
Funded Debts
Bills Payable
Accounts Payable

549,633,900 626,897,800 680,044,200 130,410,300
263,762,700 299,014,100 311,837,300 48,074,800
131,966,800 198,776,700 238,680,500 106,713,700
69,613,900 45,175,700 35,680,800 *33,933,100
25,190,000 20,386,200 21,605,700 '3,584,300

Total Outstanding Ob490,53:1,400 56:1,352,700 607,804,300 117,270,900
ligations
7,285,900
24,473,700 32,737,600 31,759,600
Surplus
Depreciation Reserves:
8,888,600
11,839,900 15,227,800 20,728,500
Plant
22,786,900 15,579,700 19,751,800 *3,035,100
General
Total
• Decrease.




549,633,900 626,897,800 680,044,200 130,410,300

827

The figures represent all the outstanding obligations belonging to the public, and the property which is represented
by those outstanding obligations.
Particular attention is called to the decrease in "Supplies"
and "Bills and Accounts Payable," which still include the
$25,000,000 1910 notes of the American Telephone & Telegraph Company and the $6,000,000 1909 notes of the Western
Telephone & Telegraph Company—a total of $31,000,000,
less $4,403,000, already purchased.
The "Surplus" account is after charging off patents, all
discounts on notes and bonds of the past, and all uncollectible
and a large amount of doubtful accounts.
WESTERN ELECTRIC COMPANY.

The business of the Western Electric Company, like that
of all other manufacturing companies, has shown a shrinkage for the year—not entirely, however, from the same
causes.
The business of the Western Electric Company outside of
that with the American Telephone & Telegraph Company
and associated companies shows a slight increase over 1906—
the year of the largest aggregate business of the company.
The year's business would have shown a manufacturing
profit sufficient to have provided for all charges if the company was expected to do only the amount of business equal to
that done last year; but under an organization such as is
necessary to care for the increasing business of the last five
years and for the prospective business of the next five years,
and after charging off even more than the usual depreciation,
showed a loss.
We, after careful consideration, thought it would be far
cheaper to maintain in its entirety the organization than to
undertake to reconstruct it, particularly when we take into
account the very large surplus of the company on the books
and the much greater actual surplus.
The latter part of the fiscal year ending December 1 1908
showed a decided improvement, and it is expected that the
current year will be satisfactory to all.
The work of moving the manufacturing department from
Chicago to Hawthorne, Ill., is proceeding as rapidly as
possible, and the real estate in Chicago is on the market
for sale. This property, which showed on the books of the
Company at $2,700,000, has been appraised by the Chicago
Real Estate Board at $3,755,000, and offers have been made
for part at more than the appraisement.
The financial condition of the company was never better.
Quoting from the annual report:
"The quick assets (cash on hand and accounts and bills
receivable) were $16,467,859 at December 1 1908, or 43.5
per cent more than all the payables (including current accounts), $11,477,033."
AMERICAN TELEPHONE & TELEGRAPH COMPANY.
The earnings of the year as shown by the statements on
page 829 show a decided improvement over last year
and every previous year.
The net revenue was $18,121,707 26, out of which dividends of 8% were paid, amounting to $12,459,156 00,
leaving a surplus of $5,662,551 26.
With no improvement, our dividend and other charges
for the current year, including the increased dividend
charges which would be due to the conversion of the outstanding convertible bonds into stock, if all were converted,
would be provided for, leaving a handsome surplus. If
the returns of the first two months are any indication, the
current year will show the continued improvement shown
in past years.
SHARE CAPITAL.

There were outstanding in the hands of the public at the
close of the year 1,584,766 shares of capital stock. There
were 26,370 shareholders with an average holding of 60 each;
26,213 shareholders held less than 1,000 shares each—an
average of 43 each; 153 shareholders from 1,000 to 10,000
each, with an average holding of 2,140 each; and four 10,000
or over each, holding a total of 121,516 shares.
CONVERTIBLE BONDS.

The balance of the $150,000,000 convertible bonds was
taken by the bankers who bought the first $100,000,000.
These became convertible beginning March 2 1909.
With the proceeds, the financing of our,company for all
current operations, including our financing of the associated
companies, is completed for 1909 and 1910. This, of course,
includes the payment of the $25,000,000 5 per cent notes
due in 1910 and also provision for the $6,000,000 5 per cent
Western Telephone & Telegraph Company's notes due in
1909.
FUTURE FINANCING.

As to future financing, it is believed that it will be possible
to so organize that a great part, if not all, of our semi-urban
and rural expenditures can be financed locally and a considerable part of all other financing. This will reduce the
necessary demands on the American Telephone & Telegraph
Company for current operations to an amount which can be
very easily taken care of.
AMERICAN

TELEPHONE & TELEGRAPH COMPANY'S RELA
TIONS TO ASSOCIATED COMPANIES.

The relations of the American Telephone & Telegraph Cornpany and the associated companies are not generally understood. The American Telephone & Telegraph Company
is primarily a holding company, holding Stocks of the asso-

828

THE CHRONICLE

ciated operating and manufacturing companies. As an
operating company it owns and operates the long-distance
line's, the lines that connect all the systems of the associated
operating companies with each other.
In addition to these two functions,it assumes what might
be termed the centralized general administrative functions
of all the associated companies.
The Bell system is one system telephonically inter-connected, inter-communicating and inter-dependent. This is
such a system that any one of over 4,000,000 subscribers can
talk with any other one within carrying power of the voice
over wires, the only exception being that the Pacific Coast
and the Middle Rocky Mountain region are not yet connected.
This system was built up under this policy and its continuance as a system depends on the continuance of the policy.
In the telephone business development is continuous. As
conditions enlarge and change, new methods develop. The
whole business suggests changes and stimulates inventions,
and opportunities for improvements are frequent.
If each separate exchange or group of exchanges had not
been assisted and directed in the development and introduction of these new ideas, methods and inventions, there
would now be as many systems, as many methods of operating, as there are separate companies. This would have
made impossible the organization which now gives the Bell
system that universality and preponderance on account of
which no matter how many other systems may exist, every
one of any commercial or social importance must have connection with the Bell system.
The same generalization runs through many departments.
The companies are so organized, or fast becoming so, that
every department continues through the local administration
to the central administration of the American Telephone &
Telegraph Company.
The American Telephone & Telegraph Company owns
and maintains all telephones. It also owns, either directly
or through the Western Electric Company, all patents.
It has a department which was organized at the very
beginning of the business,and has continued since, where is
to be found practically everything known about inventions
pertaining to the telephone or kindred subjects. Every new
idea is there examined, and its value determined so far as
the patent features are concerned.
The Engineering Department takes all new ideas, suggestions and inventions, and studies, develops and passes
upon them.
It has under continuous observation and study all traffic
methods and troubles, improving or remedying them.
It studies all construction, present and future development or extension schemes, makes plans and specifications
for the same, and gives when desired general supervision and
advice. It has a corps of experts which, in addition to the
above work, is at all times at the service of any or all of the
separate companies.
When it is considered that some of these questions involve
the permanency, duration and usefulness of a telephone plant
costing millions of dollars, and changes costing hundreds of
thousands, some idea of its importance can be formed. To
give an illustration: one group of patents covering inventions
which seemed likely to be useful and economical in the
service was purchased by the company. These inventions
were developed into operating apparatus and put into use.
While this cost hundreds of thousands of dollars placing it
beyond the scope of one operating company,'
the saving
already accomplished to the associated companies runs into
the millions.
A large staff has been and is continuously engaged in the
consideration of disturbances arising from transmission and
other lines carrying heavy currents, and in many cases that
any telephone system can even exist in the vicinity of such
lines is due to the constant and continued attention given
this subject.
Every new trouble, and there are many, comes before this
department. When settled there, it is settled for all. This
has established a commercial, operating and plant practice
not only for our own associated companies, but for others
of high standing throughout the world.
All devices or inventions submitted receive the most
thorough and painstaking investigation, and it is safe to say
that there has as yet been no instance where any invention,
system or method rejected by the Patent and Engineering
Departments of the American Telephone & Telegraph Company has ever had any permanent success when used elsewhere.
The Manufacturing Department creates and builds the
equipment and apparatus which have been adopted. In
this way throughout the whole grand system will be found
standardization and uniformity. This is not any handicap
on improvement or development of the art, for, on the contrary, every suggestion or idea, and there are many, has
abundant opportunity to be tested, which would not be
possible otherwise. No one of the companies could by itself
maintain such an organization, and it would be fatal to any
service to introduce or try out undeveloped ideas in actual
service.
In the Legal Department all the big and general questions
are looked after. It forms a clearing house in all legal matters for all!the legal departments of the separate companies,




[VOL. Lxxxvin.

to which assistance and advice are given on all questions
of general scope.
In the administration all questions which affect all companies, all questions between the associated companies and
the general policy and the general conduct of the business
are considered, and close touch and relationship maintained
with all parts of the system. Experts on every subject Connected with this business are continually at work on old or
new subjects and ready at call to go to the assistance of any
of the companies. In short, the great work and substantially all the expense of the American Telephone & Telegraph
Company are involved in this "Centralized General Administration,' taking care of all those matters which are common
to all companies, or which, if taken care of by each company,
would mean multiplication of work, effort, expense without
corresponding advantage or efficiency
To sum up, quoting the words of the representative of a
large stockholding interest in one of the associated companies:
"The contract relation with the American Telephone & Telegraph Company is the biggest asset this company has."
CRITICISM OF INDEPENDENTS.

We have been criticized to some extent for our policy of
publicity so far as it concerns the so-called "Independents."
There has not been sufficient distinction between the "Independents" and the "Opposition" in the minds of the public.
We have no quarrel with either. With many of the Independents we are working in complete harmony, and for all
practical purposes our system is part of theirs and their system part of ours. In fact, it is expected and believed that
a large part of the development in the semi-urban and rural
territory can be done much more effectively and satisfactorily
through independent local companies operating with us
through or under connecting contracts or sub-licenses.
We can be called antagonistic only because we try in the
protection of our property to expose and correct the misleading statements and impossible promises put out by
would-be franchise vendors or mistaken company organizers,
or mistaken associations for public protection, or when we
call attention to the fact that what we claimed would happen
happened.
f
has
Inwo
viview
our preponderating interests in the telephone
business of the country, we think it is due to ourselves to
at least call attention to misleading statements, to promises
in prospectuses impossible of fulfilment, and to advertisements offering to the public securities at large discounts,
promising large prospective dividends, issued to build exchanges in which service is to be given at impossible rates.
If all who are interested in honest corporate securities
would take the trouble to educate the public and exhibit
courage enough to denounce all such misleading efforts
there would be a much more healthy condition.
In all controversies as to rates, franchises, etc., in all
hearings before public bodies, our representatives have been
confronted with such' promises—statements as to what interests other .than the Bell were doing—assertions that if it
were not for watered stock or other methods of milking the
public, rates could be reduced or the business conducted at a
profit on much more favorable terms to the public. All that
experience has taught was as nothing before the promises
of franchise vendors and manufacturers' agents. Established business and property were put in jeopardy, with the
result that there are many instances where the public has
on its hands a partially duplicate exchange with partially
duplicate subscription costs ann no one has benefited except
the promoters of the schemes.
There is now a decided tendency on the part of the public
to favor consolidation wherever there are two exchanges.
A great difficulty in the way is that, as a rule, much of the
duplication of plant cannot be utilized for many years, if
ever.
Gradually the public is becoming convinced that—quoting
from last year's report:
"Two exchange systems in the same community, each
serving the same members, cannot be conceived of as a permanency, nor can the service in either be furnished at any
material reduction because of the competition, if return on
investment and proper maintenance are taken into accour t.
Duplication of plant is a waste to the investor. Duplication
of charges is a waste to the user."
In submitting this repoGrEt,NIV
EReAwish to call your attention
to two things which indicate the stability of the company
and property.
One is the wide dispersion and small average holding of
the shares—including the shareholders in the associated
and connected companies, there are over 70,000 shareholders
in the Bell system. From January 1 to March 2, the date
of bond conversion, the shareholders increased about one
hundred per week.
Another is the stability of the business, year after year
shows an increase, no matter what the prevailing business
conditions. There has, it is true, been a slight decline in
the rate of increase in exchange earnings, and the toll line
business has given some indication that conditions were not
normal; but even in that there was an increase in earnings.
This stability and the position that the Bell system holds
is due very largely to the policy and conditions under which
it was developed, not alone to the telephone.

MAR. 27 1909.1

THE CHRONICLE

A telephone-without a connection at the other end of
the line-is not even a toy or a scientific instrument. It is
one of the most useless things in the world. Its value depends on the connection with the other telephone-and increases with the number of connections.
The Bell system under an intelligent control and broad
policy has developed until it has assimilated itself into and
in fact become the nervous system of the business and social
organization of the country.
This is the result of the centralized general control exercised by the company, the combination of all local systems
into one combined system developed as a whole.
Nor could the development have been made in any other
way. If the business had been developed by different organizations-each absolutely independent of and unrelated
to the others-each little system would have been independent and self-contained without benefit to any other. No
one has use for two telephone connections if he can reach
all with whom he desires connection through one. Through
the development of the Bell system, the relation and benefit
as a whole have been considered. The policy has been to
bring together all units which contribute to the value of the
whole. The demand for facilities is seldom found waiting
in these days for the facilities to come. The demand is
created by the existence of the facilities. This is particularly true of the telephone service. It took courage to build
the first toll line-short as it was-and it took more to build
the first long-distance line to Chicago.
If in the early days the immediate and individual profit
of the long-distance toll lines had been considered, it is
doubtful if any would have been built.
There are no other countries where the telephone service
occupies the same relation to the public. Elsewhere narrow
control and a policy of restriction have prevented its full
development. Whatever is good in those systems has been
adopted from the practice in this country.
There has been oftentimes comparison between the rates
of this and other countries. The average rate of this country,
taking all classes 'of service and conditions into consideration,
is about the same as the average rate of all other countries.
There may be no maximum rates in other countries equal to
some in this country, but, on the other hand, there is no such
maximum value given. Cheapness is relative to value, not
to price. Value in telephone service depends on development, extent of system, certainty and promptness. Promptness and certainty mean operators and facilities sufficient to
meet the maximum demands. It means constant and close
attention on the part of attendants, sufficient in number to
immediately care for any of the many troubles inherent in
everything connected with the service from both outside
and inside, the troubles which seem to develop and multiply
with the development and increase of the business. Promptness and certainty in meeting maximum demands mean idle
operators when the demand is less; it means a small average
use of operators and facilities.
In any given time a certain possible use-number of connections or messages-expressed in units of service can be
given by any fixed number of operators with certain given
facilities. If in any given time these possible units of service
are not availed of, they are lost-they pass away with the
time.
Promptness and certainty therefore mean that each
message, connection or other unit of actual service availed of
must bear the expense of a number of unused possible units
not availed of. If, instead of the immediate or prompt
service of this country, the service as it exists in most other
countries were in vogue, the cost would be reduced; but to a
much greater extent would the value be reduced. Delayed
service-service which keeps a line of customers waiting, so
that there need be no loss of units of service, would reduce
to a minimum the number of operators and given facilities,
and all that creates cost.
Instead of waiting and idle operators and facilities, there
would be waiting, idle and impatient customers.
We do not think the American public desires this kind
of service.
During the year we have had many questions before the
courts, Slate commissions and other public bodies. We have
met them in a spirit of absolute frankness and candor. The
results have been on the whole satisfactory, and the treatment we have received has been fair and considerate, and we
have found an evident desire to ascertain the real conditions
and to meet them fairly.
While during these discussions the anxiety of the officials
of our companies has been keen, their attention distracted
from the ordinary operations of business and the work and
expense incurred in furnishing information and in attendance
have been great, we believe that through this work and
through our policy of publicity, our relations with the public
are closer, the public mind is better informed, many erroneous
impressions and opinions have been corrected, and that
the public is beginning to recognize and admit what
the "Bell system" as conducted by the American Telephone ez Telegraph Company stands for to the community
at large.
For the directors,




THEODORE N. VAIL,
President.

829

BELL SYSTEM IN THE UNITED STATES-TOLL LINES.

Miles of Pole Lines
Miles of Wire

Jan. 1
Jan. 1
Jan. 1
Jan. 1
Jan. 1
1908.
1900.
1906.
1907.
1909.
161,452
89,292
145,535
154,869 163.218
501,832 1,265.236 1.461.173 1.664.081 1,732,039

TOLL CONNECTIONS.
The average daily number of toll connections is
Or a total per year of about

463,021
149,093.000

BELL SYSTEM IN THE UNITED STATES-EXCHANGES.
Jan. 1
Jaa. 1
Jan. 1
Jan. 1
Jan. 1
1900.
1906.
1909.
1907.
1908.
Exchanges
1,2391
Branch Offices
1,1875
4,532
5.043
4,889
5.108
Miles of wire on poles
and buildings
524,123 2,159,567 2,754,571 3,057,138 3,467,092
Miles of wire underged 489,250 2,345.742 3,241,471 3.883,051 4,625,047
Miles of wire submarine
3,404
6,540
9,373
11,690
6,322
Total miles of wire_ _1,016,777 4,514,682 6,007,732 6,946,511 8,098,679
Total Circuits
422,620 1,135,449 1.384.175 1,541,727 1,668,211
Total Employees
29,818
104.646
89,661
100,884
98.533
*Total Stations
632,946 2,241,367 2,727,289 3.035,533'3,215,245
• Including all companies connected with the Bell system, the number
of stations is 4,364,629, against 3,839,000 at January 1 1908, an increase
of 525,623 stations.
EXCHANGE CONNECTIONS.
The estimated number of exchange connections daily in the
United States, made up from actual count in most of the
exchanges, is
18.499,376
Or a total per year of about
5,956,800,000
The number of daily calls per station varies in different exchanges,
the average throughout the United States being about 6.
AM. T. & T. CO. BALANCE SHEET DECEMBER 31 1908.
Assets.
Stocks of Associated Companies
$235,729,305 60
Bonds and other obligations of Associated
73,289,388 92
Companies
$309,018,694 52
$9,599,137 26
Telephones
Real Estate
2,181,728 67
Long Distance Telephone Plant
42,650,989 97
54,431,855 90
Cash and Deposits
$41,137,264 33
Temporary Cash Loans
7,988,000 00
Short-Term Notes
3,277.466 52
52,402,730 85
Accounts Receivable
2,969,140 64
Treasury Stock
22,110,400 00
3440,932.821 91
LiaDilU Us.
Capital Stock
$180,587,000 00
Surplus
16,225,917 64
$196,812,917 64
Four Per Cent Collateral Trust Bonds. 1929 $53,000,000 00
Four Per Cent Convertible Bonds, 1936_ _ _ 136,000,000 00
Four Per Cent American Bell Bonds, 1908_
48,000 00
Five Per Cent Coupon Notes, 1907
6,000 00
Five Per Cent Coupon Notes, 1910
25000,000 00
Dividend Payable January 15
3,169,532 00
Interest and Taxes accrued but not due_ _ _
3,709,232 91
Accounts Payable
1,302,979 83
222,235.744 74
Depreciation Reserve
21.884,159 53
$440,932,821 91
C. G. DuBOIS, Comptroller.
AM. T. & T. CO. STATEMENT OF EARNINGS AND EXPENSES.
1907.
Earnings1908.
$11,805,186 81 $13,280,127 54
Dividends
Interest and other Revenue from associated
9.307,023 72
and licensed companies
9,720,466 04
Te ephono Traffic (net)
3,901,653 93
3,976,512 07
Real Estate
162,228 49
160,007 95
Other Sources
433,598 31
761,856 45
Expenses

325,609,671 26
2,130,381 16

$27,898,970 05
2.003,956 06

Net Earnings
Deduct Interest

$23.479,290 10
7,209,902 16

$25,895,013 99
7,773,306 73

Dividends Paid

$16,269,387 94
10,943,644 00

$18,121,707 26
12,458,156 00

Balance
Carried to Reserves
Carried to Surplus

35,325,743 94

$5,662,551 26

33,500.000 00
1,825,743 94

$3,000,000 00
2,662,551 26

$5,325,743 94

35,662,551 26

C. G. DuBOIS, Comptroller.

Year.
1900
1901
1902
1903
1904
1905
1906
1907
1908

ANNUAL EARNINGS AND DIVIDENDS. 1900-1908.
Net
Dividends
Added to
Added to
Paid.
Reserves.
Surplus.
Revenue.
34,078.601
$5,486,058
$937,258
$470,198
5.050,024
1.377,651
7,398,286
970,611
6,584,404
7,835,272
522.247
728,622
8,619,151
1,217.374
10,564,665
728,140
9,799.117
890,435
11,275,702
586.149
13.034,038
9,866,355
1,743.295
1,424,388
1.773.737
12,970.937
10,195,233
1,001,967
10.943,644
3,500.000
1.825.744
16,269,388
3,000,000
2,662,551
18.121,707
12,459.158
Q. G. DuBOIS. Comptraler.

THE CHRONICLE

830

[VOL.

