Full text of Commercial and Financial Chronicle : November 20, 1909, Vol. 89, No. 2317

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Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section
VOL. 89.

Electric Railway Section
State and City Section

SATURDAY, NOVEMBER 20 1909.

Week ending November 13.

Clearings at-

S & * © h r o tx ic lje .

NO. 2317.
Inc. or
Dec.

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C L E A R IN G -H O U S E R E T U R N S .

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. Nov. 20 have been $3 ,428 ,268,335, against $3,­
584,226,513 last week and $3,409,701,554 the week last year.
Clearings— Returns by Telegraph N ov.20.

1909.

1908.

New Y ork _____ _______________________
B o s t o n ......................................... .................
P h iladelph ia................................ .......... ._
B altim ore.....................................................
C h ic a g o ...................... ..................................
St. L o u is ________ ____________________
New O rlean s..... .................................. i ___

$1,733,961,893
156,970,880
124,790,437
27,018,972
233,595,703
68,780,916
19,751,396

$1,816,602,420
156,632,187
116,424,386
22,699,766
227,811,780
60,853,861
16,934,090

Seven cities, 5 days________ ________
Other cities, 5 days.....................................

$2,364,876,197
500,418,297

$2,417,958,490
439,876,962

— 2.2
+ 13.8

Total all cities, 5 (lays..........................
Ail cities, 1 d a y ....... ............... ..................

S2,865,294,494
562,973,841

$2,857,835,452
551,866,102

+ 0.3
+ 2.0

Total all cities lor w eek......... ..............

$3,428,268,335

$3,409,701,544

+ 0.5

%
— 4.5
+ 0.2
+ 7.2
+ 19.0
+ 2.5
+ 13.0
+ 16.6

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. 20, for four years.
Week ending November 13.
1909.

1908.

S
$
New Y o r k ........... 2,215,982,197 2,345,070,510
Philadelphia____
149,526,316
139,125,043
Pittsburgh--------42,834,284
49,067,377
B a ltim ore______
27,920,571
36,475,254
Hiilfalo_________
9,828,209
9,267,160
Albany..................
6,305,073
0,268.844
W ilm ington.........
6,438,627
7,435,877
Rochester _____
3,949,278
4,254,866
S c r a n t o n . . . __
2,458,501
2,666,880
Syracuse .............
2,509,588
1,946.103
Reading............. ..
1,552.1Hi
1,502,013
Wilmington . . .
1,510,959
1,298,503
Wilkes-Barre . 1,498,858
1,385,062
Wheeling --------1,709,319
1,639,958
H arrisburg.........
1,209,798
1,311,028
Trenton _______
1,714,309
1,384,565
E r ie -----------------861,507
698,597
Y o r k ....................
994,226
869,844
Chester ................
7 4 1,370
525,932
Bingham ton-----486,500
640,900
52 1,584
594,601
Greenshurg.........
487,452
402,031
A ltoon a __ - . . .
277,750
275,000
Franklin .............

Inc. or
Dee.

1907.

1906.

$
s
— 5.5 1,319,578.690 2,196,881,137
+ 7.5
120,686,818
103,125,078
+ 15.9
51,935,767
51,596,372
+ 3 0 .6
28,753,930
31,907,590
+ 6.0
8,534,565
8,988,574
0,637,878
+ 0.0
4,721,878
5,784,292
+ 15.5
4,970,268
— 7.2
3,877.251
4,021,053
2,104,620
2,195,665
2,295,261
+ 2 8 .9
2,270,857
+ 3 .3
1,401,847
1,441,237
+ 10.3
1,387,301
1,372,751
+ 8.2
1,223,368
1,333.595
+ 4.3
1,235,160
1,283,799
+ 3 .3
,1,000,000
1,013,019
+ 23.8
+ 23 3
823,392
635,397
+ 14.4
768,046
+ 41.1
528,722
544,785
— 11.0
514,800
662,200
— 11.8
509,114
443,700
+ 21.2
+ 1.0
256,421
288,534

Total Middle. - 2.498,017,257 2,598,877,306 ; — 3.9 1,557,084,606 2,482.450,132
Boston ________
P rovid en ce_____
H a rtford ........... ..
New H aven_____
Portland . . . . . . .
Springfield...........
Worcester . . .
Fall R iv er.. . . .
New Bedford . . _
Lowell .............
H olyoke................

175.354,385
10,716,800
3,918,530
2,809,361
2,141,190
2,200,000
1,840,648
2,073,816
1,373,838
532,817
496,618

186.294,827
8,627,700
3,593,808
2.719,622
2,013,544
2.208,489
1,045,854
1.430,142
1,208,697
701,710
414,477

— 5.9
+ 24.2
+ 9.0
+ 3.3
+ 6.4
— 0.4
+ 11.8
+ 4 4 .9
+ 13.6
— 24.1
+ 19.8

143,283,845
7,453,800
3,055,521
2.344,790
2,000,325
1.932,413
1,624,731
1,155,023
905,966
591,901
453,944

193,650,462
9,945,400
3,706,313
2,632,209
2,139,278
2,121,146
1,098.491
1,327,086
795,866
612,964
524,578

Total New Eng.

203,458,003

210,858,870

— 3.5

164,802,259

219,153,793




C h l c a g o _________
C i n c i n n a t i ______
C l e v e l a n d ...........
D e t r o i t . . ..............
M ilw a u k e e ______
I n d i a n a p o l i s ____
C o l u m b u s ...........
T o l e d o ...................
P e o r i a __________
G ra n d lt a p ld s . .
D a y t o n ................
E v a n s v i l le _____
K a l a m a z o o ____
S p r in g fie ld , H i . .
Y o u n g s t o w n ____
F o r t W a y n e ____
L e x i n g t o n ...........
R o c k f o r d ______
A k r o n __________
S p r in g fie ld , O . .
C a n t o n __________
Q u i n c y __________
S o u t h B e n d ____
B l o o m i n g t o n ____
J a c k s o n _________
D e c a t u r ........... ...
M a n s fie ld ...............
D a n v i l l e _________
J a c k s o n v ille , 111
A n n A r b o r ______
A d r ia n _________
L i m a ____________

S
280,738,356
26,711,300
19,810,874
16,399,275
13,996,409
10,052,779
6,188,300
4,445,608
3,502,228
2,960,343
2,031,598
2,566,755
1,364,518
976,114
925.000
1,040,065
850,955
717,034
819,600
508,338
720.000
676,552
650.000
567,464
300.000
411,403
369,093
396,318
296,939
236 452
33,635
321,988

260,802,237
+ 7.6
28,716,9.50
— 7.0
16,271,078 + 22.0
14,389,842 + 14.0
13,294,463
+ 5.3
9,005,215 + 11.6
5,931,700
+ 4.3
3,724,401 + 19.4
3,300,201
+ 6.1
2,439,248 + 2 1 .4
+ 7.7
1,855,029
2,232,464 + 15.0
1,167,078 + 16.9
+ 3.3
915.000
708,795 + 3 0 . 5
+ 1.4
1,025,968
828,841
+ 2.7
+ 7.8
665,530
710.000 + 15.4
+ 9.7
463,145
715,748
+ 0.6
532,221 + 2 7 .1
495,152 + 3 1 3
499,162 + 13.7
+ 3 .4
290.000
389,064
+ 5.7
361,083
+ 2 .2
358,856 + 10.6
294,486
+ 0.8
162,896 + 45.2
40,213 — 16.4
314,878
+ 2.3

1907.

1906.

197,606,634
21,730,500
17,036,051
13,755,225
10,442,624
0,398,603
4,963,600
3,975,773
1,315,980
2,278,086
1,569,079
2,018,013
772,082
787,278
1,590,938
658,588
540,103
635,699
500.000
458,133
535.000
425.000
413,481
405,651
276,319
240,852
231,679

251,610,328
26,906,300
19,488,369
25,294,817
11,630,653
8,839,776
5,671,500
4,377,231
3.364,775
3,508,083
2,110,855
1,899,193
986.284
841,870
649,219
875,381
699,431
644,802
716,408
445.285
540,502
439,884
552,263
397,955
325,823
362,150
368,383

227,829
149,909
35,000
300,000

257,931
171,905

T o t. Mid.West.

401,621,293

372,960,944

+ 7 .7

292,273,709

373.977,886

San F rancisco.. .
Los Angeles.........
Seattle ...............
P o rtla n d _______
Spokane________
Salt Lake C lt y ..
T a co m a ________
Oakland________
Helena ________
Sacram ento_____
Fargo _________
San D ie g o ______
F re sn o _________
Sioux F a lls .........
S to c k to n ........... ..
San Jose...............
North Yakima . .
B illin g s________

42,813,455
14,184,160
14,678,568
9,891,788
5,287,396
7,370,484
0,337,657
1,840,424
1,199,111
1,409,712
1,342,131
1, 201,000
776,553
995.000
718,163
712,784
500.000
292,857

40,142,102
11,780,296
10,648,449
6,900,000
3,768,693
7,192,640
4,942,663
1,733,309
1,028,107
1,091,595
1,048,088
803.000
807,210
775.000
591,016
575,482
330,909
227,765

+ 6.7
+ 20.4
+ 3 7 .8
+ 42.2
+ 40.3
+ 2.5
+ 28.2
+ 6.2
+ 16.6
+ 29.1
+ 28.1
+ 49.6
— 3.8
+ 28.4
+ 21.5
+ 23.9
+ 51.1
+ 2 8 .6

30.756,381
9,558,869
8,789,667
5,441,735
3,528,047
3,901,923
4,696,348
1,505,214
835,631
785,000
660,938

59,134,838
13,923,340
10,212,214
7,185,114
2,969,250
8,929,785
4,629,959
3,756,702
1,111,752

Total P a cific-.

111,551,243

94,386,324

Kansas C it y ____
Minneapolis.........
O maha........... ......
St. Paul...............
Denver
St. Joseph...........
Dos Moines_____
Sioux City......... Wichita ................
Lincoln ________

Topeka ________
D avenport...........
Cedar R a p id s__
Colorado Springs
Pueblo _____
F re m o n t____
Duluth______

550.000
580.000
466,736

327,582

+ 18.2

72,059,489

113,477,507

56,030,201
47,266,425 + 18.5
30,594,834
28,155,890
+ 8.7
15,233,085
12,401,042 + 22.8
12,864,429
11,186,576 + 15.0
10,804,500
10,228,709
+ 5.6
6,903,789
5,115,776 + 3 4 .9
4,170,633
2,981,208 + 3 9 .9
2,987,863
2,988,585
— 0.0
3,305,241
1,777,150 + 86.0
1,508,435
1,239,658 + 21.7
1,597,078
1,399,780 + 14.1
1,214,731
1,146,769
+ 5.9
853,126 + 6 4 .8
1,406,526
810,390 — 18.7
658,976
664,141
814,741
+ 22.7
276,903 + 26.7
350,559
7,514,035 Not Included In total

30,171,610
22,892,482
10,689,052
9,363,784
7,410,033
3,618,499
2,867,342
1,722,107
1,347,159
1,569,463
925,602
961,834
796,679
843,232
561,592
189,597

31,794,337
27,302,959
10,531,153
11,046,798
8,945,441
5,293,051
3,104,987
2,020,805
1,087,295
1,254,809
1,099,531
993,184
563,562
871,394
708,158
257,943

+ 17.1

95,930,067

106,881,407

70,799,899 + 14.1
18,931,791 + 3 5 .8
11,910,380
+ 6.2
16,918,615 — 15.6
8,489,500
+ 2.0
7,510,113 + 16.6
7.301.229 + 28.3
6,890,170 + 24.4
5,993,574 + 130.0
4,949,040 + 12.7
3,641,741
+ 5.1
2,696,302 + 32.4
2,166,666 + 17.6
2,159,205 + 38.0
2.046.230
+ 8.3
1,756,210 + 22.7
1,639,098 + 15.9
1,639,881 + 63.1
1,504,346 + 27.3
1,442,361
+ 4.7
2 , 100,000 + 7.8
736,917 + 7 3 .0
881,450
+ 9.5
642,540
+ 7.5
552,717
— 0.4

56,791,833
19,151,306
10,240,495
10,741,990
6,880,500
4,480,657
5,774,235
6,814,384
5,548,350
0,389,475
3,903,328
2,708,585
2,239,748
2,209,340
1,189,561
1,353,876
1,400,000
772,450
1,479,041
1,387,225
1,722,956
670,767
800,000
405,000

67,379,233
28,687,882
13,575,289
14,095,542
10,039,000
4,648,849
7,263,163
6,890,960
5,093,996
5,818,924
3,782,141
3,218,455
2,403,280
2,092,993
2,225,102
1,484,821
1,540,842
1,057,776
1,604,649
1,976,285
1,518,529
884.4G9

155,055,169

188,332,180

T otJothA V est.

150,445,081

St. Louis......... ..
New Orleans____
L o u isv ille...........
H o u s t o n .............
G a lv e sto n ______
Fort W orth.........
M em phis.............
Richm ond .........
A tla n ta ________

Nashville ...........
N o rfo lk ........... ..
Birm ingham ____
Augusta...............
Little R ock _____
Jack son v ille____
C h a tta n o o g a __
O klahom a...........
K n o x v ille ______
M o b ile.................
Charleston......... ..
M a c o n ..................
A u s tin .................
Beaumont _____
V ic k s b u r g ______

80,782,384
25,704,585
12,653,519
14 ,271,466
8,657,500
8.753.337
9.370.337
8,509,774
*13,788,662
5,579,206
3,828,945
3,570,004
2.552.891
2,979,564
2,215,071
2,154,244
1,900,246
2.674.892
1,914,764
1,510,336
2,203,989
1,275,000
921,126
090,509
550,685

T o tal Southern

219,133,036

Savannah _____

Total all_____

780,256

128,492,194

185,299,98)

+ 18.3

516,705

450,000

3,584,226,513 3,590,875,625 ~ — 032 2,337,205,298 3,484,272,905

Outside N. Y ._ 1,368,244,310 1,214,905,115 ~ + 8 .9 1,017,626,608 1,287,391,768

Canada—

M ontreal.............
Toronto _______
W in n ip e g ...........
Vancouver.........
O tt a w a ..............
Q uebec.................
H a lifa x .............
Ham ilton_______
St. John............. .
C a lg a ry .............
London ..............
Victoria ...........
E d m onton.........

Regina .............

Total Canada.

31,748,482 + 40.4
44,568,265
27,967,755 + 17.3
33,092,109
18,445,071 + 49.3
27,531,660
3,356,608 + 113.7
7,174,803
3,091,252 + 31.3
4,059,328
2,288,916 + 3 6 .2
3,116,423
1,070,171 + 16.9
1,952,440
1,459,829 + 29.7
1,893,742
1,406,942 + 27.4
1,791,391
1,665,420 + 66.9
2,779,646
1,095,162 +
1,332,960
1,559,115 + 15.6
1,802,081
1,005,870 + 3 7 .4
1,381,565
1,256,211 Not Included In total

21.6

132,470,473

96,760,593

+ 3 6 .9

33,635,040
24,633,711
14,897,081
3,946,303
3,299,577
2,657,277
2,072,335
1,715,143
1,528,021
1,404,858
1,274,721
1,187,294
905,448

35,751,923
29,320,028
14,694,182
3,137,233
2.982.014
2.284.014
1.919.529
2,057,847
1.300.530
1,523,662
1,242,980
829,339
847,294

93,156,809

97,890,575

♦This year’s clearings considerably Increased by out-of-town clearings department

THE CHRONICLE

1304

OUR R A IL W A Y EARNINGS ISSUE.
We send to our subscribers to-clay a new number
of our “ Railway Earnings” Section. In this publica­
tion we give the figures of earnings and expenses for
the latest month of every operating steam railroad in
the United States, big and little, which is required
to file monthly returns with the Inter-State Commerce
Commission at Washington— altogether over 800 roads
or systems, comprising an aggregate of more than
230,000 miles of line.
THE FINANCIAL SITUATION.
There has been improvement in a number of particu­
lars in monetary affairs during the week, as noted
further along in this article. The reason for the greater
ease in money here is not entirely clear, in view of the
large export movement of gold to South America and
the continued domestic demand for funds. In Europe,
however, the situation has greatly changed for the
better. The 5% rate of discount adopted by the Bank
of England has been effective in reinforcing the posi­
tion of that institution, which is really the key to the
money markets of the world. As a result of this high
rate, the Bank has in recent weeks been able to get
the supplies of bullion offered in the open market and
has also obtained important amounts of gold from other
sources. In consequence, its stock of the metal has
been on the increase, the further addition this week,
according to the statement issued on Thursday, having
been no less than £2,141,000, or over $10,000,000.
In part the increase is due to the release of gold by the
Bank of France, which reports a loss for the week of
about $5,330,000 (26,650,000 francs), but at the same
time the gold holdings of the Bank of Germany have
also increased in amount of about $7,600,000 (30,­
582,000 marks). With the improvement in the situa­
tion of the Bank of England, monetary tension has
relaxed at the leading European financial centres, and
in that circumstance there is undoubtedly warrant
for a more hopeful feeling in this country.
What causes considerable concern, nevertheless,
is that the speculative spirit is still dominant in all
our markets, and a corrective seems hard to apply.
We are certainly not yet out of the woods in respect to
our own monetary affairs; nevertheless this week our
stock market has again evinced a rising tendency, with
an increasing volume of transactions and a strongly
marked disposition to resume speculative activity.
In the commercial markets, too, the speculative spirit
continues unabated. In particular is this true of cot­
ton. Here prices are being maintained on a famine
basis, notwithstanding many happenings and develop­
ments that would operate to send the price down if
natural influences were allowed to have free play, not
the least of which is the fact that consumption, by
reason of the abnormally high price of the raw material,
is being curtailed all over the world. The only ex­
planation that can be offered is that the banks are
loaning on the staple up to about the present high
level of values. We made reference a week ago to
the action last month of the banks in one of the South­
ern States in agreeing to loan on cotton up to 13 cents
a pound in order to assist planters to hold their crop
with a view to obtaining 15 cents a pound. In some
other States even more liberal aid is apparently being
given in support of the speculation.



[VOL. LXXXIX.

Not the least curious circumstance connected with
the matter is that the large loans which are being
made on the staple are actually being referred to as
indications of growing prosperity. A dispatch from
an important cotton centre which appeared in one of
the daily papers this week affords striking evidence
of the perverted views which prevail at the moment.
“ The part that cotton plays in the prosperity of this
*
*
*
district,” says the dispatch,
“ is shown by the fact that the banks of this city alone
have already advanced the enormous sum of more than
$13,000,000 on the stock in the city.” It is added
that “ this is almost double the value of the stock here
(the place from which the telegram was sent) at this
time last year, and gives evidence not to be contro­
verted that prosperity is on hand in a larger degree
than ever before.” In the estimate of the aggregate
of loans outstanding at the point referred to, cotton is
valued at $80 a bale, and it is pointed out that,
inasmuch as the combined capital of the local banks
at the point in question is less than $6,000,000, with
surplus of about $1,750,000, the amount loaned on
cotton, at $13,000,000, is just about double the capital
and surplus. At no other period than at a time of
distorted views would the fact that the banks were
loaning on a leading staple at inflated figures to an
aggregate equal to twice their capital and surplus
be viewed with indifference, nor at any other juncture
would the circumstance that $13,000,000 worth of
cotton was being held on hand unsold be considered
as evidence of prosperity. If the cotton had actually
been disposed of, and the planter had the proceeds in his
pocket, the case would be different. But to found a
claim of prosperity on the fact that a large amount of
cotton still remains to be marketed, and to argue
that since the banks are assisting to hold it at high
figures prosperity must result, is certainly not a very
convincing species of reasoning. It should not escape
notice, either, that the cotton is figured at full $80
a bale, or, roughly, 16 cents a pound, and we are told
that the banks are accepting it as good collateral at
that price.
No margin whatever is allowed for a possible decline.
Yet all experience teaches that movements of that
kind, whatever their original merits, sooner or later
collapse,with disastrous results to all concerned. At
the moment the speculators are staking their all on
the claim that the Agricultural Bureau next month
will estimate the crop at only 10,400,000 bales.
This claim is being made with such definite­
ness and confidence as almost to encourage the
idea that it is based on inside knowledge. Of course,
however, these prophets are simply indulging in wild
guesses, and the Agricultural Department would not
lend itself to such a proceeding; and if it did put forth
such a low estimate, it would fail of its purpose and
not find acceptance.
In pointing out last week how the tying up of the
funds of our banking institutions in speculative en­
deavors was hurting legitimate trade, we referred to
the fact that the bond market has been very dull and
apathetic of late, and that our railroad and other un­
dertakings are having difficulty in placing new loans
for large amounts, a number of important loan nego­
tiations being held in abeyance for the time being.
The effect if prolonged, we showed, must be to inter­
fere seriously with the prosecution of new work by our

Not. 20 louo.

THE CHRONICLE

great corporations. Similarly, the high price of cot­
ton is putting a check upon cotton-manufacturing and
reducing the volume of business in that line of trade.
Even in the cotton districts, the high price of the staple
is by no means an unqualified advantage. We have
before us letters from a number of mills in North Caro­
lina saying that every mill in that section is running
only four days a week, and that the action of the bull
clique is “ putting mills, jobbers and retail merchants
alike out of business, restricting trade, and in addition
throwing hundreds of thousands of honest working­
men out of employment.” This last is a serious phase
of the situation commonly ignored. When may we
expect a return to reason?
^ . .j
;
A press dispatch some days ago from Chicago averred
that a committee of employees of forty-two Western
railroads had voted to use three million dollars of the
funds of four unions of railroad men in an effort to
defeat a proposed city ordinance requiring electrifica­
tion of terminals. The efforts of local improvement
societies were to be combatted by working up public
sympathy against the change. While there is evi­
dently some exaggeration here, at least in the amount
named, the story goes on to say that some of the
objections alleged to electrification are that more than
60% of firemen and trainmen would be thrown out
and the remainder would lose a portion of their
earning capacity; that there would be increased danger
to both trainmen and public; that there is a public
misapprehension about the advantages of electricallydriven conveyances, and experience of Eastern roads is
not conclusive of any public gain. A general strike
of 65,000 employees may follow, it is said, failure of
the labor unions to produce a change in the public
attitude.
Hostility to changes which make for efficiency has
been the custom of labor for centuries past. Every
improvement has been resisted by the labor it was to
displace. The railway itself was opposed by the
canal lines, which were strong in Stephenson’s day,
and by the stages and their allied innkeepers. Pro­
gress evokes protest and resistance from those whom
improvement disturbs, yet the disturbed workers find
new employment or somehow adapt themselves to
the changes. The process is pitiless, and involves inci­
dental, suffering; but there could be no progress at
all without it. The electrification proceeding as pro­
posed in Chicago is in the same line of improvement
as in New York, and it cannot be halted by anybody’s
resistance. Assuming this a desirable change—and
trial seems to have shown it such— opposition to it is
a lost cause.
It is a coincidence that on the same day with the
reported decision by the railway employees in Chicago
a lecture was given before the Central Railway Club in
Buffalo on electric transferring and shipping of freight
at terminals. The ordinary practice with freight in
this country was summarized as being checking and
receiving at platform; designating packages according
to the proper car; moving by hand-truck to the scales
by one set of men; weighing; trucking by another
gang from scales to cars; stowing away in cars by
still other labor. Inbound freight goes through about
the same successive steps as outbound, except that it
has been weighed when shipped. Electric handling
by overhead tracks promises to concentrate these



1305

processes and increase their rapidity, thus in effect
adding to yard and station capacity, and produce
a large reduction in cost of handling.
It will be as futile to fight electricity, even by the
familiar weapon of a strike, as it has been to fight
steam. Equally futile is such talk as was indulged in
by a labor union in Philadelphia that if the jail sen­
tences upon Mr. Gompers and his associates are carried
out, every union man in that city will go on a fort­
night’s strike, and will invite not only union men
through the country to join but non-union men as
well to express sympathy by refusing to work. It
would be a great thing to stop all industry for a fort­
night, declared one delegate; it would make people
think. A general strike would defeat itself by cutting
off immediately the usual sources of strike support; the
thinking it produced would also turn the public mind
more positively than ever before towards the convic­
tion that the only permanent modus vivendi for the
country is the basis of the open shop. Mr. Mitchell is
right in saying that his patronage is his own, acknowl­
edging no property right in any merchant; but that is
not the same as the conspiracy boycott which the
courts have condemned. He is also right in saying
that “ any attempt through the subtleties of the law
to take from men the absolute right to do as they
please with their own money” must be opposed to
the limit; but he and his associates fail to see that
this is a statement which does not apply in the present
instance, where “ labor” has been employed to oppress
the employer, and a court order commanding a cessa­
tion of the oppression has been treated with contempt .
In course of the irrational war upon insurance com­
panies in the effort to force downward revision of
rates, it was announced some weeks ago that the
prosecuting officer in one judicial circuit in Arkansas
had filed suits against 65 companies, asking cancella­
tion of license and ousting from the State, together
with a fine of a million upon each one. Now comes
the announcement that attorneys for the State of
Mississippi have filed an amended bill in ouster suits
against 38 companies, demanding penalties aggre­
gating 215 millions. The alleged offense is violation
of anti-trust laws, the specific charge in Arkansas
being that one E. L. Barkley of Memphis “ published
certain rates which all the defendant companies united
in accepting, and they have since followed the altera­
tions in the Barkley schedule, which is in book form,
describing the property in each town and designating
the rate of insurance.”
The total quantity of insurance which can be
offered in market has no rigid limit whatever; it de­
pends solely upon demand, together with the induce­
ments which the entire free capital of the world per­
ceives for increasing supply. Here it is unlike ma­
terial crops, which go by seasons, are somewhat
limited by conditions of growing and cannot be put
into a wide expanse of cultivation at short notice.
It is therefore perfectly safe (aside from any question
of the rightfulness of State intervention) to leave the
price of insurance to be governed by the ancient law
of supply and demand.
For it is impossible to corner the supply of insur­
ance, neither does agreement upon rates imply ex­
tortion, notwithstanding there has long been a per­
sistent notion that it does. Many years ago rate com-

1306

THE CHRONICLE

[VOL. L X X X I X -

pacts used to be made right here in New York, only to is preparing to appeal to the country without unneces­
be quietly broken almost as soon as made, so surely sary delay— presumably in January.
The fundamental importance of the ultimate issues
does competition enter into business, regardless of
either compact or statute. There has been much talk involved cannot be easily exaggerated. A victory
of the desirability of pooling the knowledge derived for the Liberals would unquestionably open the way
from experience, and compelling this by law is now for a campaign against the prerogatives heretofore
talked as a better course than to take up rate-making exercised by the House of Lords, and if the electorate
by States. The larger companies raise the natural demanded revolutionary action in this direction the
objection that they have paid heavily for their ex­
perience and do not feel (as no business man would
feel) like sharing it with their competitors gratuitously.
Y et events have brought some movement in that
direction, and the Barkley rate-book above mentioned
is only one of several schedules bearing the compilers’
names which have been more or less in joint use by
companies and have been fought by several States.
These represent the best attainable knowledge, and
so far as they are accepted and followed, that is because
they come as near to a just and fair rating as under­
writers know how to get.

The persistent notion that

if rates agree they are high and represent a trust, but
if they only differ they will be low, would be childish
if it were not unthinking— possibly we might say it is
childish because unthinking. More rational it would
be to argue that if the companies agree on a rate that
rate is presumptively right, and that if rates differ
widely for the same thing the companies must be

final result might mean a radical readjustment of the
relations now existing between the two branches of
government. Indeed, the old slogan: “ Abolish the
Lords,” would undoubtedly be raised with greater
vigor than ever before. The principal financiers and
bankers in Great Britain have already taken the ex­
traordinary course of uniting in a strong protest
against the measures of taxation propounded by the
present Chancellor of the Exchequer, and naturally
any possibility of the removal of the safeguards in­
vested in the Upper House would seriously undermine
the confidence of capital.
The United States is not less concerned over the
consequences that would follow a rejection of the Bud­
get by the voters and the advent of a Unionist Gov­
ernment, for the campaign will be fought, not merely
over the Budget, but on the alternative advocated by
the Unionists— the introduction of tariff protection
along the lines drawn up by Joseph Chamberlain be­

using guesswork, and if one can afford a certain low fore ill-health compelled him to retire from active
rate the others have no good business excuse for a leadership of a section of the Liberal-Unionist party.
The sweeping victory gained by the tariff reform can­
higher one.
At a meeting in Chicago, called only a few days ago didate in the Bermondsey election three weeks ago
to consider the situation, a majority vote was obtained has encouraged the Opposition to throw down the
in favor of proceeding to test the Kansas rate law on gauntlet to the Free Trade Party, and has created
Constitutional grounds. The prospects of such an uncertainty over the outcome of the coming general
attempt are uncertain, while, on the other hand, it is election. Should Great Britain decide that the bur­
not doubtful that attempts will be made in several dens imposed by old-age pensions and increasing arma­
ments can best be met by levying duties upon various
States to follow the Kansas example in the coming
classes of imports, America would be vitally concerned,
sessions. As against this, it is to be noted that a
inasmuch
as Britain is by far the heaviest purchaser
legislative inquiry by Illinois recently has elicited
of
many
of
our staple exports, while it is from the goods
almost no evidence of a desire for such attempt in
that State, and very much testimony from property
owners, and their insurance representatives, that rates
are now about fair, according to existing conditions;
and the proper course is to unite effort for improve­
ment of hazards.
Mr. Lloyd-George’s Budget, which from the moment
of its announcement has stirred political parties and
the financial community perhaps more than any other
subject within the memory of the present generation,
threatens to precipitate a general Parliamentary elec­
tion early in 1910.

On Nov. 4 last the House of Com­

mons passed the Budget by 379 votes to 149 votes, and
until Tuesday of this week the attitude of the House of
Lords had remained in doubt.

On that day Lord

Lansdowne, leader of the Conservative Party in the
Upper House, formally announced that on Monday
next he will submit the following motion:
“ I move that this House is not justified in giving its
consent to this bill until it has been submitted to the
judgment of the country.”
That the rejection of the Budget can be secured by
the Opposition Peers is a foregone conclusion, inas­
much as they control the Chamber by a very large ma­
jority and are not, so far as known, seriously divided
on this question.



The Liberal Government, therefore,

we import from that country that a large share of our
tariff revenue is derived.
Meanwhile, the British Exchequer must make ar­
rangements to provide the money that will be needed
to meet the deficit that will arise before either the pro­
posed Budget or another measure to raise revenue
can become a law. However, some compromise
may be effected whereby the issue of Exchequer
bills may be necessary on only a moderate scale.
The Bank of England will, however, in all proba­
bility seek to enforce its 5 % discount rate until the
unsettlement has passed. This rate (as has always
been the case heretofore) is proving high enough
to attract gold to London, and unless the monetary
outlook changes entirely, no fresh advance should
prove necessary. Supplies of the precious metal are
now gravitating towards London from France and
Holland, a return flow from Egypt should not be long
delayed, the weekly consignments from South Africa
are being retained at the minimum cost, and,finally,
New York is being called upon to ship to South Amer­
ica millions of dollars to pay for Europe’s imports of
coffee from Brazil and grain from Argentina. The
European stock markets have this week preserved a
calm tone, and private discount rates have even de­
clined appreciably in London since the Lords decided
to vote for the rejection of the Budget.

Nov. 20 1909.

THE CHRONICLE

The failure of two very large timber merchants in

municipal reforms have been undertaken.

1307
Heretofore

Berlin and the subsequent discovery that one of them
had placed his paper with no fewer than fourteen banks,
including the Imperial Bank of Germany, had an un­
settling effect upon the local Bourse, especially as it

Turkey has not appealed to conservative lenders of
capital, but if the ambitious economic projects now

was feared that many smaller concerns associated with
the bankrupts would find themselves in difficulties.

formed.

Berlin is the chief foreign market for the sale of the
enormous timber shipments from Russia, and the busi­
ness naturally is of wide ramifications. The episode’s
main interest for the United States lies in the fact that
mercantile failures are possible here under somewhat
similar banking conditions; that is to say, there is no
adequate check upon the amount of paper a merchant
or firm may offer for discount. Last year a movement
was started by a number of bankers to form an influ­
ential association for the special purpose of remedying
this serious defect, but although the preliminary steps

planned can be carried out, and a really stable govern­
ment maintained, the whole situation may be trans­

Simultaneously with the introduction of genuine
legislative concessions to the native population of In­
dia, a series of attacks has been made upon the life of
Lord Minto, the British representative in that illfated Empire. Such incidents are characteristic of
Eastern history, nor are they, unfortunately, without
parallel in our own land. . The reforms that Lord Morley has secured for the administration of affairs
throughout India, just inaugurated, mark a distinct
advance towards self-government, since in domestic
matters the native representatives on the Councils in

were taken, little has since been heard of any actual various provinces are in the majority. These reforms,
achievements. Perhaps the aggressive policy of the in conjunction with the prosperity that an exceptionally
Comptroller of the Currency may have induced the fructifying monsoon has ensured, should do much to
private bankers to suspend action. The Comptroller assuage the bitterness that has prevailed in many parts
has given the abuse of borrowing from national banks of the Empire. The crops promise to be abundant,
serious study, and has now sent his staff of examiners an improvement in trade is confidently anticipated,
detailed instructions as to how the evil can be traced and altogether the outlook is full of encouragement.
through co-operation among the various districts into
A considerable increase in the value of the outward
movement of merchandise as compared with Septem­

which he has divided the country. State bank su­
perintendents in numbers of States are also giving this
matter careful consideration. In Canada, as well as
in certain European countries, the system of negotiat­
ing paper is so clearly defined that a bank has no trou­
ble in ascertaining just how much its client has out­
standing; but in this country a large part of the busi­

ber is the feature o f the official trade statement for
October 1909— an increase bringing the total for the
month to within 8 % millions of dollars of the highest
aggregate ever recorded for a similar period. This re­
sult on its face would be taken as indicative of an im­

ness is done through note brokers and private bankers,

portant improvement in the export trade of the

who have no proper means of knowing how many bills

country and promising a near return of normal con­

any drawer has negotiated.

Fortunately, few cases of

ditions in our relations with the outside world.

But

it so happens that the appreciation in the aggregate
value of our exports is to only a limited extent due
to any general increase in merchandise shipments,

rank deception have come to light; indeed, in the try­
ing times of 1907-08, when securities of every class
shrunk in market value, commercial paper proved the
most desirable asset of the banks and of the few trust much the greater portion of it being contributed by
companies that have entered this field. The safe­ the decidedly higher price for cotton this year. In
guards that Comptroller Murray is striving to estab­ fact, of the increase of 45 millions of dollars October
lish will enhance the attractiveness of mercantile bills, exhibits over September, no less than 4 2 % millions
and may ultimately facilitate their use, as now au­ comes from cotton, leaving a merely nominal amount
thorized by law, as a basis for emergency bank-note to represent development in other directions. More­

over, as compared with the month of last year, the
October 1909 exports, other than cotton, cover a
This week the Federal Government has entertained lower aggregate value, the excess in cotton alone
as its guests two eminent Turkish officials, Zia Pasha, (with quantities almost equal) being 30% millions
Minister of Imperial Archives and Public Instruction, of dollars and in all commodities only 2 6 % millions.
and Col. Aziz Bey, Consul-General at New York, with Not since 1874 has cotton ruled as high in October as

circulation.

vey to President Taft formal announcement of the

in the month of the current year, and compared with
a year 'ago the export price exhibits an abnormal in­

accession of Mehmed V. to the throne of the Ottoman

crease— from 9.1 cents to 13.4 cents, or but little

the rank of Ambassador, who were delegated to con­

Empire. The President extended significant courte­ short of 5 0 % .
As regards the outflow of merchandise for the
sies to the distinguished representatives of the new
Sultan, and assured them that the Government of month, the total at $198,724,862 compares with $171,­
Turkey could rely upon the friendship and co-operation 984,538 in the period of 1908 and $180,253,296 in 1907.
of the United States. In common with more tranquil It is thus apparent that the current year’s aggregate
nations, Turkey has experienced difficulty in meeting is not only 27 millions of dollars in excess of 1908 and
a Budget deficit. The new regime, however, has made 18% millions greater than in 1907, but it is, moreover,
a good impression by its moderation and its manifest

11 millions more than for 1906, and consequently the

desire to place the country’s finances on a sound basis.

record for October. The advance figures of the
principal items of export, with the exception of cotton,

The old policy of secrecy concerning revenues has been
abandoned, and sincere attempts are being made to
inspire confidence among foreign investors. Railways
are to be built, port facilities are to be developed,




however, do not compare very favorably with a year
ago. In breadstuffs there is a loss of about 4 %
millions of dollars, due mainly to a decrease in ship­

1308

TH

CHRONICLE

ments of wheat; in provisions a decline of over 3
millions is reported, and shipments of mineral oils and
cattle, sheep and hogs show moderate diminution.
Cotton shipments, however, exceeded in value (though
not in quantity), for the reason stated above, any­
thing heretofore recorded. Exports of 1,289,177
bales, valued at $88,883,350 in October 1909, com­
paring with 1,222,119 bales and $58,291,264 in the
month of 1908. For the ten months of the calendar
year 1909 the total merchandise exports cover a value
of $1,359,535,399, against $1,402,751,887 in the simi­
lar period of 1908, or a decrease of 43)4 millions, and
compared with the record aggregate of 1907 there is a
falling off of 152)4 millions.
Imports of merchandise for October were also in
excess of the previous month, and compared with the

[VOL. L X X X IX .

2 J 4 % . To be more specific, consumption in 1906-07
had reached the record total of 906,805 bales of 500
lbs. each, an excess of 23,229 bales over 1905-06; it
declined to 890,836 bales in 1907-08 and 880,830
bales in 1908-09.
A noteworthy fact in connection with cotton-mill
operations

in

Japan

is the

constantly

increasing

popularity of India as a source of supply of the raw
material. Two years ago, in writing on this subject,
we referred to the notable gain in the takings of
American cotton, although East Indian staple was
most largely availed of. Since then, however, and
largely as a matter of price, much less American and,
consequently,

more Indian,

has been used.

This

becomes clear when we state that against 125 million
lbs. American used in 1906-07, the amount turned into
month a year ago exhibit an important increase. The goods in each of the two succeeding years was only
inflow of all classes of goods aggregated a value of 9 9 % million lbs. At the same time consumption of
$126,949,005, against $102,040,110 in October 1908 East Indian rose from 241 million lbs. in 1906-07 to
and 112 millions and 118 millions respectively in 1907 254 millions in 1907-08 and 261 millions in 1908-09.
and 1906. For the ten months the imports cover a It is also to be noted that more Egyptian cotton was
value of $1,195,505,608, or an increase of 295 millions spun up in 1908-09 than ever before— 12 million lbs.,

over 1908 and a decline from the high water mark of

against 7 % millions the year before and 6 % millions

1907 of only 24)4 millions. The favorable, or export,
balance of merchandise for October reaches $71,775,857,
the heaviest recorded in that month since 1903, and
comparing with $69,944,426 in 1908; but for the ten
months of 1909, in view of the fact that imports in­
creased while there was a loss in exports, the balance

two years ago. On the other hand, Chinese cotton
has of late been very much less freely taken, and
the last two seasons no use whatever was made of the
home-grown (Japanese) product.

is comparatively small. It is only $164,029,791,
against $502,213,609 (the record) in 1908 and $291,­
857,072 in 1907.

has not prevented measures to further advance the
industry. That the Japanese Government is becoming
thoroughly alive to the importance of the smaller

This temporary check in the notable progress Japan
has been making as a cotton-manufacturing country

The gold movement during the month was not branches of manufacture is indicated by the fact
heavy in either direction. From the port of New that it has decided to import the less expensive
York there were exports of $1,974,125, almost wholly descriptions of machinery, such as finishing machines
to South America, San Francisco sent to the Far East for cotton and silk fabric, paper, paperware, glass,
slightly more than 5 )4 millions and through other &c., and hire them out to the producers. The need
customs districts the outflow was about 1 % millions, of labor-saving machinery is claimed to be urgent if
giving an aggregate for the country of $9,379,402. Japan is to prevent her manufacturing industries from
This outward movement was largely offset by imports being superseded by those of America and Europe.
greater than for any month since January 1908, leav­ Already an imitation of Japanese paper made in
ing the net outflow for October $2,345,238 and making
the total net for the ten months $68,502,679.

In

October 1908 imports of gold exceeded exports by
$1,833,131, but for the ten months we lost net $28,­
676,276.

Germany by machinery, and superior in quality to the
native product, is said to be encroaching on the market
for Tosa or Mino paper. As a further step in the
encouragement

of

manufacturing

in

Japan,

the

Government has decided to allow, at its expense, the
making of experiments in the production of selected
Japanese cotton-manufacturing statistics for the foreign articles, and thus check the importation of
year ended with June 30 last have reached us this such goods. As time passes, it becomes increasingly
week and they indicate a further slight let-up in evident that the Japanese will spare no effort to pro­
activity of operations. The results we have received vide at home for all their wants as far as that may
are the official returns as compiled by Mr. O. Shoji, be possible.
Secretary of the Japan Cotton Spinners’ Association,
and they are presented to-day in our cotton depart­
A recent consular report contained information
ment. Attention will first be attracted by the concerning the production of cotton and its manufac­
decrease in consumption of the raw material, which, ture into goods in China, which is not without interest
though slight, has been concurrent with an increase in in connection with what we have written above about
spinning capacity. Up to the close of June 1907 Japan. The report indicates that the cultivation and
advance in efficiency of machinery was a feature of manufacture of cotton is one of the most important
mill operations in Japan; in fact, for the four years industries of China, but while it speaks of the area
July 1 1903 to June 30 1907, while spindles increased devoted to the staple as being generally conceded to
only 1 0 % , consumption rose 3 1 % . In 1907-08, how­ be next in extent to silk and tea, no hint is given as
ever, a period of depression set in, with a consequent to the acreage planted or the amount produced.
curtailment of production, and the same was a feature Such information is, doubtless, hard to obtain in
of 1908-09. It followed, therefore, that although in China, but even an approximate idea would be wel­
the two years a further addition to spindles of 16 .7 % come could it be secured. The Chinese cotton is not
s reported, consumption of raw material dropped off adapted for fine spinning, but is very suitable for




1309

THE CHRONICLE

Nov. 20 1900.|

filling and short-end work, such as the manufacture

and an expansion of $8,505,000 in bills discounted.
of rugs, carpets, curtains, &c., and the amount ex­ The high rate obtainable for money in Berlin (434% )
ported to Europe is principally so used. Of the cotton enabled the Reichsbank to add $7,645,000 to its gold
exported Japan is said to take about 9 0 % . The most on hand, $18,004,000 to its deposits at the expense of
of the staple remaining in the country, the report only a nominal increase ($1,734,000) in its loans, and
states, is used in the 27 cotton spinning mills, in to reduce its discounts by $7,078,000. In other
which there are approximately 750,000 spindles. The words, the banking changes at London, Paris and
yarn turned out is for the native market.
Berlin have been strictly in accordance with condi­
tions at these centres.
Last Saturday’s bank returns, which were expected
to disclose a serious reduction in the slender surplus

The third week of November seldom brings a fall in

reserve, showed surprising reductions in loans and de­
posits, the fall in the latter again being more pro­
nounced than the contraction in .loans. The actual

time-money rates on the New York Stock Exchange,

condition of Clearing-House banks revealed a cash
loss of $5,353,500, but loans were $39,602,400 lower,
and deposits no less than $46,735,000 below the total
held in the previous week, so that surplus reserve in­
creased

$6,330,250

to

$10,826,575.

Trust

com­

panies and State banks outside the Clearing House
reported changes similar in character, a small increase
($1,472,400) in loans being accompanied by a shrink­
age of $20,147,600 in deposits and a cash loss of $2,­
856,600.

Eleven

banks,

four national

and

seven

yet accommodation for all periods is obtainable to-day
at lower terms than were demanded a week ago.
This unusual fact, considered in relation to last week’s
reduction of $46,735,000 in Clearing-House bank loans,
is accepted as meaning that there has been liquidation
in certain directions, though there is little tangible
evidence to that effect. At all events, interest rates,
despite heavy engagements of gold for export— $5,650,­
000 to South America and $300,000 to Canada— have
fallen during the second half of the week. The charge
for 60 days’ accommodation early in the week was
53 4 % and occasionally higher, with 5 % offered for

State, held less than 2 5 % reserve, which compares with

90 days’ loans and that rate asked, though not always

twenty in the previous week, but only four a year ago.

paid, for longer maturities, whereas on Thursday there

The natural tendency of gold to gravitate to points
where it is most needed has been illustrated this week
by the generous receipts at London and Berlin, where
discount rates are relatively high, and by a decrease
in the supply at Paris, where money is worth much

were offerings of the shortest loans at 4 3 4 % , of 90 days
at 4 % and 5 % , and of four, five and six months’ loans
at 434 and 4 % % . A good deal of borrowing took
place on specially designated securities not enjoying
an active market at higher rates than the foregoing,
the borrowers being parties of ample means owning
high-priced stocks. The supply appeared to be lighter ■

less in the open market.

The Bank of England has

never failed to attract specie by enforcing for a num­

when rates were stiff than when quotations weakened.

ber of weeks a minimum rate of 5 % ; and on this occa­

Call money also declined during the week.

sion no higher charge will be necessary to rehabilitate

having touched 5 3 4 % on Monday, it did not go above
5 % on any subsequent day, and the ruling rate there­

the Bank’s depleted reserves, provided always the

After

political crisis discussed at length elsewhere in this after was only 4 3 4 % - The average ruling rate for the
issue does not impose an extraordinary strain upon the week has been 4 3 4 % , although latterly a good deal of
money market. The Bank began the week by pur­ the business has been done below that figure.
chasing $3,250,000 new South African gold at the Mint
Commercial paper yielding 5 3 4 % and 6 % has been
price, 77s. 9d., and the inflow of the precious metal purchased by a few local banks and trust companies,
from the Continent of Europe, notably from France, by several institutions in Philadelphia, and by New
continued on a liberal scale, so that by Thursday the England cities, as well as points west of Chicago.
bullion on hand had increased $10,705,000 and the The demand, generally speaking, is not sufficient to
proportion of reserve to liabilities had risen from

take care of the fairly extensive offerings, hence rates

5 0 .7 1 %

have tended upwards.

in the previous week to 5 4 .4 5 % .

