Full text of Commercial and Financial Chronicle : May 22, 1909, Vol. 88, No. 2291

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financial

The

Ofl1Miit(j1l

§w

windy

INCLUDING
Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers' Convention Section

VOL 88.

Electric Railway Section
State and City Section

SATURDAY, MAY 22 1909.

The Thronitte.

NO. 2291.
Week ending May 15.

Clearings at-

PUBLISHED WEEKLY.

1909.

1908.

Inc. or
Dec.

1907.

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WILLIAM B. DANA COMPANY, Publishers,
P.O.(lox 958. Front, Pine and Depeyster Sts., New York.
Published every Saturday monthly by WILLIAM B. DANA COMPANY
William B. Dana,President; Jacob Seibert Jr., Vice-Pres. and See.; Arnold
G. Dana,Treas. Addresses of all,Office of the Company.

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

265,410.280
25,000,100
15,943,353
17,860,536
11,060,399
8,907,346
5,457,000
4,048,866
2,672,409
2,807,977
1,977,494
2,249,476
1,245,352
806.942
1,008,193
705,000
754,965
1,005,315
676,619
547,437
534,092
450,795
511,538
822,345
375,000
357,776
423,362
322,063
204,580
219,729
43,735

Tot MId.West.

375,000,074

San Francisco.._
CLEARING-HOUSE RETURNS.
Los Angeles
The following table, made up by telegraph, &c., indicates Seattle
,,
Portland
that the total bank clearings of all clearing houses of the U.S. Salt Lake City
for week end. May 22 have been $3,053,550,581, against $3,- Spokane
Tacoma
241,629,116 last week and $2,610,106,706 the week last year. Oakland

38,616,807
14,053,682
13,223,010
8.003,362
6,109,550
8,056,679
5,112,567
1,953,190
1.252,000
969,974
959,000
934,107
59500
,0
443,204
506,292
405,630
400,000
169.939

Clearings-Returns by Telegraph May 22.

1909.

1908.

%

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,535,923,116
•124,399,719
111,435,189
24,249,204
231,814,504
59,174,780
11,490,058

$1,340,414,969
123,310,464
98,890,958
18,328,533
192,022,795
49,420,872
12,401,517

+14.6
+0.9
+12.7
,• ...
+3h-,,
+20-7
+19.8
-7.3

Seven cities, 5 days
Other cities, 5 days

$2,098,492,570
422,974,382

$1,834,790,108
335,986,287

+14.4
+25.9

Total all cities, 5 days
All cities, 1 day

$2,541,466,952
512,083,629

$2,170,776,395
439,330,311

+17.1
+16.5

$3,053,550,581

$2,610,106,706

+17.0

Total all cities for week

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, May 15, for four years.
Week ending May 15.

Clearings at
1909.

1908.

$
$
New York
2,054,902.862 1,548,309,960
Philadelphia_
.._
129,824,384 123,518,901
Pittsburgh
42,459,721
39.486,970
Baltimore
29,877,089
24,790,043
Buffalo
9,357,904
8,533,879
Albany
5,456,136
5,660,189
Washington
6.702,741
5,419,678
Rochester
3,814,826
3,710,542
3cranton
2,384,956
2,065,706
2,075,374
3yracuse
1,644,475
1,550,000
Reading
1,341,755
Wilmington
1,505,067
1,308,679
Wilkes-Barre_
1,164,183
1,150,461
1,603,031
Wheeling
1,441.143
1,155,886
Harrisburg
1,024,897
882,997
York
822,108
707,469
Erie
656,528
541,325
3reensburg
570,076
449,300
Binghamton _ __
526,000
)hester
428.830
461,175
Altoona
455,063
499,516
Franklin
243,532
240,978
Crenton
1,533,773
1.898,370

Inc.
Dec.
or

1907.

%

$

1906.

$
+32.7 1,613,334,927 1,928,702,798
+5.1 144,546,811 139,460,639
+7.5
49.805,561
40,033,477
+20.5
28,511,467
26.465,576
4-9.7
9,513,183
9,069,564
-3.6
8,736,409
6,932,567
+23.7
6,227,556
6,566,834
+2.8
3,655.294
3,616,782
+15.4
2,073,142
1,713,562
+26.2
2.342,185
2,673,970
+15.5
1,445.107
1.295,703
+15.0
1,349,974
1,170,857
+1.2
1,292,543
949,546
+11.2
925,435
1,227,613
+10.6
1,372,282
906,412
+7.4
+16.9
801,022
634.823
-5.0
494,473
533,421
-14.6
598,900
579,600
-7.0
520,762
534,004
-8.9
+1.1
306,785
302,952
-19.2

Total Middle-- 2,299,216,509 1,775,101,929 +29.6 1,878,155,986 2,178,073,357
Boston
Providence
Hartford
New Haven
bringlield
Worcester
Portland
Fall River
New Bedford......
Lowell
Holyoke

163,921,170
9,299,200
3,652,344
2,915,072
2,371,362
1,640,683
1,715.981
999,828
996,800
510.604
486,144

141,650,449
7,241,700
3,309,318
2,234.482
1,696,383
1,576.627
1,728.131
963,933
790,056
500,025
421,294

+15.7
+13.6
+10.4
+30.5
+25.0
+4.1
-0.7
+15.7
+26.2
+2.1
+15.4

157,947,398
9,212,400
3,673,780
2,564,383
2,175,677
1,909.380
1,799,883
954,939
763,394
609,662
522,505

152,658.409
7,910,700
2,993,950
2,257,124
1,889,469
1.470,422
1,848,688
1,082,462
720,677
470,019
493,550

Total New Eng.

187,439,194

162,212,898 4-15.6

182,133,401

173,795,470




San Diego
Helena
Sacramento
Fargo
Sioux Falls
S
ran Jose
resno
Stockton
North Yakima ....
Billings
Total Pacific

101,653,986

Kansas City _ _
44,735,681
Minneapolis
18,230,490
Omaha
14,573,629
St. Paul
8,515,141
Denver
8,671,061
St. Joseph
5,149,902
Des Moines
4,037,763
Elloux City
2,621,644
Wichita
2,430,938
Lincoln
1,341,412
Topeka
1.292,233
Davenport
1,097,229
Cedar Ranh's_992,013
Colorado Spring;
755,625
Pueblo
567,824
Fremont
352,193
Total oth.West

115,364,778

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

62,756,230
16,361,872
11,379,410
14,787,308
5,369.500
7,223,723
9,136,911
5,227,640
5,927,039
3,459,579
3,297,300
2,590,514
2,115,000
2.032,271
1,429,338
1,332,548
1,690,556
1,027,943
1.525,000
1,220,522
1.220,190
711,955
573,538
'713,562
247,226

Total Southern

227,923,655 +16.5
23,341.350 +7.1
16,131,211 -1.2
17.010,177 +5.0
9,965,786 +16.0
7,416,072 +20.1
4,573,400 +19.3
3,868,073 +4.7
2.517,166 +6.2
2,401,951 +16.9
1,569,198 +26.0
1,796,533 +25.2
956,066 +30.2
976,978 +2.3
769,125 +31.1
600,000 +17.5
597,444 +28.5
580,124 +73.3
540,919 +25.1
494,098 +13.1
412,909 +29.3
401,394 +12.3
401,664 +27.4
392,739 +114.9
332,969 +12.6
297,925 +20.1
22293,575 +49.4
271,149 +18.8
135,104 +51.4
166,607 +31.9
27,994 +56.2
326,921,354 +14.7
35,930,536
10,952,939
8,767,24,
3
5,900,000
4,438,466
5,917,425
4,014,946
1,595,077
725,000
603,013
749,000
513,924
494,000
445,734
407,194
369,922
"292596
1122:756

+7.5
+29.2
+50.8
+35.6
+37.6
+36.2
+27.3
+16.2
+72.7
+60.9
+28.0
+91.9
+20.9
--0.6
+24.3
+10.0
+41.5
+38.4

1906.

$

266,230,509
28,844,700
18,402,190
15,889,936
11,130,611
8,176,273
5,745,700
4.280,312
2,740,993
2,580,662
2,142,734
2,031,295
996,860
883,407
749,872
778,000
655,054
613,492
648,306
630,567
367,175
395,908
363,276
643,721
442,283
358,311
360,313

209,014,779
25,833,050
17,041,953
13,567,222
9,438,881
6,577,719
5,608,200
3,987,441
2,342,302
2,488,851
1,843,726
1,687,097
997,106
712,731
759,053
699,000
605,920
629,373
509,298
406,264
320,886
312,503
344,100
518,385
248,674
358,108
280,602

211,312
144.317
33,000

239,629
100,836

377,475,085

307,479,820

44,344,617
13,053,881
11,371,582
7,910,667
6,259,271
6,173,907
5,058,769
2,981,832

11,424,921
9,052,755
5,138,627
5,402,455
4.439,511
4,123,786
2,900,000

1,053,476

786,266

462,521
385,400
437,801

429,596
329,090

82,118,557 '+23.8

100,093,624

44.027,007

+29.1
-5.7
+23.9
+4.6
+11.9
-9.6
+40.4
+21.0
+63.4
+6.2
+20.4
+36.6
+24.3
+9.6
+34.8
+31.4

34,465,562
24,560,337
11,507,908
9,663,536
8,014,620
5,591,375
3,295,885
2.231,496
1,368,649
1,376.060
1,041,519
963,724
589,465
616,897
672,206
274,762

22,465,562
16,036,813
9,715,457
7,287,424
6,517,776
4,934,978
2,947.347
1,681,175
1,133,489
1,091,733
875,997
782,533
540,709
632,564
509,642
175,314

99,471,504 +15.9

106,233,990

77,297,513

+5.3
+21.9
+7.0
+56.1
+5.8
+22.1
+97.1
+22.1
+17.7
+16.0
+11.4
+50.0
+23.3
+31.3
+3.2
-29.2
+34.3
+39.3
+49.9
+17.4
+5.4
+23.6
+3.5
+56.6
17.4

69,424,127
16,965,479
14,125,499
12,449,957
6,924,500
6,107,954
4,909,771
4.136,997
3,934,825
4,299,907
3.357,597
3,233,557
2,182,032
1,559,148
1,594,223
1,490,414
1,549,423
1,370,955
938,921
1,375,958
1,316,500
650,000
499,935

57.388,523
16,161,597
12,319,127
8.97,021
5,350,000
5,351,086
4,679.031
4.563,309
2,638,473
4,666,047
4.256.083
2,749,470
2,078,512
1,335,278
1.324,476
1,310.240
1,762,604
1,176,477
800,000
1,440,966
1,522,521
574,443
460,000

34,928,507
10,334,915
11,775,897
9,142,364
7,745,765
5,896,123
2,976,073
2,166,354
1,497,459
263,259
1,779
1,073,
903,200
799,349
699,278
421,172
268,111

62,756,230
13,421.145
10,630,771
9,470,643
5,076,500
5,916,565
4,128,340
4,292,255
5,036,917
2,996,332
2,959,915
1.727,524
1.715.034
1,547,509
1,3135,499
1,372,636
1,259.185
1,276.109
1,024.443
1,039,372
1.157,544
575,725
554,245
455,514
299.423

162,954.5751 138,694,181

+17.5

164,246,271

142,779,284

To-rarill

3,241,629,1idj2,584,520,42371-i57
-25.4 2.808,3382,924,285,451

Outside N.Y

1,186,646,254 1,036.210,463 +14.5 . 195,003.4301 994,749,653

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

31,893,918
27,049,061
13,459,310
4,595,429
3,740,531
2,250,907
2,098,624
1,541,744
1.377,249
1,136,036
1,623,769
1,365,357
822,321

27,167,471
20,924,168
10,692,036
3,139,661
2,992,339
1,932,519
. 1,633,902
1,359,792
1,196,423
1,177,299
955.599
962,046
639,893

92,932,155

74,741.037 +24.3,

+17.4
+29.3
+26.0
+46.1
+25.4
+16.5
+27.9
+13.5
+16.1
-3.5
+69.9
+41.9
+28.5

30,453,976
23,987,035
12,564,990
3,725,909
3,199,929
2,203,109
1,783,724
1,712,506
1,203,918
1,309,165
1,339,834
1,077.211
880,194

28,289,474
25,406.696
9,343,100
2,295,487
2,521,148
1,647,523
1,850,317
1,509,911
1,100,214
1,143.531
969.273
723,605

85,330,299

77,569.552

1278

THE CHRONICLE

[VoL. Lxxxvin

by us from week to week differ from those filed with
OUR "RAILWAY EARNINGS" ISSUE.
the Inter-State Commerce Commission, the reader
To-day we present to our subscribers the fourth will understand that the basis of computation is differnumber of our new monthly supplement, the "Railway ent. It should also be remembered that the Interreturns deal only with railway operaEarnings Section." As previously explained, this State Commerce
company is also engaged in another
a
Where
new publication gives the figures of earnings and ex- tions.
this latter is not covered by the
business,
class of
penses for the latest month of every operating steam
returns filed with the Commission. There are only
railroad in the United States, big and little, which is
three or four of such companies altogether, but a very
required to file monthly returns with the Inter-State conspicuous instance is the Reading Company. The
Commerce Commission-altogether over 800 roads or earnings of the railway business of this company
systems, comprising an aggregate of more than 230,000 (under the designation of Philadelphia & Reading
miles of line.
Railway) will be found in the current issue of the
Besides the figures for the latest month, which this "Railway Earnings Section"; the operations of the
time is March, we also give in each issue the results Coal & Iron Co. can only be got from the company's
for the fiscal year to date. These latter on the present own statement, which we published in the "Chronicle"
occasion have special usefulness, since they cover the of May 1, page 1121.
With the returns of the separate roads as a basis, the
full three-quarters of the fiscal year beginning with the
ate Commerce Commission prepares general
Inter-St
first of last July-that is, they cover the nine months
covering all the roads in the country.
summaries
ending March 31. There are always some companies
summaries are very elaborate and embrace all
These
which are behindhand, and where in any case the
the various items of receipts and expenditures, and
March figures are missing we have inserted those for
hence considerable time elapses before they are availthe very latest month to be found in the public records. able in their final and complete form. In previous
Our means of obtaining transcripts of these monthly issues of the "Chronicle" we published the summaries
statements are perfect, and all returns which had been for all the months in their complete form from July to
filed with the Inter-State Commerce Commission at January inclusive. Below we give the results for
Washington up to yesterday will be found included February and March. The figures for March, howin this new number of our "Railway Earnings Section." ever, as prepared by the Commission, are as yet inNot only do we give all the roads making returns, but complete, comprising only the 246 Class A roads. In a
on
we also show all items, both revenue and expenditures, separate article on a subsequent page we comment
for
certain
using
this
March,
purpose
for
showing
the
included in the returns, with only t hree minor extotals prepared by ourselves (covering merely those
ceptions.
main items, namely aggregate gross earnings, aggreWe take every precaution to guard against errors,
gate expenses and aggregate net earnings) for the
but if any mistakes should unfortunately creep in whole 715 roads which had filed their statements for
we wish to caution the reader against assuming that that month up to last night.
such blunders are necessarily of our own making.
MONTHLY EARNINGS OF UNITED STATES RAILROADS.
Per Mite Raft*
Mite Ratio
of
many
the
month,
last
returns, Amount. Per
FEBRUARY.
Amount. of Line. PerCt.
As pointed out
of Line. PerCt.
1908.
1909.
s
RAIL OPERATIONS.
especially in the case of the smaller roads, come to us
$
$
109,735,158 487 98 68.59
120,955,306 524 71 69.57 Freight Revenue
159 22 22.38
35,805,068
Revenue_....
Passenger
is
it
and
no
state,
easy
task
unto
muddled
21.74
00
164
37,805,501
in a very
56 49
7.94
7.67 Other Transpert'n Rev_ 12,702,811
57 87
13,339,453
1,722,905
7 66
Rev
1.08
Non-transPort'n
1.01
60
7
1,751,864
them.
in
Where
tangle
discrepancies
ravel the
16,954
Revenue
08
.01
Unclassified
.01
07
15,082
to
undertake
we
notice,
our
clear
up
them
come to
173,867,206 754 25 100.00 Total Gross Earnings... 159,982,896 711 43 100.011
81 73 11.49
86 99 11.53 Maint. of Way & Struc_ 18,379,021
ourselves, or we have our representative at Washing- 20,052,524
121 72 17.11
29,557,525 128 22 17.00 Maint. of Equipment__ 27,571,118
16 81
3,780,154
2.36
2.29 Traffic Expenses
17 30
3,088,540
the
of
statistical
the
department
Interconsult
ton
304 14 42.75
66,104,897 286 77 38.02 Transport'n Expenses_ 68,394,518
37
5,030,836
22
3.14
Expenses
General
2.98
22 48
17,014
08
.01
State Commerce Commission with regard to the 5,181,769
.01 Unclassified Expenses_
06
13,721
Exp__
122,972,661
546
Operating
is
85 76.86
however,
it
Manifestly,
in
impossible
the
same.
124,898,976 541 82 71.83 Total
37,010,235 164 58 23.14
case of such a tremendous mass of figures, covering 48,968,230 212 43 28.17 Net Earnings
OUTSIDE OPERATIONS,
verify
all
every
and
the
to
statement
pages,
30 solid
11 28
Gross Revenues
14 63
3,372,947
2196
5,g8
Total Expenses
figures in the same; hence there is always a chance that 3,523,812 15 29
41,747
19
Net Revenue
66
_ _ 37,051,982 164 77
COMBINED NET..
some of the blunders made by the railroads themselves det.150,865
48,817,365 211 77
6,752,702
3003
1-12 Annual Taxes_ _ 31 39
7,236,171
will be repeated.
30,299,280 134 74 -FINAL NET
41,581,194 180 38
Number of Returns_ _
764
792
As previously announced,the information contained
Mileage Operated
224,875
230,516
in this new publication is entirely additional to what
MARCH.
RAIL OPERATIONS.
we have all along been furnishing in the way of current 129.031,378 685 95 72.03 Freight
Revenue
112,057,012 609 54 70.27
197 93 20.79 Passenger Revenue_ _ _ 34,696,089 188 73 21.76
earnings. We continue to give in the columns of the 37,232,617
61 46
7.03
8043 6.35 Other Transport'n Rev. 11,298,378
11,366,889
1,418,353
Non-transport'n Rev.
.89
771
"Chronicle" from week to week the same elaborate 1,492,094 7 93 .83
159,469,832 867 44 100.09
179,122,978 952 24 100.00 Total Gross Earnings
of Way & Strue_ 17,090,677
92 97 10.71
and comprehensive figures that we have always been 19,683,039 104 64 10.99 Maint.
28,182,430 149 82 15.73 Maint. of Equipment_ _ 24,824,821 135 03 15.57
18 06
2.08
3,319,443
2.01 Traffic Expenses
3,599,090
19 13
publishing,and we also give the gross and net earnings 61,966,768
329 43 34.60 Transport'n Expenses_ 61,649,746 335 34 38.66
2.79
23 40
4,301,287
as received each week of the more important of the 4,375,909 23 26 2.44 General Expenses
roads reporting to the Commission-that is, we publish 117,807,236 626 28 65.77 Total Operating Exp.. 111,185,974 604 80 69.72
Net Earnings
48.283.858 262 64 30.211
the totals of the gross and net in the "Chronicle" in 61,315,742 325 96 34.23OUTSIDE
OPERATIONS.
Revenues
2,368,420
12 88
the week when received, in advance of the appear- 3,455,202 18 37 -___ Gross
2,253,679
12 26
18 18 -___ Total Expenses
3,419,285
ance of our "Railway Earnings" issue. In a word,
62
114,741
19 -___ Net Revenue
35,917
COMBINED NET
48,398,599 263 26
326 15 n whatever form the returns come to hand we make 61,351,659
32 87
1-12 Annual Taxes.... 6,042,582
34 22
6,436,671
room for them in the "Chronicle." If the figures 54,914,988 291 93
FINAL NET
42,356,017 230 39 ...Number of Returns...240
246
furnished by the companies themselves and reported
183,839
Mileage Operated
188,106




MAY 22 • 909.

THE CHRONICLE

•1279

The advance of yi of a penny per ounce in the price
THE FINANCIAL SITUATION.
of gold bars at London on Monday, as the result of
A crisis in the international exchange situation Austria's successful bidding for the 33/ millions
of
developed this week. Last week and previously, Cape gold that was offered at the British capital on
though the requirements for the settlement of balances that day, and the coincident fall in exchange at
Paris
were urgent, the inquiry could not be fully satisfied on London to 25 francs 15 centimes, doubtless conwith bills, and the deficiency in the offerings of such tributed to increase the profit of the engagements
not
drafts had to be met by a resort to gold in lieu of ex- only of bars but of coin for export. Austria's bidding
change. But only a special form of the metal, that for the metal indicated that her requirements
are
of bars, was acceptable at Paris, which centre offered not yet satisfied and the decline in French
exchange
the greatest advantage for gold-export operations; seems to show that Parisian bankers
are still liquibars, however, were in limited supply for reasons dating securities at London and withdrawing
balances
hereinbefore stated, and therefore the volume of ex- therefrom.
ports of gold was restricted. This week the demand
London was not a competitor for the.Cape gold on
for exchange for remittance grew still more urgent; Monday, probably because the Bank was on that
maturing obligations had to be met, exchange was not day in receipt of $750,000 from Egypt and $250,000
procurable in sufficient amounts to be available and a from Australia; the Egyptian consignment indicates
resort to gold coin was imperative. In order to effect more favorable conditions than have heretofore
exports of this form of the metal,it was necessary that existed in that country. Russia is reported to be
rates for exchange should be advanced to points which an importer of gold from London. The extentof her
would enable shippers to secure a profit on the trans- requirements is unknown, but British bankers seem
action and also to select markets where coin would be apprehensive lest the combined demands of that
acceptable. Though Paris preferred bars to coin, country, Austria and France may result in preventing
her bankers had relations with other centres, which the Bank of England from obtaining a sufficient supply
would permit of an arbitration transfer from Paris of gold to permit of the reduction
of the rate of disof the American coin on advantageous terms. Rot- count, as has been expected.
terdam had been liquidating American securities, and
therefore, as we were a creditor, her bankers accepted
It is noteworthy that the engakements of gold for
coin. London was indebted to Argentine for wheat export had no stimulating influence
upon the market
and we were obligated to British bankers for securi- for money; loans at call were effected
at the rates
ties which had been sold; we continued our remit- that have recently prevailed. Foreign capital
was
tances to Argentina on London account and thus freely offered in the time-loan branch of the
market,
effected settlements of that indebtedness. Hence, the lenders probably expecting an advance
in rates
through an advance in our exchange rates, which made as the result of the gold engagements; but
their expecshipments of coin to Europe profitable, and because of tations were not realized. Western bankers shipped
our facilities for relieving London through payments hither considerable amounts of funds, anticipating
for Argentine wheat that had been shipped to Great an improvement in the market; they,
too, were
Britain,our international exchange crisis grew less acute. disappointed. This apparent indifference regarding
The situation is, though, only temporarily relieved. gold withdrawals seems to indicate that, even though
Our international merchandise balances are diminish- the export movement should increase in volume, it
ing, owing to excessive importations, largely in an- will not be automatically checked, as
has been the
ticipation of tariff changes; our exports are de- case heretofore, by apprehensions of monetary
tension.
creasing by reason of the high prices of our exportable
On Wednesday the new engagements of gold that
commodities, and the excess of exports over imports were announced made the total to go forward
this
is rapidly being absorbed through the liquidation of week $7,750,000, of which $2,500,000 consigned
to
securities that are being returned from Europe. Paris and $2,250,000 to Argentina. Such engageMonetary congestion is so acute that gold exports, ments however had no effect upon the money market;
even if they shall be in increasing volume, can scarcely exchange was firmer notwithstanding the sale of
the
operate automatically to arrest the outflow of the above amount representing reimbursing bills and the
metal, as has been the case heretofore when like con- drawing of exchange against purchases of securities
ditions have existed. It would seem, therefore, that by London.
gold must continue to go forward in lieu of exchange
The news of the sudden death of Mr. H. H. Rogers,
until, through some fortunate circumstance, the ad- of the Standard Oil Co., on Wednesday
had only a
verse conditions shall become more favorable.
temporary influence upon the market for securities,
In the announcement of engagements of gold for and there was a piompt recovery.
shipment to Paris this week it was stated that $1,000,The shipment of gold coin, as well as of bars, to
000 gold bars formed part of the consignment, though Paris after the beginning of the week, when all
availthe supply of this form of the metal, in that office, able supplies of the metal in the form of bars
had been
had, previous to the above engagement, been ex- apparently exhausted, seemed to indicate that
French
hausted. It is suggested that this particular lot of bankers were offering inducements to American shipbars was the $1,000,000 which had been withdrawn pers to forward coin. Were this the case it would
from the Assay Office March 24, as stated in the reflect some urgency on the part of such bankers for
"Financial Chronicle" of March 27, and depos- gold, of which there is no evidence; moreover, the
ited in a trust company. The possession of these bars artificial attraction of coin has rarely been resorted
to
gave the shipper who exported them this week an ad- except at times when Paris has been in the greatest
vantage over his competitors who were obliged to ship need of gold, which condition certainly does not now
gold coin.
exist. The reason why coin has been accepted by



1280

THE CHRONICLE

[VoL. Lxxxvni.

French bankers at this time probably is that they that no recovery should be had unless the shipper has
realize the fact that their American correspondents at the time of the shipment filed a protest either with
are experiencing much difficulty in procuring bars, the Commission or the carrier against the rate which
and therafore they are willing to contribute to remove he is being charged. Owing to the prominence which
this impediment by accepting coin in part satisfaction the Commission has given the subject, unless such a
of maturing obligations. Furthermore, though bars limitation is imposed it will not be long before claim
would be exchangeable at the Bank of France for agents will be springing up all over the country, as in
notes, while such disposition could not be made of the case of street railway accidents, importuning shipcoin, the French consignees could doubtless make the pers for consent to bring suits for the recovery of
latter available in other Continental centres—perhaps damages and offering to take up the cases for a conVienna, Berlin or St. Petersburg—to which they were tingent fee. The result would be endless litigation.
That there is urgent need for some step of this kind is
remitting, and where American coin would be accepevident from the constant reduction in rates which the
table.
Recently, it will have been observed, the gold bars Commission is making and the numerous instances
that have been shipped to Paris have been in com- where "reparation" is awarded. For illustration, we
paratively small amounts, the sum exported being will refer, as we have once or twice before, simply to
about equally apportioned between bars and coin; the record of the Commission's work for one single
such a division enables the value of the shipper's con: day, as given in one of its daily bulletins which
signment to be satisfactorily averaged and thus be reached us in the mail this week. In a case against
made more profitable than if coin only were forwarded. the Milwaukee & St. Paul the rate on saw-dust from
In order to secure the bars that are desired to effect Duluth, Minn.,to Andover,So. Dak.,was reduced from
shipments of this character, arrangements are said to 16 cents to 12 cents (per 100 lbs.) and "reparation
have been made with the Assay Office by intending awarded." In another case, against the same comshippers to take the daily product of the office, pany, the rate on chairs from Grafton, Wis., to Chiamounting to about $80,000, more or less, instead of cago, Ill., was reduced from 171A cents to 15 cents
waiting until larger sums had been manufactured. and the exaction of switching charges for two small
If the above-noted lot should be procurable in an inter- cars instead of one large car held to be not in accord
val between the sailing days of the steamers going to with the road's tariff provision. The laconic expresor touching at French ports, the bars that had been sion follows: "Reparation awarded." In a case
daily produced in such interval would be withdrawn against the Chicago & North Western the rate on soft
from the Assay Office and stored in the shipper's coal from Sterling, Ill., to Wausa, Neb., is cut from
$5 20 per ton to $2 70 and reparation awarded. In an
vaults until they were required.
The adoption of this method of procuring gold bars action against the West Jersey Express Co. it is held
for export has become necessary because of the keen that the exaction of double merchandise rates on small
competition for the metal in this form, bars yielding live animals, where they do not require feeding or
a greater profit to shippers than coin. So long as such watering en route, is unreasonable, and the same ruling
method shall be pursued, and while the demand for is made in a case against the Yazoo & Mississippi
bars for export continues urgent, the melting, refining Valley with reference to the rate on cypress lumber
and assaying facilities of the office will be actively from Baden and Kirkpatrick, Miss., to Davenport, Ia.,
employed, and there will be less obstruction to the but there is nothing in these cases to indicate whether
movement of gold, through exhaustion of supply, than there was an award of damages or not. On the other
heretofore, when shippers have awaited the weekly or hand, in a suit against the Wabash RR., "reparation
monthly production. The holding in reserve in was awarded on account of imposition of an unreasonbankers' vaults of the results of daily meltings will able freight charge on a shipment of corn from Bates,
enable shippers to contribute to a comparatively Ill., to Detroit, Mich., because of carrier's failure to
steady outflow of the metal so long as shipments shall supply a car of the size ordered by the complainant."
be profitable. If coin will satisfy exporters' require- It will be observed that the rate alone does not always
ments, it can be readily procured on short notice, thus furnish the sole basis for an award of damages—a circumstance which adds to the importance of curtailing
avoiding its reservation by shippers.
the right of recovery.
In commenting last week upon the broad and
In the course of the recent debate on the British
unqualified language used by the Inter-State Commerce
recent
the pronounced Socialists had their turn in
its
Budget,
of
to
announcements
Commission in one
the
of Commons,and one of them was outspoken
Inter-State
House
that
the
Commerce
effect
shippers, to the
law "not only gives a remedy against excessive and in hinting that the proposals did not go far enough.
unreasonable rates as applied to shipments to be If we have any influence on future budgets, said he,
made in the future, but also affords the shipper means this is not the extent of the taxation that will be laid
of recovering excessive charges on shipments made in on unearned incomes; it is not the last tribute the
the past," and suggesting that any such privilege should idle class will be called upon to pay for dealing with
be curtailed, we overlooked the fact that the law itself the problem of poverty. This language is both.frank
confers a right of recovery for two years. This being and unmistakable, but he did not stop there. "Our
the period fixed in the Hepburn Act, the Commission object," he added, "is to make the rich poorer and
obviously could not reduce the time. The matter, the poor richer; there is no other way under heaven to
therefore, is one for the consideration of Congress make the poor richer than by making somebody else
rather than of the Commission. The time certainly poorer."
It is needless to take large space to show the error
should be reduced—three months ought to suffice, or
six months at the outside. Furthermore, we think of this as a piece of political economy or of either



MAY

22 1909.1

THE CHRONICLE

1281

governmental or social science; a little reflection upon
The export movement of merchandise from the
what the words mean, distinct from their catchy United States for the month of April 1909, as indicated
sound, which would please the ears of any street- by the official trade statement, continued upon the
corner audience, is enough to show their utter fallacy. restricted scale noted in March. The total, at $125,The most ordinary test breaks them. They imply 201,219, was the smallest for the corresponding period
that production has an impassable limit; that of the in any year since 1904, recording a decrease of 83(
1
means of comfort and enjoyment there can be only a millions of dollars from last year and exhibiting a loss
fixed quantity in this world, and no person can have of 321
/
1 millions from 1907. Breadstuffs shipments
any more than he now has except by seizing it from reached a smaller aggregate value than in any month
some other person. This is notoriously the doctrine since June 1 1906, having been only $7,653,357, as
of outspoken communism; it would divide and re- against $10,307,072 for April 1908. The decrease
divide what good things exist, instead of aiming and from last year was due entirely to the marked falling
laboring to increase their quantity. The thing is off in the outward flow of wheat, which was barely
rarely stated with such blunt directness; but it is a
a million bushels, contrasting with 33 millions for
benefit to get it held up where the light can strike the month a year ago. Provisions exports were also
through its utter falsity.
less for the mouth than for April 1908, and the same
The record of all human progress proves that men was true of cattle and hogs. Partly offsetting these
rise by other means than pulling others down. Eng- losses, moderate gains in shipments of cotton and minland knew a day when royalty had no glass in its win- eral oils are to be noted, but the aggregate value of
dows and no pillows for its head; now the common all the items referred to was only $53,186,564, a total
laborer has both, but not by having taken from the over 2 millions of dollars less than for April a year ago
richer something the rich man of that ancient day and 22 millions below the month in 1907. Other artipossessed. It is certain that the common man is cles of export for which no advance data are furnished
on the whole better off now than he was in the four- reached a value collectively of 72 millions of dollars in
teenth or even in the eighteenth century; he has be- April 1909, against 78 millions in the month of 1908
come so by increase in quantity and number of good and 82 millions in 1907. For the four months of the
things, not by making others poorer. Nor can ine- calendar year 1909 the total merchandise exports
qualities ever disappear. They are in the scheme of were $547,257,162, or a decline from 1908 of 1013'
creation, nor has any rational idea of heaven itself millions, and for the ten months of the fiscal year 1908ever imagined that the humble saints in that blessed 09 the aggregate, at $1,422,295,096, is not only behind
abode will make advance by pulling back Paul and the period of 1907-08 by 209 millions, but is 283 milthe old prophets who had a start of even the great lions lower than in 1906-07 and moderately less than
Apostle himself. The rule has no exceptions. The in 1905-06.
unfittest perish in course of evolution, it is true;
Merchandise imports, on the other hand, while modbut progress is by accretion, by addition from within, erately under the March total, were comparatively
and never by robbing that which is in a somewhat large in April 1909. They reached an aggregate value
higher stage.
of $122,211,068, against only $87,437,827 in the month
Premier Asquith, also, in course of the same debate of 1908 and 1293/ millions in 1907—the latter the
in the House of Commons, said some things which are highest total ever recorded hi April. This free ina little startling. Answering the contention that the ward movement of goods, moreover, is one of the evinew taxation would expel capital, he asked whither it dences of the improved business situation here. For
would go. Capital, as all of us have observed, has no some months prior to February 1909 the inflow of
wish to fight; it only desires to live in peace, and it can merchandise from abroad was upon a decidedly renever be oppressed so long as it has freedom to run. stricted scale, and as a result (as we stated a month
But, said Mr. Asquith, wherever it goes in the civilized ago) stocks of foreign-made goods had been conworld, it will encounter a Finance Minister as needy siderably reduced; but with returning prosperity
as Mr. Lloyd-George. Neither in Germany, France the need for replenishment became imperative. All
nor the United States could it find rest, he said; in the classes of merchandise are coming in quite freely; even
latter, "they are engaged in rigging up a new tariff the luxuries, as the importation at New York of
and have a deficit far more formidable than anything nearly 2M millions of dollars in precious stones
we have to face here." Every civilized country, he in the month this year, against less than ji
said, is under stress of keeping up in the race for million in April 1908, clearly demonstrates. The
armament or of developing new resources and dis- inward movement. of all descriptions of
commodicovering new means of taxation. "There is no country ties for the four months of 1909 covered a value of
in the world where, when all the proposals of this $477,325,021, or a gain of 131 millions over the movebudget have been carried out, capital will be less ment for the like period of 1908 and a loss of but 35
exposed to chances of spoliation or insecurity than in millions from 1907, and for the ten months of the fiscal
this free-trade country."
year reached $1,071,247,953, comparing with $1,018,Is it true, then, that capital is already in a situation 192,236 in 1907-08 and $1,195,399,104 in 1906-07.
akin to that of a defaulter who finds that extradition
It follows from the foregoing that the favorable
treaties and all the means of modern communication merchandise balance in April 1909 was very small; it
have gone over the entire globe? It is a matter worth was only $2,990,151, or 43 millions less than in April
seriously thinking of. At least, we cannot help per- 1908,nearly 25 millions lower than in same month of
ceiving that the talk everywhere is about new means 1907, and in fact the lowest for the corresponding
of taxation and greater revenues, and almost nothing. period in any year since 1893. Furthermore, the exis said about less spending.
port balance for the four months ofthe calendar year,
at $69,932,141,is very low, comparing with 302 mil


1282

THE CHRONICLE

lions in 1908 and 155% millions in 1907. Finally, the
ten months' balance of 351 millions of dollars contrasts
quite unfavorably with the 613% millions of 1907-08
and 413 millions of 1906-07.
The gold movement of the month has not been of
important amount in either direction, the exports, at
$6,337,994, having been about 3 millions greater than
the imports, and contrasting with a similar balance of
12 millions in the month last year. For the four months
of the calendar year 1909 there was an export balance
of nearly 29 millions, against net imports of 1M millions in 1908; and in the ten months ended Apri130
1909 we exported net $32,638,328, this contrasting
with a balance of imports of $104,536,353 in the like
period of 1907-08.
The cotton-manufacturing corporations at Fall River
on the whole make a favorable dividend exhibit for
the second quarter of 1909. It is not, of course, the
best made for any similar period of recent years, but
the average rate of distribution is above the mean
of the last ten years, and the shareholders in all
reporting mills have participated. On a capitalization
of $25,125,000 there will be a distribution of $397,125,
or 1.58%, twenty-five mills maintaining the previous
year's dividend rate, three increasing the amount paid
out and six giving less to their stockholders than in the
same quarter of 1908. Last year's average dividend
for the second quarter was 1.66%, the actual amount
returned to shareholders having been $410,750, or
813,625 more than in the current year. In the ten
years prior to that time (1898 to 1907 inclusive) the
highest rate of distribution was 2.21% in 1907 and
the lowest 0.50% in 1898, with the average 1.42%%.
Combining the results for the second quarter of 1909
with those for the earlier period of the year, we find
that the thirty-four corporations have returned to
shareholders in the first six months of 1909 an aggregate of over one million dollars ($1,079,250) on a
capital of $25,125,000, or an average rate of 4.30%.
This compares with 3.92% in the first half of 1908,
4.70% in 1907 and 3.26% in 1906. The lowest halfyearly rate in our record is that for 1898-0.76%—
and the highest the figure for 1907 given above.
Current reports from Fall River denote that only a
fair volume of business is now being transacted, tariff
agitation not being conducive to activity in trade.
Furthermore, the recent advance in the raw material
has not been followed by a commensurate enhancement
of the value of the manufactured product. In fact,
manufacturers are not willing to trade to any great
extent on the basis of buyers' prices. The outlook is
considered good, however, for a more active business
when tariff and other matters have been adjusted.
Considerable interest just now centres upon what will
be the outcome of the next semi-annual adjustment
of wages. It will be remembered that in November
last the manufacturers abrogated the privilege to
reduce wages, that was clearly their right under the
automatic working of the sliding scale, but it was
clearly stated that the action then taken was not to
be considered a precedent. The next period of adjustment comes towards the close of May, and while
margins have been better they have been under the figure warranting the present scale. There is no reason
to doubt, however, that the operatives will receive
most considerate treatment. The daily margins



Lxxxviii.

between cotton and cloth from Nov. 30 of last year to
last Saturday show that for the period of 140 working
days the average daily margin is 74.9232 points.
This, according to the wage agreement in force, would
reduce the weaving rate from 19.66 cents to 18 cents,
a reduction of practically 8%.
The executive committee of the Manufacturers'
Association will meet within a few days to act upo*
the wage margins. If the Association should decide
to cut wages, the reduction would not go into effect
until the first week of June.
The activity in building construction noticeable ix
earlier months of 1909 continued in April to characterize operations in most sections of the country; also
a conspicuous feature of the latest compilation is the
very heavy percentages of gain this year over the
corresponding period of 1908. It is moreover a
noteworthy fact in connection with the revival in this
important industry that while newer sections are
feeling its effect in no uncertain way, older commercial
centres like New York report very great activity.
Furthermore, our compilation for April includes 101
leading cities, and of that number 16 show gains of
over 100% compared with the month of 1908, and in 7
of the cities 200% is exceeded. At the same time only
24 cities return smaller totals this year than last, and of
these, Kansas City, Cleveland and Denver (where, by
the way, the losses are relatively small) are the only
points where operations reach an important aggregate.
The most notable percentages of gain reported are at
Fort Worth, Texas, 1,807%, and Haverhill, Mass.,
585%. The contemplated expenditure covered by the
building projects of April 1909 in the 101 cities aggregated $85,602,006, against $60,267,971 in the month
of 1908, or an excess of 42%, and, contrasted with the
estimated outlay of $81,836,918 in April 1907, the
gain is 4.6%.
Greater New York's approximate intended outlay
under the permits issued in April is, of course, the item
in the compilation that attracts most attention, as it
embraces nearly one-third of the expenditure contemplated in the whole country as represented by the 101
cities. The aggregate for the four leading boroughs
(Manhattan, Brooklyn, Queens and Bronx) reaches the
large total of $27,034,746, recording a gain of 60.6%
over the month of 1908 and an increase of 8% as contrasted with 1907. Outside of New York the estimated
outlay,at $58,567,260 in April this year,shows an excess, as compared with the like period of 1908, of
34.9%, and contrasted with 1907 there is a gain of
3.1%. Chicago records an increase over the aggregate
for the month a year ago of 31% and a gain of 50%
over 1907; St. Louis's excess over 1908 is 81%, and,
compared with 1907, reaches 44%; Philadelphia shows
a gain of 60% over 1908, but, compared with the previous year, there is a loss of 26%. Large gains over
last year are also recorded at Baltimore, 126%; Cincinnati, 116%; Rochester, 158%; Reading, 284%;
St. Paul, 111%; Seattle, 194%; Syracuse, 220%, and
Wheeling, 282%.
The result for the four months at 82 cities, which
the April returns enables us to complete, furnishes conclusive evidence of the great impulse given to building
construction operations thus far in 1909. The aggregate for the 82 cities, as we compile it for the four
months ended April 30 1909, was $262,370,300, which

MAY 22 1909.1

THE CHRONICLE

contrasts with contemplated expenditures of $149,725,874 in the corresponding period of 1908, or an increase of 75.2%,while, compared with estimated costs
of $227,192,529 in 1907, there is a gain of 15.5%. The
four months' exhibit for Greater New York is particularly satisfactory, the excess over last year having been
165.8% and the gain over 1907 fully 54%. Outside
of New York the increases are 46.8% and 1%,respectively.
As indicating a conspicuous feature in the foregoing
activity in building operations, it is to be noted that
current news covers reports of increasing work in
fabricated steel, for which a number of important contracts have already been placed in May, with railroads
in the matter of steel rails not being a notable factor.

1283

South America and £5,000 from Gibraltar), and
receipts of £176,000 net from the interior of Great
Britain.
While foreign exchange was strong, this condition
was chiefly due to its comparative scarcity. The demand was good, bills for remittance being sought early
in the week to pay for securities that had been sold by
London and Paris, and the requirements were only
partially satisfied with the bills that were drawn for the
reimbursement of shippers of gold. Later in the week
London bought securities, thus creating exchange,
though not in sufficient volume to affect rates.
Much of the demand for remittance was met with gold
in lieu of exchange; consequently the market was dull
and narrow, with the business confined to sight sterling. There seemed to be an entire absence of commercial bills, and no evidence that any were being
drawn, thus reflecting the stagnation in exports of
commodities resulting from the prevailing high prices.
Francs were firm at rates which permitted of direct shipments of gold to Paris at a profit without resort to
arbitration.
,
Compared with Friday of last week, exchange on
Saturday was 20 points lower for long at• 4 8625@
4 8630 and 5 points for ,short at 4 8775@4 8785; cables were 5 points higher at 4 88@4 8810. On Monday long rose 15 points to 4 8640@4 8645 and short 5
points to 4 8780@4 8785, while cables fell 5 points to
4 88()4 8805. On Tuesday long was unchanged,
while short was 5 points lower at 4 8775@4 8785 and
cables 5 points higher at 4 8805@4 8810. On Wednesday long fell 5 points to 4 8635@4 8640, short 5 points
to 4 8775@4 8780 and cables 5 points to 4 88@4 8805.
On Thursday long was 5 points higher at 4 8640®
4 8645, short 5 points lower at 4 8770@4 8780 and
cables 5 points at 4 8795@4 88. On Friday long
and short fell 5 points each.
The following shows daily posted rates for sterling
exchange by some of the leading rdawers:

Though withdrawals of gold for export to Europe
and to South America were large during the week, and
though indications seemed to point to a continuance
of the gold-export movement, the market for money
was only slightly influenced,and the tendency was in
the direction of ease. This condition was largely due
to last week's favorable bank statement; it was
directly the result of shipments hither from Western
centres of surplus funds in expectation of an increased
demand for money caused by the withdrawal of gold;
which expectations were not realized. Foreign bankers offered loans freely in anticipation of a rise in rates
resulting from such gold withdrawals; the offerings
were absorbed, however, without effecting any material change in quotations, and they were subsequently withheld. This anomalous condition of the
market seemed to indicate almost unprecedented congestion, as it was apparently unrelievable, at the
moment, through gold exports. It would, therefore,
seem that relief could come only as the result of a
revival of business and industrial activity.
Money on call, representing bank and trust company
balances, loaned at the Stock Exchange during the
week at 2% and at 1/
31%,averaging about 1%
3 ; lending
institutions generally quoted the latter rate as the
minimum. Time loans on good mixed Stock Exchange
Fri., Mon., Tues., Wed., Thurs., Fri.,
May 14 May 17 May 18 May 19 May 20 May 21
collateral was 2/
1 1@2M% for sixty and 2% for Brown
560 days 4 87
87
37
87
87
87
Brothers & Co
1Sight__ 4 883
88;4
ninety days, 23%@3% for four to five months—with Kidder
88%
883
883.
883
560 days 4 87
87
87
87
87
7
dr
Company
1Sight.
_ 4 885-i
88%
88%
88%
foreign money at the lower figure; 3@34%
883
885,
1
for six Bank British
560 days 4 87
87
87
87
87
87
North America___ -1Sight-- 4 883
883
88%
88%
883 ' 883
months and 33/2@34
3 % for over,the year. Commer- Bank of
560 days 4 87
87
87
87
87
87
Montreal
1Sight... 4 88%
88%
88%
88%
88% • 883
cial paper is in better supply than has recently been Canadian
Bank
160 days 4 87
87
87
87
87
87
of Commerce
1Sight... 4 88;4
88%
883
88%
884' 8834
the case, though still below the normal, while the Heidelbach,
IckelMO days 4 87
87
87
87
87
87
heimer & Co.
.Sight.... 4 88%
88%
88%
88%
8834
8834
demand is increasing. Quotations are.33'i@3M% for, Lazard
560 days 4 87
87
87
87
87
87
Freres
1Sight__ 4 8834
88%
8834
8834
88%
8834
Bank
560 days 4 87
sixty to ninety day endorsed bills receivable, 3@4% Merchants'
87
87
87
87
87
of Canada
1Sight. 4 88%
8834
88%
8834
8834
88%
for prime and 4@4M% for good four to six months'
single names.
Rates for exchange on Friday were 4 8635@4 8645
for long:, 4 8770@4 8775 for short and 4 8795@4 88
• The Bank of England rate of discount remains un- for cables. Commercial on banks 4 86(0
8610 and
changed at 23/2%. The cable reports discounts of documents for payment 4
85@4 86. Cotton for
sixty to ninety-day bank bills in London 1%@13/2%. payment 4 853/
2@4 85%, cotton for acceptance 4 86.
The open market rate at Paris is 13g% and at Berlin @4 8610 and grain for Payment 4 85%@4 86.
and Frankfort it is 23%%. According to our special
cable from London, the Bank of 'England gained' The following gives the , week's movement of
money
£368,243 bullion during the week and held £38,487,066 to and from the interior by the New York banks:
at the close of the week. Our correspondent,further
IReceived by I Shipped by
advises us that the gain was due in about equal measure
Net Interior
Week ending May 21 1909.
N. Y. Banks. N. Y. Banks.
Movemenl. ,
to imports and receipts from the interior of Great Currency
$9,720,000
$6,104,000
Gain
$3,616,000
1,980,000
896,000 Gain 1,084.000
Britain. The details of the movement into and out' Gold
Total gold and legal-tenders
I $11,700,000
$7,000,000 ttirt $4.700.000
of the Bank were as follows: Imports, £207,000 ,(of
which £151,000 from Egypt and £56,006 from Aus7
With the Sub-Treasury operations and gold exports
tralia);, exports, £15,000 (of which £10,000 from the result is as follows:
_



THE CHRONICLE

1284

[VoL. Lxxxvni.

It is, however, not difficult to understand why these
misconceptions as to Turkish character
persistent
$7,000,000 Gain $4,700,000
Banks' interior movement, as above. $11,700,000
43,100,000 Loss 7,000,000
36,100,000
Sub-Treas. oper. and gold exports—
should have prevailed. Nothing in Turkish history,
$47,800,000 $50,100,000 Loss $2,300,000
al Total gold and legal-tenders
at least as it has been written for most of us, would
have given any logical clue to such events as those of
The following table indicates the amount of bullion the past year, and particularly of the past month.
in the principal European banks:
That the Turks were good fighters in war has always
been conceded; indeed, every one familiar with the
May
21
1908.
May 20 1909.
Banks of
of their campaigns in the Russo-Turkish war
history
Silver.
Total.
Gold.
Total,
Silver.
Gold.
1878 and the Greco-Turkish war of 1897 had to
of
x
37,571,279
38,487,066 37,571,279
England__ 38,487,066
146,356,120 35,670,480 182,026,600 119,048,923 36,553,164 155,602,087 admit not only a capacity for vigorous demonstrations
France
12,835,000
36,916,000
54,522,450
49.751,000
13,786,000
40,736,450
Germany _
7,184,000 119,724,000 against hostile forces, but a temperament which adRussia a.._ 123,446,000 8,649,000 132,095,000 112,540,000 13,305,000
59,978,000
Aus.-Hunb 55,397,000 12,861,000 68,258,000 46,673,000 26,410,000
41,978,000 mitted of the strictest discipline. To this extent
15,923,000 32,188,000 48,111,000 15,568,000
Spain
Italy d__ 38.350,000 4,742,000 43,092,000 36,373,000 4,415,000 40,788,000
4,259,700
7,690,700
11,950,400
13,382,600
3,712,100
9,670,500
Neth'Iands
events of the past went some distance to explain the
Nat.Belg.d 4,262,667 2,131,333 6,394,000 4,098,667 2,049,333 6,148,000
3,893,000
4,342,000 3,893,000
Sweden — 4,342,000
ople.
3,412,000 recent orderly military movement on Constantin
4,745,100 3,412,000
Switzerrd. 4,745,100
1,465,000
1,645,000 1,465,000
Norway _ 1,645,000
,
impression
the
whole,
a
But as to the Turkish people as
Total week 483,360,903 113,739,913 597,100,816 425,249,569 107,011,197532,260,766
careful
the
of
but
man
106,673,204
421,810,175
528,483,379 not alone of the average
Prey. week 480,319,016 113,666,497 593,985,513
11i1A1 tfiati
student, has unquestionably been that they, descenda The total of gold n the Bank of Russia ncludes the balance he d abroad—
other
The
banks.
Continental
In
account
Russian
held
for
amount
that is, the
ants of a fierce nomadic people who had lived in camp
proportion so held and consequently duplicated in the above statement is about
one-tenth of the total this year, against about one-seventh a year ago.
and pursued a livelihood by sword, were now-a-days
b The Austro-Hungarian Bank statement is now issued in Kronen and Heller
instead of Gulden and Kreutzer. The reduction of the former currency to Sterling
an almost hopeless degeneracy through the
Pounds was by considering the Gulden to have the value of 80 cents. As the sunk into
Kronen has really no greater value than 20 cents, our cable correspondent in
of their race.
London, in order to reduce Kronen to Pounds, has altered the basis of conversion abandonment of the original habits
by dividing the amount of Kronen by 24 instead of 20.
adaptability
coin
and
of
in
of
bullion
table
They certainly had shown a minimum
Mid The division (between gold and silver) given in our
the Banks of Italy and Belgium is made from the best estimates we are able to
no
in
their
distinction
make
banks
the
as
obtain; it Is not claimed to be accurate,
either for peaceful pursuits of agriculture or for effiweekly returns, merely reporting the total goldlandisilver; but we believe the
division we make is a close approximation.
cient government. It was this phase of the Turkish
character which made the incredulity of the world at
large over the revolution of last year a not illogical
TURKEY.
OF
S
PROBLEM
attitude.
THE NEW
It must be admitted that this is not the first instance
Nothing has been more striking, in connection with
than
the
mis- in very recent history where events have proved the
the second revolution in Constantinople,
conception of Turkish character by the outside world, popular notion regarding an Oriental people to have
which has been discussed during the events of the past been ill-founded. The prevalent idea regarding Japawas
few weeks. No nation ought to be better informed nese character, capacity and financial resources
ly
subsequent
what
was
from
astray
in
it
far
is
London certainly as
regarding the Turks than England, yet
ideas
were
the
recent
as
fact
the
be
to
that the most singularly incorrect ideas regarding the demonstrated
nature of the recent situation prevails. The "London regarding Turkey. That the Japanese had displayed
Times" was perhaps the most conspicuous, but by no a surprising ability to adapt themselves to Western
means the only important, English newspaper to civilization was recognized; their capacity for warfare,
was demondraw the conclusion, at the time of the outbreak by at least against an Oriental antagonist,
s,
Nevertheles
China.
with
conflict
the
in
strated
not
merely
the soldiers subsidized by Abdul Hamid,
Russia,
with
war
the
of
outbreak
the
at
existed
there
but
that
that the Young Turk movement had failed,
skepticism regarding the
it had been bound all along to fail. It was pointed early in 1904, a worldwide
a European military
meet
to
race
the
of
capacity
the
and
illustration that
out with detailed argument
regarding its ability
y
particularl
more
and
Power,
sentirevolution of last July was a matter of passing
of the war. It
ment; that it was not conducted by men of stability to sustain the prodigious expenses
Minister, M. Witte, who
or capacity, and that its inevitable consequence was was the Russian Finance
emphatically with the declarathe disintegration of the new Government forces into brought down his fist
this desk"—meaning,
conflicting elements which would become an easy prey tion that "the war will be won at
two of the enormous
or
year
a
that
explained,
he
as
to the Sultan and his advisers.
Japan to economic
Journalistic oracles which took this ground so financial burdens would reduce
positively in the early weeks of April found them- exhaustion. Neither Witte, nor anybody else, susbe able to command
selves in a somewhat peculiar position a fortnight pected that Japan would not only
all
the outside maron
facilities
credit
ary
extraordin
to
on
comment
the
necessary
later, when it became
find
would
a way to subpeople
its
own
that
but
kets,
the
whereby
t
Salonica
achievemen
remarkable military
to
their
dollars
Government's
billion
a
half
nearly
scribe
ople,
surrounded
the
Constantin
army advanced on
certainly
the
amazing preAnd
e.
expenditur
war
after
another,
it
of
and
portion
city, captured one
ideas,
which the
with
up-to-date
absolutely
the
cision,
to
palace
Imperial
capituthe
eventually compelled
the
was
under
conducted
warfare
land
and
of
military
outbreak
rapine
or
slightest
late—all without the
and
perfect
the
discipline
and
s,
commander
Japanese
of
ants
rights
non-combat
the
disorder, and with
scrupulously protected. Further than this, we have prowess of the Japanese troops, were startling revelahad presented the spectacle of a victorious army, in tions to the Western world.
In the case of Turkey, discovery of the military
what had been popularly regarded as a half-civilized
nation, announcing that it was only the arm and skill and even the demonstration of the disinterestedservant of Parliament, and that its duty is ended and ness of character among the leaders do not solve
its reward achieved when it has restored to the re- the question, how the problem of government hereis
sponsible Ministry the powers which had been tem- after is to be solved. In this regard Turkey's case.
t
governmen
nal
different from Japan's. Constitutio
porarily snatched away by the Sultan.
Week ending May 21 1909.




Into
Banks.

Out of
Banks.

Net Change in
Bank Holdings.

MAY 22 1909.1

THE CHRONICLE

had developed in Japan by slow and experimental
stages, without the shock of revolution and without
the necessity of complete industrial reconstruction.
In Turkey the experiment begins with a full-fledged
legislature at the moment when the country's material
conditions are not far from their worst. The problep
concerns not only readjustment of taxation and remission of exorbitant burdens on people unable to
bear them, but a complete rebuilding of the industrial
system. A process of this nature will test severely
both the legislative and administrative capacity of
the Turkish statesmen, and the adaptibility of the
Turkish people themselves to introduction of new
and progressive ideas. In this lies the most momentous phase of the pending experiment. That the
Turkish population has not been regenerated overnight, that the traits which have always been associated with them still remain, has been proved by the
outbreak of massacre and anarchy in Syria, at the
very moment when the Salonica army was moving on
Constantinople. The problem is, then, whether a
willing people is to support and co-operate with the
new regime, or whether a government by a few enlightened leaders, backed by the more or less precarious loyalty of the army, will have to impose its will
by force on a body of spllen citizens.
The two strongest motives for winning to political
innovation the real support of a suspicious people are
national ambition and national prosperity. The new
political movement in Japan appealed to both; so, in a
different way and under different circumstances, did
the career of Napoleon in revolutionary France; so
has almost every successful revolution. It will hardly
answer for the future that a group of Young Turks
have been educated to new aspirations and a new
patriotism by personal residence in the Western cities
and by the teachings of the Christian colleges in
Turkey. These sentiments must be imparted to the
mass of the people if the achievements of 1908 and
1909 are to be made permanent. To national ambition it is not so easy for the new statesmen to appeal;
the first result of last year's revolution was, unfortunately, the partial dismemberment of the Turkish
Empire at the hands of foreign Powers. It is the
instinct of loyalty which grows out of continued
justice, order and industrial prosperity on which the
new Turkish Government ought to place its chief
dependence. For one thing, Turkey is a fertile agricultural State, and the new experiment in government
begins at a moment when agriculture and agricultural
communities have a position of advantage in the world
of finance and commerce seldom occupied by them
in the history of the past. Using, as Turkey's agricultural population does, the most primitive methods
of agriculture, it has nevertheless produced in its
European and Asiatic provinces not much less than
60,000,000 bushels of wheat per annum. That its
capacity for production would be enormously increased
through application of modern methods on the farms
cannot be doubted. In the case of other fields of production it may be said that the same situation exists.
The question is whether the Legislature and Ministry
will develop the sort of capacity required for bringing
new methods into play in these important industries.
If this can be accomplished, then the problem,notonly
of taxation and revenue, but of the full conciliation
of the Turkish people, will approach solution.




1285

SAFEGUARDS IMPOSED BY ACCOUNTING
METHODS.
We have been favored with a copy of the paper on
"Accounting Practice and Procedure" read at the
annual meeting of the American Association of Public
Accountants last October and which has now been reprinted in pamphlet form. The paper is a well considered one and we have been attracted by the author's
treatment of his subject, which is one that concerns
not alone the accounting profession, but the general
public as well. The present is the era of large enterprises and of huge corporate undertakings, when the
investor, the capitalist and the man at the head of
affairs are all dependent upon the work of the accountant and the conscientious discharge of his duties. The
balance sheet and the profit and loss account are the
tests by which the safety of an investment or the success of an undertaking must be determined, and therefore in the last analysis we are all more or less at the
mercy of the accountant.
If the balance sheet and income account, though in
form correct, be actually misleading, and if the accountant certifies to their accuracy, simply because
they are technically correct, or if in his desire to please
the manager or the promoter so as to pave the way for
further favors from the same source, he winks at practices which should not be tolerated, the public which
places faith in him suffers through his act. Therefore,
a relationship exists between him and the public which
makes adherence to a strict code of ethics on his part
an essential of his profession no less important than
that he should be well versed in accounting methods
and principles and be competent for the work which he
undertakes.
In this of course we have reference to the accountant's functions in connection with corporate affairs
where there is a large interest in the property (represented by stock or bonds, or both) outside of the management, or where there is a consolidation or incorporation and the public is invited to participate in the
floating of the same. The paper before us covers all
phases and aspects of the relations between the accountant and those who employ him,*with the duties
he owes to the public, and also contains suggestions and
advice as to how efficiency and completeness can be
attained in accounting work. Parts of the address
deal with technical matters, in which the general
reader has no interest.
Among other things the author discusses the matter
of the accountants' duties in connection with the incorporation of new companies and the promoting of the
same. Mr. Dickinson makes an interesting comparison
between the English practice with reference to the
issue of prospectuses under the Companies Acts of
1900 and 1907 and the methods and regulations in this
country, or rather the absence of regulations. By
reason of his membership in the English firm of Price,
Waterhouse & Co. and the American firm of Dickinson, Wilmot & Sterrett he is unusually well qualified,
too, to point out the differences. It is not this
feature, however, to which we would refer on this
occasion. It is his view of what the prospectus should
contain and his outline of the responsibilities of the
accountant in connection with the same that
arrest attention. It would seem highly desirable, he says, that there should be included in

1286

THE CHRONICLE

iVoL. Lxxxvm.

It will be observed that Mr. Dickinson contemplates
every prospectus, or offer of stocks or bonds
for sale, certificates of a public accountant as no superficial or perfunctory examination, but one so
to the profits, current assets and current liabilities, comprehensive and thorough-going that the investor
and reports by engineers or other experts as to the or capitalist whose interest it is sought to enlist would
value of the capital assets acquired or to be acquired; have before him all the necessary facts on which to
and, furthermore, that the amount paid for the good- base a reliable judgment. There can be no doubt
will of a business, which is largely represented by the that such an investigation would be of the highest
optimism of the promoter, should be. clearly and utility and the only question is whether the average
separately set forth in the prospectus and not, as is accountant could be expected to have the necessary
now almost invariably the case, covered up under the skill and knowledge to speak authoritatively on such
vague term "cost of properties." With such ad- matters as "the effect of a change in import or export
ditional protection over that now given them, he duties" or of possible new competition. Possibly if
naively remarks, the public will gradually become he confined his activities to any one line or department
aware of the fact that many of the so-called bond issues of business, his opinion might in the course of time
of the present day have little, if any, security, better become valuable, though even then it would not necesthan that of common stock, and are often in fact sarily be conclusive; but accounting has not yet besaddled with all the risks of the business in order that come so specialized that the ordinary accountant can
common stock of no intrinsic value may reap the be expected to restrict his field in this way,and manieventual profits.
festly to ask him to pass judgment on these various
The author furnishes an outline of the accountant's matters in the whole range and scope of business
duties in connection with the issue of the prospectus activity looks like imposing a superhuman task upon
which shows a lofty conception of the responsibility' him. However, no fault can be found with Mr.
of the accountant. In the first place, he says, the Dickinson for setting up a high ideal for the accountaccountant's responsibility is solely and entirely to the ant,even though it is not at this stage attainable. For
public. If he is not honestly satisfied as to the good the present we are sure the ordinary man will expect
faith of the promoters, and as to the prospects of much less from the accountant in this particular than
obtaining the expected results held forth in the prospec- Mr. Dickinson asks him to give.
tus, he should decline to be identified with it or to
Mr. Dickinson calls attention to a distinction with
certify to any figures contained therein. In order that reference to statements of profits which is not always
the public, as well as himself, may judge of the results, borne in mind. He points out that there is a marked
the period covered by his examination and certificate difference between a statement of profits prepared for
should be long enough to give a true reflection of the and certified to an annual meeting of stockholders,
earning capacity of the business, or, if for any reason and one that is prepared for the purpose of showing to
a sufficiently long period is not available, the reasons prospective investors the earning capacity of the propshould be stated. Mr. Dickinson thinks that in no erty. In the former case accounts are adopted by the
case should the average profits alone be certified, stockholders at each annual meeting, reserves of variunless the stating of an average in place of the separate ous kinds are made from the profits of good years to
years is of no material importance. It will usually be carried forward to bad years, changes in methods
be found, he states, that where the promoters desire of valuations of different classes of assets are made
to have an average stated instead of the results of the from year to year, and generally the accounts are
separate years, it is for the purpose of making a better drawn up more with a view of determining the amount
showing than is really justified. It will be admitted, which can safely be divided among the stockholders in
we are sure, that there is force in this contention. A dividends than of showing the actual earning capacity
business may be on the decline, with the profits of the business. Where, however, the purpose is to
dwindling, and the giving of a mere average would show investors the true earning capacity of the busiserve to conceal the fact.
ness, it is essential that the profits certified for each
On the other hand, the author contends that while separate year be those actually earned from the operathe public accountant is bound to see that all material tions of that year, any arbitrary additions or deducfacts are set out in his certificate, he is equally bound tions due to changes in bases of valuations or otherto see that they are not set out in such a way as to wise being taken into consideration; and that they be
unduly prejudice the promoters' or vendors' legiti- free also from abnormal fluctuations due to unavoidmate interests by reducing the earnings below the able contingencies which should be provided for profigure at which they may fairly be stated, or by omit- portionately over a period of years.
ting to adjust extraordinary items of expense or
With reference to the general functions of the
follows:
as
"The
effect accountant, Mr. Dickinson makes a suggestion which in
revenue. He then, continues
duties
or
export
bounties, the a. measure is novel, namely the employment of conof a change in import or
force,
the
tenure of the sulting accountants. It is a common practice, he
in
contracts
nature and term of
property in which the business is carried on, the credit argues, on the part of corporations and individuals to
of the concern, the effect of possible competition on retain counsel on the basis of a yearly consultation fee,
what is at present a monopoly or of a cessation of which gives them the right to call upon him for legal
competition resulting from a consolidation, must all be advice at any time. This practice might with advancarefully considered,and a fair balance held all through tage to his clients be extended, he thinks, to the public
between the seller and the purchaser. It will fre- accountant, and he notes signs that such a course is
quently be found necessary also to average certain beginning to be more seriously considered. There can
profits or losses taken up in the books in a specific year be little doubt, he avers, that agreements dependent
over a period of years longer or shorter than those upon accounts or the interpretation of accounts would
covered by the examination."
frequently be better drawn and lead to less confusion,




MAY 22 1909,j

THE CHRONICLE

difficulty and litigation afterwards, if before being
finally settled they were submitted to a public accountant familiar with all the facts. Similarly, the examination of witnesses in cases involving accounts of figures
would be much facilitated and the necessary points
more clearly brought out if an accountant were retained in every such case to thoroughly investigate
the principles involved and to be at counsel's elbow
during the whole of the proceedings, to prompt him
on these technical questions.
We imagine there must be many instances where
the suggestion here made could be carried out with
great advantage—where, indeed, the idea would prove
very serviceable. A possible drawback is that too
much might be expected of the consulting accountant.
If he were not called upon except where needed, and if
he were asked to act only in an advisory and supervisory capacity—if the book-keeping and accounting
force of the establishment did not resign its customary
functions—the consulting accountant would find the
work well within his capacity to perform. If, however, the clerks stopped using their own brains and
the consulting accountant were expected to unravel
.every book-keeping tangle that might come up, he
would probably very quickly find the task too onerous
for him. Of course Mr. Dickinson's suggestion does
not contemplate the assumption of any such responsibility and we only mention the matter because it is
.one of the things that will have to be guarded against in
the contract between the accountant and his client.
AMENDMENTS TO THE INSURANCE LAWS.
Two bills of some importance amendatory of the
insurance laws went through the Legislature and
have just been approved. The first is "relative to
proceedings against and liquidation of delinquent
insurance corporations." This is the changed form of
.a bill which, as first drawn and introduced, empowered
the Superintendent for the time being, in the event
of any one of some ten named contingencies occurring,
to forthwith, without any reference to any court,
,seize all the property and business of any insurance
'company and handle it thereafter about as he pleased,
without giving any additional bond and without
.any special responsibility. The only remedy provided was a permission to any company which
deemed itself aggrieved to apply to a court, within
•ten days after seizure but not later, for an inquiry
which might result in reversing the official's action.
It is not worth while now, after this draft has been
abandoned (as it was as soon as public attention
had been turned upon it and a protest had arisen)
to consider the details; but the above is a correct
summary of it, and we refer to it because the very
fact that such a monstrosity was seriously proposed,
and was actually received at first by the Legislature
with apparent approval, is one more evidence how
far the country has drifted from the safe channels
of the past.
The ten contingencies named as occasions for
.action are superficially the same as in the first draft,
Mainly, they are: when
but are really changed.
a company is insolvent; or has refused to submit to
reasonable official inspection; or has failed to obey
within the time prescribed by law an order to make
good an impairment; or has .attempted by reinsurance or otherwise to transfer its entire property




1287

or business to another; or has wilfully violated its
own charter or any State law; or is found, after an
examination, in such condition that further doing
of business will be hazardous to its creditors or the
public.
As first drawn, violation "of any lawful
order" was an occasion; no examination and no
determination of any question of fact was required,
but the Superintendent was made both judge and
executioner, and when he chose could proceed forthwith.
Now, instead of seizing, he "may" apply
to the Supreme Court for an order requiring the
company to show cause why he should not take
possession "and for such other relief" as the case
may require.
On such application, "or at any time thereafter",
the Court may, at its discretion, issue a restraining
injunction; it shall either deny his application or
direct him to take the property and conduct the
business until further action by the Court. In case
the application is granted, his handling of the matter
is kept under orders from and responsibility to the
Court. He may appoint, to assist him, such deputies
and clerks as he desires, and may give each "such
powers to assist him as he. may deem wise," but
this is only for the purposes of this section; their
compensation is made subject to approval of the
Court, and his granted power to make, for the purposes of the section, "such rules and regulations as
shall seem to him proper," is also distinctly "subject
to the approval of the Court." Instead of being
erected into a tribunal outside of and above the
judiciary, as first proposed, the Superintendent is
kept under judicial restraint, according to the safe
custom which has treated the courts as the final
protection of liberty since liberty gained a concrete
existence.
The affair of the Washington Life and the Pittsburgh
Life having been the immediate occasion of this
new law, the last section legalizes and ratifies certain
actions of the Department in January which were
proper in the circumstances, yet technically a little
beyond the powers then existing.
The other new bill approved, " to amend the
insurance law generally," adds to the mass 20 pages,
or 500 lines, although much is repitition. It takes
from the companies the general expenses of supervision other than those of making,official examinations. The first draft took off the latter also, but
was amended before passage; the memorandum
filed with the approval justly rernarks that supervision
"is in the interest of all the people and the cost of it
should be defrayed like any other expenses of government." But since the receipts of the Department
come solely from the companies, to relieve them
from examination expenses would only take off one
extra tax.
There are some provisions relative to valaution
of securities. The companies may have credit, on
taxes, for the premiums on any portion of a risk
which is re-insured, hut are forbidden to re-insure
any risk in entirety. Licensing of agents is more
strictly insisted upon, but discrimination already
existing is carried further by allowing industrial
business to be accepted from unlicensed agents. The
expense limitations in Section. 97 are continued
unchanged, except that the term of years over which
renewal commissions may be paid is somewhat ex-

tended. The cast-iron rigidity of the section prescribing , standard forms of policies is modified by
authorizing the companies to make their own forms,
subject to the Superintendent's approval, so long
as they contain in substance certain specified provisions; but this latter requirement also is waived
as to industrial policies.
In general, insurance men will agree with Governor
Hughes's comment that "the present bill, so far as
it goes, is in the right direction;" but they will add
that it hardly does more than make a start. The
most obnoxious and mischievous parts of the law of
1906 remain scarcely changed. The evidences of
their character, however, have no effect upon Governor
Hughes. He complacently repeats his former wellknown views upon what he conceives to be the dangers
in size and declares,•of the restrictive Section 96, that
"the importance of such a limitation is apparent!,
We concede that, to him, it is.
No change has been made in the absurd demand to
close out all stocks held by the end of 1911, and he
makes no reference to that. It is safe to assume
that the investments will not be sacrificed, and it is
probable that the requirement will be modified before
that date arrives; in this connection we may note
that an extension of time has just been granted for
disposing of certain stocks by trust companies.
Unhappily, it is far easier to enact unwise laws in
an emotional hurry than to get them repealed at
leiusre; yet time will bring things around.
RAILROAD GROSS AND NET EARNINGS FOR
MARCH.
As railroad earnings last year kept growing Steadily
worse with the course of the months, so the present
year they are growing steadily better. Nevertheless,
as we have several times pointed out in these columns,
the 1909 gains, while large, are by no means equal to
the 1508 losses. In our "Railway Earnings Section"
to-day we furnish the detailed reports of earnings and
expenses of all operating steam railroads which have
filed their returns with the Inter-State Commerce
Commission for the month of March. These returns
enable us to furnish very comprehensive summaries
of the results for that month, covering practically the
entire railroad mileage of the country.
Our aggregates embrace no less than 715 separate
roads or systems, comprising an .aggregate of 223,563
miles of line in 1909, or about 96% of the entire railroad
mileage of the United States. The comparison with
last year is an extremely gratifying one, the gross
earnings recording an increase of no less than $21,278,330, or 11.78%, and the net earnings an increase
of $13,769,739, or 25.24%. The gain in the gross is
the largest both in ratio and amount of any month
of 1909 and the increase in the net in amount also
exceeds that of the preceding months, though not
being quite equal to that for February in ratio.
March (715 roads)—
Miles of road
Gross earnings
Operating expenses

[VoL. Lxxxvin.

THE CHRONICLE

1288

—Increase or Decrease—
1908.
Amount.
1909.
220,421 Inc.
223,563
3,142
1.43
$202,167,425 $180,889,095 Inc. $21,278,330 11.78
126,371,212 Inc. 7,508,591
. 133,879,803
5.94

Net earnings

$68,287,622

$54,517,883

Inc. $13,769,739 25.24

It is important that the fact should not be lost
sight of that the shrinkage last year, both in the
gross and the net, was of very exceptional proportions and that the addition the present year is so large
simply because comparison is with these heavily




reduced figures of 1908. Owing to the circumstance
that earnings were running so poorly, our March statement of last year was rather incomplete, some large
companies withholding the figures, since they did not
care to disclose the magnitude of their losses. On an
aggregate of only 152,058 miles of road, our statement
then showed a decrease of $21,531,681 in gross and
of $6,543,631 in net. We estimated that for the entire
railroad system of the country the falling off in gross
must have been about $34,000,000, with a shrinkage
of $10,000,000 in the net. As the increase in gross the
present year amounts to no more than $21,278,330, it is
evident that the amount falls over $12,000,000 short
of equaling the loss which the railroad system of the
country sustained last year. Prior to 1908, of course,
the March record had been one of almost uninterrupted
improvement. In the following we give the March
totals, just as registered by our tables each year, for
all the years back to 1896. It will be observed that in
the case of the gross there was no break in the upward
movement up to 1908, while in the net there were increases prior to that time in all the years except 1904.
Net Earnings.

Gross Earnings.
Year.
Year

Year
Inc. (-I-) 07
Preceding. Dec.(—).

March.
1896 - 52,393,093 51,220,449 +1,172,644
+869,474
1897 -- - 56,662,338 55,792,864
1898 _ _ _ 65,920,850 57,313,697 +8,607,153
1899 _ -- 71.322,133 66,789,833 +4,532,300
1900 _ 81,946,098 72,318,540 +9,627,558
1901 _ _ 96,738,826 88,084,673 +8,654,153
97,290,104 92,943,633 +4,346,471
1902
1903 _ _ _ 106,208,702 91,541,576 +14,667,126
+287.426
1904 _ 110,945 055 110,657,629
1905 -_ - 120,507,724 110,277,421 +10,230,303
1906 - - - 129,838,708 116,861,229 +12,977,479
1907 - -- 141,580,502 128,600,109 +12,980,393
141,193,819 162,725,500 —21,531,681
1908
1909 --- 202,167,425 180,889,095 +21,278,330

Year
Given.

Inc. (-I-) or
Year
Dec.(—)
Preceding.

16,004,390
17,992,125
21,833,910
23,576,797
26,782,183
32,780,439
31,299,387
33,406,751
30,628,797
36,878,227
40,349,748
40,967,927
39,328,523
68,287,622

—46,839
16,051,229
16,567,339 +1,424,786
18,045,866 +3,788,044
21,872,713 +1,704,084
23,895,780 +2,886,403
28,903,196 +3,877,243
+562,836
30,736,551
28,846,908 +4,559,843
34,291,160 —3,662.363
31,654,402 +5,223,825
35,312,906 +5,036,842
+63,814
40,904,113
45,872,154 —6,543,631
54,517,883 +13,769,739

Noe.—Includes for March 141 roads in 1896 127 in 1897; 137 in 1898; 123 in 1899
126 In 1900; 123 in 1901; 126 In 1902; 107 In 1903; 101 In 1904; 101 in 1905; 96in 1906;
94 in 1907, 103 in 1908; 715 in 1909. Neither the Mexican roads nor the coal-mining
operations of the anthracite coal roads are included in any or these totals.

It should not escape notice that expenses are manifesting an upward tendency again. In both January
and February nearly the whole of the gains in gross
counted as a gain in the net, the addition to the
expenses having been hardly more than nominal. In
March the augmentation in expenses reached a quite
respectable sum, namely $7,508,591, though of course
the gain in gross ran very much heavier than in January
and February, being $21,278,330. This change in the
course of the expenses also finds its explanation in the
1908 results, for in that month last year railroad managers began to get control of their expense accounts,
and accordingly there was, as we have already indicated, a reduction in expenses at that time in the sum
of about $24,000,000. Expenses having been cut so
low the previous year, there was no room for any very
drastic action in that particular the present year.
There was undoubtedly greater efficiency of operations, in particular as far as labor is concerned, but
on the other hand, with traffic increasing and prospects
so much brighter, some leading companies at once
began to appropriate increased amounts on account of
maintenance and renewal.
As indicating the tendency of expenses to increase,
we may cite the case of a few standard properties.
Take the Burlington & Quincy, for example. This has
added $606,309 to its gross but only $172,333 to its
net; the Chicago & North Western, with $472,444
increase in gross, actually has a decrease of $84,540 in
net. Of course there are many cases—in fact instances
of this kind predominate—where large gains in gross
have been unattended by any considerable augmenta-

•

MAY 22 1909.

THE CHRONICLE

tion in expenses or by actual decreases in the expenditures, but these generally represent roads where
expenditures the previous year were still on the old
scale. Perhaps the Erie is as conspicuous in this
respect as any road, it recording $589,432 addition to
gross for March this year, with a reduction of $54,752
in expenses, giving a gain in the net of $644,184. The
Union Pacific and Southern Pacific have also carried
forward most of their gain in gross to the net, the
former reporting $817,666 increase in gross with
$730,637 increase in: net, and the Southern. Pacific
$657,287 gain in gross with $508,275 gain in net. The
same is true with regard to the Great Northern and
the Northern Pacific, as may be seen from the following, -which shows all changes for the separate roads,
whether increases or decreases, both in the gross and
in the net, for amounts in exe,,ess of $100,000.
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
Increases.
Increases.
Pennsylvania
y$1,347,800 Lake Shore & Mich Sou_ _
$275,575
Atch Topeka & Santa Fe
878,656 Michigan Central
239,984
Union Pacific
817,666 Seaboard Air Line
213,772
N Y Central &Hud River a785,843 Rock Island
210,126
777,801 Pere Marquette
Great Northern
199,939
745,386 Minneap St Paul & S S M
Northern Pacific
183,704
Philadelphia dc Reading..
741,377 Missouri Kansas & Texas
174,497
658,323 Phiia Balto & Washingt'n
N Y N H & Hartford
173,731
Southern Pacific
657,287 Wabash
173,529
Missouri Pacific "
609,387 N Y Ontario & Western_
142,570
Chicago Burl & Quincy__
606,309 St Louis Southwestern
124,298
589,432 Texas & Pacific
Erie
117,984
Del Lack &Western_ _ _ _
555,794 San Ped LosAng & S L.._
116,803
Baltimore & Ohio
543,801 Northern Central
110,664
Central of New Jersey..__
537,436 International & Gt North
105,294
Southern Railway
507,423 Chicago St P Minn & Om
104,158
Lehigh Valley
403,020 Colorado & Southern._ 103,717
Chicago & North Western
472,444 Pitts & Lake Erie
102,088
Boston & Maine
412,063
Norfolk & Western
408,585
Representing
46
roads
Denver & Rio Grande_ _ _
365,983
in our compilation_ _ $18,639,362
Louisville & Nashville__ _
358,632
St Louis & San Francisco
346,531
Decreases.
Illinois Central
334,347 Chicago & Eastern III_ _ _
$129,219
Atlantic Coast Line
322.646 Clev Lorain & Wheeling..
116,279
Clev Cinc Chic &St Louts
302,879
Chesapeake & Ohio
302,712
Representing 2 roads
Chic Milw de St Paul_
287.366
in our compilation.._
$245,498
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where,
however, these returns do not show the total for any system, we have
the separate
roads so as to make the results conform as nearly as combined
possible
in the statements furnished by the companies themselves. to those given
a These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like
the Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate,"
&c..
the whole going to form the New York Central system, the result is a gain
of
$1,719,392.

1289

SUMMARY BY GROUPS.
Gross Earnings
Section or Group
-Inc.
(+)0"
1909.
1908.
Dec.(-).
March.
$
Group 1 (29 roads), New England__ __ 9,908,579 8,688,117 +1,220,462
Group 2(134 roads), East & Middle__ 49,872,657 43,891,363 +5,981,294 14.05
13.63
Group 3(102 roads), Middle West..___ 27,249,428
25,145,389 +2,104,039 8.37
Groups 4 & 5(146 roads), Southern..__ 26,547,443 23,705,280 +2,842,163
11.99
Groups 6 & 7(112 roads), Northwest__ 43,838,348 39,409,784 +4,428,464 11.24
Groups 8 & 9(145 roads), Southwest.... 33,367,949 29,827,105 +3,540,844
11.87
Group 10 (47 roads), Pacific Coast
11,383,121 10,222,057 +1,161,064 11.36
Total (715 roads)
202,167,425 180,889,035 +21,278,330 11.78
-Mileage-1M. 1908.
Group 1
Group 2
Group 3
Groups 4 and 5
Groups 6 and 7
Groups 8 and 9
Group 10

7,707
25,803
26,088
38,249
60,139
52,475
13,102

7,716
25,703
26,173
37,231
59,101
51,641
12,856

1909.
$
2,956,041
16,249,522
7,630,665
9,244,329
16,697,164
10,433,161
5,076,740

Net Earnings
Inc.(+)or
Dec.(-).
%
$
2,249,240
+706,801 31.40
11,070,071 +5,179,451 46.79
6,664,855
+965,810 14.49
7,067,085 +2,177,244 30.81
14,469,331 +2,227,833 15.40
9,139,584 +1,293,577 14.15
3,857,717 +1,219,023 31.60
1908.

Total

223,563 220,421 68,287,622 54,517,883 +13,769,739 25.24
NOTE.-Group I. includes all of the New England
States.
Group II. includes all of New York and Pennsylvania except
that portion west
of Pittsburgh and Buffalo; also all of New Jersey,
Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan
except the northern
peninsula, and that portion of New York and
Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States
south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula
of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all South Dakota and
North Dakota, and
Missouri north of St. Louis and Kansas City; also all of
Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the
State line, passing
through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas
and
Indian Territory; Missouri south of St. Louis and Kansas City;
Colorado south
of Denver; the whole of Texas and the bulk of Louisiana; and that
portion of New
Mexico north of a line running from the northwest corner of
the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California. Nevada,
Utah
and Arizona, and the western part of New Mexico.

As stated by us in previous months, we have
changed our system of grouping the roads so as to
conform with the grouping or classification adopted
by the Inter-State Commerce Commission. The only
departure we make from the Commission's arrangement is that we have combined Groups 4 and 5 so as
to bring all the Southern roads together under one
head; also Groups 8 and 9 so as to bring the Southwestern roads together, and have likewise combined
Groups 6 and 7, these latter comprising the systems
running west and northwest of Chicago, the mileage
1/ These figures represent the lines directly operated east and west of of most of which spreads over the
territory covered
Pittsburgh, Eastern lines showing $821,449 increase and the Western lines
$526,351; for all lines owned, leased, operated and controlled, the result by
both groups. We do not include any of the Canafor the month Is a gain of $1,822,576.
dian lines in our figures, except of course so much of
PRINCIPAL CHANGES IN NET EARNINGS IN MARCH.
Increases.
Increases' the same as lies within the United States and for
Union Pacific
$730,637 Seaboard Air Line
$194,253
N Y Central & Hud
a713,704 Lack Shore & Mich Sou.. _
186,115 which returns are filed with the Commission.
Baltimore & Ohio
690,650 Boston & Maine
183,166
Great Northern
676,107 San Ped Los Aug & S L..173,436
The confines of the different groups are indicated in
Erie
644,184 Chicago Burl & Quincy....
172,333
Philadelphia & Reading_
600,707 Norfolk & Western
165,642 the foot-notes to the above table,
Del Lack & Western.. _ _ _
but it is important
564,674 Clev Cinc Chic & St Paul..
158,218
Central of New Jersey......
548,988 Pere Marquette
155,037 to note that where a road
Atch Top & Santa Fe......
or
541,545 Minn St Paul & S S M__ _
system
covers more than
198,124
Southern Pacific
508,275 Missouri Kansas & Texas
137,472
Northern Pacific
463,441 Rock Island
135,956 one group, or.overlaps into others, we have necessarily
St Louts & San Francisco
417,992 Cin Ham & Dayton
121,822
Pennsylvania
y413,600 Florida East Coast
112,169 been obliged to place it in some particular one of the
Louisville & Nashville......
406,877 Michigan Central
100,702
NYNH& Hartford........
392,473
groups, as no way exists of dividing it up among the
Lehigh Valley
388,411
Representing 35 roads
Atlantic Coast Line
378,325
in our compilation._$12,267,112 two or more groups
where it may be located. Our
Chic Milw& St Paul_ _
369,028
Southern Railway
253,241
plan
in
such
cases
has
Chesapeake & Ohio- _
been to place the road or system
217,146
Decrease.
Wabash
202,662 Missouri Pacific
129,205 in
the group where the bulk of the revenues is appara These figures cover merely the operations of the New York Central ently obtained.
In their annual statements to the
itself. For the New York Central System, the result is a gain of $1,198,472.
y These figures represent the lines directly operated east and west
Inter-Stat
Commerce
e
of
Commission the companies are
Pittsburgh, the Eastern lines showing $415,830 increase and the Western
lines $2,230 decrease. For all lines owned, leased, operated and
controlled, required to show the amounts earned in each of the
the result is a gain of $691,405
When arranged in groups, it is found that every groups, but of course no such division is attempted in
group records improvement in the gross and also every the case of the monthly returns.
group improvement in the net. It is noticeable, however, that in the net the ratio of improvement in ITEMS ABOUT BANKS, BANKERS AND TRUST 00.'S.
-The public sales of bank stocks this week aggregate 129
Group 3, in Group 6 and 7 and Group 8 and 9 is
relatively smaller than in the remaining groups. shares, of which 70 shares were sold at the Stock Exchange
These groups cover the western part of the country and 59 shares at auction. The transactions in trust company
stocks reach a total of 110 shares. Twenty shares of stock
and it may be that weather conditions had something of the Mutual Trust Co. of
Westchester County were sold
to do in these sections with the course of expenses. at 1204-126, an advance of 11 points over last week's sale
No general snow blockades were reported, but it is price. A sale of 10 shares of stock of the Consolidated
known that locally the fall of snow was pretty heavy in National Bank, the name of which was changed March 1 to
a good many districts. The results by groups is set National Reserve Bank, was made at auction at 141. The
last previous public sale of the bank's stock was made in
out in the table which we now present.
Nov. 1907 at 140.




THE CHRONICLE

1290
Low.
ulhares. BANKS—New York.
*50 Commerce, Nat. Bank of__ _ 190
10 Consolidated Nat. Bank_z_ _ 141
334
a30 Corn Exchange Bank
10 Manhattan Co., Bank of the_ 332%
237%
29 Pacific Bank
TRUST COMPANIES—New York.
141
50 Broadway Trust Co
y,
40 Lawyers' Title Ins. & Tr. Co. 238
20 Mutual Tr. Co. of Westch.Co. 125%
• Sold at the Stock Ezchange. a Of
national
the Stock Exchange. z Now

previous sale.
1909— 189
1907— 140
1909— 340
1909— 331

High. Close.
190
190
141
141
334
336
332% 332%
237% 237%

Last
May
Nov.
April
April

141
[41
238% 238
126
126

Dec. 1908— 132%
March 1909— 233
May 1909— 115

this amount 20 shares were sold at
reserve bank.

—Oscar L. Whitelaw has been nominated by President
Taft for Assistant Treasurer of the United States at St. Louis.
—In the declaration of a special dividend of $200 per
share on Tuesday, representing $2,000,000, the Central Trust
Co. of this city places itself in a distinctive position among
the trust companies, this, it is stated, being the largest
dividend ever paid by a local institution of this class. The
record among financial institutions in general is held by the
First National Bank of this city,with its dividend of 1,900%
declared in 1901, when the capital was increased from
$500,000 to $10,000,000. The dividend of the Central Trust
was declared payable on June 15 to stockholders of record
June 1, and the trustees at the same time voted to recommend to the stockholders that the capital be increased front
$1,000,000 to $3,000,000. Action in the matter will be taken
on June 4 by the stockholders, who are to be given the right
to subscribe to two shares of the new stock at par, $100, for
each share now held. Through the dividend just declared,
each existing stockholder will be provided with the funds to
pay for his allotment of stock, and, in the event that he does
not care to exercise his privilege of taking the new capital,
will have a valuable right to dispose of, the bid price for the
stock this week having touched $2,900. The Central Trust
Co. began business in Nov. 1875 with a paid-in capital of
$1,000,000. During its existence it has distributed to its
stockholders $13,155,000, not including the present dividend,
, a surplus
and has accumulated, entirely from earnings
000. The
of
$15,600,
excess
in
was
1909
24
which on March
ed were $86,deposits of the company on the date mention
arranging for the
671,393. The policy of the company in
from earnings
conversion of part of its surplus accumulated
its capital
make
to
desire
its
indicates
capital
nto fixed
proportionate to the increased volume of its deposits.
—In an attempt to completely sever any business relations
existing between members of the New York Stock Exchange
g
ee
and the Consolidated Exchange, the Governin Committ
of the former this week adopted a resolution prohibiting
any business transactions whatever with members of the
Consolidated. This action, it is said, is due to disclosures
brought to light with the failure of several Consolidated
houses. While direct communication has long been forbidden between the two Exchanges or their members, apparently there has heretofore been no provision tending to
prevent ordinary business relations with members of the Consolidated. The Stock Exchange has also adopted a resolution
in which it is provided that the question as to whether its
members be prohibited at a future date from dealing
directly or indirectly with the curb market be referred to
the special committee.
The first resolution in full is as follows:
by means of public
"Resolved. That any connection, direct or indirect,
or other contrivance
or private telephone, telegraph wire or any electrical
or device whatsoever, or
or device or pneumatic tube or other apparatus
or clerks, or in any other
any communication by means of messengers
the New York Stock Exchange
manner, directly or indirectly, between
office of any member of said New York
building, or any part thereof, or any
of the Consolidated Stock
building
Stock Exchange, and ahy
any room, place, hallway or space
Exchange, or any part thereof, or
ed Stock Exchange, or any office
occupied or controlled by said Consolidat
Exchange, who is engaged in
of any member of said Consolidated Stock
Exchange, or any transmission,
business upon said Consolidated Stock
New York Stock Exchange
direct or indirect, of information from said
of said New York Stock Exbuilding, or from the office of any member
Exchange, or to the office of any
change, to the said Consolidated Stock
who is engaged in business
member of said Consolidated Stock Exchange,
any means, apparatus,
upon said Consolidated Stock Exchange, through
l to the interest
device or contrivance as above menioned, is detrimenta
.
and welfare of this Exchange, and Is hereby prohibited
any
"Resolved, That any member of this Exchange who transacts
said Consolidated
business, directly or indirectly, with or for any member of
ed
Stock
said
upon
Consolidat
Stock Exchange who is engaged in business
an
Exchange, shall, on conviction thereof, be deemed to have committed
of this Exchange.
act or acts detrimental to the interest and welfare
is Interested in, or
"Resolved, That any member of this Exchange who
,
or indiassociated in business with, or whose office Is connected directly
contrivance; with or
rectly, by public or private wire or other method or
organizafor,
any
with or
who transaCts any business, directly or indirectly,




[VOL.

Lxxxvm.

differences
tion, firm or individual engaged In the business of dealing In
thereof.
or quotations (commonly called a bucket shop) shall, on conviction
interests
be deemed to have committed an act or acts detrimental to the
and welfare of this Exchange.

The following is the other resolution referred to:
com"Resolved. That the Governing Committee refer back to the special
before
mittee the following questions for examination and report on or
Oct. 15 1909:
after
"Shall the members of the New York Stock Exchange be prohibited
in
a certain date—say, Dec. 31 1909—from dealing directly or indirectly
the market known as the 'curb'?
"And, further, shall said special committee consider and report upon any
and all matters connected with this subject?"

—Resolutions bearing on the guaranty of deposits were
adopted by the Arkansas Bankers' Association at its annual
meeting held on the 13th and 14th inst. at Little Rock.
While it was the sense of the bankers that it is of vital importance that deposits should be absolutely safe, they
expressed themselves as unqualifiedly opposed to a bank
guaranty law, and authorized the appointment of a committee of fifteen for the purpose of considering remedies in
the matter. The resolution in full is as follows:
attention the question
"Whereas, events have brought forcibly to public
deposits, the proper solution of which
of insurance or guaranty of bank
the banking business; therefore,
may justly be expected of those engaged In
be it
Association:
"Resolved, by the Arkansas State Bankers'
of business and of every
"First—Apart from the activity or depression
Importance that bank deother question relating to money, it is of vital
should have unassailable
posits should be absolutely safe, and the people
confidence In the safety of their deposits.
foregoing conditions
"Second—Events have shown that either of the
orderly and undisturbed conexist to the full extent necessary for the safe,
duct of business.
commerce and for
"Third—Banks being indispensable instruments of
s, they are fit subthe doing of business, and being quasi-public institution
jects for careful and wise legal regulation and control.
in the bank"Fourth—It does not follow that government should engage
or that it
ing or insurance business, any more than in other business,
law,
should perform any function usually left for the citizen, under the
does it
he
that
to perform. It is the function of the government to see
and not itself to do it.
"Fifth—No bank or system of banks, if rationally conducted and responstand,
sive to the needs of business, however good may be Its assets, can
dewithout special assistance, a general panic and run on the part of its
needed.
positors. Such assistance Is most difficult to obtain when most
or
ImpruIt is wiser to take steps to prevent panics, rather than by neglect
devices to
dence to permit or invite them, and then by desperate or strained
damage.
the
seek to check their course and repair
a remedy for the
"Sixth—For the purpose of considering and providing
the President Is requested to
difficulty at present under consideration,
of which he shall be a member
appoint a committee of fifteen members,
and Chairman.
subject to call of its Chairman, who
"Seventh—The committee shall be
deem necessary; and a majority
may appoint sub-committees as he may
to do business.
of the committee shall constitute a quorum
y of interests and a common
"Eighth—There being a broad communit
all banks, the committee shall consider
duty to the public on the part of
best be served, not only separately, but
how the interests of this State can
interests of the other States of the Southwest,
also in connection with the
, and of the country at large.
with which we are closely associated
their conclusions from time to time
"Ninth—They shall make public
interest to the public; and also make a full reas they may deem them of
its next annual meeting.
port to this assoication at
That this association is unqualifiedly
"Tenth—Be it further resolved,
law, believing the theory to be unsound,
opposed to a bank guaranty
shall be construed as favoring such a law,
and that nothing herein contained
one now most prominent among those
But, realizing that this question is
discussion before the public, this association
under
banks
affecting
questions
have the results of thorough investigabelieves that It is one which should
of a carefully selected committee."
tion and mature deliberations

in connection with the
—To meet the argument,advanced
that the existing
banks,
savings
postal
proposal to establish
to the needs of the public,
te
inadequa
are
ons
instituti
savings
some interesting statistics have been prepared by William
Hanhart, Secretary of the Savings Bank Section of the
American Bankers' Association. The gist of his argument is
d
that savings deposits are not measure by the aggregates in
ons.
instituti
True, these hold
savings
the distinctively
no less than $3,660,553,945, but in addition Mr. Hanhart
finds $1,568,720,391 in the savings departments of State
banks, trust companies and private banks and $331,562,680
in the savings departments of national banks, making a
total of $5,560,837,016. Furthermore, he contends that the
$745,993,398 on deposit in building and loan associations
should also be added, and he even argues that the $3,159,581,074 of life insurance policies outstanding must be included. In this way he reaches a grand total of $9,466,411,488, as the actual and visible savings of $80,000,000 people,
or over $118 for every man, woman and child in the country.
—Edward G. Benedict was on Monday appointed receiver
in
for the New York Stock Exchange house of Tracy St Co.
response to a petition in bankruptcy filed against it on that
day. The formal announcement of the suspension of the

MAY 22 1909.1

THE CHRONICLE

firm was made on the floor of the Exchange on Tuesday. In
a statement. given out on Monday, Receiver Benedict ascribed
the failure to the "almost continuouswithdrawal by customers
of their accounts within the last few months and loss in
outside ventures." The firm was perhaps more generally
known as a grain house; and its operations in the wheat
market (particularly since the so-called Patten corner in
wheat, which led to heavy commitments by the firm on
the short side) are understood to have been one of the
specific causes leading to its difficulties. Another contributing cause, it is said, was the promotion of taxicab ventures.
The liabilities are estimated at $1,250,000 and the assets at
$350,000. The business of the firm was established in 1893
by William W. Tracy. The present firm was formed in
Nov. 1905 and is composed of Mr. Tracy, R. D. Covington
and Frederick W. Parker, the Exchange member. Originally the firm had its headquarters in Chicago, but since 1904
the main office has been at 40 Wall St., New York. It
maintained three offices in New York, two in Chicago and
branches in Detroit, St. Louis, Milwaukee, Louisville and
New Haven, Conn. The American Trust & Savings Bank
has been appointed receiver of the firm in Chicago.
—The death of Henry H. Rogers on Wednesday removes
a man who had long held a conspicuous position in the
financial and industrial world. Mr. Rogers's death was
unexpected, and resulted from an attack of apoplexy.
About two years ago, when he had suffered a similar stroke,
Mr. Rogers took steps toward placing his affairs in such
shape as to occasion as little disturbance as possible in the
event of his death, and it was announced on Wednesday
that the settlement of all questions which might arise with
his death had been effected, and the management of his
affairs lodged with trusted agents. Mr. Rogers's name was
chiefly linked with the Standard Oil interests. His attention
was directed to the oil business at an early age, he having
located in the oil fields of Pennsylvania when barely more
than twenty years of age. In 1866 he became associated
with Charles M. Pratt, of the Pratt Oil Works in Brooklyn,
and when the Standard Oil combination was formed
in 1874, the Pratt interests were taken over, Mr. Rogers and Mr. Pratt thereby becoming affiliated with the
Rockefellers. Mr. Rogers was finally elevated to the vicepresidency of the company, and after the relinquishment of
active control by Mr. Rockefeller, the management of the
company devolved very largely upon Mr. Rogers. He was
born in Fairhaven, Mass., in 1840. His benefactions to his
native town were many, and his charities were also extended
in other directions. He was interested in numerous railways,
and practically the last undertaking engineered by him was
the building of the Virginian Ry., which has cost about
$36,000,000, and which was opened to traffic on April 1 last.
He was also identified with several financial institutions,
having been a director of the Farmers' Loan & Trust Co., the
Guaranty Trust Co. of this city, the Mutual Life Insurance
Co. and the National Bank of Fairhaven, Mass.
—The deposits of the Mercantile Trust Co., 120 Broadway,
have increased in large volume since Aug. 22 1907, preceding
the panic period, they having on April 28 1909 totaled
$62,117,875. The record is as follows: After the panic
Dec. 19 1907, $22,546,591; Dec. 31 1907, $23,277,232;
March 25 1908, $25,051,639; June 17 1908, $34,597,866;
Aug. 31 1908, $40,476,826; Jan. 1 1909, $49,434,429;
March 24 1909, $59,433,100; and April 28, $62,117,875—
or a gain of $38,571,284 since Dec. 19 1907. On April 28
there was $10,619,471 cash on hand and in banks and the
total resources were $72,759,300. The company's capital is
$2,000,000 in addition to $7,173,907 surplus and undivided
profits and $421,500 reserve. The executive personnel includes William C. Poillon and John T. Terry, Vice-Presidents;
Harold B. Thorne, Treasurer; Guy Richards, Secretary;
George W. Benton, Assistant Treasurer; Bethune W. Jones,
Assistant Secretary; Isaac Michaels, Trust Officer, and
Horace E. Deubler, Auditor.
—A dividend in liquidation of 2%% was paid to the stockholders of the Gansevoort Bank of this city on the 14th inst.
The institution, which had a capital of $200,000, was merged
with the Fourteenth Street Bank in June 1905. Thus far
the stockholders have received 823'%. Full payment will
be made when some pending suits have been determined.