DOMINION COAL COMPANY, LIMITED.
REPORT OF DIRECTORS FOR YEAR ENDING 31ST DECEMBER 1908.
Company's Stores.—Under the new management, and with
a discontinuance of the long-credit system, the results obtained this year have greatly improved. Several of our
stores at points where other stores have been established by
regular dealers have been closed, as the Company only
engages in this business where the necessities of its employees
require it.
New Lands.-204 acres of land have been purchased and
66.5 acres acquired by expropriation for Railway Right of
Way and the erection of miners' houses and colliery buildings.
Rolling Stock, &c.—The Company's railway, rolling stock,
workshop plant, buildings and property generally have been
COMPANY'S PROPERTY.
During the year the Company's property generally has efficiently maintained.
GENERAL.
been efficiently maintained and mine developments steadily
carried on. With the exception of three fires in surface
The decision of the Judicial Committee of the Privy
buildings, where the loss was fully insured, there have been Council on the appeal taken by this Company from the
no serious accidents or unusual occurrences.
judgment of the Supreme Court of Nova Scotia in the suit
New Works.—In the Lingan Victoria District, where the of the Dominion Iron & Steel Company, Limited, and the
two Pits, Nos. 12 and 14, have been recently opened, the National Trust Company, Limited, against this Company
developments for making them productive mines are being was rendered on February 11th 1909. The material parts
steadily pushed, and though the output from these Pits is of that decision are as follows:
not at present required, the work has been carried on so
"In their Lordships' opinion the words 'All the coal that
that they may be ready for future requirements. The the Steel Company may require for use in its own works
question of how far this work should be prosecuted in the must, therefore, be read and interpreted as if they ran 'all
immediate future has not been definitely determined, and the coal suitable in character that the Company may require
will depend on industrial conditions. At one of these Pits for use in its own works.'
the surface buildings are well advanced, and the miners' and
"It by no means follows, however, from this construction
officials' houses, boarding-houses and other auxiliary works that the Coal Company warrant that all the coal to be
have been completed. The Branch Railway (seven miles in supplied shall be of this character, or that they are absolength) connecting this District with the main line of the lutely bound, during the long period of ninety years, to supCompany, and necessary sidings, are also completed, and ply from the designated seams coal of this kind to the amount
are a satisfactory piece of work, being laid with 80-lb. rails required. Nor was either of these propositions contended
and well ballasted throughout. In this District a large for. The obligation of the Coal Company is, in their Lordreservoir, containing 13,000,000 gallons, and a small reser- ships' opinion, much more limited. It is, as regards this
voir of 700,000 gallons have been constructed, and under- matter of quality, independent of the provisions of paragraph
ground pipe system for supply water and fire protection has three and of the obligations they specifically impose. They
been laid.
are bound to supply from the designated scam or seams
Miners' Houses.—Fifty miners' houses, three officials' coal reasonably suitable in quality for the purposes of the
houses and a boarding-house have been erected in the new Steel Company indicated in the contract, to the extent that
district, bush cleared and streets graded. The one hundred the same can be obtained by the reasonable and proper
miners' houses in No. 2 District, which were commenced in working of the mines opened or to be opened therein.
"According to this view, the Coal Company were not justi1907, have been completed and are all occupied; four houses
for engineering staff and colliery officials were also erected fied in repudiating their contract, but the Steel Company are
during the year.
not entitled at one and the same time to specific performance
Horse Hospital.—The horse hospital erected last year for of the contract and to damages for the loss of it. Inasmuch.
the treatment of the Company's horses, about 600 in num- however, as according to their Lordships' view, this is not a
ber, has done excellent work, and has fully justified the ne- contract of which, on the authorities cited, specific performance would be decreed by a .court of equity, the plaincessity for such an establishment.
Wrecking Plant.—The wrecking plant provided in con- tiffs are entitled, owing to the wrongful repudiation of the
nection with the Federal Government contract for this work contract by the defendants, to treat the contract itself as
has rendered valuable assistance to vessels along the coast, at an end and to recover damages for the loss of it which may
and the security which it affords is much appreciated by have been committed before repudiation, namely, up to
shipping interests of all classes.
the 9th of November 1906."
Rescue Station.—The station established at No. 2 Colliery
In view of this decision, and actuated by a desire to bring
last year has been kept in constant readiness for all emer- the pending litigation to as speedy an end as possible,
gencies, and the Instructor has kept up a continuous training your Board of Directors, at a meeting of the Board held on
of men in the use of the Draeger apparatus during the year. February 16th ultimo, resolved to communicate to the
A smoke chamber for practice has been constructed, and has plaintiffs in that suit that your Company is prepared:
"To supply coal hereafter under the contract of 20th
been in almost daily use, so that at this date there are nearly
100 trained men available. A detachment of our men be- October 1903, or if that contract is to be treated as being at
longing to this Corps volunteered to help in extinguishing a an end, to supply coal hereafter on the same terms as those
serious fire that occurred in September last at the No. 1 of the contract of October 20th 1003, so as to give the purColliery of the Nova Scotia Steel .& Coal Company of North chasers from date exactly what they would have been enSydney, and rendered excellent service and proved the great titled to receive if there had been no interruption in the
contract of October 20th 1903, and, if desired, to execute
value of this apparatus.
Pk, Submarine Areas.—Mr. T. E. Forster, the eminent English such contract as will effectuate this purpose.
"To give the purchasers the right to terminate such conMining Engineer, a recognized authority on submarine
mining, has during the year made a careful study ,of our tract at any future time they may desire to do so, and if
properties and prepared a valuable report on the subject of they do not desire to take their whole supply up to the limit
working the Cape Breton submarine areas with safety, and mentioned in the contract from this Company, they may
to the best advantage. Mr. Forster's suggestions, we be- take such part thereof as they intimate from time to time
lieve, have been accepted by the Government of Nova Sco- in their notices of requirements.
"Under either contract to supply the quantities stated in
tia, and will shortly be incorporated in the Provincial
the notices of requirements for February, March, April and
Mining Regulations.
Labor Situation.—A Board of Conciliation under the May 1909, viz.: 80,000 tons per month, or to allow the amendLemieux Act was held in March, resulting in an agreement ment of these notices if desired.
"To endeavor to come to an agreement as to the amount
with the Provincial Workmeh's Association, representing
our workmen, for fair wages and improved conditions until of damages to date, with a view to the amicable adjustment
of them."
December 31st 1909.
In the opinion of your Directors the position taken by
Quality of Coal.—Most careful attention is being paid to the
getting of large, clean coal, and special machinery is being them will prevent the plaintiffs from incurring any damages
provided to minimize breakage in shipping and stocking. from the date of their receipt of the above communication;
The demand for our coal for steam raising on account of its and your Directors have already expressed to the plaintiffs
high calorific value continues satisfactory, and our market the desire of your Board to place no obstacle in the way of
has been well maintained in spite of keen competition by ascertaining the damages already incurred, and, with this
American operators to capture a portion of Canadian trade object in view, they have suggested that the accountants
in order to offset a lessened demand caused by dull trade of the respective parties should take up the matter of damconditions in their own country.
ages and adjust them so far as possible without further
Electric Power Transmission.—The system completed last litigation.
year has been in constant daily operation, providing electric
Up to the present time your Board • have received no
power for pumping and underground haulage for bank head definite reply to the above communication.
plants at several collieries with satisfactory economic reRespectfully submitted,
JAMES ROSS, President.
sults, and a further extension to the new mines is under
consideration.
Montreal, March 13th 1909.
,
COMPANY'S OPERATIONS.

The output for 1908 was 3,555,068 tons, as compared with
3,541,253 tons for 1907, an increase of 13,815 tons. The
navigation conditions throughout the year, with the exception of smoke in the St. Lawrence from forest fires
which seriously affected shipping during the months of
September and October, were better than normal and generally favorable to the Company's operations. Navigation
opened at Sydney unusually early; the first steamer loaded
for the St. Lawrence left on April 9th; in 1907 regular
St. Lawrence shipments did not commence until June 6th.




BALANCE SHEET OF THE DOMINION COAL COMPANY, LIMITED.
AS AT DECEMBER 31ST 1908 (COMPARED WITH
DECEMBER 31ST 1907).
Balances.
For Year ending For Year ending
AssetsDec. 31st 1907. Dec. 31st 1908.
Property Account as per last Report
$23,641,080 34 $23,840,734 23
Add Capital Expenditure since, less written
252,117 11
off
199,053 89
$23,840,734 23 $24,092,851 34
$2,175,884 36
Cash in Banks and Offices
$864,785 85
680,213 68
Accounts Receivable
838,488 83
229,995 00
Coal on hand
153,640 24
597,904 20
New Supplies in Stores and Warehouses, &c.
598,167 31
34,270 95
Insurances paid in advance
46,905 56
3,487 91
Steamship Hire paid in advance
17,755 08
474,173 08
Securities of other Companies
364,173 08
$2,883,91595

$4,195,929 18

$26,724,650 18

$28,288,780 52

LiabilitiesCapital Stock, Common
Capital Stock, Preferred
First Mortgage Bonds
Mortgages
Cape Breton Real Estate Debentures
Dominion Rolling Stock Debentures

$15,000,000 00 $15,000,000 00
3,000,000 00
3,000,000 00
5,000,000 00
5,000,000 00
50,000 00
50,000 00
213,673 86
263,624 10
151,129 41
191,872 60

Accrued Dividend, Preferred
Unpaid Royalty
Accounts payable
Bond Interest, Accrued
Contingent Fund

$23,505,496 70 $23,414,803 27
$87,500 00
$87,500 00
84,509 75
103,197 12
214,356 06
265,007 22
41,666 68
41,058 34
192,473 73
68,482 32
$565,845 00

$620,506 22

Texas Company (Oil), Houston,Tex.-Convertible BondsStatus-This company has issued and has now outstanding
$4,000,000 convertible 637 gold debentures dated Jan. 1 1909
and due Jan. 1 1919. Denomination $1,000c*. Interest
Jan. 1 and July 1. These debentures were offered last December to shareholders of record, the unsold portion having
been disposed of by a syndicate headed by Harris, Winthrop
& Co., New York, whose circular says in substance:

The total authorized amount of these debentures is $6,000,000, of which
$2,000,000 are reserved for future issue. They are convertible at option
of holder into stock at $150 a share on any interest date, i. e., $15,000 debentures may be exchanged for 100 shares, total par value $10,000. Should
the company offer stock at less than $150 per share, the debentures will be
convertible for a limited time at such issue price. Interest and accrued
dividends are to be adjusted to date of conversion. The privilege of conversion is subject to the right of the company to call all or any of the
debentures upon any interest date on or after Jan. 1 1912 at 110 and int.
after notice of 90 days to the trustee and 70 days by publication. The
debentures are secured by a trust agreement executed to the Equitable
Trust Co. of N. Y. as trustee, whereby the Texas Company agrees that no
mortgage shall be placed upon the property or franchises now owned unless
the debentures then issued or to be issued shall be secured thereby in priority
to all obligations to be issued under such mortgage; also that it will not
make any other issue of debentures except for the purpose of redeeming
or replacing by exchange the debentures of the current issue.
The company is a corporation organized under the laws of Texas, and its
business is the transportation, refining and distribution of petroleum anti
Its products, which business the company. conducts largely in the Southwestern States; its export business is also showing a steady and satisfactory expansion. Its plants are in excellent condition and include three
modern refineries (located at Port Arthur, Dallas and Port Nechez, near
Beaumont, Tex.-Ed.]; a pipe-line system of 750 miles of 6, 8 and 10-inch
trunk line; about 150 miles of gathering lines; approximately 1,000 miles
of telegraph and telephone lines connecting the various on fields, pumping
stations and refineries; upwards of 6,000,000 bbls. capacity of steel storage
and 12,000,000 bbis. of earthen storage, both roofed and open, and various
export terminals and distributing stations. Five tank steamers, having
an aggregate trip capacity of 130,000 bbis., a number of ocean-going barges,
harbor barges, &c., and approximately 600 modern tank cars are owned.
The cost of coal in the Southwest is very high, and consequently the fuel
oil market in that section is broad and constantly growing.
The company's authorized capital amounts to $12,000,000, of which
$11,000.000 is now outstanding. The accumulated surplus amounts to
$4,000,000, and dividends at the rate of 12% per annum (3% Q-M 31-Ed.)
have been paid since the organization of the company in 1903.
[The company is preparing to increase extensively its pipe line in north
Texas, duplicating in places and eventually probably for its entire length
the pipe ilne completed last year from the Oklahoma oil fields to the coast.
The report that a new refinery is proposed at Bayonne, N. J., we arc
assured by those who should know, is correct, though an officer of the company is quoted as intimating that additional tankage only is to be built at
that shipping point. The other shipping centres are Amesville, La.;
Marcus Hook, Pa.; Providence, R. I.; Curtis Bay, Md., and Port Arthur.]
The directors (and officers) are: J. S. Cullinan, Pres.• Houston: Arnold
Schlaet, V.-P., New York; R. E. Brooks, Treas.; John W.Gates, Houston;
L. H. Lapham, New York: J. L. Autry, C. P. Dodge, T. J. Donoghue,
Houston; R. C. Holmes, Port Arthur, and John P. Harris, New York.
N. V. office, 17 Battery place. Compare V. 86, p. 606; V. 87, p. 1424;
V. 88, p. 589.

-A new Chicago stock-brokerage firm has opened offices
in the Merchants' Loan & Trust building on the 10th floor,
viz., Solomon Sturges & Co. Solomon Sturges was for many
years a partner in the firm of Albert Baker & Co. Two years
ago he met with a serious automobile accident, which compelled his temporary retirement from business activity;
but he has now recovered sufficiently to resume work, and
has formed a new partnership with his brother, W. G.
Sturges, and D. Jack Hall (who have been engaged in the
commercial paper and bond business) under the firm name
of Solomon Sturges & Co. Mr. Sturges has purchased a
membership in the New York Stock Exchange and is also a
member of the Chicago Exchange.
-Emile de Planque announces that after eleven years'
association with the Trust Co. of America, he has opened
offices at 37 Wall St. as the New York representative of
J. S. & W.S. Kuhn Inc., of Pittsburgh, Chicago, St. Louis
and Philadelphia. Mr. Planque has the exclusive representation of this firm in New York, and in addition will also
conduct a general bond business. A copy of an interesting
booklet describing in detail "the absolute security of guaranteed water-works bonds as an investment" will be sent free
to any address upon application.
-King, Coleman & Co., a Chicago brokerage house, have
removed their offices from the Continental National Bank
building to the ground floor of the new Corn Exchange
National Bank building, giving them more convenient and
commodious quarters.




831

THE CHRONICLE

MAR,27 1909.1

Surplus-Balance from previous years
For current year

For Year ending For Year ending
Dec. 31st 1907. Dec. 31st 1908.
32,653,308 48
$1,825,940 38
1,600,162 55
1,002,368 10
$2,828,308 48

Less-Written off
To provide for Fire and Marine Losses,
and other Contingencies

34,253,471 03

175,000 00
$2,653,30848

$4,253,471 03

$26,724,650 18

$28,288,78052

PROFIT & LOSS ACCOUNT FOR YEAR 1908(COMPARED WITH 1907)
For Year ending For Year ending
Dec. 31 1908.
Dec. 31 1907.
Net proceeds from Sale of Coal and Net
income from steamships, railways, real
estate, &c
32,686,202 49
$2,094,539 23
Less- .
Interest on Bonds
Dividend on Preferred Stock
Dividend on Common Stock
Miscellaneous Interest

Certified correct,

$250,000 00
210.000 00
600,000 00
32,171 13

$250,000 00
210,000 00
600,000 00
26,039 94

$1,092,171 13

$1,086,039 94

51,002,368 10

$1,600,162 55

R. GORDON, Comptroller.

-Forty acres of land at Meadowbrook, Hempstead, L. I.
(only 20 miles from New York), are offered for sale by Robert Wilson, care Jay C. Wemple Co., 35 East 20th Street,
New York. This land, equal in size to 600 city lots, adjoins
the home of the late 0. H. P. Belmont, the Meadowbrook
Club and the entrance to the Automobile Motor Parkway.
Upon the completion next fall of the Pennsylvania RR.
tunnels under the East River and the Long Island third-rail
service the place will be brought within thirty-five minutes
of Herald Square, New York City. The property is said to
be available for subdivision into lots. It is offered at $24,000, the immediate cash requirement being only $6,000.
-A. M. Kidder & Co., members New York Stock Exchange, 18 Wall Street, to-day advertise for sale 800 shares
Pittsburgh Fort Wayne & Chicago RR. Co.'s regular 7%
stock, which is guaranteed by the Pennsylvania RR. and
free from personal taxes. At the price asked the purchase
would net the investor about 4%. The Pittsburgh Fort
Wayne & Chicago is the main line of the Pennsylvania system between Pittsburgh and Chicago. The net bonded
debt is $5,000 per mile. Special descriptive circular will
be furnished on application.
-The corporation of Ketcham & Co. at 115 Broadway,
this city, has recently been organized for the purpose of
handling water-power propositions. This corporation was
organized by Stanley R. Ketcham, who was formerly interested in electric railway work, having been actively connected with The Lackawanna & Wyoming Valley Rapid Transit
Co. during its early history.
-A descriptive circular, "The Irrigated Orchard Homes
of Denver," issued by the Denver Suburban Homes & Water
Co. will be mailed on request by Westling, Emmett & Co.,
bankers, Lafayette Building, Chestnut and Fifth Sts., Philadelphia.
-We have received from Frank H. Pettingill, Colorado
Springs, Col., a mining broker, a valuable pamphlet of some
60 pages giving condensed certified reports of companies
listed on the Colorado Springs Mining Stock Exchange.
Price, 25 cents.
-"Washington (D. C.) Securities" is the title of an excellent compilation "regarding the securities dealt in on the
Washington Stock Exchange, with a complete record by the
month since Jan. 1 1903 of sales and price ranges." The
publisher is Eugene E. Thompson, who is connected with the
banking firm of Crane, Parris & Co., Washington.
-The attention of investors is called to the advertisement
on another page of Wollenberger & Co. Chicago, offering
Chicago & Illinois Western RR. 6% bonds, guaranteed by
the Dolese & Shepard Co. The property was described in
our last issue on page 685. A special circular will be sent on
request.
-The Central Trust Co. of New York will pay to the
holders of a large list of bonds the coupons maturing
April 1st at its banking office, 54 Wall St. The April list
appears in our advertising columns to-day. Each succeeding
month's list will be insteted by the company in subsequent
issues of the "Chronicle."
-The status of the Chicago Railways Co. and its securities
is the subject of an unusually exhaustive circular issued by
Babcock, Rushton & Louderback, 18 Wall St., New York,
and The Rookery, Chicago.
-Redmond & Co. of this city announce that J. F. B.
Mitchell Jr., heretofore in charge of their bond department,
has been admitted as a general partner in the firm.
-George S. Mason, late with Kidder, Peabody & Co., has
established himself at 34 Pine St. and will do a general
brokerage business in bonds, loans and foreign exchange.
-Attention is called to the "April Investments" list
advertised on another page by Plympton, Gardiner & Co.
Prices and particulars will be sent on request.

THE CHRONICLE

832

Wite Tomutercial Pmts.
COMMERCIAL EPITOME.
Friday Night, March 26 1909.
Though trade is larger than a year ago, transactions
being in the main of fair volume, the disposition is still manifestly to proceed along conservative lines. This may be the
case until tariff revision is out of the way. The dull and unsettled conditions in the iron and steel trades continue,
with further "cuts" reported. Most commodities have been
comparatively steady.
LARD has advanced, partly owing to a rise in the price
of hogs and grain, though at times there have been reactions, owing to profit taking. Some large speculators in
grain have been buying provisions. A brisk shipping demand
for hogs has been an important factor, putting prices to a
new high record for the season. Prime Western 10.60c.,
city 10.35c., refined Continent 10.75c., South American
11.50c., Brazil in kegs 1250c.
DAILY CLOSING PRICES OF LARD FUTURES
Wed.
Tues.
Mon.
Sal.
May delivery
10.15
10.074 10.17M 10.27
July delivery
10.2734
10.37
10.30
10.20
September delivery 10.30
10.40
10.50
10.42

IN CHICAGO.
Thurs.
Fri.
10.12% 10.17%
10.27
10.273
10.373 10.40

Lxxxvm.
aOTTON.

Friday Night, March 26 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
94,029 bales, against 95,195 bales last week and 126,759
bales the previous week, making the total receipts since
the 1st of September 1908 8,506,682 bales, against 7,229,845
bales for the same period of 1907-08, showing an increase
since Sept. 1 1908 of 1,276,837 bales.
Sat.

Receipts atGalveston
Port Arthur
Corpus ChrLsti,&c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville, &c.
Savannah
Brunswick
Charleston
Georgetown
Wilmington _
Norfolk
N'port News. &s.
New York
Boston
Baltimore
Philadelphia_ __ _

Mon.

Tues.

Wed.

Thurs.

Total.

