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finanrial ontmerria IN C L U D IN G Railway & Industrial Section Bankers’ Convention Section Bank & Quotation Section Railway Earnings Section VOL. 89. Electric Railway Section State and City Section SATURDAY, NOVEMBER 13 1909. NO. 2316. »+ ( ■• ’ lx t (& hV0VLXtlt. Q Week ending November 6. Clearings at— Inc. or Dec. PUBLISHED W EEK LY . Terms of Subscription— Payable in Advance F o r O no Y ear ...........................................................................................................$10 00 F o r S ix M o n th s ......................................................................................................... (S 00 E u rop ea n S u b scrip tion (in c lu d in g p o s t a g e )................................................. 13 00 European Subscription six months (including postage)....................... 7 50 A n n u a l S u b scrip tion in L on don (in c lu d in g p o s t a g e )...............................£'2 14s. S ix M on th s S u b s crip tio n in L o n d o n (in c lu d in g p o s t a g e )........................ £ 1 1 1 s. C anadian S u b scrip tion (in c lu d in g p o s t a g e ) .................................................$11 50 Subscription includes following Supplements— B ank and Quotation (monthly) State and City (semi-annually) R ailway and Industrial (quarterly) Electric R ailway (3 times yearly) R ailw ay E arnings (monthly) B ankers' Convention (yearly) Term s o f Advertisinjj- -Per Inch Space T ra n sien t m atter p e r in ch sp ace (14 agate lin e s ).......................................... $ 4 20 ( T w o M on th s (s tim e s )............................... 22 00 Three. M onths (13 t im e s )............................... 2!) 00 S tan d in g B u sin ess Cards ) S ix M o n th s (2(5 t im e s )................................ 50 00 C T wreiv e M on th s (52 t im e s )............................... 87- 00 C H IC A G O O F F I C E —P . B a r t le t t ,513 M o n a d n o ck B lo c k ; T e l. H a rris o n 4 01 2, L O N D O N O F F I C E —E d w a rd s & S m ith , 1 D ra p e rs’ G arden s, E. O. W I L L I A M 15. D A N A C O M P A N Y , P u b l i s h e r s , P . O. Box 9 5 8 . Fro nt, P ine und Dop ey st er Sts., New Y o r k , P u b lis h ed e v e r )' S atu rda y m o rn in r b y W I L L I A M B. D A N A C O M P A N Y W illia m B. D ana, P ie s ld e n t; J a c o b S e ib e rt J r ., V ic e -P r o s , and See.; A n .o ld G. Dana, T rcas. A d d re s se s ot a ll.O d lc o o t the C om pany. CLEARING-HOUSE RETURNS. The following table, made up by telegraph, &c., indicates that the total bank clearings of all clearing houses of the U . S. for week end. N ov. 13 have been S3,GOG,306,359, against $3 , 038,921,237 last week and $3,591,055,781 the week last year. Clearings— Returns by Telegraph Nov. 13 New Y ork ............................................. ...... B o s to n ...................................................... .. Philadelphia . ............................................. Baltim ore______ _________ _____ _ ______ C h ic a g o ___________________ ___________ St. L ouis...................................................... New Orleans................................................ 1909. 1908. 81,843,525,802 141,093,859 122,182,322 30,251,738 236,517,149 68,909,725 22,813,070 . S I,988,159,120 150,028,444 115,801,152 23,311,380 222,015,726 62,792,116 16,224,104 % — 7.3 — 9.6 + 5.5 + 29.6 + 6.5 + 9.7 + 40.6 Seven cities, 5 days________ ________ Other cities, 5 days____________________ $2,465,293,665 505,591,768 $2,584,362,042 451,008,703 — 4.6 + 12.1 Total all cities, 5 d ays_______________ All cities, 1 day_____ ____________ _____ S2,970,888,433 635,417,926 $3,035,370,805 555.684.976 — 2.1 + 14.3 Total all cities for w eek........... ............ S3,606,306,359 $3,591,055,781 + 0.4 The full details for the week covered by the above will be given next Saturday. W e 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. W e present below detailed figures for the week ending with Saturday noon, Nov. G, for four years. Week ending Nov. 6. Clearings at- New Y o r k ______ Philadelphia____ Pittsburgh........... B a ltim ore........... Buffalo.................. W a sh in gton -----A lban y................. R och ester______ S cran ton ............. S yracu se............. Reading............... W ilm ington_____ W llk cs -lla rrc_ _ W h e e lin g ........... H arrisburg......... Trenton ............. Y o r k .................... E r i e ...................... C h ester................ G rccnsbu rg......... B ingh am ton -----A ltoon a ............. F ra n k lin .............. Inc. or D ec. S ,245,978,901 1,809,411,131 147,184,5111 119,571,128 51,251,377 39,597,395 32,975,992 20,121,778 9,449,875 7,422,772 7,548,503 0,400,087 6,280,428 4,973,183 4,825,364 4,487,999 2,903,101 2,231,845 2,870,071 2,359,109 1,07(5,327 1,227,028 1,432,432 1,050,005 1,307,020 1,192,821 1,781,974 1,594,653 1,545,430 1,122,938 1,440,501 1,331,537 074,473 801,330 814,388 058,901 533,177 452,510 018,027 489,526 403,500 389,400 403,108 389,207 225,000 250,000 Total M iddle.- 2,524,514,751 2,033,527,009 + I 4.I 1,272,001.045 1,709,139,281 + 23.1 132,844,449 115,783,830 45,882,211 48,209,042 + 29.4 26,777,014 + 26.2 20,670,058 + 27.3 8,291,694 7,098,995 5,844,844 + 17.9 5.339.455 + 26.3 4,914,004 0,257,507 + 7.5 3,855,277 3,099,257 + 30.1 1,948,428 1.998.529 1,854,404 + 21.7 2,208,907 + 36.(1 1,236,802 1,337,988 + 36.4 1.197.530 1.105.455 + 14.7 1,191,353 1,021,722 + 11.7 1,052,063 1,091,390 + 37.7 1,013,019 1 , 000,000 + 8.2 + 21.0 892,805 + 23.7 618,052 683,137 + 17.9 504,934 491,613 + 3 2 .4 529,357 528,516 + 3.6 508,700 470,200 + 3.6 — 10.0 269,700 217,091 + 24.1 1,496.003,095 2,012,418,003 Boston ................ P rov id en ce _____ H a r tfo r d ............. New H aven......... Springfield........... P o r tla n d ............. W orcester........... Fall River........... New B e d fo r d _ _ L o w e ll............. .. H olyok e............. .. 201,588 514 10,317 100 3,704 3,127 ,898 2.280 2,172 062 1,842 430 2,133 700 1,093 ,268 512 ,441 624 ,322 180,505,382 7,355,100 3,703,389 2,009,185 2,205,020 2,279,692 1,075,132 1,390,309 1,423,326 534,282 509,681 + 13.3 + 4.3 + 1 9 .9 + 0.7 — 4.7 + 10.0 + 52.8 + 19.0 — 4.1 + 22.5 148,270,919 0,210,400 3,338,087 2,283,077 2,160,864 2,050,899 1,491,027 1,275,310 856,738 585,938 572,810 160,997,695 0,739,900 4,047,588 2,395,098 2,262,826 1,708,395 1,400,241 1,218,928 702,107 522,727 504,544 Total New Eng. 232,996,510 204,376,498 + 1 4 .0 169,102,075 188,566,049 15 7 00 0 — .6 1 Chicago _ ........... Cincinnati......... C le ve la n d _____ D etroit________ Milwaukee......... Indianapolis___ C o lu m bu s_____ T o le d o _________ P e o r ia ................ Grand lta p ld s.. D a y t o n _______ Evansville ____ K ala m a zoo____ Springfield, 1 1 . . 1 You ngstow n____ Fort W a y n e _ _ L exin gton ......... Canton................ Rockford ........... A k r o n _________ South Bend____ Q uincy......... ....... Springfield, O .. Bloom lngton___ Decatur ........... Danville________ Mansfield_______ Jackson ............. Jacksonville, III Ann Arbor_____ Adrian ________ L i m a .................. S 273,588,009 27,757,350 19,561,158 16,350,089 14,168,864 8,858,255 6,064,600 4,188,778 3,337,784 2,965,353 S 961,609 770,057 625.000 621,884 897,400 535.000 610,490 476,983 593,248 369,221 444,680 400,864 302,500 277.348 241.012 28,212 370,705 228,831.174 24,450,450 13,792,527 14,005,866 11,282,357 8,020,150 5,238,300 3,275,226 3,230,768 2,209,920 1,590,082 2,029,499 901,658 846,513 079,860 841,087 053,132 052,544 464,363 575.000 441,353 570,421 400,058 489,120 338,327 359,396 297,799 275.000 244,315 178,027 25,719 306,226 + 19.6 + 13.5 + 41.8 + 16.2 + 25.6 + 10.4 + 15.8 + 28.0 + 3.4 + 20.6 + 18.6 + 12.5 + 50.1 + 17.2 + 113.2 + 14.3 + 17.9 + 4.4 + 33.8 + 56.1 + 21.2 + 7.0 + 3.7 + 21.3 + 9.2 + 23.7 + 34.6 + 10.0 + 13 : + 35.4 + 9.7 Tot. M id.West 393,421,982 327,683,465 San Francisco_ _ Los Angeles_____ Seattle ------------P o r tla n d _______ Spokane......... ...... Salt Lake C it y .. T a co m a ......... ...... H e le n a ________ Sacram ento_____ Fargo _________ Sioux Falls . _ ___ Kan D ie g o ______ F resno__________ San Jose................ Stockton ............. North Yakima B illin g s ................ 43,651,005 15,133,700 12,949,010 9,055,530 5,521,166 7,195,472 5,893,094 2,133,690 1,091,701 1,305,949 1,427,863 790.000 1,017,000 861,795 755,870 752.6G7 498,943 265.000 Total Pacific. . 110,299,455 Oakland________ Kansas C it y ____ Minneapolis_____ O m aha_________ St. P a u l . . . ......... Denver.................. St. Joseph ______ Des M oin es_____ Sioux City______ W ich ita ............... Lincoln ________ D avenport......... T o p e k a ________ Cedar Rapids . . Colorado Springs Pueblo ......... F r e m o n t____ D uluth........... T o t. oth.W est 1.8S6.780 2,283,396 1,443,146 992,217 1,450,000 199,568,995 22,048,650 15,047.965 13,258,618 10,518,045 7,814,025 4.803.800 4.286.801 2,169,320 2,358,444 1,567,371 1,889,087 962,134 846,275 938,047 654,375 567,017 474.000 600,201 375.000 559,622 591,301 445,270 420,905 350,968 211,414,565 25,471,700 15,935,524 12,286,115 10,543,801 7,963,601 5,562,400 4,100,850 3.121,664 2,157,491 2,113,253 1,925,771 1,036,880 762,745 478,878 886,592 617,417 502,287 579.363 700,123 537,375 482,809 429,521 482,888 348,644 316,613 298,458 213,710 171,074 26,000 279,956 239,884 213,175 158,170 + 20.1 294,172,691 311,333,442 34,454,647 9,838,458 8,957,770 6,630,022 3,634,354 5,170,308 4,173,627 1,588,227 955,680 883,061 823,791 700.000 636.000 646,365 553,462 488,941 322,155 221,427 + 26.7 J-53.8 + 44.6 + 36.6 + 51.9 + 3 9 .2 + 41.2 + 34.3 + 14.2 + 47.9 + 7 3 .3 + 12.9 + 59.9 + 33.3 + 3 6 .6 + 53.9 + 54.9 + 15.2 27,874,834 9,311,869 9,901,226 5,904,095 3,722,955 4.207.052 4,891,616 2.002,083 1,084,131 900.000 810,581 680.000 46,734,085 12,430,241 10,801,073 6,933,800 2,860,524 5,087,222 4,346,650 3,229,263 776,856 499,908 500,000 340,361 80,678,295 + 21.1 795 127 543,351 + 3 6 .7 72,290,350 95,478,553 57,415.204 38,153,167 + 24.3 33,464,425 25,228,159 + 32.6 16,084,506 11,092,935 + 45.0 14,346,007 11,472,002 + 2 5 .1 10,682,411 8,247,389 + 29.5 7,295,999 4,737,035 + 54.0 4,792,552 3,367,242 + 42.3 2,959,728 2,376,188 + 24.5 3,200,046 1,605,667 + 00.3 1,819,420 1,247,057 + 45.9 1,670,000 1,342,875 + 24.4 1,554,567 1,168,302 + 3 3 .2 1,409,338 866,593 + 62.7 572,007 645,110 — 11.3 526,732 + 39 .9 736,683 299,166 + 28.1 383,753 7,452,663 Not Included In total 33,538,312 22,978,046 10,115,914 9,400,213 7,499,022 3,972,828 3,181,854 2,070,209 1,562,929 2,001,577 1,113,990 864,581 982,575 982,463 641,987 239,957 28,539,562 26,816,659 9,777,794 9,989,362 7,022,143 4,680,803 2,855,941 2,149,676 1,142,842 1,249,638 1,106,890 1,114,475 662,038 576,634 450,495 289,740 158,386,646 St. Louis_______ New Orleans____ L o u isv ille ............ H o u s t o n _______ G alveston ______ M em phis............. A tla n ta ................ Richmond _____ Savannah ______ Fort W orth......... N a s h v ille ______ N o rfo lk ................ Augusta________ Birm ingham ____ Little H ock_____ C h a tta n o o g a _ _ Charleston........... Jacksonville____ M o b ile ............. .. K n o x v ille ______ O klahom a........... M a c o n .................. A u s tin ................. Beaumont _____ V icksbu rg........... 77,388,460 23,904,218 13,477,356 14,925,432 8.145.000 8,905,296 *14,263,570 7,768,989 7,443.073 9,387,066 3.650.000 3,812,379 4,139,347 2,752,252 2,543,566 1,775,541 2,104,065 2,038,561 1,654,685 2,032,310 2,900,009 1.400.000 1,652,966 667,343 570,418 Total Southern 219.301,893 + 40.9 101,152,457 98,424,692 60,291,696 + 28.3 15,931,187 + 53.3 10,630,758 + 26.8 13,337,947 + 11.9 8,033,000 + 1.4 6,853,134 + 30.6 6,318,839 + 125.7 6,339,915 + 22.5 6,008,650 + 23.9 0,783,252 + 3 8 .4 2,906,459 + 25.6 2,449,152 + 55.6 2,796,540 + 48.0 2,101,556 + 31.0 2,567,143 —0.9 1,579,285 + 13.7 1,492,799 + 41.0 1,445,012 + 41.0 1,451,892 + 14.0 1,433,700 + 41.7 1,445,008 + 100.7 943,482 + 48.4 71.5,625 + 131.0 + 4.6 637,869 481,154 + 18.6 55,536,527 19,917,504 10,212,055 10,731,231 6,880,500 5,698,135 6.009.200 6,256,965 6.387.201 4,836,253 5,731,259 3,273,856 2,674,050 2,136,656 1,351,184 1.450.000 1.900.000 1,355,150 1,576,737 1,592,325 1,018,749 •933,945 790,014 472,500 57,942,751 24,118,882 12,741,869 13,745,789 8,911,500 7,279,295 5,828,002 6,016,813 6,724,483 3,990,365 3,589,234 2,824,865 2,421,624 2,111,413 2,166,610 1,513,458 1.685,914 1,191,929 2,163,550 1,427,758 1,251,102 951,644 +33.2 158,722,596 171,048,451 112,375,619 104,677,054 Total all........... 3,638,921,237 2,923.317.940 + 24.5 2,291,443,864 Outside N. Y_. 1,392,942,333 1,113.906,809 450,000 + 25J) 1,019,382,219 _ Canada— M ontreal_______ Toronto ............. W in n ip e g ........... Vancouver........... O tt a w a ________ Q uebec.................. H a lifa x ............... H a m ilt o n ...____ C a lg a ry ................ St. John________ London ................ Victoria ............. E d m onton........... lteglna ................ T ota Canada 32,081,537 + 29.8 31,850,752 + 5.5 20,065,173 + 32.1 4,192,850 + 64.0 3,054,833 + 2.0 2,675,79e — 40.0 2,171,565 — 3.3 1,717,130 + 27.6 1,665,784 + 62.8 1,493,294 + 11.6 1,413,006 —3.8 1,340,208 + 21.3 , 200,000 1,121,706 + 7.0 ,176,657 N ot Included In total 650.000 ,599,297 500.000 ,900,000 146,268 ,600,000 , 100,000 191,475 ,712,803 ,666,760 ,360,239 ,625,000 120,251,842 104,843,628 + 2 0 .4 103,447,005 99,505,620 This year’ s clearings considerably Increased by out-of-town clearings departmen THE CHRONICLE 1244 THE FINANCIAL SITUATION. President Taft returned to Washington Wednesday night after his absence from the capital since Aug. 6 (the earlier part of the interval having been spent in his summer vacation and the latter part in making a 13,000-mile swing around the country), and has out lined a formidable program of legislation for the com ing session of Congress. This program comprises all the numerous things mentioned by the President in the various speeches made by him on his trip. It in cludes amendment of the Inter-State Commerce Law so as to give the Commerce Commission more power; the creation of a special Inter-State Commerce Court; amendment of the Sherman Anti-Trust Law; the estab lishment of postal savings banks; the adoption of measures for the conservation of the country’s natural resources and the reclamation of arid lands; improve ment of the methods of legal procedure in civil and criminal cases; the effecting of monetary reform, &c., &c. The President is himself quite overcome when thinking of the extensive amount of work he has laid out for Congress, for in the speech concluding his sixtydays’ tour, delivered at Richmond on Wednesday, he took occasion to reiterate a remark previously made, saying: “ When I think of the number of things Con gress ought to do, I am staggered lest it may not find time to do them.” In the meantime, one piece of completed legislation, for which Mr. Taft alone is responsible, is on the statute books, and we would suggest to the President that this law be put in satisfactory and workable shape before any attempt is made to enact other new legislation. We have reference, of course, to the Corporation Tax Law, which is now beginning to vex many business men. This law applies to every corporation in the land, no matter what the character of its business, no matter how distinctively local its operations or how small its capital, provided only its income ex ceeds by $5,000 per year the amount of its outgo. It is just dawning upon the hundreds of thousands of owners of small private corporations that this depar ture in Federal Government legislation concerns them, and that they are subject to the tax. As they get noth ing from the Federal Government (the right of in corporation coming from the State and not from the General Government), they cannot see why they should pay the National Government an excise tax for the privilege of doing business in the corporate form. Ob jections on that score, however,arenowfutile. Ourbusiness men should have bestirred themselves at the time the proposition was under consideration in Congress. The wisest course would be to repeal the law, for aside from the other objections, it is manifestly un just to tax the man conducting business in corporate form and let his neighbor in the same line go tax-free simply because he carries the business on in the ca pacity of an individual, or (in conjunction with part ners) as a private firm. But as the President is committed to the corporation tax, its repeal is out of the question. At the least, however, the President should see to it that the law is amended so that the work of assessing and collecting the tax (provided al ways that the law is held Constitutional, of which there appear to be grave doubts), shall be rendered feasible. That is the course recommended by the American Association of Public Accountants, upon the members [VOL. L X X X IX . of which body will rest in large part the burden and responsibility of preparing the annual reports required to be made by corporations, which are to form the basis for the levying of the tax. While the Act was under discussion in Congress, a dozen of the leading accounting firms, headed by Deloitte, Plender, Grif fiths & Co., in a public-spirited way addressed Attor ney-General Wickersham and pointed out the obvious defects in the language of the measure and the im practicability of assessing the tax under the rules laid down in the bill. These accounting firms were not opposed to a corporation tax per se,the wisdom of such legislation being no concern of theirs; but they urged that the measure should be put in such shape that the law would be capable of execution. Their protest proved unavailing. To the statement of the account ants that the measure as framed would be “ absolutely impossible of application,” the Attorney-General re plied in a facetious manner, saying that his personal acquaintance with a number of the signers of the letter led him to the belief that they had underestimated their capacity. And the bill went on the statute books in substantially unchanged form. Now that the accountants are called upon to advise their clients how to keep their books and accounts so as to be able to render reports in conformity with the law, they renew their protest. The scope of the move ment, too, has been broadened. The burden of op position is no longer borne by the twelve accounting concerns which initiated the correspondence with the Attorney-General. The American Association of Pub lic Accountants has taken the matter up, and through its executive committee has addressed every member of the association, in the hope that action may result looking to an amendment of the law during the early weeks of the meeting of Congress in December. A pamphlet has been prepared and sent to all the mem bers of the association, embodying the correspondence with the Attorney-General, and also containing a letter, under date of Sept. 30, to the members by J. E. Sterrett, the President of the association. Mr. Sterrett points out that the only reason why the members of the Association who addressed the Attorney-General did so in their private capacity was because it was im practicable to get action taken by the Association of ficials in time to reach Washington before the passage of the bill. The purpose of the present movement is not to have the law repealed,but to have the language made less ambiguous and to provide a means of assessing the tax which shall be feasible. One defect of the law is that the tax is to be figured upon the amounts actually received and the amounts actually paid out during the calendar period of twelve months. The purpose evidently was to tax profits in excess of $5,000, but taking the difference between the amounts received and the amounts actually paid out is a crude and clumsy attempt to effect such purpose. In the case of manufacturing corporations, and no less so in the case of railroad and other transportation companies, profits or net income cannot be ascertained by the taking of the mere difference between receipts and payments. The law consequently requires officials of such corporations to do the impossible. There are also some other defects in the law that should be remedied. The executive committee of the American Association of Public Accountants accordingly ex Nov. 13 1909. | THE CHRONICLE presses its judgment that such amendments to the law should be adopted as will “ remove the present objec tionable basis of taxation and put in its place the proper method of a tax upon net profits or income.” This is certainly not asking too much, and if the President shall not see fit to make a recommendation to that effect in his annual message, Congress should take the matter into its own hands and see that the needful changes in the law are promptly made. Then, if the courts shall uphold the Act, it will at least be possible for the Government to execute it. Contrary to expectations, the monthly statement of the Copper Producers’ Association again shows an increase in stocks. The deliveries for domestic consumption in October were 06,3.59,617 pounds, and thus were larger than in either September or August, and the deliveries for export at 56,261,238 pounds were likewise larger than in the two preceding months. But the present basis of prices, though low, appears to be very attractive to the producers, and accordingly the output for the month makes a new high record, and reaches no less than 124,657,709 pounds. The deliveries for consumption and export having been 122,620,855 pounds, this left an addition to stocks of 2,036,854 pounds. The figures were without effect upon the market price of the metal. Indeed, copper has been tending distinctly upward upon rumors and reports that some kind of an agreement will be effected among producers under which it will be possible to bring the price of the metal permanently up to a higher level. The undertaking would appear to be a formidable one. Abroad, under the constant large exports, stocks keep piling up in a way that is really startling. During October the foreign visible supply, already of exceptional magnitude, was further in creased in the amount of 5,546 tons, or 12,333,000 pounds. On Nov. 1 this foreign visible supply aggre gated no less than 222,559,680 pounds. Adding to this the domestic stocks at 153,509,626 pounds, we get a total of stocks in sight of 376,069,306 pounds. In addition there is also an invisible surplus on the other side of the Atlantic, according to a statement of the “ Boston News Bureau” made a month ago, of fully 100,000,000 pounds. Furthermore, the United States Geological Survey reported at the beginning of the year an aggregate of 234,013,843 pounds of blister copper and material in process of refining. If we assume that the latter item on Nov. 1 remained substantially the same as on Jan. 1, then there is that much more to add to the amount of copper within easy reach, bringing the grand total up to the huge aggregate of 710,000,000 pounds. It would seem to be no easy matter to get rid of such large accumulations even under the continued growth of business activity in the United States. We have received quite a number of communica tions concerning our remarks of last week with refer ence to the advisability of exchanging the 3)4 % convertible bonds of the Pennsylvania R R . into stock, based on the offer to Pennsylvania shareholders of the privilege of taking 25% of new stock at par. The criticism made is that in figuring the profit to accrue from conversion, we ought to have used the price of the shares after the rights come off. These rights sell at 8 in the market, or about $4 per share (the par 1245 value of the Pennsylvania shares being $50). This criticism must be accepted as well founded if regard is had to a possible immediate profit from the operation. When the stock sells ex rights, the market value of the shares will undoubtedly decline to the extent of the selling price of the rights, and, if the transaction is to be completed on the day this happens, it would manifestly be an error to take as the basis of the calculation the price before the deduction of the rights. But we did not have in mind any speculative transaction, to be immediately concluded, and we should have expressed ourselves more guardedly in any event so as to afford no basis for such a conclusion or ground for any misunderstanding. A holder of 3)4% convertible bonds holds these bonds presumably for investment. If he elects to convert the bonds into stock, he will also presumably be governed by invest ment considerations. His idea will not be to make any immediate profit from the transaction, but to determine whether in the long run he will fare better by taking stock than by holding on to his bonds. Taking the 3j/oS of 1915 for illustration, conversion into stock would be clearly unprofitable, except for the privilege, or right, of taking 25% of newr stock at par. The bondholder can only convert into stock on the basis of 150 for the shares; that is, $75 for the $50 shares. With the shares selling considerably below 150, there would manifestly be no object in making the exchange, except for the right to take (after the stock has been acquired at 150) an additional amount of stock at par and which commands in the market 140, or $70 per $50 share. Any stockholder who avails of the right has until next June to make the final payment on the new stock (though he can pay in full at the time of the payment of the first installment), and in the meantime the stock may fluctuate widely. The general experience is that any momentary decrease in the market price of a stock by reason of the coming off of rights is recovered ere long unless, indeed, there is something exceptional about the rights, as in the case of the Great Northern ore certificates. As any price taken must be more or less arbitrary, because subject to the market fluctuations, it would seem best to present the proposition of making the exchange in a somewhat different light. Suppose the bondholder makes the exchange and then immediately sells his rights. In that case he will be able to realize the value of the rights and reduce correspondingly the cost of his investment. At $4 a share the rights for the forty shares which he would receive in return for three bonds would be worth $160. Deducting this from $2,880 (the price of the three bonds at 96), the cost of the forty shares of stock would stand at $2,720, or just $68 per share, or, according to the New York method of quoting, 136%. Assuming that the inves tor continued to hold the stock after the rights came off, anything above 136 would represent profit on the transaction when the shares were eventually sold. As to the likelihood of the stock commanding above 136, all that can be said is that the range last year was from 108% in January to 132)4 in December, and the present year from 126)4 in February to 151)4 in September. One other consideration, how ever, should not be lost sight of, namely that if the bonds are held until maturity in 1915, only six years, the holder will be able to realize par for them instead of the present market price of 96. The convertible 1246 THE CHRONICLE [VoL. bXTtXdX. bondholders have only until next Monday to make plea is ii!otr for the 30ads,. Let us afone; it is, for all the exchange into stock and get the benefit of the concerned,, Let us beimve. rights. This plea) for the common) prosperity, to come only through reason and justice, was the keynote of’ the 1 One incident in the life of John S. Kennedy, whose evening. President Brown & the New York Central death was announced last week, is worth recalling recognized as no- [longer disputable the general right, •as illustrating the fibre of the man. As mentioned of the nation and the States- to regulate and control,, ■then, he was closely associated with Mr. Hill in what and President Ripley of the- Atchison read put this-' is now the Great Northern Railway, and in 1901 he more sharply, that “ the publici» master, nnd we must was a tower of strength for the Hill-Morgan interests all recognize it.” ’ Ex-Senator Spooner, while insist against the efforts of the opposition which culminated ing that a railroad iwa private and not a public; corpora in the great Northern Pacific “ corner” in May of that tion (as he said has been many times decided by the year. His own large personal holding of Northern final Court), said tha& the public owetheroads-precisely Pacific, together with those of intimate associates, the fair treatment which is due- in return; lie spoke made possession of his interest almost essential to strongly against allowing the Inter-State Chnamerce success for the anti-Hill forces, and led to offers to Commission or any other body te name rates' which buy at almost his own figure. But Mr. Kennedy re should stand until passed on finally, for this, he said, fused them, having determined to stand by Mr. Mor would be confiscation. Ex-Representative Hepburn, gan and Mr. Hill, although, as he once said, “ things whose name is associated with one- important law on were done and offers made that were distinctly cal the subject, reviewed the rise of the railway system, culated to make men falter.” He had, however, when at first the people were so eager for roads that taken his position deliberately, and would not enter they forgot to provide any restrictions. Then man agers and even employees became arrogant; a feeling tain even a thought of yielding it. How far he was moved by a feeling of personal arose that the roads were oppressors; denunciation attachment is not known, nor is it important to know, at the hustings, grangers’ and other- “ anti” organiza inasmuch as he said “ there was more than money at tions, and an attitude of actual warfare successively stake,” and that he and his associates “ were on the followed. That this has-been pushed too far was ad side of Mr. Morgan and Mr. Hill from principle, and mitted by Mr. Hepburn, by clear implication, although were with them to see them through, irrespective of he evidently spoke very guardedly in his admission what rewards were held out.” The natural inference that no rate-making power had been conferred on. the is that he believed in those two men as the best for Commission, and in deprecating anxiety as to further development of the vast Northwest, and therefore was legislation, because insisting that nothing more- than governed by what he considered real principles in justice is intended. Upon his special topic-, “ The Nation’s Farms and business. At least Mr. Kennedy was distinctly a man of character, governing his business as well as his National Prosperity,” Mr.. Brown went at some length private life by considerations which were, for him, into comparative production and consumption of food absolutely beyond question and immovable. His staples. His study of this went along lines which re will, made public during the week past, illustrates call Mr. Hill’s very recent magazine article, on “ What this in the great amount (some thirty millions ap Shall We Do to Be F e d /’’ which began by saying that proximately) of his bequests to public purposes and “ land without population is a wilderness and popula in the arrangement of those bequests, for they go to tion without land is a mob.” Mr. Brown suggested institutions which had also been largely aided by him two great plans: broadening and in a way specializing in his lifetime and will remain as permanent forces for methods of school and college education, by attaching good. Here is one more example of what we have to each institution a first-class school of manual train pointed out before: that great fortunes accomplish a ing, and raising the efficiency of agricultural colleges public service by endowing institutions which could until they can turn out really equipped farmers; next, not exist at all without endowment (unless supported doubling the rural population by more than doubling nominally by government but really out of the pro the product of farms per acre. In this he distinctly ceeds of taxation), and that wealthy men are more and went on the same line with Mr. Hill, and just at this more recognizing and treating their money as a trust. point we might add to what was lately said of the ex perimental and successful farm work of the Long Island The dinner of the Railway Business Association on road, that some products of that culture have since Wednesday evening, commemorating the completion won first prizes at agricultural fairs. Mr. Ripley of the Atchison, in insisting that man of the first year of the association (which took its rally ing start early in October of 1908), brought out much agers must get into touch with public opinion, made interesting matter in its addresses. We have no ene the somewhat surprising statement that for years past mies of our own, said President Post, organizer of the he has personally read every article on railroad sub movement, but the enemies of our only customer, the jects in any journal published along his 10,000 miles railroads, hit us in hitting them. Every dollar’s of road, and while there has been much chaff, he is reduction of their revenues taps our till and robs our sure some reforms have also come thereby. Most employees of work. So the only wonder is that we roads, he admitted, are mere imitations of what roads railway supply men did not organize sooner, for public ought to be, but even the poorest is necessary. The hostility to railroads is a matter of life and death to us. estimate that five billions will be needed for the trans We are business men who want business. We do not portation needs of the next decade he thought no over want political office; we want orders. We cannot estimate, but will private capital come forward, with have those unless our customers are thriving, and they out assurance of a return? On this we cannot refrain cannot thrive against a stiff public hostility. Our from quoting his language: Nov. 13 1909.1 XHE c h r o n i c l e Is it certain that the mixture of private ownership and public regulation which is now prevalent will suc ceed? Is it not contrary to all rules of political econ omy and all the teachings of history? Started as a purely private industry, it has been appropriated in part, and other parts are apparently to follow. Grant ing whatever may be claimed for the advantages of regulation by government, do not equity and ordinary commercial decency require that such close restriction and supervision should be accompanied by some guar anty of return? The foregoing shows the tone of the meeting and the association movement, as well as the viewpoint from which railway managers now approach this vast prob lem of transportation. We might add that the very recent announcement, by the New York Central, of an employees’ pension scheme which will involve an outlay of a half-million nearly and affect 100,000 men, brings one more great system into line in doing some thing specific for employees, and proves anew that corporations are not brainless, if the old assertion of their heartlessness is to persist yet awhile. How that “ octopus” notion concerning railroads could ever get hold of the public imagination is a marvel, inasmuch as nobody could even have one thought of his own on the subject without perceiving that no railroad can ever keep out of bankruptcy (much less thrive) unless by general prosperity, in which it merely gets its share. 1247 to arrest the insensate building of navies by nations already suffering from crushing taxation is one of the momentous problems of the day. In view of the unseasonably high rates for sterling exchange that have prevailed at New York this fall, a feature in our breadstuffs trade with the United Kingdom deserves mention. Although British im ports of wheat increased in value £5,207,114, equal to 48.6% in September and 20.4% for the nine months since Jan. 1, the arrivals from the United States during September were little more than one-third those for the same month in 1908—£411,225, against £1,122,141 while for the nine months the decrease was from £7,886,247 to £4,504,392. Russia, on the other hand, has supplied Great Britain with £4,323,551 worth of wheat this year, as contrasted with only £1,034,265 for the first three-quarters of 1908. British imports of coffee in September increased just over 50% in quantity, a fact that goes far to explain the shipments of gold to Brazil from London and from New York on London’s account. One of the most remarkable features of Anglo-American trade this year has been the increase in our imports of linen manufactures; whereas only 55,194,200 yards were received up to Sept. 30 last year, the total for nine months this year is 104, 986,800 yards, the increase in value being from £1, The important declaration concerning Germany’s 455,705 to £2,473,533. colonial policy made before the American Academy of Political and Social Science at Philadelphia last Last year there was much talk of the migration of Saturday by Count von Bernstorff, the German Am various industrial concerns from the United States and bassador to the United States, has been received with certain European countries to Great Britain because cordial approval throughout the Fatherland, accord of the new patent law which required foreign manu ing to press dispatches from Berlin. Rightly or facturers to have establishments within the borders wrongly, Emperor William’s ambitious naval program of Britain. As a matter of fact quite a number of has been construed as portending Pan-Germanic ten branch factories were erected in England, especially dencies; therefore, the specific assurances of Germany’s in the neighborhood of the Manchester Canal, but the representative in this country that colonial expansion movement did not assume the dimensions at first pre is not to be prosecuted will perhaps tend to allay the dicted. Now, some influx of industrial enterprises is apprehensions of Great Britain as well as any latent taking place in the United States. More than one uneasiness that may have been felt on this side of successful textile firm had found it profitable long the Atlantic, and the hope is now entertained that the before our tariff was revised by the present Adminis way has been opened up for a renewal of pourparlers tration to erect factories here, but it is only within between the British and German governments. The recent weeks that much attention has been focused Prime Minister of Great Britain, in his speech at the on the acquisition by foreigners of plants in this Guildhall on Tuesday, on the occasion of the Lord j country. One of the leading silk-dyeing firms of Mayor’s inauguration (when State matters of great Europe, which has its headquarters at Lyons, has moment are usually discussed), declared that he knew secured an extensive factory at Paterson, N. J., and “ of nothing which need stand in the way of a full and statements made by representatives of the firm leave friendly understanding with Germany.” no doubt that much work formerly done abroad will 1he attitude of the German Emperor when he opens be carried out here. Deputy Consul Hanauer, at the Reichstag will now be awaited with keen interest. Frankfort, reports that a world-renowned lead-pencil Premier Asquith having proffered the olive branch, factory at Nuremburg has also decided to build works the response may be more encouraging than that made in the United States, and that other Continental manu when last the British Government sought to discuss facturers, especially those engaged in the silk trade, with Germany the question of restricting the inordi are considering how best to adapt themselves to the nate increase of armaments in both countries. Con new conditions. This week it was announced that a ditions in Germany have since then undergone changes prominent firm of belting manufacturers in Glasgow that may tend to check the harassing expenditures (the R. & J. Dick Co.) has purchased a site near incurred in building Dreadnoughts and super-Dread Passaic, N. J., on which a very large factory will be noughts. I he Socialists, who are the avowed op built and be ready for operation next spring. The ponents of the Kaiser’s Imperial policy, have been new tariff on belting is 35%. achieving significant victories at the polls, and their influence in the next Reichstag, therefore, will be The concentration of banking power in England, a greater than ever before. As they are committed to process that has been going on for several years, is naval retrenchment, the possibilities of far-reaching emphasized by another historical amalgamation, that development are not now altogether Utopian. How |of Parr’s Bank, Limited, and Stuckey’s Banking Com 1248 THE CHRONICLE [VOL. L X X X IX . pany, Limited. Only a few months ago the London & County Bank and the London & Westminster Bank were combined, while a little earlier the City & Mid land absorbed the North & South Wales Bank. To day the number of joint-stock banks in England is less than half that of twenty years ago and the ten dency is towards still further reduction through amalgamation. By the end of 1909, the total will be below fifty, or fewer than there were fully thirty years ago, notwithstanding that in the interval deposits have more than quintupled. discount rate at the Dutch capital, after having ruled below 3% , has advanced to 3 @ 334% . At New York gold shipments aggregating $1,450,000 were arranged for Wednesday’s South American steamer, Brazil getting the whole amount. Yesterday $1,500,000 more was engaged for shipment on Monday next, and exchange experts do not believe this outflow has been definitely checked, despite the large amount that has already been sent thither, both from London and New York; on Thursday $2,550,000 more was shipped from the former point. The commercial failures statement for the month of October 1909, as compiled by Messrs. R . G. Dun & Co., does not continue to show the improvement noted in the previous month. Not only is the number of bankruptcies reported much greater than in Sep tember, but the amount of liabilities in both the manufacturing and trading divisions is noticeably larger. Furthermore, the number of disasters is but little less than in October 1908, although the obligations they involve are some 334 millions of dollars lower. The compilation, as issued, shows total liabilities in October this year of $12,529,862, against $15,898,668 in the month last year, with manufac turing disasters covering $5,497,919, against $7,142, 381, and brokers, transporters, &c., involved to only the extent of $485,418, against $2,566,125. In trading lines the liabilities at $6,546,525 compare with only $6,190,162 in October 1908 and are greater than in the month of 1907, when the aggregate of all failures was $27,414,990. In fact, trading failures in October 1909 were heavier as regards amount of lia bilities than in the corresponding month of any year since 1896. For the ten months of 1909 the total number of failures is 10,830, with liabilities $128, 665,733, which compares with 13,133 and debts of $195,576,191 in the like period last year. Manufac turing disasters make comparison between $54,788,634 this year and $86,282,812 in 1908; trading liabilities $56,448,893, against $79,000,389, and failures in other lines cover obligations of $17,428,206, against $30,292,950. Rates for money on the New York Stock Exchange were affected at the opening of the week by the poor bank statement, and when gold began to be engaged for export, the upward tendency of rates became pro nounced in both the call and the time divisions. Lend ers were influenced also by interior demands and by some out-of-town calling of loans by institutions in need of funds for near-by use— a fall in New York ex change at Chicago to 50c. per $1,000 discount was interpreted as illuminating. On Wednesday call loans reached 5 % % and the general run of time loans 5% . On Thursday there were fewer offerings of short-term maturities, and these ranged from 5@534%> the higher figure being usually adhered to for 60 days and the former quotation being accepted for 90 days as well as for four months. Large private bankers were willing to place five and six-months’ funds at 5% and occasionally at 4 although little business was done at the lower rate. Yesterday 534% was asked for short maturities and 5% for four, five and six months, with loans made at that rate and also at 4^4%. The demand is chiefly for the shortest periods, as these now carry into the new year, when money rates everywhere are expected to relax. Bor rowing for short dates is also stimulated by the rise in call loans and by fears that there may be temporary tightness around Dec. 1 and the end of the year, when heavy settlements will have to be effected. Call money did not go above 5% on Monday, but on Tuesday 534% was recorded and on Wednesday 5 % % , as already stated, was reached. This attracted for eign funds, including a considerable sum from France, while important banks, bankers and trust companies also entered the market. The range on Thursday was 3@ 534% , with a weaker undertone at the close. Yesterday the rate fluctuated between 434% and 6% , with the close at 6 % , which is the high quotation of the year. The average for the week was about One international gold movement of quite unusual interest was inaugurated during the current week, namely between Paris and London. When the Bank of England raised its rate three times in successive weeks, a cry was raised that New York was specially aimed at, but in influential banking circles the ex planation offered was that the London institution merely desired to protect its meagre holdings of gold by diverting demands to other centers, particularly New York and Paris. The 5% Bank rate at London at once caused gold coin to be shipped from New York to South America, a movement that is still in progress, but it was not until Wednesday last that definite re ports were received that gold was being sent from Paris to London to pay for well-secured bills. The Paris check on London had risen to 25 fr. 2534° • or > 3c. above par, but by Thursday, when another ishipment of gold was made, the rate had receded to below the normal gold-export point. The Bank of England also obtained a moderate amount of gold from Holland, in payment, it is understood, of securi ties sold in Amsterdam prior to the London fortnightly settlement, which ended on Thursday. The private 4M % . . Commercial paper is offered for discount in larger quantities than the market can absorb under existing monetary conditions. Cotton houses are borrowing pretty heavily at this time, their business being what is called a “ one-season” trade. The same comment applies to woolen firms. Most of the choicest single name bills running from four to six months are now negotiated at 534%> with 5% the minimum for ex ceptional names and for short endorsed bills receiva ble. Less attractive paper is quoted 534 @fi%* New York trust companies and banks make occasional pur chases, there is a light demand from New England towns, and the South is showing a little interest. No extensive discounting is looked for until money rates become easier, probably in January. Nov. 1,3 1909.1 THE CHRONICLE The Bank of England did not find another advance in its minimum rate necessary on Thursday, although all doubts on this matter had not been allayed by the retention of the 5% rate by the Imperial Bank of Germany on Monday, particularly as private discounts had been firmly maintained at all European cities, and the London Bank was not lending on call below 5% o • The rate for 60-day bills in London is now 4 % % and for 90-day bills 4 % % . The Berlin rate closes the week firm at 4 % % . At Frankfort the quo tation is a shade higher— 4 % @ 4 % % . Paris, after holding to 3% , now reports 2 % @ 3 % . Amsterdam has been influenced by stock speculation, as explained elsewhere, and the range there is from 3 to 3 % % . The Bank of Bengal on Thursday raised its official rate from 4% to 5% , and the National Bank of Switzer land advanced its charge to 4% . According to our special cable from London, the Bank of England, which again secured all the new South African gold (£500,000) offered on Monday, as well as consignments from France and Holland, gained £1,004,771 bullion during the week and held £33,203,498 at the close of its week. Our correspondent further advises us that the purchases in the open market, with free imports from France, &c., and moderate receipts from the interior of Great Britain, largely overbalanced the exports, which were wholly to Egypt. The details of the movement into and out of the Bank were as follows: Imports, £1, 274,000 (of which £351,000 from France, £280,000 from miscellaneous sources and £643,000 bought in the open market);exports, £344,000, wholly to Egypt, and receipts of £75,000 net from the interior of Great Britain. Foreign exchange fluctuations this week have been within a narrow range, the market giving little sign of falling back to a normal November level. Offerings of commercial remittance, as well as of stock or finance bills, continue comparatively light. The October sta tistics covering our exports of leading domestic products, which show a total of $123,643,720, or not far from the maximum for any month, created sur prise, as there had been a feeling that abnormal prices had materially retarded shipments abroad. • Although the value of cotton exported last month is put at 888, 883,000, a figure never equaled, exchange dealers contend that at no time has there been conspicuously heavy supplies of cotton bills available. Grain bills also have never been pressed on the market in great quantity. During the fortnightly account that ended on Thursday, London was only a small operator on balance in American stocks, while both home and foreign assimilation of bonds has continued indifferent. A few finance bills of considerable size have appeared within the last few days, principally representing the acquisition by big bankers of fresh supplies of money in Paris. When Berlin raised its Bank rate French capital gravitated thither in large volume, and it is significant that French exchange there for future use is already very stiffly quoted. Paris will no doubt insist upon the repayment of its advances so as to make an impressive showing when statements are drawn up on Dec. 31. The Bank of England’s weekly statement was hailed with less enthusiasm by exchange bankers than by others, for they hold that a reserve of 50.71% (this week’s ratio) looks better than it 1249 really is under existing circumstances; their contention is that bullion supplies of only £33,200,000 are inade quate and that the Bank will lose no opportunity to raise the total to nearer £40,000,000. Compared with Friday of last week, rates for ex change on Saturday advanced about 10 points. On Monday the highest level for the week was attained; demand sold as high as 4 87% and cables at 4 88% , on inquiries incidental to the London settlement. On Tuesday sixty-day sterling advanced to 4 8325@ 4 8335, the maximum for the week, but demand closed easier at 4 8730@4 8735 and cables at 4 8805@4 8815. By Wednesday positive assurances were received that the London Bank rate would not be changed, and on that day exchange dropped about 15 points, long falling to 4 8305@4 8315, demand to 4 8715@4 8720 and cables to 4 8785@4 8795. On Thursday, after early weakness, the market moved up in the after noon to 4 8315@4 8325 for sixty days, 4 8720@4 8725 for demand and 4 8790@4 8795 for cables. On Friday long sterling was lower, but demand and cables closed unchanged. The following shows the daily posted rates for ster ling exchange by some of the leading drawers. Fri„ M on ., Tues., Wed., Thurs., Fri., Nov. 5. N ov. 8. N ov. 9. Nov. 10. Nov. 11. Nov. 12. Brown J60 days Bros. & C o........... ..1 S ig h t.. Kidder, Peabody / 60 days & C o ...................... - . ’ S ig h t.. Bank British 160 days North America . . -.1 S ig h t.. Bank of J60 days Montreal......... ...... --\ S lg h t.Canadian Bank J60 days of Commerce____ - .1 S igh t.. Heldclbach, Ickelj 60 days heimer & C o_____ ..\ S igh t-_ Lazard j 60 days f reres .................. Merchants’ Bank /60 days of C a n a d a ........... - -IS lg h t.. 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 84 88 84 88 84 H 88 84 88 84 H 88 84 88 84 88 84 88 84 88 84 88 84 H 88 X 84 88 84 88 84 88 84 88 84 88 84 88 84 88 84 a 88 84 88 84 88 84 88 84 88 84 88 84 88 84 88 84 ^ 88 H 84 88 84 88 84 88 84 88 84 88 84 88 84 88 S4M 88^ S4 88 84 88 84 88 84 88 84 88 84 88 84 88 84 X 88 M 84 88 84 88 84 88 84 88 84 88 The market closed on Friday at 4 8305@4 8315 for sixty days, 4 8720@4 8725 for demand and 4 8790@ 4 8795 for cables. Commercial on banks was quoted at 4 8280@4 8290 and documents for payment at 4 82%@,4 83%. Cotton for payment ranged from 4 82@4 82% and grain for payment from 4 8 3 % @ 4 83%. The following gives the week’s movement of money to and from the interior by the New York banks. Received by Shipped by N . V . Ranks. N . Y . Banks. Week ending Nov. 12 1909. N et Interior Movement. $6,092,000 829,000 $10,045,000 Loss 2,064,000 Loss $3,953,000 1,235,000 $6,921,000 Gold ...................... .................................. 812.109 000 Loss ........ SfilRSOOO With the Sub-Treasury operations and gold exports the result is as follows. Into Banks. Week ending Nov. 12 1909. Banks' Ulterior movement, as a bove. Sub-Treas. oper. and gold e x p o rts .. Out o f Banks. Net Change in Bank Holdings. $6,921,000 16,700,000 $12,109,000 Loss 19,800,000 Loss $5,188,000 3,100,000 $23,621,000 $31,909,000 Loss $8,288,000 The following table ind icates the amount of bullion in the principal European banks. Nov. 11 1909. N ov. 12 1908. Banks o f Gold. E n gland-. France _ _ Germany . R u ssia ___ Aus.-IIun. S p a in ____ I t a ly .. . . Netherl'ds N at.B elg.. Sweden . . Swttzerl’ d Norway . . SUver. Total. Gold. SUver. Total. £ 33,203,498 144.048,680 35,207,100 139,255,000 57.321.000 16.080.000 38.382.000 10.523.000 4,234,667 4.377.000 4.978.000 1.895.000 £ £ 33,203,498 179,729,100 46,550,250 146,177,000 69.143.000 46.786.000 42.482.000 13,254,300 6.352.000 4.377.000 4.978.000 1.895.000 £ 35,719,196 133,220,320 42.613.000 122,257,006 48.676.000 15.766.000 37.188.000 7,775,500 4.212.000 4.250.000 4.665.000 1.810.000 £ £ 35,719,196 168,771,078 53.613.000 128,808,000 61.008.000 48.264.000 41.688.000 11,624,200 6.318.000 4.250.000 4.665.000 1.810.000 35,680,480 11,343.150 6.922.000 11,822,000 30,706,000 4.100.000 2,731,300 2,117,333 35,550,752 11,000,000 6.551.000 12.332.000 32.498.000 4.500.000 3,848,700 2.106.000 Total week 489,504,945 105,422,263 594,927.2081458,152,022 108,386,452 566,538,474 Prev. week 487,850,344 105,816,593 593,666,937 456,384.303 108,628.469 565,012,772 1250 THE CHRONICLE [VOL. LXXXIX. receive new views and impressions. It is not at all improbable, and has indeed been so stated by When, last September, Mr. Vreeland, Chairman of political friends of Mr. Aldrich, that his primary purpose was to satisfy Western people, through a the House Banking and Currency Committee and personal visit, that the currency reform investigation member of the Monetary Commission, took ground in was being taken up on broad lines and with neither a public speech for the central bank expedient, and sectional prejudice nor deference to the wishes of any when in the ensuing week President Taft made a special interests. In these directions the Senators point of referring to that expedient and the Chairman speech at Omaha last Wednesday was most tactful, of the National Bankers’ Convention spoke strongly making, as it did, a strong point of the extent to to the bankers in advocacy of it, there was a seemingly which the real resources of the State must be handi general inference that the Monetary Commission had capped in their proper development by the absence reached a decision to adopt that plan in its report, and that the plan itself would speedily be pressed in Con of an up-to-date currency system. A series of speeches of this sort, however, devoted gress. Had this been the actual situation, we, for by so prominent a public man to so highly interesting ourselves, would have regarded it as highly unfortunate. a public topic, could hardly be made without throwing A question of great delicacy and intricacy would have light on the attitude which the Monetary Commission been suddenly injected into politics, and an almost and the people at large are likely to take regarding revolutionary proposal for solving it would have the subject under discussion. There will be plenty been forced into hasty consideration. The outcome of time for further development in public feeling on could hardly have failed to be unpleasant, whether the matter. Mr. Aldrich himself virtually admits that policy were successful in the Congressional dis that no currency bill will be brought in by the cussion or not. Commission during the coming session of Congress. Happily, the inference drawn from the September This would mean that no such bill would be brought speeches was incorrect. The successive deliverances before either House until this Congress assembles of Mr. Vreeland, Mr. Taft and Mr. Reynolds are now for its final session in December 1910. That session, known to have been pure coincidences. The Secretary furthermore, is restricted; the Sixty-first Congress of the Treasury has gone out of his way to insist that expires by limitation on the ensuing 4th of March, the Administration will take no attitude whatever and it is always doubtful whether a measure of the on the central bank proposal until the full report first importance can be enacted in such a session. and conclusions of the Monetary Commission are at However this may be, it remains to say that Senator hand. Last Saturday, in his speech to the Commercial Aldrich’s speeches, tactful as they have been, have Club at Chicago, Senator Aldrich himself put a final been accepted by the press and the public at large as quietus on the rumors and inferences by declaring pointing strongly to his own belief in the central bank, flatly that “ the question of a definite plan for reforming and for this reason have evoked rather widespread existing conditions has not yet been taken up by the comment on that expedient. Carefully as Mr. Aldrich Commission.” has guarded against arguing formally for a central This disposes not only of the somewhat uneasy bank, his discussion of the great State banks of feeling of two months ago, but of the Washington Europe, read between the lines, has made it clear rumors which of late have occasionally come in the shape of press dispatches, regarding the purposes of the where he stood on the general question. This attitude Commission. The Commission as a body retains its has, moreover, already evoked a good deal of opposi open mind, and is, on the face of things, no more likely tion. The position, even of the New York press, has to decide for a central bank than for any othei of the in large degree been passively if not actively hostile numerous possible expedients. When Mr. Aldrich to the central bank expedient, and such comments announced his purpose of making a series of speches in by economic periodicals as we have seen have been the West this autumn, hasty inference was at work either extremely guarded or cautiously adverse to the again, assuming that whether the Commission had plan. It is not without interest to observe that such finally settled on the central bank plan or not, Mi. unfavorable criticisms as are made, either in publie Aldrich had in view the starting of a personal propa speeches or in the press reviews referred to, divide ganda for that plan, and the allaying of Western themselves into objections based on the political situa opposition to it.. This set of inferences ignored one tion which would result, and objections based on the rather vital point, namely that if the Monetary financial results. The feeling that, however disin Commission, of which Senator Aldrich is Chairman, terested might be the purposes of the framers of a law had made no choice among the various policies for for a central bank, it could not be kept absolutely reform of the currency, it would have been in the high out of politics, appears to be deep-rooted. The est degree improper for Mr. Aldrich himself to take feeling of the West, voiced both in their newspapers the stump, so to speak, in behalf of any of those plans. and in the speeches of public men, such as that ol In fact, Senator Aldrich has done nothing of the Senator Cummins this past week, have expressed sort. His attitude, from the official point of view, has been entirely correct during the series of speeches rather strong distrust of a plan which might, in their which he has made this past week at Chicago, at judgment, be used unduly to increase the power Kansas City, at St. Louis and at Omaha. In general, of Eastern financial interests. We do not cite these objections as in all respects the Senator has adhered to the plan of merely arguing either logical or final; the interest in them arises for the necessity of currency reform, and of explaining the work of the Commission. His attitude has been chiefly from the fact that so many and so varied conciliatory, and his speeches have insisted on his criticisms should have been made on the central banjc own readiness and the Commission’s willingness to plan, even before its formal advocacy by the statesmen SENATOR ALDRICH A N D CURRENCY REFORM. Nov. 13 1909. THE CHRONICLE 1251 appointed to frame a program for currency reform. We do not doubt that this attitude of the public mind will be seen and appreciated by members of the Monetary Commission and by Senator Aldrich himself. Even members of the Commission who have allowed to be known their predisposition for a central bank, have qualified this by saying that they were open to conviction in behalf of any other plan. This fact is well to keep in mind, because it indicates that the discussion, even in its preliminary stages, is not yet closed; that the choice of the avenue of reform to be pursued is not yet made and will not be made until after abundant further discussion. That Senator Aldrich himself is in an honestly receptive frame of mind on the question may be judged from these extracts from his St. Louis address of last Monday: “ I had been a student of finance, banking and currency and believed that that qualified me to judge. After the year and a half that I have spent in con sideration of the matter I am free to confess that if I were given carte blanche to provide a policy and plan for the organization of the banking and currency system of the country I could not do it. My examination of the matter has disclosed so many intricacies, so many difficulties, that they appall me. I do not doubt that a solution can be arrived at. So vast is the issue with its collateral branches and its ramifications that it reaches into every household in the land. We are bound to confer with men whose patriotism and whose hopes for the future of the country they have done so much to advance will lead them to take hold of this matter and bring to it their best thoughts. Out of it will certainly come a system worthy of our great country.” This statement seems to us to indicate a fair and unbiased consideration by the Monetary Commission of all the arguments pro and con bearing on every expedient for currency reform which reflection and experience have suggested. SPECULATIVE OPTIMISM. Certain phases and features of the existing com mercial, financial and industrial situation arrest at tention. The iron and steel industry is in a state of extraordinary activity, surpassing all previous, similar eras in that respect, and this week’s advices from Pitts burgh are to the effect that some of the mills are work ing double time. As usually happens on such occa' sions, the activity of that industry is carrying other industries along with it, though not all with equal velocity, and, indeed, there are some prominent ex ceptions where even the dimmest vision cannot fail to see evidences of a lagging tendency. On the whole, however, the general industrial situation is intrinsi cally sound and undoubtedly affords a warrant for hopeful and favorable anticipations regarding the future. But coincidently with this really gratifying phase of the trade aspect, prices are being advanced to almost limitless heights, and cliques and combina tions are being established whose only scope and effort is to run values still higher, or at least to hold them up against the influence of natural and normal agencies which, if left free to operate, would bring them down. There is no aspect of the general situation more prominent or more pronounced than this rising price tendency. If there be a prospect of an increased con sumption of goods, as invariably attends business ex pansion, that circumstance is taken as furnishing war rant for higher prices; on the other hand, if there be the least likelihood of a falling off in production, that circumstance is accepted with equal, if not greater facility, as an argument in favor of higher price levels. The inevitable outcome is reckless and senseless specu lation. In some of the commodity markets specula tion is proceeding at such a furious pace, in utter dis regard of the underlying and controlling facts, that one is inclined to think reason has been dethroned. Of course, advancing prices and more or less specula tion are the invariable concomitants of growing trade prosperity, but it is seldom that the restraining hand is so completely absent as at the present moment. Ordinarily, dear money exercises a salutary influence, nipping speculative schemes and restoring the equil ibrium by limiting drafts upon the monetary reser voirs to the demands of legitimate trade; but to-day, who cares whether money is cheap or dear? The whole financial world, and the commercial and indus trial world as well, is proceeding in utter disregard of monetary conditions. The banks themselves seem to have been as completely carried away by the pre vailing spirit and tendency as those whose price opera tions they are assisting. Call money yesterday touched 6% and time money has risen all around, so that loans can not be ob tained at less than 5% , while commercial paper rules at still higher figures. At the same time bank reserves are low, with a possibility of a deficit; theinterior demand for money keeps up, and New York is being called upon to ship more gold to South America, because London, in view of the meagre bullion holdings,, of the Bank of England, does not feel that it can meet this Brazilian demand all by itself. Both the Bank o f Germany and the Bank of England are maintaining a discount rate of 5% , and there are, or have been, fears that even higher rates may have to be established. Opinions may differ as to the reason for all this, but it certainly presents a formidable array of adverse monetary conditions. But what has been the effect on the Stock Exchange? Almost absolutely nil. Whether existing price levels for the best grades of properties are justified or not, is of no moment in this discussion. The fact is that there has been a tremen dous rise in stock values during the last two years, and that nevertheless the monetary situation, usually the controlling factor on the Exchange, is now exer cising relatively little influence upon the course of values. If there be a decline for two or three days, the ensuing days bring a quick recovery. To be sure, dealings have been reduced and the stock market at times is dull, but as if to bid defiance to the money market, at the very moment when things are most lifeless, some low-priced specialty, with nothing torecommend it, is taken in hand and sent rapidly up ward. Our banking institutions seem to share in the prevail ing optimism. At all events, there is as much serenity in bank parlors as when money is to be had at 2% / We of course do not know what to-day’s bank and trust company returns will show, though it seems likely they will be poor; but in each of the last three week* the Clearing-House banks added to the volume of their loans, taking over some of the loans of the trust companies. According to the figures of actual con dition, the banks in the w*eek ending Oct. 23 increased 1252 THE CHRONICLE _______________________________ I [V o l . l x x x i x . their loans from $1,231,411,000 to $1,235,399,200; in in the relations between supply and probable demand. the week ending Oct. 30 they increased them further Yet no attention whatever is given to this feature, and to $1,237,177,400, while last week there was still fur a determination is manifest to carry the upward move ther expansion, bringing the total up to $1,243,802, ment to still dizzier heights. Those back of it care 000. As previously explained by us, the figures really nothing for the possible consequences. When disas cover loans and investments, but we take it that the ter comes they will endeavor to save their own skins banks are not buying securities, and thus adding to and unload on the public. But it does seem as if the banks ought not to lend their investments, at a time when money rates are on assistance to the movement and risk being involved in their present remunerative basis. The trust compan ies have been contracting their loans in recent weeks, the inevitable downfall. It is hardly necessary to argue some of these loans being transferred to the banks, as this point seriously as far as direct speculation on the stated above, but it is well enough to note that the cotton exchanges is concerned, but there is another average of the loans for the banks and trust companies phase of the matter which also deserves consideration. combined last week stood at $2,447,785,300, as against Banks all over the South are being urged to make large $2,439,447,500 the previous week and $2,445,020,000 advances on cotton with the view to enabling the the week before. The money holdings of the combined planter to hold his cotton for still higher figures, and, .institutions in the same two weeks dropped from as customarily happens, they appear to be inclined $477,846,700 to $462,225,300. At $2,447,785,300, to go a great way in that direction. What individual the loans of the combined institutions compare with banks may do no one can tell, but when there is con only $2,295,210,800 at the corresponding date last certed action to that end, the matter passes out of year, while the money holdings, at $462,225,300, com the realm of mere discussion and assumes great im pare with a total in 1908 over 20 million dollars portance. The “ Atlanta Constitution” of October 30 larger, or $482,689,900. At the same time it is known is authority for the statement that “ banks in Georgia that Government coffers have been pretty well drained have agreed to loan upon cotton stored in Farmers’ of their money holdings, so that there is little chance of Union warehouses in this State (Georgia) a sum aggre relief from that source. Such a state of things is cer gating several million dollars, to the end that the com modity thus financed may be held until the price tainly not suggestive of prudence or conservatism. Consider now the tremendous speculation that is reaches 15 cents.” It is added that “ the banks sub going on in cotton. The banks must be aiding the scribing to the arrangement will advance money up to movement, otherwise it could not be continued. One a basis of 13 cents a pound valuation.” It was stated or two severe drops in the price of cotton occurred that the arrangement would become effective at once, this week, indicative of the inherent weakness of the so that members owning cotton stored in warehouses movement; but those behind the speculation came to and pressed for funds might immediately approach the rescue and boosted prices up again. Hie staple the banks designated by their officials and obtain is now about 5% cents a pound higher than a year ago, sufficient funds to relieve their immediate needs. middling uplands spot cotton in this market being This was the situation two weeks ago, and since then the price has actually touched 15 cents. Accordingly, quoted at 14% cents per pound, as against only 9.35 planters are now being urged to hold their crop for cents at the same date in 1908. Yet this, instead of re straining the ardor of those engaged in the specula still higher prices, and we may be sure that the banks will be asked to lend still more upon it. And so each tion, is adding new zest to it. Predictions of 20 cents new advance will encourage the speculator and grower a pound are now freely made, and the cry has been to insist upon further gains. Caution will be thrown taken up by the Southern planter, who is urged to to the winds until the inevitable collapse occurs. hold his cotton foi* that figure. And the only basis for In the copper trade, too, indications multiply of an the speculation is the belief that has been cultivated attempt to control price movements by artificial means that this year’s yield does not seem likely to equal the and processes. Here the trouble is that values still extraordinary yield of last season. Just what the rule very low, but with prices kiting in other direc aggregate production will be no one can tell until tions, the copper producer seems to think that he picking has been completed; but taking the woist ought to obtain by artificial means what normal con view possible of the probable shortage, those engi ditions deny to him. At the moment, both the pi ice neering the speculation ignore entirely the fact of copper shares and the price of the metal are being that each addition to price means a reduction in con held up in the face of adverse conditions, on the theory, sumptive demand. that, through some kind of a harmony agreement, Curtailment in the manufacture of cotton goods not yet well-defined, between the different producing has been determined on all over the world, the Ger interests, it will be possible to overcome natural laws man spinners having this week followed in the wake of instead of letting such laws work their own cure. In spinners elsewhere in Europe and likewise those in our article on the Financial Situation, on another page, the United States by taking radical action to that end. we review the statement of the Copper Producers’ The Association of German Cotton Spinners on i uesAssociation for the month of October, issued the pres day issued a circular to the mills, urging the curtail ent week. It seems there has again been an increase ment of yarn production as an absolute necessity, in in the unsold stocks of copper, and it appears, fuitheiorder to prevent (as urged) a further heavy rise in the more, from the statistics cabled from abroad, that the price of raw cotton and the exhaustion of supplies of foreign visible supply of copper has also again been the raw material toward the end of the cotton year. added to, the total now reaching prodigious propor Entirely apart, however, from such ocular demon tions. Altogether, as we show, 700 million pounds strations of the decrease in the requirements for raw of copper have been stored up here and abroad, or are cotton, it is obvious that tremendous rise in the price within easy reach. The simple truth is that the copo f the staple must bring about an entire readjustment Nov. 13 1309.] THE CHRONICLE 1253 problem presenting difficulties for solution. Chinese repatriation, it was feared, would thus hinder the development of gold production, but experience has proved that such losses of coolies did not serve at once to check gold development. It is only very gradu ally that the coolies have been leaving the mines, until now there are only 3,204 in the Rand as a whole, and none at all in the West Rand. Hence, as the exodus of the Chinese went on, their loss was very little felt, as their places were filled by the recruiting of na tives, until on April 30 the native force reached the large total of 175,122, including those employed by the contractors. After that date the aggregate employees began to net a decrease, and at the close of September had been reduced to 158,298, the number of Chinese declining at the same time. Thus it is that the check to the development in gold production is in large part accounted for, reports from Johannes burg stating that many mines have suffered through shortage of labor; this is a perfectly natural situa tion under the circumstances, for as the product of the mines increases through new developments, it would be necessary to provide an additional force as well as make up for any defections. The shortage of labor, it is also explained, was due largely to the prosperity of the natives through the excellent harvest. In other words, these circumstances have seriously hindered recruiting laborers. It is confidently asserted, however, that with the passing of the inclement weather, and of the fever which had accompanied lavish living, and with the results of the harvests squandered, reducing many to a state of poverty, the position will gradually improve, and the situation become normal. Gradually, also, it is assumed that GOLD PRODUCTION IN NINE MONTHS OF 1909. better work will be obtained by machine drills, the sub There is nothing in the returns of gold production stitution of which has been forced by lack of hands. As regards the actual output of gold, Rand produc for the first nine months of the current year to encour tion for September, according to mail advices, at age expectations that when the figures for the full year are compiled they will indicate a very important 585,736 fine ounces, was lower than in any preceding increase in the world’s annual new supply. It is true month of 1909 except February; furthermore, cable that actual returns form African fields (the Transvaal advices indicate that the October result will be slightly we have particularly in mind) show an increase in less. As indicating the effect the shortage of labor yield, month by month, as compared with 1908, but has had upon production, we have merely to state the increase is of more moderate proportions than in that from a total of 603,411 fine ounces in May, there earlier years. The probabilities are also that the was a decline to 599,078 fine ounces in July, 590,924 in mines of the United States are in the aggregate doing August, 585,736 in September and (as cabled) 580,000 better this year than last, especially the Alaskan fine ounces in October—this latter being a decrease of fields; but this idea is encouraged by current reports 14.000 fine ounces from the output for the correspond rather than by actual returns of operations. Canada ing month of 1908. Moreover, it is highly probable and Mexico, likewise, it is not too much to expect, that production for the remaining two months of the will give moderately larger yields than in 1908. On the current year will be below the full figures of 1908. other hand, most of the Australasian workings con Especially is this likely to prove true of the December tinue on a decreasing scale, owing to the poorer ores result. For the nine months ending Sept. 30 1909 pro in the lower levels worked. East Indian production duction reached 5,298,027 fine ounces, against 4,959, is proceeding about as in the previous year. It would 427 fine ounces in the like period of 1908 and 4,594,335 thus appear that from the world’s mines as a whole, fine ounces in 1907. Other districts of the Trans so far as our present information enables us to judgef vaal not included in the Rand produced in the nine a product not much larger than in 1908 is the promised months only about 180,000 fine ounces, against 200,432 fine ounces in 1908 and 170,169 fine ounces in 1907. result for 1909. It is only natural, when any reference is made to For the whole of the Transvaal, therefore, the yield in this matter of gold production, that first mention the nine months of 1909 was 5,475,374 fine ouncesr should be accorded to the Witwatersrand district of which contrasts with 5,159,859 fine ounces in 1908 and Africa, which, from a position of little importance 4,764,594 fine ounces in 1907. From districts outside twenty years ago, developed in 1904 into the foremost the Transvaal (Rhodesia, West Africa, &c.), results producer of the world. Furthermore, each succeed have hardly been up to those of a year ago, the nine ing year it has increased its lead, and this notwithstand months’ total for the current year having been about ing the fact that at various times labor has been a 710.000 fine ounces, against 750,000 fine ounces in per output, unlike iron and steel production, is far in excess of the demand. The remedy would appear to be equally simple, and that is, let the price decline until some of the producers find it no longer possible to mine copper at a profit, thus reducing the output and thereby restoring the equilibrium. In the meantime, price manipulation and illegiti mate demands upon the money market are doing real harm in certain directions. It is a notorious fact that for many months there has been only a limited demand for new bond issues. I his was true even befoie the i c cent advance in money rates. Since money has be come actually dear, the floating of new loans on any large and extensive scale has become altogether out of the question. As a consequence, the financing of the needs of our railroads and large industrial under takings is being held in abeyance. In many cases the bankers have already agreed to take the new bond issues, but cannot turn over the proceeds until the new issues are actually marketed. At present, it would be'folly to make an attempt to find a market. The hope is that monetary conditions will improve, but obviously expectations in that regard will not be realized if the funds of our banking institutions are tied up in price manipulations. In the hope that the new capital requirements can be obtained, our rail roads and great manufacturing concerns are going ahead with their improvement and extension work, but if the difficulty of obtaining new funds should con tinue, work of this description would sooner or later suffer a severe contraction, and with it would come an end to trade activity and prosperity. The danger is thus real, not imaginary. 1254 THE CHRONICLE 1008 and 630,000 fine ounces i n 1907. But we have as representing the yield of the whole of Africa an aggre gate of 6,185,374 fine ounces for the nine months of the •urrent year, against 5,909,859 fine ounces in the same interval of 1908 and 5,394,504 fine ounces in 1907. Australasian production, as intimated above, con tinues on a gradually declining scale. For the nine months of 1906 the combined yield from all districts was about 2,876,000 fine ounces, from which level there was a drop to 2,673,000 fine ounces for the same period of 1907, to about 2,400,000 fine ounces in 1908, and for the nine months of the current year our advices seem to warrant only 2,300,000 fine ounces. The output from the Colar field of India for the period Jan. 1 to Sept. 30 1909 is slightly greater than for the nine months of either 1908 or 1907, the comparison being between 400,742 ounces, 392,246 ounces and 393,192 ounces. Combining the aggregates for Africa, Aus tralasia and India, which embrace the only countries furnishing actual statistics for periods less than a year, we have a total of 8,886,116 ounces for the nine months of 1909, against 8,702,105 ounces in 1908 and 8,460,696 ounces in 1907. Allowing for moderate gains in the United States, Canada, Mexico, &c., we would reach a total product for the world for the nine months of 1909 of approximately 1634 million fine ounces, valued at 336 millions of dollars, which contrasts with 32534 millions in 1908 and 312 millions in 1907. On this basis for the nine months, the indications for the full calendar year 1909 would be for a yield from the world’s mines of about 21% million fine ounces, equivalent to 44934 millions of dollars, against 21 millions fine ounces valued at 435 millions of dollars in 1908 and 20 million fine ounces and 41234 million dollars in 1907. A feature of the year thus far has been the absorption of the metal by the Argentine Conversion Fund. That fund in the nine months ending Sept. 30 rose from$154,548,526 to $201,302,097, or again of $46,753,571, by far the largest part of which was drawn from New York. RAILROAD GROSS EARNINGS FOR OCTOBER. In extent of improvement disclosed, returns of rail road gross earnings are getting better each succeeding month. This is the more significant inasmuch qs com parison is no longer with heavily diminished totals, as was the case in the earlier months of the year. In October 1908 the shrinkage in earnings, speaking of the roads collectively, was comparatively slight. In fact, in reviewing our early preliminary statement for that month, we made the same comment that we do on the present occasion, saying that the returns were growing better with each succeeding month, “ better,” how ever, in that case meaning not gains but a diminish ing amount and percentage of loss. Our figures for the present October cover, as they always do when our compilation is made up so soon after the close of the month, only the roads which make it a practice to give out early preliminary figures of their earnings. Altogether the statement com prises 48 roads or systems, embracing an aggregate of 81,508 miles of line, or considerably over one-third the railroad mileage of the country. On this mileage the gain, as compared with the same period last year, reaches $7,479,391, or 11.76%. The previous year in October our early compilation, covering substan tially the same extent of road, recorded a loss, but the loss reached only $2,678,874, or 3.95%. October two [VOL. LXXXIX years ago was the time of the panic, but earnings at that time still showed large gains. With the present year’s increase, therefore, more than double the de crease last year, both in ratio and amount, it follows that the 1909 earnings for October are the largest and best ever made in that month, speaking of the roads as a whole. In the following we furnish a summary of the October totals as disclosed by our early state ments for the last fourteen years, thus carrying the comparisons back to 1896. It will be observed that in the whole of the period since the latter year, 1908 has been the only year revealing a falling off. In all the remaining years the record of improvement has been continuous and uninterrupted. Mileage. Gross Earnings. October. Year Given. Year InPreced. cr’s e . Roads M iles. M iles. Year. 1896 ____ 127 92.815 92,031 97.154 95,865 1897 ____ 127 1898 ____ 123 93,681 92,684 94.835 93,275 1899 ____ 105 93 88,014 85,275 1900 ____ 1 90 1____ 99 101,364 99,698 1902 ____ 78 91,531 89,611 72 190 3____ 90,509 88,557 1904-----67 83,724 82,234 51 80,243 78,454 1905____ 1906____ 68 92,760 90,499 56 1907 ____ 74,306 73,130 47 1908 ____ 79,664 78,212 48 1909 ____ 81,508 80,003 Jan. 1 to Oct. 3 1896 ____ 122 1897 ____ 123 1898 ____ 123 1899 ____ 102 1900 ____ 91 190 1 ____ 94 1902 ____ 77 1903 ____ 71 1904 ____ 67 1905 ____ 51 1906 ____ 67 1907 ____ 55 1908 ____ 47 1909 ____ 47 1. 91,414 96,417 93,681 93,464 87,150 99,915 91,495 90,451 83,724 80,243 92.684 73,904 79,664 81,298 90,650 95,128 92,684 91,926 84,411 98,259 89,575 88,499 82,234 78,454 90,423 72,728 78,212 79,793 Year Given. S % 0.85 47,974,125 1.34 53,959,376 1.07 53,975,132 0.60 59,382.536 3.21 56,051,214 1.67 74,753,570 2.14 69,104,832 2.20 72.4S6.972 1.81 66,390,161 2.27 06,053,039 2.49 86,795,590 1.62 60.724,491 1.87 05,130,556 l .89 71,067,075 0.81 1.35 1.07 1.67 3.24 1.68 2.14 20 .2 1.81 2.27 2.49 1.63 1.87 1.89 383,169,172 415,575,268 439,652,886 467,646,154 402,336,832 595,247,576 567,732,440 634,403.248 548.856,559 547.274,910 743,656,008 535,674,837 510,880,199 558,083,964 Y tar Preceding. Increase ( + ) or Decrease (— ). 5 s 60,354,822 — 2,380,697 49,604,841 + 4,354.535 51,596,900 + 2.378,232 53,523,877 + 5,858,059 53.318,505 + 2,732,739 66,509,179 + 8,244,391 04.760,432 + 4,344,400 08,739,460 +3,667,512 03,939,889 + 2,450,272 62,031,366 +3,421,673 78,007,440 + 8,788,150 57,338,839 + 3,385,652 67,809,430 — 2,678,874 63,587,684 + 7,479,391 % 4.72 8.77 4.61 10.94 5.12 12.39 6.71 6.33 3.83 5.46 11.26 5.91 3.95 11.76 + 12,072,318 + 18,158,007 + 38,988,142 + 40,745,104 + 41,114,623 3.25 4.50 9.73 9.54 9.79 10.98 .2# 11.59 1.19 7.06 14.28 9.97 13.16 11.94 371,096,854 397.417,261 400.664,744 426,901,050 421,222,209 536,350,655 524,404,004 568,511,986 547,805,805 511,171,825 650.711,998 487.000,527 588.284,727 498,524,900 + 58,890,921 + 43,328,436 + 65,891,262 + 1,050,754 + 36,103,085 + 92,944,010 + 48,674,310 — 77,404,528 + 59,559,064 8 Note.— Neither the earnings o f the Mexican roads nor tho mining operations of the anthracite coal roads are included in this tablo. The principal agencies or factors in the good results the present year have been the growing revival in general trade and the wonderful activity of tho iron and steel industry, joined to a larger grain movement in the West and a larger cotton movement in the South. There is, however, yet another circumstance which must be taken into account, and which, when considered, vests with still greater significance the favorable showing made the present year. By this we mean that October 1909 had five Sundays where the month in 1908 and 1907 had only four. This re duced the number of working days the present year to 26, as against 27 last year and the year before. With reference to the activity of the iron and steel industry, it is to be said that this serves in many dif ferent ways to add to the traffic of the roads, even though some roads, by reason of their geographical location, may not be so situated as to derive advantage from the same. The output of pig iron for October 1909 was the largest of any month of any year in the country’s history. And the same is doubtless true of the make of steel and of many other finished prod ucts. A larger iron product obviously means larger ore shipments, larger shipments of limestone (the flux) and larger shipments also of coal and coke, the fuel. General manufacturing activity, daily becoming more prominent, has a like effect in expanding the volume of the coal traffic. When we speak of the coal traffic we have reference of course to the movement of bituminous coal in different parts of the country. The anthracite movement is governed by entirely different conditions, only a relatively small part of the hard coal output going into general manufacturing uses. Some idea of the part played by the activity R E CE IPTS OF COTTON AT SO U TH E RN POUTS IN O CTO BE R. AND FROM JA N U A R Y 1 TO OCTOBER 31 1909. 1908 AND 1907. Since January 1. October. 1909. 1908. 1907. 1909. 1908. 1907. 578,051 26,641 269,584 63,894 42,253 457,023 73,459 72,083 329 112,174 151,167 1,300 642,313 18,099 300,919 70,767 24,233 362,905 41,937 52,057 155 110,318 105,575 978 268,761 2,217,394 2,320,224 2,116,844 112,719 101,519 0,930 273,098 197,294 1,241,107 1,324,492 1,220,177 159,287 59,411 240,210 226,565 117,241 94,230 138,530 16,544 369,385 1,216,787 1,017,330 981,141 123,888 136,737 234,552 37,271 127,060 123,340 192,214 61,339 477 826 1,710 142,588 301.449 303,125 273,206 338,304 359,258 104,793 412,111 33,952 6,328 17,207 677 1,847,958 1,730,254 1,264,993 0.486,369 6,019,751 5,598,519 In the Western grain movement the increase was mainly in wheat, though the deliveries of corn, oats and barley were also larger. Of wheat the receipts for the four weeks ending Oct. 30 were 41,801,666 bushels, against 33,249,611 bushels in the correspond ing four weeks of 1908. Adding corn, oats, barley and rye the aggregate receipts of the five cereals for the four weeks of 1909 were 82,428,746 bushels, as against only 66,750,410 bushels in the same four weeks of last year. The following are the details of the Western grain movement in our usual form: W ESTER N FLOU R Pour weeks Wheat. Flour. Ending (bush.) O ct. 30. (bbls.) Chicago— 3,497,500 840,477 1909......... 2,142,030 1908_____ 896,287 M llwaukee— 1,442,600 1909_____ 420,675 1,389,000 269,775 1908_____ St. Tonis— 2,949,665 261,705 1909_____ 1,732,795 261,920 1908_____ Toledo— i non _ 481,000 inns _ _ _ . 274,000 Detroit— 407,400 16,601 1909......... 30,000 563,536 1908......... Cleveland— 6,117 38,682 1909_____ 8,404 54,466 1908......... Peoria— 279.250 108,000 1909......... 78,570 59,615 1908......... Duluth— 62,475 16,348,129 1909......... 790,750 10,567,259 1908......... Minneapolis— 11,673,940 1909......... 12,887,110 1908 _____________ Kansas City— 4,854,750 1909 ........................ 3,579,800 1908......... Total o f all— 1909......... 1 41,801,666 33.249.011 AND G R A IN RE CE IPTS. Corn. (bush.) Oats. (bush.) Parley. (bush.) Rye (bush.) 6,210,650 3,079,142 8,049,600 7,903,704 3,717,956 3,033,688 192,350 160,010 313,500 145,000 •66,000 1,809,600 2,372,300 1,725,000 156,000 162,900 746,845 708,155 1,916,800 2,216,000 341,900 672,100 13,054 17,181 194,600 370,000 270,000 155,500 1,000 18,000 29,500 182,511 184,065 272,657 355,500 296,902 ' 121,464 521,574 431.261 24,293 17,900 16,524 1,025,955 980,716 895,550 735,500 257,330 359.000 46,40 » 53,000 75,665 1,151,113 1,354,325 1,311,578 1,322,945 163,143 220,682 267,370 93,580 2.668,660 1,578,000 3,636,350 2,192,791 393,330 299,790 1,083,120 400.400 856,500 612,000 10,397,118 6,082,922 17,568,454 11,662,707 17,151,390 9,323,424 - - - - - - 998,801 943,063 Wheal. Jan. 1 to Flour. (bush.) O ct. 30. C bbls.) Chicago— 1909_____ 7,028,685 22,894,792 1908......... 7,800,613 17,562,714 M llwaukee— 6,247,705 1909......... 2,669,358 8,786,000 1908......... 2,199,025 St. Louis— 1909......... 2,186,915 17,934.077 1908.......... 2,195,855 16,217,784 Toledo— 3,607,400 1909_____ 3.770,690 1908.......... Detroit— 1,653,707 135,704 1909......... 2,029,842 189,800 1908......... Cleveland— 446,483 54,002 1909......... 1,573,994 53,850 1908.......... Peoria— 1,166,780 1909......... 1,811,378 1,297,749 848,456 1908_____ Duluth— 1909.......... 2,997,320 39,611,321 1908.......... 3,169,861 39,605,084 M inneapolis— 61.989,270 1909.......... 74,846,203 1908 ........................ Kansas C ity— 28,503,650 1909 ........................ 32,062,407 1908......... Total o f all— 1909.........16 1908.........16 (bush.) Parley. (bush.) Oats. (bush.) R ye (bush.) 74,439,421 72,598,145 1,099,850 74,417,626 20,721,249 1 78,619.291 19,000,992 !1,191,097 5,555,700 2,275,000 860,900 7,217,100 10,695.800 1,061,700 10,872,800 12,937,033 1 17,387,345 18.716,092 15,610,265 22.017,005 2,245,100 2,079,289 191,823 293,783 2,671,200 4,241,300 2,979,200 3,514,500 5,655 179,900 257,700 1,928,556 2,498,305 1,950,531 2,512,354 3,829,785 4,557,373 6,574,185 4,594,515 285,887 144,876 25,157 12,050,586 13,471,416 7,171,311 8,758,800 2,084,388 1,477,100 272,400 301,000 1,275,808 1,043 3,788,196 4,781,289 7,281,004 6,392,963 427,362 734,028 4,364,395 3,254,760 9,003,280 6,367,200 1,000 2,073,105 11,438,289 16,101,754 I 1 13,577,330 14,430,171 : ,515,182 5.262,000 4,303,000 5,131,497 132,506,076 136,408,703 59.420,837 J 5.454.490 127,980,634 153.550.884 56.462.424 1 In the case of the separate roads, increases are the rule, and these increases are quite generally very large. Among the whole 48 roads contributing returns, only 8 record a falling off, and in only two instances does the loss run above 830,000. The two roads distin guished in that way are the International & Great Northern and the Yazoo & Mississippi Valley, and, as both roads traverse the sections of the South where there was a diminution in the cotton movement, it is doubtless correct to assume that the falling off in earnings is to be attributed to that cause. The road with the largest amount of gain is the Canadian Pacific, whose earnings stand $2,335,000 above those of last year; but as indicating how general and widespread the improvement is, we may note that the roads fol lowing next in order are, first, the Great Northern, a Northern transcontinental system, with $848,966 gain; the Missouri Pacific, a system in the Southwest, with $607,000 increase; the Chesapeake & Ohio, an Eastern coal-carrying property, with an addition of $349,488, and the Southern Railway, whose lines gridiron an important part of the South, with $333,641 im provement. The great majority of roads have gains exceeding the losses of last year, but there are some noteworthy exceptions to the rule. The Great Northern, as al ready stated, has $848,966 gain -this year, as against a loss last year of only $493,168, and the Missouri Pacific’s present gain of $607,000 compares with only $305,000 loss last year. On the other hand, the Southern Railway, which now has $333,641 gain, last year showed $584,153 decrease, and the Illinois Central, which now reports $261,455 gain, in 1908 suffered a loss of $513,948. In the following we indi cate all changes for the separate roads for amounts in excess of $30,000, whether increases or decreases. P R I N C I P A L C H A N G E S I N G R O SS E A R N I N G S I N O C T O B E R . In crea ses. A laba m a G rea t S o u t h e r n . $55,391 Canadian P a c ific --------------- J z S o o O 52,6 1 6 G reat N o rth e r n ................ 848,966 B u ffalo R o c h A P l t t s b ___ Io w a C e n t r a l _____________ 4 9 ,7 1 5 M issouri P a c ific ----------------607,000 4 8 ,0 0 0 349 ,488 K ansas C ity M ex & O rien t C hesapeake & O h io ----------4 0 ,5 0 0 S ou th ern R a ilw a y .......... - 333,641 T e x a s & P a c ific _ 37,3 7 4 M in neapolis St P A S S M 333,262 C h icago A A l t o n A F la .. 3 3 ,7 4 0 L o u isville & N a s h v ille — 321 ,367 G eorgia S ou th ern A L o u is 3 4 ,4 6 0 D e n ve r A R io G ra n d e — - . 3 05 ,800 C h ica go In d la n a p M issouri K an sas A T e x a s . 3 1 ,456 W a b a s h -----------------------------3 0 ,5 9 5 Illinois C e n tr a l..................... 261,455 D e n v e r N o rth w e st A P a c . G rand T ru n k ( 4 ) --------------257,183 R e p re s e n tin g 34 roads C a nadian N o rth e r n ----------211,500 in o u r c o m p ila t io n — $ 7 ,6 0 5 ,0 1 7 St L ou is S o u t h w e s t e r n ... 133,956 D ecrea ses. CIn N ew Orl A T e x a s P a c . 131,471 $61 ,000 M in neapolis & S t L o u i s . . 109,764 In te rn a t A G rea t N o rth e rn 44,4 8 5 Cen tral o f G e o rg ia ............... 103,400 Y a z o o A M ississippi V a il. C olo ra d o A S o u th e r n ------103,210 R e p re s e n tin g 2 road s In A la N ew O rl & T e x P a c(3 ) 85,485 o u r c o m p ila t io n _____ $10 5,48 5 D u lu th S o u th S hore & A tl 67,597 N o te .