Private

The usual quotation for choice
discount rates having fallen on that day to 4 3 4 % for single names running four, five and six months is 5 3 4 %
90 days and 4 ? 4 % for 60 days, the question was raised: and for less well-known bills 6 @ 6 3 4 % - The few 60
How long can the Bank’s rate of 5 % remain effective? and 90 days’ endorsed bills receivable in the market
No dogmatic reply can be ventured, but it is well are negotiable at a minimum of 5 % .
understood in international banking circles that the
governors will do everything in their power to
Discount rates at London and other foreign centres
strengthen the position of the Bank before the Govern­ have weakened appreciably during the last few days.
ment shall be obliged to enter the money market for Since the weekly Bank statement appeared, the rate
facilities to tide over the period between the throwing for ninety days’ bills has fallen to 4 3 4 % and for sixtyout of the Budget and the passage of either that or days’ bills to 4 3 4 % , a decline of
of 1 % as compared
another measure for raising revenue.
with a week ago. At Berlin the open market quotation
The burden of meeting Europe’s imports of coffee is
of 1 % below the Bank rate of 5 % ; the Frankfort

34

34

from Brazil and grain from Argentina has again fallen
largely upon New York, there having been withdrawn
for shipment this week $1,650,000 gold for Brazil and

charge is 434 @ 4 3 4 % - The loss of gold at Paris has
not prevented a relaxing of discounts to 2 3 4 % . At

$4,000,000 for Argentina, including $1,250,000 with­

Amsterdam similar weakness has arisen, bills being ne­
gotiable there below 3 % . No change occurred in

drawn on Monday for shipment Tuesday, but en­
gaged last week. The outflow of gold from Paris

bank rates abroad during the week. According to our
special cable from London, the Bank of England

to London was reflected in Thursday’s Bank of France
statement, which showed a loss of $5,330,000 in gold

£ 35,345,159 at the close of its week.




gained £2,141,661 bullion during the week and held
Our correspon-

1 310

THE CHRONICLE

[V O L . L X X X I X .
Thurs., F rt.,
F rt.,
Wed..
M on., T oes.,
Nov. 12 Nov. 15 Nov. 16 Nov. 17 Nov. 18 N ov. 19

dent further advises us that the purchases in the open
market, imports from France, & c., and full receipts
from the interiorof Great Britain, largely overbalanced
the exports, which were almost wholly to South Amer­
ica. The details of the movement into and out of the
Bank were as follows: Imports, £2,155,000 (of which
£945,000 from France &c. £657,000 from miscel­
laneous sources and £553,000 bought in the open mar­
ket); exports, £520,000 (of which £510,000 to South
America and £10,000 to South Africa), and receipts of
£507,000 net from the interior of Great Britain.

160 days
Brown
Rrothers & C o___ ..\ S lg h t -.
S60 days
Kidder,
Peabody & C o— - -\Slght- J60 days
Rank British
North America . . .-t S I g h t -j 60 days
Rank of
Montreal________ . . (Sight. .
160 days
Canadian Bank
of Com m erce------ ..\ S lg h t. Heldelbach,
J60 days
Ickelheimer A Co --I S I g h t ..
160 days
Lazard
I'Tercs----------------- ..\ S I g h t..
160 days
Merchants’ Bank
of C anada............. . .( S i g h t . .

4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4

84
88
84
88
84
88 M
84
88
84
88
84
88
84
88
84
88

84
88
84
88
84^
88^
84
88
84
88^
84
88
84
88
84
88

84
88
84
88
84 M
88
84
88
84
88 y,
84
88
84
88
84
88

84
88
84
88
84 >5
88 X
84
88
84
88 H
84
88
84
88
84
88

84
88
84
88
84^
88 H
84
88
84
88*5
84
88
84
88
84
88

84
88
84
88
84 y2
88 K
84
88
84
88 H
84
88
84
88
84
88

The market closed on Friday at 4 8 3 5 0 @ 4 8360 for

sixty days, 4 8 7 3 0 @ 4 8735 for demand and 4 8 7 8 5 @
Foreign exchange operations have been hampered 4 8790 for cables. Commercial on banks was quoted
this week by the paucity of mail steamers, there having at 4 8 3 2 0 @ 4 8330 and documents for payment at
been no suitable boat between Wednesday morning 4 82 1 ^ @ 4 83%. Cotton for payment ranged from
and to-day’s (Saturday’s) regular vessels. Very little 4 8234 @ 4 82% and grain for payment from 4 83)4
dealing took place on most days, although yesterday @4 8334 there was a modicum of activity in demand sterling.
Under the surface there appeared to be persistent ac­
cumulation of francs and sterling by certain private

The following gives the week’s movement of money
to and from the interior by the New York banks.

bankers, whose stock market commitments are believed
Net Interior
Received bn
Shipped bp
to have been very extensive, and who, it is understood,
Movement.
N . Y . Ranks. N . Y . Banks.
Week ending N ov. 19 1909.
S I,716,000
$7,064,000
88,780,000
are preparing to pay off bills that mature abroad be­
474,000
846,000 Gain
1,320,000
Gold
________________ ___________
fore the end of November. It was noticeable that
S2,190,000
810,100,000
.87,910,000
whenever exchange rates declined, substantial buying
took place, and that when rates threatened to rise
With the Sub-Treasury operations and gold exports
sharply, offerings were made in sufficient quantity to the result is as follows.
keep the market down. Quite a few finance bills have
Net Change in
Out o f
Into
been in evidence this week, representing borrowing
Bank Holdings.
Banks.
Banks.
W eek ending Nov. 19 1909.
both in London and Paris. Commercial remittance,
on the other hand, has been scarce, despite our ex­
tensive shipments of goods over-sea. The October
merchandise exports exceeded imports by $71,775,857,
but for the ten completed months of the calendar year
the margin of exports over imports has been only $164,­
029,791, which contrasts with $502,213,609 last year,
and is the lowest in recent years. These figures throw
some light on the abnormally high exchange rates of
1909. Then there has again been more or less liquida­
tion of American securities held abroad, although on
the Stock Exchange purchases of a few thousand shares
on balance have been occasionally reported. Scarcely
a day passed without bringing news of gold engage­
ments for Brazil, Argentina or Canada. Up to Friday
the total withdrawn from the Sub-Treasury had
reached $4,400,000, but additional engagements were
announced and will figure in next week’s bank returns.
The Brazilian demand is expected to subside, but
Argentina has begun to call upon Europe for money in
payment of grain shipments, and this may entail quite
a demand upon New York’s stock of gold.
Compared with Friday of last week, sterling ex­

Banks’ interior movement, as above.
Sub-Treas. oper’ns and gold exports.

$10,100,000
29,100.000
839,200,000

87.910.000 Gain $2,190,000
5,347,000
34.447.000 Loss
S42.357.000 Loss

83,157,000

The following table indicates the amount of bullion
in the principal European banks:
N ov. 19 1908.

N ov. 18 1909.
Banks o f
Gold.
England. .
France . .
Germany..
Russia a .
Aus.-IIunl)
S p a in -----Italy d . .
Netherl’ds
Nat.Belg.d
Sweden . .
Swltzerl’d.
Norway . .

£
35,345,159
142,982,280
36,736,200
142,428,000
56.990.000
16.085.000
38.382.000
10.080.000
4.210.000
4.377.000
5.031.000
1.765.000

| Silver.
£
35,874" 580
11,622,900
6.642.000
11.928.000
30.664.000
4.100.000
2,753,100
2.105.000

Total.

Gold.

Silver.

Total.

£
35,345,159
178,856,860
48.359.100
149,070.0,10
68.918.000
46.749.000
42.482.000
12.833.100
6.315.000
4.377.000
5.031.000
1.765.000

£
35,801,936
134,172,352
43.555.000
122,257,000
48.760.000
15.774.000
37.176.000
7,902,600
4,068,667
4.249.000
4.698.000
1.841.000

£

£
35,801,936
169,870,075
54.655.000
128,808,000
61.157.000
48.294.000
41.626.000
11,776,700
6.103.000
4.249.000
4.698.000
1.841.000

35,697,723
11,100,000
6.551.000
12.397.000
32.520.000
4.450.000
3,874,100
2,034,333

Total week 494,411,639 105,689,580 600,101,219 460,255,555 108,624,156 568.879,711
Prev. week 4S9,504,945 105,422,263 594,927,208 458,152,022 108,386,452 566,538.474
a The total of gold In the I3ank of Russia Includes the balance held abroad—
that Is, the amount held for Russian account In other Continental banks. The
proportion so held and consequently duplicated In the above statement Isabour
one-tenth of the total this year, against about one-ninth a year ago.
1,The Austro-Hungarian liank Statement Is now Issued In Kronen and Hollet
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent In
London, In order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 Instead of 20.
d The division (between gold and silver) given In our table of coin and bullion In
the Ranks of Italy and Belgium Is made from the best estimates wo are able to obtain;
it Is not claimed to be accurate, as the banks make no distinction In their weekly
returns, merely reporting the total gold and silver; but wo believe the division wt
make is a close approximation.

change on Saturday advanced about t-gc. per pound,
to 4 87% for sight drafts. On Monday the tone weak­ COMPLETING THE PE N N SY L VAN IA RAILROAD
ened, especially for cables, which fell below 4 88. On
TUNNELS.
Tuesday long sterling and demand were firm, but ca­
Though the swift succession of accomplishments in
bles again declined, the quotations being 4 8 3 3 5 @
local transit during the last few years has dulled the
4 8345 for sixty days, 4 8 7 2 5 @ 4 8730 for demand and
sense of surprise, the completion of the Pennsylvania’s
4 8 7 7 5 @ 4 8785 for cables. Wednesday was an ex­
local scheme ought not to pass without some mention.
tremely quiet day, with no material change in rates,
Wiring in the tubes is not yet ready, but the finishing
while Thursday, which is invariably quiet, was no ex­
of
the tubes otherwise was celebrated on Thursday
ception this week; the range then was the same as on
Tuesday, for demand and cables, although sixty-days’ by a pioneer special, made up of a single car. An im­
remittance was 5 points higher. On Friday rates portant difference between steam and electric traction
advanced, demand reaching 4 8 7 3 0 @ 4 8735 and cables was recalled by pushing the car instead of pulling it, in
order to protect the official party from smoke, the
4 87
The following shows the daily posted rates for ster­ public having almost forgotten that underground
ling exchange by some of the leading drawers.




transit could not have been attained without electric

THE CHRONICLE

Nov. -0 1909.'J
hauling.

1311

According to official announcement it is

hoped to have the Long Island end of the tunnel ready
for business next March and the Jersey end next June.
In some respects this Pennsylvania work surpasses
the McAdoo system of tubes; it includes a big station,
and goes both under ground and under water, this
great scope being marked by the run of the pioneer
train, which started at Harrison in New Jersey, and
after its dip downward came to the surface in Queens
County, continuing to Jamaica on Long Island,
passing under Jersey City and Manhattan as though
they were unimportant way stations. In the sense
of obstruction to a through movement, Manhattan
and its rivers which hem it in have become unimport­
ant. The interruption at the shore and the transfer
across the city are ended and will soon be forgotten.
Long Island has been “ discovered,” and will not only

FALL RIVER PROFITS AN D
SITUATION .

THE COTTON

The cotton-manufacturing industry at Fall River'
has done well as a whole in 1909.

This is indicated

not only by the dividend distribution to shareholders,
but by the recently issued annual reports of many
of the corporations. Every report thus far published
shows, in fact, that after making quite satisfactory
returns to stockholders, there has been a more or less
important balance from the year’s operations to carry
to the credit of profit and loss. It is gratifying to
note, also, that the favorable outcome is not due in
any degree to taking advantage of the right to reduce
wages under the operations of the sliding scale. It
will doubtless be recalled that at the last periodic time
of adjustment, in May, the narrowing of the margin
between cotton and cloth during the preceding six

fill up in settlement on its hither end but will become
months entitled the manufacturers to a lower wage
increasingly a food source for the metropolis.
The history of the two great schemes which have scale than then prevailing. But, following their
reduced the Hudson and East rivers to a mere unnoticed action of the preceding November, they abrogated
incident of travel runs back many years and includes their right to reduce wages without, as at the time
the labors, over the first tube which afterwards became fully stated, establishing a precedent, and the result
a part of the McAdoo system, but nobody cares for it has been to cement the more cordial relations existing

between employer and employee.
It should be said, however, in explanation of this
special occasion. A somewhat bitter proverb might
be changed into saying that ingratitude is a speedy favorable outcome for the 1909 business, that it was
forgetting of favors already received, and this has been only rendered possible by the low value of cotton in
somewhat illustrated already. For the Pennsylvania’s the closing months of the calendar year of 1908, con­
gigantic work was treated by the city government for tinuing into the early months of the calendar year’
quite a long time as if it were an imposition and burden 1909, and, relatively, to the profitable market for
upon the city instead of a public benefit, and should goods during the same period. The truth of this
be obstructed accordingly; and the same disposition remark is clearly demonstrated when we add, further,
which turned harshly towards the subway as soon as that from the first of September 1908 until after the
now except as a piece of deliberate study for some

completed may be expected to pursue these sub­
surface lines with a jealous watch lest any profit should
result to private capital. It is a perverse mental
twist, a part of the still current hostility to capital; yet
private capital persists somewhat, because it looks
above and beyond this folly, in faith that time will
wear it out.

close of March 1909— the period when supplies of the
raw material were chiefly secured— middling upland
cotton in the New York market ranged at no time
above 10 cents, and during the greater part of the time
was quoted below 9J^ cents. With such values for
cotton ruling, and standard printing cloths ranging
between 3 and 3% cents per yard, the dividends and

It is a coincidence that the first severe test of a new year’s surplus are easily explained.
Had the mills been forced to secure their raw ma­
scheme of preventing train collisions, mentioned and
tested in a less conclusive manner some weeks ago, terial at the high cost now and recently prevailing, the
has been made in this same week. This is not another outcome would have been very different. It is neces­
development of the wireless principle, but uses a sary to point out these features of the situation, as
otherwise erroneous conclusions would be drawn. As
regards the dividend distribution by the corporations,
the average rate for the last quarter of the year at
1 .8 2 % is well in excess of 1908, and, with the exception
of that for 1907, is the highest for the period in any year
back to and including 1901. The result for the full

third rail and a contact shoe. It divides the line into
blocks (under the name of zones) and when one train
comes within a designated safe distance of another,
a light in the engine cab goes out and the brakes set,
both automatically and without action by human
hands. As nearly as a non-expert can surmise, the
principle used is that of a variation caused by approach
of trains, in an electric pressure which is normally
constant; the inventor’s belief is that trains at full
express speed will automatically stop themselves on
a too close approach on zones of two miles each.
Several years ago we were told of a locomotive search­
light, in use on a Western road, which could announce
its own approach, by the upward beam, at a distance

year also is quite satisfactory, the thirty-five corpora­
tions included in-our compilation distributing to share­
holders in 1909 an aggregate of $1,976,000, or an
average of 7 .4 0 % on the capital invested, against only
$1,733,067, or 6 .9 0 % , in 1908. In 1907, however,
stockholders received an average of 11 .0 9 % on their

of several miles; and now this latest application of
electricity seems to foretell a speedy end of one class

investment, but that was an exceptional result, as
prior to that time the highest rate was 9 .9 7 % , in
1889. On the other hand, there have been some years
of very meagre return, notably 1904 and 1905, when

of mishaps on the rail.
Individual genius and

the average for the two years was 3 .4 5 % , and 1897
and 1898, when the two years’ average was only

competition,

unaided

by

bureaucratic government, accomplishes improvement; 2 .9 0 % . Finally, as indicating how well stock­
government supervises and hinders, after things are holders have fared in 1909, suffice it to say that this
done. The point is one worth recalling now and then. year’s average dividend of 7 .4 0 % compares with a



1312

[Von

THE CHRONICLE

general average for the preceding 23 years of but
6 -61% .
While, as indicated above, the calendar year 1909
has been a satisfactory year at Fall River, the out­

LXXXI X.

But, as indicating the steady growth in the expenses,
some figures brought together by us in reviewing the

look for the immediate future is not at the moment,
and under existing conditions in the raw material

annual report for 1907-08 may with profit be repeate
here. In 1905-06, with $2,645,546 gain in gross
there had been $2,702,432 increase in expenses, and
in 1906-07, with a further addition to gross earnings

markets, favorable.
Reports, of course, indicate
that the mills
arewell under contract for some
months ahead,
butwith cotton ruling at the pres­

of $1,903,080, expenses and taxes moved up no less
than $3,549,827, thus causing a loss in net for that
year in the sum of $1,646,747. For these two years

ent high level

and nocommensurate appreciation

in value of goods,

the margin of profit

naturally

combined, therefore, while gross earnings had risen
from $22,222,902 to $26,771,529, net earnings had

shrinks.

And this shrinkage in margin is of vital actually declined from $8,033,135 to $6,329,502.
interest to the operatives in the establishments, as it
This was before the change in classification by the
portends, under the operation of the sliding scale, a Inter-State Commerce Commission, so the compari­
reduction in wages that will affect many thousand sons are correct. In 1907-08 came the period of busi­
hands.
ness prostration, as a result of which gross earnings fell
There is, of course, a probability that the present away, while at the same time the causes which had
high prices for cotton, which do not seem to be war­ served so largely to augment operating cost in previous
ranted by any existing conditions of supply and de­ years continued in force, working hence a further
mand, will not be maintained.
In this connection reduction in the net. For this period exact compari­
we note an increasing tendency, outside of the circles sons with preceding years are out of the question for
interested in the present speculative manipulation of the reason already stated, but taking the figures just
prices, to look for a larger yield of the staple in this as reported, there was a decrease of $742,476 in gross,
country than was generally believed in a month ago. offset in amount of o dy $398,232 by a reduction in
That expectation has been criticized the current week operating expenses and taxes, leaving a loss of $344,244
and a renewal of the upward speculation built upon in net to be added to the losses of the two previous
telegrams promising killing frosts almost everywhere years. No greater saving in expenses could be effected,
in Texas and in other Southern sections where there

notwithstanding that beginning with Feb. I 1908 all

was a fair promise of a good top crop being realized

officers and employees receiving $3,000 or over per

before the telegrams were made public. The week
has come to an end, and only very limited frost dam­

annum had submitted to a cut in their salaries of about

age has as yet been established.

It has visited appar­

ently only a few of the points threatened except in
the shape of telegrams.
The development of
the top crop in Texas, for example, has caused
a

re-casting

of

estimates

of

production

in

that

State, many expecting that the favorable fall will
add materially to the yield. Moreover, advices from
the Atlantic States denote that the crop in that section
is much better than official reports have indicated it
to be. Still, the speculative manipulators apparently
control the cotton market at the moment, and the in­
tention is voiced to force prices, already too high, to
an even higher level.

Their success would naturally

1 0 % . The high cost of operating occurred, too, in
face of steadily developing efficiency of operations,
as we showed at the time. The large expenses followed
entirely from circumstances wholly beyond the con­
trol of the managers, such as higher wages and an en­
hanced cost of materials, fuel, supplies and everything
else appertaining to the operations of a railroad—
also the extra burdens imposed

by State legislatures

and railroad commissions.
With such the situation in the preceding years,
the results disclosed in the year under review are not
difficult to comprehend. Briefly, with gross earnings
increased in a small way, namely by $115,012, ex­
penses and taxes were decreased in amount of $1,980,­

mean a further spread of the curtailment movement,

895,

and that in turn would work a cure. In the mean­
time, however, our cotton-manufacturing industry
must suffer.

$2,095,907, the total of the net rising from $5,985,258

THE REPORT OF THE ATLANTIC COAST LINE
RAILROAD.

accordingly producing an increase in net of

in 1908 to $8,081,165 in 1909.
the

reason for the

Stated in a nutshell,

improvement

in

1908-09

lies

in the circumstance that it was found possible to
get control once more of the expense account. The

The distinctive feature of the annual report of the

report tolls us that during eight months of the previous
year every practicable economy in operating consistent

Atlantic Coast Line Railroad Co. is the large improve­
ment shown in net results in face of only a small addi­

with full maintenance had been enforced to meet the
loss of revenue from rapidly decreasing earnings, and

tion during the twelve months to the gross revenues.

by July 1908 everything had been accomplished except

This means, of course, that expenses were heavily a general redu^fcion in wages. Co-operation on the
reduced. The reason for the reduction is found in part of all officers and employees was cheerfully given,
the antecedent large augmentation in the expense it is stated, and the \Vork of the employees became
more efficient, both from their own effort and from
accounts extending over a series of years.
Previously expenses had increased with uninter­
rupted persistency and to such a prodigious extent
that net earnings had steadily declined, despite very
noteworthy expansion year by year in traffic and in

the greatly increased facilities made effective about
the same time. It is this keen appreciation of neces­
sity, continued throughout the year, that explains
more than anything else, it is declared, the excellent

gross receipts. Owing to changes in the classification
of revenues and expenses enforced by the Inter-State
Commerce Commission with July I 1907, it is impossi­

net results.
Examination of the expense accounts reveals, too,

ble to make direct comparisons with the earlier years.

efficient results.




multiplying evidences of more efficient work and more
For example, of the total saving of

Nov. 20 1000.

THE CHRONICLE

SI,980,895 in expenses and taxes, no less than $1,387,­
893 was in the transportation expenses. As pointed
out by us in previous annual reviews, conditions on the
Atlantic Coast Line system are not such as to admit
of a very high train-load. It is worth noting, how­
ever, that in 1908-09 there was a further addition to
the load, bringing the average number of tons up to
194 tons, as against only 185 tons in 1907-08, 178 tons
in 1906-07 and but 167 tons in 1905-06. As a conse­
quence of the larger average load, the trains earned
$2 44 per mile run in 1909, as against $2 29 in 1907-08,
$2 20 in 1906-07, $2 17 in 1905-06 arid only $2 08 in
1904-05— this with an average rate per ton per mile
of 1.26 cts. in 1909 and 1.24 cts. in 1908, against
1.31 cts. in 1905. In a word, the decrease in the trans­
portation outlay has been due largely to the fact that
a greater number of tons of freight were handled with
fewer trains on better maintained schedules. It
should be added, however, that there was also a sav­
ing of 8484,936 in cost of fuel and $457,243 in loss and
damage to persons and properties.
In the maintenance outlays the reduction, as com­
pared with the previous year, was only $178,394 on
account of way and structures and $404,512 on ac­
count of maintenance of equipment. We observe
that the report says the reduction in cost of maintain­
ing way and structures was due entirely to the securing
of ties, lumber and other materials at reduced prices
and to more efficient and steady track labor; also that
the decrease in the equipment outlays was principally
due to increased efficiency of work in the shops and
to decreased charges to renewals because of the smaller
value of equipment destroyed or scrapped.
The decrease in expenses was the more noteworthy
iiTview of the fact that in the latter part of August
and early part of September 1908 unprecedented
floods in Virginia, North Carolina, South Carolina and
Georgia seriously affected operations on the company’s
lines in those States. The report notes that water
covered the lower tracks at Petersburg, Va., and
bridges and trestles were impassable for several days
at Cape Fear River and Pee Dee River and at Santee
itiver on both the Charleston and Augusta divisons.
Another adverse circumstance which had to be con­
tended against deserves mention. We have already
seen that, taking the twelve months as a whole, gross
receipts increased only $115,012. During the first
five months of the fiscal year business depression con­
tinued in active force, causing a loss in gross receipts
of no less than $1,199,610, or over 11%. In the last
seven months, however, more than the whole of this
loss was recovered through a gain of $1,314,622, leav­
ing an increase for the year as a whole of $115,012.
The fact to which we wish to give prominence is that
this gain of $115,012 in total gross revenues was made
in the face of a reduction in the passenger revenues
of $437,524, or nearly 7% . We referred in our review
of the report for the previous year to the lower passen­
ger rates forced upon the road in the different States
through which the lines of the system run, and cited
figures from the report to show that these lower rates
wore proving a serious burden to the company. The
further loss in the late year is stated to be attributable
entirely to the reduction in local or intra-State passen­
ger rates and mileage tickets. Average receipts per
passenger per mile were the lowest in the history of



1313

the company, being 2.244 cts. per mile, a decrease of
6.42% as compared with 1907-08.
Considering these various drawbacks, the improved
net results for the year must be regarded as extremely
gratifying. As a consequence of this improvement, the
company had available net income above fixed charges
in the sum of $4,628,779 for 1909, as against $2,781,­
147 for 1908. The call for dividends at the rate of
5% on the preferred shares and 514% on the common
shares (the semi-annual dividend the first six months
having been 2jd>%, but having been increased again
the last six months to 3% ) was only $2,749,398,
Hence there was a surplus of $1,879,381 above the
dividend requirements in 1909, where in the previous
year the available net income was barely sufficient to
m eet the dividends. As a matter of fact, in that fiscal year
3% out of the 5\4% declared in dividends was not
paid in cash, but out of prudence was paid in
Atlantic Coast Line Railroad Co. 4% certificates of
indebtedness. One other event of the year significant
of the improvement achieved deserves to be men­
tioned. on [Jan. 1 1909 the salaries of all officers and
employees receiving over $3,000 per annum which
had been reduced Feb. 1 1908 were restored.
The figures in the report cover an average of 4,434
miles of road, the total length operated June 30 1909
having been 4,476 miles. As is known, the company
also holds control of the Louisville & Nashville R R .,
but this is operated as a separate property, and the
same is true of the Charleston & Western Carolina and
the Northwestern Railroad of South Carolina, which
are also controlled. Altogether, nearly 12,000 miles of
road are owned or controlled. Control of the Louis­
ville & Nashville is held through the ownership of
$30,600,000 out of the $60,000,000 outstanding capital
stock of that company. The purchase was made in
October 1902, the Coast Line RIt. giving as con­
sideration $35,000,000 of its collateral trust bonds,
besides $5,000,000 in the common stock of the Atlantic
Coast Line RR. and $10,000,000 in cash. The cost of
the purchase was subsequently reduced on the books of
the Atlantic Coast Line RR. to $45,554,220 by the ap­
plication of $5,000,000 of accumulated surplus.
The Louisville & Nashville being operated separately,
the Coast Line Railroad’s investment in the same ap­
pears merely in the dividends received on its holdings
of the stock of the company. As these dividends are
now again 6% , the Coast Line gets $1,836,000 per
annum on the $30,600,000 of stock held. On the
other hand, the annual call for interest on the $35,000,­
000 Atlantic Coast Line R R . 4% collateral trust bonds
issued in part payment for the Louisville & Nashville
stock purchased is only $1,400,000 per year.
The company’s finances are evidently ift excellent
shape. The bonded debt was increased $4,161,000
during the twelve months, but as $2,030,000 of 3-year
5% gold notes were retired and also $450,000 of equip­
ment trust bonds, besides $50,000 of minor issues,
the net increase in debt was only $1,631,000. The
balance sheet shows that as a result of the year's bond
sales the company has enough cash reserved for the
payment of the $2,970,000 of 3-year 5% notes remain­
ing outstanding, also $1,600,000 cash reserved for the
payment of Wilmington Columbia & Augusta RR. 6%
bonds maturing June 1 1910 and $150,000 to pay
equipment trust bonds. Over and above all these
separate cash funds there was on June 30 1909 $3,405,-

1314:

THE CHRONICLE

531 cash on deposit in hands of Treasurer for the cur­
rent needs of the company, besides $443,015 of cash
deposited to pay coupons.
■
It is pointed out that the equipment of the company
has been carried on the books at an amount far below
its cost. Accordingly $5,139,194, the difference be­
tween cost and book value, has been added to “ Cost
of Equipment” account, while on the other side of the
balance sheet $4,680,547 of this amount has been
credited to reserves, “ Depreciation previous to July 1
1907,” and $458,647 has been credited to profit and
loss.
The plan approved at the stockholders’ meeting
this week for refunding the company’s debt, and to
provide for its future capital needs, will be found out­
lined in our investment news columns to-day on
another page.

THE |EXECUTION OF FERRER, AND HIS
DOCTRINES.
The article in our issue of Oct. 23 on the execution
of Francisco Ferrer, the Spanish Anarchist has
brought us many letters of criticism, both from this
country and Europe. As our comments were in a
measure based on an imperfect knowledge of the char­
acter of the man, we make room here for one of
these letters. It comes to us from a subscriber in
Paris.
Paris, November 5 1909.
Dear Mr. Editor:
Being already a subscriber of old to the “ Financial Chroni­
cle,” I hope you will allow me to tell you how surprised I
have been when reading the Oct. 23 number, to notice the
way in which you look to have got information about the
trial of Ferrer— or, as you call him, “ Professor” Ferrer,
although he was neither a professor nor a learned man.
That part of your valuable paper in which you use to speak
of foreign politics is far from being the less interesting, and
you are usually well informed— but it does not seem to be
so in the above.
First of all you say that “ Ferrer was by no means an agi­
tator in the sense in which that word is used in most com­
munities.” What then? He was not only a “ philosophic
Anarchist,” but he was a practical Anarchist— being a
teacher of Anarchism in his so-called “ Modern Schools.”
He did not throw bombs himself, but he instigated their
throwing, and in what he used to call the “ catechism” for
his modern schools, he wrote freely that priests and soldiers
must be shot, that it is the only way of getting rid of them,
that churches must be burnt, banks looted, and the same
things he repeated to all those he spoke to, in public or pri­
vately. It is not astonishing that the fierce Spaniards whom
he deliberately and daily excited tried on the first occasion
to put in practice what they had been learned to do. Was
not lie, their instigator, still more guilty than those who
followed him, even when they were taken burning churches
and killing monks or nuns?
.
Secondly, it has been proved that he had taken a most
active part in all the frightful events that took place in
Barcelona during the last week of July. You say it is almost
impossible to know how far the riots went, and what meas­
ures the Government took, because of the rigid censorship
of the press. Your contemporary, the “ New York Herald,”
gave a lot of details on both the uprising and its suppression,
which are a proof that one could at that time get news, if
he tried to.
You say also that “ the trial was not conducted before a
civil court,” “ an army court-martial sat upon the case.”
But martial law had been proclaimed in Catalonia. I do
not suppose you mean saying that military judges have less
independence and honesty than civil ones.
“ The testimony was secret;” you further say; “ it is bcj ieved to have consisted largely of ex parte depositions, and



[VOL. LXXXIX

to this day the world at large does not know on what precise
grounds the prisoner was condemned.” But if the testi­
mony was not heard by the court and before the public, as it
is the custom in France, it was , according to the thirty
year-old Spanish law, heard by the “ Fiscal” — that is, the
Attorney— in presence of Ferrer himself or of his advocate,
Don Fran- cisco Galceron, whom Ferrer had chosen be­
cause of his friendship and of the common ideas they had
both. Ferrer was confronted by many witnesses who
recognized him as having instigated the burning and
killing.
The whole Ferrer trial was published when it took place
by the Barcelona Liberal paper, “ La Noticias,” and later
translated into French in two Paris journals, “ Le Gil-Blas”
and “ La Detente.” The trial was public, as may be seen
in photographs taken for the Paris illustrated weekly paper
“ l’lllustration.”
The grounds upon which Ferrer was condemned were
facts which proved so conclusively his participation to all
the crimes of the Barcelona insurrection that his defender
could not deny them. He only endeavored to justify the
propaganda of the founder of the “ Escucla Moderna,” and
jn terms so violent that nowhere else they could have been
supported— and they were in Spain.
A F R EN C H S U B S C R IB E R .

The “ Financial Chronicle” admits that its remarks
on the nature of Ferrer’s teachings, in the article re­
ferred to, were based on misleading dispatches of the
day. Our later information would have led us to
speak far less leniently of the propaganda of his
schools. We have seen no satisfactory evidence,
however, that he went to the lengths which the writer
of the above letter alleges. That he declared both re­
ligion and government to be curses of humanity ap­
pears to be established. That he advised in print the
shooting of monks and the burning of churches was
asserted during the trial, but we have seen no proof
of it. If this was the nature of his public teaching, the
law, in or out of Spain, would, it seems to us, have had
a legitimate hold on him long ago, without waiting for
a court martial.
In what we said of the nature of the trial, we
followed the information given by the American
and English press dispatches, and we have not
seen the facts as there given contradicted in print.
According to all accounts that we have seen, the
evidence was of a character which would not have
been entertained for a moment in an American or
English court. We still consider the result of the
court martial a misfortune for Spain— certainly not
less so if, as our correspondent alleges, Ferrer’s
known offences were such as could have been proved
and punished before a regular court of criminal
justice.
CORN, WHEAT AN D OTHER GRAIN CROPS
IN 1909.
The preliminary corn crop estimate of the Agri­
cultural Department, issued last week, was quite in
line with general expectations, in making the yield
in 1909 approximately 2,767,316,000 bushels. This
result, of course, is less than seemed probable early in
the season, especially in view of the comparatively
large addition to area.
The crop suffered from un­
favorable weather during July and August, the con­
dition of the plant being impaired to such an extent
in those months that the yield as here indicated ex­
ceeds that of 1908 by less than 4% , whereas the in­
crease in acreage was 7.1% . Compared with 1906,
when 2,927,416,091 bushels (the record crop) were

THE CHRONICLE

NOY. 20 1909. J

raised, this year’s yield exhibits a fairly large decline,
but with that exception the present aggregate has never
been exceeded. The 1909 crop is, however, of lower
average quality than that of 1908 or any recent year
except 1907, and therefore of lesser food value.
That farm stocks of corn on Nov. 1 this year were, as
in 1908, rather below the normal, is indicated by the
Department’s investigations. On Nov. 1 1909 the
portion of the 1908 crop found to be still in farmers’
hands is placed at 79,779,000 bushels, or 3% , as com­
pared with 71,124,000 bushels, or 2.7% of the 1907
crop on Nov. 1 1908, a carry-over of 4.5% in 1907
and a ten-year average of 4.1% .
The Department’s report for Oct. 1, as we noted
in our issue of Oct. 9, placed the production of spring
wheat at 291,848,000 bushels, or about 65 million
bushels more than in 1908, and its estimate of the
winter variety published earlier was for 432,920,000
bushels, or a little- less than in the previous year.
Combining the two, however, we reach a total wheat
production for 1909 of 724,768,000 bushels, which
compares with 664,602,000 bushels in 1908, with
735,260,970 bushels in 1907, and a record crop of
748,460,218 bushels in 1901. The oats yield the
Department also reported a month ago, making it
983,618,000 bushels, a total appreciably greater than
in the previous year and almost equaling the record
yield (987,842,712 bushels) of 1902. Of barley the
1909 production has been heretofore stated as 164,­
636,000 bushels, comparing with 166,756,000 bushels
n 1908 and 178,916,484 bushels (the record) in 1906,
and the yield of rye has been stated at 31,066,000
bushels for the current season, a slight reduction
from either 1908 or 1907 and 2 1-3 million bushels less
than in 1906. The crops referred to above make up
the great bulk of our cereal production and are conse­
quently the chief food supply of the country. Com­
bining the various totals, we find that our cereal pro­
ductions for 1909, as now estimated, reach an aggre­
gate well above that for 1908 and exceeded only by the
total for 1906—the year of record yield. How this
year’s aggregate compares with earlier seasons, item
by item, is indicated in the following:
1909.
P rodu ction.

Bushels.

1903.
B ushels.

1907.
Bushels.

1906.
Bushels.

1905.
Bushels.

.

2,592,320,0002,927,416,091 2,707.993,510
C o m 2,767,310,000 2,668,651,000
Winter wh't 432,920,000 437,908,000 409,442,000 492,888,004 428,462,834
Spring wh’t 291,848,000 226,694,000 224,645,000 242,372,966 264,516.655
O a ts. 983,618,000
807,156,000 754,443,000 964,904,522 953,216,197
B a rley___ 164,636,000 166,756,000 153,597,000 178,916,484 136,651,020
R y o .........
31.066,000
31,851,000
31,566,000
33,374,833 28,485,952
Total___ 4,671,404,000 4,339,016.000 4,166,013,000 4,839,872,900 4,519,320,198

It will be observed from the foregoing that, con­
trasted with 1908, there is an increase of 332 million
bushels, and that the decline from 1900 is only 168,000,OOObushels, corn alone showing a loss of 160 millions.
But while production in 1909, as estimated by the
Department of Agriculture, is less in the aggre­
gate than for 1906, prices generally have been
higher. This is particularly true of wheat. Conse­
quently the total value of this year’s cereal crops,
measured by current market prices, is materially
greater than was obtained for the larger production
of 1906.
As to the grain crop situation outside of the United
States there is little new to be said. To the north of
us, in Canada, all crops have turned out much greater
than last year, and in all cereals new record marks in
production have been set.



1315

RAILROAD GROSS AN D NET EARNINGS FOR
SEPTEMBER.
Returns of railroad earnings are now uniformly of a
favorable character, and, as previously pointed out,
the improvement recorded derives additional signifi­
cance from the fact that comparison is no longer with
the period of exceptional losses in 1908, but rather
with a time when the falling off in revenue had already
been greatly reduced. Our compilations to-day cover
the month of September and relate to both gross and
net earnings. They are based on the returns made to
the Inter-State Commerce Commission at Washington,
and are very comprehensive, since all the roads in the
country (with the exception of those few lines whose
operations are confined entirely within State boun­
daries) are required to file monthly statements with
the Commission. Transcripts of these statements
are made for us by our representatives in Washington,
and in the number of our “ Railway Earnings” Section,
which accompanies to-day’s issue of the “ Chronicle,”
we give the September figures in detail for every rail­
road which had rendered its return for that month up
to yesterday morning. The summaries we present in
this article are the aggregates derived from the state­
ments of these separate roads.
Our aggregates cover 711 separate roads, comprisin
220,205 miles of line, or about 95% of the railroad
mileage of the country—which indicates how nearly
complete they are. On this mileage there is an in­
crease of no less than $25,593,110, or 12.11%, in the
gross earnings and an improvement of $12,505,314,
or 15.84%, in the net earnings. Last year in Septem­
ber our compilations recorded $13,950,886 loss in gross,
with $5,812,770 gain in the net. The figures then
covered 200,908 miles of road. The Inter-State Com­
merce Commission, however, has recently issued a
pamphlet giving the complete results for that month,
covering 231,367 miles, and from these it appears that
the falling off for the whole railroad system of the
United States for the month last year reached $15,­
299,397, while the gain in net was $4,083,435. It will
be seen that on the basis of either set of figures this
year’s gain in gross far exceeds last year’s loss, while
the increase in net is additional to the increase in
1908.
— Increa se o r D ecrease —
(711 roads)—
1909.
1908.
A m ou n t.
%
Miles of road..........................
220,205
217,277 Inc.
2,928
1.35
Gross earnings............ - ......... S236.874.425 $211,281,315 Inc. 525,593,110 12.11
Operating expenses........ ....... 145,429,671
132,341,875 Inc. 13,087,796
9.89
Septem ber

Net earnings...................... S91.444.754

S78.939.440

Inc. S12,505,314

15.84

When we extend the comparisons further back, it is
seen that in the gross the September compilations
had shown an uninterrupted series of gains year by
year ever since 1896. On the other hand, in the net
the record has been interspersed with some losses. In
particular diminished net was a feature in 1907. In
that year our statement for September showed $13,­
172,222 increase in gross earnings, but inasmuch as
expenses had mounted up $16,766,725, there was a
decrease in the net of $3,594,503. In the subjoined
table we furnish a summary of the September compari­
sons of gross and net for each year back to 1896. For
1908 we use the Inter-State Commerce totals, but for
the years preceding we give the results just as regis­
tered by our own tables each year—a portion of the
railroad mileage of the country being always unrep-

resented in the totals, owing to the refusal of some of
the roads to give out monthly figures for publication
G ross E a rn in g s.
Y ea r
G iv e n .
S e p t.

1896 . . .
1897 . . .
18 98...
1899 . . .
1900 . . .
1901 . . .
1902 . . .
1903 . . .
1904 . . .
1905 . . .
1906 . . .
1907 . . .
1908 . .
1909 . . .

[VOL.

THE CHRONICLE

1316

N e t E a rn in g s.

Y ea r

In crea se or

Y ea r

Y ea r

P r ec ed in g .

D ecrea se.

G iv en .

P r ec ed in g .

S
S
S
57,053,112 58,277,741 —1,224,637
72,571,090 62,866,514 +9,704,576
81,574,080 79,290,841- + 2,283,232
88,460,145 77,606,66( + 10,853,485
92,274,231 90,380,548 + 1,893,683
106,840,715 06,359,674 + 10,481,041
108,277,736 99,662,819 + 8,614,917
121.941,301 108,568,34( + 13,372,963
124,045,376 120,717,271 + 3,328,100
129,462,517 118,616,511 + 10,846,006
136,839,986 126,782,987 + 10,056,999
141,220,009 128,047,787 + 13,172,222
218,929,381 234,228,778 —15,299,397
236,874,425 211,281,315 + 25,593,11(

S
19,889,887
27,538,974
31,520,183
33,488,813
34,073,853
39,663,622
37,336,360
41,781,513
45,028,707
46,650,014
48,341,798
41,818,855
81,615,313
91,444,754

In crea se or
D ecrea se.

S
S
—588,922
20,478,809
21,860,419 + 5,078,555
30,352,609 + 1,167,574
29,398,146 + 4,090,607
—716,692
34,790,545
35,270,411 + 4,393,211
+ 901,152
30,435,214
37,410,801 + 4,370,052
41,023,532 + 4.605,175
43,719,446 + 2,930,568
45,653,884 + 2,687,914
45,413,358 —3,594,503
77,531,878 + 4,083,435
78,939,440 + 12,505,314

— In 1696 the number of roads Included for the month of September was 136.
n 1897. 131; In 1898, 128: In 1899. 123; In 1900, 128; In 1901, 113; In 1902, 108­
In 1903, 112: In 1904, 102; In 1905, 98; In 1906, 95; In 1907, 84; in 1908, 793: In 1909,
711. We no longer Include the Mexican roads or the coal-mlnlng operations of the
anthracite coal roads In our total
N o te .

For the separate roads the showing is the same as in
the case of the general totals— that is, is extremely
favorable. There are very few roads that have suffered
decreases in the gross—none for amounts of $ 100,000 or
over— and also comparatively few that have suffered
declines in the net, notwithstanding the tendency of
operating cost to increase again. Among the com­
panies whose decreases in the net reach considerable
amounts are the Burlington & Quincy, the Milwaukee
& St. Paul and the Chicago & North Western. On the
Burlington & Quincy there is a decrease of $488,507
in net, with a gain of $457,359 in gross; on the Chicago
& North Western the loss in net is $111,853, as against
$699,521 increase in gross, showing very heavy addi­
tions to the expenses, indicative, apparently, of a
liberal hand in renewal and repair work now that gross
revenues are again expanding in a noteworthy manner.
On the Milwaukee & St. Paul, on the other hand, the
gain in gross was quite moderate, being only $182,053,
and this was converted into a loss of $150,795 in net
through heavier expenses; we are informed that the
higher operating cost in this instance followed from
the fact that the grain movement was very light, while
there was a large increase in the volume of low-class
freight paying the lowest rates, the latter adding more
largely to tonnage than to revenue. In the following
we show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases.
P R IN C IP A L C H AN GES IN

E A R N IN G S IN S E P T E M B E R .

LXXXIX

P R IN C IP A L C H AN G E S IN NET E AR N IN G S IN S E P T E M B E R .
In crea ses.

In crea ses.

Elgin Joliet & E astern ..
Seaboard Air Line______
Illinois Central__________
Y azoo & Mississippi Vail
Southern R ailw ay______
Philadelphia & R eading.
Phila Balt & Washington
Delaware Lack & W e s t ..
W abash-------------------------Union Railroad (P a )____
Spokane P ort & Seattle.

P en n sylva n ia ___________ i/$l,833,725
Great N orthern_________
798,901
Southern P acific_________
770,777
N Y Central & Hud R iver
a633,584
Baltimore & O hio______
597,990
N Y New Haven & Hartf
527,732
Lake Shore & Mich South
455,832
Pittsburgh & Lake E ric.
372,860
Duluth & Iron R an ge—
367,994
Duluth MIssabe & North
312,003
Norfolk & W estern_____
305,008
Union P acific___________
300,071
E r ie _____________________
274,254
Louisville & N a sh v ille..
254,130
A tch Topeka & Santa Fe
229,273
Michigan Central_______
221,169
Cleve Cin Chic & St Louis
216,997
Missouri Pacific_________
206,050
Chesapeake & Ohio_____
198,684
Bessemer & Lake E r ie ..
190,240
Boston & M a in e...............
172,272
A tlantic Coast Line_____
171,585
Buffalo R och & P Itts b ..
164,605

$162,238
157,623
151,436
140,809
138,789
134,374
116,400
112,014
104,860
102,466
100,330

Representing 34 roads
In our com pllatlon._$10,997,075
D ecrea ses.

Chicago Burl & Q u in c y ..
Chicago Milw & St Paul.
Chicago & North W e s t ..
Delaware & H udson------

$488,507
150,795
111,853
102,321

Representing 4 roads In
our com pilation____
$853,476

a These figures cover merely the operations of the New Y ork Central
Itself. For the New York Central S y s t e m the result is a gain of $2,115,538.
V These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $942,000 increase and the Western
lines $891,725 increase. For all lines owned, leased, operatedandcon<ro/(e<f,
the result Is a gain of $2,060,537.

Many instances might be cited of roads which re­
cord improvement in the net this year after improve­
ment last year, and there are not lacking instances
where this is true also as regards the gross; further­
more, pretty generally where there were losses last
year, this year’s gains run far in excess of them in
amount. The New York Central System of lines this
time has $3,208,351 gain in gross, while the loss last
year was only $2,092,615. In the net for that system
there is a gain of $2,115,538, following a gain of $838,­
121 last year. For the Pennsylvania lines directly
operated east and west of Pittsburgh, where hereto­
fore the monthly gains have fallen much below last
year’s losses, there is now a close approach between
the two, the gain in gross for 1909 being $3,581,827,
as against a decrease last year in that item of $3,696,­
000. In the net we have a gain of $1,833,725, com­
paring with a loss in 1908 of $710,500.
When arranged in groups, every group has an in­
crease in the gross (just as last year every group had
recorded a loss), while every group also has an increase
in the net. Our summary by groups is as follows:
SUMMARY BY GROUPS.
— G ross E a rn in g sS e c tio n o r G r o u p

—

In c.

(+ ) o r
(—).

11,432,490
56,415,462
34,630,731
26,688,642
55,731,879
37,571,463
14,403,758

1908.
8
10,498,039
50,341,831
29,127,032
23,726,189
50,597,491
34,425,988
12,564,745

S
+ 934,451
+ 0,073,631
+ 5,503,699
+ 2,902,453
+ 5,134,388
+ 3,145,475
+ 1,839,013

8.89
12.06
18.93
12.49
10.15
9.14
14.63

Total (711 roads)........................ 236,874,425

211,281,315

+ 25,593,110

12.11

S e p tem b e r

1909.

—

Group l (26 roads), New England.
Group 2 (126 roads). East & Middle
Group 3 (96 roads), Middle W est..
Groups 4 & 5 (141 rds.), Southern.
Groups 6 & 7 (108 rds.), Northwest
Groups 8 & 9 (162 rds.). Southwest
Group 10 (52 roads). Pacific Coast.

------M

ile a g e

8

------

------------------- N

et

D ec.

----------In c.
(+ ) o r
D e c . (—).