8,024

4,701 12,304
3,148

4,563

7,254

1,408

4,672

2,795

5,667

2,267

219

653

484

251

594

2,696

46
1,913

3,6115

480

1,862

3,454 40,300
3,148
2,268
2,268
1,804 18,613
--e)o

634

150

102

470
1,092

1,146
68
391
556

125

775
812

175
1,018

280
1,210

54

22

227

214

-347

--55
1,415
42

42

2,257

43
89
1,590 11,624
3,005 3,005
153 2,400
68
285 2,376
574 5,262
204
204
916
1,415
84

PORK has been quiet and steady, with mess $18(4)$19
Total this wk_ 14,664 16,867 21,054 12,493 14,006 14,945 94,029
and family $18 50©$19 50. Cut meats have been in fair
demand and firm; pickled hams 9%c.©10Mc., pickled bellies
The following shows the week's total receipts, the total
10 to 12 lbs., 93.c.©9%
3 c. Beef has been in moderate
demand and steady; packet $13 50@$14 50, mess $9©$12. since Sept. 11908, and the stocks to-night, compared with
Stearines, oleo, New York 133.-ic., Chicago, 13%c. Tallow last year:
57
/
8c. for city. Butter firm with a good demand; creamery
Stock.
1908-09.
1907-08.
Receipts to
extras 303c. Cheese in fair demand and firm; State,fancy,
This Since Sep This Since Sep
March 26.
153
/0. Eggs, fresh, 23c.; firsts, 19Yo.
1908.
1909.
Week. 1 1908. Week. 1 1907.
OIL.-Cotton seed has declined, despite the rise in lard,
owing apparently to pressure brought by refiners; winter Galveston__ _ ___ 40,300 3,206,071 36,384 2,144,335 128,549 127,529
Arthur_
3,148 130,042
___ 107,676
5.50c.© 6.10c. Summer white 5.40c.(4)5.80c. Crude 4.25c. Port
Corpus Christi, &c 2,268 108,864
37,502
18,613 1,752,775 26,981 1,687,913 233,007 192,090
®4.35c. Linseed in rather better demand; city, raw Ameri- New Orleans
20,221
can seed, 56()57c.; other grades unchanged. Lard has been Gulfport
2,257 328,287 2,642 291,314
Mobile
23,722
36,301
firm at 78(:)80c.for prime and 57©58c., but not at all active. Pensacola_
130,421
50 141,840
&c_
89
27,665
7,659
90
Olive quiet at 1.50(4)1.60c. Cocoanut 6%©7c. for Cochin Jacksonville,
Savannah.._
11,624
16,102 1,384,322
76,965
77,632
4c. for Ceylon, with small sales. Palm Lagos Brunswick __ ___ 3,005 1,323,345
and 63/
2©65
306,323
196,392
4,750
4,985
Charleston __ ___
2,400 188,135
790 189,601
15,669
20,072
63/s(4)6W1c. Peanut yellow 65©70c.
___
68
2,260
387
COFFEE futures have continued quiet and, though for Georgetown
Wilmington
2,376 359,084 2,146 466,140
12,785
9,020
Norfolk
5,262 494,726 5,575 483,116
25,727
32,305
a time stronger under what looked like manipulation, they Newport
New c,&c
204
11,561
5,870
have latterly shown something of a sagging tendency, rally- New York
13,751
3,180 114,635 100,827
916
13,770
144
10,554
ing to-day. Brazilian receipts are relatively small, how- Boston
4,219
11,080
Baltimore.. _
1,415
87,290 1,888
64,561
13,421
9,764
ever, and American warehouse deliveries large, so that the Philadelphia
84
4,091
202
2,648
7,423
2,791
April statement of the world's visible supply may show a
Total
94,029 8,506,682 92,994 7,229,845 676,270 604,223
rather marked decrease. Rio on the spot 814c. for No. 7,
with No. 4 Santos 9©9Mc. Mild growths have been quiet;
In order that comparison may be made with other years,
fair to good Cucuta 9Yt ©103c. Quotations were:
6.95®7.001 July
March
6.4016.45 November _5.85@5.90 we give below the totals at leading ports for six seasons:
-

April
May
June

6.95@7.00 August
6.95607.00 September
6.50@6.60 October

6.10

6.15 December _5.85@5.90
6.10 January505.90
5.85605.90 February- _ _5.85@ 5.90

PETROLEUM.-With a fair trade refined has been steady;
barrels 8.50c., bulk Sc., cases 10.90c. Gasoline, 89-degrees,
in 100-gallon drums, 19c.; drums $7 50 extra. Naphtha
16c. for 73 to 76 degrees in 100-gallon drums; drums $7 50
extra. Spirits of turpentine at 40 Mc. Rosin ,strained,33 25.
SUGAR.-Raw was for a time a trifle weaker, with advices of large exports from Cuba that the figures easily
exceed those of the previous week, and also last year. 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 has been rather less active but firm; granulated
4.75©4.85c. Spices more active and firm. Wool firmer;
pulled, in steady demand; London prices higher.
TOBACCO has continued generally quiet. Collections,
it is said, are none too prompt. This of itself tends to
produce a cautious tone in the trade. Small sales are being
made of old crop Wisconsin. Little has been done in 1908
leaf from farmers' hands. The season in this respect seems
about over pretty much everywhere. The objections to
Ohio on the part of buyers are that it is at once of undesirable
grade and too high in price. Awaiting the nei,v crop buyers
are taking Sumatra in only small quantities. Cuban leaf
has ruled at unchanged quotations, with the trading light.
In a word the tobacco trade for the time being presents no
interesting, much less striking, features.
COPPER has been firmer but of late London prices have
given away again under pressure of larger offerings. Lake
%©123/
2c. and casting 123(4)
123
/0®13c.; electrolytic 123
12%c. Moderate amounts have been taken for April and
May shipment, and some figure the contracts consummated
during March at 50,000,000 lbs. or more. London has been
active of late at falling prices. Lead has been in moderate
demand and steady at 3.973/2©4.023'c. Spelter has been
quiet at 4.75(4)4.77 Mc. Tin was firmer and then weakened,
with London quotations. Within a day or two it has become
steadier. The Banca auction at Amsterdam was high.
Here on the spot 28.50©28.70c. Pig iron has been quiet,
and according to one authority the production is excessive,
causing an accumulation of stocks. Structural material has
fallen off sharply. Most of the business in foundry iron is in
Southern product. No. 1 Northern $16 50(4417. No. 2
Southern $15 50©$16 25. "Cuts" in steel bars, billets,
sheets and tin bars are reported, and structural material is
said to have sold at as low as 81.




1909.

Receipts at-

1908.

1907.

1906.

1905.

19C 4.

Galveston_Pt.Arthur.&c
New Orleans_
Mobile
Savannah
Brunswick
Charleston,&c
Wilmington
Norfolk
N'por N., 4ce
All others

36,384
67,247
40.300
15403
70,354
35,772
5,416
236
3,896
276
1,244
38,070
26,981
18,613
36.405
21,159
70,289
2,257
3,385
2,642
4,755
942
827
12,717
16,102
11,624
15,175
8.235
24.547
3,005
1,267
550
1,328
408
790
4,658
746
2.468
484
506
1,198
709
2.146
2,376
4,236
152
5,575
5,252
4,154
6,548
9,649
,580
378
204
182
167
367
2,374
4,434
4,910
4,868
3,512
2,504
-------------------92,994 136,702 100,036 .198,762
94,029
56,125
Total this wk_
---- ----------Since Sept. 1_ 8,506,682 7,229,845 8,811,473 6,645,744 7,705,290 6,701,609
'
-

The exports for the week ending this evening reach a total
of 62,486 bales, of which 13,328 were to Great Britain,
to France and 49,158 to the rest of the Continent.
Below are the exports for the week and since Sept. 11908:
Week ending Marcd 26 1909. From Sept. 11903 to March 26 1909
Exported toExported toExports
fromGalveston _ _
Port Arthur_ _
Corp.Chris.,
New OrleansMobile
Pensacola -- Gulfport
Savannah
Brunswick-Charleston _
Wilmington_ _ Norfolk
Newport News
New York_ -- Boston
Baltimore _ _ Philadelphia _
Portland, Me_
San Francisco
Seattle
Tacoma
Portland, Ore
Pembina
Detroit

Great
ContiGreat
Britain.Fr'nce. nent. Total. Britain. France
3,148
8,102

1,120
058

Canttt

nen
Total.
14,871 14,871 1,327,431 392,497 1,031,8942,751,822
3,148 66,257
63,785 130,042
1,400 1,400
8,802
8,802
14,480 22,682 747,863 188,928 538,7641,475,555
77,221 87,077 63,215 227,509
32,287 50,874 49,297 132,458
4,132 10,089
20,221
8,997 8,997 144,673 87,672 545,524 777,869
181,423
87,609 269,032
5,725
67,119 72,844
88,207 8,731 251,125 348,063
84
84
28,800
2,055 30,855
2,169
190
270
1,516
4,931
250

3,289 126,911 36,135
1,148 80,604
32,134 5,090
270 39,269
743
1,519
4,931
260
2,103

144,567 307,613
10,549 91,153
49,768 87,001
47,807
8,538
743
62,654 62,654
62,096 62,006
8,910
8,910
300
300
100
100
2,103

_ 49.158L 2,486 2,085,783 873,098 3,056,671(1,915,552
Total 1907-08_ 12,908 12,922 37,675 63,505 2,552,027 759,337 21925,182 6,236,546
Total

13,32S

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.

On Shipboard, Not Cleared forGreat
GerOther CoastMarch 26 at- Britain. France many. Foreign wise.
New Orleans__
Galveston ___ _
Savannah ____
Charleston____
Mobile
Norfolk
New Yoric
Other ports
Total 1909
Total 1908
Total 1907

833

THE CHRONICLE

MAU. 27 1909.

Total.

Leaving
Stock.

464 60,728
3,200 71,101
__4,000
500
566
800 17,426
:--- 12,490 12,690
3,400
____
1,585
8,000
____

192,279
57,448
72,925
19.572
18,875
19,615
111,235
26,436

47,026 29,537 38,176 25,652 17,454 157,845
51,176 18,276 48,464 20,012 20,811 158,739
71,714 38,253 68,915 39,874 27,666 246,422

518,385
445,484
718,933

8,859 8,502 10,384 12,519
32,467 13,435 12,166 9,833
--__
---2,000 2,000
1,500
200
1,000
3,000

7,300
566
_

7,826
iiiiii
5,000

FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:

%iR
owrow•owr.owzow.qowg

''

c•Jov:14.(-)w-c-;
5glYgl,1g 16g16-6
0gl YgttYgl°41,1g 1 rMT
00

g7q fricp incp cgl;
age°
mm
.1
000

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@
mc
O.
.4m

1 I

WC
O.

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to

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WC

06
46
wo :V I

00

00 .1
2:
i@ TZ 'Ye
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CC

0000

IG
WW

CW

mc

.1

mo,

To
I;
mc cm
46
o. ow
co
44
OS',
1(
D
CC mc
44 46

CO
NN

.1

To

cm
cow
I®
WW

CW
NW

,a
mQ

NO
CW
NN

.1

FF

SON
00 00
A
.1O
Speculation in cotton futures has been on a small scale
A2
I@
10 I @
TZ
I°
and prices have shown no marked change. Near months
w"
00
mc
00
Mc
00
OW
have advanced a trifle, but new-crop months have shown a
t‘IF
6w
WW
0.
01
w4
wo
WW
OW
disposition either to remain about stationary or to recede
WW
mm cl mm cm mm FF 01 cm
a little, owing to persistent selling attributed to large spot
.0
44 6. 6. WN 6
66
interests and others. Besides, weather conditions on the
40. Wol
m.
0, WW
NIF. ii?..CA
M
whole are considered not unpromising, although there may
10 10 1 0 I® I(
0
64
0000
m
coo cm m
mc• m
be some delay in the Eastern section of the belt by reason
mm
00.
.0
41
64
66 6. 66
of heavy rains. This is supposed to be the case more parCol .-'CO #4o ,4 I __
COOS '41 0.
-00
ticularly in Alabama, Mississippi, Georgia and parts of the
WC
ol mm mm ml cm F1 WC
0054
m
4
l. ow ig
4.44
Carolinas. On the other hand, beneficial rains have fallen
NM
WO
in Texas, and there is a widespread belief that, whatever
I°
10
may be said to the contrary, the acreage this year will be
WW
WO
CO
fully as large as that of last year. There is even talk .of an
mu
44
66 66
5,4
i:1 CON mm ill mw tl WW
increase in Texas. It is maintained that if the area is de1 1 FF Pc F1 mc 01 cm cm ml mm ml mc
creased in some sections, by reason of boll-weevil or other
44
.N
tot', 10
COiz.
00
CO
tauses, it will be made up elsewhere. Some stress is laid
1°
10 IG 10 1(0 I@ f
on the fact that fertilizers, in some of the Atlantic States
cm
cm cm m
cm m
cm c
cc mc m
at least, are considerably cheaper than they were last year.
.o
w4
66 66
1 I o. ci1O; '
81 oo
0.4
ow '
,3 1 .o
It is assumed that this will mean a larger use of them.
Moreover, there is considerable complaint of slowness of ' II com FF 01 mm cl mc Fc cl cm c1 mm
44 w6
5454
66
oo
trade, not only in the United States but in Europe. The
.c
we, '4
•question of tariff revision still hangs over the country,
' I®
1(0 T4
I@
1"61 TZ 4 I® I@ rg
with its unavoidable uncertainties. The relations between
mm m
mm mc m
cm -4
mm
cm mc c
44 66
WI.
oo
Austria and Servia have had a more or less disturbing effect.
gl ;"4";,' ill mm NU tfl reil kI M.
I I om gto ;
There have been rumors at times of financial troubles in
Im 11 lc 1m lc Ic lc lc II lc
Lancashire. Not only does Texas refuse to expunge its
6
4
6
O
4
4
•-•
CO
CO0
W
0
anti-option statutes, but it seems that Representatives from
1@
1®
1° I° I°
1@
1@
I° . 1@
I° I° I@
Arkansas, Tennessee, Texas and Alabama are drafting legislation at Washington inimical to "future" trading, even
II
II
II
though it is claimed in Southern newspapers that the South
has suffered a very large financial loss during the last two
THE VISIBLE SUPPLY OF COTTON to-night, as made
years by reason of existing State laws to the same effect.
Yet it is remarked that, despite dulness of trade and specu- up by cable and telegraph, is as follows. Foreign stocks,
latpn, cotton prices on the whole are pretty well maintained. as well as the afloat, are this week's returns, and conseIt is remarked, too, notwithstanding the reports of stagnant quently all foreign figures are brought down to Thursday
trade, that mill takings are large. The stock here is de- evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
creasing steadily. Manchester the other day reported a
including in it the exports of Friday
good business in cloths. Spot sales at Liverpool have been. the United States,
only.
comparatively large. A Census report last Monday, re1906.
1908.
1907.
1909.
March 26garded in some respects as rather bearish, also stated that Stock
at Liverpool
bales.1.411,000 1,076,000 1,248.000 1,104,000
9,000
10,000
8.000
10,000
farmers hold only 326,737 bales out of a crop supposed to Stock at London
67,000
80,000
80,000
92,000
approximate 13,500,000 bales. It is also asserted that the Stock at Manchester
visible supply of American cotton, though undoubtedly
Total Great Britain stock
1,511,000 1,166.000 1,337.000 1,181.000
11,000
13,000
11,000
14,000
large, includes something like half a million bales of linters. Stock at Hamburg
Stock at Bremen
450,000 441,000 434,000 246,000
Of late, too, the tendency of old-crop months to increase Stock at Havre
363,000 246,000 273,000 205,000
4,000
3,000
4,000
4,000
their premiums over new-crop options has been very mani- Stock at Marseilles
8,000
17.000
43,000
46,000
Stock at Barcelona
fest. Liverpool has been buying May steadily in liquida- Stock at Genoa
70,000
35,000
145,000
38,000
7,000
13.000
2,000
18,000
tion of straddles, and if some large spot interests have sold Stock at Trieste
the new crop steadily, and also to some extent the May
914,000 803,000 896.000 551.000
Total Continental stocks
option, they are believed to have bought July. Other spot
2,425.000 1,969,000 2,233,000 1,732,000
Total European stocks
cotton people have been steady buyers of July and October India
147,000
159,000
136,000
152,000
cotton afloat for Europe_
293,817
343,011
297.846 492,241
for "long" account. Some of the Wall Street houses have Amer. cotton afloat for Europe
44,000
56,000
42,000
45,000
Europe_
bought on reactions. The chief buyer, however, has been Ezypt.Brazil,&c.,aflt.for
212,000 174.000
2113,000 236,000
Stock in Alexandria, Egypt
Liverpool. The largest sellers have been spot interests, Stock in Bombay. India
495,000 641,000 742,000 970.000
604,223 865,355 775,608
676.270
theTSouth and Chicago. The sentiment at the South is de- Stock in U. S. ports
516,252
679,522 498,947 485,714
Stock in U. S. Interior towns
scribed as pretty generally bearish. To-day prices showed U. S. exports to-day
26,792
7,194
38,481
268
little change. Chicago, which is believed to have sold
Total visible supply
5.106,071 3.466.497 5,372,102 4,659,871
July freely on Thursday, seems to have bought new-crop
Of the above, totals of American and other descriptions are as follows:
Americanmonths to-day. Liverpool was still buying May. Spot
Liverpool stock
bales.1,289,000 955,000 1.137,000 981,000
cotton has been quiet for the most part, and middling up- Manchester stock
54,000
70,000
67,000
76,000
500,000
Continental stock
876,000 731,000 827,000
land has latterly ruled at 9.70c.
293,817
American afloat for Europe
313, 11
297,846 492,241
775.608
676,270 604,223
965,355
U. S. port stocks
The official quotation for middling upland cotton in the U. S. interior stocks
516,252
485,714
679,522 498,947
7,194
268
38,481
26,392
U. S. exports to-day
New York market each day for the past week has been:
fr.Mch. 20 to Mc?,. 26Fri.
Sat. Mon. Tues. Wed. Thurs.
3,940,071 3,195,497 4,001,102 3,127,871
Total American
Middling uplands,.
9.70
9.70
9.60
9.70
9.70
9.65
East Indian, Brazil, ctc.111,000
123.000
122,000
121.000
Liverpool stock
NEW YORK QUOTATIONS FOR 32 YEARS.
10,000
8,000
10,000
9,000
London stock
13,000
13,000
16.000
10,000
9.70 1901_c
1909_c
8.44 1885_c
11.25 Manchester stock
8.12 1893_c
38,000
72.000
69,000
51,000
Continental
stock
1900
10.50
6.75
1908
1884
11.25
9.88 1892
147,000
152.000
136,000
159,000
10.95 1899
9.00 1883
10.12 India afloat for Europe
1907
6.31 1891
42.000
45,000
56,000
44,000
11.70 1898
1906
11.38 1882
12.19 Egypt, Brazil, &c.. afloat
6.06 1890
174,000
293,000
In
Egypt
Stock
Alexandria,
236.000
212,000
1897
8.05
10.12 1881
10.75
1905
7.31 1889
495,000 641,000 742,000 970,000
15.30 1896
9.88 1880
1904
7.81 1888
13.12 Stock in Bombay. India
10.05 1895
1903
6.31 1887
10.38 1879
10.19
Total East India, &c
1,166,000 1,271,000 1,371,000 1,532,000
1902
8.88 1894
7.58 1886
9.12 1878
10.88
Total American
3,940,071 3,195,497 4,001.102 3,127,871
MARKET AND SALES AT NEW YORK.
Total visible supply
5,106,071 4,466,497 5,371.102 4,659.871
6.03d.
Middling Upland, Liverpool
5.68d.
5.79d.
4.94d.
11.70c.
9.70c.
10.40c.
10.95c.
Futures
Sales of Spot and Contract. Middling Upland. New York
104.
Egypt, Good Brown, Liverpool
8 5-16d.
85,4c1. 11 15-16d.
Market
Spot Market
8.75d
Peruvian, Rough Good, L verpool
10.10d.
9.65d.
7.75d.
Con- ConClosed.
Closed.
4 15-16d. 5 5-16d. 5 9-16d. 5 11-16d*
Spot. sym'n. tract. Total. Broach, Fine, Liverpool
5d
5%d.
Tinnevelly, Good, Liverpool_
4 7-8d. 5 1-16d.
Saturday_ _ Quiet 5 pta. decline_ Easy
159,000
imports
Monday__ _ Quiet 5 pta. decline_ Steady
for
have
been
Continental
the
week
past
1,16o
1,100
Tuesday _ _ Quiet 10 pta. adv__ Steady
---- bales.
Wednesday Quiet
Very steady..
The above figures for 1909 show a decrease from last
jj
Steady
Thursday Quiet
Quiet
Friday_ _ _ _ Quiet
2.100 2 100 week of 126,947 bales, a gain of 639,574 bales over 1908,
446,200
------------ 1,100
Toa -2 800 3,700 a decrease of 265,031 bales from 1907, and a gain of
bales over 1906.

TZ

0.

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To

To

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tg f! o iz
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Cr. i;:.;

1i




II

1'4

834

THE CHRONICLE

[VoL.

AT THE INTERIOR TOWNS the movement-that is,
NEW ORLEANS OPTION MARKET.-The highest,
the receipts for the week and since Sept. 1, the shipments lowest and closing quotations for leading options in the New
for the week and the stocks to-night, and the same items for Orleans cotton market for the past week have been as follows:
the corresponding period for the previous year-is set out
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday.
in detail below.
Movement to March 27 1908.

...conoTr mo.co...onr-000mnoN...n
,
t._
.TrnT.00mno..Tromomovcr..00.nnN.m nN 'No Tr
NO
°°. n
Marchnr-.4r:nnt:cOn.voi
on'Tp.on.c.
nnv
.
e
,
,.„;
0„,
Range
. n.Tr. ... .n.n.
.
Co
n
Closing
"
April.n.nno.co.nno0.00.0.nnono.ocoNo
1t...0
V
MVN0WVVCNNONNNNOONV=CMONCOOOMM ION =
Range
no....conn
.
...1.CO.Trolcsncinco
. CO 00 o. ..n.
Closing
Tt. 4 . ...N. .0n o
W . MaySeason.

.

..
. ,,"

.0.mn000Nconoonono.cooncoonono.0.1.0.
CmCCCMO0CNC0NC..NOM0h.WVONNM000NC
N
Cekit0N.00o0 NM..Rt00
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.0
.
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nn.c.i.1
,
:.no;ocion
r..n.v00004
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N .V
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..... '500 V

Week. I Season.

11

Week.

I

n

VNC=00.VNNCN0
.MWOhnChh000V.WCNi4. N
CNNOCCVOMCOCOCV00VhOCN0C0hh.h. 1.N.
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10
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.er 10
I co,
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i-4
1-1
l,
"

Receipts.

Movement to March 26 1909.

00

Ship- Stocks
ments. Mch.
Week.
26.

Receipts.

-1-,N

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The above totals show that the interior stocks have decreased during the week 18,120 bales and are to-night 180,575
bales more than at the same time last year. The receipts
at all the towns have been 13,486 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 26ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, ecc

----1908-09---Since
Week. Sept. 1.
10,216
536,353
3,215
276,371
1,418
28,291
66,413
1,802
38,397
509
152,721
868
232,875
2,574

20,602
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c.. 2,415
487
Between interior towns
926
Inland, &c., from South

----1907-08---&ince
Week. Sept. 1.
10,493
337,569
8,222
161,525
772
27,200
1,148
42,181
1,649
36,779
2,764
75,911
3,498
196,182

1,331,421

28,546

877,347

118,902
38,885
30,601

2,234
340
760

3,828

188,388

3,334

85,718
58,394
47,487
_
191,599

Leaving net total overiand*_ __ _16,774

1,143,033

25,212

685,748

Total to be deducted

• Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 16,774 bales, against 25,212 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an excess over from a year ago of
457,285 bales.
-1908-09
Since
In Sight and Spinners'
Sept. 1.
Takings.
•
k9
. 8,506,682
914V,e0e2
Receipts at ports to Mch. 26
16,774 1,143,033
Net overland to Mch.26
Southern consumption to Mch.26a 49,000 1,353,000

Week.
92,994
25,212
43,000

segti
.nfe
.
7,229,845
685,748
1,413,000

159,803 11,002,715
*18,120
565,507

161,206
*7,477

9,228,593
418,264

Came into sight during week___141,683
11,568,222
Total in sight March 26

173,729

2,218,701

46,501

Total marketed
Interior stocks in excess

North. spinners' takings to Mch.26 41,185

1907-08

9,746,957
1,354,799

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

Movement into sight in previous years:
Week1907-March 29
1906-March 30
1905-March 31




9.18-.28 9.10-.21 9.21-.22 9.25-.29 9.25-.28 9.25-.31
9.20-.22 9.14-.16 9.22-.24 9.25-.28 9.28 - 9.25 "
_ ® ........ ____ ® _ ........ ® _ _ ® _ ....... ® _ _ ® _
9.20 • 9.15 * 9.23 • 9.27 • 9.29 * 9.25 •
9.18-.34 9.14-.27 9.17-.30 9.28-.32
9.20-.21 9.18-.19 9.29-.30 9.30-.31
_ ® __ ® _ _ ® __ ® _
9.24-.26 9.22-.24 9.33-.35 9.34-.36
9.26-.40 9.23-.36 9.25-.38 9.38-.42
9.30-.31 9.26-.27 9.37-.38 9.40 _ ® -- ® - 9.24 -- ® .29
9.17-.20 9.13-.15 9.26 - 9.26-.28

9.25-.35 9.23-.27
9.25-.26 9.24-.25
_ ® __ ® _
9.29-.31 9.28-.30
9.33-.44 9.31-.37
9.34-.35 9.32-.33
9.31-.34 - @ 9.21-.23 9.19-.21

9.05-.19 9.00-.14 9.04-.12 9.11-.14 9.08-.16 9.07- 12
9.07-.08 9.04-.05 9.12-.13 9.13-.14 9.09-.10 9.06-.07
9.05 - 9.00-.10- @ -- @ -- @ - 9.08-.09
9.05-.06 9.02-.03 9.10-.11 9.11-.12 9.07-.08 9.04-.05
- ® - 9.04-.10- ® -- @ --@ .10- ® 9.06-.07 9.03-.04 9.11-.12 9.12-.13 9.08-.09 9,05-.06
Steady.
Easy. Steady. Steady. Steady.
Dull.
Steady. Steady. Firm. Steady. Steady. Steady.