1291

—A dividend of $20 per share declared to the stockholders
of the Beaver National Bank of this city, in liquidation, was
paid on the 20th and 21st inst. This is the third payment
to the stockholders since the bank entered into voluntary
liquidation early last year, $20 and $10 per share having
been distributed in June and December 1 908, respectively,
thus bringing the aggregate to date up to $50. When placed
in liquidation the bank had a capital of $200,000 and a
surplus of $100,000. William E. McReynolds and George
Mercer Jr., the liquidating coin mittee, and two of the
largest stockholders, we learn, expect to pay $50,000 more
to the stockholders if the remaining assets can be realized
on. Both are administering their trusts without fee.
—The New York agency of the Yokohama Specie Bank,
Ltd., has moved to new offices in the National City Bank
Building, 55 Wall St. The head office of the corporation is
in Yokahama, Japan, with branches in Antung-Hsien,
Bombay, Changchun, Chefoo, Dairen (Dalny), Fengtien
(Mukden), Hankow, Honolulu, Hong Kong, Kobe, Liaoyang, London, Lyons, Nagasaki, Newchwang, Osaka, Pekin,
Ryojun (Port Arthur), San Francisco, Shanghai, Tiehling,
Tientsin and Tokio. Its paid-up capital is 24,000,000 yen
and the reserve fund 15,100,000 yen.
—The Phenix National Bank of this city has increased its
deposit line $2,691,765 within the last three months, the
amount advancin g,from $10,183,033 Feb. 5 to $12,874,798
April 28. In addition to $1,000,000 capital, surplus and
undivided profits are now $633,065 and total resources
$15,289,093. Its executive staff includes: Finis E. Marshall, President; Alfred M. Bull, Vice-President; B. L. Haskins, Cashier, and H. C. Hooley, Assistant Cashier.
—The deposits of the Night & Day Bank, Fifth Avenue
and 44th Street, this city, have increased from $1,700,000
Jan. 1st to $3,100,000 May 5th—about 85%. Its present
executive, Samuel S. Campbell, who became President in
Jan. 1908, was formerly Vice-President of the United States
Mortgage & Trust Co.
—Robert A. Drysdale, of the banking house of Benedict,
Drysdale & Co., has been chosen to fill a vacancy on the
board of the Washington Trust Co. of this city.
—G. Hermann Kinnicutt, of the Stock Exchange house
of Kissel, Kinnicutt & Co:, has been elected a director of the
Columbia Trust Co. of this city.
—The Franklin Trust Co., which has offices at 140 Broadway, Manhattan, and 166 Montague St., Brooklyn, plans to
open another office in the latter borough at 569 Fulton St.
Application has been made to the Banking Department for
permission to establish the proposed branch, which will be in
the centre of the shopping district, a section readily accessible
from all parts of Brooklyn by the trolley, elevated and subway lines. On April 28 the deposits of the institution were
$11,623,478. The aggregate resources in the newest statement are $14,764,273.
—William C. Pearson, for the past seven years paying
teller of the Union National Bank of Newark, has been appointed an Assistant Cashier of the institution.
—Herbert T. Jennings, previously Vice-President of the
Mount Vernon National Bank of Mt. Vernon, N. Y., has
taken the place of Horace Loomis as President of the institution. E. H. Patterson is the new Vice-President.
° s, New York State Comptroller, is re—Charles H. Garr
ported to have received from the Fidelity & Deposit Co. of
Maryland $62,605 in settlement of the bonds (for which it
was surety) given by the Binghamton Trust Co. of Binghamton, N. Y., as security for deposits of Broome County
and Tioga County court and trust funds. The amount,it is
stated, includes the principal of such funds on deposit with
the trust company on the date of its suspension, April 9,
together with interest to the date of settlement.
—Charles F. Mitchell has succeeded the late E. L. Frisbie
as President of the Manufacturers' National Bank of Waterbury, Conn. Lewis S. Reed replaces Mr. Mitchell as Cashier •
—The South End National Bank of Boston, Mass., announces through its President, J. H. Goddard, the purchase
of the building in which it is located, and also the adjoining
building on the south, the two properties embracing 11991203 Washington Street. The acquisition will result in enlarged quarters for the bank, but whether an entirely new

1292

THE CHRONICLE

[VoL Lxxxvim

year ago from the Fort Dearborn National Bank, largely
because of Mr. Haugan's failing health.
The question of increasing the capital of the State Bank
from $1,000,000 to $1,500,000 was to have been approved
by the stockholders on Tuesday, the 18th inst., but on account of Mr. Haugan's death action was deferred until June 8.
The directors, however, adopted suitable resolutions with
respect to their late President, and the Clearing-House
Association also gave expression to the sense of their loss in
the death of their associate.
—Thomas P. Phillips, Vice-President of the American
Trust & Savings Bank of Chicago, has announced his intention of retiring from active participation in business, owing
to his desire to spend the greater part of his time in California
in the interest of his health. While he will retain his holdings
in the American Trust & Savings Bank, amounting, it is
stated, to some 800 or 900 shares, he will resign the vicepresidency. The position is said to be merely a nominal one
and will be abolished with his retirement. Besides his connection with the bank, Mr. Phillips is also President of the
Dolese & Shepard Co., President of the South Chicago Savings Bank, the First National Bank of Naperville, Ill., and
—Howard I. Collingwood has been elected Assistant the First National Bank of Amboy, Ill., and is identified
Cashier of the Union Savings Bank of Pittsburgh to succeed with several other Illinois financial institutions.
Frank C. Harper, resigned.
—At a meeting of the directors of the Railway Exchange
—Schedules in bankruptcy of the firm of Whitney, Bank of Chicago on the 13th inst., A. M. Rode was elected
Stephenson & Co. and of Whitney & Stephenson of Pitts- Cashier, vice Daniel Peterkin, resigned; and R. B. Upham,
burgh, which assigned Dec. 7 1907, were filed on the 14th Manager of the Bond Department, was chosen Assistant
Inst. The entire indebtedness of Whitney, Stephenson & Cashier to fill the vacancy due to the death of R. C. Outcalt.
Co., which was composed of George I. Whitney, Francis L.
—The Winnetka State Bank, a Chicago suburban bank,
Stevenson and Irwin M. Fickeisen, is reported in the Pitts- opened for business on the 17th inst. It has a capital of
burgh "Gazette" as $19,565,576. According to that paper, $25,000, and is managed by George R. Leonard, President;
security was given for claims to the amount of $10,000,000, Carlton Prouty, Vice-President, and Henry R. Hale, Cashier.
while unsecured claims aggregate $8,933,770. The assets,
—William G. Schroeder, Cashier of the Continental Nait is stated, will fall about $3,500,000 short of paying the
Bank of Chicago, was seriously injured on Tuesday last
tional
under
acting
banks,
authority
the
of
creditors. Some
of
collision on the Northwestern Elevated RR. of
rear-end
a
in
the Court, are said to have sold the securities held for some
the city limits.
within
Chicago
applied
the
proceeds
and
firm
the
to
of
their
of the loans
—George A. Lyons has been elected to succeed the late
accounts.
Assistant Cashier of the First National
—The remaining assets of the failed Fidelity National Ernest E. C. Brown as
Minneapolis.
of
Bank
Bank of Cincinnati, Ohio, having a face value of $5,301,211,
—The Scandinavian-American National Bank of Minneapwere sold at auction on the 17th inst. to W. H. Stanage for
the new institution of which N. 0. Werner is the head,
olis,
$525. The principal item in the assets is a judgment obtained against E. L. Harper, former Vice-President of the commenced business on the 18th inst. The People's Bank
paid-in capital of $60,000, has
bank, for over $5,000,000. The bank failed in June 1887 of Minneapolis, which had a
The Scandinavian
as a result, it is alleged, of speculation in wheat by Mr. been merged in the new organization.
besides
Mr. Werner
and
$250,000,
of
capital
a
has
American
Harper. A final dividend of 55-100 of 1 % was declared to
is made up of C. L.
the depositors several months ago, bringing the total return the personnel of the managerial staff
Grandin, A. Ueland and C. E. Cotton, Vice-Presidents; and
up to 59.4%.
0. Ekman, Cashier. Messrs. Grandin and Cotton
Knute
—James K. Dewey has been appointed Cashier of the
President and Vice-President of the
respectively
were
Franklin National Bank of Newark, Ohio, to succeed W. B.
Bank.
People's
Hopkins, who resigned to become a State bank examiner.
—The stockholders of the South Side State Bank of
—Frank M. Millikan has been elected President of the
Minneapolis,
at a meeting on the 4th inst., took action toward
Columbia National Bank of Indianapolis to succeed Medford
the capital of their institution from $50,000 to
increasing
B. Wilson, resigned.
$75,000.
—Helge A. Haugan, President of the State Bank of Chi—P. N. Clark has retired as a Vice-President of the
cago, died suddenly from heart disease at his Chicago home
National Bank of Louisville.
Southern
His
is
death
a loss to the
on the morning of the 17th inst.
—Plans have been prepared for a handsome new home for
banking interests not only of his city but to the country at
Norfolk National Bank of Norfolk, Va., the building to
the
and
conservative type of
large. He was of that quiet
banker which means security to his customers, and was at be constructed on its present site and to be occupied entirely
the same time sufficiently aggressive and progressive to se- by the bank. The design is to be Italian Renaissance with
cure the prosperity of the financial institution with which four massive Ionic marble columns facing the street. Marble
he was connected. The history of his bank (the "State"), and solid bronze will be used throughout. The recent statefrom its humble beginning as a private institution (Haugan ment, under date of April 28, shows that the bank has de& Lindgren) at 57 La Salle St. in 1879; its incorporation posits of $4,195,290, surplus and undivided profits of
under State laws in 1891 with a capitalization of $500,000 $630,457, and aggregate resources of $6,640,147. Caldwell
(which in 1900 was increased to $1,000,000), and its rise to Hardy is President, E. T. Lamb and A. B. Schwarzkopf
its present high rank among the banks of Chicago, with re- Vice-Presidents and W. A. Godwin, Cashier.
sources of more than $22,000,000, show the wisdom and
—A movement to establish a Southern Bankers' Associaforesight of its guiding spirit, President Haugan. In addi- tion was one of the incidents of the annual meeting of the
tion to being President of the State Bank he was President Louisiana bankers at New Orleans on the 13th and 14th inst.,
of the Bankers' Club of Chicago, Vice-President of the which was made the occasion of a joint convention of the
Chicago Clearing-House Association, a director of the Chi- bankers' associations of Louisiana, Alabama, Mississippi and
cago Title & Trust Co. and Treasurer of the University of Texas. The discussion had its inception in the introduction
Illinois. Mr. Haugan was born in Christiania, Norway, of a resolution, by request, by Lynn H. Dinkins, of the
on Oct. 26 1848. It is generally believed that his Inter-State Trust & Banking Co., of New Orleans, inviting
successor as President of the State Bank will be L. A. God- the associations of Texas, Oklahoma, Arkansas, Tennessee,
dard, senior Vice-President, who came to the institution a Mississippi, Alabama, Georgia and Florida to meet with the

structure will be erected or the present buildings will be
remodeled has not as yet been decided.
—J. Bertram Lippincott has been elected a member of the
board of the Farmers' & Mechanics' National Bank of Philadelphia to succeed the late George C. Thomas. Mr. Lippincott is Vice-President of the J. B. Lippincott Co. and a sonin-law of the late Joseph Wharton,for many years a director
of the bank.
—At a meeting on Thursday the stockholders of the Real
Estate Trust Co. of Philadelphia approved the proposition
to reduce the-capital to not less than $4,000,000.
—It is announced that the Comptroller of the Currency has
notified the stockholders of the Cosmopolitan National Bank
of Pittsburgh that an assessment of $225,000 has been levied
against their holdings. The bank had a capital of $500,000
when it closed its doors on Sept. 5 last, the assessment thus
being equivalent to $45 per share. It is payable on or before
June 10, but it is provided that 50% of the assessment may
may be made on that date, and the remaining 50% on July 1,
if satisfactory security for the deferred payment is placed
with the receiver.




a

MAY 22909.

THE CHRONICLE

1293

Louisiana organization in May of next year for the purpose
of bringing about the establishment of a Southern Bankers'
Association. Considerable opposition to the plan developed,
according to the New Orleans "Times-Democrat." Sol.
Wexler, of the Whitney-Central National Bank of New
Orleans, one of the opponents of the project, advanced it
as his opinion that such a move would impair the usefulness
of the American Bankers' Association and introduce sectionalism. The latter body, it was contended, could take
care of the national affairs pertaining to banking, while the
various State organizations could look after matters in their
respective States; a Southern organization, therefore, could
be of little use, and its formation was deemed neither desirable nor advisable. It was finally decided to submit the
question to the incoming executive committee for action.
—William Adler, former President of the State National
Bank of New Orleans, La., in a verdict returned on the 14th
inst. by the jury before whom he had been on trial for nearly
four weeks, was found guilty of misapplication of the funds
of the bank. A sentence of six years in the Federal Prison
at Atlanta, Ga., was pronounced by Judge Boarman this
week. The bank was placed in voluntary liquidation on
Jan. 30 1908, following the resignation of Mr. Adler as
President the preceding month. Indictments were returned
against him in March 1908, and his arrest occurred in November last upon his return to New Orleans from Honduras,
where he had gone after resigning from the presidency.
—There is being organized in Houston, Tex., an institution to be known as the Bankers' Company, with a capital of
$500,000, divided into 5,000 shares of $100 each. While the
institution will operate under a bank and trust company
charter, the banking feature will be omitted, no funds being
received on deposit subject to check or otherwise than for
investment in loans or securities. The prospectus of the
company states that it will differ from a bank in that the
loans will be for a longer time, principally secured by real
estate, and instead of accumulating the notes they will be
immediately sold, the profits accruing from.a legitimate commission, or difference in rate per cent between the buying
and selling price. The business of the company will embrace loan, rental, real estate, accountant, publicity
and legal departments. Subscriptions to the stock, which
may be increased to $1,000,000, are being received at
$105 per share, payable July 1 1909. The company has
leased the second floor of the new Scanlan Building, at
Main and Preston streets. One of the prime movers in the
enterprise is H. N. Tinker, active Vice-President of the
Union Bank & Trust Co. of Houston, who will probably be
President of the proposed organization.

be:enormous for yearsito comerand hence it :is anticipated
that debt reduction will be slight, if it is not more than
neutralized, by borrowing for naval construction. Furthermore, one of the proposals of the Chancellor of the Exchequer
has been misunderstood. By the existing law any surplus
of revenue over expenditure in any year must be applied in.
the following year to the redemption of debt. The Chancellor of the Exchequer proposes to change the law so as
to allow the Government to apply a portion of this surplus
—the old Sinking Fund, as it is called—to national development if it deems it desirable. The proposal was entirely
misunderstood. The public jumped to the conclusion that
the old Sinking Fund would be entirely diverted from debt
reduction to development and that strengthened the belief
that debt would increase instead of diminish. Now that
the public understands what is meant, it is probable that
we shall see a steady rise in Consols.
The activity in mining shares, in foreign Government
bonds, and foreign securities of all kinds, is due partly to
British buying and partly to French buying. The French
investment continues to be on an enormous scale. It is
mainly in international securities and mining shares, and
when to this is added the home buying, it is not surprising
that there should be a very marked advance in all those
securities.
As yet British railway securities are neglected. There
are unquestionable signs that trade is improving. But the
improvement has not gone far enough yet to affect the
railway traffic returns, which are exceedingly unsatisfactory.
The market is guided by these traffic returns and refuses
to believe in the reality of the trade recovery. Yet trade
is improving and probably before many weeks are over
there will be a marked improvement in British railway
stocks.
In Paris business is checked by the decision of the meeting
at the Hippodrome of the postal servants to come out on
strike. So far not very many of the postal employes have
really struck, and it looks as if the attempted strike would
be a wretched fiasco. It is, of course, too soon to speak
with any confidence yet, but at all events it is certain that
the V'communications between London and Paris are kept
up very well. Letters are a little late, but not very much,
and telephone communication is quite uninterrupted.
The reports of the business done on the Paris Bourse also
reach us somewhat later than we have been accustomed
to, but not very much later. It does not look, therefore,
as if the strike would be a very formidable thing.
In Germany the wrangle over the new taxes continues
and there is great uncertainty as to whether there will be
a dissolution, or a resignation of Prince Buelow. The
uncertainty appears to aggravate all the other influences
which are working to keep business upon the Stock Exchange
in check.
Money continues exceedingly abundant and cheap and
everything leads to the expectation that it will be so for
months to come.
The India Council offered for tender on Wednesday
80 lacs of its bills, and the applications amounted to nearly
540 lacs at prices ranging from is. 315-16d. to is. 4d. per
rupee. Applicants for bills at is. 3 31-32d. and for telegraphic transfers at is. 4d. were allotted about 16 per cent
of the amounts applied for.

WonetargiCrannurcialignglisligews

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, Saturday, May 15 1909.
Business on the Stock Exchange has greatly increased
during this week. Prices have advanced and there is a
confident hope that we are at the beginning of a long period
of prosperity. At last the public is convinced that the
danger of war is over, that at least for two or three years
we may count with certainty upon the maintenance of
peace, and therefore everybody is giving his attention to
business. For some years it was evident to every good
observer that the London Stock Exchange was prepared
for the transaction of a large business as soon as the fear
of hostilities passed away. Now the great abundance and
cheapness of money give still further confidence and in
every direction prices are advancing.
The great rise in American securities has a powerful,
influence in stimulating the London Stock Exchange. The
holding of American securities is not as large in this country
as it formerly was and the dealings in "Americans" are by
no means so general as they used to be. Partly this is due
to the fact that our public never thoroughly understood
the banking crisis at the end of 1907 and partly it is due
to the fear of many that a recovery so rapid and so great
could not be safe, coining immediately after so great a
crisis. Still the American department is a very important
department of the Stock Exchange and when it is active
it gives courage to all other departments.
Next to the American department, there is more business
in the South and West African mining markets and in the
market for international securities of all kinds. The general
impression of good observers was that the rise would be
led by high-class securities with Consols at their head.
The expectation has not been realized, partly because of the
competition in naval building with Germany. Everybody
now recognizes that the expenditure upon the Navy will



London,
Week ending May 21.
Sat.
Mon.
Tues.
Wed.
Thurs. Frt.
Silver, per oz
d 2434
24 5-16 24 3-16 24 3-16 24 5-16 243.4
Consols, new, 25-4 percents__ 87 7-16 85 7-16 85 5-16 85%
85 1-16
8534
For account
'853-4
85%
853
/,
85 1-16
85%
85%
French rentes (in Paris)_ _fr_ 97.5734 97.65
97.62
97.75
97.72% ____
Amalgamated Copper Co_ __ - 85%
85
85%
85%
84%
8534
b Anaconda Mining Co
10%
10%
10%
10%
10%
10%
Atchison Topeka &Santa Fe 111%
111%
111%
111%
112%
112
107
107
107
Preferred
107
107%
107%
117%
Baltimore & Ohio
117%
117%
118
117%
117%
97
97
96%
97
Preferred
96%
96%
184%
184%
184%
Canadian Pacific
185%
184%
184%
Chesapeake & Ohio
80%
80%
80%
81%
80%
81%
5
5
Chicago Great Western
5
5
5
154%
154%
Chicago Milw. & St. Paul_- _1g4%
154%
153%
154%
51%
51
51%
50%
50%
Denver & Rio Grande
51%
89%
89%
89%
89%
89%
Preferred
89%
34%
Erie
32%
34%
34%
3554
3434
51%
52
F rst preferred
52%
52
51%
52%
42
42
41
41%
42%
43
Second preferred
150
150%
150
150%
150%
150%
Illinois Central
142
142
142
142%
142%
143
Louisville & Nashville
25%
25%
25%
25%
25%
25%
Mexican Central
44
43%
43%
44
Missouri Kansas & Texas__ _ 44%
43%
75%
75%
75%
75%
75%
75
Preferred
52
52
52%
53
Natonal RR. of Mexico_ _ _ 52%
54%
133%
134
134%
134
N. Y. Cent. & Hud. River_ _135%
133%
50%
50%
50%
50%
N. Y. Ontario & Western_ _ 50%
50
Norfolk & Western
90%
91%
91%
91%
91%
tin%
88%
88%
88%
89
Preferred
89
89
149
148%
149%
149%
Northern Pacific
149%
148%
69
68%
68%
68 %
69%
a Pennsylvania
68%
80
80%
80%
80%
81%
a Reading Company
80%
47%
47%
47%
4734
a First preferred
47%
47
53
53%
53%
a Second preferred
53
53
52
33%
32%
34
31%
3134
Rock Island
32
124%
124%
125%
125%
Southern Pacific
126%
12654
3234
31%
30%
Southern Railway
3134
31%
31
71
71%
71%
Preferred
71
71%
71%
1933.4
193%
192%
193%
Union Pacific
194%
1934
99%
99%
99%
100
Preferred.
99%
99%
58%
58
5934
5834
61%
61%
U. S. Steel Corporation
121%
121%
121%
122%
122%
Preferred
122%
2034
20%
20%
20
20%
Wabash
20
52
52%
51
5134
5234
Preferred
54.4
78%
78
78%
Extended 4s
78
78
78
-..
a Price per share. b £ sterling. C Ex-dividend.

THE CHRONICLE

1291

LXXXVIII

GOVERNMENT REVENUE AND EXPENDITURES.Through the courtesy of the Secretary of the Treasury, we
National Banks.-The following information regarding are enabled to place before our readers to-day the details of
disbursements for the month of
national banks is from the office of the Comptroller of the Government receipts and
April. From previous returns we obtain the figures for preCurrency, Treasury Department.
vious months, and in that manner complete the statement
APPLICATIONS TO CONVERT INTO NATIONAL BANKS
APPROVED.
for the ten months of the fiscal years 1907-08 and 1908-09.
The Farmers State Bank of Mobridge, S. D., into ''The First National For statement of April 1908, see issue of May 23 1908, page
Bank of Mobridge." Capital, $25,000.
1263.
The Bank of Danville, Va., into "The National Bank of Danville."
Capital, $125,000.
RECEIPTS AND DISBURSEMENTS (000s omitted).
ia.N•j• /
Banning State Bank, Banning, Cal., into "The First National Bank

STOCK OF MONEY IN THE COUNTRY.-The following
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circulation, on the dates given. The statement far May 1 1908 will
be found in our issue of May 9 1908, page 1141.
Stock ol Money May 11909. -Money in CirculationMay 1
May 1
Held in
In United
1909.
Treasury.d
1908.
States.
Gold coin and bullion_
*1,649,489,542
Gold certificates_a
Standard sliver dollars____ 563,930,812
Silver certificates.a
Subsidiary silver
154,608,399
Treasury notes of 1890
4,329,000
United States notes
346,681,016
National bank notes
687,408,227

193,501,336
42 089,580
10,153,994
5,965,203
26,899,135
8,481
5,902,751
25,263,392

609,289,337
804,609,289
71,229,818
476,581,797
127,709,264
4,320,519
340,778,265
662,144,835

628,168,888
817,326,479
80,750,394
446,257,981
124,541,160
5,139,265
336,231,579
647,878,355

Total
A,406,446,996 309,783,872 3,096,663,124 3,086,294,101
Population of the United States May 1 1909 estimated at 88,687,000; circulation
per capita, $34 92.
* A revised estimate by the Director of the Mint of the stock of gold coin was
adopted In the statement for Aug. 1 1907. There was a reduction of $135,000,000.
a For redemption of outstanding certificates an exact equivalent In amount of the
appropriate kinds of money is held In the Treasury, and Is not included In the
account of money held as assets of the Government.
d This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in national bank depositaries to the credit
of the Treasurer of the United States, amounting to 859,381,047 48.




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9,338 51,868

The
of Banning." Capital, $25,000.
The Citizens State Bank of Claremont. California, into "The First
National Bank of Claremont." Capital, $25,000.
The Citizens Bank of McCook, Nebraska, into "The Citizens National
Bank of McCook." Capital, $50,000.
The Iowa State Bank, Mount Ayr, Iowa, into "The First National Bank
of Mount Ayr." Capital, $25,000.
The Commercial State Bank of Coleridge, Neb., into "The First National
Bank of Coleridge." Capital, $30,000.
The Jerome State Bank, Ltd., Jerome, Idaho, into "The First National
Bank of Jerome." Capital, $25,000.
The McCloud Valley Bank, McCloud, Cal., into "The McCloud National
Bank." Capital. $25,000.
The Bank of Fairmont, Fairmont, W. Va., into "The National Bank of
Fairmont." Capital, $200,000.
The Bank of Oxnard, Cal., into "The First National Bank of Oxnard."
Ca,pltal, $250,000
NATIONAL BANKS ORGANIZED.
April 26 to May 14.
9,395-The Grand Island National Bank, Grand Island, Neb. Capital.
$100,000. C. C. Hansen, Pres.; J. W. Thompson, V.-P.• E. M.
Brass, 2d V.-P.; G. B. Bell, Cashier; J. Ft. Alter Jr., Asst.'
Cashier.
Conversion of The Grand Island Banking Co.
9,396-The First National Bank of Columbus, Mont. Capital, $25,000.
J. L. Fraser, Pres.; Grant S. Irwin, V.-P.
9,397-The First National Bank of Brighton, Ill. Capital, $25,000. G.
W. Hilliard, Pres.; Geo. A. Brown, V.-P.; Thos. F. Chamberlain,
Cashier.
9,398-The Hopedale National Bank, Hopedale, Ill. Capital, $50,000.
Wm. R. Baldwin, Pres.: James W. Crabb, V.-P.' Joseph Kreuter,
Cashier; Frank B. Shelton and Daniel Crabb, int. Cashiers.
9,399-The Nichols National Bank, Nichols, New York. Capital, $25,000.
Geo. M. Cady, President; C. I3liven, Vice-President; J. R. Edsall,
Cashier.
9,400-The Minden Exchange National Bank, Minden, Nebraska. Capital,
$50,000. Fred. Ft Kingsley, President; George P. Kingsley,
Kingsley Jr.,
Vice-President; Thad. Robison, Cashier; Fred.
R.
Bank.
Assistant Cashier. Conversion of the Minden Exchange
9,401-The First National Bank of Cannelton, Indiana. Capital, $25,000.
Albert A. May, President; A. J. Kirst, Vice-President; Chas. E.
Powell, Cashier.
9,402-The First National Bank of Bally, Pennsylvania. Capital, $25,000.
Geo. W. Meicher, President; Isaac B. Yeakel and Samuel B. Latshaw, Vice-Presidents; Willard K. Wise, Cashier.
9,403-The Continental National Bank of Salt Lake City, Utah. Capital,
$250,000. J. B. CosgrifT, President; W. P. Noble, Vice-President;
A. H. Peabody, Assistant Cashier.
9,404-The Gate City National Bank of Kansas City, Missouri. Capital,
$200,000. J. Phillip Kanoky, President; J. B. Pollard, VicePresident; D. M. Pinkerton, Cashier; Solon Toothaker, Assistant
Cashier. Conversion of the Gate City Bank.
9,405-The Lake Champlain National Bank of Westport, N. Y. Capital,
$25,000. Ben J. Worman, Pres.; Frank E. Smith, V.-P.; Harry
C. Pattison, Cashier.
9,406-The First National Bank of Gardner, Ill. Capital, $25,000. A. G.
Perry, Pres.; J. C. Lutz, V.-P.•, F. L. Root, Cashier.
9,407-The Peoples National Bank of Rock Hill, So. Caro. Capital,
$100,000. T. L. Johnston, Pres.; Sidney Friedheim and J. B
Johnson, V.-Ps.; C. L. Cobb, Cashier; John R. London, Asst.
Cashier.
9,408-The Peoples National Bank of McLeansboro, Ill. Capital, $35,000.
W. D. Sharpe, Pres.• G. W Hogan, V.-P ; W. T. Miller,.Cashier;
Cashier.
'
C. E. BiggerstafT, Asst.
EXPIRATION OF CHARTER.
4,051-The Commercial National Bank of Salt Lake City, Utah, expired
by limitation at close of business May 6 1909.
VOLUNTARY LIQUIDATIONS.
6,916-The Blackwell National Bank, Blackwell, Okla., March 17 1909.
7,413-The First National Bank of McLean, Tex., March 30 1909.
5,436-The National Bank of Commerce of Stillwater, Okla. April 1 1909.
'
5,372-The First National Bank of Dike, Iowa, April 5 1909.
5,791-The Atoka National Bank, Atoka, Oklahoma, March 31 1909.
8.959-The First National Bank of Bogalousa, Louisiana, April 5 1909.
4,196-The German National Bank of Oshkosh, Wisconsin, April 6 1909.
6,061-The Farmers' National Bank of Ponca City, Oklahoma, April 8 1909.
5,379-The First National Bank of Duncan, Oklahoma, April 13 1909.
7,359-The West Virginia National Bank of Huntington, West Virg'la,
April 17 1909.
7,444-The First National Bank of Tonkawa, Okla., March 1 1909.
4,613-The Yankton National Bank, Yankton, S. D., April 13 1909.
6,254-The First National Bank of Wewoka, Okla., April 13 1909,
6,844-The Carmen National Bank, Carmen, Okla., April 19 1909.
5,714-The First National Bank of Geneva, Ala. May 1 1909,
5,875-The Oklahoma National Bank of Shawnee, Okla., May 1 1909,
2,857-The Farmers' National Bank of West Chester, Pennsylvania,
May 3 1909.
6,024-The Childress National Bank, Childress, Texas, May 8 1909.
7,734-The American National Bank of Bluefield, W. Va., May 1 1909.
7,442-The Merchants & Planters National Bank of Davis, Okla., May 1
1909.
5,915-The Hobart National Bank, Hobart, Okla., March 19 1909.
I N OLVE NT.
2,266-The Union National Bank of Oakland. California, was placed in
charge of a Receiver April 14 1909.
2,452-The Lititz National Bank, Lititz, Pa., was placed in charge of a
receiver April 19 1909.

59,8891 555,354

Okfmnurcial and Wiscelaantons4.ews

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00.0

Q

BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for April 1908
will be found in our issue /or May 23 1908, page 1264.
Bonds and Legal-Tenders
on Deposit Jot
Bank Circulation.
1908-09

Apr. 30__ _
Meh.
28.
Jan. 30____
Dec. 31......
Nov. 30_--Oct. 31_.
Sept. 30.._
Aug. 31.___
July 31___
June 30- - May

Circulation Afloat Under

Bonds.

Legal7'enders.

Bonds.

Legal7'enders.
•

653,901,910
651,267,130
640,769,140
635.214.560
631,318,790
618,497,9%0
632.624,850
632.871,890
631.607,490
629,432,420
628,147,130
629,031,160

34,243,657
38,265,225
42,696,715
46,363.455
48,281,960
52,270,912
39,065,637
48,639,442
59,339,115
66,728.009
75,083.400
73.735.370

653,164,570
646,142,390
635,588,885
630,309,637
623,786,205
614,907,265
626,779,350
626,972,885
625,986,993
625 31)0
1523.250,517
624,714,147

34,243,657
38,265,225
42,696,715
46,363,455
48,281,960
52,270,912
39,065,637
414,639,442
59,339,115
66.728,009
75,08:3,400
73,735,370

Total.
687,4118,227
684,407,615
678,285,600.
676,673,092
677,068,165
667,178,177
665,844,987
675,612.327
685,320,108
692,088.991
698,333.917
698,449,517

The fo lowing shows the atnount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on April :30.
U. S. Bonds Held April 30 to SecureBonds on Deposit
April 30 1909.

Bank
PublieDeposits
in Banks.
Circulation.

Total
Held.

45,406,180
2% Panama Canal, 1916-1936
12,478,050
4%, Loan of 1925
13,842,860
3% ,Loan of 1908-1918
560,669,800
2%, Consols 1930
21,505,020
2%, Canal, 1918-1938
-----3.65%, District of Columbia, 1924_ - - State, City and Railroad Bonds
Hawaiian Island Bonds
Philippine Loan
Porto Rico

6,067.000
4,698,700
5,052.500
35,433,800
1,688,000
1,540,000
18,723,921
771,000
5,670,000
519,000

51,473,18017.176,750
18,895,360
596,103,60023,193,020
1,540,000
18,723,921
771,000
5,670,000
519,000

653,901,910

80,163,921

734.065,831

------

Total May 11900

The following shows the amount of national bank note s
afloat and the amount of legal-tender deposits April 1 and
May 1 and their increase or decrease during the month of
April.
National Bank Notes-Total AfloatAmount afloat April 1 1909
Net amount issued during April
Amount of bank notes afloat May 1 1909
Legal-tender NotesAmount on deposit to redeem national bank notes April 1 1909
Net amount of bank notes redeem,
d in April
Amount on deposit to redeem national bank notes May 1 1909'

$684,407,615
3,000,612
----.1687,408,227
$38,265,225
4,021,56S
$34,243,651

THE CHRONICLE

MAY 22 1909.1

1295

Statement of New York City Clearing-House Banks.—The
Auction Sales.—Among other securities the following, not
regularly dealt in at the Board, were recently sold at auctio n. detailed statement below shows the condition of the New
York Clearing-House banks for the week ending May 15.
By Messrs. Adrian H. Muller & Son:
Stocks.
Stocks.
The figures for the separate banks are the averages of the
20 Mutual ..Trust Co. of
4,000 El Paso Cons. Gold M'g
Westchester Co_ _125 %-126
Co., $1 each_45 %c. per sh. daily results. In the case of the totals, the actual figures
40 Lawyers' fltle Insur200 Greene Consol. Silver
at the end of the week are also given.
$10 lot
ance & Trust Co
common
238 %
50 Broadway Trust Co_ __ _141
29 Pacific Bank, N. Y _ _ _237
100 Pacific Gas&EI.Co.com. 43'/
10 N.Y.TransportationCo.,
$20 each
$4 per sh.
1 Eagle Warehouse ec Storage Co
101
1 Union Ferry Co
25
1 United Shoe Machinery
Corp., pref., $25
130%
1 United Shoe Mach. Corp.
corn. ec $7 50 scrip_
_$59 34
1 Celluloid Co
131 34
1 Albany & Hudson RR.
Co., common
$17
7 Mech. ec Traders' Bank,
N. Y. (temp. receipt).._ 50
25 New Jersey Zinc Co_ _ _382 34
20,500 UnitedeopperCo.com.14-14 V.
711 United Copper Co. pref. 40%
10 Manhattan Co
332%
10 Corn Exchange. Bank_ _335
50 Shadbolt Mfg. Co_ _ _$500 lot
600 Greene Consol. Gold Co.,
$100 lot
$10 each

Co.,
120 Union Ferry Co. of N.Y.
23
& Brooklyn
10 Consol. Nat.I3k.of N.Y_141
20 U. S. Title Guar. & In53
demnity Co
10 Manhattan Mortgage Co.
103
preferred
5 Empire State Surety Co.110%
190 American Surety Co_ _ _215
2 Lawyers' Mtge. Co.,
302
rights on
185 Boonton Rubber Co.,
$5 per 811.
$50 each

Bonds.
$10,000 Terre H. & Peoria RR.
1st cons. 55, guar., 1942,
113% & int.
M &S
$20,000 Ohio Copper Co. 1st 6s,
85
1917, M. & S
$1,000 Albany & Hudson RR.
Co. lsts, 1943; March 1908
41
coupons attached
$10,000 Park & Tilford 6s,
95 & int.
1936, J. & D

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.

Per
Cent.

When
Payable

Books Closed.
Days Industve.

Railroads (Steam).
June 26 Holders of roe. June I
2
Alabama Gt. Southern, ordinary stock__ _ _
June
1 Holders of rec. April 30
Atchison Topeka ec Santa Fe, common__
July 10 June 23 to July 11
3
Atlantic Coast Line RR.. common
$4 July
2 May 16 to May 22
Boston & Lowell
1
June
1 Holders of rec. May 25
Bull. & Susq., pref. (guar.)(No. 28)
May 19 May 1 to
Calawissa, preferred stocks
1
June 28 Holders of me. June 14
Chesapeake de Ohio (guar.)
June 4d May 21 to June 3
Chestnut Hill (guar.)
1% June
I May 17 to May 31
Cln. N. 0. & Texas Pac., pref. (quar.)_ _
June
1 Holders of rec. May 10
Clev. & Plttsb., orlg. guar. (quar.)
1
Special guar. (guar.)
June
I Holders of rec. May 10
June
1 Holders of rec. May20a
Cripple Creek Central, pref.(qu.)(No.14)
Mexican Southern
3%; May 28 May 14 to
May 27
New York Philadelphia & Norfolk
$3 May 31 Holders of rec. May 15
Norfolk & Western. common
2
June 18 Holders of rec. May 29
North Pennsylvania (guar.)
2
May 25 May 13 to May 19
Pennsylvania
May 29 Holders of rec. May 5
3
Phila. Germantown & Norristown (guar.) 3
June 4 May 21 to June 3
Pittsburgh Bessemer & Lake Erie. pref._
1 Holders of rec. May 15
June
3
Southern Pacific, corn; (guar.)(No. 11)„
July
1
Preferred (No. 10)
July 15 Holders of roe. June30a
Union Pacific, common (guar.)
1 Holders of rec. June 5a
July
Street and Electric Railways.
American Railways (guar.)
June 15 June 1 to June 3
Brooklyn Rapid Transit (guar.)
1 Holders of rec. June 9
1
July
Columbus (0.) Ry., eons.(guar.)(No.24)
1 Holders of rec. May 15
June
Grand Rapids Ry., common (quar.)___ _
1 Holders of rec. May 15
June
Kansas City Ry. & Light, pref. (guar.). _
June
1 May 20 to June 1
Nashville Railway & Light, corn. (No.1.)
1 Holders of me. June 19
July
Northern Ohio Tr. & Light (guar.)
June 15 June 2 to
Rochester Ry. & Light., pref. (quar.)
1 Holders of rec. May 24
June
St. Joseph Ry., L., H. Sr P., com.(guar.)
1 Holders of rec. May 15
June
Trust Companies.
Central (special dividend)
June 15 Holders of rec. June 1
Miscellaneous.
$2 June
1 May 18 to May 31
Adams Express
May 31
$4 June
I May 18 to
Extra
May 31 llolders of rec. April 22
Amalgamated Copper (guar.)
1 May 16 to June 1
June
3
American Cotton Oil, pref
3
July
1 Holders of rec. May 29
American Express (quar.)
3
May 31
1 May 22 to
June
American Gas
June
1 May 27 to June 1
Associated Merchants, corn. (guar.)
I May 27 to June 1
June
Common (extra)
June 30 June 24 to June 30
American Radiator, common (guar.)
June
1 May 22 to June 1
Amer. Smelters Securities, pref. A (guar.)
1% June
I May 22 to June 1
Preferred B (guar.) (No. 16)
1% July
2 Holders of rec. June la
Amer. Sugar Ref., corn. & pref. (guar.)._
June
1 Holders of rec. May 15
American Tobacco, common (quar.).5
June
1 Holders of rec. May 15
Common (extra)
June 16 June 6 to June 15
Borden's Condensed Milk, pref. (quar.)_ _
1 Holders of rec. June 15
Butte Electric dc Power, corn.(quar.)(No.19 1% July
June
1 Holders of rec. May 15
Butterick Company (guar.)
$6 June 22 Holders of rec. May 22
Calumet & Hecla Mining (guar.)
2
June 30 June 27 to June 30
Chicago Telephone (guar.)
1
June 15 Holders of rec. May 18a
Consolidated Gas of N. Y. (guar.)
2
June 15 Holders of rec. June 1
Crex Carpet
Extra
34 June 15 Holders of rec. June 1
2
June 15 Holders of rec. May 31
Diamond Match (guar.)
1 Holders of rec. June
July
Eastman Kodak, corn.(guar.)
1 Holders of rec. May 18
5
June
Common (extra)
I Holders of rec. June 1
July
Preferred (guar.)
June 15 Holders of rec. May 28
Federal Min. & Smelt., pref. (guar.)
ig June 1 May 16 to May 31
General Asphalt, pref. (guar.)(No. 8)._
June
1 Holders of rec. May 24
General Chemical, common (guar.)
$2 July 15 Holders of reg. June 3
General Electric (guar.)
July
1 June 19 to July 1
Guggenheim Exploration (guar.)
1 Holders of rec. May 10
June
Internat. Harvester, pt.(quar.)(No.9).,
July
1 Holders of rec. June 19
Internat. Smokeless Pow.&Chem.,com.(qu.)
June
I May 22 to May 31
Kings Co. Elec. L. & P. (guar.)(No. 37)
June 15 June 9 to June 15
Laclede Gas Light, coin. (guar.)
June 15 June 9 to June 15
Preferred
1
1 Holders of rec. June 15
July
Lansing Fuel & Gas
May 27 Holders of rec. Apr 30
4
Lehigh Coal & Navigation (No. 123).
May 31
2
I May 16 to
June
MassachusettsGas Cos., preferred
I Holders of rec. May 15
525
June
Mexican Telegraph
1 May 16 to June
June
Michigan State Telephone, corn. (guar.).
Aug. 2
1% Aug. 2 July 18 to
Preferred (attar.)
National Biscuit, corn. (guar.)(No. 43)_ _
July 15 Holders of rec. June28a
May 29 Holders of rec. Mayl8a
Preferred (guar.) (No. 45)
1 June 12 to June 15
July
National Lead, corn. (guar.)(No. 22)-- June 15 May 22 to May 25
Preferred (guar.) (No. 70)
June 21 June 13 to June 21
Niles-Bement-Pond, common (quar.)
May 25 Holders of rec. May 1
People's Gas Light & Coke (quar.)
June 15 Holders of rec. May 25a
3
Philadelphia Electric
May 26 May 6 to May 25
Pressed Steel Car. pref. (guar.)(No. 41).
July 15 Holders of rec. July 3a
Quaker Oats, common (guar.)
July 15 Holders of rec. July 3a
Common (extra)
May 31 Holders of rec. Mayl9a
Preferred (guar.)
June 21 May 23 to June 2
Quincy Mining (quar.)
1% June 21 June 9 to June 21
Railway Steel Spring, pref. (guar.)
1 Holders of rec. Mayl9a
Sloss-Sheffield Steel & Iron, corn. (guar.) 1% June
$9
June 15 Holders of rec. May 21
Standard Oil (guar.)
1 Holders of rec. May 25
United Cigar Manufacturers, pref. (guar.) 1% June
June 30 June 11 to June 30
U. S. Steel Corp., corn. (qu.)(No. 22)._
1 May 8 to June 1
June
Preferred (guar.)(No. 32) •
5()c. June 30 June 19 to June 30
Utah Copper Co.(quar.)
1 Holders of rec. June 10
July
Waltham Watch, common
d Correction. e Also
a Transfer books not closed. b Payable In stock.
•declared 3-4S% payable/Sept. 15 and 34% Dec. 15. f Less income tax.




34

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

Capital. Surplus.

Loans.
Average.

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

$
Bank of N. Y.
_
2,000,0 3,408,4 20,254,0 3,767,0 1,296,0
M.mhattan Co_
2,050,0 3,567,7 38,200,0 9,088,0 1,620,0
Merchants' __ _
2,000,0 1,665,2 21,973,0 4,331,0 1,654.0
Mechanics' _ _
3,000,0 3,716,7 33,869,0 8,081,0 1,337,0
America
1,500,0 5,178,4 28,622,5 6,267,2 1,865,1
Phenix
394,0
1,000.0
8,018,0 1,544.0
657,2
City
25,000,0 27,789,9 193,166,2 45,418,1 8,286,0
Chemical
3,000,0 5,972,7 29,308,6 5,334,4 2,120,1
Merchants' Ex_
600,0
830,0
547,5
7,675,7 1,212,6
Gallatin
1,000,0 2,403,4
765,4
9,481,5 1,202,1
Butch. & Drov_
300.0
133,1
153,2
2,363,1
442,5
Greenwich
_
500,0
400,0
755,1
7,385,5 1,760,7
Amer. Exch.__
5,000,0 5,395,5 31,111,7 4,988,3 1,643,5
Commerce
25,000,0 15,474,0 178,278,3 28,344,2 13,534,4
Mercantile
3,000,0 2,548,4 15,658,1 2,127,3 1,317,2
Pacific
500,0
864,8
500,3
3,787,0
799,3
Chatham
450,0 1,015,6
7,278,3 1,202,4 1,034,8
People's
200,0
470,5
1,944,2
516,2
119,4
Hanover
3,000,0 10,512,6 70,976,5 14,329,0 6,561,0
Citizens' Cent.. 2,550,0 1,406,9 22,615,2 5,647,9
321,6
Nassau
500,0
435,8
5,712,5
735,2
793.8
Market & Fult'n
1,000,0 1,621,4
8,105,1 1,325,0
950,9
Metropolitan _ _
2,000,0 1,309,7 10,680,2 2,406,7
176,6
Corn Exchange 3,000,0 5,372,3 44,333,0 7,406,0 5,650,0
Imp. & Traders' 1,500,0 7,409,4 26,548,7 5,500,0 1,727,0
Park
3,000,0 9,681,4 90,037,5 24,939,0 1,249,7
East River_ _
250,0
103,9
1,379,7
258,4
144,8
Fourth
3,000,0 3,284,7 26,883,0 5,149,0 2,300,0
Second
1,000,0 1,774,6 11,728,0 2,954,0
212,0
First
10,000,0 18,634,6 116,902,0 27,904,0 1,383,3
Irving Exch.- _
19,231,1 4,407,6 1,106,1
2,000,0 1,421,1
250,0
Bowery
789,7
3,369,8
788,0
62,0
7,881,2 1,350,3
675,1
N. Y. County_ _
500,0 1,312,5
German-Amer _
4,066,3
221,1
750,0
656,2
771,5
5,000,0 6,254,4 81,856,0 20,652,0 5,033,0
Chase
976,2
Fifth Avenue
100,0 2,178,6 13,579,6 2,915,0
German Exch.637,4
857,6
3,443,5
365,5
200,0
966,8
498,6
Germania
4,836,7
200,0 1,020,9
941,5
Lincoln
1,000,0 1,270,5 14,944,1 3,143,4
7,384,6 1,754,3
325,9
Garfield
1,000,0 1,144,5
3,202,2
Fifth
533,7
321,8
250,0
470,6
897,2 2,247,9
Metropolis _ _
1,000,0 2,020,2 12,097,1
251,0
West Side
4,409,0 1,028,0
200,0 1,087.3
Seaboard
1,000,0 1,731,4 19,169,0 4,870,0 1,922,0
878,1
Liberty
1,000,0 2,576,2 17,574,6 3,698,3
7,932,4 2,395,2
N. Y.Prod. Ex. 1,000,0
687,2
263,4
1,000,0
810,3 11,752,0 3,601,0
257,0
State
494,3
14th Street_ _
1,000,0
320,1
5,006,7 1,108,2
488,3
Copper
2,000,0 2,577,2 24,666,6 5,793,9

$
18,659,0 27.1
44,700,0 23.9
23,897,0 25.0
36,685,0 25.6
31,206,7 26.0
7,506,0 26.7
196,337,3 27.3
28,610,6 26.2
8,232,9 24.8
7,563,4 26.0
2,328,5 24.7
8,432,1 25.6
25,158,3 26.6
166,302,0 25.2
12,959,2 26.6
3,881,2 33.4
8,039.1 27.8
2,391,8 26.5
83,559,2 25.0
22,810,2 26.4
6,223,0 24.5
8,330,6 27.3
10,404,4 25.0
52,295,0 25.0
25,515,0 28.3
103,116,8 25.4
1,569.5 25.7
28,843,0 25.4
12,391,0 25.5
112,933,2 25.9
20,351,4 27.1
3,430,0 24.7
8,342,1 25.0
3,891,2 25.5
94,072,0 27.3
15,248,2 25.5
4,053,1 24.7
5.647,5 25.9
16,034,2 25.4
7,475,9 27.8
3,339,6 25.6
12,387,4 25.3
4,910.0 26.0
23,561,0 28.8
17,575,6 26.0
9,759.9 27.2
14,986,0,25.7
5,889,4'27.2
25,381,2:24.6

Totals, Average 126,350,0 172,318,9 1340,678,6 286,020,4 77,901,7 1397,216,7 26.0
Actual figures May 15

1339,425,6 290,050,7 81,124,6 1401,038,326.5

On the basis of averages, circulation amounted to $49,121,300 and United States
deposits (included in deposits) to $2,468,400; actual figures May 15, circulation,
$49,342,100; United States deposits, $2,415,700.

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

Week ended May 15.

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

—

25,975,000

59,675,000

*8,563,000

Surplus as of April 28___

37,306.000

173,921,500

*10,086,923

*9,807,164

Loans and investments__
Change from last week_

298,831,500 1,036,332,400
—2,129,500 —1,630,300

82,814,900
+190,100

128,208,600
+1,024,700

Specie
Change from last week_

50,485,600
+1,352,800

116,783,900
—1,429,400

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

25,912,100
+102,100

13,068.800
+119.000

Capital as of April 28

*8,025,000

Deposits
Change from last week_

352,808,600 1,163,769,800
—559,800 —4,144,600

87,518,500
+445,900

136,803,200
—585,100

Reserve on deposits
Change from last week.

101,893,500
+1,055,600

137,384,500
—1,982,200

19,078,200
+285,600

21,377,500
—739,300

P. C. reserve to deposits..
Precentage last week_ _

29.4%
29.0%

17.0%
17.2%

22.5%
22.2%

16.1%
16.6%

+ Increase over last week. —Decrease from last week. *As of March 24.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" Includes, for both trust companies and State banks, not only cash items but amounts
due from reserve agents. Trust companies in New York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required is computed on
the aggregate of deposits, exclusive of moneys held in trust and not payable within
thrty days, and also exclusive of time deposits not payable within 30 days, repro
sented by certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State Banks are likewise required to keep a reserve varYlmz
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
—State Banks—
—Trust Co's—
Total
Of
Total.
Of
Reserve which
Reserve which
Required. in Cash.Required. in Cash.
Location—
25%
15%
15%
15%
Manhattan Borough
10%
20%
10%
Brooklyn Borough (without branches In Manhat.)I5%
10%
15%
7%%
Other Boroughs(without branches In Manhattan) 15%
15%
15%
15%
25%
Any Borough with branches In Manhattan
6%
10%
5%
15%
Elsewhere In State
Reserve Required for Trust Companies
and State Banks.

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

[VoL. Lxxxvm .

THE CHRONICLE

1296

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

Week ended May 15.

Capital as of April 28-

126,350,000

126,350,000

69,700,000

196,050,000

Surplus as of April 28_ _

172,318,900

172,318,900

182,845,100

355,164,000

Loans and investments 1,339,425,600 1,340,678,600 1,123,971,000 2,464,649,600
-1,056,900 -6,862,300
Change from last week -2,299,800 -5,805,400
1,401,038,300 1,397,216,700 a1,078,577,600 2,475,794,300
Deposits
+1,030,900
+1,385,600
Change from last week +8,267,500
+2,416,500

We omit two ciphers (00) in all these figures.
Banks.
Boston.
Apr. 24_ _
May L.
May8_ May 15_ _
Phila.
Apr. 24__
May 1_ _
May 8_ May 15_ -

Capital
and
Surplus.

Loans.

Specie.

Legate. Deposits. a Circu- Clearings.
lation.

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

209,420,0
208,044,0
207,431,0
210,050,0

28,541,0
28,804,0
28,401,0
28,070,0

4,374,0
4,206,0
3,990,0
4,307,0

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

257,377,0
259,049,0
259,935,0
261,122,0

.$

409,301,000
+4,960,900

4, 81,124,600
Legal-tenders
, Change from last week +2,846,900

77,901,700
+1,229,100

b22,069,200
+581,900

99,970,900
+1,811,000

Dry Goods
General Merchandise

Agg'rte money holdings 371,175,300
Change from last week +12,181,800
Money on deposit with
other bks. & trust cos
;Change from last week

363,922,100 c145,349,800
+7,248,200 III -476,300

509,271,900
+6,771,900

Total
Since Jan. 1.
Dry Goods
General Merchandise

Total reserve
371,175,300
f Change from last week +12,181,800
Percentage to deposits
requiring reserve__ _ _
26.53%
Percentage last week..
25.82%
Surplus reserve

27,408,100
-1,246,300

172,757,900
-1,722,600

536,680,000
+5,525,600

26.08%
25.58%

I 18.80%
19.00%

134,204,0
128,658,2
141,201,6
129,824,4

1907.

1908.

1909.

For week.

$1,668,667
11,769,017

$3,154,087
13,662,947

1906.

$3,523,354
14,487,951

$2,544,524
11,119,047

$16,817,014 $13,437,684 $18,011,305 $13,663,571
865,809.119 $47,092,446 873,728,926 $62,701,385
258,423,430 181,476,617 274,653,049 221,431,524
$324,232,549 $228,569,063 $348,381,975 $284,132,889

Total 19 weeks

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 15 and from Jan. 1 to date:

14,817,925

20,915,725

310,958,0 15,668,0
309,990,0 15,593,0
313,756,0 15,554,0
320,215,0 15,512,0

FOREIGN IMPORTS AT NEW YORK

123,280,600
-1,058,200

363,922,100
+7,248,200

160,646,7
176,890,1
175,796,6
163,921,2

Imports and Exports for the Week.-The following are
the imports at New York for the week ending May 15; also
totals since the beginning of the first week in January:

286,020,400
+6,019,100

27,408,100
-1,246,300

7,686,0
7,664,0
7,681,0
7,612,0

a Including Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $737,000 on May 15, against $723,000 on May 8

290,050,700
+9,334,900

Specie
Change from last week

80,621,0
78,551,0
80,154,0
82,704,0

281,613,0
273,771,0
267,361,0
269,084,0

+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories and other banks and trust companies in New York City:" with this Item
included deposits amounted to $1,275,578,200, a decrease of $2,844,700 from
last week. In the case of the Clearing-House banks, the depl3I1s are "net" both
or the average and the actual figures. b Includes bank notes. c Of this amount
State banks held $15,497,100 and trust companies $129,852,700.

EXPORTS FROM NEW YORK FOR THE WEEK.
1909.

1908.

1906.

1907.

For the week
Previously reported

$13,586,759 $10,389,571 $6,456,067 $11,949,067
220,349,125 248,641,263 237,980,950 224,069,502

Total. 19 weeks

$233,935,884 8259,030,834 $244,437,017 $236,018,569

The averages of the New York Clearing-House banks
The following table shows the exports and imports of
combined with those for the State banks and trust companies
In Greater New York outside of the Clearing House compare specie at the Port of New York for the week ending May 15
and since Jan. 1 1909, and for the corresponding periods
as follows for a series of weeks past:
in 1908 and 1907:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK

We omit two ciphers in all these figures,
Exports.
Week
Ended.
Mch. 27 _ _
April 3_ _
April 10_ _
April 17_ _
April 24_ _
May 1-_
May 8_ _
May 15_ _

Loans and
Investments.
2,374,574,4
2,390,558,0
2,393,663 8
2,413,389,0
2,442,699,2
2,452,951,1
2,471,511,9
2,464,649,6

Specie.

Deposits.
2,376,562,8
2,392,819,3
2,388,047,2
2,410,000,6
2,443,452,8
2,443,979,6
2,473,377,8
2,475,794,3

398,513,0
402,309,3
399,487,4
401,378,5
405,218,3
404,948,3
404,340,1
409,301,0

Legate.
102,165,3
98,420,2
97,977,4
99,338,5
98,647,7
99,078,9
98,159,9
99,970,9

500,678,3
500,729,5
497,464,8
500,717,0
503,866,0
504,027,2
502,500,0
509,271,9

524,943,1
525,774,0
524,745,7
526,804,2
530,571,4
532,508,3
531,154,4
536,680,0

Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending May 15, based on average daily results.
We omit two ciphers (00)In all these figures.

Banks.

Capital.

Surplus,

N. Y. City.
Boroughs of
Man.& Brx.
Wash. IFts 100,0
228,2
Century _ _ _
200,0
149,6
Colonial _
400,0
249,4
Columbia _ _
300,0
439,7
Fidelity _ _ _
200,0
182,7
Jefferson _ _ _
684,2
500,0
Mt. Morris_
284,2
250,0
Mutual _-- - 200,0
318,7
Plaza
402,2
100,0
23d Ward_ _
200,0
93,8
Un.Ex. Nat 1,000,0
942,6
Yorkville _
100,0
439,9
Coal&I.Nat. 500,0
736,5
New Neth'd 200,0
241,5
Bat.Pk.Nat. 200,0
146,6
Aetna Nat_
300,0
308,5
Borough of
Boroklyn.
Broadway _
524,3
200,0
Mfrs.' Nat_
252,0
780,5
Mechanics'_ 1,000,0
933,9
Nassau Nat. 750,0
927,4
Nat. City_ _ 300,0
587,2
North Side_
200,0
141,8
Jersey City.
First Nat_ _
400,0 1,221,3
Hud.Co.Nat 250,0. 718,2
Third Nat_
200,0
375,8
Hoboken.
First Nat__
220,0
811,4
Second Nat, 125,0
237,1

Loans,
Disc'ts
and
Investments.

Legal
Tender
Specie. and
Bank
Notes,

45,0
1,136,0 185,0
27,3 271,9
1,469,5
4,642,7 729,1 368,1
5,634,0 645,0 617,0
75,7
87,4
1,035,5
7,6 456,6
3,254,0
57,8
2,702,0 497,9
30,5 693,5
4,052,0
3,991,0 335,0 389,0
49,0
1,737.3 157,2
8,040,0 1,101,3 1,000,0
3,648,2
52,9 739,9
4,712,0 911,0 268,0
81,0
1,942,0 245,0
41,3
1,061,3 185,2
34,2
1,914,4 402,6

Deposit withClear.
tag
Agent.

Other
Net
Banks; Deposits,
&c.

413,0
167,0
452,5
572,0
112,4
270,9
374,7
733,4
748,0
251,9
237,0
456,6
718,0
253,0
101,5
81,1

1,318,0
241,0 2,052,6
910,5 6,588,2
6,901,0
1,060,8
363,3 3,691,0
83,8 3,538,4
5,1 5,053,7
4,823,0
2,031,8
8,217,6
150,0 4,908,8
270,0 5,380,0
25,0 2,157,0
1,024,1
45,0 1,716,6

3,147.7
5,580,3
10,760,9
6,566,0
4,389,0
1,581,0

296,8
20,8 440,2
600,7 128,8 1,029,0
217,2 1,710,2 1,040,4
936,0
309,0 595,0
551,0
109,5 701,0
341,2
79,7
140,6

263,5 3,847,8
221,3 6,476,4
178,4 13,661,8
6,595,0
181,0 5,532,0
220,3 2,107,5

4,289,1
2,643,1
1,859,1

273,5
169,1
64,0

2,918,2
2,229,0

124,4
70,2

343,9 2,972,8 2,461,0 8,295,2
314,4 422,6 2,791,1
39,8
778,4
114,7
58,6 2,621,6
16,4
64,0

132,9
120,8

112,1 2,469,2
347,8 2,785,7

Tot. May 15 8,647,0 12,907,2 96,913,3 7,699,0 9,421,7 14,456,7 6,560,3 117843,7
Tot. May 8 8,647,0 12,907,2 95,857,2 7,379,6 8,903,7 15,703,1 6,022,7 116235,4
Tot. May 1 8,947,0 13,247,9 99,261,7 7,614,9 9,922,7 15,420,6 8,725,4 122885,9

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




Imports.

Cold.

Tot. Money Entire Res.
Holdings. on Deposits

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

SinceJan.1.

$13,958,120
$896,000 9,484,493

$2,434
12,232

2,000 1,984,815
2,000
900,000 21,030,000
30,145

23,573
3,115
24,053
84,255

$1,708,000 $47,089,573
7,297,134 19,823,001
1,000 1,863,446

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

SinceJan.1
$105,704
2,129,284
350
231,379
209,850
1,080,767
1,037,740

$149,662 $4,795,074
635,423 9,983,910
112,195 5,450,302

$844,120 $15,937.400
39,500 1,660,850
5,015
33,056
1,246

$3,766
1,667
7,714
11,355
15,868
13,335

981
26,181
S884,866 $17,663,489
519,196 15,416,414
596,012 15,447,219

Total 1909
Total 1908
Total 1907

Week.

$111,394
4,615
5,764
35,420
812,420
416,131
365,043

$53,705 $1,750,793
115,095 1,224,040
9,410
713,835

Of the above imports for the week in 1909, .$23,510
were American gold coin and $6,328 American silver coin.
Of the exports during the same time, $902,000 were American gold coin and
were American silver coin.

A3au1'4n2 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
WILLIAM AND PINE STS..
NEW YORK
Branch offices: Chicago, III., and Albany, N. V.

MOFFAI & Wij111E
Members New York Stock Exchange
HANOVER BANK BUILDING.

5 NASSAU STREET.

DEALERS IN INVESTMENT SECURITIES
Commission Orders Executed for Cash Only.
Banking and Exchange of every
description In connection with

IMPORTS AND EXPORTS

International Banking Corporation
NO. 60 WALL STREET, NEW YORK
Capital & Surplus, 56.500,000
Special facilities for Travelers
Branches at Home and Abroad.
in all Parts of the World.

MAY 22 1909.]

THE CHRONICLE

Iftaiihtrs'

autte.

Wall Street, Friday Night, May 21 1909.
The Money Market and Financial Situation.-Operations
at the Stock Exchange this week have been more restricted
than of late and very generally of a routine or professional
type. The narrow and irregular movement of prices
suggests thata point of equilibrium,or rest,has been reached,
and that future developments will control the markets.
The agricultural outlook continues to be a hopeful one,
although it must be admitted that the season is backward
and spring seeding is late. June and July are the important
months, however, and one might be regarded as hazardous
who would, at this season, stake much on crop prospects
or harvest results. The beginning of what may become a
very interesting mcivement is one of the important events
of the week. We refer to increased dividend rates on Chesapeake & Ohio and Atlantic Coast Line shares. Traffic reports now coming in indicate, as for some time past, a
steadily increasing volume of business, which, if continued,
may result in other cases of enlarged dividends.
Bank clearings are, as is well known, a very reliable index
of trade revival. Last week they showed an increase of
34% for the whole country. This week the percentage is
smaller but it is substantial. Gold shipments for the week
amount
'to $7,750,000, $3,500,000 of which went to Paris,
$2,000,000 to Holland and $2,250,000 to Argentina.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 13
4% to 2%. To-clay's rates on call were 19@2%.
Commercial paper quoted at 33'(4)3%% for 60 to 90 day
endorsements, 33(4)4% for prime and 4 to 6 months' single
names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £368,243 and the percentage
of reserve to liabilities was 49.05, against 49.20 last week.
The rate of discount remains unchanged at 23%,as fixed
April 1. The Bank of France shows an increase of 17,850,000
francs gold and a decrease of 1,950,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
May 15.

$
126,360,000
Capital
172,318,900
Surplus
Loans and discounts__ 1,340,678,600 Dec.
49,121,300 Dec.
Circulation
1,397,216,700 Inc.
Net deposits
2,468,400 Inc.
U. S. dep. (Incl. above)
286,020,400 Inc.
Specie
Legal tenders
77,901,700 Inc.
Reserve held
25% of deposits
Surplus reserve
Surplus excl. U.S. dep_

•
1908.
Averages for
week ending
May 16.

Differences
from
previous week

1907.
Averages for
week ending
May18.

$

$
$
124,350,000 129,100,000
159,984,000 160,414,500
5,805,400 1,201,120,000 1,124,808,700
57,700
57,206,200
50,440,400
1,030,900 1,276,220,600 1,106,100,900
64,800
31,657,000
31,698,400
6,019,100 313,980,500 215,060,200
72,937,700
1,229,100
69,681,900

363,922,100 Inc. 7,248,200
349,304,175 Inc.
257,725
14,617,925 Inc. 6,990,475
15,235,025 Inc. 7,006,675

383,662,400
319,055,150

287,997,900
276,525,225

64,607,250
72,531,850

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

Foreign Exchange.-The market was dull with a firm
undertone throughout the week, influenced by a scarcity of
bills, which compelled exports of gold in lieu of exchange.
Shipments of the metal were $7,750,000, of which $3,500,000
went to Paris, $2,000,000 to Holland and $2,250,000 to
Argentina.
To-day's (Friday's) nominal rates for sterling exchange
were 4 87 for sixty-day and 4 883 for sight. To-day's
(Friday's) actual rates for sterling exchange were 4 8635@
4 8645 for long, 4 8770@4 8775 for short and 4 8795(4)4 88
for cables. Commercial on banks 4 86@4 8610 and documents for payment 4 853'@4 86. Cotton for payment
4 85 Y,@4 85%, cotton for acceptance 4 86@4 8610 and
grain for payment 4 85%@4 86.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 16%d(:)5 16% for long and 5 15%h()5 15%d,for
short. Germany bankers' marks were 953g ®95 3-16 for
long and 959/g@95 7-16d for short. Amsterdam bankers'
guilders were 39@40 for short.
Exchange at Paris on London 25f. 16%c.; week's range
25f. 163/2c. high and 25f. 15c. low.
The week's range for exchange rates follows:
short
Cables---Sterling, Actual®
4 864514 8780
High
4 8640
Low
4 8625
4 :z63014 8770
®
Parts Bankers' FrancsHigh
5 164a 0
5 16%15 158-ia
Low
5 174 0
5 16%15 154d
Germany Bankers' MarksHigh
954
0
95 3-16195 7-16
Low
94%
0
95 195%
Amsterdam Bankers' GuUdersHigh
401
Low
140 39

0
0

4 878514 8805
4 877514 8795

0
0

5 15%1
5 15%

(4)

95%
95 7-16d1

0
0

42 001
40 401

0

4 8810
4 88

I
1

Less: a 1-16 of 1%. d 1-32 of 1%. h 3-32 of 1%.
Plus: k 1-16 01 1%,
1-32 of 1%. y 3-32 of 1%,

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
premium. Charleston selling $1 per $1,000 premium. New
Orleans bank 75c. per $1,000 discount; commercial $1 per
$1,000 discount. Chicago 35c. per $1,000 premium. St.




Louis 45c. per $1,000 premium. San Francisco 50c. per
$1,000 premium.
State and Railroad Bonds.-Sales of State bonds at the
Board are limited to S10,000 Virginia 6s deferred trust receipts at 45.
The market for railway and industrial bonds has not maintained the activity and breadth which characterized it last
week. On at least two days the transactions have aggregated less than $4,000,000 par value, and included a much
smaller number of issues than heretofore. Fluctuations
have, moreover, been narrow and unimportant.
United States Bonds.-Sales of Government bonds at the
Board are limited to $4,000 4s coup., 1925, at 121. The
following are the daily closing quotations; for yearly range
see third page following.
Interest
Periods

May
15

2s, 1930
registered Q-Jan
2s, 1930
coupon Q-Jan
3s, 1908-18
registered Q-Feb
3s, 1908-18
coupon Q-Feb
38, 1908-18... _small coupon Q-Feb
4s, 1925
registered Q-Feb
48, 1925
coupon Q-Feb
25, 1936 _Panama Canal regis Q-Feb
2s, 1938.Panama Canal regis Q-Nov

May
17

May
18

May
19

May
20

May
21

*1013 *101% *101% *101% *101% *101%
*101% *101% *101% *101% *101% *101%
*1013 *1013 *101% *1014 *101% *101%
*102 *102 *102 *102 *102 *102
*100 *100 *100 *100 *100 *100
*119 *119 *119 *119 *119 *119
*120% *121 *121 *121 *121
121
*101 *101 *101 *101 *101 *101
*101 *101 *101 *101 *101 *101

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

Railroad and Miscellaneous Stocks.-The stock market
has been less active than for some time past, the transactions
on one or two days barely reaching 500,000 shares. Prices
have moved within a relatively narrow range, although
during an upward spurt on Thursday several new high
records were made. Included in the latter are Reading,
Southern Pacific, Chesapeake & Ohio, General Electric and
United States Steel common. The market as a whole has,
however, shown a tendency to weakness, and as a result
about three-quarters of the active list shows a net loss.
Besides the stocks mentioned there have been few exceptional features. Western Maryland lost 6 points of its recent
advance. Delaware & Hudson is 5 points lower than last
week, New York Central declined 23% points, one of which it
has regained, and the Rock Island issues have been weak.
Industrial stocks have continued in favor. American Beet
Sugar has been unusually active at the highest quotation of
the year and Steel common, in which the transactions have
been on a very large scale, sold higher than ever before in its
history. On the other hand, Consolidated Gas has lost over
3 points of its recent advance and the copper stocks have
been weak, notwithstanding a further advance in the metal.
For daily volume of business see page 1305.
The following sales have occurred this week of shares not
represented in our detailed list.on the pages which follow:
STOCKS.
Sales
Week ending May 21. for
Week.

11,472,675
19,386,925

.1297

American Teleg & Cable
Colorado Fuel dr Iron, pf
Evansv & Terre H, pref
General Chemical, pref. _
Homestake Mining
Kanawha & Michigan__ _
Keokuk & Des Moines_ _
Lake Shore & Mich Sou_
North Ohio Trite & Lt_
Ontario Silver Mining_ _
RR Securities-Ill Cent
stock trust certificates
St L & S F-C & E Ill
new stock trust certs_
Sears, Roebuck & Co. pt.
United Cigar Mfrs, pref
Vulcan Detinning
Preferred
Wisconsin Central, pref.

Ranoe for Week.
Lowest.

Highest.

I

Range since Jan. 1.
Lowest.

Highest,

3 May 15 77%
8 May 15 75
50 77%
Feb 78
100 75 May 19 75 May 19 67
Mch 75
73 83 May 20 83 May 20 83
May 85
290102k May 21103% May 20 983
Jan 103%
35 92% May 18 93 May 18 87
Jan 94%
200 42 May 21 42 May 21 42
May 42
200 6 May 20 6 May 20 5
Mch 8
100320 May 20320 May 20 300
May 320
700 26 May 19 26% May 15 23% April 27
320 4% May 17 5 May 17 34 April 5%
50 933-i May 18 93% May 18 88%
10 68%
75i14/
100 110
140 94
355 55
100! 90%

May 15 68%
May 201154
May 18 110
May 18 9%
May 18 56
May 19 90%

May 15
May 21
May 18
May 18
May 18
May 19

624
101
99
6
45
694

Feb
Jan
Feb
May
April
May
Jan
May
May
Jan

Jan 93% May
Apr 70
Jan 1154
Jan 110
Feb 9%
Jan 57
Jan 90%

April
May
May
May
May
May

Outside Market.-Business in "curb" securities has been
irregular and in diminishing volume this week, with a sagging
tendency to prices. Nevada Consolidated was conspicuous,
advancing from 225
% to 233
4 and dropping to 23. To-day it
broke to 213% and recovered to 223. United Copper common was also prominent, moving down from 133 to 113
4and
ending the week at 12. Butte Coalition rose from 26 to 263%
and declined to 253
4. Cumberland Ely ran down from
8 5-16 to 7 15-16 and ends the•week at 83. First National
eased off from 63% to 53
4 and advanced to 5 15-16. Greene
Cananea went up from 103
4to 10% and down to 10%. Goldfield Consolidated, after fluctuating between 7 9-16 and
715-16, sold up to-day to 8 3-16, closing at 8. Nipissing
declined from 103- to 1034 and improved to 10%. Among
industrials, International Salt continued in demand, going
down from 195
% to 17, but then jumping to 20. Afterward
it yielded a point to 19 and to-day was traded in up to 193
%.
United Cigar common, after a substantial advance from 693t
2, and sold up finally to 73. Standard
to 743/2, fell off to 713/
Milling preferred opened the week at 58 and closed at the
same figure, transactions taking place up to 5934 and as low
as 57%. Standard Oil gained 6 points to 682, sellin today down to 670, ex-dividend. In bonds, International
Salt 5s scored a substantial gain, going from 59 to 633
4, the
close to-day being at 6334. Jones & Laughlin 5s weie
heavily traded in up from 99% to 1003% and down finally to
99 15-16. Kansas City Southern 5s"w.i." declined from 103
to 10214 and recovered to 1024. Tidewater 6°V0 notes were
traded in down from 103 to 102 8. Western Pacific 5s declined from 97% to 97.
Outside quotations will be found on page 1305.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
oceuPYIN
I; TWO PAGES

dmiinimmt-

ser.....riost.

STOCKS-HIGHEST AND LOWEST SALE? PRICES
Wednesday Thursday
Tuesday
Friday
Monday
Saturday
May 19
May 20.
May 21.
May 18
May 15
May 17

Salts ol
the
Weelc
Shares.

&I OC KS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1 191)41
On basis 01 100-share lots
-------Lowst
Highest

Railroads
109 10953 108% 1095 10812 10914 10834 11014 10178 11018 10878 10934 69,243 A tch TopeKft & Santa Fe 9778 Jan 13 11012 May12
10014 Jan 20 10478 -,:ay 19
825 ITS. Do pref
*10418 10412 10414 10412 10412 10434 10434 10478 10478 10478 *10434 105
10712 Jan 14 17912 May20
127 127 *126 12818 128 12912 12712 12812 3,850 Atlantic Coast Line RR
127 127
127 127
10312 Feb 2.3 11651 May 4
8,990 PaltImore & Ohio
11458 11434 114% 11518 11412 11533 11412 115
11458 11458 11412 115
92 Feb 4 96 Apr 12
9412 *94
9412
9312 9312 *9312 9412 *94
100 A) Do pref
95
*94
95
*94
18,140 Brooklyn Rapid Transit_ 67 Jan 9 8014 May12
7918 7934 7834 7934 7834 7912 7878 7958 7834 798 7858 79
1165 A:eh 3 18134 May b
180 18034 18018 18078 17958 180
6,000
(lanadlan Pacific
17934 18012 180 18053 180 180
6014 Jan 11 67 Apr 27
6834 *66
k)anada Southern
6814 *66
6834 *66
6834
6.354 *6612 6834 *66
*66
295 295
215 Feb 23 9812 May12
295 295
291 294 5290 297
700 Central of New Jersey
' *290 298 *290 297
5558Jan 6' 80 4 May20
7834 8014 7842 7958 108,190 Chesapeake & Ohio
7814 7858 7838 7914 7814 7934 7878 80
7434 Apr I
7014 69% 701. 70
5778 Feb '24
70
7034 70
70
2,000 Chicago & Alton RR
7014 6934 70
70
•
7712 *____ 7712 *7312 7712
71 Feb 24 7812 Mch2?
77
*75
77
*75
Du pref
77
*75
1113 Jan 2
Mch18
414
5
*478
5
5
4
5
Western
434
5
43
434 5
2,975 hicago Great
434. 5
*55
65
*55
60 Jan 22 64 May17
65
6412 *55
*55
64
65
100
64
Do 4% debenture"
66
864
2912 *27
291. *27
25 .'an 13 37 J::.11 4
2912 *27
2912
2912 *27
100
*27
28
Do 5% pref "A"
28
7
7
(312 11.1c1113) 1.08 .:an
*678 714
Do 4% pref "B"
718 718 1,725
VS *678 7
678
4718 718
15018 151
15014 15134 15038 15114 32,125 Chicago Milw & St Paul_ 141 Feb 23 15314 May10
14934 151
15038 15078 150 151
an '25
15812 N'-'1115 167
Do pre':
*16312 166 *163 165 *163 16412 *163 16412 *16312 165 *16312 165
182 183
18212 18314 18212 18212 182 18234 182 18212 3,700 Chicago & North Western 11318 Feb 24 185 Jan 2
182 182
x208 Meh 15 4.25 Jan 5
*217 227 *216 227 *216 227 *217 227 *218 227 *218 227
Do pref
156 Jan 5
*153 160 *153 160 *153 160 *153 160 *155 160 *153 160
Chic St P Minn & Omaha 148 Apr 22 17018
Apr 16
166).' Jan 39
*165 175 *165 175 *165 175 *165 175 *165 175 *165 175
Do pref
i Jan 4
512 6
534 534 1,400 Chic Tin Trac etf's stmpd
48 Apr 20
512 5I' *434 512 *514 534
618
*6
1538 1533 1512 1512
17
1634 1634 *14
155 *15
16
400
16
Do prct ctfs stmpd__. 1334 Apr 17 1614 Jan 27
/912 Feb 147312 73
*73
76
73
*73
74
*72
LS . an 21: .
73
7414 74
200 Cleve Cm n Chic & St L
*73
100 Jan 4 105 Mch 22
*10112 106 *10112 106 *10112 106 *101 104 *101 104 *101 106
Do pref
6514 65
5713J711 5 6814 Jan h
6512 1,125 Colorado & Southern__.. _
*6414 6412 6414 6414 6412 6412 6514 6514 65
94
*83
84
8378 8378 *83
84
8414 84
48312 8312 84
7612 Jan 2 56 May 1
625
Do 1st preferred
81
7314 Jan 2 8412 Jan 7
81
8034 81
81
81
*80
81
1,480
Do 2(1 preferred
81. 19
1
88
012 19
1984
86
198 19812 196.34 19814 196 19734 19712 19812 195
16734 Feb 24 200 May14
112 8,200 1 telaware & Hudson
22
*605 660 *640 660 *640 660 *640 660 *640 660 *630 640
I 7elaware Lack & West_ 535 Feb i; 680 Apr
50
49
5012 4834 5018 4838 4914 4914 5014 50
3738Jan 6 54 Apr 20
50
4934 10.595 Denver & 1410 Grande
79t2 Jan 6 UV Feb 10
88
87
87
8714 87
87
8714 *8714 871. 8712 8778 *87
1,035
Do pref
6212 Feb 20
581. *55
5812
5812 *56
50 Jan 34
5812 *56
*5612 5812 *56
5812 *56
Detroit United
1712 1713 1713 *17
1712
1712 *17
1712 *17
*17
1712 *17
200 Duluth So Shore & Atlas 1514 J.111 1, 21 Jan 16
Jan 15
3612
*3138 32
*31
32
'23
32
*31
3112 3112 *31
Feb
28
pref
3112 *3138 32
100
Do
3318 3418 3314 3358 35,860 Urle
3314 34
3334 3418 3212 34
3234 335
2238 Mch 11 3514 May12
5114 50
3612 Melt 1: 5•318 NI:1y1 2
50
52
51
5012 515
5034 5038 5138 50
5012 7,910 LI, Do 1st pref
41
4012 4114 *40
41
2812 Mch 11 4314 May14
40
42
4212 4212 41
Do 2(1 pref
1,375
4018 41
14538 14613 14558 14612 18,300 Great Northern pref
13858 Feb 24 14814 Jan 4
145 14631' 1451( 14512 145 146
145:14 146
7212 73
7134 7314 7212 73
Iron Ore properties_ _ 65 i8lich12 74 Jan 27
8,300
7258 7258 7112 7212 7134 72
Green Bay & W.deb ctf-13 14 Feb 26 17 Jail 4
*1514 1618 *1514 1618 *1514 1618
*5018
51
51
51
39 Feb 1 53 May 5
51
avana Electric
200
*51
, r. h 8618 Apr ti
1,
3:0; ,
90
*83 -66 - *83
90
*83
*83
90
Do pref
*8312 90
*-__. 90
*97 107
*97 107
*97 • 107
*97 107
*97 107
Hock Val JP & M Corcts 97 May 3 106 Jan 12
*89
90
90
90
90
00
*89
9012 90
:300 Hocking Valley pref.._ _ _ 88 ..p. 2/ 93 Jan 21
*89
1.1, Feb 2: 149 Jan 4
146114 14678 lief; 14714 14612 14778 414613 14612 2,822 f Ittnols Central
14714 14714 14612 147
1153 Itich:e3 19 Jan
1614 1618 1614 9,050 I n terboro-Metropolitan_
1614 1618 1612 16
1614 1612 1613 1612 16
1134 Mch 23 4938Jan 6
Do pref
4514 4534 4414 4534 4414 4538 4434 4512 448 4514 4512 4512 11,250
'27 Feb 24 36 Apr 15
32
3234 3234 3234 3234 3258 3312 3278 3278 1,945 Iowa Central
43212 3212 432
5412 Jan 4 62 Apr 15
Do pref
85712 5912 *5712 5812 5734 57314 5734 5778 5814 5918 5834 5878 2,680
79
*78
79
791. *78
*78
79
7912 *78
*78
C Ft S & M tr cfs, pre: 7434 Feb 2 7912 may 3
79
*78
4618 4714 41312 4712 4658 4718 14,045
:37 Feb 23 4838 May14
ansas City Southern
4714 4712 4658 4712 4614 47
7312 7312 2,200
6778 Feb 24 74/8 s. •.3u
Do pre;
7312 7334 7334 7378 7318 7:04 7312 7334 7318 735
25
25
25
25
1912 Feb 25 2512 May 8
*24
251.
24
2512 24
900 I ake Erie & Western
2418 2418 *24
*51
51
64
48 .: an 23 5.3 Apr ti
*51
54 5312 *52
5312 51
100 14 Do pre
5312 *52
• *52
*64
65
65
Jan 4 6712 0101129
65
67
*63
65
59
*65
Island
65
500 Long
65
• *63
66
x121 Jan 29 14038 May 4
13812 13812 13834 139% 13914 14038 139 13918 6,300 Louisville & Nashville
13834 139
139 139
147 147 *146 148
147 147
1,425 !VI anhattan Elevated__ _ 142 • Mch25 15312.an 4
147 147 *145 150
147 147
*26
30
28
*26
'21 Mcl 27 42 Jan t;
*26
27
30
27
32
100 1'1 etropolitan Street
*26
31
*26
62 Men 6 65 Jan b
5712 5712 1,300 Minneapolis & St Louis
5814 5734 5734 5714 5712 5712 575
58
59
*57
89
81 Mehl° 90 Jan 8
*87
*85
00
90
*87
*37
91
90
Do oref
*87
90
*87
13658
Jan 2 14912 Jan 8
136
13614
13212
1363
13614
*135
13518
13512 1,450 Minn St P & S S Marla
135 135
13518 136
149 149
149 149 *148 150
147 Apr 13 159 Jan 7
149 149
Do pref
*148 150 4150 150
350
351, Feb 23 4478 Jan 22
4278 19,730 110 Kansas & Texas
4234 4278 423 4278 4214 4258 4214 4278 4214 4258 42
7334 7234 73
71 - Feb 2', 7514 Jan 21
*72
*7:312 7378 7338 7358 '*73
Do pref
74
400
*73
7312
6:- Feb 2^ 76 May 12
7412 7434 733 7412 7312 7412 7418 7518 7414 7518 7418 75
9,535 Missouri Pacific
Apr 14
*129 135 *129 135 *129 135 *129 135 4130 130 4128 128
75 !Mash Chatt & St Louts. 12212 Jan 5 135
5112
53
*52
5112
7112
5012 5C34 *51
2,100 1'1 at 11..'s of Mos 1st pre! 4412 Apr 5 54 May20
2614 May.0
k:318 Apr 1,
3
25
2434 5
512 5
23
5
25
12 2
3%
Do :al pr.,
2312 2378 2312 2334 2338 2358 24
414 47,870
56
131 13112 13012 13112 13014 13114 130 131(4 12934 13114 13018 131
21,760 N V Central & Hudson_ 12012 Feb •,,4 13314 May 8
54
*50
4512 Mitt 15 57 .551.1 4
55
*55)
55
5412 54
*50
56
110 N le Chic & St Louts_ __ _
45438 5438 *54
*96 105
*96 105
*96 105
109 Feb 20 100 Feb 20
*96 105
*96 105
Do 1st pref
*96 105
7614 Apr ti 81 Feb 4
84
*80
8312 8312 *82
84
84
*80
*80
84
84
Do 2d pref
*80
100
May12
17054 17034 417012 171
171 171
*17012 174 *17012 17212 *17012 172
385 NYNH& Hartford_ __ _ 15718 Feb 24 172
bull Apr lv
4834 4918 4833 4918 4834 49
4834 49
49
5,540 N Y Ontario & Western. 4214 Feb 24 9418
4914 4978 49
Apr 2::
9078 9114 90
9114 9078 91
5414 Jan 6
91
9014 91
9114 91
5,300 Norfolk & Western
91
*8512 90
*8512 90
8518 bleh26 b8 Jan 20
*8512 89
8712 8712 *8512 90
Do adjustment pref
200
• *8512 88
8 Apr 8
13314 Feb 24 1477
. 14518 14534 14478 1457 14513 14558 14518 14558 14412 14638 14434 14638 40,295 Northern Pacific
95
97
9514
76 filch 3 9934 .•thr 1
95
9612
4
973
94
9712
Coast
98
Co
94
pacific
1,250
98
. ! *96
Mch30
100
Alch30
*98 105 *100 110
100
100 100
*98 105
Do 1st pref
*98 105
100 L
*98 105
100 100
88 Meh27 100 Mch31
19718 100 *100 105 *100 105
Do 2d pref
*96 100
182
*96 100
139% May 4
*0
13418
Feb
12618
13334
13378
135%
13512
13412
1458
1341
Pennsylvania
8
2
1
lg.11
213514 26,230
1114 lg53
Feb 4
9212 9214 9214 92
92
112 *9178 9212 92
1,400 Pittsb Cln Chic de St L
8612 Jan 5 94
194 Feb L. 140 sleti2S
Do pre:
*11612 120 *11612 120 *116 120 *116 120 *11612 120 *11612 120
May20
4
1&93
23
Feb
158
113
8
1557
157
157
15771
4
157
3
peel
158
15934
15838
atir
e
17.f114
R
505.370
15718 158
89 Mch22 93 Ja,1
* 9012 92
9312 *9012 9312 *9012 9212 *9012 9212
200
9212 9212 *92
90 Feb 1 10454 May13
103 103
100 102 *101 103
2d pref
750
*10212 10412 10314 10314 103 103
2073 Feb 24 34 .0 ay 13
3234 81,725 Rock Island Company_ _ _
32
3318 3134 3278 3233 3318 317 33
3278 3318 32
Ms Feb 2.1 72% Mayla
Do pref
7012 7112 7012 7114 7034 71% 7012 7118 7012 71
12,810
7012 71
6514 Mch29 71 Am'2i,
*6912 7012 *6912 71
701.
*6912 71
*69
*70
71
k'at L & San Fr, 1st pref_
71
*69
Feb 23 4714 MaY13
so
45
45
4534
4512
kJ
45
pref
*4434
2d
Do
4512
8
3,400
457
4614
4612 4614
46
2012 Feb 25 2712 May2I
243 2518 2518 2534 2512 2612 2614 2712 27.575 St Louis Southwestern
25
•
2434 2478 25
4712Ja2 6 6512 May21
•
6434 6512 16,840
Do pref
6313 645
6112 6134 6112 6112 6014 6134 6158 64
11438 Feb 24 124'.
123
12238 12412 12212 12312 163,388 Southern Pacific Co
12114 12218 12118 122 122
12134 122
11834 Feb 24 1'2673 May20
12512 12534 126 12673 12614 12678 2,805
Do pref
12412 12412 *12412 12612 125 125
%2 Feb 24 31% May14
3014 3114 3012 31
3018 3078 2978 3012 3014 31
32,900 Southern v tr cfs stmpd_
3034 31
70
8
5
69
6912
60 Ja:'. 5 it) Apr :30
pref
697
do
70
6912
t
8
Do
8
695
691
6912
5,800
69
• 6912 6912
3.114 34
su Feb 24 3734 Feb
3414 34
34
2,800 Texas & Pacific
3438 3434 3378 3418 3334 3334 34
2514 Meh31 • 4212 Jan 18
2914 2978 27,990 I bird Avenue (N Y)
3034 2912 3158 2954 31
3134 28
3212 30
31
*9
10
7 May12 15 Jan 2
Toledo
1034
11
8
5
&
11
8
Railways
Light
*812
8
5
700
8
10
10
978 10
43 Feb 26 6434 Apr 19
5314 5278 5312 52
5234 4,900 Toledo St L & Western
5114 5112 5112 51
5031 5034 51
6434 Feb 24 7414 Jan • 4
6934 6978 2,400
Do pref
6958 6912 6958 69% 6938 6912 6934 6934 70
69
10412 10434 10412 105
550 Twin City Rapid Transit 97 Jan 2 107 Feb lb
*104 107 *105 106 *105 106 *105 106
17212 Feb 24 19034 May 4
1877 18914 18758 1894 18858 19018 18838 19058 18838 18914 351,670 Hilton Pacific
18838 189
97
9718 9714 1,960 %-.) Do pre/
x94 Mch 1 9812 May
97
9612 9714 96% 9658 97
*9612 9678 97
of
30 Feb 25 39 Apt'20
4
Inv't
373
San
*3614
Fr
3612 3612 *3612 38
200 Unit Rys
*36
3714
*3512 38
*3512 38
*54
55
55
6014 Feb 26 59 Apr 29
*54
55
Do pref
150
56
*54
*5414 5514 5412 5412 *54
20
15 Feb 23 2012 May 8
abash
20
2,910
1934 1954 1978 2018 1938 1953 1912 1934 1934 20
:41.1 May s
51% 5018 5153 . 5014 51
50
41 Feb 23
Do ir•ei
18,035
5012 5034 4912 103., 4933 60
2158 25
1938 Mch 16 '2.% May 7
2214 2318 119,420 Western Maryland
2653 2734 238 2634 2338 25
. 2571 27
1112 1112 1058 11
81. Feb 6 12,8 Jan 4
1112 1178 *1112 12
925 Wheeline & Lake Erie
*1112 1214 *111. 12
2573 Jan a
2414 2478 2478 2478 423
70- Feb 21
23
Do 1st pref
510
*2212 25
25
*23
*2212 25
1513 Jan
13
1018 Feb 20
1334 1312 1334 1212 13
Do 2d pret
1,300
*1234 1414
1258 1258 *1212 14
3578 Jan 6 6373 Apr 20
5934 59
591. *59
58
5912 5,800 Wisconsin Central
59
*551
604 5912 6034 59
Ml
'•
.May ft
:1,
.
915
9112
9114
911.
915
901
9114
nref
91
Co
911.,
Do
903,
Trust
ctf.
*89
13.700
3
8912 8912

H

K

W

;ANN. AN L) TausT

Lowes.

Highest

66 Feb
83% Feb
6911 Mch
7612 Feb
80 Jan
3714 Feb
140 Feb
54 Meh
160 Feb
2512 Feb
10 Feb
47 Mch
318 Feb
334 Melt
1512 Feb
5 A:0
10312 Jan
138 Jan
13512 Jan
418.5 Jan
114 Feb
14013 Jan
53 Apr
4 Apr
471, J'ne
851i Feb
'21 Feb
5033 Jan
3934 Feb
14112 Feb
420 Jan
1414 Feb
3914 Mch
3212 Apr
6 Feb
1134 Feb
12 Mch
24% Mch
19 Mell
113% Feb
4812 Jan
8 Jan
20 Met:
470 Jan
62 Feb
69 Mch
12212 lob
634 Jan
3718 Feb
10 Feb
'2712 Feb
bi
Aua
34 Feb
16 Feb
12 Jan
Z4 May
311 Feb
8714 Feb
12(4 Jan
13 Feb
20 Melt
61 Feb
7914 Jan
12.1)2 Feb
1712 Mel,
49 Feb
2512 Feb
'
1 734 Jan

10114 Deo
104 Deo
11112 Dec
11178 Dec
94 Dec
6934 Dec
18018 Nov
68 Nov
229 Dec
59% Dec
6878 Dee
79 Dec
14% Nov
6814 Aug
/3 Dec
1718 Nov
15212 Dec
16434 Dec
18512 Dec
224 Dec
160 Dec,
174 Dec
718 Dec
18 Dec
7012 Dec.
99% Dec
59 Dec
79 Deo.
76 Dec.
1813 Dec
775 .(),,•
4012 Dec.
8314 Dec
06 Nov
1834 Nov
3334 Nov
30 Nov
5133 Dec
41 Dec
14534 Deo
7608 Nov
1712 Dec
40 Dec
84 Dec.
10412 Dec
93 Dec
14934 -suv
20 Dec.
4912 Dec '
3212 Deo
a Dec<
7.512 Dec
4238 -.ice
7213 Dee,
'26 Deo
58 Deo
5638 Dee.
12534 Dec 1
15434 Dec
4412 Dec
6612 Deo •
90 Dec
132 Soy.
)6112 Dec.
4312 Dec •
7612 Dec
6712 Dee •
122 Nov

sol8 Jan
'/41. Jan
90 Jan
60 Feb
12833 Jan
2918 Feb
68 Feb
74 Mch
116'8 Jan
65 Sep
90 May
79 Mch
10834 Jan
59 Jan
8148 Melt
9218 Feb
78 Jan
/6 Jan
1012 Feb
2034 Feb
/2 :rile
1914 Feb
10 Melt
2412 Feb
6614 Feb
10638Jan
913 Jan
2.512 Moil
1234 Feb
1512 Mch
612 Oct
12 Feb
1)3 Feb
7814 Feb
11012 Mch
)914 Apr
15 Jan
271. Jan
634 Mch
13 Melt
o Melt
412 Mch
1218 Apr
Feb
1312 Feb

120 Dec
5712 Dec
106 Nov
85 Deo t
161 Nov,
4778 Dec
8614 Nov
88 Dec
15734 Nov
'J312 Jan
90 May
97 Jan
13214 Dec
8812 Dec
10854 Nov
14314 Deo
92 Dec •
119 Dec
2514 Dec
62% Dec
69 Dec
4214 Dec
24 Deo
5578 Dec
12212 Dec
12512 May
2714 Dec
L3I. Dec
3714- Dec
47 Aug
1512 Dee
50 Dec
7312 Deo
96% Deo
18478 Nov.
08 Novi
40 Dec.
6912 Dec
20% Dec
5234 Dec
2* Dec
13 Dec.
',614 Derr
1534 Nov
3814 Dec

COMPANIES-BROKERS' QUOTATIONS

Ask
Bid
Bid
Ask
Bta
Banks
Banks
Ask
Banks
Banks
Banks
/314
200 Fifth
300 330
193 lit MorrIsl_
Irvine N Es 185
Ch.lseaEs 1 190
18J
Mutual ;I --fefferson
New Yore
800 825
Chemical -. 42212 430 First
159
14th St 11
Nassau
Aetna
170
180
155
Liberty-- 530
21t1zens' CL 155
34) 350
America 11. 575
Fourth
218 222
Lincoln -. 421) 435
New Neth'd
E§.5".
250
Gallatin - _ _
Amer Each. 25212 2571.. Coal & Iron 245
) 360
New YorkCo
Manhattan1 133238
205
270
`Battet y Pk 139
Garfield
Marlet &Fut 260
New York _
235
Colonial 11- 0300
425 Germ Ant I; 140
Mechanics'_
Bowery 1!
375
260
N'ht rcDttyl
Columbia 11- 375
(lerm'n Exi 450
.BronxBoro` 300
11ereantil.: _ 170
Sorthcrn 175
Com m erce 1190
Bryant Pk 1 155.
170
Aerch Esch 161)
iermania
550
:upper _ -- 738
100 Corn Ex II_ - 3:34
Butch & D: 140
Greenwich 1, 265
3811
161
Merchants'_
Park
130
175
rianover
Metropolis 1 375
Century V- - 170
545
East River . 125
535
People's 11- SOU
18/12 195
175 Imp & Tref' .5:35
165
Metr
chase
645
Phenix
F(dellt,
" IIc401 Ave it too
Chatb"-,
on ..a.) nay. I 13x-ri4.41,,i
6 Less tnan luos tares. ii state eanKs.
ein. and
•• Sale at Stock Exchange or at auction this week. 11 First Installment paid. n Sold at private sale at this price.