— F igures In parenthesis a fte r n am e o f ro a d Indicate n u m b er o f lines o r co m p a n ie s fo r w h ich separate retu rn s are g iv e n In o u r c o m p ila tio n . _ of the iron and steel industry in swelling traffic may be gained by noting that the aggregate freight move ment passing through Sault Ste. Marie canals, both Canadian and United States, for October 1909 amounted to 9,127,240 tons, as against 7,351,082 tons in October 1908. It may be a surprise to hear, in view of the specu lation in cotton and the talk of a prodigious shortage in the yield the present season, that the movement of the staple this year was actually larger than that of last year in the same month. That is not true as re gards all ports or all sections, but it is true of the movement as a whole. The shipments overland for the month amounted to only 122,088 bales, against 188,008 bales in October 1908; but, on the other hand, the receipts at the Southern outports reached 1,847,958 bales, against 1,730,254 bales in 1908 and but 1,264, 993 bales in 1907. Analysis of the port movement shows that there was a falling off in the receipts at Galveston, New Orleans and Mobile—though even here the loss was relatively small—but that at all the other Southern outports there were in creases, in some instances veryjjlarge increases, notably so in the case of Savannah and Norfolk. We annex the following statement showing the details of the port receipts for the last three years, for the month and since January 1: G alveston........... bales Port Arthur, A c New Orleans___ M o b ile ..............Pensacola, A c . . Savannah _____ Brunswick_____ Charleston_____ Georgetown____ W ilm ington__________ N o r fo lk ______ _____ Newport News, A c . . 1255 THE CHRONICLE Nov. 13 1909.1 To complete our review, we annex the subjoined sixyear comparisons of the earnings of leading roads arranged in groups. Two of the groups, it will be 1256 THE CHRONICLE observed, show for 1909 much the largest earnings ever reached, even surpassing the 1907 totals, but in the other two groups the 1909 aggregate falls below the footing for 1907. One of the latter groups is the Southern, where several of the roads sustained con traction in their cotton traffic, and the other is the Middle and Middle Western group, comprising, among other roads, the Illinois Central, which has a line to New Orleans, and thus runs through that portion of the cotton belt where the movement of the staple the present season was very much reduced. E A R N IN G S.O F SO U T H E R N G RO U P. October. 1909. 1908. S r369,86£ Ala Gt S outh. . Ala N O & T P— N O & N E. r335,82( Ala & V icks. 7164,777 Vicks Sh& P. r 137,773 Atl Blr & A tl. 7220,300 Cent of G a ____ 71,236,600 Ches & O h io .. 72,681,646 Cln N O * T P . . 7797,262 Lou & Noshv . 74,644,855 M o b ile * O hio. 7894,352 Southern R y . 75,207,266 Yazoo & MlssV 0985,251 1907. $ 7314,478 1906. 7274,181 7290,151 7153,920 7148,003 7124.790 7140,274 7190,519 175,701 71,133,200 71,245,025 72,332,158 2,777,100 7665.791 7807,095 74,323,488 74,548,531 7906,893 71,015,983 74,873,625 75,457,778 a l , 029,736 a973,677 1905. 1904. S 328,042 S 7348,723 S 315,506 S 298,766 233,706 7264,670 223,355 104,959 7130,248 126,868 7128,199 89,209 129,518 142,297 92,496 93,255 1,085,756 1,080,492 1,107,704 2,147,033 2,039,665 1,807,467 707,360 710,650 656,582 4,139,835 3,579,772 3,476,534 880,108 790,910 784,942 5,010,519 4,666,160 4,434,303 774,961 616,068 854,451 • T o t a l ........... 17,675,777 16,322,779 17,928,041 15,739,028 14,319,593 13,993,745 o Includes some large Items of Income not previously Included In monthly returns. r These figures are on the new basis of accounting prescribed b y the Inter-State Commerce Commission. [Y o l. l x x x i x . Gross E a rn in g s. N a m e o f R oad. 1909. i A nn A r b o r . . G eorgia S ou th ern & F la . Grantl T ru n k o f C anada 1 G rand T ru n k W e s te rn ) D e tr o it Gr I la v & Alii| C a nada A tla n tic _____ J G reat N o rth e r n __________ Illinois C en tra l__________ In te rn a t & G reat N o r t h . . Io w a C e n tra l_____________ K an C ity M exico & Orient L o u isville & N a sh v ille___ M acon & B ir m in g h a m ... M ineral R a n g e ____________ M ln neap & S t L o u is _____ M inn S t P & S S M _______ M o K an sas & T e x a s _____ M issouri P a c ific ___________ M obile & O h io ____________ N e v a d a -C a l-O r e g o n _____ R io G ra nde S o u th e r n ____ St L o u is S o u th w e ste rn ___ S ou thern R a ilw a y ________ T e x a s C en tra l____________ T ex a s & P a c ific .......... ......... T o le d o P e o ria & W estern T o le d o S t L o u is & W e s t ’n W a b a s h __________________ Y a z o o & Miss V a lle y ____ s M ile a g e . In c. ( + ) or D ec . (— ) . 1909. 1908. 190 8. 146,201 180,144 321 ,543 2 02 ,847 S 172,322 189,074 253,946 169,107 S — 26,121 — 8,930 + 67,597 + 33,740 441 301 593 395 441 301 592 395 4 ,1 4 3 ,3 2 9 3 ,8 8 6 ,1 4 6 + 2 5 7 ,1 8 3 4,528 4 ,5 2 8 7,072,574 5,472,849 854,000 308 ,298 160,000 4 ,6 4 4 ,8 5 5 15,550 72,042 554,800 2,490,673 2,856,104 4 ,9 00,000 894,352 48,756 28,747 1,145,280 5,207,266 107,101 1,575,592 105,581 329 ,805 2 ,6 5 5 ,3 2 7 985,251 6,22 3 ,6 0 8 5,211,394 915 ,000 258,583 112,000 4 ,3 2 3 ,4 8 8 14,062 76,332 445 ,036 2,157,411 2 ,8 2 4 ,6 4 8 4 ,2 9 3 ,0 0 0 906,893 39,469 58,081 1,011,324 4,87 3 ,6 2 5 132,124 1,535,092 101,460 305,373 2,363,702 1,029,736 + 848,066 + 261 ,455 — 61,000 + 4 9 ,7 1 5 + 48,000 + 321,367 + 1,488 — 4,200 + 109,764 + 333,262 + 31,456 + 607,000 — 12,541 + 9,287 — 29,334 + 133,956 + 333,641 — 25,023 + 40,500 . + 4,121 + 24,432 + 291,625 — 44,485 6,976 4,551 1,159 558 657 4,308 105 126 1,027 3,369 3,072 6,492 1,114 184 180 1,470 7,050 268 1,885 247 451 2,514 1,371 6,672 4,541 1 ,159 558 543 4,3 8 4 105 128 1,028 3,331 3,072 6,4 8 9 1,114 164 180 1,470 7,0 1 4 268 1,885 247 451 2,5 1 4 1,371 T o ta l (48 r o a d s )_______ 71 ,0 6 7 ,0 7 5 63,587,684 + 7,479,301 81,508 8 0,003 N et Increase ( 1 1 .7 6 % ) ___ M exica n R o a d s (n o t in elu d e d In to ta ls)— In te ro ce a n lc o f M e x ic o ___ 563,024 545,686 M exica n In te r n a tio n a l___ 622,804 588,318 M exica n R a ilw a y ________ 613 ,800 586,400 M exica n S o u th e r n ________ 109,468 103,620 N a tion a l R y s . o f M e x ic o . 4 ,0 7 8 ,4 3 9 3,908,041 + 17,338 + 34,486 + 27,400 + 5,848 + 169,798 734 917 321 263 5,262 736 918 321 263 5 ,1 6 0 V T h e se figures are fo r th e first th re e w e e k s o n ly in b o t h years. EA R N IN G S OF SO U T H W E STE RN G RO U P Colo & S o u * .. Denv & R G r .. Int & Gt N or. Mo Kan & Tex Mo P acific____ St Louis & S W Texas & Pacific 1909. 1908. S $ 71,552,142 71,448,932 72,246,400 71,940,600 7854,000 7915,090 72,856,104 72,824,648 4,900,000 4,293,000 71,145,280 71,011,324 71,575,592 71,535,092 1907. 8 71,456,593 72,098,195 7687,000 72,571,4 18 74,598,372 71,034,671 71,489,493 1906. 1905. 1904. 8 8 S 1,200,576 1,033,070 805,895 71,900,016 1,840,135 1,682,378 728,554 929,057 699,047 2,672,912 2,165,465 2,360,926 4,330,385 3,876,233 4,244,426 7985,419 844,052 909,697 1,483,606 1,141,412 1,341,776 Total . . . . . . 15,129,518 13,968,596 13,935,742 13,501,971 11,628,921 12,044,145 * For 1909, 1908, 1907, 1906 and 1905 Includes all affiliated lines except Trinity & Brazos Valley R R . For 1904 we h a v e com bined Colorado & Southern and Fort W orth & Denver C ity . r Figures are on the new basis of accounting prescribed b y the Inter-State Com merce Commission. E A R N IN G S O F N O R T H W E ST E R N AN D N O R T H PACIFIC G RO U P. October. 1909. 1908. 1907. 8 8 8 Canadian P a c. 9,684,000 7,349,000 7,071,047 78 1:1, Sr ;; i Chic Gt W e s t.. c.843,860 7768,568 Dul S Sh & Atl 7321,543 7253,946 7295,877 Gt N orth ern .. 7,072,574 66,223,608 66,716,776 Iowa C en tral.. 7258,583 7308,091 7308,298 Minn & St L _ . 7554,800 7421,140 7445,036 M S P & SS Ma 2,490,673 2,157,411 2,168,235 1906. 1905. 1904. S 6,946,605 7917,252 284,448 6,192,435 301,820 346,134 2,009,973 8 5,722,767 871,126 260,050 5,708,211 284,654 '384,686 1,875,275 8 4,743,962 764,864 230,156 4,817,317 247,118 309,382 1,567,884 T o t a l ______ 21,275,748 17,531,444 17,749,734 16,998,667 15,106,769 12,080,683 a Includes the Chicago Division In 1909 and 1908; for previous years we have com bined Minn. St. P. & S. S. M. and W isconsin Central. b Actual figures of earnings are now used for comparison. c Month of October not yet reported; taken same as last year, r Figures are on new basis of accounting prescribed by the Inter-State Com merce Commission. EA R N IN G S OF M ID D LE AN D M IDD LE W E S TE R N G RO U P. October. 1909. $ r817,448 7515,921 1907. S 776 4,832 7481,461 1906. 1905. 1904. 8 1908. 8 8 8 Buff Roch&Pit 7969,453 815,394 746,399 818,836 Chic Ind & Lou 7532,715 542,204 514,158 543,105 Gr T r of C a n - 1 Gr Tr W est) 4,143,329 3,886,146 4,168,500 3,892,357 3,572,756 3,344,181 Dot GH&M | Canada Atlj Illinois C e n t.. 05,472,849 05,211,394 05,725,342 4,876,771 4,481,706 4,577,741 Tol Peo & W . . 7105,581 7101,460 123,107 117,960 119,622 109,057 T o lS t L & W .. 7.329,805 7305,373 406,520 351,784 370,571 351,752 Wabash ......... 72,655,327 72,363,702 2,596,201 2,580,284 2,150,225 2,543,165 ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S. — The public sales of bank stocks this week aggregate 46 shares, of which 10 shares were sold at the Stock Exchange and 36 shares at auction. The transactions in trust companystocks reach a total of 123 shares. Five shares of Title Guarantee & Trust Co. stock were sold at 5 7 0 % , an advance of 69 points over the price paid at the last previous sale in September. A sale of 15 shares of stock of the United States Trust Co. was made at 1260 as compared with 1250 four weeks ago. Farmers’ Loan & Trust Co. stock, which sold last week at 1880, representing an advance of 570 points over the price paid in March, was dealt in to the extent of 60 shares at 1840. S hares. B A N K S — N ew Y o rk . 3 A m e r ic a , B a n k o f ___________ 3 A ra e r. E x c h . N a t. B a n k ___ . *10 C it y B a n k , N a t io n a l.. 5 C o rn E x ch a n g e B a n k _______ 7 M a n h a tta n C o ., B a n k o f t h e . 5 P a rk B a n k , N ational 10 P e o p le ’s B a n k . . . L ow . H igh . C lose. 590 590 590 250 250 250 415 415 415 342 342 342 345 345 345 461% 461% 461% 280 280 280 B A N K — B rooklyn. 3 U n io n B a n k .. 102 102 T R U S T C O M P A N IE S — N ew Y ork. C a rn egie T ru st C o ___________ 1 6 4 % 1 6 5 % F a rm e rs’ L oa n & T ru st C o ._ 1840 1840 L a w y e r s ’ T it . In . & T r . C o . . 240 240 T itle G u arantee & T r . C o . . . 5 7 0 % 5 7 0 % T ru st C o. o f A m e r ic a ________ 3 5 2 % 353 % U n ite d S tates T ru st C o _____ 1260 1260 T R U S T C O M P A N Y — B rook lyn . 3 K in g s C o u n ty T ru st C o .......... 5 0 0 % 25 60 1 5 14 15 C * o o October. Last p revious M ay 1909— J u ly 1909— O ct 1909— A u g 1909— O ct 1909— S e p t 1909— J u ly 1908— sale. 580% 250 430 335 344 455% 290 102 O ct 1909— 102 165% 1840 240 570% 353% 1260 O ct O ct Aug Sept Sept O ct 1909— 1009— 1909— 1909— 1009— 1009— 500% 165 1880 245 501 % 350 1250 M ay 1009— 500 * S o ld a t th e S to c k E x ch a n g e . — The tour of lectures through the W est on the subject of currency reforms planned some time ago by Senator Nelson W . Aldrich, Chairman of the National Monetary Commission, T o t a l ........... 14,040,260 13,114,368 14,521,838 13,176,754 12,056,821 12,186,453 a Embraces some large Items o f Income not previously included In monthly returns r Figures are on the new basis o f accounting prescribed by the Inter-State Com merce Commission. G R O S S E A R N I N G S A N D M I L E A G E IN O C T O B E R . G ross E a rn in g s. N a m e of R oad. 1909. A la b a m a G rea t S o u th e r n . A la N ew O rl & T e x P a c — N ew O rl & N orth E a s t. A la b a m a & V ic k s b u r g . V ick s Sh reve & P a c if ic . A tla n ta BIrm & A t la n t ic . B u ffa lo R o c h & P i t t s ____ C a n adian N o rth e r n _______ C a n adian P a c ific _________ C en tral o f G e o rg ia ---------C h esapeake & O h io ---------C h ica g o & A l t o n --------------C h ica g o In d & L o u is v ille . Cln N ew O rl & T e x P a c . . C o lo r a d o & S o u t h e r n ____ D enver & R io G r a n d e .. . D e n v e r N orth w & P a c . . D e tr o lt & M a c k i n a c . ___ 190 8. $ 369,869 5 314,478 M ilea g e. In c. ( + ) or D ec . (— ) . 1909. S + 55,391 309 1908. 309 335 ,826 274,181 + 61,645 196 196 164,777 153,920 + 10,857 143 143 137,773 124,790 + 12,983 171 171 190,519 220,300 + 29,781 641 571 817,448 764,832 + 52,616 568 568 1,384,200 1,17 2 ,7 0 0 + 211,500 3,224 2,874 9,68 4 ,0 0 0 7 ,3 4 9 ,0 0 0 + 2 ,3 3 5 ,0 0 0 9,916 9.426 1,236,600 1 ,133,200 + 103,400 1,916 1,916 2,68 1 ,6 4 6 2,33 2 ,1 5 8 + 349,488 1,933 1,894 1,241,841 1,204,467 + 37,374 998 998 515,921 481,461 + 3 4,460 615 615 797,262 665,791 + 131,471 336 336 1,552,142 1,448,932 + 103,210 1,951 1,951 2 ,2 4 6 ,4 0 0 1,940,600 + 3 05 ,800 2,552 2,5 3 5 93,036 62,441 + 30,595 210 210 109.1671 92,1781 + 16,989 347 347 at a banquet in Congress Hotel. During the present week Mr. Aldrich has covered St. Louis on the 8th, Kansas City on the 9th, Omaha on the 10th, Des Moines on the 11th, Minneapolis on the 12th, and will deliver an ad dress at St. Paul to-day, the 13th. The tour will be con cluded next week, the remaining cities to be visited be ing Milwaukee, on the 15th, Detroit, on the 16th, and New York on the 17th, when he will speak before the Chamber of Commerce. The Senator is accompanied on the tour by Charles D . Norton, Assistant Secretary of the Treasury, Prof. A . Piatt Andrew, the Special Assistant of the Commission, and Arthur B . Shelton, Secretary of the Commission. George M. Reynolds, President of the Con tinental Natipnal Bank of Chicago, also became a member of the party on its departure from Chicago. In the opening of his address at Chicago Mr. Aldrich stated it to be his purpose to call attention to some of the more salient THE CHRONICLE Nov. 13 1909 features of the work of the declared that the importance of remedies for the defects and and monetary systems cannot plans for correcting the defects Monetary Commission. He the task of finding legislative weaknesses of our currency be overestimated, and, as to relative thereto, said: P erha ps It is p r o p e r th a t I sh o u ld s a y a t the o u t s e t . In o r d e r to relieve a n y p ossib le m isa p p reh en sion , th a t the q u e stio n o f a d e fin ite plan fo r reform in g e x is tin g c o n d itio n s has n o t y e t be e n taken up o r c o n s id e re d b y th e C o m m ission . I also desire to sa y fo r m y se lf an d fo r th e C om m ission th at no plan w ill be a d o p te d until a fte r an o p p o r tu n ity has be e n a ffo rd e d fo r the m ost ca refu l a n d ex h a u stiv e s t u d y o f all th e c o n d itio n s th a t su rrou n d the p r o b le m . W e e x p e c t to b e a b le to g iv e to th e p u b lic w ith in a co m p a r a tiv e ly sh o rt tim e th e fu llest in form a tio n w ith re fe re n ce to the e x p e rie n ce an d p ractical m e th o d s o f o th e r cou n trie s an d o f o u r o w n . T h is in v e s tig a tio n will b e the m ost c o m p le te an d c o m p re h e n s iv e w ith re fe re n ce to these s u b je c ts th a t has e v e r b een un d ertak en . Commenting on the necessity of Mr. Aldrich had the following to say: credit organization, O u r in v e s tig a tio n , c o n te m p la tin g as it d o e s an u ltim a te , th o ro u g h an d s c le n tllic trea tm en t o f th e w h o le s u b je c t, is n a tu ra lly d iv isib le Into tw o I m p o rta n t b ra n ch es— first, w ith re fe re n ce to n o te issues; s e c o n d , w ith r e feren ce to th e o rg a n iz a tio n o f c r e d it o r th e re q u ire m e n ts o f o u r ba n k in g s y s t e m . A t th e beg in n in g o f o u r in q u ir y I had the o p in io n , w h ich I think Is q u ite c o m m o n , th a t th e q u e s tio n o f n o te Issue w as th e m ore im p o rta n t o f th e t w o , b u t fu rth e r e x a m in a tio n has led m e to ch a n ge m y m in d in this r e s p e c t, a n d I n ow regard an e ffic ie n t o rg a n iz a tio n o f th e c re d it an d b a n k in g s y s te m o f the c o u n t r y as m u ch m ore im p o rta n t. I a m a w are th a t in o th e r c o u n tr ie s in the p a st, n o ta b ly du rin g th e last h alf o f th e e igh teen th c e n tu ry a n d th e first h alf o f the n in e te e n th , th e qu e stio n o f n o te issues— -that is to s a y , w h o sh ou ld h ave th e right to issue b a n k n o te s , u p o n w h at c o n d itio n s th e y sh ou ld b e Issued, an d the kin d o f s e c u r ity to b e re q u ire d — fu rn ish ed th e s u b je c t o f m os t o f th e m o n e ta r y discussions o f th e tim e . In these co u n trie s , w ith a single e x c e p tio n , at th e p resen t tim e all t h o u g h t fu l m e n , e co n o m is ts , ba n k e rs, stu d e n ts o f th e s u b je c t fro m e v e r y s ta n d p o in t , lo o k u p o n th e p ro p e r m a n n er an d c h a ra cte r o f n o te issue as n o lon ger a n o p e n q u estion o r o n e o f p a ra m o u n t im p o rta n ce . T h e c o n c lu s io n has b een rea ch ed w ith u n a n im ity th a t b a n k n o te Issues s h o u ld alw a ys be m ade un d er g ov ern m e n ta l c o n tr o l, o r a t le a st s u b je c t to s tr ic t g o v e r n m en ta l restriction s an d lim ita tio n s, an d th a t this c a n o n ly b e su cce ssfu lly d o n e th rou gh o n e ccn trd l a n d e x clu s iv e ban k o f Issue. In this c o u n tr y w e h a v e h ad tro u b le s an d c o n te n tio n s o v e r th e ch a ra cte r a n d v o lu m e o f o u r circu la tin g m ed iu m e x te n d in g s u b s ta n tia lly o v e r o u r en tire nation al ex is te n ce . T h e a d o p tio n o f the g o ld sta n d a rd A c t o f 1900 fo r tu n a te ly s e ttle d m a n y o f the v e x e d q u e stio n s u p o n w h ich p u b lic o p in io n has d iv id e d . T h is A c t m ark ed a new era In o u r financial p o lic y , b u t it still le ft unsettled the qu e stio n o f the m a n n e r o f n o te Issues. O u r ex istin g sy stem o f b a n k n o te em issions is e q u a lly u n s a tis fa cto ry to th ose w h o b e lie v e th a t all ban ks should h a v e a rig h t to issue n o te s to c ir c u la te as m o n e y as fre e ly as th e y o p e n cre d its u p o n th eir b o o k s , a nd th at n o e v il results can fo llo w a legisla tive grant o f this r ig h t, an d to th ose w h o a re n o t satisfied to h ave th e v o lu m e o f n o te Issues dep en d u p o n th e a m o u n t o f G o v e rn m e n t b o n d s a v a ila b le rather th an u p o n th e dem a n d s o f tra d e . I t w as th e In ten tion o f th e fra m ers o f th e le g isla tio n o f 1908 to furnish an em e r g e n c y r e m e d y th at sh ou ld co n tin u e o n ly u n til s o m e pe rm a n e n t p o lic y c o u ld be ag reed u p o n . * * * W e are n o t a b le a t this tim e to p u t in to d e fin ite fo rm th e ch a ra cte r o f a c r e d it o rg a n iz a tion w e th in k d esirable fo r the U n ite d S ta te s, b u t w e can a g re e u p o n certa in m atters an d pro v isio n s th a t m u st be gu a rd ed against o r elim in a ted from a n y p ossib le sch em e: F irst— It w ou ld be Im possible to e stablish a n y c r e d it o rg a n iza tio n th a t w ou ld in terfere w ith o r co n tr o l e x is tin g ban ks o r w h o se resources o r cr e d it c o u ld be used fo r s p ecu la tiv e pu rp oses o r th at co u ld p o s s ib ly be d o m in a te d b y th e financial m en o r in stitu tion s In o n e s e c tio n o f th e c o u n t r y . W e have m a n y financial cen ters o f v a r y in g Im p o rta n ce In the U n ite d S tates b etw een w h o m natural rivalries e x is t, and w h a te v e r fo rm o u r orga n iza tio n m ig h t ta k e. It is n ecessary to gu ard again st g iv in g to o n e b a n k in g c o m m u n ity a n y a d v a n ta g e o v e r a n o th e r. It Is e n tire ly tru e th a t the differences o f in terest In this resp ect b e tw e e n diffe re n t s e ctio n s o f the c o u n t r y are lik e ly to be g re a tly m agn ified . In a b r o a d and general w a y a p o lic y w hich g iv e s p ro s p e rity t o th e c o u n tr y ns a w h o le give s p ro s p e rity to e v e r y s e ctio n a n d a d v e r s ity in o n e s e c tio n Is fe lt th ro u g h o u t th e w h o le . I a m aw are th a t It w ou ld b e d iffic u lt to esta b lish this p h ilo s o p h ic p r o p o s itio n in the fa ce o f the s tron g loca l fe e lin g w h ich n atu rally p e rv a d e s e v e r y c o m m u n ity . T h e re fo r e it is a b s o lu te ly n ecessary to c le a rly esta b lish th e fa c t th a t a n y fo rm o f o rg a n iz a tio n w h ich m a y b e cr e a te d s h o u ld serve a lik e th e w h o le c o u n t r y an d e v e r y s e c tio n an d th at it co u ld n o t p o s s ib ly b o used to the u p b u ild in g o f o n e lo c a lity In p re fe re n ce to an o th e r. S e c o n d — It is o f eq u a l If n o t gre a te r Im p o rta n ce th a t a n y plan w h ich s h ou ld be a g r e e d u p o n sh o u ld n o t h ave o r be lik e ly to a cq u ire a n y partisan o r p o litic a l c h a ra cte r o r bias. I k n ow h o w d iffic u lt It is in a c o u n tr y like o u r s , w ith a g o v e r n m e n t b y p a rtie s, to k e e p s u b je c ts o f g o vern m en tal p o lic y fre e fro m th e su sp icio n o f partisan sh ip. It Is n o t necessary th a t I s h o u ld recall to y o u the n u m b e r o f m o n e ta r y p ro b le m s w h ose so lu tio n has been h op elessly d e la y e d b y be in g d ra g g e d in to th e p o litica l arena. L et us h o p e th a t th e A m e r ic a n p e o p le h ave b e c o m e m o re sensible and th a t the bad preced en ts w h ich h a v e b e e n esta b lish e d in this resp ect In the p ast m a y h a v e b e e n fo r g o tt e n . T h e re is n o th in g in e x is tin g co n d itio n s th a t s h o u ld g iv e to these p re ce d e n ts a n y v a lu e . F o r In stan ce, the se co n d b a n k o f th e U n ited S ta te s , a fte r h a v in g b e e n s u p p o r te d in turn b y all p a rties, w as fin a lly d e s tr o y e d as a m a tte r o f p a r ty p o lic y . I t Is n o t n e ce s sa ry fo r m e to s a y th a t n o o n e Is th in k in g o f a d o p tin g th e first o r se co n d b a n k o f th e U n ited S ta te s as a m o d e l. N o In stitu tion o f s im ilar co n s tru ctio n o r m eth od s in m a n a g e m e n t c o u ld p o s s ib ly re c e iv e th e a p p ro v a l o f the p e o p le o f th e U n ited S tates a t this tim e. I f, h ow e v e r , it sh ou ld b e fo u n d desira b le to a d o p t s o m e o f th e m ore Im p orta n t fea tu res o f system s w h ich h ave b een su ccssfu l in o th e r co u n trie s , I h a v e t o o m u ch con fid e n ce in the Inherent g o o d Ju d gm en t a n d Intelligence o f o u r c o u n try m e n to b e lie v e th a t the d e a d p o litica l issues o f th re e -q u a rte rs o f a c e n tu r y a g o cou ld be r e v iv e d , o r th a t th e g h o s t o f A n d r e w Ja ck so n c o u ld b o s u m m on ed to p re v e n t a c o n s u m m a tio n w h ich w o u ld b e a d v a n tageou s to all. T h ir d — W h a te v e r m a y b e the a d v a n ta g e s o f a s y s te m o f b ra n ch b an k in g In o th e r cou n tries, I d o n o t th in k It is p ossib le to a d a p t it to e x is tin g c o n 1257 d itio n s in th e U n ite d S ta te s. T h e 2 5 ,000 b an k s n o w in e x is te n ce are la r e g ly in d e p e n d e n t In stitu tion s w h ose m anagers are fa m ilia r w ith th e w an ts an d re q u ire m e n ts o f th e co m m u n itie s In w h ich th e y are lo c a t e d . T h e g re a t m ass o f th e p e o p le w h o use ba n k in g fa cilitie s eith e r as d e p o s ito r s o r b o rro w e rs w o u ld b e u n w illin g to g iv e u p th e a d v a n ta g e o f th a t in tim a te p erson al k n o w le d g e o f th e lo ca l b a n k o ffic e r s and m anagers w h ich th e y b e lie v e to b e essential t o th e ir Interests. I t w o u ld b e d iffic u lt, fo r In stan ce, to c o n v in c e b o rro w e rs a n d d e p o s ito r s in a sm all to w n in Illin ois th a t a m a n w h o h a d a lw a y s liv e d in th e sam e c o m m u n ity w o u ld n o t h a v e a cle a re r an d m ore s y m p a th e tic a p p re cia tio n o f th e ir n eed s a n d c r e d it th an an a g e n t se n t fro m o n e o f th e large ban k s in N e w Y o r k , w h ose p rin cip a l a m b itio n m ig h t be to ea rn th e largest p o ssib le a m o u n t o f m o n e y f o r his in s titu tio n , ra th e r th a n t o d e v e lo p th e p r o s p e r ity o f th e c o m m u n ity to w h ich he w as assign e d . I re a lize , o f c o u rs e , th a t in th e U n ite d S ta te s , as In G e rm a n y , there is a te n d e n c y o n th e p a rt o f th e large ban ks in th e reserve a n d cen tral reserve c itie s to e stablish a rath er clo se c o m m u n it y o f in terest w ith c o r re s p o n d e n ts w h o se business a n d o rg a n iz a tio n is m o re o r less a ffilia te d w ith th e c e n tra l In stitu tion . T h is arra n g e m e n t has m a n y o f th e a d v a n ta g e s o f b r a n c h ban k s w ith o u t b e in g s u b je c t t o th e p o s itiv e o b je c tio n s w h ich e x is t w ith re fe r e n c e to th e la tte r plan . T h e C o m m issio n has n o t o v e r lo o k e d th e n e ce s s ity o f a ca refu l s t u d y o f th e b a n k in g e x p e r ie n c e o f o u r o w n c o u n t r y , an d w e shall a t an e a rly d a y p u b lish th e se rie s o f a rticle s n a m e d in o u r ca ta lo g u e c o v e r in g this s u b je c t fu lly . B a n k in g e v e n ts in th e U n ite d S ta te s p rio r t o th e C ivil W a r , h o w e v e r In terestin g fr o m a h isto rica l s ta n d p o in t, h a v e v e r y little , if a n y , pra ctica l va lu e fo r us s a v e as w arn in gs. Mr. Aldrich said that in stating that the Commission was not yet able to adopt a definite plan, he did not intend to be understood as committing it to a policy of hesitancy or delay. As soon as preliminary studies and conferences can be had, the Committee will at once enter upon the work of preparing a plan and report. It is evident, he stated, that it will not be able to present a plan at the coming session, but there is every reason to believe, he added, that the Com mission may be able to make a report at the beginning of the third session of the present Congress. — Clark Williams has resigned as New York State Superin tendent of Banks, having been appointed by Governor Hughes to fill the unexpired term of the late Charles H . Gaus as State Comptroller. Mr. Williams will serve until January 1 1911. His appointment as State Superintendent of Banks occurred during the panic of October 1907 and his occupancy of the office was marked by a number of reforms in the banking laws, passed at his instance at the 1908 session of the Legislature, one of the most important of these perhaps being the enactment of the measure which places under the direct control of the Banking Department the liquidation of insolvent banking institutions. Mr. Williams went to the Banking Department from the Columbia Trust Company of this city, of which he had been Vice President. Prior to serving in that capacity he had been identified for eleven years with the United States Mortgage & Trust Co., whose employ he entered in 1894, and of which he was successively Assistant Secretary, Assistant Treasurer, Treasurer and Vice-President. Mr. Williams was a member of the committee chosen by Governor Hughes last year to report on speculation in securities and commodities. — An application for the appointment of a receiver for the defunct Columbia Bank & Trust Co. of Oklahoma City, Okla., to displace State Bank Commissioner A . M. Young, was denied by Judge John H . Cotteral of the Federal Court at Guthrie on the 6th inst. The application was made by George H . Anderson, who had a claim of $8,000 against the bank, purchased from Joseph O. Moore, a depositor. Pay ment of the claim, it was alleged, had been denied, and the charge of favoritism in paying depositors was made. Com missioner Young, in replying to the charge, stated that “ V .D . Huston, stockholder and Assistant Treasurer of the Columbia Bank & Trust Co., did unlawfully and fraudulently enter to the credit of Joseph O . Moore on July 31 1909 in his deposit book $7,065, when in fact he deposited but $ 6 5 .” It was further charged, it is said, that W . L. Norton, Presi dent and V- D . Huston gave Moore this credit of $7,000 to control for them a trust company in Oklahoma City. Judge Cotteral in denying the petition, ruled that the Federal Court would not interfere where the State courts had properly taken jurisdiction. — The operation of branch banks in Georgia is, according to Attorney-General John C. Hart, in violation of the laws of that State. The opinion was given as the result of an application of a Tennessee institution to establish a branch in Georgia without incorporating under the Georgia laws, or supplying any additional capital other than that of the parent institution. In his decision Attorney-General Hart states that he knows of no law which authorizes the establish ment of branch banks in towns or cities either in the place 1258 THE CHRONICLE where the principal office is located or elsewhere. He points out, however, that “ an office for the convenience of the public for making deposits is not a ‘branch bank.’ ” In part the decision says: T o p erm it a b a n k in c o rp o ra te d u n d e r th e laws o t G e o rg ia , s a y , as ‘ ‘ th e B a n k o f A , ” to esta b lish in th e to w n s o f B , C. D , & c ., ba n k s as b ra n ch ba n k s a n d ca llin g th e m “ th e B a n k o f B , ” " t h e B a n k o f C ,” “ the B a n k o f D , ” h a v in g a s ep a ra te P r e s id e n t, se p a ra te b o a rd o f d ir e cto r s , an d h a v in g n o c a p ita l s to c k p a id in , is s u b je c t to th e criticism o f b e in g n o t o n ly u n a u th o r iz e d b y la w , b u t is In v io la tio n o f la w . T h e law s o f this S ta te d o n o t p e rm it a b a n k to o p e r a te unless It has a t least $15 ,000 o f ca p ita l s to c k a c t u a lly p aid u p , a n d , as s ta te d , to p e rm it a ban k In o n e c o u n t y to o p e r a te a d o z e n o r m ore h o ld in g its e lf o u t as a se p a ra te an d d is tin c t o r g a n iz a tio n , is in v io la tio n o f law an d a d e c e p t io n o n th e p u b lic . In fa c t , it is n o t Im p r o b a b le th a t these o p era tors h a v e d e c e iv e d th em selves, fo r It is v e r y lik e ly th a t in th e e v e n t o f th e failu re o f a b a n k so o p e r a te d , th e P r e s id e n t, d ir e c to r s , & c ., c o u ld be h eld p erso n a lly lia b le as a pa rtn e rsh ip o r a sso cia tio n a n d m ad e resp on sib le in th e e v e n t o f loss pe rso n a lly fo r th e e n tire a m o u n t o f th e loss. In conclusion Mr. Hart advises that the Tennessee institu tion be informed that the establishment of a Georgia branch will not be permitted under the conditions suggested by it. — C. Ledyard Blair has been chosen as a member of the Governing Committee of the New York Stock Exchange to succeed James McGovern, who died on the 6th inst., as noted elsewhere. — James M. Donald, Vice-President of the Hanover National Bank of this city, has resigned from membership in the committee appointed to take up the question of foreign exchange reforms. Emil Carlebach, of J. & W . Seliginan & Co., to whose appointment as a member of the committee we referred last week, takes Mr. Donald’s place. — Sir Edgar Speyer, of the banking house of Speyer & Co., this city, and Speyer Bros., of London, who was created a baronet in 1906, had additional honors conferred upon him by King Edward this week in his appointment as Privy Councillor. His title is now the Right Hon. Sir Edgar Speyer, B art., P. C. Sir Edgar Speyer is head of the firm’s London establishment, and is an important factor in Continental financial affairs. He is a brother of James Speyer, the local head of the house. The Speyers have occupied a prominent position in banking circles abroad since the seventeenth century. The banking house in New Yox-k was founded by the father and uncle of the Messrs. James and Edgar Speyer. — James McGovern, a well-known member of the New York Stock Exchange, died on the 6th inst. He was fifty-four years of age. At an early age Mr. McGovern entered the employ of Coleman Benedict, later becoming a partner of the latter. W ith the retirement of Mr. Benedict he formed the firm of James McGovern & Co., the name of which was changed to Benedict, Drysdale & Co., when Mr. McGovern retired from active business five years ago. Mr. McGovern was a member of the New York Chamber of Commerce, the Governing Committee of the New York Stock Exchange, a director of the Corn Exchange Bank, the Home Life Insur ance Co., a trustee of the Kings County Trust Co. of Brooklyn Borough, the Emigrant Industrial Savings Bank of New York, and a member of the Metropolitan Museum of Art and the Museum of Natural History. — Foreign observers are seemingly impressed with the entrance of American financial interests into the banking world in the Orient. This appears from the comment of the London “ Financial News” on the opening of the Pekin and Hankow branches of the International Banking Corpora tion. In its issue of the 2d inst. the “ Financial News” has this to say with reference to the step referred to: “ It is obvious therefore that American banking interests will have to be counted with in the Celestial Empire, as in so many other quarters.” [V O L . L X X X I X . ollows: Jacob Erlich of Jacob Erlich & Co., Chairman; Alexander V . Blake of Blake & Reeves, bankers, 34 Pine St.; Louis J. Halle, importer, 66 Wall St.; George K avanaugh, manufacturer and importer, Cohoes, N . Y .; Emil Kaufmann, Treasurer George Borgfeldt & Co., 48 W est 4th St.; Charles C. Lloyd, ex-Vice-President and Treas urer Butler Bros.; J. B . Lorge of J. B . Lorge & C o ., bankers, 25 Broad St.; David S. Mills, President; Dr. J. H . Parker, President Mutual Alliance Trust Co.; Emil Schwarz of Benjamin Schwarz & Sons; Maurice C. Sternbach, manufacturer; W . A . Sherman, ex-Cashier N . Y . Pro duce Exchange Bank, and B . F . Werner, Cashier Irving N a tional Exchange Bank. — By the will of John Stewart Kennedy, the former banker, who died on Oct. 31, about half of his fortune of some $60,000,000 has been donated to religious, educational, benevolent and charitable purposes. Mr. Kennedy, to whose death we referred last week, during his lifetime made notable gifts in the cause of charity and education, which share still further in his generosity under the terms of his will. Be quests of $2,250,000 each are made thereunder to the follow ing organizations: Columbia University,' Metropolitan Mus eum of Art, Presbyterian Hospital, New York Public Library, Board of Foreign Missions of the Presbyterian Church, Board of Home Missions of the Presbyterian Church and the Board of Church Erection Fund of the General Assembly of the Presbyterian Church; the sum of $1„500,000 is bestowed on each of the following: the Church Extension Committee of the Presbytery of New Y o rk , the United Charities, and Robert College of Constantinople, Turkey; the following are each to receive .$750,000: the Presbyterian Board of Aid for Colleges and Academies, the American Bible Society, New York University, and the Charity Organization Society of the City of New York for its School of Philan thropy. Besides these larger donations, there are nine of $100,000 to various colleges and educational institutions, ten of $50,000, one of $30,000, four of $25,00 0, five of $20,000, sixteen of $10,000, and one of $5,000. — The indictments returned against Nathan Vidaver in April 1908, and which were an outgrowth of the closing in 1907 of the Hamilton Bank of this city, were dismissed on October 26 by Justice Crain in General Sessions on recom mendation of District Attorney Jerome. Mr. Vidaver, formerly a Special Deputy Attorney-General under Attorney* General Jackson, had been charged in one indictment with the attempted extortion of $1,500 from William R . Mont gomery, ex-President of the bank, for the supposed protec tion of the bank and its President against attacks by the Attorney-General, and in the second was charged with the alleged acceptance of $500 from Mr. Montgomery on March 4 1908. Ex-President Montgomery was indicted some six months ago on charges of grand larceny in alleged fraudulent note transactions. In his argument for the dismissal of the Vidaver case the District Attorney said: A ft e r an In vestig ation o f th e ch a rg e s a g a in st V id a v e r, I a m satisfied that It w ou ld be Im possible to secu re a c o n v ic t io n unless th e ju r y w h o lly an d c o m p le te ly b e lie v e d M o n tg o m e r y ’s t e s tim o n y . A ft e r g o in g o v e r th e en tire m a tte r v e r y c a r e fu lly , I d o n ’ t b e lie v e th a t If I sat as a Juror I s h o u ld feel th a t his gu ilt w as cle a r b e y o n d a reaso n a b le d o u b t. T h e ch a ra cte r o t M o n t g o m e r y disclo se d b y th e s u b s e q u e n t in v e s tig a tio n s , th e person al a p p e a r an ce o f th e m a n , an d th e fra n k a d m issio n ot v in d ic tiv e feelin gs again st the d e fe n d a n t, w o u ld so a ffe c t th e m in ds o f ju ro rs as to re n d e r It a w a ste o f tim e to p u t th e case o n fo r trial. The Hamilton Bank, whose main office was in West 125th Street, was closed from Oct. 24 1907 to Jan. 20 1908. Mr. Montgomery, who had previously been its Vice-President, became President a few days before its suspension, but with drew at the time of the reorganization in January 1908. In June 1908 the bank entered into a consolidation with the Northern and Riverside banks, effected under the name of the Northern Bank. — Thomas De W itt Cuyler of Philadelphia and Horace W hite, Lieutenant-Governor of this State, were chosen directors of the Metropolitan Trust Co., 49 Wall S t., last — The Union Trust Co. of Providence, on the 4th inst., Wednesday. Mr. Cuyler succeeds his uncle, the late Morris placed at the disposal of the holders of its negotiable cer K . Jesup, on the board. Lieut .-Gov. W hite’s family have tificates of deposit the sixth and seventh installments of such been stockholders of the institution for a long time. certificates, due respectively May 4 1911 and November 4 — The newly organized Audubon National Bank, David S. 1911. The plan of resumption, under which the institution Mills, President, opened for business Monday morning, the re-opened on May 4 1908, following the closing of its doors 1st inst., on the northwest corner of Broadway and 143d S t., on October 25 1907, provided for the immediate payment in this city. The institution is the furthest uptown national full of all deposits of $100 or less, and 5 0 % of its trust bank on Manhattan Island. Its capital is $200,000 and sur accounts, the remaining 5 0 % of these accounts being repre plus $50,000. The Vice-President is Emil Schwarz and the sented by negotiable certificates of deposit. The claims Cashibr William Reimers. The personnel of the board is as of other creditors and depositors\yere provided for as follows; X o v . 13 is o a . | THE CHRONICLE 1 0 % with resumption, 7 0 % in negotiable certificates of deposit, payable in seven installments of 1 0 % each, at intervals of from six months to 3 ^ years, and 2 0 % in contingent certificates dependent upon future profits. The installments which have just been paid complete the payment of the certificates representing 7 0 % of the deposits, this obligation being discharged a year and a half after the re-opening, instead of 3 } 4 years, the time allowed under the reorganization plan. — Bradley Barlow Smalley, President of the Burlington Trust Co. of Burlington, V t., died on the 6tli inst. in his seventy-fourth year. Col. Smalley was one of the incor porators of the institution, which was organized in 1882. He was for a number of years Clerk of the United States District and Circuit Court, and also United States Com missioner. He had also served as Collector of Customs for Vermont under President Cleveland, and had held many offices of responsibility and trust, both of a public nature and in connection with corporate interests. — In a suit for $17,795 brought by the First National Bank of Freeland, Pa., against the Title Guaranty & Surety Co. of Scranton, Pa., a verdict was recently returned in favor of the plaintiff. The suit grew out of the defalcation, amounting to $59,700, of a former Cashier of the bank, F . M. Everett, as a result of which the institution closed its doors temporarily on March 16 1906. The defaulting cashier had been under bonds of $15,000 supplied by the surety company, which had refused to pay over the same, contesting the claim on technical grounds. The jury, however, decided that the company was liable for the amount claimed. It is stated that the officers and stock holders had assessed themselves heavily in order to make it possible for the bank to resume after its capital and surplus had been impaired, and the recovery of nearly $18,000 through the verdict just given is particularly gratifying. It is further said that the surplus and undivided profits have reached a creditable sum, and that the stockholders have been receiving dividends for the past two years. — The question of increasing the capital of the National Bank of Commerce of Baltimore from $300,000 to $500,010 will be submitted to a vote of the stockholders on December 16. It is the intention to offer the additional stock to the present shareholders at $30 per share (par $15), the premium being added to surplus, which will thereby be correspondingly increased from $300,000 to $500,010. — George W . Chambers has been chosen to succeed the late Edward H . Brennan as President of the Central National Bank of Wilmington, Del. Willard A . Speakman has become Vice-President of the institution. — John M. Smyth, said to be one of the largest guarantors on the note of John R . Walsh to the Chicago Clearing House Association, died on the 4th inst. Mr. Smyth had been assisting in the straightening out of Mr. Walsh's affairs and had labored unceasingly in the endeavor to bring about a successful conclusion of the negotiations to that end. — The Union Trust Co. of Chicago, owing to the rapid in crease of business and the necessity for more room, has leased from May 1 prox. the other half of the bank floor of the “ Chicago Tribune” Building, now occupied by the Mutual Life Insurance Co. of New York. This just doubles the floor space. In the past seven years the Union Trust has increased its deposits over 1 0 0 % ; the deposits now ex ceed 1 4 ^ millions. F. II. Itawson is the President and guiding spirit of the institution. — The progress made by the Illinois Trust & Savings Bank of Chicago since the time of its organizatiqn in 1873 is displayed in a booklet lately coming from the institution. Even thirty-five years ago the bank’s standing was note worthy, its resources being then nearly $1,000,000— the amount on April 30 1874, the date of its first statement, having totaled $880,796, while its deposits aggregated $350,445. The resources in the interval have grown (Sept. 2 1909) to $100,144,166, the deposits are now $86,846,875, while the capital stock paid in is $5,000,000, with a surplus fund of $7,500,000 and undivided profits of $797,291. It is pointed out that the surplus of $8,300,000 has all been earned. John J. Mitchell is President; the Vice-Presidents are William II. Mitchell, Frederick T . Haskell, Chauncey Keep and H6nry A . Blair, and the Cashier is B M. Chattell. 1259 — The Auditor of Public Accounts at Springfield has is sued a permit to organize the Hinsdale Trust & Savings Bank at Hinsdale, a Chicago suburb. The incorporators are Herman M. Fox, John Bohlander and Robert W . Childs. The capital stock is to be $50,000. — John II. Hogan has resigned as Cashier of the Com mercial Savings Bank of Des Moines, Iowa, to become Cashier of the German Savings Bank of that city. — The Mechanics’ American National Bank of St. Louis has moved to its new banking quarters at the southwest corner of Broadway and Locust Street, the opening at its new location having occurred on Monday last, on which occasion it was the recipient of many floral tokens from its host of well-wishers. On April 3 last we told of the arrange ments made by the institution for more adequate facilities, Rs officials and representatives of the Mercantile Library Association having leased for a term of thirty years the building which it has just taken possession of, and which was formerly occupied by the Scruggs-Vandervoort-Barney Dry Goods Co. Under the lease the bank is given entire control of the building, except the portion used by the Library. Extensive alterations have been made to the structure to meet the requirements of the bank, and its quarters are fitted out in an exceptionally attractive manner. — Edmond B . Crow has been elected Cashier of the Commercial National Bank of Raleigh to take the place of H . W . Jackson, who has become President of the Virginia Trust Co. of Richmond, Va. Mr. Crow has been in the employ of the bank since its organization in 1891, and has reached the cashiership by progressive steps. P A IN E ’ S B A N K IN G L A W S .— A new edition (the sixth) of the exceptionally well-prepared work known as “ Paine’s Banking Laws” is announced. The first edition was published in 1884, while the author was at the head of the State Banking Department. The author has twice received the degree of Doctor of Laws because of the merit of this publication. An inspection of the new edition will show the labor involved. The fact may not be known that the writer of this book has never received any pecuniary pay for his labor. The author made a record, as a man of affairs, when in the year 1874 he closed, under the law enacted that year authorizing examinations of the trust companies of the State, three trust companies which owed their creditors six millions of dollars, and by this prompt action the depositors were paid in full. When appointed by Governor Cornell with the late William Dowd to revise the banking laws, he and Mr. Dowd, instead of exhausting the appropriation given by the Legisla ture, and asking for an additional sum, expended less than one-half the amount of the appropriation ($5,000) and the balance is now to their credit in the State Treasury. The year following the adoption of their work the Legisla ture by unanimous vote gave these commissioners a vote of thanks. This is, we believe, with one exception, the only vote of thanks given by that body since the Civil W ar. A feature connected with the author's receivership of the Bond Street (Atlantic) Savings Bank also deserves mention. He received in litigation against the trustees $117,500, Avhich was an addition to the assets. The unusual result was that when he ceased his labors, he was not only complimented with the approval of the Court, but the depositors, who had appointed a committee to look after their interests when the bank failed, presented him with an engrossed series of com mendatory resolutions. The book has, as usual, the National Bank Act with amendments to date, and is fully annotated. It is published by the well-known firm of law publishers, Matthew Bender & Co. of Albany._______________________________________________ Ifctonotary! <o mmorctalguglislt^onrs £> [F ro m o u r o w n c o r re s p o n d e n t.] L o n d o n , S a t u r d a y , N o v e m b e r 6 1909. The first reading of the Budget in the House of Lords is to be moved on Monday and it is expected that the motion will pass without opposition. A fortnight later the second reading will be moved and the general expectation is that it will give rise to a debate which will occupy the whole week. But opinions greatly differ as to what will be the result. A little while ago the Opposition Press was so confident in its announcement that the Lords would throw out the measure that most people were persuaded that they would do so. But now even the City hesitates to take that view. It recognizes that to throw out the Budget would plunge the country into a very grave crisis. Therefore, the City, though it is preponderantly Conservative, is now inclining to the view that it would be better to pass the Budget and to force a dissolution on some other issue. It is useless to speculate as to which view is correct, but there is no doubt that as the time for the final decision approaches, the City is becoming more and more depressed. In the Stock Exchange there was a vain attempt made at the beginning of the week to put up high-class securities. THE CHRONICLE 1260 [VOL. LXXXIX Consols, in fact, werejfput3£upSfractionally. But the full improvement has not been maintained and consols are again beginning to decline. British railway stocks were also put up slightly and they, likewise, are giving way. National Banks.— The following information regarding Generally speaking, there is discouragement all over the national banks is from the office of the Comptroller of the Stock Exchange and everybody is afraid to engage in new Currency, Treasury Department: risks. The chief cause unquestionably is the state of home A P P L I C A T I O N S T O C O N V E R T IN T O N A T I O N A L H A N K S politics. But that is aggravated, no doubt, by the dearness APPROVED. and scarcity of money. The 5 per cent rate is fairly effective. T h e C itizen s' B a n k , L a k e la n d , F la ., Into " T h e F irst N ation a l B a n k ot I t has turned all the foreign exchanges in favor of London. L a k e la n d .” C a p ital $5 0 ,0 0 0 . C o rre sp o n d e n t C. M . C la y to n , L a k e la n d ,, I t has enabled the Bank of England to buy far the greater F la . T h e F irst S ta te B a n k , O n k la , S . D a k ., Into “ T h e F irst N a tio n a l B a n k ot part of the gold offering in the open market since it came O n id a .” C a p ita l, $ 2 5 ,0 0 0 . C o rre sp o n d e n t, C ashier F irst S ta te B a n k , into force. And therefore it has strengthened the reserve— O n ld a , S. D a k . T h e C o m m e rcia l B a n k ot U m a d llla , Into “ T h e F irst N a tio n a l B a n k ot or perhaps it would be more correct to say it has prevented U n a d llla .” C a p ita l, $ 3 5 ,0 0 0 . C o rre sp o n d e n t, Chas. A . H o rn e , U n a d llla , it from being weakened. But the 5 per cent rate up to now G eorgia. has attracted from abroad only £5 6,00 0, in sovereigns and T h e F a rm e r s ’ S ta te B a n k o t O k la h om a C ity , O k la ., Into " T h e F a rm ers’ half-sovereigns. They came from Switzerland, which is a N a tio n a l B a n k o f O k la h o m a c i t y . " C a p ita l, $10 0 ,0 0 0 . F ran k W ells, O k la h o m a C ity , O k la ., c o r re s p o n d e n t. great resort for British tourists, and where, therefore, there N A T IO N A L B A N K S O R G A N IZ E D . is nearly always an accumulation of sovereigns. From October 7 to October 20. the whole of the rest of the Continent not a single ounce of 9 ,5 5 0 — T h e N egau n ee N a tio n a l B a n k , N egau n ee, M ich . C a p ita l, $ 10 0,00 0. E . N . B re ltu n g , P re sid e n t; B e n ja m in N e e ly , F irst V ice -P re sid en t; gold has been received. The rates in the open market are C leo M eilleu r, S e c o n d V ice -P re s id e n t; I I . C. W a g n e r , C ashier. a little over 4 )^ per cent. They are quoted sometimes 4 % he to G row N n n k ot R , Ca per cent and occasionally one hears of 4 % per cent. But it is 9 ,5 5 7 — T7 5 ,0 S 0 . c k Jam es ers R ua tioe ya, l P B asid e n t: E .a w lin sie rWey o . First pital, $ 0 M. ms re M. T n y, V ic e P re sid e n t; J o h n J . C u llen , S e c o n d V ic e -P r e s id e n t; Charles P . R o s s , very rarely indeed that more than 4 Per cent is obtained. C ashier. The joint stock banks allege that they desire to support e ot et n. the Bank of England, but that all their efforts are defeated 9 .5 5 8 — H .T h E .F irst eN a tion a l B ank D . F liz a hlt, h t o.n ,C.T e nle x a nC a p ital,d $25 ,0 0.0 . Jo n s, P residen t; B ru m E A der an J. E B ra d ln g , V ice -P re sid e n ts; T . 'J . W illia m s , Cashier. . by the foreign banks which have branches in London and 9 .5 5 9 — T h e P e o p le s N a tio n a l B a n k ot B e lleville, K ans. C a p ita l, $ 40 ,000 which are both powerful and numerous. The foreign banks H . I I . C ollin s, P re s id e n t: Chas. A . B a ll, V ic e -P r e s id e n t; G eo. reply that instead of bidding eagerly for bills at low rates Y o u n g , Cashier; an d W . II. B illin gsle y, A ssista n t Cashier. they are actually allowing a considerable proportion of the 9 ,5 0 0 — T h e D r o v e r s ’ N a tio n a l B ank ot K an sas C ity , M o. C a p ita l, $ 20 0,00 0. I . W . A v lt t , P re sid e n t; T h o s. G . H u tt, V ice -P re s id e n t; R o b t . E . bills they hold to run off as they mature; that one of the B o o t h , Cashier. main objects of holding very large amounts of sterling bills a ysvllle N B. . ita is to use them for payments in London at times like the 9.5 6 1 — J. T h eBB ankuot M re s .; A., M .. J . CA ., M a ysvllle,-PR y s .; C a pK . l, $10 0 ,0 0 0 . F. a rb o r, P o ch ra n , V lc c r e R. H o cllic h , Cashier; G eo. T . B a rb o u r, A sst. C ashier. present. Wherever the truth lies, there is no question at 9 .5 6 2 — T h e F irst N a tio n a l B ank o f O aklan d C ity , I n d . C a p ita l, $ 5 0 ,0 0 0 all that open market rates have not responded as much as W . L . W e s t, P res.; J. F . V a n Z a n d t, V Ic e -P r c s .; A lv in W ils o n , was expected when the Bank of England borrowed largely. C ashier: R . W a lte r G else, A sst. C ashier. And, consequently, no gold is being received from abroad. 9 .5 6 3 — T h e F irst N a tio n a l B a n k ot A r n c tts v llle (P . O . P its b u r g , O h io ). C a p ita l, $ 25 ,000 . G . R Ie sle y , P re sid e n t: A . B ran d en bu rg and Whether the joint-stock banks will make up their minds to C. I. D clk . V ice -P re s id e n ts : G u y S. D e n n iso n , C ashier. support the Bank of England intelligently remains to be seen. 9 .5 6 4 — T h e F a rm ers' N ation a l B a n k ot O k la h o m a C ity , O k la . C a p ita l, But the effect of the present state of things was curiously $ 1 0 0 ,0 0 0 . J. F . W a rre n , P resid en t; Jam es C h cn o w e th , V ic e -P r e s i d e n t; W . S . G u th rie , Cashier; C. E . C a rp e n te r, A ssista n t C ashier. illustrated on Wednesday, when a report circulated in the Stock Exchange, and was widely believed, that the Bank of 9 .5 6 5 — T h e F irst N a tio n a l B a n k o f D u c k t o w n , T e n n . C a p ita l, $25 ,0 0 0 . M . C. K in g , P resid en t; M . K a u fm a n , V ic e -P r e s id e n t. England would on the following day put up its rate of 9 .5 6 6 — T h e F irst N ation a l B a n k o f K e llo g g , I d a h o . C a p ita l, $ 2 5 ,0 0 0 . discount to 6 per cent. How the report got into circulation F . F . J o h n so n , P residen t; J. H . W e b e r an d E w en A lc ln to s h , V ic e P residen ts; P . P . W e b e r , Cashier; T h o s. It. J o n e s , A ssista n t C ashier. nobody knows nor why it was believed. But it was believed The N ation a B ank o f B rtle s v ille O and it shows how nervous the Stock Exchange is,not only 9 .5 6 7 — M o rtimU n io n S tllw e ll,l P residen t; aH o w a rd ,W ek lar. anC a p ita l, .$10o0,00 0er F . be d R . D R od. because of the state of home politics but also because of the V ice -P re s id e n ts ; W . C. R a y m o n d , C ashier, an d H . C. M o o r e . A ssista n t Cashier. uncertainty respecting the monetary condition. The irst l Ban C en Pa. ita 5 ,0 The Continental bourses are also weak. In Berlin there 9 .5 6 8 — T h e o d o r e FW . RN ation aresidenk o f ichaeltralla, c D o n n eC a pV ic l,-P$ 2 s i 0 0 . ile y , P t; M J. M ll, e re have been some serious suspensions of firms engaged in the d e n t; Chalm ers S. H e n d e rso n , C ashier. timber trade, which is a very large trade in Germany, and 9 .5 6 9 — T h e A u d u b o n N a tio n a l B ank o f N ew Y o r k , N . Y . C a p ital s t o c k , $20 0 ,0 0 0 . D a v id S. Mills, P residen t; E m il S ch w a rz, V ice -P re s id e n t; these failures have depressed stock markets. In Paris W illia m R e in e rs, C ashier. there is anxiety because of the state of things in Morocco. 9 .5 7 0 — T h e C om m ercia l N a tio n .1 B a n k o t U p la n d , C al. C a p ita l, $ 2 5 ,0 0 0 Chas. E . H a rw o o d , P residen t; W . T . L e e k e , V ic e -P r e s id e n t; M . F There have been some failures too, in the outside market, P a lm er, Cashier; R . C. N o rto n , A ssista n t C a shier. C o n v e rsion ot which has caused a further serious fall in South African gold T h e C om m ercia l B a n k o f U pla n d. shares. Everywhere, indeed, in Europe the feeling at the 9 .5 7 1 — T h e P e o p le ’ s N a tio n a l B a n k o f H e n d e rs o n v ille , N . C. C a pital, $15 0 ,0 0 0 . J n o . H. C a rter, P re sid e n t; U . G . S ta to n an d Charles moment is one of depression. F ren ch T o m s , V ic e -P r e s id e n ts ; C. S. F u llb rlg h t, C ashier. The India Council offered for tender on Wednesday 40 lacs The C s’ N tio Ba k ot o r e , 111. C a ita l, $75 of its bills and the applications exceeded 235 j/j lacs at prices 9 .5 7 2 — Charles E .itizenlk e r, aP ren a l e n t; n F ran kS y c.a m la y c o m b an d pE rn est A,0 0 0 . Wa sid E C . C urtis, V ic e -P r e s id e n ts ; A lb e r t E. H a m m e r s c h m id t, C ashier. ranging from Is. 4cl. to Is. 4 l-32 d . per rupee. Applicants T h e F irst N a tion a l B a n k o f V a lle jo , Cal. C a p ita l, $10 0 ,0 0 0 . for bills at Is. 4 l-32 d . per rupee were allotted about 32 per 9 .5 7 3 — P. E. B o w le s, P re s jd cn t; J o s. R . English and F ran k R . D e v lin , cent of the amounts applied for. V ice -P re sid e n ts; B . F . G riffin , Cashier; G e o . R . C a d a n , A ssistan t 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, Sat. Week ending Nov. 12. Silver, per o z _____ ________d. 23 5-16 Consols, new, 2 'A percents. 82 5-16 For account . ........... .......... 82)4 French Rentes (In Paris).fr 99.00 Amalgamated Copper C o . . 90 b Anaconda Mining C o______ 9)4 Atch. T op. AJSanta F e......... 126)4 Preferred .......................... 107)4 Baltimore A O hio________ 119)4 Preferred ........................ 95 Canadian Pacillc..................... 189 Chesapeake & O hio............... 91 Chicago Mllw. iV St. P a u l.. 162 H Denver A Rio Grande_____ F) 'A Preferred ______________ 87 E r i e ____________ __________ 34)4 F'lrst preferred.................. 48)4 40)4 Second preferred----------Illinois Central___ ________ 152 Louisville A Nashville_____ 157 Missouri Kansas & T e x a s . 48)4 Preferred --------. . ---------- 76 Nat. R R . of Mexico. 1st pref 58 Second preferred____. . . N. Y. Central A Hudson. . 137)4 N. Y . Out. A W estern____ 48 y* Norfolk A W estern............. 98)4 Preferred ______________ 92 Northern Pacific....... ............ 152)4 a Pennsylvania______ _____ 74)4 a R ea d in g .......................... .. 83)4 a First preferred................ 47 a Second preferred........... 50 R ock I s la n d ..__________ _ 41)4 Southern Pacific.................... Southern R a ilw a y ..______ 31)4 Preferred ........................ .. 72 Union Pacific_____________ .208)4 Preferred ---------------------- .106)4 (J. S. Steel Corporation____ 93)4 Preferred ---------------------- .132 20)4 W a b a s h ____________ _____ 52)4 Preferred . .................... 76 Extended 4s_______ - — a Price per share, b £ sterling, M on. 23)4 82 'A 82)4 99.17)4 89)4 9)4 125)4 107)4 119 94)4 188 90)4 161)4 49)4 87 33)4 48)4 40)4 152 156 )4 48 76 57)4 22)4 137)4 48 98 92 152)4 73)4 83)4 47 50 41 133)4 31)4 71 208)4 106 93)4 131)4 20)4 53 76 Tues. 23)4 82)4 82)4 99.40 91)4 10 125)4 107)4 118)4 95 188)4 91 161 49)4 86 33)4 48 40)4 151)4 156 48)4 76)4 57)4 22)4 137 48 98 92 152 73)4 83)4 47 50 40)4 133 31)4 71)4 207 y» 105)4 93)4 131)4 20 52)4 76 c Ex-rlghts Frt. Wed. T/iurs. 23)4 23 5-16 23)4 82 11 16 82)4 82)4 82 11-16 82)4 82)4 99.35 99.22)4 98.92)4 90 91)4 91)4 10 10 10 125)4 122)4 122)4 107)4 107)4 107)4 119)4 118)4 118)4 94 94)4 94)4 180 188)4 cl80)4 90)4 90)4 89)4 160 160)4 160 49 48 47 )4 85 85 85)4 33)4 33)4 33)4 47)4 47)4. 47)4 40 40)4 40 149)4 150 150)4 155 155 155)4 48 48 48)4 76 76 76 57 56)4 57)4 22)4 22)4 22)4 135 134)4 135 47)4 47)4 47)4 98 98 97)4 92 92 92 151 150 148)4 67)4 c08 72)4 83 82)4 82)4 47 46)4 47 50 50 50 40)4 41)4 41)4 132 132 H 131)4 31 31)4 31H 71)4 71)4 71)4 205)4 206)4 200 105 105 105)4 91)4 92)4 91)4 130)4 129)4 128)4 20 20 20 52)4 52)4 51)4 76 75)4 75)4 Cashier. C o n v e rsio n o f C itizen s’ B a n k o f V a lle jo . 9 .5 7 4 — T h e F irst N a tio n a l B a n k o f C u t B a n k , M o n t. C a p ita l, $ 2 5 ,0 0 0 . C. E d. L u k en s, P re sid e n t; H e n ry J . H a lv o rs o n a n d S am u el L . P o tte r , V ice -P re s id e n ts ; R o b e r t L. T a ft , C ashier. C H A N G E O F T IT L E A N D P L A C E O F L O C A T IO N O F N A T IO N A L . BANK. 6 ,4 0 8 — T h e N ew H a v e n N ation a l B a nk, N ew H a v e n , P a ., ch a n g ed to “ T h e U nion N ation a l B a n k o f C o n n e lls v lllc ,” P a . L IQ U ID A T IO N . 8 ,6 4 1 — T h e First N a tion a l B a n k o f B ro n te , T e x ., S e p te m b e r 28 1909. 634— T h e A siatic N a tio n a l B ank o f S alem , M ass., O ct. 12 1909. 7 ,0 4 2 — T h e A m erican N ation a l Bank o f T is h o m in g o , O k la ., I 'c b . 28 1909. 3 ,3 4 4 — T h e W o o d N ation a l Bank o f San M arcos, T e x a s , O ct. 20 1909. 5,2 4 2 — T h e W In d b e r N ation a l B a nk, W ln d b e r , P a ., N o v e m b e r 1 1909. 6 ,7 5 7 — T h e C itize n s’ N a tion a l B ank o t B a llin ger, T e x a s , N o v e m b e r 1 , 1909. IN S O L V E N T . 3 ,2 0 3 — T h e First N a tio n a l B a n k o f M ineral P o in t, W ls. R e c e iv e r a p p o in te d O cto b e r 12 1909. Auction Sales.— Among other securities, the following, not regularly dealt in at the Board, were recently sold at auction. By Messrs. Adrian H . Muller & Son: Stocks. Stocks. ' 315 Texas Land Synd. No. 2.$3 persh. 250 N. Y . Cableway A Engineer 600 Texas Land Synd. No. 3.$36 per sh. ing C o......... ........................... $1,000 200 Connecticut lty . A Ltg. Co., 8,250 Mears Ear Phone Co., $10 ea.$2,000 c o m m o n ____________ 74 )4 5 Title Guarantee A Trust C o . -570)4 3 Kings County Trust C o.........500)41 13 Home Insurance C o................620)4 7 Manhattan Co. Bank_______ 345 10 N. Y . Electric Vehicle Trans 10 Peoples Bank....... ......................280 portation C o., $20 ea.83.50 persh 3 American Exch. Nat. B a n k ..250 40 W alter M. Lowney Co. of 3 Bank of Am erica_____ _______ 590 Canada, L t d ........................... 100 25 Carnegie Trust C o____104J4-165K 50 W alter M. Lowney C o_______125 400 United Copper Co. pref......... 20 60 Lowney Chocolate C o...............125 70 I.yncroft Realty C o.................-100 2 Westchester & Bronx Title A 100 Mexican Sugar lief. Co. of Mortgage Guarantee C o ___ 158 Louisiana, preferred--------$15 lot 1 Lawyers Title Ins. A Tr. C o .240 34 Sharon lty . Co. 6% g u a r ... .120 2 North Carolina U K . C o.......... 150 30 Kansas City St. Louis & Clue. 10 Woodlawn C em etery..$115 persh. Hit. 6% preferred.................135 12 Holland Trust C o ........... $22 persh. 15 Central Fireworks C o.............. 6H 9,991 The Ortega Mining Co. of Mexico, $1 each--------- $1,100 lot 50 Trenton Potteries Co., p r e f-- 54 75 Trenton Potteries Co., c o m .. 5 200 Standard Roller Bearing Co., com mon, $50 each ------S I,800 lot 40 Durango Land * Coal C o . . $11 lot 96 North American Investigation 3 Union Bank of B rooklyn------102 Bureau, S25 each ........... $100 lot 15 United States Trust C o......... 1260 60 Farmers’ Loan A Trust C o .. 1840 60 Lackawanna Iron & Coal Co. (In liquidation)............. $5 per sh. 5 Corn Exchange Bank..............342 14 Trust Co. of A m e rica ..352)4-353 )4 113 Third National Bank (In liqui dation)...............................S500 lot 5 National Park Bank...............461)4 300 Texas Land S y n d ica te ..520 per sh. THE CHRONICLE !Nov. 13 1909.1 D IV ID E N D S . The following shows all the dividends announced for the future by large or important corporations: D i v i d e n d s a n n o u n c e d th is w ee k a re p r i n t e d i n i t a li c s . _______ Per Cent. Name o f Company. Books Closed. Days Inclusive. When Payable. Statement of New York City Clearing-House Banks.— The detailed statement below shows the condition of the N ew York Clearing-House banks for the week ending Nov. 6 . The figures for the separate banks are the averages of the daily results. In the case of the totals, the actual figures at the end of the week are also given. W e omit two ciphers (00) in all cases. Railroads (Steam). Jan. Holders of rec. N ov. 15 1 Joldcrs of rec. N ov. 5 1 Solders of rec. Dec. 15 1 iiolders of rec. N ov. 23 19 Tolders of rcc. Nov. 11 1 Holders of rec. N ov. 10 1 Holders of rec. Nov. 10 1 Holders of rec. Nov. 20 20 Holders of rec. N ov. 12 to N ov. 30 30 tfov. 25 30 Holders of rec. Nov. 15 17 Holders of rec. N ov. 30 to Nov. 19 26 Nov. 11 30 Holders of rcc N ov. 5 1 Holders of rcc. N ov. 15 to Dec . 1 15 Oct. 31 2 2 3 Holders of rec. Dec. la Dec. Dec. Nov. Dec. 15 1 15 1 Dec. 1 Holders of Nov. 1 Holders of Nov. Nov. Dec. Dec. Dec. 13 13 6 1 1 Oct. 25 to Oct. 25 to Nov. 25 to Holders of rec. Holders of rec. 1 3K IK Dec. Nov. Nov. 1 Holders of rec. N ov. 12 15 Holders of rec. N ov. 0 15 Holders of rec. O ct. 20 2 Nov. 15 Nov. 11 82 84 Dec. Dec. Nov. Nov. Nov. Dec. Dec. Nov. Jan. Nov. Dec. Nov. Dec. Dec. Dec. Jan. Dec. Dec. Dec. Nov. Dec. Nov. Dec. Dec. Jan. Jan. Dec. Dec. Dec. Dec. Jan. Dec. Jan. Nov. Dec. 4)ec. Nov. iDec. Dec. Dec. Dec. Nov. Nov Dec. Dec. Nov. Nov. N ov. 30 1 Nov. 10 to N ov. 30 1 Nov. 10 to 29 Holders of rec. O ct. 28 20 Nov. 10 to Nov. 20 20 Nov. 10 to N ov. 20 to D ec. 2 1 Nov. 12 1 Nov. 12 to Dec. 2 15) Holders of rcc. Nov. la 3HIoIdcrs of rcc. N ov. 30 15 Oct. 21 to Oct. 31 31 Dec. 23c to Dec. 31c 15c Nov. 9 to Nov. 15c l Nov. 23 to Nov. 30 to N ov. 30 1 Nov. 23 1 Holders of rcc. Nov. 15 3 Holders of rec. Dec. 1 1 Holders of rec. Nov. 30 1 Holders of rcc. Nov. 15 1 Holders of rcc. N ov. 15 15 Holders of rec. N ov. 6 Dec. 15 15 Dec. 5 to N ov. 20 2C Nov. 10 to Dec. 1 1 Nov. 10 to 1 Holders of rec. N ov. 20 to Jan. 2 1 Dec. 21 to Jan. 2 1 Dec. 21 15 Holders of rec. Nov. 17 15 Holders of rcc. N ov. 30 15 Holders of rec. N ov. 30 15 Holders of rcc. Nov. 30 1 Holders of rec. N ov. 30 1 Holders of rec. Oct. 30 1 Holders of rec. Nov. 30 2(J Nov. 10 to N ov. 20 1 Holders of rcc. Nov.20a 1 Holders of rcc. Nov. 18 15 Nov. 5 to N ov. 14 1 Holders of rcc. N ov. 11 1 Nov. 12 to Dec. 1 J Nov. 12 to Dec. 1 1 Nov. 24 to Dec. 1 15 Holders of rec. Nov. 5 15 Nov. 14 to Nov. 15 1 Holders of rec. N ov. 19 30 Dec. 17 to D ec. 30 2\ Holders of rcc. O ct. 30 27 Holders of rcc. O ct. 30 Dec. Dec. Feb. Nov. Nov. Jan. Nov. Nov. Dec. Dec. Dec. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Jan. Jan. Nov. Dec. Nov. Nov. Nov. Nov. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Nov. Nov. Dec. Nov. 14 to N ov. 30 Nov. 19 to Doc. 1/i Jan. 19 to Feb. 1 Nov. 0 to N ov. 15 Holders of rcc. O ct. 30 Albany A Susquehanna (special)................ 30 3 Atch. Topeka A Santa Fc, com m on......... 3 Boston Revere Beach A L yn n-------------------1 Buffalo A Susq. RR., pref. (quar.) (N o.30) 2K Catawtssa, preferred stocks....... .......... .......... IK Cleveland A Pittsburgh, reg. guar, (quar.) l Special guaranteed (q u a r .)................... 1 Cripple Creek Central pref. (qu.) (No. lb) 2 Delaware A Bound Brook, guar, (.quar.) — 2 M exican Northern......................................... 6 N . Y . Phila. A N orfolk -...................... ........ 2K Norfolk A Western, C om m on ................... 2 North Pennsylvania (quar.)........................ 3 Pen nsylvania....................- ............................ 3 Plttsb. Bess. A Lake Brie, p ref----------------Rome Watertown A Ogden, guar, (quar.; IK Southern Pacific, com. quar.) (No. 1 3 ) . .. IK Preferred (N o. 11).................... - ............... Union Pacific, com. (quar.)......... ............... 2K Dec. Ian. Dec. Nov. Dec. Dec. Dec. Nov. Mov. Nov. Dec. Nov. Nov. Dec. Nov. Jan. _____________ Street & Electric Railways. American Railways ( q u a r . ) . ...................... Columbus (O.) R y., com. (qu.) (N o. 2 b ) .. Connecticut R y. A L tg., com . A pf. (qu.) Grand Rapids R y., com. (qu.) (N o. 1 4 ) . .. Halifax Electric Tramway, Ltd. (qu ar.). Havana Electric R y ., com . (quar.) (N o. 4) Preferred (quar.) (N o. 15).................... Norfolk lly. A Light..................- ................... Pensacola Electric Co., preferred............. Preferred (e <1r a )......... - ............. .......... Portland (Ore.) Railway, Light A Power, common (quar.) (N o. 2 ) ......... ............ Tam pa Electric Co. (N o. 2 0 )________ Twin City Rap. T r., Mtnneap., com . (qu.) IK IK 1 1 IK 1 IK o 3 31 to rec. to rcc. D ec. 2 N ov. 15 Nov 15 N ov. 15 N cv. Nov. D ec. Nov. N ov. 13 13 1 15 15 Ranks. Copper, National (qu ar.)...................... to Nov. 14 Miscellaneous. Adams Express................................... . E x t r a ....... ...................................... .. Amalgamated Copper (qu ar.)...................... American Chicle, com mon (m on th ly)-----Common (extra )......................................... American Cotton Oil, com m on.................. Preferred .................................................... Amer. Dlst. Teleg. of N. V. (qu ar.)......... American Express (quar.)............................. Amer. Light A Traction, com . (e xtra )_ _ American Radiator, com mon (qu ar.)-----Preferred (qu ar.)....................................... American Smelters Sec., pref. A (qu ar.). Preferred B (quar.) (N o. 18)________ American Stogie, preferred............................. A m . Sugar Rcfg., com. A pref. (quar.)-----Amer. Teleg. A Cable, guar, (qu ar.)-----American T obacco, com m on (q u a r.)____ E x t r a ..............................................- .......... Bond A Mortgage Guarantee (a u a r.)____ Borden's Cond. M ilk, pref. (quar.)--------- 1 1 5 3 1 3 2Kb IK 1K IK IK 1 IK IK 2K 7K 3 IK io K 25c. Butte Coalition Mining (qu ar.)___ Buttcrick Company (quar.).............. K Canton Com pany......... — .......... .. IK 50c. E x t r a ...............- .............................. Consolidated Gas of New York (q u a r.). 1 Crex Carpet.............................. .......... 2 E xtra__________________________ K Diamond Match (qu ar.).................. 2 Eastman Kodak, com . (q u a r .).. 2K Common (extra)............................. 2K Preferred (qu ar.)......................... IK Pay (J. A .) A Egan, pref. (quar.).. IK General Asphalt, pref. (quar.) (N o. 1 0 ) . .. IK General Chemical, com m on (quar.) l 150d General Motors, com m on.................. Internat. Harvester, pref. (qu.) (N o. 11) IK International Nickel, com mon ( q u a r .) ... 1 Common ( e x t r a )................................. K Intern. Smell. A Rcfg. (quar.) (N o. 2 ) . IK l 5 2 IK Lanston M onotype Machine (qu ar.)------4 Lehigh Coal A Navigation (N o. 124)----1 Extra ........................................................ Massachusetts Gas Companies, common Preferred...................... ............................. Michigan State Telephone, com . (qu ar.). IK Preferred (qu ar.)....................................... IK Mobile Electric Co., pref. (quar.)................ IK Montreal Light, lit. A Pow. (qu .)(N o.34) National Biscuit, com. (quar.) (No. 4 5 ) .. Preferred (quar.) (No. 4 7 ) _______ ________ IK National Carbon, preferred (qu ar.)........... IK National Lead, pref. (quar.) (N o. 7 2 )___ Nevada Consol. Copper (quar.) (N o. 1 ) .. 37KC. Nlles-Bcment-Pond, com mon (qu ar.)____ Preferred (q u a r .)...................................... Pacific Gas A Electric, preferred (q u a r.). IK People’s Gas Light A Coke (qu ar.)............ IK Pittsburgh Brewing, com, (quar.)................ IK Preferred (quar.)....... ..................... ............ IK Pratt A W hitney, preferred (qu ar.)_____ 1K Pressed Steel Car, pref. (quar.) (N o. 13). IK Procter A Gamble, com . (q u a r.)................ 3 Pullman Company (quar.) (N o. 171)____ 2 Quaker Oats, com. (quar.)............................. IK Common (extra).......................................... K Preferred (quar.).......................................... IK Quincy M ining (quar.)................................... Sears, Roebuck A Co., com . (qu ar.)............ IK 1 Silversmiths Company (qu ar.)................ Sloss-Slicfflcld Steel A Iron, com. (quar.) IK K E x tr a .......................................................... United Bank N oteC orp., com mon (quar.) United Cigar M frs., pref. (q u a r.).. IK United Fruit (extra)....................- U. S. Cast Iron Pipe A F d y., pref. ( q u .).. IK 3 United States Express (No. 152)................ U. S. Steel Corp., com . (quar.) (No. 24) IK Preferred (quar.) (N o. 3 4 ) . . . - ------United States Telephone, prof. (qu ar.). IK 3 Warwick Iron A Steel------------------------IK Woman's IIolcl (quar.) (N o. 4 ) . . .............. IK IX IK IK IK S I 1 1 0 1 a Transfer books not closed, mon stock, e Correction. 1261 Holders of rec. N o v .lb o Nov. 15 Nov. be to Not). 20 to N ov. 23 Jan. 2 Dec. 2 to Dec. 20 Dec. 12 to Nov. 15 Nov. 7 to Holders of rec. N ov. la Holders of rec. N ov. 4 N ov. 21 Nov. 12 to N ov. 21 Nov. 12 to N ov. 15 Nov. 7 to N ov. 23 Nov. 4 to Holders of rec . Oct.30a Holders of rcc O ct. 30 Holders of rcc Jan. 4 Holders of rcc Jan. 4 Holders of rec Nov. 15 Dec. 25 Nov. 21 to Holders of rcc . N ov. 1 Holders of rec . N ov. 10 Holders of rec N ov. 19 Holders of rec. Nov. 19 Nov. 2 to N ov. 15 Holders of rec Nov. 20 Holders of rcc . O ct. 29 Holders of rec, Nov.20a Nov. 1 to Nov. 15 Dec. 11 to D ec. 30 Nov. 6 to Nov. 30 Holders of rec O ct. 30 O ct. 31 to N ov. 15 Holders of rec Dec. 8 b Payable In com m on stock, d Payable In com- Banks. 00s omitted. Capital. $ Bank of N. Y__ 2,000,0 Manhattan C o. 2,050,0 M erchants'____ 2,000,0 M echanics'____ 3,000,0 A m e r ic a ______ 1,500,0 l’ henlx ........... .. 1,000,0 City .................. 25,000,0 Chemical........... 3,000,0 Merchants’ E x . 600,0 1,000,0 Gallatin_______ Butch. A Drove 300,0 G re e n w ich ____ 500,0 Amer. E x ch _ _ 5,000,0 Com m erce_____ 25,000,0 3,000,0 M erca n tile____ Pacific .............. 500,0 450,0 Chatham______ 200,0 People’s ---------3,000,0 H a n o v e r........... 2,550.0 Citizens’ C e n t.. 500,0 N a s s a u _______ 1,000,0 Market A Fult’n 2,000,0 Metropolitan . . 3,000,0 Corn Exchange 1,500,0 Im p. A Traders' 3,000,0 P a r k __________ 250,0 East R iver____ 3,000,0 F’o u r t h _______ 1,000,0 S e c o n d _______ 10,000,0 2,000,0 Irving E x ch _ _ Bowery --------250,0 500, C N .Y . C o u n ty .. 750,(J German -Atner. 5,000,0 C h a s e ................ Fifth A v e n u e .. 100,0 German E x c h .. 200,0 G erm an ia-------200,0 L in co ln _______ 1,000,0 Garfield j ______ 1,000,0 250,0 Fifth .................. 1,000,0 M etro p o lis____ 200,0 West Side-------1,000,0 Seaboard______ 1,000,0 Liberty _______ 1,000,0 N. Y . Prod. Ex. 1,000,0 1,000,0 14th Street-----2,000,0 Copper .............. 1,000,0 Coal A Iron — Surplus. Loans. Average. $ S 3,374,4 18,973,0 4,088,4 31,100,0 1,642,1 19,744,0 27,782,0 3,767,3 5,074,1 23,657,7 657,9 8,867,0 29,040,9 188,015,4 6,059,1 27,802,2 532,0 6,663,4 2,468,4 8,959,3 148,0 2,259,3 779,7 7,299,6 5,220,0 29,693,7 15,594,5 145,006,0 2,504,5 13,770,8 898,9 3,958,8 1,025,0 6,936,1 475,4 2,400,7 10,922,2 64,591,1 1,508,6 22,473,3 465,8 6,306,0 1,671,5 8,334,7 12,901,0 1,395,2 5,310,9 41,953,0 25,689,0 7,415,9 82,864.0 9,750,2 103,7 1,432,2 22,108,0 3,324,7 12,701,0 1,845,4 19,023,9 103,504,0 20,379,1 1,441,4 3,470,0 811,7 1,598,3 7,783,5 049,7 4,098,9 6,685,1 74.869.5 13,152,3 2,055,5 886,1 3,614,0 1,040,4 4,057.0 15,734,S 1,373,8 1,148,8 7,597,3 474,4 3,478,2 11,307,4 2,006,9 4,478,0 1,130,0 19,398,0 1,705,3 2,615,2 16,270,5 7.660,3 738,7 825,4 13,566,0 331,0 5,559,0 26,460,4 2,734,3 305,2 5,394,0 Specie. Legals. Average. Average. $ 2,863,0 8,231,0 3,976,0 6,308,0 3,776,8 4,529,0 39,886,8 4,543,7 1,508,0 1,151,6 333,0 1,782,3 4,310,2 22,627,5 2,119,4 340,5 829,5 497,1 12,272,5 5,512,6 687,4 1,218,5 3,201,8 6,836,0 3,420,0 22,481,0 264,0 3,871,0 2,775,0 19,871,1 3,793,4 753,0 1,230,0 821,1 14,888,4 2,810,3 500,2 967,1 3,407,5 1,558,3 595,4 1,320,8 961,0 4,331,0 2,811,1 2,196,3 3,869,0 691,9 6,328,2 1,013,0 Deposits. ReAverage. s’ve. S 1,220,0 1,486,0 1,386,0 1,551,0 1,851,3 626,0 5,385,0 2,156,9 111,5 013,6 106,2 200,2 1,317,7 8,688,8 814,4 479,1 1,018,3 139,8 7.651,7 321,1 970,4 854,9 210,3 5,054,0 2,040,0 1,284,0 117,6 2,517,0 464,0 1,190,5 1,727,1 57,0 615,0 228,6 4,335,2 1,078,2 456,7 573,4 875,0 247,7 263,2 1,391,1 249,0 1,557,0 1,181,2 271,4 276,0 031,3 327,0 355,0 $ 16,354,0 36,000,0 20,422,0 29,249,0 23,544,1 11,426,0 180,294,2 26,033,8 6,779,4 6,728,9 2,102,3 7,951,5 22,744,4 121,730,4 10,490,9 3,520,5 7,308,8 2,483,5 74.833,2 22,415,2 6,923,4 8,116,7 13,389,5 48,94a.0 22,807,0 93,209,0 1,513,2 24,243,0 12,627,0 90,122,8 21,413,3 3,500,0 7,874,4 4,010,2 79,669,9 14,956,6 3,750,9 5,526,8 17,017,1 7,530,5 3,590,0 11,145,7 4,921,0 22,440,0 15,556,5 9,299,5 16,579,0 5,859,3 27,189,1 5,257,0 % 25.0 27.0 26.2 26.8 23.9 45.7 25.1 25.8 23.5 26.2 20.8 24.9 24.8 25.8 27.9 23.4 25.2 25.6 26.6 26.2 23.9 25.5 25.5 24.2 23.9 25.4 25.2 26.3 25.6 23.3 25.7 23.1 23.8 20.9 24.1 26.0 25.5 27.8 25.1 23.9 23.9 24.3 24.5 20.2 25.6 26.5 25.0 22.5 24.4 26.0 Totals, average 127,350,0 177,371,8 1246,974,4 246,877,3 68,530,4 1241,460,5 25.4 1 2 4 3 ,8 0 2 ,0 2 4 4 ,1 0 4 ,4 6 9 ,5 6 5 ,9 1 2 3 6 ,6 9 5 ,9 Actual figures 25.4 On the basis of averages, circulation amounted to 853,278.800 and United States deposits (Included In deposits) to $1,627,000; actual figures Novem ber 6, circulation. $53,442,100; United States deposits, $1,587,200. The State Banking Department also now furnishes weekly returns of the State banks and trust companies under its charge. These returns cover all the institutions of this class in the whole State, but the figures are compiled so as to distinguish between the results for New York City (Greater New York) and those for the rest of the State, as per the following: S T A TE BA N K S AND T R U S T COM PANIES. Week ended Nov. 6. Capital as of Sept. 14------ State Banks Trust Cos. Trust Cos. State Banks outside o f outside o f in in Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y . S 26,075,000 $ 61,675,000 38,495,200 $ 8,708,000 $ 7,725,000 163,689.700 10,585,699 10,155,540 297,005.700 1,105,302,300 +953,000 — 4,605,500 88,858,500 + 159,800 133,575,700 — 251,600 "Change from last week. 46,501,000 — 1,869,400 117,607,700 — 2,712,800 .................... .................. - Legal-tenders A bk. notes Change from last week. 24,868,800 — 796,500 13,559,300 — 70,800 .................... .................. - 337.849,100 1,157,294,100 — 4,175,000 — 11,511,500 93,552,600 + 371,300 140,858,900 + 612,500 89,320,700 — 3,425,100 138,387,100 — 1,370,900 18,497,200 — 411,900 18,539,900 + 643,600 15.9% 15.9% 20.4% 20.9% 13 .8 % 13.3%. Surplus as of Sept. 14-----Loans and Investments. . Change from last week. Change from last week. Reserve on deposits-------Change from last week. P. C. reserve to deposits. . Percentage last w e e k .. + Increase over last week. • 26.9% 27.6% — Decrease from last week. Note — “ Surplus” Includes all undivided profits. “ Reserve on deposits” id eludes for both trust companies and State banks, not only cash Items, but am ounts due from reserve agents. Trust companies In New York State are required b y law to keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required Is com puted o n the aggregate of deposits, exclusive of moneys held In trust and not payable within thirty days, and also exclusive of time deposits not payable within 30 days, repre sented by certificates, and also exclusive of deposits secured by bonds of the S tate of New Y ork. The State banks are likewise required to keep a reserve varying according to location, but In this case the reserve Is com puted on the whole am ount of deposits, exclusive of deposits secured by bonds of the State of New Y ork. — Trust Cos.— — State Banks— Reserve Required or Trust Companies Total Of Total Of and State Banks Reserve which Reserve which Location__ ' Required, in Cash.Required, in C ash M a n h a t ta n Borough— ._ — ------------------------------15% 15% 25% 15% Brooklyn Boroughfwlthout branches In M anhat.). 15% 10% 20% 10% Other Boroughs (without branches In Manhattan).15% 10% 15% 7K%> Any Borough with branches In Manhattan ----------- 15% 15% 25% 15% E ls e w h e re In State---------------------- -------- - ............ 10% 5% 15% 6% + Increase over last week. — Decrease from last week. THE CHRONICLE 1262 The Banking Department also undertakes to present separate figures indicating the totals for the State banks and trust companies in the Greater New York n o t i n th e C l e a r i n g H ou se. These figures are shown in the table below, as are also the results (both actual and average) for the Clearing House banks. In addition, we have combined each corre sponding item in the two statements, thus affording an aggre gate for the whole of the banks and trust companies in the Greater New York. N E W Y O R K C IT Y B A N K S AN D T R U S T COM PANIES. Clear .-House State Banks <* Total o f all Trust Cos. not Banks & Trust Banks. in C .-H . Aver. Cos. Average Average. Clear.-House Banks. ActualFigures W eek ended N ov. 6. $ $ INat. Banksl Capital } Sept. 1 . . . i (State Banks( Surplus J Sept. 14— J S 127,350,000 127,350,000 177,371.800 177,371,800 Loans and Investments 1,243,802,000 1,246,974,400 + 6,624,600 + 13,009,500 Change from last week $ 71,550,000 198.900,000 172,199,700 349,571,500 1,200,810,900 2,447.785.300 — 4,671,700 +8,337,800 D e p o s it s -------------------- 1,236,695,900 1,241,460,500 « 1 ,160,346,700 2,401,807,200 Change from last week + 2,071,100 +7,446,200 — 64,700 — 7,510,900 S p e c ie ....... .......... .......... Change from last week 244,104,400 — 4.573.700 124,032,900 — 2,961,700 246,877,300 — 4,482.200 370,910,200 — 7,443,900 L egal-tenders________ Change from last week 69,565,900 — 1,511,800 68,530,400 — 2,523,500 522,784,700 + 266,400 91,315,100 — 2,257,100 Aggr’ te m oney holdings Change from last week Money on deposit with other bks. & trust cos. Change from last week 313,670,300 — 6,085,500 315,407,700 — 7,005,700 c l4 6 ,817,600 — 2,695,300 462,225,300 — 9,701,000 .................... .................... 23.141,600 + 567,500 23,141,600 + 567,500 Total reserve_______ Change from last week 313,670,300 — 6,085,500 315,407,700 — 7,005,700 169,959,200 — 2,127,800 485,366,900 — 9,133,500 Percentage to deposits requiring reserve____ Percentage last w eek. 25.48% 25.93% 25.43% 26.15% 4,496,325 5,042,575 — .............. Banks. Boston. Oct. 16— Oct. 2 3 . . Oct. 3 0 N ov. 6 . . Phila. O ct. 1 6 .. Oct. 23 — Oct. 3 0 N ov. 6 . . Loans. Specie. S 40,300,0 40,300,0 40,300,0 40,300,0 $ 218,923,0 213,357,0 208,859,0 206,374,0 56,315,0 56,315,0 56,315,0 56,315,0 Lcgals. Deposits, a Circu lation. $ 24,583,0 24,276,0 23,878,0 23,956,0 $ 4,709,0 4,886,0 4,716,0 4,731,0 271,311,0 266,875,0 262,877,0 260,106,0 Clearings. $ 273,934,0 266,800,0 258,794,0 264,406,0 S 7,064,0 7,047,0 7,059,0 7,043,0 $ 178,720,0 177,253,1 169,542,1 204,588,5 320,662,0 313,779,0 306,425,0 308,712,0 73,274,0 70,791,0 67.433,0 69,442,0 16,835,0 16,843,0 16.814,0 16,869,0 143,127,8 155,369,5 141,966,8 147,184,5 a Including Government deposits and the Item "du e to other banks.” At Boston Government deposits amounted to $2,995,000 on N ov. 6, against $2,514,000 on O ct. 30. Imports and Exports for the W eek.— The following are the imports at New York for the week ending N ov. 6: also totals since the beginning of the first week in January: FO R E IG N IM PO RTS A T N E W Y O R K . F or Week. 1909. D ry G oods--------------------------General Merchandise.............. 1908. 1907. 1906. $2,766,952 16,633,845 $2,417,744 11,472,889 $2,633,051 11,090,016 $2,963,756 13.572,620 T o t a l ...................... ............... $19,400,797 $13,890,633 $13,723,067 $16,636,376 Since January 1. D ry G oods........................ ........ $142,181,540 $104,317,648 $158,357,993 $136,541,397 General Merchandise.............. 594,445,568 429,360,327 575,428,058 510.686,999 Total 44 weeks.................... $736,627,108 $533,677,975 $733,780,051 $647,228,396 The following is a statement of the exports (exclusive of specie) from the port of New York to foreign ports for the week ending N ov. 6 and from Jan. 1 to date: E X P O R T S FROM N EW Y O R K F O R T IIE W E E K . 1909. .................... LXXXIX W e omit two ciphers (00) in all these figures. Capital and Surplus. 17.3% Surplus reserve.............. [VOL. For the w eek-----------------------Previously reported________ 1908. $13,433,208 508,920.197 1906. 1907. $10,845,683 $10,638,976 526,109,636 532,923,071 $9,931,207 506.206,257 Total 44 weeks___________ $522,359,405 $536,955,319 $543,562,047 $510,137,464 4- Increase over last week. — Decrease from last week. a These are the deposits after eliminating the Item "D u e from reserve depositories and other banks and trust companies In New Y ork City;” with this Item Included, deposits amounted to $1,272,045,300, a decrease of $14,152,100 from last week. In the case of the Clearing-House banks, the deposits are "n e t” both for the average and the actual figures, b Includes bank notes, c Of this amount State banks held $15,650,600 and trust companies $131,167,000. The averages of the New York Clearing-House banks c o m b i n e d with those for the State banks and trust companies in Greater New York outside of the Clearing House compare as follows for a series of weeks past: COM BIN ED R E SU LTS O F B A N K S AN D T R U S T CO M PANIES IN G REA TE R NEW Y O R K . W e omit two ciphers (00) In all these figu res. Week Ended. Sept. Sept. Sept. O ct. O ct. O ct. O ct. Oct. N ov. 11— 182 5 .. 2— 9— 1 6 .. 23 — 306— Loans and Investments. Deposits. $ 2,568,181,7 2.552.792.6 2.543.778.6 2.548.179.4 2,519,375,9 2.464.578.2 2,445,020,0 2.439.447.5 2.447.785.3 $ 2,578,878,7 2.565,384,6 2.545.711.1 2.541.198.2 2.494.502.9 2.433.415.2 2.415.217.9 2.401.871.9 2.401.807.2 Specie. 410.884.4 405.927.4 405,999,3 398.308.5 386.769.7 380.588.6 384.151.8 378.354.1 370.910.2 Tot. M oney Entire Res. Holdings. on Deposits Lcgals. S 95.234.0 95.001.1 94.153.5 92.258.2 91.625.6 93,689,4 93,694,9 93.572.2 91,315,1 $ 506.118.5 500.928.5 500.152,8 490.566.7 478.395.3 474,278.0 477.846.7 471.926.3 462.225.3 $ 535.304.8 528,412,4 525,896.1 514.587.8 502.420.3 497.581.3 499.840.3 494.500.4 485.366.9 Reports of Non-Member Banks.— The following is the statement of condition of the non-member banks for the week ending N ov. 6, based on average daily results: W e omit two ciphers (00) In all these figures. ' Bank*. Capi tal. N. Y. City. Boroughs of M a n .& B rx. 8 100,0 W ash. H ’ts 200,0 Century ___ 400,0 C o lon ia l___ 300,0 C olum bia. . 200,0 Fidelity . . . 500,0 Jefferson___ 250,0 Mt. Morris. 200,0 M utual____ Plaza _____ 100,0 200,0 23d W ard— U n.E x.N at. 1,000,0 100,0 Yorkvllle — 200,0 New N eth— 200,0 Bat.Pk.Nat. 300,0 Aetna N at. Borough o f Brooklyn. Broadway . 200,0 Mfrs.’ N at. 252,0 Mechanics’ . 1,000,0 Nassau Nat. 750,0 N at. C it y .. 300,0 North Side. 200,0 Jersey City. 400,0 First Nat — 250,0 H ud.Co.Nat 200,0 Third N at— H oboken. 220,0 First N at— 125,0 Second Nat. Sur plus. $ 243,1 154,4 283,5 452,9 164,3 657,7 283,8 322,3 410,6 95,4 934,4 456,0 258,4 146,5; 316,8 Loans. D isc1 13 and Invest ments. Specie. Legal 7V y]flpt 1 trcUci and Bank Notes. S S $ 60,0 131,0 1,272,0 238,0 1,041,7 20,7 411,1 5,377,7 827,4 540,0 566,0 5,945,0 67,9 1,065,0 89,9 472.5 3,764,0 15,6 2,480,6 25,1 478,0 3,802,8 633,7 21,8 3,899,0 372,0 321,0 59,0 2,000,0 172,6 8.174,5 1,055,3 1,000,0 49,9 803,6 3,875,8 2,171,0 220,0 73,0 34,1 1,125,5 216,3 431,4 2,066,0 33,6 Deposit with— Clear ing, Agent. S 199,0 80,0 623,9 683,0 154,5 141,1 327,2 218,1 511,0 667,9 117,0 247,4 166,0 67,0 37,8 N et Other Banks. Deposits. &c. $ ___ 158,8 242,5 __ _ _ 227,9 73,3 5,2 _ _ _ _ 251,8 5,0 ----- 23,7 $ 1,273,0 1,823,9 6,869,5 7,125,0 1,107,0 3,793,4 3,197,0 4,101,0 4,609,0 2,712,1 8,092,8 5,097,4 2,199,0 1,099,1 1,912,9 The following table shows the exports and imports of specie at the port of New York for the week ending N ov. 6 and since Jan. 1 1909, and for the corresponding periods in 1908 and 1907: E X P O R T S AND IM PO RTS O F SPEC IE AT N EW Y O R K . Imports. Exports. UVIUi Week. Great Britain_____________________ F r a n c e ___________________________ Germany West I n d i e s _______________________ Mexico _ _________________ South America ___________ . . . All other c o u n t r ie s _______________ Total 1909.......................................... Total 1908 .......................................... Total 1907______________________ Silver. Great Britain . . _____ ____ France ______ _____ _________ Germany W est Indies ______ Mexico .................... .............................. South America __________ All other countries____- ___________ Total 1909.......................................... Total 1908 ....................................... Total 1907 ....................................... Since Jan. 1 Week. Since Jan. 1 $13,958,120 13,881,232 $1,891 1,066 2,211,195 5,000 44,918,450 4,030,820 1,665 7,248 43,488 68,961 $205,780 2,168,412 10,523 709,273 627,223 2,152,331 1,868,104 $40,125 $79,004,817 125 47,698,050 36,756,972 $124,319 191,442 7,272,752 $7,631,646 16,282,739 16,023,287 $394,725 $34,175,669 36,800 3,502,250 11,090 110,441 1,475 $3,060 $40,000 125 "*51,826 30,712 1,180 61,594 5,731 47,859 $222,545 8,889 68,856 125,544 2,116,885 813,108 999,196 $440,600 $37,881,988 768,365 36,449,330 897,830 43,382,939 $119,424 140,136 70,447 $4,355,023 3,365,841 3,019,464 ‘ " T , 600 Of the above imports for the week in 1909, $1,655 were American gold coin and $70 American silver coin. Of the exports during the same time, $40,125 were Ameri can gold coin and $ ____ were American silver coin._________ ffianltinjj and ;iytmincntl. IN VE STM EN T SECURITIES O u rT elgh t-pa go circu la r N o . 687 describ e s se ve ra l Issues o< m a d In vestm en t b o n d s y ie ld in g a b o u t 4J4i to 5 ) 4 % . Spencer T ra sk & Co. W I L L I A M A N D P IN E S T S ., NEW YO RK B ran ch o ffic e s : C h ic a g o , I L L .. B o s t o n , M a s s ., A lb a n y , N. Y . M o f f a t & W h i t e BANKERS 531,3 3,485,0 787,6 5,835,0 927,7 10,896,0 949,0 6,567,0 593,8 4,262,0 139,7 1,986,7 96,4 3,915,9 112,2 6,286,4 260,2 13,593,5 6,693,0 150,0 5,456,0 153,8 2,224,2 393,0 24,8 171,8 513,8 229,1 1.211,2 470,0 415,0 600,0 111,0 93,4 137,1 208,4 742,8 1,172,9 967,0 709,0 98,1 _ _ M e m b e rs N ew Y o r k S to ck E x ch a n g e 5 N ASSAU S T R E E T . NEW YO RK THE ROOKERY O H IO A G O B A N K I N G an d E X C H A N G E o f e v e r y d e s c r ip tio n In c o n n e o t lo » w ith 1,222,1 725,8 380,2 4,665,8 2,805,5 1,960,1 289,1 123,9 43,8 326,2 32,2 109,1 2,567,7 237,3 397,6 566,0 147,2 16,0 6,569,2 2.482,8 2,275,5 EXPORTS & IMPORTS 626,5 232,6 2,436,7 2,478,4 100,9 77,3 9,3 87,9 105,0 72,3 68,2 318,1 1,931,1 2,872,4 International Banking Corporation T ot. N ov. 6 8,147,0 12,296,4 96,038,8 6,682,7 8,327,7 11,519,0 2,876,3 109312,1 T ot. O ct. 30 8,147.0 12,296,4 96,626,1 6,713,9 8,645,6 14,336,2 2,818,1 112381,4 T ot. O ct. 23 8,147,0 12,296,4 97,276,3 6,937.6 8,670,7 10,820,7 2,832,9 110322,1 60 W a ll S t., N ew Y o r k . C A P I T A L & S U R P L U S . $6 ,5 0 0 ,0 0 0 B R A N C H E S a n d A G E N C IE S th r o u g h o u t th e W O R L D . T H E IN T E R N A T IO N A L Boston and Philadelphia Banks.— Below is a summary of the weekly totals of the Clearing-House banks of Boston and Philadelphia. BANK O rga n ized under the L a w s o f N. Y . State. 60 W a ll S t., N ew Y ork A c c o u n ts In vite d . In te re s t p aid o n T e rm D e p o sits. T H O M A S H . H U B B A R D . P re sid e n t. Not. 13 1909.j Ilian tiers' (©alette. W a l l S t r e e t , F r i d a y N i g h t , N o v . 12 1909. The Money Market and Financial Situation.— Money market conditions have been a dominating influence in the security markets this week. Saturday’s bank statement showed a heavily decreased surplus reserve, and day by day the demand for funds from the interior, together with gold exports, has further reduced the supply of available funds, so that rates for both call and time loans have advanced to the highest of the year. As a consequence the market for railway securities has been dull, the daily transactions much below the recent average, and prices have declined. At the same time the Bank of England makes a much more favorable weekly statement than for some time past, having increased its percentage of reserve to over 50, and the financial situation in London is correspondingly easier. The demand for funds from the interior, especially from the W est, is attributed to the crop movement, but there is going on, no doubt, a considerable absorption on account of the largely increased general business, and money so absorbed does not, as is well known, so readily find its way back to this centre as that used for marketing crops. Moreover, the amount which may be so absorbed is a decidedly un known and uncertain quantity, and it is doubtless the pos sibilities of future money market conditions, as well as the situation at the moment, which has caused a falling off in the volume of business at the Stock Exchange this week. The open market rates for call loans at the Stock Exchange during the week on stock and bond collaterals have ranged from 3 to 6 % . To-day’s rates on call were 4 j /£ @ 6 % . Commercial paper quoted at 5 @ 5 \ i % for G to 90 day O endorsements, 5 j/j% for prime 4 to G months’ single names and 5 ^ @ 6 % for good single names. The Bank of England weekly statement on Thursday showed an increase in bullion of £1 ,0 0 4 ,7 7 1 and the per centage of reserve to liabilities was 50.71, against 45.42 last week. The rate of discount remains unchanged at 5 % as fixed Oct. 31. The Bank of France shows an increase of 425,000 francs gold and 1,300,000 francs silver. N EW YO RK C IT Y CL E A R IN G -H O U SE B A N K S. 1909. Averages fo r week ending Nov. 6. • Differences from previous week. 1907. Averages fo r week ending N ov. 9. 1908. Averages fo r week ending Nov. 7. S S S $ 126,350,000 127,350,000 129.400.000 C a p ita l............................ 177,371,800 163,720,100 164,098,300 Surplus -------------------I.oans and discou n ts.. . 1,246,974,400 Inc. 13,009,500 1,323,142.100 1,187,310,400 112,500 52,634,100 52,856,100 53,278,800 Inc. Circulation .................... Net deposits.................... 1,241,460,500 Inc. 7.440,200 1,396,920,900 1,086,878,100 73,092,200 9,249,600 46,400 1,627,000 Dec. U. S. dep. (lncl. above) 170.712.000 240,877,300 Dec. 4,482,200 301,116,900 Specie ............................. 49,082,900 78,393,300 68,530,400 Dec. 2,523,500 Legal t e n d e r s ............. 379,510,200 349,230,225 219,794,900 271.719.525 Reserve h e ld __________ 25% of deposits......... .. 315,407,700 Dec. 310,305,125 Inc. 7,005,700 1,861,550 Surplus reserve_____ 5,042,575 Dec. 8,867,250 30,279,975 del.51924,625 Surplus excl. U. S. dep. 5,449,325 Dec. 8,878,850 32,592,375 def.33651,575 N ote.— The Clearing House now Issues a statement weekly showing the total of the actual figures on Saturday morning. These figures, together with the returns of separate banks, also the summary Issued by the State Banking Department showing the condition of State banks and trust companies not reporting to the Clearing-House, appear on the second page preceding. Foreign Exchange.— Discounts have weakened slightly abroad since the banks improved their position, but sterling here has not declined appreciably. To-day’s (Friday’s) nominal rates for sterling exchange were 4 84 for sixty-day and 4 88 for sight. To-day’s actual rates for sterling exchange were 4 8305 @ 4 8315 for sixty days, 4 8 7 2 0 @ 4 8725 for cheques and 4 8 7 9 0 @ 4 8795 for cables. Commercial on banks 4 8280 @ 4 8290 and docu ments for payment 4 82 @ 4 83 % . Cotton for payment 4 82 @ 4 82 )4 and grain for payment 4 83 xi @ 4 83 y 2 . / To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 2 0 @ 5 19% a for long and 5 1G% h for short. Ger many bankers’ marks were 94 7-16 @ 9 4 ^ for long and 95 3-lG d @ 95 3-1G for short. Amsterdam bankers’ guilders were 40 1 0 @ 4 0 12 for short. Exchange at Paris on London, 25f. 2 i y c . ) week’s range, 25f. 25 j^ c. high and 25f. 2 \ y 2 c . low. Exchange at Berlin on London 20m . 48 pf.; week’s range, 20 m . 49 pf. high and 20 m. 4 7 % pf. low. The range of foreign exchange for the week follows: Sterling, Actual— Sixty Days. High for w e e k .................4 8314 Low for w e e k ...................4 82% Paris Hankers’ Francs— High for w eek--------------- 5 20% plus 1-10 Low for w eek...................5 20% Germany Bankers’ M arks— H igh for w e e k .................. 94% Low for w eek - ................- 94 5-10 Amsterdam Bankers Guilders— High for w e e k ......... ........ 39 15-10 Low for w e e k ..................- 39 15-10 less 1-10 Cheques. 4 87 % 4 8710 Cables. 4 88 4 8770 5 16% less 3-32 5 17% less 1-32 5 10% loss 1-16 5 16% less 1-16 95 3-16 95 3-16 less 1-32 95 5-16 95% 40 14 40 10 40 18 40 ™ 10 The following arc the rates for domestic exchange at the undermentioned cities at the close of the week: Chicago, 20c. per $1,000 discount. St. Louis, 20c. per $1,000 dis count. San Francisco, 75c. per $1,000 premium. Savan nah, buying, $1 50 per $1,000 discount; soiling, par. Bos ton, 5 @ lQ c . per $1,000 discount. St. Paul, 10c. per $1,000 premium. New Orleans, commercial, $1 per $1,000 dis count; bank, $1 per $1,000 premium. Montreal, 3134c. per $1,000 discount. 1263 THE CHRONICLE State and Railroad Bonds.— Sales of State bonds at the Board are limited to $113,000 Virginia 6s deferred trust receipts at 56 to 62. There is no perceptible increase in the demand for bonds and the market has again been dull and narrow. Among the exceptional features, Central of Georgia 2d and 3d incomes have been conspicuous for an advance of 2 % and 4 points respectively. St. Louis & San Francisco gen. 5s and Northern Pacific 4s have made a fractional advance. Practically all the convertible issues have declined in sympathy with stocks, Atchison 4s and 5s, Pennsylvania 334s and Union Pacific 4s showing a loss of from 134 t ° over 2 points. Other changes are fractional. United States Bonds.— Sales of Government bonds at the Board include only $75,000 4s, reg., 1925, at 11634- The following are the daily closing quotations; f o r y e a r l y r a n g e see th ir d page fo llo w in g . Interest Periods 2s, 2s. 3s, 3s. 3s, 4s, 4s, 2s, 2s, 1930 ..................registered 1930----------------- .coupon 1 9 0 8 -1 8 ........... registered 1908-18---------------coupon 1908-18____small coupon 1925 __________registered 1925........................ coupon 1936.Panama Canal regls 1938.Panama Canal regls N ov. 6 N ov. 8 N ov. 9 N ov. 10 N ov. 11 N ov. 12 Q— Jan Q— Jan Q — Feb Q— Feb Q— Feb Q— Feb Q— Feb Q— Feb G— Nov *100 *100 *101% *101% *100 *100 *101% ♦101% *100 *100 *101% *101% ♦100 *100 *101% *101% *100 *100 *101% *101% *100 *100 *101% *101% *115% *115% *115% *115% 116% *115% *116% *116% *116% *116% *116% *116% *99% *99% *99% *99% *99% *99% *99% *99% *99% *99% *99% *99% * This Is the price bid at the morning board; no sale was made. Railroad and Miscellaneous Stocks.— The stock market has been exceptionally dull throughout the week. The transactions, averaging only about 600,000 shares per day, have been the smallest of the season and prices have generally yielded under liberal offerings and a restricted demand. The tendency to weakness is especially noticeable in the railway list, many prominent issues having declined from 2 to 3 points. The exceptional features are the InterboroMetropolitan issues, the common having advanced nearly 4 points and the preferred over 5. Missouri Kansas & Texas has also been relatively strong, closing fractionally higher than last week. All other active stocks in this group have declined. Industrial issues have again been conspicuous and several have advanced in the face of general weakness. The copper stocks have been strong, presumably on better trade condi tions. New York Air Brake has covered a range of 334 points, closing with a net gain of 1. American Sugar Re fining has been weak, closing nearly 5 points lower, and other issues have lost from 1 to 2 points. F o r d a i l y v o l u m e o f b u s i n e s s s e e p a g e 1271. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: STOCKS. Week ending N ov. 12. Sales fo r Week. Range fo r Week. Lowest. Canadian Pacific rights. 5,346 9 200 112 Colorado Fuel & I.. pref. 100 87% E. I .d u P o n t P ow d .,p f_ 50 94% General Chemical______ P referred _____ _______ 100 106% 160 79 Ilomestake Mining_____ Kanawha & Mich tr rects 5(1 57 5% N. Y . N. II. & II. rights. 54,276 _ Ontario Silver Mining_ 215 2% 100 99% Pacific Telep.& Teleg.,pf Pennsylvania rights____ 160,41S 7% 855 19 St. Jo. & Grand Isl’nd. 30C 59 First preferred_______ 945 35 Second preferred_____ Southern Ity— M. & O. 100 86% stock trust certificates N®v N ov N ov N ov N ov N ov N ov N ov N ov N ov N ov Nov N ov N ov N ov Range Since Jan 1. Lowest. Highest. 8 9% 10 112% 0 87% 10 94% 10 106% 12 85 12 57 8 5% 11 2 % 9 99% 10 8% 0 20% 0 59 6 41 Nov Nov N ov N ov Nov N ov Nov N ov NoV N ov N ov Nov N ov N ov 6 86% N ov 0: 9 0 10 i 10 10 12 6 12 9; 6 11 11 11 9 67 87% 61 98% 79 50 5% 2 98 7% 15 49% 29 6 82 Highest. Nov 9% Mch 112^5 Nov 88 Jan 95 Jan 108 Nov 94% May 01 Now 0% Oct 5% Oct 100 Nov 8% May 20% Mch 59 Mch 41 N ov -\OV OCt Aug Aug April July Nov Jan Oct Nov Nov Nov N ov Jan 86% Aug Outside Market.— Sensational movements in several of the low-priced mining shares absorbed the attention of the “ curb” this week, the market otherwise moving in irregular fashion. Copper stocks, except for some slight setbacks at times, showed a decidedly firmer tendency. Boston Con solidated from 1434 weakened to 1424? then jumped to 1634? closing to-day at 16. Butte Coalition went down from 2924 to 2934 and up to 3034? reacting finally to 2924- Cumber land-Ely declined from 834 to 7 J4? rose to 834 and sold to-day at 824- Greene-Cananea sank from 1234 to 1134? moved up to 12 and closed to-day at 1134- Miami sold up irregularly from 1734 to 18. Nevada Consolidated advanced over a point to 27J4? dropped to 27 34 and to-day sold up to 27 24? closing at 27 24- A repetition of the recent fiasco in Rawhide Coalition was enacted this week by Ely Central, which, after enjoying a considerable rise of late, broke from 434 to 13-16 and recovered finally to 1 13-16. Nipissing sold between 1034 and 1034- Union Mines suffered a break from 434 to 2, the close to-day being at 224- American Tobacco from 445 34 reached 451, but dropped back to 448. Sears, Roe buck & Co. common sold up from 14234 to 14234 and down to 142. Southern Iron & Steel common, “ w. i.,” opened the week at 2134 and finished at 2134? selling up to 22 and down to 21. The preferred “ w. i.” gained about a point to 5224? then dropped to 5124? running up again to 53. It reacted finally to 2134- Standard Oil advanced from 704 to 707 and declined to 706. Chicago Subway moved down from 734 to 624- In bonds, N .Y . Telephone 434s? “ w. i.,” rose from 97 to 97 34 and were traded in to-day at 97 34- Western Pacific 5s advanced from 9624 to 98 and ends the week at 9724Outside quotations will be found on page 1271. New York Stock Exchange—Stock Record, Daily, Weekly and Yearly O C C U P Y IN G STOCKS— HIGHEST A N D LOW EST SA LE PRICES. Saturday N ov. 6. M onday N ov. 8. Tuesday Nov. 9. Wednesday Nov. 10. Thursday Nov. 11. Friday Nov. 12. Sales o/ the Week Shares. TW O PAGE* STO C K S N E W Y O R K STOCK EXCHANGE Range since Jan. 1 1909. On basis o f 100-share lots. Range J ot Previous Year <1908). Highest. R a ilroads 1191s 12014 11912 120 11878 120 1187g 119i2 I I 9I3 11938 1191s 119*8 47.570 A tch T o p e k a & SantaFe 66 Feb 9Us Jan 13 1253* -Oct V 1043, 105 105 105 1043, 105 §1043, 1043, *1043, 105 10453 1047g 1,791 O D o p r e f___________ lOOU Jan 20 1063, J ’ ne2V 83*s F eb 139 *137 138 138 137 137 1361? 1361- *136 1361" 136'4 137 1,000 A tla n tic Coast L in o H R . 69D Mch 1071s Jan 14 14312 A u g 12 H a 's 1163, 1153, 1163* 11510 116 1153, 116 1151" 11638 1153, 116 6,800 T J altlm ore & O h io ____ 70l2 F c b 103tj Feb 23 1221, J ’ly 29 93 9212 9212 *90 93 *90 93 *90 93 *90 93 137 O 96 A p r 12 80 Jan D o p r e f____________ 92 F eb 761g 7634 761* 761? 7412 75*4 7ol2 7 o's 751, 751,| 75 76'4 21,825 B rook lyn R a p id T ra n slt. 827* j ’ ne 7 87 Jan 9 37I4 F eb lo«i'8 loo'* 183 18312 1833S 1845S 18378 1841, 1841, 185 1841, 1811? 3,625 ( Canadian P a cific ___ 1897* O ct rl66 Mch 140 F e b *67 *4 7112 *673, 711" *6S 7U" *68 71 70 70 7U 2 *68 100 'C a n a d a S o u th e rn _______ 54 Me I SOI, .Jan 11 70 N o v l2 *290 300 *295 300 290 295 *290 300 *290 205 *290 295 300 Central o f N ew J e rse y ___ VIS F e b 23 32312 Sep 18 160 Feb 8734 8812 88ls 891, 8878 88 871, 88 87*8 873, 34,570 C hesapeake A ..Ohio_____ 8712 88ls 2ol2 Feb 553s Jan 6 90 O ct 67 67 6658 66-’s *661, 69 66*4 67 *66*8 69 *6613 68 700 C h icago & A lto n R R ____ 577S F e b 24 743, A p r _ 10 F eb 70 70 74 * ___ *70 74 * *70 74 * ____ 74 74 200 7812 M cb27 D o p f-ef_______________ 70 N o v 1 47 Mch 20 193, 205S 203, 21 201* 1912 201, *1912 20 *19*2 20 8,000 Chic G W es ctfs d e p 3d pd AS A u g 20 211, NOV 4 318 F e b *6014 65 *6U4 63 *6U , 64 *61 63 6U2 621" 200 64 N o v 3 611, N o v £ D o 4 % d eben ctfs d e p . 331* Me I *3314 3512 35 *32 35 *32 35 *32 35 35 *3212 35 100 357* N o v 4 D o pref " A ” ctfs dep 27 A u g 16 151" F eb 253, *25 *251* 20 *25 2512 25 25 251? 251,s 257g 261, 1,950 D o pref “ B " c t fs 3d pd 261, N o v 3 5 Feb A131 A u g 23 * 15712 15812 1571s 1573, 155'8 1573s I555g 1563, 1553s 157 1553g 1563S 33,635 C h icago M ilw & St P a u l. 141 F e b 23 1651* Sep 18 1031* Jan *174 175 174 174 174 174 173U 1733, *1731" 175 1731" 17312 500 D o p r e f________________ 15812 Mch 16 181 A u g 16 138 Jan *186 190 I86I4 187 *186 189 186 186 1867s 187 186 18612 900 C h icago & N orth W estern 1731* F eb 24 19812 A u g 18 136*2 Jan *210 225 *210 225 *210 225 *210 225 *210 225 *210 225 D o p r e f________________ i 208 M ch 16 §230 A u g 7 §186 Jan *155 165 *155 105 *155 165 *155 165 *155 165 +155 165 114 Feb C h ic S t P M inn & Omaha 148 A p r 22 167 A u g 13 *165 175 *165 175 *165 175 *165 175 *165 176 +165 175 166i2 Jan 30 §180 J ’ly 27 D o p r e f_____________ 14012 Jan *4 5 *4 5 *4 412 *4 412 *4 412 *4 __ 5 4 J 'ly 7 Jan 4 b8 Apt 12 J ’ly IV 18*4 Jail 27 4 A pr D o pref ctfs s tm p d ___ *76 *70 78 V712 78 771" 7838 78 78 77 78 3,000 471» J’ 1 1 1 79*2 F ob 16 ts Jan 29 ♦100 110 *100 n o *100 n o + 100 n o *100 n o 85i)i Feb D o p r e f____________ .___ 100 Jan 4 105 M ch 22 58 58 5812 58”s *5712 5812 *5712 58 56 56 *5512 56 925 C olorad o & S o u th e rn ____ 61 O ct 23 21 F eb 68U Jan 8 80'8 807* 80 80 80 81 S0l2 801" 3,010 86 M ay 1 SOIi 8018 *so 7612 Jan 2 60** J an D o 1st p re fe rre d _______ *79*4 8012 79 79 *79 791" *7912 8012 80 80 80 80 1,800 393, Feb D o 2d p re fe rre d _______ 841" Jan 7 73M Jan 2 185 185 ■*18412 18612 18478 1847S 184 184 1831" 184 18412 18U" 1,050 elaw are & H u d s o n ___ 16734 F eb 24 200 M ayl4 14112 Feb 570 • • !565 570 570 570 *562 580 :‘562 580 §562 562 310 D elaw aro L a ck & W e s t. 536 F e b 6 680 A p r 22 420 Jan 4/<* 481* 481, 481? 48 48 46*4 463, 46^8 46^4 463, 2.725 D enver & R io G ra n d e ___ 46 54 A p r 20 •Ws Jan 6 14*4 F eb *8312 8412 *8312 84 *83^2 8412 8312 833, 831" 831" 84 635 84 D o p r e f________________ 90 F eb 10 30i4 M et 7912 Jan 6 70 70 *64 *64 70 6212 0212 5812 583, *641, 671" 375 D e tro it U n ite d ___________ 32i2 Af>r 66 Jan 3(1 713, A u g 13 *14 *14 1519 *14 151, *14 1414 141, §14 151, 150 D uluth So S hore A Atlan 14 1512 1414 N o v 9 21 Jan 16 6 Feb *281* 291" *281" 301" *281" 291" 29 *281" 30 100 2812 281" §29 D o p r e f________________ 3612 Jan 16 H34 F cb VS F eb 23 32*>$ 331* 327g 33 3258 3214 321? 321, 321" 12,500 J rlc 321" 33 32 225j M c h ll 30 ,1'ne 7 12 Mcl. 47 47 48 461" 463, *47 46 4H 1.| 46M 461, 463g 461" 1,300 663, A u g 0 243* Mch D o 1st p r e f. 3612 M o h ll *37 40 39 §39 *3812 40 30 39 *3812 40 *38I2 40 250 46 A u g V D o 2d p r e f. 28N M c h ll 16 Mch 14514 1453, 1445* 14578 144 145 141 143 142”s 144 > 111 142L 29,800 1365» F eb 24 1577s A u g 12 1133, F eb 813., 8212 81 821, 813, 813, 807g 813g 9,100 81 80U 8D 2 81 881"Aug 12 65 Mch 12 48l2 Jail Iron O re p r o p e r t ie s ... 20 8 Jan 17 Jan 4 14 F eb 26 82 *70 82 *76 82 *70 82“ *70 ' 79 “ *76 82“ *76 20 Mcl le c tr ic 39 F e b 1 l7 9 38 Oct>22 H a vanoa pEe f______. §70 Jan 90 Sep 16 D r 83*8 F eb 6 118 11912 *117 l l ’Jl2 * ___ 1191? 1191" *108 1191" *108 11912 200 62 F eb 97 M ay 3 126 A u g 14 *9012 92 *9012 92 *00^2 92 *9012 92 *9012 92 ........... *9012 92 041j> J ’n c l i 60 Mch 88 A p r 2, 14812 1481a 1483, 1133, *146 1481" 147 1 17 146 147 146 146 800 122!2 Feb 137 ______ llinois C en tral_________ 1934 201" 20 18'8 1912 1918 203,s 2 13. 211" 221" 213, 237g 286.520 I n te r b o r o -M e tr o p o llta n . 237* N o v 12 634 Jan 115* M ch 23 4914 493, 50 513, 521" 50*8 503, 513, 5558 80,060 50^8 50*4 521s 6663 N o v 12 363, Mch23 171* F eb D o p r e f______________ * 29 29 29U 201, *29 *29 2UU 29*2, *29 291" *281" 291" 450 Iow a C en tral_____________ 27 F eb 24 36 A p r 16 10 F eb *51 52 52 *51 51 51 52 52 *51 *51 *51 62 100 48 Sep 9 62 A p r 16 D o p re f. 27i2 Feb *803., 81 §803, 803, *803, 81 SOU 8012 803, *80 §8012 801" 316 67 Ana 74s, Feb V 82 Sep 11 C F t S A M tr cfs, pref 4312 44 43l2 44 43*8 4312 431g 43*2 4312 4312 4212 431o 4,800 K ansas C ity S o u t h e r n .. 601., A u g 18 37 Feb 23 18 Feb 701* 703* 701, 705s 70 701.; * c 97g 71 *697g 71 920 *70 71 D o p r e f____________ 677* Feb 21 7512 A u g 18 40 Feb 2234 223, *22 25 *22 25 *22 *22 25 25 100 *22 25 29U A u g 2 ake Erie A W e s t e r n .. 19i2 Feb 26 12 Jan *54 58 58 56 *50 60 50 56 200 *56 *53 58 59 647* J ’ n e l 4 D o p r e f_____________ 48 Jan 23 24 Ma> *65 60 *05 69 *05 69 68 *65 68 *64 *64 67 711* M ay 24 Long Is la n d ______________ 30 Feb 59 Jan 4 154 *152 1521" 1511" 1513, 15U" 1511" 15U" 1511? 151*2 15212 4,800 L ou isville A N a sh v ille___ t l2 l Jan 29 1021" A u g 12 I 5U2 87*4 Feb *141 143 *141 143 142 1421" 1401" 140sx llOU 1401" *1401.1 1 13 760 \/I an h atta n E le v a te d ___ 140U A u g 20 153L Jan 4 120 Jan *22 25 *22 *22 2512 *22 27 26 100 ^•Metropolitan S t r e e t ___ *20 25 2412 2412 4 2 "Jan 6 15 Feb 18 J ’ly 2 5312 53l2 *50 53^4 *50 53 52 5212 523, 5212 523, 1,200 M inneapolis A St L o u is .. 5212 65 Jan 8 V O Mch 51 Sep 16 *84 89 *84 89 *84 88 *83 SO *84 88 *84 89 90 Jan 8 61 F eb D o p r e f________________ 81 M ch 19 *136 137 *136 137*4 *136 13712 136 136 *135 1371" 1353g 1357g 300 Minn S t P A S S M a r ie .. 132i2Jan 2 1 4 9 'jJ a n 8 79*4 Jan *152 154 154 154 *152 155 *150 154 *151 155 *151 155 100 1231* F eb D o p r e f________________ 147 A p r 13 115412 A u g 0 90 90 §891, 891 *S9 90 4 90 *89 90 *89 500 92 Sep 17 §8912 8912 89 J ’ ly 22 D o leased line c t fs ___ 4618 47 4033 471 465s 473, 465g 4738 36,200 Mo K ansas A T e x a s _____ 4 401" 4 6 q s 17l2 Me. 4612 47 5012 O ct 18 3512 Feb 23 74 74 74 741" 74 74 *733, 751, *7314 741" *74 743, 700 781, O ct 18 46 F eb 71 F eb 23 D o p r e f____________ . . . 697* 701, 693, 701" 093S 701" 69^8 6934 10,200 M issouri P a cific 6912 70l8 69*8 70l.s 7712 A u g 6 V8l2 Feb 65 Feb 24 *132 138 *133 138 + 133 138 *133 138 *133 138 *135 138 0734 Jan NTash C h att A St L ouis. 122i2 Jan 5 13912 A u g 12 5512 551" *5514 57 +551* 561? *5514 56 *55 56 *55 56 100 * ’ a t R ys o f M ex 1st pref 61 Sep 16 4 l lj A p r 5 • 221., 221, 221, 223,, 221g 223S 22>s 22Ig 2214 221, 1,800 2238 225s 26s* May22 22 N o v 3 D o 2d p r e f_____________ 1335* 1343* 13312 134 132 134 13012 13134 13 U8 132 13U8 1313, 38,800 N Y Central A H u d son . 12012 Feb 21 1473, A u g 18 9018 Jan *6314 641" 6414 60 64 641" *6U 2 64 6334 633, *62 641" 900 65 N o v 8 24i2 Jan 4812 Mch 16 ♦105 11X +105 US *105 115 *105 115 *105 115 *105 115 100 Feb 20 100 Feb 20 90 Jan D o 1st p r e f. 8912 90 94 *80 *90 95 91 91 91 91 400 *90 92 91 N ovlO D o 2d p r e f. 761, A p r t; 60 Feb 162 162 tl5 5 156*4 1541, 1541, 1545S 155 154ss 154s8 15 412 155 1,520 1283s Jan t l5 4 i, N o v 9 17434 o 'n o 14 4612 463, 461" 461" 46->s 47*8 46*4 461, 463S 46*^8 461, 461" 2,860 565* J ’ne 12 421, Feb 24 29is Feb 95*4 957* 951" 953, 0ol2 9o3, 953g 953g 95*8 951" 95'8 9512 2,750 N orfolk A W e ste rn _____ 97 O ct 16 68 F eb S4i, Jan 6 *893, 90 *8934 90 *8912 90 *8912 90 89*8 8958 *89 100 90 921* J ’ly 28 D o a d ju stm e n t p r e f___ 74 Mch 85's M ch26 148 1483, 14814 1483, 140"g 1481, 14512 1461, 144 146 1441, 1451" 24,675 N orthern P a cific ____ ____ 133i4 F eb 24 15912 A u g IV 1167s Jan *104 110 *104 n o n o *105 n o *105 *103 no *104 n o p a c i f i c C oast C o ________ 76 M ch 3 1111, o c t 7 65 Sep *102 110 *102 n o *J02 n o *102 n o +102 n o *100 n o L D o 1st p r e f_________ 100 Mch 30 § 106 Sep 28 90 May *104 n o *104 no *105 n o *105 n o *105 n o *104 n o D o 2d p r e f_________ 88 Mch 27 111 O ct 7 79 Mch 14112 1423* 14038 1411" 13018 140*2 I3812 HOlfi 1393g 140L 1393, 1403g 142,569 P e n n s y lv a n ia ____________ 1261* Feb ’13 15U, Sep 29 10.H Jan 34 *y4i2 9612 *95 961? 95 95 9512 96*, *95 961, 1,700 P lttsb Cln Chic A St L . . 96 961" 80' 2 'lan 5 9612 O ct 7 69 Jan *105 119 *105 119 *105 119 *105 119 *105 115 *105 119 D o p r e f________________ 104 Feb 10 1161, Sc,, 21 81*8 Aid 16134 163U 16218 16314 16U, lG33g 1607s 162 1603, 1621s 101 1617s 237,700 I> e ad ln g_________________ 118 F eb 23 1733* Sep 21 92is F eb 915* 915* 9U 2 911" 0H 2 9U2 *90 921" *89 921" *89 300 t v 9212 1st p r e f_____________ 96 A u g 23 78 Jan 89 M ch22 98 98 *9S 100 *98 99 98 98 *96 98 *96 08 200 76 Jan 90 F eb 1 1043, MaylU 2d p r e f_____________ 3yt2 401* 3933 3078 391S 393, 395g 403g 393, 40 34,300 R ock Island C o m p a n y ___ 10i2 Feb 39*8 401, 207* Feb 24 423* A u g 12 7934 8Q3# 7912 801, 7U34 81 79*2 SOI, 803.i 81 203, Fob 80 81 11,200 675* F eb 24 82 N o v 4 D o p r e f________________ ♦69 72 *69 7112 *69 711" *69 71 *60 7U» *7012 7U 2 ........... 42 J ’ne 73 J ’ly 15 ' t L A San F r. 1st p re f. CSI4 Mch29 5634 6712 563, 5612 5612 567g 5(33t 57 3,750 1 D o 2d p r e f___________ 5612 571) 101, Fob 57 57 36 F eb 23 603, Sep 10 30 303* 30 301S 303S 30 2973 30 *29l*> 301, 8,900 t L ou is S o u t h w e s t e r n .. 10 Mch 30 311" 3112 N o v l'201" Feb 26 68*4 683, *68 60 671" 68 681s 68ls 67D 681" 2412 F eb 68I0 7014 3,000 D o p r e f________________ 7Ii* J ’ ne 2 47>2 Jan 6 1293* 1303, 129*2 1305,, 1283, 1297" 1281g 129 1281g 129L 1283s 129 77,550 66U Feb 1145* F e b 24 1391* A u g 16 o0*2 305* 3012 31*8 3012 31 30 303g 3014 303, 303.8 311" 26,500 9>8 Jan 34 A u g 11 22 F e b 24 69 6912 09 691" 6912 693, 69I3 691, *69 70 2,400 75 A u g 12 26U Mch 691g 70 D o pref do 60 Jau 6 3518 3558 35 353S 35 351, 35 343, 35 35 123, Feb 3412 343, 3,450 P c x a s A P a cific _______ 4012 A u g 23 30 F e b 24 *1012 201, 193, 19 19 101? 187g 2U 2 12,560 t h i r d A v en u e (N Y)__ 1812 19 15l2 Mch 19U 191.1 ,21* Jau 18 16 J ’ ly v *8*4 11 *81* 11 *81" 103, 834 *8i2 103, 83, *812 11 100 61* O ct 153* Jan 2 7 MaylV 5312 5312 5334 54 53 54 5312 5312 54 54 *53 54 2,000 12 Feb 647* O ct 19 43 Feb 26 703, 703, 701., 70U 70 701, 693, 693, 693, 693, 693, 693, 1,800 74l ,J a u 4 33 F eb D o o r e f ---------- ------------043. F eb 24 109 109 109 1091" 109 109 §1083, 1083, *10812 1093, *0912 109»2 650 Twin C ity R a p id Transit 78*4 Feb 97 Jan 2 n o * o c t 1 20134 2Uii*> 2017g 2033g 200 2023S 10912 20U2 1995s 2011, 200 2011, 267,600 g 110i2 Mch nion P a cific ___ ____ __ 17212 F eb 24 219 A u g 16 1023, 103 102 1025g 10134 1021" 102 103 103^8 104 102U 10312 6,400 U 791, A pr D o p r e f________ . . . z94 M ch 1 11812 A u g 19 *42 44 *42 42 42 44 4078 407S 4014 407* 41 423, 1,600 U nit R y s I n v ’ t o f San Fr 47 Sep 13 16 Jan 30 F e b 25 *7212 74 *72 74 72 731? *71 72 733g 73 1,800 77 Sep 14 71*2 72 D o p r e f-----------------------27>2 Jan 601, Feb 26 1934 193, 1953 195,s 1012 1938 *1912 193, 193, 20 193g 193, 1,430 243* 16 03, Mch a 15 6034 511o W a b Ds h ------------------------- 41 F e b 23 613, J ’ne 16 13 Mch 511, 513, 513, 5U , 5012 5U4 5012 fill. J ’ne 505.8 521, 13,500 o p r e f.................... F eb 23 333* 3434 33^4 3414 34 34 333, 341„ 341, 343g 2,600 W est M d re c ts 3d p a i d . . 221 O ct 9 3113 341, 36*2 N o v 6 *812 912 *812 91? §9 9 *812 91" *8 9 *8 9 30 W heeling A L a k e E rie___ 127* Jail 4 6 J ’ly 13 412 Mali *16 19 *16 19 *16 18 *16 181" *16 18 *16 18 D o 1st p r e f____________ 267* Jail 8 15»4 J ’ ly 13 121* A pr *9 11 *9 10 018 10 *9 9'8 *9 ION 100 *9 1012 6 F eb D o 2d p r e f____________ 1518 Jan 8 6*2 J ’ly 13 5034 6034 50 60 50 S038 501, 501, *50 60 50 5H , 900 W isconsin C en tral_______ 357* Jan 6 637* A p r 20 13i2 F eb ----- ' *8912 _ _ *8912 ___ *89 J *89 *89 ____ D o nref T ru st C o ctfs 917* Mnvl'O 861, Mch31 E Highest. 1011, Deo 104 D ec 1111* D ec ,ill7* D ee U 4 D ec 693, D ec ISO's INov 6S N ov 220 D ec 693* D ec 687s Dec79 D ec 145* N ov 681, Aug /3 D ec 17i* N ov 152i2 D ec 1643, D ec 185l2 D ec 224 D ec 160 D ec 174 D e c 71* D ec 18 D ec 70i2 Decv.97* D ec 69 D ec 79 D ec 76 D ec 1813*1 D ec . 76 N o v r 401- Dec 831, D ec 06 N o v 7 .8*4 N o v 333, Nov as N ov 513* D ec 41 D ec 1481, D ec 761* N ov 17*2 D ec 40 D ec 84 D ec 10U2D cc 93 D ec 14U3, N ov 20 D ec 491* D ec 3212 D ec 67 D ec 75l2 D ec 423* D ec 721* D ec 26 D e c 58 D ec 563* D eo 1 1263, Deo 1543, D ec 441* D ec 66I2 D ec 90 D ec 135 N o v 1511* Deo 43'i 761* 671* 122 126 Deo 571* D ec 106 N o v 85 D ec 161 N o v 477* D ec 861, N o v 88 D ec 1673, N ov 931* Jan 90 M ay 97 Jan 1321, D ec 881 g D ec 1083, N ov 1431, D eo 92 D ec 99 Deo 261, D oc 62*s D ec 69 D ec 421, D ec 24 D ec 557* D ec 1221* D ec 271, D eo 63i2 D ec 371, D eo 47 A u g 161* D eo 60 D eo 73i* D eo 963* D eo 1847, N o v 98 N o v 40 D eo £91* D ec 20*| D ec 523, D e c 13 V6i, 153, 381, B A N K S A N D T R U ST COMPANIES— B R O K E R S ’ Q U O TATIO N S. Bid Ask Bid R anks Chatham . . 350 2U0 C h clseaE x 1 185 Chem ical . . 430 Citizens’ Ctl 13712 C it y ............... 1415 ____ Coal A Iron 140 C olonial 1).. 300 ____ C olu m bia D. 375 C om m erce . 100 158 C o p p e r ____ 300 150 Corn E x D -. 1342 175 Fast R iv e r . 125 165 400 FideH tv H. Ask Ask Bid Bid Banks Ask Bid Ask Banks B anks B anks Fifth A v e il. 4250 210 Irvin g N Ex 200 310 P rcd E x ch t M utual 1|___ 290 300 Fifth .......... 360 190 Jefferson U - 180 lie-servo.. - Nassau 11--. 215 440 First _______ 325 840 L ib e r ty ------- 655 S eaboard . . New Nettl'd 200 220 16212 14 th St 1 . . 155 1 435 L i n c o l n ___ 420 New Y orkC o 750 S e c o n d ------F o u r t h ____ 235 ____ New Y o rk . 32712 3.1712 Sherm an 245 ManhattanH 1345 150 G allatin — 330 346 M ark’ t& F ul 255 263 230 State IT---,N ’ ht A D a y l G a r fi e ld ___ 200 300 12tli W a r d . M echanics’ . 280 295 19th W a r d 420 425 G erm A m 1 n o 1 190 23d W a r d 1 M ercantile . 185 N orthern . - 105 115 193 G e rm ’n Ex1l 450 U nion K xc . Merch E xch 180 240 P acific 11___ 230 ___ G erm an ia 1 550 1 17212 P a r k ............. t l6 H 8 W ash I I'U 5 M erch a n ts'. 170 280 G reen w ich U 265 M etropolis 1 100 ! W est Side 1 1 420 P e o p lo ’ s 11-. t280 135 H an over . . 610 825 M etrop ol’ nH 13712 195 Y ork v llle U P h e 'n lx ____ 176 185 175 fm n A Trad 550 560 Mt M orrlsli. 250 625 V75 Plaza I f . . . . 610 *11?1? and asked prices; n o sales w ere m ade o n this d a y . • E x -rig h ts. § Less than 100 shares. II S tate b a n k s, a E x -d lv Id e n d a n d r ig h ts. t> ' Sale a t S to c k E x ch a n g e o r a t a u ctio n this w e e k . /» F irst Installm ent p a id , n S o ld a t p riv a te sale a t this p rice . * 2d p a id . ■ B anks Nev> York 175 A e t n a _____ A m e r ic a 1 . . t590 A m -r E x ch . T250 A u d u b o n . . 140 130 Bat e iy Pk .B ow ery 1 . . 375 B ron x B orol; 300 B ryant Pk ^ 155 1 o t c h A Dr 140 B C en tu ry 1 - - 170 370 ghasr . D ec D ec D ec N ov Bid 170 125 350 400 126 300 100 190 270 300 600 D eo.; D eo . N ovj D ec J BW Nov. 13 11)09 ] Y.OrK StOCK HeCOl'Q STOCKS— HIGHEST A N D LOW EST SA LE TRICES. Saturday Nov. 6 Monday Nov. 8 Tuesday Nov. 9 Wednesday Nov. 10 Thursday N ot 11. Friday Nov. 12. Sales oj the Week Shares ijoncm ded 1265 Page & Range since Jan. 1 1909. On basis o f 100-share tots. STOCKS N E W Y O R K STOCK EXCHANGE Range for Previous Year (1908). Highest. Highest. _ Industrial^; M iscellaneous *234 *234 234 20 *234 *234 *240 dam s E x p ress________ 15*8 1 1534 15U 15*8 3,400 A Ills-C h a lm crs_________ 15*s 153, *15 15 1514 151.| S4U 65*8 5414 51*4 53"g 54 3,690 53*4 54 531, 53*4 531. D o p r e f . . _________ 8OI4 87*s 87*4 89*. 871. 891 88>8 8914 88*8 89>_ 340,490 A m algam ated C o p p e r___ 87iJ 49 49 48 4814 1,500 Am er Agricultural Chcru. 4834 49 48*4 -I8I.1 4812 481; 47*4 *101 102 *1011. 102 * 100*4 102 +101 *101 102 *101 102 D o p ref________________ 47*4 4814 47*4 48 47 471,8 5,000 A m erican B eet S u g a r____ 47 47 48 47 47 06 *95 *95 901 100 *95 96 90 971; *95 96 *95 D o p r e f______________ 12*8 121. 1234 131g 14*8 1334 MI4 1434 87,850 A m erican Can___________ 13*4 13 131, 8334 841, 85 83 16,800 D o p r e f_______________ 8312 84*4 8312 83 83*4 851s 84 74i 2 7512 7 4*s 75*8 7418 74-8 741., 751.1 74 74lg 747g 11.500 A m erican Car & Foundry 11958 11938 *1191. 120 350 D o p r e f______________ *11912 120 1193s 119*8 I I 9I4 120 11912 731o 731., 7312 22,785 A m erican C otton O il___ 77*4 78l.i Z73 781. 78 7S1S 77*8 7 S3, *10512 107 *1021, 107 133 D o p r e f______________ 107 IO0I4 IO5I4 *105 107 §107 §240 240 112 A m erican E x p ress_______ *210 21S 250 248 247 247 *240 9 3,130 A m erican H ide A Leather 9 9 9 9 8*8 9 9 9 *"'9 914 4612 4sls 48 471. 49*8 8 47 471S 47 7 4718 47*8 12,600 4714 D o p r e f________________ 251 *241; 2512 241, 25 25 1,250 A m erican Ice S e c u r it ie s .. *25 241, 241, 25 25 16 13*4 1534 *1514 *1533 16 450 A m erican L i n s e e d ___ 15*8 155s §10 15*8 157g 4214 4333 *1112 4214 43 431, *42 4314 *41 43 800 D o p r e f________________ *41 021. 62*8 023., (52 613, 0214 62 5.300 A m erican L o c o m o t iv e ___ 6H4 0U 2 6212 62 11578 115-s §115*8 116 116 ' §116 110 377 11512 11512 >115 116 D o p r e f_____________ 81. 8l2 8*8 8*3 *8 81, 800 Am erican M alt C c r p ._ 812 8 8I4 *8 8I4 5OI4 491. 50 50 49 49 1.300 D o p r e f___ _________ 48 48>4 4814 48 *48 *9034 91 91 *901, 9112 *901, 91 250 A m er Sm elters S ec pref B *9012 91 9034 90*4 981; 9934 97"g 991, 97"8 987g 97*s 9SI4 97*8 983S 9818 987g 41.500 Am er S m e ltin g * Refining 111 111 111 H M j IIH 4 112 2,065 D o p r e f________________ 1111, 1115 11U2 11158 11134 11134 *250 300 *250 300 *250 300 *250 300 *250 300 300 A m erican S n u lf__________ *1001, 102 *1001. 104 *100 104 *100 104 *100 102 102 D o p r e f________________ 66I4 G534 65*5 60 G514 G534 64*8 651 041. 64Sg 4,275 Am er Steel Found (n e w ). 641, 64*8 *13212 134 *132 134 *132 134 3,374 Am erican Sugar Refining 128 1311, 129 130 1311 132 2 129 *125 128 *125 128 *125 127 *125 100 126 023 125 125 D o p r e f________________ 140*4 141 MOI4 1403j 140 1411s 1401, 141 140*1 141*8 140*4 141*8 20,420 Am erican Teleph & Teleg §10012 1001" *100 102 100 IOOI4 997s 997g 1001, 1001, iom 2 1001, 1,610 A m erican T o b a c (new) ,pf 36 36 *34 3412 35 *341. 800 A m erican W o o le n ________ 34 341.1 *3114 36 347g 34 1031S 1033s 1031S 10314 103 103 800 1031.1 1031.1 1031.1 1031. +103 10312 D o p re f________________ 4938 481., 49*8 483,s 491g 481, 49 3 47>2 4. I4 48 48*4 49*s 16,450 J A n acon aaC op p er ParS2h *334 4 *334 4 *3*4 -1 *334 4 4 *33, dB atopIlas M ining Par$20 35 ' 341' . 35 34 35 35 *3433 351, 35 35 3.400 lic t h le h e r a S te e l________ 3412 35 *G412 68 *64 *66 68 68 *6112 67*4 *66 *66 100 11 68 67 D o p r e f_____________ *142 143 142 142 142 142 1411, 1411 * i t n 2 143 >1411, 143 420 B ro o k lyn U nion G as____ I8I4 ISI4 *17 181.| *161. 18 *10 *16 18 18 *16 140 B runsw ick D o ck & C Im p 18 32 32 321. 321 *32 U 34 34 *36 351. *351, 37 1,200 B u tterlck C o _____________ 37 47U 48 471" 48*5: 46*4 47*4 4612 47 • 10>8 4718 4034 47*3 17,850 4entral L ea th er________ ♦109 1091. 109 109 1081, 1081. +IOSI4 109 §109 109 1 109 109 440 ( J D o p r e f_____________ 503,8 481.7 4934 49 491g 50*s 477g 483., 53,390 C olorado Fuel & I r o n ____ 48*4 471. 4814 48 787g 7934 7S78 7914 79 79 79 80 791; 803g 79*4 80 2,830 Col A H o ck Coal & I r o n . C o m sto ck T u n n e l. P a r 52 144U 145*8 14412 14534 14378 1451 1436; 143*78 1431,1 143U 1431*2 144 * 9.400 C on solidated Gas (N Y ) . 211. 22 2134 2178 211. 22 2178 2214 2218 23I4 11,025 Corn P ro d u cts R e fin in g .. 21>4 211 86 86*s *85 861 85 85 86 86 SO 2,020 86 861, 86*8 D o p r e f________________ *60 65 *61 05 *60 65 *60 §64 *60 21 Crex C a rp et______________ 64 64 65 3712 3712 37*8 37* 36*8 367g 36*s 36*4 36*8 36=8 36-8 367g 825 D istillers Securities Corp 8M4 ♦ * ____ 813., 813, * ____ 8134 * ____ 81*4 8134 Federal M ining & S m e lt’g 88 8678 SO'g *86 *873, S8 *8( * 88 1 *86 600 *88* 90 88 D o p r e f________________ 162IS 1621; 162 IG3I4 162 1621. *161 1621, 162 102 162 1621, 1,870 General E lectric_________ *98 100 *97 100 *95 100 “ 981, 997S *95 100 350 G ra n by Cons M S & P ___ *97 100 109 11112 1091. 110 1097g 108 109 109 3,500 107 107*4 1041, 106*4 n t H arvester stk tr ctfs 1261. 1261. 12G*s 126*8 1251.J 1251, 11231., 12312 *123 12414 1231, 125 700 L D o pref stk tr c t fs ___ 773 8 7U 7'8 734 71, 8,100 l n t M er Marine stk tr ctfs 7*8 71, 7*8 7*8 7*4 7*8 2338 251; 247S 257g 23-s 25 24 231, 2414 241, 241S 241, 30,830 D o p r e f________________ 141S 15 14 1412 141. 14*8 147S 147« 1434 16 5,800 Internation al P a p e r_____ 14U 141, 6OI4 611S 591,8 C O 581S 5912 58 591, 61 59 60*4 0112 4.200 D o p r e f________________ 51 51*4 503,i 511. 51*8 52*4 5314 5334 53U 5414 11,000 In te rn e t Steam P u m p ___ 521,8 531 *8934 901" *8934 9012 89*4 901, 897g 897g 893.1 9018 9018 903g 2,025 D o p r e f________________ 109*8 109*8 1091. 1101* 109 1097g 10834 1091., 109 109*8 109 10912 29,950 L a cled e Gas (S tL ) c o m . . 9334 9334 933., 941; 921. 92*., *93 2,100 M ack ay C om pa n ies_____ 931, *9214 93 93U 9314 *75 76 *75*3 76 200 75 75 *75 76 *75 76 *751. 76 D o p r e f________________ *114 116 §114 114 *114 I I 5I4 114 1141$ *114 115 215 115 ational B iscu it_______ *124 128 *124 128 *124 128 §127 127 *121 127 5 N 127 D o p r e f____________ 201. 20: *20 21 21 4,600 N at E n am el’g A S ta m p ’g *20 23 21 2014 2OI4 20*4 203, *94 97 *94 97 50 *94 §941, 911; *95 97 D o p r e f________________ *94 97 97 8, *3 89 8 881. 887g 0,600 N ational L e a d ____________ 88 89 S7»8 87*8 87>8 875g 8712 88 260 ♦IIOI4 111*4 §11134 111*4 *11014 112*4 11134 112 * 11012 11212 4101. 112!2 D o p r e f________________ 93 94 94 95 4.200 N ew Y o rk Air B rak e____ 95 97I4 *941, 90 95 95 95 95 7914 7914 *79 7934 600 N orth A m erican C o. new 79ls 791g 79lg *78 81 79 *78 80 42*4 44 441. 45 423, 437g 4434 10,195 42*8 443, 44 acific Ala.ll_____________ 4314 44 49 50 501; 501 4&>8 487g 6,040 P a clllc T e le p & T e l e g .. 46>12 4712 47*., 491, 45U 461, 1131; 11334 113*8 1 His 113 1131; 1121, 113 3,900 P e o p le 's G L & C (C h ic ). 11314 11312 I I 3I4 113*4 2512 26*s 26*4 29 29*8 27 2713 2814 251, 2812 261g 2712 80,452 Pittsburgh Coal C o _____ *68 091" 69 717s 691, 7212 70 71 4,930 69 6!) 683s 681, D o p r e f________________ 525g 5314 501. 517g 5 II4 52 5H4 5U.J 513.1 51 6,400 Pressed Steel C a r________ 51*8 52 1071; 1077s *1001. 1071. 10434 1061, 105 10512 *10412 10612 10U2 1051, 1,085 D o p r e f________________ ♦1921. 194 193U 104 *192 195 193 193 *1911, 195 192*., 19275 700 Pullm an C o m p a n y _______ *413 43.1 *41g 412 4*4 4*s 43g *4 !8 41, 41, 412 412 300 Q uicksilver M in ing_______ *6 V *6 7 *6 7 *0 7 *6 *0 7 7 D o p r e f________________ *4914 5014 4978 50 491. 60 4934 497g 49l.i 4914 497g 497g 1,600 I ) a llw ay Steel S p rin g ___ *10414 1071" 104*8 104*8 10612 1061, 1071, 108 *105 108 105 108 400 t V D o p re f____________ 47*s 4818 471 4814 47 ., 47*s 47 4714 47 47*8 471.1 473, 14,150 R ep u b lic Iron A S teel___ 105*4 106*4 *105 106 10534 1061g *105*4 106 105 106 105-g 1057g 1,550 D o p r e l________________ 91 91 901" 901. *901, 911, 90 90 901, 90*4 911. 9214 2,900 C lo ss-S h e ffle ld Steel A Ir ♦119 . . . *119 . . . I *119 §119 120 *119 _ > 419 50 D o p r e f__________ *3514 36 351. 35*4 351, 30'l2 36U 36'4 *3512 36 3534 3714 2.700 dT ennesseeC opper Par325 *90 91 90 90 91 *89 *88 91 91 91 02 *90 300 T exa s P a cific L a nd Trust *12*4 13 12*3 13U *1314 137g *1314 137g 131. 14 137S 137g 1.700 nion B ag & P a p e r____ *76 76'g *76 767g *76 77 *76 *75 77 767,8 §77 7678 20 U D o p r e f____________ 1211. 12134 §1211., I 21I4 *121 12134 *121 12134 121L 1211,) I2H4 310 U nited D ry G oods C o s .__ 110*8 HOI. 1101; 1107g 1103, 1111. *1 l()7g 1111, 1101, 1101. 111 1,735 D o p r e f________________ 34 34lJ 33 3312 *321. 3334 *321, 33<2 *3212 311. *321, 3412 800 U S Cast I P ipe & Fou m lr 86I4 86I4 87 8715 *86 867g 871 *861, 8714 *861. 8714 670 871" D o p r e f________________ 1001. 1001. *100 105 ♦100 107 *100 110 8 *100 110 100 110 100 U nited States E x p r e s s .. *82 83 " 82 82 82 82 82 82 82 83 821S *82 3,000 U S R e a lty A Im p r o v e m ’ t *10 14 *10 14 *10 *10 14 14 *11 14 14 *10 U S R ed u ction A R efln’g *29 34 *29 34 34 *29 34 *28 34 ♦29 *29 34 D o p r e f________________ 49 50>4 501s 501g 4912 49I2 *43 4912 60 1,800 U nited States R u b b e r___ 50 4912 50 1181s 11914 *11S18 119 I I 8I4 1181, *118 119 §119 119 118 119 1,010 D o 1st p r e f____________ *85 87 85 85ls 84*8 841* 8412 8412 *84 85 700 *84 86 D o 2d p r e f* __________ 90 *s 91'3 901. 911, 89*8 91lg 887g 90 89 89is 90l2 617,700 U nited States S te e l_____ < J014 1263., 1271.7 1261, 127 12612 127 1257g M | 126 12614 126 120 4 ,2 5 0 126 D o p r e f________________ 60 50 50 511., 5 OI4 5134 5214 5234 52 5012 527g 63>8 18,925 dU tah C o p p e r___P a r 510 4934 4978 491; 50*8 49 4934 4812 49 49 4912 6,897 V lrglnla-C arollna C h e m .. 4834 49U ♦1201; 122 *121 12112 12U 2 12112 122 122 *121 122 300 12U2 12112 D o p r e f________________ *70 72 71 71 *70 72 *70 72 100 V irginia Iron Coal & Coke 72 72 *71 *71 30 30 2512 29 2512 20 *26 30 1 ,2 0 5 V u lca n D e tin n ln g_____ 30 *27 30 *20 85 8512 86 86 §85 8612 *80 4 05 *80 87 88 D o p r e f_________ . . . 88 450 475 *450 490 485 5141, *505 620 2 ,3 4 0 500 502 620 ells F argo & C o . . . ___ 771. 78 76*4 77M 771, 7712 7612 7634 7034 771.4 6 ,3 0 0 W estern U nion T e l e g .. 7712 787g 88 861. 861. *86 8512 8612 85 6 ,0 7 0 W estln g h 'seE l& M fg assen 851, 848.1 8434 8412 84*4 140 110 *134 135 *134 140 *130 140 1341, 1341, 4 0 0 __ D o 1st p re f________ 140 1 490 Jan 123, Feb 2 1 33 F eb 24 65 F e b 26 331. Jan 95>2 Jan IS iO ^ J a n 13 82 Jan 7 7l2 F eb 23 71>2 F eb 23 4414 F eb 24 107*2 F eb 23 42ig Jan 6 98 Jan $2o5 F eb 5 6*4 F eb 25 34 F eb 21 187S Jan 8 12 F eb 25 29 Jan 12 49 F eb 23 10914 F e b 24 612 J ’ly 16 C2. Jan 7 H) Jan 4 77*4 Feb 24 101 Jan 2 225 M ch 9 95 Mch 1 3 4 Feb 24 121 J ’ne 17 120 J ’ne 16 125 F e b 1 «J0l2 Feb 6 26 F e b 4 i/#\l Jan 1 ; £3734 Feb 20 $27s Jan 29 1834 Mch 9 47 F eb 24 118 Jan 28 13 Jan 13 2378 J an 2 2512 M ch 2 99*4 A p r 6 29 F e b 23 21*8 F e b 23 21c A pr 24 114i2 F e b 4 16i2 F eb 24 73U F eb 24 45 Jan 5 321, F e b 23 55 ‘ M ch 2 80 F eb 24 15018 F eb 23 91 M ch 12 62 Jan 30 IO9I4 Jan 16 5*8 J 'ly 9 18*4 J ’ly 9 91, Mch 13 4734 Mch 18 33i2 F e b 26 82i2 Jan 30 104 J ’ ne25 70 Jan 21 69i2 Jan 9 96i2 Jan 2 1181, Jan 11 125g F e b 24 82 Jan 5 7114 F e b 25 1()234 A p r 21 80 F e b 23 72 Jan 13 29ig Feb 24 45'4 N ovlO 101>2 Jan 13 10 A p r 21 40 F eb 25 30i2 F e b 23 96 F eb 26 169 Jan 30 15g Jan 4 3 M ch 29 3212 Mch 8 977 Feb 24 g 16*8 F eb 23 67'g F eb 21 68 F eb 23 107*8 F eb 20 *331, O ct 13 80l2 F eb 23 914 F eb 24 66 Jan 8 115 O c t 28 rl0 9 Sep 1 24*8 F eb 24 70 M ch 2 82 F eb lo 64 F eb 23 10 M ch 12 24 F e b 24 27 F e b 24 98 Jan 29 671; F eb 25 4114 F eb 23 107 F e b 23 5391s F e b 20 40-s F eb 24 114 Jan 19 F e b 23 67 6 F eb 1 45 Jan 30 300 Jan 64 F e b 24 74 F e b 24 110 Mch 3 §231 N o v i I07g Aug 57*g Aug 8934 N ov 50 A u g1 103 Aug 491, Aug 93 " Oct 143. N o v i 86 J ’ne 76i, N ov 12434 Aug 79D Nov 107 1 N ov . 4 255 Oct 20 10 Sep 617s Aug 4214 Apr 1 20 J ’ne 14 4734 J ’ne 14 69U Aug ‘ 122 Aug l l l 2 J 'no _ 59 " Sep 20 923. Aug 27 104-s Aug 12 II 634 Aug 280 Aug 105 May22 CGIs N ov 5 136*3 Sep 24 131 Apr 8 1451s Sep 29 104 May '.0 4012 Aug 27 107*4 J ’ne 14 552 May 8 S5I2 J ’ne30 36>4 Sep 21 09i2 Sep 3 151i2 Sep 1 2 11 Oct 4 « 3512 NovlO 61*4 Oct " 111 Sep 51*4 N ov 6 81 Sep 29 37o Oct 7 165i4 Jan 4 26 l2 J ’ne 2 93i2 J ’ne 1 62 N ov 4 41l2 Jan 25 96i2 M ayll 94 Aug 11 172*4 Aug 12 HO Jan 4 11112 N ov 6 126i2 Nov 0 'j Oct 2 27*sJau 2 1914 Jan 24 6934 Aug 3 5412 N ov 12 91 Sep 20 Hois N ov 8 94i2 N ov 8 7714 Sep 23 120 Sep 27 ;30 Sep 21 23 Sep 20 991, Sep 2 94 Aug 13 113*4 Aug 12 97U N ov 9 87i2 J ’ne 14 45 Nov 8 64 Oct 4 120 Aug 16 29*8 N ov 9 7:12 N ov 9 56 Aug 3 11134 Aug 11 200 Aug 6 9*8 J ’ly 6 10 Mayl3 5412 AUg 4 109 Aug 11 4912 Sep 29 IIOI4 J'ly 28 915g Oct 4 120 Sep 1 549 Jail 4 937g J 'ly 10 1538 J ’ne 18 8 H4 J ’nc29 1221 , N ov 3 111*4 Aug 6 351, J lie 6 164 Jan *200 A u g 10*3 D eo 6 M ci. 62*4 D ec 14 Mcl *S-'i .NOV 45is Feb 35 N ov 13 Jan 16 N ov 78>, Jan yi2 Feb 247s A pr 65 Jan 1 81*.) D ec 4 F eb IOI4 N ov 7e7* N o v 44 Jan 60*4 D ec 751, Feb 84*4 Mch 109 D ec 24*4 Feb 44*4 N ov $80 Jan 97 N ov §170 Feb 1224 May 234 Feb 81, D ec 121, Mcl: 37*4 D ec 121, Feb 3 Us A u g 171, D ec 6 Mci 17 Me 36i4 D ec 59*s A u g 31*8 Feb 113 D ec 86i2 Jan 8*3 Sep Mch 6 ’ i j Sep 2 i Jan 7u Jan 84’ s A u g 10? AUg 6512 F eb 110*s A u g 87*4 Feb 180 Aug 200 A p r 80 Mclv 97l2 Sep 41 N o v 28 Sep 98*4 Jan 137*4 A ug 131 N o v 105 F eb 101 Jan 132*8 N o v 971, J ’ ly 72l2 Jan 15i2 F eb 32*8 D eo 7fcl4 Feb 97 N o v 631, N o v $271, F eb S2i, Jan So M ch 12 Jan 27i4 N ov 35 A pr 11 N ov 15214 N o v i8 5 F eb 17 N ov 6 Jan §25 Jan § 10 Feb 33 D eo 15i2 Feb 102 Dec75*4 Jan 42 D ec 15*8 Feb 271; D ec 14*4 Mcll 44c A pr 20c Mch 167 D eo 96 Jan 201; AUg 1034 F eb 80 A u g 66 Jan 4.SI4 O ct 47l2 O ct ?8*4 D ec 271 Feb 4 94 AUg 72i2 N ov 89 N ov 69 F eb 162*4 D ec 111 Jan 1091; J ’ly 78*4 Jan 62 J ne 67*s N o v 99 J ’nt IIOI4 NOV 9 M ay 6 O ct 10 F eb 2678 D ec 8 Apr 1314 N ov 65 Jan 47 Oct 39*8 D ec 13 Jan 841 D ec 4 65 Jan 62 Feb 6978 F eb 68 Jan 102 Jan 71, F eb §70 F eb 36 F eb 87i2 Jan 50 Jan 421* Mch 24 Apr 78 N ov 71*4 N ov 97 D ec l?()i2 D ec 15U D ec i82i4 D ec 92 A u g IO6I4 N ov 98 N ov 78 N o v 40i4 D ec 80 Jan Sl2 Mch 36>2 Feb ]7>4 Feb 69 Jan 147 Jan i2 Apr l l 2 Jan 23*4 Feb 76 Jan 14*4 F eb 63 J ’ne 36 Jan 8712 Jan $25i2 F eb 45 F eb 4 F eb 4478 Jan -06i2 D ec 14*8 D ec 50 D ec 45 D ec 102U D ec 174 N o v 1*4 D ec 3i2 D ec 49U D ec 103 Deo 29 AOV 8912 N o v 81=4 N o v II 0I4 D ec I62i4 N o v 841, D eo 9*s N o v 66*4 N o v 17i2 F eb 307 D eo g 787s A u g 90 Jan 64 N ov ISI4 A u g 39 A u g 3712 Aug 168 D ec 76*2 N ov 68*4 N o v 114*8 N o v S5234 N o v 45*4 D ec 1)5 N o v 68 N ov 101, N o v 5012 D ec 325 N o v 71*4 N ov 94 N o v 125 N o v 871, Aug 18 '6*j Jan 107 Oct 20 70 F eb 87 Sep 17 3614 F eb 17l2 J ’ne 17 4 F eb 39i2 Aug 12 16 Feb 57*s Aug 19 17*4 F eb 1231, A u g24 76 Feb 8912 Aug 23 42 Feb 947; Oct 4 25*4 Jan 131 Oct 4 87i2 Jan S5ll, Aug 12 v20 Jan 66 I4 J’ne 14 16 F e b 12318 Aug 23 z87 Jan 757 Sep 17 s 43 Jan 37*4 N ov 3 3 Mch 91*4 N ov 3 25 A pr 5141, N ov 9 §250 F eb 81*8 Sep 14 41 F eb 90 Aug 7 38 Mch 145 Sep 30 58 Mch B A N K S A N D T R U S T COMPANIES— B A N K E R S ’ Q U O TATIO N S. Hanks Brooklyn Sid As K B anks B rooklyn N orth S td e l 1 COplw o . . K > P rosp’c tP k l liid A sl: Ask Rid T ru st C o’ s N Y C ity C arnegie . . 1161*4 tl0 5b Central T r . 1000 1060 .... C olu m bia . . 300 145 Com m ercial 135 145 C o m ’w ealth 135 310 Em pire . . . 300 480 U dult'bto Ti 470 Farm L o A 'i 11840 - - - 200 F i d e l i t y ___ 202 Fifth A v Tr 400 416 F u l t o n ____ 270 Trust Co’ s Rid G u a r’ty T r . G uardian Ti 160 H u d s o n ___ 175 K n lck e rb 'k i 340 L a w T I A T r t-’ IO Lincoln T r . 165 M anhattan- 370 M ercantile - 715 M e tro p o l’ tn 530 M orion T r . 520 M u tu a l____ 130 M ut A ll’ nc-. 125 H\a Ask Rid -lit 1 rust C o 's 1100 1120 670 420 B rooklyn Ti 410 5 370 145 138 •- - 160 T570*4 300 225 200 F l m ______ ----125 t3521j f 053*4 230 215 llllls ld eli___ 110 ____ 270 tl200 175 H am ilton . . 260 1Zo H o m e Bit 1i. 11) 430 110 390 440 T rust C o’ s Home-steadi .. 740 1230 Kings Co . . toOOt; 4 ID M a n u fa c’rs 316 2X5 550 260 L Isl L & Ti 310 32 5 M ech a n lcs’1 210 340 170 160 410 535 375 Montnuk . . 145 6570 -----„. 585 290 130 270 N assau . . . . 240 B’ w a y T r . . 150 155 130 133 Queens C o .. 120 140 140 N at C it y ___ 60 100 W llla m s b 'g •Bid and asked prices: no sales o n this d a y . IL ess than 100 sh ares, i E x rig h ts. 6 N ew s to c k , c E x- d ty . an d rig h ts, tf N o w q u o te d dollars p e r share. t Sale a t S tock E xch ange o r a t a u ctio n this w ce k . s T ru st c o m p a n y certificates. II B anks m arked with a paragraph (1) are State banks. B o r o u g h 11. B ro a d w a y 1 B r o o k l y n 1 ,. _ 1 K M ivr 150 155 160 .... 1102 «... __ __ Ask 090 lr u s t Co’ s N Y L lfcA T r N Y T r u s t. Standard Ti T itleG u A Ti T r C o o f An: Union Trust US M tg A l l U nit S tates. Van N on len W ashington W estch estei W in d sor . . New York Stock Exchange—Bond Record, Friday, Weekly and Yearly ^9. t h e E/XChdnOC m e th o d Of Olt.Otill/t 5o)L>‘Z M ah/tnna/7. /mil. .C /T.9 1 1 BON DS N. T . STOCK B X O H A N & K 1 W eek E nding N ov 12 P rice irid a y N ov 12 W eek ’s B a nge or L a s t S a le 0 . S. (jo r e r n m n ii B id A ik U S 2« consol regiscered.dl93() <W 100 1 0 0 4 2s consol cou p on ....d l9 3 0 ti-J 100 101 17 S 3s registered............ fcl'JIS 101 4 102 B S 3s coupon................... &1918 101»« 102l* 17 S 3s cou small 6onds..fcl918 17 H 4s registered................1925 1153*116 0) 17 S 4s cou p on .....................1925 l l t i 3 .......... * D S P a n Can 10-30 y r 2 s . fcl93U Q-N 993*1000) fo r e ig n Governm ent Argentine—Internal 5s of 1909 t 96»* 963a im perial Japanese Uovermn't 1 933* Sale Sterling loan 4 4 s .......... 1926 i 93 sale 2d s e n e s 4 4 « ..................1925 Sterling loan 4 s .............1931 * 863* 8 7 4 Repul) ol Cuba 5s exten debt.. f 103 Sale i 95 4 953* San Paulo (Brazil) 5s tr recta’ 19 U & oi .u exioo a 1 g 6s ol 1899 t 97 9 74 Gold 4s of 1904................ 1954 ........ 9 34 V 3 83 £5 B ow 0 f 0 §|! H ig h B ange S in ce J an u ary 1 Low H ig h 95 99 1003, N ov’u9 1 0 0 4 1024 100** Oct ’09 100 4 193 1014 N ov’09 101 1034 1014 Sep ’ 09 100 4 102 4 1001* N ov’ 08 116*» 1164 75 116 1194 117 h 121 1174 N ov’09 101 Mar’09 101 1 0 1 4 964 964 32 933* 9 34 112 90*8 953* 38 8 9 4 9 44 93 92 4 6 803* S8j4 864 864 12 1013* 1044 104 103 95 * 130 1192 < 9o*g 95 4 97 4 Oct ’ 09 9 7 4 1014 934 934 *18 9 2 4 96 h e s e a r t p r ic e s o n th e b a sis 0 / $5 to £ . S ta te mill City S ecu rities D istot Columbia 3 '6 5 s ....1924 F - a 106 ... 95 ... Louisiana new consol 4a.. 1914 J-J N ew York City— 4% Corporate Stock........1959 M-N 100 4 Sale 4% Corporate o t o c k ___ 1958 M-N 1093* n o N ew 4 4 a .................................. 1957M-N 1........ N ew 4 4 s .................................. 1917-M-N 103 Sale 4 4% Corporate Stock ..1957 M-N l l o 4 4% aasesamt bonds___1U17IM-N 103 103 4 4% Corporate Stock....1957|M-N 101)4 Sale N Y State—Highway 4 s.. 1958 M-S| 101 ....... Ho Carolina 4 4s 20-40....... 1033 953 ....... * Tenn new settlement 3 s..1913 913* y* Virginia tuna debt 2-3a..-199i 55 56 6s deferred Brown Bros otts. 110 N ov’08 105 4 D e c’04 1004 101 1023* 99»* 1014 100 103 1084 1 1 2 4 101 1004 10) 1094 1104 1024 1044 1093* 1 1 0 4 103 1034 1003* 1014 113*# J ’ne’Ol) 102 4 J a n ’09 953* F e b ’09 93 Aug’ 09 66 61 108 4 112 4 103 1044 100 103‘* 112** 1133, 102 4 1024 96 4 953* 9 1 4 93 3 74 61 R a ilro a d luuamu Cent b So Ry A laba Alull .See AeteCoast Line Albany A Susu S ee Dei A Hud AliegUeny Valley S ee Penn UK A lleg A West S ee Bull U A P 79 81 Ann A rbor 1st g 4s.........A1995 Q-J 81 N ov’ 09 9y7 Sal# 99®a 100 g Atoll T A S Fe—Gen g 4s. 1906 A-O Regiatered........................ 1995 A-O | 9 8 4 1 0 0 98»* N ov’09 93 4 94 A djustm ent g 4s.......... ft.1995 Nov 934 9 34 R egistered..................7il995 Nov * ........ 9 34 9 2 4 F ob ’09 93 4 Sale Stainpeil...................... A.1995 M-N 93 4 934 f i l l s 8. Sale 118*8 1183g Sub recta cony 4a................. 'Couv g 4a..........................1966 J-D 1 2 0 4 Sale 1194 121 * 10-year couv g 5 s ........ 1917 J-D 1 2 0 1 sale 119 4 120 4 9 9 4 Sep ’09 Debentures 4s SerieaH.1910 F-A 9 9 4 ....... 98 4 ....... Series K .........................1913 F-A 98 4 J ’l y ’09 96 97 4 97 Sep ’09 East Okla Div lat g 4 s..1928 M-S Short Line lat 4a g ........ 1958 J -J 93 4 94 93»» 033* " b e Pres A Pii la t g 6a.1942 M-S 1 0 9 4 111 1104 Oct ’09 A ti K nox A N See L A N So3 Sale * Atlantic Coast lat g 4a./ll952 M-S 95 95s* Ala Mid lat gu gold os ..1928 M-N 107 ........ 109 Sep ’09 Bruns A V 1st gu g 4» ,.1938j J-J V 9 6 4 J ’ue’08 Charles A Say lat g 7 s.. 1936' J-J 1 3 2 4 ....... 89 893* L A N coll g 4s..............01952 M-N ........ 1)0 Bar F A W 1st gold 6s. .1934' A-O 127 ....... 127 J ’ ue’09 1st gold 6s.....................1934 A-O 112 1 : 4 1 1 2 4 J ’l y ’09 96 ....... BU Sp Uca A G gu g 4» ..1918 J - J 9 7 4 J’ue’09 Atlantic A Danv See South Kyi Austin A N W s e e Sou Pacific' oo 93 Sale 'Ll alt A Ohio prior 1g 3 48.1925! J - J 9 24 9 1 4 92 4 914 Oct ’ 09 O Registered................/11926 Q-J 9 9 4 sals 99 Gold 4 a ........................... A1948 A-O 994 R egiatered................. A1948 Q-J 9 8 4 9 94 Oct ’09 120 o c t ’ 01 Pitts Juno 1st gold Us... 1922; J - J iu o 884 89 Oct ’09 P J un A M Div 1st g 3 4al926 M-N 93 Sale 93 P L K A W V aS yaref 4sl941 M-N 934 89 4 90 894 8outhw Dly 1st * 3 4 a .. .1926 J-J 894 91 A p r’Ou R egistered................ )i.1926; Q-J 103 . 103 J ’ne’09 Oen Ohio R 1st C g 4 4 a ..l9 3 0 M-S 113 Oct ’09 Cl Lor A V con 1st g 6s 1933 A-O * 1 1 3 4 . Y 1 0 6 4 F eb ’07 Motion Kly 1st gu g 6 s ..1919 F-A Ohio River R R lat g 58.1936 J-D lia 114 113 Sep ’09 112 N ov’09 General gold 6a......... 1937 A-O 119 4 Mar’ 04 Pitts Ciev A Toi 1st g 6s 1922 A-O 11U»* 96 4 , ...... A West 1st g 4a...1917 -J ........J Pitts ............... 9 8 4 Sep ’ 09 100 N ov’04 Stat 1st Ry 1st g u g 4 4 s 1943 J-D S eech Creek S ee N Y C A H Bello v A Car S ee Illinois Cent Bklyn A Montauk S ee Long 1 Bruns A West S ee A tl Coast L Buffalo N Y A Erie S ee Erie Buffalo R A P geu g 6 3 ...1 93 7 M-S 1 H 4 1 1 5 4 U 6 4 1154 Conaol 4 4 a ......................1967 M-N 1 07 1093 * 1 1 0 4 J’l y ’oy A H A West 1st g 4s g u .. 11)98 A-O lOO ........ jluo O c t ’09 0 1 A Mali 1st gu g 5 s ....1 94 3 J-J ...................;i.03 J ’ly ’08 Rooh A Pitta 1st g 6 a...l921j F-A ........ 118 117»* Oct ’09 Consol 1st g 6s........... 1922 J-D ........... .. . . . ! 120 4 Aug’09 Buff A Suaq 1st ret g 48.(11951 J -J 8 14 8 1 4 ........ 8 1 4 Bur C R A N S ee O R I A P I lan So 1st ext 6 a ............1913| J-J 104 4 Sale 11044 104 4 J2d 6s............................... 1913 M-S 100*8 1013* 1004 1004 Registered....................1913 M-S ..................... 1 0 0 ** M»y’07 Oarb A Shawn S ee ill Cent Carolina Cent S ee Seab A ir L Carthage A Ad S e e N Y C A H Ced It la F A N S ee B O R A N Oen Brancn Ry S ee Mo Pac Cent ol Ga RR 1st g 6 s..p l9 4 5 F-A 1 1 4 4 .........116 4 F eb ’09 Consol gold 6s.................1945 M-N Registered....................1945 M-N iia Aur'oti 1st prel income g 5s___p l94 5 Oct 24 88 86 87 4 89 Stamped ................................ 1 . . . . 88 87 4 89 88 4 12 2u prei income g 5s___pl945 Oct 82 Bale 7 84 84 274 2d pi ef income g 5s stamped . . . . 83 84 83*« 17 84 3d pret income g 6 s ....p l9 4 6 Oct 83 Sale 78 83 223 81 S7»* 9 9 4 1014 983 * 1 0 1 4 92 9 54 9 24 9 24 92 4 9 6 4 112 4 122 102 4 123 4 106** 1234 99 4 9 9 4 98 4 9 8 4 97 99 934 964 1104U 3 9 4 4 963 * 109 111 9 6 4 9 64 86 127 112 4 97 93 4 127 1U 974 93 95 9 1 4 93 9 8 4 1014 98 100** 88 93 93 96 89 914 91 91 103 103 110 4 H 3 8* i i i i " i ‘1 3 4 1084112 . 98 984 1154 1174 109 1 10 4 100 1004 ii'7 4 i n i " 118** 1214 8 1 4 90 C 104 107 1 0 0 4 1 03 115 1164 79 80 63 60 &8 904 90 84 84 83 n aa n/im nlJ */n rl infindff • . . . . . . 1 //it* iH/nin/ t t/I /Ia f.ai il.f ai • BONDS N. T . STOCK E X C H A N G E W eek E nding N ov 12 P r ic e irid a y B o v 12 W eek ’s Bange or L a st s a le 1 3 * 0*0 [ B angs S in ce |J a n u a r y l C en to! Ga R R —( C o n ) B id A sh L ow H ig h N o L o w H i g h 3d pret income g 5s stamped. . 82 83 82 4 82 h 1 i < 64 824 ) 89 ........ 9 0 4 sep ’ 01 Chatt Div pur men g 4s. 1951 904 904 Mao A N or D iv 1st g 5a. 1946 105 4 ........ 1044 J ’ue’08 Mid Ga A A tl Div 5a....1947 106 ........ 116 N ov’05 Mobile Div 1st g 5s....... 1946 1104 1 1 0 4 109 4 ........ Cen R R A B o£ Ga col g 6s 1937 .........104»* 105 S o p ’ 09 104 106 Cent ol N J gen’l gold 6s. 1987 1254 129 125 4 1264 125®g N ov’Ot 123 1264 126 O c t ’Ot R egistered..................A1987 125 127»4 ........ 110 Am Dock A Imp gu 5a..1921 S 1084 Oct ’O 108 4 1 1 0 4 101 ........ Le A Hud R gen gu g5 a 1920 9 9 4 1 0 0 4 100 Oct ’ 09 Leh A W ilks B Coal 5 s ..1912 994 101 994100 Con ext guar 4 4 s ___</1910 i 99** 100 4 994 994 lu o ........ N Y A Long Br gen g 4s 1941 Cent Pacliio S ee So Pacilio Co 89 Oct ’09 . . .. 8 0 4 9 0 4 CentVermont 1st gu 94s.«1920 Q-F ......... 89 Chas A Sav S ee A tl Coaat Line 100 ........ 102 Sep ’09 Ches A Ohio gold 6s.........al911 10141034 Gen funding A im p t5 s.l92 9 ........ 106 4 1044 IO0 4 18(1 1004 105 ........ 113 112 113 1st consol g 6s..................1939 12 112 117 * .........113 Registered.....................1939 114 4 F ob’09 11341144 102 4 103 102% 102»» 20 1024 1064 General gold 4 4 s ............1992 105 106 1024 ........ 105 A p r ’09 Registered.....................1992 88*, Sal, 88 88** Big Sandy 1st 4 s .............1944 ■ 8 7 4 91 i ........ 112 110 May’09 Craig Valley 1st g 5s___1940 107 4 110** 90 Jan ’09 90 90 Potts Creek Br 1st 4 s ..1946 98 4 99 4 9 3 4 984 R A A Div 1st con g 4 s ..1989 3 9841004 ........ Util4 97 Oct ’ 09 2d consol g 4s................ 1989 9 64 97 106 ......... Warm Spr Val 1st g o s ..1941 94 4 ........ 94 4 N ov’09 Greenbrier lty l s t g u g 4s ’40 94 4 9 4 4 76 Sale 80 76 75 4 10 76 Chic A A lt KR ref g 3 s ...1949 74 Sale 16 7 3 4 77 73 4 74 B a i l w a y 1st lien 3 4 s ...1950 76 Oct ’09 73 75 Registered.....................1950 99 Sale 99 994 2 9841004 Ohio Burl A Q— Deny D 4s 1022 93 8 9 4 89** 89 4 894 14 89 Illinois Div 3 4 s .............. 1949 9 14 D ec ’ 0 8 Registered.....................1949 lou*&sale 1004 1 0 0 4 13 100 1034 Ills Div 4 s ....................... 1949 104 ........ 1084 Oct ’09 1 05 4106 Iow a D iv sink fund 5 s ..1919 99 4 99*# 100 O c t ’09 99** 101»* Sinking fund 4s.............1919 9 9 4 ........ 99*8 Nebraska Extension 4 s .1927 994 8 9941024 1 0 1 4 Mar’09 10141014 Registered.....................1927 9 8 4 ........ 99 4 sep ’09 . . . . 99 1004 Southwestern Div 4s___1921 Joint bonds See Great North 99 1014 9 9 4 994 Debenture 5s................... 1913 4 9941034 9 9 4 Sale General 4s........................ 1958 994 90 4 149 9rt 101 102 103** Hau A St Jos consol 6s.. 1911 M-S 1014 102»* 102 4 Sop ’09 90 86 36 Chlo A E 111 ref A imp g 4s 1965 J -J ......... 86 7 86 129 137 1st cousol g 6s..................1934 A-O 127 129 129 N ov’09 112 4 H 6 4 General cousol I s t 6 s ....l0 3 7 M-N 112 4 ........ 113 A uv’09 .............. 114 M»y’ 09 114 1114 Registered.....................1937 M-N 6 1124 116 Chic A in d O Ry 1st 5s. 1936 J-J 112 4 ........ 1124 H2*a Chicago A Erie S ee Erie 127 129 Ohlc In A Louisv ref 6 s...1947 J-4 1 2 8 4 ......... 128 4 Oct ’09 Refunding goldSs.......... 1947 J-J 114 ........ 1144 1144 6 1124 1144 Louisv N A A Oh 1st 6S.1910 J-J * ........1004 1 0 1 4 J ’l y ’09 10141U 24 96 95 4 96 4 Aug’ 09 934 9 6 4 Ohio Iud A Sou 5 0 -y r 4 s ..1956 J -J ChioM il < ) St P term g 6s 1914 J-J 104 ......... 104 4 S o p ’09 S 1044 1064 1034 20 1 0 1 4 1 0 4 4 General g 4s series A ..«1989 J -J 103 1034 103 4 Registered...................«1989 J ................... 103 *a Oct '08 89 88 4 89 4 89 92** Generalg 3 4 s s e n e s B .e l9 6 9 t . J 1 88 93 4 94 25-yr deben 4s (w i ) ....... 1934 J-J 934 94 43 U3 ^ i)6 107 4 ........ 108 4 Oct ’09 Chic A L Su Div g 6 s ....1921 1084 109** 1 1 0 4 ........ 1104 Oct ’09 UU** 113 4 Ohio A Mo R iv Div 5 s ...1926 100 lot** 103 103 Chic A Pao Div 6s.......... 1910 4 1014 103 108 109 4 108** Oct ’09 Chic A P W 1st g 5s....... 1921 1084 1104 104 . 104 4 Aug’09 Dak A Gt So g 5s............ 1916 1044 1064 1 IS 4 ......... 137 4 J 'ly ’99 Far A Sou assu g 6s....... 1924 100 ........ 1004 1004 H ast A D Div 1st 7s....... 1910 4 10641024 tf 9 9 4 ........ l o l Mar’O 101 101 ls t 5 s .............................. 1910 1064 1084 107 Oct ’ 09 107 107 L acrosse A D 1st 5 s ....1 91 9 lou ......... 100 4 Oct ’09 100 4 1 0 1 ** Mineral Point D iv 5 s ....1910 100 100 4 ........ 100 So Minn Div 1st 6s.........1910 9 luo 1 02 1 0 7 4 ......... 1084 Oct ’09 1084110 W is A Minn D iv g 5 s ....1921 100 1014 1014 J ’ly 09 1 0 1 4 1014 MU A N o 1st M L 6 s ....1910 106 ........ 1074 J ’uo’09 1 0 7 4 107 1st consol 6s................. 1913 6 113 1184 Ohio A N o rth w co n s 7s___1916 O-F 1 1 2 4 1 16 113 4 113 4 97 100 1004 1004 Extension 4s.........1886-1926 F-A 3 100 4 102 100 4 J ’l y '09 9 9 4 101 Registered.......... 1886-1926 F-A 89** Sale 8 94 90 General gola 3 4 s ............ 1987 M-N 42 803* 9 44 89 . 93 4 Apr '09 R egistered................. wl987 Q-F 9 3 4 034 _ ....... .............. , . 112 112 Sinking fund 6 s ...1879-1929 A-O 111*4........ 112 A ug’09 Registered.......... 1879-1929 A-O 1 1 1 4 ........ 1114 H 1 4 6 1094 1 1 1 4 1094 109 4 108 4 Oct ’ 09 Sinking fund 6 s . ..1879-1929 A-O 108 110 4 Registered.......... 1879-1929 A-O 1 0 8 4 ........ 1104 J a n ’09 110** 1 1 0 4 Debenture o s ................... 1909 M-N 1004 J’116’09 IU04 101 1004 1004 Registered.................... 1909 M-N 1004 May’ O U Debeuture 6 3 .................. 1921!A-0 ib ’ 7 ........ . . . . 107 109 4 103 J ’iie’ 07 Registered.................. 1921 A-O 109 1 13 4 Linking fund deb 5s.......1933 M-N h o . . . . 109 Oct ’ 09 Registered.....................1933 M-N 109 ......... 109 J ’ly ’09 101 A p r'09 9 J4 l o t N orth IBmois 1st 5s___1910 M-S io i 1014 M il L S A West 1st gOs 1921 M-s 1164 119 4 1 17 4 Gel ’09 117 4 1194 E xt A Imp stand g 5s 1929 F-A 111% ........ 113 A ug’09 ___ 113 116 . . . . . . .. . Ashland Div 1st g 6 s..1926 M-S 120 4 ........ 1 42 4 F eu ’02 M ich D iv 1st g 6 s.........1924 J-J 1 19 4 1234 123 4 A p r’09 ___ 1224 123 4 103% (0 3 4 103 4 Aluy’O U I n co m e s ........................1911 M-N l o t . 1124 OCt '09 Ohio Rock Isl A Pac 6 s ...1917 J-J 1114 . 112411*4 . 113 4 A ug’09 Registered.................... 1917 J-J 1114 1134 1134 994 luo 9 94 bale 32 08 1014 General gold 4s................1988 J-J 9 8 ............ 99 Aug’ 09 Registered.....................1988 J-J 08 1 00 4 90 4 9 0 4 293 894 94 9U 4sate R efunding g 4 s ..............1934 A-O 9 9 4 . . . . 97 J’l y ’1)4 CoU trust SenesH 4s .. 1910 M-N 97 J'’ne’09 9 7 4 ........ J 4s............................... 1 9 1 2 M-N 07 1)7 94 4 .. . 9 4 4 A ug’09 M i s ............................... 1916 M-N 944 944 93 4 . . . 9 4 4 o c t '09 9 3 4 «M 4 N 4s............................... 1916 M-N 92 4 93 4 Aug’ 09 O 4s................................ 1917 M-N 93 4 96 " 9 1 4 03 4 93 4 Aug’09 P 4 s............................... 1918 M-N 934 934 70'» bale Ohio R 1 A Pac R R 4 s..2002 M-N '764 7 74 406 76 4 82 4 R egistered................... 2002 M-N 80 J’l y ’ l)U 80 80 U1 4 bate CoU trust gold 5s.........1913 M-S 914 92 4 76 87 4 9 4 4 Bur Ced R A N o rth e rn Con 1st A col trg o s ...1934 A-O 112 115 115 M nl’09| 115 117 Registered................. 1934 A-O OR IF A N V V l s t g u o s .1921 A-O 109 . . . . 111 N ov’U S M A St L 1st gu g 7 s.. 19271J-D 0 .M I S C E L L A N E O U S B O N D S —C o n tin u e d o il N e x t P a g e . Street R a ilw a y Brooklyn Rap 'Pr g os ....... 1945 A-O 1 st refund conv g 4 s ___ 2 0 0 2 J -J BkCity 1 st cou 6s.1916.1941 J-J BK (J Co A S cou gu g os.1941 M-N Bklyu Uu El 1st g 4-5S.195U F-A Stamped guar 4-5s___ 1950 F-A K ings Co El 1st g 4s___1949 F-A Stamped guar 4 s ........ 1 9 4 9 F-A N assau Elec gu g 4 s ___1951 J-J Conn R y A L i s t A ref g 4 4s '51 J-J Stamped guar 4 4 s ......... 1951 J-J Det United 1st con g 44s-1932 J-J Havana Elec c o n so lg 5 s .1952 F-A Inter-Met coll 4 4 s .............1966 A-O Inter Rap T 3-yr conv 6 s. 1911 M-N 43-year 6 s Series A .......1962 M-N Interuat'l’rac coll tr 4 s ..1949 J-J Manila Elec 1st A coll 5s. 1953 M-S • N o p rice F riday; latest th is w eek. 1044 Sale 1044 105 12 86 122 843a 8 34 103 66 102 % ........ 103 90 99 4 9 9 4 Mar’09 102 4 Sale 1014 1«? 5 103 105 102 4 Oot ’09 86 87 8 7 4 J’l y ’09 8 6 4 N ov’09 ........ 87 80 80 ........ 80 i 1 0 2 4 ......... 102 4 Nov'09 _ 1 0 2 4 ......... 102*, o c t ’09 _ 83 4 Oct ’09 ........ 84 91 Sale 91 91 5 834 Sale 824 8 34 1920 103 Sale 102 4 103 138 102*, Sale 1014 102*. 94 ......... 7 0 4 70 S e p '09 .... 98 May’ O U fi Flat, a n u s Jan 1024 108 S treet H a llw a y Met St R y gen col tr g os.1997 F-A 814 894 R ef g 4 s............................ 2002 A-O 1024105 Bway A 7th A v 1st e g o s 1943 J-D 994 994 Col A 9th A v l s t g u g o s .1993 M-S 100** 106 L e x A v A P F l s t g u g 5 s 1993 M-S 102 4 1041* Third A ve R R con gu 4s 2000 J-J 86 87 4 Cent T r Co certfs stmpd. .... 85 88 Third A ve Ry 1st g o s ..1937 J -J 784 84 N o n Ry A Lt gen 4 4 s .. 1935 J -J 102 102 4 St Jos R y L tH A P 1st g o s ’37 M-N 101** 1023* St Paul City Cab cou g os. 1937 J-J 81 4 85 Tri-City R y A Lt 1st s f 58.1923 A-O 89 92 1* Uuderground of Lon 3 s...l9 2 u M-N 76 85 4 4 s ................................... 1933 J-J 102 4 1043* Incom e 6 s........................1948 1014 1034 Uuion El (Chlo) 1st g o s .. 1945 A-O 70 724 United Rys St L 1st g 4 s .1934 J-J d D ue A p r « D a s May United R R s San F r s f 4 s .1927 A-O „ D u e . l ’ ne A D ae .1 ’ly fcDue Aug ......... 79 79 Oct ’09 78 48 J ’l y ’09 434 I) 101 4 .........104 4 101 4 N ov’O ........ 1003* 100 J ’ne’09 1 00 94 94 Oct '09 6 64 Sal* 664 664 10 66 4 664 Sale 05 4 664 116 6 34 J 1074 ........ 110 4 107 4 107 4 884 ........ 87 8 6 4 Oct '09 98 N ov’O S 1104 N ov’Ob 1 0 7 4 HO 08 99 J’ly '09 97 99 98 A p r’09 08 82 82 1 784 82 Sale 7 22 3 1 4 Sale 314 31% 84 Oct ’08 83 4 Oot ’ 09 b t ......... 84 74 76 4 76 N ov’09 •— ll 72 .... .... _ _ --T- o D a s O ct p D ae N o v 02 034 1054 1024 1024 724 724 1164 864 09 98 8*4 874 v r 794 ( O i U w B el* Few York Bond Record—Continued— Page Nov. 13 1909.] BONDS 1 M. T . STO C K E X C H A N G E | W s m t B r o r a s N o v 12 t. T P r ic e F r id a y N o t 12 Week? s R an ge o r Last Bale I*® S '* | R ange I Since Jan u ary 1 Bid Lent H igh L e t t H ig h B o c k i A P a c— (C o n ) 102 A u g ’08 O hM O k A G- r a n g 6s .<>1919 J - J 104*S. I ll 111 4 A u g ’ 09 111 111*8 C on sol g old 6 « .............. 1952 M -li 106 O ct ’ 09 103 106 K o o k A D es M 1st 5 s . . , . 1923 A-O jJ0M o H t l i A N O See i f f G ent O hio S t L A P itts Bet P en n Co 127 127 130T * O hio a t P M A O o o n O s...1 9 3 0 J-D 1 2 6 4 1 2 7 4 127 92 93 D e o ’ 03 Conn 0s red u ced to 3 4 s . 1930 J-D 128** Sep -09 128*8 129** C h S t P A M in n I s t g 0 s l 9 1 8 M-N 1 2 8 4 1 2 9 «« M » y ’ 09 129*» 129 », I N o r W isco n s in 1st Os...1 9 3 0 J -J 126 H i 1 O c t ’ 99 * 114 119 S t P A 8 C ity 1st g O s...19 1 9 A -0 1 1 4 4 111 111 112*s O l i o A W e s t l n d g e n g 6s 71932 Q-M 111 1 1 1 4 111 93 94 94 O ot ’ 09 94 98 O on sol 60-year 2 s ............ 1962 J . J C lu e * W M ich Bee P e re M arq C h oc O A G u lf Bee C It I A P 113 O ct ’00 tiOln H * D 2d gold 4 4 8 — 1937 J -J 101 95 109*2 O ln 0 * 1 1st g u g 6 s ...1 9 4 1 M-N 107 1 0 8 4 108 N o v ’ 09 C F i n d A F t W l s t g u 4 s g . ’ 23 M-N 90 87 70 A u g ’ 08 , C ln I * W 1st g u g 4 8 .1953 J -J 90i2 Jan '0 9 l n d D eo * W 1st g 6 s ...1 9 3 5 J -J 104 106 96*2 90*2 107 >a D e o ’02 ft, 1 s t g u a r g o l d 5 s .............1935 J -J h O l B t L A O Bee G O G A S t D O ln S A G Bet O O O S t 1, I O lsarU eld * M ali Bee B B A P 98 9 8 4 98 98*2 13 97*s 99*8 f t C l e v O m C A S t D gen g 4s 1993 J-D 9 4 1 A u g ’09 2 *94 4 C airo D ir 1st gold 4 s ___ 1939 J -J 94*2 97 94 Sep ’09 Oln W A M D i v l s t g 4 s . 1991 J -J 94 95 96 Sale 96 96 S t D D l v l s t c o l tr g 4 s ..19 9 0 M-N 95 97*8 91 O ct ’07 B e g ls te re d ......................1990 M-n 96 ........ 92 F e b ’08 Apr A C ol D lv 1st g 4 s ..1 9 4 0 M-S 93 ........ 98 Sep ’ 00 W W V a l D1t 1st g 4 s . . . 1940 J - J 106 100 0 1 8 t 1. A O con sol O s..1920 M-N 106 ........ 100 A p r '0 9 98*2 101 984100 99 *2 N o v ’ 09 1st gold 4 s ...................../c l930 Q-B 98 ........ 98 A u g ’ 09 B e g ls t e r e d ................&1930 Q-F 98 98 4 I O ln 8 A Ol c o n 1st g 5 s . . 1928 J -J 1091s........ 109i* Sep '09; 1 0 9 4 1094 O O O A I oon sol 7 s .........1 9 1 4 J -I) 109 ........ l l l * 2 J ’ l y ’ 09 1114 1114 O onsol sin k fund 7 s . ...1 9 1 4 J-D 125 N o v ’ 09 . . . 126 126 G eneral co n s o l g old 6 s . 1934 J-J 126 R eg istered ................... 1934 J -J l n d B1 A W 1st pref 4S.1940 A -0 94 J ’l y ’ 0 8 . O I n d A W 1st pt 5 s ...((1 9 3 8 Q -J 91 93 92 *2 N o v ’09 . P e o A E ast 1st con 4 s ...1 9 4 0 A -0 92 4 9 6 4 02 *2 Sale 02 02 4 In com e 4 s ........................ 1990 A pr 40 03 C lev A M arietta Alee P en n B B , O lo r A P itts Bee P en n Go 81 Sale 80>« 81 I O ol M idlan d 1st g 4 s ..........1947 J - J 80 87 4 97*, Hale 97 97*2 Colorado A Sou 1st g 4 s . . .19 2 9 F-A 97 99 97** Sale 97*2 97*8 B e lu n d A e x t 4 4 s .......... 1936 M-N 90*4 1 0 0 4 F t W A D en G i s t g O s.. 1921 J-D 113*2 Sale 113*2 113*2 11341174 O oluiu A G re e u r Bee So B y I O ol A H o ck Val Bee H o o k V a l C ol A T o l Bee H o c k V a l O ol C onn A T erm Bee M A W Q onn A Pas B iv s 1st g 4 s .1943 A-O 96 J a n ’ 0 9 . . . 96 96 C u b a B B 1st 60-yr 6 g . . . . 1952 J - J 101 G So sG D ak A A tW acoo e Bee M A HAt P alias M K T D el H ack A W e s t e r n 112 112 M orris A E s s ex l s t 7 s . . . 1914 M-N 112 113 5 112 I l l ' s 1st co n s o l gu ar 7 s ........1915 J-D 111 116*2 1 1 4 4 1 1 4 4 6 114 4117*8 127 J ’ne’06 . B eg ls te re d ................... 1915 J-D 94 S e p ’Oyj. 1st ret g u g 3 >28............2000 J -D 93*4 9 0 4 N Y Duck A W 1st O s.. .1921 J -J 117s* ......... 118 o o i ’ 0 9 . - 1 1 7 4 1 2 1 109*2 110 110 N o v ’09!. . 1 1 0 C on stru ction 5 s ........... 1923 F-A 112*8 T erm A im p ro v e 4 s___ 1923 M-N 100 *2 Hale 1 0 0 4 1 0 0 4 5 994100*8 W arren 1st ret g u g 3 * 28.2000 F-A *93 ......... 1 0 2 4 F e b ’ 03 . O el A H u d 1st P a D lv 7S.1917 M-S 119 120 120 S e p ’ 0 9 . .. 120 122 149 A.ug’ 01 . B e g ls te r e d .......................1917 M-S 1 0 -y r c o n v deb 4s........... 1910 J-D 102 103 1 0 0 4 102 I 38 100 107*4 1st lion equ ip g 4 *28____1922 J -J 102*8 Sale 1 0 2 4 102*8 2 1014103*4 1st A r e t 4 s .........................1943 M-N ..........100*4 100 4 100*41 9 1 0 0 4 103 1 0 0 4 21 97 107 AJb A Sus c o n v 3*28........ 1940 A-O ......... 101*2 100 128 j 1 128 1 2 8 4 128 .......... 128 B e n s A Saratoga 1st 7 s . 1921 M-N D el B lv B B B rid g e Bee P a B B Sale 98 9 6 4 11 96 984 D en v A B O r 1st c on g 4 s . 1930 J - J C on sol gold 4*as................1930 J -J 104 ........ 104 J’ne’09 . . . . 103 106 Im p rovem en t gold 5 s . .. 1928 J-D 102 *4........ 104 Hep '09 .. . . . 101*4 104 94 Sale 1st A r e fu n d in g 5 s ......... 1955 F -A 93 4 94 I 66 92°a 96 4 98 B’ e b ’ OS . B io G r J u n o 1st g u g 6s . 1939 J -D 70 78 J ’ne’0 9 . B io g r 80 1st gold 4 s ___ 1940 J - J 78 80 G u aran teed.....................1940 J - J 85 Mar’0 8 . 96 4 O c t ’09 B l o G r W e s t 1 s t g 4 s . ...1 9 3 9 J - J 94 94*4 1 0 0 4 8 3 4 N ov ’09 M g e and c o l tru st 4 s A .1 9 4 9 A-O 84 83 87 Utah G ent 1st g u g 4 s a l0 1 7 A-O 96 97 J a n ’02 D es M 01A F t D Bee Ml a S t D D es M ol Un B y 1st g o s . .1 9 1 7 M-N 110 Sep '04 95 D e t A M a c k 1st lion g 4 s .1995 J-D 9 6 4 O o t ’09 95 91 G old 4 s ..................................1995 J-D 92 J ’i y ’09 92 D etroit Sou th ern — 73 80 O h io S ou D iv 1st g 4 s ...1 9 4 1 M -8 70 82 734 734 D ul A Ir o n B u n g e 1 st 5 s ..1937 A -O 110 1 11 4 J’ne'OO 1114110 1 00 4 Mar ’ 0 8 B eg lstered .......................... 1937 A-O 2d Os.....................................1910 J -J D u l S h ort D ine .v e e N o r P a c 110 O ct ’ 0 9 ; .. . . 110 1104 D a l S o S hore A A t l g 6 s ..19 3 7 J-J *110 l / a s t o f M in n 6’e s S t P M A M J u a s t T e n V a A G a Bee So B y 115 O ot '0 9 '. . . 1 1 2 4 1 1 5 E lg in J o l A E a st I s t g 6 3.1941 M-N 112 E l m C o r t A N o B eeDeh A N Y 9 9 4 M a y ’ 08 E rie 1st e x t gold 4 s ............. 1U47 M-N 1 0 0 * 4 1 0 1 107 107*2 1 0 0 4 O ct ’ 09 2d e x t g old 6 s ....................1919 M-S 106 41 0 6 * 8 104 .......... 1 0 4 4 N o v ’ 09 1044106 3d e x t g old 4*28................ 1923.M-S 4tli e x t gold 5 s................... 1920 A-O 1 06 *4......... 107 4 A u g ’ 09, 100 1 0 7 4 99*4.......... 97 .Jan ’09 97 97 6th e x t gold 4 s................... 1928 J-D 1st co n s o l g old 7 s ..............1920 M-S 120*2 122*2 122 4 N ov ’ 09 121*4 1 2 5 4 1st co n s o l g Jund 7 s ........1920 M -5 117*2 121 124 A u g ’ 09 . . 122 124 86 86 84*4 84*4 82 91 E rie 1st c o n g 4s p r i o r ..1990 J-J 83 N o v ’ o o B e g ls te r e d .......................1090 J-J 83 80 4 76*4 bale 1st co n s o l gen Hen g 4 s „ 1 9 U 0 J-J 764 75*4 16 6 9 4 80 85 4 F e b ’ 07 R e g is te r e d .......................ly u u j . j P en n c o ll tr g 4 s ..............1951 F-A 81 84 81*, 814 4 7 6 4 90 80 4 N o v ’ 09 60-year c o n v 4s a ..........1953 A -0 78 80 03 894 71*4 65 5 7 4 80 do s e r ie s B ...1 9 5 3 A -0 09*8 6 9 4 0 9 4 B ull N Y A E ric 1st 7 s . . 1910 J-D 1164 116 110*8 A u g ’oy . . . 116 1 1 0 4 O hlc A E rie 1st gold 6 s . . 1982 M-N ......... 115 1144 U 4 4 1 11441174 ....... O l e r * M ahon Val g 6 s . 1938 J-J 112 121 D e c ’ 08 D ong D ook co n s o l g O s..19 3 6 A -O 126 .......... 126 4 O ct ’ 09 . . . 120 1 2 8 4 Coal A B B 1st cu r g u Os. 1922 M-N . . . . . . 113 114 J ’ n e’ 09 . . . 1 1 2 4 1 2 0 D ock A Im p 1st c u r O s ..19 1 3 J -J ..........105 1 0 3 4 O ct ’ 09 . . . 1 0 3 4 110 9* 02 ..... 9 U 8 ll£ L liA N £ O U 3 t in * u n d E le c t r ic E ig h t A tlan ta G D Go 1st g 6 s . ..1 9 4 7 B k ly u U G as 1st con g 6 s .1945 iiu tla lo G a s l s t g 5 s ........... 1947 C olum bus G as 1st g 5 s ___ 1932 D etroit c it y G as g 5 s ..........1923 B e t G as Go con 1st g 5 s ...1 9 1 b E q G D N Y 1st c o n g 5 s .. 1982 Gue A E le c B org Go c g 6s. 1949 U r R a p G D C o 1st g 6 s ...1 9 1 0 H u d son Go Gas 1st g 5 s ..1949 Kan Oity (M o) Gas 1st g 5s 1922 K in g s Go E i D A P g 5 s . .. I93 i P u rch a se m oney Os......... r997 Ed E l l l B k n l s t c o n g 4 s 1989 L a c Gas D o t S t D 1st g 0tf.«1919 K ef and e x t 1st g 5 s ........1934 M ilw au k ee Gas D 1st 4 s . .1927 N ow ;trk C on G as g 5 s ........1948 103 ......... 107 4 Sale 107 4 *07 ......... 0 7 4 107 4 08 1 0 1 4 1 0 1 4 101 4 O ct '09 100 102 95*8 Sep ’ 08 90 M ar’ Ob 0 1 4 O ct ’01 — i o i " LOO O ct ’ 09 1 0 4 4 1 0 4 4 105 J 'ly ’09 ......... 100 100 M ay’ 09 *- - - - - - 102*9 104 4 Sep ’ 09 112 115 117 4 A u g ’ 09 88 Sep ’ 08 i o i » " Safe* 1 0 2 4 103 1 0 0 4 102 1 00 4 N ov'0 9 ......... 91 90 4 O ct ’ 09 ......... IO8 4 BONDS N . Y . STOCK E X C H A N G E W bf, » E itoino N o v 12 P rice F r id a y N o t 12 U O N D S -^ o u t iiiu e d o n N e x t P a g e . G a s und E le c t r ic L ig h t N Y G E D H A P g 5 s . . .19 4 8 J -D 1 0 1 4 102 * 4 P u rch a se m o n e y -g 4 s . ..1 9 4 9 F-A 83 834 Ed E l 111 1st c o n v g 5 s .. 1910 M-8 ......... loo*. 110 H o 1st co n so l gold a s.........1995 J - J — 100 4 i '024 N Y A Q E 1 D A P I s t c o n g 6 s l 9 3 0 “ N Y A R ic h G as 1st g 5 s .1921 ..........l O o " Pat A Pas G A E co n g 6s . 1949 .... P e o G as A C 1st c o n g Os. 1943 11*9 ' 1 2 0 4 i ’o’6** i 'o o " R e fu n d in g goid O s.......... 1947 1 0 2 4 103 4 Ch G-D A C k e 1st gu g 5s 1937 105 105 1 0 3 4 104 C on G G o o f Ch 1st g u g 5 s . '30 100 100 102 103 l n d N a t Gas A O il 30-yr 5s '3 0 104 4 1 0 4 4 ......... 90 110 118 M u F u e lu a s 1st gu g e s.1 9 4 7 101 . S yra cu se L ig h tin g 1st g a s .’ 51 994 13 1*024 i o 6 * ' T re n to n G A E l 1st g 6 s ..1949 100 1 0 1 4 U n ion E le c D A P I s t g 5 s .l 9 3 2 M-S 100 9 0 4 92 *« U tic a E l D A P 1 s ts f g 58.1950 J-J 103 W e stch e ste r D lg h t’ g g 5 s .l9 5 0 J -D ..........105 4 107 3 60 W teW t | R an ge | Since R an ge or L a st Bale |4<S J a n o i r y Low H ig h Love H igh K n e —(C o n ) R id 108 108 108 M ar’09 N Y A G reen D g u g 5 s .l9 4 0 M-N 105 100 Sep ’ 09 1 0 6 4 107 4 N 7 S u s & W 1st re f 5a. 1937 J -J 102 1 0 0 4 D e c ’ Oti 2d gold 4 4 s .................... 1 93 7j F -A 89 4 O ct ’ 09 8 9 4 92 G eneral g o ld 5 s ............. 1940 F-A ' 88 1 1 4 4 D e o ’08 T erm in al 1st g o ld 5 s . . .1 9 4 3 M-N 112 R e g is $6,000 e a c h ...1 9 4 3 M-N 100 4 N o v ’ 09 — . 1 1 0 0 4 1 0 2 4 M Id K B o f N J ls t g O s .1 9 1 0 A -0 1 0 0 4 105 4 N o v ’ 09 ____ 101 1 0 5 4 104 W ilk A Ka l s t .g u g 5 s .1 9 4 2 J-D 114 O ct ’09 E v A ln d 1st con g u g O s .,1 9 2 6 J - J ♦ 1094115 114 E r ie A P itts Bee P e n n Go 118 O ct ’ 09 112 1 1 5 4 E v a n s A T H 1st c o n s Os.1921 J - J 112 116 - 1st gen eral g o ld 6s ..........1942 A -0 99 102 4 103 4 A u g ’ 09 103 1 0 4 4 114 A p r '05 M t V e r n o n 1st gold O s..1923 A-O 109 96 J ’ n e’ 08 B ull C o B ran ch 1st g 5 s .1930 A -0 .......... L 'a r g o A 80 Bee Ch M A 8 t P 1 lin t A P e r e M See P e re M ar F l a C A P e n in Bee Sea A ir Dine 105 M ar’ 98 F o r t S t U D C o 1st g 4 4 s . 1941' J -J 884 . 88 88 F t W A B io G r 1st g 4 s . ..1 9 2 8 J - J 87 4 88 | ia l H a r A S A Bee So P a c Co St v J a l H A H o f 1 8 8 2 1 s t 5 s .1913 A -0 8 « 8 97 J ’l y ’ 09 G eorgia A A ia Bee Sea A D ine G a Car A N o r Bee Sea A Dine G eorgia Pacitio Bee So B y GUa V G A N o r Bee So P a o Go G o u v A O sw egat Bee N Y Gent G rand B ap A l n d Bee P en n B B G ra y ’ s P t T e rm Bee S t D 8 W 9 5 T Sal* « G t N o r —G B A Q c o ll t r 4 s 1921 J - J 954 964 954 994 R e g is te r e d . A ..................... 1921 Q -J 95*8 95*8 9 5 4 99 St P a u l M A M an 2d 6 a .l9 0 9 A -O IO0 4 J ’n e ’09 IO0 4 104 120 180 128 138 1st oon sol gold Os......... 1933 J - J 128 1 3 2 4 132 A p r ’09 132 132 R e g iste re d ................... 1933 J - J 1074 107*4 R ed u ced to g old 4 4 s 1933 J -J 1 0 6 4 , 107 4 111 108*4 J ’ n e’ 09 R e g is te re d ................1933 J . J 1084 1084 D akota e x t gold Os___ 1910 M-N ......... 10l*g 1 0 1 4 O ct ’ 09 10141034 99 4 bale 904 994 984101 M ont e x t 1st gold 4 s ..1937 J-D 100 4 O ct ’ 00 R e g is te re d ................... 1937 J-D 9 8 4 O ct ’ 09 984 , 984 1014 K M in n N o r D iv ls t g 4 s l9 4 8 A -0 117 117 117 117 M inn U nion l s t g O s ..1922 J - J 112 , 130 O ct ’09 130 1 3 2 4 M o n tC 1st g u g 6 s . . ..1 9 3 7 J -J 120 . 1 3 0 4 Muy’OO B e g lste re d ................... 1937 J - J 113 4 O ot ’ 09 1134117 1st g u a r gold 6s........1937 J -J 1 1 3 4 . 110 J ’ne'OO 116 1 1 6 4 W ill A S F 1st gold 5s 1938 J-D 1 1 3 4 . G re e n b rie r B y Bee Ches A O 96 4 O c t ’ 09 93 94 96 974 G u l l A S l l s t r e f A t g 5 s 61952 J - J A St J Bee H an saton ioo See N C B A Q H ou YN H A 103 4 1 0 9 H o c k V a l l s t c o n s o l g 4 4 s . 1999] J - J 10* 1 0 3 4 108 4 N o v ’ 09 1 0 0 4 Sep ’ U8 B e g ls te r e d .......................... 1999 J - J 98*4 M ay’ 09 C ol A H V l s t e x t g 4 s ..1 9 4 8 A -O 984. 98 4 9 8 4 C ol A T o l 1st e x 4 s ........1955 F -A 97 9 9 4 F e d '09 97 994 H o u s t E A W T e x Bee So Pac, l io u s t A T e x Gen Bee So P a c Go J .j 1 0 4 4 N o v ’09 ois 10341044 I llin e g isCenetral 1st g 4 s ..1951 J -J 107*» a p : ’ 07 R te r d .......................1951 90 Sep ’ 09 1st gold 3 4 s .......................1951 J -J 884 944 J .J 04 Sep ’ 99 94 94 B e g ls te r e d .......................1951 93 4 M ay’ 09 934 944 E x te n d e d 1st g 3 4 s........1951 A -0 80 J ’Jy ’ 09 80 80 1st g o ld 3 s s te r lin g ......... 1951 M-S 102 Sep ’ 09 A-O 1 0 0 4 1 0 1 C oll T r u s t gold 4 s ........... 1952 1 0 0 4 102 4 O 99 J ’n e ’09 99 99 B e g lste re d .......................1952 1st ref 4 s v . . : : : : : : : : : : : : : i 9 6 5 m -n 9 8 4 9 9 4 00 99 98 4 1 0 1 4 99 1 0 1 4 D N O A T e x gold 4s ...1 9 5 3 M-N 100 *#......... 1 0 0 4 O ct '09 97 -uay'07 R e g is te re d ..................... 1963 M-N ........... 100 “ .......“ 100 A p r ’ 09 9 9 4 100 C airo B rid ge gold 4 s___1960 ..........102 89*4 N o v ’09 8 8 4 92 liO U isvD ivA T erm g3 4 s . 1953 'J -J 123 M ay’ 99 M id dle D iv reg 5 s .. . . . . . 1921 F -A 79 A p r ’ 09 79 79 O maha D iv 1st g 3 s ........1951 F -A 7 9 4 D e c ’ 08 S t D ouis D iv A t e r m g 3s. 1951' J - J R e g is te r e d ........................1961 J-J 90 O ct ’09 G old 3 4 s ........................ 1951 J - J 90 904 87 4 1 0 1 4 O ct ’ 99 • R e g is te re d ................... 1951! « - J S p rin g D iv 1st g 3 4 s . ..1 9 5 1 J-J .......................100 N o v ’ OO 100*4 M ay’09 100 4 1 0 0 4 W e ste rn D ines 1st g 4s . . l 9 5 1 iF-A ..........100 121 121 B e lie v A Oar 1st Os........1923 3-D 119 4 ........... 121 F e b ’09 i‘d .......... 90 4 G et ’ 09 O arb A S haw 1st g 4 s . . .1 9 3 2 M-S 1 96 4 98 119 4 G e t’09 1 1 8 4 120 O hio S t D A N O g o s . . .1951 J-D 1 1 / R e g is te re d .......................1951 J-D 116 118 118*4 J ’n e ’ OO 1184119 90 90 G old 3 4 » .......................... 1951 J-D ..................... 90 O ct ’09 M einph D lv 1st g 4 s ...1 9 5 1 J -D ..........................................100 M a r’08 S t D S ou 1st g u g 4 s ___ 1931 M-S ..................... 98 J ’ l y ’ osl l n d B 1 A W e st Bee O O U A S t D 9 8 4 97 4 G e t ’09 l n d XU A l a 1st g 4 s ..........1950 J - J 96 984 I n t A G rea t N o r l s t g 6 s ..1 9 1 9 M-N 110 1 1 0 4 1 1 0 O c t ’ 09 . . . . 109 112 2d gold 5 s ............................ 1909 M-S ....................... 1 0 0 4 A u g’ 09 . . . . 86 1 0 3 4 T r u s t Co ce rtfs 104 107 11064 1 0 0 4 29 80 4 108 30 40 I 48 J ’n e ’OO . .. . 48 60 3d gold 4 s ............................ 1921 M-S I o w a C en tral 1st g o ld 5 s .. 1938 J-D 105 4 Sale 4 0 5 4 106 11 1 0 6 4 1 1 1 4 G old 4 s ..................................1961 M-8 76 774 704 7 7 4 33 7 4 4 *2 fa lA A G K Bee D S A M S v a n A M ich Bee T o l A O G K G F t S A M Bee S t D A 8 F K G A M K A B Bee S t D A 8 F K a n G A P a ciilo Bee M K A 1 7 3 4 N o v ’ 09 K a n C ity 8 o u 1st gold 3 # .. 1960 A -0 7 3 4 74 714 T64 03 ciol ’ 00 R e g is te re d .......................... 1950 A -0 lt e f A im p t fls (w 1) A p r 1950 i'0’6 ..........0 4 1 0 0 4 10 1 0 0 ®, 33 1 0 6 4 1 0 1 4 K e n tu o k y c e n t Bee D A N K e o k A D e a M o Bee G B I A P K n o x v ille A O hio Bee So B y 1144 E rie A W l s t g 6 s . 1937 J J 3 11 I Jake gold 5 s........................ 1941 J -- J , 114 ..........11 1 4 O c114 ... 1072 4 1 1 6 4 2d 107 074 t ’ 09 1094 N o rth O hio 1st g u g 6 s . . 1945 A -O 1 1 2 4 1 1 4 4 1 1 3 4 N o v ’ 09 ... 1 1 2 4 1 1 4 4 D Slio A M ic h S Bee N Y C ent D eh V a l N Y 1st g u g 4 4 S .1 0 4 0 J - J 106 107 107 107 I 1 1 0 6 4 1 0 8 4 R e g is te r e d .........................1940 J - J ......... 1 0 0 4 107 A u g ’09 . .'1 0 7 107 L e h ig h Val (P a )c o n s g 4 s . 2003 M-N ♦......... 97 97 98 97 4 N o v ’ 09 D eh V T e r B y 1st g u g 6 s .l9 4 1 A -O 116*8........ 1 1 6 4 O c t ’ 09 ..* 1 1 6 4 1 1 8 4 R e g is te re d ......................... 1941 A -O 1 1 3 4 ..........109 4 O ct ’ 99. liOh V Coal Co 1st g u g 6s . 1933 J .J 108 108 108 | 108 109 D eh A N Y 1st gu ar g 4 s ..1 9 4 6 M-S 96 90 9 6 4 Sep ’09 96 97 B e g lste re d ......................... 1945 M-S ................................................. E l O A N 1st pt 6a — ..1 9 1 4 A -0 1 0 2 4 .......... 113 -e J a n ’00 G old gu ar 5 s..................1 9 1 4 A - 0 1 0 1 4 .......... 1 0 1 4 s o p ’ 09 : : : : 1 0 1 4 1 0 1 4 D eh A H ud B Bee C en t o f N JI I D eh A W ilk e s b 6'e s C e n t o f N J D eroy A C aney Val S et M o P 1 I * i0 8 74 * B o p rice Friday; latest bid and asked this w eek, a D u e Jan 6 Hue Feb d D u e A p r * R u e May k. Rue P ly «S-2 t* V . £4 1267 2 1017, 102 11 83 4 03 4 1 100 Sep ’09 1104 l io 4 3 M ay’Ob 9 f 4 J ’ly ’09 1 0 4 4 N o v ’05 120 O ct ’ 09 6 1024 102 4 104 O ct ’09 102 102 6 94 4 A u g'09 . . . 1014 1 0 1 4 10 99 4 J ’ ne’ 09 110 i la y ’05 96 J a n ’ 08 10041047, 83 4 8” 7, 100 10 7 , 110 112 97 984 974 974 119 121 1024104 103 104 4 1014103 8 0 4 947, 10141014 994 994 102 4 M ar’ „ „ .... 102*1102 4 09 lc Rue A « g 0 D ae O ct q R u e Deo * O p tion Sal* BONDS N. Y. STOCK E X C H A N G E W eek Enijinu N ov 12 |VOL. LXXXIX. N ew Y o r k B o n d tteCOfd ' Continued— Page 3 1268 ^1 5 a, P rice F rid a y N on 12 • 0 W eek 's k a n g e or L a s t S a le R ange e ^-Q J a S inacr y 1 nu BONDS N. Y. STOCK E X C H A N G E W eek emdlnu N ov 12 P r ic e F rid a y N o n 12 W e ek ’ s R ange or L a st s a le y R ang* S in c e ^'•cj \J a n u a r y 1 B id A s h L ois Long Dock S e e Erie m an A S h L 010 L o w H i g h N Y Bkln tb Man Boh S ee L l High. L o w I lia d B id Long 1st con k 6S.A19311Q- J l 112*8 113*4 112*. 112«s 90*4 91 1 10 1 12 S 90*, 94*4 N Y C e n t * H R lv g 3*33.1997 J-J| 91 Sale 1st consol gold 4s.........A.1931 Q -J 1 99*4........ i......... ....... 90*4 8 8 *. Oct ’09 Registered.................... 1997 J -J — 88*8 03*4 99 General gold 4s........................ 1938J-D97 97*»Sep ’09 94*3 Sale 1*4*3 96 96 97*3 Deben g 4s....... ..............1 9 3 4 M-N i'S*. 96*3 Ferry gold 4*33........................1922M-S 98 104 100 tj Apr ’O ff 80*. Sale 80*3 81 100*3 100*3 80*3 85*4 Lake Shore coU g 3 * 8 .. . 1998 F-A 3 90 97 Gold 4s.............................. 1932 J-D 99*4 Got ’06 ....... 80*3 81 O c t '09 80*3 84*3 Registered.....................1998 F-A Unified gold 4 s ........................1949M-S 96*4 96«e 96 V Oct ’09 96 98 80*3 84*4 81 81 Mioh Cent coU g 3 * S___ 1998 F-A 3 Debenture a d d 5s...........1934 J-D 104*3 D ec’08 81 82*3 J ’ne’09 82 82*3 Registered.....................1998 F-A 97 Guar ref gold 4s.............. 1949 M-S 97 99*8 100 Oct ’09 97U 98*4 100*4 lOO*, Beech Creek 1st gu g 4s. 1936 J -J 100 Bklyn A Mont 1st g 6 s..1911 M-S 100*4 1024 Registered.....................1936 J-J 101 ......... 102 M ui’04 1 0 1 *8 D eo ’ 08 1st 6s.............................. 1911 M-S 102 2d gu gold 5s................1936 J -J; 107 ......... N Y B & M B 1st con g 5s 193b A-O 106 ....... . 110*4N or’06 84*3........ 1 Beech Cr E xt 1stg 3*38 61951 A-O N Y < R B 1st g 5s....... 1927 M-S 1 0 6 loan, 105 A p r’07 & 97*3 97*3 Cart * Ad 1st gn g 4 s ...1981 J-O ................... I 9 7 *3 A p r’ 09 102*4......... 109 N ov’ 06 Nor ShB 1st con gg n o s o l9 3 2 Q-J Qouv tb Os we 1st gn g 5s 1942 J-D Louisiana A A rk 1st g 5 s . 1 9 2 7 ,M-S 96*3 98*3 9 7 ', S e p ’ 09 96 99 99 7g . ...... 100*4 Sep ’00 100 100*4 Moh * Mai 1st g u g 4 s ..1991 M-S 117 O c t ’09 Lotusv da NasUv gen g 6a.1930 J-D 117 116*3 117*a N J Juno R gu 1st 4 s ...1936 F-A' 9 4 * ......... ! 105 o c t ’02 110 117 Gold 6s.............................. 1937 M-N 1 U 117 115 O c t ’ 09 N Y tb Harlem g 3 * 8 ...2 00 0 M-N 91 ........ | 96*4 O c t ’08 3 79 98*3 102*4 Unified gold 4s................1940 J -J i 99*4 99*31 99*4 100 108 108 N Y * North 1st g 5 s . . . l 9 2 7 >A- 0 108 112*3 108 O c t ’ 09 O Registered.....................1940 J - J ____ 9938 100 May’O 100 100*3 sep ’08 N Y ib Pu 1st con gu g4 s 1993 A-O . . ..............100 Sink fund gold 6s............1910 A -0 100*3........ 105 J ’ myOd N or <b Mont l s t g u g 5 s. 1 9 1 6 A-O 110 N ov’09 Coll trust gold 5s............ 1931 M-N 110 11*8*4 110*3 181*3 131*3 Pine Creek reg gnar 6 a. 1932 J-O 124 130‘s 131*3 J a n ’09 111*4 Oct ’09 E H A Nash 1st g 6 s ....1 91 9 J -D 111 111 111*3 108*4 111 R W A O c o n ls t e x t 5 s .A 1 9 2 2 A-O 108 74 ........ 109 O c t '09 « .j C A Dex gold4> as...1931 M-N 1043 ....... 107*4 J ’ne’09 ’ln 107*4 10734 Oswe tb R 2d gu g 5a...el9 1 5 F-A ........ 106*3 105 J a n ’08 124*4 125*. . ' C A M 1st gold 6 s ....1930 J-J 126*»126 125 Oct ’09 ____ R W i b O T R l s t g n g 5s. 1918 M-N .........1 1 0 | N O A M 2d gold 6s....... 1930 J-J U S 's ....... 120 J a n ’09 120 120 1 02*3 103 Sep '08 Rutland 1st con g 4 * 8 ..1 9 4 1 J-J 3 yen sacolaD lv g o ld 6 s ...1920 M-S 107 108 1107*4 Aug’l)6 91 Oct ’00 91 93*3 OgALChain ls t g u 4 s gl94S J-J ____ 91 at L D ir 1st gold 6s....... 1921 M-S 90*4 92 R a t.C a n a d lstg u g 4 s.1 9 4 9 J-J ........ 91*3 92 J ’ne’09 68 75 71 May’09 71 2d gold 3s...................... 1980 M-S 115 F e b ’09 115 l l o St Daw * A dir l s t g 5s. 1996 J-J 94 04 28 04 A tl Knox A Cln d ir 4S..1965 M-N 96*a 125 F eb ’08 2d gold 6 s...................... 1996 A-O 116 116 J ’ly 06 A ll Knox * N or 1st g5 sl9 4 6 J -O U t ic a * Blk R lv g n g 4 s .l9 2 2 J -J 101 ....... . 103*4 Deo’08 110 Jan ’09 Render Bdge l s t s f g 6 s .l0 3 1 M-S 91*4 N ov’09 110 110 91 96*4 Lake Shore gold 3 *33___ 1997 J*JJ 92*4 93 06*3 97*3 97 97 80*4........ 90 *3 Oct ’09 96 98*4 Kentucky Cent gold 4 s.. 1987 J -J 90*3 94*3 Registered................. 1997 J-D 103 D e c’08 9 4 *, Sale 94*3 95 LA N & M & M 1st g 4 * S 1945 M-S 105 3 94 > 97’ b Debenture g 4s............1928 M-S Oct ’ 09 91 92 91 94 *a Sale 88 91*4 L A N-South A1 joint I s .1952 J -J 93 97*4 94*3 943 4 25-year g 4 s ............... . 1 9 3 1 IM-N 112 113*-, J’l y ’ 00 112*. 115*4 N Fla & S 1st gu g 5 s ...1937 F-A. K a A A O R l s t g u o o s .1938 J -J 1 1 2 * , ........ N A O Bdge gen gu g 4 "is 1945 J - J 1 101 Mahon C’l R R 1st 5 s ..1934 J -J 112*3 116 109 Oct *07 U 1103 110*4 N ov’ O 4 100 May’08 109 110*4 Pens A Atl 1st gu g 6 s..1921 F-A Pitts A L Erie 2d g 6 s .a l928 A-O 110*3 115-3 130*3 Jan ’09 S A N A la con gu g 5 s ..1936 F-A 110 114 110*3 S e p ’09 180*3 130*3 Pitts M oK A Y 1st gn 6 s.1932 J - J 127 93“s ........ I 94*4 O c t ’09 94 95*3 124 L A Jeff-BdgeCo g u g 4 s ..1946 M-S 2 d guar 6 s ...................... 1934 J-J L N A A Ch S e e O L & h i | M cKees A B V l s t g 6 s 1918 J -J 111 101 F e b 0 9 101 101 !\/I ahon Coal S ee L S 4 M 9 I 1 M ich Cent 1st con sor6s.l909 M-S 07*3 98*4 97*3 97*3 92*3 100 115 O c t ’09 lulanhattan R y con sol48.1990 A-O 115 116 6 s .....................................1931 M-S ................... 104 A p r'05 Registered................ 1990 A-O Registered................. 1931' Q-M 112 .... 119 - ne’06 99*3 100 100 N ov’ 09 99*4 100*4 Stmpd tax exem pt..1990 A-O 98*4 . . . . 98*, Oct '09 98*4 100* 4s..................................... 1 9 4 0 J-J 1 06*3 No v’ 0 0 MoK’pt ib B V S e e N Y Cent Registered................. 1940 J-J 95 9*1 i 9 5 ’a 96 8 83*3 96*4 90 J ’ne 08 M exO ent cons g 4s..........)911 J -J J L A S l s t g 3*38 ....... 1951 M-S 24 27'a -6 A ug’09|.... 24*3 27*3 93 *3 J ’l y ’09 91 1st cons m o g 3s........ a l9 3 9 J ’ly 1st g 3 >38 ...................... 1962 M-N 91*4 93*3 20 24 25*3 A pr '0 9 j.... 20*4 25*3 93 92 2d con sln o g 3s trust reels.. — 93*4 93 20-yeardeb 4s.............. 1929 * 0 01*3 95*4 80 J ’l y ’0 9 j.... 80 SO Mex Internal1 st con g 4 s .1977 M-s Bat u A Stur 1st gn g 3s. 1989; J -D 80 F eb’0 8 ___ 99®s 1 0 0 * ,1 '.l9*iNov’0U Stamped guaranteed... .1977 M-S N Y C h io A S t L 1st g4 s 1 9 3 7 A-O 100°8 M aj’09 . . . . IU0«8 l o i 09*3 100 jlou a.ug’09 Mex North 1st gold 6s___1910 J -D Registered.....................1937 A-O 89*3........ 1 91*3Sep’09 Mich Cent S ee N Y Cent Debentures 4s.............. 1931 M-N Mid ot N J S e e Erie W est Shore 1st 4s g u ...2361 J-J Mil L S < W S ee Clilo * N W fe Registered.................... 2361 J-J MU < N orm S e e Ch M A St P fc tN Y A Greenw Lake S ee Erie tf 182*3 133*3 N Y A Har S e e N Y C A Hud Minn A St L 1st gold 7 s ..1927 J-D 132 135 132*3 J’ne’O 118 J a n ’07 Paoilio E x 1st gold 6S...1921 A-O 108*4 ................... 'N Y Lack A W S e e D L A W 1 0 1 34 May’09 South W est E x 1st g 78.1910 J-D 101*4 103*4 ; n Y L E A W S ee Erie 107 1st consol gold 5s............ 1934 M-N 107 108 -107 107 'N Y A L o n g B r 6 s« C entof N J 1st and refund gold 4 s ..1949 M-S S3 °8 sale 8 o «8 »3 V a » <l4 ; N Y N H A H —Conv 6 s . .1948 J -J 91*3........ 91*3 O c t ’09 Des M ib Ft D 1st gu 4 s... ’36 J-J 91 *3 91*a Conv deben 3*38 .............1956 J-J Minn ib St I, gu S ee B O R A N Housatonlo R con g 5 s . . 1937.M-N 100*4 I N H A Derby con cy 5 s. 1918,M-N 99 100*4 99*4 N ov’09 . M S tP A SS M con g 4 in tg u ’ 38 J-J . 99 1 Y A North S ee N Y C A H 98*3......... 99 J ’l y ’091 . . . M 3 S M A A l s t g 4 l n t g u 1926 J-J N Minn Un S ee St P M ibM i U N Y O A W ref l s t g 4 s ...01992 M-S 09 99*3 99 99*3 13 98*4 101*4 I Regis $6,000 only.........01992 M-S Mo Kan ib T ex 1st g 4 s ...1990 J-D 87*3 S8 | 87*4 a7*4 8 86*4 88*4 !'N Y A Put S e e n X C A H 2d gold 4s................................ p i990 F-A .........104 105 105 1 103*4 109*3 N Y A R B S ee Long Island 1st ext gold 6s..........................1044M-N 85 15 83*8 877 'N Y S A W S ee Erie 8434 65 j 84*4 1st & refund 4s........................2004 M-S » 91 52 80*4 0374 ;N Y T ex A M S ee So Pao Co Gen s t 4*28 ...........................1936J -J 90** Sale j 90*4 85 *a....... 1 8 8 A p r’09 St L D iv 1st ref g 4 s ....2 00 1 A-O 88 89*3 N or A South 1st g 5 s .........1941 M-N 101 O c t ’09 Dal tb VVa 1st gu g 5 s ...1940 M-N ................... 105 O c t ’ 09____ 105 110 N orl A W est gon g 6 s.......1931 M-N 125 Oct '09 Kan C * Pao 1st g 4 s ...1990 F-A ......... 92 I 93 A p r’OOj... . 93 125*4 N ov’09 93 1 Im provem ’ t A ext g 6 s..1934 F-A 113 O ctO O1 . . . 113 1 U >3 N ow ltlver 1st g 6 s ..........1932 A-O . Mo K tb E 1st gu g 6 s...1942 A-O .........113 128*3 J’ne’09 _ M K & Ok 1st gu 5s....... 1942 M-N 107 107*4 106*, 106*41 2 1 0 6 34 112 | N A W R y 1st con g 4 s.1996 A-O 98*3 99 105 105*3 105*s Oct '09 . . . . 106 110 97 J ’ l y ’09 M K ib T ot T 1st g u g 6 s . 1942 M-S Registered..................... 1 9 9 9 A-O S herB hA S o l s t g u g 5 s .1943 J-D ..................... 110*4 A p r ’o y ....| | iio *4 110*4 92*4 N ov’Ob D iv’l l s t l A geu g 4 » ... 1944 J -J T e x A Okla 1 stg u g o s ...1943 M-S ......... 106 107 Sep >09*... J'l07 in * 8 100*4 10-25 year con v 4s___1932 J-D ....... 100*4 100 ‘ ~ 113 3l||ll2 * 1 # , llo Pacific 1st con g 6s ...1 9 2 0 M-N ......... 112 112 90 1' P ocah C A C Joint 4s.. 1941 J-D ......... 90*4 00 Trust gold 5s stam ped.al917 M-S 1 0 1 *« 1 0 1 *. 1 0 1 *» 101 *s 3'!l00>3 102*8 G O A T 1st g u g 5 s .......... 1 9 2 2 J -J 1 0 6 ........ 1 09*3 F eo’06 ...................104*3 F eb’07 . . . . R egistered ......................... al917 M-S 95 07 *i 96 *4 N ov’O . . . . U , Sclo V A N E 1st gu g 4s 1M M-N H9 103*4 Sale 102 1 0 2 * ' 13 101 4 IstooU gold 6 s......................... 1920F-A 1 0 3 * 1 North iUinols t f e s C M A N W l 4 8074 Salt 80*4 81 ! 19 78*4 85 *8 ” 0 - North Ohio S ee L Erie A W kfe " 40-year gold loan 4s........1945 M-S 9 3d 7s extd at 4%...................... 1938M-N 5 * , ........ 95*, N ov’OS . . . . 95*4 96*3 Nor Pao—Prior lien g 4 s. 1 9 9 7 ' J 102*4 Sals 101*, --------------102*4 123 94*3 95 947 O c t ’09 . . . . 89 s 95*4 Cent Br Ry 1st gu g 43.1919 F-A Registered.................. 1 9 9 7 q . j .........102*4 101*« O c t ’ 091 . . . . 87*3........ 88*3 Oct '09 Oen Branch U P ls t g 4s. 1948 J-l> 88*3 91 72 72*3 72 72*4I 34 G eneral lien gold 3 s ....«2 0 4 7 Q-F ................... 110 Alar’05' L e r o y A C V A L l s t g o s 1926 J -J R egistered .................«2047 *J-F 70 71 I 72*s O c t ’ 0 9 ;.„ . 99*4 lOO** Pao K of Mo 1st ex g 4s. 1938 F-A 1 0 0 's Sait 1 0 0 *b 1 0 0 *4 ' St Paul-Dul D iv g 4 s ___1996 J -D ......... 96 1 95** N ov’09 . . . . 112*3 115 2d extended gold 5 s ...1938 J-J ................... 116 S e p ’09 D ul Short L 1st gu 5s . .1 9 1 6 M-S ..................... I. 109*4 I0 8 7s 1 1 2 S tL IrM A S g c n co n g o s lU iH A-O 109 *4 Sale 109 O B A Q coll tr 4s S ee Ot N or .. 110*4 111*4 Geu con stamp gut g 5s A931 A-O .........110 111 S e p ’ 0 9 S t P A N P gen g 6 s . . . . l 9 2 3 F-A U 7 34 ........ ' l l 7 7« 118 86* ' 4 l'l 8 6 90*4 Unified tb ref gold 4 s ..1929 J--* ........ 87*4 86*4 Registered cerUtic’s . . 1923 Q-F .........119 119 O c t ’ 09 91 86 * 4 ......... 87*3 87* 3! 4 87 RiV lb G DlV 1st g 4 s ..1933 M-N St Paul A Dul 1st 6 s ....1931 F-A 1 1 2 * 3 ........ 117*4 J’l y ’07 107*3 A pir’llrt' . . . . ; ................... r’061 Vertli V 1 lb W 1st g o s .1926 M-S 2d 5 s .............................. 19X7 A-O 104*3.........104*3 Sep ’09 . . . . ........... .................... Mob J tb K C 1st cons g b s .1963 J-J ................... 98 D ec’00 . . . . | 97*3 98*s' 93 Oct ’09|.... 1st consol gold 4s.........1968 J-D Mob tb Ohio new gold t s ..1927 J-D 120 122 122*4 A ug’U9 . . . . ' 119*3 126 Wash Cent 1st g 4 s .........1948 Q-M 92 ......... 9 2 *3 .lull ’09 118 1st extension gold 6 s .. a 1927 »-J 117 118** 117*4 O c t ’09 . . . . 1 1 7 N or Pao Ter Co 1st g 6 s ..1933 J-J 110*3 ........i110*4 O ot '00 88 ......... e9*-i 89*t; 1 66*3 91 General gold 4s...............1938 A -S N o. R y Cal S ee So Pao M ontgom D iv 1st g 6 s.. 1947 F-a .........111*3 112*4 Oct ’ 091 . . . 112*3 1 1 2 74 _N o r W is „ e e O St P M A O . S St L tb Cairo coU g 4 s..*1930 Q-F ................... 75 M.ay’ 08 . . . . ................... N or A Mont S ee n Y Cent 06 101 N ov’0 4 . -----Guaranteed g 48.......... 1931 *-J iu d A W S e e C C C A SI M ib O coll 4s S ee Southern hlo R iv R R s e e Balt A (. Mohawk ib Mai S e e n V C & H Ore A Cal S ee So Pao Co Monougahela Ulv S ee B tb O Ore Short Line S ee Un Pao Mont Cent S ee St P M A M Oswego A Rome S ee N Y O Morgan’ s Da tb T S ee S P Co ao Coast Co l s t g 6 s .. ..1940 J-D 110*3......... 110*3 110*3 a' lO S Q lia Morris A Essex S ee Del L A W ao of Missouri S ee Mo Pao ' ash C h a t * St L i s t 78.1913 J -J 109*4 111 109*4 O c t ’0 9 . . . . 100*4 112*4 Penn B R 1st real est g 4s. 1923 M-N 103 ......... 104 Oct W 03 105 1st consol gold 5s..........1928 A-O _ J-, * IIU -4 LlO-% Consol gold 6 s................. 1919 M-s 109*3......... 100 *3 J an ’09j 09*3 109*3 Jasper Branch 1st g 6s.. 1923 J-J 116 ....... 116*3 May’ 0 7 ............................... 101 S e p ’001 01 104** M oM M W .b A 1 1st 6 s..1917 J -J ................... 117*4 Mar’0 5 . . . . ..................... Convertible g 3*38 .......... 1912 M-N 101*. 026 I 97*3 106% 907 Sale 09 . T < bP Branch 1 s t 6 s ....1917 J-J ................... 118 J’l y ’04 .. ..» '..................... Convertible g 3 *ss.......... 1016 J -D 06*. 95 \ 29171 94*4 1 0 0 05*4 Sal. Nash Flor tb Sher S ee L A N Consol gold 4 s ............... 1948 M N 104*3 sale 104*. 104*4 59 103*4l05»4i N a tR y s ot M ex p r 1 4 1 9 5 7 J - J 04 91** 937» 94*3 131 927* 96 A lU g Val gen gu g 4 s ...1942 M-S 100 ......... 99 J’ne’oV . . . . ; Guar gen 4s..................... 1977 A-O 89 87*3 8 8 i 87*3 877» 11 8 6 D R R R A Bae 1st gu 4 s g .’30 F-A 102 103 Natot Mex prior Uen4*as.l920 J-J 101*3.........102 A ug’09 PhllaBal A VV 1st g 4 s ..l9 4 3 M-N 1 0 3 '« ........ i ’0 '4 J ’ne’O U 103*3 104 1st consol 4s..................... 1951 A-O 14 80 85 83 Sale 83 84 Sod Bay A So 1st g 6 s ...1924 J-J 100 ........ 102 Jan ’03 ! • ! ! 1 New H A D S e e n Y N H A H ; , U N J R R A Can gen Is. 1944 M- S 103*4......... 106*3 J 'l y ’09 . . . . (i o i " iba*» N J J an e R R S e e N Y Cent I I .... O P N _ O II S C E L L i N f i O U S Coni and Iron Butt A Susq Iron a f 5 s . ...1932 Debenture 6 s ...............a 1926 Coi n O 1 Co gen s 1 g 5 s..1946 o Convertible deb g 5 s ....1911 C o lI n d a ls tA coll os gu.,1934 Contin’ t a l C l s t s f gu osg.1 9 62 Or R iv Coal A O l s t g 6s..191b Jeff A Clear C A 1 l s t g 6 s. 192 6 Kan A H C A C 1st s f g 5s. 1951 Pocah Con Collier l s t s f 5s.’57 Sunday Creek Co g 6 s ___1944 te n n Coal gen 6 s ...........1951 Tenn D iv 1st g 6 s.......<*1917 Birm D iv 1st consol 6 s ..1917 Cah O M Co 1st gu g 6 s .1922 Do Bar O A X Co gu g 6 s. 1910 Victor Fuel 1 st s t 5s.........1953 V alroii Coal A C o ls t g 5 s .1949 T e l e g r a p h a n d T e le p h o n e J-D M-S F-A F-A F-A F-A A-O J-D J-J J-J J-J J-J A-O J-J J-D F-A J-J M-S 94 97*3 ........ 82Q 06 9734 98 »7Q 82*4 100 98 88*3 103 103*3 .........109*4 io«** " I I I ! ........ 87 99 *• Sale 100 99*3 99Q 90 Oct >00 97*4 98 >3 N ov’ 09 87*4 J’l y ’ 09 82*4 83 129 84*3 107*a D eo’04 102»» A p r’06 107 May’97 105*3 D eo’06 88 Sep ’09 86 89 78 F eb ’07 103 103 ioi** i'04' 103 A ug’00 100*4100 106 N ov’00 106 103 110 Jan ’06 1 10 110 103 N ov’Ob 87 Ang’ 09 87 09*, 16 100 93*a • N o prioo F riday; la test bid and asked. « D n a J a n 5 D u s F . b B O N D S —C o n tin u e d o n N e x t P a g e T it Am Telep A Tel coll tr 4s 1929 Convertible 4s................. 1936 M ich State Telep 1st 5s ..1924 Pao T el A Tel 1st 6 s ........ 1937 West Union col tr cur 6 s.1938 Fd and real est g 4*aa...I960 Conv 4s, Series A .......... 1930 M at Un T el s fund 6 s . ..1911 .M anufacturing tfc Industrial AlUs-Clialmers 1st 5s....... 1936 Am A g Chem 1st o 6 s .......192b Am Cot OH ext 4*38 ...........1916 Am H ide A L 1st a f g 6 s..1919 Amer Ice Secur deb s 6s..1926 Am Spirits M fg 1st g 6 s..1016 Am Thread 1st col tr 4 s..1919 Am Tobacco 40-yr g 6 s. ...1944 4 s ....................................... 1951 « D u s M ar 4 D u * A p r A D a . J ’ly A;Due Am « J-J M-S F-A J-J J-J M-N M-N M-N 01 91*4 104 7. Sale 99 ........ 98 > Sale a ........ 100 94*4 Sale 1004 Sal. 92*3 92*3 104*4 1047, 08*4 Oot ’00 08*. 98*3 100 >4 Oot ’ 00 94*3 94*, 1 0 0 *. 100*4 Mar’ O0 1 00 J -J A-O 84*3 Sals 102 Sale 96*4 97*3 ........ 1 02 70 73 967. 97 ........ 93 109*4 1 10 80*. Sale 84*. 102 102*3 90S 06*1 102*3 102 70 70 00*4 06*4 93 N ov’06 109 S 100 8 O3. 80 *. £ ! A-O M-S J-J A-O F-A . D a .O e t 84 0 100 .... 80 ... ' 4 204 .... 106 21 1 32 1 1 ... 91*. 96 92*. 107 Q 98 100 06*3 98*4 08*3 102*. 03*4 06*. 84 102*. 96 100 80 88*4 96 101 >. 96 98*4 96*4 103*. 67 80 WSQIOO 90^ 93 50 104S 112*. 81 133 74 p D u s N o v • D u s C s s i O dUo u M s N o v . 13 1 9 0 9 .| M e w B O W N. Y . STOCK E X C H A N G E W kkk e n d in h N o v 12 P rice F rid a y N ov 11 York Bond Record fVeefCs R ange or Last Sale ■Sts; l l -C o n c lu d e d — P a g e BONUS R ange S ince | N . Y. STO C K E X C H A N G E J a n u a ry 1 I W eek Ending N ov 12 1269 4 ts 0 F r id a y N ov 12 Week’ s R ange er Last Sale • . » p i R a n ge Since J an u ary 1 Low Ilia A'o L ow JJiah. S ou th ern P a c Co—(C o n tin u ed )} A 8k Loro ftitt 112 F e b ’ 0 7 ___ II 6 104 106 4 * o f Cal guar g 5 s ......... 1938 A ________ 104 1 0 5 4 1043 P en n C o—G uar 1st g 4*28.1921 J - J M ar'09 . . . . 101 104 103 103*2 104 -------------------P H 102 104 4 O re do Cal 1st gu ar g 5 s .1927, J 102 N R e g is te r e d .......................1921 J - J 1 . . . . ..........1 S o P a c o lA r iz 1st zu g 6 s .c ’ 10 J - J ! 100*8........ 101*2 J a n ’ U9 . . . . 1 0 1 4 lO l** 90*2 J G uar 3*2* c o ll tru st reg.1 937 M-Sj ----104*2 J ’n e’ 0 8 . . . . ..................... , 91 J ’ l y ’09 ___ : h o 1 a i u 1 S o Pac of C a l—6s E A F .1 9 1 2 A O | ......... 90 G uar 3*23c o ll tr ser B ...1 9 4 I F-A 9 7 4 N ot ’08 ....1 9 0 4 « 8 | 1st gold 6 s ...................... 1912 A -O ] ...................... 114*2 D e c ’ 04 . . . . I..................... 07*8 98 T r Co c e r tif's g u g 3*28.1910 M-N 8 9 4 90 1st co n gu ar g 5 s ......... 1937 M-N] ...................... 116 M a y * 0 7 ..J i ..................... e G u 3*28 tr Ctfs C ............... 19421 J-D ......... 80 7 90 A u g ’09 90*4 M ay’OU 0 0 4 90*4 ......... 00 8 P a c o f N M ex 1st g 6 s .. 1911! J -J j ..................... 104 A p r ’ 0 8 .............................. G u 3 4 s t r c tfs D............... 1944 J-D , 90 J ’l y '0 9 1 88*2 92 08 4 1 0 0 j S o P a c Coast 1st gu 4s g . 1937 J -J 98** N o v ’OO 9 8 7 100 * G uar 16-25 yea r g 4s — 19311A -0 i T e x A N O S a b D iv ls t g 6 s .l9 1 2 M-S 102 104 103 O c t ’ 0 9 ----- 102 H 103 CUfe M ar 1st g u g 4 4 s .. 1935.M-N 1 0 0 4 ......... 110 J a n ’ 05 98 S A p r ’ 0 8 .............................. 102 110*s Jan ’ 09 ” ” I ' m i i o 5. C on gold 68.................... 1943 J -J Cl A P geu gu g 4*23 ser A . ’ 42 J •J 94 s* 9 1 7* 73 1 93*4 » 6 4 94 5g sale 109*4 J ’l y ’ 09 109*4 1 0 9 4 So Pac R R 1st re f 4 s ..........1955 J -J S eries B . „ . . . ................ m 2 A -O 108 108*2 5 106 113*« 90 | 96 A u g ’ 09 . . . ' 96 ......... 97 S eries C 3*28..................1948IM-N 110 M ay’0 9 ____ '1 0 9 110 H i R e g is te r e d ............................... 1994 J -J S eries D 3 *28..................195U| fc -A .......... 9 6 4 90 M ay’08 80*4 1 D ev e lo p A ge n 4s S er A . 1956 A -0 81 | i81 ' 76 85 80*8 Salt 92 A p r ’ O'" 92*4 . . . E rie A P itts gu g 8*28 B . 1940 J J 8 9 7 O ct *09 . . . . ! 85*2 90*2 fc 89 90 ............... i M o b A O hio co ll tr g 4 s . . 1938'M -S 9 2 * 4 ......... 98*4 A p r ’ 04 S e n e s C ........................... 104*2 Oot ’ 09 ....< 1 0 1 > 101 V 3 M em D iv 1st g 4 * 2 -5 s ...1996, J -J 108 ......... 110 S Sep ’ 0 9 ___ 110*2 113 4 G r K & l e x 1s t gu g 4*28 1941 J - J 104 . . . ........ 87*4 8 0 4 A u g ’09 . .. .'I 8 7 4 91 107 Oot ’ 09 107 107 S t L o u is d iv 1 st g 48________ 1961 J -J F itts F t W A C 1st 78. . . 1912 J - J 108 hep *08 . . . . ' ............ 1 0 9 4 U 0 j A la C en R l e t g 6 s .......... 1918 J - J 107 1 0 7 4 H O M ay‘09 2 d 7 s.................................... 191J J *J ... 9 2 4 G et ' 0 9 . . . . , 9 2 4 9 2 4 107 O ct ’ 08 A t l do D a n r 1st g 4 s .........1948 J -J 3d 7 s . . . ........................... A1912 A -0 110 F e b ’ 09 . . . . 1 1 0 110 ! 2d 4 s ................................... 1948 J - J ! .......... 87*4 92 J ’ n e ’0 6 ___ | ..................... p u ts Y A A sh 1st con 68.1927 M-N 198 ■1 0 7 4 1 0 9 4 A t l & Yad 1st g g u a r 48.1949 A-O; P C C A S t L g u 4*28A . . .1 9 4 0 A-O 107** 109 j ’ n e’0 0 : . . . . i o 9 il0 4 i 1 0 7 4 1 0 9 . Col da G re e n v l e t 68........1916' J - JI S eries 15 g u a r ................ 1942 A -0 1074*, 111 4 1 1 0 9 4 1114 ......... 1 1 1 4 112*2 J 'n e ’ 05 E T V a & G a D iv g 5 s ..1 9 3 0 J - J ! l l u S e n e s C g u a r ................ 1942 M-N 107 4 ; 4 11041144 113 4 Sale 100 102 , Con 1st gold 5 s............. 1956 M-Nj 113** Sale 1 1 3 4 100 s e n e s D 4s g u a r........... 1945 M-N 9J4 10b ......... 107 A p r ’ 09i___ 105 107 E T o n re o r lien g 5 s ........1938 M -S ' 1M* 0 3 4 98 «3*4 94*2 93*4 o e n e s E 3*2 gu ar g ...,1 9 4 9 F-A 03 68 65 ......... 66 N o v ’ 0 9 ___ 64 9 9 4 ......... 1......................... !.............................. ’ ! G a M idland 1st 3 s............ 1946 A -0 * S e n e s F 4s g u a r .......... 1963! J -D 113 | 2 118 117 1 1 3 4 ......... 113 I....1 114 1 1 6 4 G a P a c R y 1st g 63..........1922. J - J 1 13 *4......... 114 C S i L t f c P 1st con g 6 a .1932 A-O K n o x & O hio 1st g 6 s . ..1 9 2 5 ; J* J 116 116», 1 1 8 4 May’ 09 . . . . 1 1 8 4 1 1 8 4 P en sa cola A A U bee N ash M ob da 15it prior Hen g 6s 1945 J -J 1 0 9 4 ___ P eo A E ast bee 0 C 0 A S t E M o rtg a g e g o l d 4 s ......... 1945 J-J 116 116 | 107 116 116 Peo «v P e k Un l e t g 68___ 1921 > 107 4 107 4 1 107 4 1 1 1 R ic h da D an co n g 6 s ....1 9 1 5 J -J ......... 109 2a gold 4 *28.......................61921 D e b os stam ped............ 1927 A-O, 106 ......... 107 O cc 'Ob . . . . 107 107 i ’0 6 i'o e | Pero M ara—Ch A W M 6s 192 11J-D ......... 105*8.105 7 6 4 ..... ___ 112 116 1 R ich da M eek l e t g 4 s . ..1 9 4 8 M-N F lin t do P M g 6a............... 1920! A-O ..........112*2 118 ■ 60 Car do G a 1s t g 5 s ....l9 1 9 ;M -N 1 0 2 4 ......... 1 0 3 4 O ct '0 9 . . . . 1 0 1 4 1 0 3 * * 1044 1094 • 1st co n s o l gold 6 s ......... 1939iM*X 104 *2......... 106 * 112 O c t ’ 0 6 .............................. V ir g in ia M id 8er C 6 s. . .1 9 1 0 M-S . . . . 107 1 0 8 4 P t H u rou D iv l s t g 6 s . 1939: A -0 101 111 107 1 08 *4......... 1 0 8 4 u u c ’ 06 :.............................. S eries D 4 -5s................ 192 1'M -S S a g T u s A H l s t g u g 48.1931 F-A 1 0 7 4 ____ 109 J ' l y ’ 0 9 ! .. . . 109 109 S eries E 5 « ..................... 1926 M-S Phil B A W See P en n K R I ......... 107 4 109 A u g ’ 0 0 ; . . . . 107 1 1 0 4 93 M.ay’ O'J . . . . 93 95 P h ilip p in e R y l s i3 0 -y r a t 4 s ’ 37 J •J G uar stam ped........... 1936 M-N ..........1 0 8 4 1 0 9 4 M a i’ 09 . . . . 1107 4 1 0 9 4 Pitts Gin A S t E S eo P en n Co 9 0 4 Jau ’ U7|.__ 1 ....................... W O d b W l s t c y gu 4 s . .1924 F-A P itts C leve A T o l See 15 A O 107 O c t '0 9 . . . . 107 1 0 9 4 W e s t N C 1s t co n g 6 a ..1914 J* J ......... 108 P itts F t W A Ch See P e n n Co 8 A N A la See L A N I 1 P itts M c K e e s A Y S e e N Y C e n 106*4 S ep ’ 0 6 '. . . . 106*4 1 0 6 4 ___ 116 116*. S p ok a u e In te rn a t l s t g 5s 1955 J - J . 115 110 Pitts tth do E E 1st g 6 s . .. 1940 A -0 108 S e p ’ 0 9 ____ 107 4 1 0 9 11 'e r A ol &t x. 1s t g 4 4 s . . 193 9'A-O ; 1st co n s o l gold 6 s............. 19'. 3 J J ]H i4 0 c t ’09 . . . . 115 117 A 1st co n gold 5a___ 1894-1944 F-A Pitts A W est s e e B A G 97 ** 97 4 18 96 93 G en refu n d s l g i s ......... 1953 J -J 121 1187,101 99*8 Sale ! 1 > ending C o gen g 4 s ........1997, J-J 110*4 J’ne O dj.... 110*4 HO** ___ 98 4 100 S t E M B g e T e r gu g 5 8 .1930 A-O ......... 