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fin3litint
The.
VOL.88.
MARCH 6 1909.
romde,
NO. 2.280.
Pubilshed every Saturday by WILLIAM B. DANA COMPANY,Front, Pine
and
lal:Neyste! Ste. N.
William B.D
Aavr, Pres
estc;ii Jacob SeibertJr.,
ti VITf
i parny
est..
G. Dana, Tress.
CLEARINGS-FOR FEBRUARY,FOR FOUR YEARS AND FOR WEEK ENDING FEBRUARY 27
Two Months.
February.
Clearings at1909.
1908.
Inc. or
Dec.
1909.
1908.
Week ending February 27.
Inc.or
Dec.
1909.
1908.
Inc. or
Dec.
1907.
1906.
$
$
$
$
s
New York
$
$
6,887,705,324 4,896,030,828 +10.7 15,772.005,019 11,646a,305,785 +15.4 1,699,836,747 1,225,513,981
+18.7
2,206,686,226
'
Philadelphia
429,480,956 +9.9 1,046,423,498
471,952,935
957,316,583 +9.3 110,904,922 114.844,016 -3.4 1,987,464.012
169,739,740 171,105,124
Pittsburgh
331,995,894
156,596,303 -3.5
151,158,514
356,348,511 -6.6
39,233.229
44,931,577 -12.7
64,168,847
58.348.048
Baltimore
90,142,290
227,822,700
101,829,064
+13.0
204,299.022 +11.5
22,054,098
22,726,282 -3.0
35,654,575
30,633,696
Buffalo
32,034.158 -0.3
72,584,452
31,931,617
67,121,469 +8.1
7,286,678
6,749,525 +8.0
7,653,186
7,916,317
Washington
20.297,572 +21.2
52,420,393
24,601,765
43,061,632 +21.7
5,625,691
4.837,407 +16.3
6.073.577
6.105,235
Albany
18,697.337 +6.1
19.830,768
43,673,463
40,007,290 +9.2
4,585,200
4,912,935 -6.7
8,474,45.
5,567,492
Rochester
14,066,659 +0.3
14,111,767
31,156,579
30,329,770 +2.7
2,732,002
2,842,824
-3.9
3,777,034
'
4,483,914
Scranton
8,193,326 +7.2
8,787,476
20,656,164
18,301,750 +12.9
2,206,967
2,253,122 -2.1
2,719,345
2.197,452
Syracuse
5,286.349 -4.5
7,916,864
17,227,977
18,020,134 -4.4
1,700,827
1,899,160 -10.5
1,915,750
1,645,111
Reading
4,292,652 +21.1
5,197,338
10,967,899
9,786,833 +12.1
1,322,273
1,239,793 +6.7
1,575,599
,,277,647
Wilmington
4,437.495 -2.9
4,695,656
10,393,342
10,194,448 +1.9
1,097,681
1,624,929 -32.2
1,537,979
1,573,328
Wilkes-Barre
4,408,871 +2.9
4,535,101
9,827,202
9,820,058 +0.1
1,005,403
1,080,786 -7.0
1.111,605
1,359,331
Wheeling
4,832,430 +16.7
5,640,290
11,708,317
10,381,529 +12.8
1,351,938
1,225,961
+10.3
1,118,684
1,372,451
3,701,839 +17.6
4,354,629
Harrisburg
9,434,875
8,191,378 +15.2
1,033,664
962,031 +7.4
1,117,230
York
2,531,266 +9.0
2,760,739
5,901,297
5,647,784 +4.5
621,169
664,233 -6.5
2,261.469
2,279,546 -0.8
Erie
4,948,926
4,876,654 +1.5
519,376
586,264 -8.3
811,816
625,453
1,708,897
1,773,430 -3.7
Chester
3,858,253
4,090,066 -5.7
402,116
465,892
-13.7
540,341
638,358
Binghamton
1.771,900
1,757.900 +0.8
4,034,700
3,955,000 +2.0
407,300
358,100
+13.7
512,400
552,500
1,730,814
Greensburg
2,142,247 -19.2
3,859,681
4,301,362 -10.3
435,145
549,834
-20.7
596,927
503,017
1,329,499
Altoona
1,576,385 -15.7
2,906,458
3,496,285 -16.9
294,089
443,776 -33.6
1,013,082
Franklin
1,051,699 -3.7
2,157,001
2,328,838
-7.3
204.109
264,693 -22.9
269,997
283,809
Frederick
728,718
722,880 +0.8
1,842,944
1,808,383 +1.9
Trenton
5,285,619 Not Included In total
12,451,393 Not Included in total
1,124,200 Not included in total
7,757.554,125 5,709,734,418 +35.9 17,697,807.034 13,458,990,564 +31.5
Total Middle
1,904,860.624 1,440,957,121 +32.2 2,296.833,099 2,502.874,515
Boston
621,797,743
524,133,454 +18.7 1,403,116,922 1,209,354,885 +16.0 139,318,063 124,334,616
+12.1 167,729,802 162,867,907
Providence
28,604,400
26,535,800 +7.8
61,919,700
59,233,200 +4.5
5,910,000
5,745,100 +28.7
8,355,900
Hartford
7,700,800
13,659,333
11,636,060 +17.4
29,551,427
28,908,935 +2.2
3,037,01.5
3,192,174 -4.9
3,890,047
3,745,694
New Haven
10,147,112
8,853,697 +14.6
22,339,650
21,380,869
+4.5
2,344,459
2,138,690
+9.6
2,513,351
Springfield
2,257,775
7,476,882
6,809,394 +9.8
16,842,211
15,763,640
+6.9
1,767,950
1,703,268 +3.8
1,969,708
Portland
6,335,184
1,888,078
6,160,033 +2.9
13,930,724
14,574,033 -4.4
1,451,072
1,389,219 +4.4
Worcester
1,731,036
1,822,144
5,970,095
5,213,048 +14.5
13,386,343
12,033,848 +11.2
1,292,210
1,226,056 +5.4
1,618,151
Fall River
1,527,709
5,232,004
3,854,793 +35.8
10,359,234
8,758,284 +18.5
1,118,063
800,137
+39.8
1,376.898
New Bedford
938,379
3,403,854
2,600,873 +30.9
6,880,668
5,957,410 +15.5
688,150
583,228 +18.0
Holyoke
737,823
592,233
1,803,798
1,781,572 +1.2
3,977,009
3,893,185 +2.2
432,634
497,317 -13.1
Lowell
602,736
474,614
1,765,647
1,774,576 -0.5
3,705.895
4,032,051 -8.1
370,513
374.963
-1.2
966.738
440,898
Total New England
706,195,852
599,353,300 +17.8 1,586,008,784 1,383,890,340 +14.7 157,730,129 141,984.768 +11.1
190,992,188 184,256,231
Chicago
1,004,039,352
856,915,600 +16.8 2,126,628,049 1,804,902,105 +17.8 237,319,368 230,765,572 +2.8 262,298,236
Cincinnati
239,747,773
101,605,700
94,491,650 +7.5
230,323,250
209,337,650 +10.0
22,210.200
25,121,550 -11.6
Cleveland
29,653,300
26,827,400
59,541,723
53,465,480 +11.4
130,162,880
125,643,423 +3.6
11,869,306
11,137,707 +6.6
Detroit
17,237,927
16,170,434
48,636,979
47,847,750 +1.7
106,560,477
105,126,107 +1.4
10,684,359
12,313,858
-13.2
Milwaukee
13,860,832
12,869,646
48,175,569
44,586,744 +8.1
97,526,146
91,125,049
+7.0
9,793,966
10,437,135
-6.2
12,502.310
Indianapolis
10,426,920
29,022,448
29,462,082 -1.5
67,669,871
59,546,155
+13.6
6,595,194
7,797,967 -15.4
8,635,744
Columbus
6,960,091
19,952,700
17,748,700 +12.4
44,593,100
39,329,900 +13.4
4,935,600
4,454,800 +10.8
6,315,100
Toledo
5,872,000
15,452,123
13,257,926 +16.6
32,263,159
30,463,283 +5.9
4,808,501
2,706,478 +7.8
5,238,783
Peoria
4,115,259
11,328,181
10,990,357 +3.1
23,843,778
23,094,896
+3.6
2,912,044
2,897,371
+0.5
3,654,471
Grand Rapids
3,818,335
8,088,140
8,908,176 -9.2
17,900,862
17,909,519
+0.0
1,833,972
1,980,713
-7.4
2,450,234
Dayton
2,242,241
6,527,592
5,482,697 +19.1
14,510,470
12,382,135 +17.2
1,361,369
1,101,434 +32.7
2,292,749
2,104,964
Evansville
7,029,344
6,696,926 +5.0
16,096,325
15,463,184 +4.1
1,593,096
1,634,078 -2.5
1,910,101
1,550,584
Kalamazoo
4,348,380
3,384,992 +28.5
9,274,094
7,594,126 +22.1
929,360
713,304
+30.3
945,092
936,440
Springfield, Ill
3,701,027
3,352,484 +10.4
7,897,176
6,996,797 +12.9
838,286
649,752 +29.1
761,305
1,026,182
Lexington
2,197,201
3,018,431 -27.2
5,121,477
6,805,898 -24.7
497,208
852,138 -41.7
823,332
908,993
Fort Wayne
2,942,151
2,791,773 +5.4
7,005,324
5,953,132 +17.1
709,820
717,036
-1.0
836,119
783,064
Youngstown
2,890,024
2,249,130 +28.5
6,187,202
5,245,010 +18.0
639,110
488,124 +30.9
551,305
760,429
Rockford
2,525,131
2,199,099 +14.8
5,053,254
4,601,852 +9.8
773,175
473,933 +63.1
531,209
495,891
Bloomington
1,826,468
2,070,997 -11.8
3,824,318
4,150,182 -7.8
536,800
687,389 -22.0
1,029,502
1,469,017
Quincy
2,028,871
1,995,407 +1.7
4,258,628
4,079,447 +4.4
502,900
541,280
-7.1
607,839
632,421
Akron
2,500,800
1,941,829 +28.8
5,530,356
4,280,253 +29.2
590,000
410,000 +43.9
741,000
520,100
Canton
2,521,062
1,613,609 +56.3
5,461,116
3,454,343 +58.1
492,476
518,445 -5.0
790,655
595,102
Springfield, Ohio
2,392,598
1,705,466 +40.3
4,534,092
3,418,730 +32.6
475,140
425,043 +11.8
462,464
496,547
Decatur
1,470.429
1,562,614 -5.9
3,152,740
3,424,730 -8.0
385,163
346,485
+11.8
436,173
South Bend
272,986
1,241,724
1,428,500 -13.1
3,247,486
3,267,491 -0.6
343,054
370,141 -7.3
468,697
370,705
Mansfield
1,306,128
1,158,272 +12.8
2,757,967
2,353,220 +17.2
351,226
223,335 +57.3
329,809
Jacksonville, Ill
352,813
909,576
1,100,190 -17.4
2,079,953
2,220,112 -8.3
225,087
306,859 -26.4
467,024
576,501
Jackson
1,217,410
996,613 +22.2
2,648,855
2,265,560 +16.9
320,213
260,000
+23.1
286,236
Ann Arbor
230,153
690,868
498,187 +18.5
1,331,831
1,191,182 +11.7
122,860
111,355 +10.3
131,113
Adrian
143,721
80,675
89,852 -10.2
198,863
210,880
-5.7
12,540
18,000 -30.3
14,000
Danville
1,321,216
1,142,009 +15.7
2,803.842
2,438.404 +15.0
300,335
252,725 +18.8
Total Middle West. 1,397.411,580 1,224,152.442 +14.2 2,990,445,940 2,608,184,755 +14.7
324,961,728 320,716,007 +1.3 376,261,661 343,277,212
Details of Pacific on p age 604,
Total Pacific
322,302,309
284,311,204 +13.2
688,574,304
605,308,065 +13.7
76,103,131
72.671,779 +4.7 109,540,657
93.055,154
Kansas City
124,805,991 +35.7
169,333,758
358,287,235
272,431,115 +31.5
39.804,656
31,649,370 +25.8
31,994,646
Minneapolis
73,059,670 -17.5
25,658,130
60,288,718
130,990,124
166,291,513
-21.2
14.172,036
20,184,796 -29.8
19,789,030
Omaha
18,221,946
41,811,803 +14.7
47,972,733
105,166,501
92,985,700
+13.1
12,247.019
12.087,824 +1.3
12,356,208
St. Paul
11,701,849
34,431,057 -9.7
31,107,636
72,546,659
74,956,204 -3.2
7,713,912
10,172,113
-24.2
9,918.285
Denver
8,019,965
33,534,007
27,567,631 +21.7
71,516,503
60,497,278
+18.2
7,866,234
7,093,837
+10.9
8,017,399
St. Joseph
7,401,765
22,009,065
19,220,063 +14.5
49,844,906
42,264,787 +17.9
5,376,971
5,362,104 +0.3
7,448,337
Des Moines
6,785,450
10,218,533 +20.7
12,331,746
25,665,001
22,165,677
+15.8
2,947,682
2,995,967 -1.6
4.063,567
3,644,464
Sioux City
8,223,030 +5.8
8,704,393
19,376,178
17,469,214 +10.9
2.014,707
2,016,550 -0.1
2,482,452
Wichita
1,967,575
5,121,661 +39.4
7,141,631
14,628,399
10.838,435 +35.0
1,700,000
1,199,459 +41.7
1,128,186
1,101,807
Lincoln
4,045,002 +38.4
5,697,657
11,520,151
9,331,414
+23.5
1,195,506
1,069,989 +11.8
1,722,191
Topeka
5,235,405
4,093,286 +27.9
11,119,626
8,271,189
+34.4
1,104,468
813,714 +35.8
923.394
Davenport
835,801
4.508,071
3,975,565 +13.6
9,776,553
8,186,486 +19.4
1,156,236
1,141.219 +1.3
1,420.585
Cedar Rapids
1,773,662
3,380,381
2,813,298 +20.2
7,633,368
6.279,299 +21.4
836,227
724,541 +15.4
914,440
Colorado Springs
_
814,894
2,044,404 +36.8
2,797,791
6,844,264
4,830,845
+21.0
678.436
600,000
-3.6
Pueblo
750,000
715,293
2,155,642
2,053,207 +5.0
4,617,634
4,549,050 +1.5
438.906
384.397 +14.1
Fremont
617,898
584,602
1,514.014
931,803 +62.6
3,028,137
2,386,905 +28.9
377,637
182.078 +107.4
346,960
331,419
Tota other West
417,612,648
+14.6
364,406,004 901,541,139
803,734,111 +12.2
99,530,633
97,677,958 +1.9 103,379,157
89,558.622
St. Louis
243,967,458
239.266,667 +5.9
542,450,505
502,496,009 +8.0
55,437,768
58,363,776 -5.0
65,598,190
New Orleans
59,287,996
66,064,107
66,508,450 -0.7
150,602,833
158,422,590 -4.9
12,947,439
17,703,249 -26.9
Louisville
23,080,363
19,483,775
57,711,779
48,165,696 +19.8
121,231,831
98,507,854 +23.1
11,447,177
11,693,685 -2.1
15,041,063
Houston
14.018,411
56,367,700
41,072,491 +37.2
116,477,360
81,625,085 +42.7
14,179,028
10,353,400 +3.7
12,500,000
Galveston
8,236,237
27,550,000
30,011,600 -8.2
58,880,000
63,013,500
-6.6
6,145.000
7.988,000
-24.3
6,725,500
Richmond
4,471,000
28,257,159
22,416,253 +17.1
58,160,088
49,166,854 +18.3
5,728,870
5,599,078 +2.3
6,018,054
Atlanta
6,086.007
20,801,233
17,775,813 +17.0
45,840,827
39,957,278 +14.7
4,355,332
4,296.444
+1.4
5,411,111
Memphis
4,574,503
20,613,923
-2.4
21,119,039
47,352,156
46,162,338
+2.6
4,373,907
5,659,266
-22.7
5,570,416
5,574,879
Savannah
14,485,607
12,765,308 +13.5
33,550,607
31,834,792 +5.4
2,744,666
3,092,523 -11.3
4.357,391
3.946,604
Nashville
14.173,876
18,376,036 -22.9
31,821,261
36,171,924 -12.0
3,278,095
3,437,738 -4.6
3,568,052
2,689,078
Fort Worth
25,129,675
15,047,149 +67.0
54,110,113
35,106,725 +54.1
5,634,257
3,437,756
+63.9
3,210,424
4,240,998
Norfolk
0,476,730
8,166,145 +16.0
21,537,408
17,998,113
2,160,036
+19.7
1,678,570
+28.7
2,622,545
2,324,155
Birmingham
7,763,651
7,164,733 +8.4
17,530,173
15,903,208 +10.3
1,967,073
1,728,647 +13.8
2,765,618
1.869,032
Augusta
6,836,256
6,201,144 +10.2
15,538,001
15,322,680 +1.4
1,362,505
1,540,389 -11.6
1,931,067
Knoxville
1,368,545
5,898,593
6,521,814 +6.8
12,909,950
12.131,121 +6.4
1,443.161
1,542,518 -6.4
1,846,185
Little Rock
1,583,354
6,115,943
5.549,475 +19.2
13,416.494
12,305,616 +9.0
1,331,780
1,268,095
+5.0
1,646,528
Jacksonville
1,136,191
7,235,410
6,628,478 +30.9
14,637,826
11,643,243 +25.7
1,640,007
1,461,056 +12.3
1,585,140
Mobile
1,318.430
5,010,476
4,991,614 +0.4
11,400,747
11,316,914 +0.7
1,090,081
1,341,582 -18.7
2,126,068
Chattanooga
5,934,099
1,288,918
5.442,508 +9.0
12,487,106
11,466,492 +8.9
1,400,000
1,350,000
+3.7
1,554,073
Charleston
1,400,000
5,733,703
5,411,341
+5.9
12,850,754
12,114,313
+6.1
1,165,125
1.300,000
-10.4
1,395,000
1,667,850
Oklahoma
5,800,671
3,326,663 +74.4
11,462,594
6,660,929
1,290,588
+72.1
910,298
+41.8
981,871
Macon
600,000
3,107,565
2,833,952 +9.7
7,185,366
6,280,098 +14.4
577,564
548,699 /+5.3
827,470
Beaumont
579,395
2,685,050
2,534,036 +6.0
5,251,465
5,174,161
+1.5
481,028
550,000 -12.5
520,000
Columbia
325,000
2,744,031
2,151,389 +27.6
6,110,076
4,823,178 +28.7
Austin
2,660,842
1,819,954 +48.2
5,236,871
4.354,819
606,146
+20.3
399,492
+51.7
Vicksburg
1,602,535
1,706,698 -6.1
3,746,110
4,056,248
-7.6
294,951
404,814 -27.1
Columbus, Ga
1,289,303
1,333,355 -3.3
3,111,212
3,272,756 -5.0
300,000
317,736 -5.6
320,000
Wilmington,N.C.-281,660
1,086 694 +34.1
1,456,400
3,172,670
2,339,144 +35.6
303,125
260,000 +16.7
300.000
500,000
Total Southern_
594,294,276 +10.1 1,438,071,413 1,299,626,90 +10.7 143,684,909
5
654,4.73,77148,226,809 -3.1 171,502,129 148,842,027
Total all
11,255.550 249 8 776 251,644 +28.2 25,302,448,614 20,159.734,818 +25.5 2,706,871.154 3,222,234,442
+21.8 3,248,508,89k 3,362,863,862
Outside New York 4,367,844,965 3,880,220,815 +12.6 9,530,443,695 8,513,429,033 +11.9 1,007,034,407
996,720,461 +1.0 1,261,044,879 1,156,177,635
rap-
Table Clear ngs by Telegraph and Canadian Clear ngs on Page 604.
590
THE CHRONICLE
THE FINANCIAL SITUATION.
Stock market conditions for a considerable time
have been of such a character as to keep the Stock
Exchange public constantly on the alert. Encouragement and disappointment as to the course and
prospect of business have followed alternately one
another, and in so quick succession that there has of
late been scarcely any interim between a jump to the
right and a jump to the left, being more than anything
else like a refreshing reminder of the old story of Jack
and Jill. Now,however,a new Administration has come
upon the stage; one affording much more of promise—
a chance, it is hoped, for men of enterprise to use their
brains and capital more freely. Added confidence
is consequently felt in the future attitude of our courts
and our officials towards investors, capitalists and
men of large property and big brain. This, if realized,
ought, at least after a few weeks,to help impart steadiness to the course of our markets and give a fresh start
to business.
After so prolonged dulness and so many flutterings
in the metal markets, a reaction was due. The start
was a cut in iron and steel. Then came a reported
throwing open of those markets. This was met by a
cut in wages, made, as said above, by the Lackawanna
Steel Company, which was looked on variously as
to its outcome. If a general decline in wages has become inevitable on account of tariff reduction and
other causes, the quicker it comes the sooner will trade
begin to adjust itself to the new functions and conditions. By no means, however, are all manufacturers
of steel and iron agreed upon the existence of any such
necessity at present, or any excuse for a lot of miserable forebodings, the product in large part of over-vivid
imagination.
An important development in the iron and steel
market, Wednesday of the current week, would go
far to strengthen that assumption—that is, that the
cut in wages will not be general among steel manufacturers. Some say the disturbance in wages will go no
further than it has. The development we refer to as
likely to prove a corrective is the large order (101,000
tons of rails) put out Wednesday by the New York Central people, to be delivered before Aug. 1—which was
placed as follows: Lackawanna Steel Co., 51,000 tons;
United States Steel Corporation, 42,600; Algoma Steel
Co., 5,400; Bethlehem Steel Corporation, 2,000. The
Algoma Steel Company is a Canadian concern, and
the rails secured from it will be laid on the lines of the
Michigan Central in Canada. Aside from this rail
order, it is said that other steel orders have been negotiated, and that the steel business is getting better.
The "Iron Trade Review" reports that, while only a
moderate amount of business has been developed recently, manufacturers are not showing the eagerness
of past years to take orders.
Increase in the supply of labor, due to the very large
addition to the immigration movement, may possibly
have more bearing on the decline of wages here than
has been hitherto acknowledged. We referred to the
extreme activity of the movement last week, the report being, however, that the number disclosed would
likely be much greater the current month, when officially compiled. Indeed,so great activity in the landing of immigrants as is now in progress has not been
witnessed in New York for a long period. The
[VoL. Lxxxvm.
grand total for the last week of February was 12)350 individuals. The Fabre line officials said that their
bookings covering the next few weeks would land
at least 30,000 immigrants at this port, while all other.
lines report likewise heavy bookings. Of course, the
body of arrivals now reaching America is from Italy
and Austria-Hungary, and can have very little influence on the skilled labor market here.
Three events of this week have a more or less general
bearing upon one another. These are the New York
City bond sale, the report of the Cassidy-Merritt Joint
Legislative Committee against changing the constitutional limit of indebtedness of the city, and the
report of the Special Committee of the Chamber of
Commerce which has been investigating the subject
of rapid transit conditions in this city. The City
bond sale was perhaps fully as satisfactory as could be
expected under existing circumstances. The City
offered $10,000,000 50-year gold 4% bonds and
received 136 bids for an aggregate amount of $43,068,130. The award of the bonds was made at an average
price of 101.57, showing an interest basis of 3.93%.
This is not as good as the terms upon which the City
borrowed money last November, when $12,000,000
50-year 4s were disposed of at an average price of
102.385%, the interest basis being 3.89%. This
relatively small change in an adverse direction would
not possess much significance except that it comes at
a time when there are so many and such varied propositions for adding still further to the City's indebtedness.
All these propositions rest on the theory that
the City's needs for improvements and more particularly for the building of additional rapid transit lines
are so urgent that if under present constitutional limitations there is not sufficient margin left for the issue
of more bonds to carry on such undertakings, then
the limit should be removed or extended. There is a
great diversity of opinion as to just what the margin
of debt is at the present time. But be the margin
large or small, the idea of those who favor the needed
construction of additional subways is to extend it in
such a manner that some further very considerable
amounts of bonds could, at once, be legally put out.
That is the purpose of the constitutional amendment
which has already passed one Legislature and is now
to be considered by the present Legislature, and which
provides for the exclusion from the debt computation
of all bonds issued for what are termed self-supporting
properties.While the Cassidy-Merritt Committee advises
against the re-passage of the constitutional amendment
enlarging the City's borrowing capacity in the way
mentioned, a minority of the Committee does not join
in the recommendation adverse to the amendment.
This minority urges that in the event of the adoption
of the amendment the City would have at its command
$125,000,000 additional for the building of new subways.
All the various suggestions for creating a larger
borrowing capacity do not, it seems to us, give sufficient consideration to the effect on the city's credit
of further large additions to the debt. Even supposing
that the City could profitably invest $100,000,000 to
$200,000,000 in further subway construction, it would
yet be a serious question whether the municipality should
undertake the work and issue the bonds. The mere
MAR. 6 1909.]
THE CHRONICLE
size of a municipality's debt plays an important part
in influencing the judgment of an investor in the matter
of the price he should pay for the bonds or whether
he should buy them at all. The debt now is of huge
volume and the City is adding to it in a striking way
from year to year. These increases will continue in
the future even if the City does not lend additional
aid in the building of subways. Hence, ordinary
prudence suggests that the yearly additions should not
be increased through the undertaking by the City of
work that should more properly be left to the private
capitalist under such safeguards and restrictions as
would protect the interests of the public. Up to date
$54,864,050 of City bonds have been issued for rapid
transit purposes and the total of the City debt is just
that much larger •than it would be if private capital
had been called upon to provide the means.
The original venture of the City in that direction
was doubtless fully justified because at that time there
was serious question whether private capital could be
got to assume the full risk,and furthermore the City
was able to raise the money on much more advantageous terms than any combination of capitalists.
It should not be forgotten that at first the City was
able to place 33% bonds; no less than $43,700,000
of rapid transit bonds issued by the municipality bear
that rate of interest, and there are even $1,166,050
of 31/0 and $1,500,000 of 3s. Later borrowings of
the City, however, in that way have been on 4% and
432% bond issues. To whatever we ascribe the cause,
the City's credit is not as good as it used to be, and
this fact alone imposes caution in putting out further
municipal issues. Disregarding entirely temporary
bond issues made in anticipation of the collection of
taxes,the City in 1908 put out $62,500,000 of corporate
stock and assessment bonds (bearing 4 or 43% interest); in 1907 it similarly placed at public sale $72,421,325 of new issues, bearing 4 or 43/2% interest, and
in 1906 it placed $45,329,100 of 4% issues at public
sale. There is obviously a limit to the amount of
bonds which the investment world will absorb even in
the case of the best municipality and that these
continued large issues year by year are operating
against the price of New York City bonds does not
seem open to question. Not only is the City's credit
not as good as it was, but it is not as good as that of
most substantial municipalities in various parts of the
country. To bring out this fact, we have had the
following statement prepared, showing the interest
basis upon which twelve other municipalities have
been able to place larger or smaller bond issues within
the last two months. The sales in every case have
been made since the first of January, and thus would
seem to afford a correct guide to present conditions.
Place Issuing Bonds—
Worcester, Mass
Chelsea, Mass
Indianapolis, Ind
Buffalo, N Y
St. Paul, Minn
Kansas City, Mo
Philadelphia, Pa
Trenton, N. J
Montclair, N.J
Utica, N. Y
Rye, N Y
Jersey City, N. J
New York City
Date of Int.
Sale. Rate.
Meh. 2 33. %
Jan 26 3%%
Jan. 12 33 %
Feb. 5 4%
Feb. 23 451
Jan. 11 4%
Jan. 11 4%
Feb. 2 4%
Feb. 20 4%
Feb. 25 4%
Feb. 24 3.85%
Jan. 15 4%
Mch. 2 4%
Interest
Basis.
___---10-year
$325,000 3.245% basis
50-year
500,000 3.329% basis
30-year
600,000 3,496% basis
50-year
500,000 3.63% basis
30-year
400,000 3.775% basis
15-year
250,000 3.776% basis
30-year
1,500,000 3.785% basis
30-year.
200,000 3.786% basis
30-year
266,750 3.809% basis
103 -year (ay.)
186,000 3.838% basis
293 -year (ay.)
400,000 3.84% basis
40-year
1,300,000 3.853% basis
50-year
10,000,000 3.93% basis
Maturity.
Amount.
The foregoing shows that New York City, with its
$10,000,000 issue of this week, stands at the foot of
the list. It obtained its money on an interest basis
of 3.93%, while Jersey City in January placed $1,300,-
591
000 of 4s on a basis of 3.853%; Rye., N. Y.,in February borrowed $400,000 on a basis of 3.84%; Utica
placed some bonds at 3.838% interest; Montclair,
N. J., some at 3.809%; Trenton some at 3.786%;
Philadelphia floated $1,500,000 at 3.785%; Kansas
City and St.Paul some at 3.776 and 3.775,respectively,
and Buffalo obtained $500,000 last month on a basis
of 3.63%. Indianapolis in January was able to float
$600,000 of 3325 at a slight premium, making the cost
of the money 3.496%. Two Massachusetts cities in
the list, whose credit is unusually high, have also recently floated 33/2% bond issues, one on a basis of
3.329% and the other at 3.245%.
Is there any good reason, other than the causes
enumerated above, why, in the present glut of funds
at the monetary centres,this city, the financial centre
of the Western Continent should not be able to float
its bond issues upon as favorable terms as the best
situated of other municipalities? Under these circumstances it is matter for gratification and relief that a
majority of the Joint Legislative Committee should advise against extending the city's borrowing capacity
through the pending constitutional amendment. The
recommendation should carry the more weight as the
Chamber of Commerce of this city recently adopted
a resolution also declaring against the amendment.
At this juncture comes the report of the Special
Committee of the Chamber of Commerce, which was
appointed at the November meeting of the Chamber
to investigate the conditions surrounding the question
of the construction of rapid transit lines in New York
City. Obviously, if it be unwise for the city to extend
any further aid to subway building, some other means
should be provided for giving the municipality the
additional rapid transit routes of which it stands in
such sore need. Private capital should be allowed to
come in, but in what manner and upon what terms?
The Chamber of Commerce Committee makes a num-'
ber of helpful suggestions on this point. As the report is quite long and covers every phase of the question, it is impossible to furnish even an outline of
its contents. We will refer here only to one suggestion, which strikes us as eminently wise as well as
feasible. The Committee points out that there is no
other city on the globe which shows such pressing
need, and therefore such brilliant opportunities, for
rapid transit; that there is no other city on the globe
showing such spirit of enterprise and such ability in
handling large financial propositions. Accordingly,
it is argued that if, in spite of this, New York finds
it difficult, if not impossible, to secure additional adequate transportation facilities, it is evident that we
must have created conditions which are fundamentally
wrong and which must be radically reformed. The
committee affirms that present laws make these undertakings unwise, either for municipal effort or private
enterprise.
The recommendation which appeals particularly
to us is that construction, equipment and operation
of future subways be by private capital, with the
option of the city to purchase, operation to be conducted upon specific terms of profit-sharing with the
city in lieu of taxes and payment for franchise rights.
The committee well says that the principle here advocated has accomplished the settlement of the aggravated conditions formerly existing between the sur-
592
THE CHRONICLE
face railway corporations in the City of Chicago and
the citizens and their representatives in the city government. Under the agreements arrived at in that
city, it is pointed out, the corporations have been
enabled to obtain large amounts of new capital for
the reconstruction and extension of their lines, and
provision has been made for the future construction of
subway lines, while the city has received in the first
year of operation about $1,600,000 as its share of the
profits, without having incurred any obligations. The
committee does not enter into the details of the arrangement, but particulars will be found in our "Electric Railway" Sectioit in the statements of the Chicago
City Railway Co. and the Chicago Railways Co. In
brief, the city is allowed the right to purchase the lines
upon certain terms and at certain figures; provision
is also made for special compensation to the City of
Chicago, this compensation, however, being payable
only out of the surplus earnings of the companies after
paying or providing for all operating expenses, including charges for maintenance and depreciation and 5%
upon the valuation of the property at which it may
be purchased by the city for municipal operation.
Of the surplus earnings so remaining, the City of Chicago receives 55% and the companies 45%. Why
could not a somewhat similar arrangement be effected
in this city? Of course, it would be an indispensable
preliminary that the Public Service Commission Law
be changed and that legal provision be made (in the
words of the committee) "by which the security of
the investment and a stated degree of return thereon
cannot be jeopardized by changes to be made on the
simple order of any Commissioners who may then happen to be in office."
Owing to recent declines in market quotations of
Government bonds the future of such issues is regarded by bank holders thereof with misgivings.
As the result of recalls of public deposits, for which
such bonds were pledged, the Aales of the released
securities have caused these declines to unprecedentedly low figures—the 2%s of 1930 to 101, while
the Panama Canal 2%s were marketed by the Government at 13/2 to 33' points higher than the prices now
obtainable. The effect upon banks, holders of these
bonds, of their market depreciation may be judged by
the fact that there are pledged for circulation and public deposit over 600 millions of 2%s which have cost the
banks that own them from 20 to 25 millions in excess
of current prices. "Whether the future," says a
recently issued bank circular, "will witness a restoration of the quotations which have prevailed for a
number of years is a question of moment to those who
invested at the higher prices and also one which con
cerns the Treasury in its bearing upon a favorable
market for future issues."
The maximum of public deposits was recorded
Dec. 27 1907, when the amount of such funds in depositories was 260 millions; in the last fourteen months
the deposits have been reduced by surrenders to nearly
60 millions. The large decrease in deposits has naturally adversely affected the price of bonds pledged
for such deposits. The popularity of the 2%s of 1930
for circulation and deposits is shown by the fact that
out of an issue of 646 millions, more than 555 1-5 are
held by the Treasury for circulation, while of the
Panama bonds, the issue of which aggregates 85
Lx.xxvni.
millions, nearly 60 millions are pledged for circulation.
The 2% consols have also been attractive to banks as
pledges for public deposits; there are now held for this
purpose 42 millions and 11 millions of Panama twos.
The circular says that "the use to which low interest
bonds have been put in the past naturally stimulated
the market for them, and now that such use,so far as
depository accounts are concerned, is largely at an
end for the time being,the artificial value so attached
to them has almost disappeared."
Since the panic of 1907 circulation has been redundant and the Treasury has been compelled to
maintain a large force with which to care for current
redemptions. "This is a condition," says the circular,
"which will pass away,and a more active and profitable
use for bank notes may be expected. There is still a
margin for the use of 300 millions in circulation accounts to be secured by bonds." But the consideration which might have a contrary effect relates to the
means which Congress may employ to restore Treasury
finances. The Government will probably face a deficiency of 135 millions at the close of the fiscal year;
a large deficit will be shown in the succeeding year
unless Treasury cash shall be replenished by the proceeds of bond sales. There may be issued under
existing authorizations 45 millions of Panama bonds
and possibly the authorized limit may be increased by
30 millions. Such prices, therefore, as were obtained
for old issues are out of the question so long as present
market conditions continue.
The rise this week in the rate for exchange at Paris
on London to 25 francs 243/ centimes indicates the
increasing demand, since such rate began to advance,
by French bankers for investment in the British market. Moreover, these bankers are seeking investments
in Germany, which seems to reflect the improvement
in the relations between France and that country that
has been manifested since the signing of the FrancoGerman agreement. Not only are French bankers
investing in Germany but they are financing Berlin.
This is regarded as an important movement for the
reason that it will aid Germany in developing her
resources, which have expanded so greatly as to
cause her available capital to be barely sufficient to
meet all her requirements. The establishment of
cordial political relations between France and Germany and contributions by the former of financial aid
seems to be a guaranty of peace in Europe. The
influence of the German Emperor will doubtless be
exerted to prevent a collision between Germany's
ally, Austria, and Servia, and thus the menacing situation which has been so disturbing will be dispelled.
The Bank of England secured the whole of the 5
million dollars of Cape gold that was offered in London
on Monday and though the price of the metal is maintained at the minimum of 77 shillings 9 pence per ounce,
it seems probable that the bulk of future consignments
will be obtained. The Bank and the market, however,
have use for all the gold that is procurable. After the
experience of last year, when London was responding to the demands of almost every other nation for
gold, British bankers are more or less inclined to be conservative in their operations in securities. Hence they
are selling instead of buying Americans and seeking
investments elsewhere.
MAR. 6 1909.1
THE CHRONICLE
593
The general business situation as measured by the 5.9%. Outside of New York the exhibit is not
volume of mercantile transactions in February, or quite so decidedly favorable, but at the same time the
by the financial operations, such as dealings in bonds gain recorded, as contrasted with 1908, is 12.6%
or speculation in stocks, continues much more favora- for the month and 11.9% for the two months, with
ble than at the same time a year ago, but not as satis- the decreases from 1907 reaching 2.8% and 3.8% refactory as for the corresponding period of 1907. Our spectively. So many individual ities exhibit concompilation of bank clearings for February and the spicuous gains that special reference to them seems
two months since Jan. 1 1909, to be found on the first superfluous, therefore we shall merely advert in passpage of this issue, warrants that statement. By ing to the various sections into which our compilation
studying the compilation one quickly discerns how is divided. It will be observed that, due largely to the
very general have been the gains compared with a year important gain at New York, the greatest percentage
ago, only 25 of the 125 cities there represented re- of increases over 1908 for both the month and since
cording any losses, and those, on the whole, unimpor- January 1 are found to be in the middle section, they
tant. In fact, the declines, where shown, are due in being 35.9% and 31.5% respectively. The new Enga number of instances to the loss of one business day land group recorded an excess of 17.8% for the month
this year compared with last year, or other locally- and 14.7% for the two months, the increases in the
operating causes. The January statement exhibited Middle West were 14.2% and 14.7% respectively, and
a gain in the aggregate of 23.4% over the same period on the Pacific Slope were 13.2% for February and
of 1908; that for February is more satisfactory, the 13.7% for the period since January 1. The "Other
increase being 28.2%, notwithstanding the loss of Western" Section showed a gain of 14.7% for the
month and 12.2% for the two months, and for the
one business day.
the percentages of augmentation were 10.1%
South
important
an
been
have
transactions
Stock and bond
and
10.7%.
exchanges,
of
bank
the
making
element this year in
Canadian bank clearings also make a very favorable
the greater activity prevailing on the New York Stock
for the month, which is shared in quite genshowing
rebeing
in
in
than
particular
1908
Exchange now
In
fact, only one city exhibits a decrease and
erally.
for
demand
the
does
only
flected in the clearings. Not
measure accounted for by the one less
great
in
that
for
feature
a
been
has
and
this
bonds continue active,
The aggregate for February, at $331,day.
business
latterly
have
in
stocks
but
the
dealings
some months,
a gain over the corresponding month
records
058,588,
with
compared
as
important
augmentation
shown
and for the two months the gain
22.0%
of
1908
of
been
has
activity
in
at
increase
times
But
ago.
a year
17.3%.
reaches
the
in
so
notably
was
this
of
values;
at the expense
closing week of February, when, on quite important
Continental cotton manufacturers, in common with
transactions, there was a pretty general decline in
in Great Britain, experienced in 1908 a season
those
bonds
and
stocks
both
of
issues
many
prices, with
reduced profits. At least that is the
considerably
year.
of
the
of
opening
the
since
point
lowest
reaching the
upon us by a study of the reports
forced
conclusion
in
great
been
have
losses
the
however,
Since then,
German and Austrian corporaleading
of
active
number
a
less
of
been
has
market
the
but
measure recovered,
exception the returns we have
without
the
Almost
tions.
Exchange
Stock
York
New
the
On
as a rule.
diminution in profits and a
a
marked
show
of
received
total
a
reached
stocks
in
transactions
February
12,337,199 shares, and for the two months of 1909 were consequent decrease in the rate of dividend distribu29,612,699 shares; in 1908, the result for the month tion, and in some instances actual loss from operations
was 9,839,706 shares, and for the two months 26,434,- is indicated. We have no general compilation cover601 shares. In 1907, 1906 or 1905, and even as far ing a large number of establishments in either country
back as 1901, however, there was greater activity, and to refer specifically to each return at hand would
and consequently a larger volume of transactions than require too much space. So we shall make reference
now. Bond dealings, on the contrary, are of decidedly to only a few of the important companies, taking their
record proportions. They reached in February 111 results as indicative of the industry as a whole. The
millions of dollars, as against 57 millions in the month Augsburg Power Spinning and Weaving Co. reports
a year ago, and for the two months were respectively a net profit for 1908 of 1,491,803 marks ($373,000),
249 millions and 148 millions. As indicating the greater against 1,787,668 marks ($447,000) in 1907, and the
effect of stock and bond transactions on clearings this further statement is made that orders on hand are
year than last at this city, we have merely to state sufficient to keep the mills running until June next.
that the approximate actual value of all the securities But as prices are not very good, profits will be much
dealt in at the Exchange was for the two months of less than in 1908. The exhibits by other establish1909 about 1 billion dollars more than for the same ments are quite in line with the foregoing, the showing
time in 1908. At Boston 1,251,741 shares were dealt by a few being as follows: Kempten Spinning &
in this year in February, and the total for the two Weaving Co., net profit in 1908 having been 576,816
months was 2,278,939 shares; these compare with marks, against 674,459 marks in 1907; Augsburg
628,992 shares and 1,806,143 shares respectively in Worsted Co., 497,701 marks, against 769,401 marks;
1908. 'Bonds were very much more largely dealt in Kolbermoor Spinning Co., Munich, 402,982 marks,
against 402,280 marks; Power Weaving Co., Muhlthis year than in 1908.
bad', 157,018 marks, against 432,319 marks, and
for
As remarked above, the aggregate of clearings
of
Saxony Worsted Spinning Co., Hathau,310,364 marks,
the whole country for February shows an increase
with
against 533,930 marks. On the other hand, and, of
28.2% over the month of 1908, but compared
the similar period of 1907 there is a loss of 4.8%. course, very much the exception, the Bayreuth
For the two months this year's total exceeds that of Spinning & Weaving Co. showed increased profits in
last by 25.5%, and the decline from two years ago is 1908, the comparison being between 630,164 marks
594
THE CHRONICLE
and 507,758 marks in 1907. But in some cases actual
losses were recorded, as for. instance the Moritz
Ribbert Co., Hohenlimburg, with a loss of 481,374
marks in 1908, against a profit of 107,604 marks in
1907, and the Power Weaving Co., Augsburg, a loss of
72,225 marks, against a profit of 111,058 marks.
As regards the current year, advices are quite generally
to the effect that orders booked will cover nearly six
months' operations, but they are not on a very profitable price basis.
[VOL. txxxviii.
as compared with 795 and debts of $22,278,462 in
1908; 1,982 trading failures with liabilities of $13,607,425 in 1909, against 2,643 and $22,156,150 a year ago,
and other bankruptcies numbering 69 with liabilities
of $3,171,356 this year, contrasted with 132 and
$9,729,473 in 1908. Among banks and other financial
institutions the casualties in the two months of 1909
were only 15, involving $1,000,000, whereas in the
like period of 1908 the number reached 52, with indebtedness of $63,221,259. It should be stated, however, that in many instances last year the embarrassment of the banks was only temporary, business being
resumed within a very short time. Yet the comparison as presented above quite clearly and forcibly
depicts the relative situation in the two years.
Commercial failures exhibits continue clearly to
reflect improvement in mercantile and industrial
affairs this year as compared with a year ago. At
the same time the disasters, both as regards number
and aggregate of liabilities, are yet rather above the
normal. The February 1909 showing, moreover, in
That railroad earnings are improving as compared
the matter of liabilities covered is less favorable than with the small totals of a year ago is evident by the
that for the preceding month, clue entirely, however, return of the Pennsylvania Railroad Co. for the month
to one large failure at the South. That failure, in of January, submitted the present week. This shows
fact—we refer to the placing of the Birmingham Coal & an increase on the lines directly operated East of PittsIron Co. in receiver's hands—accounts for one-third burgh and Erie of $657,500 in gross and of $252,400
of the month's total indebtedness. And if with that in net and on the lines West of Pittsburgh and Erie
53/ millions of dollars we include the 13 million lia- of $600,400 in gross and $208,800 in net. In other
bilities of a large Western brokerage house (Lamprecht words, for the combined Eastern and Western lines
Bros. & Co., Cleveland) and the upwards of 2 millions the gross is $1,257,900 better than in January last
represented by two failures in the shoe trade, we have year and the net $461,200 better. Lest, however,
four disasters covering approximately 9 millions of the the mistake be made of thinking that there has been
February 1909 failed indebtedness. Thus there is left a full recovery of what was lost last year, it seems de4 millions as representing the liabilities of the sirable to point out that the return for January 1908
only 73
remaining 1,101 failures, or an average of only $7,029 showed for the combined lines a falling off of no less
per failure. And this low average, which is below the than $3,673,200 in gross and of $1,248,500 in net.
normal of former years, is a feature of the February In the following we furnish a six-year comparison of
1909 returns, indicating as it does a large preponder- the earnings of the lines East of Pittsburgh, being the
ance of small merchants or traders among those who only portion of the system for which we have the data
have been forced into bankruptcy.
for such a comparison.
Comparing February of this year with the same
Lines East 01
month of 1908, the showing is of course very favor1904.
1906.
1905.
1007.
Pittsburgh.
1909.
1908.
$
$
$
$
able. As against failures to the number of 1,621, GrossJanuary.
$
earnings__ 11,220,812 10,563,312 12,583,712 12,902,512 9,263,112 8,473,874
with liabilities of $27,064,471,in the month of last year, ()per. expenses__ 8,692,813 8,287,713 9,641,313 8,864,413 7,558,813 7,329,240
Net earnhags__ 2,527,099 2,275,590 2,942,309 3,138,009 1,704,299 1,144,634
Messrs. R. G. Dun & Co. make the current February
totals 1,105 and $16,734,813. The bulk of the failures
as regards amount of liabilities in the month this year
The bank statement of last week reflected the
was in manufacturing branches, but notwithstanding derangements incident to the surrender of public
the large iron failure at the South, referred to above, deposits and the preparations for the disbursement
the total indebtedness represented was only $8,161,384, of March interest and dividends, though such events
against $12,011,375 in February 1908. A somewhat were less disturbing than had been expected. Aversimilar comparison is to be found in trading branches, age loans were contracted $3,139,700—those of trust
the $6,410,597 liabilities in February of the current companies and State banks not reporting to the
year contrasting with $8,672,143 for the same period Clearing House, however, decreased $17,736,700. The
a year ago. Among brokers, transporters, &c., more- actual reduction in bank loans was $5,360,700.
over, the 1909 exhibit is distinctly satisfactory when Average deposits decreased $4,791,200; actual deposits
placed alongside of that for February 1908, debts of fell off $10,663,100. The average cash loss was
failed concerns aggregating but $2,162,832, against $862,900; die actual decrease was $4,967,800. Aver$6,381,053. The showing this year is, of course, age reserves were increased $334,900; there was an
especially satisfactory as regards suspensions of bank- actual decrease of $2,302,025, to $13,345,850. Coming institutions. After the very heavy liabilities rep- puted upon the basis of deposits less those of $2,487,resented by the suspensions in January 1908, the 600 public funds, the surplus was $13,967,750.
$1,654,824 involved by the failures in February of
that year seemed a distinctly unimportant amount.
The market for money was easy last week. Though
But even compared with that small total,the financial the payments of about 80 millions for dividends and
bankruptcies of February this year were insignificant.
interest began on Monday, perhaps necessitating some
For the two months of 1909 the mercantile disasters calling of loans, the supply of funds appeared to be
numbered 2,576, with liabilities of $30,742,898, against ample and day-to-day money was only fractionally
3,570 and $54,164,085 in the like period of 1908. higher than the maximum recorded in the previous
These totals were made up of 525, with liabilities of week. There seems to have been brought into the
$13,964,117 in the manufacturing industry this year, market trust company and near-by interior funds
MAR. 6 1909.
595
THE CHRONICLE
which were freely offered during the remainder of the
week, and, presumedly, considerable amounts of
money that was disbursed for interest was promptly
re-deposited, thus contributing to the easy tone.
Fixed-date funds were also easier and especially for
long maturities; one notable feature was the loaning
of twelve months' money at 33
4%,a concession of IA
of 1% compared with previous rates. Four to six
months' loans were negotiated at 3% and offerings
were quite liberal. Commercial paper continues to
be sought for investment by banks and other institutions and the supply is below the normal.
Money on call, representing bank and trust company
funds, loaned at the Stock Exchange during the week
at 23/2% and at
averaging about 2%; the above
minimum was quoted by all lenders. Time loans on
good mixed Stock Exchange collateral were procurable
at 2% for sixty and 2%@3% for ninety days,
though recorded business was small; some loans were
placed for four to six months at 3@314%,but the inquiry was chiefly for contracts maturing at the end
and over the year, which were quoted at 332@4%.
Commercial paper ruled at 332@3%% for sixty to
ninety-day endorsed bills receivable, 39@4% for
choice and 4@432% for good four to six months' single
names.
The Bank of England rate of discount remains unchanged at 3%. The cable reports discounts of sixty
to ninety-day bank bills in London 23/8@234,%. The
open market rate at Paris is 13.1% and at Berlin
and Frankfort it is 23/2%. According to our special
cable from England, the Bank of England gained
£333,649 bullion during the week and held £38,211,311
at the close of the week. Our correspondent further
advises us that the gain was due wholly to purchases
in the open market, the shipments to the interior of
Great Britain exceeding the imports. The details
of the movement into and out of the Bank were as
follows: Imports, £979,000 (of which £668,000 bought
in the open market,£200,000 imported from Germany
and £111,000 from miscellaneous sources); exports,
nil, and shipments of £645,000 net to the interior of
Great Britain.
of higher exchange. On Friday there was a sharp
advance to the best figures of the week and year,
caused by a demand for remittance and a paucity of
bills for Saturday's and next week's mails; though
rates were at the gold-export point to London, it was
regarded as unlikely that the metal would be shipped.
Compared with Friday of last week there was a
decline on Saturday of 20 points for long sterling to•
4 8520@4 8525 and an advance of 5 points in cables
to 4 8790@4 8795, while short was unchanged. On
Monday long rose 35 points to 4 8555@4 8560,short 10
points to 4 8755@4 8760 and cables 5 points to 4 8795
@4 88. On Tuesday long was 5 points higher at
4 8560@4 8565, short 5 points at 4 8760@4 8765 and
cables were unchanged. On Wednesday long fell 10
points to 4 8550@4 8555 and cables 5 points to 4 8790
@4 8795, while short was unaltered. On Thursday
long advanced 20 points to 4 8565@4 8575, short
10 points to 4 8765@4 8775 and cables 10 points to
4 8795@4 8805. On Friday long rose 15 points, 25
for short and 30 points for cables.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
Frt.,
Mon., Tues., Wed., Thurs., Frt.,
Feb. 26. MM. 1. Mch. 2. Mch. 3. Mch. 4. Mch. 5.
Brown
Bros. & Co
Kidder, Peabody & Co
Bank British
North Amerlca
Bank of
Montreal
Canadian Bank
of Commerce
Heidelbach, Ickelheimer & Co
k
Lazard
Freres
Merchants Bank
of Canada
560 days 4 86
1Sight-- 4 8834
160 days 4 86
1Sight„ 4 8834
160 days 4 86
1SIght__ 4 8834
560 days 4 86
1SIght__ 4 8834
160 days 4 86
1Sight__ 4 8834
560 days 4 86
1Sight__ 4 8834
560 days 4 86
Wight 4 8834
160 days 4 86
1Sight„ 4 8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86 •
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
883-4
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
86
8834
8634
89
8634
89
86
8834
86
8834
86
8834
8634
89
8634
89
86
8834
Rates for exchange on Friday were 4 8580@4 8590
for long, 4 8790@4 88 for short and 4 8825@4 8835
for cables. Commercial on banks 4 8550@4 8560 and
documents for payment 4 849@4 85%. Cotton for
payment 4 84%@4 85, cotton for acceptance 4 8550
@4 8560 and grain for payment 4 853/2@,4 85%.
The following gives the week's movement of money
to and from the interior by the New York banks.
Week ending March 5 1909.
Currency
Shipped by
Received by
N. Y. Banks. N. Y. Banks.
$6,575,000
Net Interior
Movement.
$3,193,000 Gain $3,382,000
1,646,000
1,109,000 Gain
537,000
The foreign exchange market was strong this week, Gold
$4,302,000 Gain 83,919,000
$8,221,000
Total gold and legal tenders _.
especially for short sterling. The tone was influenced
by selling of American securities in London, much of
With the Sub-Treasury operations the result is as
which, however, was traced to operations directed by follows.
local bankers through the cable. Part of the advance
Net Change in
Into
Out of
in rates was attributed to efforts by the recently organBanks.
Bank Holdings.
Week ending March 5 1909.
Banks.
ized combination dealing in exchange to cover oversold Banks' Interior movement,as above_ $8,221,000 $4,302,000 Gain $3,919,000
31,009,000 Loss
402,000
30,607,000
bills that had been drawn during the previous week in Sub-Treasury operations
$38,828,000 $35,311,000 Gain $3,517.000
Total gold and legal tenders
order to effect manipulation of the market. After the
desired cover had been obtained, the tone became
The following table indicates the amount of bullion
quiet, though firm. Speculative operations in ex- in the principal European banks.
change diminished in volume towards the middle of
March 4 1909.
March 5 1908.
the week, but expectations of their resumption had a Banks of
Silver.
Gold.
Total.
Total.
Gold.
London
influence
upon legitimate business.
deterrent
z
•£
a
continued to be seller of active American stocks, England__ 38,211,311
38,211,311 39,279,574
39,279,574
France __ 144,903,543 35,526,228 180,429,771 110,348,260 36,155,886 146,504,146
41,808,150 11,999,400 53,807,550 34,011,000 12,580,000 46,591,000
thus contributing to the demand for remittance. Com- Germany _ 121,771,000
Russia -__
7,788,000 129,559,000 116,072,000 6,169,000 122,241,000
51,392.000 12,804,000 64,196,000 46,475,000 12,622,000 59,097,000
Aus.-Hun.
promptly
market
mercial bills were
absorbed and the
Spain ____ 15,860,000 32,602,000 48,462,000 15,726,000 26,086,000 41,812 000
37,901,000 4,634,000 42,535,001 36,591,000 4,600,000 41,191,000
__
was kept bare of bankers'drafts, naturally causing the Italy
Netlflands 9,579,000 4,087,800 13,666,800 7,692,000 4,370,500 12,062,500
Nat.Beig.d 4,148,000 2,074,000 6,222,000 3,966,667 1,983,333 5,950,000
firm
abroad,
extone. Discounts
maintenance of a
3,903,000
4,342,800 3,903,000
Sweden __ 4,342,800
3,334,000
4,863,500
4,863,500 3,334,000
cept at Paris, are somewhat higher than are money Switeland
1,500,000
1,528,000 1,500,000
Norway __ 1,528,000
rates for corresponding periods here, and this relative Total week 476,308,304 111,515,428587,823,732 418,898,501 104,566,719 523,465,220
Prey.week 478,780,568 113,167,531 591,948,099420,198,446 105,091,488525,289,929
monetary condition is an important factor promotive
596
THE CHRONICLE
[VoL. Lxxxvni.
undertaken with practical common sense,and on sound
THE TREASURY.
economic lines, such taxes may be made immensely
To the financial community, the selection of a new more productive. The trouble with the Wilson Bill
Secretary of the Treasury is in many respects the was that it did not adequately keep in mind this
matter of first importance in the appointments of a function of the tariff as a revenue producer. To strike
new Administration. Our experience of recent years off duties which are not prohibitive, necessarily inhas shown that no period is exempt from the peculiar volves a loss, not a gain, in revenue; but it is equally
difficulties and troublesome problems which surround true, as was shown in the first experience with the
that office; it has also shown that much of the welfare Dingley law, that to raise a duty from a mildly pro•of financial markets depends on the qualities of the tective to a prohibitory basis equally dries up that
man at the head of the Treasury Department. Mr. much of the sources of public revenue.
MacVeagh,Mr.Taft's selection for his finance minister,
This part of the problem will devolve, not on the new
has the prestige of a practical and successful business finance minister, but on Congress. The opportunities
Career, and a reputation for public spirit and broad- of the new Secretary will arise in a larger field. He
mindedness. He is not a lawyer, like most of the ought, for one thing, particularly under present cirother nominees for Cabinet positions, and he is not, cumstances, to demand insistently and plainly an
like so many of our recent Treasury Secretaries, a intelligent provision for the meeting of public deficits.
banker. Experience has not taught, however, that a The United States is, at the present hour, the only imSecretary of the Treasury is handicapped by the mere portant Government in the world which allows its
fact of not having been engaged professionally in exchequer no standing power to meet a shortage, temfinancial administration. It is a curious fact that the porary or otherwise, in Government revenue. The
greatest of our Treasury Secretaries, those who sur- result of such a lack has been that at one time we have
mounted most brilliantly the exacting problems of piled up indebtedness for years ahead to relieve what
their day, were not professional bankers. Mr. Hamil- proved to be a temporary shortage, and that at anton was a lawyer; Mr. Gallatin a college professor; Mr. other we have instantly clapped on such heavy new
Walker and Mr. Chase both lawyers, and Mr. Sherman taxation that the deficit was turned, in the course
had practically been in politics all his life. These are of a few years, into an overflowing surplus, managethe five names which would be mentioned as the great ment of which presented difficulties quite as great as
the financing of the deficit. We should be gratified
successes of our history in Treasury administration.
That the situation with which Mr. MacVeagh will if Mr.MacVeagh were able to impress on Congress and
have to grapple presents a number of more or less on the people a statesmanlike consideration of the
awkward problems,every one is aware. The Treasury whole problem of our growing expenditure. Europe
statement shows an excess of expenditure,for the eight is learning that this problem is to-day a consideration
completed months of the • fiscal year, amounting to which its responsible finance ministers cannot neglect,
$86,361,980. This, it may be observed, is larger than even if they wish to do so.
We can conceive a Secretary, endowed with suffithe deficit of the full twelve months in any previous
year of our Treasury's history save in time of war. cient intelligence and force to accomplish much in the
Nor is the deficit likely to decrease with the progress way of compelling improvement in another direction—
of the fiscal year. The Chairman of the Appropria- our loose and haphazard system of adjusting public
tions Committee, speaking in Congress on the question revenue to public expenditure. Finally, the new
nve or six weeks ago, declared that by the end of the Secretary's views will have an important bearing in
fiscal year, which runs to the 30th of June, the the matter of a reorganization of the currency. That
deficit will have mounted up to $125,000,000; this the Monetary Commission has entered on the prelimiweek he raised his estimate to $150,000,000. The nary work of its great problem with real enthusiasm,
Secretary of the Treasury has figured out, on the basis and with genuine purpose of effecting permanent and
of existing revenue laws, a deficit of $143,000,000 radical reform, every one who has kept in touch with
its proceedings is aware. Senator Aldrich, the head
for the fiscal year 1910.
If this second prediction were to be fulfilled, the of the Commission, is credited with the ambition to
surplus funds in the Treasurer's hands would mani- make his achievement in this regard rank with the
festly be exhausted before very many months, and epoch-making work of Sir Robert Peel in reforming
recourse to public loans to meet the shortage would the British currency. With the strong support which
become inevitable. Fortunately, neither the condi- can be thus reckoned on in Congress, it would be
tions in Congress nor the condition of the statutes is strange if a vigorous and aggressive Secretary of the
such as to create the formidable difficulties which Treasury should not see the enactment of such legisarose, under similar circumstances, during Mr. Car- lation either accomplished or brought within easy
lisle's Treasury administration of 1894. We have, at reach.
all events, the continuing authority for 3% certificates
THE INAUGURAL ADDRESS.
of indebtedness under the Spanish War Act, and it is
better
and
In its length and the ground covered, Mr. Taft's
facilities
reasonable to suppose that other
Congress
in
by
inaugural
case of
address resembles a special message. The
would be granted the Treasury
session is announced for the 15th, and
expected
extra
actual necessity.
single subject of the tariff is sugtroublesome
confining
it
the
possibilities
to
in
There are, doubtless,
for
exaggerate
the
of making the least disturbance of
sake
gested
to
them.
situation,
easy
but it is
such a
It is a new statement, to
who
instance,
uncertainty.
business
by
not
believe
among those, for
We are
on the subject will give
thinkers
in
any
urged
only
one
of
tax
which
class
form
income
seriously
will
be
that an
making
a tariff "the prime
other
in
assent,
that
ready
hand,
the
extra
we
session.
On
during the
securing
thereby of a revetariff
the
is
duties
and
is
motive
taxation
of
the
readjustment
if
believe that
MAR. 6 1909J
THE CHRONICLE
597
the experienced jurist, unshaken by all
flue." Inasmuch as taxation has been used, in several to be speaking
years. The boycott he calls
notable instances, for purposes which had nothing to the agitations of recent
and his declaration that
tyranny;
of
do with revenue and were inconsistent with that, this an instrument
can be protected by
which
a
property
n
suggests whether the indirect purpose of protectio business is
change demanded
the
that
and
on
e
ought not, for the sake of popular information, to be equitabl injuncti
a privileged class
them
of
make
would
by
labor unions
expressed in the law.
terms.
stronger
in
be
not
put
could
Mr. Taft seems to confidently expect juster dealing
The beginning of the new Administration is to be
with the Filipinos, for he says that "the direct effect
in connection with the tumultuousness and
judged
of free trade between this country and the Philippines
sm of the past four years. Time and sober
radicali
of
and South America will be marked upon our sale
n must qualify that, and lead to a reaction
reflectio
cottons, agricultural machinery and other manunatural and therefore healthy. We must be
is
which
of
factures"; but in another paragraph is a mention
wait for it, and to expect that such a
to
content
the
"the new tariff bill permitting free trade between
ment and serious training in affairs
tempera
judicial
limitaUnited States and the Archipelago, with such
tive action. Certainly Mr. Taft
conserva
to
tend
will
to
injury
tions in sugar and tobacco as shall prevent
s, and the earnest goodquestion
serious
of
is
legatee
Re&c.
the domestic interests in these products,"
go with him as he
will
folk
nded
sober-mi
of
will
sugar
calling the opposition, in the past, from the beet
them.
fulwith
grapples
interest, the practical difficulties in honestly
ration
Administ
new
the
which
to
task
first
the
filling
ANTICIPATION AND REALIZATION.
counts itself committed are evident.
in the year 1908 there was a serious disagreeEarly
outlays
Economy is urged, together with increased
the President of the United States and
.
between
ment
involves
which further extension of Government work
Commerce Commission and the ComInter-State
sole
the
One direction is in navy enlargement, as the
ations of the House of RepresenAppropri
rest
on
mittee
the
effectual guarantor of peace. But although
of money which ought to
amount
the
to
as
"be
tatives
we
of the world keeps on a war footing, how can
funds for the inspection
public
the
of
out
Proviprovided
be
since
ourselves in a similar condition" to theirs,
fiscal year ending with
the
during
accounts
is
of
railway
which
dence has given us the defense of isolation
30 1909 inclusive).
June
to
1908
1
(July
1909
30
war
June
of
s
denied to them? For example, the exigencie
under date of
ion,
the
Commiss
for
Adams,
Professor
ago;
years
carried us politically into the East eleven
performance
adequate
an
that
thought
1908,
31
Jan.
a
practical
wise
it is untimely to inquire whether
285
inspectors
of
force
a
require
would
work
this
in
of
seeking
d
than
employe
statesmanship could be better
be
$750,000.
would
cost
annual
the
that
and
clerks
and
al
from
withdraw
of
way
some feasible and honorable
on the other hand, suggested
the colonial possessions and policy which were once Commissioner Harlan,
inevitable delay in the
deemed so foreign to the genius of democratic govern- that in view of probably
inauguration of the work, an appropriation of $500,000
ment?
for the twelve months would be adequate. Subsesomeare
The remarks concerning race prejudice
has
quently the Commission gave tacit consent to the
Taft
Mr.
what unusual, although natural after
for the first year to
spent so much time in the South and has given so further reduction of the total
much attention to Southern problems. His indirect $350,000.
The Committee on Appropriations, after a careful
reference to the Charleston Collectorship case and his
of formulation
distinct expectations from industrial progress of the investigation of the plans in progress
to attend their
colored men will be accepted as sound and timely; for and a study of the conditions likely
all these estiniates were
the work of Booker Washington and others laboring operation, concluded that
e of $50,000 would be
along the same line have shown that when the black excessive and that an allowanc
execution of its duty this
man has won his industrial position and has thus made entirely adequate. In the
nded that only the
himself necessary, the problems of social and political committee, therefore, recomme
last-named sum be appropriated. The suggestion
status will quietly solve themselves.
the Commission be
The promise to maintain and enforce alleged re- that the minimum estimate of
t protest
forms initiated during the past Administration had cut down raised an immediate and vehemen
of the
views
been foreshadowed, and it is placed at the beginning of from the radical regulationists. The
Knapp
n
Chairma
the address. But it should be read in connection with Commission itself were expressed by
the declaration immediately following that some fur- in moderate and dignified but unequivocal terms.
that in
ther action is needed to free from alarm "those pur- Writing to Representative Townsend he stated
smallest
the
was
suing proper and progressive business methods." the belief of the Commission $350,000
work during
The old admission that there may be some good com- sum that would enable it to carry on this
binations is made now by Mr. Taft, probably more the year.
The ardor of the opposition to the Committee's
seriously, in the remark that the desired plan "must
d by the President
include the right of the people to avail themselves of action was much more fully expresse
took up the
promptly
those methods of combining capital and effort deemed of the United States, who
His letter
ation.
necessary to reach the highest degree of economic contest for the maximum appropri
writtatives,
of
to the Speaker of the House Represen
efficiency."
d
unstinte
of
model
a
is
Mr. Taft goes far in desiring, in respect to employers' ten under date of April 30 1908,
was
It
full.
in
printed
be
liability, to substitute a new and easier thing for the denunciation which should
common-law rule of contributory negligence. If this as follows:
seems like a sop to labor unions, it is followed by the
"There is one matter connected with the Sundry
most positive statement as to injunctions, upon which Civil bill to which I should call your special attention,
ation asked
he says "my convictions are fixed." Here there seems and that is the cutting down of the appropri
598
THE CHRONICLE
[VOL. Lxxxviii.
for by the Inter-State Commerce Commission,to carry although they had afterwards on consideration recominto effect the twentieth section of the Hepburn law, mended $500,000, to their credit, when they had in
to only $50,000. In accordance with the request of their hands $350,000, proceeded in a logical and senthe Committee on Appropriations, in carrying out the sible manner, as the Committee on Appropriations
desire of the leaders of the House, the Inter-State had supposed, when they reported the bill a year ago,
Commerce Commission, instead of asking, as they the Commission would proceed.
originally asked, for $500,000, which was the amount
"It would seem that the Committee on Approprianecessary in order to do the best work in carrying out tions in reporting the bill a year ago had better knowlthe twentieth section, cut down the request to $350,- edge of what the Inter-State Commerce Commission
000, the very minimum under which the work can be could do in this fiscal year than the Commission
itself
done effectively at all.
had. But the Commission, although their pride might
"To provide only $50,000 really amounts to making have led them to expend this money in order that
they
a sham appropriation. It would be better to repeal the could say that it had been expended;
although
they
twentieth section or suspend its operation for a year, for might have expended it with a wish simply
such a course would have the merit of frankness. I ing their opinion, yet the Commission haveof justifynot useregard this twentieth section as containing one of the lessly expended the money. . . .
most important provisions of the Hepburn Act, and
"There was no disposition, I take it, on the
to refuse to provide means for carrying it on is equival- the Committee on Appropriations a year ago topart of
hament to repealing for this year that section, and it would per the Commission in the enforcement of that section.
undoubtedly be so understood by the country at large. . . . It often happens that executive branches
of
I feel that the Hepburn Act was one of the great pieces the Government think they can expend more money.
of legislation for which Congress, under your direction It is the duty of the Committee on Appropriations
and guidance, has been responsible, and for which it ascertain what they think can be expended. . . to
.
has received such deserved credit.
That committee and its members have the confidence
"It would be from every standpoint a very real of the House, . . . and I hope that after this
misfortune now to nullify one of the important provisions proof of their correct prophesying they will have the
of that Act. The only people benefited would be the very confidence of the Chief Executive, who was wrong
worst of the big railroad men whose misdeeds we are about the expenditures a year ago, and who ought.to
trying to prevent or correct. The Commission has been acknowledge now that the Committee
on Appropriaat work with the railroads for two years preparing to tions knew more about the subject
even than he did,
put this section into execution through the means of a although he accused them of 'sham recommendaboard of examiners. To refuse to give them $350,000 tions.'"
(for to appropriate $50,000 serves no purpose whatever)
The fact most significant of all in this veracious
is to nullify completely these two years' work."
history is that through unwarranted clamor and baseIn re-printing the foregoing we have ventured to
less imputations of bad faith a majority of Congress
put in italics certain phrases expressed in plainly italic
was induced to overrule its responsible committee and
language.
to place at the disposal of executive officers a fund
The difference of opinion made evident by the forevery much greater than could profitably or properly
going speedily resulted in a debate in Congress and
be expended in the public interest. In view of the
the press in which the more violent regulationists
current deficit in revenue the possibility of such an
repeatedly echoed the suggestions of bad faith on the
occurrence is fraught with grave potentialities.
part of their opponents which had originated with the
President's letter. Eventually Congress overruled the
Committee on Appropriations and gave the Commission HOW BUSINESS DEPRESSION AFFECTED THE
PENNSYLVANIA RAILROAD.
the entire $350,000 for which it had asked.
It
is
characteristic
of the Pennsylvania RR. that it
Now for the sequel to this tempestuous episode. In
should
be
distinguished for phenomenal results
seven months of the twelve for which $350,000 was
whether
in
a
period
of trade activity and advance or in
asked and appropriated the Commission has expended
a
period
of
trade
depression
and retroaction. In point
out of it but $41,534 14. In other words, after charof
traffic
and
earnings
it is the largest railroad system
acterizing those who thought the smaller sum sufficient
in
the
country.
Furthermore
its lines gridiron the
as working to benefit "the very worst of the big railcoal
and
the transition from
where
iron
districts,
road men," as advocates of a "sham appropriation,"
prosperity
reverse,
is apt to be
the
to
adversity,
or
as willing "to nullify" a fundamental part of a recently
the
most
same
At
sudden
pronounced.
and
time, in
enacted statute, and as pursuing a course which had
Pennsylvania
in
general
is
its
many
traffic
the
respects
not "the merit of frankness," the extreme regulationists proved themselves wrong and their opponents typical of the country's trade and industries. For
right by spending little, if any, more than the latter all these reasons its traffic and income results reflect
and reveal in a pretty unerring way the course and
had wished to provide.
changes
in business conditions from year to year. If
This contrast between anticipation and realization
trade
is
progressing
in a notable fashion, the Pennsylaffords an excellent illustration of the pitfalls which
vania
is
register corresponding expansion,
certain
to
await those who habitually resort to the use of intemand
vice
versa.
perate language and attempt to batter down all oppoIn the years preceding 1908 things were on an
sition by denouncing the motives of those with whom
ascending
scale, and nowhere was that fact more
they disagree. The situation, was excellently sumevident
than
in the returns of the Pennsylvania RR.
marized in the discussion in the House of Representatives to which it led, on Feb. 23 1909, by Representa- The gains recorded year by year in this period were
tive Mann, a member of the Committee on Inter-State of marvelous and prodigious extent. In 1908, on the
other hand, as shown by the report submitted this week
and Foreign Commerce. In part, Mr. Mann said:
for
the calendar year, the experience was the precise
"It was unfortunate that the President was led to
believe by some one in his confidence that the Inter- reverse of this. That period of twelve months covers
State Commerce Commission could expend $350,000 a period marked by paralysis and prostration of a kind
in this work during this fiscal year. The Commission, and to an extent which has had few, if any, parallels in
although they had first recommended over $700,000, history. This is tantamount to
saying that where
MAR. 6 1909.1
THE CHRONICLE
599
whole remarkably
previously the Pennsylvania RR., furnishing such an all things considered, was on the
find that on the
we
here
even
yet
ed,
well
maintain
had
ns,
excellent barometer of industrial conditio
rs were carried
passenge
less
92
10,885,1
d
lines
combine
striking
shown enormous gains, it now suffered equally
number of
the
while
year,
g
precedin
in
the
than
by
played
losses. Every one conversant with the part
300,606,845.
the system in the country's economic fabric was, of passengers moved one mile was reduced
freight movecourse, prepared for a falling off of great magnitude. It is not, however, until we come to the
enormous
We doubt that any one imagined that the shrinkage in ment that we get a real idea of the perfectly
. The Pennsyltraffic and revenues would reach the proportions it shrinkage in business which occurred
103 million tons in its
actually did or that the setback would assume such vania RR.suffered a loss of over
freight traffic, while in the number of tons moved one
extraordinary dimensions.
tation
As a measure of the business reverses through which mile, which is the real measure of the transpor
gigantic
off in the
the country was obliged to pass in 1908, owing to the service rendered, there was a falling
n exact figures, a
miles—i
ton
billion
of
tation
amount
transpor
89
unfortunate condition of our railroad
tons. In ratio this last
lines, the figures to be found in the present report contraction of 8,621,631,494
of the Pennsylvania RR. deserve to be placed on represents a decline of almost 25%.
When one considers the causes of this unparalleled
record and to be kept constantly in mind. With
occasioned by political
the idea that the country is entering on a new era shrinkage—the fact that it was
ions generally,
of prosperity, and that trade depression is a thing of assaults on the railroads and on corporat
and new
a
halt
to
the past, a great many persons are already forgetting so that enterprise was brought
on the
carry
to
obtained
that there was a relapse and collapse. To such the capital could no longer be
s adcountry'
the
to
Pennsylvania figures should prove a source of'enlight- reproductive work so essential
we
g
that
surprisin
is not
enment. As already pointed out,the Pennsylvania sys- vance and development—it
report
ania
Pennsylv
in the remarks in the
tem is of vast earning capacity and hence the changes should find
forceful reference to the state of things
but
a
dignified
Neverthe
e.
magnitud
great
of
ly
necessari
also are
of all the trouble. It is
less the extent of the falling off in income sustained which has been the source
to note that a
t
by this system during 1908 will to most persons, we gratifying, says Presiden McCrea,
in the national
both
prevails
spirit
tive
are sure, appear astounding. The company's general more conserva
regulation
undue
to
the
in
regard
res
income account deals only with the lines of the system and State legislatu
further
is
to
defer
tendency
the
that
and
,
directly operated east of Pittsburgh and Erie, com- of railroads
to
afforded
been
has
ity
opportun
an
until
prising 3,862 miles of road. On this portion of the legislation
in
now
laws
force.
the
of
effect
practical
the
system the shrinkage in gross earnings was certainly ascertain
to be wise in
very heavy, reaching no less than $28,515,954. But This, he urges, would certainly appear
those who in
since
public,
general
the
the whole Pennsylvania RR. system east and west the interest of
from whom
and
es,
enterpris
in
such
of Pittsburgh, including the lines controlled as well as good faith invest
enable the
to
obtained
be
mist
operated, consists of over 11,000 miles (11,292 miles), the necessary capital
for the
required
facilities
the
furnish
and on this entire mileage the earnings for the twelve railroads to
to
expected
be
cannot
public,
the
of
months of 1908 fell below the earnings for the twelve accommodation
receive
they
unless
nt
investme
such
make
months of 1907 in the extraordinary amount of continue to
extended to the owners
$52,446,722. In other words, the lines of the Penn- the same protection that is
is entirely accurate in
McCrea
Mr.
.
property
other
sylvania RR. earned only $274,338,803' in 1908, as of
the investor will not
t
and
capitalis
The
t.
statemen
his
against $326,785,525 in 1907.
unless they can
ings
undertak
railroad
in
money
If any one at the beginning of the year had ventured put
n and be perprotectio
adequate
of
e
assuranc
to predict that the system would be called upon to have
same as inthe
it,
upon
return
fair
a
earn
to
endure a loss in income during 1908 of 52% million mitted
.
property
of
classes
other
in
s
dollars, he would have found no one inclined to give vestment
As far as the Pennsylvania is concerned, the report
lodgment to the thought. We may go further and
it evident that, despite the tremendous losses
makes
found
assert that if such a prediction could have
d, it passed through this very trying period in
sustaine
it
believed
acceptance, very few persons would have
e way. Mr. McCrea points out that
most
creditabl
a
event
that
in
possible that the Pennsylvania RR.
traffic and revenues necessitated a
in
off
falling
emthe
serious
could pass through the period without
in all departments and
barrassment, notwithstanding its wonderful resources drastic reduction in expenses
s of the
and strength. Yet, precisely this is what has hap- compelled the discharge of many thousand
in the
pened in both particulars. We have alluded to the company's employees and a material decrease
service.
in the
Pennsylvania's previous expansion in revenues. The hours of labor of many of those retained
in gross
dollars
million
523/
of
a
loss
with
y,
Obviousl
though
large
yet,
gains were of notable extent, and
if
ensued
cy must have
they were, the increase in 1907 did not quite reach earnings, speedy bankrupt
meet
to
$31,000,000, and the increase in 1906 was only about expenses had not been most rigidly curtailed
It appears that against
% millions. Because of the tremendous contraction the loss in traffic and income.
293
in gross there was a curtailin 1908, the road has now been set back to about the $52,446,722 decrease
ment in expenditures in amount-pf $45,010,424,1eaving
where it was in 1905.
the reduced net for
Such results are certainly impressive and speak the loss in net $7,436,297. How
s with the net for
eloquently of the task with which the management 1908 on the combined lines compare
be stated, as taxes
was confronted of carrying the property through the years preceding 1907 cannot
ures where previously
a period of such trying conditions with strength are now included in the expendit
omitted. Of course the
unimpaired. Yet the figures given pale into insig- they appear to have been
cut. There are
nificance alongside those recording the shrinkage maintenance outlays were severely
11,292 miles
whole
the
for
in the traffic movements. The passenger business, no figures on this point
600
THE CHRONICLE
1.xxxvm.
of road, but taking the lines directly operated east provision for the $60,000,000 of short-term notes which
of Pittsburgh and Erie, where a loss of $28,515,954 in mature March 15 1910, as well as for the $20,000,000
gross earnings was met by a decrease of $22,195,332 in of general mortgage bonds which mature July 1 of
expenses, it appears that $10,372,544 of the saving in that year. The shareholders have already authorized
expenses followed from a reduction in the cost of the board of directors of the company to increase the
transportation and $11,696,689 from a decrease in the capital stock when in their judgment it may be
advismaintenance expenditures.
able. Like authority is to be asked as to the indebtedConsidering now the general income account of the ness at the annual meeting to the extent of
$80,000,000
company, the showing is in the highest degree gratify- in order that the company may be in a
position, as
ing. A good part of the rentals paid by the Pennsyl- Mr. McCrea says, to meet its maturing obligations
vania is on a basis of net earnings, which means that through the issue at the proper time of either stock
as net earnings fall off the rental payments diminish. or bonds, or both, as may be to its best interests.
It follows, therefore, that a portion at least of the
loss in net income was offset by a diminution in the THE CONTRACTION IN STEEL PRODUCTION
rental requirements. The company also had a further
IN 1908.
offset in an increase in its income from investments.
With the publication the present week by Mr. James
Nevertheless, after allowing for all these things, and M. Swank, of the American Iron & Steel Association,
deducting fixed charges, &c., the available net income of his compilations showing the output of open-hearth
for 1908 was only $28,207,660, as against $33,575,056 steel during the calendar year 1908, we are able to
for the calendar year 1907. The company, as will be approximate very closely the country's total steel
remembered, reduced its semi-annual dividends from production in that notable period of depression.
As
3M% to 3%, making the year's dividend payments was expected, the open-hearth product makes a much
only 6%, as against 7% in 1907, and involving a better comparison with previous years than does the
saving of, roughly, 33/i million dollars. This reduc- Bessemer steel product. Nevertheless the falling
off
tion of 1% in the dividends was adequate to all require- in the make of even this kind of steel has been large;
ments. The company was able to make about the and added to the still heavier loss in Bessemer steel
same contributions to the sinking fund and for extra- we get a record of shrinkage in the
steel output of the
ordinary expenditures as in other years. The sinking country which for mere magnitude
has never been
fund payments and payments on account of maturing equaled on any previous occasion.
principal of car trusts aggregated altogether $4,133,867,
It appears that the production of open-hearth steel
besides which $3,538,981 was allowed for extraordinary ingots and direct castings in the United States
in 1908
expenditures in revision of grades and for additional was only 7,780,872 tons, against 11,549,736 tons in
tracks, yards, &c., and a further amount of $1,000,000 the calendar year 1907, the decrease, therefore, being
was applied towards construction of the New York tun- 3,768,864 tons, or over 32%. This is the first occasion
nel extension. Over and above these contributions and in the history of the open-hearth steel industry in the
the requirements for the 6% dividend, asurplus of United States that there has been a falling off in the
$659,131 remains on the operations of the 12 months. make of this kind of steel. As has been many times
Speaking of the tunnel extension,it is worth noting pointed out by us, the growth and advance in openthat out of the account of the Pennsylvania Company hearth steel production in this country during the last
(operating the Western lines) $10,000,000 has been ten years has been perfectly marvelous. In 1897 the
contributed towards the cost of this extension. In make of open-hearth steel, which even then had been
explanation of this action the report tells us that, steadily increasing year by year, still amounted to
owing to the fact that this important terminal is for only 1,608,671 tons. In the ten years from 1897 to
the benefit of the entire Pennsylvania RR.system and 1907 the total was increased nearly tenfold, the
that the lines west of Pittsburgh will reap a direct product for 1907 being no less than 11,549,736 tons.
advantage therefrom, it has been deemed proper that And during the whole of this decade there was not a
the Pennsylvania Company should participate in the single year that failed to record advance on its predecost therefor. Accordingly, $10,000,000 has been cessor. Even in 1903 and 1904, when depression
in
contributed for that purpose and charged against the the steel industry was very marked, and when,
as a
Pennsylvania Company's profit and loss account.
consequence, the Bessemer product suffered noteAs is known, the Pennsylvania RR. last May put worthy contraction, the open-hearth output
continued
out $39,400,000 of its consolidated mortgage bonds to expand, though of course only in a small
way. In
bearing 4% interest and great success attended the great measure open-hearth steel goes into
general and
floating of this bond issue. As a result of this new miscellaneous uses. On the other hand,
Bessemer
bond issue and the wise way in which the property steel goes largely into the production of
rails and into
has been managed in other respects, the company is railroad work generally; and the
railroad industry
able to make an unexampled showing of financial during 1908, as every one knows, was
depressed bestrength. It appears from the balance sheet that on yond all others.
Dec. 31 1908 the company had no less than $56,025,897
In reviewing twelve months ago the large openof cash on hand or on special deposit. The Western hearth figures for 1907, we pointed out
that the course
lines are also well situated as regards cash, the balance of open-hearth production during
1908 was not easy
sheet of the Pennsylvania Company showing over to foreshadow. We stated that while
theretofore the
$11,000,000 of actual cash on Dec. 31 1908. All this make of open-hearth steel had kept
on increasing even
lends force to President McCrea's remarks that the in dull times, it would be taking
too sanguine a view
cash holdings will in all probability be sufficient to to expect a similar outcome in
1908, since the country
meet the capital requirements of the current year. It had never had any such severe
period of business dewill be necessary, however, he says, to make timely pression as it was then
experiencing. It seemed rea-
THE CHRONICLE
MAR. 6 1909. 1
601
ce to the Bessemer steel-rail product, this
sonable to look for a substantial decrease in the open- with referen
the smallest since 1896. As we showed
hearth output during 1908. It appeared equally safe having been
ago, only 1,354,236 tons of Bessemer rails
to assume that, whatever the decrease, it would be four weeks
1908, against 3,380,425 tons in 1907
smaller than the decrease in the Bessemer production. were made in
in 1906.
Admiting this, it followed that in 1908 the Bessemer and 3,791,459 tons
crucible steel made in the United
little
a
is
also
There
openproduct would have to yield first place to the
steel in miscellaneous forms. No
hearth output, especially as the open-hearth producers States and a little
kinds of steel for 1908 are yet
i d come near to wresting control from the Bessemer exact data for these
ly 120,000 tons would be a fair
interests in 1907, when the open-hearth total available, but probab
miscellaneous descriptions of
ounted to 11,549,736 tons and the Bessemer out- allowance for all these
steel. Adding this to the Bessemer and the openput to 11,667,549 tons.
at the grand total of steel
What seemed so clearly foreshadowed from the hearth figures, we arrive
States. In the following
course of events is precisely what has actually hap- production in the United
total for 1908 with the correpened. In other words, while the open-hearth product we compare this grand
for preceding years.
was reduced from 11,549,736 tons to 7,780,872 tons, sponding totalsTION
IN UNITED STATESZIIN GROSS TONS.
STEEL PRODUC
,549
11,667
Total Ingots
from
All Other
Bessemerj , Openthe Bessemer steel output fell away
Calendar
and Castings.
Steel.
Hearth.
,
Steel.
Year—
in
10,639,857
age
shrink
106,187
of
ratio
2,947,316
V,
17,586,354
1899
tons to 6,116,755 tons. The
10,188,329
105,424
3,398,135
6,684,770Mil
1900
13,473,595
but
103,984
32%,
4,656,309
over
3,302_,
seen,
8,7
1901
14,947,250
open-hearth steel was, we have
121,158
5,687,729
9,138,313
1902
14,534,978
112,238
5,829,911
8 592.829
13,859,887
that in the case of Bessemer steel was almost 50%. 1903
92,581
5,908,166
7,859,140
1904
20,023,947
111,196
8,971,376
10,941,375
1905
23,398,136
141,893_
10,980,413
It has thus come to pass that the output of open- 1906
12,275,830
23,362,594
145,309
6
11,549,73
11,667,549
1907
steel
er
Bessem
of
that
14,017,627
ed
*120,000
7,780,872
6,116,755
1908
hearth steel in 1908 exceed
superalmost
is
It
27%.
•Approximate.
by 1,664,117 tons, or over
The foregoing furnishes a graphic illustration of the
fluous to add that this is the first occasion that the
that
of
ahead
run
has
steel
earth
tremendous reverse experienced by the steel industry
production of open-h
the
show
we
ng
followi
the
In
in 1908 as a result of the plight to which the railroads
of Bessemer steel.
years.
fifteen
the
of
last
each
for
t
were reduced. Only 14,017,627 tons of steel of all
open-hearth produc
tons
872
7,780,
of
the
of
total
kinds were made in 1908, against 23,362,594 tons in
It is proper to say that
.
against
as
s,
casting
direct
were
1907, 23,398,136 tons in 1906 and 20,023,947 tons in
for 1908, 311,777 tons
ingots;
were
tons
095
and
7,469,
1905. As compared with either of the two preceding
746,525 tons in 1907,
made
were
tons
568
t
years, it will be seen the loss was 9 1-3 million tons,
and of the whole amoun 7,084,
by
made
were
in the sudden descent all the advance gained in.
tons
4
and
by the basic process and 696,30
s three years was lost. There ought to be
previou
the
the acid process.
Tons.
Year.
Tons.
Year.
ible for the depression.
Tons.
Year.
5,908,166 a lesson in this to those respons
1894
1893
1896
1897
1898
784,036
1,137,182
1,298,700
1,608,671
2,230,292
1899
1900
1901
1902
1903
2,047,316
3,308,135
4,656,309
5.687,729
5,829,911
1904
1905
1906
1907
1908
8,971,376
10,980,413
11,549,736
7,780,872
The foregoing makes it plain that the setback experienced in 1908 was very material, the product
falling below not only that of 1907 but also below that
of 1906 and even 1905. The shrinkage would have
been still larger except that there was a noteworthy
expansion in the make of open-hearth steel rails in
1908, notwithstanding the tremendous depression
experienced by the railroad carrying industry. This
expansion resulted from a special demand for openhearth rails, due to a growing belief that this kind of
rail is superior to Bessemer rails. In our issue of
Feb. 6, in reviewing the rail figures, we showed that
the output of open-hearth rails in 1908 had been
567,304 tons, against only 252,704 tons in 1907. The
great drop in the open-hearth steel product occurred
in face of this special demand for open-hearth steel
for rolling into rails.
The fact that Bessemer steel goes so largely into
railroad work is of course responsible for the circumstance that the falling off in the Bessemer output has
been so very much heavier than the decline in the
open-hearth steel. And this falling off in Bessemer
steel during 1908 is the more noteworthy as some
falling off had already occurred in 1907, reflecting the
unfavorable condition of the railroad industry in that
year. As compared with the Bessemer steel output
for 1906, which amounted to 12,275,830 tons, the
Bessemer product for 1908 at 6,116,755 tons shows a
shrinkage of more than one-half. The output of
Bessemer steel in 1908 was, in fact, the smallest since
1897, eleven years before, when 5,475,315 tons were
made. But a still stronger statement may be made
ITEMS ABOUT BANKS, BANKERS AND TRUST CO. S.
• —The public sales of bank stocks this week aggregate
45 shares, of which 35 shares were sold at auction and 10
shares at the Stock Exchange. The transactions in trust
company stocks reach a total of 50 shares. Forty shares
of stock of the Farmers' Loan & Trust Co. were sold at 1310,
an advance of 80 points over the price paid at the last preThe
vious sale, which was made early in December 1908.
sales
actual
the
shows
form,
usual
our
in
given
table below,
at
of New York City bank stocks made during the week
tables
ve
Extensi
ge.
Exchan
Stock
the
at
auction and
,
showing the bid and asked quotations, deposits, surplus
of
cities
nt
importa
all
in
es
compani
trust
and
&c., of banks
and
the United States are published monthly in the "Bank
nies
accompa
which
of
issue
March
the
,"
Section
Quotation
all
to-day's "Chronicle." Bid and asked quotations for
pubalso
are
y
stocks
compan
trust
and
bank
City
York
New
will
lished weekly in another department of the paper, and
be found to-day on pages 000 and 000.
Shares. BANKS—New York. Low. High. Close.
347
347
347
5 City Bank. National
1863i
1863 188
•35 Commerce, Nat. Bank of
260
260
260
5 Mechanics' Nat. Bank
TRUST COMPANIES—New York.
1310
40 Farmers Loan & Trust Co_ _1310 1310
23534
10 Lawyers' Title Ins. & Tr. Co. 2353i 235%
Last previous sale.
Jan. 1909— 351
Feb. 1909— 188
Feb. 1909— 256
Dec. 1908— 1230
Feb. 1909— 238 St
Stock Exchange.
• Of this amount 10 shares were sold at the
—The nomination of George S. Terry as Assistant Treasurer of the United States at New York was confirmed by
the U. S. Senate on the 1st inst., having on that date been
favorably reported by the Senate Committee on Finance.
Mr. Terry was named by President Roosevelt to succeed
Hamilton Fish as Assistant Treasurer in November last.
l
—Provision for the continuance of the present Nationa
is
Monetary Commission, until the completion of its report,
said to be embodied in a paragraph in the General Deficiency
Bill passed by Congress this week.
g—A decision upholding the right of the Atlanta Clearin
ed
al
deposit
collater
0
$295,00
retain
to
House Association
with it by the Neal Bank of Atlanta (now in liquidation) as
602
THE CHRONICLE
security for an issue of $200,000 Clearing-House certificates,
until the terms under which the latter were issued are
complied with and the certificates redeemed, was recently
rendered by the Supreme Court of Georgia. The institution
was placed in receiver's hands in Dec. 1907, and in an effort
to have the collateral held by the Clearing House as security
for the certificates, turned over to the receiver for the benefit
of the bank's creditors, suit was instituted by A. Booth and
other depositors. According to the Atlanta"Constitution"an
injunction and a receiver for the fund were asked,and
denied
by Judge Pendleton in Fulton Superior Court. The Supreme
Court, it states, sustains Judge Pendleton in every particular, holding the contract to be a valid one, and one in
which
the impending insolvency of the bank was not involved
.