Range /or Previous
Year (1908)

titd
25(1
21))
205
29)
700
:335
22
105
1.37.
465
280
175

Ask

Banks
Plaza V-- - Prod Exch 1
tteserva
__
210 Seaboard Second _-39-5- Sherman -:5) State V- 175 23d Ward 1:
Union Exc
471
Wash H't)1
21)5
,Vest Side 1.
185
Yorkville 11
:)1•1

61:411Yttlentl and rights.

Bid
610
165
142
365
375
133
249
100
18712
265
500
425
.."‘C

As/c:
(25
170
145i
380
2430
195

STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturaay
May 15

Monaay
May 17

1299

BM York StOOK iteCOM-Conciuded---Page 2

MAY 22 1909

2'ue3clau
May 18

W eanesaap
May 19

Taursaay
May 20

Iet Way
May 21

• ages of
•
Week
Share.,

Iianne Ytnce Jan. 1 1909
Ult baUS 01 100-share tots

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

Htvhest

Indus trial&Miscellaneous
A dams Express
190 Jan 20 519234 May 6
_ *210
*215
*210
*215_ *215
*218
1234 Feb 24 102 May17
1578 158 16 -1-612 1618 -1-61; 1614 1612 1614 1614 *1578 1614 6.500 La Ills-Chalmers
38 Feb 24 1258 May17
Do pref
52
5258 52
.52
51
5212 5118 5218 5112 5134 7,775
5078 51
1434 Jan 2
8278 8314 8214 8314 8178 8312 8218 8312 8178 8312 8214 8278 81,676 Amalgamated Copper_ _ _ 65 Feb 26
600 Amer Agricultural Chem_
3312 Jan 5 4078 Jan 23
43
39
39
3912 3912 3912 3934
*3834 40
3914 3914 *39
10
Do pre!
9512 Jan 18 98 Mch18
*9712 99
*9712 99
99
*9712 99
599
_
*9712 99
*98
2014 Jnn 13 ::934 May17
3878 3734 3812 86,010 American Beet Sugar__ - _
3934 3812 3914 3758 3912 38
37 -37-3-4 38
Do pref
12 Jan 7
9334 9334 1,103
May18
95
9.3
95
95
93
9312 9412 9412 95
93
71, Feb 23 )418 ‘1,4y20
1334 13
13
1353 1312 1418 1338 1373 31,280 American Can
1314 13
1338 13
8234 11,100
Do pref
7112 Feb 23 1338 May20
8:338 82
813.1 82
8133 8214 8134 8234 82
8112 82
5438 5514 5478 5512 5412 5558 5458 5514 15,710 American Car & Foundry 9414 Feb 24 5638 May 8
5434 55
5458 55
200
Do pref
10712 Feb 23 117 May 6
116 116 *11618 11678 11618 11613 *11514 11612 *115 11612 *115 11612
9,600 American Cotton 011_
66
66
4213 Jan 5 6814 ma,10
67
6434 6512 6512 6634 66
6534 66
6578 66
100
Do pref
98 Jan 7 10614 Mayll
*10212 104 *10212 10312 *10212 10312 103 103 *10212 10312 *10212 103
35 American Express
4205 Feb 5 4130 May18
*225 230 ;225 225 5230 230 *224 230 *225 230 *224 230
*752
71
1,900 American Hide & Leather
614 Feb 25
*712 8
• 758 758
712 8
712 712 *712 778
Do pref
39 Feb 24 4278 May10
4218 4112 4178 1,450
41
41
42
4112 4158 41
42
*4112 42
3,870 American Ice Securities
40
1878 Jan 8 4214 Apr 13
4014 4014 4053 40
40
3934 4014 3912 3934 3912 40
400 American Linseed
18 Apr 15
12 Feb 21
1614 *1512 161f
16
17
*16
*1512 16
17
1512 1512 *16
400
29 Jan 12 40 Apr 15
Do pref
3712 3712 3814 3812 *3758 3812
37
39
37
*3613 38
*37
10,125
49
May 8
5712
Feb
5878
5634
23
_
_
American
5778
Locomotive_
57
5758
5678
57
57
5712 5653 5734 57
500
1lb
1004 Feb 2: 11712 May 7
Do pref
115 115 *11334 115
*115 11534 115 115 *114 115
8,069 American Malt Corp_ _ _ _
May20
7 Jan
1433
4
3
8
3
93
4
83
8
83
8
4
73
8
*714
734
758 758
15,950
.'.2 Jan 7 55 May20
53
Do pref
5312 5358 55
50
50
49
48
49
*48
48
2,300 Amer Smelters See pref B
*() Jan 4 8678 May20
89
8914 8914 8912 8912 8958 8334 8934 8934 8978 x885s
933. 92.750
Smeltimr& Relining 7734 Feb 24 9512 May 8
9234 9314 9212 9312 9212 9312 9278 9358 9234 9312 9212 um. 1.950 Amer
101 Jan 2 11058 May 8
Do pref
10958 10972 10938
2103405
18 1097 10912 10034 10978 110
'*10914 10934 **109
225 Mch 9 $255 Apr 17
American Snuff
*230 -.- *230
_
- 4.230
*230_
1 /05 May12
95
100
--10412
pref
*lin
Do
*101
106
105
*101
10912
*23010412
,166
*101 1(
3478 Feb 24 3934 Mayll
713 Amer Steel Found (new) _
3912 3914 3933 3912 3912 3912 3912
*39
39
3912 3912 439
Apr 8
1:3318 13312 133 1335s 13234 13234 13234 13278 2,800 American Sugar RefinIne 12633 Feb 24 1,41
133 13338 13318 134
225
42714 May.0 131 Apr 8
Do pre'
130 *128 130 ;12612 12(12
*127 12912 129 12914 *127 130 *127 1
22
Apr
14234
1
Feb
125
Teleg
&
14.700
5:71148_2_
038
13978
:06
35
0
4
__
Teleph
1
American
56)i:2
4
00053
;0
139
13912
1
111
**
14058
6056
4_0
053
42 11_:
94513128
4030966
• 140 14018 13934 14014 *13
10114 10112 10138 10112 10114 10114 1,860 American Tobac (new),pf 302 Feb 6 104 May10
10112 10112 101 10114 10114 10114
Feb 4 3738 May21
20
3,100
3612
Woolen
3612
:.
American
373
3614
3634
3614 3614 *36
10614 May14
.730
754
*10412 19512 *105 10534
Do pref
10578 10578 10578 10578
49125058 4912 5038 12,350 dAnacondaCopper Par$25 13734 Feb 26 652 May 8
5012
5014 5034 50
10031 Med 3
_
_
2
Apr
105
*10512
112
_
_
_
_
pref
1st
Merch
Assoc
*10512
)
0
412
----_ *1041.
10612 10612 (2
10112 Fel) 17 10412 Feb 19
Do 2d pref
*102
*102 _-100 alatopllas Mining Par$20 $278 Jan 29 $458 Apr 2
*334 4
4
4
3
4
3
8
7
*3
*104134
33
4
*33
4
*:;3
2953 May21
*334 4.
183, Mch
2714 2778 2734 2812 2734 295s 12,766 llethlehem Steel
208 28
2638 20.2 2634 27
47 Feb 24 5934 May21
5512 5612 5712 5812 58
Do pref
5934 3,600
*5338 57
*5218 58
55
*52
Jan 28 1401. May15
118
_
_
_
Gas_
1,100
Union
139
*138
140
*138
Brooklyn
139
*138
*138
139
13834
138
14012 14012
May20
1678 1614 1653 14,360 Brunswick Dock /lc C Imp 13 Jan 13
16
1412 1578 1558 16
*1312 15
*1312 15
3478 May17
2373 Jan
34
3458 34
43418 3414 *3314 3413 1,420 Butterlek Co
3318 3312 3478 3478 33
Jan 4
2
Mch
2512
2,980
2934
Leather
2912
2978
2958
2958
'ientral
2934
2912
2931
3038
30
3012 3012
9934 Apr 5 10412 May 7
10333 10312 *10313 10412 10338 10378 1,000 k
Do pre*
*10312 10412 10378 10378 10334 104
29 Feb 23 /512 Jan
4038 4112 43,500 Colorado Fuel & Iron_ _ _ _
4038 4134 4018 4114 4058 4178 4012 42
4014 41
2138 Feb 23 31512 May 3
Iron.
15,050
64
&
6331
Coal
Hock
6478
&
Col
6214
6234
6234
6238
6314
63
63
6314 6312
Apr 12 30c Jan 21
21c
3,000
_
Tunnel_Par$2
28e.
25e. 27e. 26e. 27e. 27e.
dComstock
16514 Jan
8 143 14518 143 145
143 14412 42,475 Consolidated Gas (N Y)_ 1 1412 Feb
145 1-4-3-1g z1441-2 174-5114614 148
1612
2438 May 7
24
Feb
_
Refining_
8,775
Products
Corn
2334
24
2314
2312
2338
2314
2314
24
2312
24
2378
2312
4
8834 May 8
24
Feb
1
73
8814 2,250
Do pref
88
88
8818 8838 8814 8812 8814 8812 8812 8812 88
45 Jan 5 5712 May 7
60
Crex Carpet
60
60
*56
*56
60
*56
*50
60
*5612 5812 *56
3914 3912 3978 3912 3934 5,875 Distillers Securities Corp 321. Feb 23 4033 Jan 21
3914 39
3912 30
3914 393s 39
55 Itch 2 9512 May12
300 Federat Mining & Smelt'g
92
91
*83
*88
92
88
88
90
*88
90
88
88
10 Feb 24 93 May10
600
Do pref
92
91
91
02
91 '91
*89
*89
91
90
02
*90
-- -- Federal Sugar Ref of N Y 145 Mch 20 ;4 . Meh29
9112 May11
;90 Jan
Do pref
55018 Feb 23 16134 May17
11113 16- 161- ioi" 181 15912 181 160 18112 - 8,000 General Electric
15984 15914
Jan 4
.1u
12
Mch
91
_
P__
&
s
at
Cons
Granby
*101 106 .0102 105 *102 107 *101 107 *102 107 *101 107
8212 2,700 nt Harvester stk tr ctfs 62 Jan 30 8414 Apr 19
8114 8131 82
8014 8014 8014 8014 8014 8012 8034 81
122 May 6
le
Jan
10914
_
_
et/8_
tr
stk
pref
685
Do
I1
4
12034
4
1203
1203
*12018
120
121
12012
*12018
4
3
12012
12012
12012 12012
9 Jan 2
7 Feb 25
814 4,325 lot Mer Marine stk tr ctfs
8
778 8
778 814
758 758
734 778
*734 8
11 Feb 23 1751Jnr.
Do pref
2434 2434 *2413 2434 2412 2412 2438 2434 2478 2514 2434 2518 3,800
May12
91,
14
MO113
Paper
2,300
International
4
3
13
1334
1314
1334
*13
1312
1312
13
*13
1312
1318 1314
4734 Mch18 60 May20
*5812 5912 1,325
Do pref
59
5912 60
*5712 5812 5812 5812 59
*5712 59
3313 Feb 25 9234 May1'
4112 4058 4078 8,700 Internat Steam Pump.._ _
4058 4018 4013 4012 4158 40
4078 4078 40
8212 Jan 31 01-, May 13
Do pref
8814 8734 8734 8778 8818 8712 8813 8718 8758 2,120
8838 88
88
70 Jan 21 801:4 May14
500 Mackay Companies
80
7912 *7812 7912 *78
7918 *79
7914 7912 79
*7812 80
6912 Jan 9 74 Apr 12
Do pref
800
7334 7331 7318 7312
7334 7334 *7313 74
*7312 74
*7312 74
16
9612
Jan :. 10858
Biscuit
ational
500
10634
10612
*10512
10634 10634 10634
*10512 10634 *10514 10634 *10512 10634
118.12Jan 11 126 May 7
350 11 Do pref
123 123 *122 12314
*12214 12414 12414 12414 *12012 12434 123 123
1612 May14
Enamelig & Stampig 1253 Feb 24
16
*1512
Nat
1,110
1553
1558
1512
1512
16
1512
16
16
*1512 , 16
!.2 Jan 5 /7 May13
Do pret
400
*86
8712 8638 8638 804 8614
87
87
88
*86
88
*85
7114 Feb 25 9014 Apr 19
88
88
8712 8734 8758 8734 0,705 National Lead
8712 8734 8758 8814 8758 88
Apr 21 1091.! Feb 'I
10234
pref
Do
2,049
105
4105
4
107
1063
10711
8
7
106
10614
10653
10614
10538 10534 10512
3 Apr 29 $6 Jan 2
$17
$10
S_Par
do
M
Newhouse
5,975
258 23.1
258 278
258 234
253 278
258 278
258 234
1,836 New York Air Brake.. _ _ _ 89 Feb 23 92 Jan :3
90
8834 8878 *87
89
*88
8834
4
873
8878
87
87
87
4113 Jan 1 125 Apr 22
NY &NJ Telephone
12412 *123 12412 *123 12412
*123 125 *123 12412 *123 12412 *123
8212 8234 8214 8258 3,350 North American Co. new 72 Jan 13 84!!Jan 27
8234 8278 83
8214 8214 *8214 8314 82
2918 Feb 24 3634 ."an 14
11)aclfic Mall
1,450
2978
*2912
2978
8
295
4
30
293
2978
2912
2978
2012
2914 2914
11458 11512 11434 11514 11458 11478 6.700 & copies GL&C (Chic) 10112 Jan 13 11812 Apr 12
11514 11534 11434 11534 11434 115
13 Jan s
10 Apr 21
Co
Coal
Pittsburgh
400
12
12
1112 1112 *11
1118 1112 *11
12
*11
12
*11
40 Feb 25 48 May18
Do pref
400
4718 4712 *46
*40
48
48
48
48
49
*45
49
*46
Jan 22
4314
23
Feb
3012
Car
Steel
Pressed
4,700
4134
4153
42
4178
4112
42
4112 4112 4158 4214 4112 4153 1104 104 *103 104
96 Feb 26 105 May 8
Do pref
320
103 103
104 104
*103 104 *103 104
169 Jan 30 19112 May21
189 19118 19114 1911, 19112 19113 2,508 Pullman Company
18812
188
188
188
18734 18734
158 Jan 4
858 May12
300 Quicksilver Mining
7
7
7
7
8
*7
8
814 *7
*7
8
8
3 Mch 29 10 May13
Do pref
814
8
912
9
812 1,020
10
8
914 *8
9
914 912
Mch 8 .1834 Jan 2
3212
_
_
Spring_
allway
I)
Steel
2,010
43
44
43
4338
43
8
433
8
3
43
43
4312
43
44
*43
9773 Feb 29 107 May10
400 && Do pref
106 106
105 106 *105 106 *105 106 *19512 106
*105 106
1658 Feb 22 1834 May21
2834 21,400 Republic Iron & Steel _ _ _
2778 2712 2814 28
2612 2653 2612 2634 2612 2738 2718 8812
Feb 24 91 May21
Do
pref
6718
10,060
91
9012
90
8812
8712
8634
8634 8734
8612 8673 8614
Q
68
loss-Sheffield
Feb23 /314 May20
Ir
&
Steel
10,050
83
82
8178
8314
5012 8034 8014 8034 17934 82
80
80
1(3733 Feb 20 115 may 4
0 Do pref
*11212 115
115
*11213
115
*11212
115
*11212
115
*11212
*11212 115
Par$25 $3434 Feb 26 $49 .Tan 4
4231 4312 4212 4212 4234 4234 4158 4314 4134 4134 2,650 dTennesseeCopper
43
43
200 Texas Pacific Land Trust 8012 Feb 23 92 May10
91
0018 9018
*90
91
*90
91
*90
91
01
92
*91
1413 May20
914 Feb 24
rnion Bag Fe Paper__
1412 141s 1413 12,911
1358 1438 14
1334
1214 1338 13
*1214 13
Do pref
66 Jan 8 7e34 May19
7714 7512 7512 1,075
7514 7514 *7:312 7512 7512 7634 576
*7412 70
May12
24
Feb
S
U
I
Foundr
3514
2438
&
Cast
Pipe
2,395
34
3414 3353 34
3334 3334
3334 3438 3334 3434 3334 34
70 Mch 2 7834 May13
Do pref
675
78
*7612 7814 *7714 7814 7814 7814 78
7834 7834 *7712 79
499 Apr 30
82
10
_
Feb
Express_
United
States
100
96
*85
06
*90
99
*90
99
*90
99
*93
95
95
Mayl;
8914 8414 8438 8314 8314 4,250 U S Realty & Improvem't 64 Feb 23 8513
8418 84
8512 84
8412 8478 85
U S Reduction & Refin'g 10 Me1112 1338 Jan 7
1312
1312 *10
1312 *10
1312 *10
1312 *10
1313 *10
*10
19
Jan
32
24
Feb
24
Do
pref
3012
3013
*29
*29
3012
*29
3012 *29
:3012 *29
31
*29
Feb 24 4034 fti.V 10
3814 3812 3878 3912 3812 3913 *3814 3914 3,700 United States Rubber.. _ _ 27 Jan
3813 3812 3812 39
29 112 May10
98
Do 1st pref
111
111
1103
11012
4
110
11012
11012
11013
11012
11012
110
110
6712 Feb 25 79 May10
Do 2d pref
7834 7812 7812 7813 7812 1,625
7812 78
7812 78
7812 7812 78
4,14 Feb 23 6014 May21
5914 6014 611,818 United • States Steel
5612 5634 5612 5714 5612 5814 5314 5934 5834 60
107 Feb 23 12034 May 8
Do pref
24,092
11912
1197
120
8
11918
11912
119
11878
11853
119
8
1185
11858 11834
Feb 24; $53 May 7
$3918
$10
Par
_
_
Copper..
dUtah
52
6,780
5112
5118 52
5112 5034 5112 5034 5112 5134 52
*51
4078 Feb 24 5158 May S
4958 5014 4958 5012 5018 5038 10,400 Virginia-Carolina Chem_ _
4934 4934 4914 5014 4913 50
114
19 11938 May14
Jan
pre
Do
200
*11813
11933
119
119
120
11812
*118
11813
120
*118 11912 *118
200 Virginia Iron Coal & Coke 57 Feb 23 65 May 7
*6212 65
*6212 65
63
65
63
*6212 65
*63
65
*63
300 Jan 5 ;325 May 4
ells Fargo & Co
360
*330
360
360
*330
360
*330
*330
360
*330
360
*330
estern Union Teleg_ _ 64 Feb 24 7812 May 7
11,925
78
78
76
76
7612 7712 76
7434 7514 7512 7612 70
74 Feb 24 8618 Jan 4
8458 12,850 W estInghiseEl&Mfg assen
84
83
8318 835s 8334 8512 8414 8478 8373 8434 8312 121
120 Jan 4
110 Mm,
Do 1st nref
1,100
124
*121
120
120
125
120
*120
120
120
120
*118

160-

N

Range for Pretterits
Year (1908)
Lowest
164 Jan
5 Mel)
14 Mch
4,518 Feb
13 Jan
781-Jan
5(7 Ceb
t5 Jan
4 F'Ii
44 Jan
1512 Feb
8414 Mel,
'2434 Feb
380 Jan
170 Feb
734 Feb
1_12 men
1212 Feb
Mch
17 Meh
3138 Feb
5512 Jan
21 Jan
To Jan
5512 Feb
873, Feb
ise Aug
80 Mel
78 Sep
983, Jan
105 Feb
101 Jan
7212 Jan
1513 Fen
7514 Feb
1.2712 Feb
'212 Jan
IL Jan
35 Apr
185 Feb
Jan
!10 Feb
1513 Feb
7531 Jan
1538 Feb
1434 Mch
20e Mch
96 Jan
1034 Feb
56 Jan
13 Oct
1714 Feb
7212 Nov
59 Feb
65 J'ly
7:31. Feb
ill - Jan
7834 Jan
52 J'ne
19 J'ne
6 Oct
16 Feb
8 Apr
97 Oct
13 Jan
65 Jan
' 52 Feb
5978 Feb
68 Jan
102 Jan
712 Feb
70 Feb
L6 Feb
1712 Jan
1433 Oct
50 Jan
90 Feb
4213 Mch
24 Apr
80 Jan
/12 Mcli
3612 Feb
1714 Feb
69 Jan
147 Jan
12 Apr
112 Jan
2334 Feb
75 Jan
1434 Feb
63 J'ne
:-.1) Jan
8713 Jan
82513 Feb
45 Feb
4 Feb
4478 Jan
1712 Feb
1958 Jan
70 Feb
3614 Feb
4 Feb
14 Feb
1734 Feb
76 Feb
42 Feb
2534 Jan
71 Jan
.20 Jan
16 Feb
287 Jan
43 Jan
5250 Feb
91 Feb
38 Mch
\

Hfattest
;200 Alia,
1638 Dec
5,34 Dec
8833 Nov
35 Nov
16 Nov
s78 Apr
8134 Dec
1014 :s oy
7173 Nov
104 Dec
109 Dec
4434 Nov
97 Nov
4224 May
81., Dec
373-4 Dec
3178 Aug
1712 Dec
3614 Dec
5958 Aug
113 Dec
bf:., Sep
5118 Sep
8418 Aug
107 Aug
11038 Aug
200 Apr
9712 Sep
41 Nov
13734 Aug
131 Nov
13258 Nov
971., J'15
3233 Dec
97 Nov
1531: Nov
35 Mch
2714 Nov
57 Nov
15214 Nov
17 Nov
425 Jan
33 Dec
102 Dec
42 Dec
2712 Dec
44e Apr
1(37 Dec
2012 Aug
/0 Aug
494 Oct
*834 Dec
94 Aug
89 Nov
:Joe
661
100 J'ly
16234 Dec
10813 J'ly
6758 Nov
11014 Nov
9 May
2678 Dec
1314 Nov
65 Jan
3973 Dec
414 Dee
78 Nov
7134 Nov
97 Dec
12013 Dec
1514 Dec
78214 Dec
12 Aug
10614 Nov
$978 Jan
98 Nov
122 Nov
78 Nov
4914 Dec
10012 Dec
1438 Dec
50 Dec
45 Dec
10214 Dec
174 Nov
134 Dee
323 Dec
4914 Dec
103 Dec
29 Nov
/912 Nov
8134 Nov
11014 Dec
$5214 Nov
1412 Dec
..sov
6634 Nov
3078 Dec
787g Aug
90 Jan
64 Nov
1514 Aug
3.s Aug
3712 Aug
108 Dec
7512 Nov
51:34 Nov
11438 Nov
$5234 Nov
4534 Dec
115 Nov
08 Nov
325 Nov
7134 Nov
94 Nov
125 Nnv

.ANES AND TRUST COMPANIES-BANKERS' QUOTATIONS
/54‘1
lian8,4
Ask
I13
Illa gi (5;
Brook:1/n
Brooklyn
North Side il
- •
ilorou211 '11-. 111)
Peopt..:- _ cos410
BroadwaY 1. 53-50
. 195 Prospiet-Pid, 150
Brooklyn I.
_
rermlnal Il ..
iii• 260
First
1311
Ualont ---- -9-0
itillsidel,_,- 110
120
Home 13101_ 165
Trust Co's
126
100
Ifom3stead
N l' CM/
--_
410
Mantilae'rs
310
Astor
260
Mechanical) 240
Bankers' Tr 675
146
140
Montauk
1141
Biway Tr
270
240
Nassau _
310
299
Nat City
• Bld and asked prices: no sales on ails day
or at auction this
Exchange
.):1:
St
at
Sale
1




Ask
Ask
I rust Co's Mel
Ask
Trust Co's lita
1 ru*t Co's tna
Brook yin
NY Life&Tr 1100 1120
725
Guarly Tr_ 690
415
Brooklyn Ti 400
N Y Trust_ 560 570
165
Guardian Ti 158
135
_ Citizens' _ 128
__. Standard Tr 325
Hudson - 170
-li tilckerb'kr 320 3-30 TitleGu& Ti 50) 5-1-0 Flatbush __ 200
200
5
7
3
Franklin
--Am
of
Co
Tr
23814-__
&Tr
I
T
Law
6.
27
__ . Hamilton- 265
Union Trust 1250
Lincoln Tr_ 14712 155
_..
108
US Mtg &Tr 430 43/12 Home
Manhattan. 370 390
985
,_
Co
FCings
1200
1175
States_
Unit
750
725
Mercantile i
410 L 1811. do Tr 295 110
575 II Washington 375
Metropol.tn 5(30
185 '
155 Nassau -- 155
.... Westchester 145
Morton Tr_
People's . 285
140
135
_
Windsor
1126
450!
Mutual ___ 11251
100
80
_Williamsbg
130
Mut, All'nc, 120
, i
II
iv and r g_ ts. d Now quoted aoilars per snare.
b New stock. c
5 Less than 100 shams. I Ex-r
banks.
State
arc
(111
paragraph
WC:I.C. s r *tut co certlacates. IF Banks marked with a

Ask
'1 lust Co's Lila
N Y Cttv
195
160 Carlizgle -- 185
___ Central Tr_ 2900 5100
100 Columbia.. 2421;
14-8
111 Cornmerdal 145
100 Corn•wealth ,-. 155
..
..
Empire __. 24-0
Equleb.e Tr 460 9-80
Farm Lo&T 1275- -21-0
200
325 Fidelity
--700 113th Ay Tr 400
......
_ 270
____ Fulton
AV:

--.

u

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909, the Exchange method of quoting bonds was changed, and prices are
BONDS
N.Y. STOCK EXCHANGE
WHIM Extinvo MAY 21

r).

Price

Week's
Range or
Last Sale

May 22
Bid

Range
Since
January I

nolo a--"iyiut tietcrest"-qxlep.:

!UMW*.

N. Y. STOCK EXCHANGE
Wsai( ENDINti MAY 21

for income and defaulted bonds.

Price
Friday
Nag :11

Week's
Range or
;Last bale

s.

SQ

.leange
Since
January 2

Low
High No Low ,JHgh Cent of Gs,Bit-1 Con)
Sig
Ask Lou
High No how Bign
1011
/
2Feb'09
3n prom income g 58....p194Z Oct
1011
65
/
2 1021
05 May'01,
/
2
53
66
I0214 May'01)
3d prof income g 08 stampei.
10214 103
.
06 Apr'09
51
6(1
1031
/
4Jae'09
Chatt, Div pur mon g 46.1931 2.1)
103% 103%
1021
/
2 Apr'01'
/
2
Mac & Nor Div 1st g 58.1946 J -J 1051
104
100% 1024
89%1
/
2J'ne'08
107 J'ne'02
Mid Ga & Atl Div fis....1947 J -J 106% 10934 115 Novg.)5
100
10014 Nov'08
5lotale Div 1st g 5s
110 14 May'01)
11146 2-2 110
11014 1104
119 11934 11014 May'01
1191411914 Ceti RR & B ol Ga col g 58 1937 51-N 104 12 107 1054 Apr'09
104 106
121 Sale 121
121
4 12.1 121
Cent of N J gen'l gold 58.1987 J.-J 12734 128% 12614 125
7
127 129
101 1011
/
2 101 Mar'09
41087
127 14 12(14
127%
Registered
1/414 lo 126 12734
101 1011
/
2
1l0' May'09
Am Dock & Imp gu 53..1921 J.J 11018
101) 1101
/
2
Foreign Government
Le & RudE gen gug5a 1920 J.J
Imperial Japanese Governing
100 A in '09
100'8
Leh & Wii.ksii Coal 58-1912
9934 100
1920 F-A I 9378 Sale 931
/
2 9378 85 9038 94
1003
,May-01,
Sterling loan 4's
/
2s. .g1910 Q-M 10038
Con eat guar 41
9978 10012
11125
J t 934 sale 113
931
/
2 69 8J4 1.)31
/
23
24 series 41
N 1&LougBrgeng4s 1941 11-8 100
/
2
I 68 zialo 8578
881,.578 8034
11131
Sterling loan 48
881
/
2 Cent Pacitio See So Pacific Co
104% 1041
/
2 11 101.34 1041
/
2 1041
May'01
Repub of Cuba 58 ex ten debt_ AI)
CentVerinont
1st
gulq.s.e1920
881
/
2
5314
(1.14'
/
2
804 85%
94
9 1921
San Paulo(Brazil)5s tr rects'li, J -J 111'94 Sale '194
Chas & Say See Ati Coast Line
/
2 93
991
/
4 99
exico s a 5s of 18119
9914 32 9734 1011
/
2
U S 01
1031
/
2Feb'09
a191] A-0 1011
/
4 Clies & Ohio gold Us
10341031
/
2
94=2
1954 J •D
94
941
/
4 42 9214 041
1153
Gold 4s of 1904
8
,4
1153
.,
1151
sale
4
53
let consol g
1939 15-N
114% 117
/
2
2'hese are pr ices on the b as 31 $5 to Z.
1141
/
2Feh'01)
Registered
11)31)
9/I-N
11314114¼
State and City Securities
/
2sale 102
Gen funding & impt 58 1928 J -J 1021
78 1004 1034
lt)2
108 ig
11124
110 Nov'08
105 s 20 104 10638
Dist of Columbia 3•65s
/
2Sale 105
General gold 4/
1
2s.
11)1)2 NI-3 1051
1/b
Louisiana new cons., is 1014 J -J
1051
106 Apr'09
/
2Dec'04
/
2
Registered
105 105
11)9-2 ,V1-8 1031
/
2Apr'01,
New York CityDil.r Sandy 1st 4s
8111
/
2 91
1944 J-D 89% 89% 891
45 temporary 'Taft Nov 1958 B.S 102141023,. 10238 Apr'011071
/
4 11034
Craig Valley 1st g Os J94()
J 110 113 110 May'01
10134 1021
/
4
102
.1024, 10214 i02,4 lii 10114103
19u8
4% Corporate stuck
90
90
Potts Creek Br 1st 43 1946 J.J
1)01
/
2 1.10 Jan '09
101 4 Dec'Os
100
4% assessment bonds _1918
/
410012,
skt
1 991
A Div 1st con g 48_1989 J -J 11.10 100/
1
2 100
'u57 41-N 112,4 sale 1124 112% 129 11114112¼
New4"-s
9614 Apr'09
4, 96
0114 904
.2t1 cousol g 4s
11'2%
Sale 1(144 M•w'09
1917
New 4 428
......
11314 eau'05
Warm Spr Val lot g 5s 1999
104 10434
41 M
j1 10738
.Sale 112¼ 112¼ 3, 1111
41
/
2
% Corporate Stock 1957 M-N 1.24
95 Sep
......
Greenbrier By 1st gug Is'40 M-N
/
21121
/
2
lUile
10431, May'09
412% asseosmt
78
73'-. 6 78
Chic & Alt RR ref g 3s 1949 A-0 78
70
so
104 1041
/
2
102
1957 1A-N
112 14 10'2 4 13 1011
4% Corporate Stools
7638 704 761
731
Railway let lien 3/
/
2 77
/
2 '77
1
23.-1950 J-J
/
21034
State-Highway 48 1958 M-3 112 42
112% Apr'09 .
N
73 Feb'01)
Registered
73
73
11234 11234
11133 J•J 101
Jan
So Carolina 4128 20-40
'09
.,.. 10214 1024 Chic Burl& Q-Deny.D 4s 1
''/214
100 10034
1004 sale 1004 100%
193
1922
,59
9534 Fe121.19
0634
Tenn new settlement 38-1913 J -J
/
4 85 99%101
10014 dale 10014 1001
General 4s
951
/
2
95%
112 12 96
011
/
2 May'01)
Virginia fund debt 2•38 1991 J -J
Illinois Div 3/
91
1,114
113
1
2s
911
91:Sale
/
2 93
19411 J -J
44
50
15
6s deferred Brown Bros ctfs.
45
10 374 48
Registered--- ----------2411 J-J
1)05. 9078 015. Dec'08
10134 Sate 10134 111178
Ills Div 48
1940
MN
J.
103
J
,
s
itailrotte
Iowa 1)iy sink fund 53-1
105%106
11)1
91
,
10534 Apr'01)
9 A:0
0 10538
A iauttma Cent See So Ry
Luis, May'09
Sinking fund 4s
WU 4
91)4 10134
nilaha Mull See At Coast Line
Nebraska Ex‘ension 48 192
110 1014 1024
27 M-N
m.N 101 1011
/
2 10114 102
Albany & Sim bee Del& liuu
101
Registered
1011
/
21011
/
2
101 1e Mar'00
Allegheny Valley see Penn RI:
Southwestern Div
May'09
M-S 10014
1003
.
Alleg & West bee Bull it 31, P
Joint bonds See Great North
854 973s 8714 May'09
Ann Arbor 1st g 4s
41995 Q-J
1023
8
Debenture
5f)
/
4
1913
84
/
2 1021 6 102 10314
1021
87%
&Loh T& S Fe-Gen g 4s.11)95 A-0 1.'014 salt 10078 1018 106 10014101¼
Han di StJosconso163-1911 M-S 103% 103% 10314 May'01)
10358 10:011
Registered
1995 A-0 1004 10034 10074 May'09 ..• 99 10o7, Chic& .1,1 Ill ref& imp g 481055 J-J
8734 Salo s'734
oi34
90
b 80
u334
Adjustment g 48
41995 No, 9334 Sale 9338
1301
1. 92
/
2
consol
g 68
lot
131 137 May'01
1934 A-0
1151
/
2
1205.137
924
Ifeli'(1)
02
Registered
41995 Nov
General consul 1st53.-1937 M•N 115 18 lalc 110 18 11514 1 1141
9214 924
/
2115
34
3334 114
11334
U4
Stamped
41995
16 921
Registered....
114 May'01)
/
2 951
/
2
.1937 31.14 114
114 11414
/
4 Sale 108% 1101
/
2 1028 1021
Cony g 43
1955 -1) 1U111
Clime ,s4 Ind C By 1st 63.1936 2-.1 11136 11434 11414 May'09
/
2 1101
/
2
114 115
11114 Sale 1114 1124 21):: 10534 1124 Chicago & Erie See Erie
10.year cony g 68
1917 J
98¼ Mat'08
Debentures 4s Series H 1910 F -A 100
Chic In & Louisv ref 68 1
,
947
47
/
4 Apr'00
......
127 129
j
,r 12834 129% 1281
981
/
2 Noe'04
96%
Series 1
1101
/
2
1911 F -A
Refunding gold 5s
114 4, Apeult
113 114%
......
981
/
2
94 Nov'06
Series K
1913 F -A
Louiav N A & Ch 1st63 1910 J-J 102 102.4 102 18 1021
/
2 1 1021
/
210214
97
9778 9714
973e
East Okla Div 1st g 4s 1928 M-8
Chic 6111 &,St P term g 53 1014 J.J 10478
01)
May
.. 99
104%1054
1045.
h sale 9514
95% 110 941
/Short Line lst 4s g
1958 J General g 4s series A..e1089 J-J 1041
/
2 6 1021
/
2Sale 1041
/
4 1041
/
2 964
/
21045.
101
Ail Knox & N See L N
ileRneegi
rai
stg
er3
etis
i s series 13.r
e:10
1031
/
2Oct'08
91
8
9614 97
971
/
2 54 9414 9734
97
Atlantic Coast 1st g 48.411152 11-S
91
in 12
/
2 t)234
1 011
-J
1323
4
Charles & Say 1st g 76 1936 J -J
Utile So 14 Su Div g 5s._.111111 J -J 10934 11014 10
99
15
4 May'01)
9168
101134 10934
...... •
12314 J'ne'06
Say & W 1st gold 68 1934 A•0 128
Chic & Alo Rly Div 53 11126 J-J 11341131
/
2 11316 May'01.'
112181131e
11288Jan '04
1934 A-0 11212
1st gold 53
Chic & Pao Div Us
1004 1017t 101% 10114
a W11
/
2 10178
1
lu3
4
May'00
1101
8
Ala And Dit gu gold Os 1928
Chic 41, P W lat g 53
11078 Ii078
110 11014 110 May'09
1111)1211012
1921
1().1-1
2
116
301
/
2 Mar'06
Bruns& W 1st gu g 48 11)38 J -J
Dak
Cit So g 5f3
tilatglb
1051
/
2
1001
/
2
106
1916
10514100¼
J
-J
111
91
01 42 91
o14152 M-N
L& N coll g 4s
Far & Sou assu g lis
86
1924 J -J 122
!JO 4
97
97 Apr'09
gu 548 _1918 J -J
Sil Sp Oca
Haat& D Div 1st 78
97
1021
/
210234
1910 J-J
117
99
Atlantic & Daily See South Hy
0%2 101 10
Mj}tYYr:
932
1
7 14 Si
'0
9"
99
9
101 101
11)10 J -J 10
10
09
1/
.8
1
2m
No
Austin & N W See sou Pacific
se & D lot 53-.1919 J-J
sy
v,
00
8
9412
Sale
941
/
2
944
/
28.1925 J.J
Dalt& Ohio priori g 31
27 93
rr
5
es
a
81 Point Div 58-.1910 J•J 1.014
1'a
3llif
(j
8
le
1014 10134
941
/
2
93
93
93
41925 Q-J
3--3 Registered
] 92
So Minn Div 1st68
101.4 102
93
1910 J -J 10/4 sale 10114 1015.
101% 82 1001
41948 A-0 101 Sale 101
Gold 48
10038 10030 2 10038 10034
, Southwest Div 1st(i3. 1909 J.J 1004
/
21013
101
92
Mar'00
Registered
41949 (1-.7
May'09 ••.. 10934 110
Wis & .311un Div g58
99 10034
1921 J-J
120 Oct '01
,
0
17
9
17
,8
4 1,73, 1
A. 08
4N
Pitts J unc 1st gout tis...1922 2-2 108
,
0
17
0
5.8
Mil & No lat
L 68
1910 J-D 1
89
S91
/
4 80
81)
PJun So 51 Div let g 3¼8192! M-N
•.• Da% 107%
1 88
89 k's
1913
944
Sale
0334
1)41
/
4 20 931
11514 115% 110
PLE3t, W Va Sys ref 431941 M-N
10
68
urti!w
5:4
,111Z:..• 1151411814
cons 7s
N
wo
Q-F
/
2
96
01 sale 91
91
1
28.-1925 J -J
/
1
,s
2 103 101 Aiiit'Ut/ •- 101 101
blouthw Div 1st g 3/
16 903 9178 "ten1886-1926 0-A
89
91 Apr'09
41025 Q-J
Registered
9934 101
••Registered
si ei4u83,28 1886-1926 F-A
91
91.
19
0
ov 02 41
10578 .b'eh'07
&Lotion Riv lst gu g 58-1919 F -A 104
9% 42 92¼ 11434
General
......
11)67 11-N:
/
2
941 9338
109 A 1.1 '04)
931e Apr'01)
Oen Ohio R let c g4123..11130 11-S 1021
p1.1)87
11334 Maygro
1
2May'Uts
91
/
2 91% 111/
29
UI Lor & W con 1st g 58 1933 A-0 11334
fr
uenati 65-1879•1929 A-0 1 11
eg
inia
gte
Siintk
11014 113%
/
2.
1131
/
2 Feb'09
10,7134 1.0934
1.0934 b'eu '011
Ohio River RR 1st g 55.1936 J -ll 1131
Registered 58. 88
A
129
1131
/
21131
/
2
7919
, ,1
2
/
2111 1111
/
2 Feb'09
1
2 100
3 108 101)
1937 A-0 1101
lUo/
109
General gold 58
1084112
1191
/
2 Mat'04
11.)
104 Jian'0:
1.()
Pitts Ciev 66'1-01 1st g 6s 1922 A-0 110%
11034 11034
1.egistered
"1
tike
1879-1920 A-0 10538
11638
t0014 101
98 Apr'09
Pitts & West let g 48 11117 J-J
/
2 10038 Maygiu
Debenture 58
.98
98
1109 il-N 1004 1011
Apr'09
10038 100%
100 Nov'04
100%
Stat 181 By 1st gug4128 1943 J-1)
8
1007
Registered
11)09 M-N
108 11)914
Beech Creek bee Zi 1 U &
Debenture 53
109
4 "Y'
1021 A.0
Bellev & Car See Illinois Cent
Registered
1921 A-0
'91
/
4
7
...17
13
31
8 DTI;
/
2jr3
Bklyn & Montauk bee Long 1
/
2114 11.9
Sinking fund deb 53
1933 M-N 1131
......
1101
Bruns & West bee Atl Coast L
/
2 113 109 J'iy'Ue
1011%
10/ Apr'01) •-• 10.1. Rale
Buffalo N Y & Lige -see Erie
North Illinois let 58- 1910
3
M
S
N
/
2
Buffalo R di gen g 5s 1937 ,1-S 11638117 117 May'09
111114 11.9.4
Nil L S & West 1st g 6s 1921 M-S 11014120 11942 1191
1161/2 11733
110 Mar'Oh
Consol 41
/
28
1957 M-N 107
Ext & Imp sfnud g 5s 1929 F -A 11434 1141
/
2 110 Jan '01) •.-• 11312 115
109 110
100 Jan'09
14214 Feb'0'2
Ashland Div 1st g 63 1925 M-S 123 42
All So West Rag 48 gu 19118 A-0 100¼
100 100
103 J'iy'08
12234 12318
Mich Div lat g 68
1943 J -J 116%
CI & Mmih 1st gu g 5s
1924 J-J 122%123% 121314 Apr'01)
/
4 2 1031
/
2 1031
1031
/
2sale 1031
Roch & Pitts 1st g 6o 1921 F-A 11838 119 119 Marge)
Incomes
/
2 103/
1
2
11834 110
114 .A.pr 00
1.1314
Consol let g (is
1922 J-9 1214 sal, 1214 121 14 25 11834 12112 Chloltocklal Pac tis. 1917
11334 1141
/
2
1M
J
1
2J'is-'08 ••1- •
Buffalo & Southwest See eine
Registered
1917 J -J 113 111 112/
/
4
1011
8934 Sale 89%
89%
Bun & Simi 1st ref g 4s.111951 J
General gold 43
871
99781011
/
2 90
1988 J•J 101 sate. 101
/
2
Burl:R/16N iseeC B. las P
Registered
1)1)34 1001
/
2
1988 J-J 100 10034 10014 Apr'01)
U278 182 1)038 94
9234 sale 11238
Ian So lot eat Os
Refunding g 4s
1913 41-J 106% Sale 106% 108% 28 10641.07
97 Ply'04 •..• ............
k-P2d 58
1(521419214 10238 1023,Coil trust Seriesli 48 19
1913 al102 103
1M
A :ON
91
31)
921
/
2 Nov'06 •..•
10034 May'07
nA-S
Registered
97
As
1912 M-N
114 1:1Mar'09
Carb &,Shawn See ill Cent
94%
as
..1141
/
2 941
11)15 M-N
/
2
9314 Feb '0,1
Carolina Cent bee Seah Air L
93/
1
2
N 43
11334 U334
19111 M-N
Carthage & Ad see N Y CA, tl
1131
/
2 1)5'4 05 Feh'01,
0 4s
95
1917 ,V1-N
95
Alig'07
84
R
Ia
&
N
beef
Ced
1.12
B C Rd)N
P 4s
1)8 14
8114 Sale
Cen Branca By See Me Pao
J31 701
Chic RI & Pao RR 4s 2
/
2 824
100
919
2
151
65 Ang
8
'
1068
6
1161
/
2 Feb'09
Cent of Gs RR 1st g 511-p1.1145 F-A 118
Registered
L151
/
21161
2002 M N
/
2
931
/
2 9378 78 8714 041
/
2 Ill
Consol gold 53
14 10838 111
1945 11-14 110 111 1101
Coll trust gold 55
1913 XI-S
/
2
Registered
113 Apr'06
1945 31-14
Bur Cod It & Northern791
/
4 1 79
701
/
4
1st pref income g(58....p1945 Oct
116 May'01)
Con lat & col tr g 53.-1934 A-0
115 117
80
80 Apr'09
Stamped
1201
/
2Mar'03
Registered
80
80
1934 A-0
2u prill income g Os....p11145 Oct
68
68
111 Nov'05
69
CRIF& NW lstgu63 1921 A•0
63
7018
611 May'09
24 et of income se 55 stamped
70
AL So St L lat gu 73 1927 J-1)
60
69
U. s. Government
Li S 2s consul registei ed.,/ i
-J
41930 -J
U 32s consol coupon
k19l8
U 8 3s registered
Ic1915 Q-F
U S 3s coupon
LI S 38 reg small bonds kJ 918
U 8 35 con small bonds kl9ls Q-F
199i, Q.F
U S 4s registered
1925 Q-F
U 48 coupon
U S Pan Can 10-30 yr 23.k193t Q.N

Ask

10114102¼
10134
1011
/
21024
102

1101

1

II ISCELLANEOUS BON DS-Continued on Next l'ace.
Street ltatiway
Brooklyn Rap Tr g Os
1945 4-0
1st refund cony' ,r
J-J
Bk City 1st con 58.11)16.1941 Bk Q Co& eon gu 53.1041 M-N
Bklyn Un El 1st g 4-5s.1030 F-A
Stamped guar 4.58
1950 F-A
Kings Co El 1st g 48
1949 F-A
Stamped guar 43
1940 F-A
Nassau Eiec gu a 4s
11151
Conn Ity& Llst&ret g4¼3'51 J -J
Stamped guar 4 128
1951 J-J
Den Con Tr Co list g os 11133 4-0
/
25 1932 j.
Bet United 1st con g 41
_Havana Elec consol g 5 11152 F-A
Inter-Met colt 4 Ins
Me A-0
Inter Rap '1' 0.3-r cony ts.11111 vi•N
iinternatTrao coil tr 48_1949 J-J
Manila Klee 1st & coil 53.1953 iv1.8

Street Railway
87 May'01)
Met St By gen col tr g 53..1997 b'-A
90
87
841
/
2 88
Ref g 4s
5714 May'09
58
2002 A.0
63%
56
/
2 1 102/
10314104 10318 1031
Bway& 7thAv Lite g5s 1943 J -D 102's
103 May'09
1
2105
/
2
103 1051
/
2 Mar'00 .... 991
Col So 9th AT let gu g 55.1993 M-S
1/912 991
91
/
2 99m,
100 100 May'09
/
2
100 1021
1051
/
4 15 10034 10512
/
2106 105¼
1051
1st gn g 53 1993 M-S 100 Sale 100
Lex Av &
100
100 10212
103 May'09 .. 1021
/
2103
1021
/
2
701
Third Ave BR con gti 48200(1 -J
/
2
'73
701
/
4 3 651
/
2 .71
87 May'09 .... 86
86
87
Cent Tr Co certfs
87
69
Sale
704
713e 161 634 '7112
8734
s734 12 85
8734 Sale
Third Ave By 1st g 5s 1937 5-2 10914110 110 Apr'01)
8734
/
2
109 1151
81
2. 781
/
2 84
S314 bale 834
Met W 8 El(Chic)1st g43 1.03t, F-A
03/
1
2J'Ay'06
1011
/
21025. 10238 Feb'09 .... 1(123,10214 N On Ry & Lt gen 4148 1935 J-J
901
/
2Sep '06
8314
81
10178 Mar'UP10138 102
10218
St Jos RyLt H & P 1st g 55'37 31•N 101
............
1.18 Nov'08
1.15 J'ne'00 ..„
St Paul City Cab con g Gs.1937 2-5
1101
/
2Nov'06
84 Apr'09
84
. ..
/
1
2 85
Underground of Lon 53.-1920 M-N
98 Apr'01) 98
98
.
2
. 98
13
90 May'01) .... 83
92
110
90
412s
1933 J-J
85
/
2 85
85 Sal, 8312
43 731
/
4 001 76
791
7834
79 Sale
815.
Income 63
364
3434
1048
22
3614 Sale
3614
1035. 48 103 104
103% Sale 103
Union El(Chic)1st g 611-1940
81 Oct'ob
721
/
23lay'09721
72
/
2 721, United RRs San Fr 3 f 48.1027 A-0
'AN
7714 77
7714 1 72 .
98 AI AY'Oti
......
United Rys St I, let g 45.11134 .11-J 1 86 Sate 8534
86
12 844 86
.No price .b'riday; latest, this week. 111'lat. aDue Jan a Due Apr s Due Jiay g Due ene ADtle 4'17 /cline Ang °Due Oct p Due Roy *Option dole ,,




10778 Sale 10778

885.5111"

8838

10778

4 10214108

8834 392 811
/
2 8834

New York Bond Record-continued-Page 2

MAY 22 1909.1

'

BON
N. Y.STOCK EXCHANGE
WEEK ENDING MAY 21

4a.

1-rice
Friday
May yi

Week's
Range or
Last Sale

S

!Zany's
Since
/emu/re

1SOND:,
N. Y. STOCK EXCHANGE
Warm ENDING MAY 21

Price
Friday
May 21

1301
Week's
Range or
Last Sate

Range
Since
January 1

A Erie-(Con)
Low.
Chic Rock 1 & Pac-(Con)
8441
4.10, Lois
Sid
Jlegit So tow Rigel
Ask how
Choc Ok & (3. gen g 58.o1919 J-J 104'4
N Y Sus & W let ref 59 1937 J-J 104 108 106
102 Ang'01
106
106 1071
/
4
lii 111
Consol gold 56
2d gold 412s
1952 M-N 111,
2112 111 Apr'01.
10104 Dee'011
1937 F-A
103 109
Kook 84 Des M 1st 58.-1923
105 Mar'01)
General gold.Sc
F-A
80 May'09
90
92
10514
90
,Ohie St.',& N 0 See 1.11 Cent
Terminal latgold 58 19
/
4 Dec'Oa
1141
......
94
40
3 M-N 114
Ohio St L & Pitts See Penne('
Regis 35,00(1 egoh 1943 M-K
MId R,Rof NJ 1st g68 1910 A-0 10156 -a.. 1()11
'Ohio St P M & 0 eon es 1930 J .73 12912 Sale 12938 l'AP: l. L 2938 130'4
/
4 May'09
1011
/
4 10212
'03
Dee
Wilk
Cons 65 reduced to 3128 19311 -1) 11312
93
& Ita 1st gu g56 1942 J
1034 10334
10334
I 101 10314
• Ch St P & Minn 1st g tis 191't 10-N 1'29 Sale 121138 129., 14 ,294 1292, vaa Ind lateen gu g 68 1926 2-I 115 Sale 115
116
5 10912115
Erie & Pitts Nee Penn Oo
• Nor Wisconsin 1st 68-1936 3-3 12914
1294 Mar04
.
9
i134 11
Evans & '1' II let cone 66.1921 -.1 114
• St P & S City 1st g 68 1911, A.0 1164117% 1l&, 115.,
115 May'09
113%115
/
4
111 1121
1st g. eneral gold 58
Chic& West Ind gen g 660931. Q.31 112
11212Apetii,
103 May'09
/
4
103 1041
/
4
1942 A-0 1031
ii 951
/
4 98
Mt Vernon 18t gold 08 1923 A-0 108
.11514
Condo'50-year 48
1952 1. J
1)534 0514
114 A pi'05
Sall
Co
Chic& W Mica .'e0 Pere arq
Branch 1st g 58 193() A-0 9634
14,argo & So See Ch
Choc0& Galt See OR I P
cle St P
L.. lint& Pere M Sere Pere Mar
Oln
99
D '20 gold 4 hs 1937 J -J
113 OM 'Oh.
115 103
Fla C& Penin See Sea Air Line
103 Mar'UO
Cin D & list gu g 58-1941
1064
Fort St U D Co 1st g 4128.1941 J-J
80
.Find & Ft W
gu 48;223 M.N
105 Mar'99
Ft W & Den C
70 .Aug'/1
Cin I & W 1st
84
g Gs
g 4i1.1933 I -J
5 115% 1174
1921 J-D 115 116 11554 11534
*909 0014 Ft W & Rio Grlst
961.2 Jan 'ol)
Ind Dec & W 1st g 58-1930 3-I 105
lat g 48 192a J-J
8734 87'
814 5 83
/
1
4 8734
8.8
10712 Dee*02
al Har & 8 A See So race()
1st guar gold Ss
19115 J -J .104
k7a1H & Hot1882 1st 58.1913 A.0
0 I St 1,&(; See (.; As St 1.
99
991
/
4 99 Apr'011
99
Georgia & Ala See Sea A Lint
Oln & (.; See CCCSt L
Ga Car ob Nor See Sea A Line
Clearfield & Ma1i See li it tfs k
9 9714 98'/
98
1
4 Georgia Pacific See So Ity
/
4 985
, 9734
Clev OlD C & st L gen e 4s 1993 .1 -1• 071
97
May'09
951
/
4
97
Gila V G & Nor See So Pao Ct.
MI
965t
Cairo Div 1st gold 46
19310 J -J
3 91
1.15
94,2
Gouv & Oswegat Bee N Y Cent
93'
93'2
Cin W & 10 Div let g 48 1991 J -J
J534 961
1
4 9734 Grand Rap & Ind See Penn RR
961
/
4 23 95/
/
4 06
St L Div 1st col tr g 48 1990
N
......
'07
Oct
91
Gray's Pt, Term See St L8 W
111140 1149
RegletA3rett
92 Feb'Oa
......
Gt Nor-C B&-t3colb tr4a
96
981
1'W
/
4 s"ale 9812
985
,124 971
Spr & Col Div let g 4s 1940 /I-S
/
4 9914
98 Sep'06
94
..
itegistered.n.
984 "ale
984
W W Val Div lat g48 1949 J -J
1/8., 15 9714 99
Apr011
106
iii
i)8
6,210
9687. Greenbrier Ry See Ches & (3-.1
C 1 St L & C consol 68-11120 101-N 10514
981
/
4 981
/
4 May'011
Gull & I let rer & t 5s b
J -J
90 100
95 Oct 'O.ic1936 (4-1
1st gold 48
' 98%
98
07 uct 'OS
Li an &
J o See C-i3
8193e
1.,1
Registered
/
4 1094- 1 ii;t;... touts 1 ousatonie MieN Y N 116411
Cin S & Cl con lst g 5s..192e -J 10014 112 1091
11434 Sep'08
Hock Val liateonsolg412s 10911 2.2 1051
/
4Sale 1051
/
4 106
1914 -1) 106
18 101 109
C 0 C & 1 ()ousel 78
1001
Registered
/
4Sep 'ot
1999 J.J
Consol sink fund 76.-1914 J -D
/
4 12111
/
4 130 Nov'Oa
Col & H V lst extlf 43 1948 A-0 981
/
4
981
/
4 May'ut
General °ousel gold 68 1934 J -J 1'281
u8' 981
/
4
Col & Tot 1st ex 48
1034 1.2
1.11.114 Feu 'tit
9954
Registered
I)/
1955 1T-A
10f 16
94 J'ly'Ot
Houst E & W Tex See So Pac
Ind lii & W let pret 48 1940 A-0 1/7 101
Florist& Tex Cen See So Vac Co
0 Ind & W let pi os...0193t
/
4 96
113
96
/
4
9514 May'09
Illinois Central let g 48 11151 3-2 1041
104 Apr OS
Peo & East let con 4s 1940 A-0 951
[0314104
481
/
4
23 40
49
1. Registered
48
50
tin
10714
Income 46
1951 J -J 101
emu 1111
'
,
1st ref 4s
111999555111 11-N 10036 Sale 10014 10014 lb 119 58 101 12
Clev as Marietta See
J -J
1st golu 31
944,
/
4s
0314 Dec'ut
Clev & Pitts bee Penn Co
1. 80
861
855e
/
4 8534
1947 3.3
8714
J-J
9112
1)134 Aug lit
Registered
Col 5lidlaind 1st g 45
98 Sale 971
19 1)74 .99
08
/
4
114.4 Jan '09
Colored.)& Son 1st g 4s 1921. F-A
Extended 1st g 3/
1
45
1951 A-0
9912 sale 994
99 249 963,1uult,
1935 NI-N
/
48
1st gold 3s sterling
Rotund & ext 41
70 tea '04
1951 M-S
lty
Se4
Ureenv
So
11/01
Colt Trust gold 4s
Coitus &
/
4 Apr'09
[00' 100/
11152 A-0 100,2
1
4
1.8 May'u1
Col & Hock Val Sea Hock Va.
Registered
1952 A.-0 100
10014 May'09
I-NO&'rex gold 4s
Col & Tot See Hock Val
99 101%
1953 11•N 10018
411,
W
See
N
ay'07
Col Conn & Term
117
Registered..
100
1953 11•14
Conn & Pas Elva 1st g 48.1943 A-0
Cairo Bridge gold 48
9958 100% 100 Apr'09
5)914100..
1950 J-D
95 Jan'09
19.52 J-J
9739
95 '115
Cuba RR 1st 50-yr 5 g
Louts vDiv&Term g3128 1959 J
004 Alay'ut
90
90
91
91
P
ak&GttlO
ee0 3,1 ea
133 „%iay'99.
5191dle Div reg 5838
19
95
21 F-11 105
alIa.i& Waco See At K& 1
F- A
Omaha Div let g
/
4 79 Apr'09
7834 791
79
79
Del back & WesternDec'ub
51 Louis Div&term g 33 1951 J -J
79/
1
4 8034 7914
Morris& Essex 1st 7s 1914 M.K 11350
1144 11414 3 114 11468
77
Registered
1951 3.3
11658 11654 11634 Apr 09
113)3411785
1915 J
1st consol guar 78
/
4 Dec'08
J-3
Gold 31
/
48
891
/
4 90% 901
Registered
127 J'ne'05
1915 J•D 1161
/
4
-3
Registereu
c814 895 11/1 16 Oct '99
/
451a001.3
/
46
9338 96,4
2001, J -D
1st ref gu g 31
9634 961
Spring Div lat g 31as 19
100 Nev'Ot,
811
/
4
995
5111 3.2
3 1194 121
120
N Y Lack & W lia 68-1921 J.J 11912120 120
Western Lines 1st g 48_1951 F-A 10634
1. 1001
/
4.004
11/034 1004
Construction 58
11:4 11'4'14
1923 F-A
1111
liellev & Car lot (i6
/
4 11'2 4 Apr'09
110
121 Feb'09
121 431
1923 J
:We 10076
Term 31 improve 48
1.0055Apr'09
1923 111•N 10014
9 IOU
& Shaw let g 4s 1932 M'S
Uts Mar'09
98
98
..
1)4
1
4s 2000 F-A
Warren let ref gn g /
102 ifeb'011
Chic St L & N 0 g 58 1951 J-1) 1194 120 1.1036 11914 3 118.4 1191
/
4
121 122
Del Ja tIwl let Pa Div 75 1917 ii-S 12114 121% 121 Apr'09
e 83te
i2rsed
119 .k'eb'te,
111) 119
11)51 .1,1) 117
Registered
149 Aug'01
I-I) 90
1917 I1-9 *11914
old
90 Fee'd9
92
130
110
/
4
1st &ref 48
1943 M-N 10214 102% 10254 Mils 7 101 1011
J-D
100
alarlet
1181
Memph Div let g 46. 19
/
4
993
4
151
951
1091
/
4 sale 105 12 107 116 DR/ 107%
10.yr cony deb 46
St L Sou let gu g 4e
1016 J
98 J'Iy've
1931
1031414)314 Ind 1)131 West de.000& 8tL
1031
1st lien equip g 412s
/
4 103¼ May'Ob
1922 3.2
/
4 2•3 07 107
1061
J.
J
Ind 11131 Ia 1st g 48
Alb & Sus cony 31
/
4 106
/
4s
98 Apr'09
97
1049 A-0 105 1061
96
1950
98
Norilb
1'29
liens & Saratoga 1st 714 1021 .1•N 1284
Int & Great Nor 1st g 68-1919 5I•N 1101
1111
/
451/0'011
110 112
/
4
Del ltiv Hit Bridge h'ee PA /11i
20 gold 58
98
95
85
99
1909 11-s 100
971
/
4 Sale 97'4
981
5i-S
/
4
6.1
3d gold 491
Deny & It Sr 1st con g 46.193t. 3.3
Oct
V,
971
/
4 16 96
40
53
1921
103/
1
4 1116
Iowa Central let gold 58 1938 3-I) 110 11014 .69
Consol gobe 41
109%
/
4s
1'13t, 1.2 13,3 106 10314 Feb '01.•
10a 7,,1114
10154 1031
/
4
/
4 103/
/
4littarulr
1
4 1011
Gold 4s
• Improvement gold 56 101t J-1) 1011
89
791
3. lt.54 82
/
4 601
/
4 13./
1951 M-S
1)20
8
/
4
953
943
270
9
941
/
4
4
941
Sale
Jefferson
UR see Erie
1935 F.A
let 34 reluctung Is
es Feb'Ut
.....
.
/
4
iz al A & G R See L S & AI .9.
Rio ir J um, 1st gu g fis 193 3.0 1081
80
SO
79
80 Apr'011
Man et Mich See Tot & 00
Rio gr So 1st, gold 4e
1940 J • J
83 lattr'llt.
K C Et8& 31 see St L& SF
1946 J •.1
Guaranteed
95 1004 .11C&Allt&B SeeStl,& Si.
/
4 MaY'04
1164 1/61
11131 J •J
Rio Gr West 1st g 48
87
851
/
4 851
Kan 0& Patella See 51 E & '1
/
4 1 83
ge anti cut trust 4sA 1041i A.0 8512 86
137 Jan'91:
Kan City Son let gold 33-11154.. A-0 7434 76
Utah Uelit 1st gu g 4s a1917 A•0
744 '7I 1: 123**,47314
Registered
t
sea 51 & St i..
De8 oi
1956 A-0
110 Sep '04
Kentucky Cent see L ae N
Des .Aioi Uu ity let g 58 11111 .3149 105
02
Jau
95
Kook & 1)05 1310 See C It I&P
Dot & Mack let lien g 46 11)U5 2.1)
t8 A /a 09
Knoxville & Ohio See So By
(301.1 46
1991 3.1) 18
i,
a2.t
kegE
or
lieab
d 5e W 1st g 58 1031 J -.1 114/
Detroit Southern1
4 Sale /141
/
4 1141
/
4
1 11258114's
81
May'l19
835
8 61
S
Ohio Sou Div lot g 48 1941
1
4 Apr'09
/
4 10',//
11/41 J'.1 107 1081
t07 1091
/
4
/
4 auty'u,
/
4 1131
North Ohio let gu g 58 1941 A-c. 113
Dal & Iron Range 1st 5a 1937 A-0 113 1131
1134 Apr
.12141,1414
iuts/
1
4 Mar'ut
Registered
1, Sho & Mloh 8 See N Y Cent
1931
Leh Val N 1: 1st gu g 4128.1946 9- J 1084
1911 3•3
108 May 01..,, 10012108
'20 68
Registered
1.08 108 tic/'05
Dal Short Line See Nor Pao
1940 3 -J
11012 Feb'Ob
1101411014 Lehigh Val(Pa)eons g 46 2003 M-N
971
/
4
Dui So Shore 94 Atl g bs 1931 -2 112
97%
9714 SU b7
118
Lt. V Ter By let gu g58 1941 A-0
Vast ot Minn See 8tP 31111
118 118 5lay'01
L10'41184
Registered
A.
10111
/
4(Jet '01
.11.2arit Ten Vs & (48 See So 113
115
Sale
L
[1214115
115
115
1941
Leh
58
V
Coal Co let gu g 56 1t1)et
ElginJot& Last lat g
1034
107/
1
4 J'IY'Ut
Leh 31.8 Y 1st guar g 45 1945 11-S
MS Apc't/I
1164 •
Elm Cort & No See Leh& N 1
LW
961
/
4
10034
Regiatered
104.
9914 MsY'db
Erie lst eat gold 4s
1945 M'S
Apr'09
1061
1051
/
4106
1064
/
4
4
El
C
1911
& .N• 1st pi tis
113 %Jan 'O3.
1914 A-0 /021
20 ext gold tos
/
4
104
1
4 A pr'u,
104/
1041
/
4 ll)41.2
192:
Gold guar 56
ext gold 4128
10514 Jan 'ut
1014
10o12
10114 May'09
106 10014 Leh .f4 Had R see cent of NI
192t
"
4th eat gold 56
9738
97
97 Jau
07
Leh & Wilkesb See Cent of NJ
1.112t J -L
5th ext gold 4s
/
41241
/
4 Leroy dr Caney Val See Me k
11)2t 4•1•S 124%125 1244 1244 1 1211
let consul gold Is
1221
Long Dock See Erie
/
4 111 Oct 'Ot
1st eousot g fund 7s
1921. 51.5
91
1.01
21 85 1/1
/
4Sale 1/012
i,oug IsPd-let con g 514.81931 Q.
Erie 1st con g 4s prior-11191. .2
1114 112., Ill Jan'09
110 111
861
/
4 May'uli
801
/
4 136k',
let consol gold 48
Registered
11/9t J•J
81931 V. 97.4
781
/
4 '19
78
30 691/4 7974
71)
General
let(soused gen Hen g 48-19116 .1.2
d 48
97
ltidb -i
93
97
, 97
I 96
97
......
Feb'07
8514
Registered
Ferry gold 4128
1990 J -J
10012 Apr14).
193
91.2, .j
11.D
S 100
,001
/
4 1001
/
4
76.4 89
88.4
81/L4
Penn coil tr g 48
581
/
4 90
Gold 48
11.451 F-A
97
1.914 Oct
86 334 63
86
83
86 Sale
b0-year cony 43 A
LT u I tied gold 4,1
1953 A-u
1940 M-S
101.2
064 US
I 1113
961
/
4
7514
371
/
4
4
lit
'753
do
76
75
Series 11 11151 A-0 744
Debenture old 56
1934 3L( 105
1041
/
4 Dec Ot.
115 115
Bull N Y& Erie lst 76-191t, J•1, 116
lle Mar'el)
Guar ref gold 45.
931
/
4
1940 M-S
1411
991
/
4 sew
U
991
/
4
1161
Chic & Erie let gold 58 19K M•N 117
/
4 A.pr'01 •"" 11558 117
Bklyn & Mont lat g 66 1911 VI-zi 103
Clev & Mahon Val g 56 1931 3-.1 110
......
121 Dee'Ob
let 5s
101. .1' = 101
101% Dee'tit
Long Dock consol g 68 1931 A-0 128%
1281
/
4 May'Int •••• ,21 12814
N V 13& M 13 Istcon g oslo ,. • -, 1051
1.1014Noe'Ot
/
4
Coal& RR let cur gu 6,192`.. ‘11•N 1121
11212120
/
4 Sale 1121
N Y & It 11 lst g 58
/
4 1 12./
itat
105
•.
1
4
Dock & Imp lot cur 68-1911. J -J 103
106 110
110 Apr'01)
Nor SOB let eon g gu5se 19. •..
109 Nov'Ut
.934
N 731 Green I. gu g 5t4.19-1(,
108 108
N
108 Mar'01)
Louietiana & Ark 1st g as.iv::, .. •
97
7,6
9,12 '39 May'''.
911r4CEL1.ANEoli5, BONDS-Continued on Seat gage.

14,41

'
(i.

.

--974;

D

......

• •-•

•--•

••-•

••••

•••.

......

.•.-

('as and Electric Light
Atlanta U L Co let g 5s...1947 J
1014
Bklyn U Gas 1st con g 58 1945
1071
/
4 110 1(31/
1
4..Mar0i)
1947 A-0 70
Butlalo Gas 1st g Si
I
'10
70
11123 J•J 10114102 10214 May'09
Detroit City Gas g bs
Del,Gas Cocoa 1st g 58 1911 ;•A 100 102
9558 set)'Oa
lilq LN St 1st con g 58 14)31. .,• a 103%
(las& Elea Berg Co c g58 19411 3.1)
/
4 Oct'01
611
lien Electric deb g 3/
1
48 1942 F-A
81
811
/
4 8112 1
/
4 811
,
tale 1421/4 j4314 61
1917 J -D 143 '
10-yr g deb 5s
Gr itap
eo Dn.g bs 191L F-A
100 10734 Dee'llu
Hudson Co Gas 1st g 58 11149
1054
102 J'ly'ut
Kau City(Mo)Gas 1st g 5s 1922 A-0 96
99 Dec'th
Elng6 Co EA L& P g 5s 1931 A.0
L'urchase money 66
1991 A-0 117 119 115
118
Eti El 11 1350 Isteon g 45 1931. J•J
884 89
ari Sep '08
Milwaukee Gas List 48 1927 M-N
92
914 1,2 Apete,
Lac Gas LotSt List g 56.01911. tf-1, 1044 1045
,tot
304
Ref and ext 1st g 5s
/
4101 li,04 • 1004
11)34 A-0 1001
*No price Friday; latest Ual 41141 atigeu tails Wea.i. a DUO Jun 0 Li




•

Gets and Electric Light
N YG EL El & P g 58...1948 J-D 1031
/
4Sale 103
1031
/
4 103
103 1074,
Purchase money g 45...1949
8534 85'
8534 1(
/
1
4 85%
60
Ed IC 1.11 let cony g 55..1910 NI-S 100% 10034 10014 Slay'vb
70
W01
/
4 10'14
let consol gold 58
19115 J-J ill Sale 111
111
I
NY&Q El L&P 1st eon g 581936 b'-A
......
V3% May'Ob
98
N V ea Rich (3its 1st g 55.1921
100 103 Dee'0Pat & Pas & E con g58,1941) M.S
101:,..,
84
'ill)
Peo Gas &
let eon g 68 1943 A-0 121 Sale 120
121
1315 143'4
Refunding gold 55
1947
1041
1.03 19 Apr'09
/
4
CO
G-L&
Cite
11137
1st
gu g 55
J-J 1034
104 14 3lay'09
.....
lud Nat Gas& Oif30-yr 55'36 M-N
93 Sale
Jti Ill
110
t:on tk Cool Uli 1st gugos.'30 3.0 10218 103 102
102
5
Mu Fuel Gas let gu g 58.1947 51-N 10114
101 Nov'ut
100 118
Syracuse Lighting let g 58.'51
9..)
.3 rentun C 31 at 1st g 5S-1941,
110 may'06
1.02
100 10J5 110 Jan '01
1124 -Limon 111cc L& P I st g 58.1932 NI
1.0234 1J3
Ut:ca El L& is:sfg5s.191,0 J -r 102
1001
/
4 101 14 Weeteitester 11,1,t4e v 55.1953. J•D 11.3
102 6.. Mar'01'
00 a Due .pr a Due .aity a 1)u09 ly
/Ale -Lig a Dile ../Ct q

1001
/
4 1031
/
4
8314 86
100% 1001
/
4
1.10 111
97
1/1312
11.0

121
16 11/334
1,41
/
4
80i, 03
101 58 103

1,3

le21
/
4

New York Bond Record--Continued-Page 8

1302
BOND?.
N. Y. STOCK EXCH A NGE
W KKK EN DI NO MAY 21

•Z'

643.1931, „1-1)
1,01118Y & Nashv gen g
1937 VI-N
Gold 58
1941' J -J
Unified scold 4s
J.J
1944.Registered
1911 A-0
Sink rund void tis
1951 M•N
Coll trust gold as
1919 .1-D
E H & Nash 1st g 6s
48-1931 M-N
1
1,Cin 04 Lox gold 4/
1930 J •J
N 0 & M 1st gold Os
1930 J -J
N 0 & M 2,1 gold Els
Pensacola Div gold Os 1920 M.8
1921 M-8
. St L Div 1st gold 68
1980 M20 gold 3s
1955 M-N
ALI Knot & Cm div 485s194i;
.1.13
AEI h.liox & Nor 1st g
NI-S
63.1931
g
1
s
Elender Bilge 1st
Kentucky Cent gold 43 1987 J J
Ni-S
281945
41
Dag
M&M
&
L&N
L& N-South M ioint 48.1952 .3-J
1937 F-A
N Fla & 1st gu g 5s 1946
.1-J
C Bdge gen gu g Vus
Pens & Atl 1st gu g 6s 1921 to. A
F-A
8 & N Ala con gu g 56 1936 M-9
[& Jed lidge Co gu g 48 1945
LN A & Ch See 1 &
S
f%11 nhon Coal See 1.S &
kuLanhattan Ity consol 48.1990 A-0
1990 A-0
Registered
Stmpd tax exempt 1990 A-0
lidoK'pt & BY See N YCeUL
M.ex Cent cons g 48 trust recta
1st cons Inc g 3s trust recta
2d cons inc g 38 trust recta_
5174
hex Internat 1st con g 48.1977 .
Stamped guaranteed....1977 31-S
J -D
68-.1910
gold
1st
North
.51.ex
'Itch Cent See N V Cent
1110 of NJ See Erie
liii L S & W See Chic & N W
1111 & North See eh M &, St P
%thin & St L let gold 7s 1927 .3-1.)
Pacific Ex 1st gold 6a 1921 A•0
South West Ex 1st g 78 1910 J-D
1934 11-N
1st consol gold 5s
1st and refund geld 45 1949 M.S
J -J
Des K & Ft D 1st gu
Shun & St.L gu See 13 UR& N
MStP&SSMcong4intgu'38 J.J
ldSSM&Alstg4intgu 1920 J.J
&Linn Un See St P M &M
Ito Kan & Tex 1st g 48-1990 j.D
pi990 F.A
2d gold 4s
1944 11-N
1st ext gold Is
2004 11.5
• 1st & refund 48
1936 J -J
4s
/
Gen s 1 41
2001 A-0
St L Div 1st ref g 4s
Dal & Wa 1st gu g 58-1940 51-N
Kan C & Pao 1st g 4s 1990 F-A
Sio K & 1st gu g 5s 1942 11-0
1942 M-N
It K & Ok 1st gu Is
M.K & Tot T 1st gu g68 1942 51-S
Sher Sh& So 1st gu g 58 1943 J-D
Tex& Okla 1st gu g 5s 1943 51.S
Ito Pacific 1st con g Os - 1920 51-N
Trust gold 58 stamped.a1917 M-S
a1917 51-S
Registered
1920 F-A
1st cell gold Is
1945 KS
10-year gold loan 4s
1938 21-N
3d 7s extd at 4%
Cent Br By 1st gu g 48 1919 F -A
Oen Branch U Plot g 43 1948 J-D
Leroy & VA L 1st g5s 1926 J-J
Pao It of lido 1st ex g 48.1938 F-A
2d extended gold 58 1938 J-J
St L Ir M& Sgen dung 581931 A-0
Gen con stamp gtd g5s 1931 A-0
Unitted &, ref gold 48 1929 J-J
Rly&GDIYl8tg4s 1933 M-N
Verdi V I & W lat g 58 1926 M-S
Sl0b3& K 1st cons g 58 1953 J,J
Mob & Ohio new gold 6s 1927 J -D
1st..extension gold 0s..1i1927 Q-J
1938 3d-S
General gold 48
Montgom Div 1st g 58 1947 F.A
at L & Como cod g 4s 311.131,
1931
Guaranteed g 4a
11 & U coil 4s See Southern
Mohaw lc & Mal kieeN Y 040H
Monongahela Riv Bee B &0
&
Mont Cent See St P
Morgan's La & T See S P Co
Morris & Essex See Del L& W
kl ash Chat & St L 1st 78.1013 J • J
1928 A-0
1.1 1st conso1 gold 58
Jasper Branch 1st g as 1923 jj
& Al lat(38-1917 J-J
M
T & P Branch 1.4.68...J917 J -J
Nash Flor 61) Shet See L &
Natof Ilex prior lien 41243.1926 J.J
1951 A-0.
1st (sensed 444
Nat Rys of Mexpr 14 48 1957 J.j
1977 A.0
Guar geu 4a
New t&1) 6ee IN ii&H
NJ Juno KR bee N V Cent
Y Bkln 81, Alan Bch See 1. 1
N Y Cent& IL ktiv g 310.1997 J -J
1997 J• J
Registered
1934 M-N
Deben g 48
4s 1998 F-A
/
Lake Shore colt g 31
1998 F-A
ktegistereti
1998 F -A
Mich. Cent cell g 3128
1998 F-A
Registered
Beech Creek let Ku g 443 1986 J • J
1936 J -J
Registered
1936 J -J
20 gu gold 58
81951 A-0
Beech Cr Ett 1st J
Cart & Ad 1st gu g 4s 1981 J -0
g 56 1942 .1-1)
Golly & Oswe 1st

I-nce
PTidau
3/ay ..! I

Weete's
Range or
Last sale

i...;
Range
S
Since
z;- Januar?, 1

.
BONDS.34.i
N. Y. STOCK EXCHANGE --4 it-.43wickk ENnixo MAY 21

WoL. ixxxvtu:
Pnce
lertetaq
May?!

li,teic's
Range or
Last Sale

..
,,Range
igi
Since
xl.:4 Jannarq .1

Btu
Htgit No Lon, Man N I cent,& IA 11-(Cotittlinea.
I'M"
Ask Low
Rion No how High
11634 11634
100 .10u
1 1151
4 1171
/
1 100 100
4
/
Moh & Mal 1st gu g 48..1991 51-5 100
117 Mar0,.... 110 117
LOS Oct'02
9438
NJ June rt gu 1st 4s. .1986 F-A
10078 101 /
142 4
9614 Oct'0,
4 1024
/
4 4 1001
1
N I & Harlem g 3128. .2001) 3/1-N
4 107% Aug'08
/
4 May-'09 .... 1001
/
1001
2100,
/
N 11' & North 1st g 5s...1927 A-0 110 1171
93
100 .-up ,ot•
105 J'ne'08 .... .....
......
S I- & pii 1st con gu a 44.4 1991 A-0
L14) Mtkrui+ . 10834 110,
2
Nor & Mont 1st en g 58.1916 AU
130; in.,tan '.48
111 Jan'09
111 111
1:',..., 131 4
Pine croak reit ',liar 68.1932 .1-D
4 May'09 .... 10738 10734
/
1071
I 1038 la
11 W&0con 1st ext5s.h.1922 A-0 11018 Ill 4 111 May'in
4
/
1251
125 May'119
124.14 1251
4
/
Oswe & R 20 gli g 38. .e1911 F-A 110 ..105 Jail *tr•
121) Jan'09
110
120 129
. ..
it %V &0T It 1st gug 58.1918 M-N 1064 11-1
:-.(.,
4)
J
•
103
1074 A ug'06
J
I.:Inland 1st con g 410..1041
117 May'07
4 ..... 91 Apr1.49
/
931
11414
:.1
01
Og&',Chan)lst gu 4s g1948 J -J
ill
'71
7T.
71 May'09 .... 71
71
903.1 ,,,,. 't) .. . otiN .,4,,,
92
Rut-Canali 1st gu g4s.1941. J •J
15 i,eu'09
4 96 41
/
9618 1014 961
1,5 115
13 95
4
/
1161
it Law & Adir 1st g 5s. 19140 J -J 11912
t 25 Feo'08
1134 116 116 J'ly -06
1.991! A.c
141 ..T.0.4 41:4
10314 Dee'08
110 Jan '09.
Om 110
Utica & lilk Ric gn g4s 1922 J.J 101%
9334
91% 95
9-1
1997 J -11
1 941.2
9734 4 96
99`' 971
9834
4
/
98
Lake Shore gold 3hs
93 •,, Buy %
103 Dec'08.
103
32,
1 944
1997 J4)
Registered
Sale
96
110
ye 4., 7
51-S
1998
...
90% sale 88%
9;
90% 21) 88.. .61.1
45
;
g
Debenture
4
1153
Sale
93%
MO.
4
114
M-11
114
1124
',1) 35
Mity'Ob ...• 11434 1154
974
,1931
25-year g 48
4 1002 .
/
1951
Ka A & G 11 1st gn e 58.1939 J.J ! 10¼
109 ,2et '07
10141
1081
4 9.009.
/
4
/
109 1091
4
/
Mahon C'1 RR 1st 58-1934 J.J /151/4
100
May.
08
102
.4..0
115-,
114 1141
4
/
Feh'ul, .... 1121
4 1131
/
4
/
Pitts & L. Erie 20 g 5s.a1928
4 Jan '09
/
4 1341
/
4 1301
/
9512 951
4 :3 94
/
1:301
4 1304
/
95¼
Pitts McK & Y 1st gu 6E3.1932 J -J 1261
4
/
,....1934 J -J 1 261
241 guar 6s
4
'
McKees& B V 1st g 63 1918 J -.J 110
101 101
4 100
/
99% Sale 991
13 98 100
Mich Cent 1st consoLds 1909 11-S 1110-4 101 101 Feb'09
„..._
.
114% Oct '08
104 Apr'05
1931 M•S 113
55
119 J'ne'116
10038 Sale 11101¼ 10038 1 994%10034
1931 Q•Pel 112
Registered
4 Apr'09
4
/
10
.1001
01
.
481940 J -.I 1 M)% 102 1001
. .. •_
10(5'.4Nov'Ou .
89 May'09
88 _
82
89
Registered
1940 J -J
9 34 .34 9
2814'Sale
38
27
.
43
2814 23 211
.
4 284
/
20-yr deb 4s J P Mrec 1921) A-0 94% Sale 944
..
24
27
4 Apr'09 .... 2034 251
/
251
1/1) Pne•ue
4
/
1951 11-5
J L & S 1st g 312s
91 44 112%
92 May'09
901/4J•iy'
01
92
90
1952 M-N
......
iiit g 312,
1
80 Feb'08 .
Bat C & Stur lstga g 38.19811 J-D
2 1011,10038 May'llif .... Cali; 101
100,
3 100'2 1024
N V Choi& St List g 4s 1937 A.0 104', 10118 101;s4 1014
....
100 •,;ei,'08
1937 A-0
Registered
'4. • 94
93%
2 .41%
33., 93% 9338
Debentures 4s
1931 M-N
1044
103
41
103;
103
ale
103¼
-J
J
2361
1st
4s gu
West Shore
102', 1 101 1441034
Registered
2361 J -J 102-,Sale 102
/33% Feb'09 ...• 13312 1331
1321
4
/
4 N Y cti Greenw Lake Nee Erie
/
105
118 Jan '0:
N I & liar See N Y 0 db Hud
10318 Apr'09 .... 1031
102
4 1031
/
4 N Y Lack & W 84e D L & W
/
100% 110¼ 110 Apr'09 .... 109 1111
4 NY L E& W See Erie
/
8538 Sale 854
85;
841
4 814 131 Y & Long Br See Cent ofN J
/
. 97 Apr'06 ..
90
1384 34 13334 1381,
N IN Ii & 11-Cony 68..1948 J.J 1384 Sale 138
48
/
410934
/
1356 J.J 108% 109', 10834 10934 22 971
Cony deben 31
1194
.
991
9934
4 Deo'08
/
3 99 100
1181
4
/
Housatonic It con g 58 1937 M-N 1181
.
90 Mar'09
1001
4
/
99
99
N if 86 Derby con oy 58 1918 (A-N 107
N I7 & North See N Y C & 11
4 85 981
/
10018 Sale 9934 1001
4
/
4 100
/
991
991
9934 41 98
99%
41901
/
4 N Y 0 & W ref 1st g 48.41992 11-S
/
87¼ 137% 873
4 6 863 88%
/
1311
101 12J'193'013 .... ...... .......4
Regis $5,000 only
g1992 M'S
108; 1071
4 1071
/
2 1 104 1,1093., N Y& Put Bee.N Y 0& H
/
4
/
86'4 12 8
864 8634 801
7% N Y & R .8 See long Island
83
4 9
33
4
/
4 1414 90
/
911
4Salb 911
/
911
74 ZI T 8 & W See Erie
4 88¼ 88 Apr4011 .... 88
/
871
4 N Y Tex & .51 See So Pao Co
/
891
109¼
Mar'011
4
/
....
41101
/
99/
1051
4.1'ne'08
1
1091
4 110
/
1941 M-N 101
Nor & South 1st g 5s
93 Apr'01,
4 Mar'09
/
1031 M-N 127 12778 1271
93
93 . Nort & West gen g 0s
4 Marin' • 113 1141
/
1i3114¼ 1141
1211
4
/
12131
Mar'00 .... 129 129
F-A
1934
4
/
Improvein't & extg t3s
,
1
1,1
4
1
/
111
1
4
lig
•..
4
/
1111
4.b'eb -09 ... 1281
/
1281
108 112
1932 A-0
4 1281
/
4
/
New River lat g 68
4 109(. 3 1941 110
/
98% 98
108 1W 14 1091
98% .
84 98
4
1
/
99,
N & W By 1st con g 48 1996 A-0 98
4 98
/
1104 1104 Apr'u9 .... 110', 1104
91 Sep '07
1996 A-0 971
Registered
Feb'09
1114
93%
1131
109;
4 94
/
100
, 108 1113
94
9 93
95
Div'l 1st l& gen g48 1944 J•J
115 ...
115 Sale 115
9838 254 931
23 11312 116
4
1
4 99/
/
1932 41-1.3 98 bale 149
10-25 year cony 4s
4 9238 93 May'111.4 ...„ 808 93
/
921
10134 102 10134 102
5 100%10238
Pocah C & 0joint 46_11)41 J-D
4 Feb'07
/
. 1041
4 909'05
/
1091
19'22 J-4.1 106
CC& T 1st gu g 5s
103
103
98 Sale
98
7 96/
1 101 10334
4 984
1
1021¼ 103 103
Solo V& N E 1stgu g 4a 1089 11-N
83 sale 83,
831¼ 53 78% 851
4 North Illinois See Chi & N W
/
95% 964 Ws May'09 •••• 96.8 90¼ North Ohio See L Erie & W
4 93 May'09.... 89
/
941
93
.Sale 10234 1027 98 10238 104
95
Nor Pao-Prior lien g 48 1097 Q J 1027
91
89 Mar'09 .... 89
4102; 1021¼ blay4011 ... 101 103
/
1997 Q-J 1021
Registered
110 Mar'05
7434
•,5
75
79 73
lien gold 38.....a2047 4-1 7434 75
General
4 Mar'014
/
1001
7434 51ar'09 ... 72% 741¼
1001¼
9934 10014
a2047 44-F
Registered
1.13 12 Apr'011
971
113
4 11938 Mar'40.1 :... 96
/
1121
4 1131
/
971
4
4
/
/
St Paul.Dul Div g 4/3....1906 J -D
111
111 1111¼ Ill
I 11.1 112
Dul Short L 1st gu 5s..1916 MS
111
•
110',11034
6 11034 1111
4
/
0 13& Q cod tr 43 See GtNol
12018
8
1203
1201
4 90
/
81434 MaY'09 . _.. 86
891
.20
4
/
FA
1 12018 121
4
/
901
st P & :31 P ge g 68-.1923
4 Feb'08 ... 1201.120/
/
1111 1201
901¼592t 90%
901
4 19 881
/
4
1
4 91
/
ertitio's..1923 Q-F
Registered cn
117 44 Ply'07 4 Apr'06
/
1071
St Paul & Dul 1st 5s....1931 1A 112 `e
4
98 Dec'06 .„...
1043
63
60
A-0
104'4 15 104 101%
4
/
1041
1917
2d 5s
99
99 9'60W .... 9J
1221,123 1221¼ 12238 2 1191
41-45
/
1908 J -.1) 97¼ 99
lat cense'gold 4s
118 119¼ 118 May'09 ..., 117 118
4 41413'99 ... 921
1
92/
4 921
/
4
/
94 1.41 96
194.8 ti-PA
Wash Cent 1st g45
Ito., Mar'in, :... 115,
0 1101
4
/
4 91
/
Nor Pao Ter Co lst g 68 1933 J -J 1164
1 861
91
91 `'ale 91
112,113 112;Feb'09 .... 1121
4 1121a Nor Ry Cal See So Pao
/
75 May'08, .... ......
85
Nor Wis See C St P Al & 0
4 II/1 Nov'04
/
961
95
Nor & Mont See N Y Cent
i I lnd & NV deo 00 C & St L
Whio Riv RR See Balt & 0
Ore & Cat dee So Pao Co
ore Short Line See Un Pao
Oswego & Rome Bee N IC 0
0 C b'& St P See C & N W
4111 11038 1101¼ 14) .091
/
4 11038
/
4 111 4 112 Mar'01) .. . 112 1121
/
1111
4 'Jac Coast Co lst g 58....19413 J -1) 1101
/
4 1131
/
4 Sale 1131
/
4 .
/
1131
3 113 h 118% I. coot Missouri See Mo Pao
fly;n
o :.
4 JA?
1
/
4%
,
u
10
2..6.. il0
3 :
,
at7
00,
10
:
1.8,2
5
4 May'01
/
121% 1161
Penn RR let real eat g48 11/23 -M-N 103
1910 .0-S 1091
4
/
11714 Mar'05.
Consol gold Os
104 mar'01.4
103s. 104 le
113 Ply'04 .
1943 41-N IOU
Conseil. gold 4s
ir
1948 M-N 105 sahr. 1047 105 .1i 104C6 19P.,
Consol gold 48
2 41-14 10038 Salo Imp% 191
915
191
10242 Apr'013 .
102 103
Convertible g 312s
J.D
9718 dale, 97 18 '
844
3 1¼3OU 9414 9734
85
85
22 80
85
Convertible g 342s
99 J'ne'u'i
947„ Sale 94%
95 183 92/
Alleg Val gen gu g 45 1942 NI-S 10038
4 9514
1
116
F-A
Si) Sale 8834
80
b 86
DRRR& Egoist gu 4eig '36
89
'uo .... 10312 1031
Mar
103 l•A
4
/
Phila Bat& W /In g 4s..1943 51-N 1034
102 Jan 4)4
97
Sod Bay & So lst g be 1924 j-.1
104
Mar'OU
.. iut 104
8.8
105
UN J RR & Can gen 43 1944
4 931¼ 9338
/
931
93% 23 924 94', Pow:1 C0--Guar 18t g 41
1921 J -J 10534 106 10451 105', ''.' 104 1061
28 1921
/
4
/
J.,1 103 _4 1 1051
4 19
/
m'layr:tuit,
4J
.
%3:
7 ..
-1 904
u0,4
934 Sale 9314
934
1 921
Registered
4 9334
/
110 .
14.1'ne'06
90-'s
4 Sale 96
/
4 Si 93% 96%
/
48 coil trust reg 1937 1141
/
961
961
Guar 31
1111,
84
85
4
/
841
85
48 84
8534
Guar 312s cold tr ser B 11/41 F-A
..
4 981
/
971
4 97¼ Alas'01) .... 8614 971
/
4
/
82% 841
83
4 83
/
1 83
944
Tr Co certirs gu g 31
48 1916 59-N
/
9114
4 Feb'Vo : .. 391 83914
/
. 8111
83
4 831
/
831
4 3 8:1
/
1942 JD
4s tr ctts C
/
8434
Gu 31
4 934 ,980441/4 u
/
301
Meae
r,0
'
4 Apr'01)
/
4
/
114:
821
. 821
1944 J-D
824
:„
:
utu 312a tr oils I)
82
..... 19
.3.
0
.1.0
44. 19
1
/
44
1
/
3
0
0
1
4 118/
1
4 May'Ol. 1
984, 9912
100% ...... 100% Apr'09 .... 1003,100;
1931 A-0 118¼ 4.11.)/
Guar 15-25 year g 48
102 2112u'04
1001
4
/
el & Mar lst gu g 41
28 1933 41•N 104 1
/
0.14 j
ja
au:°
/07
14 ....
05
el & P gen gu g 4/
.
4a tier A.'42 J -J 110% 05'4 110
1
4
/
841
Series.13
1942 A-0 1101¼
114¼
4 Apr'09.
/
971
88
911
Series C 312s
,971
14448 NI-N
4
/
MI N.T...oli. •••• ......
1954i W.A 941.2
Series D :41.m

A AA
is“.
4 117
/
1161
4
/
1161
101 18 Sale
100
102
110
114

.1/183CELL ANEOUS 130N ihs-Continued on Next Page
Coat and Iron
95
9514 4 94 1004
4
/
Col Jf & I Co gen 1 53 1043 F-A
941
871
4 8734 Feb'011
/
4 871
/
971
4
/
Convertible deb g
85
1911 F- A
10234 Apr'00
Gr Bay Coal & C 1st g 681919 A-0
95 Apr'02
Oleart Bit Coal 1st a 14s 11140 J -J
761
4
/
4 45
/
7'71
Col Indu 1st& colt os gu 1934 F-A
76% Sale
11/738 Dee'04
Contin'talC lstsf gu 5s g 1952 F-A
107 May'97
Jett& Clear C& I 1st g 58 1926 J-1)
4 Dec'013
/
1051
Kan&HC & C114319,58 1951 J-J 10038
105 Oct'00
Pleas Val Coal 1st g 8(58 1928 J-J
89 May'09
Poch Con Collier 1st s f 5s.'57 J -J
8834 139
78 Felf07
Sunday Creek Co g 58
1944 J • J
7.4
Tenn Coal gen Is
4103 10258 102', 9
/
1051 J.J 10'21
Tenn Dtv 1st g (Is
a1917 A-0 1081
4 Sale 108¼ 1085
/
Birm Div 1st consol 68..1917 J-J 108¼ 109 108 Mav'M) •
110 Jan '09
Cah C Ai Co 1st gu g 68.1922 J -0 105
103 Nov'08 • • ..
De 13ar C & I Co gu g 68.1910 F.A 191
97
Salt 90
YaIron Coal Colst g 68 1949 M-S
931
4 Feb'07 •...
/
87
Victor Fuel 1st $ 1 5s
1953 J -J
Due
Fel) a Due
'No price b'riday: latest but ono asked. al/m:3Jan u




Telegraph and Telephone
Aru Telep & Tel cell tr 48 1929 J-J
Convertible 48..
1936 M-S
Mich. State Telep. 1st 58 1924 F-A
Pac Tel & Tel 1st 541J PM rec .7-J
West Union col tr cur 511.11138 .1-1
Fd and real est g 41
45 1950 M-N
/
Cony 48, Series A
1936 Al•N
But Un Tel stuud6e.j9l1 SI-N
Hanutacturing a: Industrial
Allis-Chalmers 1st 1543
19313 J -J
Am Ag Chem 1st c Os
1928 A-0
Am Cot 011 ext 4/
48
1
1015
Am Hide & L 1st 8 t g 68-19111 VI
S
Amer Ice Seour deb g 6s 1025 A-0
Am Spirits Mfg 1st g 68 1913 M-S
Am Tobacco 40-yr g (is. .d944 A-0
45.
1951 F-A
Am Thread lea col tr 48 1919 -1.J
. •a VII. ly Feline .ing s Due

95
9514 951
4
/
95', 5
10312 Sale 1031
4 104% 88
/
971.2 09 100 Feb'08
97% Salt. 9714
071/4 138
114134 1011
4 11/134
/
9614 96% 9614
96 12 36
San,
4
/
911
4 87
91
/
911
100
IOU Mar'09 •.•.
88
100

Sale

9134 96
4106
/
921
9912100
4 98%
/
1/61
4102
/
981
4
/
9334 901
9212
84
05 100

4
/
881
4
/
861
881, 520 80
4
/
100
1001/4 24 96 1001
973, 971
98
19 96
4 98
/
99% 100
6 9634 100
9938 100
80
78 sale
4 67
4 80
/
781
9334 95%
0 95%100
9534 10
4 11211
/
11212 Sale 112
112; 158 1041
.
807
74
4 Sale 80
/
801
80%
4
/
01 14 Apr'/9 191 90% 911
91¼
'et ii One ov q Due000 aOptiOO SAL.