• N, minal.

CD

q
"
N
C
.NN0V0000h0000V0000NhONN..vMCOON. v ...i. I 0
OmNhNN000NOCOOVCOOMVMhCM0hCv IN.,
0
.NNMO
Nh
.
C
.
N
V.CV. CN.0 ONC
.NalV
,
te 10 i
N
v
..
I
C;
." .
C
1-1
Cs1
40

4..

Range
Closing
June-Range
Closing
JWYRge
an
Closing
AugustRange
Closing
Octor
beRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
ToneSpot
Options

Mch. 20. Mch. 22. Mch. 23. Mch. 24. Mch. 25. Mch. 26.

Bales. I Since Sept. 1198,081 1906-07-March 29
136,256 1905-06-March 30
257,25911904-05-March 31

Bales.
11,783,485
9,189,787
10,420,033

WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that
the weather has been generally favorable during the week.
The rainfall has been light or moderate as a rule. From
Alabama and from Mississippi river points we are advised that,
while the rivers continue at a high stage, the water is now
gradually receding from flooded lowlands. On the whole
crop preparations have made good progress.
Galveston, Texas.-We have had a rainfall of two hundredths of an inch during the week, on one day. Average
thermometer 64, highest 80, lowest 48.
Abilene, Texas.-There has been no rain during the week.
The thermometer,has averaged 59, the highest being 84 and
the lowest 34.
Corpus Christi, Texas.-There has been rain on one day
during the week, to the extent of twenty-four hundredths
of an inch. The thermometer has averaged 68, ranging
from 50 to 86.
Fort Worth, Texas.-We have had rain on one day during
the week, the rainfall being four hundredths of an inch.
The thermometer has ranged from 40 to 80, averaging 60.
Palestine, Texas.-We have had a rainfall of eighteen
hundredths of an inch during the week, on two days. Average thermometer 61, highest 80, lowest 42.
San Antonio, Texas.-We have had rain on one day of
the week, the rainfall reaching twelve hundredths of an
inch. The thermometer has averaged 65, the highest being
86 and the lowest 44.
Taylor, Texas.-There has been rain on one day during
the week, to the extent of twenty hundredths of an inch.
The thermometer has averaged 63, ranging from 42 to 84.
New Orleans, Louisiana.-There has been rain on one day
during the week, to the extent of eighty-two hundredths of
an inch. The thermometer has averaged 66.
Shreveport, Louisiana.-Rain has fallen on three days of
the week, the precipitation reaching thirty hundredths of
an inch. Average thermometer 62, highest 79, lowest 45.
Vicksburg, Mississippi.-There has been rain on two days
during the week, the rainfall being one inch and eighty
hundredths. The thermometer has averaged 62, the highest
being 78 and the lowest 46.
Helena, Arkansas.-The river is now falling after having
reached a height of 47.7 feet on the gaup, or 4.1 feet below
the high-water mark. We have had rain on two days during the week, the rainfall being fifty-three hundredths of an
inch. The thermometer has averaged 56.2, ranging from
39 to 74.
Little Rock, Arkansas.-We have had rain on two days
during the week, the precipitation reaching twenty hundredths of an inch. The thermometer has ranged from
40 to 74, averaging 57.
Memphis, Tennessee.-Crop preparations are active. The
river is 37.7 feet on the gauge, and falling. Rain has fallen
on three days during the week, the precipitation being fortyseven hundredths of an inch. Average thermometer 58.9,
highest 73, lowest 42.1.
Mobile Alabama.-Lowlands along the rivers are still
flooded but waters are now falling. Farm work on uplands
is fairly well advanced with indicated cotton acreage about
same as last year. We have had rain on two days the past
the rainfall being forty-one hundredths of an inch.
The thermometer has averaged 65, ranging from 52 to 79.
Montgomery, Alabama.-We have had rain on three days
during the week, the rainfall reaching three inches and
twenty-one hundredths. Thermometer has ranged from
47 to 74, averaging 62.
Selma, Alabama.-The river is still out of its banks but
falling slowly. There has been rain on three days during
the week, the precipitation reaching two inches and seventyfive hundredths. Average thermometer 59.5, highest 77,
lowest 37.

has been rain on one day of
hundredths.
the week, to the ex tent of one inch and forty
81 and
The thermometer has averaged 65, the highest being

Madison, Florida.-There

the lowest 43.

Augusta, Georgia.-Rain has fallen on three days during
six hunthe week, the precipitation reaching one inch and
from
dredths. The thermometer has averaged 57, ranging
41 to 74.
Charleston, South Carolina.-We have had rain on four
and
days the past week, the precipitation being two inches
sixty-five hundredths. Average thermometer 58, highest
76, lowest 41.

Greenwood, South Carolina.-It has rained on two days of
an
the week, the rainfall reaching eighty-four hundredths of
being
inch. The thermometer has averaged 53, the highest
64 and the lowest 42.
Charlotte, North Carolina.-We have had rain during the
inch.
week, to the extent of sixty-nine hundredths of an
54.
The thermometer has ranged from 34 to 66, averaging
OF COTTON.
WORLD'S SUPPLY AND TAKINGS
1907-08.

1908-09.

Cotton Takings.
Week and Season.

Week. I Season.

Season.

Week.

4,554,783,
5,233,018
Visible supply March 19
2,291,844
1,714,982
Visible supply Sept. 1
141,683 11,568,222 153,729 9,746,957
American in sight to March 26_ _
1,426,000
43,000
1,472,000
72,000
25
Bombay receipts to March
146,000
6,000
166,000
6,000
Other India ship'ts to March 25_
882,000
16,000
852,000
11,000
24
March
to
receipts
Alexandria
193,000
2,000
156,000
1,000
Other supply to March 24*-5,464,701 15,929,204 4,775,512 14,685,801
Total supply
DeductVisible supply March 26
Total takings to March 26
Of which American
Of which other

5,106,071 5,106,071 4,466,4971 4,466,497
358,630 10,823,133
230,630 8,605,133
128.000 2,218,000

-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 62,486 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-March 22-Boyle, 62 upland. 54
116
foreign
To Manchester-March 20-Calderon,650 upland, 100 Sea Island 750
254
co London-March 19-Minnetonka, 254
1,028
To Bremen-March 24-Scharnhorst, 1,028
200
To Antwerp-March 20-Samland, 200
150
150
To Genoa-March 22-Hamburg,
100
To Naples-March 19-Neckar, 100
To Trieste-March 23-Martha Washington, 291_ _ _March 24391
Pannonia, 100
300
To Flume-March 25-Martha Washington, 300
9,088
9,088
20-Cassel,
N-To
Bremen-March
GALVESTO
3,450
To Hamburg-March 20-Vandalia, 3,450
487
To Rotterdam-March 20-Penrith Castle, 487
1,846
To Antwerp-March 20-Penrith Castle, 1,846
3,148
PORT ARTHUR-To Liverpool-March 22-Sandsend, 3,148
1,400
TEXAS CITY-To Mexico-March 19-Norhelm, 1,400
8.000
NEW ORLEANS-To Liverpool-March 22-0xonlan, 8,000
102
To Glasgow-March 20-General Gordon, 102
4,881
To Antwerp-March 20-Engineer, 4.881
3.800
24-Georgia,
3,800
To Barcelona-March
100
To Oporto-March 22-Bark Fortima. 100
1,386
To Venice-March 24-Georgia, 1,386
2,606
To Trieste-March 24-Georgia, 2,606
1,200
To Flume-March 24-Georgia, 1,200
507
To Mexico-March 20-Moll a. 507
'4,122
SAVANNAH-To Bremen-March 19-Labuan, 4.122
To Hamburg-March 19-Labuan, 575_ _ March 23-Santa
4,460
Ursula, 3,885
300
To Norrkoping-March 19-Labuan. 300
15
To St. petersburg-March 19-Labuan, 15
100
100
Ursula.
23-Santa
To Uddevalle-March
84
NORFOLK-To Rotterdam-March 24-Hindustan, 84
BOSTON-To Liverpool-March 19-Sachem, 670_ _ _March 22- 958
Saxonia, 20_ _ _March 23-Cymric, 268
190
To Yarmouth-March 16-Boston, 190
70
PHILADELPHIA-To Rotterdam-March 6-Sloterdyk, 70
200
To Antwerp-March 18-Marquette, 200
1.516
SAN FRANCISCO-To Japan-March 19-Nippon Maru, 1,516_ __ _ 4,931
SEATTLE-To Japan-March 20-Minnesota. 4,931
250
TACOMA-To Japan-March 24-Keemun,250

309.015 10,219,304
257,015 7,887,304
52,000 2,332,000

,-SmyrnnTWest India, &c.
--''---Embraces receipts in Europe from BrazilINDIA COTTON MOVEMENT FROM ALL PORTS.
1908-09.

March 25.
Receipts at-

Week.

1906-07.

1097-08.

Since
Sept. 1.

Week.

Since
Week. Sept. 1.

Since
Sept. 1.

72,000 1,472,000 43,000 1,426,000 94,000 1,865,000

Bombay

Since September 1.

For the Week.
Exports from

Great ContiBritain. nen:.

Great
Britain.

Total.

Continent.

Total.
--

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

1 000
----0.
1.00
1,000 4,000 5,000
5,000 5,000
7,000 7,000

3,000
4,000
2,000

15,000
25,000
19.000

18,000
29,000
21,000

12.000
9,000
7.000

108,000
94,000
68,000

118,000
103,000
75,000

Total all1908-09
1907-08
1906-07

1.000 26,000 27.000
1,000 24,000 25.000
3,000 44,000 47,000

36,000
32,000
46,000

549,000
501.000
783,000

585,000
533,000
829.000

21,000 21,000
1,000 18,000 19,000
3,000 31,000 34,000

17,000
16,000
33,000

402,000
371,000
624,000

419.000
387,000
657,000

1,000
1,000
6,000

4,000
3,000
4,000

26,000
11,000
72,000

30,000
14,000
76,000

1,000
1,000
6,000
----1

ALEXANDRIA
Alexandria, ECM,
March 24.
Receipts (cantars)This week
Since Sept. 1

Nxports (bales)To Liverpool
To Manchester
To Continent
To America
Total exports

__-_

RECEIPTS

AND

SHIPMENTS.

1908-09.

1907-08.

1906-07.

80,000
6,391.015

115,000
6,613,707

50.000
6,737,884

This Since
Week. Sept. 1.
6,250 147,282
_ 148.807
7,500 244,461
2.500 58.597
--16,200 589,147

This Since
This Since
Week. Sept. 1. Week. Sept 1.
4,500 182,873 2,000 175,387
____ 161,746, 5,500 172,752
3.500 260.1421 3,250 268,65C
200 50,2261 2,000 95,337
---8,200 654,987 12,750 712,132

Note.-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
-Our report received by
MANCHESTER MARKET.
is
cable to-night from Manchester states that the market
are buying
quiet for both yarns and shirtings. Merchants
We give the prices for to-day below
very sparingly.
last year
and leave those for previous weeks of this and
for comparison.

Feb
11
19
26
Mcb
5
12
19
26

835

THE CHRONICLE

MAR. 27 1909d

62,486

Total

-By cable from Liverpool we have the folLIVERPOOL.
port:
owing statement of the week's sales, stocks, &c., at that
Mch. 5. Mch. 12. Mch. 19, Mch. 26.
56,000
56.000
54.000
50,000
bales_
Sales of the week
3.000
2,000
4,000
6,000
Of which speculators took.._
1.000
1,000
2.000
1,000
Of which exporters took_ _ _
53,000
51,000
49.000
47,000
Sales, American
11,000
4.000
12.000
3.000
Actual export
83,000
93.000
60.000
91,000
Forwarded
1,431,000 1,454,000 1,407,000 1,411,000
Total stock-Estimated
Of which American-Est_1,325,000 1,344,000 1,297,000 1,289,000
97,000
50.000
94,000
Total imports of the week_.._ _ 107,000
74,000
32.000
79,000
91,000
Of which American
105,000
179,000
175.000
230,000
Amount afloat
75,000
135,000
130,000
184.000
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, )
12:15 }
P. M. j

Saturday.

Monday.

Tuesday.

Wed.day.

Thursday.

Friday.

Quiet,

Fair
business
doing,

Fair
business
doing.

Fair
business
doing.

Quiet.

Dull.

Mid.Upl'

5.02

4.95

4.93

4.95

4.95

4.94

Sales
Spec.&exp

5,000
500

10,000
500

10,000
500

10,000
500

6,000
200

5,000
500

Futures. Steady at
Market 1 23'0334
j pts. adv.
opened

Easy at
6 points
decline.

Quiet at
Steady at Quiet at
Very
steady 3©4 points 1 point 1©2 points
decline.
unch'ged. advance, advance.

at
Market. ) Steady at Sly st'y at St'y unch. Quiet at Steady
13402
4
53440836 to 34 Pt. %03 pta.
3@334
advance.
advance.
decline,
dec.
pts.
adv.
i
pta.
P. M.

Dull at
20234
pts. dec.

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.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Mch. 20
4
124 1234 124 4 124 4 124 4 124 4 124 p.m.
to
Mch. 26. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
d. 6.
d.
d.
d.
d.
d.
d.
d.
d.
88 86
March -------4 94 87 8534 85 8534 87 8634 86% 88 88
86
88
%
86%
86
8S3487
Mch.-Apr. ____ 4 94 87 853485
Apr.-May ____ 4 9354 8634 8534 84 54 8534 87 8634 8654 88 88 86
8734
May-June ____ 4 95 8834 87,34 86% 87% 89 88 88 8954 8934
92 92 90
June-July ___ 4 9634 9034 90 8934 90 91 % 9034 9034
93 9434 9434 9254
July-Aug_ ____ 4 9854 9234 92 9134 92 94 93 9154
92 92 90
4 96 90% 89 89 89 9134 9054
Aug.-Sep_
4 93% 88 87 87 87 8954 89 8934 9034 903488
Sept.-Oct.
- ____ 4 9134 8554 853485 85 8734 87% 88 89 89 8634
Oct.-Nov..
88 8534
Nov.-Dec.__ 4 90 84 54 84 54 84 84 86 A 86 A 87 88 88
85%
4 89 83 A 83 A 83 83 86 88 87 88
Dec.87 A 85
87
;4
85
8734
85
82%
82A
82%
A
82
4
8834
Jan-----Feb_
Jan.-II

A

BREADSTUFFS.

Friday, March 26 1909.
to
Flour has been quiet, buyers still being plainly averse
purchasing, except on a hand-to-mouth basis. They believe
on the
that present prices are largely artificial. The mills,
have been
other hand, as a rule refuse to give way. They
y of
encouraged by the firmness of wheat prices, particularl
1908.
1909.
flour,
the Northwestern cash markets. Supplies of Kansas
834 tbs. Shirt- Coen
firmly
84 Ms. Shirt- Corn
it is stated, have lately been reduced, and it is more
ing& common
32s Cop
inos. common Mid.
32a Cop
Upes held than recently. City mills have been strong and higher.
to finest.
Twist.
to finest.
Upt's
Tww.
...•••••
The Northwest reports only moderate sales.
d. d.
s. d. d.
a. d. d. 4.
d.
d4u. d.
rising
Wheat has advanced, partly under the stimulus of
6.21
10% 5 9 ©9 0
5 11
7 9 -160 83414 7 07 8
and a rather better demand for export.
markets
foreign
6.14
1034 5 6 ©8 10
5.09 99K
83414 6
6.00 War-like rumors, too, from Southeastern Europe concerning
10% 5 5 .08 9
5.02
7
6 :7
8
between Austria and Servia, especially as they
6 04 the relations
0 104 5 41458 8
74 0 8 4 6 07 634 5.14 0
accompanied from time to time by a drop in
been
have
6.00
7
5
10
4
08
0%
4.08
fqi
07
8 1
7
5.86 British Consols, have also not been without their effect.
5 3 08 6
4.97 8% @
07 7
734899 8 4
114 5 154038 43' 5.68
arriv07 6% 4.94 ssi
7% 0 8
Moreover, it is said that some of the Argentina wheat

'M 2

9




ISA

114

2

0

034

836

THE CHRONICLE

[VOL.

ing at Liverpool Is not of contract grade. Some bad crop
The following are closing quotations:
reports have been received from Nebraska, Ohio and IlliFLOUR.
Winter, low grades_ _-_$4 00@$4 30 Kansas s'rafght.
nois, as well as Kansas, Indiana and Missouri. The esti- Winter
$5 25@$5 35
patents
5 75® 6 00 Blended clears
IP 5 00
mated shipments from Argentina this week are light. Aus- Winter straight
5 50® 5 60 City patente
6 60® 6 90
Winter clear
4 70@ 5 001 Rye flour bbis__ ------ 4
tralia's exportable surplus seems to be smaller than expected. Spring
25@
4 75
patent
5 00@ 0 15 Buckwheat fio
2 10Q 235
It is said that only 4,000,000 bushels remain to be shipped. Spring straights
5 25@ 5 40 Graham flour_ __
_ Q ____
4 50® 4 901 Corn meal kiln Cried-- _ _-_ Q 3
A partial bread famine is said to exist in parts of Mexico, Kansas clears
50
GRAIN.
seemingly pointing to renewed exports of wheat to that Wheat. per bush.Corn, per bush.
country. No. 2 red wheat, it is reported, has been sold
N. Duluth, No. 1
12594
No. 2 mixed
el. 7594
N. Duluth, No. 2
12394
No. 2 yellow
at Chicago for shipment to Kansas City. Northwestern
7354
Red winter, No. 2
el
12334
No. 3
72 %
stocks have been steadily decreasing, and the cash demand
1
Hard "
"
2534 Rye, per bush.per bush.No. 2 Western
in the American and Canadian Northwest is reported better. Oats,
f.o.b.87q#88
Nat. white,26 to 281bs
57 Q58
State and Jersey
Nominal.
On the other hand, however, speculation has dragged someNo. 2 white
59@ 5934 Barley-Malting
76§79
White clipped
57Q 81
Feeding. a. 1. f. N. Y_
what. Of late the political outlook in Europe has seemingly
74 075
The statement of the movement of breadstuffs to market
become more pacific. Some Ohio and Kansas crop reports
have been favorable. Seeding of spring wheat has begun, indicated below are prepared by us from figures collected by
it is stated, in Minnesota and South Dakota. Recent world the New York Produce Exchange. The receipts at Western
shipments have been heavy. Chicago stocks have been in- lake and river ports for the week ending last Saturday and
creasing. Of contract grades there are at that centre 4,246, since August 1 for each of the last three years have been: _ _
000 bushels, against 3,955,000 a year ago. The general vis- Receipts at- Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
ible supply in this country showed a small increase, 80,000
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48Ibs. bu.56
bushels, against the decrease for the same time last year of
lbs.
Chicago ____
180,215
368,400 1,465,600 1,364,700
808,500
32,000
1,020,000 bushels. To some the market looks artificial Milwaukee_ _
82,975
119,900
163,900
208,500
169,400
26,000
678,192
37,000
64,029
3,765
and in need of constant support. Yet the support is there Duluth
121,218
1,482
Minneapolis_
122,400
1,076,770
235,320
270,590
whenever it seems to be really needed. Powerful interests Toledo
38,180
11,000
82,600
27,000
2,200
4,000
9,000
26,500
are still committed to the May deal. Others are selling July, Detroit
49,200
Cleveland
1,034
136,810
170,200
2,520
62,930
even at the discount of about 13cents. The bulls maintain, St.
Louls
241,207
54,160
603,145
432,000
101,400
5,000
however, that there is likely to be more or less scarcity of Peoria
54,600
11,305
112,500
282,750
99,000
17,000
343,600
222,200
132,000
wheat, not only in this country but in Europe, before thesea- Kansas City
son is over, and they are greatly encouraged by the recent Tot.wk.'09 413,984 2,866,894 3,132,370 2,772,749 1,633,038 121,862
330,809 3,697,713 3,443,944 4,870,734 1,013,872 124,023
Same wk.'08
firmness of the European markets, especially Liverpool, Same
344,152 3,811,193 5,134,878 4,322,441 1,699,235 204,618
wk.'07
and by reports from Argentina that weekly shipments in the Since A p.1
1908-09___ 13,764,452 183,845,082 104,434,387 110,015,530 66,974,967 5.289,701
future are likely to be comparatively light. Many eye the 1907-08___
12,233,157 171,788,888 129,729,021 132,922,540 52,126,602 5,603,239
market askance, however, as it is 14 to 22 cents per bushel 1906-07.._ 14,097,335
174,067,892 141,799,499 138,863,771 53,684,549 5,937,953
higher than a year ago-a fact which they think sufficiently
discounts any bullish factors, even conceding,for argument's --Total receipts of flour and grain at the seaboard ports for
sake,everything said on that score. To-day prices advanced the week ended March 20 1909 follow:
Flour,
Wheat,
Corn,
Oats, Barley,
Rye
with reports of 50 loads for export taken at Duluth, higher
Receipts atbbls.
bush.
bush,
bush.
bush.
bush
foreign markets and small Australian and Argentina weekly New York
134,731
300,000
298,125
474,779 29,325
Boston
32,167
52,882
86,392
1,504
6,161
90,135
shipments. Some unfavorable crop reports were published. Portland,
Me
15,838
318,123
25,714
3,000
Australian shipments are 1,592,000 bushels, against 2,480,- Philadelphia
56,357
66,161
328,456
68,249
36,716
12,415
239,506
000 last week and 440,000 last year, and Argentina 3,512,000 Baltimore
45,701
1,833
10,037
Richmond
2,291
29,090
41,596
14,998
bushels, against 4,848,000 last week and 5,248,000 last year. New Orleans a_
15,397
21,900
208,500
82,000

Newport News_
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
85,714
Norfolk
1,071
8,900
Sat. Mon. Tues. Wed. Thurs. pri.
Galveston
37,000
3,000
No. 2 red winter f.-.b
12334 12234 12334 12434 124
12634 Mobile
1,875
5,000
May delivery in elevator
11934 11834 11934 120% 12034 1209
8.709
67,384
1,467
July delivery in elevator
33,397
11134 11034 11134 11234 11134 11234 Montreal
15,792
John
60,072
387,807
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. ' St.
72,658
Sat. Mon. Tues. Wed. Thurs. Fri.
Total
week
365,224
1,292.768
1,332,370
812,259 125,769
11534 115% 11634 117% 117
May delivery in elevator
11,541
11734
376,415
784,331
444,582
964,618 82,337 29,400
103
July delivery in elevator
102% 103% 104% 103% 104% Week 1908
Since Jan. 1 1909_3,353,421 15,807.062 17,629.991 11,048,940 2840,888 228,357
96 % 96 % 9734 9834 97% 98
September delivery in elevator...
Jan.
1908_3,990,734
1
Since
14,391,836
20.444,862
8,261,232 1376.813 1020,079
Indian corn, although irregular at times, has on the whole
* Receipts do not include grain passing through New Orleans for foreign
ports
shown an upward tendency in price, partly owing to the on throughbills of lading.