The question as to the legality of the issuance of the
certificates, it. is stated, is not passed upon by the Court.
—According to the Kansas City (Kan.) "Star,"
both the
House and Senate have passed a deposit guaranty bill
agreed
upon in conference this week.
—Comptroller of the Currency Lawrence 0.
Murray
purposes to extend his quest for information relative
to
bank deposits, whereby he will endeavor to ascertain
among
other items the proportion of deposits paid in cash
and
otherwise, to State as well as to national institut
ions. He
has prepared the following letter on the matter, asking
that
the data desired be of date March 16, the
communication
being addressed to all classes of institutions.
"The National Monetary Commission, created by an
Act of Congress
on May 30 1908, is seeking information concerning the
bank deposits and
the proportion of payments made, on an average throughou
t the country
from day to day by means of checks and similar
instruments of credit.
On several occasions in the past the Comptroller has made
requests of
this kind, but the last such inquiry was made thirteen years
ago. It is
desired on this occasion to obtain returns as complete and
representative
as possible and to get a response not only from the national banks
but from
State and private banking institutions of all kinds.
Similar inquiries
are being made for thelMonetaty Commissiongduring:the
current year in
England, France, Germany and other European countries
for purposes
of comparison with the practice in our own country. For
this reason
and on account of the importance ofgthe present investigation
and of the
purpose for which it is to be used, it is earnestly requested that
the recipients
of the blank will give it their best attention and return it
promptly to the
Comptroller.
Information is desired as to the number and classification
of depositors,
methods of paying wages, lecc., as indicated in the
questions relating
thereto. The statistics asked for will be published only
in a general
summary,the figures for the individual banks being treated as
confidential."
[VOL. Lxxxvm.
after May 1 1909 they would decline to pay or accept drafts
against either "order" or "straight" bills of lading unless
the bills conform to the following requirements: that in
addition to the signature, they bear also the official stamp
of the authorized issuing agent, such stamp giving the date
of his signature; and that all writing on said bills be in ink
or indelible pencil, and the quantity receipted for be written
in full in addition to the numerals.
It is reported that the Southern Ry. and the Louisville
&
Nashville RR. have decided to put into operation on April
1
"standa
a
rd bill of lading." This bill, it is stated, is modeled
after the uniform bill of lading, some of the provisions
of
which have been modified in order to meet the conditio
ns
of water and rail transportation, and make the bill generally
adaptable to the needs of the South.
—Pierre Jay has tendered his resignation as Massachusetts
Savings Bank Commissioner, to become a Vice-Preside
nt
of the Bank of the Manhattan Company of New York.
Mr. Jay will retire from the commissionership about March
30. He has held the office for three years, or since the
passage in 1906 of the law providing for a single Savings
Bank Commissioner. Theretofore the banking department
had been under the supervision of a board composed of three
commissioners. Prior to his appointment as Commissioner
Mr. Jay had been Vice-President of the Old Colony Trust
Company of Boston. The Bank of Manhattan Company,
with which he is to affiliate himself, is one of the largest
and oldest financial institutions in the city. It has a
capital of $2,050,000; the surplus and profits on November 27
1908 were $3,479,712, the gross deposits on that date being
$55,793,340 and the aggregate resources $89,350,647. The
institution was chartered in 1799. The officials as at
present are Stephen Baker, President; Henry K. McHarg
Vice-President; D. H. Pierson, Cashier, and James McNei
Assistant Cashier.
—Both branches of the California Leigslature have passe
the bill regulating and defining the banking business in that
State. The law will go into effect July 1 1909.
—Frank W. Duryea, who was suspended from the New
York Stock Exchange in June 1907 for insolvency, has been
reinstated to membership. Mr. Duryea's difficulties were
said at the time to have arisen through his inability to realize
The blank form on which the information is to be
supplied on real
estate investments. All his obligations, it is stated,
is as follows:
Please fill out this blank after the close of business March
have
since
been paid.
16 1909.
March 18 1909.
Barclay Moffat, of the banking firm of Moffat
—George
Lawrence 0. Murray,
Comptroller of the Currency,
& White, has been elected a director of the Columbia Trust
Washington, D. C.:
Company of this city, to succeed the late Arthur G. Yates.
Sir—I submit herewith the information requested in
your letter of
March 1:
—The Consolidated National Bank of this city, which
(1) Deposits made in this bank on March 16 1909 (cents omitted).
recently took over the assets of the Oriental Bank, assumed
Paper
Checks
its new title —the National Reserve Bank—on the 1st inst.
Deposits to
Gold
Silver
CurDrafts,
Credit of—
Coin.
Coin.
rency.
&c.
Total. Beginning to-day the institution will be housed in the former
Retail dealers
quarters of the Oriental, at Broadway and John Street,
Wholesale dealers
All other depositors
until its permanent offices in the City Investing Building,
Total
165 BroadwaY, are ready for occupancy. The officers
(2) Estimated amount of pay-rolls paid bygthe customers
of this
of
bank in cash for the week ending March 13
the National Reserve Bank are W.0. Allison, President;
1909
(3) Estimated amount of pay-rolls paid by the
Erskine Hewitt, Chairman of the Board; Thomas J. Lewis
customers of this
bank by check for the week ending March
13 1909
and R. W. Jones Jr., Vice-Presidents; George W. Adams,
(4) Aggregate amount of individual deposits
at close of business
Cashier and Robert E. Minis, Assistant Cashier.
on March 16 1909
(5) Aggregate amount of other deposits, including
the balances
—A statement announcing the proposed reorganization
of other banks and the deposits of city, State or
National
of the properties of E. D. Shepard & Co., of 31 Nassau
Governments on March 16 1909
St.,
(6) Total number of accounts, exclusive of bank and Government
this city, was made public on Wednesday, following
the
accounts, on March 18, viz.:
Number attachment of the funds of the firm in a suit
Accounts with balances under 8500
brought by
the Seven Oaks Company of New Jersey to recover
Accounts with balances between $500 and $2,500
$39,000
Accounts with balances over $2,500
paid for $50,000 of bonds of the Yankee Fuel Co., stated
Respectfully,
, Cashier.
to have been purchased from E. D. Shepard & Co. The
—Governor Hughes this week signed the bill
which attachment was subsequently, it is said, lifted through
remedies alleged irregularities in the method of assessin the filing of a bond. The stateme
g
nt issued on behalf of
bank stocks in New York City for the yearsT1901 to
1907 the firm is given on a subsequent page in our Railroad News
inclusive. The bill was recently passed by the Legislat
ure Department.
and was approved by the Mayor last month, as noted in
the
—Colonel Edward Earle Britton and Quarantine Com"Chronicle" of February 20. It was printed in full in
the missioner Frederick H. Schroeder,
formerly President and
issue of that date in our "State and City Departm
ent." Second Vice-President, respectively,
of the Eagle Savings
—The New York Mercantile Exchange,at a special
meeting & Loan Association of Brooklyn Borough, were found
guilty
on Monday, approved the resolutions prepared by the
bill of of grand larceny in the first degree by a jury in
the Supreme
lading committee of the American Bankers' Association
with Court, Brooklyn, on Wednesday. The accused had been
a view to preventing the use of false bills of lading, and
the tried on charges alleging the misappropriation of $4,000 of
practice of filling out bills of lading in lead pencil.
The the company's funds on Feb. 29 1908, the money,it was said,
members of the Exchange agreed by a majority vote
that having been used in the promotion of a mining company.
MAR.6 1909.]
TIIE CHRONICLE
603
original lost through mismanagement. According to Mr. Niles, the
Justice Jaycox denied an application to continue the
to the liabilities of the bank (which assigned April 16 1908) are
bail at $40,000 each, and the prisoners were remanded
$100,000, while the good assets aggregate only $35,000;
Monday.
on
imposed
Raymond Street Jail until sentence is
seeks to recover from the original directors.
Although the men were tried on the specific charge of the the deficiency he
d suit against the directors who served
He
institute
also
has
charge
the
on
July
larceny of $4,000, they were indicted last
of the bank in the sum of $15,000,
closing
a at the time of the
of taking $47,986 31 of the funds of the institution. In
to cover an alleged shortage in
given
note
a
the
of
resident,
amount
Vice-P
First
then
statement issued by Elwin S.Piper,
that
while the amount of capital
charged
is
It
ad- the capital.
it was said that responsibility for $9,981 72 had been
the actual capital
be
$25,000
to
ed
represent
paid
in
was
Viceby
59
$38,004
for
and
mitted by President Britton
was
but
$10,000.
President Schroeder. President Britton, it was stated, had
—Franklin MacVeagh, President Taft's newly chosen
made restitution to the amount of $4,061 26.
Treasury, not only disposes of his large
—Owing to the proposed erection of a Post Office building Secretary of the
grocery house of which he has been
wholesale
in
the
on the site now occupied by the Union Trust Co. of Jersey interest
but has decided also to resign his
years,
for
many
the
head
d
purchase
has
City, N. J., that institution, it is reported,
of the Commercial National
directors
of
on the board
property at the southwest corner of Montgomery and Wash- position
ntment of the other
disappoi
the
to
of
greatly
Bank
Chicago,
per"
"skyscra
a
ington streets, with the intention of erecting
on.
instituti
that
of
ers
and
stockhold
of from twelve to twenty stories high. The Union Trust officials
of the AmeriPresident
July
as
in
resigned
has
Lockey
organized
—Joseph
Co., which has a capital of $500,000, was
succeeded
been
has
and
City.
Minn.,
Paul,
Jersey
St.
of
of
Bank
can
National
Bank
National
Second
the
1907 to succeed
J. PeoC.
ident.
Vice-Pres
$145,y
of
previousl
Baer,
by
profits
Benjamin
In itslateststatement it reported surplus and
'succeeds Mr.
,
Jr.
Examiner
Bank
Ludlow
an
Assistant
ples,
formerly
Samuel
99.
$2,156,6
of
450 and total deposits
Baer as Vice-President. L. H. Ickler is Cashier and H. B.
is President.
Salem
Humason Assistant Cashier of the institution.
the
of
returns
the
—Compilations dealing with
Trust
&
Deposit
Safe
Salem
—W. F. Myers, Vice-President of the Capital National
the
and
banks
national
(Mass.)
city,
that
of
Co.
&
of St. Paul, Minn., has sold his holdings to President
Felton
Bank
S.
Co., prepared by William
and John R. Mitchell and will retirefrom the institution on April 1.
ons
instituti
national
the
of
capital
combined
the
show
surplus The bank will in the future have only one Vice-President, the
the trust company to be $1,225,000, with aggregate
in the office being filled by W.B. Geery.
The
.
deposits
$954,258
of
profits
d
undivide
'and
while
69,
$5,708,6
are
company
—A glance into the history of the Manufacturers' National
national banks and trust
The Bank of Racine, Wis., is offered through a booklet issued
45.
$8,629,5
be
to
said
are
resources
e
aggregat
their
institwo savings banks of the city have deposits of $15,819,627, with the close of its thirty-eighth year as a national
the
being
on
of
the
to
distincti
798.
claim
lays
being
$17,106,
bank
resources
The
e
tution.
aggregat
their
was
—The organization of the Vermont State Bankers' Asso- oldest bank in the city. The first banking business
was
ciation was effected at Burlington at a meeting of over fifty established in 1845, and in 1853 the Bank of Racine
bankers from all parts of the State on Feb. 25. The meeting chartered as successor to McCrea, Bell & Ullmann. Some
was addressed by Fred. E. Farnsworth, Secretary of the years later the formation of the Manufacturers' Bank was
American Bankers' Association, who outlined the various brought about through the merger of the Bank of Racine
in 1859.
classes of work taken up by the forty-six State organizations and the Bank of B. B. Northrup & Co., established
a naas
chartered
was
modeled
urers'
Manufact
the
by-laws
In March 1871
already in existence. A constitution and
system
Federal
the
were
under
on
business
g
Associati
beginnin
bank,
Bankers'
tional
Michigan
the
of
those
after
,
adopted by the new organization, the officers of which are on the 20th of that month. The capital, originally $100,000
added
was
on
more
Burlingt
$100,000
and
1873,
in
the
of
$50,000
resident
was
increased
Vice-P
Ward,
L.
H.
,
President
the
Trust Co.; Vice-President, C. F. Chapman, Treasurer of the in 1875, making it $250,000, the present figure. Out of
surplus
a
bank,
T.
national
H.
a
as
,
months
nine
Secretary
first
k;
the
of
Woodstoc
of
earnings
Bank
Savings
Ottauquechee
this surplus
Rutter, Cashier of the Howard National Bank of Burlington, fund of $5,000 was created on Dec. 31 1871 and
bank also
The
.
to
National
$200,000
earnings
of
First
of
the
out
Cashier
grown
Wells,
has
L.
D.
,
and Treasurer
thirtythe
during
record
to
dividend
tendered
was
unbroken
points to its
Bank of Orwell. In the evening a dinner
ed
distribut
been
having
the
of
$893,858
by
total
on
a
all
new
associati
in
the
of
years,
members
eight
the
of
forty-three
The
1908.
31
Dec.
to
1871
31
Dec.
Co.
from
on
Trust
ers
to stockhold
directors and officers of the Burlingt
depositors in interest has aggregated
—The retiring directors of the Investment Company of amount paid to its
on has deposits of $2,100,000 and
instituti
Philadelphia were re-elected at the annual meeting on Wednes- $696,823. The
5. The officers are E. J. Hueff$2,797,68
y
of
a
formalit
merely
resources
been
total
have
to
said
day. The election is
and B. B. Northrup, ViceMcElwee
H.
R.
in order to keep intact the organization of the company ner, President;
and Ernest C. HueffCashier,
Davis,
J.
the
Warren
of
that
for
s;
stock
its
of
President
exchange
pending the complete
Cashier.
ner, Assistant
Independence Trust Co., its successor.
--Z. G. Simmons has retired as President of the First
—W. W. Ramsey, former President of the German
councilBank of Kenosha, Wis., and has been succeeded
city
several
with
National
who,
gh,
Pittsbur
of
Bank
National
defraud
by Charles C. Brown. Mr. Simmons had been
to
g
office
in
the
of
conspirin
charges
men, was on trial on alleged
1871; his resignation is
on
the city and conspiring to bribe members of Councils in at the head of the instituti since
upon his time of other
demands
the
to
due
of
t
been
pavemen
the
have
for
to
n
said
legislatio
the interest of proposed
streets with wooden blocks, was acquitted this week of these interests.
—The Nye & Ormsby County Bank of Tonopah, Nev.,
charges under direction of the Court.
d
capital
an
with
authorize
branches at Reno, Wonder and Manhattan, closed its
oiganized
with
Bank,
—The Traders'
the panic
of $250,000, has opened for business in Baltimore. The in- doors on Feb. 23. The bank suspended during
its former
then
Since
1908.
2
Jan.
on
is
the
and
under
opened
Street,
rebut
Light
1907,
at
114
of
quarters
has
stitution
d into
management of George W. Moore as President and Clayton branches at Carson and Goldfield have been converte
"Los
the
to
Carson
from
A
dispatch
banks.
Cashier.
national
Cannon as
First
the
that
stated
ult.
the
24th
on
— According to the news dispatches, James G. Gibbs, Angeles Times"
had
there)
branch
to
the
r
(successo
of
Carson
Bank
Vice-President,
former
National
Laning,
and
J. F.
former President,
susof
the
ement
announc
the
run
following
of the defunct Ohio Trust Co. of Norwalk, Ohio, have been experienced a
banks; this, however, had later
&
indicted on the alleged charge of embezzlement in connection pension of the Nye Ormsby
cash of the demands of its
in
payment.
the
abated with
with the failure of the institution in January 1908.
s.
depositor
Naof
the
First
President
—F. J. Reynolds has become
—The Union Station Bank, which began business in St.
tional Bank of Toledo, Ohio, succeeding S. C. Schenck.
as
Vice-PresiLouis on Jan. 30, reported deposits in excess of $325,000 on
J. M. Spencer, Cashier, replaces Mr. Reynolds
Feb. 25—three weeks after its opening. The bank has a
dent.
of $100,000 and surplus of $10,000, its stock having
—C. F. M. Niles, assignee of the Dorr Street Savings capital
at $110 per share. It is located in the Union Railsold
been
former
against
suit
brought
has
Ohio,
Bank Co. of Toledo,
and its hours of business are from 9 a. m. until
Station
directors of the institution for $65,000, alleged to have been road
604
THE CHRONICLE
[VOL. Lxxxvm.
10 p. m. The officers are Charles E. Lane, Presiden
t;
Clearings by Telegraph-Sales of Stocks, Bonds, &c.
Louis Renard and J. D. Abeles, Vice-President; Emison
The subjoined table, covering clearings for tile current week,
Chanslor, Cashier, and C. C. Collier, Assistant Cashier.
usually appears on the first page of each issue, but on account
-Under the call of Feb. 5 the Fourth National Bank of of the length of the other tables
is crowded out once a month.
Nashville reports deposits of $6,025,749, against $5,532,
633 The figures are received by telegraph from other leading cities.
on Nov. 27. The aggregate resources now, at $7,935,
697, It will be observed that, as compared with the corresponding
compare with $7,463,510 three months ago. J. T. Howell, week of 1908, there is an
increase in the aggregate of 45.1%.
previously Cashier, recently became a Vice-President
of the So far as the individual cities are concerned, New York exinstitution, J. S. McHenry succeeding to the
cashiership. hibits a gain of 70.5%; Boston, 36.8%; Philadelphia, 15.2%;
The complete roster is as follows: S. J. Keith, Presiden
t; Chicago, 15.5%; St. Louis, 16.4%; Baltimore, 21.8%, and
J. T. Howell, J H. Fall, W. C. :Dibrell, Walter Keith
and New Orleans, 21.1%.
Watkins Crockett, Vice-Presidents; J. S. McHenry,
Cashier,
Clearings-Returns by 'telegraph Melt. 6.
and G. W. Pyle, Assistant Cashier.
1909.
1908.
New York
-The Knoxville Savings Bank recently began
$1,687,075,522
8989,600,038 +70-5
business Boston
198,195,472
108,277,093
+36.8
Philadelphia
in Knoxville with an authorized capital of $250,000,
112,402,650
97,537,759
+15.2
of which Baltimore
23,9,7,345
19,685,705 +21.8
$50,000 is paid in. There is no surplus, the stock
Chicago
269,269,69
7
233,169,941
having St. Louis
+15.5
62,792,487
53,946,994
been disposed of at par, namely $100. J. W. Hope is
+16.4
16,062,774
Presi- New Orleans
13,261,984
+21.1
- ---dent; James R. Wooldridge is Vice-President and
Seven
cities,
5 days
82,310,7i5,097 $1,515,568,919
Floyd Other cities, 5 days
+53.1
430,270,2,4
Haun is Cashier.
330,248,627 +27.6
Total all cities, 5 days
82,719,996,221 $1,845,817,541
-The Executive Committee of the Texas State
+49.0
973,046,218
Bankers' All cities, 1 day
375,230,078 +26.3
Association has decided to hold the next annual
Total all cities for week
convention
$3,223,992,430 82,221,047,619 +45.1
at Houston on May 11 and 12. The annual tour
of the
bankers, which will take place in July, will include
Our usual monthly detailed statement of transactions on
visits to
cities on the Pacific Coast and the Alaska-Yukon
Pacific the various New York exchanges is appended. The results
Exposition at Seattle, Wash.
for the two months of 1909 and 1908 are given below.
-The Fort Worth State Bank is the name of a
new instiTwo Months, 1909.
tution reported to be in process of organization
Two Months, 1908.
I
at Fort Descrip
-,
Par Value
Worth, Texas, with a capital of $100,000. The
Quant
Actual
lAver.1 Par
Actual Aver.
Value ity.!
organizers
or Quantity.
Value.
Pr ice, or
Value.
Pr lee.
include Winfield Scott; J. B. Sikes, President of the
.....-.._
, -'
City St'ItiSh's_
29,612,699
26,434,601
National Bank of Granbury, Tex., and Marcus M.
I Val - $2,751,744,27542,632,484,982 95.7 32.229,603,700$1,625,750,529. 72.9
Bright, RR.bondsi $241,008,0001 $230,172,312
95.51 5126,312,900 $100,691,0111 79.7
formerly Cashier of the First National Bank of Mineral
Gov't WSJ
3118,000
3119,9491101.71
Wells, State
3113,200
$124,276100.8
bds_
$8,070,6001
88,288,080102,7' 821,433,000
$22,162,019i103.4
Tex. It is said that Mr. Sikes will be President and
Bank
st'ks
$10,000
Mi.
$.7,5461175.51
$29,000
352,8951182.5
Bright Cashier of the new institution, which expects to
Total _- $3,000,050,875$2,871,082,8641 95.7!$2,377,191,800$1,748,731
open
,6301 73.3
I
about March 15.
1
I
-Lovell White has been elected President of the
The volume of transactions in share properties on the
San
Francisco Savings Union of San Francisco, Cal., to succeed New York Stock Exchange each
month since Jan. 1 in 1909
E. B. Pond,resigned. John S. Drum has been elected active and 1908 is indicated in the followin
g:
Vice-President of the institution and R. M. Welch moves
SALES OF STOCK AT THE NEW YORK STOCK EXCHANG
E.
up from the assistant cashiership to the cashiership to take
the post made vacant by the promotion of Mr. White.
1900.
•
1908.
M'th.
Number
Values,
-The San Francisco offices of E. H. Rollins & Sons have
Number
Values.
of
Shares.
been removed from the Kohl Building to the First National
Par.
Actual.
Shares.
l'ar.
Actual.
Bank building. This branch of the well-known bond
house Jan _ 17,275,500 1,609,551.575j1,550,409,801 16,594,895 1,306,403,800 1,015,764,
111
was started in 1893 and is said to have been the first branch Feb _ 12,337,199 1,192,192,70011,082,075,181 9,839,706 833,139,000 609,986,41
8
office of any Eastern *bond house to be opened in San
-- Francisco.
The following compilation covers the clearings by months
since
Jan. 1:
Canadian Bank Clearings.-The clearings of the Canadia
n
MONTHLY CLEARINGS.
banks for the month of February 1909 show an increase over
the same month of 1908 of 22.0%, and for the two months
Clearings, Total All.
Clearings Outside New York.
the gain reaches 17.3%.
Month.
1909.
February.
Two MonIhs.
Clearings at1909.
CanadaMontreal
Toronto
Winnipeg
Vancouver_ _ _
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton..-
120,116,223
90,703,835
41,211,683
16,683,386
11,385,242
7,641,339
6,216,081
5,513,280
4,763,762
4,324,752
5,763,677
4,321,379
3,329,899
1908.
Inc. or
Dec.
95,0:31,138 +26.4
77,288,063 +29.1
37,665,201 +0.4
12,718,891 +31.2
10,000,054 +13.7
7,608,814 +0.4
6,688,602 -7.1
5,332,587 +3.4
4,470,018 +6.3
3,952,704 +9.4
3,825,850 +50.7
4,272,712 +1.1
2,395,916 +38.8
1909.
255,050,719
216,357,965
92,941,136
33,089,513
25,385,008
16,727,115
13,976,425
11,773,206
10,503,234
0,583,145
11,324,973
8,556,855
6,904,921
1908.
Inc. or
Dcc.
211,139,875 +20.8
175,261,580 +23.4
86,420,664 +7.6
26,711,192 +23.9
22,811,658 +11.3
16,285,610 +2.7
14,700,152 -4.9
11,803,890 -0.3
0,819,425 +7.1
9,365,382 +2.3
8,581,842 +32.0
8,663,807 -1.2
5,647,542 +22.3
Jan
Feb
1908.
1009.
1008.
$
14,016,898,325 11,383,48:3,175 +11.4 5,162,598,630 4,633,208,218 +11.4
11,255,665,520 8,776,251,643 +28.2 4,367,844,965 3,880,220,815 +12.0
The course of bank clearings at leading cities of the country
for the month of February and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
-February
-Jan. 1 to Feb. 28----(000,000s
1909. 1908. 1907. 1906. 1909.
1008.
1907.
1906.
omitted.)
$
$
$
$
$
$
$
$
New York
6,888 4,896 7,332 8,324 15,772 11,646 16,069 19,563
Chicago
928
2,127
857
826
1,004
1,805
1,968
1,813
Boston
651
1,403
602
622
524
1,209
1,568
1,499
Philadelphia
556
472
1,046
529
429
057
Total Canada 331,058,588 271,268,496 +22.0 712,177,305 607,207,610
1,203
1,268
+17.3 St. Louis
230
243
244
230
542
502
533
514
Pittsburgh
151
157
213
207
332
455
355
458
The clearings for the week ending Feb. 27 make a very San Francisco
156
194
131
128
283
276
favorable comparison with the same week of 1908, the in- Cincinnati
99
102
109
04
230
209
3
22
40
3
24
1
22
2
Baltimore
102
115
108
90
228
crease in the aggregate having been 32.5%.
204
252
245
Kansas City
169
119
98
125
358
272
214
258
Cleveland
60
53
63
56
130
12644
192
29
192
New Orleans
Week ending February 273
66
83
67
151
81
158
eleastngs atMinneapolis
70
65
60
73
131
196
166
150
Inc. or
Louisville
58
48
57
56
121
1 103
9
10
09
5
2
119
1909.
1908.
Dec.
1907.
1006.
Detroit
48
48
51
99
107
CanadaMilwaukee
39
48
45
45
93
82
91
05
Montreal
32,756,855 21,998,176 +52.4 25,513,713 29,282,207 Providence
99
27
30
32
62
70
70
59
Toronto
23,276,766 18,409,459 +25.8 22,568,844 20,990,119 Omaha
48
42
91
37
105
77
86
93
Winnipeg
9,599,519 8,776,909 +8.4 9,142,723 6,439,285 Buftalo
32
32
34
28
63
73
72
67
Vancouver
Paul
St.
4,787,046 2,931,917 +63.3 3,362.145 1,912,858
31
34
31
27
73
59
(1t)
75
Ottawa
2,625,914 2,362,164 +11.2 2,218,735 1,824,178 Indianapolis
29
29
31
26
68
59
60
71
Quebec
1,522,469 1,702,932 -10.6 1,442,742 1,425,524 I)enver
33
28
28
25
56
72
64
60
Halifax
1,478,775 1,333,694 +10.9 1,406,081 1,149,354 Richmond
26
22
25
24
M
55
58
49
Hamilton
1*,271,552 1,166,729 +9.0 1,541,536 1,371,926 Memphis
21
21
21
22
47
50
47
46
St. John
1,186,822 1,010,968 +17.4
998,179
34
27
35
30
72
73
058,103 Seattle
69
58
London
871,352 +17.3 1,109,878 1,129,984 Hartford
1,022,441
14
12
14
13
31
31
30
29
Calgary
Salt Lake City--925,348 +8.1 1,285,183
1,679,673
19
16
22
22
52
54
45
33
Victoria
1,180,751 1,149,253 +3.2 1,017,873
686,939
Edmonton
Total
702,016
474,829 +48.0
10,542 8,154 11,123 11,897 23,761 18,809 25,348 27,550
864,083
Other cities
714
622
701
1,531
580
1,351
1,235
1,541
Total Canada
83,097,499 62,703,730 +32.5 72,471,321 67,472,477
Total all
11,256 8,776 11,824 12,477 25,302 20,160 28,870 28,811
Outside N. Y
4,368 3,880 4,492 4,153
8,514
9,910
9,530
9,248
PI
THE CHRONICLE
MLR. 6 1909)
Pacific Clearings brought forward from first page.
Two Moults.
February.
Clearings at1909.
1908.
San Francisco _ 130,678,894 128,007,430
Los Angeles_ _ _ 47,619,247 36,677,215
Seattle
33,869,602 26,965,195
Portland
24,406,225 21,216,356
Salt Lake City
19,084,137 16,250,682
Spokane
26,370,378 19,426,226
Tacoma
16,395,965 14,546,524
Oakland
6,699,209 5,429,018
Helena
3,065,601
2,059,732
Sacramento
2,914,626 3,597,441
Fargo
2,032,478 1,940,075
Stockton
1,645,293 1,624,774
Sioux Falls
2,174,952 1,755,740
San Jose
1,535,501 1,698,597
Billings
561,781
635,441
San Diego
2,554,118
3,184,76
Fresno
2,059,348 Not lac!. in
North Yakima.. 1,215,385 Not incl. in
Inc. or
Dec.
Inc. or
Dec.
1908.
1909.
+2.1 283,298,193 275,769,542
+29.8 96,470,909 74,861,180
+25.6 69,170,850 57,886,079
+15.0 50,115,524 42,913,160
+17 4 45,118,716 33,450,755
+35.7 55,261,236 40,951,853
+12.7 35,504,837 32,161,834
+23.4 14,529,368 11,953,986
+48.4 7,133,999 4,886,209
-19.0 6,780,035 7,550,656
+4.7 4,689,772 4,200,508
+1.3 3,564,556 3,565,471
+23.9 4,704,203 3,967,043
-9.6 3,485,787 3,608,785
+13.2 1,350,586 1,425,163
+24.7 7,395,734 8,155,841
4,194,109 Not incl. In
total
2,414,119 Not incl. In
total
+2.7
+28.9
+19.5
+16,8
+34.9
+34.9
+10.4
+21.5
+45.9
-10.2
+11.6
-0.03
+18.6
-3.4
-5.3
+20.1
total
total
Total Pacific_ 322,302,309 284,311,204 +13.2 688,574,304 605,308,065 +13.7
Week ending February 27.
Clearings at
1909.
San Francisco_ _ Los Angeles
Seattle
Portland
Salt Lake City_
Spokane
Tacoma
Oakland
Helena
Sacramento
Fargo
Stockton
Sioux Falls
San Jose
Billings
San Diego
Fresno ------North Yakima
31,699,465
11,358,982
7,651,494
5,354,922
4,864,009
5,984,256
4,009,778
1,402,847
752,438
603,313
422,013
376,551
440,000
344,286
1:38,777
700,000
443,339
260,429
Total Paelfic--
76,103,131
1908.
Inc. or
Dec.
$ •
33,198,194 -4.5
9,647,918 +17.7
6,9:14,914 +10.3
5,548,594 -3.5
4,065,635 +19.9
4,650,309 +28.7
:3,921,852 +22.4
1,264,561 +10.9
508,802 +48.0
641,939
432,678
324,431 +16.1
400,000 +10.0
390,000 -11.7
151,952 -8.7
600,000 +16.7
Not included In total
Not included in total
72,671,779
+4.7
1907.
54,662,304
14,418,800
10,251,851.
7,492,060
5,770,452
5,707,284
4,840,717
4,360,075
851,868
1906.
$
50,900,471
11,950,86:3
10,709,352
5,102,895
5,210,836
3,986,398
3,501,301
716,046
357,432
585,842
358,000
467,810
391,150
109,549,657
93,055,154
fillonetavirte,ITouxuterciatEnglisixItenirs
•••••/•••••••••••••
London, Saturday, February 20 1909.
After the rise of last week there has been somewhat of a
setback this week-nothing serious, but a falling off in
activity and a small shrinkage in quotations. Partly, this is
due to the desire of those who bought last week to take
profits. Partly, it is the result of apprehensions excited
by the Austrian and Hungarian press, which is asserting
that Austria will have to occupy Servia. That Servia
herself will begin hostilities nobody belieyes. But whether
the Austrian press has information justifying it in its predictions nobody knows. If Austria were to occupy Servia
people are asking would Russian feeling flare up and if it
did what would be the consequences? Over and above this,
the near beginning of the tariff inquiry in the United States
is leading people to anticipate a shrinkage on the American
stock exchanges.
The best opinion everywhere, however, is that the setback
this week is very temporary and that we are about to see a
great increase of activity not in London only, but all over
Europe. The French banks, which took away so much
gold from London during many months past are now bidding
once more for bills. Their competition is, in fact, so keen
that it accounts for the very low rate of discount in the open
market here. Moreover, French investors are buying all
sorts of securities here in London. They are likewise buying
German Government securities in Germany, not only the
securities of the Imperial Government, but also the securities
of Prussia and of the other Federated States of high credit.
The Franco-German agreement has completely reassurred
French investors, and,therefore, the best opinion in Paris is
that French investment will grow larger and larger in the
immediate future, and will have a very great influence in
stimulating business, not only on the London Stock Exchange but on most of the stock exchanges of Europe.
beginning of this week the President of the Imperial
At the'
Bank of Germany, when moving the reduction of the Bank
rate, made a very optimistic statement, pointing out that
the Bank is gaining strength, and that although the foreign
exchanges are against Germany, yet it is not likely that much
gold will be taken from Germany while it is reasonably
certain that the Imperial Bank will be able to go on strengthening its reserve. In consequence the rate was j]stit down
from 4 per cent to 33/i per cent. The best opinion is that
there will be a further reduction just before the-contemplated
German and Prussian loans come out. There has been a
rumor in Berlin this week that the Prussian loan would
come out almost immediately and that that accounted
for the early reduction of the Bank rate. But there has as
yet been no official confirmation of the rumor. The best
opinion seems to• be that the two loans will be kept back
until April and that just before then the Bank rate will be
put down to 3 per cent and possibly even lower.
Immediately following the action of the Imperial Bank of
Germany, the Bank of Sweden has put down its rate from
5 per cent to VA per cent and other movements in the same
direction are expected. It seems to be clear, therefore,
that money has become exceedingly abundant and cheap
605
all over Europe and on the strength of this the best opinion
in London, Paris and Berlin is that we are about to see agreat
increase of activity upon the stock exchanges and bourses
and better prices. Against this a few object that new issues
are coming out here so frequently and for such large amounts
that there cannot be any very marked rise in the highest
classes of securities and that until there is no great activity
can ensue. The objection does not seem very conclusive.
New issues are always numerous in times when money is
exceedingly cheap and they never prevent activity upon
the Stock Exchange. In fact, the new issues usually
lead to the placing of orders in this country upon a considerable scale, which helps to increase employment both for
capital and labor, and therefore creates new wealth for
investment. However that may be, the feeling everywhere
is very hopeful, and in spite of the setback of the past few
days,everybody is looking forward to a much more prosperous
year than we have had for a long time past.
The India Council offered for tender on Wednesday 75 lacs
of its bills and the applications nearly amounted to 79 lacs
at prices ranging from is. 3 29-32d. to is. 3 15-16d. per
rupee. Applicants for bills at is. 3 29-32d. per rupee and
for telegraphic transfers at is. 3 15-16d. per rupee were
allotted about 95 per cent of the amounts applied for.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols
&C., compared with the last four years:
1909.
Feb. 17.
.
.£
28,507,120
Circulation
Public deposits__ _ _ 12,062,803
41,156,961
Other deposits
Governing securities 14,731,155
29,591,613
Other securities
Reserve,notes&coln 26,948,041
Coln&bull.,both dep 37,005,161
Prop. reserve to lia50%
bilities
P. c.
3
p. c.
Bank rate
84 9-16
Consols, 2% p. c_ _ _
23 7-166
Sliver
Clear.-house returns 272,448,000
1908.
Feb. 19.
27,580,035
15,337,662
39,987,542
14,327,216
29,588,870
29,611,097
38,741,132
1907.
Feb 20.
.£
27,621,095
14,694,369
42,490,417
15,453,756
32,503,718
27,505,143
36,676,238
1906.
Feb. 21.
27,908,280
16,809,530
42,533,221
15,228,867
35,836,784
26,559,691
36,012,971
1905.
Feb. 22.
26,986,870
16,430,403
38,612,289
15,603,585
27,308,787
30,316,353
38,853,223
44%
55 1-16
53%
48
4
4
5
86%
87%
90%
25 15466. 31 13-166.
. 27 15-166.
252,897,000 279,824,000 213,118,800 199,865,000
91 4
The rates for money have been:
Feb. 19.
Feb. 5.
Jan. 29.
Feb. 12.
3
3
3
3
Bank of England rate
Open Market rate2 11-16
Bank bills-60 days
2%©2 5-16 2%@2 7-16
2%@2%
-3 months_
2%
2%
2 3-16 2 5-1602%
-4 months_.. 2%02 3-16
2%
2%02 546 2 94602%
202%
-6 months__ _
2 5-1602%
2%
202%
Trade bills-3 months _ _ _ 2%@2%
2%02%
2%03
3
-4 months
3
3
2%
2%
Interest allowed for deposits1%
By joint-stock banks
1%
1%
1%
By discount house '.',
1%
1%
At call
1%
1%
%
1%
15
1%
7 to 14 days
1%
, The Bank rate of discount and open market rates at the
chief Continental cities have been as follows:
Rates of
Interest alParis
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
Copenhagen
Feb. 6.
Jan. 30.
Feb. 13.
Feb. 20.
Bank Open
Bank Open
Bank Opcn
Bank Open
Rate. Market. Rate. Market. Rate. Market. Rate. Market.
2
3
17-16 3
3
1
3
1%
1%
4
2
4
4
2%
3%
2%
4
1%
4
2
3%
2%
4
2%
2%
4
2
4
3% 2 3-16
4
2 3-16
3
2%
3
2%
3
2%
3
2%
2%
2%
3
3
2
3
3
2
4
35-16
4
3%
3%
4
3%
4
5% nom.
5% nom.
5% nom.
3% nom.
4%
416
3%
3%
4%
3
5%
316
5
4%
4
5
4%
4
5
5
Messrs. Pixley & Abell write as follows under date of
February 18:
GOLD,-In the absence of any foreign demand for gold, the Bank of England has
again secured all the available supplies, amounting to nearly £700,000, after satisfying the Indian orders. During the week the Bank has purchased £613,000 In
bar gold and has received £122000 in sovereigns from Berlin and £9,000 from Australia, while £320,000 has been withdrawn for South America. Next week we
expect £372,030 from the Cape. Arrivals-Cape, £653,500; West Africa, £5,000:
Australia, £42,000; Bombay, £71,000; total, £771.500. Shipments-Bombay.
£65,509; Madras, £15,000; Gibraltar, £1,000; total, .£81,500.
SILVER.-The course of silver has been downward, and with only two small
rallies the price is 5-16d. lower on the week at 23 9-166. The selling has chiefly
come from China, but Indian speculators have sold, too, the dealers there taking
a gloomy view of the view for March and April, stocks there now amounting to
7,300 bars. The amounts offering have been frequently large, and if it had not been
for considerable covering by shorts, some orders for this mall to India and some
Continental buying, the fall would have been much larger. To-day's shipments
to India will probably not exceed £150,000. The future depends largely on China:
any fresh selling from that quarter will undoubtedly put the market lower, as
there are no signs at present of any Important buyer coming into the market.
The market closes dull at 23 9-16d., with a downward tendency. £50,000 has been
shipped from San Fmnclsco to China and £150,000 from London to China The
price in India is Its. 60% per 100 tolahs. Arrivals-New York, £178,000. ShIPments-Madras, £2,500; Shanghai, £150.000; total, £152,500.
The quotations for bullion are reported as follows:
Feb. 18. Feb. 11.1
SILVER.
Feb. 18
GOLD.
s. d.
London Standard.
d.
S. d.
London Standard.
77 9 [Bar silver, fine, oz.__ _23 9-16
77 9
Bar gold, flne, on
" 2 mo. delivery__ _23 9-16
76 4
U. S. gold coin, oz. _ 76 4
76 4 'Cake silver, on
25 7-16
76 4
German gold coin, on
nom.
76 4 'Mexican dollars
French gold coin, on.. 76 4
76 4 1
76 4
Japanese yen
I
1
Feb. 11.
d.
23%
23%
25%
nom
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
1908-09.
1907-08.
1906-07.
1905-06.
cwt_38,298,700 40,839,600 37,430,400 37,653,500
13,152,000 15,308,000 12,966,500 13,059,000
5,671,8005,671,800
4,745,800
5,396,800
5,603,400
989,160
1,013,140
993,285
720,810
452,140
541,110
654,650
774,740
17,445,700 22,063,000 23,225,900 21,340,900
Indian corn
6,712,1007 .400
Flour.
Twenty-four weeks.
Imports of wheat
Barley
Oats
Peas
Supplies available for consumption (exclusive of stock on
September 1):
Wheat imported _ _
Imports of flour
Sales of home-grown
1905-06.
1906-07.
1907-08.
1908-09.
______ cwt_38,298,700 40,839,600 37,430,400 37,653,500
6,712,100 5,671,400
6,190,700 7,402,000
17.802,972 20,613,033 14,337,108 18,553,600
Total
Average price wheat, week
Average price, season
62,292,372 68,854,633 58,479,608 63,878.500
33s. ld.
26s. 66
28s. 106.
335. 831.
32s. 0d. "!T 34s. 26 A! 26s. 36.111N28s 06.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
This week. Last week.
1908.
1907.
m
qrs..
Wheat
Flour, equal to
Maize
[VOL.
THE CHRONICLE
606
qrs..
qrs_
3,330,000
165,000
430,000
2775,000
195,000
385,000
4,050,000
255,000
355,000
2,865,000
190,000
590,000
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Mon.
Sat.
Tues.
Wed.
Week ending March 5.
23 5 16 2334
d 23 5-16 2334
Silver, per ounce
c84
Consols, new,234 per cents__ 8434
84
83%
For account
84 11-16 c84 3-16 84 3-16 8334
French rentes (in Paris) 4r_ 97.95
98.10
97.95
97.8134
Amalgamated Copper Co_ __ _ 6934
73%
7234
7014
834
8%
. 8%
S Anaconda Mining Co
Atchison Topeka & Santa Fe 105%
105%
1063%
1053%
Preferred
105
105
105
105
11034
Baltimore & Ohio
109%
110
11034
9534
9534
9534
Preferred
9534
17134
Canadian Pacific
172%
1703%
17234
Chesapeake & Ohio
67%
663
6734
67
Chicago Great Western_ 7
6
7
7
147
Chicago Milw. & St. Paul- _ _147
14734
14634
Denver & Rio Grande
4434
4434
45
46
34
8734
88
88
Preferred
2834
2854
Erie, common
2734
27%
43
First preferred
4334
4354
43
34
Second preferred
3334
3334
34
14434
144
Illinois Central
144
145
Louisville & Nashville
132
133%
133
132
20%
21
Mexican Central
20%
21
41
Missouri Kansas & Texas
40
40
4134
7434
75
Preferred
74%
7434
National RR. of Mexico_- 4234
4234
4234
43
127
127
N. Y. Central & Htid. Riv-12634
12634
46
N. Y. Ontario & Western..._ 4534
453
4634
Norfolk & Western
90
8934
8934
8934
8834
Preferred
88%
8834
8834
14134
140%
14
141
Northern Pacific
66
6634
66
6634
a Pennsylvania
6334
6334
63%,
6334
a Reading Co
4634
4634
a First preferred
4634
4634
4634
a Second preferred
4634
4634
24
23
23%
Rock Island
12034
12034
12034
12034
Southern Pacific
25
2434
Southern Railway
2434
2534
65
65
64
65
Preferred
17834
Union Pacific
18034
18034
18034
98
9834
96
Preferred
9634
4554
46
453%
U.S. Steel Corporation
4634
11234
113
11334
Preferred
113
1834
1734
18
1734
Wabash
4634
45
45
4634
Preferred
7634
Extended 4s
77
77
7634
134
Thurs. Frt.
23 1-16 2334
83 13-16 84 3-16
83 15-16 84 5-16
98.0234 98.0734
7134
69%
6
073
34,
1064
106%
105
105
110%
110%
95%
95%
170%
17134
66%
66%
7
7
146%
145%
4534
4535
88
88
27%
2634
4234
4134
34
33
145
144%
13134
13134
21
21
4034
4034
7434
7434
43
43
12734
126
46%
4534
89
89
8834
8834
141
14034
6634
6634
6354
63
4634
4634
f
3.6
6
1(111 1
a Price per share. b X sterling.
12034
2434
6434
180
97
4534
11334
18
46
76
11934
2434
64
17834
97
45%
11334
1734
45%
76
c Ex-dividend.
Tominevcial arid Vastrilantans4,ems
DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
234
Eastman Kodak, common (quar.)
5
Common (extra)
134
Preferred (quar)
%
Federal Mining & Smelting, pref. (guar.) 15
134
General Chemical, preferred (guar.)
2
General Electric (guar.)
234
Guggenheim Exploration (guar.)(No. 25)_
International Silver, pref. (quar.)
134
134
Laclede Gas, common (guar.)
Mackay Companies, corn. (guar.)(No. 15) 1
1
Preferred (guar.)(No. 21)
1
Massachusetts Gas Companies, common_ _ _
Michigan State Telephone, pref. (quar.). 134
Nat. Biscuit. corn. (quar.) (No. 42)
154
National Enam. cfc Stamp., pref. (quar.)..
National Lead, common (quar.)(No.21) 154
Preferred (quar.)(No. 69)
13%
Niles-Bement-Pond, common (quar.)
North American
114
10c.
Northern California Power (No.3)
134
Quaker Oats, common (guar.)
34
Common (extra)
$1
Quincy Mining (guar.)
1tailway Steel Spring, pref. (guar.)
194
Rubber Goods Mfg., pre/. (guar.) (No. 40)
2
Safety Car Heating & Lighting (guar.)_ _ _ _
Sears, Roebuck & Co., preferred (guar.)
Standard 011 (guar.)
$15
15
Swift & Co. (guar.)
134
United Bank Note Corp., pre/. (guar.)-134
United States Leather, pref. (quar.)_ _ _ _
U. S. Steel Corp., corn. (qu.)(No. 21).34
Utah Copper (quar.)
50c.
134
134
4
April
April
At ril
Mch.
April
April
April
April
Mch.
April
Aprii
Apr11
May
April
Mch.
Apr11
Mch.
Mch.
April
Feb
April
April
Mch.
Melt.
Mch.
April
April
Mch.
April
April
April
Mch.
Mch.
Books Closed.
Days Inclusive.
1 Holders of rec. Feb. 27
1 Holders of rec. Mch. 2
1 Holders of rec. Feb. 27
15 Holders of rec. Feb. 26
1 Holders of rec. Mch. 22
15 Holders of rec. Mch. 5a
1 Holders of rec. Mch. 19
1 Feb. 28 to April 1
15 Mch. 7 to Mch. 15
1 Holders of rec. Mch 13a
1 Holders of rec. Mch 13a
1
1 April 18 to May 2
15 Holders of rec. Mch 29
31 Mch. 12 to Mch. 31
1 Mch. 13 to Mch. 16
15 Feb 20 to Feb. 24
20 Mch. 14 to
Mch. 21
1 Holders of rec. Mch ha
20 Feb. 18 to Feb. 19
15 Holders of rec. April 5
15 Holders of rec. April 5
22 Mch. 2 to Mch. 3
20 Mch. 11 to Mch. 21
15 Holders of rec. Mch. 8
1 Holders of rec. kich. 12
1 Holders of rec. Mch. 18
15 Holders of rec. Feb. 19
5 Holders of rec. Mch. 13
1 Mch. 18 to April 1
1 Holders of rec Mch. 10
30 Mcb. 16 to
April 19
31 Holders of tee Mch. 19
a Transfer books not closed.
Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By. Messrs. Adrian H. Muller & Son:
Stocks.
50 N. Y.Susq. & West. Coal
Co., pf., $50 ca_$634 per sh.
8 Sixth Avenue RR. Co_118%
3,482 Brooklyn City RR. Co.
190-19134
40 Farmers'Loan & Tr. Co _1310
10 Lawyers Title Ins. & Tr.
Co
23534
20 Germania Fire Ins. Co_ _260
20 N. Y. Mtge. & Secur. Co_190
Metropolitan
137
Secur. Co.
(75% paid in) _ _ _ _$135 lot
'5 Mechanics' Nat. Bank__ _260
5 National City Bank
347
65 People's Security Co_$140 lot
1,000 Greene Gold Cons. Min.
Co., $10 each
$120 lot
25 Nat. Bank of Commerce_186 3,4
_
Stocks.
31 Phenix Ins.Co.of Bklyn..260%
250 Douglas Copper Co.. $5
$2.50 per sh.
each
4 N.Y. Net & Twine Co__ 75
Bonds.
$5,000 Laramie Hahn's Peak &
Pac. By. Co. 1st ref. 68, 1932 97
$5,000 Delaware Co.of N.J. is,
9734 & int.
1930, M. & N
$3,000 Ohio Copper Co. 1st Os,
0434
cony., 1917
$5,000 Laramie Hahn's Peak &
Pae. By. Co. 1st Os, 1929._ 10154
$1,000 State Line Telep. Co. 55 9034
$5,000 Cairo & Norf. RR.Co. 55 87
$4,000 Rex Carbon Coal Co. 1st
75 & Int.
6s, 1926, J. & D
•
11
•
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Feb. 27; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
Name of Company.
When
Per
Cent. Payable.
•
Railroads (Steam).
2
Atlantic Coast Line Co. (Conn.) (quar.)
2
Boston & Albany (quar.)
3
Canadian Pacific, common
34
Common (extra)
2
Preferred
Chicago Rock Island & Pacific (guar.)_ -- 1%
2%
Delaware & Hudson (Oar.)
2%
Interborouyla Rapid Transit (guar.)
1%
N. Y. Central & Hudson River (guar.)
_ 1%
N. Y.Lack. & Western, guar. (guar
2
Reading Company, first preferred
5
Rio Grande Junction
134
St. Joseph South Bend & Sou., corn
234
Preferred
St. Louis & San Francisco134
Chic. & E. lit. pre/. trust cats.(guar.)K.C. Ft. S. & M. pref. trust cots. (qu.) 1
1%
Southern Pacific, corn. (quar.)(No. 10)
234
Union Pacific, common (oar.)
2
Preferred
2
West Jersey & Seashore
1
Wisconsin Central, preferred (quar.)-Street and Electric Railways.
1%
American Railways (guar.)
Brooklyn Rapid Transit Co. (No. 1)---- 1
Chicago City Ry. (guar.)
Chippewa Vail. Ky.,L. & P.. pref. (guar.) 1%
Galveston-Houston Elec. Co., pref.(No.4) 3
3.4
Northern Ohio Trac. & Light (cmar.)$2
Traction
Portland Ry., L. & P., pref. WO (No. 11) 1%
St. Jos.Ry.,L.H.& P., pref.(qu.)(No.26) 134
3
Seattle Electric, pref. (No. 17)
Trust Companies.
3
Fifth Avenue (gull%)
Miscellaneous.
Amer. Beet Sugar. pref. (guar.)(No. 39). 1%
1%
American Can, preferred (guar.)
34
Amer. Car & Fdry., corn. (quar,)(No. 26)
Preferred (quar.)(No. 40)
1%
American Express (quar.)
$3
134
American Radiator, common (quar.).
Common (extra)
2.
Amer. Smelt. & Ref., corn.(guar.)(No.22) 1
1%
Preferred (guar.)(No. 39)
America Snuff, common (guar.)
5
Preferred (quar.)
134
Am. Sugar Refg., corn. & pref. (quar.) 1%
American Tobacco, preferred (guar.)
134
American Type Founders', common (guar.) 1
Preferred (guar.)
1%
Borden's Condensed Milk, pref. (quar.)- 1%
• Brooklyn Union Gas (No. 34)
3
Calumet & Heels. Mining (guar.)
$5
Cambrla Iron
2
Canadian General Elec., Ltd., corn. (guar.) 11%
• Preferred
3%
Celluloid Company (guar.)
1%
Central Leather, pref. (guar.)
1%
Chic. June.Rys. de U.Site. Yds., com.(gu) 2
134
Preferred (guar.)
1%
Childs Company, common (quar.)
Preferred (guar.)
1
Consolidated Cotton Duck, preferred_ _ _ _
1
Consolidated Gas, N. Y.(quar.)
2
Diamond Match
duPont(E.T.)de Nemours Pow.,corn.(qu. 1%
P ef3rred (nuar.)
114
Mch.
Mch.
Mch.
Mch.
Apr.
April
Mch.
April
April
April
Mch.
Mch.
Mch.
Mch.
Books Closed,
Days Inclusive,
10 Feb. 28 to Mch. 9
31 Holders of rec. Mch. 6a
31 Mch 2 to Apr. 1
31 Mch. 2 to Apr. 1
1 Mch. 2 to Apr. 1
1 Holders of rec. Mch 19a
20 Holders of rec. Feb. 27
1 Mch. 20 to Mch. 31
15 Mch. 27 to
April 21
1 Holders of rec. Mch. 15
10 Holders of rec. Feb. 20
10 Bich. 2 to Mch. 12
15 Mch. 11 to
Mch. 15
15 Mch. 11 to Mch. 15
April
1Mch 18 to April I
April
Mch. 18 to April 1
April
April
Holders of rec. Mch. la
April
Holders of rec. Mch. la
April
holders of rec. Mch. 15
Mch. 11 Mch. 2 to Mch. 11
Mch.
Apr.
Mch.
Mch.
Mch.
Mch.
April
April
April
April
15 Feb. 28 to
Mch. 2
1 Holders of rec. Mch. 10
30 Mch. 7 to Mch. 16
1 Holders of rec. Mch. 1
15 Holders of rec klch 1
15 Mch. 2 to Mch. 15
1 Holders of rec. Mch. 6
1 Holders of rec. Melt. 15
1 Holders of rec. Mch. 15
1 Holders of rec. Mch 10
For week.
Total
Since January 1.
Dry goods
General merchandise
Total 8 weeks
$3,055,297
10,716,953
$3,774,908
15,198,893
1906.
1907
1908.
1909.
Dry goods
General merchandise
$4,259,769
17,224,836
$18,973,801 $13,772,250 $21,484,605 $18,816,245
$30,116,001 $24,442,597 $32,859,576 $29,409,830
103,190,048 65,631,897 107,473,287 89,959,300
$133,306,049 $90,074,494 $140,332,863 $119,369,130
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Feb. 27 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1907.
1908.
1909.
1006.
For the week
Previously reported
$10,550,866 $20,352,462 $13,557,202 $12,342,472
86,201,706 118,070,045 86,620,660 87,301,662
Total 8 weeks
$96,752,572 $139,322,507 $100,177,862 $99,644,134
The following table shows the exports and imports of
specie at the Port of New York for the week ending Feb. 27
and since Jan. 1 1909, and for the corresponding periods
in 1908 and 1907:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Mch. 31 Holders of rec. Mch. 30
Imports.
Exports.
Gold.
April
April
April
April
April
Mch.
Mch.
April
April
April
April
April
April
April
April
Mch.
April
Mch.
April
April
April
April
April
April
April
Mch.
Mch
April
Mch.
Mch.
Mch.
Anril
1 Holders of rec. Mch. 20
1 Holders of rec. Mch I7a
1 Mch. 12 to Mch. 21
1 Mch. 12 to
Mch. 21
1 Holders of rec. Feb. 27
31 IvIch. 25 to bleb. 31
31 Mch. 25 to Mch 31
15 Mch. 27 to April 1
1 Mch. 13 to Mch. 18
1 Holders of rec. Mch. 13
1 Holders of rec. Mch. 13
2 Holders of rec Mch. la
1 Holders of rec. Mch. 15
15 Holders of rec. April 10
15 Holders of rec. April 10
15 Mch. 6 to Mch 15
1 Feb. 18 to Feb. 28
19 Holders of rec. Feb. 19
1 Holders of rec. ?etch. 15
1 Mch. 15 to
Mch. 31
1 Mch. 15 to
Mch. 31
1 Mch. 10 to April 1
1 Holders of rec.iNich. 10
1 Holders of rec. Mch. 11
1 [holders of rec. Mch. 11
10 Mch. 5 to Mch. 10
10 Mch. 5 to Itch. 10
1 Mch. 21 to April 1
15 Holders of rec. Feb. 17
15 Holders of rec. Feb. 26
15 Holders of rec. Melt. 5
26 Holders of rec. April 15
$4,267,248
14,548,997
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1909
Total 1908
Total 1907
Silver.
Great Br tain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1909
Total 1908
Total 1907
SinceJan. 1
Week.
SinceJan. 1
$24,420
$24,420
5,420,000
$8,723
243,846
$31,641
256,779
245,000
253,000
2,000
8,052,000
9,925
675
2,902
86,134
8,773
105,820
87,921
433,830
428,563
790,000
9,800
$1,069,220 $13,761,345
42,000
702,080
2,956 1,398,311
$351,053 $1,344,554
320,819 6,443,920
41,903 1,514,874
$881,090 $7,102,289
51,000
789,400
$18,353
130
2,320
10,528
251
501
26,081
700
7,470
2,672
19,302
$37,087
2,661
3,971
20,201
345,152
197,509
119,445
$934,661 $7,928,799
1,023,526 6,753,124
1,476,963 6,656,327
$48,627
68,999
26,665
$726,026
741,044
411,620
Of the above imports for the week in 1909, $675 were
American gold coin and $__ __ American silver coin. Of
the exports during the same time, $798,000 were American gold coin and $251 were American silver coin.
Statement of New York City Clearing-House Banks.-The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending Feb.
27. The figures for the separate banks are the averages of
the daily results. In the case of the totals, the actual figures at the end of the week are also given.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital. Surplus.
Loans.
Average.
Specie. Legate. Deposits. ReAverage. Average. Average. s've.
Bank of N. Y._ 2,000,0 3,305,6 20,358,0 4,018,0 1,193,0
Manhattan Co. ",050,0 3,479,7 33,300,0 8,890,0 1,546,0
Merchants' _ _ _
2,000,0 1,588,2 20,317,0 3,084,0 2,441,0
Mechanics' ___. 3,000,0 3,715,8 30,919,0 7,802,0 1,519,0
Americ
1,500,0 5,032,4 29,596,7 5,426,9 3,197,4
408,0
Phenix-------- 1,000,0
633,1
7,574,0 1,353,0
City
25,000,0 26,218,2 190,438,8 42,614,6 8,850,0
Chemical
3,000,0 5,887,0 29,407,4 5,077,9 2,234,0
744,3
Merchants' Ex_
600,0
6,777,5
523,1
957,1
782,8
Gallatin
1,000,0 2,429,3
9,328,3 1,124,6
83,5
473,4
Butch.& Drov _
300,0
146,1
2,226,3
200,0
Greenwich _ _
500,0
6,768,3 1,914,6
733,7
American Exch, 5,000,0 5,163,1 29,215,9 4,078,4 1,866,9
Commerce
25,000,0 15,394,4 169,474,7 26,979,1 13,287,2
929,2
Mercantile _ _ _
3,000,0 2,483,3 13,067,7 1,536,4
591,1
413,1
3,756,8
852,4
Pacific
500,0
_____
1,101,9
1,148,0
Chatham
7,220,3
1,002,2
450,0
38,4
624,2
1,952,7
People's
468,5
200,0
Hanover
3,000,0 10,384,0 70,040,4 17,746,8 5,562,2
321,6
5,433,0
22,224,8
Citizens' Cent_ _ 2,550,0 1,416,6
598,2 1,037,4
5,262,6
392.3
Nassau
500,0
8,157,6 1,001,4 1,382,4
1,000,0 1,607,3
Market & Fult_
191,1
Metropolitan _ _ 2,000,0 1,207,5 11,273,1 2,570,9
Corn Exchange. 3,000,0 5,241,2 44,237,0 6,892,0 5,911,0
1,808,0
4,730,0
27,572,0
7,345,8
1,500,0
Imp.& Traders'
3,000,0 9,568,9 87,009,0 23,198,0 1,736,0
Park
185,9
208,9
1,398,9
100,1
250,0
East River._
3,000,0 3,319,9 26,604,0 4,551,0 2,830,0
Fourth
336,0
1,000,0 1,747,0 11,231,0 2,636,0
Second
10,000,0 18,368,6 132,272,3 32,093,4 4740,1
First
Irving Exch._ 2,000,0 1,409,5 19,878,0 4,261,4 1,189,1
3,048,9
792,1
77,0
755,0
250,0
Bowery
672,3
7,811,8 1,344,8
500,0 1,285,6
N. Y. County-655,0
4,253,8
886,4
750,0
239,3
German-Amer
5,000,0 5,031,0 78,447,1 17,324,9 4,454,3
Chase
100,0 2,108,1 12,953,1 2,745,6 1,094,5
Fifth Avenue
3,449,5
892,5
200,0
575,8
425,7
German Exch._
627,1
993,6
200,0
4,727,5
850,0
German la
1,000,0 1,309,5 16,340,8 3,404,9 1,200,4
Line° n
1,000,0 1,135,1
7,771,3 1,875,6
527,0
Garfield
250,0
462,0
376,2
3,253,9
533,7
Fifth
1,000,0 2,000,3 11,191,4 1,514,3 1,417,9
_
Metropolis
200,0
929,5
4,381,0 1,060,0
221,0
West Side
1,000,0 1,682,2 20,132,0 4,585,0 2,026,0
Seaboard
1,000,0 2,505,2 16,459,3 3,736,5
464,2
Liberty
670,6
N.Y. Prod. Ex. 1,000,0
196,7
7,108,7 2,024,6
1,000,0
249,0
827,7 11,089,0 3,488,0
State
319,8
14th Street..._
451,1
4,968,8 1,020,0
1,000,0
Copper
410,5
2,000,0 2,596,3 19,942,4 4,500,8
-Totals, Average 126,350,0 168,258,9 1316,190,4 275,602,1 80,524,8
Actual figures Feb. 27
607
THE CHRONICLE
MAR. 6 1909.
19,038,0 27.3
39,900,0 26.1
21,849,0 25.3
33,697,0 27.6
32,846,1 26.2
6,910,0 26.4
193,046,0 26.6
28,678,6 25.7
7,039,7 24.1
7,352,4 26.1
2,157,5 25.8
7,761,1 27.2
22,430,9 26.8
156,107,8 25.8
9,475,9 26.0
3,571,5 28.1
7,998,2 28.5
2,202,4 30.1
85,321,9 27.4
22,214,9 26.0
5,936,5 27.5
8,498,7 28.0
11,215,0 24.4
51,691,0 24.0
25,907,9 25.2
99,020,0 25.1
1,568,8 25.1
28,439,0 25.9
11.685,0 25.4
133,014,525 .4
.21,276,3 25.5
3,280,0 25.3
8,292,0 25.0
4,229,8 26.6
87,020,3 25.0
14,706,1 26.1
4,002,8 25.0
5,553,8 26.5
17,996,0 25.6
8,250,0 20.0
3,556,9 25.6
11,218,3 26.1
4,900,0 26.1
24,332,0 27.2
16,129,5 20.1
8,439,7 26.3
14,216,0 26.2
5,579,2 26.3
19,433.7 25.7
1368,987,7 26.0
1311,950,4 273,294,7 80,601,9 1362,203,0 26.0
On the basis of averages, circulation amounted to $48,591,500 and United S ates
deposits (Included in deposits) to $2,594,700; actual figures Feb. 27: circulation
$48,559,600; United States deposits, $2,487,600.
$2,487,600, a decrease of $381,800 from last week; averages include United States
deposits of $2,594,700, a decrease of $314,500 from last week.
"Reserve on deposits" includes, for both trust companies and State banks, not
only cash items but amounts due from reserve agents. Trust companies in New
York State are required by law to keep a reserve proportionate to their deposits,
the ratio varying according to location as shown below. The percentage of reserve required is computed on the aggregate of deposits, exclusive of moneys held
In trust and not payable within thirty days, and also exclusive of time deposits not
payable within 30 days, represented by certificates, and also exclusive of deposits
secured by bonds of the State of New York. The State Banks are likewise required
to keep a reserve varying according to location, but in this case the reserve is computed on the whole amount of deposits, exclusive of deposits secured by bonds of
the State of New York.
RESERVE REQUIRED FOR TRUST COMPANIES & STATE BANKS.
-Trust Co's- -Stale BanksOf
Total
Of
Total
which
Reserve which Reserve
Required. in Cash. Required. in Cash.
Location25%
15%
15%
15%
Manhattan Borough
10%
20%
Brooklyn Borough (without branches In Manhat.)15%
10%
15%
Other Boroughs(without branches in Manhattsn).15%
10%
734%
Any Borough with branches in Manhattan
15%
15%
15%
25%
6%
Elsewhere In State
10%
5%
15%
Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending Feb. 27, based on average daily results:
We omit two ciphers (00) in all cases.
Capital.
Banks.
Surplus.
Loans,
Disc'ts
and
Investments.
Specie.
Legal
Tender
and
Bank
Notes.
Deposit with
Clearleg
Agent.
Net
Other
Banks Deposits.
cfcc.
N. Y. City.
Boroughs of
$
$
Man.&Brx
67,0
146,0
214,3 1,106,0 102,0
Wash.Hgts. 100,0
122,5 158,4
32,3 242,6
Century _
154,3 1,688,1
200,0
11:,8
466,6 403,1 • 5
6
785
099
51
Colonial _ _ _ 400,0
231,3 4,376,1 613,9 340,9
575,0
6,937,0
Columbia _ _ 300,0
430,9 5,785,0 562,0 531,0
112,8
65,1
871,2
71,0
Fidelity --- 200,0
174,7
207,0 116,2 3,2
86
0
56
1
:2
27,0 438,5
Jefferson_ _ _
685,3 3,278,4
500,0
395,7
41,7
Mt. Morris. 250,0
265,3 2,356,2 445,9
600,6
22,0 687,2
Mutual _ _ _ 200,0
319,6 3,786,1
232,8 77
.. 5
1 5
1,:9
67
7
8
4.
62,4 739,2
7.
9
10
3
19th Ward. 300,0
1
.2
478,9 4,326,6
525,0
397,4 3,450,0 271,0 423,0
Plaza
100,0
205,6
50,5
23rd Ward_
92,0 1,614,0 169,9
200,0
707,6
Union Exch 750,0
828,0 7,330,1 678,2 600,0
2329
4
278,6 1--3-3-1:8:
0
16
:,,,0
46,9 687,4
Yorkville _
4
:
:
5:63 742413,!:04441:
420,6 3,396,0
100,0
515,0 200,0 4,917.0
Coal&l.Nat. 500,0
725,8 4,481,0 912,0 206,0
227,0
25,0
75,0
236,4 1,824,0 221,0
New Neth'd 200,0
910,4
......
10,4
37,2
145,8 1,106,2 203,6
Batt.Pk.N at 200,0
Borough of
Brooklyn.
268,9 221,1 3,329,8
462,2 2,846,3
25,7 340,8
Broadway. 150,0
836,0 192,7 6,005,2
777,6 5,407,0 524,8 155,5
Mfrs.' Nat_ 252,0
948,1 9,705,7 207,9 1,871,5 1,245,4 179.8 13,046,1
Mechanics'. 1,000,0
6,613,0
919,1 6,349,0 317,0 620,0 1,153,0
750,0
Nassau Nat
737,0 106,0 5,570,0
89,0 584,0
568,7 4,452,0
Nat. City.- 300,0
133,8 230,3 1,901,1
74,7
132,7 1,570,9 142,9
North Side_ 200,0
Jersey City.
First Nat- 400,0 1,210,8 4,101,3 272,9 387,5 2,040,4 962,0 6,896,1
27,6
224,7 468,0 2,548,2
721,1 2,479,3 179,3
Ilud.Co.Nat 250,0
862,6
67,4 2,694,4
67,0 151,1
374,0 1,717,4
Third Nat
200,0
Hoboken.
203,4 201,5 2,368,4
24,4
First Nat
612,5 2,643,6 103,0
220,0
95,6 321,6 2,478,5
74,7
58,6
Second Nat
220,5 2,048,0
125,0
93,995,5 6,417,8 9,550,0 13,129,0 4,901,9 112661,2
Tot. Feb.27
8.347.0 12,748,7
The State Banking Department also now furnishes weekly Tot. Feb.20 8,347,0 12,748,7 94,819,2 6,425.7 9,479,7 13,024,7 5,839,7 113311,5
Tot Fe 13 8,347,0 12,838,0 94,913,2 6,319,7 9,263,2 ;4,7982 6,281,6 114722,3
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
New York City,Boston and Philadelphia Banks.-Below is
in the whole State, but the figures are compiled so as to a summary of the weekly totals of the Clearing-House banks of
distinguish between the results for New York City (Greater New York City, Boston and Philadelphia. The New York
New York) and those for the rest of the State. Further- figures do not include results for non-member banks.
more, in the case of this city, besides reporting the results for
We omit two ciphers in all these figures.
the State banks and for the trust companies,separate figures
Capital
are presented to indicate the totals for the State banks and Banks.
Specie. Legate. Deposits. a Circle- Clearings.
Loans.
and
Surplus.
trust companies in the Greater New York not in the Clearing
$
New York
House. In the following we give all the different sets of Jan.
30.. 291,797,7 1341,960,6 301,202,2 82,200,2 1422,820,1 49,441,5 1,865,013,2
1402,828,4 49,201,3 1,968,479,5
figures,indicating by plus(+)or minus(-)sign the changes Feb 6._ 291,797,7 1343,667,4 280,402,0 80,641,9
Feb. 13__ 291,797,7 1326,315,4 273,893,1 80,208,1 1378,413,6 48,932,3 1,468,344,7
from the previous week. To make the statement as com- Feb. 20_ 204,608,0 1319,330,1 275,685,8 81,304.0 1373,778,9 48,770.0 1,751,044,3
27.. 294,608,0 1316,190,4 275,602,1 80,524,8 1368,987,7 48,591,5 1,699,836.7
prehensive as possible, we start with the totals of the Clearing Feb.
Boston,
6__ 41,790,0 210,837,0 26,894,0 3,927,0 262,347,0 9,451,0 180,065,0
Feb.
giving
above,
the
in
the
both
House banks as contained
Feb 13._ 41,790,0 212,684,0 26,578,0 3,865,0 254,693,0 9,429,0 144,345,2
20._ 41,790,0 213,010,0 25,670,0 3,840,0 258,955,0 9,388,0 158,070,5
averages for the week and the actual figures at the end of Feb
Feb. 27_ 41,790,0 212,632,0 22,743,0 4,373,0 253,066,0 8,199,0 139,318,1
Phila.
the week.
305,190,0 15,252,0 138,842,9
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending Feb. 27 1909.
Reserve on P.C.
Loans and
Leads.
Deposits.
Deposits. of Re00s omitted. Investments. Specie.
serve.
Clearing-lIouse
Banks-Actual 1,311,950,4 273,294,7 80,601,9 1,362,203,0 353,896,6 26.01
-5,360,7 -3,610,9 -1,356,9 -10,663,1 -4,967,8
Clearing-House
Banks-Aver._1,316,190,4 275,602,1 80,524,8 1,368,987,7 356,126,9 26.05
-4,791,2
-3,139,7
-83,7 -7,792
-862,9
State Banks344,327,4 94,550,4 28.0
296,382,5 48,490,6 27,160,2
Average
-386,5
+2,079,0 +2,190,3
+2,086,8 +260,5
Trust Companies993,991,8 127,051,5 11,881,2 1,104,490,9 146,870,5 17.8
Average
-17,215,1 -1,046,5 -155,5 -15,577,0
-934,7
State Banks and
Trust Co's-not
In Clear.-House1,087,038,3 133,474,4 21,108,9 1,216,013,9 177,982,6 19.1
-17,736,7
-902,5
-987,8 -272,7 -16,023,7
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK.
Week ending Feb. 27 1908.
% of
Deposits.
Reserve,
Loans.
Res
$80,707,700 886,744,800 $19,239,600 22.9
State banks
+544,200
+282,100
-406,700
21,041,300 16.0
126,445,300 135,866,000
Trust companies
-116.000
-444,600
+133,500
-+ Increase over last week. - Decrease from last week.
a Includes bank notes. b After eliminating the Item "Due from reserve deposl.
tortes and other banks and trust companies in New York City." deposits amount to
$1,042,467,500, a decrease of 826,522,400 from last week's figures.
Note.-In the case of the Clearing-House banks, the deposits are "net" both for
the average and the actual figures; in all other cases "gross" deposits are shown.
The Clearing-House actual figures Included United States deposits amounting to
Feb. 6..
Feb. 13_
Feb. 20__
Feb. 27..
54,390,0
54,390,0
54,390,0,
54,390,01
252,976.0
257,984.0
al,7 .0
258,389,0
79,988,0
75,537,0
78,841,0
74,989,0
304,637,0 15,354,0
311,947.0 15,435,0
306,132,0 15,457,0
99,647,4
132,557,7
110,904,9
a Including Government deposits, and for Boston and PI:113400 a the item
”due to other banks." At New York Government deposits amounted to $2,594,700 on Feb. 27, against $2,909,200 on Feb.20; at Boston to $772,000 on Feb. 27
and $890,000 on Feb. 20.
Aanking and Financial.
We shall be pleased to furnish to Institutions and InvestOrs copies
of our special .circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchange
Spencer Trask & Co.
NEW YORK
WILLIAM AND PINE STS., Branch offices: Chicago, III., and Albany, N. Y
MOFFAT & WHITE
Members New York Stock Exchange.
HANOVER BANK BUILDING.
5 NASSAU STREET.
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Cash Only.
608
[VOL. Lxxxvin.
THE CHRONICLE
kian1tiers7 (bazett.
Wall Street, Friday Night, March 5 1909.
The Money Market and Financial Situation.—So little has
occurred this week affecting the security markets that the
latter have been dull, narrow and generally uninteresting.
During the early part of the week there was smite progress
towards the level of prices which prevailed before the recent
sharp decline, but the movement., which had practically spent
its force last week,soon subsided,and the market lapsed into
a state of inactivity Which seemed to represent little more
than the professional operations of a few room traders.
The inauguration of President Taft was an event which
absorbed considerable interest in Wall Street, but nothing
in the message was unexpected, and it therefore had little
effect in financial circles. Tariff revision and the labor situation, especially that in the coal rgeions, are matters which
are likely to receive considerable attention from now on until
both are settled, and in the mean time business in various
departments will doubtless be more or less restricted.
Money market conditions at. this centre are reflected in
the subscriptions received for $10,000,000 Argentina bonds
and a similar amount offered by New York City. For the
latter, bids for more than five times the amount of the issue
were received by the Comptroller, and the Argentina • offering was largely over-subscribed. No gold has been shipped
from this port during the week.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 134% to 2V2%. To-day's rates on call were 1 4
3 %@,
2%. Commercial paper quoted at 3%@33% 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 £333,649 and the percentage
of reserve to liabilities was 48.83, against 48.08 last week.
The rate of discount remains unchanged at 3%, as fixed
Jan. 14. The Bank of France shows a decrease of 17,050,000
francs gold and an increase of 75,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
Feb. 27.
loos.
Differences
from
previous week.
Averages for
week ending
Feb. 29.
1907.
Averages for
week ending
Mch, 2.
$
lb
8
8
126,350,000
124,350,000 126,150,000
Capital
159,864,900 155,799,500
168,258,900
Surplus
Loans nd discounts -- 1,316,190,400 Dec 3,139,700 1,161,057,700 1,079,185,600
178,500
48,591,500 Dec.
64,133,600
Circula ion
52.787,200
1,368,987,700 Dec. 4,791,200 1,167,623,700 1,038,431,800
Net dep°sits
314,500
2,594,700 Dec.
55,350,100
U.S. d '1). (incl. above)
14,352,900
83,700
275,602,100 Dec.
261,318,200 189,065,200
Specie
779,200
80,524,800 Dec.
59,850,400
Legal tenders_—
74,401,400
Reserve held
25% of leposits
Surpl as reserve
Surplus excl. U.S.dep
862,900
356,126,900 Dec.
342,246,925 Dec. 1,197,800
321,168,600
291,905,925
13,879,975 Inc.
334,900
29,262,675
263,466,600
259,607,950
—
3,858,650
14,528,650 Inc.
256,275
43,100,200
7,446,875
---Nole.—The Clearing House now issues a statement weekly showing the total
o 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 tnist companies not reporting to the
Clearing House, appear on the preceding page.
Foreign Exchange.—The market was strong this week,
closing at the highest of the week and year. It was influenced by a demand to remit for securities that had been
sold abroad and to cover a speculatively created short interest. Gold exports to Argentina, $250,000; these, however,
were effected on Saturday of last week.
To-day's (Friday's) notninal rates for sterling exchange
were 4 86@4 86% for sixty-day and 4 89 for sight. Today's (Friday's) actual rates for sterling exchange were
4 85S0@4 8590 for long, 4 8790@4 88 for short and 4 8825@
4 8835 for cables. Commercial on banks 4 85500,4 8560
and documents for payment 4 84%04 85%. Cotton for
payment 4 849@4 85, cotton for acceptance 4 8550@4 8560
and grain for payment 4 85@4 85%.
To clay's (Friday's) actual rates for Paris bankers' francs
were 5 183d@5 18% for long and 5 16 3gd@.5 16% for short.
Germany bankers' marks were 94 13-16@94% for long and
95 3-16005 3-16 for short. Amsterdam bankers' guilders
were 40.23040.25 for short.
.Exchange at Paris on London 25 fr. 243'c.; week's range
25 fr. 244c. high and 25 fr. 23c. low.
The week's range for exchange rates follows:
Short-cattes-Long
Sterling. Actual—
4 8580
High
04 8590
4 8520
Low
O4 8525
Parts Bankers' Francs—
High
5 18345
05 1834
Low
5 1834
05 1834
Germany Bankers' Mark4—
High
94 13-16 094%
Low
94 9-16 00.1 11-16
Amsterdam Bankers' Guilders—
High
Low
14 8790
14 8745
@4 88
04 8750
15 1634d
15 1734
05 1634
@5 17345
14 8825
14 8700
04 8835
64 8795
1 95 3-165 095 3-16
1 95 1-16 09534
1 40 23
1 40 21
p40 25
@4023
Less: 01-16 of 1%. 51-32 of 1%. ii 3-32 of 1%
Plus: k 1-16 ot 1%. x 1-32 01 1%. y 3-32 of 1%.
The following were the rates for domestic exchange on
New York at the under-mentioned cities to-day: Savannah,
buying, 50c. per $1,000 discount; selling, 75c. per 61,000
premium. Charleston, selling, $1 per $1,000 premium.
New Orleans Bank, 75c. per $1,000 discount; commercial,
$1 per $1,000 discount. Chicago, 15c. per $1,000 premium.
St. Louis, 35c. per $1,000 premium. San Francisco, par.
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $10,000 Virginia 6s deferred trust receipts at 38.
The market for railway and industrial bonds has been
moderately active and generally steady throughout the week.
A few issues have been somewhat conspicuous, but the list
as a whole shows few exceptional features. Among the
latter are Western Maryland 4s, which have advanced 1 /:
1
points, and Central Leather 5s, which declined in sympathy'
with the shares. Other changes in the active list are fractional and unimportant.
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
Feb.
27
Mch.
Mch.
2
Mch.
3
Mch.
4
Nth.
5
2s, 1930
registered Q—Jan *101 *101 *191 *101 *101 *101
coupon 0--Jan *101% *10134 *19134 *10134 *10134 *1013
23, 1930
registered Q—Feb *100y, *10034 *10034 *10034 *10334 *10034
3s, 1908-18
coupon Q—Feb *101 *101 *101 *101 *101 *101
3s, 1908-18
3s, 1908-18_ _ _ _small coupon Q.—Feb *100 *100 *100 *100 *1C0 *100
registered Q—Feb *110 *119 *119 *119 *119 *119
4s, 1925
coupon Q—Feb *120 *120 *120 *120 *113 *120
4s, 1925
2s, 1936_Panama Canal regis Q—Fel) *100% *10034 *10034 *1001 *1003.4 *1001
'
25, 1938_Panaina Canal regis Q—Nov *100% *10034 *10034 *10034 *10034 *10034
*This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.—Following the activity and partial recovery noted last week, the stock market
has been irregular and the volume of business largely reduced. In most cases fluctuations have been narrow, however,and net changes unimportant. The transactions diminished day by day until they aggregated only 440,000 shares,
as against a maximum of 1,561,000 last week.
Among the exceptional features has been Wisconsin Central, which advanced 13% points on its closer alliance with
Canadian Pacific. Under the same influence Wisconsin
Central preferred has advanced about 20 points within a few
weeks. Reading recovered still further from its recent
sharp decline, and Atchison sold up to 104, its highest
price since February 1907.
The iron, steel and copper stocks have been irregular on
the peculiar conditions prevailing in the metal trades. United
States Leather preferred advanced 8 points on the announcement of a judicial decision regarded as favorable to stockholders. On the same announcement Central Leather declined. United States Steel common is 1 point higher than
at the close last week and the preferred 13% higher.
For daily volume of business see page 618.
The following sales have occurred this \\;;A of shares not
represented in our detailed list on pages wli ch follow:
STOCKS.
Week ending Mch.5.
Amer Teleg & Cable_ _
Assoc Merchants, 1st pf_
Second preferred
Cent & South Amer TeL
Chic Term Transfer, pre
Comstock Tunnel
General Chemical
Preferred
Homestake Mining
Illinois Cent leased lines
New York Dock
N YLIt NJ Telephone
People's0 L & Coke rgts
Quicksilver Mining
Preferred
S Leather, pre(
Vulain Detinning
Sales
for
Week.
Range for Week.
Lowest.
123 75
445106M
100 10234
10110
200 1834
100 28e.
10 65
6010134
400 90
2510034
50 3134
80 115
14
4,963
4,350 234
1,500 5
1.390 121
100 634
Highest.
Itch 4 70
Meh 1 1901
Mch 1 10234
Mch 2 110
Mch 2 18%
Mch 2 28c.
Mch 2 65
Mch 2101%
Mch 1 92%
Mch 4 100%
Mch 4 31%
Mch 1 117
%
Mch 1
Mch 1 434
Itch 1 5%
Feb 27 128
Mch 5 6%
Mch
Mch
'Itleh
MO)
Itch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Itch
Mch
Mch
Range since Jun. 1
Lowest.
3 75
3 106
1 101%
2 105
1 17%
2 24e,
2 61
2 08%
2 87
4 100U
4 30
4 113
Highest
Feb 73
Feb 1063%
Feb 104%
Jan 110
Jan 21)
Jan 30e,
Jan 65
Jan 102
Jan 92%
Mch 100%
Feb 34
Jan 117
34 Feb
34
5 134 Jan 434
1 3y, Feb 634
1 117
Feb 128
5 6
eb 8%
Feb
Mch
Feb
ch
Jan
Jan
Feb
Feb
Feb
Mch
Feb
Itch
Feb
Jan
Jan
Meh
Jan
Outside Market.—A higher range to values and an increase in the volume of business marked the week's opening
in "curb" securities, but after this the market reacted, price
movetnents were irregular, with the tendency in the main
downward, and trading relapsed into dulness. Boston Consolidated Copper from 115A advanced to 1234, easing off
finally to 1214. British Columbia improved from 6% to
s. Butte Coalition sold up from 22 to
73% but reacted to 73/
25 and dropped back to 223%. Cumberland-Ely advanced
from 7% to 8 but weakened subsequently to 7 15-16.
Greene-Cananea rose from 9 to 10%, sank to 93% and closed
to-day at 9%. Nevada Consolidated moved up from 163
4
to 17% and fell to 1734. United Copper was active, the
common from 11%
1 reaching 13%, weakened to 123% and
4. Giroux advanced from 79 to 83%,
ends the week at 123
receded to 83%and closed to-day at 834. Goldfield Consolidated weakened from 8 3-16 to 7 0-16. Nipissing went
down from 934 to 914 and closed to-day at 934. There was
a broad market in bonds. Atlantic Coast Line new 4s
sold for the first time at 97, while initial transactions were
made in Southern Ry. new 4s from 78% to 79 and back to
783%. Chic. Burl. & Quincy 45 were traded in between
100 3-16 and 10034 and at 10034 finally. Southern Pacific
4s from 973
% reached 98, but sold down to 9734 and finally
at 9734. Western Pacific 5s were off from 95 to 9534,
but sold to-day at 9534. Transactions in the Argentine
Government 5s, offered for subscription this week at 99,
were from 9934 to 99. American Tobacco gained 20 points
to 350 and were traded in to-day at 345. Standard Oil advanced from 642 to 6503%.
Outside quotations will be found on page 618.
New York Stock Exchange-Stock Record, Daily, Weekly and /early
1CCU
.c/ 0CAN-ti
Saturday
teelf. 27
tthst AND Lyn,BST
Monday
March 1
Tuesday
March 2
Wednesday
March 3
PHICE8
7'hursday
March 4
Friday
March 5
N 1;
MVO ()Ai;ES
cues 0,
STOCKS
133
NEW YORK STOCK
Week
EXCHANGE
Shares
17: 1 1900
Hamm ,J1114.2 J,
On Casts Of 100-353re tots
Lowest
lohese
flange tor Previous
Year (1908)
Lowest
Highest
Raiiroa u s
Mch 2
66 Feb 10114 Deo
10214 10278 10238 10314 10253 104% 10338 10414 103 10414 10234 10373 79,750 A :eh Topeka & SantaFe 977g Jan 13 10438
8333 Feb 104 Dec
1,605 rx. Do pre
10014 Jan 20 10214 Me), 1
10218 10218 10214 10214 10214 10214 10214 10214 10214 10214 102 102
5912 Itch 1111: Dec
1,800 Atlantic Cowt, Line RR_ 5))71, Jan 14 12212 Feb 15
118 11913 118 113
11812 11812 11814 11f,1 1 118 118
119 120
76t2 Feb
1173 Dec
10312 Feb 23 11212 Jan 4
22.710 paltimore & Oh:o
10714 10
618 1073/ 1071:
10634 10712 10634 10818 10713 10814 10712 10778
94 Dec
933.i
e
Feb
7373
Feb
8(1 Jan
16
02
nrct
166
Do
931,
9312
*9212 0312 *9212
*9212 9312 *9212 9312 49312 9312 49312
3714 Feb
117 Jan 9 7373 Men 3
6334 Dec
7114 7212 120,825 Brooklyn Rapid Transit_
7112 7214 715; 7'35s 7212
7158 7332
7034 72
0432 Men
5414 Oct
13uffalo & Susque, pref_
64
64 *____ 64 *---- 61
*___- 64
x165 Melt 3 17514 Jan 4 140 Feb 18018 Nov
anadlan Pacin17112 17214 x168 16878 16714 16712 165 18612 166 16634 166 16773 13,825
4 JFaenb 15
:
51.
2
6014 Jan 11 681
54 Me(' 68 Nov
anada Southern
6512
0434 *60
*60
65 *60
6512 *61
6434 *62
65 *61
215 Feb 23 235 Jan 8 IGO Feb 129 Dec
Central of New Jersey
*210 230 *210 225 *210 225 *212 230 *212 225 *212 225
591; Dec
5558Jan 6
2512 Feb
& Ohio
6573 6478 6614 6514 66
65
6518 6534 0412 6E34 6334 6514 37,975 Chesapeake
6878 Dec
5778 Feb 24 701.2Jan 7
10 Feb
601) Chicago & Alton RR
111
60 *5813 6013
6138 6112 *58
61
60
62
*59
63
;A
Feb
79 Dec
s
Mel)
.1
Jan
7614
71
pref
Do
75
*__
_ 75
*--- 75 *---- 75
75
2,
Feb
6
1458 Nov
2
Feb
Jan
1112
318
Great
Western
Chicago
4,740
634 713
718
678
7
612 634
634 7
634 7
6814 Au'
731? _Melt
Do 4% debentures_ 60 Jan 22 6113 Jan 20
*55
65
65
*55
64
64
64
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*55
*55
65
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30
t3 Dec
25 Jan 13 :37 Jan 4
Do 5% pref
200
31
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31
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31
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31
31
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1718 Nov
Feb
712 Jan 25 1418 Jan 2
Do 4% met "B"
812 8.14
918
812 812 1,300
9
*814 812
834 834 *813 9
15212 Dec
14113 14212 29,399 Chicago Mllw & St Paul.. 141 Feb 2:1 15134 Jan 4 10312 Jan
143 14334 143 14412 14253 14:358 14234 14334 14212 144
16434 Deo
25
13$
Feb
25
Jan
160
Jan
167
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pref
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168
*155
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16114 162
*15912
161 16153 161 161 i160 160
9812 Jan 14712 Dec
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......
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*15912 162
Jan 18512 Deo
24
Feb
2
17318
Jan
185
135I2
Western
North
Chicago
&
176
176
177 177
ii;f2 177 171 177I 417t-112 11811; 17628 1-7-7-4212 Feb 20 4,25 Jan 5 1185 Jan 224 Dec
Do °ref
*210 215 *210 215 *210 215 *210 215 *210 215 *210 215
Chic St P Minn & Omaha 155 Jan 25 156 Jan 5 119 Feb VA Dec
*150 160 *150 1613 *150 160 *150 160 *150 160 *1•60 160
16613 Jan 30 109 Jan 25 14012 Jan 174 Deo
Do pret
*158 165 *158 165 *158 165 *158 163 *153 170 *153 170
718 Dec
53 Apr
7 Jan 4
512Jan 13
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stmpd
612 *513 614 *514 612
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18 Dec
4 Apr
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200
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*101 __ _ *101 -- *101 110 *161 110 *101
59 Dec
5718 Jan 5 6814 Jan 8
21 Feb
Colorado & Southern
6312 63 .63-17t
6214 6214 63
6312 6314 6312 6312 6312 63
79 Dec
5I};
Jan
2
8
Jan
Jan
7612
8512
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1st
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preferred
82
8112
82
8218 82
82
8114 8158 8134 8134 8112 32
76 Dec
3934 Feb
7314 Jan 2 8412 Jan 7
Do 2d preferred
7912 7034 7033 7973 7812 7934 4,200
7814 80
78
7878 7853 79
16734 Feb 24 182 Jan 4 14112 Feb .t81331, Dec
17313 17313 1,600 rielaware & Hudson
172 17212 173 17313 17313 17312 174 17434 174 174
Nov
875
Jan
420
4
Jan
Feb
x550
535
West_
&
100
Lack
/elaware
647 54! *545 550 *130 545 *530 550 *545 550
*540 550
401. Dec
1414 Feb
487; Feb 6
3758 Jam'
17.570 Denver & Rio Grande
4414 45
4418 4.134 4213 44
4273 4334 4312 4414 4414 45
834 Dec
;i914 MC!