E a rn in g s

In crea ses1909.
1908.
1909.
1908.
%
Atlantic Coast Line_____
$270,530
243,451
Elgin Joliet & E astern ..
7,353 4,057,439 3,298,262
+759,177 23.01
Group No. 1.............. 7,344
Philadelphia & R eading.
235,465 Group No. 2.............. 25,828 25,494 20,716.327 17,605,974 +3,110,353 17.67
W abash......... ......................
225,562 Group No. 3 .............. 25,604 25,576 13,492.383 10,393,339 +3,099,044 29.82
Bessemer & Lake E r ie ..
224,937 Groups Nos. 4 & 5__ 37,969 37,415 9,596,393 7,727,476 +1,868,917 24.19
Spokane Port & Seattle.
222,917 Groups Nos. 6 & 7__ 55,709 55,258 23,394,984 22,086.013 +1,308,971 5.92
Pere Marquette___________
203,406 Groups Nos. 8 & 9__ 52,819 52.047 13,170,230 12.045,307 +1,124,923 9.34
Illinois Central____________
197,996 Group No. 10.............. 14,932 14,134 7,016,998 5,783.069 +1,233,929 21.34
Bufialo R och & P Itts b ..
192,581
Seaboard A ir Line______
182,614
T o ta l........................ 220,205 217,277 91,444,754 78,939,440 +12,505,314 15.84
Chicago MUw & St P aul.
182,053
NOTE — G r o u p I . Includes all of the New England States.
Phila Balt & W ashington
177,400
G r o u p I I . Includes all of New York and Pennsylvania except that portion west
Delaware Lack & W e s t ..
157,071
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
Denver & R io Grande___
154,447
the extreme northern portion of West Virginia.
Cincinnati Ham & D a y t.
145,237
G r o u p I I I . Includes all of Ohio and Indiana; all of Michigan except the northern
Chic St Paul Minn & O . .
139,321
and that portion of New York and Pennsylvania west of Buffalo and
W heeling & Lake E r ie ..
136,489 peninsula,
Pittsburgh.
Texas & Pacific----------------125,856 G r o u p s I V . a n d V . combined Include the Southern States south of the Ohio and
Union Railroad (P a )-----124,636
of the Mississippi River.
Colorado & Southern___
122,639 east
G r o u p s V I . a n d V I I . combined Include the northern peninsula of Michigan; all of
CIn New Orl & Texas Pac
112,440
Minnesota, Wisconsin, Iowa and Illinois; all South Dakota and North Dakota, and
Missouri Kansas & Texas
104,072
Missouri north of St. Louis and Kansas City: also all of Montana, Wyoming and
Lake Erie & W estern___
102,465 Nebraska,
together with Colorado north of a line parallel to the State line, passing
through Denver.
Representing 49 roads
G r o u p s V I I I . a n d I X . combined Include all of Kansas, Oklahoma, Arkansas and
In our co m p ila tio n ..$22,311,632
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south
of Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
N o t e . — All the figures In the above are on the basis of the returns filed
Mexico north of a line running from the northwest corner of the State through
with the Inter-State Commerce Commission. W here, however, these Santa Fe and east of a line running from Santa Fe to El Paso.
returns do not show the total for any system , we have com bined the
G r o u p X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
separate roads so as to make the results conform as nearly as possible to and Arizona, and the western part of New Mexico.
those given In the statements furnished b y the companies themselves.
As stated by us in previous months, we have
a These figures cover merely the operations of the New Y ork Central
Itself. Including the various auxiliary and controlled roads, like the changed our system of grouping the roads so as to
Michigan Central, the Lake Shore, the ‘ ‘ Big F ou r,” the “ Nickel P late,”
conform with the grouping or classification adopted
& c., the whole going to form the New Y ork Central S u s t e m , the result Is
a gain of $3,208,351.
by the Inter-State Commerce Commission. The only
V These figures are partly furnished b y the com pany and represent the
lines directly operated east and west of Pittsburgh, Eastern lines showing departure we make from the Commission’s arrange­
$1,755,300 Increase and the Western lines $1,826,527. For all lines owned, ment is that we have combined Groups 4 and 5, so
leased, operated and c o n t r o l l e d the result for the m onth Is a gain of
as to bring all the Southern roads together under one
$4,185,002.

P enn sylvania..................... j/$3?58R827
Baltimore & O hio______
1,453,626
Southern P a c ific _______
1,066,688
N Y Central & Hud R iver
a964,017
Great N orthern_________
954,563
A tch Topeka & Santa Fe
807,981
Northern P a c ific ............
788,377
Chicago & North Western
699,521
Lake Shore & Mich South
697,487
Union Pacific___________
650,900
Missouri Pacific_________
556,873
N Y New Haven & HartI
534,940
527,544
N orfolk & W estern_____
E r ie _____________________
460,018
Chicago Burl & Q u in cy -.
457,359
Pittsburgh & Lake E rie.
445,863
Denver & R io Grande___
444,095
Southern R ailw ay______
432,401
Chesapeake & O hio_____
423,275
Duluth MIssabe & North
410,233
St Louis & San Francisco
371,973
356,234
Michigan Central_______
Cleve Cin Chic & St Louis
341,044
Boston * Maine_________
335,757
Louisville & N a sh ville..
283,652
R ock Island.............
282,799




THE CHRONICLE

N ov. 20 1909.]

head; also Groups 8 and 9, so as to bring the South­
western roads together, and have likewise combined
Groups 6 and 7, these latter comprising the systems
running west and northwest of Chicago, the mileage
of most of which spreads over the territory covered
by both groups. We do not include any of the Ca­
nadian lines in our figures, except of course so much of
the same as lines within the United States and for
which returns are filed with the Commission.
The confines of the different groups are indicated in
the foot-notes to the above table, but it is important
to note that where a road or system covers more than
one group, or Overlaps into others, we have necessarily
been obliged to place it in some particular one of the
groups, as no way exists of dividing it up among the
two or more groups where it may be located. Our
plan in such cases has been to place the road or system
in the group where the bulk of the revenues is appar­
ently obtained. In their annual statements to the
Inter-State Commerce Commission, the companies are
required to show the amounts earned in each of the
groups, but of course no such division is attempted in
the case of the monthly returns.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.

1317

other than a mere affidavit framed in the language of the
statutes, that detrimental results will follow the refusal of
such permission. The ruling applies to holdings other than
those used for principal office purposes or such as shall be
necessary for the convenient accommodation of business.
With regard to the case in which the ruling was given, it
was stated:
The Departm ent is not prepared to pass favorably upon an application
o f this character without having before it m ore facts than are contained
in the letter and the accom panying affidavit. W e should have some evi­
dence to the effect that an effort has been made b y you r com pany to dis­
pose of this real estate: that you have been satisfied that disposing of it
at this time would result In an unwarranted loss on your part, and that y o u
have In your possession satisfactory evidence that the property in question
s of such a character that It has an Increasing value. Such evidence should
be substantiated by a report or reports from com petent appraisers.

As to the reason for such decision, Superintendent Hitch­
cock is quoted as saying:
The policy o f New Y ork Insurance legislation has always been against
the retention o f real estate other than that used b y com panies in the actual
transaction o f their business for a longer period than five years after acqui­
sition. The law, how ever, very properly permits the Superintendent to
extend this period if serious Injury will result from a sale. Since the Super­
intendent is thus required by law to express a judgm ent as to whether such
extension should be granted, he should have m ore on which to base that
judgm ent than a mere perfunctory statem ent that the Interests of the
com pany will be seriously affected. The ruling is Intended to bring out
the facts.

— An opinion bearing on real estate holdings of banks in
the State of Washington was recently given by Assistant
Attorney-General W. V. Tanner to State Bank Examiner
J. L. Mohundro. Mr. Tanner, we find from the “ Commer­
cial W est,” holds that there is no inhibition against a bank
in the State of Washington holding and owning real estate
if it has other assets over and above liabilities sufficient to
render it solvent within the meaning of the law. Under the
provisions of the banking law passed by the 1907 Legislature,
it is stipulated that, aside from its building property and
property transferred to it in payment of debt, a bank cannot
carry on its books real estate as an asset for more than three
years, and the question as to whether banks could be forced
to dispose of such property was submitted for decision by
the State Bank Examiner. In the opinion of the Assistant
Attorney-General, this cannot be done if the bank has other
assets which bring it within the provisions of the law relating
to the solvency of a bank.

— The public sales of bank stocks this week aggregate 32G
shares, of which 185 shares were sold at auction and 141
shares at the Stock Exchange. The transactions in trust
company stocks reach a total of 23G shares. Stock of the
Fourth National Bank, whose directors have proposed that
the capital be increased from $3,000,000 to $5,000,000 (see
item below), was dealt in at the Stock Exchange to the ex­
tent of 7G shares, the price advancing from 250 to 265. A sale
of 50 shares of Mechanics’ National Bank stock was made at
auction at 300 % , an advance of 45% points over the price
paid at the last previous sale in October. Garfield National
Bank stock was sold in April at 271 and had not been publicly
dealt in since that time until the sale this week at 299%.
— The formation of a company intended to insure deposits'
Twenty shares of stock of the Title Guarantee & Trust Co. where such insurance is taken by the bank and not the
were sold at 580%, as compared with 570% last week.
depositors individually, is held as permissible under the laws
of Iowa in a decision rendered by State Attorney-General
S h a res.
HANK S— N e w Y o r k .
L o w .
H ig h . C lo s e .
L a s t P r e v io u s S a le.
5 A m er. Exchange Nat. B ank, 240 240
240 N ov. 1000— 250
H. W. Byers on Oct. 28. The opinion was asked for by
a:130 City Bank, N a tion a l.......... 412% 4 1 5
415 N ov. 1009___ 415
State Auditor Bleakly in the interest of the Iowa Bank
*10 Commerce, Nat. Bank o f . . . 102
102 102
N ov. 1009___ 192
*76 Fourth National Bank-------- 250
265 265
Sept. 1009— 240
Deposit Insurance Co., which desired to incorporate under
50 Garfield National Bank------ 290 % 299 % 209 % April 1909— 271
the Iowa laws for such purpose. We give herewith the text
5 Im porters’ & Trad. N at. B k . 560
560 560
Sept. 1 9 0 0 — 5 4 7 %
of the opinion:
50 Mechanics’ National B a n k .. 300% 3Q0% 300% O ct.
1 9 0 9 __ 255
T R U S T COM PAN IES— N e w Y o r k .
Broadway Trust C o . . . .......... 145
145 145
Sept. 1 9 0 9 ___ 151
Carnegie Trust C o.................. 165
165 165
N ov. 1009___ 165M
Farmers’ Loan & Trust C o. .1868
1875 1868
N ov. 1009___ 1840
Lawyers’ Title Ins . & Tr. C o. 241 242% 242% N ov. 1900___ 240
Title Guarantee & Trust C o. 580% 580% 580% N ov. 1009— 570%
United States Trust C o____ 1254
1254 1254
N ov. 1909— 1260
T R U S T C OM PA N Y— Brooklyn.
10 Queens County Trust C o___121% 121% 121% July
1009— 120%

100
25
50
30
20
1

• Sold at the Stock Exchange,
the Stock Exchange.

x

Of this amount 55 shares were sold at

— A New York Stock Exchange membership was reported
transferred this week for $90,000, comparing with $85,000,
the last previous transaction.
— A query relative to the payment of interest by national
banks and their right to operate savings departments recently
submitted to the 1reasury Department has been answered in
a letter from the office of the Comptroller of the Currency,
which states ‘ that the right of a national bank to pay interest
on deposits is recognized, and it is undoubtedly within the
province of an association to advertise that fact; but where
the laws of a State prohibit the use of the words ‘savings
department’ by banks other than savings banks within its
boundaries, it is possible that the courts would hold that the
use of the words ‘savings department’ was prohibited, but
not the payment of interest.”

" I am In receipt of your com m unication submitting proposed articles
o f Incorporation of the Iow a Bank Deposit Insurance C o., whose ob ject Is
deflned b y Its articles to be ’ to Insure the safekeeping o f books, papers,
m oneys, stocks, bonds and all other personal property belonging to persons,
firms and corporations, and deposited with State, national and private
banks and trust com panies and to receive them on d ep osit,’ with the
provision in said articles that no policy shall be Issued until such bank or
trust com pany has been exam ined b y the com pany’s exam iner and the
same approved. You request an opinion as to whether such insurance Is
authorized under the provisions of paragraph 3 o f section 1709, supplement
to the code, 1007.
“ A fter careful consideration, I am of the opinion that such Insurance Is
fairly covered b y the language o f said section, that the same is not agalns t
public policy, and Is, therefore, lawful.
“ In a form er opinion given by this departm ent, It was held that a com pany
could not be lawfully organized for the purpose o f insuring individual
depositors against losses b y reason of bank failures. That opinion rested
upon the proposition that the m oney of the depositor, when placed In the
bank, became the property of the bank, and hence the individual depositor
had no Insurable interest in such deposit.
"T h e further reason for such holding was that to authorize such insurance
woultl tend to unsettle business and be against public p olicy, for the reason
that the volume o f Insurance written would depend upon the suspicion and
distrust which the com pany would be able to create in the Individual d e­
positor.
“ These objections are obviated b y the plan now under consideration, the
Insurance being taken by the bank and not b y the depositor.
“ The further objection usually urged against the Insuring of bank
deposits that it compels the solvent, careful banking Institutions to pay
the losses of the careless and insolvent institutions does not obtain in this
case for the reason that each bank is to be carefully exam ined before its
risk Is taken by the com pany, and for the further reason that the Insurance is
voluntary on the part of the bank and is not made com pulsory by statutory
enactm ent.”

•
— Under a ruling of the State Insurance Department at
Albany on the 12th inst., insurance companies, both foreign
— It is reported that the State Bank Commissioner of
and domestic, in applying for permission to retain realty Missouri has notified the banks and trust companies that in
holdings for a longer time than five years after it has been renewing the bonds of their employees the rcnewaljmust be
acquired, must satisfy the Department, by some evidence made in accordance with the provisions of a law with respect



1318

THE CHRONICLE

thereto enacted at the last session of the Legislature. One
of the effects of the law is reported to be an increase of al­
most double the amount heretofore prevailing in the rates
charged by the bonding companies. The claim is made that
the meaning of the law is not clear in certain particulars,
and one feature wh ich has served to bring about the increase
in the rate is the fact that the passing, whether innocently
or not, of a false signature to a check, is held as culpable
negligence.
— Under a new ruling of Comptroller of the Currency
Lawrence 0 . Murray, the method of verifying a bank’s
security holdings with other institutions will hereafter be
the same as that prevailing with regard to the verification
of bank balances. In the latter case it has been the practice
to gather the information by correspondence, whereas in
the matter of bonds or other securities the local bank ex.aminers have in each case personally verified such items,
receiving therefor a fee, generally amounting to $5. Com­
menting on the change the Comptroller says:
The bank examiners have been verifying a billion and a quarter of bank
balances In other banks b y correspondence. If they can verify the presence
o f actual m oney in this manner, I do not see w hy they cannot v erify the
deposit of bonds in the same manner. It will reduce the pay of the bank
examiners som ew hat, but It will also reduce the work of this office In col­
lecting these fees. The am ount of clerical work necessary to perform this
picayune transaction was out of all proportion with the result accom p lish ed ,
and the result Itself will be as easily attained b y the new m ethod as form erly.

The system of personal verification, it is reported, was
abolished by Comptroller Dawes, but was restored during
Comptroller Ridgely’s term of office.
In a determination to bring to an end the practice in­
dulged in by certain national banks of lending beyond
the limit permitted by law, Comptroller Murray recently
issued a letter to the offending institutions notifying them
that strict compliance with the law will be required,
and exacting from them a statement as to their fu­
ture policy with respect to over-loans. It is stated
that despite repeated criticisms and warnings, some few banks
have continued to violate the law in this regard, and it is
the intention of the Comptroller to compel its observance,
failure to do which, it is intimated, will result in enforcing
the penalty which the law provides, namely the for­
feiture of the charter of the institution concerned. The
“ Journal of Commerce” lately announced that prepara­
tions are also under way for the enforcement of the
principles of the National Banking Act with respect
to meetings of directors. Examiners are to be asked
to send in definite data concerning the frequency of
directors’ meetings in each bank examined by them.
This information, it adds, will be tabulated, showing those
which have a meeting every day, those which meet once a
week, once a month, &c., and those which never have
meetings except to declare dividends. The “ Journal” states
that it is probable that an arbitrary ruling will be made
that in those cases where directors’ meetings are not. held
at least once a month, and where the judgment Oi the
directors as to the loans and discounts is not asked for, that
a penalty of extra examination at the expense of the bank
will be applied.
The Comptroller has also, it is said, drafted a new form of
blank report which the national bank examiners will be
required to fill out prior to the semi-annual meetings of the
national bank examiners’ associations in the districts cre­
ated a year ago by the Comptroller. These blanks, the
“ Journal of Commerce” announces, will be used as the raw
material for keeping the credit bureau of the'Comptroller’s
office up to date. In them the examiner is called upon
in each case to furnish data showing the number of banks
which have gone out of the system through receiverships,
liquidation or by expiration of charters; the number of banks
organized, the number of active banks in the system, and
the number of examinations made by the examiner report­
ing. Other information required in the report is as follows:
A list of banks which have required examination
oftener than twice a year; the date of the last ex­
amination; the charter number of the banks; the name and
location, the capital and individual deposits of each insti­
tution; the condition of each bank listed, and why it was
placed on the list requiring more frequent examinations;
objectionable lines of paper and the probable loss on the
same; lists of defalcations|that haveloccurred in banks in
districts covered by the report; lists of “ financiers of ques­



[VOL. LXXXIX«

tionable methods whose operations extend into the district
covered by the report;” lists of outside or foreign paper o f
borrowers whose principal headquarters or place of business
is outside the district the report covers; lists of doubtful or
questionable paper in which officers or directors are inter­
ested; lists of such paper made by others than officers or
directors; information as to large or extended lines of paper
or credit in which officers or directors are interested, and
those in which others are interested.
— Richard W. Goodhart and Percy H. Johnson have
been named by the Comptroller of the Currency as Na­
tional Bank Examiners at large. Four other national
bank examiners at large were appointed early in the
year. Mr. Goodhart discovered the irregularities in the
First National Bank of Mineral Point, Wis., and also,
it is stated, in the First National Bank of Ironwood, Mich.
The Comptroller is reported to have directed Receiver Scho­
field of the First National Bank of Mineral Point to ascertain
whether the National Bank Examiners who investigated the
institution reported its true condition in the last two years,.
as well as to advise him as to how long the forged paper
found there had existed.
— According to a statement given out by State Bank
Commissioner J. N. Dolley of Kansas of the 820 State
banks, 355 were operating under the guaranty law on
September. 29. In a comparison of the growth in deposits
from June 30 1909 to Sept 29, of the guaranteed and nonguaranteed institutions, Mr. Dolley reports an increase of
$5,500,000 for the institutions operating under the guaranty
system, the amount, he states, having risen from $52,000,000
to $57,500,000, while in the case of the non-participating
banks he reports the addition as $3,050,000, their deposits
having increased from $36,450,000 to $39,500,000.
— The Fourth National Bank of this city intends to en­
large its banking facilities through the issuance of $2,000,000
of new capital, which will be sold at $200 per share, raising
the capital and surplus alike from $3,000,000 to $5,000,000
and bringing the combined capital resources up to $10,000,­
000. The stockholders have been called upon to ratify the
proceedings with respeot thereto on Dec. 16. Each present
shareholder is entitled to subscribe to the new stock in pro­
portion to his holdings. It is proposed to make the subscrip­
tions payable 25% about Jan. 10 1910 and 75% about
Feb. 1 1910. The amount to which the capital is to be in­
creased, namely $5,000,000, was the original capital at the
time of the organization of the institution in 1864. It was
maintained at that figure for only a few years, however,
and has since stood at $3,000,000. Last spring, it will be
recalled, the bank purchased property adjoining its building
at Nassau and Pine streets, thus becoming the owner of the
entire block on the east side of Nassau Street from Pine to
Cedar streets. In addition, the bank also owns a lot at 22
Pine Street. While it was then stated that the site would
be improved with a modern office building, it was not made
known when the work of construction would begin. Under
the present increase in capital and surplus part of the pro­
ceeds could be availed of for the purpose. Rumors have
been revived the present week to the effect that the bank
would consolidate with the Hanover National Bank. Vice­
President Cannon of the Fourth, when interrogated yester­
day by our representative, emphatically declared that “ there
is nothing in it.” He also stated that the increase in capital
is for the “ general purposes of increasing the business,” that
“ the bank proposes to remain independent” and that “ it is
not influenced by outside affiliations.” J. Edward Sim­
mons, who is President of the New York Chamber of Com­
merce; has been the bank’s executive since 1888. The new
bank call of Nov. 16 shows the deposits of the Fourth to be
$33,241,339 54 and its total resources $40,380,384 59.
— At the session of the Finance Forum of the West Side
Young Men’s Christian Association on Wednesday night,
Mr. Horace White delivered an address in favor of the Central
Bank plan. In contrasting conditions here and in Canada
during the panic of 1907, Mr. White said:
The reason why they [Canada] had no bank panlo was that the banks
were so few In number and so close together that they could take com m on
action. Instead o f having, say, 1,870 banks scattered over a country
4,000 miles wide, they have 35 banks and 1,841 branch banks. The branch
banks would not make runs on each other or on the parent banks, and the
parent banks would not make runs on each other. Therefore the Ingre­
dients o f a bank panic did not exist, and since the bankers kept their heads
the depositors kept their heads.

Nov. 20 1909 I

THE CHRONICLE

“ What we require,” he contended, “ is an organization
which shall tie the banks together so that no motive shall
exist to deplete each other’s reserves.” It is his opinion
that when that is done the depositors will not draw on the
banks for more money than their daily needs call for, and
these needs will be no greater in hard times than in good
times, but probably less.
— The main offices of the United States & Mexican Trust
Co. have been transferred from Kansas City to New York
City. At present it has opened temporary offices in this
city in the Singer Building, 149 Broadway, until larger
quarters can be obtained. The institution, which is the
fiscal agent for the Kansas City Mexico & Orient Ry. Co.,
has moved the main office because the financial metropolis
is more central for the convenience of its London, Mexican
and Amsterdam, Holland, connections. The company
has $500,000 paid-in capital and a surplus of $485,000. The
sale of $500,000 additional stock at 125 per share was
recently authorized. Charles C. Lloyd and Berkley R.
Mcrwin of W. J. B. Mills & Co., 30 Wall Street, and B. B.
Thresher of Dayton, Ohio, have lately been chosen Vice­
Presidents. The United States & Mexican Trust Co. does
not do a deposit business, but is protocolized, to do business
in the Republic of Mexico, and acts as transfer and financial
agents for mining and rubber companies and other corpora­
tions which have business interests in Mexico. Arthur E.
Stilwell, President of the trust company, is also President
of the Kansas City Mexico & Orient Ry.
— The Night & Day Bank of this city is sending out a
folder showing its condition Oct. 15 1909. The deposits
on that date, at $3,000,000, compare with $3,100,000 on
July 1, $2,500,000 on Jan. 2, $2,300,000 on July 1 1908 and
$1,700,000 on Jan. 2 1908. Capital is $200,000, the surplus
and undivided profits $215,235 and the total resources
$4,040,194. The management of this, the only institution
in the city affording banking facilities throughout the entire
day and night, is made up of Samuel S. Campbell, President;
Frederick Phillips and Thomas B. Clarke Jr., Vice-Presi­
dents, and John A. Noble, Cashier.
— Edward T. Perine has resigned as President of the Audit
Company of New York, having been appointed First Deputy
State Comptroller, to succeed Otto Kelsey, resigned. Mr.
Perine was sworn into his new office yesterday.
— The bankruptcy petition filed on Sept. 3 against the
New York Stock Exchange house of Freeman, Rollins & Co.
was dismissed by Judge Hough on the 11th inst. It is
stated that a settlement has been made with its creditors
at 65 cents on the dollar, 45% payable in cash and 20% in
notes. At the time of the suspension the liabilities were
reported as $200,000.
— It is announced that the People’s National Bank of
Hackensack, N. J., has decided to increase its capital from
$100,000 to $150,000.
— I. Newton Rudgers has been chosen President pro tern
of the new Essex National Bank of Montclair, N. J., lately
organized with a capital of $150,000. II. Roe Simonson
is the Cashier. The bank has secured quarters in the Cole
Building at 501 Bloomfield Ave.
— Vice-President James S. Sherman, who is also Presi­
dent of the Utica Trust & Deposit Co., is interested in the
formation of the Broome County Trust Co. of Binghamton,
N. Y ., which is to be organized with a capital of $200,000
and surplus of $100,000. The failure of the Binghamton
Trust Co. last April has left the city without an institution
of that character. Mr. Sherman is associated in the move­
ment with Charles A. Miller, J. Francis Day, Charles S.
Symonds of Utica; Edmund C. Converse, Daniel C. Adams
of New York; George W. Fairchild of Oneonta; II. Austin
Clark of Owego; Col. George W. Dunn, J. M. Kilmer, F. B.
Newell, C. S. Darling, Alonzo Roberson, Theodore It. Tutliill, J. Fred. Sand and F. W. Welch.
— The Middletown Trust Co. of Middletown, Conn., which
received its charter from the General Assembly the present
year, expects to begin business about Dec. 1st or the 15th.
The institution has an authorized capital of $500,000 and is
being organized with a capital of $50,000. The prospectus
states that its stock is a legal investment for trust funds in
Connecticut, it is non-taxable to the stockholders, and there
is no double liability to the latter. The company was in­




1319

corporated by the officers and directors of the Central
National Bank of Middletown, and it is probable that the
management will be the same as that of the bank, with the
addition of several other directors. It is proposed by the
incorporators of the new institution to confine its operations
to such lines of business as are accepted to be the legitimate
mission of a trust company, and not to enter into compe­
tition with banking business as conducted by the national
banks.
— Under the name of the Mutual National Bank a new
financial institution will operate in Boston. The application
to organize was approved by the Comptroller of the Currency
on October 13. The bank will have $200,000 capital.
The officers of the institution will be C. H. W. Foster,
President; Edmund D. Codman, Vice-President and Walter
S. Crane, Cashier. Mr. Foster is President of the American
Piano Co. and Treasurer of the Massachusetts General
Hospital. The bank will occupy the quarters of the Metro­
politan National Bank (which has consolidated with the
Atlantic National) at 4 Post Office Square.
— The Lincoln Trust Co. of Boston, Mass., a charter for
which was obtained in June, opened its doors on October
18. The institution is located at High Street, junction of
Summer. Josiah II. Goddard, President of the South End
Bank, is President of the new concern. Edward P. Hatch
is its Vice-President and Clifford B. Whitney is Treasurer.
— The directors of the Merchants’ National Bank of
Philadelphia have appointed Freas Brown Snyder Assistant
Cashier, succeeding W . P. Barrows, resigned.
— The American Trust Co. of Philadelphia was closed by
the State Banking Department on Wednesday, and was
placed in charge of Bank Examiner Albert L. Taber as
temporary receiver. A hearing on the question of making
the receivership permanent has been set for the 27th inst.
One of the officials of the institution, in offering an explana­
tion as to the action of the Banking Department, said:
“ The only reason I can give is that we loaned money on what
we considered excellent security, but upon which we cannot
realize quickly enough to meet the wishes of the Banking
Department. These slow securities we shall endeavor to
change with the permission and consent of the Commis­
sioner, and I hope in this way to right the bank and soon
have it in condition to do business again.” The company
has deposits of about $400,000; the city has a deposit of
$39,000 and the State one of $8,000. The institution was
organized in 1886 and had a capital of $200,000.
In its
last statement it reported surplus and profits of about
$75,000. Its stock is in shares of $50, and the last sale, it
is stated, was effected at $31 per share. The “ Philadelphia
Record” reports that dividends of 4% per annum were paid
by the institution in 1902, 1903 and 1905, but that none
have since been paid. The company has been without a
President since the resignation early in 1905 of William B.
Vrooman, who became Cashier of the National Deposit
Bank of Philadelphia, which suspended in July 1908.
J. K. Crawford, Vice-President of the trust company, has
been acting President.
— The stockholders of the Bank of Commerce of Phila­
delphia will act on the proposition to increase the capital of
their institution from $200,000 to $300,000 at their annual
meeting in January.
— R. W. Downing has been chosen to succeed J. O. Gil­
more as President of the Colonial Trust Co. of Philadelphia.
Mr. Gilmore declined re-election to the presidency, but re­
mains as a director and member of the Financial Committee.
— J. J. Donnell, President of the Fidelity Title & Trust
Co. of. Pittsburgh, was elected Chairman of the board of
directors on the 13th inst. His successor as President is
C. S. Gray, heretofore Vice-President. Other changes are
the election of William A. Morrow as Auditor in place of
Thomas R. Robinson, resigned, and of W. A. Royston Jr.
as Second Assistant Secretary. The entire staff as now
constituted is as follows: James J. Donnell, Chairman and
Vice-President; C. S. Gray, President and Trust Officer;
II. S. A. Stewart, Vice-President; John McGill, Secretary;
C. E. Willock, Treasurer; Eugene Murray, Assistant Secretary
and Treasurer; J. M. Irwin, Assistant Treasurer; W. A.
Royston Jr., Assistant Secretary; A. F. Benkart, Assistant
Trust Officer; Malcolm McGiffin, Assistant Trust Officer;

THE CHRONICLE

1320
W .

A .

M o r r o w ," A u d it o r ,

and

W.*> I I . " M c C l u n g ,

G e n e ra l

— F r a n c is L . S t e p h e n s o n , f o r m e r ly a m e m b e r o f t h e f a ile d
b r o k e ra g e f ir m

o f W h it n e y , S te p h e n s o n & C o . o f P it t s b u r g h ,

d ie d o n t h e 1 5 th in s t .

H i s d e a t h , w h ic h w a s s u d d e n , is s a id

to

h e a rt

have

r e s u lt e d

fro m

s ix t y - f o u r y e a r s o f a g e .
b a n k in g

houses

of

d is e a s e .

H is fir m

P it t s b u r g h

M r.

S te p h e n s o n

p r io r

to

it s

bank

J.

a s s ig n m e n t

R ic h a r d s o n , f o r m e r C a s h ie r o f t h e f a ile d

N a t io n a l B a n k

tw o

fa ls e r e p o r t s

to

f a ls e

e n t r ie s in

th e b o o k s o f th e

th e C o m p t r o lle r o f th e

w a s s e n te n c e d o n t h e 1 0 th in s t . to f iv e y e a r s in
w o rth

P e n it e n t ia r y .

C os­

o f P it t s b u r g h , w h o w a s c o n v ic t e d

1 s t in s t . o f m a k in g

and

and

The

case

t h e r e h e a r in g t h e a c c u s e d

w ill b e

C u rre n cy ,

th e L e a v e n ­

a p p e a le d .

P e n d in g

is a t l i b e r t y u n d e r b a i l o f $ 1 0 , 0 0 0 .

$ 3 ,0 0 0 e a c h in

— G e o rg e

to

&

O . L a m p r c c h t , o f th e f a ile d

C o . o f C le v e la n d ,

th re e

y e a r s ’ im p r is o n m e n t ,

e m b e z z le m e n t o n
he

w as

th e

c o n v ic t e d

f ir m

w a s s e n te n c e d
h a v in g

p r e v io u s

a lle g e d

been

day.

th e

The

s ix t y

sh a re s

th e

fo u n d

e m b e z z le m e n t

o f T o le d o

S t.

1 3 th

on

and

— The
ta k e

&

1909.

t r ia l w a s o v e r r u le d .

I t s lia b ilit ie s

T h e fir m

w e re p la c e d

con­

W e s te rn
A

R y.

m o t io n

a s s ig n e d o n F e b . 9

a t a p p r o x im a t e ly

f ix e d

$ 1 ,5 0 0 ,­

000.

a t $ 4 ,0 0 0

— A

d iv id e n d o f 1 0 % , p a y a b le o n t h e 2 7 t h in s t . , h a s b e e n

C le v e la n d .
been

S in c e

th e

d is t r ib u t e d ,

to ta l

u p to 5 5 % .

a s s ig n m e n t

in

M ay

1908

d is b u r s e m e n t

45%

th e

th e case o f S o u th a rd

P e o p le ’s

over

th e

The

and

S ta te

U n it e d

U n it e d

d e p o s it s

in

B an k

w as

S ta te

B ank

of

S ta te s

S ta te s

excess

re ­

case o f R o b e rts

and

o f th e

P e o p le ’s S a v in g s
a

has

M c A fe e .

The

5 0 0 ,0 0 0 .

It

is

th e

1907

B ank

re p o rte d

th ro u g h
U n it e d

th e

a

a rra n g e d

to

a c c o r d in g

to

th e

and

S ta te

$ 1 5 0 ,0 0 0
P e o p le ’s

c o n s o lid a t io n

S a v in g s

w as

A n d e rso n ,

B ank,

to

B ank.

o f a b o u t $ 2 5 ,­

c o n s o lid a t io n

G e o rg e

S a v in g s

of
The

th e

d e p o s it s

th e

of

c a p it a l

d o lla r s .

th ro u g h

and

th a t

d e s ir e

S ta te s

has

m illio n

in

has

B ank,

th e lo c a l n e w s p a p e r s y e s t e r ­

c a p it a l o f $ 1 ,5 0 0 ,0 0 0

p o s s ib le
of

a

D e t r o it

S a v in g s

B ank

of

fo rm e d

It

r e t ir e

m ade

P r e s id e n t

fro m

a c t iv e

E n o c h S m it h , C a s h ie r o f t h e a b s o r b e d in s t it u t io n ,

w il l b e id e n t if ie d w it h t h e m a n a g e m e n t o f t h e P e o p le ’s S t a t e
B ank.
— S.

E .

B lis s ,

e x t e n s iv e
second

P r e s id e n t

m a n u fa c tu re rs

la r g e s t

of

of

in d iv id u a l

th e

s te e l

B lis s

&

L a u g h lin

c a s t in g s

s t o c k h o ld e r

in

in

C o .,

C h ic a g o

th e

and

M e t r o p o lit a n

T r u s t & S a v in g s B a n k o f t h a t c it y , h a s b e e n e le c t e d P r e s id e n t
of

th a t

f in a n c ia l

r e c e n t ly

in s t it u t io n

deceased.

a d ir e c t o r o f th e
fo r th e

C h ic a g o

M r.

in

B lis s

lie u

b a n k ; C o lo n e l E .
C it y

of

Jam es

w a s F ir s t

R a ilw a y

R .

Co.

M .

G ilb e r t ,

V ic e - P r e s id e n t a n d

B lis s , g e n e ra l c o u n s e l

( b u t n o t r e la t e d

to

P r e s i­

a p p e a r s t o b e s t e a d ily g r o w in g .

th e

la t e s t

b r in g in g

th e

The

S u p e r io r S a v in g s & T r u s t C o . is t h e

— A
th e

new

in s t it u t io n

nam e

of

O h io ,

to

th e

t h e t it le o f t h e O h io T r u s t C o . o f C o lu m ­

B o th

C it iz e n s ’ T r u s t

q u a rte rs

&

S a v in g s

B ank

becam e

th e

opened

P e o p le ’s

B ank

th e s e

and

th e

in s t it u t io n s

at

A s h la n d

C it iz e n s ’ S a v in g s B a n k w a s t a k e n o v e r b y it .

is

a

c a p it a l o f $ 1 0 0 ,0 0 0 .

V ic e - P r e s id e n t s F r a n k
t if ie d

w it h

th e

in s t it u t io n ,

M r.

P r e s id e n t a n d M r . R o g e r s a s a d ir e c t o r .
has a

o f it s

o f f ic ia ls ,

R . S h in n a n d A . D . R o g e r s , a r e id e n ­

e n la r g e d

S a v in g s B a n k

T h e a b s o rb e d

Tw o

S h in n

as

a

V ic e ­

T h e C it iz e n s ' T r u s t

c a p it a l o f $ 7 0 0 ,0 0 0 a n d

a s u r p lu s o f

$ 200 , 000 .
— G.

S ta te

$ 3 0 0 ,0 0 0 , a ll .o f w h ic h ,

by

th e

in t e r e s t s

T h e re

is

a

O sb o rn ,

r e c e iv in g

t e lle r

of

th e

H u n t in g t o n

N a­

h a v in g

th o s e

been

S to c k

of
of

about

Y a rd s

been

it

W est

th e

fo r

N y lin ,

m is a p p r o p r ia t io n

fu n d s

and

have

a c k n o w le d g e d

r e le a s e d

under
th e

of

$ 1 5 ,0 0 0

$ 7 ,0 0 0

b a il.

of

H e

e m b e z z le m e n t

of

th e

is

b a n k ’s

re p o rte d

$ 2 8 ,9 0 0 .

It

to

r e im b u r s e

th e

bank.

The

accu sed ,

w ho

th e

S a v in g s B a n k .

is

s ta te d ,
th e

B ank

has

th e

J.

V ic e - P r e s id e n t s ;

R a t h je

H .

C.

A s s is t a n t C a s h ie r .

had

and

th e

s u b s c r ib e d

in s t it u t io n s .

d e p o s it s

T ru st

w h ile

w e re

been

a b s o rb e d

and

P e o p le ’s

$ 1 ,2 0 0 ,0 0 0 ,

W illia m

b o th

S tre e t

&

a re

th o s e

of

R .

L a y cock

J.

is

B ank

th e

a p p r o x im a t e ly

and

over

S a v in g s

U n io n

$ 9 2 5 ,0 0 0 .

has not as yet
S c h le s in g e r

C a s h ie r

and

M e s s r s . S c h le s in g e r a n d

a re

J.

A .

Laycock

to

w e r e a s s o c ia t e d w it h t h e U n io n S t o c k Y a r d s S t a t e B a n k , a n d

is

M e s s r s . R a t h j e a n d N y li n w it h t h e P e o p le 's T r u s t & S a v in g s .

s t a t e d t h a t s e c u r it ie s o f m o r e t h a n $ 2 9 ,0 0 0 h a v e b e e n p le d g e d
r e la t iv e s

under

B ank,

1904,

4 7 th

w it h

$ 6 0 ,0 0 0 ,
th e

S ta te

f ille d .

t io n a l B a n k o f C o lu m b u s , O h io , w a s a r r e s t e d o n t h e 9 t h in s t .
a lle g e d

w eek

T h e c a p it a l o f t h e n e w c o n c e rn

id e n t if ie d

s u r p lu s

$ 2 ,0 0 0 ,0 0 0 ,

&

&

in

T h e o f f ic e o f P r e s id e n t o f t h e n e w in s t i t u t i o n

H .

th e

la s t

Y a rd s

o r g a n iz e d

Avenue

c a p it a l o f e a c h w a s $ 2 0 0 ,0 0 0 .

had

C h ic a g o

P e o p le ’s T r u s t

w e re

o p e r a t iv e o n t h e 1 s t in s t . , o n w h ic h d a t e t h e b u s in e s s o f t h e

in s t it u t io n

in

S to c k

o r g a n iz a t io n r e p r e s e n t in g a c o n s o lid a t io n o f t h e U n io n S t o c k
Y a rd s S ta te

— T h e c h a n g e in
bus,

T h e M e t r o p o lit a n B a n k h a s d e p o s it s o f n e a r ly $ 4 ,0 0 0 ,0 0 0 a n d

has

a s s ig n e e .

by

in

th e S ta te

A ll w e re

d e n t B lis s ) h a s b e e n e le c te d a d ir e c t o r in p la c e o f M r . G ilb e r t .

d e c la r e d t o t h e c r e d it o r s o f t h e d e f u n c t R e s e r v e T r u s t C o . o f

&

to

b a n k ’s c o n d it io n .

of

b y a c u s to m e r to

L o u is

th e

t e l e g r a p h ic a d v ic e s r e c e iv e d b y

w h ic h

th e

s t o c k , w h ic h i t w a s c la im e d w a s n e v e r d e liv e r e d .
fo r a n ew

in s t .

g u ilt y

ch a rg e

v e r s io n t o h is o w n u s e o f $ 2 ,9 3 2 g iv e n h im
p u rc h a se

of L a m p re c h t

on

m a k in g f a ls e s t a t e m e n t s
to

in s t it u t io n a s s ig n e d in A p r i l 1 9 0 8 .

b u s in e s s .
B ro s .

re g a rd

u n d er bonds,

day.

m o p o lit a n
th e

le a s e d

w as

w a s o n e o f th e p r o m in e n t

ago.

— D a v id

on

p e r ju r y , in

A u d it o r w it h

C o u n s e l.

y e a rs

s a id , w it h

[VOL. LXXXIX.

is

— U n d e r a n a g re e m e n t re a c h e d
P.

G la z ie r

b y th e

o f C h e ls e a , M i c h . , a n d

c r e d it o r s o f F r a n k

r a t if ie d

by

U n it e d

S ta te s

5 2 y e a r s o f a g e , h a d b e e n in t h e e m p lo y o f th e in s t it u t io n fo r

D i s t r i c t J u d g e D e a n o n t h e 2 2 d u lt . , i t is s a id t o b e e s t im a t e d

35 y e a rs .

t h a t t h e c r e d it o r s w i l l r e c e iv e a b o u t

— The

C o u rt

o r g a n iz a t io n
4 t h in s t .
and

H ouse

w as

p e rfe c te d

in

B ank

of

C in c in n a t i,

J u n e ,b e g a n

b u s in e s s

and

W .

Josep h

F.

C a s h ie r .

R o b e rtso n ,

B e r n in g ,

g e n t h a le r , T r e a s u r e r , a n d

on

th e

P r e s id e n t ; C h a r le s J .

V ic e - P r e s id e n t s ;

C h a r le s F .

H .

W .

M o r-

M a th e s, S e c re ta ry a n d

B a r t le t t , ^ A s s is t a n t C a s h ie r

tio n a l B a n k

o f C in c in n a t i,

O h io ,

has

of

th e

been

fro m

F o u rth

e le c t e d

H . P . C o o k e , h e r e t o fo r e V ic e - P r e s id e n t a n d

N a­

C a s h ie r ,

C a s h ie r , h a v in g

— T w o j o i n t in d ic t m e n t s , i t is s t a t e d , w e r e r e t u r n e d o n t h e
1 s t in s t . a g a in s t J a m e s G . G ib b s , f o r m e r P r e s id e n t , a n d J . F .
L a n in g , f o r m e r V ic e - P r e s id e n t , o f t h e

d e f u n c t O h io T r u s t C o .

o f N o r w a lk ,

o f w r it in g

in t e n t to d e f r a u d .
t im e a g a in s t F .

t h c ja lle g a t io n

le t t e r s

w it h

A n in d ic t m e n t w a s r e t u r n e d a t t h e s a m e

W . C h r is t ia n , fo r m e r S e c r e t a r y o f th e in s t i­

t u t io n f o r p e r j u r y , o n e a g a in s t J a m e s G . G ib b s f o r a id in g a n d
a b e t t in g
th e

p e r ju r y ,

f a ile d

p o rte d

a n d £ o n c a g a in s t

N o r w a lk

th a t

fo rm e r

S a v in g s

D .

B ank,

in d ic t m e n t s

K ie s ,

fo r

e x -T re a su re r of

p e r ju r y .

re tu rn e d

a g a in s t

It

is

th e

re ­
fo u r

w e r e a ll q u a s h e d e x c e p t o n e f o r e m b e z z le m e n t a g a in s t L a n ­
in g , u p o n w h ic h h e w a s t r ie d a n d a c q u it t e d .
— T h r e e f o r m e r C a s h ie r s o f t h e f a ile d
B ank
and

J.

o f T o le d o , n a m e ly ( E r n e s t
A lb e r t

M c A fe e ,




w e re

at

G la z ie r ,

th a t

R o b e rts, B u rto n

r e c e n t ly

S o u th a rd

a rre s te d , c h a rg e d ,

i t is

w e n t in t o

S ta te

1 2 j[c e n ts o n

b a n k ru p tc y

T re a su re r,

and

in

th e d o lla r .

D ec.

1907,

P r e s id e n t o f th e

w as

C h e ls e a

S a v in g s B a n k , t h e f a ilu r e o f w h ic h o c c u r r e d o n D e c . 2 o f t h a t
y e a r.
w as

T h e G l a z ie r S t o v e C o . , o f w h ic h h e w a s a ls o P r e s id e n t ,
a ls o

in v o lv e d .

G l a z i e r ’s

lia b ilit ie s

a re

s a id

to

have

a m o u n t e d t o m o r e t h a n $ 1 ,0 0 0 ,0 0 0 , in c lu d i n g t h e d e p o s it o f

th e

S ta te

of

M ic h ig a n

n e ig h b o r h o o d

c o n v ic t e d

to

H e
th e

— P h ilip
N a t io n a l
U n it e d

th e

v a r ie t y

of

w h ic h
la s t

am ount

of

has

A lle n

S ta te s

a rre st

h e ld

th e

been

J r.,

ch a rg e s,
v io la t io n

th e

bank,

In

S t a t e ’s f u n d s
at

lib e r t y

on

it

s ta te d ,

is

of

th e

f ix e d

has

th e

6 th

of 100%
of

of

th e

be

he

in

w as

u s e o f h is

p e n d in g

f a ile d

at

e m b e z z le m e n t
is

o c c u rre d

an

$ 6 0 ,0 0 0
re d u c e d
a lle g e d

at

th e

to
in

th a t

th e

t w e n t y - s ix
e v e ry

la w s .
t im e

H is
of

$ 5 0 ,0 0 0 .

h is
The

th e

in d ic t m e n t

th e

d e f a lc a t io n s

$ 7 5 0 ,0 0 0 .

O c to b e r

F ir s t
by

a lm o s t

b a n k in g

re p o rte d

on

on

in c lu d in g

a r e e s t im a t e d b e t w e e n $ 5 0 0 ,0 0 0 a n d
in s t it u t io n

th e

b a il

in s t .

F e d e ra l

been

a g g re g a te s $ 9 0 ,0 0 0 , b u t i t
o f th e

to

on

to

la s t

P o in t , W is . , w a s in d ic t e d

Ju ry

been

re p o rte d

Ja n u a ry

e x - V ic e - P r e s id e n t

G ra n d

m o n th ,

th e

C o u rt.

o f M in e r a l

had

by

$ 4 8 5 ,0 0 0 .

S u p re m e

B ank

c o u n ts ,

b a il,

of

o f c o n v e r t in g

in s t it u t io n .

o f th e

D o r r S t r e e t S a v in g s

who

t im e

appeal

t h e la t t e r o f f ic e .

O h io , * [ o n

M r.

th e

T h e in s t it u t io n h a s ja c a p it a l o f $ 1 0 0 ,0 0 0 .

— C h a r le s

r e t ir e d

w hose

T h e b a n k ’s q u a r t e r s a r e a t M a i n a n d C o u r t s t r e e t s ,

it s o f f ic e r s a r e

C h r is t ie

S a v in g s

12.

