Full text of Commercial and Financial Chronicle : November 13, 1909, Vol. 89, No. 2316

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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
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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




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.
£4

1267

2

1017, 102
11
83 4
03 4
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100 Sep ’09
1104
l io 4
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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
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P rice
F rid a y
N on 12

•
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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
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Long Dock S e e Erie
m an
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L o w H i g h N Y Bkln tb Man Boh S ee L l
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L o w I lia d
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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

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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;
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-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

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0
F r id a y
N ov 12

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R ange er
Last Sale

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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

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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
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14 %
14 H
13 H
13 54

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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

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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 .