791 Jan 6 80 Feb 10
Do
pref
3,746
8514
85
853
4
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8614
8518 5638 86
861,
8538 80
56 Nov
321. Apr
56 Jan 30 6212 Feb 20
140 Detroit United
52 *6058 64
62
62
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46134 6134 *61
:834 Nov
6 - Feb
1812 1,070 Duluth So Shore & Atlan 1514 Jan ti 21 Jan 16
1612 1612 17
11313 1612 41634 163i *1612 18
16
16
1134 Feb
23
Jan
Feb
15
3612
28
3334 Nov
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3314
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31
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143 Jan 2
13
54
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2678 2733 2558 2634 2434 26
28
2738 2773 2712 2314 27
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40 MO 5
4034 4,100 Aj Do 1st pref
9212 4212 4134 4234 4112 421: 4112 415; 403.1 4114 40
41 Dec
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31 Mch 13 40'2 Jan 4
900
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31
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33 *3214 3314 33
33
*3234 3314 33
4 11334 Feb 14814 Dec
1363; Feb 24 17
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44
140% 14134 141 1415s 141 14214 139% 141% 138/2 14038 20,204 Great Northern plot
14014 141
751; Nov
4812 Jan
Iron Ore properties...._ 6514 Feb 23
: 6814 6813 6712 6812 5,600
6712 6914 6834 0914 6812 681
6053 671
4 Nov
71 Mch
Green Bay & W. deb ctfA
1712 Dec
8 Jan
deb ctf B 14 Feb 26 17 Jan 4
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14
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217
avana Electric
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*37
3934 *37
24 Dec
8318 Feb 5 8412 Meh 1 470 Jan
200 ILL Do pref
8514
8412 8412 3412 *84
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8412 8412 8412 *80
8514 *84
62 Feb 10412 Dec
103 Jan 4 108 Jan 12
100 Hocking Valley tr rcta
103 103 *100 106 *100 106
*103 105 *103 108 *103 100
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90 Feb 25 93 Jan 21
Do pref
100
01
i)3
93
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91
03 *87
03 *87
03 *91
*91
137 Feb 22 199 Jan 4 12212 Feb 14934 Nov
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14134 142
142 142
14112 112
14114 14112 11034 141
140 141
'20 Deo
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1312 Feb 24 19 Jan 5
1478 1514 1434 15% 1514 1553 1478 1518 1412 1478 15,430 Lnterboro-Metropolltan_
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4912 Dec
34 Feb 24 4938 Jan 6
171s Feb
Do pref
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18
3212 Dec
Feb
24
Feb
10
Jan
27
Central
3414
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2914
2.275
28
2818
28
2918
3
3
29
2914
!:
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29
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53 63
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Feb
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40
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70
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12 Jan
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ake Erie & Western
22
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58 Dec
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.
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64
64
64 *61
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63
6113 61
61
04
*53
3714 Feb 12534 Dec
Z121 Jan 29 13 78 Feb 27
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15434 Dec
Jan
120
25
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4
145
15312Jan
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anhattan
148
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148
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jJ
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42 Jan 5
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31
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90 Dec
61 Feb
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100
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90
90
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150 150 *145 152
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3512
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&
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Texas
Kansas
393,s
33
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39
8
397
4053
3914
39
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3312 30
7512 Dec
46 Feb
71 Feb 23 7614 Jan 21
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1,000
73
7234 7234 73
73
73
73
73
7314 73
73
*72
6712 Dec
2812 Feb
65 Feb 24 7338Feb 5
10,300 Missouri Pad tic
6712 6834 6612 63
681, 59
6314 6873 6314 69
6712 68
122 Nov
41734
18
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125
12212
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St
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ash
IV
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130
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130
130
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12278 12334 30,81)0
12213 1231: 12314 12413 123/3 12412 12:334 12514 12212 125
5712 Dec
'24)3 Jan
50 Jan 30 57 Jan 4
100 N Y Chic de St Louis
5012 5012
52
52 *50
52
62
Att
51
449
*49
*49
20
20
Feb
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100
90
100
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102
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102
102
102
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102
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78
400
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82
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81
78
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78
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78
80
78
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159 139 *158 16012
158 158 *15712 159
158 158 *153 1611
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&
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N
4312
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.,
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4412
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8634 871.2 86
8712 *8612 87
. 8734 87
8t31
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88 Deo
3514 Jan 28 88 Jan 20
74 Meli
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88
*85
*85
86
88
*85
*85
87
88
*85
13314 Feb 24 14314 Jan 2 116 Jan 15734 Nov
13553 13713 22,510 Northern Pacific
704 fifig 13714 13312 13712 13514 13713 13778 13634 138
137 Feb 1 14234 Jan 2 103 Feb 145 Nov
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0312 Jan
65 Sep
76 Mch 3 83 Jan 7
89
83 ---100 i)acIfic Coast Co
76 W - *76 -gY" *75
*78 W- *78
90 May 00 May
pref
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100
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100
101
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97
lieh
79
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85
35 *78
85 *78
8' *73
*78
SS
88 *78
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12618 Feb •!3 135 Jan 4 10314 Jan 13214 Dec
12833 12012 24,150 Pennsyivanla
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8812 Dec
4
Jan
59
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5
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L
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&
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91
Cin
8918
8912
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8953 8953
93
90
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104 Feb 10 10813 Jan 28
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*106 110 *106 110 *106 110 *106 110 *106 110 *106 110
9218 Feb 14314 Dec
118 Feb 23 1448 Jan 4
11073 12314 12118 12612 12334 12578 12334 1253; 123 12514 12214 12378 503,713
92 Dec
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24
78 Jan
Jan
Feb
93
90
Iii
"
poet
Vr
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90
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69 Dec
76 Jan
90 Feb 1 9312 Jan 5
300
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*9112 93
92
92 *90
0018 0013 02
*89
94
94
*88
2514 Dec
1012 Feb
2073 Feb 24 2638 Jan 8
2213 11,475 Rock Island Company
22
2234 2314 2314 2358 2333 2333 2234 233; 2278 2:3
6258 Dec
2034
Feb
Feb
5514
8
572
2.1
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6214
poet
12,200
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4
621s
62
603
6112
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J'ne
69
42
16
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70
St L & San Fr, 1st poet,.. 67 Jan 13
*66
69
70
*65
69
69 *65
70
*65
*66
60
*65
4214 Dec
1914 Feb
36 Feb 23 42 Jan 2
Do2d KO
000
18
381* 33
3712 3712
3712 3712 *37
3714 3712 *3734 39
Dec
24
Men
2(113
V)
Feb
Feb
25
24%
Louis
St
2212
400
Southwestern
2234
2213
*21%
2212 2212 22
2212 *2138 2212 *2112 23
;Dec
557
2412 Feb
4712 Jan 6 5414 Jan 4
Do pref
500
52
52 *50
52 *50
*50
51
51
52
*50
5114 52
6614 Feb 12212 Dec
11453 Feb 24 12111 Jan 22
11614 11713 100,260 Southern Pacific Co
11634 11712 11713 11814 11738 11814 11678 1175; 11614 118
11574 Feb 24 12312 Jan 27 10632Jan 1:.512 May
Do pre)
2,235
12034 12114 12158 12134 *120 1217; 12112 1211. 121 122
*12014 121
2714 Dec
2718 Jan 2
918 Jan
2414 2434 241i 2458 2414 2412 2334 2413 2:33, 2418 2334 2413 12,600 Southern v tr Cl; strand. 22 Feb 24 65
c31. Dec
2512 Mch
Feb 15
60 Jan 5
do
Do pref
6212 7,840
ti2
62
6314 63
6314 6234 6312 63 6334 62/2 63
371.i Dec
24
6
Feb
1234
Feb
Feb
4
373
30
r
&
rexas
Pacific
3213 3112 32
3133 3158 5,500
3114 3112 31% 3212 3134 321, 32
47 Aug
1512 Meh
391k 40
403t 3831 4038 3712 3814 9,310 L bird Avenue (N Y)--- 3512 Feb 23 4212 Jan 18
40
37
3834 3812 39
1512 Dec
6:2 Oct
11 Jan 14 1538 Jan 2
400 Toledo Railways & Light
*1212 1412
1213 13
13
*1112 1312 1214 1213 13
*1112 73
Dec
511
Feb
12
20
Feb
5314
43
Jan
14
Western
&
L
St
451, 5.500 Toledo
4538 4513 4618 45
4534
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45
4414 4512 45
Feb
.13
7312 Dec
6434 Feb 24 7414 Jan 4
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63
6814 it773 6878 6812 6312 6813 6878 6734 6812 4,700
6714 03
983s Dec
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15
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2
Jan
97
Transit..
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Twin
610
10612
10513
10678
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,
1061
10512
8
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10534 10534
107 *105
17212 Feb 24 18418 Jan 2 11012 Mel‘ )8478 Nov
17633 17712 r17434 1.767s 17478 17612 17518 17614 174 17638 17312 175% 336,716 inlon Pacific
98 Noy
914 Apr
294 Mch 1 97 Jan ts
9514 9514 2,750 v./ Do pref
94
95
xO4
9478 9473 9473 0475 95
0533 96
40 Dec
15 Jan
30 Feb 25 37 Jan 4
Fr
San
of
Inv't
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Unit
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35
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36
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35
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5912 Deo
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7
.
1014
26
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55
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51
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51
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15 Feb 23 4934 Jan 2
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1734 17
1714 3,813
171s 173,3 1712 1712 17
1718 1738 1738 18
13 Mel, 5234 Dec
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62
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23
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pref
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12,615
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4578
45%
43
44%
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45
45
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4534
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44
Mel, 24 Dec
1934 J.31 30 2578 Feb I
2014 2114 17.000 Western Maryland
'211. *20
2034 22% 2018 22
21
21
21
21
W
BANKS AN D TRUST COMPAN I ES-BROKERS' QUOTATIONS
Ask
Ask
LW
Banks
Banks
ChaseaEx 11 190
200
4221.,
_
130
_
Chemical
NOW 'nee
175 Citizens' Cti 155 - 165
16.5
Aetna
53)1
_
590 City
America 11_ _ 575
Amer Exch. 260 260 Coal & Iron 245 250
-_. Colonial 11-. 5300
Hattety Pk. 130
Bowery i _ _ 320 336 Columbia 11.. 376 425
..... Commerc
,- 11861. 5188
BronxBoro1 300
186 copper...... '230 - 235
Bryant Pk 1 155
330
.......
150 Corn Ex 11
Butch & D. 140
135
East River_ 125
170 175
Century 11
163
175
300
__ Fidelity 11
Phase
*Witham - 300 310
Bid anti asked Igloos; no sails Were tna.le on thla
• Sala at Stock Exchange or at auction 1333
Bid
b la 45k
Hank c
Ask
Bid
Ask
Banks
Bid
Ask
Iltd
Banks
Bank525
18.5
Mutual 11___ '290 319 Plaza II__ _ 619
_-. Irvine N Ex 183
Fifth Avol. 4000
16212
...... Prod Each 1
Jefferson 11 . 18212 ____ Nassau 11_ 205
300
350
Fifth
130
__
Reserve...
205
Neth'd
.550
New
525
Liberty......
.....
780
First
380
---- Sea.boaro __ 365
NewYorkCo 750
435
180 Lincoln ___ 420
14th St 11 -- 150
.......
Manhattan11 320 330 New York.. 325 33212 Second..___ 350
217
Fourth...... 211
-135
Sherman_
215
200
&Day,:
N'ht
260
267
Maric't&Ful
CallatIn - 355 385
475 State 11____ 250
___ 19th Ward 1: 465
Mechanics'_ 1263
Garlield - __. 290
175
__ Mercantile _ _ 1921. Northern ... --- 150 12th Ward 1 150
Germ Am 'I! 1413
---245 2343 Ward 1 100
170" Pacific li___ 230
___ Nferch Exch 163
Germ'n ExT 450
Union Exc.', 190 100
985
475
Park
164
___ Merchants'. 160
Germania 11 523
' 23)_11't,
'lasts
295
280
T._
People's
_
375
1,
Metropolis
280
265
1;
Greenwich
-177
.1iest Side' FM.%
170
____ Phenix
___ ‘tetropornl, 175
Hanover _ 640
, 42
itnrkvtit,
270
Mt Morris11_ 250
560
Imp & Toad 555
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610
Dew 'York Stock Record-Concluded--Page 2
STD( A.,-111(.;H BST AND LOIVBST SALE PR1CB8
Saturday
Feb. 27
Monday
March 1
2'uc3day
March 2
1Valn csdya
March 3
2'h1t3'sda7,
March 4
ales r),
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Frida'1
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March 5 Shard.
STOCKS
NEW YORK sTcolr.
EXCHANGE
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100
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amaa. 701 1-7eviou3
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LOWSSI
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10
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213 Mel
1:1 Dec
22
1,110
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1218 Apr
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Feb
15.34 Nov
5013 67.525
Iscons1n asentrat
;:578 Jan 6 5113 Arch 2
1312 Feb
3.814 Dec
88
29,930
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33 Feb
Dec
/213
Inaustrial&Miscenaneous
*191 200 I*100 200 *190 200 *290 200 *190 200 *190 200
A darns Express
190 Jan 20 191 Feb 53 164 Jan 5200 Air-r
*13
14
*1312 14
1312 1313 1372 514
*12
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aillls-Chalmers
250
1234 Feb'24 1558 Jan 27
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44
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42
41
41
44
45 *4312 45 *4312 45
4313
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38 Feb 24 50 Jan 2
12 Arch
5234 Dec
6714 6814 6834 7112 7014 7158 6953 7012 6718 7033 6653 4312
6873 309,550 Amalgamated Copper__ _ 65 Feb 26 1424 Jan 2
4518 Feb
8338 Nov
*357s 304 36
3612 3612 3812 *36
37
3614 3614 3612 3613
Agricultural
Amer
Chem_
500
331. Jan 5 9078 Jan 23
13 Jan
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16 Nov
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7812 Jan
2314 2373 24
90 Nov
2.133 24
2438 24
2412 24
24
24
2414 1,910 American Beet Sugar
2014 Jan 13 261. Jan 25
4,83
87 *83
012 Feb
86
5472 Apr
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87 *84
88 *84
56
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pre
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73
Ps Feb 2
7338 7373 7414 74
4 Feb
3014 Nov
78 7512 76
7558 74
75
74
met
Do
3,700
71
74
Feb
33
771.1
Feb
2
44 Jan
4714 4818 4734 4878 4814 5012 4918 4973 4318 4912 4734
7.172 Nov
4914 24,250 American Car & Foundry 4414 Feb 24 5112 Feb 15
7512 Feb
5034
Dec
*109 11014 11013 11013 111112 11012 110 110 */10 11012 11012 11012
Do pre!
10712 Feb 23 11158 Feb 3
500
8414 Itich 109 Dec
5234 5314 5234 53/2 1213 6312 5212 53
523 53
52
5234 9,000 American Cotton 011
4218 Jan 5 66 jan 25
*98 10313 *98 10313 *93 10312 *98 10313 *98 4 103 110312
2434 Feb
4434 Nov
10313
Do
pret
50
93 Jan 7 10312 Feb 19 480 Jan
*200 208 *200 208 *200 208 *200 203 *200 203 §205
07
295
5205 Feb 5 210 Jan 8 170 Feb 5224 Nov
20 American Express
*612 7
*812 7
*012 7
*812 May
*612 71i *612 7
American Hide & Leather
81 Jan 21
614 Feb 25
812 Dec
234 Feb
3714 38
3712 33
38
3814 *3713 3312 37
37
17
371.
pref
Do
2,025
34 Feb 24 4258Jan 23
1212 Mch :2732 Dec
2318 2338 2312 2613 21
2578 25
2534 26
2718 2634 28 - 18,320 American Ice Securities_
1878
Jan
6
28
arch
b
3172
121;
Feb
1234 1314 1312 14
Aug
*13
1413 *13
1412 *13
1412 *11
14
600 American Linseed
Feb 26 16 Jan 25
6 Mell
*29
(71., Dec
32
*29
33 *20
33 *28
33 *29
34
29
211
Do twee
.
iii Jan 12 3518 Feb 5
200
5012 5112 5134 53
17 Areii
2612 Dee
5213 5278 5214 5212 5218 6238 61
49 Feb 73 531.1 Jan 7
5214
- 5,510 American Locomotive
1138
*110 111
Feb
602
2
11078 11073 *110 112
Aug
112 112 *112 113
11134 112
Do pref
600
10014 Feb 24 114 Jan 2
3612Jan 113 Dec
*7
8
734 3
*734 8
734 734 *713 3
712 112
900 American Malt Corp
7 Jan 7
918 Feb 3
: aie0
47
sZ4 Sep
47
4714 49 *43
49
*47
49
*47
49
*17
Do
49
pret
Jan
700
2
7
5238
Feb
3
215;18
Jan
Sep
*82
8334 82
8324 84
84
8312 8312 8312 8312 84
34
1,150 Amer Smelters Sec pret B )4) Jan 4 5658 Feb 15
71) Jan
5413 Aug
803s 8134 8034 8114 8278 8412 8234 8353 E034 8332 31
8224 103,210 AmerSmelt'ng dc Relining 7734 Feb 24 8933 Jan s
5512 Feb 107 Aug
102 10212 10234 103
103 10314 10312 10312 10314 10353 10318 10318 2,010
Do prof
101 Jan 2 10613 Feb 11
8724 Feb 11033 Aug
*200-2 *200
*200
_ *200 250 - *200 250 *200
American Snuff
180 Aug ',00 Apr
*90 -97
05 -95 *90 17 *90
07 *90
97
597 -----Do ore
95 .••eli 1 597 Feb 11
35'6
80 Meh
3712 Sep
*35 • 3512 *35
3512 3512 3512 *35
30
36
36 *35
36
450 Amer Steel Found (new)- 3478 Feb 21 39 Jan 4
28 Sep
41 Nov
2_
-___
pret
Do
old
2613 Feb
4712 Dec
ii938 1- 334 x128 129
12873 129
129 12312 129 120
12834
2,110 American Sugar Refining 12638 Feb 24 1:2 Jan 22
9834 Jan 13/34 Aug
*128 130 2123 128 *127 128 *129 130 *129 130 *328 129
1:10
Do pref
x128 Mch 1 12978 Feb
100
105 Feb 131 Nov
12838 12812 12814 12838 12812 12834 12833 12834 12818 12833 12814 12612
6,915 American Teleph & Telea 125 Feb 1 12034 Feb 16 101 Jan 13258 Nov
*91
0158 91
9112 91
0114 9114 9138 *9112 92 *9113 3218 1,000 American Tobac (new).1)
9012 Feb 6 '34 Jan 4
7212 Jan
9712 J'IY
*2714 2S
2753 23 *2734 2834 28
2812 2838 2873 2333 2838 1,600 Amer:can Woolen
51 Feb 4 31 Jan 7
323$ Dec
1512 Feb
9614 9614 *9534 0614 0614 9614 9612 9612 9012 9634 *0578 97
Do prof
9314 Jan 0 9714 Feb 17
1,200
97 Nov
7614 Feb
3958 4012 4078 4214 4134 4214 4178 4212 4012 42
3924 4112 17,910
dAnacondaCopper Par$22 .13734 Feb 26 $.50z3 Jan 2 $2712 Feb $5312 Nov
,910
3
3
3
318
313 313 *3
318
3
3
*278 3
700 dBatopllasMinarg Par220 $273 Jan 29 $:11; Jan 4
55 Mch
1112Jan
*22
23 *2212 23
22
2218 22
2214 *20
2234 *20
2234
500 Pethiebem Steel
203.i Feb 23 2014 Jan 25
2714 Nov
12 Jan
*47
50
44912 4912 *-- 5112 *___
53
49
49 *____ 52
LI no pret
47 Feb 24 14 Jan 8
125
57
Nov
35
Apr
012212 125 *12212 125
125 125 *1231-2 126 *120 327 *120 130
100 Brooklyn Union Gas_
118 .:ac 28 110 .fan 1. r85 Feb 15214 Nov
*1212 14 *13
1412 *13
1 *1318 1412 *1318 412 *1313 1912
1412
Brunswick Dock &C Imp 13 .,an 13 11313 Jail 2
6
17
Nov
Jan
2912 2912 *27
31
_, ...
*29
31 530
30
31
31
2378 Jan 3 :1313 Feb 4 510 Feb 125 Jan
260 Butterick Co.
2912 2978 28
30
2613 -2/7-s 2734 2834 2734 2313 2814 2814 25,300 f •entral Leather
2512 Mch 2 33 Jan 4
1512 Feb
32 Dec
103 10312 103 104
100 101
102 102
102 102
102 102
area
2,095
1011 Mell 2 104 Mch 1
7524 Jan 102 Dec
3178 3213 3214 34
33
34
3273 3358 31
13
31138 1233 17,750 Colorado Fuel do Iron..__ _
23 Feb 2:3 2113J50 7
42 Dec
1553 Feb
2418 2412 24
2458 2412 2434 2514 2778 2738 2314 271
. 2814 13,215 Col & Hock Coal & Iron_
2133
Feb113
3814
Arch 4
2712 Dec
1434 Arch
12812 12712 12612 12714 12,234 12713 12013 127
12613 1231: 12673
- 128
12,500 Consolidated Gas (N YL 11412 Feb 4 10514 Jan 4
96 Jan 167 Dec
1734 1778 1734 1818 *1734 18
1734 18 *17a1 IS
1734 1734 2,750 (Sum Products Refining_
1612 Feb 24 2012.1511 27
2012 Allg
1034 Feb
*7312 7512 7412 '7434 75
75
7414 7414 74
7414 *74
Do pret
75
950
/314
Feb
24
7678 Feb 10
NO Aug
50 Jan
*45
49 - ___ *45
49
___
__a *45
49
*15
49
45 .faa 5 4,12 Feb 23
4713 Oct
4S14 Oct
3418 3413 33 -3512 3513 3538 3512 -355s 3512 3614 3514 3514 4,300 .:Jexa')''t
Distillers' Securities Corp
2.11. Feb 23
0:13 151) 21
3714 Feb
3334 Dee
02_2., 70 *__., 65
*5(3
55
56
*51) 70
70
*55
70
15 arch 2 /114 Jan 28
200 Federal Mining & Smelt'
7212 Noy 94 Aug
*7638 83 *7638 83 *76
83 *7623 S3 *74
83 *74
Do pref
83
10 Feb 24 14 Jan 15
53 Feb
89 Nov
Federal Sugar Ref or N
6612 J Ale
65 J'Iv
:
.-.....7=7 ---: ;83- ;;:: ;§g- -----------'- -.:-; .
100 Jan 35 590 Jan 25
:;:;: z;r 22,7: --_
7312Feb 100 Jay
ibui4 ilf 155 155
15434 15212 155 17)12 to.2 ioo x152 152
13 2.000 General Electric
15013
Jan
Feb23
158
4
Dec
16234
111
Jan
*91
95
94
94
96
*94
06 *91
93 *91
*90
35
.et
M S & P.. _ _
ob37Cons
a
)
n
100 GrI
34 Mch 1 110 Jan 4
7834 Jan 10313 Jay
6513 66
6612 67
6712 6712 68
68
63
63
68112 6513 1,400 I nt Harvester stir tr
07% Nov
62 Jan 30 6813 Mch 5
52 J'ne
111 111
111 11214 11173 112
112 112 *111 112
11133135
Do pref stk tr
3,000
_ 10914 Jan 10 113.12 Feb 11
99 Jaw 11014 Nov
*712 778 *712 8
712 712 *712 8
*712 8
712 712
110 lot Mer Marine stketts.tr ctts
(3 May
9 .Jun. 5
2 Feb 22
11 Oct
2312 2234 2334 *2234 2414 2273 2278 *22
23
2312 22
2317 2,000
Do pref
2673 Dec
21 Feb 53 2734 Jan 2
16 Feb
*1012 1112 11
*30
11
11
1034 1018 1012
11
*10
*10
700 I nternatonal Paper
1314 Nov
Jan
4
8
Apr
10
Feb
1333
25
5512
5012
5212
5134 53
52
52
5218 5214 52
5012 552. 1,310
9.5 Jan
5014 Feb 25 46371 Jan 4
47 Oct
*3434 36
3513 37 *35
37 *3512 2612 3418 .1..1 1,400 Internal
37 *35
Pref
Steam Pump,.... 3:112 Feb 25 42(3 Jail 2
nat
2978 Dec
13 Jan
83
8334 a33
84
8414 8114 *83
58414 841,1 8213 333.1
85
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714
5414
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2
:
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1
4
J
F
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a
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n
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8
6
3
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0
)
:
i
65
7213 7212 *7212 7312
*72
15 *72
76 *72
75 *72
200 Mackay Companies
73
70 Jan 21 76 .1an 4
52 Feb
78 Nov
*70
135
71
7033 7022 *703s 7114 *7038 1114 $7114 7114 *7118 7114
Do
7134 Nov
72 Feb 11
6978 Feb
102 102
102 102 *10114 102 5101 102 *100 102
100 102
naelfBiscuit
SOO Vatiortr
37 Dec
(24 Jan
9612, Jan 2 1082s jan 16
,
1 118 120
120 120 *11613 120 *156.2 11378 *1161
.120 *11613 120
Do wet
209
11512Jan 11 xI21 Feb 15 102 Jan 15013 Deo
1273 1278 *1234 1312 *1278 1378 *1273 1378 127.
3
. 1278 *1278 1358
1514 Dec
300 Nat Enamel`g & Statniag 12% Feb 24 1514 Jan 27
71. Feb
*81
83 *81
83 *81.
83 *82
84
584
84
*82 .84
Do pref
34
82 Jan 5 85 :Lan 21 5210 - Feb x8214 Dec
7313 7413 7414 7614 75
7618 7413 7514 11.050 National Lead
7514 73
70
75
92
Aug
Feb
36
53
Jan
/1.12
23
7114
0104 107 *105 108 *105 108 *105 103 *103 103 *106 108
8712 Jan 10614 Nov
1053 Jan 4 111914 Feb 2
458 458
412 412
452
413
4
412
4
414
338 418 11,092 NeD
urse
et All & S_Paral,) $358 Mch 5 VI Jan 2
w0
lion
8918
$438
(let
Jan
83
83
86
*83
*82
88
85
85 *8312 85
8312 8312
300 New York Air Brake
98 Nov
50 Jan
4 92 Jan 8
,/13 Feb 23
8
29
*79
80
7934 8112 8014 8158 80
8112 8012 8073 *80
81
6,600 North American Co, new
4218 Aleh 78 Nov
17
1
aan 2
72 Jan 13 8
1.
;
2J
:,,,
413
3134 3012 31
3213 3253 33
32
3414 30
33
*3014 3112 5.110
Apr
Dec
4014
24
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11- Cto
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inle
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allL & (Chic) 10112 Jan 13 114 Feb 15
80 Jan 10612 Dec
12 *1012 12 *1012 12 *10
12 *1012 12 *10
*10
Pittsburgh Coal Co
34% Deo
12
813 Melt
7
13 ra 10
41:73
25
Feb
45
*4012 45 *4012 43 *40
41
4118 *41
45
*40
45
Do pret
50 Deo
3612 Feb
200
Jan
40 Feb 25
3334 3334 8414 35
3434 37
3814 37
2512 3634 3413 3512 4,205 Pressed Steel Car
45 Deo
3714 Feb
3012 Feb 23 4314 Jan 22
*96
97
98
*96
*95
97
98
98 *93 100 *96
99
Do pret
280
Jan 10214 Dec
96 Feb 26 103 Feb 2
mi6g 172 *169 172 *169 17114 *169 17112 *169 171 *168 171
Pullman Company
Nov
174
147
19
Jan
Jan
.Tan
172
169
30
4314 4134 42
*41
4313 43
4312 *41
41
4112 3934 41
re
tr1 Spring _ _
a ypa
4314 Dee
1,300 EtaI zo
2334 Feb
3912 Feb 24 4834 Jan 2
*99 101
*99 10112 *90 10112 *99 10112 100 10012 *99 10112
200
75 Jan 103 Dec
9i78
24 103 Jan 9
Feb
1918 20
9013 '2034 2033 2012 2014 2014 2,)
2014 18
1034 5,300 Republic Iron 6: Steel
29 Nov
Feb
L3
1,
434 J
1658 Feb 23 2612 Jan 8
72
7412 7134 7438 7412 7108 7312 7212 73
73
71
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72
2,035
t3:3 J'ne 6913 Nov
6718 Feb24 8814 Jan 32
73
72
7131 7273 *72
7134 7213 7013 71
7112 7112 1,800 loss
I0
)
-13herneld Steel 63 Ir (38 Feb 23 8118 Feb 9
81
34 Nov
010714 10914 *10714 10914 *10714 109 5110 110 *1071. ___ *10714 109
07
pret
8712 Jail 11014 Deo
10733 Feb 20 10973 Jan 27
3718 3712 3712 38
38
3712 3338 37312
4 -3818 3734 375s 4,410 fen nesseeCopper Par$25 $3434 Feb 20 $49 Jan 4 $2513 Feb $6214 Nov
*78
81
81
*7978 81 *7978 8012 *78
*30
81
*80
81
100 Texas Pactile Land Trust 8912 Feb 23 8518 Jan 19
45 Feb
5912 Dec
1038 1012 10
10
*934 1012 *912 10
*913 10
*913 10
5352 & Paper
500
.1 Feb
1112 Jan 12
1112, Nov
014 Feb 24
*6212 68
*68
69
ag
*08
68
60
6814 6314 169
08
Do pret
285
4478 Jan
6634 Nov
60 Jan 8 6034Jan 22
*25
2534 *2314 2334 2534 2534 2014 2614 *251
__
26
2613
1525 US Cast 1 Pipe & Foundr
1712 Feb
3034 Jan 9
3078 Dec
24
Feb
2438
73 *66
*70
70
069
70
73
12 *67 4-73 *66
Do pret
73
1
7
10
200
6531
,11t
en
b
75
1 Jaili 28
7878 Aug
70 Arch 2 ,,
*80
85 *80
86 *82
85
*82
85
*82
85
*32
f:5
_ UnItea States Express__ _
90 Jan
82 Feb 10
6612 0513 6612 67
6712 6912 6812 .0834 68/2 6812 *6612 6812 - 2-1700
S Realty & Improvem't 64 Feb 23 27112 Jan 26
1614 Feb
64
Nov
*5
3212 *0
13
*7
12
*7
13
*113 13
*312 121.
U S Reduction & RetIn'g 1212 Jan 16 1338 Jan 7
4 Feb
1514 Aug
*24 • 32 *26
32 *26
32 *26
31
30
*26
*26
10
16 Feb
39 Aug
24 Feb 24 32 Jan 19
2958 2934 2913 30
*2312
2913 2912
30 *20
30
*29
30
Ite
o ciPLe
tfaten Rubber..,.. 27 Feb 24 3412 Jan 2
630 UnD
1734 Feb
3712 Aug
102 10212 102 10212 10212 10212
103 *102 103
30212 10:?12 1,150
Do1st pref
76 Feb 108 Deo
107 Jan 11
56614 6514 *65
70
*6
-1027 .2,
_ *67
70
70
*67
70
Do 2d pref
10
42 Feb
6
98
712 j"n
Faeb 229
5 7334 Jan 5
7512 Nov
4418 4434 4434 4618 4458 4534 -44.8 -4814 4414 4533 4373 45 500,250 United States Steel
4114 Feb 23 5514 Jan 22
2534 Jan
5834 Nov
110 11053 11014 11034 11033 11114 11034 11114 11034 11118 11033 111
571', Jan 11458 Nov
prof
18,430
107 Feb r3 113 Jan 22
4118 42
4018 4218 41
4238 4112 42. 41
41
4034 9034 3,280 dUptaoh
per_ ..Par 310 83918 Feb 30 $4773 Jan 4 220 Jan $5234 Nov
*4212 4313 4414 4412 *4314 45
4378 44
4373 44
4318 4334 2,800 Virelnla-Carolida Chem.. 4078 Feb 24 4878 Jan 25
16 Feb
4534 Dec
4 11213 2.... *11213 ..2- *11212 --*113_ __ *11212 --*114
12o pre
114 Jan 19 115 Jan 19 2'87 Jan 115 Nov
*5634 -60 *56 -60 *5634 -60
*5634 60 *5712 -60 *5713 60
Virginia Iron Coal & Coke 57 Feb 23 64 Jan
43 Jan
(38 Nov
190 335 *290 335 *290 335 *290 335 *290 335 *290 335
I ells Fargo & Co
300 Jan 5 300 Jan 5 5250 Feb 325 Nov
66
66
60
6512 6512 6512 6512 1,600
6612 66
6513 66
66
estern Union Teieg_ 84 Feb 24 7012 Jan 2
41 Feb
7134 Nov
75
76
76
78
78
7834 7834 79
7812 79
78
78
5,000 WestinglaaseElFe Artg assen 74 Feb 24 8618 Jan 4
18 Arch
94 Nov
ono 120 *101) 120 *105 115
110 110 *100 115 *108 190
2an
1)o 1st nref
58 Meh 125 Nov
110 Arch 3 120 Jan 4
*9
21
*10
43
8614
10
9..2
2112 22
11
13
4-34 4613
813 x8a18
912
23
12
4934
88
10
23
1173
4333
8734
10
23
12
5112
8914
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2112
1112
4834
8712
10
912 912 *9
2238 *21
2212 *21
1112 *10
12 *11
5114 4833 5012 4834
8878 8614 8814 87
72
U nkm
BANKS AND TRUST COMPANIES--BANKERS' QUOTATIONS
Bid
Banks
Brooklyn
North side a
-. .
People's-2 15.
Prosp'ctPk1i 150
_
Cerminal11--85
_Unionli____
AV:
Trust Co's Bid
Ask
Trust Co's Bid
Ask
[rust Co's Bid
Ask
Trust Co's Bid Ask
Braoktrn
N Y City
1130
Guar'ty Tr_ 66 1
Brookytn
.,. NY LifeasTr 1100
Borough 1i _ _ .. 110
160 Carnegie _- 185 195 Guardian Tr 160
Brooklyn '12 400 415
175
N Y Trust_ 16) 670
5 400
Broadway a 937&
__ Central Tr_ 2000
__ Hudson-.._ 140
.._.. Citizens' __ 125
130 Standard Tr 3'25
130
Brooklyn 'E..
_ 145
160 Columbia... 235 2-4-0 Kutclierb'kr 310
____ TitieGu& Tr 459
- ..a. Flatintsh __ 200
rim
110 Commelaial 135
245 160
140 Law T I Rar 12.721. .._
315 Franklin __ 195 fir
Tr Coot An' 105
110
Itiustdot- 110 130
com'weaitli
150
___. Lincoln Tr- 19,/ ____ Hamilton -. 260 '275
----- Union Trust 1200
Home Bk.11_ 11) 125
Empire ... 290
_. Manhattan- 353 4
.
00 US Aftg &Tr 375 --- Home
104
110
Homesteads. 100
125
Trust Co's
EquIt'ille Tr 430 40 Mercantile . 725
1175 Kings Co
_. (Jolt States. 1140
465
Manufac'ra 403 925
N y City
Farm Loaal 111110
Atetroportn (90
263 1.. 1st L & T 295
af'd'nTr 255
Van,
:,306Mechanical 235
250
300
:315
Fidelity __ 200
Astor
--- Morton Tr_ 425
____
40').-..
Washington
Nassau
_ 160
170 ,
145
140
Montauk
Bankers"n 1420
-- Firth Av 'Jrr 326
__
. 125
150 People's__. _ Westchester 140
__ 275 286
Nassau.._ 240
270
Fulton ___ 270
Bowakg Gr'n 3/5. :3-85
Slut
Mutual-All'nc:. 125
Windsor __ 131) 135
13i
iVIllinmsb-g
80
109 '
13212
_
Nat City- 290 310 13'way Tr
* aid and askea prices* no sales on this day. 5 Less than 100 shares.
Ex-rights. b New stock. c
,
1 Now quoted dollars per shave.
, I Sale at Stock Each ans.: or at auction this week. 3 Trust Co. certificates 11 Banks marked with a Ex-dly. and rPrhts.
paragraph On are Stat, banks.
Banks
Bid
Azk
Friday, Weekly and. Yearly
New York Stock Exchange-Bond Record,
are now a7.-"an2 interest"--except /or income and clefauLtedond50
J'an. 1 1909, the Exchange method of quoting bonds was changed, and prices
BONDS
N. Y.STOOK EXCHANGE
WEEK Emus° /..:Anem 5
.%
.
g Q.
Price
Pridav
March 5
-4
Week's
Range or
Last Sale :
Range
Since
January
BONDts
N. Y. STOCK EXCHANGE
WEEK 1LNDINO MARCH 5
r.nt.
."'1i
Price
Friday
Mar.:it 5
itange
Since
January 1
eeies
Range or
Last Sale
ich
AV( Lou
btu
to/.
MO No Low _High Cent of Ga RIt-(Con)
Ask Low
Ma
53 (94
53
59 Feb101,
U. E. L,overnmeut
30 prat income g 5s....p1945 ()et
101% 102%
66
j 101 10112 10112 Feb'00
51
.Feu'09
53
54
U S2s coning registered./11930
.
3d prof income g bs stampo8.
103 103
103 Jan '01!
....
89% Feb'oeU S 25 consol coupon-011930
Chau Inv pur mou g 46.1051 .1-1.
103%103%
2 103.8Jan '09
/
100% 1011
k1916
t0478J'neue
2
/
U S 35 registered
Mac & Nor Div 1st g 68.1946 J-J 1051
10034 1014
101 102 10118 Feb'09
Idols
Nov'uo
115
U 6 3s coupon
106
2
1
/
Mid (la di AU Div 58-.1947 J -J
107 J'ne'02
105 bee'07
Il 6 as reg small bouds.„kl918
1946 J -J 109
Mobile Div 1st g 5s
10014 Nov'Ob
105
3 106 106
CI 6 38 eon small bonds 1c1918 Q-F 100
den RR & 13 of lia col g 681937 81•5 105 105 105
119 1194 1206,Nov'025
117 12858
1925
12638 126%
4
128
1281
U 8 4s registered
Cent of N J gen'l gold 53.1987 J •J
122 Nov108
120
120 127%
1025
48 coupon
2 127% Feb'uv
/
127%1281
(1-J
41985
Registered
10118
19118
Feb'Ob
110
110
109 110
%
U SPan Can 10-30 yr 215.k1939 Q.N 1004102 101%
Ain Dock & Imp gu 58-1921 J.J
.....
Le & Hud R gen gag 58 19211 J -J
Foreign Government
99% Jan'0
99% 99%
Leh & Wilke 13 Coal 58_1912 Ai.N luu
1008
109.8
4
Imperial Japanese Governm1t
1001
99%100%
Con
ext guar 4128. .g1911) Q-M
02.4 145 90% 93%
9258 Hale 924
........
11125 F-A
Sterling loan 4 128
1lW
Y&
11-13
N
1941
40
g
gen
Br
Long
141)
93
894
92'4
8
bile
015
11125
J f 024
2d series 4128
5034 8314 Cent Pacific Bee So Pacific Co .
11)31 j•J t 834 Sale
88 May10",
Sterling loan 48
CentVermont 1st gut thts.01921) Q.F 83 85
4 10214 1(14
17
14 7
24
06
18
82
"
Repub 01 Cuba 50 exten debt.. 51.6 *101.410214 10
03% Chas& say See AU Coast Line
1)92%
42
*4
93
Salg
119234
13
103% Feb'09 I 10
441
7%
13
10
103
San Paulo(Brazil)58 tr rects119 j-j ii 93
Chas
di
68
(41911
A-0
Ohio
gold
2
/
6
9
97% 1011
,
10
,3
334 Feb
.
98
9834 97
116 115% 116
U siii mein:0 81 g 58 01 1890 0..)
1st consol g 5s
1939 M-N
. 9214 94
..11
2114%
/
t131
114% Feb'Ulf .
1954 S-0 9314 0334
Gold 40 of 1904
CLIPili
Registered
S.
to
$6
of
dives
on
ices
103
lu /4105
ti hese are pr
J -I
8 4I
26
93
N 102 12.Saie 10218 108% 1. 104
Gen funding di unpt 53.16
State and City Securities
1013%
2sale 1054
/
1992 .s.S 1051
kleueral gold 4'28
110 Nov108 ....
102 105% 104 Ale)'09
Dist of Columbia 3•658....1924 81-A 19,3.'2
M-8,
1992
Registered
105% Dee'1111
8078 u()% Feb 109
t4/.1
;
1,1"
GOtilsiana new consol 48..1914 J-J
Big sandy 1st 4,13
1944 J -D
i 07/
211034
1
109 Feb u0
New' York City.
1940 J -J 100
Craig Valley 1st g 6s
C;-: 10112103
1.
0:208.
1c
e
90
90
90 Jan 'ut
91
4% Corporate Stock ....1958 31-N 101% Sale 1110011::::: D
Potts Creek. Br 1st 45 1946 j- J
14 i00
100
1
1.00
1004
100%
16Io assessruent bonds -1918 51-N
it
A
di
562
1989
•J
J
Div
g4s
eon
1st
111 1811214
2 112
/
1111
sale
112
,/
4
113
Ni•N
2
1
/
94
1957
New 41a5
2t1 consol g 4s
1989 J -J
Feb 105 .... 104 104 11
1134 N'eu'u5
....
1917 M-N ITAI Sale 104
New 41
28
/
Warm Spr Vai 181. g 56 1941 /1-S 1071s
111% 50 111 121124
95 :••ei,'ub
90
......
2% Corporate Stock 1957 M-N
/
41
Greenbrier Hy 1st gug Is'40 M-N
1044 104 1- 1, 104 104.2
79 Feb109
m-N
4
79
1917
76%
784 80
4¼4.asaestimt, bontts
Chic & Alt RR ref g 35-1949 A-0
102's 45 1011
2
/
4
103
4
1013
10
1
4
0
4
3
75
'1358 708
754 76
45,0 Corporate Stock-.1057 M-N
ilaitway let lien 312a 19511 J -J
112% 110 Aug'08 ....
73
'19
4 73 Ifeb 10.,
75,
N Y State-Highway 48..1958 M.S 11214
. .• .
1950 J -J
Registered
1;11
1.
0
;1(.
1. 100 100%
1933 J•J 102 ----•• 10214 Jan'011
2Sale 100*4 10U'
/
13o Carolina 41
28 20•40
/
..• 951a 95% Chic Burl di Q-Denv D441922 F-A 1001
9
Feb10
95%
98
056,
2 6: 99%101
/
10018 1001
100%
Sale
Tenn new settlement 3s 1913 J -J
•
45
General
S
195b
M.
....
'09
jan
93
93
93
90
95
924
ga
11 01
1)1% 924 9218
Virginia fund dent 2-3s 1991 J -J* 3S
Illinois Div .2s
10 38
1941) J -J
38
48
42% 323
1.34 Lee'lib
2 92 L4
/
901
65 deferred Brown Bros ctes. ....
Registered----------194o J -.1
I [016,103%
102 1024 10214 1024
Ills
Div
4s
itailroatt
2 104,14 Oct 'On
/
9t.61. L• I JAM% 1011
16
Iowa Div sum fund 55-1
1011 Feb 101;
139% 100
A laoama Cent See So Ity
1919 A-0 100
Sinking fund 44
1u2
di 1014 102
DIM bale 102
ni-laba Midi Nee At Coast Line
,v1-N
48
1927
Nebraska
Extension
Rue
Del&
See
t0158 Oct'Or
Sinso
101%
.....
Albany di
1927 141-N
Registered
RR
Penn
'09
99
99 J au
994
99
Allegiieny Valley see
1921 51-S
Southwestern Div 40
Liles & West See Bull it & 11
Joint bonds See Great North
871. 7 84
574
86% 87¼ 86
41995 Q-J
2 2, 102 1034
/
Ann Arbor 1st g 4s
1913 M-N 102% Sale 102% 1021
5s
Debenture
101
1014
100%10112
Sale
4
100%
1003
48.1095
A-0
103% 103%
Mali & S Fe-Gen g
Han & LitJos commit68 1911 Ai- S 103% 104¼ 103-4 Feb 101,
2 100% 1008 6 99 1006,
/
199' A-0 10114 1001
bS bale Sri
90
65
Registered
88
2 Chic& E Illref & itnpg 4s 1955 J-J
/
051
95
981. 12 92
9434 95
41905 Nov
2 139 Feb 101.1
/
Adjustment g15
120%131)
A-0 139%1311
1934
tis
g
consol
lat
924
.
924
109
Feb
024
924
k1995 Nov
1.141211514
2 1154 Feb 109
/
Registered
11541151
11-N
58.-1937
1st
consol
General
2 0512
/
72 921
1)5
1/5
9414
41995 M-N
1144 1144
Stanthed
1937 Si.N 113% 116 1144 Jan 109
Registered..
1955 J-D 105.8 sale 104% 10578 699 102.2 103%
114.2
114 115
116 b'eb.u.,
Cony g 4a
Chic & Ind C ity 1st 58.1936 J-2
00e 3u8 106%107%
a07%
,m1
96,
1017 J.1) 107% Sale 10718
10-year cony g 58
Erie
See
Erie
&
Chicago
.
2
/
1281
129 Feb1.19
127 129
Debeutures 4s Serles11 191u F-A
Chic In & Louisv ret 68. .1947 J..;
2 Nov104 .
/
981
1011 F-A
113 11478
113¼ 114% i
Series I.
1947 J -J
Refunding gold Os
94 Nov100
Feli 108
10218
1.113 F -A
4
1021
4 11.1214
[021
Series ti
-J
J
1910
lat6s
Cli
&
A
N
Loamy
09
1 97
9734
07.4
105
1. 98
100
'
0
1044
East Okla Div 1st g 48_1928 M104%10514
2 Chic Mil & St P term Os 1914 J..1
/
2 091
/
96
9578 9538 05% 102 941
2
/
2 1031
1
1958 J -J
2 bale 103/
/
1031
102'210312
Short Line let 48 g
•J
J
A..e11)811
series
i
t
r
g
te
al
th
r
g
e
e
n
tt
Ge
97,„
944
4
117 4,
1031
2Oct 'MS
/
0„53 07k. 96,-3
101
All Knox di .51 1 ;See Ia 80
1)144 11234
91% 94
92 Feb'ou
Atlantic Coast 1st g 48./41052 51-6
J• -J
9 Q4
80
66
Generals 312s series .13.eS6
110,.8
11104 Oct 108
Charles & Say 1st g 76_1936 J -J 130%
J-J
.1921
ba.
g
Div
Su
L
&
Chic
J'ne'08
112358
Sep '08
112
2
1
/
112%113
Bay le 4:7 W lat gold 6s 1034 A-0 1281/2
J-J
158-11.126
Chic & Mo Ely Div
'0'.'
1934 A-0 112%1115 11258 Jan'04
1st gold 58.1
1910 J -J 11)14 102% 10178 Jan
Chic & Pao Div Os
11458 Noi'05
Ala Mid 1st gu gold 5s -1928 M-N 1094
1921 J -J 1104110% 110% i IA)%
Chic & P W 1st g 5s
2 Mar'06 .
1
89/
964
Feleuv
UM%
105
Bruns& W 1st gu g 4s 1038 J -J
%1061
2
/
1916 J -J
2
/
Dak & lit bo g 5s
931
2 28 88
/
901
91)14 sale 9014
01052 51-5
137 1.2J •ly 161.
L & N col' g 4a
1924 J -J 122%
bar & Sou assu g 6s
96
931
2SeP 415
/
102% FelPOJ
SU Sp Oca & gu g 4s ..191e. J • J
1910 J -J 102%
Bast& D Div 1st 7s
101.4 Apr'Ut
1003
4
Atlantic di Deny See South Ity
1910 J-J
58
•lst
2Nov 'lib
/
10b34
1091
Austin & N W See Sou Pacific
-J
J
1919
&
93
1st
9414
1)
44
58
LaCrosse
94
9312
Sale
94
11)1%
10138J an 'Ida
101%101.8
Dalt di Ohio prior 1g3128.1925 J.J
-J
J
11110
Mineral Point Div 58
93
2 09 Jan'09
/
92 tg 931
93
2 11)14
/
/41920
21021
1
1011
2102
/
1-3 Registered
J -J Jul/
1910
So
Minn
Div
lates
2
/
I
1.0
49
100%1011
100%
bale
1006,
111012
di 1.00% 1004
DM% 100-14
//1948 A-0
Gold 48
-J
J
1909
6s.
Div
let
Southwest
4
1003
99
91)
111134 99 Feb 11”
'01
Jan
11018
i093
41948 Q-J
110
4 110
Registered
Wis & Minn Div g5s....1921 J-J
12U uet'01
1054 Nov'Ob
.....
Pitts June 1st gold 68-1922 J -J 105
89 4, 89.2
MU & No let X L 68.-1910 J-1.) 11.1238
89'2 Jan'00
89
Deo106
4
11173
Pjundi 2,1 Div Istg 3%81925 Ni•N
1076,
6s
let
comiol
Is 944 1)13
95
04.4 Sale 9414
116%
116 Feb'09
PLE&W Va Sys ref 4011141 If-N
115%116
15
11
9
11
3 1-Ff
j
i--p
1)1% 59 91)% 9178 CIA°& Northw cons 7s....1
914 saio 91
Oil J'ne'Os
2 103
/
South w Div lat g312a...11)25 J -J
1886-1926 I! -A 1001
Extension 48
89 Oct'06
111
10014
1004
1004
Registered
h1925
9934 1004
t'-t,
18.ststa.)
Registered
10578 Feb 107
-A 101
25 82% 9434
2 93
/
Mouou itiv let gu g 55-1910 '"1
92% Sale 921
General gold 312s
109 A KW
93% 93%
934 93% Feb 109
Oen Ohio It lat og41-0-111130 M-S 102
Q-F
p1987
Registered
101)
Feb
110.-1113
113
2
/
111 1./ Maylk
01 Lor & W con 1st g Sa 103:i A-0 113%
Sinking fund 6s.157-1929 A-0 11/1
113
113%1131,,
113¼ Feb 109
1.01034
We% 109%
1094
Ohio River RR 1st g 53 1936 ./
Registered
1011
Feb
4
108%112
111
A-0
1937
General gold fis
106.s
.•.. LOS 108%
,I• CS toil
'
711=
Sinking mud 55...V37
2 Mar'04
/
1191
...
110% Jan 10i •... 11034 1104
Pitta Clev Tol 1st g Os 1022 A-0 il..0.4
i-: 1054
1879-11.1Z t
Registered
97
11)). Nov106
2 4 ,00% 100,
/
2 1001
/
Wu%
10111
2
Pitta di West 1st g 48_1915 J -J
58
Debenture
Nov104
100
J
101 Dee'Ob
Stat 181 Ry 1st gu g 4%it 11143
Registered
'08
Jan
108
109%
108
108
Bat Creek & S See Mich Cent
)
t
-i
A
t
in
Debenture Ss
103 J 1ne107
Beech Creek See N
Registered
113 Feb'uti
iii7e
Bellev & Car See Illinois Cent
N 113%
-°
A.
1M
23
113
Sinking lund deb Os
109 J 11y 1tib
Bklyn & Montauk See Long I
.....
Registered
10214 Dec100
10018
Bruns & West See At'Coast L
It
'
)
1
3
1
9
63
1
1st
North
Illinois
5s
2 b-el.Pub
/
11111
Buffalo :1 V& Erie See Erie
119%11934
Mil L IS & West let g 68 1921 M-S 119%
2 117¼ Feb'011
/
116% 117%
109
Jan
115
Bullalo it & P gen g 158-1937 M.3 117%1171
113%
1134116
Ext & Imp a mild g 56 10211 F-A
109 109,
100 h 1110% Feb 109
,
1957 M-N
14,2%
2
Conseil 4 12t3
1
land Div 1st g 65..1925 M-S 123/
100 11/0
100 Jan'1)11Ash
1713..1-28
.
123 Jan 'Ott
AU & West 1st g 4s gu 191123 A-0 100 8
1924 J -J 122%
Mich Div 1st g 6s
103 J'iy '08
1943 J -J 1165
g 53
109 Sep 14)3
01 di Mali 1st
M-5 101
1911
Incomes
1183
109
4
Feb
118%
115%
-A
F
1144 114%
Rot% & Pitts 1st g 68 1021
114
2
/
1141
111)6,114%
-J
J
1917
6s
Back
Pito
Chile
di
rob
1st
Feli110
2
1
/
12
121
14
111
1181.
121%
1922 J-D
Consoi 1st g Os
112¼ jny
1917 J -J 112%
Registered
26 awe nil;
Bunalo & southwest See Erie
lut.N ao 104)..
-J
J
1956
gold
General
48
87
90
12
8712
Sale
88
11
*4
87
-J
9104 15 9934 INA
ilU
Bull & Subot 1st ref g 4541951 J
4
:00,
1966 J:J
Registered
Bur It & N See 0 it I & P
93 121 90% 94
1934 A-0 1) 34 sale 92%
Refunding g 4a
106% 107
2
1913 .14 10614 100% 1061s 1006%
117 J'ly'04
flan So let ex t 68
93%
M-N
1910
.
trust
48
Coll
2
6
1
Sermon
102
102¼
t024
Sale
1024
V2d 55
J1)13 An-Is
Nov'uo
904
%
91:
NI-5
1912
4i)
J
10034 hilky'O'i
Registered
1913
94.; 94%
2 i'el.V09
/
2 901
/
941
2 941
/
1915 M-N
Ai 40
Garb & Shawn See Itt Cent
9334 93%
91-: 93% 974 934 Feb109
8:.4.
16
91
,
1
N 40
Carolina Cent See Scab Air L
96
93%
95
Feb1011
95
045
Carthage di Ad See N V C& Ii
2 84 Aug'1)7
/
112% 961
4s
Ceti it la b'& N SeeBORSelsi •P
2 271 751
/
791
; 8114
78% Sale 7512
N
N
4451
7
12
Pao
0
9
0
1
2
RR
48
&
1
R
Chio
Cen Rumen lty See Mo Pa,o
65 Aug'ik
2002 MN
Registered
2118%
/
1151
1161
2 Feb109
/
Cent oi Ga ER 1st g 58_731045 F-A 115
91 1.05 871
; 93
1104 dale 90
191311-S
CoU trust gold 53
Consol gold 50
1943 51-14 110 11078 110% 110% 14 108.8 111
Northern
&
It
Ced
Bur
113 Apr'06
Registered
1945 51-fl
116
Feb109
117
116
113
A-0
.1934
Con lat & col tr g 5s.
80
79% 70 Felr11ii79
1st prof income g Ss...p11145 Oct
12012 Mar'03
Registered
78 Dec108
Stamped
Nov105
111
8
1077
°
0
.
A
A
1
4
2
3
9
6
1
Ditgu
58.
CRIF&NW
2 6312 10 63
/
63
65 631
664
2(1 pm income g bs....p1945 Oct
M di St List gu g 78..1927 J -I) 125
60
6(1 Jan'09
60
65
00
2d pl et income g 58 stamped
MISCELLANEOUS 130,N I)"-Continued on Next l'age.
......
••••••••••
r.g
•••••••••• ••••••
.....
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•
•
•
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•
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•
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Street Railway
Street Railway
8412 88
85 Feb10:.
84
83
Met 81 117 gen col In g 68 1997 F-A
12 10414 105
1946 A-0 10414 Sale 1044 105
Brooklyn Rap Tr g 5s
63%
58
68 Feb 101.1
2002 A-0 5(3
57
48
g
Ref
*4
81%
,
116
641
589
83%
J
J.
2002
8358 Sale
let refund cony g 4s
105
103
101)
105
Feb
•D
107
1943
J
54
101
g
late
Av
7th
Bway&
J 1021
2104% 102% 102% 1 102%105
/
Bit(iity let con 54.1916 1041
2 101 10212
LUI
107 101
Ay lat gu g 55.1003 51-S
MI
Col&
'Os
Oct
M-N
91
1941
93
55
100
g
gu
con
S
&
Co
Q
Biz
3 100 10212
101
101
Lex Av & P 111stgu g 58 1993 M-S 101
2
/
1004 103
1021
Bklyn Un El 1st g 4.5,1 1950 F-A 102% sale 102
71
68% 2u 70
68
70
Third Ave RR con gu 4s2000 J -J "lid
102% 10012 Nov106. .
Stamped guar 4-50- 1115(1 F-A
2
/
711
69 369 67
atmpd...
68% Sale 6712
coals
Co
Tr
Cent
109
80
86
Feb
3-A
1
86
1941)
80¼
4s
Kings co El let g
853e
109%11512
101,
Feb
110
110%
4
.
109
1st
g158-1937
By
Ave
Third
87
a07t, 3 85
1940 F•A
864 8612 86
Stamped guar 45
J'iy
'06
93%
g
Met W S El(Chic)let 43.1938 F-A
78% 82
7734 81% 81% Feb 419
Nassau Elec gu g 48.-1951 J -J
2Sep '06
/
901
79
10238 102% N Orl Ry & Lt gen 4%s 1933 J -J
10238 Feb 1011
Connity& L hit& ref g 412s'51 J •J 10134
98 Nov108
St Jos Ry Lt IL dip 1st g 5.137 3I-N moo
101%102
101% 101%
1951 .1•J 101%
Stamped guar 4%a
110% Nov106
St Paul City Cali con g 55.1937 J -J 105
95 J'ne'00
Den Con Tr Co let g 58 1933 A-0 98
40 Ang'Oti
2 841, Underground of Lon 5s. .1925 M-N
/
811
2Feb109
/
841
85
Dot United 1st eon g 4126 1932 J
; 81
4 7137
11)33 J -J
2 79%
/
791
7934
412s
86
89
Havana Elea consol g 53 1952 F-A
31
1 22
2912 28%
28%
1948
Os
Income
81%
'AN
4
78%
Sale
791
A-0
784
1056
coil
12s
4
Inter-Met
Oct
Pub
84
g
let
55-1945
A-0
(Chic)
El
Union
104
103'4
1034
2 54
/
103/
2 10314 1031
1
Inter _Rap '2 3.yr cony 98.1911 5/1-11
74
'72
73
73
1
74
A-0
f
Ira
73
48.1927
United RRs San
72'-,
70 Deo'03
Intermit Trac colt tr 48 1049
8414 85
90
85 Feb109
86
United Rys St L let g 48.11.34 J-J
98 Al av'06
Manila Sloe 1st & coll 58 1953 M-8
°Das out pUneov sOutloa Sale
117 guile
may: tateSt thIS week. %Flat am) le Jan a Due Apr e Dna may pone J,ne hDae
''Isfo pried,
0.00
•
-•
.•
•
•.....
......
00.11.
•
612
HON
N. Y. STOCK. E X et! A NGE
W 4ga ENniNo MAncri 5
New York Bond Record—Continued—Page 2 ,
Price
ftrigiav
March 5
Heeeles
Range or
Last Sate
Range
Since
Jam tar pi 1
B(3NI),
N. Y. STOCK EXCH A NOE.
NVKICK Esnuin NfAircu 5
1-
zi&
Price
Frig av
March, 5
[VoL. Lxxxvin.
Week's
Range or
Last Sai4
S'a
Range
Sinee
Januar:I I
diii
48A Lois
Chic Rock 1 & Pae—(Lou)
High No Low _High Erie—(Con)
Low
4740,&
itiga No
Choo Ok & G gen g 5s .ol011 -J 10212
102 Ang'01Y Sus & W 1st ref 58.1,
11:E. J-J
11)7 Feb'06
IU / 1071
/
4
/
4 112 107 Nov'08
Comm& gold 5s
18'
,` 1,41-N 1101
F-A
2d gold 41
1001
/
4 Dec'M
/
4
s
103
192:
Des
M
A-C
1st 5s
Keok &
103 Jan'06
103 103
le-A
General gold Os
90,1
/
4
90,k,
00,4 1/2
Ohio st i & N 0 See 111 Cent
'Pernitital 1st gold bs...1943
1141
/
4
Dec
'Or
Chic 8t L & Pitts See Penn c.
Regis 85,000 eacit...1941' (41-1,
130
Chic 8t P M es 0 eon 65 1931 J
130
130
129%130%
Mal Rita N J lstg6s.19it A-0 109
402
102
101,42 1021
/
4
/
4
Cons Os reduced to 31
/
48 1934. 41 931
93 Dec'02
10218
Wilk
J
&
Ea
1st
gOs.194:
102
go
Jan '01
.01 102
******
Cli St V & Minn 1st g 6s l
/
4 Jan '06
M.N 1341
1291
42144.2 12938 ,e,s-,48 Ind 1st con gu g 6s..102, J -J 112
1121
/
4
Feb'th
1091
/
4
112%
1202
Nor Wisconsin let (is..... 4--I
121)34 Alar'04
Erie & Pitts See Penn (Jo
St P .4.5 S City 1st g tis 191:' A -4, L1612
118 Dee'04Evans & '1' H 1st cons 6s 1921 J J
11212Jan 'WChic& West Ind gong 6s q193'.. 9.6(
112'4 1)ee'08
1st general gold 5s
W2/
1
4.Ply'08
1041. A•t) 102
Consol 50-year 4s
1.47 1.; 6714
1952 1. J
9714
1)0; 98
Mt Vernon 1st gold 6..4 192: A-0 108
114 A pr'0(,
Mich see Pere Mare
Chic &
06,
4
CoSuL
05 J'ne'Or
Branch 1st g 53 1931. A-0
Choc0& Gulf See 0 R I & P
kargo 65 So See Cli St di St 1'
Olu It &
241 gold 41
113 Oct '00
/
4s 193; .1-4
L. lint& Pere At See Pero Mat
102%
Ciii D & 1 1st gag 5s 11/41
95 Jan '00
1)5
Eta C& Penin See Sea Air 1,111v
115
78
C Eind & Ft W 1st go 4sg.'2:.
103 Nlar'Di•
Fort St 11 1) Co 1st g 41
/
4s1941 J -J
78
Cin i & W 1st en g 48.195:, •J
70 .A ug'08
/
4117 11634 11034
W & Den 0 let g 68.-1021 4-0 1101
111)15 117'4
134
Ind Dec & W 1st g 5s 1931 J•J
001
/
4Jan'00
.
"13"61.;
83 :Salo 88
Ft W & Rio Gr let g 48 1928 J
'961
;
88
1 86
88
1071
/
4 Dec'02
1st guar gold 5s
1936 J -J
4a1 Har & 8 A SeeSoiacth
...
OlStL&U See (1 U .31, St 1.
974 99
110 Sep Ot
'Ja.1 H & H of 1882 1st 53.191t: A-U
Oin (1151.) See (1 0 St L
Georgia di Ala See Sea A Lilo
Clearfield & Mali See B it &
Oa Car & Nor See Sea A Lint
Clev Cm C& st L gen g 48 1993 J-1) 93 Sale 98
/
4 02 9738 98% Georgia Pacific See So IV
981
96
Cairo Div let gold 4s
9534 Feb'01,
1931 4-4
Gila V Gel, Nor See So Pao C4.
951
/
4 96
931
/
4
1)51
Cin W & A Div 1st g 4s 199i J -J
/
4 Oct '4):•
Gonv & Oswegat See N Y Cent
9534 13712 116 Feb'uP
St L Div 1st col tr g4s 1991. 11•N
95' 147.4 Grand Rap& Ind See Venn Rh
Registered
91 Oct NI,
1916 11-N
Gray's Pt Term See St L S 1A
90
92 Feb -U;
81pr es Col Div 1st g 4s 1944
ut Nor—C It di Q coil tr 4s 1921 J J
98's Sale P81.1
091., 72.
4, 071
/
4 0914
138 Sep '04
W W Val Div lst g43 11441. J -J
VS
DU
Registeredit
09
97', 00
1021
C 1 St J.& C consol
11.5 105
105 Jan'04
Greenbrier
lty
See
Clues
&
U
98'let gold 4s
991
/
4 Nov1)
../31934, Q-9
VGulf
Oct
di
100
1)6
S
1
1st
-J
ref
J
&
t
g
Os 51952
97i
Registered
1(7 uet 'Ok11,34,
1_1 an & St Jo b'eeCBdiQ
110 Dec'08
Cm & Ci con 1st g 5s..1928 1-- JF 114538
......
ousatonio See 14 Y N 1-1 di II
0 C C & 1 00118017s
11434 Sep '1)8.
1914 J-14 100
......
Hock Val latconisol g4/
I 10434 1084
1
4s.1990 J -J lusta Salt 10814 1081„
Consol sink fund 7s
1914 J•1)
Registered
10012 Sep '01
1996 J -J
General consol gold 04) 1934 J -J 12812
130 Nov'08
98.8 Etto'm
Col & II V 1st ext g 4s 11148 A-0
1481
/
4
981
/
4 1)81,
Registered
1934 J -J
Col & Vol let ex 4s
ut414 kel)'01.
1111%
9914
195:: 8' A
Ind BL & W 1st prof 40 1944, A-0 94,
04 J'ly'08
!Joust E & W Tex See So Pat
0 Ind& W 1st pf 6s....011138 1,41-41
lioitst& Tex Cen See So Pace()
/
4 0434 94 Fob'00
Poo & East let con 48 1941 A•0 931
9.1
I
94%
11111018 Central 1st g 48 1951 4-4 103%
10338 Feb'01
1.0338 10338
45 Salt 15
Income 4s
1991, A pi
45
Li 40
I. Registered
56
107% A61'0,
11)61 4-.l 10134
Clay& Marietta See Penn R11
1st ref 4s(when tee)
,
011%101 42
11)51 NI•N 100'.,('ale. t0070 100,
Clev es Pitts see Penn Co
let golo 31
/
4a
93448 Dee'ur
0308
1951 4-4
83
80
Col Midland 1st g 4:4
85%
8614 111 80
194'1 J
87
Registered
9134 Aug 08
J -J
1181
/
4 93,14 984.2
0z,N
CO1011116) di boil1st g 4s 1920 F • A
971
/
4 1.49
943
4
Extended
Jail
u
let
A'0.,
g 31
/
4s
94'4 1)434
9
111
1)31
/
4 bale
1u0 14L 0634 1001
Relnini & ext 41
/
4s
1936 6/1-N
1st gold 3s sterling
/
4
'70 011 '44,
1051 rVIColum di Greenv ties So tty
Coll Trost gold 48
4952 A-0 10014
1001
.11;6.; 1005
/
4 10014
Col es Lock Val See Hock Va,
Registered
98 Mayo,
Col & Tot See Flock -Val
L N 0& Tex go:d 4s
N 100 101.1
41--°
/
4 101
11915
5:t; 8
WU 101
Col Conn & Ternt See N & W
Registered
May'1.1".
......
Conn & Pas Rigs 1st g 4s.194;',
Cairo Bridge gold 48. ..1101156u3 4.0 9938
10234 Jan 't).‘
Cuba lilt 1st 50-yr 3 g
95 Jan 'led
1952
05
95
Lowurilliv&Terin g312
89./
1
4 02
Du
.3.196:,-.
1)(1
90
92
lake:tit 84) .ceCM (lb St!
Middle Div reg 5s
123 May'91
1921 V- A
I /alias & Waco See M K &
Omaha Div 1st g 35
1051 kf•A
781
/
4 Apr'04
714
Del Lack & Western—
St Louis Div&term g 38 1951 4-4
79
/
4 Dee'08,
791
114
Morris& Essex lat 7s 191.4
11414 Feb'02
11•114 11458
Registered
77 4
lst consol gnarls
1916 4.1, 11038 117% 117 lb Ifeb'06
117 1)71
Gold 31
/
4s
/
4
8'4
901
/
4 Dett'08
1
0
9
5
1
J
J
.
•
41
4
1131
/
4
127 .hi03't)5
Registered
1911
Registered
.88
114.14844ct
1961
94
1)6 14 9338 Feb 011
1 at ref gli g 3413
20()1 J -D
Spring Div 1st g 31
804
100 Nov'm
/
4s. .11461 3,- J
12038 Ifeu'011
N Y Lack es W 1st 6s 1921 J -J 120
Western Lines 1st g 4s 1951'
41)0 18Jan
100 18 11)01
14 .
/
4
11 100
1111
/
4112/
/
4 11214 15
ConetructIon 6s
1
4 1121
11423
Bellev & Car let Os
121 144.4b'ui
118
121 121
1.112::,
10014 Feb'09
100
Term & improve 48— 1023
Carb ea Shaw 1st g 48 1932 M- b * 68/
1
4
US
08
08
43
S'en'og
934
102
Warren lst ref go g 3/
1
444 2000
Chio St I.& NO g 58 1951 41-0 1181
/
4 121 11041 Ifeb'00
110 1211912
12112
1211
/
4 Apr'Ob
Del .VJ HUAI lst, Pa Div 743 191, 11.
110 Feb't),
Registered
119 119
11151 41
149 Aug'01
Registered
1917 3(-S 111.1.8
3125
1)0 .14'eliqe,
90
00
110
1951
I-1,
1011
1013
/
4
4
1021
10212
/
4
31
1st &ref 48
1943 M-N
6611oeitnd 1411 Div 1st g4s 11)51 4-0
100 Atarql*:.
10-yr cony deb 4:4
1910 4-1) IOU 101 l00' 101
St L Sou 1st gu g 4s
95 j'iy'ut
1931
/
4 104 104 Deu'vb
1st hen equip g 4 12s
192:. J -J 1021
Ind Dl di West bee(I C C & St L
98 FeLi'th,
148
& Sus cony 3/
1
43
1946 A-0
Ind Il & Ia 1st g 4s
99 Feb'll:
1)9
96
98
1950
"
129 Nov'06
Rens es 8uratoint 1st 744 11421 M-N 120 18
hut & Great Nor 1st g 6s 1916
1101
1101
/
4
1.10 11012
/
4 111 41
/
4
Del Riv RIC Bridge See Pa Ric
85
20 gold 5s
85
1 85
87
85
1N1.
97
Li
Sale 97
/
4 1, 96
971
Dens* & RUe 1st con g 4s 1930 J • J
60 Oct
PS1
3(1 gold 4s
/
4
41)
1921 -•:"f
Consol gold 412s
1931 J -4 10312100 103¼ Feb'01,
1031
/
4 106
Iowa Central 1st gold 514_11438
/
4 111.4 F0'00
1091
110 1111
/
4 1111
/
4
/
4 11)31
10312 "Yi 10134 1035
Improvement gold 6s 11128 -1, 1021
/
4 103
2', 79115 82
4n
s
elrdeo
Sale 80%
etil
ito
81
8/
1951
N1-8
94i
0158 Sale 04
,331 02"8 1)434
1.135 1? A
1st & refunding Is
Ita see Erie
104%
us Feb'0Rio Or J one 1st go g 68.1930 J
al A & It See L & NI 8
76 Dec'Of,
1941. J J
Rio gr So 1st gold 4s
.an & Mich See Vol & 0 C
83 Mar'u8
Guaranteed
-J
08
981
9514 16 05 10(11
/
4 9734
14
9
11311: .1-J
Rio Or West let g 4s
/
4
C"6
Ces61.s
il3SeeS
h'eeti'
st tit:8
6 1? 1,
85
93
95
Mge and col trust 4sA 11146 A •0 83
lb 83
57
lion C .15 Pacifie See 64 K
in Jan '01.
95
Utah Cent lstgo g 4s all).1`.
31 7234 751
....
Kan City Sou 1st gold 344-1950
741
/
4
/
4
7434 Sale
75
Des 0101,1s lIt D See 61 es St
Registered
63 Oct '0(
1351
110 Sep '04
Des Slot (in Ry 1st g 544_1917 .6 • N
Kentucky Cent See 1.. di N •
......
A -U
05 Jan '01.
Det & Mack 1st lIen g48 1139 .1 -1; 94 leo
95
'JO
iCcok & Des Mo See C It I&1'
88
1/0
Si) Jan '119
1991 4-1
Gold 45
89
1,0
Knoxville & Ohio See So ay
Detroit 8outhern—
/
4 11 11258 11414
I ake Emu tta NV 1st g
J -J 11334 1153, 11414 1141
79
831
/
4 82
82
Ohio Sou Div 1st g 4s 1941 ,1711 80
16142 ,1 an '01.
82
1-1 241 gold Os
1071
/
4 1071
1071
/
4
/
4
113
115
114
Foli'Oti
Dolt% Iron Range lst 5s 1931 A-C
114 lit)
113s. l'el.)1)1
North Ohio 1st gu g 5s 10
1121
/
4 11414
1131211412
44
0
A
1
9,4
1001
/
4 Mar'ui:
Registered
1037 A-C
L Sho es .6iich 8 See N Y Cent
20 438
1910 -J
Feb'01
Leh Val
10734
Y
10612108
gu g 41
/
48.194(.. 4.4 10734
Dal Short Line See Nor Pao
Registered
108 ow,'
04`.
/
4 Feb'01,
J -J 111 112 1101
Out So Shore & Ati g
L101
/
4 1105 Lehigh Val(Pa)cons g43 1
1)7
17
07
1)7
3:
204
,17
1 ,1,4
00)
97's
I4,ast of Minn Nee St P eti
Len V Ter Ity 1st gu g 53 1041 A-0 117/
Ill Feb'06
1164 117
1
41
L'ast Ten Vu & Ga See so It)
'01,
Oct
Registered
/
4
1001
1151
4
1041
A-C
1121
/
4 Feb101,
Elgin Jot & East 1st g 5s 1941 ,A-N 113k
112141121
0
/
4 Leh 'V Coal Co 1st gu g 68 193,, .1-4
1(17/
1
4 J'13"'
..
Elm Cort & No See Leh& N
(17 May'08
Leh 43 N Y 1st guar g 4e 1046 31
100
Erie 1st ex t
991
/
4 Nlay'Ob
194'1
4s
Registered
1041 61-'
20 ext gold Os
104,8 Apr'08
1911,
ii.37
8
Jan
410
El C & N 1st pt tis
1914 A-0 102
3d ext gold 412s
/
4 Feb'06
1041
192:, 14-8, 103 4-2
1041210412
10514Jan'00
Gold guar 58
10.11
/
4
...
10513.No4005
11320 A-0
4th ext gold Os
Leh
Hod R Bee Cent of1NW.I•
1
k)
4-1,
6th ext gold 48
97 Jan'00
117
1)7
Wilkes') See Cent of N J
124 123% Feb'01'
1st 0011301 gold 71)
1231/4 124
Leroy es Caney Val See 010 1
-2m(!
1st consol g fund is
122 121 Oct 'Or
1112
1
Long Dock Nee Erie
85
Erie 1st con g 4s prior 1990 -4
83 Feb'm
85
111 Jan '01,
90's Long Ist'd—lat, con g 58.71.1931 (14 112
110 111,
Registered
79 Jan '115
11/90 4-4
1st consol gold 4s
9734
41031
72 Sale 72
1st 0011801 gen lien g 45 1990 J -J
74 125
General gold 43
146
90
j
) 9744 09
IL 06
1938 J--1
UV&
Registered
.1•.1
Ifeb'07
8512
1119t,
Ferry gold 4/
100 lg Feb'01M-8 100
1
48
10012 100's
79
Penn coil tr g 4s
83.4 84's Feb'06
1051 F-A
1)914 Oct '00
Gold Is
1
111
93
21
2 4-1' 90
..
73
A •4.
50-year cony 43 A
7334 Feb'06
Unified gold 43
941
/
4 Dee'08
1151
/
4 98
1041, M.S
...
do
(33
Series 13 105
95 A-0 62
O3' .
21
104121)ec'08
Debenture gold Os
1931 -1)
Bull 67 V ee Erie 1st 7s 1914 4-1, 11038 11633 115 Aug'08
Guar ref gold 45...
/
4
117 34 081
/
4 U71
1941, NI- S
9734 13 —044..
i)1r
110 1171
Ohio & Erie 1st gold 58_11182
/
4 1164 Feb '4),,
11538 117
Bklyn & Mont 1st g 63-1911 M-5 1021
/
4
Clev & Mahon Val g 644.1938 -J 110
121. Dee'08.
let 58
101% Deck
S 101
1911
/
4129 12'/ can '09
Long Dock consol g 438 1936 A-0 1281
127 121
N Iles Al 13 1st con g 58 1936 A-0 104'4
110,
4 IN ov'OU
Coal& RR Ist cur gn13s 1922 M.N
120 120
120
1 120 120
Y & It 11 lst g 6s
98
105 Apr'0',
1021 51-S
10434
Dock & Imp 1st cur 6s 1913 ,j.
106 Feb'06
106 IOU
Nor 81111 1st con g goo:40193! 14-J 10214
101) N ov't/t,
108 110 100 Fet)'08
.‘1 "I oe Green L go g 53 1946 M
Louisiana & Ark 1st g 643.1927 6I-S ...... '311
119 Jan'06
4(1
91)
LISCELLANEOUS ILIONDS--Contioued on Next Page.
1:
•
this and Electric Light
(.as and Electric Light
Atlanta CI L Co 1st g 5s...1947
100
Lac Gas LotSt List g435,91919 Q-F 105 Sale 1041
/
4 103
iSktyn U Gas 1st con g 58 1946 M-N 106% 8ale 1(361
11 10234 105
/
4 107
113 103 107
Ref and ext 1st g Os
1934 A•
1011,101'-, 1011
/
4 1011
/
4 3 1001
/
4 1004
Cony doben tis
122 Feb'09
1909 M.S
L ildi Pg 53-1048 J -D 1011
N
111,)
$ 124
/
4 Sale 101 14 1011
/
41014
/
4 24 1001
Butiaio uas 1st gUs
02
430 Feb'01)
1041 A.0 60
no
63
Purchase money g 4s 1949 F-A
851
/
4 Sam 85
851
/
4 S512
/
4 40 831
Consul Gas con v deb 0s
165 Dec'08
1909 4-4
Ed £1 111 1st cony g 5s 1910 11/143 100%101 10012 111015
16 100 10034
Detroit City Gas g514
/
4 Jan'09
/
4 1001
1923 J -J 101 1011
1st con sot gold Os
100/
1
4 100 4
1995 J-J 111
111
11
1
111
111
Del lies Co con 1st g 5s 1918 F -A
9558 Sep '08
...
Ny&Q El LesP 1st con g 6811430 If-A
95
05 Dec'08 •- •
Ett GLNY lst eon g 58 1932
96 Max'0410412
N Y & Rich Gas 1st g 65.1921 M-N
..
IOU Dee'08 -•-•
bias& Mee Berg Co c g5s 11149 -1)
..
61/
1
4Oct'01
Vat & Pas U & E con g 55.1949 M.S
10434 Nev'05 ••- • .....
Gen Electrc 41eb g
81 4. 84 Jan '01)
L'eo Gas & C 1st con g 63 11143 A-0 1204 121 1201
84
81
/
4 Feb'416 -• 110 1204
10-yr g deb 53
1301
/
4140 139
140
23 136 110
1917 J
Refunding gold Os
1047 31-S 103
103 Feb'01.
102%1031
/
4
Gr Rap 43 4.Co let g 53 1915 F -A
10734 Dec'00
98-3
Ch(i•L es Cke 1st go g 5s 1937 J • J 10334
11)4
Feb'011 •-.• 103 104
Hudson Co Gas 1st g 5s 1.1449 74-N 104
102 J'ly'08
Intl Nat Gas& Ott 30-yr 58'30 M-N
.....
Kan City(MO Gas 1st g Is 1922 A-0 1)4
90 Dec'Oti
Coo 0 Co of Ch 1st gug 58.'30 J
102 103 102 Feb'00
10115103
Kings Co El L ea P g as 1037 A-0
101
Ma Fuel Gas 1st gu g6s.1047 3,1-N
101 Nov'Ob
2nrchaso money 68
,100 Jan'09
11197 A-0 1(19 110)
Syracuse Lighting let g 53.'51 J-1) 07
100 IOU
....
Ed Kill iiku let con g 4s 1936 -J
99
88 Sep 'OS
Trenton G & El 1st g 514-1940 M.
lit/ Atny'01
Milwaukee Gas L 1st 4s 1927 M-N
115 Oct'08
9112 93
...........• Westchester LighVg g 53.1950 J-D 101121(125 103 Ply'Or
..Dto prase ruutar: latest Old and asked this week.a Doe an 0 DU% et) d Due ...pr 8 olio .4.7 S
Dria 'Ay a Into tug o Otto 001 q ptio le a OattOri waft!
New York Bond Record-Continued-Page
MAR. 6 1909,
N. Y. STOCK EXCH A NG E
WEEK Emits() Alm:cis 5
).
Price
hria
March
Week's
Range or
Last bale
Range
Since
January 1
BON Ds
r,.....`
N.Y. STOCK EXCHANGE '
77,•_,1•L,""--Wit Kt; I.:MAN° MARcR5
613
3
Price
hriaav
.3farat 5
Week's
Range or
Last bale
..
Range
7
'.., .,
mace
..;,. ,4an/sary 1
Pig, A, boa/ Riga
lIt.
Btu
A s N. Low
J14111 1Vo Low Ilion. Ai V Cent & H li,-(Contiitued )
'164 how
117
117 117
117 117%
Clouv de Oswelstati g5s 14940 J-D
Lottiav & Nasliv gen if 68.1031,
1937
1.6 110 10 1104, 110%
1/8 3.a.'..8
0010 Us
110 1104.
Mal 1st gii g 48..1991 ...
11-S 99%
.sate 10134 102% 19 00 18 102 14
Nii 1111'3 It gu let 4s...19Se 1- *
103 Oct '0
1940 J -J 1013
Unified gold 4s
Registered
X 24e Harlem g 3/
1)04 Oct'0
194(, 2-2
112
1'914
101 10 J'ly
1
43...200‘• ‘41•N
105 J'in.'09
N Y ;:, North let g 53...1924$ A-0 110 11714 .07% Awe.)
,
Sink fund gold (is
1910 A •0 101
.
N V 4Ptt let con gu g 48 1993 A.0 95
103N 1093
90 :-.-ep 'I-/Z, --- ...... ----.
Coll trust gold 3s
Pell 1I-N 110 112 10934 Feb'0)4
MP*
Nor 'Mont let gu g 53.1910 A •0
5.20-yr col tr deed g 43.1923 A.0 Ink) 10010 Wu
97 19014
111
Pule .lreek reg guar 03.1932 JD 127
ill-.
)Jan''. .... 1.31% 13/1a
111
1919 2-0 110
/f. ii & Nash 1st g 03
111 Jan '01)
10730
11 W A 0con Dat ext5s.h1922 A-0 111 112 11014 Feb'09 .... /1038 110%
L Cin & Lox gold 4 44s 1931
1074 Ifeb'09 • - 10734 10734
Oswe & R 213 gll g 5s...31915 F•A
105 Jan '0N 0& 11 1st gold Os
11130 J •j 122
122 ing,'08
120
120
W 01'R lst gut g 53.1;118 M-N
N 0 & M 2.1 gold Os
1930 -J 119
120 Jan'09
Pensacola Div gold 6s 1920 VI- S
Biala ml let con ,
.103 Sep 4.)4,
4 4%3..1941
10714 A ne'06
, „,
0g43(LChani lat'gu 43 g1948 J -J,
St L Div 1st gold its
93 Deo'0,
1021 M.S 114
117 May'07
ui
Rut•Canad 1st gu g 43.1949 J -31
2d gold 38
440 4 Jan'09.. 9104 9034
1080 M.S
03
75
(1214 Aug'07
1)1314
St La w & Ada' lst g 5s 19110 J - )
.15 Feb'09 .... 115 115
Atl Knox & Cut dis 43 1955 M•N
90
96 4 lb 93
9014
4
23 old Os
133 125 Ifeb'u8
AU Knox & Nor 1st g33194
1991; A-0
11338 116 116 Ply'00 •.•
110
till
Utica & 13Ik Rivg-ug43 1922 J - J 1°112
Mender 13.ige 1st sfg(33.1931 -'I-S
110 Jan '09
10314 Dec'08.
4 90
/
4 sale 24 7
9834
Lake Shore gold 3%s
9834
947
. . .414 106
Kentucky Cent gold 48 1987 J J
1997 2-I) 941
ilb34 121i
RI3giatered
L&N& M&M lstg 4%31045 51.5 104%
/
4
103 Dec'0
1997 J-12 94733 1)44 94% Feb'03 .....- 11334 941
•
.0.14
96
97
De enture g 4s
.• 95
97
L& N-Soutit M )(nut 43.1952 J J
9014
99, Sale
9114 Feb'09 ... 88
1,428 M-S
95% :,aie 9338
1931 :421-N
115411514
957, 99 95
3
4 6%
25- 'ear pc 43
N Fla & 6 1st gu g 53 1937 F- A 1134 114 115 14 1151
...•
.093
4
Ka
k & G It 18t gue 53 1938 J -J
N&C Bdgegen gu g 4%31945 J J 105%
109 uct.'07 .
Malton 0'1 RR let 5)3_1934 9 - J 11442
101( Jan '014 ...• 109 101)
Pens 23 AU let go g 63_11(21 F.A 10834
112%115 10
100 Alaru,.
Pitts k L Erie 20 g 53.a192e. A-0
cf. N Ala con gu g 5s 1931 F-A
11514 Feb'09
.•
•
'08
Pitts
91 10Jan
13014 Jan 't9 .... 1,30% 13()14
bIcK & Y 1st gu 63 1932 J -J 120
1)1 10,
L.& Jett lidge Co gu g 43 1943 •11-S
2.1 'liar 0a
L N A & Oh See 1
L
1934 J,-J. 126%
Mc Cees& 13 V 1st g 0a 1018•:,-:.t
S
Mahon coal ,see L &
“„,
inl febliJ ..... 101 101
08 100
Mich Cent 1st consol 68.1909 31
111-anliattan Ry copse!48.1990 A-0 91/10
99%
99'.
.
.""4
11434 Oct OS
53
104 Apr'05
Registered
11190 A-0 97
1931 M'S 11"
111) J ne'06
kGigistered
91)1410014
Stinpd tax exempt 1990 A-0 100 Sale 9934 100
1931 ri
/
4
4s.
10028 1004 9 100 4 1001
Cent
AlcII'pt 24 13 V bee IN
1940 ,-J,
1hli4
10040 Nov'uv
85
83
)3310 84% 84
It igistered
riteX Cent cons g 4s trust roots
t4 82
4 -.4
1940 ,
.
...•
J'ne
V()
23
',20
23 Feb'014
J 12 & 8 1st g 31
21% 26
1st Cons no g 343 trust iectn
/
4s
1951 NE-S
Fe
114
02
'09 ...., .,aulla,10922
21
19
/
4
1st g Pus
2114 Feb'09
21% 241
2d cons um c 3s trust roots..
90110 3'ly'01
Bat C itS
1121.ex Internat.lst con g 4L.L97
‘cot,u
srt1st
Listgti g
g3
41 1
198
3
6.7
142 'A
i
:
-N
0
D
10
1
)2
2
%
Sale10%
1
'4
SO
Feb'08
1/22
01
.11)77
N1-S
Stamped guaranteed...
. uu Sep '.24 ..
105 Kay'00
11)114 1 -D
Hex North 1st gold 6s
Registered
1037 A-0
9i91.-•..
8 93%
9314 .
1931 M.Al 93%1)4
Deb entures 43
9314
Mich Cent See N V Cent
Sale
103 40
.. 023 1()418
34
103
103
West
Mid et N J bee Erie
Shore 1st 48 gat 2361
103 10230 Feb'09 .... .0113103
Re [stared
11.11L 6& W See Chia & N V.
2361 J'J
N Y de +reenw Lake bee Era
,14A St E
Mil & North See Cli
13314 Feb'09
:Jar bee N Y C de Hutt
133%133% N Y
Minn & St 1. 1st gold 18 1927 3-1) 13414
191411 .1)
101 Dee'WN V La cif & W Bee D L & W
Iowa Ex 1st gold is
•
118 Jan '07
N V 1. I43 & W Bee Erie
Pacific Ex 1st gold 63-1921 A-0
191u
J
-D
11314
N V& ging Br See Cent of N J
Mar'05
South West Ex 1st g 78
1934 NI-N 111/421Y17% 111 10 111%
t'. 13334 1351
109 111 10 N VNJ11 & .11-Conv 623 194S J.J 134 Salt 13334 134
/
4
let consol gold 53
1356 J-,)
14 844 87'4
97
98
81% 857, 857
98
1. J7l-,1004
Cony deben 31013
80
137'a
1st and refund gold 48 194:4 \1•S
43-'33
I :
J -J
97 Apr'06
HOW;[6t
014 con g
4
Des M & Ft D let gu
1937 .
4%
"
°
1
7
1
8
2
N
;0owrm_uret
1+er9:eoucy5s4917m-1
Kinn & St L go bee BC It& .N
s
ieset Ng 4y
688.c.a ,12 m-o8i99map
; 1"
iu,uo,..1.. ..........
..
N 2412
99%
99% 6 901,100
09 100
AI SLY& SS Al con g 4 lutgu'3/1 -J
0914
N V0
102 J'ne'07
KSSM &A lmtg 4 int gu 1926 J -J
Regis 35.010 only
Minn Un Bee St I' M &Al
g1992 51-S
-27
N 2411Att See N I 0& H
Mo Kan 86 Tex 131, g 48 11)90 J-1) 0934 Salt 99
100
g
t111-14)
87
874
If-A
N VIIIrt li See Long Island
8734
211 gold 48
81;
1914 NI-N 10S 4a 109 10914 Feb'09 1st ext gold 58
10
54
9118s
4
u$ 11108198
%
: N VSA4.4 \V See Erie
2004 NI- S !
1st.5 refund 48
.
871/4 N Y Te x 22 M See So Paz Co
3,i78 Sale 86%
86'
7
.
8314
11/31 J.J " 92
99% J'ne'0)1941 M-N 10114
Gen 3 f 4108
/
4 Nor 4114otitli 1st g 53
91%
92 117 pod 1/31
898e 8910
St'. Div lot ref g 48-.2001 A-0 88
Nor/ & West gen g fis
4,1
1931 M-N 12722 1284 12734 Feu 09 ... 127%128
8914 4
122 .29% Dee'vs
Dal d'a Wa 1st gu g 53 1114()
impr .vem't & ext g 68 1934 F-A
110
110
1 0.0 110
113
94
Kan C & Poe 1st g 43 111110 If-A
New laver let g 63
95 Dee'08
len A-0 1204,1284, I 28 4,-hob ......... .2.21412314
N & IT Ry let con g 43 11)110 A-0 991
510 IC & It let gn g 62 11.142 A-0 111
11442 Feb'09 .• 113 114%
/
4 Sal. 9878 ""
8
'
1'
94
Ok 1st gu 53
1042 'Vl•N 111 gale 111
98
K
91 Sel)'0 •
Reg Lstered
111
108 112
1990 A, -9
034
- ).3 % 05
M K & T otT lstgug53 11142 51•
Div'llst I db gen g4e 1944 41-4
2314 811
.
0 '3334
10834 101.13 110 Fob'09 •..• 1(10 110
lip.
1,6 .. -9... u314 9814
4 10043 ue'08
Sher Sh & So let gU g 53 1943 J -D 1084
10-25 year cony 43_1932 2-1
) 143 4 .1.te
927,, 1, 9,,,58 9274
Tex& Okla let gu g 53 1043 31-S 101)
0234 112
Poe di (...: de C Mint 123 1941 J -D
92
Ins 111%
11114 Feb'09
109 la Feb'uo
Me Pacific 1st eon g Os -1020 NI-N 115%110% 11514 Feb'03
C C& T 1st gu g 38
1922 J -J 19314
113%110
99
97
9714
97
i 21143 1•1814
Trust gold 68 atiunped a1917 51.S
Scio
V
&
N
N
2.
E
11102-.
100%102%
1st
gu
1024
g
413
1981)
10214
Registered
North I Ihnois bee Clii Se N W
al917
S
104% Fob'07
1st coil gold 63
10420 1f-A 1113 43 103 103% 103%
101 103% Noah hio See L Erie & W
40-year gold loan 43
1943 M-S
8[34 194 7834 SS's Nor Pa .„-Prior lien g 4.8 1.997 14 J 1034 Sale 1034 103% 23i 10214104
8•'•38 Sam 81%
94%
Reg Lstereo
3d is extd at 41.)
1997 14-2 102 10214 .U2 4 10214 ti, .01 103
1038 51-N
95 Mat'Os
113
Gonerel lien gold:33.-2/2047 14-F 14 14 75
Cent Br By 1st gu g 48 11)19 1: -A
115 Ftb4)1.4
95
89
95
:/1
1'
'''Feb
.‘'0
4...! ...1...