T h e c lo s in g

A n

assessm ent

o n t h e s h a r e h o ld e r s w a s o r d e r e d b y t h e C o m p t r o ll e r

C u rre n cy

on

th e

3 rd

in s t .

The

bank

had

a

c a p it a l

$ 1 0 0 ,0 0 0 .
— T h e S e c u r it y N q t io p a l B a n k o f M in n e a p o lis h a s b r o u g h t

t p g e t h e r f ig u r e s s h o w in g t h e g r o w t h in

d e p o s it s o f S t a t e a n d

NOY. 20 1909.1

1321

THE CHRONICLE

n a t io n a l b a n k s f o r t h e p a s t t w e lv e y e a r s in M in n e s o t a , I o w a ,

a n d J . M . R o h a n , V ic e - P r e s id e n t s ; W . M . V a n

N o rth

ta ry , an d

and

b e in g

S o u th

d is p la y e d

s t it u t io n .
have

In

g ro w n

D a k o ta ,

on

t h e r e s u lt s i n

c a r d s w h ic h

M in n e s o t a
fro m

th e

have

been

d e p o s it s

$ 2 1 ,9 5 5 ,0 0 0

in

1898

fro m

d e p o s it s

of

m e n t io n e d

$ 5 9 ,3 7 0 ,0 0 0

th e

S ta te

fro m

D a k o ta

th e

to

8 3 0 ,0 0 0 .

banks

fro m

$ 7 9 ,8 9 9 ,0 0 0

in

$ 2 6 9 ,9 4 8 ,0 0 0 ;

have
to

r is e n

in

Io w a

d u r in g

$ 2 3 2 ,0 9 7 ,0 0 0 ;

th e

th o s e

th e

$ 9 2 ,1 1 7 ,0 0 0

s h o w in g

to

is a s f o llo w s :

t o t a l d e p o s it s f r o m

S ta te

In

banks

fro m

$ 4 ,2 4 6 ,0 0 0

$ 9 ,7 1 3 ,0 0 0

to

$ 7 8 ,­

D u r in g

th e

t im e

$ 9 ,1 0 0 ,­

u n d e r r e v ie w

th e

t h e S e c u r it y N a t i o n a l h a v e in c r e a s e d f r o m

— The

$ 7 5 0 ,0 0 0

$ 2 5 0 ,0 0 0

w ill b e

1 9 0 5 , is

de­

of new

to

d e c la r e d

p ro p o se d

T ru st

Com pany

s to c k ,

of

M in n e a p o lis

th e re b y

$ 1 ,0 0 0 ,0 0 0 .

A

r a is in g

s to c k

p la n s

th e

d iv id e n d

c a p it a l

of

100%

o u t o f s u r p lu s a s p a y m e n t f o r $ 2 5 0 ,0 0 0

is s u e .

The

e x is t in g

s h a r e h o ld e r s

m ay

of

e x e r­

c is e t h e i r o p t io n t o t a k e t h e ir p r o p o r t io n a t e s h a r e o f t h e s e c ­

re p o rte d .

The

to

th e

la s t p r e v io u s

d e p o s it o r s

d iv id e n d

w as

b r in g in g th e a g g re g a te

T h e a m o u n t re p re s e n te d in t h e f in a l d is t r ib u t io n

.4 5 o f 1 % , m a k in g i n a l l 8 2 . 4 5 % .
O c to b e r

1 6 is a u t h o r it y

d iv id e n d

th e

fo r th e

am ount

s t ill

T h e T o p e k a “ C a p it a l”
s ta te m e n t t h a t w it h

due

th e

S ta te

of

th e

Kansas,

w h ic h w a s a d e p o s it o r o f t h e in s t it u t io n , is $ 9 6 ,0 6 6 8 0 .
no

fu rth e r

w ill

be

w h ic h

d iv id e n d s

o b lig e d

to

in d e m n if ie d

w ill

b e r e a liz e d , t h e

fa ll

back

it .

The

upon

in

f u ll o f a c la im

C it y

F ir s t

S ta te ,

it

b o n d in g

d e p o s it

at

As

is

s a id ,

c o m p a n ie s
th e

t im e

of

I t is r e p o r t e d t h a t p a y m e n t

o f th e A m e r ic a n

a g a in s t t h e

th e

S t a t e ’s

t h e f a ilu r e w a s a b o u t $ 5 5 0 ,0 0 0 .

N a t io n a l B a n k

N a t io n a l B a n k

of K ansas

of Topeka

had

to

be

m a d e b e fo r e t h e f in a l s e t t le m e n t o f t h e a f f a ir s o f t h e d e f u n c t
in s t it u t io n .
— The

f in a l

N a t io n a l

M in n e a p o lis

is s u e

is

$ 4 ,7 5 0 ,­

0 0 0 to $ 2 2 ,2 3 1 ,0 0 0 .

th e

J u ly

p a id tw o y e a rs a g o , th e p a y m e n t th e n

la s t

$ 4 ,0 6 5 ,0 0 0 to $ 3 0 ,4 9 2 ,0 0 0 ; in n a t io n a l b a n k s

$ 5 8 ,7 5 3 ,0 0 0 .

p o s it s in

to

in

of

$ 3 7 2 ,5 4 7 ,0 0 0 .

$ 5 ,0 3 5 ,0 0 0 t o $ 2 8 ,2 6 1 ,0 0 0 , a n d t h e t o t a ls f r o m

fro m

— T h e d is t r ib u t io n o f th e fin a l d iv id e n d

of

th e

R ip e r , S e c r e ­

G o t t lie b , T r e a s u r e r .

o f t h e F ir s t N a t io n a l B a n k o f T o p e k a , K a n s a s , w h ic h f a ile d

p e r io d

I n N o r t h D a k o t a t h e d e p o s it s in S t a t e b a n k s h a v e

a d v a n ce d fro m

0 00 to

in ­

banks

$ 3 7 ,4 1 5 ,0 0 0 to $ 1 9 0 ,­

$ 4 7 ,3 6 8 ,0 0 0 , n a t io n a l b a n k s f r o m

$ 3 1 ,4 6 2 ,0 0 0 , a n d

fro m

to

b y th e

S ta te

$ 3 2 ,7 8 1 ,0 0 0 to $ 1 4 0 ,4 5 0 ,0 0 0 , w h ile t o t a l

in c r e a s e d

$ 5 ,4 6 7 ,0 0 0

to

$ 5 9 ,3 3 6 ,0 0 0

n a t io n a l b a n k s f r o m
d e p o s it s

to

th e

F ra n k

w h il e t h e d e p o s it s o f t h e c o m b in e d in s t it u t io n s h a v e u p t o 8 2 % .

in c r e a s e d

S o u th

is s u e d

of

1 9 0 9 ; th o s e o f t h e n a t io n a l b a n k s fr o m
0 4 9 ,0 0 0 ,

th e s e p a ra te S ta te s

s ta te d , o n
1908.

re p o rt

B ank

of

O c t. 2 2.

B e s id e s

r e c e iv e r

30%

R e c e iv e r
S c o tt,

The

50%

re p o rte d

t r ib u t e

of

F o rt

bank

th e re

a d d it io n a l.

p a id

w e re

A

W a tts
w as

c lo s e d it s

p r e v io u s ly

th a t

John

K ansas,

s u it

to

of

d o o rs
th e

on

it

by

is

N o v . 20

fu n d s
th e

a g a in s t t h e d i r e c t o r s is s a id t o h a v e r e s u lt e d in
of

F ir s t

d e p o s it o r s ,

s u f f ic ie n t

b ro u g h t

th e

a p p ro v e d ,

th e

to

d is ­

r e c e iv e r s

th e re c o v e ry

$ 7 5 ,0 0 0 .

o n d $ 2 5 0 ,0 0 0 o f n e w s t o c k a t $ 1 1 0 p e r s h a r e , a n d t h e p o r t io n
n o t so t a k e n , to g e th e r w it h

th e t h ir d

— A n e w K a n s a s C i t y , M o ., in s t it u t io n w h ic h w i l l s e e k

$ 2 5 0 ,0 0 0 , w ill b e d is ­

t r a c t s a v in g s a c c o u n t s

p o s e d o f b y a c o m m it t e e to b e a p p o in t e d b y t h e P r e s id e n t .

0 0 0 c a p it a l.
— A c t io n

on

M in n e s o t a

th e

Loan

q u e s t io n

&

o f in c r e a s in g

th e

22d

in s t it u t io n
a p o lis

in s t .

w it h

w e re

c a p it a l o f th e

T r u s t C o . o f M in n e a p o lis f r o m

to $ 1 ,0 0 0 ,0 0 0 w ill b e ta k e n
n e x t,

th e

by

t h e s t o c k h o ld e r s o n

A rra n g e m e n ts

th e N o rth w e s te rn

r e c e n t ly

$ 5 0 0 ,0 0 0

fo r

th e

N a t io n a l B a n k

b ro u g h t a b o u t,

th e

M onday

a llia n c e

of

th e

o f M in n e ­

in c r e a s e

in

c a p it a l

b e in g p a r t o f th e p la n s t o t h a t e n d .
— The

G e r m a n - A m e r ic a n

in s t it u t io n

w h ic h

has

is

to

C it y .

a n o th e r

add

to

it s

to

M in n e a p o lis
c a p it a l.

a u t h o r iz e

o f th e n e w s t o c k w ill b e h e ld o n D e c . 1 4 .

t io n
to

in

The

$ 1 0 0 ,0 0 0
— O n

th e
in

C o lo .,

a m o u n t h a v in g

been

N o v e m b e r 1, th e

becam e

in s t it u t io n

b e g in s

th e

b u s in e s s

s h a r e h o ld e r s h a v e

p a y in g

cash

fo r

in s t it u t io n

$ 2 2 ,5 3 5

and

th e

— The
an

re p o rte d

U n io n

am ount

fro m

$ 6 0 ,0 0 0

S a v in g s B a n k

of

o t h e r b a n k in g

of

P r e s id e n t s ;

The

Bank;

t h e ir h o ld in g s o f s t o c k ,

o f th e

s ta te m e n t

and

and

by

$ 1 0 0 ,0 0 0 ,
to

is u n d e r t h e d ir e c t io n

A .

S.

B .

F r o h lic h s t e in , S . B .

th e

C a s h ie r s .
C a p it a l

M r.

H e n ry

has

o ld

o f th e

p r o f it s

of

M u rd o ck,

Leon

is

P r e s i­

in c r e a s e d

C h a r le s

N a t io n a l B a n k

w as

is lo c a t e d in

B ank,

C h u r c h m a n , P r e s id e n t ;
H .

V .

L e w is ,

W . G. Young,

f o r m e r ly

o f I n d ia n a p o lis

C a s h ie r ;
A s s is t a n t

P r e s id e n t

and

M r.

of

L e w is

th e
had

th e

th e

C h a r le s

G la s s

F id e lit y

T ru st

S m it h ,

C o .;

C o m m e r c e o f t h a t c it y in

over by

th e

N a t io n a l B a n k

of

N o v e m b e r 1908.

w h ic h is t o b e m a n a g e d b y t h e o f f ic e r s o f t h e T i t l e
T r u s t C o . o f t h a t c i t y , is r e p o r t e d in

G u a ra n ty

th e “ G lo b e D e m o c r a t . ”

P.

of

C ru m p
The

N a t io n a l

Bank;

P r e s id e n t

F .

Bank;

P .

Bank;

N e a l,
J.

F .

E n g la n d

N a t io n a l

C a m p b e ll,

P r e s id e n t

C.

F ra n k
of

B re n t,

L .

th e

V ic e ­

H a ll,

C.

A .

S m it h - M c C o r d -

The

p ro p o se d

in s t it u t io n

w ill

b e g in

b u s in e s s

about

th e S c a r r it t B u ild in g .

— T h e A l l N i g h t & D a y B a n k o f K a n s a s C i t y , M o . , w h ic h is
s t ill

in

an

e m b ryo

s ix t y

s ta te ,

days.

The

is

s c h e d u le d

bank

w ill

to

open

occupy

w it h in

q u a rte rs

th e

in

th e

b u ild in g a t t h e s o u t h e a s t c o r n e r o f 1 2 th S t r e e t a n d B a lt im o r e
a

n in e t y - n in e

B e n ja m in

A .

T h e in s t it u t io n
o f $ 1 0 ,0 0 0 .
“ S ta r”
A .

as

y e a r le a s e

S t ile s ,

one

of

in t e r e s t e d

of Ja ckso n ,
W h it in g

M is s .;

and

o f w h ic h

th e

C lif f

a re re p o rte d

w it h

M r.

C.

A .

been

ta k e n

th e

bank.

of

S t ile s

in

th e

in

it s

E a r le

S.

S.

s u r p lu s

K a n s a s C it y
o r g a n iz a t io n :

M is s is s ip p i B a n k

B onds;

&

T ru st Co.

S m it h ,

A .

A .

L a n g s d a le .

— T h e r e s ig n a t io n o f W .
S a v in g s B a n k

p r e v io u s ly

has

d ir e c t o r s

is t o h a v e a c a p it a l o f $ 1 0 0 ,0 0 0 a n d

T h e f o llo w in g

C . J o n e S j P r e s id e n t o f t h e

had

— T h e o r g a n iz a t io n o f th e A m e r ic a n T r u s t C o . o f S t . L o u is ,

it s

V ic e ­

S e c re ta ry .

H e n ry

C o .;

H . G r e e n a s o n e o f t h e r e c e iv e r s

ce p te d b y th e C o u rt o n O c to b e r 2 5 .

ta k e n

on

F id e lit y

B re n t,

Jesse

F ir s t

New

&

s e rv e
th e

C.

N a t io n a l

of

M o .,

T ru st

o t h e r o f f ic ia ls

H e n ry

N a t io n a l

o f th e C it y

C it y ,

is

S a v in g s T r u s t w i l l c o n s is t

of

F lo w e r ,

t h e f ir s t o f t h e y e a r in

next

th e q u a r­

N a t io n a l

&

s o m e f iv e y e a r s a g o b e e n C a s h ie r o f t h e U n io n N a t i o n a l B a n k
K ansas

it

o f s a v in g s

T o w n s e n d D r y G o o d s C o .; J o h n W . J e n k in s a n d F r a n k H a g e r -

th e

T h e a d d it io n a l

F o u rth

C.

C a m p b e ll P a in t

th e

of

A s s is t a n t

S o u th w e s t
of

w i l l a ls o

T re a su re r;

H a r r is ,

In te r-S ta te

th e

P r e s id e n t

a c a p it a l o f $ 5 0 0 ,0 0 0 a n d

Payne and

C h u rch m a n

M .

P r e s id e n t

th e

23

Adam s

$ 5 0 ,0 0 0 .

of W . F .

W h it e , V ic e - P r e s id e n t ;

of

Ju n e

fo r

u n d iv id e d
A lv a

T h e in s t it u t io n

o c c u p ie d

S w in n e y ,

C la r k ,

Avenue,

f o r m e r ly

o v e r th e

in v e s t m e n t s ,
c a te g o ry

F lo w e r

co n c e rn ,

F .

E .

Lee

c it y

C.

C a m p b e ll,

$ 5 0 ,0 0 0 to $ 1 0 0 ,0 0 0 .

it s

new

of

by

te rs

T .

Jo h n

P r e s id e n t

I t b e g in s w it h

u n d e r th e n a m e

w ill ta k e

it s

th e

C a m p b e ll a n d

o f d ir e c t o r s o f th e T it le

i z a t i o n w a s p r o j e c t e d e a r l y in t h e y e a r , c o m m e n c e d b u s in e s s

s u r p lu s o f $ 1 2 5 ,0 0 0 .

and

o f th e

b o a rd

on

in s t .

Paul

S e c re ta ry ,

D o w n in g ,

new

— T h e P la n t e r s ’ N a t io n a l B a n k o f S t . L o u is , w h o s e o r g a n ­

1 0 th

and

th o s e in

H e n ry

P r e s id e n t o f t h e

w it h

T ru st

s t o c k , 2 5 0 s h a r e s , w a s s o ld a t p a r , n a m e ly , $ 1 0 0 p e r s h a r e .

th e

P r e s id e n t

w ill b e C h a r le s

m an.

$ 2 5 ,0 0 0

to

in s t it u t io n s

d ir e c t o r a t e .

nam e

it s

&

T r u s t C o . o f P h o e n ix , A r i z . , w h ic h

c a p it a l

fro m

it

W h ile t h e o f f ic ia ls o f t h e F id e l it y

of

s u r p lu s

&

B ank

in s t it u t io n ,

P r e s id e n t

under

In

new

c o n f in e d

Co.

d e p o s it s o f $ 1 ,3 8 1 ,2 2 2 .

a u t h o r iz e d

p a id - in

r a is e d

S a v in g s

d o u b le d

sam e.

d e n t.

has

T h is is t h e s e c o n d

P u e b lo

P u e b lo

it s p a i d - in c a p it a l in c r e a s e d f r o m
e x is t in g

th e

is s u a n c e

1904.

M onday,

P u e b lo ,
The

th e

m a d e t o t h e c a p it a l o f t h e b a n k s in c e it s o r g a n iz a ­
1886,

th e

b a n k in v e s t m e n t s .

w h ic h

a d d it io n

by

s ta te d , w ill b e

w ill b e

m e e t in g

S a v in g s T r u s t C o . , a n d

N o d e p o s it s o t h e r t h a n o f a s a v in g s c h a r a c t e r w i l l b e

r e c e iv e d

000.

s t o c k h o ld e r s ’

&

a t­

$ 5 0 0 ,­

s a v in g s a n d t i t l e b u s in e s s o f t h e F i d e l i t y T r u s t C o . o f K a n s a s

a m o u n t i n t h is c a s e is t o b e in c r e a s e d f r o m $ 1 0 0 , 0 0 0 t o $ 2 0 0 , ­
The

T h e p r o j e c t w i l l b e o r g a n iz e d

o f th e T it le

to

w it h

a r e p r o m o t in g t h e e n t e r p r is e , in t e r e s t s id e n t if ie d w it h s e v e r a l

B ank

d e c id e d

is a b o u t t o b e la u n c h e d

f ile d

a

&

T r u s t C o . o f N a s h v ille

p e t it io n

w as ac­

S o m e o f t h e d e p o s it o r s

a s k in g

fo r

M r.

G r e e n ’s

re ­

m o v a l, a n d s t il l a n o t h e r p e t it io n h a d a s k e d f o r h is r e t e n t io n
B e fo re
G re e n

th e C o u rt
te n d e re d

had

h is

a c te d

in

th e

r e s ig n a t io n .

m a tte r,

M r.

G re e n

h o w e v e r,
w as

M r.

A s s is t a n t

T h e A m e r ic a n T r u s t h a s a c a p it a l o f $ 1 ,0 0 0 ,0 0 0 , h e ld b y t h e

C a s h ie r o f t h e in s t it u t io n , w h ic h c lo s e d it s d o o r s o n O c t . 1 6 .

s t o c k h o ld e r s

H e

it

is

s ta te d ,

of

th e

a u t h o r iz e s

T h e o f f i c e r s 1o f b o t h
d e n t;

R .

L .'

T it le

to

C o .,

e n g a g e in

in s t it u t io n s a r e J .

R u ie m a n ,




it

G u a ra n ty

J.

M l

a

G.

and

it s

b a n k in g
Van

F ra n c fs fc u s f,1 G .

c h a rte r,’
b u s in e s s .

had

R o b b rt

been

R ip e r , P r e s i­

V a u g h n is n o w

W .

dent

N ie m a n n

of

nam ed

Vaughn,

th e

on

C le r k

O c t.
and

19

t h e s o le r e c e iv e r .

in s t it u t io n ,

and

as

M a s te r

M .

j o in t
in

r e c e iv e r

w it h

C h a n ce ry.

M r.

A lb e r t S . W illia m s , P r e s i­
P.

E s te s ,

V ic e - P r e s id e n t ,

DEBT STATEMENT OCTOBER

w e r e in d ic t e d o n t h e 9 t h in s t . o n c h a r g e s a lle g in g t h e a c c e p ­
t a n c e o f d e p o s it s w h e n t h e b a n k w a s k n o w n t o b e in s o lv e n t .
A n o t h e r j o in t in d ic t m e n t o n a s im ila r c h a r g e ,
a g a in s t th e m
b a il o n
b a il

th e

of

on

th e

1 2 th in s t .

w a s re tu rn e d

M r . E s t e s is u n d e r $ 1 0 ,0 0 0

s e v e r a l in d ic t m e n t s , a n d

M r.

W illia m s

is

under

— 1 9 0 9 -------

— 1 9 0 8 -------

Im p o rts .

E x p o rts .

E xcess.

Im p o rts .

E x p o rts .

E xcess.

S
3 5 5 ,1 0 4
3 6 2 ,8 9 3
1 1 2 ,4 8 8
1 1 7 ,0 9 2
1 2 0 ,9 7 9
1 2 6 ,9 4 9

$
+ 6 6 ,9 5 2
+ 3 ,0 2 4
— 3 ,1 5 1
— 7 ,4 8 1
+ 3 2 ,9 1 0
+ 7 2 ,7 7 6

$
5 1 5 ,4 6 0
3 6 2 ,3 3 7
1 0 3 ,2 0 0
1 1 0 ,4 4 3
1 3 9 ,3 2 7
1 7 1 ,9 8 5

$
2 5 8 ,8 6 4
2 6 3 ,5 8 7
8 6 ,4 3 6
9 1 ,1 8 3
9 8 ,4 2 8
1 0 2 ,0 4 0

$
+ 2 5 6 ,5 9 6
+ 9 8 ,7 5 0
+ 1 6 ,7 6 4
+ 1 9 ,2 6 0
+ 4 0 ,8 9 9
+ 6 9 ,9 4 5

1 ,1 9 5 ,5 0 5

+ 1 6 4 ,0 3 0

1 ,4 0 2 ,7 5 2

9 0 0 ,5 3 8

+ 5 0 2 ,2 1 4

3 7 ,9 7 8
2 5 ,8 5 6
1 6 ,6 6 2
9 ,2 3 0
7 ,5 4 7
9 ,3 7 9

1 2 .1 5 8
7 ,9 7 7
3 ,2 7 0
5 ,3 4 9
2 ,3 5 1
7 ,0 3 4

+ 2 5 820
+ 1 7 .8 7 9
+ 1 3 ,3 9 2
+ 3 ,8 8 1
+ 5 ,1 9 6
+ 2 ,3 4 5

3 .8 5 9
4 9 ,6 5 9
4 ,8 4 5
6 ,6 0 0
3 ,9 7 4
1 ,9 5 3

1 7 ,2 9 6
9 ,1 1 2
2 ,9 4 9
4 .3 0 4
4 ,7 6 7
3 ,7 8 6

— 1 3 ,4 3 7
+ 4 0 ,5 4 7
+ 1 ,8 9 6
+ 2 ,2 9 6
— 793
— 1 ,8 3 3

T otal.......... . . . 1 0 6 ,6 5 2
Silver and Silver In Ore.

3 8 ,1 3 9

+ 6 8 ,5 1 3

7 0 ,8 9 0

4 2 ,2 1 4

+ 2 8 ,6 7 6

$
4 2 2 ,0 5 6
3 6 5 ,9 1 7
1 0 9 ,3 3 7
1 0 9 ,6 1 1
1 5 3 ,8 8 9
1 9 8 ,7 2 5

T o t a l ................

J a n u a ry -M a rc h
A p r l l - J u n e ____
J u l y ____________
A u g u s t ................
S e p t e m b e r ____
O c t o b e r _______

J a n u a ry -M a rc h
A p r l l - J u n e ____
J u l y . . ...................
A u g u s t ________

September___
October_____
T o t a l ........... ..

In O r e .

...
...
...
...
...
...

...
...
...
...
...
...

1 4 ,4 7 4
1 4 ,8 8 6
5 ,0 4 9
4 ,4 9 5
4 ,3 8 5
4 ,0 5 4

1 0 ,4 5 3
1 2 ,4 1 9
3 ,9 1 6
3 ,1 9 1
3 ,2 6 1
4 ,0 1 8

+ 4 .0 2 1
+ 2 ,4 6 7
+ 1 ,1 3 3
+ 1 ,3 0 4
+ 1 ,1 2 4
+ 36

12 5 8 6
12 9 2 8
4 .9 3 1
4 ,1 3 8
4 ,1 9 8
4 ,3 7 8

1 0 ,8 3 1
1 0 ,3 1 1
3 ,0 3 9
3 ,2 4 1
3 ,3 7 1
3 ,7 4 6

+ 1 ,7 5 5
+ 2 ,6 1 7
+ 1 ,8 9 2
+ 8 97
+ 8 27
+ 63 2

...

4 7 ,3 4 3

3 7 ,2 5 8

+ 1 0 ,0 8 5

4 3 ,1 5 9

3 4 ,5 3 9

+ 8 ,6 2 0

+Excess of exports.
W e s u b jo in

For statement of Sept.
page
that of Oct.

see issue of Oct.
Nov.
page

In terest

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are In all eases omitted.)

G o ld a n d G o ld

1909.

see

INTEREST-BEARING DEBT OCT. 31 1909.
---------- A m o u n t O u t s t a n d i n g ---------A m ou n t

T h e B u r e a u o f S t a t i s t i c s a t W a s h in g t o n h a s is s u e d t h e
s t a t e m e n t o f t h e c o u n t r y ’s f o r e ig n t r a d e f o r O c t o b e r , a n d
fro m
i t a n d p r e v io u s s t a t e m e n t s w e h a v e p r e p a r e d
th e
f o llo w in g in t e r e s t in g s u m m a r ie s :

M e r c h a n d is e .
J a n u a ry -M a rc h . . .
A p r l l - J u n e ____ . . .
J u l y ........... ............. . . .
A u g u s t -------------- . . .
S e p t e m b e r ____ . . .
O c t o b e r _______ . . .

31

T h e f o llo w in g s t a t e m e n t s o f t h e p u b lic d e b t a n d T r e a s u r y
c a s h h o ld in g s o f t h e U n it e d S t a t e s a r e m a d e u p f r o m o f f ic ia l
f ig u r e s is s u e d O c t . 3 1 1 9 0 9 .
30 1909,
30 1909,
1120;
31 1 9 0 8 ,
7 1908,
1215.

$ 5 ,0 0 0 .

IMPORTS AND EXPORTS FOR OCTOBER.

te n

[VOL. LXXXIX

THE CHRONICLE

1322

R e g is te r e d .

C ou p on .

T o ta l.

Aggregate Int.-bearlng debt-.l,091,990,190 863,998,370 49,319,120 913,317,490
—Denominations of bonds are:
$20, loan of 1908, coupon and registered.
$50, all Issues except 3s of 1908: of $100, all Issues.
$500, all Issues: of $1,000, all Issues. '
$5,000, all registered 2s, 3s and Is; of $10,000, all registered bonds.
$50,000, registered 2s of 1930.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
O c . 31.
S e p t - 30.
Funded loan of 1891, continued at 2%, called May 18
$32,000 OO
1900, Interest ceased Aug. 18 1900.... .................
$32,000 00
23.750 OO
Funded loan of 1891, matured Sept. 2 1891.............
23,750 00
18.750 00
Loan of 1904, matured Feb. 2 1904........... ................
18,750 00
1,685,700 00
Funded loan of 1907, matured July 2 1907________ 1,760,000 00
17,540 00
Refunding certificates, matured July l 1907_______
17,630 00
Old debt matured at various dates prior to Jan. 1 1861
and other Items of debt matured at various dates
subsequent to Jan. 1 1861--------------- ---------- ----909,155 26
909,155 26
N o te .

Of
Of
Of
Of
Of

Aggregate debt on which Interest has ceased since
maturity............................................... ..............$2,761,285 26 $2,686,895 26DEBT BEARING NO INTEREST.
United States notes..........................................................................$346,681,016 00
53,282 50
Old demand notes.................... ......................................................
National bank notes—Redemption account................................ .
25,549,036 00
Fractional currency, less $8,375,934 estimated ns lost or destroyed.
6,859,712 28
Aggregate debt bearing no Interest.
RECAPITULATION.
C la s s ific a tio n —
Interest-bearing debt______
Debt interest ceased.............
Debt bearing no interest___

O c t . 31 1909.
$913,317,490 00
2,686,895 26
379,143.046 78

30 1909.
$913,317,490 00
2,761,285 26
379,464,201 28
S e p t.

.$379,143,046 78
In crea se
D ecrease

(+ ) or
(—).

—$74,390 00
—321,154 50

—$395,544 50
Total gross debt................ $1,295,147,432 04 $1,295,542,976 54
Cash balance In Treasury__
239,103,078 30
244,200,113 58 —5,103,035 28

— Excess of Imports.

t h e t o t a ls f o r m e r c h a n d is e , g o ld a n d s ilv e r f o r

m o n t h s s in c e J a n u a r y

Issu ed .

T itle o f L o a n —
P a y a b le .
S
S
S
S
2s, Consols of 1930-....... Q.-.I. 616,250,150 641,182,150 5,068,000 640,250,150
3s, Loan of 1908-18_____ Q.-F.
198,792,060 41,380.520 22,558,940 63,945,460
4s, Loan of 1925.......... ...Q .-F .
162,315,400 97,423,900 21,066,000 118,489,900
2s, Pan. Canal Loan 1906-Q.-N.
54,631,980 54,000,480
31,500 54,631,980
2s, Pan. Canal Loan 1908.Q.-F.
30,000,000 29,405,320
594,680 30,000,000

1 fo r s ix y e a rs :

Total net debt.................. $1,056,044,353 74 $1,051,336,862 96 —$4,707,490 78
* Including $150,000,000 reserve fund.

1909..
1908..
1907..
1906..
1905..
1904..
a

E x ­

Im ­

p o rts.

p o rts.

0/
E x p o rts

E xcess

E xcess

E xcess

M o n th s.

S ilv e r.

G o ld .

M e r c h a n d is e .

E x ­

Im ­

p o rts.

p o rts.

$
$
$
$
1,195,505 164,030 106,652
1,359,535
.
1,402,752
.
900,538 502,214 70,890
1,511,842
1,219,985 291,857 53,596
.
1,425,187
1,066,395 358,792 42,865
.
1,256,924
979,717 277,207 42,989
.
844,172 303,825 86,896
1,147,997
.

of
E x p o rts

%
$
38,139 68,513
42,214 28,676
35,375 18,221
139,027 a96,162
41,062 1,927
76,740 10,156

E x ­

Im ­

p o rts.

p o rts.

$
47,343
43,159
53,025
48,990
43,955
42,615

$
37,258
34,539
38,088
36,877
26,940
21,394

of
E x p o rts

§
10,085
8,620
14,937
12,113
17,015
21,221

Excess of Imports.
S i m i l a r t o t a ls f o r t h e f o u r m o n t h s s in c e J u l y

m ake

t h e f o llo w in g

f o r s ix y e a r s

e x h ib it :

M e r c h a n d is e .

S ilv e r.

G o ld .

F o u r
E xcess

M o n th s.

1909...
1903...
1907...
1906...
1905...
1904...
a

E xcess

E x -

Im -

of

E x-

Im -

of

p o rts.

p o rts.

E x p o rts

p o rts.

p o rts.

E x p o rts

$
42,818
17,372
17,295
11,254
3,157
18,440

$
$
18,004 24,814
15,806 1,560
13,906 3,389
76,489 a65,235
24,452 <121,295
28,976 al0,530

$

571,562
524,954
571,392
567,345
515,955
474,271

$
$
477,508 94,054
378,087 146,867
468,706 102,686
429,036 138,309
389,776 126,179
335,835 138,436

E xcess

-

Im -

of

p o rts.

p o rts.

E x p o rts

$
17,983
17,045
23,806
15,553
18,873
16,248

S
14,386
13,397
15,693
13,200
11,766
7,619

E x

$
3,597
4,248
8,113
2,353
7,107
8,629

Excess of Imports.

I n th e s e ta b le s o f t o t a ls , g o ld a n d s ilv e r in o r e f o r a ll y e a r s
a r e g iv e n u n d e r t h e h e a d s r e s p e c t iv e ly o f g o ld a n d s ilv e r .
T h e f o llo w in g s h o w s t h e m e r c h a n d is e b a la n c e f o r e a c h y e a r
b a c k to 1875:

T h e f o r e g o in g f ig u r e s s h o w a g r o s s d e b t o n O c t . 3 1 o f
$ 1 , 2 9 5 , 1 4 7 , 4 3 2 0 4 a n d a n e t d e b t ( g r o s s d e b t le s s n e t c a s h
in t h e T r e a s u r y ) o f $ 1 ,0 5 6 ,0 4 4 ,3 5 3 7 4 .
T R E A S U R Y
C A S H
A N D
D E M A N D
L IA B IL IT IE S —
T h e c a s h h o ld in g s o f t h e G o v e r n m e n t a s t h e it e m s s t o o d
O c t . 31 a r e s e t o u t in t h e f o llo w in g :

ASSETS.
LIABILITIES—
T ru s t F u n d L ia b ilitie s —
$
T r u s t F u n d H o ld in g s —
$
Gold coin....... .............. 876,656,869 00 Gold certificates......... 874,056,869 00
Silver dollars................ 487,587,000 00 Silver certificates_____ 487,587,000 00
4,034,000 00
Silver dollars of 1890...
4,034,000 00 Treasury notes of 1890..
Total trust liabilities.1,360,277,869 00
Total trust fund.1,366,277,809 00
G e n . F u n d L ia b ilitie s —
G e n e r a l F u n d H o ld in g s —
Gold coin and bullion__
25,284,086 85 National Bank 5%fund 28,073,200 79
Gold certificates...........
79,451,380 00 Outstanding checks and
drafts ............
12,000,195 78
Silver certificates.........
5,792,1 11 00
Silver dollars................
2,271,862 00 Disbursing officers’ bal­
Silver bullion................
4,049,656 78
ances ........................
76,401,634 55
United States notes___
4,501,054 00 Port Office Department
Treasury notes of 1890.
12,40500 account....................
6,190,842 84
National bank notes__
17,944,644 00 Miscellaneous Items___
1,909,983 08
Fractional sliver coin__
17,952,453 31
Total gen. liabilities.. 125,295,857 04
Fractional currency___
124 93
Minor coin....................
1,519,742 67
Bonds and Interest paid.
14,65470
Total In Sub-Treas__ 158,794,235 24
In Nat. Bank Depositaries—
Credit Treasurer of U. S. 36,414,319 09
Credit U. S. disb. officers 13,083,334 67
Total In banks.........
49,497,653 76
C a sh B a t. & R e s e r v e —
In Treas. of Philippine Islands—•
Credit Treasurer of U. S_
3,051,731 91 Total cash and reserve.. 239,103,078 30
Made up of—
Credit U S. dlsb. officers
3,055,314 43
Available. 89,103,078 30
and
Total In Philippines..
6,107,046 34
Reserve Fund—■
•
R e s e r v e F u n d H o ld in g s —
Gold coin and bullion.. 150,000,000 00 Gold&bull. 150,000,000 00

.

. . _ _

.

.

.

.

_

.

_

.

.

_

EXCESS OF MERCHANDISE I.MPORTS OR EXPORTS.
Grand total...............1,730,676,804 34
Grand total...............1,730,676,804 34
10 m o n t h s e n d i n g O c t . 31—
4 m o n t h s e n d i n g O c t . 31—
Imports S35,768,355
1875
Imports$13,973,143 1875
T R E A S U R Y C U R R E N C Y H O L D I N G S . — T h e f o llo w in g
.....................Exports93,649,941
1876
.....
Exports 43,586,158 1876
Exports71,991,489 c o m p i l a t i o n , b a s e d o n o f f i c i a l G o v e r n m e n t s t a t e m e n t s , s h o w s
1877
Exports 34,095,076 1877
1878
_
Exports 81,811,116 1878
.............Exports 237,665,651 t h e c u r r e n c y h o l d i n g s o f t h e T r e a s u r y o n t h e f i r s t o f A u g u s t ,
................................................................................ . Exports201,443,193
Exports 86,400,582 1879
1879.............
Exports 105,462,491 S e p t e m b e r , O c t o b e r a n d N o v e m b e r , 1 9 0 9 .
1880
Exports 74,298,997 18S0.................
1881
...
Exports 32,201,956 1881
_
Exports 130,201,922
.............Imports 44,113,076
1882..
........... -Imports 4,676,046 1882
7 1908,
121G.
Exports63,214,886
1883
.....
Exports 17,131,847 1883
.............Exports 37,338,152
1884
Exports26,582,317 1884..
TREASURY NET HOLDINGS.
.....
Exports 61,468,823
1885
.....
Exports 6,155,030 1885
A u g . 1 ’09.
S e p t . 1 ’09.
O c t . 1 ’09.
N o v . 1 ’09.
...
Imports 2,235,930
1886
.....
Exports 3,214,668 1886
H o ld in g s in S u b -T r e a s u r ie s —
$
$
$
$
.............Imports 30,290,870
1887
Imports3,200,743 1887
237,184,857 242,873,342 254,735,467
1838____
Exports 19,747,537 1888
_
Exports 81,322,837 Net gold coin and bullion..235,720,333
17,684,953 14,975,568 i2 ,113,630
.............Exports 15,137,586 Net silver coin and bullion.19+72,878
1889..
.... ..Exports 15,517,670 1889
12,879
12,725
7,165
12,465
1890
...
Imports 9,593,805 1890..
.............Imports 28,315,168 Net United States Treasury notes
7,752,582
6,905,751 4,278,924 4,501,054
1891
Exports59,749,371 1891
.............Exports 46,487,800 Net legal-tender notes.............
26,902,024 23,641,951 17,944,044
1892
.....
Imports 2,358,953 1892
.............Exports 45,005,459 Net national bank notes.... 27.400,977
Net
fractional silver.................. 26,571,114 25,270,932 21,577,880 17,952,453
.........................................Exports
22,190,325
1893
...
Exports 82.036.6S1 1893
1,932,268
1,976,977 1,534,522
1894
___________ . ..
___________Exports
28,175,297
1894
............
Exports 96,661,369 Minor coin, Ac.................. 2,457,472
1895
.................... . . . --------- Imports
1895 26,370,010
Imports31,105,045
Total cash In Sub-Treasuries..319,094,235 315,893,508 309,331.807</308.794.238
1893.........................Exports 132,066,428 1896
.............Exports 207.022.S68
1897
...
Exports 182,286,245 1897
.............Exports 219,248,144 Less gold reserve fund.... ............ 150,000,000 150,000,000 150.000,000 150,000,000
1898
...........Exports 164,888,467 1898
_
.Exports 460,169,226
Cash bill. In Sub-Treasuries___ 169,094,235 165,893,508 159.331.807 158,794,235
............ Exports 370,309,391
1899
.
Exports 105,735,637 1899
1990................
Exports 227,040,360 1900
............ Exports 500,255,451 Cash In national banks________ 54,022,740 51,651,531 50,604,523 49,497,654
Cash inEPhilippine
Islands.......... 5,901,272 5,032,190
4,800,898 6.107,046
1901
..........Exports 175,642,832 1901
.............................................................
xports464,054,350
1902
............ Exports 116,065,178 1902
............ Exports 297.919,199
Net Cash in banks, Sub-Treas.229,018,253 222,577,229 214,737,228 214,39S,935
1903
............ Exports 124,038,596 1903
Exports303,945,596
1904
............Exports 138,436,021 1904
Exports303,824,565 Deduct current liabilities.a____ 120,580,498 124,626,358 120,531,114 125,295,857
1905
_______Exports 126,179,328 1905
Exports 277,206,917
Available cash balance........... 108,437,755 97,950,871 94,206,114 89,103,079
1903.........................Exports 138,308,905 1906
Exports358,792,303
1907
______ Exports 102,685,883 1907
............ Exports 291,857,072
a Chiefly “ disbursing officers' balances,"
d Includes $4,049,657 silver bullion
1908
Exports140,867,251 1908.........................Exports 502,213.609
1909..
. ......... .Exports 94,053,913 1909......................... Exports 164,029,791 and $1,535,522 minor coin, Ac., not Included In statement "Stock of Money.”




Statements of
corresponding dates in previous years will be found in our issue
of Nov.
page

THE CHRONICLE

tfoy. 20 :900H

|H0Uctavy! <£omm cvctatg n^UsliJjlciUi

M e r c h a n d is e M o v e m e n t to N e w
M o n th .

Im p o rts.

English Financial Markets— Per Cable.
T h e d a i ly c lo s in g q u o t a t io n s f o r s e c u r it ie s , & c . , a t L o n d o n ,
a s r e p o r t e d b y c a b le , h a v e b e e n a s f o llo w s t h e p a s t w e e k :
L on d on

,

W e e k e n d i n g N o v . 19.
S a t.
S ilv e r , p e r o s ...... ...................d . 2 3 %
C o n s o ls , n e w , 2 % p e r c e n t s . - 8 2 %
F o r a c c o u n t ................ ............ . 8 2 9 -1 6
F r e n c h re n te s ( I n P a r i s ) . . f r . 9 9 .0 0
A m a lg a m a t e d C o p p e r C o . - . 9 1 %
b A n a c o n d a C o p p e r C o ........... - 10
A t c h is o n T o p e k a & S a n t a F e 1 2 2 %
-1 0 7 %
P r e f e r r e d ........... ...............—
B a l t i m o r e & O h i o ___________ - 1 1 8 %
P r e f e r r e d ____ ___________ . 94
C a n a d ia n P a c if ic ........................ c l 8 0 %
C h e s a p e a k e & O h i o ................ - 8 9 %
C h ic a g o M llw . & S t. P a u l . . .1 6 0
D e n v e r & IU o G r a n d e --------- . 48
P r e f e r r e d . ------------------------- . 8 5
E r i e ............. .................................... . 3 3 %
F i r s t p r e f e r r e d ..................... - 4 7 %
S e c o n d p r e f e r r e d -------------- . 4 0
I l l i n o i s C e n t r a l ----------------------- ,1 4 9 %
L o u i s v il l e . t N a s h v i l l e ........... . 1 5 6
M is s o u r i K a n s a s & T e x a s _ - 4 8 %
P r e f e r r e d _________________ . 7 6
N a t. R R . o f M e x ., 1st p r e f. - 5 0 %
S e c o n d p r e fe r r e d
.............. - 2 2 %
N . Y . C e n t r a l & H u d . R i v e r .1 3 5
N. V . O n t a r i o & W e s t e r n . . - 4 7 %
N o r f o lk i t W e s t e r n ................ - 9 7 %
P r e f e r r e d _____ ______ ______. 92
N o r t h e r n P a c i f i c .................. .. . 1 49
<1 P e n n s y lv a n ia ........................... c 67 %
a H e a d i n g ................ ................... - 8 2 %
a F lr e t p r e f e r r e d ................... - 4 6 %
a S e c o n d p r e f e r r e d _______ . 50
H o c k I s l a n d ................................ - 1 1%
S o u t h e r n P a c if ic ........................ . 1 3 2 %
S o u t h e r n R a i l w a y ________ - 3 2 %
P r e f e r r e d --------- ------------------- - 7 1 %
Union P a c i f i c ........ ............ .. - 2 0 6 %
P r e f e r r e d .......................... ..
-1 0 5
U. S. S te e l Corporation____- 9 2 %
P r e f e r r e d ...................................- 1 2 9 %
Wabash ........ ......................... .. .. .- 2 0 %
P r e f e r r e d __________________ - 5 3 %
E x t e n d e d 4s . . . ------------- . 7 0
a

Price per share.

(£ o

6 £ sterling,

M o n .

T u cs.

23%
82 7 -1 0
82%
9 9 .2 0
93%
10%
123%
107%
119%
94
181%
90%
160%
49%
80%
33%
48%
40%
150
157
49%
76
57
22%
185%
48
98
92
1 49
08%
83 %
47
50
41%
112%
33
73 Y i
207%
100
92%
129%
20%
51%

70

7’b u r s .

F r i.

23 5 -1 6
8 2 7 -1 6
8 2 9 -1 6
9 8 .9 5
96%
10%
123%
107%
119%
94
181%
91%
160%
49%
87
34%
49%
41
150
156%
51%
78
57
22%
135%
49
98%
92
149
68%
84%
47
50
41 %
132%
33 %
72%
207%
1 05
93%
129%
21
54
76

23%
82%
82%
9 9 .0 5
98%
11%
124%
107%
119%
94
182
91%
161
49
87
35
50%
41%
150%
157
51%
78
57
22%
136%
49%
98
92
1 19
0 8^8
$5 %
47.
51
41%
133%
33%
72%
210
1 0 5 '. '
93%
1 30
21%
54%
76

W ed .

23 5-116 2 4 %
82%
8 2 7 -1 0
8 2 1 1 -1 6 8 2 %
9 9 .2 0
9 9 .0 2 %
90%
95%
10%
10%
124%
124
107%
107%
119%
119%
94
94
181%
181%
91%
91%
160%
100
49%
49%
86%
86%
34
34%
49%
48%
41
41
1 50
1 50
157
157
50%
49%
77
77
57
57
22%
22%
1 30
135%
IS
48
98
98%
92
92
149%
1 49
08%
68%
83%
8 i%
47
17
50
50
41%
41
1 3 2 vs
132%
32%
32%
72%
V2 %
2 08
207
106
105%
93% '
93
129%
129%
21
21
54%
54
70
76

m me vd a ta a ct IT- i seel \an co u silcuis

B A N K N O T E S — C H A N G E S IN T O T A L S O F, A N D IN
D E P O S IT E D
B O N D S , & c . — W e g iv e b e lo w t a b le s w h ic h
s h o w a ll t h e m o n t h ly c h a n g e s in b a n k n o te s a n d in b o n d s
a n d le g a l t e n d e r s o n d e p o s it .
1 9 0 .8
7 1908, pnye 1217.

The statement for October
will be found in our issue for Nov.
lio n d a a n d L e g a l-T e n d e r s
on

1U0S-Oil.

D ep o sit f o r

C ir c u la tio n

S
Oct. 3 0 ____ 079.545,740
Sept. 3 0 ____ 670,380,040
Aug. 31____ 672.925,700
July 3 1 ___ 6'37,652,650
June 30____ 660,689,070
May 3 1 ____ 657,972.970
April 30____ 653.901,910
Mch. 31___ 651,267,130
Eeb. 28___ 040,769,110
Jan. 30____ 635,214,500
Dec. 3 1 ____ 631,318 790
Nov. 30____ 618,497,940

A flo a t

V n h r

—

L e g a l-

L e g a lH onda.

H onda.

T en d ers.

S

25,595,793
26,770,066
26,581,779
27,815,433
20,246,608
31,914,817
34.243,657
38,265,225
42,696,715
40,303,455
48,281,960
52,270,912

T en d ers.

S

T o ta l.