The exports from the several seaboard ports for the week
firmness of wheat. Moreover there has been a somewhat
better export demand. Clearances have reached a rather ending March 20 1909 are shown in the annexed statement:
Wheat,
Oats.
Corn, Flour,
Rye, Barley, Peas,
liberal aggregate, and the Liverpool market has risen. Bad
Exports frombush,
bush.
bbls.
bush,
bush.
bush.
bush
weather at times has helped to cut down the movement. New York
321,820
24,273
17,698 1,044
52,715 75,187
Portland,
Me____
3,000
318,123
25,714 15,838
8,777
Country acceptances have latterly been small. The visible Boston
40,515
25,500
51,466 7,819
supply has decreased. The stock of all grades at Chicago Philadelphia
162,703 35,585
80
2,000 4,124
decreased last week 519,000 bushels, and is now 4,291,000 Baltimore
New Orleans
4,644 309,540 11,678
306
30
bushels, against 4,854,000 a year ago. Yet supplies, on the Galveston
180,997 17,243
Mobile
whole, are pretty liberal, and farm stocks are large. Planting St.
5,000
1,875
John, N. B.._ 387,807
72,658
60,072
has been begun in Oklahoma, and it is believed that the
115,856
acreage this year will be increased, especially in the South- Total week____1,072,909 884,749 230,492 27,659
9,851
1908
9,361 32,195 55,955 12,360
1,077,378 390,073 201,777
west, where the drought has unfavorably affected wheat. Week
The
the
week
for
and
exports
destination
since
these
of
Interior receipts, however, have been considerably smaller
is as below:
_____
than those of a year. ago.. Farmers have begun field work July 1 190801Flou
r---- Wheat Since -Coraand this may cause falling off in the crop movements, at
Since
Since
1
July
Week
Week
July 1
Week
July 1
least for a time. Latterly a decrease in the shipping demand Exports for week and Mch.20.
1908. Me/s. 20.
1908. Mch. 20.
1908,
and some decline in oats have affected corn unfavorably. since July 1 tobush.
bush.
bush.
bbls.
bbls.
bush.
United Kingdom_ _109,930 4,227,610 786,511 48,462,179 448,201 12,745,902
To-day prices advanced at first, owing to a rise in Liverpool, Continent
24,513 1,816,467 248,681 44,187,855 416.291 10,163,827
but reacted on good weather at the West and reports of So. & Cent Amer 12,532 485,830 37,717 331,679
2,013
32,053
12,285
17,960
51,023 1,082,232
larger country offerings. A feature was heavy buying of West Indies
892,296
Brit. No. Am. Cols_
64,280
8,912
May and selling of July; two houses have in two days done Other Countries____ 32,492 258,087
59,485
284
20,936
two million bushels.

Total
230,492 7,934,506 1,072,909 93,053,483 884.749 23,863,926
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Total 1907-08
201,777 8,910,761 1,077,378 93,421,179 390,073 41,650,208
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
75
7434 7434 75
world's
The
shipments of wheat and corn for the week
7554 7534
May delivery in elevator
7334 7334. 7334 7434 7434 7434 ending March20
1909 and since July 1 in 1908-09 and 1907-08
July delivery in elevator
73 34 7234 72% 7334 7394 7334
72% 72 A 72% 73 A 73% 73 A are shown in the following:
September delivery In elevator
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Wheat.
Corn.
May delivery in elevator
6534 6634 6034 66% 6634 6634
65% 05% 6594 66
July delivery in elevator
6534 65%
1907-08.
E:ports.
1908-09.
1908-09.
1907-08.
September delivery in elevator
6534 65
65% 6534 6534 6594
Week
Since
Since
Oats have shown no marked change, but have been in the
Week
Since
Since
Me/i. 20. July 1.
July 1. Me/s. 20. July 1.
July 1.
main steady in sympathy with other grain,

especially as
receipts have been small. Latterly, however, Chicago
Bushels. Bushels. Bushels.
Bus/sets.
Bushels. Bushels.
North Amer. 2,012,000 149,498,700 146,136,000 872,000 23M59,400 37,750,000
speculators have attacked the market with vigor, and cash Russian
1,509,000 50,432,000 54,184,000 484,000 13,244,500 18,208,000
and elevator interests have sold July and September. Seeding Danubian _ 144,000 28,752,000 22,370,000 569,000 19,506,500 34,688,000
8,000 43,382,500 30,328,000
of the next crop has begun in Central Illinois under favorable Argentine __ 6,224,000 80.012,000 64,704.000
Australian__ 2,600,000 24,908,000 9,636,000
conditions. The soil is thoughtto be in good state for seeding 0th.
countr's
88,000 14,078,000 20,980,000
and speculators, believing that the next crop will be a
12572000 338,740,700 318,016,000 1,933,000 99,852,900 126,974,000
large one,have latterly sold July and September aggressively. Total
To-day prices were rather firmer with those for other grain -The quantity of wheat and
corn afloat for Europe on dates
for a time, but declined later. Cash prices were lower at mentioned was as follows:
Chicago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.Tues.
Wed.
Thurs.
Fri.
No. 2 white_ 50%40
593-60
59-595i 59-5934 59-5934 59White clipped,
tjv 34 to 36 Ibs.57 A-5934 57 A-59% 57 A-59 A '57-59. 5759
57-59
4DAILY CLOSING PRICES OF OATS FUTURES INCHICAGO.
•.Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
5434 5494 54 .4 54 %
54% 54
July 'delivery In elevator
4834 48
4834 4834 4734 45%
September digivery 18 elevator
10% 40% 3934 39
4034 40




Corn.

Wheat.
United
Kingdom, Continent.

Total.

I United
1 Kingdom. Continent,

Bushels, Bushels. Bushels. I
Mch.20 1909-- 34,960,000 23,520,000 58,480,000
Meh. 13 1909-- 33,600,000 22,960,000 56,560,000
Mch. 21 1908-. 35,920,000 22,040,000 57,960,000,

Bushels.
2,295,000
2,805,000
1,400,000

Bushels,
2,465,000
2,040,000
2,880,000

Total.
Bushels.
4,760,000
4,845,000
4,280,000

MAU.271009.]THE

837

CHRONICLE

Theralue 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 $4,464,948 in 1909, against $2,572,694 in 1908.
Demand for many lines of domestic cottons has abated
seaboard ports March 20 1909, was as follows:
somewhat and orders for the most part have been confined
AMERICAN GRAIN STOCKS,
Barley, to small lots for immediate or near-by shipment. As already
Rye,
Wheat,
Corn,
Oats,
bush. noted, the downward tendency on some descriptions of
bush.
bush,
bush.
bush.
251,000 heavy sheetings and drills appears to have been checked by
38,000
947,000
746,000
New York
166,000
25,000
8,000
21,000
300,000
Boston
38,000
recent large export sales, although some coarse standards
36,000
101,000
Philadelphia
101,000
4,000 are quiet and still rather easy. Fine cottons have continued
84,000
185,000
Baltimore
176,000
406,000
277,000
307,000
New Orleans
407,000
in active request and generally strong, with finishers much
Galveston
211,000
48,000
50,000 behind on sample deliveries. Staple prints are reported as
13,000
Buffalo
945,000
1,209,000
afloat
172,000
2,658,000
1,000 dragging in Eastern centres, but are seasonable active in
9,000
Toledo
116,000
244,000
230,000
the South and West; the call for novelty prints has been
afloat
70,000
2,000 well maintained. The
16,000
Detroit
99,000
220,000
306,000
situation in staple ginghams shows
866,000
125,000
Chicago
1,074,000
4,372,000 1,049,000
153,000 little change, good qualities continuing scarce; the same is
4,000
187,000
Milwaukee
663,000
251,000
929,000 true of high-grade denims. Fall ginghams are meeting with
21,000
Duluth
8,918,000
319,000 1,332,000
639,000
95,000
Minneapolis
371,000 2,120,000
13,582,000
162,000 a ready sale, and jobbers report gratifying orders from their
22,000
508,000
St. Louis
480,000
992,000
road salesmen for blankets, napped fabrics, dm Trading in
Kansas City
258,000
1,266,000
2,317,000
15,000
33,000
Peoria
884,000
4,000
174,000
the print cloth market has been only moderate; regulars
96,000
Indianapolis
415,000
197,000
are still quoted at 3 7-16c. nominal, and standard wide
3,097,000
468,000
Total Mch, 20 1909_ _37,076,000 6,353,000 9,142,000
8c. to 4Mc.
529,000 3,052,000 goods at 43/
Total Mch. 13 1909..36,996,000 6,617,000 8,948,000

New York to March 20Week.
7
Great Britain
Other Europe
58
China
12,817
India
Arabia100
Arica
13
West Indies
1,168
Mexico
6
Central Aincrioa
glg
South America
326
Other countries
Total




_15,578

145,195

:3,455

St0ce
Jan. 1.
256

37,487

Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending March 20 1909 and since
Jan. 1 1909, and for the corresponding periods of last year,
are as follows:
• r.,
t0 4
oj
F.,-3 g.r,.• ..:::0 0 1:1
14'1 g'21.-Cegg
0 Eggq
g
8
• E
go
F. gsggig
c4.
2.
0
0
O
0
g
CS
0
0
f)
g 8*,
CS
g

a

I1

a

0
.

co

CO

la5.

.0
B

.
0,4 t
0;
C4 .40
.
.
0
00C4

-4
CS
.0
CD.
0

04
IS.,
GO
GO
CS

Go 0
OD
...

Cu
.1 co
0 to
'C.,

'J'GO
CA
Co 14
O.
0o

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N4NoW
OD6 GOON
c.mcbcien
4N0.0

C4
40
00
AA

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coo
WW
Y• WNoN
04 c,GO 00 CO
.4
GoW • CO

.4• 0
.
NO
QM
0' Cu
• eu
-'p.,
.a
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4
14.
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004.0

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61.67mo
6.
wo.ww
woomow

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4.1

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c4W
..4C4
c. C4
c4C4

00

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OW

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CI

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00

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cramo4

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C4
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nrczn1.1

4.4.00
03'4N
.004000
00.00W

MOT aNV 6061

43
3,975
7,917
2,703
8,648
359
3,672
10,516
3,882

-----1908----84nce
Week. Jan. 1.
98
8
120
6,574
1,172
2
3,024
5,046
742
1,056
80
5,091
499
418
• 12
2,929
294
434
10,038
• 219
3,493

-----1909-----

FOREIGN DRY GOODS.-Forward business in imported
worsteds and woolens has been restricted somewhat by tariff
uncertainties. Linens have continued in active request and
strong, with advances reported as imminent. No new
developments are noted in burlaps, trade remaining quiet
and prices unchanged.

Iu

New York, Friday Night,'March 26 1909.
Current trade in most lines of dry goods has been quiet
and rather disappointing, especially in the East, demand
being more or less spasmodic and irregular, and orders as a
'rule limited to small lots for quick shipment. Easter trade
has developed slowly, and so far is below expectations.
Merchants have given more attention to fall and spring lines
and appear quite confident of a good trade during those
seasons, but even on such lines new business has not come
forward as freely as sellers had hoped for, buyers generally
showing conservatism in making future commitments.
Dulness in current business is attributed partly to unfavorable weather conditions, while uncertainty over the final
outcome of the tariff revision has served to restrict operations
for the future. Provisions in the textile schedules of the
Payne tariff bill received further consideration by all interests
affected; the trade as a whole is much exercised over the
proposed changes, and during the week meetings of leading
representatives of various lines were held with a view to
securing, if possible, through concerted action, amendments
to the bill. Needless to say, uncertainty over the final
result is seriously interfering with operations for the future,
particularly in cotton goods and underwear and hosiery.
The primary cotton goods market has ruled quiet and soft in
places; it is noteworthy, however, that the substantial
purchases for export have not only imparted a steadier tone
to heavy sheetings and drills, but have given employment
to many looms not engaged on domestic orders. Jobbing
trade in some lines has been fair; jobbers have continued to
receive orders for fall and are doing quite a satisfactory
business on novelty cotton fabrics, dress goods and wash
goods; but prints, most lines of domestics, and, to some
extent, white and knit goods, have been relatively slow. In
the silk division piece goods have been less active, owing
largely to tariff considerations, while demand at first hands
for many lines of domestic silk ribbons has fallen off sharply,
and it is reported that some mills are curtailing production.
No further sales have been reported for China account, and
few, if any, inquiries have come forward; but miscellaneous
export trade has been fair. Both dress goods and men's
wear lines for fall have quieted down considerably.
DOMESTIC COTTON dOODS.-The exports of cotton
goods from this port for the week ending March 20 were
15,578 packages, valued at $813,871, their destination being
to the points specified in the table below:

aau

THE DRY GOODS TRADE.

9firPIL'ZI7

468,000 3,196,000
Total Mch. 20 1909..44,117,000 6,383,000 9,340,000
529,000 3,141,000
Total Moll. 13 1909..43,452,000 6,644,000 9,165,000
668,000 3,644,000
Total Mch. 21 1908_39,118,000 6,657,000 9,315,000
Total Mch. 23 1907..47,753,000 12,057,000 9,530,000 1,543,000 2,240,000
Total Mch. 24 1906...47,329,000 13,012,000 22,668,000 2,180,000 3,887,000
Total Mch. 25 1905..32,818,000 9,979,900 10,109,000 1,415,000 3,218,000
Total Mch. 26 1904..32,511,000 1Q,050,000 10,356,000
980,000 3,800,000

•aoiltad anvs onrnu

Barley,
Rye,
bush.
bush.
468,000 3,097,000
99,000

816'912

99,000
89,000

30,000
27,000

WOOLEN GOODS.-About the only noteworthy feature
in the men's wear market is that styles for s
- -Piing 1910 are
being considered by producers and indications now point
to larger and more general offerings of unfinished worsteds in
resist dyes. Current business is of small proportions, as
the present is a "between seasons" period, and not much
change is expected until duplicating becomes more active,
when, it is reported, new prices are likely to be made by
some agents, with possibly advances on heavy-weights.
In some quarters belated initial orders for suitings were
received during the week. Light-weights, particularly fancy
worsteds and serges, have figured prominently in early
duplicate orders that have come forward. In dress goods,
demand from jobbing and manufacturing trades, as previously noted, is about over, so that the market as a whole
has been comparatively quiet. A leading line of worsteds
was withdrawn during the week, and the largest producers
of dress goods are about to take similar action. Jobbers
have enjoyed a good trade, demand from retailers having
continued longer than usual this season.

ST6'gZI'It

198,000
217,000

SUMMARY.
Corn,
Oats,
Wheat,
bush.
bush,
bush.
37,076,000 6,353,000 9,142,000
7,041,000
30,000
198,000

Total Mch. 20 1909.. 7,041,000
Total Mch. 13 1909._ 6,456,000

American
Canadian

Barley,
bush.
99,000

treVZI

Montreal
Fort William
"
afloat
Port Arthur
Other Canadian

Rye,
bush.

1391,'ZCVZ

CANADIAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
198,000
30,000
40,000
3,043,000
291,000
2,850,000
808,000

838

OTATf, AVID

THE CHRONICLE

CITY

rETAIITIVIttfie

News Items.
New York City.-Bank Tax Assessments Open to Public
Inspection.-In accordance with the terms of the bank tax
bill recently passed by the Legislature (V. 88, p. 639), the
assessments of bank stock levied during the years 1901 to
1907 inclusive were opened for public inspection on March
18. The books will remain open until Oct. 31 1909 and
the notice issued by the Board of Taxes and Assessments
provides that application for the reduction or cancellation
of such assessments must be made to the board in writing
on or before Sept. 1 1909. See item under head of "Items
About Banks, Bankers and Trust Co's."
Oregon.-Special Session of Legislature Ends.-The Legislature of this State, which convened in special session on
March 15 (V. 88, p. 698), adjourned at 8:40 p. m. on March
16.
Virginia.-Ward Late Declared Constitutional.-Chapter
216 of the Acts of 1908, known as the Ward Law, relating
to the holding of special elections, was declared constitutional by the Supreme Court of Appeals of Virginia in a
lengthy opinion handed down on March 18. The decision
was rendered in a case which came up from the Corporation
Court of Fredericksburg and which grew out of a local option
election held in that city on May 5 1908. The election resulted in the defeat of the licensed saloon and was subsequently attacked, one of the contentions being that the Act
passed in 1908, under which the election was held, was unconstitutional. In upholding the constitutionality of the
Act, the Court lays down the proposition that inasmuch as
the qualifications for voters as prescribed by the Constitution
apply only to elections held for members of the General
Assembly and all officers elective by the people, there is
nothing in this provision to prevent the Legislature from
prescribing other qualifications for an electorate to vote in
special elections which are not provided for in the Constitution.
Incidentally the present decision removes all doubt as to
the legality of a number of issues of bonds authorized at
elections held under the law passed last year. It is said
that road bonds, aggregating more than $200,000, were
tied up awaiting the opinion of the Court.

Bond Proposals and NedotiatIons this week
bye Wan as follows:
Albert Lea, Freeborn County, Minn.-Bond Election.A $26,000 trunk-sewer-construction bond election will be
held April 6.
Alliance, Stark County, Ohio.-Bond Sale.-The following
proposals were submitted on March 25 for the $9,500 43%
20-year bridge bonds described in V. 88, p. 777:
First Nat. Bk., Cleveland410,312 00 C. E. Denison & Co., Clev_$10,118 50

Seasongood & Mayer, Cin.. 10,302 75
Hayden, Miller & Co., Clev.10,260 00
Well, Roth & Co., Cinc_ _ _ 10,236 25
Security Savings Bank &
10,182 50
Trust Co., Toledo
Alliance Bank Co., Alliance 10,150 15

Otis & Hough, Cleveland_
S. Kuhn & Sons, Cinc_ _ __
City Savings Bank & Trust
Co., Alliance
Rudolph Kleybolte Co.
Inc., Cincinnati

10,085 00
10,055 75
10,015 00
9,977 85

Atlantic City, N. J.-Bond Offering.-Proposals will be
received until 12 m. April 10 by A. M. Heston, City Comptroller, for $250,000 4M% gold coupon public-park bonds.
Denomination $1,000. Date July 1 1908. Interest semiannually at the Hanover National Bank in New York City.
Maturity July 1 1943. Bonds are exempt from taxation.
Bid must be unconditional, made for "all or none," and be
on a blank furm furnished by A. M. Heston, City Comptroller.
Certified check (or cash) for $5,000, made payable to the
City Comptroller, required. The Columbia Trust Co. Of
New York City will certify as to the genuineness of the bonds
and the legality of the same will be approved by Dillon &
Hubbard of New York City, a copy of whose opinion will
be delivered to the purchaser. Delivery of bonds on or
about May 11909. Successful bidder to pay accrued interest.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Barton Heights (P.0. Richmond), Henrico County, Va.Bond Offering.-Proposals will be received until 7 p. rn.
March 31 by A. W. Martenstein, Chairman of Finance
Committee, for the $15,000 6% coupon water and sewersystem-completion bonds voted on Feb. 23. V. 88, p. 578.
Authority Section 1038, E. Pollards Code, Virginia.
Denomination $1,000. Date March 1 1909. Interest
semi-annually at the Bank of Richmond. Maturity March 1
1939. Bonded debt, not including this issue, $40,000.
Floating debt $2,000. Assessed valuation for 1908 $474,060.
IX Beloit School District (P.0. Beloit), Rock County, Wis.Bond Offering.-This district is offering for sale $130,000
school bonds.
Benton Township (P. 0. Benton Harbor), Mich.-Bond
Election.-An election will be held April 5 for the purpose of
voting on the issuance of $50,000 road bonds.