4
76
74
‘ .723
[stored
Con Branch U P 1st g43 194)-• J•1/
Reg
Fet)'(..9
91
' 733
a2041 42-1
US
91 91
96 Yeb'09 .... 90
96
St Pa 11.1)0,1 Div g 4s. .1996 2-0
Leroy &OVAL latg 53 1026 J -J
110 Mar'05
Dul SiSort I. 1st gu 55-191C M'S
0114 Feb'08
Poe It of Mo let ex g 46.1038
99%101
0 B& Q coil tr 48 8ee Gt Nor
211 extended gold 6s 19:;t• 2-2 112%
11214 Feb'01/ .• 112 4, 112 4,
4N P gen g 68....1923 F-A 121
61
121 E.ebqk .... .2014121
,Ifet.'1)9 •-•• 11114112
St LH M& Sgen con g 581931 A-0 11142 1113 1113
)
1 , - .20181204
Reg[stored certilic's..1923 1l-F 11914121 1201
/
4 F139'
110 Oct'Os
Gen con stamp gul g 58 1931 A.0
117.4 ply'',
St Pa tl& But let os....14331 1, -A 111%
s610 sale 884
89
U rolled & ref gold 48 19211 J -J
89%
80
1017 2'-0 1044
20 5 3
104 Feli'.... .... Lel 101
901
111
10 834 91
Bay 410 Div 1st g 43 1933 An-N
/
4 9114 92"4
99
92 1
.00.0.4 .... 92
10714 Apr'00
1st onsol gold 4s
99
Verdi V 1 & W 1st g 5s 11124; ...•
190S J -1)
921
/
439u'u2 .„. 9214 9214
Wash Cent let g 48
118 Dec'4./6
Mob J 21) IC Clot cons g153 1953 J -J
1048 14-M
9314
Nor Pa , Ter Co 1st g 08 4933 J •J 115 14
115% 11324 , 1,534 11531
12410 Feb'09
Mob & Ohio new gold Os 11127 2-0
Nor lig Cal bee So Pac
118 Feb'l)./
1st extension goid 63-2 14321 4-J
1938 m-s
90
90
Nor Wi I See CSC P Al & 0
1(1
General gold 48
112 14 Feb'03
Nor & 2.lout Nee N Y Cent.
Koutgom Div 1st g 53 1941 F
75 Alay'lis
/ Ind de W See C C C & St L
St L & Cairo colt g 4s..311/13.)
11131 r
101 Nov'04
c -j.
Unaranteed g 4s
hlo IItay RR See halt & 0
Sal bee SoPac co
Ore
K & 0 coil 48 See Southern
Ore Sho rt Line See Un Rae
Mohawk & Mal beeN Y C 11
Monongahela /t1y See B de (J
Oswego & /tome .Ses N 20
0 C F& 811' See C & N W
Mont Cent See St P M & It
l)ac Conet(Joist g 58
11014 110 Feb'09 .... .09%110
Morgan's La & '1' See S P Co
19411 J-D
• ac 01 Missouri See ."to Pac
Morris & Essex bee Del L & W
105 Ian'09 .... 105 105
Nash Chat & 5th let 78 1913 J J II1N 112% 1124 Jan'09
112141124 Penn It It 1st real eat g 43 11)23 M-N 101
!
Ail)%Jan'0, . .. 1.01112 1091
/
4
1.112i• A-0 113'4
11344 1134, 6 113 4, 1134
Conso , gold 58
LI let consul gold 58
1911 .11-5 10914
11012 May'0;
Conso , gold 4s
Jaaper Branch let g 63 1025 J -J
106 Oct 'us
1943 /1,1-N
11714 Mar'05
MOM It W 41 Al let 6a 11117 J -J
Comm 1 gold 4s
1948 M N 10414 1043e 1014 1u4". Ili i0410 101.414
113 Ply'04
couvertiLde g 3 Los
T & l' Branch 1st(i3
11)17 J J
1912.11-N
9774 Salo 97N
98
C'-' "4 1'4 1)1)14
Couve rtible g 3%3
Nash Iflor & Shot bee L & N
1915 J -D
9530 sal. 9338
04.04 245 9444 9573
uu Jilt',,,
Alleg Val gen gu g1s 11)42 i-d-S 100
Natof Alex prior lien 1%3 1920
101 102 102 Feb'09
102 102
1feli'09
1) it it, 1.{ it lige 1st gu 4.3g.'36 F-A
let conaol 48
1051
8U
8334
83
8314
9314
Phila 39141 W let g 43 1913 11-N
:New 1-1 & 1) .See l4 VNkt&ll
10714 Oct 'v.,
84.31 112ty & So let g 5a 1924 J -3
NJ June RR See N V Cent
1.12 Jun'03
13dge
Sea Loud;N
U N J lilt & Can gen1s 1944 M-S 101
New & Cin
1 101 104
104
104
Penn C(-Guar lst g 112s-1921 J -J
1 .01 10614
N VBkln&Idan 13011 See L I
10,,14 10014
Beg etered
10314 Ply '.27
NY Cent& 11 Rix g 3%3 111437
11 0234 94 (4
92N
93
93 Sale
1921 J -J
Registered
90 %3'w:eo n
1997 •J
92,
, Guar 114s coil trust reg 1937 51-S 90
4 938
4324 Fe9'09
93
belie)" g 4s
115
10 035,3
ouar 1 123 coil tr ser B -1941 F-A 8914 90
ti t - Dec ub
1034
94% Sal,, 9444
Lake Shore coil g 310s 11/1)8 F-A
Ti Co cortal'is gu g 3%3 1916 M-N
97
821
/
4 84; 13 82% 83;
(1714 9014 V151) 0.4.... -331's 97
84% Sale
Registered
11111)4 F-A
Gil 34,s tr ale C
83
814,
1942 J -D' 8914
ao 14 laro, ... 8914 33914
8414 84 10 Feb'09
Mich Cent coll g 3423
11/11)3 F
81
81
0.. 314.13 tr Ms D
8434
1944 J •D
1)34 90 4, Mat'Ue .... ..
.. . ...
84 Au 84
Registered
11198 F-A
lluar t5-25 year g 4s. 1931 A-0
92
0830
2528 2 .Chi% -1187
.
8
8414 Nov'08
Beech Creek let gu g43 11)39 J.3 100% ..
Hu Jan '0..) .... .. ..
& tar 1st gu g 4128-1935 PA-N 100
.
99 Oct'08
Registered
1936 J -3
'gen gug412.3serA.'42 31-.1 llu%
(11 41 I
11(134 Jan'u9 .... 1:04 11034
102 Mat'04
11)30 J -4
2d gu gold Os
Seri 3813
14342 A-0 11014
Beecher Ext lstg 42351951 A-0
Sort es 0 31.2s
9610 Liee'u.
9314
1948 51-N
11/81 J-0
1050 F-A
133'.,
nit Atav-or.
Cart & Ad let on e44
Seri sa D 343.
4,NEOUS BON On-Continued on Next Page
Con, 11.11.a 11'4311
Ool F & 1 Co gen s f g• 3s..1943 F-A
Convertible deb g 53....11111 F-A
Col Fuel Co gen gold 03.1911) M-N
Or liw Coal de C let g 031919 A-0
(fiearf lilt Coal 1st 814s...194U J -J
ColIndu 1st& coil Os gu..19134 F-A
Oontin'iaIC late I guils g.1952 F-A
Jell& Clear C & 1 1st g 5s.1.112.3 J -D
Kan&110 &(lists 003.11151 J -J
Pleas Val Coal 1st g at 58.102 J -J
Sunday Creek Co g- Os....1941 J J
1951 J -J
Tenn Coal gen bei
Tenn Div 1st g Os
a11/17 A-0
' anon Div let consol 63..1917 J -J
Call C Al Co let gu g 63.1022 J•D
De Bar C .11/!Co gu g 63.1910 F-A
VaLron Coal &Col8t g 53 1949 M-13
Victor Fuel let 8 t 5s
1953 J -J
othio price S'rulay; Latest
Telegraph and Telephone
10 94 10014 Am Telep & Tel coil tr 4s 1929
013% 94
94
91% 94
94
94
87% 87%
8718Feb 409
Convertible 4$.
1930
S 9114 Sale
/
4 95%
95% 124 921
11434
In4talmont certificates
01
107 %Oct '04
92% Jan M....• V.:
11ich State Telep. let 53.1924 F-A
102% Apr'06
9)14103
Mt 100 100 l'en'tm
130 Apr'02
......
West Union col tr cur 53.1938 -J
93
95 102
95
98/
1
4 99
9414
71
7214 35 71
F(I and real est g 4143-1950 M-N
77
1)4'4
91
9034
7314 71%
107740 Dec'04
1936 Al•Al 84% Sale 84's
Cony 48, Series A
84's
......
ri4
831
/
4
107 May'97
Slut Un Tel s fund Os 1911 M-N
......
100 Fob 313 ...• 95 100
10014
10514 Dee'00
......
Atnnulacturnig
industrial
1931 j•J
105 Oct'00
Allis-clialmer8 181 5s
82 114 81
811
/
4Sale 81'4
8338
72
78 Peb'07
11128 A-0 99
Am Ag uhem let c OS
99 14 41 043
13934
99; 99%
103 1031
/
4Feb -09
1021810310 Am Cot Oil ext 4140
1915
97% 97% 974Feb 'tit •..• 913
1)74
106%1(104, 10614 P•eli'011
10614 104$ 10 Mu Hide A. 1. 1st ci g 68-1919 51.6
te/
92
US
1)11% 6 9634 100
1004 108 4, 1064 10614
.00 10014 Amer Ice Secur deb g 63 1923 A-0 70,4 Sale 67
71
'35 67
71
105 110 110 jail 'Oil
110 110
Atli Spirits Mfg 1st g 0.3-1915 N-s
97"78 95% FelP00
95%100
95
100
103 Nov'Ob
1944 A-0 10634 Sale 106% 10034
Ant Tobacco 40-3-r g 63
105'4 107%
94
95
06
95
1 95
96%
4o.
1951 F-A
7570 Sale 73%
7830
76
'21
87
Aan Thread let cot tr 43-1919 J -J
92% Dec'08
90%
9314 Feb'07
......
and asked. aDrte Jan 5 Due Feb c Due .1 at- C Due Apr S Due 3 4.1y.414ae Lug o one Set a Due ov 7 1)1104,06 sUUtiOfl 55.10
85
10610
..
New York Bond
614
N.Y. STOOK EXCHANGE
WE= ENtneo MARCH 5
411,
Price
Friday
March 5
Week's
Range or
Last Sale
[VoL. LxxxvIII.
Record-Concluded-Page 4
Range
Since
January 1
Bid
Righ No Low High
Ash Low
Penn Co-((Jontinitea)
92 Apr'07
J
9234
Erie & Pitte ga g 312s B.1940
9834 Apr'04
92 4
1940 Jr- J
Series C
10634 Dec'08
Gr It & I ex 1st gu g 41281941 1.J 10712
127% Oct'02
Pitts Ft W & 0 1st 76-1912 J-J 108%
10913Jan '09
4
/
1912 J-J 108%
1094 1091
2d78
107 Oct'08
h1912 A•0
3d 7s
110 Feb'09
110 110
Pitts Y& Ash 1st con 54.1927 11-N 109%
1094 Dec'08
POC&StLgu4128A...1940 A-0 109
109 Dec'08
1942 A-0 109
Series B guar
11212.1'ne'05
1942 MM 108%
Series(3 guar
102 Feb'09
4102
/
1001
1945 MM 10034
Series I) 45 guar
95 Feb'09
95
94
95
1949 F-A 94
Series E 3'n guar g
1953 J-D 101%10212
Series P 48 guar
116% Nov'08
C St L & P 1st con g 68 1932 A-0 115
Pensacola & Atl See L & Nash
Peo & East See 0 C & St L
123¼ Jan'06
..
Peo Pek Un lat g 68.-1921 Q-F
10034 Deo'05
b1921 14-N
2d gold 412s
109 Apr'02
Pere Marq-Ch& W 66 1921 J-D 103
3 1124 115
115
1920 A-0 113% 115 115
Flint& PM g 6s.
1939 M-N 107 109% 109% Feb'09
10434 109%
1st °onset gold 58
100 Nov'08
Pt Huron Dw 1st g 58 1939 A-0 107
Sag Tus& H let gu g 48 1931 F-A
Phil B & W See Penn ltit
115% Mar'06
Phila & Reading e0118 78.1911 J-D
94% 94 Zan'00
91 95
Philippine By lst 30-yr 8148'37 J-J
Pitts ulu & St L See Penn Co
Pitts Cleve & Tot See B &0
Pitts Ft NV & Oh See Penn Co
Pius MoKees & Y SeeN Y Con
114 Oct '08
4
/
Pitta Sit & L E 1st g 66 1940 A-0 1161
9374 J'ly'97
1943 J-J
1st coneol gold Os
Pitts & West See B &0
1997 J-J 100 Sale 99% 10014 127 9934 10038
beading Co gen g 46
95 Aug'08
4
/
981
1997 J•J
Lt/Regiatered
97 Feb'09
9034 98%
Jersey Cent coil g 48...1951 A 0
Rensselaer & Sar See D & H
Rich & Dan See South Hy
Rich & Mack See Southern
Rio Gr West See Den Si Rio Or
Hoch & Pitts See 13 R & P
R011le Wat & Og See N Y Cent
Rutland See N Y Cent
Qat;Tug & H See Pere Mani
92 Feb'09
95
92
95
1.7t jo & Or tel 1st g 4s...1947 J •.1
St L & Cairo See Mob & Ohio
St L & Iron Mount See MP
St LK O&N See Wabash
Stl4M Br See T RR A of St L
124% 12412 1 122%124%
St Louis& If-4eug 68 1931 J• J 124
2 1104 111
111.
111,
1931 J -J 111
General gold 55
89¼
89 89%
Gen 15-20 yr 5a tr reo-1921 M-N 89 Sale 89
96
91
96%
96% 96
St L & S RR cons g 48-'96 J • J
101 Feb'09
101 101
Southw Div 1st g 58 1947 A-0 1004
86%
864 Sale 86
1951 J -J
Refunding g 48
8476 89
US Nov'08
6-year gold notes 4% 1908 J-D
StL Id& Su East gu 41210909 J-1)
4 119's 119 Feb'09
/
116%1204
K(Jb'tS&Mcongds 1928M-N 1191
4 8412 46 8234 86
1
K C)Ft & AI Rv ref g 4811/30 A-0 84 Sale 83/
KOSiM It& 15 Istgu 56.1929 A-0
97%
97%
Oz'rk& Chel8t gu 58 g.1913 A-0 96 98
St Louis So See Illinois Cent
94% 16 92% 94¼
93% Sale 93%
St L S W 1st g 48 bd otfs.1989 M-N
82 Feb'09
82
82
79
211 g 45 ino bond ctfa...p1989 J-J
794 Li 78'6 80%
79
1932 J -D 78% 79
Consol gold 48
4Apr'O'i
/
1011
......
Gray'sPtTer lat gu gOs 1947 J •D 101
St Paul & Dul See Nor Pacific
104 Jan'09
102 104
St Paul M & Mau 26 6s 1909 A-0 101%
131% Feb'09
1933 J -J 13.2 38
131 131%
let oon8o1 gold Us
134 Deo'00
1033 J •J 130%
......
Registered
109 111
Reduced to gold 4%8_1933 J.J 11194 1.0976 10914 Feb'08
1164 Apr'01
1933 J-J 103'4
Registered
10314 1034 11 .1-03k;103%
1910 M-N 103
Dakota ext gold Us
Mont est 1st gold 48.-1937 .1-1) 99 1004 9012 99% 1 99%100
100'4 Oct'Ob
1937 J-1)
Registered
11; bliun Nor Div 1st g 481948 A-0
124 May'05
11122 J -J
Minn Union let g 6a
1937 J-J 132% 134 130 Apr'03
lidont C ist gu g 68
1304 bluy'00
1937 J-J
Registered
1937 J -J 116'4 117 11533 Feb'09
lat guar gold 58
116% Feb'09
Will & 8 le 1st gold 50_11)38 J-1) 116
St P Si Nor Pao See Nor Pau
St P Si S'x City See C StPM &O
91% 81 89
91 Sale 91
92%
8 A & A Pees let gug48 1943 J -J
112 113
S he Pres Si Ph 1st g 58 1942 M-s 11034 11214 112 Feb'09
110 Oct ,05
8P &N PlstsiuktgSs 1iJiU J J
Say F & West See All Coast L
Scioto Val & N E See Nor& W
6512
133% 66
Seaboard Air Line g 4s _1950 A.0 65% Sale 135
9034 Oct'On
1911 M-N 94
Coll tr refund g 66
88 Jan'07
.....
Atl-Birm 31)-yrIst g 46.61933 M-S
85 J'ly'08
......
Oar Cent 1st con g 48.-1949 J -J
1074 Aug'06
Fla Con & Pen 1st g 68.1:118 J -J 100
1st land gr ext g 68.-1930 9-9
109% Mar')16
1943 9-3
Consul gold Si
102's Feb'09
102',102%
Gs & Ala 1ty lat con 58,21945 J-J 102%
1015 Feb'09
105 IOU
Ga Car & No lst gug Os 1029 J-J 100
10634 Feb'09
11)(134 1064
deal)& Roe 1st 55
1926 J•J
Sher Shr & 8o See M K &
13118p Oce & U See Atl Coast L
$o Car ea On See Southern
Southern Pacific Co69 90 92
Gold 48(Cent Pao coll).k1949 J-D 91% Sale 9112 92
Registered
914 85 Feb'09
85 85
k1949 J-D 86
u8 141 W136 11876
Cent Pao 1st ret gu g 46 19411 F-A
97% Sale 9734
Registered
9734
1949 le-A
9734 9734
9734
Mort guar gold 3 ha_ k1929 .1) 904 90¼ 90% 90% 13 89% 934
84
Through St List gu 46'64 A-0 94 Sale 94
10 934 114
1014 Feb'09
Gal Mar & S A lat g 63 1910 F-A 1014
10114101',
Mee & Pac let g 68.-1931 M-N
110 112 4 Dee'08
4 Deo'08
/
1031
Gila VG&N lstgu 08.1924 M-N 1044
.....
g
1st
T
101
W
&
'08
58.1033
M-N
Jan
Hone E
......
102%
1933 M-N 1024
104 Aug'00
1st guar 58 red
l0934 10934
& T 1st g 58 int gu 1937 J -J 109¼ 1011.4 10.334 Feb'uo
A-0
11/7% Nov'07
......
Consol g 6s int g•uar 1912
108%
9414 Dec'08
Gen gold 48 int guar-1/21 A-0 95
1113 nec'013 •--•
Waco& N W div 1st g Os'30 M-N 111;
107% Jan'09 .... OK 1074
A & .N NV lat gu sr 514...J941 J -J 1084
ts
BONDS
14'i
1
4
N. Y. STOCK EXCHANGE '
-r.e.,
WEEK ENDING MARCH 5
.Price
Friday
March, 5
'
Weeks
Range or
Last bale
Range
. Since
'-' January 1
Bid
Asle Low
High No Low .ifigh
Southern Pao Co-(Couttnued)
1221
4Aug'08)
/
blorgan's La Si T let 78 1918 A 0
116 b.fov'06
1920 J-J 114%
1st gold 68
112 Feb,07
1038 A-0
No of Cal guar g 5s
Ore Si Cal 1st guar g 56 1927 J-J 10234 104 106 Nov'08
100 Feb'09l..., 100 10014
So P of Argulstg tis. .e1009 J-J 100
101% Jan'09 ...• 101%10114
61910 J-J 101
1st guar g 6s
So Pao of Cal-08 E& F,..1912 A-0 103's 108 104% J'ne'08
114% Deo'04
1912 A-0
1st gold 68
116 May'07
1937 M-N 111
1st con guar g 58
104 Apr'Ob
S Pac of NMex let g 6s 1911 J-J
84
So Pao Coast lat gu 43 g 1937 J-J
107 107 4 Feb'07
Tex&NOSabDivlst g6s 1912 M-S
2
984 Apr'08.
97,
1943 .1,1
Con gold 56
954 Sale 95
4 91-31;
1955 J-J
96',iii -976So Pao RR 1st ref 4s
36 106 113
1994 J-J 111% 8ale 111% 112
Houthern-lat con g 5s
110 114 Nov'0
1994 J-J
Registered
70..
76
79's5;
Develop & gen 48 Ser A 11156 A-0 7873 sale 7812
4 89
/
3 851
89
blob & Ohio coll tr g 43-1938 M-9 89 Sale 89
107
Nov'08
Mem Div lat g 412-5s. .1996 J-J
90
89% 8934 90
1951 J-J
1 8714 91
St Louis dIV 1st g 4s
108 Sep'08
1918 J-J 108
Ala Cen R lat g 66
91 Dec'08
90¼ 93
1948 J.J
Atl Si Danv 1st g 46
92 J'ne'06
85% 86
1948 J-J
2d 4a
ALI & Fad lat g guar 48 1949 A-0 81
.
111 Feb'07 ...
1916 J -J 108
Col & Greenv 1st 6s
109 Nov'08...,
E T Va & Oa Div g 56-1930 J-J 109¼
112
Feb'09....
112
113
1956 MM
Con lat gold 5s
11214
103 Feb'09 .. 105 105
1938 M•S
E Ten root lien g 5s
004 Feb 409 •-•• 661
1946 A.0 60 64
4
/
4 661
/
Ga Midland lit 38
Feb'09
115%
19'22 J -J 115%
Ga Pao Ry let g (is
11434 116
118 Dec'08.,..
Knox & Ohio 1st g 63. 1925 J• J 115
11538 Apr'06
mob& Bir prior lien g 561945 J- J 101%
82 Nov'08,,,,
86
1945 J-J
Mortgage gold 4s
10912 Feb'09
1084 109%
Rich & Dan con g 63.-1915 J-J 10912
J'ne'08
92
A-0
1927
Deb 5s stamped
" 76 Oct '08
Rich Si Meek 1st g 4s 1948 M-14
103 Feb'011...• 101%103
So Car Si Ga 1st g 58- 1919 M-N 103
112 Oct'08 ...Virginia Mid aer 06s 1916 M-11 1094
10812 Deo'Oti
1921 M-S 10534
Series D4'58
Series E 5s
1926 M•S 10714108', 113 Deo'05
107 Jan'09 ----i07 107
General 158
1936 M-N 108%
1936 M-N 108%109 10714 Feb'09 ..-• 1074 1074
Guar stamped
WO an 'in
W 0& W lift cy gu 48 1924 F-A 80
108 Dec'08 ....
West N 0 1st con g 66-1914 J•J 10614
5 & N Ala See L & N
117 J'13001) ....
k Falls & Nor lat g 68.1939 J J
10816 Deo'08 ....
'er A of St L 1st g 4128-19311 A-0 107
116 Feb'01) --: 116 116
-.. ..
1st con gold 58.-1894-1944 F-A .
97
D 96
97
07
98
6 .
.
9
Gen refund a r g 48
1033 J-J
111 Deo'00
St LM 13ge Ter gu g 58 1930 A-0 1114
Vex Si N 0 See So Pao Co
2000 J-D 117%118 118 Feb'09.... 117 118%
rex& Pao lat gold 58
08 75
75 Jan'01
0000 Mar
26 gold inc 5s
1931 J•j
105 103
58
g
1st
L
B
Div
La
n
o
Na
4
9
°
v4)
j
.....:
101 10112
WMinW&NWlstgu5s'JO F-A 100 1
1935 J-J 111%
4
/
Vol &00 lat g 5s
09 •••• 111%1121
112 Jall'
111 May'04
Western Div let g 5s. 1935 A-0 111
1935 9-I) 1115 106 104_ Nov .
0806 ••••
General gold 5s
94% 90 r 69 -.09 •••• 9234 95
lean & M 1st gu g 48- 19110 A-0 94
88 Feu'u9 .... 804 88
88
rot P Si W 1st gold 48. 1917 J -J
90 Sale 90
Vol StL& W pr lien g 31.13.1925 J -J
91'
7 90
9114
1950 A-0 8576 Sale 85
30
13 831
60-year gold 4s
4 88%
/
95 Dec'06 ...
Cor Haul & Buil 1st g 48.41046 J -D 9134 93
10814 108%
I i later& Del 1st con g 581928 J.1) 10834
10834 10834
81 Nov'08 ....
1952 A-00
1_) 1st refund g 48
Jn Pao ItR & 1 gr g 46 11147 J •J 103,4 sale 10314 10314 71; 102 104
1947 J - J 10212 103 102% 1044 t' 100% 103
Registered
98% 29‘ 9834 99
g2008 NI-8 98% Sale 984
1st & ref 4s
-- _3-1? 14
,6 102 106
1927 9-9 103 Sale Wei 10
20-yr cony 4s
Ore By Si Nay con g 48 1946 9-I) 91138 sale 9„uNi ,u„r• .q 9834 9934
4 19
. i 119
:
.
,
4 jaA.:,
,
19
2
0
g
0
:2
Ore Short Line latg6s 1922 F-A 118%119% 19
"
I
.' 115
118
181,cousol g 68
1946 J -J 117 117% 111
115
41 94
1)434 Sale 9434
• 111211 J•D
Guar refund 48
9534
Registered
11129 J-D
107 12zep '1)8 ....
Utah & Nor gold 58 1926 J •J 106%
J ni N J RR & C Co See Pa RR
Jtah Central See Rio Or Wes
Rah Si North See Un Pacific
!Lica & Black It See 11 Y Cent
98 Nov'08 ....
V andalia e,onsol g 46. .1955 F-A 98%
98 Sep'0E1._
T era Cruz &Plstgu41281934 J-J
&
I'
lint
W
Mo
See
Ter Val
Arginia Mid See South By
%Jan'09 .... 117%1171/4
is & liouthw't 1 at gu 58.2003 J -J 110%115 117
1958 A-0 118S 981a ink.Fe,bu
'u ---,-, 112
lat e0I18 50-year 53
9ska
9834
,,„
4 114%
,
1931)51-N 112 4 11319
abaah 1st gold 58
10214105
1939 F-A 105 10614105 Feb'09....
2t1 gold 68
'09
6Jan
1001
--1001
4
/
J
•
J
1939
100%
Debenture series A
i 86 90
86
90ie 86
1939 9 -9
Series B
100 Deo'08 ....
1st lien equips fd g 68 1921 M'S
.
Maillei
93
•J
J
1st lien 50 yr g term 48 1954
74 Sale 7334
7819 319
.._.. 71% 78%
1st ref and ext g 43 - 1956 J-J
Feb'09.... 108 1111
4
/
Det Jo Ch Ext let g 53_1941 J -J 101)4 110% 1094
97 Nov404 ....
86%
Des Moat Div lift g 4s 1939 J -J
89
80
30
3 80
1941 A-0 77
Ur
Om Div 1st g 312s
cm
91 Deo'08 ....
Tol & Oh Div lat g 48 1941 M•8
51
504
4 I 48
/
501
4
/
551
Vab Pitts Term let g 46.11)54 J'1) 60
60 4534 653,
61
41) Sale 49
Trust Co certfs
JD
1964
;
9'2" 9% 141
2d gold 4s
938
Varren See Del Lao Si West
Vaal). Cent See Nor Pao
Vash 0 Si W See Southern
93% Feb'09 S._
.
Vasil Tenni 1st gu 3125-1945 F-A 8314
93i-. 98-a
834
8414 15b 826
4 86
Vest Maryland let g 4s. 1952 A-0
70 Feb'09
89
1952 A•0
Gen Si conv g 4s
105 Dei.11)8 ....
W Va Cent & P lat g Os 1911 3-9 1024
Vest N Y & Pa lst g 58-11/37 J•J 117 117% 117 Feb'uu „__... 116 11
1.
1943 A-0 95
9538
951 r. 9536 96%
Gen gold 3-4s
34 Feb'0 ,
30
61943 Nov 25
Income 58
By
South
Vest No Car See
105 Feb'09 .... 107 109
Viiiiel'ig Si L E 1st g 6s.1026 A-0
95 Ply'08
Wheel Div 1st gold 53-1928 J -J
103% Dee'08
Exten & Imp gold 53. .1930 F-A
ltit let C011801 4s........11)49 1,1-9 874 88% 8812 Feb'09 .... 8334 90
.
99 Deo'08 .... ......
.
20-year equip 3 f 5s ...1922 J -9
Vilkes Si East See Erie
,V 11 db 81oux le See St P 114 & bi
9412Sale 941. AA '419 am. apt
Nie Cent 50.vr let !fen 48 1949 J.-J
Ir
W
MISCELLANEOUS lIONDS-Concluded.
Industrial
Miscellaneous
Manufacturing
1948 51-S
80 Sale 7912
46 8134 854 Adams Ex col tr g 45
SO
Beth Steel lit (nit el 53..1926
ferryCo 18tcons g 58'48 F-A
'38¼ 141 96% 99 •
Cent Leather 20-year g 69.1925 A-0 97 Sale 97
53.1916
g
F-A
col
Yard
48.1951
t
&
75
Jo
Chic
764
75
g
Feb'4111
50.yr
CousolTobacco
77'2
24 73% 7873 Det SI Si MIdgr incomes 1911 A-0
77
Distil Sea Cot cony 1st g 58227 A-0 764 Sale • 75
Institution for Irrig Wks
10514 7 101 108
105
Int Paper Co 1st con g 68 1918 F-A 105
-J
87
saie
J
87
87
1935
5s
g
f
88
Si Devel of Agricul s f
Consol cony
85
1943 11-N
102
5 100 102% 4',s (et's)
Int St Pump 10-yr cony. Us'13 J-J 101 14 102 102
964
16 94
1923 A.0 96% 98
97
fat Mercau Marine 4123-1922 A-0
98
Lackaw Steel 1st g 58
108 113's Lot Navigation isle f 56.11129 F-A
110
N i Air _Brake 1st cony 63'28 NeN 109 Salt. 108
99
100
10 98's 100% Man Bch 11 Si L geu g 48 1940 31-N
.Repub 1& S 1st& coltr 58.1934 A-0 99 81111
U a Leath Coal deb g0s 1913 24-N 105%1064, 105% 10612 24 104¼ 1064 Newp No Ship Si D D 58 d1990 J-J
88 sale 88
88
8 8434 88% N Y Dock 50-yr 1st g 43-1951 F-A
S Realty & I cony deb g es'24 J-J
01 1024 103% Providence Sec deb 48.-1957 M-N
tJ S Rubber 10-yr coll tr 6s.'lh J -D 1113 Sale 1.02% 103
Corp-jcoup .61903 11-N 10273 Sale 1.0278 10314 031 102 4104% Provident Loan Soo 4148.1921 31103% 1 102 104', St Joseph Stk Yds lst4%8.1930 J -J
103 Sale 103
$I 10-60 yr as.1 reg ..d1963
105% Nov408
6 Yuba Vial Co con g 68 1923 J-J
Va•Car Chien col It Ss g 1912 A-0
97
904
Salt
98 93% 97¼ zip Val Wat Works 1st 63 1906 M-9
96%
D
Os
•
J
1923
let 16-year
93 Sale 92',
1/4
45 91114 95
US Red & Ref 1st a g 68 1931
t 5s '31 J -J
Westin:dm/me le Si
5 Due Feb 6 Due Apr e Due May g Due .1'no
No price Friday; latest bid and asked this week. a Duo Jan
93% Sale
9234
93%
41 Oct'06
Jan'08
47 Apr'08
...... 100
41)
93
71% Sale
87
5 92 93%
......
......
....
92
93%
9236 Feb'09
77
71
72%
71%
88%
87
4 87
87
51) Feb'02
95
96 Aug'08
93
9214 Feb'09
90 Jan '99
89
92 100
954 Dec'08
10012803p '05
112 J'ly'04
113% J'ly '110
90
. 110
891
A Due J'ly 23 Due Nov satin= Sal.
CHICAGO STOOK EX.OEIATIE-3tock Record-Daily. Weekly and Yearly
STOCKS'HIGHEST AND LOWEST SALE PRICES
saturday
Feb. 27
Monday
Mch. 1
Tuesday
Mch, 2
Wednesday
Mch. 3
Thursday
Mch. 4
Friday
Mei. 5
sales
of Uze
Week
sham:
Last Sale 187 Feb'09
Feb'09
Last Sale 312
Last Sale 1278 Feb'09
Last Sale 112 Feb'09
42
4234 4234 42
2812
28
*2712 29
12
1214 12
*12
23
*2412 2512
25
Dee'OS
Last Sale 7
July'07
Last Sale 18
38
38 *36
*36
Last Sale 7912 Feb'09
17
17
1712
*15
*5112 52
51
49
Last Sale 4612 blay'08
*25
2212 *20
22
2212 *20
2212 *20
2212 2134 2134 *20
6712
65
65
64
65
*03
65
*63
65
*6365 *63
5412 55
55
55 *55
5812 5812
60
60
*56
*55
60
30
3018 30
3018 30
3018
3018 30
3018 30
3018 30
*9612 98
*9612 98 *9612 98
0612 98
*9612 98
*9612 98
June'08
Last Sale 23
--- ---- ---- ---- --_- _-__ ____ ____
8
818
73
7434
210 *202
128 *123
58
*57
105
106
814
814 812
814
812
74
74
75
75
75
Last Sale 202 Feb'09
210
128
Sate
Feb'09
Last
128
56
5512 5512 *55
56
106
106 *104 110 *105
Last Sale 10
July'08
*14
12
*14
Last Sale 12
12
*14
Jan'09
12
*14
2
112
1
114
1
1
*78 1
1
1
1
I
112
Last Sale 511. Feb'09
*5112 53
*5112 53 *5112 53
*5112 53
Last Sale 147
'May'08
---- ------- --118 *1
118
Last Sale 1
Dec'08
*1
118 ----------*1
its *1
*3
4
4
Last Sale 2
*3
*3
4
Dee'08
*3
4
*23
*23
24
23
23
21
22
24
*23
24
*23
24
130 130
0129 130
131
13112
12938 12938 *129 130 *130 131
_
Last Sale 214
Meh'08
71-ti-- Fr
*iigr2 fib - Last Sale 11812 Feb'09
o iii3:" 1-ir *ii.13- 1-2-r *10834 10834 10834 109
103 10818 108 10814 10812 10812 *10812 109
1812 18
18
1714 1734
1753 1758 1734 1734 1814 1814 *18
_
*73
74 ____
74
*73
74
*73
7312 7312
74
*73
- *12112 122
12018 121
121 12138 *12012 12112 12112 12112 12112 1-21778
42
42 *42
421.,
40
41
4112 4112 4134 42
4212 *42
45
*43
*43
45
45
*43
45
*43
Last Sale 41
Feb'Oji
Last Sale 20
June'07
Last Sale 20
July'08
P15112 10i2" 16113 Rd 102 10212 *102 103 *102 103 *102 103
11914 11914 11914 11914 *11912 120
11912 11912 11912 11938 *11912 120
*85
86
8612 *85
86
87
86
8612 86
86
*85
8612
*115 120 *115 120
119 11912 119 119 *119 121 *119
120
111 11112 11012 11034 11014 11012 *10978 11012
11012 11012 11012 111
6912 6912 69
7012 7033 72
7034 7112 7112 7112 *7112 7212
110 140
110 11012 110 11014 110 110
11013 11038 *11018 110110173 10214 102 10214 102 10212 10238 10234 10212 1023-1
10134 102
---- ---- ---- ---- --- -- ___ ___
Last Sale7
Feb'09
P127 130 *127 130 *127 130 *127 130
Last Sale 12712 Feb'09
100 10018 100 10014 *100 10014 100 1001; 100 10014 *100
10014
•33
78
78
7s
73
78
*58
78
*58
78
*53
7s
412 478 *414 434 *412 434 *412 434
418
438 438
414
---- ---- --- --- 15
1518 1514 1538 1534 17
1812 20
838
833
75
75
210 *202
128 *123
58
5512
106 *105
l?ang.; for Prevlsic
(-J.008)
Highesi
Lowe,:
838
814
7512 75
210 *202
128 *123
5512 *55
106 *105
Miscellaneous
1,815 American Can
100
713
Do pref
100
American Radiator 100
Do pref
100
35 Amer Shipbuilding_100
5
Do pref
100
Amer Straw Board
Booth (A) & Co
100
Do pref
100
5. Cal & Chic Canal &D_100
Central Trust Bank,.-100
Chic Brew'g & Malt'g
Do pref
-15E Chic Pneumatic Tool-100
71 Chicago Telephone
100
Do rights
Chic Title & Trust___100
"475 Commonw'th-Edison-100
650 Corn Prod Ref Co Com
25
Do
Do
Pref._
143 Diamond Match
100
295 Illinois Brick
100
___ Masonic Temple________
-- Milw & Chic Brewing
Do pref
--g5 National Biscuit
100
40
Do pref
100
25 National Carbon
100
104
Do prof
100
1,249 People'sGasL&Coke_101)
652 Sears-Roebuck com-100
174
Do pref
100
2,906 Swift & Co
100
rights
Do
T
i.; The Quaker Oats Co__100
l)o pref
100
110 Unit Box Bd & P Co_100
679
Do pref
100
511 Western Stone
100
1±
914 Jan 2
778 Jan 30
7184 Jan 6 77 Feb 2
200 Jan 14 202 Feb 4
128 Jan 20 128 Jan 20
5512 Mch 2 59 Jan 6
101 Feb 24 106 Mch 1
12Jan 21
34 Feb 9
5114 Jan 8
1 Jan 2
5 Jan 5
56 Jan 26
21 Mch 5 2738Jan 4
127 Jan 4 13134 Feb 23
117 Jan 18 121 Feb 15
107 Jan 21 109 Mch 5
1718 Feb 25 2058 Jan 27
7312 Feb 24 7658 Jan 27
117 Jan 9 12414 Feb 10
38 Jan 26 42 Mch 2
43 Jan 5 45 Feb 8
9778Jan 2
11814 Feb 15
82 Jan 14
110 Jan 15
102 Jan 5
55 Jan 5
101 Jan 5
10012 Jr...4 9
6 Feb 5
119 Jan 5
9812 Jan 2
58 Feb 19
412 Jan 19
15 Feb 16
IfLaheSt
Loves,
Railroads
Chicago City lay
100 18478 Jan 26 190 Feb 3
”-- Chicago & Oak Park_100
4 Jan 22
3 Jan 15
Do pref
9 Jan 21 15 Jan 22
100
---- Ohio Rys part ctf "1"-_ _ 112 Feb 15 11534 Jan 6
-151 Chic Rys part ctf "2"___ 42 Mel) 5 4534 Jan 2
128 Chic Rys part ctf ,'3"___
2778 Jan 12 30 Jan 29
37 Chic Rys part ctf
'
12 Mel) 2 1312Jan 2
4"___
08 Chicago Subway
100 25 Feb 26 2914 Jan 2
Chic Union TractIon_100
Do nref
100
25 Kans City Ry & Lt 100 35 Feb 24 3934Jan 21
Do pref
79 Jan 8 80 Jan 4
-5E6 Metropol W S Elev 10
°:: 17 Jan 4 17 Jan 4
472
Do pref
106 47 Jan 14 51 Mch 4
North Chicago Street-10u
--15 Northwestern Elev 100 21 Jan 6 23 Jan 21
650
Do nref
100 63 Jan 6 6712 Mch 5
225 South Side Elevated _100 50 Jan 25 5812 Mch 5
795 Streets W Stable C L..100 2973 Jan 20 3078 Feb 18
685
Do pref
100 97 Feb 15 0813 Jan 5
---- West Chicago Street-100
*185 190 *185 190 *185 190 *185 190
*312 4
*312 4
*312 4
*312 4
*10
11
*10
11
*10
11
*10
11
*110 11212 *110 11212 *110 11213 *110 11212
*43
4312 4314 4314 4278 43
43
43
*28
29
2812 2812 *28
29
*28
29
*12
1212 *12
1212 12
12
*12
1212
2514 2512 *2534 2614 *2534 2614 *2534 2614
---- ---- ---- ---- ---- ---- --..- ---_ _
- --_aaa- ..,-, - -aa- a- - -aa37 -3-7- *37 -39' -32''''
' -"'S *6
80
*79
*79
80
*79
80
*79
80
*14
15
*14
15 *14
15
*1518 1712
*46
50 *46
50
47
49
*43
50
8
73
*202
*123
*57
*103
Raw ,inc;
.Jan. 1 1909
OCKS
CHICAGO STOCK
EXCHANGE
109 Jan 16
12012 Feb 6
87 Feb 27
11912 Mch 2
11412 Feb 15
72 Mch 2
112 Feb 19
10234 Feb 9
20 Jan 18
130 Jan 30
10134 Feb 10
11 Jan 4
912Jan 4
20 Mch 5
155 Dec
160 Jan
118 Aug
138 Feb
617Dec.
10 Aug
8434 .i am. 119 Nov
47 J'ne
38 Oct
28 Dec .
20 Nov
1312 Dec •
934 Sep
3012 Dec
15 Feb
21211c
Dec
30 Oct
4734 Nov
68 Sep
8612 Nov
1214 No
19 Jan
42 Jan
54 May
44 Ma
41 Slay
22 Dec
1334 Aug
46 Aua. C212 Dec
42 Au• /1 Jan
2612 Apr
al Nov
85 Apr 103 J'ne
25 Apr
31 May
Feb
1033 Nov
7678 Dec
4112 Jan
125 Jan 11.10 Dec
116 Apr 12814 Nov
37 Mat
63 Nov
91 Jan 104 Nov
10 J'ly
42 Jan
73 Dec
30 Jan
3 Dec 100 May
40 Feb
5714 Dec
197 Ma
147 May
1 Oct
lla Aug
2 Nov
4 Apr
20 Dec
2012 Aug
106 Jan 153 Sep
234 Feb
34 Feb
100 Jan 116 Dec
80 Jan 110 Oct
113 Jan I 137 Aug
30 Jan 1 4212 Dec
38 J'nol 46 J'ly
19 J'ne
70 Jan
10114 Jan
51 Mch
91 Mob
5012 Jan
24 Jan
72 Jan
8812 Jan
20 J'iy
97 Dec
120 Aug
87 Dec
115 Nov
106 Dec
56 Dec
102 Dec
10534 Sep
11434 Jan
87 Jan
14 J'ly
112 J'ly
1134 Oct
134 Jan
100 J'ly
134Jan
12 Jan
17 Apr
Awe
Chicago Banks and Trust Comnanies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week endinq March 5.
Internit
Pertol
Price
Friday
March 5
Week's
Range or
Last Sate
13'ds
Sold
Range
for
Year 1909
Bid
Ask Low
High No. Low
IliQl
Amer Strawb'd 1st 6s_1911 J - J ---- -_ 100 Meh'07 -___
_ __
Cass Av & F G (St L) 53'12 J - J ...... ___ 10114Feb'09 __ 101 10114
Chic Board of Trade 431927 .1 - 1)
100 alay'Oi
Chicago 0"ty Ry 55_1927 1, - A 11)438 10458 10438 1043s 25 10414 105
Chia Consol Br&Mit Os__ J - J
0:3 Apr'04 _____
Chic Consol Trac 45-4s-1930 J - I) ---------55
Aug'07
-__- ____
Chic Auditorium 1st 5s1029 F - A _--- ---- 963433344'06 ___ _ --Chic Dock Co 1st 443_1929 A - 0
_
--------Ohio No Shore Elea 63_1912 A - 0 --___
87 Feb'06
Ohio Pneum Toola1921 J - J 73
72
74
74
73
74
57
1st 53
_1927 F - A 10213 Sale 10238 10212 19 lOila 10234
Chic Ry 5s
9514 Sale
9514 0514
Is
931-2 953s
Chic Rys 4-55 series"A"
8812 8914 89
8910 44
Chic Rys 4-53 series "B"
8434 891,,
90
91
90
9014 41
Chic Rys 4-58 series "C"
89
NCI
10214 1021, 10214 10214 20 10118 1023s
Chic Rys coil 63_1913
#10218 Sale 10218 102is 11 10218 1023s,
Chic Ry.; Fund 6s____1913
110213 Sale 10218 10218
Chic Rys Tern Ctts 1st 51- __
41 102 1021,
Chic R I & P RR 4s--2002 M - N ---- ---- 6612Aug'08 __ _--._ ----6612.Ply'08
Coliat Trust g 5s___1913 M - S ---- ---Commonw'alth-Ed isonChic Edison deb 6s1913 .1 - J 10034 ___ 100 June'Os
1st g 5s __July 1920 A - 0 101I8 10138 10118Feb'09 ____ 101 10134
10158 10134 12 101 10218
Debenture 5s-_1926 M - S 10158 102
1 1023.1 1035s
Commonw Elect 5s5194:1 ai - S 10114 Sale 10314 10314
8o Dee'08 __
Illinois Tunnel 5s____1923 J - D ---- --Kan City Ry&Lteo 55 1913 M - N --------316 Oet'Os
96
96
11
--__
95
96
KnIck'b'ker Ice 1st 53-1928 A - 0 96
84
84 _
1
90
73
Lake St E1-1st 5s ___1928 j - j 83
85
Income Si
1025 Feb -- -- 16 May'00
Ifetr W Side El80
8438 86
8:3
86
86 Sale
1st 43
1933 F - A
Extension g 4s
82(2 8334
1938 J
J 8334 Sale 8114 8134 26
90 Dena; ___ ____
North Chic St 1st 53_1909 J - J ---1st 51
19162- J
Refunding g 4 /43_1931 A - 0 --------79 Aug'06 -__ ___ ____
No Ohio CityRy4301927 M - N ------75 Feb.07 ---60
9412 95
9214 95
North West El 1st 4s....1911 M - S 05 Sale
95
I
93
1945 M- N 95
95
95
Ogden Gas 5s
--__
2 10014 1001.
Pearsons-Taft 5s
1016 .1 - D 100 --__ 10012 10012
2
B. S 97
9634 973::
4.403
9734 9734
E
al - N
9a78 Sale 0973 9978
4.603 Series
2
0934 597
M - N 9912 ____ 10018Feb'Oa ____ 10018 1001s
4.303 Series F
Pao Gas Leo() 1st 6s__1043 A'0 120 --_ 120 Jan'09 __ 120 120
2
104
103 104
Refunding g 5s____1947 11 - S 10312 10912 104
104 10433
Chic Gas L&C 1st 5s 1937 J - J 104 10133 104 Feb'09 -Consum Gas 1st 53_1936 J - I) 10117 1031. 102 Feb'09 ____ 102 102
--__
_
Mut'l Fuel Gas 1st5s1947 id - N ___
: NO Sep'Os
, 9614
9614 105
941,
14578 Sale
95
South Side May 43.s_1924 J - J
10112Feb.09 ____
Swift & Co 1st g 5s___1914 J - J ....
10012 1011.,
Union El (Loop) 5s___1945 A - 0 --- 95
92
95 Feb'09 -___
95 -N
Union Pacific cony 4s_1911
14 Novq04
---- ---- 70 Jan'09 __70
70
United Box Board col lis'::(3 ----- --------00 May'07
West Chic St 1st 5s___1928 M - N --- ____
1909 F - A __ ____
6812 Sep'05
Tunnel 1st 55
1914
J
D
---- - .... 73 June'07Debenture Gs
1918 al - N ---- ---80(4 Jne.'043
Consol g Is rets
87 Dea.06
Wes DiveltyRy 41-01932 1 - J - __
1901)
A
0
---- ..-__
8310 Jtv'OS
Western Stone Co 5s
Lint, --A,,,,,,,ncl I ntorf,11
.
must
tse added to nil
r
'
ille,;(rn
Finn
NAME.
Outstandtng
SWek
Surpon
and
P701113
Dividend Record
In
1907
Bankers National
$2,000,000 $1,265,235
8
Calumat National
100.000
34,125
6
560,000
Chicago City
177,183 10
Commercial National... 3,000,000 4,266,567 12
4,000,000 3,710,933
ContinentalNational8
50,000
Cook Co State Savings„
4,833
6
Corn Exchange National 3,000,000 5,068,466 12
200,000
zDrexel State
6
83,703
600,000
392,913
Drovers Del) National
8
200,000
E'ngiewoon State
31,160
8,000,000
First N paten&
8,053,817 12
150,000
First Nat Englewood__._
168,320 10
515,764
1,000,000
Priv
Foreman Bros B'k'g Co
447,712
8
Fort Dearborn National- 1,000.000
500,000
158,216
5
Hamilton National
848.632
1,500,000
8
I(lbernian B'k'g Assn
200,000
106,140 10
kaspar State Bank
408,038
Live Stock Exchange Nat 1,250,000
300,000
61,578
Monroe National
8
2,000,000 1,124,106
Nat Bank of Republic
1,500,000
491,825
National City
250,000
62,753 Began
National Produce
65,891
200,000
North Avenue State..,..
50,000
10.570
NorthSide State Sayings
x0altland National
100,000
u
(x)
Prairie National
250,000
6S,859
Prairie State
500,000
40,752
8
Railway Exchange
4
'
30
50
Security
0:00
°0
137
1:057
48
a Organ
South Chicago Savings- _
200,000
78,005
State Bank of Chicago
1,000,000 1,304,095 9+1
Stock Yards Savings....
250,000
6
168,016
200,000
UnionBank of Chicago..
41,783
6
6
200,000
UnionStock Yards State
60,863
American Trust & Saws- 3,000,000 2,975,463
8
840,468
zCentral Trust Co ot 111_ 2,000,000
7
n500,000
105,751
Chicago Say Bk & Tr
5,000,000 41,208,619
Chicago Title & Trust
3
00,000
14,336
Citizens Trust & Savings
600,000
Colonial Trust & Savings
485,685 10
200,000
92,969
Drovers Trust & Savings
6
1,500,000
177,368 Organ
Farwell Trust Co
2,000,000 2,330,449
First Trust & Savings
200,000
Inco
-rp
Guarantee Trust & Sao/808,
0803
192
Harris Trust & Savings. 1,250,000
IllinoisTrust & Savings- 5,000,000 8,258,064
200,000
a
Kenwood Trust & Savgs
44,064
200,000
2
31,619
Lake View Trust & Savgs
Merchants' Loan & Tr Co 3,000,000 4,867,652 12
730,000
6
Metropolitan Trust & Say
250,615
1,500.000 2,015,679
8
Northern Trust Co
200,000
6
48,036
North-Western Tr & Say
200,000
6
People's Trust & Sayings
88,993
Pullman Trust ec Sayings 000,000
163,004 88
500,000
8
552,422
zitoyal Trust Co
200,000
6
21,002
Stockmen's Trust & Sal/1,000,000 1,132,907
Tinton Trust Co
Western Trust & Savings 1,000,000
213,968
200,000
West Side Tr & Say Bank
50,872 Began
200,0110
Wow:lawn TrecSay Bank
6
31,978
Per- Last Paid
in
1903 tad
8
10
12
8
6
12
6
Q-M Dee ;08 2
An. Dec
6
3
008
3 5
i.),,enc :
j
Q-J
Q-M
Q-J
Q-J
Q-J
6
Q-J
12 Q-M
10 Q -51
ate Ba nk
8
Q-J
'J-'J
5
8
Jai
10
10+2 Q-M
4
8
Q-J
3
Q-J
busine
244 Q-J
Q-,1
6
6
Q-J
Jan
Dec
Jan
Jan
Jan
Jan
09 2
'08 113
:09 3
212
'09 112
'09,
'uv; 112
Dec
pec 3'0
1 8.
138
"
212
Jan
Jan
Jan
Jan
Dec
Feb
Jan
Jan
Aug
Jan
Jan
Jan
'09. 2
'09. 212
'09; 2
'0905
'08. 412
'09, 1 ,
'09,2
'09; 112
26 1907
'09. 114
'09. 112
'09, 112
Q-M Jan '09, 2
Jan '08. 2
Oct 12 1906
Jan '09; 112
Q-J Jan '09; 3 ,
3-1) Dec '08; 4
M-N Nov '08; 3
Q-J Jan '09; 112
8
Q-J Dec '08; 2
Q-J Jan '09: 134
1/4 Q-J Jan '09, 112
6
Q-J Jan '09. 112
4 A -0,Oct '03j 2
8+2 Q-J Jan '09. 212
Jan '09; 2
7/4
Apr 13 1907
Izod
8
2
Ized
tS
11
7
6
orated
6
/6+4
6
4/4
12
6
8
6
6
8
8
5
8
6
busine
6
1908 V. 87,1).1138
QJ Jan '09, 2
Feb '0901
Q-J Jan '09; 112
Q-J Jan '09; 114
Q-J Jan '09; 3
Q-J Dec '08; 112
Q-J Jan '0902
J-J Jan '0903
J-J Jan '092 4
Q-J Jan 'OW 2
Q-F Feb '0902
J-J Jan '09 21z,
Q-M Dec '08 2
Jan 'OW 112
Sept 5 190g
Jan '09. 112
ft nr4nno
• Bid and asked prices; no sales were made on this day.
t Feb. 5 (close of business) for national banks and Feb. 6 (opening of business) tor.'
a Duo Deo, 31, 5 Due June. k Capital increased from $300,000; a stock dividend
No price Friday; latest price this week.
kAto institutions,
it 33 1-3./0 being daelared in part payment therefor. n Capital and surplus to be increased. q Dividends are paid Q.J. with extra payments Q-Fz Drexel State and Oakland National banks consolidated in February 1908 under name of Drexel State Bank.
tAs of date Deo. 31 1908.
Royal 'feast Co. purchased by and Merged in the Central Trust Co, V. 83. p. 541.
BOSTON STOCK EXCHAN(i-1;-Stock Record, Daily, Weekly and -Y ear v
sri APT? PRICES-NOT PER CEATUM PRICES
Balurday
Feb. 27.
Monday
March 1.
Tuesday
Marcn 2.
Wednesday
March 3.
147,;rot
1r
"
Friday
March 5
Eares
ol the
Weet
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range 3.4n. Jan 1
1410)
Lowest
IIfallen
ange -et litmus Ica?
(14)08'
LOwest
113theal
6733 Feb 10114 Dec
, 13 104 Mch 2
a Fels im34 Lain
Saandts
&ilm
Ra
10334 10334 --------1.352 Atch Top
10334 104
104
8313 Men 10414 Deo
15 10214 Feb 26
10238 10278 10212 10314 10334 10178
Do pre!
166
*10218 10318 101:2 10112 101,3 10178
100 225 Jan 4 6 37 Jan 15 191I Jan 230 Ddo
102 102 *10212 10312 10178
lbany
A
&
Boston
235
235
157
x23312
23312
236
Jan
Dec 140 .ian
130
27
/.121).
7
23634 23334 23634 23634 235
Jan
12414
236 233
100
_
Elevated
Boston
526
127 12734 12734 12734 1234 12734
128 12812! 127 128
128 128
100 224 Jan 12 234 Jan 26 2001:i Feb 228 Deo
35 Boston & Lowell
232 232 *231
232 232 i'....__ 233 *____ 233
..an 2 140 .133 15 114 Oct 140 Jan
13212
100
231 231
Maine
&
Boston
7
13
'
3
135 13512 1351 1351 *51
135 135
100 151 Feb 26 152 Feb 26 136 Feb 1513 Jan
135 135
Do pre
--7
152 152 *153 ----------- -------_-- .__& Provtdence_100 300 Jan 4 301 Jan 9 284 Jan Z-M1 Nov
___10 Boston
300 Soli" 56 - 300
6- *__ 300
9 Melt
13 31 eit
*.___ 300 *-_-_-_-_ '.E6.
1134 Jan 2 22 Feb 3
Cos-__
El
Suburban
Bost
40
*1419
*14
If
1812
1812 *14
*14
18
88 Nov
18
45 Jan
*____ 19
6012 Jan 5 75 Feb 3
Do pr3t
20
7412
7412 *74
7413 *74
7412 *74
7412 7412 *74
17 Jan
*7312 75
812 Nov
1012 Jan 8 14 Jan 21.
Elec Co:
&Wor
Boston
____
4
Sale
133
Feb'09
Last
14
*10
14
*10
14
6012 Jan
4712 Dec
*1013 ____ *12
52 Jan 5 57 Jan 23
Do pref
70
55
55 'P._ _ _
55
57
*55
57
57
57
*54
15114 Dec
25 160 Feb lo 126 Jan
15 Chic June By & USY _100 143 :an
150
151)
*___ 153 *__-- 150 *--- 150 *33-150 *--__ 150
100 118 Jan 27 120 Jrn 5 102 J3t1 12012 Dec
met
Do
128
94
11034
3
--------11
118
12
11812
Dec 165 Alen
*____ 120
11912 11012 __-- ____
____ Con & Mont. Class 4_100 170 Jan 26 173 Meh 5 16:3
173
173
---- ---- -- -___ ---- -___ ---- ---- -Conn & Pass By pret_100 339 Jan 2 139 Jan '... 133(4 33131) 138 Apr
iiist;g1; 139 Feb319______ C,onnectleut
---- ___
RIver_100 267 Jan 15 1 117 Jan 15 244 Jan 263 Dec
Jani09
Last Sale 267
133 Nov
100 132 Jan 2 136 Feb 5 117 Jan
21 Ftchburg. met
--_-_-_ i5i- Cif- 134 134 *____ 33312
56 Dee
(47 Apr
*155- fil- si55- -_-_-_-_ *al
100 75 Jan 0 $412 Feb 2
78 Ga By & ElectrIc
8113
8112 *80
8112 *31
85 Dec
31 Oct
8114 8112 8113 -8112 *80
82
82
100 79 Jan 14 35 Feb 18
o
s
mm
l
i
5
_
_
85
85
*84
85
*84
*84
85
85
85
*82
*84
85
Ja:. 13 49514 ,.an 13 193 Nov 193 Nov
19514
100
e
n
I
'
a
r
t
t
Last Sale 19514 Jan'09
1334 N ov
514 Jan
1114 Jan 12 15 Feb 15
101
Pctric Cos
1-ee
MasseEC
-1-4-12 1414 1414
04 Nov
40 Jan
3'55'4 -14-- -ii- If" ;154 -fit; "1412
100 5812 Jan 15 7012 bleh 5
Do pret
437
Ca
69 2-11185i;
68,2 69
69
*68
00
(93
Jan 21 164 Jan 9 128 Jan 161 Nov
157
*-- 68
Hartford_100
&
H
N
N
Y
15984
455
15
.100 146 Feb 4 146 Feb 4 140 Jne 145 Apr
Last Sale 146 Feb119 ____ Northern N H
200 Apt :‘05 Feb
_100
LastSate(150a08____ Norwich & Wor pret 100 194 Jan 5 10018 Jan '8 175 Jan
10613 Dec
Colony
Old
88
34 Dco
3:5-if2 fii1-2 ii,5- lig- 19813 10812 9 2 10
4
16 Jan
Jan
30
22
Jan
27
*7:: far *-_-_:: fiii;
100
5 Rutland pret
27
*25
27
*25
27
*25
05 Deo
27
*25
27
70 Feb
27
27
*25
1014 Mch 2 9212 Jan 11
100
Seattle
Electric
25
9212
*9012
9212
b81 Jan 102 Deo
Jan 5
10112
Jan
30
*9012 9213 *9012 9213 1.04 1014 *9014 92 *9012
9912
100
pret
Do
45
10012 10012 10012 10012 10012 10012 10012 10012
*9912 100
*9912 100
100 217273 Feb 26 18334 Jan 2 11012 Met 18558 Nov
1,016 Union Pacific
0733 Nov
7834 Apr
17413 17434 17434 17614 17614 17614 17512 17512 17438 1751317434 17434
100 0312 Meh 2 0614 Jan :33
ill;
161 Nov
1 , 150 Jan
*9213 9312 *9312 0412 9312 9313 *9412 9512 9438 0438 *9518
12 Jan 20 165 Oa
12
efltlass
5:
ninoncr
Ver
Jan96'0018
9112 Sep
Last Sale 165
Jan
76
19
Feb
05
2
- i West End St
9334 94
J10 Dec
06 Jan
- -ii- ;5512 ..ii- 94 94
;55f2 -1i1f- -65f2 -61-3 *7;;,
50 10614 Jan 9 11012 Feb 3
Do Pre
264
10912
109
109 109
10912 10912 10812 109
133 J'ly 140 Mcb
109 109
*____ 109
Sep'08 ____ Worc Nash & 1toch 100
Last Sale 140
Miscellaneous
35 Nov
13 Jan
!034 Jan
,
390 Amer Agricul Chem__100 3314 Jan 2 100 Feb 10
361t
3612 36
36
37
3614 *36
36
77 Mel, 96 Nov
*3113 37
37
*36
10004 Jan 18
70 Do pret
:
991
9912
0912
9812
5813
012
12 Dec
9813
Fe))
9812
4
12
98
0312
.3
13813
Feb
178
*98
26
834
858
81.t
858 913
010 3,479 Amer Pneu Service
23 Dec
132
9
934
132 Feb
9
9',
9
Do pret
1833 1312 1,740
9914 Jan 13753 Nov
1914 1812 19
1012 19
19
1
1914 1512 1914 20
nb22
ne
M
J
334
9
:
2
13
4
3
1
2
Feb
3260;
382 Amer Sugar Refin100
129
12912 12012 129
12812 12212 12834 129
127.4 12714 12812 130
130 Jan 5 106 Feb 132 Nov
100 127 Jan
80 Do pret
1321, Nov
12714 12814 *12712 12812 128 128 , 12818 12812
99 Jan
127 129
*12712 128
4,562 Amer Telep de Teleg_100 12514 Feb 1 12973 Feb 1/'
3233 Dec
16 Jan
12814 12834 12814 12331 12313 12361 12812 12878 12312 12834 12818 12:312
30.23 440
4
2713
Feb
0
American Woolen10
110
20
*28
2812
2812
9012 Nov
2812
*28
2312
*273t
12
27
7734
Feb
2712
2812
18
Feb
*27
100 0312Jan 15 0712
Do pret
458
9614 96614 9614 1612
412 Dec
3 Jan
25
Feb
062 0612 0634 9314 9334 9614 9C34 *4
133
5
6
4
Jan
10
Land
Boston
5
5
412 ' 434 *4
6
5 *
9612 Jan 128 Nov
'P.__
9 4 umb Telep & Teleg_100 125 Jan 26 12712 Jan 5
20
12
127
*45
*126
127
127
Dec
127
*126
2114
127
*126
127
Jan
*126
1434
127
*126
151 Dominion Iron Sc Steel-- 1813 Jan 11 3812 Feb 17
32
32 *31
838 Nov
3234 3134 3134 33118 3113 *31
414 Malt
2012 2612 *31
7 Jan 4 10 Feb 25
.-938
9
234 0
1!,
9
9
9
*S12 __8
3.. 3,400 East Boston Land
.4
.
83, 9
Nov
253
Alch
201
4
Mch
25412
2
Jan
245
_
572 Edison 1-.31ec Illum100
254
254 25413 254
Dee
25314 2533, 25312 254
253 253
252 253
100 15033 Feb 24 /59 Jan 2 111 Jan 162 Dec.
433 General Electric
. 155 15512
60
804
44)
13
Feb
15312 15412 15513 15512 35q2 155:; 15513 1551
87
5
n
ab
.e
i
.
a
1S8
sGasCos
4
C95 Massachusett
6434
6434 6434 0412 C434 -30
90 Nov
6413 65
65
66
77 Jan
6478 66
5 9378 Feb 18
Do pret
240
9234
9238 0238 9233 9212 9212 0234 1234 92
0212 92
*92
100 205 Jan 7 120 Feb 17 192 Apr 215 Nov
112 Mergenthaler LIno
205
205
205 206
205 205
205 205
3 Oct
205 205
314:11
*205 208
1
4
Feb
21.
5
Jan
2
10
Mexican Telephone_
Lae Sale 2
. Fe1009
212
213 *2
212 *2
212 *2
*2
40 Mel, 78 Nov
ezni 27 75 - Feb 14
1S8 'a p
--2:5 N E Cotton Yarn
74
7212 7212 7212 7212 *72
93 Dec
74
*72
74
*72
74
75 Mcb
*72
10
Feb
09
2
nret
Do
65
09
9812 0512
90
93
98
Nov
09
*_- 09 *93 __ *98
100 12614 Jan 5 133 Feb •_4 105 Jan 128 Dee
3,53 N E Telephone
133
133 133
133
133 133
79
133 133
5112 .1'443
*13213 133
133 133
l'ac 'c Ctia9t Powor_100 75 Feb 6 7812 Feb
Last Sale 77
7812
*78
Feb'09 __
147 Jan 374l Nov
._ *78
7812
Jan
1721'
3'3
,
30
Jan
168
100
Co
Pullman
09
170
169
16934 16934
1012 Nov
--,- 1-16- 170 170
9 Apr
934 Jan 11 1034 Jan •,
18912 f0912 170 170 1170
1012 *10 ____ *10
10 Reece Button-Hole.... 10
1014 *10
8513 Jail 10813 J'ly
1012 10
1012 *10
*10
100 100 Jan 9 103 Feb 0
8 1,055 Swift & Co
8 10213 10213 102724 Oct
20 Jan
4
102 10214 10218 10214 10218 10233 1023
:.312.7an
10134 102
15
Jan
22
25
A.._
Torrington,
Class
134
113 22
25
10
22 :
2612 Deo
73 May
*2112 2213 *2112 2212 *2112 2212 22
25 2414 Jan 29 :534 Mch 5
pier
Do
.;
i4
5
70
-2
4
..3
2514
2)3 Jan
2514
2512
Mcli
*25
114
2512
2513 *25
*25
134 Jan .:
1 Jan 26
50 Union Cop 1 'd & M'g_ 25
112
112
11413 Jan 148 J'ly
4
.Ian
131
Jan
13
1512
100
United
Fruit
fir 130 13014 844
6238 Nov
Jan
3512
14
I2712 fir iiii2 fii- 12712 12-g- H:ZI- 1-291-4 i2514
6014Jan
2
Jan
60
A/1
30 Nov
0414 6414 6312 6412 ---2
6412 4.438 Un Shoe Mach Corp.._ 25
05
247 Jan
65
65
6438 6434 65
25 2812 Jan 11 8012 Meh 5
Do pre
005
301, 3033 3013
5834 Nov
26 Jan
2914 2914 20,14 2934 2q34 2034 2934
29
20
100 4134 Feb 21 5413 .1an 15
114 Nov
401 4538 4434 4614 4438 4533 4373 4478 15,594 U S Steel Corp
Jan
5471..
15
3an
11478
4413 4434 4434 46
33
Feb
100 107
pret.
Do
442 Nov
3
3
11013
1107
11118
110
1113
8
8
1.333
11078
8
1113
4
Feb
11014
11078
110
8 Jan 6
10934 11012
613 Jan 11
& Teleg_100
1,3 west Telep
5014 Dec
7
59 Jan
7
8
*7
100 76 Mch 3 82 ;Tan F.
Do pret
21
-77(3- -'71- ;a- -IRT- ;ii- ."81:178
*7713
78
*75
7712
12
77
Mining
1214 Aug
112 Feb
7"Feb 1 1014 Jr.n i
^5
4113 Nov
8
1,495 Adventure Con
8
333
8
8
24 Apr
8
812
8
818 813
29 45 Feb 16
8
8
a85 A 11otiez
39
8313 Nov
Feb
4012 3914 4013 4014 4012 39
45
40
41
2
41
3812 40
8453.1rin
20
e%
a
F
.1
tit
Copper 1U1
6813
58,258
Amalgamated
6634
7014
6778
7058
30
J'ne
2034
1934
Jan
7113
7014
9
Feb
7133
4 2734
6758 6818 60
675 Am %Inc Lead & Sm.. 25 2312 Feb 26
53 Nov
28 Feb
2513 2412 25 *2412 251 *
4878: • ,o 3
Feb
2412 2513 25
2
570 Anaconda 53813
Jan
Dec
6
3
-------- 2
2
Mch
--------4111 4178 4178 42 4
378
30
Jan
21:
3978 3978 41
25
Arcadian
4053 Dec
-5 --51:i
533
5
19 Jan
2
538 578
514 531
434 514
Commercial_ 25 30 Feb 26 38 .1an
3413 3544 3412 -;3f
.00 Aug
35
.40 Feb
.1 4 161,512551
1. Feb 1;
3213 3334 2312 3312 34
32
25 45 Feb 17
31
*.85
150 Arnold
*.85 .
1913 Nov
.09
.99
.85
Apr
*
1
1
2
.;an
.99
38
11
6.80
Feb
1314
5
.99
4.80
15
Jan 2 .25 Oct .75 Nov
1512 1578 1578 1573 1512 1512 1562 1512 *.45
Feb
1534 16
3 itlounaann`
0
0'
1".17
1513 Nov
.18
1014 Apr
2
.50 .50 5.45 .50 * .45 .50
1718Jan
fll
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37
12
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)
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(
1,405 Boston
25 Nov
1114 Apr
12
1238 1218 1238 12
5 1738 Feb 26 7'2:- Jan 2
1158 1138 1212 1234 1218 1513 12
13os&CorbCop&SI1M8
18
1813
SO
18
Aug
1814
2,488
Jan
4
183
1812
1512
1834
1834
2738 Jan 2
19
18
18
18
6,472 Butte Coalition
2314 2334 2234 23
24
13 Feb 130 Aug
2412 24
eg 2-1 119 Jan 4
2312 2312 2433 24
22
Calumet & Arizona_ .13i 1/138 L
104
x101
103
700
102
Mel,
1.320
Jan
104
x565
103
105
4
Jan
680
10312
26
Feb
25 585
9914 9934 105
90
I Reda
eetebete&
Calumet
c
620
625
620 625
304 Nov
21 Feb
620 620
615 615
an 1 3434 Feb 16 .25
610 615
23g Feb
610 610
23 :
/deli .45 Joe
30
79530
2914 30
7 Z5 .an 15
3018 3014 3,033 3014 3014 30
30
2938 30
. I
600 Cons Mercur Gold
.30
5518
.30
.30
.25
*
8378 Nov
Feb
.30
.25
*
2
Jan
,L0
8214
.30
.34
*.30 .32 i. 20
27413 7631 11,307 Copper Range Con Co 100F
1178 Nov
7514 77
7 Jan
7412 75
76
eb '72.!1 11 Jan 14
7613 75
1';;Ie
7212 73
70
20 (8
So Daly West
034
034
10 Dec
834 Dec
934 934
913 012
/
912 912
Mch
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1578
1
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712
3-in__10
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38,14)7
15
1414
1512
Alen
1412
.06
8
5
15
'234 Nov
15
Jan
15
1534
15
212
9
2 Jan
1418 1414 1412 3578
12
260 Elm River
2
2
214
214 *2
1913 Nov
612 Apr
213 213 *2
214 *2
*2
214
25 13 Feb 25 1613 Jan 2
750 Franklin
1314 1314
80
J'ly
110
Jan
4
Jan
110
26
Feb
1334 1334 1312 1334 1314 1314
14
U.)
1314 1312 14
94
3:33 Granby Consolidated_ 100
94
95
*02
95
95
1318 Aug
673 Jan
96
95
06
95
94
0 Feb 20 1234 Jan 2
94
7,333 Greene Cananea
934 10
1014
156 J'ly
27s Jan
1013 10
4114 10
1018 1038 10
1014
10
259
Consol_
_
Guanajuato
Dee'08
Last Sate 2
1734 Feb
2614 Jan
5 .1,114 Feb 10
Isle Royale (Copper).. 25 24 Jan 30
"itTi; 29 2912 2833 2014 12-,7F36 Lake
10 Sep
2414 Dec
231.Jan 4
"i5- Urt-4 -55- 167; -55C8 -3i)-3-4 -Nr4
25 16 Jan
Copper
1814 1814 2,331
18
1214 Jan
4 Feb its
1033
1714Jan
1813 1813 18
30
1913 1838 19
18
Jan
1734
13
174
1
35
1,252 1 a Salle Copper
15
838 Aug
15
15
033 Fell 10
214 Alch
154 15
478 Feb 0
1514 1513 1512 1534 15
13
15
35
638
625 Mass Consol
5
514 514
5
5
.65 Mch 3 .25 Jan .75 J'ly
512 812
512 512
5
5
Mayflower
200
*
.70
.60
8 Jan
312 Dec
r Jan 8
7
15
2
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b
.60 .60
e
F
4
0
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'583
5
0
1
2
S.__
&
418 2,518 Mexico Cons St
*378 Os *378
1512 Dec
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414 *418 412
634 Sep
4
5 3234 Feb 26 1538Jan 2
*334 4
alluig
i aC
eopper
) ,Ile
714 Feb
1333 1312 1314 1313 4,a8
1512 Nov
Feb 27 10 Jan 4
1318 1314 1313 1373 1338 1373 1313 14
1014
0
5
1
3
11
*1013
45 Feb
73 Nov
1031 1034 *1012 11
11
1014 1014 1012 1012 11
5 59 Feb 1 7018 Jan 8
25
520 Mobawk
6312 6213 6213
63
13s Jan
.23 Dec
6413 6212 63
64
04
63
.19 Feb 11 35 Jan 1
60
60
180 Montana Consul C & C
.25
.25
5 1953 Jan 15
2034 Nov
83 Jan
.20 .20 * .25 .35
mcebh26
613. F
_ 5 .20 .25 1..25 .33
14
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Nevada
335
8 May
6 Jan 4
438 Oct
4 1718 1713 1712 1712 1713 1718
-iiiis -1-67g 1738 1738 1734 173
14)
S..
413
440 Newhouse Mines &
4
4
414 *4
4
8514 Jan 2
4034 Feb
414 412 *438 .:3!
8934 Nov
413 412
26,8441 North Butte
J'ly
(.4) Jan 8 .50 Jan
6778
7213 7038 7114 6814 71
6934 7213 71
6914 70
Old Cr lorry
Last Sale 60
Feb693'004
6012 Deo
* .60 ___ *.60 ____
8 584 Jan 2
28 Jan
b 24
enb
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F
jk
4
614
0
47
-66
5
21,
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i
.
5012
5112
5113
21
Feb
138
19
Feb
b
77
e
5134
F
4913
49
48
560 Osceola
130
130
3118 Dec
130 130
130 131
3018 Jan 2
129 130
1012 Jan
2
26
12512 12312 128 131
0 12
15
114 Jan
1,583 Parsott (Silver & Cop) 2
28
28
1. Meli
1 Jan 11
2834 2834 2812 2834 *28 ,29
20
27
1 Jan 14
27
27
ConsoOdated 25
Phoenix
Aug
1
Jar3
Sale
1.a3t
09
100
1
..
4
Feb
*..
1.1)
77
Jan
1
1
Feb
1 *___
0 85
15
2
038 Nov
2 Mch
55 90 8812 8912 *87 89 83 86 -iii8 Rhode Island
514 Jan 5
478 Jan 30
90
x87
63
*86
25
Feb'09
Last Sale 5
333 Nov
158 Apr
.478 Jan
25
Fob
2
Fe (Gold & Cop)
cY
na
214 214
Qaunt
2
2
-iii3 S
7,i. -jig
1914 Nov
934 Feb
2 -V- --_._4
4 -1312 Feb 26 1778Jan 4
--I. --2-1-3 -,;ir, --2-11,997 Shannon
14
3613 Nov
14 Apr
4614 Mch
1434 1438 1412 1414 1412 1414 1412 14
1338 1378 14
8,095 Superior
43
44
1713
Feb
254
16
kb
461 1 4412 4534 4414 4412 4312 44
'
38
4
4
1
4378 44
43
1473 1478 1,525 Ssiperior & Boston Mini)) 1373 Feb 24 1773 Jan 2
15
14 15
2018 Nov
1413 Oct
1412 1434 1434 1034 1514 1533 1514 15
i 4 3,887 Superior&PItts Copp_ 10
56 Mch 58 Nov
1538 1478 1618 1434 1518 1434 -43
00 Feb 25
1478 1338 15
15
15
82
512 Tamarack
82
83
82
34
83
35
26 Aug
1218 Feb
8312 85
eb 1. 1758Jan 23
Feb3
85
84
83
1313 1312 1338 131, 2,429 TrinIte
1413 1312 14
453 Melt
1612 Nov
14
1614 Jan 8
14
1234 1314 13
100 1133 Feb 2
50 United Copper
1233 1238 1238 123;
36 Nov
2334 Apr
*12
1212 *1234 1314 *1278 1313 1258 13
100
Do met
Last Sale 16
No4308
Nov
9
31,34
16
3214
Feb
Mch
12
Jan
30
30
30
-'65i UnItedStatesCoal&011. 25 28 Feb 25 465 Jan 7
-1-2 7,-2of2 :::: 30
4673 Nov
28 Mch
-if1i4 -313:I -55- -3-61; "i5f2 /0
t et de Min_ 50 39
,t R
ire
Smelt
De
4014 4113 90
401
1 US
090
5 19
41
:2
4613 Jan 12
47 Nov
37
Feb
3973 9014 4113 *4114 4112 41
39
45
4413 45
45
45
45
(.34 Jan 26
7 Nov
45
45
438 Sep
4434 4434 45
5
1.875 Utah-Apex Mining.- 59
6
538
578 Cs
534 6
0
6
50 Aug
5 44334 Jan 2
4
553 578
b 28
i'enb
T‘ae
1
55s 534
29)2 Jan
14 .1.
54':4
47
5 3
Nov
3914 8912 3914 3934 39
3914 2,816 Utah Consolidated
53
2878
6
2
47
341Y
4014 3912 40
4
Jan
i
ib
e
40
39
e
F
j
39
s
4
3
92
3
2105
91
4073 4078
710 Utah Copper Co
4153 4153 41
4134 42
5 Nov
538 Feb 15
212 Apr
4114 4114 4034 42
459 Victoria
5
8
5
434 5
5
5
5
(734Nov
5
18
*412 5
Jan 2
012
Jan
5
Jan
5
42
25
1
5
Winona
815
5
5
012
518 518 *5
514
51 1
155 Nov
514 5343
2
5
1
paid. 625 190 Feb 1 332 Jan 2 11512 Jan
148
148
37 Wolverine
338 Oct
14213 14213 *144 __-_ 148 148
145 145
4 Jan 16 .50 13133
*142 147
280 Wyandot
3
233 238 *234
3
3
3
3
3
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Feb
i2 N
ti
Boston Bond 'Record,
MAR. 6 1909.1
istia Ds
BOSTON STOCK EXCH'GE
Waal( Exuma MARGIE 5
.Prtce
Friday
March 5
4.•
Telen & Tel coil tr 48.1929 J.,)
.....1936 NI-8
Convertible 4s
Am Writ rimer 1st s tSs 1911)
Ariz Corn Cop 18t conv Os 19:8 11-S
A.ton'rot.& S Fogel'g 48..1995 A-0
J`ly 1995 Nov
Adlustinent g 4a
Ply 1905 la-N
Stamped
1930 J.D
50-year oonv 48
1917 J.D
10-year cony 5s
4 51:1
Boston Elect L consol 55 1Z3
Boston 31, Lowell 48
1944 J.J
Boston as Maine 44/s
411 1947 F•A
/
Boston Terminal 1st 31
1918 J -J
Bur at Mo Riv ex 6s
1918 J -J
Non-exempt 65
1910 J.,1
Sinking lund 48
1917 A-0
Butte & Boston 1st 6s
Cedar Hap & Molt 1st 76 1916 ra-N
1909 J-D
2d 7o
Cent Verna,1st g 48..May1920
o B & Q Iowa Div 1st 56.1910 A-0
1019 A-0
low). Div ist 45
101'SA-N
Debenture 5s
1922 F-A
Denver Eaten 48
1927 M-N
Nebraaka Exten 48
B& SW at 4s
1921M.5
Illinois Div 3½s
1949 J -J
Joint bonds See (it Northern
Ohio.10 Ry & Stk. Yds 5s.11115 J.J
Coll trust refunding g 4141940 A•0
Oh Mil & St P Dub D 60-1020 J.J
Oh hl .3:5 St 1' Wis V (liv 661920 J • J
Chic & No Mien 1st gn 510.193 M-N
Ohio & W Mich gen 5s
1921 ./ -0
Concord & Mont eons 48-192t, -D
Conn & Pass it 1st g 48 1943 A-0
Cons S S lj coil tr g 4a ctfs L(57 4-J
1327 A-0
Current River 1st Ss
Det or Rap & W 1st 48 1946 A-0
Dominion Cool 1st a f 54-1940 M-N
1913 M-8
Factiburg 4s
1927 31-S
45
Front Elk & hlo V 1st 60 1933 A-0
1933 A-0
Unetampen let Os
St Not 1.; 11 & Q coil tr 481921 J • J
1021
iotered 48
Week's
Range or
Last Sale
Range
Since
January I
114/h DS
BOSTON STOCK EXCIPGE
WaltIC ENDING MARCH 5
Low Jitgh
J -J
91% 94% Illinois Steel deben
Non-convert damn 58...1913 A-0
924 953,
la Falls &Sioux Clat 78..1917 A-0
Kan C Olin & Spr 1st 5a...1926 A-0
130 150
100 1014 Kau C Ft S& Gulf ext 58..1911 .1-D
92% 94% Kan C Ft Scott &M
1934
S
4 94½ Kan C & B gen 43
/
941
1934 M.
Assented income 5o
4 102 10
1
109/
410730 Kan C & M Ity & Br 1st 581929 A-0
/
I.071
Maine Cent cons 1st 7s 1912 A-0
1912 A-0
Cons 1st 4s
Marti Bough /I Oat ist 6s 1925 A-0
Mexican Central cons 43 1911 J-J
...
Jan 1939 Jay
latoons inc 3s
Jan 1939 Jay
2d cons ino Js
1917
J
4 99 4 Mich Telop 1 ot Is
/
991
Minue Gen Elec con g 5s 1929 J -J
1929 F-A
Now Bug Cot Yarn 5s
1915 A-0
New Eng Teleph 5s
......
1916 A-0
5s.
86
81
New England cons g 58. 1946 J -J
1939 A-0
Boston Term 1st 4s
4819E03 J -J
/
N YN H& 11 con deb 31
1948 J-J
Cony
deb
(ctto)
63
100
0
990
1924 F-A
98% 98% Old Colony gold 48
Oreg By /I Nay con g4& 19443 J -D
1922 F-A
Oreg Sit Line 1st g 6s
92
92
Repub Valley 1st s f 6s 1919 J-J
48 1941 J -J
/
102 1034 Rutland let con gen 41
10234 1034 102% 1034
Rutland-Canadian 1st 431949 J-1
114
01
94 Feb'09
92
1184 1184 Savannah Elea 1st cons 5s 1952 J -J
.1 1814 Feb'09
1930 F-A
Elec 1st g 5s
Seattle
Feb'06
128
4 xerre Haute Elec g as. 1929 J
/
101 1021
4 Feb'09
/
1021
4
/
1021
1918 51-S
4 104% 412 102 104% Torrington 1st g 5s
/
1041
4
/
1041
Union Pao RR & 1 gr g 48 1947 J.J
91 Dee an •••• ......
1927 J.J
20-year cony 4
1124 Jan '03
1634 181
,Feb'09
163
4 Uniten Fruit cony gen 58 1911
/
&
1938 NI-N
Coal
Oil
S
6s
f
s
1st
U
VII
06
96 Feb'09
911
4 U S Steel Corp 10-60 yr 55 1963 51-N
/
4 v 87
/
911
4 Sale 91 12
/
911
West End Street 1ty 48. -1915 F-A
111 Noy'08
000141$s
1914 fd103%Apt'05
Cola Minimum° 48
1916 M-N
96 Apr'W.
......
Gold 45
1917 F-A
4 Apr'08
/
1281
Western Telepb.80 Tel 55 1932 J -J
140 apr'05
98% 49 .
9814 :tale 984
984 Wisconsin Cent 1st gen 01949 J -J
981
4
/
98', 9 97% 981$ Wisconsin Valley 1st 74 1909 J -J
(48
High
AM Low
Btu
940,4860e 94
/
941
4
/
951
4 Sale (1400
/
941
117834 Mar'Oa
130 Feb'011
1000,3 10034
100%
943).
1.488 Sale 940,3
94'i.
4SAW
/
4
/
051
941
4 Jan.
1
102/
10730 Feb'09
4
/
1061
110 Feb'04
101 Sep'06
4 Oct'08
/
1041
4Jan'03
/
1121
104 Oct'07
102 Sep '06
4 Jan '01)
/
991
100 J'ne'01
117 J'ne'08
1118 J'17'05 •85
2Feb'09.
/
851
11103 Oct'07
100 Dee'08
100 ApralS
100 jan
10014 Oct'OS
98% Feb'09
82 Jan'09
..-,kyric--litiyer pays accrued interest in addition to the purchase price tor all Boston Bonda.
anon
Since
January 1
Week's
Range or
Last sale
brides
March 5
tots Nigh
4
/
1904 1001
4
/
10081001
Hto
Run
Ask Low
1110
1004, Feba09
100% Sale 1004 :0030
117 Apr'O.
9534 Feb'09
94
100½ Jan'09
1194
4
/
1194 1191
03
92 Jan 'us
83
89 Feb'09
1031
4 Jan'09
/
1031
4
/
113% Nov'06
1014 Sep'05
115 Pue'08
8134 Sale 84%
84%
1116 Apr'01115 4 Apr'0
05%
lib
4101
/
1001
1164 120
1.0
92
86 a, 89
4
/
4 1001
/
1031
84% 84%
.1- ......
1021
4 Ang'04
/
1041
4104% 1041
/
4 10415
/
102 Feli'th
4sop'08
/
1001
973,3 Salo
103 h
105
106
118
97%
135 Febah,
4 1044
1
/
L02 102
97% 991
4
/
133 1354
119%
"
'0
1.4
812J1T
11878 118%
105 Dec'08
4 No006
/
1071
102 Mat'02
4 Mayan;
/
981
5 A
07
19
pb
Fe
r:
i ..... 1051
10
)0
410534
/
4 No.'08
/
991
4
/
4 1031
/
Sate 1031
102% Feblit•
116 Jan '08
130 Feb'0.. .
4 1031
/
1031
4 14
/
9614 Feb'ua
4 Feb'09.
/
1021
80% Deo WS
s'8', uct'us
4
/
981
98½5a1.- 984
93 Feb'09
1090,3 ..,6,05
1U3
No price Friday; latest bid and armed.
4
/
10214 1031
102%102%
120 133
1024 10414
4
/
4 1021
/
1021
0'7
991
4
/
4
1
4 93/
/
931
¶ Fiat once.
Philadelphia and Baltimore Stock Exchanges--Stock Record, Daily, Weekly, Yearly
-.hare Prices—Not Per Ventuin Prices
Saturday
Feb 27
Mona,,
March 1
774 7714
104 105
be 104
13
4 12 •
/
121
4 '23' *23
/
231
•910 10
934 934
tiescIa8
atarch
Wednesaat,
March 8
Thursday
March 4
firtday
March 5
bates
A(7P1VE STOCKS
01 the
IVeek (ant.Bonds and inactive
Stocks see below)
Mares
Baltiinore
Con.Gas EL L. & Pow
63
Do pref
175 Northern Central
525 Seaboard(new)
Do 20 pre(
205
406 United By ea Electric
7712 771
4 105 105 .10434 106
/
1051
,
4
/
4 123
/
.121
4 .191
/
4 121
/
121
25
4
/
023
4 2012 .231
/
231
4 10',
/
101
10 10
14 10
"
Range Since
Jan 1 19,9
Lowest
Highest
100 32 Jan 27 35 Jan 26
100 77 Feb16 85 jan Li
50 IOU Jan 4 111 Jan ii
100 1134 Feb:6 15 Jan 4
100 22% Feb24 25 -,Jan (1
60 UN Feb 3 1012Jan 4
nange tor Previous
Year(1908)
Lowest
Rig/test
20 Jan
65 Mar
no Jan
4 Fen
10 Feb
10 ,J an
30 Dec
8110 Deo
02 Dec
lo Dec
26 Dec
12 Nov
Philadelphia
4 Nov
/
55 American RailwaYs-•.- 50 45 Jan 4 4634 Feb It 4234 Mat 461
.46
46
46
461$
46
46
46
46
4(3
46
4 Feb 401$ Deo
/
4,664 Cambria Steel
4 Feb23 39% Jan I 261
/
50 321
3434 35
35
354 36
353, 1451$ 35% 35
35
3434 35
Dec
4
/
111
1.180
z101
Jan
4
/
Co
111
Electric
20
of
11LA
10
4
/
America
Feb13
8
4
/
111
4Jall
11.2
11%
4
/
111
.11%
4
/
111
114
11%
114
114 114
4 Jan 19% Dee
/
31
-,Jan J 2334 Feb
100 16'
2334 23% 23% 23% 4,450 Gen Asphalt tr otfa
4 24
1
23/
4 24
/
4 231
/
4 241
/
, 231
4 233
/
231
4Dec
1
Do prof tr ctla
4Jan 59/
/
4 eau ll• 191
/
100 53 Jan 5 661
4 (3334 64% 3,546
/
4 641
/
641
4 64% 644 64%
/
4 641
/
644 651
6434
64
36,3Feb 17 Dee
5,637 Lake Superior Corp
100 14% Jan 5 103,3 Mar I
1834 19
4 11)
/
181
19
19
19
, 19
193
11)
18% 1114
7))9 Denigh als Navtr ctfs 50 06 Jan 6 105 Jan 2. 784 Jan 97% Dec
4
/
4 1014., 100% 10110 101 1011
/
4 1011
/
41011
/
4 1UL 4 1011
/
1001
100 100
4 4,829 Lehigh Valley
/
50 67 F.b23 76,Jan2 59% Feb 7634 Dec
70% 70
4 694 691
/
701
, 704 7034 70
, 69% 713
693
69
4 Apr
/
21
210 Marsden Co
4 2
/
.11
100 11316Jan ii. 2 41J an 12 1016 J au
2
2
2
2
2
2
4 1,136 Pennsylvania RR
/
4 Feb24 674 Jan 4 54.16 Jan 56116 Deo
/
50 631
3434 64', 64% 641
4 65 641310 65
1
4 64/
/
4 1341
/
641
64510 134%
Mai 4434 Dee
c4
3414
Feb
2
4
/
401
Jan
4
43
261
42
4
4
/
4
/
411
42
411
41
PlulaAtolifaCo
414
42
42
4
/
.411
Wittig))
4
/
411
60
42
•41
4 Nov
1
4 Feb 12/
/
51
4 11%
/
11% 11%
4 11% 2,161 Philadelphia Eleotriot 26 114 Feb23 12 Jan 21
/
111
4 1114 1158 111
/
11% 111
4 11½
/
111
4 Deo
1
95/
4 J aui 26 012/
1
4Jan 3 28/
/
50 241
4J
1
26% '37', 4,539 PhIla Rapid Transit
4
/
27% 271
, 27', 274 27', 21' 2734
271$ 27'-. 27,
Dec
711116
8023
,
1
46310Feb
4
4
/
591
724Jan
31,825
50
Rotating
911e
61
62",
11315
61.16
4621310
/
621
4
/
021
14
01u
4 611
/
591
4 603s
/
45
4 Deo
1
/
443
,an
239
.1
Mar
44
Jan
50
pref
1st
4'7
Do
44
.45
44
.444
4 Jan 2 37 10Jan 4842 Dee
/
471
152
46
50 4546 Mar
Do 26 pier
46
4016 4511,3 *4534 46kg
46
46
4J'ne 504 Apr
/
50 J1 Jan 5 5134Jan 27 z441
4 531$ 521
/
631
4 531
/
53%
53
4 53
/
4 621
/
4 3,455 Union Traction
/
4 521
/
53', 521
53
3 Dec1)4
4 o eb a 731•2an
1
4Feb23 94/
/
50 891
2,332 United Gas 11110
8bse 00
89% im
4 90
/
801
130
110
15
89% 89% 90
100 29 Feb i5 29 Febl., 2S J'ne 28 Nov
100 Welsbach Co
30
'Al
.20
29
Btu
PHILADELPHIA
Ask
,Inactivo
Mocks
Allegheny Vol pret..5ti
50
American Cement
100
Amer Pipe 51fg
Bell Telephone (Pa) 100
50
Cambria Iron
Culte.10(
Central Coal
Oonsol Prat)of N J...100
Diamond State Sttel 10
10
Prelerred
Easton Con Electric 1 50
Klee Storage Batt....100
Prolerred
100
10
Ft Wayne &W V
60
Germantown Pass
100
Inthanapoha St
Indiana Union Tr. 100
Insurance co en N A..10
Inter Sin Pow a Cliem.50
bLeystono Telephone _50
50
Preferred
KeystoneWateliCase.100
10
Lit Brothers
50
Little Schuylkill
Minehill & Schuyl 11 60
N }Jaren Iron & btee1.5
50
Northern Central
North Pennsylvanta 50
50
Pennsylvania Salt
Pennsylvania ."ieel..100
100
Pruterren
Philo, Co(Pitts) pref _ 50
Phil German & Norria.50
50
Phila Traction
10
Railway:, General
Snaqtitiii Iron & Steel..5
10
Tidow.i or Steel
10
Pr,.0 rred
Tonopah Mining ot Nevl
100
Union Tr ot And
United NJ RR& C 10()
Unit Trac Pitts prot..50
Warwick Iron & steet.iu
West J ersoy & Seo,S11.50
Westmoreland Coal,..BO
Elec 100
Wilkes Gas
4
/
401
40
10134
40
76
47
40
21% 22
4
/
101
12% 13',
15
151.4
4
/
571
100
108
101
103
101
41', 42%
154)
le24,
8
0'8
634
233
,
73
49
53
* Bill and asked; no salmon this day
PHILADELPHIA
Bonds
Prices are all "and
interest."