S
703,940,756
702,807,459
098,845,474
095,354,104
089,920,074
688,183,115
087,408.227
684,407,615
678,285,600
070,073,092
677,038,165
607,178,177

$

678,344,903 25,595,793
670.031,393 26,776,060
072,263,090 25.581,778
607,508,731 27,845,433
659,673,408 30,246,600
656,288,268 31,914,847
663,104,570 I 34,243,657
646,142,390 38,265,225
035,588,886 42,696,715
630,300,037 48,363,455
628,780,205 48,281,960
614,907,265 52,270,912

T h e f o llo w in g s h o w s t h e a m o u n t o f e a c h c la s s o f b o n d s
h e ld a g a in s t n a t io n a l b a n k c i r c u l a t io n a n d t o s e c u r e p u b lic
m o n e y s in n a t io n a l b a n k d e p o s it o r ie s o n O c t . 3 0 .
V .
O c t.

30 1909.

S . H onds

__________________ _

H eld

O c t.

30

to

S ecu re —

B an k

P u b llc D c p o s ils

T o ta l

C ir c u la tio n .

in H a n k s .

H eld .

8
4% Loan of 1925............................. .
15,463,050
3% Loan of 1908-1918 ........................
14,575,560
2% Consols of 1930............................. 573,328,450
2% Panama of 1936......... ............. ,.
50,131,200
2% Panama of 1938...........................
26,047,480
4% Philippine Loans and Railway___
4% Porto Rico Loans..........................
3.65% District of Columbia.............
Territory of Hawaii......... .
State, city and railroad.............
Total...........................

679,545,740

S
3,301,700
3,018,400
24,152,200
3.010.000
1.309.000
4.412.000
371.000
810.000
4.87,000
10,807.500

S
18.704,750
IS.193,950
597,480,650
58, K 1,200
27.418,480
4,412,000
374.000
810.000
487,000
10,807,500

52,341,800

731,887,540

rI h e f o l l o w i n g s h o w s t h e a m o u n t o f n a t i o n a l b a n k n o t e s
a f lo a t a n d t h e a m o u n t o f le g a l- t e n d e r d e p o s it s O c t . 1 a n d
N o v . 1 a n d t h e ir in c r e a s e o r d e c r e a s e d u r in g t h e m o n t h o f
O c to b e r.
N a tio n a l H a n k

N o te s — T o ta l A flo a t.

Amount afloat October 1 191)9......................... _
'
3702 807 459
Net amount Issued during October.......................... ................ ........ 1 1133)297
Amount of bank notes afloat November L 1909...........................

§703 940

756

L e g a l-T e n d e r N o te s .

Amount on deposit to redeem national bank notes October 1 1909___ 526,776,066
Net amount of bank notc3 retired In October......................................
1,180,273
Amount on deposit to redeem national bank notes November 1 1909 S25,595,793
F O R E IG N
T R A D E
O F
N E W
Y O R K — M O N T H L Y
S T A T E M E N T . — I n a d d it i o n t o t h e o t h e r t a b le s g i v e n in
t h is d e p a r t m e n t , m a d e u p fr o m w e e k ly r e t u r n s , w e g iv e th e
f o l lo w i n g f ig u r e s f o r t h e f u l l m o n t h s , a ls o is s u e d b y o u r N e w
Y o r k C u s to m H o u s e .
T h e f ir s t s t a t e m e n t c o v e r s th e t o t a l
im p o r t s a n d e x p o r t s o f m e r c h a n d is e a n d t h e C u s t o m s r e ­
c e ip t s f o r th e te n m o n t h s o f th e la s t tw o y e a rs :




January .
February..
March__
A pril----May____
Juno........
July.......
August__
September
October ..

Y ork .
C u s to m s R e c e ip ts
at N ew Y ork .

E x p o rts .

1909.

1908.

1909.

1908.

1909.

1908.

S
61,789.335
73.074.545
80.729.503
75,898,544
09.230.504
73,252,301
68,687,013
68,295,105
73,362,959
70,749,471

$
47.4S9.941
50,359,343
52,625,828
53,605,913
50.255,042
50,604,930
49,729,151
50,445,780
58,374,3551
58.024,468

S
50.812.004
45,319,475
58,684,184
51,709,272
48,571,972
52,404,342
50,583,478
49,212,360
50,779,347
55,899,327

5
62.531,690
59,999.726
58,116,795
57,430,142
47.529,637
51,137,522
47,489,381
45,107.352
49.671.9S5
52,462,041

5
15,795,700
17,775,728
19,064,331
1S,S02,924
16,846,056
17,318,187
20.728,717
19,732,558
17,906,343
19,793,908

$
14,640,446
15,241,056
14,086,404
13,787,445
12,303,743
13,108,450
14,417,036
14,517.500
17,115,157
15,329,452

Total__ 721,069,281 j522,114,75lj513,975,761 531,482,271 1S3,764,452 144,546,695
T h e im p o r t s a n d e x p o r t s o f g o ld
m o n t h s h a v e b e e n a s f o llo w s :
G o ld
M on th .

M ovem en t at N ew

Im p o rts .

and

s ilv e r

Y ork .

Total______

fo r

th e

S ilv e r —-N e w
Im p o rts .

E x p o rts .

1909.
1908.
1909.
1908.
January ........
714.693 7,585,759 7.843.125
60,925
February ___
S19.731 1,300,840 8,818,220
636,087
March........... 2.728,363 1,925,862 21,173,385
135,985
A pril.............
742,911
900,777 6,269,450 11,077,173
May ...............
619,503 1.471,272 11,094,572 25,568,226
June _______
578,263
989,058 5,233,050 7,987,653
July..............
470,018
569,791 13,405,800 1,059,656
600,563 1,100,130 2,847,470
August..........
8,400
September___
491,945 1,353,973
335,020
508,125
October.........
685,147 1,044,600 1.974.125
50,125

1909.

te n

Y ork

E x p o rts .

1909.

G41.580
612,183
000,421
550,733
707,120
844,364
507,942
523.7S7
424,670
732,077

3,937,649
3.904,913
3,767.344
3.968.915
3.486,494
4.144.201
4,068.843
3,609,187
3.024,993
2,723,840

8,450,537 18,242,062 78,994,817 47,696,355 0,210,877 37,236.397

G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S .—
T h ro u g h th e c o u rte s y o f th e S e c re ta ry o f th e T re a s u ry , w e
a r e e n a b le d t o p la c e b e f o r e o u r r e a d e r s t o - d a y t h e d e t a ils o f
G o v e r n m e n t r e c e ip t s a n d d is b u r s e m e n t s f o r t h e m o n t h o f
O c t o b e r in 1 9 0 9 a n d 1 9 0 8 a n d f o r th e f o u r m o n t h s o f th e
f is c a l y e a r s .

GOVERNMENT RECEIPTS AND DISBURSEMENTS.

Ex-rlghts.

c

1323

( Kills o m

1909.

1908.

itte d .)
A u g .

S e p t.

Oct.

4 rnos.

A u g .

Sept.

Oct.

4m

os.

—
S
S
S
8
8
S
S
$
Customs .................... 28,590 27,335 29,279 115,167 22,266 25,262 22,358 89,361
Internal revenue......... 19,719 21,877 24,146 88,304 19,520 19,873 23,613 83,988
Miscellaneous............. 2,773 3,136 3,752 14,713 2,894 3.090 2,334 17,051
Total receipts......... 51,082 52,348 57,177 218,184 44,680 48,225 48,305 190,400
R e c e ip ts

D isb u rs em e n ts —
Civil and miscellaneous 14,231 11,847
W ar........ . ......... . 12,716 14,850
N a v y ........ . .............. 10,110 10,848
Indians .................... . 1,952 1,039
13,114
Postal deficiency_____ 3,000 3,002
Interest on public debt. 1,889
130
Panama Canal............. 2,004 3,188

15,378
15,190
9,582
1,628
11,850

57,899
62,593
41,885
5,614
54,566
3,398 10,899
3,270 8,569
2,784 11,046

13,958
10,195
8,269
2.104
14,288

10,425
13,222
9,625
1,104
13,493

1,731
1,643

13,896 57,552
12,991 5S.775
9,121 36,891
964 5,991
11,669
7,000 11,000
142 3,267 8,410
392 2,200 8,327

Total disbursements 01,057 58,068 63.0S0 253,071 52,248 18,403 61,108 240,284
Less repayment of tin783
expended balances.. 1,159 1,911 1,196
491
801 2,049 3,333
60,498 56,157 61,884 252,288 51,757 47,602 59,059 233,901

National Banks.— T h e f o l l o w i n g i n f o r m a t i o n r e g a r d i n g
n a t io n a l b a n k s is f r o m t h e o f f ic e o f t h e C o m p t r o ll e r o f t h e
C u rre n c y , T re a s u ry D e p a rtm e n t:
.
A P P L IC A T IO N S TO C O N V E R T IN TO N A T IO N A L B A N K S
APPROVED.
The Cherokee Bank of R om e, G a., Into “ The Cherokee National Bank of
R o m e .” Capital, 5100,000.
The Citizens’ State Bank of Garrison, N . D ., Into “ The First National
Bank of Garrison.” Capital, 525,000.
N A T IO N A L B A N K S O R G A N IZ E D .
N o v e m b e r 3 t o N o v e m b e r 10.
9.575—
The First National Bank of San Fernando, Cal. Capital, 525,000.
J. E. W heat, President; R . H. Maclay, Vice-President: T . J.
W alker, Cashier.
9.576—
The First National Bank of ZUlah, W ash.
Capital, $25,000.
J. D. Cornett, President: R . D. H erod, Vice-President; J. II. Bart­
ley, Cashier.
9.577—
The Essex National Bank of Montclair, N. J. Capital, 5150,000.
I. Newton Rudgers, President pro tempore; H . R ae Sim onson,
9.578—

The Copper National Bank of East Ely, N ev. Capital, S50.000.
W . W . Armstrong, President: W . M. McGill, Vice-President:
J. A. Malla, Cashier; A. P . Schlicter, Assistant Cashier. Conver­
sion of the Bank of Ely In c., East E ly, Nev.
9.579—
The Mutual National Bank of Boston, Mass. Capital, $200,000.
C. H. W . Foster, President: Edmund D. Codman, Vice-President:
W alter S. Crane, Cashier.
L IQ U ID A T IO N .
3,968— The Iowa State National Bank of Sioux City, Iow a N ov. 2 1909.
6,046— The First National Bank of Celina, T e x ., O ct. 19 1909.

Auction Sales.— A m o n g o t h e r s e c u r i t i e s , t h e f o l l o w i n g , n o t
r e g u la r ly d e a lt in a t t h e B o a r d , w e r e r e c e n t ly s o ld a t a u c t io n .
B y M e s s rs . A d r ia n H . M u lle r & S o n :
S to ck s.

S tock s.

10 Queens County Trust Co_____ 121% 20 Bond & Mtge. Buarantee Co. .274%
75 National City Bank_________ 412% 50 Union Ferry Co. of N.Y.&Bkn. 30
5 Imp. & Traders’ Nat. Bank-.560
100 Tompkins Realty League ofN.Y 53
5 Standard Oil Co..................... 700% 150 McFarland Realty Co. of N. Y.,
201 Brooklyn City RR. Co______ 1 9 7 %
S10 each------ 1_______ si per sh.
1 Traders' Nat. Bank of Lowell-102
50 Farmers’ Loan & Tr. Co..lS68-1875
1 Nat. Bank of Commerce of
1 United .States Trust Co_____ 1254
St. Louis.............................224
5 Amer. Exch. Nat. Bank.......... 249
1 Corn Kxch. Bank of Phlla___ 248
100 Broadway Trust Co................. 145
10 Gansevoort Bank_________ 839 lot 30 Lawyers’ Title Ins. Tr. Co.241-242%
41 Oriental Bank............
56% 20 Title Guarantee & Trust Co__ 580%
2 Donald Steamship Co., pref... 5 1 %
50 Mechanics’ National Bank___ 300%
1 Donald Steamship Co., com.810 lot
H on ds.
25 Carnegie Trust Co...............-.165
51.000 Jones & Laughlin Steel Co.
35 Boston & Albany RR. Co . ,227
1st 5s, 1939; M. & N___ 101% & Int.
61 St. Johnsbury & L. Champ.RR.
51.000 Atlas Portland Cement Co.
pref. and 510 scrip..............25 lot j 1st 6s, 1925; M. & S_____ 108% & Int.
58 St. Johnsbury & L. Champ.RR.
$75,000 Canadian Consol. Coal Co.
com. and S40 scrip........... S7 lot
1st 5s, 1956: A. & O______ 5% & Int.
50 Garfield National Bank........... 2! 9 % 52.000 Ohio South. Iteorg. Partici­
50 Nat. Bank of North America..149% 1 pation rec’t dated July 1901...$4 lot

1324

[VOL. LXXXIX

THE CHRONICLE

D IV ID E N D S .
T h e f o llo w in g s h o w s a ll t h e d iv id e n d s a n n o u n c e d
u t u r e b y la r g e o r i m p o r t a n t c o r p o r a t io n s :

S ta te m e n t of N e w
fo r th e

Dividends announced this week are printed in italics.
P er
C ent.

N a m e o f C om p a n y.

W h en
P a yable.

Y o rk
The

Jec.
an.
IX
■an.
an.
3
Jec.
1
Dec.
1
Dec.
\X
)ec.
1%
Dec.
1
Dec.
1
'lov.
Nov.
2
6
Nov.
Dec.
2X
2
Nov.
3
Nov.
Dec.
3
Dec.
3

3
3

P h ila ., Germ antown & N orristow n (guar.)

\'A
2X
lb

Union Pacific, common (quar.).
W h ite P a ss & Y u k o n ..................

Jan.
Jan.

1 loldcrs of rec. Nov. 6
10 Jec. 18 to Jan. 10
3 Iolders of rec. Dec. 1
1 loldcrs of rec. Dec. 15a
1 Iolders of rec. Nov. 23
31 Iolders of rec. Dec. 11a
4 Nov. 21 to Dec. 3
1 Iolders of rec. Nov. 10
1 Iolders of rec. Nov. 10
1 loldcrs of rec. Nov. 20
20 Iolders of rec. Nov. 12
30 Nov. 25 to
Nov. 30
30 ■Iolders of rec. Nov. 15
17 Holders of rec. Nov. 30
26 Nov. 11 to Nov. 19
30 Holders of rec. Nov. 5
4 Nov. 21 to
Dec. 3
1 [Iolders of rec. Nov. 15
3
3 Holders of rec. Dec. la
15 Jan. 1 to Jan. 15

G eorgia R y . & E le c ., com . (g u a r .).
K a n sa s C ity R y . & L I., p r e f. (g u a r .).

2

Norfolk Railway & Light.......... - ...........
N orthern O hio T r . & Light ( q u a r .) ..........

x

3
3e

Pensacola Electric Co., preferred_____
Preferred (extra)........ - ......................

1

11).

2
10
15
15
15
15
1

1 Holders of rec.
1 Holders of rec.
31 Holders of rec.
1 Nov. 14 to
1 Nov. 14 to

Nov. 12
Nov. 15
Dec. 15
Dec. 1
Dec. 1

Dec. 1
Dec. 1
Nov. 15
Nov. 15

)
-

2X

Dec.
Dec.
Dec.
Dec.
Dec.

-

IX

Nov. 30 Holders of rec. Nov. 26

1

Nov.

com . (gu a r.)

2 9 )...................

Dec.
Dec.
Nov.
Nov.
Nov.
Nov.
Dec.

Dec.
Dec.
Dec.
Dec.

15 Dec. 1 to
1 Holders of rec.
Nov. 11 to
1 Holders of rec.
20 Holders of rec.
l Holders of rec.
1 Nov. 20 to
3
6 Nov. 25 to
15 Holders of rec.
1 Holders of rec.
1 Holders of rec.

Dec.
IX
Jan.
l
$1.50
l x Dec.
Nov.
IX
Dec.
1
Dec.
IX

B ro o k ly n R a p id T ran sit (g u a r .).
C itizen s’ T raction, P itts b u r g h __

X
IX

1

Banks.
N ineteenth W a rd (m onthly) (N o .

41).

Trust Companies.
V a n N ord en (m onthly) (N o .

r e s u lt s .

th e
In

show s

banks

fo r

s e p a ra te
th e

case

31)........

Miscellaneous.

th e

c o n d it io n

th e

w eek

banks

of

th e

a re

th e

t o t a ls ,

of

e n d in g

th e

a v e ra g e s

th e

New

N ov.

a c tu a l

of

13.
th e

fig u r e s

a t t h e e n d o f t h e w e e k a r e a ls o g iv e n .

Street & Electric Railways.
American Railways (quar.)-----

P referred (N o .

Y o r k C it y C le a r in g - H o u s e B a n k s . — T h e
b e lo w

C le a r in g - H o u s e
fig u r e s f o r

d a ily

B ook s Closed.
D a ys In clu sive.

s ta te m e n t

W e om it two ciphers

Railroads (Steam ).

Atch. Topeka & Santa Fe, common........
A tlan tic Coast L in e R R ., com m on ............ B oston & M a in e , com m on (g u a r .) ________
Boston Revere Beach & Lynn........ .........
Bull. & Susq. R R.. pref. (quar.) (No. 30)
Chesapeake <S O hio ( q u a r . ) . . ..........
C h eslnvl H ill ( g u a r . ) . . .................. .
Cleveland & Pittsburgh, reg. guar, (quar.)
Special guaranteed (quar.)-------------- Cripple Creek Central pref. (qu.) (No. 10)
Delaware & Bound Brook, guar, (quar.)
Mexican Northern--------------- -------- -----New York Philadelphia & Norfolk------Norfolk & Western, common................
North Pennsylvania (quar.)..................
Pennsylvania........................ - .................

S t. J o s e p h R y ., L ., H . &
P referred (gu a r.) (N o .

d e t a ile d

30 Holders of rec. Nov. 26

B a n k s.

C a pital.

S u rp lus.

00s om itted.
$
Bank of N. Y . .
2,000,0
Manhattan Co.
2,050,0
2,000,0
Merchants’ ___
3,000,0
Mechanics’ ___
1,500,0
Am erica______
1,000,0
P h e n lx ............
City ...... ......... 25,000,0
3,000,0
Chemical ____
600,0
Merchants’ E x.
1,000,0
Gallatin...........
300,0
Butch. & Drov.
Greenwich----500,0
5,000,0
American Exch.
Commerce____ 25,000,0
3,000,0
Mercantile----500,0
Pacific ............
450.0
Chatham ........
200,0
People’s ______
3.000.0
Hanover ..........
2,550,0
Citizens’ Cent..
500,0
N assau............
1,000,0
Market & Fult’n
2,000,0
Metropolitan . .
Corn Exchange 3,000,0
1,500,0
Imp. & Traders’
3,000,0
P a r k ................
250,0
East R iv e r----3,000,0
F o u rth _______
1,000,0
S econ d ............
F irs t_________ 10,000,0
2,000,0
Irving Exch__
250,0
Bowery _____
500,0
N .Y . County..
750,0
German-Amer..
5,000,0
100,0
Fifth ................
200,0
German E xch ..
200,0
Germania____
1,000,0
Lincoln ............
1,000,0
Garfield ..........
F ifth _________
250,0
1,000,0
Metropolis----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 & Iron___

$
3,374,4
4,088,4
1,642,1
3,767,3
5,674,1
657,9
29,046,9
•6,059,1
532,0
2,468,4
148,0
779,7
5,220,0
15,594,5
2,564,5
898,9
1,025,0
475,4
10,922.2
1,508,6
465,8
1,671,5
1,395,2
5,310,9
7,415,9
9,750,2
103,7
3,324,7
1,845,4
19,023,9
1,441,4
811,7
1,598,3
649,7
6,685,1
2,055,5
886,1
1,040,1
1,373,8
1,148,8
474,4
2,006,0
1,130,1
1,765,3
2,615,2
738,7
825,4
331.C
2,734,3
305,2

(00) in all cases.

L oa n s.
A v era ge.

S p ecie.
A verage.

$
18,785,0
29,900,0
18,844,0
27,467,0
23,227,1
8,455,0
182,866,5
27,899,0
6,628,4
8,811,1
2,275,8
7,242,6
28,232,3
143,900,2
14,440,3
3,800,2
6,837,1
2,374,8
62,577.2
22,825,9
6,276,9
8,217,8
12,717,9
40,862,0
25,898,0
81,579,0
1,387,4
22,081,0
12,331,0
97,925,7
20,605,1
3,371,0
7,748,7
4,156,4
74,941,0
13,180,7
3,580,7
4,897,4
15,556,C
7,463,5
3,423,3
11,155,7
4,402,0
19,799,0
16,744,4
7,655,3
13,554,3
5,437,8
26,312,0
5,592,0

S
3,106,0
6,380,0
3,726,0
5,556,0
3,991,5
1,664,0
39,720,9
4,684,0
1,584,9
984,8
422,5
1,811,2
3,536,0
22,157,3
2,258,7
333,6
855,4
462,2
12,193,4
5,568,8
622,2
1,043,4
3,252,6
7,401,0
4,279,0
21,878,0
265,2
3,879,0
2,651,0
20,179,5
3,411,8
827,0
1,411,8
787,7
15,390,8
2,768,3
385,2
908,8
3,345,2
1,760,1
681,4
1,338,6
1,053,0
4,210,0
3,382,3
2,135,4
3,797,0
629,7
6,291,0
929,0

Legals.
A verage.

D ep osits.
A v erage.

$
$
16,460,0
1,278,0
1,579,0 33,100,0
18,910,0
1,032,0
1,694,0 28,059,0
23,503,9 :5 . 0
2,036,3
7,962,0 :6.7
429,0
5,025,0 174,692,9 25.G
2,212,2 26,324,5 26.3
6,820,7 25.3
141,1
6,436,2 25.2
638,1
2,129,9 24.5
99,6
7,999,9 25.1
200,0
20,801.1 24.9
1,606,7
8,465,5 120,073,5 25.6
11,266,1 26.9
778,5
3,411,3 25.6
541,5
7,300,4 26.8
1,102,2
2,435,4 24.5
134,9
72,518,4 27.2
7,598,1
22,805,9 26.0
321,1
6,905,8 24.1
1,046,6
8,003,7 25.8
1,021,5
13,260,1 26.3
236,6
47,991,0 25.1
4,673,0
1,954,0 23,768,0 26.2
1,325,0 91,352,0 25.4
1,503,5 25.3
115,8
2,500,0 24,326,0 26.2
12,127,0 25.8
482,0
84,758,0 25.1
1,110,3
2,144,9 21,694,4 25.6
3,520,0 25.2
62,0
7,977.5 27.0
702,9
4,027,4 25.1
225,4
80,144,5 25.0
4,670,7
14,961,7 25.3
1,023,7
3,470,3 23.1
420,1
5,403,2 26.8
543.7
16,672,2 24.9
814,1
7,569,0 26.1
215,9
3,641,5 26.1
270,0
10,988,4 24.5
1,356,4
4,841,0 26.9
252,0
1,379,0 22,584,0 24.7
16,361,5 26.4
937,9
9,117,6 25.6
204,9
16,457,0 24.7
272,(
5,680,2 22.8
665,5
27,204,4 25.2
568,3
5,476,0 25.3
461,0

1 Nov. 16 to Nov. 30
Nov. 30
1 Nov. 16 to
29 Holders of rec. Oct. 28
20 Nov. 16 to Nov. 20 ' Totals, Average 127,350,0 177,371,8 1226,243,1 241,898,2 68,567,8 1214,788,0 25.5
.
1
20 Nov. 16 to Nov. 20
Common (e x tra )..--------------------------- _ 1
1 Nov. 12 to Dec. 2 Actual figures Nov. 13 .
5
American Cotton Oil, common.............. .
68,860,6 1189,960,9 25.9
............. 1204,199,6 239,456,2
1 Nov. 12 to Dec. 2
3
Preferred _________________________ .
3 Holders of rec. Nov. 30
3
American Express (quar.)------------------- .
Nov.
21
to
Nov.
30
1
On the basis of averages, circulation amounted to $53,223,300 and United States
A m erican G a s------------ ------------------------ - 3 X
31 Dec. 23 to Dec. 31 deposits (Included In deposits) to $1,672,700; actual figures Nov. 13, circulation,
American Radiator, common (q u a r.)... IX
1 Nov. 23 to Nov. 30 S53,195,400; United States deposits, $l,669,300.||ftgf.^x
IX
Nov.
23
to
Nov.
30
1
Preferred B (quar.) (No. 18).
ix
1 Holders of rec. Nov. 15
_ 1
T h e S t a t e B a n k i n g D e p a r t m e n t a ls o n o w f u r n is h e s w e e k ly
American Stogie, preferred.
a Holders of rec. Dec. 1
)
IX
Amer. Sugar Refln., com. &
i Holders of rec. Nov. 30 r e t u r n s o f t h e S t a t e b a n k s a n d t r u s t c o m p a n i e s u n d e r i t s
.
IX
i Holders of rec. Nov. 15
2X
T h e s e r e t u r n s c o v e r a ll t h e in s t i t u t i o n s o f t h is c la s s
l Holders of rec. Nov. 15 c h a r g e .
7X
31 Nov. 25
to Dec. 1
.
IX
Dec. 1 i n t h e w h o l e S t a t e , b u t t h e f i g u r e s a r e c o m p i l e d s o a s t o
3C Nov. 25 to
C om m on (extra ) .
.
X
15 Dec. 5 to Dec. 15 d i s t i n g u i s h b e t w e e n t h e r e s u l t s f o r N e w Y o r k C i t y ( G r e a t e r
.
IX
21 Nov. 10 to Nov. 20
British Columbia Packers Assn., pref. . 10H
Dec. 1 N e w Y o r k ) a n d t h o s e f o r t h e r e s t o f t h e S t a t e , a s p e r t h e
1 Nov. 16 to
Butte Coalition Mining (quar.)........... . 25c.
1 Holders of rec. Nov. 20
Butterlck Company (quar.)................
X
1 Dec. 21 to Jan. 2 f o l l o w i n g :
Canton Company.................................. IX
1 Dec. 21 to Jan. 2
E xtra ....................................... ......... . 50c.
STATE BANKS AND TRUST COMPANIES.
15 Holders of rec. Nov. 17
.
1
15 Holders of rec. Nov. 30
.
2
Crex Carpet....................................
15
Holders of rcc. Nov. 30
Extra.........................................
X
State B a n ks
T rust Cos.
Stale B a n ks
T rust C o s .
15 Holders of rec. Nov. 30
.
2
Diamond Match (quar.)..............
outside o f
outside o f
in
in
W eek ended N ov . 13.
1 Holders of rec. Nov. 30
Eastman Kodak, com. (quar.).
.
2X
Greater N . Y . Greater N . Y .
Greater
N
.
Y
.
Greater
N
.
Y
.
1 Holders of rcc. Oct. 30
Common (extra)........................
.
2X
1 Holders of rec. Nov. 30
Preferred (quar.)....................
.
IX
$
$
$
$
21 Nov. 10 to Nov. 20 Capital as of Sept. 14----.
IX
26,075,000
61,675,000
8,708,000
7,725,000
1 Holders of rec. Nov.20a
.
IX
] Holders of rec. Nov. 18 Surplus as of Sept. 14----General Chemical, common (quar.).
1
10,585,699
10,155,540
38,495,200 163,689,700
15 Holders of rec. Dec. 4a
.
2
G eneral E lectric (quar.'i ____________
1
30c.
88,742,800 133,545,600
293,076,100 1,007,004,100
31
20c.
— 115,700
—30,100
Change from last week. — 3,929,600 + 1,701,800
Dec.
Holders of rec. Nov.lGd
1)
IX
1 Nov. 12 to
Dec.
Dec. 1
i
45.078.400 115,030,100
; Nov. 12 to Dec. 1
Dec.
Common (extra) .
X
Change from last week. — 1,422,600 — 2,577,600
: Nov. 24 to
Dec.
Dec. 1
2)
IX
: Holders of rcc. Nov. 19
Dec.
))
2
24.420.400
13,699,200
Legal-tenders & bk. notes
Dec.
7
to
Dec.
15
Dec.
15
L aclede Gas Light, com . (g u a r .) _____
.
IX
— 448,400
+ 139,900
Change from last week.
Dec. If Dec. 7 to Dec. 15
P r e f e r r e d .... ..................... ..............
2X
Dec. 30
Dec. 31 Dec. 17 to
Lanston Monotype Machine (quar.). . .
ix
331,402,300 1,138,269,900
93,806,200 140,498,100
Nov. 2’ Holders of rec. Oct. 30 Deposits -------— ..........
4
— 360,800
+ 253,600
Change from last week. — 6,446,800 — 19,024,200
Nov. 27 Holders of rec. Oct. 30
1
1 Holders of rec. Nov. 13
Dec.
l.
1
18,159,500
19,200,200
86,658,800
134,778,500
Reserve
on
deposits____
Dec.
: Nov. 14 to Nov. 30
.
2
—380,400
+ 703,000
Change from last week. —2,661,900 —3,608,600
Dec.
i Nov. 19 to Dec. 1
.
IX
] Jan. 19 to
Feb. 1
Feb.
Preferred (quar.)................
IX
13.5%
21.1%
26.7%
15.7%
P.
C.
reserve
to
deposits..
1 Vf
15
rational Biscuit, com. (quar,
20.4%
13.8%
26.9%
15.9%
Percentage last week..
Nov. 30 Holders of rec. Nov.16a
Preferred (quar.) (No. 47).
:
ix
Jan.
1
Dec.
11
to
Dec.
14
.
ix
Dec. If Nov. 20 to Nov. 23
Preferred (quar.) (No. 72).
.
ix
+ Increase over last week. — Decrease from last week.
. 3 7 X 0 Dec. 3] Dec. 2 to Jan. 2
N o te . — ’’Surplus" Includes all undivided profits. “ Reserve on deposits” m
Dec. 21 Dec. 12 to Dec. 20
NUes-Bemcnt-Pond. common (quar.).. .
IX
eludes,
for both trust companies and State banks, not only cash Items, but amounts
Nov. 21 Holders of rec. Nov. 4
People’s Gas Light & Coke (quar.)___ .
IX
Dec. 15 Holders of rec. Nov.20a due from reserve agents. Trust companies In New York State are required by
Philadelphia Electric (q u a r .) ____ _____ .
IX
law
to
keep
a reserve proportionate to their deposits, the ratio varying according
Nov. 21 Nov. 12 to Nov. 21
Pittsburgh Brewing, common (quar.). .
IX
Nov. 2( Nov. 12 to Nov. 21 to location as shown below. The percentage of reserve required is computed on
Preferred (quar.).... ........................... .
IX
the
aggregate
of deposits, exclusive of moneys held In trust and not payable within
2
‘
Nov.
Nov.
4
to
Nov.
23
_ IX
Jan. 15 Holders of rec. Jan. 4 thirty days, and also exclusive of time deposits not payable within 30 days, repre­
Quaker Oats, common (quar.)__
.
IX
15 Holders of rec. Jan. 4 sented by certificates, and also exclusive of deposits secured by bonds of the State
Common (extra )_____________
.
X Jan.
Nov. 31 Holders of rcc. Nov. 15 of New York. The State banks are likewise required to keep a reserve varying
Preferred (quar.)____ ________
.
ix
Dec. 21 Nov. 21 to Dec. 25 according to location, but In this case the reserve Is computed on the whole amount
Quincy Mining (quar.)__________
R ailw ay Steel S p ring, p ref. (q u a r .).
_ i x Dec. 21 Dec. 8 to Dec. 20 of deposits, exclusive of deposits secured by bonds of the State of New York.
Nov. 3( Holders of rec. Nov. 19a
.)
IX
— T rust C o s .—
— State B a n k s Extra............................ ..............
.
X e Nov. 31 Holders of rec. Nov. 19a
Total
Of
T otal
Of
_ $10 Dec. 15 Holders of rcc. Nov. 19 R eserve R equired or T rust C om pa nies
Standard O il (g u a r .) -------------------and
Stale
B
anks
R
eserve
w
hich
R
eserve
which
Dec.
1 Holders of rec. Nov. 26
United Cigar Mfrs., pref. (quar.).
.
ix
L ocation —
R eq u ired , in C a sh .R equired, in C a sh
Dec.
1 Holders of rec. Nov. 29
.
IX
Dec.
1 Holders of rec. Nov.20a Manhattan B o ro u g h ..:.
_______________ — 15%
15%
25%
15%
.
ix
1
Dec. 31 Dec. 11 to Dec. 30 Brooklyn Borough(wlthout branches In Manhat.). 15%
10%
20%
10%
Nov. 31 Nov. 6 to
Nov. 30 Other Boroughs (without branches In Manhattan).15%
Preferred (quar.) (No. 34)___
IX
10%
15%
7X % ,
Dec.
1 Holders of rec. Nov. 17
_ 3
W altham W atch, p referred ............
Any
Borough
with
branches
In
Manhattan...........
15%
15%
25%
15%
Dec. 15 Holders of rec. Dec. 8
Woman’s Hotel (quar.) (No. 4).
.
IX
Elsewhere
In
State..............................................10%
6%
15%
6%,
a Transfer books not closed, b Less Income tax. d Correction, e On account
+ Increase over last week. — Decrease from last week.
of accumulated dividends

Adams Express......................
Extra-----------------------------Amalgamated Copper (quar.).




.
.
.

$2
S4

X

Dec.
Dec.
Nov.
Nov.
Nov.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
iNov.
Nov.
[Dec.
Nov.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Jan.
Nov.
Dec.
Dec.
Jan.

Xov. 20 1909. |

THE CHRONICLE

The
B a n k in g
D e p a rtm e n t
a ls o
u n d e r t a k e s to
p re se n t
s e p a r a t e fig u r e s in d ic a t in g t h e t o t a ls f o r t h e S t a t e b a n k s a n d
t r u s t c o m p a n ie s in t h e G r e a t e r N e w Y o r k
T h e s e f ig u r e s a r e s h o w n in t h e t a b le b e lo w , a s a r e
a ls o t h e r e s u lt s ( b o t h a c t u a l a n d a v e r a g e ) f o r t h e C le a r in g ­
H ouse b an ks.
I n a d d it i o n , w e h a v e c o m b in e d e a c h c o r r e ­
s p o n d in g it e m in t h e t w o s t a t e m e n t s , t h u s a f f o r d in g a n a g g r e ­
g a t e f o r t h e w h o le o f t h e b a n k s a n d t r u s t c o m p a n ie s in t h e
G re a te r N e w Y o r k .

not in the Clearing

House.

NEW YORK CITY BANKS AND TRUST COMPANIES.
W eek ended N o v .

C lea r.-H ou se
B a n k s.
ActualF igures

13.

C lea r.-H ou se Slate B a n k s &
T otal o f all
B a nks.
Trust C os. not Banks A Trust
A v era ge.
in C .- H . A v er . C os. A v erage

$

(Nat. Banks 1
Capital ( Sept. 1 ...J

$

127.350,000

$

127,350,000

$

71,550,000

198,900,000

Surplus
Sept. 1 4 ..j 177.371,800
177,371,800
172.199,700
349,571,500
Loans and Investments 1.204,199,600 1,226,243,100 1,202,283,300 2,428,526,400
Change from last week —39,602,400 — 20,731,300
+ 1,472,400 — 19,258,900
1,189,960,900 1,214,788,000 a l,153,469,500 2,368,257.500
Change from last week — 46.735,000 —26,672.500
— 6,877,200 —33.549,700
S pecie...................... .
239,456,200
241,898.200
121,448,500
363,346,700
Change from last week — 4,648,200
— 4,979,100
— 2,584,400
— 7,563,500
68,860,600
—705,300

68.567,800
+ 37,400

622,512,500
— 272,200

91,080,300
—234,800

Aggr’te money holdings
Change from last week
Money on deposit with
other bks. & trust cos.
Change from last week

308,316,800
—5,363,500

310,466,000
— 4.911.700

cl43,961,000
— 2,856,600

454,427,000
—7,798,300

21,382,200
— 1,759,400

21.382,200
— 1,759,400

Total reserve______
Change from last week

308,316,800
— 5,353.500

165,343,200
— 4,616,000

475,809,200
— 9,557,700

Change from last week

Percentage to deposits
requiring reserve__
Percentage last week..

25.94%
25.48%

Surplus reserve............

310.466,000
— 4,941,700
25.59%
25.43%

10,826,575

W e om it two ciphers
C a pital
and
S u rp lus.

B a n k s.

Boston.
Oct. 23._
Oct. 3 0 ..
Nov. 6 ..
Nov. 13
Phila.
Oct. 2 3 ..
Oct. 3 0 ..
Nov. 6 ..
Nov. 13..

L oa ns.

S
40.300.0
40.300.0
40.300.0
40.300.0

S
213.357.0
208.859.0
206.374.0
209.176.0

66.315.0
56.315.0
56.315.0
56.315.0

266.875.0
262.877.0
260.106.0
258,747,0

The

a v e ra g e s o f th e N e w
Y o rk
C le a r in g - H o u s e b a n k s
w it h t h o s e f o r t h e S t a t e b a n k s a n d t r u s t c o m p a n ie s
in G r e a t e r N e w Y o r k o u t s id e o f t h e C le a r in g H o u s e c o m p a r e
a s f o l l o w s f o r a s e r ie s o f w e e k s p a s t :

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e omU two ciphers (00) in all these fig u res

Sept.
8ept.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.

18..
2 5 ..
2 ..
9 ...
16..
2 3 ..
3 0 ..
6 ..
13..

D ep osits.

S p ecie.

T ot. M o n e y E n tire R es.
H old in gs. on D ep osits

L cgals.

$
S
2,565,384,6 405.927.4
2.545.711.1 405,999,3
2.541.198.2 398.308.5
2.491.502.9 386.769.7
2.433.415.2 380.588.6
2.415.217.9 384.151.8
2.401.871.9 378.354.1
2.401.807.2 370.910.2
2,368,257,5 363.346.7

$
95.001.1
94.153.5
92.258.2
91.625.6
93,689,4
93,694,9
93.572.2
91,315,1
91.080.3

$
500,928,5
500.152,8
490.566.7
478.395.3
474.278.0
477.846.7
471.926.3
462.225.3
454.427.0

$
528,412.4
525.896.1
514.587.8
502.420.3
497.581.3
499.810.3
494.500.4
485.366.9
475.809.2

iteports or rton-Member Banks.— T h e f o l l o w i n g i s
s t a t e m e n t o f c o n d it io n o f th e n o n - m e m b e r b a n k s f o r
w e e k e n d in g N o v . 1 3 , b a s e d o n a v e r a g e d a i l y r e s u lt s :
_________________W e omU

C a p i-

cip hers

(00) in all these fig u res.

Sur­
plus.

L oa n s,
D is c ’ ts
and
In vest­
m ents.

Specie.

$

S

Legal
T ender
and
Bank
N otes.

th e
th e

D ep osit With—
Clear­
ing,
A g en t.

O ther
B a nks
A c.

Net
Deposits.

N. Y. City.
Boroughs o f
M a n . A B rx.

Wash. Hgts
Century . . .
. Colonial . . .
Columbia
Fidelity . . .
Jefferson.,.
Mt. Morris.
Mutual----P la za ........
23rd WardUnion Ex.N
Yorkvllle . .
NewNethl'd
Batt.Pk.Nat
Aetna........
Borough of
Brooklyn.

Broadway .
Mfr8‘ N at..
Mechanics’ .
Nassau Nat.
Nat. C ity..
North Side.
Jersey City.

First N at..
Hud.Co.Nat
Third N at..
Hoboken.

First N at..
Second Nat.

$

100,0
200,0

24.3,1
154,4

200.0

500.0
250.0
200.0
100,0
200,0

1, 000,0
100,0
200,0
200,0

300,0
200,0

252.0

1,000,0
750.0
300.0

200.0

$

$

S

$

1.244.0
1,624,9
5.373.3
452,9 5.967.0
104.3 1.027.4
057.7 3.851.2
283.8 2.474.7
322.3 3.721.4
410,6 4.206.0
95,4 1,884._
934.4 7.987.3
456,0 3.884.2
258.4 2.163.0
146.5 1.126.3
316.8 2.049.5

129.0
58,0
21.3 251,9
757,8 403.0
536.0 506.0
97.0
68,6
15.1
463.5
452.2 • 23,3
26.2 650,7
349.0 403.0
169.2
56.2
989.3 1,000,0
53.3 833.6
226.0
77,0
219.4
33.3
355,7
29,5

531,3 3,434,9
787.6 5,765.6
927.7 11,030,4
949,0 6.317.0
593.8 4.219.0
139.7 1.968.0

24.3 357,5
581.3 207,8
261,1 1,309,7
410.0 436.0
116.0 601.0
135.3
88,9

756,5
1,219,3
777.0
600.0

102.7
260,2

100,0

167.0
134,4

3.758.5
6.308.7
13.865.5
6.143.0
5.268.0
2.179.0

366.0
168.8
16,0

6,642,2
2.498.0
2,390,5

283.6

400.0
300.0

114.0
71,1
608.3

599.0
136.9

106,6
307.4
347,8
501.0
263.1
193.0
197,6
159.0
42,4
43.9

202,0

400.0
250.0

1 , 222,1

200.0

725.8
380,2

4.483.1
2.781.0
1.923.2

306,1
133.3
57,5

344,2
36,0
154,0

2,830.2
228,1
546,4

220,0
125,0

626.5
232.6

2.495.0
2.532.3

97.4
81,9

5,5
94,4

145,1
68,3

156,1
227,4
219,1
88,5
5,2

252,0
5,0
31,2

1 , 210,0

1.875.6
6,783,9
7.070.0
1.059.6
3.536.8
3.156.2
4.219.1
5.126.0
2.184.9
7.836.3
5.038.0
2.244.0
1,075,8
1.821.7

Boston and Philadelphia Eanks.—
and

w e e k ly t o t a ls
P h ila d e lp h ia .

of




th e

Clearings.

S
24.276.0
23.878.0
23.956.0
23.325.0

$
4.886.0
4.716.0
4.731.0
5.143.0

70,7911,0
67.4313.0
69.44 2.0
69,401,0

$
266,800,0
258.794.0
264.406.0
257.823.0

S
7.047.0
7.059.0
7.043.0
7.013.0

$
177.253.1
169.542.1
204,588,5
175.354.4

313.779.0
306.425.0
308.712.0
305.310.0

16.843.0
16.814.0
16.869.0
16.828.0

155.369.5
141,966,8
147.184.5
149,526,3

Imports and Exports for the W eek.— T h e f o l l o w i n g a r e
t h e im p o r t s a t N e w Y o r k f o r t h e w e e k e n d in g N o v . 1 3 : a ls o
t o t a l s s in c e t h e b e g in n in g o f t h e f i r s t w e e k in J a n u a r y :
F o r W eek .

1909.

Dry G oods............... ......
General Merchandise .

1908.

$3,788,352
14.193,068

1907.

$3,173,408
12.166,021

1906.

$3,344,019
10,367,968

$3,298,956
15,129.584

T o ta l............................
1 $17,981,420 $15,339,429 $13,711,987 $18,428,540
S ince J a n u a ry 1.
Dry Goods.......... ....... ...
$145,969,892 $107,491,056
$139,840,353
General Merchandise_______ 608,638,636 441,526,348 $161,702,012
585,790,026 525,816,583
Total 45 weeks.............. •$754,608,528 8549,017,404 $747,498,038
$665,656,936
1
T h e f o llo w in g is a s t a t e m e n t o f t h e e x p o r t s ( e x c lu s iv e o f
s p e c ie ) f r o m t h e p o r t o f N e w Y o r k t o f o r e ig n p o r t s f o r t h e
w e e k e n d in g N o v . 1 3 a n d f r o m J a n . 1 t o d a te :

EXPORTS FROM NEW YORK FOR THE WEEK.
1909.

1908.

1907.

1906.

$12,465,474 $15,395,166 $11,272,175 $11,208,725
525,359,405 539,955,319 543,562,047 516,137,404

w ie e x p o r t s a n a i m p o r t s o f
Y o r k f o r th e w e e k e n d in g N o v . 1 3

buuw s

s p e c ie a t t h e p o r t o f

New

?oneS*n??
ilf/vr'. 1 1 ^ 9 , and for the corresponding periods in
xyuo ana iy(J7!
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
E xp orts.

aold.

W eek .

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

Im p orts.

S in ce J a n . 1

W eek .

$13,958,120
ri oqi ,ZoZ
non
10,001

$1,919
4,409

O Oil 1QE
5,000
$1,304,000 40.222,450
4,030,820

2,944
ei o
olo
85,870
18,725

S in ce J a n . 1

$207,699
2,172,821
10,523
712,217
527,741
2,238,201
1,876,829
C7,7,IC
noi
<10,Uo1
15,438,423
37,133,959
•OOR 077
$JJo,o77
8,964
71,280
125,641
2,116,885
821,787
1,019,617

Total 1909..........
si an4 nno'can **ne 017 9Cl1 14,000
14 OCR
Total 1908___ __
47]698i050
155,084
Total 190 7 ______
_____ 36,756,972 21,110,672
Silver.
Great Britain____________ _______
CO 090
*534
ion
$757,521 ■
Jd^,033
*700,iau
fco.ooJ
France .................... .........................
197,900 3,700,150
75
Germany .........................................
11,090
2,424
West Indies............................ *
* 5,486
115,927
97
Mexico .......... ........... ..................
South America................. ... .
’ ’ 51,826
” 8] 679
All other countries............... I I ] ! ] ]
30,712
20,421
Total 1909_______
$960,907 $38,842,895
$35,028
$4,390,051
Total 1908..........
Q
OQ1
i fin non o,o4o,ool
755,063 Q7 0(14 ’tOQ
iou,yyu
Total 1907________
1,199 ,’218 44,582,157
76,659 3,096,113
O f t h e a b o v e im p o r t s f o r t h e w e e k
in
1 9 0 9 , § 3 ,0 8 4
w e r e A m e r ic a n g o ld c o in a n d
§ 1 2 1 A m e r ic a n s ilv e r c o in .
O f th e e x p o r t s d u r in g th e s a m e t im e , $ 1 ,3 0 4 ,0 0 0 w e re A m e r i
c a n g o l d c o i n a n d § ------- w e r e A m e r i c a n s i l v e r c o i n .

faulting and i ’iuaucial.

IN V E S T M E N T S E C U R IT IE S
Our eight-page circular N o. 687 describes several Issues of sound
Investment bonds yielding about 4M to 6 M % .

Spencer T ra sk & Co.
W ILLIAM AND PINE STS.,
NEW YORK
Branch offices: Chicago. IL L ., Boston, Mass., Albany. N. Y.

M o f f a t

&

W

h i t e

BANKERS
66,6

72,8 2.045.8
339.1 2.983.1
Tot. Nov.13 8.147.0 12.296.4 95,534,5 6,601,3 8.492.6 11,161,0 2.678.1 108320,2
Tot. Nov. 6 8.147.0 12.296.4 96,038,8 6,682,7 8.327.7 11,519,0 2,876,3 109312,1
Tot. Oct. 30 8.147.0 12.296.4 96,026,1 6,713.9 8,645,6 14;336,2 2.818.1 112381,4

th e

a C ircu ­

Total 45 weeks__________ $538,824,879 $554,350,485 $554,834,222 $527,346,189

loot W
U
V
J
IV
.

combined

$
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
2.428.526.4

D ep osits,

ucpvouo auu me uem aue to otner DanKs.
At Boston
on Nov 6 1 depos ts amounted to $3,014,000 on Nov. 13, against $2,995,000

For the week______________
Previously reported..............