[VoL. Lxxxviit

Bettsville, Ohio.-Bond Sale.-Following is a list of the
bids received on March 23 for the $1,200 5% coupon fireengine bonds described in this Department last week:

Commercial National Bank.$1
BettsvIlle Banking Co.,
Tiffin
,228 05
Bettsville
,223 10
H. H. Shield, Tiffin
1,225 25 Tiffin Nat. Bank, TIffin.., 1,217 00
Commercial Bank Co..
Colorllal Savings Bank,
"
Greenspying
1,224 20
Fremont

Maturity $300 on Sept. 1 in each of the years 1910,
1.2
1911
n,
1912 and 1913.
Bloomfield, Essex County, N. J.-Bond Offering.-Proposals will be received until 8:30 p. m. March 30 by Raymond F. Davis, Town Clerk, for the following 4% coupon
(with privilege of registration) bonds:
$15,000 water bonds. Maturity $5,000 on April 1 in each of the years
1935, 1936 and 1937.
30.000 park bonds mentioned in V. 88, p. 699. Alaturity $5,000 yearly
on April 1 from 1930 to 1935 inclusive.
31.000 school bonds mentioned in V. 88, p. 699. Maturity $1,000 yearly
on April 1 from 1918 to 1948 Inclusive.

Denomination $1,000. Date April 1 1909. Interest
semi-annually at Bloomfield National Bank of Bloomfield.
Bid to be made on a blank form furnished by the Town Clerk
and be accompanied by a certified check for 5% of bonds bid
for, made 'payable to the "Town of Bloomfield! Bonds will
be certified to as to their genuineness by the United States
Mortgage & Trust Co. of New York City, and their legality
approved by Caldwell & Reed, a copy of whose opinion will
be delivered to the purchaser.
Briarcliff Manor, Westchester County, N. Y.-Bond Offering.-Proposals will be received until 4 p. m. April 14 by
William H. Coleman, Village Clerk, for $34,000 registered
water-works bonds at not exceeding 5% interest. Authority
election held March 16 1909. Denomination $1,000. Date
April 1 1909. Interest semi-annual. Maturity $2,000
yearly on April 1 from 1914 to 1930 inclusive. Certified
check or cash for 5% of bid is required.
The official notice of this bond offering will appear among
the advertisements elsewhere in this Department next week.
Brockton, Plymouth County, Mass.-Temporary Loan.We see it stated that the First National Bank of Boston has
loaned this city $150,000 at 3% discount.
Bullock County (P. 0. Union Springs), Ala.-Bonds
Voted.-Early returns indicate that a proposition to issue
$100,000 road-building bonds was favorably voted upon
1c0
Maaraclhex13.
School District (P. 0. Calexico), Imperial
County, Oal.-Bond Sale.-This district on Feb. 23 sold
$6,000 6% 10-12-year (serial) school bonds to the Wm. R.
Staats Co. of Los Angeles at 105.45-a basis of about 5.339%.
Denomination $2,000. Date Jan. 7 1909. Interest semiannual.
Cambridge, Furnas County, Neb.-Bond Sale.-The
$25,000 5% 5-20-year (optional) water bonds mentioned in
V. 88, p. 640, have been disposed of, according to reports,
to C. M. Brown, President First National Bank of Cambridge, at par.
Cape Girardeau County (P. 0. Jackson), Mo.-No New
Bonds Issued.-We are advised that the $48,000 4% courthouse bonds reported as recently sold to the Harris Trust &
Savings Bank of Chicago (V. 88, p. 778) are part of the issue
awarded to that company on March 2 1906 Our informant
adds that no new bonds have been awarded or issued since
that date.
Capital Hill, Oklahoma County, Okla.-Bond Sale.-On
March 10 $35,000 water and $15,000 sewer 6% bonds were
awarded to M. L. Turner of Oklahoma City at 104. Denomination $1,000. Date April 1 1909. Interest semi-annual.
Maturity April 1 1934.
Carter County School Districts, Okla.-Bond Sales.-The
Oklahoma Bond & Trust Co. of Guthrie recently purchased
the following 6% coupon bonds:
$2,000 School District No. 34 bonds at 101. P. 0. Ardmore. Denomination $500. Date March 13 1909. Assessed valuation $56,478.
3,000 School District No. 53 bonds at 102. P. 0. Rock. Denomnatlon
$500. Date Feb. 4 1909. Assessed valuation $75,000.
8,000 School District No. 32 bonds at 102. P. 0. Lone Grove. Denomination $500. Date April 1 1909. Assessed valuation $207,160.
1,800 School District No. 12 bonds at 101. P. 0. Berwyn. Denomination $500, except one bond of $300. Date March 15 1909. Assessed
valuation $119,085.

Maturity Jan. 1 1929. The above districts have no other
debt. Interest Jan. 1 and July 1 at the fiscal agency in
New York City.
Chandler, Lincoln County, Okla.-Bond Offering.-Proposals will be received until March 30 for the $25,000 5%
sewer bonds voted (V. 88, p. 778) on March 9. Maturity
April 1 1934.
•
Chatham County (P. 0. Pittsboro), N. 0.-Bond Sale.This county has sold an issue of funding bonds.
Cheviot, Hamilton County, Ohio.-Bond Sale.-Reports
state that on March 20 the three issues of 5% coupon streetimprovement assessment bonds, aggregating $11,235, described in V. 88, p. 778, were awarded to W. J. Hayes &
Sons of Cleveland for $11,692 47-the price thus being
104.071. Maturity part of each issue yearly on March 20
from 1910 to 1919 inclusive.
Chino City School District, San Bernardino County, Cal.
-Bond Sale.-On March 15 the Los Angeles Trust Co. of
Los Angeles was awarded the $2,000 5% 1-4-year (serial)

MAL 27 1909.)

THE CHRONICLE

839
$311,370 00

Detroit Sinking Fund Commissionf$300.000 school bonds
103,790 00
gold school bonds, a description of which was given in V. 88,
1 100,000 sewer bonds
305,625 00
300,000 school bonds
interest.
p.1779. The price paid was 100.50 and accrued
00
103,700
1100,000 sewer bonds
25,955 00
25,000 sewer bonds
_
Choctaw County (P. 0. Hugo), Okla.-Bond Election.- N. W. Halsey & Co., Chicago_
26,062 50
25,000 sewer bonds
26,20000
25,000 sewer bonds
We are informed that the election to vote on the question
5,225 00
B. Rayl Co.. Detroit (for $5,000 school bonds)
,of issuing the $125,000 court-house and jail bonds men- T.
1,047 77
Peter Easterly, Chelsea ($1,000 sewer bonds)
tioned in V. 88, P. 321, will be held about April 1.
Easterly,
The sewer bonds were awarded, $1,000 to Peter
Cincinnati School District (P.0. Cincinnati), Ohio.-Bond $75,000 to N. W. Halsey & Co. in $25,000 lots, and $99,000
,Offering.-Proposals will be received until 12 m. March 30 to the Sinking Fund Commissioners, while the school issue
by the Board of Education, care of William Grautman, was awarded, $5,000 to T. B. Rayl & Co. and $295,000 to
Clerk, for $300,000 4% coupon bonds for purchasing and the sinking fund.
improving public school property. Authority Sections 3992
East Hartford, Hartford County, Conn.-Bond Offering.and 3994, Revised Statutes. Denomination $500. Date Proposals will be received until 3 p. m. March 29 by Jos. 0.
ExAmerican
the
at
day of sale. Interest semi-annually
Goodwin, Town Clerk, for $88,000 4% gold coupon (with
change National Bank in New York City. Maturity forty privilege of registration) funding bonds. These bonds were
for
check
certified
a
years. Bid must be accompanied by
authorized at an election held March 20, when all the votes
5% of bonds bid for, made payable to the said Board. cast were in favor of the issue. Date April 1 1909. Interdays
15
within
Delivery
Purchaser to pay accrued interest.
est semi-annually in Hartford. Maturity April 1 1939,
from the date of sale. Blank forms for bids will be furnished subject to call after April 1 1929. Certified check for 5%
by the Board of Education.
of the bonds bid for, payable to Edward E. King, Town
Clearwater, Hillsboro County, Fla.-Bond Offering.-Pro- Treasurer,is required. Bonds ard in denomination of $1,000.
posals will be received until March 31 by H. W. Bivens,
Elberton, Elbert County, Ga.-Bond Offering.-Proposals
Chairman, for $40,000 5% water and sewer bonds. Date will be received until 8 p. m. April 1 for the following 5%
for
check
Certified
Jan. 1 1909. Interest semi-annual.
bonds:
$35,000 school-building bonds. Maturity $5,000 on Jan. 1 in the years
$2,000 is required.
1929, 1930 and 1931 and $10,000 in 1938 and in 1939.
Maturity Jan. 1 1939.
Colorado Springs, El Paso County, Colo.-Bond Sale.- 5,000 electric-light-system-improvement bonds.
Authority, election held Feb. 16. Denomination $1,000.
This city has sold $25,000 10-15-year (optional) water-works
Date July 1 1909. Interest semi-annually at the office of
bonds dated Jan. 1 1909.
Election to Vote on New City Charter.-On May 11 the W. F. Jones, Clerk and Treasurer, in Elberton, or at the
people of this city will vote on a new charter. The proposed office of United States Mortgage & Trust Co. in New York
document provides for the submission of all bond issues and City. Certified check for $1,000, payable to the city of
franchise grants to a vote of the people, and restriction of Elberton, is required.
bonded indebtedness to 3% of the assessed valuation of the
Elgin, Antelope County, Neb.-Purchasers of Bonds.taxable property of the city. Said restrictions are not We are advised that the purchasers of the $15,000 waterutility
public
of
for
the
to
bonds
purchase
to be applicable
works bonds recently disposed of at private sale (V. 88,
properties from which the city shall derive a revenue.
p. 700) were Geo. N. Seymore, President of the Elgin State
(Juba School District (P.0. Cuba), Allegany County, N.Y. Bank, and Willis McBride, President of the First National
-Bond Election.-An election will be held on March 30 to Bank of Elgin. They paid par.
Elk City, Beckham County, Okla.-Bond Sale.-The-folvote on the question of issuing $50,000 school-house bonds.
6% bonds have been sold: $23,000 for water improvelowing
Sale.
-Bond
Ohio.
0.
(P.
Cleveland),
Cuyahoga County
86,000 for sewers and $6,000 for a city hall. The
ments,
cou43%
of
24
issues
the
two
on
March
It is reported that
dated March 1 1909 and mature in 1929.
are
bonds
$118,aggregating
t
Road
improvemen bonds,
pon Columbia
Township (P. 0. Youngstown), Mahoning
Ellsworth
the
Cleveto
awarded
88,
p.
were
779,
in
V.
245, described
land Trust Co. of Cleveland for $122,019 25-the price thus County, Ohio.-Bonds Voted.-An electiona held Feb. 23
resulted in a vote of 77 to 32 in favor of proposition to
being 103.191.
issue road-improvement bonds.
$500,issue
to
ns
Election.
-Propositio
-Bond
Dallas, Tex.
Excelsior Springs, Clay County, Mo.-Bond Sale.-R. W.
000 water-works-improvement bonds and $200,000 public- Morrison & Co. of Kansas City were the successful bidders
6.
April
upon
voted
will
be
bonds
school-improvement
on March 5 for the $10,000 5% 10-20-year coupon bridge
*
.1
Dallas County (P. 0. Dallas), Tex.-Bond Election.-An and library bonds described in V. 88, p. 580. •
election will be held March 30 to vote on the question of -FlatlieliciThOSty (P. 0. Kalispell), MOIL-Bond SCil
issuing $175,000 4% 5-40-year (optional) road and bridge The $25,000 bridge and the $10,000 free-high-school 10-20year (optional) coupon bonds, proposals for which were asked
bonds. Interest annual.
been awarded to E. H. Rollins dr Sons of
Dark Hollow Drainage District No. 1 (P. 0. Little Rock), until March 1, have
0 to the
-a, basis of about 4.2277
Pulaski County, Ark.-Bond Sale.-Local papers state that Denver at 102.21 for 43s 4.334% to full maturity. See
and about
the County Court has approved the sale of $88,500 6% bonds optional date for
a description of these bonds.
of this district to Farson, Son & Co. of Chicago. Maturity V. 88, p. 580,
Florence, Lauderdale County, Ala.-Bonds Not Sold.part yearly on Feb. 15 from 1919 to 1939 inclusive.
We are informed under date of March 20 that no award has
Dayton, Ohio.-Bond Offering.-Proposals will be re- yet been made of the $15,000 5% 20-year coupon funding
AudiCity
Philipps,
29
by
Edward
March
in.
ceived until 12
bonds for which proposals were asked until March 1. See
tor, for the $35,000 4% coupon market-house-construction V. 88, p. 580.
$1,000.
on
321.
p.
Denominati
88,
V.
in
bonds mentioned
Forest Grove School District No. 15 (P.0.Forest Grove),
Date Feb. 1 1909. Interest payable semi-annually in New
County, Ore.-Bond Sale.-An issue of $12,500
York City. Maturity $20,000 on Feb. 1 1929 and $15,000 Washington
school-building and site-purchase
on Feb. 1 1930. Certified check on a national bank for 5% 10-20-year (optional)
for which were advertised until Jan. 28,
$1,750, payable to the City Auditor, is required. Delivery bonds, proposals of at 101.25 as follows: $9,500 to Geo.
has been disposed
March 29 1909.
H. Tilden & Co. of Chicago and $3,000 to local investors.
-On
Sale.
-Bond
Ohio.
County,
Delaware, Delaware
Denominations $500 and $1,000. Date Feb. 1 1909.
William
Street
West
coupon
5%
47
March 20 the $31,727
Interest semi-annual.
improvement assessment bonds, described in V. 88, p. 779,
Frankfort, Clinton County, Ind.-Bond Offering.-Proat
104.965.
Columbus
of
Co.
&
Scott
were awarded to Barto,
posals will be received until 2 p. m. March 31 by Worth,
received:
proposals
the
of
Following is a list
0 coupon electric-light-plantClerk, for $50,000 57
Premiums. Price, City
Premiums.
00 reconstruction bonds. Authority Section 55, Chapter 129,
Barto. Scott do Co., Colum.$1,575 50 Western-German Bk., Cin41,435
Hayden, Miller & Co., Clev, 1,561 00 Well, Roth & Co., Cin____ 1,430 10 Acts of 1905. Denomination $500. Date April 1 1909.
1,409 00
Davies-Bertram Co., Cin__ 1,551 00 New First Nat. Bk., Colum.
1,392 83 Interest Jan. 1 and July 1 in New York City. Maturity.
First Nat. Bank, Cleveland 1.542 00 Alb. Kleybolte ec Co., CM_ 1,285 00
o.,Inc.,Cin.
Rud.KleyholteC
35
Bk.,
1,536
Delaw_
Nat.
$5,000 each six months from Jan. 1 1911 to July 1 1915 inDelaware
1,275 00
Field, Longstreth & Co.,Cin 1,508 00 Deposit BItg. Co.. Delaware 1,275 00 clusive. Bonds are exempt from taxation. Certified check
Delaware bay. Co., Delaw_ 1,501 00 C. E. Denison & Co., Clev_ 1,270
00 for $100, payable to the City Clerk, is required. These
Security S.D.& Tr.Co.,Tol. 1,501 00 Otis ea Hough. Cleveland__
Seasongood & Mayer, Cin__ 1,478 53 W. R. Todd & Co., Cin_ -_ 1,050 00 bonds were sold on March 1 to J. F. Wild & Co. of IndianapoCin___
50
1,472
Harrison,
&
Breed
lis (V. 88, p. 640). This sale, however, was subsequently
Maturity on March 1 as follows: $4,227 47 in 1910, $3,500 rescinded.
inclusive.
1919
to
1912
from
$3,000
yearly
in 1911 and
Fulton, Oswego County, N. Y.-Bond Offering.-ProBond Offering.-Proposals will be received until 12 m.
will be received until 8 p. m. March 31, it is stated,
posals
5%
01
$11,289
for
Auditor,
King,
City
D.
F.
April 20 by
school-building-addition bonds. Certified check
for
$10,000
Denominabonds.
portion)
(city's
-paving
coupon street
to the City Chamberlain,is required.
payable
$1,000,
for
later
not
Date,
01.
$789
bond
for
one
tion $500, except
0. Wauseon), Ohio.-Bond Sale.-On
depository
(P.
the
County
at
ly
Fulton
Interest
semi-annual
than May 1 1909.
of the Sinking Fund in Delaware. Maturity $1,789 01 on March 22 the four issues of 4% road-improvement bonds,
March 1 1910, $1,500 on March 1 1911 and $1,000 yearly aggregating $41,000, described in V. 88, p. 780, were
on March 1 from 1912 to 1919 inclusive. Purchaser to pay awarded to the First National Bank of Wauseon for $41,786
accrued interest. Successful bidder to pay for the transcript (101.917) and accrued interest. Maturity part of each issue
each six months from Jan. 1 1911 to July 1 1915 inclusive.
of proceedings at the legal rate, if the same is required.
Girard School District (P. 0. Girard), Trumbull County,
rewere
bids
following
-The
Sale.
-Bond
Mich.
Detroit,
-Bond Offering.-Proposals will be received until 12
Ohio.
and
chool
public-s
$300,000
the
March
20
for
ceived on
2(to be opened 7 p. m. April 5) by Wade R. Deemer,
April
m.
privilege
(with
coupon
30-year
334,%
$175,000 public-sewer
of Education, for $2,000 5% coupon schoolBoard
Clerk
700:
p.
V.
88,
in
described
bonds
of registration)




840

THE CHRONICLE

[VOL.