Al Val a. eat 74 1910 A-0
Alt &LVEleo4 106'313.F.A
Am Rya cony 5s 1911.J -D
All City 1st 5s g
Berg&E Brw 1st 60'21 J-.1
Settle Steel (36 1908.Q.F
Choo& Mo let 58 1949 J-J
Ch Ok & G gen 55'19 J.J
Col St By 1st con 5s 1932
ConTrac of NJ 1st 63.'33
E& A 1st ai 58 1920 3I-N
Elec & Peo Tr otk tr Otis
Eq II Gas-L 1st g 55 1928
Indianapolis By 48.1933
Interstate 45 1943 ..F-A
48 '14.Q-J
/
Lehigh, Nav 41
1914.Q-k
Rtia 4s g
4s g 1024.Q-I,
/
Gen M 41
Loh V C 1st 58 g '33..J-.1
Leh V ext 48 let 1948.J-D
2d 7a 1910
J-I
Cotusol 615 1923
J
Annuity 68
Con cons 4s 2003.51-N
Leh V Tran con 43'35J-D
New Con Gas 5:41948 J.D
Newark Pass con 58 1930
N Y Ph& Nolst48'39 J-J
Income 4s 1939...M-N
NoOlhoTrao con5s'19.J.J
Penn gen 6s r 1910 Var
Conaol bar 1919. Var
Penn & MU Steel con 68
Pa & NY Can 55 '39.A-0
A-0
Con 4s 1930
Penn Steel 1st5s'17 31-N
People's Tr tr certs 443'43
P Co 1st& col tr 58'49 51-S
Con& col tr 55 195151-N
Phil Elec gold trust Mts
Trust certifs 48
P & E gen M 5 g'20.A.0
Gen M 48 g 1920..A&O
Bid
Ask
PHILADELPHIA
Ph & Read 213 33'33.A-0
Con M 78 1911
J-1)
Ex Imp 31 4s g
Termmal Oa g 1941.Q-1
1031
4
/
P W & 11 col tr 4s'21.J-J
Portland By let In 1030.
tr4
118
Rech Ity& Leon 5s'54J-.1
Spanish-Atu Ir 6s'27 J-.J
113 1181
4 U Trac Ind gen ine1e.J4
/
Un Rys Tr otfs 48'49J &J
United Rya Inv 1st colt tr
105
8ls 11326
3I-N
U Trao Pit gen &s'97 J-J
10534
Welsbach s t 58 1930.J.D
93
Wlko-B G&Ecou5s'53J-J
BALT1,1101LE
87
Inactive Stocics
43% 44
Ala Cons Coal& Iron-100
Pret
100
Atlanta& Charlotte 101)
Allan Coaat L (Coun)101
100
Canton Co
106
Cons Cot Duck Corp .50
10430
50
Preferred
Georgia Sou & Fla. .100
101)
1st pref
117
100
26 pref
9730
100
G./3-S Brewing
Bonds
Prices are all"and
interest."
Anacost4a & Pot 5a
All /I
4s '10.J.J
/
eat 41
102
Allan L 11It4s1952M-S
All Coast L(Ct)ctfs 5s J-D
109 4
Ctfs of indent 4s. .J.J
J-J
6.20 yr 48 1025
Bait C.Pasa lot58'11 M-N
halt Ifundg 58.1916 AL.N
07
Exchange 31
48 1930 J-J
/
A-0
4 103
/
1021
Balt& P lot Os in
halt Trao 1st 58. '29 ALN
98
4 103
/
1021
No Bait Div 581942 J-D
4 7434 Cent'l By con5s1032 14-N
/
741
Eat& Imp 56.1932 M-S
Chas City ay 1st bs'23J-J
100 J.
Ask
Bid
Chas Ry U 54E153'00 51-a
Charl C& A ext.58.'09 J -J
1910 A-U
213 7s
city& Sub 1st 58.222.1-D
City& Sub( WaslIst58'46
Coal dls 1 By 1st ca'20E-A
Col &Limy lea6s.1916.14
tia. .1910 J.D
4 101% Consol
/
1011
....1939J-l)
5o
Ga& Ala lot con 5.5'453
be
77
uac4tr&N Dabs g'29J-J
81
81', Georgia P 1st 6s...'22 J-J
UaSo& Fla 1st 58 1945J-J
78
714½ U.B.S Brew 3-48 195111-S
2d income os 1961 aI-N
911
Knoxy Tree 1st 58'28A-0
Lake It El 1st gu5s'4251-S
Macon Ry& Ltil ott5s'53J-J
Memphis St lat 55'45 J-J
130
al etait( Wash)lstaa'25F A
Mt Ver Cot Duck 1st 55.
2t3U
90
NptN&U P 1st 56'38 51.-N
General 5s....1941 51-5
8
23
251$ Norfolk St 1st 511'44..J-.1
North Cent4/
4s 1925 A-0
1
94
Series Abs 1926....J-J
Series B 58 11126. .J.J"
68
Pitt Un Trac 5s 1997.J4
'4
Polo Val 1st 58 1941..J-J
SAY Fla& West bs'34 A.0
seaboard A L 4s 1950 A-0
Seab & Roan 58 1926.J-J
10334
south Bound 1st 513..A.0
100
U El L&P let4/
48'29 hi-N
1
97
Un Ry& El lat4s'49 M-$
110
J D
Income 4,4 1949
82
Funding ba 1036. .J.D
85
101
Va Mid 2d ser as '11.51-s
3d series Os 1916..51-S
4th to? 3-4-53 1921.M-S
5th aeries 58 1926.51-6
Va (State) 38 new '32.J-J
Fund debt 2-3s 1991.J.J
11234 1131
4 West N C 00'1681914 J-J
/
WesVa C&P 1st0g'11
Wil & Weld 5s..19435.J-J
117
10630
102
120
011% 100
4
/
861
ill
104
1094
105
102
10.3
106
115% 1164
110
4
/
431
104, 14
96
111
, 7,
783
3
105
11214
1121
4
/
100
4 115.4
/
651
108
100
4
/
331
87% 88
53
4
/
531
71134
103
108
109
1084
10234
114
4 paid.
1
4 uaid. /:4135 pauL a aeoeipt& S $25 paid. c $30 paid. a -042/
/
blx-righta. 14;7.50 paid. t a12 14 paid. i 8131
THE CHRONICLE
618
Volume of Business at Stock Exchanges_
Lxxxviii.
Electric Com panic.;
Bid
Chicago Edison Co :ice CO icago
18
271
e Kings Co Si L&PCo 100 .
Narragan(Prov) El Co_50
NY&Q El L &PowCu 10) 37
100 68
Preferred
100 60
United Elec of N J
J-D 7313
let g 48 1949
lndustria, and Miscei
Ask
Bid Ask
Collsde
Hit
t iloe
a 5slc1C
pf 100 n65
9o
1a141
7
75
S912
18
28
512
79
Col tr Gs Oct 1956-J
j
.
-1 95 10112
.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
43 Cousol Car ileating_10u
10
DAILY, WEEKLY AND YEARLY.
70 Cons Ry Lgtdellefrig_10t)
--**
65
Consol Rubber Tire_100
7412
Preferred _____ ___100 20
Stocks.
zi12
Railioad,
Debenture 4s 1051A &O / 38
42
&c.,
State
Week endinj
U. S
Ferry Companies
Cons Steamship Lines 100 :
Shares
Par value.
March 5 1909.
Bonds.
Bonds
Bonds.
Coll tr 4s 1957 rcts J de.I /I1)198
90
B & N Y 1st 6s 1911_J•J
4 17
50
Corn Prod Ref See Stock Es, ;1st
455,325 VI ,997,500 $2,031,500
N Y & E It Ferry stk_100 30
$82,000
Saturday
eCruclble Steel
70
M- N / 60
837,340 72,689,000
Monday
1st 55 1922
3,197,500
139,500
95
ePreferred--1000
553,887 50,747,950
0
Tuesday
714 57
3,236,500
N Y & Hob 58 May 46 J-I) 94
304,500
Cv.mberland Ely
- 734
per 5 77-58
Hob Fy 1st 5s 194631-N 106 108
443,145 40,154,500
4,125,000
Wednesday
109,000
eDiamond Match Co_100 12112 122
95
90
NY &NJ 5s 1946___J-J
465,349 42,822,400
Thursday
2,225,500
301,000
.
)
il)
0
ou
mgiInatsoncC
5
335
25 (
oopppp
eerr
10 *11
10th & 23d Sts Ferry..100 55
500,334 46,630,250
2,528,500
Friday
174,000
5 *238 234
1st mtge 58 1919__J-D
.
Econ'y Lt & P (Jol(et, Ili)
eUnion Ferry stock_100 2312 26
3,255,380 4293,041,600 $17,344,500 $1,110,000
Total
-J
M-N
elst 55 1920
96
Ele
lc
strre sBforatIs 1956 -D 9312 26
Week ending March 5.
Sales at
Jan. 1 to March 5.
Short-Term Notes
Preferred
100 6
20
2
75
New York Stock
;
9 4,
19;
2122 Electricpref rVehicleed
100
Am Clic ser A 48
Exchange
1909.
1909.
1908.
1908.
Preferred
100
2
Ser B 48 Bach 15 '1214 S
G„
,
sec
Empire teel
100 S
Amer Light & Tr Os-See
12
1,782,828
3,255,380
32,412,754
Stocks-No. shares
27,997,333
Preferred
10114 10112
100 47
52
$293,041,600 $155,364,425 $3,104,788,375 52,365,743,525 Am Tel & Tel g 58 '10 J-J 101
Par value
eFederal
10114
Se,
Stk
Sugar
of
N
Y
E x list
Atlan Coast L 5s '10_14-S
$12,500
Bank shares, par
$10,060
$32,500 Ches &Micas Jivl '10J-J 1021,103 eGeneral Chemical-100 6514 75
Bonds.
ePrefer
100 99 102
Chic & Alton 55 191:i-J-J
$30,000
Government bonds ..$120,000
$143,200 Chic R I & Pac Os '09A-0
e
redtleldCo nsol MInes_10 1.711, 734
$1,100,000
2,010,500
State bonds
9,098,600
23,184,000 Cin Ham &D4 JO '08 1I-S /116
2
0 118
78
03'83 Gold Hill Copper
1 *51e
17,344,500
7,879,000
RR. and misc. bonds_
256,321,000
133,069,400 C CC dc St L 5s, June '11 10114 10158 GruegegneeroCea‘innan
Eexar,
20 *934 1078
lor'n 100 166 172
Erie 6s, Apr 8 1911 A-0
$18,454,500 $9,919,500
Total bonds
$265,539,600
$156,396,600 Interb LIT g Gs 1911 111-N fa; 117112 ellackensack Water Co
Ref g 4s '52 op '12_-J-J 88
5s !doh 1910
91
/11-5 10012 101
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
100 35
138 Hall Signal Co
S C Ry &Light 6s '1214-S 99 100
40
EXCHANGES.
7
Kan C So g 58 Apr '12_J-J
9
9978 10014 Havana Tobacco Co_100
9
Preferred
100 18
20
9',)
Lack Steel Sc g 1910_111-S 98
1st g 55 June 1 •22-1-1)
New 1-yr 56 Mch 1 '10 99 100
Boston.
Philadelphia.
Hecker-Jones-Jewell s4
11.
11s1
Lake Sh & M So 58'10 F A 101
Week ending
1st Os 1922
101 108
Lou de Nash g 58 '10-M-S 101
Listed
March 5 1909.
Bond
Lifted Unlisted
Unlietsd
Bond
45
Mex Cent Es July 1 1910 100 10012 EIeeg-Hall-Mar, new 100 35
sales.
shares
shares. sharas.
shares
sales.
l%11.0
0N
0 -6.79-18
1114
4 Hoboken Land & Imp1
bitch Cent 55 1910......F-A 19
,9
134 10
08
e5s 1910
Minn de St L g 5s '11.F-A
$13,500
14,264
28,153
Saturday
12,705
7,272
$59,040 Missouri
Houston 011
Pacific
132.500
36,589
39,609
Monday
20,791
7,928
96,700
Preferred
100 30
Cs Feb101 cenvop F-A 103
45
223,500
23,480
24,402
Tuesday
9,325
13,663
58,040 NatofMex 5suext
/Judson Realty
100 RO 110
to'01) A-0 100
181,000
21,126
18,690
11,458
Wednesday
5,695
142,900 N Y Cent 5.9 1910
eIngersoll-Rand corn.100 116
)
0
2
101
F-A
113,500
17,885
23,076
T hursday
8,575
7,589
53,300 N Y C Lines Eqp 5s '10-27 8 4.30
100 92
ePreferred
10114
334%
122,500
22,972
14,757
20,066
Friday
6,809
61,000 N Y N 11 & H 5s '10-'12
internat'l Bank'g Co_10) 95 fcri"
101
Ineni Mar Mar See Stk
2
13
'
Era list
Norf
2
de
1
0
10112
West
58
191031-N
153,996 136,316 $786,500
77,611
Tot al
48,956 $470.980 Pa RR 5s Itch
100
ity4 Internat'l NIckel
107
15 '10 31-S 10114 10112
1007013.
Preferred
100 84
Public Service Corp 5s- See St
87
1st g 55 1032---A &O 84
StLMS'east 4-4s
86
10018 10013
Salt..-1o
1 u0
, 18
International
ls5151,
5
3
St L & San Fr g 5s'11 _J &J 91
95tg
8
16
9714 9
A-0 / 50
43,6 rog notes'12 opF &A
55
All bond prices are now "and interest" except where marked "f."
South n coil tr Sc 'Ou- A-0 18,
090.38 Inite)rrnefaent'le0Sliver
1
5 1008
12
1
100 70
South By g 5s 1910._I--A
73
1st Os 1948
Southern Ry 6s 1011.14-N
J• D 109 111
Street Railways
Bid Ask
Street Railways
Hid
Ask Tidewater Os, 1913, guar 10212 10314 Lackawanna Steel-10U 35
38
Pub Serv Corp N J (Con)
New York City
U S Rubber g 58 '09_ NI- S 100 10012 Lanston Slonotype___20 1234 13
20
J C Hob & PatersonBleeck St & Ful F stk_100 14
efs'vvAilitkge-B
0 261) 205
esC0-C
Wabash 5s. May 10 1909 100 100)2 eLLiewhye
_il00
_a
0
48
g
1949
slat mtge 48 1950-J-J 7 65
M-N 74
75
75
WeatIngh El&M Os 1910 10012 101
90 105
So J Gas Bide Trac_100 118 120
•B'y & 7th Ave stk_1011 130 154
Lord & Taylor
100 100 105
Gu g 55 1953
M-S 98
e 2d mtge 58 1914__J-J 1100 103
Railroad
99
Preferred
102
Co
No
list
Hud
axe
Ry68114 J-J 106 10712 Chic Pro & St L pref-10C
Con 551943 See Stock
eLorillard (P) pref_ 100 n1275 135
5s 1928
B'way Surf 1st 5s gu 1924 99 104
J-J 106 108
1, 112 Madison So Garden_ AN
100 8
Deposited stock
20
0
30
Ext 5s 1924_ -M-N 102 103
•Cenel Crosst'n stk.,..100__ 120
2d Os 1919
Undepositeci stock
100
12 112 eManhat
Pat City con Os 1'
31..J-D 121 _..._
e lit mtge 6s 1922_M-N 1-95 110
Beach Co.--100
Prior lien g4 .is'3041%&S / 88
95
10
2d 68...1914 opt A-0 100
60
e Cen Plc N & E R stk 100 30
Manhattan
Con
mtg g 58 1930_J&J / 48
Translt----20 * 1
55
2713
2 04
90 So Side El (Chic) See Ch icago Ilst e Cheer & 10th St stk 100 70
Mt tchell Mining
Income
5s,
July
/
1930
2
7
14
Syracuse
R
T
list
lis
'46.M &S 10212 104
•Col & 9th Ave 5s See Stock Exo
Monongahela Ii Coal 5
10
1.1 *
Chic Subway
26
100 24
473
*-- 18
Trent P de H 5s 1943..J-D 96 100
Dry D E B & BPreferred
* 2i14 25
Ft %V & Den Cy std.._10U
9712---0
United Rys of St L96
61st gold 6s 1932__J-D / 90
Mortgage
Bond Co...Co_-100 105 108
Nat Rys of MexicoCons vot tr ctfs
55
100 2112 2212
e Scrip bs 1914____F-A / 45
Prl lien 4%0'57(w 1)J-J
9212 Nat Bank of Cuba_-100 100 105
92
e Preferred
100 6414 65
Eighth Avenue stock_100 230 280
National Surety
100 235 300
85
Gen M 4s 1957(wl) A-0 84
Gen 4s 1934_See Stock Ere list
I Scrip 6s 1914_ __F-A / 95 100
Nevada Cons'd Copper-3 *17
North'n Securities Stubs.. 100 125
1714
UnItRys SanFran See Stir Exe list
•42d & Gr St F'y itk.100 200 250
Nev-Utali M.In de Sm._lu .21318 278
37
Pitts
Bess
*35
&
50
L
E
__ Wash Ely & El Co
100 41
42d St M & St N Ave_100 30
42
53
65 eNew Central Coal___20 40
Preferred
50 +GO
99
Preferred
100 8812 8912 /Railroad Securities CoN Y Air Brake Gs See Stck Sic list
e 1st mtge 65 1910.14-S 95 _43 1951
60
J-D / 88
2d income 68 1915_J-J 1 50
N Y Biscuit 8s 1911_111-S /190
8834
in C stk tr cfs ser A '52 0014 92
eNew York Dock
triter-Met-See Stir Exch ange list
100 3111 35
Seaboard CompanyGas Securities
Lox Av &PavF 5s See Stk Exc list
ePreferred
100 77
50
40
so
1st
100
preferred
New York
Metropol St Ry-See Stir Ere list
N Y Mtge de Secur ty.10i.) 19212
list
Esc
Bait
Cons
prei--See
2d
&
N Y Transportation__Zu *4
Ninth Avenue stock_100 160 190 Cent UnGas 55 g '27_J&J 200 101
Seaboard Air Line60 Con Gas (N Y)-See Stk Ex() Hit
Siles-Bem-Pond
Second Avenue stock_100 35
corn -100 100 103
0612
Coil 55 ext May '11 M-S 96
100 123 12712 Union
5 *914 912
e 1st mtge bs 1909_51-N 95 100 e Mutual Gas
Pacific 45 See Stk Each list Nipissing Mines
SI
New Amsterdam GaseOntario Sliver
Consol 5-s 1948____F-A / 77
100
4
412
stock_100
120
1948
consol
55
1st
J-J
130
Miscel
Avenue
9914
OtisElevar
10U
Industrial
and
com
t Sixth
100
49
51
85
NY &ERGas let 5s'44 J-J 103 107
Preferred
101.1 94
Sou Boulev 50 1045-J-J 60
Adams Sip g 48 1947J-D 9314 9358
96
Consol 58 1945
00
J-J 93 100
Pittsburgh
Brewing-50
So Far 1st 58 1919___A0 80
25
155
Ahmeek Mining
*1878 19
S 145
N Y de Richmond Gas 100 30
Preferred
50
Third Avenue-See Stock Exe list
100 110 114
50
Alliance Realty
40
Nor Un 1st 5s 1927__M-:\ 96 101
90
Pittsburgh Coal_See Sta Sic list
Tarry W P Se M 5s1928 / 70
Allis-Chalmers Co 1st mtg
Exch
list
85 e Standard Gas com 10 ,g_ .. 80
Pope
Mfg
YkersStRR5s 1946 A-0 80
Cocom(new)100
Stock
20
s 1 55 1936-See
23
Preferred
25
e
'96
35
f
100
Preferred (new)____ 100 62
a 60
28th & 29th Sts 1st 55
100 145 155
90
American Book
65
Pratt & Whitn pref-100 95 10212
1st 55 1930
111-N 100 105
•Twenty-Third St stk 100 200 250
100 114 117
American Brass
Other Cities
Realty Assoc (Bklyn) 100 145 150
99
Union Ry 1st 5s 1942 F- A 04
00 192 195
American CnIcie con-1 10
com_50
Mee,
Royal Bak Powd corn 100 150 160
Am Gas &
80
*27
Westchest 1st 5s 43 J-J 70
29
99 101
Preferred
Preferred
50 *41
Preferred
luJ 106 108
Brooklyn
20
43
Am Graphophone com100
Safety Car Heat & Lt-101) 125 127
Amer Light & Tract-100 137 13812
Atlan Ave 58 1909___A-0 100 101
100 -3-0-- 11-01-38-..
Preferred
.3
100 101 102
Preferred
Mining0
CoC
A-0 97 100
Con 5s g 1931
100 y112
Amer Hardware
100
Mfg
SeSinngeecra00
Col tr g 6% notes-A-0 132
B B & W E 5s 1933....A-0 95 100
Am/Salting 6s 1914-J-1) 100
470 490
60 a 114 -1-3, Amer Press Assoc'n_100 9212
Standard Cordi
Bay State Gas
-100
.3age..
re01A-0
Brooklyn City stock___10 190 195
114
34
1.0014
1st M g 55
Bingh'en (N Y) Gas Wks
Con 58-See Stk Each Sae list
Am Soda Fount com_100
/ 22
25
Adjust Li Sc Apr 1 1931
Blrn Hgts lit 55 1941 A-0 1/5 100
1st g 5s
_Ade° 95
100
15
98
1st preferred
4
/
3
Standard
• BkIn Q Co Lc Sub See Stk Sac list
Coupler
1938_deb
Brooklyn Union Gas
com100 25
2
100
2d preferred
35
3
-::
:
36
Preferred
Bklyn Rap Tran-See Stk Sae list
e6s 1909 See Stk Exch list
100
e Am St Found new --- 100 --:
110
Standard Milling Co.-100 100
e Coney 1st de Birlyn_100 83 100
Buffalo City Gas stock100
6
8
Ada) 96 100
65 1935
15
1712
Preferred
1st cons g 4s 1948__J-J
let 58 1947-See Stock Sic list
83
78
F &A 61
100 So
Deb 4s 1923
6312
52
1st 55 1930
Brk C &8 5s 1939_J-J
97
0
Con Gas of N J 5s '36_J-J 93
5
50 200
American Surety
82
84
Standard
GeptdcLorSt lit 68_51&N Oil
of
_ --- -----Consumers' L H & PowN
pref_5
J....10N
11u
*414
American Thread
645 650
Kings 0 El 45-See Stock Sic list
Co-01S
58 1938
079B
JD 105 2.,-- Am Tobacco Co com_100 340 1
8
) Swlisftt
14o_st
...
r
j Exe list
Is
Nassau Elec pre1-.....100
__ Denver Gas & E‘ec _100 10638 10812
com.100
101
in
eTexas&
Si 1944
Gen g Si 1949 op-M-N 92
A-0 -115
Paoltic
100
Coal-100
95
Am
Pere
r fT
erYred
85 107
.
:tlii
5
212 Title lies Co
lit 48 1931-See Stock Exo list
Elizabeth Gas Lt Co_100 275 _
ntn
o
tefri(N
N4Yvca
i
_ _40
Amer Writing Paper-100
.
06
01 160 160
Tonopah
N Wbg&Flat 1st ex 4 kis 92
Essex & Hudson Gas-100 125 Dr-97
100 14
16
Preferred
*(152 634
Trenton
Steinway 1st 68 1922-J-J 107 112
P
t
82
Gas & El Bergen Co. 100 60
:
8
1
op'09-J-J
lit s f g 5s 19
3
Other Cities
Preferred, etewr--.._100
612 612
e Gr Rap 0 let Sc '13-F-A oh -- AtIGI&Wind SS Lines 100
50
60
:rrow Directory
Buffalo Street RyHudson Co Gas
100 11515 fill;
100 17
Preferred
100 26
35
i
59
.
650
85
2
Un2P11
let conso158 1931 F-A 10712 10812 Indiana Lighting Co
19
22
com100 58
Col tr g 5s 1959 _.._J-J
61
Deb 6s 1917
A-0 106 10712
F-A 62
45 1958 up
:
preferred
Barney & Smith Car_100
100 108 113
64
Coiumbus (0) St Ry-101/ 95 59734 Indlanapolls Gas
50 20
100
referred
45
Preferred
100 109 111
101/ 104 106
Preferred
te
relPd
let g 55 1952
A-0 75
ferr
Bk
edNote Corp_ 5i.) *66
90
Bethl m Steel Corp --See S tic Ex list Unid:
59
Colum By con 55--SeePhl la itst
96
Jackson Gas 60 g '37-A-0 91
50 *53
Bliss Company com- 50 111 110
55
Crosst'svn 1st 58'33 J-D
100 90 100
- e Laclede Gas
50 121) 125 eUnIted Cigar hifg.pf-100 101 104
Preferred
74
77
'Conn By & Ltg com_ 100 10214--e Preferred
United
- -100
_ 95
Copper
Bond ec Mtge Guar__100 370 380
10(1
1234 13
100 8212 87(2 Madison Gas 681926..A-0
ePreferred
---- sre:te
138 u P
irr
7 137
veeid
10512 108 Borden's
4,9
ope
100 31
's eCond Milk_ 100 12
87
100 58
60 Newark Gas 6s 1944.-Q-J 130 132
Grand Rapids Ry
U S Casualty
100 105 107
Preferred
100 195 210
-_100 8234 8334 Newark Consol Ga5-100 95
Preferred
5
96
British Col Copper
50
30
0_J&J 108 10812
e Con g 58 1948.
,e Loulsv St 58-1-9-3J-D 106 107
2412
ePreferred
Butte Coalition Mining 15 *24
10 102 106
No Hudson L II dcPowLynn & Bos 1st 58 '24J-L) 105 107
U SSteel Corporation214 3
Casein Coo
df Am com-100
bs 1938
's New Orl Rys & Lgt-100 1414 1434
A-0 98
75
Col tr 5 f 58 '51 opt '11 11334 116
100 (it)
e Preferred
3812 Pat & Pas Gas& Elec-100 83
100 37
Casualty
Coof Amer-100 135Col tr s 1 5s '51 not opt 11334 115
ettid
uo C
87 c
M S 103_
Gen M g 4 %s '35 See S tk Ex list
e Con g 55 1949
100 127 ffli- U S Tit Gu & Indem 100 66
70
North Chic Street See Ch lcago list St Joseph Gas Sc 1937-J-J 94 -i7- Cent Fireworks
7
8 eUtah Copper Co-See Stk Ere list
iree
w orks com 100
Pub Serv Corp of N J 100 95 100
Telegr Cc "felephone
100 52
034 Wa
734 73
ptreerfb
Preferred
eu
rgdC o, com_100
Tr ctls 2% to 6 %perpet 7834 7012 eAmer Teleg & Cable _100 7612 80 Central Foundry
100
100
eon Sc g notes '01I_M-N 9078 10014 eCentral & So Amer 100 109 115
17
181. Westchester & Bronx 'lit
Preferred
North jersey St By 100 35
40 Comm'l Un Tel (NY)_25 110 120
1)
(0
N
Deb Os 1919 op '01 MeieGeuar
100 140
1st 4s 1948
Emp & Bay State Tel 100 (0) 70 Century Realty
78
72
M-N 77
76
100
ee tirtng
Wt
100
Cons Tract of N J ,11)0 74
Franklin
75
100 40
50 Chesebrougn Mfg Co 100 500 MO
Brake___50
WestIngh
Air
112
1st 55 1933
J-D 10512 10612 eGold & Stock Teleg _100 105 112 City investing Co--100 58
63
West El & Mfg 5s-See St Mae list
New'kPasIty 55 '30 J-J 109 110 eN Y & N J Teleph.„100 115 117
eCiatlin (El B), corn-100 100 105
White Knob Min
10
Rapid Tran St By -100 245 __- eNorthwestem Teleg....50 108 112
91
95
elst preferred
10
Preferred
1st 53 1921
Pacific & Atlantic
A-0 108
25 55
65
e2d preferred
100 92
9712 Worthing Pump pref-109 107
.
SZnIttliArri A Atlantle 21. On
on
•LW share. a Mix-rights. sBans. a Sells on Stk. Ex.. but not very active / Flat pri0e. is Nom. s Sale nrIce.
y Ex-righta.
is
Outside Securities
619
THE CHRONICLE
MAR. 6 1009.1
inaestment and Xailirriad. *nteiligzuct.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earninos.
ROADS
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
5
$
$
$
Ala N 0 & Tex Pac,
N 0 & N East __ 1st wk Feb
44,000 1,883,045 1,006,409
57,000
979,009
977,890
24,000
Ala & Vicksburg_ 1st wk Feb
25,000
963,579
875,404
22,000
Vicks Sh & Pac__ 1st wk Feb
23.000
23,433
31,932
4,110
Ala Tenn & North__ December
6,135
k Atch Top & 8 Fe_ January __ 7,456,225 7,316,675 54,618,417 56,056,302
28,484 1,306,265 1,089,388
Atlanta Birm do AU 3d wit Feb
43.016
Atlantic Coast Line January __ 2 266 315 2.023,464 14,401,025 15,209,665
5 5,177,120 42,328,330 48,062,263
5
Baltimore do Ohio__ January -_ 5,363,4
Bangor ec Aroostook January __ 243,956 201,131 1,640,338 1,534,147
38.760
42,449
5,463
5,290
Bellefonte Central__ January __
Boston & Maine_r January __ 2.919,249 2,784,216 23,301,753 24,778,961
31,206
3,265 . 26,778
3,323
Bridgeton & Saco R December..
Bull Hoch & Pitts_ 4th wk Feb 134,276 128,801 4,735,064 .5,435,574
207,742 187,621 1.172,196 1.179,157
Buffalo & Susq____ December
Canadian Northern.. 4th wk Feb 132,600 130,700 6,663,000 6,371,700
Canadian Pacific__ 4th wk Feb 1,371,000 1,220,000 50,292,517 49,400,053
Central of Georgia_ 3d wk Feb 222.400 224,700 7,568,263 7,891,033
Central of New .Ter_ January __ 2,031,887 2,135,183 15,111,802 16,779,781
275,904 266,686 1,832,685 1,914,878
Central Vermont_r December
74,897
1,301
54,248
1,457
Chattanooga South. 2d wk Feb
Chesapeake & 011,o 3d wk Feb 481,314 393,893 16,859,014 18,042,540
29,969
4,468
37,730
5,743
Chesterfield & Lane January __
Chicago & Alton By 4th wit Feb 132,045 208,505 8,533,336 8,402,558
Chic Burl & Quineyr January __ 5,807,989 5,766,083 47,410,584 49,289,179
Chicago Great West 3d wk Feb 163,248 128,516 5,450,974 5.367,046
84.090
69,583 3,385,103 3,453,863
Chic Ind & Loulsy_ 3(1 wk Feb
Chic Ind &Southern -See New York Cen tral.
Chic Milw & St Paul December.. 4,933,892 4,567,747 32,507,709 31,338,632
Chic & North West r January __ 4,656,739 4,393,853 30,080,868 40,530,567
Chic St Paul M & 0 January __ 1,088,819 056,972 8,226,559 8,161,134
604,414
87.999
572,502
85,585
Chic Term 'Fran RR December..
717,985 592,777 4,249,865 4,611,020
CM Ham & Dayt_r December
Cincinnati Northern -See New York Cen trot.
Clev Gin Chic & St L -See New York Cen tral.
Colorado Miciland_r December.. 195,18 190,794 1,229,782 1,207,211
h Colorado & South 3d wk Feb 306.153 282.936 10,283,522 9,953,918
153,101
24,860
141,422
28,166
Col Newl) & Laur__ December..
447,239
December..
408,725
54,604
58.126
Copper Range
94,151
January __
48,695
9,160
Cornwall
4,334
188,615
158,338
28.378
Cornwall & Leb___r December
12,546
January __ 218,258 183,794 1,065,860 1,053,126
Cuba Railroad
1 Delaware & Huth_ January __ 1,371,117 1,453,251 10,981,603 12,205,036
January __ 2,609,880 2,518,556 19,836,179 20,656,613
Del Lack & West
Denver Fe Rio Gr 4th wk Feb 361,700 359,200 13,847.525 14,560,344
22,485 1,054,163 1,158,587
21,581
Det Tot & Iront Sys 3d wk Feb
26.715 1.232.632 1,305,879
27,422
3d wk Feb
Ann Arbor
798,639
737,179
22.707
Detroit & Mackinac 4th wk Feb
25,478
77,659
80,102 4,673,826 5,113,205
Dul & Iron Range_r December
50,136 1,772,030 2,119,086
45,118
Dui Sou Sh & Ati
9th wk Feb
4,016,089
El Paso & So West.r January __ 599,082
3,585,307 3,561,328 29,793,690 31,187.961
January
Erie
Evansville & 'ter II -See Rock Island S vstem.
11,590
11,313
1,616
1,261
January __
Fairchild & Nor E
490.594
450,803
51,912
53,421
Fonda Johns & Gloy January __
January __ 234,012 237.303 1,713,261 1,830,999
Georgia Railroad
Georgia South & Fla -See Sout hern Rail way.
Grand Trunk Syst 4th wit Feb 681,947 761,060 26,101.330 28,987,303
91,018 3,532,193 4,025,448
84,473
3(1 wk Feb
Gr Trunk West
24,449 1,080,051 1,216,345
25,106
Bet Gr Hay & Ell 3d wk Feb
25,233 1,185,340 1,383,964
24,459
Canada Atlantic. 3d wk Feb
Great Northern Syst January __ 2,727,995 3,073,786 33,535,541 37,579,657
168,545 161,006 1,108,408 1,353,910
Gulf & Ship Island_ January __
January _ 399,523 328.834 3,857,192 4,047,548
Hocking Valley
January __ 4,831,070 4,619,840 34,073,899 36,533,135
Illinois Central
Internat & Gt Nor_ 4th wk Feb 152,000 148,000 5,610,353 4,870,211
aInteroccanic ofMex 4th wit Feb 143,438 209,377 4,168,173 5,174,834
64,662
56,848 1,976,481 2,094,825
4th wit Feb
Iowa Central
January __ 147,788 139,094 1,347,903 1,328,801
Kanawha & Mich
646,103
685,530
5,168,106 5,687,025
__
January
South_
Kansas City
568,000
766,000
January
K C Mex & Orient
Lake Erie & West'n -See New York Cen Ira..
Lake Shore dc NI Sou -Nee New York Cen tral.
2,540,278 2,639,720 10,562.007 22.125,624
January
Lehigh Valley
192,780
37,084
296,095
27,962
December..
Lexington do East
Dec.321 ,999
inc.87,623
Long Island
January
648,582
78,696
688,179
114,520
Louisiana ec Arkan_ January __
669,065
672,661
16,355
22,511
Louis /lend ec St L_ 3(1 wit Feb
Loulsv & Nashville_ 3d wk Feb 859,760 782,005 9,753,435 30,171,653
94,779
80,663
11,791
10,201
Macon & BirmIng'm January __
590,754 601,355 4,927,572 5,325,840
Maine Central ....--r January __
38,032
29,244
5,226
3,198
Manistione
ranuary __
237,104
220,571
23,755
23,538
January __
Mary and do Penn
January __ 2,341,455 2,991,259 18,155,807 21,407,711
a Mexican Central
a Mexican Internat. 4th wk Feb 138,300 159,088 4,510,653 5,722,954
a Mexican Railway_ 'Id wit Feb 158,300 191,300 4,280,600 5,131.800
783,133
770,723
24,851
25,223
a Mexican Southern 2(1 wit Feb
Michigan Central- See Ntw Y ork Centr al.
540,128
535.311
15,432
12,891
4th wit Feb
Mineral Range
71,271 2,830,977 2,702,291
69,527
Minneap & St Levis 4th wk Feb
Minn St P & S S M._ 3(1 wk Feb 183,633 166,269 8,356,616 7,910,504
2,005,219 1,791,386 15,797,587 15,092,848
Missouri Ran & Tex January
MoPac ec Iron Mt_o 4th wk Feb 957,000 881.000 30,248,107 30,324,322
35,000 1,140,000 1,052,000
36,000
Central Branch.° 4th wit Feb
Total system_ _ _o 4th wk Feb 993,000 916,000 31,397,107 31,376,322
095,421
987,634
Wk
C
23,161
Feb
K
13
&
30.119
Jack
DMobile
059,959 878,011 6,504,226 6,655,381
Molly Chatt & St L January
991.727 1.133.510 28.017.657 14.310.081
II art Rye of Mexico 4th wk Feb
July 1 to Latest Date.
Latest Gross Earninos.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
Nevada-Cal-Oregon. 3d wk Feb
233,980
227,806
4,882
6,046
Nevada Central41,588
6,503
44,151
6,352
December..
N Y C & Hint River January __ 6,611,643 6,179,327 54,798,403 37,617,491
Lake Shore ec MS January __ 3,316,725 2,850,440 24,941.368 26,214,377
Lake Eric & West January -_ 334,228 336,488 2,828,341) 2,970,888
Chic Ind & South January __ 265,603 235,605 1,771,705 1.740,587
Michigan Central. January __ 1,907,661 1.861,468 15,090,866 16.574.595
Cleve CC & St L. January __ 2,024,065 1,786,119 15,630,643 15,794,151
Peoria do Eastern. January __ 208,762 250,172 1,702,451 1,818,398
582,216
Cincinnati North_ January -_
660,984
77,139
56,821
Pitts do Lake Erie January -- 837,229 585,384 7,139,324 8,447.740
Rutland
January -_ 195,835 187,815 1,712,028 1,859,404
N Y Chic dc St L. January __ 751,854 759,987 5,580,682 6.004,635
Total all lines
January __ 16531644 15089626 131811790 139574677
N Y Ont & Western January
591.312 593,987 4,931.512 4.900,212
N Y NH& Hart
January __ 4,055,890 3,679,416 31,706,686 33,176,303
N Y Susq & West
January __ 262.122 276,965 1,847,666 2,017.527
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
January __ 4,147,390 4,432,215 41,792,566 45.000.819
Northern Pacific
December. 488,795 595,869 3,366.605 4,295,574
Pacific Coast Co
Pennsylvania Co_ _r January __ 2,889,374 2,485,107 24,564,718 28,942,649
(1 Penn-East P & E January __ 11220812 10563312 83,497.253 96,234,753
West of P & F._ January __ inc.600, 100
02,010
,36
Pere Marquette___r December.. 1,127,990 1,114,071 7,2e
'9
20
87
59
.8
D 2c.6
6,2
Phila Bait & Wash_ January __ 1,263,140 1,206.840 9,727,278 10,362,078
Pitts Cin Chic & StL January __ 2.148,833 2,000,197 16,093.627 18,266,239
12,429
7,863
Raleigh & Southp't January __
5
40
88
0,
60
5 26,47
Reading Company_ January -- 3,230,761 3,075,500 23,52
73
5,19
8
75
Coal & Iron Co
January __ 3,072,526 3,122,490 20,305,654 24,144.499
January __ 6,303,287 6,198,089 93,833,846 50,605,342
Total both cos
164,316 143,425
992.066
Rich Fred & Pot__r December
885,087
80,384
476,988
68,720
Rio Grande June... December
452,320
11,621
408,149
6,412
385.470
Rio Grande South
3d wk Feb
Rock Island System December 5,435,044 4,915,666 31,878,359 32,132,644
e St L & San Fran December 4,380,141) 3,751,657 24,862,428 26,329,463
177,616 165,342 1,129,569 1,225,736
Evansv do Ter H December
Total of all lines_ December 9,992,810 3,832,665 5-.870,358 59,687,844
871,507
866,043
St Jos do Grand Isi_ December.. 129,945 130,794
St Louis Southwest 4th wk Feb 191,791 109,802 7,211,375 6,843,508
San•Ped LA de S Lr December., 601,136 645,726 3,496,295 4,105,551
Seaboard Air Line_ December.. 1,464,500 1,254.960 7,785,678 8,059,362
491.784
479,282
64,856
86,458
Atlanta ec Birm
December
52,709
54.868
12,441
14,528
Florida West Sh_ December
875,695
617.482
87,992 162.164
Southern Indiana
December
c Southern Pac Co
January __ 8,802,612 9,320,488 71,583,760 77,716,779
Southern Railway
3d wit Feb 980.125 879,832 34.087.197 35,212,515
Mobile & Ohio
3d wk Feb 172.738 132,534 6.247.795 6.557,555
Cm N 0 & Tex P. 3d wk Feb 147,677 122,010 4,983.967 5,346,517
40,475 2,309,575 2,426,586
Ala Great South_ 3d wk Feb
67,414
41,755 1,251,578 1,350,044
42,490
Georgia Sou & Fla 3d wk Feb
791.375
827,183
17,702
21.766
Texas Central
3d wk Feb
Texas & Pacific
4th wk Feb 321,096 375,882 10,288,704 10,662,764
55,945
42,146
6,743
5.740
Tidewater do West_ January -2,796.985
Toledo & Ohio Cent January __ 262,461 272,579 2.735.629
821,655
721,506
19,389
20,158
Toledo Peor & West 3d wk Feb
66,381 1,218,199 2,695,804
62,622
Toledo St L & West 3d wk Feb
31,621
37,739
3,885
8,319
December..
Tombigbee Valley
Union Pacific Syst. January -_ 5,343.736 3,189,922 47,983,824 48,109,218
Vandalia.
r January __ 668,559 674,208 5,261,220 5,854,845
682,041
738,372
73,390
Virginia & Sou West January __ 103.401
4th wk Feb 500,806 519,053 17,281,000 17,861,974
Wabash
509,315 469.528 3,094,266 3,200.150
Western Maryland r December
West Jers & Seash_ January __ 292,710 283,310 3,358,916 3,724,716
Wheel & Lake Erie.r December.. 431,232 381,065 3,004,813 3,409,565
426
1,303
White Riv(Vt)_2wk s endFeb13
4th wk Feb 139,956 133,706 4,959,788 5,084,984
Wisconsin Central
172.739
22,708
165,145
20,592
January __
Wrightsv & Tenn
Yazoo dc Miss Vail_ January - 942,001 035.579 6,271,163 6,288,288
Period.
Various Fiscal Years.
Jan
Bellefonte Central
Jan
I Delaware & Hudson
Jan
Manistique
Jan
Mexican Railway
Jan
Mexican Southern
New York Central & Hud River_ Jan
Lake Shore & Mich Southern_ Jan
Jan
Lake Erie & Western
Chicago Indiana & Southern_ Jan
Jan
Michigan Central
Cleve CM Chic &, St Louis... Jan
Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh do Lake Erie
Jan
Rutland
New Yrok Chicago & St Louis Jan
Jan
Total all lines
Jan
Northern Central
d Penn-East of Pitts de Erie.. Tan
d West of Pittsburgh & Erie_ Jan
Phila Baltimore & Washington Jan
Jan
Pitts Gin Chicago & St Louis
Dec
Rio Grande Junction
Jan
Pacific
Texas &
Jan
West Jersey do Seashore
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Feb
Jan
Current
Year.
Previous
Year.
$5,463
$5,290
31
31 1,371,117 1,453,251
5,226
3.198
31
841,200 1,070,200
14
152.281
14
162.382
31 6,611,643 6,179.327
31 3,316.725 2,850.440
336,488
334.228
31
235,605
265,603
31
31 1,907.661 1,861,468
31 2,024,965 1,786.119
250.172
208,762
31
56,821
77,139
31
585,384
837,229
31
187,815
195,835
31
759,987
751.854
31
31 16,531,644 15,089.626
874,436
867,036
31
31 11.220,812 10,563.312
Inc.60 0,400
31
31 1,203,140 1,206,840
31 2.148,833 2,000,197
80,384
31
68,720
28 2,388,286 2,384,839
283,310
31
292,710
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
td
'd
ith
tat
td
Id
ith
tat
id
week Dec
week Deo
week Dec
week Jan
week Jan
week Jan
week Jan
week Feb
week Feb
(41
(46
(48
(43
(93
(44
(43
(43
(44
roads).roads).roads) _--_
roads)---roads)--roads)....-roads).roads).roads)....
Curisa Year Prey's Year Inc. or Dec.
3
5
0,906,448
10,418,634
11,037,636 10,428,083
14.887,805 13,020,259
8,341,009
Z.588,102
8,640,038
8,981.170
8,970,089
9,238.432
13,228.706 12,834.339
9,730,224
8,496,377
9,523,070
5,733,905
/A nem AK, n 111.1 ea,
$
+512,186
+609,533
+961,641
+240.103
+341,132
+270,343
+394,367
+1,233,847
+739,165
4-RA1 9nn
%
5.17
5.85
6.91
2.95
3.05
3.11
3.07
14.52
9.04
0 AA
Atoat/sty Summaries.
Month Apr
Month May
Month June
Month July
Month Aug*
Month Sept
Month Oct
Month Nov
Month Dec
Afn”111 /fan
Curing Year Prey's Year Inc. or Dec.
%
$
$
5
1008 (119 roads). 154,137,168 190,046,150 -35,908,088 18.89
1908 (120 roads). 153.1.12,628 198,146,871 -45,034,243 22.61
1908 (113 roads). 146,270.130 179,397,094 -33,126.964 18.41
1908( 97 roads). 150,103,383 133,365,9./3 -27,262,110 14.87
1908 (105 roads). 179.781,772 209,600,782 -20,909,010 16,6,1
1908 (114 roads). 210,014,059 223,964,945 -13,950,886 C.21
1908 (110 roads).. 223,931,291 240,652,757 -16.721,466 6.92
1008 (118 roads). 205.963,343 213,913.043 -7,950,305 3.71
1008 (234 roads). 215,251,439 204.476,660 +10,774,779 5.27
10A0 I 81 rnAdal_ 42_0415.952 47.550.510 4-2_257.963 4.'78
& Texas Central and its subsidiary lines in both
a Mexican currency. I Includes earnings or Golf &Chicago Division. c includes the tiouston
in both years. I includes Evansville & Indiana RR. ii Includes
rears. a Covers lines directly operated. a Includes the Chicago & Eastern Illinois
di Brazos Valley BEL k. Includes In both years earnings
garrilngs of Got. de South., Ft. Worth & Denver City and all affiliated lines, excepting Trinity
. These figures do not include receipts from sale of coal
at Deaver Enid & Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix By. Commission
method. r These figures are on the new basis
p Flores hero are on the old basil of accounting-not the new or Inter-State Commerce
trescrt bed by the Inter-State Commerce Commission.
620
THE CHRONICLE
H,Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of February. The table covers 45 roads and shows 9.600
/,
increase in the aggregate over the same week last year.
-Gross Earnings- -NetEarnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Roads.
Interborough Rapid TransitManhattan Elevated -bOct 1 to Dec 31
3,606,800
2,057,928
July 1 to Dec 31
Third Weelc of February.
1909,
6,700,638
1908.
Increase. Decrease.
3.564.508
Subway Lines-b---$
$
Oct 1 ot Dec 31
$
3,180,098
3
2,037,167
Alabama Great Southern
67,414
49,475
17,939
July 1 to Dec 31
5,415,147
3,183,705
Atlanta Birmingham & Atlantic
43,016
28,484
14,532
Total
of
both_bBuffalo Rochester & Pittsburgh
121,192
128,800
7,608
Oct 1 to Dec 31
6,786,899 6,301,496 4,095,095 3,690,401
Canadian Northern
129,500
127,800
1,700
July 1 to Dec 31
12,115,786 11,456,623 6,748,272 6,235,962
Canadian Pacific
1,156,000 1,054,000 102,000
Jan 1 to Dec 31
24,718,462 23,513,171 13,848,916 13,196,644
Central of Georgia
222,400
224.700
2,300
Chesapeake & Ohio
Iowa Central_a
Jan
235,457
481,314
393,893
257,611
87,421
88(3,846
824,514
Chicago & Alton
July 1 to Jan 31
1,770,551 1,876,696
252,946
212,736
40,210
8339,227 8612,531
Chicago Great Western
163,248
128,516
g Interoceanic of Mexico_Jan
34,732
512,289
652,226
169,042
190,861
Chicago Indianapolis & Louisv_
84,090
89,583
July 1 to Jan 31
14,507
3,051,781 4,497,304 1,149,679 1,248,928
eine New On & Texas Pacific
147,677
122,010
25,667
Kanawha & Michigan_a_Jan
147,788
Colorado &Southern
139,994
10,417
4,613
306,153
282,936
23,217
July 1 to Jan 31
1,347,903 1,328,801
Denver & Rio Grande
258,705
105,489
310,700
285,300
25,400
Detroit & Mackinac
Keystone Teleph Co_a__Jan
23,316
89,781
19,284
87,945
4,032
45,300
40,678
Detroit Toledo & Ironton
July 1 to Jan 31
21,581
618,018
22,485
612,582
311,759
904
287,981
Ann Arbor
27,422
26,715
707
Long Island
Jan
Inc 87,623
Inc 97,075
Duluth South Shore & Atlantic
51,054
51,951
897 Louisiana & Arkansas,b_Jan
114,520
Georgia Southern & Florida_ _ _ _
78,696
42,499
44,073
22,736
41,755
744
July 1 to Jan 31
684,582
688,179
Grand Trunk of Canada
186,906
208,676
Grand Trunk Western
612,304
Loulsv Rend & St L_b__Jan
87,344
591,472
68,848
20,832
28,032
7,830
Dot Gr Hay & Milwaukee_ _ _
July 1 to Jan 31
608,011
625,477
200,977
153,676
Canada Atlantic
Louisville & Nashv_b___Jan 3,754,769 3,299,868 1,243,525
610,831
International & Great Northern
160,000
128,000
32,000
July 1 to Jan 31
27,204,395 27,861,093 9,697,333 6,634,793
Interoceanic of Mexico
128,560
182,974
34,414 Lowell Elec Corp
Iowa Central
34,528
31,334
Jan
1,872
14,747
51,046
14,704
59.918
Louisville Henderson ec St L
22.511
16,355
x Maine Central_b
500,754
601,355
6,156
Jan
•
135,665
139,800
Louisville & Nashville
859,760
July 1 to Jan 31
782,005
4,927,572 5.325,849 1,502,604 1,824,657
77,755
Mexican International
153,697
130,317
23,380 g Mexican Central
Jan 2,841,455 2,991,259 1,033,777
Mineral Range
761,538
15,768
14,718
1,050
J
18,155,897 21,407,711 6,682,970 5,947,449
July 1 to Jan 31
Minneapolis ez, St Louis
68,062
64,254
3,808
g
Minneap St Paul &SSM
Mexican
715,654
International_Jan
221,186
591,282
183.633
263,390
166,269
17,364
Missouri Pacific & Iron Mount
July 1 to Jan 31
3,970,824 5,135,394 1,558,244 1,625,726
795,000
653,000 142,000
Central Branch
31,000
19,000
Minneap Gen Elec
12,000
64,517
93,934
105,040
Jan
55,090
Mobile & Ohio
172,738
132,534
40,204
Minneap
ea
St
k54,248
Louls_a_
_Jan
280,932
299,242
k58,294 •
National Rys of Mexico
1,013,696 1,043,817
30,121
July 1 to Jan 31
k845,248
2,577,231 2,490,744
k788,141
Nevada-California-Oregon
6,046
4,882
1,164
Minneap St Paul ecS S M Jan
Rio Grande Southern
762,640
219,550
761,540
245,559
6,412
11,621
5,209
St Louis Southwestern
July 1 to Jan 31
207,043
7,801,441 7,535,418 3,604,745 3,073,81&
150,111
56,932
Southern Railway
080,125
879,832 100,293
Mo Kansas & Tex_b_Jan 2,005,219 1,791,380
503,546.
434,577
Texas Central
21,766
17,702
July 1 to Jan 31
4,064
15,797,587 15,092,848 4,923,482 5,249,599
Texas & Pacific
267,984
253,719
14,265
Nashv Chatt & St Lb __ _Jan
959,059
194.906
165,030
878,011
Toledo Peoria & Western
20,158
19,389
769
July
1
to
Jan
31
6,504,226 6,655,381 1,412,600 1,410,429
Toledo St Louis & Western____
62,622
66.381
3,759
Wabash
National
g
Rys
of
MexJan
455,230
1,306,975
405,075
548,004
507,393
1,424,671
50,155
Wisconsin Central
July 1 to Jan 31
139,677
24,072,824 10,048,207 9,015,144 3,454,267
125,286
14,391
xNYNH& Hartford_bJan 4,055,890 3,679,416 1,008,528
301,693.
Total (45 roads)
10,064,852 9,183,562 989,882 108,592
July 1 to Jan 31
31,706,686 33,176,303 9,017,517 9,702,242
Net increase (9.60%)
881,29Q
N Y Susq & Western_a__Jan
262,122
276,965
75,127
80,996
July 1 to Jan 31
1,847,666 2,017.527
516,106.
552,950
Northern Central- b
Jan
867,036
874,436
120,528
48,428
Net Earnings Monthly to Latest Dates.-The table folNorthern Pacific_b
Jan 4,147,390 4,432,215 1,170,275 1,653,234
lowing shows the gross and net earnings of STEAM railroads
July 1 to Jan 31
41,702,566 45,000,819 19,532,820 19,867,205
reported this week.
Norfolk & Western_b__Jan 2,310,699 1,912,017
612,655.
873,924
July
1
to
Jan
31
17,011,275 18,931,041 6,781,342 6,397,523
-Gross Earnings-- -Net Earnings
Current
Previous
year.
Current
NY & Pcnna_ bPrevious
Year.
Year.
Oct 1 to Dec 31
28,907
Yesar.
28,057
5,748.
6,353
Roads.
$
$
July 1 to Dec 31
56,153
5
54,534
11,720
11,909
Abington & nocRiand Elec
Jan 1 to Dec 31
110,698
108,382
27,820,
23,086
Lt & Power Co
6,075
6,455
Jan
2,535
2,902 N Y Cent & Hud Rlv_ b_ _Jan 6,611,643 6,179,327 1,450,634 1,106,245
Atlantic Coast Line_a
Jan 2,266,315 2.023,464
747,613
Lake Shore & M S_ b_ _Jan 3,316,725 2,850,440 1,227,202
339,664
836,450
July 1 to Jan 31
14,491,925 15,209,665 4,197
99
,0,0
46
71 3,095.862
Lake Erie & West_b_ -Jan
48,328
26,430
334,228
336,488
Bangor & Aroostook_bJan
243,956
201,131
24,423
Chic Ind & South _ bJan
265,603
235,605
41,714
71,331
July 1 to Jan 31
1,640,338 1,534,147
549,368
301,221
Mich Central_b
Jan 1,907,661 1,861,468
507,590
405,863.
Boston & Albany -bOct 1 to Dec 31
2,024,965
1,786,119
Cinc
Clev
3,005,574 3,040,843
Jan
Chic
451,687
&
St L b
328,245
602,090 det126,101
Boston & Maine_b
208,762
250,172
Peoria & Eastern_b__ _Jan
Jan 2,919,249 2,784,216
36,514
93,449
732,569
422,896
July 1 to Jan 31
23,391,753 24,778,961 6,801,777 6,681,985
77,139
56,821
11,066
Cinc Northern-b
Jan
def1,176
Canadian Northern
Jan
526,200
578,200
100,300
585,384
837,229
405,817
Pitts & Lake Erie_b Jan
115,700
208,570
July 1 to Jan 31
6,161,300 5,886,100 1,858,200 1,724,11)0
187,815
195,835
Jan
38,526
Rutland b
26,133
Canadian Pacific
Jan 4,761,860 4,498,560
389,750
623,991
751.854
759,987
173,435
N Y Chic & St L_b_ __ _Jan
July 1 to Jan 31
126,114
45,473,517 45,384,053 14,430,929 15,055,013
15,089,626
Jan16,531,644
4,400,283 3,219,944
Total all lines_b
Central of Georgia_a____Jan
914,557
877,107
219,230
162,894
July 1 to Jan 31
8.893,363 7,232,033 1,878,033 1,655,566
593,987
591,312
125,532
x N Y Ont & Western_ b_Jan
128,956
4,931,512 4,900,212 1,578,411 1,662,190
July 1 to Jan 31
Central New England-b-Oct 1 to Dec 31
721,110
605,865
585,470
Penna Company _ 1:•____Jan 2,889,374 2,485,107
294,742
438,896
.
155,222
24,564,718 28,942,649 9,285,938 9,090,095
July 1 to Jan 31
Central of New Jersey_b_Jan 2,031,887 2,135,183
821,864
882,453
15,111,802 16,779,781 6,498,448 7,329,535 Pennsylvania-Lines directly operated.
July 1 to Jan 31
East of Pitts & Erie_b_Jan11,220,812 10,563,312 2,527,909 2,275,599
Chesapeake & Ohio
Jan 2,109,653 1,884,763
702,263
Inc 600,400
Inc 208.800
508,507
West of Pitts & Erle__Jan
July 1 to Jan 31
15,512,574 16,860,860 6,009,005 5,756,980
165,083
Balto & Wash_b_Jan 1,263,140 1,206,840
PhIla
167,683
x Chic Burl & Quincy_b_Jan 5,807,989 5,766,083 1,800.699 1,768,661
12,429
7,863
5,552
July 1 to Jan 31
421
47,410,584 49,289,179 16,297,588 16,018,828 Raleigh & Southport_ a_ _Jan
70,880
75,575
31
26,221
Jan
1
July
to
15,395.
x Chic & North West _ bJan 4,656,739 4,393,853 1.316,857 1,453,428
CompanyReading
July 1 to Jan 31
39,989,868 40.530,568 14,935,621 13,653,895
Phila & Reading-b_- Jan 3,230,761 3,075,599 1,070,180
x Chic St PM & 0_ b-__Jan 1,088,819
885,715956,872
395,660
383,511
23,528.193 26,460,845 9,253,322 9,965,864
July 1 to Jan 31
July 1 to Jan 31
8,228,559 8,161,134 3,110,034 2,764,530
3,072,526
3,122,490
Jan
Iron
112,710
&
Cob
Coal
Col & Southern -b
225,588
Jan 1,265,683 1,269,049
388,906
456,153
20,305,654 24,144,499 1,175.303 2,002,850July 1 to Jan 31
July 1 to Jan 31
9,354,338 9,112,861 3,310,027 3,323,201
Jan 6,303,287 6,198,089 1,182,899 1,111,304
Total both Cos_b
Copper Range_ b
Dec
54,604
58,126
6,201
14,031
43,833,846 50,605,342 10,428,625 11,968,714
July 1 to Jan 31
July 1 to Dec 31
408,725
447,239
99,378
137,331
Reading Company____Jan
Cornwall_b
124,971
128,424
9,160
Jan
4.354
3,555
del 722
Jan
July
to
31
1
July 1 to Jan 31
892,168
805,647
48,695
94,151
13,133
44,568
Jan
Cos
Total
all
of
Cuba RR
1,307,870
1,239,728
,
218,258
183,794
Jan
103,373
67,036
July 1 to Jan 31
July 1 to Jan 31
11,320,793 12,864,361
1,065,868 1,053,126
426,007
313,052
834,902
Southwestern_a
Jan
722,354
Louis
St
Delaware & fludson_b _Jan 1,371,117 1,453,251
84,204
106,298
r426,822
r490,261
6,365,716 6,157,382 1,532,700 1,465,103July 1 to Jan 31
x Del Lack & Western_ b Jan 2,609,880 2,518,556 1,168,507
988,752
Jan 8,802,612 9,320,488 2,231,513 2,000.483
July 1 to Jan Si
19,836,179 20,656,613 9,100,278 8,828.333 Southern Pacifica
71,583,760 77,716,779 25,157,996 21,376,682
July 1 to Jan 31
Denver & Rio Grande_a_Jan 1,589,468 1,433,123
293,303
389,624
4,035,075 3,802,217 1.105,108
590,983July 1 to Jan 31
12,528,224 13,357,144 3,737747 4,412,937 Southern Rallway_b__ _Jan31,141,627
July
32,627,210 10,128,124 7,808.181
to
31
Jan
1
Ed El Co (Brockton)_ _ __Jan
22,352
26,004
12,710
10,450
810,477
Mobile
Jan
&
181,284
Ohlo_b
731,263
253,535
x El Paso & Sou West_b_Jan
599,082
211,594
5,735,299 6,130,505 1,814,283 1,740,301
July 1 to Jan 31
July 1 to Jan 31
4,016,089
1,654,578
662,813
CM New On & T Pb _ _Jan
47,504
555,657
231,296
Erie RR_a
Jan 3,585,307 3,561,328
671,853
209,563
4,550,018 4,972,158 1,520,369 1,021,122July 1 to Jan 31
July 1 to Jan 13
29,793,690 31,187,961 7,641,542 5,578.037
507,255
_Jan
_
Southern_
b_
_
Ala
Gt
19,470
03,076
254,168
Fairchild & Nor E'n_ b_ _Jan
1,616
1,261
373
2,121.904 2,282,563
July 1 to Jan 31
387,708
612,552
July 1 to Jan 31
11,590
11.313
def1,073
def gg'
:
71
_Jan
169,074
Georgia Sou & Fla _ b_
26,17a
40 395
155,722
Fall My Gas Wks
39,272
34.178
Jan
13,516
16,319
1,129,511 1.224,778
July 1 to Jan 31
213,592
31 812
Fonda Johnsv & Glov_a_Jan
53,421
51,912
23,119
20,669 St Lawr ec AdirondackJuly 1 to Jan 31
450,803
490,594
247,950
256,960
120,572
Oct 1 to Dec 31
27.592,35,81
115,406
Georgia RR b
30
99
3
08
230
12
1 1.8
7:4
23
14
3:2
Jan 1,7
61,885
21,635 x Texas & Pacific- b
Jan 1,246,809 1,261,820 " 341,542
273,798
July 1 to Jan 31
332,800
303,882
July 1 to Jan 31
9,166,564 9,539,765 3.181,093 2,891,020x Great Northern_b
Jan 2,727,995 3,073,786
280,037
546,544
713
139
5,740
July 1 to Jan 31
33,535,541 37,579,657 13,873,803 14,327,707 Tidewater & Western_b_Jan
6,743
2,299
July 1 to Jan 31
42,146
5,484
55,945
Houghton Co El Co
27,921
25,072
Jan
15,371
14,412 Toledo
48,831
&
Central_a_Jan
Ohio
262,461
52,058272,570
x Gulf & Ship Island_b Jan
168,545
161,006
43,266
27,982
July 1 to Jan 31
913,792
9,735,629
796,398.
2,706,986
July 1 to Jan 31
1,108,498 1,353,919
273.384
306,228
Ulster & Delaware-bHocking Valley_b
399,523
328,834
Jan
80,875
42,146
Oct Ito Dee 31
57,511
199,369
221,936
19,574
July 1 to Jan 31
3,857,692 4.047,548 1,296,237 1,29,1,258
July 1 to Dec 31
94,094
546,215
563,989
136,294
Illinois Central_a
Jan 4,831,070 4,619,840 1,249.590
969,459 Union Paelfle_a
2,190,717
5,189,922
Jan
1,795,0605,343,736
July 1 to Jan 31
3-1,073,899 36,533,136 7,707,833 8,114.065
July 1 to Jan 31
47,983,824 48,109,218 24,264,024 19,440,519
-Gross Earnings- -NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
140,030
130,327
Jan
668,559
674,206
.z Vandalla _ b
5,261,220 5,854,845 1,364,262 1,396,412
July 1 to Jan 31
283,310 def46,896 def81,596
292,710
West Jer & Sea Shore_b_Jan
113,049
123,174
526,327
550,977
.z Wisconsin Central _b _Jan
4,427,573 4,589,752 1,506,800 1,527,587
July 1 to Jan 31
5,720
3,293
Jan
222,708
220,592
Wrightsv & Ten- b
50,261
52,446
2172,739
2165,145
July 1 to Jan 31
187,161
185,667
035,579
942,001
Yazoo & Miss Valley_a__Jan
841,045
847,057
July 1 to Jan 31
6,271,163 6,288,288
a Net earnings here given are after deducting taxes.
b Net earnings here igven are before deducting taxes.
o These results arc in Mexican currency.
h For January 1909 additional income showed a deficit of $3,257, against
•$1,536 in 1908, and for period from July 1 to Jan. 31 was a deficit of $51,034 in 1909, against a credit of $34,803 last year.
k For Jan. 1909 additional income showed a deficit of $91,against a credit
-of $16,391 in 1098, and for period from July 1 to Jan. 31 was $88,929 in
1909. against $101,079 last year.
r For Jan. 1909 net from Coal Department was $140,646, against $89,298
last year.
x These figures are on the basis of accounting required by the Inter-State
Commerce Commission.
Includes $109 other income for Jan. 1909, against $85 in 1908; and for
period from July 1 to Jan. 31 includes $689 in 1909, against $681 last year;
the earnings of the Dublin & Southwestern RR. are included in both years.
Interest Charges and Surplus.
-Int., Rentals.
Previous
Current
Year.
Year.
$
-Bal. of Net E'ngs.Previous
Current
Year.
Year.
Roads.
Abington & Rockland Elec
2,474
2,207
428
328
Light &Power Co_ _ _ _Jan
x3,761
82,886
Bangor ec Aroostook_ __ _Jan
x37,184
576,256
July 1 to Jan 31
Boston & Albany876,771
729,668xdef190,395zdef740,266
Oct 1 to Dec 31
220,461
242,065
579,799
661,992
Central of New Jersey_ _ _Jan
2,971,791 3,866,365
3,526,657
3,463,170
31
Jan
to
July 1
Central New Englandx37,095
128,167
137,710 x179,363
Oct 1 to Dec 31
x238.443
x157,875
253,658
239,341
Coloradol&Southern____jan
x1,758,231
1,801,479
1,646,146
x1,725,155
July 1 to Jan 31
1,194
12,437
def6,236
12,837
Dec
Copper Range
62,306
72,125
75,025
27,253
July 1 to Dec 31
35,082
33,086
70,287
31,954
Jan
Cuba RR
107,126
198,648
227,360
205,926
July 1 to Jan 31
d307,265
d318,849
324,603
Denver & Rio Grande__ _Jan 331,308
d2,426,617
d2,133,972
2,221,032
2,435,450
31
Jan
to
1
July
8,689
9,490
3,220
1,761
Edison El Co (Brockton)Jan
14,118
11,074
Jan
2,442
2,201
Fall River Gas Wks
x10,749 zdef33,462
50,877
56,783
Jan
Georgia RR
428.773
402,461 zdef20,669 zdef91,206
July 1 to Jan 31
x5,306
xdeflO
108,855
117.321
Jan
Hocking Valley
767,429 x1,171,659 x1,278,773
831,705
July 1 to Jan 31
10,592
11,355
3,320
4.016
__Jan
Elec
Co
Houghton Co
Interborough Rapid TransitManhattan Elevatedx201,676
1,992,027
Oct 1 to Dec 31
xelef7,637
3,837,310
July 1 to Dec 31
Subway Linesz1,182,605
1,060,775
Oct 1 to Dec 31
x1,483,107
2,114,656
July 1 to Dec 31
Total of both ____ Total fo both3,052,802 2,725,750 x1,384,281 z1,280,591
Oct 1 to Dec 31
5,951,966 5,344,800 x1,475,469 x1,487,682
July 1 to Dec 31
11,463,280 10,510,545 x3,688,446 x3,754,723
Jan 1 to Dec 31
x4,727
x522
23,344
22,498
Kanawha & Michigan_ _ _Jan
x84,252
154,360 x159,869
161,820
July 1 to Jan 31
9,707
10,486
4,995
4,261
Jan
Lowell Elec Corp
25,043
34,295
30,222
Jan
30,047
Minneap Gen Elec
x88,652
Jan 3582,455 3555,840 zdef94,276
Mc Kansas & Texas
34,293,450 33,824,283 x708,906 x1,673,028
July 1 to Jan 31
11,947
43,911
153,292
150,995
Nashv Chatt & S tI,_ _ __Jan
335,053
355,636
1,056,964 1,075,376
31
Jan
to
July 1
Pennado
NY
der 347
def 373
6,110
6,700
Oct 1 to Dec 31
der 337
11,692
28
12,246
July 1 to Dec 31
def
381
22,562
5,258
23,467
31
Dec
to
Jan 1
441,393
429,831
171,262
Jan 444,003
Norfolk & Western
3.058,520 3,047,513 3,722,822 3,350,010
July 1 to Jan 31
439,245
368,986
870,742
Jan 868,625
Reading Company
6,080,375 6,095,194 5,240,418 6,769.167
July 1 to Jan 31
St Lawr & Adirondackx3,004
38,367 zdef22,653
51,038
Oct 1 to Dec 31
162,928 xdcf12.555
z10,899
165,924
St Louis Southwestern_ _Jan
x635,974
x768,986
1,173,847 1,162,023
July 1 to Jan 31
x31,247
x17,860
40,191
41,072
Toledo & Ohio Central_ _Jan
x677,365 x638,887
288,387
282,091
July 1 to Jan 31
Ulster & Delaware-.
1/6,190 ydef33,637
46,390
44,697
Oct 1 to Dee 31
x91,057
y32,529
93,733
92,890
July 1 to Dec 31
Latest Gross Earnings.
Name of
Road.
STREET RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Week or
Month.
American Rys Co.... _ _ January
c Aur Elgin & ChicRy January
Bangor By & Elec Co October
Birm By Lt & Power January
Brockton & Ply StRy January
January
Camaguey Co
Cape Breton Eke Co.. January
January
Central Penn Trac
Chariest Con Ry086E January
__
__
-_
__
__
__
---
Week or
Month.
Current Previous
Year.
Year.
$
$
Chicago Railways Co_ January __ 922.528 813,275
18,331
18,318
Cleve Painesv & East January __
Dallas Electric Corp_ January _ 117,107 89,616
Detroit United Ry_ _ _ 3d wk Feb 120,887 104,334
14.767
16,144
Duluth Street By.. _ _ 1st wk Jan
East St Louis & Sub.. January __ 153,539 173,066
51,512 46,802
El Paso Electric
January __
Fair & Ciarksb Tr Co. December..
Ft Wayne & Wabash
Valley Traction Co December
118.751 116,128
91,435 80,815
Galv-Hous Elec Co_ _ January __
Grand Rapids Rys Co January __
77,589 69,454
Havana Electric By.. Wk Feb 28 38,664 36,934
Honolulu Rapid Tran
& Land Co
December.. 33,293 32,755
18,678
23,561
Houghton Co Trac Co January __
Illinois Traction Co_ _ January __ 352,956 327,910
37,936 32,860
Jacksonville Elec Co.. January __
Kansas City By & Lt December
576,141 512,666
24,368
23,317
Kansas City-Western January __
48,217 38,505
Knoxville By ec Lt Co January __
73,591
70,878
Lake Shore Elec By.. January __
November , 96.098 42,988
Lax & Inter Rys Co
55,680
59.904
Little Ilk By & El Co January __
Memphis Street By.. _ January __ 128,469 118,761
Metrop West Side El December.. 229,192 228,970
359,804 334,392
Milw Elec By & Lt Co December
62,255 59,498
Milw Lt fit & Trac Co December
Montreal Street By.... Wk Feb 27 69,203 65,432
Nashville Ry & Light January __ 138,969 124,878
38.518 33.238
NJ & HR Ry & FyCo December
North Ohio Tr ec Lt_ January __ 147,895 126,125
88,937 74,201
North Texas Elec Co_ January __
Nort & Portsm Tr Co. January __ 157,439 144,861
Northwestern Elev.... February. 161,581 143,055
Oakland Traction Co.. January __ 214,583 225,085
25,103 16,916
Oklahoma City By.... January __
19,916
19,048
Paducah Tr ec Lt Co..'January __
18,156
19,784
Pensacola Electric Co January __
Portland Ry L & PCo January _ 339,226 340,813
33,925 30,818
Porto Rico Rys Co.... January __
.
Rio de Janeiro Train
Light & Power_ _ _ January __ 579,289 545,105
St Josenh (Mo) By Lt
Heat & Power Co.... January __
79,435 70.159
70,193 70,026
San Fr Oak & San Jo January __
Sao Paulo Tr Lt & P_ January __ 206,251 191,731
49,986 46,321
Savannah Electric Co January __
Seattle Electric Co_ _ January _ 402,810 364,202
South Side Elevated._ February . 160,421 156.750
11,857 11,301
Sou Wisconsin By Co January __
91,980 85,777
Springf
R & IL Co January __
50,978 45,293
Tampa Electric Co January __
January __ 225,217 216,960
Toledo Rys &
Toronto Railway........ Wk Feb 27 69,897 64,897
Twin City Rap Tran_ 3d wk Feb 121,810 108,210
Underground El By
of LondonThree bs lines.._ Wk Feb 20 £12,990 £11,325
Metr( polIt in Dist.. NVk Feb 20 £9,920 18,686
£5,197
Unittd A ramways _ Wk Feb 20 £4,923
United R Rs of San Fr December.. 603,403 481,285
United Rys of St L.... January __ 829,036 827,398
33,348 32,538
Whatcom Co Ry & Lt January __
d These figures arc after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of the Renewal Fund.
h Fixed charges include taxes amounting to $69,174 for Jan. 1009,
against $58,058 in 1908, and additions and betterments of $44,931 this
in 1909,
year, against $50,716; from July 1 to Jan. 31 taxes were $736,725
for the same
against $375,551; additions and betterments were $319,350
it
1907
July
was the
to
the
Prior
$430,616
year.
previous
against
period,
practice to Include these items in the expenses.
z After allowing for other income received. •income.
y After deducting taxes and allowing for other
Name of
Road.
621
THE CHRONICLE
MAR. 6 1909.1
Jan. 1 to latest date.
Previous
Current Previous Current
Year.
Year.
Year.
Year.
---$
$
221,399
209,339
221,399 209,339
99,637 93.985
99,637
93,985
41,445 41,025
192,343
177,745
192,343 177,745
7,088
6,587
6,587
7,086
11,337
7,556
11,337
7,556
20,885
18,332
18,332 20,885
57,325
52,726
57.325 52,726
61.569
59.644
59.644 61.569
Jan. 1 to latest date.
Current
Year.
$
922,528
18,318
117,107
919,693
16.144
153,539
51,512
385,165
Previous
Year.
$
813,27
18,33
89,616
820,167
14,767
173,066
46,802
368,671
1,322,635 1.283.722
80,615
91,435
69,454
77,589
313,867
333,069
367,134
382,130
18,678
23,561
327,910
352,956
32,860
37,936
6,279,501 6,030,895
23,317
24,368
38,505
48,217
73,591
70,878
566,418
516,355
59,904
55,680
118,761
128,469
2,572,842 2,719,056
3,898,539 3,823,382
852,727
820,130
542,061
576,561
124,878
138,969
537.768
982.051
147,893
126,125
88,937
74,201
157,439
149,861
298,662
334,816
225,085
214,583
16,916
25,103
19,916
19,048
18,156
19,784
339,226
340,813
30,818
33,925
579,289
545,105
79,435
70,193
206,251
49,986
402,810
332,606
11.857
91,980
50,978
225,217
557,789
879,074
70,159
70,026
191,731
96,321
364,202
331,669
11,301
85,777
45,293
216.960
515,309
786,680
£81,210
£92,400
£62,620
£69,062
136,929
£35,732
6,866,303 4,745,116
827,398
829,036
32,538
33,348
c These ftgures are for consolidated company.
Street Railway Net Earnings.-In the following we show
both the gross and the net earnings to latest dates of all
STREET railways from which we have been able to procure
monthly returns. The returns of the different roads are
published by us each week as soon as received,and once a
month we bring together all the roads reporting, as is done
to-day.
-Gross Earnings- -Net EarningsPrevious
Current
Previous
Current
Year.
Year.
Year.
Year.
$
Roads.
:35,082
37,699
93,985
99,637
Aurora Elgin & Chic_ _ _ _Jan
404,553
409,993
877,207
880,682
July 1 to Jan 31
Auburn & Syracuse_b26,024
25.711
83,081
88,528
Oct 1 to Dec 31
85,709
88,087
208,873
219,622
July 1 to Dec 31
22,376
22,876
41,025
41,445
Co_
__Oct
Elec
Bangor By &
10,745
13,081
25,430
27,174
Dec
Binghamton By Co
32,945
27,573
72,158
77,220
Oct 1 to Dec 31
51.943
72,707
177.745
192.343
Birm By Lt ec Power_a_ _Jan
der 741
1,011
6,587
7,086
Brockton & Plymouth_ b_Jan
5.350
3,925
7,556
11,337
Jan
Camaguey Co
6,241
8,172
20,885
18,332
Cape I3reton Eke Co_b_Jan
6,227
13,352
52,726
57.325
Central Penn Trac Co.._ _Jan
20,817
20,408
61,569
59.645
Charleston Consol Ry_b_jan
241,758
245,440
669,430
697,303
Mch 1 to Jan 31
244,803
851,791
263,699
Chicago Railways Co._ _ _ _Dec 974.365
8,194
8,463
18,332
18,318
Cleve Painesv & East_a_Jan
27,049
89,616
36,453
Jan
117,107
Dallas Elec Corp- b
169,592
509,065
204,465
Jan
559.161
Detroit United-a
31,798
28,836
72,813
76,661
Duluth Street Ry_b_......Nov
380,893
772,993
316,326
808,653
Jan 1 to Nov 30
90,251
173,066
60,991
153,539
East St Louis & Sub.._ _ _Jan
14,916
46,802
21,230
51,512
Jan
El Paso Elect Co_b
b
Clarksburg_
Fairmount &
385,165
184,010
368,671
222,932
Jan 1 to Dec 31
53.595
54,013
116,123
Ft Wayne & Wab Valley_ Dec 118,751
537,686
585,501
1,322.635 1,283,722
Jan 1 to Dec 31
29,528
91,435
32,436
80,615
Galv-Houst Elec Co_ b_ _ _Jan
143,493
166,473
302,671
Georgia By & Elec_ _ _ _ Dec 314,342
30,469
39,169
77,589
69,454
Grand Rapids By Co.._ ...Jan
15,934
14,850
32,755
33,293
Honolulu Ii P ec L Cob..Dec
170,154
165.906
367.134
382,130
Jan 1 to Dcc 31
7,824
6,050
18,678
23,561
Houghton Co Tract Co_ b Jan
Hudson Valley Ry Co-b141,259
7,758
43,651
119,663
Oct 1 to Dec 31
379,260
68,673
136,293
316,137
July 1 to Dec 31
327.910
146,464
134,256
352.956
Illinois Traction Co..a.. __Jan
12.030
32,860
15,714
37.936
Jacksonville Elect Cob Jan
251,469
512.666
250,865
Kansas City Ry & Lt CobDec 576,141
3,808,779 3,678,738, 1,657,360 1,797.324
June 1 to Dec 31
7,371
23,317
8,328
24,368
Kan City-West'n By Co_Jan
197,130
79.687
74,182
207,295
July 1 to Jan 31
622
TH
CHRONICLE
-Gross Earnings
Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year
[VOL.
ANNUAL REPORTS.
Roads.
Knoxville By & Lt Co_a_Jan
48,217
38,505
23,549
11,720
Lake Shore Elea Ry_a__Jan
73,591
Pennsylvania Railroad.
70,878
28,017
24,088
Lexington & Interurb__Nov
46,098
42,988
13,127
14,823
(Report
for
Fiscal Year ending Dec. 31 1908.)
566,418
Jan 1 to Nov 30
516,355
197,748
185,900
Little Rock Ry & El Co.a.Jan
59,904
55,680
30,361
29,317
President
James
McCrea's remarks are published in full on
Memphis St Ry Co _a_ _ _ _Jan
128.469
118,761
43.439
40,199 subsequent pages.
Mllw El Ry & Lt Co.b__Dec 359,804
334,392
189,478
158.236
Below are the income accounts of all transportation comJan 1 to Dec 31
3,808,539 3,823,382 1,914,734 1,848,662
Mllw Lt Ht & Trac_b_ __Dec
62,255
59,498
31,830
28,999 panies east and west of Pittsburgh and Erie owned, operated
Jan 1 to Dec 31
852,727
826,130
481,655
466,689 or controlled by or affiliated in interest with the Pennsylvania
Montreal Street Ry
Jan
295,453
285,515
93,109
83,011 system.
Oct 1 to Jan 31
1,230,524 1,188,238
470,885
446,211
Nashville By 6: Lt Co_a_Jan
138.969
124,878
1908.
55.384
1907.
45,433
Norfolk eciPortsm Tr Co_Jan
157,439
144,861
11,293
64,272
46,240 Miles operated
11.176
Gross earnings
$274,338,804 $326,785,526
Northern Ohio Trac & Lt_Jan 147.895
126,125
63,185
44,233 Expenses and taxes
203,605,536
248,615,960
North Texas Elec Co_ b__Jan
88,937
74,201
34,394
30,846
Oakland Traction Co..___Jan
Net earnings
214,583
$70,733,268
225,085
$78,169,566
105.553
106,180
Other income
29,122,480
28,980,689
Oklahoma City Ry
Jan
25,103
16,916
8,096
3,362
Paducah Tract & Lt_ __ _Jan
19,048
19,916
Gross
income
6,795
7,213
$99,855,748
$107,150,255
Pensacola Elect Co
Jan
19,784
103,126,883
18,156
8,193
5,947 Interest, rentals, dividends, extraordinary, &c. 98,804,185
Portland By Lt & Pow_ _Jan
339,226
340,813
153,349
167,224
Surplus "
$1,051,563
$4,023,372
Porto Rico Rys Co
Jan
33,925
30,818
17,096
14,493
LINES BOTH EAST AND WEST OF PITTSBURGH
Rio de Janeiro TL&PCo a Jan 579,289
545,105
201,103
205,118 TRAFFIC ON ALL
AND ERIE.
Roch Syracuse ec En1908.
1907.
Oct 1 to Dec 31
96,038
86,728
37,330
45,858 Passengers carried
142,676,779
153,561,971
San Fran Oak ec San Jose_Jan
70,193
70,026
3,551,361,095 3,851,967,940
36,056
33,256 Passengers carried 1 mile
Freight (tons) carried
Sao Paulo Tram Lt & P_Jan
334,429,541
206,251
437,810,816
191,731
137.292
128,025 Freight (tons) carried 1 mile
29,353,934,199 37,975,565,693
Savannah Elect Cob..Jan
49,986
46,321
17,730
8,635
Seattle Elect Co_ b
Jan 402,810
Below are given the results on the lines east of Pittsburgh
364,202
152,517
124,308
St Joe(Mo) Ry Lt Ht &P Jan
79,435
70,159
37,597
32,243 and Erie, comprising the Pennsylvania Railroad Division,
Springfield (Ill) Ry ec Lt_Jan
91,980
85,777
47,391
46,206 the United Railroads of New Jersey Division (excludin5 the
Tampa Elect Co_ b
50,978
Jan
45,293
21,013
15,459 Delaware & Raritan Canal), the Philadelphia & Erie Division
Tol Rys & Lt Co_ b
225,217
Jan
216,960
95,157
91,873 and Buffalo & Allegheny Valley Division:
Twin City R T Co_ b_ _ _ _Nov
526,574
497,428
266,794
233,018
Jan 1 to Nov 30
5,846.542 5,552,879 2,948,844 2,852,445
TRAFFIC ON LINES EAST OF PITTSBURGH AND ERIE.
United Traction Co (Albany)- bOct 1 to Dec 31
484,225
406,938
1907.
1908.
180,356
1906.
144,489
Miles op., excl. D. & R. Canal
3,858
3,862
3,820
United Rys of St L_a_ __ _Jan
829,036
827,308
284,284
273,039 Passengers carried
61,380,533
67,356,833
62,108,708
United RRs of San Fran_Dec 603,403
481,285
260,332
134,501 Passengers carried 1 mile
1,466,109,002 1,629,769,525 1,493,393,002
6,866.303 4,745,116 2,623,553 1,305,517 Rate per passenger
Jan 1 to Dec 31
per mile_
1.975 cts.
1.924 cts.
Whatcom Co By & Lt_b_Jan
33,348
32,538
b182,480,361
224,227,074
172,371,063
13,599
15,676 Tons carried
Tons carried 1 mile
17,001,587,284 21,482,507,314 18,488,402,534
Rate per ton per mile a
a Net earnings here given are after deducting taxes.
0.569 cts.
0.577 cts.
0.595 cts.
Earns. per pass. train mile_a
$1.482
31.516
$1.518
b Net earnings here given are before deducting taxes.
Earns, per fgt. train mile_a_.
$3.429
33.312
$3.147
Interest Charges and Surplus.
-Int., Rentals, &c.
-Bal. of Net E'ngs.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
3
Roads.
Auburn & Syracuse25,625
Oct 1 to Dec 31
25,625
51,249
July 1 to Dec 31
50,972
28,190
Aurora Elgin & Chic_ ___Jan
28,112
194,668
July 1 to Jan 31
194,694
Binghamton By Co
9,812
Dec
8,283
Oct 1 to Dec 31
27,082
24,821
Birm By Lt & Power..___Jan
44,783
43,780
Brockton ec Plymouth....Jan
2,155
2,348
Cape Breton Elec Co_ _ _ _Jan
5,844
5,780
Charleston Consol Hy__ _Jan
13,817
13,443
Mch 1 to Jan 31
151,808
148,563
Cleve Painesv & Eastern..Jan
8.112
7,974
Dallas Elect Corp
Jan
28,839
29,630
Detroit United
153,702
Jan
136,046
Nov
Duluth Street By
16,701
17,913
202,367
Jan 1 to Nov 30
195.639
Jan
7,903
El Paso Elect Co
7,203
Galv-Houston Elec Co....Jan
22,033
20,492
Dec
5,831
6,249
Honolulu R T & L Co
72,727
75,186
Jan 1 to Dec 31
5,297
Houghton Co Tract Co....Jan
4,831
Hudson Valley By Co49,710
Oct 1 to Dec 31
52,762
106,370
July 1 to Dec 31
106,731
Jacksonville Elect Co_ __Jan
9,400
8,891
Bans City By & Lt Co_Dec
156,089
152,179
June 1 to Dec 31
1,087,341 1,076,744
Kan City-West'n By Co_Jan
6,870
6,788
July 1 to Jan 31
48,070
47,029
Knoxville By & Lt Co_ _ _Jan
11,483
11,447
Lake Shore Electric Ry_ _Jan
34,392
30,865
Little Rock By ec El Co_ ..Jan
10,727
9,579
Memphis Street By
Jan
35,600
34.499
Milw Elec By ea Lt Co__ _Dec
101,915
102,160
Jan 1 to Dec 31
1,197,200 1,184,605
Milw Lt Ht & Trac Co.... _Dec
60,732
57,005
Jan 1 to Dec 31
716,941
561,750
Montreal Street By
Jan
30,836
31;933
Oct 1 to Jan 31
113,305
115,187
Nashville By & Lt
Jan
32,450
30,194
Northern Ohio Tr & Lt_ _Jan
43.952
43.887
Northern Texas Elect Co_Jan
17,184
14,073
Oakland Traction Co...... _Jan
45,367
45,831
Paducah Tr & Lt Co_ ......Jan
7,043
7,019
4,404
Jan
Pensacola Elect Co
4,166
Roch Syracuse & E'n49,025
Oct 1 to Dec 31
42,199
23,142
San Fran Oak & San Jose Jan
20,852
17,509
Savannah Electric Co__ _Jan
17,115
98,238
Jan
82,109
Seattle Electric Co
4,508
Tampa Electric Co
Jan
2,115
71,013
Toledo Rys & Lt Co
Jan
68,604
143,667
Twin City Rap Tran Co_Nov
131,141
1,427,456 1,300,525
Jan 1 to Nov 30
United Trac Co (Albany)69,643
Oct 1 to Dec 31
66,254
United Rys of St Louls.....Jan
235,568
233,454
Whatcom Co By & Lt.._ _Jan
8,820
x After allowing for other income received.
8,297
z2,852
x39,603
9,509
215,325
3,269
x7,350
27,924
def1,144
397
7,000
93,640
351
7,614
x62,608
12,135
113.959
13,327
10,403
x10,713
x105,224
2,527
def41,952
def37.697
6,314
94,776
570,019
x1,556
z31,885
12,066
def6,375
19,634
7,839
z128,869
x810.099
x91,203
x383,464
62,273
357,580
22,934
19,233
17,210
60,186
del 248
3,789
z1,554
x35,892
6,970
209,859
2,462
x5,515
8,163
def3,089
2,392
6,965
93,195
248
def2,581
x39,160
13,885
185,254
7,713
9,036
x9,119
z98,195
1,219
del9,111
29,562
3,139
99,290
720,580
x632
x27,503
273
def6,777
19,738
5,700.
x84,438
z767,340
z47.446
x251,088
51,078
331,024
15,239
346
16,773
60,349
194
1,781
def11,695
12,914
221
54,279
16,505
24,244
123,127
1,521,388
3,659
12,404
def8,480
42,109
13,344
24,046
101,877
1,551,920
z116,188
48,716
z76,344
39,585
4,779
7,379
a Freight and passenger trains only: excluding switching, kcc., trains.
b The actual number of tons carried over the five grand divisions, irrespective of the divisions over which they passed, and thus avoiding duplication, was 101,296,504 tons, against 132,284,515 tons in 1907. The actual
number of tons of coal and coke carried, avoiding duplications, was 56.007,533 tons, against 69,824,822, a decrease of 19.70%, the tonnage mileage
being 10,857,442,517 tons one mile in 1908, against 13,039,552,425 in 1907,
a decrease 01 16.73%.
EARNINGS &EXPENSES OFLINESEAST OF PITTSBURGH &ERIE.
1908.
97,989,330
30,312,883
3,800,234
2,291,743
1,624,882
277,819
1907.
$
123,826,165
32,623,889
4,007,278
2,433.760
1,558,932
362,801
1906.
$
109,960,888
31,231,338
3,270,778
2,553,823
914,755
308,301
Total earnings
ExpensesMalnt. of way & structures..