These are the deposits after eliminating the Item “ Due from reserve depositories
and other hanks and trust companies In New York City;” with this Item Included,
deposits amounted to $1,251,897,700, a decrease of $20,147,600 from last week.
In the case of the Clearing-House banks, the deposits are “ net” both for the average
and the actual figures. 6 Includes bank notes, c Of this amount State banks
held $15,231,700 and trust companies $128,729,300.

L oa n s and
In vestm en ts .

Lcgals.

lation.

a

W eek
Ended.

(00) in all tim e fig u res.

S p ecie.

........

17.1%
17.3%

6,769,000

"

1335

B d l o w ’ is a s u m m a r y o f
C le a r in g - H o u s e b a n k s o f B o s t o n

Members New York Stock Exchange
5 N ASSAU S T R E E T .
THE ROOKERY
N EW YORK
C H IC A G O
B A N K IN G and E X C H A N G E of every description In connection with

EXPORTS & IMPORTS

International Banking Corporation
60 W all S t., New York.

CAPITAL & SURPLUS. $6,500,000

B R A N C H E S and A G E N C IE S throughout the W O R L D .
T H E

IN T E R N A T IO N A L

B A N K

Organized under the Laws of N. Y. State.
60 W ail S t.. New York
Accounts invited.
Interest paid on Term Deposits.

THOMAS H. HUBBARD. President.

Ilaxthm’ (Sa-aetts.

Wall Street, Friday Night, Nov.

The

[VOL. LXXX1X.

THE CHRONICLE

M oney

19 1 9 0 9 .

M a r k e t a n d F in a n c ia l S it u a t io n — T h e

specu­

l a t i v e e le m e n t in W a l l S t r e e t w a s c h i e f ly in t e r e s t e d
d u r in g
t h e e a r ly p a r t o f th e w e e k w it h e x p e c t e d d e v e lo p m e n t s in ­
v o lv i n g t h e la r g e r c o p p e r - p r o d u c in g c o m p a n ie s .
I t is u n ­
d e r s t o o d t h a t th e p r o j e c t w il l b e t a k e n u p w it h a v ie w to
p u t t in g t h e c o p p e r t r a d e o n a m o r e s a t is f a c t o r y b a s is .
T h is
e x p e c t a t io n n o t o n ly in f lu e n c e d c o p p e r , b u t p r a c t i c a l l y t h e
w h o le m a r k e t f o r s h a r e s h a s b e e n s t r o n g t h r o u g h o u t t h e
w eek.
I n b a n k i n g c i r c l e s c o n s i d e r a b l e i n t e r e s t is m a n i f e s t e d
in r e c e n t a n d p r o s p e c t iv e b a n k m e r g e r s a n d b u ild in g s — th e
la t e s t h a v in g r e f e r e n c e t o t h e F o u r t h N a t io n a l, w h ic h h a s
iu s t is s u e d a c a ll f o r a m e e t in g o f s t o c k h o ld e r s t o a u t h o r i z e
a n in c r e a s e o f it s c a p it a l s t o c k f r o m $ 3 ,0 0 0 ,0 0 0 t o $ 5 ,0 0 0 ,0 0 0 .
A s i t is p r o p o s e d t o o f f e r t h e n e w s h a r e s t o s t o c k h o ld e r s a t
$ 2 0 0 , $ 2 ,0 0 0 ,0 0 0 w i l l a ls o b e a d d e d t o t h e s u r p lu s f u n d .
A n o t h e r m a t t e r o f m o r e o r le s s i n f l u e n c e w a s t h e a n n o u n c e ­
m e n t la t e o n T h u r s d a y o f a d is t r ib u t io n o f a c c u m u la t e d s u r ­
p lu s b y th e W e lls - F a r g o E x p r e s s C o . in th e s h a p e o f a 3 0 0 %
d iv id . - n d t o s t o c k h o ld e r s .
O n t h is a n n o u n c e m e n t W e lls F a r g o s h a r e s a d v a n c e d t o 5 6 0 , o r GO p o i n t s h i g h e r t h a n t h e y
s o ld la s t w e e k , a n d o t h e r e x p r e s s s t o c k s r e s p o n d e d w it h

N e w O r le a n s , c o m m e r c ia l, 2 5 c . p e r $ 1 ,0 0 0 d is c o u n t ; b a n k ,
8 1 p e r $ 1 ,0 0 0 p r e m iu m .
C h a r le s t o n , b u y in g , p a r ; s e llin g ,
1 -1 0 %
p r e m iu m .
S t.
L o u is ,
3 0 c . p e r $ 1 ,0 0 0 p r e m iu m .
S a v a n n a h , b u y in g , $ 1 5 0 p e r $ 1 ,0 0 0 d is c o u n t ; s e llin g , p a r .
S a n F r a n c is c o , 7 5 c . p e r $ 1 ,0 0 0 p r e m iu m .
B o s to n , p a r; p a r
b id .

m o r e o r le s s f o r c e .
S t i l l , a f u r t h e r e v e n t , w h o lly u n e x p la in e d s o f a r a s k n o w n ,
w a s a s h a r p u p w a r d m o v e m e n t o f s o m e o f t h e a n t h r a c it e
s t o c k s , d u r in g w h ic h C e n t r a l o f N e w J e r s e y w a s c a r r ie d 2 5
p o in t s h ig h e r t h a n it s la s t p r e v io u s s e llin g p r ic e .
T h e in ­
flu e n c e o f th e s e f a c t o r s u p o n m a r k e t v a lu e s w a s s u p p le ­
m e n te d b y a r e la t iv e ly s te a d y m o n e y m a r k e t , b y f u r t h e r f a ­
v o r a b le r e p o r t s o f r a ilw a y e a r n in g s a n d b y a n o t h e r s u b s t a n ­
t i a l in c r e a s e in t h e B a n k o f E n g l a n d ’s p e r c e n t a g e o f r e s e r v e .
A t th e s a m e tim e lit t le o r n o a t t e n t io n w a s g iv e n to th e fa c t
t h a t e n g a g e m e n t s o f g o ld f o r e x p o r t d u r in g t h e w e e k a m o u n t
to $ 5 ,6 5 0 ,0 0 0 .
t
T h e o p e n m a r k e t r a t e s f o r c a ll lo a n s a t t h e S t o c k E x c h a n g e
d u r in g t h e w e e k o n s t o c k a n d b o n d c o lla t e r a ls h a v e r a n g e d
fro m 4 to 5 % % .
T o - d a y ’s r a t e s o n c a ll w e r e 4 % @ 5 % .
C o m m e r c ia l p a p e r q u o t e d a t 5 % f o r 6 0 t o 9 0 d a y e n d o r s e ­
m e n ts , 5 % %
f ° r p r im e 4 t o 6 m o n t h s ’ s in g le n a m e s a n d
6 @ 6 % % f o r g o o d s in g le n a m e s .
The
B a n k o f E n g la n d w e e k ly s t a t e m e n t o n T h u r s d a y
s h o w e d a n in c r e a s e in b u l li o n o f £ 2 , 1 4 1 , 6 6 1 a n d t h e p e r c e n t ­
a g e o f r e s e r v e t o li a b i l i t i e s w a s 5 4 .4 5 , a g a in s t 5 0 .7 1 la s t w e e k .
T h e r a t e o f d is c o u n t r e m a in s u n c h a n g e d a t 5 % a s f ix e d
• O c t. 31.
T h e B a n k o f F r a n c e s h o w s a d e c re a s e o f 2 6 ,6 5 0 ,0 0 0
f r a n c s g o ld a n d a n in c r e a s e o f 4 ,8 5 0 , 0 0 0 f r a n c s s ilv e r .

1908.

1907.

A vera ges fo r
w e ek e n d in g

A vera ges fo r

1909.
D iffe r e n c e s

A vera ges fo r

fro m

ice ek a id in g
N ov.

Capital........................
Surplus ......................
Loans and discounts—
Net deposits................
U. S. dep. (Incl. above)
Specie ........................
Legal tenders.............

13.

p re v io u s w eek .

$
127.350.000
177,371,800
1,226,243,100
53,223,300
1,211,788,000
1,672,700
241,898,200
68,567,800

Reserve held________
25% o t deposits...........

S
Dec. 20,731.300
Dec.
55,500
Dec. 26,672,500
Inc.
45,700
Dec. 4,979,100
Inc.
37,400

310.466.000 Dec. 4,941,700
303.697.000 Dec. 6,668,125

N ov.

14.

N ov.

16.

218.659.000
272,325,950

Surplus reserve........

6,769,000 Inc.

1.726,425

30,211.950 dc!53,666,950

Surplus excl. U. S. dep.

7,187,175 Inc.

1,737,850

32,511,625 def35,576,375

.—The Clearing Mouse now issues u suiicm ci
.Z
, r . V,
........
the actual figures on Saturday morning. These figures, together with the returns
of separa e 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.
N o te

F o r e ig n E x c h a n g e .— F o r e ig n

d is c o u n t s h a v e a g a in

te n d e d

t o w a r d s a lo w e r le v e l t h is w e e k , b u t f o r e ig n e x c h a n g e r a t e s
h e r e h a v e n o t y e t f a lle n f r o m t h e ir u n s e a s o n a b ly h ig h le v e l.
R a t e s c lo s e d t h e w e e k h ig h e r t h a n t h e y w e r e a f t e r t h e
o p e n in g .
,
,
,
T o - d a y ’ s ( F r id a y ’ s) n o m in a l r a t e s f o r s t e r lin g e x c h a n g e
w e re 4 8 4 f o r s ix t y - d a y a n d 4 8 8 f o r s ig h t .
T o - d a y ’s a c t u a l
r a te s f o r s t e r lin g e x c h a n g e w e re 4 8 3 5 0 @ 4 8 3 6 0 fo r s ix t y
d a y s , 4 8 7 3 0 @ 4 8 7 3 5 fo r ch e q u e s a n d 4 S 7 8 5 @ 4 8 7 9 0 fo r
c a b le s .
C o m m e r c ia l o n b a n k s 4 8 3 2 0 @ 4 8 3 3 0 a n d d o c u ­
m e n ts fo r p a y m e n t 4 8 2 % @ 4 8 3 % .
C o tto n fo r p a y m e n t
4 8 ‘2 % @ 4 8 2 % a n d g r a i n f o r p a y m e n t 4 8 3 % @ 4 8 3 % .
T o - d a y ’s ( F r id a y ’s) a c t u a l ra te s f o r P a r is b a n k e r s f r a n c s
w e re
5 1 9 % -1 -1 G @ 5 1 9%
fo r
lo n g
and
5 1 6 % -1 -1 6 ©
5 16 % -1 -3 2
fo r
s h o rt.
G e rm a n y
b a n k e rs
m a rk s
w e re
94 9 -1 6 @ 9 4 %
f o r lo n g a n d 9 5 % @ 9 5 5 - 1 6 - 1 - 3 2 f o r s h o r t .
A m s t e r d a m b a n k e r s ’ g u ild e r s w e r e 4 0 1 4 ® 4 0 1 6 f o r s h o r t .
T h e r a n g e o f f o r e ig n e x c h a n g e f o r t h e w e e k f o llo w s :
S ix ty D a y s.
S te r lin g , A c t u a l—

High____ 4 83H-4 8354
Low ____ 4 8354-4 8356

C h eq u es.

4 8730-4 8740
4 8710-4 8720

P a r is B a n k e r s ’ F r a n c s —
High____ 5 1954 less 1-32-5 1956 5 1656 less 1-32-5 1656
5 1756-5 1656 less 3-32
Low ____ 5-20-5 1956 less 3-32
G erm a n y B a n kers' M a rk s—
95 5-16 less 1-32-95 5-16
High....... 9456-91 1-16
95 3-16-9554 less 1-32
Low ....... 0456-94 7-16
A m s te r d a m B a n k e r s ’ G u ild e r s —
40 17-40 19
High....... 39 98-40
______
_________
40 13-40 15
Low
____ 39
92-39 94

C a b les .

4 8795-4 8805
4 8765-4 8775
6 1654 less 5-64-!ess3-64
5 1656 less 1-32-5 1656
95 7-16 less 1-32-95 7-1
95 5-16 less 1-32-95 5-16
40 21-40 23
40 18-40 20

T h e f o llo w in g a r e th e r a t e s f o r d o m e s t ic e x c h a n g e a t th e
u n d e r m e n t io n e d c it ie s a t t h e c lo s e o f t h e w e e k : C h i a g o , 1 5 c .
p e r $ 1 ,0 0 0 d is c o u n t .
S t . R a u l, 2 5 c . p e r $ 1 ,0 0 0 d is c o u n t .




m o s t ly

lo w - p r ic e d

is s u e s .

U n i t e d S t a t e s B o n d s . — S a le s o f G o v e r n m e n t b o n d s a t t h e
B o a r d a r e lim it e d to $ 4 ,0 0 0 3 s c o u p ., 1 9 0 8 -1 8 , a n d $ 5 ,0 0 0
4 s re g ., 1 9 2 5 , a t 1 1 6 .
T h e f o llo w in g a r e t h e d a i ly c lo s in g

In terest
P e rio d s

N ov.

N ov.

N ov.

13

1930 ............... registered Cl—Jan *100 *100
1930 ___________ coupon (1—Jan *100 *100
1908­ 18............registered (1—Feb *10154 *10154
190S- 18............... coupon Q—Feb *10154 10156
1908­ IS___ small coupon (1—Feb
1925 ......... .....registered Cl—Feb *11554 *11554
1925 ..... ............. coupon Cl—Feb *11654 *11654
1936 . Panama Canal regls Q—Feb *9)54 *9)54
1938 .Panama Canal regls Q—Nov *9)54 *9354

N ov.

N ov.

N ov.

19

10

17

18

*100
*100
*10154
*10154

*100
*100
*10154
*10154

*100
*100
*10154
10154

*11554
*11654
*9)54
*9954

I id
*11654
*9954
*9954

*11554 *11554
*11654 *11654
*99 54 *9954
*9954 *9954

15

* m is is tue
urn
--------- ---------- -------------R a ilr o a d a n d M is c e lla n e o u s S t o c k s . — I n th e s t o c k m a r k e t
b u s in e s s h a s b e e n o n a la r g e r s c a le t h a n o f k it e a n d t h e t o n e ,
a lt h o u g h ir r e g u la r , h a s b e e n g e n e r a lly s t r o n g .
O w in g , a s
n o t e d a b o v e , t o h o p e s o f b e t t e r c o n d it io n s in t h e c o p p e r
t r a d e , A m a lg a m a t e d C o p p e r h a s a d v a n c e d o v e r 6 p o in t s ,
U t a h C o p p e r n e a r ly 1 0 , A n a c o n d a 4 % a n d S m e lt in g 4 .
The
s t r e n g t h s h o w n b y t h is g r o u p le d t h e l i s t t o a h ig h e r le v e l.
P e n n s y lv a n ia
a n d C a n a d ia n
P a c if i c s o ld e x r ig h t s o n
M o n d a y a n d b o t h h a v e r e c o v e r e d a p a r t o f t h e s lic e w h ic h
th e n c a m e o ff.
I n t e r - M e t . h a s n o t r e t a in e d a ll o t it s r e c e n t
a d v a n c e a n d N o r t h e r n P a c i f i c is f r a c t i o n a l l y l o w e r t h a n l a s t
w eek.
S o m e o f th e a n t h r a c it e c o a l s t o c k s t o o k a s u d d e n
a n d u n e x p e c t e d s t a r t u p w a r d o n T h u r s d a y , c o n t in u in g th e
m o v e m e n t t o - d a y , in w h ic h C e n t r a l o f N e w J e r s e y le d , w it h
a n a d v a n c e o f 2 5 p o in t s .
A m e r i c a n S u g a r R e f in in g d e c lin e d
n e a r ly 9 p o in t s e a r ly in th e w e e k , b u t h a s r e c o v e r e d p a r t i a l l y .
C o n s o lid a t e d G a s w a s a s t r o n g f e a t u r e t o - d a y , c lo s in g 6 %
p o in t s h ig h e r t h a n
la s t n ig h t .
I t is r e p o r t e d
t h a t th e

For daily volume of business see page

dem and

cam e

fro m

in s id e

in t e r e s t s .

1336.
T h e f o l l o w i n g s a le s h a v e o c c u r r e d t h i s w e e k o f s h a r e s n o t

STOCKS.
W eek

en d in g

N ov.

S a te s

R ange fo r

W eek.

19.
W eek .

L o ic c s l.

H ig h e s t.

R a n g e s in c e J a n .
L o ic c s l.

1.

H ig h e s t.

w e e k e n d in g

S
8
126,350.000 129.400.000
163.720.100 164,098,300
1.328.147.600 1,192,010,400
55,844,400
52,431,800
1.403.522.600 1,089,303,800
72,362.300
9,198,700
302.088.100 170,347,900
48,311,100
79,004,500
381,092,600
350,880,650

M o n t r e a l, 6 4 % c . p e r $ 1 ,0 0 0 d is c o u n t .

S t a t e a n d R a i l r o a d B o n d s . — S a le s o f S t a t e b o n d s a t t h e
B o a r d in c lu d e $ 1 ,0 0 0 T e n n e s s e e s e t t le m e n t 3 s a t 9 5 % a n d
$ 3 7 ,0 0 0 V i r g i n i a 6 s d e f e r r e d t r u s t r e c e ip t s a t 5 0 t o 5 5 .
T h e m a r k e t f o r r a ilw a y a n d in d u s t r ia l b o n d s r e m a in s d u ll
and
g e n e r a lly
u n in t e r e s t in g ,
s a v e fo r a c t iv it y
in
a fe w

oooo

1326

560 S ‘2 H Nov 16 S3 M Nov 18
Alice Mining-----------600 83 Nov 17 85 Nov 17
Amer Telcg & Cable —
Canadian Pacific rights 7,100 9 Nov 15 OH Nov 16
800 3 Nov 10 3 Nov 17
Chicago Terminal Trans
220 11254: Nov 15 112M Nov 1
Colo Fuel & Iron, pref.
200 93 Nov 17 93 Nov 17
General Chemical-----600 104 Nov 18 106H Nov 17
Preferred___ : ----170 80 Nov 17 80 Nov 17
Ilomestake Mining----Keokuk & Des Moines.. 4,310 7H Nov 16 11 H Nov 19
43 Nov 1!) 45 Nov 19
1
400
Preferred____ ____
400 35 Nov 15 35 Nov 15
New York Dock-------100 81 Nov 18 81 Nov 18
Preferred ...............N Y N II Sc H rights--- 20,247 5Jjj Nov 13 6 1:j Nov 18
Ontario Silver Mining.. 1 25 3 Nov 13 3 Nov 15
100 99 y 2 Nov 19 99 ' A Nov 19
Pacific Telep. & Telet
31,1 6'l 8 Nov 13 8% Nov 16
Pennsylvania rights.
: 500 24% Nov 18 26 Nov 19
Peoria & Pastern...
350 40 Nov 17 40 Nov 17
St Jos & Or Isl 2d pref. .
100 144 K Nov 11 144 Yx Nov 16
100 108H Nov 18 108H Nov 18

82
75
9
2
67
61
98 y ,
79
5
25
30
75
5H
2
98
7U
23H
29
125
99

Feb S3K
Feb 85
Nov 9H
May 4 !4
Mch 1125:
Jan 95
Jan 108
Nov 94 H
Mch 11U
Feb 45
Feb 47
Jan 82 %
Nov 0' :
Oct 5? s
Oct 100
Nov 8?i
Feb 27
Mch 41
May 144 Y x
Jan 110

Nov
Sept
Nov
Jan
Nov
Aug
Aug
Apr
Nov
Nov
July
Aug
Nov
Jan
Oct
Nov
June
Nov
Nov
May

O u t s id e M a r k e t . — T h e m u c h - t a lk e d - o f m e r g e r o f c o p p e r in ­
te r e s ts h a s g iv e n th e “ c u r b ” m a r k e t th e a p p e a r a n c e o f a
boom .
S p e c u la t io n h a s c e n t e r e d a lm o s t w h o lly in th e c o p p e i
is s u e s a n d h ig h - r e c o r d p r ic e s w e r e e s t a b lis h e d in s e v e r a l in ­
s t a n c e s o n a la r g e b u s in e s s .
B o s t o n C o n s o lid a t e d a d v a n c e d
fr o m 16 to 1 7 % a n d e n d s t h e w e e k a t 1 7 % .
B u t t e C o a lit io n
f r o m 2 9 % ro s e t o 3 3 % , e v e n a f t e r s e llin g e x - d iv id e n d .
It
f in a lly r e a c te d to 3 3 .
C u m b e r la n d E l y m o v e d u p f r o m 8 7 -1 6
to 9 % a n d e a s e d o ff to 9 1 -1 6 .
G i r o u x s o ld u p f r o m 1 0 to
12 % a n d f in is h e d t o - d a y a t 1 2 .
G re e n e C a n a n c a ra n u p fro m
1 2 't o 1 4 % , t h e f in a l q u o t a t io n t o - d a y b e in g 1 4 .
M ia m i fro m
1 7 % r e a c h e d 1 8 % a n d c lo s e d a t 1 8 .
N e v a d a C o n s o lid a t e d
g a in e d a b o u t 2 % p o in t s t o 3 0 a n d s o ld f in a lly a t 2 9 % .
O h io
C o p p e r im p r o v e d f r o m 4 % t o 5 1 3 -1 6 a n d e n d s t h e w e e k a t
5 i
N i p i s s i n g w a s tra d e d in d o w n fr o m 1 0 % to 1 0 % a n d
L a R o s e C o n s o lid a t e d f r o m 5 t o 4 % .
U n io n M in e s im p r o v e d
f r o m 2 % t o 3 % , c lo s in g t o - d a y a t 3 .
S t a n d a r d O il, o n c o n ­
s id e r a b le b u s in e s s , m o v e d d o w n f r o m 7 0 6 t o 7 0 5 % , t h e n u p
t o 7 1 1 , b e i n g t r a d e d in t o - d a y d o w n t o 7 0 0 % a n d u p t o 7 0 2 %
e x t h e d i v id e n d o f $ 1 0 d e c la r e d t h is w e e k .
S o u th e rn Iro n
& S t e e l is s u e s h a v e b e e n s t r o n g a n d a c t i v e , t h e c o m m o n ,
“ w. i.
g a i n i n g a b o u t 5 p o i n t s t o 2 7 , w it h t h e c lo s e t o - d a y
a t 2 6 . ’ T h e p r e f e r r e d , “ w . i . , ” r e g is t e r e d a r is e o f o v e r 3
p o i n t s t o 5 5 % , e a s in g o f f s u b s e q u e n t ly t o 5 5 % .
Guggen­
h e im E x p l o r a t i o n m o v e d u p f r o m 2 3 0 % t o 2 4 0 , b u t la t e r
lo s t a fe w p o in t s .
C h ic a g o S u b w a y s o ld d o w n f r o m 6 % t o 6
a n d c lo s e d t o - d a y a t 6 % .
A fe a tu re o f th e b o n d d e p a rtm e n t
w a s th e f ir s t t r a d in g in t h e n e w M is s o u r i P a c if ic c o n v . 5 s ,
i ” a t fr o m 9 0 % to 97 a n d d o w n to 9 5 % .
N . Y . T e le ­
p h o n e 4 % s , “ w . i. , ” w e n t u p fro m 9 7 % to 9 7 % .
W e s te rn
P a c if ic 5 s w e a k e n e d fr o m 9 7 % to 9 7 % .
O u t s id e q u o t a t io n s w il l b e f o u n d o n p a g e 1 3 3 6 .

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G

S T O C K S — H IG H E S T
S a tu rd a ti
N o v . 13.

A N D

T u esd a y
NOV
16.

M on d a y
N ov
15.

L O W E S T

S A L E

P R IC E S .

T W O

PAG ES

S a les o f

STOCKS
Y O R K STOCK

N E W

W ed n esd a y
N o v . 17.

T h u rsd a y
N ov.

F r id a y

18.

N ov

19.

119*2 120 % 120*3 121*8 12010 1213 1203S 1203, 120 *o 120 "s 1201 ? 1 2 1 %
10434 104*, 10412 1043a IOII4 1041, 104% 104*0 104*2 1 0434 1043, 10-13.
136*4 130*4 136 136
137 137
135 136*2 135 137
135U 136*
115*4 11578 116*8 1163a 116*4 116* >116 1163J 116*4 116*2 116*4 117k
$913j 92
*90
93
*90
93
93
*90
*91
93
92
92
7534 7038 76
77
76
77-8
77*2
7738 777s
76*8
7712 7834
1703.1 177% 177 177*0 177 177
184% 18434 1170 176*0 176*2 177
*68
71
*
6
S
72170*1 70*,i
* 6S
70*1
*68
72
72
*68
290 290
*290 300 *290 295 *285 290
291*4 307
308 315
87*2 89
88% 89%
88% 89*4
89
87*4 87%
88*2 89
88
*
66*2
68
68
67*4 67*4 * 66*5 68
*67
*60*3 68
67*2 68
♦____ 74 * ___
74 *____ 74 *
74 * ------ 74 K____ 74
20 *o 2034
2078 21
20*4 2034
20*2 21
2053 2 1
20*2 21*7?
64
*62
64
*62
♦62
*61*4 63
64
*61*4 63
*61*4 04
34*2 3o
35
35
3403 34os * 34*2 35*s
*34*3 35
35
26
26
26*8 26*o
*2534 26*?
26*4 263S 26*4 26*4
26U 26*4
15534 156*2 156 156% 156 157*8 15534 156*8 156*4 1567$ 15634 157*4
*173*2 174*2 174% 174i2 175 175
174L 1747S *174 17534 *174 175
18534 186 *1S534 187
183 1853. 1823S 183*2 183% 1S41o 1841? 1843,
*220 225 *213
215 *213 220*8 *213 220 *? *215 22034 *213 220*8
*165 165 *155 165 *155 165 *155 105 *155 160
155 156
*165 175 *165 175 *105 175 *165 175 *160 175 *160 175
*4
41»
41o
*4
*4
*4
4*."
4*2
*4
4*o
5
*4*8

EXCHANGE

W eek

Range since Jan. 1 1 9 0 9 .
On bcRsis of 1 0 0 -share lots,

S h a res.

Range for I nvious
Year ( 1 9 0 8 ) .

H ig h e s t.

.

. ,

.R a ilr o a d s

58,860 A t c h T o p e k a & S a n t a F e
2,500
Do
p r e f __________ . .
5,500 A t l a n t i c C o a s t L i n e R U . .
6,800 D a l t t m o r e & O h i o
200 1 *

9778 Jan
XW U Ia n

107*2 Jan
193*2 Feb 5

125*8
1 00 %
143*2
122*4
96
827g
189%
70*4
323*2
9u
74*4
78**
21*4
I4

H ig h e s t.

O ct
2
J ’u e 2 ;
A t l g 12
J ' l y 26
A p r 12
J ’n c 7
O ct 6
N o v 15
S e p IS
O ct
Apr
M c h 27
N ov 4
N ov 3

66 Feb
83*s F e b
59*2 M c h
(6*2 F e b
80
Jan
37*4 F e b
140 F e b
64
M ch
160
F eb
25*2 F e b
10
F eb
47
M ch
3*8 F e b
33*2 M e t
15*2 F e b
5
F eb
103*2 J a n
138 J a n
135*2 J a n
118 5 J a n
114
F eb
140*2 J a n
% Apt
4
Apr
4712 J ’ n<
85*8 F e b
21
F eb
60’s Jan
39*4 F e b
141*2 F e b
420 J a n
14*4 F e b
3914 M e l
32*2 A p r
6
F eb
1134 F e b

F eb i
Jan
9
M ch 3
100
a n a d a S o u t h e r n ________
6 0 % J a n 11
2,375 C e n t r a l o l N e w J e r s e y ___ 215 F e b 23
36,825 C h e s a p e a k e & O h i o _______
55*3 J a n
600 C h i c a g o & A l t o n H R _____
5778 F e b 2
D o p r e l ________
70
N ov
5,700 C h i c G W e s c t f s d e o 3 d p d
AS
A u g 20
D o 4 % d e b e n ctfs d e p .
61*4 N o v
800
D o p ref “ A " ctfs d ep
27
Aug .
35% NOV
1,200
D o p ref “ B ” ctfs 3d pd
26*9 N O V 16
A 13*4 A u g 23
18,975 C h i c a g o M I l w & S t P a u l
141
F e b 23
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505
_____
142%
•• • .
....
158
ISO
1 75

A N D

Hid Ash
Banks
C h a th a m . .
348
C t u l s e a E x 1 2t*0
C h e m ic a l . .
4 30
4 id'
C it iz e n s ’ C l!
1571? lH 2 t2
C i t y .................. 1 112*4 14 15
C oa l & Iron
140
1 50
C o lo n ia l fl.
300
C o l u m b i a n . 375
425"
1192
C om m erce
C opper . . . .
310
3 30
C o m E x 11-.
335"
125
H a st R iv e r
135
165
F i d e l i t y 31
175

Banks

D ec
D eo
D ec
D ec
D eo
D eo
N ov
N ov
D eo
D eo
D ee
D eo
N ov
Aug
D eo
N ov
152*2 D e e
184*4 D e o
185*j D e o
224
D eo
1 60
D eo
174
D eo
7*8 D e o
18
D eo
70*2 D e o
'.97* D e o
59
D eo
79
D eo
78
D eo
.S I*** D e o
6 75
N ov
40*2 D e o
83*4 D e o
86
N ov
18% N o v
33*4 N o v
36
N ov
51*3 D e o
41
D eo
148*4 D e o
75% N o v
17*2 D e o
40
D eo
84
D eo
104*2 D e c
93
D eo
149*4 N o v
20
D eo
49*| D e o
32*2 D e o
67
D eo
75*2 D e o
42** D e o
7 2 i* D e e
28
D eo
58
D eo
46*8 D e o
125S* D e o
154*4 D e o
441. D e o
£6*2 D e o
90
D eo :
135
N ov
161*2 D e o
43*i
75*2
6 7*t
1 22

D eo
D eo
D eo
N ov

126
6 7l|
1 05
85
1 61
4773
86*3
88
15784
93<*
90
97
182*4
8S%
108*4
143*4
92
19
2514
62*|
69

D eo
D eo
N ov
D eo
N ov
D eo
N ov
D eo
N ov
Jan
M ay
Jan
D eo
D eo
N ov
D eo
D eo
D eo
D eo
D eo ‘
D ec ;

24
557*
122*2
2714
63*2
37*4
47
1512
60
73*2
96*8
1847s
98
40
5 9 l2
201*
62*4

D eo
D eo
D eo
D eo
D eo
D eo
Aug
D eo
D eo
D oo
D eo
N ov
N ov
D e«
D e«
D eo
D eo

13
20*4
IS I4
38I4

D eo
D ee
N ov
D ec

42*4 Deo




,

:
:

.
i

C O M P A N IE S — B R O K E R S ’ Q U O T A T IO N S .

Bid

Ash

....

F i f t h A v e i l . 4 25 0
350
F i l t h ............
300
F i r s t ________
8 40
825
1 4 th S tU . .
155
1205"
F o u r t h _____ 125 0
Gallatin__ 3 3 0
3 45
G a r f i e l d . . . t2 9 9 7 8
G e r m A m J) 140
G e r m ’ n E x li 4 50
5 50
670
G e r m a n i a II
G r e e n w i c h 1, 2 6 0
265
lla n o v e r . .
610
625
I m p A T r a c 1539

....

—

Hid
Banks
200
I r v in e N E s
180
J e f f e r s o n 11
555
L i b e r t y -------4 20
L i n c o l n ___
344
M a n h a tta n l
255
M a rk ’ t& F u !
M e c h a n i c s '. 1300%
M e r c a n t ile .
185
160
K erch E x ch
170
M erch a n ts’ .
M e t r o p o lis 1 390
M e tr o p o l’ n i
187%
M t M o rrtsl
2 50

Ask
2 10
190

_

435
350
263
190 ‘
I7»*
400
195
275

Banks
M u tu a l A . . .
N a ssau
N ew N e t h ’d
N ew Y ork C c
N ew Y o r k N ’ h t & D ay1
19 t h W a r d .
N’ o r t h e r n . .
P a c ific
P a r k ...............
P e o p le ’s 1 . .
P h e n l x _____
P la z a 9 _ _

H...

Bid

Ask

290
216
2 00
7 50
3 2 7 l2

310

. . ..

_

lu O '
230
460
280
1 75
625

....

220'

337%
230
4 20
115
240
470
295
185

B anks
P rod E x ch t
R e s e r v e .. . .
S eaboard . .
S econ d . . . .
S h erm a n . .
S ta te H . . - .
1 2 th W a r d .
23d W a rd \
U n io n E x o .
W a s h H ’ t* 1
W e s t S id e T
Y o r k v llle K

Bid
no

At*
17 h

125
850
4 00
136
300

1 30
375

....
•••
80
.. .. 1....
100
1 90
200
....
270
....1
6 00

600

•

w e r e m a d e o n t h i s d a y . 1 E x - r i g h t s . $ L e s s t h a n 1U 0 s h a r e s .
1i S t a t e b a n k s ,
a E x -d iv id e n d a n d r ig h to , b N e w s t o o lb
1 b a l e a t S t o c k E x c h a n g e o r a t a u c t i o n t h i s w e e k . /1 F i r s t I n s t a l l m e n t p a i d , n S o l d a t p r i v a t e s a l e a t t h i s p r i c e , t 2 d p a i d .
-

!

ao s a i e l

T R U S T

101*4
104
11112
117*
94
69*4
18013
68
:2 9
69**
687*
79
14**
6814
'3
17*3

New York Stock Record—Concluded— Page 2

1328
S T O C K S — H IG H E S T

A N D

L O W E S T

S A L E

P R IC E S .

S a les o f
V ie

S a tu r d a y

M on d a y

N ov.

N ov.

13.

15.

T u esd ay
N ov.

16.

W ed n esd a y
N ov.

17.

T h u rsd a y
N ov.

18.

F r id a y
N ov.

19.

W eek

STOCKS
NEW YORK STOCK
EXCHANGE

{VOL. LXXXIX.
1 1909.
100-share l o t s .

R a n g e s in c e J a n .
O n

b a s is

o f

S h a res.

R a n g e f o r P r ev io u s
Y ea r

H ig h e s t.

Industrial& Miscellaneous
*234 ___ *234 1 ... *234 275 *236 275
dams Express______
190 Jan 20 5234 Novl2 164 Jan
15*8 1534 157, 15*4 16's 16
16
15*4 10
4,900 A llls-Chalmers_______
12J4 Feb 24
167, Aug 3
6 Mch
547, 547, 561, 56l2 57D 56*8 571, 56
56*2 18.625
D o
pref_________
38 Feb 24 67G Novl7
14 Mcl
9414 92=8 94
9212 9.3=8 93*8 95*a 9412 96*8 584,500 Amalgamated Copper__
96'8 Nov 19
66 Feb 26
45*8
Feb
481? 48=8 48=8 487g 4918 49
49
49*4 4912 1,000 Amer Agricultural Ohein.
50 Aug 12
33*2 Jan 5
13 Jan
102 * 10112 102
102
102
10U2 1011= *101 102 *101 110
300 Do pref____________
78*2 Jan
95>2 Jan 18 103 Aug
471? 46*8 471? 4612 47
46*4 47
46*3 47
46=8 47'4 5.000 American Beet S u gar...
20U Jan 13 4912 Aug 2
9*2 Fob
*95
96*4 *95
96<4 9512 9512 *95
9612 *95
96>2 *95
961=
Do pref_________ . . .
100
82 Jan 7 98 Oct
65 Jan
137, 1412 135, 1414 13*1 137g 13*8 1518 1434 15lg 56.600 American Can________
1413 14*2
7lj Feb 23 1518 Novl9
4 Feb
8412 84<j 84=j 85
84
84*
83*s 8414 84*8 85*8 8412 85
11.625 Do pref_______ _____
7112 Feb 23 86 J’no 4
44 Jan
74=, 74fy 7412 75
7412 7514 7412 75*i 74*4 75
741g 743, 13,700 American Car & Foundry 44*4 Feb 24 76i2 Nov 4
26*2 Feb
*119l2 120 +11934 120 *119 120
120 120 *11912 120 *1191= 120
100
Do pref_____________ 107*2 Feb 23 124*4 Aug 3
6414 Mcl
73
73
7253 7314 70
7234 68I2 70l2 69
69
GO'S 6934 12.600 American Cotton OH___
42i,tj Jan 6 79U Nov 6
24*4 Feb
*10314 105*| *103
105
103 103 *10312 105 *10312 105 *10312 105
100
Do pref_______
98 Jan 7 I0VI4 Nov 3 180 Jan
*235 250 *235 250 245 215 *240 250 250 250 255 260
670 American E x press____ 1205 Feb 5 160 Nov 18 170 Feb
*8-i. 9
*87, 9
87, 87,
37, 87,
9
9
87, 873
400 American Hide & Leather
6*4 Feb 25
10 Sep 3
23., Feb
4734 46*, 47
4714 4714 47
46=, 47
46^4 46^4 463g 47
2,925
_ 34 Feb 24 617g Aug 3
Do pref _______
12 la Mch
241, 25
2 H, 241,
2414 2414 247, 25
25
207s 253g 28*i 8.000 American Ice Securities..
187, Jan 8
42G Apr 13
12*2 Feb
1558 1012 157, 161, 1512 1534 1512 15*8 *1514 1534 155S 155S 2,600 American Linseed
20 J’ne 14
12 Feb 25
0 Mol)
♦41
4234 423t *41
43
§43
43
43
*41
43
*4112 43
260 Do p r e f . . . . ________
29 Jan 12 47*4 J’n ell
17 Mch
6234 6214 62*8 6214 RSI2 6214 627, 3,938 American
G214 621? 62
« 34 02
L ocom otive...
49 Feb 23 6914 Aug 4
813s Feb
116 116 *115 116
II 5I4 115U *116 116 *115 lie *115 116
300 Do pref__________ . . . 109R Feb 24 122 Aug 4
85*2 Jan
8
8
8
8
*77, 8
7*8 7*8
8
8
*71= 8
400 American Malt Ccrp_.__
111, J’ne 1
5*2 J’ly 16
8 Mch
50 *48
♦48
50 *48
50
48*4 48*| 49*4 4934 49
49
600 Do pref__ ________
69
Sep
20
42
Jan
7
21
Jan
91
91
92
*91
*91l2 9212 915g 92
59U2 9U2 9134 91*i
550 Amer Smelters Sec pref B 80 Jan 4 92*, Aug 27
70 Jan
1013, 1027, 10 Ug 101*4 10138 10212 1021, 102*4 123,525 Amer
9812 993., 100 102
1047,
Aug
12
Smelting*
Refining
77*4 Feb 24
65*j
Feb
H 2 I4 11234 11234 11234 11234 113
* 11112 112
11112 112
11212 1 1 212
2,650 Do pref________. . . . . 101 Jan 2 H 6S4 Aug 6
87*4 Feb
*250 300 *250 300 *250 300 *250 300 *250 300 *250 300
American S n u ff..__ _
226 Mch 9 280 Aug 6 180 Aug
♦100 102 *100 102 *100 102 *100 103 *100 103 *100 103
106
May22
Do pref___ '. ________
95 Mch 1
80 Mch
6434 65‘ ? 647, 651, 64
65
6412 64
64^3 66^8 651= 66*, 7,917 Amer Steel Found (new). 347, Feb 24 66*, Nov 19
28 Sep
121
129 129
1277, 122 1247, 124 125
12314 1211s 124 1247, 27,850 American Sugar Refining 121 J’nel7 1363, Sep 21
0834 Jan
♦123 125
118 1213, 11818 122
120*8 I 2 H3 1207g 121 *120
122
3,796 Do pref_____________ 118 Novl5 131 Apr 3 105 Feb
14H, 1417, 1413., 1427, 142*4 144*8 143lg 114
143 1447, 90,370 American Telepli & Teleg 125 Feb 1 1451, Sep 29 101 Jan
14314 144
100U IOOI4 IOOI4 IOOI4 100*1 101 *100*4 10012 100*4 101 *100*4 101
925 American Tobao (now) ,pf 90*2 Feb 6 104 May 0
72l2 Jan
♦34
36
3412 35 *3412 30
34*8 34*s *341= 3512 35*2 3512
700 American Woolen_______
26 Feb 4 401a Aug 27
15l2 Feb
♦103 10312 *1031, 10312 10318 10338 1031, 1031, *1027g 103!2 10315 103'g
785 Do pref_____________
107*4
J’ne
14
93*4
Jan
0
78*4
Feb
4914 51^4 5H2 53
52
53
51*4 623g 525, 54
52
5 H4 137,200 a AnacondaCopper P a r i 25 $37*4 Feb 26 55414 Nov 19
Feb
♦33t 4
334 37, ♦312 4
*3
4
700 dBatopllas Mining P a r i 20 $27g Jan 29 J6i2 J’ne30 527*2
3*8 378 *3I2 4
52*2
Jan
341i 3414 3 H4 35
35
3512 3412 3412 31*4 35
35
35*2 3,800 Oethlehem Steel______
18*4 Mch 9 361, Sep 21
12 Jan
♦ 66
68
67
671? 68
68*4 6834
69
69
69
1,400 i » Do pref..................
68
63
47 Feb 24 69i2 Sep 3
36 Apr
♦14U2 143 *142 143
142 142
143I2 113t2 *14112 Ml
1421= 146
1
,2
2
0
Brooklyn Union Gas___ 118 Jan 28 16112 Sep
385
Feb
♦16
18 *10
18 *15
18 *16
18*2 *1612 19 *161= 181=
Brunswick Dock & O Imp 13 Jan 13 21i, Oct 4
6 Jan
37
37
37
37
37
37
*3512 38
357g 361= *34*2 37
1,300 Butterlck Co___
237g Jan 2 37 Nov 13 {10 Feb
46', 471.1 4714 477, 47U 477g 47
4712 473g 48
467g 48 22,325 /"Central Leather
25*2 Mch 2 61*4 Oct 7
16l2 Feb
109 109
♦IO8I4 109
109 109 109 109
109 109
109 109
1,018
Do pref____
99*4 Apr 6 111 Sep
7634 Jan
497s 4912 5Us 50*4 52lg 51*| 5238 60,685 Colorado Fuel & Iron___
48*2 48*4 485, 491? 49
29 Feb 23 523, NovlO
156, Feb
8OI4 823,
8OI4 8OI4
8212 84*8 8412 8G38 8012 88
873g 88*4 10,550 Col * Hock Coal & Iron.
88R NovlO
21**
Feb
23
14’*4 Mch
.30 .30
.29 .29
2,200
Tunnel. P a r 52 21o Apr 24 37o Oct 7
200 Mch
144 14434 144 14412 143*i 144 rl42ig 1421s 14238 112I2 1425, 149 26,620 Comstock
105*4
Jan
4
Consolidated
Gas
(N
Y
).
114ii Feb 4
96 Jan
227, 2314 22*i 2314 22=8 23
225g 227a 22 l4 22*8 22l2 227, 4,700 Corn Froduots Refining
26*2 J’ne 2
16 t* Feb 21
10*4 Feb
86
80
86
86
J86
86
88
8512 80 *85
86
86
785 Do pref_______ . . . .
73*4 Feb 24 93ij J’ne 1
66 Jan
♦60
05 *00
65 *60
64
*60
65 *60
61 *00
64
Crex Carnet____________
46 Jan 5 62 Nov 4
47ij
Oct
*363
4
38
38
38
37
3738 37*4 37*2 2,400 Distillers Securities Corp 3212 Feb 23 41*2 Jan 26
37*8
38l4 37*2 37*i
27*4 Feb
♦___ 82
82 *___ 8912 *___ 8912 *___ 8912 *___ 8912
82
100 Federal Mining & Smelt’s
65 Mch 2 061, May 11
72*2 Nov
90*4 91
§91
91
90
91
*90
91
907, 91
907, 91
1,230 Do pref_____
80 Feb 24 04 Aug 11
69 Feb
♦162 163 *161 163
163 16334 16212 163*8 163 163
16315 164*| 5,010 General Electric _____
1601i Feb 23 172*4 Aug 12 111 Jan
997, 100
100 10238 100 102
102l2 10134 10312 10434 5,018 Granby Cons M S * P __
101L 103
91 Mch 12 110 Jan 4
78*4 Jan
103 1031? 103 106
10915
111
106 107*4 108 109
9.200
108*2 10912
" nt Harvester stk tr otfs 02 Jan 30 111*2 Nov 6
62 J’ne
1231- 1231? *123 12412 *120l4 12412 12312 123*2 123*2 124
12312 124
1,000
Do pref stk tr otfs__ IO9 I4 Jan 16 126** Nov 6
99 J’ns
734
8
7*4 7*4
7*8 7*8
734 8*3 4.200 Int Mcr Marine stk tr otfs
712 7*8
712 716*g
J’ly
9
9 Oct 2
6 Oct
24*4 247, 25*4 2534 2414 2514 2414 24*8 245g 2534 253, 2534 15,975
Do pref___ ____
18*4 J’ly 9 276, Jail 2
16 Feb
1512 157, 15U 157, 1514 1514 15i4 1512 1512 15*8 1512 103, 6.050 International Paper
912 Mch 13 19*4 Jan 24
8 Apr
601, 601, *60
62
61
61
61
61 *60
62
6OI4 61
1.050 Do pref________ _____
69*4
Aug
3
47*4 Mch 18
47 Oct
53
631?, 527, 5314 527g 53'8 52*4 53U 52=3 53*4 5212 527, 7,800 Xnternat Steam Pump__
5412 Novl2
3312 Feb 26
13
Jan
89*4 901, *89l2 9014 *89=8 9014 897g 90
90 9012 90*8 9038 1,600 Do pref____________ _ 8212 Jan 30 91 Sep 20
65 Jan
109*, 109*8 lOOti 1095, 109 109*1 108*4 109
108**4 109*8 1087, 1095, 12,560 Laclede Gas (StL) c om .. 104 J’ne26 IIOI3 Nov 8
♦92l4 93l2 93hi 9314 93
9312 93
93I8 93*4 9512 94
9434 8,500 Mackay Companies
70 Jan 31 96i2 Nov 18
62 Feb
*7512 76
76
76
751= 753, 7578 7612 76
*7512 76
77*2 2,100 Do pref________
C0i2 Jan 9 77*2 NovlO
697, Feb
♦113 115
114 111
11418 115 *11314 1141= 11312 11312 114 114
800 N ational Biscuit..
9612 Jan 2 120 Sep 27
63 Jan
♦124 127 *124 127 *___ 127 *___ 126 m u i 127 *124 127
Do pref_____
H 8I2 Jan 11 130 Sep 21 102 Jan
2212 223g 22I4 2234 2214 2212 2212 221? 227g 227g 23
23
2,500 Nat Enamel’g & Stamp’g 125, Feb 24 23 Sep 20
7*2 Feb
♦95
97
*95
97
*95
97 *95
97 *95
97 *95
97*|
Do pref__
82 Jan 5 00*2 Sep 2 170 Feb
87*2 881, 881, 9014 88*4 897g 887, 89*4 89*4 89*t 89*i SO7, 22,800 National Lead
71*4 Feb 23 04 Aug 13
36 Feb
112 1121= £11212 11212
♦11012 11212 *11012 11212 *11012 11212 *11112 112
425
Do pref__
102*4 Apr 21 113*4 Aug 12
87*2 Jan
95
96*4 96*4 9612 97
96
97
95
96
95*i 9012 1,970 Now York Air Brake___
97
80 Feb 23 97*4 Nov 9
60 Jan
♦78*4 80i2 *78
79
80*i 7914 7914 2,200 North American Co, new 72 Jan 13 87I2 J’ne 14
8012 7818 78*8 +78U 79
421, Mch
4312 44
43
44
43U 43*| 43*1 4412 44^8 45^4 9,500
4312 44
acific Mall....................
291, Feb 24 45*4 NovlO
21 Apr
4814 48D 485, 49
49
6U2 501= 6012 5012 5178 511, 5214 11,100 P acllic Telep & T eleg..
45*4 NovlO 64 Oct 4
11334 11334 114 114
1137g 113'g 5113*1 113*4 1131= 11334 1137, 1141= 4,115 People’s G L & O (Chic). 101*2
Jan 13 120 Aug 16
80 Jan
2534 2712 273, 2814 2634 2734 31.250 Pittsburgh Coal Co____
26
26
261? 237, 2612 25
10 Apr 21 293, Nov 9
8*2 Mch
70
7012
6812 69
68*4 70
68
681? 67*2 69
2,200 Do pref_____________ 40
70*2 70*8
Feb 26 72 l2 Nov 0
80*2
Feb
65
543, 10,050 Pressed Steel Car_______ 3012 Feb 23 56 Aug 3
53*4 54
53
543, 53*4 64*4 54
54*i 5453 54
17*4 Feb
100 106 *106 107 +106 107 +100 107
340 Do pref__________ . . .
10512 I0512 *105 107
111*4
A
ugll
90 Feb 26
69
Jan
19212
19212
+192
195
*192
195
192
192l2
300
♦19U2 193 +19U2 193
Pullman Company__ ___ 169 Jan 30 200 Aug 6 147 Jan
43, 43,
4I3
4I3
♦4*8 434 *4
434
41| 411
525 Quicksilver Mining______
♦Us 41?
1*, Jan 4
9*8 J’ly 6
*2 Apr
*6
*6
7
6
6
7
*6
*6
7
100 Do pref________. . . . .
7
*5*2 7
3 Mch 29 10 May 13
1*2 Jan
50
51
50
5012
2,200 R ailw ay Steel Spring__ 321,
50
50l2
50
50
4912 49*4 501, 50*8
Mch 8 6412 Aug 4
23*4 Feb
♦105 108 *105 108 *10512 108 *100'4 108 *107*1 108 *107 108
97/, Feb 21 109 A ugll
76 Jan
477, 481, 47*s 481, 4734 48
473, 47*8 47*1 48=8 48*1 4834 25,610 Republic l?on*&*SteeUl
16*, Feb 23 49I2 Sep 29
14*4 Feb
106 IO6I4 10512 10512 105*i 10534 105*8 1061s 106 1063g 106 106*4' 1,535 Do pref_____________
67*g Feb 24 110*4 J’ly 28
63
J’ne
92
02
91
IU12 91*4 91*| 91I2 92 £89
9U2 92
89*4 2,225 S loss-Sheffteld Steel & I t
68 Feb 23 915, Oct 4
36 Jan
♦1)9
*119
*119*i___ *119 ___ M19 ___ *119 ___
Do pref___________ 107*, Feb 20 120 Sep 1
87*2
Jan
38*4 407g 40*4 41
41
3714 3914 39U 4034 40
40«2 413, 14*600 ( i ' l ' e n nesseeCopper Par$25 *33*2 Oct 13 $49 Jan 4 526*2 Feb
♦90
92 *8912 92
*89
92
*8912 92 *80
98 *89
91
Texas Pacific Land Trust 80*2 Feb 23 037, J’ly 10
16 Feb
+13*| 14 *1314 137, *13
1312 1312 1373 1313 13IS 13U I 3I4
900 U nion Bag & Paper___
153, J’ne 18
914 Feb 24
4 Feb
75
75 *75
763| 76*i 7G*| *75
77 +75 77
2
0
0
*75
77
Do pref__________
8 U4 J’ne29
66
Jan
8
147, Jan
♦121 12U4 *121 121*i 1211= 12 ll2 *121 1211= 5121 t2 1211= *121 1211=
125 United Dry Goods C os... 115 Oct 28 12212 Nov 3
Jill 111
111 III
IIOI2 111
111 llUg *11034 llUg HU, 1111, 1.500 Do pref_____________ *109 Sep 1 111*4 Aug 6
♦3234 33 ♦32*i 34
33
33
33
♦32*2 341? 33
33*4 3314
500 U S Cast I Pipe & Foundr 24*8 Feb 24 36*2 J’ne 6
17*2 Feb
87
8714 8714 8714 87*g 8712 873g 87*2 8712 8712 £85*2 85^2 1.500 Do pref_____________
cor>, J a n
70 Mch 2 87*2 Aug 18
♦100 HO *100 110 10312 10312 *103 110 *103 110 H05
110
1
0
0
United States Express.. 82 Feb 10 107 Oct 20
70
Fob
♦82
83 *8214 83 *82
83 *82
83
*82
83
82
823,
300 U S Realty & Improvem’ C 64 Feb 23 87 Sep 17
86*4 Feb
1314 131? 135, 147, 1434 14*i *14
15
14
14 *12
14
2,100 U S Reduction & P.efin’g 10 Mch 12 17*2 J’ncl7
4 Feb
30
30
33
33
*30
33t2 +30 34 *30
3U2 33
34
600 Do pref_____________
24 Feb 24 39l» Aug 12
16 Feb
50
4912 4912 4034 5014 50
5012 5012 501= 531= 53*8 5434 15,800 United States Rubber__
27 Feb 24 575, Aug 19
17*4 Fob
♦118 119
II 8I4 118U 118 118
118 118 1181= 11012 11912 120
1,820 Do 1st pref__________
98 Jan 29 123*2 A'lS 24
76 Feb
*84
♦8414 85
85
*84
85
*84
85
841= 85 *85
87
200 Do 2d pref__________ G7l2 Feb 25 89*2 Aug 23 42 Feb
90>8 901? 901, «U4 90*3 91*1 90*4 91
901= 913g 90*2 915, 106,420 United States Steel____
41R Feb 2j 94*3 Oct 4
25*4 Jan
126 12612 1263, 126*8 126*8 1367s 126I2 126*8 12612 127
1261= 12034 4,375
Do pref_____________ 107 Feb 23 131 Oct 4
87*i Jan
6314 691? 6734 697, 58*i 5978 58
59*4 58'8 59*i 5914 625, 100,900 rfUtah Copper__ P a r 510 539'5 Feb 26 $02*8 NovlO
20 Jan
493g 50
497, 50
49*4 60
49l2 50
491= 49*t 49*1 60*2 8,400 Vlrglnla-Carollna Chcm.
407g Feb 24 6OI4 J’ne 14
10 Feb
♦ 121
122
122 122 *121*i 122
12134121*4 121*i 122
122 122
600 Do pref____________
114 Jan 19 123ls Aug 23 287 Jan
___ ...... *69
72
*70
72
72
75
74*4 75 *73'4 747g 1,600 Virginia fron Coal & Coke 57 Feb 23 767, Sep 17
43
Jan
♦ 2534 30
*2534 30
251= 261= *24i2 26
*25
30
260 Vulcan Detlnnlng
6 Feb 1 37*4 Nov 3 3 Mch
♦80
*80
87
87
*80
87
*81
87
86l2 801=
195 Do pref
25 Apr
45 Jan 30 9134 Nov 3
♦100 110 J500 505 505 609 5504 510 519 560 5500 580
1,333
ells Fargo <5e C o ____ 300 Jan 5 $580 NovlO 1250 Feb
7814 79
82*4
81
821g 79*4 81 73,150 W estern Union Teleg.. 64 Feb 24 86*4 Novie
79*2 8314 8212 85*1 81
41 Feb
85
85
8512 85*4 85*s 851g 8512 86
8512 851? 85
87
6,000 Westlngh’seEl&Mfg asson 74 Feb 24 00 Aug 7 38
Mch
♦134 110 *134 140 *134 140 *134 140 *134 HO *134 146
Do 1st pref__________ 110 Mch 3 145 Sep 30
58 Mob
*236
1512
53a,
891,
4814
*10 ll 3
*'1673