MAY 22 1909.1
BON Ds
j. N.Y.STOCK EXCHANGE
WEER ENDING MAY 21

New York Bond Record-Concluded-Page 4
Price
Prieiav
.May 21

Week's
Range or
Last Sale

kW,D,
N. Y. STOCK EXCHANGE
WEEK ENDING MAY 21

hangs
Since
January 1

t

Price
May 21

1303
Wee k's
Range or
Last Sale

z't
Range
a -c3.
Since
X14: Januarv
1

Penn Co-(Continued)
Bid
485 tow
High No Low High Southern Pao Co-(çonffl'Jeczj
flue
High No Low
484' Low
Erie & Pitts gu g312s 11 1940 J J
ig
9418 92 Apr'07
Morgan's La & T 1st 73.1916 A.0
122/
1
4.A.ug'08
Series 0
......
1940 J
98% Apr'04
1st gold 6s
115
Nov'06
1920
116
J-J
Gr R & I ex 1st gu g 412a 1941 J- J 1071
106% Dec418
/
4
No
of
Cal
guar
Feli'm
g58
1131
112
/
4
Pitts Ft W de C 1st 7s 1912 -J 107
12738 Oct'02
Ore & Cal 1st guar g 58.1
1927
93 A
J -O
J lu:334 104 104 .31or-09
2d7s
104 104
1912 J J 109% 110 109/
1
4 Jan '09
109 18 111918
SO Poe otAriz 1st gu tr Os.c'10 J-J 1011
101 12 Jan '01)
/
4
1611410118
3d 7s
h1912 A-0 107
101 Oct'08
-10
Pac of Cal-Us E& F 1912 A•)) 104 1051
/
4 104142'11008
Pitts Y& Ash 1st con 5s.1927 kl-rd 1101
/
4
110 Feb'09
110 110
18t
gold Os
Dee'01
/
4
1141
PCCdeStLgu412sA...1940 A-0 109
Apr'09
/
4
1001
1091
/
410912
1st con guar g
113
116 MeV();
Series B guar
......
1942 A-0 109
108 lasy'00
109 109
81 roc otN Mex 1st g tis 19
11993
104 Apt'08
1
172
1
Series 0 guar
1942 M•N 108'
11212.1'ne'05
So Pao Coast lst ten 43 g_1937 J-J
90
May'01.
92
152
Series D 4s guar
8812
92
1945 31-14 100%
102 FebNlil
1001
/
4 102
Tex&NoSabDivIst g6a.1012 al-S
105 107 12 leo'07
Geries B 31.2 guar g
1949 F-A
9418 03
041
/
4 Apr'01.
95
94
Con gold Is
97,
194:4 J -J
0
/
4 Apr'08
981
Series F 45 guar
1053 J-D 101
Pac
RR 1st ref 4s
145, J -J
13 la Sale 94%
/
4
951
C St L & P 1st con g 58 1932 A-0 1161
.i-;61;
/
4
1101
1161
/
4 110
/
4 Mity'ali
Southern-lst eon g 5s
1994 J -J 112.4 Sale 112.4 113 182 106 113
Pensacola de Atl dee L & Noel.
Registered
19114 J-J 109 110 110 May'09
Peo & East See 0 C & St L
nut,
109
Develop de gen 4s Ser A 103. A-0 8278 Sale 82%
83 37
Peo & Pek
'16
53
1st g
109
1231
/
4Jan 'Ob
Mob 86 Ohlo coil tr g
90
31-s
901
IAA 90,2
/
4 2 851
20 gold 41
/
413
/
4 901
b1921
/
4
10034 Dec'05
Stem
Div
1st
g
412-5s
1996 J -J 113 114 113 Apr'ul,
Pereilarq-Chii W
113
113
5s 1921 J-0 105
105
105%
105%
105
St Louis div 1st g
J.J
901
/
4 90% 831
/
4 Apr'01
87% 91
Flint & PM g Os... .....1020 A-0 113% 115 113% May'01, 1 11214111
Al& Oen R let g 6s
1918
11'a
J-3
'08
sup
108
1st consol gold 58
1931. 5.4-N 1691
/
4 Mai'01,
1091
/
4
/
4
104% 1091
Atl .11 Dauv 1st g 4s
92.4
1948 .1-3
91 Dec'uS
......
Pt Huron Div 1st g 5s 1939 A-0 10814
-•.
106 Nov'08
2d 4s
87
19414.1-3
92 J'ne'Oti
Sag Tus & H Lit gu g 4s 1931 F-A
Atl & Fad lstgguai 15 1949 A-0
1
Phil-13
W beePennitlt
Col & Greenv let 6s
110
101t J -J
111 Feb'u7
Phil & Reading eons 7s.1911 2.1) 105
11514 N1ar'011
E
Va & bia Div g 513-193t. J -J 1101
/
4
10934 Mar09
104% 109%
Philippine By lat80-yr 51 48'37 J -J
931
/
4 93 May'ui.
05
93
Con let gold Ss
1131
/
411334 1131
193t
/
4 Marin,
11042113,-4
Pitts Urn & St L See Penn cc
E Ten reor lien r Si
1063
1938 3,4-S
4
107 Apr'01
107
105
Pitts Cleve & Tot bee B & 0
Go Midland let :324.
194e 5
3:2
0 65
04 Apr'09
661
/
4
64
Pitts Ft W & Ch See Penn Cu
Go Pac Ity 1st g Os
116%
192/
117 Alien
114% 117
Pitts McKees & Y See N Y Ceu
Knox AI Ohio lit g 63 1925 J • J :15 11814 118 Dee'08
Pitts Sh cfe L B 1st g 58 194(
116%
114 Oct 'OS
.ilob& ilir prior ien g 58 1941 1-3 105
115% Apr'06
194:- 1.2 115
1st consol gold 5,3
331 J'ly'97
Mortgage gold 4s
.1945 J -J
82
ov'06
Pitts & West bee 13&O
atoll &i Dan con it 68.....1911 J -J 110%111 111 Apeut,
1081
/
4 111
1991 J -J 100 14alo 9978 100 117 0934 100%
coding Co gen g 48
Deb bs stomped
1621
/
4
92
J'ne'ut
1997 J.J
98 100 100
:Registered
100
Rich & Meek
91314100
g 48. 11a8
75 Oct '08
7
Jersey Cent colt g 48. 1951 AC 97% sak. 97%
U71
/
4
001
/
4 98 1.:
10.314
150 Car & Ga 1st. g 158
103 Feb'te,
1911
1011
/
4 103
Rensselaer & Sar See 1;ob ii
Virginia Slid set C 6s 101, 414 110-,. 112 112 yet we
Rich & Dan See South Ity
10034
10812 Dec'tn.
4-5s
Rich & Meek See Southern
Series E bs
113 Dec'03
S 10534
4m111:- NS
'
9
)2
4
3'
10
Rio or West See Den & Rio Or
1011 1u
General 5s
1081
/
4 Mann
/
107 1081
4
Hoch & Pitts See B B& P
11/9
Guar stamped
10912 -viat'ob
10714 1091/4
Rome War & Og See N Y Caul
W 0& W lat cy gu 4s 1°
86'4
tits %Jail '07
94
Rutland See N Y Cent
West
108'2
..'31
Apr'09
(1
1st
10914
J3
con
g
60
1914
1091
/
4 1094
Ling Tus & 11 bee Pere blarg
& N Ala See L & N
!Lit Jo & Or lel 1st g 4s 1947 J -J
96
961
/
4 95%
95% 5 92
97
117 J'Iy
Spok Falls db Nor 1st g 6s.1930 J
...
St L & Cairo See Mob & Ohio
'
I
'er
Mar'ul,
A
of
108
A.0
St
109
L
8-1939
108%
g
4
/
1
4
109 109
fit L & Iron Mount See M P
let con gold 5s....1894-1944 FA 1151
/
4
/
4 15 115 116
1151
/
4 1151
. Eit LK O&N See Wabash
Gen refund s t g 48
97% May'00
071
/
4
1933 J-J
116
St L111 13r beeTR1tAofStL
97%
St
1.4
11014
M
A-0
lige
1930
Ter
110,
4 1101
gu g 58
/
4
11014 11011
St Louis & S F-/wig 6s 1931 J.J 1233812444 12334 Ilay'00 -•
1221
/
4 1241
/
4 Tex & N 0 See So rac Co
General gold 5s
1931
J 111
110 Apr'09
110 111
Tex
&
Pao
3-1)
May'09
1151
let
/
4
gold
58
116
200('
1161
/
4
.119
Gen 15-20 yr
. -1927 M.N
1157
9138 sate 91 14
91% la) 881
2d gold inc 55
/
4 9134
65
75
70
22000 Mai
3acons g413.29C J -J
St L& S F1111
68
75
95
95 Apr'09 •
901
/
4
91
La Div 13 L 1st g 5s
105 105 Jan'09
1931 J.J
Southw Div lst g 5a 1947
10014
10318105
101 Veil'09
101
101
W
Min
Wei,
100
F-A
N
W
Nov'04
let
105
/
4
1061
gu
5s
'JO
Refunding le 4s
1951
J
.. ..
87'a Sale 871
/
4
88 157 81% 89
Tot
&
0
1st
g 5s
/
4 3 111 1121
1,21
1935 J-J 11'2 sale 112
StL M & So East gu 4121;1909 .1-1) 913:.4 100' 10934 Apr'09
/
4
Western Div let g 5s 1935
9934 9934
5 A-0 112%116 111 Nisy'04
KC Ft & Si con g 6s 192r .1a-N 1191
/
4 121% 1101
/
4 Apr'09 ...• 116% 1201
/
4
General gold 58
/
4
1931 -D 103%104% 10314 1031
KC IRS& Si Rv ref g 48 1031,
1 1031
/
4 105
8312 Sale 84.4
851
/
4 41 82.4 86
Man
&
let
gu g 4a
10:1
3u
1 A-0
/
4 Apr'Ot93
1
941
• K0&M1t& 1st gu 58.1929 A.0 100
9234 93
Tol P & W let gold 4s
90
1917 J -J
1)1 14 92 Apr'09
Oztrk& Oh C 1st gu 55 g.1913 A-0 9714 98
8014 94
9738 Apr'09
97% 97% 'lot St L& W pr lien g 31.48 1925 J
90% 9118 90% Muy'tii,
90
6)Louis So See Illinois Cent
91%
30-year
gold
84
A-0
85
4s
, 14 831
843
841
/
4
/
4 881
/
4
L S W let g 45 bti otts.1981, 31-N
941
/
4 041
/
4 9414
941
/
4 16 921
/
4 941
/
4 Tor Ham & Butt let g 48.41
94%4 J-1) 9134
19
1013, Apr'09
. 2d g 4s in° bond ctis...p1980 -J
9134 9134
84
21 70
83
84
I
biter&
84
.1-D
Del
let
con
g
1081
5s
/
4
1928
101?'$
1081
1931 2-1) 81 Sale
/
' Consol gold 45
4108%
S1 406 78
7912
1st
81
refund
A-0
851
g
4s
/
4
1952
81 .Nov'08
Gray's PtTer lst gu g 5s 194'i J
101 18 Apr'07 •
Un Pao RR & 1 gr g 1s 1947
102% Sale 1U2' 1031
/
4 38 102 104
St Paul & but See Nor Pacific
Registered
/
4 le3 102 Apetn,
1947 .f -J 1021
'St Paul M & Man 2d tis 1909 A-0 101% Sale 101% 101% 21 10138 104
)97 101 10034 103
lat & ret 48
99% Slue
993.
g2008 M-S
9634 99%
1st consol gold Os
1933 J -J 1311
/
4
/
4 May'09 •
1321
30-yr cony 48
131 132%
1081
/
4 Salt
/
4 1295 102 10812
1927 J.J 1071
Registered
1933 J .J 131
132 Apr'01/
Ore By & Nay con g 413 1946 J -D
132 13i
98",
9834 987,,
4 99%
983
Reduced to gold 41
/
48-1933
J 1038 Sale 109% i09% 8 109 111
Ore Short Lino 1st g 6a 1922 F-A 119 Salo 119
1191
/
4 15
/
4
/
4 1'201
81
Registered
1933 J-2 1081
/
4
1161
/
4 Apr'01 •
let coUsol g 55
94
1020
6 J.J 115 11534 11612 Apr'09
115 118
Dakota ext gold Us
1910
10238 Sale 10238 102
1 10238 1031
Guar
refund
/
4
4s
.1-1)
951
/
4 8(1 94
0538 sale
961
/
4
Mont ext 1st gold 4s
1937 .1-1) 9034 101 100% 101
Registered
94 Jan'09
9914101
1929 J.D
94
94
Registered
1937 J
991
/
4
100 L4 Oct'06
Utah & Nor gold 53 1920 J •J 106%
101 ,
: eP
E Minu,Nor Div let g 481948 A-0 1011
/
4
Uni N J ktR&CC0 See Ya
Minn Union 1st g 63-.192/ J -J 101
124 Mav'05
Utah Central See Rio Or Wes
Mont C let gu g Os
1937 -J 13114 1321
/
4 131% May'09
13138 13238 Utah & North See Un Pacific
Registered
1937
1304 muy'00
Utica & Black It See N I Cent
,1st guar gold 5s
193'i J.J 115 1161
/
4 115 May'09
%/ anthills consol g 4s. .1955 F -A
115 117
95 Nov'thWill & S F 1st gold 5a 1038 J-1) 116
116 4 Fen'01)
116%171134
era Cruz &Plat gu 4/
98 Sep '011
1
4.s1934 J-3
1St P & Nor Pao See Nor Pao
Ver Val Ind & W see Mo
•St.P S'x City SeeCStPM &O
Virginia Mid See South ay
SA& A Pass lat gu g 4s 1943 J -J
901
/
4 Sale 90
9014 11 89
108 115 117 i.,Jan'09
92% Va & Southw't 1st gu 56.2003
[1714117¼
.8.re,Pros & Ph 1st g 58 1942 31.9 111%11218 1121
/
4 Apt'09
let cons 50-year 5s
112 113
991
/
4 100
1958
99'2
911%. --I 981
/
4 9938
SF&NP 1st sink t g 58 1910 J J
110 Oct '05
abash
1121
/
4 saw 11214 1121
gold
1st
5s
/
4 21 1111
1939
U
/
41141
/
4
Say F& West See Atl Coast L
V 2d gold 53
1031.
10314104
2
104
1939
/
4105
1.‘ 1021
13010to Val & N E Sce Nor &
Debenture series A
19018 Jan'08
1939
/
4
/
4 1001
1001
Reaboard Air Line g 4s
1950 A-0 84
844.
/
4 85% 335 631,1 85%
821
Series B
92
May'09
1333
86
1)2
Coll tr refund g 58
1911 ,VI-N
/
4
071
1(914 100
25 1)6 .
1st hen equip 8 g 58 1921
14 10o
102%
10212 Apr'01. . 102141)1214 ,
At1-131rui 30-yrIst g 4s.e1933
82
S
88 Jan'07
1st hen 50 yr g term 4s 1954
87'; .11 87
87
871
/
4
Car Cent 1st con g 413 1949
9t)
85 J'ly'08
1st ret and ext g 48
70
7u%
75%
Sale
1956
418 7134 7838
Fla Con de Pen 1st g 5r3 1918 J.2 100
10714 Aug'00
bet & Cli Ext 1st g 53 1941
/
4
/
4110; 11012 1101
1091
108
/
4
1111
1st land gr eat, g 5s- 1930 J -J
Des Moin Div 1st g 48 1939
8638 May'Os
8718
0%
86
038 86
8
Consul gold 5s
1043 .14
/
4 Mar'05
1091
Om Div 1st g 312a
791
/
4 May'te.)
77
84
1941
: Ga & Ala By 1st con 58011/45 J
10214 Feh'09
'Tol & Cli Div let g 4a 1941
lo2y 102%
85
0118
/
4
011
911
/
4
.
:
90
1
911
/
4
Ga Car & No 1st gug tis 1920 J-.1 101%
1054, Mar'09
Wab Pitta Term 1st g 48 1954
105 106
511
/
4
52
30 48
551
/
4
tleab & Boa 1st Se
10034 Feb '110
1926 J•J 107%
Trust Co certfs
106% 10634
501
/
4 57
4:02
4914 sale
6
453
4
4
533
5herSltr&So b'ee M K & T
vtt gold 4s
1414
1954
8
01
/
4
141
/
4
91t
SU Sp Om & U See AU Coast L
Warren See Del Lac & West
So Ciir do Go bee Southern
Wash Cent See Nor Pao
Southern Pacific CoWash 0& W See Southern
Gold 48(Cent Pao coll) k1949 J
011
/
4
914 20 90
91%, 02
Wash Terml let gu 3125 1945 F-A
92
9334 Feb'ul,
92
9314 9334
Registered
k194i. .1-1) 86
911
/
4 85 Feb'09
West Maryland 1st g 4s 1952 A-0 851
85
85
I 534 8236 88
/
4 8534 85
Cony 48 (full pai)l) _219214 1I-S 100% Sale 100
.Ills 971410014
1001
Gen & cony g 4s
A-0
731
/
4 75 61
72
71
731
/
4
Cent Pao lat rei u g 40 194i) F.A
9734 Sale 971
/
4
0714 314 971
WVo
105
/
4
Cent
98%
.1.1)
&
Dec
P
'Ob
lat
g
tis
1
2
1
195
19
Registered
A
1949
/
4 9734 Mar'09
9514 971
9734 9734 West N Y& Pa lst g 5s 19:31
1.04/i -3 110 115 11034 Alar'Ob
1
lit;
11,
Mutt guar gold 3'as..k1921) .1) 901
1)01
,111 891
1/03
4 Sale
Uen gold 45
A-u
/
4 9314
14714.
9538
87
Through St L 1st gu 48'54 A.0 94/
943 05 May'09
Nov
Income 158
1)34 95
0)417
31
Gal Ear & SA let g 6a 1910 F-A 1011
/
4 Apr OD
1011
/
4
101 18 101,
West No Car bee South 0
1
4
943
Max & Pac 1st g 5s
Apr'ig,
1931 M-N 110 112 111/
1
4
110 112
Whe31'g & LB lat g bs 1926 A-0
105 Feb'09
107 109
Gila VG & 1st gu g5s 1924 M-N 1041
104 Mar'09 •
/
4
104 104
Wheel Div 1st gold 58 1928 J -J
95 J'1)''ut
Hous h & W 1st g 56 1933 M-N 1051
103 Diay'011
103 103
/
4
Exten & Imp gold 5s. 1930 F-A
Dec 01
1951
/
4
1st guar 53 red
193:4 M-N 1051
10312 Apr'09
/
4
RR let consol 45..........349 31-S
88
88
[1)31410314
88
8334 90
& TO lstg 5s int gu 1937 J -J 110
110 A.,..)r'011 •
10934 110
20-year equip a f 58
99 Dee'08
1921 J•
Consol g de int guar. 191'2 A-0 109
1,• "
ov'U'l
Wilkes & East See Erie
Gen gold 48 int guar 1921 A-0 96
96 ,,
•
e.13'08 • •
Wil & Sioux F b'eeStPM&isi
Waco& N W div 1st g 68130 VI-N 110 118
iec'013
Wits Cent.50-vr let van 45 1949
/
4
96 164. 89/
1
4 96%
95% Salt 951
J
A & NW let vu sr 58
1941 J -J 108/
ail 12 Jan'09
1
4
Sup& Dut div& term lst e'36M-N
1071410714
29 9314 95
94% sale 941/4
9412
.11SCEI.I.AN15ill1s RON 11-4-1:neeigac,i.
Manufacturing,
industrial
Miscellaneous
Beth Steel let ext 51 55..1026 3-2
89% Sale 88%
891
/
4 169 77
Adams Ex col tr g/s
90
/
4
9312 1 92
1948, M-8 94
/
4 931
911
9334
Cent Leather 20-year g 5s.1925 A-0 9634 Sale 9838
99
71 961
/
4
13'kl'n
FerryCo
99
letcons g 58'48 F- A
41 Oct 'Oti
tonsolTobacco 50-yr g 48.1951 -A
80 Salo 80
80
4 75
Bush Terminal let 4s. _197,2 A-0 9018 1.036 01/
80
90
93%
1
4
DistilSeeCor cony 1st g 53.'27 A-0 77
MaY'09
7714 761
/
4
771
/
4 204 731
/
4 78%
Consol 5s
94
95
1955
94 May'ot•
'31'-, 94
Int Paper Co let con g 68 1918 F -A 1041
/
4 105 105 May'00
101 1001
/
4 Chit:Jude t Yard col g 513 1915
100 Jan 'k!
Consol cony a I g 58
87.1 88
1935 .1-3
38 May)))'
85
881
/
4 Dot St & St hi gr incomes 1911 A.0 '25
29
47
Ape
'08
'Int St Pump 10-yr Cony.6.5'13 J.J 10214 1031
/
4 10338 10314
100 103% Institution for I rrig Wks
Laokaw Steel 1st g 5s
1923 A.0 9814 Sale 98
984 17 93
081
/
4
de Devel ot Agrieul s
N 3 Air Brake 1st cony Us'28 M•N 111% 11214 Ill
1 17 108 1131
111 ,
/
4
01
34-N
04% 9114
0434 21 92
95
flepub I & S 1st& coltr5s.1934 A-0 9912 100
9912
993
, 31 98 1007
In
.
I
til
:Iea
(rectrs
2M arine 4 40 19
414 Sale
92
43
2 A-0
'414
71
73be
77
'Union Bag & P let st 58_193o J- J
07 Sale 063
, 91
13
i.
3 9114 Int Navigation lstsf 53.192i. F•A
20
1)7
87
e84,
8134
2
88,
4
U S Leath Co sfdeb gill:L.1913 ,v1-5 1031
/
4 106 106 May'09
104 12 1001
/
4 Newp Ne 81up & D D 5s01990 J-J
90 A 1:2'0‘
'J5
US Realty & I cony deb g5s'24 .1-2
91. Sale
1) 1.
91% 4. 84% 91% N I Dock 50-yr let g 4s 1951 F-A
91
94 May'004
U S Rubber 10-yr colt tr
2.0 1041
/
4 sale 104% 104 12 119 10214 104% Providence Sec deb 48
1957 M-N
861
/
4 89
90 Jan '09
90
90
LI 8 Steel Corp-4 coup .01963 34.N 1041
/
4 Sale 1041
/
4 104,
,540 102/
1
4 10438 Provident Loan Soo 41
/
48 1921 51•S
/
4 Dec'08
951
• 51 10.60 yr 5s.1 reg _01903 MN 102%
104
1047, 5 101% 10416 .
1i Joseph Stk Yds lat4123 1930 J -J
103 100 tu'
,el)'05
-Car Chem let 15-yr 58 1923 J-0 97
9634
Ii? 181 93% 97' 8 '
,tuba Wat Co con g 6s 1923 J.J
112 J'ly'04
stingliouse E & Altit 'os '31 J.J
941
/
4 Sale 933R
95 278 110 14 145
S Red
Ref let s t Os 1931 J.J
11(14, 91
90 Apr'091
80
93
*No price Friday; latest bid and asked this week. a One Jan
0 Due eau 4 DUO Apr e One .0 ay g Due J'ne a Due • ty p Due .,ov I',Dunn ,3818

R

N

I

Ve




CHICAGO STOCK EXCE[ANGE-Stock Record-Daily. Weekly and Yearly
•

STOCKS-HIGHEST AND LOWEST SALE PieICES.
Saturday
May 15

Monday
May 17

Xrd

Wednesday
May 19

Thursday
May 20

Friday
May 21

Sales
al ihe
Week
,tiaec

STOCKS
CHICAGO STOCK
EXCHANGE

Range since
.1an. 1 1909
Lowest.

Ranoc lot Previous l'ear
('2081

Ii tqlzest

LOWel

"aiiroads
100 180 Mch 8 190 Feb 3 160 Jan
Last Sale 180 Apr'09 --_ Chicago City By
6180 190 *180 190 *180 100 *180 190
*312 4
4 Jan 22
3 Jan 15
• 158 Feb
Last Sale 312
*312 4
Apr'09 -- Chicago & Oak Park_100
*312 4
*312 4
9 .'an 21 15 Jan 22
612Dec
100
*13
15
Last Sale 13
*13
15
May'09 ---15
*13
Do pref
15 *13
110
8434 'rut
11 Chic Rys part et: "I."- 10914 May15 11534 Jan t
10914 10914 *108 110 *108 110 *108 110 *108 110 *108
Jan
2
4534
4
38
May
3812
38
39
3812
*38
38
*3712
Oct
3814
ctf
38
part
3812
Rys
367
3812
Chic
39
*38
20 Nov
*27
28
*26
*27
28
29
26
26
20 Chic Rys part ctf "3"___ 26 May21 30 Jan 29
28
28 *27
*27
3 1312 Jan 2
*8
May
4
9
03
Sep
10
"4"__9
9
ctf
25
4
part
93
10
1
3
9
Rys
Chic
8
17
3
97
*912 10
912
*
35 Feb
100 25 Feb 26 2914 Jan 2
26 *25
26
525 Chicago Subway
2612 2512 2578 *2512 2612 *25
*20
2612 26
30 Oct
*49
50
49
49
4912 *4812 4912
491.1 49
249 Kans City By & Lt 100 35 Feb 24 51 Apr 30
49
*48
50
68 Sep
8612 86
100 79 Jan 8 8612 May18
86
85
8512
121
Do pref
8612 8512 8512 8012 8612 *86
*85
1214 Nov
18 *17
18
*17
Last Sale 19
Apr'09
18
dletropol W S Elev_ 100 17 Jan 4 19 Mch 8
*17
18 *17
42 Jan
51 *51
100 47 Jan 14 5378 Mehl()
52 *50
53 *50
51
62
53
7lo
Do pref
*51
53 *51
1334 Aug
24
*23
24
100 '21 Jan 6 '25 May 8
Last Sale 25
*23
May'09 --ijo Northwestern Elev
24
*23
24
*23
7
46
May
7212
70
*7014
71
73
AUR
6
*70
Jan
100
63
70
*70
72
Do fora
72 *7014 7212
72
57
*5612 58
42 Aug
57
5634 5634 *56
5
58
103 South Side Elevated_ -100 50 Jan 25 01 May 7
57
59
*58
'2812 Apr
4714 4714 4712 4634 47 3.160 Streets W Stable C L_100 2914 Apr 13 4742 May15
4412 4512 45
4612 4712 4512 47
85 Apr
1044 105 *103 104
105 105 *101
100 97 Feb 15 105 May18
106
Do pref
85
10312 10312 104 104
312 8
1312 8
12
414
13
1312 13
8 1312 1334
131g 1312 1318 1338 13
824 83
8138 82
8212 8234
82
82
8112 32
210
*205
Last
210
*205
Sale
203 May'09
210
*205
210
*206
130
12878 12878 *12812 129 *12812 129 *12812 129 *128 130 *123
60 60
60
6012 60 60
6018
6018 6012 00
60 60
107
107
101314 10614 *106 108 *100 108 *107 108 *106 108
Last Sale 10
July'08
Last Sale 34
Mch'09
Last Sale
May'08
Last Sale 5378 May'09
855, 54 ;8- 554 54 *533 54 ;5331 54
Last Sale 147 May'08
118
Last Sale 1
118 *1
Apr'09
8 *1
118 *1 --11*1
3
3
*2
Lae: Sale 218
*2
Apr'09
*2
3
3
*2
23 *2112 23
2212 23 *22 23 *21
23
23
*22
23
13212
13212
133
134
133
13312
13312
134 134 *133
133 134
Last Sale 214
Mch'08
2 *126 127 *126
*126 127-112612
*12814 126- 12512 126 *iia11878
119
110
*11812 11834
11834
11812 119
118 119
118 118
Last Sale 24
May'09
8812 8812
1/
12712 128
7-3-4 128
128
ii5- 12 129 129 ig- 12834
40
4012 *40
3812 39
41
40
40 *3912 40
*3912 40
Last Sale 4314 Mch'09
45
45 *43
50 *43
*43 45 *43
Last Sale 212 June'07
Last Sale 2012 Apr'09
107 10612 10714 10634 1073,
*ioi- I-6;- *Kir 108 10512 1051 10612
3 18
28
4 *123
27
124
12434 124 124 18
4,12312 12412 *12312 12412 12434
8512 8512
86
8614
86
86
*85
8012 85 85
11912 11912 119
119
120 120 *119 120
*119 120 *119 120
116
116 11512 *11412 115 *114
11534 11534 11512 11558 115 115
Last Sale 11-16 Mch'09
8- 9412 95 9414 9434
04 W- -5512 -6)
;oi- W- 93 1312 11412
11412 11412 11412 11434
33 11412 115
114 11412 11412 11412 108 115
4 10658 10718
1,
87,
142,10a
10938 10634 10814 10612
10834 10934
10512 110
7
Feb339
130
130
- 132 455- 132 130 132
*i5O- 132 *i56- 132 455
102
101
10114
*101
10112
10112
102
*10134
103 103
102 102
112
Sale
Last
Apr'09
Last Sale 3
Apr'09
Last Sale 734
Apr'09
8 -1312
13
1334 138 1334 ;554 -1-371334 15
1513 1512
*21
23
*21
24
23
*23
24
*23
23
23
W745-

fiffi

Tics

Miscellaneous
4 Feb
778 Jan 30 1418 May20
100
5,285 American Can
4113 Jan
100 7134 Jan 6 8214 May20
1,762 Do pref
American Radiator 100 200 Jan 14 203 May 3 125 Jan
100 128 Jan 20 129 Apr 17 116 Apr
-..u.
Do pref
37 Sic)'
980 Amer Shipbuilding-100 544 Apr 21 6012 May17
91 Jan
100 101 Feb 24 107 May21
Do
pref
27
111 J'iy
-_ Amer Straw Board
78 Dec
1 Jan 2
100
38 Melt 12
- Booth (A) & Co
.
2
-:
3 Dec
5
Jan
6
3
100
May
12
Do pref
40 Feb
---- Cal & Chic Canal &D,,100 5114 Jan 8 68 Apr 16
147 MaN
......
---- Central Trust Bank 100 ......
I Oct
1 Apr 27
1 Apr 27
---- Chic Brew'g & Malt'g___
'2 Nov
24 Apr 27
218 Apr 27
Do pref
20 'pee
--;16. Chic Pneumatic Tool_100 20 Mch24 2733 Jan 4
117 Chicago Telephone- __100 127 Jan 4 134 Mch24 106 Jan
34 Feb
Do rights
--ii Chic Title 6: Trust__ _100 117 Jan 18 12614 May13 100 Jan
80 Jan
1,023 Commonw'th-Edison_100 107 Jan 21 119 May17
1718 Feb 25 244 May 7
-86 Corn Prod Ref Co Corn,,
Do Fret_ _ _ 7014 Mch 25 8812 May19
Do
100 117 Jan 0 129 May15 113 Jan
289 Diamond Match
100 38 Jan 26 42 Mch 2
30 Jan
365 Illinois Brick
38 J'ne
43 Jan 5 46 Feb S
---- Masonic Temple
--.- Milw & Chic Brewing_
2012 Apr 27 2012 Apr 27
19 J'ne
Do pref
100 9778 Jan 2 109 Jan 16
70 Jan
5 National Biscuit
-2'3.
100 11814 Feb 15 126 Apr 20 10134 Jan
40 Do pref
100 82 Jan 14 87 Feb 27
51 Mch
625 National Carbon
100 110 Jan 15 120 Apr 1
01 Mch
Do pref
8012 Jan
People'sGasL&Coke 100 102 Jan 5 118 Apr 8
12 Feb 25
1 Meh 20
Do rights
24 Jan
1-,a6 Sears-Roebuck corn,,_100 55 Jan 5 95 May 6
72 Jan
100 101 Jan 5 11538 May18
738 Do pref
100 10012 Jai1 9 110 May15
882 Jan
5,695 Swift & Co
6 Feb 5 20 Jan 18
Do rights
--__
,Oats Co,,_100 119 Jan 5 13212 Apr 3 11434 Jan
__7_5_ The Quake
87 Jan
100 9812 Jan 2 103 May17
23 Do pref
14 J'iy
158 Mch26
28 Feb 19
-_-_ Unit Box Bd & P Co_100
318 Mch 2
214 Feb 26
Do Full paid
112 J'iy
334 Mehl() 912Jan 4
100
Do pret
1012 Mch 9 1534 Mch26
17,94e
Do Full pald
1134 Oct
100 15 Feb 10 25 Meh 15
25 Western Stone

•

48

Interest
Perim

Price
FrielaY
May 21

Week's
Range or
Last Sale

18,5 Deo
34 Aug
10 Aug
110 Nov
47 Inc
28 Dec
1312Deu
3012 Dec
4734 Nov
8612 Nov
10 Jan
54 May
22 Dec
6212 Dec
71 Jan
34 Nov
10;; J'no
1038 Nov
7678 Dec
200 Dec
12814 Nov
63 Nov
104 Nov
42 Jan
30 Jan
100 May
5711 Dec
147 May
118 Aug
4 Apr
301, Aug
153 Sc
;.34 Feb
116 Dee
110 Oct
137 Aug
4212 Dee
46 J'ly
20 J'IY
97 Dec
120 Aug
87 Dec
115 Nov
100 Dec
60 Dec
10'2 Dec
10534 Sep
134 Jan
100 J'iy
134 Jan
12 Jan
37

Apr

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending May 21.

H{ahem

8'de
Sold

Range
ior
Year 190!)

NAME.

Outstanding
Stock

Surplus
and
Profits

Dividend Record
in
1907

in
1908

Per. Las( Paid
wd

8
8. Q-M Itch '00) 2
52,000,000 31,280,543
1110 Bankers National
An. Dec '08,0
6
100,000
Calumet National
.1-.1 Dee '081 5
10
0
1 16
15
58
35;7
186
500,000
-- Chicago City
Q-.1 Apr '09)0
12
12
4,252,207
3,000,000
Natlonal
Commercial
112
,1 2
Q--.11,1 Apr .09;
83 Q
(
8
4,000,000 3,770,866
10212Jan'09
10212 1021- Continental National
6
6,180
50,000
101 10114. Cook Co State Savings
1014 lee '00
112
,09, 3
Q-.1 Apr '09
1,2; (1.0
12
5,072,478
7,000,000
100 May'07
National
Corn Exchange
ian
0
'29,273
200,000
10418 10414 44 IN;fa- rDrezel State
915 Q-1 Apr '09. 212
8
394,788
600,000
103 Apt'04
Drovers Dep National
6
Q-.1 Apr '09; 112
6
30,170
200,000
50
10 Apr'OJ
50
Englewood State
12 Q-111 me1131 '0914
8,000,000 7,973,493 12
9634 Jan'00
First National
10 Q-M Mch '09; 212
10
166,750
- 150,000
First Nat Englewood.
l'riv ate813a nQk.3
525,039
Foreman Bros B'k'g Co. 1,000,000
.
.7
.
-A-Pr
071;:3
8
426,112
FortDearborn National- 1,000,000
.1-3 Ian '09; 212
5
5
162,275
500,000
ve-bloTi
Hamilton National
Apr
Q-J
2
8
'09;
8
797,540
1,500,000
/2
1412 Hibernian B'k'g Assn7338 May'09
111
; ,514122
.
09;1
0909
'
1tapDpnr:.09
.lil ,AA
0h Q(.41-..:
162
114,548 10
200,000
5 19112 10233 Kaspar State Bank
10112 10112
404,706 .._ 10+2 Q-11 Nich '09, 212
9478 95
3
9312 9532 Live Stock Exchange Nat 1,250,000
0
4
4
8
,
,
)
-1
.
(.1
ry1,0
a
p
A
M
9
0
9
62,370
;
,
1
2
300,000
14
8714 88
8434 8912 Monroe National
68(83
3
15
8.,,08
341
160
2,000,000 1,4
9012 Apr'09
89 91
Nat Bank ot Republic
1,500,000
10112 10134 67 10112 10232 National City
Augs
iie-g8-a-n busiline :
ps4 11 27.
(
26 1907
250,000
1024Mch'09
10218 10232 National Produce
807. Q.., Jan .09; 113
6 __805e_e
4127
27
6;00
1x73
13
(
200,000
10218 Apr'09
10134 10212 North Avenue State,
50,000
6612Aug'08
North Side State Sayings
V.
200,000
6612.Ply'08
ioi- 101-4 North West State
100,000
10312 103(4 26 103 10334 zOaltIand National-- _
250,000
2
10314 10314
101 10314 Prairie National
-- -.1i- .)-Si W13313/9.112
4 --8
40
117
42
7
500,000
100 J,1ne•0m
Prairie State
2
- Jan '08; 2
250,000
101 May'09
i51.- 10134 Raliway Exchange
Organ
120(10 &a 12 1906
127,837
300,000
10138 10138
101 10218 Security
200,000
Q-J Apr '09; 112
10318 10318
10234 10358 South Chicago Savings- _
3 9+
20
10
61
1,6
11
88
Q-J Apr '(3913
1,000,000 1,37
80 Dec08
State Bank of Chicago
7
250,000
J-1) Dec '0824
Stock Yards Savings
6 11-N May '09, 3
200,000
9814 9812 14
98 9812 Union Bank of Chicago...
200,000
112
12
9,
1: 9
90
-4 Apr '00
Q
Q
96 Nteh'09
8
6
State
95 96
Union Stock Yards
91 May'09
73 91
American Trust & Savgs- 3,000,000
7
Q-J Apr '09. 134
16 May'05
sCentral Trust Co of 111.. 2,000,000
72 -.
14
10
6,4
16
77
1)5 (.1-.1 Apr '09, 112
n500,000
Chicago Say Bk &
0
23149
80,684
08,,
28
Q-.1 Apr '091 112
1 83 8612 Chicago
8514 8514
- 5,000,000 r,1,4
Title 63 Trust.
50,000
84 May'09
8212 8414 Citizens Trust & Savings
36
10
600,000
8+462 A
QV Al; ;09
9614 11
90
69:212 2
9214 9612 Colonial Trust & Savings
200,000
7)5 Q-.1 kpr '09: 2 .
Drovers Trust & Savings
6an laed
1 Org
50
9 43
85,6
19
1,500,000
Apr 13 1907 • -•'
9 -55" 11" Farwell Trust Co
ir VW'
4 )(061) 0:7,0
1 86056
2
, 30267
4
:9
33468,
5
36474
415
,5
2,
2
8664;p in
6
,
.e. d (1
181 Melt 31'09, 4
,zt.
,9-0
100382Ich'09
10014 1001 First Trust & Savings_.... 2,000,000
200,000
97 men'09
9034 08
Guarantee Trust & Sew90:7
258
5
80
83
4
99 Men'09
9978 Harris Trust & Savings.. 1,250,000 8,9
99
11-1--4 16+
1
091818
16•Pi112
ry70
a82
6 4 (4.4
q NAIV.P
100 Meh'09
100 10018 Illinois Trust & Savings- 5,000,000
6
40,694
200,000
0
Q-J Apr '(391134
12134May 09
120 122
Kenwood Trust & Savo
31,707
200,000
2
415
Q-J
Apr
'09;
114
103 104
10312MaY 09
&
Lake View Trust Savgs
12 (.1-.) Apr '091 3
104.8 10438 10 104 10438 Merchants' Loan 6: Tr Co 3,000,000 4,955,434 12
6
250,639
750,000
0 (.1-3 Web '092 112
1 102 10212 Metropolitan Trust & Say
10238 10238
8
1,500,000 2,070,692
8
Q-3 Apr '091 2
102 Apr'09
10112 102
Northern Trust Co
51,131
0
200,000
J-J Jan '0913
11638 9658 12 012 9634 North-Western Tr & Say
ti
w94,774
200,000
6
J-J Jan '091 4
6
10134 May09
10012 102 People's Trust 61 Sayings
156,164 28
Q-il Apr '09; 2
8
92 00
96 May'09
Pullman Trust & Savings k500,000
500,000
86
)
(2
Q-1, Feb '0912
8
114 blov'04
sltoyal Trust Co
23,892
200,000
.1-.1 Jan '091 212
5
-'16
7034 7034
703, Stockmen's Trust & Say1,000,000 1,140,487 -8512 J1y'08
Union Trust Co
0
210,633
Western Trust & Sayings 1,000,000
06991001
5
6 Began
75
AMpor' :
00
2:9
56
3
ii
il Sept
bu868ine se}
200,000
West Side Tr & Say Bank
Note.-Accrued Interest must ne added to all Chicago bon d prices
0-.1 Apr '09% PI
6
200,000
Woodiawn Tr&Say Bank
State
for
• Bid and asked prices; no sales were made on this (lay. t Apr. 28 (close of business) for national banks an( Apr. 29 opening of business) 33 1-3%
Institutions. / No Price Friday; latest price this week. a Due Dec. 31. b Due June. k Capital increased from $300,000; a stock dividendr of
date
of
As
(j-F.
with
payments
Q-J,
extra
DeIng declared in part payment therefor. n Capital and surplus to be increased. q Divldends are paid
Dec. 31 1908. is As of date Fob. 6. z Drexel State and Oakland National banks consolidated in February 1900 under name of D2'01Cel State 11011ki
Trust
the
88,
in
V.
Co.
Central
merged
by
0o,
and
purchased
1:1- 644c Royal Trust

J
Amer Strawb'd 1st 63_1911 J
Aurora Elgin & Chic 53 1941 A - 0
Cal 4c So Chic Ry Co
1927 P - A
1st 11 5s
- J
Cass Av & F (.4 (St Ll 53'12
Ohio Board of Trade 431927 J - D
-A
1927
Onleago Qty Ely 5s
- J
Chic Consol Bra:Mit 6s__
Chic Consol Trac 45s1939 J - D
Chic Auditoriunilst 531929 F • A
Chic Dock Co 1st 43_1929 A - 0
Chic June RR 1st M
1946 M- S
g 5s
Chic No Shore Eiec 63_1912 A ,1 74 -7-41-4
Ohio Poe Tool 1st 5s_a1921 Jf: -•• A
1927
10112
Sale
...
58
Chic By
Chic Rys 4-58 series "A" 1. - 0 9478 95
Chic Ely's 4-33 series "B" - D 8714 Sale
9012
_
Chic Rys 4-58 series "C' F - A
2 Sale
Chic Rys coil 68_1913 - A 1511- A
Chic By; Fund 6s____1913
Chic Rys Tern Ctts 1st 5s_
:*-f;
Ohio R 1 63 P RR 4s....2002
S
Collat Trust g 53_1913
Sale
Chic Telephone 5s__1923 J
Commonw-Edlson 5t-1043 St - S 110314 Sale
10014
Chic Edison deb 6311/1., J .
1st g 5s __July 1926 A - 0 1(11 10158
Debenture 5s-___1926 VI.S 10138 10112
Commonw Elect 5361943 11 S 1034 Sale
Illinois Tunnel 53_1928 J - D
San City By & Light
9812 Sale
_1913 M - N
.
Co 5
Knick'b'ker Ice 1st 53_1928 A - 0
90
J -85
Lake St Ei-lst 54 ___1928 J
1925 Feb
Income 5s
Metr W Side El- •
1 - A 8512 86
1938 ,
1st 41
912
884
J
1938 J
Extension g 45
S 96
North West El 1st 4s1911
No W G-L & Coke Co 5s'28 Q M
- N 08 Sale
1945
Ogden Gas 53
1010 J - D 9912
Pearsons-Taft 5s
4.40s
11 S 901298
4.60s Series E
M - N 99
9912 -4.80s Series F
SI - N
Peo Gas L&O 1st 6s...1943 A - 0
Refunding g 5s____1947 111 - 5 1(5313 1178
Chic Gas L&C 1st 8s1937 J - J 1044 Sale
Con4tim Gas 1st 53_1936 J - D 10138 Sale
Mnt'l Fuel Gas 1st5s1947 11 - N
South Side Elev 434s_1024 J - J 9611 -97,4
Swift ec Co 1st g 5s-_1014 j
Union El (Loop) 53....1945 A - 0
Union Pacific cony 43-1911 in - N
75
United Box Board col 63'26
..
Western Stone Co 53....1909




icyy„

High No, Low
Low
100 Mch'07

MAY 22 1909.

TIIE CHRONICLE

Volume of Business at Stock Exchanges

Electric Companies
Bid
Chicago Edison Co See CO .cago
e Kings Co El L&PCo 100 x121
NarraantProvi El Co_50
N Y&
PreferredElL &PowCu_10 "
30
112
100 60
United Elec of N J
100 6
70
61.
1st g 4s 1949
J-D

1305

Industria and Miscel
!1St
Consol Rubber Tire_100
5
Preferred
"it;
.....
___100
2712
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Debenture 4s 1951A&O / 84
37
DAILY, WEEKLY AND YEARLY.
:35
93
..;ons Steamship Lines 100
70
Coll tr 4s 1957 rctsJ&J
181 20
51. .2c
6
77
oerrut,
nertiP
bfrefe
ord
resd
R
reeeft See Stock Exe mist
Stocks.
Railroad
834
srs.
100
Week ending
U.S.
State
100 674
May 21 1909.
Shares.
Par value.
Ferry Companies
Bonds.
Bonds.
Bonds.
21- mberland Ely Copper.5 *81, 814
B & N Y 1st Os 1911...14
90
94
'Diamond Match Co..100 123 127
Saturday
201,475 $18,542,500 $3,003,000
641,000
NY&ER Ferry stk_100 3) 40
Dominion Copper
Sc. be.
• Monday
10
528,925 48,910,000
126,100
3,866,000
1st Is 1922
48
55
M-N
Douglas Copper
'Tuesday
5 *212 258
504,817 46,881,700
71,000
3,798,500
N Y & Hob 5s May-46 J-D
Econ'y Lt & P (Joliet, 111)
Wednesday
812,085 74,303,500
81,500
4,744,000
Hob Fy 1st 5s 194631-N 107
96-.
16;1st M s f g Is 1956-J-D
9312 96 1
Thursday
823,806 75,541,950
NY &NJ 55 1946_ _J-J
127,500
4,676,500
95
Electric Boat
2$100 20
Friday
510,499 4 ,,716,150
568,500
3,381,300
$4,000 10th & 23d Sts Ferry..100 30
40
tS0
Preferred
100
7$
1st mtge 5s 1919 J-D
55 ( 5
Electric Vehicle
100
Total
:3,381,607 $309895,800 $23,469,300 $1,015,600
$4,000 eUnion Ferry stock_100 23
25
Preferred
100
2
elst 51 1920
12
96
Empire Steel
100
Sales at
Week ending May 21.
Jan. 1 to May 21.
Preferred
60
100 53
Short-Term Notes
New York Stock
"Federal Sugar of F) Y See Stir E list
Exchange.
1909.
1909.
eGeneral Chemical_ -100 67
1908.
1908.
72
Am Clg ser A 4s'11M-S 9878 9938
ePreferred
100 103 104
Ser B 4s Mch 15 '1251 S 98
Stocks-No. shares_ __
6,525,358
9838 Goldfield Consol lanes_10 *8
75,828,757
70,655,942
3,381,607
812
ioner
Light
& Tr 6s-See Gas Sec
Par value
$309,895,800 $584,830,150 $7,019,195,075 $6,313,080,325
*14
Gold HUI Copper
.1
3s
Bank shares, par
$50,000
$12,100
Greene Cananea
$1,000
$101,000 Am Tel & Tel g 58 '10 J-.) 10034 101
20 *101r 1034
Allan Coast L 5$ '10_111-S 101 10114 Guggenhei
Bonds.
m Explor'n 100 192 198
Ches
&Ohio
6s Jiyl 10J-J 10218 10212 eHackensack Water Co
Government bonds
$198,700
$4,000
$342,820
75
State bonds
1,015,600 $2,242,500
17,275,700
Ref g 4s '52 op '12.-J-J
53,135,000 Cin Ham&D41is '08 51-S / 74
ss 91 '
Col tr g 4s 1913_ -J-J
951; 97
RR. & misc. bonds_ _ _
Hall SIgnal Co
23,469,300 23,807,500
550,353,300
320,971,600
40
45 ;
CCC
&
St L 58. June '11 10138 10138 Havana Tobacco Co 100
,10
100
13
S24,488,9001 8e6,050,000
Total bonds
Preferred
$567,827,700
8374,449,420 Erie 6s, Apr 8 1911 A-0
00 20
24
interb H Pg Os 1911 31-N 10312 104
1st g Is June 1 .22_ J1.D
69
71
58
Mch 1910
1001
,10014 Recker-Jones-Jewell
DAILY TRANSACTIONS AT TIIE BOSTON AND PHILADELPHIA
C Ry &Light 63'12 M9978 10014
1st 6s 1922
EXCHANGES.
Kan C So g 58 Apr '12-J-J luU 10035 tier'g-Hall-Mar, new_100 104 108
35
45
Lack Steel Is g 1910..til-S 1)J
9912 tioboken Land & ImplOu
•
New 1-yr 5s Mch 1 '10 99
Boston.
9912
ep:is 9 end
Philadelphia.
M-N 100
Lake Sh & 114 So 5s'10 F A 100ip 10118 Houston 011
Week ending
100
712 1312
Lou & Nash g 5s '10.111-S 10118 10138
Listed Unlisted
May 21 1909.
Bond
Preferred
Listed
Unlisted I Bond
100
40
Hex Cent 5s July 1 DV, 10014 10034 Hudson Realty
shares. shares.
sales,
shares.
shares.
sales.
10u ILA) 110
Mich
Cent
Is
1910......F-A 10078 10118 oingersoll-Rand eon:1_100 55
72
18,043
10,188
Saturday
$51,000
9958 loo
ePreferred
15,506
5,322
350,900 Minn ec St L g Is '11- 2-A
93
100
21,903
12,995
Monday
129,340
F-A 10078 10118 internael Bank'g Co_10) 10) 105
17,065
8,807
189,300 N Y Cent 5s 1910
23,414
17,004
Tuesday
85,000
21,419
9,904
124)00 N Y C Lines Eqp 3s'10-27 t458% 334% hien' Men Mar See Stir
Esc list
25,827
Wednesday
29,423
&
.is '10-'1: 1001s 10212 I n relsrIlt 1 ts 1N913
94,700
19,704
25,145
ck
2
160,406 N Y .41
1:
0
u 105 115
29,934
Thursday
31,734
Preferred
47,900
16,078
12,853
98,600 Norf & West Is 1010M-N 10114
100 84
87
Pa
37,942
Friday
RR
Is Mch 13 '10
16,728
45,000
°14
10118 101
'
14,845
17,094
109,900
56
Serv:ee Corp 5s- See S. ity. international
19
20
Total
157,063 118,072 $452,940 104,707
L
9912
St
&San
Frg
197
1st
8
z
Is.
5311..J&J
1951
74,1251 $734,006
A-o , 60
63
434%g notes'12 opF &A
9512 9712 113,ernat
'
l Silver
100
7
10
Soutli Hy g 53 1910lsrtef6
P
00
esrre
1.1,8
4
ld
048
100 70
74
1-A 10038 10
Southern
6s 1911.,11-N 101
J- L 10914 1.11
Tidewater 6s, 1013, guar 10234 10318 Internet Smelt & Refg 100 120 125
Westingh El&M 6s 1910 101 10114 jones &Laughlin Steel Co
All bond prices are now "and interest' except where marked "i."
1st s 1 g 5s 1939 __M-i\ 9934 100
Lackawanna steel_ _10u
Railroad
42
44
Street Railways
Lanston Monotype___214 *15
Bid Ask
Street Railways
1512
flut
Ask Chic Peo & St
Lawyers' Mtge Co___ _100 300 310
L pref-105
New Yr.,rk City
Pub Serv Corp N J (Corn
Deposited stock
3
^Leh & Wilkes-B Coal 50 10J 110
Bleeck St & Ful I stli_l00 20
30
Rapid Iran St ay _100 245 ...._
Undeposite
d
Lord
1
stock___
3
&
e 1st mtge 4s 1950-J-J / eu
Taylor
100 IUJ 105
70
1st Is 1921
A-0 10e
91
Prior lien g4 s'30 &S / 90
Preferred
e B'y & 7th Ave stk_100 14) iii0
100
JO Hop & paters:m102
Con mtg in Is 1930..J&J / 48
el.orIllard (P) pref 100 4125 135
e 2d mtge 55 1914_J-J /100 101
4sg 1949
7914 SO
M-N
512
Income
July
5s,
1930._
madison
Sq Garden-100 25
Con 591943 See Stock Esc list
So J Gas El& Trac-100 129 131 Chic
35
2512 :
Subway
.2_6
IOU
2d Zs 1919
13'way Surf 1st 53 gu 1924 10212 105
to 100
51-N
Gu g 5s 1953_,..M-S 99 100
Pt W & Den Cy std _ _100 9712
eManhat Beach Co-190
C Centel Crossen stk_ 100
212 8
,- ..„.„
No Hud Co Ry6s'14 J-J 105 107
Kansas
City
Sou
55
Apr
Manhattan
1
Transit___20 * 21, 212
e 1st nitge 6s 1922..M-N / -90 WO
55 1928
J-J 106 108
1950 (when issued)..
10234 10278 Mttchell Mining
e Cen Pk N & E R stk 100 30
40
lu
Ext 55 1924__M-N 101 103
90
Nat Rys of mexico-See S tk Ex list Monongahela St Coa.1_50 4 51,
90
e Cheer & 10th St stir 100 80
Pat City con 6s '31 _J-D 121
:12
North
'n
Securities
11:.12
Preferred
Stubs..
50 * 2634 2712
Col & 9th Ave 5s See Stoc:; Exe list
2d 6s-1914 opt A-0 100 ..... Pitts
125
37
Bess & L E
Mortgage dBond Co__ -1110 110
50 *35
So Side El (Chic) See Ch leago list
DryDEB&BPreferred
70
Nat Bank of Cuba__-10u 102 116
50 *70
99
e 1st gold Is 1932....J-1) / 95
Syracuse R T 5s '46_111 &S 103 106 eRallroad
Nat'l Surety (new)_100 180 105
Securities Co5
'frent P & H Is 1943.. J-D
e Scrip 58 1914____F-A / 45
95 100
ln
C stir tr cfs ser A '52
Nevada Cons'd Copper-5 *2212 18712
Eighth Avenue stock_100 250 30) United Rys of St L2278
Seaboard CompanyNev-Utah Min & Sm10
258 234
e Scrip 6s 1914____F-A / 95 100
Coin vol tr etis
100 2112 22
1st
eNew
preferred
Central Coal
100
72
20 40
e 42d & Gr St F'y stk-100 200 260
e Preferred
100 6634 67
53
Corn & 2d pret-See Bait
N Y Air Brake 6s See Stck Ere
list
42d St M & St N Ave_100-..__ __
Gen 45 1934__See Stock Exe list Seaboard
N Y Biscuit 6s 1911-M-b /101) list
Air Linee 1st mtge 65 1910_M-:, 97 109
UnitRys SanFran See Stir Exe list
Coll 5s ext May '11 M-S 9912 9934 eNew York Dock--100 37
75
Wash Ely & El Co
2d income 6s 1915_J-J 1 50
100 4112 4.12 Union Pacific
4s See Stir Exalt list
ePreferred
100 78
Inter-Mee--See Stir Exch ange list
81
100 9214 93
Preferred
West Pac 1st 55 '33_M-S 97
9714 NY Mtge & Secue ty.100 195 200
LOX Av ecPavF 5s See Stir Bite list
48 1951
..J-D / 88
89
N Y Transportatton__20 *4
Metropol St Ry-.See Stir Exe list
412
Industrial and Miscel
:Ines-Bern-Pond c,om-100 90 100
Gas Securities
Ninth Avenue stock_100 159 170
• Nipissing Mines
5 *1038 10%
30
Second Avenue stock_100 20
New York
Adams
Exp g 4s 1947J-D 94
9434 eOntarlo Silver
100
e lst mtge Is 1909_M-N 97 100
4
Cent UnGas 5s g '27_J&J 102 103
412
Ahmeek Mining
25 150
Elevator com.-100 52
Consol 58 1948____F-A / 78
82 Con Gas (N 1()-See Stir Eire list
55
Alliance Realty
°t4
Psre
100 110
100 97 100
e Sixth Avenue stock-100 110 118 e Mutual Gas
100 132 140
Allis-Chalmers Co 1st mtg
Pittsburgh Brewing_ _50 *23
Sou Boulev Is 1945__J-J 60
55
New Amsterdam Gas2312
s 1 55 1936-See Stock Exch
_A-0 85
50 *42
So Far 1st 5s
00
1st consol Is 1948 J-J 10012 102
4214
American Book
i5
st Pittsburgh
100 147 15
Prerrefed Coal-See Stir Exc list
1919_Third Avenue-S
ee Stock Exe list
N Y&ER(jas 1st 5,3'44 J-J 104 106
American Brass
100 112 2
(
116
n w)
2 Pope fg Co
cor
(n___
Tarry W P & M 58 1928 / 50
00 20
w2e 10
80
Consol Is 1045
J-J
92
98
24
American
Chicle
com
Preferred
100
207
YkersStRR5s 1946 A-0 85
95
68
N Y & Richmond Gas 100 30
73
40
Preferred
Pratt & Whitn pref_100 1)6
100 102 105
35
28th & 29th Sts 1st 55 96 1 20
Nor Un 1st 58 1927--M-N
95 100
105
Am Graphophone com100
Realty Assoc (Bklyn) j.00
e Twenty-Third St stir 100 25) 350 e Standard Gas com-1(10 n 50
80
153
Preferred
31)
Royal
100
Bak
29
Powd
corn
lou
1942
F-A
90
Unlon Ry 1stIs
98
153 165
e Preferred
100 a 61) 93
Amer Hardware
100 123 12
n
8
5 S nSafetyec
0()6
Ulu 105 107
Westchest 1st 5s 43 J-J
60
80
1st 55 1930
Al-N 100 105
AmMalting (38 1914--J-1) 101
Carmiat
H
ine & Lt100 125 128
Brooklyn
Other Cities
Amer
Assoc'n.._
Press
100
PreferredSeneca
Mining
95
101
100
1909___A25
Am Gas & Elec. com_50 *3312 341;
0
Atian Ave 55
*c(38
76
Ain Soda Fount com_100
Singer Mfg Co
100 460 475
Preferred
-Con 5s g 1931
A-0 97 102
50 *4112 4512
1st preferred
100
1.2
5 Sta
in
sear
5
l,tic
r.3
d1
a
38
B B & WE Is 1933-A-0 95 100
Amer Light & Tract-100 19t 193
2d
preferred
100
191
105
Brooklyn City stock___10
/ 21
Preferred
100 10312 105
23
Am St Found new-See S tk Ex list
Adjust M Is Apr 1 1931
Bay State Gas
Con 5s-See Stir Each Esc list
50
118 114
3
4
68 1935
Standard Coupler comlOu / 25
A&0 96 1001
7
Aka lIgts 1st 58 1941 A-0 95 100
Ilingh'en (N Y) Gas Wks
35
Deb
4s
1923
F
&A
69
Preferred
11.10 100 110
Bkin Queens Co & Sub1st g 58 1938.__A&O 85
95
American
50 214 217
Standard Milling Co--100 19
elst g Is '41 op'16_J-J
- Brooklyn Un Gas-s.lee St k Bite list American Surety
21
Thread pref__5 *412 514
Preferred
97-114i,
100 5712 5812
_- 13 u Plato City Gas stoeiciou
Con guar Is-See Stock Each
6
71; Am Tobacco
Co com_100 400 415
1st Is 1930
Bklyu Rap Tran--See Stk Exe list
51-N
1st 55 1947-See-Stock Exc list
84
87
Amer
Typetders com -1 00 38
41
Standard 011 of N .1_100 672
e Coney Isl & Bklyn_ _100 80 100
Con Gas of N J 58 '36..J-J 93
98
Preferred
100 95 loo
Swift & Co-See Bost Stir Exc 675
1st cons g 4s 1948__J-J 78
Consumers' L H & Pow85
list
Amer Writing Paper-100
214 A,
1st 5s 1910-1914-J-J
Brk C &8 Is 1s)39..J-J 95 100
5s 1938
J-D 108
Preferred
100 17
18 eTexas& Pacific Coal-100 "VU"
Gept&LorSt 1st(1s_M&N
---- Denver Gas (Ss Eke _ _100 127 132
100
1st
s
55
fir
19
op'09-J-J
84
Title
86
Kings C El 95-See Stock Exe
Ins
Co
of
N
__100
Y
--.- list
Gen g Is 1949 op_ M- N
150 160
92
94
AtIGt &WInd SS Lines 100
Nassau Ile° pref--_100
3
814 Tonopah Mln (Nevada)_1
.. ---- Elizabeth Gas Lt Co.._100 275
*718 714
_.
Preferred__
100 21
2212 Crenton Potteries oom100
55 1944
A-0 -95 ---- Essex & Hudson Gas_100 130 133
4
7
Col tr g 58 1959
/66 67
Preferred, new----100 SO
1st 4s 1951-See Stock Etc list
Gas & El Bergen Co_ 100 67
68
60
Barney & nnIth Car-100 30
50 Prow Directory
100 25
N Wbg&Flat lst ex 4 Hs 90 100 e Gr Rap G 1st 5s '15-F-A ___. 100
35
Preferred
1011 85 100
Union
Typewrite
Steinway 1st 68 1922-J-J 106 110
com1
r
1
30
0
Eiudson Co Gas
70
101) 126 129
74
Bethiln SteelCorp-See tit Ex list
1st preferred
Other Cities
Indiana Lighting Co_ 100 17
116 118
IS
Bliss CompaitT com- 50 112 115
3d preferred
Buffalo Street ity100 116
45 1958 op
F-A
60 62
Preferred
50 120 in
UnitedBkNote Corp--50 *52 118
let consol 58 1031 F-A 106 109
Indianapolis des50 25
56
35
Bond 86 Mtge Guar_100 455
Preferred46550 453
Deb 6s1017
A-0 106 108
1st g 5s 1952
57
A-0 75
90
Borden's Cond unk-100 130 132
United Cigar Mfrs__ :0
Columbus (0) St Ry-100 9714 99 Jackson
1
100
0
Gas Sag '37-A-0 88
921:
74
Preferred ___._....-100 10512 108
ePreferred
Preferred
100 10412 106 e Laclede Gas
105 109
100 9112 s92
British Col Copper
5 *612 7
United Copper
Colum It,con 5s-SeePh‘ la list
100 1134 1214
c Preferred -. _ _100 9338 _. Butte Coalition Mining 15
26
Preferred
Crossesvn 1st 58 '33 J-D 100 104
*25
100 32
Madison Gas 65-19-26--A-0 103 1-08 Casein Co of Am coCa-100
37
U
S
Casualty
2
3
eConn RY & Ltg com_ 100 72
100
74
Newark Gas 68 1944-Q-J 133 134
215
Preferred
75
100 60
U S Envelope com---100 210
ePreferred
100 80 85
42
Newark Consol Gas-100 100
47
Casualty
Co of Anier-100 140 150
Preferred ______100 105
1st & ref 4%s-See Stir Bac list
e Con g 58 1048_ __J-D 10334 _-_. Celluloid Co
100 131 135
USFinIshIng..___ __100 85 110
Grand Raricis Ry
100 -2
,- 6614 No Hudson L H &Pow
90
Fireworks
Cent
com
100
Preferred
712 9
Preferred _-__-_ 100 50
100 99 103
88
Is 1938
A-0 100
*Preferred
100 60
70
U S Steel Corporation'0 Loulsv St 5s 1930-__J&J 107 109
Pat & Pas Gas.51 Elec-100 90
95 Central Foundry
312
10
234
Col tr s f 58 '51 opt '11 11412
Lynn & Dos 1st 159 '24J1) 100 108
e Con g Is 1940
M
S
11512
10312
105
Preferred
10
IS
15
Col tr s f 511 '51 not opt 11412 11512
o New On Rys & Lgt-100 1014 1612 St Joseph Gas ris 1987-J-J
95 100
Deb Os 1919 op '01 M-N
70
75
C Preferred
U S Tit Gu & Indem-100 50 60
100 4214 4213
Telegr .5: Telephone
Chesebrough Mfg Co-100 520 570 eUtah Copper Co-See
Gen Mg 4%s '35 See S tk Ex list eAmer Teleg &
Stir Etc list
Cable_100 78
80 City Investing Co_
100 65
Pub Serv Corp of N .1 _100 102 109
70
Waterbury Co, com 100
eCentral & So Amer_ 100 110 __ _
(H B), eom-100 100 105
Tr ars 2% to 6 4Aperpet 89 90 Commit Un Tel (NY)_25 110
Preferred
100
116 .
elst preferred
100 91
Coll 5s g notes '09..M-N 10038 10034 Emp & Bay State Tel 100
95
Westchester & Bronx TR
60
70
e2d preferred
100 92
North Jersey St Ely 100 45
97
12
55
&
Mtge
Guar
100 150
Franklin
100
40
45 Col & Hock Coal& 1 p5100
1st 4s 1948
MN
Western Ice
81
SO
100
eGold & Stock Teieg .100 107 115
1st g 55 1917
J-J 92
Cons Tract of N J-_100 78
tri
Westingh Air Brake_-50 *109
7812 N Y' & N J Teleph--See St it Exc list
Col tr 6s Oct
1st Is 1933
97 102
West El & Mfg 58-Sai St Eso jai3-1) 10612 10712 eNurthwestern Teleg_50 109
Oonso1 Can Heating _100 20
New'kPasny lis '30 J-J 110 111
25
White Knob Min
Pacific & Atlantic
10
23 65
75 Cons fly Lgt&Reftig_100
Preferred
Southern & Athse tic_ _ 25 90
10 *
95
-1
4
Worthing Pumn nref-100 108 110
4. ear snare. a Ex-rights. o Basle. s Sells on Stk. Ex., but
not very active. !Fiat price. a Nora. s Sate price.
y Baf.r.rjr.b.te.




Outside Securities

Ask
list
124

BOSTON STOOK EXCHANGE-Stock Record, Daily. Weekly and
SAlauyrdlag/

sH'ARE PRICES-NOT PER CEN7'UM PRICES
Wednesday Thursday
Tuesday
Monday
May 20
May 19
May 18
May 17

Gi ht

Friday
May 21

Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Jan 1

Ranye
1.9iYJ
Loweit

Highen

YearkT
1,ange 107 vrevwus Yeas
111208l
Lowest

I

Fe_in 2(z4 gr

Highest

1:g
101!;1122 ZaaIrli?
67% Feb 10114 Dec
Ra&iiSanta
Atch Top
8312 Mali 10114 Dec
1
Do prel
100 225 J2.n 4 23914 Apr s 181,? Jan ',3.. Dee
Boston & Albany
22
Apr
7
13218
12110
Dec 140 .4an
Jan
100
12414
Boston Elevated
100 224 Jnii 12 '235 Mc11 1..) 20014- Feb 22', Dec
Boston & Lowell
li
i
Apr26
147
()et
2
140 Jan
an
13212.
100
Maine
&
Boston
100 151 Feb 26 100 Apr 1 136 Feb 156 Jan
Do pref
e_100 297 Apr 23 101 Jan 9 284 Jan 11)1 Nov
...iio. Boston do Providenc
13
a .0(0;
113.i Jan 2 22 Feb 3
Boston Suburban El Cos_
48 Jan
Nov
46 -Feb 1
(.012Jan 5
Do pref
20
2,12 Nov
17 Jan
10 May10 1412 Mch 12
---- Boston& Wor Elec Cos
(1017 Jan
Apr 21
471., Dec
rill
Jai
52
Do pref
20
13114 Dec
151 May14 126 Jan
10 Chic Junc By & USY.1100 143 :an 23 120
102 .1.1n
12012 Dee
Jar. 0
100 118 Mch 19
Do pref
86
ffi- iij.; 116- 118 118 -------- 171" ii1.Mob 6 163 Dec 165 Men
113
iii" fill iii"
26
Jan
170
4_100
Class
25 Con Fe Mont,
---------------------- -List -ii(ii-e 139 May'09 --14218 Mch26 13;314 ;.1) 138 Apr
__-- ---& Pass Riv pref_100 139 Jan 2 '475 Mch le 244 Jan 203 Dee
Conn
-- --Connecticut RIver_100 '267 Jan 11 136 Feb 5 117 Jan
Last Sale 274 Apr'09 -133 Nov
100 130 Mayll
pref
-2 i5i72 13112 133 13312 13134 13312 186 Fitchburg,Electrle
so Dec
ti Apr
26 May18
_--- i5i." fif - 13112 1311
*131
100 75 Jan 0
ref
2
4
3
85
8
6
85
85
*8412
85
017 p&
GaDR
8510
86
85
85
84
85 Dec
11 Oct
Feb 18
85
85
14
- *83
Jan
85
79
100
*____
55
85
85 *---- 85
85
85
85
Jan Li 193 Nov 193 Nov
____
*84
29514
13
14.1a.
)95
100
Last Sale 19514 Jan'00 ---_ Maine Central
15
1334 Nov
Feb
Jan
814
100 1114 Jan 12 15
1312 131. 1312 1312 395 Mass Electric Cos
64 Nov
151'2 -113:, ;i5" IC ;15" If"
40 Jan
-iii.i iiii -71
1001812 Jan 13 7314 3,1c1-, 27
Do pref
7014 7014
70
189
7012 *70 ---- 70
70
71
Nov
161
Jan
128
MaY13
17212
21
7012 7012
Jan
172
171
171
17034 171
335 N Y N H & Hartford-100 157 Feb 4 147 Meta() 140 Jne
146 Apr
*171 172 9____ 172 *___ 17112 171278
100 146
Last Sale 147 Meh'09 --- Northern N H
-_-- ---209 Mch 13 '200 Apr :05 Feb
13
Apr
200
100
_
pref
Wor
&
Last Sale 200 Apr'09
Norwich
Jan 19618 Dec
100 194 Jan 6 20018 Jan 'S 175 Jan
19812 19812 19812
23 Old Colony
3.; Dee
15
*iio- fii" iiiF fig- iii5" Iiiis *Thii- itil 19812
100 26 Apr 27 30 Jan -4
Last Sale 30
May'09 ---_ Rutland pref
95 Dec
70 Feb
May13
9512
2
Mob
0014
100
---:
Seattle Electric
_ ;iiii- 7_7_ Last Sale 9512 May'09
102 Dee.
71-2 :::: ;552
8Jan
883
5
Jan
- -;13.4 :::: ;6.
44
11112
100 9712 Apr 5
pref
100
Do
*99
9012
5Oa
9
8 Nov
9
9912
1855
99
9914
*99
Mch
11012
9912
99
100 x17278 Feb 26 )90% May20
1:;;i2 iiii, 2,967 Union Pacific
3; Nov
97,
18914 19018 18858 19038 .
783.1 Apr
18838 18834 18838 18838 18814 139
100 9312 Mch 2 9718 May 5
Do pref
Last Sale 9612 May'09
161 Nov
Jan
150
17
Api
*9612 9712 *9612 0712 *9612 9712 *9612 9'712
100 165 Jan 20 175
-.00
172 172
"-ii Vermont & Mass
91122
172 172
Jan
76
58 Jan 2 9818 Apr 23
50
St
- 93 94 9:::: -5.4.43 West End
y'
4.- 9312 9312 "51 174
.
: -9
96 Jan :10 Dec
-.521.2 -9i3- - *:::
50 10614 Jan 9 112 Apr 27
s Sale
_- 1003-----110
1011
------------18Do pref
i•
140
10934 *_
J'ly
138
May19
Wore Nash & Roch-100 144 blch12 146
-------------146 146
--- --..
Miscellaneous
35 Nov
Jan
23
13
Jan
4
3
•A)
';
40
3912 3012
Nov
706 Amer Agricul Chem-100 3314 Jan
3912 3934 3934 40
38 3912 39
'
77 Mel'
3914 3978 31
100 04 Jan 18 100 Feb 16
Do pref
99
99
99
99
99
205
99
99
n
99
9812 99
98
4 Feb
98
978 Feb 23
558Jan '26
93
9
914 4,225 Amer Pneu Service.... 50
,3 Dec
918
918 912
914
9
878 9
Feb
878 9
112
.13
Met
2034
13
30
13 Jan
Do peel
2014 20
2034 20
2012 20
2014 2.373
4 ov
1934 1934 20
20
2Q
11:)14 Jan 13758 2,
9
133 13312 133 1335 133 , 133
802 Amer Sugar Relin-100 12618 Feb 24 136 Apr
13318 134
132 Nov
13314 13312 13314 134
100 127 Jan .) 131 Apr 11 106 Feb 13212 Nov
Do pref
391
128
12834 12312 1283 12812 12812 128
22
911
Apr
Jan
128 12812 12812 12812 12812
14212
1
140 14038 13934 14038 139
140
13934 7,369 Amer Telep & Teleg 100 12514 Feb
32% Dec
140 14C.% 13934 14018 13034
16 Jan
100 2712 Feb 4 37.2 May 8
3612 3614 3614 3612 37
126 American Woolen
3612 *36
*36
36
36
9612 •swv
77% Feb
*3612 37
100 0312Jan 15 10.14 May14
Do pref
10514
720
105 10534 105 10512 105
41, Dec
10514 106
3
3
Jan
10512 10618 10512 106
May
614
334 Apr 1
10
Boston Land
Last Sale 5
May'09
128 -V UV
9612 J,n
May17
*135
13714 ""ii Cumb Telep & Teleg_100 125 Jan 25 138
2114 Dec
A
ids
Feu
ii
3812
*EC fig - 1.38- 1-g- lag- fii" *7_7_ 13712*____ 13712
....-4.-an
11
Jan
&
Steel__
1817
Iron
3512
353 *34-2
1
260 Dominion
3412 35
83, Nuv
414 Meh
3434 345 *3412 3512 *3412 3514 *3334
7 Jan 4 1214 May 3
1112 1178 *3
12
93 East Boston Land
1134 1134 113
11
1158 12
Mob 263 Nov
160
1178 12
24912 ------ ---73 Edison Elec Illum_100 245 Jan 2 16112 Apr.7 '201 Jan
250 250
Dec
250 250
1112
250 250
8____ 250
May17
111
24
Feb
100
15038
s
etr
t
Electric
ee
El
clhus
era
ssa
an
22 ae
160 16118 15778 16114 16014 itl 4,7
160 16112 16014 161
49 awl., 60 Dec
160 160
t GasCos 100 39 Jan 5 6.42 Apr 12
6518
6412 6412 66
64
64
64
90 Nov
64
64
64
Jan
07 Apr 23
77
64
5
100
Jan
89
pref
Do
420
9034 9012 9012
9058 9031 9012 9012 9014 9012
Feb 17 192 Apr 215 Nov
91
91
211 Mergenthaler Lino_ 100 20212 Mch 12 :20
20858 2085 20838 20812 20851
3 Oct
3 Mc112!
1 Nlch
20858 2085 20834 203% 20858 20838 20858
2 Jan 5
10
*278 3
100 Mexican Telephone
2 15-163
*278 3
is Nov
81 May:6
*278 3
40 Mch
24
*278 3
Apr
64
-100
Yarn_
Colton
E
N
81
-8181
79
415
77
Dec
93
Mob
1(3
75
7214 7214 7512 7512 77
May.8
'.
Jan
*7214 -___
93
100
Do prat
103
103
150
102 103 *103 -- 103 103
105 Jan 128 Nov
*100 102 *100 102
100 12614 J3rt : ):.3 .,.cil 1 i
964 N E Telepnone
133
133 133 *132
132 133
)9 Dec
95 May20
5112 J'ne
6
Feb
13214 13278 13212 13312 133 133
75
0
Power_10
Coast
Paellic
95
95
75
93
93
Nov
91
*89
91
*90
91
*90
100 168 Jan :,,,) 19114 May21 147 Jan 17412
191- 16114
588 Pullman Co
188 19014 19034 191
1012 Nov
9 Apr
• ,..11 Jan .
18812 18812 137 18812 18812 18812 *10
934 Jan 1:
1012__ _ Reece Btitton-Hole_ 10
1012 1012 1012 *10
1012
10812 J'ly
1012 *10
817 Jan
11"12 May15
9
1012 *10
Jan
*10
100
100
&
Co
Swift
10712
10614
3:301
107
10634 10812 10634
24 Oct
21) Jan
-.•2.11311 4
10512 11010 109 10978 103 109
25 2012 May21
25 Torrington, Class A
2012 2012
*2012 22 *2012 22
2612 Dec
5
*2012 22
*2012 22
1.3 May
*2012 22
25 ::414 Jan 29 :_534 Mcli ,
Do pref
25
25
102
25
25
25
25
212 Jan
25
Apr ,
25
25
114 Mch
*24
'
25
20
Jan
*24
1
25
M'g_
&
L'u
Cop
Union
200
2
2
J'ly
134 133
*114 __*114 ____
*114 ____
100 1.;612 Jan 1.3 18; May17 11412Jan 148 8 Nov
United Fruit
7
136513
fi
13712
13712
13678
13712
623
138
Jan
13734
1
4
3812Jan
133
6614
137 13712 17
25 x54 Mehl2,740 Un Shoe Mach Corp
58
5734 58
58
10 Nov
5712 58
3034 inch 0
2478Jan
11
Jan
5712 5712 5714 5712 5714 5712 29
25
pref
2812
Do
415
30
3018 3018 30
78 30
5934 Nov
30
26 Jan
6018 May21
100 4134 Feb '2
*2978 3018 2978 3018 2978
5934 5834 5978 5834 6018 23,159 U S Steel Corp
58
8712Jan 114 Nov
5612 5634 5658 5714 5612 53
100 107 Feb 23 1202 May 8
Do pref
119 11958 11812 11978 11918 11978 2,163
912 Nov
4 Feb
1134 May 5
11
618Jan
11834 11834 11812 11878 11858 119
Te1eg_100
&
Telep
West
92
1212
1214 1214 *12
*12 12
8014 Dec
1178 12
59 Jan
12
1212 12
*12
100 76 !deli 3 8812 May14
Do pref
245
89
89
*87
8712 8712 *87
87
87
87
5712 8712 87
Mining
Aug
1214
112 Feb
1914 ..`an 7
717 Feb 1
25
834 914
914
918
4112 Nov
9
'24 Apr
9
918 2,545 Adventure Con
9
918
16 Feb 16
.
9
*812 9
'5 34 Jan 29 9453
Allouez
39
39
60
39
39
Nov
8818
40
40
41
Feb
2
Jan
45
*40
-41
*40
26
41
*40
50 J'ne
8312 8218 8234 20,289 A.rnalgam_ated, C.0,PPer 100 85 Feb
8314 8214 8314 82
2034 Jan
27': Feb 9
8278 8314 8238 8318 8178
Nov
2478 2518
2434 25
an
'790 Am L111c 1-eac co bra-- 25 23 Meh27
25
0:4
2514 25
Feb;
2412
221
0
ri8
r
a
Na
25
2
0112
*241
26
2514
25
25 3818 Feb
6 Anaconda
5012 5012
6
212Jan 30
25
325 Arcadian
--5-1-2
--514 514
4058 Dee
*5
5
14 Jan
8
4614
May,
--51-2
25
4 --512
Feb
51-4 --E1--.
25
l_
30
.90 Aug
4434 4378 4414 2,808 Arizona Commercia
A) Feb
4312 4414 44
1 Feb 1 i
4358 4334 4334 4334 4378 44
25 45 Feb 17
325 Arnold
*33
1
*34 1
*34 1
.76 .76
.76 .76
*34 1
12 Mayi9 .
628 Atlantic
934
934
.75 Nov
912 917
912 934
934 934
1018
16
1012 1012 10
l'
Feb
12
_
.45
Co)
(Dev
200 Bonanza
.60
1815 Nov
.60 .60 * .50 .65 * .45 .60 *.45
1014 Apr
1034 mcnif, 1114 MaY 8
*.45 .60 *.45 .60
529 BostonCon C&G (ma) 11
1538 1438 15
25 Nov
15
1114 Apr
15
2
15
15
1514 15
1514 1514 15
5 1738 Feb 26 1258Jan 8
30 Aug
530 Bas&CorbCop&S1131g
1512 Jan
2014
2034 2034 *2012 21
21
May
20
2012 21
28
24
Feb
• 2034 2034 21
15
21%
4,260 Butte Coalition
93 Feb 130 Aug
26
2618 2578 2612 2514 26
Jan 4
2534 26
26
2614 26
26
10 , 9014 May 3 119
485 Calutnet & Arizona
10234 10334
103 103
4 x565 Mch 700 Jan
103 104
10234 104
103 104
104 104
25 585 Feb 26 680 Jan
72 Calumet & Hecla
134
640
lc
640
,
645 645
647 650
645 649
3434 Feb'an 1g .4A Feb
.
650 650
1
Feb
650 655
20
25
J'ne
110 Centennlal
32
*31
32
*3112 32
32
31
3112 31
3112 *30
*30
1 .23 May12 35
8378 Nov
1,150 Cons Mercur Gold__
5518 Feb
.24 .25
.23 .25
.25
.25
26 8214 Jan 2
Feb
4____ .25 *____ .23 *.., 1 .23
e812
100
Co
Con
Range
Copper
1178 Nov
7 Jan
7934 8014 2,340
Mch 111
8034 8118 8034 81
5012
12
2
50
8
May21
807
3
3
80
4
503
812
20
8034
578
812
10 Dec
9
834 Dec
9
912
9
1658 Apr 20
912 912
934 934
10
10
712 Feb 1
10
e Cop Min
Metstt
.99 Zilch
234Nov
1312 1358
212 Jan 15
1318 1338 1312 1314 1418 1338 1334 1312 14
112 Apr 17
12
.. 13
612
Apr
2
10 Elm River
5
1912
*134
2
Apr
Nov
2
2
*134
__
17
4
*13
2
25
*134
Feb
2
25 13
*134
Franklin
1,745
8
1514
May
1514
1514
5
1
1514
1514
1512
15
312
15
734 May18
1512 15
15
ed_ 5
77
80 Jan 110 J'ly
8
734 8
734
8
778 5.875 Giroux Consolidat ed-100 06 Feb 26 110 Jan 4
734
8
8
778 8
Consolldat
(375 Jan
127 Granby
104
104
1318 Aug
103 104 *103
1234 Jan 2
103 103
Feb 26
20
103 103 *103 105
g
Canauea 9
3
1,201 Greene
1014 1012
-11134 Apr ,6
1034 1634 1034 1034 1012 1033 10126
1078 11
365 Hancock Consolidated 25 10 Apr 24 3314
1034 1034
11
4 Jan
6114
24
pti
u734
10
1012 1018 1014 ell
Feb
27
Apr
2218
25
_
1014 1012 1012 1012 *10
(Copper)
2714 1,560 Isle Royale
2812 27
2814 27
28
28
2812 2812 2734 2838 28
'1 1
814
ii Sep
81.1 1,622 Kerr Lake
114
Dcc
'
814 814
814 814
;
'
814 814
538 512
88, 888
/g.r) :11
612 t1k
17
2%
Copper
Lake
2312 2278 2278 2.976
1214 Jan
Feb 16
2334 2418 23
1714Jan
2378 24
24
2414 24
24
25 13 Jan 30 1034 'May
525 La Salle Copper
14
14
1412
8
Aug
14
1414
888
214
1512
1412
1412
1412
Mch
18
414
1414
25
Mch
*14!.I 1434 1414
1412 1418 1414 1,913 Mass Consol
1414 14
1418 14
.75 J'ly,
25 .30 Apr 29 .65 Mch 3 .25 Jan
1412 1434 1412 1412 14
196 Mayflower
.60
.50 .50 * .50
May10
310 Dec
514
8
Jan
.45 .45 * .50 .60
16
Apr
12
3
10
* .45 .65 9 .45 .65
S.._
&
M
495 Mexico Cons
54
*5
5
5
514 514
513 514
514 514
5I.
1234
*5
1,955 Miami Copper
2
15
1558 15
Hi: Nov
a?:14
1731'
41 Feet
Mecbh14)1 1214 Mic
4F
8
1534 1534 1538 1538 1514 1558 1514 1538 15
22
780 Michigan
aonv
08 J19
73
1212 1134 1134 1112 1112 1112 1112
en
1 Feb
7018Jan 3
Feb 1
*1134 12
1112 1212 12
59
25
_,
_
6514 1,163 Mohawk _ _ ___
6514
.2
66
65
6612
6
66
Apr
.40
66
11
65
Feb
6514 6678 6614 6612
Montana Consol-C-& CI 10 19
Last Sale .25 May'09
838Jan
2034 Nov
1612 Feb 26 1334 May20
*.25 .30 9.25 .30 * 25 .30 *.25 .30
5
edConsolidat
Nevada
48 Oct
6 Jan 4
8 May
2314 2333 .2312 2314 2312 2314 2334 2234 42314 6:565 Newhouse Mines & S. 10
178 May 5
2234 2234 23
278 1,200
234 278 *212
8934 Nov
234 234
4034 Feb
234 278
234 234
15 5212 Apr 27 8514 Jan 2
*212 278
60
6114 5512 6014 41,783 North Butte
1014 May12
,i'.2
.
'
412
6112 6014 6314 6114 6314 6034 62
25
61
pald)($8
Lake
,
; .4.13
9
7,370 North
9
878 014
914 91.2
914
9
912
9
36 ,48 Apr 20 .65 May 4 .50 Jan
938 958
200 Old Colony
.._
, .60
6012 Doc
__ 8 .60 --__ *.60
28 Jan
4714 Feb 24 1814 Jan 2
8.60 _ __ .60 .60 *.60
25
Dominion
Old
680
55 -55 - *-W1.34 5434
77 Feb 13512 Dec
*5434 55
*5414 -55
5412 5412 *5412 55
25 122 Feb 26 138 Feb 19
340 Osceola
135
135 135
135
3118 Dec
135 136
1012 Jan
135 135 4135 136
26 Feb 1 3514 May12
136 136
3434 3434 3334 3414 1,236 Parrott (Silver & (Jop) 10 85 Feb 1 69 Jail 4
3412 3412 35
77 Feb 100 Aug
3414 3414 3412 3.112 34
25
Quincy
90
*89
92
64
92
91
27 Ja , 8
91
338 Nov
91
25
Apr
*90
8
Feb
15
91
90
90
, 90
2
10
Cop)
&
234 1,000 Santa Fe (Gold
238 238 *212
1914 Nov
25/4 258
238 234
1778Jan 4
934 Feb
25
30 1312 Feb 26
234
268 234
16
1614 3,884 Shannon
'1578 16
157 16
3612 Nov
5 4614 Mch 1
14 Apr
1534 1534 1558 1578 1578 157
Jan
34
25
40
Superior
40
40
210
40
40
40
41
*41
41
4134 41
41
1712 Feb 16
1614 3,270 Superiorealoston Min 10 14 Mch24
16
2018 Nov
1434 1434 1478 1538 1514 17
1778 Jan 2
1418 Oct
1434 147k
*1434 15
10 1278 Apr 27
1412 1,130 Superior &Pitts Copp- 25
1414 1414 1414 1412 14
ss Nov
56 Meh
1418 1418 1412 1434 1414 1414
Apr 27 90 Feb 25
66
Tamarack
*70
*70
32
72
71
70
25 Aug
_
70 *70
Jan 23
Feb
70
*___ 73
1758
1218
19
Feb
12
25
622 TrInitY
14
1612 Nov
Mch
8
14
1412 1412 14
438
1334 -1-33-4 1312 1312 14 -1-4-- 14
Jan
27
1614
100 1138 Feb
105 United Copper
3134 Nov
9 Mch
1278 1278 *1234 1314 1234 1234 *1214 1234 1214 .1214 1214 1214
Jan 12 3338 May 4
Nov
600 United StatesCoal&011 25 28 Feb 25 5014 May20
32
40
--34 3234
3278 3273 32
-3
3214 3214 3112 32
- 12 3
32
Mch
28
32
•
39
50
5014 4914 50 31.332 U S Smelt Ref & Min_
47 Nov
37 Feb
4718 471.2 478 4712 4738 4738 4712 4914 49
50 44 Jan 8 4934 May20
Do pref
7 Nov
4934 13.359
4838 4338 4912 4914 4934 49
48
438 Sep
26
Jan
4738 4734 477 48
29
634
Apr
5
5
Mining
pex
514
730 Utah-A
514 514
514
514
54
53
50 Aug
512 4.5
*5
2912 Jan
514
4634 Jan 2
514
5 3714 Feb 24
53 Nov
1,282 Utah Consolidated
4114 4112 4114 4112 4034 41
41
4114 41
2873 May
4134 4214 41
10 3934 Feb 26 53 May 8
428 Utah Copper Co
6 Nov
5118 5118 5118 5134 5134 513.1 5178 5178 5178
212 Apr
6
512
6
May
5034 5034 51
Jan
35s
25
(734Nov
570 Victoria
5
5
5
5
5
5
5
5
412 Jan
514 51 1
2
Jan
5
612
4
30
43
Apr
5
25
Nov
Winona
700
155
4
6
614
53
6
4
*53
514
618
4
53
614
*512
6
*512
25 139 Mch18 152 Jan 2 11512Jan
25 Wolverine
331 Oct
150
148 148 *143
,
143 148
148 148 *148 150
4 Jan 16 .50 1,43,
*148 150
214 Apr 23
25
160 Wyandot
234
*212
4
3
2
*212
4
23
*212,
rights.
234
4
234
23
234
and
3
*212 2 4
a Ex-d1v.
a New stock. e Ass't paid. 0 Ex-stock dlv. h Ex-rights.
c Before pay t Gt assess'ts called in 190. • Bld and asked prices.

109 109
10914 10914
10914 109 110
10512 10412 10412 *10412 10512 910412 10512
232 232
- 23012 23012 23012 232
III 127 12712 12714 12712 12734 123
____
____ *227
232 232 *231
231
146
146 146
146
147 147
147
_ *____ 160
159 159
181
1231a-y
1-8
'55
Last Sale 30(
:-.: 3-001-2 *___- 30012
*:::: 3-,;(i1-2 4.:::: %-0-61-2 9:
*
1612 1512 16
*16
*1512 17
16
*15
16
*15
72
*70
71
72
71
*70
72
*70
72
*70
72
*70
Last Sale 10
May'09
__ *12
____ *12
____ *12
*12
5712 *5612 58
.
*26
12 ..5.8....
57
*5612 -58
*5612 58
*5612 58
151 151
151 151

*10918 10938 *10858
*10414 10514 *10414
231
23012 231
12714 12714 127
231
*
232
146
146 146

1087s
10514
231
127
231
146

*109
*10412
*230
12634
231
147




565
55
103
212
149
86
5

48 .1", . .2g Ol?t•

MN gt

Boston Bond Record

MAY 22 1909.]
,., c
BOA Ds
.4•
BOSTON STOCK EXCIPGE -,, E
WEEK ENDIrto MAY 21
.Fia...

Price
Fri„au
/9ay 21

Week's
Range or
Last sale

Range
'e,P
Since
4Q -- January 1

Biqa N9
Bt.
488 Low
1
2 55
1)5 /
/
4 Sale 9518
951
, 5e
10414 San. 1031
/
4 1043
....
Mar'09
83
100 May'00 ..
/
4 1
100%10114 10078 1001
1
93
1,3 Sate 93
03
041
/
2 9378 Mar'09
1.0978 blay'09 ....
may,
09
•...
11114
6812 71
681
/
2Sale 66
110 Fel)'04
10014 Mar'09 ..
1041
/
2 Oct '08
/
2Jan '03
1121
104 Oct '07
102 Sep '05
99'n Jan'00 .100 J'ne'01 ...117 J'ne'08 ....
11118.1'1y'05
90
00
90 Sale 88
11103 Oct 1407....
10018 Mar'09 ....
100 Apr'08 ....
9934 Mar'01, ....
192 l'ilay'00 ....
98% Feb'09 ...,
5
91%
9114

Lin Teton & Tel coil tr 48.1929 J-J
Convertible 48_ ..........1939 M-S
km Writ Paper 1st 8 t 5s g 1910 j.j
kriz Corn Cop 1st cony 68 1918 M.S
ktcli a on & S Fe gen t4 45..1995 A-0
At003tment g 4s.....xly 1993 Nov
Stamped
J'ly 1995 m-N
1933 j.D
50-year cony 48
10-year cony 58
1015 j-D
1.11Guli- & W I SS Lines 3'3.'30 J -J
3ostadi E.ect L 0011801 58.1024 ltl-S
1,(16 .1-.1
'Osten de Lowell 4s
3oston ez Maine 4 LAq
1944 4.4
3oston Terminal 1st 31
/
23.1947 F.A
1918 j.j
3nr & Al o Itiv ex (is
Non.exernpt (is
1918 J -.I
Sinking fund 48
1910 j.,1
3utte & Boston 1st 6s.....1917 A.0
jedar Rap & 3Io It lot 78.1916 A01-N
2d 7a
1909 J-1)
)(int Vermt lat g 4s...May1920 (4.F
)B & t.i Iowa Div 1st 58.1919 A-0
Iowa Div it 48
1919 A.0
Debenture 58
1913 M.N
Denver Exton 48
1922 F.A
Nebraska Eaten 45
1927 M-N
B&SWet 48
1921 M-S
1. Illinois Div 31
..1949 J -J
/
2
Senn bonds Bee Gt Northern
Milo J 0 By & SU( Yas 58 _1915 J.-.)
Coll trust refunding g481940 A-0
Oh Mil & St P Dub D 68_1920 J -J
Dli M. & St P WIe V dm 651920 J.J
Mk & No Mien 1st, gu 58.1931 M-N
Ohio & W Mich gen 53....1921 .1.11)
Concord & Mont cons 48_1920 J-D
Donn & Pass Mist g 4s...1943 A-0
1927 A-0
Durrent River 1st Ss
Del Or hap de W 1st 43...1946 A-0
Dominion Coal 1st s 1 55-1940 114.14
1915 M-S
ItRon burg 4s
1925 M.8
45
rremt Elk & Mo V 1st 6s 1933 A-0
1933 A-0
Unstampen let 63
Eft Nor () 11 &(4 cell tr 4,8 1921 J -J
1921 Q.J
Begisteren 4s

Low Ruth
/
4
/
4 991
9l,1
921
/
4 106
83
83
130 190
/
4
100 1011
9238 94%
/
2
931, 941
/
210978
1021
1
1071
/
41 l1,
/
2
681
59
1
4
/
4 10()/
1001

/
2
991
/
2 991
......
......
90
81
......
/
4
10(118 1001
.—...
99% 100
1e114 102
1
4
9858 9-0/
9138 92

/
4
102% 102; 4 102 1081
94
92 Apr'01 .... 91
/
4
1181
/
4 Feb'0: .... 11814 1181
126 Feu'05
.
/
2
101 1021
101; Apr'09.
102
0' 1053
1.041
/
4 1053# 1
105%
91 Mel)/ ----------1121
/
4 Jan'03.
96
90 Feb'09 .... 96
911
/
2
87
911
/
2 Mar'09.
91 Nov'08
1031
/
43Api'05 .
96 Apr'03133 133
133 Mar'09 .
140 Apr'05.
98/
1
4 98; 981
/
2 98; 19 971
/
2 99
9838 May'09 .... 9738 9812
981
/
4
10234 Sale
92

13-7

Hi)),lir"
BOSTON STOCK EXCIVOR ;.,
III.
WEEK ENDING NAY 21.
.
Illinois Steel deben 53.-1910 J -J
Non-convert deben 5s...1913 A-0
Ia Falls &Sioux Clat 73..1917 A-0
Kan C Olin & Spr 1st 5s.1925 A.0
Kan 0Ft S de Gulf ext 53_1911 J-D
iian C Ft Scott & AI 6s.....1028 39-N
Kan CM& B gen 4s
934 51-S
Assented income 5s.......334 NI- S
Kan C & M By & Br 1st 531929 A-0
Maine Cent cons lot 78...1912 A-0
Cons 1st 48
1912 A-0
Start) Hough & Ont 1st 68.1925 A-0
Mass Goa 4125 (recta)
1929
Mexican Ceutrai eons 13_1911 J-J
lateens me Ss
Jan 1939 J'ly
96 eons inc 38
Jan 1939 .1 ly
M ich Teleplst 5s
1915 J- J
Minne Gen Elec con g 5s 1929 J -J
New Eng Cot Yarn 53. _1929 F.A
New Eng Teleph 58
1915 A.0
58.
1916 A-0
New England eons g 58-1945 j-J
Boston Term 1st 4s
1939 A.0
N Y N H& H con deb 31
/
2311,50 J .J
Cony deb 63 (ars)
1948 J -J
Old Colons. gold 45
1924 F -A
Oreg By & Nay con g 43..1946 J -D
1922 F.A
Oreg Sh Line 1st g 6s
Repub Valley 1st p1 6s...1919 J -J
Rutland 1st con gen 4128.11)41 J..)
Rutland-Canadian 1st 431949 J -J
Savannah Elec 1st:cons 53.1952 J -J
1930 F-A
Seattle Elec lst g 5s
Terre Haute Elea is os
1929 J -J
1918 M-S
Torrington let g 58
Union Pat BB de 1 gr g 48.1917 J -J
1927 J -J
20-year cony'4s
/
23.1923 J.J
Uniteu Fruit gen a 1 41
U S Coal & Oil 1st at tie 1938 M-N
US Steel Corp 10-60 yr 58.1963 M-N
West End Street By 4s. 1915 F-A
1914 M-S
Gold 4148
,11116 M.N
Gioia deoenture 4s
1317 F-A
Gold 4s
Weetern Telepb.& Tel 53.1932 J -.1
Wisconsin Cent 1st gen 431949 J-J

NoTE—Buyer pays accrued interest in addition to the purchase price for all BOEt011 Bonds.

frirrcicae,,
May 21

II-eei. ,
Rana,

/,as/ •,,,,

1:anpe
since
Z''' J attar?,

11 tgh .‘u I, III Pit,'
Bia
Ask Low
/
4 Mar'09 .... 1( 014 10034
1.0058 101 1001
5 t( 1•8 101¼
101.38 Sale l01' 101 ...
117 Apr'0 .... ..
. .....
i6'4 lility'09 .... 1
1)6
100 12Jan '00 .... I(101
/
4 10/
119'-. 120 120
1901
/
4
1- 1. 614 12014
93
si I)0
93
93
94
93
1
2 90
0/
,-1,,12
89 1; 3
894,
10334 Apr'() ... 1(331410314
......
11336 .N ov'06 .... ..
09 • --• —
1011
/
4 Sep'
113 rne'08
991e 33 1 814 99
/
2
0014 Sale 991
Si] Mar'09 .. f 4% 8,1
......
1116 Apt '0:- ...,
11151
/
4 API'
0
104

102'2 Aee'04 ....
2
104
10414 104
102 Feb'01.; ....
l00¼ el''08
...... ....

_
1(3214 10
11 2 10.:
_

......

107% May'ot- .... 1 7%1(17 is
138 Sale 138
I 1 4 138
138
101 Apr'01.3 .... I 1 10
119614jly'08
/
44
11878 311(000 .... 1181
/
41191
103 Dee'OE
A 10712 Nov'05
02 Mai'02
------------ -9814 May'06
106
106 May00 .... i 51
1
4
/
4 106/
97 Apr'05
991
/
2 Nov'09
10214 Apr'09 .... L 2/
1
4 10.314
104 Mar'09 . , 1 1258 104
99.; :
...... ...—. 96
/
4 97
it, ' 51
133 ISay'00 .... L 0 133
104; Sale 1041
/
4 10434
ti L1214 10444
1001
/
2 Apr'09 .... I, 01
/
2100,
10014 May09 .... li RN 102
1041
/
2 Apr'09 .... 1'1012 100g,
...., .., . 100% etpr'09 ,.
1, 0% 100a.
;WC,
/
4
99
ale 981
99
15 46
1
4 Apr'09 ....
...... ...... 93/

No price Friday; latest tato and 28ken.