Maintenance of equipment_
Traffic
Transportation
General
Delaware & Raritan Canal.._
136,296,871
164,812,825
148,239,882
Total expenses
Per cent oper. exp. to earns..
Taxes of Penn. RR. Co........
Taxes on leased lines
Net earnings
97,412,016
(71.47)
2,232,352
1,756,625
34,895,878
EarningsFreight
Passenger
Express
Mails
Miscellaneous
Delaware & Raritan Canal.._
15,177,314
25,113,455
1,811,574
51,462,479
3,408,012
439,182
20,009,756)
31,977,702
2,034.705
61,835,024
3,269,652
480,509
119,607,348
(72.57)
2,267,5351
1,711,6291
41,226,313
101,805,644
101,805,644
(68.68)
3,715,034
42,719,204
GENERAL INCOME ACCOUNT.
1908.
1907.
34,895,878
11,287,744
41,226,313
10.440,955
213,603
301,576
2,143,439
248,717
193,623
234,472
718,118
2,095,112
195,770
109,680
62,629
239,299
49,284,580
55,020,420
55,503,466
DeductRentals on basis of net earns.
Fixed rentals
Interest on funded debt........
Ground rent & int. on mtges.
Interest on car trusts
Equip. trust loan sink. fund
Interest general account..
Miscellaneous
2,706,685
3,730,672
12,620,296
14,030
1,802,426
79,797
4,877,065
4,249,169
10,412,488
7,955
1,631,992
101,937
123,013
164,758
6,788,658
4,140,592
7,387,652
11,805
733,108
68,400
479,799
219,151
Total
Balance
21,076,019
28,207,660
21,445,364
33,575,056
ReceiptsNet earnings, as above
Int. on Penn. RR. invests_ _
Int. on United N. J. RR.
and canal securities
Hire of equipment
Interest, general account......
Profits from sundry accounts
Rents
Total
From this balance deductPayment to trust funds.._
197,321
Cons. mtge. sink. Id. acct.125,020
Extraordinary expenses..--..
3,538,981
Principal of car trusts paid..
3.799,267
Miscellaneous
11,660
Dividends
(6)18,875,680
Extraordinary expense fund
1906.
3
42,719,204
11,741,184
346,109
395,041
•
19,829,165
35,674,300
225,956
270,302
126,170
125,890
8,701.475
3,260,651
4,246,039
3,150,694
5.000
7,660
(7)21,908,435 (63)19,869,661
2,500,000
2,500.000
35,674,301
Total
26,548,529
Balance, surplus
1,659,131
Profit and loss Jan. 1
24,725,484
Profit from securities, &c.... def.1,129,815
31,223,632
2,351,424
24,725,484
4,648,576
24,-7-21,ii
15,200,849
25,254,800
31,725,484
39,926,333
1,000,000
7,000,000
2,200,849
13,000,000
1,000,000
24,254,800
7,000,000
24,725,484
15,200,849
24.725,484
DeductExtraordinary expend. accts.
N. Y. Tunnel construction..
Bal. to profit & loss Dec.31-
4
THE CHRONICLE
MAR.6 19O9.1
GENERAL BALANCE SHEET DEC. 31.
Assets—
Construction, equipment, &c
Leasehold interest in H. P.
Mt. J. &L. RR
Cost of bonds owned
Cost of stocks owned
Trust of Oct. 9 1878
Penn. RR.cons. mtge. s'g f'd
Sun. Haz. & W.sink'g fund
Insurance fund
Mortgages & ground rents
Secur's of Un'd N. J. Comp's
Materials on hand
Loans for construction and
real estate purposes
New York Tunnel extension
Advances to contr'd cos.,&c.
Individuals and companiesAccts. receivable from sale of
N. & Wand C. do 0.stock
Bills receivable
Due from agents
Cash in hands of Treas., &c_
Cash for coupons
Miscellaneous assets
1908.
$
299,856,687
1907.
$
291,061,204
1906.
$
251,766,899
1,882,550
31,743,237
200,351,557
6,285,541
1,634,070
150,000
10,000
2,812,959
3,283,460
10,449,483
1,882,550
31,685,203
188,304,400
6,015,239
1,536,450
145,000
10,000
3,011,522
3,283,460
15,929,925
1,882,550
32,426,740
162,342,979
5,789,283
1,437,560
140,000
10,000
3,169,402
3,283,460
9,328,031
18,412,493
39,541,414
6,119,166
9,629,465
28,835,033
9,610,383
12,403,834
46,528,664
3,159,7841
5,605,103J
623
This agreement will not becomeloperative until at least a majority in
amount of the entire outstanding notes shall be deposited; unless it
becomes operative within 60 days, any subscriber may withdraw his notes.
The committee shall have power to adopt a plan of reorganization or
readjustment or to sell or exchange the deposited notes for such consideration as it shall deem proper; but in either case, having done so, it shall
give two weeks' notice by semi-weekly advertisements in New York and
Boston. Any certificate holder, within 20 days after the first publication
of such notice, or if at the end of 18 months the notes are still under the
control of the committee, may, upon payment of his pro rata share of the
expenses of the committee (but not exceeding $5 per $1,000 note) and of
his pro rata share of any amount borrowed upon the security of the said
notes, withdraw his notes from this agreement. The committee is authorized to borrow funds for any purpose for the protection of the notes, including the purchase of floating debt, coupons or receivers' certificates of
any company whose property should, in the judgment of the committee.
be protected.—V. 88, p. 563, 503.
Atlanta & Birmingham Construction Co.—Committee for
Joint Notes.—See Atlanta Birmingham & Atlantic RR.above.
Atlantic Coast Line RR.—Sale of Bonds—Provision for
15,492,685
15,492,685
15,492,685
1,496,648 Maturing Notes and Bonds, Etc.—The company has sold
343,429
341,092
9,054,745 $4,500,000 of its consolidated gold 4s, not $7,000,000, as
5,291,857
7,690,426
42,468,988 reported
55,229,283
36,653,667
in the daily papers. We understand that Moffat
701,135
796,615
732,007
4,640,907 & White and Redmond & Co. will shortly make a joint
3,132,289
4,457,412
offering.
593,515,894
Total assets
706,443,087
672,305,375
The company has now, by sale of bonds, provided for the
Liabilities—
305,951,350 cancellation of all its short-term 5% notes due March 1 1910
Capital stock
314,594,650
a314,604,200
180,786,110
Funded debt
300,734,110
260,413,610
7,701,000 at or before maturity and also for the retirement on June 1
Guaranteed st'k trust ctfs
7,616,000
14,916,250
3,074,161 1910 of $1,600,000 underlying 6% bonds, as well as for reMtges.and ground rents.._ _
2,945,035
2,924,535
1,182,550
1,182,550
H.P.Mt.J.&L.stock guarTd
1,182,550
700,000 placing 53( miles of wooden trestle with concrete piers and
700,000
do do
bonds do
700,000
2,585,457 steel girders. By this negotiation interest charges will be
475,916
Net traf. bal. due 0th. roads
1,368,500
1,449,000
Payments for leased equip't
1,529,500
4,700,848 reduced $119,000 per annum, these 5% notes and 6% bonds
2,500,000
Extraordinary expend. fund
20,226,164
19,104,030 retired will be and the amount of the consols outstanding
Pay-rolls and vouchers
14,227,369
263,136
203,859
351,049
Matured divs. & int. unpaid
13,709,163 increased to about $48,213,000.—V. 87, p. 1354, 1362.
2,290,897
Pennsylvania Co. deposit acct
Due controlled companies
Baltimore Terminal Co.—Interest Overdue.—See Washing9,461,820
9,453,984
5,782,213
other than traffic balances
ton Baltimore & Annapolis Ry. below.—V. 85, p. 721.
Due employees' savings, re1,258,704
1,065,401
1,276,890
lief and insurance funds
Canada Atlantic Railway.—Mortgage Satisfied.—A release
Securities of Un'd N.J. Co.'s
3,283,460 of the mortgage dated April 27 1897, made by the Ottawa
3,283,460
3,283,460
transferred with the lease_
Fund for purchase of secur's
6,015,239 Arnprior & Parry Sound Ry. Co. to secure an issue of
6,482,862
6,285,541
guar'd (trust of Oct. 9 '78)
1,950,070
1,698,560 $1,000,000 bonds,and a conveyance to the Canada Atlantic
1,824,450
Consol. mtge. bonds skg. f'd
140,000
150,000
145,000
Sun. Haz. & W.sink. fund_
property described in the said mortgage, was
2,880,199
1,435,352 Ry. Co. of the
2,582,123
Int. accr'd on Penn. RR. b'ds
4,572,107 deposited in the office of the Secretary of State of Canada
9,213,030
8,051,112
Miscellaneous
24,725,484 on Feb. 20 1909.—V. 87, p. 1477, 1418.
24,254,800
24,725,484
Balance to profit and loss
593,515,894
706,443,087
672,305,375
Total liabilities
Chicago Rock Island & Pacific Ry.—Sale of Bonds.—
a Includes balance of stock, $179,600, held to retire the outstanding Speyer & Co. have purchased from the company $3,486,000
holdings in the Allegheny Valley, Cumberland Valley and Philadelphia & of its "first and refunding mortgage" 4% gold bonds maErie Rallroads.—V. 88, p. 101.
turing April 1 1934, making $78,428,000 of the issue outAmerican Woolen Co., Boston.
standing. These bonds are a legal investment for trustees
(Advance Statement for Fiscal Year Ending Dec. 31 1908.) and savings banks in New York State. The bonds have
all been resold. Compare V. 87, p. 1478.
President Wm. M. Wood says in substance:
Barker Arkansas Demurrage Law Sustained.—A press disThe depression which occurred during 19073prevailed during the past
year and reduced the volume of gross business 37% compared with 1908. patch dated March 1 says that the Arkansas Supreme Court
The new year opens auspiciously, however, orders booked from Jan. 1 to on March 1, in the case of R. H. Oliver against the company,
Feb. 28 amounting to $22,000,000, so we have every reason to anticipate
a greatly improved year in 1009. Notwithstanding decreased operations sustained the constitutionality of the Barker demurrage Act
of the mills owned by the company, they have all been well maintained, of the 1907 Legislature two justices dissenting. The Court
and the company is in excellent condition to resume full operations at such reversed the decision of the Pulaski Circuit Court and held
time as improved business conditions permit.
The heavy advanced sales of cloth have been provided for by engagements that the Act, as far as it relates to the intra-State business,
of wool in anticipation of its wants. The company is still obliged to enter was valid and constitutional. The United States Circuit
the open market for a part of its worsted yarn requirements. Your directors, however, are considering a proposition to increase the company's yarn Court in June last held the Act to be illegal. See St. Louis
production during the coming year to meet its full requirements. The Iron Mountain & Southern Ry. item, V. 87, p. 39.— V. 87,
number of shareholders has increased during the year- 10%, following a
p. 1478.
45% increase in the 1907 year. Compare V. 88, p 508.
Colorado & Southern Ry.—New Office.—Beginning March
EARNINGS,EXPENSES,ETC.
12 the New York offices will be located at Room 906, 26
1905.
1906.
1907.
1908.
Liberty St., New York City.—V. 88, p. 563, 504.
Net sales & other income_29,986,978 47,377,846 51,420,696 48,660,449
28,706,273 43,951,240 46,611,299 43,879,291
Colorado-Utah Construction Co.—Notes.—This company,
Cost and expenses
4,781,158 which is constructing the Denver Northwestern & Pacific Ry.,
4,809,397
1,280,705
3,426,606
Net profits
8,196,925 has sold to Geo. H. Burr & Co., bankers, $1,000,000 of its
10,114,998 11,109,225 10,049,828
Previous surplus
secured by the bonds of the railroad com11,305,703 14,535,831 14,859,225 12,978.083 one-year 6% notes
Total surplus
1,560,416 pany and endorsed with the personal guaranty of David H.
2,420,833
1,750,000
Preferred dividend (7%)_ 2,450,000
2,000,000
2,000,000
1,367,838
Depreciation
Moffat, the President of the railroad company. The notes
8,945,703 10,114,998 11,109,225 10,040,829 are dated Feb. 1; denominations $500 and $1,000; interest
Final surplus
payable quarterly. Bankers' Trust CO., New York, trustee.
BALANCE SHEET
Redeemable at 101 on any interest day on 15 days' notice.
1907. 1
1908
1907.
1908
$
Liabilities—
Assets—
$
S
$
Cuba Eastern RR.—Time for Deposits Extended.—The
ICommon stock 29,501,100 211,501,100
Plants and Investmenu
42,352,877 42,352,8771Preferred stock_ 35,000,000 35,000,000 executive committee announces that, pursuant to the bondBank loans
2,890,400 3,249,915
Cap. stk. of Wood
I
830,644 holders' agreement dated Jan. 1908, the time for depositing
Worsted Mills__ 3,499,400 3,499,4001Current accounts_ 757,393
Inventories
all first mortgage bonds and debentures has been extended
14,317,069 10,417,3291Acced dlv. on pref
510,417
510,417 to April 1, after which date no bonds or debentures will be
Cash
2,892,169 2,250,4981 stock
Accounts recelva'Sterling credits,
362 817 received except upon such terms as the committee may imble, net
14,543,498 20,686,9701 per contra
Wool under sterling
'Undivided profits_ 8,945,703 10,114,098 pose. Compare V. 88, p. 294.
credits
362,8171
_
Denver Northwestern & Pacific Ry.—See Colorado-Utah
Total
77,605,013 79,569,891 Construction Co. above.—V. 86, p. 1284.
7 77,605,013 79,569,8911 Total
—V.88, p. 508
Duluth Rainy Lake & Winnipeg Ry.—Old Guaranty Still
in Force.—Eversz & Co., Chicago, who placed this company's
GENERAL INVESTMENT NEWS.
bonds, write:
While the Canadian Northern Ry. owns the entire stock of the D. R.
RAILROADS INCLUDING ELECTRIC ROADS.
L. & W. By. (except for a small fraction held by outsiders working
Atlanta Birmingham & Atlantic RR.—Committee for Joint with that company) the original guaranty (of interest) on the bonds reunchanged. This guaranty (V. 84, p. 158) is by the Virginia&
Notes—Deposits Asked.—The Atlantic & Birmingham Con- mains
Rainy Lake Co. "composed of the Weyerhaeuser, Hines, O'Brien and Cook
struction Co. and the Atlanta Binningham & Atlantic RR. Interests, a $1e,000,000 corporation. with capital all paid in, and with
having failed to meet their maturing obligations, and re- $20,000,000 net assets." (Compare V. 87, p. 1667.—Ed.)--V. 88, p. 563.
Erie RR.—New Bonds.—The Public Service Commission,
ceivers of the railway company and certain allied companies
having been appointed, the following committee has been Second District, on March 2 declined to accede to the request
formed to protect the joint collateral trust 5% 4-year gold of the company for a reduction from 90% to 60% in the perbonds dated May 1 1906, of which $7,799,000, the committee centage of the aggregate amount of the general lien bonds
and the convertible bonds the holders of which must assent
states, is now outstanding (V. 88, p. 503; V. 83, p. 35):
Committee—George C. Clark, Chairman: Sylvanus L. Schoonmaker, to the exchange of five-years' coupons for new 5% bonds to
Boissevain,
Russell
G.
Louts
Fessenden,
with
George
C.
Clark
Jr., SecG.
make the plan for the issue of the $30,000,000 new bonds efretary, 51 Wall St.. and Shearman & Sterling as Counsel, 41 Wall St.
The time within which the assents can be obtained
Under a protective agreement dated Feb. 26 1909 deposits fective.
extended from Aug. 1 to Oct. 1, or such later date as the
may be made prior to .April 1 1909 at the Trust Company of was
may hereafter decide. The final order of the
America, 37 Wall St., N. Y., or at the American Trust Co., Commission
Commission differs from the preliminary order(V.88, p. 504),
53 State St., Boston, as depositaries. Holders of a large it is said, chiefly in other respects as follows:
amount of notes have already agreed to deposit their holdThe term of the mortgage shall not be more than 30 nor less than 20 years.
ings. Some of the provisions of the agreement follow:
The collateral indenture must contain clauses embodying the exchange
624
THE CHRONICLE
[VoL.
of the new bonds for coupons and for notes, respectively, and the expenditure of money from income during the five years to equal the accrued coupon Interest on the general lien and convertible bond coupons exchanged.
The 5-year term is changed so as to run from June 30 1909 to and including
June 30 1914. Instead of from Jan. 1. Compare V. 88, p. 504, 563.
Inter-State Railways, Philadelphia.-Repo74.-This company, which Owns practically the entire capital stock of the
United Power & Transportation Co. (of Pennsylvania), reports as follows for the fiscal year ending Jan. 31:
Fonda Johnstown & Gloversville RR.-Pre/erred Stock
Fiscal
Gross
Interest
Balance,
Expenses
lssue.-This company has recently authorized and issued
YearIncome.
Col. Tr.
& Taxes.
Sur. or Del
1908-09
$74,418
$1,000,000 6% cumulative preferred stock, having the same 1907-08
$431,064
def.$372,518
$15,872
514,165
431,064
20,418
sur. 62,683
voting rights as the common shares (total issue $2,500,000) 1800-07
464,855
431,060
9,614
sun 24,181
but subject to call at 105. The New York Central interests
Time Extended.-The committee selected to represent the
are large shareholders in the enterprise.-V. 86, p. 420.
4% bonds deposited as suggested by Edward B. Smith &
Fort Wayne & Wabash Valley Traction Co.-Second Mort- Co. of Philadelphia and New York has elected Holstein
gage.-The new second mortgage securing $1,000,000 6% De Haven, President of the Real Estate Title, Ins. & Tr. Co.,
25-year bonds has been filed for record, the Guarantee Trust as Chairman of the committee, Gerald Holsman as Secretary
& Safe Deposit •Co. of Philadelphia being the trustee. A and John C. Bell as counsel. The time for the deposit of
press report says that the issue is to provide funds for the bonds with the Philadelphia Trust, Safe Deposit & Insurbuilding of the -Logansport-Lafayette extension and also for ance Co. has been extended by the committee to thirty days
the remodeling of the power house at Lafayette.-V.88,p.374 from March 1. See advertisement on another page: Bonds
Gainesville (Ga.) Electric Ry.-Sold.-At the foreclosure to the amount of about $7,000,000 have already been desale in Gainesville on March 2 the property was bid in for posited. Compare V. 88, p. 564, 505, 374.
$80,000 by R. L. West of Atlanta, representing, it is said,
Kanawha & Michigan Ry.-Report of Committee.-The
certain bondholders.-V. 88, p. 52.
minority stockholders' committee, G. D. Mackay, Chairman,
Georgia Coast & Piedmont RR.-To Get C ear Title.-In reports as of Feb. 16 in substance as follows:
spite of the bad year, the gross earnings increased from $1,188,000,
order to secure clear title to the Collins & Reidsville RR., forInthe
6 months ending Dec. 31 1907 to $1,200,000 In the last half of 1908,
one of the constituent properties, suit was brought by the the net operating income, $288,000, is still much lower
than we may
reasonably hope for. With gross earnings of $1,200,000, there should be
attorney of the Georgia Coast & Piedmont RR. in the Su- $360.000
for interest and dividends; this, with fixed charges of
perior Court at Savannah on Feb. 9 for foreclosure of the *133,000,available
should leave $220,000 for six months for dividends on the stock$40,000 mortgage made by the C. & R. RR. in 1896 cover- very nearly at the rate of 5%. In the near future the heavier bridges and
culverts and reduced curves and grades will have their effect, and as soon as
ing its 7-mile road in Tattnall County, Ga., interest on the revival
in business occurs the profits of the road will surely be gratifying.
Meanwhile the merger case of our road with the Hocking Valley has been
bonds. having been in default since Jan. 1 1908.-V. 85,
in the hands of Judges Wilson (term expired). Dustin and Sullivan for
p. 1143.
about one year. There is no explanation of this long delay, excein the
of tile number of cases on the court docket. The decision is exGrand Trunk Pacific Ry.-New Guaranteed Debenture Stock. fulness
pected every day by all the parties concerned.-V. 85. p. 1402.
-An issue of £1,000,000 4% debenture stock (ranking pani
Mexican Central Ry.-Bonds Called.-Equipment and colpassu with £2,000,000 of such stock already issued), subject
to redemption at £105% by the company at any time after lateral 5% gold bonds due 1917, first series, to the amount
March 1 1936 on giving one year's notice, was offered in. of $50,000, will be paid at par and interest at either the Old
London Feb. 20 to 25 at 90% through the company's bank- Colony Trust Co. of Boston, Manhattan Trust Co., New York,
ers, Glyn, Mills, Currie & Co. Interest payable March 1 or Glyn, Mills, Currie & Co., 67 Lombard St., London, E. C.,
and Sept. 1, guaranteed by the Grand Trunk Ry. Co. of on or after April 1 1909.-V. 88, p. 452.
Mobile Jackson & Kansas City RR.-Time Limit March 20.
Canada, subject to the terms of an agreement referred to in
V. 84, p. 570. "The proceeds will be applied in the purchase -The reorganization plan having become operative by virof additional rolling stock, to be delivered during the current tue of the assents of a large majority of the bonds, other inyear, and which will be required on the opening of the Prairie debtedness and stock of both companies, the committee
Section and the Lake Superior Branch." Subscriptions are announces that holders who have not already done so must
payable £10 per £100 deb. stock on application, £15 on deposit their securities with the Metropolitan Trust Co. of
allotment, £20 Apr.•15 1909,£20 May 15 and £25 June 15.- New York not later than March 20.-V. 87, p. 1664, 677.
V. 88, P. 563, 505.
Montreal Bridge & Terminal Co.-Change of Name, &c.Great Northern Ry.-Reduction of Bond Premiums.-The Secretary C. A. Sara announces that application will be
premiums now offered on exchanges of underlying bonds of made to the Parliament of Canada, during the present session,
the St. Paul Minneapolis & Minnesota Ry. Co. for consoli- for the passing of an Act extending the time for the carrydated mortgage 4s of the Great Northern will, it is announced, ing out of the company's undertaking, confirming agreements
be reduced on March 15 on each $1,000 bond from $6 to $5 with other companies, increasing its bonding powers and
on the second mortgage bonds and from $16 to $15 on the share capital, changing its name and authorizing the comDakota extension bonds. Compare V. 87„ p. 1533; V. 88, pany to connect its terminal stations in Montreal with the
railways on the south side of the River St. Lawrence by
p. 295.
means of bridges or tunnels. Compare Central Ry. of
Guayaquil & Quito Ry.-Deposits.-The first mortgage Canada above.-V. 86, p. 857.
bonds may be deposited with the United States Mortgage &
New England Investment & Security Co.-Trustees.--The
Trust Co., New York, subject to the provisions of the agreefollowing trustees were elected on Feb. 25:
ment of Sept. 30 1908, described in V. 88, p. 564.
To represent preferred shares; Henry L. HIgginson, Boston; C. S. Mellen,
A. Willard Damon, Springfield; to represent common
Hattiesburg Traction Co.-Earnings.-For year ending New Haven, and Minot,
Boston; A. George Bullock, Worcester; Gordon
shares: Lawrence
Aug. 1 1908, before complete operation:
Abbott, Boston, and Bentley W. Warren. Williamstown. Compare New
Gross.
Year$03,943
1908
Compare V. 87, p. 97.
Oper. Exp. Net Earns. Fixed Chgs. Surplus.
$38,860
$25,083
$12,000
$13,083
Havana Electric Ry.-Report.-For calendar year:
I
Net
Gross
Cal.
Net
Fixed
Dividend Com.div.
Ba
Year. Eariegs. RIZ.E'ns. Stage L. Ch'ges. Pre/. Stock. (1%).
Sur.
1908_$1,937,797 $966,072 $64,311 $454,731 (6)$299,998 $74,037 $200,967
1907._ 1,810,888 846,150 78,796 558,877 (53, )275,000
91,075
The gross earnings, including stage lines. aggregated $2,276,807 In 1908,
against $2,143,122 in 1007.
York New Haven & Hartford RR. below and see V. 88, p. 506.
Newport News& Old Point Railway & Electric Company.
-The application of the Maryland Trust Co., trustee
under the general mortgage, for the appointment of a receiver, has been adjourned to March 12. A large amount
of the bonds has been deposited with Alexander Brown
& Sons of Baltimore and Brown Bros. & Co.-V.81, p. 1551.
New York Central & Hudson River RR.-Contract for
llails.-Orders for 101,000 tons of steel rails for 1909 delivery were placed this week with the following companies:
Lackawanna Steel Co., 51,000 tons; United States Steel Corporation, 42,600; Algoma Steel Co. of Canada, 5,400;
Bethlehem Steel Corporation, 2,000; total, 101,000. The
rails will be distributed among the roads in the system viz:
tons; New York Central,
Bonds Called.-All of the outstanding 2d mortgage 6%
gold bonds ($72,000) have been called for payment on April 1
at par and interest at the office of the Central Trust Co.,
New York City.-V. 88, p. 158.
Hudson & Manhattan RR,.-Car Trust, Series "A."-The
$920,000 car trusts, Series "A," denomination $1,000 (c*),
37,000; Rutland, 2,000.
Boston & Albany, 7,000
Lake Erie, 9,000; Lake Shore, 15,000; "Big Four," 5,0001
dated March 1 1909 and due $46,000 semi-annually from Pittsburgh & Western,
2,500; Chicago Indiana do Southern, 3,500; MIchl'
Lake Erie &
Sept. 1 1909 to March 1 1919 inclusive (interest payable gan Central, 20,000.
March 1 and Sept. 1) recently placed by the Guaranty Trust
New 1?olling Stock.-It was announced yesterday that the
Co. of New York (V. 88, p. 505), will be secured by the fol- equipment order of the New York Central lines for 1909
lowinc, equipment costing approximately $1,170,920, of would include 5,450 freight cars, 203 passenger cars and 71
which 20% has been paid in cash:
locomotives, involving an outlay of more than $8,000,000.
Ninety all-steel passenger coaches to be ready on or before Oct. 1 1909
each coach equipped with motor equipment of 360 horse-power and full
multiple control and having end and side doors, the bodies being built
by the Pressed Steel Car Co. and the trucks and electrical equipment by
the General Electric Co. 'I he title to said cars will remain in the Guaranty
Trust Co. of New York as trustee until the railroad company has made
every payment required under the agreement.
Indiana Union Traction Co.-Report.-For cal. years:
Operating
Net
Gross
Fixed
Cal.
Balance,
Expenses. Earnings. Charges. Sur. or Del.
YearEarnings.
$1,902,330 $1,058,745 $843,585 $854.249 def. $10,664
1908
978,034
1.111,198
1907
958,012 stir. 20,022
2,089,232
-V. 87, p. 226.
Contracts have already been awarded for 3,350 freight cars. as follows:
(1) New York Central, 1,000 steel hopper cars, to Standard Steel Car Co.;
1,000 standard box cars, to Merchants Despatch Co. ear shops; 200 stock
cars, to Hasicel l& Barker; 150 Ilat cars, to be built in the company's Wes,
Albany shops. (2) Lake shore, 1,000 steel hopper cars, to American Car
& Foundry Co.
Bids are being received for the following: 1,000 box cars, for the Lake
Shore; 1,000 box cars for the Michigan Central, and 100 flat cars for the
New York Central.
Cars for passenger service have been ordered as follows: 52 from American
Car & Foundry Co.; 51 from the Pullman Co.; 16 from Barney & Smith:
6 from Osgood Bradley Car Co., and 10 to be built In the West Albany shops.
Seventy-one locomotives, it is stated, will be ordered for the system as
follows: For Lake Shore, 20 freight: Michigan Central, 18 frelg,ht, 12 passenger. 15 switch and 1 decapod; Big Four, 5 passenger.-V.88. 1:1• 564, 506.
Inter-Mountain By., Colorado.-Change in Control.-The
New York & Long Island RR.-Decision.-The Appellate
,`Denver Republican of Feb. 28 said:
Division of the Supreme Court, First Department, yesterday
r,Thomas B. Doan, ex-President of the Denver & Intermountain RR.(now
unanimous decision against the city in the
Inter-Mountain 1W.), running from this city to Golden, last night confirmed handed down a
a rumor of the sale of the property to Chicago parties. The new President suit brought by the latter to obtain possession of the propis F. L. Hutton of Colorado Springs. It is said that the company will be erty. The suit, it is understood, was intended as a test case
re-incorporated for $3,000,000 or $5.000,000. The road was electrified a
in order to justify the action of the city officials in any setshort..time ago. Compare V. 85, p. 1209 V. 88, p. 505.
MAR. 6 1909.1
THE CHRONICLE
625
1 and Aug. 1 at the office of the Harris
tlement which may be made with the company. The opin- Interest&payable Feb.
Bank, Chicago, trustee. Denomination
Trust
Savings
holds:
Clarke,
Justice
ion, by
enable the road
the several Boards $500 (c*). The proceeds of the issue will
That the franchises, rights and privileges granted1 by
on Jan. 1907, but did pass to to pay its floating debt of $150,000 and to complete and
of Aldermen did not cease and determine
CorporaGeneral
30 of the
the defendants herein as trustees, under Section
& electrify its line. A circular says in substance:
law, of the creditors, stockholders and members of the New York
tion
The company operates an interurban railway on private right of way
Long Island RR. Co.
tracks,structures from Salt Lake City, via several intervening towns, to Ogden, a distance of
That the occupation by the defendants of the tunnels,
the
in
York
New
of
city
the
of
streets
35%
miles, serving an aggregate population of over 126,000. The territhe
in
and property of the company
and that tory is exceptionally fertile as a result of extensive irrigation; there are
Borough of Manhattan, and in the Borough of Queens, is lawful, 231,
101. many small farms producing fruit, sugar beets, alfalfa. garden produce, &c.
the city should be enjoined from interfering therewIth.—V. 88, p.
The line was opened between the two cities Aug. 7 1908, prior to which date
New York New Haven & Hartford RR.—Decree Affirmed. the traffic was restricted to the business between Salt Lake City and
on
Court
several small towns.
tts
Supreme
Massachuse
the
of
—The full bench
CaNtalization (as of the date first mortgage bonds are issued)•
Tuesday affirmed the decree as entered by Judge Rugg in
Issucd.
Authorized.
$1,500,000 $1,500,000
June 1908, in pursuance of the decision by the full bench in Capital stock (all of one class, par $100)
650,000
2,000,000
1
July
First
before
or
bonds
mortgage
on
company
the
required
which
May 1908,
Earnings and Expenses for 6 Months ended Nov. 30 1908.
1909 to divest itself of its holdings in Massachusetts trolley Gross earnings
on $650,000 bds. will be_$16,250
t1
$90,9131Int.
18,971
roacls. The order as framed by the single judge was objected Net earnings (after taxes) _ 35,221 Surplus earnings
It is conservatively estimated by e management that after the electrito as vague and uncertain in its terms. Compare V. 86, fication
the proceeds of the present
of
expenditure
of
the
the
through
line
p. 1590, 1285, 1225. As stated last week (page 507), the bond issue, the gross earnings for the year immediately following will be
and the net earnings after operating expenses and taxes will be
company claims to have sold most of its Massachusetts $240,000
$100,000.
trolley holdings.
Condensed Extracts from President's Letter.
The bonds which you have purchased will be a first mortgage upon all the
New England Investment & Security Co.Trustees.—See that
and
of the company,which now operates a line of steam
property
franchises
company above.
railroad from Salt Lake City to Ogden, a distance of about 35% miles.
Public
the
to
applied
has
company
The company has expended approximately $1,000,000 upon its terminals,
Application.—The
right of way (35 miles). the construction of the road and its equipment
Service Commission, Second District, for permission to pur- its
a steam railroad, without considering the value of the franchises (the
as
Co.
RR.
Chester
Port
&
York
New
of
the
chase the stock
shortest of which expires in 1955) covering entrances into the terminal
and the intervening towns. The road is well constructed with a
and the New York Westchester & Boston Ry., now owned cities
maximum grade of 1.1% and a maximum curvat re of 6 degrees. The
in
stock
remaining
whatever
also
and
by the Millbrook Co.,
proceeds of these bonds will be deposited with the trustee to be paid out
under its supervision for the retirement of the present indebtedness of
the Westchester Company may be acquired from other
approximately $150,000, and for completing and electrifying the line.
parties. The Millbrook Company owns all the stock of
Under the terms of the mortgage $350,000 additional bonds can be
shares.
9
except
only for expenditures on the property when the net earnings for
issued
Chester
Port
the New York &
the annual bond interest
& Port Chester RR., twelve months have equaled at least 1 % timesbe
issued for 75% of the
The New Haven road, through the New&York
bonds in excess of $1,000,000 can only
charge:
advanced
has
but
Boston,
when the net earnings
only
owns most of the stock of the Westchester
and
and
extensions
additions
permanent
of
cost
work and disbursements of the Millmoney for rights of way, construction
for twelve months have equaled at least twice the annual bond interest
$11,being
1908
on
30
June
advances
such
of
n the company will
electrificatio
of
the
brook company, the amount
the
Upon
completion
charge.
directly
deal
870), and now desires to
cars from the centre of Salt Lake City (popula660,483 (see annual report, V. 87, p.with
the Millbrook company as an un- operate high-speed electric
with the two railroads and dispense
90,000) to the centre of Ogden (population 25,000) and in addition
tion
conthe
complete
and
to
finance
desired
is
having a combined popunecessary intermediary. It
be expedient, and to will serve several prosperous intermediate towns
struction of the roads, or of one of them, asofmay
the two roads is already lation of about 11,500.
passenger,freight and express traffic between Salt Lake
begin actual operation. The legal ownership
large
a
is
There
to much
lodged in the New Haven road.
small City and Ogden which even now is being handled by the company
The voting trust certificates dealt in on the curb this week to a very
than by the transcontinental trains, as its line passes
formed in con- greater advantage important
extent were part of those issued under one of the two trustsroad
intermediate towns. Taken as a whole, the
the
of
all
through
the
before
nection with the underwriting for the construction of the and the other situation is unusually favorable for the operation of an interurban road.
New Haven obtained control. One of the trusts has expired
Both Salt Lake City and Ogden are railroad and commercial centres for a
will during the year. Compare V. 87, p. 480; V. 86, p. 108.
large territory and I believe will continue to grow, while the district beBoston
&
r
tween them has been made very fertile by irrigation and can be counted
Actual construction on the N. Y. Westcheste
upon to improve and develop from year to year. (Officers: President.
outside of the city limits was begun this week.
Simon Bamberger; Secretary, Jos. Oberndorfer; Treasurer, Angus T.
VNew York & Stamford Mortgage.—See that company Wright. Address of company, Salt Lake City.)—V. 81, p. 1101.
below.—V. 88, p. 507, 231.
Santa Fe Liberal 85 Englewood RR.—To Secure the CoNew York & Stamford (Electric) Ry.—New Mortgage.— operation of Bondholders.—E. D. Shepard & Co., New York,
The Public Service Commission, Second District, on March 4 who have been placing the bonds of the following companies:
$1,000,000
granted authority to the company to make a mortgage to Santa Fe Raton & Des Moines RR., authorized issue
300.000
Fe Raton & Eastern RR., authorized issue
the Union Trust Co. of New Haven as trustee for $2,000,000 Santa
8,000,000
RR., authorized issue
Englewood
&
Liberal
Fe
Santa
300,000
and to issue thereunder $701,000 5% bonds for refunding Raton (N. M.) Water Works Co., authorized issue
2,500,000
and discharging note obligations and for other purposes. Yankee Fuel Co., authorized issue
whether
but
firm,
of
the
project
a
[The Canadian Valley By. was also
The company is controlled by the Consolidated Ry. and has any
bonds secured by the proposed blanket mortgage for $14.800,000 were
$450,000 5s outstanding due Oct. 1931.—V. 80, p. 118.
ever placed we calnot say.—Ed.]
Excessive.
Fare
ent
Ry.—Six-C
Northampton (Mass.) Street
on Wednesday gave out the following statements:
—The Massachusetts Railroad Commission on Feb. 26 deE. D. Shepard & Co. have decided to bring their New Mexico and Oklaenterprises to an early and successful conclusion by associating with
cided that an increase in the unit fare from 5 to 6 cents homa
and opthemselves men of the greatest possible efficiency in organizing
men of busbies
would be "unreasonable and excessive."—V. 87, p. 1664.
erating railroads, coal mines, water-works enterprises, and will
to
given
be
men
these
of
names
The
strength.
financial
and
Northern Ohio Traction & Light Co.—Application to List.— sagacity
the press in a few days.
and
E. D. Shepard & Co. have also decided to secure the co-operation
The New York Stock Exchange has been requested to list
to the bondassistance of the bondholders of their enterprises by giving
the $10,000,000 stock. Compare V. 88, p. 291, 231.
all the properties
holders the controlling voice in the actual management ofactual
application
the
interested
he
all
persons
to
Bonds.—T
securing
of
time
same
Co.—Sale
the
and at
Philadelphia Rapid Transit
unsold
of the proceeds of sales of their bonds by transferring all bonds now
Drexel syndicate has exercised its option on a further install- to a surety company under an appropriate form of trust agreement.
has
enterprises
various
the
of
bondholders
$1,250,000
important
taking
all
5s,
of
trust
A meeting
ment of the $5,000,000 collateral
The bondholders
held to-day at the office of E. D. Shepard & Co.
three, and each subdeliverable on May 15. The entire amount,it is understood, been
of each corporation have secured a sub-committee of
to act upon the general
committee of three has selected one of its members
has been re-sold. Compare V. 87, p. 1534.
with E. D.
bondholders' advisory committee, to confer and co-operate
of its properties.
Pittsburgh Canonsburg & Washington Ry.—Guaranteed Shepard & Co. in the reorganization and management
men: J. E.
following
the
of
consists
selected
so
The general committee
Odell, ViceBonds Offered.—The Safe Deposit & Trust Co. of Pittsburgh, French,
President of the Railway Steel Spring Co.; J. T. By.
Co.: L.
Bessemer & Lake Erie
the mortgage trustee, offers at par and interest the unsold President and director Pittsburghbar:
William S. Grant Jr., capitalist, of
Laffan Kellogg of the New York
• portion of an issue of $750,000 first mortgage 5% coupon Philadelphia
New York.
of
Harman
V.
E.
and
,
1
founded upon the
gold bonds of $1,000 each, dated July 1 1907, due July
The suit entered by the Seven Oaks Co. yesterday is D.
Shepard & Co.
that some of the salesmen in the employ of E.
1937, but redeemable at 105 and interest on any semi-annual theory
the Yankee Fuel Co. more favorable to the
about
statements
have
made
fairly warrant.
facts
the
than
interest date. A circular says:
company
that
of
conditions and prospects
of these bonds is guaranThe prompt payment of principal and interest
Canonsburg Ry. Co., the averteed by endorsement by the Washington &the
five years applicable to
past
for
company
which
of
annual
surplus
age
They
the interest payments on these bonds amounted to over $20,000.
by the Pittsare further guaranteed as to principal and interest payments
the
Pittsof
stock
capital
the
all
owns
company
which
burgh Railways Co.,
burgh Canonsburg & Washington Ry. Co. The property at present con&
sists of an electric railway extending from a point on the Pittsburgh
Charleroi Street By., about one mile south of Castle Shannon, southwestincluding main
erly to Canonsburg. Pa., in all about 12 miles of trackage,to
the mile; all
2,640
line and turnouts. Rails, 80-lb.; white oak ties,
passes of concrete
viaducts of steel; all culverts, small bridges and cattle
right of way. Passes
and steel; rock and slag ballast; 50-foot private
population,
through a prosperous farming community,serving an estimated
its cars over the
excluding Pittsburgh, of 27,000. Has the right to operate
properties of the guarantor companies to the business centre of Pittsburgh
and the Borough of Washington.
Rahway Valley RR.—New Control.—Louis Keller of
Springfield, N. J., who promoted this 7-mile road, was on
March 1 elected President to succeed William W. Cole of
Elmira, N. Y., of the firm of Arnot & Cole, who were the
largest stockholders. A press despatch says:
Golf Club
President Keller, who is largely interested in the Baltusrol
near the Baltusrol
and owns a vast tract of land in Springfield Township,
with the
to
spur
connect
a
of
the
begin
building
shortly
Mountain, will
The spur is to
road near the Shunpike road, west of the club grounds.
has plans
Keller
Mr.
said
is
It
Baltusrol
Mountain.
the
to
feet
1,400
run
under way for the building of a large hotel on the mountain.—V. 87. p.227.
Salt Lake & Ogden Ry.—Road to Be Electrified—Bonds
fered.—N. W. Harris & Co., New York and Boston, and
the Harris Trust & Savings Bank, Chicago, have purchased
and are offering for sale at 98 and interest $500,000
first mortgage 5% gold bonds dated Feb. 1 1909, due Feb. 1
1934, optional at 105 and interest on and after Feb. 11914.
some
Messrs. E. D. Shepard & Co. feel very confident that there has been and
misunderstanding on the part of the Seven Oaks Co. upon the subject,
been
have
to
alleged
statements
the
of
character
are now investigating the
made by their employees. They will, of course, meet all their just liabilities
to the investing public of every nature and kind.
(The foregoing announcement followed an attachment of about $20,000
comobtained against the bankers by the Seven Oaks Co. (an investment
6: Co.) on the
pany controlled by members of the soap firm of ColgateYankee
Co.
Fuel
of
the
bonds
$50,000
ground that the latter was led to buy
for instance.
on certain representations which are now called in question;
the
whereas
daily,
of
coal
tons
1,000
producing
was
that the company
p. 221.
actual amount, It is alleged, was "barely 200 tons."—Ed).--V.84,
Santa Fe Raton & Des Moines RR.—See Santa Fe
& Liberal Englewood RR. above.—V. 83, p. 970.
Santa Fe Raton & Eastern RR.—See Santa Fe Liberal &
Englewood RR. above.—V. 85, p. 1463.
Seaboard Air Line Ry.—March Coupon Paid.—The holders of certificates of deposit of the Atlanta-Birmingham first
mortgage 4% 30-year bonds were notified on March 1 by the
committee of which William Salomon is Chairman that the
amount of the March 1909 coupon would be paid to the depositors on or after March 2 at the Standard Trust Co., New
York City, and the Bank of Scotland, London, E. C., on
presentation of the certificates of deposit.—V. 88, p. 453.
Southern Railway.—Bonds Offered—Right of Exchange.
the
—J. P. Morgan & Co., the First National Bank and and
National City Bank, all of New York, are offering at 79 porinterest, by advertisement on another page, the unsold
tion of the block of $21,333,000 "development and general
626
THE CHRONICLE
mortgage" 4%•gold bonds (Series A) recently purchased by
a syndicate. Principal payable April 1 1956; interest pay-able Oct. 1 and April 1. The bonds are in coupon form of
$1,000 each, or in registered form of $1,000 or multiple
thereof; coupon and registered bonds interchangeable. (See
further particulars in V. 82, p. 397; V. 86, p. 1468.)
Until April 1 1909 the aforesaid banks and banking firms
will accept at 1023/ flat, in payment for the above bonds,
the 5-year 5% collateral gold bonds maturing April 1 1909
and carrying the coupon due April 1 1909.
Extracts from Letter of President W. W. Finley. dated March
Wor, woman.
struction of the Winding Gulf.Branch of the company's line
in West Virginia, in all about 25 miles in length, and authorized the issue of $1,500,000 of the company's first mortgage
5% gold bonds (which, under the mortgage, may be issued
on branch lines at the rate of $50,000 per mile) on account
of the construction of the Winding Gulf and other branches.
-V. 88, p. 565.
Wabash-Pittsburgh Terminal Ry.-Additional Receivers'
Certificates Applied for.-Press dispatches state that Judge
Young on March 4 appointed H. D. Gamble, special master,
to take testimony on March 12 on the application of the
receivers for authority to issue $500,000 certificates for
purchase of 500 steel cars, objection having been made the
by
the Equitable Trust Co., trustee for the second mortgage
bondholders.-V. 88, p. 159.
Washington Baltimore & Annapolis Ry.-Guaranteed
erest Overdue.-The interest due March 1 1909 on the 'Intmortgage bonds of the Baltimore Terminal Co. which first
guaranteed, principal and interest, by the 'Washingtare
on
Baltimore & .Annapolis Ry., remains unpaid. The enterprise is largely owned in Cleveland. The "Clevelan
d
Finance" says:
1 1909.
Since the creation of the "development and general mortgage"
in April
1906, there have been Issued, or are now about to be issued
therein contemplated and strictly as authorized, "developmen for purposes
t and general
mortgage" bonds in the aggregate amount of $62,000,000,
including bonds
in the treasury and the $20,000,000 of such bonds which are
part of the security for the convertible 6% notes due May 1 now pledged
1911.
asThe book value of the property has been conservatively
stated and from
year to year, has been analyzed in detail and approved by certified
public accountants. On Dec.31 1908 such book value was $445,331,779
Property covered by "development and general mortgage" , including:
Deduct the outstanding first consols and all divisional bonds$351,082,772
and other obligations which have prior liens in respect of
any of the property covered by said mortgage (omitting
only the $16,000,000 collateral trust 5% bonds due April 1
1909, which are now to be refunded under the "development
and general mortgage")
182,075,700
The expectation is that this interest will be paid in ninety days,
Net value of security for said $62,000,000 "development and
together
of course with interest on the deferred interest. The company
general mortgage" bonds
has outBased on the refunding of the collateral trust 5s of April 1 $169 007,072 standing $1,992,000 of these first mortgage Baltimore Terminal bonds,
deposit with the trustee of the "development and general 1909 and the probably In excess of $600,000 are used for collateral purposes, and as but
long
mortgage," as as the interest is paid on the notes of course the company does
Is now immediately contemplated, of the securities described
not have to
in the "de- pay the interest on the bonds used as collateral. On
velopment and general mortgage" as now subject to the
May 1 the W. B. A.
5s, the "development and general mortgage" will have the collateral trust has interest due on $3,000,000 firsts and $1,000,000 seconds. It is &
following liens:
probable that interest on both. these issues will not be paid on that very
I. A first lien upondate.
As a result of this information leaking out on Feb. 24, W. B. & A. 5s
(a) Railroads in absolute ownership, aggregating
de(b) Leaseholds of, trackage or other rights to use, railroads ag- x765 miles clined from 60 to 54, while Baltimore Terminal 5s broke 123.i points,
closing
at 52. The stock, which had been selling around 4, sold down to 3,
gregating
1,085 "
with a later recovery of yi point.
(c) The majority of stock of railroads aggregating
475 "
President George T. Bishop on Jan. 28 said: "The W. B. So A. as a prop-erty is but in the infant stages of its operation. For the six months
Total
since
July 1 last it earned an average of $1,627 daily, carrying an average of 4,675
(d) The stocks which insure perpetual right to use freight and
passengers each day for that period. This is an average of 43 passengers
passenger terminal properties at 16 of the principal cities of
per car, probably a better average than any interurban road running in
the South, including a bridge over the Ohio River at
and out of Cleveland. If we get an increase of only 15% the second
Louisville, Ky.
year
over the first the road will be able to earn its operating expenses,
(e) All future acquisitions of railroads constructed or purchased
taxes and
fixed charges. Almost any new road should do 15% or more better
free from lien with proceeds of the new bonds.
In the
second year. With that in view, any talk of reorganizati
II. A second lienon at this time
Is ridiculous. The company has no pressing debts.'-V. 87,
Subject only to the existing divisional mortgages (to retire which
p. 1012.
bonds are reserved under the new mortgage), and upon
Washingto
n
&
Canonsbur
g
Ry.-Guara
nteed
Bondsthe acquisition or other retirement of such mortgages, then
Earnings.-See Pittsburgh Canonsburg & Washington Ry.
Pla prior lien, upon railroads aggregating
1,272 miles
IIIIII. A general lien, subject to the first consolidated mortgage,,,,
above.-V. 87, p. 348.
_,
and to the underlying mortgages, to retire which the first consolidated mortgage makes provision, uponWestern Ohio (Electric) Ry.-Repart.-For calendar years:
(a) Railroads in absolute ownership aggregating
Gross
Operating
Net
(6) Controlling interests in securities of railroads aggregating 3,854 miles Calendar
Total
Balance
492
Year"
Earnings.
Expenses. Earnings.
(c) Leaseholds of railroads aggregating
Deductions. Surplus.
580 "
1908
$441,791
$240,171
$195,620
$161,541
$34,079
1907
444,846
241,039
203,807
Total
160,928
42,879
4,926 "
-V. 85, p. 1520.
x This figure excludes the mileage of the Tennessee Central RR., which
Wheeling
&
Lake
Erie
RR.
-Addition
al Receivers' Certifiwas included in the statement contained in Mr. Spencer's letter of
April 1 cates Applied for.-Receiver Worthington
1906 (V. 82, p. 397). The option to purchase that property was not
on March 1 apexercised and consequently the "development and general mortgage"
plied
to
the
authority
court
for
to
issue
$373,000 additional
bonds
reserved for that purpose were not issued.
6% certificates to meet the coupons maturin4 on that date
The par value of all the stocks pledged under the "developmen
general mortgage" is not exceeding 20% of the total security of the t and on the $11,697,000 first consols, awegatin
g $233,940,
while the book value of such stocks is less than 7% of such security.bonds,
and to reimburse him for $139,970 paid for taxes.-V. 87,
The refunding of the collateral trust 5s will not result in
increasingft, he p. 1480.
fixed charge for interest paid out by the company, while it will
improve the security and priority of lien of the "development materially
and general
mortgage" bonds. The fixed charges of the company for which
Winnipeg Electric Ry.-Debentures Offered.-The comprovision
must be made are now, at their maximum, about $13,000,000
per annum, pany offered in London at 97% from Feb. 18 to 20 £300,000
but with a normal ratio of expenses to reasonably expected revenues
this 43/% perpetual consolidated debenture stock,
should not prove burdensome.
repayable
Growth in Revenue from Operation-Surplus over Fixed Charges (000
at no fixed date, but subject to call at 105 and interest. This
omUted).
6 mos. to
Fiscal Years ending June 30
debenture stock is part of an issue to be secured by trust deed
Dec. 31 '08 1907-8 1906-7 1903-4 1900-1 1897-8
1894-5 in favor of the British Empire Trust Co., Ltd., as trustee.-zAv. mileage 7,294
7,489
7,547
7,164
6,612
4,937
4,392 V. 88,
Total revenue_$27,106 $52,942 $56,658 $45,110 $34,660 $21,096
p. 508.
$17,115
9,249 12,848 13,788 13,389 10,816
Net income._
6,942
5,142
Wisconsin Central Ry.-Exchange of Preferred Shares for
Sur. over chgs. 2,300
402
2,290
4,180
3,540
1,00 ,
896
x Supplied; not in circular.-Ed.
•
The results for Jan. 1909, now just available, show, despite a not altogether satisfactory volume of gross business handled, net operating revenue
of $958,686, which is not only an increase of $525,774 over Jan. 1908,
but,
with one exception, the largest net operating revenue of any January
In
the history of the company.
[The balance sheet attached to President Finley's letter shows that
on
Dec. 31 1908 the company had in cash and cash assets $6,747,044 In
excess
of all current ilabilltles.j-V. 88, P. 565, 376.
Tarrytown White Plains & Mamaroneck Ry.-Notice to
Holders of First Mortgage 5s.-Sutro Bros. & Co., 44 Pine
St., New York City, referring to their previous advertisements, give notice on another page that all of said bonds
must be deposited with them on or before March 15 1909 if
the holders thereof desire to participate in the proposed plan.
-V.88, p. 159, 54.
Toledo & Indiana (Electric) Ry.-Bondholders' Agreement.
-The agreement under which the holders of the first mortgage 5% gold bonds (with coupons of Jan. 1 1908 in default)
are asked to deposit their bonds with the Knickerbocker
Trust Co. of New York or the Ohio Savings Bank dr. Trust
Co. of Toledo, 0., within 30 days from Feb. 23, provides
that in case the committee shall agree upon a plan of reorganization, copies thereof shall be lodged with the aforesaid
depositaries and two weeks' notice must be given by a semiweekly advertisement in the "Toledo Blade."
Each depositor who falls to express dissent to the plan In writing and
does
not withdraw his deposited bonds within two weeks after such
be bound by all the provisions of the plan, it the committee notice, will
declares it
operative. The committee is given power to buy the property
closure sale and may then either reorganize it under the plan or at foremay sell
either the property or the deposited bonds,in its discretion,for
cash or
securities on behalf of the bondholders. Loans obtained on the
deposited
bonds must not exceed 5% of their total par value. Compare V.88,
p. 565,
Virginia Passenger & Power Co.-Foreclosure Sale
Alfirmed.-The United States Circuit Court of Appeals on
March 4 affirmed the decree of foreclosure and sale made
by Judge Waddill. The road, it is said, will probably be
sold within 60 days. Compare V. 87, p. 1664, 1534,
Virginian Railway.--Bonds.-At a meeting on March 1
1909 the shareholders approved a contract for the con-
4% Leased Line Certificates.-The following committee appointed by the directors-
Jules S. Bache, Newman Erb, J. Augustus Barnard and N. W. Jordan,
with William M. Wadden, Secretary, 42 Broadway, N. Y. City,
announces by advertisement on another page that the Minneapolis St. Paul & Sault Sainte Marie Ry. Co., having secured a substantial interest in the common stock, desires
to acquire control of the property through a lease or other •
lawful method, and has agreed to issue its "leased line
stock certificates" in exchange for the preferred stock, which
stock will be held in trust by the Bank of Montreal. By
the terms of the "leased line stock certificates" the Minneapolis St. Paul & Sault Sainte Marie.Ry. Co. will obligate
itself to pay to the holders of such certificates 4% per annum,
payable semi-annually for.the term of 99 years, upon conditions which the committee consider adequate for the
protection of the interests of the holders. Holders of the
preferred stock who desire the exchange must on or before
3 p. M., March 20, deposit their certificates, subject to an
agreement dated March 20 1909, with either the Empire
Trust Co., New York City; the American Trust Co., Boston,
or the Anglo-Austrian Bank, London, E. C. The agreement
provides in part:
The committee is given authority to cause all stock deposited to be transferred to any agent or trustee, and to surrender the voting power
thereon
and all rights to dividends payable thereon; provided the Minneapolis St.
Paul ec Sault Ste. Marie By. Co. shall agree to pay or guarantee to the depositors an annual payment of $4 per share for the
of 99 years.
The committee is also empowered to consent to and voteperiod
all stock deposited
In favor of such issue or issues of bonds or mortgages
or other obligations
of the Central company for such amounts and upon such terms as
cornmittee may deem best. All compensation, expenses, services the
and Ilabattles incurred by the committee shall not In the aggregate
exceed $1 for
each share of stock deposited hereunder. The committee may
time
to time increase its number by the addition of not more than fivefrom
members,
by a majority vote.-V. 88, p• 586. 508.
Worcester (Mass.) Consolidated Street Ry.-Bonds 01fered.-Estabrook & Co., N. W. Harris & Co. and Merrill,
Oldham & Co., all of Boston, having sold $800,000 of "the
total authorized issue of $1,200,000 5% gold bonds", due
1927, are offering the remaining $400,000 at a price to net
4.6%.-V. 86, p. 1346.
THE CHRONICLE
MAR.6 1909.]
INDUSTRIAL, GAS AND MISCELLANEOUS.
Bonds.
(B.) Altman & Co., New York.-Incorporated-No
incorporated
-This long-established department store was $3,000,000
at Albany on Feb. 15,all or substantially all of theand Michael
capital stock being owned by Benjamin Altman
is
Friedsam. The report that a bond issue is contemplated
pronounced totally unfounded.
American Car & Foundry Co.-Quarterly.-For the 3 and
9 months ending Jan. 31:
Bal., Surp.
Corn. Dividend.
Pref. Dividend.
Net.
3 Mos.(M%)$150,000
(1 %%)$525,000
$721,557
1908-09
(1%)300,000
(1 %%)525,000
1,772,000
1907-08
(3i%)150,000
0
0
2,307,282
0
0
1906-07
)525:
x%)
(1 %
\
1,008,111
1905-06
9 Mos.$2,100,282 (5 %%)$1,575,000 (13i%)$450,000
1908-09
(3%)900,000
(5 %%)1,575,000
7,140,821
1907-08
(1%)300,000
(54%)1,575,000
5,744,219
1906-07
(5 %)1.575,000
1905-08
2.351.161
-V.87, p. 1480.
$46,557
947,000
1,632,282
483,111
include interest on
Charges and depreciation for the 3 months in 19084
, $31,818:
bonds, &c., $79,918; sinking fund. $38,775, and depreciation
for sinking
$98,371
&c.;
bonds,
on
interest
for
6
for
and
months, $161,316
1481.
fund and $50,999 for depreciation.-V. 87, p.
•
American Straw Board 0o.-Meeting Adjourned.The annual meeting has been again adjourned to April 22,
owing to the temporary injunction against the voting of the
stock held by the United Box Board & Paper Co. obtained
by some of the minority stockholders, the hearing in which
has been postponed to April 12. The injunction, it is said,
will not interfere with the reorganization plans of the United
Box Board & Paper Co. now in progress.
$75,262
4,685,621
3,869,219
776,161
American Gas Co., Philadelphia.-Earnings of Controlled
Co.
Company.-See Luzerne County (Pa.) Gas & Electric
below.-V. 88, p. 508.
3
American Gas & Electric Co.-Quarterly Report.-For
months ending Dec. 31:
-Disbursments by Am. Gas & El. Co.-Operating Cos.Pt. Div. Bal.,Sur.
Net Income. Expenses. Bond Int. $23,006
Gross.
3 Mos.
$88,520
$78,525
$15,259
$183,310
1908 ____$652,365
22,463
19.856
78,525
32,948
153,792
1907 ____ 540.382
-V.88, p. 232.
at
American Ice Co.-Bonds Voted.-The stockholders of
the adjourned meeting on Monday authorized an issue
gold
$3,000,000 "first and general" mortgage 5-year 5%V. 88,
bonds for the purposes stated in the official circular, stock
p. 376. The original plan to authorize first preferred been
into which the bonds were to be convertible has
abandoned, because of court proceedings taken to restrain
that feature of the plan.
at 80 by the same synThe new bonds have been underwritten, it is said,
proposed issue of convertible bonds.
dicate which agreed to underwrite the
will be
The stockholders of both the Ice and Ice Securities companies
offered the right to subscribe for the bonds at 88.
6217
New Directors.-William A. Tucker, G. Louis Boissevain
and Franklin Q. brown, members of the underwriting syndicate, and who are also connected with the Knickerbocker
Trust Co., which holds the greater part of the floating debt,
in order to be free to act in the above-mentioned matter, last
week resigned as directors both of the Ice and Securities companies, 'Wm. Bavier and Reuben W. Hopkins, employees
of the company, and Percy Brundage, who is connected with
the estate of C. T. Barney, being elected in their places.V. 88, p. 508, 453.
The 'first and refunding" mortgage provides that a portion of the proceeds shall be applied to the payment of the
following indebtedness:
The action grows out of long-standing differences with the United Box
Board & Paper Co. interests, who control.as to representation on the board
of directors, the minority desiring to bring about the cumulative plan of
voting.-V. 87, p. 1090.
American Telephone & Telegraph Co.-Conversions to
Date.-Convertible bonds to the amount of approximately
$29,477,000 had been presented for conversion up to the
close of business March 4. Compare V. 88, p. 566.
American Type Founders Co.-Extra Scrip Dividend.-In
addition to the usual quarterly dividends of 1%% upon the
$2,000,000 preferred stock and of 1% upon the $4,000,000
common stock, payable April 15 1909 to stockholders of
record April 10 1909, the directors have declared an extra
scrip dividend of 2% on common stock of record March 1,
as stated in the circular cited below.
$2,000,000 Debentures for Funding and Relunding.-A circular dated March 1 announces the making of a new issue
of $2,000,000 6% sinking fund gold debentures dated May 1
1909 and due in thirty years, but subject to call at 106 and
interest. Of the new bonds, $800,000 are to be offered in
exchange for the existing bonds and the remainder will be
sold to provide for floating debt; $1,000,000 thereof are
offered at par to holders of the common stock of record
March 1, to the extent of 25% of their holdings, payable
92% in cash and 8% in the scrip dividend just declared.
The remaining $200,000, with any portion of the $1,000,000
not taken as above, is offered at par in cash to all shareholders, whether common or preferred. Circulars say:
The directors feel that the floating debt which has been created to meet
the demands of the company for the growth of its business should be, so
In
far as may be, funded in the form of debenture bonds. The company
1896 issued $1,000,000 bonds at a time when the assets were about $4.650.or
nearly
$7,000.are
about
$9,500,000,
000; at the present time the assets
the
000 in excess of the indebtedness. By the operation of a sinking fund
issue of 1896 has been reduced to $800,000.
of similar
Believing that the present time is most opportune for an issue
held Feb. 17
bonds, your directors, by unanimous vote passed at a meetingbonds,
in degold
1909, decided to issue $2,000,000 of 8% sinking fund
30 years
nominations of $100, $500 and $1,000, dated May 1 1909, payable
from their date (interest payable May 1 and Nov. 1). to retiresoutstanding
bonds of 1896 and to fund floating debts. The indebtednes will not be
increased by the issuance of these bonds, as their proceeds will be used to
charges.
retire existing indebtedness, nor will it Increase the interestof
an indenture
The bonds will be entitled to the benefit of the provisions
an
of trust with the Guaranty Trust Co. of New York, which provide for
in addithan
less
$30,000.
not
of
1910,
in
beginning
fund,
annual sinking
York first mortgage 5s pledged tion to $20,000 to be continued as a sinking fund upon the present bonds.
$715,000 Knickerbocker Ice Co. of New
er Trust Co.; the out- When the issue of bonds of 1896 is retired, the sinking fund of the new issue
for an equal amount of notes held by the Knickerbock
a loan for $300,000 will be increased to $50,000 annually. This sinking fund is to be applied
standing mortgages on certain real estate, securing
er Trust Co.; all of the $500,000 con- to the retirement of the bonds by purchase at a price not exceeding 106
(V. 86, p. 1411) by the Knickerbock
made in March
mortgage
a
by
secured
bonds
gold
8%
interest or by drawing by lot at 108 and interest.
solidated mortgage
March 1 1909
722), pledged as collateral and
A scrip dividend to the holders of common stock of recordthis
1908 to the United States Trust Co. (V. 86, p.and
scrip to be
all the bonds and notes of 2%
on the $4,000,000 of common stock has been declared,
for notes held by the Knickerbocker Trust Co.
of
Co.
Ice
er
of 8% upon
Knickerbock
the
amount
the
to
of
receivable
or
property
the
on
terms,
its
redeemable according to
secured by mortgages
92% to be
Philadelphia now due or past due.-V. 88. p. 566, 508.
account of subscriptions to the new bonds at par, the remaining
In cash at dates hereinafter
$800.000
to
reserve
American Ice Securities Co.-Bonds Voted.-See American payable
it
isproposed
specified.
bonds,
of
Of the entire issue of $2,000,000
of the issue of 1896,
to be offered in exchange for the outstanding bonds(a)
Ice Co. above.-V.88, p. 377, 296.
of comholders
to
offered
now
is
Thete
holders.
the
of
option
at the
8% in scrip and 92%
American Milling 00.-On Philadelphia "Unlisted."- mon stock $1,000,000, for subscription at par, payable
with such of the million as
together
$200,000,
remaining
the
of
The
nt
cash.
departme
the
on
In
unlisted
placed
There has been
holders of preferred
shall not be taken under proposal "a" is offered (b) to
Philadelphia Stock Exchange a block of common stock and common stock at par In cash.of common stock of record March 1 1909
holder
each
the
of
"a"
of
stock
of
shares
proposal
number
like
a
Under
for
issued in exchange
bonds to the amount of 25% of the par
is entitled to subscribe,to the new
par value of said bonds, payable
Marsden Co. Compare V. 88, p. 102.
value of common stock held by him, at the
8% in the company's scrip of 1909
1909
1
April
before
or
On
follows:
June 1 1909 25% in cash;
cash;
in
25%
American Radiator 0o.-Report.-The results for the year as
1909
1
and 17% in cash; May
at the rate of 6% per
July 1 1909 25% in cash. Adjustment of interest
ending Jan. 31 were:
made.
be
will
payments
cash
Corn. Bal., Sur. annum upon
common stock are
and
Net Profits. Dividend on Pref. Dividencron
preferred
Yearof
$391,254
Under proposal "b" all holders
(6%)$300,000
(7%)$210,000
of said bonds,
$901,254
1908-09
389,724 offered the right to subscribe at par in cash for $200,000
(8%) 300,000
(7%) 210,000
899,724
for
under offering "a."
subscribed
1907-08
be
not
may
as
454,281 together with such bonds
(4%) 200,000
(7%) 210,000
s. Sub864,281
1906-07
will be made in order of the receipt of the subscription
Allottments
of allottment and
-V. 88, p. 377.
scriptions are payable 25% within 10 days after notice
full
until
first
of
payment
date
w
Officers.
after
Removed-Ne
month
25% In cash at intervals of one
American Sewer Pipe.-O//ices
payment is made with adjustment of interest at the rate of 6% per annum
The company has completed arrangements for the removal at
payment.
last
of
time
T. Murphy,
All subscriptions must be received by the Treasurer. John 1909,
of its general offices from Pittsburgh to Akron, 0., where
unless
1
300 Communipaw Ave., Jersey City, not later than April
the principal plants are located.
any time
at
full
in
be
made
may
Payment
extended.
be
such time shall
Vice-President George R. Hill of Akron was recently elected President before dates fixed, and deferred payments may be anticipated. Bonds
and
will be delivered after May 1 1909, upon full payment of subscription
and director W. F. Dunspaugh of East Liverpool was made a Vice-Presiwas surrender
of all receipts. Compare annual report in V. 87, p. 1086.dent as Mr. Hill's successor. 0. C. Barber retired as a director and
succeeded by A. S. McCombe, who has also become Secretary as well as V. 87. D. 1161.
Treasurer.-V. 88, p. 293, 232.
American Snuff Co.-Dividend Again Increased.-The
company on March 3 declared a quarterly dividend of 5%
on its $11,001,700 common stock. This increases the annual
rate to 20%, contrasting with 16% (4% quarterly) in Oct.
1908 and Jan. 1909, 12% from Oct. 1 1907 to July 1 1908,
and previously 10%, the rate at which common stock dividends were begun in January 1903. The quarterly dividend
of 1 IA% was also declared on the $12,009,000 preferred stock.
Both dividends are payable April 1;,to holders of record
March 13.
gl •
Report.-For calendar years:
Cataract Power & Conduit Co.-Report.-The company,
of whose $2,000,000 capital stock $1,005000 is owned by
the Niagara Falls Power Co., (see "Annual Reports")
reports results of operations for the calendar year as follows:
Appro- Balance,
Fixed
Other
Net
GT033
Cal.
Earnings. Income. Chgs.,&c. priarns. Surplus.
Earnings.
Year$125,799
$84,100
$108.574
$2,941
$315,532
$1,058,531
1908
157,488
100,084
84,050
6,280
335,340
975,254
1907
in 1907
Bonds outstanding, $1,213,000 Dec. 31 1908, against $1,070,000
d suraccumulate
$3,270,755;
against
$3,388,248.
liabilities,
total current
plus, $375,828, against $381,183.-V. 87. p. 1302.
Central Leather Co.-Decision Against Immediate Merger.
-The Court of Errors and Appeals on March 1 (Chancellor
Surplus.
Pref. Dividend. Corn. Dividend.
Net.
Cal. YearPitney writing the opinion) in the two suits brought by
$3,474,319 (8%)$720,000 (14%) $1,540,238 $1,214,081
1908
980,399
minority preferred stockholders, reversed the decision of
1,210,187
(11%)
(6%)
720,000
2,890.586
1907
-V. 87, p. 679.
Vice-Chancellor Emery in favor of the modified consolidation
stockholders who
American Steel Foundries.-Earnings.-For 3 and 6 plan (V. 85, p. 1083) permitting preferred stock
for acrrued
do not desire to accept Central Leather
months ending Jan. 31:
Balance.
Other
Total Net Chas. a'
dividends to pursue their claims therefor at law.
Net
Three
M03.
1909
1908
p Six Mos.
1909
1908
Earns.
Income.
Earns.
$183,858 $10,372 $194,228
10,403
177,095
185,892
Deprec'n. Sur, or def.
$150,511 sur.$43,717
sur.37,020
140,075
$241,833
846,159
$310,706 def.$68,873
280,150 sur..566.009
$195,404
824,225
$48,429
21,934
is that the certificates
The main ground on which the decision is based that
they were "organof Incorporation of the two companies do not show
or a similar nature"
same
the
of
business
on
carrying
of
purpose
ized for the
proposed
the
consolidation
that
within the meaning of the Act of 1893, and
the rights of the nonis therefore unauthorized by law and violative of
628
THE CHRONICLE
Lxxxviii.
assenting stockholders. While other questions are discussed by the
Court, the counsel of the company have advised that the objection upon
which the decision is based is merely technical, and can be overcome
within a few weeks by an alteration of the Central Company's
charter
eliminating its powers in such respects as they are in excess of those of the
United States Company. Such an amendment would require the vote
of two-thirds of the stockholders on a notice of 14 days. The decision
will
not affect the existing relations between the two companies, but merely
prevents for the present, at least, the economies and conveniences possible
under a consolidation.
Bldg., Chicago,Tare offering,.by advertisement on another
page, at a price to net the purchaser about 6% $100,000
(total issue $600,000) 6% cumulative preferred stock, in
shares of $100 each. Interest payable quarterly, Jan. 1, &c.
Issue redeemable at option of company at $105 after July 1
1920 at Western German Bank, Cincinnati, 0., trustee.
The mills are located in New Ulm, Minn., in the heart of the
Mr. Armour Resigns.-J. 0. Armour last week resigned great wheat territory of the Northwest, and have a daily
capacity of 5,000 barrels. The product of the mills is sold
as a director.-V. 88, P. 566.
Clarendon Water Works Co., Wilmington, N. 0.-Pur- in all parts of the United States and in foreign countries.
chased by City.-See "Wilmington" in "State and City De- A circular says in substance:
This preferred stock is a prior lien on the entire property, consisting of
partment" on a subsequent page.
real estate, machinery,furniture, fixtures, elevators, &c., valued at $1,300,000 and insured for $900,000. The net earnings for the past six years
Cleveland & Sandusky Brewing Co.-New Directors.- average about $135,000 per annum. The company also owns 50 grain
located throughout North and South Dakota and Minnesota.
At the annual election on Feb. 23 J. H. Burns, J. H. Shaff- elevators
For our information the physical condition of the company was examined
rank and Eugene Quigley were elected directors by the by
the American Appraisal Co. of New York and Milwaukee, experts on
minority interests.• There are 15 directors. The election flour-mill propositions, and the financial condition by Guy H. Kennedy
of Cincinnati, public auditor. A reserve fund of $100,000 which can be
of officers takes place on March 9.-V. 87, p. 287.
drawn upon only for any deficiency in net profits to meet
the pref.
dividend has already been set aside out of the earnings and
be mainColorado (Bell) Telephone Co.-Earnings for Year.tained. The company also will not pay any dividend onmust
tile common
OM.
Year1908
1907
1906
Gross Earns. Total Exp. Net Earns. Dividends.
Sur.
$2,709,701 $1,866,682 $843,019 *(7%) $595,000 $248,019
Bal..
2,514,366
1,756,767
757,599 (7%)544,521
213,078
2,097,706
1,658,486
439,220
(6%)424,926
14,294
Subscribers' stations Dec. 31 1908 reported as 68,967, against
65,677
in 1907 and 54,895 in 1906.-V. 87, p. 93.
• Approximate amount required for 7% dividends in 193g.
Corn Products Refining Co. New York.-Official Circular.
-President E. T. Bedford, March 3, writes in substance:
The present management took control in March 1906. The
business
was then in a very unsatisfactory condition by reason of over
No dividends were being paid and the earnings were not -production.
sufficient for
proper maintenance of the plants. The Chicago plant was so
dilapidated
that it has since been condemned as unsafe. The Oswego factory
destroyed by fire and its rebuilding but commenced. It became had been
apparent
that the only way to effect a permanent improvement was through
a reduction of manufacturing costs by the introduction of the most
•modern
manufacturing equipment throughout all the works. This policy
was
adopted and is still being carried out.
Under the action of the city it was necessary that the Chicago plant should
be abandoned,and your directors, deeming it advisable not to rebuild on the
old site, purchased about 100 acres of land in the town of Argo, 15 miles
Outside the Chicago city limits-a most advantageous location for obtaining
corn, coal, pure water, good drainage and the best railroad facilities.
Here we are erecting a modern, concrete, fireproof, non-explosive
plant.
with a daily capacity of 60,000 bushels of corn. The first unit of 20,000
bushels is expected to be in operation within six months. All the products
previously produced at Chicago and Indianapolis will ultimately be manufactured there. Towards the purchase of this land and the cost of the first
unit the company has borrowed on very reasonable terms $1,500,000, which
It expects to pay off from the proceeds of a sale of the Chicago property.
The Oswego factory of the National Starch Co., at which the well-known
Duryea and Kingsford brands are being manufactured, has been entirely
rebuilt and is now in most satisfactory condition.
During the administration of your present board there have been important changes in the several State pure food laws as well as the adoption
of the new Federal pure food law, and your board has been compelled to
expend upward of $500,000 in modifying its process of manufacture so as
to comply with their wise provisions.
In 1906 there were no less than 18 subsidiary companies, operated with
more or less waste and inefficiency. It was deemed wise that the properties
and outstanding stock of these should be acquired, and as far as practicable
the corporations dissolved or merged, and many of the properties that were
no longer of any value for the company's purposes disposed of. As a result
there are now but two corporations. Corn Products Refining Co. and National Starch Co.
The carrying out of the above policies has necessitated the expenditure
of upwards of $4,500,000 in excess of the amount borrowed on account of
the construction of the Argo plant. This entire sum has been paid from
the profits of the business, and in addition thereto the bonded debt of the
properties has been reduced $813,000 under the sinking fund agreements.
The policy outlined has involved and must for the immediate future continue to involve the expenditure of considerable money, but only through
such policies can the business be placed upon a sound basis resulting in
a permanent and satisfactory distribution of earnings to the shareholders.
[The plants, it is said, have just resumed operating full time.-Ed.]
-V
87, 13• 938
'
Cuyahoga Telephone Co.-Report.-For year 1908:
Calendar
ReNet
Gross
Bond
Div. on Div. on
Bal.,
Earns. serves. Interest. Pt. Stk. Com.Stk. Surp.
Year- Earns.
1908
$828,009 $450,277 $70,699 $135,300 $86,241
$158,037
1907
781,586 383,1379 21,464 135,000 86,222 45,000
95,993
_v. 87, p. 1302.
stock until a surplus of $300,000 is set aside in excess of the pref. dividend
reserve fund; about $200,000 of this amount is already
in hand and set
aside.
This stock is listed on the Cincinnati Stock Exchange. See
further particulars in V. 85, p. 102.
Eastman Kodak Co. of New Jersey.-Extra Dividend.The directors have declared an extra dividend of 5% on
common stock, payable April 1 to holders of record March 2.
Extra Dividends on Common Stock.
(In addition to the 10% per annum paid regularly since Oct. 1
1902.)
1907.
1906.
Feb.'08. Oct. '08. Nov..08. Dec.'08. Feb.'09. April
'09.
93,6% 10%
5%
2 M%
23%
5%
2%
5%
-V. 88, P. 222.
Empire Steel & Iron Co.-New Directors.-C. H. Zehnder
and E. 0. Stanley have been elected directors.-V. 87, p.
1607.
Federal Smelting & Refining Co.-New President.-Francis H. Brownell has been elected President to succeed Charles
Sweeney.-V.87, p. 1607.
General Asphalt 00.-Terms of Settlement.-The agreement of settlement of the dispute between the New York &
Bermudez Co. and the Venezuelan Goverment, signed on
Feb. 10, provides that the New York & Bermudez Co. shall
take possession of the property on March 20. The agreement
is published at length in the 'Financial Bulletin" of Philadelphia of March 1.
Under it the company recognizes the annulment of the Hamilton concession as ordered by the High Federal Court of Venezuela
and the sentence
of damages pronounced by the Venezuelan courts; but the damages are
agreed to be reduced to 300,000 bolivars (about $60,000). The title of the
company to the Guanoco mine under the instrument dated Dec. 7 1888
is
conceded, also to certain wild lands, the company agreeing to sell the Government for its public works all the Guanoco asphalt needed at 25% reduction under the current price, in return for certain concessions as to carrying
mails and troops over its railroad. A tax of 4 bolivars for each ton of
asphalt exported is to be paid (and no other taxes, State, national or
municipal), the annual tax not to be less than 160,000 bolivars; also a
surface tax of the mine of 2 bolivars yearly for each hectar.-V. 88, p.
509, 454.
Havana Tobacco Co.-Report.-For calendar years:
Net income
Deduct-Interest on 5% gold bonds
1908.
def.$167,080
375,000
1907.
$233,749
375,000
1906.
$128,994
375,000
Deficit for year
def.$542,080 $141,251 $246,006
"Owing to bad weather conditions and consequently expensive tobacco,"
the cost to the controlled companies of manufacturing cigars and cigarettes
was abnormally high, resulting in their failure to pay dividends other than
$19,652; deducting from this figure the expenses of the Havana Tobacco
Co. $186,732, the deficit before payment of bond interest Was $167,080
-V. 86, p. 665.
New Director.-Charles D. Hinman has been elected a
director to succeed Dennis J. Fleming.-V.86, p. 605.
Huebner-Toledo Breweries Co.-Report.-For cal. years:
Year.
Net Profits.
Bond,Int. Pref.Div.(6%) Bal.,
Sur.
Dering Coal Co., Ohicago.-Receivership.-Judge Kohl- 1908
$153,360
$214,237
$60,877
153,360
$76,680
324,556
94,516
saat in the United States Circuit Court at Chicago on March 4 1907
The sales for the year were 205,806 barrels.-V.83, p. 1173.
appointed William C. Niblack as receiver of the property
upon application by the Witt Mercantile Co., with a claim it Johnstown (Pa.) Water Co.-Bonds.-The shareholders,
is stated, voted March 3, to authorize a bond issue of
of $2,924, and director J. K. Dering, owner of $350,000
stock. President Hammond admitted that the corporation $1,500,000, to provide for improvements, &c.
Long Acre Electric Light & Power Co.-Judgments for
is in financial straits. A press dispatch says in substance:
Unpaid Interest.-Five judgments, aggregating $25,378,
It is declared that the coal company is being pressed by creditors to
whom it owes $1,000,000, and that it will be unable to meet the interest have been entered against the company by the holders of
on its bonded debt ($5,000,000 first mortgage 5s due 1955, interest A. Fe 0. bonds of the
issue of $1,030,000 4s of 1907 for unpaid inat American Trust & Savings Bank, Chicago, of which at last accounts
$550,000 were in the treasury and $324,000 in sinking fund; also $96,000 terest, the!coupons being in default.-V. 86, p. 1592.
Wilfred Coal Co. first mortgage gold 5s). The company, it is alleged, has
Luzerne County (Pa.) Gas & Electric Co.-Bonds Offered
50-year contracts with the Illinois Steel Co., the American Steel & Wire
Co., the American Bridge Co. and the American Steel & Tin Plate Co., to -Earnings.-Robert Glendinning & Co., Philadelphia,
are
furnish annually from 900,000 to 2,000,000 tons of coal, but is unable to
collect $215,000 due from these companies because of damage claims which offering at 95 and interest, yielding 5%,$100,000 Wyoming
the Dering Co. alleges to be without basis. Compare V. 80, p. 714; V. 82 Valley Gas & Electric Co. general mortgage 5%
gold bonds,
p. 454.-V. 85, p. 43.
dated Jan. 1905 and due Jan. 1925, but subject to call at
Dominion Coal Co.-Annual Meeting Adjourned.-In order 103 and interest. A circular says:
to await the reply of the Dominion Iron & Steel Co. to the
The $2,000,000 capital stock of the Luzerne County Gas Ss Eletcrio Co.
company's offer of settlement of the litigation over the coal is all owned by the American Gas Co., and of its
authorized bond issue of
first mortgage 5s due Oct. 1 1948, $1,600,000 are issued. Of
contract (V. 88, p. 509), the annual meeting was adjourned $3,500,000
issue, $1,106,000 are held by the trustee to retire prior lien bonds of
,on March 4 for about a week. A circular states that it is this
the underlying companies, as follows; $780,000 Wyoming Valley Gas &
Co. 5s (closed mortgage), due Jan. 1925; $175,000 Wyoming Light
desired that a "complete and more definite statement than Electric
& Power Co. first as, redeemable 1910, due Jan. 1930; $40,000 West Electric
is now available may be presented to the shareholders."
& Gas Co. first consol. 55, due Jan. 1913 ($5,000 mature each January, inAmount of Damage Claimed.-President Plummer of the cluding Jan. 1912, and $25,000 in 1913); $111,000 Hazleton Gas Light Co.
5s, due April 1932. No additional Luzerne County Gas & Electric
Iroi & Steel Co. states that the Steel company's bill of first
Co. 55 can be sold for extensions or improvements until net earnings for the
damages against the Coal company up to Jan. 31 1909 six months prior equal 1 times the interest on all bonds outstanding
and
on those to be issued. Perpetual and exclusive gas franchises have been
amounted to $3,901,663, as follows:
secured in each of the communities supplied, and perpetual electric
Extra cost of coal to Jan. 31 1909, $3,054,693; damages prior to Nov.
1906, $132,253; damages due to shutting down works in Nov. 1906, $470,000; interest to Jan. 311909, $235,717.-V. 88, P. 509, 454.
Dominion Iron & Steel Co.-Damages under Coal Contract.
-See Dominion Coal Co. above.-V. 88, p. 509, 454.
Eagle Roller Mill Co., New Ulm, Minn.-Pref. Stock
Offered.-Short, Stanton & Co. 533 First National Bank
franchises.
Earnings of Luzerne County Gas & Electric Co.for Calendar Year 1908.
Half.
Last
1st Half.
Total Year.
Gross earnings
$87,282 01
$80,219 28
$167,501 29
Operating expenses, &c
44,629 02
45,053 36
89,682 38
Net earnings
$42,652 99
$35,165 92
$77,818 91
Annual interest charge on the $1,106,000 underlying bonds_ __ _ $55,300 00
In the last six months of 1908, during which time the American Gas Co.
was in control and secured the half year's results above shown, $83,833 was
MAR.6 1906.1
THE CHRONICLE
629
Swift
Co., National Packing Co., Jacob Dold Packing Co.,n Co.,
& Co., Morris & Co., and Southern Beef & Provisio
each of
demanding penalties aggregating $3,300,000 against
violation of the anti-trust law.
for
named
es
the
compani
York
New
unlawful comMergenthaler Linotype Co.-New Stock.-The
The suits charge the packing companies with forming an
their competitors
000 bination
to control prices and with discriminating againstp.
Stock Exchange has been requested to list $2,861,
155, 105.
88,
.
1909).-V
27
(Feb.
to
date
down
19
1907
Jan.
from
additional stock. Compare V. 88, P. 567.
Tonawanda Power Co.-Report.-The company, of whose
Michigan State Telephone Co.-Bonds Offered-Retire-,
Building
le
Equitab
0 stock $200,900 is owned by the Niagara Falls
&
Borden,
r
$250,00
-Procte
ment of Debentures.
Co.
&
Harris
W.
N.
(see "Annual Reports") reports results for calenCo.,
from
ed
Power
purchas
New York City, have
bonds
5%
M.
1st
000
year:
dar
of
$1,500,
block
a
of
the unsold portion
Fixed
.
Net
Gross
recently issued, and are offering them at 100 and interest
Chgs., &c. Bal.,Sur.
Oth.Inc.
Earnings. Earnings.
Year$29.712
$17,973
$867
$46,818
Authorized issue $10,000,000, outstanding (after retirement
$113,585
1908
30.348
21,568
May 1 1907
2,042
49,874
121,039
of $1,250,000 debentures to be called for payment$285,00
current
total
s, $60,000;
0;
debenture
6%
$150,000;
bonds,
mortgage
5s,
First
Tel.
Mich.
00;
1909 at 101 and int.) $8,081,0
accumulated
liabilities Dec. 31 1908, $17,294, against $18,555 in 1907;
total bonds, $8,366,000.
surplus, $99,305, against 370.063.
Earnings.-For calendar years:
Toronto Electric Light Co.-Earnings.-For calendar year:
Bal.,sur.
property, and it is estimated that
spent on improving and extending thebe expended during the year1909.
between $125,000 and $160,000 will
increased. The net earnings
As a result the business should be materiallyfor Jan. 1908.-V. 88, p. 380
for Jan. 1909 show $10,189, against $7,868
Misc. Pt. Div.6%.
Interest.
Net.
Gross.
Year.
$136,644 $356,484
(?)
$3,360,875 $911,428 $418,300
1908
467,356
136,644
414,776 $28,475
3,092,226 1,047,252
1907
140,338
136,333
15,472
632,263 , 340,120
2,661,296
1906
$10 per
of
rate
the
at
being
2,
Note.-MaIntenancc charges of $1,072,73
1908.
in
expenses
exchange statio per annum, are included in operating bonds outstand0
$8,366,00
the
on
charge
is
tha
I
1908
"
present
n
"Interest
1908,
31
Dec.
connected
ing or to be out by May 11909. Telephones
113,725, an increase of 11,475 over 1907.-V. 88, p. 380. 161.
Dividends. Bal., surp.
All Expenses.
Revenue.
Year$150,616
(8%)$289,254
$715,712
$1,155,582
1908
142,287
245,503
(8%)
651,926
1,039,716
1907
surprevious
total
the
to
added
1908,
The above surplus, $150,616 for
was transplus of $10,345, makes a total of $160,961, of which $150,000
balper
as
1908.
31
Dec.
surplus
total
a
leaving
ferred to reserve account,
ance sheet, of $10,961.-V. 87, D. 412.
Earns,
Mos,
Tons.
$122,290def.$188,219
1909_1,109,053 $147,220 $78,148 $105,001 $30,000 127,755 sur.201,931
1908_1,941,007 590,012 132,717 97,609 30,000
-V. 88, p. 234, 227. 1441 1 4
Flower. William
George S. Brewster, James E. Brodhead, Frederic S.
Phoenix Ingraham,
S. Gray, J. Horace Harding, Frederic M. Harrison,
Jr., Henry
H.
Porter
H.
Moore,
J.
E.
,
McIntosh
James P. McGovern, P. J.
Seibert, E. B. Stevens. H. Mercer Walker, C. A. Webb.
United States Industrial Alcohol Co., New York.-New
PittsMonongahela River Consolidated Coal & Coke Co.,
s.-At the annual meeting this week the number of
Director
31:
burgh, Pa.-Operations.-For three months ending Jan.
s was increased from seven to fifteen, the following
director
Balance,
Deductions
Gross
3
Total
present board:
the
being
or
Sur.
Del.
M.Int.
Royalty. Deprec. Taxes. 1st
Nova Scotia Steel & Coal 0o.-Financial Plan.-A bill was
24
introduced in the Nova Scotia Legislature on Feb. re
debentu
and
bonds
new
issue
to
y
compan
the
ing
authoriz
,500)
stock for the purpose of redeeming the existing ($3,561
at
bonds at 110, canceling the ($1,030,900) preferred stock
a price not exceeding 120 per share, with interest at 8%
from the date of the last dividend, paying off floating debt
to the banks (bills payable and cash advances amounted to
$930,183 Dec. 31 1908) and providing additional working
capital for the extension of the submarine coal areas and the
steel plant. The new securities, it is said, will be secured
by mortgage to the Eastern Trust Co.,as trustee, provided
the plan is ratified by the Legislature and also by the shareholders at the meeting shortly to be held.-V. 88, p. 568.
Passaic Steel Co.-Sale April 9.-The foreclosure sale is
announced for April 9.-V. 87, p. 291.
Pennsylvania Electric Vehicle Co.-Decision as to Rights of
Stock on Liquidation.-The New Jersey Court of Errors and
Appeals in a decision on March 3 in the suit brought by
themSeligsberg & Co. bankers, of this city, in behalf of direcselves and all other common stockholders, against the
to
tors, sustained the right of the common stockholdersthe
share pro rata Nyith the preferred in the distribution of the
assets of the company under the dissolution voted by
stockholders in April 1906. (V. 82, p. 990.) About $150,000, it is understood, is to be divided up.
by the highest
The decision is of general interest because it is rendered
of a New Jersey corcourt of the State and holds that the preferred stockand
is given a
charter
certificate
stock
of
the
terms
the
by
poration which
of any further preferpreference as to dividends (no mention being made
as to assets on dissolution,
ence), does not thereby also acquire a preference
common
but stands with respect to the assets only on a parity with the
was
stock. An old New Jersey decision announcing a contrary doctrine
overruled by the Court,-V. 82, p. 990.
The officials decline to confirm the statement that the
after
annual report showed surplus income of over $500,000 t of
paymen
after
and
tion
deprecia
for
liberally
g
providin
quarterly dividends amounting to 7% on the $6,000,000 pre-:
ferred stock. Compare V. 84, p. 343; V. 85, p. 809.
United States Leather 00.-Decision Against Merger.
561.
p.
88,
-V.
Co.
Leather
See Central
RichVirginia Anthracite Coal 0o.-Receivership.-At Chanmond, Va., on Jan. 19 Judge Grinnan in the Court of
Vircery placed the Virginia Anthracite Coal Co. and the H.
ginia Anthracite Coal & Ry. Co. in the hands of Richard ion
Smith and William J. Payne as receivers upon applicat as
made by the Virginia Trust Co., in its own interest and
trustee for bondholders. The Richmond "Dispatch" said:
owned In RichThe two properties are closely affiliated and are largely
J. Payne is President
mond, where the principal office is located. William
are located
mines
coal
The
.
and D. C. Zollickoffer Secretary and Treasurer
operating a coal-carrying
in Montgomery County, the auxiliary company
carrying
mines,
to
the
on
and
g
Blacksbur
to
railroad from Christiansburg
2208.
both passengers and freight. Compare V. 79, p.
Western Gas Co., New York.-New Stock.-A special meeting of the stockholders will be held on March 15 at the office
of the company, 40 Wall St., this city, to vote on increasing
8.
the capital stock from $4,000,000 to $5,000,000.-V.76,p.65
RR.
od
Englewo
&
Yankee Fuel Co.-See Santa Fe Liberal
under "Railroads" above.-V.84, p. 225.
,
-Short, Stanton & Co. Cincinnati, invetsment bankers
First
have just opened a branch office in Chicago ininthe
sterling,
National Bank building, suite 533, and will deal
funds,
municipal and corporation bonds suitable for trust
new
Procter & Gamble, Cincinnati.-New Stock.-The share- banks,individuals and estates. Though a comparatively
the busiholders voted March 2 to increase the common stock from bond house, this firm is apparently well-equipped forfor Albert
ness, Mr. Stanton having been for 4 years manager for Mac
$9,000,000 to $10,500,000, per plan in V. 88, p. 381.
Kleybolte & Co. and later an active salesman of the
Railway Steel Spring Co.-Report.-For calendar years:
Balance,
Common
Donald, McCoy & Co. and the bond department senior
Int. La- Pref.div
Net
Calendar
Surp. or def.
Dividend.
(7%)
Earnings. trobe bds.