*231
151? 1512
5414 543,
9134
91
4S!2 *48

B A N K S

Banks

Banks

A N D

T R U S T

Trust Co’ s

C O M P A N IE S — B A N K E R S '

(1908).

H ig h e s t.

1200 Aug
16*5 Deo
62»., Deo
88*s Nov
80 Nov
66 Nov
247, A pr

813., Deo
10i4 Nov
7«7, Nov
60*4 Deo
109 Deo
41*4 Nov
07 Nov
1224 May
8*2 Doo
37*4 Deo
317, Aug
17*2 Deo
30*4 Doo
696, Aug
113 Deo
86, Sep
6 li, Sep

S4*8AiiS

107- Aug
110*, Aug
200 Apr
971, Sop
41 Nov
13734 Aug
131
Nov
1326, Nov
9712 J’ly
823, Deo
97 Nov
53*a Nov
$5 Mch
27*4 Nov
67 Nov
1621, Nov
17 Nov
125 Jan
83 Deo
102 Deo
42 Deo
2713 Deo
44o Apr
167 Doo
201, Aug
80 Aug
4SI4 Oct

8834I)cc

04 Aur
89 I\ ..
182*4 Doc
IO9I3 J’ly
676, Nov
llOU Nov
9 May
207, Deo
13>4 Nov
65 Jan
897, Dec
8II4 Deo
78 " Nov
V13. Nov
Deo
ll'filj Deo
1514 Deo
rS2i4 Deo
92 Aug
ICGI4 Nov
93 Nov
78 Nov
10>4 Deo
h i

)06lj Dec

116, Deo
60 Deo
46 Deo
102*4 Deo
174 Nov
1*4 Deo
3*, Doo
19*4 Deo
103 Deo
29 Nov
89*2 Nov
81*4 NOV
110*4 Deo
{63*4 Nov
841, Deo
O6, Nov
66*4 Nov
307,

Deo
787, Aug
90 Jan
64 Nor
15*4 Aug
39 Au(
371, Aug
108 Deo
76*2 Nov
88*4 Nov
1146, Nov
*52*4 NOV
46*4 De«
11 * Nov
68 Nov
10*2 NOV
601, Deo
326 Nov
71*4 Nov
94 Nov
125 Nov

Q U O T A T IO N S .

As*
Trust Co’ s
A sk
Trust Co’ j H i d
Trust Co's B i d
B r o o k ly n
B ro o k ly n
N
Y C ity
Guar’ty Tr. 675 635 NY Llfe&Tr 1100 1120
B r o o k ly n
90 106 North SideH 150
Borough I .
__
Carnegie . . f 105
Guardian Tr 160
410 420
670
N
Y
Trust.
Brooklyn
Tr
Broadway T 375 426 People’s___ 166
Central Tr 1000 1060 H u dson__ 175
___ Standard Tr 400
Citizens’ . . 138 141
Brooklyn H.
146 Prosp’ctPkTi 150 160 Columbia ... 300
Kulckerb’kr 340 300 TltleGu Tr t580*t
Flatbush . . 200 22*
285
First ------Terminal 1)
125 Commercial 135
146 Law T I &Ti t241 1242*j Tr Co of Am 350 356 Franklin . . 216 230
no
130 Union!)___ 100 103 Com’wealth 135 145 Lincoln Tr. 165 176 Union Trust 1200 1250 Hamilton . . 260 270
Hlltsidct..
125
Heme Bk II. n o
E m p ire__ 300 310 Manhattan 370 390 US Mtg &Tr 430 440 Hom e____ 116
126
Homestead! 100
Trust Co’s
Eqult'ble Tr 470 480 Mercantile
715 740 Unit States. 11254
Kings Co . . 600
430
N
Y C ity
Manufae’rs' 410
Farm I.o&T 11863 t 1876 Metropol’ tn 630 650 Van Norden 235 250 1. 1st L & Tr 310 316.-1
■Vstor____ 325 340 F idelity__ 202 206 Morton Tr. 620 636 Washington 37*
Mechanics'll 240 250
410 Nassau . . . . 160 170
___
___
Montauk . . 145
Hankers' Ti 6570 585 Fifth Av 'IT
400 Mutual___ 130
__ _ Westchester 130
People’s __ 190
Nassau__ _ 240 270
B’way T r.. f 145
—
Fulton . . . . 270
—
Mut AH’ nee 126 140 Windsor . . 133
140 Queens Oo-. m u *
■Nat Pity__ 295 305
wllllamsb'g 80 100*
♦ o f ana asked prices; 110 sales on this day. -.Less than 100 shares. 1 Exrights, b New stock, c Ex­diy. and rights, d Now quoted dollars per share,
T Hale at stock Exchange or at auction this week, s Trust company certificates, i Banks marked with a paragraph (11) are State banks.
H id

A sk




H id

A sk

B id

A sk

m a

A sk

JTew York Stock Exchange—Bond Record, Friday, Weekly and Yearly
J*n.

11903,

the JSxohange method of noting bonds toas ohanyed, and prioes art now a l l - " and i n t e r u f — xupt /or income and defaulted bonds.
1

BONDS
W. T . S T O C K E X C H A N G E
W E E K L N D IN 0 N o v 1 9

'**1

i ^

l

Price
Friday
No v IV

Wee Ids
Bangs or
Last Bale

Bangs
Since
January 1

BONDS

’S . y 1

N . Y. STOCK E X C H A N G E
W e k x E n d in g n o v 19

Price

Week’s

t r id a y

B a n y e

Bov IV

L a st

I

o r

S o

R) c.

c a te

Bangs
/since

J a n u a ry

l

•Bid
A sk Low
High Bo Low High
lu O
1 0 u 4 1 u o * , N o t '<>9 . . . . 1 0 0 * 8 lu 'J r ,
100
101
11004 O ot ’09 . ...; 1 0 0 4 103
1 0 1 4 102
llO l^ N o r ’09 . . .. 101
103*.
Q -F
1014 1024 1014
iu l4
4 1 0 0 * 4 1 0 2 >s
.........................1 0 0 * 4 N o v ’ 0 8 . . . . ! ............................
Q -F
1 1 6 **1 1 6 4 116
116
i
5 < 116
llO il i e s * ........... 1 1 7 Hi N o r *09
11-------9 9 3* 1 0 0 * 9 1 0 1
> 9 L . .. i o i ' 1 0 I 4
Q -N

C e n t o f G a K K __ (Con
Bid.
Ask L o w
H i g h No L o w
H ig h
3 d p r e f in c o m e g o s a t a m p e l.
e7
ez 4 No) 0 9 __ o 4 82 4
C h a tt D iv p u r m on g 4 s . 1951
>
89
Su8, .............
Sep ’ 09
..
90** 9 0 4
M a c * N o r D iv 1 st g 6 s .l9 4 0
1 0 6 4 ........... 1 0 4 7 , J ‘ u e 0 8
M id G a * A t l D iv 6 s ....1 9 4 7
106
........... 1 16
N ot ’05
M o b i l e D l y 1 s t g 6 s ......... 1 9 4 6
109 4
1 1 0 4 A la y ’ 0 9 . . . . 1 1 0 4 1 1 0 4
C sn R R & b o f G a co l g o s 1937
............ 1 0 4 * * 1 1 0 5
S e p ’09 . . . . 1 04
106
C e n t o f N J g e n ’ l g e ld 6 s . 1 98 7
12**4 1 2 6 4 1 1 2 6 4
125
9 1 2 6 4 129
R e g i s t e r e d ....................... ) i l 9 8 7
123*, 126
126
O c t ’ 09 . . . . 1 25
127*4
A m D o c k * I m p g u 5 s . .1 9 2 1
I
ob 4 1 0 9 4 1 0 8 4 O c t '0 9 . . . . 1 0 8 4 1 1 0 4
F o r e ig n G o v e r n m e n t
L e * H ud R gen gu g 6s 1920
lo i
......... .
S a le
964
98
6
A r g e n t i n e — I n t e r n a l Cs o f 1 9 0 9 M -S t 9 8
95
99
L e h * W i lk s B C o a l 5 s . .1 9 1 2
1003* s a i,
100*8 loo*,
1 99*4 1 0 1
im p e r ia l J a p a n e s e u o r e r m n ’ t
C o n e x t g u a r 4 4 s ____ y l 9 1 0
697, loo
0 9 4 100 4
4
78
9 3 «*
9 0 » , 0 5 j4
S t e r l i n g , o a n 4 4 s ..............1 9 2 5 F -A 1 9 1 4 S a le
N Y * L o n g B r g e n g 4s 1941
.........
101
31,
i
9
3
s
a
l
e
6
6
J
J
2 q s o r i e s 4 4 s ..................... 1 9 2 5
924
83 4
9 4 4 1 C e n t P a c ific
Bee S o P a c i l l o C o
S a l*
864
4
16
S t o r l i n g l o a n 4 s ................. 1 9 3 1 J - J i 8 7
8 0*4 83*4 C e n t V e r m o n t 1 s t g u 9 4 s . « 1 9 2 0
S
9
S9 Oct ’09 .... 8 0 4 9 0 4
S a ls
103
R e p u l ) o t C u b a 6 s e x t e n d e b t . . M -S 1 1 0 3
*a
9 1 01 *4 I O 4 4
C h a s * s a y Bee A t l C o a s t L i n e
\
6 1192
S a n P a u l o ( B r a z i l ) 5 s t r r e c t s ’ 19 J - J 1 9 5*4 S a l e
96 4
9 5*4 1 d i e s * O h i o g o l d 6 s ........... « 1 9 1 1
100
102
S ep ’ 09 . . . . 1 0 1 4 1 0 3 4
t 97
97*4
974
U 8 ot M e x ic o s 1 g 6 s o f 1 8 9 9
*4
97*4 1 0 1 4 | G e n f u n d i n g * i m p t 5 s . l 9 2 9
1 0 4 4 S a le
106
104 4
4 1 0 0 4 106
93
9 3«a 9 3 4
G o l d 4 s o f 1 9 0 4 ..................... 1 9 5 4
4
J
924
95
|i I s t c o n s o i g 6 s ....................... 1 9 3 9
112*4 s a l e
113
1
12
*4
12 1 1 2
117
b asis 0/ * 5 t o je. 1!
%T host are pr
K e g i o t o r e a ............................1 9 3 9
1 1 4 4 F e b ’ Oij . . . . 1 1 3 4 1 1 4 4
S t a t e a n d C it y .S e c u r it ie s
1
rj
G e n e r a l g o l d 4 4 s ................1 9 9 2
1
0
2
7
,
1 0 3 4 b a it
103 4
37 1 0 2 ’ t 1 0 6 4
106
...
D i e t o t C o l u m b i a 3 -0 5 s . . . . l 9 2 4 F - A
110
8 1 ....
R e g i s t e r e u ............................1 9 9 2
105
102 4
A p r 09
105
105
98
...
L o u is ia n a n e w c o n s o l 4 s . .1 9 1 4 J - J
4 '. . . .
B i g s a n d y 1 s t 4 a ................1 9 4 1
...... 8 8 » , 88*4 N o y ' 0 8
87 4
91
I
N ow Y ork C it y C r a ig V a llo y 1 st g 6 s . ...1 9 4 0
112
llu
4>iily’ Utf
1
0
7
4
110*4
1 0 0 « e S a le
4 90 C o r p o r a t e S t o c k .......... 1 9 6 9 M -N
4 69
1 00 *4
99*4 I O I V j
P o tts C reek B r 1st 4 s ..1948
84
90
J a il ’ 09
90
90
4I 2 6 1 0 0
4Vo C o r p o r a t e s t o c k ____1 9 5 8 M -N * 1 0 0 * 4 1 0 0 » * 1 0 0 3 *
103
I
R * A D iy l s t c o n g 4 s . .1 9 8 9
99
8 9*8 9 8
9841004
110
S a ls
N e w 4 4 s .................................. 196 7IA 1 -N
4 H 1 6 1 0 8 4 1 1 2 * ,!
1 0 9 s*
2 d c o n s o l g 4 s ..................... 1 9 8 9
9 6 >4 9 7
O c t '0 9
964
97
1 0 3 4 ......... . 102*4 T
N e w 4 4 s .................................. 1 91 7| A I-N
3 . . .. 102*, 1047,
106
W a r m S n r V a l 1 s t g 5 s . .1 9 4 1
1 1 3 4 B e u ’05
1 1 0 * * S a l*
4 4 % C o r p o r a t o S t o c k . . 1 9 5 7 M -N
1097,
4 6 2 108*8 1 1 2 4 ,
G r e e n b r ie r R y l s t g u g l s ’4 0
8
9
4
94 4
9 4 4 N o v ’ uy
9
4
4
9
44
1 0 3 * * ......... . 1 0 3
4 * 2 % a s s e s s m t b o n d s ____ 1 9 1 7 M - N
6 103
103
1 0 4 7 , O h io * A l t R R r e f g 3 s . . . 1 9 4 9
76
76 4 7 6 4
764
76
80
4 % C o r p o r a t e S t o C K . . . . 1 9 5 7 M -N
1004100*1 1 0 0 4
6 100
1 0 3 s,
JtaUway 1 st, l i e n 3 4 s . . . I 9 6 0
74
V 44 76
76 4
77
734
9 , . . . . 112*4 113*8
N Y S ta te — H ig h w a y 4 s .. 1 9 6 8 M- 8
R e g i s t e r e u ............................1 9 5 0
76
O ct ’ 09,
73
75
io i" " I " !
S o C a r o l i n a 4 'a s 2 0 - 4 0 .......... 1 9 3 3
9 ------ 1 0 2 4 1 0 2 4
99
lo o
O h io B u r l * (J— D e n y D 4 s 1 9 2 2
99
99
9 8 7 , 100*4
9 6 » * ......... .
T e n n n e w s e t t le m e n t 3 s ..1 9 1 3
95 4
4
1
b y wj
964
9 5*4
I l l i n o i s D i r 3 4 s ...................1 9 4 9
894
89 4 3 8 4
89
93
91*4 9 4
V ir g in ia fu n d d e b t 2 - 3 s . . . l 9 9 l
93
*
9 ....
314
93
9 1*4 D e c ’ u i?
R e g i s t e r e d ........................... 1 9 4 9
- ......... ......
60
S a l*
6 s d e fe r r e d B r o w n B r o s otts
60
67
*6
374
61
I l l s D i y 4 s ...............................1 9 4 9
Iuut
1 0 0 4 S a le I O 0 4
61'100 1034
I o w a D iv s in k fu n d 5 s .. 191 9
104
1 0 8 4 G e t ’ 0 9 ...."1064106
R a ilr o a d
S i n k i n g f u n d 4 s ................ 1 9 1 9
99 4
9 9 » « 10U
U C t’ 09
l a b a m a C e u t Bee So R y
N e b r a s k a E x t e n s io n 4 8 .1 9 2 7
9 9 7 ,1 0 0 4
a y » , N o r ’09
.. 9 9 3 , 1 0 2 4
l a b a M l d l Bee A t C o a s t L i n #
R e g i s t e r e u ............................1 9 2 7
........................ 1 0 1 4 M a r ’ d o
..'1 0 1 4 1 0 1 4
A l b a n y <& S u s a
Bee D e l * H u d
S o u t h w e s t e r n D i r 4 s ____ 1 9 2 1
93*4 . . . . . .
9 9 > a s e p ’ U9
J 99 1004
A l l e g h e n y V a l l o y Bee P e n n R R
J o i n t b o n d s See G r e a t N o r t h
A lle y & W e s t
Bee B u t t I t <fc P
D e b e n t u r e 5 s ..................
1913
9 9 * , N o r ’09
10141014
6941034
794
7 9 t,
11
A n n A r b o r 1 s t g 4 s ........... A 1 9 9 6 Q .J
SO
794
81
6 7*4
G e n e r a l 4 s ....................... 1 1 1 1 1 9 4 8
99
S a le
99
9 9 -4
98 101
100
S a le
10(1
172
9 9 >4
A t o ll T & S F e — G e n g 4 s . 1 9 9 6 A -O
997, 1017,
102
H a n * S t J o s c o n s o l 6 s . .1 9 1 1 M -8
1014
1014
3 101*t 103*4
9 8 4 ...........
R e g i s t e r e d ................................1 9 9 6 A - O
93*« :
J ....
9 8*4 1 0 1 4 1 C
' h i c * E H lr e f A lm p g 4s 1966 J -J
86
S a le
SO
86
" 86
80
94** 94 4
A d j u s t m e n t g 4 s ..............A 1 9 9 6 N o r
2 ac* C 2
94
96 4
127
128
1 s t c o n s o l g 6 s ....................... 1 9 3 4 A - O
N o v ’09
129 187
R e g i s t e r e d ....................... / t l 9 9 6 N o t
j . . . j 0 2 4 9 2 4 1 G e n e r a l c o n s o l 1 s t 5 s . . . . 1 9 3 7 M -N 1 1 2 * 4 ......... 11 12 30 N
o r 'o p
112 4 116*,
94*4 943*
S t a m p e d ............................. A 1 U 9 5 M -N
, 73
93 4
92 4
95 4
R e g i s t e r e d ........................... 1 9 3 7 M -N
114
-) i m > ’ o 9
114 1144
120
120 1 2 0 1 1 2 4 1 2 2 | O h i o * I n d O R y 1 s t 6 s . 1 9 3 6 J - J
S u b r e c t s c o n v 4 s ......................
IT;--.—
i ’j ’2 4 " I " ! 1 1 2 4 N o r ’ 0 9
1134 116
2 00 102 4 1 2 3 4 1 C
120
C o n v < 4 b .................................1 9 6 5 1 J - D " M l
S a le
I h l c a g o * E r ie
& « « K r ie
1 0 - y e a r c o n r g 5 s ........... 1 9 1 7 J - D
1 2 0 s* b a l e
1 2 3 9 1 05 *4 1 2 3 * » I t
120
1 2 8 4 ........... 1 2 8 4 O c t ’ 0 9 " ” i 1 2 7
129
D e b e n tu r e s 4 s S e r ie s H . 1 9 1 0 , F -A
9 9 4 ....
....
99 4
937,
114
........... | 1 1 4 4 N o v ' o 9
R e f u n d i n g g o l d 5 s ............. 1 9 4 7
11241147,
S e r i e s X ................................1 9 1 3 F - A
9 8 4 ............
98*
984 984
1 I--I
101
L o u is r N A * Oh 1 st 6 s. 1910 ^ _
______ 1 0 1 ° , j l y ’ Oi<
...........
.. 10141024
E a s t O k la l ) i v 1 s t g 4 s . .1 9 2 8 M -S
96
974
V7
.
97
99
C
C h ic I m l * S o u 5 0 -y r 4 s . .1 9 6 6 J - J
........... 9 5 4 ' 9 6 4 A u g ’ 0 9 . . . . I 9 3 4
96
S h o r t l i l n o 1 s t 4 s g ........... 1 9 6 8 J - J
94
S a le I 9 3**
94 1 08
93*8 9 6 4
6
104
1 0 6 4 1 0 4 4 a c p '0 9
l l 11 0 4 4 1 0 5 4
9 b e P r o s As P li 1 s t g 6 s . 1 9 4 2 ^ 1 1 -3
1 0 9 « e lll
. . . . 1 1 0 4 113
103 4 Sate 1 0 3 4 i03'» — 1 0 1 4 1 0 4 4
G e n e r a l g 4 s s e r ie s A ..« 1 9 8 9
A t ! K n o x <fc N
Bee L <fe N
I
.................. 103 4 Oct 08
R e g i s t e r e d ......................... < 1 9 8 9
A t l a n t i c C o a s t 1 s t e 4 S .A 1 9 6 2 M - 8
9 5 » » S a le | 9 6 4
944
96*4
10
G e n e r a l g 3 4 s s e r ie s B .e I 3 8 9
884 S3>4! 89 N ot’ U9 4 0
a I a M i d 1 s t g u g o l d 6 s . . 1 9 2 8 M -N
107
110 9
'
109
111
93*4 S a le
93 4
y 3 34 . . . .
2 5 - y r d e b e n 4 s ..................... 1 9 3 4
93 4
96
B r u n s .ft W 1 s t g u g 4 « . . 1 9 3 8 J - J
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B k C i t y l s t c o n O s .1 0 1 6 .1 9 1 1
B k y C o * a co n g u g 5 s . 1911
B k l y n U u E l l s t g 1 - 5 S .1 9 5 U
S ta m p e d g u a r 1 - 6 S ....1 9 5 0
K i n g s C o E l l s t g I s ____ 1 9 4 9
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S t a m p e d g u a r 4 4 s ............ 1 9 5 1
D e t U n it e d l e t c o n g 4 4 s .l 9 3 2
H a v a n a E le c c o n s o l g 5 s . 1952
I n t e r - M e t c o l l 4 4 s ................1 9 6 6
I n t e r R a p T 3 -jr r c o n v 6 s . 1 9 1 1
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B w a y * 7 t h A v 1st e g o s 194 3
C o l * 9 t h A y 1 s t g u g 6 3 .1 9 0 3
L e x A v * P F l e t g u g u s 1993
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U n d erg rou n d o f L o n 5 s ... 1920
4 4 s ............................................... 1 9 3 3
I n c o m e 6 s ................................ 1 9 4 8
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BONDS
N. T. STOCK F.XOTTANGE ^ s
W kkk ENDlNfl NOV 19

New York Bond Record—Continued—Page
P r ic *

W e«K > s

F r id a y

R a n g * o r
L a st S a lt

N ov

19

]*-,
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B a n g s
S in es

BONDS
1
1 N. Y. STOCK EXCHANGE , ~ i
W eek Eitoino N ov 19
|■>‘4

2

[VOL. LXXXIX.
P r ice

F r id a y
N ov 19

W e e k 93
R a n g e o r
L a st

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H i g h , i Erie—( C o n )
Ohio Rock l A Pac—( C o n )
.8 V A Green L gu g 53.1946.M-N 105 ........ 108 Mar’09'...Jil08 108
Choo Ok A (1 gen g 6s .ol919 J-J 1 0 4 * * ........... 1102 A u g ’ 0.3 . . . . ' ..........................!
NY Sus A W 1st ref os.l9S7i J-J 102 ........1106 Sep ’09L...11054 1074
Consol gold 5s............1952 M-N ........... I l l 1 1 1 4 A u g ’ 0 9 . . . . I l l I l l ' s !
J l0 4
3 H'3
2rt gold 44*.................1937 F-A ................. GOO', Dec’ Otv.... 1..................
Keok A Ops M Ist6 s....l9 2 3 A-O
General gold 6s...........1940 F-A ....... 88 41 8»4O 0t *09!....II 894 92
Chic s i L A N O S e e 111 Cent ■
i
Terminal 1st gold 5s...1943 M-N 112 ........1144 Dec’OSl.... I...................
Chic St I. & Pitts S e e PenuCo1
,127
127
:|,i27 1304
Regis $5,000 each...1943 M-N
Ohio St P M A O con 6s...1930 J-D
| 93 Deo’ 53
M ldR R ofN J lstgOs.1910 A O 1004 ....... 100 4 Nov’OO .... 1004 1024
Cons 6s reduced to 3 4s. 1930 J-D 90
127
1284 3 i27 129 4
Wilk A Ea 1st gu g os. 19421 J D ................. 105 4 Nov’091... J;101 1054
Oh St P A illnn 1st g 6s 1918 M-N 127
129** May’09 .... 1294 1294 Sv A ind Istcon gug6a.,1926 J J * ........112 '114 O ct’09 ...J 1094 115
Nor Wisconsin 1st 6s...1930 J-J 126
1 114 119
Erie A Pitts S e e Penn Co
I II..............
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St P A S City 1st g 6s...1919 A-0
112 1154113 O ct’0 9 ---- 112
1 L '4
ChicA West Inrtgeng 6a 91932 Q-M 1 1 0 4 Ilia 111 Nov’J9 .... H I 112 4 1Evans A X H 1st cons 6s. 1921 J-.'
94
1st general gold 5 s ...... 1942 A-0
99 102 4 103 4 Aug’010.... 103 1044
95
Consol 50-ycar 4s..........1952 J. J ........ 93 4 54 Oct ’ 09 ...
.109 114 Apt ’05 ..
Alt Vernon 1st gold 0 » ..1923 A-0
Cine A W Mich s e e Peru Mara,
|
Sull Co Branch 1st g os.1930 A-0 ................. 95 J’nc’08
Choo O A Gull S e e C HI A P >
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Oln H A D 2d gold 4 4 a ...1037 J-J 102
107
8 95
US-j L lin tA P ereM Fee Pere Mar
4 107
Cln 1) A 1 1st gu % 5 s...1941 M-N 107
Fla C A Penin S e e Sea Air Line
V Find A Ft VV1stgu4s£.’ 23 M-N
89 | 87
87 I
8 8 4 ....... 105 Mar’98 ....
87
87
87
Fort St U D Co 1st g 4 4 s.l9 4 l J J
Cln i A VV 1st gu g 43.1953 J-J
S4
96 4 964 Ft W A Rio Gr 1st % 4s...1928 J - J ........ 87 | 88 Nov’09 ....
Ind Deo A W 1st g 5s...1935 J-J 1C4 106 I 964 Jan ’09
........ 107 4 Dec'021
/t a l H a r & S A N’eeSoFacOo
1st guar gold 6s..........1935 J-Ji
99
’ 97 J’ly ’09 ....
VTalH A H of 18821st5s.1913 A-0
0 I St L A C S e e C C O A St L
i
Georgia A Ala Fee Sea A Line
Oln S A C S e e C C C S t h
'
Ga Car A Nor S e e Sea A Line
Olearheld A Alah S e s B fi A PI
I
984
074 99 4 Georgia Pacitlo S e e So Ry
OlevUinOA St L gen* 4s 1003 J-D 954 784 93
........
84
4
944 Aug’OO
94 4 97
Gila V G A Nor S e e So Pac Co
Cairo Div 1st gold i s . . . .1939 J-J I
91 Sep 09
94
95
Gouv A Oswegat S e s N V Corn
Cln W A M Div lets; 48.1991 J-J
95 , 3 05
974 i Grand
_ _______
______
Rap
A Ind S e e Ponu Kit
St L Div 1st col tr g 4s..1990 M-N 96 ........ 95
S e e s t L S VV
94 ! 91 ° c : ’07’......................... .Gray’-s Ft Term
•Registered....................1990 M-N 93
96 277 95 4 99 4
..1 92 B’eb’03;......................... 1
J. J 96 Sale 23*8
Spr A Col Dir 1st g 4s..1940 M-S 96
bu a Vo *2 U 95 4 99
O-.T V6 4 sau
93
..i 98 sep ’06 .... .................
Registerad.ft ........
W W Val Div 1stg 4 s... 1941) J-J
Apr’ 09 .... 1106 106
0 I St J, A C consol 6s..1920 M-N 1O i *s....... 106
9S 4 1111 | 994 Nov’O
...........
O .. ’! 984100
l*t consol gold 6 s........1933 J - J 126 '1 3 0 " 128 Nov’09 . . . 12 s " 1 3 2 4
1st gold 4s...............*1936 Q-P
..........132
Apr’09 . .. 132 132
.1 98 Aug’0 9 -.
I 98 98 4
Registered................ 1933 J-J
Registored.............&1936 Q-F *9.3
Reduced to gold 4 4s 1933 J •J i ’ut) 107*s 107*, Nov’09 . .. 107 4 111
Oln S A Cl con 1st g 6s..1923 J-J| 109'a........ 109 4 S6P ’09;.. 109 4 109 4
........108*4 J’lio’09 . ..108*4 108*,
1114 1114
Kegistoreu.............1933 J-J
COO a 1 consol 7e........1914 J-D 10D ........1114J’ly ’09 ..
Dakota ext gold 6s....1910 M-N 1 0 1 ** 1 0 1 4 1 0 1 ** Oct ’U9:. ..lO l* * 103 ‘j
Consol sink fund7a__ 1914 J-D
99 I ljj 984101
125 126
Mont ext 1st gold 4s..19371 J-D 99 aaie 1 90
General consol gold 6s.l934 J-J 125 ......... 125 N o t ’ oU
....... 1004 Oct '00 .
Registered................1937 J-D
Registered................1934 J-J!
94 J’ly ’03.
EMlunNorDivl8tK4sl948 A-O 984 ........ 98 4 Oct ’09 . H i"984 i o i '4
lntl 111 A W 1st pref 4s.1940 A-O
Nov'09 . .J117 1 17
Minn Union 1 st g 6 s.. 1922 'J-J 117 ........117
O InU A W 1st pi os. ,.111933 Q-Jl
93 4 N o v ’US .
91
93
Jtont C 1 st gu g 6a....1937 J-J 126 1 3 0 4 130 Oct ’09 . .. 130 152 4
92 4 964
Peo A East 1st con 4s...1940 A-0
.........136 4 Aioy’UO1.
03
62
62 41
40
63 ■|
Registered................19371 J-J
incomo4a.................... 1990 Ain1
113 4 ........113 4 Oct ’ 091. Ij i"i3 4 " m "
OlCT A .Marietta S e e Penn 111*
i
1 st guar gold 5s...... 1937 J-J
JTio’Ub1. ..1 1 6 1 1 6 4
Ulov A Pitts S e e Penn Co
Will A S P 1st gold 5s 1938 J-D 113 4 ....... 116
J- |
87 4 Greenbrier Ry S e e Ches & O 1
Coi Midland 1st g 4s........1947 J-J| 804 ........ 81
94
95 4 O ct’09 .. .J 95
97 4
^7 4
99
Colorado A Sou 1st g4s..,1929 F-A U 7 4 s a l e . 9 7 4
Gull A S 1 1st ref A t g 5s 51952 J-J
1*64 Ilk )4
97 #, Sale 1'7 4 l03',
an A St Jo S e e C B A <4 I
Relund A ext 4 4 s ........1935 M-N
113 a 11V ‘-i M ousatonio S e e N V N HA II
Ft W A Den C 1st g 60..1921 J -D 1 1 3 4 1 1 3 4 1 1 3 4 N u v 0 9
103 | 3 103 109
Hock V allstconsolg44s. 1999 J J 103 103 4 103
Ooium A Greenv S e e So Ry
Registered......................1909 J j ................. lu u 4S en ’08;...........................
Col A R ock Vai S e e Hook Val
Col A H V 1st ext g 4s..1948 A o ........ 93 9 3 4 Mny’09;___ 'j 03 4 034
Col A Tol S e e Hock Val
994 l e b ’UJ1. . . . 1 Of
99-4
Col & Tol 1st ox 4 s ...... 1955 F A 93 4 99
Col Conn A Term S e e N A IV
Honst R A W Tex S e e Se Pac;
Conn A Paa Rivs 1st g 48.1943 A-0
96 Jan’09
95
95
Cuba RR Ist50-yr5 g ----1952 J-J
House*TexC en <i'#«SoPacOo'
Contra! 1st g 4s.. 1951 J J 104*s ........1014 Nov’09 . ...' 103**1044
A Cit So s e e C M A St P,
I llinois
D ak
alias A Waco S e e M K A T’ l
Registered....................P o l 1 J J 102 4 ....... 1074 . t>r’ 07l,
1st golu 3 4s............... 19511J J ....... ........ 90 Sep ’69 , """ "884 *94 4
Dei Rack A Western—
94
94
03 ........ 14 S ep’ 00:,
1114 U4*i
Morris A Essex 1st 7«. ..19] 4 M-N I l l 1 1 2 111 *» l l l * i
Registered................... 1951 J J
03 4 844
1st consol guar 7s...... 1915 J-D( 1 1 4 4 U S ' . . 1 1 4 4 N o v ’ OO
1144 U7*a! Iflxtendea 1st g 3 4 3 .......1951 A O ........ . ... 03 'a May’ 00!
80
30
1st gold 3ssterling........1951 M. S ........ ........ 80 J’ly ’09 .
Registered................1915 J -D, ................... 127 J’ ne’05
4 102 4
1st ref gu g 3 *38..........2000 J-D ......................... 9 t S e p ’ 0 0 . . . . 9 3 * » 9 6 4 ' Coil Trust gold 4s......... 1952 A o * ........ 1004 102 Sep ’09j ... 100
99
99
Registere'd.I HIIIl952 A-o ............................ 00 J’ne’09
n o t ’03 .... 1174 121 I
N Y Lack A VV 1st 6s.. .1921 J-J 1 1 7 4 ........lib
1st ref 4 s ........................ 1955 M-N 90*$ 994 OU'4
» 9 i-j 25 98 (j 1014
Nov’OO .... 110 112-V
Construction 5s......... 1923 F-A 1094 110 110
2 99 1 0 1 4
101 -.
9 9 4 1 0 0 4 ' L N O A Tex gold 4s"I.Il963 M-N 1 0 0 4 ........101
Term A Improve 4s....1923 M-N 100- i ........10U4 Nov’09 ... .
Registered.................. 1963 M-N .............
,00 I 97 Jluy 07
W arronlstrofgug84s.2000 F-A ..................102 4 b oU’0 3 .......................... .
00 ‘*i 100
102
,- Sep’09 ... . 120 122 I Cairo Bridge gold 4 s.... I960 J -D ........ 102
100 , —
Del A iluu 1st Pa Div 7a.l917 M-3 ilU 120 120
894 804 Nov ’00
88 4 92
l,oaisvDivATerm g3 4s. 1953 J-J
Kogisterei:...................1917 M-S ........................... 1 4 9 A u g ’ 01
Jliddlo D ivregos.......... 1921 F-A 105 ........1‘23 Mny’00
10-yr conv dob 4s......... 1916 J-D 1 0 2 ss K a le 1 0 1 * 4 1 0 3 I 47 100 107Bg
79
HUH 70 Apr’09
79
Omaha Div 1st g 3s....... l9 ol 'F-A
1st lien eouvp e 4 4s ....1922 J-J i 1 0 2 * * 1 0 3 1 0 2 4 1 0 2 4 ' 3 1014 1034
St Louis DivAterm g3s.1951 J
tst Aref 4 s .................... 1043 M-N iOO3* sale 100*4 100*4 27 100 4103
lo o | 7, 97 107
Registereu.................. 1951 J - J ........ 79 .....................
Alb A Sus conv 3 4 ».......1946 A-0 100 1 0 1 4 1 0 0
, 90 Oct ’00
" 00 '" "00 4
Gold 34 s.................... 1951 J-J
874
128 1284
Kens A Saratoga 1st 7*.1921 M-N 1 2 8 1 2 0 1 2 8 N o v ’ OO
Get TIO
I)
Registered............... 1951 J-J **74 1...... 1014
Dei Riv HK Bridge S e e Pa RK.
100 N'ov’OO'
6 96
Spring Div 1st g 3 4 a ...1961 J-J ........
984
97
Denv A R Ur 1st cou g 43.1936 J-J ........ 974 964
westernLinss 1st g 4s...U'51 11-A ........ 99 100*4 May’00; .... 1 0 0 4 1 0 0 4
103 106
Oonsoi gold 4 4 s.............1936 J-J! 104 ........ 104 J’ne’09
BoUov A Car 1st 6s...... 1923 J '1* U'J1* ........121 Feb'OOl ,...'121 421
Improvement gold 6s...1923 J-1). 103 106 104 Sep '09 .... 101*4 104
.
96 4 O ct’O01...J| 064 93
93 4
93** 100 924 GG*s
Carb A Shaw 1st g 4s...1932
9*
1st A retunmng os........1955 F-A
98 Feb’ 08
Cliio St L A N O g os...1951 J-D 1164 ........119 s Oct ’09 .... 1184 120
Rio Gr Juno 1st gu g 5».1939 J -D
78 J’ ne’09
78
80
Registered.................. 1951 J--D ......... 118 1184 J’ne’09 .... 1184 110
Rio gr So 1st gold 4a__ 1940 J- J !
00 Oct ’00 ....![ 90
00
85 Mar’ 08
Golcl34a........................... 1951 J-D .... .
Guaranteed................. 1940 J-J
luo Mar’03
93 ,
93 100 4
Memph Div 1st g 4 s... 1951 J-D ........ . .
934 93
Rio Gr West 1st g 4a.... 1939 J- J j 93
08 J’iy ’ 03
; 83
S7
S4 |
St L Sou 1st gu g 4s....1931 M-5* ........ ......
Mge and col trust 4sA .1949. A-0
96 ( 97 Jan ’02
Ind B1A West *’«« CC C A St L
Utah Cent lstgu g 4s al917 A-O 90
93 4
Ind III A la 1st g 4*........I960 J J ...... 984 974 Get ’09 . . . J| t i t }
D e sJ lo iA F tD s e e M A St iV
!
II
........; 110 Sop’04
Int A Great Nor 1st g 6s..19X9 M N 110 HO 4 HO Oct ’OB ....! 109 112
Des Moi Un Ry 1st g 08..1917.M-N.
.................
luu*»
a
u
«
’
u
9I____
'I
85
1
034
95
4
Oct
’09
,
96
93
2d
gold
os.............................
1909
M-S
03
Det A Mack 1st ilen g 4c.1995 J-D:
93
92 J’ly ’09.
88
107 9ai» 1064 107
46 1864 108
01
94
TrustCocertfs...................
Gold 48........................... 1995' J-D
II
40 ' 43 J’ uo’OO ...,l| 48
3a gold 4s............................. 1921 M-S30
Detroit Southern—
82
70
105 ]()0 1054 Nov’ OO .... 1054 11 ‘ 4
734
734
Iowa Central 1st gold o s ..1938 JOhio Sou Div 1st g 4s...1941 M-S, 734 80
1114 116
76*, 77 Nov’UJ ...J 74*
Gold 4s...........................1U51m- S 76
Dul A Iron Range lst6s..l9 37|A-0 108 ........J1114 J’ ne’09 ,
........1106 4 Mar’ Ob .
al
A
A
G
R
S e e L S A M s'
Registered.....................1.9371A-0|
K an A Mich S e e Tol A O O
2d 6e.............................. ^916 J-J
I K O Ft S A M S e e St L A S F
Dili Short Lino N«»NorPao
Dai So Shore A Atl g os..1937 J-J, 1 0 9 4 ........HO O ct’09 ...J HO 110’a J£ C ci M R A B S e e St 1j A S F
Kan C A Paolllo S e e M K A X
L'ast of Minn S e e St P M A M
734 2 714
734 74 , 734
Kan City Sou 1st gold 3*..1950 A-0
JUaet Ten Va A Ga S e e So R
1 63 Oct ’00 ,
Remsterou.....................1950 A-0
110 Oct ’ 09 ,.'1124115
i K!-J 112
Elgin J ol A East 1st g 6s. 194*
Rol A irapt 6s (iv i) Apr 1950 .... i00 4 Safe" 1004 101 4'll'J 160 4101*
Elm Cort A No S e e Leh A N Y|
101
101 | 8 10l 101 ! Kentucky cent s e e o a N
Erie 1st ext gold 4s.......... 1947,M-N 10 0 4
2d ext gold 6s................ 1919M-S Vl7 107 "a 106 4 Oct ’09, .. 1064106**' Keok A Des Mo s e e C U IAP
UJ4 l4 Nov’OO ., .. 1044 106
KnoxvlUo A Ohio S e * So P.y
lid ext gold 4 4e............. 19 23 M- S 104
r 114 ........114 Nov’OO . . T12*» 1154
106 4 106 4| 1 106 107 4 L ake Erio A VV 1st g 5s. .1937
4th ext gold 5a...............1920 A-O 1064
j 107 ........107
107
6 107 109 4
97
97
kK’OO . ,.'l 97
2d cold 5a.................... 1041
ith ext gold 4s................1928 J-D 99 4
3 1204 125 4
North Ohio 1st gu g os.. 1945 O 11241144 H 3 4 Nov’09 .. 'il 124 i l l 4
1st oonsoi gold7s........... 1920 M-S ........ 1214 120 4 ,2 0 4
II
L Sho A Mich S S e e N Y Cent
1st oonsoi g fund 7s......1920 M-S 117 41204 124 Aug’OO , .. 122 134
107
l'lO J " . 0f 4
91
i)0 4
86 i 4 82
86 S a l e
Leh Val N Y 1st gu g 44s.l940| J-J 107 Pals 107
Erie 1st con g 4s prior..1996 J-J
83
86 4
_
________________ J-J 1 0 6 4 1 0 /'* 107 Aug’OO . .1 0 ] 107
S3 Nov’OO
Registered......................1940
Registered...................1996: J-J
... 07
97 4 Nov’ OO .Ji 07
va
................
..
....... M
' N
Val (Pa)cons
g 4 a.2003
76 4 5ai« U 0 4
764 ‘ 24 694 80 i;Lehigh
1st consoi gen lien g 4s..1990: J-J
oO - j Feb’07
................. Lwi V T or Ry 1st gu g 5s. 1941'A O 110*, ...... 1164 Get’09 ,..j[1164 110*4
Registered................... 1996’ J-J
83 "l"(3 764 90
Registered....................1941 A O 1134 116 109 4 G et’99
Penn coll tr g 48........... 19511F-A 82 Sale
H' i’oft"" ioa'"
83 227 03
8 14 Sale bo
89 4 Leh v Coul Co 1st gu g os. 1933 J J 100 ........1U8 Nor’00
40-year conv 4s A ........1953 A-O
. 9 6 4 00 ’, Sep ’00 .. 96
97
72 4 119 574 10 U LehAN Y 1st guar g 4 s..1945 M s
do
Serios B...1953 A-O 72 4 Sale liV;\
H I... 95 4 ....................
116 1164 I Registereu..................... 1945 M
Eutl N VA E n e ls t7 s ..1916, J-D ........U6«s 116 4 Aug’Oy _
1
0
2
4
........11J
4
J»n
’06
1134
114
114
114
1
114
1174'
El
0
A
N
1st
pf
6a"IIIIIl914
A-0
~
------Chic A Erie 1st gold os..1932 M-N
.. ,1014 1014
I
GolUguaros................1914 A-0 1 0 1 4 ........1014 Sep ’09
Clov A Mahon Vai g 6».ln:;3j J-J 112 ____ 121 Deo'0 8 ..............
Long Dock consol g 6s.. 1935 A-0 126 ........ 1264 O ct’09 . . . . 126 1284 Leh A Hud K S e e Cent of N Jl
Coal A RR 1st cur gu 6a. 1922 M-N ........113 114 o ’ne’09 .... 1124 120 1 Loh A Wilkesb AesCentof N J|
1084 110
Leroy A Cauey Val S e e Mo P1
Dock A imp let cur 6a.. 1913'J-J ........106 1034O 0t’ 0»

L lllbl/iililA M iO tih

Oontinueu on Next Page.