98*4 t v R e g is te r e d ..................... 1997 J -J 2 90 4 08 4 T e x A N O See So P ao Co 96Si 98 I 06 °* J e r s e y C en t coll g 4 s . . .1 9 6 1 A O 113 N o v ’ 09 . . . A 12 119 Pliiia A R ea d cons 7 s . . . 1011] J-D 1 03 *4......... '102 O c t ’ 09 . . . . 102 1 0 2 4 T e x P a o 1st g o ld 5 s . . ...2 0 0 0 J-D 86 A u g ’ 0 9 ___ 66 75 2d g o ld in o 5a...................?2 0 0 0 Mar R en sselaer & Sar See D do H 103 S e p '09 . . . . 103 1U5 Ea D iv B E l s t g 5 s ........1931 J - J llic n do C an s e e S ou th Ry 1 0 6 4 N o v ’ 04 .............................. W M i n W A N W l a t g u 5 s ’J0 F -A R ich do M eek See Southern 1 1 0 4 1 1 9 4 , 10 1 1 0 4 1 1 2 4 T o l da O C l s t g 6s ...............1935 J -J R io G r W eat bee D en da R io Gr 112 Sep *09 . . . . 112 112 W este rn D iv 1st g 5 s . ..1 9 3 5 A -O R och A P itta bee B R A P 104 4 S ep ’ 09 . . . . 1 0 3 4 105 I G en eral g o ld 6s .................1935 J-D R om e W at da O g bee N Y Cent 914 93 I 4 9 1 4 95 K a n do M 1st g u g 48___ 1390 A -0 R u tland b e e A Y Cent 93 4 93* ' 4 1 86*4 04*< T o l P A W 1s t gold 4 s . . ..1 9 1 7 J -J o a g T u s do H bee P o r e M arn 80 V 89*. 3 80*8 U l3* T o l St E da W p r lie n g 3 4 s . 1925 J - J 96*8 96 N o v ’ oS « 3 92 97 96 O t J o do G r Isl 1st g 4 s . . . 1947) J -J 8 80 834 81 814 60-year gold 4 s .................1950 A -0 S t E A C a n o See M ob da Ohio 01*« A p r ’ O0j .. 01*4 91*4 T o r H am do Buft l s t g 4s.Zi.1940 J -D 9 t E A Iron M o u n t See M P 1U8 A u g ’ 09, . . 1 0 7 108*4 ] Tlster A D ei 1st co n g 5s 1928 J-D a t E M 15r s e e T R R A or S t L 86 O ct *00; .. 86 89 864 * 1st refu n d g 4 s ........... 1952 A-O a t L ou is aa S F — # .Teug 68.1931 J * J 121*8 122 4 1233 Sep ’ 09 . . . . 1 2 2 4 1 2 4 * 4 ^ 81 102 104*4 102 4 102*4 102** 103 109 O ct * 0 9 ____t o y 111 ;‘ XJn P ---------------- 1 g r g 4s ...1 9 4 7 J -J a c R R do G en eral gold 6 s.................1931! J •J 1 0 8 4 ......... 1 R e g is te re d ......................1947: J - J 1 0 L 4 ......... 1 0 1 4 O ct '09 . . . . 100** 103 92 O ct *09 . . . . 91 964 St E da S F R R cou s g 4 s . . ’ 96' J - J 113** 116*4 1134 102 1 2 4 4 89*4 Sale 1 89 89*4 76 8 8 01 *4 j 20-yr c o n v 4 s ....................1927 J- J I14*a Sale G en 16-20 yx os ..........1927 M-Nj 974 *07 4 L10 : 06*4 100 W 7*fc 1st do r e f 4 e ........................£20 08 M-S hale S outliw C iv 1st g 6 s .. 1947 A-O, 100 *4......... IU0 4 A u g '0 9 ____ 1 0 0 4 1 0 1 16 98 997 * 93*« 99 4 »4*a 26 81 89 I O re R y do N a v co n g 4 s .1946 J-D, 84 s a lt | 84 R etu n d in g g 4 s .............1 9 3 L J -J O c t ’ 09 , . . . 1 1 8 4 1 2 0 4 O re S hort E ln e l s t g 6 s . .1 9 2 2 F-A ..........118 41119 119 | 4 116 *8 1 9 0 4 K C F t S dc M c o u g 6 s .. 1928 M-N: 119 hale i l l y l e t co n s o l g 58.............. 1946 J •J 1 1 2 *. 1 1 8 4 l118 N o v ’ O0 . . . . 113 118 82*8 10 82 86 K C F t s da M R y ret g 4s 1936 A -O , 82 sale ! 82 93 4 hale ' 03 4 03*2 60 02*4 9 6 4 G uar refu n d 4 s ............ 1929 J -D U K C A M It da 15 1st gu 6s. 1929 A-O 1U 94 J a n ’09 ...'I 04 94 R e g is te r e d ..................1929 J -D OCt ’00 98 ;; 97 97 4 O z’ r k A C l i o 1st g n u s g.1 9 1 3 A - 0 By** A u g ’uy 994100 4 1 U 7 U tah do N o r g o ld o s . .1 9 2 6 J - J 107 4 . dt E ou is So bee Illin o is Cen t i 02 1 1 91** 95 i Urn N J R R do C Co See P a R R ; 92 4 92 St E S W 1st g 48 bd ctrs.1989 M-N I 92 84 4 20 79 85 1 U tah C en tral See R io G r Wes! 2d g 48 in o bond c t l s . .. p l 9 8 9 J • I 84 hale 1 84 J 7 74 ' 46 77 4 81*4 Ulahdfa N o rth See U n P a cific 77 4 sale 1 7 7 4 C on sol g old 4 s ...................1932! J -D U tica A B la ck K See N Y Cent G r a y 's P t T e r l s t g u g 5 s 1 9 4 7 1J -O f 1014 A p r'07 N o v ’ 08 984 l andalia co n s o l g 4 s . . ..1 9 5 6 F-A St P a u l da C 1 I bee N o r Pacilie 1 O ct ’ 00 96 96 era C ruz A P l 8 t g u 4 4 a l9 3 4 , J - J S t P M in n da M an See G t N o r V e r V al Xnd A W See M o P a t P do N o r P ao bee N o r Pao V ir g in ia M ul Aea S ou th R y | St P do S ’ x City S eeC S t P M AO| 110 O ct *09; ...'<110 1174 92®g V a A S o u th w ’ t 1st. g u 5 8 .2 0 0 3 J -J 110 . . . . S7 87 18 87 S A do A P a a s l s t g u g 4 s . . .l 9 4 3 J -J S 8 V 87 1 07 4 1 0 0 08 99 084 934 1st co n s 50-year 6 s ......... 1958 A -0 O ct '09 104 104 J ......... 104 a Is do N P 1st sink £ g 08.1919 J J l u ‘ 112 22 1 114 1 144 abash 1st g o ld 5 s ........1939 M-** 112 112 4 112 8 a v F do W e s t See A t l Coast E W 2d g o ld o s .................. 1939 F -A lOO7* 102 101 6 101 105 101V 1 S cioto Vai A N E See N o r da W 86 101 iOO J01 J ’l y ’ 09; D eb e n tu re aeries B ........1939 J - J 88 1 6 3 4 91 Seaboard A ir E ln e g 4s . . . i 9 6 0 A-O 69 4! 88 102 4 M ay’ UO . . . . 102 4 1 0 2 4 1st lieu e qu ip s fd g 5 s . .1921 M -S, ......... 101 964100 \ C oll tr relu n d g 6 s ......... 1911 M-N OO^I 99 ® O ct '09 » i»7 M ay’ Obj. . . . 87 87 4 1s t lie u 60 y r g torn i 4 s . 1954 J -J Sop ’ 09 . . . . 1 85 86 A tl-B irm 3 6 -y r ls t g 4s.#1933 M-h 84 7 3 7* hale 734 7 3 4 336 7 1 4 8 0 4 1 s t re f anu e x t g 4s . .. .1 9 5 6 J - J Car Cen t 1st con g 4 s . . .1 9 4 9 J-J 90 93 4 ' 86 J ' l j ’ US * 108 1 1 1 4 D e t do Ch E x t 1 s t g 6 s .. 1941 J - J ____ 1 0 7 4 A u g ’ Ob . . . . B'la Cen da P en 1st g 5 s . 1918 J •J 100 9 L 4 J ’n e ’ Oj 68® 014 * 85 ....... U e s M o ln D iv l s t g 4 a . .19 3 9 r - J 1st land gr e x t g 6 s . ..1 9 3 0 J-J 78 80 78 J ’ l y ’ 69 75 4 82 Cm D iv 1st g 3 4 s ............1911 A-O C on sol g old 6 s................1943 J -J 100 4 ........ 309 4 M.ar’ 0 6 ............................. U lH M a y ’ O U 90 014 83 88 T o l A Ch D iv 1st g 4 s . . . 1941 M-S 1O04J n «0 9 10241064 Ga da A la R y 1st con 5 s o l9 4 5 J •J ........ O ct '00 42 654 44 454 W a b P itts T erm lo t g 4 s . 1954 J*D 1 0 5 11064 Mar’0 9 ,.... 106 106 G a Oar do N o l s t g u g 6s 1929 J -J 43 10 4 1 4 60*4 43 Sale T r u s t C o c e r t f s ......................... 107*4 J'ne'00.1 1" « : 107*4 1U0*4 104 h e a b A Itoa 1 s t 5 s........... 1926 J -J N o t ’09 7 ........ a6 * 2 d g o ld 4 s ...........................1954 <--D 61ier Shr da S o See M K do T 8 4 23 7>* 1**4 84 9 II T r u s t Co c e r tfs ........................1 S il Sp O ca do G See A t l C oast L I* W a rre n See D el Eac A W e st | 80 Car do G a See Southern ' W a sh C e n t A’e e N o r P a c S ou th ern P a cific Co— 0 5 4 W a a h O A W he# S outhern I G old 4s (C ent Pao coil).Zcl949 J -D 9 1 4 ......... 9 1 4 9 - 5 22 90 * 024 934 93*4 ' W a sh T e rm ! I s t g u 3 4 s . . 1945 F-A . . . . 91*4 9 2 4 J'ne’ 09 86 ......... 93^4 A u g ’Ob . . 85 R e g is te r e u ...................k 1949 J -C <43 4 Sale 834 864 60 8 2 4 88 W e st M arylan d l s t g 4 s . ..1 9 6 2 A-O 20-year c o n v 4 s ......... £1029 M-S 102 4 Hale 102 '\Z& ‘\ 1225 9 7 4 IO ? “ 60 Ang’09 61 734 4 Cen t P a o 1st re l g u g 4s 1949 F-A 9 7 4 Sale i 0 6 4 ^ 9.7k- 68 9 0 4 9 8 V 1 G en A c o n v g 4 3 ............. 1962 A -O 62 68 bep ’ 09 73 9 7 *4 1 T r u s t Co c e r t f s ............................................... 69 R e g is te r e d .......................1949 b -A ........ 96*4 964 S®P 09 . . . . 9 tj 3 1 0 0 4 102 1004 ^004 88*4 9 3 4 1 ! W V a C e n t A P l „ t l 68 1911 J - J 1 0 0 ** . . . . 88*4 80 4 88*4 N o v ’ 001. . . . M ort gu ar gold 3 4 s ..f c l9 2 9 J -C 110 117 95 I W e s t N Y A P a 1st g o s . .1937 J -J 111 H2*a 112 4 Oct *09 T h ro u g h S t E 1st g u 4s ’ 54 A -0 ......... 9 2 4 94 O c t ’00 . . . . 93 91 O c t ’09 ... 87 Ub*» ............ 90 02 G al H ar da S A 1 s t g 6 s .. 1910 F-A ..................... '1 0 1 4 A p r ‘09 . . . 1 0 1 4 1 0 1 *4 1 G eu gold 4a....................... 1943 A -0 24 F e b ’07 l~}COtno 6 s . . . . . . . . ............d l9 4 3 N ov 112 M e x do Pao 1st g 6 s . ...1 9 3 1 M-N 1 0 0 4 ........ l l l 4 A p r ’ 0 9 ___ 110 ” 'iu4*a S «P *09 I .. . 104 1 0 4 4 ! W o ct.'Io C a r h##Sou th liy ! 1 G ila V G A N l s t g u g 6 s . 1924 M-N 107 109 May’09|.... 103 . 106V Wiwel’ ^ A E E le t ^ 61...1926 A-O ...........H ou s E da W T 1st g o s .1 9 3 3 M-N 103 105**11064 — . W h e e l D iv 1st r“ >Itl r o .. l 9 2 8 ! J*J 1 0 4 ...........i 0 3 4 A p r’0 9 . . . . 1 0 3 4 1 0 3 4 1 s t gu ar 6s r e d ........... 1933 M-N E x t e u A Im p g o ld 6 s . . .1 9 3 0 F-A H. da T C I s t g 6 s i n t g u . . l 9 3 7 J -J 110 .........110 c c t ’ 09 . . . . 109*»110V| » 3 » , 90 84 R R l e t co n so l 4 s .............. 1949 M-S 1 109 4 10 9 4 ,1 C on sol g 6s in t g u a r ... 1912 A -0 1 0 0 4 ........ 1 09 4 1 094 98** . 93 "1 2 93 96 ‘ 20-year eq u ip a 5s ...1 9 2 2 ' J •J 93“ 93 hale ~~ 1 * M !' 'J G eu gold 4s in t g u a r ..1921 A -0 116 D e c '0 0 ............ W ilk e s A E ast 6'## E rie W a c o da N W d iv 1st g 68 *30 M-N 116 118 107 E Jan 09 107 4 107 4 i |W U A S io u x F See S t P M A M A d i N W 1st gu g 6 s . ...1 9 4 1 J -J * 95 35 H9Vi 9 6 7 04*4 122 4 l u g ’ 08 **“ . . . . . . . . . . . W is C e n t 60-yr 1st ge n 4 s 1949 J -J 9 A7 Sale , M o r g a n ’s Ea A T 1 s t 7 s . 1918 A o 117*4 1*20** 1 02*4 95 114 . . . . . . 1 1 6 N e v ’ S S lI I l IIIIII m i l l i S u p A D u ld lv A t e r fii 1st 48*36 M-N .......... 02*e 02 J 1 s t g old 6 s...................... 1920 J - J K ...J ..... 0* 0«4 84 3 \ _ _ JUlSCCLdLANEOUS B O N D S -C o n clu d e d . >lnniifacturing S c Imluetrinl Arm our A Co 1st real est 4 4a*39 J-D 93*4 Sale 94 166 934 Beth Steel 1st ext s i 6 s .. 1026 J-J 89** Halt 89 ® 149 e 89 4 Cent Leather 20-year g 6 s. 192 ' A-O 90 4 Sale 994 83 9 «4 97 4 ........ 97“* Corn Prod R ef s f g 5s.. .. 193 M-N 97 7* 4 Distil s e c Cor conv 1st g 5 s.’ 27 A-O 747* 8 al» 76 2d 744 Gen Electric deb g 3 4 s .. 1942 F-A ......... 83 10 83 83 6 1 0 -y rg deb 6 s .................. 1917 J-D 148** Sait 148*4 1504 Int Paper Co 1st con g 6 s. 1910 F-A 104 4 1044 1044 N ov’09 87 4 Sale 86 38 81 Consol conv s 1 g 5s....... 1935 J-J 105 Sep ’ 09 In t St Pump 1 0 -yr conv. 6 s ’ 13 J-J 9 8 4 Sale 99 '*1*3 Lackaw Steel 1st g 6 s....1923 A-0 984 69 N Y A ir Brake 1st con v 6 a ’ 28 M-N 116 Sale 1144 110 Repub I A S 1st A celtr5 s.l9 3 4 A-O 101 4 Salt 101 6 101 U nion Bag A P 1st si 5s.. 193c J-J ........ 95 9 6 4 Oct ’ 0£» 106 S U s Eeath Co s f deb gOa.. 1013 M-N 106 Sale 106 90 91 90*4 00 3 U S Realty A I conv deb g 5s ’ 24 J - J ........ 92*< 92*4 9 2 *; 1 U S Red A R ef 1st s f g 6 s.1931 J -J 72 lO i** Sale 104** 106 V S R ubber 10-yr coll t r d s .'ib J-D * No pries Friday; latest bid and asked this week, a Due Jaa 92*4 77 904 95 734 80 136 964 904 1 01 100 784 84 165 4 101 1064 89 4 S5 L O 1064 O 93 994 LOS 1164 98 1 0 2 9 1*4 93 1044 1064 64*4 92 95 69 1024 106 U s Steel Corp — 3 coup .<*1963 Sf 10-60 yr as. ( reg ..<*1963 Va-Car Chess 1st lo-yr 6 s 1923 Westingheuse E A M at 5s ’31 t ll s c o ll a n e o u s M-N M-N J-D J-J Adams E x ool tr g 4 s ........ 1948 M-S Bush Terminal 1st 4s___.1952 A -0 Consol 5s......................... 1956 J-J Chic Jo A » t Yard col g 5a. 1916 J -J DetM A M id gr incom es.. 1911 A-O (n stitfo r Irrig Wka.4 4s 1943 M-N Int Mercan Marine 4 4 s . . 1922 A-O Int Navigation 1st s f 68.1929 F-A Newp N o Ship A D D 6 0 41990 J -J N Y Dock 50-yr l s t g 4 s..1951 F-A Providence Sec deb 4 s.. ..1957 M-N Provident Loan Soo 448.1921 M-S S Yuba Wat Co con g 6 s..1923 J-J 6 Dae Feb ri Dtto ^pr 4 Dae May gD ueJ’ae 106 Sale 105 .........105 4 1044 97 Sale 07 0 4 4 Sai«i 944 9 2 4 ......... ........ 90 95 964 06 70*4 82 95 94 ......... Sale 84 ......... 944 IOO** IIIIII A O u Z lr 1054 723] 1 02 4108 4 10141084 105 4 0 7 4 5S 93-4 100 44 9 0 4 9 5 4 »6 924 S 92 00 J’ly *09 9 6 4 Oct ’09 . . . . 9 1 4 100 J a n ’ 08 38 4 Oct ’09 88*a 96 Oct ’00 02*4 325 0 8 4 704 72 10 14 84 84 »t> .i.uz'08 a4>4 841, 1 01 90 30 Jan '03 05 J ’l y ’ 09 .... 91 112 J ’l y ’ 04 924 904 r la iK n 94 034 964 88>i 964 77 95 4 90 96 (O v tU a M l UH10AGK) STOCK hXQliAYGrE -Stock Record—Daily, Weekly and Yearly STOCKS— HIGHEST A N D LOWEST SALE PRICES Saturday Nov. G. 'londay Nov. 8. * 1% *5 *101 *34 * __ ♦0 7% *39 *30 40 40 82% *81 *81 82% *17 18 *17 18 52 *52 54 52% *15 20 *15 20 *60 68 *60 68 *52 52 53 53 46% 46^4 46% 46% *102 103 *102 103 12% 12% 12% 83% 84 83 *220 _____ *220 *130 132 *130 67% 67% 67% *110 n o t * *110 141 111 140% — — Wednesday Nov. 10. ♦Ho *5 *101 34 ... 2 10 10G 34 24 *39 *81 *16% 52 *18 *60 *52 46 101% 7 40 823. 171" 52U 20 68 53 46% 101% *9 13 84 13 84% *220 132 *130 67% *67% 110% 110% 140% 140% 24% 24% 23% 24% 65 65 65 65 *52 54 *52 64 *1 1!S *1 1% *2 3 *2 3 *38% 39 38% 38% *136 187 136 13612 *145 146 110% 119% Tuesday Nov. 9. 10 24% 24% 24 64% 6434 64 *52 54 *52 *1 1% *1 *2 3 *2 38% 38% 38% 136% 136% 137 128 63 *114% *126 97 *118% 113% *18 115% *114% 115% *114% 115% 114 127 125% 125% *120 127 126 97 *95% 97 *9534 97 *90% 122L *118% 122lo *118%' 122% :=118% 114 113% 113% 113% 11334 113 141% 142% *120% 121 108% 108% 142 142% 120 120>s 108% 108% 153 155 155 103% 103% *103 — — — 158 104 — 127% 1273.1 127% 62 63160% ____ *43 *43 141% 14234 141% 120% 1201- 120% 108% 10834 108% 157 161 *157 104 104 *103% ................... — ‘ 18% *18% *18% *18% ' I s34 "19% *19 20 *19 20 *19 20 Sales 0/ the Week Shares ‘ 18% 20 E XC H AN G E W eek ending Nov. 12 Inter est Pries Friday Nov 12 Week': Range or Last Sal: __ __ Range lor Previous Yeas (1908) Highest Highest 180 Mch 8 190 F eb 1*2 O ct 22 4 Jan 22 6 O ct 21 15 Jan 22 103 O ct 26 119% J ’ly 28 83% N ovlO 45% Jan 2 24 Sep 7 30 Jan 29 8% O ct 28 )3% Jan 4% O ct 7 29% Jan 2 .36 F eb 24 52 J ’ly 79 Jan 3 S6% M ay 18 15% Sep 13 19 Mch 47 Jan 14 64% N o v 2 20 A u g 11 25 M ay 6 63 Can 6 73 M ay 7 50 Jar. 25 61 M ay 7 51% J ’nelO 29% A p r 13 97 F e b 15 107% J ’ne 13 778 Jan 30 14% N o v l2 7!34 Jan 8(> J ’ne 4 200 Jan 11 225% O ct 29 126 Jan 21 132 J ’ly 21 54% A p r 21 03 N o v 4 101 F eb 24 112 Sep 13 139 A u g ’.'7 144% Sep 28 % J ’nelU 1 Jan 2 % May22 5 Jan 5 10 Ala v24 27 A u g 26 48 J ’nclG 65% N o v 5 51% Jan 58 A p r 16 1 Apr 1 A p r 27 2% A p r 2 2% A p r 27 20 Mch24 31% O ct 30 127 Jan 4 140 Sep 23 117 Jan IS 107 Jail 21 17% F eb 25 70% M ch25 117 Jan 9 38 Jan 26 43 Jan 6 162 121% 25% 88% 130% 69 47 20% A p r 27 97% Jan 2 118% F e b 15 82 Jan 14 110 Jan 15 102 Jr.11 5 % Feb 25 56 Jan 5 101 Jan 6 100% J r.i 9 6 F eb 5 119 Jan 6 9812 J an 2 % F e b 19 2% F e b 26 334 AlchlO 10% Meta 9 15 F e b 16 21 J ’ n e 28 119% Sep 27 130 Sep 21 100 O ct 1 120 A p r 1 11978 A u g 16 1 Mch 20 114% O ct 20 121% O ct 20 114% A u g 6 20 J an 18 161 N o v 9 104 N o v 9 1% Mcll 26 3% Mch 2 9% Jan 4 20 N o v 4 25 M ch 15 O ct 7 J ’ly 1 Aug 3 M avl9 A u g 13 O ct 30 Sep 16 160 Jan 1% Feb 6t->Dcc 84% J ’ tic 38 O ct 20 N ov 9% Sep 15 F eb 30 O ct 68 Sep 12% Nov 42 Jan 13% A u g 40 Aug 42 Au:= 2612 Apr 85 A p r 185 D eo 3% A u g 10 A u g 119 N o v 47 J ’ ne 28 D eo 13*2 D eo 30% D e c 47% N o v 86% N o v 19 Jan 54 M ay 22 D ec 62% D e c 71 Jan 34 N o v I03 J ’ne 4 Feb 41% Jati 125 Jan 116 A pr 37 Mcli 91 Jan 10% 767s tOO 128% 63 104* N ov D eo D ec N ov N ov N ov 30 100 Jan M ay 3 % D ec D ec 40 1 2 20 100 % 100 80 Feb O ct N ov D ec Jan Feb Jan Jan 67% D eo li8 A u g 4 Apr 30% A u g 153 Sep 2% Feb 116 D eo 110 O ct 113 30 38 Jan Jan J ’ne 137 A u g 42% D ec 46 J ’ly 19 J ’ne 70 Jan 101% Jan 61 Mch 91 Mch 80% Jan 20 97 120 87 115 106 J ’ly D ee Aug D eo N ov D eo 24 Jan 72 Jan 88% Jan 56 D eo 102 D eo 105% Sep 114% Jan 87 Jan % J ’ly 134 Jan 100 J ’ly 1% Jan 1% J ’ly 11% O ct' 12 Jan i ? ” A pr Chicago Banks and Trust Companies B ’ds Sold Range lot Year 1909 Bid Ask Low High No. ____ ____ 100 Mch’07 A m e r Straw bV . 1st G2.I C I F - A A r m o u r & Co 4 JSs___ VJ3C .1 - D 03% Oct ’ 09 . . . . — 93% 9G7S A u rora E lgin & C h lc 5s 19 :1 A - O — Cal & So C h ic R y Co 1st M 5s.......................ICC. F - A t — - 102% 102 J’ne’O 'J 102 1021Cass A v & F G (St L> 5s ’ 13 J - J 101% Oct O '. 101 101% C h ic B oa rd o f T ra d o 4 s l 927 J - I) 100 May’07 C h ica go C ity R y 5s___ 192,’ F - A 103 103% 103-% 103% 16 10234 105 Ohio C on sol Br & M lt C s . . . J - J ___- . . . . 103 Apr’01 C h ic C on sol T r a c 4 H s 1989 J - J) .... 50 Apr'O'J 50 50 C h ic A u d lto lu m ls t 5 sl9 2 0 F - A — — 963; Jan’00 — ____ ______ C h ic D ock C o 1st 4 s . .1 9 2 8 A - O ---- - . . . . ----------- . . . . .... .... C h ie J c H R 1st M g 53-194". M - S C h ic N o Sh ore E lec 6 s .1812 A - O ___- . . . . 87 Feb’O G C h ic P n c T o o l 1st 5 s .«1 9 2 1 J - J 84% 85% 85 85i,s 15 72 85% C h ic R y 5s...................... 1927 F - A 101% Sale 10J7S lull., 68 100% 10234 Ohio R y s 4-5s series “ A ” A - () 95 95% 951- Oct’ 0. 93% 96% C h ic R y s 4-5s scries “ li” J - I) S5 86% 85% 86 12 84% S9% C h ic R y s 4 - 5s series ” C” F - A 91 Sale 91 91 18 89 921C h ic R y s coll 6s___ 1913 F - A t i o i 101% 101% 101% 14 101% 10238 C h ic R y s F u n d 6 s_ .1 9 1 3 F - A . . . . . . . . 101% July’09 ___ 101% 10238 Ohio R y s Tern C tfs 1st 5 s _____ t ------ 101% 10034 N ov ’Oj 1003, 102% C h ic R I < P R R 4 s . .2 0 0 2 M - N . . . . . . . . f4 66% Aug’08 C ollat trust g 5 s-----1013 M - S ____ ____ 06% July’08 C h ic T elep h on e 5s____ 1923 J - D 10234 103 103 Nov* 09 10234 10334 C o m m o n w -E d is o n 5 s . 1948 A\ - S 10238 Sale 102% 102-% 17 101 103% C h ic E dison d eb G s.1013 J - J ____ 100 Jnc’08 1st g 5s____ J u ly 1020 A - O {100 iuo% 1003„ Oct '00 ____ 10018 1013, D eb en tu re 5s____ 192.. M - S .... .... 1005a Aug'09 100% 102% C om m on w E lect 5s6104.” A1 - S {io;.’ss . . . . 10234 N ov’09 ____ 102 103% Illinois T u nnel 5s____ 1923 J - D — — 80 D ec’08 — ------ --------K a n C ity R y & LigUe CO 5 n ..........................1918 M - N .... .... 0834 J’ne’09 98 983, K n lc k ’ b ’ ker Ice 1st 5 s .1928 A - () . . . . ____ 96 Mch’09 95 90 L a ke St E ’.— 1st 5s___ 1928 J - J 83 84 85 N o v ’00 73 91 In c o m e 5o__________ 1925 Feb — — 10 M ay’05 — .................. M ctr W Side El — 1st 4 s . . ....................... 1933 F - A 83 Sale 83 84% 7 83 861E x ten sion g 4s____ 1938 J - J {30% Sale 1 £0% 80% 80% 84% N orth W est El 1st 4s_101 t M - S 94% 95 947„ 95 9 ■ 92% 96% N o W G -L & C ok e Co 5s ’ 28 Q - M . . . . . . . . 98% Aug'OJ . . . . 98 99 O gden Gas 5s_________1045 M - N 05 96 96 90 1 93 98 P ea rs on s -T a ft 5s______1910 J - D 100 . . . . 10033 Mch’09 100% 100% 4.40s .................................... M - S 96 .... 96 N ov’09 . . . . 96 98 •1.60s Series E _________ M -N . ____ 97 98 J’ne’09 ____ 98 9978 4 .SOs Series F ________ M -N 98% ____ 100 Mch’09 ____ 100 100% P eo Gas L& O 1st 6 s . .1 9 4 3 A - O t ------ 121 12134 May'09 ___ 120 122 R e fu n d in g g 5s____ 1947 M - S 103 103'% 103% Oct. 09 103 104 C h ic Gas L & C 1st 5 sl937 J - J 104 . . . . 104 104 6 10334 105 C on sum Gas 1st 5 s . 1936 J - D {101% Sale 102% J 102% 1 102 102-% M iit’ l Fu el Gas Is t5 s l9 4 7 M - N { ------ 10238 102 A u g'09 ____ 101% 102 S ou th Side E lev 434 3.1021 J - j 94% 94 04% N o v ’09 91% 9634 S w ift & Co 1st g 5 s___ 1014 J - j tlOl) 1001- 100 100 1 100 102 U n ion E5 L oop ) 5 s . .1 9 4 5 A - O (93 .... 95 J ’ne’09 ___ 92 96 U n ion Paid lie c o n v 4 s . 1 9 1 1 A - N * - - - ____ 114 Nov'04 1 U n ited B o x B oa rd col 63’ :: g {80 81 80% 80% 5 70 801G encrdi m tg c 6s________ J .- j 80 {78 78 78 6 70% 81 W e s tern S ton e Co 5 s . .1 0 0 9 A - O — — 85% July'OS — ................... N ote — j-Aceriied Intores : >e fxL .ed t o si! C h ica go b and arlces. __ Range sines Jan. 1 1909 i7.iilro.ids C h icago C ity R y _____ 100 C h icago & Oak P a r k .100 D o p r e f......................100 Chic R ys part c tf ” 1” ___ Chic R y s part c tf “ 2 ” ___ C h ic R ys part c t f “ 3 ” ___ Chic R y s part ett “ 4” ___ Jh lcago S u b w a y ____ 100 K ans C ity R y < L t -.lO O fc l ) o p r e f___________100 M etropol VV S E lev__10 0 D o p r e f___________100 N orth w estern K ie v ___ 100 D o p r e f....................100 South Side E le v a t e d ..1 0 0 Streets W S table C L .1 0 0 D o p r e f___________ 100 13% 83% Chicago Bond Record BONDS C H IC A G O S T O C K STOCKS C H IC A G O ST O C K EXCHANGE . /M iscellaneous 13% 14% 14% 14'% 17,584 A m erican C a n _______ 100 8334 85% 84% 85 2,440 D o p r e f___________ 100 Last Sale 225% Oct'09 ------ A m erican R a d ia t o r .. 100 132 Last Sale 132 O ct’09 -----D o p r e f_____________ 100 67167% 67% 67% 671 ■ > 405 A m er S h ip b u ild in g ___ 100 1101- 110% 110% *110 1101 75 D o p r e f_____________ 100 14034 141% 141% 141 141% 675 A m er T eiep & T e le g ____ Last Sale % Juue’09 ------B ooth (A) & C o ______ 100 Last Sale % June’09 -----D o p r e f_____________ 100 24 *23 24 23 24 755 B ooth F isheries c o m ___ 65 61 61 64 64 467 D o p r e f________________ 64 53% 531-> *52 54 45 Cal & C h ic Canal & D . 100 *1 1% 1% 1 1 180 Chic B rew ’g & M alt’g ___ 3 Last Sale 2% July’09 -----D o p r e f________________ 38% 38% 38% 38 38% 580 Chic P n e u m a tic T o o l . 100 137 *136 137 30 C h icago T e le p h o n e _ 100 _ Last Sale 2% Mch’08 -----Do rig h ts_____________ 146 =145 146 145 146 22 Chic T itle H T r u s t_ 100 e _ 119% 119 119% 119 119% 484 C o m m o n w ’ t h -E d is o n . 100 21% ♦213, 221j 2234 23% 1,000 Corn P rod R ef Co C o m ___ Last Sale 86% O ct’09 --- ~ Do P r e f___ 128 127% 127% 127% 12778 - 297 D iam ond M aD o ______ 100 tch 62% 60% 61 62 631*> 2.053 Illinois B r ic k __________ 100 — *45 50 45% 45% 8 M asonic T e m p le _________ Last Sale 2% June’07 ------ Mllw & C h ic B rew in g______ 20 Last Sale 21 June’09 . — D o p r e f_______________ 114 * *114 115 150 N ational B is cu it______ 100 126 * *126 127 125 D o p r e f_____________ 100 97 *9634 97 *96% 97 15 N ational C a rb o n ______ 100 122% 120 120 120 123 2 D o p r e f____________ 100 113% 113 113% 11338 114 1.054 P eop le sG a sL & C ok e._ 1 0 0 Last Sale 11-16 Mch’09 ____ D o rig h ts_____________ 14238 142 142 141% 142 2,447 S e a rs-R o e b u ck c o m . .1 0 0 120% * 120% 121 120% 121 610 D o p r e f_____________ 100 10334 108% 108% 108% 108% 1,086 S w ift & C o . . . ................ 100 Last Sale F eb’09 -----D o rig h ts ____________ 160 * *157 160 144 T h e Q u a k e '’ O ats C o . . 100 105% * *103% 105 128 D o p re f.........................100 — Last Sale Apr’09 ------ Unit B ox lid & P C o . 100 Last Sale ' Apr’09 -----D o Full paid________ A pr’09 -----Last Sale 734 D o p r e f.........................100 "l834 1734 1834 18% 1834 5,481 D o FuH p a d ___ _ . 20 20 *19' 20 40 W estern S to n e ________100 1334 1314 84% 83% .. *220 132 *130 68 67% 1101- 1101140% 14034 145 1451o *145 148 *145 119% 119% 119 119% *119 22 22 21% 21% 21% 126% 127 *63 64 *43 — Friday Nov. 12. Last Sale 180 A pr’09 * 1% 2 Last Sale 1% O ct’09 *5 10 Last Sale 5 O ct’09 *101 106 Last Sale 103 O ct’09 33% 331 *33U 35 *33% 35 250 * ------ 24 Last Sale 24% O ct’09 *9 10 Last Sale 10 O ct’09 6% G1 -4 6% 6-% 1,310 *39 40 Last Sale 40 N ov'09 81 81 81 81 *80 81 "124 *10% 17% *1612 171, 17 100 17 *52 52% *52 54 " *52 54 280 *18 20 Last Sale 20 Ang’09 *60 68 Last Sale 70 Afig’09 *52 52 52 53 *52 54 32 4638 46% 46% 40 46% 46% 3,955 102 102% *101% 103 101 101 44 *127 03 *43 — Thursday Nov. 11. __ NAA1E Outstand ing Stock t Surplus Pro/Ui t Dividend Record .n 1907 in 1908 Per iod Last Paid % C alum et N a tio n a l______ An. Dec '08, 6 3100,000 839,061 G G C h icago C it y ____________ 186,242 10 10 j - j July '0 9 ,5 s C om m ercia l N a tio n a l. 3,343,64C Oct. '69, 2 C on tinental N a tio n a l___nliOOOjOOO 8 3,963,096 8 Q.-J O ct. '09, 2 C ook C o S ta te S a v in g s__ s o ’ ooo 6 G 8,98? Q-M July '09, 1% Corn E x ch a n g e N ational 3,000,000 5,283,593 12 12 Q-J Oct. '09. 3 D ie s e l s t a t e ...................... 200.000 6 6 A-O Oct. ’ 09, 5 27,714 D rovers’ D e p N a tio n a l. 600,000 8 409,369 U'A Q-J Oct. '09, 2% E n glew ood S ta te .,_____ 200 000 0 6 31,905 Q-J Oct. '09. 1% First N a t io n a l--------------- 8,00o[o00 8,220,177 12 12 Q-M Sep 30’09,4 e rst N at E n g le w o o d ___ 150,000 10 10 162, I 18 Q-M Sep 30'09 2% Forem \n Bros B ’ k’ g C o . 1,000,000 542,866 Prlv ate Ba nk F ort D e a rb o rn N ational 1,000,000 8 418,357 8 Q-J Oct. '09, 2 H am ilton N a tio n a l____ 500 000 162,092 5 5 J-J July '09, 2% 8 H ibernian B ’ k ’ g A ss’ n . . 1,500,000 8 807,640 Q-J Oct. '09, 2 K aspar S ta te B a n k .. 200 000 10 121,561 10 J-J July '09, 5 Live S to c k E x cli’ ge N at 1,250,’oou 432,415 — 10 + 2 Q-M Sep 30'09,2% M o n r ie N a tio n a l............. 300,000 4 03,864 4 Q-F Aug 1 ’09, 1 N at B ank o f R e p u b l ic .. 2,000,000 1,134,917 3 8 Q-J Oct. '09, 2 N ational C it y ___________ 1,500,000 509,923 . . . . 3 Q-J Oct. ’09, 1% N ational P r o d u c e _______ 250,000 _ 69,480 _ Q-J Oct. '09, 1 N orth A v e n u e S ta te ___ 200,000 67,612 . . . . Q-J Oct. '09. 1% N orth S ide S tate S a v ’ gs 50,000 G 15,949 C Q-J Oct. '09, 1% N orth W e s t S ta te _______ 200 000 ___ 8.950 _ _ Pra rio N a tio n a l________ 25o|ooo 70,677 _ _ Prairie S ta te .......... ........... 500,000 49,940 8 8 Q-M Sep '09. 1% R a ilw a y E x c h a n g e ____ 250,000 4 Jan '08. 2 12,173 2 S e c u r i t y ________________ 300,000 ____ _ 153,426 __ 200,000 South C h icago S a v in g s . 78,211 0 6 Q-J Oct. ’09, 1% S ta te B a n k o f C h ic a g o .. 1,500,000 1,465,411 9 + 1 Q-J Oct. '0 9 .3 11 S to ck Y a rd s S a v in gs___ 250,000 G 174,589 .1-1) Sep 3 0 '0 9 .2 7 U nion B a n k o f C h ic a g o . 200,000 46,883 6 6 M-N May '0 9 ,3 U n ion S tock Y a rd s S tate 206,000 65,316 0 6 Q-J Oct. '09, 1% A m erican T ru st & S a v 3 . 3,000,000 2,755,558 t)-.l July '09, 2 8 8 Central T ru st Co o . I I I .. 2,000,000 (J-J Oct. '09, 1«4 812,439 7 7 n500,000 Ihlcago Sav B k & T r ___ 89,160 W Q-J Oct. ’09, 1% C h icago T itle & T r u s t . . 5,00Q,000 r 1,373,3 97 Q-J Oct, '09, 1% 6 6 Citizens T ru st & Savings 50,000 A-O Oct. '0 9 ,2 1 3 5,331 Colonial T ru st & Savings 600,000 8 + 2 Q-J Oct. '09. 21* 10 600,021 D rovers T ru s t & Savings 200,000 Q-J Oct. '09, 2 6 97,307 _ _ Q-J Oct. ’00, 11* Farw ell T ru s t C o _______ 1,500,000 215,682 First T ru st & S a v in g s .. 2,000,000 2,990,694 . .. . Q-M Sep 30’09. J G u arantee T ru st & S a v . 200,000 10,254 Incorp orated 1908 V .87,p.ll38 _ Harris T ru s t & S a v in g s . 1,250,000 1,140,070 _ 6 Q-J Oct '09, 2% Illinois T ru t & Savings 6,000,000 8.297,291 10 + 4 10+1 7 Oct, '09. 4 K e n w o o d ir u s t& S a v g s . 200,000 6 0 44.201 Q-J Oct. *09. 1% L a k eV lew T r is ti:S a v g s 200,000 2 39,045 Q-J Oct. '09. 1% M erch ants’ L oa n & T rC o 3,000,000 5,036,100 12 12 Q-J Oct. ’09, 3 M etrop olitan T ru st& S a v 750,000 6 243,819 6 Q-J Sop30'09,l% N orthern T ru st C o _____ 1,500,000 2,123,341 8 8 Q-J 3ct. '09, 2 N orth -W e ste rn T r & S a v . 200,000 6 55,011 6 J-J July '09. 3 P e o p le ’ s T ru st & S a v g s . 200,000 6 100,964 6 Q-J O ct' '09, 2 P u llm an T ru s t & S av s_ 500,000 *8 183,263 8 Q-J O ct. '00, 2 Sheridan T r & S a v Bank 200,000 22,378 Beg. b us .J’ly 12 ’0 9 V.89,p.141 S to c k m e n ’s T ru st & Sav 200,000 2 ,(351 5 0 J-J July '09, 2% Unlo 1 T ru s t C o _________ *1,000,000 1,263,015 8 Q-M Sco 30'00, 2 W estern Trust& S avIngs 1,000,000 201,660 G 6 Q-J Oct. '09. 1% W est Side T r& S a v B a n k 200,000 64,803 Began bust no ssSc pt 5 1908 W o o d la w n T r& S a v B a n k 200,000 Oct. '09. 11* 38,514 6 0 __ _ ln s tU u llo n s ,aSt N o P > d d a y H S ^ ^ “ t l & w e k ? 5 a D ^ e c . 1 S L ^ h D u e 'j i n e 33' ^ ' Sep*.. 2 ; <openlng_ot business) fo r .S ta te k A lso s to c k d iv id e n d o f 33 1 - 3 % . nC aplta l a n d surplus t o k0.,!^acr0®S t*, , ^ D iv id e n d s are paid Q -J, w ith e x tra p a y m e n ts Q -F . r A ) o f date \nrll 29 1900. s B ankers a n d C om m ercia l N ation a l ban ks m erged IQ 1909 u n d e r n am oof C om m ercla ’ N ation a l, w ith $7,0 0 0 ,0 0 0 capital; V . 8 0 . p . 571. z CbpltaP to bo Increased. lncre. THE CHRONICLE tf#Y. 13 1909. Volume ot Business at Stock Exchanges 1271 Bid A s* I n d u s ’ - " and AV.sce . 3 C on sol R u b b e r T ire__100 4 23 19 P r e fe r r e d ___________100 36 D eben tu re 4s 19 51 A & O / 34 TRANSACTIONS AT TH E N EW Y O R K STOCK EX CH AN G E Con Steam ship L ines— D A IL Y . W E E K L Y AND Y E A R L Y . 23 ( oil r 4s 1067 rets J&J / 20 C ora P rod R e f— Seo Stool: E x c list 1334 14 Ecllrocul e C rucible S teel_______100 Stacks. 83*4 8334 &c. State u. s. e P r e f e r r e d . _______100 Week endin'? Bonds. Bonds. Bonds. lclcjp r.p B & T eleph on e Bid Ask C u m berland-E l- C o p p e r .5 *30i() 8 Ha Par value. Shares. Nov. 12 1009. To e D iam ond M atch Co" . 100 127*4 125 85 e A m e r T e le s & C a b le . 100 $224,000 $4,894,500 UO e C entral & So A m e r .1 0 0 113 d u P o n t (E I )d c N e m P o .l0 0 12j 412,940 $38,007,100 Saturday . . . . — . . . 86 225.500 90 2.837.000 50,848,750 C o m m ’l U 1 T el ( N Y ) . 25 110 120 1 009.855 e P r e fe r r e d _________ 10O Monday _______ - — ____ 8SI3 94.000 3.393.500 05 52,247,700 75 lim p & B a y S ta te T e l . 100 eG old 4 H s 1 9 3 6 ..J & D 568.927 Tuesday_____________ 153.500 05.737.000 F ran k lin _______________100 43 50 3.604.500 099,251 E c o n ’ y L t & P (Joliet. Ill) Wednesday ____ - ___ _ 3.598.000 124.500 $75,000 e G old & S to c k T e l e s . 100 105 115 951: _ _ 61,004,050 543,888 1st M r f g 5s 1 9 5 0 .J-D Thursday________ . . . 20 25 3.772.500 89.000 01.268.000 N Y & N J T c le p h — See St k E xc list E lectric B o a t _________ 100 036,871 F r i d a y ________________ 05 e N orth w estern T e lc g . 50 103 115 P r e fe r r e d ___________100 ____ 13 3,400,088'S325,773,200 $22,100,0001 70 $910,500 $75,000 P a cific & A t la n t ic ____ 25 80 E m pire S teel_________ 100 T o t a l ...................... ____ 92 S outhern & A t l a n t i c .. 25 78 93 P r e fe r r e d ___________100 ____ ____ aGeneral C h em ical___ 100 Week ending Nov. 12. Jan. 1 io Nov. 12. Sales at F erry C om p a n ies e P referred_________ 100 ___.5 106*2 New York Stack 91 B & N Y 1st 8s 1 9 1 1 .J-J 90 *7 7*8 G oldfield Consol M in es. 10 1908. 1909. 1908. 1909. Exchange. *l 25 N Y & E R F erry s t k . 100 35 2*4 G old Hill C op per ( w l ) . 1 60 O O 1st 5s 1 92 2...............M-N *1178 12 G reene-C ananea ____ 20 163.015.421 185.137.635 8,710,651 3.460,688 Stocks— No. shares— 97 99 N Y & ll o b 5s M ay ’ 4 6 . J-D G uggenheim E x p lo r ’ n 100 220 230 Par v a lu e --------------- $325,773,200 $794,510,725 810,987,050,350 $14,195,607,825 H o b F y 1st 5s 1946 Al-N 106 107 e lla c k e n s a c k W a te r Co $135,900 8159,150 $8,400 $1,000 Bank shares, par-------95 10J 89 91 N Y & N J 5s 1 9 4 6 . ..J - J Bonds. ____ Hall Signal C o ________ 100 39 4712 5:12 $505,820 10th & 23d Sts F e rry -1 0 0 $693,200 $32,200 $75,000 Government b o n d s ___ 72 8 07 Gl» 1st m t s c 5s 1 9 1 9 .. J-D H avana T o b a c c o C o . . 100 74,793,500 910,500 33,656.900 945,500 15 20 P r e fe r r e d ___________100 *9*2 31 772,820,700 e U nion F erry s t o c k . .1 0 0 1,123,121,600 35,534,500 22,100,000 ltlt. and mtsc. bonds. 95 ____ 07 97 c 1st 5s 1920_______M-N 1st ;c 5s Jun e 1 ’ 2 2 . J-D H eeker-Jon es-Jew ell Mill $848,120,020 Total b o n d s _______ *23,085,500 836,512,200 $1,157,471,700 Short-T erm N otes 1st Gs 1922.......... M-S 10012 108*2 98*8 985,s H er’g-H a ll-M a r, n e w . 100 30 A m Clg ser A 4s ’ l l . . M-S 36 D A IL Y TRAN SACTIONS AT TH E BOSTON AND PH IL A D E L P H IA 9734 97 Ser B 4s Mcli 15 ’ 12 M -S EXCH AN GES. 9978 e 5s 1910_________ M &N A m T el & T el e 5s ’ 1 0 . J-J 100 100*8 097s loois H ou ston OH______ Atlar. Coast L 5s ’ 1 0 . M -S 100 8*4 834 Philadelphia. Boston. . . . . *4012 CIn H am & D 4J4s ’ 0 8 . M-S t . . . . ____ P r e fe r r e d ___________100 9634 97*r H udson R e a lt y _______ 100 100 110 Week ending Col tr e 4s 1913____ J-J ____ Bond 75 lOllg 1013j e InE ersoll-R and c o m .1 0 0 Unlisted Listed Bond Listed Unlisted C C C & St L 5s, Ju n e ’ l l Nov. 12 1909. sales. 96 shares. sales. shares. shares. shares. Erlfi f»s Anr 8 1911 A-O rn ternat’ l B a n k ’ g C o . 100 145 155 Inter!) R T g O s l O l l M -N 10214 103 $15,000 KC R y & L lE h t Cs ’ 1 2 . M-S 7,666 9,598 $12,000 13,568 93*2 99 In te rn a t’ l M er M ar— See S tk Ex list Saturday____________ 14,640 48.300 L ack Steel 5s e 1 9 1 0 .M -S 5,310 17,312 30,541 27.000 99*4 9934 Internation al N ic k e l ..1 0 0 15 J ____ M o n d a y ..___________ 32,528 40,400 Lake Sli&M So 5s ’ 10 F-A 11,076 16,226 90 26,342 58.000 29,831 997s 100*8 92 T u esd a y ________ — P r e fe r r e d ___________100 41.300 Lou & N ash s 5s ’ 10.AI-S 100 100*3 8,138 18,749 119,000 13,803 91*2 9212 Wednesday--------------- 20,224 1st g 5s 1932.......... A& O 56.300 M ich Cent 5s 191 0 ___F-A 8,547 13,309 55.000 42,678 9 10 99/s 100*8 In ternation al S a lt____ 100 T h u rsd ay---------------- 23,926 44,000 Minn & St L g 5s ’ l l . F - A 5,727 49.000 34,063 55 10,331 Friday______ _______ 28,552 99*4 9934 1st g 5s 1 95 1.............A-O / 47 8 12 99<s 1001g Internation al S l i v e r . . 100 N Y C ent 5s 191 0 ____ F-A 71,2131 $251,300 N Y C L ines E q p 5s ’ 10-27 64.60 4.30 99 l o l Total ____________ 149,7011 105,941 S320.0001 55,836 P referred _________ 100 N Y N H & H 5s ’ 10-’ 12 1001-. 102 1st 6s 19 4 8 ________ J -D 109 111 N orf & W est 5s 1910 Al-N lOOls 10012 Internat Sm elt & RefglOO 150 150 Pa R R 5s M ch 15 ’ 10 M -S 100*8 1003s Jones & Lauglilln Steel Co 98'2 99*o St L & San F r g 5s ’ 11 J &J 1st s f g 5s 1 9 3 9 . . Al-N 10 r J 10214 9512 97 68 69 Al! bon d pri c s arc n o w “ and i . t c r . s t ” e x c e p t w here m ark ed “ f . ” 4 14%K n o tcs ’ 12op F& A L ack aw an na S teel___ 100 0978 1001g Lanston M o n o ty p e __ Sou th R y g 5s 1010"..F - A 20 ^l&l? 20 -_ 250 T id ew a ter 6s, 1013, guar IOU4 102 Law yers’ MtEC C o ____ 100 Bid Ask Bid Ask W estln g h ’ c E l& M Cs 1910 100 10U 2 Street R a ilw a y s 125 Strcot K alfw ays 1 Pub S erv C orp N J (Con) N ew Y rk Citv L ord & T a y lo r ________ 100 100 110 23 19 R a p id T ran St R y _ .1 0 0 240 250 B tocck St & Ful E s t k . 100 98 103 P r e fe r r e d ___________100 R ailroad 60 70 1st 5s 1921.......... A-O 100 c I t m tgc 4a 1 0 5 0 .J-J « ---- 2712 2S1 eLorlllard (P) p r e f___ 100 130 Chic Gt W est c o m (w 1) 100 J C H o b & P a terson — 25 40 c Ii’ v & 7th A v e s t k . .1 0 0 140 155 55 57 P referred (w 1)____ 100 M adison Sq G a r d e n .. 100 98 101 80 100 4s e 1049_____ M-N c 2d n itre 5s 1 9 1 4 ..J -J 7S12 79*2 Chic Peo & St L— 2d 6s 1919............... M-N Con 5s 1043— See Stock E x c list ------ M anhattan T ran lt ___ 20 So J Gas E l& T rac 100 132 2*2 Prior lien g 4 >^s’30Al &S / 88 B 'w a y Surf 1st 5s gu 1924 102 101 Gu g 5s 1 0 5 3 .. .M - S 9912 100*2 Con m tg g 5s 1 9 3 0 . J&J / 48 . . . . M onongahcla R C o a l . . 50 o C cn t’l C rosst’ n s t k . .1 0 0 ____ ____ N o H ud Co R y 6s’ 14 J-J 104*2 _ _ 2312 In com e 5s, J u ly 1 9 3 0 .. / ------ 10 P r e fe r re d ___________50 95 ■1st m tge Cs 1 9 2 2 .M-N / 80 Gs 1928___________J-J 101 105*2 Chicago S u b w a y _____ 100 6?g 7*4 M ortgage B on d C o ___ 100 H 2I0 115 60 30 «71i 102 « Con l ’ k N & K R s t k . 100 E x t 5s 1924____ M -N 100 103 N at B ank o f C u ba ____ 100 IO334 104*4 F t W & D on C y std __100 80 90 185 e Chr’ t ’ r & 10th St. stk 100 — P a t C ity co n 6s 3 1 . J-D 117 N at’ l S u r e ty ........... .......100 Kansas C ity Sou 5s A p r 1 ____ C ol& 9th A v e 5s See Stock E ::c list 2d 6s o p t 1 9 1 4 ..A -O 100 1950 (iv 1 — See Stock E x c list ) N evada Coris’d C op p er 5 *•-2733 27*2 D ry D K B & li— *l*s l al 8 So Side El (Chic) See Ch Icago list N at R y s o f M e x ico — See S tk Ex list N ev-U tali Min & S m . 10 e 1st 'told Cs 1 9 3 2 ._J-D 40 60 97*2 100 S yracuse R T 5s ’ 40.51 &S 1021; 105 N o rth ’ n Securities S tu b s . 100 110 e.New Central C oa l___ 20 50 Trent P is 11 5s 1 9 4 3 .J-D 100 102 2 c Scrip 5s 1914____ I-'-A / 42 P itts Bess & L E _______50 *331 35 N Y A ir Brake Cs— See Stk E x c list 72 E ighth A v en u e stock_10C 250 300 U nited R y s o f St L— P r e fe r r e d ____________50 *68 N Y Biscuit Cs 1 91 1. M-S BOO ____ o Scrip 63 1914___ F-A ) 95 100 19 20*4 cR a llroa d Securities C o— 30 45 C om v o t tr c t fs ____ 100 e N ew Y o rk D o c k ____ 100 6684 67 78 81 e 43d & G r St F ’ y s t k . 100 200 220 a P referred _________ 100 42d St M is St N A v e . 100 Gqn 4s 1934— See S tock E x c list Seab oard C o m p a n y — N Y M tgc & S ecu ritv.lO O 225 235 991 o IOU4 UnltLtys San F ran See Stk E x c list ____ ___ N Y T r a n s p o r t a t io n .. 20 *4 5 c 1st m tg c Cs 1 9 1 0 .Al-S 1st p re fe rre d _______100 ____ W ash R y & El C o ____ 100 4512 48 2d Incom e Gs 1 0 1 5 . J-J 1 60 C om & 2d pref— See Bal t E xc list N IIes-B em -P ond c o m .1 0 0 104 108 95 93 In ter-M et— See. Stk Exch aii£c list P r e fe r r e d ___________100 Seab oard A ir L in e— N lplsslng M ines_______ 5 *10°8 107, 88 O 2lo L e x A v & P a v F r>s See Stl: E xc list 87 4s 1951.........................J -I) 98l2 . . . . c O ntario S ilver_______ 10C Coll 5s e x t M ay ’ l l M-S 55 97*>s 9/34 Otis E le v a to r c o m ____ 100 58 M oirop ol St Itv— See Stic Erie list W est P a c 1st 5c ’3 3 . .M -S N in th A v en u e stock __100 160 170 98 100 Cias Securities P r e fe r re d ___________100 Industrial and AFsccl. 95 P ittsbu rgh B r e w in g .. 50 * ____ 23 A d am s E xp g 4s 1947 J-D ; 94 90 100 41 e 1st m tge 5s 190 0.M -N New York P r e fe r r e d ___________50 A h m eek M in ing_______ 25 *200 205 76 Cent U n Gas 5s ’ 2 7 . . J-J 102 103 Consol 0s 1943____ F-A 1 70 P ittsburgh Coal— See Stk E x c list A llia n ce R e a lt y _______ 100 115 120 e S ixth A v en u e s t o c k .l o t 115 130 Con Gas (N Y ) — See Stk E x c list 02 58 P op eM fgC o com (n ew ) 100 A llls-C halm ers Co 1st m tg 00 85 e M utual G as_________ 100 145 155 Sou B ou lov 5s 1045___ J-J E x c list 85 90 Preferred (n e w )____ 100 s f 5s 1936— See Stock 88 92 So F cr 1st 5s 1 9 1 0 .. . A - O New A m sterd am G as— P ratt & W h itn e y p r e f. 100 100 105 A m erican B o o k _______100 150 156 T h ird A v e n u e — See Stock E x c list I s ’ con sol 5s 1 9 4 8 .. J-J 100 101 P rodu cers O U ________ 100 140 ---- A m erican B rass_______100 118 122 80 T a rry W P & M 5s 192;. 1 50 105 138 N Y & E R G a * 1st 5s ’ 44 J-J 103 R e a lty A ssoc (B klyn ) .1 0 0 A m erican C hicle c o m .1 0 0 227 230 85 95 Y k ersS tR R S s 1946 A-O 170 98 Consol 5s 1 9 4 5 . . . J-J 95 R oy a l Bak P o w d c o m .1 0 0 105 P referred . ________ 100 104 107 25 110 28th & 29th Sts 5s 'OCA-0 /n l5 14 N Y & R ich m on d Gas 100 15 .... 30 P r e fe r re d ___________100 107 A m G ra p h op h on o c o m 100 200 250 141 v T w e n ty -th ir d St s t k . 100 145 29 . . . . S afety Car H eat & L t .1 0 0 N Y & W e s tc h c s tc r L ’Ut’g — P r e fe r r e d ___________100 U nion R y 1st 5s 19 r . F -A 100 1011; ---- D eb g 5s 1954 guarJJ-J 102 10312 A m er H a rd w a re_____ 100 13/ 140 Seneca M ining________ 25 60 75 N or Un 1st 5s 1 9 2 7 ..M -N W cs tch cs t 1st 5s '43 J-J 98 100 A m M alting 6s 1 9 1 4 ._J-D 10312 10412 Singer M fg C o________ 100 470 ■186 2Ho 22*4 95 105 e S tandard Gas c o m . . 100 B rooklyn South I & S c o m (w 1 .1 0 0 ) A m er Press A s s o o ’ n . . l 0 0 __ ___ A m Soda F ou n t c o m .1 0 0 52 53 e P referred_________ 100 A tla n A v e n u e R U — h .... Preferred (tv 1)____ 100 93 101 1 102 106 1st 5s 193C________ M -N 3 20 C on 5s g 1 9 3 1 _____ A-O 35 Standard C o rd a ge____ 100 1st p re fe rre d _______100 95 100 28 2 B B & W F- 5s 1 0 3 3 ..A -O 6 1st M g 5s ’31 r e d . A-O 2d preferred_______ 100 5 Other C ities B ro o k ly n C ity S t o c k . 10 191 197 A d ju s t M 5s A p r 1 1931 / J* A m St F ou n d new — See S tk E x list 46 20 Am Gas & Klee c o m . . 50 *45 30 Con 5s— Sec Stk E xcli anpre list Standard C ou pler co m 100 6s 1935...................... A& O 101 104 45 07 102 *43 P r e fe r r e d ___________50 70 72 B k ln llg ts 1st 5s 1041 A-O P r e fe r r e d ___________100 100 D eb 4s 1923.............F & A 16 19 A m er L ight & T r a c t__100 266 268 220 B k ln UUecns Co & Sub— . . . . Standard M illing C o . .1 0 0 A m erican S u r e ty _____ 50 50 55 P r e 'e r r e il___________100 103 106 *4*2 98 101 5 c 1st g 5. '41 oi) '1 0 . J-J P r e fe r r e d ___________100 A m erican T h rea d pref 5 1 83 S6 Bay S tate G as________ 50 Con guar 5s— See Stock E xj list 7« A m T o b a c c o Co c o m . .1 0 0 444 440 1st 5s 1930............... M-N 45 60 Blrigh’ t ’ n (N Y ) Gas W ks B ld y n R a p T ran — See Stk E x c list A m er T y p e fd e rs c o m .1 0 0 Standard Oil o f N J . .1 0 0 705 706 95 85 85 100 98 101 1st g 5s 1938.......... A& O C on ey Isl & U klyn__100 S w ift & C o— Sec B ost Stk E x c list P r e fe r r e d ____ .______100 1st cons g 4s 19 4 8 ..J-.i 80 4 90 B rook lyn U n Gas— SeeStk E x c list 3 1st 5s 1 9 1 0 -1 9 1 4 .. .J - J 100 100*1 A m er W ritin g P a p e r__100 85 0*2 26 Con p 4S 19 5 5 ____ J& J 76 5 Buffalo" C ity Gas s t k . .1 0 0 27 P r e fe r r e d ___________100 T e x a s C o m p a n y ______ 100 190 210 90 100 Urk C & N 0s 1930 J-J 95 100 87 89 1st 5s 1947— See S tock E x c list eT exas & P a cific C o a l. 100 1st s f g 5s’ 19 o p ’ 0 0 . J-J 04 uo 10*2 12 A tlG f& W In d S S L in e s.lO O T itle Ins Co o f N Y . . . 1 0 0 153 1& KInE3 C El 4 s — See Stock E x c list 25 *6I2 6*4 27 Consum ers L H & P o w — P r e fe r r e d ___________100 T on op a h Min (N evada) 1 N assau Elo •p r e f______100 4 5a 1058 J-II 110 7 Col tr g 5s 195 9____ J-J / 63^2 70 T ren ton P otteries co m 1 JO 5s 1044...................... A-O 103 105 C O 60 60 D enver Gas & E le c___ 100 140 145 B a rn ey & Sm ith C a r . . 100 — P referred , n e w ____ 100 1st 4s 1051— See Stock E x j Us, 061; 27 30 95 Gen ;; 5s 1049 o p .M -N T row D ir e c to ry _______ 100 P r e fe r r e d ___________100 107 120 ____ B eth l’ m S teel C orp — See S tk Ex list 90 N W ’ b g& F ln t 1st e x 4 T$s 95 66 69 275 U nion T y p e w rite r com lOO S tein w a y 1st Cs 1 0 2 2 .. J-J 104 106 .... 1st p referred _______ 100 112 115 Essex & H u dson G as-10 0 136 138 Bliss C o m p a n y c o m . . 50 130 Ollier C ities 135 78 2d p referred _______10O 112 115 75 Gas is El Bergen C o __100 B u ffalo Street R y — 101 54 B on d & M tgo G u ar___ 100 270 2771? U nlte(f Bk N ote C o r p . 50 *52 1st consol 5s 1 0 3 1 .F-A 1U612 1001- G r’ t W e st P o w 5s ’4 6 . J-J *52!j 96 P r e fe r r e d ___________50 95 B o rd e n ’s Con d M ilk— 100 119 122 106 109 Del) 63 1917.............A-O 78*4 80 U nited Cigar M frs____ 100 H udson Co G ar_______ 100 133 135 P r e fe r r e d _________ .1 0 0 106 109 91 C olum buy (O) S t lt y _ _ 1 0 0 98 30 27 *7*8 B ritish Col C op p er . _ 5 7*4 e P referred____________100 108 110 P r e fe r r e d ___________100 103*4 10334 8I4 70 68 U nited C o p p e r_______ .1 0 0 B u tte Coalition" M ining 15 *2912 30 8*4 C olum R y c o n 5s— A'eePhi la list 21 40 28 4 P r e fe r r e d ___________100 3 Indianap olis G as______50 25 Casein Co o f A m c o m .1 0 0 C rosst’ wr. 1st 5s ’33 J-D 103 106 ____ 90 U S C a su alty................. 100 215 1st g 5s 1052...........A-O 60 70 80 P r e fe r r e d ___________100 74 76 Jackson Gas 5s g ’ 3 7 . A-O ____ e Conn R y & LtE com .lO C 50 U S E n v e lo p e c o m ___ 100 95 C asualty Co o f A m e r . . 100 125 140 80 85 e L a cled e G as___ ______t o o 109*8 109*4 C elluloid C o....................100 131 133 e Preferred--------------- 10 P r e fe r r e d ___________100 115 118 1st is ref 4 — See Stk E xc list 98 U S F in ish in g............... 100 125 13S 9 c P referred _________ 100 6 94 Cent F irew orks c o m . .1 0 0 G rand R a pid s R y ____ 100 10512 107*2 M adison Gas 6s 1 9 2 6 .A-O 103 108 P r e fe r r e d ___________100 119 116 65 65 P r e fe r r e d ---------------- 100 — 8S12 N ew ark Gas 6s 1 0 4 4 ..Q -J 130 P r e fe r r e d ___________100 U S Steel C o rp o ra tio n — 2*4 3 Central F o u n d r y ______100 r LouIsV St 5s 1 9 3 0 .. J i:J 106L 107 11434 1151* 13 15 Col tr a f 5s ’ 51 o p t ’ l l N ew ark C onsol G as. . 100 100 101 P r o f c r r c d ___________100 L yn n & Ilos 1st 5s ’ 24 J -I) 105*2 107 72 68 Col tr s f 5s ’ 51 n o t o p t 114*^ U6>« e C on g 5s 1 9 4 3 .. . J - D D e b Cs 1 9 1 0 o p ’ 01 - Al-N 106 107 217g 25 e N ow Orl lty s is L g t.lO d 60 N o H u d son L H & P o w — U S T it Gu & In d e m ._ 1 0 C C h cscbrou gh M fg C o . .1 0 0 650 580 591." 60 c P referred _________ 10. 5 s 1938_____ ______ A&O 62*2 6712 eU tah C op per Co— See Stk E x c list 110 C ity In v e stin g C o ____ 100 G en M g 4 Scei- tk Ex list P acific Gas & E , c o m .lO o 98 103 .... .... 66 W a te rb u ry Co c o m ___ 100 66 P r e fe r r e d ___________10C 108 ____ _ *’ ub Serv C orp o f N J .1 0 0 1 0 6 P r e fe r r e d ___________100 i- 89 91 eClnllln (H B) c o m ___ 100 102 P r e fe r r e d ___________10C ____ _ _ T r c t fs 2 % to 6 % p o r p c t 100 1001; Pat & Pas G a s & K lc c .lo d ____ W estch ester & B r o n x T it 93 96 88 c i s t p re fe rre d _____ 10C 60 N orth Jersey S t R y .1 0 0 155 *158 e C on g 5s 1 9 1 9 ...A I -S 101 102*2 92 c2(l p re fe rre d _______ 100 & M tgc G u a r_______106 S01o St Joseph Gas 5s 1 9 3 7 .J-J 79 1st 4s 1943.......... :,’. -N 78 95 W estln g h ’ so A ir B r a k e . 50 * ___ 143 03 Col & H o ck Coal & I pt 100 97 7 4 W estern P o w e r c o m . 10b Cons T r a c t Of N J j .l O u 77 95 W est El & M fg 5s— SeeStk E x c *ut 42 1st g 5s 1017.............. 1-J n 90 39 1st 5s 1033______ -D 105 U>6 P r e fe r r e d ___________ib b 61 W h ite K n o o M in____ 10 * Col tr 0s O ct 105C...T-J n 93 104 69 . . ew ’.’ rP a s R y 5s ‘30 ..- j 108 n o 25 30 P referred . . . . . . . . . 10 * ____ Consol Car H e a tin g ___ 10C ____ . . . . W o rth in g P u m p p r e f . 100 10« 110 Cons R y L g t& R c fr ig .lO O r Share. i: E x -rig h tc. I Lasix. c Sells o n S tk . E x ., b u t n o t v e r y r.ctlvo. { Elat p rice , n N ora . s S a e p r ice . r K x -d lv . v K x-righ ia. e Now •took.’ E le ctric C om pa n ies C h icago Edis m C o— See C hlcag o lls t < K in g s Co El L & P Co 100 132 133 • N arra gan (P rov) El C o . 50 *91*2 93 N Y & Q El L & P o w C o .lO O 45 P referred _________ 100 72 __ U nited E lec o i N J . . . 1 0 0 75 1st g 4s 1019............. J-D 79*2 80*2 Outside Securities __ .... BOSTON STOGK EXCHANGE—Stock Record, Daily, Weekly and I early SHARE PRICES—-NOT PER CEN TU M PRICES SaturclaNO'j. 0. Monday Nov. 8. Tuesday Nov. 9. Wednesday Nov. 10. Tfursdai Nov. 11. F Tldait Noo. 12. Sales ol the Week Shades STOCKS B O S T O N ST O C K EXCHANGE Range since Jan. 1 1909. H iyhesl R ailroads 98 Jan 13 125% O ct 2 46 A tch T o p & Santa F c .1 0 0 119*2 120 * 1191s 110% *11918 1193s *1193s 119% 1191* 1191* *11938 11958 200 D o p r e f____________ 100 ]004j Jar. 15 100 .I'm; 7 1011 " 1051" * 1011* 1051 *1041* 1051* *1041" 10512 105 105 *104% 105 127 iloston A A lb a n y ____ 100 225 Jan 4 239% A p r 8 228 228 228 ' 228 228 228 *228 229 ‘ 228 228 280 230 114 B oston E le v a te d _____ 100 124i4 Jar. 7 132% A p r 22 1301* 131 131 131 130 1303.! 13012 131 <12912 131 *12934 131 *229 O ct’09 B oston A L o w e ll______ 100 224 Jan 12 235 Mch 19 Last Sale 228 <229 *229 ___ <•228 153 N o v 4 150 150 Boston A M aine______ 100 1321* .Tan 15— 1*53 " 152% 1521" * ____ 152 * ____151 lo 153 Last Sale 152 July’09 D o p ro f____________ 100 151 ‘ F eb 26 100 A p r 3 B oston & U roviden ce.lO O 295 Sep 14 301 •Jan 9 Last Sale 300 N ov’09 *299 *299 *299 *299 22 F eb 3 1134 Jan 2 B oston S uburban El C o s. Last Sale 18l2 O ct’09 181" 1812 I 8I2 *_ - 18* 2 71* N o v 4 664 D o p r e t________________ 60i2 Jan 5 77's 77>s *77 ____ 771*8 77>s *771*3 771s *77* 77% 77 ls 1*% > c 1 ■ 112 Last Sale 11 O ct’09 B o s t o n * W o r E lec C o s __ 10 M aylo 1212 12l2 1212 * .. 1212 7514 O ct 7 52 52 Jan 6 D o p re t________________ ■ ■ ____ 52 * ____ 52* 62 *52* 52 *50* 52 *50 62 Chic June R y & U S Y -1 0 0 113 .’ an 25 102 J ’ m;23 155 155 D o pret____________ 100 115 N o v 6 123 J ’ly 6 ♦117 118 *117* 118* U7% 11712 117 117 * 115’ 117 Con & M ont, Class 4 ..1 0 0 170 Jan 20 173 Men 5 Last Sale 170 July'09 Conn & Pass R lv p r e t .100 139 Jan 2 142l2 Mcli 26 Last Sale 139l2 June'09 Last Sale 270 O ct’09 C on n ecticu t R iv e r___ 100 267 Jan 15 275 M ch 10 33 F itch bu rg. pret_______ 100 128i2 N o v 11 130 Feb 5 ____ 12834 129 12S12 1281* *128 129 129 *129 130 *131 132 100% N o v G 215 Ga R y A E le ctric____ 100 100 75 Jan 100 lOOlt 1001.1 lOOlj *10018 IOOI4 IOOI4 IOOI4 *100 IOOI4 100 8X% Sep 15 3 79 Jan 14 SO 86 86 SO D o pret____________ 100 S812 *86 8812 *861" 8712 Last Sale 195 Oct'09 Maine C en tral________ 100 195 O ct 11 jU 5uJan 13 10 O ct 1 11% Jan 12 171* 171* 1*209 Mass E lectric C os____ 100 18 1812 I 8I4 183S 173.( I 8I4 18 I 8I4 1811 181c 84 N o v 3 58i2 Jan 15 402 81 8212 D o p r e t____________ 100 8312 83% 83 84 83 83 8112 83-1, 154* 1*5 *5** 1,430 N Y N H A H a rtfo rd -1 0 0 h 163 N o v 8 174% J ’n e l l 154% 155 153 155 154 155 1G17S /il53 156 10U2 N orthern N I I ................ 100 146 F eb 4 149 A u g 9 Last Sale 149 Aug’09 N orw ich A W o r p rcI-1 0 0 200 A pr 13 215 Sep 2 O ct’09 Last Sale 210 Old C o lo n y ___________ 109 191 Jan 6 200i8 J an ’ 8 *195 ____ *195 ____ * ____195 195 40 J ’ ne 5 26 A pr 27 O ct’09 R u tland pret______ . .1 0 0 Last Sale 34 90% Mch 2 117% A u g 16 74 Seattle E le ctric_______ 100 .. 118 11634 110% 116 11634 116 1101* *iio% I I 6I2 117 97i2 A p r 6 107 A u g 3 10 -10312 D o pret....................... 100 1011" 104 1031* 1031* 104 1031s 642 U nion P a cific _________100 zl727g F eb 26 218% A u g 1U 199% 200*s *20012 20034 *2007s 2011s 2021; 20212 2021% 2021 " 20111 202 93i2 Mch 2 117*4 A u g 16 100 D o p ret_____________100 *1031,s 104% *10212 10312 * 101~8 10278 *1021.i 10314 10234 1023.) *1021S 10318 5 V erm on t A M ass____ 100 105 Jan 20 175 A p i 17 108 168 08% A p r 23 *92 ____ 88 Jan 2 93 136 W est End S t .....................50 921* 921* *92 9212 93 92% 021' *4)21" 25 D o p ret______________50 102 O ct 12 112 A p r 27 105 105 *102 10312 10312 10312 1030 1031* 104 *104 “ W ore N ash A R o c h __100 144 Mch 12 140 MaylO Last Sale 145 July’09 A liscellancous 60*4 A u g 12 4834 483.1 3314 Jan 2 48% 4SV| 967 Am er Agrlcul C h em __100 48 48 481" 4S34 4838 49 48 48 1013.1 10134 1011* 1013.) 295 94 Jan 18 105 J 'ly 23 D o p re t____________ 100 102 102 io n * 102 102 102 101 102 978 Feb 23 S3.) 834 8% 83.i 834 6% Jan 20 538 Am er Pneu S e r v i c e .. 50 S 3.81; 812 834 8% 812 812 22% N o v 1 2214 22 22% 1,315 2134 2214 22 13 Jan 13 D o p re t______________50 213,s 2134 213.1 22 * 2114 22 132 1323g 128 13112 I 29I4 12934 2,844 Am er Sugar R e lin ___ 100 121*2 J ’ ne22 136 A p r 8 1321,1 133 *13212 1331 *13212 1331 1241* 125 611 125 126 D o p r e t ......................100 120 J ’nc26 131 A p r 13 1201* 127 12G1* 127 127 127 127 127 110 1411s 1401" 11034 1401* 14H4 140% I 4H4 5,421 Am er T elep A T e le g -.lO O 125*4 Feb 1 145% Sep 29 141 1411.1 140 141 401g A u g 27 121 Am erican W o o le n ____ 100 34 “ 3414 *34 35 27*2 Feb I *341" 35 *34 *311* 35t2 3412 35 93** Jan 15 108 .Erie 11 682 D o pret____________ 100 1031.4 103 1031 103 103*1 1023.1 103% 103 103 1031 103U 1031 8% O ct 26 3-34 Apr 1 Last Sale 8% *71» Boston L a n d ___________ 10 81* *71, 81 O ct’09 81 *7*2 812' *7*2 *135 C u m b T e le p A T e le g .1 0 0 125 Jan 25 147% N o v 9 140 140 *145 147% 1471* 1471 *110 148 *1471* 14812 146 " 146 60% O ct 5 1S*2 Jan 11 10 d o m in io n Ir o r A S t e e l .. *5834 593.i *573.| 581 *5834 591* *59 59"s 583.1 58% *59'4 60 137g J ’ ne 9 7 Jan 1 101* 1133 1034 I l l 2 11% m 2 IU 4 11% 4,965 East B oston r -h d 1038 1012 *1014 1034 150 Edison E lec L urn___ 100 245 Jan 2 260 A p r 7 250 250 250 250 250 250 250 250 250 250 250 72 General E le c tr ic _____ 100 L503g Feb 24 173 A u g ? 162 102 102 162 102 162 163 102 70% N o v 8 856 M assachusettsG asC os 100 69 Jan 5 751* 7534 X75 75 7033 701 *76* 76 7512 76ls 7*6*’ 76 97 A pr 23 642 D o p ret____________ 100 92 93 93 89 Jan 5 93 93 93 93 93 93 04 *93 17 M crgenthalcr L in o ___ 100 202*2 Mch 12 22U F eb 17 21512 2151* 216 210 *215 2161 *216 2161* *216* *215 3% O ct 15 10 M exican T e le p h o n e .. 10 *3 3I4 3 *3* 2 Jan 5 *3 31.1 *3 3% *3 314 " 3 4 *3 *1 997 N E C otton Y a rn ____ 100 122 68 A p r 24 125 O ct 20 122 12312 12158 12212 122 124% 12412 12312 124 123 1231 223 1141* 115 D o p ret____________ 100 11414 115 93 Jan 7 118 O ct 10 115 115 115 115 * ___ 115 115 115 13478 13478 118 N E T e le p h o n e _______ 100 126*4 Jan 5 189 Sep 20 134 131% 13434 13434 134 13414 134 135 135 *134 O ct’09 75 Feb 6 108 O ct 13 Last Sale 102 P acific Coast P o w e r . . 100 *100 105 *100 105 *100 105 100 105 193 19318 1911* 19318 1911* 19112 1911* 193 *1911.1 19212 *104 Pullm an C o ___________100 168 Jan 30 199 A u g 7 *1911" 194 12 Sep 29 41 Reece B u t t o n - H o le .. 10 * 1112 9-% Jan H *111* . . . 11 111 ♦ 111* *1114 1112 111* 111* 468 Sw ift A C o____________ 100 100 Jan 9 114% A u g 0 10S5s 10834 1081* 108% 108i2 108% 10812 10834 10812 1083s 1081" 109 28% N o v 8 20l2 M ay21 1,170 T o rrln gto n . Class A . . 25 *2712 30 28 28 28t* 28 28 28 27 28ls *27 35 N o v 8 *27 ... 24*4 Jan 29 16 D o p r e f______________25 *27 35 *27 ... 35 *27 *27 2 Apr 2 1 Jan 26 O ct’09 U nion C op L ’d A M ’ g . 25 Last Sale 112 14434 146 1441* 145U 145 145l2 145% 1455s *425 U nited F ru it__________ 100 126*2 Jan 13 107 Sep 20 14434 145 145 145 71 O ct 7 6914 6934 2,465 Un Shoe M ach C o r p . . 25 r54 M ch 19 C938 69i8 691* 691* 6034 OOU 0934 09 6934 7014 31% Sep 21 28*2 Jan 11 412 D o p r e f______________25 30 30 30 3018 30 301* 30i2 3012 3012 30 *30 31 947g O ct 4 41«4 F eb 24 S93.) 0U4 89 893,i 9034 913s 8918 0014 89U 9014 19,413 U S Steel C o rp _______ 100 9012 01% D o p r e f____________ 100 107 F eb 23 131 O et 4 58 12038 12633 1251* 12512 120 126 *1261.1 12634 1263.1 1203.1 12012 127 12% M ay 5 6*gJan 11 1034 11 531 W est T e le p A T e le g -.lO O 11 11 11 11 1 1H2 11*8 1138 *1012 1134 90 J ’ly 15 76 M ch 3 D o p r e f____________ 100 13 00 00 *88 90 89 89 *S8 *88 8j 80 90 *88 Alining 5 10% Mav2S 478 O ct 28 41" 305 A dventure C o n _______ 25 41* *4 5 *4% *4 5 5% 5 5 6 62 O ct 1 34 Jan 29 5934 591" 591" *57 975 A llouez_________________ 25 58 59 69!" 58 59 59 68 68 89% N ov 8 05 F eb 26 88% 88% 89% 873g 88% 89% ■15,100 A m algam ated C op per 100 87% S93| 87^8 891" 86% 871* 88'g N o v £ 23 Mch27 3734 3,780 Am Z in c Lead A S m _ . 25 37% 37% 3834 38% 383.) 37% 38% 3733 37% 37 38 51% J ’ lie 4 38!g F eb 26 70 A n a c o n d a ______________25 4918 491 s 4914 49% 48% Sep 29 30 F eb 20 44% 45 44 44% 3,105 Arizona C o m m e r c ia l.. 25 45 45% 45 45 45 ” 45% 45 45 1 F eb 11 A r n o ld _________________ 25 .99 Last Sale .00 N ov’09 45 F e b 17 .99 * .75 .99 < .75 ♦ .75 .99 *.75 18 Jan 2 11% 8 J ’ly lO 111* 11 11 10% 10% 11% 11*4 11 10% n 11*4 1*057 A tlantic _______________25 1,200 B onanza (D ev C o ) ___ 10 .60 .00 .00 .60 .00 .60 * .55 .60 .45 Feb 10 .80 M ay 7 *.6 0 .05 ♦ .60 ]()34 Mch 15 1G% 7,237 B ostonC on C A G (rets) £1 17% M ay 8 15% 15% 10% 14% 1434 *14% 14*% 14% 111" * 141" 15 22% Jan 2 21% I , 515 B osA C orbC op ASllM g 213, 21% 21% 21% 21% 21% 171g J ’ly 14 21 2138 21-!s 21 21 30% N o v 8 30 9,937 B u tts C o a litio n _______15 297S 301" 29% 21% F eb 24 29% 291" 29% 2978 29% 3034 29-3 30% 742 Calum et A A r iz o n a .. 10 100 101 101% 96% M ay 3 119 uan 4 100% 102 101 1003.1 100% 101 Kill* 101% 102 10 Calum et A Ile e la ____ 25 ____ 660 ____ 665 685 Feb 23 693 A u g 13 000 605 N 005 665 C65 ♦600 605 14% Sep 3 1,375 C entennial______________25 20 Feb 1 38 397S 39% 38% 38% 38 37% 38138% 40 38 381* 35 *an 15 3,100 Cons M crcur G o ld ____ .10 J ’ lie 26 .15 .16 .10 *.11 .11 .11 * ,10 .15 .10 + .10 ♦ .15 .17 86% A u g 12 80% 1.12S C opper Range Con Co 100 8034 08% Feb 26 80% 803., 8034 8034 80% 81 805.1 80-3 81 81% 12 Mch 19 840 D a ly -W e s t......................... 20 8 7*2 May2s 7% *734 73 J 73., 7% 8 73i 7=4 734 7% 10% A p r 20 71* Feb 1 12% 4,005 East B u tte C op M i n .. 10 12 12 113, 12 11% 12 12 12 12 11% 12 2 ’i»J a n 16 13g 1 " O ct 29 500 Elm R iv e r______________ 12 13s *1% It* 13,1 *1% 1 ,1 3 1% *138 1% 1% 13g 19 “ A u g 3 13 Feb 25 920 F r a n k lin _____________ 25 1G i 10% 163, 1/ 7, 16% 17 *16% 17 17 17 17 10% N o v 8 7% J ’noK 5 10*3 10,569 G iroux C o n so lid a te d . 9% 10 97g 10% 97,s 10% 9% 9% 10 10% 10% 90 F eb 2t J1U Jan 335 G ranby C o n s o lid a te d . 100 100 99 99 991" 98 98 98 98 97 *98 99% 97 12% Jan 9 F eb 26 12 10,028 Greene C ananea_____ 20 115,1 11% 1134 12% 11% 12 12% 12 12% 11*% 11% 8*4 Sep I' 1 14% N o v 12 113, 11% 525 H an cock C on solidated 25 14% 12 11% 11% 11% 11!" *111., 12 13% 7% A u g 9 6 J ’ ly 21 63., 1,840 H elvetia C op p er______-2 5 63.t 0% 6"g 01" 0*8 033 0% 6% 0 8 6% *> 64 -3 33i.| F e b It 22lg A pr 27 2> < 3S 5,195 (sic Iloy ale (C o p p e r ). 25 253., 2434 25 25-% 25 25 24% 253, 25 25^8 257,1 9% A u g 19 712 Apr 30 1,231 Kerr L a k e ___________ 8->s 878 *8*3 8% 8% 8% 8 8% s*3 8% 83.) 87s 4134 N o v 11 10 Jan 30 41% 34,144 Lake C o p p e r_____ . . . 25 393,1 37% 39 3934 41% 38 38 40% 37 37% 87% 10% F eb 10 10% J ’ ly lb 153, 153g 3,239 La Salle C o p p e r______25 1434 15 U34 15 15 15% 15% 15% 15% 1514 18% M ay28 414 M ch 13 51" SI* 534 6 0 51" 514 745 Mass C on sol____________ 25 6% *5% 5% 5% 5% 10 J ’ ly 2 Oct’09 .65 * 50 .05 < .50 M a y flo w e r _____________ 25 210 A p r 29 .05 :■ .50 .65 * .50 Las Sale 51,i 6% MaylO 3*2 A pr 10 53g *5 5 *5 5% *259 M exico Cons M A S - - 10 5 5% 5*4 *5 *5 5*4 5*4 18 N o v 12 12% Feb 20 17% 17% 18 14,264 M iami C o p p e r_______ _ 5 17% 173, *17% 17% 17% 17% 17% 17*3 17% 13% M ob 4 5.% O ct 15 0U 6% 500 M ic h ig a n ____ ____ ,___ 25 61" 6% 634 0% 0% 0% 6% 6% 6*2 0% 70% Jan 8 00 5978 00 61 232 M ohaw k________________ 25 j 57*2 J 'ly 10 co *60 60% 60% *60 60 60 .40 A p r 0 19 F eb 11 .20 N ov’09 M ontana C onso C A C 10 277g N o v 0 101* F eb 20 ’ 273, 13*154 N evada C o n s o lid a te d . 5 26% 26'g 27 27% 271* 27% 277,1 273s 27% 2733 27% 13 Sep 21 9% O ct 8 10% 1,055 Nlplsslng M in e s ______ 5 10% 11 10% 10% 10% 10% 10% 107S 10% 103, 107s 86% Jan _ £ > S G0% <7 5934 60% 69% 61% 15,617 N orth B u tte___________ 15 47*4 J ’ ly 10 59% 00% 59% 60 59% 693., ) 17g A u g 9 412 M ch 22 8*., I I , 8 N orth330a ke ($8 p a i d ) . 25 L 7 7 7 7 7 7% 7 8% 7% 7 .85 N o v 0 .40 J ’ nc21 .85 .80 .85 :: .85 * .85 * ___ 5,113 Old C o lo n y ____________ 25 .60 £0 69 A u g 11 47*4 F eb 24 5334 54% l L'to 5210 52 621" 52 53 531* 531" 63 53 971 Old D o m in io n __________25 122 F eb 26 100 O ct 4 156 156 158 167 156 156 150 157 465 O s c e o l a _______________25 157 157 158 158 30% J ’1 10 1c 26 F eb 2S34 29 29 28% 28% *28% 29% 28*4 628 P a rrott (Sliver A Cop) 10 29 29 281* 281" 99 Jail 4 84 N o v 0 81 80 85 801" 87 85 87 85 85 88 377 Q u in cy ________________ 25 87 87 1% O ct 12 27s Jan 8 1% *1% 13, 1% 2 l.% *11" 1% 1% 730 Santa F e (G old A Cop) 10 1*4 1*4 1% 131* F eb 26 177gJan 4 1534 15% 15<3 157g 10 3,514 S h a n n o n _____________ 10 10% 15% 10 16 157g 10 10 34 Jan ' 00% N o v 11 61% 62 62% 65 04% 65 13,008 S u p erior____ ___________ 25 641" 00% 01'3 05*3 *627g 03% 13% N o v 6 18% May28 13% 13% 13114 13% 121" 13% 2,370 Superior A B o sto n Min 10 13% 13% 13% 131" 13% 12% A p r 27 18% J ’ly 16% 107g 103,i 10% 1612 16 16!., 1,817 S u p e rlo rA P ltts C o p p . 10 10 16% 16 16% 16% 66 00 62 J 'ly 16 00 F eb 25 06 G5 62% 00 65 00 06 *G5 149 T a m a r a c k ______________25 66 *11 10 O ct 2: 11 17% J an 23 11 11 111" 11 25 11% 11% 11 11 739 T r in ity .................. 113g IDs 9 7% N o v 4 *81* 10% Jan U nited C o p p e r_______100 " 37% 38 28 Jan 1‘. 3S% O ct 18 37% 371 37% 37% 37% 38% 38 37% 88 38 2*054 U nited StatesC oalA O II 25 3538 55 55 551.1 553$ 5,601 U S Sm elt R ef A M in . 50 541" 653S 5412 51% 55 39 F eb 25 61) Sep 21 55 55 5210 521" 623, 52 52*3 ()«% 52 5‘ 2 521" 62% £23, 1,717 54 O et 4 44 Jan D o p re f______________50 52% 434 419 473 4% 43, 43, 6% Jan 20 *4% 5 4% 4 O ct 29 4% 4% 345 iJtah -A pex M in in g___ 4'3 44 44 4U) 44J, 44 44 44 441" 443, 443, 48% A u g U 44% 41% 1,731 U tah C o n so lid a te d ___ 37% Feb 24 ♦4U38 50 62% 523, 51% 51% 51 64 A u g 1 ’. 60% 501,1 51% 62% 53 39% F eb 26 940 Utah C opper C o . . . __10 31" 31" *3 31" 31* *3 5% M ay 0 3% 3% 3% *3 100 V ictoria 3 O ct 28 3% 3'8 8% Sep 20 *7 735 * 6^3 7 61" *7 *7 4% A pr 30 160 W i n o n a ________________ 25 0% 7% 7% *G78 7*2 ♦____ 150 <145 150 150 150 148 148 148 !< 148 150 139 M ch is 168 A u g 12 30 W olverin e . . 23? Jan 16 2% 2% *21* 23ft *212 O ct 2% 965 W y a n d o t ______________ 25' 2% 2% e tseiore p a y 't or aiscss'ts can ed m 1 9 0 J . * m u anu asxeu prices, a N ow stocu e As.Tt paid, o E x -s to c k d iv . /> K x-rlgu ts. c __ Range tor P etious Tear (1908) 07% Feb 8::l* Mel 18U* Jan il2 U " Dec 2001,1 F eb 111 O ct 130 F eb 284 Jan 9 Melt 45 Jan 81* N ov 47% D ec 120 Jan 103 Jan 103 D ec 133% Sep 244 Jan 117 Jan 07 A p r XI O ct 193 N ov 8% Jan 40 Jan 128 Jan 140 Jue 200 A pr 175 Jan :’5 Jan 70 F eb 88% Jan 110% Mch 78% Apr 150 Jan 76 Jan 90 Jan 138 J ’ly 101% D ec 104% DCC 330 D ec 140 Jan 228 D ec 149 Jan 166 Jan 301 N o v 13 M ch (8 N o v 17 Jan 60% Jan 161% D ec 120% Dec165 Men 138 A p r 203 D ec 133 N o v 80 Dec85 Dec193 N ov 13% N ov 64 N ov 101 N o 145 Apt 205 F eb 1961.1 D ec 34 D ec 95 D ec j 02 D ec 185*3 N ov 97% N ov 161 N ov 91% Sep j 10 D eo 140 Men 13 Jan 77 Mch 4 Feb 9% Feb 99% Jan 100 Feb 99 Jau 10 Jan 77% F eb 3 Jan 00% J M il 14% Jan 4% Mch 201 Mch 111 Jan 49 Mch 77 Jan 192 A pr 1 Mch 40 Mch 75 Mch 105 Jan 61% J ’1 1c 147 Jan 9 A pr 88% Jun 20 Jail 23 May 1% Mch 114% Jan 38% Jan 2478 Jan 20 Jan 87% Jan 4 Feb 69 Jan 35 N ov 06 N ov 12 D ec 23 D ec 137% N ov 132 N ov 132% N ov 323s D ec 00% N ov 4% D ec 128 N ov 21% D ec 8% N ov 253 N ov 102 D ec 60 D ec 90 N ov 215 N ov 3 O ct 78 N o v 93 D ec 128 N o v 79 D ec 174% N ov 101* N ov 108% J ’ly 24 O ct 26% D ec 2% Jan 148 J ’ly 0238 N ov 30 N ov 5834 N ov 114 N ov 9% N ov 80% D ec 1% Feb 24 A pr 46 Feb 20% Jan 28 F eb 14 Jan .40 Keb 8 Apr .25 O ct 10% Apr 11% A p r 15% Jan 93 F eb 505 Mch 2 1 Feb .25 Mcli 65% Feb 7 Jan 8% D ec .99 Mcli 0% Apr 12% A ug 41% N ov 88% N ov 30 J ’ne 53 N ov 4038 D ec .90 A u g 19% N ov .1 5 N ov 18% N ov 26 N ov 30 A ug 130 A u g 700 .Jan 36% N ov .46 J ’ ne 83% N ov 1178 N ov 10 D ec 23, N ov 19% N ov bb Jan 078 Jan 110 J ’ly 13% A u g 1734 F eb 26% Jan JO Sep 12*4 Jan 2% Mch .25 Jan 3% D ec x% Sep 7% Feb 45 F eb .25 D ec 8% Jan 24% D eo 17% Jan 8% A u g .76 J ’ly 8 Jan 15% D ec 15% N ov 73 N ov 1% Jail 70% N ov 403j F eb e,9% N ov .50 Jail 28 Jan 77 Feb 10% Jan 77 Feb 13,1 A pr 934 F eb 14 A pr J ’lv 60% Deo 1351* D ec 31% D ec 100 A u g 3% N ov 19% N ov 36% N ov *1*4% O ct 60 Mch 12% F eb 4% Mch 9 Mch 28 Mch 67 F eb 433 Sep 29% Jan 2S78 May 2% A pr 4% Jan 115% Jan .50 M i’ *20% N ov - 8 N ov 2o A u g 16% N ov 3t% N ov 4678 N ov 41 N ov 7 N ov 60 A u g £3 N o v 5 Nov r7%Nov 155 Nov :>% O ct E x -d tv . and rights. HON U S B O S T O N ST O C K K X O H ’ G E W e ek E nding N o v 12 W eek’ s F.anye or Last Sale P rice F r id a y N o v 12 A m T e lo p A T e l c o U t r 48.1920 J . J C o n v e r tib le 4 s .................. 1936 M-S A m vVnt Paner 1 st a 15s a; 1919 j . j A r iz Com Cop 1st c o n v Os 1918 M .s A ton T op A S Fe g e n g 4 s .. 1 99 5'A -O A d ju s tm e n t g 4 s .....r l y 1995 N ov S t a m p e d ................J ’ ly 1995 M-N 50-year c o n v 4 s ..............1955 J-D 10-year c o n v 5 s ..............1917 J -D A t l Q uit J b W I B S l a n e s 5 s .’ 69 J-J B oston E le c t L c o n s o l 6s . 1924 M.S B oston A L o w e ll 4 s ............ 1910 J - J B oston c» M aine 4*113.......... 1944 J -J B oston T erm in al 1st 3*as.1947 F-A Bur A M o R lv c o n s O s ___ 1918 J - J S in k in g fu n d 4 s ................1910 J -J B u tte A B oston 1st O s....1 9 1 « A-O Oedar Hap A M o U 1st 7 s .1910 M-N 2d 7 s ..................................... 1909 J-D C ent V erm t 1 s t g 4 s ..M a y l 9 2 0 Q -F 0 B A Q Iow a D iv 1st 5 s .1919 A-O Iow a D iv 1st 4 s .............1 9 1 9 A-O D e ben tu re 6s ..................... 1913 M-N D en ver E x to n 4 s .. . . . . . . 1 9 2 2 F-A N obraska E x tol) 4 s ........1927 M-N B A S VV s t 4 s................... 1921 M-S Illin ois D iv 3 *as................1949 J -J J o in t bonds See Q t N orth ern Ohio a o Ity A Stic Yus 5s .1916 J-J C oll tru st r e fu n d in g g 4S1940 A-O Ch M il A S t P D u b 1) O s.. 1920 J -J Ch M A St P W is V d iv 0 s l9 2 0 J . J Chic so N o M ien 1st gu 5 s . l 9 3 i M-N Chic A \Y M ich gen 6s . . . . 1921 J -D C on cord A M on t con s 4 s .. 1920 J-D Conn A Pass It 1st g 4 s . .. 1943 A-O C u rren t B lv er 1st 6s ......... 1927 A-O D et G r Kan & VV 1st 4 s . .. 1940 A-O D om inion Coal 1st s f 5 s .. 1910 M-N BTtonburg 4 s ......................... 1915 M-8 4 s .......................................... 1927 M-S Frem t E lk A M o V 1st O s..1933 A-O U nstam ped 1st Os........... 1933 A-O Q t N or O B A Q c o ll tr 4s 1921 J -J R eg is te re d 4 s ..................... 1921 Q -J I B on d s \ Sold Boston Bond Record Nov. 13 1909.: 137 3 BONDS R ange Since 1 BO STON STOCK E X C H ’G E W kkk E nding N o v 12 Jan u ary 1 i ^•2 £ < 0 P rice Frida-)) N ov 12 W eek’ s R ange o r Last Sale 5 f ^3 : g 0 *3< L ow H ig h H ig h B ia A sk Low H ig h .Vo L ow H ig h A sk L ow B ia 9134 Sale 91% 92*1, 01 91 *a 96*4 O ct ’0 9 ___ 100*4 101 ......... 100 101 , N on-eon v e r t de ben o s . ..1 0 1 3 A-O 100 *4......... 1»1 104 *s Sale 104*4 104 V 80 92*4 107*4 101 1 100*8 101*8 83 M ar’ Oti 83 83 1 A . r ’ 0 8 ...... ....................... p ..................... 117 190 Sep 09 . . . . 130 190 1 97 90*8 97*8 96*5O c t ’ 00 . . . 94 1 99*% 101*8 K an C F t S A G u ll e xt 6s .. 1 9 11 J-D ..................... 100 Sep ’09 99»s 99*>8 1 0 0 ‘s 9 9 sa . . . 100 101 94 O ct ’ 09 92 95 92**8 94*8 K a n C F t S co tt A M Os. . . . 1928 M-N 1 1 8 78 3alfc 1 1 8 7a 118 7» 16 116*4 120*4 93°s N o v ’ 09 K a n C M A B gen 4 s ........... 1934 M- S 92 95 93 94 *8 1 90 94 9 3 * 4 ......... 93*4 93*4 A s s e n te d in co m e 5 s ........1934 M-S 121°* O ct ’ 09 102*8 121*8 l'l 86*8 92*8 91 ..........1 92 92 107*4120*4 K an C A M Ky A B r 1st 6 s l9 2 9 A -O 104 *8..........104 120*4 A u g ’ 09 118 J ’ne-09 . . . 103*5 104 25 5U M ain e Cent con s 1st 7 s . ..1 9 1 2 A-O ..................... 1 1 3 58 N o v ’ 06 73 ^ 09 76 70 I C on s 1st 4 s ........................1912 A-O 110 F e b ’ 04 ..................... 101*4 Sep ’ 05 100*4 M ar’09 . . . J 100*4 100*4 M aro H ou gh A O nt 1st O s.1925 A-O M ass G as 4*23 (r e c t s )........1929 104*8 O ct ’ 08 97 *8 Sale 1 97*8 98 *a 8 97*8100 I I M e x ica n Cen tral co n s 4 s ..1 9 1 1 J - J ..................... 1 86 M ar’ 09 112*8 J a n ’ 03 8 4 a« 66 102 O ct ’09 ___ 1 102 102 | l s t c o u s i n c 3 s ........... Jan i9 3 9 J ’ ly ..................... 110 A p r ’08 . . . J 2d co n s in c 3 s ........... Jan 1939 J ’ ly 99*8 Jan ’ 09 9 9 9 S j ..................... » M ic h T e le p ls t 5 s ................ 1917 J - J 1 100 J ’n e’ 01 117 J ’ ue’08 . ...l l ..................• M in n e G en E le c c o n g 5s 1929 J . J F-A 104 V, 104*4 104 111*8 J ’ ly ’ 05 ....ll 104*41 7 102*4 104*4 87 I 87 Sate 87 102 102 81 90*a N e w E n g T e le p li 5 s...........1915 A-O 6s ........................................... 1916 A-O ___ ________ lOOQ Sep ’ 0 8 ____ 11103 O c t ’ 07 99°s J ’ l y ’ 09 J -J 99*8 100*8 B o sto n T e rm 1st 4 s .........1939 A-O : : : : : : ..........i.................... : : * * * : : 100 A p r ’ 08 N Y N H A H con dob 3 *881956 J -J 100 O c t ’ 09 99*8 i0 () 97*8 109*4 C o n v deb 6s ( c t i s ) .......... 1948 J - J 102 51 ay M 9 . . . . '■ lo l'u 102 134 142*4 Old C olon y gold 4 s ....................... 1924 F -A 99 O ct ’ 09 ....'I 98*a 99 101 101 101 " A p r ’09 G rog K y A N a v c o n g 4 s ..1 9 4 0 J -D . .. . SO*4 92 89 *4 N o v ’ 09 .1 98 7 S ep ’09 * I 9 S 7g 9 8 7» O reg Sh L in e 1st g 6s ........1922 F-A 118*8 l ‘ ‘J*a . 'I I S ’ s .'la r ’Otf 102 ?! 101*8 104 ■ R e p u b V a lley 1st s f 6 s . ..1 9 1 9 J - J 102 102 102*4 102 . 105 l * e c ’ 08 R u tland 1st co n ge n 4 * 1 9 4 1 1 - J 2S. J 15 i 91 04 93 91*1) 92 . 107 *2 N o v ’ 05 . . . . ..................... 91*4 H utland-C anailian 1 s t 4s 1949 J -J . 102 M a i' 0 2 .............................. 1 ............................ Savannah E lec 1st c o n s os. 1952 J - J . 98 *8 M ay’ 0 6 .............................. S eattle E le c 1st g 5 s .......... 1930 F-A 10234 ......... 103 " e o ’ 0 9 . . . . 101 103 .104*4 O c t ’0 9 ___ 104 106*8 . 97 A p r ’ 0 7 ............. 106 J ’l y ’ 0 9 . . . . 102 106*4 T e r r o H a u te E le c g o s ___ 1929 J -J T o r r in g to n 1st g o s ............ 1918 M-S . 102 A u g ’0 9 ___ lo t 91 D e o ’ 07 . 102 M U n io n P a c R R A 1 g r g 4 s . 1947 J - J 102*8 A p r ’ 09 112*4 Jan ’ 03 . 102*4 103 b . 110*g J ’ne’ 09 ..................... 96 F e b ’0 9 . ...ll 96 96 • 20-year c o n v 4 s ..................1927 J - J 102 *» 110*5 92 *8 U n ite d F ru it ge n s t 4*88.1923 J . J .1 96 *« 96*4 ......... 90*8 9 1 O ct ’ 09 . ...1 87 9 7 7& 3 96*8 9 7 7 U S Coal A O il 1st s f 6s .. L938 M-N l a 155 N o v ’Ot*. . . . 120 155 ..................... 97*8 103 *s A p i ’ 05 . U S Steel C orp 10-60 yr 58.1963 M-N , 105*4 105*4 2 102*4 108 *4 96 A p r ’ 03 I W e s t E n d S tre e t K y 4 s 1915 F -A . 100*8 A p r ’O 'J. . . . 100*8 100 *8 133 M ar’ 09 . . . 133 133 G old 4 His.............................. 1914 M-S . 101*4 J ’ ne’ 09 . . . . 100*4 102 *8 jj 140 A p r ’ 05 . 99 ' G o ld d e o e n tu re 4 s ............. 1910 M-N 1 99 10US . 99 _ 96*«| 95»s Sale j 95*4 . 100 *., O ct ’ 09 . . . . 99*4 100 6* • 1 95*4 99 1 G old 4 s ............................................ 1917 F-A 9 5 * i ......... 1 95*4 N o v ’OO . 95*4 98*a W e s te rn T e le p li A T e l o s . 1932 J -J 99 23 96 100 *8 .! 98*4 b W is c o n s in C en t 1 s t g e n 4 s l9 4 9 . J - J .1 9 5 * * A p r ’ 0 9 . . . . ! 9 3 7g 96 ** 12 N o t e —B uyer p ays aocru ed In terest In ad d ition to th e p u rch ase prloe fo r all B o sto n B on ds. * N o prioe F r id a y ; latest bid and asked. 1 F la t price. ] Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly S h a r e P r ic e s — N o t P e r C e n tu m P r i c e s S a turda y N ov 6 M on d a y NOV 8 T u esd a y N ov 9 ' W ednesday N ov 10 F r id a y N ov 12 T h u rsd a y N ov 11 1 106*3 195*11 106 18 106 18 82 ‘ 106 82*4 1 0 0 ‘s 106 18 j 18 13*» *12*8 13 P H IL A D E L P H IA 99*4 703s 49 13*8 2 i a4 11**1, B id A sk 63*8 90*4 lu u c t iv o S t o c k s I A lle g h e n y V a l p r e f___ 56 A m erica n C em en t........60, 40V, A m or P ipe M fg ......... 100; B ell T e le p h o n e (Pa).lO O i Cam bria I r o n .................50, Cen tral Coal A C ok e. 100 C on sol T rue ol N J . . . 100 V ........... , D iam ond State S t e e l.. 10 P r e f e r r e d ..................... 10 E aston Con E lectric 6.50 E lec Storage Butt-----100 * ' , P r e fe r r e d ................... 100 F t W a yu o A W V ........100 j G erm an tow n P a ss........60 Indian ap olis S t ........... 100 Indian a U nion T r — 100 In su ra n ce Co of N A . . 10 * ""** In ter S 1 1 P ow A Cliem .50 1 K ey ston e T elep h on e ..6 0 P r e f e r r e d .....................50 K ey s ton e W atch Case. 100 L it B r o th e r s ................... 10 L ittlo S c h u y lk ill........... 60 M iu ehill A B cliuyl H ..5 0 N H a v e n Ir o n A S t e e l.5 N orth ern C en tra l......... 60 N orth P e n n s y lv a n ia ..5 0 P en n sy lv a n ia S a lt........GO P en n sylva n ia a ie e L .1 0 0 i i *^ * P r e t o r r e d ................... 100 P h ila C o (P itts ) p r e f ...6 0 P hil G orm an A N o r r is .50 Phila T r a c tio n ............... 50 R a ilw a ys G en era l........10 Busquen Iron A S t e e l..5 ** T id ew a ter S teel........... 10 P r e f e r r e d ..................... 10 8s Ton opali M in in g o f N e v l U n ion T r ot I n d ......... 100 U n ited N J R R A O .. 100 U n it T r a c P itts p r e f .. 60 ........... **i*i" W arw iok Iron A S t e e l.10 W es t J e r s e y A S o a S h .5 0 W estm orela n d C oa l....5 0 W ilk es G as A E l e c ..100 4* 4* 68 64 7 7 6 '*88 8 6 2* 28 1* 13 28 16 1 6 1 10 0 13 0 16 6 1 4 4* 4 48 10 3 8 8 8 9 98 1 * 0 6 64 * 6 6 4 5 9* 04 •B id and a sked; n o sales o n tilts day. 98 69Q 48*4 13 *8 27*4 SO3, *6 «g 63^ 90 9 8'*4 70 483 4 13 > s 27 Q 80*i 6*4 53*8 90 96*4 69*4 *48 > a 13 27 80*8 63 90 97V VO*., 18*4 13Q 27*a SI 63*8 90 40 V, 40*4 45*8 45*4 47 47*% *12V, 12*9 *68 66*8 *22 22 V, 73*8 73*8 *12>a 13 27 27®0 112*8 112*8 96*4 97*4 12 69**10 70*4 48*8 48*8 13 13*8 26*4 27 80*8 SO3* 6**10 6**10 62*8 53 90 90*8 P H IL A D E L P H IA i B id A sk B onds P r ic es a re a ll “ an d in terest.” A1 V a l E e x t 7 s 1910 A-O A lt A L V E le c l *ss’ 3 3 .F -A A m liy s c o n v 5s 1 9 1 1 . J-D A tl C ity 1st os g ’ 19.M -N : B e r g A E B r w 1st 6s’ 21 J-J I lio th le S teel 6s 1 9 9 8 .Q -F C h oc A M o 1st 5s 1949 J -J Ch Ok A G ge n os ’ 19 J -J 105 Col S t R y 1st co n 5s 1932 C on T rue o f N J 1st O s.’ 33 E A A 1st A1 5s 1920 M -N E le c A P e o T r stk tr ctfs 91*4 Kq II G as-L l s t g os 1928; 105*8 In dian ap olis R y 4 s. 1933 In te r s ta te 4s 1943 ..F - A ' L e h ig h N a v 4*as '1 4 .Q-J 93 99 100 117*8 106*8 91*4 *8*6" 67 RRs 4s g ....... 1914.Q -F G en M 4 *gs g ,1 9 2 4 .Q -F Leli V O 1st o s g ’ 3 3 . -J-J L eh V ex t 4s 1st 1948. J-D 2d 7s 1 9 1 0 ................. M -S C on sol 6s 1 9 2 3 ........ J-1) A n n u ity 6s ............... J-1) G en c o n s 4s 2 0 0 3 .M -N L e h V T ra n co n 4s ’35 J-D N e w C on Gas 5s 1048 J-D N e w a r k P ass c o n os 1930 N Y Pli A N o 1 s t 4s ’ 39 J-J In c o m e 4s 1 9 3 9 ...M -N N o O liio T ra c c o n o s ’ 19. J-J P e n n ge n 6s 1910 . . . V a r C on sol 5s 1919........V ar P en n A M d S teel c o n 6s. P a A N Y Can 5s ’3 9 .A-O Con 4s 1 93 9........ A-O P e n n Steel l s t 5 s T 7 M -N P e o p le ’ s T r tr ce rts 4s ’ 43 P Co l s t A co l tr 5 s’ 49 M-S C on A c o lt r 5s 1951 M -N P h il E lec g o ld tru st c tfs . T r u s t c e r tlfs 4s . . . . P A E g e n M 6 g ’ 2 0 . A-O G en M 4s g 1 9 2 0 ..A A O H E x -riplits. Low est H igh est | B u lliin o r o ..................... ..........C on. G as EL L. A P o w . 100 30 M ar 8 4 2*3 M a yl2 *82*4 8 2 34 155 D o p r e f.................. 100 76 M a r ld 89 M a y l8 106 106 80 N o rth e rn C e n tr a l. 60 100 Jan 4 11L Jan 16 *17*5 18 I 66 S eaboard ( n e w ).................100 11*4 F e b 26 2 1 * « J ’ n e l4 *35*4 36*4 ............. D o 2d p r e f................100 22*4 F e b 24 41 May 17 *13 13*« ......... 'U n ite d R y A E le c t r ic .. 60 9*4 F e b 3 143s A u g l6 | *12*8 £9 22*4 73 *8 1234 27 U83* 69*a ♦4S\ 13*8 27*8 80*4 6 *'*,« 53*» 90 R a n ge Since J a n 1 1909 R a n ge to r P reviou s F ea r (1 9 0 8 ) Low est H igh est I m i K 82*4 s *105*8 j 18 18 ioei 18 |S a les I A C T IV E S T O C K S ■o t the I W eek l F o r B o n d s an d in a c tiv e Shares Stocks see below J d $ 7 .5 0 paid. 100*4 105 108 i"20V 150 96*8 97 P h ila d e lp h ia 109 A m e rica n C e m e n t......... 50 3 7 7» A p r l 3 74 A m e rica n R a ilw a y s ___ 50 44*8J ’ly 8 523 C am bria S t e e l ................. 50 32 -9 Feb 23 27 E le c t r ic Co of A m e r ic a 10 * 1 9 78 J an 20 64 E le c S torage B a tt e r y ..] 00 43 Jan 30 310 G en A sp h alt tr etts . .. .1 0 0 15 *a J an 5 766 D o p re f tr c t f s ___ 100 63 Jan 5 9*a Jan 21 233 K e y s to n e T e le p h o n e ... 50 850 L a ke S u p erior C o r p ....l0 0 l 14*4 Jan 5 94: Len igli C A N a v tr c tfs . 60. 96 Jan 6 ,015)L e h ig h V a lle y ................. 50 67 F e b 23 572i P e n n sy lv a n ia R R .......... 50 63*8 Feb 2 4 662 P h ilad elp ’aC o (P itts ti). 50 40*8 Fob 24 121'P h ilad elph ia E le c t r ic !. 25 11*4 F o b 23 ,013 Phila R apid T r a n s i t .. . 50 2 4 7s J a n 5 870| R e a d in g ............................ 60 69*8 F e b 23 338 T on op a li M in in g .......... 1 5*4 Jan 16 162|Union T r a c t i o n ............. 50 6 0 7g J a n 6 430' U nited G as I m p t ............ 50 84»s M ayl3 P H IL A D E L P H IA Bonds 105 97*8 97 102 I02*a 74*8 75 ! B id P h A R ead 2d 6s ’ 3 3 .A - 0 C on M 7s 19 1 1 ........J-D E x Im p M 4s g ’ 4 7 .A -O T erm in al 5s g 1941. Q -F P W A B co l tr 4s ’ 21. J-J P o rtla n d R y 1st 5s 1930. llocli R y A L co n 5s ’ 54J -J S pa n ish -A m I r 6s ’ 27 J-J V T r a c In d gen 5 s’ 1 9 .J -J U n R y s T r c t ls 4 s’ 4 9 J A J U n ited R y s I n v l s t c o l l t r s f 5 s 192 6................. M -N U T r a c P it gen 6s '97 J-J W e is bach s 1 5s 1930. J-D W lk s-B a A E co n 5 s ’5 5 J -J B A L T IM O R E I n a c t iv e S t o c k s A la C o u s C ou lA l i o n . 100 P r e t .............................. 100 A t l a n t a * C h a rlo tte .. 100 A tla n Coast L (Conn)lO O Canton C o .....................100’ C ons C ot D uck C o r p ...5 0 P r e f e r r e d .....................50 G e o rg ia Sou A F la ...1 0 0 1st p r e f.......................160 2d p r e f ........................ 160 G -B -S B r e w in g ........... 100 P r ic es are a ll “ a n d in terest.” A n aooatia A P o t 5 s........... A tl A Ch e x t 4Hi8 ’ 10. J J A tla n C L R R 4 s l9 6 2 M -S A t l Coast L (C t)ctfs 5s J-D C tfs o f ln d e b t 4 s ___ J-J 6-20 y r 4s 19 2 5 ......... J-J B a lt C P ass 1st 5s T 1 M -N B a lt F u n d g 6 s .1916 M -N E x ch a n g e 3 *gs 1930 J-J B a lt A P l s t B s m l ’ l l A-O B S P A C 1 st 4 ’53F- A B a lt T r a o l s t 5 s . . ’ 29 M -N N o B a lt D iv os 1942 J-D C e n t’ l R y c o u 5 s l9 3 2 M -N E x t A Im p 5 s .1932 M S, A sk 20 65 80 4 10 IO D ec D eo D eo D ec D ec N ov Jan 30 M ar 81*. Jan 102 F eb 15 Feb 26 Jan 12 32 *s M ar 42*4 M ar a 26 7 F eb 8 *a Jan 24 *a Feb 3 *8 J an BALTIM ORE Chas C ity R y l s t 5 s ’ 23J-J Chas R y G A E l 5s ’99 M -S Chari C A A 2d 7s’ 10 A-O C ity A Su b 1st 5 a ..’ 22 J-D C ity A S u b (\ V a s)l8 t5 8 ’ 48 ___ 100 Coal A I R y 1st o s ’ 2 0 F -A C o lA G r n v ls tO s.1 9 1 6 J-J C on sol G as 6 s ...1 9 1 0 J-D 102*a 103 5 s........................1939 J-D G a A A la 1st con 5s ’45 J • J . 78 G a C a r A N l s t 5 a g ’ 29 J-J G e o rgia P 1st 6s . . . ’22 J-J 107 105 G aSo A F la 1st os 1945J-J 86 86*8 G -B -S B rew 3 -4s 1951M -S 101*8 2d in com e 5s 1951 M -N K n o x v T r a c 1st 5s ’ 28A .O L a k eK E l la t g u 5 s ’ 4‘2 M -S -Macon R y A L t ls t 5 a ’63J*J ......... 80 M em ph is s t 1st 5 s’ 46 J-J ......... M e tS t(W a s li)ls t5 s ’2 5 F A 342 342 *8 M t V e r C ot D u ck 1st 6s . N p t N A O P 1st 5s'3 8 M -N 97*8 ......... 1 N o rfo lk St 1st 5 8 ’4 4 ..J -J N o rth C en t4*es 1026 A -O 16*8 10 1 Series A 5s 19 2 6 _ J-J _ 36 Series B 5a 1 9 2 6 _ J-J _ 93 94 P itt U n T r a c e s 1 99 7.J-J 73 I’ o to Vat 1st Os 1 9 4 1 .-J-J 1*8 Sav Fla A W e s t o s ’ 34 A-O Seaboard A L 4s 1950 A -O Seal) A R oan 5s 1 9 2 6 .J -J South B ou n d 1st 5 s ..A -O U E l I -A P lst4 *8S ’29 M -N U u R y A E l 1st 4s ’49 M -S In co m e 4s 194 9........J-D F u n d in g 5a 1 9 3 6 ...J -D V a M id 2d ser 6 s ’ l l . M - S 3d se rie s 6s 1 9 1 6 ..M -S 4th ser 3-4-58 102 1. M -S 5th se rie s 5s 1 9 2 0 .M -S 103 V a (S tate) 3s n e w ’ 32. J-J 93 F u n d d e b t 2-3s 199 1. J-J W est N C con 6s 1914 J-J W e s V a C A P 1st 6g*l 1 J-J VYU A W e ld 5 s .. 1 93 5.J-J 43 D eo 46 *8 N ov 40*8 D ec 1 1 * D eo 47*8 D ec 19*g D ec B id j A sk ....... 102*8 108 100>, 111 104 101*4 112 108 42*4 12 109 100*a 111*8 104*8 104*8 116 109 4234 13 i '12'4 * 9c*4 99 V * '76*9 *76** 92*a 93 105 ......... 105 .......... 110 i......... 80*4 8 0 ** ioT*4 i'0’5 " 92*8 93 85*a 85*4 58*4 6 8 *a 63*4 64 101*4 101*4 9 0 * 4 _____ 02 ......... ......... 107 101 101*4 111*8......... t $ 1 2 * * p a id . t $K)*a pciid. 4 5 8 3 paid, a R e c e i p t :. 3 725 paid. c$30pal< l. d$1 2*8 paiiL VOL. LXXXIX THE CHRONICLE 1374 I t r o e s l m m l a n d * la iL co ad i r t t c l h a c n c c . RAILROAD GROSS EARNINGS. The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gross earnings for the latent week or month, and the last two columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year docs not begin with Juiy, but covers some other period. T h e re iu r n s o f the electric r a i l w a y s are b r o u yh t to yeth er s e p a r a te ly o n a s u b s eq u en t parje. Latest Cross K a m in o s. ItO A D S . W eek or M on th . Current Year. P revious Year. Current Y ea r. A la N O A T e x P a c 274,181 1,125,792 335,820 A' O A N P a s t . . O c t o b e r __ 153,920 555,014 104,777 A la A V lc k s b ___ O c t o b e r __ 124,790 137.773 479,785 V ick s Slir & P a c.r O cto b e r _ . 4,540 17,414 6,153 A la T en n A N o r t h , S eptem ber ft A tch T o p A S F e . Sentem ber 8,732,775 7,924,794 25,434,887 61,458 68,143 815,031 A tla n ta B irm A A tl 1th w k O ct A tla n tic Coast Line Septem ber 2,173,130 1,002,600 5,830,732 ^Baltim ore & Ohio S eptem ber 7,707,836 0,668,412 22.221.337 282,476 694,466 240,331 B a n g o r * A ro o s to o k •September 6,965 14,375 5,301 B ellefon te C e n tr a l.. S eptem ber B o s to n & M ain e___ rSeptem ber 3,083,048 3,648,191 11,658,848 5,778 10,963 5,068 B rid g eton * S aco K A u g u s t ___ 130,438 3 .421.900 173.200 B u ll R o c h & P it t s .r 1st w k N o v 663.868 197,827 236,800 BulTalo & S u s q ___r S eptem ber 256,900 4 .451.900 340,300 C anadian N orth ern . 1st w k N ov Canadian P a cific ___ 1st w k N ov ,113,000 1,088,000 34,087,103 400.200 372,500 4 ,042,235 Central o f G eorg ia . . ■1th w k O ct Central o f N ew Jers S eptem ber 2,228,715 2,200,734 6,722,657 341 ,700 333,745 668,774 Central V e r m o n t , .r August . . . 1,500 1 ,623 C h atta n ooga S ou th . .Id w k O ct 854,108 722,665 10,466',523 C hesapeake & O h io . 4th w k O ct 313,681 4,833,170 340,430 C h icago * A lto n R y 1th w k O ct C h ic Burl & Q u in cy Septem ber 7,806,737 7,349,378 22,533,347 273.422 1,379,888 262,415 C h icago G reat W e t !th wit A u g 97,120 2,184,547 111,390 Chic In d & L o u ls v . 1st w k N o v Chic Ind A Southern — See New Y ork Cen tral. Chic M llw & S t Paul S e p tem ber 0,287,026 6,105,873 17,057,333 Chic & N or W e s t ._ r S eptem ber 7,237,340 0,537,827 19,738,375 Chic St P M A O - . r Septem ber 1,423,223 1,283,002 3,767,217 01,684 86,082 1,001,817 C h ic T erm T r a n sR R T u n e _____ 875,126 729,889 2,450,626 Cln H am & D a y . . r S ep tem b er Clev Cln Chic A St 1. — See New Y ork Cen tral. 205,655 623,513 231,323 C olorado M idland r S ep tem b er 291,722 5,950,417 342,808 ft C olorado A Sou th 1st w k N o v 20,687 42,331 22,408 Oolitm N cw b A Lau A u g u s t ___ 140,479 71,220 62,558 C op p er R a n g e _____ A u g u s t ___ 42,624 4,016 14,633 C o r n w a l l ___________ Septem ber 113,738 24,798 38,156 Cornw all A L eb anon S eptem ber 484,537 141,227 158,898 C uba R a ilr o a d _____ Septem ber {D e la w a r e A H u d . Septem ber 1,618,010 1,653,683 4 ,867,835 D el L a ck A W e s t - .r S entem ber 2,940,504 2,783,432 8,095,928 425,700 8,916,329 501.000 D cn v A R io G rande 1st w k N o v 409,247 14,829 23,850 Den\ cr N W A P a c . 4th w k O ct 552,834 56,341 48,570 D et T o ' A Ir o n t Sys 4 th w k O ct 028,300 00,901 50,878 4th w k O ct Ann A rbor. 448.145 20,038 22,527 D etroit A M ackinac 1st w k N ov D ul A Iron R a n g e .r S eptem ber 1.454.173 1,010,077 4 ,204,335 53,381 1,292,197 60,478 D ul Sou Sh A A t l .. 1st w k N ov 554,495 508,732 1,743,579 El P a so A Sou W - r S eptem ber Septem ber 1.875.173 4,392,661 13,714,456 E r i e ______________ E vansville A Terre H aute— See H ock Is land Svst etn. 1,905 1,662 5,618 g’alrch lld A N o r E . . S eptem ber 67,001 79,507 250,468 F o n d a John s A G lov Septem ber 267,4*19 257,075 605,392 G eorgia R a ilroad . . S eptem ber G eorgia Sou th A Fla — See Sout hern Hal w ay. 837,226 16,365,123 002,197 G rand T ru n k S y s t . . 1st w k N o v 150,384 2,096,496 161,060 S r T ru n k W e s t .. 4th w k O ct 088,226 65,041 50,962 S e t Gr H a v A Mil 4th w k O ct 733.869 55,074 68,817 ’C anada A tla n tic . •lth w k O ct S r c a t N orth ern Syst O cto b e r . . 7,072,574 6,223,608 24,761,764 491,200 177,432 151,817 S u it A Ship Island S eptem ber 732.774 048,110 1,908,221 H o ck in g V a lle y ___ Septem ber TUlnols C e n t r a l____ O cto b e r .. 5,472,849 5,211,394 20,200,991 185.000 181,000 3,020,982 la t c r n a t A G t N o r . 1st w k N ov 90,724 95,414 2,283,953 a In terocea n tc M ex. 1st w k N ov 70,174 55,810 1,219,009 1st w k N o v Io w a C en tral_____ 681,589 229,382 209,180 S eptem ber K an aw h a A M ic h . 734,164 689,132 2,156,773 K ansas C ity South S eptem ber 575,464 55,000 30,000 K C i l e x A O r i e n t .. lth w k O ct L a k e Eric A W cst'u — See New Y ork Cen tral. S eptem ber 2,887,555 2,926,820 8,568,325 L eh igh V a lley 116,526 35,441 30,182 L e x in g to n A E a s t .. Septem ber I n c ASS, I n c . 144, 160 L on g Is la n d ________ Septem ber 316,364 110,214 08,654 L ou isiana A Arkan Septem ber 202,254 88,946 105,849 L ou ls v H en d A S t I Sentem ber 891,780 17.798.337 L ou lsv A N a s h v ___ 1st wk N ov 1,015,530 50,071 14,062 15,550 M acon A B lrm ln g’ m O cto b e r . . 791,668 2,470,017 M aine C en tral____ i Septem ber 828,413 10,180 3,283 e p tem ber 3,440 M an lstiqu e_________ 109.145 37,942 M aryland A P e n n a . Septem ber 40,377 146,908 2,096,867 a M exican In te r n a t. 1st w k N ov 139,068 191.000 2,562,000 a M exica n R a ilw a y 4 th w k O ct 194,100 32,742 422,404 a M exica n S outhern lth w k O ct 34,745 ■lee New Y ark Centr M ichigan Centra1 296,974 24,320 1 ‘ 29,671 M ineral R a n g e _____ ■lth w k O ct 81,537 1,939,063 123,678 M ln neap A S t L ouis 1st w k N o v 410,354 0,342,317 530,033 M inn S t P A S S M ] 1st w k N ov C h icago D lv lslon j M issouri K an A T ex O cto b e r _ . 2,856,104 2,824,048 0,425,146 M o P a c A Iron M tl 810.000 19,234,199 C entral B r a n c h ./ 1st w k N o v 1,008,000 516,210 32,801 34,590 ft M obile J a ck A K C W k O ct 30 030.220 2,781,413 034,410 N ash v C h att A St L Septem ber 820.221 16,419,820 896,318 a N at R y s o f M exico 1st w k N o v 195,462 13,065 N evad a-C al-O regon 4th w k O ct 12,704 18,449 5,999 N ev a d a C en tral____ Septem ber 0,807 312,442 41,884 N O G reat N o r t h .. Septem ber 105,853 W eek or M onth. P revious Year. 944,007 504,978 451,994 13,308 2,433,361 025,767 5,220,512 19.643.093 659,162 17,851 10,442,705 11 .147 3.801.302 549,559 3 ,807,200 28,107,510 3.891.303 6,517,401 022,237 0,029',194 4 ,583,960 20,539,146 1,393.277 2,004,501 16,097,742 17,523,657 3 ,380,970 1,095,518 2,130,276 601,027 5,533,485 37,930 147,020 14,288 71,330 422,857 4 ,716,826 8,259,042 7,792,817 302,139 599,013 639,272 406,681 2,933,009 993,708 1,508,443 12,895,010 4,907 224,720 680,810 15.062.094 1,941,704 604,392 070,819 20,990,349 414,588 1,793,940 18,957,478 2,904,969 2,188,599 1,094,583 618,260 2,177,384 364,535 8,2 8 7 ,2 0 5 108,130 373 282,722 254,120 10,500,014 49,633 2,311,217 16,059 104,251 2,418,438 2,311,900 416,615 295,219 1,627,068 8,014,703 0,265.432 16,748,274 471,987 2,689,129 15,839,741 144,344 19,922 123,781 j u ly 1 to l.ales'. Date I.ales'. Cross F a rm nos. July 1 to Latest Date. Previous Year. Current Year. e N Y C A H ud R I v . S eptem ber L a k e Shore A M S S eptem ber n L a ke E A W est S eptem ber C ldc In d A South S eptem ber M ichigan Central Septem ber Cleve C C A St L . S eptem ber P eoria A Eastern Septem ber Cincinnati N o rth . Septem ber P itts A Lake Erie S eptem ber R u tla n d ________ Septem ber N Y Chic A St L . Septem ber T o ta l all lin es____ Septem ber N Y O nt A W estern Sen tem ber N Y N H A H a r t - .r S eptem ber N Y Susq A W c s t . . S eptem ber N orfolk A S o u t h . . r Septem ber N o rfo lk A W e s te rn . Septem ber N orthern C e n tr a l.. Septem ber N orthern P a c i f i c . . r Septem ber P a cific Coast C o ___ S ep tem b er P en n sylva n ia C o ___ Septem ber d P e n n — E o f P A E Septem ber (l W est o f P A E . Septem ber P ere M a rq u e tte___r S eptem ber P h lla B a lt A W a s h . Septem ber P itts Cln Chic A S tL Septem ber R aleigh A S o u th p ’ t Septem ber R e a d in g C o m p a n y . P h lla A R e a d in g . Septem ber Coal A Iron C o__ S eptem ber T o ta l b o th c o s ___ Septem ber R ic h F red er A P o t . S eptem ber R io G rande Ju n e___ A u g u s t ___ R io G rande S o u t h .. 4th w k O ct R o c k Island System Septem ber St L A San F ra n . S eptem ber C h ic A East 111.. S eptem ber 1 E v an sv A T e r H S eptem ber T o ta l o f all lin es. Septem ber St Jos A Gr Is la n d . S eptem ber St L ouis S o u th w e st. 1st w k N o v San P ed L A A S L . r S eptem ber S eaboard A ir L ln e .r S eptem ber A tla n ta A B Ir m .r Septem ber F lorid a W e st S h .r Septem ber S outhern In d ia n a .r S eptem ber c S outhern P a c C o . . Septem ber S outhern R a il w a y .. 1st w k N ov A loblle A O h io ___ 4th w k O ct Cln N O A T P _ . 4th w k O ct A la G t S o u th ____ 4th w k O ct G eorgia So A F la . 4th w k O ct T e x a s C e n t r a l_____ 4 th w k O ct T e x a s A P a cific ____ 1st w k N ov T id e w a te r A W est.r Septem ber T o le d o A O hio Cent Septem ber T o le d o P e o r A W est 4th w k O ct T o le d o St L A W est 4th w k O ct T o m b lg b e e V a ll e y .. S eptem ber U nion P a cific S y s t . S eptem ber V a n dalta................. _r Septem ber V irginia A S ou W est Septem ber W a b a s h ____________ 1st w k N o v W estern M aryland r A u g u s t ___ W est Jers’ y A Seash S eptem ber W heelin g A L E ._ r Septem ber W h ite R lv (V t) 2wks end O ct 23 W rlgh tsvllle A T e n . S entem ber Y a z o o A Miss V a il. O cto b e r . . Current Y ear. previous Year. 3,677,901 2,037,895 5,715,796 143,901 85,845 8,674 5,973,175 3,721,632 990,667 220,513 10905987 147.185 271,142 655,492 1,439,456 88.580 7,815 120,762 11531903 1,221,891 288,050 276,308 143,252 76,200 42,781 342,712 6,748 398,653 39.580 02,827 6,230 8,100,373 863,432 102,443 586,209 577,598 622,408 645,313 1,392 37,270 , 085,251 V a rious Fiscal Years. B ellefon te C en tral________ . . . I D elaw are A H u d s o n _______ M a n ls tlq u e ___________________ a M exican R a ilw a y _________ a M exican S o u th e rn ________ e N Y Central A H u d son R iv e r . L a ke Sh ore A M ichigan South n Lake Erie A W e ste rn _______ C h icago In d ian a A S outhern M ichigan C en tral____________ C lev Cln C h icago A St L o u is . P eoria A E a stern ____________ Cincinnati N o r t h e r n ________ P lttsb u r ;h A L a ke E rie____ R u t l a n d _____________________ N Y C h icago A St L o u is ____ T o ta l ad lines________________ N orthern C en tral______________ U P e n n — East o f I’ lttsb A E rie. d W est o f P ittsbu rgh A Erie Ph lla B a ltim ore A W ash in gton P itts Cln C h icago A St L o u is ___ Itlo G rande J u n ctio n _________ T e x a s A P a cillc ______________ W es t Jersey A S eash ore_____ 1 Jan 1 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan I Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 1 Jan 1 Jan 1 Jan 1 Jan 1 Deo 1 •fan 1 Jan 1 to to to to to to to to to to to to to to to to to to to to to to to to to Sept Sept Sept O ct O ct S ept S ent S ept S ept S ept S ept S ept Sept S ept Sept S ept S ept Sept Sept Sept Sept S ept Aug N ov Sept 30 30 30 31 31 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 31 7 30 43,627 14,002,511 31,454 6,251,000 1,122,727 67,749,419 32,731,111 3,571,957 2,246,321 19,842,937 20,049,045 2,168,33*1 856,386 10,235,344 2,252,432 7,225,618 168928 898 0,8 2 6 ,7 6 1 110448272 Inc. 9,22 13,066,906 21,768,381 669,25*1 12,048,151 4,603,791 ,392 ,289 .905 ,600 ,662 ,692 ,278 ,632 ,410 ,170 ,994 ,576 ,929 ,065 ,845 ,590 . 181 ,104 ,272 ,506 ,890 ,400 i,343 ,091 AGGREGATES OP GROSS EAR N IN G S— Weekly and Monthly. W eekly Sum m aries. 4th Is'; 2d 3d 4 th 1st 2d 3d 4th 1st w eek w eek w eek w eek w eek w eek w eek w eek w eek w eek A u g (44 r o a d s )____ ,Scp (42 r o a d s )____ Sep (45 r o a d s )____ Sept (45 r o a d s )____ Sept (13 r o a d s )____ O ct (12 r o a d s )____ (17 r o a d s )____ O ct (45 r o a d s )____ O ct O ct (49 ro a d s )____ N o v (25 r o a d s )____ Cur'nt Year Prev's Year 8 16,740,145 11,521,265 12,317,210 12,936,635 17,285,767 13,209,000 13,437,556 13,572,117 19,077,242 11,120,279 15,107,527 10,434,381 11,229,609 11,508,450 15,185,925 11,535,885 11,940,105 12,007.928 17,798,946 9,465,001 In c. or D ec. + + + + + + + + + + 1,632,618 1 ,080,887 1,087.610 1,42:1.179 2,099,842 1 ,673,115 1,488,451 1,504.194 1,878,296 1,655,278 % M on th ly Sum m aries. 10.81 M onth 10.42 M onth 9.69 M onth M onth 12.41 13.82 M onth M onth 14.56 12.40 , M onth M onth 12.47 10.55 M onth M onth 17.49 .Tan F eb Mch A p ril M ay Ju n e J u ly Aug S ept O ct 1908 1909 1909 1909 1909 1909 1903 1909 1909 1909 (894 r o a d s ). (893 r o a d s ). (890 r o a d s ). (895 r o a d s ). (893 r o a d s ). (893 roads) . (816 roads) . (72 l roads) . (49 roads) . ( 48 roads) . Cur'nt Year Prev's Year In c . or D ec. S 183,223,014 174.497.319 205 .708 .31 9 197,011,539 201,625,122 210 ,357 ,22 0 198,405,229 225,488,923 6 2 ,138,040 7 1,067,075 + 0,626,111 + 13,438,712 + 2 2 ,254,413 + 2,008,801 + 27,149,711 + 2 6 ,3 7 3 ,3 0 7 + 2 2 ,5 6 0 ,5 0 3 + 27,500,148 + 6,613,195 + 7,470,391 173,596,003 161,0 58,607 183,453,906 175,002,048 174,475,411 183,983,829 175,898,720 197,928,775 55,524,845 63,587.084 5.54 8.34 12.13 12.50 15.58 14.33 12.83 13.92 11.91 11.70 a M exica n c u rre n cy , ft Inclu des earnings o f G ulf A C h icago D iv is io n , c In clu d e s th e H o u s to n A T e x a s C entral an d Its su b sid ia ry b n c8J yea rs, d C overs lines d ir e ctly o p e ra te d , e In clu d es the N ew Y o r k A O tta w a , th e S t. L a w ren ce A A d ir o n d a ck an d the O ttaw a A N . y . u y .t tno la ia w o f w h ich , bein g a C anadian r o a d , does n o t m ak e returns to the In te r-S ta te C o m m e rce C o m m ission . /I n c l u d e s E v an sville A Im lia n a « k . 9 j n c iu o w th e C leveland L orain A W h e e lin g R y In b o th years, ft In clu d es earnings o f C o lo ra d o A S o u th e rn , F o rt W o r th A D e n v e r C ity and all a in iia tc a lines, ex« oep tln g T r in ity A B razos V a lle y R R . k In clu d es In b o th years earnings o f D e n v e r E n id A G ulf R R „ I’ c c o s V a lle y S y s te m an d S an ta t o 1 r c s co tt « P h o e n ix R y . I T h ese llgures d o n o t Include receipts fro m salo o f co a l, n In clu d es the N orth ern O h io R R . o F igu res hero aro o n tho o ld basis or ao» cou n tIn g— n ot the new o r In te r-S ta te C om m erce C om m ission m eth od , r T h ese llgures aro o n new basis p re scrib e d b y In te r -S ta te C om m crco c o m m is s io n . » 0 V . 13 1909.) THE CHRONICLE Latest Gross Earnings by W eek s.— In the table which follows we sum up separately the earnings for the first week of November. The table covers 25 roads and shows 1 7 .4 9 % increase in the aggregate over the same week last year. 1909. F ir s t W eek o f N o v em b er. B u ffa lo R o c h e s te r & P ittsb u rg h C anadian N o rth e r n _____________ C anadian P a c ific ________________ C h ic In d & L o u is v ille __________ C o lora d o & S o u th e r n ---------------D e n v er & R io G ra n d e ---------------D e troit & M a ck in a c____________ D u lu th S ou th Shore & A tla n tic . G rand T ru n k o f C a n a d a _______ G rand T ru n k W e s te rn -------D e troit G rand H a v en & M il. C anada A tla n t ic _____________ In te rn a tio n a l & G reat N orth ern In te r o ce a n lc o f M e x ic o _________ Io w a C e n tr a l___________________ L ou isville & N a sh ville_________ M exica n I n te r n a tio n a l_________ M in neapolis & St L o u is ________ M Inncap S t P & S S M ________\ C h icago D iv is io n ____________/ M issouri P a c ific _________________ N ation a l R y s o f M e x ic o _____ . . S t L ou is S o u th w e s te r n _________ S o u th ern R a ilw a y ____________ . _ T e x a s & P a c lllc ____ __ W a b a s h __________________________ T o ta l (25 r o a d s )_____ N e t Increase (1 7 .4 9 % ). 1908. 5 173,200 3 40 ,300 2 ,1 1 3 ,0 0 0 111,390 3 42 ,808 501,000 22,527 06,478 5 139,438 25 6 ,9 0 0 1 ,6 8 8 ,0 0 0 97,120 291 ,722 42 5 ,7 0 0 20,038 53,381 S 3 3 ,762 8 3 ,400 42 5 ,0 0 0 14,270 51,086 75,300 2,489 13,097 902,197 837 ,226 04,971 185,000 96,724 70,174 1 ,0 15,530 139,968 123,678 181,000 95,414 5 5 ,810 8 91 ,780 146,998 81,537 4,0 0 0 1,310 14,364 123,750 530,033 1,068,000 896,318 271,142 1,221,891 342 ,712 586,209 416 ,354 819 ,000 829,221 240 ,539 1,089,021 321 ,877 4 86 ,925 113,679 2 49 ,000 67,097 30,603 132,870 20,835 99,284 11,120,279 In crea se. D ecrea se. 42,141 9,465,001 1,662,308 1,655,278 $ 7,030 — 1275 ----- G ro s s E a r n in g s -----C u rren t Y ear. R oad s. r Y C en t & H u d -(C o n )- — $ P itts & L ake Ei ..S e p t 1,53 3 ,3 7 7 J a n 1 t o Sep _________ 10,235,344 R u tla n d b _______ __ S ept 3 01 ,245 J a n 1 t o S e p t 3 0 _______ 2,25 2 ,4 3 2 N Y C h ic & S t L . b ___S ept -S e p t 844 ,016 — 7,22 5 ,6 1 8 -S e p t 2 2 ,2 1 4 ,1 7 2 ------ 1 68 ,928 ,89 8 N Y N !H & H a r t f o r d .b — ---------15,552,160 ---------4 2 ,2 4 8 ,9 9 5 .S e p t 714 ,352 — 2,271,721 R io G rande S o u th _ b -S e p t S ept 24,804 J u ly 1 t o S e p t 3 0 _______ 119,061 S t L R o c k y M t & P a c . ai.S e p t .S e 145,151 J u ly 1 t o S e p t 3 0 _______ 4 20 ,562 T o le d o P e o ria & W e s t . b ..O c t O ct 105,581 J u ly 1 t o O ct 3 1 _______ 40 1 ,7 4 7 W a b a s h b ________________S ep tt 2 ,5 4 5 ,4 6 9 -S e p J u ly 1 t o S ep t 3 0 _______ 7,40 8 ,0 0 2 — • ■ N e t E a r n i n g s -----— — C u rren t P r e v io u s Y ear. Y ear. P r e v io u s Y ear. $ $ 5 1,08 7 ,5 1 4 958 ,515 585,654 7 ,3 0 1 ,0 6 5 5 ,6 2 0 ,6 0 6 3 ,4 6 9 ,4 4 5 118 ,483 119,031 27 9 ,2 7 0 6 5 8 ,9 0 5 579 ,568 2 ,0 2 5 ,8 4 5 2 47 ,195 7 49 ,026 3 0 0 ,8 0 9 1,80 9 ,4 9 4 6 ,7 0 6 ,5 9 0 2 ,1 9 7 ,3 0 5 1 9 ,0 6 8 ,8 2 9 6 ,4 7 7 ,7 4 9 8 ,5 6 5 ,8 7 3 148421,181 5 5 ,2 1 9 ,0 6 2 4 2 ,547,962 4 ,7 1 0 ,4 1 7 1 3 ,7 4 9 ,1 8 7 6 ,3 3 8 ,2 8 3 3 7 ,3 0 2 ,4 4 7 1 5 ,6 9 6 ,6 1 9 10,460,888 5 78 ,107 175,909 112,319 1 ,7 5 1 ,2 1 3 607 ,623 285 ,073 52,032 d e f 590 2 0,892 1 54 ,785 3 0 ,3 9 9 6 5 ,2 7 9 54,820 4 2 ,082 6,386 207 ,694 117,864 4 5 ,9 3 0 1 01 ,460 27,979 24,243 3 9 9 ,4 4 2 112 ,757 1 05 ,195 2 ,3 1 9 ,9 0 6 8 8 7 ,7 2 4 782,863 6 ,7 7 4 ,8 6 2 2 ,5 3 2 ,5 1 4 2 ,3 2 5 ,5 0 8 IN D U S T R IA L C O M P A N IE S . B u ffa lo G as C o _________ S e p t _______ . Jan 1 to S e p t 3 0 _______ _______ ___ I 24,532 187,976 21,077 168,719 ____ ______ _ 7,030 a N et earnings here g iv e n are a fte r d e d u c t in g t a x e s . b N et earnings her e g lv e n are b e fo re d e d u ctin g ta x e s, c In clu des the N ew Y o r k & O tta w a , th e S t. L a w re n ce & A d ir o n d a ck a n d th e O tta w a & N ew Y o r k R y ., th e la tte r o f w h ic h , b e in g a C a n ad ian r o a d , does n o t m ake returns t o th e In te r -S ta te C o m m e rce C o m m issio n e In clu d es th e N o rth e rn O h io R R . Interest Charges and Surplus. For the fourth week of October our final statement covers 49 roads and shows 10 .5 5 % increase in the aggregate over t h e same week last year. F o u r th W e e k o f O cto b er. 1909. 1908. In crea se. D ecrea se. $ 3 S P r e v io u s ly r e p o r te d (24 r o a d s ). 14,689,423 13,190,253 1,557,476 A la b a m a G rea t S ou th ern . 143,252 123,957 19,295 A la b a m a N ew Orl & T ex a s P a c N ew O rleans & N orth Eastern 125,826 107,181 18,645 A la b a m a & V ic k s b u r g ______ 65,777 63,920 1,857 V ick sb u rg S h rev ep ort & P a c . 