'4 Flat prim.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily. Weekly. Yearly
Share Prices—Not l'er Commit Prices
Saturday
May /5

871
/
2 88
17% 18',
36
35
/
4
/
4 121
121

Monady
3/ay 17

Tuesday
May fS

Wednesdal,
May 19

881
/
2
88
89
89
1061
/
21061
/
2 107 107
20; 2034
'2012 21
181
/
2 2034
4018
401
/
2 40
41
40
37
1212
1214 1214 *12
/
2
121
/
4 121

88

88

Thursday
-May 20

Sales
of flee

iriday
May 21

Range since
Jan 1 19,9

ACTIVE STOCKS

(For Bonds and inactive
Mocks see below)
Shares

Lowest

Philadelphia
77 American Railways
50 45 Jan 4 4634 Feb 16
451
/
4 451
/
2 .4512 46'
4534 4534
/
4 Feb23 3934 Jan 9
8,913 Cambria Steel
50 321
3814 3834 3834 39
381
/
4 89
987 Electric Co of America 10 x1078 Jan 20 12; Mar30
/
4 12%
/
2 "121
121
/
2 121
/
2
1214 121
100 I5',Jan 5 25% Feb 19
304 Gen Asphalt tr efts
/
2 *231
/
2 24
*2314 23; '23 1-, 231
/
4 reb
391
Do pref tr ette
100 53 Ian 5 661
631
/
2 64
, 13334 64
631
/
4 637
10() 1434 Jan 5 3378May 8
/
4 31% 311
/
4 311
/
2 5,886 Lake Superior Corp
311
3012 31%
220 Lobigh C & Nay tr ctfs 50 96 Jan 5 11114 Apr20
10412 105
10a 105
105 105
50 67 Feb23 8012 3.11(y1.
7938 791
/
4 4,335 Lehigh Valley
79% 7978 79%
'Palau l'e
Marsden Co
100 1 12 May
s Feb24 091116 May 4
50 63,
/
4 67% 1,866 Pennsylvania BR
0738 6734 671
661
/
4 67'
67316 603, ty-/
/
2 Feb24 4312 May 4
182 Philadelp'aCo(Pitten) 50 401
43
*421
/
2 43
43
43
43
431
/
4 43
43
/
4 Feb23 12%Mayl'•
/
2 12% 121
/
2 21,350 Philadelphia Eleetriet 25 111
1212 121
121
/
2 12% 12% 12% 1236
/
4Jan 3 3614 Apt 28
50 241
/
2 34 23,792 Philo Rapid Transit
331
331
/
4 3314
341
/
4 3478 33& 34 14
34.4
/
2 Feb23 791516 May2()
5 591
/
4 16,e92 Reading
783879151e 7812 791
/
4 78116 79 7h1316 7914
781
50 44 Mar 3 46 Jan 'e
10
Do let pref
52 May13
50 01i,, Mar
150
Do 26 pier
51916 num
..
52
52
.51
/
4 May 4
1 Jan 5 581
7,069 Union Traction
5
561
/
4 5634 57
/
4 56
56
501
561
/
4 5(334 57
50 84% May13 9412 s'eu (i
874. 8,86e United Gas Inapt
/
4 8634
861
/
2 87'4 87
1
4 861
86; 86; 86/
/
4 May13
100 28 lilar20 311
..... Welsbach Co
*311
/
2 34
.31
'31¼ 34
31'2
3114 34
34

4534 4534
4512
381
/
4 38,4 38%
38
3734
/
2 1238 1238 *1'238 121
/
2
121
2312 21
2312 23',
24
*63; 6414 64
64
64
/
4 3138 30
301
/
2
311
/
2 301
105%106
/
41057
,
1051
•1051%
/
4 7938 79% 7934
7984 7934 791
*45
3734
*12%
*23/
1
2
64
31

/
4
67 6731, 671
431
/
4
4314 43,4
12
/
4 1.2
, 111
34% 34%
34
7868781516 7814
46
46
5214 451
5612
5814 5634
851
/
4 8534 86
. 311
/
2
; *33

flip

lialtinaore
/
2 May!':
Con. Gas EL L. & Pow.100 30 Mar 8 421
*421
/
2 45
•57t 881
100 76 Mari6 89 Maylb
Do pref
406
/
2
50 100 Jan 4 Ill Jan 1(
94 Northern Central
'10614107
4,8,2 Seaboard(new)
100 11; Feb25 21 May18
21
21
21
21
100 22; Feb24 41 May17
4,480
Do 26 prof
401
/
2 40
40
40
/
2 Apr Ili
885 United By & Electric 50 1114 Feb 3 121
/
4 *1214 121
/
2
121
/
4 121

PHILADELPHIA
Inactive stocks
Allegheny Val pref....50
50
Amencan Cement
100
Amer Pipe Mfg
I3ell Telephone(Pa)100
5()
Umbria Iron
Central Coal 84 Coke.101,
Donsol Traci of N J...100
Diamond State Steel 10
10
Preferred
Kasten Con Electric 9 50
"(Cleo Storage Ball...100
Preferred
100
Ift Wayne &W V
100
50
fikermantown Pass
Indianapolis St
100
pidiana Union Tr. _100
Insurance co of N -A..10
Inter Sni Pow & Chem.50
Keystone Telephone _50
Preferred
00
Keystone WatchCaae.100
10
rill Brothers
50
Little Schuylkill
kiinehW & Sehuyl H 60
Haven Iron & Steel
50
Central
„'orthern
..
"ortlt Pennsylvania. 50
50
Pennsylvania Salt
Pennsylvania steel..100
100
Preferred
Phila Co(Pitts) pref ..50
Phil German & Norris.50
50
Phi-la Traction
10
blallways General
3uitque1, Iron & Steel .5
10
ride water Steel
10
Preferred
ronopah Mining of Nevl
100
Union Tr of Ind
United N J BR & 0_10(
Unit Trac Pitts pref..50
Warwick Iron& Stee1.10
West Jersey & Sea Sh.5
Westmoreland CoaL...50
Wilke,' Gas & Elee 101

Ask

Bid

39

39',

107

i07'4
4(3,
4

7734

48

22

22%

127,
/
2
1534 161

107
105
44
92
734

7 1,

441
/
2
1(3

8
71
/
4

254
8
50
9214

814

PHILADELPHIA
Bonds
-Prices are all "and
interest."
Al Val It ext is 1910 A-0
/
28'33.F.A
Alt &LVEleo 41
Am Rys cony 5i; 1911..1.1)
Atl City let 5s g'19.M.N
Berg&EBrw lst 68'21 J.J
Bethle Steel Os 1098.Q.F
Choc& Me let 53 1049 J-J
Ch Ok & G gen 56'19 J.J
Col St By let eon 58 1932
Con Trao of J 1st 5)5.'33
Ed)A 1st M 53 1920 111-N
Elee & Peo Tr stk tr etf8
Eq Il Gas-L 1st g 5s 1928
Indianapolis By 4(3_1933
Interstate 43 1943 ..F--A
1
2s '14.Q-2
Lehigh Nay 4/
1914.Q.8'
Bits 48 g
Gen 31 41
/
28 g 1924.Q.F
Leh V C let 5s g
Leh V ext 4s 1st 1948.J-1)
31-S
26 7s 1910
.1.1)
Conedl 6s 1023
Annuity Os
J-1)
Gen cons 43 2003.M-N
Lou V Tran con 43'35J-1)
New Con Gas 58 1948 J-D
Newark Pass con 38 1930
NY Ph & No let 48'39 J-J
Income 4s 1939...31-N
NoOluoTrac con58'19.J-J
Penn gen (34 1910
Var
Consol 58 1919
Var
Penn & Md Steel con 68.
Pa & NY Can 55'39.A.0
Con 45 1939
A.0
Penn Steel lat 58'17 31.N
People's Tr treerts 48'43
P Co 1st& col tr 68'49 31-S
Con& col tr 5s 1951M-N
Phil Klee gold trust otfe
Trust certifs 4s
P & E gee 31 5 g'20.A-O
Gen
4e g1920..A&O

Bid

Ask

1021
/
4
118
113¼
105', 1.06
1061
/
4
93% .
10634
51

..

51 12

4 11034
110,
104

105

14.11%
97'4 971
/
2
661
/
2
66

PHILADELPHIA
Ph de Head 2658
J-D
Con Di 7e 1911
Ex Imp B 43 g
Terminal 58 g1941 Q.F
P W dell col tr 4a'21.J-.1
Portland By 1st 58 1930.
noel' Ity& Leon 58'54J-J
Spanish-Am Ir 6s '27 J-J
U Trac Ind gen be'19.J.41
Un Bye Tr(Ars 48'49J &J
United Eye Inv 1st collfr
el Se 1926
U Tree Pit gen 15e '97.1
11N
*-J
Welsbach a f 5s 1930.J-1)
Wlks-B G&Econ5a'55.7-41
BALTIMORE
Inactive Stocks
Ala Cons Coal& Iron 100
100
AP
tian
rerta& Charlotte 100
Milan Coast L (Conn)100
100
Canton Co
Cons Cot Duck Corp ..50
50
Preferred
Georgia Son & Fla .100
100
let wet
100
26 pref
10
G-I3-S Brewing

:
r a
d "anti
PricesB
a°
interest."
Anacostia 84 Pot 5a
/
2s '10.J-J
At/ & Ch eat 41
Allan C L R11.48195231-8
102%
All Coast L(Ct)etfe 5e J-D
109
Otis of indebt 48. .J-J
J-J
5-20 yr 48 10415
116
Bait()Pass let58'11 31-14
100
Balt Fundg 53.1916 3I-N
101
Exchange 312s 1930.74
971
/
4 98
Balt& P lettismI'll A.*
102
Bait Trod let 5s..'29 31-N
0712
No Balt Div 581942 J-D
102 1021
/
4
76
76/
1
2 Cent'l lty con5s1932 AEN
Ext& Imp 56.1932 biChas Citylty let '23J-.1
100
10018

Bid

dok

hang* 1or Prentous
Year(1908)
Lowest

Highest

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

30 Dec
/
2 Dec
811
102 Dec
15 Dec
26 Dec
12 Nov

4234 Mat 461
/
2 Nev
/
2Dec
261
/
4 Feb 401
812Jan 1114 hoe
31
/
2Jan 1938 Dec
19% Jan 5914 Dee
3% Feb 17 Dee
/
4 Jan 97% Dec
781
52% Feb 7634 Dec
115,6 Jan
2/
1
4Apr
54316 Jan 6611e Dec
31,2 Mai 44% Dec
51
/
2 Feb 1236, Nov
2121
/
44'm 2512 Dec
46'14 Feb 711116 Dec
39 Jan 45/
1
2Dec
371
/
2Jan 4829 Des
r441-, J'ne 5624 Apr
731
/
4Jan 9434 Dec
'25 J'ne 28 Nov

BAIMI,110BE

Chas'VG & Ill 58'99 31-S
Cluirl C.& A ext 58.'09 J-1
1910 A-0
26 78
120 1201
/
4 City& Sublet 5s..'22J-D
City 84 Sub(Was)let 53'48
100 101
Coal & I By let 58'20E-A
ColdeGrnv let6a.1916J-J
981
/
2 99
102 1021
/
2 Cousol Gas 6s 1910 J.1)
1939 J-D
5s
791
/
4 Ga& Ala let eon 5s'45J-J
GaCardeN let 5eg'29J-J
'22 J-J
8212 Georgia P 1st
GaSo& Fla 1st 5s 1945J-J
82
G.B.S Brew 3-4s 1951M-S
82
83
26 income 513 1951 hi-N
98 IOU
Knoxy Trac let 53'28A-0
Lakelt El 1st g-u5s'42M-S
Macon Ity&Ltlet5s'53J-J
28
40
Memphis St let 53'45 J-J
60
MetSt(Wash)lst5s'25F A
185
982
Mt Ver Cot Duck tat 58.
95
NptN&O Fist 5t4'38 31-N
'/3
1941 31-S
General 5s
8
241
/
2 26
Norfolk St let 5e'44..J-J
30
North Cent41281925 A.0
40
Series A 5e 1926. .J-J
931
/
2
Series B 58 1926....J.J
21
/
4 28, Pitt Un Trac 58 1997.J.J
Poto Val let 5s 1941...J4
Say Fla cfc West 5e'34 A-0
Seaboard A L 4s 1950 A-0
Seab & Roan 5a 1926.J.J
South Bound let 5s..A.0
100
97/
1
2 TEl L&P 1144143'29 3i-N
Un By 84 El let 45'49 3.I-S
Income 48 1949
J-D
Funding 55 1936..4-D
90
be
Va Mid 2d ser (is '11.21-S
3d series 65 1916 31-S
4th ser 3-4-5s 1921 M-S
100
5th series 58 192fk M-S
/
4
1443% 1031
Vs(State) 3s new '38.J-J
Fund debt 2-3s 1991.J.J
.. 113 West N C COB,6(41914 J-J
...... WesVa O&P let ell J-J
Wil de Weld 56..1836-J4

......

Bid

Ask

912s a23
,
1111
/
2
104; 105
101% 102
112
1051
/
2 106
106 106's
11014
411
/
2 4221
12
14

/
4
80.4 801

106
1121
/
2
1121
/
2
105..
......
8414 8484
10834
...... •••
58'2
8034

82(5,

.....•

.93.
10214
......

/
4 paid. t 613314 Dant I *35 paid. a ILeoeipts, b $25 paid. ott30 paid. dt,4212 paid.
*Bit/ and asked; no sales on this day. 1 Ez.rights. 0 67.50 paid. t $121




130S

THE CHRONICLE

[VoL. Lxxxviii.

/irtirstutent arca Xaitroati intellipence.
±-tAIL,ROAD 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 twol
columns the earnings for the period from July 1 to and inaluding such latest week or month. We add a supplementary'
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

3

$
5
$
Ala N 0 & Tex Pac
248,080 208,301 2,605,591 2,504,1fl2
NO & N East__r April
April
VIcIssb___r
128,827
112,954 1,336,456 1,312,778
Ala A
107,851
99,043 .1,184,722 1,275,613
Vicks Shr & Pac.r April
5,413
3,810
Ala Tenn & North_ March
48,413
35,422
8,272,722
7,401,520 70,106,931 70,210,374
k Atch Top 42 S Fe- March
32,450
Atlanta Birm & Atl 2d wk May
24,535 1,813,033 1,389,653
2,764,660 2,442,022 19,647,859 19,883,213
Atlantic Coast Line March
Baltimore & Ohio__ April
5,761,925 5,024,785 58,900,373 63,080,036
Bangor & Aroostook March
311,659 274,243 2,201,792 2,020,773
Bellefonte Central.._ April
4,708
4,530
57,133
51,397
3,295,678
2,883,615 29,497,865 30,154,191
Boston & Mainc-r larch
3,573
Bridgeton & Saco R March
3.323
37.195
40,258
Butt Roch & Pitts- 2d wk .illay 143,680 110,081 6,111,489 6,674,076
Buffalo & Susq_ ___ March
199,094 189,262 1,741,890 1E047,802
Canadian Northern.. 2d wk May 175,800 10,200 8,479,100 7,990,000
Canadian Pacific__ 2d wk may 1,373,000 1,2 9,000 65,920,489 62,693,028
Central of Georgia_ 2d wk May 162,200 1 6,800 9,949,004 10,184,243
2,311,421 1,790,611 19,185,576 20,371,130
Central of New Jer_ March
Central Vermont_ -r March
298,266 245,720 2,615,712 2,597,886
Chattanooga South. 4th wk Apr
1,692
2,115
69,754
92,229
Ch.esapeake & Ohio. 2d wk May 542,858 418,376 22,866,087 22,938,971
Chesterfield & Lanc March
7,099
8,136
43,214
50,767
Chicago & Alton Ry 2d wk May 248,396 215,783 11,059,064 10,686,491
Chic Burl & Quincyr March_
March.._ 6,861,503 6,255,194 59,991.514 60,750,239
Chicago Great West 2d wk 3i.
142,433 128,787 7,164,547 7,085,323
Chic Ind & Louisv- 2d wk May 103,355
85,488 4,588,776 4,524.040
Chic Ind & Southern -See New York Cen tral.
Chic 3111w & St Paul March
5,064.982 4,777,816 45,813,300 44,180,592
Chic Si Nor West_ r March
5,408,063 4,935,619 50,089.788 49.544,409
Chic St Paul 3,1 &0 r March
1,146,191 1,042,034 10,295,907 10,097,709
Chic Term TransRR March
88,018
94.538
812,144
853,988
642,893 553,338 5,996,062 8,288,682
CM Ham dc Dayt_r march
Cloy Cln Chic & St L -See New York Cen tral.
Colorado Midland_r March ..... 180,020 142.711 1,761,814 1,727,048
h Colorado & South 2d wk May 245,805 222,039 13,272,850 12,678,419
Colum Newb & Lau March
30,658
31,172
221,921
229,627
Copper Range
47,436
54,016
February 508.014
556.150
Cornwall
4,460
12,208
74,032
March
102,220
Cornwall & Leban_r March
23,088
26,431
246,587
245,579
Cuba Railroad
251,305 235,415 1,540,263 1.510,627
March
1,540,813 1,512,865 13,795,223 15,045,329
1 Delaware dc Hud_ March
March...._ 2,969,929 2,414,135 25,025,152 25,359,669
Del Lack & West_r March
380,900 322,100 17,997,000 17,950,671
Deny & Rio Grande 2d wk
25,248
26,181 1,320,710 1,429,593
Del Tol & Iront Sys 1st wk May
28,401 1,492,389 1,632,845
31,792
Ann Arbor
1st wk May
20,511
Detroit & Mackinac 2d wk May
21,810 1.002,035 1,037.881
Dul & Iron Itange.r March...... 100,152 105,526 4,938,127 5.395.588
57,023
45,357 2,327,864 2,650,065
Dul Sou Shore & At) 2d wk 1ay
712,678
5,347,061
El Paso & So West.r March
4,338,045 3,768,160 37,930,104 38,179,384
March
Erie
Evansville & Terre Haute--See Rock Is land St em.
1,744
1,700
Fairchild & N E...... March
14,943
14,599
70,285
Fonda Johns & Glov April
66,999
632,738
652,527
250,598 264,063 2,197.495 2,324,237
March
Georgia Railroad
Georgia South & Fla -See Sout hemn Rail way.
Grand Trunk Syst- 2d wk May 742,672 708,979 33,888,229 36,355,852
97,194 4,716,844 5,204,151
Gr Trunk West 1st wk May 109,910
27,797
25,257 1,395,695 1,498,159
Det Gr Hay & Mil 1st wk May
30,094
Canada Atlantic.. let wk May
39,116 1,509,592 1,670,852
Northern
3,761,195 3,483,501 44,504,983 47,093,164
Syst April
Great
Gulf & Ship Island- March
163,816 167,468 1.428.953 1.672,802
412.220 446,480 4,621,841 4,842.940
March
Hocking Valley
Illinois Central
April
4,494,307 3,995,718 48.064,135 49,585,779
Internat ec Gt Nor_ 2d wk May 131,000 107,000 7,125,194 6,100,982
a Interoceanic Mex_ 2d wk May 134,750 137,077 5,658,609 6,787,321
49,687
40,427 2,642,678 2,663,783
Iowa Central
2d wk May
158,100 141,199 1,634,265 1,590,505
March
Kanawha & Mich
769,321 632,274 7,370,376 7,685,531
Kansas City South.- April
29.875
17,101 1,188,732
K 0 Mex & Orient
2d wk May
803,935
Lake Erie & ‘Vest'n -See New York Can tral.
Lake snore & 31 Sou -See New York Cen tral.
Lehigh Valley
March ........ 2,808.914 2,315,894 24,513,966 26,557,849
42,284
34,921
Lexington & East- March
297,216
393,658
Inc.106 .892
Long Island
March
Dec.134, 329
105,480
Louisiana & Arkan_ March
93,293
891.378
857,176
82,956
Loulsv Hand & St L March......
77,684
770,117
770,381
Louisville & Nashv- 2d wk \lay 841,930 751,785 39,909,909 39,424,882
9,873
9,330
Macon & BirmIng'm April
115,941
129,268
728,672 670,592 6,244,691 6,575,376
Maine Central___r march
3,004
Mantstique
3,292
March
36,320
43,495
32,062
28,047
Maryland & Penn
\larch
276,993
286.664
a Mexican Internat.. 2d wk Ilay 119,312 142,846 5,926,318 7,256,217
a Mexican Rallway- 1st wk May 164,600 148,000 5,984,000 6,926,800
23,910
23,840 1,099,249 1,089,753
a Mexican Southern 1st wk May
Michigan Central-See New Y ork Centr al.
16,443
Mineral Range
15,488
2d wk May
721,205
701,433
64,916
55,808 3,826,926 3,392,362
Minneap Si St Louis 2d wk May
Minn St P Si S S M_ 2d wk May 229,308 182,939 10,969,231 10,253,449
1,960,188 1,785,691 19,617,768 18,547,454
Missouri Kan Si Tex March
Mo Pac Si Iron Mt.._ 2d wk May 784,000 833,000 39,225,119 37,840,715
26,000 1,473,000 1,333,000
28,000
Central Branch- 2d wk May
Total system__ _ 2d wk may 812,000 659,000 40,698,119 39,173,715
25,080
19,690 1,334,087 1,285,352
bMobile Jack Si ICC Wk may 8
Nashv Chatt Si St L March......
992,970 924,825 8,420,453 8,411,820
_
a Nat Rye of Mexico 2d wk May 1,054,026 920,317 23,600,357 24,517,858
6,233
Nevada-Cal-Oregon. 1st wk May
9,282
330,673
289,972
4,833
Nevada Central...... March .......
4,875
55.166
57,737

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

July 1 to Latest Date,

Previous
Y^ar.

Current
Year.

Previous
Year.
-5
3
5
5
N '17 C & Hud River March ____ 7,334,718 8,540,286 68,276,483 69,849,488
3,209,662
31,412,121 32,271,627
Lake Shore & M S March _-__ 3,485.237
Lake Erie & West March ____ 384,032 343,773 3,540,416 3,620,505
Chic Ind & South March ____ 240,763 252,305 2,243,358 2.213,332
Michigan Central_ March ____ 2,259.012 2,019,028 19,241,085 20,320.853
Cleve CC & St L_ March ____ 2,186.121 1,883,242 19.701,468 19,431,133
248,057 210,262 2,158,787 2,230,532
Peoria do Eastern March ____
108,629
71,522
843,922
Cincinnati North.. March __
702,711
Pitts & Lake Erie March ____ 880,180 778,092 8.803,287 9,871,212
223,596 210.777 2,121,628 2.238,525
March ____
Rutland
N Y Chic ec St L.. March ____ 860.856 868,819 7,086,118 7,660.428
Total all lines
March ____ 18209201 16387768 165383669 170309341
749,973 607,402 6,239,297 6,023,101
N Y Ont & Western March __ _
N Y N H & Hart__r March .... 4,532.941 3,874,618 40,066,126 40,410,628
NY Sun' ec West
March ____ 329,967 249,890 2,459,025 2,503,799
Norfolk & South_ _r March ____ 234,304 192,889 1,766,721 1,606,978
Norfolk & Western. March ____ 2,467,958 2,059,373 21,646,711 22,808,735
Northern Central
March ____ 1,011,010 899,910 8,614,679 9,564,779
Northern Pacific-_r March ---- 5,477,836 4,732,449 51,580,220 53,678,266
Pacific Coast Co
March ____ 539,578 453,811 4,753,126 5,640,436
Pennsylvania Co__r March ____ 3,188,135 2,930,175 30.424,462 14.348,303
d Penn-East P &E March ____ 12119 789 10997 169 105931 182 117046 882
Dec.5,71 9,400
d West of P & E_ March ____
Inc.526,000
Pere Marquette__ _r March ____ 1.306.246 1,106.307 10.639,765 10,297,459
Phila Bait & Wash_ March ___ 1,459.507 1,285,807 12,419,201 12,755,001,
Pitts Cin Chic & StL April
2,226,856 1,888,318 22,770,942 24,250,220
Raleigh & Southp't March
103,821
91,652
15,578
11,602
Reading Company.. March
3,731,143 3,068,634 30,166,075 32,155,521
Coal & Iron Co
March
2,855,542 1,603,782 25,658,968 28,407,8031
Total both cos
March
6,586,685 4,672,416 55,825,042 60,583.381
Rich Fred & Pot__r March _ _ 181,133 147,487 1,403,067 1,424,I9
Rio Grande June_ _ _
55,588
41,391
572.424
569,620
wk May
FebruaryRio Grande South- 2d
526,846
9,179
10,324
505,877
Rock Island System March
5,114,417 4,904,292 46,382,492 45,950,184
St L & San Fran_ March
3,210,126 2,869,615 28,709,289 28,490,138
March
Chicago & E Ill
876,053 1,005,272 7,878,368 8,774,706
(Evansv & Ter H March..... 171,963 187,966 1,614,980 1,728,436
Total of all lines.. March
9,372,560 8,967,146 84,585,126 84,943,465
_
127,557 140,699 1,236,889 1,245,792
St Jos & Grand Isl_ March....
St Louis Southwest. 2d wk May 180,594 140,383 9,124,361 8,514,369
San Ped LA & SL_r March
638,390 521.587 5,275,747. 5,687,782
Seaboard Air Line_ March...... 1,658,369 1.444,597 12,333,550 12,008,934
Atlanta & Birm_ March
86.529
68,685
715,094
679,760
Florida West Sh_ March
22,104
13,978
116,058
93,742
Southern Indiana
March
99,690 148,201
881,541 1,301,990
March
c Southern Pao Co
10080,795 0,450,949 90,225,553 95,642,472
Southern Railway
2d wk May 879,132 811,840 45,792,485 45,887,502
Mobile & Ohio --2d wk May 181.522 170,104 8,540,411 8,553,273
Cin NO & Tex P. 2d wk May 148,946 132,182 6,778,247 6,970,790
Ala Great South_ 2d wk May
51,531 3,099;757 3,123,175
64,309
Georgia Sou & Fla 1st wk May
33,118
30,861 1,700,687 1,721,618
1st wk May
9,456 1,044,943
Texas Central
13,883
927,430
Texas & Pacific
2d wk May 232,229 195,342 12,892,005 12,979,444'
Tidewater ec West_r March
6,219
6.748
53,963
68,867'
Toledo ec Ohio Cent March__
259,939 336,395 3,228,944 3,415,154
Toledo Pear & West 2d wk .
18,975
17,302
511ai
950,787 1,070,179
Toledo St L lc West 1st wk May
62,687
58,327 2,900,228 3,342,048
Tombigbee Valley
7,208
March
5,408
60.770
45,439
Union Pacific Syst_ March....... 6,157,495 5,345,264 59,125,623 58,094,586
Vandalia
r March..... 741,217 748,279 6,646.272 7,251,934
Virginia &Sou West March....
86,820
73,020
902,263
821,148
Wabash
2d wk lilay 457,295 415,349 22,366,723 22,570,666
Western Maryland r February - 422,234 350,998 3,987.801 3,968,263
West Jersey & Seash March...... 378,710 364,310 4,040,070 4,366,370
Wheeling & L E___r March...... 446,665 390,190 4,212,880 4,385,209
870
1,074
White Riv (Vt)2wks end May 1..
Wisconsin Central _ 4th wk Mch 197,000 181,000 5,593,650 5,675,454
26,692
216,317
225,119
30,017
Wrightsville & Tenn March
750,076
8,673,744 8,794,814
757,188
Yazoo & Miss Vali_ April
.
Various Fiscal Years.
Bellefonte Central
Jan
I Delaware & Hudson
Jan
Manistlque
Jan
a Mexican Railway
Jan
a Mexican Southern
Jan
New York Central & Hud River Jan
Lake Shore & Mich Southern_ Jan
Lake Erie ec Western
Jan
Chicago Indiana & Southern- Jan
Michigan Central
Jan
Jan
Cleve Chi Chic & St Louis
Peoria Si Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh Si Lake Erie
Jan
Rutland
Jan
New York Chicago Si St Louis Jan
Total all lines
Jan
Jan
Northern Central
d Penn-East of Pitts Si Erie
Jan
Jan
d West of Pittsburgh Si Erie
Phila. Baltimore Si Washington.. Jan
Jan
Pitts Cin Chlcago Si St Louis
Dec
Rio Grande Junction
Texas & Pacific
Jan
West Jersey Si Seashore
Jan

Period.
I to
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

1
1
1
1
1
1
I
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

Apr
Mch
Mch
May
May
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Apr
Feb
May
Mch

Current
Year.

Previous
Year.

$19,975
30
$18,101
31 4,221,314 4.327,678
10.680
10.274
31
7 2,550,800 2,865,000
490,908
7
458,901
31 20,089,723 18,411,324
31 9,787,478 8,907,690
31 1,048,295
986,105
31
737,256
708.350
31 6,057,880 5,607,726
81 6,095,700 5,423,101
31
665,098
671,106
31
260,077
177,316
31 2,501,192 2,008,856
586.935
31
605,435
31 2,257,290 2,415,780
31 50,103,514 45,884,290
31 2,667,125 2,559,825
31 33,654,741 31,375.441
31 Inc.1,473 ,900
31 3,955,063 3,599,763
30 8,826,148 7,984,178
28
188,823
173,026
14 4,972,250 4,701,519
31
924,964
973,884

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

Cuent Year Prev's Year Inc. or Dec.

Ctient Year Prev's Year Inc. or Dec. %
%
Monthly Summaries.
s
3
a
$
a
$
1st week Mch (44 roads)........ 10,422,328
9,534,627
+887,701 9.31
Month July 1908 (792 roads). 194,634,612 227,966,707 -33,332,095 14.62
2d week Mch 145 roads)....... 10,570,149
9006,011
+764.138 7.79
roads)_ 206,254,003 240,601,078 -34,347,075 14.28
Month
(794
1908
Aug
3d week Mch (43 roads___.. 10,562,507
0,805,930
+756,577 7.61
Month Sept 1908 (793 roads). 218,399,160 233,735,976 -15,336,816 6.56
4th week lach (47 roads)__-- 16,017,203 14,194,326 +1,822,877 12.84
Month Oct 1908 (796 roads).. 231,615,129 249,932,145 -18,317,016 7.45
1st week April (49 roads)..... 10,762,884
9,563,200 +1.190.67012.54
Month Nov 1908 (804 roads). 210,971,123 218,967,731 -7,996,608 3.615
2d week April (42 roads)__.._ 10,040,826
9,144,139
+896,687 9.81
Month Dec 1903 (798 roads).. 205,216,481 193,791,645 +11,424,836 5.00
3d week April (41 roads)..... 10,109.928
9.056,824 +1,053,104 11.63
Month Jan 1909 (750 roads).. 182,347,842 172,275,946 +10,071,896 5.89
4th week April (49 roads) __-_ 14,051,625 12,232.959 +1,818,666 14.78
Month Feb 1909 (792 roads). 173,867,206 159,982,896 +13,884,310 8.88
let week May (46 roads).._... 10.132,666
9,049,675 +1,082,991 11.96
Month Mch 1909 (715 roads). 202,167,425 180,889,095 +21,278,330 11.78
2d week may (38 roads)____ 10,024,838
8,805,153 +1.219,685 13.85
Month April 1909( 50 roads).. 48,753,048 43,104,976 +5,648,072 13.111
a Mexican currency. S Includes earnings of Gulf Si Chicago Division. c Includes the
Houston Si Texas Central and ts subsidiary lines in both years.
d Covers lines directly operated.
Includes Evansville Si Indiana RR. h
earnings of Colorado & Southern, Fort Worth Si Denver City and
all affiliated lines, excepting Trinity Si Brazos Valley RR. k Includes IL( Includes
both years earnings of Denver Enid Si Gulf RR., Pecos Valley System and
Santa Fe Presco3 Si Phoenix Ry. 'These figures do not include receipts from sale of coal. o Figures here are on the old
basis of accounting-n04 Use
saw or Inter-State Commerce Commission method. r These figures are on the new basis
prescribed by the Inter-State Commerce Commission.




MAY 22 1909.1

THE CHRONICLE

• Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of May. The table covers 38 roads and shows 13.85%
increase in the aggregate over the same week last year.

1309
Interest Charges and Surplus.

-Int., Rentals.
-Bat. of Net E'ngs.Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
Cumberl'd Tel&Tel__ __Apr
42,622
37,582
190,181
169.264
Jan
1
to
April
30
173,172
150,540
725,520
729,051
Second Week of May.
Increase. Decrease.
1909.
1908.
Delaware Lack & WesternJan 1 to Mch 31
2,672,818 3,234,404 z2,624,858 z980,766
$
$
•
$
Alabama Great Southern
64,309
12,778
Syracuse Bing & N Y51,531
Atlanta Birmingham & Atlantic
7,915
Jan 1 to Mch 31
24,535
32,450
80,014
74.125
51.093
65,381
Buffalo Rochester & Pittsburgh
33,599
110,081
143,680
Dunkirk Allegh Vail & PittsCanadian Northern
25,600
175,800
150,200
Jan 1 to Mch 31
10,762
14,716
zdef4,243
zdef13,452
Canadian Pacific
1,373,000 1,209,000 164,000
July 1 to Mch 31
34,927
44,983 zdef18,344 zdef22,137
Central of Georgia
4,600
162,200
166,800
Genesee & WyomingChesapeake & Ohio
542,858
418,376 124,482
Jan
Chicago & Alton
1 to Mch 31
6,970
248,396
32,613
7,100
215,783
def3,541
def6,853
July 1 to Mch 31
Chicago Great Western
13,646
20,910
128,787
142,433
20,950
def309
def2,698
Chicago Ind & Louisville
17,867
85,488
Lehigh & Hudson River103,355
Cinc New On & Texas Pacific
16,764
132,182
148,946
Jan 1 to Mch 31
74,861
60,485
nil def11,614
Colorado & Southern
23,786
222,039
245,805
July 1 to Mch 31
227,847
174,542
241 zdef3.874
Denver & Rio Grande
58,800
322,100
380,900
N
Y
Chicago
ec
St
Louis
Detroit & Mackinac
1,299
21,810
20,511
Jan 1 to Mch 31
355,077
Duluth South Shore & Atlantic
309,028
y151,062
11,666
1/162,375
45,357
57,023
July 1 to Mch 31
1,143,670 1,247,649
Grand Trunk of Canada
y860,670 y1,036,771
St Lawrence & AdirondackGrand Trunk Western
33,693
708,979
742,672
Jan 1 to Mch 31
Det Gr Hay & Milw
44,530
32,502
z18,226
z44,017
Canada Atlantic
Ulster & DelawareInternational & Great Northern
24,000
107,000
131,000
Jan 1 to Mch 31
43,748
41,353
ydef19,999
ydef60,325
Interoceanic of Mexico
137,077
2,327
134,750
July 1 to Mch 31
136,638
135,086
y71,058 ydef27,796
Iowa Central
40,427
9,260
49,687
z After allowing for other income received.
17,101
Kansas City Mexico & Orient
12,774
29,875
allowing
After
for
net
I/
revenue
from
outside
751,785
90,145
operations and for other
Louisville & Nashville
841,930
142,846
23,534 income.
119,312
Mexican International
15,488
955
16,443
Mineral Range
64,916
55,808
9,108
Minneapolis & St Louis
STREET RAILWAY AND TRACTION COMPANIES.
229,308
182,939
46,369
Minneapolis St Paul & S S M
784,000
633,000 151,000
Missouri Pacific & Iron Mtn_ _ _ _
28,000
26,000
2,000
Central Branch
Latest Gross Earnings.
Jan. 1 to latest date.
181,522
Name of
170,104
11,418
Mobile & Ohio
1,054,026
Road.
920,317 133,709
National Railways of Mexico
Week or
Current Previous Current
Previous
9,179
10,324
1,145
Rio Grande Southern
Month.
Year.
Year.
Year.
Year.
180,594
140,383
40,211
St Louis Southwestern
879,132
811,840
Southern Railway
67,292
232,229
American Rys Co _ _ _ April
195,342
Texas & Pacific
36,887
222,076 213,955
856,724
823,516
17,302
Toledo Peoria & Western
18,975
1,673 C Aur Elgin & Chic Ry March _ _ 101,972 95,773
295,944
275,310
457,295
415,349
Bingham'n St Ry__ _ March _
Wabash
41,946
25,554
22,339
75,908
66,138
------Birm Ry Lt & Power March _ _ _ 181,818 177,003
551.615
522,091
10,024,838 8,805,153 1,254,263
Total (38 roads)
34,578 Brockton&Ply St Ry March
7,579
7,254
21,395
20,182
Camaguey Co
Net increase (13.85%)
1,219,685
Jlinuary _ _
11,337
7,556
11,337
7,55E
Cape Breton Elec Co_ March _ _ _ _
16,462
17,432
50,685
56,341
Central Penn Trac
April
57,168
53,617
224,500
209,769
Con RyG&E March _ _ _ _
60,394 61.497
For the first week of May our final statement covers 46 Charlest
179.063
181,297
Chicago Railways Co _ March _ _ 985,927 857,732 2,802,503 2,429,948
roads and shows 11.96% increase in the aggregate over the Cleve
Painesv & East March ___ _
20,345 20,709
55,813
56,355
Dallas Electric Corp_
__
same week last year.
102,667 87,997
314,362
261,798
Detroit United Ry_ _ _ 1st
Marchwk May
- 129,369 116,909 2,363,932 2,129,997
Duluth Street Ry__ March ___ _
73,942 67,792
212,500
195,186
First Week of May.
1909.
1908.
160,347 148.795
Increase. Decrease. East St Louts & Sub_ April
621,256
651,386
El Paso Electric
March _ _ _ _
45,602 43.641
--142,487
134,306
Fair & Clarksb Tr Co March ____
$
$
33,085 27,816
$
$
93,153
85,980
Previously reported (32 roads). 8,872,015 7,859,507 1,058,819
46,311 Ft Wayne & Wabash
Alabama Great Southern
Valley Traction Co March _
62,940
105,812 97,760
50,167
12,773
314,721
298,235
Atlanta Birmingham & Atlantic
Galv-Hous Elec Co_ March _ _ _ _
37,545
95,611
83,539
24,535
269,598
13,010
238,869
Grand Rapids Ry Co. April
Cinc New On & Texas Pacific
77,625 68,826
144,305
134,154
302,801
10,151
271,355
Detroit Toledo & Ironton
25,248
933 Havana Electric Ry_ Wk May 16 39,557 36,882
757,214
26,181
727,741
Ann Arbor
Honolulu Rapid Tran
31,792
28,401
3,391
Georgia Southern & Florida_ _ _ _
&
Land
Co
March ___ _
32,114 30,663
33,118
30,881
2,237
94,863
90,570
Houghton Co Trac Co March __ _ _
Grand Trunk of Canada
25.457
19,773
70,887
55,787
Grand Trunk Western
Illinois Traction Co_ _ March _ _ 346,131 318,338 1,020,935
714,028
5,708
708,320
950,787
Jacksonville
Gr
&
Det
Hay
Milw
Elec Co_ March _ _
41,047 36,965
115,776
101,203
Kansas City Ry & Lt March ___ _ 548,061 488,741 1,588,402 1,449,180
Canada Atlantic
Kansas City-Western March _ _
Mexican Railway
26,826 24,958
164,600
16,600
148,000
75,133
70,052
Knoxville Ry & Lt Co March ___ _
Mexican Southern
47,131
46,522
23,910
139,215
23,840
70
128,017
Lake Shore Elec Ry_ March ___ _
Nevada-Californla-Oregon ____
76,680 73,145
' 9,282
210,742
3,049
6,233
207,698
Lex
&
Inter
„Rys
March
Texas Central
Co_
_
_
40,957
43,985
119,725
13,883
4,427
9,456
120,955
Little Rk By & El Co March ___ _
56,589 56,552
171,030
--163,509
Total (46 roads)
379,712
10,132,666 9,049,675 1,130,235
47,244 Memphis Street Ry_ _ March ____ 133,151 128,857
360,264
Milw
Elea
Net increase (11.96%)
Ry
&
Lt
Co
March _ _
333,801 304,899
990,844
906.966
1,082,991
Milw Lt Ht & Trac Co March
58,444 54,469
171,659
158,485
Montreal Street Ry_ _ Wk May 15 72,230 68,167 1,326,737 1,270,586
Nashville Ry & Light January __ 138.969 124,878
138.969
124,878
Net Earnings Monthly to Latest Dates.-In our "Railway North Ohio Tr & Lt_ _ April
151,906 129,806
586,989
504,889
North Texas Elec Co_ March _ _ 109,013 91,651
280,611
237.163
Earnings" Section, which accompanies to-day's issue of this Nor!
& Portsm Tr Co March _ _
156,394 138,791
468,558
415,452
journal, we furnish full details of the gross earnings and ex- Northwestern Elev._ April
176,361 155,354
691,215
613,870,
Oakland Traction Co..' March __ _ _ 233,992 232,494
653,675
penses for the latest month and the fiscal year to date of all Oklahoma
668,170
City Ry__ March _ _
28,552
19,556
78,254
53,485
roads that are obliged to file monthly statements with the Paducah Tr & Lt Co_ March _ _ _ - 17,641 18,304
54.496
56,675
Inter-State Commerce Commission. We print here, there- Pensacola Electric Co March _ _ _ _ 19,013 19,205
57,878
52.730.
Portland Ry L&P Co March ___ _ 370.729 336,152 1,064,957 1,009,264
fore, only the returns supplied by the companies themselves, Porto
Rico Rys Co.._ January
33,925 30.818
33.925
30,818
or, rather, such of them as have come in this week. Where Rio de Janeiro Tram
Light
Power.._
&
_
_
March
599,615
570,665 1,754,804 1,638,085
the figures furnished by the companies differ from those filed St Joseph (Mo) By Lt
with the Commission, the reader should understand that the
Heat & Power Co_ _ April
72,440 ' 64,699
300,637
268,265
San Fr Oak & San Jo March _ _ _ _
75,166 74,598
213,949
213,031
basis of computation is different.
Sao Paulo Tr Lt & P. March ___ _ 201,975 199,299
608,631
577,719*
-Gross Earnings- -Net Earnings
- Savannah Electric Co March ___ _
46,814 48,161
142,655
138,200
Current
Previous
Seattle Electric Co_ _ March _ _ 420,416 354,887 1,202,918 1,066,705
Current
Previous
Roads.
Year.
Year.
South Side Elevated_ April
Year.
Year.
174,307 176,828
686,158
686,578
SOu Wisconsin Ry Co March __ _ _
12,638
11,366
36,118 • 33,816
Baltimore & Ohlo_b_ _ _ _ Apr 5,761,925 5,024,785 1,833,116 1,104,560 Spring!(Ill) R & L Co April
76,006 67,665
340,349
310,515
58,900,373
Apr
July 1 to
30
63,080,036 19,689,444 16.830,066 Tampa Electric Co_ _ March _
48,176 43,121
_
152,614
136,982
Toledo Rys & Light_ March _ _ 213,766 201,129
653,075
Delaware Lack & Western_ b625,968
7,798,853 7,221,612 3,449.372 2,752,960 Toronto Railway._ _ _ Wk May 15 70,460 65,910 1,266,509 1,167,998
Jan 1 to Mch 31
Twin City Rap Tran_ 1st wk May 123,399 114,990 2,205,314 2,007,820.
Syracuse Bing & N Y _bUnderground El By
212,791
Jan 1 to Mch 31
201.285
79,313
67,198
of LondonCumberi'd Tel &TelCo b Apr
Three tube lines_ _ _ Wk May 8 £12,765 £11.845 £234.375 £210,200
531,886
511,378
232,803
206,846
Jan 1 to April 30
Metropolitan Dist. Wk May 8 £9,853
2,118,894 2,049,258
902,223
876,060
£8,974 £175,108 £159,598
United Tramways_ Wk May 8 16,149
£6.365
196,189 £100,919
Demerara Elect Co
11,128
10,177
Apr
5,186
4,272 United Rys
of
L.
St
April
_
911,654
865.691
Jan 1 to April 30
3,452,002 3,327,451
43,264
39,866
20,205
16,896 I rnited flits of San
Fr March _ _ _ _ 606,615 564,674 1,716,626 1.559,690.
DunkIrk All Vail & Pitts-bWhatcom Co Ry & Lt March
32.172 28,561
96,265
88,668
Jan 1 to Mch 31
51,475
60,433
6,319
1,154
July 1 to Mch 31
203,548
207,343
15,950
22,065
c
These
figures
are
for
consolidated
company.
Fairchild & Northeast_ b Mch
1,700
1,744
1,012
500
July 1 to Mch 31
14,599
14,943
581
62
Street Railway Net Earnings.-The following table gives
Fonda Johnst & Glov a_ Apr
66,999
70,285
40,371
38,313
July 1 to April 30
632,738
339,924
652,527
332,650 the returns of STREET railway gross and net earnings
Genesee & Wyoming_breported this week. A full detailed statement, includin all
Jan 1 to Mch 31
15,021
3,429
14,886
247 roads from which monhtly returns can be obtained,
is given
July 1 to Mch 31
62,512
20,601
72,183
18,252
once a month in these columns, and the latest statement of
Kansas City Southern_ b_ Apr 769,321
299,343
632,274
224,193
July 1 to April 30
7,370,376 7,685,531 2,860,824 2,809,991 this kind will be found in the issue of May 1 1909.
The
Lehigh & Hudson River bnext will appear in the issue of May 29 1909.
Jan 1 to Mch 31
308,936
74,861
172,320
48,871
Earnings---Gross
-Net Earnings
July 1 to Mch 31
905,626
228,088
645,469
168,547
Current
Previous
Current
Previous
N Y Chic & St Louis_ bRoads.
Year.
Year.
Year.
Year.
2,257,289 2,415,779
Jan 1 to Mch 31
528,125
522,639
July 1 to Mch 31
6,969,726 7.580,046 2,159,020 2,475,360
Central Penn Trac Co_ April
57,168
53,617
13,556
8.551
Pitts CC & St Louls_a_ _Apr 2,226,656 1,888,318
375,544
385,090
Jan 1 to Apr 30
224,500
209,769
50,442
28,171
Jan 1 to April 30
8,826,148 7,984,178 1,775,992 1,800,244
East St L & Sub_b
160,347
Apr
148,795
70,008
63,594
St Lawrence & Adirondack_ bJan 1 to Apr 30
621,256
651,386
263,044
317,465
131,956
Jan 1 to Mch 31
122,455
63,887
77,811 International Ry Co (Bu
Halo)Ulster & Delaware_ bh Jan 1 to Mch 51.. _ _
995,280
996,815
353,680
336,553
Jan 1 to Mch 31
184,242
134,731
34,097 def11,522
July 1 to Mch 31
3,429,958 3,606,357 1,295,719 1,410,171
July 1 to Mch 31
748,231
680,946
228,191
124,772
Crosstown Street Ry_ba Net earnings here given are after deducting taxes.
Jan 1 to Mch 31
196,526
150,362
54,818
53,570,
b Net earnings here given are before deducting taxes.
July 1 to Mch 31
560.057
507,854
202,733
203,901




Roads.

THE CHRONICLE

1310

-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Ye r.
Year.
Year.
Year.
$
$
$
Roads.
110,595
120,822
280,736
294,374
Apr
Montreal Street Ry
711,866
767,781
2,107,716 2,027,873
Oct 1 to Apr 30
,320
62
47,552
129,804
151,906
Nor Ohio Tr & Lt Co_ _ _. _ Apr
245,432
181,006
504,889
586.989
Jan 1 to Apr 30
37,498
31,473
67,665
76,006
Springfi'd (III) Ry & Lt_b Apr
176,200
310,515
160,509
340,349
Jan 1 to Apr 30
341,952
295,028
865,691
United Rys of St Louisa Apr 911,654
3.452,002 3,327,451 1,218,665 1,123,755
Jan 1 to Apr 30
181,255
564,674
243,553
606,615
United RRs of San Fran_ Mch
670,882
440,317
1,716,626 1,559,690
Jan 1 to Mch 31

[VOL. Lxxxvui.

appear among the securities owned $10.000,000 stock of the Pennsylvania
Tunnel Fe Terminal RR. Co. and $100.000 stock of the Pennsylvania Terminal Ry.-Ed.]
Bonds of Sub-Companies.-The Pittsburgh Youngstown & Ashtabula
Ry. Co. authorized the creation of a first general mortgage to secure $15,000,000 of bonds; of these bonds there were Issued $2,000,000 of Series "A"
bonds for the purpose of paying off $1,500,000 Ashtabula & Pittsburgh
the
purchase of additional equipRy. Co. bonds due Aug. 1 1908 and for416)
ment. (V. 86, p. 795, 1285; V. 87, p.
its 4% consols, Series "B," and
of
Co.
sold
53,000,000
RR.
The Vandalia
applied the proceeds to the redemption of $1,608,000 of 7% bonds of the
Indianapolis & Vincennes RR. Co., which matured Feb. 1 1908, and to
construction and equipment purposes. (V. 86, p. 1531; V. 87, p. 1012.)

STOCK HOLDINGS OF THE PENNSYLVANIA COMPANY DEC. 31*
1908, AGGREGATING (AT PAR) $195,726,612.
Total par.
Name of CompanyTotal par.
Name of Company$5,000,000 Pennsylvania Terminal Ry__ _5 100,000
a Net earnings here given are after deducting taxes.
pref
RR.,
Ohio
&
Baito.
&
Penn.
Sty_
Tunnel
13,451,200
__
b Net earnings here given are before deducting taxes.
Term.
_10,000,000
corn
RR.,
Ohio
Balto. &
22,504,100 Pitts. Clue. Chic. & St. Louis
Cambria Steel Co
Ry., preferred
60,000
22,470,700
Interest Charges and Surplus.
Central Indiana Ry
1,788,500 Pitts. Ctn. Chi. & St. L., com_16,632,900
Ry
-Bal. of Net E'ngs.- Cleveland & Marietta
-Int., Rentals, &c.
2,237,500 Pittsb. Ft. Wayne & Chicago
Cleveland Akron Jr Col. Ry
Previous
Current • Previous
Current
Ry. Co., guar. special
37,556,600
Ctn. Richm. & Ft. Wayne _ 1,257,900
Year.
Year.
Year.
Year.
Roads.
Cin. Lebanon & Nor. Ry _ .__ 1,098,000 Pitts. Youngstown & Ashta$
$
3
5
bula Ry. Co., preferred_ _ _ _ 5,775,000
1,000,000
& Eastern Ry
Ind.
Chic.
49,614
20,410
49,598
13,076 Erie & Pitts. RR., guar. spec_ 430,700 Pitts. Y'town & Ash.lty.,com. 2,100,000
Apr
East St L & Sub
196,395
64,626
198,418
121,068 Grand
2,902,600 Pitts. Joint Stock Yards Co.__ 500,000
Jan 1 to Apr 30
Rapids & Indiana Ry
842,500
•
(Buffalo)
Little Miami RR.,spec. bett't_ 2,009,400 South Chic. & Southern RR
Co
Ry
Internat'l
1,925,650
900,300 Tel. Peoria & Western Ry
282,430
x75,111
285.393
x60,797 Louisville Bridge Co
Jan 1 to Mch 31
5,000,000 Toledo Walhonding Valley &
854,539 x450,636
864,993
x575,802 Norfolk & Western Sty., pref
July 1 to Mch 31
3,500,000
Ohio RR
1,500,000
Norfolk & Western Ry., corn
Crosstown Street Ry11,633,400
2,000,000 Vandalla RR
49,013
50,650
4,168
4,557 Ohio Connecting RyCo., pref. 7,000,000
Jan 1 to Mch 31
2,000,000
Wheeling Terminal Ry
Steel
Pennsylvania
148,849
150.669
52,064
55,052
July 1 to Mch 31
3,070,762
7,388,900 Miscellaneous
Pennsylvania Steel Co., corn
37,495
37,624
Apr
83,198
73,100
Montreal Street Ry
311908.
DEC.
COMPANY
224,109
548,915
218,866
487.757 BONDS OWNED BY THE PENNSYLVANIA
Oct 1 to Apr 30
AGGREGATING (AT PAR) $45,795,843.
44,029
43,779
18,541
3,523
Nor Ohio Tr & Lt Co_ _ _Apr
Total par.
175,624
70,167
175,265
5,382
Name of CompanyJan 1 to Apr 30
Total par.
Name of Company16,670
15,603
20,828
15,870 Ctn. Leb. & Nor. Cons. M.4% $400,000 Penn. Steel Roll'g Stk. Tr. 4% $1,500,000
Springfield (Ill) Ry & Lt Apr
5,300,000
62,039
67,039
109,161
98,470 Chic. Ind. & E'n 1st M. 5%... 500,000 Penn. St. Fr. Car Tr. 4% gold_ 7,000,000
Jan 1 to Apr 30
4%
6%. 100,000 Penn. St. Eq. Impt. Tr.4%__14,200,000
232,274
233,527
Apr
108,425
62,754 Chic. Ind. & E'n Gen. M.gold_
United of St Louis
Tr.
750,000 Penn. Gen. Frt. Eq.
932,437
939,517
279,148
191.318 Cen. Ind. Ry. 1st M.4%
Jan 1 to Apr 30
Supply Tr.
Gr. Rap. & Ind. Sty. 2d M.4% 2,987,000 Penn. all. Water
8,000,000
4%
Ind. & St. L. Ry. 1st B.6%
x After allowing for other income received.
500,000 Toledo Peoria & West. Ry. 1st
gold coupon
1,044,000
51.4%
Equip.
Trust
RR.
Long Island
914,843
2,600,000 Miscellaneous blocks
4% certificates
$45,795,843:
Total par value of stocks, $195,726 612; par value of bonds,
$174,695,637. Of
total, $241,522,455; cost, as per general balance sheet,
various
foregoing securities there are deposited as collateral with the
[The
Annual Reports.-An index to annual reports of steam the
mortgages and trus tobligations stocks of a par value of 5115,373,000.
Pennsylvania
were:
from a year ago in tne stock holdings
railroads, street railways and miscellaneous companies which principal changes
Ry., $10,000,000 (new); Pittsburgh Ft. Wayne &
Terminal
&
Tunnel
have been published during the preceding month will be Chicago, $37,556,600 (against $34,875,300 in 1907). In bonds owned, the
(all reductions from the amounts held last year) were:
given on the last Saturday of each month. This index will principal changes
Pittsburgh Cinc. Chic. & St. L. consol. 45, series "G" (none now held),
not include reports in the issue of the "Chronicle" in which $6,000,000;
Penna. Steel Rolling Stock Tr. 4%, 5900,000; Penn. St. Fr't
4%, 53,000.000; Penn. Steel Imp. Tr. 4%, 57,000,000; Penn.
it is published. The latest index will be found in the issue Car Trust,Equip.
Tr. 4%, $5,718,000.-Ed.1
Gen. Fr't
appear in that of May 29.

ANNUAL REPORTS.

of April 24. The next will
Pennsylvania Company.
(Report for Fiscal Year ending Dec. 31 1908.)
President James McCrea, Pittsburgh, March 25, writes
in substance:

General Results.-The effects of the financial panic that began in the fall
of 1907 continued throughout the year, and the results of the depressed
business conditions are reflected in the statements contained in this report.
The depression was most severely felt in the Iron and steel industries, from
which a large portion of your revenues is ordinarily derived. It will be
noted, however, that a reduction was made in the operating expenses proportioned to the heavy shrinkage in gross earnings.
After deducting the rental of the roads operated on the basis of net earnngs. there remained net operating earnings of $10,407,912, a decrease of
5552,505. The income from Investments, general interest and rents was
311.424,571, a decrease of $430,332, making the gross Income $21,832,483,
or $982,837 less than in 1907. After deducting all fixed charges, interest
and other liabilities, there was a net income of $9,080,010, a decrease of
$816,477. Out of this net income there were paid contributions to sinkbeing the amount
ing funds aggregating $343,305; the sum of $1,334,000,
of the gold loan of 1901 certificates drawn for redemption Nov. 1 1908:
3267.900 on account of principal of matured car trusts, and a dividend of
9% upon the capital stock, leaving a balance of $2,934,715, from which
there was transferred to the extraordinary expenditure fund $2,500,000
to )provide for expenditures not properly chargeable to capital account,
and the balance of 5434,71 5was transferred to the credit of profit and loss.
The passenger train earnings were materially affected by the reduction
in the maximum rates of passenger fares, and in the compensation received
from the Government for carrying the United States malls. Had the same
rates of fare and the same rates for carrying the malls prevailed as in the
year 1906, there would have been an approximate increase from these two
sources alone of about 5500,000. On the other hand, the company was
put to considerable additional expense in complying with Federal and State
enactments, restricting the hours of labor of operators and trainmen and
prescribing the number of men in train crews, and with the requirements of
State and Inter-State commissions.
7'RAFFIC STATISTICS IN 1908 AND DECREASES UNDER 1907.
1908.
Decreases.
Freight Tonnage-Lines operated58,701,104
30,579,039
Directly by Pennsylvania Company_ __ _ tons_
15,800.113
27,152,648
Pitts. Cinc. Ch. & St. L_ _ _tons_
do
tons_
5,485,534
18,181,988
Under their own organizations
tons_ 104,035,740
Aggregate for entire system
9,304,472,661
Aggregate ton mileage
Passengers Carried-On Lines Operated11,489,020
Directly by Pennsylvania Company__ _ _No_
No. 10,251.055
Pltts. Cinc. Ch, de St. L
do
No.
8.551,688
Under their own organizations
Aggregate for entire system
Aggregate passenger mileage

No.

30,291,763
967,563,700

51,864,686
3,583,881,878
1,632,962
1,316,739
*240,071
2,709.630
51,763,262

* Increase.
The average rate received per ton mile on all lines was 6.4 mills. an Increase of 1-10 of a mill; there was an increase in the cost of movement of
1-10 of a mill, so that the net earnings per ton per mile were 1.6 mills, the
same as in the preceding year. The average rate received per passenger
per mile on all lines of the system was 1.90 cents, a decrease of 2-10 of a mill.
Improvements, 4c.-The capital expenditures were limited to such as
were absolutely necessary to complete work nearly finished, or to comply
with track elevation ordinances, or agreements, and to payments for locomotives which had been contracted for prior to the industrial depression.
Change in Balance Sheet.-It will be noted that the contributions heretofore made toward the redemption of your 3)4% gold loan of 1901, amounting to 58,226,333, no longer appear on the balance sheet, having been transferred, together with the additional sum applied to the redemption of such
bonds in 1908. to profit and loss account.
Acquisitions.-The Pennsylvania Company acquired, by purchase during the year. a half interest in the Lake Erie & Pittsburgh Railway Co.,
which is constructing a road between Youngstown and Lorain, Ohio. We
also purchased $265,000 additional capital stock of the Toledo WalhondIng
Valley & Ohio RR. Co. and $29.000 of the Englewood Connecting Railway
Co.. the proceeds being applied by those companies to construction purposes.
Contribution Toward New York Tunnel.-In view of the fact that the Tunnel Extension of the Pennsylvania RR. Co. Into and through the City of
New York will benefit the entire Pennsylvania System, and the lines west
of Pittsburgh will unquestionably reap direct advantages therefrom, it
was deemed proper that this company should participate in the cost thereof.
A contribution of $10,000,000 was therefore made for that purpose, and
charged against profit and loss account. [On the other hand, there now




FISCAL RESULTS OF PENNSYLVANIA COMPANY.
1905.
1906.
1908.
1907.
Miles operated directly
1,414
1,411
1,416
1,414
Dec. 31
$
$
$
$
Earnings29,215,404 40,626,868 36,323,405 31,242,539
Freight
6,174,760
7,078,927
7,028,508
7,574,324
Passengers
812,029
906,031
1,047,539
1,117,741
Express
874,539
875,415
946,118
1,007,328
Mails
856,169
853,028
1,072,382
1,125,017
Miscellaneous
39,423,796
Total
Expenses3,474,459
Maint. of way, &c
Maint. of equipment__ _ 6,076,086
727,772
Traffic
13,740,579
Transportation
921,042
General
1,710,798
Taxes

51,337,433

46,036,806

39,960,036

6,966,354
9.078,618
749,971
17,748,292
861,673
1,530,721

6,208,046
7,799,587
688,018
15,993,649
791,285
1,408,543

5,354,734
6,416,431
641,175
14,646,803
730,881
1,248,763

26,651,636
Total
12 772,160
Net earnings
Rentals paid roads oper,
on basis of net earnings 2,364,248

36,935,629
14,401,804

32,889,128
13,147,678

29,038,788
10,921,248

3,441,386

2,958,800

1,970,195

Net earns. Penna. Co_ 10,407,912
Int. and dlvs. received_ _ 10,994,374
318,305
Interest, general acc't_ _
111,892
Rents

10,960,417
11,791,801

10,188,877
7,634,271
1,493,696
119,114

8,951,053
6,756,003

19,435,958

10,343,459

6,339,079
4,014,569
145,201
267,990

6,369,860
2,478,092
157,771
267,900
1,003,547
10,868

63,102

21,832,483 22,815,320
Total
Deduct6,533,771
6,713.399
All rentals
4,984,760
4,930,364
Interest on bonds
318,856
.
413,485
Interest on car trusts_ _
267,990
267,990
Car trusts, princiapi_ __ _
825,055
Interest, general acc't_ _
23,508
19,650
Advances to railroads
232,884
670,203
Hire of equipment
5,372
Miscellaneous

3,221

636,403

13,020,463 13,186,823 10,770,060 10,289,028
Total deductions
6,054,431
8,605,898
9,628,497
__ _ 8,812,020
Net income for Year..
DistributionAdded to "extraordinary"
2500(1
2,500,000
expenditures fund... 2,500,000
1,677,481
1,676,966
1,677,305
Sinking fund, &c
(7%)4,200,000 7)4,200,000 (6)3,600,000 (5)2,000,000
Dividends
888,417
1,251,531
398,268
434,715
Surplus
Note.-The lines "operated directly by the Pennsylvania Company,"
aggregating 1,415.82 miles Dec. 31 1908, the gross and net earnings of
which are shown above, Include:
Miles. Controlled by Stock or Otherwise-Mtles
Operated under Lease103.68
470.53 Cleveland Fe Marietta
Pittsb. Ft. W. & Chicago
15.09
12.23 Pitts. Ohio Valley Fc Cinc
Massillon & Cleveland
&
Chic.
22.89
South
Southern
82.97
Erie & Pittsburgh
205.67 Branches W.N.Y.&.Pa.Ry___ 51.52
Cleveland & Pittsburgh
Pitts. Youngst. & Asht. Ry_ _137.54 Youngstown ec Ravenna, &c.. 5.81
234.29 Used Jointly with other cos__ _ 73.60
Toledo Wal. Val. & Ohio
BALANCE SHEET.PENNSYLVANIA COMPANY DEC. 31.
1908.
1907.
1906.
$
$
$
Assets174,695,637 188,663,759 222,321,321
Securities
8,356,144
8,356,144
8,356,144
Equipment
896,123
956,748
896,723
Real estate
30,591
30,591
30,501
Real estate in trust
1,238,573
1,238,573
1,238,573
Steub. Extension RR. lease
3.015,428
2,820,692
4,227,255
Leased roads, betterments
2,314,295
2,778,813
Due by companies and individuals__ _ 2.739,505
7,246,508
4,985,441
3,663,928
Advances
1,420,186
872,873
1,089,199
Station agents, &c
596,479
2,312,136
597,843
Bills receivable
2,398,130
2,239,784
3,294,902
Material on hand
2,999,404
2,601,846
3,086,682
Cash with Treasurer
2,290,897 15,613,733
7,320,364
Cash on special deposit
483,115
794,689
471,122
Cash for Interest on bonds
5.194,7541 11,574,920
Sinking funds, incl. leased roads_ _ _ _ 5,638,571
7,576,865
6,390,4251
Miscellaneous assets
_
--Total assets
225,314,571 232,271,700 280,370,845

122,3g7

THE CHRONICLE

MAT 22 1909.]

1907.
1908.
Liabilities$
$
Capital stock
60,000,000 60,000,000
Funded debt
127,112,548 128,645,548
Collateral improvement notes
803,411
Lessor companies for supplies
803,411
2,763,839
Due other cos., current account
2,640,906
Current expenses, leased roads
3,404,116
2,518,099
1,056,282
Interest on debt
1,389,707
Extraordinary expenditure fund_ _ _ _ 5,268,934
4,327,402
Taxes charged out
869,463
909,834
914,079
Car trust princ. chgd. out in advance_ 1,073,429
Sinking funds leased roads
3,425,510
3,630,795
Miscellaneous liabilities
5,520,7211
7,538,680
Sinking funds
3,764,700 11,554,1961
8,987,135
Profit and loss
a8,683,527
Total liabilities

1906.
60,000,000
130,203,548
50,000,000
803,41.1
2,642,601
4,223,512
1,067,680
3,636,672
3,254,935
16,698,742
7,839,743

225,314,571 232,271.700 280,370,844

a After crediting $9,308,000, the amount of 3 ;•6',, gold loan of 1901 redeemed and canceled to Dec. 31 1908, and deducting $10,000,000 charged
off on account of construction of New York tunnel extension (see text
above), and $46,323 paid In settlement of old accounts.-V.87, p. 873.

International Salt Co., Scranton, Pa.
(Report for Fiscal Year ending Feb.. 28 1909.)
President Mortimer B. Fuller, Scranton, Pa., April 19 1909,
writes in substance:

1311

ings of $1,008,715 for the year. In view of these conditions this has been
deemed a proper time to make a substantial charge for depreciation against
properties, plant accounts and securities owned, and, as Is shown by the
statement of income, we have made a charge against surplus account of
$1,354,891.
Our inventories of manufactured goods are taken at figures considerably
below the present cost of manufacture and our crude rubber and raw
materials on hand at figures below the market price March 31.
While our sales for the past year fell off, the number of our customers
increased. During the year much attention has been given to bettering
the condition of our subsidiary companies and raising the standard of
efficiency of our organization.
Refunding.-The company has created an issue of 520,000,000 of collateral trust bonds, of which $15,000,000 have been sold, $5,000,000 being
reserved for future requirements. Out of the proceeds of the bonds sold,
we have called and paid the issue of United States Rubber Co. funding notes
of $8,000,000 and the issue of Boston Rubber Shoe Co. debentures of
$4,500,000, the remainder being employed as working capital. (Compare
V. 87, p. 1483; V. 88, p 56. 382.)
Rubber Goods Manufacturing Co.-Owing to the large interest of this company in the Rubber Goods Manufacturing Co., I quote from the last annual
report of its President (see V. 88, p. 942).
Stockholders.-Our list of stockholders now numbers 6,300, an increase
of 1,055 during the year.
CONSOLIDATED INCOME ACCOUNT OF THE UNITED STATE
RUBBER CO. AND ITS SUBSIDIARY COMPANIES.
a1905-06.
a1908-09.
a1906-07.
a1907-08.
Gross sales and mLsc___ _546,403,254 $62,696,106 $60,568,852 $54,723,757
Less discounts, allowances,rebates&returns 14,513,903 20,835,680 20,853,121 21,855,163

Construction.-The second of the new -process plants for manufacturing
evaporated salt, that located at Ludlowville, N. Y., was completed in
Net sales and misc_ _ _531,889,351 $41,860,426 $39,715,731 $32,868,594
April 1908, but on April 19 1908 this plant was destroyed by tire. The Cost of goods sold
24,616,391 35,462,394 33,125,922 26,482,329
operation of this plant before the fire, however, demonstrated its success
construction
rebuilt
of
fireproof
been
since
and efficiency. The plant has
Manufacturing profits $7,272,960 $6,398,032 $6,589,809 56,386,265
and has recently come into full and successful operation. The construction Freight, taxes, Insuece,
work at the Watkins plant (No. 3) was delayed for several months for
selling & general exp_ 1,664,609
1,913,127
1,931,748
1,480,760
various unavoidable reasons.
A fourth new-process plant, at Ludington, Mich., has been completed
$5,608,351 $4,484,904 $4,658,083 $4,905,505
Operating profits
and Is now in operation.
Rubber Goods Mfg. diviAt the annual meeting held March 23 1908 a resolution was adopted
689,308
dend as adjusted _ _ _1j 890,733
276,770
authorizing the directors, in their discretion, to erect three additional Other income
J 1,157,788 1 178,038
872,032
102,798
interplaces
as
might
be
best
and
considered
for
the
times
plants at such
ests of the company. In view of general business conditions for the past
$6,786,139 $5,553,675 $6,219,403 55.285,073
Net income
year, and delays In completion of the work already under way, it was de- Interest on loans
$1,728,650 $1,320,587 $1,228,954
$900,790
cided to postpone the erection of the additional plants authorized, at least Int. on B. R. Shoe debs_
218,125
240,000
240,000
240,000
for the present.
247,162
297,481
93,532
193,786
Int. allowed customers..
General Results.-The destruction of the Ludlowville plant deprived the
chief
source
of
supply in the East, and the consequent
company of its
$2,193,937 $1,858,068 $1,562,486 $1,334,576
necessity arose of purchasing In the open market a large portion of the
66:5
93
16
3 $3,950,497
Net income to surplus $4,572,202 $3,695,607 $4,656
evaporated salt for the company's requirements In the Eastern markets. Bad debts, &c
142,051
64,546
69,227
While the company has nevertheless earned a substantial amount above
all fixed charges, the balance has been applied to the reduction of the
$4,507,1355 $3,553,556 $4.590.383 $3,881,270
Balance
floating debt rendered necessary by the construction of the new plants.
(8)2,901,040(8)2,901,040 (8)2,901,0401
In common with other lines of trade, your company has suffered from Dividend on 1st pref_ _ _ (6)597,900 (6)594,408 (6)584,916J b2,846,092
the general depression in business. But In spite of these adverse condi- Dividend on 2d pref.
tions, the earnings for the period covered by this report were slightly in
$58,108 $1,104,427 $1,035,178
$1,008,715
Surplus for year
excess of those of the previous year.
3,987,101
5,022,279
6,184,815
6,126,706
Loans.-As stated In the Treasurer's report of March 25 1907, it was Previous surplus
decided to devote the net earnings to the acquisition and installation of
c$5,838,639 $6,184,815 $6,126,706 $5,022,270
surplus
Total
the new processes, which plan has been carried out; but, owing to the commercial stagnation during the last two fiscal years, the earnings were ima Does not include earnings of Rubber Goods Co. or its subsidiaries.
paired to such an extent that it became necessary to borrow funds required
b Includes 8% on first preferred stock and dividends at rate of 6% on
for the immediate completion of the work, Instead of delaying same pending second
preferred issued during the year.
a return to normal conditions.
C After deducting $1,354,891 for depreciation of properties, plant accounts
Outlook.-Having In operation the four new-process plants, advantage- and securities owned.
ously located as regards distribution to all markets, your company can
produce and ship at a minimum expense a tonnage that will permit of the CONSOLIDATED BALANCE SHEET MARCH 31 OF UNITED STATES
RUBBER CO. AND ITS SUBSIDIARY COMPANIES.
operation of its plants at a high efficiency, and at the same time secure
1908.
1909.
1909.
for its product a greater margin of profit. Competition has increased
1908.
Liabilities$
$
during the period of construction of the new plants, and will always preAssessvail; but your company, by locating its manufacturing plants at ohts Property & plants 74,645,236 74,734,540 1st pref. stock_ __ _36,283,000 36,263,000
2d pref. stock_ _ _ _ 9,965,000 9,965,000
favorable to distribution, has placed itself in better position to meet such Inventories, mancompetition.-V. 88, p. 509.
Common stock *23,666,000 25,000,000
ufactured goods
and materials 13,522,024 13,533,170 6% coll. tr. sink.
fund gold bonds 15,000,000
Anaconda Copper Mining Co.
Cash
1,985,544 2,723,381
994,251 B.R.Shoe Co.deb.
4.800,000
Bills receivable_ __ 830,400
(Report for Fiscal Year ending Dec. 31 1908.)
U.S. R.fund.notes
8.000,000
Accounts receivable
9,247,818 8,494,235 Fixed surpluses__ 8,134,849 8,134.849
fiscal
years.
Below are comparative results for several
6,372,892 8,174.730 Loans payable ___ 1,797,078 2,440,078
Securities owned
362,635
569,862
Accounts payable_
The text of the report will be given another week.
Miscellaneous as612,721 Due Gen. R. Co__ 4,268,806 7,164,112
sets
85.605
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING,DEC. 31.
77,804
Deferred liabilities 311,459
Reserved for divs_ 874.735
874,735
1906.
1907.
1908. •
Surplus
5,838,639 6.184,815
Receipts$
$
Sales of copper, sliver and gold
9,060,472 12,038,715 20,955,533
Total
106,689,519109,267,027
106,689.519109.267.027
Total
Royalties
38,831
60,631
40,796
Dividends on investments
32,100
33,553
36,100
* After deducting $1.334,000 common stock in treasury of subsidiary
Rental of water rights
50,000
50,000
50,000
Miscellaneous receipts
11,714
6,110
172,989 company.-V. 88, p. 382
Net profits subsid. depts. after deprec.
240,155
581,282
387,615
Copper, silver & gold on hand (copper
The Denver (Col.) Gas & Electric Company.
at cost, silver & gold at selling price) 6,169,245
6,002,643
5,306,003
Total receipts
15,604,481
DisbursementsCopper, silver and gold on hand Jan. 1 6,002,643
Mining exp, Incl. develop't & deprec. 4,505,529
Ore, matte and copper purchases (in24,486
cluding transportation)
136,593
Transp. of ore to reduction works_ _ _ _
Reduct. exp. Anaconda, incl. depr. 2,940,175
Transp. of metals to East, relining
989,562
and selling expense3
59,529
Administration expenses

18,751,134

26,968,871

5,306,003
5,241,704

5,761,105
5,870,439

(Report for Fiscal Year ending May 1 1909.)
Pres. Henry L.Doherty,May 111909, wrote in substance:

General ResuUs.-For the year ending May 1 1909 there was an increase
(a) in gas sales of 93,919,900 cubic feet, or 11.5% in quantity.and 6.8% in
gross receipts; and (b) In electric sales of 4,080,703 kilowatt hours, or
210,630
315,092 16% in quantity,and 13.1% In gross receipts. The fact that the gain In
153,140
234,150 gross receipts is not as great as the gain in quantity sold 13 clue to reductions
3,640,295
4,424,278 made in rates to conform to the franchise ordinance of 1906, which provides
for a gradual reduction In the average receipts from both gas and electricity.
997,939
1,721,968 (V. 83, p. 40, 1414.) In view of the gain in gross earnings we are enabled
53,649
57,6/2 to show an increase In net earnings of $143,036.
Additions.-The total additions to property during the period amount
Total disbursements
14,658,518 15,603,361 18,384,702 to $399,289. The ten new benches were
completed at the gas works, as
Balance
945,963
3,147,773
8,584,169 was also the new washer cooler; 13.2 miles
of main were laid; 2,194 new
Add interest
258,500 serviceu were put in; and we have purchased 1,465 additional
137,017
230,447
gas meters.
In the electric distributing system, however, 13 feeders have been run from
Total net income
3,378,220
8,842,669 the plants to the centres of distribution.
1,082,980
Dividends
6,900,000
6,300,000
2,400,000
Finances.-The board authorized the sale of $50,000 bonds In small
(23%)
(21%)
(8%)
denominations of $100,$250 and $500, the same being sold at the prevailing
market prices.
Balance, surplus for year.
def.1,317,020def.2,921,780
1,942,869
Negotiations arc well under way providing for the sale of sufficient of
the general mortgage bohds to retire the prior lien bonds on Oct. 1 1909.
BALANCE SHEET DEC. 31.
This will then make the general mortgage bonds a first mortgage on the
1908.
1907.
1908.
1907.
electric property. The bonds of The Denver Consolidated Gas Co.,
AssetsLiabilities$
$
$936,600, may be taken up on Jan. 1 1911, general mortgage bonds being
Mines, min, claims,
Capital stock
30,000,000 :30,000,000 reserved for this purpose. The "three-year notes," 5250,000, may be
land, &c
20,630,197 20,738,324 Accts. and wages
taken up on Sept. 1, and negotiations are now pending to clear them away,
131(Igs.,sawmills,&c 3,370,716 3,746,596
payable & taxes
which will mean a saving in interest charges.
Investments in sun2,271,475 1,705,909
accrued
Office Building.-We have executed a 25-year lease of a building to be
companies
534,113
dry
534,113 Dividend warrants
erected at the corner of 15th and Champa streets for permanent office
Insur. unexpired
44,695
53,944
not presented
6,259
12,210 quarters. Before doing so. however, sale was made of the property purMat'is & supplies_ 1,729,646 2,470,855 Dividend payable
chased some three years ago as site for an office building. The $45,000
Mdse. for sale_ _
557,230
631,880
January
600,000
600,000 profit made by this sale has not been shown in the monthly statement of
Copper,silver&gold 6,169,245 6,002.643 Surplus
4,944,442 6,261,462 earnings, but is credited direct to surplus.
Loans & accts. rePower Contract.-We have recently closed negotiations with the Central
ceivable & cash_ 4,786,334 4,401,246
Colorado Power Co. which will, when plants are completed and running,
enable us to secure water power upon satisfactory terms from two sources
Total assets__ _ _37,822,177 38,579,581
Total liabilitles_37,822,177 38,579,581 of supply. Probably, therefore, no outlays will be required for additions
-V. 88, p. 1131.
to its electric generating plants for some years to come.
Surplus and Reserve.-The surplus and reconstruction reserve now amount
United States Rubber Co.
to 40% of the outstanding capital stock.
Outlook.-In view of the large amount of building now going on In Denver;
(Report for Fiscal Year ending March 31 1909.)
and the general prosperity throughout the State, we do not hesitate to
again predict a very marked increase in gross and net earnings next year.
President Samuel P. Colt, May 18 1909, says:
GROSS EARNINGS-YEARS ENDING MAY I.
Treasurer's Report.-The consolidated income statement shows that
while, owing to the general commercial depression, our volume of sales
Gross Earn. Increase
Gross Earn. Increase
decreased, as compared with the previous fiscal year, our profit increased , 1908-09
$2,256,841 $217,411 1904-05
$1,348,276 5231,887
from $3,553,556 to $4,507,655, and that the earnings from operations have 1907-08
2,039,429 245.634
217,926
-,
. ,
been sufficient for the payment of the regular 8% dividend on the first 1906-07
1,793,765 216,205 1902-03 _
898,463 209,399
preferred stock and 6% on the Second preferred stock, leaving surplus earn- 1905-06
1,577,560 229,284 1901-02
689,064




1312

THE CHRONICLE

EARNINGS ON THE STOCK FOR THE YEAR CLOSING MAY 1.
12.97%11906-07
9.30%
1908-09
16.75%11907'08
STATISTICS ON MAY 1.
1908.
1909.
1908.
1909.
216.5156 C. p. lamps
229.7
Miles of mains __
25,478 connected __
429,940
28,140
360,300
Gas consumers.
K. w. hours sold
Gas sold (year)
29,612,154 25,531,451
cubic feet.. ___908,031,200 814,111,300 (year)
19,772 H. p. motors
21,740
Ranges connect_
connected
13,172
11,291
Water heaters
7,219 Arc lamps in use
3,182
8,409
3,193
connected __Electric signs__ _
491
291
Other appliances
18,112 50 C. p. lamps
20,327
connected ___
21,140
connected
24,859
787
693
Elec. consumers J
BALANCE SHEET MAY 1.
1908.
1909.
1009.
1908.
Liabilities$
$
Assets3,500,000 3,500,000
Plant & invest't_ _11,945,561 11,546,272 Capital stock
Bonds outstanding 7,478,600 7,238,600
Store-room & sup241,440
233,357 Bills, accts., wages
ply accounts _
12,391
payable & con23,964
Exp. paid in adv_
sumers' deposits 305,673
373,766
Gas and electri-e
167,443
150,750 Coupons and interbills receivable_
63,531 est accrued ____
63,382
23,939
24,139
Sundry accts. rec.
and
Surplus
re-conCash in bank and
96,139 struction reserve 1,383,321
249,743
965,935
office
Total
12,691,533 12,102,440
12,691,533 12,102,440
Total
See earnings statement year ending Feb. 28 1909 in V. 88, p. 751.

GENERAL INVESTMENT NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Great Southern RR.-First Dividend.-The company has declared an initial dividend of 2% on the $7,830,000
ordinary stock, payable June 26 to stock of record June 1.
The $3,380,000 pref. stock has long received its 6% per
annum. The Southern Ry. Co. owns $4,540,050 of the
common and $1,725,000 preferred.-V. 87, p. 1158.
Argentine Central Ry., Colorado.-Bond Offering.--C. E.
Davenport, Boston representative of A. R. Sheffer & Co., is
offering for an executor $12,000 of the 1st M. Os at par and
interest. An exchange says:
With each $1,000 bond there originally went five shares of the company's
stock. The stock will pay 2 M % this year. compare V. 83, p. 1170.

Atlantic Coast Line RR.-Dividend Restored to 3% SemiAnnually.-The semi-annual dividend on the $48,537,600
common stock, which from January 1906 to January 1908
was 3% semi-annually (the payment in January 1908 being
made in scrip) but in July 1908 and January 1909 was only
23/2%, was restored this week to 3% with the declaration
of the dividend payable July 10 to holders of record June 22.
-V. 88, p. 1126, 881.
Baltimore & Ohio RR.-Called Bonds.-Forty-four ($44,000) Monongahela River RR. first mortgage 5% coal bonds
called for redemption are payable at the office of the American
Bonding Co. of Baltimore on June 1.-V.88, p. 1060, 685.
Canadian Northern Ry.-Bonds Offered.-Wm.• A. Read
& Co., New York,and the Dominion Securities Co., Toronto
2% first mort/
are offering the entire issue of $1,500,000 43
gage gold bonds, series T, issued by the Imperial Rolling
Stock Co., Ltd., and guaranteed as to principal and interest
by the Canadian Northern Ry. Co. These bonds are dated
March 1 1909 and will mature,serially,$150,000 each Sept. 1
from 1910 to 1919, both inclusive. Denominations $500 and
$1,000 (c*). Interest M. & S. at Canadian Bank of Commerce, Toronto, New York and London. Principal payable
at Toronto and New York.
These first mortgage equipment bonds have been Issued to pay In part
for the following new equipment required by the increasing traffic due to
the rapid development of Western Canada* 15 locomotives, 1,200 box
cars, 125 stock cars, 125 flat cars, 15 cabooses, 6 first-class coaches, 2
second-class coaches, 4 second-class and baggage, 6 baggage cars, 1 baggage
and mall car. The cash cost is $2,108,743, equipment bonds being Issued
against only 75% of this cost.

[VoL. Lxxxvm.

mitted to the Metropolitan West Side Elevated Ry. the following terms of guaranty under the proposed lease, accompanying the same with the remarks shown below:
Annual Rental Guaranty Offered Metropolitan West Side Elevated Ry. Co.
Dividends(%) 1901-12. '13. '14. '15. '16. '17. '18. '19. '20. Thereafter.
3 y'ly. 33,5 3 5•5 3
4
4
4 4 yi 43, 5 yearly.
Pref. stock
1 1 A 1A 2
1
none.
2
2 2 yi yearly.
2
Com. stock
fully
yet
as
not
worked
have
out
the legal method by
Our attorneys
which a payment can be made to the holders of the common stock prior
to the payment of 5% on the preferred shares. We are, however, advised
that arrangements can legally be made for such payment. Compare V.88.
p. 1252.

Counter Proposition for South Side Lease.-The committee
of directors of the South Side Elevated RR.,who rejected
the terms first submitted by the representatives of the Central
Terminal Co. for the rental of the property, is preparing a
counter proposition on the lines of which the board would
be willing to recommend to the stockholders to lease the
property to the new company.-V.88, p. 1252.
Chattanooga Railways.-Proposed Consolidation.-Application was made in the City Council on May 17 by the Chattanooga Railways Co. and the Chattanooga Electric Co. for
authority to consolidate. See Chattanooga Electric Co.
under "Industrials" below.-V.86, p. 793.
Chesapeake & Ohio Ry.-Stock on 4% Basis.-The directors on Thursday declared a quarterly dividend of 1% on
the $62,793,700 stock, payable June 28 to holders of record
June 14, placing the stock on a 4% annual basis, comparing
with 1% yearly disbursed in 1899 to 1908 inclusive, the last
distribution having been made on Dec. 22 last. Compare
V. 87, p. 1663.
Notes Called for Payment.-As announced at the time of
the sale of the $11,000,000 general funding and improvement
5% bonds in December last, the company has called for payment at the Central Trust Co. of New York on July 1 next
at 102 and accrued interest the $7,500,000 collateral trust
6% notes issued under the agreements dated July 1 1907
and April 25 1908.
Application to List Bonds Sold Last December for Refunding,
&c.-Application has been made to the New York Stock
Exchange to list $11,000,000 "general refunding and improvement" mortgage 5% bonds due 1929 (V. 87, p. 1663).
Trunk Line Suggestions.-It is generally understood that
the new owners of the property have had in mind the deskabiltiy of'establishing a connecting line between the Chesapeake & Ohio and the other properties in which they are
interested, namely the Minneapolis & St. Louis and Iowa
Central (see maps of the several systems in the "Railway &
Industrial Section") for the purpose of forming a tidewater
trunk line for the transportation of grain, coal and other
commodities to Norfolk, Va., as well as the handling of a
much larger share of the import business. It is believed
that the Chicago Cincinnati & Louisville between Cincinnati
and Chicago would fit in well with the plan, but thus far,
it is said, the terms demanded by the first and second
mortgage bondholders of the C. C. & L. have exceeded
anything the Chesapeake & Ohio interests are willing to
consider. A representative of these interests, who declined
to discuss the G'. C. & St. L. matter, is quoted in the New
York "Sun" of May 18 as follows:
The financing of the
Our plans are yet only In the formative stage.
with its completion remain
new project as well as all problems connected
on
determined
making a trunk line
however,
to be perfected. We are,
of our plan is largely in the
of the Chesapeake & Ohio and the execution
is our principal item
coal,
which
of
movement
The
Hawley.
hands of Mr.
a day, as against 700 a year ago. The coal.
of freight, averages 1,100 cars
moreover, Is all going to consumers for immediate use, an indication,
general business activity which
I think, of returning manufacturing and
cannot be too greatly emphasIzed.-V. 88, p. 821,563.

Chicago Burlington & Quincy RR.-Called Bonds.-On
,June 1 there will be payable at par and interest by the
trustees, No.50 State St., Boston,$11,000 Tarkio Valley RR.
and $10,000 Nodaway Valley RR. 1st 7s.-V. 88, p. 1127,
1060.
Chicago Cincinnati & Louisville RR.-See Chesapeake &
Ohio Ry. above.
Receiver's Certificates.-A press dispatch yesterday from
Indianapolis announced that Receiver James P. Goodrich
had petitioned the Federal Court for permission to issue
$1,500,000 receiver's certificates on account of necessary imUnder its charter the Saskatchewan Northwestern will consist ofA line from Craven, on the Craven branch of the Qu'Appelle, Long Lake provements, equipment, &c.-V. 88, p. 451, 52.
8: Saskatoon line to point on Prince Albert branch near Prince Alb rt.
A line connecting the Long Lake By. with the Saskatoon-Calgary branch
Chicago Consolidated Traction 0o.-Receivers' Certificates.
of the C. N. R.
A line south of the main line of the C. P. R.from Marylleld on the Manitoba -Judge Grosscup at Chicago on May 18 authorized the reboundary westward towards Lethbridge, for which further connection ceivers to issue $550,000 receivers certificates to provide
a Dominion charter has been obtained.
for improvements.
A cut-off from this line to the Roche Puree coal fields.
A line running la a northwesterly direction from North Battleford.
Foreclosure of Controlled Companies.-The Illinois Trust &
There Is now under construction a line to connect Saskatoon wills Calline
Lake
Long
with
the
the
Saskatoon Savings Bank, as trustee under the several mortgages filed
gary. This proposed line to connect
will also place Calgary In straight-line communication with Winnipeg, and in the United States Circuit Court at Chicago on May 6, as
so avoid the long upward haul of grain which is being rushed to the head
of the lakes for transportation abroad. The other lines will tap new authorized by Judge Grosscup, suits for the foreclosure of
country.
the property of the North Chicago Electric
The building program in connection with the Alberta Midland provides mortgages on
for a line connecting Calgary and Edmonton. And there is also under Ry. Co., the North Side Electric Street Ry. Co. and the
contemplation a line to connect Lethbridge with these two poidts, almost Chicago Electric Transit Co., and also, it is said, either the
in a due northerly direction: and it Is understood that there will soon be
Evanston Electric Ry. or Ogden St. Ry., but which does not
an extension into the coal territory lying to the west of Lethbridge.
It is understood that the construction of these lines will be proceeded certainly appear. The bondholders' committee of the
the
grants
Board
the
as
necessary
Dominion Railway
ratificawith as soon
Street Ry. in March last instructed the
tion, while the greater scheme for the pushing through of the system to Cicero & Proviso
the coast is being advanced by the sending out of survey parties. Compare 'Illinois Trust & Savings Bank to begin foreclosure proV. 88, p. 562.-V. 88, p. 1252.
ceedings under the mortgage on that property, but the
Central Railroad Co. of Pennsylvania.-New President.- counsel for the trustee refused to file the bill in the form
Wallace H. Gephart was recently elected President and presented by the bondholders' committee, in which it is
General Manager, with office at Bellefonte, Pa., vice C. M. sought to hold the Chicago Railways Co. liable for the
Clement, President, who resigned.
interest on the underlying bonds on the ground that the
Central Terminal Co., Chicago.-Terms Offered Metro- same was guaranteed by the Union Traction Co., its predepolitan Cornpany.-The ;easing committee on May 17 sub- cessor.-V.88, p. 1127, 374.

Projected Lines.-The company has filed for record its
amalgamation agreement with the Edmonton Yukon &
Pacific Ry. (see V. 85 p. 1518, and Canadian Northern
Ry., V. 87, p. 225, 346, 1159), and gives notice that application will be made to the Canadian Railway Commission
on June 10 for approval of agreements amalgamating
with the Canadian Northern, the Alberta Midland Ry. and
the Saskatchewan Northwestern Ry. The "Toronto
Globe" of May 8 said:




MAY 22 1909.1

THE CHRONICLE

1313

Chicago Electric Transit.—Foreclosure.—See Chicago Con- Bishop, Bridgeport, Conn.; E. D. Stair, Detroit; Isodoro Diaz Lombardo,
Lie. Manuel Calero and S. Garcia Cuellar of Mexico.
solidated Traction Co. above.—V. 88, p. 374.
Within 90 days the road, it is stated, will be finished to
Cincinnati Bluffton & Chicago RR.—Additional Certifi- San Angelo,—V. 88,
p. 1197, 506.
cates.—Receiver J. C. Curtis has received authority from the
Kansas City Southern Ry.—New Chairman.—L. F. Loree,
court for the issuance of $17,000 additional certificates, to
President of the Delaware & Hudson Co., was yesterday
meet pay-rolls and running expenses.
Before the $17,000 in certificates last authorized by the Court, there had elected Chairman of the board of directors, and also of the
been issued $108,722. All of the certificates bear 6% interest and are executive committee, to succeed Hermann Sielcken.
The
payable in from four months to two years' time.—V. 87. P. 873.
latter continues a director and a member of the executive
Cincinnati Hamilton & Dayton Ry.—Plan.—The re- committee.—V. 88,
p. 1253, 1128.
organization plan may be expected to be made public any
day. The following from the "Boston News Bureau" is • Louisville & Nashville RR.—Offering of Guaranteed Bonds.
—See Louisville & Nashville Terminal Co. below.
understood to be substantially correct:
Rate Decision.—The United States Supreme Court on May
In substance the lines upon which the settelment may be expected to
17 denied the application of the company and other roads
proceed are about as follows:
The Baltimore ec Ohio will take over the practical operation of the road for writs of
certiorari to review the decision of the United
under an agreement to buy from J. P. Morgan & Co. the stock which
Morgan & Co. own at the end of a 7-year period. During this 7 years the States Circuit Court of Appeals on April 6 last (V. 88, p. 944)
Baltimore & Ohio will guarantee the principal and interest of the $11,307,- dissolving the injunction
granted by Judge Jones restraining
000 4% refunding mortgage bonds. The other bond issues of the road are
either underlying issues of the Cincinnati Hamilton & Dayton itself or the Alabama Railroad Commission from putting into effect
of subsidiary controlled roads, and will not be disturbed.
the 2'A-cent passenger rate and reduced freight rates under
Holders of the $15,000,000 4 % 3 Wyear notes will be given an income
bond which at the end of the 7-year period may be exchanged for a straight laws passed by the Legislature in 1907.—V. 88, p. 1253, 944.
4;i% bond or redeemed in cash by the Baltimore & Ohio at a price in the
Louisville & Nashville Terminal Co.—Guaranteed Bonds
vicinity of 85.
The floating debt is about $5,000,000, including defaulted interest, re- Offered.—Wm. A. Read &Co.,
New York, Boston, Baltimore
as
the
far
ceiver's certificates and bank loans. So
defaulted interest is
concerned, it will probably be paid off in securities at about 50% of the and Chicago ,are offering, by advertisement on another page,
total amount involved.—V. 88, p. 1196, 1061.
$2,000,000 first mortgage 50-year 4% gold bonds, principal
Cleveland Painesville & Eastern (Electric) RR.—Bonds and interest guaranteed jointly and severally by the LouisOffered
to
Shareholders.—The
Underwritten and
company is ville & Nashville RR. Co. and the Nashville Chattanooga
offering to its stockholders, at 80, $300,000 "refunding and & St. Louis Ry. These bonds are dated Dec. 1 1902 and
extension" 5% bonds, which have been underwritten by a due Dec. 11952; outstanding, $2,535,000; total authorized,
syndicate. A Cleveland paper says:
$3,000,000. Coupon bonds of $1,000 (c*). A circular says:
The proceeds, together with the sale of $500,000 of C. P. & E. consolidated 5s, which has been practically completed, will retire the $500,000
of collateral trust 6% notes duo July 1 1909, clean up the entire floating debt
and leave a balance for improvements.—V. 88, p. 374.

Connecticut Valley Street Ry.—Refunding.---Gov.Draper
of Massachusetts has signed the bill authorizing the company
to make an issue of not exceeding $750,000 of mortgage
"bonds, notes or other evidences of indebtedness," and to
issue the same—
subject to the approval of the Board of Railroad Commissioners, payable at
periods of more than twelve months after the date thereof, for the purpose
of refunding or providing means to pay its present funded debt, including
the bonds and debt assumed, and for funding and providing means to pay
said company's other obligations Incurred for any purposes for which
street railway companies are authorized to issue bonds under Section 103
of Part III. of Chapter 463 of the Acts of the year 1906.—V. 84, p. 1182.

Des Moines (Ia.) City Ry.—Decision.—The United States
Supreme Court on May 17, in a unanimous decision (Justice
Holmes writing the opinion), reversed the decision of Judge
Smith McPherson in the United States Circuit Court in February 1907 (V. 84, p. 508), which granted an injunction restraining the city from carrying out the resolution of the City
Council of Nov. 21 1905, directing the company to remove
its tracks, and instructing the City Solicitor to bring suit if it
failed to comply.
The Supreme Court, holding there is no ground for Federal jurisdiction,
dismisses the bill. The company claimed the resolution constituted an
impairment of their contract, the Turner franchise of 1866 being a perpetual
one. The Court says: "The resolution begins with a recital of the question
as to the company's rights that had been raised, and ends with a direction
to the City Solicitor to take action to enforce the city's position, and was
in no sense an order for the city to go out and get possession and tear up
its tracks, being intended merely to put the company in a position of disobedience as ground for a suit."
The Supreme Court does not decide the question of whether the franchise
of 1866 was perpetual or otherwise, holding, as it does, that it has no jurisdiction. Local papers say the city will probably begin a suit in the State
courts to oust the company from the use of the streets.—V. 86, p. 546.

Geneva Corning & Southern RR.—To Authorize Lease
and Mortgage. The shareholders' meeting originally called
for May 29 to vote (1) on approving a lease of the property
to the New York Central & Hudson River RR. Co.; and (2)
on making a mortgage to the Farmers' Loan & Trust Co.,
as trustee to secure $10,000,000 4% bonds of the New York
Central di Hudson River RR. Co. "to be assumed by the
Geneva Corning & Southern RR.," has been postponed until
July 22. Compare V. 88, p. 1127, 1061, 1002, 822.
Houston (Tex.) Belt & Terminal Ry.—Bonds All Sold.—
William Salotnon & Co., New York, and G. H. Walker & Co.,
St. Louis, announce that they have sold all the first mortgage
(guaranteed) 5% gold bonds offered by them last week.
See V. 88, p. 1253.
Jamestown Franklin & Clearfield RR.—Lease—Mortgage.
—The.shareholders of this new company, controlled by tile
Lake Shore & Michigan Southern Ry., and so by the New
York Central, has called a meeting of its Shareholders for
July 22 to vote on authorizing (1) a lease of the company's
property to the Lake Shore & Michigan Southern Ry. Co.
from April 1 1909 for the term of the corporate existence of
the J. F. & C. RR. Co., and any extensions or renewals
thereof; and (2)on making a mortgage to the Guaranty Trust
Co. of New York, as trustee to secure an issue of not ex' the proceeds of which are to
ceeding $25,000,000 4% bonds
'indebtedness, retiring outbe used in adjusting present
standing bonds and making future additions, betterments,
extensions and improvements to the property. Compare
V. 88, p. 1002, 506.
Kansas City Mexico & Orient Ry.—Directors.—The following board of directors is announced, containing a number
of Eastern men, who have been elected out of deference to
large English investors,"who felt that Eastern names meant
more to them than those of other cities:"
A. N. Belding, New York; D. W. Mulvane, Topeka, Kan.; H. A. Stillwell,
Chicago; J. T. Odell, New York; John F. Alden, Rochester; C. R. Huntley,
Buffalo; H. S. Manning, New York; W. D. Baldwin, New York; Thomas M.
Evans, Pittsburgh; Frederick Roebling, Trenton, N. J.; H. D. Estabrook,
New York;
illam H. McCord, New York; Charles F. Ayer, Boston; H. A.