Lxxxvni.•

building-repair bonds. Authority Section 3994 of Revised Maturity
April 1 1929, subject to call after April 1 1914.
Statutes of Ohio. Denomination $500. Date, day of sale. Bonds
are exempt from city taxes. Total debt, this issue.
Interest semi-annually at the First National Bank of Girard. Assessed
valuation for 1908, $119,255.
Maturity April 2 1938. Bonds are exempt from taxation.
La Crosse, Wis.-Bond Offering.-Proposals will be
Certified check on a Trumbull County bank for 5% of the
bonds bid for, payable to James G. Lewis, District Treasurer, ceived until 2 p. m. March 30 by Wendell A. Andersoreisjirequired. Purchaser to pay accrued interest. Bonded
Mayor, and Joseph M. Sieger, City Clerk, for the followinn,
g
debt at present, $43,000. Assessed valuation for 1909, 4% coupon bonds mentioned in V. 88, p. 174:
$1,416,215.
$85,000 sewer bonds. Date April 1 1909.
75,000 park bonds. Date March 1 1909.
Glasgow, Howard County, Mo.-Bids Rejected
Denomination $1,000. Interest semi-annually
0
fering.-All bids received on March 23 for the -Bond
at the
$8,000
office of the City Treasurer. Maturity twenty years,
5-20-year (optional) gold coupon water-works bonds 6%
subject
deafter
call
to
years.
ten
scribed in V. 88, p. 780, were rejected. Proposals are
again
asked for, this time for bonds carrying interest at a rate
La Grange, Fayette County, Tex.-Bond Election.-It
not stated
is
to exceed 6%. They will be received until 12 m. April 2.
that an election will be held in May to vote
question of issuing $17,500 school-building bonds. on the
Glenwood School District (P. 0. Glenwood), Tex.
Election.-A $23,000 school-building bond election -Bond
Lake County (P. 0. Baldwin), Mich.-Bond Election.
will be
held April 10.
An election will be held April 5 to vote on the questionof
issuing $5,698 jail bonds.
Gloucester, Mass.-Temporary Loan.-Dispat
ches report that the City Treasurer has negotiated a loan of
Lehigh
County
(P.
Allentow
0.
n),
Pa.-Bond Sale.-Re$75,000
with the City National Bank of Gloucester at
ports state that the $200,000 4% 5-15-year (optional)
coucount and a premium of $6. The loan is dated3.27% dis- pon (with privilege of registration) funding
and publicMarch 25
1909 and matures March 1 1910.
improvement bonds described in V. 88, p. 781, were sold
on
Bond Offering.-Proposals will be received until
March 25 to Redmond & Co. and Henry & West,
March 30 by Edward Dolliver, City Treasurer, for 4 p. m. Philadelphia, at their joint bid of 101.163-a basis both of
4% coupon water bonds. Authority Chapter 451 of$30,000 3.743% to the optional date and about 3.898% to of about
full ma1895. Denomination $1,000. Date April 1 1909. Acts of turity.
semi-annually at the National Shawmut Bank in Interest
Licking
County (P. 0. Newark), Ohio.-Bond Sale.-The
Boston.
Maturity $1,000 yearly on April 1 from 1910 to
inclu- $3,600 4% coupon ditch-improvement bonds described in
sive. Purchaser to pay accrued interest. Bonds1939
88, p. 781, were sold on March 19 to Barto, Scott & Co.
certified to as to their genuineness by the City Trusthave been V. Columbu
s at 100.375 and accrued interest. A bid was
Company of
of Boston. The legality of the issue has been approve
d by also received from Hayden, Miller & Co. of Cleveland.
Storey, Thorndike, Palmer & Thayer of.Boston, a copy
of Maturity $200 on March 1 in each of the years 1910 and
whose opinion will be delivered to purchaser.
1911 and $200 each six months from March 1 1912 to Sept. 1
Guthrie, Logan County, Okla.-Bond Sale.-The
1919 inclusive.
ing 5% bonds due in 1933 have been sold: $25,000 forfollowLima, Ohio.-Bonds Authorized.-Local papers report
sewers
and $30,000 for street improvements. Interest April
15 that the City Council has authorized the issuance of $75,000
and Oct. 15.
street-improvement bonds.
Hamilton County (P.0.Syracuse), Kan.-Bonds Not
Lincoln, Neb.-Bond Offering.-Proposals will be received
Sold.
-No sale has yet been made of the $23,000 4% 25
until 4 p. m. March 29 by Thos. H. Pratt, City Clerk, for
-year
coupon bridge-building bonds described in V. 88, p. 462.
$19,660 paving assessment bonds
Hanover, Licking County, Ohio.-Bond Offering.-Pro- ing 5% interest. Date May 1 (five issues) at not exceed1909. Interest annually at
posals will be received until 12 m. March 31 at the office
of the Nebraska Fiscal Agency in New York City or at the
the Mayor for $2,000 5% coupon road bonds. Denominaoffice of the City Treasurer in Lincoln, at the option
the
tions $200 and $400. Interest annual. Maturity
purchaser. Maturity one-tenth yearly on May 1 fromof1910
yearly from one to five years inclusive. Certified check$400
inclusive
. Certified check for 3% of bonds bid for
for to 1919
10% of bonds bid for is required. Purchaser to pay accrued
is required. Official circular states there is no litigation
interest. A. E. Swearingen is Village Clerk.
threatened or pending affecting this issue of bonds or any
Hardin County (P. 0. Kenton), Ohio.-Bond Offering.- of the obligations of the city; also that there has never been
Proposals will be received until 12 m. April 1 by Justin any default in the payment of any obligations.
Brewer, County Auditor, for $30,000 43% bridge bonds.
Lineville, Clay County, Ala.-Bond Offering.-This town
Authority Section 871 of the Revised Statutes of Ohio. is offering for sale $15,000 5% school bonds. Authority
Denomination $1,000. Date April 1 1909. Interest semi- vote of 122 "for" to 2 "against' at election held March 15.
annually at the office of the County Treasurer in Kenton. Maturity 1929.
Maturity $3,000 yearly on April 1 from 1910 to 1919 inclusive
Litchfield, Sherman County, Neb.-Bond Offering.-Pro.
Certified check or cash for $500 on some Kenton bank,
posals will be received until April 1 by R. P. Moore, Village
payable to the County Auditor, is required.
Clerk, for the $10,500 5% water-works-construction bonds
Hazlehurst, Ga.-Bonds Voted.-An election held
March 15 mentioned in V. 88, p. 462. Denomination $500. Date
resulted in favor, it is said, of propositions to issue $18,000 April 11909. Interest annually at the State Fiscal Agency
water-works-construction bonds and $12,000 public-school- in New York City. Maturity twenty years, subject to call
building bonds.
after five years.
Higginsville School District (P. 0. Higginsville),
Lorain School District (P. 0. Lorain), Ohio.-Price Paid
La
Fayette County, Mo.-Bond Sale..An issue of $25,000 high- for Bonds.-We are advised that the price paid for the
school bonds was bought by the Little & Hays Investment $18,500 43/2% bonds awarded on Feb. 10 to the Sinking
Co. of St. Louis on March 10.
Fund Trustees of Lorain (V. 88, p. 519) was par and accrued
Holyoke, Hampden County, Mass.-Bond Offering.- interest. Denomination $500. Date Feb. 15 1909. InterProposals will be received until 2 p. m. March 31 by Pierre est semi-annual. Maturity $3,000 yearly beginning 1923.
Bonvouloir, City Treasurer,for the following 334% registered
Manchester, Hillsboro County, N. H.-Bond Sale.-An
bonds:
issue of $50,000 33/2% 20-year refunding bonds was awarded
$60.000 gold municipal bonds. Maturity $6.000 yearly on March
1 from on March 24 to E. H. Rollins & Sons of Chicago at 102.177
1910 to 1919 inclusive.
-a basis of about 3.35%. Denomination $1,000. Date
20,000 gold sewer bonds. Maturity $1.000 yearly on March 1
from 1910 April
to 1929 inclusive.
1, 1909. Interest semi-annual.
10,000 "Public Park" bonds. Maturity $1.000 yearly on March
1 from
Martin, Weakley County, Tenn.-Bond Election.-An
1910 to 1919 inclusive.
Date March 1 1909. Interest semi-annual. Bonds are election will be held April 6 to vote on the question of issuing $30,000 5% 5-20-year (optional) street-graveling
tax-exempt in Massachusetts. Certified check on a national
bank for $1,000, payable to the "City of Holyoke," is re- bonds.
quired. The legality of these bonds has been approved
by 20Minster, Anglaise County, Ohio.-Bond Sale.-On March
Storey, Thorndike, Palmer & Thayer of Boston, a copy
the $2,500 electric-light and the $4,000 paving assessment
of
whose opinion will be furnished to the successful bidder. 5% coupon bonds described in V. 88, p. 781, were awarded
Purchaser to pay accrued interest.
to Barto, Scott & Co. of Columbus,the former issue at 102.38
Kaw Valley Drainage District, Wyandotte County, Kan. and the latter issue at 104.287. Purchasers to pay accrued
-Bonds Awarded in Part.-Of the $200,000 432% bonds of- interest. Following is a list of the proposals received:
fered on March 3 and described in V. 88, p. 581, $47,000
$4,000
$2,500
Bonds.
Bonds.
worth had been disposed of up to March 17. Maturity Barto, Scott & Co., Columbus
$2.559 50 ;4,171 50
W. R. Todd & Co., Cincinnati
March 1 1936.
2,555 00
4,144 00
Citizens' Bank,
2,541 25
4,120 00
Kern School District (P. 0. Kern), Kern County, Cal.- John B. Plening.Minster
Minster
2,540 00
Hayden,
Miller
&
Co., Cleveland
No Bond Election.-The reports stating that an
2,538 00
4,141 00
New First National Bank, Columbus
2,537 00
4,165 00
would be held April 3 to vote on the question of election Well,
Roth & Co., Cincinnati
issuing
2.5255
20
4,111
National
First
Bank, Cleveland
$3,000 school bonds (V. 88, p. 701) are erroneous. We
4.111 00
00
are W. J. Hayes do Sons, Cleveland------------------- 2,524
-6,655 80
informed that the question to be voted upon is whether
or
The $2,500 bonds mature $250 each six months from
not a special tax shall be levied.
March 1 1910 to Sept. 1 1914 inclusive, while the $4,000
Kimball, Neb.-Bond Offering.-Proposals will be received bonds mature $400
yearly on Feb. 8 from 1910 to 1919
until 8 p. m. April 3 by Will J. Davies, Village Clerk,for the inclusive.
$16,000 6% registered water-works bonds voted (V. 88, p.
Massillon School District (P. 0. Massillon), Ohio.-Bond
462) on Jan. 30. Denomination $500. Date April 11909. Offering.
-Proposals will be received until 12 m. March 31
Interest semi-annually at Kountze Bros. in New York City.
by W. P. Fox, Clerk Board of Education, for $10,000 4%




MLR. 27 1909.J

THE CHRONICLE

841

nomination $500. Date Feb. 1 1909. Interest semicoupon school-building bonds. Authority Section 3,994,
Maturity 1910 to 1914 inclusive.
annual.
1
April
Date
$500.
on
Revised Statutes. Denominati
Orrville, Wayne County, Ohio.-Bond Sale.-On March 22
1909. Interest semi-annually at the Merchants' National
Bank in Massillon. Maturity $500 each six months from the $7,500 5% 10-year sewer bonds and the $9,000 06%
April 1 1910 to Oct. 1 1919 inclusive. Bonds are tax-exempt 10-year coupon water bonds described in V. 88, p. 782, were
Certified check for $500, payable to the President Board of awarded, the former issue to the Security Savings Bank &
Education, is required.
Trust Co. of Toledo for $8,110 (108.133) and the latter issue
of
to Barto, Scott & Co. of Columbus at 104.45. Purchasers
Co.
Trust
&
Bank
Sale.
City
-The
-Bond
Mobile, Ala.
to pay accrued interest. The other bidders were:
interest,
accrued
and
Mobile, offering $320,350 (100.109)
$7,500
$9,000
5%
$320,000
the
for
20
on
March
was the successful bidder
Bonds.
Bonds.
was
par
at
$8.03200
bid
00
A
$9,395
Cleveland
642.
p.
88,
in
V.
Otis & Hough,
coupon bonds described
7.812 75
9,375 30
W. J. Hayes & Sons, Cleveland
also received from J. W. Gurby & Co.
8,079 75
9,369 90
Cleveland Trust Co., Cleveland
8,100 00
9,368 10
Citizens' National Bank, Wooster
.Offering
-Bond
Minn.
8,009 10
Montevideo, Chippewa County,
9,326 70
Seasongood & Mayer, Cincinnati
8,062 20
9,360 00
Co., Cincinnati
Proposals will be received until 8 p. m. March 29 by J. M. Albert Kleybolte dcCo.,
8,030 00
9,280 00
Cleveland
Hayden, Miller &
-workswater
coupon
4%
Severens, City Clerk, for $12,000
7,997 00
9,280 00
First National Bank, Cleveland
8,005 00
9.255 00
extension bonds. Authority Chapter 10, Revised Laws of Orrville National Bank, Orrville
7,965 00
9,227 00
De& Co., Cincinnati
R.
Todd
W.
Charter.
City
the
of
8
1905, and Section 6 of Chapter
7,501 50
9,180 00
Well, Roth & Co., Cincinnati
7,503 00
9.005 00
Parson, Son & Co., Chicago
nomination $1,000. Date April 11909. Interest annually
7,800 25
1
Akron
April
Bank,
Dime
on
Savings
$6,000
Maturity
at the office of the purchaser.
payable
$240,
for
check
-On
Minn.
County,
Sale.
Certified
-Bond
Bigstone
in the years 1920 and 1925.
Ortonville,
to the City Treasurer, is required. Bonded debt, including March 15 the Union Investment Co. of Minneapolis purchased
the two issues of 5% 10-20-year (optional) coupon bonds
this issue, $51,000. Assessed valuation 1908, $633,000.
30-year
aggregating $30,000 for $30,695 (102.316) and accrued interfollowing
-The
Sale
-Bond
Ala.
Montgomery,
26:
est,-a basis of about 4.707% to the optional date and about
Feb.
on
sold
were
582,
p.
88,
V.
bonds mentioned in
the
to full maturity. The following were among the
4.819%
improving
for
$25,000
schools,
$140,000 for public
and
system
bidders:
Kane & Co., Minneapolis; F. E. Magraw, St. Paul;
sewerage
the
extending
for
water-works, $25,000
Kohn
M.
Trust Co., Minneapolis; Thos. J. Bolger Co.,
Minnesota
F.
warehouse.
and
wharf
a
$10,000 to construct
,
Investment Co., Duluth, and John H.
Montgomery
Chicago;
Commercial
of
both
Bank,
National
Fourth
& Son and the
The premiums ranged from/$37
Chicago.
&
Co.,
Sonntag
bidders.
successful
the
are reported as
703, for description of these sep.
to
V.
88,
$695.
See
Montgomery County (P. 0. Dayton), Ohio.-Bond Offer- curities.
by
ing.-Proposals will be received until 10 a. m. April 1couOsage County (Okla.) School Districts.-Bond Sale.-The
T. J. Kauffman, County Auditor, for the $18,000 4%
coupon bonds were recently sold to the Oklahoma
mentioned
following
bonds
t
Bridge
improvemen
Road
Needmore
pon
Co. of Guthrie:
&
Trust
Bond
Statutes
Revised
Section
871,
Authority
782.
p.
88,
in V.
District No. 35 bonds at 102.5 . P. 0. Avant. Date
of Ohio, and Section 2825, as amended May 9 1908 (V. 99, $16,000 6% School
1909. Assessed valuation $336,300.
1
April
Ohio Laws, pages 456-458). Denomination $1,000. Date 29,000 7% School District No. 29 bonds at 106. P. 0, Bighaert. Date
Jan. 31 1909. Assessed valuation $587,892.
April 1 1909. Interest semi-annually at the office of the
Bonds are in denomination of $500 and mature Jan.11929.
County Treasurer. Maturity $2,000 yearly on April 1 from
1911 to 1919 inclusive. Certified check for $500 on a na- The above districts have no other debt. Interest Jan. 1
tional bank or trust company, payable to the County Com- and July 1 at the fiscal agency in New York City.
missioners, is required. Delivery April 1 1909.
Palmer, Hampden County, Mass.-Bonds Voted.-This
Moore School District, Los Angeles County, Cal.-Bond town has voted to issue $18,000 1-18-year (serial) highSale.-On March 1 $3,000 7% school bonds were awarded to school-loan bonds at not exceeding 4% interest.
James H. Adams & Co. of Los Angeles at 106.70 .DenominaParkman Township School District, Geauga County,
tion $300. Date March 10 1909. Interest annual. Ma- Ohio.-Bond Sale.-The $4,000 5% coupon school-buildinginclusive.
1919
to
turity $300 yearly on March 10 from 1910
addition bonds, proposals for which were asked until March 1
Narragansett (P. 0. Narragansett Pier), R. I.-Bonds Not (V. 88, p. 520), were awarded to Rodgers & Sons of Chagrin
Awarded.-We are advised that the award of $30,000 sewer- Falls for $4,166 25 (104.156) and accrued interest. The
age bonds to John E. Babcock (V. 88, p. 782) was subse- securities are dated March 1 1909 and mature $500 yearly
quently rescinded, owing to a strong sentiment in opposition on Sept. 1 from 1910 to 1917 inclusive.
to the plan.
Pasadena, Cal.-Bond Sale.-The $150,000 4% 1-40-year
Nashville, Tenn.-Bond Offering.-Proposals will be re- (serial) improvement bonds offered on March 9 and described
to the First National
ceived until 3 p. m. April 16 by the Bond Commissioners, in V. 88, p. 643, have been awarded interest. There were
accrued
par
and
at
of
Pasadena
Bank
3/2%
4
$125,000
for
care of H. S. Bauman, City Recorder,
no other bidders.
Suburban Street bonds. Authority Chapter 55, Acts of the
Pawtucket, Providence County, R.I.-Temporary Loan.Date
$1,000.
on
General Assembly for 1905. Denominati
A loan of $300,000 was recently negotiated with Blake
July 1 1905. Interest semi-annually at Nashville, Tenn., Bros. & Co. of Boston at 3.29%. The loan is dated March 24
or at the banking house of Latham, Alexander & Co. in 1909 and matures Oct. 20 1909.
Paxton Township, Ross County, Ohio.-Bond Sale.New York City, at option of the holder. Maturity thirty
March 22 the $12,000 5% town-hall-erection bonds
On
entire
the
issue
for
made
be
years after date. Bid must
in V. 88, p. 782, were awarded to Wallace D.
described
and be accompanied by a certified check for 5% of bonds Yaple of Chillicothe at 104.269 and accrued interest. Folbid for, made payable to the City Recorder. Bonds are lowing are the bids:
$12,383 00
E. H. Miller
D. Yaple, trustee,
exempt from city taxation. Purchaser to pay accrued inter- Wallace
12,202 60
$12,512 35 T. C. Campbell
Chillicothe
12,453 00 Wm. Taylor (for $2,000)
B. L. Spetnagle
est. Official circular states the city has never defaulted E.
2,045 00
12,401 00
bonds)
C. Rockhold
In the payment of any of its public or private obligations;
Maturity on March 22 as follows: $500 in 1910, $1,000 in
any
there
is
nor
pending,
litigation
also that there is no
1911, $1,500 in 1912, $2,000 in each of the years 1913 and
1914 and $2,500 in each of the years 1915 and 1916.
likely to be brought, affecting the issuance of these bonds.
The official notice of this bond offering will be found among
Pomeroy, Meigs County, Ohio.-Bonds Re-Awarded.-The
$19,490 40 5% coupon street-improvement bonds awarded
the advertisements elsewhere in this Department.
the Davies Sr Bertram Co. of Cincinnati (V.88,
New Rochelle, N. Y.-Bond Offering.-Proposals will be on Feb. 23 to recently
re-awarded to the New First National
p.
were
582)
Rainsford,
G.
William
by
6
April
m.
received until 8 p.
Columbus for $20,275 40-the price thus being
of
Bank
Debonds.
school
registered
32%
for
Clerk,
4
$55,000
City
Local papers state the original sale was never
nomination $1,000. Date May 1 1909. Interest semi- 104.027.
d, as the Cincinnati firm refused to accept the
consummate
1
May
on
Maturity
office.
Treasurer's
the
City
at
annually
five bonds each six months from Sept. 1
Maturity
bonds.
and
inclusive
1931
to
1915
from
$3,000
yearly
as follows:
Sept. 1 1918 inclusive and 2 bonds on March 1 1919.
to
1909
form
furnished
printed
on
made
1902.
Bud
to
be
$2,000 in
Port of New Orleans (P. 0. New Orleans), La.-Bonds
by the City Clerk and be accompanied by a certified check
yet been made
on an incorporated bank or trust company in New York Not Yet Sold.-Up to March 19 no award had
State for 5% of the bonds bid for, made payable to the City of the $1,750,000 bonds-the unsold portion of the $2,750,000
Treasurer. Accrued interest to be paid by purchaser. 5% coupon bonds described in V. 88, p. 463.
Racine, Wis.-Description of Bonds.-We are advised that
Delivery May 1 1909.
North Attleboro, Bristol County, Mass.-Temporary the $20,000 04% 1-20-year (serial) sewer bonds awarded
Loan.-This city has borrowed $40,000, it is stated, from on March 15 to the Harris Trust & Savings Bank of Chicago
Estabrook & Co. of Boston at 3.01% discount Maturity at 104.70 (V. 88, p. 783)are dated .Feb. 11909. Denomination $1,000. Interest semi-annual
Nov. 15 1909.
Election.
Radnor Township School District, Delaware County, Pa.
Ohlo.-Bond
Cuyahoga
County,
,
Nottingham
According to local reports, an election will be held March 29 -Bond Sale.-On March 25 the $70,000 4% registered
to vote on the question of issuing 425,000 water-main and school-improvement bonds described in V. 88, p. 783, were
awarded to Robert Glendinning & Co. and Baker, Ayling
water-system bonds.
Co., both of Philadelphia, at their joint bid of 102.335.
Oak Grove Township School District, Ind.-Bond Sale.- &
of the years
4% school bonds Maturity on April 1 as follows: $11,500 in each
On Feb. 15 this district awarded $25,000 43
1919, 1924, 1929 and 1934 and $12,500 in 1939.
to E. M. Campbell & Co. of Indianapolis at 100.50. De_ 1914,




842

THE CHRONICLE

Ravenna, Ohio.-Bond Sale.-It is stated that the
$16,000 43i% street-paving (village's portion) bonds described in V. 88, P. 783, were purchased on March 22 by the
Ravenna National Bank of Ravenna for $16,435-the price
thus being 102.718. Maturity $1,000 each six months from
March 1 1910 to _Sept.1_1917 inclusive.. Ai AA
r Reading, Pa.-Bond Sale.-The $200,000 4% coupon
(with privilege of registration) refunding bonds described in
V. 88, p. 783, were sold on March 24 to Forrest & Co. of
Philadelphia at 103.039 and accured interest. Maturity
$40,000 on April 1 in each of the years 1914, 1919, 1924,
1929 and 1934. Following are the bids:
Forrest & Co., Phtladelphia_$206,078
Redmond & Co., N. Y__ _ _1
Chas. Fearon 66 Co., Phila.1 206,067
L. Barnum & Co., N. Y____ 206,088
Pennington, Colket & Co.,
Philadelphia
205,935
R. Glendenning & Co., Phil_ 205,904
Lewisohn Bros., New York.. 205,780
Luden,
Reading__ 205,640
Wm. H.
H.F. Bachman & Co., Phil_ 205,632
Edw. B.Smith & Co., Phila. 205,202
Wm. A. Reed & Co., N. Y.._ 205,060
Edw. V. Kane & Co.. Philadelphia
205,080

Hey! & Co. Philadelphia_ _ _5204 838
Pennsylvania Tr. Co., Read. 204,722
Bioren Fc Co., Philadelphiaj
Geo. S. Fox & Sons, Phtia_J 204,660
First National Bank, Read_ 204,541
Graham & Co., Phila
Newburger, Henderson lc 204,500
Loeb, Philadelphia
204,180
N. W. Harris & Co., N. Y
203,846
Kountze Bros.
Bros., New York.... 203,780
E.H. Rollins
Boston 203,742
B ittles, Heye Fc Harrison,
Philadelphia
202,562
Farson, Son & Co., N. Y___ 200,512

Red Bay, Franklin County, Ala.-Bond Sale.-S. A.
Kean of Chicago is reported as being the successful bidder
for the $5,000 5% 15-year school bonds mentioned in V. 88,
P. 520.
Redwood City, Cal.-Bond Sale.-On March 15 the First
National Bank of San Mateo County in Redwood City
purchased at par and accrued interest the $20,383 20 7%
10-year street-improvement bonds described in V.88, p. 703.
Roseburg, Douglas County, Ore.-Bond Sale.-The $35,000 5% 20-year street-improvement and bridge bonds offered on March 15 (V. 88, p. 703) were sold to A. B. Leach
& Co. of Chicago at 108.26-a basis of about 4.377%. The
following bids were received:
A. B. Leach & Co.. Chic...337,891 00
Mason, Lewis & Co., Chic_ 38,893 00
E. H. Rollins & Sons, Bos. 36,477 00
Woodin, McNe,ar & Moore,
Chicago
36,425 00
McCoy & Co., Chicago
36,300 00

Security Savings Bank &
Trust Co., Toledo
$36,250 00
Morris Bros., Portland
36,057 50
Chas. H. Coffin, Chicago_ 35,701 00
R. Kleybolte F6 Co., Chic_ 35,455 00
Otis & Hough, Cleveland_ 34,260 00

Denomination $500. Date April 1 1909. Interest semiannual.
St. Paul, Minn.-Bond Sale.-On March 24 the $75,000
4% sewer bonds and $100,000 4% school bonds described in
V. 88, p. 703, were awarded to Lee, Higginson & Co. of Chicago at 104.084 and 104.121 respectively. The bids were as
follows:
$100,000
school bonds.

Lee,"Higginson & Co., Chicago.
Edwin White & Co., St. Paul
W. N. Coler & Co., New York
First National Bank, Cleveland

$104,121 00
a50,576 50
Ja51,534 00
la51,409 00

.4

N. W. Halsey &`Co., Chicago
Farwell Trust Co., Chicago
W. R. Compton Co., St. Louis
Harris Trust & Say. Bank, Chicago
R. L. Day & Co., New York
Biodget, Merritt & Co., Boston
E. H. Rollins & Sons, Chicago
Kountze Bros., New York
American Trust & Savings Bank, Chicago
Farson, Son & Co., Chicago
,
a For $50,000 bonds.

$75,000
sewer bonds.