53,773 48,790 4,983 A tla n ta B irm in gh am & A tla n tic 68,143 61,458 6,685 Central o f G eorg ia ---------------------409 ,200 3 72 ,500 3 6 ,700 C h esapeake & O h io -------------------854,198 722,665 131,533 C h icago & A l t o n -----------------------340,436 313,681 26,755 C h icago In d ian ap olis & L o u ls v 167,853 157,211 10,642 C incinnati N ew O rl & T ex a s P a c 276,308 230 ,240 46,068 D en v er N orth w es t & P a c if ic ___ 23,850 14,829 9,021 D e tr o it & M a ck in a c____________ 33,079 30,552 2,527 D e tro it T o le d o & I r o n t o n _____ 48,579 56,341 A n n A r b o r ____________________ 56,878 60,991 G eorgia S ou th ern & F lo r id a ___ 76,200 53,054 23,146 L ou isv ille & N a sh v ille_________ 1,506,680 1,421,848 8 4 .832 M exica n R a ilw a y ________________ 194,100 3,100 191,000 M exica n S o u th e r n ______________ 3 4 ,7 4 5 32,742 2,003 M ineral R a n g e __________________ 24,326 29,671 M ob ile & O h io __________________ 288,050 315 ,498 N e v a d a -C a llfo r n la -O r c g o n _____ 12,704 13,065 R io G rande S o u th e r n ___________ 8,674 19,361 T e x a s C en tra l____________________ 42,781 50,206 T o le d o P eoria & W e s t e r n _______ 39,580 37,194 2,386 T o le d o S t L ou is & W e s te rn ____ 12,089 92,827 80,738 T o ta l (49 r o a d s )_______________ 19,677,242 17,79 8 ,9 4 6 1,999,743 N et Increase ( 1 0 .5 5 % ) _________ 1.878.296 $ 58,306 7,762 4,113 ___ 121,447 ----- G r o s s E a r n in g s ----C u rren t Y ea r. P rev io u s Y ear. -------N e t E a r n in g s ------C u rren t Y ear. P r e v io u s Y ear. $ $ 3 B o s to n & A lb a n y , b — _______ 3 ,6 1 7 ,1 1 9 Ju lj 1,11 9 ,8 6 2 3 ,0 5 3 ,0 0 2 808 ,247 Jan — 9 ,7 0 0 ,3 1 7 8 ,0 8 6 ,5 0 0 2,66 0 ,0 8 8 1 ,0 2 1 ,4 9 4 B u ffalo & S s o _______ b -Se p tt S ep 236,890 56,551 197,827 44,484 J u ly 1 to S ep t 3 0 _______ 663 ,868 146,861 5 49 ,559 119,969 ep t C h a tta n oog a S ou th ern ai S ept 6,9 0 5 de f4 ,0 0 8 6,6 4 9 d e f4 ,9 7 9 — 19,599 J u ly 1 to S ep t 3 0 _______ d c f8 ,7 4 0 24,854 d ef6,381 538,704 C h ic In d & L o u ls v . b .S e p t 221,060 1 60 ,655 4 8 5 ,2 3 5 J u ly 1 t o S ep t 3i _______ 1,557,236 610,903 1,42 5 ,9 8 0 4 79 ,518 .S e p 231,323 C olora d o M id la n d .a ____Sept t 46,783 2 0 5 ,6 5 5 3 9 ,025 623,513 J u ly 1 to S ep t 3 0 . .— 102 ,202 136,963 601 ,027 G enesee & W y o m in g , b — 34,559 J u ly 1 t o S ep t 30 23,083 13,383 20,594 78,927 Jan 1 t o S ep t 30 4 3 ,909 28,383 76,209 G rand T ru n k o f C a n ada— G rand T ru n k I i y _____ S ept 3 ,0 5 8 ,1 0 0 904 ,196 2 ,7 5 2 ,0 0 6 051,401 8 ,7 1 7 ,9 5 8 J u ly 1 to S ep t 3 0 . _ 2,50 8 ,6 8 1 7 ,8 9 5 ,5 2 0 2 ,4 20,111 520,715 G rand T ru n k W esterni S ept 133 ,820 4 00 ,810 156,215 J u ly 1 to S e p t 3 0 _______ 1,567,997 _______ 4 0 0 ,5 1 4 1,476,774 482 ,758 180,060 D c t G r H a v & M llw .-.S e p t S 164,268 54,991 46,718 503,196 J u ly 1 t o S p t 3 0 _____ .............. 46 4 ,0 4 5 123,352 131,395 189,307 C anada A t la n t ic ______ Se p t .S ept 147,455 29,199 d c f l2 ,1 6 6 J u ly 1 to S ep t 3 0 _______ 528,988 — 521,688 4 0 ,392 31,146 591,800 M e xica n R a i l w a y _______.S e p t S 5 3 2 ,8 0 0 176,300 240 ,000 J u ly 1 to S ep t 30 _______ 1,949,000 1 .7 2 5 ,3 0 0 8 61 ,400 612 ,500 M issouri P a c ific , b . - A u g 4,57 4 ,9 2 4 3 ,9 0 7 ,8 8 6 1,51 2 ,9 3 8 1,30 7 ,6 0 0 J u ly 1 t o A u g 31 8,583,123 7 ,5 2 9 ,1 6 0 2 ,5 3 4 ,9 5 8 2,487,701 58,156 N c v a d a - C a l - O r c g o n .b ... .Sept S ep t 3 5,496 3 6 ,890 21,567 J u ly 1 t o S ep t 30 146,706 104,875 87,828 58,041 N e v a d a C en tra l. b -----------S ept 6,867 5,990 353 1,555 18,449 J u ly 1 to S ep t 3 0 . . 19,922 1,568 6,023 c N Y C & H u d R l v . b S ept 8,860,782 7,89 3 ,6 3 3 3 ,1 3 4 ,0 2 3 2 ,4 8 9 ,1 3 7 Jan 1 to S ep t 3 0 . . ____ 67,74 9 ,4 1 9 61 ,0 8 9 ,6 9 2 20,44 1 ,4 7 4 15,762,032 L ake Sh & M S . b ____.Sept 4 ,2 6 9 ,0 2 8 3,57 1 ,5 4 1 1 ,7 5 8 ,9 9 5 1,303,103 J a n 1 t o S ep t 3 0 . . . .3 2 ,7 3 1 ,1 1 1 2 8,37 7 ,2 7 8 1 2 ,3 1 3 ,6 9 6 0,68 0 ,0 9 2 516,505 o Lake Erie & W c s t . b S ept Sept 4 14 ,040 183,106 95,261 Jan 1 t o S ep t 3 0 . ---------- 3 ,5 7 1 ,9 5 7 3 ,1 8 6 ,6 3 2 7 07 ,917 4 46 ,290 282 ,597 .S e p t C h ic In d & S o u .b . . 2 25 ,186 ’ 77,248 63,763 2,246,321 Jan 1 to S ep t 3 0 . 1 ,9 27,410 478,843 3 50 ,620 . Sept 2 ,5 5 7 ,8 1 7 2 ,2 0 1 ,5 8 3 048,827 727 ,658 . .1 0 ,8 4 2 ,9 3 7 17 ,6 1 8 ,1 7 0 6,24 5 ,0 1 6 5 ,2 81,622 C lcv C ln C h & St L - b . S e p t 2 .6 23.288 2,28 2 ,2 4 4 934,912 71 7 ,9 1 6 Jan 1 to S ep t 3 0 . ______ 20 ,0 4 9 ,0 4 5 17,515,094 5,71 3 ,5 3 9 4 ,4 9 0 ,5 3 5 PoOHa & E astern b .S e p t 3 00 ,935 260,274 109,599 95,826 Jan 1 to S ept 3 0 _______ 2 ,168,334 1,979,576 621,801 51 8 ,8 9 0 C lncin N o r th e r n .!) .S e p t 124,582 104,518 41,356 33 ,150 .J a n 1 to S ep t 3 0 _______ 856 ,380 692,929 189,872 1 4 9 ,7 6 5 C u rren t Y ear. — B a l . o f AJet E ' n g s .— P r e v io u s Y ear. C u rren t Y ear. P rev io u s Y ear. $ $ S $ B o s to n & A lb a n y — J u ly 1 t o S ep t 3 0 . . 1,13 6 ,6 5 9 9 80 ,522 £ l8 .5 1 6 £ d e fl4 0 .2 1 8 Jan 1 t o S ep t 3 0 . 3 ,3 48,693 2 ,6 6 9 ,1 6 8 £ d e f5 8 2 ,1 8 5 £ d fl4 2 3 ,5 7 6 C o lo ra d o M id la n d _______S ept : 3 1 ,3 5 0 3 1 ,3 5 0 Cl ,465 c d e f.1 ,1 1 9 J u ly 1 t o S e p t 3 0 _______. 94,050 9 4 ,0 5 0 c d e f.3 3 ,3 4 3 C16.892 G enesee & W y o m in g — J u ly 1 t o S e p t 3 0 . 7,829 6,970 15,254 6,413 J a n 1 t o S ep t 3 0 . 22,287 2 1 ,0 4 0 £5 6 ,6 2 2 7,343 N e v a d a -C a l-O r e g o n ____ S ept ; 3,594 4,0 4 6 £ 34 ,152 £ 1 8 ,7 6 0 J u ly 1 t o S e p t 3 0 . . 10,766 12,138 £7 9 ,6 8 5 £ 49 ,898 N Y N H & H a r tfo r d — 5 ,0 22,350 4 ,8 9 8 ,6 6 1 £ 3 ,3 1 5 ,5 3 6 £ 1 ,8 8 4 ,3 3 3 15,498,731 1 3 ,3 8 3 ,0 9 0 £ 7 ,9 4 5 ,2 1 8 £ 3 ,4 2 0 ,6 6 0 R io G rande S o u th e r n . _ .S e p t 18,574 1 8,960 £ d e f 19,062 £ 2 ,0 3 2 J u ly 1 to Se t 3 0 _______ 56,804 56,776 £ d e f2 2 ,0 0 2 £12 ,941 T o le d o P e o ria & W e s t___ O ct 23,884 22,941 £ 6 ,0 9 4 £ 3 ,2 5 2 J u ly 1 t o O ct 3 1 _______ 96,329 94,257 £2 3 ,8 2 4 £ 1 6 ,3 8 7 c A ft e r a llo w in g fo r m iscella n eou s ch arges a n d cre d its t o in c o m e . £ A fte r allo w in g fo r o th e r Incom e r e c e iv e d . ELECTRIC 5,345 27,448 361 10,687 7,425 Net Earnings Monthly to Latest Dates. The table fol lowing shows the gross and net earnings of STE AM railroads and of industrial companies reported this week: R oad s. — I n t . , R en t !als, A c .— R oad s. R A IL W A Y AND TRACTION L a te s t G r o s s E a r n i n g s . W eek or M o n th . A m e r ic a n R y s C o _ . O c t o b e r . . c A u r E lgin & C h ic R y S e p te m b e r B in gh am ton S t. R y . . A u g u s t ___ BIrm R y L t & P o w e r. S e p te m b e r B r o c k to n & P ly S t R y S ep tem ber C a m a gu ey C o ________ S e p te m b e r C ape B re to n E le c Co S e p te m b e r C arolina P o w & L t Co S e p te m b e r C entral Pen n T r a e ___ S e p te m b e r Chariest C on R y G&F. S e p te m b e r C h icago R a ilw a y s C o. A u gu st — C leve P a ln e sv & East S e p te m b e r D allas E le c tr ic C o r p . S ep tem ber D e tr o lt U n ited R v . . 4 th w k O ct D u lu th -S u p e r T r C o . 4th w k O ct E ast S t L ou is & S u b . S ep tem ber El P a so E le c tr ic____ S ep tem ber F a ir & C larksb T r C o. S e p te m b e r Ft W a y n e <c W abash 5 V a lle y T r a c tio n Co S e p te m b e r G a lv -H o u s E lec C o . . S ep tem ber G rand R a p id s R y C o . Septem ber H a v a n a E le ctric R y . W k N o v : lio n o lu lu R a p id Tran & L a n d C o ________ S e p te m b e r H o u g h to n C o T r a c Co S e p te m b e r Illin ois T r a c tio n C o _ . S e p te m b e r Jack so n v tlle E lec C o . S e p te m b e r K ansas C ity -W e ste rn S e p te m b e r L a k e S h ore E le c R y . S e p te m b e r L e x & In te r R y s C o . J u ly _____ _____ M Ilw E lec R y & L t Co S e p te m b e r M llw L t H t & T r a c C o S e p te m b e r M ontreal Street R y . _ IW k N o v 6 N ash ville R y & L igh t S e p te m b e r N orth O h io T r & L t . . S e p te m b e r N o rth T e x a s E lec C o . S e p te m b e r N orth w est E lev C o . . O cto b e r . . N o rf & P o rtsm T r C o. S e p te m b e r O k la h om a C ity R y _ . J u ly .......... P a d u ca h T r & L t C o . S e . te m b e r p P en sa cola E le ctric C o S e p te m b e r P o r tl’d (O r )R y L & P C o S e p te m b e r R io de Jan eiro T ram L ig h t & P o w e r ------- S e p te m b e r S t Joseph (M o) R y Lt H e a t & P o w e r C o . O cto b e r . . Sao P a u lo T r L t & P . S e p te m b e r S avannah E le ctric Co S ep tem ber S eattle E le ctric C o ._ S e p te m b e r S ou W iscon sin R y Co S e p te m b e r T a m p a E le ctric C o . . S e p te m b e r T o le d o R y s & L ig h t . S e p te m b e r T o r o n to R a ilw a y s ___ W k N o v 6 T w in C ity R a p T r a n . 4 th w k O ct U nderground El R y of London— T h ree tu b e lin e s___W k O ct 30 M etrop olitan D ls t . W k O ct 30 U n ited T r a m w a y s . W k O ct 30 U nited R y s o f St L . _ S e p te m b e r U n ited R R s o f San F r A u g u s t ___ V irgin ia R y & P o w Co A u g u s t ___ W ash B a lt & A n n a p . S e p te m b e r W h a t c o m C o R y & L t S e p te m b e r COM PANIES. Jan. C u rren t Y ear. P r e v io u s Y ear. $ 247 ,826 149,141 34,348 188,364 12,833 11.978 22,000 17,545 62.979 60,008 1088,209 31,361 107,570 213,064 27,618 176,402 50,501 43,674 $ 231 ,126 137.387 32,892 177.388 12,603 11,922 2 2 ,0 0 6 1 to la test d a te. C u rren t Y ear. P r e v io u s Y ear. 60,868 58,125 9 80 ,166 27,971 95,842 180,751 24,850 170,028 43,828 3 9 ,742 2 ,4 49,613 1,158,406 230,721 1,64 6 ,8 2 5 103,903 99,350 170,388 141,318 564,747 570,095 8 ,0 6 8 ,5 5 2 242,206 962,103 6 ,6 2 9 ,9 0 9 809 ,772 1,481,078 4 26 ,875 313,944 225",229 8 24 ,353 5.89 5 .1 5 8 733.233 1 ,4 8 7 ,8 5 5 3 86 ,519 2 87 ,732 132.736 100,837 97,626 45,022 122,442 91.780 8 9 ,899 3 7 ,272 1,03 8 ,3 5 0 894 ,605 776,022 1,744,523 9 78 ,699 792 ,654 708 ,569 1,61 4 ,4 3 4 3 7,725 28,732 3 73 ,252 3 8 ,375 3 2 ,467 23,934 3 57 ,508 3 4 ,017 108,206 104", 072 54.239 58,706 3 69 ,446 3 35 ,077 99,820 93,984 74,794 68,577 154,540 151 ,055 202,156 172,675 104,829 8 8 ,190 184,430 182,923 158,234 d 162,938 41,468 26.781 19,096 18,694 21,649 17,417 420,778 3 73 ,288 305 ,614 282 .548 242,425 197.499 3 ,1 7 4 ,8 6 5 2,973,051 3 50 ,586 31 6 ,4 8 0 266,914 252,883 83 5 ,0 6 0 7 87 ,210 321 ,654 32 8 ,5 6 5 3 ,1 1 6 ,8 8 5 2,86 6 ,8 2 4 659 ,707 706 ,129 3 ,3 0 1 ,0 0 5 3 ,1 1 2 ,4 5 8 1,257,641 1,159,583 1,634,172 1,42 0 ,5 5 2 770 .549 910,119 592 ,007 1,70 7 ,7 0 8 I , 1,436,199 I I , 3 95 ,234 228,194 148,384 170,049 166,825 184,050 153 ,376 3 ,5 4 7 ,6 4 7 '3 ,2 2 2 ,1 0 3 642,731 643,347 5,60 7 ,4 9 5 5.23 9 .1 5 8 82,363 200.496 49,523 568,494 13,471 47,108 217.737 75,053 192,031 78,512 180.886 48,404 38 5 ,9 4 6 13,551 4 3 ,3 5 6 222 ,892 68.483 175 ,382 8 05 ,170 1,776,271 451 ,817 4 ,3 7 6 ,6 7 0 120,785 436 ,253 1,981,435 3 ,2 3 0 ,7 7 3 5 ,766,558 750 ,743 1 ,6 8 2 ,1 8 0 4 35 ,796 3,30 3 ,1 3 1 116,483 4 05 .980 1,86 4 ,8 2 2 2,96 5 ,0 2 3 5,31 3 ,4 6 5 £13,555 £10,474 £5,336 929 ,329 6 42 .120 165,334 58,789 3 4 ,836 £12,275 £9,899 £5,926 8 87 ,344 587,733 £540,300 £422,283 £265,318 8 ,2 2 6 ,3 8 5 4 ,8 3 2 ,7 7 8 1 ,3 48,720 £498,035 £390,806 £293,683 7 ,8 6 0 ,6 2 5 4,49 7 ,9 4 4 295*,! 90 2 60 ,170 55", 938 28,381 c T h ese figures are fo r co n s o lid a te d c o m p a n y , the N o rfo lk C o u n ty Ferries. 2 ,3 4 1 ,0 3 8 1 ,0 5 7 ,9 1 5 211 ,134 1,581,763 96,206 8 6 ,145 181,844 533,118 5 64 ,896 a I n clu d e s earnings ot THE CHRONICLE 1276 Electric Railway Net Earnings.— The following table gives the returns of E L E C T R IC railway gross and net earnings reported this week. A full detailed statement, including all roads from which monthly returns can be obtained, is given once a month in these columns, and the latest statement of this kind will be found in the issue of Oct. 30 1909. The next will appear in the issue of Nov. 27 1909 R oads. F t W a y no & W a b V a i l , . S ep t Jan 1 to S e p t 3 0 _______ H o n o lu lu R T & L C o .b -S e p t Jan 1 to S ep t 3 0 _______ Illin ois T r a c tio n C o . a - .S e p t Jan 1 to S e p t 3 0 ----------K in g s to n C o n s o lid a te d , b— J u ly 1 to S ep t 3 0 ---------S tJ os(M o) R y .L .H & P C o b .O c t Jan 1 t o O ct 3 1 _______ S y ra c L a k e S h ore & N o r .b — -G ross E a rn in g sCurrent P reviou s Y ea r. Y ear. $ $ 132,736 122,442 978,699 1 ,038,350 37,725 32,467 282,548 305,614 357 ,508 373 ,2 5 2 3 ,1 7 4 ,8 6 5 2,973,051 -N e t E a rn in g s-------P rev io u s Current Y ea r. Y ea r. $ $ 61,469 61,672 425,231 429,811 16,178 20,973 124 ,555 149 ,674 161 ,499 157,157 1,2 5 1 ,5 9 9 1 ,286,464 49,225 82,363 805 ,170 46,240 78,512 750,743 24,721 39,196 387 ,473 22,486 36,009 3 6 8 ,4 6 2 C131.282 71,448 C65.430 35,322 a N e t earnings here g iv en are a fte r d e d u ctin g ta x e s. b N et earnings here given are b e fo r e d e d u ctin g ta x e s . c In clu d es earnings of^O sw ego T r a c tio n C o . fo r 1900 b u t n o t fo r 1908. Interest Charges and Surplus. — I n t ., R en tals, & c .— — B a l. o f N et E ’ n g s.— C u rrent P revio u s Current P revio u s Y ea r. Y ea r. Y ea r. Y ear. $ $ $ 5 ‘ # 10 ,660 # 15 ,154 6,121 6,378 H on olu lu R T & L Co . . S e p t # 7 6 ,4 5 9 53,944 # 99 ,467 55,757 Jan 1 to S ep t 3 0 ----------K in gston C on solid a ted — # 14 ,879 # 12 ,126 10,868 10,352 J u ly 1 to S ep t 3 0 ----------18,249 20,760 17,675 21,521 S t J os(M o) R y ,L ,H & P C o .O c t 205 ,302 173,872 163,160 213,601 Jan 1 to O ct 3 1 _______ R oads. S yra cu se L a k e S h ore & N or— J u ly 1 to S ep t 3 0 ---------- C25.429 13,597 c#40,004 # 2 6 ,3 2 5 c In clu d es earnings o f O sw ego T r a c tio n C o . fo r 1909 b u t n o t fo r 1098. x A ft e r a llow in g fo r o t h e r In com e re c e iv e d . ANN UAL REPORTS, Annual Reports.— An index to annual reports of steam railroads, street railways and miscellaneous companies which have been published during the preceding month will be given on the last Saturday of each month. This index will n o t include reports in the issue of the “ Chronicle” in which it is published. The latest index will be found in the issue of Oct. 150. The next will appear in that of Nov. 2 7 . Minneapolis & St. Louis Railroad. { R e p o r t f o r F i s c a l Y e a r e n d in g J u n e 30 1909.) President Edwin Hawley, New York, Oct. 5 1909, says in substance: G eneral R esu lts.— A lth o u g h the general business s itu a tio n w as seriou sly d is tu r b e d d u rin g th e first six m o n th s o f the y e a r, th e reven u es fro m o p e r a tio n sh ow a s a tis fa c to r y Im p ro v e m e n t o v e r la st y ear. T h e s ta te m e n t o f In com e in clu d es the gross earn in gs, expen ses and fixed ch a rg es o f th e M in n e s o ta D a k o ta & P a cific I t y . T h is w as the first y ear th a t p r o p e r ty w as op e r a te d in its e n tire ty a n d the earnings w ere n o t su fficie n t t o m eet the fixed ch a rg e s . T h e o p e ra tin g e x p e n se s w ere necessarily high b y reason o f new ness o f c o n s tr u c tio n , b u t th e c o s t o f m ain ten an ce sh ou ld , In th e near fu tu r e , be c o n s id e r a b ly re d u c e d . T h e ro a d has p roven a v a lu a b le fe e d e r to o u r m ain lines a n d its v a lu e as such w ill be gre a tly Increased T h e Increase In o p e r a tin g e x p e n se s is p rin cip a lly due to an increase In m ileage o p e r a te d and a g re a te r v o lu m e o f tr a ffic m o v e d b u t In p a r t to th e increase In w ages g ra n te d last year. R e c e ip t s fro m ren ta ls o f tra ck s , term in als an d o th e r fa cilitie s d ecreased $3 4 ,0 7 9 , resu ltin g m a in ly fro m less c r e d it re ce iv e d fo r hire o f e q u ip m e n t. T h e Increase In ta x e s o f $24 ,818 Is p rin c ip a lly due to Increased v a lu a tio n . T iie increase o f $ 2 7 5,77 6 in Interest on fu n d e d d e b t resu lted m a in ly fro m a ch arge fo r in terest on b o n d s o f the M in nesota D a k o ta & P a cilic H y . Do. p a y a b le u nd er p r o v is io n s o f the lease. , „ . „ „ „ ,,, T h e a d v a n c e s to the lies M oines A F o r t D odge R R . C o. fo r d e fic ie n c y In o p e r a tio n s fo r th e y ear a m o u n te d t o 5 1 2 ,5 7 7 , a n d to the M in nesota Diikota, « P a cific R a ilw a y C o. $ 1 0 3 ,9 4 4 ; bu t these su m s, a g g re g a tin g 511 6 ,5 2 1 , still rem ain due fro m th ose co m p a n ie s , a n d this a m o u n t has been cr e d ite d b a c k to the Incom e o f th is c o m p a n y fo r the y e a r . . T h e reg u la r sem i ann u al d iv id e n d s o f 2 ) 6 % e a ch w ere p a id on the p re ferred s to c k from th e a c c u m u la te d surplus. E q u ip m en t.— T h e ch arge fo r d e p r e c ia tio n o f e q u ip m e n t, m ade t o c o n fo rm to the In te r-S ta te C om m erce C o m m issio n ’s a c c o u n tin g re g u la tio n s, w ere red u ced In rate from 2 % to 1 % : b u t there w as ch a rged t o these e x penses $45 ,4 2 5 an d to p rofit a n d loss a c c o u n t 573 ,5 0 4 , a g g re g a tin g $1 18,929, b e in g tiie I n v e n to r y v alu e o f 8 lo c o m o t iv e s anil 154 cars v a c a te d d u rin g th e y ea r. , „ A v erage Cost o f R ep airs per L ocom otives, A c . 1909. I908.| 1909. 1908.1 1909. 1908. L o c o m o ’s $2,406 $l,5 85| Pass. c a r s . $641 5501 [ F r t . c a r s . $42 28 $47 71 A d d ition s, A c .— D uring the y e a r e x p e n d itu r e s w ere m ade fo r a d d itio n s a n d b e tte r m e n ts , an d ch arged to c a p ita l a c c o u n t , t o a to ta l o f 5 45 0,32 6, n o ta b ly : B a lla stin g (63 'A m iles) an d r e c tify in g grades, 311 1,18 4; p a y m en ts on a c c o u n t o f new e q u ip m e n t p u rch ased b u t d e liv e ry o f w h ich w as n o t co m p le te d to .June 30, $23 5,07 8; e q u ip m e n t tru st o b lig a tio n s (p rin cip al) p a id , $15 ,9 3 8 . , „ . . ) nAn B on d s.— T h ere w ere Issued t o the c o m p a n y d u rin g the y e a r $ 1 ,2 4 -.0 0 0 “ first anil refu n d in g ” 4 % b o n d s, o f w h ich $ 1 ,0 1 5 ,0 0 0 to retire an equa l a m o u n t o f Io w a E x ten sion 7 % b o n d s, d u e Ju n e l 1909, $1,800 to r e d e e m a sim ilar a m o u n t o f p ast-ilu e u n d e rly in g b o n d s , an d th e re m a in d er, $ 2 1 9 , 000 , to reim b u rse the c o m p a n y fo r cash e x p e n d e d fo r a d d itio n s an d b e tte r m ents. T h e r efu n d in g o f the llrst m o rtg a g e 7s eU ects a m aterial s a v in g In in terest ch<ir^c D u rin g th e y ea r $ 2 ,3 6 5 ,0 0 0 “ first an d r e fu n d in g " 4 % b o n d s w ere sold an d the p roceed s a p p lie d t o retire the Io w a E x te n sio n 7s a n d the liq u i d a tio n o f the m a jo r p o r tio n o f the flo a tin g in d e b te d n e ss. A t the close o f th e fiscal y ea r there rem ain ed In th e treasu ry $ 1 1 7,00 0 b o n d s o f this issue c o n s t it u t in g a free a s s et. , E q uip m ent N otes.— E q u ip m e n t trust n o te s a m o u n tin g to $16 ,986 were p a id . A d d itio n a l eq u ip m e n t tru st n o te s o f a new series t o the a m o u n t of $60 0,00 0 (V . 88, p. 1373) w ere issued In A pril 1909 fo r deferred p a y m e n ts on 4 10-w heel passenger, 3 8 -w h eel m o gu l s w itch an d 7 10-w heel c o n s o li d a tio n freigh t lo co m o t iv e s ; 750 b o x cars, e a ch o f 30 ton s c a p a c it y , an d 100 g o n d o la c o a l cars, each o f 40 to n s c a p a c it y , tiie gre a te r p art o f w h ich e q u ip m en t w a s d eliv ered d u rin g, an d the rem ain der s in ce , the clo s e o f the fiscal y e a r , to be u tilized In m o v in g th e fa ll c ro p s . Outlook..— A t th is tim e b o t h c o m m e rcia l an d agricu ltu ra l p ro sp e cts fo r the en su in g fiscal y e a r arc m o s t p rom isin g. D u rin g the y e a r Just closed there w ere e re cte d a t va rio u s p o in ts on the lines o f the c o m p a n y 11 grain e le v a to r s , a tile an d b rick w o rk s a n d a c e m e n t fa c t o r y , w h ile several o th er business en terp rises w ere esta b lish e d or en la rg e d . T h e c ro p s In M in nesota a n d S ou th D a k ota are un u su ally g o o d , w hile In Io w a the o a ts c r o p will eq u a l la st y e a r ’s yield a n d th e co rn c ro p w ill a v e r a g e , If n o t e x c e e d , the yield [V O L . L X X X I X fo r la st y e a r . T h e C h eyen n e R iv e r a n d S ta n d in g R o c k In d ia n R e s e r v a tion s w h ich are re a ch e d b y these lin es, w ill be o p e n e d u p t o se ttle rs e a rly In O cto b e r 1909, a n d this w ill also te n d t o Increase b o th fre igh t a n d p assen ger tr a ffic . CO N D ITIO N OF T R A C K S (IN C L . 9.92 M I L E S '2D T R A C K ) A N D BRIDGES. ---------------Ralls (miles)-------------- — Metal Bridges on— Timber June 30— 80//>. 75/6. 70/6. 66/6. 60/6. Var. Masonry. Piling. Trestles. 1909.................... 1031 567 40 215 51 5.531ft. 1,689ft. 49,955ft. 1908________________103 1 564 40 247 51 5,531ft. 1,689ft. 50,368ft. 1907 103 l 401 40 155 79 5 .5 3 lft. 1,689ft. 46,858ft Track ballasted June 30 1909, 612 mlle3: to be ballasted, 385 miles. Locom otives, 89; passenger cars, 95; freight cars, 4,607. C LASSIFICA TIO N OF FR EIG H T— PROD U CTS OF (TO N S). M in es. Forests. M anufac's. M iscell. AgriciUture. Animals. 95,876 530,004 190,179 190,579 516,124 1908-09 ............ 1,005,986 86,880 507,177 196,095 171,006 422,380' 1907-0S ______ 900,919 95,847 450,442 242,937 211,922 463,642 1906-07 ............ 988,070 90,989 329,707 228,236 206,781 452,090 1905-06 ............ 1,058.073 O P E R /1T I O N S . 1905-06. 1 90 6-0 7. 1907-08. 1908-09. 799 798 1,005 1,027 A v era ge m iles o p e r a te d . 1,2 1 1 ,1 7 3 1,1 1 4 ,6 0 7 1,261,770 1,297,889 Passen gers c a rrie d . N o . 55,039,452 51,0 6 4 ,8 5 6 4 9 ,6 6 1 ,7 8 8 Pass, ca rried 1 m ile ____ 57,948,361 1.967 c ts . 1.9 2 7 cts. l .823 Cts. 1.859 Cts. R a te p er pass, per m ile . 2 ,3 6 5 ,8 7 6 2 ,4 5 2 ,8 6 0 2,284,457 528,748 R e v . fre igh t c a rrie d , to n s do 1 m ile , t o n s _____ 2 6 0 ,058 ,07 1 240,435,168 238 ,8 6 1 ,4 0 1 2 2 1 ,2 4 8 ,5 3 9 1.153 c ts . 1.123 cts. 1.063 cts. R a te per to n p er m ile — 1.075 cts. $1.04 $.95 E arn s, p er pass. tr. m ile S.99 $ 2.86 $2.89 $2.51 E arn s, p er fr t . tr. m ile . 52.55 $4,6 4 7 $4,840 $3,750 G ross earnings p e r m ile . $3,994 247 .87 257 .10 236.17 R e v . tr a in -lo a d , t o n s — 237 .54 E A R N I N G S , E X P E N S E S , C H A R G E S & c. N o te .— T h e o p e r a tin g e x p e n se s fo r 1907-08 h a v in g b e e n so m e w h a t r e vised In o rd e r to a ffo rd a c o r re c t c o m p a r is o n , an d the figures a fte r o p e r a tin g In com e” fo r 1907-08 n o t be in g g iv e n in th is y e a r ’ s r e p o r t, w e h a v e ch an ged the Item o f " o t h e r in c o m e ” fro m $ 3 0 0,96 5 t o $31 5 ,6 6 7 In o ld e r t o s trik e the p r o p e r b a la n ce fo r the y e a r . 1908-09. 1907-08 1903-09. 1907-08. S $ Earnings from — $ S 167,426 Passengers........... ......1,076,984 1,003,377 T a x e s ........................... 192,244 Freight______________ 2,796,606 2,555,133 995,469 1,133,465 Mall, express < mlsc. 297,725 fc 268,005 315,667 . #338,885 T o ta l........................4,171,315 3,826,516 1,472,350 1,311,136 Expenses— Mafnt. of way, & c_ . 462,917 443,577 67,783 . 68,266 Malnt. of equipment. 572,808 518,962 . 1,965 Transportation e x p . 1,542,908 1,451,976 Net earn.D.M .* Ft.D> Traffic expenses____ 122,480 111,542 Int. paid during year 1,383,453 1,107,676 1,068 G e n e ra l____________ 144,493 137,564 Int. dlsc’ t and exch . . *200,000 *200,000 T ota l__________ ..2,845,606 2,653,621 T o t a l ...................... 1,652,787 1,377,424 Net earnings............. 1,325,709 1,162,895 60,288 Balance, deficit ‘ r n r i T i - ’ -Y ..'.’ r r r r . v . ........................................ i s o ,438 ...... x Includes S116.521 representing "deficiency in operations of leased linesi now credited back and charged to: Des Moines & Ft. D odge R R . G o., Sl2,o77, .Minn. Dakota & Pacific R y . C o., 8103,944.” See text above. . * Dividends are deducted by the com pany from accumulated surplus, but are here shown for the sake of simplicity. B A L A N C E SH E E T J U N E 30. 1908. 1909. $ A ssets $ 30.340,151 R o a d a n d e q u ip m e n t -------------------------- 3 1 ,2 7 4 ,5 6 0 742 ,6 0 0 I n v e s t m e n t s -------- -------------------692 ,6 0 0 277 ,517 C om pa n ies an d In d iv id u a ls ---------------370 ,708 99,431 A gents and c o n d u c t o r s ----------------------167,920 29,3 1 0 (J. S. P o st O ffc e D e p a r t m e n t ............. 10,941 1,240,000 C o m p a n y ’s b o n d s in tre a su ry ............. 117,000 541 ,549 376 ,206 M aterials an d s u p p lie s-----------------------377,863 Ca sh ___________________________________ 454,572 33,722 M is c e lla n e o u s _________________________ 17,655 C en tral T r. C o ., trustee o f 5 -y r . n o te s ----------D a k o ta C o n stru ctio n C o ....... ............. 5,0 3 1 ,6 1 8 P a . C o . fo r Ins. on L iv e s , & c _ . -----673 ,695 39 ,187,475 T o t a l assets...................... .............. L ia b ilities— S t o c k , c o m m o n ------------------6 , 000,000 S t o c k , p r e fe r r e d __________ 4 , 000,000 B o n d s (s e e ” R y . &I n d .” S e c t i o n ) 20 ,237,000 5 , 000,000 5-y e a r n o te s, d u e 191 1_______________ 299,122 A u d i t e d v o u c h e r s _____________ _______ _ 601,406 A ccru e d Interest on b o n d s, & c _______ 602,831 E q u i p m e n t t r u s t n o t e s __________________ 133,761 T a x e s , n o t d u e ________________________ 156,715 A u d ite d p a y - r o l ls _____________________ 2 50 .000 B i l l s p a y a b le __________________________ 57,075 U n a d ju ste d a c c o u n t s .............................. 408 ,797 R o llin g s to c k re p la ce m e n t f u n d _____ 49,300 R es e rv e fo r im p ro v e m e n ts, & c _______ 100.000 D lv . on pref. s to c k pa y a b le J u ly ____ 76,891 C ou p on s d u e , not p r e s e n te d ________ In co m e a c c o u n t ____________ ______ ___ 1 .1 24,574 3 8 ,4 6 3 ,7 6 1 T o ta l liab ilities ....................................... 3 0 ,1 8 7 ,4 7 5 38.4 6 3 ,7 6 1 1907. $ 30,1 0 4 ,5 7 6 652 ,600 4 5 ,145 150,914 2 6 ,2 9 5 908 ,000 535 ,136 6 39 ,018 68,701 1,1 8 6 ,7 7 4 4 ,0 7 7 ,4 12 38,3 0 4 ,5 7 1 6 , 000,000 6 , 0 00 ,000 4 .0 0 0 . 000 4 .0 0 0 . 000 19,795,900 2 0 ,0 1 1 ,8 0 0 5 .0 000 5 .0 0 0 . 000 0 0 . 286,158 164,640 3 52 ,926 335 ,1 0 2 50,923 19,817 87,875 115,004 156,278 133,320 620 ,000 650 .0 0 0 68,053 178,430 324 ,399 199,547 79,216 100 .000 100,000 7 4 ,660 87,764 1,387.740 1,478,770 38,304,571 — V. 88. p. 1500. Alabama Great Southern Railroad. Y e a r e n d in g J u n e 30 1909.) Pres. W . W . Finley, New York, Oct. 4 1909, wrote in part: {R ep ort for F is c a l G eneral R esu lts.— T h e in co m e sta te m e n t reflects the co n tin u a n ce d u rin g this y ear o f th e business depression b y a r e d u c tio n In o p e ra tin g revenues o f $12 ,689 and show s the results o f the e c o n o m ie s Inaugu rated In D e ce m b er 1907 h y a r e d u c tio n In o p e ra tin g e xp en ses o f $3 8 o ,7 8 .l, o r 13.44 „ . F irst D ividend on Com m on S to ck .— 'Ih u usual sem i-an n u al d iv id e n d s , a g g re g a tin g 6 % , w ere p aid on the preferred s t o c k . A d iv id e n d o f 2 / 0 . d e cla re d o u t o f a ccu m u la te d surplus an d ch a rg e d to p ro fit an d loss, was paid Ju n e 26 1909 on th e o rd in a r y sh ares, b e in g the llrst d iv id e n d paid o n this class o f s t o c k . (In th e fo llo w in g ta b les c o m p lie d b y the “ C h ron icle this d iv id e n d is ch arged d ir e ctly a gain st the Incom e fo r the ye a r 1908-09. ^ F i n a n c i a l C on d ition .— T h er e has be e n n o ch a n g e d u rin g the y e a r In th e fu n d e d d e b t o th e r th a n the re d u c tio n In th e fu n d ed arrears o f d iv id e n d on preferred s to c k b y p a y m e n ts o f the usual sem i-an n u al Installm ents of p rin cip a l an d Interest, le a v in g the a m o u n t o f such certificates o u ts ta n d in g as o f Jun e 30 1909, $ 15 9,78 6. P a y m e n ts agg re g a tin g $30 8,00 0 w ere m ade o n a c c o u n t o f e q u ip m e n t tru st o b lig a tio n s , th e re b y re d u cin g the a m o u n t o u ts ta n d in g Jun e 30 1909 to $ 1 ,7 1 0 ,0 0 0 . T h e to ta l charges to cap ital a c c o u n t d u rin g the y e a r am o u n te d to $24 2 ,8 5 0 , o f w h ich $34 ,352 represents the c o s t o f new brid ges, exte n sio n s o f side a n a sp u r tracks a n d o th e r p erm an en t im p ro v e m e n ts , an d $208,498 p a y m en ts on a c c o u n t o f new an d a d d itio n a l e q u ip m e n t. [$60,000 o n a c c o u n t or 13 lo c o m o tiv e s c o n tr a c t o f A u g . 25 1907 an d $148,498 on a c c o u n t or 2,oo(J fre igh t cars a n d 8 lo co m o tiv e s u n d er e q u ip m e n t trust " C ” d a te d .May i 10O n Ju n e 1 t909 the c o m p a n y p u rch a se d a o n e -h a lf Interest In the W o o d s to c k A B lo c to n R y ., the o th e r half Interest be in g o w n e d b y the L o u isy u io A N ashville R R . C o. T h is line o f ra ilro a d , lo ca te d b etw een W o o d s t o c k an d B lo c to n , A la ., a dista n ce o f 8 m iles, furnish es this c o m p a n y access to Im p orta n t coal fields. c t H n m e n t s nf D uring the y ear p a y m e n ts w ere m ade In co m p ro m is e se ttle m e n ts or lu m b e r r e p a ra tio n claim s gro w in g o u t o f the tw o cen ts a d v a n c e in rates on y e llo w [line lu m ber In 1903, such p a y m e n ts b e in g ch a rged to profit and loss. T h ese rep aration cla im s result fro m litig a tio n R o w in g ou t o f the a d v a n c e In rates m e n tio n e d . It Is e x p e c te d th a t an claim s or this n ature w ill be settled d u rin g the c o m in g y e a r . (C om pare io o t-n o t o to Incom e a c c o u n t b e lo w .— E d .) M a in t e n a n c e — W h ile th e ex p e n d itu re s fo r m a in te n a n ce o f w a y a n d s h ow a re d u c tio n o f 533 ,8 5 2 , the p r o p e r ty w as fu lly m ain tain ed N o new steel raU w as laid O w in g to th e large a m o u n t o f steel rail raid d u rin g several years nr o r t o Ju n e 30 1907 the im m e d ia te re q u rem en ts fo r n e w K l rall wlU h e l im i t e d . D u rin g th e y ear 188 .150 cro ss-tie s w ere p u t In th e tr a c k , an a vera ge o f 404 ties per nJ l ? ff ^ c ^ i ^ t , " \ r ^ d ^ n s g w ere .u rtr u c t iires r e -d e c k e d ’ 1 400 lineal fe e t o f fra m e trestle w ere ch an ged t o b a llasted de ck trestle; 1,150 lineal feet o f brid ge 229 w ere raised e ig h t Inches an d 132 iinonl ip et o f Brldtrc 249 w h ich h«id been bu rn ed , w ere re p la ce d . . D u r in e th e v e a r 2 0 automatic b lo ck signals w ere a d d e d , m a k in g a to ta l o f i o r signals In s ervice o n Jun e 30 1909, p r o te c tin g 7 3 .5 m iles o f t ia c k . > D u rIn gSX y ea r bto< * s i g n a l w ere erected n o r th o f Y o r k , A la ., fo r a ^ N ^ v E o u ir t m e n t T r u s t . & c .— M aintenance o f e q u ip m e n t show s a decrease . «!«•> r, ",x or 21 0 8 % , as co m p a re d w ith last y e a r , th e charges fo i r e tlic m en t8o f freig h t eq u ip m e n t fro m service th ro u gh o p e r a tin g exp e n se s h a v in g d ecrea s ed a S o u t$ 1 0 0 J > 0 0 . N o new e q u ip m e n t w as p u rch a se d d u rin g th e vpnre a im t arran gem en ts h a ve be e n m a d e to p u rch a se 20 lo co m o t iv e s , 15 n a s ^ n g e r m all an d b a gg a ge cars an d 825 fre ig h t-tra in cars u n d e r a n pm iV nm enf tru st nlan 4 lo co m o tiv e s , unlit fo r s e rv ice , w ere s o ld . q r r n S r f a f t o n S e n s e s . — T h e decrease o f $ 1 7 7 ,2 8 1 , o r 1 3 .2 8 % In tra n sp orta tion exp en ses, w as e ffected th r o u g h g re a te r e ffic ie n c y a n d a svs?em o f e c o n o m y ? E xpen ses fo r the a ctu a l h a n d lin g o f tr a ffic , such as station s ya rd s an d fu e l, w ere u n ifo rm ly r e d u c e d , and large savin gs w ere m a d e In’ exp en d itu res fo r loss an d d a m a g e -fre ig h t an d fo r p erson al inju ries. J ’ne30. 1909 . . 1908 . . 1907 - 1906 . . — Rolling Stock— Pass. Freight Cars. mo. Cars. 5,902 42 83 6,000 42 87 6,253 43 75 4,624 38 68 1377 THE CHRONICLE Nov. 13 lOOU.i 9,0-lb. 51 51 49 21 -Road — Ralls— — lb-lb. 60-16. 240 — 240 ___ 241 ___ 250 19 — Ballast— -m id g es, A c Slag. Cinders. W ood.Steel.Ac 281 9 6.53 0.42 281 9 0.53 0.42 281 9 7.26 0.42 281 9 7.40 0.42 O P E R A T I O N S , E A R N I N G S , E X P E N S E S , & c. 1905-06. 1906-07. 1907-08. 190 8-0 9. 312 312 319 M iles o p e r a te d Ju n e 3 0 . 319 O perations— $5,156 O p e r. re ve n u e p er m ile . $4,923 596,940 663,232 679,727 F re ig h t (ton s) c a r r ie d .. 657,436 77,9 4 9 ,6 2 2 8 9 ,1 8 7 ,1 7 4 92,2 8 6 ,0 3 3 F r ’ t (ton s) ca rried 1 m ile 9 7 ,4 7 0 ,7 8 2 1.38 cts. 1.38 cts. 1.27 cts. A v e r, ra te p . t o n p . m ile 1.09 cts. 198 214 228 A v e ra g e t r a in -lo a d (ton s) 222 A v e r, earnings p er m ile $2.72 $2.95 $2.91 o f ea ch fre igh t t r a i n .. $2.43 1908 ■09. 1907-08. 1908-09. 1907-08. 5 Operating revenue— S S Per cent of oper. exp F r e ig h t ______ ______1,064,214 1,166,639 (58.34) to operating r e v .. 172 .11) Passengers__________ 377,113 325.375 670,520 Mall, express, A c ___ 120,786 117,603 Net earnings.............. 438 001 59,274 Other Income______ o31 099 Total oper. rev_ 1,562,113 1,609,617 _ Total Income_____ 469,100 729,794 Outside operation s.. 8,267 ---------Deduct— 51,933 80.987 _ Total revenues_ 1,570,380 1,609,617 Taxes _____________ Int. on equip, notes. 2,333 9,400 Operating expenses— 188.326 Int. on first mtge. 4% Malnt. of w ay, A c ___ 298,872 bonds .......... 160,000 160,000 145,962 Malnt. of equipment 176,348 65,784 63,388 Rents for joint facili Traffic expenses____ 69,562 122,650 ties ........ 491,118 T r a n sp o rta tio n ------ 540,928 38,148 20,293 50,303 Hire of equip, ba l___ General expenses___ 45,407 Total oper. e x p 1,127,339 Outside operation s.. 5,040 * Includes also “ ballasted deck trestles” aggregating 7.066 ft. in 1909, against 5.666 ft. In 1908. O PER AT IO N S, EARN IN GS, E X P E N S E S , CHARGES, Ac. 1906-07. 1905-06. 1907-08. Operations— 1908-09. 309 309 309 Average miles operated................ 309 705,463 614,78^ 644,095 Passengers ca rr.ed .-------------------635,051 Passengers carried 1 m ile ............ 41,856,317 42 >11,263 42,469,782 38,129,314 2.-14 cts. 2.36 eta. 2.35 cts. Hate ner passenger per m ile-----2.26 cts. 2,945,372 __ 2,988,523 2,474,536 Tons o.’ revenue feright carried .. 2,334,785 j .-h i .ooo Number of tons carried 1 m ile ..331,157,463 317,309,191 361,719,960 365,746,718 Rate per ton per m ile.................... 0.68 cts. 0.71 cts. 0.72 cts. -j---T o n so f freight In each train (rev.) 374.22 358.04 36o.21 368.31 $11,507 SU .548 ............ ............ Gross earnings per m ile --......... IN C OM E ACCO U NT. 1908-09. 1908 -09. 1907-08. $ $ Operating Revenues— S .1,069,437 Freight......................... 2,259 333 2,258,557 Net revenue— . 137,238 Taxes accrued . 998,297 Passenger.................... 944 448 290,290 Mall, express & misc. 333 350 Operating Income. 932,199 25,837 Other rev.from oper. 23 161 Hire of equip.— bal. 84,981 62,481 Total oper. rev _ 3,560,292 3,572,981 Inc. from Invest.,Ac. _ Operating Expenses— Total gross Income 1,079,661 484,170 Malnt. of way, A c . . 450 318 Deductions— 866,423 Malnt. of equipment 683 765 87,376 Mlsc. rents, A c ......... 144 ,851 Traffic expenses-----92 507 300i,221 Transportation e x p .1,157 636 1,334,917 Interest on bonds 84 ,335 97,803 Int. on equip, obllg’s General expenses — 100 ,680 D lv.(N o.l)on com (2% )156>,600£ Total oper. e x p . . . 2,484 906 2.870,689 Dlvs.on pref.stk.(6% )202 ,821 702,292 Net oper. rev cn u e..l,0 7 5 386 Total d cd u ctln os.. 888, 828z Outside operations— Balance, su rplu s.. 190, 833£ 9,712 5 net d e fic it _______ Net revenue______ 1,069,437 692,580 1907-08. $ 692,580 131,705 560,875 273,928 80,043 914,846 114,492 289,651 97,665 202,821 704,629 210,217 Total expenses___1,132,379 Total deductions. 939,097 ---------- Bal., surp. for y e a r .. 321,976 147,124 393,330 336,464 939,097 a O th e r In com e Inclu des $30 ,774 re n ts r e c e iv e d fro m Joint facilities In 1908-09 a n d In 1907-08 $ 4 2 ,6 6 6 . B A L A N C E SH EET JU N E 30. 1908. 1909. 1908 Liabilities— S Assets— S S Stock outst’ g (see Cost of road, equip R y . A Ind. Sec.)13 598,500 13,598,500 ment, A c ........... 18,127,329 18 ,043,443 866,992 Bonds outstanding 4. 000,000 4,000,000 Cash ............... 1,056,840 101,314 163,659 39,786 Audited vouchers. Due front agts.,A c. 37,931 4S.034 55,439 P a y -ro lls................ Due from Individ 56,407 80,045 79,246 Due to other c o s .. 60,617 uals & com pan’s 81,190 81,250 8,921 Interest on bonds. 3,036 Due from U .S.P .O . 38,954 29,168 183.492 Accrued taxes-----162,171 Mat’ls & supplies. 80,000 4,000 Equipment notes. 9,009 Bills receivable___ 32,575 80,000 Renewal accounts Fqulp’t co n tr a c t.. 11,358 8,574 52,777 M iscellaneous-----‘ 20*216 Unadjusted acc’ts . 1,145 Profit A loss surp. 1 ,461,536 1,317,470 1,028 M iscellaneous____ Total ..................19,478,172 19,365,804 — V . 89, p. 1142. T o t a l ..................19,478,172 19,365,804 Tonopah & Goldfield Railroad. Y e a r e n d in g J u n e 30 1909.) Chairman Thos. M. King, Philadelphia, Sept. 29 1909, says in substance: * ( R ep ort fo r F is c a l G eneral R esu lts.— D ue t o th e d ep ression In m in in g d e v e lo p m e n ts In the S ta te o f N e v a d a , fro m w h ich h e r e to fo re y o u r c o m p a n y has received large r e v e n u e s , th e fa llin g o ff In gross earnings Is $60 7,55 8 an d in net earnings $205 33 1 . T h e r e d u c tio n in o p e ra tin g e x p e n se s, $402,227 show s th at th e r e d u c tio n in th e cost o f o p e r a tio n has k e p t p a ce w ith th e d eclin e in reven u es. It is h o p e d th at w ith the new y e a r an Im p r o v e m e n t w ill be sh o w n . T h e e x ce s s iv e s u p p ly o f c o a l, pu rch ased In 1907 a t a high c o s t p er t o n , an d sto re d fo r e m e r g e n c y p u rp o se s, has been co n s u m e d . S in ce th en the engines h a ve been ch a n g e d t o o il bu rn ers, and th e co st o f su ch ch an ge ch a rg e d t o o p e ra tin g e x p e n se s. W ith o il as a fuel th e c o s t p er engine m ile fo r fu el has been re d u ce d fro m $1 53 t o 42 ce n ts , a s a v in g o f $1 11 per en gine On Jun e 28 1909 th e c o m p a n y ’s sh ops a t T o n o p a h w ere b u rn e d , b u t it Is b e lie v e d th a t th e Insurance an d sa lva ge w ill c o v e r th e loss. IN C O M E A C C O U N T . 8 M os. Y ea r Y ear Y ear 1905-06. 1906-07. O perating R even u e— 190 8-0 9. 190 7-0 8. $1,186,9311 $666,153 F r e i g h t _____________ $374,444 $582,735 5 4 9 ,8 9 7 / O r e __________________________ 288,172 523 ,499 2 60 ,260 571,084 P a s s e n g e r ___________________ 192,233 3 27 ,937 22,464 78,063 M all, e x p re ss, A c ___________ 55,170 83,405 $2,3 8 6 ,5 7 4 $948,876 T o t a l ______________ $91 0,01 9 $ 1 ,5 1 7 ,5 7 7 O perating E x p en se s — r*“ $221,182 $285,900 M ain ten an ce o f w a y , A c ___ $90 ,756 $171,414 23,215 152,107 116,931 169,611 M ain ten an ce o f e q u ip m e n t 233 ,936 783,654 T r a n sp o rta tio n a n d t r a f f i c . ® 4 11 ,662 669 ,898 37,8 1 7 74,652 G e n e ra l........... ......................... 62,234 72,887 $51 6,15 0 $ 1 ,296,313 $1,0 8 3 ,8 1 0 . . . $681,583 1908. (54.40) (54.32) (71.42) V. (74.89) S $432,726 $1,090,261 $433,767 . . $228,436 7,830,000 4,2 5 5 35,602 55,419 ... 45,851 3,380,350 1,750,000 $428,471 $ 1 ,0 5 4 ,6 5 9 $378,348 .. $18 2,58 5 3,936,600 2,5 5 5 7,099 1,946 .. 3,165 O th er In c o m e ____ 324,000 $380,294 $ 1 ,0 6 1 ,7 5 8 $431,026 T o ta l net In c o m e ________ $185,750 2,018,000 D ed u ction s— 239,679 $66 ,684 $54,432 $63,417 In te re st o n b o n d s _________ $57,450 59,715 39,193 H ire o f e q u ip , ren tals, A c . *22,846 772,564 7 8 ,9 2 5 3 9 ,462 78,925 £ 78 ,925 S ln k ln g fu n d .......... .................. 61,429 S to c k N e v . M o b . T ra n s. C o. 19,472 9,000 ch a rged o i l _______________ _______ 134,753 0,033 A c c o u n ts ch a rged o f f _______ _______ 101,110 55,058 I m p r o v e m e n t s _____________ _______ 369,960 .1 /(30)150,000 (7 )3 5 ,0 0 0 D iv id e n d o n preferred s to c k _______ 110,355 .............y (3 0 )4 9 5 ,0 0 0 (7 )1 1 5 ,5 0 0 D iv id e n d o n co m m o n s to c k . ............. 126,725 28,259 T o ta l d e d u c t io n s ............... $159,221 $181,536 $86 3,70 0 $244,394 23,297 B a la n ce , s u rp lu s ___________ $26,529 $198,758 $198,058 $186,632 20,913 * H ire o f e q u ip m e n t, ren tals, A c ., in clu d es hire o f e q u ip m e n t, $ 8,279; 867,239 ren tal o f leased tra ck s, $ 7 ,454: interest an d d is c o u n t, $ 7,113. £ In clu d e s $39,462 50 paid N o v . 30 1908 an d sam e a m o u n t p a y a b le 22,174,723 D e c. 1 1909 t o retire $77 ,000 b o n d s. y D ivid e n d s in 1906-07 in clu d e 3 0 % on b o th classes o f st o c k , v iz .: 1 0 % each p a id N o v . 1 1906, D e c. 20 1906 an d A p ril 1 1907— each d a te. x The com pany charges the dividend of 2% ($156,000) paid June 26 190.) on ordi nary shares against the total profit and loss surplus after the latter has been credited with a balance of S347,433 for the year 1908-09. We have charged the dividend directly against the Income of the year mentioned. This reduces the credit balance for the twelve months to $190,833. Add said balance to the profit nnd loss surplus as of June 30 1908 ($867,239) makes a total of $1,058,072. Now deduct the follow ing Items, charged by the company against profit and loss, namely. (1) Payments on account of compromise settlement of lumber reparation claims and expenses in connection therewith, $10,312; and “ miscellaneous adjustments and reserve to additional lumber reparation claims.” $94,516, and there remains as the total prollt and loss surplus June 30 1909 $953,244, as shown In the balance sheet. B A L A N C E SH EET JU N E 30. 1908. 1909. 1909. 8 Liabilities— S 8 Assets— Cost of road......... -13 .167.630 13,133,278 Ordinary shares . . 7.830,000 Equipment owned. 3 ,618,521 3,410,023 Preferred shares.. 3,380,350 324,000 First'mtge. bonds. 1,750,000 324,000 Leasehold estates. In vestm en ts--------1 ,890,123 1,777,768 Gen. mtge. bonds. 3,936,600 324,000 Car trust equlpm 't 1,710,000 2,018,000 Leasehold estates. 81,182 Equipment trusts. 1,710,000 150,811 Material on hand. 386,694 Certlfs. for dlvs_ 159,786 _ 337,336 C a s h ........................ 63,831 Int. accr., not due 62,831 38,411 Cash in tr a n s it... 70,335 Res. for equip.,A c. 898,877 57,508 Station agents,Ac. 'l'axcs not due____ 65,480 Deposits for Int. A 65,471 136,783 134,754 Mlsc. reserves____ rents due July 1. Interest A rentals. 136,783 Other transporta 549,846 Res. for dlv. on pt. 101,410 202,517 tion com panies. 214,191 18,541 V ouch.A acct.pay. 6,362 U. S. P. O. D ept. Pay-rolls, A c ......... 100,189 Individuals a n d 112,503 128.724 Individuals A co s. 95,755 com panies......... 82,880 77,747 Other transp. co s . 163,054 M iscellaneous____ Bills payable......... M iscellaneous-----4,220 953,244 Profit and loss____ T otal.................... 21,888,815 22,174,7231 — V. 89, p. 1140,102. T otal......... 21,888,815 St. Joseph & Grand Island Railway. Y e a r e n d in g J u n e 30 1909.) General Manager James Berlingett says: (,R e p o r t fo r F i s c a l Im p rovem en ts.— O f th e Im p ro ve m e n ts referred t o In th e ann u al re p o rt o r th e y ea r 1907, o n ly a p a rt w ere m ade In th e y e a r ju s t clo s e d , b u t It is e x p e c t e d th a t th e re m a in in g Im p ro ve m e n ts w ill be co m p le te d d u rin g th e cu rren t y e a r . In a d d itio n th e fo llo w in g m u ch needed Im p ro v e m e n ts h a v e been au th o r lz e d , t o c o s t a b o u t $ 1 ,3 1 9 ,6 9 2 : C om p letion o f steel b rid ges a t M arysville, Sen eca an d S e v e r a n c e .. $16 ,728 R e c o n s tr u c tio n o f line fro m C a rd en, K a n ., t o H astin gs, N e b . (118 m iles), v iz .: (a) N et c o s t o f re p la cin g a b o u t 100 m iles o f 50 to 00-11). rail w ith 7 5 -lb . rail, 5-110,072; (b) b a llastin g (e x clu d in g fj i S (W ” a b o u t $28 0,00 0 fo r fre igh t charges th e r e o n ), $35 4,00 0; (c) rect lfv ln g grades, $ 16 9,00 0; (d) passing tra ck s an d o th e r exp e n se s, $86 ,000 ................. ----................. .........................................1 ,0 1 9 ,0 7 2 T e n stan d ard co n s o lid a tio n freigh t lo c o m o t iv e s .................................. 157,279 F iv e 7 0 -ft. gasolin e m o to r cars fo r passen ger t r a ffic _______________ 115,000 O n e sta n d a rd pile d r iv e r -------------------------------------------------------------------11,613 E q u ip m en t N o te s .— T h ese t o th e a m o u n t o f $80 ,000 w ere p aid oft d u rin g th e y ea r. T h is c o m p le te s th e p a y m e n t o f $36 5,00 0 fo r the e q u ip m e n t re ferred to In th e ann u al re p o rt fo r 1903, co n sistin g o f 250 b o x cars, 8 0 ,000 lb s. c a p a c ity ; 50 c o m b in a tio n coal an d ballast cars, 100 ,000 lbs. c a p a c ity ; 4 first-class passen ger co a ch e s; 2 co m b in a tio n m all an d b a gg a ge cars an d 6 freig h t lo c o m o tiv e s . CHBM8B18 B A L A N C E SHEET JU N E 30. 1909. 1908. 1909. 1908. Liabilities— S S A.sscl$~~ $ S 500,000 Cost of road................ 3,226,793 3,155,499 Preferred s tock _____ 500,000 Cost of equ ipm en t.. 551,476 551,476 Common s tock _____1,650,000 1,650,000 First mtge. 6% b d s .1,269,000 1,346,000 Dwelling houses at 41,278 12,675 12,538 Equip, trust notes..................... Tonopah ................ 75,000 344,702 Securities In treasury a350,400 a350,400 Bills payable.............. 23,474 29,295 53,527 P a y -ro lls _____ _____ Equipment tru sts.. 38,181 43,787 152,942 Due to foreign roads 31,508 Cash on hand........... 24,513 Due to Inds. A c o s .. 47,365 107,501 8,418 Cash in transit_____ Dlvs. uncollected___ 1,443 1,443 Due from Individuals 154,330 Int., disc., A c., accr’d 7,606 25,649 71,024 and com panies___ 61.299 Accrued taxes............ 31.696 18,014 27,207 Due from foreign r’ds 61,609 M iscellaneous............ 4,326 8,685 Due from agents-----13,720 16,252 Sinking fund........... .. 6270,463 193,462 Bills receivable_____ 6,423 232,059 Equip, replace, res’ vc 5,026 22,333 Materials A supplies 124,204 493,771 8,670 Profit and loss______ c532,743 Contingent A m lscel. 14,304 T o t a l ...................... 4,442,641 4,835,114 T o t a l ....................... 4,442,641 4,835,114 a Securities In treasury Include first mortgage bonds, $350,000; four shares o f Registration Trust Co., Goldfield, N ev., at par, $400. 6 Includes $231,000 charged out of surplus and $39,462 payable D ec. 1 1909; see foot-note x above. e The profit and loss account was charged during 1908-09 with sundry Items applicable to prior period and one other adjustment of $4,070; total, $72,633, and credited with various Items aggregating $111,605.— V . 89. p. 1142, 995. 1378 THE CHRONICLE Northwestern Elevated Railroad, Chicago. (R e p o r t f o r F i s c a l Y e a r e n d in g J u n e 30 1909.) President M. B. Starring says in substance: G eneral R e s u lt s — T h e gross earn in gs fo r th e y e a r (In clu d in g lo o p a n d E v a n ston line n et earnings) w ere $ 2 ,5 4 0 ,8 8 4 , b e in g an Increase o f $77 696 o r 3 .1 5 % . T h e r e h a b ilita tio n o f the surface r a ilw a y s a n d the im p ro v e m en ts In th e ir ro llin g s to c k s o m e w h a t a ffe c te d th is c o m p a n y ’s gross e a rn in gs, b u t th e m o s t seriou s e ffe cts have n o w been fe lt , a n d the b u sin ess o f th e e le v a te d r a ilw a y s as an e n tire ty Is Im p rovin g. T h e t o ta l ex p en s es Increased $ 7 2 ,8 0 7 , or 3 .4 4 % , d u e (a) t o Increase In c a r m iles fro m 10,316,296 in 1908 t o 12,03 4 ,4 9 0 In 1909, o cca s io n e d b y the op e n in g o f n ew lin es, a lth o u g h the co s t o f o p e ra tio n p er c a r m ile d ecreased 1 1 .5 5 % . The new lines have a d d e d m a te ria lly t o the len gth o f th e av e ra g e „CCn 1S P^r Passenger, , (b) In crease in ta x rate In S o u th C h ic a g o , L ake V I «'Ta C ollision on M ay 18. T h is a c c id e n t has a lr e a d y c o s t th e c o m p a n y $ 1 0 ,6 0 2 , w h ich has been ch a rg e d t o “ general e x p en ses fo r the yea r, (d) T o increased e x p e n d itu re s f o r m a in te n a n ce . cla im s an d suits w h ich are p e n d in g a n d w h ich arose from f o r da m a ges*” S a n d prev ous y e a r s > S25.000 has been set asid e as a “ reserve c 'n. ‘' ’[a y 31 the tw o -y e a r c o n tr a c t w ith o u r e m p lo y e e s e x p ir e d . T h e rela tion s betw een the m en an d the m a n a ge m e n t are a m ica b le a n d n o d o u b t a new a rran gem en t fair t o a ll c o n ce rn e d w ill lin a lly be agreed u p o n . I t w ill resu lt in an increase In the w age scale. th ? ?,° c o m b in a tio n m o to r cars o rd ered fro m th e P u llm an C o ., 19 h a v e been d eliv ered and placed in s e r v ic e . F o r c o m fo r t , b e a u ty other railroad C thCSC CarS are not excelled- 1 equaled, by those of any G 1 * Im p rovem en ts.— O n M arch 19 c o n tr a c t w as le t fo r th e p e rm a n e n t sta tio n a t K im b a ll a n d L a w ren ce a v e n u e s. T h e p e rm a n e n t s ta tio n a t K e d z le A v e . w a s op en ed Jun e 20. O n M ay 12 the new lo o p t o th e b e a u tifu l K im b a ll AVrSu term in al s ta tio n — u n d er c o n s tr u c tio n — w as o p e n e d fo r se rv ice . i n e E v a n s to n lin e, w h ich has been In o p e r a tio n fo r o v e r o n e y e a r, has great y e n h a n ced valu es in real e s ta te . T h e t e r r ito r y a d ja c e n t to it is r a p id ly filling up w ith h igh -class b u ild in g s , a n d w h en th e track s are e le v a te d fro m W ilson A v e . to Central S t ., the line w ill s h o w a g o o d p ro fit to b o t h c o m p a n ie s . A t p resen t ou r train sch edu les are m u ch in terfered w it h b y th e w o rk o f e le v a tin g th e track s from H ow ard A v e . t o C h u rch S t ., E v a n s to n : loss o f p a tron a ge m u st o f n ecessity co n tin u e u n til th is w o rk is c o m p le t e d , w h ich w ill p r o b a b ly be in D ec. 1909. A sta tion w as op en ed a t H o w a rd A v e . on A u g . 23 1908 a n d on e a t F o s te r A v e . on J a n . 6 1909. T h e N orth W a te r S t. term in al w as d u ly c o m p le te d fr o m a ju n c tio n w ith the m ain line a t W ells S t. t o th e term in al s ta tio n a t C lark S t. an d op e n e d fo r busin ess N o v . 17 1908. F rom th is s ta tio n d u r in g th e e v e n in g rush h ours as high as 2,141 passengers h a ve b e e n carrie d . Stocks and B on d s.— T h e c o m p a n y has re c e iv e d fro m th e C en tral T r u s t C o. $33 4 ,0 0 0 o f the first m ortg a ge b o n d s o f the U n ion E le v a te d R R . C o ., w h ich b o n d s are n ow In ou r trea su ry. T h e s to c k s o f th e C h ica g o & O a k P a rk E lev a ted R y . C o ., o b ta in e d pursuan t t o th e plan o f re o r g a n iz a tio n d a te d N o v . 9 1903 o f the Lake S treet E levated R R . C o ., h ave r e c e n t ly b een d eliv ered t o this c o m p a n y a n d are in clu d e d In th e Item “ s to c k s a n d b on d s. T h e c o m p a n y ’s floa tin g d e b t w as redu ced b y th e p r o c e e d s o f th e sale o f $ 3 ,0 0 0 ,0 0 0 b o n d s h eretofore a u th o r iz e d , w h ich h a ve been so ld an d d e liv e re d F irst D ivid en d .— An Initial d iv id e n d u p o n the p referred s to c k w ill b e p aid In O c t o b e r , a n d it Is the e x p e c ta tio n o f the m a n a g e m e n t th a t the e a r n ings w ill w a rra n t a c o n tin u a n c e o f d iv id e n d s u p o n said s t o c k , a n d th a t th e m a x im u m ra te p r o v id e d th e re fo r w ill be u ltim a te ly a t ta in e d . R E S U L T S F O R Y E A R S E N D IN G J U N E 30. 1908-09. 1907-08. 1 90 6-0 7. T o ta l passengers carried 4 0 ,9 5 5 ,7 9 5 3 7 ,4 1 9 ,2 8 6 3 1 ,0 2 2 ,5 7 5 D a lly a v e r a g e ___________ 112,207 102,238 8 4 ,993 P assen ger e a rn in g s _____ $ 1 ,9 1 3 ,5 1 5 $1 ,8 5 7 ,7 5 3 $ 1 ,5 5 0 ,8 1 6 O th er earn in gs (in c lu d in g lo o p n e t earnings) _ 627 ,368 605 ,434 5 49 ,500 1 9 0 5 -0 6 . 2 9 ,1 3 2 ,8 7 1 7 9 ,8 1 6 $ 1 ,4 5 6 ,4 5 4 $2,540,884 $45,038 147,045 699,843 103,893 $2 ,4 6 3 ,1 8 7 $10 ,114 130,381 693,759 100,861 $ 2 ,1 0 0 ,3 1 6 $50,681 141 ,738 4 58 ,774 93,111 $ 1 ,9 4 8 ,7 2 7 $ 65 ,092 1 47 ,387 4 1 5 ,5 5 6 77,538 $995,819 $ 1 ,5 4 5 ,0 6 5 261 ,846 848 ,852 7 8,590 $96 5,11 6 $1,498,071 226,381 802 ,837 1 17 ,965 $71 4,30 4 $1 ,3 5 6 ,0 1 2 217,311 791,123 $705,573 $ 1 ,2 4 3 ,1 5 4 171,624 7 83 ,467 7,5 6 6 $ 1 ,189,288 $355,777 $1,14 7 ,1 8 3 $35 0,88 7 $1 ,0 0 8 ,4 3 4 $34 7,57 8 $962,656 $ 2 8 0,49 8 M aln t. o f w a y & s t r u c ts . M ain ten an ce o f e q u lp ’ t . C o n d u c tln g t r a n s p o r t s . G eneral e x p e n s e s _______ T o ta l op e r a tin g e x p ’s . • T a x e s _______ B o n d In terest. O th er In terest. G EN ER AL B A L A N C E SH EE T (IN C LU D IN G LO OP D IV IS IO N ) JU N E 30. 1908. 1909. 1908. 1909. Assets— * Liabilities— $ S S Road and equip. 34,265,789 32,533,661 Preferred s t o c k .. . 5,000.000 5.000. Land and bldgs_ _ 438,837 Common s tock ___ 5.000.000 5.000. 000 43.8,705 Stocks and bonds. 1,092,705 33,726 B o n d s .................*22.482.000 19,493,000 Cash and bills re M ortgages.............. 130,750 130,750 ceivable ______ 952,792 1,180,665 Equipment notes. 140.000 267,000 Accounts receiva Kes’ ved for taxes. 93,484 83,697 ble ........... ........... 232,072 Accr’d Int. on bds. 210,978 256,238 296,025 Materials and sup Reserve for main plies on hand . . 22,070 28,450 tenance .............. 250,000 250.000 Unadjusted acc’ ts 58,514 582,340 Ues’ ve for dam ’ges 25,000 A cc’ ts & notes pay. 1,141,617 2,665,181 Unadjusted acc’ ts 5,985 Profit and loss____ 2,355,678 1,999,900 T o t a l ...............3 7 ,0 4 1 ,5 5 4 35,029,752 Total ..................37,041,554 * Total bonds, $23,850,000; les3 owned, $1,368,000; outstanding. $22,482,000 — V. 89. p. 1142, 287. American Cotton Oil Company. Y e a r e n d in g A u g . 31 1909.) The remarks of Chairman George A . Morrison, with bal ance sheet and profit and loss account, will be found on sub sequent pages. The list of subsidiary companies remains unchanged from last year. See V. 77, p. 1872. The following comparison for four years has been prepared for the “ Chronicle” : {R e p o r t fo r F is c a l T o t a l su rplu s--------------- 9,255,234 1905-06. $ 1,39 3 ,5 3 7 (2 )4 0 4 ,7 4 2 611,916 39,022 8,18 7 .5 2 8 945 ,863 7 ,2 4 4 ,4 9 0 376 ,879 7 ,0 5 3 ,2 3 2 8 ,2 2 6 ,5 5 0 8 ,1 9 0 ,3 5 3 7,430,111 a A fter d e d u ctin g d ifferen ce b e tw e e n b o o k a n d Insurance v a lu a tio n o f p r o p e r ty d e s tr o y e d b y fire, $59 ,945 . A U G U S T 31. 1908. 1907. $ 5 13,436,093 13 ,4 2 4 ,7 0 7 1,092,049 1,63 8 ,6 2 6 £ 3 ,6 7 9 ,0 3 6 3 ,0 3 1 ,6 0 7 1906. 5 13,175,673. 1,506,391 3 ,0 1 6 ,9 2 7 4 ,2 3 9 ,2 5 0 1 5 ,368,320 4 ,2 0 8 ,3 0 4 14,595,033 3 ,4 0 4 ,4 9 5 1 6 ,1 6 4 ,7 5 9 T o t a l a s s e ts____________ 3 8 ,0 1 6 ,1 0 6 L ia bilities— C o m m o n s t o c k _________ 2 0 ,2 3 7 ,1 0 0 P referred s t o c k --------------- 1 0 ,1 9 8 ,6 0 0 5 ,0 0 0 ,0 0 0 D eben tu re b o n d s _______ B ills p a y a b le ____________ _______ C om m ercia l a c c o u n t s ___ 1/1,243,843 A ccru e d in te re s t________ 18,750 D iv i d e n d s --------------------1 ,3 1 7 ,8 1 3 3 7 ,8 1 4 ,7 4 9 3 6 ,8 9 8 ,2 7 7 3 7 ,2 6 8 ,2 4 5 2 0 ,2 3 7 ,1 0 0 10 ,1 9 8 ,6 0 0 5 ,0 0 0 ,0 0 0 501 ,773 1/945,455 18,750 913,071 2 0 ,2 3 7 ,1 0 0 1 0 ,198,600 5 ,0 0 0 ,0 0 0 2 0 ,2 3 7 ,1 0 0 1 0 ,1 9 8 ,6 0 0 5 ,0 0 0 ,0 0 0 1 ,1 3 7 ,8 6 9 18,750 30 5 ,9 5 8 1 ,1 0 3 ,0 9 5 1 8 ,7 5 0 710 ,700 "Total lia b ilitie s ----------- 3 8 ,0 1 6 ,1 0 6 3 7 ,8 1 4 ,7 4 9 3 6 ,8 9 8 ,2 7 7 3 7 ,2 6 8 ,2 4 5 £ In clu d e s a d v a n c e s f o r m e rch a n d ise , tin g c n c le s .— V . 89, p . 122 5. V I n clu d e s reserves fo r oon- Mergenthaler Linotype Co., New York. 30 1909.) President Philip T . Dodge, New York, Oct. 19 1909, says in substance: { R e p o r t f o r F i s c a l Y e a r e n d in g S e p t . G eneral R esu lts.— I m p r o v e d business c o n d itio n s In th e c o u n t r y a t la rg . are re fle cte d In an Increased v o lu m e o f sales a n d b y a gain in earn in gs vpHr nieo o 7rn « * C t Ui ,Yf,a r w as 5 2 ,6 4 2 ,4 6 8 , as again st $ 2 ,4 2 6 ,7 1 6 fo r th e year 190 7-0 8. In a d d it io n to the co n tin u e d d e m a n d fo r th e m ore e x pen sive m ach nes there Is an increased d e m a n d fo r the sm aller a n d c h e a p e r m achines designed to m e e t the requ irem en ts o f th e c o u n t r y n ew spapers and th e sm aller o ffic e s . D u rin g th e y e a r sta n d a rd m ach in es w ere in tro d u ce d Into 402 o ffic e s a n d ju n io r m ach in es Into 260 o ffic e s w h ich w ere p re v io u s ly w ith o u t m ach in es. y A c q u is itio n s .— L a rge interests w ere p u rch ased in th e t w o E u rop ean c o m pan ies, th e L in o ty p e & M a ch in ery L im ite d o f E n gla nd a n d th e M ergen thaler S e tz m a sch ln e n -F a b rik G . m . b. H . o f G e rm a n y . It is be lie v e d th a t these purchases will p r o v e t o be o f a d v a n ta g e In m a n y w a y s; m ore p a r ticu larly in p e rm ittin g e co n o m ie s in th e m a n u fa ctu re , sale a n d d is trib u tio n o f m ach in es; in a v o id in g e x p e n s iv e an d w astefu l litig a tio n ; a n d In p e rm ittin g co u n trie s e r f s, a n d im p ro v e m e n ts o rig in a te d in the diffe re n t i > c . m a n u fa c tu r e o f lin o ty p e s in va rio u s fo rm s , p r in tin g r a n d k in d red m ach in es w ill be c o n tin u e d in the B ritish fa c t o r y at tin u e d ^ n * G erm an yanCUeStCr’ a n d the m a n u fa ctu re o f lin o ty p e s also con T h e p r o p e r ty o f th e C a n a d ia n -A m e rica n L in o ty p e C o rp o ra tio n L td In clu din g real e state, to o ls , p aten ts, & c., w as also pu rch a se d , a n d fo r the pu rpose o f re d u cin g e x p e n se the lin o ty p e a n d m o n o lin c plan ts In M on a c a l w ere c o n s o lid a te d in a single fa c to r y , th e p r o p e r ty o f y o u r c o m p a n y £ he S 'C ure 1:ct1 m ach in es w ill be co n tin u e d In C anada so lo n g as th a t m a rk et dem a n d s th e d o m e s tic p r o d u c t. „ T h e v a rio u s fo re ign interests w ere pu rch ased In part b y th e Issuance o f A L w ™ f atY 1 Par? J?r c a s h \ (C om pare V . 89, p. 689, 948, 567, 509.) 1 f L r . i i n t^, ,.ia L t1 t oti f p e y e a r s earnings has been th u s In vested In th e ial * iir£ e? an d 11 * th o u g h t th a t the c o m p a n y has been In d iv id u ,s a lly stre n gth e n e d a n d its fu tu re business p ro te c te d . i,?,P1 ;ova!n{-'nts, havc bFen made In the plant at Brooklyn; fSSh?w?^iS 8 n?® Sbsta« t al vaIuc have been developed and acquired and novel n them Incorporated in the machines for the market, adapting tnem for additional and Important uses. m SI 1 90 8-0 9. T o ta l net p r o fits -------------$ 2 , 642,468 D lv s. p a id (1 5 % ) a b o u t 1,735,483 B a la n ce , s u rp lu s --------- In c lu d e s c o m p e n s a tio n t o c it y on a c c o u n t o f lo o p . S u r p l u s _______________ 1,088,629 P re v io u s s u rp lu s------------- as. 166,605 B A LA N C E SHEET 1909. A ssets— $ R e a l es ta te , & c ., & c ____ 13 ;5 3 0 ,6 8 9 C a s h -------------------------------1 ,5 6 9 ,1 4 8 Bills & a c c t s . r e ce iv a b le £ 4 ,0 6 5 ,0 6 1 P r o d u c t s , raw m a te ria l, & c ., a v a ila b le __________ 4 ,5 1 1 ,5 7 2 G o o d -w ill, p a te n ts, & c . 14 ,3 3 9 ,6 3 6 4 9 2 ,2 7 3 T h e figures fo r 1906-07 Inclu de $35 ,054 set aside as a re se rve fo r m a in te n a n ce; In 1 90 5-0 6, $ 7 1 ,7 0 0 , set a side In m o n t h ly in sta llm en ts as a reserve fo r fu tu re b e tte r m e n ts a n d m a in te n a n ce — $41 ,700 o n m ain line a n d $30,000 on lo o p d iv isio n . R e s e r v e fo r m a in te n a n ce has be e n k e p t a t $250,000 in 1908 a n d 1909. P R O F I T S A N D D IS B U R S E M E N T S . 190 8-0 9. 1 90 7-0 8. 1906-07. N et p rofits a b o v e a ll In$ terest, a d m in is tra tio n e x p ’ s, d e p r e c ’ n , & c ._ 2 ,7 1 2 ,4 0 0 2 ,3 6 7 ,2 6 3 1,25 8 ,0 5 1 D iv id e n d s on c o m m o n . -(5 )1 ,0 1 1 ,8 5 5 (3) 607,113 (4 )8 0 9 ,4 8 4 D lv s . ( 6 % ) on preferred 611,916 611,916 611 ,916 [VOL. LXX X IX 1907-08. $2 ,4 2 6 ,7 1 6 1,64 9 ,4 0 0 190 6-0 7. $3,171,571 1 ,6 4 9 ,4 0 0 1905-06. $2 ,7 3 3 ,7 5 2 1,649,362 $77 7,31 6 $1,522,171 $ 1 ,0 8 4 ,3 9 0 $90 6 ,9 8 5 B A L A N C E S H E E T O C T . 1. 1909. 1908. A s s e ts — $ $ $ Cash ____________________ 423,451 961 ,869 1,15 2 ,7 2 3 S to c k a n d b o n d a c c o u n t 3 ,0 9 6 ,6 1 7 240 ,412 187,712 C u sto m e rs’ n o te s r e c e iv . 3 ,3 2 2 ,4 5 0 3 ,1 7 9 ,8 1 9 3 ,0 3 6 ,5 9 9 O p e n a c c o u n t s _________ 1,191,680 8 60 ,990 679,053 M ergenthaler C o ., L t d . . 717 ,860 33 1 ,3 6 0 R a w m aterials, & c _____ 1 ,9 30,952 1,91 9 ,3 8 9 1 ,8 0 4 ,4 7 5 F a c t o r y u n d e r c o n s tr ’n . 13,327 41,918 P la n t, & c -----------------------2 ,4 5 1 ,3 3 8 2 ,4 2 7 ,5 8 5 2 ,0 4 2 ,8 9 8 L i n o t y p e s ------------ --------75 1 ,0 0 0 759 ,225 015 ,450 O ffic e fixtu res, & c._ 51,622 55,621 48,193 L in o t y p e C o. (C an. Inv.) San F ran , s to c k fire a c c t. R ig h ts , p r iv s ., fra n c h ., p a te n ts an d in v e n t’ ns 7 ,3 2 3 ,2 1 8 7 ,6 6 5 ,3 7 7 7 ,6 2 0 ,8 8 9 M is c e lla n e o u s ________ 18,192 23,251 21 ,2 6 0 ,1 8 8 L ia b ilities— C a p ita l s t o c k ____________ 12 ,7 5 3 ,7 0 0 C re d ito rs’ o p e n a cco u n ts 58,890 B ills p a y a b le ____________ 150 ,000 D iv id e n d s u n p a id _______ 671 000 8 ,2 9 6 ,9 1 7 — V . 89, p . 1 1 4 4 .1 0 7 6 1 2 1 ,2 6 0 ,1 8 8 1906. $ 1 ,1 6 9 ,4 2 0 146,212 2 ,5 3 2 ,9 6 8 49 7 ,6 0 6 1 ,2 0 4 ,8 5 7 1,867,181 9 58 ,625 36,533 53,573 4 7 ,0 0 0 7 ,5 8 7 ,4 9 4 2 4,466 18 ,4 3 3 ,1 6 7 17,652,161 1 6 ,1 2 5 ,9 3 5 1 0 ,0 9 6 ,0 0 0 46,608 10 ,9 9 6 ,0 0 0 42,064 1 0 ,9 9 6 ,0 0 0 3 8 ,954 626 7 ,3 8 0 ,9 3 3 581 6,C 12,616 536 5 ,0 9 0 ,4 4 5 18,433,167 17,602,101 1 6 ,1 2 5 ,9 3 5 Commonwealth Edison Company, Chicago. { R e p o r t f o r F i s c a l Y e a r e n d in g S e p t . 30 1909.) President Samuel Insull says: , , ^ n ’ h , £ c -7~ Dur*ni? th e Past y e a r th e d ire cto rs h a v e Issued an d sold /£ $11 ,2 5 0 ,0 0 0 o f th e c o m p a n y ’s b o n d s an d h a ve paid o lf th e fo llo w in g o b li gation s: C o m m o n w e a lth E le ctric C o. 5 % d e b e n t u r e s .. . $ 50 0,00 0 588 ,000 C h icago E dison C o. 5 % llrst m o r tg a g e g o ld b o n d s ________ C h icago E dison C o. 6 % d e b e n tu re b o n d s . . . 1,483,000 C h icago E dison C o. 5 % 3 -y e a r g o ld d e b e n tu re s _________________ 5,00 0 ,0 0 0 C h icago S e ction al E le c tr ic U n d e rg ro u n d C o. llrst m tg e . b o n d s ___ 260 ,000 R ea l estate m o rtg a g e s_____________________ __________ _______________ 9 0,000 T N ew S tock.— 1 he d irectors h ave r e c o m m e n d e d ’ an in crea se In the a u th o r ized ca p ita l s to c k o f $ 1 0 ,0 0 0 ,0 0 0 , to be Issued fro m tim e to tim e as th e d irectors m ay deem a d v is a b le . If this r e c o m m e n d a tio n Is a d o p te d b y th e sto c k h o ld e r s, it Is p ro b a b le th a t an Increase o f $ 3 ,0 0 0 ,0 0 0 (b e in g 1 0% o f th e presen t ca p ita l sto ck ) w ill b e o ffe re d to th e sto c k h o ld e r s fo r su b scrip tio n a t p ar in F eb ru ary n e x t, p a y a b le in Installm ents. B u sin ess.— T h e c o m p a n y ’s c o n n e c te d business (e x clu s iv e o f e lectrical e n ergy su p p lied to o th e r p u b lic se r v ic e co rp o ra tio n s ) a m o u n te d t® the e q u iv a le n t o f 4 ,9 2 0 ,8 0 0 sta n d a rd 1 6 -c a n d le -p o w e r lam ps o n S e p t. 30 1909. R E SU LT S F O R F IS C A L Y E A R S . — Y ears end. S ep t. 30--------- Years end. M c h . 31— 1909. 1908. 1906. 1007. G ross earnings (in clu d ’ g m erch an dise s a le s )___$ 1 0 ,6 3 9 ,4 4 7 $ 9 ,500,007 $ 7 ,2 5 2 ,5 * 5 $8,842,088 E x p en ses (Inci. d e p re c.& co s t o f m e rch . s a l e s ) . . 6 ,6 4 2 ,6 9 4 6,374,578 6 ,1 0 8 ,2 6 9 4,09 8 ,0 1 2 N e t e a rn in g s_________ $3,99 6 ,7 5 3 In t. o n b o n d s & d e b e n s . $1 ,1 8 2 ,5 0 7 D e p re cia tio n r e se rv e 4 27 ,250 $3,126,329 $1,032,626 236,000 $2,64 3 ,8 1 0 $ 7 7 1 .27t 236,000 $2,254,583 $72 7,86 5 210,000 Balance for divid e n d s $ 2 ,3 8 6 ,9 9 6 $1,857,703 D iv id e n d s ---------------------- (6 )1 ,8 0 0 ,0 0 0 (5) 1,372,035 $ 1 ,630,548 *999 ,845 $1,307,718 *887.556 $630,703 $420,162 B a la n ce , s u rp lu s -------- $ 5 8 6,99 6 $48 5,66 8 • T h is is 8 % o n fo rm e r C h icago E d ison s to c k . 1279 THE CHRONICLE K O V . IS 1909. J C O N D E N S E D B A L A N C E S H E E T S E P T . 30. 1908. 1909. 1908. 1909 S Liabilities— $ Assets— S * Capital s tock .........30,000,000 30,000,000 Plant, real est.,&c.57,105,714 51,657,050 Com.Ed.Co. lstM5s 11,250,000 Unfinished plant do 1st 5s. . . 8,000,000 318,498 99,378 Investm ent-----500.000 do 5% debs. -------------308,590 Open accounts___ 180,184 520,200 Cldc. Ed. 1st 5 s . . . 5,412,000 5.500.000 Material__________ 793,777 1.483.000 do 6% d e b ---- ------------Coal in storage___ 92,107 5,000,000 do 5% d e b — ------------Accounts and bills 260.000 receiv a b le _____ 1,287,464 1,193,934 Ch.Sec.El.Un.lstM ------------220,000 130,000 1,567,433 Heal estate m tg e -Cash ...................... 1,026,330 Deprec’ n reserve. . 2,221,750 1,794,500 523,768 Accounts payable. 783,519 102,478 Municipal com p’n . 122,468 264,140 Bond hit. accrued. 224,042 475,000 411,388 Taxes accrued___ Balance, surplus. . 2,029,817 1,442,820 8,bbb”666 T o t a l .................. 60,584,984 55,565,706 .60,584,984 55,565.706 Total - V . 8 9 , p . 531 , 472 . GENERAL IN VE STM EN T NEWS. R A IL R O A D S , IN C LU D IN G ELECTRIC ROADS. Boston Elevated R y .— R e-p o r t. — For year ending Sept. 30: Y ea r— G ross. N et. O th .ln c. Charges. D ivd s. B a l., sur. 1 0 0 8 -0 9 _____ $14 ,4 9 3 ,8 5 3 $ 5 ,0 0 5 ,3 6 9 _________ $ 4 ,1 6 3 ,9 5 2 $802,503 $38,914 19 0 7 -0 8 _____ 14,0 7 4 ,6 9 6 4 ,6 2 0 ,3 1 0 ------------3 ,7 8 0 ,2 4 7 798,000 42,063 1 9 0 6 -0 7 _____ 1 3 ,9 5 2 ,9 6 6 4 ,3 0 5 ,8 2 0 $58,201 3 ,5 3 2 ,7 4 3 798,000 33,278 C harges Inclu de $20 0,00 0 fo r d e p r e c ia tio n In 1908-09 an d 1907-08, again st $10 0,00 0 In 190 6-0 7.— V . 8 8 , p . 1372. The foregoing takes no account of the monthly interest ($25,312) on the $6,750,000 4 j ^ % general mortgage bonds of the Chicago Consolidated Traction Co. F o r th e m o n th o f Ju n e 1909 th e sy ste m sh o w e d gross earnings o f $ 22 1,84 1; n e t, aft Interest < b a la n c e , surplus (a v a ila b le f o L $ 2 5 ,312 in terest o n C h. C on sol. T r a c . 4 M s ), $ 2 ,8 4 3 , o b ta in e d as fo llo w s : .June 1909— N et P r o fit] J u n e 1909— N et L o ss. $434 1E v a n s to n E le c tr ic R y _______ $391 C h ic. C on sol. T r a c tio n C o ___ 986 N o rth C h ic. E le c tr ic R y ------- 7,190 C h ic. & J e If. U rban T r a c t . C o. 4,138 7,861 C icero & P r o v is o S t. R y ____ C h ic. N o rth S h ore S t. R y 4,401 5,409 O gd en S tre e t R y . C o ________ C h ic. E le c tr ic T ra n sit Co N o rth Side E le c tr ic S t. R y .C o . 4,273 T o ta l p r o fit ________________ $18,963 — V . 89, p . 992 , 102. T o t a l lo s s ___________________$16 ,1 2 0 Chicago Memphis & Gulf R R . — N e w N a m e .— See Dyersburg Northern R R . below. Chicago Milwaukee & St. Paul R y .— B o n d s .— Notice is given that the outstanding temporary receipts representing 25-year 4 % gold bonds of 1909 will be exchanged for the bonds upon presentation at the company’s office, 42 Broad way, N . Y ., on and after N ov. 15 next. C h airm an R o s w e ll M iller o n N o v . 8 de n ie d th e n ew sp ap er s to r y th a t arra n gem en ts h a v e been m a d e fo r th e issu in g o f $ 1 7 ,5 0 0 ,0 0 0 a d d itio n a l b o n d s b e fo re th e clo se o f th e y ear. T h e d ir e cto r s h a v e n o t as y e t d e cid ed w h e n o r how a n y new fin a n cin g w ill b e m a d e . B onds M a tu rin g in 1910 and S aving in Interest Charge i f R efund ed at 4 % . D u e. A m o u n t. P r e s . In t. I n t. 4 % . A n .S a v in g $ $ 148 ,640 170,400 9,900 60,000 2 8 ,4 0 0 4 3 ,100 O scar G . M u rray, W illia m C o tte r, G eorge F . R a n d o lp h , N o rm a n B . R e a m , L F . L o r c e , F . A . D u rb a n , J o se p h W o o d , E . R . B a co n , G e o rg e W . P er kins, Charles S te e le , F re d e rick W . S te v e n s, G eorge F . B a k e r, H e n ry F . S h o e m a k e r. F . D . U n d e rw o o d an d H . S . R e d m o n d .— V . 8 9 , p . 1068, 918. peg R y. below.— V . 89, p. 1141, 665. Chicago Cincinnati & Louisville R R .— R e c e i v e r ’ s C e r t i f i ca tes A u t h o r i z e d . — An order was made by the Federal Court at Indianapolis, Ind., on Monday authorizing Receiver James P. Goodrich to issue $1,400,000 of receiver’s certifi cates, of which $1,000,000 are to be used to retire the S L OW),000 outstanding 6 % receiver’s certificates, which arc subject to call at par, and the remainder for improvements and the payment of current obligations due by the receiver. A m o n g the im p rov em en ts m en tion ed arc 110 tons o f new rails a n d m a te ri als fo r bridges and cu lv erts and necessary la b o r In c o n n e c tio n th erew ith , th e la tte r n ot to e x c e e d In ail $ 3 6 ,0 0 0 .— V . 8 9 , p . 1141, 1068. Chicago City R y .— E a r n i n g s . — For the month of Septem ber and the eight months ending September 30 1909: Gross N et N et -A p p lic a tio n o f net C h .C itg I l g P criod (In clu d in g Southern Chicago 5 % on To C itg of Covered. Street llailw ag.) C itg lit/. In vest. Itg. C o. Chicago. S ep t $793,711 $238,113 $227,726 $15 4,71 9 $32,853 $40,154 8 m o s L . -6 ,1 6 7 ,9 0 5 1,850,371 1,769,658 1,2 2 4 ,3 0 2 245 ,410 299 ,946 P eriod — A p p lic a tio n o f N et Sou thern Street I la ilw a v -----------Covered. N et. 5 % on In vest. T o ll;/ . C o . C itg o f C h ic. o„n t ................. $ 10 ,386 $4,134 $2,813 $3,430 8 m on th s."................... 80,713 28,264 23,602 28,847 — V . 88, p. 944. Chicago Consolidated Traction Co.— E a r n i n g s b y D i v i s i o n s . __ j n view of the pending reorganization, the following statement of earnings for the month of August is significant. Gross. August 1909— Ch. Consol. Tr. Co . . . . $1,970 6,062 Ch. * JelT. Urb. Tran 4,772 Evanston Elec. Ity ----35,612 North Chic. HI. Hr 39.761 70,477 . 19,413 North Hide El. St. Ity . 45,622 Cicero it Proviso......... . 27,399 z Net. Bond Int. Dtv'ds. Impts., <■c. Bal. 1 sur$l,410 $l,410(see below) (lefSIO *1,040 del 1,850 15 63$ 650 def 2,566 4,340 24,052 def 5,826 16,245 3,375 $3,250 1,691 sur 7,929 14,604 5,485 2/2,628 sur 6,491 sur 5,821 6,596 775 3,548 8,333 1,157 def 5,942 400 3,750 — def 3,350 — $9,528 sur$4,669 x This Is "pow er suspense account, unadjusted".( y Includes *461 cable aecsurt. ■ Attar taxes. , > Old. Ave. .*251,088 $ 4 5 ,1 9 5 $27,748 $3,250 7 ,4 3 2 ,0 0 0 5,6 8 0 ,0 0 0 990,000 3 ,0 0 0 ,0 0 0 2 ,8 4 0 ,0 0 0 2,1 5 5 ,0 0 0 2 9 7 ,2 8 0 2 27 ,200 3 9 ,6 0 0 T h e trust d eed p ro v id e s th a t th e to ta l a m o u n t o f d e b e n tu re s to c k shall n ot e x ce e d £2,000 p er m ile o f line fo r the tim e be in g o p e n and o p e r a te d , an d an a m ou n t n ot e x c e e d in g the c o s t p rice o f se cu rities o f In d ep en d en t c orp ora tion s from tim e to tim e d e p o s ite d w ith the tru stees, b u t th e co m n aiiv ca n n ot Issue a n y d eb e n tu re s to c k a gain st such secu rities w ith o u t the con sen t o f the tru stees. T h e d e b e n tu re s to c k Is perpetu al an d Irred eem a ble, an d ranks pari passu in all respects w ith the 4 % p e rp e tu a l co n s o lid a te d d eb en tu re s tock ( £4,9 12,750— E d .) n o w q u o te d o n the L o n d o n S to ck E x ch . T h e d eben tu re s tock Is secu red b y a general ch arge u p o n the u n d ertak in g, p r o p e r ty and assets (oth er than land an d m o n e y s u b s id ie s ), s u b je c t to the £1,180,600 o f b on d s p rim a rily ch a rg e d o n th e O n tario D ivision o f the rail w a y (287 m iles), a n a to charges cr e a te d , o r to be c r e a te d , not e x c e e d in g $10 ,000 p er m ile o f line, oth e r than th e a b o v e -m e n tio n e d 287 m iles o f line In O n ta rio, o r $15,000 per m ile If gu a ra n te e d b y th e P a rliam en t o f the D om in ion or a n y o f th e P ro v in ce s o f C an ada, an d Is a sp e cific first m o rtg a g e u p o n certa in securities d ep o site d w ith the tru stees. (See f o o t-n o t e to ba l a n ce s h eet, V . 87, p . 1156, 1157.— E d .) „ . T h e c o m p a n y is n ow op era tin g 3,1 8 0 m iles, w h ich Includes 710 m iles o f leased lines, an d In a d d itio n has a lre a d y c o n s tr u c te d 371 m iles o f new bra n ch es, w h ich will s h o r tly b e o p e n e d , an d has o v e r 400 m iles p a rtly B o n d s o f C o n tr o lle d R o a d s — B o n d s o f D u l u t h W i n n i p e g & P a c i f i c R y . G u a r a n te e d . — See Duluth Rainy Lake & Winni 1910 1910 1910 1910 1910 1010 $ S o . M inn. 1st 6 s ___ J a n . H a st. & D ak 1st 7s .J a n . do do 1st 5s - .J a n . C h. & P a c . 1st 6 s . .J a n . M in. P t . D lv . 1st 5s_Ju ly MU. & N o rth . 1st 6 s .J u n e C°*P or' tl i c *12 m on th s fro m J u ly 1 1908 to Ju n e 30 1909 the gross earnings a m o u n te d to $ 1 0 ,581 ,76 7 and the n e t earnings to $ 3 ,5 6 6 ,3 6 2 , an increase o v e r the previou s y ea r o f $87 2,30 5 and $533,676 re s p e c tiv e ly , an d fo r the three m on th s from J u ly 1 1909 t o S e p t. 30 1909 th e gross earnings sh o w an Increase o f $34 9,80 0 and th e net earnings o f $10 5 ,4 0 0 , as c o m p a r e d w ith th e corresp on d in g p eriod o f the pre v io u s y e a r, and fo r the three w eeks en d ed O ct. 21 1909 the gross earnings sh o w a fu rth e r increase o f $13 9 ,4 0 0 , as c om p a red w ith 1908. 1 1 1 1 1 1 4 4 5 ,9 2 0 3 9 7 ,6 0 0 4 9 ,500 180 ,000 142,000 129,300 California Gas & Electric Corporation.— B o n d s C a l le d . — Ten first mortgage ($10,000) bonds of the Sacramento Electric Gas & R y. have been drawn for redemption on Dec. 15 at 103 and interest at the office of the Mercantile Trust Co. of San Francisco, trustee.— V . 88, p. 1199. Camden & Trenton R y .— S a l e A g a i n P o s t p o n e d . — The foreclosure sale has been again postponed to some time after Dec. 6, in order to permit of the argument on that day of the appeal of one of the bondholders from the judgment of foreclosure and sale. Compare V. 89, p. 1222. Canadian Northern R y .— D e b e n t u r e S to c k O f f e r e d . — The company offered in London at £9 3 per cent from Oct. 27 to Nov. 3 a further £850,000 4 % “ perpetual consolidated de benture stock,” on which interest will begin to accrue Jan. 1 1190. Press reports say the issue was well received. An advertisement says: 120,000 113,600 86,200 T o ta l ______2 2 ,0 9 7 ,0 0 0 1 ,3 4 4 ,3 2 0 883 ,8 8 0 4 6 0 ,4 4 0 T h e r e fu n d in g o f these b o n d s at 4 % , it w ill be seen, w o u ld e lle c t a s a v in g o f $4 6 0 ,4 4 0 In an n u al interest ch arge. , L i s t e d . — The New York Stock Exchange lias authorized to be listed on N ov. 15 $2S,000,000 25-year 4 % bonds due 1934, on notice of issuance in exchange for outstanding temporary certificates, and also, from time to time, but prior to July 1 1910, $22,000,000 additional of said bonds on no tice of sale, making total amount authorized to be listed $50,000,000. Compare V. 89, p. 1223. Cincinnati Hamilton & Dayton R y . — — The following new directors have been elected: New Directors. Cleveland Cincinnati Chicago & St. Louis R y .— Loss Peculation.— It was announced on Monday by Vice-President by Harris that C. L. Warriner, the local treasurer at Cincinnati, admitted a shortage of $643,000 in his accounts, and that the company’s loss will be reduced to about $500,000 by the employee's bond and the turning over of some personal property by Warriner.— V . 89, p. 1141, 778. Detroit Toledo & Ironton R y . — Protective Committee for Detroit Southern RR. First Mortgage Bonds, Ohio Southern Division.— On Sept. 1 1909 default was made in payment of the interest on these bonds. At the request of holders of a large amount of bonds a protective committee, consisting of James N . Wallace, Chairman; William A . Read and F . H . Ecker, with F . E . Mowle, Secretary, 25 Nassau S t., New York, and Joline, Larkin & Rathbone, as counsel,^ ask the holders to deposit their bonds with the Central Trust Co. of New York, N o. 54 Wall S t., as stated by advertise ment on another page. T h e co m m itte e Is au th o riz e d to tak e all p ro ce e d in g s n ecessary fo r th e p r o te c tio n o f the b o n d s, a n d , If o c c a s io n arises, m a y prepare an d a d o p t a plan fo r the re o rg a n iza tio n o f the p r o p e r ty , o r fo r the sale o f th e d e p o s ited b o n d s. A n y such plan m ust be s u b m itte d to th e d e p o s itin g b o n d h o ld ers an d it w ill be b in d in g o n th e d ep ositors in case h olders o f o 0 % o f th e d e p o site d b o n d s d o n ot dissent th ereto w ith in 20 d a y s a fte r n o tice b y a d v e r tisem en t in N ew Y o r k .— V . 8 9 , p . 1217. .—Offering of Canadian Northern Duluth Rainy Lake & Winnipeg Ry that Underly Bonds Guaranteed b y — Bonds Ry The bond department of the Marshall & Ilsley Bank, Mil waukee, W is., is offering at 101 to 1 0 1 and int. first mortgage sinking fund 5 % bonds dated 1906* due Jan. 1 1916, but redeemable at 105 and interest on and after Jan. 1 1911. Par $1,000 (c*). Interest payable J. & J. at Chase National Bank, New York, or Illinois Trust & Savings Bank, Chicago, trustee. Total authorized and outstanding, $2,000,000. A circular says: A b o v e b o n d s u n d e rly Issue o f $1,5 2 5 ,0 0 0 D u lu th W in n ip e g & P a cific 2d m o rtg a g e 4s o f 1939 fall o u ts ta n d in g ), w h ich a rc u n c o n d itio n a lly gu a r a n te e d p rin cipa l an d Interest, b y e n d o rse m e n t, b y the C anadian N orth ern ltv Co w ith co n se n t o f D o m in io n G o v e rn m e n t o f C anada U pon qpm n le tio n o f e x te n sio n o f line in to D u lu th these b o n d s w ill also u n d erly $ 1 0 , 500 000 a d d itio n a l b o n d s , also gu a ra n te e d , p rin cipa l an d Interest, b y th e C a nadian N orth ern . A s the entire ca p ita l s to c k o f th e D u lu th R a in y L a k e & W in n ip e g R y . C o. (V . 88, p . 1252, 882, 822) is p le d g e d as co lla te ra l u n d er th e m o rtg a ge secu rin g b o th the 1st and 2d m tg e . b o n d s o f th e D u lu th W in n i p e g & P a cific R y ., an d as the gu a ra n ty o f th e C anadian N o rth e rn o f prin cip al and in terest e x te n d s , b y virtu e o f the co n s e n t e f th e D o m in io n G o v e r n m e n t, o v e r all the m tg e . bon d s o f the D u lu th W in n ip e g & P a cific R y ., th e b o n d s o fie re d o c c u p y an e x c e e d in g ly stro n g p o s itio n , b e c o m in g the u n d erlyin g se cu rity o f C a nadian N orthern Interests In the U n ited State*. T h e issue Is secu red b y first a n d c lo s e d m o r tg a g e — a t th e rate o f o n ly $20 000 per m ile, as c o m p a re d w ith a ctu a l cash co st o f n e a rly $40 ,000 p er m ile__o n the essential co n n e c tin g link b e tw e e n the C a n adian N o rth ern m ain line o n the north and the sou th ern e x te n s io n fro m V irgin ia to D u lu th . P resen t net earnings are o n the basis o f n early d o u b le fixe d ch arges. In te r est Is u n co n d itio n a lly g u a ra n te e d , b y e n d o r s e m e n t, b y V irgin ia & R a in y L a k e C o. (original ow ners o f ro a d ); th ro u gh re ce n t a m a lg a m a tio n o f W e y e r haeu ser, E d u a r d H ines and C o o k & O ’ B rien Interests, th at c o m p a n y Is now’ the largest o w n e r , m a n u fa ctu re r an d d is trib u te r o f w h ite pine lu m b e r In th e U n ited S ta te s, w ith p a id -u p ca p ita l s to c k o f $ 1 0 ,7 0 0 ,0 0 0 , net as»ets a p p ro x im a tin g $ 2 2 ,0 0 0 ,0 0 0 . T w o -th ird s o f n e t earnings o f road m ust be set aside a n n u ally begin n in g M arch 1 1909 as a sin kin g fu n d lo r pu rch ase o f these b o n d s In o p e n m arket o r r e d e m p tio n b y lo t a t 105 a n d Interest o n a n d a fte r Jan . 1 1911. (See C anadian N o rth e rn R y . C o. a b o v e )* — T . * * , p . 822 . i * . ...... ---------------- -- 1280 T Duluth Winnipeg & Pacific B o n d s . — See Duluth Rainy Lake V \ 8 8 , p. 1252. THE CHRONICLE R y .— S t a t u s — G u a r a n te e d & Winnipeg R y. above.— Dyersburg Northern RR.— C h a n g e o f N a m e — S t o c k I n The company on N ov. 8 filed in the office of the Secretary of the State of Tennessee a notice of the amend ment of its charter, changing the name to the Chicago Memphisj8& Gulf R R ., granting the right to extend the line to Shelby County, and increasing its authorized capital stock to 81,000,000. Compare V . 89, p. 993. c r e a s e d .— Holmesburg Tacony & Frankford Electric Ry .— D e f a u l t .— This (subsidiary of the Interstate Railways Co. of Phila delphia defaulted N ov. 1 as to the payment of interest on its $400,000 first mortgage 5 % bonds. The “ Philadelphia Financial Bulletin” of N ov. 5 reports: P resid en t J oh n A . R Ig g o f th e In te rsta te R a ilw a y s C o . s a y s: “ T h e Interest w as n o t p a id sim p ly b ecau se th e ro a d fa ile d t o ea rn th e m o n e y . The c o m p a n y w ill be r e o r g a n iz e d .” I t Is u n d ers tood th a t several law suits g r o w in g o u t o f th e re organ ization o f th e P h ila d elp h ia B rltsol & T r e n to n R y . (V . 87, p . 677; V . 89, p . 349 , 779) h a v e also p r o v e d a h a n d ica p to th e H o lm e s b u r g T a c o n y & F r a n k fo rd , w h ich fo rm e r ly g u aran teed th e Interest on th e first-n am ed c o m p a n y ’s b o n d s. S om e surprise w as ex p re sse d a t th e failu re o f th e H o lm e s b u rg C o m p a n y t o earn Its Interest ch arges, as In 1908, w ith gross earnings o f $118,702 (an d n et o f $ 3 4 ,9 0 5 ).t h e ro a d n o t o n ly p aid fixed ch arges o f $27,401 but also retu rn ed a d iv id e n d o f $2 7 ,5 0 0 t o th e In te rs ta te C o m p a n y . T h e su rplu s fo r th e y e a r w as $4. R e c e i v e r s h i p . — Judge Holland in the United States Circuit Court at Philadelphia on N ov. 11, on a bill in equity filed by W . Heyward Drayton 3d, a judgment creditor, appointed the following receivers: Henry Bain Jr., W in. N . Trinkle and Samuel Crowthers Jr. The receivership followed the entering of judgments obtained by Philadelphia Bristol & Trenton bondholders on account of default in payment of their guaranteed interest. B o n d h o l d e r s ’ C o m m i t t e e . — Jacob S. Disston, President of Tacony Trust Co., Chairman; Henry Bain Jr., and George B . Atle, with Bradford Frailey as Secretary, George Q. Horwitz as counsel and the Tacony Trust Co. as depository. — V. 87, p. 677. Hudson Companies, New York.— N e w N o t e I s s u e . — The company has sold since July last 83,000,000 of a new issue of 5 % notes dated Aug. 1 1909 and due Aug. 1 1912, secured by pledge with the Standard Trust Co. of New York as trustee under trust deed dated July 21 1909 of Hudson & Manhattan R R . Co. first mortgage 4 ^ % convertible gold bonds, due Feb. 1 1957 (tax-exempt in the State of New York), at the rate of 81,500 par value of the bonds for each 81,000 note outstanding, the bonds deposited being a part of the bonds acquired by the Hudson Companies on account of work performed. The notes are subject to redemption on any interest date upon 30 days’ notice at par and interest, and are convertible at the pleasure of the holder, when called for redemption or at maturity, into Hudson & Manhattan R R . Co. first mortgage 4 ^ % convertible gold bonds at the price of 9 5 % of the principal of said bonds (in addition to accrued interest). The previous note issues have borne 6 % interest, contrasting with 5 % on the present issue. N ote Is su es Outstanding N o v . 12 190 9, A l l Secured b y D ep o sit o f H u d son <& M an h a ttan R R . B on d s. D a te — In terest. O utstanding. M a tu r ity . P r ic e at W hich Callable. A u g . 1 9 0 9 ______5F -A $ 3 ,0 0 0 ,0 0 0 A u g . 1 ’ 12 P a r a n d Interest. F e b . 1 9 0 8 - . - 0 F -A 2 ,1 4 0 ,0 0 0 A u g . 1 '1 0 P r e m . 1 % y r ly . to m a tu r ity O ct. 1 9 0 8 ______6A -O 10 ,0 0 0 ,0 0 0 O ct. 1 5 ’ l l P a r a n d in terest 1 ,4 4 0 ,5 0 0 T o M ch . ’ 10 N o t s ta te d V a r i o u s ______ 6 V a r . O p e r a t i o n s . — The following, taken from a recent issue of the “ Boston News Bureau,” is understood to be sub stantially correct, although lacking official confirmation: . C om p a re V . 8 6 , p. 285 . 547; V . 8 7 , p . 3 7 . 1010; V . 8 8 , p . 1196. E stim ate on B a sis o f P resen t P a ssen g er T ra ffic. G ross reven u e o f 4 0 ,9 0 0 ,0 0 0 passengers a t a 5 -c cn t fa r e ---------$ 2 ,0 4 5 ,0 0 0 B y p re v io u s estim a tes th e o p e r a tin g c o s t , In clu din g ta x e s , w ill n o t e x c e e d 4 0 % , o r _______________________________________________ s is .o o o M ---------------- N e t passen ger ea rn in g s____________________________________________ $1 ,2 2 7 ,0 0 0 E a rn in g c a p a c ity o f term in al b u ild in gs a t C h u rch S t ., $ 1 ,2 0 0 ,0 0 0 , an d n et In com e fro m a d v e r tis in g , n e w s-sta n d s an d o t h e r p r iv i leg es, s a y , $ 3 0 0 ,0 0 0 ________________________ $1 ,5 0 0 ,0 0 0 T o t a l net In c o m e __________________________________________ ______ ,$ 2 ,7 2 7 ,0 0 0 In te r e s t o n b o n d s Issued ___________________________________________ 2 ,5 6 7 ,0 0 0 B a la n ce , su rp lu s------------------------------------ -----------------------------------------P a ssen g er T ra ffic— N o. P a ssen gers P eriod s In clu ded: D ays. p er P erio d . F e b . 26 to Jun e 30 1 9 0 8 _______________________126 4 ,4 8 0 ,3 2 0 J u ly 1 to S e p t. 30 1 90 8_ 92 2,427,461 O ct. 1 to D e c. 31 190 8______________________ 92 3 ,7 9 4 ,5 8 5 Jan . 1 to M ch . 31 190 9______________________ 90 4 ,0 4 9 ,3 1 9 Ju n e 1 to J u ly 15 1 90 9________________ 45 2 ,1 0 4 ,7 4 0 J u ly 16 to A u g . 1 190 9______________________ 16 1 ,3 6 0 ,0 0 0 A u g . 2 to A u g . 30 1 9 0 9 . . _________ 29 2 ,7 5 5 ,0 0 0 24 1 90 9__ 25 2 ,8 7 5 ,0 0 0 A u g . 31 to S ep t. S e p t. 25 to O c t . 2 190 9_________ 8 1 ,1 2 8 ,0 0 0 O c t. 3 to O ct. 10 1 90 9__________ 8 9 20 ,000 $160,000 D a ily A v erage. 35,304 26,385 4 1 ,245 44,992 46,772 85,000 95,000 115,000 141,000 115,000 T o ta ls .......................................... 5312 5 ,8 9 4 ,4 2 5 " F r o m th e a b o v e figures It Is seen th a t th e o p e n in g o f th e d o w n -to w n sec tio n , o n J u ly 15 last, p ra c tic a lly d o u b le d t r a ffic , an d sin ce th a t tim e It has Increased th e av era g e fro m 4 6 ,772 to 115,000 passengers d a lly . T h e da lly a v g . o f 141,000 fo r the w eek o f S e p t. 25, 1909, w as d u e , o f c o u rs e , to the H u d s o n -F u lto n c e le b ra tio n . D u rin g th e fo u r parad e d a y s the co m p a n y ca rried 604 ,000 passengers, an a v e ra g e o f 151 ,000 d a lly , an d 524 ,000 w ere tra n sp orted d u rin g the re m ain d er o f th e e v e n t. B u t the d a lly a v erage has n o w se ttle d d o w n to 115,000 aga in . T h e d ecrease th a t Is so ev id e n t d u rin g th e m on th s o f J u ly , A u g u s t an d S e p te m b e r ca n p r o b a b ly b e ascrib ed t o th e h o t w ea th er th a t pre v a ile d d u rin g th a t p e rio d w h en th e ferries olfe r e d a ttra ction s In th e w a y o f fresh a ir an d c o o l b re e z e s , th o u g h the tra ffic Is n a tu ra lly lig h ter d u rin g th e su m m e r m o n th s. Statem ent M a d e by a n O fficia l o f the C om p a n y. flflThe presen t passen ger figures h a v e little v a lu e In regard t o fu tu re bu si ness. T h e reason Is o b v io u s . A t th e p resen t tim e th e co m p a n y Is o p e ra t in g p r a c tic a lly a “ sh u ttle s e r v ic e ,” as n e ith e r th e G rand C entral [42d St.] S ta tio n , w h ich w ill b e th e te rm in a tio n p o in t In N e w Y o r k , n o r th e H e n d erson S t. S ta tio n , th e Je rse y term in u s, is c o m p le t e d . T h e H en derson s e c tio n w ill g iv e a passenger Increase o f 2 0 % , a n d th e e x te n s io n to 42d S t., In clu din g th e 3 3 d S t. S ta tio n , w h ich em b ra ce s th e P e n n s y lv a n ia term inal and th e sh o p p in g d ls trlo t, w ill Increase th e tr a ffic a t least 3 0 % . [VOL. L X X X IX . T h e c a rry in g c a p a c ity w as r e c e n tly Increased to a gre a t de g re e b y th e In sta lla tio n o f a th re e -m in u te s e rv ice to 23d S t. P rio r to th a t tim e this s e c tio n had o n ly a s tx -m ln u te h e a d w a y , o w in g to the s c a r c ity o f ca rs, d u e to th e strik e a t M c K e e s R o c k s ; o f the 90 cars o r d e r e d , o n ly 62 h ave been r e c e iv e d . T h e se are b e in g pressed in to se rvice as r a p id ly as d e liv e re d . W e are n e g o tia tin g n o w fo r new ca rs, an d b e fo r e the c o m p le tio n o f th e s y s te m w e shall h a ve a su ffic ie n t n u m b e r to han dle the Increased t r a ffic th a t w ill fo llo w the o p e n in g o f th e new sta tio n s. I t Is th e b e lie f o f P resid en t M c A d o o , h o w e v e r , th a t the n u m b e r o f p a s sengers carried the first y e a r o f co m p le te o p e r a tio n w ill be nearer 1 0 0 ,0 0 0 , 000 th an 7 7 ,0 0 0 ,0 0 0 , as e s tim a te d . T h e c a p a c it y o f the s y s te m , w ith 8 -c a r trains o p e r a te d o n a 1 J^-m lnute h e a d w a y , is 220 ,0 0 0 ,0 0 0 passengers p e r an n u m , an d w hen w o rk in g u p to th is c a p a c it y th e surplus a p p lic a b le to d iv id e n d s sh ou ld b e o v e r $ 5 ,0 0 0 ,0 0 0 a y e a r .— V . 8 8 , p . 1196. Hudson & Manhattan R R .— O p e r a t i o n s . — See Companies above.— V . 89, p. 528. Hudson International Traction Co., Buffalo, N . Y . — D i r e c t o r s . — Morris Cohn Jr. and Porter Norton have been elected di rectors to succeed Henry J. Pierce and Arthur Robinson.— Y . 88, p. 879. Kanawha & Michigan R y .— B o n d s O f f e r e d . — Moffat & W hite, New York and Chicago, and Lee, fligginson & Co., Boston, New York and Chicago, are offering at 96J^ and interest, yielding about 5 .3 0 % (see advertisement on another page), the total authorized issue of $2,500,000 second mort gage 5 % gold bonds, dated July 1 1907 and due July 1 1927, but redeemable on any interest date at 100 and interest on three months’ notice. Interest payable J. & J. Par $1,000 (c*). Standard Trust Co. of New York, trustee. Appli cation has been made to list this issue on the New York Stock Exchange. Attention is called to the following facts: 1. S e cu re d b y clo s e d m o rtg a g e a t th e ra te o f $ 14 ,800 p e r m ile o n the e n tire p r o p e r ty n ow o w n e d o r h e re a fte r a c q u ir e d , s u b je c t to o n e p r io r lien lim it e d to $15,000 p e r m ile. 2. V a lu e o f p h y sica l p r o p e r ty , e x c lu s iv e o f e q u ip m e n t, e s tim a te d a t $ 8 ,0 0 0 ,0 0 0 . V a lu e o f e q u ip m e n t e s tim a te d a t $ 3 ,0 6 3 ,8 0 7 , s u b je c t to $1 ,2 1 4 ,0 0 0 e q u ip m e n t o b lig a tio n s . T o ta l b o n d e d d e b t , $ 4 ,9 6 9 ,0 0 0 e x clu sive o f e q u ip m e n t tru sts. 3. E arnings fo r th re e years e n d e d Jun e 30 1909 an d q u a rte r e n d e d S ep t.3 0 ; --------- Y ears ending J u n e 30--------------- Quarter ended Sept.SO— 1909. 1908. 1907. 1909. 1008. In c 's e . G ross I n c o m e --$ 2 ,2 2 7 ,6 4 7 $2 ,1 8 7 ,0 6 2 $2,377,661 $ 70 0,73 5 $62 9,11 2 1 1 .4 % N et in c o m e .- 4 15 ,832 398 ,994 515 ,695 234,368 173,280 3 5 .2 % F ix e d ch a r g e s . 281,316 270,603 248,619 70,783 68,916 1 5 .6 % Q u arter e n d in g S e p t. 30 show s n e t In com e o f a b o u t three tim es In terest charges (In cluding Interest o n this Issue) fo r p eriod c o v e r e d . A t a n orm al o p e ra tin g ratio (say, 70% ,) fo r th e y e a r e n d e d Ju n e 30 1909, earnings w ou ld h ave e x c e e d e d 2 K tim es fixed ch arges. O p eratin g r a tio , 190 8-0 9, w as 8 1 % ($1 ,0 0 8 ,7 8 2 b e in g ch arged to m a in te n a n ce ). 4. P r o p e r ty is in high sta te o f e ffic ie n c y , h a v in g ste e l b rid ges, h e a v y rails, g ravel and s to n e ballast th ro u g h o u t. D u rin g th e last 10 y ea rs $6,83 8 ,0 6 2 has b e e n ch a rge d to m a in ten a n ce o u t o f earn in gs, and In a d d i tio n th e p ro ce e d s o f th e sale o f $2 ,5 0 0 ,0 0 0 se co n d m o rtg a g e 5 % b o n d s an d $ 1 ,214,000 e q u ip m e n t o b lig a tio n s h ave g o n e Into th e p r o p e r ty . 5. R a ilroad o f great stra te g ic v a lu e . L o c a te d o n Its lines are coa l deoslts estim d ov 600 0 0 to n s. E ing o f a tem pa ttitiveer lines,0 0 0 ,0ra ctica b le . C h a ra cte r o f c o u n tr y ren ders uild co e im p 6. T h e c o m p a n y is co n tr o lle d b y the H o ck in g V a lle y , an d to g e th e r It a n d th e T o le d o & O h io Central fo rm s a n o u tle t to th e G rea t L a kes fo r th6 c o a l fields s erved b y It. 7. O f to ta l tra ffic In p ast fiscal y e a r, 7 6 .7 3 % o rig in a te d o n the c o m p a n y ’s o w n lines. 5 0 % o f earnings w ere fro m sou rces o th e r th an co a l tra ffic. E x tr a c ts fro m L etter o f P resid en t N. A lon sarrat, C o lu m b u s , ( ) . , N ov . 10. P h y sica l C on d ition .— D u rin g th e p ast 10 yea rs the m ain tracks h ave b een relald w ith 77 m iles o f 9 0 -lb . rail, 14 m iles o f 8 0 -lb ., 54 m iles o f 7 0 -lb . and 13 m iles o f 6 0 -lb . rail; the r o a d b e d has b e e n Increased to stan d ard w id th a n d s to n e an d g ravel b allast a p p lie d th r o u g h o u t, p r a c tic a lly all w ood en trestles h a ve b e e n fille d , an d all b rid ge s are o f steel o f m od ern spe cifica tion s f o r h e a v y rollin g lo a d . In clu din g th e b rid g e oV er the O h io R iv e r , a n d Its a p p ro a ch e s w h ich w ere co m p le te d this y e a r. T h e m a x im u m gra d ien t o f th e W est V irginia D iv isio n Is 3-10 o f 1% a gain st th e n o r th b o u n d tr a ffic : th e O hio D iv isio n has a m axim u m g rad e o f 1 % at tw o p o in ts . T h e e q u ip m e n t con sists o f 52 lo c o m o t iv e s (45 o f th em p u rch ased In the last 10 y e a r s ), 23 passenger a n d b a g g a g e cars, 5,090 fre ig h t ca rs, o f w h ich 500 are coa l cars o f 50 tons ca p a c ity an d 3 ,3 0 0 co a l cars o f 40 tons c a p a c ity . C o a l.— T h ere are n o w in o p e ra tio n u p o n th e line In the P o m e r o y Coal D is trict 5 m ines w ith a c a p a c ity o f 1,700 ton s per d a y , a n d In the low er K an aw h a V a lle y 3 m in es w ith a c a p a c ity o f 2,300 ton s p e r d a y . In the s p lin t coal d istrict 15 m in es w ith a c a p a c ity o f 5,500 ton s per d a y , a n d In th e gas and co k in g c o a l d is tric t 11 m in es w ith a d a lly c a p a c ity o f 10,200 to n s , an d 800 c o k e o v e n s w ith an o u tp u t o f 1,200 ton s o f co k e p e r d a y . D u rin g th e p ast y e a r 2 ,2 3 1 ,7 3 9 tons o f co a l an d 202,387 tons o f c o k e w ere fo rw a rd e d fro m these m in es, and In a d d itio n 232 ,635 tons o f coal an d 18,788 tons o f c o k e w ere r e ce iv e d fro m co n n e c tin g lines and fo rw a rd ed t o the m ark ets, the tr a ffic bein g d eliv e re d at the n orth end o f this c o m p a n y ’s line to the H o ck in g V a lle y R y . an d the T o le d o & O h io Central R y . N ew F e ed ers.— T h e C oal & C ok e I (y . an d th e K an aw h a & W . V a . R y . h ave a t recen t d ates be e n c o m p le te d an d c o n n e c t w ith th e lines o f this co m p a n y a t C h arleston; b o th o f these lines e x te n d fo r m a n y m iles th rou gh th e co a l and tim b e r re g io n s a n d d e p e n d u p o n this c o m p a n y fo r a n orth ern o u tle t. T h e V irgin ia n R y ., c o m p le te d w ithin the present y e a r fro m N o r fo lk , n o w ends a t D e e p w a te r, requiring o n ly a b rid ge o v e r the K a n a w h a R iv e r to c o n n e c t It w ith this c o m p a n y ’s line. O utlook.— T h e d e m a n d fo r th e co a l and c o k e p r o d u c e d In the K an aw h a region Is c o n s ta n tly Increasin g, a fio rd ln g a p ro fita b le v o lu m e o f tra ffic, w h ich c a n n o t fall to b e la rge ly a u g m e n te d b y the d e v e lo p m e n ts u p o n the c o n n e ctin g lines. C o m p a re V . 89, p. 718, 1223. London & Lake Erie Railway & Transportation Co.— S u ccessor C o m p a n y . — The purchasers of the Southwestern Traction Co. of London, O nt., recently foreclosed (V . 89, p. 1224) have announced their intention to apply to the Canadian Parliament for the incorporation of this new company, with, it is said, $2,000,000 stock, to take over and extend the road and to operate also a line of vessels from Port Stanley to Cleveland, 0 . Louisiana & Arkansas R y .— E x t e n s i o n , ci’e.— Track-laying on the Shreveport extension will be completed by Dec. 1, and it is expected that trains will be moving into Shreveport by Christmas. Plans for a passenger and express station at Shreveport, costing $50,000, have been approved. This station is to be occupied jointly with the St. Louis South western, the latter leasing a right of occupancy from the Louisiana & Arkansas. P rop osed R e p re se n ta tiv e s o f the S o u th e rn P a cific h a v e co m p le te d a th orou g h In spection o f the p r o p e r t y , In clu din g th e new term inals a t S h r e v e p o rt, w ith a v ie w to using th e L ou isian a & A rkansas e x te n s io n Into S h r e v e p o rt f o r h an dlin g their business to th a t c it y .— V . 89, p. 729 , 717. Manhattan Railway.— N e w D i r e c t o r . — Kingdon Gould has been elected a director to succeed T . T . Eckert.— V . 89, p. 42. Mexican Northern R y .— D i v i d e n d s R e s u m e d . — The directors on N ov. 8 declared a semi-annual dividend of 2 % on the $3,000,000 stock for the period Jan. 1 to June 30 1909, payable N ov. 30 to stockholders of record Nov. 24. THE CHRONICLE Nov. 13 1009. P rev io u s D ivid en d R ecord. 