Form of Guaranty Endorsed on the Bonds.
"The Louisville & Nashville RR. Co. and the Nashville Chattanooga &
St. Louis Ry. hereby, for value received, jointly and severally guarantee the
prompt payment of the principal and interest of the within bond, In accordance with the terms and conditions thereof."
These bonds are further secured by a first and only lien on the valuable
and extensive terminals at Nashville, Tenn., owned by the company and
used by the Louisville & Nashville RR. Co. and the Nashville Chattanooga
& St. Louis Ry, under a 99-year lease from July 1 1896. This lease is
pledged under the mortgage and is subject to it.
The terminals include about 75 h acres of land, Improved with a union
passenger station and a freight station, with warehouses, round houses,
shops, yards,and other terminal facilities, including about 32 miles of trackage. The real estate includes about 35 acres owned in fee simple, the balance being leased from the Louisville & Nashville RR. Co. and the Nashville
Chattanooga & St. Louis Ry. for 999 years from 1896. The mortgage
covers all this terminal property and all real estate, improvements and additions now owned or hereafter acquired by the company at Nashville. The
bonds have been issued at cost for the terminals and their improvements,
and the unissued bonds can only be certified for improvements and betterments at cost.—V. 75. p. 1399.

Manila RR.—Concession Amended,—Cable advices have
been received in Washington that the Philippine Assembly
and Commission have unanimously passed the bill amending
the concession as agreed between the representatives of the
company and the Bureau of Insular Affairs. It provides for
the construction of lines which will rapidly develop the
Island of Luzon, and the Philippine Government guarantees
the interest on the first mortgage bonds to be issued therefor.
The measure has been approved by the Secretary of War and
the authorities at Washington.—V. 83, p. 1470.
Metropolitan West Side Elevated Ry., Chicago.—Terms
Offered.—See Central Terminal Co. above.—V. 88, p. 449,
375.
Mexican Northern Ry.—Extension of Bonds.—The shareholders will vote on June 1 on consenting to a plan for the
extension, prior to their maturity, of the outstanding first
mortgage 6(%0 bonds which will become due on Dec. 1 1910
and considering the investment of the funds, or a portion
thereof, which may be left available to the company in case
of the extension of such first mortgage bonds. There were
at last accounts $744,000 bonds in the hands of the public,
$916,000 additional being in the sinking fund.—V.83, p.1344.
National Railways of Mexico.—Description of New Securities—Properties and Earnings of New Company.—On subsequent pages we print to-day an extended abstract of the
official statement made to the New York Stock Exchange
in connection with the listing of the securities of the National
Railways of Mexico, the new corporation organized in the
interest of the Mexican Government and now owning outright
the properties formerly belonging to the National Railroad
of Mexico and the Mexican Central Railway. The statement
describes fully the new bond issues and the rights of the preferred shares, quotes the guaranty of principal and interest
endorsed on the Feneral mortgage bonds by the Mexican
Government, furnishes recent reports of earnings, and gives
many other particulars of value to the investor.
Notes of Mexican Central Called.—Four-year 5% gold
notes to a total of $7,360,000, issued under trust deed
dated July 2 1906 by the Mexican Central Ry. Co., have been
called for redemption at par and interest at the New York
Trust Co. on July 1. (V'. 88, p. 23.) This payment will
leave only $8,380,000 of the issue outstanding.—V. 88,
p. 1254, 1062.
New Orleans Railway & Light Co.—Financial Plan—
Proposed $50,000,000 Bond Issue.—Bertron, Griscom &
Jenks of New York, who recently purchased $2,400,000
bonds of the company, have proposed a financial plan
which the directors on May 18 voted to recommend to the
shareholders. A circular will be sent out asking the latter
to signify their acceptance or rejection of the scheme prior
to June 28. The plan involves (1) the making of a new
$50,000,000 bond issue, of which $5,000,000, it is said, will
be taken by the bankers at 85;(2)the preferred and common
stockholders to part with one-fourth of their stock holdings

1314

THE CHRONICLE

at 40 and 15 respectively; (3) the New Yorkers to be given
two members on the board of directors, the control and management of the company to remain in New Orleans, as it is
at present.
The "New Orleans Picayune" of May 19 quotes President
Hugh McCloskey as saying:

The board of directors approved the general proposition to re-finance the
company, deeming It to the best interests of the stockholders, as It will
enable them to resume dividends at an early date.
The proposed plan includes: The issuance of $50,000,000 of 5% bonds,
$30,000,000 of which are to remain In the treasury, as against the $30,000,000 4;i% bonds now already issued.
The other $20,000,000 of the bond issue is to be kept In the treasury to
be devoted exclusively to extensions of lines, for the purchase of new equipment and betterments generally, with the exception of a sufficient number
to be sold to take up the notes on the $1,266,000 coupon debenture notes
outstanding.
The amount of bonds out of the $20,000,000 to be Issued In any one year
for betterments, &c., shall not exceed $1,000,000.
In addition to this, the proposition is that common and preferred stockholders shall part with one-quarter of their holdings on the basis of 15 and
40.—V. 88, p. 1124, 1002.

[VOL.

Southwestern Street Ry.,Philadelphia.—Forec/osure.—See
Philadelphia & Chester Ry. above.—V. 88, p. 102.
Third Avenue RR., New York.—Foreclosure Decree.—
Judge Martin in the United States Circuit Court in this city
on Monday signed the decree of foreclosure under the first
consolidated 4% mortgage of 1900 (Central Trust Co. of
New York, trustee), on which interest has been unpaid since
July 1 1907. The amount found to be due to date was
$40,381,173. The sale is to take place on Sept. 2 next at
the County Court House in this city, subject to the $5,000,000
first mortgage.
The decree provides for the sale, first, of the real estate, rolling stock.
Improvements, &c., and should the price realized be insufficient to cover
the amount due the trustee of the consolidated mortgage, then of the stocks
and bonds deposited thereunder (compare V. 85, p. 1643. and page 77 of the
"Electric Railway Section" of Feb. 27 1909), In which the equity of redemtion is claimed by the New York City Ry. or its receiver, William W. Ladd.
The purchaser will be required to assume all pending contracts and other
obligations both In contract and tort. Bidders for the first parcel are required to deposit with Special Master Taylor $200,000 In cash, certified
check Or receiver's certificates or $250,000 in consolidated mortgage bonds.
Bidders for the deposited securities must deposit $100,000 in cash, certificate checks or receiver's certificates or $150,000 of consolidated mortgage
bonds.

North Chicago Electric Ry.—Foreclosure.—See Chicago
Consolidated Traction Co. above.—V. 88, p. 375.
North Side Electric Street Ry. Chicago.—Foreclosure.—
Co. above.—V.87,p.1479.
See Chicago Consolidated Traction'
Stockholders' Committee.—The following stoc kholders' proPacific Ry. & Navigation Co.—Construction of Subsidiary tective committee was formed some time ago:
Harriman Line.—The contract for the construction of the
William N. Kremer (Chairman), Edward M. Burghard, George S. Coe,
and Charles Remsen. Counsel, Edward M. Shepard;
last 53 miles of the company's proposed line was let on May Thomas Hitchcock
John M. Perry, 55 William St., New York. '
Secretary,
10, Julius Kruttschmitt, director of maintenance and operaNo deposit agreement, we are informed, has yet been
tion of the Harriman lines, having some time since informed
p.1255, 1063.
President E. E. Lytle that the necessary funds were at his drawn nor has a depositary been named.—V.88,
company, owning 77
disposal. Compare V. 84, p. 1308; V. 85, p. 1210.
&
Ry.—Status.—This
Gulf
Tremont
Mr. Lytle has also built the Columbia Southern, whose securities are all
miles of main line (Tremont to Winnfield, La., 50 miles;
owned by the Union Pacific system.—V. 85, p. 1210.
and operating under
Philadelphia & Chester Ry.—Sale Ordered.—Judge Hol- Dodson to New Rochelle, 27 miles),
understood, from Jonesboro
land in the United States Circuit Court at Philadelphia on lease 20 miles (extending, it is
increased its authorized
May 14 ordered the foreclosure sale of the properties of the to Sikes), has since last advices
$5,000,000, of which
Southwestern Street Railway Co. and the Philadelphia & capital stock from $1,000,000 to
a mortgage to the
Chester Railway Co. practically all of whose capital stock $2,000,000 is outstanding, and has made
Chicago, as trustee, to
is owned by the United Power & Transportation Co.,and so Illinois Trust & Savings Bank ofmortgage gold bonds, due
secure an issue of $5,000,000 first
by the Inter-State Railways Co.—V. 87, p. 1238. ,
Feb. 1 1948; amount outstanding $1,550,000.
Pittsburgh.—New
Debentures—InPhiladelphia Co. of
Bonds dated Feb. 1 1908, subject to call, all or any portion, on and after
vote
on
will
July
22
stockholders
on
crease of Stock.—The
Feb. 1 1918 at 105 and Interest. Par $1,000. Interest F. & A. In Chicago
New York and at company's office. The uni -su d bonds($3,450,000)
and
the following propositions:
are reserved for extensions at not exceeding $30,000 per mile of main line
(1) An increase of the authorized capital stock from $42,000,000 to
$47,000,000, such increase to be in the common shares and to be used,
when issued, especially for the purpose of exchange for convertible debentures of the aggregate par value of $5,000,000: but any of such shares not
used for the purpose of said exchange to be issuable for the general purposes of the company.
(2) The approval of the action of the directors in authorizing the issue
of $5,000,000 of 10-year 5% $1,000 debentures, to be convertible at the
option of the holders into common shares on the basis of 20 shares of stock
for each debenture.

Of the proposed issue of debentures, $2,500,000 has been
sold to Blair & Co. and Ladenburg, Thalmann & Co. of New
York. A large part of the proceeds of the sale of the &ben-.
tures will, it is stated, be advanced to the Pittsburgh Railways Co. and the Allegheny County Light Co. for extensions
and improvements, including the purchase of additional
modern double-truck cars.—V. 88, p. 1250, 1259.
Pittsburgh Youngstown & Ashtabula Ry.—Report.--For
year ending Dec. 31:
Fixed
Divs. on Balance,
Other
Net
Gross
Calendar
earnings. earnings. income, charges. stock (7%). surplus.
Year.
$3.588,093 $1,396,022 $22,464 $241,953 $783,069 5393,464
1908
5,565,734 2,311,137 40.999 226,981 783,412 1,341,743
1907
—V. 87, p. 416.

Rochester & Manitou (Electric) RR. — Bond Issue.—The
$50,000 bond issue recently approved by the Public Service
Commission is secured by a first mortgage to the Security
Trust Co. of Rochester, as trustee, covering the road operated
by electricity from Charlotte to Manitou Beach, along Lake
Ontario, about 73-i miles. Secretary and Treasurer Kendall
B. Castle writes:

In addition to the trestle and concrete viaduct on Braddock's Bay, we
are expending about $11,000 in additional cars, about $3,000 for new
switches, ties, track work, &c.. about $3,000 for signal system, telephone
system and improvements to the poles, fixtures and trolley wires, and expect to expend for additional'protection where the road is exposed to the
lake from four to five thousand dollars. The bonds are gold 5s dated May 1
1909 and due May 1 1929, but slbiect to call on or after May 1 1914, all
or any part, at 105. Par $1,000 and $500. Interest M. Fe N. at office of
trustee. All have been or will be issued at once. Stock, $60,000; par $100.
President, D. Hyman. Office, Granite Bldg., Rochester, N. Y.--V. 87,
p. 545.

&c..
and branches and for betterments, improvements, new rolling stock, prior
but only in accordance with the restrictions In the mortgage. "No
liens outstanding." W. H. Seaman is President and James Stanley Joyce
Secretary. Address of company, 206 La Salle St., Chicago, and Winnfield.
La.—V. 88, p. 1063.

United Railroads of San Francisco.—Reduction of Capital
Stock.—In the report of the United Railways Investment Co.
published last week (page 1258), allusion is made to the surrender by that company for cancellation of 12,000 shares of
common stock of the United Railroads. The directors of
the last,named corporation voted on Dec. 21 1908 to reduce
the common stock correspondingly from $20,000,000 to
$18,800,000, and a certificate of such decrease was filed
March 5.—V. 88, p. 1255.
United Railways Investment Co.—Plan Ratified.—The.
shareholders on May 17 authorized an increase in the preferred stock from $15,000,000 to $25,000,000 and approved
the plan whereby the company will acquire control of the
Stanislaus Power Devleopment, which will supply electricity
to the United Railroads of San Francisco. They also ratified
the plan for the organization of a new subsidiary, "the San
Francisco Electric Railways," and also of a holding company
to acquire both the stock of the San Francisco Electric Railways and that of the new company which is to take over the
Stanislaus Power Development. See full particulars in
V. 88, p. 1129, 1250, 1259.
Virginia Passenger & Power Co.—Officers of Successor
Company.—The officers and directors of the successor corn- '
:vhich is about to be incorporated, it is announced,
beN
willpitn y,
President, William Northrop: 1st Vice-President, Fritz Sitterding; 2(1
Vice-President, Henry W. Anderson, all of Richmond.
Gould, Douglas
Directors—Frank j. Gould, Howard Gould, George
all of New York; R. LanRobinson, Percy M. Chanter and C. S. Whelan,
and
Henry
Sitterding
W. Andercaster Williams, William Northrop, Fritz
son, all of Richmond.—V. 88, p. 1199, 1003.

;
Washington Baltimore & Annapolis (Electric) Ry.—AyreeSabine Tram Co., Jefferson County, Texas.—New Stock.— ment—Changes in Electrical Equipment.—"Cleveland Finance'
This Texas corporation has amended its charter increasing of May 15 said:
the authorized capital stock - from $400,000 to $800,000.
President Bishop announced Wednesday that the differences with the
entered into for
General Electric had finally been adjusted and contracts
St. Louis & St. Libory Ry.--Further Facts.—This road, the
changes in electrical equipment. In settlement of past balances and
will pay, the
company
the
which
for
equipment,
from
the
extend
Missis- the additions to the new
referred to last week as projected to
undenvriting at 84.
General Electric has agreed to take payment In 5500,000
with the usual
sippi River (at a point,opposite the city of St. Louis) to This
includes terminal bonds In the company's treasury,
to the Niles Car Co. for 34 new cars.
St. Libory, will be a steam road, 35 miles in length. Con- stock bonus. A contract has been let states,
will not increase the present
The entire financing, Mr. Bishop
struction, we are informed, is about one-third completed. fixed
charges, as interest is already being deducted equal to that. on the apwhen the present
outstanding
1254.
p.
88,
be
V.
Bonds are not yet floated. See
proximate $6,000,000 bonds that will
are all completed. Ali of the new work Is contracted to
St. Louis Southwestern Ry.—Sale of Equipment Trusts.— improvements
be completed within six months.
In the meantime earnings are making such substantial Improvement
The company has sold to Toiler & Co., New York (and the
last year that deficits are expected to disappear in the early summer
firm has re-sold) an issue of $340,000 5% car trust equipment over
monthly statements. The General Electric has also agreed to take care
new work is installed. A
bonds, maturing annually to 1919 inclusive.—V. 88, p. 376. of the maintenance of the equipment until the
reduction has also been made In its contract price amounting to $150,000.
Sewell Valley Ry.—Mortgage.—The company,incorporated a figure that will more than cover deficits to date of $132,000.—V 88, p.
in West Virginia in Dec. 1907 with $100,000 authorized capi- 1130, 826.
tal stock, has made a mortgage to secure an issue of $300,000
Waterville (Me.)& Fairfield Railway & Light Co.—Appli30-year 5% bonds (denominations $1,000 each).
cation for Receivership.—Application was made in the SuThe company, which is controlled by the Meadow River Coal & Land Co., preme Court at Augusta, Me., on May 20 by John N. Webber
Is building a road from Meadow Creek Station, on the Chesapeake & Ohio
By.. to the mouth of Big Sewell Creek In Greenbrier County, about 20 miles. and others for the appointment of a receiver. A hearing
Pres., T. W. Raine, Evenwood, W. Va.; V.-P., Edward S. Jones; Treas., will take place on July 6.
Chas. E. Andrews Jr., New Bethlehem, Pa.; Sec., T. M. Arnold. Clarion, Pa.
Interest on the $157,000 Class B 5% bonds Is alleged to be unpaid for
Southern Ry.—Increased Dividend Return from Controlled ten or eleven years last past.
Western Pacific Ry.—Endorsement of Guaranty on First
Company.—See Alabama Great Southern Ry. above.—
Mortgage Bonds.—President Jeffery announces to holders
V. 88, p. 1129, 1062.




MAY 22 1909.1

THE CHRONICLE

1315

.of the $50,000,000 first mortgage 5% 30-year gold bonds
Chattanooga (Tenn.) Electric Co.—Proposed Consolidathat, upon demand, the Denver & Rio Grande RR. will en- tion.—See Chattanooga Rys. Co. under "Railroads" above.
dorse on bonds of the issue, presented for the purpose, an
Bonds Sold—Re-incorporation.—William A.Read & Co.and
unconditional guaranty of the punctual payment of the Warner, Tucker & Co. recently purchased and disposed of
interest. Blair & Co. offer to procure the endorsement of at private sale $1,000,000 of a new issue of mtge. 5% bonds.
such guaranty on any bonds delivered to them. See
1113 present Chattanooga Electric Co. was incorporated under the laws
of Maine on June 4 1908 with $3.000,000 of authorized capital stock, as
advertisement in another page.—V. 88, p. 1130, 1063.
successor of the
same name described in
V.81, p. 779.

INDUSTRIAL, GAS AND MISCELLANEOUS.
American Gas Co., Philadelphia.--New Stock Authorized.—
The shareholders voted on May 20 to increase the limit of
capital stock from $5,000,000 to $7,500,000. The present
outstanding stock is $1,793,600, and there is no present intention, it is said, to issue more stock. Compare full statement in V. 88, p. 1251.
American Strawboard Co.—Receivership Ended.—Judge
Grosscup in the United States Circuit Court at Chicago on
May 20, on the consent of 98% of the creditors, made an order discharging the receivers appointed in July last.
Arrangements have been made to satisfy the creditors' claims and no new
financing, It is said', will be necessary. Business is stated to be satisfactory.—V. 88. p. 627.

American Telephone & Telegraph 0o.—Earnings.—The
earnings of the "Associated Operating Companies" for March
• and the 3 months ending March 31 are as follows:
Interest
Balance
Net
Operating
One
Gross
Divs.
for
Paid.
Expenses. Earnings.
Earnings.
Month—
$10,897,300 $7,919,500 $2,977,800 $613,900 $2,363,900
1909
674,900 2,146,200
7,379,700 2,821,100
10,200,800
1908
_
Three Months —
$32,167,100 $23,600,700 $8,566,400 $1,798,500 $6,767,900
1909_
30,278,400 22,077,900 8,200,500 1,973,600 6,220,900
1908

New Jersey corporation of the

Clarksburg Fuel Co.—Sale of Minority Stock.—See Consolidation Coal Co. below.—V. 84, P. 1305.
Consolidation Coal Co., Maryland.--New Stock.—The
New York Stock Exchange has been requested to list $2,626,000 additional stock, issued, it is understood, in connection with the purchase of minority interests in the controlled
companies. This issue increases the amount outstanding to
$19,026,000. See V. 88, p. 1256.
Denver Gas & Electric Co.—Listed in Cincinnati.-The $3,500,000 stock has been listed on the Cincinnati
Stock Exchange.
Report.--See "Annual Report*" on a preceding page.—
V. 88, P. 751, 378.
Dering Coal Co.—Lease, &c.—See Brazil Block Coal Co.
Of the $5,000,000 bonds secured by the mortgage of 1905, about $300,000;
It is said, had been retired by the sinking fund prior to the receivership,
leaving about $4,700,000 outstanding (one account says $4,664,000, another
$4,732,000). Of these bonds the United States Steel Corporation, it is
reported, owns about $1,000,000, but has declined to join with the other
holders for the protection of the property. In April 1909 an agreement
was approved by the Court by which the Illinois Steel Co. and the American
Steel & Wire Co. pay Receiver Niblack $201,600 on accounts due the
Dering Coal Co.—V. 88, p. 946, 628.

Dominion Copper 0o.—Sale.—The foreclosure sale is set
for May 28 at Vancouver, British Columbia.
New Plan.—The "protective committee" consisting of
With reference to the foregoing figures, the company says:
These figures for 1908 include a proportionate part of the extraordinary B. W. Lincoln (Chairman), E. H. Dare, E. L. Meyer, A. A.
provision for depreciation for the year made in Dec. 1908. Equivalent or Potter, A. Seligman and Channing Stebbins, having had the
greater provision is being made for each month of 1909.—V. 88, p. 1004,
properties examined and an audit made of books and ac885.
Favorable Decision.—See United States Telephone Co. counts, presents a plan of reorganization which provides
that the successor company shall be capitalized as follows:
below.—V. 88, p. 1004, 885.
First mtge.6% bonds, interest to run from Jan. 1911
$900,000
(A.) Booth & Co. Chicago.—Sold.--At the receiver's sale Capital
stock in shares of the par value of $10 each
$5,000,000
' the property was bid in for $1,000,000
To be distributed as follows: ( a ) To the holders of $800,000 of
in Chicago on May 20
present bonds, new 1st mtge. bonds, $800,000; (b) to $100.000 of general
by the reorganization committee. The successor company, creditors,
new 1st mtge. bonds. $100,000; (c) to the holders of 500,000
the Booth Fisheries Co., was incorporated last week (p.1255). shares of the present stock for each share surrendered and $1 paid one share
new stock of the par value of $10, $5,000,000.
Time Extended.—About 96% of the creditors having as- of'This
plan vests the control in the stockholders who are contributing
sented to the plan, the time for making deposits with the the new capital, and gives the bondholders the security of the entire propSecurities and claims should be deposited with the Empire Trust
Central Trust Co. of Illinois, Chicago, has been extended to erty.
Co., 42 Broadway, N. Y. City, and the first installment of 25% of the
June 10.—V. 88, p. 1255, 1063.
amount called for from the stockholders paid on or before May 24 1909.
second installment of 25% will be payable on June 15 1909 and the
The
Brazil Block Coal Co., Chicago.—Leases.--The "Coal balance
upon ten days' notice." [Copies of the plan may be obtained
from B. W. Lincoln, Chairman, 42 Broadway, N. Y. City.]
Trade Journal" of April 14 1909 said in substance:
The receiver of the Dering Coal Co. (see also that company above) has
Plan of Hayden Committee.—The committee of which
leased for a period of one year to the Brazil Block Coal Co. all the mining Charles Hayden is Chairman announced on April 23 that
coal properties and business of the Dering Coal Co., effective last Saturday.
The Brazil Block Coal Co. has also acquired by lease the mines of the more than $518,000 out of the total issue of $800,000 bonds
Hammond Coal Co. (see below), formerly Kelley Coal Co. The Brazil had been deposited under their agreement, and that after
Block Coal Co.thus rises to a position of importance. Its President Is J. H.
McClelland of Brazil, Ind. The output of the Brazil Block Coal Co. has May 1 no further deposits of stock or bonds would be refor several years been sold by the Dering Coal Co., and the relations of the ceived by the depositary, the Hungarian-American Bank,
two companies are by the recent action reversed. The Brazil Block Coal
Co. will also act as sole distributer of the output of the Consolidated Indiana 32 Broadway, N. Y. Their plan provides in substance:
Coal Co., which is owned by the Rock Island RR. interests. In short, the
The property is to be acquired by the committee at the forthcoming foreRock Island interests seem to have become centralized and strenghtened
sale, if deemed advisable. The company has a number of promby this deal. It was recently reported that the contract for fuel for the closure
mining claims, and the probab titles are in favor of the development
ising
the
Alton
in
Rock Island road, which formerly was held by operators on
large
tonnage of low-grade ore, but the outcome of development Is
of
a
the Springfield, III., district, has gone to the mines of the Consolidated accompanied by the uncertainties incident to every mining venture. The
Indiana Coal Co.
is therefore authorized either to hold the property so
committee
President R. R. Hammond will remain with the Daring Coal Co. through pending a sale thereof by it, or transfer the property to apurchased.
new comthe transfer and adjustment of the company's affairs.
pany, the New Dominion Copper Co. which shall issueJ. K. Dering has taken active management of the properties of the 6% 10-year income bonds of $100 (not
'
$1,000)
each,
convertible
Oak Hill C. & M. Co. and will handle the output of the four mines at Clinton,
Into stock at par. Interest payable annually, but only out of
Ind., and also the output of the two mines of tile Burnwell Coal Co. at Witt,
the net earnings of the year. The bonds to be retired annually
III. The output of these two companies has been heretofore sold through
at
par by applying annually 20% of the net earnings for that
the Dering Coal Co.
purpose, subject to the right of the bondholders at any time
$500,000
five years to convert their bonds into stock at par_ _
within
Castings
Co.,
Columbus, Ohio.—Dividend 250,000 shares
Buckeye Steel
1.250,000
of common stock of the par value of $5 per share
Terms of Exchange.—The present outstanding stock is $5,000,000 and
—Revised Statement.—The company paid on May 1 quarterly
the depositing holder of 100 shares of par value of $10 each*upon sub1 2% on the $1,000,000 preferred stock and scribing
dividends of 1/
and paying at par for $100 of new income bonds, would receive
1 3/2% on the $1,000,000 common stock to stockholders of such bonds and 10 shares of new stock of the par value of $5 each. Each
$1,000 of the present bonds would receive for the bonds and interholder
of
Heretofore
the
quarterly
dividend has est 210 shares
record of April 30.
of new stock, total par value $1,050. Each $100 creditor's
been 1%, with an extra 23/2% during the year.—V. 82, p. claim would receive 20 shares of new stock.
168,000 shares ($840,000) is to be exchanged for the
the
new
stock.
Of
931, 630.
present bonds and interest; stockholders who subscribe for income bonds
non-subscribing
stoc holders, tile underwriters) will receive
(or
in
case
of
Bonds.
Refining
Co.—Called
Sugar
California & Hawaiian
50,000 new shares ($250,000); creditors will receive 20,000 new shares
—Two hundred bonds ($200,000) dated June 1 1898 (issued ($100,000) and underwriters will receive 12,000 new shares ($60,000) as an
underwriting commission. Shareholders' payments are due in four equal
by the company under its former corporate name of California installments.
Feb. 25, March 25, April 25 and May 25.
Beet Sugar & Refining Co.) have been drawn for redemption
Right to Sell.—The committee is empowered at any time to sell the entire
•dn June 1 at par and interest at the office of the company, property or the securities deposited, or the securities of the new company,
but in no event for less than $800,000 in cash. The proceeds to be dis254 California St.. San Francisco. Compare V. 83, p. 1324. tributable
among the depositors in the proportions in which such depositors
are entitled to participate in the securities of the new company.
Calumet & Hecla Mining M.—Dividend Increased.—The
Contmittee.--Charles• Hayden, Chairman, 25 Broad St., New York;
A. Reicher, Warren Curtis, James Williamson
directors yesterday declared a quarterly dividend of $6 per Warren W. Foster, Johnwith
Wm. C. Taylor as Secretary, 37 Wall St.,
Henry H. Melville.
share (24%) on the $2,500,000 stock, payable June 22 to and
New York.—V. 87. p. 874.

holders of record May 22. This contrasts with $5 (20%)
Dominion Iron & Steel Co.—Sale of Consolidated Mortgage
paid quarterly since Dec. 1907, $10 (40%) in Dec. 1907, Bonds.—The company has arranged to sell to the Dominion
Sept.
1907
(60%)
in
March
and
(80%)
in
and
$20
June
$15
Securities Corporation of Toronto $2,000,000 of the con1907 and Sept. 1906.
solidated mortgage 5% bonds. Compare V. 88, p. 1064,
Previous Dividend Record—Stock Now $2,500,000 in $25 Shares.
'97. '98. '99. '00. '01. '02. '03. '04. '05. '06. '07. '08. 1909.
Year
Per cent _ _ 160 200 400 280 180 100 140 160 200 280 260 80 Mail., 20
—V. 88,p. 688, 566.

Cedar Rapids (Ia.) Gas Light Co.—Ninety-Cent Ordinance
Held Valid by Higher Court.—The Iowa Supreme Court on
May 4 unanimously affirmed the decision of the lower Court
holding valid the ordinance reducing the price of gas from
$1 15 to $1 per 1,000 cubic feet from Jan. 1 1907.
It the 90-cent rate proves by actual trial not to be sufficiently remunerative, the case may be reopened. The Court estimates the value Of the
plant as between $300,000 and $350,000, compared with the company's
estimate of $368,000. The capitalization at last accounts was $75,000
of 5% bonds, due 1912, and $300,000 stock, all outstanding. The amount
in excess of the 90% rate which has been paid Into the hands of a trustee
since the law went Into operation will be returned to customers. Compare V. 86, p. 423.




The bonds are part of an authorized issue of $20,000,000 payable on July
1 1938 and secured by a mortgage dated June 25 1908, to the National
Trust Co., Ltd., as trustee, of which sufficient are reserved to retire the
outstanding bond issues, viz.: $7,500.000 first 5s and $1,500,000 second 6s,
and to provide for additions to the plant from time to time as required.
The proceeds of the bonds just sold to the Dominion Securities Corporation will be used in the erection of additional coke ovens and general improvements to the plant. These expenditures, it is expected, will lessen
the operating cost to such an extent as to offset the bounties at present paid
by the Government on pig iron and steel ingots, but which, after 1910, will
probably be discontinued.—V. 88, p. 1064, 885.

Edison Electric Co., Los Angeles.—Dividend on Common
Stock.—The directors have decided "to discontinue for the
present the payment of dividends on the company's common
stock." There is $7,200,000 of this stock outstanding (in
addition to $3,996,000 5% and participating preferred), and
at last accounts it was receiving regularly 5% per annum.

1316
•

THE CHRONICLE

Abstract of Circular Signed by Directors.
"Early In the year a defect in the pressure pipe at No. 1 Kern River plant
necessitated the shutting down of that plant, and your board decided to
make a new pipe of the most permanent character instead of repairing the
old one. This will require several months, and calls for a large unexpected
outlay, and until your plant is again in operation our expenses will be
largely increased. At the same time, the demands for extensions in the
25 cities and towns in which this company is operating are rapidly increasing, and calling for the investment of large sums in profitable business."
Extract from Letter of President John B. Miller.
"Among other projects calling for the investment of capital was the
asquisition of the electric business of the Home Gas & Electric Co. of Redlands, a move that will largely increase our business in that district.
"Your company's general condition is good, as evidenced by the fact
that we have -been able, notwithstanding the temporary shut-down of the
plant on Kern River, to show gross earnings for the first four months of
1909 of $927,476, as compared with $830,464 for the first four months of
1908."-V. 88, p. 55.

Electrical Development Co. of Ontario.-Bonds Offered.The Dominion Securities Corporation, Ltd., Montreal,
Toronto and London, Eng., are offering at 90 and interest
a block of 5% first mortgage sinking fund gold bonds, part
of the issue of $10,000,000 authorized and all outstanding,
dated March 1 1903 and due March 1 1933. Interest at
Canadian Bank of Commerce, Toronto, New York and
London. Par $500c*. Sinking fund beginning in 1911
one dollar per year for each electrical horse-power sold. A
circular says in substance:
The Toronto Railway Co. through its sub-company The Toronto Power
Co. (V. 87, p. 292) owns practically all of the $3,000,000 common stock
and $2,000,000 of the $10,000,000 bonds. The $3,000,000 preferred stock
has no voting power except in case of default on the bonds, so that the
Toronto Ry. controls absolutely the policy of the company.
The net earnings for the two months ending Feb. 28 1909, $90,076,
contrast with $63,397 in 1908, showing an increase of over 40%.
The company owns (1) a water-power plant for the development of
electrical energy at Niagara Falls, Ontario; (2) transmission line, Niagara
Falls, Ont., to Toronto, carried on steel towers, also transformer houses
at Niagara Falls and Toronto; (3) private right of way, Niagara Falls to
Toronto, 80 miles, carrying the transmission line, 60 000 volts, 3 phases,
25 cycles, but wide enough for a double-track electric railway; (4) over
500 acres suitable for factory sites, fronting on the Chippewa River, there
navigable by deep-draft vessels.
The company holds its right at Niagara Falls from the Ontario Government under a 50-year lease (renewable for three periods of 20 years each),
total, 110 years). The plant is fully completed with an hydraulic installation of 125,000 h. p. and an electrical capacity in excess of 50,000 h. p.,
I. e., 4 units of 12,500 h. p. each. All hydraulic work has been completed
whereby 7 additional electrical units may be added from time to time for
between $250,000 and $300,000 per unit, or about $1,750,000 in all, to
complete the electrical capacity of 125,000 h. p. The present connected
load is 35,000 electrical h. p., so that there is still available for sale over
15,000 electrical h. p. without additional generating cost.-V.82, p. 694.
The company has entered into long-term contracts with the Toronto
Electric Light Co. and the Toronto Railway Co. for the sale of power at
Toronto. The company also has contracts with the Niagara St. Catharines
& Toronto Ry. and the Cataract Power & Conduit Co. of Buffalo. The
contracts in Toronto provide a steady market for the company's power
with a sure growth, all power used in the city up to the time the Electrical
Development Co. comtnenced operations having been generated from steam
only. (The Montreal Light, Heat & Power Co. has in Montreal a connected
load of 88,500 electrical h. p.) The demand will increase as steam railways
are electrified, new electric railways are constructed and manufacturing
plants are established on the Canadian side at Niagara Falls. The company
has obtained the right from the Canadian and American governments to
export 46,000 electrical h. p. Into the United States, where there is a
constantly increasing demand. The earnings have been:
Bond
Net
Other
Gross
I'eriod
Earnings. Earnings. Interest. Interest.
EndingBalance.
Year Dec. 31 1908_$595,876 $479,707 $473,868
sur. $5,839
384,716 $22,847 def. 163,826
243,737
11% mos.Dec.31 '07'366,321
82,293
90,076
2 mos. Feb. 28 '09_ _ 110,992
sur.
7,783

[VOL. Lxxxvm.

Inland Steel Co. Chicago.-Dividends.--A second quarterly dividend of 14% has been declared payable June 1 on
the outstanding capital stock of $5,375,600. The first refunding bonds, of which $2,850,000 are now outstanding,
constitute the only funded debt. Compare V.88, p. 161, 155.
Inter-State Independent Telephone & Telegraph Co.,
Aurora, Ill.-Earnings. &c.-The stockholders have received
a copy of the resolutions passed by the board of directors
asking for the resignation from that body of E. R. Conklin.
Also a pamphlet report showing:
Total
Nine months
Net
Bond
Taxes, Balance,
Total
Income. Earnings. Interest.
ending
&c.
Surplus. Surplus.
Mch. 31 1909_$286,773 $133,715 $58,749 $17,617 $57,349 $120,107
July 1 1908_ 283,630
153,631
58,609
37,283
57,739
70,429
See also V. 87, P. 815.

Isabella Connellsville Coke Co., Pittsburgh, Pa.-New
Enterprise-Notes Offered.-Scully, Painter . & Beech of
Pittsburgh in March last offered at par and interest $1,000,000 6% coupon notes (secured by first mortgage 5% sinking
fund gold bonds) dated March 1 1909. Interest M. & S.
at Colonial Trust Co. of Pittsburgh, trustee. Denominations $1,000 and $5,000,•maturing an equal amount March 1
1910, March 1 1911 and March 11912. A circular says:
These notes are a part of an issue of $1,600,000, secured by $2,000.000 of
the bonds of the company, which will be deposited with the Colonial Trust
Co. of Pittsburgh, or at the rate of $1,250 of bonds for each $1,000 note.
The total issue of bonds is $5,000,000, of which $3,000,000 have been sold.
A sinking fund of 25 cents per ton on each ton of coke manufactured provides for the retirement of the issue.
The company owns 3,000 acres of the finest coking coal In the Connellsville
region, Fayette County Pa., and its plans call for the erection of 1,600
ovens, which will produce 1,200,000 tons of coke per annum. Sulphur less
than 8-10 of 1%. Shipping facilities, via the Pennsylvania, Baltimore &
Ohio and Pittsburgh & Lake Erie railroads and navigable water. John C.
Brydon is President.
[The company was incorporated in West Virginia on March 19 1909 with
$7,000,000 of authorized capital stock in $100 shares, an(i, according to
press reports, paid $1,700 an acre for its 3,000 acres of coal and $50,000
for surface land. Among those interested are stated to be Daniel Beech
of Pittsburgh, John C. Brydon and L. G. McCrum of New York, George
D. Howell of Uniontown, Pa.; F. M. Osborne, J. R. Nutt and Andrew
Squire of Cleveland, and P. J. Brennen of Pittsburgh, President of the
Thompson-Connellsville Co. J. V. Thompson and other independent coke
men have recently been working on a plan to unite this company and the
other leading coke concerns, numbering, It is said, about 60,and operating,
It is claimed, about 12,000 coke ovens. The success of the plan, reports
say, is rendered doubtful by the desire of many owners for cash in payment
for their properties.-Ed.)

Kelley Coal Co.-See Hammond Coal Co. above.-V.
86, p. 1470.
Metropolitan Steamship Co.-Notice by Bondholders' Committee.-The bondholders' protective committee (V. 86, p.
1470) gives notice that, a majority of the bonds having already been deposited, the remaining holders are urgently
requested to deposit their bonds at once with the depositary,
American Trust Co. of Boston.
Deposits will be received until June 15, after which the committee reserves the right to refuse to accept further deposits. Copies of a plan of
reorganization will shortly be mailed to depositing bondholders.-V. 86,
p.291.

Montreal Light, Heat & Power Co.-New Director.George Caverhill of Montreal has been elected a director
to succeed M. P. Davis of Ottawa, who resigned.-V.88, p.
380.
Mutual Terminal Co. of Buffalo.-Sinking Fund, &c.The Guaranty Trust Co. of New York, as mortgage trustee,
received sealed offers up to 3 p.in. May 13, in response to its
4% 20-year gold bonds, dated
Fairmont Coal Co.-Sale of Minority Stock.-See Consoli- call for offers of first mortgage
July 1 1904, at a price not exceeding 102 and interest, to
dation Coal Co. above.-V. 88, p. 1000, 885.
an amount sufficient to exhaust the sum of $200,000 provided
Federal Signal Co.-New Stock, &c.-The company on by the sinking fund. In Oct. 1907 we were favored with the
May 20 filed in the office of the Secretary of State at Albany following as to the securities issued:
a certificate of increase in the capital stock from $2,000,000
1. First mortgage, dated July 1 1904, matures July 1 1924; authorizes
to $2,300,000 and of re-classification of the stock per plan an issue of $5,000,000 4% coupon bonds; there have been issued thereunder
$4,000,000 bonds, of which amount $450,000 have been retired by
V. 88, p. 1064.
the sinking fund, leaving outstanding at this time $3,550,000. The sinking
Gottlieb-Bauernschmidt-Straus Brewing Co.-Frank F. fund
requires that $150,000 bonds shall be retired annually.
2. Capital stock authorized and issued,600 shares, of a par value of $100
Peard has been elected a member of the voting trust to suceach.
ceed the late Frank S. Ha,mbleton.-V. 88, p. 1132.
The Mutual Terminal Co. Is an operating company and its property is
not leased to any of the railroad companies mentioned, nor are its securities
Guggenheim Exploration Co.-New Directors.-Pope guaranteed
by the same. Its terminals are completed and its property
Yeatman and Charles K. Lipman have been elected directors consists of an elevator, wharfs, &c. It also owns and has pledged under
above-mentioned mortgage the entire capital stock of the Mutual
to succeed M. Robert Guggenheim and A. Chester Beatty.- the
Transit Co., which owns 10 vessels on the Great Lakes; also the entire
V. 88, p. 450, 379.
capital stock of The Island RR. Co., which consists of yards, tracks and
sidings adjacent to or connected with property of the Terminal Co. The
Hammond Coal Co. Chicago.-Lease.-The lease of this President is
; Sec. and Treas., L. D. flmith, 143 Liberty
company's mines, of which there are said to be four, is men- St., New York City.
tioned above under caption "Brazil Block Coal Co." The
National Carbon Co.-Listed.-The Boston Stock ExHammond Coal Co. was incorporated under the laws of change has listed the $5,500,000 common stock and also
Delaware on July 15 1908 with $2,000,000 authorized capital, the $4,500,000 preferred.-V. 88, p. 561.
the incorporators being R. R. Hammond and J. K. Dering,
Nevada-California Power Co., Denver.-Dividends.-This
Chicago, Ill., and Harry W. Davis, Wilmington, Del. company paid a 1 A
1 % dividend (No. 1) on Aug. 11908 and
known.
A
press
Bonded debt, if any, not
dispatch on on Feb. 1 1909 dividend No. 2 of 1 M7
4. During'
April
July 16 1908 said:
•
there wf.t declared,and paid on May 1,dividend No.3,of 1%.
are R. R.
• Supplied by "Chronicle." Compare V. 86, p. 1408, 1098.
In the fall of 1908 the company passed under the control of the Toronto
Power Co., which issued $2,500,000 debenture stock against $2,000,000
Electrical Development bonds and the majority of the common stock.
This debenture stock is guaranteed by the Toronto Ry., which also guarantees interest on the bonds of the Development Co. to March 1 1910. The
bonds and stock are listed in Toronto and London and a large amount of
the securities are held in Great Britain. (Compare V. 88, p. 560).-V. 88,
p. 1064.

The two men most heavily interested
Hammond and J. K.
Dering of Chicago. Both are connected with the Dering Coal Co., which
previously owned about half of the Danville district. The new company
secures ownership of the other half, or what was known as the Michael
Kelley interests. [These interests were known as the Kelley Coal Co. A
press dispatch from Danville, Ill., in March last said: "The Kelley Coal
Co.'s mines near Danville have been sold under foreclosure proceedings for
$975,000 cash. A representative of the company redeemed its interest, and
It Is announced that the mines, which have been closed for months, will
reopen." Compare V. 86, p. 1470, 423; V. 84, p. 806.1
"We purchased about 1,000 acres, in addition to what we secured from
the Kelley estate, and altogether now own about 10,000 acres of coal
land outside of the holdings of the Daring Company," said Mr. Hammond
to-day. "The capital is $2,000,000 and $1,500,000 will be paid in."
It develops that over 4,000 acres of the coal lands transferred formerly belonged to John R. Walsh. He disposed of his interests about a year ago,
While the control of the property is largely centred in Chicago, there are
a number of others interested, among them being B. C. Buxton of Buxton,
Ia., Henry Hafer and Edward and Hugh Shirkle.

Reorganized Jan. 1 1907 with a capital stock of $5,000,000, fully paid.
and a *3,000,000 first mortgage bond issue; of these bonds $300,000 remain
in the treasury. Generating plants, Bishop, California; distributing systems, Goidfleld, Silver Peak, Rhyolite, Tonopah, Blair, Millers, Manhattan
and Rount Mountain. Trustees, Delos A. Chappell, F. J. Campbell, L. C.
Phipps Jr., Rodney Curtis, Guilford S. Wood, Thos. S. Hayden and W. E.
Porter. Officers, Delos A. Chappell, President; F. J. Campbell, Vice-Pres.
and Secretary; L. C. Phipps Jr., Treasurer; E. W. Boyd, Auditor and Asst.
Secretary. Main office, 611-612 Symes Bldg., Denver, Col. Compare
V. 86, p. 725: V. 84, p. 807.-V. 88, P. 689.

Niagara Falls (N. Y.) Power Co.-New Mortgage-Proposed Refunding-New Construction.-The shareholders will
vote June 1 on authorizing an issue of $25,000,000 mortgage
gold bonds, payable Jan. 1 1932, bearing interest payable
semi-annually at an annual rate not exceeding 6%. such
bonds and the proceeds thereof to be used to refund shortly
Indiana Natural Gas & Oil Co.-Bonds Offered.-See Peo- the outstanding debentures, aggregating $9,096,000,
ple's Gas Light & Coke Co. below.-V. 87, p. 1302.
and for other corporate purposes, notably, it is expected,




MAY 22 10091

THE CHRONICLE

in the relatively near future new construction on the
Canadian side to cost about $4,000,000. A circular signed
by President D. ,0. Mills and Secretary F. L. Lovelace,
May 17 1909, says in substance:
The first mortgage secures bonds now outstanding for the aggregate
amount of $10,000,000, payable Jan. 1 1932; it is not proposed to disturb
the first mortgage bonds, which will continue as a lien upon all of the property described in that mortgage.
Upon various dates between April 1 1910 and Nov. 1 1914 will mature
debentures of the company for the aggregate amount of $9,096,000 for the
payment of which provision must be made without great delay, and the
payment of the 93,000,000 debentures (part thereof) falling due April 1
1910 must be provided for presently in view of the necessity of submitting
the entire matter to the Public Service Commission for approval.
The matter of refunding these debentures thus coming up for consideration, this is deemed by your board an opportune time to deal with the
question of financing the additional construction to be required on the
Canadian side, involving an additional expense of about $4,000,000; such
new construction having reference to the provision of additional power and
having been long within contemplation by the company. For such refunding and for such new Canadian construction, as above stated, approximately
$13,000,000 will be required and probably will be adequate.
But having in mind the future growth and increased advantage in the
use of Niagara power which is confidently expected by the board of directors,
it is deemed desirable to make ample provision for future requirements for
further betterments, improvements and additions to the property. Therefore approximately $12,000,000 of bonds secured by and Issuable under
this mortgage will be reserved for issue from time to time by the board of
directors for new construction and improvements, under and in accordance
with careful restrictions to be set forth in the mortgage itself.
In view of the fact that the present 6% debentures are selling in the market at about par,and that It is desirable to retire all of them so as to have
outstanding only two classes of obligations, each secured by mortgage,
namely the first mortgage 5% bonds and these new mortgage bonds, it is
deemed best that the new bonds should bear interest at the same rate as
the outstanding debentures, namely 6% which, to the extent that the
same shall be exchanged, will Involve no change in the present fixed charges.
To this end probably it will be deemed desirable to offer to the holders
of all of the outstanding debentures an equal amount of these new bonds in
exchange at par, with proper adjustment of Interest. If every such
debenture were to be exchanged, there would remain new bonds sufficient
to permit an offer of new bonds ratably to every stockholder equal to his
stock holdings, if some of those holding both stock and debentures in view
of their receipt of bonds in exchange for their debentures were to forego the
privilege of receiving bonds on account of their stock.
Holders of the outstanding debentures. Including some of the largest
holders to whom this plan has been made known, without dissent have
Indicated a present intention of making the exchange of their debentures
for the bonds on the terms above stated. If, as is deemed likely, similar
disposition shall be shown by the holders of all of the outstanding debentures offered (the longest of which may be called for payment at par on
Oct. 1 1911), proceedings will be instituted with reference to the very
prompt conversion of all of the debentures, and offer of bonds to stockholders will be made within such reasonable time thereafter as should provide
for $4,000,000 for the new construction upon the Canadian side; though not
in advance of the necessities of such construction. Compare V. 88, p. 880.

Niagara Lockport & Ontario Power Co.—Bonds Offered—
Status.—Pingree, McKinney & Co., Boston, are offering
at 923/ and interest, yielding about 5.45% $250,000 first
mortgage sinking fund 5% gold bonds dated Nov. 1 1904
and due Nov. 1 1954, but redeemable as an entire issue only
at 110 and interest. Interest payable M. & N. at Standard
Trust Co., New York City, trustee. Exempt from taxation
in the State of New York. Amount authorized and issued
(closed mortgage), $5,000,000. A circular says in substance:

1317

Estimate, Based on Expected Average Demand for 60,000 H.P. During 1910.
Receipts—sale of power and miscellaneous ($25,000)
$1,425,000
Expenses—Oper. and maintenance ($100,000) and administrative ($60,000)
$160,000
Cost of power
750,000
Rental of right of way ($5,000) and taxes ($20,000)
25.000— 935,000
Net earnings
$490,000
The above earnings will largely exceed the interest charges ($250,000)
on these bonds and the sinking fund payment [not less than (a) $25,000
annually 1909 to 1919; (b) S35,000 annually 1920 to 1929, and thereafter
(c) $50,000 annually.] Compare V. 85, p. 225.

Pennsylvania Sugar Refining Co.—Time for Deposits Extended.—The bondholders' protective committee, Charles M.
Warner, Chairman, announces that, a majority of the bond
having been deposited, the time for further deposits has been
extended to June 1. Compare V. 88, p. 1065.
Peoples Gas Light & Coke Co., Chicago.—Guaranteed
Bonds Offered.—Hartshorne, Bogert & Battelle, New York,
and Wollenberger & Co., Chicago, having sold large blocks
of the issue,are now offering,at a price to yield about 5.35%,
by advertisement on another page, $150,000 Indiana Natural
Gas & Oil Co. refunding (now first) mortgage 5% 30-year
gold bonds dated May 1 1906, guaranteed principal and interest by the People's Gas Light & Coke Co.; total issue,
$6,000,000, all outstanding. (Compare V. 87, p. 1302.) A
circular says in substance:
These bonds are an absolute first mortgage on the entire property of
the Indiana Natural Gas & 011 Co., consisting of three pipe lines complete,
of 145 miles each in length, extending from the city limits in Chicago,
where they connect with the mains and pipes of the People's Company, to
the gas and oil fields In Indiana; on 300 miles of pipe lines in Indiana,
together with land, leases, equipment, pumping stations; also on a plant
for generating artificial gas.
Under date of Feb. 11 1907 Geo. 0. Knapp, President of the Peoples
Gas Light & Coke Co.. made the following statement: "In November 1905,
owing to the inability of this company to secure an adequate supply of
natural gas, It became necessary to discontinue furnishing natural gas to
all consumers thereof north of the Chicago River. After much negotiation
an agreement was finally reached whereby this company not only secures
an increased supply of natural gas, but also substantial benefits in respect
to its future oil supplY, and natural gas is again being furnished to the territory that was abandoned In November 1905. The agreement made involved this company's guaranteeing the outstanding capital, bonds and
stock, at par, of the Indiana Natural Gas & 011 Co., aggregating $6,000,000.
but the Investigation made by the board prior to consummating the agreement indicated that the earnings from natural gas and other advantages
accruing under the agreement will'
provide for the obligations assumed by
the company under the guaranty.'—V. 88, p. 948, 689.

Philadelphia Electric Co.—Dividend to Be Changed from
Semi-Annual to Quarterly.—The directors this week declared
a semi-annual dividend of 3% on the amount of stock paid
in, being the same rate as paid last December and also
decided that in future the distributions to the shareholders
'
should be made quarterly.—V. 88, p. 998.
Pillsbury-Washburn Flour Mills Co., Ltd.—Modification
of Plan.—The holders.of the 6% first mortgage debentures
will meet in London June 2 to vote on passing—

By way of modification of the rights of the debenture holders, a resolution sanctioning certain modifications (including the substitution of it
charge on the shares of the subsidiary American companies for the alterLetter from Vice-President Francis:V.'Greene, Buffalo, N. V., April 3 1909. native forms of security provided for by Clause 8 of the plan of reorganizaThe company is incorporated under the laws of New York State and is tion, and inciduing also an extension of the purposes for which the proceeds
engaged in the transmission and sale of electric power developed at Niagara of the £25,000 additional debentures may be applied) In the plan of reorFalls and purchased under contract from the Ontario Power Co. of Niagara ganization which was adopted by the general meeting of the debenture
Falls, a corporation controlled by interests closely affiliated with this com- holders held on March 1 1909, and approving the draft collateral trust
pany. The company's property represents a total cost of about $7,250,000. deeds, lease, and other documents prepared to carry the said plan, as so
or 45% in excess of the first mortgage bonds. A sinking fund commencing modified, into effect.
[The "Minneapolis Journal" of May 8 gives the following explanation:
Nov. 1 1909 will provide a sufficient amount to retire all the first mortgage
"In the circular of March 16 last and that of Jan. 25, the plan was to base
bonds before maturity.
The property comprises an extensive system of transmission lines through the bonds given to the creditors upon a second mortgage. This has met
the northwestern part of New York State, delivering power as far as Syra- reconsideration and the committee has secured for the creditors a collateral
cuse, with a present capacity of 60,000 horse-power. The trunk lines con- trust mortgage under the terms of which the net income from the watersist of double circuits throughout, having a capacity of 30,000 horse-power power properties and from the operating lease will be paid directly to an
per circuit at Lockport and south of Buffalo, 20,000 at Rochester and 10,000 American trustee, instead of being paid to and handled by the British
at Syracuse. Including branches, embraces about 211 miles of private Company. (Compare V. 88, p. 298; V. 87, p. 1536.)
right of way, 71 miles of easements and 72 miles of West Shore RR. right
Notice to Floating Debt Holders.—The creditors' committee
of way, on which are located 400 miles of 60.000 volt three-phase lines and
27 miles of line ranging from 11,000 to 33,000 volts, together with switch- (Gilbert G. Thorne, Chairman) has called for deposit of all
Gardenville,
stations
ing
at Lockport,
Mortimer and Solvay, and sub-sta- notes or other evidences of debt with the Minneapolis Trust
tions containing step-down transformers at Lockport and Gardenville. Co., depositary.
Claims will be adjusted as of May 8. See
Each trunk line Is carried on steel towers, mounted on concrete foundations,
with the exception of part of the line, which is along the West Shore RR., change in plan noted above and compare V.88, p. 298.
and about 38 miles of branch line, where, for economy of space, double
Pittsburgh & Fairmont Fuel Co.—Sale of Minority Sto4.-1wooden poles, forming an "A" frame construction, are used. The system
Is equipped with a private telephone system connecting customers with the See Consolidation Coal Co. above.—V. 84, p. 1306.
Ontario Power Co.'s generating plant. The right-of-way purchases were
Pullman Company.—Enlargement of Plant to Provide
made with reference to an ultimate transmission of 180,000 h. p., and
the present maximum capacity of 60,000 h. p. can be increased to 90,000 Chiefly for Construction of Additional Steel Cars, Passenger
h. p., equivalent to an increase of 50%, with an additional expenditure of
and Freight—Twenty-Year Contract with Pennsylvania RR.—
not more than 5% of the present investment.
Power 5upply-7'h° Ontario Power Co.—Under a contract expiring in It was announced in Chicago on May 14 that contracts had
1950 (with the right of renewal under certain restrictions for three successive been let
for improvements and extensions to the plant at
periods of 20 years each), the Ontario Power Co. is to furnish all the power
which this company can bring into the United States under its permit Pullman, Ill., which will cost about $3,000,000, and betaken
from the Secretary of War, not less than 60,000 h. p. The Ontario Power care of out of
the existing surplus without any new financing.
Co. owns a plant with a present capacity of 78.000 h. p. and designed for
the ultimate generation of 200,000 h. p. (V. 88, p. 297; V. 86, p. 1413; The Chicago papers state that the extensions will increase the
V. 82, p. 632; V. 80, p. 1427).
capacity of the plant to about 50,000 cars annually, the new
Territory Served.—Embraces the cities of Lockport, Batavia, Rochester,
Auburn. Syracuse and Dunkirk. the manufacturing districts in the out- steel passenger car plant to have a capacity of three all-steel
skirts and south of Buffalo, and Intervening cities and towns, the total cars daily, increasing the passenger
capacity to 175 cars
population approximating 900,000. With the exception of the territory
adjacent to Buffalo and Lockport, the Niagara Lockport & Ontario Power monthly, and the new freight car shops to be capable of
Co. occupies the position of a wholesale dealer,delivering the power, under turning out 1,500 steel freight cars a month. All of the new
contracts averaging from 10 to 30 years in length to local light, heat and
power and traction companies which have installed their own transformers. buildings planned, it is stated, are expected to be finished
Motive power is furnished for 472 miles of electric railway.
by Sept. 1. General Manager Dean is quoted as saying:
The return of prosperous conditions is already evident in the increased
Certain Leading Companies with whom Contracts Are Now in Force.
purchases of railway equipment hnd supplies. The new buildings which
'Rochester By. & Lt. Co.
Syracuse & South Bay Electric RR. we have contracted for will increase our freight-ear capacity by over a
'Syracuse Rapid Transit Co.
Lockport Light, Heat & Power Co. third and about double our passenger capacity, but we are confident that
'Rochester & Eastern Rap. Tr. RR. Internat'l Power & Transmission Co. by the time they are completed business will have picked up to such an exBuffalo & Lake Erie Traction Co.
Genesee County Lt., Ht. & Pow. Co. tent that we shall have orders for the entire output of the plant. We have
Buffalo Lockport & Rochester By. Erie RR. Co. (Roch. to Mt. Morris). recently closed a 20-year contract with the Pennsylvania and they will
require about 300 steel cars in the near future for use in the tunnel under
Syracuse Lake Shore do Nor. RR.
Auburn Light, Heat do Power Co.
the Hudson.—V. 88, p. 1135, 825.
• See New York State Railways in V. 88, p. 945.
Republic Iron & Steel Co.—Wages.----John A. Topping,
One of the most Important of the company's direct consumers In the Chairman, informs us that
the press reports of a general
Buffalo district is the Lackawanna Steel Co.
Throughout the territory served the company is free of competition from restoration of wages on June 1 by the company are incorrect.
Niagara power, and It Is believed that restrictions on the diversion of the On June 1 there will be a change in wages in the Youngstown
Falls for power purposes will limit the available power below the demand
which may ultimately be expected from the territory to which the power district to correct some inequalities between the wage rates
would be transmitted.
established by the company as compared with the rates
Earnings—Since July 1907, when construction was completed, the power
sales have increased steadily, and the existing contracts call for the sale of paid by leading competitors in the Youngstown, Ohio, disupwards of 30,000 h. p. (being the arbitrary minimum load which must trict.—V. 88, p. 1005, 886:
be paid for whether used or not). The actual demand is, however, already
Somerset Coal Co.—Sale of Minority Stock.—See Consoliconsiderably larger, and we estimate that the average power sales during
the calendar year 1909 will approximate 45,000 h. p.—sufficient to provide dation Coal Co. above.—V. 88, p. 1000, 751.
for the interest and sink, fund on these bonds. The additional demands for
power during 1010 will, we believe, call for an average of 60,000 h. p.
For other Investment News see page 1322,




THE CHRONICLE

1318

[VoL. Lxxxvui

gel:torts mut 3)3ocuntrniti,
FERROCARRILES NACIONALES DE MEXICO (National Railways of Mexico).

•

YORK STOCK EXCHANGE IN CONNECTION WITH
ABSTRACT OF OFFICIAL STATEMENT TO THE NEW
GENERAL MORTGAGE 4% BONDS
THE LISTING OF PRIOR LIEN 432% BONDS, GUARANTEEDED STOCK.
AND FIRST .AND SECOND PREFERR
New York, April 5 1909.
Ferrocarriles Nacionales de Mexico (National Railways of
Mexico) hereby makes application to have placed upon the
regular list of New York Stock Exchange the following:
1. Securities issued and outstanding, to be listed at once—
$89.017,400 Prior Lien 4% 50-year Sinking Fund Redeemable
Gold Bonds.
52,633,400 Guaranteed General Mortgage 4% 70-year Sinking Fund
Redeemable Gold Bonds.
28.795.000 par value Non-Cumulative 4% First Preferred Stock.
123.835,600 par value Non-Cumulative 5% Second Preferred Stock.

2. Additional securities to be listed from time to time upon
Plan—
official notice that they have been issued underGold
Bonds.
$17,482,600 Prior Llen 4 % 50-year Sinking Fund Redeem.
8.117,600 Guaranteed General Mortgage 4% 70-year Sinking Fund
Redeemable Gold Bonds.
37,900 par value Non-Cumulative 4% First Preferred Stock.
1,164.400 par value Non-Cumulative Second Preferred Stock.

and the Mexican Central Railway Company, Limited (hereinafter called the "Central Railway"), for the organization
of the Company as aforesaid (V. 86, p. 918, 1594), and for
an exchange of securities as follows:
BASIS OF EXCHANGE OF OLD DEPOSITED SECURITIES.
—Each $1,000 Par Value of Deposited—
Securities Is to Receive:
1st
2nd
Prior Lien Guar.
. Pref. Common
4% Gen. M. Pref.
Bds.
Shares.
4%
Bonds.
Shares.
Shares. .
Cash.
Stocks.
ec.
Bonds
Deposited
Mex. Central By. Co., Ltd:
$700 $475
Priority 5% Bonds
1st M.7% B'ds&Scrip Ass'd __ 1,000
$75
325
600
Consol. M. 4% Bonds
1,100
1st Cons. Inc. Bonds&Scrip
1,100
Reg. Inc. Bonds & Scrip
1,000
2d Consol. Inc. Bonds_
1,000
Stock
National RR. Co. of Mexico:
$1,000
$100
Preferred Stock
1,100
Second Preferred Stock_
'733 1-3 $333 1-3
Common Stock (old)
1,000
Deferred Stock __ _ __ _ _ _

Ferrocarriles Nacionales de Mexico (hereinafter called the
"company") was organized on March 28 1908 under and by
virtue of a law of the Congress of the United States of
Said Plan of Readjustment also provided for the issue
Mexico enacted Dec. 26 1906 and of a decree of the Federal
Common Stock, $6,000,000 Prior
Executive of Mexico dated July 6 1907. The duration of the of $63,730,000, par value,
Lien 4 1 2% bonds and $2,450,000 General Mortgage 4%
corporation is 99 years from July 6 1907.
bonds of the company to the Mexican Government on acAUTHORIZED ISSUES OF CAPITAL STOCK AND BONDS.
and other considerations.
Capital Stock authorized to be issued In shares of the par value of $100, count of guaranty
or 200 pesos, each.
$30,000,000 (or 60,000,000 pesos)
First Preferred Stock
125,000,000 (or 250,000,000 pesos)
Second Preferred Stock
75,000,000 (or 150,000,000 pesos)
Common Stock
Bonds authorized to be issued (except as hereinafter shown)—
$225,000,000
Prior Lien Bonds
160.000,000
Guaranteed General Mortgage Bonds
GENERAL DESCRIPTION OF PROPERTIES.

A conveyance of the properties of the National Railroad
Company of Mexico to the New Company (including the
Hidalgo & Northeastern property) has been executed and
protoeolized, and is now in 'process of registration. A conveyance of the properties of the Mexican Central Railway
Co., Limited, to the New Company has been executed and
presented to the Court for protocolization, which is expected
to be completed very soon. The company is thus* in possession of these properties, and controls through stock ownership the Mexican International Railroad Co., the Interoceanic Railway of Mexico (Acapulco to Vera Cruz), Limited,
the Texas-Mexican Ry. Co. and the Mexican Pacific Ry. Co.
The principal terminus of the company is in the City of
Mexico; the main lines of the Central, National and Interoceanic running therefrom as follows: That of the Central
in a northwesterly direction to Ciudad Juarez in the State of
Chihuahua, Mexico, opposite El Paso, Texas; that of the
National in a northerly direction to Nuevo Laredo, in the
State of Tamaulipas, Mexico, opposite Laredo, Texas; that
of the Interoceanic in a southeasterly direction from the City
of Mexico to Vera Cruz, in the State of Vera Cruz. In the
case of the International, the main line runs from Ciudad
Porfirio Diaz, State of Coahuila, Mexico, opposite Eagle
Pass, Texas, to the City of Durango, State of Durango.
There are various important branch lines, among others
being the two lines running to the Port of Tampico; the line
from Irapuato in the State of Guanajuato to Manzanillo,
in the State of Colima, on the Pacific Coast; and the line
from Monterey to Matamoras on the Gulf of Mexico.
Central Division
National Division
International RR
Interoceanic Ry.
Totals
Standard gauge
Narrow gauge

SUMMARY.
Miles Owned. —Miles Controlled by Stock Ownership102.52 (Mexican Pacific Ry.)
3,407.85
161.853 (Texas Mexican Ry.)
1,685.184
894.16 (Mex. International Ry.)
736.
(Interoceanic Ry. of Alex.)
_5.093.034
4,623.727
469.307

5,093.034
Totals
Total miles owned and
controlled

1,894.533
1,158.533
736.
(Interoceanic By. of Alex.)
1,894.533
6.987.567

There are also 98.017 miles of leased lines, viz.: Michoacan
& Pacific, 56.917; Coahuila Coal Railway, 24.04; Mexican
Union, 10.85, and Bar Extension, 6.21.
The above mileage is taken from the last published annual
reports of the several companies, viz.: as of June 30 1908.
No material changes from this mileage have been made up
to the date of this application.

UNION OF NATIONAL RR.
PLAN FOR READJUSTMENT ANDRAILWAY.
AND CDNTRAL

On Feb. 29 1908 the Federal Government of the United
States of Mexico entered into an agreement with Speyer &
Co., Kuhn, Loeb & Co., Hallgarten & Co. and Ladenburg,
Thalmann & Co. (of New York), Speyer Brothers (of London) and Berliner Handelsgesellschaft and Bank Fur Handel
Und Industrie (of Berlin), called the "Bankers," modifying
a prior agreement between the same parties dated July 9
1907. Said modified agreement provided that the Bankers
should, as Readjustment Managers, issue a Plan for the
Readjustment and Union of the National Railroad Company
of Mexico (hereinafter called the "National Railroad")




SECURITIES DEPOSITED UNDER PLAN—SECURITIES ACQUIRED
AND NOT ACQUIRED.
of Mexico.
(1) Deposited to April 1 1909 and so Acquired by National Rys.
Total Issue.
Acquired.
a Central Railway:
$6,597,000 00
Priority 5% Bonds, due July 1 1939_ _ _ _ $5,177,000 00
264,062 50
212,977 50
First Mtge. Bonds, due July 1 1911
Cons. M. 4% Bonds, due July 1 1911_ _ _103,647,000 00 109,020,000 00
00
'1st Cons. Inc. Bonds, due Jan. 10 1939_ 19,463,000 00 *32,706,000
325,200 00
305,000 00
Registered Income Bonds, due July 1 1911
00
11,284,000
2d Cons. Inc. Bonds, due Jan. 10 1939_ _ 11,166,000 00
59,127,100 00
58,949,700 00
Stock
b National Railroad:
$28,795,000 00 $28,832,900 00
• 'Preferred Stock
21,981,900 00 x22,233,333 33
Second Preferred Stock
284,600 00
11,200 00
Common Stock
11,015,300 00 x11,116,666 67
Deferred Stock
B
• As to $7,136,000 of these bonds, see sub-division 4 of paragraphand
x The figures for total Issue of Second Preferred Stock
below.
authorized
stock
of
such
shares
of
the
include
Stock
number
Deferred
the proporto be issued to take up the 2,846 shares of Common Stock, in of
Deferred
tion of two shares of Second Preferred Stock and one share
of
Stock.
shares
three
Common
Stock for
•
Company
the
by
Acquired
but
Plan
Not
the
under
Securities
Deposited
(2)
Acquired. Total Issue.
National RR. 1st Cons. Mtge. 4% Gold Bonds
$2,540,000 $27,289,000
due Oct. 1 1951
Mexican Central 1st Cons. Income 1939 (subject
5,000,000
to lien of 4-year Gold Notes)
(3) Additional Securities—Not Acquired by the Company.
Total Issue
Mexican Central—Equipment and Coll. 5% Gold Bonds (first
$950,000
series, $400,000; second series, $550,000)
Four-year 5% gold notes (payment assumed by the company),
due July 1 1910 (the call for redemption noted on another
page reduces the amount of notes outstanding to $8,380.- 15,740,000
000—Ed.)
22 1917_ _ 3,151.853
Equipment notes, due on various dates up to March
23,000,000
National RR.—Prior Lien 43.5% Gold Bonds due Oct. 1 1926_ _

The Company has also acquired the stocks and securities
shown in table headed "Capitalization of Subsidiary Companies" below.
Prior Lien Bonds.
The Prior Lien 43% 50-year Sinking Fund Redeemable
Gold Bonds are issued under a mortgage between the ComTrustee,
pany and the Central Trust Co. of New York, as to
$225,dated June 22 1908. The authorized issue is limited
000,000, except that $6,000,000, face amount, may be issued
in addition thereto for the purpose of taking up Prior Lien
Bonds of the National Railroad, issued for 43% Prior Lien
Sterling Bonds of the Mexican International Railroad Co.
to a face amount equal to the face amount of Prior Lien
Bonds of the National Railroad, and at the rate of one
$1,000, face amount, of Prior Lien Bonds of the Company
for each £200 Prior Lien Bond, or for two ,E100 Prior Lien
Bonds of the Mexican International Company; all such
Prior Lien Bonds of the National Railroad and Prior Lien
Bonds of the Mexican International Company to be delivered to and held by the Trustee under the Prior Lien Mortgage of the Company as additional security until canceled.
The bonds are in both coupon and registered form and
become due upon July 1 1957. Coupon bonds may be registered as to principal and may be exchanged for fully Registered Bonds. The Coupon Bonds are dated July 1 1907,
are of the denominations of $1,000, $500 and $100 (United
States gold); the bonds for $1,000 are numbered from M-1
consecutively upwards, for $500 D-1 consecutively upwards
and for $100 C-1 consecutively upwards. The principal and
interest of the Coupon Bonds (the latter at the rate of 43'%
per annum, payable semi-annually, on the first days of
January and July in each year) are payable, at the option
of the holder, at the following places and rates:

Semi-annual Interest.
Principal.
Place.
$22 50
$1,000
New York City
45 pesos
pesos
2,000
Mexico
14:12:7
1205:15:2
London
M94.50
Berlin, Frankfort-on-ifaln, or Hamburg_ M 4,200
Fr. 116, Cent.55
Fr. 5,180
France, Belgium or Switzerland
Guilders 55.18
Guilders 2,480
Amsterdam

MAY 221909.]

THE CHRONICLE

Registered Bonds may be of the denomination of $1,000,
or such multiple thereof as the Company may by resolution
from time to time authorize, and are now issued in denominations of $1,000 and $5,000. The Registered Bonds are
exchangeable for Coupon Bonds. The principal and interest of Registered Bonds are payable only in New York City.
All the Prior Lien Bonds are payable, both as to principal
and interest, without deduction for any tax which the Company may be required to pay thereon or to deduct therefrom
under any present or future law of the United States of Mexico, or of any State or municipality therein, or of the United
States of America, or of the State of New York, or of any
municipality in said State.
PROVISION FOR SINKING FUND FOR NEW PRIOR LIEN BONDS.

Provision is made for a cumulative sinking fund which,
with accumulations, the Company covenants is sufficient to
retire the entire issue of Prior Lien Bonds not later than
July 1 1957.
The sinking fund consists: (a) of the payment for each
year, beginning for the year 1917, of a sum equal to One per
Cent of the principal amount of all Prioi Lien Bonds authenticated before Jan. 1 1917; and (b) of an annual payment,
beginning for the year 1918 and terminating with the year
1956, in respect of additional Prior Lien Bonds authenticated
after Jan. 1 1917, and during the preceding year, of a certain fixed sum in respect of each $1,000 principal amount of
the Prior Lien Bonds so authenticated, the exact amount
of the payments being stated in the Mortgage. The Prior
Lien Bonds are subject to purchase for the sinking fund on
any first day of July, beginning 1917, and to redemption
on any interest day subsequent to Jan. 1 1917, in each case
at a premium of 5% and on not less than ninety days prior
notice. Prior Lien Bonds purchased for the sinking fund
must be converted by the Trustee into Registered Bonds
in the name of the Trustee and be appropriately stamped as no
longer negotiable and as belonging to the sinking fund, and
continue to bear interest for account of the sinking fund.

1319

2. Income Mortgage, dated July 1 1881, under which $11,970,200
of
bonds were issued, of which $11.284,000 of bonds have
been pledged with
the Trustee under the Consolidated Income Indenture of Jan.
1
$301,000 of bonds have been exchanged for stock and canceled; and 1889:
$325.200 of bonds are outstanding ($305,000 deposited under
plan).
3. Consolidated Mortgage dated Jan. 1889, under which
$109,020,000
of bonds are outstanding ($103,647,0001 deposited
plan).
4. Consolidated Income Indenture, dated Jan. under
1 1889, under which
832,706,000 of First Consolidated Income Bonds and $11,770.000 of Second
Consolidated Income Bonds were issued, both due Jan. 10 1939. Of the
First Consolidated Income Bonds, $5,000,000 have been acquired
by the
New Company subject to pledge thereof
the Four-Year Gold Notes of
the Central Company; $7,136,000 are heldfor
subject to tiae agreement of the
Central Company to cancel the same; and
$20,570,000 are outstanding
($19,463,000 deposited under plan). Of the Second Consolidated
Income
Bonds, $486,000 are held for the
and $11,284,000 are outstanding ($11,166,000 deposited underCompany
the plan).

C. As to the properties described therein respectively to
the following Mortgages of the National Railroad Company:
1. Prior Lien Mortgage, dated March 15 1902, under which
$23,000,000
of bonds are outstanding, due Oct. 1 1926,
additional bonds may
be issued to take up £1,200,000 Prior Lien $6,000,000
4
Sterling
Bonds
of Mexican
International RR. Company.
2. First Consolidated Mortgage, dated March 15 1902, under
which
$27,289,000 of bonds are outstanding, due Oct.
1 1951. Amount may be
increased to refund equal amount Prior Lien Bonds
of National RR. Co.,
and to take up at same rate First Consolidated
Mortgage 4% Bonds of the
Mexican International RR. Co.

The Prior Lien and General Mortgages provide that the
National Railroad Company shall not issue additional bonds
under its Prior Lien Mortgage, except to take up a like
principal amount of the Prior Lien Bonds of the International
Railroad Company; that the National Railroad Company
shall not issue additional First Consolidated Mortgage Bonds,
except to take up a like principal amount of the First Consolidated Mortgage Bonds of the International Railroad
Company; and that the Central Railway Company shall not
issue any bonds under either its First Mortgage or its Income
Mortgage or its Consolidated Mortgage or its Consolidated
Income Indenture.
Both the Prior Lien and the General Mortgages provide
that the International RR shall not issue any additional stock.
Guaranteed General Mortgage Bonds.
The Guaranteed General Mortgage 4%. Seventy-year
Sinking Fund Redeemable Gold Bonds are issued under a
Mortgage between the Company and the New York Trust
Company as Trustee, dated June 22 1908. The authorized
issue is limited to $160,000,000, except that $26,000,000
face amount may be issued in addition thereto for the purpose of taking up additional First Consolidated Mortgage
Bonds of the National Railroad to a face amount equal to the
face amount of such Consolidated Bonds tendered, all such
Consolidated Bonds of the National Railroad to be delivered
to and held by the Trustee under the Prior Lien or the General Mortgage of the Company as additional security until
canceled. The bonds are in coupon form, dated Oct. 1 1907,
become due Oct. 1 1977, and may be registered as to principal. They are of the denominations of $1,000, $500 and
$100 (United States gold); the bonds for $1,000 are numbered from M-1 consecutively upwards; for $500 from D-1
consecutively upwards; and for $100 from C-1 consecutively
upwards. The principal and interest (the latter payable
semi-annually on the first days of April and October in each
year) are payable at the following places and rates:

PURPOSES OF ISSUE OF $225,000,000 PRIOR LIEN (ARTICLE H),
$62,986,777 50, face amount, to the Readjustment Managers (Section 1).
10,000,000 00, face amount, as directed by the Company (Section 2).
6,000,000 00, face amount, as directed by the Chairman of the Board
of Directors (Section 3).
7,308,185 00, face amount, in exchange for or to take up or acquire the
following bonds of the Central Railway, in addition to
those specifically conveyed by the Mortgage:
(a) $2,853,000, face amount, Priority 5% Bonds;
(b) $91,085, face amount, First Mortgage Bonds (and
scrip) assented;
(e) $8,700,000, face amount, Consolidated Mortgage
Bonds, at the following rates:
(d) To a face amount equal to assenting First Mortgage
• Bonds (and scrip);
(e) To a face amount equal to 70% of face amount of
Priority 5% Bonds;
(/) To a face amount equal to 60% of face amount of
Consolidated Mortgage Bonds (Section 4).
7,200,000 00, face amount (in connection with $4,800,000 General
Mortgage Bonds), to take up and discharge $10,000,000
5% Gold Notes of the National Railroad maturing
April 1 1909 (Section 6).
13,005,000 00, face amount, to provide funds to take up or discharge
equipment obligations of the Central Railway outstanding at the date of the Prior Lien Mortgage, or for use for
other corporate purposes of the Company (Section 7).
$106,499,962 60, Total amount for which this application is made.
23,000,000 00, face amount, in exchange for or to take up or acquire
Place.
Principal.
Semi-annual Interest,
$23,000,000, face amount, Prior Lien Bonds of the Na- New York City
$1,000
$20
tional Railroad, and to be issued to a face amount equal Mexico
2,000 pesos
40 pesos
to the face amount of the Prior Lien Bonds of the Na- London
1205:15:2
14:2:3
tional Railroad tendered (Section 5).
Berlin, Frankfort-on-Main, or Hamburg_ _M 4,200
M 84
47,500,000 00, face amount, to reimburse the company for
France, Belgium or Switzerland
Fr. 5,180
Fr. 103.60
(a) Construction or acquisition subsequent to Jan. 1 Amsterdam
Guilders 2,480
Guilders 49.60
1910 of improvements and betterments of or on lines of
railway owned or leased as in the Mortgage provided by
All the Guaranteed General Mortgage Bonds are payable
the Company, or by the National RR., the Central Ry. or
the Mexican International RR., or controlled com- both as to principal and interest without deduction for any
panies; or
tax which the Company may be required to pay thereon or
(5) Construction or acquisition subsequent to July 1
1910 of additional rolling stock and equipment on which to deduct therefrom under any present or future law of the
United States of Mexico, or of any State or municipality
the Prior Lien Mortgage shall be a first lien.
Said bonds are deliverable at a rate not exceeding $2,- therein, or of the United
States of America, or of the State
500,000, face amount, in each year (Section 8).
of New York, or of any municipality in said State.
10,000,000 00, face amount, for
Construction
or
acquisition
(a)
of a line of railway beGuaranty—Provisions of Decree of Federal Executive of Mexico.
tween Tampico and the City of Mexico, or the acquisition
" " • • In addition to the security which the Company
of the Capital Stock and lien indebtedness of a corporation
constitute in favor of these bonds in accordance with the preceding may
owning the Tampico Short Line; or,
9,
the Government of the United States of Mexico will guarantee Article
(b) Construction or acquisition of other lines of rail- tionally
uncondithe payment thereof, both as to principal and interest, including
way; or,
installments
the
of
the
sinking
fund,
and
this guaranty shall be executed
(e) Construction of bridges; and,
(a) Reimbursement of expenditures made by the Rail- on each bond." (Art. 11.)
way Company for said purposes (Section 9).
Provision of Decree in Case of Payments Under Guaranty.
38,000,000 00, face amount, for
If the Government of the United States of Mexico should make any
(a) Construction or acquisition of additional lines of payments under the Guaranty
mentioned under Article 11" (General
railway, terminals, etc.; or,
Mortgage Bonds) "the Government shall be deemed a creditor of the
Com(b) Acquisition of Capital Stock and bonds or other pany for the amounts
so Mud, and entitled to repayment with interest at
indebtedness of other corporations owning such lines of the rate
of 4% per annum. Except in liquidation, such repayment shall
railway, terminals, etc.; or,
be made only out of net profits otherwthe distributable in dividends, and
(e) Reimbursement for expenditures made by the before
any dividend may be paid on any class of stock other than dividends
Company for the purposes aforesaid (Section 10).
guaranteed under the Deed of Incorporation of the Company."
$224,909,962 50 Total.
Guaranty of Principal and Interest by United States of Mexico Endorsed on
Each General Mortgage Bond.
SECURITIES AND PROPERTIES COVERED BY NEW PRIOR LIEN
For Value Received, the United States of Mexico guarantee to the holder
MORTGAGE—PRIOR OBLIGATIONS.
of
the
within
bond
the
payment of the principal and interest
The Prior Lien Mortgage is a lien or charge upon all the thereof in accordance withpunctual
the terms thereof and of the within mentioned
securities and properties acquired and owned by the Com- Mortgage or Deed of Trust.
October
11907.
Mexico,
El Delegado Especial de Hacienda,
pany as aforesaid, subject to the following liens:
El Tesorcro General de la Federacion,
A. As to certain securities to the Trust Agreement of the
J. ARRANGOIZ.
SINKING FUND FOR GENERAL MORTGAGE BONDS.
Mexican Central Railway Company, Limited, dated July 2
1906, securing a total authorized issue of $35,000,000 Four- 1/ Provision is made for a cumulative sinking fund which,

Year 5% Gold Notes due July 11910, of which $15,740,000
are outstanding, the remainder of these notes having been.
canceled. (The payment of $7,360,000 notes called for redemption July 1 will reduce the amount outstanding to
$8,380,000.--Ed.)
B. As to the properties described therein respectively to
the following Mortgages of the Mexican Central Railway.
1. First Mortgage, dated June 1 1881, under which $109,020,000 of
bonds were issued, of which $108,755,000 of bonds have been pledged with
the Trustee under the Consolidated Mortgage of Jan. 1 1889, and $264,062 50 of bonds are outstanding ($212,977 50 deposited under plan).




with accumulations, the Company covenants is sufficient
to retire the entire issue of General Mortgage Bonds not
later than Oct. 11977. The sinking fund consists (a) of the
payment for each year, beginning for the year 1937, of a
sum equal to one per cent of the principal amount of all
General Mortgage Bonds authenticated before Jan. 1 1937;
and (b) of an annual payment beginning for the year 1938,
and terminating with the year 1976, in respect of additional
General Mortgage Bonds authenticated after Jan. 1 1937,
and during the preceding year of a certain fixed sum in re-

1320

THE CHRONICLE

[VOL.

PURPOSES FOR WHICH STOCK HAS BEEN ISSUED.
issued
a. First Preferred Stock, of a par value of $28,795,000, has been
RR. Co..
in exchange for a like amount of Preferred Stock of National
.
reserved
00
$1,167,1
like
and
a
to
purpose,
le
applicab
leaving $37,900
has been
b. Second Preferred Stock, of a par value of $123,822,328 33,
follows:
as
issued
Mortgage
$7,773,525 00 in partial exchange for a like amount of Consol.
4% Bonds of Mexican Central Ry. Co., Limited.
Income
ated
of
000
First
Consolid
for
$19,463.
e
exchang
in
00
$21,409,300
Bonds and Scrip of Mexican Central Ry. Co., Limited.
of Second Consolidated In$11,166,000 00 in exchange for a like amount
come Bonds of Mexican Central By. Co., Limited.
and
$335,500 00 in exchange for $305,000 of Registered Income Bonds
Scrip of Mexican Central Ry. Co., Limited.
Central
of
of
a
like
Mexican
stock
for
amount
e
exchang
$58,949,700 00 in
By. Co., Limited.
900 of Second Pref. Stock of
*24,180,090 00 in exchange for $21,981,
National RR. Co. of Mexico.
$11,200 of the Common Stock (old)
$8,213 33 in partial exchange for of
Mexico.
of National RR. Co.
Capital Stock allotted to the Mexican
c. The total number of shares of(as
stated in Article 10 of the Deed of
Government is 1,150,023 shares ortotal
number of shares which constitute
Incorporation) "a majority of the Clause
Third, there being thus assured
to
the Company's capital according
tation in its own right of a number
represen
the
ent
Governm
the
of
favor
in
of votes in the general meetmajority
a
AL
te
AGE
OF
GENER
constitu
MORTG
,000
to
t
of shares sufficien
PURPOSES OF ISSUE OF $160,000
ph First of Article Second of the law
BONDS (ARTICLE II. OF MORTGAGE).
ings on the terms fixed by Paragra
Second of Article Eighteen of the Deph
Paragra
by
and
1906
2(1
Dec.
of
tment Managers (Section 1).
534.382,400, face amount, to the Readjus
cree of July 6 1907."
the Company (Section 2).
6,750,000, face amount, as directed by
n of the Board of
on in Deed of Incorporation for Dividends at Least 2%
2,450,000, face amount, as directed by the Chairma
Provisi
Directors (Section 3).
on First Pref. Shares During First 3 Years.
Annum
the
Per
to
up
or
take
or
e
for
acquire
4,182,875, face amount, in exchang
Janufollowing bonds of the Central Railway in addition to those
'During a period of three years from the first day of
specifically conveyed by the Mortgage:
the First Preferred Shares shall receive a semi1908
ary
(a) $2,853,000, face amount. Priority 5% Bonds;
(5) 8,700,000, face amount, Consolidated Mtge. Bonds: annual dividend of at least one per cent upon their nominal
at the following rates:
profits of the Company, which must
(c) To a face amount equal to 47 A % of the face amount value, although the net
purpose, may not be sufficient for
of Priority 5% Bonds;
this
to
applied
first
be
of
,
to
%
the
5
323
face
equal
amount
(d) To a face amount
payment the
such payment. In order to guarantee this
of Consolidated Mortgage Bonds (Section 4).
on with $7,200,000, face amount, Company, as soon as the Prior Lien Bonds and the General
4,800,000, face amount (In connecti
e
and
up
take
discharg
510,000,000,
Prior Lien Bonds), to
d to in the Sixth Clause of this Deed
face amount, 5% Gold Notes of the National Railroad, Mortgage Bonds referre
6).
the First Preferred Shares are issued,
and
before
maturing April 1 1909 (Sectionto
issued,
are
take
or
up
e
equipfunds
discharg
Fund $1,800,000,
8,185,925, face amount, to provide Central
Ry. outstanding at the date shall set apart and maintain as a Special
ment obligations of the
use for other corporate pur,of the Prior Lien Bonds and $1,200,000,par value,
value
of the General Mortgage, or for 7).
par
which shall be applied for
poses of the Company (Section

l Mortspect of each $1,000 principal amount of the Genera
of the paygage Bonds so authenticated, the exact amounts
ments being stated in the Mortgage.
se for the
General Mortgage Bonds are subject to purchaof
October
sinking fund on Oct. 1 1937 and on the1first day
to redemption
of each succeeding year and after April 1927
on any interest day, in each case at par, and on not less than
Mortgage Bonds
ninety day's previous notice. General be
appropriately
purchased for the sinking fund must
sinkstamped as no longer negotiable and as belonging to the
ing fund and continue to bear interest, which becomes a part
of the sinking fund.
The General Mortgage is a lien or charge upon all the seLien Mortgage
curities and properties included in the Prior
Lien
as aforesaid, but subject to the lien of the said Priorge.
Mortgage, and also subject as is the Prior Lien Mortga

of the General Mortgage Bonds,
it shall be
said purpose, if necessary, and to the extent thatsaid bonds
necessary. In case the Company shall sell the
amount
or any part thereof, the proceeds of the sale to the
teed
which may be necessary for the payment which is guaran
Special
on the First Preferred Shares, shall be held in the
Fund for such purpose."
Dividends of 1% on the First Preferred Shares have been
paid as follows: Aug. 18 1908 and March 11909.
Further Provisions of Decree of July 6 1907 in Respect of Stock.
"The First Preferred Shares shall confer on the holders
thereof the right to receive each year out of surplus profits,
for such year on any
and before any dividend shall be paid
to 4% on its par value,
other class of stock, dividends up
nd in any such year shall be
but no deficiency in such divide
subsequent years.
made up out of the surplus profits of ny,
the First Preferred
"In case of liquidation of the Compa
ent at par before any disShares shall be entitled to repaym
of stock.
tribution to holders of any other class
Stock beyond 60,000,"No increase of the First Preferredany
shall
mortgage or other
000 pesos shall be made, nor zed by Article
s 9, 10 and 11
lien, in addition to those authori
any of the property embraced
of this decree, be created on
at a meeting of the Stockin either of said mortgages, except
tive vote of a major, duly convened, by the affirma
holders
Stock of the Company,
Capital
entire
$160,000,000. Total.
the
of
t
amoun
ity in
holders of a majority in amount
and with the approval of the Stock at the time outstanding,
Capital Stock.
ed
Preferr
First
entire
of the
provides: "The the holders of the First Preferred Stock voting separately.
Article 3 of the decree of July 6 1907
shall not be reduced, except
0,000
pesos,
460,00
be
ny
shall
Compa
the
"The First Preferred Stock held by the Company or purinitial capital of
by
pesos
,000
shares
60,000
of
sum
of
the
in
nted
ation
represe
cancell
by the
and shall be
0,000 pesos by chased by it in the open market, but the Company may refirst preferred shares; in the sum of 250,00
Stock outstanding, at par
0,000
pesos
150,00
of
sum
in
the
and
shares,
tire the entire First Preferred
second preferred
whatfor
and
when
shares,
these
All
in cash."
by common shares.
shall confer on the holders
paid up.
"The Second Preferred Shares
ever consideration issued, shall be held as fullyincreased or
year out of surplus profits
each
be
receive
may
ny
Compa
to
the
of
right
the
capital
thereof
"The initial
on their par value after the
the
Cent
in
and
Per
decree
this
in
ed
Five
provid
to
up
manner
nds
divide
reduced in the
United States dividend of 4% on the First Preferred Shares for such year
by-laws. So long as the Government of the
aside and before any dividend
ny,
Compa
of
the
stock
the
in
ty
majori
a
own
shall have been paid or set on the Common Stock; but no
of Mexico shall
effect
year
the
be
shall
made
stock
such
its
in
for
on
paid
reducti
be
shall
no increase or
s of the Government deficiency in such dividend in any such year shall be made
of which shall be to reduce the holding
of subsequent years. After
of
t
t
the
withou
consen
stock,
the
of
y
majorit
up out of the surplus profits
to less than a
5%, any residue of surplus
of
us
a
nce
of
nd
previo
divide
pursua
in
given
such
of
t
ive
paymen
the Federal Execut
for such year shall be paid
of the Republic."
profits distributable in dividends
authorization of an Act of the Congress"The
Preferred Shares and to the
for
Second
ates
s:
certific
provide
the
of
-Laws
holders
By
the
the
to
Article 4 of
and the certificates for holders of the Common Shares constituting part of the initial
the shares of First Preferred Stock
ive holdings, without
the
ates
tive;
certific
nomina
be
shall
Stock
n
Commo
capital, in proportion to their respect
shares of
be
shall
tive
Stock
nomina
ed
Preferr
class.
to
Second
the
regard
for shares of
Pretheir holders, and the
'In case of liquidation of the Company, the Second
or to the bearer, dt the option of to conver
t nominative ferred Shares shall be entitled to repayment at 'Jar, after
right
the
have
times
all
at
holders shall
any
.
ed
ates and vice versa.
payment at par of the First Preferr Shares and before
certificates into bearer certificPreferr
ed Stock are issued in distribution to holders of the Common Shares.
Second
the
for
cates
Certifi
reduced
and the Company will
"The Second Preferred Stock may be increased or
the first instance in nominative form;to
keep the New York at a meeting of the Stockholders, duly convened, by the
stock
that
of
ar
Registr
t
the
instruc
of any transfers affirmative vote of a majority of the entire Capital Stock
Stock Exchange notified from time to time and
vice versa. of the Company and with the approval of the holders of a
of nominative certificates into bearer formof
present
No personal liability attaches to ownership stock. All the majority in amount of the Second PreferredofStock
the Second
meet- and voting at such meeting, the holders
shares confer equal rights of voting at Shareholders'
e or reduc- Preferred Stock voting separately. Any reduction of the
ings, subject to certain provisions as to increas
n Stock, increase Second Preferred Stock, unless affected by the cancellation
Commo
and
ed
Preferr
the
Second
of
tion
ge or of shares held by the Company or purchased by it in the
of Preferred Stock and the creation of a further Mortga
in cash
open market, shall be made by pro rata distribution
Lien, as hereinafter stated.
the corresponding reduction
and
lders
shareho
the
among
:
follows
as
"
Stock has been issued under the Plan
at par of the number or of the amount of shares.
Outstanding,
Authorized.
tion of the Company,
of
liquida
case
000 00
000
.—"In
$28,795,
$30,000,
Shares
n
Commo
First Preferred Stock
123,822,328 33
125,000,000
Shares shall be entitled to receive,
Second Preferred Stock
00 00 the holders of the Common
application is made.
$60,751,000, Total amount for which ethis
for or to take up or acquire $24.24,749,000, face, amount, in exchang
ated Mortgage Bonds of the
Consolid
amount,
749,000, face
to a face amount equal
National Railroad, and to be issuedated Mortgag
e Bonds of
to the face amount of the Consolid
5).
(Section
tendered
the National Railroad
e the Company for expenditures for:
49,500,000, face amount, to reimburs
subsequent to Jan. 1 1910
(a) Construction or acquisition
nts of or on lines of railway
of improvements and betterme
Mortgage provided by the Comowned or leased, as in the
Central Ry. or the
pany,or by the National RR.,the ed companies; or. Mexican
International RR. Co., or controll
ion subsequent to July 1 1910
(b) Construction or acquisit
equipment on which the Genof additional rolling stock andsubject only to the Prior Lien
lien
eral Mortgage shall be aare
deliverable at a rate not exceedMortgage. Said bonds
each year (Section 8).
ing $2,500,000, face amount, in
6,000,000, face amount, for
of a line of railway beion
acquisit
or
tion
Construc
(a)
Mexico, or the acquisition
tween Tampico and the City of
ness of a corporation
of the Capital Stock and lien indebted
or,
owning the Tampico Short Line;
of
other
lines of railway; or,
ion
acquisit
or
(5) Construction
(c) Construction of bridges; and,ures made by the Railexpendit
of
sement
Reimbur
(d)
way Company for said purposes (Section 9).
19,000,000, face amount, for
(a) Construction or acquisition of additional lines of railway, terminals, etc.; or,
(b) Acquisition of Capital Stock and bonds or other indebtedness of other corporations owning such lines of railway, terminals, etc.; or
(c) Reimbursement for expenditures made by the Company for the purposes aforesaid (Section 10).

Common Stock




75,000,000

74,749,0

MAY 22 1909.]