American Trust & Savings Bank, Chicago. The
Year94
def
.$584,053
(3)$404,9
$944,986
$209,692
$975,619
years rearestate agent for
1908
944,984 (4) 530,990 sur. 618,530 partner, Mr. Short,was for many
218,633
2,320,137
1907
ring, operating, the entire "big four" railway system. The special partner,
The gross earnings for 1908 were $5,920,464; manufactu
$169,900,
on
charges,
depreciati
and
residing in Paris.
&c., expenses, $4,774,945; maintenance
were not stated Lewis Worthington, is a retired capitalist
leaving net earnings of $975,619, as above, These items
p. 815.
Dudley Short, Chicago manager,wasformerly superintendent
in former years; hence no comparisons can he given.-V. 87,
Crescent" RR. and afterwards
Spanish-American Iron Co.-Guaranteed Bonds Offered.- of signals for the "Queen &
Central."
Henry Sc West, Philadelphia, have purchased, and are offer- Signal Engineer of the "Illinois
ing at 102 and interest, $950,000 first mortgage 6% gold
-Arthur H. Jones & Co., 165 Broadway (City Investing
St.
bonds, the last of the issue of $5,000,000, principal and Building), this city, are offering $100,000 Atlanta & due
interest guaranteed by the Pennsylvania Steel Co, Com- Andrews Bay RR. first mortgage 30-year 6% bonds, in
1938, at 973/2 and interest, subject to sale and change ed
pare V. 86, p. 288, 350.-V. 87, p. 100.
Andrews Bay RR., complet
Springfield (0.) Light, Heat & Power 0o.-Bonds.-The price. The Atlanta & St.15
1908, operates from Dothan,
$650,000 first mortgage bonds recently authorized and, it is and put in operation July a distance of 85 miles. The road
Fla.,
City,
Panama
an
of
,
to
it
Ala.,
is
appears
part,
house
bond
to
sold
an
Eastern
said,
connects at Dothan and has traffic agreements,it is stated,
authorized issue of $2,000,000.
Line,
Power with Central Railway of Georgia and the Atlantic Coast
&
Light
d
old
$92,000
Springfiel
bonds,
g
the
of
underlyin
last
The
1424.-V. 88, with the Louisville & Nashville RR. at Cottondale and at
6s, were called for payment Dec. 23 1908. See V. 87, p.
p. 509.
St. Andrews Bay with all Gulf ports, Atlantic Coast, West
Co.-New Bonds for Old.-The Indies, Central America and Panama. Only $300,000'of its
Susquehanna Iron
"Philadelphia Financial Bulletin" of Feb. 25 said:
$1,000,000 authorized stock has been issued and there are
of, the old Susquehanna Iron
The Susquehanna, Iron Co., the successorbond
$425,000 first mortgage 6s due 1938 and $425,000 second
nna
Susqueha
old
the
for
& Steel Co., is exchanging a new 20-yearis $300,000 outstanding. Pro- mortgage bonds authorized and issued. A circular showing
there
of
which
bonds
6%
Steel
&
Iron
It is under- the earnings for the first six months and other particulars
vision is also being made for paying the deferred interest.
be somestood that when the old company is finally wound up there will
will be mailed to applicants by Arthur H. Jones & Co.
425.
p.
86,
-'V.
rs.
stockholde
thing for the
Bonds.
of
nge
-The firm- of Welsh Bros., Philadelphia, was formed on
-Excha
OP.
&
Steel
Susquehanna Iron
425.
p.
1st. inst. as successor to Welsh & Smart, which was
86,
-V.
the
above.
See Susquehanna Iron Co.
d on that date. The members forming the new
dissolve
Swift & 0o.-Suit.-Press dispatches state that as a co-partnership are Robert F. Welsh and Herbert S. Welsh.
result of the decision of the United States Supreme Court The firm announces that it will make a specialty of dealing
rendered last week in the case against the Hammond Packing in high-grade bonds, tax free in Pennsylvania, and in Public
Co. (page 567) upholding the Arkansas anti-trust law, Service Corporation bonds of this country. The offices
Prosecuting Attorney Campbell on Feb. 27 filed suits in are at 328 Chestnut St.
behalf of the State of Arkansas against the Cudahy Packing
630
THE CHRONICLE
Ateports antl
[VOL. Lxxxviii.
pinn maxis°
THE PENNSYLVANIA RAILROAD COMPANY.
SIXTY-SECOND ANNUAL REPORT—FOR THE YEAR ENDIN
G DEC. 31 1908.
General Office, Broad Street Station,
Philadelphia, March 2 1909.
The Board of Directors submit herewith to the Stockholders of the Pennsylvania Railroad Company a synopsis
of their Annual Report for the year 1908:
The gross earnings of all lines directly operated were
$136,296,871 03
Operating expenses, excluding taxes
$97,412,015 71
Taxes on Pennsylvania Railroad and leased
lines
3,988,977 19
Operating expenses, including taxes
101,400,992 90
Net earnings from operation
Deduct rentals paid roads operated on basis of net earnings_ $34,895,878 13
2,706,685 38
Net operating earnings of The Pennsylvania Railroad Co_ _
_ $32,189,192 75
To which add:
Interest from investments
$11,501.34688
Hire of equipment, interest General Account, and other items
2,887,355 40
14,388,702 28
Gross
Mr
income
$46,577,895 03
Deduct:
Fixed rentals of leased roads
$3,730,672 04
6. Interest on bonded debt
12,620,296 31
; Interest on mortgages and ground rents,
interest on car trusts, &c
2,019,266 04
:•...
18,370,234 39
.i.,?
Net Income
From this amount the following deductions have been made: $28,207,660 64
Payments account Sinking and Trust Funds $334,601 33
Portion of Car Trust Principal
3,799,266 56
Extraordinary expenditures:
Amount expended in revision of grades
and alignment, and for additional
tracks, &c
3,538,980 92
Amount applied towards construction
of New York Tunnel Extension
1,000,000 00
8,672,848 81
Dividends aggregating 8%
Balance transferred to Profit and Loss
Amount to credit of Profit and Loss Dec. 31
1907
$24,725,484 36
Deduct debit balances in adjustment of sundry accounts, including discount on sale
of securities
1,129,815 62
$19,534,811 83
18,875,680 50
$659,131 33
Company, and also the bonded debt of the Bald
Eagle Valley
and Junction railroads, which have been absorbe
Eight hundred and forty-one thousand dollars d.
of the bonds
issued under the General Mortgage of the
United
& Canal Companies of New Jersey, and forming aRailroad
the $20,000,000 secured therel?y, having matured part of
1908, were paid off, and an equal amount of 4% Sept. 1
bonds of
that date, running for forty years, was issued in
lieu thereof
under the provisions of the mortgage.
SECURITIES OF OTHER CORPORA
TIONS.
The cost of the securities of other corporat
held by
your Company Dec. 31 1908 was $232,094,793ions
direct revenue received therefrom during the95, and the
year was
$11,287,743 88, being 4.86% upon the cost thereof.
increase in cost is due to the acquisition of the stock The
of the
New York Philadelphia & Norfolk Railroad Compan
y
and to the securities received from the Pennsylvania Company on account of its contribution toward the cost of
construction of the New York Tunnel Extension.
CAR TRUSTS.
The issue of Car Trust securities during the year consiste
d
of $182,000 of Series J of Pennsylvania General Freight
Equipment Certificates of 1907, through which 147
underframe box cars were furnished for the Pennsyl steel
vania
Railroad Company.
The 'outstanding Certificates of Series E, F and G of
the
Pennsylvania Rolling Stock Trust, having matured
during
the year, were paid and canceled, and thereby 4,946
cars
became the property of your Company at a
total cost of
$3,000,000.
The total number of Car Trust cars now in service,
against
which Car Trust certificates are outstanding,
is 105,289,
and the Car Trust certificates outstanding Dec.
31 1908
aggregate $61,900,000.
TRAFFIC.
The number of tons of freight moved on the
five general
divisions east of Pittsburgh and Erie in 1908 was
182,480,361,
a decrease of 41,746,713, or 18.62%• the number of assengers was 61,380,533, a decrease of 5;976,300, or 8.87%.
The other Railroad Companies east of Pittsburgh and Erie
in which your Company is interested show satisfactory
results. Detailed statements of their operations will be
found in their respective annual reports, as well as in the
full report of your Company.
23,505,668 74
Amount to credit ef Profit and Loss Dec. 31 1908
$24,254,800 07
GENERAL BALANCE SHEET (Condensed).
December 31 1908.
ASSETS.
Road, equipment and real estate
$299,856,687 56
'Securities owned
Leasehold interest in Harrisburg Portsmouth Mt. Joy & 234,907,752 61
Lancaster Railroad
1,882,550 00
Accounts receivable:
LINES WEST OF PITTSBURGH.
Sale Norfolk & Western stocks, &c
Securities received with the lease of the U. N. J. RR. & C. Co. 15,492,685 00
Capital Stock and Funded Debt.
3,283,460 25
Loans for Construction and Real Estate purposes to various
The Pennsylvania Company acquired by purchase during
controlled companies
year
the
12,403,83
a
half interest in the stock of the Lake Erie & Pitts3 77
New York Tunnel Extension
46,528,664 42 burgh Railway
Current Assets—
Company, which is constructing a road
Due from controlled companies for advances
between
Youngstown and Lorain, Ohio.
for construction and other purposes
$3,159,784 10
order
In
to
Due from individuals and companies
provide for the retirement at maturity, Aug. 1
5,605,103 20
Due from agents
1908, of $1,500,000 of Ashtabula & Pittsburgh Railway 6%
5,291,856 56
Bills receivable and miscellaneous assets.. _ _ _ 3,397,120 66
bonds,
and
for construction expenditures and other corMaterials
10,449,482 67
Cash
porate purposes, the Pittsburgh 'Youngstown & Ashtabula
56,025,897 82
83,929,24
Railway
501
Compan
y authorized the creation of a first general
Sinking Funds, Trust Fund and Insurance Fund
8,158,208 18 Mortgag
e to secure a total issue of $15,000,000 of bonds,
, Total
$706,443,086 80 of which a 'portion of series A, amounting to $2,000,0
00,
LIABILITIES.
was disposed of on satisfactory terms.
Capital stock..
$314,664,
200
00
The
Vandali
a Railroad Company also authorized the
Funded debt Of The Pennsylvania RR. Co
Funded debt of companies whose properties have been 265,899,610 00 sale of $3,000,000 of
its consolidated mortgage 4% bonds,
acquired by The Pennsylvania RR Co
34,834,50
Series
0
B,
00
and
applied the proceeds thereof to the redemption
Guaranteed Stook Trust Certificates, New York Philadelphia & Norfolk RR. and Philadelphia Wilmington & Balof $1,608,000 of the 7% bonds of the Indianapolis & Vintimore RR. Co's
14,916,250 00 cennes Railroad Company, one of its constituent
Mortgages and Ground Rents payable
companies,
2,924,535 13 which
Guaranteed stock and bonds of the Harrisburg Portsmouth
matured Feb. 1 1908, and toward construction and
Mt. Joy & Lancaster RR.Co
equipme
1,882,550
nt
expenditures and other capital requirements.
00
Securities received with the lease of the U. N.J. RR. & C. Co.
3,283,460 25
Car Trust Principal and Taxes Charged out and awaiting
l Expendesi ur.
settlement
The
amount
of CapciatinaltaExpenditures during the year on
4,774,908 68
Current Liabilities—
the
Lines
west
Pay-rolls and vouchers
of
Pittsbur
gh for construction, equipment
$14,227,369 02
Due controlled companies other than traffic
and real estate was $4,980,616 35.
I.- balances
5,782,213 29
The Inain expenditures were upon additions to and imDue Saving, Relief and Insurance Funds, &c. 1,276,889 45
Interest accrued, matured and uncollected, •
provements of motive power and equipment; the increase
and dividends uncollected
3,231,247 89
of yard; dock and other terminal facilities; the construction.
Miscellaneous liabilities
4,211,496 01
28,729,215 66 of second, third and fourth tracks upon the Cleveland &
Sinking Funds and Trust Fund
10,339,057 01 Pittsburgh and the Pittsburgh Cincinnati Chicago
Profit and Loss
,& St.
24,254,800 07 Louis railways,
the elevation of tracks in Chicago and the
Total
$706,443,086 80 purchase of additional real estate and right of Way.
$11,250,000 par value P. B. & W. RR. Co. stock-is
payment of the outstanding stock trust certificates issued pledged for the
The number of tons of frT
fitc moved on the lines west of
afh
eg
Pennsylvania
Company for Insurances on Lives & Granting Annuities by
par value N. Y. P. & N. RR. Co. stock is pledged for the and $2,492,750 Pittsburgh was 104,(M;740, a decrease of 51,864,686. The
payment
of
the
outstanding stock trust certificates issued by Fidelity Trust Company.
number of passengers''earried was 30,291,763, a decrease
of
2,709,630.
FUNDED DEBT.
There was an increase of $39,372,000 in the amount
of
Consolidated Mortgage Bonds outstanding, due to the
of $39,400,000 of those securities, less $28,000 of thoseissue
maturing May 1 1943 which were retired under the Sinking
Fund provisions of the mortgage. On your Balance Sheet
are also carried $7,478,250 of Trust Certificates, guaranteed
by your Company in connection with the purchase of the
stock of the New York Philadelphia & Norfolk Railroad
The gross earnings of all lines, east and west of Pittsbur
for the year 1908, were $274,338?803 82; operating expensegh,
s,
$203,605,535 84, and net earnings $70,733,267 98,
a decrease in gross earnings, compared with 1907, of $52,446,
722 14, and a decrease in net earnings of $7,436,297 .58.
There were 334,429,541 tons of freight moved on tilt, entire
system, being a decrease of 103,381,275 tons', and 1.12,d,
779
passengers carried, a decrease of 10,885,192.
THE CHRONICLE
_MAR. 6 1909.
631
there is every reason to anticipate its completion during
summer of 1910.
the
dstockhol
In pursuance of the authority conferred by the
the section between the point of connection with your
On
Consoliers in March 1907, an issue of $39,400,000 of your
Jersey Division at Harrison, east of Newark (where the
New
running
dated Mortgage Bonds was made on May 1 1908,
new transfer yard is being built, for interchange of traffic
for forty years and bearing interest at 4% per annum, the between this division and the tunnel extension), and the
ially
substant
issue being made in dollar and sterling bonds in
Hudson River, the embankments and bridges are constructed
equal amounts.
with the exception of the drawbridge over the Hackensack
ed,
consider
When the negotiation of these bonds was first
River, and the excavation and concrete lining of the Bergen
the conditions which had forced upon the railways the issue Hill Tunnels are practically completed. Between the Weelarge
very
of short-term obligations still prevailed to a
hawken Shaft on the western bank of the Hudson and Ninth
extent. It was not to your advantage to meet capital reAvenue, New York, including the open western approach
at
ons
obligati
quirements by the further issue of temporary
the New York Station at Seventh Avenue and Thirtyto
high rates of interest; but it was found to be impracticable
third Street, the excavation is practically finished, and a
it
and
,
country
to sell the desired amount of bonds in this
large portion of the concrete lining is in place.
was not until English investors had agreed to take one-half
The steel structure of the station is almost completed,
was
It
ated.
consumm
of the issue that the sale could be
and over one-half of the exterior granite is in place, while
credit
high
the
connection with the
not only gratifying to the management that
of substantial progress has been made in
of your Company enabled the securities to be disposed ion station facilities. The cross-town tunnels between the stanegotiat
this
but
at a more satisfactory interest rate,
tion and the East River, and those under the East River,
marked the return of a more normal market for railway
are ready for the laying of the tracks.
to
service
material
of
obligations, and in that respect was
The work in Long Island City, embracing the tunnels
your general interests.
from the east side of the river to East and Borden Avenues,
the
that
show
will
Sheet
An examination of the Balance
of East Avenue, including the apt is finished, and that east de
Yard, and the erection of the
cash in your treasury will in all probability be sufficien
proaches to the Sunnysi
But
year.
current
the
of
is well under way. The electrificasame,
to meet the capital requirements
the
over
bridges
Line, and the track-laying, signaling,
it will be necessary to make timely provision for the $60,March 15 tion of the Tunnel
000,000 of your short-term notes which mature Mortgage interlocking, and construction of the necessary yard and
1910 as well as for the $20,000,000 of General ders have terminal facilities, will be actively prosecuted during the
as the work on the New York Station.
Bonds which mature July 11910. The sstockhol
to increase your current year, as well
already authorized the Board of Director
In view of the fact that this important terminal is for the
e;
advisabl
be
it
may
t
judgmen
their
Pennsylvania Railroad System, and
capital stock, when in
dness at benefit of the entireof Pittsburgh will reap a direct advanWest
and like authority will be asked as to the indebte
lines
the
that
,000, in order
been deemed proper that the Pennthe annual meeting, to the extent of $80,000
its maturing tage therefrom, ity has
participate in the cost thereof.
should
that the Company may be in a position to meet
Compan
sylvania
of either
e contributed $10,000,000 for that purpose,
obligations, through the issue, at the proper time, s.
therefor
has
It
stock or bonds, or both, as may be to its best interest
and charged the same against its Profit and Loss account.
The industrial depression referred to in the last Annual
By reference to the General Balance Sheet, it will be seen
still
Report continued throughout the entire year, and l de- that the total amount carried thereon on account of the
on is $46,528,664 42. Of this
prevails. Its results are clearly shown in the abnorma
of New York Tunnel Extensi
ted by capital stock of the
crease both in your traffic and revenue. The volumeton
is
represen
,000
$15,000
amount
your freight tonnage decreased over 18%, while your off Pennsylvania Tunnel & Terminal Railroad Company, at
mileage and the gross earnings therefrom show a falling
par, and the balance represents the advances made on acof about 21%. Your passenger traffic shows a reduction count of cost of construction to Dec. 31 1908, after deductof about 10% in mileage and over 7% in revenue. This ing the sums charged against the Income and Profit and Loss
necessitated a drastic reduction in expenses in all depart- accounts of the Pennsylvania Railroad and Pennsylvania
ments, and compelled the discharge of many thousands Companies, as stated in this and preceding annual reports.
the last
of your employees, and a material decrease in the hours
In accordance with the authority conferred at
of labor of many of those retained in the service.
Valley, Junction and Southwest
Eagle
Bald
the
,
meeting
It will be noted that the average rate received for the trans- Connecting railways have been absorbed by and how form
portation of passengers was less than two cents per mile. a part of the Pennsylvania Railroad.
which
There can be no question that the railways are not receivThe New York Philadelphia & Norfolk Railroad,
ing a reasonable compensation for the service performed forms the connecting link between your Philadelphia Baltiand for the comforts and facilities furnished to the traveling more & Washington System and the railways reaching Norpublic in connection therewith, or one sufficient to afford folk from the South and West, having (through the growth
a fair return on the capital invested in this branch of their of Norfolk as a business centre and as a gateway between
a
business.
the Northern and Sonthern Atlantic States) developed
It is gratifying to note that a more conservative spirit large interchange traffic with your system, it was deemed
prevails in both the State and National legislatures in re- advisable to acquire the ownership of its stock, especially
gard to the undue regulation of railroads, and that the ten- as heavy expenditures had been made, on your part, to
dency is to defer further legislation until an opportunity has provide the necessary facilities therefor at terminal and
been afforded to ascertain the practical effect of the laws now other points on your lines. An agreement was therefore
in force. This would certainly appear to be wise in the in- made for the purchase thereof, through the issue of $7,500,000
terest of the general public, as those who in good faith in- of 4% stock trust certificates by the Fidelity Trust Comvest in such enterprises, and from whom the necessary capital pany of Philadelphia, maturing June 1 1948, the principal
must be obtained to enable the railroad companies to fur; and interest of which were guaranteed by ,your Oonapany.
nish the facilities required for the accommodation of the pub- The net income of the property is sufficient, not only to take
h,
lic, cannot reasonably be expected to continue to make such
care of the obligations assumed in connection therewit
investments unless they receive the same protection that is but to furnish funds for its further improvement.
accorded the owners of other property.
The charges to Capital Account during the year 'were as
After meeting all liabilities and paying dividends aggrefollows:
g
gating 6%, and $3,799,266 56 on account of the maturinof COST OF ROAD—Cost of South West ConU
$25,000 00
necting Railway, absorbed
principal of Car Trust Certificates, there was a surplus
975,000 00
Cost of Junction Railroad, absorbed
1,923,864 35
$5,198,112 25, of which $3,538,980 92 was applied toward
absorbed
RR.,
Valley
Eagle
of
Bald
Cost
the Extraordinary Expenditures of the year, $1,000,000
Amount transferred from Real Estate ac•.t lc*
count, being property used for railroad
applied toward the cost of the New York Tunnel Extensi.on,
4,530,207 52
purposes
, • '
transOffices,
General
and $659,131 33 credited to your Profit and Loss Account
additional
Cost of
46
ferred from other accounts234,171
The extraordinary expenditure for the year was limited
hi
.
Expenditure for Right of Way $2,242,279 93
h‘la 4
00
13,070
to such as was necessary to complete work already under
E
Less
credit
2,229,209 93
way, and was substantially confined to the extension of the
26
3
$9,417,45
four-track system, on your main line, purchases of right of EQUIPMENT—Portion of payments on account of principal 3,500,000 00
of Car Trust Certificates
way for your relief, freight lines, the improveinent ofiyards
$13,4111,453 26
and terminal facilities at various points, the further eliminaREAL ESTATE—Credits thereto on account$4,530,207 52
tion of grade crossings, and improvement of equipmetA.
as
above
of
Road,
Cost
of transfer to
88,063 00
The aggregate expenditures for Construction, equiptnent
Sundry other credits
and real estate on your main line between New York and
0 52
$4,618,27
Pittsburgh, including $7,523,728 56 on account of the prin7,218 34
Less additional purchases
4,811,052 18
cipal of Car Trusts and $580,000 on account of the principal
1 08
$8,806,40
of Water Trust certificates, were $15,337,159 11,01 which
Total charged to Capital Account for 1008
$5,648,365 27 was charged to Capital Acpunt,$7,338,247 48
follows:
as
was
year
the
increase of CAPITAL STOCK during
$8,800 00
against the Income of the year, $224462 against your Profit 'rue
Issued in exchange for Convertible Bonds of 1902
750 00
and Loss Account and $2,126,084 36 against the ExtraIn exchange for Convertible Bonds of 1905
actory
ordinary Expenditure Fund. In view of the unsatisf
$9,550 00
1908
during
issue
Total
o erating results of the Western New York & Pennsylvania
By order of the Board.
Railway, and of the fact that its net earnings were not sufJAMES McCREA,
ficient to meet the interest on its funded debt, $365,469 79,
off
President.
the amount advanced to that Company was also charged
against the Extraordinary Expenditure Fund.
PAMPHLET COPIES OFATHE
OBTAIN
MAY
OLDERS
STOCKH
through
ING
The progress upon the Tunnel Extension into and
ANNUALIREPORT BY APPLYING TO OR ADDRESS
LEWIS NEILSON, SECRETARY-111N
New York City has been very satisfactory. The work was
,PHILADELPHIA.
STATION
STREET
BROAD
actively prosecuted throughout the year, so that at present
GENERAL REMARKS.
632
THE CHRONICLE
Lxxxvni.
-Increasing interest has been shown in recent years in
preferred stocks, particularly those of substantial corporations listed on the New York, Philadelphia and Boston
stock exchanges To meet the need for reliable information,
COMMERCIAL EPITOME.
Edward B. Smith & Co., bankers, of Broad and Chestnu
Friday Night, March 5 1909.
streets, Philadelphia, and 27 Pine St., New York, havet
General trade is still halted to a certain extent
issued the 1909 edition of their useful brochure "Preferred
by uncertainty
about
the
change
s
in the tariff which will be made
Stocks," which was published for the first time last year.
extra
at
the
session!
of
Congres
s
to be called for
The preferred stocks of forty railroad and industrial comThe depression in the metal trades has continuedMarch 15th.
panies succinctly reviewed in this booklet are, with few
with a 10%
excut
in
wages
by
one
of
the
steel
ceptions, dividend-paying stocks at the present
companies. Breadstuffs
time.
advanc
have
ed,
partly
owing
to
Free copies of "Preferred Stocks" will be mailed on request
aggress
. feeling is hopeful but conservatism is ive speculation. The
The firm has also issued the fifth edition of the Lehigh
everywhere noticeable.
Coal &
Navigation Co. circular, for distribution to
all interested
Stocks of Merchandiseparties upon application.
Mch. 1
Feb. 1
Mch. 1
1909.
1909.
1908.
-The firm of Bode11 & Co., Providence,
- Cocoa
was
bags
23,963
30,427
11,420
the 1st inst., the partnership consistina of Josephformed on Coffee, Brazil
bags
3,307,34
4
2,922,32
7 3,314,929
J. Bode11, Coffee, Java
mats
formerly manager of Baker, Ayling & Co.'s
59,429
59,623
63,500
6 Providence office, Coffee, other
bags 320,469 285.935 206,234
and Philip Baldwin
tons •22,456
previously a partner in the Sugar
18,800
Hides
No
latter firm. RichardSimond
31,700
M. Fisk,
s, who was the Connecticut Cotton
28,700
5,500
bales 115,879 160,173 102,521
representative of Baker, Ayling & Co. will
Saltpetre
bags
3,850
Manila hemp
bales
capacity for Bode11 & Co. The new firm will act in a like Sisal
5,883
4,208
18,500
hemp
deal in highbales
1,637
396
grade investments. Its offices are in the Baniga
4,500
Flour
barrels and sacks *49,000
60,200
48,900
Providence. A Boston office is expected to be n Building,
opened later.
• Sacks.
-Railroad investors in this country and
LARD has advanced, owing mainly to decreased
abroad will be
receipts
interested in the exhaustive study of the Chicago
& North of hogs at Chicago and elsewhere and higher prices for them.
Western Ry.made by the New York Stock
Besdies
the
stocks
at
the
Exchan
leading
ge house
packing points have made
of Schmidt & Gallatin, who have issued it in
a convenient a bullish and stimulating exhibit. Receipts of hogs
brochure of 30 pages. The analysis and
leading
the
at
Wester
exhibit
n
points
s
of this
have latterly been on
system show a striking comparison with other
Western lines. a single day only 74,600, against 117,500 on the same day
A copy of this interesting study will be mailed
year.
last
This
was
a
typical
free
case.
to the
The rise in grain has
readers of this paper who send a written request
to the firm's also had some effect. Prime Western here 10.40c. Middle
New York office at 111 Broadway for 70A
Western 10.10c. City 9.75®9.85c. Refined Contine
brochure.
nt
-Robert Glendinning & Co., bankers, 400
Chestnut St., 10.50c. South American 11c. Brazil in kegs 12.25c. ComPhiladelphia, are to-day offering $65,000 City
pound
7M(37
7
A
c.
Northampton County, Pa. School District 4% of Easton,
DAILY CLOSING PRICES OF LARD FUTURE
S IN CHICAGO.
improvement
bonds, due 1929, at 1024 and interest. These
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
bonds
are
delivery
May
9.9736 9.75
free of Pennsylvania State tax, legal for trust
9.923i
10.02
9.9714 10.00
funds,and re- July delivery
9.82 35
9.85
10.05
10.15
10.0735 10.10
deemable in 1919. The assessed valuation of
September dellvery__9.93
10.00
10.25
10.20
10.223,i
Easton School District is $16,480,119, while the the city of
PORK has been active and firm; mess $17
total debt,
25®$17 50;
including this issue, is only $251,000.
clear $18 75®$21 50; family $18®$19; cut
meats firmer;
pickled hams 934c., 10 to 12 lbs.; pickled
-John T. Keane, Octavio A. Zayas and
bellies, 10 to 12
members of the New York Stock Exchange,Hugh R. Potts, lbs. 8U®9Y4c. Beef firm; mess $12 50@$13
have this week $146$15; family
; packet
formed a co-partnership under the firm name
$15 25®$15 75; extra India mess $24 50
Zayas & Potts, with offices at 15 Broad St., this of Keane, ®$25; stearines oleo 123/2®12/
58c. for New York, with
Keane was for many years junior partner of the city. Mr. Chicago 13c. Tallow 6 cents for city. Butter, creame
ry
firm qf Howard Lapsley & Co., whose former old retired extras 29c. Cheese, State full cream fancy 15c., with less
be conducted by the new concern. Hugh R.business will activity. Eggs 25c. for fresh and 20c.for Western firsts.
Potts is the
OIL.-Cotton seed active and strong; winter
Board member.
.25c.
Summer white 5.55©5.60e. Linseed has been5.70®6
-William Salomon & Co., who were among the
dull; city,
success
ful
raw,
Americ
an
seed, 56®57c.; boiled 57®58c.; Calcutta
bidders for the recent issue of New York City
bonds,are offer- 75c. Lard firm; prime 75®80c
ing $1,885,000 of he 4s, issued for the purpose
.; extra No. 1, 56®57c.
of
the
water
Olive
1.50(4)1
.65.
Cocoanut Cochin 7c.; Ceylon 6%®6Mc.
supply. The Constitution of the State of New
York
proCOFFE
E
has
been firmer at
vides that bonds issued for the water supply
for No. 7 Rio, with
/
t ©9e. Warehouse deliveries have been libCity shall not be included in ascertaining the of New York No. 4 Santos 83
power
of
the
eral,
but
of
late
the Brazilian markets have been falling:.
city to become otherwise indebted.
West Indian growths have been quiet but firm. Specula-Albert E. Butler, recently of Burnham,
in
tion
coffee
Butler
&
futures
Co.,
has been quiet, but, what with a firmer
Chicago, has established new offices at 238-240
tone in Europe and bull support here, with more or less
under the firm title of A. E. Butler & Co., to La Salle St. coverin
and
g
engage
other
in
the
scattered buying, prices have advanced.
purchase and sale of stocks and bonds and all
high-grade It seems doubtful to many whether a duty will be imposed.
investment securities. Chicago local bank stocks
Closing
prices
will
were
be
as follows:
a specialty. Mr. Butler has had a most valuable
March
8.85®8.901July__ _____ 8.35 6.40 November __5.75e 5.80
in these lines, and his new location is one of the experience April
6.80@ 6.85 August
6.10 6.15 December _5.75@5.80
best in the May
be Tomutertial Times.
city.
-The new stock-brokerage firm of Cameron, Hale
& Co.
of 20 Broad St., this city, began business this week
and took
over the business of George I. Landon, who
partnership consists of Alexander Cameron Jr., retires. The
Jr., Norman T. Reynolds and Charles HitchcoEugene Hale
will represent the firm on the floor of the Stock ck Jr., who
Exchange.
Attention is directed to the list of offerings on
another
page of Werner Bros. & Goldschmidt, bond dealers
firm has been making a specialty of good railroad . This
and Government bonds and has active markets in all issues
of this
class.
-C. W. Whites, formerly with O'Connor &
Kahler, has
severed- his connection with their firm and on the
1st inst.
became associated with W. N. Coler Sr Co., 43 Cedar
Street
this city.
•
-A card hasThee
n issued by Ackermann &Coles giving the
opening, highest and lowest quotations and
d record
since 1898 for Standard Oil stock. The firmdividen
are specialists
in this stock.
-Pouch & Co., now at 18 Wall Street, have
entire third floor of the Manhattan Trust Co. leased the
the corner of Wall and Nassau Streets, and will building at
occupy their
new quarters about April 1.
-Ernest E. Quantrell, for some years with the
.Savings Bank and Trust Company, on March 1st Chicago
connected with the Chicago office of N. W. Halsey & became
Co.
-Effingham, Lawrence & Co., members of the
N. Y.
Stock Exchange, 111 Broadway, announce the
•of Robert H. Simpson from the firm on March 1. retirement
-The admission of William B. Kurtz to partnership
in
the firm of E. W. Clark & Co. of Philadelphia was announ
ced
on the 1st inst.
_
al,/1
June
6.4@6.85 September __5.9516.00 January ____5.75 05.80
6.40 ©6.4510ctober
February____5.75@5.80
SUGAR.-Raw has been firm with a fair inquiry of late;
centrifugal, 96-degrees test, 3.74c., muscovado, 89-degrees
test, 3.24c., and molasses sugar, 89-degrees test, 2.99c.
Refined has continued irregular with the "war" still on;
granulated has latterly been quoted by different refiners at
4.50®4.65c. Spices quiet but firm, with small stocks.
Tea firm but quiet.
PETROLEUM.-Refined has been in moderate demand;
barrels 8.50c., bulk 5c., cases 10.90c. Gasoline, 89-degrees
in 100-gallon drums, 19c., drums $8.50 extra. Naphtha
16c. for 73 to 76 degrees in 100-gallon drums; drums $8 50
extra. Spirits of turpentine has declined to 420. Rosin,
strained, 3.30®3.35c. Wool has been firm with a very
moderate trade; most descriptions dull.
TOBACCO has been generally quiet. Buyers as a rule
persist in their policy of bnying from hand to mouth. There
is sonic buying.of 1908 Wisconsin and Connecticut. High
prices are demanded for Pennsylvania. New Ohio
not
altogether satisfactory in quality, and substitutes are isbeing
bought, such, for instance, as Wisconsin Bs. Very little
is being done in Sumatra. Though steady, Cuban is less
active. A small demand for cigars is at the bottom of the
present dulness.
COPPER, after showing a steadier tone,
again, with buyers holding aloof; London pricesbecame weak
latterly
fallen sharply. Electrolytic here 12% ®12Uchave
. and lake
12313®13c. Spelter has been weaker at 4.72
Lead has been dull at 3.92M ®3.97Mc. Tin c.®4•77'Ac•
after being
firmer became dull and somewhat depressed, partly
in sympathy with a similar tone in London. Spot now, howeve
r,
28.70@28.75c. Iron has been generally dull and inclined
to sag in value. Of late the railroad demand for steel has
increased. Iron itself, however, is slow of sale. No.
Northern $16 50®$17. No. 2 Southern $16 25@$16 75. 1
6'33
THE CHRONICLE
MAR. 6 1909.]
MI
On Shipboard, Not Cleared for-
COTTON.
Friday Night, March 5 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
150,074 bales, against 128,987 bales last week and 141,612
bales the previous week, making the total receipts since
the 1st of September 1908 8,190,699 bales, against 6,937,324
bales for the same period of 1907-08, showing an increase
since Sept. 1 1908 of 1,253,375 bales.
Receipts at-
Sat.
Galveston
5,175
Port Arthur_
CsarpusChristi,he
9,107
New Orleans_
Gulfport
Mobile
8-721
Pensacola
11,000
50
Jacksonville, &c.
Savannah
2,360
Brunswick
-56
Charleston
Georgetown
75
-57
Wlmington
607
Norfolk
648
Newp't News, doc
New York
Boston
26.7
Baltimore
Philadelphia_ _
Mon.
Tues.
Wed.
Thurs.
8,411 12,522
6,980
5,264
&In.&
877.08
3,511
Total.
9,167 47,519
10,284 10,284
8,171 40,055
March 5 at
Great
Britain. France
Leaving
Stock.
Othert CoastGermany. Foreign wise. ' Total.
832 34,207
3,150 6,909 7,931 15,385
New Orleans__
Galveston ____ 17,057 4,249 30,503 2,4'72 3,10,4 57,385
_jai.
) 1,188
1,150
Savannah ____
Charleston___,_
800 24,800
Mobile
1:666 14:566 9:565
o 12 068 li:g68
Norfolk
_ioo 2..m,
00
-500
1,000
New York..
-_-_-_-_ 27,000
12,000 2,000 13,000
Other ports
--Total 1909_ _ 34,207 27,458 62,284 20,357 16,904 161,210
Total 1808.... 36,702 42,838 56,153 27,506 22,439185.638
Total 1907_ _ 64,325 39,807 48,928 44,129 31,327228,516
221,480
71,122
.g.ggg
1
30,801
21,265
123,461
32,318
597,420
473.045
835,573
Speculation in cotton has been rather more active at times,
and prices.have advanced. A leading factor in the rise has
been continued drought in Texas. The Exchange has
.4
3-,778
-555 -578. 20,975
846
644
387
latterly received official Government reports from Texas
9,975
376 and Oklahoma, and day after day they have announced
108
-166
118
12,998
1,50.5 2,037 3,281
the Weather
1,584 2-,571
1,308 that no rain has fallen. The February report of
1,308
1,350 Bureau at Washington shows that the deficiency of rainfall
126
19
329 --15
-552
49
has been
49
-iia 2,500 so noticeable in December and January in Texas
147
650
348
- 1€1
666 4,424 further increased. This accords with private reports re905
457
660
1,129
_ 1,324 1,972 ceived from time to time for many weeks past. In the eastern
-ioi --ia -51.5 section of the belt the rainfalls in February were, as regards
70
10
1,326 not a few States, above the normal; but the southwestern
1,029
237
141
50
24
section, as already intimated, is still a source of great in150,074 terest if not anxiety. Of late, conditions there have been
Totals this week_ 30,297 17,054 23,792 19,103 13,200 46,628
cloudy, and on Friday morning a low barometer was noted.
early future would go
The following shows the week's total receipts, the total It is assumed that copious rains in the effects
of the winter's
ill
the
of
with
Texas
relieving
compared
to-night,
towards
far
stocks
the
and
11908,
since Sept.
if such rains are
that
maintained
is
also
it
but
drought,
last ear:
much longer delayed,the results must be more or less unStock.
1907-08.
1908-09.
favorable. The other leading factor in the week's advance
Receipts to
has been greater activity in the spot markets,both at home
This Since Sep This Since Sep
March 5.
1908.
1909.
Week. 1 1908. Week. 11907.
and
abroad,at rising prices. Large sales have been made
-149,757 at New York and some of the Southern points, and Liver128,507
39,487
2,033,134
3,091,936
47,519
Galveston
96,014
116,198 3,527
Port Arthur
pool transactions have also increased. Conflicting reports
37,260
618
92,629
Dorpus Christlotc 10,284
218,514
have been received in regard to the trade at Manchester;
255,687
1,615,530
26,565
1,677,783
40,655
___
New Orleans
20,221
insist that there has been an improvement. The
Gulfport
some
24,512
55,601
3.788 314,962 4,175 283,408
Mobile
has latterly been buying here and Liverpool has bought
South
130,354
497
130,421
20,075
Pensacola
7,569
164
26,848
376
months, supposedly in undoing straddles. Large
near
facksonville, &c_
the
80,785
81,758
0,558 1,345,054
12,998 1,286,024
3avannah
have also bought at times quite freely, and
interests
spot
7,218
16,844
196,392
109
1,308
299,435
Brunswick
17,055 have shown a very plain disposition to give support to the
16,465
1,036 186,556
1,350 181,153
Dharleston
387
____
48
2,010
Georgetown
it. The Liverpool mar2,429 market whenever it seemed to need
13,025
1,861 455,684
2,500 350,472
Wilmington
26,443 ket has repeatedly exceeded the expectations,even of the
33,333
4,424 476,140 5,494 466,054
Norfolk
119
5,822
128
10,805
NdwportNews,&e., 1,972
this side of the water, and shorts here have cov17
3,180 127,961 103,849 bulls on
13,701
Now York
9,769 ered at times quite freely. They were rendered uneasy not
6,934
9,783
1,095
11,968
313
Boston
15,393
18,803
58,241
1,326
84,243 3,174
Baltimore
Texas drought and the greater activity in spot
2,840 only by the
3,712
6,902
107
3,750
237
Philadelphia, ___.
trade, but also by the unexpected strength of Liverpool's
150,074 8,190,699 97,612 6,937,324 758,630 658,683 prices. Also, there have been rumors afloat that a large
Total
quantity of cotton from the local stock would be exported.
----In order that comparison may be made with other years' On the other hand, the depression in the steel trade, declines at the Stock Exchange, rumors of rains in Texas, or
we give below the totals 9t leading ports for six seasons:
weather indicating rains at any moment, have had a more
of
1004.
1905.
1906.
1908. I 1907.
1909.
Receipts ator less depressing effect at times. That is to say, they had
15,150 a tendency to cause reactions or to rein up the advance,
58,253
35,113
84,247
39,487
47,519
Galveston _ _
487
5,972
9,395
4,652
4,145
10,284
Pt.Arthur,he.
more particularly when it appeared that Wall Street houses
18,627
44,231
37,435
38,828
26,565
40,655
New Orleans_
508 were good-sellers on days of depression in the stock market.
4,162
1,134
2,779
4,175
3,788
Mobile
4,373 Also, according to common report, large wheat operators
12,741
10.55$
16,345
9,558
12,998
Savannah __ _
502
3,862
1,598
109
1,796
1.308
latterly
Brunswick__ 151 in Chicago, who are said to be long of cotton, have
689
722
1,036
1,560
1,399
Charleston,&o
811
2,251
728
2,957
1,861
It is intimated, too, with
2,500
sales.
liberal
with
Wilmington
credited
been
3,045
7,615
6,617
10,072
5,494
4,424
Norfolk
689 or without reason, that certain of the large stock interests
182
147
986
128
1,972
N'port N., ecc
2,623 have within a few days been parting with some of their
3,708
7,601
2,842
5,054
23.227
All others_ _
--------at times
48,056 holdings. However this may be, there has been
97,612 171,823 106,284 143,666
Total this wk_ 150,074
concentrated selling. To-day prices advanced
large,
some
Since Sept. 1_ 8.190,699 6,937,324 8,346,088 6,339,5307,192,635 6,513,654 and then receded. New Orleans and the South bought.
Liverpool was unexpectedly firm, and sent buying orders
The exports for the week ending this evening reach a total in the near months if it sold the distant ones. There were
to
Great
Britain,
were
of 169,655 bales, of which 46,649
rumors of large yarn sales at Manchester. But Texas
35,177 to France and 87,829 to the rest of the Continent. was cloudy, Chicago again seemed to be selling, and it was
1
1908:
Sept.
since
and
Below are the exports for the week
persistently reported that some of the spot interests sold;
also, that rain had fallen at Houston. Spot cotton has been
Week ouling March 5 1909. From Sept. 1 100810 March 51900.
Exported toExported to-more active and 20 points higher, middling uplands closing
Exports
at 9.85c.
I ContiGreat
fromContiGreat
Total.
Bruain.Fr'nce. nen& Total. Britain. France! nerd.
The official quotation for middling upland cotton in the
Galveston __
1632714,481 24,333 54,941 1,303,525391,407 971,8972,667,919 New York market each day for the past week has been:
116,198
63,089
63,109
4-.523
Port Arthur
Corp.Chris.,&c.
31,869 54,422
New Orleans__ 22,553
_ 1,287 1,287
Mobile
3,06 11,060
6,801 21,769
PenHaeOla
Gulfport
5,634 2,944 8,578
Savannah
Brunswick_
4,450 4,450
Charleston_
winnington.
Norfolk
Newport News
185 3124 5,1228,431
New York__
_,_ --1,72.
1,725
Boston
1,100 8,479
1,441
Baltimore
160
650
810
Philadelphia
Portland, Me _
4,885 4,885
San Francisco4,878 4,878
Seattle
Tacoma
_--_Portland. Ore_
Pembina
-Detroit
7,402
7,402
725,156177,039 482,5291,384,724
54.462 292,457
77,221 70,774
49,297 132,458
32,287 50.874
20,221
4,132 18,089
140,531 87,072 523,427 751,630
82,512 251,100
168.588
67,119 72,844
5,725
88,207 8,731 238,844 335,782
1,971
30,771
28,800
123,070 35,580
77,247
30,387 8,099
___.
38.369
743
2,103
128,896 287,546
9,300 86,547
49,048 84,534
7.053 45,422
743
57,720 57,720
55,782
55,782
8,660
8,660
300
300
100
100
2,103
4(3,649135,177 87,82969,6552,909,200844,3552,849,4086,602,963
Total
2
985 57 5641 92.4372 512 230701 062 737 9585 051 950
23,888110
1907-08_
Total
1
1
addition to the above exports, our telegrams to-night
n-r
also give us the following amounts of cotton on shipboard, not
cleared at the ports named. We add similar figures or
New York.
Feb. 27 to March 5Middling uplands
Sat.
9.65
Mon. Tues.
9.85
9.70
Fri.
9.85
Wed. Thurs.
9.85
9.85
NEW YORK QUOTATI ONS FOR 32 YEARS.
9.8511901_0
11.65 1900
11.35 1899
8 1898
20
.8
1.
17
1897
15.25 1896
10.10 1895
9.12 1894
1909_c
1908
1907
1906
1905
1904
11990023
8.94 1893_c
9.81 1892
6.56 1891
6.31 1890
7.19 1889
7.6211888
5.82 1887
7.56 1888
9.19
7.00
8.88
11.31
10.19
1
38
0.6
19
1885.0
1884
188$
188g
11.38
1010...781985
11.38
13.12
9.75
10.94
1881
80
187
9.19 1878
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _ Quiet
Monday_ __ Quiet, 5 pts. adv
Tuesday _ _ glulet, 15 pts. adv
Wednesday Steady
Thursday _ Quiet
Friday.._ _ _ Quiet
Total
Futures
Market
Closed.
Sales of Spot and Contcact.
Con- ConSpot. sum'n. tract.
400
Quiet
Barely steady 1,700
50
Firm
5,400
Steady
200
Steady
Steady
7,750
4:565
_
-156
Total.
4006,200
505.400
300-
4,600 12,350'
634
THE CHRONICLE
Lxxxviii.
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
New York the past week have been as follows:
the receipts for the week and since Sept. 1, the shipments
CI
for the week and the stocks to-night, and the same items for
21
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Movement to March 5 1909.
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THE VISIBLE SUPPLY OF COTTON to-night,
g
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0
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-1,1 8zi=y4a ori 4
up by cable and telegraph, is as follows. Foreignas made
gg.iitt
igi4,i,
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Va4
stocks,
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0004M5
.1.9..
as well as the afloat, are this week's returns, and
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quently all foreign figures are brought down to Thursda
86.6.
th;40.61zoplzz,
,
,
evening. But to make the total the complete figures y
for
to-night(Friday), we add the item of exports from the United
The above totals show that the interior stocks have deStates, including in it the exports of Friday only.
creased during the week 34,379 bales and are to-night 224,386
bales more than at the same time last year. The receipts
March 51909.
1908.
1907.
1906.
Stock at Liverpool
at all the towns has been 5,126 bales less than the same
bales.1,431,000 1,128.000 1,128,000
1,105,000
Stock at London
9.000
11,000
8,000
9,000 week last year.
Stock at Mancheste
r
87,000
76,000
73,000
66,000
1,527,000 1,215,000 1,209,000 1,180,000
OVERLAND MOVEMENT FOR THE WEEK AND
14,000
13,000
11,000
11,000 SINCE SEPT. 1.-We give below a statement showing
500,000 450,000 438,000 362,000
345,000 241,000 292,000 216,000 the overland movement for the week and since Sept. 1,
as
4,000
4,000
3 000
4,000 made up from telegraphic reports Friday night. The
51,000
46,000
21,000
11,000 results for the
58,000
week
19,000
and since Sept. 1 in the last two years
132,000 111,000
2,000
18,000
9,000
5,000 are as follows:
Total Continental stocks
974,000 791,000 906,000 .720,000
----1908-09----1907-08March 5Since
Since
Total European stocks
2,501,000 2,006,000 2,115,000 1,900,000 ShippedWeek. Sept. 1.
Week. Sept. 1.
India cotton afloat for Europe_ _ _ 177,000
136,000 203,000
Via St. Louis
154,000
499,543
12,864
16,306
307,137
Amer. cotton afloat for Europe
435,345 480,814
590,839 406,099
Via Cairo
264,865
5,383
6,071
140,172
EgyPt.Brazil,&c.,aflt.for Europe_
43,000
39,000
73,000
Via Rock Island
77,000
24,343
1,453
2,690
Stock in Alexandria, Egypt
23,967
309,000 244,000 227,000
Via
Louisville
181,000
60,567
2,655
896
Stock in Bombay, India
39,780
454,000 593,000 642,000 986,000
Via
Cincinnati
36,141
706
594
Stock in U. S. ports
29,718
758,630 658,683 1,064,089 781,274
Via Virginia points
149,324
4,789
2,463
Stock in U. S. interior towns_
67,628
737,618
513,232
547,021 605,199
Via other routes, &c
221,286
4,982
7,241
U. S. exports to-day
183,876
37,927
11,218
12,038
11,389
Total gross overland
36,274 1,256,069
32,819 792,278
Total visible supply
5,453,520 4,681,947 5,473,987 5,102,861 l)cduct shipmentsOf the above, totals of American and other descriptio
ns are as follows:
Overland to N. Y., Boston, &c_
113,662
1,876
4,393
American78,106
Between interior towns
37,747
398
1,114
Liverpool stock
bales.1,325,000 1,012,000 1,024,000 972,000
57,234
Inland, &c., from South
27,418
1,954
Manchester stock
355
45,177
70,000
62,000
61,000
54,000
Continental stock935,000 717,000 846,000 679,000
Total
to
be
deducted
178,827
4,228
American afloat for Europe
5,862
180,517
435,345 480,814
590,839 406,999
U. S. port stocks
758,630 658,683 1,004,089 781,274
Leaving total net overland •
32,046 1,077,242
U. S. Interior stocks
26,957 611,761
737,618
513,232 547,021
605,199
U. S. exports to-day
37.927
11,218
12,038
• Including movement by rail to Canada.
11,389
Total American
4,299,520 3,454,947 4,144,987 3,509,861
East Indian, Brazil, (fee.The foregoing shows the week's net overland movement
Liverpool stock:.
106,000
116,000
104,000 133,000 has been 32,046 bales, against 26,957
London stock
bales for the week
9,000
11,000
8,000
9,000
Manchester stock
14,000
17,000
12,000
12,000 last gear, and that for the season to date the aggregate
Continental stock
39,000.
74,000
60,000
41,000 net overland exhibits an excess over a year ago of 465,481
India afloat for Europe
177,000
136,000 203,000 154,000
Egypt, Brazil, &c., afloat
bales
43,000
39,000
73,000
77,000
Stock in Alexandria, Egypt
309,000 244,000 227,000 181,000
----1908-09---Stock in Bombay, India
----1907-08---454,000
593.000 642,000 986,000
'In Sight and Spinners'
Since
Since
Takings.
Week.
Sept. 1.
Week. Sept 1.
Total East India, &c
1,154,000 1,227,000 1,329,000 1,593 000 Receipts at ports to March 5
150,074
Total American
8,100,699
97,612 6,937,324
4,299,520
3,454,947
4,144,987
overland
to March 5:
3,509,861 Net
•,
32,046
26,957 611,761
Southern consumption to Mch. 5_a 48,000 1,077,242
Total visible sUpply
45,000 1,283,000
1,206,000
5,453,520 4,681,947 5,473,987 5,102,861
Middling Upland, Liverpool
5.14d.
6.04d.
6.24d
1
Total marketed
5.92d.
Middling Upland, New York_ __ _
230,120 10,473,941 169,569 8,832,085
6.85c.
11.45c.
11.45c.
Interior stock in excess
11.25c
Egypt, Good Brown, Liverpool
*34,379
*1,829 432,649
623,603
8.9-16d. 8 15-16d. 12 15-16d.
9 %d.
Peruvian, Rough Good,Liverpool
7.75d.
10.50d.
9.65d.
Came into sight during week _ _ __i95,741
8.75d.
Broach, Fine, Liverpool
...... 167,740
5Md. 5 11-16d
4 15-16d.
Total in sight Itch. 5
5%d.
Tinnevelly, Good. Liverpool_
11,097,544
9,264,734
5 Xid. 5 3-16d.
5 Ad. 5 7-16d.
North. spinners' takings to Mch. 5.. 69,466 2,061,448
Continental imports for the past week have been
62,871 1,235,105
136,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
bales.
The above figures for 1908 show a decrease from last
week of 80,717 bales, a gain of 771,573 bales from 1908,
a decrease of 20,467 bales from 1907 and a gain of 350,659
bales over 1906.
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. Reborts 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 approxim
ate
data is not obtainable.
• Decreased during week.
635
THE CHRONICLE
MAR.6 1909.j
Memphis, Tennessee.-The river is 34.8 feet on the gauge,
feet above the flood stage, and rising. There has been
1.8
Bales.
Weekrain on two days the past week, the rainfall being ten hun214,185
1907-March 8
158,556
1906-March 9
dredths of an inch. The thermometer has averaged 45.9,
216,552
1905-March 10
the highest being 69 and the lowest 39.1. February rainfall
QUOTATIONS FOR MIDDLING COTTON AT OTHER 7.75 inches.
Mobile, Alabama.-Farm work is making good progress.
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for We have had rain on one day the past week, the precipitation
reaching five hundredths of an inch. Month's rainfall
each day of the week.
4.08 inches.
Montgomery, Alabama.-Good inquiry for cotton, but
Closing Quotations for Middling Cotton on_
ask advanced prices. The rivers are subsiding.
Week endingholders
Friday.
Thursd'y,
Sarday. Monday. Tuesday. Wed'day.
March 5.
There has been rain on one day of the week, the rainfall
9 9-16
9 9-16
97-1699-16
9 7-16
being thirteen hundredths of an inch. Average thermomGalveston
93sf
93
9%
-174-;
9%
95-16
New Orleans
eter 56, highest 74, lowest 33. Month's rainfall 9.55 inches.
97-16
07-16
9%
9%
94
9.1-1
Mobile
95-16
Selma, Alabama.-There has been rain on two days during
9 5-10_
9%
94
Savannah
93
o 3-16 -5---10 a 3-16
9%
a
a
Charleston
week, the precipitation being thirty hundredths of an
the
a3,i
a
9
Wilmington
-iii
5-6.
93%
inch. The thermometer has averaged 52, the highest being
9 7-16 -5-Bi
Norfolk
9;1,4
9.85
0.85
9.85
9.70
9.65
9.65
Boston
74 and the lowest 32.
91-i
9%
91-I
Baltimore
91-i
la:co
iiiio
Savannah, Georgia.-We have had rain on one day of the
10.10
10.10
9.90
9.95
Philadelphia
91-9-16 week, the rainfall reaching forty-seven hundredths of an
93.6
97-10-1-i 934
9%
Augusta
91-I
7-16
9
7-16
9
7-16
9
9 7-16
9 5-16
9 5-16
Memphis
9 7-16
inch. Average thermometer 57, highest 74 and lowest 41.
9 7-16
9 7-16
9 7-16
St. Louis
9%
91-1
934
91-i
91-i
Month's rainfall 1.33 inches.
_
9
9 5-16
Houston
1-16
9
1-16
9
15-16
13-16 -8-13-16 8
8 13-16 8 5-16Little Rock
Charlotte, North Carolina.-We have had rain on one day
of the week, the rainfall reaching thirteen hundredths of an
62, lowest 35.
NEW ORLEANS OPTION MARKET.-The highest, inch. Average thermometer 48, highest
Madison, Florida.-We have had rain on one day of the
lowest and closing quotations for leading options in the New
ion being fifteen hundredths of an inch.
Orleans cotton market for the past week have been as follows: week, the precipitat
Average thermometer 57, highest 71, lowest 40.
Thursd'y, Friday,
• Augusta, Georgia.-We have had rain on one day during
Sarday, Monday, Tuesday, Wed'day,
3. Mch. 4. Mch. 5.
the week, the rainfall being twenty-nine hundredths of an
Feb. 27. Mch 1. Mch. 2. Mch.
inch. The thermometer has ranged from 34 to 68, averMarch9.40-.49 aging 52.
9.22-.26 9.26-.29 9.28-.44 9.42-.49 9.45-.56
Range
9.42-.44
9.44-.46
9.49-.51
9.43-.45
9.23 - 9.26-.28
Closing
Charleston, South Carolina.-There has been rain on one
Aprilday the past week, the rainfall being thirty hundredths of
•
9.42
•
9.44
•
9.49
9.23 • 9.26 • 9.44 •
Closing
an inch. The thermometer has averaged 57, the highest
Maybeing 73 and the lowest 47.
9.37-.41 9.39-.43 9.46-.60 9.56-.65 9.57-.68 9.54-.60
Range
9.54-.5i
9.57-.58
9.37-.38 9.42 - 9.53-.59 9.62-.63
Greenwood, South Carolina.-Rain has fallen on one day
Closing
June_ ® _ _ ® _ _ @ _ _ ® _ _ ® _ _ ® - during the week, the rainfall being twenty-six hundredths
Range
9.58-.60
9.44 • 9.48-.50 9.64-.66 9.68-.70 9.62-.64
of an inch. The thermometer has averaged 47, ranging
Closing
July9.48-.52 9.50-.54 9.57-.70 9.67-.76 9.67-.78 9.64-.71 from 35 to 60.
Range
9.48-.49 9.53-.54 9.69-.70 9.73-.74 9.67-.68 9.64-.65
The following statement we have also received by teleClosing
Octoberthe height of rivers at the points named at
9.20-.24 9.21-.25 9.26-.36 9.32-.39 9.32-.40 9.29-.39 graph, showing
Range
9.20-.21 9.23-.24 9.36-.37 9.37-.38 9.32-.39 9.29-.30 8 a. m. of the dates given:
Closing
March 5 1909. March 6 1908.
Movement into sight in previous years:
Since Sept. 11906-07-March 8
1905-06-March 9
1904-05-March 10
DecemberRange
Closing
JanuaryRange
Closing
ToneSpot
Options __
Bales.
11,113,393
8,771,819
9,701,847
,--- 0-- 0 -
9.23-.33 9.33-.37 9.30-.32 9.29 9.15-.16 9.19-.21 9.32-.34 9.39-.35 9.29-.31 9.27-.28
(-@
9.30
9.23-.33 9.39
9.17-.18 9.19
9.32-.33 9.34-.35 9.31-.32 9.2/-.28
9.16-.17 9.19
Firm. Steady. Steady.
Easy. Steady. Steady.
_ Steady. Steady. Steady. Steady. Steady. Steady.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero
Above zero
Above zero
Above zero
Above zero
of
of
of
of
of
gauge_
gauge_
gauge..
gauge_
gauge_
Feet.
13.3
34.8
17.4
3.8
38.5
Feet.
15.7
34.8
25.0
10.2
43.5
INDIA COTTON MOVEMENT FROM ALL PORTS.
• Nominal.
4.
1908-09
1907-08.
1906-07.
March
WEATHER REPORTS BY TELEGRAPH.-Advices to
S nce
Since
Since
atReceipts
Week. Sept. 1. Week. Sept. 1. Week. I Sept. 1us by telegraph from the South this evening denote that
69,000 1,263,000 68,000 1,262,000 92,000 1,545,000
little or no rain has fallen the past week. In Texas dry Bombay
weather has been quite general, and elsewhere where rain
has fallen the precipitation has been moderate or light. As
Since September 1.
For the Week.
Exports froma result of the better conditions farm work is making good
ContiGreat
Great ContiTotal.
nent.
Britain, nent. Total. Britain.
progress at many points. The Mississippi is rising and at
flood
the
above
feet
or
1.8
gauge
the
on
feet
34.8
is
Memphis
Bombay13,000 $51,000 367,000
54.000 54,000
1908-09
13,000 $35,000 348,000
stage.
1,000 43,000 44,000
1907-08
556,000 581,000
25,000
35,000
,000
2,000 33
1906-07
Galveston, Texas.-There has been no rain during the week. Calcutta
and
74
being
highest
25,000
the
67,
21,000
averaged
4,00
has
1,000
ter
1,000
thermome
The
1908-09
12,000
9,000
3,000
1907-08
the lowest 67. February rainfall one inch and forty-six
60,000
56,000
4,000
2,000 2,000
1906-07
hundredths.
Madras18,000
15,000
3,000
1,000 1,000
1908-09
Abilene, Texas.-There has been no rain the past week.
29,000
23,000
6,000
1,000 1.000
1907-08
82.
to
42
from
ranging
62,
averaged
19,000
17.000
has
2,000
ter
The thermome
2,000 2,000
1906-07
All othersMonth's rainfall nil.
96,000
87,000
9,000
9,000
8,000
1,000
1908-09
87,000
79,000
8,000
Corpus Christi, Texas.-We have had no rain during the
1,000 1,000
1907-08
60,000
53.000
7.000
3,000 3,000
1906-07
week. The thermometer has ranged from 62 to 82, averaging 72. February rainfall forty-seven hundredths of an inch. Total all•
32,000 474,000 506,000
1,000 64,000 65,000
Fort Worth, Texas.-We have had no rain the past week.
1908-09
30,000 446,000 476,000
1,000 44,000 45.000
1907-08
Average thermometer 64, highest 84, lowest 44. Month's
38.000 682.000 720,000
2,000 39,000 41,000
1906-07
rainfall eleven hundredths of an inch.
Palestine, Texas.-There has been no rain the past week.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
The thermometer has averaged 67, the highest being 84 and
the lowest 50. February rainfall five inches and fifty-six COTTON.-Through arrangements made with Messrs.
hundredths.
Choremi, Benachi & Co., of Boston and Alexandria, we
San Antonio, Texas.-There has been a trace of rain on one now receive a weekly cable of the movements of cotton at
day the past week. The thermometer has averaged, 72, Alexandria, Egypt. The following are the receipts and
ranging from 54 to 94. Month's rainfall seventy-one hun- shipments for the past week and for the corresponding week
dredths of an inch.
of the previous two years:
Taylor, Texas.-We have had a trace of rain on two days
during the week. The thermometer has ranged from 52 to
Alexandria. Egypt.
1906-07.
1907-08.
1908-09.
March 3.
88, averaging 70. February rainfall ninety-six hundredths
of an inch.
Receipts (cantars)120,000
170,000
I
155,000
This week
New Orleans, Louisiana.-There has been rain on one day
6,523,519
6,318.443
6,054,083
Since Sept. 1
the past week, the rainfall being two hundredths of an inch.
The thermometer has averaged 63. Month's rainfall 5.61
This Since
This Since
This Since
inches.
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
Vicksburg, Mississippi.-There has been only a trace of Exports (bales)averrain on one day the past week. The thermometer has
2,000 132,445 6,500 172,021 9,250 169.619
To Liverpool
"9,250 141,550 8,000 152.529 6,250 159.551
To Manchester
aged 60, ranging from 42 to 78.
5,500 214,490 7,250 234.673 13.000 253.657
Continent
river
To
Helena, Arkansas.-Not much farming as yet. The
2,000 48.628 3,7501 47,736 .4,000 87.691
To America
is still rising. We have had rain on one day during the week,
18,750 537,113 25,500 606,959 32,500 670,518
Total exports
the rainfall being forty-eight hundredths of an inch. The
i
thermometer has ranged from 35 to 73,averaging 47. Feb750 lbs.
Note.-A cantar is 99 lbs. Egyptian bales weigh about
ruary rainfall 8.95 inches.
636
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Sept. 1, for the last two seasons, from all sources from
which statistics are obtainable, also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1908-09.
Week.
1907-08.
Season.
Week.
Season.
Visible supply Feb. 26
5,534,237
4,749,945
Visible supply Sept. 1
1,714,982
2,291,844
American in sight to Mch. 5.._ _ _ 195,741 11,097,544
167,740 9,264,734
Bombay receipts to Mch. 4_ _ _ _
69,000 1,263,000
68,000
1,262,000
India
Other
ship'ts to Mch. 4_ _
11,000
139,000
1,000
128,000
Alexandria receipts to Mch. 3.._
21,000
807,000
23,000
842,000
Other supply to Mch. 3
153,000
2,000
189,000
Total supply
5,830,978 15,174,528 5,011,685 13,977,578
DeductVisible supply Mch. 5
5,453,520 5,453,520 4,681,947 4,681,947
Total takings to Mch. 5
377,458 9,721,006 329,738 7,295,631
Of which American
282,458 7,775,006 269,738
Of which other
95,000 1,946,000 , 60,000
72:1t8:gg
[VOL.
Lxxxvm.
Total bales.
BALTIMORE-To Liverpool-Feb. 27-Uister
more, 1,441
1,441
To Havre-Feb. 25-Zingara, 938
938
To Bremen-Mch. 3-Main, 900
900
To Antwerp-Feb. 2.5-Zingara, 200
200
PHILADELPHIA-To Manchester-Mch. 5
-Manchester Corporation, 650
650
To Rotterdam-Feb. 9-Canadia, 60
80
To Genoa-Feb. 27-Verona, 100
100
SAN FRANCISCO-To Japan-Feb. 26-Tenyo, 4,885
4,885
SEATTLE-To Japan-Mch. 2-Tango, 4,878
4,878
Total------------------------------------------169,055
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
Liverpool
Manchester
Havre
Bremen
Hamburg
Antwerp
Ghent, via Antwerp
Revel
Gothenburg
Barcelona, direct
Genoa
Trieste
Japan
Sat.
12
11
15
18
25
18
26
30
36
25
18
30
45
Mon.
12
11
15
18
25
18
26
30
36
25
18
30
45
Tues.
12
11
15
18
25
18
26
30
36
25
18
30
45
Wed.
12
11
15
18
25
18
26
30
36
25
18
30
45
• Embraces receipts in Europe from Brazil, Smyrna, West
Indies, dcc.
Thurs.
12
11
15
18
25
18
26
30
36
25
18
30
45
Frt.
12
11
15
18
25
18
26
30
36
25
18
30
45
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, SEc., at that port:
COTTON CONSUMPTION AND OVERLAND
Feb. 12.
Feb. 19.
Feb. 26.
Mch. 5.
MENT TO MARCH 1.-Below we present a synopsisMOVE- Sales of the week
bales_
42,000
42,000
of the
55,000
50,000
Of which speculators took__
crop movement for the month of February and the
2,000
4,000
3,000
6,000
six
Of
which
exporters
took.....
2,000
1,000
1,000
months ended Feb. 28 for three years.
1,000
Sales, American
38,000
39,000
52,000
47,000
1908-09.
1907-08.
1906-07.
-195,018
1,203,033
150,603
1,011,006
914,453
8,145,268
866,240
6,302,303
1,101,579
1,932,659
1,219,000
Gross overland for February
bales
165,545
160,836
Gross overland for 6 months
1,231,347
765,093
Net overland for February
145,356
128,588
Net overland for 6 months
1,054,872
588,374
Port receipts in February
704,779
681,585
Port receipts In 6 months
8,070,922 0,857,684
Exports in February
708,162
758,188
Exports in 6 months
6,496,177 5,872,040
Port stocks on Feb. 28
801,369
869,290
Northern spinners' takings to March 1_ _ _ 1,992,147 1,200,903
Southern consumption to March 1
1,166,000 1,245,000
Overland to Canada for 6 motrths (included In net overland)
80,328
55,579
91,481
Burnt North and South in 6 months_ __ _
Stocks at North. interior markets Feb. 28
19,549
13,668
9,044
Came in sight during February
971,185
969,101 1,200,056
Amount of crop in sight March 1_
_ 10,943,794 9,125,058 10,860,274
Came in sight during balance of season_ _
2,457,771 2,690,486
Total crop
11,582,829 13,550,760
Average gross weight of bales
514.42
509,62
518.54
Average net weight of bales
491.42
486.62
496.04
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
quiet for both yarns and shirtings. Manufacturers are
generally complaining. We give the prices for to-day
below and leave those for prveious weeks of this and last
year for comparison.
1909.
d. 4. d.
Jan
22
29
Feb
5
11
19
26
Melt
5
1908.
83-( lbs. Shirt- Corn
legs. common Mid.
to finest.
Upes
32s Cop
Twist.
s. d.
32s Cop
Twist.
8% 4 9 @8
8% 4 9
1
773
d. 6.
6. s. d.
s. 6.
5.30 10%
11% 60 09 3
5.29 10% 0 113.; 5 11 09 2
6.43
6.39
7 11-160
7 9i8@
7% 0
7% 0
8% 4
8% 4
4
8 4
7%
8
7
0%
5.15 9 15-160
5 11 9% 0
5.09 9% • 0
5.02 9% 0
1134 5 10 09 1
10'34 59 09 0
10% 50 08 10
10% 55
8 9
6.35
0.21
6.14
6.00
0 10% 5 43408 8
6.04
7% 0
8
07
07
07
07
4 6 07 GA 5.14 9
d.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 169,655 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows
.0
NEW YORK-To Liverpool-Feb. 26-Baltic, 150 upland,Total bales.
35
foreign
185
To Havre-Feb. 27-Chicago, 3 foreign; Heathdene, 2,913 upland, 208 Sea Island
To Bremen-Feb. 26-Koin, 300_ _ _Mch. 3-Chemnitz, 2,750_ 3,124
3,050
To Antwerp-Mch. 2-Vaderland, 300
300
To Reval-Mch. 3-Oscar II., 300
300
To Genoa-Feb. 26-Koenigen Luise, 100
100
To Buenos Ayres-Feb. 27-Afghan Prince, 300
000
To Japan-Mch. 4-Inverclyde, 1,072
1,072
GALVESTON-To Liverpool-Mch. 3-Crispin, 5.713
5,713
To Manchester-Feb. 25-Mercedes de Larrinaga, 10,414
10,414
To Havre-Feb. 26-Centurion, 14,481
14,481
To Hamburg-Mch. 4-Lord Dufterin, 818
818
To Rotterdam-Mch. 4-Lord Dufterin, 105
105
To Antwerp-Feb. 27-Hornby Castle, 4,072
4,072
To Barcelona-Mch.3-Caprem,259_ _ _Mch.4-VIrginia,2,760
To Genoa-Mch.3-Caprera, 1.550.. __Mch. 4-Monvlso,10,474 3,019
12,024
To Venice-Mch. 4-Virginia, 1,202
1,202
To Trieste-Mch. 4-Virginia, 3,093
NEW ORLEANS-To Liverpool-Mch.3-Colonial, 10,000_ _ _Mch. 3,093
4-Etonian, 10,000
20,000
To Belfast-Mch. 3-Carrigan Head, 2,553
2,553
To Bremen-Mch. 4-Norseman. 16,500
1,6,500
To Antwerp-Mch. 3-Virgil, 3,000
3,000
To Oporto-Feb. 27-Puerto Rico, 1,500
1,100
To Barcelona-Feb. 27-Puerto Rico, 2,773
2,773
mt" To Genoa-Feb. 27-Val Sallee, 0,543
6,543
PII5 To Trieste-Mch, 1-Clara, 1,353
1.353
'Pr To Mexico-Mch. 1-Molina, 600
600
MOBILE-To Hamburg-Mch. 4-Manchester Exchange, 1,287_ _
1,287
PENSACOLA-To Liverpool-Mch. 4-Vivine,3.988
3,968
To Havre-Feb. 27-August Belmont, 11,000
11,000
To Bremen-Mob. 5-St. Michael, 6,609
6,669
To Hamburg-Mch. 4-Wandby, 132
132
SAVANNAH-To Havre-Mch. 3-Sellasia, 5,634
5,634
To Hamburg-Feb. 27-Corn Exchange, 2,944
2,944
CHARLESTON-To Bremen-Feb. 27-Pomsron, 4,450
BOSTON-To Liverpool-Mel,. 2-Sylvania, 13_ _ _Mch. 3-Cana- 4,450
dian, 478
491
To Manchester-Feb. 26-Caledonian, 1,234
1.234
1
10,000
81,000
1,352,000
1,283,000
123,000
109,000
363,000
308,000
10,000
106,000
1,416,000
1,320,000
150,000
124,000
259,000
224,000
3,000
91,000
1,431,000
1,325,000
107,000
91,000
230,000
184,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, 1
12:15 }
P.M.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Quiet.
Fair
business
-doing.
Fair
business
doing.
Moderate
demand.
Quiet.
Mid. Upi'ds
5.05
5.03
5.05
Sales
Specatiexp.
7,000
1,000
8,000
500
10,000
1,000
Futures. Steady at
Market 1 203 pts.
opened
decline.
5.11 ,
mow
1,000
Coo(1
doland.
5.14
5:14
10,000
1,000
7,000
500
Steady at
1 point
decline.
Quiet,
Steady at Quiet at Steady at
unchanged 203 pts. 102 pts.
1 point
advance.! advance. • decline.
Market, 1 Steady at
Steady,
Quiet at Barely sty. Steady at
Steady,
4
1 pt. dee.to unch.to 2% 203 pts. at A04% 103 pts.
to
P.M. 3 % pt. adv. pts. adv. advance. pts. adv. advance. Aunch.
pt. dec
The prices of futures at Liverpool for each day are given
below. Prices are on the -basis of upland, good ordinary
clause, unless otherwis estated.
The prices are given in pence and 100t/is.
834 lbs. Shirt- Can
legs, common Mi.d
to finest.
Upr•
7% 0
7 13-180
8
7
6
6
Actual export
5,000
Forwarded
90,000
Total stoek-Estimated
1,346,000
Of which American-Est_ _1,239,000
Total imports of the week_ _ _ _ 167,000
Of which American
146,000
Amount afloat
359,000
Of which American
310,000
Sat.
Mon.
Thus: 4 97 means 4 97-100d.
_
Tues.
Wed.
Thurs. 1
Fri.
Feb. 27
1234 1234 12341 4 1234 4 1234 4 1231 4 1234 4
to
Mch. 5. p.m. p.m. pin. pin. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
a.
a.
d.
d.
a.
a.
d.
d.
d. I d.
d.
February_ ____ 4 9734
--March
4 9634
i5ii-4 ii7 eg-3,i 65-4 65-- 6:31, iiii- -,ti53
OK3i
Mch.-A-pr. ____ 4 9834 95 9634 97 9834 0334 03 0534 06 0534 05'34
Apr.-May ____ 4 9734 96 9734 98 00 0434 04 0634 06 A 05% 06
May-June __ _ _ 4 99 9834 9934 00 02 06 05 0734 07 A 07 0734
tune-July ..___ 5 00 99 00 .0134 03 07 06 08 08 08 08
July-Aug_ _ _ _ _ 5 0034 00 0134 02 04 08 0834 09 09 ;08 A 0834
Aug.-Sep_ __ _ _ 4 96 9634 97 9734 00 '0334 02 0434 04 :03
iep.-Oct _ ____ 4 92 91 34194 9434 9034 00 88 00 99 198 34 0334
98 34
)ot.-Nov_
4 89 A 89 191 A 92 94 97 95 97 96 :95 A 95 A
Nov.-Dec. ____ 4 8734 87 18934 90 92 95 93 95 94 :94 94
Dec.-Jan ____ 4 87 86 89 8934 0134 9434 9234 9434 93 A 93 93
fan.-Feb ..___ 4 86 S5348836 89 91 93 A 91% 93% 92% 92
9234
I
ia
BREADSTUFFS.
Friday, March 5 1909.
Flour has naturally been strengthened in value by 'the
steady rise in the price of wheat,but the effect on trade has
been bad. The offerings have not been large, it is true; in
fact most of the time they have been meagre. But, on the
other hand, buyers have confined their purchases to small or
moderate-sized lots, hoping that the rise of wheat and the
sympathetic advance in flour would prove temporary.
Wheat advanced steadily for a time and made new high
records for the season. The world's available supply has
increased and it is not altogether clear to many that there is
any danger of a real scarcity of wheat. If Argentine's crop is
smaller than last year's, that of India and Australia is
believed ,to be larger than then. In any case it is contended
that the present relatively high prices discount a good deal.
With No. 2 red about $1 253j here, it'surged a high enough
level has been reached unless a disaster befalls the crop of
this country during the present year. And of this there
are certainly no signs. The rise is predicated, however, according to bull leaders, on the firmness of the cash position
in this country. It is contended that wheat is rapidly being
consumed and that there is some danger of the next crop
being late, so that July deliveries may have to be made from
old-crop wheat. This, of course, is pure conjecture, but it
is one of the arguments advanced in behalf of higher prices.
It rests partly on the drought in Texas and elsewhere'in the
Southwest and on some unfavorable reports from the seetion
along the Missouri River, unsupported, it would seem, by
M.61909.]
637
THE CHRONICLE
has
any very clear proof. Yet, as speculative excitement
run high, almost anything in the way of a bullish argument
seemed to be accepted by the shorts plainly rendered nervous
leaders
by the aggressive tactics of the leading bulls. These
also
have sold at times on the advances, but they have need
bought with spirit whenever the markets seemed to adsupport or a fillip. Foreign markets, too, have been
vancing. One estimate of Argentine's exportable surplus
was as low as 85,000,000 bushels, which is some 55,000,000
bushels below last year's total. Berlin prices have advanced,
partly on reports of a poor crop outlook in Germany, and
Antwerp quotations have risen so rapidly as to excite comment. It is called a "cliqued market." here and in Chicago
a market forced up to artificial level more by bold manipulation on the part of shrewd and experienced operators at
Chicago rather than one which rests on a basis dictated by
a
considerations of inherent merit. On Thursday there wasin
reaction. A Kansas City estimate put the farm reserves
this country at 147,000,000 bushels. A Chicago statistician
they
had, made them only 123,000,000 bushels. A year ago later
were 148,721,000, according to Government figures. A
to
estimate of Argentine's exportable surplus is 120,000,000are
week'
128,000,000 bushels. Argentine's exports this last
week.
estimated at 5,200,000 bushels, against 4,976,000
To-day the market broke sharply on "long" liquidation,
accompanied
attributed partly to leading Chicago bulls, made private
by rumors that some of the larger shorts have
from the
settlements with the bull leaders. Also crop reports
West were more favorable.
GRAIN.
Corn, per bush.Wheat, per bush.el. 76
No. 2 mixed
1252%
N. Duluth. No. 1
74A
No 2 yellow-1222%
N. Duluth. No. 2
.
713
4Q72
grade
No
4
f.o.b.121
2
Red winter, No.
bush.
1242% Rye, per
Hard "
"
f.o.b.88c
No. 2 Western
Oats, per bush.Nominal.
State and Jersey
Natural white,26 to 28lbs 59 @60
75 @78
61 ® 61 4 Barley-Maiting
No. 2 white
72 6740
Feeding. c. t. f. N. Y__
59(4/84
White clipped
The statement of the movement of broadstuffs to market as
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Oats.
Corn.
Barley.
Rye.
bbis.19618s. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs
27,000
898,500
195,322
Chicago
376,600 3,531,950 2,378,000
22,000
261,300
232,500
245,300
91,300
75,400
Milwaukee__
665
29,664
58,887
3,719
9,045
256,735
Duluth
35,190
335,200
244,820
109,080
Minneapolis.
1,391,500
2,000
28,500
114,900
Toledo
30,000
41,380
37,960
63,346
6,400
Detroit
3,820
71,040
123,130
1,244
6,800
Cleveland
2,000
71,500
315,200
506,000
54,560
315,000
St. Louis__ _
7,000
57,000
187,500
623,350
34,500
Peoria
20,000
82,000
370,200
625,800
Kansas City.
Tot.wk.'09
Same wk.'08
Same wk.'07
376,451
350,232
351,177
3,177,081
2,379,597
4,512,999
5,665,589
2,679,587
5,071,403
3,639,827 1,656,984
3,523,908
875,660
3,208,448 1,103,922
95,855
55,800
137,337
Since Aug. 1
1908-09_ _ - 12,592,813 174,118,880 91,110,781 108,581,006 61.526,145 4,904,058
1907-08_ - 11,174,199 161,859,209 119,833,203 118,459,592 49,320,418 5,207,179
1906-07_ -- 13,050,642 162,015,650 126,808,467 127,654,217 49,374,849 5,439,498
FUTURES IN NEW YORK.
DAILY CLOSING PRICES OF WHEAT
Sat. Mon. Tues. Wed. Thurs. Fri.
1242% 1242% 1254 1254 1252% 121
No. 2 red winter
1182%
1244 1214 1222% 1222% 122
May delivery in elevator
1134 1122% 1144 1144 1132% 1112%
July delivery in elevator
CHICAGO.
IN
FUTURES
WHEAT
OF
PRICES
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
1174 1182% 1182% 1184 1152%
118
May delivery in elevator
1052% 1032%
1044
1042% 1052% 106
elevator
in
July delivery
98
972%
99
4 99
982%
_
September delivery In elevator_
100 m. 992% 98
100
99
December delivery in elevator_.._99
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 27 1909 follow:
Flour,
bbls
Receipts at117,116
New York
37,977
Boston
1,607
Portland, Me
52,907
Philadelphia
41,129
Baltimore
3,841
Richmond
New Orleans *..._ 116,977
Galveston
3,200
Mobile
5,092
Montreal
15,405
St. John
Port Arthur
Wheat,
bush.
333,600
37,135
240,578
15,271
11,966
38,834
3,700
12,000
Corn,
bush.
17,655
22,570
77,160
173,275
190,562
23,870
159,000
190,000
13,198
1,200
Oats,
bush.
178,425
53,014
1,500
37,488
35,649
24,052
58,000
Barley,
bush
26,775
70,412
Rye,
bush.
5,750
740
800
75
Indian corn has reached higher prices and a new level
for the season, in spite of large receipts. It is of interest to
19,480
61,627
6,996
observe that, despite wet weather and bad roads, the crop
37,649
307,737
movement has generally been liberal under the stimulus of
50,001
72,000
steadily mounting prices. A Western statistician estimates
295,251 3,177,081 5,605,589 3,639,827 1656,984 95,855
Total week
farm stocks of corn at 869,000,000 bushels, or 32.6% of last Week
980,676 90,760 144,858
440,108 1,476,314 2,409,006
1908
2423,882 195,307
year's crop. This must be compared with a similar reserve Since Jan. 1 1909_2,335,845 11,963,334 14,311,607 8,704,813
892,744
of 962,429,000 last year and 1,298,000,000 in 1907. The Since Jan. 1 1908_2,851,367 11,767,266 18,249,114 5,468,476 952,591
for
New
port
Orleans
through
foreign
passing
grain
Include
total supply for the year was 3,631,080,000 bushels, made up
not
do
* Receipts
of a crop of 2,668,651,000 and a farm reserve last March of on through bills of lading.
962,429,000, against a total supply for 1907-08 of 3,890,The exports from the several seaboard ports for the week
320,000 bushels. The consumption during the past year is ending Feb. 27 1909 are shown in the annexed statement:
Rye, Barley, Peas,
Oats,
4
Corn, Flour,
apparently 100,000,000 bushels less than in the preceding
Wheal,
bush,
bush,
bush. bush.
bbls.
bush,
bush.
Exports fromyear, thus leaving the farm stocks carried over practically New
621
6,200
36,908
40,108
35,544
52,292
431,907
York
1,500
8,026
1,607
77,160
100,000,000 less than the quantity carried over lastMarch. Portland, Me
240,578
prices
10,286
226,958 105,594 4,020
8oston
Of late the receipts at the West have fallen off and
85,100 25,091
____ 25,765
have advanced beyond the high level of last September. Philadelphia
20
6,983 113,128 30,455
Baltimore
75
1,107
18,616
4,950
The weather at the West within a day or two has improved. New Orleans
as
well
Newport News_
The roads are better and cash houses at Chicago as
214,923 3,281
Galveston
13,198 3,200
some speculators are looking for a decline in prices, especially Mobile
report
50,001
72,000
Port Arthur
as the cash demand has slackened. A Government
15,405
B___
N.
Jonh,
St.
307.737
on farm reserves will appear next Monday. It is awaited
7,795 47,194 40,108 8,647
Total week._..1,316,878 730,013 119,710
with a good deal of interest, as the figures given above are
6,747 130,208 47,783 10,985
1,721,498 3,071,598 338,087
1908
by not a few considered too small. Some estimates put the Week
The destination of these exports for the week and since
quantity on the farms at 150,000,000 to 200,000,000 bushels
more than a year ago. To-day prices declined in sympathy July 1 1908 is as below:
Wheat
-Corn
Flourwith wheat, but the market was finally steadied by smaller
Since
Since
interior offerings and decreased receipts.
Week
Julie 1
July 1
Week
July 1
Week
1908. Feb. 27.
1908
1908. Feb. 27.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Exports for week and Feb.27.
bush.
bush.
bush.
bush.
bbls.
bbls.
since July1 toSat, Mon. Tues. Wed. Thurs. Fri.
84,620 3,957,848 686,031 46,039,047 505,964 11,617,997
76
Kingdom__
76
United
76
75
762%
74
Cash corn
11,574 1,743,455 605,869 43,392,840 201,275 8,933,695
752% 742% Continent
73% 74 A 74
74
May delivery in elevator
1,473
267,920
26,796
21,378
74
74 4 75
So. & Cent. Amer_.. 6,015 439,887
73
72
73
July delivery in elevator
7,698
21,070
809,872
3,600
980,406
15,331
73
74
73
Indies
73
72
West
72
elevator
September delivery in
8,900
62,221
856
ColsAm.
Brit. No.
230
59,485
19,632
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Other Countries_ _ _ 1,314 222,923
Sat. Mon. Tues. Wed. Thurs. Fri.
682% 67%
67
67
65
66
119,710 7,406,740 1,316,878 89,766,990 730,012 21,416,892
Total
May delivery in elevator
852% 652% 662% 6734 66
65
338,087 8,270,678 1,721,498 90,360,542 3,071,598 38,617,95
Total 1907-08
July delivery In elevator
66
67
A
86
65
65
65
elevator
in
very
September,dell
of wheat and corn for the week
The world's shipments
Oats advanced to the highest prices of the season, largely ending Feb. 27 1909 and since July 1 in 1908-09 and 1907at
receipts
The
corn.
and
wheat
of
owing to the strength
shown in the following:
one time were rather large, but latterly they have decreased 08 are
good.
been
has
demand
cash
somewhat. Besides, the
Corn.
Wheat.
Supplies in the Eastern States are not large. Interior specuheavbe
1908,09.
1907-08.
I 1907-08
to
are
believed
and
1908-09.
Exports,
rise
a
for
buying
lators have been
ily "long." Speculation has been more active. High'prices,
Since
Week
Since
Since
Since
Week
July 1.
July 1.
July 1.
Feb. 27.
July 1.
Feb. 27.
however, are believed to lead to economy in feeding and the
with
declined
prices
day
Tooath.
for
of
substitutes
use
Bushels, Bushels. Bushels. I Bushels.
Bushels. Bushels.
North Amer. 1,604,000 134,421,700 139,760,000 731,000 21,032,4001 34,742,000
those for other grain.
11,358,500 16,968,000
45,704,000
DAILY CLOSING PRICES OF OATS IN NEW YORK,
Fri.
Thurs.
Wed.
Tues.
Sat.
Mon.
61 @61
61 6061
_60 4-61 602%-Si 602%-61 602%-Si
white_
2
No.
White clipped,
59 61,61
59 (4)61
58 4-60
58-60 58-60
34 to 36 lbs_ 58-60
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon'. Tues. Wed. Thurs. Fri.
54
552% 562% 562% 552%
55
May delivery in elevator
492% 492% 502% 504 502% 504
elevator
July delivery in
41
41
41
402% 402% 41
September delivery in elevator
The following are closing quotations:
FLOUR.
Winter, low grades_ _ - _$3 75@$4 35 Kansas straights
5 750P 6 00 Blended clears
Winter patents
5 60® 5 75 City patents
Winter straight
4 70® 4 85 Rye flour
Winter clear
5 90@ 6 25 Buckwheat flour
Spring patent
5 25Q 5 40 Graham flour
Spring straights
Kansas clears
4 40V 4 75 Corn meal sacks
$5 40@$5 65
® 5 60
660® 6 90
4 25'B 475
2 35
2 10
31
53,384,000 620,000
Russian ____ 1,104,000
Danubian __ 216,000 28,192,000 21,408,000 399,000 17,782,500 33,472,000
43,374,500 36,192,000
Argentina __ 5,761,000 63,420,000 45,752,000
0th. countr's 1,984,000 33,554,000 29,064,000
Total ---- 10669000 305,291,700 289,368,000 1,750,000 93,547,9001121,374,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
UnUed
Kingdom, Continent.
Total.
Bushels. Bushels. Bushels.
Feb. 27 1909_ _ 31,440,000 21,920,000 53,360,000
Feb. 20 1909- 30,320,000 21,280,000 51,600,000
Feb. 29 1908__ 38,760,000 19,680,000 58,440,000
United
Kingdom. Continent.
Bushels.
2,465,000
3,145,000
3,040,000
Bushels.
2,125,000
2,295,000
4,440,000
Total.
Bushels.
4,590,000
5,440,000
7,480,000
638
THE CHRONICLE
[VOL. Lxxxvill.
1909----Since
New York to Feb. 27Week. Jan. 1.
Great Britain
5
201
Other Europe
30
130
China
9,437
30,655
India
2,285
Arabia_
5,894
Africa
1i5
1,626
West Indies
596
6,062
Mexico
8
321
Central America
229
2,903
South America
1,234
7,590
Other countries
99
2,708
Total
11,763
60,375
-----1908----Since
Jan. 1.
77
100
3,738
3,020
2,763
809
3,384
387
2,168
7,761
2,637
Week.
8
16
5
288
125
8
529
91
40
856
352
2,318
26,824
13,590- 3,318,754
31,494,348
17.219,615
The visible supply of grain, comprising the stocks in
The value of these New York exports since Jan.
granary at the principal points of accumulation at lake and
$3,106,604 in 1909, against $1,793,299 in 1908. 1 has been
seaboard ports Feb.27 1909, was as follows:
With the exception of leading and staple lines
of finer
AMERICAN GRAIN STOCKS.
qualities, bleached goods were quiet. Drills and
sheetings
Wheat,
Corn,
continu
Oats,
ed
in
moderat
Rye,
e
demand
Barley,
,
with an easier tendency
bush.
bush.
bush.
bush.
bush. noted in some lines. Fabrics
New York
suitable for working suits
1,064,000
117,000
792,000
74,000
319,000 and shirtings, as well as
Boston
05,000
59,000
denims,
25,000
were in steady request,
8,000
121,000
Phiksdelphia --------- 42,000
97,000
and some descriptions were reported as scarce
62,000
19,000
Baltanore
229,000
for prompt
361,000
199,000
95,000
3,000 or near-by delivery. No new
New Orleans
326,000
549,000
feature
237,000
developed in staple
Galveston
103,000
238,000
printed
goods,
trade
being
confined
mostly
Buffalo
to novelty effects,
1,479,000
1,119,000
54,000
178,000 although printed wash fabrics
afloat
3,993,000
continue to move well.
266,000
• Toledo
70,000
Demand
254,000
for
the
best
known
125,000
14,000
qualities
1,000
of
afloat
269,000
showed no abatement, and mills making staple ginghams
Detroit
368,000
263,000
dress ginghams
106,000
21,000
1,000 are being taxed
Chicago
4,093,000
to
the
886,000
utmost
to
645,000
make
65,000
1,009,000
deliveries required by
Milwaukee
353,000
618,000
187,000
21,000
150,000 distributers; fine dress ginghams for fall are
Duluth
7,444,000
293,000 1,235,000
reported well
27,000
648,000 sold up. Trading in
51Inneapolls
13,934,000
linings was generally quiet, although.
450,000 2,172,000
113,000
723,000
St Louis
1,135,000
466,000
529,000
some
addition
al
29,000
spring
orders
146,000
Kansas City
were
received
2,805,000
and a fair busi1,073,000
333,000
Peoria
ness was done for fall delivery; considerable
4,000
218,000
872,000
34,000
Indianapolis
3,000
' 98,000
312,000
finishing works is still noted and complaints of congestion at
122,000
slow deliveries
Total Feb. 27 1009-_38,214,000 6,254,000
are numerous. About 1,200 bales of sheeting
9,026,000
574,000 3,302,000
s were sold
Total Feb. 20 1909-.39,968,000 6,464,000
9,361,000
675,000 3,503,000 during the week for Red Sea account on the basis
less 2%,and fair inquiries were reported from South of 53ic.
CANADIAN GRAIN STOCKS.