1892. 1803. 1894. 1895 t o 1809. 1900. 1901. 1902. 1903. N on e. 614 6 4 y e a r ly . 5 4H 2 1 Vi since U n d er the term s of th e re ce n t ag re e m e n t fo r the e x te n sio n o f th e $70 8 ,0 0 0 o u ts ta n d in g 6 % b o n d s, th e c o m p a n y w ill be re lieved a fte r Ju n e 1 1910 fro m th e o b lig a tio n t o p a y t o th e sin k in g fu n d th e Interest ($57,120) y e a r ly u p o n the $95 2,00 0 b on d s n o w h eld In the fu n d .— V . 8 8 , p . 1437, 1500. Missouri Kansas Interurban R y . — R e c e iv e r D i s c h a r g e d .— The receiver who was appointed in June 1908 at the request of " was tificates Having been p; > t . resumed possession, has been reorganized with the following officers, but without change in the capitalization ($1, 000,000 stock and $600,000 1st mtge. 5s due Jan. 1 1956). Prest., W . B . Strang; Vice-Prest., A . F. Hunt Jr.; Sec.Treas., \V. A . McLaughlin; Gen. M an., Thos. Riley.— V . 87, p. 614. Missouri Pacific R y .— — It is reported that the plans for financing the company's capital requirements arc rapidly maturing, and that an announcement will probably be made in a few days. It is expected that the shareholders will be given an opportunity to subscribe for a new issue of convertible bonds, and that the issue will be underwritten. The report is not confirmed.— V . 89, p. 593, 348. Montana Wyom ing & Southern R R .— — See Yellowstone Park li lt , below.— V . 89, p. 470. New York Central & Hudson River R R .— — It was announced on Wednesday that at meetings of the boards of directors of the New York Central, Lake Shore & Michigan Southern and Michigan Central, a plan for a pension system for employees of those lines to go into effect Jan . 1 was adopted. The extension of this plan to the other principal lines of the system is also under consideration. There are, it is said, over 100,000 employees who will come within the provisions of the plan as they reach the age of retirement. Financing. Acquisition. Pension Plan. U n d er th e plan em p loy e e s w ill be re tire d o n reach in g the age o f 70 yea rs, an d If th e y have been In co n tin u o u s s e rv ice fo r at least 10 years Im m e d ia te ly p reced in g their retirem en t, th e y w ill be e n title d t o a pen sion . A n e m p lo y e e w h o has been a t least 20 years In c o n tin u o u s s e rv ice a n d has b e co m e u n fit fo r d u t y m a y be retired w ith a pen sion , a lth o u g h he has n o t reach ed the a ge o f 70 yea rs. T h e a m o u n t o f p en sion t o be re ce iv e d Is 1 % fo r each y ear o f co n tin u o u s service based u p on th e av e ra g e ra te o f p a y r e c e iv e d fo r the 10 years n ext p reced in g r e tir e m e n t.— V . 8 9 , p . 1223, 994. Acquisition. New York New Haven & Hartford R R .— — See Tarrytown White Plains & Mainaroneck R y. below. — The company has sold its Park Square, Boston, real estate, containing 722,292 square feet, to the Park Square Real Estate Trust, receiving in exchange 52,000 shares, or $5,200,000 stock, of the Real Estate Trust. The real estate sold and that at South Street, Now York, held for sale, are together valued on the com pany’s balance sheet of June 30 last at $5,169,752. Moses Williams, Amory A. Lawrence, Alfred Bowditch and Law rence Minot are trustees of the Real Estate Trust, which, it is stated, will issue $4,000,000 first mortgage bonds con vertible at par into stock until 1919 to develop the property. — V . 89, p. 1223, 1142. Niagara St. Catharines & Toronto (Electric) R y .— — Aemiliur Jarvis & Co., Toronto, Canada, are offer ing at par and interest the unsold portion of their block of $168,000 first mortgage 5 % gold bonds due N ov. 1 1929, issued on account of the 8-mile branch which is under con struction from Welland to Port Colborne. A circular says: Sale of Park Square, Boston, Lands. Offered. Bonds T h e c o m p a n y ow n s an d o p e r a te s 51.7 m iles o f e le ctr ic ra ilw a y o f the high est sta n d a r d , lo ca te d a lm o s t e n tire ly o n p r iv a te rig h t o f w a y an d ru n ning th rou gh th e " fr u it ga rd en o f C a n a d a ,” fro m P o r t D a llio u s le , O n t ., on L a k e O n ta rio, v ia th e c it y o f S t. C a th arin es, th e tow n s o f M errlton an d T h o r o ld , and th e c it y o f N iag ara F a lls, to Falls V ie w , O n t. A 12-m lle b ra n ch runs to F on tlilll an d W e lla n d . F ro m W e lla n d to P o r t C o lb o rn e , o n L a k e E rie a t the en tra n ce to th e W ella n d C anal, a line 8 m iles In len gth Is n ow u n d er c o n s tr u c tio n . T h e c o m p le t io n o f tills line w ill p r o v id e a d ir e ct c o n n e c tio n b e tw e e n P o r t C o lb o rn e an d T o r o n to an d sh ou ld a d d m a teria lly to the earn in gs. It Is to c o v e r th e c o s t o f this w o rk th a t the b on d s n ow b e in g ofie re d fo r sale h a v e be e n Issued. T h e b o n d e d d e b t is lim ited b y charter to $20 ,000 p e r m ile. T h e c o m p a n y also ow n s and op era tes a p rofitable line o f steam ers p ly in g b e tw e e n P o r t D allio u sle , O n t., an d T o r o n t o , O n t. T h e gross earnings Ja n . 1 to A u g . 31 1909 w e re $197,699; net earn in gs, $04 ,8 7 1 , o r an Increase o f 1 2 .3 % o v e r th e sam e p eriod In 1908. T h e net earn in gs fo r the yea r 1909 a re e s tim a te d a t $ 1 0 1 ,1 0 6 , o r equa l to p r a ctica lly tw ice the Interest o n the b o n d s .— V . 8 7 , p . 97. Omaha & Council Bluffs R y . & Bridge Co.— Bonds All Sold.— Redmond & Co. announce that the unsold balance of 1281 of 1905 can be turned into stock participating in the presentallotment, providing they are presented for conversion at the Pennsylvania R R . offices in Philadelphia, New York or London before the close of business N ov. 15. Compare V . 89, p.« 1224, 919. Peoria Railway Terminal Co.— N o t i c e to H o l d e r s o f I n c o m e B o n d s D u e 2007.— F. J. Lisman & C o., 30 Broad S t., New York, as holders of some of the above-mentioned bonds, have an advertisement on another page inviting the co operation of other holders for the purpose of considering what, if any, improvement can be made in the value and prospects of these securities. The Terminal Co. does not publish any annual report, but the firm has succeeded in obtaining the following figures: J u n e 30 O per'g Y ears. reven u e, 1 9 0 8 -0 9 . _ $158,049 1 9 0 7 -0 8 .- 152,458 — V . 8 6 . p . 338 . N et oper'g T a x es reven u e, pa id . $7,008 $7,694 14,684 6,917 Other T ot. o p er. In t. in com e, in com e, charges. $2,548 $1,863 $46 ,174 D r6 ,9 6 2 806 4 2 ,2 0 0 B a la n ce, deficit. $44,311 4 1 ,394 Pere Marquette R R .— S e v e n N e w D i r e c t o r s . — The following new directors have been elected to the board: William Cotter, E . R . Bacon, Francis R . Hart of Boston, L. F . Loree, O. G. Murray, A . Patriarche and George F . Randolff.— V . 89, p. 913, 847. Quanah Acme & Pacific R y .— B o n d s A u t h o r i z e d . — The Texas Railroad Commission on N ov. 4 authorized the com pany to issue $1,159,000 bonds, being at the rate of $26,000 per mile on the 43 )^ miles just completed from Quanah to Paducah. T h e road as p r o je c te d w ill e x te n d fro m Q u a n a h , T e x ., a t a c o n n e c tio n w ith th e St. L ou is & San F ra n cis co , to R o s w e ll, N . M ., 350 m iles. P resi d e n t, .Sam L a za ru s, N ew N a tio n a l B a n k o f C o m m e rce B ld g ., S t. L o u is , M o .; First V ic e -P r e s , an d A s s t, to P r e s ., C h as. H . S o m m e r; S e c o n d V Ic e -P r e s and G en . M a n ., C has. E . E n sm in ge r, Q u a n a h , T e x .; T h ird V I c e -P r e s ., It. D . Y o a k u m , S t. L o u is , M o .; F o u rth V I c e -P r e s ., G e o rg e H e n d e r s o n , 11 P in e S t ., N ew Y o r k ; S e c. an d T r e a s ., T . K . H a w k in s, Q u a n a h , T e x . G eneral o ffic e s . Q u a n a h , T e x . Quebec Railway, Light, Heat & Power Co.— M e r g e r .— Press reports announce the filing at Ottawa of papers for the incorporation of this company with $10,000,000 share capital, as a consolidation or amalgamation of Quebec Rail way & Power Co. (V . 89, p. 915), Quebec Gas Co. (stock issued $300,000; bonds $200,000 gold 5s due July 1 1927, but subject to call after July 1 1912 at 110); the Frontenac Gas Co., the Canadian Electric Co., the Seven Falls Co. and some smaller properties. T h e Q u e b e c-J a cq u e s C a rtier E le ctric C o ., o n e o f th e p r o p e r tie s <on tr o lle d b y th e A m erican L ig h t & T r a c t io n C o ., it is r e p o r t e d . Is t o g o in t o the c o n o lid a tlo n ; bu t E m e rso n McMUIIn & C o . d . n y th a t th y h a v e en tered Into a y n e g o tla ti ns fo r th e sale o f th e p r o p e r t y . Quebec Railway, Light & Power Co.— C o n s o l i d a t i o n .— See Quebec Railway, L ig h t, Heat & Power Co. above.— V . 89, p. 915. Rapid Transit in New York City.— C o n tr a c ts S i g n e d f o r F o u r t h A v e n u e , B r o o k l y n , S u b w a y .— C o n s t r u c t i o n to B e g i n a t O n c e . — The last of the contracts for the construction of the first six sections of the Fourth Avenue, Brooklyn, subway, extending to 43d Street, calling for an expenditure by the city of $15,886,379 (V . 86, p. 1345), which were let in May 1908 by the Public Service Commission, were signed by the con tractors this week and approved. The first spadeful of earth will be turned up by Chairman Will cox at commemorative ceremonies to be held to-day, and actual work is expected to begin on Monday next. Bids for construction of the re mainder of the subway to Coney Island and Fort Hamilton are to be advertised for shortly.— V . 89, p. 1142. St. Louis & San Francisco R R .— N e w D i r e c t o r s . — E . V . R . Thayer has been elected a director to succeed Nathaniel Thayer. C. R . Gray of St. Louis was also elected a director, succeeding A . J. Davidson, who resigned as President and also as director.— V . 89, p. 1224, 1140. Seaboard Air Line R y .— M o r t g a g e s F i l e d .— The company has filed in the office of Norfolk County Court of Virginia the two mortgages called for by the adjustment plan dated July 1 1909 (V . 89, p. 43), viz.: O ne to secure an a u th o rize d Issue o f $ 1 2 5 ,0 0 0 ,0 0 0 5 0 -y e a r 4 % r e fu n d in g b o n d s, w ith the N ew Y o r k T ru st C o. and M o rtim e r M. B u ck n e r as tru stees, an d th e o th er to secu re $ 2 5 ,0 0 0 ,0 0 0 4 0 -y e a r 5 % c u m u la tiv e interest (in com e) a d ju s tm e n t b o n d s w ith th e F id e lity T ru s t C o . o f B a ltim o re a n d V an L elar B lack as trustees. C o u p o n P a y m e n t . — Notice is given that the coupons which the $1,500,000 first consolidated mortgage 5 % gold bonds which were offered last week have all been disposed of. Com matured April 1 1908, Oct. 1 1908, April 1 1909 and Oct. 1 1909 from Seaboard Air Line R y. 1st mtge. 50-ycar 4 % gold pare V. 89, p . 1224. Oswego (N. Y .) Traction Co.— S a l e .— To complete our bonds, will be paid upon presentation at the office of Blair record, it should be said that in June last the property was & Co., 24 Broad S t., N. Y . City, or at the Continental Trust purchased from W . A . Holden (purchaser at foreclosure sale) Co., Baltimore, Md. D i r e c t o r s . — The following board was elected on N ov. 11, by the Syracuse Lake Shore & Northern RR. Co. (Y . 88, p. 1501, 1561),and is now being operated as their Oswego the number of directors having been increased to 20: J . W . M ld d e n d o rf, J. B . R a m s e y , H ennen J en n in gs, F ran k lin Q . B row n , division.— V . 83, p. 1471. J . S . W illia m s, L . F.’ L o r e e , Jam es A . B lair, Y . V a n d en B e rg , W a lla ce B . unh H .R e m D N . S. M eld ru m H C rce, N o B. Pennsylvania R R .— C o n v e r s i o n o f B o n d s .— The option D e a mam ,o w n seIn d a n o tt,u v a l.D avies W a rfie ld , , H e.n rylay P ierk in s, Crm a nn ey R , T Sc S. C. P e . S id extended to shareholders of record N ov. 15 to subscribe S h e p a rd , E rn st T h a lm a n n , G e o rg e W . W a tts an d B . F . Y o a k u m .— V . 89, for 2 5 % of new stock at par has stimulated the exchange of p . 1224. 1069. Southwestern Traction Co., London, Ont.— S u c c e s s o r C o m convertible bonds for stock. From N ov. 1 to N ov. 11 the Philadelphia Stock Exchange had listed $10,450,550 ad p a n y . — See London & Lake Erie R y . & Transportation Co. ditional stock, substantially all on account of such con above.— V . 89, p. 1224. version, making the total amount of stock listed $328, Stamford & Northwestern R y .— N e w O f f i c e r s . — The elec 168,400 and leaving listed $12,347,500 convertible bonds of tion last week of Geo. B . Harris as President has given rise 1902 and $87,525,000 convertible bonds of 1905. The to the report that the road has just been absorbed by the 1902 bonds are convertible into stock at $70 per share (par Chicago Burlington & Quincy system, whereas it has always $50) the 1905 bonds into stock at $75 a share. been part of the Colorado & Southern Ry. The company calls attention to the fact that the clause T h e lin e, co n s tr u c tio n o f w h ich w as b e g u n In J a n u a ry la st, e x te n d s fro m requiring 30 days’ notice for conversion of the 1902 con S ta m fo r d , T e x ., o n th e W ich ita V a lle y R R ., n o rth w e ste rly t o th e m id d le o f D ick en s C o u n ty , a b o u t 8 2 .5 m iles. T h e C o lo ra d o S ou th ern has been vertible bonds was rescinded about a year ago and that a d v a n c in g fu n d s fo r co n s tr u c tio n , the a m o u n t o f su ch a d v a n c e s o n Ju n e 30 in consequence this issue of bonds as well as the convertibles la st be in g $93 9 ,5 3 6 . T h e en tire line w as e x p e c t e d t o b e c o m p le te d b y 1282 THE CHRONICLE O c t . 30 last. T h e n ew o ffic e r s e le c te d a rc: G eorge B . H an d s, P resid en t, s u c c e e d in g L . M . B u ie: V lc e -P r e s .. D . B. K e e le r; T r e a s ., S. M. H u d so n , an d S e cre ta ry , J . Y . M cC u n e , th e th ree last n a m e d all o f F o rt W o r t h , T e x . C om p a re C olora d o S o u th e r n r e p o r t, V . 8 9 , p . 934 , 935. Tarry town W h ite Plains & Mamaroneck R R .— F o r e c l o s u r e Richard Sutro of Sutro Bros. & Co. of this city on N ov. 5 bid in at foreclosure sale, on behalf of the New York New Haven & Hartford R R ., for $400,000 and $365,000, re spectively, the two sections extending from Mamaroneck to Tarrytown and from White Plains to Scarsdale, together aggregating 21 miles. The third section, from Mamaro neck to Larchmont, 2 miles, was purchased for $110,000 by Frederick J. Middlebrook, representing F. L. Babcock, Secretary ot the Third Avenue R R . bondholders' committee. — V . 89, p. 919, 220. Texas Central R R .— S t o c k o n R e g u l a r L i s t . — The New York Stock Exchange has admitted to the regular list $1,324,500 preferred and $2,409,300 common stock heretofore dealt in on the unlisted department.— Y . 89, p. 914, 848. Third Avenue R R ., New York.— P u r c h a s e b y B o n d h o l d e r s ’ C o m m i t t e e . — See Tarrytown White Plains & Mamaroneck R R . above.— V. 89, p. 1142, 848. Toluca Marquette & Northern R R .— S a l e . — The road, which has been in receivers’ hands for several years, is, it is stated, to be sold at auction on N ov. 23 .— V. 82, p. 930. Trenton & New Brunswick (Electric) R R .— P l a n O p e r a t i v e . — At a meeting in Philadelphia on N ov. 10 a plan for the re organization of the property, prepared by the bondholders’ committees, A . M. Taylor, Chairman, was adopted by the depositing bondholders of both the Trenton & New Bruns wick R R . Co. and the New Jersey Short Line R R . Co. S a l e .— T h e plan p rovid es th at th e s u cce s s o r c o m p a n y , to be ca lle d the E lizabeth & T r e n to n R R ., shall Issue 5 8 1 1,35 0 c o m m o n s to c k an d 5180,300 5 % cu m u la tiv e p referred s t o c k . O f th e n ew s t o c k , all th e p re fe rre d , w ith 2 00 % (53 6 0 ,6 0 0 ) In c o m m o n as b o n u s , Is oirered fo r su b scrip tio n to h olders o f th e 5 1 ,3 0 3 ,0 0 0 ex is tin g b o n d s to the e x t e n t o f 10% o f their r e s p e ctiv e h o ld in gs. T h e rem ain d er (545 0 ,7 5 0 ) o f th e c o m m o n s to c k w ill be d istrib u te d p r o rata a m o n g all th e o w n ers o t d e p o s ite d b o n d s In a m o u n t : e q u a l to 2 5 % o f the fa ce va lu e o f th e ir holdin gs an d a n y re m a in d e r s o ld . B on d s w ill be issued to c o m p le te the h ig h -sp e e d line fro m T r e n to n to E llz a b e th p o rt, v ia N ew B ru n sw ick . A v e rb a l u n d e rsta n d in g has be e n en te re d Into b e tw een M r. T a y lo r an d P re sid e n t M cC arter o f the P u b lic S e rv ice C o rp o ra tio n , to the eirect th a t the P u b lic S e rv ice R a ilw a y C o. w ill later take the p r o p e r t y , p r o v id e d s a tis fa c to r y arra n gem en ts shall h a ve been m a d e fo r fin a n cin g the reh a b ilita tio n o f th e p r o p e r ty an d the c o m p le tio n o f the S h ort L in e .— V . 86, p. 795. Virginia & Southwestern R y .— R e p o r t . — For year ending June 30: F is c a l O perating N et (after Other Interest, B a la n ce, Y ea r. revenues. ta x e s ). in com e, ren ta ls,& c. surplus. 1 9 0 8 -0 9 ..............................51 ,1 3 6 ,2 8 6 531 3,38 9 582,914 5282,341 5113,962 2 07 ,275 122,099 191 ,916 137,458 1 9 0 7 -0 8 ------------------------ 1,0 6 2 ,5 0 0 In teres t, ren tals, & c .. as a b o v e , 5282,341 In 1908-09, in clu d e 520,000 p r o v id e d fo r r e p la ce m e n t o f trestles. F ro m the b a la n ce as a b o v e in 1908-09 w as d e d u cte d 515 ,5 4 5 fo r a d d itio n s an d b e tte rm e n ts , a gain st 569,893 in 190 7-0 8, lea v in g a b a la n ce o f 598 ,417 in 1908-09, a gain st 5 6 7 ,5 6 5 .— V . 88, p . 159. Sale. Yellowstone Park R R . — — The road, which extends from Bridger, W y o ., to Clark’s Ford, 30 miles, has been ac quired by the Montana Wyoming & Southern R ll ., pos session having been taken as of Sept. 1.— V . 89, p. 165, 105. W abash R R .— — The sale of the road from Toledo to the Indiana State Line under the judgment entered June 10 1908 in the United States Circuit Court for the Northern District of Ohio, Western Division, in favor of Ellen L. Compton, as executrix of James Compton on the Toledo & Wabash R R . equipment bonds, is advertised to take place at Toledo, O ., on Dec. 22 by W . H . I I . Miller, Special Master. Compare V . 89, p. 105. Sale of Part of Road. As the line has been a p a rt o f th e W a b a s h system fo r m a n y y e a rs , it Is th o u g h t p r o b a b le th a t the la tte r w ill bid in the p ro p e r ty at th e s a le .— V . 89, p . 1224, 995. Dividend Reduced. W h ite Pass & Yukon R y .— — The directors have declared a dividend of 1 % (2s.) per share, payable Jan. 15 next, making, with the 1 % paid in July last, 2 % for the year ending June 30 1909, comparing with a total of 4 % paid last year.— V . 88, p. 687. IN D U S T R IA L , GAS A N D M ISCELLANEOUS. Adams Express Co.— — The company in the future will pay dividends quarterly on the first day of March, June, September and December of each year, instead of semi-annually. R e p o r t . — For year ending June 30: Dividend Periods Changed. G ross. N et. Oth. In c . Charges. D iv s .i 8 % ) S u rp lu s. Y ear__ $ § $ $ $ $ 1 9 0 8 -0 9 -------- 28,8 5 3 ,5 4 6 1,849,563 1 ,010,104 198,424 1,2 0 0 ,0 0 0 1 ,461,243 190 7- 0 8 -------- 26,958,581 clef 102,019 1,1 3 4 ,1 8 9 51,168 960 ,000 21,002 — V . 88, p . 1374. New Aluminum Company of America, Pittsburgh, P a.— This company, formerly the Pittsburgh Reduction Co., has filed at Harrisburg notice of an increase of its capital stock to $20,000,000. The present stock is $3,800,000, of which $600,000 is 6 % cumulative preferred; par $100. One of the directors is quoted as saying that the new stock will be common stock.— V . 87, p. 612. Amalgamated Asbestos Corporation, L td .— S t o c k . — Re ferring to the statement appearing in this column last week, it appears that, while the official list of the Toronto Stock Exchange on N ov. 6 reports the amount of common stock to be $8,124,500, there have recently been made full paid, five shares of $100 each— originally given to provisional directors— making the total amount outstanding $8,125,000. Compare Y . 89, p. 1225. American Express Co .— R e p o r t . — For year ending June 30: S t o c k .— y G ross. N et. ^ O th .In c. Charges. D i v . (1 2 % ) Balan ce. $ $ S § 190 8- 0 9 --------31,909,721 2 ,4 4 8 ,0 4 3 1,375,173 349 ,763 2 ,1 6 0 ,0 0 0 a ;l,313,453 1 9 0 7 -0 8 _____ 3 0 ,5 4 8 ,6 4 3 4 76 ,372 1 ,652,622 3 10 ,042 2 ,1 6 0 ,0 0 0 fc341,048 x Surplus; k d e fic it.— V . 8 8 , p . 230. [V O L . L X X X I X Re- American Laundry Machinery Co., Cincinnati, O.— company was incorporated in Ohio on Oct. 12 1909 and on N ov. 1 increased its capital stock from $100,000 to $8,000 ,00 0, in $100shares, consisting of $6,000,000 common stock and $2,000,000 7 % preferred; the latter is subject to call July 1 1912 or every 5 years there after at 125 and is believed to be cumulative like old issue. No bonds. The company is successor of the American Laundry Machinery Mfg. Co., a New Jersey corporation, and it has outstanding $5,764,200 common stock and $1, 681,000 pref. stock, all of which was issued in exchange, $ for $, for stock of the same class of the old company. Permanent officers will be elected on or about Nov. 30. incorporated in Ohio.— This In A u g u s t last th e c o m p a n y had c o m p le t e d plans fo r th e e re ctio n o f a large p la n t o n th e L in co ln P ark p r o p e r t y , W e s t A v e ., R o c h e s te r .— V . 85, p . 285 On Regular List. American Smelters’ Securities Co,— — The New York Stock Exchange has admitted to the regular list the $30,000,000 5 % cumulative preferred stock, series “ B ,” heretofore traded in on the unlisted department.— V . 89, p. 412, 168, 160. —New Directors Representing American Sugar Refining Co. is generally understood that E d win F. Atkins and Samuel Carr of Boston and Edwin F. Marston, President of the Farmers’ Loan & Trust Co. of this city, will be elected directors at the annual meeting in Janu ary next, as representatives of the New* England stock holders, who, it is stated, own about $54,000,000 of the $9 0 , 000,000 stock. Messrs. Atkins and Carr recently made a re port on the company’s affairs at the request of Eastern stockholders. Compare V . 89, p. 848. — See Pennsylvania Sugar Re fining Co. below.— Y- 89, p. 848, 44. American Telephone & Telegraph Co.— “ Msso— For month of September and first nine months of 1909 and 1908: New England Interests.— It Offer of Settlement Accepted. ciated Operating Companies.” Earnings of One G ross N et (after M a in t ’cc & Interest B a lan ce for M o n th . earn in gs. ta x e s ). d e p r e c ia tio n , paid . dividends. 19 0 9 -------------5 1 1 ,4 6 2 ,3 3 6 5 6 ,7 6 9 ,6 5 0 5 3 ,4 0 5 ,2 7 6 556 0,18 6 82,8 0 4 ,1 8 8 190 8 - 10,565,053 6 ,1 0 0 ,1 0 4 2 ,907,231 622 ,674 2 ,5 7 0 ,1 9 9 9 m onths— 1909 -599,83 1,450 55 8 ,7 1 9 ,3 0 7 5 8 1,271,194 55,091,471 5 22 ,356 ,64 2 5 2 ,6 6 6 ,2 4 6 2 6 ,3 5 7 ,6 3 5 5,7 6 6 ,9 2 6 2 0 ,5 4 1 ,6 8 5 19 0 8 .............- 9 2 ,7 7 3 ,0 8 7 Regarding the above earnings, the company says: In 1909 all m ain ten an ce an d d e p re cia tio n Is ch a rged a g ain st e xp en ses m o n th ly Instead o f b e in g p a r tly p r o v id e d f o r b y an e x tr a o r d in a r y ch arge In D ecem ber asi h e re to fo re . In o rd e r th a t a true co m p a ris o n m a y be m ade b etw een 1908 an d 1909, th e 1908 figures as n o w p resen ted in clu d e In e x penses fo r each m o n th 1-12 o f th e e x tr a o r d in a r y p ro v isio n fo r d e p re cia tio n w h ich w as m ade in D e ce m b e r 1908. T h e u n e x p e n d e d p o r tio n o f th e p r o visio n m ade fo r d e p re cia tio n o u t o f th e earnings o f the a sso cia te d o p e ra tin g co m p a n ie s fo r the first nine m o n th s o f 1909 w as 8 9 ,9 7 9 ,1 3 4 , w h ich Is not co u n te d as p rofits, bu t rem ain s as a reserve fo r fu tu re re p la c e m e n ts .— V . 8 9 , p . 995, 848. New Bonds Ready. Armour & Co., Chicago.— — The Farm ers’ Loan & Trust Co., 22 William S t., New York, announces that it is now ready to deliver in exchange for interim cer tificates the real estate first mortgage 4 j ^ % 30-ycar gold bonds, pursuant to agreement of June 15 1909.— V . 88, p. 1374; V . 89, p. 920. gg Atlantic City (N. J.) Gas & W ater Co. — Clarence II. Geist of Philadel phia, it is reported, has purchased both the Consumers’ Gas & Fuel Co. (Y . 88, p. 566) and the Atlantic City Gas & Water Co., for sums aggregating, it is said, about $3,500,000. E x tensive improvements are proposed.— V . 88, p. 566, 377. Bethlehem Steel Co.— — Plympton, Gardiner & Co., New York and Chicago, are offering at par and interest, by advertisement on another page of this issue, the unsold portion of the new issue of $7,500,000 “ 5-year 6 % sinking fund secured gold notes,” dated Nov. 1 1909 and due Nov. I 1914, but redeemable as a whole or for sinking fund at 1023^ and interest on any interest day. Interest payable M. & N. in New York City. Par $1,000 (c*). These notes are guaranteed principal and interest by the Bethlehem Steel Corporation and also as to sinking fund of $720,000 per annum, payable in monthly installments of $60,000, commencing Nov. 1 1910. Free of tax in Pennsyl vania. Mercantile Trust Co. of New York, trustee. The notes are also offered by Brown Bros. & Co., Phila delphia, J. S. Wilson Jr. & Co., Baltimore, Francis R . Cooley, Hartford, the American Trust & Savings Bank, Chicago, and G. II. Walker & Co., St. Louis. Companies Change Hands. —Both City Lighting Notes Offered. A b s tr a c t o f L etter o f C h arles A1. S c h w a b , P resid en t o f B ethlehem Steel „ C o r p o r a tio n , N ov. 5 1909. P u rp o se o f Is su e.— T h e B eth leh em .Steel C o. from the p r o c e e d s o f Its 5 1 2 ,0 0 0 ,0 0 0 b o n d Issue o t 1906 a d d e d o p e n h earth ste e l fu rn a ces and m ills fo r th e ro llin g o f rails and beam s o f a new p a te n te d d e sig n , fo r w h ich w e h old e x c lu s iv e A m e rica n rights; beam s o f this design are 10 to 1 5 % ligh ter than stan d ard beam s o f e qu a l s tre n g th . S teel m e ltin g c a p a c ity (vas p r o v id e d fo r o n ly a b o u t half the c a p a c ity ot the m ills. T h e mills are n o w r o l l in g , o n half tim e , the en tire o u t p u t o f steel Ingots. T h e c a p a c ity o f th e in v e s tm e n t can th erefore be d o u b le d b y the e x p e n d itu re o f a b o u t 55,000 0 0 0 fo r increased steel c a p a c ity . R e a d y sale co u ld be fo u n d fo r m ore tlia n d o u b le the presen t o u t p u t . T h e present n otes are Issued In o rd e r to p r o v id e a b o u t 5 5 ,0 0 0 .0 0 0 fo r a d d itio n a l ste e l fu rn a ce s, a d d itio n a l blast fu rn a ces a n d d e v e lo p m e n t o f o u r m in in g p r o p e rtie s , an d also to retire the 5 2 ,5 0 0 , 000 o f B eth leh em S teel C o. 6 % gold n otes d a te d J u ly 1 1907. G u a ra n ty.— T h e n otes are to be a r the u n co n d itio n a l g u a ra n ty as to p rin cip a l, in te re st and sinking fu n d o f B eth leh em S teel C o rp o ra tio n , secu red b y d e p o s it and p led ge w ith the tru stee o f the en tire capital s to c k (e x c e p t shares n ecessa ry to q u a lify d irectors) o f all Its su bsid iary co m p a n ie s , v iz. (see V . 89, p. 1225): B eth leh em S teel C o ., U n ion Iron W o rk s C o ., H arlan & H ollin gsw orth C o rp o ra tio n , S am u el L . M oore & Sons C o rp o ra tio n an d . B eth leh em Iro n M ines C o. W h ile the n otes rem ain u n p a id , n e ith e r the c o m p a n y , th e co r p o r a tio n n o r the co r p o r a tio n s w hose shares a re p le d g e d as a b o v e , can cre a te a n y m o rtg a g e lien, w ith the e x c e p tio n o f B eth leh em Iro n M ines C o ., w h ich m a y m o r tg a g e Its p ro p e rtie s fo r a ctu a l Im p ro v e m e n ts o r a d d itio n s . E a rn in g s.— D uring the y e a r 1908 th e now mills c o n tr ib u te d s o m e w h a t to ea rn in gs, b u t w ere o p e ra tin g a g ain st all the d isa d v a n ta g e s o f sta rtin g a new p la n t, the in t r o d u c t i o n o f a b e a m new In this co u n tr y an d a de m o ra lized m a rk et. T h e earnings o f the c o m b in e d plants fo r the y e a r w ere, h o w ev er, 5 2 ,2 0 2 ,9 9 3 , b e fo re d e d u ctin g Interest charges o f 51,309,911 and 5 2 4 0,00 0 set aside fo r d e p re cia tio n , le a vin g a net a d d itio n to surplus d u r in g the y ea r f 557 2,081. Nov. 13 1U09, THE CHRONICLE T h e ord ers on han d a t B eth leh em S teel C o. S e p t. 30 1908 w ere o n ly $ 3 , 6 5 8 ,0 0 0 , w hile on S ep t. 30 19Q9 th e y e x c e e d e d $ 1 0 ,0 0 0 ,0 0 0 . T h e ea rn ings from Jan . 1 1909 to A u g . 31 1909 w ere $ 1 ,6 4 3 ,7 3 1 , an d w e estim ate th a t th e last fo u r m on th s o f th e cu rren t y e a r w ill brin g this to $ 3 ,0 0 0 ,0 0 0 , e v e n w ith the low prices p re v a ilin g , w h ich sh o u ld le a v e a n e t Incom e fo r th e y ea r o f a b o u t $ 1 ,2 0 0 ,0 0 0 a fte r d e d u ctin g 1 te re st charges an d re a so n a b le d ep r e c ia tio n . E stim ated A n n u a l E a rn in g Capacitu ($ 0 ,1 5 0 ,0 0 0 ) on C om pletion of P roposed A d d ition s. E a rn in g c a p a c ity o f th e " n e w m ills” , as d e m o n s tra te d b y th eir recen t o p era tion s o f $15 0,00 0 per m o n th , a t p resen t m a rk e t prices ______________________________________________________________ $1,800,000 A v e ra g e earnings o f “ o ld p la n t” M ay 1899 to Ja n . 1 190 8----------- 2 ,350,000 In crea se In earnings w ith the p ro p o se d a d d itio n s an d th e re d u c e d costs In cid en t to fu lle r o p e r a tio n s ------------------------------------- 2,000,000 T o ta l __________________________________________________________ $6,150,000 A return to norm al prices o f stru ctu ra l m aterial sh o u ld e asily increase th e earnings to $8,0 0 0 ,0 0 0 o r m ore. Total F ix e d Charges A g ain st these E a rn in g s fo r B on d and N o te Interest, In clu d in g In t. on O rdinary Com m ercial P a p e r and S in k . F u n d . Paym ents. 1910. 1911. 1912. 1913. 1914. I n t . Charges .$ 1 ,5 5 4 ,0 0 0 $ 1 ,4 7 2 ,0 0 0 $ 1 ,4 1 5 ,0 0 0 $ 1 ,3 5 8 ,0 0 0 $1,301,000 S in k . f d . charges 480 ,000 1,0 2 0 ,0 0 0 1 ,020,000 1,0 2 0 ,0 0 0 1,020,000 T o ta l c h a r g e s .$ 2 ,0 1 4 ,0 0 0 $ 2 ,4 9 2 ,0 0 0 $ 2 ,4 3 5 ,0 0 0 $ 2 ,3 7 8 ,0 0 0 $ 2,321,000 T h e earnings o f the en larged p lan ts as a b o v e o f $ 6 ,1 5 0 ,0 0 0 sh ou ld , th ere fo re , e v e n o n the presen t low le v e l o f p rice s, a vera ge o v e r 2M tim es the entire llxed charges. J uragu a Iron C o .— T h is c o m p a n y , o n e -h a lf o f w h ose s to c k Is p le d g e d b y the B eth leh em S teel C o . as s e cu rity fo r these n o te s, ow n s 5,450 acres o f land near .Santiago, C u ba, In clu din g 2,200 acres o f m in eral la n d , to ge th e r w ith ra ilroa d , loa d in g p ier, m in in g v illa g e , <5cc., & c., all u n b o n d e d . Its m in es h a ve s h ip p ed to d a te o v e r 5 ,0 0 0 ,0 0 0 tons o f h igh -grad e B essem er ore . P resen t o u tp u t a b o u t 450 ,000 to- s p er y ear; th e d e v e lo p m e n t co n te m p la te d sh ou ld b rin g this up to a b o u t 600 ,0 0 0 to n s . W h ile the n om in al capital s to c k Is $60 0 ,0 0 0 , the va lu e o f this p r o p e r ty Is, In o u r o p in io n , In excess o f $ 1 0 , 000 ,0 0 0 . T h e half o f th e ca p ita l s to c k n o t p le d g e d u n d e r the present note Issue Is p led g ed u n d er B eth leh em S teel C o .’s pu rch ase m o n e y m ortg age. N et Value o f A ssets to Secure I s s u e .— B ased o n th e ba la n ce sheets o f the va riou s com p a n ies as o f A u g . 31 1909, the net b o o k v a lu e o f the assets o f th e B eth leh em S teel Co (including the stock o f the Juragu a Iron Co. at its fa ce value of but $ 6 0 0 ,0 0 0 ): U nion Iron W o rk s C o ., H arlan & H ollin gsw orth C orp . an d Sam uel L . M oore & Sons C o r p ., a fte r d e d u ctin g all liab iltles o th e r than this Issue o f n o te s, o m ittin g all b alan ces d u e fro m the v a riou s c om p a n ies to ea ch oth e r, and a d d in g th e re to the Increase In assets th rou gh p ro ce e d s o f this Issue, will be $ 2 1 ,1 5 7 ,9 9 3 , o r n early th ree tim es the issue o f n otes. T h e U nion Iron W o rk s C o. o w n s th e en tire c a p ita l sto ck o f the U n ion Iron W ork s D ry D o ck C o ., w h o se p ro p e rtie s are s u b je c t to m o r t gages a ggregatin g $1 ,5 0 0 ,0 0 0 . Bethlehem Iron M in es C o .— T h is c o m p a n y has b e e n re ce n tly In corp ora ted to a cq u ire all m in in g rights th a t m a y be ta k en up b y th e c o r p o r a tio n , e x clu sive o f th ose o f the Ju ragu a Ir o n C o . I t has p u rch ased a co n tr o llin g in terest In the C h eever Iron O re C o ., w h ose m in e Is a t P o r t H e n ry , N . Y . (co m p a re V . 89, p . 122 5 ). Its m ain Held, h o w e v e r. Is o n the north co a s t o f C u b a , w here Im m ense de p o sits o f Iron o r e h a v e b e e n d is c o v e re d , and w here the c o m p a n y has secu red c o n tr o l o f o re cla im s o f g re a t va lu e . On on e o f th e prop erties 4 0 ,0 0 0 ,0 0 0 ton s o f o re h a v e a lre a d y be e n m easured u p . [T he B ethlehem Iron M ines C o. o n N o v . 10 Hied a t A lb a n y a c c rtillc a tc o f increase o f cap ital s to c k fro m $25 0,00 0 to $ 1 ,0 0 0 ,0 0 0 .— E d.] E a rn in g s o f Subsidiaries Other Than Bethlehem Steel C o. to A u g . 31 1909. [E arnings o f U n ion Iron W o rk s C o ., H arlan & H o llin gsw o rth C orp . and S am u el L . M oore & Sons C o r p ., t o g e th e r w ith th e p rofits o f Jurau ga Iro n C o. c o m p u te d u p on the basis o f fa ir m a rk e t v a lu e fo r Its p ro d u c ts , w hich w ere sold to B eth leh em S teel C o. at co s t.] 8 M o s . '0 9 . 1908. 1907. 1906. Y early A v er . $45 9,58 9 $60 0,51 9 $735,908 $57 1 ,3 2 7 $645,000 O utlook.— T h e alfalrs o f the C o rp o ra tio n are In the b e st c o n d itio n in its h is to ry , and I h ave no h e sitation In p r e d ictin g a m o st prosperou s fu tu re. — V . 89, p . 1225. Brooklyn Union has been elected a ceased.— V . 88, p. Buffalo (N. Y .) Dec. 31: Gas Co.— N e w D i r e c t o r . — H . H . Rogers director to succeed his father, lately de 688. Gas Co.— R e p o r t . — For 6 months ending 6 m os. end. D ec. 31 1908. N e t p r o flt s ________ $14 3,00 2 I n t e r e s t on b o n d s .. 145 ,125 9 m os. end. J u n e 30 1908. $228,658 217,687 D a l., sur. o r d c f.d e f$ 2 ,1 2 3 — V . 87, p. 1662. s u r .$ 1 0 ,9 7 l — Y ears end. S ept. 30— 1906-07. 1905-06. $28 7,45 2 $318,676 290 ,250 290,250 d c f.$ 2 ,7 9 8 s u r .$ 2 8 ,426 Butterick Company.— D i v i d e n d I n c r e a s e d . — The company has declared a quarterly dividend of % of 1 % , payable Dec. 1 to stockholders of record N ov. 19, comparing with y 2 of 1 % paid on Sept. 1 last, and making 2 J 4 % in all for 1909. D ivid en d R ecord. 190 2. 1903. 1904. 1905. 1906. 1907. 1908. 1909. D iv id e n d ( % ) . . 2 % 4% 4% 4% 4% 3% l 'A % 2 H % A b o u t 8 0 % o f the s to ck h o ld e rs o f the H Id gw ay C o m p a n y h ave, It Is s ta te d , ex ch a n g ed their s to c k fo r B u tte rick s to c k . T h e d iv id e n d will be p aid on a ll this a d d itio n a l s to c k e x c h a n g e d up t o th e tim e o f th e clo sin g o f th e b o o k s N o v . 1 9 .— V . 89, p. 1070, 921. 1283 S c o tia , fo r th e m a n u fa ctu re o f w o o d pa sse n ge r an d fre igh t ca rs, w ith w heel fo u n d r y , Iron fo u n d r ie s , ro llin g m ills, 20,000 acres o f tim b e r la n d s , saw m ills an d p la n in g m ills, w ith b r a n c h e s at H a lifa x an d S y d n e y . Ca p a c it y , 60 p assen ger cars p e r y e a r a n d 20 fre ig h t cars p e r d a y . R o llin g m ill c a p a c it y , 80 ton s p e r d a y o f b a r Iro n an d s te e l. A x le s h o p , c a p a c it y o f 200 a x le s p er d a y . M a lleab le Iron f o u n d r y , 20 ton s o f linlshed m alleab le castin gs p e r d a y . T h e c a p a c it y o f th e c o m b in e d w o rk s Is s u ffic ie n t to ta k e care o f th e re qu irem en ts o f th e railw ays fo r several y e a rs to c o m e , b u t it Is th e in ten tion to a d d to th e c a p a c it y w h en n ecessary to k e e p p a c e w ith th e d em an d s o f th e railw ays. T h e c o m b in e d c a p a c it y o f all o t h e r c a r c o m p a n ie s In C anada Is p r o b a b ly n o t o v e r te n ears p e r d a y . T h e n e t e a rn in gs f o r th e p ast t w o yea rs h a v e a v e r a g e d a b o u t $1,0 0 0 ,0 0 0 p er y e a r, a v e r y dull p e rio d w ith k een c o m p e titio n and plan ts ru n n in g at h alf c a p a c it y . T h e s a v in g s w ith these th re e co n ce rn s c o m b in e d should a d d a t le a st 4 0 % to th e n et earn in gs w ith o u t in cre a se o f p rice s. C ar builders in C anada are p r o t e c te d b y a d u t y o f 3 0 % . In m y o p in io n the r e p la ce m e n t v a lu e o f these p ro p e rtie s is o v e r $7,500,000. D ir e c to rs — N a th an iel C u rry (P r e s id e n t), W . W . B u tle r ( F irst V I c e -P r e s .); N . A . R e e d e r (S e co n d V I c e -P r e s .), J am es R e d m o n d , T h o s . J . D ru m m o n d ; G e o rg e E. D ru m m o n d an d W . M . A lt k e n , all o f A lon treal, a n d I . H a m ilto n B en n , L o n d o n . Canadian Light & Power Co., Montreal.— N e w D i r e c t o r s .— The number of directors has been increased from seven to nine by the addition of N . Curry of Rhodes, Cuny Co., and J. M. Wilson, Compare V . 89, p. 848. Commonwealth Edison Co., Chicago.— N e w S t o c k .— The shareholders on N ov. 8 voted to approve the proposition to increase the authorized stock $10,000,000, to a total of $40,000,000. Of the new stock $3,000,000, it is stated, will be offered at par to present stockholders on or about Feb. 1 1910 in amounts equal to 1 0 % of their respective holdings, payable in four installments.— V . 89, p. 472, 531. Consolidated Dry Goods C o., Springfield, M ass.— P r e fe r r e d S t o c k O f f e r e d . — This com pany, owning the following chain of stores: Wallace Co., Schenectady, N . Y .; Nallace Co., Poughkeepsie, N . Y .; Kennedy-Maclnnes Co., Pitts field, Mass.; A . McCallum & Co., Northampton, Mass., and Boston Store, North Adam s, Mass., has recently been offering the 2,500 shares of 7 % cumulative, tax-exempt, preferred stock, par value $100 per share, authorized at meeting of stockholders held Oct. 28. T h e c o m p a n y w as o rg a n iz e d u n d er the law s o f M a ssa ch u se tts o n D e c. 7 1905 w ith $ 1 ,0 0 0 ,0 0 0 ca p ita l s t o c k , o n e -h a lf o f w h ic h w as p re fe rre d , A n drew B . W a lla c e , o f S p rln gfle ld . b e in g P re s id e n t a n d C. B . H it c h c o c k , T reasu rer. B a la n ce Sheet M a rch 1909. A s sets— ($ 1 ,1 6 2 ,4 2 8 ) L ia b ilities— ($ 1 ,1 6 2 ,4 2 8 ) Cash an d d e b ts r e c c lv a b lc --$ 1 1 4 ,6 1 9 C o m m o n s t o c k ______________ $ 5 0 0 ,OoO M erch an dise, & c ____________ 365 ,048 P referred s t o c k _____________ 5 00 ,000 F ix tu re s, & c ________________ 81,341 A c c o u n ts p a y a b le ___________ 18,400 U n e x p ire d Insurance, & c _ . 1,420 F lo a tin g d e b t _______________ 1 05 ,000 O p tio n s, & c ................................ 600,000 P r o llt a n d lo s s _______________ 3 9 ,028 Consumers’ Gas & Fuel Co., Atlantic City, N . J .— S o l d .— See Atlantic City Gas & Water Co. above.— V. 88. p. 566. Cuyahoga Telephone Co., Cleveland.— L e g a l A c t i o n .— Following the announcement that James S. Brailey Jr. of Toledo had purchased control of this company, the United States Telephone Co., and the New Long Distance Telephone Co. of Indianapolis, Herman C. Stifel, who was until recently associated with Mr. Brailey in the management of the Toledo Home Telephone Co., but on October 9 appeared as one of the incorporators of the Continental Telephone & Tele graph Co. (V . 89, p. 1225), instituted a suit against the Toledo Home Telephone Co. for the purpose, it is under stood, of preventing the interests back of Mr. Brailey from acquiring control of that company. On N ov. 9 suits were also filed to prevent the United States Company from passing under the control of the American Telephone & .Telegraph Co. The surmise that the last-named corporation is the real purchaser is not confirmed. T h e N ation a l T e le p h o n e C o. o f W h e e lin g , W . V a ., o n N o v . 6 filed suit In the U n ited S tates C ircuit C ou rt a t C levelan d a gain st th e U n ited S tates T e le p h o n e C o ., ask in g th a t a c o n tr a c t o f Jun e last fo r the sale o f th e Y o u n g s to w n T e le p h o n e C o ., th e C olu m bian a C o u n ty T e le p h o n e C o. a n d som e o th e r syste m s a n d lines be e n fo r ce d . T h e d e fe n d a n ts cla im th a t th e c o n d itio n s o f th e sale w ere n o t co m p lie d w ith an d th a t th e deal fe ll th r o u g h . It w as part o f a sch em e fo r u n itin g th e In d e p e n d e n t co m p a n ie s , In c o n n e ctio n w ith w h ich th e N a tio n a l T e le p h o n e & T elegrap h C o. w as In cor p o ra te d o n J u ly 22 1909 u n d e r th e law s o f P e n n s y lv a n ia .— V . 8 9 , p . 1225. Canadian Car & Foundry Co., L td ., Montreal.— C o n s o li Edison Electric Illuminating Co. of Boston. — N e w S t o c k .— S t o c k O f f e r e d . — This company was incor porated under Dominion of Canada letters patent on Oct 29 Application for permission to issue 19,452 additional shares 1909 with $5,000,000 common stock, of which $3,500,000 is at $215 per share is pending before the Massachusetts Gas now to be issued and $7,500,000 of authorized 7 % partici & Electric Light Commission. The proceeds will be used to pating cumulative preference stock, present issue $5,000,000. retire notes issued for new properties acquired in September The cumulative preference stock is preferential as to (quar at cost of about $2,750,000, also about $1,000,000 notes terly) dividends and capital, and participates with the com issued from time to time for construction and other capital mon in all dividends after 7 % on both. There are also out requirements.— V . 89, p. 1221. standing 6 % 30-year sinking fund bonds, $3,500,000. In Great Western Power Co. of California.— B o n d s O f fe r e d — London from Nov. 4 to 6 Parr’s Bank, L td ., as authorized S t a t u s . — E . II. Rollins & Sons, Boston, Chicago, Denver by the Western Canada Trust, L td ., offered on behalf of the and San Francisco, are offering at 96 and int., yielding purchasers $3,150,000 of the preference stock at £ 1 9 10s. Gd. 5M % > $3,000,000 first mortgage 5 % sinking fund 40-year per $100 share, being approximately 9 5 % . An advertise gold bonds, dated 1906 and due July 1 1946, but redeemable ment says in substance: as an entire issue or any part on July 1 19 12 ,or any sub T h e c o m p a n y has been In co rp o ra te d fo r th e p u rp o se o f e llc c tln g an sequent interest date at 106 and interest. Interest payable a m a lg a m a tion o f the fo llo w in g esta b lish e d co n ce rn s: J. & J. in New York, Boston, San Francisco or London, C om p a n y— Issu ed C apital. 1. R h o d e s C u rry C o ., L t d ........................................../P r e fe r r e d s t o c k $ 1,850,000 England. Denom ination$l,000. Coupon or registered bonds. , , „ „ „ , _ _ . I C o m m o n s to c k 1 ,000,000 MercantileTrustCo.of N. Y . and Alvin W . Krech, trustees. 2. T h e D o m in io n Car & f o u n d r y C o ., L t d .............C o m m o n s to c k $3,5 1 0 ,0 0 0 d a tio n — P r e fe r r e d 3 . C anada C a rC o , L t d . . . ........................................../P r e fe r r e d s to c k $ 1 ,000,000 A b s tra ct o f L etter fro m P residen t E d w in H a w le y . N . Y . C it y , O c t . 26 1909. , „ l C o m m o n s to c k 2 ,000,000 T h e In terest-bearin g b o n d e d d e b t o f the c o m p a n y a t th e presen t tim e T h e liq u id assets, a fte r p a y in g all o u ts ta n d in g lia b ilitie s , w ill a m o u n t to a m o u n ts to $ 9 ,3 1 0 ,0 0 0 . T h e c o m p a n y has a lso sold t o y o u $90 0,00 0 b on d s o v e r $2 ,2 0 0 ,0 0 0 . , the p roceed s t o be used fo r b u ild in g a h igh er d iv e r t in g d a m , w h ich w ill T h e n et ea rn in g s, a fte r a d e q u a te p ro v is io n fo r d e p r e c ia t io n , and a fte r a d d la rg e ly t o the o u tp u t c a p a c it y o f th e p re se n t p la n t. p a y in g ail Interest c h a r g e ; o f the a m a lg a m a te d c o m p a n ie s fo r th eir r e s p e c C apitalization Great W estern P ow er C o . (C a lifo rn ia C o r p o r a tio n .) tiv e last tw o Hscal yea rs, as ce rtifie d b y ch a rte re d a c c o u n ta n ts , a m o u n t to $ 2 ,0 5 3 ,5 7 3 . A n n u al a vera ge o v e r tw o y e a rs , $ 1 ,0 2 6 ,7 8 6 . A u th o rized . Issu ed . C o m m o n s to c k (all o w n e d b y W e s te rn P o w e r C o. A b s tr a c t o f L etter from P resid en t N athaniel C u rry , A lo n trca l, O ct. 9 1909. (1) T h e D om in ion Car & F o u n d r y C o. Is lo ca te d a t B lue B o n n e ts, M o n t o f N ew J e r s e y )-------------------------------------------------------$2 5 ,0 0 0 ,0 0 0 $ 2 5 ,0 0 0 ,0 0 0 F irst m ortg age b o n d s ($ 9 ,3 1 0 ,0 0 0 a t p re se n t b e a rin g real. B u ildin gs erected less than three years a go o f r e in fo rce d co n cre te interest) ................. - -------------------------------------------------- 2 5 .0 0 0 ,0 0 0 1 1 ,2 8 3 ,0 0 0 an d steel. C a p a city , 30 steel fre ig h t cars p e r d a y , also bolsters, brake beam s an d o th e r sp ecialties fo r 100 cars p e r d a y , u n d e r v a lu a b le paten ts. In clu d e d a m o n g these Issued b o n d s there are o u ts ta n d in g $ 1 ,2 2 3 ,0 0 0 te m p o ra ry b o n d s w h ich d o n o t be a r in terest u n til the net In com e a p p lic a b le (2) T h e C anada Car C o. Is lo ca te d a b o u t o n e m ile fro m the D o m in io n Car & F o u n d ry C o.; p la n t erecte d less than live years a g o . C a p a c ity , 100 w o o d to fixed charges has reach ed ce rta in p r o p o r tio n s , as p r o v id e d In a g re e m en ts passenger cars p er y ea r an d 25 w o o d fre ig h t cars p er d a y . (O rgan ized and d a te d J u ly 25 1906, A u g . 24 1906, and $75 0,00 0 w h ich d o n o t b e a r Interest, o w n e d b y P ressed S teel C a r C o . o f P ittsbu rgh V . 88, p . 502; V. 8 4 , p. 4 4 7 ). b e in g d e p o s ite d as s e cu rity fo r the b o n d s o f the C a liforn ia E le ctric G en erat (3) R lio d cs -C u rry C o. p la n t (V . 8 9 , p . 353) lo ca te d a t A m h e rs t, N o v a ing C o . de scrib e d b e lo w . (See th a t c o m p a n y ’ s b o n d o ffe rin g V . 8 8 , p . 6 8 8 ). 1284 THE CHRONICLE T h e ba la n ce o f the a u th o riz e d Issue Is reserved fo r e x te n s io n s o r fo r the purch ase o f o th e r p rop ertie s. . A n n u al sin k in g fu n d co m m e n cin g 1916 fo r c a n cella tion o f b o n d s an a m o u n t e q u a l to 1 % o f the b o n d s o u ts ta n d in g . C a pitaliza tion o f W estern P ow er C o . o f N . J . (N o B o n d s.) O w ning E n tir Stock, o f Great W estern P o w er C o. . A u th o rized . Issu ed . C o m m o n s t o c k _____________________ ______ - ...................$ 1 2 ,0 0 0 ,0 0 0 $ 1 2 ,0 0 0 ,0 0 0 P referred s t o c k 0 % , c u m u la tiv e a ft e r J a n . 1 1 9 1 2 . 6 ,0 0 0 ,0 0 0 5 ,2 2 0 ,0 0 0 T h e G rea t W estern P o w e r C o. o w n s la n d s an d w a te r rig h ts o n the north fo rk o f the F ea th er R iv e r In B u tte a n d P lu m as c o u n tie s In n o rth e rn cen tral C a lifo rn ia . F rom these rig h ts It Is e s tim a te d t h a t a sala b le o u t p u t o f o v e r 4 0 0 ,0 0 0 li.p . can be p r o d u c e d . A t the o u t le t t o th e c o m p a n y ’s t r a c t o f a b o u t 20,0 0 0 a cre s k n ow n as B ig M e a d o w s, on the u p p e r p a rt o f the s tream , th e c o n s t r u c tio n of a c o m p a r a t iv e ly sm all d am w o u ld fo rm a s to ra g e reser v o ir h a v in g a c a p a c ity o f th irty -e ig h t th o u s a n d m illio n c u b ic fe e t , o r s u ffic ie n t t o p ro v id e fo r the c o m p a n y ’s p o ssib le d e v e lo p m e n t to Its full o u t p u t th rou gh tw o su ccessive d r y se ason s. T h e llrst d e v e lo p m e n t has be e n c o n s tr u c te d a t B ig B e n d In B u tte C o u n ty , o n th e n orth fork of the F e a th e r R i v e r , a b o u t 160 m iles n o rth e a st o f San F r a n cis c o . T h e present h y d r o -e le c t r ic w o rk s co n s ist o f a lo w d iv e r tin g d a m , w h ich Is being r e p la ce d w it h a m u ch h igh e r d a m t h a t w ill give anh e ffe c t iv e h ead o f 525 fe e t; a 15,000 f o o t tu n n e l, 1 6 x 1 6 f t . , c u t th rou gh solid r ock across the n eck o f the B ig B en d an d lin ed w ith co n c r e te ; pow er h ou se o f c o n c r e te an d s te e l, 186 fe e t lo n g b y 81 fe e t w id e ; an d fo u r a lte r n a tin g cu rren t gen erators, ea ch h a v in g a c o n tin u o u s c a p a c ity o f 17,000 h . p. d ir e c t ly c o n n e c te d to w a te r tu rb in e s. E a ch g e n e ra tin g u n it is co m p le te in its e lf a n d an a c c id e n t to a n y o n e u n it ca n .o t a ffe c t th e o p e r a tio n o f the r e s t. T h e F ea th er R iv e r Is p e c u lia rly s te a d y In Its How a n d this llrst In sta lla tion heretofore re qu ires n o storaire t o o p e r a te t o Its fu ll c a p a c ity . T h e c o m p le te d first d e v e lo p m e n t a t B ig B en d w ill h a ve a c o n tin u o u s c a p a c it y o f 68,000 electrica l h orse p o w e r , b u t the tu n n el has been d e v e lo p e d fo r a c a p a c it y o f d o u b le th is figu re. A d o u b le c ir c u it, s te e l-to w e r trans m ission lin e. 160 m iles In le n g th , carries th e p o w e r a t a p o te n tia l o f 100,000 v o lts t o S a cra m en to, O ak lan d an d in te rm e d ia te p o in ts , th ree co n cre te a n d steel su bstation s a t B rig h to n (near S a c r a m e n t o ), C ow ell an d O akland c o n ta in th e necessary s te p -d o w n tra n sfo rm e rs. I w o u ld e m p h asize the fa c t th a t p ra ctica lly a il o f th e la n d s, w a te r rig h ts a n d sto ra g e la n d s necessary fo r the d e v e lo p m e n t o f o v e r 4 0 0 ,0 0 0 li.p . h a v e been a c q u ir e d , anil th a t the tu n n el a t B ig Ben d has b e e n c o m p le t e d fo r d o u b le the present installed electrica l c a p a c it y , w ith in the p r o c e e d s o f th e b o n d s n o w o u ts ta n d in g . T h e C a liforn ia E lectric G e n e ra tin g C o ., w h o se en tire c o m m o n s t o c k , e x c e p t q u a lify in g d ir e cto r s ’ sh ares, Is o w n e d b y the G rea t W e s te rn I ow er C o ., w ill s h o r tly c o m p le te a steam tu rb in e pla n t o n the w a te r fro n t at O a k la n d , w ith a co n tin u o u s c a p a c it y o f 15,000 h .p . T h is p la n t w ill be o f the m ost m odern ty p e . It Is leased to the G rea t W e ste rn 1 o w e r C o. As th e G rea t W estern P o w e r C o . has c o m p le te d its llrst d e v e lo p m e n t, w ith th e e x c e p tio n o f th e h ig h e r d iv e r tin g d a m , it is n o w In a p o s itio n to d e liv e r a b o u t 50,000 h .p . A fair sta te m e n t o f e a rn in gs w ill be on the basis o f a y e a r b eg in n in g N o v . 1 1909. H o w e v e r p a rtia l d e liv e rie s have been m ade d u rin g Ju n e, J u ly , A u gu st a n d .Septem ber to t w o cu sto m e rs o n ly — the P a cific G as & E lectric C o . a n d the C o w e l P o rtla n d C em en t C o. A g ree m en ts h a ve also been signed fo r a c o n s le d ra b le a m o u n t ot p o w e r w ith the S ou th ern P a cific R R . C o ., the N a to m a s C o n s o lid a te d (a large d re d gin g c o m p a n y ) , R e c la m a tio n D istricts N o s . 3 0 7 , 744 a n d 765 a n d o th e rs for sm aller a m o u n ts , and there Is e v e r y reason t o b e lie v e th a t this d e v e lo p m e n t w ill be loa d ed to Its m a x im u m c a p a c ity In a s h o rt tim e . E a rn in g s fo r F o u r M on th s en d in g S e p t. 30 1909 from P a rtia l D eliveries (about O ne-T hird o f U ltim ate Output C a p a city o f the F ir s t D evelo p m en t.) G ross ea rn in g s ...........................$280 ,1 2 8 I F ix e d c h a r g e s - . . .................. .$ 1 5 5 ,1 6 7 J o , 847 N et ea r n in g s________________ 191,014 [S u r p lu s -------------------------------------A s p ra c tic a lly all the c o a l used In C a liforn ia Is Im p orted fro m co n sid erable d is ta n ces an d o il c a n n o t a t presen t p rice s c o m p e te w ith h y d r o -e le ctr ic p o w e r , C a liforn ia Is on e o f the m o s t a t t r a c tiv e m arkets fo r the sale ot h y d r o -e le ctr ic p o w e r In A m e r ic a . T h e c o m p a n y w ill w h olesa le its p o w e r t o large users, w h ich w ill a v o id th e e x p e n se in c id e n t t o a n e tw o rk o f se c o n d a ry d is trib u tin g lin es. ., „ , T. „ ... . . D irectors — E d w in H a w le y , P re s id e n t; t r a n k H . R a y ,. V Ice -P re s t., C om p a re V . 8 9 , p . 531 , 596. Hawaiian Commercial & Sugar Co., San Francisco — E x t r a The company paid on Oct. 15 an extra dividend of 2 % on the face value of its stock, calling for §200,000. This is the second extra distribution this year in addition to the regular monthly dividend of 20 cents per share. D i v i d e n d s .— O n D e c . 31 1908 th e ca p ita l s t o c k co n siste d o f 100,000 shares o f $100 e a ch ($ 1 0 ,0 0 0 ,0 0 0 ), w ith $23 12 p e r share p a id in, o r $ 2 ,3 1 2 ,7 5 0 in all D u rin g A p ril 1909 th e o u ts ta n d in g s to c k w as m ade t o co n sist o f 400 ,000 shares o f $25 ea c h , o r $ 10,0 0 0 ,0 0 0 , b y th e Issue o f fo u r shares o f th e par v a lu e o f $25 in p la ce o f each part p aid share ot $100; th e m o n th ly d iv id e n d , th e r e to fo r e 8 0 c . per sh are, w as th e n r e d u c e d t o 2 0 c. p er sh are. P rom J a n u a ry t o M arch 1905 the m o n th ly d iv id e n d had been 5 0 c. p e r share; In A p ril 1905 it w as in crea sed t o 6 5 c. a n d In J u ly 1908 t o 8 0 c . B o n d s o u t s ta n d in g $ 1 ,1 7 5 ,0 0 0 llrst g o ld d e b e n tu re 5s, d u e O ct. 1 1910. T h e present sh a res, p ar v a lu e $25, re p re se n t $5 78 ea ch p a id In, b u t It Is e x p e c t e d in w ell in fo rm e d circles th a t in th e co u rse o f a y ear or so th e y w ill be declared fu ll-p a id in ord er t o d is trib u te a cc u m u la te d su rplu s. T h e c o m p a n y , h o w e v e r , w ill n ot d eclare th e s to c k fu lly p aid unless th e to ta l a m o u n t In th e surplus a c c o u n t Is s u fficie n t t o m ake It so . T h e sum o f $ . ,3 1 2 , 7o5 w as p a id In o n th e s t o c k a t th e In c o r p o r a tio n o f th e c o m p a n y In 1882, anil th e to ta l su rplu s, $ 6 ,5 3 6 ,0 6 8 D e c. 31 1908, Is m o s tly a cc u m u la te d prollts fro m th e o p era tion o f th e p r o p e r ty sin ce 1882 a n d p r a c tic a lly m eans th at th a t a m o u n t o f m o n e y has been c o n tr ib u te d b y th e s to c k h o ld e r s. E a rn in g s Statem ent fo r C alendar Y ears. G ross. N et. D ivid en d s. B a l., S u r. Y ea r__ 1908 $ 3 ,9 3 7 ,3 9 6 $2,0 8 6 ,4 7 3 $ 1 ,1 2 0 ,0 0 0 $866,473 1907 ............... " 2 .7 9 6 ,0 4 9 1,025,663 780 ,0 0 0 245,663 T h e 'r e s u lts here sh ow n in clu d e ‘ ‘ s u n d r y net p r o llts ” , a d d itio n a l t o prollts on su ga r, o f $36,733 In 1908, a ga in st $21 ,0 7 6 In 1907.— V . 7 9 , p . 2460. Jefferson & Clearfield Coal & Iron Co.— B o n d s C a l le d .— Thirty-one ($31,000) first mortgage 5 % gold bonds drawn for the sinking fund will be purchased by the Guaranty Trust Co. of New York, trustee, at 105 and interest on Dec. 1 1909, at which date interest will cease.— V . 85, p. 1341. Kings County Electric Light & Power Co., Brooklyn, N . Y . — C o n v e r t i b l e B o n d s A u t h o r i z e d . — The stockholders on N ov. 11 authorized an issue of .$5,000,000 convertible 6 % debenture bonds, some portion of which will presently be offered to shareholders at par. Compare V . 89, p. 1143. New England Cotton Yarn Co., Boston.— T o V o t e o n L e a s e . — The shareholders will vote Nov. 16 on accepting an offer from the Union Mills to lease the “ entire property and assets for a period of 99 years on terms which will yield the pre ferred stockholders of your company dividends at the rate of 7 ) 4 % per annum.” B a la n ce Sheet o f U nion M ills N o v . 1 1909, S h ow ing Com bined A s sets and L ia b ilities o f U nion M ills and R oyal-G em M ills C o. (p rop erty p u rch a sed ). L ia bilities ($ 2 ,6 1 3 ,8 7 5 ) — A ssets ($ 2 ,6 1 3 ,8 7 5 )— ........................ P la n t a n d Im p r o v e m e n ts .$1,390,124 P referred s t o c k _____________$1,000,000 I n v e n to r ie s, m aterials, & c. 400,333 C o m m o n s t o c k ____________ 1 ,500,000 113,875 A c c o u n ts r e c e iv a b le ----------470 ,762 A c c o u n ts p a y a b le ------------In v e s tm e n ts --------------------10,000 C a s h .______________ 342 ,656 C o n d en sed E x tr a c ts from L etter o f W in . E n d ic o t t J r ., P re sid e n t U n ion M ills. In a d d itio n to o th e r ch arges an d exp e n se s o f th e N ew E n g la n d C o tto n Y a rn C o. (and In a d d itio n to d iv id e n d s as a fo re sa id o n th e c a p ita l s t o c k — E d ) the U n ion Mills shall p a y a n n u a lly th e sum o f $57 ,8 1 0 , to be a p p lie d t o the p urchase o r r e d e m p tio n o f the o u ts ta n d in g m o r tg a g e b o n d s o f the Y a rn C o m p a n y , and shall a n n u a lly set aside $ 2 3 1 ,2 4 0 , to b e a p p lie d In r en ew a l o f the prop ertie s o r to the p u rch a se o r r e d e m p tio n o f the b o n d s. [VOL. LXXXIX • T h e U n ion M ills is to h a v e the rig h t to co n s o lid a te Its p r o p e r ty w ith th a t o f th e N ew E n gla n d C o tto n Y a rn C o . a t a n y t im e .a t lt s o p t io n , b y c o n v e y ing all Its p ro p e r ty to a M assachusetts c o r p o r a tio n , In w h ich e v e n t the C o t to n Y a rn Co. shall c o n v e y all Its p r o p e r ty to th e sam e M assach u setts c o r p o r a tio n fo r a p rice In cash eq u a l to p ar an d a c c r u e d and u np aid d iv id e n d s o n the p referred an d c o m m o n s to c k o f the Y a rn C o m p a n y , the p referred s to c k h o ld e r s o f th e Y a rn C o m p a n y In su ch e v e n t to have the rig h t to e x ch a n g e th eir s t o c k , share fo r sn are, fo r 6 % first p re fe rre d s to c k o f th e new M assachusetts c o r p o r a tio n , a n d th e c o m m o n s to ck h o ld e rs th eir s t o c k , share fo r share, fo r 7 % s e co n d p re fe rr e d s to c k o f th e new M assachusetts c o r p o r a tio n , the Issues o f such p r e fe rre d s to c k to be lim ited to the a m o u n t o f preferred and c o m m o n s to c k o f the C o tto n Y a rn C o. n ow o u ts ta n d in g and to be clo se d . T h e U n ion Mills is to e x e c u t e no m o rtg a g e o n Its p r o p e r ty d u rin g th e term o f the lease. [A m a jo rity o f the s t o c k o f th e U n io n M ills, It Is s t a t e d . Is o w n e d b y In d iv id u a ls w ho are la rg e ly In terested In th e secu ritie s o f th e N ew E n gla n d C o tto - Y a rn C o .]— V . 89, p . 1070, 724. Niagara Lockport & Ontario Power Oo.— E a r n i n g s . — For October 1909 (partly estimated) and quarter ending Oct. 30: 1909 G ross. O c t o b e r ................................ $ 8 7 ,2 0 0 Q u a r t e r _________________ 250 ,835 — V . 8 9 , p . 998, 352. N et. $27 ,1 5 0 83,299 In t. on l s f 5s. $ 20 ,833 6 2 ,5 0 0 B a l. S u r. $ 6 ,3 1 7 2 0 ,7 9 9 Oklahoma Gas & Electric Co.— B o n d s C a l le d . — All the out standing ($269,000) first mortgage 5 % sinking fund gold bonds dated March 1 1902 have been drawn for redemption on March 1 1910 at 105 and interest at the office of the New York Trust Co., trustee. B o n d s O f f e r e d . — N. W . Harris & Co., New York and Bos ton, and the Harris Trust & Savings Bank, Chicago, arc offer ing to investors and have mostly sold the present issue of $1,600,000 first mortgage 5 % 20-ycar gold bonds, dated Oct. 1 1909 and due Oct. 1 1929, but subject to call at 102)4 and interest on and after Oct. 1 1914. Interest payable A . & O. at Harris Trust & Savings Bank, Chicago, trustee. Par $1,000 (c*). A circular shows: C a pitaliza tion— A u th o rized . fss u e d . P re fe rre d s to c k , 7 % c u m u la tiv e ____________________$ 2 ,5 0 0 ,0 0 0 $ 1 ,0 0 0 ,0 0 0 C o m m o n s t o c k (re c e iv in g ilivs. a t rate o f 5 % p e r a n .) 2 ,5 0 0 ,0 0 0 700 ,0 0 0 F irst m o rtg age 5 s_________ _________________________ 5 ,0 0 0 ,0 0 0 1 ,6 0 0 ,0 0 0 A d d itio n a l a m o u n ts o f the llrst m o rtg a g e b o n d s m a y b e Issued o n ly f o r 7 5 % o f the co st o f fu tu re e x te n s io n s , w h en the n e t earnings fo r the p r e c e d ing y e a r have b e e n a t le a st tw ice th e ann u al Interest ch a rg e o n th e b o n d s Issued an d then to b e Issued. E a rn in g s fo r Y ear Ended S ep t. 30 1909 (with P resent Interest C h a rg e). G ross e a r n in g s ........... ..............552 9,79 2 I In t. o n $ 1 ,6 0 0 ,0 0 0 1st 5 s . . . $ 8 0 ,0 0 0 N et earn in gs, a fte r t a x e s . . . $ 2 0 8 ,1 3 6 1Surplus e a rn in g s .................... .$ 1 2 8 ,1 3 6 — V . 8 9 , p . 1226. Ontario Power Co. of Niagara Falls.— E a r n i n g s . — For October 1909 (partly estimated) and the quarter October 31, including the Ontario Transmission Co. 1009 G ross. O c t o b e r ....................... ..$ 5 9 ,4 5 0 Q u arter ................. .. 1 6 6 , 7 4 5 — V . 89, p . 1071, 999. ended N et. In t.O .P .S s . I n t.O .T .H s . B a l., S u r. $43 ,6 5 0 $21 ,3 6 5 $6,0 3 8 $ 1 6 ,2 4 7 120,371 63,591 18,114 3 8 ,6 6 6 Pennsylvania Sugar Refining Co.— S e t t l e m e n t o f L i t i g a t i o n . — The Common Pleas Court at Philadelphia on N ov. 9 au thorized Receiver Geo. H . Earle to accept the offer of settle ment of the American Sugar Refining Co. made in June last, viz.: (1) To pay the company $750,000 and (2) cancel the $1,250,000 note given by Adolph Segal, dated Dec. 30 1903, and return the collateral therefor, including, it is stated, $ 1 , 250,000 bonds and $2,600,000 stock of the Pennsylvania Company. Compare V . 88, p. 1503. O f the a m o u n t p a id , $52 ,500 goes t o G u sta v E . K issel o n a c c o u n t o f a cla im fo r $10 5 ,0 0 0 , th e R eal E state T ru st C o . o f P h ilad elp h ia h a v in g a greed t o p a y the o th e r h alf. T h e a m o u n t a v a ila b le fo r d is trib u tio n to th e b o n d h olders w ill d ep en d u p o n the fees t o be p aid t o va rio u s co u n se l, a b o u t t h ir t y in n u m b e r, the a m o u n t o f w h ich h a ve n o t been se ttle d . T h is a m o u n t, it is th o u g h t, w ill n o t in a n y e v e n t be less th an 2 5 % o f th e sum r e c e iv e d In s e ttle m e n t.— V . 89, p . 849 . Philadelphia Company for Guaranteeing M ortgages, Philadelphia.— D i v i d e n d I n c r e a s e d . — The directors on Nov. $ declared a dividend of $2 50 per share payable on Dec. 15 to stockholders of record N ov. 30 1909. This places the company on a 5 % dividend basis— an increase of 1 % . T h is c o m p a n y sta rte d In business Jun e 1 1907 anil Its first d iv id e n d U n d iv id e d prollts a t th e close ot business -----. . .. ,, ... R . N ich o lso n Is P residen t; H en ry P . B r o w n , V lc e -I re sid e n t, S am uel C. E d m o n d s , S e cre ta ry a n d T re a su re r.— V . 87, p . 1303. Pittsburgh Coal Co.— G u a r a n te e d B o n d s . — Sec Pittsburgh Coal-Dock & Wharf Co. below. S t o c k P u r c h a s e s .-— The stock has been in uncommon re quest this week, and it is thought that some large interest has been accumulating the shares, but whether as an invest ment or with an amalgamation in view is uncertain.— V . 88, p. 690. Pittsburgh Coal-Dock & W harf Co .— O f f e r i n g o f G u a r a n The bond department of the Safe Deposit & Trust Co. of Pittsburgh is offering at par and interest theunsold portion of $1,000,000 5 .4 % first mortgage gold bonds, guaranteed principal and interest by the Pittsburgh Coal Co. These bonds are dated N ov. 1 1909 and due Nov. 1 192 9, but subject to call at 102)4 and interest. Par$1,000; interest, M. & N . at Union Trust Co. of Pittsburgh, trustee. A circular says: teed B o n d s . — T h ese b o n d s are to be secu red b y a llrst a n d o n ly lien o n all th e fra n ch is es , real estate an d all o th e r p r o p e r ty o f the c o m p a n y , lo ca te d a t D u lu th , M in n -, on w h ich there Is to be e re cte d a c o n c r e te and steel d o c k t o c o s t n ot less th an $ 1 ,1 0 0 ,0 0 0 . As a d d itio n a l s e c u r ity , there Is t o be d e p o s ite d w itn tn t trustee $ 43 7,00 0, p a r v a lu e , llrst m o rtg a g e 5 % gold n otes o f th e G anaina N o rth e rn Coal & O re D o ck C o ., L t d ., a C a n adian C o r p o r a tio n o w n in g coa l a n d ore d o ck s at P o rt A rth u r, O n t. . , , O n M ay 119 11 an d e v e r y six m on th s th ereafter $25 ,000 Is t o b e d ep os itcii fo r sin k in g fu n d purposes t o retire these b o n d s at n o t e x c e e d in g 102 aim Interest. T h e p ro m p t p a y m e n t ot the p rin cip a l an d Interest on tn c n n o v td e scrlb e d b o n d s is gu aran teed b y the P ittsb u rg h C oal C o . 10na (T h e c o m p a n y w as In corp ora ted In M in nesota In O c t o o e r iuuo W1UI $50 ,000 s to ck sin ce p r e s u m a b ly In creased.— E d .] Pressed Steel Car Co.— M e r g e r o f Controlled C o r p o r a t i o n . See Canadian Car & Foundry Co., L td ., above. Y . 89 , p . 667, 353.__________________________________ _________________________ . F or o th e r I n v e s tm e n t N o w s see page 12S 6. 1285 THE CHRONICLE Nov. 13 1909. im & T & o n x m m ls . AMERICAN COTTON OIL COMPANY. A N N U A L R E P O R T FO R T H E FISCAL Y E A R E N D E D A U G U ST 31 1909. Executive Offices, 27 Beaver Street, New York, November 8 1909. To the Stockholders of the American Cotton Oil Company. The Directors herewith submit their Report and State ments of Account for the fiscal year ended Aug. 31 IJOJ, being the Twentieth Annual Report of the Company. S H A R E C A P IT A L . The amount of the Capital Stock, issued and outstanding, is unchanged, viz.: Common Stock, $20,237,100) 1 referred Stock, $10,198,600. D E B E N T U R E BO NDS. The total amount of Gold Debenture Bonds authorized and outstanding is $5,000,000. These Bonds mature on Nov. 1 1915, and bear interest at the rate of 4 % % per an num, payable quarterly. ALL P R O P E R T IE S FREE FROM L IE N . G E N E R A L P R O F IT AN D LOSS ACCO U NT O F A L L T H E P R O P E R T I E S A U G U S T 31 1 9 0 9 . B a la n ce o f G eneral P ro fit a n d L o ss A c c o u n t , A u g u s t 31 1908 C r. as p er N in e te e n th A n n u al R e p o r t __________________________ $ 8 ,2 2 6 ,5 4 9 88 D iile re n ce b e tw e e n b o o k an d in su ran ce v a lu a tio n o f p r o p e r ty d e s tr o y e d b y fire _____________________________________________ 5 9 ,944 78 $ 8 ,1 6 6 ,6 0 5 10 P ro fits o f th e M a n u fa ctu rin g an d C o m m e rcia l business o f th is C o m p a n y an d o f th e C o r p o ra tio n s in w h ic h it Is In terested , fo r the y e a r e n d e d A u gu st 31 1909, a fte r ch argin g off a ll e xp en ses o f M a n u fa ctu rin g an d O p e ra tio n , R e p a ir s o f B u ild in g s an d A lach in ery, B ad an d D o u b t fu l D e b ts , E x p en ses o f A d m in is tra tio n , & c ________________________________$ 2 ,9 3 7 ,3 9 9 67 D ed u ct— In te re st on D e b e n tu re B o n d s _____ $22 5,00 0 00 S em i-A n n u a l D iv id e n d s on P re ferred S t o c k : P a id Ju n e 1 1909, 3 % . . .......... 305 ,9 5 8 00 P a y a b le D e c . 1 1909, 3 % ____ 3 05 ,958 00 D iv id e n d on C o m m o n S to c k , P a y a b le D e c. 1 1909, 5 % ------ 1 ,0 1 1 ,8 5 5 00 --------;------------- 1 ,8 4 8 ,7 7 1 00 B alan ce to C re d it________________________________________________ 1 ,0 8 8 ,6 2 8 67 B a lan ce o f G eneral P ro fit and L oss A c c o u n t A u g u st 31 1909, In vested as per S ta te m e n t o f C a p ita l, L ia b ilitie s a n d A s s e ts _ $ 9 .2 5 5 ,2 3 3 77 All the properties of the Organization are absolutely free from mortgage or other lien. P R O F IT AN D LO SS. T h e P rofits fo r th e y e a r a m o u n te d t o — .................... — ................ $2,9 3 7 ,3 9 9 67 D e d u c t D eb en tu re B o n d I n te r e s t---------------------------------------------2 2 5 ,000 00 N e t P r o fit s ______________________________________________________ $ 2 ,7 1 2 ,3 0 9 67 D ivid en d s on P referred S t o c k , 0 % p er a n n u m . $61 1,91 6 00 D iv id e n d o n C om m o n S t o c k , p a y a b le D e c . 1 1909 5 % ___________________1 ,011 ,85a 00 1UUU> 0 / 0 ............... ......................... —------ ------------ 1,623,771 00 B a lan ce carried to G eneral P ro fit a n d L o ss A c c o u n t ................. $ 1 ,088,628 67 P E R M A N E N T IN V E S T M E N T A C CO U N T. This account has been debited with the sum of $319,381 26, expended for additions to the properties, representing Real Estate, Cotton Ginneries, Seed Houses and Scales, Auto matic Sprinklers, additional Tank Cars and increased capa city of Mills, Refineries and Soap Plants. From this has been deducted the amounts collected from the Insurance Companies for property destroyed by fire, and from sales of old machinery, buildings, &c.; also difference between book and insurance valuation of properties; aggre gating $224,785 51, leaving the net increase to Permanent Investment Account $94,595 75. R E P A IR S A N D M A IN T E N A N C E O F P R O P E R T IE S . The properties have been maintained during the past year by the expenditure of $568,063 36, of which $566,463 36 has been charged to Operating Expenses for the same period, and $1,600 has been charged against the Reserve Fund for Re placements. W O R K IN G C A P IT A L . The Net Working Capital of the Company on Aug. 31 1909 was $7,565,374 81, of which $1,569,148 21 was Cash in Banks, and $5,996,226 60 was Bills and Accounts Receiva ble, Marketable Products, Raw Materials and Supplies, after deducting Current Liabilities. C A P IT A L , L IA B IL IT IE S A N D A S S E T S A U G U S T 31 1909. ' S o m m o n S t o c k ------------------------------------------------ $ 2 0 ,2 3 7 ,1 0 0 00 P referred S t o c k _______________________________ 10,1 9 8 ,6 0 0 00 T o t a l Share C a p ita l........................................... $3 0 ,4 3 5 ,7 0 0 00 D eb en tu re B o n d s ------------------------------------------5 ,0 0 0 ,0 0 0 00 ------ I------------------ $ 3 5 ,435 ,70 0 00 C u rrent L ia b ilities — B ills P a y a b le --------------------------------------------------N on e C om m ercia l a c c o u n ts a n d R e s e v r e s fo r C on tin g e n cie s ----------------------------------------------- $1,2 4 3 ,8 4 3 54 In teres t a ccru ed u p on D e b e n tu re B o n d s on e m o n th , t o A u gu st 3 1 --------------------------18,750 00 P referred S to c k .Sem i-A n nual D iv id e n d N o . 36, p a y a b le D ecem b e r 1 190 9-----------305 ,958 00 C om m on S to c k D iv id e n d , p a y a b le D e c . 1 1909 ............._ ........................................................ 1 ,0 1 1 ,8 5 5 00 -------------------------- 2 ,5 8 0 ,4 0 6 54 P R IC E , W A T E R H O U S E & CO. Chartered Accountants. 54 William Street. New York, Nov. 4 1909. To the Board of Directors of the American Cotton Oil Company: W e have audited the books and accounts of The American Cotton Oil Company (of New Jersey) and of the following Subsidiary Companies, for the year ending Aug. 31 1909: The N . K . Fairbank Company, The Union Oil Company (New Jersey), Mississippi Cotton Oil Company, Tennessee Cotton Oil Company, Robert B . Brown Oil Company, New Orleans Acid and Fertilizer Company, Union Oil Company (Rhode Island). W e have also audited the financial statements signed by of ficials of its remaining Subsidiary Companies, and we find the foregoing summaries of Capital, Liabilities and Assets and of General Profit and Loss Account are in accordance with such books and statements. During the year only actual additions and permanent im provements have been charged to Permanent Investment Ac count. All expenditures for repairs and maintenance, amounting to $568,063 36, have been charged to Expense Account or against funds created out of earnings, but no pro vision has been made for depreciation, the Executive Of ficers of the Company considering that the expenditures made during the year and in previous years render any such provision unnecessary. > The inventories of stocks on hand, as certified by the re sponsible officials, have been carefully and accurately valued at or below cost; full provision has been made for bad and doubtful Accounts and Notes Receivable; and we have veri fied the cash and securities by actual inspection or by certifi cates from the depositaries. W e Certify that in our opinion the foregoing statements show the true financial position of The American Cotton Oil Company (of New Jersey) and its Subsidiary Companies at Aug. 31 1909, and the results of the operations thereof for the fiscal year ending at that date. Chartered Accountants. P R IC E , W A T E R H O U S E . & COM PANY. The Board of Directors, at the regular monthly meetings in May and November, declared the usual semi-annual divi dends of 3 % upon the Preferred Stock, payable respectively on June 1 and Dec. 1 1909, being the thirty-fifth and thirtysixth consecutive dividends declared on that stock. At the regular monthly meeting held on N ov. 4 1909, the Directors also authorized the payment out of the net earnings of the fiscal year ended Aug. 31 1909 of a dividend of T o t a l ................................................................................................................. -$ 3 8 ,0 1 6 ,1 0 6 54 5 % upon the Common Stock, payable Dec. 1 1909, being the twelfth consecutive year of declaration of dividends upon A ssets— . R ea l E sta te, B u ild in gs, M a ch in e ry , & c ., this class of stock. ba sed on the v a lu a tio n A u gu st 31 1892, w ith s u b seq u en t a d d it io n s _________________________________ $ 13 ,530 ,68 9 15 The profits for the year covered by this report are the Cash In B a n k s ----------------------------------------------- $ 1 ,5 6 9 ,1 4 8 21 largest in the history of the Company. B ills an d A c c o u n ts R e c e iv a b le an d a d v a n ce s A large cotton crop, favored by fine harvesting weather, fo r M erch a n d ise____________________________ 4 ,0 6 5 ,0 6 0 97 M ark etable P r o d u c t s , R a w M aterials and yielded seed of such superior quality that an unusually large S u p p lies on h an d a v a ila b le in the business 4 ,5 1 1 ,5 7 2 17 supply of good oil was produced and refined with a minimum Q u ick A ssets________________________________________________ 10,145,781 35 percentage of loss. The expansion of the Company’s business in all depart $ 2 3 ,6 7 6 ,4 7 0 50 B a la n ce, rep resen tin g g o o d -w ill, c o n tr a c ts , leases, tr a d e ments and the development of new methods and processes m arks, p a ten ts , p rocesses, b ra n d s a n d k in d re d assets o f ___ ____ necessitate the increase of manufacturing capacity by the an establish ed b u sin ess_______________________________________ 1 4 ,3 3 9 ,6 3 6 04 enlargement of some of the existing plants and the construc T o t a l .............................................................................................................. $ 3 8 ,0 1 6 ,1 0 6 54 tion of new factories in the near future. 1286 THE CHRONICLE A considerable sum has already been authorized on this account, and the work is now in progress. The increased returns from the large business done during the past year have more than justified the wisdom of the amounts heretofore expended. The business of the several subsidiary companies, notably The N . K . Fairbank Company and the Union Oil Company, which deal largely in registered brands and trade-marked specialties, has shown a highly satisfactory increase during the year. The safety and stability of the earnings capacity of the Organization is strengthened by the ownership of so varied and comprehensive a range of products, which appeal to the public as household necessities rather than luxuries. In creased attention is being devoted to promoting the sales of the advertised specialties. These form a permanent asset, the value of which is increasing year by year. The per cent of loss from bad debts for the fiscal year is only one-sixth of one per cent. All of the Company’s properties, comprising buildings, machinery and stocks of all kinds, are protected by insurance; the policy being to insure fully, having due regard to valua tions for insurance purposes. All losses during the year have been promptly adjusted and collected. The finished products were carried over at the close of the fiscal year at less than present market values. The Board of Directors desires to express its appreciation to the Officers and other employees for their continued ef ficiency and devotion to the interests of the Company. For the Board of Directors, G E O R G E A . M O R R ISO N , C h a irm a n . [T ables o f C o m p a ra tiv e S ta tis tic s are g iv e n o n a p re c e d in g p a ge un d er " A n n u a l R e p o r t s .] Pullman Company, Chicago.— N e w T r e a s u r e r . — L . S. Tay lor has been elected Treasurer to succeed K . Demmlcr, who retires after 30 years’ continuous service.— V . 89, p. 1067. Realty Associates, Brooklyn, N . Y . — M o r t g a g e .— The shareholders will vote N ov. 22 on mortgaging certain real estate owned by the company.— V . 88, p. 1442. Sears, Roebuck & Co., Chicago.— $750,000 P r e f . S t o c k C a n c e l e d .— The company has bought and canceled an addi tional $750,000 pref. stock, making a total of $1,000,000 pref. stock bought in the open market and canceled, and re ducing the pref. outstanding to $9,000 ,00 0.— -V. 89, p. 999. Sen Sen Chiclet Co., New York .— S t a t u s .— This company, whose securities are now being dealt in, was incorporated in Maine on June 19 1909 as a consolidation of six chewinggum factories outside of the American Chicle Co. and William Wrigley Jr. & Co. (“ Spearmint” ). The authorized capital stock is $4,000,000 in shares of $100 each, all of one class and all outstanding. There is also an issue of $2,700,000 sinking fund 6 % gold bonds, all outstanding, dated June 14 1909 and due June 14 1929, but subtject to call at 107 denominations $500 and $1,000; interest payable J. & d ! at Guaranty Trust Co., the mortgage trustee, N . Y . City; sinking fund not less than $50,000 yearly, beginning May 1 1910. Flint & Co., New York, who brought out the Ameri can Chicle Co., financed the new company, and among the large subscribers, it is stated, were individuals interested in the American Chicle Co. T h e s u b s c r ip tio n fo r th e secu rities, w e are In fo rm e d , h ave all been p a id In fu ll. E a ch $ 10 0,00 0 su b scrib e d e n title d the su b scrib e r to $75 ,000 b o n d s a n d $ 75 ,000 s t o c k . N o d iv id e n d s h a v e as y e t b een p aid on th e s t o c k . T h e b on d s o u ts ta n d in g , o r so m e o f th e m , are d esign a ted "S e rie s A , ” th o u g h th e y are all sta ted t o b e lo n g t o o n e class. T h e m o rtg a ge c o v e rs all a c q u ired p r o p e r t y , In clu din g th e assets o r en tire share c a p ita l, as the case m a y b e , o f th e c om p a n ies m e rg e d , v iz .: T . B . D u n n C o ., o f R o c h e s te r , N . Y . (In clu din g th e S en S en p erfu m e In d u stry ): F ran k H . F leer & C o ., w ith a p la n t a t T o r o n t o , C a n ad a, a n d a n o th e r a t 24 th an d H a m ilto n streets, P h ila d elp h ia ; th e C u rtis & S on C o ., P o rtla n d , M e.: th e G ro v e C o ., o f S a le m , O ., a n d C. R . S om erv ille & C o ., L o n d o n , O n t. T h e o ffic e r s are P resident H e n ry R o w le y (w h o Is S e cre ta ry a n d T reasu rer o f th e A m e rica n C h icle C o .) , N ew Y o r k : V ic e -P r e s id e n t, A d a m P . L e ig h to n , M a y o r o f P o r tla n d , M e • S e cre ta r y , M ayer M . S w a a b J r ., 135 W illia m S t ., N . Y . C ity . Sloss-Sheffield Steel & Iron Co.— E x t r a D i v i d e n d o n C o m S t o c k .— The directors have declared a quarterly divi dend of 1 M % on the $10,000,000 common stock, and also an extra dividend of % of 1 % , both payable Nov. 30 to holders of record N ov. 19. m on T h e e x tr a th ere h a v in g 1 % Instead h old ers Win d iv id e n d eq u a lizes th e d iv id e n d ra te o n th e c o m m o n s t o c k , b e e n th ree-q u a rte rs d u rin g 1908 w h en the disbu rsem en ts w ere of I H % . W ith this e x tra d is trib u tio n , th e c o m m o n s t o c k h a v e r e c e iv e d a t th e ra te o f 5 % y e a r ly sin ce 190 5.— V . 89, Southern Iron & Steel Co., New York.— N e w B o n d s R e a d y 15.— The new bonds will be ready for distribution to depositing first mortgage bondholders, collateral trust note holders and creditors on N ov. 15 upon surrender of certifi cates of deposit (endorsed in blank and witnessed) to the respective depositaries issuing the same. . D e s c r i p t i v e C i r c u l a r . — E . Bunge, 20 Broad S t., N . Y . , has issued a circular based on official information describing the enterprise and estimating the net earnings at $1,200,000 against total interest charge of $349,210.— V . 89, p. 108, 533. Stanley Rule & Level Co., New Britain, Conn.— S t o c k D i v i d e n d .— The shareholders on N ov. 10 authorized the pro posed increase in the capital stock from $1,000,000 to $ 2 , 000,000, for the purpose of a stock dividend to distribute accumulated surplus. A press dispatch says: N ov. T h e s t o c k p a y s ann ual d iv id e n d s o f 1 2 % , an d It Is th e e x p e c ta tio n tha th e ra te ca n b e m a in ta in e d o n th e en larged ca p ita liz a tio n . C om pa r V . 8 9 , p . 1226. [VOL. L X X X IX . Stock Quotation Telegraph.— B o n d s C a l l e d .— All the out standing bonds dated Feb. 1 1888 have been drawn for re demption on Feb. 1 1910 at par and accrued interest at the office of the Central Trust Co., New York City. Compare V . 89, p. 925. Texas Company, H ouston. — S t o c k to R e p la c e B o n d s .— Treasurer R . E . Brooks is quoted as saying: W e issued last y e a r d e b e n tu re s fo r a b o u t $ 4 ,0 0 0 ,0 0 0 f o r im p ro v e m e n ts m a d e a t th a t tim e . T h is Issue ca rrie d w ith it th e o p tio n o f re c e iv in g s to c k o r th e m o n e y , if It w as s o d e sire d , w h en th e d e b e n tu re s b e ca m e p a y a b le T h e d em an d s fo r s t o c k w ere a n tic ip a te d b y th is re q u e st fo r an in cre a sed ca p ita liz a tio n a n d the $ 6 ,0 0 0 ,0 0 0 in crea se w ill b e issued o n these d e b e n tures as fa r as it w ill g o . C om p a re V . 8 8 , p . 825 , 831 , 1442; V . 8 9 , p . 114 4. Union (Knitting) Mills .— L e a s e , & c .— See New England Cotton Yarn Co. above.— V . 74, p. 1312. (Walter A .) W ood Mowing & Reaping Machine Co.— B o n d s C a l le d . — Twenty-six ($26,000) first mortgage 5 % gold bonds dated June 1 1905 have been called for redemption on Dec. 1 and will be paid at par at the office of the Security Trust Co. of Troy, trustee.— V . 87, p. 1425. — William J. Wilgus and Colin M. Ingersoll, both members of the American Society of Civil Engineers, have taken offices at 165 Broadway as Advisory'Engineers. They are in the field for the solution of railroad and municipal prob lems, investigations for banking interests, &c. Mr. Wilgus was formerly Chief Engineer, Vice-President and Chairman of the Electric Traction Commission of the New York Central & Hudson River R R . Co., having had 24 years of railroad experience, and having had charge of the planning and elec trification of the Grand Central Terminal; also the construc tion of the Detroit River Tunnel. He is the author of the scheme for the distribution of freight throughout New York City by the small car subways, which was recently brought to the attention of the Public Service Commission. Mr. Ingersoll has had 25 years of railroad experience; was for merly Chief Engineer of the New York New Haven & Hart ford R R .C o .,a n d is now Consulting Engineer on Transporta tion for the City of New York. He has been recently employed in regulating traffic on the New York bridges, the improved conditions there manifest being, it is understood, largely the result of his efforts. — The opening session of the Finance Forum at 318 W est 57th Street on Wednesday evening, N ov. 17, will be ad dressed by Horace White, William M. Kingsley and Channing Rudd. All persons interested are invited to attend. Sessions will be held every Wednesday evening. The list of lecturers includes many of the most prominent names in the financial world. Circulars may be had by addressing Mr. Channing Rudd, 318 West 57th Street. ,j • — Potter, Choate & Prentice, 55 W all Street, have just issued the fifth of a series of pamphlets which they are pre paring describing the important railroad systems of the United States. This pamphlet, which will prove interesting to the investor, contains a historical review of the Atchison System from its earliest date to the present time, a record of earnings for the pa t twelve years and a map of the system. Copies may be had gratis upon application. — Moffat & White of New York and Chicago, jointly with Lee, Higginson & Co. of Boston, New York and Chicago, are offering for sale $2,500,000 Kanawha & Michigan Rail way Co.’s second mortgage 5 % bonds, due 1927. An advertisement of this bond offering appears in to-day’s advertising columns, and the particulars of this issue, which are of interest to the investor, are given in the “ General Investment News” Department. — Anticipating the near approach of the taxpayers’ season, Jan. 10 1910, A . M. Kidder & Co., bankers, 18 W all S t., this city, advertise in to-day’s issue five high-grade guaranteed railroad company stocks which are exempt from tax. This old New York Stock Exchange firm specializes in this class of securities and will send any inquirer a special circular of twenty-seven selected tax-exempt stocks which they recommend for investment. ;— Short, Stanton & Co., investment bankers, Cincinnati and Chicago, have incorporated in the State of Ohio under the corporate name of the Short, Stanton, Worthington C o., with offices in the Fourth National Bank Building, Cincin nati, and the First National Bank Building, Chicago. — -“ The Blue Book of Columbus Securities,” a resume of financial information regarding securities local to the Colum bus market, has been issued by Caleb L . McKee & C o . , Wyandotte Bldg., Columbus, O. The firm are members of the N . Y . Stock Exchange, Columbus Stock Exchange, Cleveland Stock Exchange and Chicago Board of Trade. — Bayne & Ring are successors to James A . Benedict & Co., bankers, in New York, Chicago and Hartford. The change is more in the firm name than in any actual change of partnership. H . W . Ladewig is manager of the Chicago office at 228 La Salle Street. — A . R . Waller, Western manager for W . N . Coler & Co., bankers, has located their Chicago office in the old Conti nental National Bank Building, 218 La Salle Street. He is offering a choice list of municipal, railroad, traction and irrigation bonds. — W e understand that Weil, Roth & Co., the Cincinnati municipal bond house, is soon to open a branch office in Chicago. THE CHRONICLE Nov. 13 1909.'] 3£hc S P o m w c r c ia l ’g i m z s . .... C O M M E ^ l A L E P f T O M E . F r i d a y N i g h t , N o v . 12 1909. Despite unseasonably warm weather and higher rates for money, general trade gradually increases. One of the salient features is the noteworthy activity in iron and steel. Dry goods sales, moreover, have considerably increased. Though conservatism rules, the feeling pretty much everywhere is that the country is on the threshold of another prosperous epoch. L A R D on the spot has advanced, with trade dull. The strong hog situation has been the dominant factor. The movement continues light, with an upward trend of prices. The packing of hogs for the past week was only 450,000, against 020,000 in the same time last year. Prime Western lard 13.50c., Middle Western 13.40c. and city 13]^c. Re fined lard has been quiet and firm; Continent 13.00c., South America 14.25c., Brazil in kegs 15.25c. Speculation in lard futures has been active, with prices firm in the main, despite some irregularity at times due to realizing. The chief in fluence in the speculation has been the strong hog situation. Contributory factors have been a better shipping demand for product and the strength of the grain markets. D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN C H IC A G O . Sat. M on. T u cs. W ed. T h urs. F r i. 12.0715 12.72 yi 12.80 12.95 N o v e m b e r d e liv e r y _____ 12.75 12.72 H J a n u a ry d e liv e r y ________ 11.75 11.75 11.72 >5 11.75 11.85 11.90 M a y d e liv e r y ____________ 11.30 11.2715 11.2714 11.25 11.40 11.42>5 P O R K on the spot has been dull but strong, with offerings very small. Mess $25 7 5 @ $ 2 6 , clear $24 5 0 @ $ 2 6 50, family $26 50. Beef has been quiet and strong; mess $ 1 1 @ $ 1 1 75, packet $12 5 0 @ $ 1 3 , family $14 5 0 @ $ 1 5 , extra India mess $ 2 0 @ $ 2 1 . Cut meats have been firm, with a good trade; pickled hams, regular, 1 2 % @ l ‘2 % c .; pickled bellies 1 3 ^ @ 14)^c., pickled ribs 133^@ 14c. Tallow quiet and firmer; city 6 % c . Stearines quiet and easier; oleo 15 J ^ @ 16 c., lard 1 2 i^ @ 1 3 c . Butter easier; creamery extras 30c. Cheese, State, f. c., Sept., fancy, 16]^c.; O ct., best, 16c. Eggs dull; Western firsts 2 8 @ 3 0 c . Oil.— Linseed has been firm, with a moderate trade in small lots for immediate use. City, raw, American seed, G 3@ 64c.; boiled, 6 4 @ 6 5 c .; Calcutta, raw, 75c. Cottonseed has been firm with active buying at times for speculative account; winter 7 .2 5 @ 7 .4 9 c .; summer white G .90@ 7.49c. Coeoanut has been quiet and firm; Cochin 9j/]c.; Ceylon 8J^@ 8% c. Olive has been quiet and easier at 8 0 c .@ $ 1 25. Lard has been dull but firm with supplies small; prime $1 05 @ $ 1 08; No. 1 extra 59@G 2c. Cod has been steady with a routine trade; domestic 3 8 @ 4 0 c .; Newfoundland 4 0 @ 4 2 c . CO FFEE on the spot has been quiet and firm; Rio No. 7, 8 M @ 8 % c .; Santos N o. 4, 8 % @ 8 J ^ c . West India growths have been firm and more active; fair to good Cucuta 0 } 4 @ 9 % c . Speculation in future contracts has been less active, but prices have risen, owing to the fact that bullish crop re ports continue to be received from Brazil. These have caused further buying for account of local trade interests and also for Wall Street houses. Europe has sold here at times and there has been some selling by local roasters. Closing prices were as follows: N ov e m b e r. D e ce m b e r Ja n u a ry F e b ru a ry . -6 .4 0 c . -6 .4 0 c . -6 .4 5 c . -6 .5 0 c . M arch A p ril . M ay . Ju n e . - .6 . 5 5 c . - -6 .6 0 c . - -6 .6 5 c . - - 6 . 70c. J u ly - ....................... 6 .7 5 c . A u g u st .................. .6 .7 5 c . S e p t e m b e r _______ 6 .7 5 c . O c t o b e r __________ 6 .7 5 c . 1287 COTTON. F r i d a y N i g h t , N o v e m b e r 12 1909. T H E M O V E M E N T OF T H E 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 367,454 bales, against 401,448 bales last week and 420,071 bales the previous week, making the total receipts since Sept. 1 1909 3,595,783 bales, against 3,552,123 bales for the same period of 1908, showing an increase since Sept. 1 1909 of 43,660 bales. R eceip ts at— S a t. G a lv e s t o n _______ P o r t A r th u r ____ C orp .C h rlstl, & c. N ew O rle a n s ____ G u l f p o r t ________ M obile _________ P e n s a c o la _______ J a c k s o n v ille , & c. S a v an n ah _______ H r u n s w lc k _____ C h a r le s t o n _____ G e o r g e t o w n ____ W i lm i n g t o n ____ N o r f o l k _________ N ’ p o rt N ew s, & c. N ew Y o r k _______ B o s t o n _________ B a lt im o r e _______ P h ila d e lp h ia ____ 19,131 T o ta ls this w e e k . M on. — __ __ 1,870 __ __ 14,212 __ 1,986 __ 11,255 2,994 4,3 1 9 — T u es W ed . T hurs. 17,732 50,429 __ 12,446 8,141 19,161 10,788 8,125 154 3,0 1 0 18,995 8,521 2,438 1,044 129 7,358 7,545 __ __ 3,2 0 9 7,445 1,143 11,099 11,740 1,611 495 70 2,489 5,618 1,728 6,935 — 434 56,201 61,799 2,033 5,272 — 144 — 5 __ — — 651 1,038 5,026 — 109 — — 1,098 200 82,274 56,874 Total. ‘ io o 4,698 1 __ — F ri. 18,092 136,991 328 8,4 6 9 624 624 9,449 67,133 723 ' 877 1,206 12,777 57 7,502 2,497 1,225 9,164 61,118 12,750 12,750 7,554 1,713 70 1,293 11,575 3,713 30,883 943 943 — 4 4 ,227 ‘ 792 4,698 201 66,0 7 9 367 ,4 5 4 The following shows the week’s total receipts, the total since Sept. 1 1909, and the stocks to-night, compared wdth last year: R eceip ts o N ovem b er 12. 1909. T h is W eek . S in ce S ep 1 1909. 1908. T h is W eek . S in ce S ep 1 1908. G a lv e s t o n ________ 136,991 1,1 9 1 ,7 6 0 183,312 1,3 9 5 ,5 8 5 P o r t A r th u r . .. 8,4 6 9 39,0 1 7 4,342 11,246 C o rp u s C h rls tl.& c. 624 15,926 15,036 N ew O r l e a n s ____ 67,133 454 ,973 115,520 581 ,987 G u lfp o rt _ _____ 877 7,981 M o b ile ____________ 12,777 115,255 14,056 134,570 P e n s a c o la ________ 7,502 55,415 36,273 9,023 J a c k s o n v ille , & c . 2,497 13,644 1,236 11,688 .Savann ah ________ 61,118 907,462 6 3 ,315 733 ,225 B r u n s w ic k ___ __ 12,750 149,064 19,050 94,039 C h a r le s t o n ____ . 7,415 105,096 7,554 147,405 G e o rg e to w n ____ 164 70 524 W ilm in g to n ___ 11,575 215,311 18,370 205,276 N o r fo lk _________ 30,883 257,398 30,0 0 2 199,117 N ’ p o r t N ew s, & c943 3,0 5 2 128 2,120 N e w Y o r k ___ __ 1,347 15 69 B o s t o n _____ _____ 792 1,958 503 3,094 B a ltim o re ________ 4,698 17,739 6,041 22,644 201 P h ila d e lp h ia ____ 552 200 894 T o t a l . .................. 367 ,454 3,5 9 5 ,7 8 3 472 ,528 3,5 5 2 ,1 2 3 S tock. 1909. 1908. 263,288 271,661 170,631 723 41,058 229 ,937 232,142 17,567 43,563 152,038 18,881 32,5 6 9 10,248 39,696 13,522 37,743 115,911 1,992 9,286 4,481 80,553 8,638 14,890 8,1 5 4 950,586 926,153 57,567 In order that comparison may be made with other years, we give below the totals at leading ports for six seasons: R eceipts at— 1909. 1908. 1907. 1906. 1905. 1904. G a lv e s t o n ___ P t.A r th u r ,& c . N ew O rle a n s. M o b i le _______ S av an n ah ___ B r u n s w ic k ___ C h a rle s to n ,& c W i lm i n g t o n .. N o rfo lk . . . N ’ p o r t N ., & c A1 o t h e r s ____ 136.991 9,093 67,133 12,777 61,118 12,750 7,624 11,575 30,883 943 16,567 133,312 4,342 115 ,520 14,056 63,315 19,050 7,415 18,370 30,002 128 17,018 103,861 5,252 76,735 17,260 67,422 10,983 13,025 21,223 27,263 278 4,7 9 5 154 ,500 10,070 106,632 15,331 59,239 18,297 6,962 10,837 28,269 1,348 4,988 112,817 12,340 99,586 12,128 74,592 6,328 6,947 12,597 38,8 3 0 1,482 13,583 109 ,028 3,998 113 ,645 14,449 66,248 9 ,0 2 7 8 ,8 9 9 17,362 2 9 ,709 127 12,302 T o t a l this w k . 367 ,454 472 ,5 2 8 3 4 8 ,0 9 7 416 ,473 3 91 ,230 384 ,7 9 4 S U G A R .— Raw has been stronger with an increased de mand from refiners and some buying by foreign operators. S in ce S e p t. 1 . 3 ,5 9 5 ,7 8 3 3 ,5 5 2 ,1 2 3 2 ,6 1 5 ,5 2 0 3 ,4 6 3 ,7 3 6 3 ,3 2 8 ,5 4 8 3 ,8 4 0 ,3 6 9 Centrifugal, 96-degrees test, 4.45c.; muscovado, 89-dcgrees The exports for the week ending this evening reach a total test, 3.95c.; molasses, 89-degrces test, 3.70c. Refined has been stronger and more active; granulated 5 .0 5 @ 5 .15c. of 251,184 bales, of which 132,150 were to Great Britain, Spices have been firm and in good demand. Teas have been 31,360 to France and 87,674 to the rest of the Continent. quiet but firm with supplies light. Wool has been quiet and Below are the exports for the week and since Sept. 1 1908: firm. Hops dull and easy. W eek ending N ov. 12 1909. From Sept. 1 1909 to N ov. 12 1909. P E T R O L E U M .— Refined easier. Trade has been less Exported to— Exported to— Exports active, though still much in excess of this time last year. from — Great j Conti Great Conti Barrels 8.05c., bulk 4.55c. and cases 10.45c. Gasoline has Britain. F fn c e nent. Total. Prltain. France nent. Total. been in good demand and firm; 86-degrees in 100-gallon a e drums 1 8 % c .; drums $8 50 extra. Naphtha has been firm G o rl tv A sr tt o n ____ 28,56012.673 16,630 57,863 318,521 236,871 339,567 894,959 P h u r... 8,46t 8,46t 16.78C 21,237 39,017 1,000 and moderately active; 73@76-degrees in 100-gallon drums C o r p . C h r ls t l, & c 6,951 6,951 75,598 304,267 1 6 % c .; drums $8 50 extra. Spirits of turpentine dull and N e w O r l e a n s . . 33,936 9,836 29,70(1 73,472 157,425 71,244 5,591 50 5,644 M o b ile ... ............ 15,609 29.52S 11,198 56,336 weak at 5 7 J/j@ 58 i^c. Rosin quiet and steady; common to P e n s a c o l a ____ 7,502 ___ 10,399 7,502 20,216 20,374 56,983 426 426 G u l f p o r t ______ good strained $4 2 0 @ $ 4 25. 7,258 7,258 2*325 33,145 144,118 62’ 866 225,591 432,575 S a v a n n a h ____ 21,969 8^851 TOBACCO.— There has been an absence of striking de B r u n s w i c k ____ 3,416 9,702 13,118 51,963 5,496 61,100 118,619 ____ 11,820 58,912 70,732 velopments in the local market for domestic leaf during the C h a r l e s t o n ____ ____ 17,685 27,885 W i i g t o n ___ 96,138 15,700 111,103 202,941 week. Sales have been light, but there is still noticeable N ol mf onl k .............. 10,200 4,800 r 32 4,832 _ ____ ____ ____ a feeling of confidence in the future. Manufacturers of N e w p o r t N e w s . ew r k ____ 5,330 58,633 cigars continue to report a good business, and the belief is N o s t o Y o _______ 4,480 ____ 4,363 9,693 57,910 17,131 48,788 124,552 B n 4,480 6,239 64,149 9,441 held by many that sooner or later manufacturers must in B a l t i m o r e ____ 1,354 3,539 4,893 1,202 20,076 30,719 914 __ 15,116 1,700 2,614 7,492 22,608 crease their purchases of leaf. Havana and Sumatra have P h i la d e lp h ia - . ____ ___ P o r tla n d , M e . . been in good demand. Prices have been firm. 400 S a n F r a n c is c o . 400 6,800 6,800 — — 1,480 1,480 4,919 4,919 --COPPER has been firmer, with an increased demand, S e a t tle _______ 100 100 100 100 200 200 though apparently this has been in part for speculative ac P o r t l a n d , O r e . ____ ____ ____ ____ P e m b i n a _____ 550 550 count. Lake 1 3 @ 1 3 K c ., electrolytic 1 2 % @ 1 3 c . and cast D e t r o i t ................ — — — — ...... — ...... ing 1 2 % @ 1 2 % c . Lead has been quiet and steady at 4.40c. T o t a l .............. 132,150 31,360 87,674 251,184 965,742 461,413 1,022.9122.450,067 Spelter has been dull and easier at 6 % c . Iron has been firm, despite some falling off in trade of late; N o. 1 Northern $18 75 T o t a l 1908____ 103,865 20,444 166,669 290,978 810,474 351,025 1,211,538 2,373,037 1 1 1 @ $ 1 9 50 and No. 2 Southern $19 25. There has been a very heavy business in bar steel and some large transactions have In addition to above exports, our telegrams to-night also also been reported in steel rails, as well as in structural steel. give us the following amounts of cotton on shipboard, not Three railroad companies are said to have placed orders for cleared, at the ports named. W e add similar figures for rails aggregating 75,000 tons. New York. THE CHRONICLE 1388 On S h ipb oard , N ot C leared lo r — N o v . 12 at— Other G erm a n y . F oreign Grat B ritain . F r a n ce N ew O rlean s..G a lv e s t o n ____ .S a v a n n a h ____ C h arleston — M o b i l e ________ N o rfo lk - . — N ew Y o r k -----O th e r p o r t s ___ 2,711 45,1 4 9 4,8 2 5 32,6 8 2 5,254 535 1,500 1,500 10,000 6,103 M T o ta l 1 9 0 9 . T o ta l 1 9 0 8 . T o ta l 1 9 0 7 .- 61,3 9 5 99,342 81,259 49,564 40,202 49,1 2 7 _____ 700 — 10,937 29,785 16,893 2,000 3,4 5 0 2,671 23,219 773 500 12,000 75,565 86,091 75,097 __ Coastw ise. Total. L eaving Stock. 2,800 2,000 1,255 22,399 1,550 132,385 700 23,620 2,000 4,000 3,200 13,288 22,419 23,919 5,500 — 24,000 31,463 53,583 28,843 31,124 249,111 25,306 304,524 38,586 272,912 701 ,4 7 5 621,629 507,181 _____ _____ Speculation in cotton for future delivery has been less active, and, although prices have rallied sharply from the recent depression, the tone within a day or two has again become somewhat weaker. On the decline of over 100 points last week the market became oversold, as well as to a considerable extent liquidated, at least so far as the general public was concerned. Spot markets, too, seemed to oppose the downward trend of prices for futures. A good spot demand was reported in many parts of the South. The receipts at the ports have latterly decreased. Short selling, too, had apparently been overdone. Accord ingly, March, which had fallen to 14.10c., suddenly rallied to 15.10c. But this was also due largely to out and out manipulation by Southern and other bulls in Wall Street and Chicago, and also by reports of rising spot markets at the South. There was also some scattered buying through commission houses on the theory that a fall of 115 points in four days called for a rally. On the rise, however, it was found that there was a renewal of liquidation, apparently for leading bull interests both at the West and the South. This encouraged renewed short selling, which was also in spired by continued favorable weather at the South and a belief that the crop has been greatly under-estimated. The Census Bureau’s figures were larger than some had expected. Moreover, crop estimates of 11,500,000 to 12,000,000 bales are heard nowadays in quarters where very much lower figures were once named. It is true that the more radical bulls stick to guesses of 10,000,000 to 10,500,000 bales, but as time goes on such figures find less and less credence. That the crop is smaller than that of last year is quite generally believed. The contention, however, is that the decrease has been greatly over-stated for speculative pur poses or by bullish enthusiasts with whom the wish is father to the thought. Some Texas advices are to the effect that the top crop will be much larger than expected. New Orleans and Liverpool at times have been large sellers. The recent slaughter of the “ lambs” and within a few days the sharp and erratic fluctuations have combined to restrict speculation, and the conviction is growing that bullish speculation, having received a severe blow, the continued favorable weather with crop estimates gradually reaching higher figures is likely to cause prices to recede. To-day prices declined on weaker cables than expected, small spot sales in Liverpool, favorable weather at the South, easier spot markets in some sections, hammering, and liquidation. Spot cotton has been dull. Middling upland closed at 14.75c., an advance for the week of 5 noints. The rates on and off middling, as established Sept. 8 1909 by the Revision Committee, at which grades other than middling may be delivered on contract, are as follows: Fair . . . __________c . l 50 on Strict mid. fair____ 1.30 on Middling fair_______ 1.10 on Strict good m id____ 0.66 on Good middling____ 0.41 on Strict middling____ 0.22 on M id d lin g _______ c . Basis Strict low. m id____ 0.25 off Low m iddling_____ 0.75 off Strict good o rd ____ 1.20 off Good ordinary____ 2.00 off Strict g'd mid. tgd.O 35 onl Good mid. tinged.c. Kven Strict mid. tinged. .0 .1 5 off Middling tin g e d ...0 .2 5 off Strict low m id .ting.0.75 oft Low mid. tinged___1 .75 off Middling stained___1.00 on The official quotation for middling upland cotton in the New York market each day for the past week has been: N o v . 0 to N o v . 12— S at. M id d lin g u p la n d s _______________ 14.35 F U T U R E S .— The highest, lowest and closing prices at New York the past week have been as follows: I 148,232 130,903 208,522 39,563 27,770 15,777 110,411 20,297 __ M on. 14.20 T oes. 14.65 W ed. 15.10 T h u rs. 14.95 Fri. 14.75 [VOL. LXXXIX SI I §1 1901 _ c _____ 7.94 190 0__________9.56 1899__________ 7.62 1898__________ 5.31 189 7________ 5.88 1896........... 8.12 1895__________ 8.62 1 8 9 4 .............. 5.56 1 8 9 3 .c ______ 8.25 1892__________ 9.12 1891__________ 8.12 1890__________9.62 1889_________10.25 1888__________ 9.94 1887_________10.44 188 6__________9.19 188 5 .C ______ 9.31 1884_________10.06 188 3_________10.44 188 2_________10.38 1881_________ 11.75 1880_________ 10.94 1 8 7 9 _________11.88 18 7 8 ________ 9.31 M A R K E T AN D SALES AT N E W Y O R K . The total sales of cotton on the spot each day during the week at New York are indicated in the following statement. For the convenience of the reader we also add columns which show at a glance how the market for spot and futures closed on same days. F u tu res Spot M arket Closed. S a t u r d a y .. M o n d a y ___ T u esd ay . . W ednesday T h u r sd a y . F r id a y ____ T ota l Q u iet, Q u iet, Q u iet, Q u iet, Q u iet, Q u iet, 35 15 45 45 15 20 p ts . d e c p ts. d e c p ts. a d v pts. a d v p ts. d ec p ts. d e c .. C losed. _ .S t e a d y _______ . .S t e a d y _______ ..S t r o n g -------. . B arely ste a d y . _ B arely s te a d y . . S t e a d y _______ Sales o f Spot and Contract. C onC on S p ot. sum 'n. tract. Total. ____ ____ 700 700 48 ____ — ____ ____ — . .. . 48 1,000 1,000 48 .... 1,700 1,748 ®I SI @| @| © C M t > . 0 C CO | CO | @| @| @| @| @| @| @| @ 1 @ 1 @1 © C M © T p © C O © C O © © 0 0 O r - « T j < T — C O C M l O C M © i CO | "T | ^ | 2 | ©© o© no CM r H © © © © CO OO 00 © Tp* Tp CO CO CM CM t t Pp T T4 T T f J p f TT fP ;c§ @ oo rH I TP © ■ fpTp @1 ©© CO CO Tp "P Tf Tf Tp Tp @| @| @7 @ ©© © © ©© IT P T P t P tP TT Pp 3© 0 | 0| TP Tp 0| TpTp 0 I Tp Tp ■82 © I Tp rp | Tp CO Is* h cO @1 CO Tp M0 © TP TP CO CO M M O 0 @1 ©© N N TP Tp Tp TP © 00 C M© COCO CM © © © CM CM ©i ©© ©© ©I ©© ©© Tp Tp @| CM © coco TP Tp @| OO CO OO COCO HM OO ©© CM CM Tp Tp COCO @| @| t r» e r- M l> p 0 © © © © M O O © © 0 I oo CM M0 TP Tp Tp M 0 Tp TP TPTP TP TP Tf @ | rH CM rH © Tp Tp @ | CM th © TP TP @ | ©© CO NTP Tp © © CO CO CM CM ©© TP CO Tp Tp rH © TP Tp ^ 2 © TP CO CM 0 0 0 | M CM 0 00 © 0 I 0 I rH © CM H rH CM COCO TP TP © | @| @1 TP M0 CO © Tp TP @ | ©CM ©© Tp TP co © Tp CM© © I © CM 00 CO Tp Tp CC CC MM MM ©I M 0 Tp Tp 'Q • 0 I Tp TP © | © CM © e© C© Tf <C 3O t rp P ON rH © M Tp 0 ©0 O TP Tp £ g 0 I 0 I 0 I ©C r © ©© O H r H r H © © CO tP Ct TC MP p M O© © TP © Tp 0 I @ TT pP ©© L O t P* © I 12 12 co Tp Tp MO CM CM 0O| O 0| Tp LO ©© COCO CM CM CM OO M0 00 Tp Tp TP Tp @ | © © Tp 00 Tp TP © TP TP CO Tp Tp ©© CO CO TP TP tx © TP Tp COCO @ 1 0 | © l^ TP 0O TP Tp @ | CM © © rH CO t P Tp CM COCO Tp rp © CM Tp CO Tp Tp ©© ©© COCO @ | @ | © r, © © © © i^ © CM CM CM CM rH rH © © © © © rH CM CM CM CM 0 I o© 0 I CO t'r MO 00 COCO CO © Tp 00 TP Tp 0 I © CM Tp Tp TP TP O CM 0 I »0 © CM t> CM CM ©I O O OO rH T H E V IS IB L E SU P P L Y 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 conse quently 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. N ovem ber 12— S to c k a t L iv e r p o o l_________ bales. S to c k a t L o n d o n _____ S to c k a t M a n c h e s te r ____ 1909. 7 65 ,000 7,000 49,0 0 0 1908. 4 5 5 ,0 0 0 10,000 31,0 0 0 1907. 573,000 23,000 41,000 1906. 3 3 9 ,0 0 0 14,000 27,000 T o t a l G reat B ritain s t o c k ____ S to c k a t H a m b u r g _______ S to c k a t B r e m e n ____ S to c k a t H a v r e _________ S to c k a t M arseilles____ S to c k a t B a r c e l o n a ___ S to c k a t G e n o a . ___________ S to c k a t T r i e s t e ____________ 812 ,000 6 ,0 0 0 197,000 316 ,000 2,000 8,000 35,000 1,000 496 ,000 18,000 165,000 114,000 4,000 12,000 16,000 6,000 637,000 16,000 108,000 91,000 3,000 10,000 18,000 28,000 380 ,000 12,000 89,000 61,000 4,000 5,000 53,000 1,000 565,000 335 ,000 2 74 ,000 225,000 T o t a l C on tin en tal s t o c k s _______ T o t a l E u rop ean s t o c k s _________ 1 In d ia c o t to n allo a t fo r E u ro p e ___ A m er. c o t to n atloat fo r E u r o p e .. E g y p t, B r a z il,& c.,a llt.fu r E u ro p e . S to c k In A lexan d ria, E g y p t _____ ___ S to c k In B o m b a y , In d ia ___ S to c k In U . S. p orts ____________ S to ck In U . S. Interior t o w n s ____ U . S. e x p o r ts t o -d a y _____________ 851 ,000 ,377,000 4 3 ,000 40 ,000 83 1 ,3 0 1,015,970 57,000 78,0 0 0 166,000 159,000 1 12,000 124,000 926,153 950,586 742,71 l 631 ,918 28.0 9 6 01,815 911 ,000 605,000 43,000 78,000 786 ,310 955,948 74,000 58,000 150,000 165,000 297 ,000 325 ,000 780,093 1.045,686 446,710 526,022 77,0 10 69,230 T o t a l visible s u p p ly ____________ 4 ,253,679 3 ,9 2 1 ,9 3 0 3 ,5 6 5 ,1 5 3 3 .8 2 7 ,8 8 6 O f the a b o v e , to ta ls o f A m erican an d o th e r d e s crip tio n s arc as follow s: A m erica n — 348 ,000 674 ,000 24,000 42,000 285 ,000 540 .000 83 1 .360 1,015,970 926 ,153 . 9 50 ,586 742,711 . 631918 28,096 . 61,815 E ast In d ia n , B razil, & c .— London stock___ Manchester stock. Continental stock. . . . 471 ,000 32,000 192,000 786,310 780,093 4 46 ,710 77,040 262,000 22,000 186,000 3,7 3 1 .6 7 9 :3,369,930 2 ,735,153 N E W Y O R K Q U O TATIO N S FO R 32 Y E A R S . The quotations on middling upland at New York on N ov. 12 for each of the past 32 years have been as follows: 1 9 0 9 .o ............14.75 1 9 0 8 __________ 9.35 1 9 0 7 _________1 0.80 1 9 0 6 _________10.30 1 9 0 5 _________11.05 1 90 4_________10.25 1 9 0 3 _________11.20 1 9 0 2 __________ 8.30 II .066,886 82,000 7,000 7,000 25,000 40,000 78,000 159,000 124,000 107,000 10,000 7,000 50,000 43,000 57,000 166,000 112,000 102,000 23,000 9,000 82,000 43,000 74,000 150,000 297,000 526,022 69,230 77.000 14.000 5,000 39.000 78.000 58.000 165.000 325.000 522 ,000 552,000 780,000 3 ,7 3 1 ,6 7 9 :1,369,930 2,7 8 5 ,1 5 3 4 ,2 5 3 ,6 7 9 !1,921,930 3 ,5 6 5 ,1 5 3 . 7.72(1. 5.87(1. 5.05(1. . 14.75c 1 0.70c. 9 .2 5 c . lO H il. 1 2 'Ad. 8 H d. 12.00(1. 9.25il. 8.00(1. U iu v ia u i ivuugu u u u u i Ljivcipuui1 r o a c h . F in e , L i v e r p o o l - ................ 7 3-16(1. 4 13-16(1. 5 11-16(1. 534d. 6 V,d. 4 11-16(1. In n e ve lly. G o o d . L iv e r p o o l____ 5 .8 5 d . 8.70(1. Continental imports for the past week have been 212,000 ales. The above figures for 1909 show an increase over last week f 252,911 bales, a gain of 331,749 bales oyer 1908, an ncrease of 68S,5‘ G bales over 1907, and a gain of 425,793 2 ales over 1906. THE CHRONICLE Nov. 13 1909 | A T T H E IN T E R IO R T O W N S the movement— that is, the receipts for the week and since Sept. 1, the shipments for the week and the stocks to-night, and the same items for the corresponding period for the previous year— is set out in detail below. • * * S — • En 7 .< t * 5 <j m 2 « rr s o i l 's a cr %a 3 C 3 -* S p 1 2. w M on d a y. T uesday. W cd'd ay. Thursd'y. F r id a y . 14 H 14 H 14 ; I 14 */ i 14 13 y, 14 % 14 H 13 H 13 54 14 'A 14 5-16 13 74 14 13 H 13 74 14.35 14 % 14.45 14 14 54 14 H 13 5i 14 14 14.20 14 54 14.90 14 a 14 74 14 54 14 >4 14 S o£ £■ * © t \ 5 W 4 4CO0Q,S.>-4 © - tO > CO © "G OC • (\3 C l C* © —4 —4 © o ro o m n o o o o w © w oo to cow © © <o M oo © cow to © C c« © © © ©oo u NlOi-slCiCoOCOMOO^O^OOWCHO^WMWOMOMOC'OOi ■ “ CliHOMCOO^-dOtOwT^^OOtOO^OCi ‘ C'OOOOO^Oi^J C O , w . to C C i *© o o— to *-4i*CO>k.oeci'-*coco.csM>-4 C I OCO O CO O O CO C**sl*'1060**400“JCOOO«.lOOtPttfcC>tOCO>——C ‘i 4> kOC-TCOO'—>-*OC0 ‘ co I coooco b* * co© £ » c i w c o o o m o o V j o © © © co £* © w to^-* m o o o o c i © © © © OOOOCOtO^IOtOCOOOsCOCntt-COtOtO-^COC’ O O tO ^ i-'^ tO tO ^ lO C O C O M O tU CO oo oo CO t-4 C o n - 4 Cl CI 00 to »-* © *G M © © C V- O ^ O O l U J O C H O h C -G © O O -4 O C O C O to ■tOOil^COi-^COtO^CO oo t-4m © m too>o co h ■'lb co o too«Vio com m o c -4 o * -to o V o b o COOCOCOCOC«MCOOCOOtPOOCOOOOOtUtUtoCOH-»H OONCOtOCOCi^OOMOWHiUiUMOCOOiU^ tO M CO t -4 h-4© cn © to >-*t^.tO co c;i 00 t -4 05 CO h M t'0^© © M © © M ^^OOMCOOOt-^COOOtUOtO C ! M to o © O © o M© h C C O C O C G MO C tU00 C M ,UC C © C C © M 0 O * 5 O O OO O O OO 5 O 0 * I CO«5COCOCOOOCOOOMCntOOOO^WOOOC5COO^t^C5MOCOOC«OMOM -* oo I OOCOMifci'slWOOOCiMMCiOOOMOOOtOOOWOO'vlOi^O'lOWOM © © t-* os k 4 - v-44* i~ m » c» c« to tfc . o 05 to 05 > is s w w o o o o m ^ m ^ w © C oo »t*to c to co to to a- -si m ©*4 T bo o to © © »u© to co © o o o © to co to m 5 -4 -k O to 05 © O C • ►C £ C © M M 00tUO M 05 ^ O © © 00 «sj © O O ►M C © © O -* “* 5 * O — O coco>-4Oococi^-ootocoootoc;iO'-4‘-4O C 't o c o o c :a -0 4 « o o :c o t o ^ c o o -4c ^H400Wai0MC0'-4C0OiI405^O O O W M 1 UMt-40,3OC>»100-.lOOOM00 C o to nC ^.tucototo i-4to to ^ > t . u t* ^ CC 3 o t-4 co tc. f* CO .u CO -4 CO to tU _ __ to > © h4o 'm oobk©"4 cob c .o____ _____ b b b o__ o o b_b b u_ -4 b b t o __ _____ o GO tU CO M 00 00 t o cn 00 CO M CO © M to M © CT > tU — © M © © tO © - I CO © C< © M C O © C ’i C O 'v l C « © ‘- 40 « 0 « © M O O C O © © © lU © © t O © 0 0 © © O O t O © C : « co to 00 C I 4c« co >4C © -v O— —O l bj , *o bo C oobo G to c «to oo © o« be b b Vj b © co co oxbj b oo to b b "tob b b b o r 5 c > 1 0 0 © J - .t O ^ I O O © » -kM O lH -4© C « © t O t O © H - 4t 0 4 4© C « O O W © k © O O t O t O O O © © — U *+ I COMCOtOi{^©©M©©M>-‘ ©©OOCO©C«tO©©©C»©©^©lOtO©©©© w= 2 O V E R L A N D M O VEM EN T FO R T H E W E E K AND SINCE SE P T . 1.— W e 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: W eek. .2 0 ,5 4 3 -1 3 ,0 0 8 703 . 4,702 - 6,793 -1 0,784 T o ta l gross o v e r la n d ___________ -0 5 ,5 9 7 D ed uct shipm ents— O verlan d to N . V ., B o s to n , <Scc. . 5,691 Betw een Interior t o w n s -------------- - 1,137 In la n d , & c., fro m S o u t h -----------1,092 S in ce S ep t. 1. 92,042 47,741 1,982 22,633 11.142 24.143 34,1 5 7 W eek . 53,135 16,695 150 4,406 2,027 8,304 11,682 S in ce Sept. 1. 134,120 98,850 1,375 22,815 11,673 31,065 4 5 ,358 233,840 78,489 345 ,256 21,596 3,683 11,589 6,759 2,804 1,23 t 26,701 13,278 10,062 T o ta l to be d e d u c t e d -------------- - 7,920 36,868 10,884 50,041 L e a v in g to ta l net overla n d * _______ .5 7 ,0 7 7 196,072 67,605 295 ,215 * In clu d in g m o v e m e n t b y rail to C anada. The foregoing shows the week’s net overland movement has been 57,677 bales, against 67,005 bales for the week last year, and that for the season to date the aggregate net over land exhibits a decrease from a year ago of 98,243 bales. In Sight anil S p in n ers' T a kin gs. R e ce ip ts a t p orts t o N o v . 12 N et overla n d to N o v . 12 Sou th ern c o n s u m p tio n t o N o v . 12 ■ ----------- 1009-----------S in ce W eek . S ep t. 1. 307 ,154 3,5 0 5 ,7 8 3 57,677 190,072 52,000 546,000 — 1008----------S in ce IVeeA:. S ep t. 1. 472 ,528 3,5 5 2 ,1 2 3 07,005 205 ,215 47,0 0 0 4 40 ,000 T o ta l m a r k e te d _______________ 417,131 4 ,3 3 8 ,7 5 5 In terior stock s In e x c e s s ____________ 66,234 548,755 587,133 4,2 9 0 ,3 3 8 01,064 627,516 C am e Into sight d u rin g w e e k - . 543,365 .......... T o ta l in sigh t N o v . 12 ...................... ............ 4 ,8 8 7 ,5 1 0 648,797 _ ....... 4 ,923,854 N o rth , sp in n ers’ takings t o N o v . 1 2 .1 1 9 ,8 1 7 580 ,262 129,983 729,140 Movement into sight in previous years: H ales. 430,302 571,092 505 ,700 560,074 S in ce S ep t. 1— H ales. 1007— N o v . 1 5 . . ........... 3 ,6 3 7 ,8 0 5 1006— N o v . 16--------------------- 4,6 2 2 ,8 0 2 1905— N o v . 17......................... 4 ,4 0 4 ,3 7 6 1904— N o v . 1 8 ..........................5 ,1 4 5 ,1 2 8 Q U O TATIO N S FO R M ID D LIN G COTTON AT O T H E R M A R K E T S .— Below hre the closing quotations of middling cotton at Southern and otlierflprincipal cotton markets for each day of the week. Tuesday, W ed ’day, Thursd’ y, F r id a y , N o v . 9. N o v . 10. N o v . 11. N o v. 12. — @ — — @ — — @ — — @ — — © — 13.66 — 14.1 5 -.1 6 14.35 — 1 4 .3 0 -.3 5 14.15 — 13.71- .95 1 3 .9 6 -.4 0 1 4.49-.7 8 14.4 7 -.6 6 1 4 .3 6 -.4 7 1 3.87-.8 9 1 4.36-.3 7 1 4 .5 6 .5 8 14 .5 3 -.5 4 1 4 .3 8 -.4 0 13.87-.1 2 14.10- .59 14.68-.91 1 4 .6 4 -.8 6 1 4 .4 8 -.6 5 14.05-.0 6 1 4.53-.5 4 14.72-.7 3 1 4 .6 8 -.6 9 1 4 .5 6 -.5 7 — @ — — @ — — @ — — @ -— — @ — 14.1 5 -.1 7 1 4.64-.6 5 1 4 .8 3 -.8 5 14 .8 0 -.8 2 1 4 .6 7 -.6 9 1 4.14-.3 9 14.37-.8 4 14.95-.1 8 1 4.90-.1 4 1 4 .7 5 -.9 2 14.31-.3 2 14.80-.81 1 4.98-.9 9 1 4 .9 4 -.9 5 1 4 .8 3 -.8 4 — @ — — @ — — @ — — @ — — @ — 1 4.34-.3 6 1 4.82-.8 4 15.01-.0 3 14.97-.9 9 1 4.86-.8 8 1 4.25-.4 9 1 4 .5 0 -.9 5 15.07-.3 0 15.0 3 -.2 0 14.8 8 -.0 4 1 4.41-.4 2 1 4.91-.9 2 1 5 .1 0 - .i l 15.08-.0 9 1 4 .9 7 -. 98 — @ — — @ — — @ — — @ — — @ — 1 4.43-.4 5 14.9 2 -.9 5 15.1 4 -.1 6 1 5 .lo -.1 7 1 5 .0 1 -.0 3 14.37-. 52 14 .6 0 -.0 5 15.17- .40 1 5.13-.2 9 1 5 .0 2 -.1 3 14.51-.5 3 15.0 1 -.0 2 15.20-.2 2 1 5.18-. 19 1 5 .0 7 -.0 8 — @ — 12.79 — 13.20 — 1 3 .1 0 .1 5 12.62 — 13.10 * 13.32 — 13.20 — 13.14 — E a sy. S te a d y . S te a d y . S te a d y . F irm . B ’ ly s t ’ y . S te a d y . S te a d y . Q u ie t. S te a d y . * N om in a l. The above totals show that the interior stocks have i n during the week 00,234 bales and are to-night 110,793 bales less than at the same time last year. The receipts at all the towns have been 91,154 bales less than the same week last year. 15 10 17 1 8 ............... 14 54 14.95 14 54 15.00 14 54 15 15 14 3-10 14 74 fv p ? crea sed N ovem b er 12— S h ipp ed — , V ia S t. L o u is _____________________ V ia C a ir o ________ _ _ V ia R o c k Isla n d . ____ V ia L ou isville . ___ V ia C in c in n a t i.. . _ V ia V irgin ia poin ts . V ia o th e r rou tes, & c _________ N ovem ber— R a n g e _____ — @ — C lo sin g _______ 13.84 — D ecem ber— R a n g e _______ 14 .0 1 -.3 5 C lo s in g -. _ 14.04 — J a n u a ry — R a n g e _______ 1 4.16-. 59 C lo sin g _______ 14.21-.2 2 F eb ru a ry— R a n g e _______ — @ — C lo s in g .......... 14.31-..33 M a rch — R a n g e _______ 14.41-.81 C lo sin g _______ 14.46-.47 A p r il— R a n ge _______ — @ — C lo sin g _______ 14.49-.51 M ay— R a n g e ____ _ 14.52-.9 1 C lo sin g _______ 14.56-.5 7 J u n e— R a n g e _______ — @ — C l o s i n g - ......... 1 4.58-.6 0 J u ly — R a n ge _______ 14 .6 0 -.9 7 C losing ___ 1 4 .6 5 .6 7 S eptem ber— R a n g e ----------C lo sin g — — T on e— S p o t --------------E a sy. O p t i o n s _____ S te a d y . -- -- -- M M to C l CO M to t o M M O O O 05 05i - 4«s| 00 t -41 4O *-* Oo CO tU •-4O »-4 C» O © O M * © 0 0 00 O 5 t o r O t U C 0 M C 0 C 0 G 0 O i> U C « M 0 iC ;« if c » t U ,U t C * C 0 © ,U © © i-40 iC 0 C « M C 0 W eek— 1907— N o v . 1906— N o v . 1905— N o v . 1904— N o v . 14 3-16 14 54 1474 14 3-16 14 74 N E W O R L E A N S O PTIO N M A R K E T .— The highest, lowest and closing quotations for leading options in the New Orleans cotton market for the past week have been as follows: p i i l—4 t\3 > O —4 14 5-16 1474 14 74 14 7-16 14 54 1454 1474 15.10 14 54 15.20 * 15 15 14 5-10 14 74 £ 3 S a t’d a y , M o n d a y , N o v . 6. N o v . 8. t\3 t\5 14 5-16 1474 14 14 54 14 74 14 74 14 74 14.65 14 54 15.35 14 54 15 14 74 14 5-16 14 * 14 9 1 6 @ g ‘ fS.S’g ■saw 0 2 . p 3 ! i £*! ' H Galveston____ New Orleans__ M obile________ Savannah ____ Charleston____ Wilmington___ N orfolk_______ C losin g Q uotations fo r M id d lin g Colton on — S a t’dau. 14 B p s t o n ________ 14.70 B altim ore____ 145* P h ila d e lp h ia ___ 14.60 Augusta_______ 1 4 « Memphis______ 14 % St. Louis______ 14 % H ou ston ______ 14 Little R ock___ 14 N 8 f g'&'&S a i?£o S-S'&S a 3 < $ S § 5 g 5 1 W eek ending N ovem b er 12. 1289 W E A T H E R R EP O R TS B Y T E L E G R A P H .— Reports to us this evening by telegraph from the South denote that the weather has continued favorable during the week, and the picking of the crop has made very good progress where not already completed. G a l v e s t o n , T e x a s .— Rain on one day of the week, with rain fall of sixty-six hundredths of an inch. Average thermom eter 70, highest 78 and lowest 62. A b i l e n e , T e x a s .— W e have had rain on one day of the past week, the rainfall being forty-two hundredths of an inch. The thermometer has averaged 64, the highest being 84 and the lowest 46. C o r p u s C h r i s t i , T e x a s .— There has-been rain on one day of the past week, the rainfall reaching two hundredths of an inch. The thermometer has averaged 73, ranging from 66 to 80. F o r t W o r t h , T e x a s .— W e have had rain on two days during the week, the rainfall reaching ninety-seven hundredths of an inch. The thermometer has ranged from 46 to 82, averaging 64. P a l e s t i n e , T e x a s .— W e have had rain on one day of the past week, the rainfall being two hundredths of an inch. Average thermometer 67, highest 80 and lowest 54. S a n A n t o n i o , T e x a s .— It has rained on two days of the week, the precipitation reaching forty hundredths of an inch. The thermometer has averaged 72, the highest being 86 and the lowest 58. T a y l o r , T e x a s .— It has rained on two days during the week, to the extent of two hundredths of an inch. The thermom eter has averaged 68, ranging from 52 to 84. N e w O r l e a n s , L o u i s i a n a .— W e have had rain on three days during the week, the precipitation reaching one inch and one hundredth. The thermometer averaged 72. V i c k s b u r g , M i s s i s s i p p i .— There has been only a trace of rain during the week. The thermometer has averaged 69, the highest being 81 and the lowest 58. H e l e n a , A r k a n s a s .— Warm weather is favorable to cotton. W e have had rain on one day during the week to the extent of sixty-nine hundredths of an inch. The thermometer has averaged, 68.2, ranging from 56 to 80. M e m p h i s , T e n n e s s e e .— Picking and marketing continue to make good progress. W e have had rain on two days during the week, the rainfall being one inch and twenty-six hun dredths. Average thermometer 67.5, highest 79, lowest 57.8. M o b i l e , A l a b a m a .— Fine weather in the interior. Cotton picking is practically completed. Rain has fallen on two days during the week, to the extent of thirteen hundredths of an inch. Average thermometer 69, highest 81, lowest 56. M o n t g o m e r y , A l a b a m a .— It has been dry all the week. Average thermometer 68, highest 84, lowest 51. S e l m a , A l a b a m a .— W e have had rain on one day during the week, the rainfall being ten hundredths of an inch. Average thermometer 65, highest 79, low’est 49. 1290 THE CHRONICLE G e o r g i a .— There has been no rain during the Average thermometer 60, highest 78, lowest 51. M a d i s o n , F l o r i d a .— Dry all the week. Average ther mometer 71, highest 85, lowest 59. C h a r le s t o n , S o u t h C a r o l i n a .— W e have had rain on two days during the week, the rainfall being one inch and sixtyfive hundredths. Average thermometer 66, highest 77, lowest 55. C h a r lo tte , N o r t h C a r o l i n a .— The decline in the market has checked receipts. W e have had no rain during the week. Average thermometer 59, highest 74, lowest 46. [VOL. LXXXIX Savannah, week. W O R L D ’S S U P P L Y AN D T A K IN G S OF C O TTO N . Cotton Takings. Week and Season. 1909. W eek . 190 8. W eek . S ea so n . V isible s u p p ly N o v . 5 ________ __ 4 ,010,768 1,931,022 4 ,8 8 7 ,5 1 0 181,000 52.000 260 ,000 45.0 0 0 648,797 12,000 9.000 50,000 8.000 1,714,982 4,9 2 3 ,8 5 4 73.000 69.000 208,000 63.000 4,6 9 1 ,1 3 3 7 ,3 5 6 ,5 3 2 4 ,3 7 9 ,6 1 3 7 ,051,836 4,2 5 3 ,6 7 9 4 ,2 5 3 ,6 7 9 3 ,9 2 1 ,9 3 0 3,9 2 1 ,9 3 0 4 57 .683 405 .683 52,000 3 .129.906 2 .530.906 599,000 A m erica n in sigh t to N o v . 12___ B o m b a y receip ts to N o v . 1 1 ___ O th er In d ia s h ip ’ ts t o N o v . 1 1 . . A lex a n d ria receipts t o N o v . 1 0 . O th er s u p p ly t o N o v . 10 * _____ T o t a l s u p p l y ____________ D ed uct— V isib le s u p p ly N o v . 1 2 . . S ea so n . 3 ,6 5 1 ,8 1 6 . 543,365 68,000 4.000 60,000 5.000 T o t a l takin gs to N o v . 12 O f w h ich A m e r ic a n _____ O f w h ich o t h e r . ______ 3 .1 0 2 .8 5 3 2 .6 0 9 .8 5 3 4 9 3 ,0 0 0 437 .454 376.454 61,000 * E m b ra ces r e c e ip ts In E u ro p e fro m B ra zil, S m y r n a , W e s t In d ie s, & c. IN D IA COTTON M O V E M E N T FRO M A L L PO RTS. November 11. 1908. 1907. i Since Week. | Sept. 1. 1 Since Week, j Sept. l. 12,000, 19,000| 117,000 1909. Receipts at— Week. B om ba y___________________ Since Sept. 1. 68,000 181,000 For the Week. Exports from — Since September 1. Great Conti Japan Britain. nent. dChlna Total. Bom bay— 1000......... 1008_____ 1007_____ Calcutta— 1000 ____ 190S......... 1007_____ Madras— 1909.......... 1908......... 1007 . . All others— 1909 1908......... 1907_____ 2,000 2,000 73,000 Great Britain. Conti nent. Japan & China. 1,000 2,000 1,000 5,000 4,000 ,1000 3,000 35,000 65,000 87,000 3,000 2,000 1,000 3,000 1,000 2,000 1,000 5,000 6,000 7,000 1,000 2,000 4,000 2,000 1,000 5,000 4,000 7,000 13,000 5,000 2! oo6 4,000 11,000 5,000 10,000 1,000 1,000 1,000 3,000 2,000 — 4,000 2,000 1,000 1,000 2,00(J 4,000 3,000 4.00C 6,000 4,000 1,000 Total all— 1900_____ 1908_____ 1907_____ 1,000 1,666 2,000 2,000 1,000 7,000 2,000 9,000 13,000 8,000 A L E X A N D R IA REC EIPTS Total. 23,000 36,000 33,000 61,000 101 Onn 120|o66 4,000 i 2ioo6 8,000 1,000 2,000 7,000 10,000 18,000 34,000 41,000 26,000 4,000 4,000 471666 34.000 78,000 119,000 133,000 21,000 46,000 37,000 113,000 170,000 180,000 AND SH IP M E N T S. A le x a n d r ia , E g y p t, N ovem b er 10. 1909. 1908. 380 ,000 1.948,801 370 ,0 0 0 1 ,5 6 0 ,1 0 9 300,000 2,414,726 E U R O P E A N COTTON CONSUM PTIO N TO N O V . 1 .— By cable to-day we have Mr. Ellison’s cotton figures brought down to N ov. 1. W e also give revised totals for last year that comparison may be made. The spinners’ takings in a ctu a l bales and pounds have been as follows: October 1 to N ovem ber 1. G . B rita in . Total. Continent. F or 1909. 681 ,000 T a k in g s b y sp in n e rs____________ b a le s . 3 8 5 ,0 0 0 296 ,000 48 5 .5 A v e ra g e w e ig h t o f b a le s___________lb s . 485 486 T a k in g s In p o u n d s _________________ . 143 ,856 ,00 0 186 ,825 ,00 0 33 0 ,6 8 1 ,0 0 0 F o r 1908. T a k in g s b y s p in n e rs_________ .b a l e s . A v era ge w eigh t o f b a le s ............._ _ lb s . T a k in g s In p o u n d s _____________________ 567,000 388 ,000 179,000 483.2 486 482 8 6 ,9 9 4 ,0 0 0 187 ,016 ,00 0 2 7 4 ,010 ,00 0 According to the above, the average weight of the de liveries in Great Britain is 486 pounds per bale this season, against 486 pounds during the same time last season. The Continental deliveries average 485 pounds, against 482 pounds last year, and for the whole of Europe the deliveries average 485.5 pounds per bale, against 483.2 pounds last season. Our dispatch also gives the full movement for this year and last year in bales of 500 pounds. 1907. R eceipts (ca n ta r s )— T h is w eek . ___________ S in ce S e p t. 1 ___________ G A L V E S T O N — T o L iv e r p o o l— N o v . 5— V ic t o r ia n , 2 1 ,4 8 4 _________ 21,484 7,076 T o M anchester— N o v . 8 — R a m o n de L a rrln a g a , 7,076 ________ T o H a v re — N o v . 6— M o n o m o y , 1 2 ,6 7 3 ________ . ___________ 12,673 T o B rem en — N o v . 10— C a y o L a rg o , 9,046 _ .. 9,046 T o B a rce lo n a — N o v . 6— A tla n ta , 7 , 5 8 4 . . _ . 7,584 P O R T A R T H U R — T o L iv e r p o o l— N o v . 10— D ow la ls, 8,4 6 9 . 8,469 N E W O R L E A N S — T o L iv e r p o o l— N o v . 8— B a rb a d ia n , 5 ,3 8 6 . . N o v . 9— C o u n cillo r, 10,990 — N o v 12— A slan, 7 ,500; T r a v . 2 8 ,8 7 6 eller, 5 ,0 0 0 _______________________________________ T o G lasgow — N o v . 6— N e w la n d , 559 ______________ 559 T o B elfast— N o v . 6— T o r r H e a d , 1 ,2 0 1 ___ N o v . 16— R a m o r e H ea d , 3 , 3 0 0 . _____ ________________ ___________ __________________ 4,501 T o H a v re — N o v . 6— V irglnle, 8 ,5 1 0 ______________________ ______ 8,5 1 0 T o D u n k irk — N o v . 6— N e w la n d , 1 ,3 2 6 ________________ I "" 1,326 T o B rem en — N o v . 12— M an h a ttan , 1 7 ,5 0 0 _____________ H I 17,500 T o A n tw e rp — N o v . 9— C o q u e t, 1 ,3 1 3 -------------------------------------1,313 T o O p o r to — N o v . 11— M artin S aen z, 1 ,9 5 0 ____________ _________ 1,950 T o B a rce lo n a — N o v . 11— M artin S aen z, 1 ,9 5 0 _____________ 1,950 T o G en oa— N o v . 5— CItta dl P a le r m o , 2 ,7 0 0 ___N ov 12— S o p e rg a , 3 ,0 0 0 _____________________ ______ _______________________ 5,7 0 0 T o V e n ice — N o v . 11— Iren e, 5 8 7 _________________________________ 537 T o M e x ico — N o v . 6— C ity o f T a m p ic o , 5 0 ______________________ 50 T o T rie ste — N o v . 11— Iren e, 3 0 0 . ......................................................... 300 T o N ap les— N o v . 11— Ire n e , 3 5 0 _____________ ______ _____________ 350 M O B I L E — T o L iv e r p o o l— N o v . 6— D a lto n , 5 ,5 9 4 ________ .'_________ 5,594 T o H a m b u rg — N o v . 11— W ea rsld e, 5 0 ................................................ 50 P E N S A C O L A — T o L iv e r p o o l— N o v . 8— V lv ln a , 7 ,5 0 2 .......... .............. 7,502 G U L F P O R T — 'To L iv e r p o o l— N o v . 9— Sierra B lan ca (a d d ), 4 2 6 . . 426 S A V A N N A H — T o L iv e r p o o l— N o v . 6— A n g lo -B o liv la n , 16,460; S a lfo rd ia , 5 ,0 0 9 ____________________________________________ 21,469 T o M anch ester— N o v . 6— S a lfo rd ia , 5 0 0 _________________________ 500 T o H a v re — N o v . 8— G le n w a y , 2 ,8 3 4 ___N o v . 11— M cw b la n d , 8,851 6,017 _________________________________ ______ ____________ _______ T o R e v a l— N o v . 8— Q ueen W llh e lm ln a , 2 ,3 2 5 ___________ . 2,3 2 5 B R U N S W I C K — T o L iv e r p o o l— N o v . 8 — S a lfo rd ia , 2 5 0 ____________ 250 T o M anchester— N o v . 8— S a lfo rd ia , 3 ,1 6 6 ______________________ 3 ,1 6 6 T o B rem en— N o v . 11— Z a fr a , 9 ,7 0 2 _____________________________ 9,702 W I L M I N G T O N — T o L iv e r p o o l— N o v . 12— T a b a rlsta n , 1 0 , 2 0 0 . . . 10,200 T o B rem en — N o v . 8— B attersea B rid ge , 1 2 ,6 8 5 ________________ 12,685 T o T rieste— N o v . 8— M arianne, 5 ,0 0 0 __________________________ 5,000 B O S T O N — T o L iv e r p o o l— N o v . 9— C estrian, 2 ,5 1 8 _________________ 2,5 1 8 T o M anchester— N o v . 5— C a ledon ian , 1 ,9 6 2 ____________________ 1,962 B A L T I M O R E — T o L iv e r p o o l— N o v . 12— U lste rm o re , 1 ,3 5 4 _______ 1,354 T o B rem en— N o v . 10— C h em n itz, 3 ,5 3 9 _________________________ 3,5 3 9 P H I L A D E L P H I A — T o L iv e r p o o l— N o v . 5 — F riesla n d , 9 1 4 _______ 914 T o G en oa— N o v . 3— V e ro n a , 1 ,7 0 0 ..... ................ ......................... ....... 1,700 T A C O M A — T o M anila— N o v . 5— S tra th fllla n , 1 0 0 __________________ 100 S A N F R A N C IS C O — T o J a p a n — N o v . 9 — S iberia, 4 0 0 _______________ 400 S E A T T L E — T o J a p a n — N o v . 9— T a n g o M aru, 1 ,4 8 0 _____ _______ _ 1 ,4 8 0 T o ta l .............................................................................. 125 1,18 4 This S in ce W eek . S ept. 1. E x p o rt (b a le s )— L iv e r p o o l _____________ 7 ,7 5 0 M a n ch ester ................. .. 9.250 C o n tin e n t ...................... 18,500 A m e r ic a ----------------------- 2.250 To To To To 4 7 ,3 3 5 32,851 62,612 9.737 T o t a l e x p o r t s — .......... 37,750 152,565 32j Cop TicUt. d. O ct. 1 8 15 22 29 N ov 5 12 d. 3. d. 9H 9 y% 10 10H 10H @ ('4 10K io n im 10)4 11 '4 io h io h @ @ 11 '4 5 UH 5 © 5 5 o 5 5 234 288 1,218 374 1,452 662 308 174 1,046 374 1,354 548 3,5 0 0 S u p p ly _____________ _______ C o n s u m p tio n , 4 w e e k s ----------- 522 280 1,592 440 2,114 720 482 120 1,420 440 1,902 560 S p in n e rs’ s to c k N o v . 1 ----------- 242 1,152 1,394 362 980 1,342 W eek ly C on su m p tion . (000s om itted.) In O c t o b e r _____________ ______ 70 110 180 *30 110 140 12",666 1,000 25,170 10,250 14,162 14,750 54,542 8,2 5 0 7,3 3 6 1,500 61,230 54,967 67,441 8,510 16,500 101,210 3 4 ,7 5 0 192,148 1908. a. d. d. 3 @9 3H ® 9 4 @9 4H @ 9 6 @9 9 9 9 9 11 7.29 7.27 7.41 7.37 7.71 6 6 © 9 11 @ 9 11 8H lbs. Shirtlags, common to finest. 32j Cop Twist. d. 8 d. @ 8U 8 11- 10® 8 11 -16® 8% @ 8 Vs @ 7.59 S 'A 7.72 8 'A @ @ S H IP P IN G N E W S .— As shown on a exports of cotton from the United States reached 251,184 bales. The shipments up from mail and telegraphic returns, are d. a. d. Cot'n Mid. Upl’s d. 9H 5 oh 5 OH 5 <.)H 5 o% 5 1H @ 8 1H ® 8 1H @ 8 1 @8 1H @ 3 4H 4H 6 6 6 5.13 4.96 4.90 5.04 4.99 9H 5 9 5 1 0 6 6 5.00 5.05 @8 @8 previous page, the the past week have in detail, as made as follows: Total bales. N E W 1 Y O R K — T o L iv e r p o o l— N o v . 6— B a ltic , 4,491 _ _ _ ________ 4,491 T o L o n d o n — N o v . 6— M in nehaha, 2 5 0 _____________ _______ _____ 250 T o G la sgow — N o v . 10— T itia n , 5 8 9 ______________________________ 589 T o B rem en — N o v . 10— K u erfu rst, 2 3 8 - . . .......... .. ...... 238 T o A n tw e r p — N o v . 9— L a p la n d , 1 0 0 _____________________________ 100 T o R e v a l— N o v . 9— R u ssia , 2 0 0 _____ ______ ___________ . ______ 200 T o R ig a — N o v . 9— R u ssia , 3 0 0 ____________________________ I I 300 T o B a rcelon a — N o v . 6— M o n te v id e o , 4 0 0 ________________ ______ 400 T o G en oa — N o v . 5— B erlin , 2 ,0 5 0 _____ _______ __________ H I 2,050 T o N aples— N o v . 5— B erlin, 7 3 0 _________________________________ 730 T o P iraeus— N o v . 5— T h e m lsto cle s, 3 4 5 _________________________ 345 1908. Great C on ti Total. B ritain nent . Total. S p in n e rs ’ s to c k O ct. 1 _______ T a k in g s t o N o v . 1 .................... 1909. Corn Mid. Upl's 1909. Great C on ti Britain n ent. This S in ce T h is S ince W eek . S ep t. 1. W eek . •Sept. l . ■ M A N C H E S T E R M A R K E T .— Our report received by cable to-night from Manchester states that the market is quiet for both yarns and shirtings. The demand for both home trade and foreign markets is poor. W e give the prices for to-day below and leave those for previous weeks of this and last year for comparison. 8H lbs. Shirtlags, common to finest. Oct. 1 to N o v. 1. B a les o f 500 lbs. each. (000s om itted.) * S m all c o n s u m p t io n d u e t o lo c k o u t In L a n cash ire. L IV E R P O O L .— By cable from Liverpool we have the fol lowing statement of the week’s sales, stocks, & c . , at that port: O ct. 29. o c t . 22. 53,000 Sales o f the w e e k ________________ 4 1 ,000 1,000 O f w h ich sp e cu la to rs t o o k . . 1,000 O f w h ich e x p o r te r s t o o k -------------------- 1,000 2,000 4 l ,000 Sales, A m e r ic a n __________________3 1 ,000 3,000 A ctu a l e x p o r t ___________________ 7,000 66,000 F o r w a r d e d _____________________ 99,000 672 ,000 T o ta l s to c k — E s tim a te d _______ 627 ,000 591,000 O f w h ich A m erica n — E s t ___ 544,000 114,000 T o t a l Im ports o f the w e e k _____132,000 100,000 O f w h ich A m e r ic a n __________ 112,000 404 ,000 A m o u n t a llo a t __________________358 ,000 362 ,0 0 0 O f w h ich A m e r ic a n __________3 26 ,000 N o v . 5. 46,000 2",666 39,000 6,000 88,000 742 ,000 664 ,000 164,000 153,000 413 ,000 355,000 N o v . 12. 3 8 ,000 2,0 0 0 1,000 3 0 ,0 0 0 1 3 ,0 0 0 8 3 ,0 0 0 756,000 6 74 ,000 110,000 8 5 ,000 4 6 1 ,0 0 0 3 98 ,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, 12:15 I>. M. Saturday. 1 ) J M onday. Tuesda.y Quiet. Quiet. Quiet. Wednesday. Thursday. Quiet. Quiet. Friday. Dull. M ld.U pl’ ds 7.63 7.56 7.54 7.77 7.77 7.72 Spec.&exp. 12,000 500 6,000 500 6,000 300 6,000 500 5,000 500 4,000 300 Excited at 21 @ 24 pts. adv. Easy at 7 points decline. Irreg. at 3 @5 pts. decline. 1 St’dy.unch. Steady nt Feverish at Strong at 18@ 30H 6 @ 9 pts. ) to 2H pts. 14 @ 17 H pts. adv. J pts. dec. pts. dec. advance. Quiet at 5H @13 pts. dec. B’ly st’ y at 2H @ 0 pts. dec. Futures. Steady at Market \ 7 points opened J decline. Market 4 P. M. Steady at 7 points decline. Irreg. at 2 @ 5 pts. advance. THE CHRONICLE Nov. 13 1909. | 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. The p rices are given in p en ce and lOOths. Sat. N o v .6. to 12 H 12J4 Nov. 12. p .m . p .m . d. N ovem ber D e c.-J a n .. J a n .-F e b .. F e b .-M c h . M c h .-A p r. A p r.-M a y . M ay-Ju n e J u n e-J u ly J u ly -A u g . A u g .-S e p . S e p .-O c t . O c t .-N o v . N o v .-D e c . d. 46% 45 45 48 49 % 51 % 52% 54 53% 53 24 6 75 6 60 7 7 7 7 7 7 7 7 7 7 7 — 6 55 Alon. Tues. Th us, 7 45 m eans 7 4 5-100 d . Fri. Thurs. W ed. 4 12M 4 12M 4 12H 12M 1 2'A p.m . p .m . p .m . p.m . p.m . p.m . p.m . p .m . p .m . p.m . 4 4 d. 36 55 35 % 40 41 42% 44 43 % 42 % 14 % 66 % 51 % d. 29 28 X 28% 32 33 34% 36 38 % 37 36% 09 60 46 4 5 % 40 d. d. d. 57 57 35 % 59% 39 42% 40 % 65% 42 % 67 % 44 % 69 46 % 70 % 46 70 44 44 % 69 43 14 15 37 66 67 86 51 % 54 72 34 34 34% 38 39% 41 42 % 44 % 35 4 5 % 48 d. 63 63 64 % 47% 70 73 74% 76 75% 74 % 41 90 75 6 5 % 66 d. 57% 57 % 58% 61 63% 66 67% 68 % 67 66% 33 84 70 d. 57% 57% 58% 59 % 62 64 % 66 67% 66 64 28 81 67 % 6 3 % 61% d. 52 % 52% 53 55 57% 60 d. 49 49 49% 51 53 % 56 % 61 % 58 63 59 % 61 58 60 57 27 24 80 77 67 64 % 61 59 B R E A D S TU F FS . F r i d a y , N o v e m b e r 12 1909. Prices for wheat flour in the local market sagged early in the week, owing to stagnation of trade and accumulating supplies. Of late the rise in wheat has had a somewhat bracing effect, but the tone of the market remains heavy, with no prospect of any increase in business in the near fu ture. Similar conditions have been reported in the chief milling centres at the Southwest, where the market at some points is congested, owing to the refusal of buyers to send in shipping directions. At the Northwest new business has fallen off of late, but mills are still grinding heavily on old orders. Rye flour has been dull and steady. Graham flour has been quiet and firmer. Wheat has advanced sharply during the week, partly owing to some alarm in regard to the outlook for the Argentine crop. Reports are to the effect that the plant is not in good condition, owing to damage by locusts; that depredations by these pests have been rather serious. In fact, some crop advices go so far as to say that only half a crop will be raised in the province of Santa Fe. There is considerable interest, too, regarding the question of frost in Argentina. The shipments from that country for the week were estimated at only 40,000 bushels, as against twelve times that amount for the same time last year. A Liverpool sta tistician, moreover, estimates the European requirements for the season at 590,400,000 bushels and the exportable surplus of the world at only 576,600,000 bushels. The cash situation has materially strengthened in this coun try. Duluth has done a good cash business for ship ment eastward, and cash premiums at Minneapolis have risen. Chicago has been buying at Winnipeg. European markets have advanced. There has been a marked decrease in Southwestern receipts in this country. Russian crop re ports have been in the main unfavorable. In a word, what with the bullish crop news from Argentine and elsewhere, a larger cash demand at the West and the bullish estimate of the world’s requirements, above mentioned, prices have ad vanced easily— this, in spite of large receipts at the North west, increasing stocks there, dulncss of cash wheat at the Southwest and a slim demand for flour. At St. Louis the flour sales have latterly been notably small. From Min neapolis the reports are that the mills are grinding heavily, and are well sold ahead, but that new business for prompt shipment is lighter. Finally, the export demand for wheat in this country continues small. In spite of these adverse factors, however, the market has shown noteworthy strength. The disposition has been to ignore anything bearish in the situation and to adopt the view that the world’s situation is such that later on higher prices must prevail. To-day prices advanced on further reports of damage to the crop in Argentina by locusts, light offerings and active covering of shorts. D A I I ,Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN N O W Y O R K . „ S a t, M o n . Tries. W ed. T h nrs. F r i. 120% 121 123 111 % N o . 2 red w in ter, f. o . 1)................ D e ce m b e r d e liv e ry In e le v a t o r -------1 1 0 % 110 % 1 1 2 % 103 W 1 13 % 115 M a y d e liv e ry In e le v a t o r ...................... 1 0 9 % 1 0 9 % n o % 1 0 3 ' 111 X 112 D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN C H IC A G O . S a t. M o n . T u es. W ed . T h urs. F r i. D e ce m b e r d e liv e ry In e le v a t o r ____ 103 102 % 104 X 103 X 105% 1 0 6 % M ay d e liv e ry In e l e v a t o r . . . .............1 0 2 % 102 H 1 0 3 % 103 104% 105% J u ly d e liv e ry in e le v a t o r .................... 96 95% 90% 96% 97% 97% D A IL Y 1291 C L O S IN G P R I C E S O F C O R N S a t. December delivery In elevator___ 58 % May delivery In elevator________ 6 0 % July delivery In elevator________ 6 0 F U T U R E S IN C H IC A G O . M o n . T u es. W ed. T h u rs. 57 % 59% 59% 58 % 60% 59% 58 % % 59% 6 0 F r i. 59 % 59 % % 60% 60% 6 0 % 6 0 Oats for future delivery in the Western market have moved within narrow limits, governed largely by the fluc tuations in wheat and corn. In the fore part of the week prices weakened. Stocks of contract corn at Chicago con tinue large. Cash houses there sold rather freely. The belief is general that when corn husking is finished the receipts will increase largely. Of late, however, the action of the wheat market has led to much covering and also not a little new buying. To-day prices were firmer on the strength of other cereals, an increased cash demand and covering. D A I L Y C L O S IN G P R I C E S O F O A T S IN N E W Y O R K . „ , S a l. M on. T u es. W ed. T h urs. F r i. N atural w h it e . .4 4 % -4 6 44 % -4 6 4 4 % -4 6 4 4 % -4 6 4 4 % -4 6 4 4 % -4 6 W h ite clip p e d 45 % -4 8 % 4 5 % - 4 8 % 4 5 % - 4 8 % 4 5 % - 4 8 % 4 5 % - 4 8 % 4 5 % - 4 8 % D A I L Y C L O S IN G P R I C E S O F O A T S F U T U R E S I N C H IC A G O . „ , ■ S a t. M o n . T u es. W ed . T h urs. F r i . 38 % 39% 38% 39% 39% D e ce m b e r d e liv e ry in e le v a t o r ____ 39 M ay d e liv e ry in e l e v a t o r . . ............... 4 1 % 41% 41% 41% 41% 41% J u ly d e liv e ry In e l e v a t o r . . ............. 39% 39% 39% 39% 39% 39% The following are closing quotations: FLOUR. W in te r, low g r a d e s ____ $4 4 0 @ $ 4 60 K ansas stra ig h ts, s a c k s .5 5 0 0 @ $ 5 25 W in ter p a t e n t s ________ 5 60 @ 5 90 K an sas clea rs, s a c k s ___ 4 50 @ 4 65 W in ter s t r a ig h t s _______ 5 3 5 @ 5 50 C ity p a te n ts ____________ 6 4 5 @ 6 75 W in te r c le a rs ___________ 5 00 @ 5 25 R y e f l o u r ........ ...................3 90 @ 4 45 S p rin g p a te n ts _________ 5 4 0 @ 5 70 G raham flo u r ___________ 4 50 @ ______ prtng s tr a ig h ts________ 5 00 @ 5 30 C orn m e a l, kiln d r i e d . . 3 30 @ 3 35 S p r in g c le a r s ____________ 4 5 0 @ 4 751 G R A IN . W h e a t, p er b u sh e l— C orn , per b u sh e l— C en ts. N o . 2 m ix e d __________ e le v . N . D u lu th , N o . 1 . . . . 72 $116 N . D u lu th , N o . 2 . . . . N o . 2 y e l l o w _________ f .o . b . 72 1.14 R e d w in ter, N o. 2 . .f.o .b N o . 2 w h i t e ________ f .o . b . N om inal 1 .2 6 % H ard “ " . .. 1 .1 8 % R y e , per bushel— O ats, per bu sh el— N o. 2 W e s t e r n ________f . o . b . 76 C en ts. N atural w h ite _____ __ 44 % @ 4 6 S tate an d J e r s e y _______ N om in al W h ite c lip p e d _____ . . 45 % @ 4 8 % B a rle y — M a ltin g __________N om inal M ix e d _____________ — N om in al F e e d in g , c . 1. L , N . Y . 61 @ 6 3 A G R IC U L T U R A L D E P A R T M E N T ’S R E P O R T .— The Agricultural Department’s report on the cereal and other crops was issued N ov. 8, and is given below: T h e C rop R e p o rtin g B o a rd o f th e B u rea u o f S ta tistics o f th e U n ited S tates D e p a rtm e n t o f A g ricu ltu re e stim a te s fro m the re p o rts o f th e c o r re s p o n d e n ts an d agen ts o f th e B u re a u , as fo llo w s — all figures fo r 1909 b ein g prelim in ary: C O R N .— T h e p relim in ary e stim a te o f th e a v e ra g e y ie ld p er a c r e o f C O R N Is 25.4 bu sh els, again st 26.2 bushels as finally es lm a te d In 1908, 25.9 In 1907, an d 25.8 th e a ve ra ge o f th e past te n y e a rs. T h e In d ica ted to ta l p r o d u c tio n Is 2 ,7 6 7 ,3 1 6 ,0 0 0 bu sh els, a ga in st 2 ,6 6 8 ,6 5 1 ,0 0 0 as Iln ally e s tim a te d in 1908. T h e q u a lity Is 8 4 .2 % , a g ain st 86 .9 last y e a r. A b o u t 3 .0 % (7 9 ,7 7 9 ,0 0 0 bushels) o f the C O R N c r o p o f 1908 is e stim a ted to h a ve b e e n in fa rm e rs’ han ds o n N o v . 1, a gain st 2 .7 % (7 1 ,1 2 4 ,0 0 0 bushels) o f the 1907 cr o p In fa rm e rs' han ds o n N o v . 1 1908, a n d 4 .1 % th e a v e ra g e o f sim ilar estim a tes fo r the p ast ten years. W H E A T .— T h e a v e ra g e w e ig h t per m easu red bu sh el o f this y e a r ’s W H E A T c r o p Is 58.0 lb s ., a ga in st 58.3 lb s. In 1908, an d 57.4 lb s. th e teny e a r av e ra g e . O A T S .— T h e a v e ra g e w e igh t p e r m easu red bu sh el o f this y e a r ’s O A T c ro p Is 32 .7 lb s ., a gain st 29.8 lbs. In 1908, an d 3 0 .9 lbs. th e t e n -y e a r a v e ra g e. B U C K W H E A T .— T h e pre lim in a ry e stim a te o f th e a v e ra g e y ie ld p e r acre o f B U C K W H E A T is 20.8 bushels, a gain st 19.8 bushels as fin a lly e stim a ted In 1908, 17.9 in 1907, an d 18.0 th e a v e ra g e fo r th e p ast ten years. A tota l p r o d u c tio n o f 16,6 9 2 ,0 0 0 bushels is thus In d ica te d , a ga in st 1 5 ,8 7 4 ,0 0 0 bush els In 1908 T h e q u a lity Is 9 1 .1 % , a g ain st 90 .7 last y e a r , an d 90.4 the te n -y e a r a v e ra g e . P O T A T O E S .— T h e p r e lim in a ry e stim a te o f the a v e ra g e y ie ld p e r acre o f P O T A T O E S Is 106.5 bu sh els, a ga in st 8 5 .7 bush els as lln a lly estim a ted In 1908, 95.4 In 1907, and 89-6 th e t e n -y e a r a v e ra g e . A to ta l p r o d u c tio n o f 3 6 7 ,4 7 3 ,0 0 0 bushels Is thus In d ica te d , a ga in st 2 7 8 ,9 8 5 ,0 0 0 in 1908. T h e q u a lity Is 8 8 .9 % , a gain st 87 .6 last y e a r , and 8 7 .9 th e te n -y e a r av e ra g e. The statements of the movement of breadstulfs 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— C h ica g o -----M ilw aukee.. Minneapolis. T o le d o _____ D etroit......... Cleveland . . St. L ou is_ _ I’ e o r la ......... Kansas City. 120 Flour. | Wheat. Corn. 9,160,911 5,893,297 4,427,770 2,521,061 1,688,546 2,437,956 Since Aug. 1 1 1909_____ 7,083,998 120,099,854 1908......... 6,993,168 113,966,513 1907......... 5,628,654| 86,868,365 43,225,205 31,380,258 60,410,167 T o t.w k /0 9 Same wk. '08 Same wk. ’ 07 Oats. Barley. Rye. bbls.lOGIbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. fm.56 lbs. 238,056 860,900 1,163,750 2,403,200 1,001,285 55,000 114,275; 395,500 570,700 33,000 325,500 25,000 11,990 2,871,612 170,578 460,182 30,939 2,852.170 605,140 85,820 774,060 118,060 157,000 40,600 52,000 1,000 7,225 150,441 39,581 66,512 1,917, 11,406 92,728 119,779 30,328 75,585 309,305 586,332 339,200 49,400 7,000 70,050, 25,000 349,277 233,100 74,421 3,300 ............1 1,250,550 407,000 235,500 126% 519,098 536,818 361,569, 4,550,509 2,512,106 2.574,383 2,960,376 1,285,681 1,736,388 240,299 146,919 189,922 1 63,801,421 30,300,108 3.074,578 62,976,697 36,412,028 3,013,280 76,449,838 29,417,135 3.078,020 1 Indian corn futures here in New York have been lifeless much of the time, but at the W est the market has been Total receipts of flour and grain at the seaboard ports for active and of late higher in company with wheat. Besides Nov. 1909 the weather has been wet and mild and therefore unfavorable the week ended Flour, 0 Wheat, follow: Corn, Oats, Barley, Rye, for placing the crop in condition for marketing. The re Receipts at— bush. bush. bush. bbls. bush. bush. New Y r k ......... 239,625 608,475 284,150 ceipts at many points have been moderate and at Chicago B o s t o no------------- .- 198,503 1,197.100 83,990 693,239 53,472 90,951 4,196 4,685 small. Early in the week prices sagged, owing to general Portland, Me___ 160,000 526,236 22,329 88,109 2,000 selling on a report by the Government, indicating a yield P h iladelphia___ . 75,992 338,698 129,434 Baltim ore............ . 59,028 48,343 17,967 of 2,767,316,000 bushels, against 2,642,687,000 last year, Richm ond ____ . 63,342 25,176 5,031 58,390 4,586 24,700 56,400 41,800 and putting farm reserves at 79,779,000 bushels, against New Orleans * . . . 22,223 . 448 71,124,000 at this time in the previous year. There has G alveston--------80,000 104,000 . 5,000 15,000 1,620 been active covering, however, and considerable new buying. 1,572,066 1,826 46^372 135,759 4,540 To-day prices closed higher on wheat’s strength, unsettled Montreal.............. . 68,690 Total w eek_ _ . 488,387 4,655,381 weather and covering. 677,778 984,060 •426,594 31,289 D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D S a t. M o n . 70 Cash c o r n ........ ........... .............................. 70 D e ce m b e r d e liv e ry In e le v a to r ____ 6 9 % 69 M ay d e liv e ry In e le v a to r ___________ 68 % 68 CORN T u es. 70% 69% 68 % IN N E W Y O R K . W ed. 7'hurs. F r i . 7 1 % 72 72 69% 70% 70% 68 % 68 % 68 % W eek 1908_____ . 465,033 3,635,973 780,495 219,639 636,293 65,036 Since Jan. 1 1909 14,287,913 78,344,575 34,962,354 37,226,661 5833,197 998,851 Since Jan. 1 1908 15,317,790 97,183,972 30,945,174 37,768,760 5166,199 2512,558 * Receipts do not Include grain passing through New Orleans for foreign ports on through bills of lading. _ _ m ggg T h e e x p o rts fro m th e s e v e ra l se a b o a rd p o rts fo r th e w e e k e n d in g N o v . 6 1 9 0 9 a r e s h o w n in th e a n n e x e d s t a t e m e n t : Rye, Barley, Peas, Oats, Wlieat, Corn, Flour, bush. bush. bush. bush. bush. bush. bbls. Exports f rom— 8,798 . 5,816 13,414 96,509 New Y o r k ............ 678,849 ______ Portland, M e------ 160,000 ______ 9,110 35,834 B o s t o n __________ 566,230 -------— - -----P h ilad elp h ia____ 216,000 17,000 19,000 ______ _ ____ _____ _____ 204,821 65,785 34,488 Baltim ore......... .. -------500 . -----— 44,000 26,000 9,000 New O rlea n s------------______ - -----......... 448 Newport News — -------______ - -----— 10,000 G alveston_______ 1,620 . ------------— 5,000 15,000 M obile___________ — -----. ------------72,000 3,905 Montreal________ 779,000 __ _ _ __ _ _ __ . ____ 54,061 8,571 243,407 18,831 41,438 ___ 155,199 299,279 664,732 207,082 .613.900 W eek 1908........... 3,663,745 The J u ly d e s t in a t io n of th ese ex p o rts 10,918 42,495 fo r w eek th e and s in c e 1 1 9 0 9 is a s b e l o w : Since Since July 1 Week July 1 W eek N ov. 6. 1909. 1909. Exports f o r week and. N ov. 6. bush. bush. bbls. bbls. -199.7S3 1,929,210 1,842,963 20,442,105 604,880 722,386 12,414,038 . 30,375 275,707 596 128,573 So. & Cent. Am er. . 30,827 1,675 469,811 W est I n d ie s --------- . 36,232 ______ 56.530 Brit. No. Am . Cols . 1,710 47,953 68,955 352 80,569 Other C ountries-. . . 3,366 T h e w o r ld ’s s h ip m e n t s o f w h e a t a n d e n d in g N o v . G 1 9 0 9 a n d s in c e J u l y 1 s h o w n in t h e f o llo w in g : 155,199 664,732 co rn 1909 1908. Since July 1. Week Nov. 6. 3,082,358 1,934,218 fo r th e w e e k a n d 190 8 a re Corn. Wheat. 1909. Exports. Since July 1 1909. bush. 1,058,651 1,207,135 50,795 737,563 16,622 11,592 Week Nov. 6. bush. 111,428 12,857 1,300 26,248 T o ta l......... - .......... 299.279 3,416,707 2.613.900 33,055,340 Total 1908________ 207,082 3,828,665 3,663,745 54,624,031 Since July 1. 1908. 1909. Week N ov. 6. Since July 1. Since July 1. Bushels. Bushels. 195.000 78,084,700 26.104.000 238.000 18.248.000 136.000 25.934.000 1,131,000 5.952.000 6.364.000 Bushels. 3.001.000 5.808.000 7.104.000 46,915,000 Bushels. 2,106,400 5.682.500 6.805.500 36,244.500 T o t a l ____ 11584000 185,018,000 160,686.700 1,700,000 62,828,000 50,838,900 Bushels. 52.454.000 83.912.000 9.408.000 12.648.000 4.004.000 22.592.000 Bushels. North Amer. 4.312.000 R u ssian ____ 6.040.000 192.000 Danublan . . 368.000 Argentine . . 384.000 Australian. . Oth. countPs 288.000 T h e q u a n t it y o f w h e a t a n d c o rn a f lo a t f o r E u r o p e o n d a te s m e n t io n e d w a s a s f o llo w s : Corn. Wheat. United Kingdom. N ov. 6 O ct. 30 N ov. 7 N ov. 9 1 9 0 9 .. 1 9 0 9 .1 9 0 8 .. 190 7-- Continent. Bushels. 13.920.000 12.880.000 16.720.000 16.040.000 Bushels. 14.320.000 16.320.000 13.840.000 12.560.000 Toted. United Kingdom. Continent. Bushels. Bushels. Bushels. 28.240.000 5.270.000 5.695.000 29.200.000 5.610.000 6.290.000 30.560.000 5.270.000 5.440.000 28.600.000 6.360.000 4.080.000 Total. Bushels. 10.965.000 11.900.000 10.710.000 10.440.000 T h e v is ib l e s u p p l y o f g r a in , c o m p r is in g t h e s t o c k s in g r a n a r y a t p r in c ip a l p o in t s o f a c c u m u la t io n a t la k e a n d s e a b o a r d p o r t s N o v . 6 1 9 0 9 , w a s a s f o llo w s : New Y o r k .................... . B o s t o n ______________ . P h ilad elp h ia________ . Baltim ore......... - .......... . New Orleans _______ . . Galveston B u ffa lo______________ . T o l e d o .......................... . D e tr o it........................... . Chicago . M ilw aukee.................... . D u lu th ---------------------- . Minneapolis - .............. . St. L o u is ------------------ . Kansas C ity............. .. . Peoria_______________ Tmiiunnpollq On L a k e s --------- -------- . On Canal and R iv e r .. . Wheal. bush. 1,414,000 312,000 648,000 999,000 70,000 148,000 1,860.000 1,025.000 589,000 1,782,000 370,000 8,6400,00 2,474,000 1,848,000 3,202,000 10,000 468,000 2,917,000 699,000 Com , bush. 180,000 206,000 5,000 169,000 121,000 178,000 85,000 15,000 112,000 437,000 89,000 ' ______ 25,000 125,000 267,000 13.000 104,000 292,000 Oats, bush. 1,072,000 4,000 58,000 418,000 195,000 Rye, bush. 5,000 Barley, bush. 185,000 1,000 1,000 151,000 1,000 1,035,000 331,000 162,000 3,995,000 493,000 1,023,000 1,409,000 361,000 615,000 1,223,000 265,000 283,000 866,000 3,000 41,000 90,000 40,000 28,000 50,000 207,000 3,000 80,000 33,000 878,000 350,000 2,423,000 13,808,000 Total N ov. 6 1909. .29,475,000 2,654,000 13,264,000 Total O ct. 30 1908. .27,002,000 C A N AD IA N G R A IN STOCKS. Corn, Oats, Wheat. bush. bush. bush. 291,000 42,000 1.340.000 Montreal........................ 4.877.000 Fort W illiam ________ Port Arthur....... .......... 2.312.000 3.569.000 Other Canadian........... 743,000 642,000 4,334.000 3,703,000 Rye, bush. ______ Barley, bush. 119,000 Total N ov. 6 1909. .12,098,000 Total O ct. 30 1909. .12,068,000 Wheat, bush. A m e r ic a n ..... ............... .29,475,000 C anadian.................... .. 12,098,000 Total Total Total Total Total Total Total N ov. O ct. N ov. N ov. Nov. Nov. Nov. [VoL. THE CHRONICLE 1292 6 30 7 9 10 11 12 42,000 51,000 SU M M ARY. Corn, bush. 2,423,000 42,000 329,000 1,000 133,000 110,000 1,152.000 1,161,000 33,000 11,000 291.000 274.000 119,000 52,000 Rye, bush. 743,000 ......... - Barley, bush. 4,334,000 119,000 1909. 1909. 19081907. 1906. 1905. 1904. TX X X IX . j s h a r p r e c o v e r y in c o t t o n , li f t i n g t h e p r ic e o f t h e s t a p le p r a c t i c a ll y t o t h e 1 5 c . le v e l, w h e r e i t w a s a w e e k a g o , a g a in s t r e n g t h e n e d t h e v ie w s o f s e lle r s a n d c a u s e d t h e m t o r e s t r ic t s a le s f o r t h e m o s t p a r t t o s p o t a n d n e a r - b y d e l i v e r i e s . S o f a r a s b u y e r s a r e c o n c e r n e d , t h is fr e s h u p t u r n in c o t t o n w a s q u it e d is c o u r a g in g to th o s e w h o w e r e lo o k in g f o r m o r e f a v o r a b le t e r m s a s a r e s u lt o f t h e p r e v io u s lo w e r t e n d e n c y o f t h e s t a p le ; t h e n e t r e s u lt o f t h e e r r a t ic r a w m a t e r i a l m a r k e t , h o w e v e r , is t h a t b u y e r s a r e m u c h c o n f u s e d o v e r t h e o u t lo o k a n d in m o s t c a s e s h a v e c o n f in e d t h e i r p u r c h a s e s t o a c tu a l n eed s. T h e r e a d j u s t m e n t o f p r ic e s t o h ig h e r le v e ls w a s c o n t in u e d d u r in g t h e w e e k i n v a r io u s lin e s , n o t a b ly b r o w n s h e e t in g s , d r i l l s a n d fin e c o m b e d y a r n g o o d s , a n d o n t h e s e , a s w e ll a s m a n y o t h e r lin e s , a g e n t s a r e d e m a n d in g f u l l t o p p r ic e s f o r a l l f u t u r e d e liv e r ie s . S o m e g o o d s w e re a v a il a b le b e lo w t h e m a r k e t , a s h e r e t o f o r e , b u t t h e v o lu m e o f s u c h o f f e r in g s d e c r e a s e d o n t h e r e n e w e d s t r e n g t h in t h e c o t t o n m a rk e t. T r a d e w it h jo b b e r s h a s b e e n o f f a ir p r o p o r t io n s , a s r e t a il m e r c h a n t s f r o m v a r io u s s e c t io n s h a v e c o n t in u e d t o o p e r a t e o n s t a p le lin e s t o r e p le n is h d e p le t e d o r b r o k e n s t o c k s , a n d a ls o t o m e e t r e q u ir e m e n t s o f t h e ir h o li d a y t r a d e ; c o m p a r a t iv e ly fe w o f th e m , h o w e v e r, h a v e s h o w n a d is p o s i t io n t o m a k e h e a v y c o m m it m e n t s f o r th e f u t u r e . Som e lin e s o f k n it g o o d s f o r t h e f a ll s e a s o n o f 1 9 1 0 a r e b e in g s h o w n a h d r o a d s a le s m e n a r e s t a r t in g o u t in s e a r c h o f o r d e r s ; p r ic e s o n c o tto n k n it g o o d s a re n o t e x p e c te d to b e a n n o u n c e d u n t il t h e m a r k e t f o r t h e s t a p le b e c o m e s m o r e s e t t le d , b u t w o o le n a n d w o r s t e d g o o d s , i t is u n d e r s t o o d , w i l l r u le a t a b o u t t h e s a m e p r ic e s a s d u r i n g t h e c u r r e n t f a l l s e a s o n . C o tto n y a rn s c o n t in u e f ir m ; s o m e h o u s e s r e p o r t a n im p r o v e d d e m a n d , w h il e i n o t h e r s b u s in e s s is s t i l l u n s a t is f a c t o r y . E x p o r t tra d e in c o t t o n g o o d s d u r in g t h e w e e k w a s lig h t , o n ly a m o d e r a t e i n q u i r y c o m in g f o r w a r d f r o m m is c e lla n e o u s p o r t s a n d p r a c t i c a l l y n o d e m a n d f r o m t h e la r g e E a s t e r n m a r k e t s . O u t s id e o f m o d e r a t e a d d it i o n a l c a lls f o r s e a s o n a b le f a b r ic s , t h e d r e s s g o o d s m a r k e t w a s q u ie t . M e n ’s w e a r w o o le n s c o n t in u e d in a c t iv e re q u e s t; f a n c y w o r s te d s w e r e c o m p a r a t iv e ly d u ll, a n d n u m e r o u s c a n c e lla t io n s a n d r e v is io n s o f in i t ia l o r d e r s p la c e d f o r r e s is t - d y e f a b r ic s a r e r e p o r t e d . D O M E S T I C C O T T O N G O O D S .— T h e e x p o rts o f c o tto n g o o d s f r o m t h is p o r t f o r t h e w e e k e n d in g N o v . 6 w e r e 1 2 ,6 9 3 p a c k a g e s , v a lu e d a t $ 6 9 0 ,2 6 5 ; t h e i r d e s t in a t io n b e in g t o t h e p o i n t s s p e c if ie d in t h e t a b le s b e lo w : 1908--------1900----------S in c e S in ce N ew Y ork to N o v. 6. W eek . J a n . 1. W eek . J a n . 1. Great Britain________ _ 710 11 1,667 Other European____ 1,006 36 047 -. .. 4 China-------------------------------1 8 ,550 166,473 12,202 India - --------------------------15,406 25,414 A rabia_______________ 25,205 A f r i c a _______ _______ 8,228 ‘ 56 14,157 23,822 West In d ie s....................... 336 35,067 _____ 062 1,454 106 M e x ico .. ............................. 1,489 _____ 44 20 13,135 Central Am erica_________ 12,001 _____ 355 806 35,513 _____ 903 46,041 South A m erica........... ........ 158 18,822 10,406 Other Countries_________ Total . - ______________ ..... ____ 12,603 339 ,330 1,535 158 ,946 T h e v a lu e o f t h e s e N e w Y o r k e x p o r t s s in c e J a n . 1 h a s b e e n $ 1 8 ,5 1 3 ,7 2 4 in 1 9 0 9 , a g a in s t $ 9 ,9 9 8 ,9 6 5 in 19Q 8. B le a c h e d c o t t o n s h a v e h e ld v e r y f ir m , o w in g la r g e ly t o t h e f a c t t h a t le a d in g t i c k e t s a r c w e ll s o ld a h e a d . S e lle r s o f b r o w n s h e e t in g s , e s p e c ia lly S o u t h e r n s t a n d a r d a n d 3 - y d . , a s w e ll a s s t a n d a r d b r o w n d r ills , a r c a b o u t M c * f ir m e r t h a n a w e e k a g o , a n d a r e h o ld in g o u t f o r t o p p r ic e s o n a ll f o r w a r d b u s in e s s . K id - f in is h e d c a m b r ic s h a v e b e e n a d v a n c e d M e . a y a rd . C o n f ir m a t io n o f m a n y o r d e r s f o llo w e d t h e a n n o u n c e m e n t o f t h e n e w p r ic e o f 7 c . o n s t a n d a r d s t a p le g in g h a m s , b u t n e w b u s in e s s p la c e d , a lt h o u g h s t e a d y , h a s b e e n o f m o d e r a t e v o lu m e . J o b b e r s ’ s a le s o f s t a p l e p r i n t s h a v e b e e n s o m e w h a t la r g e r t h a n u s u a l a t t h is s e a s o n , t h e in c r e a s e d d e m a n d b e in g a t t r ib u t e d p a r t ly t o e x p e c t a t io n s o f a n a d v a n c e in t h e b a s e p r ic e in t h e n e a r f u t u r e . S h ir t in g s , w a s h f a b r ic s a n d s im ila r g o o d s h a v e r u le d f ir m , w it h a f a ir v o lu m e o f b u s in e s s d o n e , w h il e a b e t t e r i n q u i r y h a s c o m e f o r w a r d f o r fin e y a r n c o t t o n s . T h e p r in t c lo t h m a r k e t h a s c o n t in u e d fir m a n d u n c h a n g e d , b u t r a t h e r q u ie t . W O O L E N G O O D S . — I n t h e m e n ’s w e a r m a r k e t w o o le n s a p p e a r t o le a d in t h e d e m a n d , t h e b u l k o t t h e b u s in e s s o n s p r in g f a b r ic s b e in g c o n f in e d t o c a r d e d w o o l g o o d s , a n d t h e r e a r e in d ic a t io n s t h a t th e s e f a b r ic s w il l o c c u p y a p r o m in e n t p la c e in t h e lin e s o f f e r e d f o r t h e n e w f a l l s e a s o n . A d d it io n a l o r d e r s f o r lig h t - w e ig h t f a n c y w o r s te d s h a v e n o t b e e n n u m e r o u s o r la r g e , a n d i n i t i a l c o m m i t m e n t s on r e s is t - d y e f a b r ic s h a v e b e e n m a t e r ia lly r e d u c e d . N e w o rd e rs fo r d re ss g o o d s f r o m jo b b e r s a n d c u t t e r s w e r e c o m p a r a t iv e ly s m a ll in t h e a g g r e g a t e , b u t d e m a n d f r o m r e t a ile r s f o r s e a s o n a b le lin e s c o n t in u e d s t e a d y . B r o a d c lo t h s a n d d ia g o n a ls f o r t h e c u r r e n t s e a s o n a r e s t il l in a c t iv e r e q u e s t . C u t t e r s h a v e d is p la y e d in c r e a s e d in t e r e s t in s p r in g lin e s a n d m i l l a g e n t s a r e b u s y m e e t in g r e q u e s t s f o r s a m p le s o f s e rg e s , p a n a m a s a n d o t h e r f a b r ic s . T H E DRY GOODS T R A D E New York, Friday Night, Nov. 12 1 9 0 9 . T h e c o t t o n g o o d s m a r k e t w a s c o n s id e r a b ly u n s e t t le d d u r in g t h e w e e k b y t h e s h a r p f lu c t u a t io n s in t h e s t a p le , a n d t h e v o lu m e o f b u s in e s s w a s o n ly m o d e r a t e . D e c lin e s in t h e r a w m a t e r ia l a fe w d a y s a g o m a d e m a n u fa c tu re rs s o m e w h a t m o r e d is p o s e d t o s e ll a t p r ic e s t h e y h a d b e e n q u o t in g , b u t b u y e r s a s a r u le d id n o t t a k e h o ld a c t iv e ly , p r e f e r r in g , a p p a r e n t ly , t o a w a it f u r t h e r d e v e lo p m e n t s . T h e subsequent F O R E I G N D R Y G O O D S . — I m p o r t e d w o o le n s a n d w o r s t e d s h a v e m e t w i t h a f a i r l y g o o d s a le , j o b b e r s h a v i n g p l a c e d s u b s t a n t ia l o r d e r s f o r la t e d e liv e r y . I t is e x p e c t e d t h a t le a d in g f o r e ig n p r o d u c e r s w i l l s h o r t ly a n n o u n c e a n a d v a n c e o n a ll d u p lic a t e o r d e r s f o r s p r in g s h ip m e n t . F u r th e r re p e a t o r d e r s o n d r e s s lin e n s f o r s p r in g h a v e b e e n r e c e iv e d , w it h r e q u e s t s in m a n y in s t a n c e s f r o m S o u t h e r n h o u s e s t o s h ip im m e d ia t e ly a ll g o o d s u n d e r o r d e r ; t h e d e m a n d f o r h o u s e k e e p in g lin e n s s h o w s n o a b a t e m e n t . A li t t l e m o r e in q u ir y d e v e lo p e d in t h e b u r la p m a r k e t , b u t t r a d in g w a s u p o n t h e w h o le q u ie t a n d p r ic e s u n c h a n g e d . g f * T £ :.’vN n (j iTY j3£f/WW£tlT. (Mews Items. Bonds Declared Valid. A rd m o re , O k la . — The D a lla s on N o v. p r in t e d t h e f o llo w in g r e g a r d in g a s u it a f f e c t i n g t h e v a l i d i t y o f a n is s u e o f $ 2 2 5 , 0 0 0 b o n d s o i t h i s “ News” 3 ssuo o f't ile 'c ft y o f h Annno r c Ltn < op?nf oni : reaffirms a°de- adding nthe o ^ e r ^ n c y 1clause^a(?oen ot^ ^com eb eflect?vey untU t h i r t y tdays h aveelap sed “ holding that the point is unnecessary ^ t e r m i n a t i o n o f the case \ rehearing was denied and decision of the Carter Count* District Court holding the bond Issue to be valid was sustained. Litigation.— G r e e le y - P o u d r e I r r ig a t io n D is t r ic t , W e ld C o u n t y , C o lo . A c c o r d in g t o D e n v e r p a p e r s s e v e r a l la n d - o w n e r s in t h is d i s t r ic t f ile d a d e m u r r e r in t h e D i s t r i c t C o u r t o n N o v . 0 t o t h e p e t it io n f o r a p p r o v a l a n d c o n f ir m a t io n o f t h e $ 5 , 1 0 0 , 0 0 0 b o n d s t o b e o f f e r e d f o r s a le o n N o v . 1 5 . See V . Decree of Chancellor in Park Bond Suit Affirmed by Court of Civil Appeals. 8 9 ’ p . 1236. N a s h v ille , T e n n .— ^ , — O n N o v . G th e C o u rt o f C iv i l A p p e a ls a f f ir m e d t h e r u lin g o f J u d g e J o h n A llis o n o f th e D a v id s o n C h a n c e r y C o u r t in th e s u it b r o u g h t to te s t th e v a li d it y o f th e A c t o f t h e la s t L e g is la t u r e a u t h o r iz in g th e is s u a n c e o f $ 5 0 0 ,0 0 0 b o n d s b y t h e c i t y o f N a s h v i ll e f o r t h e p u r p o s e o f c o n v e r t in g i n t o a p a r k w h a t is n o w k n o w n a s ‘ ‘ b la c k b o t t o m . ” V . 89, p. 807. T h e case g re w o u t o f a c le r ic a l e r r o r w h ic h m a d e o n e s e c t io n o f t h e b i ll r e a d $ 5 ,0 0 0 in s t e a d o f $ 5 0 0 ,0 0 0 , a s i t a p p e a r e d e ls e w h e r e . The Chan c e llo r h e ld t h a t it w a s e v id e n t ly th e p u r p o s e o f t h e L e g is la t u r e to a u t h o r iz e b o n d s f o r t h e la t t e r a m o u n t . troller. N ew Y o rk S ta te .— Governor Appoints New State Comp — G o v e rn o r Hughes on Novem ber 11 a p p o in t e d C la r k W illia m s , S t a t e S u p e r in t e n d e n t o f B a n k s , t o f ill t h e u n e x p ir e d t e r m o f S t a t e C o m p t r o lle r C h a r le s H . G a u s , w h o d ie d on O c to b e r Bonds Declared 31. Valid by State Supreme Court.—1 P u e b lo P u e b lo ) , C o lo . — 'T h e C o l o r a d o S u p r e m e C o u r t o n N o v . 1, in t h e s u it b r o u g h t b y G e o r g e C . M a n ly t o e n jo in t h e is s u a n c e o f $ 3 5 0 ,0 0 0 r e f u n d in g b o n d s , d e c id e d t h a t t h e is s u e w a s v a l i d . T h e o p in io n , d e liv e r e d b y J u s t ic e C a m p b e l l , w a s c o n c u r r e d in b y a ll t h e J u s t ic e s a n d a f f i r m s t h e f in d in g s o f J u d g e J . E . R iz e r o f t h e D i s t r ic t C o u r t . The b o n d s in q u e s t io n w e r e v o t e d in N o v e m b e r 1 9 0 6 a n d s o ld t o E . H . R o lli n s & S o n s o f C h ic a g o , w h o la t e r r e f u s e d t h e m . T h e y w e re n e x t a w a rd e d to J . H . C a u s e y & C o . o f D e n v e r , b u t t h is s a le a ls o f e ll t h r o u g h . See V . 88, p . 1213. On M a y 13 1 9 0 9 t h e b o n d s w e r e c o n t r a c t e d f o r b y F . W . K e e le r of C o u n ty D e n v e r, (P . s u b je c t O. to a f a v o r a b le o p in io n by th e S u p re m e ^ T h o V i r o c e e d s o f t h e p r e s e n t Is s u e a r e t o h e u s e d t o r e d e e m a lllc e a m o u n t o f b o n d s p u t o u t I n J a n u a r y 1 8 9 7 t o p a y o i l t w o Is s u e s o f b o n d s m a d e i n 1881 and 1885. T h e o r ig in a l d e b t w a s c o n tr a c te d p r io r t o th e a d o p tio n t h e S ta t e C o n s t i t u t i o n t o g iv e a id t o c e r t a in r a ilr o a d s u n d e r t h e a u t h o i l t y o f th e t e r r i t o r ia l s t a tu te s th e n In fo r c e . , ia o T h e p r in c ip a l c o n t e n t io n o f th e p l a i n t i f f w a s t h a t t h e b o n d Is s u e o f 1 8 9 7 , - w h ic h w a s p r o p o s e d t o r e f u n d , w a s I t s e lf I lle g a l u n d e r t h e a m e n d m e n t m a d e In 1 8 8 8 t o S e c tio n 0 o f A r t ic le X I . o f th e C o n s t it u t io n . T h is a m e n d m e n t p r o v id e d t h a t a n y c o u n t y " w h i c h h a s a n In d e b te d n e s s o u t s t a n d in g , ■ e ith e r In t h e f o r m o f w a r r a n t s f o r p u r p o s e s p r o v id e d b y la w p r i o r t o D e c . 31 1 8 8 0 , or I n t h e f o r m o f f u n d i n g b o n d s Is s u e d p r i o r t o s u c h d a t e f o r s u c h w a r r a n ts p r e v io u s ly o u t s t a n d in g , o r In th e f o r m o f p u b lic b u ild in g , r o a d o r b r id g e b o n d s o u t s t a n d in g a t s u c h d a te , m a y c o n t r a c t a d e b t b y lo a n b y th e Is s u a n c e o f b o n d s f o r th e p u r p o s e o f liq u id a t in g s u c h In d e b te d n e s s .” o f I t T i ___ t-Un*- + Io a n n rxf 1 8 0 7 u raa n o t r m n t r f l f ’.t.Pfl f o r n .n v o f Mm* Bond Calls and Redemptions. Littleton Village County, N . H . Clair County (P. O. Osceola), Awarded Judgment on Old Railroad Bonds M o. —Bondholder .— O n N o v . 8 t h e F e d e r a l C o u r t a w a r d e d a ju d g m e n t o f $ 5 5 2 ,3 2 1 8 8 a g a in s t t h is c o u n t y o n p a r t o f t h e b o n d s is s u e d in 1 8 7 0 f o r t h e T e b o N eosho R y . T h e j u d g m e n t w a s o b t a in e d b y B e r n a r d J . B u r k e o f N e w Y o r k C it y , a n d r e p r e s e n ts t h e p r in c ip a l a n d a c c r u e d in t e r e s t o n h is h o ld in g s o f $ 2 0 0 , 0 0 0 o f t h e s e bonds. T h e p r o p o s e d r a ilr o a d w a s n e v e r b u ilt , a n d th e h o ld e r s o f t h e b o n d s h a v e r e s o r t e d t o c o u r t p r o c e e d in g s o v e r a n d o v e r a g a in in th e e n d e a v o r to c o m p e l p a y m e n t , b u t w it h o u t a v a il. S e v e r a l p r e v io u s j u d g m e n t s h a v e p r o v e d in e f f e c t iv e , a n d t h e c o u n t y o f f ic ia ls a r e e v id e n t ly d e t e r m in e d t o c o n t in u e in t h e ir p o l ic y o f r e s is t a n c e . S o m e y e a rs ago t h e U n it e d S ta te s C o u r t h e ld th e c o u n t y lia b le a n d o r d e r e d a t a x le v ie d t o p a y th e p r in c ip a l a n d a c c r u e d in t e r e s t , w h ic h w a s s a id t o a m o u n t a t t h a t t im e t o n e a r ly $ 9 0 0 ,0 0 0 , a b o u t o n e - t h ir d o f t h e a s s e s s e d v a lu a t io n o f t h e w h o le c o u n t y . T h e m e m b e r s o f th e C o u n t y C o u r t p e r s is t e n t ly r e fu s e d to m a k e t h e le v y , in s p it e o f t h e C o u r t ’ s d e c is io n . A s s ta te d in t h e “ C h r o n ic le ” o f A p r i l 2 3 1 8 9 8 , s e v e r a l m e m b e r s h a v e s e r v e d te r m s fo r c o n t e m p t , a n d o n e o f th e q u a lif ic a t io n s f o r o f f ic e h a s b e e n t h a t t h e c a n d id a t e w a s w illin g t o g o t o j a il & ra th e r th a n b e a p a r ty to t h e le v y . District (P. —Bond Call O. Littleton), Grafton .— P a y m e n t w i l l b e m a d e o n D e c . 15 a t th e L it t le t o n N a t io n a l B a n k in L it t le t o n o f 4 % b o n d s o f t h is d is t r ic t d a te d D ec. 1 1894. T h e y m a tu re D e c . 1 1 9 1 4 , b u t w e re s u b je c t to c a ll a f t e r D e c . 1 1 9 0 4 . Winston (P. O. W inston-Salem ), Forsyth County, No. Car. .— H o l d e r s o f 6 % b o n d s d u e N o v . 1 5 1 9 0 9 —Bond Call m a y e x c h a n g e t h e ir s e c u r it ie s f o r 4 ) ^ % b o n d s u p o n p a y m e n t o f $25 p e r b o n d , on B o n d s n o t e x c h a n g e d w ill b e re d e e m e d a t o f T o w n s e n d , S c o t t & S o n in B a lt im o r e , 3 0 - y e a r r e f u n d in g o r b e fo re N o v . 13. th e b a n k in g h o u s e M d. Bond Proposals and Negotiations this w eek X » v e b e e n a s f o llo w s . .—Bond Sale A b e rd e e n , B ro w n C o u n ty , S o. D a k .— T h e $ 4 2 ,0 0 0 f u n d in g b o n d s d e s c r ib e d in V . 8 9 , p . 9 4 5 , w e r e s o ld o n N o v . 8 t o t h e C it iz e n s ’ T r u s t & S a v in g s B a n k o f A b e r d e e n a t p a r a n d a c c r u e d in t e r e s t f o r 4 )^ s . P u r c h a s e r s t o f u r n is h b la n k b o n d s . M a t u r it y J a n . 2 1 9 2 0 . .—Bonds Offered by Bankers A b e rd e e n In d e p e n d e n t S c h o o l D is t r ic t ( P . O . A b e rd e e n ) , B ro w n C o u n ty , S o. D a k .— T h e T h o s . J . B o lg e r C o . o f C h ic a g o is o f f e r in g f o r s a le t h e $ 1 1 ,0 0 0 1 0 - y e a r r e f u n d in g a n d t h e $ 2 5 ,0 0 0 2 0 - y e a r b u ild in g 5% b o n d s v o te d o n A p r il 2 0 . T h e r e f u n d in g b o n d s a r e d a t e d M a y 1 1 9 0 9 a n d th e b u ild in g b o n d s a r e d a t e d J u n e 1 1 9 0 9 . D e n o m in a t io n $ 1 ,0 0 0 . I n t e r e s t s e m i- a n n u a lly in C h ic a g o . .—Bond Sale A k r o n , O h io .— T h e S e c o n d N a t i o n a l B a n k o f A k r o n w a s t h e s u c c e s s f u l b i d d e r o n O c t . 2 6 f o r t h e 11 is s u e s o f b o n d s , a g g r e g a t in g $ 5 3 ,2 5 0 , d e s c r ib e d in V . 8 9 , p . 1 0 9 7 . A l i s t o f t h e b id d e r s f o llo w s : $ 3 ,5 0 0 $4,400 $24 ,0 0 0 $4,8 0 0 0 bonds. bonds. bonds. bonds. S e co n d N ation a l B a n k , A k r o n .. $ 3 , 554 20 $4,455 70 $24,253 50 $4,904 75 C entral S a v . & T r . C o .. A k r o n .. 3,5 5 0 00 4 ,4 2 8 51 24,162 40 24,129 60 4.8 5 6 64 C leveland T ru st C o ., C le v e la n d - 3 ,5 3 5 70 4,4 2 2 00 24,196 55 4 ,8 6 9 55 N ew First N a t. I lk ., C o lu m b u s .. 3,531 55 4,411 55 24,152 10 4,8 3 2 00 ----------H a y d e n , M iller & C o ., C levelan d 3,5 2 8 00 24,037 50 4 ,8 4 9 80 Breed & H arrison , C in c in n a ti___ 3,511 25 4,4 0 2 50 24,098 40 4 .8 5 6 64 S ea so n go o d & M ayer, C in cin n ati _______ 4 ,4 0 9 50 2 4 ,1 5 0 00 --------------------D avies & B ertram C o ., C l n c i n .. 24,1 3 4 50 C. K. D enison & C o ., C le v e la n d . --------------------24,093 00 First N ation a l B a n k , C le v e la n d . --------------------2 4 ,083 75 O h io S av in gs B k . & T r . C o ., T o l. --------------------2 4 ,064 80 W e il, R o th & C o .. C i n c i n n a t i .................... ----------2 4 ,0 4 5 60 C en t. T r . & S afe D ep. C o ., C in e . --------------------4,851 00 C its. N a t. B k ., N ew P h lla .. O hio --------------------$ 1 ,800 00 $ 6 ,250 00 $1,586 00 $1,204 bond s. bonds. bonds. bonds. $1,601 40 $1,2 0 5 41 S e co n d N a tio n a l B a n k , A k r o n . $1,824 90 $6,347 32 C en tral S a v . & T r . C o ., A k ron — ... 6,298 49 1.204 25 1.586 32 C levelan d T ru st C o ., C le v e la n d . 1,807 74 6,290 62 1.204 00 1.586 00 N ew First N at. B k ., C o lu m b u s . 1,800 00 6,283 55 H a y d e n , M iller & C o ., C levelan d _______ 6,298 90 B reed & H arrison , C in cin n ati _______ 6,264 37 S e a so n g o o d & M ayer, C in cin n ati _______ 6,281 50 C. E . D enison <c C o ., C le v e la n d . 5 ____ . 6,283 15 ----------N . C. R e ld ln g e r, K e n t ___________ 1,821 00 $600 $ 2,110 $3,000 bonds. bonds. bonds. $605 68 $2,130 02 S e co n d N a tio n a l B a n k , A k r o n ---------------------- $3,028 40 C en tral S av in gs & T ru st C o ., A k r o n -----------3,0 1 4 92 600 12 2,1 1 0 4 2 C le ve la n d T ru s t C o ., C le v e la n d ------------------ 3 ,0 0 0 60 600 00 2,113 55 N ew F irst N a tio n a l B a n k , C o lu m b u s ----------- 3 ,0 0 5 55 605 00 N . C. R e ld ln g e r, K e n t --------------------------------------------605 00 T . B . C a rm ich ael, A k r o n ----------------------------------------T h e $ 3 ,5 0 0 b o n d s c a r r y 5 % is s u e s c a r r y in t e r e s t , w h ile th e r e m a in in g in t e r e s t . .—Bond and Certificate Offering.— A lb e r t L e a , M in n p o s a ls a r e a s k e d f o r b y bonds and b y \ h c C ou rt " a s m erely fu n d in g again o r a n e w .” T h e o p in io n states that - ‘ th e s e c tio n clea rly auth orizes fu n d in g o f bon d s t o p a y an Illegal d e b t; Indeed, th a t w as Its principal p u rp o se , and It w o u ld seem necessarily to fo llo w th a t w h a tev er d e b t can be fu n d e d m a y be refu n ded b y th e sam e a u t h o r it y .” T h e C ou rt also holds th at “ legal c o u n ty in d ebted n ess w h ich e x is te d p rior to the a d o p tio n o f this am e n d m e n t m ight h ave b e e n fu n d e d as th e original law then s to o d and In a c co rd a n ce w ith Its lim ita tio n s, a l th ou g h the C on stitu tion did n o t ex p re ssly au th orize th e a c t o f fu n d in g . " I f such Indebtedness cou ld be fu n d e d u nd er the C on stitu tion as It e x iste d b e fo re 1888, It cou ld also be r e fu n d e d ." C on tin u in g, the o p in io n says: " I n G eer vs Hoard o f C om m issioners, 97 F e d ., 435, It was held th a t this a m en d ed s ection does n ot Inhibit the G eneral A ssem bly fro m au th o riz in g co u n tie s to issue refu nding b o n d s, becau se a refu n d in g o f a d e b t Is n ot c r e a tin g a new d e b t .” "T h e r e fo r e , In so fa r as plain tiff s o b je c tio n goes to the lack o f a u th o r ity In the b o a rd o f c o u n ty com m ission ers to fu n d o r re fu n d a p re-ex istin g va lid d e b t, w h ether the sam e Is fu n d e d o r re fu n d e d or In the form o f w arra n ts, on the grou n d th at It Is c o n tra ctin g a d e b t by loa n an d Is in c on lllct w ith S e ctio n 0. his p o s itio n Is u n te n a b le .” St. 1293 THE CHRONICLE Xov. 13 1900.] t h is c it y c e r t if ic a t e s . A llia n c e , S t a r k C o u n t y , O h io u n t il N ov. P ro 15 f o r $ 6 0 ,5 0 0 .—Bond Sale .— T h e f o l l o w i n g b id s w e r e r e c e iv e d o n N o v . 8 f o r t h e $ 1 3 5 ,0 0 0 4 % s e w e r a g e d is p o s a l b o n d s and th e $ 7 ,0 0 0 5% s t r e e t - im p r o v e m e n t a s s e s s m e n t b o n d s d e s c r ib e d in V . 8 9 , p . 1 2 3 5 : $ 1 3 5,00 0 $7,000 bonds. bonds. O tis & H o u g h , C levelan d _ . ------ ------------------------------— p a r fo r " a ll o r n o n e ” F a rso n , S on & C o ., C h ic a g o ____. . ------------------------- 6$1 35.0 00 — N ew F irst N ation a l B a n k , C o lu m b u s---------------------132,575 7 ,12o First N a tio n a l B a n k o f C le v e la n d ------------------------------------7 ,0 8 / b Less $2,000 fo r legal e xp en ses an d b lan k b o n d s. A ll b id d e rs o ffe re d a c c r u e d in te re st In a d d itio n to th eir b id s . T h e $13 5,00 0 b o n d s m atu re $27 ,000 y e a rly fro m 1929 to 1934 In clu sive, w hile th e $7,000 b o n d s m ature $1,400 y e a rly fro m 1910 to 1914 In clu sive. A m e lia , C le r m o n t C o u n t y , O h io — R e p o rts s tre e t-b o n d Anna C o u n ty , s c h o o l- b (V . 89, s ta te th a t t h is to w n .—Bond Election Proposed. p ro p o se s to h o ld a $ 3 ,0 0 0 e le c t io n . Sale I n d e p e n d e n t S c h o o l D is t r ic t ( P . O . A n n a ) , C o llin T e x .— -R o n d .— 1 h e $ 1 4 , 0 0 0 5 % 4 0 - y e a r c o u p o n T u ild in g b o n d s b id s f o r w h ic h w e r e r e je c t e d o n A u g . 2 5 p . 7 3 7 ) h a v e b e e n d is p o s e d o f t o t h e N o e l - Y o u n g B o n d & S t o c k C o . o f S t . L o u is . D e n o m in a tio n $ 1 ,0 0 0 . D ate S e p t. 1 1909. In terest a n n u a lly In N ew Y o r k a t the B a n k o f N ew Y o r k . T o ta l d e b t this Issue. A ssessed v a lu a tio n $48 2 ,5 1 0 . R ea l v a lu a tio n (estim ated) $ 8 0 0 ,0 0 0 . .—Certificate Offering A sb u ry P a rk , N . J .— P r o p o s a l s w i l l b e r e c e iv e d u n t i l 2 p . m . N o v . 1 5 b y W i l l i a m C . B u r r o u g h s , C i t y C le r k , f o r $ 3 8 ,7 6 1 2 4 5 % S p r in g w o o d A v e n u e - im p r o v e m e n t a s s e s s m e n t c e r t if ic a t e s . D e n o m in a tio n $500, e x c e p t o n e ce rtifica te o f $261 24. In te re st sem i an n u al. M atu rity $7,761 24 in 1 y e a r, $7,500 y e a rly fro m 2 to 4 years Inclu sive and $8,500 In 5 years. O fficia l a d v e rtis e m e n t states there has n e v e r been a n y d e fa u lt in the p a y m e n t o f p rin cip a l o r Interest o f a n y cer tific a te s ’ also th a t there is no c o n tr o v e r s y o r litig a tio n p e n d in g o r th re a t e n in g c o n ce rn in g the v a lid ity o f this Issue, th e c o r p o r a te e x is te n ce o r th e bo u n d a rie s o f th e m unicipality,| or the^title o f th e present o ffic e r s t o th eir r e s p e ctiv e o ffic e s . A s h la n d , A s h la n d C o u n t y , O h io .— O n N o v . 8 th e $ 5 ,6 0 0 5% coupon Second S t . im p r o v e m e n t b o n d s .—Bond Sale 1294 THE CHRONICLE V. d e s c r ib e d in 8 9 , p . 1 2 3 5 , w e re a w a rd e d to th e F ir s t N a t io n a l B a n k o f A s h la n d a t 1 0 6 .4 8 2 a n d a c c r u e d in t e r e s t . T h e f o l lo w i n g b i d s w e r e r e c e iv e d : F irst N a t. B k ., A s h la n d ___ $5,963 00 W . R . T o d d & C o ., C in ____ $5,7 5 5 00 F a rm e r s ’ B a n k , A s h la n d , _ 5,938 00 H a y d e n , M iller & C o ., A sh la n d B k .& S .C o ., A s h l. 5,859 84 n c l............................. CIt. N a t .B ., N ew P h lla ____ 5,8 5 5 64 ^ J ? IcXe la k .& T . C o .. T o le d o 5,742 84 O hio S. B 5,613 75 M a tu rity $280 e a ch s is m on th s fro m " e p t. " 1910 to M arch 1 1920 S ' 1 ' in clu s iv e. Bond Sale. A s h la n d , A s h la n d C o u n ty , W is . — — A n is s u e o f 8 8 5 ,0 0 0 4 j/ 2 % r e f u n d in g b o n d s w a s r e c e n t ly a w a r d e d to t h e T h o s . J . B o lg e r C o . o f C h ic a g o . D e n o m in a tio n $ 1 ,000. D ate N o v . 1 1909 In te re st J a n . a n d J u ly . M a tu rity part y e a rly fro m 1915 to 1929. Bonds Authorized. A s h t a b u la , A s h t a b u la C o u n t y , O h io . — — T h e C it y C o u n c il h a s a u t h o r iz e d t h e is s u a n c e of th e 8 3 9 0 ,0 0 0 4% 2 0 - y e a r r iv e r - im p r o v e m e n t b o n d s v o t e d ( V . 8 9, p . 1097) o n O c t. 14. I n t e r e s t s e m i- a n n u a l. D e n o m i n a t io n 8 1 ,0 0 0 . D a te O c t. 1 1909. Bonds Proposed. Atlantic City, N. J . — — A c c o r d in g to re p o r t s , t h e C it y C o u n c il o n N o v . 9 p a s s e d o n it s f ir s t r e a d in g a bill p r o v i d i n g f o r t h e i s s u a n c e o f 8 5 0 0 , 0 0 0 b o n d s t o a c q u i r e th e A b s e c o n W a te r S h e d . .—Bond Election.— Ballinger (Tex.) Precinct No. 1 D is p a t c h e s s t a t e t h a t a n e le c t io n is li k e ly t o b e c a lle d in t h is p r e c in c t f o r th e p u r p o s e o f o b t a in in g t h e o p in io n o f th e v o t e r s o n t h e q u e s t io n o f is s u in g 8 1 0 0 ,0 0 0 r o a d b o n d s . Bonds Voted. Baltimore, Md.— — T h e v o te rs o n N o v . 2, a c c o r d in g t o lo c a l p a p e r s , a p p r o v e d a 8 1 ,0 0 0 ,0 0 0 d o c k lo a n b y a v o te o f 4 2 ,4 1 8 “ f o r ” to 2 6 ,4 8 0 “ a g a in s t . ” Beaver County (P. O. Beaver City), Okla.— Bond Offering. — P r o p o s a ls w i l l b e r e c e iv e d u n t i l 1 2 m . N o v . 2 0 b y J o h n S im s , C o u n t y T r e a s u r e r , f o r 8 2 3 ,0 0 0 5 % fu n d in g b o n d s . I n t e r e s t s e m i- a n n u a l. M a t u r it y 2 0 y e a rs . Beliefontaine, Ohio. —Bonds Authorized .— A n o r d in a n c e h a s b e e n p a s s e d , i t is r e p o r t e d , p r o v i d i n g f o r t h e i s s u a n c e o f 8 2 5 .0 0 0 5 % 1 0 - 3 0 - y e a r ( o p t io n a l) s e w e r a g e b o n d s . T h is o r d in a n c e r e p e a ls a n e a r l ie r o n e w h ic h p r o v i d e d f o r t h e is s u a n c e o f 8 1 5 ,0 0 0 4 % bond s. D e n o m in a t io n 8 5 0 0 . D a te ept 1 1909. Belleville, St. Clare County, 111.— Bonds Not Sold. — a r e in f o r m e d u n d e r d a t e o f O c t . 2 9 t h a t n o a w a r d h a s b e e n m a d e o f t h e 8 3 0 ,0 0 0 b o n d s — t h e u n s o ld p o r t io n o f is s u e o f 8 9 5 , 0 0 0 4 % r e f u n d i n g b o n d s m e n t i o n e d i n V . p . 612. W e yet th e 89, T h e b on d s are d a te d S e p t. 2 1909 an d m atu re $5,0 0 0 y e a r ly o n S e p t. 2 fro m 1923 t o 1928 in clu siv e . D e n o m in a tio n $ 1 ,0 0 0 . In te re st s e m i an n u a l. G . H . B eln eke Is C ity C lerk. Belvedere School District, Cal.— s ta te t h a t a 8 3 5 ,0 0 0 bond e le c t io n Bloomfield, Essex County, N. h a s s o ld th e f o llo w in g 4% Bond Election Bond Sale— w ill b e h e ld .— R e p o r t s N o v . 23. J .— co u p o n b ond s: T h is to w n [VOL. L XXX1X. $ 5 0 ,0 0 0 00 r e fu n d in g w a te r b o n d s d u e $2,500 y e a r ly o n D e c 5 fro m 1910 to 1929 In clu sive. 71,966 66 la n d -p u rch a se b o n d s d u e D e c. 15 1914. D a te D e c. 15 1909. In te re s t s e m i-a n n u a lly a t the C ity C o m n troller’s o ffic e o r a t th e G allatin N a tio n a l B a n k in N ew Y o r k C ity. * Bonds Registered. B u r le s o n C o u n t y J u s t ic e P r e c in c t N o . 1 , T e x . — — O n O c t . 2 6 t h e S t a t e C o m p t r o ll e r r e g is t e r e d th e 8 2 1 5 ,3 2 0 5 % 2 0 - 4 0 - y e a r ( o p t io n a l) le v e e - c o n s t r u c t io n b o n d s d e s c r ib e d in V . 8 9 , p . 8 6 9 . Bids RefecUd.— C a m d e n C o u n ty (P . O . C a m d e n ), N . J .— T h is c o u n t y r e je c t e d a ll b id s r e c e iv e d o n N o v . 8 3 5 ,0 0 0 Cam den & H a d d o n f ie ld T u r n p ik e an B r o w n s C o r n e r , N ic h o ls o n , C o f f in s C o r n e r a n d r o a d s 4 J ^ % c o u p o n b o n d s d e s c r ib e d in V . 8 9 , p . 10 fo r th e d 8 3 2 ,0 0 0 G ib b s b o r o 1176. Bond Offering. C a p it o l H i l l S c h o o l D is t r ic t ( P . O . C a p it o l H il l) , O k la hom a C o u n ty , O k la . — — P r o p o s a ls w ill b e r e c e iv e d u n t i l 8 p . m . N o v . 1 5 b y U . R . C le m e n t , D i r e c t o r , f o r 8 4 5 , 0 0 0 h ig h - s c h o o l b o n d s . In te re st ( 5 % , 5 or 6 % ) p a y a b le a t the N a tio n a l B a n k o f C o m m e rce in N ew Y o r k C ity M a tu rity 20 years. C ertified ch e ck fo r $1,000 Is r e q u ire d . B o n d e d d e b t , in c lu d in g this Issue, $52 ,8 0 0 . A ssessed v a lu a tio n $ 1 ,4 4 4 ,4 7 4 . Bond Sale.— C a r t e r C o u n t y S c h o o l D i s t r ic t N o . 1 5 , O k la . — T h is d is t r ic t h a s a w a r d e d 8 5 ,0 0 0 6 % s c h o o l b o n d s t o th e O k la h o m a Bond T r u s t C o . o f G u t h r ie a t 1 0 1 . D a te A u g . 16 1 9 0 9 . M a t u r it y J u ly 1 1 9 2 9 . & Bond Sale C a r t e r C o u n t y S c h o o l D i s t r ic t N o . 5 0 , O k la . — T h e O k la h o m a B o n d & T r u s t C o . o f G u t h r ie w a s a w a r d e d 8 2 ,4 0 0 6 % sch o o l b o n d s a t 101. D a te 1909. M a t u r it y J u ly 1 1 9 2 9 . .— r e c e n t ly S e p t . 1> Bonds Voted. C h a t h a m , M o r r is C o u n t y , N . J . — — A re ce n t e le c t io n , i t is s t a t e d , r e s u lt e d in f a v o r o f a p r o p o s it i o n t o is s u e 8 8 , 0 0 0 s c h o o l - b u i ld in g b o n d s . T h e v o te w a s 96 “ fo r ’* to 2 8 “ a g a in s t .” Bonds Offered by Bankers.— C h i c a g o — N o r t h S h o r e P a r k D i s t r i c t , 111.— A n is s u e o f 8 3 2 , 0 0 0 4 % 5 - 2 0 - y e a r ( s e r i a l ) p a r k b o n d s is b e in g o f f e r e d t o in v e s t o r s b y M c C o y & Co. o f C h ic a g o . D en om in a tion $ 1 ,0 0 0 . D a te A p ril 1 1909. In te re s t se m i-a n n u a lly a t the S ta te B a n k lo C h ica g o . T o ta l d e b t , this Issue. A ssessed v a lu a tio n $ 1 ,1 6 1 ,5 6 6 . R e a l v a lu a tio n (e stim a te d ) $ 6 ,0 0 0 ,0 0 0 . C la r k s b T h e b id s 8 2 2 1 ,6 0 0 d e s c r ib e d .—Bids Rejected u r g , H a r r is o n C o u n t y , W . V a .— r e c e iv e d o n N o v . 5 f o r t h e 8 4 8 ,4 0 0 r e f u n d in g a n d w a te r , p a v in g a n d s e w e ra g e 4 ^ % g o ld bonds in V . 8 9 , p . 1 1 7 6 , w e re r e je c te d . Bond Offering. C le v e la n d S c h o o l D is t r ic t C o u n t y , O k la . — u n t il N o v . 15 f o r 8 1 6 ,0 0 0 5 % ( P . O . C le v e la n d ) , S h a w n e e — P r o p o s a ls w i l l b e r e c e iv e d sch ool bon d s. In te re s t se m i-an n u al. M atu rity 25 y e a rs . or th e B oa rd o f E d u c a tio n . C o a l C o u n t y S c h o o l D is t r ic A n is s u e o f 8 1 , 5 0 0 6 % s c h o o l t h e O k la h o m a B o n d & T r u s t O c t . 16 1 9 0 9 . M a t u r it y J u ly C has. I lo lt z m a n Is S e c r e ta r y Sale.— t N o . 5 , O k la . — R o n d b o n d s w a s r e c e n t ly b o u g h t b y C o . o f G u t h r ie a t 1 0 1 . D a te 1 1929. Bond Sale $15 ,0 0 0 w a ter b on d s d u e $5,0 0 0 o n A p ril 1 In ea ch o f the years 1935. 1936 C o lf a x C o u n t y S c h o o l D is t r ic t N o . 2 3 , N . M e x . — . an d 1937. 1 0 - 2 0 - y c a r ( o p t io n a l) c o u p o n 3 0 .0 0 0 park b on d s d u e $5,0 0 0 y e a r ly o n A p ril 1 fro m 1930 to 1935 in — O n O c t . 1 t h e 8 2 , 0 0 0 6 % clu sive. s c h o o l- h o u s e b o n d s d e s c r ib e d in V . 8 9 , p . 8 7 0 , w e r e a w a r d e d 3 1 .0 0 0 s c h o o l b on d s d u e $ 1 ,000 y e a r ly o n A p ril 1 fro m 1918 to 1048 to th e F ir s t N a t io n a l B a n k o f R a t o n a t 1 0 1 .2 5 . Inclu sive. 5 In terest A p ril an d O c to b e r a t the B lo o m fie ld N ation a l B a n k o f B lo o m fie ld . C o llin s v ille , R o g e rs C o u n ty , O k la . — .— Bradley Beach School District (P. O. Bradley Beach), P r o p o s a l s w i l l b e r e c e i v e d u n t i l N o v . 1 5 f o r 8 3 0 , 0 0 0 w a t e r Monmouth County, N. J . — .— T h e s a l e w o r k s a n d 8 7 ,5 0 0 s e w e r b o n d s a u t h o r iz e d o n O c t . 2 6 b y a o f th e 8 8 5 ,0 0 0 5 % 2 0 - y e a r c o u p o n s c h o o l- b u ild in g b o n d s d e v o t e o f 1 3 2 t o 5 o n t h e f o r m e r is s u e a n d 1 2 6 t o 6 o n t h e s c r ib e d in V . 8 9 , p . 1 2 3 6 , w h ic h w a s t o h a v e t a k e n p la c e la t t e r . W . J . P a t t i s o n is C i t y C le r k . A s s e s s e d v a lu a t io n N o v . 11, w a s p o s tp o n e d . 1 9 0 9 8 3 5 5 ,0 0 0 . Bond Offering Bond Sale Postponed Bristol County (P. O. Taunton), Mass.— Note Offering.— P r o p o s a ls w i l l b e r e c e iv e d u n t i l 1 0 :3 0 a . m . N o v . 1 8 b y F r a n k M . C h a c e , C h a ir m a n o f t h e C o u n t y C o m m is s io n e r s , f o r 8 2 0 ,0 0 0 N e w B e d f o r d R e g is t r y B u ild in g a n d 8 2 0 ,0 0 0 F a ll R iv e r C o u rt-H o u s e 4 )^ % n o te s . D a te N o v . 20 1909. In te re s t s e m i-a n n u a l. M a tu rity 7 years. Brookline, Norfolk County, Mass.— Interest Rale. — W e a r e a d v i s e d t h a t t h e f o u r is s u e s o f b o n d s , a g g r e g a t in g 8 3 0 2 , 9 0 0 ( n o t 8 3 0 2 ,0 0 0 a s a t f ir s t r e p o r t e d ) , r e c e n t ly a w a r d e d t o E s t a b r o o k & C o . o f B o s t o n , c a r r y in t e r e s t a t t h e r a t e o f 3 K% . Brown County Bonds Registered Common School District No. 49, Tex.— .— W e a r e i n f o r m e d t h a t t h e S t a t e C o m p t r o lle r r e g is t e r e d 8 1 ,5 0 0 5 % b o n d s o n O c t . 2 2 . They m a t u r e in 2 0 y e a r s , b u t a r e s u b je c t t o c a ll a f t e r 1 0 y e a r s . Bond Issue. Bond Election Proposed. C o lo r a d o S p r in g s S c h o o l D i s t r ic t N o . 1 1 ( P . O . C o lo r a d o S p r in g s ) , C o lo .— — T h is d is t r ic t p r o p o s e s t o c a l l a n e le c t io n , i t is s t a t e d , t o v o t e o n t h e q u e s t io n o f is s u in g 8 2 5 0 ,0 0 0 b o n d s t o b u ild a T e c h n ic a l H ig h S c h o o l a n d im p r o v e t h e g r a m m a r - s c h o o l b u ild in g s . I t is f u r t h e r r e p o r t e d t h a t th e s e s e c u r it ie s w i l l t a k e t h e p la c e o f th e 8 1 7 5 ,0 0 0 b o n d s v o te d o n M a y 3 ( V . 8 8 , p . 1 2 1 0 ), a s t h e y w e r e s u b s e q u e n t ly “ c a n c e le d b e c a u s e o f ir r e g u l a r i t i e s in t h e m e t h o d o f v o t in g . ” Bonds Voted C o n c o n u lly , O k a n o g a n C o u n t y , W a s h . — A n e le c t io n h e ld O c t . 1 5 , i t is r e p o r t e d , r e s u lt e d i n a p r o p o s i t i o n t o is s u e 8 5 , 5 0 0 w a t e r - w o r k s b o n d s . .— fa v o r o f Bonds Voted. C o n c o rd School D is t r ic t , T e x .— — School b o n d s f o r th e e r e c t io n o f a n e w b u ild in g h a v e b e e n v o t e d b y t h is d is t r ic t . Bond Sale. Buffalo, N. Y .— — T h e is s u a n c e o f a 8 1 5 , 0 0 0 j C o n t in e n t a l, P u t n a m C o u n t y , O h io . — — 4 % b o n d h a s b e e n a u t h o r iz e d . U n d e r th e te rm s o f th e 8 2 .0 0 0 6 % f u n d in g b o n d s d e s c r ib e d in V . 8 9 , p . 1 0 9 9 , a n d o r d i n a n c e t h e b o n d is t o b e t a k e n a t p a r b y t h e C i t y C o m p o ffe re d o n N o v . 6 w e re a w a r d e d to th e B a n k o f C o n t in e n t a l t r o lle r in t r u s t f o r t h e H e r t e l A v e n u e O u t le t S e w e r S in k in g a t p a r. M a t u r it y p a r t y e a r ly o n O c t. 1 fr o m 1 9 1 0 to 1 9 1 4 Fund. in c lu s iv e . D ate N o v . 1 1909. P rin cip a l a n d Interest w ill b e p a y a b le J u ly 1 1910 C o o p e r s v ille , O tta w a C o u n ty , M ic h .— .— a t the C ity C o m p tr o lle r ’s o ffic e . A n is s u e o f 8 6 , 9 9 9 p a r k b o n d s h a s , a c c o r d i n g t o r e p o r t s , , — T h e f o llo w in g 4 % b o n d s , a g g r e b e e n f a v o r a b ly v o te d . T h e v o te c a st w a s 143 to 25. g a t in g 8 1 4 6 ,7 2 7 1 9 , w e r e d is p o s e d o f d u r in g O c t o b e r t o t h e Bonds Voted Bond Sales for October. v a r io u s s in k in g 50 5 ‘ >000 00 ,2 7,784 37 fu n d s : ’., -y ca r Kln" v o o ( l A v en u e e x te n s io n b o n d s d a te d O ct. 1 1909. 1-year g ra d e-crossin g b o n d s d a te d O ct. 1 1909. 1-year gra d e-crossin g b o n d s d a te d O c t . 1 1909. 2 0 -yea r g ra d e-cro ssin g b o n d s d a te d O ct. 1 1909. 1-year m o n th ly -lo c a l-w o r k b o n d s d a te d O ct. 15 1909. Bonds Proposed. — L o c a l p a p e rs re p o rt th a t th e B o a rd o f A ld e r m e n o n N o v . 8 a p p r o v e d t h e r e c o m m e n d a t io n o f t h e M a y o r t o is s u e 8 3 7 1 , 9 6 6 b o n d s t o e x t e n d E l m w o o d A v e n u e . T h e b o n d s w ill n o w b e s u b m it t e d to t h e C o u n c il. I f th e C o u n c il a p p r o v e s t h e m t h e y w ill th e n b e s u b m it t e d to th e M a y o r f o r h is s ig n a t u r e . Bonds Authorized. — O r d in a n c e s h a v e b e e n p a s s e d p r o v id in g f o r t h e is s u a n c e o f t h e f o llo w in g 4 % b o n d s : The Bond Sale Not Consummated. C o u n c il B lu f f s I n d e p e n d e n t S c h o o l D i s t r ic t ( P . O . C o u n c il B lu f f s ) , I o w a . — — R e fe r r in g t e t h e 8 5 7 , 0 0 0 4 % 1 0 - y e a r r e f u n d in g b o n d s a w a r d e d o n S e p t . 14 t o N . W . H a ls e y & C o . o f C h ic a g o ( V . 8 9 , p . 9 4 7 ) t h e d i s t r ic t a d v is e s u s t h a t “ a ll n e g o t ia t io n s s o f a r h a v e f a lle n t h r o u g h . ” C r e s t lin e , 8 6 .0 0 0 4 j^ % Bond Sale. C ra w fo rd C o u n ty , O h io . — — T hu 5 - 1 0 - y e a r ( s e r ia l) w a t e r - w o r k s - p u m p in g - s t a t io n b o n d s d e s c r i b e d i n V . 8 9 , p . 1 2 3 6 , w e r e a w a r d e d o n N o v . 8t o S e a s o n g o o d & M a y e r o f C in c in n a t i a t 1 0 2 .1 5 . C u s t e r C o u n t y ( P . 6 . M ile s C it y ) , M o n t . — P r o p o s a ls w il l b e r e c e iv e d u n t il 2 p . m . N o v . 17 b y O . C . H a y n e s , C o u n t y C le r k , f o r 8 5 0 ,0 0 0 w a g o n - b r id g e b o n d s a t n o t e x c e e d in g 5 % in t e r e s t . Bond Offering.— THE CHRONICLE ItfOY. 13 1909. J A u th o rity v o t e o f 333 " t o r ” t o 281 “ a g a in s t” a t e le ctio n held J u ly 27 1009. D e n o m in a tio n 3 1 ,0 0 0 . D a te J a n . 1 1010. In terest sem i-an n u al. M a tu rity J a n . 1 1030, s u b je c t t o call a lte r 10 y e a rs. B on d s are e x e m p t fro m ta x es . Cash d e p o s it o f 5 % o f b id Is re q u ire d . O fficia l n o tice states th a t th ere Is n o litig a tio n p e n d in g o r th rea ten ed an d th a t n o p re v io u s b o n d Issues h a v e e v e r been c o n te s te d . —Bond Offer ing C u y a h o g a C o u n t y ( P . O . C le v e la n d ) , O h io . .— P r o p o s a l s w i l l b e r e c e i v e d u n t i l 11 a . m . N o v . 1 7 b y t h e B o a r d o f C o u n t y C o m m is s io n e r s f o r th e f o llo w in g 4 ^ % co u p o n bon d s: 3 5 ,7 5 0 B reck sv llle R o a d N o . 