THE CHRONICLE

1321

Brought forward
$1,342,028
in proportion to their respective holdings, all assets after Other
income-Interest on bonds owned, $179,960; dividends
payment to the holders of the First Preferred Shares and of
on stock owned,$10,747; interest on deposits, $9,559; miscellaneous income, $37,115
237,381
the Second Preferred Shares of the par of their shares.
The amount of the Common Stock may be increased or reTotal net income
$1,579,409
Deductduced at meeting of the Stockholders, duly convened, by
Interest on Prior Lien Bonds
$517,500
the affirmative vote of a majority of the entire Capital Stock
Interest on Consolidated 4% Bonds
545,600
Interest on loans
of the Company, and with the approval of a majority in
36,591
Dividend on preferred stock, 1%, payable Feb. 18 1909
288,329
amount of the holders of the Common Stcyck present and This
half-year's proportion of discount on bonds sold
199,567
voting at such meetings, the holders of the Common Stock
Total deductions
$1,587,587
voting separately. The additional Common Shares by Balance,
net loss for the half-year ending Dec. 31 1908, carried
which the initial capital of the Company may be increased
to profit and loss account
$8,179
shall not be entitled to any dividends, but shall confer on MEXICAN CENTRAL RAILWAY COMPANY, LIMITED-INCOME
ACCOUNT
FOR
HALF-YEAR ENDING DECEMBER 31 1908.
the holders thereof all other rights of holders of the initial
(United States Currency.)
Common Shares. Any reduction of the Common Stock Gross earnings
$7,657,220 99
shall be effected only by the reduction without payment by Operating expenses
4,832,624 79
the Company of the number or of the amount of the out- ' Net earnings
$2,824,596 20
standing shares, and the Company shall have the right to
Contraon equipment and collateral trust 5%
make such reduction in Common Shares not entitled to par- Interest
bonds
$25,625 00
tioipate in dividends without reducing the initial Common Interest on 5% gold notes
10,208 33
on equipment notes
79,579 37
Shares, or in both classes of Common Shares at its election." Interest
Interest on mortgage bonds
2,316,825 00
Voting Powers, Taxes, &c.-"All the shares of the Company Accounts and balances charged off
87,885 07
months' proportion of discount on 5% gold
shall confer equal rights of voting at the general meetings Sixnotes
263,457
47
of Shareholders, subject to the provisions in Articles 4, 5
42,783,580 24
and 6 of this decree, and to any provisions which may be
Lessmade in the by-laws governing the election of the Board of Credit brought forward from the preceding year
$279,955 38
Directors to give to the holders of the First Preferred Shares Appreciation
in value of securities of
and of the Second Preferred Shares the right to elect sepaFerrocarriles Nacionales de Mexico owned
72,312 25
rately one and four directors respectively. Taxes of every
on inventory of material at
class established or which may be established within the Surplus
31st December 1908
116,743 93
Republic, either by the Federal Government or by any State
469,011 56
2,314,568 68
or municipality, on amounts distributable on the shares,
in dividends or in reimbursement of the shares, and which,
Balance of income, surplus
$510,027 52
as required by law, must be paid by the Company or be deOfficers, Directors, &c.
ducted by it from the amounts so distributable, shall be
Ferrocarriles Nacionales de Mexico will publish annual
paid by the Company and charged to general expenses, the
Shareholders receiving, without any deduction, the amounts reports and statements in accordance with the requirements
of the New York Stock Exchange, will maintain a transfer
as aforesaid distributable to them."
Reserve Fund.-"The surplus or net profits of the Com- office in New York City, and will give at least ten days'
pany, as shown on the annual Balance Sheet, approved by notice in advance of the closing of its transfer books for any
the general meeting of shareholders shall be distributed by purpose. The fiscal year of the Company ends on the 30th
way of dividends among the shareholders, in the order and day of June in each year; the ordinary general meeting of
according to the rules established in Articles 4, 5 and 6 Shareholders is held on the first Wednesday of October.
Certificates of stock are interchangeable between New
preceding, and under the regulations prescribed in the ByLaws, subject to the deduction of 5% of the amount of such York City and City of Mexico.
The Transfer Agent of the Company in New York is Claynet profits, which shall be used for the creation of a Reserve
Fund until such fund shall reach the sum of 5,000,000 ton Snyder, 25 Broad St.; in Mexico, H. F. B. Darnell,
Calle de Vergara Num. 209.
pesos, after which such reservation of 5% shall not be obliga- Primera
The Registrars of the Preferred and Second Preferred
tory, but may be made as the general meeting of shareholders
may determine. The reserve fund may be used for such Stock are the Morton Trust Co. in New York and the Banco
purposes as the general meeting may determine, including Mexican° de Comercio e Industria in Mexico.
The Officers of the Company are: Chairman of the
the continuance of such distribution in dividends as may be
necessary in order that established dividends shall not be Board, Lie. Jose Yves Limantour, Mexico; Vice-Chairman,
reduced. Whenever the Reserve Fund shall be reduced Lie. Pablo Macedo, Mexico; President, E. N. Brown, Mexico;
below 5,000,000 pesos, the reservation of such 5% of the net Vice-President, D. P. Bennett, New York; Treasurer, J. M.
profits shall again become obligatory until said amount Frazer, Mexico; Assistant Treasurers, J. A. Hendry, Mexico;
F. M. Souther, New York; Secretary, Luis Riba, Mexico;
shall be made good."
Assistant Secretary, E. E. Bashford, New York.
Capitalization of Subsidiary Companies and Amounts
The following are the Members of the Board of Directors:
Owned by New Company.
E. N. Brown, City of Mexico; Lie. Joaquin D. Casasus, City
Total Of which New of Mexico; Guillermo de Landa y Escandon, City of Mexico;
Mexican International Railroad CompanyOutstanding Co. Owns. Lie. Luis Elguero, City of Mexico; S. M. Felton, City of
Prior Lien 4%% Sterling Bonds (total authorMexico; Ricardo Honey, City of Mexico; Lie. Jose Yves
ized), dated 1897
$5,850,000
First Consol. Mortgage 4% Gold Bonds (total
Limantour, City of Mexico; Julio M. Limantour, City of
authorized, $7,503,000), dated 1897 (payMexico; Lie. Pablo Macedo, City of Mexico; Gabriel Manment of $6,501,000 of these bonds is guaranteed
7,206,500 $3,000,000 cera, City of Mexico; Wm. H. Nichols, New York City;
by the New Company)
7,206,500 $3,000,000
New Company)
4,499,000
4,499,000 Bradley W. Palmer, Boston, Mass.; Clay Arthur Pierce,
Income Bonds (total authorized), dated 1897
20,708,200 15,785,200 St. Louis, Mo.; Henry Clay Pierce, New York City; Henry
Capital Stock
Interoceanlc By. of Mexico (Acapulco to Vera Cruz), Ltd.(The agreement with the National Railroad for the operation of these S. Priest, St. Louis, Mo.; Eben Richards, New York City;
lines is terminable on six months' notice by either party.]
Jose Signoret, City of Mexico; James Speyer, New York City;
£400,000
Prior Lien 5% Debentures (total authorized)_
Ernst Thalmann, New York City; James N. Wallace, New
0 00) 699,886
Debenture 4% Stock (total authorized, 11,150,
authorized,
Second Debenture 4 3 % Stock (total
York City; Manuel Zamacona e Inclan, City of Mexico.
1,150,000 £1,038,400
£1,300,000)
Respectfully submitted,
"B" Debenture 7% Stock (total auth., 1470,000) 469,459
5% 1st pref. stock (total authorized)
142,800
1,400,000
FERROCARRILES NACIONALES DE MEXICO,
4% 2nd pref. stock (total authorized
102,000
1,000,000
By D. P. BENNETT, Vice-President.
Ordinary Stock (total authorized)
1,700,000
1,251.830
Texas-Mexican Railway Co.
The Committee recommends that the following amounts
Corpus Christi, San Diego & Rio Grande RR. Co.
7% 30-year Bonds, due July 1 1910
$960,000 4960,000 of the above-described bonds and stock be admitted to the
First Mortgage 6% 40-year Bonds (total authorlist, namely:
ized, $2,500,000) due July 1
1921
1,380,000 x1,380,000
Capital Stock (total authorized, $12,000,000)_ 2,500,000 x2,500,000
Mexican Pacific Railway Co.First M. 5% Bonds (total authorized, guaranteed by Central Railway)
5,000,000 y5,000,000
Capital Stock (total authorized)
7,000,000
7,000,000
Mexican-American SS. Co.-Capital Stock
990 shares 990 shares
Central Mexico Railroad-Capital Stock
450 shares 450 shares
Tampico Harbor Co. (Lease of property transferred
by Mexican Central By. to the New Company.)
First and Refunding Mortgage 5% Gold Bonds
(total authorized, $10,000,000)
$5,000,000 y$5,000,000
Capital Stock (total authorized, $500•000)
3,200
3,200
Michoacan & Pacific fly. Co., Ltd. (Lease running
until Aug. 1 1925, transferred to the New Co.)
July
31
1925
Prior Lien Debentures due
£20,000
Mortgage Income Debentures, duo July 1 1925_ _
60,000
Capital Stock (110 shares)
60,000

$89,017,400 Prior Lien 43% fifty-ye
‘ar sinking fund redeemable bonds,
due 1957.
[Nos. M1 to M75,444 incl., $1,000 each; Nos. D1 to D25,500 incl..
$500 each; Nos. CI to C8,234 Incl., $100 each.]
52,633,400 guaranteed general mortgage 4% seventy-year sinking fund
redeemable bonds, due 197 .
[Nos. M1 to M18,545 incl., $1,000 each; Nos. D1 to D8,480
incl., $500 each; Nos. Cl to C298,484 incl.. $100 each.]
28,795,000 non-cumulative 4% first preferred stock.
123,835,600 non-cumulative 5% second preferred nominative stock.

And that authority be granted to add to the list, from time
to time, $17,482,600 Prior Lien 44% Fifty-Year Sinking
Fund Redeemable Bonds, due 1957; $8,117,600 Guaranteed
General Mortgage 4% Seventy-Year Sinking Fund Redeemable Bonds, due 1977; $37,900 Non-Cumulative 4% First
x Owned subject to pledge under Prior Lien Mortgage of National Com- Preferred Stock and $1,164,400 Non-Cumulative 5% Second
pany. y Owned subject to pledge under 5% trust agreement of Mexican Preferred Nominative Stock, on official notice of Issuance
Central Railway dated July 2 1906.
for the purposes stated in this application, making the
Earnings of Properties Now Owned in Fee by New Company. total amounts of said securities authorized to be listed:
NATIONAL RR. CO. OF MEXICO (INCLUDING MICHOACAN &
PACIFIC, LEASED LINE),INCOME ACCOUNT SIX MONTHS
ENDING DECEMBER 31 1908 (United States Currency)•
Gross earnings, Mexican currency, $6,829,924, reduced at 200__43,414,962
Operating expenses, Mex. currency, $4,084,658, reduced at 200,
$2,042,329, U.S. currency, plus taxes ($12,440) and rental Michoacan & Pacific leased line ($18,165): total U. S. currency___- 2,072,934
Net earnings United States currency




$1,342,028

Prior lien 434% 50-yr. sink,fund redeemable bonds, due 19574106,500,000
Guaranteed general mortgage 70-year sinking fund redeemable
bonds, due 1977
60,751,000
Non-cumulative 4% first preferred stock
28,832,900
Non-cumulative 5% second preferred nominative stock
125,000,000
WM. W. HEATON, Chairman.

Adopted by the Governing Committee, May 12 1909.
GEORGE W. ELY,Secretary.

1322

THE CHRONICLE

W0L. Lxxxvin.

Rockingham Power Co., Wilmington, N. C.-Sale July 14.
-Judge Pritchard, sitting in the Circuit Court of the United
States for the Eastern District of North Carolina, entered a
decree here May 18 in the case of the S. Morgan Smith Co.,
COMMERCIAL EPITOME.
complainant, versus the Rockingham Power Co. and the
New York, Friday Night, May 211909.
Knickerbocker Trust Co., defendants, ordering a sale of all
As heretofore, the increasing activity of trade with the
the property of the Rockingham Power Co., to take effect
continued easiness of the money market and the generally
July 14 at Wadesboro, N. C.
Practically all of the $2,200,000 bonds have now been deposited with the favorable condition of credits must be regarded as the salient
17
of
agreement
Sept.
as
1908,
under
amended
reorganization committee
features of the business situation in the United States. In
Jan. 22 1909, giving the committee large powers to protect the interests of
estimation they are harbingers of better times to
the bondholders. It is expected that a plan will soon be forthcoming, al- the general
The
adopted.
reorganization
committee consists come, although it is not to be denied that in some branches
though none has yet been
of Franklin Q. Brown of Redmond & Co. and C. N. Mason of the Electrical of trade the actual improvement as yet is comparatively
Securities Corporation, both of New York, and Edwin Franklin Greene,
70 Kilby St., Boston; T. C. du Pont and Waldo Newcomer. Depositary, slow, more especially perhaps in the textile industries.
Knickerbocker Trust Co., N. Y. City. There is $1,100,000 5% preferred
LARD has been easier at times because of heavy selling
stock, also $1,500,000 common stock, 'outstanding.-V. 88, p. 507.
large Western packers; prime Western 11.05c.; refined
(The) United Smelters,Railway &Copper Co.-Deposits.- *by
Continent 11.25c.; city 10.65c.; South American 12c.• Brazil,
More than 85% of the outstanding stock ($8,963,000) of in kegs, 13c. Some expect larger hog receipts at'
Chicago
the Penn-Wyoming Copper Co., it is said, has been exchanged following the completion of corn planting in tributary States.
for securities of the new company per plan in V. 88, p. 887.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
United States Rubber Co.-New Directors.-W,H. Moore
10.57 Yi 10.5734 10.62% 10.62
10.75
May deity. In elev_ _cts_10.70
and E. R. Rice have been elected to the board, the latter July
10.65
10.60
10.62;6
10.57
10.75
deity. in elevator_ _10.70
10.72;i 10.773i 10.77%
10.75
succeeding the late Charles H. Dale.-V.88,p. 382, 56.
Sept. delis. In elevator_10.82 M 10.85
PORK steady; mess $18 50@$19, clear $19@$21 50,
United States Telephone Co., Cleveland.-Decision.Judge Tayler in the United States Circuit Court at Cleveland, family $19@$20. Beef lower with small business, mostly
Ohio, on May 19 handed down a decision in which he holds domestic; mess $10@$10 50, packet $12@$12 50, family
that the exclusive contracts which the United States Tele- $13 50@$14, extra India mess $20 50@$21'. Cut meats
phone Co. has for long-distance service with independent firm with a moderate inquiry; pickled hams, 10 to 16 lbs.,
4c. Talcompanies in Ohio, Indiana, and adjacent States, are void, 12©123,c., pickled bellies, 8 to 12 lbs., 11()113
as against public policy, because they are in restraint of low, city, 5%c. Butter, creamery extras, 253 ® 26c.;
20. Eggs,
2®25c. Cheese, fancy, full cream, 123/
/
trade. The temporary restraining order granted to the firsts 241
2c. Wool has concompany last November against the Bell interests, enjoin- Western firsts to extra firsts, 213@223/
ing them, pending a hearing of the matter, from inducing the tinued active at a further advance.
OIL.-Linseed higher with a fair demand; city, raw,
independent companies from violating their arrangements
American seed, 57®58c. Cottonseed advanced on good
with the United States company, is dissolved.
The Independent companies, the complaint alleged, were organized to buying by speculators, responding to the early advance in
compete with the Bell interests, and the United States Company had en- lard, but not to the subsequent decline; winter 6.05®6.400.,
tered into exclusive contracts under which the independents agreed, for a
oil
term of 99 years, not to make any long-distance connections with any other summer white 6.05®6.25c. Olive $1 25@$j 50. Lard
company. It was alleged that in certain instances the Bell interests (Cen- steady with a routine demand; prime 83 ®86c. extra No. 1,
the
of
independent
some
companies
induced
had
Co.)
tral Union Telephone
Ceylon 63(4)
'
to disregard this exclusive agreement with the United States company, 52@54c..Cocoanut steady; Cochin 6%®7c.;
and make long-distance connections with the Bell system.
Palm, Lagos, 5.50@5.60c.
7c.
some
time
stated
ago
Union
that
Central
President Richardson of the
COFFEE speculation has continued quiet in the absence
the contracts were void, and that in a number of cities and towns connections had been made with independent companies who had such contracts, of stimulating features and prices show only ,slight changes
were
to
entitled
all
patrons
the
because his company believed telephone
week. A broader market is hoped for with May out
service they could get out of their telephones,and that to permit an exclu- for the
sive contract of the character mentioned to stand in the way of such a of the way. Believers in higher prices are talking of crop
have.
service was depriving the patron of facilities he should
damage because of cold weather in Sao Paulo. Others say
The decision is regarded as important, as it affects the it is too early to worry. Following early quietude there
long-distance contract of practically every independent tele- was more activity in spot coffee, both Brazil and mild grades
phone company in the States named, about 300 or 400 in at full figures; Rio No. 7, 7%c.; fair to good Cucuta,9%@
number.-V.88, p. 1201.
101/0. The closing prices were as follows:
7.10@7.15 September __6.10®6.15 Janua,ry ____5.90 5.95
United States Worsted Co., New York.-Pre/erred Stock May
5.90 5.95
6.85 ® 6.90 October
5.9015.95 February
July
Offered.-F. S. Stranahan & Co., Providence, R. I., are June
5.95®6.00
6.55 ®
5.905.95 March
5.60 November
)6.60
July- -------6.551i
in
® 6.05
50%
6.00
of
common
April
stock)
6.15®
5.95
6.35
bonus
..5.90
December
August
offering at par (with a
SUGAR.-Raw has advanced with good sales following
$250,000 7% cumulative preferred stock, to provide for the
purchase of additional equipment. No bonds will be issued, the agreement reached by refiners. Unfavorable weather
nor, it is stated, are any outstanding on the properties conditions were again reported in Cuba. Centrifugal, 96controlled. The firm says:
degrees test, 3.95c.; muscovado, 89-degrees test, 3.45c.;
Incorporated in Maine in 1908. Capital stock authorized, $6,000,000 molasses sugar, 89-degrees test, 3.20c. Refined was steady
viz., common, $3,000,000; preferred, $3,000,000. Outstanding, common,
more settled as a result of the agreement. Granulated
about $800,000; preferred, $800,000, and $250,000 about to be issued. Par and
$3 50.
of all shares, $100. Preferred stock is not subject to redemption and it is still 4.85c. Spirits of turpentine 41c.; strained rosin
has no voting power except in case of non-payment of dividends.
trade in small lots. Crude
fair
been
with
steady
a
has
Tea
of
entire
capital
ownership
stock:
Musketby
controlled
(1)
Properties:
dealers and manuaquid Mills, Lowell, Mass.; Iroquois Mills, Saugus, Mass.; (2) controlled rubber advanced under active buying by
through ownership of 80% of stock: Lawrence Dye Works Co., Lawrence, facturers. Stocks here are meagre, estimated by some at less
to
purchase,
option
William
H.
Tinkham
with
Mass.; (3) holds under lease
than 200 tons. Spices have been steady with uncertainty
Co., Harrisville, It. I.
Officers: Pres., Charles M. Kahn; Treas., P. R. G. Sjorstrom. Direc- as to the tariff, confining business to moderate jobbing sales.
Hylan,
J.
E.
E.
W. Tinkham and
tors, as above, and Ivar L. Sjorstrom,
PETROLEUM.-Demand has been fair, .especially for
Samuel Jolesch. Offices, 100 Fifth Ave., New York.
gas-engine products but consumption is still below normal;
barrels
bulk 5c., cases 10.90c. Gasoline,
-Earl A. Miller has opened a New York branch office at refined, test,in8.50c.,
4c.• drums,$7 50 exdrums, 183
100-gallon
-degrees
86
of
Co.
&
Mr.
Miller
Boston.
Lang
Burgess,
34 Pine St. for
100-gallon drums,
73 to 76-degrees test, in '
naphtha,
tra.
Clifford,
Elliott
With
&
Co.
with
associated
was formerly
$7
drums
50
extra.
164c.;
Burgess,
manager,
will
Co.
Lang
&
York
New
Mr. Miller as
TOBACCO.-The feature of the market was the high
do a general brokerage business in investment securities.
price (75 cents) paid by a Western. cigar manufacrecord
-Attention is called to the offering of Wyoming Land & turer, who took all the available light wrappers in the marIrrigation Co. first mortgage 6% bonds by W. L. Rohrer & ket. This illustrates the stiffening tendency of prices.
Co., Chicago. A special circular will be mailed on applica- There is little of the 1907 crop left, and high prices are ruling
tion. See advertisement on another page and also "Chroni- on the new crop, as it includes only a small quantity of light
cle" issue of Nov. 28, page 1425.
wrappers. Otherwise the market is featureless and is gen-The Mercantile Trust Co., St. Louis, is offering City erally reported as in fairly satisfactory shape, demand being
of Manila 4% tax-exempt registered gold bonds due 1938, rather fair and consumers steadily withdrawing supplies.
subject to redemption after Jan. 2 1918. Price 1033/ and Quiet is reported in Kentucky and Sumatra leaf.
0.
COPPER.-Prices have been marked up generally, but
interest, to net over 337
-Attention is called to the offering of several issues of it is stated that the demand, both consumptive and speculaequipment bonds advertised on another page by the Guar- tive, has been small; lake 1334(4)13c., electrolytic 12%(1)
anty Trust Co. The bonds are offered at prices to yield 13c., casting 12% ®12 . Tin advanced in sympathy with
London, although a light demand is 'reported from dealers
from 4% up to 5.25%.
Speller advanced,
-William 0. Kimball, for the past eight years connected and consumers; spot here 28.95®29.25c.
demand; spot, car lots, 5.15®5.20c. Lead
with the bond, department of S. D. Loring & Son, became a with a better
4.39®4.40c. There
member of the firm of Pingree, McKinney & Co. of Boston is in good demand at an advance; spot
are some who claim that the volume of pig iron orders dees
on the 17th inst.
not warrant a further advance. Still, business has. been
-Colston, Boyce & Co., Baltimore, have issued a circular on a good scale ,especially on the seaboard and in eastern
Co.,
Electric
Baltimore,
the
describing
United Railways &
Pennsylvania, where transactions have approximated 60,its securities, income for a series of years, &c.
000 tons. No. 1 Northern $16®$16 50, No. 2 Northern
-J.K. Rice Jr. & Co., 33 Wall St., this city, will buy and $15 75(016 25, No. 2 Southern $15 75@$16. The demand
sell Virginian Railway securities, the well-known Tidewater for finished steel products has not only continued active at
road of the late H. H. Rogers.
stiffening prices, but it is also said to be broadening. It, is
to
that 50,000 tons of rail contracts are pending. Most
admitted
membership
stated
Reynolds
been
Jr.
has
=John H.
business accoihplighect was in Chicago, where 15,000
rail
Effingham,
Lawrence
of
the
of
Stock
firm
Exchange
in the N. Y.
tons were booked in a few days.
& Co., 111 Broadway.




Wive Tonniternal

MAY 22 1909.)

THE CHRONICLE
On Shipboard, Not Cleared for-

COTTON.
Friday Night, May 21, 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
86,430 bales, against 98,754 bales last week and 114,829
bales the previous week, making the total receipts since
the 1st of September 1908 9,393,830 bales, against 7,768,277
bales for the same period of 1907-08, showing an increase
since Sept. 1 1908 of 1,625,553 bales.
Receipts at-

Sat.

Mon.

Tues. 1 Wed.

1323

Thurs.

Total.
Fri.
-------

Great
May 21 at- Britain.

France
New Orleans.. _ 6,690 2,090
Galveston __ _ _ 12,000
Savannah _ _ _ _
Charleston_ _ _ _
Mobile
4,146
3-,W7
Norfolk
New York.. _ _ _
800
600
Other ports__ _ 4,700
Total 1000.... 28,336 5,957
Total 1908_ 18,941 15,206
Total 1907.... 29,364 7,977

Other CoastGermany. Foreign wise.

Total.

879 26,442
5,293 11,490
5,000 21,059 6,213 44,272
500 4,052
3,552
100
100
600 8,713
700
9,543 9,543
4,300
900 2,000
12,800
8,100
23,545 34,549 17,835 110,222
10,717 19,551 20,572 84,987
16,847 21,724 19,840 95,552

Leaving
Stock.

145,201
23,923
50,003
6,758
6,723
12,681
132,684
19,155
397,128
292,370
401,607

4,201 2,337 7,015 4,346 3,708 1,284 22,891
Speculation in cotton for future delivery has again been
Port Arthur__ _
Corp. Christi,&c.
-_-_-_-_------ 5,884
-- - - 26,139
- --- active and prices have moved upward, especially for May
New Orleans__ _ _ 2,087
1949.
4,826 9,732 1,661
and July, in spite of beneficial rains in various sections of
Gulfport
Mobile
"'Hi "iii 1.61sti i",iii "itiO "iTri 4,63-15 Texas. More stress as a bull argument has latterly been laid
Pensacola
- -36 on the heavy rains in the Mississippi delta and the section
Jacksonville, &c.
_:_ --it-3 ---- -------- ----- ---18 east of the Mississippi generally, notably in such States as
Savannah
1,585 2,388 3,344 1,603 2,003 ,595
2.288 2,288 Alabama and Georgia. It is contended that entirely too
Brunswick
625 2,440
i "i55
Charleston
-iii "105 "5H
much rain has latterly fallen, especially in Louisiana and
Georgetown
_
_
2,388 Mississippi. Thus far, it is
aii "Oa "i6.", "585 "iiiti "iii 8,771
Wilmington -- - argued, it has been, in those two
694 1,077 1,777 2,380
Norfolk
1,814 1,029
N'port News, &c. _- - --- - --- - ------ - 106
-- - -519 States at least, a wet May, something which bulls insist
____
317
96
New York
-12 may prove prejudicial to the chances of the crop. Consid--10
Boston
---- ----------------1,748 1,748 erable if not too much rain, it is asserted, has fallen in the
Baltimore
50
eastern section of the belt during the last thirty days. It
Philadelphia_
Totals this wk. 12,054 8,669 18,235 18,478 10,374 18,620 86,430 is also claimed that western Texas still needs rain, and that,
in fact, the whole State will require good showers every week
The following shows the week's total receipts, the total or ten days to keep the State from suffering from the absince Sept. 1 1908, and the stocks to-night, compared with sence of moisture, as many believe, in the subsoil, as the
result of the winter and early spring drought. However this
ast ear:
may be, Texas is sharply watched. Some aver that the
1908-09.
recent rains in all parts of that State have greatly improved
1907-08.
Stock.
Receipts to
its outlook, and that the real trouble now is in the Delta
This Since Sep This Since Sep
May 21.
and in the Atlantic States. Certainly the market, for one
Week. 11908. Week. 1 1907.
1909.
1908.
---22,891 3,480,83 16,055 2,344,040 68,195 58,065 cause or another, has exhibited much of the time a good deal
Galveston
of strength. Expected reactions have either not occurred
140,578
Port Arthur
108,500
Corpusehrlstl,&c.
140,273 ____ 37,825
26,139 1,984,111 15,819 1,862,859 171,643 119,193 or they have been disappointingly small to bears and liquiNew Orleans
dated bulls. Spot markets, if not at all active in this coun20,221
Gulfport
9,280 try, have at least been firm, and the Liverpool spot sales
4,630 363,85
Mobile
2,327 313,617 15,436
142,590
Pensacola
154,835
have at times been large. Moreover, Manchester advices
36 29,281
48
Tacksonville, &c_
8,294
Savannah
14,518 1,449,80 8,019 1,448,754 54,055 47,085 have been to the effect that trade has greatly improved,
657 notably with
2,288 314,650 ___ 197,656
Brunswick
2,709
China. This circumstance has offset to some
2,440 207,044
628 193,396
Dharleston
6,858 12,742
2,403
20
498
Georgetown
extent the effect of the recent declines in some cotton goods
2,388 405,708 4,735 481,560 13,580 10,757 in this country and the absence of anything like activity
Wilmington
8,771 563,19 4,235 510,762 22,224 18,873
Norfolk
here. It seems to be assumed, with or without reason, by
NewportNews.&e. - --- 15.63
____
6,569
519 16,50
99
New York
3,658 136,984 84,300 very many persons that the American crop during the com12 15,71:'
6,501
4,348
114 12,699
Boston
1,748 95,83
7,874 ing season is going to fall short of what it is assumed will be
919 73,563
6,377
Baltimore
50
5,59
2,030 a very large consumption. Speculation has therefore gone
Philadelphia
4.941
50
9,192
80,430 9,393,83 53,068 7.768,277 507,350 377,357 ahead and discounted the future, even if spinners and others
Total
have held aloof. Bulls maintain that the Government reIn order that comparison may be made with other years, port to be issued on June 4, based on data brought down to
May 25, is likely to be unfavorable. Last year it gave the
we give below the totals at leading ports for six seasons:
condition at 79.7 and the year before at 70.5, the year of a
1909.
Receipts at1908.
1904.
1907.
1905.
1906.
relatively small crop and high prices. Latterly Chicago,
Galveston _ _ _
5,547 Wall Street and the South have sold freely. Certain spot
22,891 16,055 19,678 13,904 34,240
Pt.Arthur,&c.
1,876 10,264
261
interests have been persistent buyers. To-day there was a
6,947 moderate decline, owing to Southern, Liverpool, local and
New Orleans_ 26.139 15,819 10,855 17,468 25,969
497
1,155
4,311
4,414
Mobile
4,630
2,327
4,520 other selling. Spot cotton has advanced, despite a noticeaSavannah __ _
8,019 10,306 19,876 20,004
14,518
2,982
1,847
1,265
Brunswick_ _ _
2,288
1,788
50 ble tendency in the stock here to steadily increase. Mid359
1,676
648
Charleston,&c
2,440
5,846
55 ling uplands of late has been quoted at 11.80c., a rise of 45
1,160
7,011
2,388
Wilmington_ _
4,735
2,095 points, though the stock here has increased to 106,344 bales,
5,933
8,601 16.134
Norfolk
4,235
8.771
238
987
427
328
N'port N., &c
1,954 against 87,404 on May 1. Middling uplands closed at 11.75c.
4,062
1.702
582
All others_ _ _
1,230
2,365
The rates on and off middling, as established Nov. 18 1908
21,903
126,587
51,882
78,802
Total this wk_ 86.430 53,068
by the Revision Committee, at which grades other than
Since Sept.!.. 9,393.830 7,768,277 9.434,142 7,349,210 8,955,495 6,974,221 middling may be delivered on contract, are as follows:
Fair
e 1.50 on Middling_
____ e_. Basis Good mid. ting'd_c_Even
mid. fair_1.30 on Strict low.
off Strict mid.tinged .0.20 off
The exports for the week ending this evening reach a total Strict
Middling fair
1.10 on Low middling
1.00 off Middling tinged ....O.30 off
of 127,429 bales, of which 89,869 were to Great Britain, Strict good mid_0.66 on Strict good ord
1.50 off Strict low mid. ting.1.00 off
Good middling___0.44 on Good ordinary
2.50 off Low mid. tinged__2.25 off
18,773 to France and 18,787 to the rest of the Continent. Strict
middi,ng___ _0.22 on Strict it'd mid.tgd_0.35 on Middling stained,.1.00 off
Below are the exports for the week and since Sept. 1 1908:
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Week ending May 21 1909. Front Sept.1 1908 to May 21 1909.
Exported toExported toMay 15 to May 21Sat. Mon. Tues. Wed, Thurs. Fri.
Exports
Middling uplands
11.35 11.65 11.65 11.65 11.80 11.75
Conti-.
learnGreat
Great
ContiTotal.
Britain Fenc nent. Total. Britain. Frane,e. neat.
NEW YORK QUOTATIONS • FOR 32 YEARS.
The quotations on middling upland at New York ea
Galveston _ _ _ 26,448 9,190 9,735 45,373 1,441,775421,188 1,154,1043,017,067
Port Arthur....
66,257 ____ 74,321 140,578 May 21 for each of the past 32 years have been as follows:
Corp.Christi,&
1909c
8.12 1893.0
11.75 1901_c
7.75 1885_c
11.06
613,1n1,7,111,4; 1908
New Orleans__ 34:554 7-,96. &Jon 47-,1i3.5 861,667232.954
9.69 1892
7.38 1884
11.56
11.00 1900
79,737 271,367 1907
Mobile
- --- ---- ---- - - _ 85,888105,742 49,497
12.05
1899
6.25
8.94
1883
1891
144,940 1906
Pensacola _ _ _ _ ---- ---- --- --__ 32,387 63,056
11.90 1898
6.44 1890
12.38 1882
Gulfport
1905
8.30 1897
11.12 1881
10.75
7.75 1889
Savannah _ _ 8-,984 ----- ------8,984: 10.00 1880
11.81
13.15 1896
8.25 1888
89,370 276,241
Brunswick___ _
186,871
11.00 1879
13.50
12.05 1895
7.12 1887
Charleston...._ 1902
9.25 1878
11.06
1894
7.19 1886
9.56
---------10,102:i
io:Uh
4309 8,iii 27
801 313:3193
Wilmington
MARKET AND SALES AT NEW YORK.
2,417 35,018
Norfolk
32,601 ____
Newport Now
The total sales of cotton on the spot each day during the
174,288
357,018
New York_ _ 5,581
551 8,419 139,690 43,040
Boston
755 ------ ------755 88,555 ____ 10.669 99.224 week at New York are indicated in the following statement
Baltimore _ _ 3,165 ----- --_----3,165 47,402 7.460 58,300 113,162 For the convenience of the reader we also add columns which
300 ----- -------300 51,131 ____ 12,246 63,377 show
Philadelphia
at a glance how the market for spot and futures closed
Portland, Me.._
'796 _ _
796
San Francisco_
79,538 79,538 on mine days.
201 ,201
Seattle
____ 67,915 67,915
Tacoma
10,756 10,756
---- ---- "ioo "ion
Futures
Saks of Spot and Contract.
300
300
Portland, Ore_
Market
Spot Market
Pembina
100
100
Closed.
Con- IConClosed.
Detroit
2,803
2,803
Spot. sum'n. tract. Tot at.
Total
89,86918,773 8,7877,4293,308,908989,4873.505,0307,803,425 Saturday_ Quiet
Nervous _ _ _ _
_
Steady
4,500 4;64.
Total 1907-08_ 23,408 6,205 48,019 77,632 2,727,544815,5443,340,1786,883,266 Monday.._ _ Quiet 30 ptsadv _ Steady
38
Tuesday Quiet
382
Firm
Wednesday Quiet
Barely steady 225
3;i66 3:112In addition to above exports, our telegrams to-night also Thursday - Quiet 15 pts adv
Steady
4,100 4,10
give us the following amounts of cotton on shipboard, not Friday ___ Quiet
12,200 12,80
cleared at the ports named. We add similar figures for
Total
610
New York.
Galveston

....




161:41F, WM
____ 617.441 61?:iil Val

1211

[VOL. LXXXVIII.

THE CHRONICLE

1324

®41

21

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May 21Stock at Liverpool
Stock at London
Stock at Manchester

1909.
bales.1,180,000
8,000
77,000

Total Great Britain stock
Stock at Hamburg
Stock at
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste

Bremen

Total Continental stocks

1,265,000
11,000
433,000
$15,000
4,000
40,000
22,000
4,000
829,000

1906.
941,000
16,000
68,000

838,000 1,331.000 1,025,000
20,000
9,000
13,000
422,000 391,000 240,000
198,000 277,000 146,000
4,000
3,000
4,000
46,000
19,000
10,000
17,000
71,000
49,000
21,000
21,000
8,000
791,000

470,000

2,094,000 1,566,000 2,122,000 1,495,000
Total European stocks
108,000 236,000
157,000
India cotton afloat for Europe_ _ _ 149,000
253,763 204,640
249,953
339,451
Amer. cotton afloat for Europe
36,000
34,000
37,000
20,000
Egypt.Brazil,&c.,alit.for Europe_
124,000 105,000
173,000
186,000
Stock in Alexandria, Egypt
569,000 795,000 1,029,000
431,000
Stock in Bombay, India
526.072
507,350 377,357 497,159
Stock in U. S. ports
291,278
Stock In U. S. Interior towns_ _ _ _ 339,578 321,423 292,781
5,542
551
6,644
10 159
U. S. exports to-day
4,093,538 3,399,284 4,363,347 3,833,532
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales.1,073,000 638,000 1,089,000 831,000
Liverpool stock
63,000
65.000
58,000
80,000
Manchester stock
780,000 646,000 710,000 418,000
Continental stock
249,953 253,763
339,451
204,640
American afloat for Europe
377,357
507,350
497,159 526,072
U. S. port stocks
339,578 321,423 292,781
291,278
U. S. Interior stocks
551
10,159
6,644
5,542
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

3.114,538 2,296,284 2,929,347 2,334,532
107,000
8,000
12,000
49,000
140,000
37,000
186,000
431.000

121,000
8,000
8,000
82,000
108.000
34,000
173,000
569,000

137,000
110.000
16,000
9,000
10,000
16,000
52,000
81,000
236,000 157,000
20,000
36,000
105,000
124,000
795,000 1,029,000

979,000 1,103,000 1,434,000 1,499,000
3,114,538 2,296,284 2,929,347 2,334,532

4,093,538 3,399,284 4,363.347 3,833,532
Total visible supply
6.35th
5.85d.
7.10d.
6.20d.
Middling Upland, Liverpool
11.100.
12.35c.
11.90c.
Middling Upland, New York.,.. 11.75c.
10%d.
11 ;id.
9 1-16d. 8 9-16d.
Egypt, Good Brown, Liverpool
9.50d.
11.15d.
7.75d.
8.65d.
Peruvian, Rough Good, Liverpool
5 yid.
6d.
54d.
54d.
Broach, Fine, Liverpool
5%d. 5 9-16d.
5 7-16d. 5 5-16d.
Tinnevelly, Good, Liverpool._

Continental imports for the past week have been 87,000
bales.
The above figures for 1909 show a decrease from last
week of 145,124 bales, a gain of 694,254 bales over 1908,
a decrease of 269,809 bales from 1907, and a gain of 260,006
bales over 1906.




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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.

30,43514.867,6171 56,4941321,4231

II
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Ship- Stocks
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AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
the week and the stocks to-night, and the same items for
II for
21 11 91 '81 21 gl 21 81 21 II
the corresponding period for the previous year-is set out
O
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v-I
in detail below.

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The above totals show that the interior stocks have decreased during the week 34,572 bales and are to-night 18,155
bales more than at the same time last year. The receipts
at all the towns has been 5,761 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing
the overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
----1008-09----1907-08May 21ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, Zoe
Total gross overland
Deduct shipments-

Week.
9,912
1,724
827
594
3,248
3,026

Total to be deducted
Leaving total net overland •

Week.
9,019
3,721
703
1,339
202
987
576

19,331 1,477,097

Overland to.N. Y., Boston, &c_ -

Between interior towns
Inland, &c., from South

Sinee
Sept. 1.
603,513
269,260
30,067
75,659
44,973
171,080
255,545

Si/ice
Sept. 1.
305,699
187,389
32,086
48,647
45,973
87,564
207,839

16,547 1,005,197
1,182
283
856

2,329
198
547

133,641
43,771
40,543

3,074

217,955

2,301

217,966

16,257 1,259,142

14,246

787,231

99,112
61,816
57,038

• Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 16,257 bales, against 14,246 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an increase over a year ago of 471,911
bales.
-1908-09
-----1907-08

In Sight and Spinners'
Week.
Takings.
86,430
Receipts at ports to May 21
16,257
Net overland to May 21
Southern consumption to May 21- 50,000
Total marketed
Interior stocks in excess

Since
Sept. 1.
9,303,830
1,259,142
1,750,000

Since
Sept. 1.
Week.
53,068 7,768,277
787,231
14,246
38,000 1,735,000

152,687 12.402,972 105,314 10,290,508
240,840
'34,572
225,563 '26,059

Came into sight during week_ _ _118,115
12,628,535
Total in sight May 21

79,255

10,531,348

31,161 1,576,188
North. spinners' takings to May 21 35,193 2,508,687
a These figures are not the takings by Southern mills, but are estimates
of consumption based on information received from timo to time during
the season and revised, it necessary, when complete returns are received
at season's close. Reports from various sections of tho South indicate
heavier
that takings by the mills have thus far this season been appreciably
than during the corresponding period a year ago, but actual or approximate
data are not obtainable. • Decrease during week.

Movement into sight in previous years:
Week1907-May
1006-May
1905-May
1904-May

24
25
26
27

Bales.
78,44(
109,175
153,676
52,097

Since Se-pt. 11006-07-May 24
1905-06-May 25
1904-05-May 26
1003-01-May 27

Bales.
12,716,626
10,172527
11,970,712
0,600,426

MAY 22 1909.1

THE CHRONICLE

1325

Luling, Texas.-There has been rain on five days of the
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling week, the precipitation being two inches and thirty-nine
cotton at Southern and other principal cotton markets for hundredths. Average thermometer 75, highest 87, lowest
65.
each day of the week.•
Palestine, Texas.-The week's rainfall has been sixty-four
onCotton
Closing Quotations for Middling
hundredths of an inch, on one day. The thermometer has
Week ending
averaged 72, highest being 86 and lowest 58.
May 21.
Sarday. Monday. Tuesday. 1Verrday. Thursd'y. Friday.
Paris, Texas.-Rainfall for the week one inch and eighty10%
Galveston
10 11-16 10'%
10%
10%
10'%
five hundredths, on one day. The thermometer has aver10%
10%
New Orleans
10 11-16 10'%
10%
10%
1034
Mobile
1034
1034
10%
10%
1034
aged 76, ranging from 57 to 89.
Savannah
10 9-16 10%
1034
10 11-16 10 13-16 10 7
San Antonio, Texas.-We have had rain on five days durCharleston
1034
10 9-16 10%
10 11-16 10 13-16 10
10%
Wilmington
ing the week, the rainfall reaching one inch and sixty-eight
10%
1034
10%
10 11-16
1134
Norfolk
10%
3
1134
10%
11
11
hundredths. The thermometer has ranged from 62 to 90,
11.80
11.65
Boston
11.35
11.35
11.65
11.65
11%
averaging 76.
11%.
Baltimore
11
11
11
11
12.00
12.05
Philadelphia
11.90
11.60
11.90
11.90
Taylor, Texas.-Rainfall for the week one inch and eighty11-1-16 11-1-16
Augusta
10 13-16 %-15-16 11
103(
10%
four hundredths, on four days. Average thermometer 73,
10%
Memphis
10%
10%
1034
1034
1034
1034
St. Louis
1034
10%
1034
10%
highest 86, lowest 60.
10%
1034
Houston
10%
1034
10 %
5
10%
3
Weatherford, Texas.-There has been rain on four days
1034
Little Rock
10 3-16 10 3-16 10 5-16 10 5-16
during the week, to the extent of one inch and twenty-five
hundredths. The thermometer has averaged 75, the highNEW ORLEANS OPTION MARKET.-The highest, est being 95 and the
lowest 56.
lowest and closing quotations for leading options in the New
New Orleans, Louisiana.-It has rained on four days of
Orleans cotton market for the past week have been as follows: the week, the precipitation reaching one inch and thirtythree hundredths. The thermometer has averaged 75.
Sarday, Monday, Tuesday. Wed'day, Thurscry, Friday,
Vicksburg, Mississippi.-The week's rainfall has been
May 15. May 17. May 18. May 19. May 20. May 21.
three inches and ninety-two hundredths, on three days.
MayThe thermometer has averaged 72, highest being 87 and
10.65-.66- 10.85 10.82 -10.93-.02 11.00-.07
Range
10.65-.67 10.82-.85 10.80-.85 10.05 " 11.10 " 11.06 •
Closing
lowest 61.
JuneLittle Rock, Arkansas.-We have had rain on three days-- ®
Range
10.75-.77 10.92-.96 10.90-.95 11-.16-.18 11.23 * 11-.11 - during the week, the rainfall reaching eighty-five hundredths
Closing
July10.86-.95 10.87-.08 11.00-.11 11.05-.33 11.25-.46 11.20-.35 of an inch. The thermometer has ranged from 57 to 82,
Range
10.89-.90 11.06-.07 11.04-.05 11.33 -11.33-.34 11.29-.30 averaging 69.5.
Closing
AugustHelena Arkansas.-Good farming weather, although a
-10.93
11.06-.23 11.23-.25- @23
Range
10.79 -10.96 - 10.94-.95 11.23 -11.21-.24 11.17 - little cool.
Closing
' The river is falling. Rainfall for the week one
September- 11.80 10.87 - 10.85-.97 10.92-.13 11.08-.19-0 08 inch and eleven hundredths, on three days. The thermomRange
10.78-.80
10.88-.89
10.84-.88 11.12 -11.06-.09 11.03 - eter has averaged 66.8, ranging from 57 to 84.
Closing
OctoberMemphis, Tennessee.-Some replanting has been required
10.64-.74 10.66-.79 10.67-.81 10.68-.92 10.80-.94 10.73-.85
Range
10.66-.67 10.77-.78 10.69-.70 10.91 -10.84-.85 10.81-.82 the past week on account of poor stands caused4by cold
Closing
Novemberweather. The crop is later than last year, but is generally
-10.68-.72
Range
-®
10.76-.79 10.67-.69 10-.90-.92 10.83-.85 10.71-.82 making good progress. The river is 32.1 feet on the gauge
Closing
Decemberof the week,
10.64-.74 10.67-.80 10.67-.80 10.70-.12 10.80-.93 10.72-.84 and falling. There has been rain on three days
Range
10.66-.67 10.78-.79 10.69-.70 10.90-.91 10.83-.84 10.80-.81 the precipitation being two inches. Average thermometer
Closing
January10.72-.77 10.75-.84 10.72-.83 10.73-.97 10.83-.98 10.78-.88 68.3, highest 82.3, lowest 57.6.
Range
Nashville, Tennessee.-Conditions have been quite unfav10.70-.72 10.83-.85 10.73 - 10.96-.97 10.87-.88 10.83-.85
Closing
Toneorable for crops. There has been rain during the week, to
Firm.
Firm. Steady. Steady. Firm. Steady.
Spot
the extent of one inch and eighty-one hundredths. The
Steady. Steady. Steady. Firm. B'ly st'y Steady.
Options
thermometer has averaged 68, the highest being 82 and the
• Nominal.
lowest 54.
WEATHER REPORTS BY TELEGRAPH.-Our teleMobile, Alabama.-There are complaints of too much
graphic reports this evening from the South denote that rain rain from many sections. Dry, warm weather is needed.
has fallen in most localities the past week,and at some points Cultivation and growth are making slow progress. There
the precipitation is claimed to have been excessive. In has been rain on two days during the week, the rainfall
Texas, however, where dry weather has been complained of, reaching two inches and ninety-five hundredths. The therthe rain has been beneficial. In a few districts the tem- mometer has averaged 74, ranging from 63 to 86.
perature is said to have been too low for the best interests
Montgomery, Alabama.-Too much rain and cool nights
of cotton.
are injuring cotton. There has been rain on four days durGalveston Texas.-We have had rain on three days of the ing the week, the rainfall reaching one inch and sixty-two
the rainfall reaching two inches and eighty hun- hundredths. Thermometer has ranged from 66 to 84,
past week,'
dredths. Average thermometer 721 highest 84, lowest 66.
averaging 73.
Abilene, Texas.-The week's rainfall has been one inch
Selma, Alabama.-Rain has fallen on three days of the
and sixty-six hundredths, on three days. The thermometer week, the precipitation reaching ninety hundredths of an
has averaged 74, the highest being 96 and lowest 52.
73, highest 86, lowest 63.Brenham Texas.-There has been rain on four days dur- inch. Average thermometer
Augusta, Georgia.-There has been rain on two days the
ing the week, the rainfall reaching one inch and seventy hundredths. The thermometer has averaged 75, ranging from past week, the rainfall reaching one inch and forty-one hundredths. The thermometer has averaged 74, ranging from
63 to 86.
Corpus Christi, Texas.-There has been rain on five days 58 to 90.
Savannah, Georgia.-We have had rain on three days the
of the week, the rainfall reaching fifty-eight hundredths of
an inch. The thermometer has ranged from 60 to 84, aver- past week, the rainfall being one inch and five hundredths.
The thermometer has ranged from 64 to 89, averaging 74.
aging 77.
Cuero, Texas.-We have had rain on four days during the
Madison, Florida.-It has rained lightly on one day during
week, to the extent of one inch and sixty-four hundredths. the week. The thermometer has averaged 76, the highest
Average thermometer 76, highest 90, lowest 62.
being 93 and the lowest 62.
Dallas, Texas.-There has been rain on two days during
Charleston, South Carolina.-Rainfall for the week fortythe week, to the extent of fifty-seven hundredths of an inch.
therThe thermometer has averaged 75, the highest being 94 and three hundredths of an inch, on one day. Average
mometer 73, highest 85, lowest 61.
the lowest 55.
Charlotte, North Carolina.-We have had rain the past
Fort Worth, Texas.-We have had rain on two days the
past week, the rainfall being eighty-two hundredths of an week, the rainfall being four inches and seven hundredths.
inch. The thermometer has averaged 74, ranging from Average thermometer 71, highest 84, lowest 56.
The following statement we have also received by tele58 to 90.
Henrietta, Texas.-We have had rain on two days during graph, showing the height of rivers at the points named at
the week, the precipitation reaching seventy-four hun- 8 a. m. of the dates given:
May 21 1909. May 22 1908.
dredths of an inch. The thermometer has ranged from 56
Feet.
Feet.
to 80, averaging 68.
18.5
15.5
Above zero of gauge..
New Orleans
34.9
32.1
Above zero of gauge..
Huntsville, Texas.-Rain has fallen on two days of the Memphis
13.4
10.3
Above zero of gauge..
Nashville
week, the precipitation reaching one inch and fifty hun- Shreveport
25.1
0.1
Above zero of gauge_
46.0
43.1
Above zero of gauge..
Vicksburg
dredths. Average thermometer 74, hiOest 88, lowest 61.
Kerrville, Texas.-It has rained during the week on four
OUR COTTON ACREAGE REPORT.-Our cotton acredays, the rainfall having reached one inch and ninety-six age report will probably be ready about the 1st of(June.
hundredths. The thermometer has averaged 71, the high- Parties desiring the circular in quantities, with their business
est being 88 and the lowest 54.
cards printed thereon, should send in their orders as soon as
Lampasas, Texas.-We have had rain on four days during possible, to ensure early delivery.
the week, the rainfall being ninety-nine hundredths of an
MANCHESTER MARKET.-Our report received by
inch. The thermometer has averaged 73, ranging from 54
cable to-night from Manchester states that the market isto 92.
Longview, Texas.-We have had rain on three days during steady for yarns and quiet for shirtings. The demand for
the week, the rainfall being sixty-seven hundredths of an both home trade and foreign markets is improving. We
inch. The thermometer has ranged from 49 to 90, averag- give the prices for to-day below and leave those for previous weeks of this and last year for comparison:
ing 68.




THE CHRONICLE

1326
1909.
32s Cop
Twist.
d.
Apr.
9 75%
18 75%
23 75%
30 75%
May
7 75%
14 75%
21 77%

1908.

85% lbs. Shirt- Corn
Pigs, common M
Upl's
to finest.
s. d.

d. s. d.
4
4
4
4

75%(8 6
8 ©8 75%
8 08 75%
7 ©8 75%

32s Cop
Twist.

d. d.
5.27 85%
@
5.54 7 15-160
5.497 13-160
5.53 7 11-16©

©
©

85%
85%
85%
85%

©

85% 4 75%08 75% 5.5475%
5.7885%
85% 4 85% 8 9
85% 4 85%®S 10
5.85 85%

0
0
i

n
85% lbs. Shirt- Cot'
inys, common Mid.
to finest.
Upl's
-d. s. d.
d.
s. d.

©
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95%
99
85%

5 0 48
5 0 08
411 .8
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3
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5.66
5.57
5.31
6.40

85% 4 1034(47 105% 5.69
8 0
6.08
95% 5 0
95% 5 0 ©8 0
6.35

W ORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.

1908-09.
Week.

1907-08.

Season.

Week.

Season.

4,238,442
Visible supply May 14
3,556,1326
1,714,982
Visible supply Sept. 1
2,291,844
118,115 12,628,535
American in sight to May 21 _ _
79,255 10,531,348
41,000 1,869,000
Bombay receipts to May 20_
37,000 1,736,000
_
12,000
268,000
Other India shIp'ts to May 20_
238,000
9,000
2,000
Alexandria receipts to May 19
882,000
3,000
935,000
3,000
161,000
Other supply to May 19*
5,000
230,000
Total supply

4,414,557 17,523,517 3,689,881 15,935,192

DeductVisible supply May 21

VOL.

Total bales.
NEW YORK-To Liverpool-May 15-Cedric, 3,099
3,05909
To Manchester-May 14-Thespls, 2,432
21:74312
1
To London-May 15-Minnewaska, 50
To Havre-May 11) --White Wings, 1,689 upland, 22 Sea Island
To Dunkirk-May 19-White Wings. 576
578
To Antwerp-May 14-Kroonland, 200
200
To Genoa-May 14-Berlin, 100
100
To Naples-May 14-Berlin, 201
201
To Trieste-May 18-Argentina, 50
50
GALVESTON-To Liverpool-May 14-Almerian, 6,315_ _ _May
18-Dictator, 8,013.. May 10-Basil, 7,712
22,040
To Manchester-May 19-Greystoice Castle, 4,408
4,408
To Havre-May 19-Author, 9.190
9,190
To Antwerp-May 19-Greystoke Castle, 2,466
To Genoa-May 13-Fert, 5,169.. _ _May 18-Dinnatnore, 2,000 7
616
469
2:
18-Dinnamare,
100
To Leghorn-May
100
NEW ORLEANS-To Liverpool-May 18-Armenian, 15,034...._
May 20-Custodian, 17,500
32,534
To Belfast-May 18-Malin Head, 2,000
2,000
To Havre-May 18-Texas, 7,296
7,298
To Rotterdam-May 18-Hillmere, 301
301
To Barcelona-May 19-Columbia, 601
601
To Naples-May 19-Columbia, 1,600_
1,600
1,100
10-Columbia,
-May
To Venice
1,100
To Trieste-May 19-Columbia, 2,348
2,348
To Mexico-May 15-City of Mexico, 150
150
18-Metls,
-May
3,764_
_
_ May 21SAVANNAH-To Liverpool
8,371
Bolivian. 4,607
To Manchester-May 18-Metls, 613
613
WILMINGTON-To Liverpool-May 15-Tabaristan, 10,102_ _ _ _ 10,102
BERLIN-To Liverpool-May 17-Saxonia,. 733.._ May 18755
Georgian, 22
3,165
BALTIMORE-To Liverpool-May 14-Quernmore, 3,165
300
PHILADELPHIA-To Liverpool-May 14-Friesland, 300
200
TACOMA-To Japan-May 10 Bellerophon, 200
2,201
SAN FRANCISCO To Japan-May 13-Tenyo Maru, 2,201

4,093,538 4,093,538 3,399,284 3,399,284

127,429

Total
321,019 13,429,979
253,019 10,490,979
68,000 2,939,000

Total takings to May 21
Of which American
Of which other

290,597 12,535,908
196,597 9,570,908
94,000 2,965,000

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

COTTON CONSUMPTION AND OVERLAND MOVEMENT TO MAY I.-Below we present a synopsis of the
crop movement for the month of April and the eight months
ended April 30 for three years.
1908-09.

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Europe- Mex..
Britain. ports. many. North. South. &c. Japan. Total.
_
8,419
_
351
New York
5,581 2,287
200
Galveston
26.448 9,190
____ 2,466 7,269 ------45,373
_
New Orleans
34,534 7,296
301 5,649 150 ____ 47,930
8,984
Savannah
__ ____
____
8,984
____
Wilmington
__ ____ 10,102
10,102
____
_
755
Boston
_
3,165
_
Baltimore
3,165
300300
Philadelphia
__
____
____
2,201
San Francisco__
Tacoma
___
200
__
___. _

2.M,

1907-08.

1906-07.
-73,809
bales
72,876
Gross overland for April
128,798
Total
89,869 18,773
____ 2,967 13,269 150 2,401 127,429
1,417,891
960,336 1,547,477
Gross overland for 8 months
The exports to Japan since Sept.1 have been 157,612 bales
58,169
59,766
Net overland for April
79,786
1,209,625
751,328 1,205,791 from Pacific ports, 600 bales from New Orleans and 32,852
Net overland for 8 months
506,356
319,452
Port receipts in April
397,371
9,083,113 7,607,534 9,233,896 bales from New York.
Port receipts in 8 months
435,088
358,917
Exports in April
678,457
Cotton freights at New York the past week have been as
7,448,304
6,662,851
months
Export in 8
7,745,088
622,169
488,369
592,873 follows, quotations being in cents peri100 lbs.:
Port stocks on April 30
Mon
Tues.
Sat.
Thurs,
Wed.
Fri.
Northern spinners' takings to May 1„.... 2,390,129 1,485,832 2,393,871
12
12
12
1.600,000 1,617,000 1,634,000 Liverpool
12
12
12
Southern consumption to May 1
11
11
11
Manchester
11
11
11
Overland to Canada for 8 months (in14
14
14
99,788
Havre
14
14
14
86,492
cluded in net overland)
110,451
18
18
18
18
18
18
Burnt North and South in 8 months_
500 Bremen
2234
225%
19,471
225%
225%
13,643
225%
225%
10,614 Hamburg
Stock at Northern interior markets May 1
18
18
18
18
18
596,086
18
467,218
593,157 Antwerp
Came in sight during April
26
26
26
12,249,299 10,292,862 12,410,687 Ghent, via Antwerp
26
213
26
Amount of crop in sight May 1
30
30
30
30
30
30
1,288,967 1,140,073 Reval
'Came in sight balance of season
30
30
30
30
30
30
11,581,829 13,550,760 Gothenburg
Total crop
20
20
20
20
20
514.10
20
509.39
Average gross weight of bales
515.52 Barcelona, direct
18
18
18
18
18
491.10
18
486.39
Average net welgkt of bales
492.98 Genoa
28
28
28
28
Trieste
28
28
45
45
45
43
45
Japan
45

INDIA COTTON MOVEMENT FROM ALL PORTS.
.
_
May 20.

1908-09.

Receipts at-

Since
Week.1 Sept. 1.

Bombay

1907-08.

Since
Since
Week. Sept. 1. Week. Sept. 1.
_
41.000 1,869,000 37,000 1,736,000 68,000 2,587,000
1
For the Week.

Exports from
Great ContiTotal.
Britain. nerd.
- Bombay1908-09
1907-08_ _ _
1906-07..
Calcutta1908-09_ _ _
1907-08.._
1906-07
Madras
1908-09
1907-08
1906-07
All others1908-09
1907-08
1906-07
Total all1908-09
1907-08
1906-07

1906-07.

17,000 17,000
18,000 18,000
3,000 17,000 20,000
____

Since September 1.
Great
Britain.

Continent.

Total.
---

21,000
20,000
51,000

520,000
517,000
912,000

541,000
537,000
963,000

1.000

2,000
1,000
2,000

2,000
1,000
3,000

4,000
3,000
7,000

34,000
18,000
102,000

38,000
21,000
109,000

____

1,000

1,000

3,000
5,000
3,000

19,000
25,000
22,000

22,000
30,000
25,000

9.000
15,000
13,000
8,000
8,000
8,000
-------

193,000
174,000
135,000

208,000
187,000
143,000

9,000
7,000
8,000

1,oo6
--

29,000 29,000
1.000 26,000 27,000
4,000 27,000 31,000

43,000 766,000 809,000
41,000 734,000 775,000
69,000 1,171,000 1.240,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alex ndria Egypt, a ,
May 19.
Receipts (cantars)This week
Since Sept. 1

Export (bales)-

1908-09.

1907-08.

1906-07.

18,000
6,618,349

22,000
7,009,495

4,500
6,846,745

This Since
Week. Sept. 1.
-2,500 173,722
6.000 184,036
4,250 307,089
800 74,037

This Since
Week. Sept. 1.

This Since
Week, Sept. 1.

LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, Sze., at that port:
April 30.
56,000
Sales of the week
3,000
Of which speculators took...
1,000
Of which exporters took _ _ _
50,000
Sales, American
5,000
Actual export
74,000
Forwarded
1,257,000
Total stock-Estimated
Of which American-Est_ _1,147,000
48,000
Total Imports of the week_ _
29,000
Of which American
134,000
Amount afloat
109,000
Of which Americas

4,250 204,094
182,034
4,666 313,670
2,750 60,711

11

up from mail and telegraphic returns, are as follows:




May 14.
56,000
2,000
2,000
47,000
•
6,000
68,000
1,209,000
1,101,000
80,000
64,000
136,000
104,000

May 21.
62,000
1,000
1,000
57,000
4,000
83,000
1,180,000
1,073,000
37,000
43,000
181,000
146,000

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. j

Saturday.1 Monday.

Tuesday.

Wed'day.

Thursday.

Friday.

Good
demand.

Fair
business
doing.

Good
demand.

Good
demand.

Quieter.

Quiet.

Mid.Upi'ds

5.70

5.78

5.85

5.83

Sales
Spec.&exp.

6,000
500

10,000
1,000

8,000
500

12,000
500

Steady,
Futures.
1
Market
unI changed.
opened
Market
4
P.M.

1

Qiuet at
4©5 pts.
decline.

Steady at Steady at
3©5 pts. 1 point
advance.
decline.

st'y, Barely st'y Steady at
Quiet at
340134 unch. to 1 at .5% 8815% 2%©4%
pts. dec. pt. adv. pts. adv. pis. adv.

5.95

5.85

- 10,000
500

6,000
300

Steady at
Barely
6©8 pts.
steady.
advance. unchang'd.
Quiet at
3%0,4
pts. adv.

Easy at
405%
pis. dec.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
2'ns prices are gives in pence and 100t/is.

Thus:_5 67 means 5 67 100d._

Tues.
Mon.
Wed.
F I.
Thurs.
Sat.
May 15
to
125% 125% 125% 4 125% 4 125% 4 125% 4 125% 4
May 21. pm. pm. p.m. p.m. p.m. p.m. p.m. p.m. p.m p.m. p.m. P.m.

d.
3,000 190,005
5
185,261 May --- 5
May-June
5,666 313,805 June-July
----5
1,500 105,474
5
-- July-Aug..
Total exports
13.550 738,884 11,000 762,509 9,500 803,635 Aug -Sep.._ _--5
Sep.-Oct ----5
Oct.-Nov_ ----5
5
Nov.-Dec.
SHIPPING NEWS.-As shown on a previous page, the Dec.
-Jan..
5
exports of cotton from the United States the past week have Jan.-Feb..
reached 127,429 bales. The shipments in detail, as made Feb.-Mch.
5
Mch.-Apr.
To Liverpool
To Manchester
To Continent
To America

May 7.
55,000
4,000
1,000
49,000
7,000
71,000
1,202,000
1,096,000
23,000
14,000
178,000
146,000

S.
S.
d.
d.
d.
d.
a.
d.
d.
a.
725% 695% 71
67 655% 68
74 825% 78
705% 74
67 653.6 68
725% 695% 71
74
705% 74
825% 78
75
715% 73
795% 72
70 68
705% 75
755% 84
75
735% 755% 80 765% 78 805% 89 843-i 77 80
76
74
745%
78
73
813-i
755% 773-i 883-i
725% 71
713-i 70 72 77 73 74
755% 845% 793-i 725% 74
705% 69 705% 755% 715% 7234 74 83 775% 703-i 725%
713-4
695% 68 6934 74% 7035 7134 73 82 765% 69
6834 71
69 67 69 74 70 71
725% 815% 76
70 71
69 67 69 74
725% 815% 76 685% 71
713-4
765% 69
695% 675% 695% 743-1 705% 715% 73 82
70 68 170 75
7034 715% 73 82 7634 69 713-4

MAY 22 1909.

THE CHRONICLE

BREADSTUFFS.
Friday Night, May 211909.
Flour has been firm but quiet. Business has been curtailed by the limited receipts and the strong views of holders.
This was more especially true of winter-wheat flour, which
has been scarce, notably soft varieties. Trade has therefore been confined largely to spring-wheat flour, chiefly in
small lots. Owing to the higher cost of wheat, millers have
refused to sell for forward shipment from the mills unless at
five cents a barrel advance.
Wheat has advanced, mainly owing to unfavorable crop
reports, not only from the West hut from parts of Europe,
notably Germany and France, and the continued strength
of the cash situation on both sides of the water. Yet the
export demand in this country has been comparatively small.
Certainly very little foreign business has actually been done.
But the receipts at Western markets have been small and
supplies are steadily decreasing. Frost has been reported
in Argentina, and the estimated shipments from that country for the present week are only about a third of what they
were for the same week last year. Australian shipments are
also expected to be small. The stock at Minneapolis has
decreased sharply during the last few weeks. Supplies in
Germany are said to be small. European markets have been
steadily rising. At times of late the weather at the West
and in Canada has, it is true, improved. Parts at least of
Kansas have had good rains, and advices from Ohio and
Indiana have been on the whole favorable; but the outlook in the Southwest is reported to be more or less unfavorable-at least for the time being, and the believers in higher
prices contend that the next crop is likely to be one of only
moderate size and really inadequate to the demands of the
trade. Moreover, there has recently been a revival of bull
speculation, partly at least, it is supposed, under the leadership of the Patten interests, which have been so prominently
identified with the remarkable rise of prices during the
present year. Beneficial rains have fallen in Russia, and it
is probable that damage reports which have been received
from parts of this country and Europe have been, as is
usually the case during a bull campaign, exaggerated. But
prices have reached new high records,and,rightly or wrongly,
the adherents of the bull side argue that they are likely to go
considerably higher. To-day anew high record was made.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red winter, f. o. b
ets_143 144-145 145
145
145
145
May delivery in elevator
140
135% 138
138% 138% 139
July delivery in elevator
12031 1213i 120% 121% 122% 124
September delivery in elevator_ __ _112% 113
113% 1153j
112% 113
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery In elevator_ _ _ _cts_127% 128% 128% 12934 130
13131
July delivery in elevator
114% 113% 11434 115% 118%
113
September delivery in elevator__ _ _105% 10654 10554 108% 10734 10854

1327

DAILY CLOSING PRICES OF OATS F UTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 58% 58 % 58% 59% 59 34 60
July delivery in elevator
51 % 5034 51 34 51 % 52% 5334
September delivery in elevator_ _ _ _ 4334 433.4 43% 44 34 44% 44%,

The following are closing quotations:
FLOUR.
Winter, low grades _45 30 ® 35 85 Kansas straight
$6 00@$6 40
Winter patents
8 804 7 00 Kansas clears
5 25® 5 75
Winter straight
6 25® 8 50 City patents
6 90® 7 20
Winter clear
5 75 ® 6 00 Rye flour. bbls
4 50® 5 00
Spring patent
6 90 Graham flour
6 40
3 90® 4 10
Spring straights
5 90® 6 10 Corn meal, kiln dried__ _ 3 85@ 3 90
Spring clears
540@555 .
GRAIN
Wheat, per bush.Cents.
Cents. Corn, per bush.N. Duluth, No. 1
elev. 8434
137 ,,
No. 2 mixed
N. Duluth, No. 9
f.o.b. 82%
13531
No. 2 yellow
Red winter, No. 2
f.o.b. 145
f.o.b. 8454
No. 2 white
hats............
1385i Rye, per bush.Oats, per bush.f.o.b. 97
No. 2 Western
Nat white. 26 to 28 lbs.62 963%
Nominal
State and Jersey
No. 2 white
Nominal
I3arley-Malting
6534$66
White clipped
64
80
Feeding. c. 1. 1. N Y__
6734

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

Flour.

Wheat.

Oats.

Corn.

Barley.

Rye.

bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush.32 lbs. bush.481bs. bu.56 lbs.
Chicago _ _
129,094
950,600
909,100 1,634,400
316,500 • 7,000
Milwaukee_
37,625
42,000
80,300
150,000
80,600
28,000
Duluth
125,250
68,707
28,635
71,934
58
Minneapolis_
874,830
69,020
132,300
25,250
93,480
Toledo
37,000
57,200
28,500
1,000
Detroit
11,700
48,400
17,500
1,432
Cleveland _ _
7,483
MOO
13,649
5,100
St. Louis_
34,000
106,000
386,900
324,800
3,013
37,900
Peoria
40,000
171,600
6,000
129.000
36,000
5,000
Kansas City.
153,300
178,200
85,500
Tot.wk.'09
Same wk.'08
Same wk.'07

367,401
374,284
342,878

2,255,137
2.263,081
4,008,270

1,908,203
2,026,929
2,886,533

2,544,284
3,389,126
3,811,769

641,514
501,604
734,853

69,321
50.924
114,242

Since Aug. I
1908-09_
16,570,288 200,592,623 119,915,029 138,025,837 74,378,109 5,857,295
1907-08_ _ _ 14,850,642 188,900,145 151,461,311 159,670,675 57,258,270 6,060,139
1906-07__ - 17,185,210 208,523,405 170,041,769 172,423,487 62,339,497 6,947.517

Total receipts of flour and grain at the seaboard ports for
the week ended May 15 1909 follow:
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
Richmond
New Orleans *
Galveston
Mobile
Montreal

Flour,
bbls.
110,132
23,360

Wheal,
bush,
571,200
78,909

Corn,
bush.
16,875
26,100

Oats.
truth,
687,300
73,320

Barley,
bush.
17,850
1,880

78,784
23,357
2,641
13,971

378,117
47,522
9,456
6,000
8,000

11,998
41,085
36,408
55,800
6,000
8,968
75,330

107,737
74,269
17,244
65,900

4,000

45,747

831

1,280
18,998 1,310,525

Total week
272,523
Week 1908
390,416
Since Jan. 1 1909_ _5,532,822
Since Jan. 1 1908_6,340,791

Rye.
bush.
2,300
740
3.793

2,409,729
278,564 1,069,517
24,561
6,833
3,835,260
23,821
470,987 1,165,403 87,857
23,655,933 24,478,191 17,463,654 3386,648 301,230
23,331,723 22,850,641 14,829,085 1896,601 1012,911

Corn has been irregular. Near-by deliveries have been a
little firmer, while the distant ones have been slightly lower. * Receipts do not Include grain passing through New Orleans for foreign ports
The strength in the cash corn and in May contracts was on through bills of lading.
caused by the light receipts, the large decrease in the visible
The exports from the several seaboard ports for the week
supply and the meagre stock of contract grades here and in ending May 15 1909 are shown in the annexed statement:
Chicago. In the latter market the total supply in all posiWheal,
Corn, Flour,
Rye, Peas, Barley,
Oats,
bush.
bush.
bush,
bush.
bbls.
bush.
bush
tions is only 442,000 bushels, against 2,831,000 a year ago, Exports fromNew York
220,530
1,889 19,106
2,334 37,405
while in contract grades there are only 114,000 bushels, Boston
94,821
16,810
42,509
220
against 1,775,000 bushels. Here supplies are equally meagre, Philadelphia
1,100 20,997
289,897
18,545
and some fear they may soon be exhausted unless receipts Baltimore
New Orleans
11,250
9
7,293 2,381
_
90
increase.
visible
The
supply is more than 50% less Galveston
speedily
2,000 10,912
Mobile
1,280
8.968
75%
about
and
smaller
than a year ago
than two years ago. Montreal
487,214
79,204 15,603
14,978 18,959
Naturally the scarcity has hindered business seriously, and
Total
week..,
.1,503,712
121,933
100,899
2,118
19,049
19,106
57,487
further
rise
in
prices unless farmers soon Week 1908
some dealers fear a
1,359,087
10,582 30,371
83,948 105,648
13,455
begin to sell more freely. To-clay there was a fractional rise
The destination of these exports for the week and since
early but a decline later. Reports of increasing deliveries
at country points led to more selling pressure and a fall of July 1 1908 is as below:
Flour
-Corn
Wheat
A
I @Yte.
Since
MACE
Since
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
wea July 1
Week
July 1
July 1
Week
Sat. Mon. Tues. Wed. Thurs. Fri.
84
84
84
84
84
8454
84 % 84% 84 % 84 % 84% 84 34
78 % 78
78
78% 7834 78 %
7534 7531 75 X 7531 7554 7534
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
72% 72% 73% 73% 72%
cts_ 73
July delivery in elevator
68 % 68% 68% 68 % 6834 69
September delivery in elevator__ _ _ 68% 6634 6654 86 % 6854 67
Cash corn
cts_
May delivery In elevator
July delivery in elevator
September delivery in elevator_ __ -

Exports for week and May 15.
1908. May 15.
1908. I
since July1 tobbls.
bush.
bbls.
bush:
United Kingdom___ 67,212 4,702,576 1,181,589 52,789,349
Continent
20,104 2,081,851 306,873 45,732,267
So. & Cent. Amer
12,263, 589,783
14,750
468,576
West Indies
21,881 1.268,160
500
16,833
Brit. No. Am.Cols
70
68,424
423 339,770
Other countries
74,403

1908.
May 15.
bush.
bush.
36,500 15,893,280
42,704 13,595,800
6,863
53,472
14,178 1,076,693
9,512
22,746
654

121,933 9,050,564 1,503,712 99,081,428
105,64810.361,506 1,359,087 100141,074

100,899 30,651,503
83,948 45,176,450

Total
Total 1907-08

Oats have advanced. The movement from the interior
The world's shipments of wheat and corn for the week
has been small and available supplies have decreased. Com- ending May 15 1909 and since July 1 in 1908-09 and 1907-08
pared with former years, they are considered inadequate. are shown in the following:
Trade has therefore been restricted. Local stocks are small
and about half Argentine. Consequently holders of native
Wheal.
Corn.
oats have been predicting still higher figures. This has made
Exports.
1907-08.
1908-09.
1908-09.
1907-08.
short sellers of May uneasy,but a decided upturn in the newWeelc
Since
Since
Week
crop futures was partly prevented by the favorable weather
Since
Since
May 15.
July 1.
July 1.
May 15.
July 1.
July 1.
and crop outlook. To-day cash oats and May contracts
Bushels. Bushels.
were up to new high records, but in the late trading May
Bushels. Bushels. Bushels.
Bushels.
North Amer. 1,344,000 151,798,700 161,770,000 301,000 30,150,400 40,707,000
receded Mc., while the new-crop deliveries were also a little Russian
3,192,000 85,944,000 57,902,000 493,000 18,139,500 22,843,000
easier.
Danubian
1,016,000 32,632,000 25,752.000 739,000 25,625,500 42.700,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
Frt.
No. 2 white
ets_64-64 % 64-6454 6434-65 65-6534 65-6534 6554-06
White clipped, 34 to 36
lbs.
61-63
61-63
61-63
62-68% 0203% 62.0354




Argentena __ 1,360,000 101,148,000 95,560,000 3.867,000 58,103,500 45,459,000
Australian__ 232,000 30,976,000 10,820,000
0th. countes 712,000 17,254,000 24,614,000
Total __ 7,856,000 399,750,700 376,418,000 5,400,000 130,018,900 151,709,006

THE CHRONICLE

1328

[VOL. Lxxxvm.

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

The value of these New York exports since Jan. 1 has been
$8,058,270 in 1909, against $4,351,608 in 1908.
Bleached goods have moved steadily, but in a hand-toWheat.
Corn.
mouth way; prices have ruled firm, partly owing to rather
United
United
limited stocksin jobbers'hands,and indications seem to point
Kingdom. Continent. Total. • Kingdom. Continent. Total.
to an improved demand in the near future. At the new prices
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
announced last week staple prints have been freely taken;
May 15 1909_ 24,880,000 15,120,000 40,000,000 8,330,000 7,140,000 15,470,000
May 8 1909_ 24,640,000 15,840,000 40,480,000 6,715,000 6,120,000 12,835,000 most printers have accepted the reductions and are giving
May16 1908-- 23,040,000 16,160,000 39,200,000 5,440,000 7,055,000 12,495,000 fall dating on goods taken for early delivery; the demand
has been especially active from Western centers. For wash
The visib- le supply of grain, comprising the stocks in goods the call has been only moderate, weather conditions
granary at principal points of accumulation at lake and still being against an active trade in such fabrics. Drills
and sheetings are firmly held, with some mills asking slight
seaboard ports May 15 1909 was as follows:
AMERICAN GRAIN STOCKS.
advances, and disposed to move cautiously in accepting
Wheat,
Corn,
Oats,
Rye,
Barley, large contracts for distant delivery. Cotton linings have
bush.
bush.
bush.
bush.
bush.
605,000
92,000
550,000
9,000
138,000 been well taken, and some of the leading houses report that
New York
168,000
40,000
15,000
8,000
26,000 their bookings for the fall season have been quite satisfactory;
Boston
188,000
55,000
Philadelphia
63,000
151,000
222,000
55,000
Baltimore
1,000 prices show an upward tendency. There has been no
224,000
186,000
185,000
New Orleans
abatement in the demand for colored cottons, ginghams
80,000
15,000
Galveston
has been done in the
1,300,000
147,000
460,000
13,000
Buffalo
201,000 and denims. A little more business
252,000
29,000
81,000
10,000
Toledo
2,000 print cloth market, especially on wide goods for near-by
249,000
111,000
57,000
1,000
Detroit
2,000
mills are reported as having declined long-time
3,315,000
132,000
1,905,000
Chicago
105,000
622,000 delivery;
172,000
25,000
48,000
Milwaukee
9,000
50,001) contracts on certain descriptions. Prices of both regulars
6,942,000
1,119,000
Duluth
21,000
311,000 and standard wide goods remain unchanged.
9,390,000
4,000
982,000
Minneapolis
64,000
166,000

230,000
100,000

1,648,000 7,373.000
Total May 15 1909_ _24,160,000
2,175,000
7,897,000
Total May 8 1909_26,627,000
CANADIAN GRAIN STOCKS.
Corn,
Oats,
Wheat,
bush.
bush.
bush.
57,000
155,000
Montreal
387,000
2,605,000
Fort William
3,267,000
Port Arthur
441,000
Other Canadian

313,000 1,951,000
356,000 2,033,000

155,000
57,000
80,000
101,000
SUMMARY.
Oats,
Corn,
bush,
bush.
7,373,000
1,648,000
155,000
57.000

112,000
115,000

Total May 15 1900_ 6,700,000
Total May 8 1909_ A0,457,000

American
Canadian

What,
bush.
24,16(1,000
6,700,000

ToMi May 15 1909_ _30,860,000
Total May 8 1900_ ,37,084,000
Total May 16 1908_ _26,487,000

1,705,000
2,276,030
4,175,000

7,528,000
7,977,000
8,447,000

Rye,
bush.

Rye,
bush.
313,000

Bane?,
bush.
112,030

Barley,
bush.
1,9,51,000
112,000

313,000 2,063,000
356,000 2,148,090
293,090 1,750,000

THE DTZV GO,)ns TRAT-“:.
New York, Friday Night, May 211909.
Current trade in cotton goods generally has been light
and operations for fall, though showing some improvement,
have not reached large proportions. Prices in practically
all lines have continued firmly held, with, if anything, an
advancing tendency noted in some quarters, owing to the
further rise in cotton and to the strong underlying conditions
in both primary and secondary markets previously referred
to. Whether the comparatively high prices now being
asked for merchandise, as a result largely of the firmer
market for the staple, will work against a full and healthy
distribution remains to be seen; opinion in the trade is,
that point; it is generally admitted that mer.divided on'
chan.dise in hand or under order, which was purchased when
-cotton was selling around eight or nine cents a pound is
now more valuable, but many of those who have not yet
fully covered prospective needs still show more or less
hesitation in contracting at higher prices. The number
of such interests, however, appears to be growing less,
and although buyers and sellers are in numerous instances
apart in their views, developments during the past week
have seemingly been in sellers'favor; the latter, as indicated,
have been less disposed to consider the possibility of lower
prices on heavy cottons, &c., which jobbers have not been
purchasing freely. The steady improvement in various
outside trades, notably in the metal industries, and indications that the purchasing power is gradually broadening,
have created a somewhat better feeling in the market
generally, and especially among first hands. No particular
feature has been noted in any line of cotton goods except
that Printed wash fabrics have moved more freely since the
reduction in prices announced last week. Export trade
with China has continued dull, but business with miscellaneous ports on prints .has been fair. In dress goods fine
wide fabrics have been in greater demand and duplicate
-orders have come forward more freely. Staple men's -wear
worsteds have been in 0-clod request, but the material advances in prices have checked the buying of woolens.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending May 15 were 20,294
packages, valued at $1,054,533, their destination being to the
points specified in the table below:
New York to May 9.
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
• Central America
South America
• Other countries....
Total




r-

1909
Since
Week. Jan. 1:
473
21
529
14
15,473 76,969
6,679
405
97
9
5:16)0
16
3 13
1,6
54

FOREIGN DRY GOODS.-No particular feature has
developed in imported woolen and worsted goods, which have
continued rather quiet. Linens have been in active request,
the demand running principally to housekeeping lines.
A little more activity is noted in the burlap market, and
although the undertone has been strong, prices re main
unchanged.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending May 15 1909 and since
Jan. 1 1909, and for the corresponding periods of last year,
were as follows:
00000

*3 4; -t,..4:1-1c4.
03,74,400WOr.
"Z!

MMOMM

CS 'S
At Al
et 0
c0 h
N. Co
cret
r-ret

15,601
676
5,832
18,503
7,156

IV.;
33
23
1,222
61

16,677
6,535

20,204 ,151,124

3,111

66,146

Week.
37
i909
_ ..

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-----1908
Since
Jan. 1.
246
422
11,978
3,381
10,206
2,206
8,325
5,3
8g4

692
59
430
704
337

WOOLEN GOODS.-In men's wear substantial duplicate
orders for fine staples and fancy worsteds have been received
by leading producers, who are already well engaged for some
time ahead, and it is reported that considerable additional
business is being declined. The recent sharp advances on
woolen goods, ranging all the way from 10c. to 20c. a yard,
has greatly curtailed operations in such fabrics. An increased demand from manufacturing interests for highgrade wide dress fabrics for fall has been a feature of the
past week; it is-stated that the demand has been larger than
some producers have been able to meet, with the result that
substantial orders, especially on broadcloths, have been
declined. The higher priced goods appear to be given
preference.

65,809,119

3,000

48,762,407

99,000

66,449,437

4,000
14,000

33,978,054

265,000
164,000
489,000
69,000
447,000
260,000

54,538,567

76,000
431,000
8,000
111,000
90,000

1 1909 AND 1908.

221,000
461,000
8,000
142,000
308,000
72,000

St. Louis
Kansas City
Peoria
Indianapolis
On Lakes
On Canal and River_

J.
L
,

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gE

E. m

THE CHRONICLE

MAY 22 1909.

TJfl ;14.10 CITY

TiiiT

News Itesis.
Arkansas.—Legislature Adjourns.—The Arkansas Legislature adjourned May 12.
Oonnecticut.—Amendment to Savings Bank Investment
Law.—The Legislature has passed an Act repealing Chapter
204 of the Acts of 1905 which allowed savings banks to invest
their deposits in the first mortgage gold 4s due 1951 of the
Southern Indiana Railway Co. This road is now in receiver's
hands.
Iowa.—Amendment to Law Relating to the Classes of
Property Exempt from Taxation.—The 1909 Legislature
passed an Act, which was approved on April 16 1909,
amending Section 1304 of the Supplement to the Code of
1907 by adding a new feature in providing for the exemption
from taxation (in addition to the various classes of property
now free from the assessment of taxes) of municipal, school
and drainage bonds or certificates hereafter issued. It is
expressly provided, however, that banks or trust companies
holding such bonds or certificates shall not be permitted to
make any deduction from the assessment of their shares by
reason of that fact. Section 1304, as it now stands, describes
the following as the classes of property which shall be
exempt. We insert the new parts in italics:

1329

by this section does not affect thzt iss 'secs of refu-ding bands or any
bonds heretofore issued, or which may be issued hereafter under Chapter
101 of the Laws of 1905, which allows any city of the first, second or
third class to issue bonds for the purpose of supplying its inhabitants
with gas, water, electric light or heating up to fifteen per cent of the assessed valuation.

Missouri.—Legislature Adjourns.—The Legislature of this
State adjourned shortly after noon on May 17.
New York State.—Cayuga and Seneca Canal Bill Signed
by Governor.—The Conger bill, providing for the submission
to the voters in November of a proposition to issue $7,000,000 bonds for the purpose of improving the Cayuga & Seneca
Canals, and making the same an extension of the barge
canal, was signed by Governor Hughes on May 18.
Texas.—Constitutional Amendments.—Provision was made
by the 1909 Legislature of this State for submission to the
voters on Aug. 10 of four amendments to the State Constitution. One of these authorizes cities and towns whose population exceeds 5,000 inhabitants to incorporate by a special
Act. Another amends Section 3 of Article 7 of the Constitution in regard to the formation and taxing power of school
districts. This proposed amendment, if adopted, will read
as follows:

Section 3. One-fourth of the revenue derived from the State occupation
taxes and a poll tax of $1 on every male inhabitant of this State between
the ages of 21 and 60 years shall be set apart annually for the benefit of the
public free school, and in addition thereto there shall be levied and collected
an annual ad valorem State tax of such an amount, not to exceed 20 cents
on the $100 valuation, as. with the available school fund arising from all
other sources, will be sufficient to maintain and support the public free
schools of this State for a period of not less than six months in each year,
and the Legislature may also provide for the formation of school districts
by general or special law, without the local notice required in other cases of
special legislation, and all such school districts, whether created by general
Section 1. The property of the United States and this State, Including
or special law, may embrace parts of two or more counties. And the Legisuniversity, agricultural college and school lands, and all property leased to lature shall be authorized to pass la vs for the assessment and collection of
the State; the property of a county, township, city, town or school district
taxes
in all said districts and for t te management and control of the public
or militia company, when devoted entirely to public use and not held for school or schools of such districts, whether such districts are composed of
pecuniary profit; municipal, school, and drainage bonds or certificates here- territory wholly within a county o • in parts of two or more counties. And
after issued; public grounds, including all places for the burial of the dead, the Legislature may authorize an additional ad valorem tax to be levied
crematories, the land on which they are built and appurtenant thereto and collected within all school districts, heretofore formed or hereafter
not exceeding one acre, so long as no dividends or profits are derived there• formed, for the further maintenance of public free schools, and the erection
from; fire engines and all implements for extinguishing tires, with the and equipment of school buildinrs therein, provided that a majority of the
grounds used exclusively for their building and meetings of lire companies. qualified property tax-paying voters of the district, voting at an election
Section 2. No deduction from the assessment of tne stock of any bank or to be held for that purpose, shall vote such tax, not to exceed in any one
trust company shall be permitted because of such bank or trust company holding year 50c. on the $100 valuation of the procerty, subject to taxation In such
such bonds and certificates as may be exempted above.
district; but the limitation upon the amount of school district tax herein
shall not apply to incorporated cities or towns constituting
Kansas.—An Act Limiting the Creation of Bonded Indebted- authorized
separate and independent school districts.

ness.—The 1909 Legislature passed an Act, the same having
been approved March 5 1909, limiting the creation of indebtedness in counties, cities, school districts and by boards
of education. The new Act covers various laws contained
in the General Statutes of 1901 and those passed subsequently affecting municipal borrowing capacity.

SECTION 1 of the new Act amends Section 479, General Statutes of
1901, relating to the Issuance of bonds by counties, cities or any municipal
township for the purpose of building or purchasing bridges and buildings
for the poor. The new law fixes the limit of such debts at one per cent of
the taxable value and allows the county, city or township, as the case may
be, to deduct any bonds issued for the alteration of bridges to meet the
requirements of the War Department, also the bonds of drainage districts.
Under the old law the limit for such issues was five per cent, Including all
other Indebtedness.
SECTION 2 makes changes in Section 519 of the General Statutes of
1901. The section relates to refunding bonds and allows the issuance of
such securities for such purpose by counties and townships up to one per cent
of the last assessment for taxation. The law previously placed the limit
for refunding bonds of counties and townships at five per cent of the taxables.
Cities and school districts under the new law must not issue refunding bonds
to an amount exceeding one and one-fifth per cent of the last assessment,
Instead of not exceeding six per cent as heretofore. The restrictions contained in this section, however, do not apply to refunding bonds issued
by cities of the first class.
SECTION 3 relates to the issuance of school bonds by cities of the first
class, and amends Section 6264 of the General Statutes of 1901. The
old law gave such cities power to issue school bonds to an amount not
exceeding five per cent of the taxable property as ascertained by the last
assessment for State and county purposes. The cities are now divided,
and those having a population of 70,000 or less can issue up to only one
'per cent of the taxable property, while cities having a population of more
than 70,000 have the power to issue school bonds to the extent of not more
than one and five-tenths per cent of such value of taxable property.
snarioN 4, which relates to issuance of bonds by school districts, alters
Section 6331 of tile General Statutes of 1901 by fixing the amount of bonds
issued for the erection or purchase of school buildings at not exceeding
one and one-half per cent of its taxable property, instead of six per cent as
was previously allowed. The law states that tills limitation shall not apply to bonds heretofore legally voted.
SECTION 5 places a limit on the debt-snaking power of third-class cities.
Chapter 42 of the Laws of 1903 is'amended sons to provide that the bonded
Indebtedness of such cities, except debts incurred for funding its floating
debt, protecting the property of the city and for restoring or protecting the
channels of banks of streams and rivers within its limits, shall not exceed
five per cent of the assessed value of all taxable property as shown by the
books for tile year previous to the one in which the new issue is proposed
to be made. The limit under the old law was one-fourth (25%) of the
assessed value shown by the books in the year previous to the one in which
the last issue of bonds was Made. For the purpose ot funding floating
debt, protecting city property and restoring or protecting the channels
of banks of streams and rivers within their limits, cities of the third class
may issue bonds up to eight per cent of all the assessable property as shown'
by the last returns of the assessors. Under the old law the limit for such
Issues was forty per cent of the taxable property.
SECTION 6, relating to bonds issued by cities of the first class having
a population of 50,000 or more, amends Section 1 of Chapter 126 of the
Laws of 1903. It provides that the bonded debt of such cities, excepting
for bonds issued for improvements, for which a special tax is levied on the
property improved, shall not exceed five per cent of the taxable value.
The limit was previously fifteen per cent. Including the special improvement'assessment bonds just mentioned, the city's bonded indebtedness
must not exceed ten per cent of the taxable values instead of thirty per cent
as provided in tile old law.
SECTION 7 has to do with the issuance of bonds by boards of education In cities of the second class. It amends Section 1 of Chapter 398
of the Laws 01 1905 by fixing the limit for such bonds, except those issued
for refunding purposes, at one and one-half per cent, Instead of fifteen per
cent, of the authorized valuation of the territory within the jurisdiction of
the board of education. In regard to bonds issued to pay outstanding
warrants or floating debt, the limit Is changed from four per cent of the
assessment for taxation to one and one-half per cent.
SECTION 8 limits the bonded indebtedness of cities of the second class.
Section 1 of Chapter 128 of the Laws of 1907 is amended so as to provide
that the bonded debt of such cities, exclusive of assessment bonds and
bonds issued to pay the cost of improvements of intersections of streets,
alleys and avenues, and that portion of the street Immediately in front of
the city property, shall not exceed one and one-half per cent of the taxable
property as shown by the assessment books of the year previous to the
one in which a new issue of bonds is proposed to be made. The old law
provided that the bonded debt, exclusive of the bonds mentioned above,
should not exceed ten per cent of the assessed value of all the taxable property of the city as shown by the assessment books of tile year previous to
the one in which the last Issue of bonds Was made. The limitations fixed




Still another proposal alters Article 7 by adding a new section (Section 3a), validating school districts and the Londed
indebtedness of such districts and authorizing the levy and
collection of taxes to pay such indetedness. The following
is the proposed new section:
Section 3a. Every school district heretofore formed, whether formed under the general law or by special Act, and whether the territory embraced
within Its boundaries lies wholly within a single county or partly in two or
more counties, is hereby declared to be, and from its formation to have
been, a valid and lawful district.
All bonds heretofore issued by any such districts which have been approved by the Attorney-General and registered by the Comptroller are hereby declared to be, and at the time of their Issuance to have been, issued in
conformity with the Constitution and laws of this State, and any and all
such bonds are hereby In all things validated and declared to be valid and
binding obligations uoon the district or districts issuing the same.
Each such district fs hereby authorized to, and shall, annually levy and
collect an ad valorem tax sufficient to pay the interest on all such bonds
and to provide a sinking fund sufficient to redeem the same at maturity,
not to exceed such a rate as may be provided by law under other provisions
of this Constitution. And all trustees heretofore elected in districts made
up from more than one county arc hereby declared to have been duly elected,
and shall be and are hereby named as trustees of their respective districts,
with power to levy tile taxes herein authorized until their successor shall
be duly elected and qualified as Is or may be provided by law.

Bond Proposals and Negotiations this week
Nave bean as follows:
Alliance, Stark County, Ohio.—Bond Election.—The election to be held in this city on May 24 (V. 88, p. 1017) is for
the purpose of submitting to the electors propositions to
issue $50,000 city-hall and jail-building, $13,000 repaving,
$35,000 grade-crossing-abolition and $10,000 street-opening
bonds.
Ashtabula County (P. 0. Jefferson), Ohio.—Bond Sale.—
On May 17 the First National Bank of Cleveland purchased
$18,000 44% 1-10-year (serial) Monroe Road macadam
bonds at. 102.733—a basis of about 3.943%. The bids
received were as follows:
First Nat. Bank, Cleve__ _$18,492 00
Provident Savings Bank &
Trust Co., Cincinnati__ 18,480 60
Barto, Scott & Co., Colum 18,471 00
C. E. Denison & Co., Cleve 18,470 00
R. Kleybolte Co., Inc., Cin 18,468 00
Hayden, Miller & Co., Cie_ 18,458 00

Seasongood & Mayer, Cin_$18,435 60
Otis & Hough, Cleveland.. 18,401 00
W. R. Todd & Co., Cin___ 18,375 00
Well, Roth ee Co., Cin_ _ 18,360 00
New 1st Nat. Bk., Colum_ 18,360 00
Western-German Bk., Cin 18,333 51
Field,Longstreth &Co.,Cin. 18,318 60

Auburn, Cayuga County, N. Y.—Bond Sale.—An issue of
$51,700 4% WA-year (average) disposal-plant bonds has
been disposed of to local investors.
Avonmore, Westmoreland County, Pa.—Bond Sale.—On.
May 17 the $21,000 4M% coupon water-works bonds described in V. 88, p. 1147, were awarded to the First National
Bank of Cleveland at par. There were no other bidders.
The bonds are exempt from all taxes and mature part yearly
on March 1 from 1919 to 1938 inclusive.
Baltimore, Md.—Stock Sale.—On May 17 this city disposed
of the following 4% registered stock, a description of which
was given in V. 88, p. 1148: $500,000 Annex Improvement
Loan due June 1 1954; $500,000 New Fire Engine House
Loan due June 1 1957; $500,000 New School-House Loan
due June 1 1957, and $250,000 Conduit Loan due Dec. 1
1958. J. S. Bache & Co. and Lawrence Barnum & Co., both
of New York City, were the successful bidders, their joint
hid being 105.177—a basis of about 3.76%.

1330

THE CHRONICLE

The following bids were received:
J. S. Bache & Co. and Lawrence Barnum & Co., New York (all
or none)
_ _ __ _ _ _ __ 105.177
Estabrook &- Co., R. -L. Day & Co. and Blodget, Merritt & Co.,
New York (ail 'or none)
104.68
104.335
$100,000_ _105.253
100,000_ _105.127
100,000_ _105.036
100,000_ _104.883
W. N. Coler & Co., New York: Adams & Co., Boston 100,000 104.761
none)
(all
York
or
and New
300,000_ _104.626
300,000_ _104.513
250,000_ .A04.375
200,000_104.257
100,000_ _104.128
100,000__104.053
Wm. Salomon & Co., New York (all or none)
104.294
ifor 1954s_ _104.193
Fisk & Robinson, New York (all or none)
for 1957s 104.293
for 1958s_ _104.393
(for 1954s_104.133
D. S. Harde, New York
for 1957s_ _104.233
for 1958s_ A04.333
Rhoades & Co., New York (all or none)
103.895
Alex. Brown & Sons, Brown Bros. & Co. and Mackay & Co., New
York (all or none)
104.03
Wm. A. Read & Co., Mercantile Trust Co. and Hanover National
Bank, New York (all or none)
103.567

I

[VoL. Lxxxvm.

voters on a.question of issuing $4,000 5% 20-year schoolbuilding and heating-plant bonds.
Brunswick and Topsham Water District(P.O. Brunswick)
Me.-Bond Sale.-On May 20 $42,000 4% 27-year gold
coupon bonds were awarded to Maynard S. Bird & Co. of
Rockland at 104.50.
The following proposals were received:
Maynard S. Iiird&Co.,Rocki'd.104.501Chas. H. Gilman. Portland_ _102.00
Lee, Higginson & Co., Boston_102.181B. H. Rollins & Sons Boston 100.25
Denomination $1,000. Date July 11909. Interest semi-annually
- at the
City Trust Co. In Boston. Bonds are exempt from taxation.

Canfield Township (P. 0. Canfield), Mahoning County,
Ohio.-Bond Offering.-Proposals will be received until
1:30 p. in. May 25 by R. A. Brown, Township Clerk, for
$25,000 4% coupon road-improvement bonds.
Authority, Sections 4686-1 o Section 4686-25 inclusive of the Revised
Statutes. Denomination $..,)0. Date June 1 1909. Interest semiannually at the office of the Township Treasurer. Maturity $1,000 yearly
on June 1 from 1911 to 1920 Inclusive, $1,500 yearly on June 1 from 1921
to 1927 inclusive, $2,000 on June 1 in each of the years 1928 and 1929 and
$500 on June 1 1930. Bonds are exempt from taxation. Certified check
for 3500, payable to Clyde Dickson, Township Treasurer, Is required.
Purchaser must be prepared to take the bonds not later than June 1 1909.

Canton School District (P. 0. Canton), Stark County,
In addition to the above a number of bids ranging from
Ohio.-Bond Offering.-Proposals will be received until 12
95 to 104.49 were received for small lots.
Baudetee, Minn.-Bonds Voted.-Reports state that the m. May 27 by the Board of Education, W. C. Lane, Clerk,
question of issuing $25,000 water, electric-light-plant and for $34,000 4% school-property-improvement bonds.
Authority Section 3991 Revised Statutes. Denomination $1,000.
street bonds was carried at a recent election held in this place. Date
May 27 1909. Interest semi-annually at Kountze Bros., New York,
Bay City, Mich.-Bond Offering.-Proposals will be re- or at the City Treasurer's office. Maturity May 27 1929. Certified check
$1.000 on a bank in Canton is required. Bids to be made on blank
for
ceived until 3 p. m. May 24 by E. E. Prohazka, City Comp- forms furnished by the Board of Education. Purchaser to furnish blank
bonds.
troller, for $100,000 5% local-improvement bonds.
Denomination $1,000. Date June 1 1909. Interest semi-annual.
Carrollton School District No. 1 (P. 0. Carrollton), Carroll
Maturity 850,000 on June 1 1912, $30,000 on June 1 1914 and 820,000 on County, Mo.-Bond
Offering.-Proposals will be received
June 1 1917 Certified check for $500. payable to the City Comptroller, is
required. Purchaser to pay accrued interest.
until 12 m. May 24 by E. E. Farnham, Secretary Board of
Beltrami County (P. 0. Bemidji), Minn.-Bond Offering. Education, for $50,000 4% 5-20-year registered school-Proposals will be received until 10 a. m. May 25 by John building and site-purchase bonds.
Denomination $500. Interest semi-annually at the District Treasurer'a
Wilmann, County Auditor,for $195,000 43% funding bonds.
office. This district has no debt at present. Assessed valuation, $1,630,-

Date June 1 1909. Interest semi-annual. Maturity $13,000 yearly on
Dec. 1 from 1910 to 1923 inclusive. An unconditional certified check
a
national bank in Minnesota for 1% of bonds bid for, made payable toon
the
County Treasurer, is required. Bonds will be delivered within 10 days
from the time of award.