$78.063 00
a51,895 00

-For both issues

$181,278 48
181,214 25
180,792 50
180,556 25
180,388 25
180,372 50
180,060 00
179,917 50
178,937 50
175,630 00

All bidders offered accrued interest to date of delivery.
Salamanca Union Free School District No. 4 (P.O. Salamanca), Cattaraugus County, N. Y.-Bond Offering.-Proposals will be received until 8 p. m. March 31 by the Board
of Education, W. IC. Harrison, President, for $90,000 432%
school-building bonds. Authority, Section 10, Title 8, New
York Consolidated School Law. Denomination $1,000.
Date July 1 1909. Interest annually at the Salamanca
Trust Co. of Salamanca in New York exchange. Maturity
on Nov. 1 as follows: $2,000 yearly from 1911 to 1920 inclusive, $3,000 yearly from 1921 to 1930 inclusive and $4,000
yearly from 1931 to 1940 inclusive. Bonds are tax-exempt.
Certified check, cash or bank draft for 10% of bonds bid for
is required. Total debt at present, $4,000. Assessed valuation for 1908, $1,248,819 46. .1 .14
j
Fr Salem, Ohio.-Bond Sale.-On'March 19 two issu
-es
bonds aggregating $24,500 were awarded to the DaviesBertram Co. of Cincinnati at 105.444. Following is a list
.of the bidders and the premiums offered by the same:
•
Davies-Bertram Co., Cln__$1,334 00
Seasongood & Mayer, Cin__ 1.150 00
Otis & Hough, Cleveland__ 1,133 00
Field, Longstreth 46 Co.,Cin 1,132 00
Alb. Kleybolte & Co., Cin_ 1,048 00
First Nat. Bank, Cleveland 892 00
• Bid said to be conditional.

McCoy & Co. Chicago
$782 00
Security S.B.1 Tr. Co., Tol..*4
23
1000
0.00
W. R. Todd & Co., Cin
Western-German Bank, Cin_ 135 10
Farson,Son 53,Co., Chicago
8 50
1 1
'

r The bonds answer the following description: "" -1-i '17"

$9,500 43i% coupon bonds to construct a trunk line sewer to improve the
city-hall, to improve Arch Street and to construct or repair
,
the Eighth Street bridge. Maturity on April 1 as follows:
•
$500 In 1919 and $1.000 yearly from 1920 to 1928 inclusive.
15,000 4 X% funding bonds. Maturity 51,000 yearly on April 1 from 1910
to 1924 inclusive.

IF Denomination $500. Date April 11909. Interest semi-

annually at the City Treasurer's office. ;
F Salisbury, Rowan County, No. Caro.-Bond Sale.-On
March 22 the $50,000 5% 45-year coupon street-improvement
bonds described in V. 88, p. 783, were sold, according to
reports, to Spitzer & Co. of Toledo at 108.021-a basis of
about 4.588%. _
Ait .1
2.4 •Al
.••,;




[VoL. Lxxxvni.

San Francisco, Cal.-Bond Election Proposed.-A resolution has been referred to the Public Utilities Committee providing for an election to vote on the issuance of $4,000,000
city-hall bonds.
San Joaquin County (P. 0. Stockton), Cal.-Bonds Voted.
-A proposition to issue $1,890,000 macadam-road-building
bonds was favorably voted upon March 16.
Seattle School District No. 1(P.0. Seattle), King
Wash.-Bond Sale.-On March 17 the $400,000 County,
20-year
coupon school-house bonds described in V. 88, p. 397, were
awarded to the Seattle National Bank of Seattle at 101.038
for 4s.
Sebree, Ky.-Bond Sale.-On March 1 the $12,000
20-year coupon water-works bonds described in V. 5%
88,
p. 521, were awarded to C. H. Coffin of Chicago at 102.508.
Seminole County School District No. 37 (P. 0.Sasakwa),
Okla.-Bond Sale.-This district recently awarded $1,000
6% coupon school-house bonds to the Oklahoma Bond &
Trust Co. of Guthrie at 101. Denomination $500. Date
Dec. 18 1908. Interest Jan. 1 and July 1 at the fiscal
agency in New York City. Maturity July 1 1928. Total
debt this issue. Assessed valuation $43,618.
Somerville, Mass.-Temporary Loan.-It is reported that
this city has borrowed $100,000 from the First National
Bank of Boston at 3% discount. Loan is dated March 26
1909 and matures Nov. 17 1909.
Spooner School District No. 112 (P. 0. Spooner), Beltrami County, Minn.-Bonds to Be Sold to State.-Arrangements are being made with the State of Minnesota for the
disposal of $25,000 building bonds voted on March 6.
Stamford, Fairfield County, Conn.-Bond Sale.-According to dispatches the $30,000 4% 25-year public-improvement bonds described in V. 88, p. 704, were awarded on
March 26 to E. M. Farnsworth & Co. of Boston at 103.63a basis of about 3.775%.
Wagoner County School District No. 55 (P. 0. Clarksville), Okla.-Bond Sale.-An issue of $1,000 6% coupon
school-house bonds was recently disposed of at 101 to the
Oklahoma Bond & Trust Co. of Guthrie. Denominati
on
$500. Date Dec. 4 1908. Interest Jan. 1 and July 1 at the
fiscal agency in New York City. Maturity July 1
Total debt, this issue. Assessed valuation, $54,496. 1928.
Wakeeney, Trego County, Kan.-Bond Election.
-An
election will be held April 5 to vote on the question
of issuing
not more than $40,000 water bonds to bear interest
at not
exceeding 5%.
Watertown, Mass.-Temporary Loan.-We are informed
that the amount of notes awarded on March 19 to Estabrook
& Co. of Boston at 3% discount was $75,000 and not $125,000, as reported in last week's issue. The remaining $50,000
notes were sold to Bond & Goodwin of Boston at 3.29%
discount. The $75,000 notes mature Sept. 20 1909, while
the $50,000 notes are due March 25 1910.
Wellsville, Columbiana County, Ohio.-Bond Sale.-On
March 20 the 9 issues of bonds, aggregating $17,277 59,
described in V.88, p. 784, were awarded to the First National
Bank of Cleveland at 108.288 and accrued interest. The
following bids were received:
First Nat. Bank, Cleve_ _ _$18,709 5910tis & Hough, Cleveland_$17,919 59
Seasongood & Mayer, Cin_ 18.649 10 Western-German Bk.,Cin_ •9,275 00
• For $8,500 5% refunding bonds.

These securities are not new issues but bonds held by the
sinking fund as investments.
Weston County (P. 0. Newcastle), Wyo.-Bond Sale.-The State of Wyoming purchased at par and accrued interest
the $25,000 432% 10-20-year (optional) coupon court-house
bonds offered on March 2 and described in V. 88, p. 523.
Woodbine School District (P. 0. Woodbine), Harrison
County, Iowa.-Bonds Voted-Bond Ofiering.-This district
on March 1 authorized the issuance of $33,000 building
bonds by a vote of 287 to 68. Proposals for these bonds
will be received until April 1. Rate of interest to be named
in bid. Maturity June 1 1919, subject to call after five years.
Wynnewood, Garvin County, Okla.-Bonds Voted and
Sold.-Propositions to issue $6,000 city-hall and $14,000
water-works 5M% 20-year bonds carried by a vote of 200
to 61 at an election held March 9. These securities have
been sold.
Wynnewood School District (P. 0. Wynnewood), Woodward County, Okla.-Bonds Voted and Sold.-An election
held March 9 resulted in a vote of 222 to 66 in favor of a
proposition to issue $15,000 5 9% building bonds due 1929.
These securities have been sold to R. J. Edwards of Oklahoma City.
Yonkers, N. Y.-Bond Offering.-Proposals will be received until 12 m. March 29 by James T. Lennon, City
Comptroller, for $50,000 4% registered assessment bonds.
Date April 11909. Int rest semi-annual. Maturity $5,000
yearly on April 1 from 1910 to 1919 inchTive. Certified
check for 2% of bonds bid for, payable to Gideon H. Peck,
City Tr, wurer, is required. The validity of th se bonds
will be certified to by Delafield & Longfellow of New York
City, a copy of whose opinion will be furnished to the successful bidder. Purchaser to pay accrued Interest. Bonds
will be ready for delivery on April 5 1909.

843

THE CHRONICLE

MAR. 27 1909.1

Debenture Offering.-Proposals will be received until
4 p. m. April 6 by C. A. McLean, Town Treasurer, for
Arthur, Ont.-Debenture Sale.-The following debentures $25,310 80 debentures.
offered on March 15 were awarded to Geo. A. Stimson & Co.
Carleton County (P. 0. Ottawa), Ont.-Bids.-The fol.of Toronto:
lowing
bids were received for the $20,000 5% debentures
$5,992 07 43% high-school debentures maturing part yearly on Dec. 1 disposed of on March 15 (V. 88, p. 785):
from 1909 to 1936 inclusive.
$21.207
5.179 48 4% "Consolidated Act 1900" debentures maturing part yearly H. O'Hara & Co., Toronto__$21,640 Union Trust Co
21,206

Canada, its Provinces and Municipalities.

2,652 55 5%

on June 30 from 1909 to 1920 inclusive.
local-Improvement debentures maturing part yearly on
Dec. 15 from 1009 to 1928 Inclusive.

Ontario Sec. Co., Toronto_ _
Dom. Secur. Corp.,Ltd.,Tor_
G. A. Stimson & Co., Toronto
Wm. C. Brent, Toronto
W. A. MacKenzie & Co., Tor.
Wood, G'undy & Co., Tor_

Barrie, Ont.-Debenture Election.-A proposition to issue
$40,000 432% 20-year debentures will be submitted to a
vote of the people at an election to be held April 12.
Barton Township, Ont.-Price Paid for Debentures.-It
is reported ithat at he price paid by the Dominion Securities
Corporation, Ltd., of Toronto for the $25,000 4y% 20-year
sidewalk debentures recently awarded to that firm (V. 88,
p. 785) was 104.568 The bids are given as follows:
Dom.Sec. Corp., Ltd., Tor$26,142 00 Ontario Sec. Co., Toronto_$25,987 00
Mercantile Trust Co
26,017 50 Wood, Gundy & Co., Tor_ 25,750 31
Win. C. Brent, Toronto
25,976 00 Aemillus Jarvis & Co., Tor 25,527 50
Morris & Wright
25,952 50

Battleford, Sask.-Debenture Election.-A by-law to issue
$10,000 5% 20-year park debentures will be submitted
to a vote on April 6.
Blanchard Township, Ont.-Bonus Election.-Papers
state that at an election to be held April 5 the electors will
vote on a by-law to provide for a bonus of $50,000 to the
St. Mary's & Western Ontario Railway.
Blind River, Ont.--Debenture Sale.-According to reports,
an issue of $6,000 5% town-hall debentures has been awarded
Maturity part yearly for
to H O'Hara & Co. of Toronto
fifteen years.
Bridgewater, N. S.-Debenture Sale.-The following debentures have been awarded to the Royal Securities Corporation of Toronto:
$35.000 43% electric-light debentures due in 1037.
15,000 5% water-works debentures due In 1038.

Brockville, Ont.- ebentures Authorized.-Reports state
that a by-law has been passed to issue $5,700 debentures
for the improvement of lb isolation hospital.

LOANS.
*4 12.,4PoO

NEW

Suburban Street Bonds

Hanson Bros., Montreal
Steiner, Dunlop & Co., Tor
Aemillus Jarvis & Co.. Tor
Larmonth & Rowat_
Bank of Ottawa

21,136
21,106
20,815
20,430

Didsbury, Alberta.---Debenture Sale.-Steiner, Dunlop Az
Co. of Toronto are reported as being the successful bidders
for $3,500 51 2% debentures.
Drummondville, Que.-Debenture Sale.-The City & District Savings Bank of Montreal has been awarded $19,898
,
electric-light-plant debentures.
-Estevan, Sask.-Debentures Voted.-The election held
March 12 resulted in a vote of 105 "for" to 1 "against" the
propositions to issue the following 5% coupon debentures
described in V. 88, p. 644: $30,000 debentures for fire
protection, $10,000 for a town hall and $10,000 for trunk
sewers. Maturity part yearly for 30 years. Date of offering
not yet determined.
Fort Erie, Ont.-Debentures Deleated.-The election held
March 15 rosultel in the defeat of the pro osition to issue
the $50,000 5% 30-year water-works debentures,mention of
which was _made in V. 88, p.„586.
Goderich, 0,_nt.-Debenture Election.-An election,willlbe
held in the near future to vote on the question of_issuing
,,, 11.4 j
1
$20,000„water-works debentures.
, Listowel, Ont.-Debenture Election.-An election -wi117be
held here April 19, accordi g to reports, to vote on the
question of issuing $12,500 4% 20-year debentures for the
rection of an electric-light plant.
Moncton, N. B.-Price Paid for Debentures.-We are advised that the price paid by F. B. McCurdy & Co. of Halifax
for the $8,000 4M% 40-year debentures recently awarded to

MISCELLANEOUS.

NEW LOANS.

twirsoamoo
City of Nashville, Tenn. ATLANTIC CITY,N.J.,
Sealed bids will be received until 3 o'clock p. m..
APRIL 16 1909, for $125,000 Suburban Street
Bonds of the City of Nashville, Tenn.
Said Suburban Street Bonds are of the denomination of $1,000 each, and bear interest at the
rate of 4t per cent per annum, payable the first
day of January and July, respectively, at Nashville, Tenn., or at the banking house of Latham,
Alexander & Co., New York City, at the option
of the holder. Said bonds are dated July 1 1005,
and mature thirty (30) years from date, without
option.
Said bonds are issued by the Mayor and City
Council of Nashville. Tenn., for the purpose of
building suburban streets that have not been
graded or macadamized.
Bids will be received for all of said issue only,
and must be marked "Bid for 1525,000 Suburban
Street Bonds:" must include accrued interest
to date of delivery, and be accompanied by a
certified check, payable to the City Recorder,
for 5 per cent of the amount of bonds bid for.
The right Is reserved to reject any and all bids.
Address bids to Bond Commissioners, Nashville, Tenn., care
H. S. BAUMAN, City Recorder.

21,507
21,414
21,405
21,359
21,357
21,232

Cuban Securities
A SPECIALTY

FRANCKE, THOMPSON & ROBB

Public Park Bonds

Members N. Y. Steak Exchange
Bids Received until 12 o'clock M. April 10,1909.
The City of Atlantic City will receive sealed
in
Bonds
Public
Park
$250,000
for
proposals
denominations of $1,000 each, dated July 1,
1908, maturing July 1, 1943, with interest at
Telephone 6444 Hanover
, per cent per annum, payable semi-annually
43
at the Hanover National Bank, New York City.
Bonds will be delivered to the purchaser on
BRANCH OFFICE
or about April 20, 1909.
Every bidder, as a precedent to the reception •trirstel Building. 5th Ave. and 41d No..
or consideration of his proposal, shall deposit
Telephone 1616 Bryant
with the City Comptroller $5,000 in money, or
certified checks for that amount, drawn to the
order of said Comptroller.
The legality of these bonds has been approved
by Dillon & Hubbard, of New York, whose certificate as to legality will accompany the bonds
when delivered, without cost to the purchaser.
The bonds will be engraved under the supervision
of and certified as to their genuineness by the
Columbia Trust Company, of New York.
Circular letter giving full particulars and blank
form of proposal forwarded on application to

43 Exchange Place

Perry, CoffirCA Burr,

[NVESTMENT BONDS.

A. M. IIESTON,
Comptroller.

60 State Street,

BOSTON.

HUNT, SALTONSTALL & CO.,
Allsombors of Now Vert Stock Excluuns

Blodget, Merritt & Co.

Investment Securities

BANKERS

Charles M. Smith 8c Co.

60 STATE STREET

STATE, CITY

CORPORATION AND
MUNICIPAL BONDS

BOSTON

CHELTEN TRUST COMPANY
5614 Germantown Avenue,
Philadelphia, Pa.

AND

RAILROAD BONDS

FIRST NATIONAL BANK BUILDING
CHICAGO

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

Adrian H. Muller & Son

Solicits the business of Corporations and Municipalities desiring the services of a Registrar. Trustee
or Financial Agent.

$200 000
Reading,
Pennsylvania
City of
4 per cent Refunding Bonds
Legal for Massachusetts, New York and Pennsylvania. Maturing $40,000 April 1, 1914, 1919,
1.124, 1929, 1934.

SL
PHILADELPHIA, PA

O 1-tinESrr
P

411 CHESTNUT ST.




AUCTIONEERS.

BLACKSTAFF & CO.
INVESTMENTS
1332 Walnut Street
PHILADELPHIA

LIST OF SPECIALTIES ON fiEnUEST

Regular Weekly Sales

STOCKS and BONDS
EVERY WEDNESDAY.]

-no

OffIco, IN.. 551 WILLIAM STREET,
bckt iit.C.7rte7IPIna Stroot.

844 1

THE CHRONICLE

that firm (V.88, p. 587) was 103.81 and interest. Securities
are dated March 2 1909.
Moose Jaw, Sa k.—Debenture Election.—The question of
issuing $38,000 4% 40-year sewer debentures will be decided by the taxpayers on March 29.
Moulton Township, Ont.—Debenture Election.—An election will be held March 30 to vote on a proposition to issue
$5,000 5% 20-year debentures as a bonus to the Dunville
Wellandport & Beamsville Railway.
Neapolis School District No. 1897 (P. O. Neapolis), Alberta.—Bond Sale.—On March 15 $1,200 6% 1-8-year
(serial) school-house debentures were sold to Trackell,
Anderson & Co. for $1,206 10—the price thus being 100.508.
Denomination $150. Date April 15 1909. Interest annual.
New Brunswick.—Temporary Loan.—The "Financial
Post of Canada" states that, according to axlvices received
from Frederickton, the Government of New Brunswick has
negotiated a loan of $200,000 for four months at the rate
4%, The loan was made by Aemilius Jarvis & Co. of
of 23
Toronto, acting in connection with Brown Bros. & Co. of
New York City.
North Bay, Ont.—Debenture Offering.—Proposals will be
received until 12 m. April 5 by M. W. Flannery, Town
Treasurer, for $19,511 38 5% local-improvement debentures.
Maturity part yearly for fifteen years.
Pembroke, Ont.—Debentures Defeated.—The election held
March 8 resulted in the defeat of the proposition to issue the
$65,000 4Y2% 30-year water-works debentures mentioned
in V. 88, p. 645.
Quebec (Province of).—Debentures Not Yet Sold.—Up to
March 19 no award had yet been made of the $750,000 4%
jail-construction debentures, bids for which were rejected
(V. 88, p. 400) on Jan. 26. We are informed that there is a
possibility of the law being amended so as to make the interest
on these securities payable semi-annually instead of annually
as at present.
Red Deer, Alberta.—Debenture Sale.—Wood, Gundy &
Co. of Toronto have purchased $2,500 43
4% 20-year landpurchase debentures and $1,100 491% 10-year fire-equipment
debentures.

N

[VOL.

Richmond, B. 0.—Debenture Sale.—An issue of $20,000
5% debentures maturing in 40 years has been purchased, it
is stated, by Wm.C. Brent of Toronto.
Rossland, B. 0.—Debentures Awarded in Part.—Of the
$21,000 5% fire-department debenture, proposals for which
were asked until Dec. 15 1908 (V. 87, p. 1320), $17,000 were
sold on March 17 to John Nuveen & Co. of Chicago at 95
and accrued interest. Maturity June 30 1925.
South Vancouver, B. 0.—Debenture Sale.—According to
reports, $10,000 5% debentures due in 1955 were recently
purchased by Geo. A. Stimson & Co. of Toronto.
Springhill, N. S.—Debenture Sale.—The Royal Securities
Corporation of Toronto is reported as the purchaser of the
following debentures:
$20,000 4% water-works debentures due in 1928.
10,000 4% debentures maturing in 1936.
7,000 4% debentures maturing In 1J28.

The last two issues are for a town hall and other local
improvements.
Stony Mountain School District No. 294 (P. 0. Stony
Mountain), Man.—Debenture Off,ring.—Proposals will be
received until April 22 by Arch Saunders, District SecretaryTreasurer, for $7,000 6% schoolhouse debentures. Interest
annually on May 1 at the Dominion Bank of Winnipeg.
Maturity $350 yearly on May 1 from 1910 to 1929 inclusive.
Swift Current, Sask.—Debenture Offering.:—Proposals will
be received until 12 m. April 15 by G. W. Bilbrough, Secretary-Treasurer, for the $12,000 6% 20-year public-improvement and fire-protection debentures mentioned in V. 88,
p. 786.
Thorold, Ont.—Debenture Sale.—An issue of $15,000 5%
30-year water-works-system-extension debentures was. recently awarded, it is stated, to the Dominion Securities
Corporation, Ltd., of Toronto.
Vonda, Sask.—Debenture Election.—An election will be
held April 7, it is stated, to vote on propositions to issue
the following debentures:
£5,000 6% 20-year water-supply debentures.
350 6% 20-year debentures for the purchase of land for a nuisance
ground.
400 6% 20-year cemetery-improvement debentures.
1.5006% 10-year street-1m prot ement debentures.
5.000 6% 20-year town-hall det..entilres.

NEW LOANS

NEW LOANS.

$350 000
$150,000
$350,000
City of Birmingham, Ala. City of Birmingham, Ala. City of Birming• am, 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. E.SHROPSHIRE .1R.,
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 will 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 Mick for $2,500.
The right is reserved to reject any and all bids.
H. E. SHROPSHIRE JR.,
City Clerk.

JOHN H. WATKINS

MuNIC PAL AND RAILROAD

Albert Kleybolte & Co.,
409 Walnut Street,

BONDS.

AND

LIST ON APPLICATION

RAILROAD BONDS

CINCINNATI, O.

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

MUNICIPAL

No. 2 WALL STREET

NEW YORK

SEAFIONGOOD

MAYER1

Mercantile Library Building
CINCINNATI

McCOY
& COMPANY
Formerly MacDonald. McCoy
& Co.

Municipal and
Corporation Bonds
181 La Salle Street, - Chicago

WEBB & CO.,
INVESTMENT SECURITIES.
74 BROADWAY, NEW YORK

Wilkinson, Reckitt, Williams & Co.

OTTO JULIUS MERKEL

CERTIFIED PUBLIC ACCOUNTANTS

BROKER
44 ANS 48 WALL ST. NEW TORN,
Correarondanon Invitad

NEW YORK

CHICAGO

PHILADELPHIA

52 Broadway

Marquette Bide".

Mutual:life Bid.'.




INVESTMENT SECURITIES.

LONDON, ENGLAND
Leadenhall

Established llStai.

C. Speer & Sons Co.
Pint Nat. Beak Banding,Chicago
CITY COUNTY
AND TOWNSHIP

BONDS.