3 assessm ent b o n d s. D e n o m in a tio n 3500, e x c e p t on e b o n d o f $250. -Maturity on O ct. 1 as fo llo w s : $750 in 1910, $500 y e a r ly fro m 1911 t o 1918 Inclu sive an d $1,000 in 1919. 3 8 ,2 5 0 B reck svllle R o a d N o. 3 (c o u n t y ’s p o rtio n ) b o n d s. D e n o m in a tio n $ 1 ,0 0 0 , e x c e p t o n e b o n d o f $250. M atu rity $250 A p ril 1 1910, $ 1,000 O c t. 1 1910, 3 1 ,000 A pril 1 1911, 32,000 ea ch s ix m on th s fro m O ct. 1 1911 to O ct. 1 1918 In clu sive, 3 3 ,000 A p ril 1 1919 an d $ 3 ,0 0 0 O ct. 1 1919. ^ , 1 2,500 C en ter R id g e R o a d assessm ent b o n d s. D e n o m in a tio n $500. M a t u r it y $500 ea ch six m on th s fro m A p ril 1 1910 t o A p ril 1 1917 in clu siv e an d $ 1 ,0 0 0 ea ch s ix m o n th s fro m O c t . 1 1917 t o O ct. 1 1919 in c lu s iv e . , . . . „ . _ 3 6 .4 0 0 C en ter R id g e R o a d (co u n ty s p o rtio n ) b o n d s . D e n o m in a tio n $ 1 , 000 , e x c e p t on e b o n d o f $400. M a tu rity $400 A p ril 1 1910, $1,000 O c t. 1 1910, $ 1 ,0 0 0 A p ril 1 1911 a n d $2,000 ea ch s ix m o n th s fro m O ct. 1 1911 t o O c t . 1 1919 Inclu sive. A u th o rity S ection s 2 2 b an d 403 7 -9 , R e v is e d S ta tu te s. D ate N o v . 1 1909. In terest A pril 1 an d O c t. 1 a t th e C o u n ty T rea su rer’s o ffic e . B id m ust be u n c o n d itio n a l an d be m a d e on e a ch issue s e p a ra te ly . A n u n c o n d itio n a l certified ch e ck fo r 1 % o f b on d s b id fo r , p a y a b le t o th e C o u n ty T reasu rer, Is req u ired . B on d s w ill b e d e liv e re d w ith in 10 d a y s fro m th e tim e o f a w a rd . I n a d d it i o n t o t h e a b o v e , p r o p o s a ls w i l l a ls o b e r e c e iv e d u n t i l 11 a . m . D e c . 1 b y t h e B o a r d o f C o u n t y C o m m i s s i o n e r s , R a n d o lp h Y . M c C r a y , C le r k , f o r $ 3 0 0 ,0 0 0 4 % c o u p o n b o n d s . A u th o r it y e le ctio n held N o v . 5 1901; also S ection s 871 and 872, R e v ise d S ta tu tes. D e n o m in a tio n $1 ,0 0 0 . D ate D e c. 1 1909. In te re s t A p ril 1 a n d O ct. 1 a t the C o u n ty T rea su re r’s o ffic e . M a tu rity $ 15 ,000 y e a rly on O c t . 1 from 1910 to 1929 In clu sive. P ro p o sa ls m ust b e u n co n d itio n a l and b o m ade o n a fo rm fu rn ish ed b y the c o u n t y . E a ch bid m u st b e a c c o m pa n ied b y a b o n d sign ed b y n o t less th an tw o d isin terested person s, resi d en ts o f a n d ow n in g real estate In this c o u n t y , o r b y an u n c o n d itio n a l c e r ti fied c h e c k , m a d e p a y a b le t o th e C o u n ty T reasu rer, fo r 1 % o f b o n d s b id fo r . Bonds Registered D a lla s C o u n ty w a s r e g is t e r e d C o m m o n S c h o o l D is t r ic t N o . 3 2 , T e x . — .— A n i s s u e o f $ 6 ,0 0 0 5 % 1 0 -yca r b o n d s o n O c t . 2 6 b y th e S t a t e C o m p t r o lle r . —Bond Offering.— D e la w a r e , D e la w a r e C o u n ty , O h io . P r o p o s a ls w i l l b e r e c e iv e d u n t i l 1 2 m . N o v . 1 6 b y F . D . K in g , C it y A u d it o r , f o r $ 5 ,2 5 0 5 % c o u p o n r e f u n d in g b o n d s . D en om in a tion $50 0, e x c e p t o n e b o n d o f $750. D a te N o v . 1 1909. In erest sem i-a n n u a lly a t th e d e p o s it o r y o f the S in kin g F u n d . M a tu rity o n M arch 1 as fo llo w s : $750 In 1911 and $500 y e a r ly fro m 1912 to 1920 inclusvc. N o bid b e lo w p a r a n d a c c r u e d Interest ca n be e n terta in ed . Bond Sale.— %% D e la w a r e C o u n t y ( P . O . D e la w a r e ) , O h io . — O n N o v . 4 th e $ 1 3 6 ,3 8 0 4 r o a d - im p r o v e m e n t b o n d s d e s c r ib e d in V . 8 9 , p . 1 1 7 7 , w e r e a w a r d e d t h e F i r s t N a t i o n a l B ank o f C le v e la n d f o r $ 1 3 9 ,0 1 0 (1 0 1 .9 2 8 ) a n d a cc ru e d in t e r e s t . B i d s w e r e a ls o r e c e iv e d f r o m t h e C le v e la n d T r u s t C o . , C le v e la n d , S e a s o n g o o d & M a y e r o f C in c in n a t i, D e la w a r e S a v in g s B a n k a n d t h e D e la w a r e N a t i o n a l B a n k o f D e la w a r e , B a r t o , S c o t t & C o . o f C o lu m b u s a n d C . E . D e n is o n & C o . o f C le v e la n d . M a t u r it y $ 6 ,8 1 9 e a c h s ix m o n th s fr o m M a r c h 1 1 9 1 0 t o S e p t . 1 9 1 9 in c lu s iv e . Denton County (P. 0 . Denton), T ex .— Bond Election.— 1295 Ellwood City, Lawrence County, Pa.— Bond Election.— • T h is p la c e p r o p o s e s h o ld in g a n e le c t io n in F e b r u a r y 1 9 1 0 f o r th e p u r p o s e o f s u b m it t in g t o t h e v o t e r s t h e q u e s t io n o f is s u in g b o n d s f o r t h e c o n s t r u c t io n o f a s u b w a y u n d e r t h e t r a c k s o f t h e B a lt im o r e & O h io R R . a t F i f t h S t . Bonds Voted. Ennis, T ex . — 0 0 0 1 0 - 4 0 - y e a r ( o p t io n a l) w o n O c t . 5 c a r r y in t e r e s t a t re p o rte d in Y . 8 9 , p . 1 0 2 4 . — W e a r e a d v is e d t h a t th e $ 1 2 , a te r-w o rk s -s y s te m b o n d s v o te d th e ra te o f 5 % a n d n o t 6 % as T h e v o te w a s 2 57 to 4 6. Bonds Voted. Erie, Neosho County, K an s. — — A f a v o r a b le v o t e w a s c a s t o n N o v . 2 o n a p r o p o s it i o n t o is s u e $ 5 0 , 0 0 0 w a t e r - w o r k s a n d e le c t r ic - lig h t - s y s t e m b o n d s . I t is r e p o r t e d th a t th e v o te w a s 199 to 9 1 . Everett, W a sh .— Defeated. Proposed Amendments to City Charter — I t is r e p o r t e d t h a t t h is c it y o n N o v . 2 d e f e a t e d ' e le v e n p r o p o s e d a m e n d m e n t s t o it s c h a r t e r . T h ese p ro p o s a ls c a lle d f o r a n in c r e a s e i n t h e n u m b e r a n d s a la r ie s o f c it y o f f ic e r s , a f r e e e m p lo y m e n t o f f ic e , e s t a b lis h in g a n d r e g u la t io n o f p u b lic m a r k e t s , r a is in g t h e l i m i t o f c i t y t a x le v y a n d o t h e r s m a lle r c h a n g e s . W h ile t h e v o t e c a s t w a s in f a v o r o f t h e a m e n d m e n t s , i t la c k e d t h e t h r e e - f if t h s m a j o r it y w h ic h is n e c e s s a r y t o c a r r y . Bond Sale.— Fairbury, Ligingston County, 111.— The $ 2 ,0 0 0 5 % c o u p o n s id e w a lk b o n d s o ff e r e d o n N o v . 3 a n d d e s c r ib e d in V . 8 9 , p . 1 1 7 7 , w e r e s o ld t o H e r b e r t P o w e ll o f F a ir b u r y a t p a r a n d a c c r u e d in t e r e s t . T h e re w e re n o o th e r b id d e r s . M a t u r it y $ 1 ,0 0 0 in e a c h o f t h e y e a r s 1 9 2 2 a n d 1 9 2 3 . Bonds Not Sold Favola County (P. O. Batesville), T ex .— .— W e a r e in f o r m e d u n d e r d a t e o f O c t . 2 0 t h a t n o a w a r d h a s y e t b e e n m a d e o f $ 1 2 ,0 0 0 4 % g o ld c o u p o n r o a d a n d b r id g e b o n d s p r o p o s a ls f o r w h ic h w e r e a s k e d u n t il O c t . 1 0 . D e n o m in a tio n $ 1 ,0 0 0 . D ate O c t . 10 1909. In terest s e m i-a n n u a lly In B a tesville a n d A u stin . M a tu rity 40 y e a rs , $ 2 ,0 0 0 , b e in g s u b je c t t o call a fte r 5 years a n d $1 0 ,0 0 0 be in g s u b je c t t o call a fte r 10 y e a rs. Assessed v a lu a tio n $ 3 ,648,568 Fremont, Newaygo County Mich.— e le c t io n h e ld h e r e r e c e n t ly , t is s t a t e d p r o p o s it i o n t o is s u e $ 1 2 , 0 0 0 b o n d s Flint, Genesee County, Mich.— Bonds Voted. — An r e s u lt e d n fa v o r o a Bonds Authorized.— An o r d in a n c e w a s p a s s e d r e c e n t ly a u t h o r i z i n g " th e is s u a n c e o f $ 4 7 ,5 0 0 4 % c o u p o n s t r e e t - p a v in g b o n d s . D e n o m in a tio n $500. D ate O ct. 1 190 9. In te re s t se m i-a n n u a lly a t th e N a tio n a l P a rk B a n k In N ew Y o r k C it y . M a tu r ity $ 2 ,5 0 0 y e a r ly o n O c t . 1 fro m 1914 t o 1932 Inclu sive. Foard County (P. O. Crowell), T e x .— Bonds Registered T h e S t a t e C o m p t r o ll e r o n O c t . 2 0 r e g is t e r e d 5 - 4 0 - y e a r ( o p t io n a l) b r id g e - r e f u n d in g b o n d s . Galveston, Galveston County, T ex .— $ 1 5 ,0 0 0 .— 4% Bond Election.— A n e le c t io n w ill b e h e ld N o v . 2 7 to v o t e o n th e q u e s t io n o f i s s u i n g $ 2 5 0 , 0 0 0 b o n d s t o c o m p l e t e t h e g r a d e r a i s i n g on th e b e a c h fr o n t. Garvin County School District N o. 1, Okla.— Bond Sale.— T h e v o t e r s o f t h is c o u n t y w i l l d e c id e a t a n e le c t io n t o b e h e ld N o v . 2 7 w h e t h e r o r n o t b o n d s a m o u n t in g t o $ 3 0 0 ,0 0 0 s h o u ld b e is s u e d f o r t h e b u i ld i n g o f r o a d s . T h e O k la h o m a B o n d & T r u s t C o . o f G u t h r ie h a s p u r c h a s e d $ 2 ,0 0 0 6 % s c h o o l b o n d s a t 1 0 1 . T h e y a re d a te d A u g . 14 1909 a n d m a tu re J u ly 1 1 9 2 9 . Bonds Registered. Glens Falls, N . Y The $ 5 0 ,0 0 0 4 J^ % 7 - 1 1 - y e a r ( s e r ia l) c o u p o n w a t e r b o n d s o f f e r e d o n A u g . 3 0 a n d d e s c r ib e d in V . 8 9 , p . 4 2 6 , h a v e b e e n b o u g h t b y t h e F i r s t N a t io n a l B a n k o f G le n s F a lls . Denton County Common School District No. 6, T ex .—- $ 7 ,0 0 0 5% — O n O c t . 2 8 t h e J S t a t e C o m p t r o lle r r e g is t e r e d 1 0 - 1 5 - y e a r ( o p t io n a l) b o n d s . Denton County Common School District No. 63, T ex .— Bonds Registered. — A n is s u e j o f $ 1 , 2 0 0 5 % 1 0 - 2 0 - y e a r ( o p t i o n a l ) b o n d s w a s r e g is t e r e d b y t h e S t a t e C o m p t r o ll e r o n O c t . 2 8 . Bond Sale. Depew, Erie County, N . Y . — — O n N o v . 1 th e $ 2 5 ,0 0 0 1 -2 5 -y e a r ( s e r ia l) r e g is t e r e d s e w e r - c o n s t r u c t io n b o n d s d e s c r ib e d in V . 8 9 , p . 1 0 9 9 , w e r e b o u g h t b y A d a m s & C o . o f N e w Y o r k C i t y a t 1 0 0 .2 2 8 f o r 4 .4 0 s . Dinwiddie County (P. O. Dinwiddie), V a .— in Part. Bonds Awarded — O f a n is s u e o f $ 1 0 2 , 5 0 0 b o n d s a u t h o r i z e d a t a r e c e n t e le c t io n , a b o u t $ 2 0 ,0 0 0 h a v e b e e n s o ld . T h is c o u n t y h a s n o o th e r d e b t. Dobson Township (P. O; Dobson), N o. Car.— Bonds Voted. — A t t h e e le c t io n h e ld in t h is t o w n s h ip o n O c t . 2 3 ( V . 8 9 , p . 1 0 9 9 ) a p r o p o s i t i o n t o is s u e $ 3 5 , 0 0 0 3 0 - y e a r r a i l r o a d - a i d b o n d s w a s , i t is r e p o r t e d , f a v o r a b l y v o t e d . Dorranceton (P. O. Wilkes-Barre), Luzerne County, P a.—• Loan Sales. — T h e t h r e e is s u e s o f 5 % c o u p o n lo a n s d e s c r ib e d i n Y . 8 9 , p . 1 1 7 7 , w e r e d i s p o s e d o f a s f o l l o w s o n N o v . 1: —Bond Sale— Bonds Authorized. Gloucester City, N . J .— — T h e o r d in a n c e p r o v id in g f o r t h e is s u a n c e o f t h e $ 9 0 ,0 0 0 5 % 2 0 - y e a r f u n d in g b o n d s m e n t io n e d in V . 8 9 , p . 1 1 0 0 , w a s p a s s e d o n it s f in a l r e a d in g N o v . 4 . Bond Offering. Grand Rapids, Mich.— — P r o p o s a ls w il l b e r e c e iv e d u n t i l 4 p . in . N o v . 1 5 b y J a s . S c h r i v e r , C i t y C le r k , f o r t h e f o llo w in g c o u p o n b o n d s : $80 ,000 4 M % street Im p ro v e m e n t b o n d s o f an a u th o riz e d Issue o f $ 1 0 0 ,0 0 0 . D a te M ay 1 1909. M a tu rity $ 20 ,000 y e a r ly o n M a y 1 fro m 1911 t o 1914 Inclu sive. 5 0.000 4 % engine a n d sta n d -p ip e b o n d s. D a te “ d a y o f Issue.” M a tu rity 20 years. 100 ,000 4 % p u m p in g -s ta tio n b o n d s. D a te “ d a y o f Issue.” M a tu r ity 20 years. 50.000 4 % w a te r-e x te n s io n b o n d s . D a te “ d a y o f Issu e.” M a tu rity 20 years. D e n o m in a tio n $ 1 ,0 0 0 . In terest se m i-a n n u a lly at th e C ity T re a su re r’s o ffic e . B o n d s are e x e m p t fro m all ta x e s . N o b ids w ill b e re ce iv e d fo r less th an par an d a ccru e d Interest. O fficia l circu la r states th a t th e c it y has n e v e r d e fa u lte d p a y m e n ts o n a n y b o n d s o n m a tu r ity a n d th e le g a lity o f a b o n d Issue has n e v e r been q u e s tio n e d . A n u n c o n d itio n a l certtlled c h e c k fo r 3 % o f the b o n d s bid fo r , p a y a b le t o th e C ity T reasu rer, Is re q u ire d . Bonds Authorized. — T h e C it y C o u n c il h a s a u t h o r iz e d th e $ 8,000 6 -9 -y c a r (serial) s ltc-p u rch a s e b o n d s a w a rd e d to W . S. P c tte b o n e a t 102.88. is s u a n c e o f $ 1 5 ,0 0 0 4 ) ^ % c o u p o n s e w e r b o n d s . 7,5 0 0 p a v in g b on d s a w a rd ed to P . J. Mill fo r $ 7 ,5 5 0 — th e p rice thus be in g D e n o m in a tio n $ 1 ,0 0 0 . D ate M ay 1 1909. In terest s e m i-a n n u a l. M a 100 .60. M atu rity p a rt y e a r ly o n N o v . 1 fro m 1910 to 1917 In t u r ity $ 3,000 y e a rly o n M ay 1 fro m 1910 t o 1914 In clu sive. • clu sive. 6,000 1 -5 -y ea r (op tion a l) p a v e m e n t assessm ent ce rtifica te s, aw a rd e d as Green County (P. O. W aynesburg), P a.— follow s : $2,000 to C. N . L o o rla n d , $2,000 to J . B . V a u gh and $2,000 to th e D o rra n ce to n F ire D e p a rtm e n t. — A n e le c t io n h e ld N o v . 2 r e s u lt e d in t h e d e f e a t o f a p r o Bonds Defeated. Dravosburg, Allegheny County, Pa posed. .—Bond Election Pro — A c c o r d in g to r e p o r ts , th e C o u n c il h a s in s t r u c t e d t h e s o lic it o r t o p r e p a r e a n o r d in a n c e p r o v id in g t h a t a p r o p o s it i o n t o is s u e b o n d s f o r a m u n ic i p a l b u i ld i n g b e s u b m it t e d t o a v o t e o f t h e p e o p le a t t h e F e b r u a r y e le c t io n . Duval County (P. O. Jacksonville), Fla P r o p o s a ls w il l b e r e c e iv e d C a s s id y , C le r k o f C o u n t y th e $ 1 ,0 0 0 ,0 0 0 5 % r o a d - im p . 1236) on O c t. 26 1909. M a t u r it y D e c . 1 1 9 3 9 . .—Bond Offering .— u n t il 12 m . N o v . 2 9 b y P . D . C o m m is s io n e r s , f o r $ 2 5 0 ,0 0 0 o f p ro v e m e n t b o n d s v o te d ( V . 89, I n t e r e s t o n J u n e 1 a n d D e c . 1. Eden Common School District (P. O. Eden), Conche County, T ex.— —P r o p o s a ls w i l l b e r e c e iv e d Bond Offering. fo r $ 1 0 ,0 0 0 a n n u a l. 5% ' 1 0 -4 0 -y e a r ( o p t io n a l) bonds. In te re s t p o s it io n t o is s u e r o a d b o n d s . Bonds Voted. Greene County (P. O. Xenia), Ohio.— — On N o v . 2 t h e v o t e r s o f t h is c o u n t y a p p r o v e d t h e p r o p o s it io n t o is s u e t h e $ 2 5 , 0 0 0 b o n d s f o r a c h i ld r e n ’ s h o m e . See V . 89, p. 948. U p t o N o v . 8 t h e d e t a ils o f b o n d s a n d d a t e o f o f f e r in g h a d n o t y e t b e e n d e t e r m in e d u p o n . Bonds Registered— Greenville, Hunt County, T ex.— W a te r w o r k s im p r o v e m e n t 5 % b o n d s , a m o u n t in g t o $ 2 ,0 0 0 a n d d u o i n 1 0 y e a r s , w e r e r e g is t e r e d o n O c t . 2 0 b y t h e S t a t e C o m p t r o lle r . Grimes County Common School District No. 23, T ex .— Bonds Registered. — A n is s u e o f $ 1 , 3 0 0 5 % 1 0 -2 0 -y e a r (o p t i o n a l) b o n d s o f t h is d i s t r i c t w a s r e g is t e r e d o n O c t . 3 0 b y t h e S t a t e C o m p t r o lle r . 1296 THE CHRONICLE Bonds Defeated. H a lf M o o n B a y S c h o o l D is t r ic t ( P . O . H a lf M o o n B a y ) , San M a te o C o u n ty , C a l— — An is s u e of $ 2 5 ,0 0 0 h ig h - s c h o o l- b u ild in g b o n d s w a s d e f e a t e d a t a n e le c t io n h e ld in t h is d is t r ic t o n N o v . 3 . ex.—Bonds to Be Re Offered for Sale. H a r r is C o u n ty (P . 0 . H o u s to n ), T — L o c a l p a p e r s s t a t e t h a t t h is c o u n t y w ill a g a in a s k f o r b id s f o r t h e $ 5 0 0 ,0 0 0 4 ) ^ % 1 0 - 4 0 - y e a r ( o p t io n a l) r o a d a n d b r id g e b o n d s , o ff e r s f o r w h ic h w e r e r e je c t e d ( V . 8 9 , p . 1100) o n O c t. 11. T h e b o n d s w e r e r e g is t e r e d b y t h e S t a t e C o m p t r o lle r ( V . 8 9 , p . 1 2 3 7 ) o n O c t . 1 8 . Bond Election. H e le n a S c h o o l D i s t r ic t N o . 1 ( P . O . H e le n a ) , L e w is a n d C la r k C o u n t ie s , M o n t . — — A n e le c t io n w ill b e h e ld N o v . 13 t o v o t e u p o n a p r o p o s it io n t o is s u e $ 5 0 ,0 0 0 1 0 - 2 0 - y e a r ( o p t io n a l) c o u p o n s c h o o l- b u ild in g b o n d s . I n t e r e s t s e m i- a n n u a l. ^A% Bonds Registered. H e r e fo r d I n d e p e n d e n t S c h o o l D is t r ic t ( P . O . H e r e fo r d ) , D e a f S m it h C o u n ty , T e x .— — T h e S ta te C o m p t r o ll e r r e g is t e r e d a n is s u e o f $ 2 5 ,0 0 0 5 % 2 0 -4 0 -y e a r ( o p t io n a l) b o n d s o n O c t . 7 . T h is it e m w a s in a d v e r t e n t ly re p o rte d u n d e r th e h e a d o f i n o u r is s u e o f O c t . 1 6 . Hereford Independent School BondOffering.—A°/o District, Ohio, H ig h la n d P a r k , W a y n e C o u n t y , M ic h . — P r o p o s a ls w i l l b e r e c e iv e d u n t il 7 :3 0 p . m . N o v . 1 5 b y R . M . F o r d , C it y C le r k , f o r $ 2 3 ,0 0 0 4 c o u p o n w a t e r - m a in - e x t e n s io n b o n d s . A u t h o r it y A c t . N o . 4 9 5 , L o c a l A c ts o f 1 90 7. D e n o m in a t io n $ 1 ,0 0 0 . D a te N o v . 1 1909. In te re s t a n n u a lly a t t h e D im e S a v in g s B a n k in D e t r o it . M a t u r it y N o v . 1 1929. C e r t if ie d c h e c k f o r $ 5 0 0 , p a y a b le t o t h e C it y T r e a s u r e r , is r e q u ir e d . Bids Rejected. H o lb r o o k I r r ig a t io n D is t r ic t ( P . O . L a Ju n ta ), O te ro C o u n t y , C o lo .— — A l l b id s f o r t h e $ 6 5 0 ,0 0 0 6% ir r ig a t io n b o n d s o ffe re d o n N o v . 3 ( V . 8 9 , p . 1 10 0) w e re re je c te d . Bond Offering. H o ld in g , S te a r n s C o u n t y , M in n . — — P ro p o s a ls w i l l b e r e c e iv e d u n t i l 8 p . m . N o v . 1 3 f o r $ 5 ,0 0 0 6 % w a te r-w o rk s -s y s te m b o n d s. A u th o rity v o t e o f 06 “ f o r ” to 1 “ a g a in s t” a t ele ctio n held O ct. 2. D e n om in a tion $50 0. In te re st an n u a l. M atu rity 10 years. J . A . W in k ler Is V illage R e c o r d e r . Bond Offering. H o lt v ille , C a l. — — A c c o r d in g to re p o rts p r o p o s a ls w i l l b e r e c e iv e d u n t i l N o v . 2 2 f o r $ 3 7 ,0 0 0 b o n d s . Bonds Registered. H o p k in s C o u n t y C o m m o n S c h o o l D is t r ic t N o . 8 9 , T e x . — — A n is s u e o f $ 1 , 0 0 0 5 % 1 0 -2 0 -y e a r (o p t io n a l) b o n d s w a s r e g is t e r e d o n O c t . 19 b y t h e S t a t e C o m p t r o lle r . Bonds Registered. H o u s to n C o u n ty C o m m o n S c h o o l D is t r ic t N o . 1 0, T e x .— — A n is s u e o f $ 2 ,2 0 0 b o n d s w a s r e g is t e r e d b y th e S t a t e C o m p t r o lle r o n O c t . 2 3 . T h e s e c u r it ie s c a r r y 5 % in t e r e s t a n d m a t u r e in 2 0 y e a r s , b u t a r e s u b je c t t o c a ll a fte r 10 y e a rs . Bond Election. H u d s o n S c h o o l D is t r ic t , L o s A n g e le s C o u n t y , C a l. — — A p r o p o s it io n to is s u e $ 4 ,0 0 0 bonds w ill b e s u b m it t e d t o a v o t e o f t h e p e o p le , i t is s t a t e d , o n D e c . 3 . Bond Offering.— H u g o , C h o c t a w C o u n t y , O k la . — -F u rth e r d e t a ils a r e a t h a n d r e l a t iv e t o t h e o f f e r in g o n D e c . 7 o f t h e $ 1 3 0 ,0 0 0 c o u p o n b o n d s m e n t io n e d in V . 8 9 , p . 1 2 3 7 . P ro p o s a ls w i l l b e r e c e iv e d o n t h a t d a y u n t i l 7 p . m . b y J . I I . J a c k s o n , C it y T re a s u re r . T h e p roceed s o f the Issue are to he used as fo llo w s : $75,000 fo r sewers $ 3 5 ,0 0 0 fo r w a te r-e x te n s io n and $20 ,0 0 0 fo r a c it y hall. In te re st (rate to b e n am ed b y bidder) p a y a b le a t th e O k la h o m a Ilscal a g e n c y . M aturity 25 y ea rs, s u b je c t to call a fte r 10 y e a rs. C crtilled ch e ck fo r 5 % o f bid p a y a b le to th e C ity T rea su re r, Is re q u ire d . Bond Election. I r w in d a le $ 7 ,0 0 0 School bonds D is t r ic t , Los A n g e le s C o u n ty , — I t is s t a t e d t h a t t h e q u e s t io n w ill b e v o te d u p o n N o v . 2 0 . of C a l. — is s u in g Bonds Authorized J a c k s o n , M a d is o n C o u n ty , M is s .— .— T h e C it y C o u n c il o n N o v . 2 p a s s e d a n o r d in a n c e p r o v id in g f o r t h e is s u a n c e o f t h e f o l lo w i n g b o n d s : $ 1 0 0 ,0 0 0 f o r w a t e r w o rk s im p r o v e m e n t , $ 5 ,0 0 0 s id e - w a lk , $ 1 0 ,0 0 0 se w e r, $ 1 0 ,0 0 0 m u n ic ip a l- b u ild in g - im p r o v e m e n t , $ 1 7 5 ,0 0 0 s t r e e t p a v in g a n d $ 2 5 ,0 0 0 f o r s c h o o l- im p r o v e m e n t s . A u t h o r it y S e c t io n s 3 4 1 5 - 1 0 a n d 3 4 1 9 - 2 0 C o d e o f 1 9 0 6 a n d C h a p t e r 1 8 9 , A c ts of 1908. M a t u r it y 2 0 y e a rs . .—Bonds Not Sold.— Ja m e s to w n , C h a ta u q u a C o u n ty , N . Y W e a r e i n f o r m e d t h a t a n is s u e o f $ 5 0 , 0 0 0 o f f e r e d o n O c t o b e r 2 7 w a s n o t s o ld . h o s p it a l bonds Sale. J o p lin , J a s p e r C o u n t y , M o . — R o n d — T h e $ 5 0 ,0 0 0 5 % 5 - 2 0 - y e a r ( o p t io n a l) c o u p o n p u b lic s e w e r b o n d s d e s c r ib e d in V . 8 9 , p . 1 1 7 7 , w e r e s o ld o n N o v . 6 t o C . E . D e n is o n & C o . o f C le v e la n d a t 1 0 2 .2 7 2 a n d a c c r u e d in t e r e s t . T h e b id s w e r e a s f o llo w s : C .E .D e n Iso n & C o ., C le v cla n d $ 5 1 ,136 W . U . C o m p to n B o n d & A . G . E d w ards & S o n , S t. M tg c. C o ., S t. L o u is _____ $50,533 L ou is _______ _____________ 51,026 S. A . K ean & C o ., C h icago _ 50,52," C o n q u eror T ru s t C o ., J o p lin . 50,815 W o o d ln .M c N e a r & M o o r e .C h l. 50,50* S p itz er & C o ., T o l e d o . .. ____ 50,745 A . B. L e a ch & C o ., C h ica g o - 50,39c L ittle & H a ys I n v . C o ., S t .L . 50,671 First N a t. B a n k , C le v e la n d -. 5 0,16i Bond 'Sales for October. K a n s a s .— — ’D u r i n g t h e m o n t h c O c t o b e r t h e f o l lo w i n g 5 % b o n d s , a g g r e g a t in g $ 3 8 ,2 0 0 , w e r p u rc h a s e d b y th e S ta te F u n d s o f K a n s a s a t p a r: E llsw orth C o u n ty S ch h o o l D istrict N o . 4 5 — $600 s c h o o l-h o u s e bond d a te d O ct. I 1909. M a tu rity part y e a r ly fro m Ja n . 1 1911 to 1913 in elu sive. L in co ln C ou n ty S ch ool D istrict N o . 54— $800 sch o o l-h o u se b o n d s date< O c t . 7 1909. M atu rity part y e a r ly o n J a n . 1 fro m 1912 to 1918 Inclu sive L y o n C ou n ty S c h o o l D istrict N o. 116— $800 sch o o l-h o u se b o n d s dat’d O ct. 7 1909. M atu rity part y e a rly on Ja n . 1 fro m 1910 to 1917 Inclu sive S a lln a — 55,00 ) In tern al-Im provem en t b o n d s d a te d O ct. 4 1909 Maturity p art y e a r ly on J u ly 1 fro m 1910 t o 1913 In clu sive. Sherm an C o u n ty S c h o o l D istrict N o. 4 7 — $ 1 ,000 sch o o l-h o u s e b o n d d a te d O ct. 25 1909. M atu rity J u ly 1 1924. W a k e e n e y — $30 ,000 w ater-w ork s b o n d s d a te d O ct. 7 1909 M aturit, A u gu st 9 1929. T h e a b o v e b on d s are s u b je c t to call a t a n y Interest -p a y in g p eriod [V O L . L X X X I X . K e n d a ll C o u n t y ( P . S ta te S ch o o l F u n d has ( o p t io n a l) c o u r t - h o u s e p . 1 7 9 ) a n d r e g is t e r e d b Sale.— O . B o e ra e ), T e x .— R o n d The p u r c h a s e d th e $ 7 ,0 0 0 5 % 1 0 - 2 0 -y e a r b o n d s a u t h o r iz e d o n J u ly 6 ( V . 8 9 , y th e S t a t e C o m p t r o lle r o n N o v . 2 . Bond Sale. K n o x C o u n t y ( P . O . V in c e n n e s ) , I n d . — — On N o v . 5 a n is s u e o f $ 2 3 , 5 1 3 3 4 5 % d i t c h b o n d s w a s a w a r d e d o t h e G e r m a n N a t io n a l B a n k o f V in c e n n e s a t p a r . D a te O ct. 15 1909. In terest M ay a n d N o v e m b e r . Bonds Defeated. L e a d , So. D a k .— — W e a r c in f o r m e d t h a t a p r o p o s i t i o n t o is s u e $ 2 5 , 0 0 0 c i t y - h a l l b o n d s p r e s e n t e d t o th e v o te rs o n N o v . 2 w a s v o te d d o w n . Bond Sale. L e b a n o n , W a r r e n C o u n t y , O h io . — a d v is e d t h a t a n is s u e o f $ 2 ,0 0 0 r e f u n d in g b o n d s d is p o s e d o f t o a lo c a l b a n k . r — W e a re w a s r e c e n t ly Bonds Offered by Bankers L e h ig h , C o a l C o u n t y , O k la .— .— T h e T h o s . J . B o lg e r C o . o f C h ic a g o is o f f e r in g t o in v e s t o r s $ 1 2 ,5 0 0 6 % 2 5 - y e a r lig h t b o n d s . D e n o m in a t io n s $ 5 0 0 a n d $ 1 ,0 0 0 . D a te M a y 1 1909. I n t e r e s t s e m i- a n n u a lly in N e w Y o r k C i t y o r a t t h e o f f ic e o f t h e T h o s . J . B o lg e r C o . in C h i cago. Bond Sale. & d a te d Bond — A n is s u e o f $ 1 8 ,0 0 0 5 % 3 5 - y e a r s c h o o l b o n d s O c t . 1 1 9 0 9 h a s b e e n d is p o s e d o f t o t h e O k la h o m a T r u s t C o . o f G u t h r ie a t p a r . Bond Offering. L in c o ln , N e b .— — P r o p o s a ls w il l b e r e c e iv e d u n t il 1 p . m . N o v . 15 b y R o s c o e C . O z r n a n , C it y C le r k , f o r $ 1 ,1 1 5 D is t r ic t N o . 1 35 , $ 2 ,9 0 0 D is t r ic t N o . 1 5 5 , $ 6 ,2 1 0 D is t r ic t N o . 3 8 a n d $ 1 ,0 0 0 A lle y D is t r ic t N o . 4 6 , c o u p o n 1 - 1 0 - y e a r ( s e r ia l) p a v i n g a s s e s s m e n t b o n d s a t n o t e x c e e d in g 5 % in t e r e s t . , ~ . * ~~ ~~ S ta te F iscal A g e n c y bid fo i is re q u ire d . o b lig a tio n s w ith o u t th re a te n e d a lle c tln g , u.ittu u u j lio a o u im a ui ii L/ U u i a t m e In N ew Y ork C ity . C e rtlllce d c h e ck fo r 3 % o f b o n d s O fficia l n o tice sta te s th a t th e c it y has a lw a v s riiet Its d e fa u lt an d th a t th ere is no litig a tio n p e n d in g o r these b on d s o r a n y o f the o b lig a tio n s o f the c it y . Bond Sale.— L o g a n C o u n t y ( P . O . B e lle f o n t a in e ) , O h io . — O n N o v . 5 th e $ 3 5 ,0 0 0 d i t c h b o n d s , d e s c r ib e d in V . 8 9 , p . 1 1 0 0 , w e r e a w a r d e d to t h e C o m m e r c ia l & S a v in g s B a n k o f B e lle f o n t a in e f o r $ 3 5 ,3 1 7 ( 1 0 0 .9 0 5 ) a n d a c c r u e d in t e r e s t . B id s o f $ 3 5 ,1 4 0 f r o m O t is & H o u g h o f C le v e la n d a n d $ 3 5 0 8 7 5 0 fr o m th e N e w F ir s t N a t io n a l B a n k o f C o lu m b u s w e r e a ls o r e c e iv e d . M a t u r it y $ 3 ,5 0 0 e a c h s ix m o n t h s f r o m J u ly 1 1 9 1 0 t o J a n . 1 1 9 1 5 in c lu s iv e . Bond Sale. „ L y n c h b u rg , V a .— — D is p a t c h e s s t a t e t h a t t h e $ 4 0 0 ,0 0 0 p u b lic - im p r o v e m e n t b o n d s b id s f o r w h ic h w e re r e je c t e d o n A u g . 16 ( V . 8 9 , p . 8 7 3 ) h a v e b e e n s o ld t o “ n o r t h e rn b ro k e rs ” . T h e in t e r e s t r a t e o n t h is is s u e h a s b e e n in c r e a s e d f r o m 4 % t o 4 ) ^ % . Bond Sale.— M c C la in C o u n t y S c h o o l D is t r ic t N o . 1 , O k la . — S c h o o l b o n d s a m o u n t in g t o $ 2 ,0 0 0 h a v e b e e n s o ld t o t h e O k la h o m a B o n d & T r u s t C o . o f G u t h r ie a t 1 0 1 . The bonds c a r r y 6 % in t e r e s t , a r e d a t e d J u ly 1 1 9 0 9 a n d m a t u r e J u l y 1 1929. Bond Sale— M a c h a d o S c h o o l D is t r ic t ( P . O . S a n M a r t in ) , S a n t a C la r a C o u n t y , C a l. — A n is s u e o f $ 2 ,0 0 0 7 % bonds w a s a w a r d e d o n N o v . 2 to t h e B a n k o f S a n J o s e a t 1 0 9 .5 1 2 5 . D e n om in a tion $200. D ate N o v . 1 1909. In te re st sem i-a n n u a l M a tu r ity 1 to 10 years. Bond Sale. _ M a n s f ie ld , R ic h la n d C o u n t y , O h io . — — On N ov. 5 t h e $ 1 2 ,0 0 0 4 % c o u p o n w a t e r b o n d s d e s c r ib e d in V . 8 9 , p . 10^ 5, w e r e a w a r d e d t o t h e M a n s f ie ld S a v in g s B a n k a n d t h e R ic h la n d S a v in g s B a n k C o . , b o t h o f M a n s f ie ld , a t t h e ir j o in t b id o f p a r . T h e b o n d s a re d a te d N o v . 12 1 9 0 9 a n d m a t u r e $ 1 ,0 0 0 y e a r ly o n S e p t . 1 f r o m 1 9 1 1 to 1 9 2 2 in c lu s iv e . L h e y a re ta x -e x e m p t. Bond Sale.— M a r io n C o u n t y ( P . O . M a r io n ) , O h io . — B a rto , S c o t t & C o . o f C o lu m b u s h a v e b e e n a w a r d e d b y t h is c o u n t y a n is s u e o f $ 9 , 4 0 0 4 r e f u n d in g b o n d s , A% Bond Offering. M a r s h a ll, H a r r is o n C o u n t y , T e x . — — P ro p o s a ls w i l l b e r e c e iv e d u n t i l 8 p . m . . N o v . 1 5 f o r $ 3 5 , 0 0 0 5 % w a t e r - s y s t e m - im p r o v e m e n t b o n d s . D e n o m in a tio n $ 1 ,0 0 0 . D a te J u ly 1 1909 In te re st s e m l-a n u n a lly at the C ity S e c r e ta r y ’s o ffic e o r a t th e H a n o v e r N a tio n a l B ank In N ew Y o r k C ity a t o p t io n o f h o ld e r. M atu rity J u ly 1 1949, s u b je c t to call a fte r 10 yea rs. C erttlled c h e c k fo r $250 o n a b a n k in M arshall Is re q u ire d . O fficial c ircu la r sta te s th at th e re has n e v e been a n y d e fa u lt In the p a y m e n t o f a n v o f this c it y ’s o b lig a tio n s . Sale. Bond M a r y s v ille S c h o o l D is t r ic t , Yuba C o u n t y , C a l. — — T h e $ 3 1 ,0 0 0 g r a m m a r - s c h o o l a n d t h e $ 4 9 ,0 0 0 h ig h sch ool 4 b u ild in g b o n d s o ffe re d o n N o v . 1 ( V . 8 9 ,° p . 1 0 2 5 ) w e r e a w a r d e d a s f o llo w s , t h e f o r m e r is s u e t o t h e S t a t e B o a r d o f E x a m i n e r s a t 1 0 1 . 6 9 3 a n d t h e l a t t e r is s u e t o N . W . H a ls e y & C o . o f S a n F r a n c is c o a t 1 0 0 .6 3 . F o llo w in g a r e t h e b id s : A°7o $31,000 $49 ,000 bonds. bonds. S ta te B oa rd o f E x a m in e r s _________ $31 ,5 2 5 00 N . W . H alsey & C o ., S an F ran cisco $49 ,3 0 8 70 J . H . A d am s & C o ., L os A n g e le s ____ 4 9 ,2 7 5 00 3 1 ,1 9 0 00 C. E . W o o d s ld e & C o ., L os A n g e le s .. 4 9 ,1 0 7 00 31,0 5 3 00 E . H . R o llin s & S on s, .San F ra n cis co 4 9 ,0 1 5 00 3 1 ,0 1 0 00 T h e $49 ,000 h ig h -sch o o l b o n d s m atu re on N o v . 1 as fo llo w s : $ 2 ,0 0 0 y e a r ly fro m 1910 to 1924 In clu sive, $3,000 In 1925 a n d $4,0 0 0 y e a r ly fro m 1926 t o 1929 Inclu sive. T h e $31 ,000 g ra m m a r-s ch o o l b o n d s m atu re $2,000 y e a r ly on N o v . 1 fro m 1910 to 1924 in clu siv e a n d $1,000 o n N o v . 1 1925. D e n o m in a tio n $ 1 ,000. D ate N o v . 1 1909. In te re st s e m i-a n n u a l. Bonds Registered. M a ta g o rd a In d e p e n d e n t S c h o o l D is t r ic t (P . O . g o rd a ), M a ta d o rd a C o u n ty , T e x .— O c t . 2 1 t h e S t a t e C o m p t r o ll e r r e g is t e r e d $ 1 , 5 0 0 5 % y e a r ( o p t io n a l) b o n d s o f t h is d i s t r ic t . Bond Sale. M a t t o o n C i t y , C o l e s C o u n t y , 111.— r e c e n t ly d is p o s e d o f $ 1 2 ,6 0 0 5 % F o u r t e e n t h M a ta — On 1 0 -2 0 - — T h is c it y S t r e e t p a v in g Nov. 13 urn b o n d s a t p a r to t io n s $500 a n d Memphis, th e P a r is $100. Tenn.— B r id g e C o . o f P a r is . I n te re s t J u ly D e n o m in a 1. Commission Form of Government. B e g in n in g J a n . 1 1 9 1 0 t h is c it y w ill b e g o v e r n e d u n d e r th e c o m m is s io n f o r m p r o v id e d f o r in t h e a m e n d e d c i t y c h a r t e r p a s s e d b y t h e la s t L e g is la t u r e . T h e c o m m is s io n w i l l c o n s is t o f f iv e m e m b e r s , t h e M a y o r , e le c t e d a t t h e r e c e n t e le c t io n , a n d f o u r o f t h e p r e s e n t C o u n c ilm c n w h o s e t e r m s e x p ir e in Novem ber 1911. Bond Sale. Mercer County (P. O. Celina), Ohio.— — I t is r e p o r t e d t h a t t h e f i v e is s u e s o f 4 ^ % c o u p o n r o a d - i m p r o v e m e n t b o n d s d e s c r ib e d in V . 8 9 , p . 1 2 3 8 , w e r e a w a r d e d a s f o llo w s o n N o v . 6: . „ * S22 000 R ichter Ilo a d b on d s to D a v lc s -B c r tr a m C o. o f C incinnati fo i ? ’ *22 45 6 . th e p rice b e in g 102 .072 . M atu rity 52,000 ye a rly o n D e c 1 fro m 1910 to 1915 in clu sive an d $2,500 y e a r ly fro m 1916 to 1919 12,000 H o m a n R o a d b o n d s to th e C itizen s’ B a n k in g C o. o f Celina fo r 512 253 tlie price be in g 1 02 .108 . M a tu rity o n D e c. 1 as follow s. $1,0 0 0 y e a r ly from 1910 to 1915 Inclu sive an d $1,500 y e a rly fro m 1916 to 1919 in clu siv e . , „ , , „ . _ „ . 10 nno H artlngs H oad b o n d s to th e C itizen s’ B a n k in g C o. o f Celina a t ’ 1 0 1 .9 2 . M atu rity $1,000 y e a r ly o n D e c. 1 fro m 1910 to 1919 nclu sive. 3 000 Schairer H oad b o n d s to th e C itizen s’ B a n k in g C o . o f Celina fo r $3,066 50, the price b e in g 1 02 .216 . M a tu rity 5500 o n D e c. 1 in ea ch o f th e years 1911, 1913, 1915, 1917, 1918 an d 1919. 5,500 L c u n g cr ’ s H oad b o n d s to th e C om m ercia l B a n k in g C o. fo r $o,61.>, the price b ein g 102 .090 . M a tu rity $500 y e a r ly o n D e c. 1 fro m [1 9 1 0 to 1918 an d $1,000 In 1919. Middletown, Butler County, Ohio.— Bond Offering. — P ro p o s a ls w il l b e r e c e iv e d u n t i l 1 2 m . N o v . 1 5 b y J o h n K u n z , C it y A u d it o r , fo r $ 7 ,0 1 0 4 j^ % c o u p o n F o u r t h S t r e e t a n d M id d le A lle y p a v in g a s s e s s m e n t b o n d s . A u th o r it y S ection 2835, R e v is e d S ta tu te s. D e n o m in a tio n $761. D ate O c t . 1 1909. In terest sem i-a n n u a lly a t th e N ation a l P a rk B a n k o f N ew Y ork M a tu rity $761 y e a rly o n O ct. 1 fro m 1910 to 1919 Inclu sive. B on ds are e x e m p t fro m taxes. C ertified c h e ck fo r $100, p a y a b le to th e C ity T reasu rer, Is rcQUlred. P u rch a ser to p a y a ccru e d interest. Minnesota.— Bonds Purchased by State Funds During August, September and October. — B o n d s a g g r e g a t in g $ 3 1 4 ,9 3 2 w e re p u d u r in g bought in t e r e s t rc h a se d a t p a r b y th e S ta te P e rm a n e n t T r u s t F u n d s A u g u s t, S e p te m b e r and O c to b e r. The bonds in A u g u s t , w h ic h a m o u n t t o $ 1 6 3 ,1 0 0 , c a r r y 4 % a n d a re d a te d A u g u s t 20 1909. T h e y w e r e a s f o llo w s : B eltram i C o u n ty IM st.N o. 115 .51,500 P op e C o u n ty D lst. N o . 9 ____ $2,900 B eltram i C o. D lst. N o. 1 2 2 .. .)00 P op e C o . IMst. N o . 10.............4,400 C lay C ou n ty D lst. N o. 3 5 ------- 2,000 P op e C o u n ty D itch N o . 1 0 ___ 4,400 D e tro it, B ecker C o u n t y .................>.000 P op e C o u n ty D itch N o . 11___ 3,3 0 0 H en n epin C o u n ty IMst. N o. 17 5,000 R e d w o o d C o u n ty IMst. N o . 19 1,500 J a ck s on C c u n ty D lst. N o . 1 9 . 1,000 R e d w o i d C iu ity D lst. N o . 95 2,500 K o o ch ic h in g C o u n ty --------------- 22,000 R e n v ille C o u n ty D lst. N o . 3 3 . 4,0 0 0 M ah n om en C o u n ty IMst. N o . 2 2,600 H o ck C o u n ty D lst. N o . 6 6 ______ 3,000 M ah n om en C o u n ty D lst. N o . 5 1,200 R iv e r Palls T o w n s h ip , R e d L a k e C o u n t y ________________ 2 0 ,000 M arshall C o u n ty D lst. N o . 31. 3,500 M eeker C o u n ty D lst. N o . 3 8 . . 1,100 Stearns C o u n ty D lst. N o . 106. 1,200 800 MUlclacs C o. D lst. N o. 3 4 ______5,000 T o d d C o u n ty D lst. N o . 1 4 9 _ . N obles C o u n ty D lst. N o . 2 7 . . 1,400 T raverse C o u n ty D lst. N o . 1 . 5,500 O tter T a il C o. D lst N o . 1 8 6 .. 500 T raverse C o u n ty IMst. N o . 2 . 3,5 0 0 P olk C o u n ty IMst. N o. 7 3 ____ 23,000 W a d e n a C o u n ty D lst. N o . 1 .-1 9 ,0 0 0 P o p e C o u n ty D lst. N o. 6 --------- 7,000 W a d e n a C o u n ty D lst. N o . 5 0 . 1,000 P op e C o u n ty D lst. N o . 8 --------- 1,800 W rig h t C o u n ty D lst. N o. 1 3 . . 2,000 A d e s c r ip t io n T h e y a g g re g a te o f t h e b o n d s b o u g h t in $ 9 6 ,7 0 0 , c a r r y in t e r e s t S e p t e m b e r f o llo w s . a t th e ra te o f 4 % a n d a re a ll d a te d S e p t. 1 1 9 0 9 . B eck er C o u n ty D ls t., N o . 1— $10 ,000 b o n d s d u e 1919 and $4,000 b on d s due 1915. M eeker C o u n ty IM st., N o . 9— $10,000 b o n d s d u e 1915. M ow er C o u n ty IMst., N o . 5— $6,500 b o n d s due 1920. N obles C o u n ty D lst., N o . 5— $5,000 b o n d s d u e 1918. O tter T a il C ou n ty D ls t., N o . 2 0 0 — $900 b o n d s d u e 1919. P ip eston e C o u n ty D lst. N o . 1— $36 ,000 b o n d s due 1927. R ed W in g T o w n s h ip , G o o d h u e C o u n ty — $5,0 0 0 b o n d s d u e 1914. T ra verse C o u n ty D ls t., N o . 22— $19 ,300 b o n d s d u e 1924. T h e f o llo w in g b o n d s , a g g r e g a t in g $ 5 5 ,1 3 2 , w e r e t h o s e a c q u ir e d d u r in g O c t o b e r . T h e y a ll c a r r y 4 % in t e r e s t a n d a r e d a t e d o n d if f e r e n t d a y s in O c t o b e r 1 9 0 9 . A v o c a — $2,500 bon d s due 1913. B eltram i C ou n ty IMst. N o . 98— $1,000 b o n d s d u e 1916. B en ton C o u n ty D lst. N o . 33— $800 b o n d s d u e 1922. C a rlton D lst. N o. 3 3 — $440 b o n d s d u e 1924. C learw ater C ou n ty D lst. N o . 64— $500 b o n d s due 1924. C row W in g IMst. N o. 92— $1,500 b o n d s d u e 1923. K itts o n C o u n ty D itch N o. 14— $10,323 b o n d s d u e 1919. K ittson C o u n ty D itch N o. 151— $7,669 b o n d s due 1919. N orm an la T o w n s h ip , Y e llo w M edicine C o u n ty — $ 1 ,500 b o n d s due 1919. R ed W in g S pecial D istrict— $10,000 b o n d s d u e 1927, $5,000 b o n d s due 1919 and $5,000 b on d s due 1922. R osea u C o u n ty D lst. N o. 1— 5500 b o n d s d u e 1922. R osea u C o u n ty D lst. N o . 4 6 — $600 b o n d s d u e 1929. S t. L ou is C ou n ty D lst. N o. 71— $1,500 b o n d s d u e 1924. S tearns C o u n ty D itch N o . 5— $4,900 b o n d s d u e 1919. Stearns C o u n ty D lst. N o . 203— $1,400 b o n d s d u e 1028. Moorcroft School District No. 16 (P . O. Moorcroft), Crook County, W y o . — — The $ 4 ,9 0 0 coupon s c h o o l Bond Sale. b u i ld i n g b o n d s o f f e r e d o n O c t . 3 0 a n d d e s c r ib e d in V . 8 9 , p . 1 1 7 8 , w e r e s o ld o n N o v . 6 t o W m . E . S w e e t & C o . o f D e n v e r a t 1 0 2 .1 0 a n d a c c r u e d in t e r e s t f o r 6 s . A lis t o f th e b id d e r s f o llo w s : W m . K. S w eet & C o .,D e n v .$5,002 90 B enw ell & S te e l, D e n v e r ..$ 4 ,9 5 0 T h o s. P. D u rbin , C h eyen n e 4,962 00 J o h n N u v c e n & C o ., C h i c . . 4,906 O. II. C offin , C h ic a g o ____ 4,951 00 Jas. H .C a u s e y & C o .,D e n v . 4,9 0 5 D u ke M . P a rso n , C h ic a g o .. 4,900 W y o m in g T ru st & Savings B a nk, C h e y e n n e ________ 4,9 5 0 00 M atu rity part y e a rly o n Jan . 1 fro m 1912 to 1921 In clu sive. Bond Sale Montgomery County (P .O . D ayton), Ohio.— .— T h e D a y t o n S a v in g s i t T r u s t C o . o f D a y t o n w a s a w a r d e d on N ov. 1 th e $ 1 ,6 0 0 4 )^ % L o y - M illik e n d it c h b o n d s , d e s c r ib e d in V . 8 9 , p . 1 1 7 8 , a t p a r . SJMountain View School District (P. O. Mountain View ), Santa Clara County, Cal.— — A n is s u e o f $ 3 , 0 0 0 Bond Sale. 6 % f s c h o o l b o n d s w a s s o ld o n N o v . 2 t o J . S . M o c k b c e f o r $ 3 ,1 4 1 8 0 , t h e p r ic e t h u s b e in g 1 0 4 .7 2 6 . D en om in a tion $500. D a te N o v . 1 1909. In terest s e m i-a n n u a l. M a tu r ity 1 t o 6 years. Newark, N . J— Bonds Proposed. — The B o a rd h a s d e c id e d t o r e q u e s t t h e C o m m o n C o u n c il m e e t in g t o a u t h o r iz e t h e is s u a n c e lo f $ 1 0 0 ,0 0 0 e x t e n s io n 1297 THE CHRONICLE bon d s. of W o rks a t it s n e x t w a te r-s h e d - Bond Offering N e w b u rg h , O ra n g e C o u n ty , N . Y . — .-— P r o p o s a ls w i l l b e r e c e iv e d u n t i l 2 p . m . N o v . 2 2 b y B e n j a m i n M c C lu n g , M a y o r , f o r $ 1 5 8 ,0 0 0 4 % r e g is t e r e d w a t e r - w o r k s im p r o v e m e n t b o n d s . A u th o r it y special e le ctio n held M a y 20 1909. D e n o m in a tio n $ 1 ,000. D a te D e c. 1 1909. In te re st s e m i-a n n u a lly a t th e C ity T re a su re r’s o ffic e In N e w b u rgh . M a tu rity D e c. 1 1929. B o n d s are e x e m p t fro m all ta x e s . P u rch a ser to p a y a c c r u e d Interest. Bond Sale. N e w b u ry p o rt, E s s e x C o u n ty , M a s s .— — R e p o rts s t a t e t h a t $ 6 2 ,0 0 0 4 % 1 5 - y e a r r e f u n d in g b o n d s d a t e d N o v . 1 1 9 0 9 w e r e s o ld o n N o v . 12 t o R . L . D a y & C o . o f B o s t o n a t 1 0 5 .8 4 9 — a b a s is o f a b o u t 3 . 5 0 % . Bond Offer ing. N e w C a s t le C o u n t y ( P . O . W ilm in g t o n ) , D e l. — — - P r o p o s a ls w i l l b e r e c e iv e d u n t i l 12 m . N o v . 1 6 b y D a n ie l T h o m p s o n , C h a ir m a n F in a n c e C o m m it t e e , f o r $ 4 5 ,0 0 0 4 % c o u p o n g o ld h ig h w a y im p r o v e m e n t b o n d s . T h e s e s e c u r i t i e s a r e p a r t o f a n is s u e o f $ 3 0 0 , 0 0 0 g o l d b o n d s a u th o r iz e d b y a n A c t o f t h e G e n e r a l A s s e m b ly a p p r o v e d A p r il 15 1909. D a te J u ly 1 1909. D e n o m in a tio n $ 1 ,000. In te re s t s e m i-a n n u a lly a t th e F a rm e rs’ B ank in W ilm in g to n . M a tu r ity $ 15 ,000 on J u ly 1 In e a ch o f th e years 1953, 1954 a n d 1955. C ertified ch e ck fo r 2 % o f b o n d s b id fo r , p a y a b le to th e C o u n ty T re a su re r, Is re q u ir e d . T h e genuineness o f the b o n d s w ill be certified to b y th e C o lu m b ia T ru st C o . o f N ew Y o r k C ity. T h e securities w ill be d e liv e re d o n N o v . 30 1909. P u rch a se r t o p a y a c cru e d In terest. B ids to be m a d e o .i b la n k fo rm s fu r n is h e d b y c o u ity . Bonds Not to Be Issued at Present. N e w O r le a n s , L a . — — It is r e p o r t e d in lo c a l p a p e r s t h a t t h e B o a r d o f L iq u i d a t i o n h a s d e c id e d n o t t o a d v e r t is e f o r s a le “ j u s t n o w ” t h e $ 3 , 0 0 0 , 0 0 0 b o n d s f o r t h e c o m p le t io n o f s e w e ra g e a n d r e s u m p t io n o f d r a in a g e w o r k . See V . 89, p . 873. Vote. N e w p o r t , C a m p b e ll C o u n t y , K y . — — A c c o r d in g to C in c in n a t i p a p e r s , t h e v o t e p o lle d a t t h e e le c t io n h e ld in t h is c i t y o n N o v . 2 t o v o t e u p o n t h e is s u a n c e o f $ 1 0 0 , 0 0 0 s t r e e t im p r o v e m e n t b o n d s ( V . 8 9 , p . 7 9 7 ) w a s 2 ,1 4 0 t o 8 4 5 . Bonds Voted. N e w W ilm in g t o n S c h o o l D is t r ic t ( P . O . N e w W ilm in g t o n ) , L a w re n ce C o u n ty , P a .— — T h is d is t r ic t on N o v . 2 b y a v o t e o f 9 9 t o 2 4 , a u t h o r i z e d t h e is s u a n c e , i t is s t a t e d , o f t h e $ 1 5 ,0 0 0 5 % s c h o o l- b u ild in g b o n d s m e n t io n e d in V . 8 9 , p . 1 0 2 5 . Notes Not Sold. N o r t h a m p t o n , H a m p s h ir e C o u n t y , M a s s . — — L o c a l p a p e r s s t a t e t h a t $ 3 0 ,0 0 0 n o t e s d a t e d N o v . 11 1 9 0 9 a n d d u e M a r c h 11 1 9 1 0 w e r e r e c e n t ly ( f f :r e d w i t h o u t s u c c e s s . N o r t h B ir m in g h a m , A la . — t i o n , i t is r e p o r t e d , a u t h o r i z e d Bonds Voted. — A r e c e n t e le c t h e is s u a n c e o f t h e f o llo w in g 5 % 3 0 - y e a r g o ld b o n d s : $22,000 sc h o o l-g r o u n d b o n d s. V o te 127 " f o r ” t o 66 “ a g a in s t .” 20.000 sch o o l-b u ild in g and Im p rovem en t b o n d s. V o te 118 “ f o r ” t o 70 “ a g a in s t.” 50.000 p a rk -im p ro v e m e n t b o n d s. V o te 107 " f o r ” to 74 “ a g a in s t ." 5 5 .000 p a rk -la n d -p u rch a sc b o n d s. V o te 104 “ f o r ” t o 76 “ a g a in s t.” 40.0 0 0 b on d s to p a y d e ficie n cy In c it y ’s r e v e n u e . V o t e 120 “ f o r ” t o 68 “ a g a in s t ." 3 0 .000 fu n d in g b o n d s. V o te 116 “ f o r ” t o 68 “ a g a in s t.” Bonds Purchased by the State During October. N o rth D a k o ta .— — W e a r e a d v is e d t h a t t h e f o llo w in g - d e s c r ib e d b o n d s , a g g r e g a t in g $ 1 5 8 ,6 5 0 , w e r e p u r c h a s e d b y t h e S t a t e o f N o r t h D a k o t a d u r in g t h e m o n t h o f O c t o b e r a s in v e s t m e n t s o f P e r m a n e n t E d u c a t io n a l F u n d s . A ll b o n d s w e re p u rc h a s e d a t p a r a n d b e a r 4 % in t e r e s t . N o n e o f t h e is s u e s p u r c h a s e d a r e s u b je c t t o c a ll. B ad L a nd S c h o o l D is tr ic t, D u n n C o u n ty — $500 1 0 -y ca r s c h o o l b o n d s d a te d A u g. 16 1909. In te re s t sem i-an n u al. B arlow S ch o o l D is tr ic t, P o s te r C o u n ty — $ 2 ,650 2 0 -y e a r s ch o o l b o n d s d a te d O ct. 15 1909. In te re s t sem i-an n u al. B ig Ben d S c h o o l D is tr ic t, M o rto n C o u n ty — $500 1 5-year s ch o o l b on d s d a te d M ay 1 1909. In te re st sem i-an n u al. B u rlington S c h o o l D is tr ic t, W a rd C o u n ty — $ 8 ,0 0 0 1 5 -ye a r s ch o o l b o n d s d a te d O ct. 15 1909. In te re st sem i-an n u al. C row n B u tte S c h o o l D is tr ic t, M orton C o u n ty — $1,5 0 0 2 0 -y c a r s ch o o l b o n d s d ated O ct. 1 1909. In te re st sem i-a n n u a l. KUendalc, D ic k e y C o u n ty — $4,000 2 0 -y e a r re fu n d in g b o n d s d a te d O c t . 1 1909. In terest sem i-an n u al. H a rd w h ca t S c h o o l D is tr ic t. T o w n e r C o u n ty — $1,000 2 0 -y e a r s ch o o l b o n d s d a te d A u g. 16 1909. In terest sem i-an n u al. H o p e S ch o o l D is tr ic t, R a m s e y C o u n ty — $ 2 ,500 2 0 -y e a r s c h o o l b o n d s d a te d .Sept. 1 1909. In te re st sem i ann ual. L a n s fo rd , B o ttin e a u C o u n ty — $7,900 2 0 -y e a r fu n d in g b o n d s d a te d N o v . 1 1909. In terest a n n u al. M Inncw aukan S ch o o l D is tr ic t, B en son C o u n ty — $4,0 0 0 2 0 -y e a r re fu n d in g b o n d s d a te d S e p t. 1 1909. In te re st sem i-an n u al. * M in ot, W a rd C o u n ty — $ 1 1 5,00 0 2 0 -y e a r fu n d in g b o n d s d a te d N o v . 1 1909. In te re st an n u al. M o tt S ch o o l D is tr ic t, H e ttin g e r C o u n ty — $1,200 2 0 -ye a r s c h o o l b on d s d a te d O ct. 15 1909. In terest sem i-an n u al. S h ip le y S c h o o l D is tr ic t, S ta rk C o u n ty — $2,000 2 0 -y e a r s c h o o l b o n d s d a te d O ct. 1 1909. In te re st sem i a n n u a l. T h e lm a S ch o o l D is tr ic t, B u rleigh C o u n ty — $700 1 0 -ye a r s ch o o l b o n d s d a te d O ct. 1 1909. In te re st sem i-an n u al. T o w n e r, M c H e n r y C o u n ty — $6,0 0 0 2 0 -y e a r fu n d in g b o n d s d a te d O ct. 1 1909. In te re st a n n u al. W illia m s C o u n ty S ch o o l D istrict N o . 35— $1,200 1 0 -y c a r s c h o o l b o n d s d a te d O ct. 1 1909. ♦Sale re p o rte d In V . 89, p . 102 5, re p rin te d a b o v e In o rd e r th a t o u r r e cord s m a y be k e p t co m p le te . Bonds Offered by Bankers. N o rth W ilk e s b o r o , W ilk e s C o u n ty , N o . C a ro .— — M c C o y & C o . o f C h ic a g o a r e o f f e r in g t o in v e s t o r s $ 4 8 ,0 0 0 5 % 3 0 - y e a r w a t e r , s e w e r a n d s t r e e t - im p ro ve m e n t b o n d s. D e n o m in a tio n 5 1 ,0 0 0 . D ate Jan . 1 1909. In te re st s e m i-a n n u a lly a t th e N ation a l Park B ank in N ew Y o r k C ity . T o t a l d e b t , in clu d in g this Issue, $51 ,500 . Assessed v a lu a tio n $ 1 ,1 1 2 ,2 7 1 . R e a l v a lu a tio n (esti m a te d ), $ 2 ,2 2 4 ,5 4 2 . Y .—Bond Sale.— O g d e n s b u rg , S t. L a w re n c e C o u n ty , N . O n O c t o b e r 2 9 a n is s u e o f $ 1 0 , 5 0 0 4 % s c h o o l b o n d s w a s a w a r d e d t o t h e S t . L a w r e n c e C o u n t y S a v in g s B a n k f o r $ 1 0 ,5 3 5 , t h e p r ic e t h u s b e in g 1 0 0 .3 3 3 . D e n o m in a tio n s $25 0, $500 an d $ 1 ,0 0 0 . D a te M a y 1 1909. In terest sem i-an n u al. M a tu r ity p a r t y e a r ly o n M ay 1 fro m 1911 to 1916 In clu sive. Bonds Voted and Defeated. O m a h a , N e b .— — A c c o r d in g to lo c a l p a p e r s th e $ 5 0 ,0 0 0 5 % p a r k b o n d s s u b m it t e d t o th e v o t e r s a t t h e e le c t io n h e ld N o v . 2 ( V . 8 9 , p . 1 1 0 1 ) w e r e f a v o r a b ly v o te d . T h e $ 1 5 0 , 0 0 0 b o n d s f o r f ir e - e n g in e s a n d THE CHRONICLE 1298 th e $ 7 5 ,0 0 0 e le c t io n d id lib r a r y 5 % n o t ca rry . bonds a ls o p re se n te d at th e above Bond Offering Painted Post, Steuben County, N . Y .— .— P r o p o s a ls w i l l b e r e c e iv e d u n t i l 8 p . m . N o v . 1 8 b y t h e B o a r d o f T r u s t e e s f o r $ 1 0 ,0 0 0 w a t e r - w o r k s - s y s t e m b o n d s a t n o t e x c e e d in g 5 % in t e r e s t . D e n o m in a tio n $40 0. D a te Jan . 1 1010. In te r e s t sem i-a n n u a lly a t a n y b a n k o r tr u s t c o m p a n y In N ew Y o r k S ta te th a t p u rch aser m a y elect. M a tu r ity $400 y e a r ly o n J u ly 1 fro m 1914 t o 1038 Inclu sive. C ertlllcd c h e c k fo r 1 0 % o f b o n d s Is r e q u ire d . J o h n L . C h atfleld Is V illa g e Clerk. Bonds Voted Phelps County (P. O. Holdrege), N eb,— .— T h e p r o p o s it i o n t o is s u e t h e $ 1 0 0 , 0 0 0 4 % c o u r t - h o u s e b o n d s m e n t io n e d in Y . 8 9 , p . 9 5 0 , c a r r ie d b y a v o t e o f 1 ,3 0 5 to 1 ,0 8 0 a t t h e e le c t io n h e ld N o v . 2 . W e a r e in f o r m e d t h a t i t is e x p e c te d t h a t th e b o n d s w ill b e ta k e n b y th e S t a t e o f N e b ra sk a . Piggott Special School District N o. 52 (P. O. Piggott), Clay County, A rk.— — P r o p o s a ls w il l b e re Bond Offering. c e iv e d u n t il J a n . 1 1 9 1 0 b y G e o . W . S e it z , S e c r e t a r y , f o r f r o m $ 1 5 ,0 0 0 t o $ 2 0 ,0 0 0 6 % c o u p o n s c h o o l- b u ild in g b o n d s . D e n o m in a t io n $ 1 ,0 0 0 . D a te day o f s a le . M a t u r it y 20 y e a rs. B o n d s a re ta x -e x e m p t. C e r t if ie d c h e c k ( o r c a s h ) f o r $ 1 ,5 0 0 , p a y a b le t o t h e S e c r e t a r y , is r e q u ir e d . T h is d is t r ic t h a s n o d e b t a t p re s e n t. Pontotoc County School District N o. 34, Okla.— Sale. Bond — A n is s u e o f $ 2 , 0 0 0 6 % s c h o o l b o n d s w a s r e c e n t ly d is p o s e d o f. T h e O k la h o m a B o n d & T r u s t C o . o f G u t h r ie , o f f e r in g 1 0 1 , w a s t h e s u c c e s s f u l b id d e r . D a te S e p t. 3 1909. M a t u r it y J u ly 1 1 9 2 9 . Bond Sale. Portage, Columbia County, W is. — — T h e $ 3 0 , 000 c o u p o n s e w e r b o n d s o ffe re d o n N o v . 8 ( V . 8 9 , p 1 1 7 8 ), w e re a w a r d e d to th e F ir s t N a t io n a l B a n k o f P o r ta g e a t 1 0 2 .0 5 7 a n d a c c r u e d in t e r e s t . T h e b id s w e r e a s f o llo w s ' F irst N a t. R a n k . P o r t a g e .$2 6 ,5 3 5 00 H arris T ru st & Savings B a n k , C h i c a g o . . .............$26,338 50 A m e r ic a n T r u s t & S avin gs B a n k , C h ic a g o _________ 26,370 00 E . H . R ollin s & S on s, C h ic. 26,226 20 N . VV. H alsey & C o ., C h ic . 2 6 ,345 80 A . B . L e a ch & C o ., C h i c . . 26,037 00 M a tu rity o n F e b . 1 as fo llo w s : $1,000 y e a r ly fro m 1910 to 1910 Inclu s iv e a n d $ 2,000 y e a r ly fro m 1920 to 1929 Inclu sive. 4^2% Ravenna School District No. 69, (P. O. Ravenna) Buffalo and Sherman Counties, Neb.— — A n e le c t io n Bond Election. w ill be h e ld N ov. 16 to v o te on th e q u e s t io n of is s u in g $ 3 0 ,0 0 0 s c h o o l- b u ild in g b o n d s a t n o t e x c e e d in g 5 % in t e r e s t I n t e r e s t a n n u a lly o n J a n . 1 a t t h e S t a t e F is c a l A g e n c y in N e w Y o r k C it y . M a t u r it y $ 3 ,0 0 0 y e a r ly o n J a n . 1 fr o m 1 9 2 0 t o 1 9 2 9 in c lu s iv e . Reno, N ev. — to th e N ix o n Bond Sale. — T h is c i t y h a s s o ld $ 1 2 ,5 0 0 b o n d s N a t io n a l B a n k o f R e n o . Bond Sale. Rensselaer, Rensselaer County, N . Y .— — On N o v . 9 t h e $ 3 ,1 8 0 7 8 4 } ^ % r e g is t e r e d s e w e r ( c i t y ’ s p o r t io n ) b o n d s d e s c r ib e d in V . 8 9 , p . 1 1 7 8 , w e r e a w a r d e d t o t h e H u d s o n C i t y S a v in g s I n s t i t u t i o n f o r $ 3 ,1 9 3 5 0 , t h e p r ic e t h u s b e in g 1 0 0 .3 9 9 . T h e r e w e re n o o t h e r b id d e r s . M a t u r it y $ 6 8 0 7 8 o n N o v . 1 1 9 1 0 a n d $ 5 0 0 y e a r ly fro m 1911 to 1 9 1 5 in c lu s iv e . Rochester Independent School District (P. O. Rochester), Haskell County, T ex .— — T h e $ 8 ,0 0 0 5 % s c h o o l- Bond Sale. h o u s e b o n d s r e g is t e r e d by* t h e S t a t e C o m p t r o lle r o n S e p t . 8 (V . 89, p . 741) h a v e b e e n s o ld t o t h e N o e l - Y o u n g B o n d & S t o c k C o . o f S t . L o u is . D e n o m in a tio n $400. D a te J u ly 10 1909. In terest a n n u a lly In A u stin . T o t a l d e b t , th is Issue. Assessed v a lu a tio n , $ 42 2,38 6. R e a l valu ation (e s tim a te d ), $70 0,00 0. N. Roswell School District (P. O. Roswell), Chaves County, M ex.— — T h e B o a r d o f E d u c a t io n Bond Election Proposed. p r o p o s e s t o h o ld a n e le c t io n t o v o t e o n t h e is s u in g $ 2 8 ,5 0 0 h ig h - s c h o o l- b u ild in g b o n d s . q u e s t io n of St. Francis Drainage District (P. O. Piggott), Clay and Greene Counties, Ark.— — R e p o rts s ta te t h a t th e Bond Sale. $ 2 2 0 ,0 0 0 6 % 2 0 - 4 0 - y e a r ( o p t io n a l) d r a in a g e b o n d s d e s c r ib e d in V . 8 9 , p . 1 2 3 9 , w e re b o u g h t o n N o v . 9 b y I t. D . D u n c a n , r e p r e s e n t in g S t . L o u is c a p it a lis t s . Bond Offering. Salem, McCook County, So. D ak.— — P ro p o s a ls w i l l b e r e c e iv e d u n t i l 5 p . m . N o v . 1 5 b y M . N . N e ls o n , C it y A u d it o r , f o r $ 8 ,0 0 0 5 % s e w e r-sy s te m -c o n s t r u c t io n b o n d s . A u th o rity , e le ctio n held A u g . 31 1909. D e n o m in a tio n $500. D ate N o v . 15 1909. In terest a n n u a lly a t the C ity T reasu rer’ s o ffic e in Salem w ith e x ch a n g e o n N ew Y o r k . M a tu rity N o v . 1 1929, s u b je c t to call $2,000 on Ja n . 1 in 1914, 1919 a n d 1924. B o n d e d d e b t N o v . 3 1909, $17 ,8 5 0 . F loa tin g d e b t, $ 2 ,0 0 0 . Assessed v a lu a tio n 1909, $ 2 4 1 ,6 3 5 . San Francisco, Cal.— Bond Offering. — A c c o r d in g to lo c a l p a p e r s , p r o p o s a ls w i l l b e r e c e iv e d u n t i l D e c . 6 f o r t h e f o llo w in g b o n d s : $ 1 ,2 0 0 ,0 0 0 f o r a u x i li a r y f ir e p r o t e c t io n , $ 1 ,0 0 0 , 0 0 0 f o r s e w e r s , $ 8 0 0 ,0 0 0 f o r p u b lic s c h o o ls , $ 4 4 0 ,0 0 0 f o r a h o s p it a l, $ 2 0 0 ,0 0 0 f o r a g a r b a g e c r e m a t o r y a n d $ 3 6 0 ,0 0 0 f o r th e p r e lim in a r y w o r k o n th e H e t c h - H e t c h y w a t e r s y s te m . T h e b o n d s w il l b e d e liv e r e d $ 2 ,0 0 0 ,0 0 0 o n J a n . 1 1 9 1 0 a n d $ 2 ,0 0 0 ,0 0 0 b e tw e e n J a n . 15 1 9 1 0 a n d F e b . 1 1 9 1 0 . ^Sch en ectady, N . Temporary Loan. Y .— — O n N o v . 6 th e $ 1 0 0 , 0 0 0 c e r t if ic a t e s o f in d e b t e d n e s s d e s c r ib e d i n V . 89, p . 1 1 7 9 , w e r e a w a r d e d t o B o n d & G o o d w in o f N e w Y o r k C it y a t 1 0 0 .0 0 7 f o r 5 s . M a t u r it y F e b . 2 5 1 9 1 0 . . Seaside School District (P. O. Seaside), Clatsop County, Ore.— — A n is s u e o f $ 6 , 0 0 0 6 % s c h o o l b u i ld i n g Bond Sale. b o n d s w a s r e c e n t ly a w a r d e d to M o r r is B r o t h e r s o f P o r t la n d f o r $ 6 ,1 0 1 ( 1 0 1 .6 8 3 ) , a c c r u e d in t e r e s t a n d b la n k b o n d s . D e n o m in a tio n $ 1 ,0 0 0 . D ate N o v . 1 1009. In terest sem i-ann ual. M a tu r ity N o v . 1 192 9, s u b je c t t o call a fte r 10 years. Bond Sales for October. Seattle, W a sh . — lo c a l- im p r o v e m e n t b ond s, s o ld d u r in g O c t o b e r : a g g r e g a t in g — T h e f o llo w in g $ 4 8 2 ,9 2 8 5 3 , w e re $490 1,682 3 ,6 7 0 2 3 ,0 5 0 5,331 10,161 1,751 2 .4 7 6 1 3 ,804 6,9 0 0 1 5 ,8 7 9 1,091 695 3 ,3 9 6 86,431 1 3 ,3 9 7 42,201 11 2 ,6 3 5 1 6 ,378 2 0 ,2 3 4 3 ,573 1 0,424 6 ,398 2,5 5 2 9 ,0 9 7 1 8 ,4 0 9 1,522 4 .4 7 7 26,754 18,055 32 7 % 03 7 % 91 7 % 35 7 % 76 7 % 77 7 % 82 7 % 41 7 % 93 7 % 00 6 % 79 7 % 44 7 % 25 7 % 25 7 % 83 7 % 65 7 % 08 7 % 48 6 % 36 7 % 80 7 % 76 7 18 7 % 39 7 % 63 7 % 14 7 % 67 7 % 85 7 % 47 7 % 60 7 % 61 6 % fVOL. L X X X IX . 5 -ye a r ce m e n t-w a lk b o n d s d a te d O c t . 1 1909. 5-y e a r c e m e n t-w a lk b o n d s d a te d O c t. 1 1909. 1 0 -ye a r p a v in g b o n d s d a te d O c t . 1 1909. 5 -y e a r w a te r-m a in b o n d s d a te d O ct. 2 1909. 5 -y e a r sew er b o n d s d a te d O ct. 2 1909. 5 -y e a r c e m e n t-w a lk b o n d s d ated O c t. 2 1909. 5 -y e a r w a te r-m a in b o n d s d a te d O ct. 2 1909. 5 -y e a r w a te r-m a in b o n d s d a te d O ct. 2 1909. 5-y e a r w a te r-m a in b o n d s d a te d O ct. 41909. 5 -y ca r g rad e b o n d s d a te d O c t . 11 1909. 5 -y e a r w a te r-m a in b o n d s d a te d O ct. 51909. 5 -ye a r grade b o n d s d a te d O c t. 8 1909. 5 -y e a r sew er b o n d s d a te d O ct. 8 1909. 5 -ye a r g rad e a n d ce m e n t w a lk b o n d s d a te d O ct. 12 1909 1 0 -ye a r p a v in g b o n d s d a te d O c t . 12 1909. 1 0 -y e a r p a v in g b o n d s d a te d O c t . 15 1909. 5 -y e a r p a v in g b o n d s d a te d O c t . 15 1909. 10-year p a v in g b o n d s d a te d O ct. 15 1909. 5-y e a r grade an d cu rb b o n d s d a te d O c t . 18 1909. 5 -y e a r w a te r-m a in b o n d s d a te d O c t. 18 1909. 5-y e a r w a te r-m a in b o n d s d a te d O c t . 18 1909. 5-y e a r grade an d cu rb b o n d s d a te d O c t . 18 1909. 5-y e a r ce m e n t-w a lk b o n d s d a te d O ct. 21 1909. 5-y e a r grade a n d cu rb b o n d s d a te d O ct. 21 1909. 5 -y e a r grade an d cu rb b o n d s d a te d O ct. 21 1909. 5-year grade a n d ce m e n t w a lk b o n d s d a te d O c t . 21 1 9 0 9 . 5 -ye a r c e m e n t-w a lk b o n d s d a te d O c t . 23 1909. 10-year p a v in g b o n d s d a te d O ct. 26 1909. 5 -ye a r g rad e an d cu rb b o n d s d a te d O ct. 26 1909. 5 -ye a r clu ste r-ligh t b o n d s d a te d O c t . 27 1909. Bonds Voted. S o u t h A m b o y , M id d le s e x C o u n t y , N . J . — — B y a v o t e o f 4 3 4 “ f o r ” t o 1 51 “ a g a in s t ” t h is d is t r ic t o n N o v . 3 a u t h o r i z e d t h e is s u a n c e , a c c o r d i n g t o N e w a r k p a p e r s , of b ond s. Bond Offer ing. S o u t h B e t h le h e m , N o r t h a m p t o n C o u n t y , P a . — — P r o p o s a ls w i l l b e r e c e iv e d u n t i l 8 p . m . D e c . 6 b y A d a m B r in k e r , C h a ir m a n o f F in a n c e C o m m it t e e , f o r $ 3 6 ,0 0 0 im p r o v e m e n t a n d $ 2 2 ,5 0 0 r e f u n d in g 4% coup on bonds m e n t io n e d in V . 8 9 , p . 1 0 2 6 . D e n o m in a tio n to su it p u rch aser. D a te N o v . 1 1909. In te r e s t Ju n e an d D e ce m b e r at th e B o ro u g h (T reasu rer’s o ffic e In S o u th B e th le h e m . M atu rity N o v 1 1939, s u b je c t to call a fte r N o v . 1 1924. B o n d s are e x e m p t fro m all ta x e s . Certified c h e c k fo r $ 1 ,0 0 0 , p a y a b le t o th e B o r o u g h o f S o u th B e th le h e m , Is r e q u ir e d . ■ Bonds Voted. S o u th O m a h a S c h o o l D is t r ic t ( P . O . S o u th O m a h a ), N e b .— — A t a n e le c t io n h e ld in t h is d is t r ic t o n N o v . 2 a p r o p o s it i o n t o is s u e $ 6 0 , 0 0 0 b o n d s w a s , i t is s t a t e d , a u t h o r iz e d b y t h e e le c t o r s . T h e v o te ca s t w a s 821 to 5 00. Bond Sale. S to n e b o ro , M e rc e r C o u n ty , P a .— — T h e F ir s t N a t i o n a l B a n k o f S t o n e b o r o h a s , i t is s t a t e d , b e e n a w a r d e d a n is s u e o f $ 6 5 , 0 0 0 4 ) ^ % w a t e r b o n d s . Commission Form of Government Adopted. T o p e k a , K a n .— — T h e g e n e r a l e le c t io n N o v . 2 r e s u lt e d in a f a v o r a b le v o t e o n t h e p la n f o r a c o m m is s io n f o r m o f c i t y g o v e r n m e n t . The v o t e , a s c a n v a s s e d , w a s 2 ,6 4 2 “ f o r ” to 2 ,1 4 5 “ a g a in s t . ” Bond Offering. T w o H a rb o rs , L a k e C o u n ty , M in n .— — P ro p o s a ls w i l l b e r e c e iv e d u n t i l 8 p . m . N o v . 1 5 b y P . J . M c A lp in e , C it y C le r k , f o r $ 1 5 ,0 0 0 5 % g o ld c o u p o n r e f u n d in g bon d s. D e n o m in a tio n $10 0, $500 o r $ 1 ,0 0 0 , as d e s ir e d . D a te N o v . 1 190 9. In te re s t A p ril 1 an d O c t . 1 a t the F irst N ation a l B a n k o f C h ica g o. M a tu r ity O ct. t 1919. A n u n co n d itio n a l certified ch e ck o n a n ational o r S ta te ban k fo r 1 % o f th e b o n d s b id fo r , p a y a b le to th e “ C ity o f T w o H a r b o r s ,” Is r e q u ire d . O fficia l n o tice s ta te s th a t the c it y has n e v e r d e fa u lte d In p a y m en t o f prin cip a l o r In terest o n a n y o u ts ta n d in g b o n d s an d th a t th ere Is no litig a tio n p e n d in g o r th re a te n e d . Bond Sale. 4}4% V ic t o r U n io n F r e e S c h o o l D is t r ic t ( P . O . V ic t o r ) , O n t a r io C o u n ty , N . Y .— — The $ 3 ,5 0 0 coupon s c h o o l- b u ild in g b o n d s o ffe r e d o n S e p t . 15 a n d d e s c r ib e d in V . 8 9 , p . 6 1 6 , w e r e s o ld t o C a t h e r in e L o v e j o y a t p a r a n d a c c r u e d in t e r e s t . M a t u r it y $ 7 0 0 y e a r ly o n N o v . 1 f r o m 1 9 1 0 t o 1 9 1 4 in c lu s iv e . Sale. & V in it a , C r a ig C o u n t y , O k la . — R o n d — T h e O k la h o m a Bond T r u s t C o . o f G u t h r ie h a s b e e n a w a r d e d $ 2 8 ,0 0 0 5 % c it y - h a ll b o n d s a t p a r . T h e s e c u r it ie s a r e d a t e d A u g . 3 1 9 0 9 a n d m a tu re J u ly 1 1 92 9. Bond Sale. W a r r e n C o u n t y ( P . O . V ic k s b u r g ) , M is s . — — T h e f o llo w in g b id s w e r e r e c e iv e d o n N o v . 3 f o r t h e $ 6 ,5 0 0 5% 5 - 2 0 - y e a r ( o p t io n a l) C la y S t r e e t e x t e n s io n b o n d s d e s c r ib e d in V . 8 9 , p . 1 1 8 0 : A m cr. B a n k & T ru s t C o -------- $6,6 9 5 | C ity S av in gs & T ru st C o --------- $ 6,505 Bonds Withdrawn from the Market. — The $ 4 8 ,0 0 0 5% 5 - 2 5 - y e a r ( o p t io n a l) c o u n t y - f a r m b o n d s w h ic h w e r e a ls o t o h a v e b e e n s o ld o n N o v . 3 ( V . 8 9 , p . 1 1 8 0 ) , w e r e w it h d r a w n fro m th e m a rk e t. W a s h in g t o n C . H ., F a y e tte C o u n t y , O h io . — Bond Sale — O n N o v . 8 t h e $ 1 ,4 5 6 5 % D e la w a r e a n d O g le s t r e e t s im p r o v e m e n t a s s e s s m e n t b o n d s d e s c r ib e d in V . 8 9 , p . 1 1 8 0 , w e r e a w a r d e d to t h e C o m m e r c ia l B a n k o f W a s h in g t o n C . H . f o r $ 1 ,4 8 1 6 2 ( 1 0 1 .7 5 9 ) a n d a c c r u e d in t e r e s t . M a t u r it y $ 1 4 5 .6 0 e a c h s ix m o n t h s f r o m O c t . 1 1 9 1 0 to A p r il 1 1 9 1 5 in c lu s iv e . Water Bond Election. W a t e r lo o , B la c k h a w k C o u n ty , I o w a .— — D e s M o in e s p a p e r s s t a t e a n e le c t io n is t o b e h e ld to v o t e o n t h e is s u a n c e o f b o n d s t o p u r c h a s e t h e p la n t o f t h e W a t e r lo o W a t e r C o . A n is s u e o f $ 4 0 0 , 0 0 0 b o n d s f o r t h is p u r p o s e w a s s o ld in A u g u s t t o J . S . W a t s o n o f C h ic a g o ( V . 8 9 , p . 3 6 7 ), a n d , a c c o r d in g to th e r e p o r t s , w a s la t e r r e fu s e d b y h im . N e g o t ia t io n s w e r e t h e n e n t e r e d in t o w it h t h e H a r r i s T r u s t & S a v i n g s B a n k o f C h i c a g o , w h i c h , i t ^is s a i d , i s b lie p r i n c i p a l o w n e r o f t h e p l a n t . I t is f u r t h e r s t a t e d t h a t th e H a r r is B a n k h a s a g re e d to ta k e is s u e o f 4 J^ % b o n d s in p a y m e n t f o r t h e s a m e , b u t in s is t s o n t h e is s u e b e in g r e - v o t e d , a s t h e y c l a im t h e f o r m e r e le c t io n w a s n o t r e g u la r . an W a t e r t o w n , L it c h f ie ld C o u n ty , C o n n .— A t a s p e c ia l m e e t in g h e ld O c t o b e r 2 8 t h is is s u e $ 3 0 , 0 0 0 h ig h w a y - im p r o v e m e n t b o n d s . ex.—Bond Sale. W e in e r t I n d e p e n d e n t H a s k e ll C o u n t y , T School D is t r ic t — T he Bonds Voted. to w n v o te d — to ( P . O . W e in e r t ) , N o e l- Y o u n g B o n d THE CHRONICLE Nov. 13 190!). & Stock Co. of St. Louis has purchased $6,500 5 % 15-40-year (optional) school bonds. The securities were registered the State Comptroller on October 25. Zephyr Independent School District "(P . O. Zephyr), Brown County, T e x .— B on d s R eg istere d .— The State Comp troller registered $3,000 5 % 5-40-year (optional) bonds on Oct. 30. D e n om in a tion $500. D ate J u ly 10 1000. In terest a n n u a lly In A u stin . Assessed v a lu a tion $ 3 1 0 ,1 3 6 . T o t a l d e b t this issue. Wellington Independent School District (P. O. Welling ton), Collingsworth County, T ex.— B o n d S a l e . — The $7,200 5 % 10-20-year (optional) school-house bonds registered by the State Comptroller on Sept. 24 (V . 89, p. 876), have been bought by the Noel-Young Bond & Stock Co. of St. Louis. Canada, its Provinces and Municipalities. B ig Bond Sale. W est Brownsville School District (P. O. W est Browns ville), W shington County, P a.— B o n d s P r o p o s e d . — This district, it is stated, intends issuing $17,000 5 y 2 % school building bonds. until J u ly 1929. Sale.— An D a v e n p o rt N o. 2356, S a s k .— Debenture E lm w o o d S c h o o l D is t r ic t N o . 8 6 4 , M a n .— Debenture Sale. — School debentures amounting to $3,000 were recently awarded J. Addison Reid & Co. of Regina. ture Election.— Reports E lp h in s t o n e U n io n S c h o o l D i s t r ic t N o . 1 9 6 , M a n . — D eb en state that an election will be held Nov. 23 to vote on a by-law providing for the issuance o f $2,800 6 % school debentures due part yearly from 1911 to 1930 inclusive. E x e te r, H u ro n C o u n ty , O n t.— Debenture Offering. — F u r ther details are at hand relative to the offering on N ov. 15 of the $22,000 5 % water-works debentures mentioned i n V . 89, p. 1241. Proposals will be received until 7 p. m . on that day by Jos. Senior, Clerk. School District, Medina County, T ex.— B o n d s An issue of school bonds was recently voted by this D ate D e c. 15 1909. In te re st an n u ally at th e T re a s u re r’s o ffic e in E x e te r . M a tu rity part y e a rly fo r 20 yea rs. T o ta l d e b t, In clu d in g this Issue, $ 3 6 , 481 4 0 . Assessed v a lu a tio n 1909, $37 3,51 3. district. Yellowstone County School Districts, M ont.— B o n d S a l e .— Districts Nos. 6, 34 and 47 made a oint sale on Nov. 9 of $5,000 5 % 10-15-year (optional) school-building bonds. The First National Bank of Columbus, offering par, was the successful bidder. Denomination $500. Date Jan. 1 1910. Interest semi-annual. Debenture Sale. F e r n ie , B. C .— — An issue of $25,000 5 % 30-year water-works debentures was disposed of last month G. A . Stimson & Co. of Toronto were the successful bidders. F o r t William , O n t . — — On Oct. 3 0 t h e s e v e n issues of 4 coupon debentures aggregating $294 5 0 0 , Debenture Sale. NEW LOANS. NEW LOANS $ 7 8 ,0 0 0 P r o p o s a ls CITY 0FSTAMF0RD, CONN. 4% D is t r ic t Debenture Election. T h is M atu rity 4 b o n d s y e a rly fro m 11 years to 20 years In clu sive, 5 b o n d s y e a rly fro m 21 years to 25 years Inclusive an d 7 b o n d s ye a rly fro m 26 y e a rs t o 30 years In clu sive. W e are a d v is e d th a t there are 12,826 acres In th e d is tric t, assessed at a b o u t $ 10 2,60 8, or $8 per a cre , “ valu ed at presen t at a b o u t tw ice the s u m .” Yancy School issue of $1,500 debentures has been awarded to J. Addison Reid & Co. of Regina. D u f fe r in , M a n .— — An election will be in this place on Nov. 20 to vote upon a proposition to issue $10,000 school debentures. Wilmington, D el.— B i d s R e je c t e d . — All bids received on Nov. 11 for the $200,000 4 % water-works bonds described i V . 89, p. 1181, were rejected. Winchester, K y .— B o n d s V o t e d . — The propositions to issue the $40,000 city-building and the $65,000 sewer bonds mentioned in V . 89, p. 1104, were favorably voted upon N ov. 2. Date of offering not yet determined. Yalobusha Drainage District No. 1, Yalobusha County, M iss.— B o n d s A u t h o r i z e d . — The Board of Supervisors has authorized the issuance of $50,000 6 % drainage-canal bonds. V o t e d .— Debenture Sale. Q u ill S c h o o l D is t r ic t N o . 2 3 2 3 , S a s k .— — During October J. Addison Reid & Co. of Regina were awarded an issue of $1,500 debentures. C o llin g w o o d , O n t . — — Hanson Bros of Montreal have been awarded an issue of $70,000 4J ^% debentures. D e n o m in a tio n $300. D ate June 21 1909. In terest Is p a y a b le in A u stin | „ e / Y o r k . T o ta l d e b t tills issue. Assessed v a lu a tio n $ 57 6,71 5. H eal ■ • n (estim ated ) $ 90 0,00 0. ^ D e n o m i n a t i o n $ 1,000. M atu rity p art y e a r ly d istrict has no b o n d e d d e b t at presen t. 1399 $ 2 ,5 0 0 ,0 0 0 GOLD BONDS S ealed prop osa ls w ill b e re ce iv e d b y the T rea su rer o f the C ity o f S ta m fo rd In the S ta m fo rd N ation a l Hank o n the 26T H D A Y O E N O V U M B E R , 1909, a t 12 o ’ c lo c k M ., w hen th e y w ill be p u b lic ly op e n e d , for $45 ,000 P u b lic Park B o n d s o f the C ity o f Stam ford (C ou pon B o n d s ). $33 ,000 Free P u b lic L ibrary B o n d s o f the C ity o f S tam ford (C ou pon B o n d s ). T h e p rin cipa l o f said b on d s Is p a y a b le D e ce m ber 1, 1939, In g old co in o f the U n ited States o f A m e r ic a , o f the present stan dard o f w eigh t and fineness, and the Interest a t the rate o f 4 % per an n u m Is p a y a b le In g o ld co in s em i-an n u ally on the first d a y s o f Jun e and D e ce m b e r o f each y e a r , p rin cipa l and Interest p a y a b le In N ew Y o r k . P rop osa ls sh ou ld be e n closed In a s ca le d e n v e lo p e add ressed to th e C ity T reasu rer and en d orsed “ P rop osals fo r B on d s o f the C ity o f S t a m fo r d .” E ach bid m ust be a c c o m p a n ie d b y a certified ch eck o r ban k d ra ft to the o rd e r o f the C ity T reasu rer o f S ta m ford fo r 2 % o f the par va lu e o f the b on d s bid fo r, the a m o u n t o f said ch eck o r d ra ft to be cred ited u p on said bid if a c c e p te d and to be retu rn ed fo rth w ith It n ot a ccep ted . Said bon d s will b e a r d a te o f D e ce m b e r I , 1909 th e pu rch aser to p a y a ccru ed Interest, If a n y , on the b o n d s to the d a te o f d e liv e ry . T h e C ity T reasu rer reserves the right to r e je ct a n y o r all bid s. W IL L IA M N . T R A V IS , C ity T reasu rer. CANADIAN MUNICIPAL BONDS W. A. MACKENZIE & CO., TORONTO, CANADA P op Worth of Four Per Cent Bonds of T he Sanitary District of Chicago being the Twenty-fourth Issue Thereof S ealed p rop osa ls, a dd ressed to th e B oa rd o f T ru ste e s o f T h e S an itary D istrict o f C h icago, and In dorsed "P r o p o s a ls fo r P u rch a sin g B o n d s ,” will be re c e iv e d b y the Clerk o f said T h e San itary D istrict o f C h ica g o , a t R o o m 1500, A m e rica n T ru st B u ild in g , C h ica g o , Illin o is, until o n e (1) p. m . (sta n d a rd t im e ), o n W E D N E S D A Y , N O V E M B E R 24, 1909. T h e b o n d s fo r th e p u rch ase o f w h ich said b ids w ill be re ce iv e d a rc th e tw e n ty -fo u rth and p resen t Issue o f tw o m illion five hun dred th ousand ($ 2 ,5 0 0 ,0 0 0 00) d o lla rs ’ w o rth o f b o n d s o f said T h e S a n ita ry D istrict o f C h ica g o , In d e n o m in a tio n of one thousand ($1,000 00) dollars e a c h , all to b e a r d a te o f th e first d a y o f D e ce m b e r, 1909, w ith Interest a t th e rate o f fo u r (4 % ) p er c e n t per a n n u m , p a y a b le s e m i a n n u a lly on the first d a y o f Ju n e and the first d a y o f D e ce m b e r o f each y e a r, until said b on d s are p a id . T w o hu n dred fifty th ou san d ($ 2 5 0 , 000 00) dolla rs o f th e principal o f said tw o m illion five hu n dred th ou san d ($ 2 ,5 0 0 ,0 0 0 00) d o lla rs’ w o rth o f b o n d s h e re b y oirered fo r sale are to he p a y a b le o n th e first d a y o f D e ce m b e r, 1911, an d o n e h u n d red tw e n ty -fiv e th ousand ($125,000 00) dolla rs of the p rin cip le of said b o n d s are to be p a y a b le o n the first d a y o f D e ce m ber o f ea ch s u cce e d in g y e a r up to and Inclu din g the y e a r 1929, b o th prin cipa l and Interest t o be p a y a b le a t the o ffic e o f the T reasu rer o f said T h e S an itary D istrict o f C h icago. THE AMERICAN MFG CO. P rop osa ls w ill b e r e c e iv e d fo r tw o m illion five h u n d red th ou san d ($ 2 ,5 0 0 ,0 0 0 00) d o lla rs ’ w o rth o f said b o n d s o r a n y p o r tio n th e r e o f. O ne m illion five h u n d red th o u sa n d ($ 1 ,5 0 0 , 000 00) d o lla rs ’ w o rth o f said b o n d s are to be d e liv e re d D e ce m b e r 1, 1909, a n d th e rem ain in g o n e m illion ($ 1 ,0 0 0 ,0 0 0 00) d o lla rs ’ w orth o f said b o n d s D e ce m b e r 1, 1909, o r n o t la ter than J an u ary 2, 1910, a t th e o p t io n o f th e p u rch a ser, a ccru e d Interest to d a te o f d e liv e ry . If a n y , to be paid b y th e p u rchaser. E ach proposal m u st be a c c o m p a n ie d b y c e r ti fied ch e ck o r cash In a m o u n t e qu a l to five (5 % ) per c e n t o f the a m o u n t o f the b id . A ll certified ch eck s m ust be draw n o n s o m e resp on sible C h icago b a n k , and m u st be m ad e p a y a b le to the o r d e r o f the “ C lerk o f T h e S a n ita ry D istrict o f C h ic a g o .” Said a m o u n t o f five ( 5 % ) pea ce n t o f the a m o u n t o f th e bid w ill be h e l d j j y said T h e S a n ita ry D istrict o f C h icago until all o f said proposals h a v e be e n ca n v a sse d an d th e b o n d s h a ve been a w a rd e d . N o bid o f less than p ar and a ccru e d Interest w ill be c o n s id e re d , an d th e rig h t Is re se rv ed to r e je c t a n y an d all bids. T h e said b on d s to b e paid fo r an d d eliv ered a t th e o ffic e o f the T rea su rer o f said T h e S an itary D istrict o f C h icago. F o r fu rth e r in fo rm a tio n a p p ly to th e P resid en t o r C lerk o f said T h e S a n ita ry D istrict o f C h ic a g o , o r the Chairm an o f the C o m m itte e o n F in a n ce , R o o m 1500, A m e rica n T ru st B ld g ., C h ica g o, III. THE SANITARY DISTRICT OF CHICAGO I. J . B rya n , C lerk. H en ry F . E id m an n , C h airm an B y R O B E R T R . A lcC O R A lIC K . P re sid en t. C o m m itte e on F inan ce. MANILA, SISAL AND JU TE BIRD 8 .COLER CORDAGE. 65 W all Street, - LEONARD H. HOLE. W. N. C O L E R & CO.. New York BANKERS 43 CEDAR ST., NEW YORK INVESTM ENTS. ESTABLISH ED 1835 H. C. Speer & Sons Co. First Nat. Bank Bldg., Chicago CITY, COUNTY AND SCHOOL BONDS [VOL. THE CHRONICLE 1 3 0 0 described in V . 89, p. 1105, were awarded to the Northern Crown Bank of Winnipeg at 96.972 and accrued interest. Following are the bids N orth ern C r o w n U k ..W in n ip e g 90.972 O n tario S ecu rities C o .,T o r o n t o -9 6 .15 W o o d , G u n d y & C o ., T o r o n t o .696.11 D om in io n S ecurities C o r p o r a A em ellu s J arvis & C o ., T o r o n t o 95.31 tio n , L t d ., T o r o n t o -----------a 97 .07 S te in e r ,D u n lo p & C o ..T o r o n t o 9*5-44 C. H .. d u rgess,, T o r o n t o ________ 95.25 ln r,D U .,'i'o u u .n jti B u i b c m ------- i a F o r S139 000 d eb en tu re s , w ith o p t io n o n th e b a la n ce t o the end o l the y ea r a t th e sam e p r ice . 6 F o r $10 0,00 0 d e b e n tu re s , w ith o p t io n o n the balance t o Dec. 15, at th e same p r ice . _ , . AH b id d ers ollered a ccru ed interest In a d d itio n to th eir b id s . D e n o m in a tio n $ 1 ,0 0 0 . D ate A u g . 1 1909. Griffin School District No. 2488, Sask.— D e b e n t u r e S a l e .—• School debentures amounting to 83,000 were disposed of last month to Nay & James of Regina. The debentures carry interest and mature in 10 years. Guelph, Ont. — D e b e n t u r e O f f e r i n g .— Proposals will be re ceived until 3 p. m . Nov. 16 by T . J. Moore, City Clerk, for $50,000 5 % hydro-electric plant and machinery debentures. Interest on June 30 and Dec. 31. Maturity 30 years. Guernsey, Sask.— D e b e n t u r e S a l e . — J. Addison Reid & Co. of Regina were the successful bidders recently for an issue of $1,500 debentures. Hazeldale School District N o. 2455, Sask.— D e b e n t u r e S a l e .— Debentures aggregating $1,200 have been awarded to J. Addison Reid & Co. of Regina. Humboldt, Sask.— D e b e n t u r e S a l e .— 'During the month of October this town sold $4,500 6 % 15-year skating-rink debentures to Nay & James of Regina. Irvine, Canada.— D e b e n t u r e S a l e .— Last month this village disposed of $900 8 % 9-year improvement debentures to Nay & James of Regina. Kamsack, Sask.— I n t e r e s t R a t e .— The $5,000 generalimprovement debentures awarded on Oct. 25 to Nay & James of Regina (V . 89, p. 1241) carry interest at the rate of 5 )4 % ■ Koike School District N o. 2325, Sask.— D e b e n t u r e S a l e .— An issue of $1,200 debentures was awarded in October to J . f Addison Reid & Co. of Regina. Lone Star School District N o. 1943, A l t a — D e b e n t u r e S a l e . __ This district recently awarded to J. Addison Reid & Co. of Regina an issue of $2,000 debentures. MacDonald, Man.— D e b e n t u r e E l e c t i o n .— A proposition to issue $12,000 5 20- year school debentures will be placed before the voters at an election to be held Nov. 20. Maple Creek, Sask.— D e b e n t u r e S a l e . — It is reported that the $45,000 5 % sewer debentures described in V . 89, p. 1182, were awarded on N ov. 3 to Nay & James of Regina. Ma turity part yearly for 30 years. Melville, Sask.— D e b e n t u r e O f f e r i n g . — Proposals will be received by II. D . Wilson, Secretary-Treasurer, for $6,000 permanent-improvement debentures. Morris Township, B. C.— D e b e n t u r e S a l e . — This township has awarded $4,277 5 % drainage debentures to Brent, Noxon & Co. of Toronto. Nanton, A lta.— D e b e n t u r e S a le-. — The Bank of Hamilton has been awarded the $16,000 5 % debentures offered by tins municipality on Nov. 1 and mentioned in V. 89, p. 1105. Maturity part yearly for 20 years. Nelson, B. C.— D e b e n t u r e S a l e . — The following 5 % de bentures were sold during October to the Dominion Securities Corporation, L td., of Toronto: $25,000 due in 20 years and $16,000 due part yearly for 10 years. Outlook, Sask.— D e b e n t u r e S a l e . — This village has awarded an issue of $2,500 debentures to J. Addison Reid & Co. ot Regina. Outremont Catholic School District, Que — D e b e n t u r e O f f e r i n g . — Proposals will be received until 6 p. m. N ov. 15 by J. A . Gauthier, Secretary-Treasurer, for $50,000 4 y 2 % debentures. Interest semi-annual. Maturity 40 years. Oxford East Township, Ont.— D e b e n t u r e S a l e . — Brent, Noxon & Co. of Toronto were the successful bidders recently for issues of $823 25 5 % and $3,064 25 4 y 2 % 5-10-year drainage debentures. Parkerton School District N o. 2429, Sask .— D e b e n t u r e S a l e . — This district during the past month awarded to J. Addison Reid & Co. of Regina an issue of $1,200 debentures. Poplar Leaf School District N o. 2418 (P. O. Theodore); Sask.— D e b e n t u r e S a l e . — Hawkey, Somerville & Co. of Indian Head have purchased $800 bonds. MISCELLANEOUS. INVESTMENTS. NEW LOANS. $ 5 0 ,0 0 0 MONTGOMERY, ALA. FO R R E ST & CO. HUNT, SALTO NSTALL t CO., m em bers N ew Y ork S tock E x ch a n g e P A V IN G BONDS S ealed b id s w ill b e receiv e d b y the C ity T re a s urer o f M o n tg o m e ry , A la b a m a , fo r the purchase •f $50 ,000 00 P a v in g B o n d s, d a te d N o v e m b er 1st, 1909, bea rin g Interest a t the rate o f live ner cen tu m per an n u m , said b o n d s to be In d e n o m in a tio n o t $500 00 e a ch , p a y a b le ten years fro m their d a te . Su ch b on d s m a y , a t the o p tio n o f the C ity o f M on tg om ery , be re d eem ed a t a n y Interest p e riod , In n um erical o r d e r , an d n o t to e x c e e d on e-ten th o f the total Issue In a n y on e y e a r , b u t In case th e C ity shall e le ct to p a y a n y o f said b on d s b e fo re their m a tu rity , It shall p a y , as a bon u s to the h old er th e re o f, a su m equa l to o n e -fo u rth the ann ual Interest th e re o n . In terest to be paid sem i-an n u ally B ids to be receiv ed n o t later than n o o n , N O V E M B E R 1 5 T H , 1909, and ea ch bid to be a c co m p a n ie d b y a certified ch e ck fo r F a v o ra b le o p in io n ot S to r e y , Th orn elike. P a lm e r & T h a y e r ot B oston as to le g a lity o f b o n d s to be furnished successful bid d e r. _ N o con d ition a l b ids as to o p in io n o f o th e r a ttorn ey s will be en terta in ed . T h e C ou ncil reserves the right to r e je c t a n y an d all b id s . R O B E R T T A I T t c i t y T reasu rer, M o n tg o m e r y , A la . Investment Securities 60 S T A T E S T R E E T BOSTON W E OW N AND BANKERS Municipal and Seasoned Corporation Bonds F R E E OF T A X MUNICIPAL BONDS P H I L A D E L P H I A . PA. 421 C H E S T N U T S T .. B L A C K S T A F F & CO. IN V E ST M E N T S 1332 Walnut Street P H IL A D E L P H IA OFFER LIST OF SPECIALTIES ON REQUEST T a x E x e m p t A n yw here in the U n ited S tates W r ite fo r P a rticu la rs GLEN, SUTHERLIN & 00. J ohn F. WM. KRAFT atkin s AND RAILROAD BONDS No. 2 W A L L STREET, N E W Y O R K P. J. GOODHART & CO.. Bankers Specializing in Examination of Municipal and Corporation Bonds H. W MUNICIPAL 817 F ln t Nat Bank Bldg, CHI CAGO. ILL. LAW YER PERRY, COFFIN & BURR L X X X IX . >7 B R O A D W A Y - - NEW Y O R K T e le p h o n e 224 0 R e c t o r 1312 F IR S T N A T IO N A L R A N K B L D G . Bank and Trust Co. Stock* Blodget, Merritt & Co. 60 State Street, Boston 3iZ0 W a l n u t S t „ Cincinnati CHICAGO, IL L . In ve stm e n t Bonds ’ UNICIPAL AND RA ILRO A D M BONDS BANK ERS McCOY & COMPANY F orm erly M a oD on a ld , M oC oy & C «. Municipal and Corporation Bonds NEW Stock* Y O R K AND BROO K LYN B O U G H T A N D SO L D CLINTON GILBERT, 3 W A L L S T .. N EW Y O R K . 3 0 F IN E S T R E E T , N E W Y O R K STATE, CITY & RAILROAD BONDS . L IS T O N A P P L IC A T IO N SEAS0NG00D & MAYER, Mercantile Library Building _____ . CINCINNATI GEO "b T Y d W ARDS 18i LaSalle Street, - Chicago Bank and Trust Company 6 0 S T A T E S T R E E T , BO ST ON Charles M. Smith & Co. BROKER A N D COMMERCIAL AGENT CORPORATION AND MUNICIPAL BONDS T ribu n e B u lld h i* . 154 N« * “ u S‘ £ ® ‘ y T elep h on e 4218 B ce k m «n N b W Y O R K . IN Y. . FIRST NATIONAL B A N K B UILDING CHICAGO Negotia tlona, I nvestlgationa,Re porta, United States, C a n a d a , or Foreign R. T. Wilson & Co. Bankers & Oommiaaion Merchant! 33 W A L L S T R E E T • • N EW Y O «B THE CHRONICLE Nov. 13 1909 Porter School District N o. 2416, Sask.— D e b e n t u r e S a l e .— This district has been successful in disposing of an issue of $1,500 debentures. They were awarded to J. Addison Keid & Co. of Regina. Revelstoke, B. C.— D e b e n t u r e S a l e .— An issue of $30,000 5 % 25-year power-plant debentures has been awarded to Brent, Noxon & Co. of Toronto. Roecliffe School District No. 2360, Sask.— D e b e n t u r e S a le — This district has been successful in selling an issue of $1,200 debentures. J. Addison Reid & Co. of Regina were the pur chasers. St. Stephen, N . B .— D e b e n t u r e S a l e .— During the month of October $100,000 4 % coupon water debentures were de livered to J. M. Robinson & Sons of St. John. These securi ties are part of the $150,000 debentures mentioned in V . 88, p. 1579, which Robinson & Sons agreed to purchase some d e n o m i n a t i o n $500. D a te J u ly 1 1906. In terest sem i-a n n u a lly In S t. J o h n , H a lifa x , M ontreal, T o r o n t o o r S t. S te p h e n . M a tu rity J u ly 1 1946. Assessed va lu a tio n $1,119,275. Saskatoon, Sask.— D e b e n t u r e E l e c t i o n . — On N ov. 18 the voters of this place will be asked to express their opinion as to whether or not $18,000 bridge and $4,300 fire-protection 5 % 30-year debentures should be issued. Sperling School District No. 1488, Man.— D e b e n tu r e E l e c t i o n .— An election will be held N ov. 20 to vote upon a proposition to issue $12,000 5J ^ % debentures. D en om in a tion $500. D a te Ju n e 1 1910. 20 years begin n in g Jun e 1 1911. M a tu rity p a rt y e a r ly fo r . S tam ford Township, Ont.— D e b e n tu r e O f f e r i n g . — Proposals will be received until 12 m. Nov. 20 by J. E . Jones, Clerk (P. O. Box 204, Niagara Falls South), for $8,700 5 % localimprovement debentures. Maturity 20 years. Sydney Mines, N. S .— D e b e n t u r e S a l e s . — W e are advised that during the last few months debentures aggregating $40,000 were purchased by J. M. Robinson & Sons of St. John. Of this amount, the most recent sale was that of $5,000 4 y 2 % debentures due Sept. 1 1929, which took place last month. Interest semi-annual. Thomasville School District N o. 1958, A lta.— D e b e n t u r e S a l e . — J. Addison Reid & Co. of Regina were recently awarded an issue of $1,200 debentures. 1 3 0 1 Tuxford School District No. 2486, Sask.— D e b e n t u r e S a l e . — Nay & James of Regina bought $3,000 5J ^ % 10-year school debentures during October. Venn School District No. 2389, Sask .— D e b e n t u r e S a l e .— An issue of $2,500 5 } 4 % 10-year school debentures was awarded last month to Nay & James of Regina. Victoria, B. C.— D e b e n t u r e Sale.— This city has awarded to the Dominion Securities Corporation, L td ., of Toronto, an issue of $20,000 4 % debentures maturing in 1933. Victoria County (P . O. Lindsay), O nt.— D e b e n t u r e O f fe r i n g — Proposals will be received until N ov. 15 for $20,000 4 % 20-year debentures. J. R. McNeillie is County Clerk and Treasurer. Westdene School District N o. 1874, A lta.— D e b e n t u r e S a l e . — J. Addison Reid & Co. of Regina purchased of this district during October an issue of $1,200 debentures. W eston, Ont.— B i d s R e j e c t e d . — All bids received on Oct. 12 for the $57,000 4 % % water-works debentures described in V . 89, p. 954, were rejected. Wetaskiwin Public School District No. 264 (P. O. W e taskiwin), Alberta.— D e b e n t u r e S a l e . — The $30,000 5 % 30year debentures offered on Oct. 30 (V . 89, p. 954) were sold to J. Addison Reid & Co., L td ., of Regina at 100.833 and accrued interest. Following are the bids: J. A d d iso n R e id & C o ., L t d ., IS te ln e r, D u n l o p & C o . , T o r . . . $2 9 ,6 0 5 R e t i n a ____________________ $30 ,250 M c M a h o n & H e lllw e ll, C a lga ry 2 9 ,5 7 7 B re n t, N o x o n & C o ., R e g in a . 30,161 I A em illus J a rv is & C o ., T o r . . 2 9,571 C. H . Burgess & C o ., T o r o n t o 2 9 ,909 D orn . S e c. C o rp . L t d ., T o r . . 2 9 ,3 2 5 N ay & J am es, R e g in a ______ 29,764 |G. A . S tlm so n & C o .. T o r o n t o 2 8 ,611 W o o d , G u n d y & C o ., T o r o n t o 2 9 ,7 2 5 1 W hitew ood, Sask.— D e b e n t u r e S a l e . — Debentures amount ing to $4,500 have been awarded to J. Addison Reid & Co. of Regina. Wilbert School District N o. 2357, Sask.— D e b e n t u r e S a l e .— J. Addison Reid & Co. of Regina has purchased of this dis trict an issue of $1,800 debentures. Wilkie, Sask.— D e b e n t u r e O f f e r i n g . — T . A . Dinsley, Secre tary-Treasurer, is offering for sale $2,000 permanent-im provement debentures. MISCELLANEOUS. ACCOUNTANTS. O F F IC E O F T H E ATLANTIC MUTUAL INSURANCE COMPANY. Arthur Young & Co. N ew Y o r k , J a n u a ry 21st, 1909. The Trustees, in conformity with the Charter of the Company. submit the following statement of its affair» on the 31sf of D ecem ber, 1908. Certified Public Accountants Prem ium s on M arine R isk s fro m 1st J a n u a ry , 1908 t o 31st D e ce m b e r , 1 90 8 ...................... W . W .807 24 P rem ium s o n P olicies n o t m ark ed o ff 1st J a n u a ry . 1 90 8................................................................. 7 43 ,389 01 (IL L IN O IS ) T o ta l M arine P re m iu m s............. .......................................................................................................................$ 4 ,05 1 .1 9 6 25 Ne w Y o r k , 3 0 Pine Street M i l w a u k e e , 0 3 3 W e ll e Bldg Chicago. 1 3 1 3 Monndnock Block K a n s a s City. 1 1 0 0 Comm erc e Bldg. P rem ium s m arked o ff fro m 1st J a n u a ry . 1908. t o 31st D e ce m b e r. 1908.....................................$3,333,483 56 In terest re ce ive d d u rin g the y e a r ................................ - ..................... ? ? R e n t less T a x e 3 an d E x p e n s e s..................- ........................................ I42,uu<s S449.855 61 01 Losses p aid d u rin g th e y ear w h ich w ere e stim ated In 1907 Losses o c c u r r e d .^ ^ t o a t e d and* paid~ln~ 23 $1 ,6 9 5 ,4 7 7 68 ,%SSSI? ™ 51,215,933 08 LYBRAND, ROSS BROS & M ONTGOM ERY Certified Public Accountants (PenneyIvonla) L an d T it le Building PH ILAD ELPH IA. City Inventing Bldg., 1 0 3 B r oa dw ay NEW Y O R K . Union Bank Building PITTSBU R G H Plret National Bank Bldg.. CH ICAGO JAM ES PARK & CO C E R T IF IE D PU B L IC ACCOUNTANTS New York,Chicago, Cincinnati and London, England. A U D ITO R S FOR FIN A N C IA L IN 8 TITU TIO N S. IN D U S T R IA L AND M IN IN G COM PAN IES Iaveatlgatlona, Financial Statements. Periodical Audits and Accounting E x p ^ ™ cs^ l^ \ u ^ 'n ^ offrce*rs’ salaries an d clerk s’ c o m p e n sa tio n , s ta tio n e ry . n ew spapers, a d ve rtise m e n ts, e t c .....................................■........................................ > ASSETS. U n ited S tates & State o f N ew Y o r k S to c k , C ity , B ank a n d o th e r Sccu rltles ________ $5,44 2 ,7 9 2 00 Special d e p o sits in B anks A T ru stC os. 8 00 ,000 00 R e a l E sta te c o r . W all & W illla m S ts., & E x ch a n g e P la c c -$ 4 ,2 9 9 ,4 2 6 04 O th er R e a l E sta te & X T -- — — -— 7 5,000 00 P rem iu m n o te s and B ills R e c e iv a b le Cash In the han ds o f E u rop ean Bankers to p a y losses u n d er pollclcs p a y a b le In fo re ig n c o u n tr ie s . Cash In B a n k ------------------------------------- 56 Pine Street, - NEW YO R K Telephone 4261 John. LOOMIS. C0NANT& CO. CERTIFIED PUBLIC ACCOUNTANT* 30 B r o a d Street, N e w Y o r k Tel. 4958 Broad. 1,37 7 ,9 0 5 06 399,031 95 42 9 .9 o 0 .1 8 A g g re g a tin g ------------------------ ----------$ 1 2 ,8 2 4 ,1 0 5 23 A g g re g a tin g ______________________ 511 ,0 6 6 ,1 0 1 06 A dividend of Interest o f Six per cent on the outstanding certificates o f profi ts will be paid to the holders thereof or their legal representatives, on and after Tuesday the second of February next. h ^ d T h eou S ta n d ln g ce rtifica te so f the Issue o f 1903 will be redeemed and paid to the holders thereof, or their legal representatives, on and after Tuesday the second of February next, from which date all Pntirnsf thereon will cease. The certificates to be produced at the time of payment and canceled. Interest thereon win cease. deC]ared on the net earned premiums o f the Company for the year e n d l n ^ ^ I s f p i e m b f ^ O O S for which, upon application, certificates w t l ^ l s s u e d on and a fte i T u e sd a y the fo u r th of M ay n ALFRED ROSE & C0.f CERTIFIED PUBLIC ACCOUNTANTS 4 .3 7 4 .4 2 6 04 3344,200 bo L IA B IL IT IE S . E stim a te d L osses an d L osses U n s e t t l e d ............................ $2 ,3 1 0 ,4 3 3 00 P rem iu m s on U n term in a tcd R is k s . 717 ,712 70 C ertificates o f P rofits a n d Interest U n paid ..................... 260 ,822 22 121,473 66 R e tu rn P rem iu m s U n p a id --------------C ertificates o f P rofits O rd ered R e d e e m e d , W ith h e ld fo r U npaid 2 2 .339 36 P r e m i u m s ------------------------------------C ertificates o f P rofits O u tstan d 7 ,3 6 3 ,4 1 0 00 in g -------- ------------------------------------27 0 ,0 0 0 0 « R ea l E sta te R e se rve F u n d ------- G U S T A V A M S IN C K . F R A N C IS M . B A C O N . JO H N N . B E A C H , W IL L IA M B. B O U L T O N . VERNON H . BROW N , W A L D R O N P. B R O W N , JO H N C L A F L IN . G E O R G E C. C L A R K , C L E V E L A N D II. D O D G E , C O R N E L IU S E L D E R T . R IC H A R D H . E W A R T . Q . STAN TO N F L O Y D -J O N E S . S e creta ry. TRU STEES. H E R B E R T L . G R IG G S , C L E M E N T A . G R 1S C O M , AN SO N W . H A R D . L E W IS CASS L E D Y A R D . F R A N C IS II. L E G G E T T , C H A R L E S D . L E V E R IC H . LEAN DER N. LOVELL, GEORGE H . M ACY, CH ARLES H . M ARSH ALL. W . II. H . M O O R E , N IC H O L A S F . P A L M E R . H E N R Y P A R IS H , D ALLAS B. PR A T T , G E O R G E W . Q U IN T A R D , A. A. RAVEN. JO H N L. R 1 K E R , D O U G L A S R O B IN S O N . G USTAV H . SC H W A B. W IL L IA M SL O A N E , IS A A C S T E R N . W IL L IA M A . S T R E E T , A . A . R A V E N . P resid en t. C O R N E L I U S E L D E R T , V ice-P resid en t. S A N F O R D E . C O B B . 2d V ice-P resid en t. C H A R L E S E . F A Y , 3d V ice-P resid en t. J O H N II. J O N E S S T E W A R T . 4th V ic c -P r es id e n THE CHRONICLE 1 3 0 2 Q xnst ©xrmpawies. [VOL. LXXXIX. g v u s i ©xrmpaities. Kiel Sa s T st Govs at lew M l te ru Chartered 1853 15 a n d 17 W a ll s t r e e t . Union T ru s t Company OF NEW YORK CHARTERED 1864 C A P I T A L , ............................................................. * SURPLUS AND UNDIVIDED PROFITS, 8 2 ,0 0 0 0 0 0 .0 0 8 13 ,5 1 0 .6 0 5 0 4 80 BROADWAY Branch 425 Fifth Avenue, Corner 381h Street With Modern Safe Deposit Vaults T h is C o m p a n y a c ts as E x e cu to r . A d m in is tra to r . G u ard ian , T ru s te e , C ou rt D e p o s it a r y a n d In p * I t allow s in terest a t cu rre n t rates o n d e p o sits. I t h o ld s , m anages a n d invests m o n e y , securities an d o th e r p r o p e r ty , real o r p erson a l, fo r e r ta te s , c o r p o r a tio n s an d in d iv id u a ls. Capital $1,000,000 Surplus (earned) $8,000,000 E D W A R D W . SHELDON, President. W IL L IA M M . K IN G S L E Y , V.-P res. H EN R Y E. A H ER N , Secretary. W IL F R E D J. W O RCESTER, A sst. Sec. CHARLES A . E D W A R D S , 2d A sst.Sec. ALLOWS INTEREST ON DEPOSITS. Acts as Executor, Guard an. Trustee &c Administers "Institutional” and Other Fiduciary Trusts Receives Securities for Safe Keeping and Collection of Income. other r e co g n ize d trust ca p a citie s. TR USTE ES. J O H N A . S T E W A R T , Chairm an o f the Board . W illia m D . S loan e, Jo h n Claflln, G u sta v H . S ch w a b , } Jo h n J . P h elps, F ran k L y m a n , D . O . Mills, G eorge F . V le to r , Lew is Cass L e d y a r d , Jam es S tillm a n , ^ L y m a n J . G age, W . B a y a rd C u ttin g, Charles S . S m ith , W illia m R o c k e fe lle r , A le x a n d e r E . O rr, W illia m H . M a cy J r ., P a y n e W h it n e y , E d w ard W . S h eld on C h au n cey K e e p , G eorge L . R iv e s , A rth u r O. J a m e s. W illia m M . K in g s le y . Strongest in Working Capital CENTRAL TRU ST COM PA N Y of NEW YORK 54 Wall S t r e e t T R U STE ES Waiter P . Bliss, H . Van R . Kennedy, Amory S. Carhart, James Gore King, Alei;. S. Cochran, W . Emlen R oosevelt, Amo« F Eno, N. Parker Shortrldge. Frederic deP. Foster. James Speyer, Harrison E. Gawtry, John V . B. Thayer. Robert W . Goelet. Charles H . Tw eed, Adrian Iselln Jr.. Richard T . W ilson, Augustua W . Kelley, James T . W oodw ard. William W oodward. O FFIC E RS AUGUSTUS W . K E L L E Y , V ice-P residen t JOH N V. B. T H A Y E R , Vlce-Prest. A See. E D W A R D R . M E R R IT T , Vlce-Prest. G E ORGE G A R R H E N R Y . Vloe-Prest. 0. O. R A W L IN G S . Trust Officer. H E N R Y M. PO PH A M , 1 T. W . H A R T S H O R N E , Asst. Seo’ys. J E N R Y M. M Y R IC K . ‘ Capital and Surplus, $18,000,000 (of w hich $ 17,000,000 h been earned) as M a n h a tta n Authorized to act as Executor, Trustee, A inistrator or G dm uardian. Receives D eposits, su bject to check, and allow In s terest on D aily B alances. Acts as Transfer Agent, R egistrar and Trustee u der M n ortgages. T ru st C om pany BANKERS TRUST COMPANY 7 W A LL STR EE T, MEW YO R K . Capital $3,000,000 Surplus, $4,500,000 STEPHEN BAKER. „ „ „ 20 Wall Street Corner Nassau NEW YORK D IH B C T O K S edoar l. m arston, Pres. Bank o f the Manhattan O o., N . Y . Blair & C o.. Bankers, N . Y . SAMUEL O. BAYNE. aEORQE W. PERKINS. EDWIN M. BULKLEY. WILLIAM H. PORTER. JAMES G. CANNON. DANIEL Q. REID, EDMUND C. CONVERSE. Vice Pres. Liberty National Bank, N . Y . BENJ. STRONG Jr.. Vice-Pres dent, N . Y . Pres. Seaboard National Bank, N . Y . J. P. Morgan A C o.. Bankers, N . Y . Spencer Trask A C o ., Bankers, N . Y . Pres. Chemical National Bank, N . Y . Ylce-Pres. Fourth National Bank, N . Y . President, New Y ork. HENRY P. DAVISON, EDWARD F. SWINNEY. J. P. Morgan A C o., Bankers. N. Y. Pres. First National Bank, Kansas C ity. WALTER E. FREW. JOHN F. THOMPSON, Tlce-Pres. Corn Exchange Bank, N . Y . Vice-President, New York. PREDERICK T. HASKELL. GILBERT O. THORNE. A. BARTON HEPBURN, EDWARD TOWNSEND, THOMAS W. LAMONT, ALBERT H. WIGGIN, V .-Pres. Illinois Trust &J3av. Bank, Chicago. President Chase National Bank, N . Y . Pres. Importers’ A Traders’ National Bank, N .Y Tice-President First National Bank. N. Y . OATES W. McGARRAH, Vlce-Pres. National Park Bank, N . Y . President Mechanics’ National Bank. N . Y. UNITED STATES MORTGAGE & TRUST COMPANY NEW YORK Vlce-Pres. Chase National Bank. N . Y . SAMUEL WOOLVERTON. President Gallatin National Bank, N . Y . Particular attention is called to the personnel, character and strength of this company's directorate. Interest is allowed upon deposits. E. C. CO N V E R G E , Pres. J . F. T H O M P S O N , V - P . I*. S T R O N f l J r . , V .- P . D. E. P O M E R O Y , V. I*. F. I . K E N T , V -I*. F . N. is. C L O S E , Secy. 11. VV. D O N O V A N . T r e a s . II. F . W I L S O N J r . , Asst . Sec'y. CAPITAL, SURPLUS $2 ,000,000.00 $4 ,000,000.00 Receives deposits subject to check and allows interest. Acts in all fiduciary capacities, issues for DHiioisIVust&SavintjsBank C H IC A G O eign and credit, domestic prepares Pays Interest on Time Deposits, Current and Reserve Accounts Deals in Investment Securities and Foreign Exchange Transacts a General Trust Business. C O R R ESPO N D EN C E INVITED. letters of certifies municipal bonds. Capital and. Surplus • ^ 1 3 ,3 0 0 ,0 0 0 and 55 B ’ w a y ft 7 3 rd S t. C ed ar St. 8 tb Av»i ft r a s th St. B. W. Strassburger So u t h e r n In v e s t m e n t S e c u r it ie s . MONTGOMERY, A L A .