Benton County School District No. 22, Wash.-Bond Sale.
-The $2,000 10-20-year (optional) coupon school bonds
described in V. 88, p. 1148, were sold on May 8 to the
State of Washington at par for 5s. The following bids were
received:
State of Washington (for
_ __par1Wm. D. Perkins & Co., Seattle
_$2,037 601 (for 65)
Seattle T.&T.Co.,Seat.(6s)
5s)par

Bethel, Fairfield County, Conn.-Bond Sale.-Estabrook & Co. of Boston have been awarded, according to reports, the $40,000 4% 30-year coupon additional reservoirconstruction bonds described in V. 88, p. 1267. The price
paid by them was par.
Bladen County (P. 0. Elizabethtown), No. Oaro.-Townships to Vote on Railroad Aid Bonds.-It is reported that on
May 25 the electors of Hollow, Bethel and Elizabethtown
townships,of this county, will vote on the question of issuing
bonds to aid in building a railroad from Elizabethtown,
Bladen County, to St. Pauls, in Robeson County, where it
will connect with the Virginia Carolina & Southern.
Bogota School District (P. 0. Bogota), Bergen County,
N. J.-Bond Offering.-Proposals will be received until
8 p. in. June 1 by Charles H. Westervelt, Chairman Finance
Committee, for $48,500 43'),70 coupon school bonds.
Denomination $1,000, except one bond of $500. Interest semi-annually
at the Hackensack National Bank of Hackensack. Maturity $500 in 1923
and $3,000 yearly from 1924 to 1939 inclusive. Bid to be made on a blank
form furnished by the Chairman of the Finance Committee and to be accompanied by a certified check for 2% of bid, made payable to the Board of
Education. Bonds will be delivered on July 11900. The proceedings relative to the issuance of these bonds have been approved by Edmund Wilson,
State Attorney-General.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Boyd County (P. 0. Catlettsburg), Ky.-Bond Offering.Proposals will be received until 1 p. m. May 24 by Charles
Russell, Commissioner, for $15,000 4% coupon refunding
bonds. •
Denomination $1,000.
Maturity April 1 1929.

Date

April

1

1909.

Interest semi-annual.

188.

Certified check for $500 is required.

Cedar Rapids Independent School District (P. 0. Cedar
Rapids), Linn County, Iowa.-Bonds Not Sold.-No proposals were received on May 17, it is stated, for the $60,000
33/% 10-year A ashington High School-improvement bonds
described in V. 88, p. 1268.
Ohadron, Dawes County, Neb.-Bond Election.-An election will be held May 25 to vote on the question of issuing
$25,000 10-20-year (optional) sewer bonds at not exceeding
5% interest.
Chicago, Ill.-Warrant Sale.-On May 17 local bankers
purchased $975,000 warrants issued in anticipation of the
collection of taxes. Of this amount $675,000 are 3% shortterm warrants, while the remainder carries 4% interest and
runs for one year.
Bond Sale.-In addition to the above, an issue of $1,500,000 4% bonds was 'awarded to the First Trust & Savings
Bank of Chicago for a premium of $11,550-the price thus
being 100.77.
Claremont Independent School District (P. 0. Claremont),
Brown County, So. Dak.-Bond Sale.-On May 10 the Union
Investment Co. of Minneapolis purchased the $4,000 schoolbuilding bonds described in V. 88, p. 1210, at 100.125 and
accrued interest for 5Y2. The following proposals were received for 53's:

.itH
y.Tc
04
5 Sehcausr
41e
rto Coo
:0
00
Union Investment Co., Minn_ $4
$4,000
isfftin,hicago _ _ _ _ 4,000
F. E. Magraw, St. Paul
The bonds are dated June 1 1909 and mature $3,000 on June 11014 and
$1,000 on June 1 1910.

Olairemont, Kent County, Texas.-Bonds Voted.-At an
election held in this place on May 11 an 'issue of $7,200
school-house bonds carried, it is stated, by 20 to 1. The
bonds bear 5% interest and mature in 10-40 years.
Clarksdale, Miss.-Bonds Voted.-This city on May 7
authorized the issuance of the $50,000 5% water, sewerage
and refunding bonds mentioned in V. 88, p. 1149.
Cleveland Heights School District, Cuyahoga County,
Ohio.-Bond Oflering.-Proposals will 1--e received until
12 in. May 28 by Wm. G. Phare, Clerk Board of Education,
205 American Trust Building, Cleveland, for $25,000 43/%
coupon school bonds voted at an election held April 20.
3992 and
Authority, Sections 3991,

3993, Revised Statutes.

Denomi-

nation $1,000. Date, day of sale. Interest April 1 and Oct. 1 at the office
Bramwell, Mercer County, W. Va.-Bond Sale.-On May of
the Treasurer of the Board of Education, Maturity $2,000 yearly on
15 the $25,000 6% gold coupon street-improvement and re- Oct. 1 from 1920 to 1931 inclusive and $1,000 on Oct. 1 1932. Certified
check
for 10% of bonds bid for, payable to the Treasurer of the Board of
funding bonds described in V. 88, p. 1148, were awarded to Education,
is required. Purchaser to pay accrued interest.
the State Board of School Fund of West Virginia at 111.111
Kansas.-Bonds Voted.-This city has voted to
Clifton,
and accrued interest. A list of the offers received follows:
-building bonds.
school
issue
State Board of School F'd_$27,777 78 New 1st Nat. Bank, Col__$25,635 00
Chas. H. Coffin, Chicago_ 27,251 00 Thos. J.
, Bolger Co., Chio_ 25,510 00
Cloquet, Minn.-Bonds Voted.-An issue of $30,000
Seasongood & Mayer, Cin_ 27,070 00 Domini n Nat. Bk., Br1s.,Va 25,425 00 school-building bonds was
authorized, it is stated, at a
Mrs. Edward Cooper, Bram 27,000 00 F. L. Fuller & Co., Cleve_ 25,410 00
First National Bank, Cie_ 26,284 00 C. E. Denison & Son, Cle_ 25,250 00 recent election.
001John
S. A. Kean, Chicago
Nuveen & Co., Chic_ 25,107 00
26,275
College Hill (P. 0. Beaver Falls), Beaver County, Pa.Maturity Oct. 5 1933.
Bronson Township (P. 0. Olena), Huron County, Ohio.- Bond Sale.-This borough sold $11,000 5% 5-26-year (serial)
Bond Sale.-An issue of $5,500 5% 1-11-year (serial) coupon electric-light-plant-extension and street-improvement bonds
road-improvement bonds was disposed of on May 15 to on April 6 to J. S. &W.S. Kuhn Inc., of Pittsburgh. DeHayden Miller & Co. of Cleveland at 104.181 and accrued nomination $500. Date April 1 1909. Interest semi-annuinterest-La basis of about 4.204%. The following proposals ally at the Borough Treasurer's office.
were received:
Colorado Springs, El Paso County, Col.-New City CharHayden,Miller & Co.,Clev_$5,730 001Well, Roth & Co., Cin__ _ _$5,680 00 ter Adopted.-This city on May 11,
we are advised, adopted
Toledo Fire & Mar. Ins. Co_ 5,711 251
Denomination $500. Date March 15 1909. Interest semi-annually at a new city charter by a vote of 3,161 "for" to 263 "against."
the Huron County Bank of Norwalk. Bonds are exempt from all taxes.
Columbus, Ohio.-Bonds Authorized.-Ordinances proTotal debt, this issue. Assessed valuation 1908, $599,690.
viding for the issuance of $3,000 Fourth Ave. and $2,000
Brownsville, Tenn.-Bond Election.-On June 10 an elec- Lynn St. 4% coupon assessment improvement bonds were
tion will be held in this city to obtain the opinion of the passed by the City Council on May 7.




MAY 22 1909.]

THE CHRONICLE

Denomination $1,000. Date not later than June 1 1909. Interest
March 1 and Sept. 1 at the office of the City Treasurer. Maturity Sept. 1
1921, subject to call after Sept. 1 1910.

Concord, N. H.-New City Charter Adopted.-rhe voters
of this city at a special election held on May 11 adopted a
new city charter by a vote of 1,883 "for" to 1,141 "against."
Corrigan Polk County, Tex.-Bonds Voted.-We see it
' the electors of this place on May 1 authorized
reported that
the issuance of $7,000 school-building bonds by a vote of
61 to 35.
Coshocton, Coshocton County, Ohio.-Award Postponed.
-No award was made on May 18,it is stated,of the $15,000
4% street-improvement bonds offered on that day and
described in V. 88, p. 1150. The award was deferred until
the meeting of the City Council some time next week.
Cowley County (P. 0. Winfield), Kan.-Sale of Railroad
Stock.-It is stated in a Topeka paper that the Board of
County Commissioners on May 13 decided to accept the offer
of E. F. Jordan of Omaha of $20,000 for the county's holdings
of $100,000 stock of the Denver Memphis & Atlantic RR.
Cranston (P. 0. Station 31, Providence), R. I.-Bid Rejected.-The only offer made on May 17 for the $275,000 4%
40-year funding bonds described in V. 88, p. 1210, was one of
98.57 and accrued interest by Merrill, Oldham & Co. of
Boston. This bid was rejected.
Davenport, Lincoln County, Wash.-Bonds Not Sold.No sale was made of $32,000 water bonds, proposals for
which were asked until May 8. They will be re-advertised
for sale.
Daviess County (P. 0. Washington), Ind.-Bond Sale.Papers state that this county recently sold $62,379 rock-road
bonds to Breed & Harrison of Cincinnati at par.
Dedham, Mass.-Note Sale.-On May 19 $60,000 3%
.school-house notes were awarded to Crocker & Fisher of
Boston at 100.393. A bid of 100.199 was received from R. L.
Day & Co. and one of 100.074 from Blodget, Merritt & Co.
'These two bids were not considered, due to the fact that
they were conditional.

1331

water-system bonds carried by a vote of 198 to 25 at an
election held April 27.
Fort Mill School District (P. 0. Fort Mill), So. Caro.Bonds Voted.-According to reports, the issuance of $10,000
school building bonds was authorized by a vote of 50 tb 2
at an election held April 27.
Fort Scott School District (P. 0. Fort Scott), Bourbon
County, Kan.-Bond Sale.-This district on May 17 sold
the $33,000 434% 20-year refunding bonds described in
V. 88, p. 1269, to W. N. Coler & Co. of New York City at
104.196. The following proposals were received:
W.N.Coler & Co., N. Y_ _$34,385 00 John Nuveen & Co., Chie_$33,561 00
00
First Nat. Bank, Cleve_ _ _ 33,846 00
A. B. Leach & Co., Chic__ 33,677 00
A. G. Edwards & Sons,St.L 33,663 50
S. A. Kean, Chicago
33,561 00
• Also furnish blank bonds.

Seasongood&Mayer, Cin__ 33,528
Mercantile Tr. Co., St. L. 33,453 00
T. H. Foster, Ft. Scott__ _ 33,435 00
McCoy & Co.. Chicago___•33,000 00
I. S. Bahney, Ft. Scott
20,200 00
(for $20,000)

Garrick School District, Pa.-Bonds Offered by Bankers.J. S. & W. S. Kuhn Inc., of Pittsburgh, are offering for sale
$30,000 43'% coupon bonds of this district.
Denomination $1,000. Date April 1 1909. Interest semi-annual.
Maturity part on April 1 1914 and part every five years thereafter to 1939
inclusive. Bonds are exempt from taxation. Bonded debt, Including this
issue. $73,000. Assessed valuation, $4,700,000.

Gladwin County (P. 0. Gladwin), Mich.-Bond Sale.-On
May 14 the $10,000 43.% 15-year jail-building bonds described in V. 88, p. 1269, were awarded to the State Bank of
Gladwin at 103. Purchaser to pay accrued interest and
furnish blank bonds. The following bids were received:
State Bank of Gladwin_ _•310,300 00
First Nat. Bank, Cleve__ 10,342 00
Coffin & Crawford, Chic_ 10.280 00
W. A. Hamlin & Co., Det •10,260 00
Farson, Son & Co., Chic_ 10,255 50
A. J. Hood & Co., Det__ *10,250 00

Harris Tr. & Say. Bk.,Chi $10,241 00
John Nuveen & Co.. Chic_ 10,232 00
Sec.Say.Bk.&Tr.Co., Tol_ 10,162 50
W. E. Moss & Co., Det___•10,150 00
10,120 00
S. A. Kean, Chicago_
Thos. J. Bolger Co., Chic.. 10,050 00
Seasongood & Mayer, Chi_ 10,000 00

• Also furnish blank bonds.
All bidders offered accrued interest in addition to their bids.

Globe, Gila County, Ariz.-Description of Bonds.-The
$200,000 5% water-works bonds awarded on March 1 to
Ulen, Sutherlin & Co. of Kansas City, Mo., at par (V. 88,
p. 1151) are dated April 15 1909. Denomination $1,000.
Denomination $12,000. Interest May and November at National Shaw- Interest semi-annual.
'mut Bank, Boston, or by check from Treasurer. Maturity $3,000 yearly
Gloucester, Mass.-Bond Offering.-Proposals will be refrom 1910 to 1929 inclusive. The notes are tax-exempt In Massachusetts.
ceived until 5 p. m. May 25 by the Finance Committee, care
Delphos, Allen County, Ohio.-Bond Election.-This town of Edward Dolliver, City Treasurer, for $50,000 4% coupon
will hold an election on June 11 to vote upon the question of improvement bonds.
issuing $30,000 street, $20,000 park and $10,000 water-works
Denomination $1 .000. Date June 1 1909. Interest semi-annually at
the First National Bank of Boston. Maturity $5,000 yearly on June 1
-extension bonds.
from 1910 to 1919 inclusive. Purchaser to pay accrued Interest. Bonds
to their genuineness by the City Trust Co. of
Del Rio School District, Valverde County, Tex.-Bonds have been certified to ofasthis
issue has been approved by Ropes, Gray &
Boston. The legality
Voted.-On May 4 an issue- of $30,000 school bonds was Gorham
of Boston. a copy of whose opinion will be delivered to purchaser.
:authorized by this district.
Greene County (P. 0. Paragould), Ark.-Bond Sale.-On
Des Moines, Polk County, Iowa.-Bonds Not Sold.-No April 10 $15,000 Ditch No. 1 and $55,000 Ditch No.2 6%
sale was made of the $350,000 4% city-hall bonds offered bonds were disposed of at par, the former issue to the
(V. 88, p. 1079) on May 17. A bid at par less $5,250 was Southern Drainage Co. and the latter issue to W.S. Coleman
received from Farson, Son & Co. of Chicago.
& Sons, both of Paragould. Denomination $500. Date
Dickinson School District(P.0. Dickinson), Stark County, Jan. 30 1909. Maturity part of each issue yearly from ten
N. D.-Bonds Voted.-A proposition to issue $30,000 bonds to twenty years.
for a new high school was favorably voted by this district
Greenfield, Adair County, Iowa.-Bonds Voted.-The
on May 11.
$25,000 water-works-construction bonds mentioned in V. 88,
Dimmit County (P. 0. Curia° Springs), Texas.-Bonds p. 1080, were authorized, it is stated, at a recent election.
Voted.-The $30,000 road bonds mentioned in V. 88, p. 1150,
Greenville, No. Caro.-Bond Sale.-On May 15 the
were, according to reports, authorized by this county at an $20,000 5% 5-14-year (serial) coupon funding bonds described
election held on May 8. It is further stated that the vote in V. 88, p. 1151, we're bought by the Security Savings Bank
-was 59 to 4.
& Trust Co. of Toledo at 101.775 and accrued interest-a
Eaton, Preble County, Ohio.-Bond Offering.-Proposals basis of about 4.756%.
will be received until 7 p. in. May 24 by C. F. Ressler, Village
Handley Independent School District (P. 0. Handley),
,Clerk, for $2,000 4% school bonds.
Tarrant County, Tex.-Bonds Voted.-On May 5 this district
Date
$500
Statutes.
Revised
Denomination
2835,
Section
Authority.
5% 20-40-year (optional) schoolMay 24 1909. Interest semi-annually at the office of the City Treasurer. voted to issue $20,000
building and site-purchase bonds. Date May 15 1909.
Maturity $500 yearly on Sept. 1 from 1912 to 1915 inclusive.
Eden Township (P. 0. Tiffin), Seneca County, Ohio.- Interest semi-annual.
Bond Sale.-On May 14 the Commercial National Bank of
Hardy County (P. 0. Moorefield), W. Va.-Bonds Sub'Tiffin was awarded $10,000 4Y% coupon road-improvement scribed.-Reports state that the Moorefield and South Fork
bonds at 102.09.
districts in this county decided at a recent election to subDenomination $500. Date Ap:11 1 1909. Interest March 1 and Sept. 1.
bonds of the Hampshire Southern
Maturity $500 on March t 1910, $500 on Sept. 1 1910 and $500 on March 1 scribe for $60,000 of the
• and $1,000 on Sept. 1 each year from 1911 to 1916 inclusive.
Railroad, which is projected to be built by Washington
El Reno, Okla.-Bonds Voted.-An election held April 27 capital from Romney through the South Branch Valley via
resulted in favor, it is reported, of propositions to issue bonds Moorefield to Petersburg, W. Va.
for the following purposes: $50,000 for a city-hall and
Hobpken, N. J.-Bond Offering.-Proposals will be
$20,000 for a fire station.
received until 4 p. m. June 9 by the Mayor and City Council
Emmett School District (P. 0. Emmett), Canyon County, for $125,000 4% coupon or registered re-paving bonds.
.Idaho.-Bonds Voted.-It is stated that an election held
Authority, an Act of the Legislature approved March 2 1898. DenomiApril 28 to vote on a proposition to issue $33,000 school- nation $1,000. Interest semi-annual. Maturity 30 years. Certified
building bonds resulted in favor of the same. The vote is check or cash for 5% of bid is required. James H. Londr.gan is City Clerk.
The official notice of this bond offering will be found among
reported as being 386 "for" to 112 "against."
Englewood, Bergen County, N. J.-Bond Sale.-The suc- the advertisements elsewhere in this Department.
eessful and only bid received on May 18 for the $75,000 4%
Hoosick Falls, Rensselaer County,N.Y.-Bids Rejected.30-year coupon school-house bonds described in V. 88, p. All bids received for $50,000 grading-and-paving bonds
by
submitted
accrued
interest
of
and
100.17
1269, was one
offered on May 13 were rejected.
Kountze Bros. of New York City.
Houston Heights, Harris County, Texas.-Bonds to Be
Etna Mills School District (P. 0. Etna Mills), Siskiyou Offered Shortly.-This city will offer for sale about June 1
County, Cal.-Bonds Voted.-The $12,000 6% school-house the $20,000 5% 20-30-year (optional) school-building bonds
building bonds mentioned in V. 88, p. 1079, were authorized mentioned in V. 88,.p. 897.
Authority. vote of 167 •'for" to 8 "against" at the election held April 3
by a vote of 109 "for" to 39 "against" at the election held
Interest semi-annual. D. Barker is Mayor.
May 1. Maturity one bond yearly for twenty years.
Humble School District (P. 0. Humble), Harris County,
Florence, So. Caro.-Bonds Voted.-The propositions to Texas.-Bonds Voted.-By a vote of 39 "for" to 2 "against"
-extenwater-main
and
sewerage
$15,000
issue the $65,000
proposition to issue $10,000 school-building bonds was
sion bonds mentioned in V. 88, p. 1018, carried by a vote of a
at an election recently held in this district.
authorized
6.
held
May
199 to 42 at the election
High School District, Imperial County, Cal.Imperial
Voted.
-Bonds
Ore.
County,
Washington
Forest Grove,
Reports state that a proposition to issue $70,000 gravity- 'Bond Sale.-On May 14 N. W. Halsey & Co. of San Francisco




1332

THE CHRONICLE

were awarded the $50,000 6% school bonds described in V.
88, p. 1152, at 111.15 and accrued interest. A list of the
bidders follows:
N. W. Halsey & Co., San Fr_$55,575 State of California
$55,210
J. H. Adams & Co., Los Ang_ 55,550 First Nat. Bank, Cleveland
51,327
Barron. & Co., Los Angeles__ 55,410 Chas. H. Coffin, Chicago_ __ _ 51,251
W.R.Staats & Co. Los Ang. 55,255
Maturity on April 12 as follows: $2,000 in 1916, $4,000 yearly from 1917
to 1927 inclusive and $2,000 In each of the years 1928 and 1929.

Itasca, Hill County, Tex.-Bonds Voted.-The election
held May 15 resulted in a vote of 150 to 76 on the $35,000
school-building and equipment bonds mentioned in V. 88,
p. 1153.
Jackson County (P.0. Independence), Mo.-Bond Sale.The $250,000 4% 5-20-year (optional) coupon hospital bonds
bids for which were rejected on March 31 (V. 88, p. 959)
were awarded on May 15 to the Fidelity Trust Co. of Kansas
City, Mo., at 100.25. Purchaser to furnish blank bonds.
A bid of $250,125 and blank bonds was also received from
the Commerce Trust Co. of Kansas City, Mo. The bonds
are dated June 1 1909.
Jefferson County (P. 0. Beaumont), Tex.-Bond Sale.Local papers state that this county recently awarded an
issue of $202,000 4% 10-40-year (optional) refunding
bonds to the Joe C. Thompson Bond Co. of Dallas at par
and accrued interest.
Jesup, Wayne County, Ga.-Bond Election.-A proposition to issue $20,000 5% water bonds, due Nov. 11939, will
be submitted to a vote of the people on May 29.
Kansas.-Bonds Purchased by State School Fund Commission during April.-During April the State School Fund
Commission purchased the following bonds, aggregating
$124,265 08 at par.
They are subject to call at any interest-paying period.
Banner Township, Rush County-$14,000

[VoL.

Offers were also received from the Toledo Savings Bank Co. of Toledo
and the First National Bank of Chicago. Denomination $500. Date
April 1 1909. Interest semi-annual.

Lincoln County Road District No. 1 (P. 0. Chandler),
Okla.-Bonds Voted.-The voters of this district recently
authorized the issuance of $100,000 highway bonds.
Madison, Lake County, So. Dak.-Bond Sales.-On May
14 the $16,000 15-20-year (optional) coupon electric-lightimprovement bonds described in V. 88, p. 1211, were
awarded to the Union Investment Co. of Minneapolis at
101.312 for 4s--a basis of about 4.38% to the optional
date and about 4.401% to full maturity. A list of the bidders
follows:
Union Investment Co.,
U. M. Stoddard & Co.,
a$16,210 00
Minneapolis
Minneapolis
0316,448 00
Trowbridge & Myer Co.,
Coffin & Crawford, Chic_ 616,360 00
al6,206 50 S. A. Kean, Chicago_ __ _ 616,352 00
Chicago
Security Tr. Co., St. Paul al6,200 00 Thos. J. Bolger Co., Chic. 616,325 00
Harris Trust & Savings
First Nat. Bank, Cleve.._ b16,270 00
al6,044 00 John Nuveen & Co. Chic c16 051 00
Bank Chicago
aFor4s. b For 5s. c For 5;is.

An issue of $24,000 refunding water-works bonds was also
bought by the Union Investment Co. of Minneapolis for
$24,310-the price thus being 101.291.
Manchester, Mass.-Temporary Loan.-This .place has
awarded a temporary loan of $40,000 to Loring, Tolman &
Tupper at 3.05% discount.
Marion, Marion County, Ohio.-Bid Rejected-Bond Oilering.-The only proposal received on May 13 for the $3,000
4% coupon street-improvement bonds described in V. 88,
p. 1154, was one below par, submitted by Barto, Scott &
Co. of Columbus. This offer was rejected. The bonds are
now being offered at private sale.
Marks, Quitman County, Miss.-Bond Sale.-It is stated
that $6,500 school-building bonds were recently disposed of
to a local investor.
Mayfield, Graves County, Ky.-Bids.-In addition to the
successful bid of $77,450 (103.266) submitted by McCoy &
Co. of Chicago for the $75,000 5% school bonds offered on
May 10 (V. 88, p. 1270), proposals were also received from
the following: Harris Trust & Savings Bank, Chicag'o;
Weil, Roth & Co. and the Provident Savings Bank & Trust
Co. both of Cincinnati, Evansville Security Co., Evansville,
and Mr. Richardson of Mayfield.
Medina, Ohio.-Bond Sale.-The Penfield Avenue Savings
Bank of Lorain purchased on May 5 an issue of $3,500 5%
2-8-year (serial) bonds at 104.405-a basis of about 4.019%.
A list of the proposals received follows:

4;i% refunding bonds, dated
March 25 1909 and maturing July 1 1920.
Bonner Springs-315,976 57 (2 issues) 6% sewer bonds, dated April 1 1909
and maturing part yearly on April 1 from 1910 to 1919 inclusive.
Burlington-$12,000 5% refunding warrant bonds, dated Jan.
1 1909 and
maturing Jan. 1 1919.
Columbus-$1,500 6% improvement bonds, dated March 15 1909 and
maturing part yearly on March 15 from 1910 to 1912 inclusive.
Edwards County School District No. 1-$18,000 5% building bonds, dated
Jan. 21 1909 and maturing part yearly on July 1 from 1915 to 1923
inclusive.
Independence-$9,998 51 5% improvement bonds, dated Feb. 1 1909 and
maturing part yearly on Feb. 1. from 1910 to 1919 InclusiVe.
Kingman Board of Education-$6,000 5% refunding warrant bonds, dated
April 1 1909 and maturing April 1 1929.
Meade County School District No. 2-$3,000 5% refunding bonds, dated
Jan. 1 1909 and maturing part yearly on July 1 from 1913 to 1918 inclusive.
Norton-318,000 4 Bi% water bonds, dated April 1 1909 and maturing
April 1 1929.
Norton County School District No. 22-$4,000 5% building bonds, dated Penfield Ave. Savings Bank,
April 1 1909 and maturing part yearly on July 1 from 1910 to 1917
$3,654 21
Lorain
Inclusive.
New First Nat. Bk., Colum. 3,651 00
Pittsburgh-$16,990 (3 issues) 6% improvement bonds, dated April 1 1909 P.
Himelspaugh, Mallet
W.
and maturing part yearly on April 1 from 1910 to 1919 inclusive.
3,651 00
Creek
Sharon Springs-$1,000 5% railroad-aid bonds, maturing Jan. 11929.
Hayden, Miller & Co., Clev. 3,644 00
Sheridan County School District No. 31-3800 6% building bonds, dated Citizens'
Bk.,Wooster 3,637 20
Nat.
April 26 1909 and maturing part yearly on Jan. 1 from 1910 to 1912
Denomination $500. Date March
Inclusive.

W. R. Todd 63 Co., Cinc_ _ _$3,625 00
Otis & Hough, Cleveland__ 3,623 00
First Nat. Bank, Cleveland 3,621 00
Seasongood & Mayer, Chic_ 3,610 60
Well, Roth & Co., eine__ _ _ 3,605 00
J. F. Gechler, Brunswick__ 3,601 00
15 1909.

Interest semi-annual.

Midland School District(P.0. Midland), Midland County,
Mich.-Bond Sale.-On May 13 the Bumpus-Stevens Co. of
Detroit bought $38,000 43
l33 -year (average) rebuilding
bonds for $38,006 50-the price thus being 100.017. Denomination $500. Interest Jan. 1 and July 1.
$350,000 for the Twelfth Street traffic way, $75,000 for river front im
provements, $750,000 for park improvements, $25,000 to purchase
Miles City School District No. 1 (P. 0. Miles City), Ouster
the
Chace School, $75,000 for the House of Correction, $150,000 for six new fire
County, Mont.-Bond Ofiering.-Further details are at hand
stations, $125,000 to improve the market square, $50,000 for the street
repair plant. $1,500,000 to improve the water works, $200,000 for an In- relative to the offering on June 1 of the $30,000 coupon schoolcinerating plant, $25,000 for a tuberculosis hospital, $250,000 for the
mention of which was made in V. 88, p. 1155.
Third Regiment Armory, $75,000 for Battery B Armory, 3300.000 for gen- house bonds
Proposals for these bonds will be received until 2 p. m. on
eral sewer purposes and $175,000 for an art museum.
Kasson, Dodge County, Minn.-Bond Sale.-The $6,000 that day at the office of J. B. Collins, Clerk of Board of
6% 5-10-year (serial) village-hall-building bonds offered on School Trustees.
Authority, vote of 69 "for" to 2 "against" at an election held April 3.
March 30 (V. 88, p. 701) were awarded to F. E. Magraw of Denomination
$1,000. Date Sept. 1 1909. Interest (rate not to exceed
St. Paul. Date .April 1 1909. Interest annually at the 5%) semi-annual. Maturity $10,000 on Sept. 1 In each of the years 1919,
1924 and 1929. Certified check or cash deposit for 5% of bid is required.
Second National Bank of St. Paul.
Milwaukee, Wis.-Bond Sale.-Reports state that on
King County School District No. 33, Wash.-Bond Sale.May 20 the $375,000 4% 1-20-year (serial) coupon streetOn May 12 the State of Washington purchased the $1800 improvement
bonds described in V. 88, p. 1270, were sold
2-10-year (optional) coupon funding school bonds described
to R. L. Day & Co. of Boston at 101.089-a basis of about
in V. 88, p. 1153, at par for 5s.
3.873%.
Laurinburg School District (P. 0. Laurinburg), Scotland
Mitchell, Davison County, So. Dak.-Bond Sale.-The
County, No. Caro.-Bond Sale.-Woodin, McNear & Moore
-year (optional) sewer-construction bonds,
of Chicago have been awarded the $30,000 5% school bonds $50,000 10-20
in V. 88, p.1212, were sold on May 17 to the
offered on May 18 and described in V. 88, p. 1270,for $30,925 describedTrust
Co. of Mitchell at par
and accrued interest-the price thus being 103.083. Fol- MitchellPurchasers to furnish blank and accrued interest for
43's.
bonds.
lowing are the bids received:
received
from the following: Chas. H.
Bids were also
Kansas City, Mo.-Bond Election.-According to local
papers, an election will be held July 13 to vote on propositions to issue bonds amounting to $4,125,000. These bonds,
if voted, will be issued for the following purposes:

Woodin, MeNear & Moore,
$30,925
Chicago
Robinson-HumphreyCo.,Ati. 30,915
A. J. Hood & Co., Detroit_ _ _ 30,630
30,330
McCoy & Co., Chicago

C. H. Coffin, Chicago
$30,311
John Nuveen & Co., Chicago.. 30,302
First Nat. Bank, Cleveland.. _ 30,178
Otis & Hough, Cleveland_
30,143

Lehigh School District (P. 0. Lehigh), Coal County,
Okla.-Bond Sale.-On May 15 the $18,000 5M%1 20-year
coupon school bonds, a description of which was given in
V. 88, p. 1270, were awarded .to John Nuveen & Co. of
Chicago at 103.333. The following proposals were received:
John Nuveen 63 Co., Chicago_$18,600
C. E. Denison & Co., Clev_ _ _ 18,571
McCoy & Co., Chicago
18,555
Coffin & Crawford, Chicago
18,555
.

J. P. O'Brien & Co., Boston_$18,360
First Nat. Bk., Tupelo
18,270
Thos. J. Bolger Co., Chic__ _1 18,225
City Loan & T.Co., Gainsvi
Farson, Son & Co., Chicago__ 18,183

The bonds are dated June 1 1909.
Lenox Township (P. 0. Jefferson), Ashtabula County,
Ohio.-Bond Sale.-This township on May 1 sold $8,000
43-% 2-17-year (serial) school-building bonds to the First
National Bank of Jefferson at 103.637-a basis of about
4.036%. Bids were received from the following:

Coffin, S. A. Kean,
Cutter, Waller 63 May; McCoy & Co.; Thos. J. Bolger Co.; John Nuveen
& Co. and the First Trust & Savings Bank, all of Chicago; Kane & Co.,
the Union Investment Co. and tho Minnesota Loan & Trust Co., all of
Minneapolis; C. B. Denison & Co. of Cleveland and R. M. Dott of Sioux
City.

Monroe Township School District (P. 0. Pittsburgh),
Miami County, Ohio.-Bond Sale.-On May 13 an issue of
$2,433 96 5% school bonds was awarded to the Farmers'
National Bank of Greenville for $2,512 57, the price thus
being 103.229. Date June 11909.
Ala.-Bond Sale.-It is reported that the
Montgomery,o
$12
paving bonds offered on May 17 and described in
V. 88, p. 1212, were awarded on that day to Lawrence H.
Parkhurst of Boston at 102.71 for 5s. Maturity ten years,
subject to call at any interest period.
Mt. Vernon, N. Y.-Bond Sale.-On May 18 Adams & Co.
of New York City were awarded the $110,000 4% seweragedisposal-works bonds described in V. 88, p. 1212, at 101.466
and accrued interest. A list of the bidders follows:

Adams & Co
$111,611N. W. Harris & Co
First Nat. Bank, Jefferson $8,291 0010tis & Hough, Cleveland_ _38,205 00 Kou
Bros
110,583
W N Coler & Co
ntz
e
First Nat. Bank, Cleveland 8,255 00 H. J. Webb, Orwell (for a
:24
4 r55
Iy
l
yea
0111
The above bidders are all of New York City. Maturity 320,00$
First Nat. Bank, Columbus 8,241 60
$500 bond)
526 00 on May 1 from 1950 to 1054 inclusive and $10,000 on May 1 1955.




MAY 22 1909.1

THE CHRONICLE

Mt. Pleasant, Westmoreland County, Pa.-Bond Sale.J. S. & W.S. Kuhn Inc., of Pittsburgh, have purchased the
$22,000 street-paving and $5,000 refunding street-opening
4% 10-30-year (optional) coupon bonds offered on -May 3
and described in V. 88, p. 1155.
Muncie School City (P. 0. Muncie), Delaware County,
Ind.-Bond Offering.-Proposals will be received until 3p. m.
May 27 by the Trustees, T. F. Rose, President, and H. C.
Haymond, Treasurer, for $35,000 4% bonds.
Denomination $1,000. Date June 1 1909. Interest semi-annual. Maturity ten years, subject to call after six years. Bid to be made on a blank
form furnished by the trustees. Bonds will be delivered on June 1 1909

Nashwauk,Itasca County, Minn.-Bond Sale.-The Commercial Investment Co. of Duluth was the successful bidder
on May 10 for the $25,000 1-20-year (serial) bonds described
in V. 88, p. 1155. The price paid was par for 6s.
New Britain, Hartford County, Conn.-Bond Offering.Proposals will be received until 12 m. May 24 by F. S.
Chamberlain, City Treasurer, for the following 4% coupon
bonds:
$215,000 municipal-building bonds. Date July 1 1908. Maturity July 1 '48.
153,000 school bonds. Date Feb. 1 1909. Maturity lob. 1 1939.
Denomination $1,000. Interest semi-annually at the New Britain
National Bank in New Britain. Bonds will be ready for delivery on June 1
1909. The genuineness of these bonds will be certified to by the City Trust
Co. of Boston and their legality approved by Storey, Thorndyke, Palmer
& Thayer of Boston, a copy of whose opinion will be delivered to the purchaser. Bonds will be ready for delivery June 1 1909. Accrued interest
to be added to successful bid.

1333

Parnassus, Westmoreland County, Pa.-Bond Sale.-On
May 4 the Washington Investment Co. of Pittsburgh purchased the $20,000 4.40% coupon improvement bonds
described in V. 88, p. 1156, at 100.425. Maturity $5,000 on
April 1 in each of the years 1919, 1924, 1929 and 1934.
Perinton 'Union Free School District No. 9, N. Y.-Bond
Offering.-Proposals will be received until 8 p. m. May 31
by Chas. W. Butler, Clerk of Board of Education (P. 0.
Fairport), for $6,000 school-building bonds.
Denomination $600. Date June 1 1909. Interest rate to be named in
bid. Maturity $600 yearly on Dec. 1 from 1910 to 1919 inclusive.

Petersburg, Va.-Bonds Authorized.-This city, it is
stated, has authorized the issuance of $80,000 4% 40-year
bonds for school purposes.
Philadelphia, Pa.-Loan Authorized.-An ordinance has
been passed providing for the issuance of $5,739,700 30-year
coupon or registered certificates at not exceeding 4% interest.
The certificates will be issued for the following purposes:
$100,000 for grading streets; *100,000 for re-surfacing macadamized
roads; $725,000 for the extensions, improvement and filtration of the water
supply at Queen Lane; $250,000 for branch sewers; $700,000 for the highpressure fire system in the mill district; $275,000 for the completion of City
Hall. including improvement of police and fire-alarm system; $275,000
for sites, buildings and equipment for police and fire stations; $40,000 for
the improvement of small parks; $84.700 for improvements of a permanent
character required by the Department of Public Health and Charities.
$102,500 for improvements in Fairmount and Hunting parks; $1,000,000
for the Parkway; $100,000 for children's playgrounds; $400,000 for the improvement of the Delaware and Schuylkill river-fronts and channels;
$1,500,000 to restore to the general fund moneys paid out on mandamuses
for permanent improvements; $10,000 to extend the river wall; $2,500 to
improve Peter's Island; $25,000 to dredge the Schuylkill River and $50,000
for the improvement of Hunting Park. Denominations $100 and its multiples. Certificates are free from all taxes. Interest Jan. 1 and July 1 at
the fiscal agency of Philadelphia.

New Brookland School District No. 29 (P. 0. New Brookland), Lexington County, So. Caro.-Bond Offering.-Proposals will be received until 12 m. May 31 by P. I. Sox,
Clerk of Board of School Trustees for the $10,000 4%
Piqua, Miami County, Ohio.-Bond Sale.-On May 17 the
coupon 20-year school-building bonds voted at the election
$65,000 4% 20-year coupon refunding bonds described in
held (V. 88, p. 1156) April 18.
V. 88, p. 1271, were awarded to the Western-German Bank
Denorhination $1,000. .Date July 1 1909. Interest semi-annually at
Columbia. Certified check for 1% of bid, payable to the Clerk of the Board of Cincinnati at 102.41.
of School Trustees, is required. The district has no debt at present. AsPittsburgh, Pa.-Bond Sale.-The following 4% coupon
sessed valuation for 1909, $275,000.
North Carolina (State of).-Bond Offering.-Additional (with privilege of registration) bonds, proposals for which
were asked until May 14, were awarded to H. F. Bachman
details are at hand relative to the offering of the $500,000 & Co. of Philadelphia and the Equitable Trust Co. of New
4% coupon asylum and State institution bonds described in York City at 103.016-a basis of about 3.742%, $350,000
V. 88, p. 1212. Proposals for these bonds will be received (not $300,000 as at first reported) for water extensions in
until 12 m. June 17 by B. R. Lacy, State Treasurer, in the South Side District; $300,000 for water extensions in the
East End -District and $60,000 for preparatory work in the
Raleigh.
erection of a bridge. The following proposals were received:
Denomination $500 and $1,000. Date July 1 1909. Interest semiannually at the National Park Bank in New York City. Maturity July 1
1949. Bonds are exempt from all taxation. Certified check for 2% of
bid is required.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Northampton, Northampton County, Pa.-Bond Sale.The $20,000 4% coupon street-improvement bonds described
in V. 88, p. 1271, were disposed of on May 17 for $20,252 59
-the price thus being 101.262.• Maturity $5,000 on June 1
in each of the years 1914, 1919, 1924 and 1929.
Norwood, Hamilton County, Ohio.-Bond Offering.-Proposals will be received until 12 m. May 29 by L. H. Gebhart
for $6,000 4% 25-year street-improvement bonds.
Denomination $100. Date, day of sale. Interest semi-annual. Certified check for 5% of the bonds, payable to the city Treasurer, is required.

Oakland, Garrett County, Md.-Bond Sale.-On May 18
the $45,000 5% 2-46-year (serial) water-works and sewerage
bonds described in V. 88, p. 1156, were sold to the Second
National Bank of Cumberland at 106.001-a basis of about
4.5864%. Bids were also received from Hambleton & Co.
and Townsend, [Scott & Son, both of Baltimore, the First
National Bank of Cleveland,and the First National Bank
and the Garrett National Bank, both of Oakland.
Oklahoma City, Okla.-Bond Sale.-An issue of $885,000
5% 25-year public-utility bonds was sold on April 18 to
McCoy & Co. of Chicago at 102-a basis of about 4.861%.
Denomination $1,000. Date June 1 1909. Interest semiannual.
Oneida County (P. 0. Utica), N. Y.-Bond Offering.Proposals will be received until 12 m. May 26 by James T.
Somers, County Treasurer, for $150,000 4% registered
funding bonds.
Authority Chapter 220 Laws of 1909., Date May 11909. Interest semiannually at the County Treasurer's office in New York exchange. Maturity
$1,500 yearly on May 1 from 1911 to 1920 inclusive. Bonds are exempt
from taxation. Certified check for 1% of bonds bid for, payable to the
County Treasurer, is required. These bonds will be certified to as to their
genuineness by the Columbia Trust Co. of New York City and their legality
approved by Delafield & Longfellow of New York City. Purchaser to pay
accrued interest.

Painesville, Lake County, Ohio.-Bond Offering.-Proposals will be received until 12 m. May 26 by Frank E. Link,
City Auditor, for $9,000 4% coupon electric-light-works
improvement bonds.
Authority Sections 2835, 2836 and 2837, Revised Statutes. Denomination $500. Date April 1 1909. Interest semi-annually in Painesville.
Maturity $1,500 each six months from April 1 1924 to Oct. 1 1926 inclusive.
Bonds are exempt from taxation. Bids to be made on blank forms furnished by the City Audtor and accompanied by a certified check for 5%
of bonds bid for, payable to Frank Blackmore, City Treasurer. Purchaser
to pay accrued interest.

Parkersburg, Wood County, W. Va.-Bond Offering.Proposals will be received until 3 p. m. June 1 by the Commissioners, H. Moss Jr., S. D. Camden, Win. M. Hall and
B.S. Pope,for the $270,000 4% 20-year coupon water-workssystem-construction bonds(V.88, p. 1156) voted on April 22.
The vote was 2,111 to 234, a three-fifths majority being
required.
Denominations $100, $500 and $1,000. Date June 1 1909. Interest
annually at the City Treasurer's office. Bonds are exemot from municipal
taxation




J. I. Buchanan & Co
H. F. Bachman &Co.,Phila_l
Equitable Trust Co., N. Y__ J103.016 Wm. Salomon & Co., New101.585
York
101.298
J.S.&W.S.Kuhn ,Ine.,Pittsb _ 102.53
LawrenceBarnum&Co.,Phila.102.377 R. L. Day & Co., New York _101.192
Second Nat. Bank, Pittsb__ _101.60 ,
Denominations: coupon bonds $1,000 and $100; registered bonds to suit
purchaser. Date Jan. 1 1909. Interest semi-annually at the office of the
Pittsburgh Trust Co. in Pittsburgh. Maturity one-thirtieth or as nearly
so as possible yearly on Jan. 1 from 1910 to 1939 inclusive. Bonds are free
from State tax.

Plain City School District (P. 0. Plain City), Madison
County, Ohio.-Bond Sale.-An issue of $5,500 43/9% 15-25year (serial) school bonds was disposed of on May 17. Barto,
Scott & Co. of Columbus were the successful bidders, paying
106.30. This is on a basis of about 3.943%. Denomination
$500. Date June 1 1909. Interest semi-annual.
Plainview, Hale County, Tex.-Bonds Registered.-On
March 15 $12,000 5% 15-40-year (optional) sewer bonds
were registered by the State Comptroller.
Plainville Special School District No. 7 (P. 0. Station M,
Cincinnati), Hamilton County, Ohio.-Bond Offering.-Proposals will be received until 12 m. May 24 by the Board of
Education, A. C. Youmans, Clerk, for $12,000 4% bonds
for building and furnishing a new sehool.
Authority Sections 3991 and 3992 Revised Statutes and election held
Interest
April 15 1909. Denomination $1,000. Dated July 1 190
semi-annually at the Flith-tiiird National Bank in Cincinnati. Maturity
$6.000 on July 1 in eac:1 of thc years 1919 and 1929. Certified eLeck for
$500, payable to the Clerk cf the B .ard f Educati,m, is required. Purchaser to furnish and print bonds.

Pleasanton School District (P. 0. Pleasanton), Alameda
County, Cal.-Bond Election.-It is reported that a $20,000
school building bond election will be held May 24.
Plymouth, Mass.-Bond Sale.-Blake Bros. & Co. of
Boston have been awarded an issue of $53,000 33/970 bonds
at 100.41.
Pomona,Cal.-Bond Offering.-Further details are at hand
relative to the offering on June 7 of the following 43/2% coupon bonds mentioned in V. 88, p. 1157. Proposals for these
bonds are asked for until 3 p. m. that day by T. R. Trotter,
City Clerk.
$30,000 city-hall bonds. Denomination $750. Maturity $750 yearly on
July 1 from 1910 to 1940 inclusive.
23,000 city-hall-site bonds. Denomination $575. Maturity $575 yearly
on July 1 from 1910 to 1949 inehnAve.
Date July 1 1903. Interest semi-annual. Certified check for 10% of
amount of bonds bid for, payable to the City- Clerk, is required. Purchaser
to pay accrued interest.

Portland, Me.-Offering of City's Holdings of Portland &
Ogdensburg Railway Co. Stock.-Proposals will be received
until 11 a. m. May 24 by Samuel S. Gilbert, City Treasurer,
for the 22,061 1-10 shares (par value $2,206,110) of%the
Portland & Ogdensburg Railway Co.stock owned by the city.
This stock was offered on May 10 but no bids were received
on that day. V. 88, p. 1271. As previously reported,
it was thought that the reason why no bids were submitted
was because of the fact that the committee asking for bids
was not authorized to sell the stock, but was to report toithe
city government. On May 14 an order was passed whereby
the Committee on Finance is now authorized to sell the stock.
Pottsboro Independent School District (P. 0. Pottsboro),
Grayson County, Tex.-Bond Election.-An election has

1334

THE CHRONICLE

been called for June 12 to vote on the issuance of $6,000
building bonds.
Providence, R. I.-Description of Bonds.-We are advised
that the $300,000 33/2% gold school bonds awarded on May 1
to the Sinking Fund Trustees at par (V. 88, p. 1213) are in
denominations of $10,000, $5,000 and $1,000. Date May 1
1909. Interest semi-annual. Maturity May 11939.
Quincy, Gadsden County,Fla.-Bond Offering,-Proposals
will be received until 6 p. m. June 15 by H. A. Love, Mayor,
for the following 5% gold coupon bonds:
$36,000 for constructing and maintaining a system of water-works; $9,000
for electric lights, $25,000 for sewerage and $10,000 for erecting a school
building. Authority Chapter 5844, Laws of Florida. Denomination $500.
Date July 1 1909. Interest semi-annually in Quincy. Maturity forty
years. Certified check for 5% of bonds bid for, made payable to the Mayor,
Is required. Bonded debt at present $24,000. Floating debt $3,200.
Assessed valuation $735,100. Real value (estimated) $2,500,000.

[VOL.

as to whether the city shall issue bonds in the amount of
$138,000 for the purchase of the local water plant.
Salem Township School District (P. 0. Richmond), Jefferson County, Ohio.-Bond Sale.-This district on May 1
awarded the $3,000 43.-% 1-5-year (serial) coupon schoolbuilding bonds described in V. 88, p. 1157, to W.H. Poole
of Brilliant at 101.566 and accrued interest-a basis of about
3.941%. Following are the bids:
W. H. Poole, Brilliant__ 43,047 00 New First National Bank,
Nat. Exch. Bk., Steubenv_ 3,021 00
Columbus
$3,009 55
Hayden, Miller & Co., Cloy. 3,017 50 Otis & Hough, Cleveland_ _ 3,008 00
First Nat. Bank, Cleveland 3,014 00 Seasongood & Mayer, Cinc_ 3.004 50

Salina, Sevier County, Utah.-Bond Sale.-On April 17
the State Board of Land Commissioners purchased $8,800 6%
20-year water bonds for $9,975 52-the price thus being
113.357-a basis of about 4.941%. Denomination $1,100.
Date Feb. 1 1909. Interest semi-annual.
Saline County (P. 0. Marshall), Mo.-Bond Offering.-L.
Proposals will be received until 10 a. m.• July 6 by John
Blain, County Treasurer, for $35,000 434% coupon poorhouse bonds.

Quincy, Mass.-Bond Sale.-Reports state that the $30,000 332% coupon sewer bonds offered on May 14 and described in V. 88, p. 1271, were awarded to A. B. Leach &
Co. of New York at 102.039.
Railway, Union County, N. J.-Bond Sale.-According to
Denomination $500. Date July 1 1909. Interest semi-annually in
reports, the State of New Jersey has agreed to purchase at Marshall.
Maturity $7,000, payable each year. Bonded debt, this issue.
par for 45 $75,000 50-year school bonds.
Assessed valuation. $15,000,000.
Redwood County (P. 0. Redwood Falls), Minn:-Bond
San Angelo,Tom Green County,Texas.-Bond Offering.Sale.-On May 17 the $70,000 5-9-year (serial) ditch bonds Proposals will be received until 4 p. m. June 5 for the
described in V. 88, p. 1271, were awarded to the Thos. J. $32,000 5% school-building bonds mentioned in V. 88, p.
Bolger Co. of Chicago for $70,355 (100.506) and accrued int- 325.
Authority, vote of 321 "for" to 53 "against" at an election held March 23
erest for 43's.
Denomination $1,000. Date June 1 1909. Interest Feb. 1 and Aug. 1
Rensselaer County (P. 0. Troy), N. Y.--Bond Sale.-On at the Seaboard National Bank in New York City or the First National
Bank in Chicago. Maturity June 11949, subject to call after June 11929,
May 20 It. E. Moore purchased the $30,000 4% 1-15-year Certified
check for $500 is required. Official circular states that there is
(serial) registered hospital bonds described in V. 88, p. 1213, no controversy or litigation pending or threatened affecting the corporate
or boundaries of municipality, title of its present officials or the
at 101.50 and accrued interest-a basis of about 3.782%. existence
validity of these bonds; also that there never has been any default in the
The following proposals were received:
payment of obligations.
$30,450 0011ountze Bros., New York.$30,054 00
R. E. Moore
San Diego, Cal.-No Bond Election.-We are informed
30,123 001W. N. Color & Co., N. Y__ 30,011 11
Estabrook do Co.. N. Y
that the reports stating a $16,000 bond election would be
Reno, Nev.-Bond Sale.-Of an issue of $35,000 6% gold held May 11 are erroneous.
coupon street and sewer-improvement bonds, $30,000 have
Sandusky, Sanilac County, Mich.-Bonds Defeated.been sold to the City Street Improvement Co. of San Francisco and $5,000 have been sold to the Reno Construction The electors of this city on April 5 defeated the issuance of
Co. or Reno. These bonds were sold on Oct. 26 1908 to $9,000 sewer bonds by a vote of 112 "for" to 116 "against."
Sandusky, Ohio.-Bond Offering.-Proposals will be reN. W. Harris & Co. of San Francisco (V. 87, p. 1257), but
ceived until 12 m. May 24 by Joseph Loth Jr., City Auditor,
were subsequently refused by them.
Ringgold, Montague County, Tex.-Bonds Voted.-Ae- for $10,000 Decatur Street, $6,000 Jackson Street and $6,000
cordin4 to reports, an issue of $12,000 school bonds was Adams Street 4% paving and improvement (city's portion)
bonds.
authorized at an election held on May 15.
Denomination $500. Date May 1 1909. Interest semi-annually at
Rockford School District No. 4 (P. 0. New Rockford), the City Treasurer's office. Maturity May 1 1916.
Bid to be made for
issue separately and to be accompanied by a certified check, drawn
Eddy County, No. Dak.-Bond Offering.-Proposals will be each
on a solvent bank of Sandusky, for $1,000.
received until June 1 by P. J. Braman, District Clerk, for
San Luis Valley Irrigation District, Colo.-Bond Offering.
$9,500 4% school bonds.
Denomination $500. Interest semi-annual. Maturity twenty years. -Proposals will be received until 10 a. in. June 5 by the
Certified check for $500 is required.
Board of Directors, D. Miles, Secretary (P. 0. Center), for
Rockwell City Independent School District (P. 0. Rock- $530,000 6% bonds. Date June 1 1909. Interest semiwell City), Calhoun County, Iowa.-Bond Sale.-On May 18 annual.
this district disposed of the $30,000 4%% 10-year school
Schenectady County (P. 0. Schenectady), N. Y.-Bond
bonds described in V. 88, p. 1213, to B. E. Stonebraker of Offering.-Proposals will be received until 10 a. in. June 10
Rockwell City at 102.416-a basis of about 4.202%. The by A. J. McMillan, County Treasurer, for $100,000 4%
following proposals were received:
coupon court-house and jail-construction bonds.
B.E.Stonebraker,Rockw.Cy_ $30,725
Amer. Tr. & Say. Bk., Chio_ 30,625
Wm. R. Compton Bond &
Mortgage Co., St. Louis__ 30,615
John H. Sonntag, Chicago_ _ 30,605
30,330
S. A. Kean, Chicago
Geo.R.Allison,RockwelICIty _ 30,320

First Nat. Bank, Cleveland_ _$30,319
Thos. J. Bolger Co., Chicago_ 30,313
Harris Trust do Say. Bk.,Chle. 30,171
Chas. H. Coffin, Chicago__ _ _ 30,151
McCoy & Co., Chicago
30,151
John Nuveen & Co., Chicago_ 30,051

Rockwood, Roane County, Tenn.-Bond Election.-An
election will be held May 15, it is reported, to allow the voters
to determine whether or not $28,000 bonds shall be issued
for additional school rooms and to improve certain streets.
Rocky River, Cuyahoga County, Ohio.-Bond Offering.Proposals will be received until 12 m. June 4 by R. W.
Bassett, Village Clerk, for $3,000 43/
9% coupon Wooster
Road improvement bonds.
Authority, Section 2835 of the Revised Statutes. Date May 1 1909.
Interest semi-annually at the Rocky River Savings Bank. Maturity, one
bond yearly on Oct. 1 from 1913 to 1918 inclusive. Certified check for
$200, payable to the Village Treasurer, is required. Purchaser to pay
accrued interest.

Rosemary School District (P. 0. Rosemary), Georgetown
County, So. Caro.-Bond Offering.-Proposals will be received until 12 m. June 10 by Board of Trustees for the
$5,000 6% coupon 12-20-year (optional) school-building
bonds mentioned in V. 88, p. 249.
Denomination $100. Date July 1 1909. Interest annually at Georgetown. Certified check for $150, payable to H. C. Tallevast, Chairman, is
requited. The district has no bonded debt at present.

Rossford Special School District (P. 0. Rossford), Wood
County, Ohio.-Bond Offering.-Proposals will be received
until 7:30 p. in. May 31 by the Board of Education, F. M.
Ballard, Clerk, for $6,000 5% bonds.
Authority Section 22b, Revised Statutes. Denomination $1,000. Interest semi-annual. Maturity $1,000 yearly beginning one year after date.

Rutherford, Bergen County, N. J.-Loan Authorized.-At
a meeting held May 20 the taxpayers authorized the borough
to borrow $10,000 for the improvement of the city hall.
St. Francis Levee District, Ark.-Bond Offering.-Proposals will be received until 2 p. m. June 17 by H. D. Tomlinson, Secretary Levee Board, Room 162, Randolph Building,
Memphis, Tenn., for $365,000 5% levee bonds.
Authority an Act of the General Assembly passed at the 1909 session.
Interest Jan. 1 and July 1. Certified check for 2
of bid, payable to
Eugene Williams, Treasurer Levee Board, is required.

Salem, Ohio.-Bond Election.-This city will offer the
voters an opportunity on May 29 to express their opinion




Authority Chapter 415, Laws of 1908. Denomination $1,000. Date
July 11909. Interest semi-annually at the Citizens' Trust Co. of Schenectady. Maturity $8,000 on July 1 in each of the years 1917 and 1925 and
$12,000 yearly on July 1 from 1918 to 1924 inclusive. Certified check on
a bank or trust company of this State for 2% of bonds bid for, payable to
the County Treasurer, Is required. Bonds will be ready for delivery July 1
1903 and will be certified to as to their genuineness by the Citizens Trust
Co. of Schenectady.

Seneca County (P. 0. Bloomville), Ohio.-Bond Sale.The Bloomville Exchange Bank has, according to reports,
been awarded an issue of $17,500 Bloom Township 43/%
road bonds for $17,941-the price thus being 102.52.
Shiro Independent School District No. 30 (P. 0. Shiro),
Grimes County, Tex.-Bonds Registered and Sold.-An issue
of $6,000 5% 15-30-year (optional) school-house bonds was
registered by the State Comptroller on May 5. The bonds
have been sold to the State Permanent School Fund at par
and accrued interest.
Sierra Madre, Los Angeles County, Cal.-Bond Sale.The $30,000 5% coupon gas-plant bonds offered on May 6
and described in the "Chronicle" of May 1 have, it is stated,
been awarded to C. S. Forney at par, subject to examination of legality.
Siler City, Chatham County, No. Car.-Bonds Voted.At an election held in this place on May 4 a proposition to
issue the school property-purchase bonds (V. 88, p. 784)
was favorably voted.
Skiatook, Tulsa County, Okla.-Bonds Voted.-An issue
of $4,000 bonds was authorized by a vote of 51 "for" to 41
"against" at an election held April 27.
South Pasadena School District (P. 0. South Pasadena),
Los Angeles County, Cal.-Bonds Voted.-This district on
May 14. according to reports, authorized the issuance of
$60,000 bonds by a vote of 175 to 43.
Sparta, White County, Tenn.-Bond Sale.-On March 30
the $15,000 5% 5-19-year (serial) coupon high-school bonds
described in V. 88, p. 1213, were awarded to John Nuveen
& Co. of Chicago at par.
Spooner, Minn.-Bonds Voted.-On May 10 this village
voted to issue the following bonds: $5,000 for a village hall,
$2,000 for fire apparatus, $10,000 for water-works and
$5,000 for paying off a debt. We are informed that the
bonds are to be sold to the State of Minnesota.

MAY 22 1909

THE CHRONICLE

Springfield School District (P. 0. Springfield), Greene
County, Mo.-Bonds Defeated.-The proposition to issue the
$125,000 building bonds presented to the electors at an election held on May 11 (V. 88, P. 1213) was, it is stated, defeated. Although the vote cast was 1,006 "for" to 935
"against," it lacked the necessary two-thirds majority which
is required in the issuance of bonds.
Springfield Township, Mahoning County, Ohio.-Bond
Offering.-Proposals will be received until 1 p. m. May 25
by L. W. Scholl, Township Clerk (P. 0. Petersburg), for
the following 5% bonds:
$5,000 maturing June 1 1914.
I $15.000 maturing June 1 1924.
20,000 maturing June 1 1929.
10,000 maturing June 1 1919.
Denomination $500. Date June 1 1909. Interest semi-annually at the
of
office of the Township Treasurer. Bids must be made for each block
bonds separately and be accompanied by a certified check on a national bank
for 2% of each block of bonds bid for, and made payable to E. C. Welsh,
Township Treasurer, P. 0. Middletown. Purchaser must be prepared to
take the bonds not later than June 1 1909. This town has no bonded debt.
Assessed valuation for 1908, $1,095,000.

1335

Turlock Irrigation District(P.0. Ceres), Cal.-Bond Offering.-Proposals will be received until 1 p. m. June 1 for
$100,000 5% canal-building bonds.
Denominations: 180 bonds of $500 each and 100 bonds of $100 each.
Date Aug. 31 1908. Interest Jan. 1 and July 1. Maturity part yearly,
beginning 21 years from date. W. S. Chase is Secretary of the district.

Utica, N. Y.-Bond Offering.-Proposals will be received
until 12 m. May 27 by Fred. G. Reusswig, City Comptroller,
for the following registered bonds:

$15,000 4% bonds for the equipment and furnishing of the Utica Free
Academy. Date April 1 1909. Interest semi-annual. Maturity $750 yearly from 1910 to 1929 inclusive.
10,000 4% engine-house No. 8 improvement bonds. Date April 1 1909.
Interest semi-annual. Maturity $500 yearly from 1910 to 1929
inclusive.
13,000 4% Barnes Ave. sewer-construction bonds. Date July 1 1909.
Interest semi-annual. Maturity $650 yearly from 1910 to 1929
inclusive.
50,000 4% parkway-construction bonds. Date July 1 1909. Interest
semi-annual. Maturity $2,500 yearly from 1910 to 1929 inclusive.
20,260 28 43-% paving bonds. Date Feb. 19 1909. Interest annual.
Maturity $3,376 72 in each of the years 1910 and 1911 and
$3,376 71 yearly from 1912 to 1915 inclusive.
The interest on the above bonds will be payable in New York exchange.
Bids to be made for each issue separately and to be accompanied by a certified check for 1% of bonds bid for, made payable to the City Treasurer.
The bonds will be certified to as to their genuineness by the Columbia
Trust Co. of New York City.

Stamford, Fairfield County, Conn.-Bond Sale.-On
May 18 the $225,000 4% 30-year new-town-hall bonds, dated
Dec. 1 1908 and described in V. 88, P. 1158, were awarded
to Perry, Coffin & Burr of Boston at 102.819 and accrued
Vermilion School District (P. 0. Vermilion), Ohio.--Bond
interest. A bid of 101.27 was also received from Kountze
Sale.-An issue of $7,000 4% bonds was sold on May 17 to
Bros. of New York City.
Stevens County (P. 0. Colville), Wash.-Bond Sale.- H. B. Kishman of Vermilion at 100.30 and accrued interest.
On May 14 the Trowbridge & Niver Co. of Chicago was The following proposals were received:
H. B. Kishman, Vermilion__ 47,0211Secur. S. B. & Tr. Co., Toledo.$7,000
awarded the $219,500 10-20-year (optional) coupon funding Otis
& Hough, Cleveland_ ___ 7,008 I Seasongood &'Mayer, Cin____ 7,000
bonds described in V. 88, p. 1083, at 102.039 and accrued
Township, Crawford County, Ohio.-Bond Sale.Vernon
bids:
the
are
interest for 4Ms. Following
Premiums. On May 18 the $17,000 4% road-improvement bonds dePremiums.I
a par scribed in V.88,P. 1272, were awarded, it is stated, to Ernest
Trowbridge &NiverCo.,Ch_a$4,477 00 I State of Washington
Farson, Son & Co.,1Chic_b$2,743 75 Kohler for 817,100-the price thus being 100.588. Maturity
Chas. H. Coffin, Chicago.. a1,501 00 Thos.
J. Bolger Co..5
E.H.Rollins&Sons,Chic___ a1,466 25
$500 each six months beginning Feb. 11927.
a For 4 ;is. b For 5s.
Vigo County (P. 0. Terre Haute), Ind.-Bond Sale.-On
21-32Syracuse, N. Y.-Bond Sale.-The $300,000 4%
May 15 the $20,000 434% 20-year bonds described in V. 88,
and
year (serial) registered water bonds, dated July 1 1908
p. 1214, for the erection of a momument, were awarded to
described 'in V. 88, p. 1272, were awarded on May 18 to the United States Trust Co. of Terre Haute at 111.05 and
accrued
W. N. Coler & Co. of New York City at 104.38 and
accrued interest-a basis of about 3.713%. The bids reinterest. Following are the bids:
ceived were as follows:
W. N. Coler & Co., N. Y_ ..$313,140 A. B. Leach & Co., N. Y__ 4308,331 U.S. Trust Co., Terre H..422,210 00 Harris Trust & Savings
Dudley S.. Harde, N. Y____ 309,930 Ferris & White, New York.. 306,669 J. F. Wild&Co.,Indianap_ 21,800 00
$21,362 00
Bank, Chicago
Wm.Salomon & Co., N. Y.. 306,274
R.L. Day do Co_ _1
Estabrook & Co_ jNew York 309,580 Parkinson & Burr, N. Y___ 305,877
Blodget, Merritt & Co., Bos. 309,261 Kountze Bros., New York_ _ 304,260

Miller, Adams&Co.,Ind__ 21,685 00 Seasongood & Mayer, Cin_ 21,118 00
21.111 50
Chas.C.Wedding&Co.,Ind. 21,512 00 Farson,Son & Co., N. Y

$20.000 33% sewer bonds due Dec. 1 1938 awarded to C. E. Denison &
Co. of Boston at 103.87.
10,000 4% school-house bonds due Dec. 1 1928 awarded to Estabrook &
Co. of Boston at 110.51.

Cit's Nat. Bk., Watertown_015,370 Am. Tr.&Sav.Bk., Chicago_c$15,000
b15,153 Union Inv. Co., Minneapolis c15,000
S. A. Kean, Chicago
Trowbridge&NiverCo.,Chic_a15,095 Thos. J. Bolger Co., Chic _ a15,000
15,000
E. H. Rollins & Sons, Chic __a15,047 McCoy & Co., Chicago
Minn. L'n & Tr.Co.,Minneap.c15,000
a And accrued interest. b Also furnish blank bonds. c Pay accrued
interest and furnish blank bonds.

Wake Forest, Wake County, N. C.-Bond Offering.Tallahatchie Drainage District (P. 0. Clarksdale), Coa2 p. m. May 24 for $12,000
homa County, Miss.-Bond Ofiering.-Proposals will be re- Proposals will be received until
Denomination $1,000. This town has
ceived until 2 p. m. May 29 by Oscar Carr, Secretary, for 5% 30-year bonds. Assessed
valuation, $360,000. Charles
no bonded debt.
$50,000 5% coupon sewer bonds.
E. Brewer is Town Secretary.
Authority Section 24, Chapter 147, Laws of 1908. Denomination $1,000.
Date July 1 1909. Interest semi-annually at the Bank of Commerce &
Watertown, Codington County, So. Dak.-Bond Sale.Trust Co. in Memphis or at the Treasurer's office. Maturity 1939. subject
National Bank of Watertown purto call after 1919. Bonds are exempt from taxation. Certified check for On May 14 the Citizens'
10% of bid, payable to H. W. Crenshaw, President, is required.
chased the $15,000 434% 1-20-year (serial) bonds described
Taunton, Mass.-Bond Sale.-Two issues of bonds aggre- in V. 88, p. 1215, at 102.466 and accrued interest-a basis
of about 4.208%. Following are the bids:
gating $30,000 were disposed of on May 14 as follows:

The following bids were received:
C. E. Denison & Co., Boston
Estabrook & Co., Boston
A. B. Leach & Co., Boston
Blake Bros. & Co. Boston
Boston
'
Crocker & Fisher,
Kountze Bros., New York
E. H. Rollins & Sons, Boston
B. M. Farnsworth & Co., Boston
R. L. Day & Co. Boston
' Co., Boston
American Banking
Co., Boston
Blodget, Merritt
Merrill, Oldham & Co., Boston
Parkinson & Burr, Boston
• For $30,000 bonds. b For $10,000 bonds.
The above bonds are in denominations of $1,000 and
1908. Interest semi-annual.

$20,000
bonds.
103.87
102.51
103.34
102.83
102.79
102.39
102.37
102.23
101.789
101.073

$10,000
bonds.
109.47
110.51
109.58
108.75
109.27
108.39
108.53
108.53
108.589
108.573
•104.56
•103.779
b108.555

are dated Dec. 1

Watertown Independent School District (P. 0. Watertown), Codington County, So. Dak.-Bond Sale.-On
May 14 the $30,000 refunding and the $10,000 high-schoolbuilding 43/2% 1-20-year (serial) bonds described in V. 88,
p. 1215, were disposed of. The $30,000 bonds were purchased by the Union Investment Co. of Minneapolis at
101.416-a basis of about 4.332%, while the $10,000 bonds
were awarded to the Citizens' National Bank of Watertown
at 102.01-a basis of about 4.262%. Following are the bids:
Union Investment Co. Minneapolis
Citizens' National Bank, Watertown
American Trust & Savings Bank, Chicago
S. A. Kean, Chicago
Woodin, McNear & Moore, Chicago
Trowbridge & /silver Co., Chicago
John Nuveen & Co., Chicago
Harris Trust & Savings Bank, Chicago
E. H. Rollins & Sons, Chicago
McCoy & Co., Chicago
Minnesota Loan & Trust Co.. Minneapolis
a Also pay accrued interest and furnish bonds.

$30,000 $10,000
bonds.
bonds.
030,425 010,200
a10,201
a30,320 al0.100
-040,640 00-a40,565 00
-_a40,415 60
-a40,306 00
-a40.240 00-a40,126 67
-40,037 50--40,000 00-

Teaneck Township School District, Bergen County, N. J.
-Bond Offering Postponed.-The offering of the $30,000 5%
1-30-year (serial) coupon school bonds described in V. 88,
p. 1272, which was to have taken place May 15, was postponed until 8 p. m. May 25.
Tomah, Monroe County, Wis.-Bond Sale.-The $20,580
5% coupon street-improvement bonds described in V. 88,
Waupaca, Waupaca County, Wis.-Bonds Defeated.-The
p. 1272, were purchased on May 15 by the Thos. J. Bolger Co.
5% 3-year sewer bonds (V.88, p. 900) were defeated
of Chicago at 107.774 and accrued interest. A list of the $10,000
by a vote of 241 "for" to 251 "against" at the election
bidders and the premiums offered by the same follows:
April 6.
45 held
1,177:J. Bolger Co., Chic__$1,600 00 N. W. Halsey & Co., Chic_ o$938
McCoy & Co., Chicago_ __ _ 1,594 95 Chas. H. Coffin, Chicago__ 571 00
Wealthwood, Aitkin County, Minn.-Bond Sale.-0n.
Co.,
569
&
Chic___
50
Son
&
Farson.
Sons,
Rollins
Chic_
00
•1,540
E. H.
1-13-year (serial) refunding bonds deHarris Trust & S. B., Chic.. 1,356 00 Cutter. Waller de May, Chic. 412 00 May 12 the $6,500
Trowbridge & Myer Co.,Ch. 1,351 00 A. B. Leach & Co., Chicago_ 313 00 scribed in V. 88, p. 1215, were bought by the Aitkin County
00
Co.,
&
Nuveen
Chicago_•276
C. E. Denison & Co., Cleve_ 1,250 00 John
par and accrued
105 00 State Bank of Wealthwood at par. Bids at
First Nat. Bank, Cleveland 1,009 00 S. A. Kean, Chicago
interest were also received from the Security Trust Co. of
'Also furnish blank bonds.
St. Paul and the Commercial Investment Co. of Duluth.
A bid of par less $200 discount was also received from the Security Trust
Weatherford School District (P. 0. Weatherford), Parker
Co. of St. Paul.
Torrington, Litchfield County, Conn.-Bond Sale.-Re- County, Tex.-Bonds Voted.-An election held recently
0
ports state that this borough on May 18 awarded the $150,000 resulted in favor of the proposition to issue $12,000 57
4% coupon bonds described in V. 88, p. 1214, to Whicher 15-40-year (optional) school-building bonds mentioned in
Young & Conant of Boston at 100.30. Maturity May 1 1929. V. 88, p. 705.
Wenatchee, Chelan County, Wash.-Bonds Voted.-On
Traer School District(P.0.Traer),Tama County,Iowa.Bonds Voted.-An election held May 10 resulted in favor of May 8 this city voted in favor of issuing street-improvement
the question of issuing the $30,000 10-20-year (optional) bonds. The vote polled was 271 to 33.
West Carthage (P. 0. Carthage), Jefferson County, N. Y.
school-building bonds mentioned in V. 88, p. 1158.
be
Truscott, Knox County, Tex.-Bond Election.-An issue -Bond Offering -According to reports, proposals will
of $6,500 school bonds will be voted upon in this place on received until 6 p. m. May 25 by Harold F. Porter,p.Clerk,
900)
for the $30,000 water-supply bonds voted (V. 88,
May 24.




1336

THE CHRONICLE

on March 16. Interest (rate not to exceed 4%) payable
semi-annually at any bank in Jefferson County. Denomination $1,000.
FtWesterly, Washington County, R. I.-Bonds to Be Offered
Shortly.-This town will be on the market in a short time
with $100,000 funding bonds.
liWest Reading, Berks County, Pa.-Bond Offering.-Proposals will be received until 6 p. m. May 27 by Chas. T.
Voelker, Chairman Finance Committee, for the $25,000 4%
coupon street-improvement bonds mentioned in V.88,p.1022.

[VOL.

Lxxxvm.

water bonds and $65,000 school and $65,000 public-building
1-20-year (serial) bonds. This was the only proposal received.

Canada,its Provinces and Municipalities.
Barrie, Ont.-Debentures Voted.-The election held May 17
(V. 88, p. 1274) resulted in favor of the proposition to issue
the $40,000 4% coupon debentures as a loan to the Weber
Gas Engine Co. Interest annually at the Bank of Toronto in
Barrie. Maturity part yearly for twenty years. We are
informed that the debentures will not be offered for sale for
possibly six months.
Berlin, Ont.-Debenture Sale.-The following 5% debentures voted on April 12 (V. 88, p. 1023) have been awarded
to the Ontario Securities Co. of Toronto:

Authority Act of the Assembly approved April 20 1874 and the
Acts amendatory and supplemental thereto. Denominations $100 and
$500. Interest, commencing from the date of delivery. May 1 and Nov. 1,
at the National Union Bank in Reading. Maturity on May 1 as follows:
$1,000 in each of the years 1914, 1917, 1920, 1922, 1924 and 1925; $1,000
yearly from 1927 to 1931 inclusive; $2,000 in each of the years 1932, 1934,
1936 and 1937; $1,000 in each of the years 1933, 1935 and 1938 and $3,000
in 1939. unpaid bonds being subject to call after May 1 1924. The State $40,000 for the installation of hydro-electric power.
tax will be paid by the Borough.
8,000 to improve and extend the gas mains.
Maturity part yearly for 30 years.
Wharton Independent School District (P.

0. Wharton),
Wharton County,Tex.-Bonds Voted.-This district recently
voted to issue $15,000 bonds for the improvement of the
present school building.
Winfield, Kan.-Bond Sale.-The $65,000 43% 10-30year water-works bonds voted on April 27 (V. 88, P. 1215)
were sold on May 17 to M. B. Light at "par and expense of
bonds." A bid at "par less expenses" was also received from
Jolin Nuveen dr Co. of Chicago. Denomination $1,000.
Date June 1 1909. Interest semi-annual.
Winters Joint Union High School District, Yolo and
Solano Counties, Cal.-Bond Sale.-San Francisco papers
state that the $30,000 5% 1-15-year (serial) gold coupon
high-school-building bonds sold on Aug. 3 1908 to E. H.
Rollins Sc Sons, but subsequently refused by them (V. 88,
p. 644), have been purchased by the State at par.
Worcester, Mass.-Temporary Loan.-On May 17 this
city borrowed $100,000 from Loring, Tolman Sr Tupper of
Boston at 2.79% discount. Maturity Oct. 15 1909.
Yonkers, N. Y.-Bond Sale.-On May 19 Kountze Bros.
of New York City purchased the following 4% registered
bonds, a description of which was given in V. 88, p. 1273,
at 100.17 and accrued interest: $50,000 1-40-year (serial)

NEW LOANS.

$ 1 75,000
Borough of Beihlehem,Pa.
WATER BONDS
Sealed proposals, indorsed "Bids for Bonds,'
will be received by the Finance Committee
of the Town Council of the Borough of Behtlehem,
Pa., until 7 o'clock p. m., TWENTY-EIGHTH
DAY OF MAY, 1909, for the purchase of the
one hundred and seventy-live thousand dollars
($175,000) of bonds of the Borough of Bethlehem.
Pa., known as "Bethlehem Borough Bonds
(Water Department)" of the following denominations: One hundred thousand dollars are to be in
bonds of one thousand dollars each,sixty thousand
dollars in the sum of five hundred dollars each
and fifteen thousand dollars in the sum of one
hundred dollars each, bearing interest at the
rate of four (4%) per cent per annum, payable
semi-annually at the office of the Borough
Treasurer on the first days of May and November
of each year, first semi-annual payment to be
made November 1, 1909, said bonds bearing
date May 1, 1909, and maturing in not less
than fifteen years, nor more than thirty years.
Said bonds are free of all State taxes. These
bonds are being issued for the purpose of erecting
a water plant for the said Borough. of Bethlehem
sufficient to supply pure water for the use of its
Inhabitants, as well as extinguishment of fire
and the protection of the property of the Borough
and its citizens, and other public purposes.
All bids must be accompanied by a certified
check, payable to the order of William J. Heller,
Chairman of the Finance Committee, in the sum
of two per cent of the amount of said bid, which
check will be applied on account of payment of
the purchase price of bid if accepted and contract
completed by the bidder. When bids are rejected
the check will be returned at once; if bids are
accepted and bidders fail to complete contract,
then the amounts of certified checks, being two
per cent of bid, are forfeited.
The Finance Committee reserves the right to
reject any and all bids.
WM. J. HELLER, Chairman,
H. J. MEYERS,
E. J. KRAUSE,
VICTOR V. MORE,
CHAS. H. NEISSER,
Finance Committee.
•

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




Bloomfield, Ont.-Debenture Sale.-On May 15 the $8,000
432% street-improvement debentures described in V. 88,
p. 1274, were bought by Frank Cahoon, M.D., of Bloomfield
at 102.35 and accrued interest. Bonds mature part yearly
for 20 years. The bids received were as follows:
Frank Cahoon, M. D., Bloomfa$8,188
Stiener, Dunlop & Co., Tor_ _ _a8,095
Geo. A. Samson & Co., Tor__ 8,008
Wm. C. Brent, Toronto
a7,847
W. A. MacKenzie&Co., Tor_ _a7,840
a And accrued Interest.

Ontario Secur. Co.. Toronto_a$7,827
Brit.-Am. Secur. Co., Torontoa7,650
R. C. Matthews do Co., Tor_ _ _a7,550
H. 0.'Hara do Co., Toronto_ _ _a7,255

Bowen School District, Sask.-Debenture Sale.-According
to reports, $1,000 53
/
i% 10-year debentures were recently
disposed of to G. A. Stimson & Co. of Toronto.
Bruce County, Ont.-Debenture Election.-This county
will vote on June 15 upon a proposition to issue $20,000
20-year bridge debentures.
Burlington, Ont.--Debenture Offering.-Proposals will be
received until 12 In. June 1 by 0. T. Springer, Clerk and
Treasurer, for $47,200 437
0 water-works debentures.
Maturity part yearly for thirty years.
Carman, Man.-Debenture Election.-An issue of $25,000
5% 30-year water-works debentures will be submitted to the
voters on May 21.

NEW LOANS,

NEW LOANS.

$17,000
BOROUGH OF BOGOTA, Town of West Seneca,Ere Co., N.Y.
$48,500

Bergen County, N. J.
SCHOOL BONDS
Sealed proposals will be received for the purchase of 49 school bonds of the School District
of the Borough of Bogota. County of Bergen,
and State of New Jersey, at the regular meeting
of the Board of Education of said Borough, to be
held at the School House on the evening of
JUNE 1st, 1009, at 8 o'clock. One bond to be
of the denomination of 500 and 48 bonds of the
denomination of $1,000 each. One bond of the
denomination of $500 to mature in 1923 and
3 bonds of the denomination of $1,000 each,
each year thereafter until all are paid. Interest
payable semi-annually at the rate of 4 ji per cent
per annum, as per the coupon attached thereto,
payable to bearer. Bonds and interest payable
at the Hackensack National Bank, Hackensack,
New Jersey.
Bids must be on the forms furnished by the
undersigned, and no bids will be considered for
less than the entire issue. A certified check for
2 per cent of the amount bid, payable to the
order of the Board of Education of the Borough
of Bogota, must accompany each bid. Address
bids to undersigned, and endorse on envelope
"Bids for School Bonds."
The bonds will be delivered to the purchaser
at the Hackensack National Bank, Hackensack,
New Jersey, July 1st, 1909.
The proceedings relative to the issue of the
above bonds have been approved by Hon.
Edmund Wilson, Attorney-General of the State
of New Jersey.
The right is reserved to reject any and all bids.
For blank forms of bids and other information,
address the undersigned.
CHARLES H. WESTERVELT,
Chairman Finance Committee
Board of Education, Bogota, N. J.

SEWER BONDS
Notice is hereby given that sealed proposals
will be received by Edward H. Cosgrove, Town
Clerk of the Town of West Seneca, Erie County,
New York, at the Town Clerk's office, in said
Town until May 27, 1900, at 2 o'clock p.
for Seventeen Thousand ($17,000 00) Dollarsm..
of
sewer bonds of Sewer District Number One (1)
of said Town. Bonds to bear interest at the rate
of five (5) per cent per annum, payable semiannually.
Present bonded indebtedness of Sewer District
Two Hundred Twenty-five Thousand ($225,000 00)
Dollars. Certified check for five (5) per cent of
bid, payable to Henry C. Lien, Supervisor, must
accompany each bid.
The right to reject any and all bids is reserved.
E. H. COSGROVE,
Town Clerk of the Town of
West Seneca, N. Y.

$35,000
City of Stamford, Connecticut
PUBLIC IMPROVEMENT BONDS

SEALED PROPOSALS for the sale of $35,000
City of Stamford, Connecticut, Public Improvement Bonds will be received by the City Treasurer
at the Stamford National Bank until 12 o'clock
noon, Monday,
MAY 24, 1909
Said bonds bear interest at the mite of 4
per
cent per annum, payable semi-annually, and
mature twenty-five years from June 1, 1909.
Principal and interest payable at the office of
the City Treasurer.
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 check or bank draft for 2% of the par value
of the bonds bid for.
4 per cent Refunding Bonds
For further particulars, address
WM. N. TRAVIS,
Legal for Massachusetts, New York and PennCity Treasurer,
sylvania.
taturing April 1, 1914, 1919, 1924,
Stamford, Conn.
1929, 1934.

City of Reading, Pennsylvania

VICOLEST AL CC).
421 CHESTNUT ST. PHILADELPHIA PA

MUNICIPAL AND RAILROAD

BONDS.
LIST ON APPLICATION

McCOY & COMPANY
Formerly MacDonald. McCoy & Co.

Municipal and
Corporation Bonds
181 La Salle Street, - Chicago

SEASON GOOD & MAYER, R. T. Wilson & Co.
Mercantile Library Building

Bankers & Commission Merchants

OflICINNATIJI

24 WALL STREET

.

NEW YORK

MAY 22 1909.1

THE CHRONICLE

Ohilliwack Township, B. 0.—Debenture Sale.—An issue of
$7,000 6% 10-year school debentures has been awarded, it is
stated, to W. C. Brent of Toronto.
Dauphin, Man.—Debenture Election.—An election will be
held to-day (May 22) for the purpose of voting on a by-law
to issue $60,000 5% 20-year school debentures.
Dauphin School District No. 905, Man.—Debenture Offering.—Proposals will be received until 12 m. May 27 by W.
Smith Jackson, Secretary-Treasurer, for $60,000 5% school
bonds. Maturity part yearly for twenty years.
Essex, Ont.—Debenture Sale.—On April 27 Stiener, Dunlop & Co. of Toronto purchased the $1,746 22 5% localimprovement debentures described in V. 88, p. 1086, for
$1,776—the price thus being 101.705. Date Nov. 1 1908.
Fernie, B. 0.—Debenture Offering.—Proposals will be received not later than May 25 by G. H. Boulton, City Clerk,
for $100,000 water-works and $50,000 electric-light debentures.
Fort Frances, Ont.—Debenture Sale.—G. A. Stimson & Co.
of Toronto have purchased, according to reports, $9,000 5%
debentures, maturing part yearly for thirty years.
Hamilton, Ont.—Debenture Offering.—Proposals will be
received until 4 p. m. May 27 for the following 4% debentures:
$50,000 water-works debentures. Date April 1 1908. Maturity April 1 1928.
65,000 sewer debentures. Date April 1 1909. Maturity April 1 1929.
112,000 street-paving debentures mentioned in V. 88, p. 328. Date June 1
1909. Maturity June 1 1929.
125,000 permanent paving debentures. Date June 1 1909. Maturity
June 1 1929.
25,000 public-library debentures. Date June 1 1909. Maturity June 1
1916.

Denomination $1,000. Interest semi-annual. S. H.Kent
is City Clerk.
Debenture Election.—An election will be held June 7 to
vote on the question of issuing $30,000 4% 20-year debentures
for the purchase of a hospital site.
Huron Township, Ont.—Debenture Sale.—This township,
it is stated, has sold $3,500 5% debentures to G. A. Stimson
& Co. of Toronto. Maturity part yearly for five years.
Indian Head, Sask.—Debenture Sale.—An issue of $750
6% 15-year debentures has been bought by G. A. Stimson &
Co. of Toronto.

Debenture Election.—The question of issuing $25,000
debentures for the improvement of roads and bridges will
be decided upon by the voters in the near future.
Kingsland School District No. 2111 (P. 0. Wiggins),
Sask.—Debenture Sale.—A $2,O00 6% school-building debenture was disposed of o n May 3 to T. F. Calder, financial agent
of Saskatoon, at 105. Date July 1 1909. Interest Dec. 1.
Maturity part yearly on Dec. 1 from 1910 to 1919 inclusive.
Latchford, Ont.—Debenture Election.—The question of
issuing $4,000 6% fire-protection debentures will be decided
by the voters at an election to be held Aug. 15.
Lethbridge, Alberta.—Debentures Voted.—On May 10 the
voters passed by-laws authorizing the issuance of the following coupon debentures at not exceeding 5% interest:
$153,000 30-year debentures for the Improvement of the power-station.
water-works-plant and water-main extensions.
44,500 30-year debentures for the city's portion of the cost of cement
walks, boulevarding and street-grading.
3,000 10-year debentures for the city's portion of the cost of plank walk.
Denom nation $100 or any multiple thereof. Interest sem-annually at
the Bank of ontreal.

Louisville School District, Ont.—Debenture Sale.—This
district, it is stated, has awarded $1,0005% 10-year debentures to G. A. Stimson & Co. of Toronto.
Luck Lake School District, Sask.—Debenture Sale.—This
district, it is stated, has awarded $1,200 6% debentures to
the Ontario Securities Co. of Toronto. Maturity part yearly
for ten years.
Magrath, Alberta.—Debenture Sale.—Reports state that
an issue of $20,000 5% debentures maturing part yearly for
twenty years has been purchased by Wood, Gundy & Co.
of Toronto.
Manitoba.—Debenture Sale.—The four issues of 4% 40year debentures, aggregating $762,000, offered on May 15,
were awarded on May 18 to the Ontario Securities Co. of
Toronto at 99.51. See V.88, p. 1217,for description of these
securities.
Melville, Sask.—Debenture Sale.—Nay & James of Regina
purchased on April 20 $12,500 debentures at 102.50.
Moose Jaw, Sask.—Debenture Offering.—Proposals will be
received until 8:30 p. m. May 31 by John D. Simpson, City
Clerk, for $40,000 43'% 40-year water-improvement debentures.

NEW LOANS.

NEW LOANS.

$ 1 25,000

$440,000
New Jersey
Essex County Bonds

City of Hoboken, N. J.
RE-PAVEMENT BONDS
Public notice is hereby given that In accordance
with a resolution of the Council of the City of
Hoboken, passed May 17, 1909, and duly approved May 17, 1909, that sealed proposals for
the purchase of bonds of the City of Hoboken,
N. J., to be known as "Repavement Bonds," in
the amount of one hundred and twenty-five
thousand dollars, to bear interest at the rate of
four per cent (4%) per annum, payable semiannually, and to run for a period of thirty years
from the date of issue, to be issued pursuant to
the provisions of an Act of the Legislature of the
State of New Jersey, entitled "An Act providing
for the repavement of paved streets in cities of
this State, and for the issuance of bonds in payment therefor," approved March 2, 1898, will be
received at the regular meeting of the Council
to be held

Wednesday Afternoon, June 9, 1909
AT FOUR O'CLOCK.
Bids will be received for one or more or all of
said bonds, which shall be of the denomination
of $1,000 each, to run consecutively from 1 to
125, both inclusive, to be registered or coupon
at the option of the successful bidder.
All proposals to be addressed to the Mayor and
Council a the City of Hoboken, N. J., and shall
be accompanied by a certified check or cash for
five per cent of the amount of their bid.
The Mayor and Council of the City of Hoboken
reserve the right to reject any or all bids if deemed
in the Interest of the city so to do.
By order of the Council.
JAMES H. LONDRIGAN,
City Clerk.
•

Cuban Securities
A SPECIALTY

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

43 Exchange Place
Telephone 0444 Hanover

Issued For County Hospital Purposes
The Board of Chosen Freeholders of the County
of Essex, New Jersey, Invites proposals for the
purchase of 440 Essex County Bonds, in denominations of $1,000 each, interest coupons
at four per cent per annum, payable Nov. 1 and
May 1, principal and interest payable in gold.
Bonds payable May 1, 1949.
The bonds will bear interest from May 1, 1909,
and the purchaser must pay interest accrued to
date of delivery.
Sealed proposals will be received by the Finance
Committee of the Board of Chosen Freeholders
at a meeting to be held by said Committee, at the
Freeholders room in the Court House, at Newark,
N. J., on Wednesday, June 2, 1909, at 3 o'clock
P. M. Each proposal shall state the amount of
bid in words and figures, and must be accompanied by certified check for $4,000, which will
be applicable on account of purchase money of
bonds, and forfeited by successful bidder who
afterwards fails to take the bonds. Copies of
proceedings will be furnished to successful bidders,
but proposals must be unconditional.
The Finance Committee reserves the right to
reject any and all proposals, if, in its judgment
the interest of the County requires such action.
The bonds will be ready for delivery on June 15,
1909.
By order of
FINANCE COMMITTEE,
AMOS W. HARRISON, Chairman.

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




HUNT, SALTONSTALL & CO.,
Members New York Stock Exchange

Investment Securities
60 STATE STREET
BOSTON

Adrian H. Muller & Son,
AUCTIONEERS.

Regular Weekly Sales
OF

STOCKS and BONDS
EVERY WEDNESDAY.
Office, No. 55 WILLIAM STREET,
Corner Pine Street.

THE AMERICAN MFG CO.
MANILA, SISAL AND JUTE

CORPORATION AND
MUNICIPAL BONDS

CORDAGE.

FIRST NATIONAL BANK BUILDING
CHICAGO

65 Wall Street.

New York

-

P. J. GOODHART & CO., JOHN H. WATKINS
Bankers

Bank and Trust Co. Stocks
5614 Germantown Avenue,
Philadelphia, Pa.

MISCELLANEOUS.

Charles M. Smith & Co.

57 BROADWAY - NEW YO it It
BRANCH OFFICE
Telephone 2240 Rector
Bristol Building, 5th Ave. and 42d St.
326 Walnut St., Cincinnati
Telephone 1558 Bryant.

CHELTEN TRUST COMPANY

1337

Established 1S1S5.

El. C. Speer & Sons Co.
First Nat, Bank Building,Chicago
CITY COUNTY
AND TOWNSHIP

MUNICIPAL
AND

RAILROAD BONDS
No. 2 WALL STREET

NEW YORK

Central Union Telephone
Stock

CLIFFORD
BONDS. 27 Talbott
Bldg..

ARRICK
INDIANAPOLIS

1338

THE CHRONICLE

Moosomin, Sask.—Debenture Offering.—Proposals will be
received up to and including June 10 for $23,000 5% debentures. G. S. Page is Secretary-Treasurer.
North Battleford, Sask.—Debenture Sale.—It is stated that
$10,000 5% 1-10-year sidewalk debentures have been
awarded to Wood, Gundy & Co. of Toronto:
Debenture Election.—An election will be held May 25 to
vote on a by-law authorizing the issuance of $100,000 5%
40-year debentures, to install water-works, sewerage and
electric-light systems.
Olds, Alberta.—Debenture Election.—At an election to be
held June 15 the rate-payers will decide whether or not
$6,000 5% 20-year fire-protection debentures shall be issued.
Ontario.—Debenture Sale.—In its issue of May 15 the
"Financial Post of Canada" makes mention of the private
sale at par to banks and other institutions of $1,150,000 4%
30-year debentures to the Province of Ontario.
Oxford County (P. 0. Woodstock), Ont.—Debenture
Offering.—Proposals will be received until 12 m. June 7 by
N. E. Birtch, County Clerk, for $50,000 5% gold coupon
road-improvement debentures. Date June 1 1909. Interest
annually at the Treasurer's office in Woodstock. Maturity
part yearly from 1910 to 1939 inclusive. Debenture debt,
Including this issue, $230,030 08. Assessed valuation for
1908, $28,000,000.
Pleasant Valley, Man.—Debenture Sale.—The Ontario
Securities Co. of Toronto has purchased $1,000 6% debentures due part yearly for ten years.
Portage La Prairie, Man.—Debenture Election.--The election to vote on the question of issuing the $50,000 5%
30-year water-works debentures mentioned in V. 88, p. 1217,
will be held, it is stated, on May 28.
Prince Albert, Sask.—Debenture Election.—By-laws to
issue the following debentures will be voted upon, it is
stated, on May 29:

[VOL.

St. Stephen, N. B.—Debenture Offering.—Proposals will be
received until 3 p. m. June 10 by J. Vroom Town Clerk, or
J. T. Whitlock, Chairman of Finance '
Committee, for
8150,000 4% coupon water debentures. These securities
represent the unsold portion of an issue of $200,000.
Denomination $500. Date July 1 1906. Interest semi-annually at
St. Stephen, St. John, Halifax, Montreal and Toronto. Maturity 40 years.

Sarnia, Ont.—Debenture Offering.—According to reports
proposals will be received until 6 p. m. to-day (May 22)
for the following debentures:
$9,700 5% local-improvement debentures maturing part yearly for 20 years.
9,045 5% debentures as a loan to a manufacturing company. Maturity
part yearly for 13 years.
3,454 5% sewer debentures maturing part yearly for 20 years.
2,155 5% granolithic sidewalk debentures maturing part yearly for 10
years.
1,300 5% fire-equipment debentures maturing part yearly for 10 years.

James Woods is Treasurer.
Strathroy, Ont.—Debenture Election.—.A proposition to
issue $20,000 44% 10-year debentures will be submitted
to a vote on May 28.
Sydney Mines, N. S.—Debenture Sale.—Sewerage 4M37
20-year debentures to the amount of $25,000 have been sold
to G. A. Stimson & Co. of Toronto.
Toronto, Ont.—Debenture Election.—It is reported that an
election has been called for June 5 to vote on a by-law to
issue $446,000 4% 40-year water-extension debentures.
Watson, Sask.—Debenture Sale.—On May 1 the $2,000
6% coupon fire-protection and improvement debentures
described in V. 88, p. 1025, were awarded to H. O'Hara &
Co. of Toronto. Interest payable at the Canadian Bank of
Commerce in Watson. Maturity part yearly from 1910 to
1924 inclusive.
Westmount, Que.—Debentures Voted.—The election held
May 8 (V. 88, p. 1161) resulted in favor of the proposition
to issue $135,000 debentures to extend the lighting plant and
$13,800 43% 10-year grading debentures.
the garbage incinerator.
10,000 434% 30-year electric-light debentures.
14,000 43i% 20-year water-works debentures.
Wetaskiwin, Alta.—Debentures Defeated.—The $7,000 5%
10,000 43i% 20-year debentures to purchase machinery for grading.
26,400 10-year debentures for local improvements.
20-year fire-system debentures mentioned in V. 88, p. 902,
Romney Township, Ont.—Debenture Sale.—W. C. Brent were defeated by a vote of 55 "for" to 47 "against" at the
of Toronto is reported as the purchaser of $11,021 5% election held April 13. Reports state that a new election
1-15-year drainage debentures of this township.
will be held May 27.

MISCELLAN EO US.

MISCELLANEOUS.

ACCOUNTANTS.

BONDS

Blodget, Merritt & Co.

Acceptable for Deposit by

LYBRAND,
ROSS BROS &
MONTGOMERY

BANKERS

STATE, CITY

Canadian Government
W. A. MACKENZIE & CO.,

Certified Public Accountants
(Pennsylvania)
Land Title Building
PH ILA DELPH IA.
City Investing Bldg., 165 Broadway
ShW VORA.
Union Hank Building
PITTS BU ROIl

TORONTO, CANADA

AND

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

CEO B. EDWARDS
BROKER AND COMMERCIAL AGENT
Negotiations, Investigations, Reports,
United States, Canada, or Foreign

ACCOUNTANTS.

BONDS

All Issues

HARRY J. WELCH

Arthur Young & Co.

A. H. Bickmore & Co.,

Certified Public Accountants

BANKERS

(ILLAINOlt.)

New York

30 Pine Street,

Albert Kleybolte & Co.,

CERTIFIED PUBLIC ACCOUNTANTS

New York,Chicago, Cincinnati and
London, England.
kUDITORS FOR FINANCIAL INSTITUTIONS, INDUSTRIAL AND
MINING CO NiPANIES
Investigations, Financial Stat ments.
Periodical Audits and Accounting.

NATIONAL LIGHT,
HEAT & POWER CO.
GUARANTEED

JAMES PARK & CO.

Tribune Building. 154 Nassau Street
Telephone 4218 Beekman
NEW YORK. N. Y.

Now York, 30 Pine Street
miiwaukee. 633 Wells Moir
Chicago, 1315 Monadnock Block
Kansas tAtY, 1106 Commerce Bldg.

CHARTERED ACCOUNTANT
Audits, Investigations, Coat and General Systems
43 /NGST., w. TORONTO.()ANA A

ALFRED ROSE & CO.,
CERTIFIED PUBLIC ACCOUNTANTS
56 Pine Street, - NEW YORK
Telephone 4201 John.

LOOMIS, CONANT & CO.
CERTIFIED PUBLIC ACCOUNTANTS

409 Walnut Street,

30 Broad Street, New York
Tel. 495. Broad.

CINCINNATI, 0.

Municipal,
County,

State,

and High-Grade Public Service
Securities
Correspondence So/lotted

Perry, Coffin & Burr,

INVESTMENT BONDS
60 State Street,

Wilkinson, Reckitt, Williams & Co.
CERTIFIED PUBLIC ACCOUNTANTS
NEW YORK

CHICAGO

PHILADELPHIA

52 Broadway

Marquette Bldg.

MutualaLife Bldg.

LONDON, ENGLAND
Leadenhall

BOSTON.