America;
Wheat,
Corn.
Oats,
Rye,
Barley business with other miscellaneous ports was comparatively
bush.
bush.
bush.
bush.
bush small and trade with China remained at a
Montreal
standstill. The
41,000
26,000
219,000
85,000 print cloth market ruled moderately active,
Fort William
2,410,000
with regulars
Port Arthur
2,126,000
unchanged at 3 7-16c. and standard wide goods at 4%c.
Fort William, afloat
291,000
Other Canadian
1,823,000
WOOLEN GOODS.-Although most of the initial
Total Feb. 27 1909__ 6,691,000
chasing of men's wear for the fall season is complet pur26,000
219,000
ed, a
85,000
Total Feb. 20 1909_ 6,763,000
27,000
213,000
87,000 fair demand from the manufacturing trade has still been in
evidence, and, as noted, heavy-weight overcoatings
SUMMARY.
Wheat,
worsted suitings have been in good request; fabrics of and
Corn,
Oats,
Rye,
Barley
light
bush.
bush.
bush.
bush
bush construction were rather quiet. In dress goods second
American
hands
38,214,000 6,254,000 9,026,000
574,000 3,302,000 report orders already booked on
Canadian
6,691,000
piece-dy
worsted
26,000
e
s
for
219,000
fall
85,000 as gratifying, and
it is believed that the total yardage will
Total Feb. 27 1909..44,905,000 6,280,000 9,245,000
574,000 3,387,000 compare favorably with recent years; demand
Total Feb. 20 1909__46,731,000 6,491,000 9,574,000
for
early
fall
675,000 3,590,000
Total Feb. 29 1908..42,906,000 8,756,000 8,629,000
828,000 . 4,648,000 deliveries has been larger than sellers could meet, and there
Total Mch. 2 1907...44,884,000 11,102,000 10,904,000
Total Mch. 3 1906_47,283,000 16,208,000 24,451,000 1,590,000 2,419,000 has been an exceptionally heavy call for goods for immediate
Total Mch. 4 1905.._35,565,000 9,169,000 15,873,000 2,314,000 4,189,000 or near-by shipment.
Total Mch. 5 1904_34,658,000 9,157,000 10,253,000 1,647,000 4,332,000
1,151,000 4,088,000
FOREIGN DRY GOODS.-Imported lines of dress goods.
for spring and summer, as well as fabrics for fall, especial
satin-faced cloths, have had a remarkably good sale ly
THE DRY GOODS TRADE.
continue in active demand. Trade in linens has been and
less
active,
due to the pronounced shortage in practica
New York, Friday Night, March 5 1909.
lines rather than to any falling off in demand; priceslly all
have.
Conditions in textile markets have shown little,
if any, ruled strong. In burlaps business improved somewhat,
change during the past week, trade in most division
but
prices
remain
unchanged at 4.65c. for 103' -ounce and
s con3.70c. for light-weights in small lots.
tinuing relatively quiet. The lessened activity was
quite
in line with expectations and caused no uneasiness in
selling Importations and Wareho
use Withdrawals of Dry Goods.
quarters, for a substantial volume of forward business
has
The importations and warehouse withdrawals of dry goods
already been booked and sentitnent generally appears
to be
hopeful for the future. While the present lull is
at this port for the week ending Feb. 27 1909 and since.
also atJan: 1 1909, and for the corresponding periods of last year,
tributed partly to uncertainty over the forthcoming
tariff
revision, unsettled conditions in other lines are
are as follows:
no doubt
anwt
responsible in a measure for the waiting attitude
,w
0000 00
NO
•
www.1.0
won
on
oo T. I Po'
displayed
won
.t.
by dry goods consumers. In the primary cotton
ctnoT4cow
00
0
elm
N
goods
..Z
4
4www.r
ot
0.4
N.4 Tr
market purchasing of spring goods is practically
ON 01
r"9'
99
over and
c4o4c4cq
on
er
NN eso
o-o ca
current demand is confined principally to fine combed
.4
yarn
1t
W
Co el 0
fabrics to be made, but mills are well sold up to
0 el CO onr.1 0000 Co
4ca.r.r.r
,
onon
on won OD Tr
00 et CD et CD .
C1
September
wwwcao cow on
0000 OD
.
C.
a R.
9N9L":"
and October; fancy lines for spring 1910 are in active
c.4.401C0.0. / on .4
NOD10104
re- CO 9)51 NO000.-.
on .0 111
quest. Among jobbing houses trade, especially in
Nmon C;
rA
Cottons,
has been rather dull, as many buyers who were in
the
wo 00
NO
market or were en route here, attended the inaugura
caw
,
13
wet, co
CO N. 01
monies at Washington; next week a large influx of l cereona
06
out-ofwon
on
on
town merchants is expected as a result of another
0001
,
co N.
buyers'
01 on
excursion. Jobbers' roadmen, however, have continu
01 on
ed
to
send in numerous supplementary spring orders, the
coocouto
.r .? rT r. et
ut
w woo
aggre00 el <, co r.
ovoteaN er .4
ea et ea on el on00 on
gate of which is reported as satisfactory and
6.4.4N0.0!
No
ut. e4
00
01(9 01 40 0
CD
'00 N;
would have been larger if the desired deliveries probably
on
0.1
w0
guaranteed; the quite general demand for prompt could be
shipment
ow
of re-orders on domestics is a noteworthy feature and
ow
oo .4
indi0000
.r4
cates that stocks are not over large. Export trade
co.
with
on
0.
China has continued dull, but a fair demand came
.0
v.
from
South America and some business was done with
0000
01
01
Red
w
Sea
V,
ports. Men's wear lines for fall have been quiet,
et 0 CO et OD aO a
on '-'00 ut 00
Initial purchases have been made, but not a few as most
0.4 C.00 one on
0 C. CO W ee 000 on
on el et 00 eT
belated
0a w. won coo
ei 009
ono00
ock10
.9'
.
orders have come forward, including worsted suitings
) 01
v:c1.1.wo.
fq
on 4 Tr
on 00
tsowon on
and
NMT.cao 41'1 GO
et wo on
0
heavy-weight overcoatings. In dress goods, also, ordering
et,
n
,4 .4
of fall fabrics from secondary distributers appears
..r on
nearly over, with very satisfactory results; demand at to be
GO
caw
C.
present
in.
1 0
9N. CA
.4 PI
comes chiefly from the cutting-up trade.
on on
00on
won
on
DOMESTIC COTTON GOODS.-The exports of
to el CO
00 .3
goods from this port for the week ending Feb. 27 were cotton
on 00
11,763
packages, valued at $594,048, their destination being to
on CO CO on C.
coats
-'0
Con C. 21 00
et..e-ww
the
er .r 01w
co
.4 et el 0
points specified in the table below:
ei oD et Tr co
.
on
co 0
01 on on Tr CO
T:s
o
'4
8
OM
g'
4 8(71N1
A
,
as
g8mg.g
THE CHRONICLE
MAR. 6 1909.]
639
in Buenos Ayres inNold pesos, in London in pounds sterling
(4 shillings per peso), in Paris in francs (5 francs 4 centimes
per peso), in Berlin in reichsmarks (4.09 marks per peso)
and in New York City at $0.973 per peso. Bonds are exempt
from all present and future Argentine taxes. Provision has
been made for• a sinking fund of 1%, by the operation of
PUBLISHED WEEKLY:
which the loan will be paid off in 36 years "at the latest."
The contract with the Argentine Government provides that
Terms of Subscription—Payable in Advance$1000
For One Year
said fund is to be applied half-yearly to the purchase or tender
0 00
For Six Months
of bonds at or under par or by drawings at par should the
13 00
European Subscription (including postage)
50
7
over par. The first operation of the sinking
European Subscription six months(including postage)
S2 14e. bonds be at or
Annual Subscription in London (including postage)
21 us. fund will take place in the month of December 1909. Drawn
Six Months Subscription in London (including postage)
50
$11
bonds will be payable on March 1 or Sept. 1 following the
Canadian Subscription (including postage)
date of the drawing. The Government undertakes not to
Subscription includes following Supplements—
increase the sinking fund or to redeem the whole of the loan
BANK AND QUOTATION(monthly)STATE AND CITY (semi-annually)
RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIC RAILWAY(3 times yearly) before March 1 1914.
Terms of Advertising—Per Inch Space
Kansas.—To Test Validity of Act Providing for Commission
$4 20
Transient matter per inch space(14 agate lines)
22 00 Form of City Government.—The Topeka "Capital" of Feb. 27
times)
(8
Months
Two
29 00 states that proceedings have been commenced in the State
Three Months (13 times)
,50 00
Standing Business Cards
(20 times
Six Months
87 00 Supreme Court to test the validity of the law recently
times)
(52
Twelve Months
4012. enacted by the Legislature which provides for a commisHarrison
Tel.
Block;
Monadnock
513
CHICAGO OFFICE—P.Bartlett,
sion form of government in cities of the first class. This acLONDON OFFICE—Edwards di, Smith,1 Drapers' Gardens, E. C.
tion is said to have been filed Feb. 26 in the form of an apPublishers,
COMPANY,
DANA
B.
WILLIAM
plication for a writ of mandamus to compel the City Clerk
New York.
P.O. Box 958. Front. Pine and Depeyster Ste.,
of the City of Wichita to accept and file the petition of D. W
Nolan as a candidate for Mayor and of George W. Freerks
MUNICIPAL BOND SALES IN FEBRUARY.
as a candidate for City Attorney, and to place their names
February
during
bonds
municipal
While the sales of
on the ballots to be used at the city election in April.
reached no unusual total, the demand for this class of inNew York Oity.—Bank Tax Bill Signed by Governor.—Govvestment was very large. As a result of this increased de- ernor Hughes has signed the bank tax bill of Assemblyman
was
mand a number of large issues were marketed on an interest Robinson. As stated in V. 88, p. 517, where thetobill
correct
given in full, the purpose of the law just passed is
basis of much less than 4 per cent. .Our records also show an assumed irregularity (as indicated in a decision of the
that cities which not long ago were having trouble in floating Court of Appeals) in the failure to appoint days for hearings
43/2% and 5% bonds are now selling 4 per cents at good pre- of possible grievances against the assessments of 1% levied
miums. The bonds placed the past month by places located on shares of bank stock during the years 1901 to 1907 inclusive.
in the United States amounted to $17,449,117. In addition
Legislative Committee Submits Report on City's Finances.—
$30,661,000 temporary loans were negotiated and $3,000,000 The joint committee of the Senate and Assembly appointed
of
exclusive
also
is
total
Our
Rico.
Porto
bonds sold by
by the Legislature of 1908 and organized last July
debentures placed by Canadian municipalities. These for the purpose of investigating the city's finances and prolegislation, submitted their report to the
sales, which are reported in this department each week under posing remedial March
1. With Senator McCarren, exon
Legislature
the head of "Canada, its Provinces and Municipalities" Senator Saxe and Assemblyman Lee dissenting, the comto
$2,676,720.
amounted, in February
mittee recommends the defeat of the proposed constitutional
The sales for the month embrace the following large issues: amendment providing for the extension of the city's credit
from its computation of the
$5,400,000 5s of San Francisco, Cal. sold on a basis of about by allowing the city to deduct
for self-supporting enterprises.
issued
bonds
all
limit
debt
4.05%, $917,000 3s and $220,000 4s of New York City sold The committee's estimate of the present borrowing capacity
to the sinking fund, $1,000,000 5s of the Port of New Or- of the city, including in the debt contract and land liabilities
leans, La., sold at a price slightly above par, $900,000 33/2s not yet funded, is $77,511,010. Excluding these liabilities
approximately $135,000,000. With
of the State of Rhode Island, $300,000 on a basis of about the margin is given as of the city's securities the report says:
validity
the
to
reference
3.474% and $600,000 on a basis of about 3.467%, $500,000
It cannot be emphasized too strongly that every bond Issued by the city of
New York up to date,as well as the bonds that have not yet been issued,
4s of Buffalo, N. Y. on a basis of about 3.63%, $450,000 4s but
which have been advertised, is valid. The debt limit has never been
city's securities are first class, and it may be stated most
of Davenport, Iowa, $400,000 4s of St. Paul, Minn. on a exceeded, thethat,
with reasonable economy and sound business methods
emphatically
with any situation where the
basis of about 3.775% and $400,000 3.85s of Rye, N. Y. on applied, the city will not again be confronted of
its finances or where any
slightest doubt will arise over the stability
pursued.
a basis of about 3.84%.
be
need
policy
hand-to-mouth
ns is given
the
and
recommendatio
committee's
bonds
the
of
emitting
of
summary
municipalities
A
The number
follows:
number of separate issues made during February 1909 were asFirst.—The
city authorities should be prohibited by law from issuing the
not yet issued, but which the Board of Esti156 and 200, respectively. This contrasts with 233 and 318 $33,000,000 of corporate stock
mate and Apportionment in 1906 authorized to be issued to make up
for January 1909 and with 162 and 283 for February 1908.
deficiencies in the collection of taxes which the Board had written off as
uncollectible. Such a law should also provide that such $33,000,000 be
For comparative purposes we add the following table, distributed
over the tax levies of the next ten years, and that such amount
which it had
when collected should be restored to the several funds from
showing the aggregates for February and the two monthi been
diverted for the purpose of paying current operating expenses of the
cityyears:
for a series of
Second.—The city authorities should be prohibited by law from issuing
FITivrt AND CITY 33.E.rinatifENTI
The Throuirle,
1909
1908
1907
1906
1905
1904
1903
1902
1901
Month of
ebruary.
$17,449,117
60,014,174
37,545,720
38.390,655
9,310,631
'7,951,321
5.150,926
12,614,450
4.221,249
For the I
two months.
$42,530,34511900
71,857,142 1899
47,705,866 1898
36,698.237 1897
17,746.884 1896
31,795,122 1895
21,092,722 1894
23,530,304 1893
13,482,113 1892
For the
Month of
two months.
February.
$5,137,411 $25,511,733
13,114,275
7,038,318
17,456,382
9,308,489
23,082,253
12,678,477
10,931,241
4,423,520
16,111,587
5,779,486
19,038,389
11,966,122
10,510,177
5,071,600
14,113,931
7,761,931
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
News Items.
Argentine Republic.—Bonds Offered in the United States
Largely Oversubscribed.—Subscriptions were received on
Monday (March 1) by J. P. Morgan & Co., the First National
Bank and the National City Bank for £2,000,000 of the
Argentine Republic 5% internal gold loan. The loan, which
was offered at 99, waslargely over-subscribed, the lists being
open for only two hours. The bonds just mentioned represent that portion of the loan which was'offered in this country. The entire loan amounted to • £10,000,000, and, as
stated by us last Saturday, the issue was over-subscribed
also in London, in Paris and in Berlin last week. The loan
is created for the purpose of providing for expenditure made
and to be made for Government railways, for providing further capital for the banks of the nation and for other public
works. Bonds will be in coupon form in the denomination
of 1,000 gold pesos and the equivalents in pounds sterling,
francs, reichsmarks and United States gold dollars. Interest will be payable semi-annually on March 1 and Sept. 1
corporate stock for he payment of current operating expenses as distinguished from permanent improvements, with provision for determination
by the Board of Estimate and Apportionment in doubtful cases of what
constitutes permanent improvements as distinguished from current operating expenses. The current expenses of the Dock Department in the
operation of municipal ferries and recreation piers should be classed as
current operating expenses, for the payment of which the issue of corporate
stock should be prohibited.
Third.—The city authorities should be prohibited by law from issuing
short-term assessment bonds, and be authorized, instead, to issue corporate
stock, which can be negotiated on better terms than assessment bonds.
Fourth.—The city should be required by law to establish a bureau for
the purchase of supplies, which should be under the general jurisdiction
of the Board of E,timate and Apportionment, the head of which should
be charged, as far as practicable, with the responsibility for the purchase
of all supplies for the city.
Fifth.—The law should provide for a reorganization of the accounting
methods of the city along the lines laid down at length in the report, and
as now being installed by the Comptroller of the city in the Department of
Finance and the other departments of the city government.
Sixth.—The law should provide for the establishment of a bureau of real
estate, which should be under the general jurisdiction of the Board of Estimate and Apportionment, where all maps, books and records of the real
estate holdings of the city should be kept, in classified order, and may be
found and examined by any citizen.
Seventh.—The Constitution should be amended so as to allow the acquisition by the city of that portion of the State forest preserve located within
the boundaries of the Ashokan dam.
Eighth.—The Constitution should be amended so as to provide for imthe entire State,
proved methods of condemnation applicable throughout
if practicable, or, if that be not practicable, applicable at least to the condemnation of real property situated in the city of New York, or being acquired by the city of New York for the purposes of increasing its water
supply.
Ninth.—The Constitution should not be amended so as to extend the
present debt limit of the city of New York.
The committee, it is said, finds that the present contract
liabilities and land liabilities of the city are approximately
$57,000,000, and that these liabilities will not fully accrue
for a period of three to five years; that the city bonds are
being amortized at the rate of $10,000,000 a year, and that
the immediate necessities for subway extension can be cared
or by the expenditure of $15,000,000 a year.
640
THE CHRONICLE
Oregon.-Legislature Adjourns.--The Legislature of this
State adjourned Feb. 20.
South Carolina.-Legislature Adjourns.-The 1909 session
of the General Assembly of this State came to an end last
Saturday night, Feb. 27.
West Virginia.-Legislature Adjourns.-.The Legislature
of the State of West Virginia adjourned Feb. 27.
Wilmington, N. C.-Purchase of Water Works Completed.
-We are advised under date of March 3 that the city has
just completed the purchase of the plant of the Clarendon
Water Works Co. As stated in V. 88, p. 244, the city has
been negotiating for the plant with a view to using the same
as a nucleus for an enlarged and improved system to be owned
by the city.
Bond Proposals and Negotiations this week
have beim as follows:
Lxxxvin.
Byesville, Guernsey County, Ohio.-Bond Sale.-On
Feb. 19 $5,000 5% coupon street-paving bonds voted
June 1 1908 were awarded to the New First National Bank
of Columbus at 109.56-a basis of about 4.118%. Authority
Sections 2835 and 2837 of the Revised Statutes. Denomination $200. Date April 1 1909. Interest annually at the
office of the Village Treasurer. Maturity $200 yearly on
Sept. 15 from 1911 to 1935 inclusive. Bonds are exempt
from all taxes.
Cambridge, Furnas County, Neb.-Bonds Not Yet Sold
Bond Offering.-We are advised under date of March 2 that
no award has yet been made of the $25,000 5% 5-20-year
(optional) water bonds offered without Success V. 88, p. 245)
(
'
on Jan. 2. Proposals for these securities will
be received
at any time.
Cleveland, Bradley County, Tenn.-Bond Sale.-In reply
to our inquiry as to whether or not the reports that a.$60,000
5% water-works bond election would be held March
20
(V. 88, p. 579) were true, the Town Recorder writes us that
the"bonds are sold." Maturity from five to thirty-five years.
Clovis, Roosevelt County, N. MQX.-Bonds Voted
Sold.
-An election held Feb. 23 resulted in a vote of 106and
"for" to
12 "against" the issuance of $125,000 6% water and sewer
bonds due March 1 1939. We are advised that these
have been sold to Ulen, Sutherlin & Co. of Chicago. bonds
Earlham,Madison County,Iowa.-Bond Sale.-On March 1
the $17,000 10-20-year (optional) coupon water-works and
electric-light bonds described in V. 88, p. 580, were awarded
to the Wells & Dickey Co. of Minneapolis at 102.941 and
accrued interest for 5s. A list of the offers received follows:
Wells & Dickey Co., Minneapolis (for 55)
$17,500
First National Bank, Cleveland
Albany, N. Y.-Bond Sale.-On March 1 the 9 issues of
4% registered public-improvement bonds, aggregating $335,500, described in V. 88, p. 517, were disposed of as follows:
$160,000 at 101.23 and $15,500 at 101.01 awarded to the
National Copper Bank of New York City; $112,000 awarded
to Wadsworth & Wright of New York City at 100.60; $40,000 awarded to H. L. Crawford & Co. of New York City at
101.437 and $8,000 awarded to the Mutual Fire Insurance
Co. of Albany at 103.25. Maturity part of each issue yearly,
beginning March 11910.
Albuquerque, Bernalillo County, N. Mex.-Bond Sale.On March 1 the $290,000 41-% 20-year coupon (with privilege of registration) sanitary sewerage bonds described in
V. 88, p. 393, were awarded, according to reports, to the
Provident Savings Bank & Trust Co. of Cincinnati.
(for 4 Ms)
17,003 50
State Bank of Earlham
5s)
17,300 00
Allegheny County (P.O. Pittsburgh), Pa.-Bond Offering. F. E. Magraw, St. Paul(for
(for 5s)
17,000 00
Bank of Earlham (for 5s)
-Proposals will be received until 12 in. March 19, it is S.
17,000 00
A. Kean, Chicago
5 %s)
17,187 00
stated, for $1,000,000 4% bonds. Interest semi-annual. Geo. M. Bechtel & Co.,(for
Davenport (for 5 Ms)
17,050 00
Certified check for $10,000 is required.
Easton School District (P. 0. Easton), Northampton
Allenhurst, Monmouth County, N. J.-Bond Sale.-The County, Pa.-Bond Sale.-On March 1 Robert Glendinnin
$12,000 5% gold coupon or registered Beach Casino improve- & Co. of Philadelphia were awarded the $65,000 3M 0
10-20-year (optional) coupon school-improvement bonds
ment bonds recently voted (V. 88, p. 320) have been sold.
Auburn, Lee County, Ala.-Bond Offering.-Proposals described in V. 88, p. 246.
Estherville, Emmet County, Iowa.-Bond Election.-A
will be received until 12 m. March 8 by R. W. Burton, Clerk,
for the $7,000 5% water-works bonds voted at the election proposition to issue $16,500 school-building bonds will be
held Jan. 12. Denomination $1,000. Date Jan. 1 1909. submitted to a vote of the people, it is stated, on March 8.
Interest annual. Maturity Jan. 1 1939. Certified check
Euclid, Cuyahoga County, Ohio.-Bond Sale.-This city
for $350 is required.
has sold the $15,000 41A% coupon water bonds described
Baker County School District No. 5 (P. O. Baker Oity), in V. 88, p. 246. Maturity on Oct. 1 as follows: $1,000
in
Ore.-Bond Offering.-Proposals will be received until 2 even years and $2,000 in odd years from 1910 to 1919 inp. m. March 20 by P. Basche, County Treasurer, for $17,500 clusive.
school-building and $7,500 heating and sanitary-plant inFort Worth, Tarrant County,Tex.-Bond Sale.-The $50,stallation 5% bonds. Authority election held Feb. 13 000 public-school and the $100,000
street-improvement
and Vol. 2, page 47, of Oregon School Laws of 1903. Date 4% 20-40-year (optional) bonds,
offered without success
day of delivery. Interest semi-annually at the office of on Aug. 11 1908 (V. 87, p. 632), were
sold "about Feb. 15"
theCounty Treasurer,or in New York City or Chicago,at the to the Noel-Young Bond & Stock
Co. of St. Louis at par
option of purchaser. Maturity twenty years, subject to call and accrued interest. These securities
after ten years. Certified check for $250, payable to the by the State Comptroller (V. 88, p. 580) on were registered
Feb.118.
District Clerk, is required.
Frankfort, Clinton County,Ind.-Bond Sale.-On March 1
Barnard School District No. 84 (P. 0. Barnard), Lincoln
electric-light-plant-reconstruction bonds were
County, Kan.-Bond Sale.-This district has sold the $15,- $50,000 5
sold to J. F. Wild & Co. of Indianapolis at 104. The other
000 bonds mention of which was made in V. 88, p. 244.
Blacksburg, Cherokee County, S. 0.-Bond Sale.-The bidders were:
C. Wedding & Co., Ind $51,970 00 McCoy & Co., Chicago,_ _ _$51,380 00
three issues of 5% 20-year coupon bonds aggregating $15,000 C.
Marion Trust Co.. Ind_ _ 51,847 50 Meyer-Klser Bank, Ind_
Ind__
_ 51:0
33
20
5 00
0
offered on Feb. 10, and described in V. 88, p. 320, were Amer. Nat. Bank, Frankft 51,800 00 Miller, Adams & Co.,
51,586 00
Breed & Harrison, Chian_ 51,631 00 S. A. Kean, Chicago
awarded to Farson, Son & Co. of Chicago at par and accrued J.
T. Elliot & Son, Ind__ _ 51,630 00 Farson,Son do.Co., Chicago 50,514 80
interest.
We are advised that all the bids were conditional except
Brownstown, Lancaster County, Pa.-Bond Sale.-Reof J. F. Wild & Co. Denomination $500. Date March 1
ports state that an issue of $2,000 municipal-building bonds that
1909. Interest Jan. 1 and July 1. Maturity $5,000 each
was recently sold to local investors.
Jan. 1 1910 to July 1 1914 inclusive. These
Buffalo, N. Y.-Bonds Authorized.-This city has author- six months from place
of a like amount of bonds awarded
ized the issuance of the following 20-year bonds: $200,000 securities take the
to the Meyer-Kiser Bank of Indianapolis, but
for a hospital for the treatment of tuberculosis and $200,000 on Jan. 25 subsequent
ly refused by them as their "attorwhich were
for a hospital for the treatment of any disease with the neys
found two minor technicalities." Another ordinance
exception of tuberculosis. Interest (rate not to exceed 4%),
passed by the City Council in which these
payable semi-annually at the City Comptroller's office or was therefore
defects were corrected.
at the Gallatin National Bank in New York City.
Franklin, Ky.-Bond Sale.-On March 1 the $20,000
Bond Issue.-The Mayor and City Comptroller have been
80,,Op00
. 55
8%
0,
authorized, to issue $5,410 4% 20-50-year (optional) ad- coupon sewer-constructio bonds described in V.
Harris
Trust
the
&
were
awarded
to
Savings Bank of Chicago
ditional-park bonds. Under the terms of the ordinance
these bonds are to be taken by the Comptroller as an invest- at 102.775 and accrued interest. The following proposals
were
received:
ment for the Erie Railroad Grade Crossing Sinking Fund.
& Say. Bk., Chic_ _$20,555 Otis &niisHoolistagt&b,BCC0kle..:veland____$20,053
Date March 1 1909. Interest semi-annually at the City Harris
8 CHI.tiTze.
22
50
A. B. Leach & Co., Chicago__ 20:2
C
Ch
orca
'tg
oo
n:: 20
03
50
3
0:0
Comptroller's office.
S. A Kean Chicago
20,201 Well, Roth & Co., Cincinnati 20,010
Chas. H. Coffin, Chicago
Bond Sales for February.-During the month of February. Seasongood
Mayer, Cin__ _ 20,1161
&
4% bonds aggregating $43,587 41 were awarded to the variBids "under par" were also received from A. J. Hood &
ous sinking funds at par. Of this amount, the sale of $30,000 bonds was reported in V. 88, p. 393. The other issues Co. of Detroit and Parson, Son & Co. of Chicago. The
bonds are dated Jan. 1 1909 and mature on Jan. 1 as follows:
answer the following description:
$2,292 28 temporary-loan bonds dated Feb. 5 1900 and maturing July 1 $1,000 yearly from 1910 to 1914 inclusive, $2,000 yearly from
1909.
1915 to 1920 inclusive and $3,000 in 1921.
2,656 15 monthly-local-work bonds dated Feb. 15 1909 and maturing
Feb. 15 1910.
Franklin County (P. q. Columbus), Ohio.-Bond Offering
345 00 temporary-loan bonds dated Feb. 8 1909 and maturing July
1 -Proposals will be received until 12 tn., March 11,
1909.
by the
Commissioners, S. D. Doney, F. E. Evans and L. W.
8,293 98 grade-crossing bonds dated Feb. 15 1909 and maturing Feb.
15 Road
1914.
Tussing, for $11,000 5% National Road East improvement
In addition to the above the issuance of a $6,393 07 4% bonds. Authority
Sections 4925 and 4926, Revised Statutes,
bond has also been authorized. Under the terms of the as
amended May 9 1908, and Section 22b, Revised Statutes.
ordinance the bond is to be taken by the City Comptroller in Denominati
$500. Date April 1 1909. Interest semitrust for the Park Bond Redemption Sinking Fund. Date annually atonthe County
Treasurer's office. Maturity on
March 1 1909. Both the interest and principal of the bonds April 1 as follows: $2,000 yearly
from 1910 to 1913 inclusive
willibe payable at the City Comptroller's office on July 1 1910. and $3,000 in 1914.
lir
MAR. 6 1909.]
THE CHRONICLE
641
Lakewood (P. 0. Cleveland), Cuyahoga County, Ohio.
Bond Offering.-Proposals will be received until 12 m.,
March 8, by B. M.Cook, Village Clerk, for $18,000 5% streetimprovement (village's portion) bonds. Denomination $1,000. Date day of sale. Interest April 1 and Oct. 1 at the
Cleveland Trust Co., Cleveland. Maturity $1,000 yearly on
April 1 from 1910 to 1927 inclusive. Certified check for 5%
of bonds bid for, payable to the Village Treasurer, is required.
Official circular states there has never been any default in_the
payment of any debt.
Lamoni, Decatur County, Iowa.-Description of Bands.We are informed that the $25,000 5% water-works bonds
awarded on Dec. 8 1908 to the Wells & Dickey Co. of Minneapolis at 104.30 (V. 88, p. 519) are in denominations of
$1,000 and are dated Dec. 1 1908. Interest semi-annual.
Maturity Dec. 1 1928.
Lawton School District (P. 0. Lawton), Comanche
County, Okla.-Bond Sale.-According to reports, $100,000
high-school bonds were sold on Feb. 19 to the Thos. J. Bolger
Co. of Chicago at 104.20.
Lehi, Utah County, Utah.-Bond Sale.-During the month
Woodin, MeNear & Co.,
Wm.R.Compton Bond &
•$102,433 00 of January $20,500 5% gold coupon water-works bonds were
Chicago
Mtge. Co., St. Lou18.'5103,720 00
00
102,410
Lee,Higginson&Co.,Chic, 103,141 00 N.W.Halsey&Co.,Chic__
102,313 25 awarded to the State Board of Land Commissioners at par.
Old Nat.Bk.,Grand Rap_ 103,125 00 C.E.DenisondcCo.,Cleve_ 102,275
00 Denomination $1,000, except one bond of $500. Date Oct.
A. B. Leach & Co., Chic_ 103,050 00 McCoy & Co., Chicago__
E.H.Rollins & Sons,Chic. 102,273 00 15 1908. Maturity Oct. 15 1928, subject to call after Oct. 15
Amer.Tr.& S.13.,Chicagol
00
102,271
_
Nuveen&Co.,Chic_
John
00
Ohild,Hulswit&Co.,G.1%4 103,037
00 1918.
First Tr. ec S. Bk., Chic_ 102,942 00 W. R. Todd & Co., Cln__ 102,250
102,012 00
Harris Tr. & S. 13., Chic_ 102,880 00 Otis & Hough, Cleveland
Leipsic, Putnam County, Ohio.-Bondlyfering.-Propos,Cin _ 101,875 00
First Nat. Bank, Cleve__ 102,819 00 Alb.Kleybolte&Co.
..Chic_ 101,630 00 als will be received until 12 m. March 9 by H. G. Moenter,
Union Trust Co., 1Det. 102,630 00 Thos.J.I3olgerCo.,
Chic_•100,851 00
Co.,
&
Holtz
T.
H.
.a
Bumpus-StevensCo
Corporation Clerk, for $14,959 18 5% coupon Easton Street
improvement assessment bonds. Authority Section 1536• And furnish bonds.
$1,495 92. Date
A bid was also received from S. A. Kean of Chicago, but 281, Revised Statutes. Denomination
Dec. 1 1908. Interest annually in Leipsic at the office of
It was not accompanied by the required certified check. MaMaturity
turity on Sept. 1 as follows: $75,000 in 1914 and $25,000 in Village Treasurer, or at the Bank of Leipsic.
$1,495 92 yearly on Dec. 1 from 1909 to 1918 inclusive.
1918.
are exempt from taxation. Certified check for 2%
Grand View, Spencer County, Ind.-Bond Sale.-The Bonds
bid for, payable to the Village Treasurer, is
$4,000 5% coupon gas-plant bonds described in V. 88, of the bonds
to pay accrued interest.
p. 580, were awarded on Feb. 27 to the Grandview Bank of required. Purchaser
Logan, Ohio.-Bond Offering.-Proposals will be received
Grandview at 100.25. A bid of $4,005 was also received
from Charles C. Wedding & Co. of Indianapolis. Maturity until 12 m. March 30 by F. C. Grove, Village Clerk,for $5,000
$200 each six months from July 1 1910 to Jan. 1 1920 in- 4% water-works-system-improvement bonds. Authority
Section 2835, Revised Statutes. Denomination $500.
clusive.
1909. Interest annual. Maturity $500
Gwinnett County (P. 0. Lawrenceville), Ga.-Bonds De- Date March 25 25
from 1910 to 1919 inclusive. Certified
yearly on March
feated.-Reports state that the voters of this county recently check
for 50% bonds bid for, payable to the Village Treasdefeated a proposition to issue $50,000 road-improvement urer, is required. Purchaser to pay accrued interest. .,,Debonds.
livery within 10 days from time of award.
Hannibal, Marion County, Mo.-Bond Sale.-The $75,000
Luverne, Crenshaw County, Ala.-Bond Sale.-The $20,been
have
247)
p.
88,
city-hall bonds voted on Jan. 14 (V.
5% 10-20-year (optional) water-works bonds offered
000
banks.
local
to
sale
disposed of, we are advised, at private
success on Dec. 15 1908 (V. 88, p. 248) have been
without
Indianola, Sunflower County, Miss.-Bond Offering.- sold to J. B. McCrady & Co. of Atlanta.
Proposals will be received until March 11 by W. M. KimMabton, Yakima County, Wash.-Bond Sale.-On Feb. 23
brough, Town Clerk, for $10,000 water-works-improvement the State of Washington was awarded the $12,800 20-year
1,
Section
Authority,
interest.
5
exceeding
not
at
bonds
water-works-system bonds described in V. 88, p. 519 at
Chapter 298, Laws of Mississippi, as amended June 211898. par for 5s. Bids were also received from H. T. Holtz & Co.,
Denomination $100. Date April 1 1909. Maturity $100 John Nuveen & Co., S. A. Kean and Chas. H. Coffin, all
on April 1 from 1910 to 1928 inclusive and $8,100 on April 1 of Chicago, and James H. Adams & Co. of Los Angeles.
1929, all bonds remaining unpaid after five years being subMcAlester, Pittsburg County, Okla.-Bond Sale.-On
ject to call. Bonds are exempt from taxation. Certified
check for 2% of bid, payable to W. M. Kimbrough, Town March 1 the three issues of 5% 20-year bonds aggregating
$203,000, described in V. 88, p. 519, were awarded, it is
Clerk, is required.
stated, to Spitzer & Co. of Toledo for $213,700-the price
26
-On
Y.
Feb.
Sale.
-Bond
County,N.
Johnstown, Fulton
thus being 105.27-a basis of 4.595%.
the $50,000 4% coupon high-school-building bonds deFollowing is a list of the bids received:
scribed in V. 88, p. 519, were awarded to Kountze Bros. of Spitzer & Co., Toledo_ __ _ _$213,7001John Nuveen & Co., Chic $212.085
212,125 McCoy & Co., Chicago____ 209,100
New York City at 105.58 and accrued interest. A list of Jefferson Tr. Co., McAlester
206,248
Dallas Tr. & S. B., Dallas__ 212,100 Speer & Dow
the bids follows:
Nat. Bank, Cleveland__103.89
Malden, Mass.-Description of Loan.-We are informed
Kountze Bros., New York___ 105.58 First
New
York__103.831
W. N. Coler & Co., New York105.077 Ferris &&White,
that the loan of $150,000 recently negotiated with Curtis &
103.76
Co., New York
J. D. Everitt dc Co., N. Y___105.03 AdamsHayes
& Sons, Clev___103.65: Sanger of Boston at 3.20% discount and a premium of 50
105.024 W. J.
L. Barnum dc Co., N. Y
104.929 H. L. Crawford & Co., New
Feb. 24 1909 and matures
Parson, Son & Co., N. Y
103.583 cents (V. 88, p. 58) is dated
York
104.913
N. W. Harris & Co , N. Y
Nov. 24 1909.
A. B. Leach & Co . New York104.77 IC. E. Dennison & Co., Clev_ _103.57
Manitou, El Paso County, Colo.-Bond Election.-Local
Kankakee County (P.0. Kankakee), Ill.-Bond Sale.-On
Feb. 24 $150,000 4% court-house bonds were awarded to papers state that an election will be held to vote on a proN. W. Halsey & Co. of Chicago for $151,850 (101.233) and position to issue $14,000 refunding water-works bonds.
accrued interest. Denomination $1,000. Date March 1
Marion, Ohio.-Bond Offering.-Proposals will be received
1909. Maturity $10,000 yearly on July 1 from 1916 to 1930 until 12 m. March 12 by Harry S. Elliott, City Auditor, for
inclusive.
the following 4% bonds:
Denomination $300. Maturity $300 each six
Kaufman, Kaufman County, Tex.-Bond Election.-A $900 funding bonds.
months from Sept. 1 1910 to Sept. 1 1.911 inclusive. Certified check
$60,000 water-works bond election will be held to-day,
for $100 is required.
$500 except one bond for $200.
March 6. These securities, if authorized, will take the place 2,200 funding bonds. Denomination
Maturity one bond each six months from Sept. 1 1910 to Sept. 1 1912
of the $60,000 bonds mentioned in V. 88, p. 247, as the
inclusive.
original election has been declared void by the AttorneyThe above bonds will bear date as of March 1 1909. InterGeneral.
est semi-annually at the office of the City Treasurer._PurKiowa, Pittsburgh County, Okla.-Bond Election.-An chaser to pay accrued interest.
election will be held March 12 to vote on the question of
Medina County Road District No. 1 (P. 0. Medina), Ohio.
Issuing $31,000 6% 15-.25-year (optional) water-works and -Bond Offering.-Proposals will be received until 1 p. m.
electric-light bonds. These securities, if authorized, will to-day (March 6) by C. R. Warner, Secretary of Road Comtake the place of a like amount of bonds voted on Dec. 28 missioners, for $10,000 4% coupon road-improvement bonds.
1908 (V. 88, p. 247), which election has been declared void. Authority, Section 4757-16 and 22, Revised Statutes of
Lake Village, Chicot County, Ark.-Bond Sale.-The $25,- Ohio. Denomination $500. Date March 11909. Interest
000 6% 20-year coupon Water Works Improvement District semi-annually at the office of the Secretary of Medina County
No. 4 bonds offered on March 1 (V . 88, p. 462) were awarded Road District No. 1. Maturity $5,000 in the years 1921
to the New First National Bank of Columbus at 102.20 and and 1922. Bonds are exempt from taxation. Cash or ceraccrued interest. A list of the bids follows:
tified check for 2%, payable to the County Road District, is
$22,525 required.
New First Nat. Bank,Colum.$25,5501S. A. Kean, Chicago
22,506
F.L. Fuller & Co., Cleve ____ 25,0001Farson. Son & Co., Chicago
Middlesex County (P. 0. Lowell), Mass.-Temporary
Date March 1 1909. Interest July 15 at the Chicot Bank
negotiated, it is stated,
& Trust Co. in Lake Village. Bonds are exempt from taxa- Loan.-A loan of $100,000 has been
with Loring, Tolman & Tupper of Boston at 303% discount
tion.
Gadsden, Etowah County, Ala.-Bond Election.-An election will be held to vote on the question of issuing $75,000
5% 30-year school bonds. Interest semi-annual.
Giles County (P. 0. Pulaski), Tenn.-Bond Sale.-This
county has sold $100,000 court-house bonds.
Glasgow, Mont.-Bond Offering.-This town, J. J.
Mullins, Clerk, will offer at public auction at 8 p. m. Mar. 10
$50,000 coupon water-plant and system bonds at not exceeding 6% interest. Authority vote of 73 "for" to 1
"against" at election held Jan. 12. Denomination $1,000.
Date May 1 1909. Interest Jan. 1 and July 1 at the
Town Treasurer's office or in New York City at option
of purchaser. Maturity May 1 1929, subject to call after
May 1 1924. Certified check for $500, payable to the Town
Treasurer, is required.
Grand Rapids School District (P. 0. Grand Rapids),
Mich.-Bond Sale.-The following proposals were submitted
on March 1 for the $100,000 432% coupon school-building
and site-purchase bonds, a description of which was given in
V. 88, p. 247:
642
THE CHRONICLE
[VoL. Lxxxvni.
and a premium of $1 50. Loan is dated March 11 1909 and
In addition to the above the following bids were also,
matures in eight months.
submitted. Where the name of a bidder already appears
grl Mobile, Ala.—Bond Offering.—Proposals will be received among the foregoing successful
until 12 m. March 20 by Pat J. Lyons, Mayor,for the $320,- portion of the offer which was notones we give only that
successful:
000 5% coupon bonds mentioned in V.88, p. 582. Authority
1$10,000,000 (all
Harvey Fisk&Sons,152,000,000--100.277
Section 1410, State Code. Denomination $1,000. Date Wm. Salomon & I or none)-101.273 Blake
N.Y.)
Bros.,
to 100.377
Co.. New York-j
' 8,115,000-100.397 Wadsworth&Wright,
May 1 1909. Interest semi-annually at Mobile. Certified
to 101.397
New York
65,000-461.375
check for 2% of bid, payable to the City of Mobile or Pat Lazard Freres, New
R. M. Grant & Co.,' 450,000..100.18
York
3.000,000..101.29
New York
J. Lyons, Mayor, is required.
1
to 101.23
Zimmerman & For-1 390,000...100.89 Chas. W.
Langford(
10,000-101.05
shay, New York 1
to 101.31
tfl Montgomery County (P. 0. Dayton), Ohio.—Bond Sale.—
1
to 101.25
R. L. Day & Co.,J 1.000.000..100.891 Kuhn, Loeb
& Co..! 5,000,000_101.13
On Feb. 25 the $1,300 4
coupon Clay Township Binkley
New York
t, 101.091
1
New
1
to 101.26
Myron S. Falk____ I 100,000..100.90 Lee, York
Ditch improvement bonds described in V. 88, p. 520,
Higginson &I
2,000__101
were
to 101.30
co
awarded to the Dayton Savings & Trust Co.
to 101.25
of Day- Geo. T. Pettenglli-} 175,000_101.01 J. & W. Seligmanf1 871,000_10
0
ton at par and accrued interest. Maturity on March 1
I
to 101.26
& Co., New York)
to 101.0625
Ed. Canfield
1
20.000-100.50 Merrill, Oldham &I 120,000_10
aslfollows: $300 yearly from 1910 to 1912 inclusive
0.63
to 100.875
and
Co
1
to 101.26
$400 in 1913.
Knauth, Nachod dr) 550,000_100.41 Harry Horn
100--100
Kuhne, N. Y---1
to 101.379 Westbrook Trust
pg Moorhead, Sunflower County, Miss.—Bond Sale.—This Italian-American
Co..
75,000_101.125
5
Westbrook, Me
10,000_ -100
Trust Co., N. Y..1
to 101.375 Kean, Van Cort-5
town has sold $12,000 high-school-building bonds.
50,000_ _101.05
Robert M. Murray__
100,000-100
landt & Co.,N.Y.1
to 101.30
Moundridge, McPherson County, Kans.—Bond Sale.— Phenix Nat. Bank,
Rembrandt Realty{
60,000_ -100.76
New York
50,000_ 100.25
Co
The $17,500 waterworks and $11,000 electric-light works Rube
to 101.26
R. Fogel....{ 100,000_ -101.01 Emil Stark
1,000__101
43/2% 5-20-year (optional) coupon bonds described in V. 88,
to 101.37 Leo J. Lehman
75,000_ _100.50
NatIonalf 250,000.-100.25 H. J. Prince
p. 116, were sold on Jan. 16 to the Ancient Order of United Seaboard
5,000_100.95
Bank, New York)
to 100.50 Sternberg, Sinn &I
20,000..100.50
Workmen of Kansas at par.
L. H. Crall
{
25,000 _100.875
Co
1
to 101
to 101.375 Trust Company of
pi Mt. Pleasant Union Free School District No. 9 (P.
O'Loughlin & Rudell 150,000-100
America, N. Y___
0.
300,000-101
Pleasantville), Westchester County, N. Y.—Bond Offering. Mason & Merrill,
John Edward Marsh 210,000-101.25
Portland, Me_ _ -..
10,000-100
S. Kuhn &Sons,{ 350,000- _100.57
—Proposals will be received until 5 p. m. March 10 by
German-Amer. Nat.
New York
to 101.27
Bk.,Ft.Wayne,Ind. 10,000-101
Board of Education at the office of Merriam & Holdenthe
Dr. Sara Welt-Kahles
10,000.-101
in L. M. Prince & Co.5 100,000-100.79 Brighton-Ge
rman 5
Pleasantville for the following 43% registered school20,000-101.16
to 101.324
1
Bank Co.. Chic..)
to 101 36
building and site-purchase bonds:
Citizens' Cent. Nati 130,000-100.60 Fred. Blanche, Bern510,000 bonds maturing 52,000 yearly on Jan. 1 from
1919 to 1923 inclusive.
50,000 bonds maturing $2,000 yearly on Jan. 1
from 1924 to 1948 inclusive.
Denomination $1,000. Date July 11909. Interest semiannually in New York exchange at the Mt. Pleasant Bank
of Pleasantville. Bonds are tax-exempt. Certified check,
cash or bank draft for 10% of bonds bid for, made payable
to the District Treasurer is required.
New York City.—Bond Sale.—The City Comptroller on
March 2 opened the 136 bids received for the $10,000,000
4% 50-year gold registered or coupon corporate stock, described on page 520 of the "Chronicle" for Feb. 20. The total of bids received aggregated $43,068,130. Of the 136 bids
submitted, 60 were successful. The bonds were disposed of
at an average price of 101.57—a basis of about 3.93%. At
the Nov. 23 1908 offering, which was for $12,000,000 4%
50-year corporate stock and $500,000 4% 10-year assessment
bonds, an average price of 102.385—a basis of,about 3.89%
—was realized on the long-term bonds, while on the assessment bonds the average price was 101.52—a basis of about
3.82%. The awards for last Tuesday's offering are given
herewith:
Dr. W. A. Bedell_ _ Mrs. M.Schwarzkot
Doris Healy-----{
Cummings k Co.__
Farmers' Loaa &I
Trust Co., N. V.
Merrill, Oldham &
Co., Boston,Mass
Zimmerman k For-f
shay, New York.)
Latham, Alexander
& Co., New York_
.1. & W.Seligman k
Co., New York_ _1
$2,000_ _104
3,000_103
10,000_ _102.19
27,000_ _102.02
100,000-102.175
100,000_ _102.01
100,000_ _101.88
100,000_ _101.76
100,000..101.63
100,000_ _101.51
10,000_ _102.01
10,000..10i.88
10,000_ _101.76
10 000_ -101.63
20,000..101.51
20,000_ _101.39
1.O00.102
10,000_ _101.75
Merch, Nat. Bk.,)
for Farmers' Nat.I
Bank of Adams,}
N.Y
Lehman Brothers.I
New York
E. & C. Randolph_ f
1
Kean, Van Cort-f
landt&Co., N.Y.
Crocker & Fisherd
Boston, Mass. '1
G.Bernheim
Jos. L. Butten-{
welser
Chase Nat. Bank,I
for Banque Com-}
mercialle De Bale I
Basle, Switzerl'd
Chase Nat. Bk., forl
Merch. Nat. Bk.).
of kilddletown,04
Potter, Choate &
Prentice, N. Y 1
Soil Gunzberger__.Paul C. Schnitzler.
1
J. Salomon
Citizens' Cent. Nat.)
Bank, New York}
$1,000._101.70
1,000._101.60
1,000.-101.50
1,000_ _101.40
100,000__101.67
150,000_ _101.57
150,000_ _101.47
10,000-101.65
10,000_ -101.63
25,000_ _101.65
25,000..101.45
25,000-101.633
25,000-.101.393
5,000.-101.63
10,000-101.63
7,000-.101 38
200,000.101.6285
Bank, New York)
Schafer Bros
I
1
T. W. Stephens &I
Co
1
Werner Bros. &I
GoldschmIdt----1
Lehman Bros
R. W.Wood
Gilman & Clucas,f
New York
1
Wm. W. Struthers{
Wm. W. Judson. I
1
Millet, Roe & Ha-1
gen. New York-1
Jos. G.Switzer-- _{
Merchants' Nat. Bk.,
for Farmers' Nat.
Bk.otAdams,N.Y.
Adams & CO
f
1
Merchants'Nationalj
Bank
1
J. S. Bache & Co.,
York
W. N. Coler & Co.,!
New York
1
Stout & Co
{
National Park Bank,
New York
Potter, Choate &f
Prentice, N. Y__1
Van Norden Trustj
Co., New York_ _1
Dick Bros & Co.,
New York
Bolognesi,Hartfleld I
& Co., New York)
Raphael Prager___{
Blodget, Merritt &I
LC° . New York-4
to 101.30
482,000 _100.78
to 101.38
200,000_100.29
to 101.04
500,000.100.7001
to 101.2732
300,000_101.17
to 101.37
50,000-100.501
to 100.751
150,000-100.50
to 101.25
20,000_101
to 101.25
75,000-.100.093
to 100.958
400,000-101.011
to 101.333
25,000--100.522
to 101.10
phis, Tenn
5,000-100.50
David May
3,000-.100 50
Estate of Frank W.
Higgins, Olean,
N. Y
16,000-101
Security Trust Co.,
Rochester, N. V. 100,000.-100.50
Edson M. Hodge__
1,000.-100
Kelley, Howell &Co. 175,000-101.50
A. Banks dr Co— —5
25,000--100
1
to 101
Jos. Nelson
5,000_ _100.25
Albert Il. Garvin
1,000.-100
Orange Co. Trust Co.
60,000_ _101
Foster & Adams..{ 100,000--100.966.
to 101.266
Fifth Nat, Bank3
20,000-100.50
New York
to 101
1
Geo. H. Beaman__
2,000-.100.60
E. B. Levy
60,000— 100.75
5
to 101.376
1
Benj. H. Horn
10-100 Ai
Louis Wechsler_...?
-100.51
1
05,000_
1,000_ _101.30
to 101 20
75,000..101.03 Anton Horn
20--100
to 101.27 Ralph W. Kenyon
10,000.-100.59
500,000.-100.25 Long Island Trust
to 101.08
Co., Brooklyn __,.. 100,000-101.25
O'Connor&
{ 250,000- _100.897
500,000.-100.50
New YorkKahler,Nw
to 101.329.
450,000_ _100.389 Farson, Son & CO.,! 500,000_ _100.65
to 101.278
New York
to 101.31
1
125,000.-101.19 Wm, E. Cable Jr..5 175,000..100.64
to 101 432
to 101.33
1
90,000-101.02
Fidelity Trust Co.,!
10,000-101
Baltimore, Md.-1
to 101 27
175,000-.100.25 Lawyers' Title ins.' 500,000-.100.675
to 101.25
& Tr, co., N. Y.1
to 101 075
300,000.-100.50 Hamilton Pell- — -I
45,000--100.88 1
to 101.25
to 101.32'
10,000-100.875.
Bank of Suffolk,/
20,000._101.25
Stonybrook,N.Y.1
to 101.375
182,000_100.77 Edward Earl — --I 100,000.-101
to 101.50
to 101.375
15,000-.100.51 Jos. L. Batten-1
43,000.-100.63
to 101.005
weiser
to 101.63
1
400,000...101.018 S. S. Goodman
20,000-100.50
to 101 415 Fuller Co. N Y--10,000-100 771
Bond Sales.—Thersinking fund of this city during
the
50,000_102
month of February purchased the following bonds:
5,000_ _102
Purpose.
5,000_ _101.50
Rate of Int. Maturity.
Amount.
50,000_101.6285 Various
municipal purposes
100,000_ -102
1958
3
$917,000
Rapid transit bonds
100,000..101.875
Otis k Honk, 1
4
1951
220,000
Cleveland, Ohio_ I. 100,000.-101.75
100,000_ _101.625
Total
100,000.-101.625
25,000_ _101.626
$1,137,000
1,000-.102
Fred Miller
10,000_ _101.625
The following revenue bonds (temporary securities) were
6,000-101.75
8,000_ _101.50
Bernard F.MeManus
5,000..i01.875
also issued during February:
6,000..101.61
ft. W. Geidart
2,000- _101.875
10.000_ _101.60
Interest.
Kilda Miller..____{
6,000_ _101.875
Amount.
10,000_101.50
Revenue bonds, current expenses
3
6,000_ _101.625
$26,415,000
10,000_101.40
Revenue bonds, current expenses
3
3,000_ _101.84
500,000
10,000.-101.ft
Revenue bonds, special
3
3-6
2.000..101.83 Wadswortk &
250,000
I
10,000-.101.51
3,000_ _101.82
Wright, N. Y.
10,000.-101.40
Total
3,000- _101.81
$27,165,000
10,000-101.41
N. D McGraw).-_
3,000_ _101.80 The Brighton Ger-1
North Hempstead, Nassau County, N. T.—Bonds R.3,000..1O1.75
man Bank Co.,
5,000..101.58
3,000.-101.70
fused.—Ferris & White of New York City have refused to
Cincinnati, 0-4
5,000_ _101.46
3,000_ _101.65 William Salomon dr5 1,000,000_401.547 accept the $25,000 43% gold
coupon Port Washingtoa
3,000_101.60
Co., New York.-) 885.000-.101.397
public dock bonds awarded them on April 14 1908 (V. 86,
3,000.-101.55 Moffat & White,
New 'York
25,000_ _101.76
p.
997).
15,000...101.52
Geo. T. Pettengill25,000.-101.63 Stout & Co., Newl
26,000_101.615
25,000..101.51
York
Norwalk, Conn.—Bids Rejected.—The following bids, both
1
25,000_ _101.432
18,000..101.38 Wm.J. Mann
37,000..101.51
of which were rejected, were received on March 4 for the
15,000_ _101.76 S. Kuhn & Soiled
50,000-_101.51
$225,000 4% 30-year coupon or registered refunding bonds
Louis Wechsler
15,000_101 51
New York __ _1
50,000__101.39
11,000--101.38 Fortson, Son dr Co ,
described in V. 88, p. 520:
E 11. Bonner & Co.,
New York
100,000- _101.51
New York
50,000-101.75 C. K Phlpard
50,000..101.602 Perry, Coffin & Burr, Boston.100.861 I Blodget, Merritt & Co., Bos_100.337
Sol Kahn
1,000-101.75 Italian-Amer. Trust
Oakley (P. 0. Sta. 0, Cincinnati), Ohio.—Bond Sale.-0a
German Nat. Bk.,1
2,000.-101.75
Co., New York_
25,000_ _101.50
Ft„Wayne, Inthl
March 2 the $11,814 26 5% coupon sewer-improvement
10,000_ _101.50 Bolognesi,Hartfield I
25,000_101.50
1,000.000..101.75
& Co., New York)
18,000-.101.38
assessment bonds dated Feb. 5 1909 and described in V. 88,
Kuhn, Loeb k Co..' 1,000.000_ _101.63 Lee, HiggInson &
New,york
p. 582, were awarded to Weil, Roth & Co. of Cincinnat
1,000,000. _101.51
Co., New York
1,000_101.50
1,433,000_ _101.38 Eliza M. Miller
6,000..101.50
104.003 and accrued interest. Following are the bids: i at
3,000_101.75 Kelley. Howell &Co. 175,000..101.50
C. Edwin Spinney_ I
5,000_ _101.625 E. B. Levy
Premium.
10,000_ _101.50
Premium.
Well, Roth & Co., Cincinnati 5473 00 Oakley Bank
5,000_101.50 Millet, Roe & Hagen,
J. S. Bache dr Co.,I
Seasongood'A'Mayer,WInc__ 461 00 Western-Gorman Bank, Clnc_ $413 50
New York
20,000_ _101.75
100,000.-10
1,444
360 00
New York
10,000-101.50 R. M Grant dr Co ,
1
Oklahoma City, Okla.—Bond Election Proposed.—This
Orvis Bros. & Co _._
New York
3,000_ _101.75
50,000_401.43
Biodget, Merritt
100,000..101.713 Adams & Co
city proposes to hold an election to vote on the issuance of
25,000_101 42
Co
100,000._101.574 Hamilton Pell
5,000-101.40
bonds.
100,000--101 415 W. N. Coler & Co ,
New York
Paris, Lamar County, Tex.—Bond Election.—Reports
60,000-101.387
Schafer Bros
18,000_401.38
state that an election will be held March 23 to vote on proTotal
positions to issue the following
$10,000,000
bonds: $10,000 to remodel
MAE. 6 1909.]
THE CHRONICLE
643
awarded on Jan. 25 (V. 88, p. 583) to G. G. Blymyer
of San Francisco. Denomination $1,000. Date Jan. 0.5
1909. Interest semi-annual. Maturity part yearly from
1910 to 1949 inclusive.
Schenectady, N. Y.-Certificate Offering.-Proposals will
be received until 11 a. m. March 10 by 0. S. Luffman City
to be
Comptroller, for $200,000 certificates of indebtedness,'
issued in anticipation of the collection of taxes. Authority
Section 78, Chapter 473, Laws of 1906. Denomination to
suit bidder. Date March 10 1909. Interest rate to be
named in bid. Maturity Nov. 10 1909. Certified check on a
bank or trust company for 1% of certificates bid for, payable
to the City Comptroller, is required. Purchaser to pay accrued interest.
Shawnee, Okla.-Bond Sale.-On Feb. 17 $125,000 stormsewer and intersection, $50,000 convention-hall and $20,000
hospital 5% 20-year bonds were awarded to Spitzer & Co. of
Toledo at 102.50. Denomination $1,000. Date Jan. 1
1909. Interest-semi-annual.
Sheboygan, Wis.-Bond Offering.-Proposals will be received until 2 p. m. March 10, by the Mayor and John M.
Steimle, City Clerk, for the $360,000 4% water-worksextension bonds mentioned in V. 88, p. 464. Date March[1
1909. Interest semi-annually at the Chemical National
Bank in New York City. Maturity $10,000 on March 1 1912
and part yearly from 1913 to 1928 inclusive and $30,000.in
1929. Certified check (or cash) on a national bank for 3%
of bonds bid for, payable to City Treasurer, is required.
Skaneateles Union Free School District No. 10 (P. 0.
les), Onondaga County, N. Y.-Bond Offering.Skaneate
$575.
ion
Denominat
$23,000 43% city-hall-site bonds.
s will be received until 7 p. m. March 8 by E. C.
Proposal
ion $750.
Denominat
bonds.
-building
-hall
city
30,000 434%
of the Board of Education, for $40,000 4% couClerk
Miller,
Maturity
.
City
Treasury
the
at
ualy
Interest semi-ann
or registered school-building bonds. Denomination
pon
years.
for
forty
yearly
issue
one bond of each
$1,000. Date April 1 1909. Interest annually on Oct. 1,
Pontotoc, Pontotoc County, Miss.-Bond Offering.--Pro- payable at the National Bank of Skaneateles. Maturity on
Town
Nisbet,
posals will be received until March 22 by J. M.
Oct. 1 as follows: $1,000 yearly from 1910 to 1925 inclusive
Clerk, for $25,000 53'% school-building bonds. Authority and $2,000 yearly from 1926 to 1937 inclusive. Certified
and
1906,
of
Section 3415, 3416, 3419 and 3420 of Code
check for 1% of bid, payable to the Board of Education, is
Chapter 189 of Laws of 1908. Denomination $500. Date required. Bonded debt, including this issue, $108,200.
Maturity
March 1909. Interest annually in Pontotoc.
Assessed valuation, $1,365,400.
twenty years. Certified check for 5% of bid, payable to
Stamford, Jones County, Texas.-Bond Election.-A
W. E. Whiteside, Mayor, is required.
ion to issue $20,000 street-improvement bonds will
proposit
Portage, Cambria County, Pa.-Result of Bond Election.- be submitted to a vote of the people on March 26.
A tie vote was cast at an election held Feb. 16 on the question
Swanton School District (P. 0. Swanton), Saline County,
of issuing $25,000 sewer bonds.
nds Voted.-This district has voted to issue $12,000
Neb.-Bo
$10,000
the
3
Portsmouth, Ohio.-Bond Sale.-On March
ding bonds. It is expected that the issue will be
school-buil
in
d
describe
4% coupon fire-department building bonds
by the Public School Fund of the State of Ned
purchase
Bank
National
V. 88, p. 582, were awarded to the Central
braska.
g
Followin
interest.
of Portsmouth at 100.33 and accrued
Tacoma, Pierce County, Wash.-Bond Offering.-Proposare the bids:
& Co., Chi_ _410,020 00 als will be received until April 5 by John W. Linck, Mayor,
Central N. B., Portsmouth$10.033 00 Well, RothBank,
Cleve_ __ 10,014 00
Central Tr. & S. D.Co.,Cln 10,029 00 First Nat.
for the $300,000 "Tacoma Electric Light and Power System
Western-German Bk.,Cin_ 10,020 15
Denomination $500.
Maturity on July 1 as follows: $4,000 in each of the years Bonds" mentioned in V. 88, p. 250.
Interest (rate not to exceed 5%) payable semi-annually at
1911 and 1912 and $2,000 in 1913.
Raritan Township School District, Hunterdon County, the fiscal agency of Washington in New York City. Ma•
N. J.-Bond Sale.-The $45,000 4% coupon school bonds
turity twenty years.
described in V. 88, p. 582, were sold on March 1 to local
notice of this bond offering will be found among
official
The
total
The
105.
to
101
from
ranging
investors at prices
this Department.
premiums bid aggregated $775 60. Maturity on Jan. 1 as the advertisements elsewhere in
Troy, N. Y.-Certificate Sale.-The $75,0004% certificates
follows: $1,000 in 1914, $1,000 yearly from 1916 to 1924
inclusive, $2,000 yearly from 1925 to 1934 inclusive, and of indebtedness offered on Feb. 26 (V. 88, p. 583) were
awarded to the National State Bank of Troy for $75,358 39$3,000 yearly from 1935 to 1939 inclusive.
will be re- the price thus being 100.477. Maturity Oct. 19 1909.
ff,'Rochester, N. Y.-Note Offering.-Proposals City
CompTuscaloosa, TuscaloosalCounty, Ala.-Bond Sale.-0a
ceived until 2 p. m. March 11 by Chas. F.,Pond,
Feb. 18 the New First National Bank of Columbus purchased
troller, for the following notes:
-works notes Nos. 694 to 705. $75,000 5% water-works bonds at par and accrued interest
$200,000 notes to provide funds to pay water
the place of
Date March 15 1909. Maturity six months.
departments for the month less $3,000 commission. These securities take
various
265,000 notes to provide funds for the
Date March 12 1909. the $75,000 5% bonds awarded on Aug. 17 1908 to Field,
of March, in anticipation of tax receipts.
Maturity three months.
Longstreth & Co. of Cincinnati (V. 87, p. 500), but whick
Denomination of notes and rate of interest to be named in
were subsequently refused by them. Denomination $1,000.
bids. Interest will be payable at the Union Trust Co. in Date July 1 1907. Interest semi-annual. Maturity July 1
New York City.
1937.
St. Clair County Drainage District No. 1, Ill.-Bond Sale.
Tuscarawas County (P. 0. New Philadelphia), Ohio.-The.Win. It. Compton Bond & Mortgage Co. of St. Louis No Bond Election.-We are informed that the reports stating
d
bought the $102,000 5% registered drainage bonds describe
that the County Commissioners are considerin the advisaIn V. 88, p. 583, on March 2 at par and accrued interest. bility of calling an election to vote on the question of issuing
Following is a list of the bids received:
$500,000 road-improvement bonds (V. 88, p. 584) are
Illinois State Trust Co. Bank__98.20
Wm. R. Compton Bond &
erroneous.
97.50
M.
Chicago
Duke
Parson,
_100.00
_
_
Mortgage Co., St. Louis_
_95.50
Velasco Drainage District (P. 0. Velasco), Brasoris
Harris Trust & Say. Bk., Chic_ 99.50 Parson, Son & Co., Chicago__
informed,
Salem, Mass.-Bond Sale.-The $40,000 3M% 1-10-year County, Tex.-Bonds Not Yet Sold.-We aremade
of the
been
(serial) coupon or registered bridge bonds awarded on Feb. 23 under date of Feb. 6, that no award has yet bonds mentioned
88, p. 583) $50,000 5% coupon drainage-improvement
(V.
103.129
at
Boston
&
of
Burr
Coffin
Perry,
to
& Co. in V. 88, p. 250.
have been re-awarded at 100.839 to Merrill, Oldham
result of
Waverly, Bremner County, Ia.-Bond Election.-Accordof Boston. It is stated that the high bid was the
4% ing to reports, the question of issuing $15,000 high-schoolan error, the offer having been based on bonds bearing
building-addition bonds will be voted upon March 8.
interest.
Sandusky, Ohio.-Bond Sale.-Following is a list of the
Wenatchee, Chelan County, Wash.-Bond Sale.-An issue
sewer of $30,000 5% 15-year bonds was sold on Feb. 25 to the Harbids received on March 1 for the four issues of 4%
ris Trust & Savings Bank of Chicago at 106.626-a basis of
bonds described in V. 88, p. 521:
$1,500
$700
$1,200
$2,900
about 4.393%. A list of the bids received follows:
Bonds.
to
the city-hall; $10,000 to rebuild the high school; $10,000
purify the water-supply; $10,000 to establish an abattoir
and $25,000 to improve the streets.
Pasadena, Cal.-Bond Offering.-Proposals will be received until 9 a. m. March 9 by Heman Dyer, City Clerk, for
the $150,000 4% improvement bonds mentioned in V. 88,
p. 520. Denominations: 120 bonds of $1,000 each and 120
bonds of $250 each. Date March 1 1909. Interest semiannually at the office of the City Treasurer. Maturity
$3,750 yearly on March 1 from 1910 to 1949 inclusive. Bid
must.be unconditional, made on a printed form furnished by
the city and accompanied by a certified check on a bank
doing business in Pasadena or Los Angeles, for 2% of bonds
bid for, made payable to Heman Dyer, City Clerk. Purchaser to pay accrued interest. The legality of these bonds
will be approved by O'Melveny, Stevens & Milliken, a copy
of whose opinion will be delivered to purchaser.
Pennsburg, Montgomery County, Pa.-Bond Sale.-This
borough has sold $5,000 33'% electric-light bonds.
Pittsburgh, Pa.-Bond Offering.-This city will offer for
sale on March 15 the $1,975,000 4% bonds (V. 88, p. 396)
for the purpose of purchasing the plant of the Monongahela
Water Co. Maturity part yearly until Jan. 13 1939. Bonds
are exempt from taxation. The legality of this issue is
being passed on by Delafield & Longfellow of New York City.
Bonds will be ready for delivery March 19 1909.
Pomona, Cal.-Description of Bonds.-We are informed
be held
that the bonds to be voted on at the election to
March 10 answer the following description:
Bonds.
Bonds.
2.909 56 •$1,204 02
Amer. Bkg. & Tr. Co., Sandus_•8
00
1,204 00
Third Nat. Exch. Bk., Sanctus_ 2,908
2.90570
1,202 40
Citizens' 13anking Co., Sandus_
Bonds.
8702 49 $1,504 68
*705 00 '1,513 00
1,510 50
701,20
;30,376
Harris Tr. & Say. Bk., Chic_ _$31,9881C. H. Coffin, Chicago
30,276
J. H. Adams & Co., Los Ang_ 30.835 John Nuveen & Co., Chicago_
Denomination $1,000. Date *April 1 1909. ..,,Interest
semi-annual.
• Successful bidders.
Winters Joint Union High7School District, Yolo and
All bidders offered accrued interest in addition to their bids.
Counties, Cal.-Bonds Refused.-We are advised
Solano
Bonds.
Sausalito, Mann County, Cal.-Price Paid for
$30,000 5% 1-15-year (serial) gold coupon highthe
that
bonds
This city received 109.10 for the $100,000 5% water
644
THE CHRONICLE
school-building bonds sold on Aug. 3 1908 to E. H. Rollins
& Sons of San Francisco (V. 87, P. 771) have been refused
by them. Their attorneys claim that the proceedings preliminary to the election were irregular.
Worcester, Mass.-Bond Sale.-On March 2 $325,000
35,6% 10-year registered bonds were awarded to Merrill,
Oldham & Co. of Boston at 102.169 and accrued interests basis of about 3.245%. A list of the proposals follows:
Merrill, Oldham & Co., Bos__102.169 Blake Bros. & Co.,
Blodget, Merritt&Co., Bos__102.042 E. H. Rollins & Sonstposton101 .777
Adams & Co., Boston
101.857 Kountze Bros., New ork__ _101.71
C. E. Denison & Co., Boston101,8477 R. L. Day & Co., Boston_ _ _ _101.689
A. B. Leach & Co., Boston101.833 N. W. Harris & Co., Boston. 101.53
Parkinson & Burr, Boston__ _101.7951Perry, Coffin &I3urr, Boston_101.21
The bonds were issued for the following purposes: $100,000
for the abolition of grade crossings; $50,000 for school.houses
and school lands; $50,000 for permanent paving; $50,000
for macadam paving; $25,000 for sidewalks and cross-walks;
$25,000 for sewer purification; $15,000 for the permanent
improvement of school houses and $10,000 for sewer construction. Date Jan. 1 1909. Interest semi-annual. Bonds
are tax-exempt.
Wymore, Neb.-Bonds Not Sold.-Up to Feb. 26 no award
had yet been made of the $30,000 4% 10-20-year (optional)
registered refunding bonds described in V. 88, p. 252.
Yakima County School District No. 49, Wash.-Bond
Sale.-On Feb. 27 this district disposed of $15,000 bonds.
The State of Washington was the successful bidder, paying
par for 5s and giving the district the privilege to redeem the
same after one year. The other bidders were:
E.H.RollIns&Sons,Denv_a$15,340 0010. H. Coffin & Co.,
Chic_b$15,301 00
J.H.Adams&Co.,Los Ang. a15,325 00 Wm.D.Perkins&Co.,Seatt
b15,000 00
Harris Tr. & S. 13., Chic_ a15,175 00 John Nuveen & Co., Chic c15,283
00
Farson, Son & Co., Chic_ a15,153 50
La For 5s. b For 5 Ms. c For 6s.
In addition to the above, S. A. Kean of Chicago bid
$15,675 for 6% bonds or $15,165 for 53% bonds or 5%
bonds on the same basis.
Yonkers, Westchester County, N. Y.-Bond Oflering
Proposals will be received until 12 m. March 9 by James T.
Lennon, City Comptroller, for the following 4% registered
bonds:
[Vor,. Lxxxvm.
$11,800 school bonds. Date March 1 1909. Maturity ;590
yearly on
March 1 from 1910 to 1929 Inclusive.
18,000 street-paving bonds. Date Feb. 1 1909. Maturity $1,000_yearly
on Feb. 1 from 1910 to 1927 inclusive.
Interest April 1 and October 1. Certified check for 2%
of bonds bid for, payable to Gideon H. Peck, City Treasurer,
is required. Delivery March 15 1909. Purchaser to pay
accrued interest. The opinion of Delafield & Longfellow of
New York City, certifying to the validity of the above issue,
will be furnished to the successful purchaser.
Canada, its Provinces and Municipalities.
Township,
Bay
Ont.-Debentures Authorized.-The Township Trustees have passed a resolution providing for the issuance of $2,950 5% coupon public-highway-improvement debentures. The securities will be dated July 1 1909 and mature part yearly on July 1 from 1915 to 1920 inclusive. Interest semi-annual. C. W. Darr (It. F. D. 3, Port Clinton)
is Township Clerk.
Boissevain, Man.-Debenture Election.-An election will
be held to-day (March 6) to vote on the question of issuing
$7,000 electric-light-works debentures.
Brandon, Man.-Debenture Sale.-The following debentures were awarded on Feb. 24 to the Dominion Securities
Corporation Ltd., of Toronto:
$20,000 435%'
30-year refunding court-house debentures.
12,000 5% 30 year sewer debentures.
12,000 5% 20-year sidewalk debentures.
Chatham, N. B.-Bids Rejected.-All bids received on
Feb. 24 for the $25,000 4% coupon electric-light debentures
described in V. 88, p. 524, were rejected.
Estevan, Sask.-Debenture Election.-We are advised that
in addition to the propositions to issue $30,000 debentures
for fire protection and $10,000 debentures for a town hall
(V. 88, p. 586) the question of issuing $10,000 sewer debentures will also be voted upon March 12. The debentures, if
voted, will carry 5% interest, be coupon in form and mature
part yearly for 30 years.
Fort William, Ont.-Price Paid for Debentures.-The
City Treasurer informs us that the Ontario Securities Co.
of Toronto paid 100.88 and accrued interest for the thirteen
issues of 4M% coupon debentures aggregating $485,500
NEW LOANS.
NEW LOANS.
THE CITY OF SEATTLE
0300,000
$500,000
$500,000
, MUNICIPAL LIGHT EXTENSION BONDS
PARK BONDS
Sealed proposals will be received by the underSealed proposals will
received byrthe undersigned until Twelve (12) o clock Noon of March 13 signed until Twelve (12) be
o'clock Noon of;March 13,
1909, for the purchase of $500,000 Municipal 1909, for the purchase of $500,000
Park Bonds,
Light Extension Bonds, being a portion of the being one-half of the $1,000,000 voted
;800,000 voted at the Special Election held in Special Election held in the City of Seattle at the
the
the City of Seattle on the 29th day of December 29th day of December, 1908, under and by on
virtue
1908, under and by virtue of Ordinance Number of Ordinance Number 19606.
19605.
Said bonds to be Issued in denominations of
Said bonds to be issued in denominations of $1,000 each and to bear date as of the date of their
$1,000 each and to bear date as of the date of actual issue to the successful bidder.
their actual issue to the successful bidder.
Bonds shall mature and become payable twenty
Bonds shall mature and become payable twenty (20) years from the date of their issuance and shall
(20) years from the date of their issuance and shall bear interest at a rate not to exceed four and onebear interest at a rate not to exceed four and one- half (4 A) per cent per annum, interest payable
half (4 A) per cent per annum, interest payable semi-annually and interest coupons for the paysemi-annually, and interest coupons for the pay- ment of such interest
semi-annually to be attached
ment of such interest semi-annually to be attached to said bonds. Both principal and interest payto said bonds. Both principal and interest pay- able at the Fiscal Agency of the State of Washingable at the Fiscal Agency of the State of Washing- ton In New York City.
ton In New York City.
Bidders may bid for said bonds by offers of
lt• Bidders may bid for said bonds by offers of premium on said bonds at the stated maximum
premium on said bonds at the stated maximum rate, or by offers to take said bonds at a rate lower
rate, or by offers to take said bonds at a rate than the stated maximum rate, or by offers of
lower than the stated maximum rate, or by offers premium on said bonds at a rate lower than the
of premium on said bonds at a rate lower than stated maximum rate.
the stated maximum rate.
The right is reserved to reject any or all bids.
k The right is reserved to reject any or all bids.
Bids must be accompanied by a cashier's or
PP Bids must be accompanied by a cashier's or certified check on some bank located in the City
Certified check on some bank located in the City of Seattle payable to the undersigned In the sum
Of Seattle, payable to the undersigned, In the sum of Twelve Thousand, Five Hundred Dollars
of Twelve Thousand, Five Hundred Dollars ($12,500.00),
will be returned if the bid is
($12.500.00), which will be returned if the bid not accepted.which
If accepted, the amount of the
is not accepted. It accepted, the amount of the check will be applied upon the purchase price_of
check will be applied upon the purchase price of the bonds.
the bonds.
Said bonds will be delivered to therftuccessful
Said bonds will be delivered to the successful bidder.
j
bidder.
All bids will be opened and considered by the
r All bids will be opened and considered by the corporate authorities in the office of the City
corporate authorities in the office of the City Comptroller of the City of Seattle, Washington,
Comptroller of the City of Seattle on Saturday, on Saturday, March 13th, 1909, at Twelve
(12)
March 13th. 1909, at Twelve (12) o'clock Noon. o'clock Noon.
Further particulars will be given by the underFurther particulars will be given by the undersigned upon application.
signed upon application.
H. W. CARROLL,
H. W. CARROLL,
City Comptroller and ex-officio City Clerk.
City Comptroller and ex-officio City Clerk.
in, Dated Seattle, Washington, February 10, 1909.
Dated Seattle, Washington, February 10 1909.
Datepf first publication February 11 1909.
Date of Brat publication February 11 1909
City of Tacoma, Wash.
!ELECTRIC LIGHT AND POWER
SYSTEM BONDS.
Notice is hereby given that on Monday, the
5th day of April, 1909, at the office of the Mayor
of the City of Tacoma. Washington, in the City
Hall, sealed bids will be received for an issue
of City of Tacoma bonds in the sum of Three Hundred Thousand Dollars. Said bonds will be general bonds of said City of the par value of ;500
each, payable in twenty years from dateof issue,
with interest at not exceeding five per cent per
annum, payable semi-annually at the fiscal agency
of the State of Washington in New York City,
and are known as "Tacoma Electric Light and
Power System Bonds," Issued pursuant to Ordinance No. 3526, approved December 17th, 1908.
Bids for the whole or any part of said bonds
not less than $100,000 will be received, based on
the interest rate proposed by the bidder, which
cannot exceed five per cent.
The right is reserved by the City to award the
bonds or any part thereof to the highest and best
bidder, or to reject all bids: and the right is also
reserved to require a bond from a successful bid.
der for the performance of his contract to take
ant
d,op
raayilfoirn fobrornndastioanwaarpy
dp
ll.
to John F. Metals
!
City Comptroller.
Dated Tacoma, February 23rd, 1909.
Sinking Fund Commission:joHN
W. LINCK,
Mayor
JOHN P. MEADS.Ma
Controller.
RAY FREELAND,
E. A.
Treasurer.
LYNN,
President of Council.
Cuban Securities
A SPECIALTY
FRANCKE, THOMPSON & ROBB
Members N.Y. Stook Exchange
43 Exchange Place
Telephone 6444 Hanover
Perry, Coffin & Burr, HUNT,
SALTONSTALL & CO.,
INVESTMENT BONDS
Membere of New York Stock Enchains
60 State Street,
Investment Securities
BOSTON.
60 STATE STREET
BOSTON
BRANCH OFFICE
Bristol Building, 3th Aye. and 4241 St.
Telephone 1658 Bryant
listublIshed 1E520.
H. C. Speer 8c Sons Co.
First Nat. Bank Building,Chicago
CITY COUNTY
AND TOWNSHIP
BONDS.
MAR.6 1909.1
645
THE CHRONICLE
Pembroke, Ont.-Debenture Election.-A $65,000 43%
awarded them on Feb. 22 (V. 88, p. 586). The following
30-year water-works debenture election will be held March 8.
bids were received:
Ontario Securities Co__ _$489,270 70 British America Sec. Co_$480,157 25
Peterboro, Ont.-Loan-Election Proposed.-There is talk
476,029 00
Wood,Gundy & Co., Tor. 488,267 15 Wm. C. Brent
Dominion Sec. Corp., Ltd 486,810 85 Geo. A. Stimson & Co__.. 468,916 95 of holding an election to allow the voters to decide whether
Aemilius Jarvis & Oo____ 481,984 98
or not $120,000 shall be borrowed to construct a waterworks dam.
The above bidders are all from Toronto.
Gravenhurst, Ont.-Loan Authorized.-Reports state
St. Boniface School District No. 1,188(P.0.St. Boniface),
that at an election held recently the voters authorized a loan Man.-Price Paid for Debentures.-We are informed that the
of $15,000 to construct a hydro-electric-power plant at price paid for the $22,000 5% school-improvement debentures
awarded on Feb. 11 to the Toronto General Trust CorporaSouth Falls. •
Haileybury, Ont.-Debenture Sale.-The British-American tion, representing Wood, Gundy & Co. of Toronto (V. 88,
Securities Co. of Toronto was the successful bidder on p. 525), was 103.08. Following are the bids:
Gen'l Trust Cor_a$22,677 60 Alloway&Champion,Win_ $22.228 55
Feb. 22 for the five issues of 5% debentures aggregating Toronto
W.A.MacKenzie&Co.,Tor 22,660 00 Wm. C. Brent, Toronto... 22.129 00
$86,000 described in V. 88, p. 524.
A. Jarvis & Co., Toronto 22,523 00 Can.L.&N.Inv.Co., Win_ 22,110 00
Life Assur. Co.,WIn 22,446 00 J. Addison Reid, Regina__ 22.100 00
Hudson Township, Ont.-Debentures Authorized.-This Can.
Ont. Sec. Co., Ltd., Tor_ 22,307 00 John Nuveen & Co., Chic_ 22,026 09
W. Sanford Evans & Co..
township has passed a by-law providing for the issuance of St. Cyr. Gonthier & Fri21,780 00
gon, Montreal
Winnipeg
22,242 00
$2,600 public-school debentures.
H. O'Hara & Co., Toronto 21,760 00
a Representing Wood, Gundy & Co. of Toronto.
Listowel, Ont.-Debenture Sale.-The Dominion SeDebentures are dated March 1 1909.
curities Corporation Ltd., of Toronto has bought $25,000
St. Hyacinthe, Que.-Debenture Sale.-On Feb. 12 the
4%7
0 20-year debentures.
Loch Ayr School District No. 2232, Sask.-Debenture Sale. $166,384 4% 40-year debentures described in V. 88, p. 465,
were awarded to the Dominion Securities Corporation, Ltd.,
-J. Addison Reid of Regina has bought $1,200 debentures.
of Montreal at 93.20.
Marmora, Ont.-Debentures Not to be Offered at Present.Selkirk, Man.-Debenture Sale.-An issue of $20,000 5%
We are advised that it is very unlikely that the $5,000 dedebentures has been disposed of to Wood, Gundy
bentures recently voted (V. 88, p. 253) will be issued. These 50-yearof Toronto.
securities were voted as a guaranty loan to a stove company & Co.
Standard School District No. 2,144, Sask.-Debenture
to build a factory. Our informant writes, however, that the
Sale.-An issue of $1,300 7% school-building and furnishing
company does not require the money at present.
debentures has been disposed of at par to the Security Loam
Melville, Sask.-Debenture Offering.-H. D. Wilson,
of Regina. Date April 11909. Interest annual. MaCo.
fire15-year
$6,000
for
sale
offering
Secretary-Treasurer, is
part yearly on April 1 from 1910 to 1919 inclusive.
turity
debentures.
sidewalk
apparatus, street and
Alberta.-Debenture Sale.-An issue of $15,Strathcona,
Nokomis, Sask.-Price Paid for Debentures.-The price
debentures has been awarded to the Imperial
paid for the $10,000 6% 20-year town-improvement deben- 000 5% 40-year
Denomination $1,000. Intertures awarded on Feb. 20 to the Ontario Securities Co. of Bank of Canada at 103.25.
Toronto (V. 88, p. 587) was 103.07 and accrued interest. est semi-annual.
Sunnidale Township, Ont.-Debenture Election Proposed.A list of the bids received follows:
Reports state that an election will probably be held March 15
Ontario Securities Co., Tor_ _510,307 1 Hawkeye, Somerville & Co.,
$10,100 to vote on the question of issuing $8,661 bridge-building
Indian Head
Geo. A.Stimson & Co., Tor__ 10,190
10,031
British Securities Co., Toronto 10,100 Nay & James, Regina
J. Addison Reid, Regina
10,000 debentures.
NEW LOANS.
$225,000
Town of Stamford, Conn.,
INVESTMENTS.
Blodget, Merritt & Co. Albert Kleybolte & Co.,
BANKERS
NEW TOWN HALL BONDS
Sealed proposals for the sale of $225,000 00
Town of Stamford, Conn., New Town Hall Bonds,
will be received by the Town Treasurer at the
Town Hall, Stamford, Conn., until March 16th,
1909, at two o'clock In the afternoon. Said bonds
bear interest at the rate of four per cent per annum, payable semi-annually, and mature thirty
years from December 1st, 1908. No bid will be
accepted for less than par and accrued interest.
The right is reserved to reject any and all bids.
All proposals must be accompanied by a certified
shock or bank draft for live per cent of the par
value of the bonds bid for.
For further particulars address,
INVESTMENTS.
409 Walnut Street,
STATE, CITY
CINCINNATI, 0.
AND
RAILROAD BONDS
Municipal,
County, State,
6o State Street, - Boston
30 Pine Street, - New York
and High•Grade Public Service
Securities
Correspondence Solicited.
FRANK B. GURLEY,
Town Treasurer,
Stamford, Conn.
BLACKSTAFF 8c CO, OTTOJULIUS MERKEL
NOTICE TO REDEEM
Galveston Forty-Year Limited Debt
Bonds of the
INVESTMENTS
BROKER
1332 Walnut Street
PHILADELPHIA
44 AND 46 WALL ST., NEW TORII.
MUNICIPAL AND RAILROAD
& COMPANY
McCOY
Formerly MacDonald. McCoy & Co.
Municipal and
Corporation Bonds
MAYER, 181 La Salle Street, - Chicago
BONDS.
Notice is hereby given to the holders of the
bonds of the City of Galveston known as "GalLIST ON APPLICATION.
veston forty-year limited debt bonds," issued by
said city in the year 1883, and numbered 979,
980, 981, 982. 983, 984, 985, 986, 987, 988, 989,
990, 991, 992, 993, 994, 995, 996, 997, 998, 999,
Mercantile Library Building
1000, 1001, 1002 and 1003, each of said bonds
CINCINNATI,
being for one thousand dollars ($1,000) and each
dated on the 1st day of January, 1883, that the
city of Galveston will redeem at par the hereinbefore named and numbered bonds upon their
presentation at the office of the Treasurer of said
city, at Galveston, on the 31st DAY OF MARCH,
1909, and any of the bonds herein described and
Germantown Avenue
designated which are not presented for redemption, as aforesaid, on the 31st DAY OF MARCH,
Philadelphia, Pa.
1909, shall cease to bear interest from and after
said date, the bonds hereby designated for
Solicits the bus'n( se of Corporations and Municiredemption being those bearing the earliest date
of said "Galveston forty-year limited debt bonds" palities desiring the service of a Registrar. Trustee
which are now outstanding. This notice is given or FInanoia. Agent,
In pursuance of Section 2 of the Ordinances of
said City by virtue of which Ordinances the bonds
herelnbefore named and designated were issued.
The option is hereby extended to the holders
of the above-numbered bonds to receive instead
of payment and in exchange thereof 4%% Galveston Grading, Filling and Drainage Bonds,
which are due forty years from date, the city
AND
reserving the right at any time after twenty years
from the date of the bonds to redeem, selecting
by lot the bonds to be so redeemed.
T. J. GROCE,
No. 2 WALL STREET N .• YORK
Treasurer of the City of Galveston.
CorresbondenceInvitad
LIST OF SPECIALTIES ON REQUEST
CITY OF GALVESTON
Issued by It In the year 1883
INVESTMENT SECURITIES.
BEASONGOOD &
CHELTEN TRUST COMPANY
5614
JOHN H. WATKINS
MUNICIPAL
RAILROAD BONDS
Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO
MINING ENGINEERS.
H. M. CHANCE
Consulting Mining Engineer and Geologist
COAL AND MINERAL PROPERTIES
Examined, Developed, Manared
PHILADELPHIA. PA
837 Drexel Bids.
THE CHRONICLE
646
Wrnst ti.Dompanic6.
[VOL. Lxxxvin.
Trust (Companies.
thillog Stales Trust Compaq of low York.
Chartered 1853
45 and 47 Wall htreet.
.
•
.
•
CAPITAL,
SURPLUS AND UNDIVIDED PROFITS,
•
-
$2,000,000.00
$13,412,564.21
Manhattan
Trust
This Company acts as EIecutor, Administrator, Guardian, Trustee, Court Depositary and In
other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and Invests money, securities and other property, real or personal, for estates.
eorporations and individuals.
Company
11DWARD W. SHELDON, President, JOHN CROSBY BROWN, Vice-Pres.
WILLIAM M. KINGSLEY, 2d V.-P.
HENRY E. AHERN, Secretary.
V7ILFRED J. WORCESTER, Asst. Sec. CHARLES,* EDWARDS,.2d,Asst.Sec.
TRUSTEES.
JOHN A. STEWART. Chairman of the Board.
William H. Macy, Jr..
John Cleflin,
William D. Sloane,
John J. Phelps,
Gustav H. Schwab,
John S. Kennedy,
Frank Lyman,
D. 0. Mills,
George F. Vietor,
Lewis Can Ledyard.
James Stillman,
Lyman J. Gage.
John Crosby Brown;
W. Bayard Cutting,
Charles S. Smith,
William Rockefeller,
Alexander E. Orr,
Payne Whitney,
Edward W. Sheldon
Chauncey Keep,
George L. Rives,
Arthur C. James,
20
Wall Street
Corner Nassau
lithloisTrust&SavingsBank
NEW YORK
CHICAGO
Capital and. Surplus
$13.,200,000
Pays Interest on Time Deposits, Current and Reserve Accounts
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business,
UNITED STATES
MORTGAGE & TRUST
COMPANY
NEW YORK
CORRESPONDENCE INVITED.
he Torporation "Ernst To.
37 Wall Street, New York, maintains the most
complete system in existence for the organization
of corporations in every State.
Information regarding the corporation laws and
practice furnished without charge.
The
Trust Company of America
37-43 WALL STREET, NEW YORK,
COLONIAL BRANCH:
LONDON OFFICE:
222 Broadway, New York.
95 Gresham St., London, E. C.
CAPITAL,
$2,000,000.00
SURPLUS,
$4,000,000.00
Invites Personal and Business
Accounts. Acts as Trustee, Executor, Administrator, Guardian and in All Fiduciary
Capacities.
Certifies Municipal and Corporation Bonds.
55 Cedar St.
73rd St. & B'way
125th St. & 8th Ave.
THE INTERMTVINAL BANK
60 WALL STREET, N. Y.
Capital and Surplus
Facilities Afforded for Transacting Foreign
Business through the Branches of the
INTERNATIONAL BANKING
CORPORA1 ION
Capital and Surplus
CAPITAL AND SURPLUS $8,000,000
Issues interest-bearing certificates of deposit.
Receives deposits subject to check.
fluanciai.
$600,000
Individual and Commercial Accounts Invited.
INTEREST
PAID
$6,500,000
ON TIME
DEPOSITS
Thomas II. liubbard,
President.
J. S. FEARON, Vice-President.
JOHN HUBBARD, Vice-President.
JAMES H. ROGERS, Cashier.
CHAS. S. LIPPINCOTT, Ass't Cashier.
BRYCE METCALF, Ass't Cashier
Adrian H Muller & Son
AUCTIONEERS.
Wilkinson, Reckitt, Williams & Co.
CERTIFIED PUBLIC ACCOUNTANTS
Regular Weekly Sales
STOCKS and BONDS
EVERY WEDNESDAY.
NEW YORK
CHICAGO
PHILADELPHIA
52 Broadway
Marquette Bide'.
Mutual:Life Bider.
LONDON, ENGLAND
Leadenhall
Office, No, 55 WILLIAM STREET,
Corner Pine Street.
R. T. Wilson & Co.
Bankers & Commission Merchants
83 WALL STREET
.
NEW YORK
@FedFRASER