Gna nnd Electric Light
Gas and Kloctl-io Light
Atlanta G 1, Co ls t g 3s...1917 J-D 103
103
N Y G E L H A P g os...1048 J-D 101*, Sale 101
...
13 1004 10tT«
Bklyn U Gas 1st cou g 5s. 1946 n-N 1074 ........ i(i7>, i()?4
2 107 iua
Purchase money g 4s...1949 F-A
834 sale 82 *,
83 k 37 1,2*4 864
74
100
1004
100 Sep '00
BudaloGas lstg 6s.........194, AO
Ed El III 1st couv g 5*..1910 M-S ....... 100
67 4 Sale 67 -a 68
6 60
llO 112
Columbus Gas st g 6s__ 1932 ,T. J
J-J 110 4 110'-. 110 4 Nov’OO
97
984
Detroit city ua» g 5*........
08 4 51ay’00
i"oi"4 l i n t ,014 Oct ’ 09
1004 i02 4 NYAtJElLAPlstcougd8l930 F-A
V7 4 97 4
95*» sep ’ 08
97 4 J’ly ’09
Det Gas Co con 1st g 6s...191s F*A 100 102
N Y A Rich Gas 1st g 63 .1921
........100
10 1 *, Nov’06
Eq u LN V 1st con g 6s..i93‘. vi- b
Pat A Paa C A E cou g 53.1949 M-S
96 Mar’O*
119 121
GasA EleoBergCoc goa.1940 J-I)
614 Oct ’01
Peo Gas A G 1st con ;; 6s. 1043 A-0 119 1204 120 O ct’09
1 1024104
100 O ct’00
100 ioo
Refunding gold5s......... 1947 M-S 1024 1034 103 4 103 4
G r lta p G L C o 1st g 6s...1916 F-A ........101
Hudson Co Gas ls t g o s..1940 M-N 10S4 104 4 105 J’ly ’09
105 105
ChG-Jj A Cue lstg u g 6a 1937 ,T-J 103 R'4 103 4 1034 2 103 104 4
101** 103
10U May 09
100 100
Kan City (Mo) Gas lstg 5s 1922 A-0 ........100
Con G Coo£Chi8l<ruK5s.’36 J-D 102 103 102 Nov’OO
94 4 Aug’ OO .... 86*4 94 4
Kings Co El L A P g os...103, A-0 ........102 4 104 4 Sep ’09
Ind Nat Gas A Oil 30-yr os ’ 36 M-N ........ 90
1044 104'v
1014101*4
no
ns
Purchase money 6s......i«'9'i A-O 112 116 H7 4AWg’O0
Mu 1) noloas istg u g 6a. 1947 M-N 1 0 1 4 ....... 101 4 Nov’09
.............
Ed El 11 Bkn 1st con g 4s 1931 J-J ................. 88 Sep ’08
Syracuse L.giiting 1st g 6s.’61 J-D *094 ....... 094
994 " " i 994 994
HO May’05
Trenton G A F,1 1st g os..1049 M- ft
Lac Gas Lot St L ls tg 6s.«1910 ti-F 10 2 4 104 ).U3 Nov’Ou
1024 106
Rnf and ext 1st g os...... 1934 A-0 1004 102 100*, Nov 00
100 1014 Union Elec L A P IstgSs.1932 M-S 100 ........ 96 Jan’ 08
90 tj o ct ’00
Milwaukee Gas L 1st 4s.. 1027 M-N ........ 91
103
0 0 4 0 2 4 Utica El L A P 1 s ts f g 5s.1950 J-J
Newark Con Gas _g os. ...194ft _J-D _ ....... 1084 |
102 4 Mar’00
..................................
102 4 102 4
. . .
.. Westchester iiight’g
.
_ _g 5s.I960
.
_J-D
_ _ _........105
_ _
*K o price Friday; latest bid and asked this week, a Due Jan 6 Due rob KDuoApr «DaoMay A Da* J’ly feDuoAng eliao Oet 1 bn# Doe * Option 9ele




Nov. 20 1909.]

New York Bond Record—Continued— Page

3

1331

AO"S,
O
R a n g e
BONOS
W e e k ls
|s-a
P r ice
K a n g *
S in ce
R a n g e o r
, S*
fV id a v
©.g ; ow
S in w
ce
*. N. Y. STOCK EXCHANGE
J a n u a r y 1
L a s t S a le
'< '-q
N o v 19
S i' J a n u a r y I 1!
N ov 19
W kkk Ending N ov 19
L o w
N iq ti
L ow
N i g 11 N o
S la
A sk
H i g t i N o 1L o w
H ig h
A s/t L o w
N Y Bkln A Man Bch S e e L I1
Long Dock S e e Erie
90*4
91 I 33 904 94 4
<OV'09 .... 110 1124 N Y C ent* IX Rlv g 3 4s. 1997; J- J 90 4 91
Long Isl’ d—lstcou g 5S.A1931 Q-J 112*8
88 3» 93*4
........ 904 833* Oct ’09
Xieglstered...................
1997
J-J
90*,
1st consol gold 4s........ A1931 I n
9 5 V *3a 93** 964
Deben g 4s.................... 1934 M-N 95 4 Sale 944
074 S ep’<>9 .... ! ‘JO 974
97
99
General gold 4s......................19^8J-o98
80 4 85*4
81
Lake Shore coll g 3 4 s ...1998 F-A 8 1 Sale 80 4
1004 Apr’09!....'il004 10 0 ‘a
Kerry gold 4 4 s......................J“ 22M-S90 104
79
844
79
79
........ 80
99*4
Oct
’0
0
_
_
1..................
97
1998
F-A
Registered...................
Gold 4s........................... 1932 J-O 96
80
4 34*4
81
81
SO
........
98
Mich Cent coll g3 4 s__ 1993 F-A
96*8 96*4 O ct’00;....'] 96
Unitied gold 4 s ......................1949M-S
82
82 4
82 4 J’ne’09
1998:
F-A
........
80
Registered..................
Debenture gold 5s..........1934 •>*" 98
100 100*4
100
93
2 97
994
Beech Creek 1st gu e 4s. 1936 J - J 100 Sale 100
984 97’
Guar ref gold 4s.................... J-349M-S
102
Mar’04
1
0
1
....
.
Registered.................. 1936! J - J
Bidvi) * Mont 1st g t5s..1911 M-S 100
2d gu gold 5s..............1936 J-J 107 ...... .
102 4
1st os................................... 1 9 1 1 M-S
Beech Cr Ext lstg 3 4s 61951 A-O 84 4 ...... .
K 1 B 4 M B 1st con g 5s 1935 A-O 100
100 . . ... .
97 4 97 4
97 4 Apr’09
103 100
Cart A Ad 1st gu g 4s... 19811J -O
106 4. 05 Apr’07 j
N Y & K 15 1st g 58 .....1927 M-S 193
)023
Gouv A Osive 1st gu g 5s 1942 J-I*
Nor ShB 1st con g guos ol982 Q-3 iu
/ 4
4 ..... . 09 Nov’Utl
100
100 4
1
0
0
’
9
9
4
6
j
96
99
Moh A Mai 1st gu g 4s..1991 M-S
964
90 4 I
Louisiana* Ark 1st g 5 s .1927 M-S 954 964 117
105
Oct ’Oa ... 1154 1174
N J Juno R gu 1st 1S...19S6 F-A 9 1 3s
117 4
96
91
1 110
117
N
Y
A
Harlem
g
3
4
s
...2000
M-N
114
114
I
1)4
103 108
Gold 6s.
N Y A North 1st g 5s... 1927 A-O 1 0 8 1 1 2 4 1 0 8 Oct ’09
9 j 3, ! 14 : 984 102 >4
99 4 99 *4 99 4
Sep ’08
100
100 May’OO ... 100 1 0 0 ‘a
N Y A Pu 1st con gu g 4s 1993 A-O
Registered..........................1949<*-«»
Nor
A
Mont
1st
gu
g
os.
1916
A-O
.................
- —105
J’ne’08
100
4
Sink fund gold Os...................1910A-O
124
181
1 3 0 4 1314
Pine Oreek reg guar 6s.1932 J-D 124
1304
Inn
i"?}
no*. 110 Nov’09 ...Jll9884 1104
Coll trust gold 6 s..................1931M-N
II W A O con Istext5s./il922 A-O 1084110
;109
Oct OJ,.—. 108 4 * *1
109
1 0 8 4 110
_. 111 'a Oct ’09
111 1 U 4
E H * Nash 1st g 6S....1919, J -0 111 _T
Jan ’03!....I1......
105 4 105
107
‘4 107 a4
Oswo
A
R
2d
gu
g
5s...«1915
F-A
.....
107*4
J’no
09
104*,
L Cln * Lex. gold 4 4 s... 1931 M-N
106*41
1
----­
R W A OT R 1st gu g 5s.1918 M-N
124*4 1258#
125 >» 126 125 Oct ’09
1024 994
99S
1 994 99 4
Rutland 1st con g 4 4 s..1941 J-J
120 120
120 Jail’09
118*3
91
91 Oct ’09 .... 91
934
J-J
OgALCham
lstgu
4s
gl948
107
108
107*4
Aug’O
O
Pensacola Dlv gold os...1920 M-S
914! 92 J’ ne’ 09!.... 90*4 92
Rut-Canad 1st gu g 4s. 1949 J-J
117 May’07
1144
........*115 Feb’09 .... 115 116
J-J
71
8t
Law
A
Adlr
ls
tg
os.
1996
M
ay’09
75
68
71
2d gold 3s....................1980 M-S
125 Feb’08 .... .................
2d gold 6s.................... 1996 A-O
964
94
94 Nov’09
Atl Knox A Cin div 4s..1955 M-N
Utica A Blk Rlvgu g 4 s.1922 J-J 101 ...... 1034 Dec’0 8 .........................
116 116 J'iy 00
Atl Knox A Nor 1st g 5sl940 J -9
95**
914
92 I 23 91
J-D 91 4 92
110
Lake
Shore
gold
3
4
s
....1997
110
Jau
’09
110
Honder B d gelstsf g6s.l031 M-S
90 4 O ct’091...J 904 94*9
9834
Registered................1997 J-D 90*4......
96
97
98
97
Kentucky Cent gold 4S..19S7 3 - J 1 97
97
95
Salo
94*4
95
i
7
944
M-S
Debenture g 4s........... 1928 „ „
103 Deo’08
LAN A M A M ls t g 4 4 s 1045 M-S 105
97*4
25-year g 4 s ................1931 M-N OX3* Sale 94*4 94 *s*167 93
88
92
92
91
914 92
L A N -80 util M Joint 48.1952 J-J
1
1
2
»
«
1
1
5
4
K
a
A
A
G
R
lstg
n
o
6
s
.l9
3
8
tJ-J;
---•
110 112 1 13*-, J ' l y ’ 9 9
Mahon C’l RR 1st 5s..1934 J-J 1 U 4 116 109 O ct’07;.........................
100
M a y - 0 8 . . . . ' ! .........................
Pitts A L Erie 2d g 5 s .« 19 2 « A-O
109 1104
110*4 1 10:,4 Nov’ 09
Pens A Atl 1st gu g 6s..1921 * -A 110
1304 Jan ’CD'----' 130 4 1304
Pitts McK A Y 1st gu 68.1932 J-J 127
1104 115 4
110*3 Sep’09
8 A N Ala con gu g 5s..1936 * -A 1 10 114
124
2d
guar
6s.........
..........1934*
J-J
94
95
4
94
04
01
L A Jell Bdge Co g u g 4s.. 1945 M-b
M cKees&'BV 1stgSs 1918 J-J U1 ........- - - - - - — ITi'f 101
L N A A Ch S e e C I A L
j
Mich Cent 1st consolOs.1909 M-S ................. 19J
Coal S e e L S A M S I
I
115
5s
1931 M-S ................. 115 Oct 09].... 115
M ahon
924100
0734
93
anhattau Ry consol 4s.1990 A-O 97*, 98
104 Apr'Oo
j * -Oot- o® : : : : r * m 1 0 0 4
K e ^ v v .L :::::.:::.i9 3 ij5 - M u -j J
Registered...............1990 A-O
99 4 100*4'
99*4
Strand tax exempt.. 1990 A O 1)9*4 93V 99*4
* W s ^ : ; ; : : : : : : : : m S b - £ .................t e90* tJ’sneus'.
s a - -.,
J
MoK’ nt A B V S e e N if Cent
95
95
J L A 8 1st g 3 43...... 1951'M-S
83 4 964
Mex Cent cons g 4s.........1911 J-J
91 I 9 3 4 J’ly ’OB'....:] 9 1 4 9 3 4
1st g 3 4 s ................... 1952 M-N
253i
24 4 27 4
274 254
1 st cons ino g 3s....... «1939 J ly
93 4 1 5; 914 954
93
93 4 9 3 4
20-yeardeb la .............A O
24 I 26 4 Apr'OU
203* 26 4
2d cons Inc g 3s trust r e c t a ..——
80
80
80 J’ly ’09
Bat (J <feSlur 1st gug38.198i).J -D 99*4 Bale I 09*»
M exlutevuatlstcon g 4s.1977 M-9
99*4| 85 ! 99 4 1024
NVOhiCcfcSt L 1st g * s iua7 ;A-0
80 Feb’0 8 __
Stamped guaranteed... .1977 M-S
99-alUU 100 Aug’OO----.100 1004
Kegistered..................1937IA-0
100s8 May’0 9 __ i 00“s ioi’
Hex North 1 st gold 6»....1910 J -D
4
913
,'
91
4
Sep
’ 09 !__ 1 914 94
89
Debentures 4s............1931 *"-" 103
103*
Mich Cent S e e N V Cent
10 14
108
West Shore 1st 4s g u ...2361
103 4
100 4 bale 1004 10U4 32
Mid or N J S e e Erie
Registered...................2361
Mil L 8 A W S e e Ohio A N W
N Y A Greenw LaJte S e e Erie
Mil A North N e e Ch M A St P
J’ne’09
13241334 N Y A Har S e e N Y O A Hud
Minn A St L 1st gold 7 s..1927 J-J* 132 135 182*a
118 Jau’07
N Y Lack A VV S e e D L A W
Paoido Ex 1st gold 6s...1981 A-O 108*4...... 101*4
101*4 103 4 N Y L E A W S e e Erie
May’09
South West Ex 1st g 7s.1910 3-D
,
107 1114! N Y * Long Br fteeCentoXNJ
1st consol gold 6 s...........1934 M-N 107 108 107 Nov’09
83*4 87*4! N Y N H A H—Conv 6s.. 1948 J-J 1354136 1344 1354 320 133*4 148
S3V
83*4- 83 Hi 83*4
lstand refund gold 4s..1949 M-8
100 : 1911 0 7 4 1 1 1 4
99
. . s*
_ bale 9 8 4
'
914 9141 Cony deben 3*as............1956 J.J
DOS M A Ft D 1st gu 4s... ’35 J-J .......
■* 914 Oct ’oa
Dee’08
1-lousatomc R con g 5s..1937 M-N 114*4....... . 1184
Minn A St L gu S e e 15 C R A N
1
107 107
107
A u g ’ OO
M-N
16
69
>
4
Sale
1
0
0
4
'
9
9
*s
9
9
4
N
H
A
Derby
con
cy
os.1918
M HtP A S 8 M con g 4 lntgu’ 38 J-JI
99
N Y A North S e e N Y O A H
98 “a 99*4 9 9 J ’ l y ’ 0 0
M S S il A A lstg 41nt gu 1926 J-J
96s* 99*4
N
Y
O
A
W
rel
1st
g
4s..pl992
1 ,1
Mluu (Ju S e e St P 41 AM
994
liegl* $5,000 only........</1992
08**1014
Mo Kan A Tex 1st g 4 s...1990 J -O, 99 4 Sale 99
86*4 88*4 N Y A Put S e e N Y O A H
2d gold 4s............................. pl990F-A87 *4 Sale 87 *s 8 7 »,
104
........ 104 4 104
1 03 *4 1 0 9 4 N Y A R B S e e ixjng Island
1st ext gold 5s........................1944M-N
N Y S A W S e e Erie
834
87 4
85 4
1st A rotund 4s......................2004M-S85 Salo 95
S O 3* 9 3 4
N Y Tex A M S e e So Pao Co
Gen s t 4 4 s........................ 1936J-J 90 4 Sule 90 Apr91’09
101
101
101 O ct’09
Nor A South 1st g 5s........1941 M-N
. . .101
. .
88
80 4
85 -a...... S3
8 t L Div 1st ret g 4 a. . . .20 01 A-O
125 Oct ’00 . . . J 1 2 6 4 1 2 8
Norf A West gen g 6s...... 1931 M-N 1244 ...
106
110
105 O ct’09
Dal A Wa 1st gu g 5a...1940 M-N
Xmprpvem’ t A ext g 6S..1931 F-A I 26 ..... 125*4 Nov’09 _ 1 2 5 1 2 9
Apr’09
93
93
93
93
4
Kan C A Pao lat g 4 s...1990 F-A
New River 1st g 6s...... 1932 A-O . . . . . . 126 128 4 J’ne’09 1 6 1 29 78 11 20 08>4s
113 113 Oct 09 .... 1 1 3 1 1 4 4
984
90
N A W Ry 1st con g 48.1996 A-O 984 90
09!.... ll}C *4 1 1 2
S
V Y o i 5S55!
* 8 w k ;«*. i»«<. »«•»•
07
07
90 97 J’ly ’09
Registered................... 19 9 6 ^.-0
106
110
U a * 'r o t T l a t g t l K 6 ».l«* a M . 8 105>a 100>3 Wo^3
.
01
29
95
92
4
03
Dlv’l
1st
1
*
g
en
g
4
s...1944
J-J
.93
Sals
110
4
Apr’09
1104 1104
SherSh A So 1st gug 5s.194,5 J-D
1
2
4
904
10O
0
3
4
1
0
3 4
10-25 year conv 4s__ 1932. J-U lo o sal*
107 Sep ’09
;10/ 1113*
T e x * Okia 1 st gug os... 1943 M-S ........
8 9 s* 0 3
33
PocahO
A
C
joint
4
‘
s”
l941
J
°
894
90
112
112
118
MoPaciilc lstcou g 6 s ...1920 M-N . . . . . .
{
C
O
A
T
l
a
t
g
u
g
5
s
...........
1
9
2
2
!
J
J
1
6
6
............
l
o
U
b
i
F
e
u
0
6
.
101
1100 4 1 0 2 * 4
Trust gold 6 s stamped.«1917 M- 8 101 101 j|101
5' 0 5 4
98 4
Scio V A N E 1st gu
gugg 4s 1989
M-N 95 97 4 96 4
95 4
4 Feb’07
It
Registered................. ol917 M-S
-----------104
U 'A
i o i ” ib'3' 4 ' North Illinois S e e Clu A N W
1st coll gold 5s................. 1920 N-A
1024 • 102 4 103 4
!
80 4 814
7 8 4 86 4 North Ohio S < «L E rieA W
40-ycar gold loan 4 s.....l9 4 o M-S
3ale
954 Nov’09
95»4 96 4 ] Nor Pao—Prior lien g 4 s..1997 Q J 1024 Sale 1024 102 4 50 1014104
3d 7 s extd at 4 % .................... 1038M-N9 6 4
102 I 1 101 108
944
014
Registered.................. 1997 4-J 102 bale 102
HU
954
Cent Br Ry 1st gu g 4 8 .19 19 F-A 94 4 saio 8
72 4 Sale 72
72 4 28 7 l34 76
8
4
0
e
t
09
8 8 4 91 | General Bon gold 3s....a2047 4 -f
Oen Branch U P lstg4 s.l948 - J - D
87 4
70
704 72 4 O ct’09 .... 72*6 74’,
110
Mar’05
Registered...............
02047,4-8
Leroy A C V A L 1st g 6 s 1926 J - J
"904 ’10*04 i St Paui-Dul Div g 4s....1996'J-D, ........ 96 1 06»» Nov’0 9 ___ 864 97 4
1004 1004
pao It ol Mo 1st ex g 48.1038 F-A 1004
116 Sep’09
Dul Short L Istgu 5s.. 1916 M-S
1124 H5
2 d extended gold 5s...1938 J-J
1084 112
C B A (jc o llt r 4 s S e e GtNor
8t L Ir MASgeneon^gj5si931 A-O 109 1094 109
™
.. 1174 121
St P A N P gen g 6 s....1923 F-A 118 ........
1104 1114
Gencoustampgtdg58l031
87 4
87 Sal. 87
86
90*4
Registered certlflo’s.,1023 Q-F ................. 119 Get ’ OJ . ..1 1 6 1204
Untiled A ret gold 4s..1929 J-J
1 1 2 4 ........117*, J’ly ’o7!.
87
88
87
91
St
Paul
A
Dul
1st
5s....1031
F-A
8748al«
RlV A G DlV 1st g 4s..1933 M-N
107 4 Apr’06
2d 6 s ............................1017 A-O 104 4 ........104 4 Sep’U9 . ” i o i " i o n i
Verdi V X A W 1st g 6s.1926 M-» ......... 102
98
Dec ’06
1st consul gold 4s........1968 J-R ........ 9d 4 98 Oct ’09 . . . 9 7 4 0 9
MobJ A K C lstcousg6s.lU 63 J-J
Wash
Cent 1st g4s...... .10 4 8 S"M 92 ........' 9 2 4 Jan’09 . . . ' 9 2 4 9 2 4
122
4
Aug’09
.
.
.
J
119
4
1
2
6
........i214
120
___________
.
Mob A Ohio new gold 6s..1927 J ■“
1 1104 1164
Nor
Pao Ter Co 1st g 6s..1933 J-J I l l ........1114 1 U 4
118
117
1 1 8 4 1 1 7 4 O o t ’09 ....'1 1 7
1st extension gold 6s../il927
N or Uy Cal S e e So Pao
884
804* 8 8 4
88 4
21 6 6 4 9 1
General gold 4s............. 1938 M-s»
Nor
Wis
S
e
e
O
St
P
M
A
O
1
0
9
4
111*4
1
1
2
4
O
c
t
’
0
3
.
.
.
j
'
l
l
2
4
U
2
4
Montgom Dlv 1st g 6s..1947 F-A
76
M a y ’0 8 ’
Nor A Mont S e e N Y Cent
8t L A Cairo coll g 4s..«1930 4-F
d A W S e e C C O A St L
06 1 0 1 N o v ’ 0 1
Guaranteed g 4s.........1931 J-J
U Iu
hio Riv lilt S e e Balt A O
M A C coll 4s S e e Southern
Oro A Cal S e e So Pac Co
Mohawk A Mai S e e N V C A 11
Ore Short Line S e e Un Pao
Mononguhela Rlv S e e B A G
Oswego A Rome S e e N Y O
Mont Cent S e e St P 61 A M
1084112
ao Coast Co 1st g 5s....1946 J-D 111 ........1104 1104
Morgan’ s La A T S e e 8 P Co
ao of Missouri S e e Mo Pt-c
Morris A Essex S e e D e l LA W
........104
Oct
09
.
.
.
.
103
105
Penn
Rll
1st
real
est
g4s.l023
M-N
1
103
10941124
__________________________
ash Chat A St L 1st 7s.1913 J-J 109 1094 1094 Oot ’09
Consol gold os...............1919 M-S 109 4 .........109 4 Jan 09 .... 100 j 109 4
2 110 1134
UO
N 1st consol gold os........1928 A-O 110 112*, n o
Consol gold 4s...............1943 M-N, .................. 101 Sep 09 . . . .
1014
Jasper Branch ls t g Os-1923 J-J 1 0 5 4 ........ll6 4 M a y ’07l...........................
Convertible g 3 4?.............19 12 M-N10 0 -a bale
904 u 04 200074106 4
McM Bl W A A1 Ist6s..l917 J-J lub ........' 1 1 7 4 Mar’0 5 ,......................
Convertible g 3 4s.............1915 J-G 0 6 *,bale
.J 3**
T A P Branch 1st 6e....1017 J-J 108 ........113 J’ly '04 ....( '...................
Consol gold 4 s ..............1948 M N 1044 sale 1044 1044 7ol03*,10o>,
Nash FIor A Shot N e e L A N
Alleg Vai gen gu g 4S...1942 M-8 100 ........ 90 J’ u e O /.........................
93 4 91 I 9 3 4 Nov’ 09! __ <! 924
Nat Rys of Mexpr 14 4s 1957 J-J
D R R R A Bge 1st gu 4sg .’36 f - a ................. ......... v.*” .'::,*, — ;v .:r
89
........ .................................
67 4 88 1 H8
88 I 29 86
Guar
gen 4s.................. ...1977 A -o
PliilaBul A W 1st g 43.. 1043 M-N1034 ......... I 04 J’ne 00 . . . . 1034 104
....
102
103
Jnt/ii .ilex
l io r prior
nvmr lien
li»>n »t
1 HViti J
J-J
Nutoi
448.1926
-J 1 0 1 4 ........ 102 Aug’09
S o d B a y tfc y o l e t if 6 a . . .1 9 2 4 J •J1 0 0
*••••• 10*^ J a n ’ ui)
1 80
85
1st consol 4s...................1951 A-O
8 8 4 - — —I 8 3 4
834
U W J k U < fc C a n K 6 Q 4 * #104 4|M -S 1 0 3 ...........1 0 0 4 J ’l y ’ 0 0 . . . . 1 0 4
108*3
New H A D N e e N Y N 11 A Hi
i
N JJ u u cR H S e e N Y Cent 1
1
•
lMISCELL VNEOUS HONDH—Continued on Next Pago
HON 1)S
N. Y. STOCK e x c h a n g e :
W kkk Ending NOV 19

P rice
fY iila v

W eek ?}
jRi ua n yg oe vo r
L a s t S a le

P

Telegraph and Telephone
Coal and Iron
Am Telep A Tel coll tr 4s 1929
93 100
99 4 Nov’09
Bull A Susq Iron s t 5s— 1932 J-D
Convertible 4s................ 1936
9’.** 96 Oct ’09
U6
97*4
Debenture 5s............. a 19-6 M-S 04
98
07
98
6 94 100 4 Mich State Tolep 1st 5s —1924
CUi x' A 1 GO gCU 8 1g 08—1945 f -A 96
97 *v 87 4 J’ly ’05
87
874 Fuc Tel A Tel i st 5 s ........1927
Convertible deb g 6s....1911 F A
West Union col tr cur 5S.193&
85
8434
824
86 166 71
Col IndulstA coll 6s gu..l934 F-A
Fd auil real est g 4 4 s ...I960
107A* Deo’04
Contlu’talC 1st si gu6sg.l952 F-A
Conv 4s, Series A ......... 1936
Gr Riv Coal A O 1st g 6 s..1910 A*0 95 100
Mut Uu Tel s fuml 6s—.1911
107 May’97
Jell A Clear C A 1 1st g 5s. 1026 J-D
.U n n ilfiic lu r tiiB A I n d u s t r ia l
08
1054 Dec’00
Kan A H C A C 1st s t got*. 19*1 J-J
Allis-Chalrarrs 1st 5s...... 1936
88 4 88 Sep ’09
80
86
Pocali Con Collier 1st s i 5s.’57 J-J
Aiu Ag chem 1st c 6s...... 192b
73
Feo’07
J
J
Sunday Creea Co g 6s....1944
Am Cot Oil ext 4 4 » ...........1915
1014 104
Tenn Coal geu 6s..........1961 J-J U 3 4 1034 103 Nov’O.*
Am Hide A L 1st s I g 68-1919
109*4 108 Aug’OO
1064 109
l’enu Div 1st g 6s......a-1917 A-O
Ainer Ice securdeb g 6s..1925
106 Nov'00
106 108
Blrm Div 1st consol 6s.. 1917 J-J
Am Spirits Mfg l s t g 6s..1915
110 Jan’09
III) n o
Cali U M Co 1st gu g 6s.1922 J-D 106
Am Thread 1st col tr 4s..1919
De Bar C A 1Co gu g 68.1910 F-A
Am Tobacco 40-yrg 6s---- 1944
87 Aug’09
87
87
87
Viotor Fuel 1st s t 5s........1953 j -j
99',
1 95 100
........................................1951
Yalron Coal AColst g 5s. 1949 M-S 09 Sale 984
•No pries Friday; latest bid and asked. aDus.fan 6DueFel> aDusMar dDnaXnr A Due 1’It loDns *u* •




J.J
914
98
91
93
924
92*#
M-S 10 (»* Sale 1044 107 4
92 4 107 4
98
100
F-A 99 ....... 19
99
98’,
96 4 9 8 4
J-J
08*4 Sale 98*»
lOOOf.
98 4 102 4
J-J ....... I00*i 100
93 4
9 6 s*
M-N 95 Hale 04 4
95
84
102*»
M-N loo *, Sale 100 4 loo*.
95 100
M-N ................. 100 Msr’ 09
j.j
85*,
80
S84
844 Salt S44
102
96
1034
A-O 102 Sale lu2
96
08*4
984
(J-F 98 4 sal# 97 4
9 6 * 4 1**3 4
M-S 1024 Sale 102
1024
67
80
73 4
73*4 To*1*
A-O 70
964
9 5 4 100
964
M-S
0O7s 97
Nov’09
90*» 93
J-J ........ 93
03
104 4 112 4
A-O 1094 ban 100 4 1104
74
31
804
80 4 Sale VI) 4
F-A
nan Oec » Dn« Not e nneOeo *Ont.ton *4*1*

133a
BONDS
N. Y. STOCK EXCHANGE
W eek exdinu N ov 19

New York Bond Becord—Concluded— Page 4
Price
F r id a y
N on 29
B ia

H 'e e / c ’ s
R a n g e
L a st

o r

S a le

-*»°o

R a n g e
S in ce
J a n u a r y

1

BONDS
hr. r . s t o c k e x c h a n g e
W eek Ending N ov 19

jVOL. LXXXIX
P rice

W ee/ c’ s

F r id a y

R a n g e o r
L a st s u it

R o n

1 9

*o
05

R a n g e
S in ce
J a n u a r y

a s h

1

L ow
H ig h l S o
o w
H ig ti\
Southern Pao Co— r C o n t i n u e d )
a s k \ L »w
H tg n R o
IVim Co—Guar 1st g4*2S.1921 J-J 1C4 *4 1U5 *2 104** Nov’09 slO L104
L ew
J iig n
106*2
No of Cal guar g 5s........1938 A-O
F eb ’07 ..
.......112
Registered................... 1921 J-J
102 Nov’09 ... 102 104*2
Ore A Cal 1st guar g 5s. 1927 J-J
103*2 104 Mar-00__ 104 lo t
Guar 3*23 coll trust reg.1937 M-S
90*2 J’no’06 ...
So Pac of Arlz lstgu ? Gs.c’ lO J-J 100*8
101 *2 Jan ’ 09 . lOl*, 101*2
Ouar3*2scoll tr ser B...1941 F-A
90
91 J’ly '09
90*4 ' 0 1 *4'
So Pac of Cai—6 s E A F.1912 A-O
104*2J’ ne’08 ...
Tv Co certlf’s gu g 3*28.1916 M-N 97*» 98
9734 Nov’t)9
96*4 98
1st gold 6s................... 1912 A-O
114*2 Dec’04 ...
<- u 3>2S tr ctfs C............ 1942'J -D
89 r, 90 Aug’09
89*4
90
1st con guar g 5s........1937 M-N
116 M»v’07j...
Gu 3*28 tr ctfs D.............1944 J-D
90
9034 AXay’09
90*2 90*4
S PacofN Mex 1st gOs.. 1911 J-J
104 A p t ’ 08'...
Guar 15-25 year g 4s__ 1931 A O
09
98*, N ov ’ 09
98 *2 100
So Pac Coast 1st gu 4s g. 1937 J - J
90 J’ly 0 9 ...
Cl & Mar 1st gu g4*2S..1936 M-N 100*2 .
88*2 92
110 ban’ 05
Tex&NOSabDivlst g6s.l912 M-S 102 104 103 O ct’0 9 ... 102*2 103
Cl A P g e u g u g 4 i28 3orA.’42 J-J
110*4 Jau ’ 09
iVd34 1*10*4
102
Con
gold
5s.................
1943
J-J
9
8 *2 A p r ’ 08 . . .
Merles B....................... 1942 A-O
109*4 J’ly ’09
109*4 109*4 bo Pac BB 1st ref 4s........1955 J-J
94*»
Sale
Series C 3*2S................1948 M-N 95
91*8
94*t 102 93*4 96*8
97
96 Aug’09
96
96
Southern—1st con g os__ 1994 J •J ........108
10 /
108 | 62 106 113**
Seric»D3*as................ 1950 F-A 95
95*2 90 Alay’08
Begistered............
1994 j . j
HO May’09
Erie & Pitts gug 3 >28 B. 1940 J J 93
109 110*2
92 Apr’07
Develop A gen 4s SerA.1956 A-O *8(3*2 Safe’ 80
81
Series C....................... 1940 J-J
93
76
85
98*4 Apr ’04
Mob A Ohio coll tr g 4s.. 1938 M-S 81 ** Sale 89
90
85*2 90*2
Qr K * I ex 1st gu g4*2Sl941 J-J 104
104 *2 Oct ’09
101*2
104*2
Mem
Div
1st
g
4
*
2
5
s...
1996
J-J
108
111*2
HO*,
Sop
’09
Pitts Ft VV <fc O 1st 7s... 1912 J-J
119*2113*8
107 Oct ’ 09
107 107
St Louis dlv 1st g 4s....1951 J-J
86
87*4 39 *4 Aug’09
9d7e............................. 1912 J-J 11)6*4 107 Hi 1 1 0 M ay ’ 119
87*8 91
109*8 110
AlaCen R 1st g 6s........1918 J-J lo a *2 ....... 108 s e p ’ 08
3d 7s.......................... rt.1912 A-0
107 Oct ’08
Atl A Danv 1st g 4s...... 1948 J-J
92 >2 Get -U9'
Pitta Y<&Ash 1st con 68.1927 M-N 108
92*2 92*2
110 Feb’09
110 110
2d 4s ..........................1943 J-J ........ 87*4 92 J’ne’06
PCC<fcStLgu4*2SA...1940 A-O
1077a J’ly ’09
1077» 109*2
A t l * Yad 1st g guar 4s.1949 A-O 83 ........
Series B guar............... 1942 A-O 107*4 .
107’ i Nov’09
l077a 109
Col A Green v 1st 6 s...... 1916 J •J 104*8 108 109 J’ne’09
Series C guar............... 1942 M-N 107*2........112 *2 J’ ne’05
109 110*4
E T Va A Ga Div g 5a.. 1030 J-J HO ___ 111*4 Nov '09
Senos I) 4s guar...........1945 M-N 99*2 ....... 1100 Aug’09
109*4 H I *4
100 102
Con 1st gold 03...........1956 M-N 113*2___ 113*2 H3 *i
Senes E 3*2 guar g.,,.1949 F-A 93s8 91*2 93*4Nov’09
110*2 114 *2
93*4
98
E
Ten
reor
lien
g
os......
1938
M-s
106
___
107 Apr’09
Series F 4s g u a r......... 1953 J-D
105 107
99*2
65
67
Ga Midland 1st 3s......... 1946 A-O
U6 Nov’ 09
CSt L A P 1st con g os.1932 A-O 113*4
64
68
114 J’l y ’09
114 116*2
Ga Pac By 1st g 6 s........1922 J-J 113V, 116*, 113 Nov’u9
Pensacola A Atl S e e L A Nash
113 117
Knox <&Ohio 1st g 6s...1925 J-J 115 H 6 *2 118*4 '*«l’09
Peo A East S e e C C C A St L
118*4 116*4
Mob<fc Bir prior lieu g 6 s 1945 J-J 105*2...... 116*8 Apr’UO
Peo A Pek Un 1st g 6s__ 1921 Q- F 107 116 116 Aug’09
116 116
79 ......
Mortgage gold 4s........1946 J •J
82 Nov’08
2d gold 4*28.................. 01921'M-N
100*4 Doc’05
R 10I1 A Dan con g 6 s__ 1915 J-J 10**2...... 107 *» Nov’in* .'1107*8 111*
Pere Marq—Oil<fc VV M 5s 1921 iJ-D ........ 105*8 105 Aug’09
105 106
Deb os stamped...........1927 A-o 104«,...... 107 urn ’99
F lin t* P M g 6s............ 1920 A-O ........ 112
. 107 107
112 Aug’OU
116
Rich A Meek 1st g 4 s ...1948 M-N 76-2......
75 Oct ’08
1st consol gold 5s........1939 M-N 105 .... 106*2 106*2 - 112 4 109*2
So Car A Ga 1st g os__ 1919 M-N 1 0 2 * 2 ........ 192*8 102*8 n io i* 2 103*8
Pt Huron Div 1st g o s.1939'A-O 101 ... . 107 Aug’09 ...J 1043
107 108*2
Virginia Mid ser C 6s...1916 M-S 107 ...... 112 O ct ’06
S agT us* H ist gug 4s. 19311F-A
Series D 4-5s...............1921 M-S 108 *4...... 108 *2 uec ’UU
Plul H A W
S e e Penn RB
I
Series E 5s................... 1926 M-S 107*4...... 109 J’ly ’ 09 . . . l|109 109
93 May’09
Philippine By 1st 30-yrsf4s’37 J-J
93
95
General 5s................... 4930 M-N ........107*4 109 Aug’uy ....."107
Pitts Cm A St Li See Penn Co
110*1
Guar stamped......... 1936 M-N 106 108 190*2 -Uai’09 ....1107*4 119*2
Puts Oleve A Tol s e e a A O
WO<fc VV 1st cy gu 4»..1924 F-A 90
96*t *au ’ 97
Pitts Ft VV * Oh S e e Penn Co
West N C 1st con g 63 ..1914 J-J 104*.
107 Oot ’09 ... 107 109*4
Pitts MoKces A Y S e e S I YCen
8 <& N Ala S e e L A N
Pitts 8h A L K 1st g 5 s...1940 A-O
115*2 11(5 J’ly ’09
116 116*4 Spokane Internal 1st g os 1955 J J 104 108 106*, Sep ’09 ..J|1O0*4 106 78
1st consol gold 6a.......... 19431J-J
93 7„ J iy ’97
'I w a oi s i o nd g 4 -2S..1939!A -o j 1U67S11)8*8 1 U 6 78 1 0 6 78 1 106 78 109
Pitts * VV'est S e e B * O
A 1st con gold 6s___1894-1944 F-A 1 H o
116*8 Oct ’09 ... 115 117
Co gen g 4s...... 1997 J-J
93 7, 99
79
99*,
98 7» 101
R eading
Gen refund s I g os........1953'J-J| 97 98
97
97 *2 6 96
Begistered.................. 1997 J-J
93
9:*4 93*8' 97*2 W V/
97*2 100
St L M B goTergu g 68.1930 A-O 1o7*4 ...... 110*4 J’ne ou ... 110*4 110*4
jersey Cent coll g 4 s... 1951 A O
96*2' 96
96*2
96*2
98*2
Tex A N O S e e So Pao Co
I
I
P liila* Bead cons 7s...1911 J.D 103*8
'102 ' Oct ’09
102 102*i Tex A Pao 1st gold 5s...... 2000 J-D ........ 114 1 1 2
112*4
711112 1 1 9
Bensseiaer A Bar S e e D A B
2d gold inc 5s...............« 2000 'Mar 70
85
83
83
1 «5
76
Bicli & I)an s e e Soutli By
La Div B L 1st g os...... 1931! J-J
103 Sep ’0 9 ___ 103 106
Bicli A Aleck s e e Southern
VVMin VV& N VV1st gu 6s ’30 F-A
1 0 6 >2 N’ o » ’ U4*....................................
Bio Gr West S e e Hon * Bio Gr
Tol A O C 1st g 5s............ 1935 J-J
111 H O *a N o v ’ o O I . . . . 1! ! 10 *2 il* 2 >2
Booli * Pitts S e e B u * P
Western Div 1st g 6s...1935 A-O 109 2
112 sep ’ 99
Rome Wat <S>Og S e e N Y Cent
112 112
General gold 5s............. 1935 J-D
194 *2 Sep ’99 ... 193*2 106
Rutland s e e N Y Cent
Kan
A
M
1st
gu
g
4s....*1990
A-O
91*2
Sale 91*2
91*2 2 9 1*2 96
Cag Tus A H S e e Pere Marq
Tol P A VV 1st gold 4 s__ 1917 J-J . . . . . . 94
94
94
O t J o * Gr lsl 1st g 4 a ...1947 J-J
86*4 94*4
96
96
06V 16
92
97
69*, 90
Tol St L<fe VVprIieug3*2S.1926iJ-J
89*» Nov’09
St H * Cauo S e e Mob * Ohio:
89*a 91*8
60-year gold 4s............. i960 A-O
80*4 81 Nov’09
bt L «fc iron Alount S e e A1 P
80
88*2
Tor Ham A Bull 1st g 4s./il940 J -D
91*4 A p r ’ 09
StLiAlBr S e e T BB A of St L
91*4 91*4
I
I
later
Del
1st
coug
os
1928
J-D
198
Aug’u9
107 1 0 8 ’4
9t Louis <fc S F—Jeng 6 s.1931 J-J 122 122*-. 123»| Sep ’09
122*2
124*4
tV T.l8t re**iinl g 4s......... 1952 A-O
8 6 *4 ......
86 Oct ’oU
General gold 5s............. 1931 J-J 108*2 110 109 Oct ’09
b6
89
109 111
Un Pao BB A 1gr g 4s ...1947, J - J lua saio 192 '4 192
St L * S F BB cons g 4s..'96 J-J ........ 02
73 102 104*4
92 Oct ’09
91
96*2
Registered................... 19 4 7 J-J 1 0 1 * 2 ...... 102
102
Gen 15-20 yr os .. ....1927 M-N 89*8 Sal6 89*4
0 100*4 103
39 *8 14 21 88
91*4
20 -yr conv 4s................. 19271 J-J
116** Sale 114*8 116*8 696 102 124*«
South w Div 1st g 5s..1947 A-O 100*4........ 100*2 Aug’Ub'__ * 100*2 101
1st & ref 4s.................. O2003M-S
l*V*2 eal# 97 *.
07
Refunding
4s...........1951 J-J
58 96*4 100
__g_______________
84>ssale 83*j
84*4 155 83*8 89
Ore By A Nav con g 4s.1946 J-D 98 ......
98*4 10 98
98*4
99
K O Ft S A Ai coug Us.. 1928 M-N| 118**121*4 111* N ovot
116*» 120*a
Oro
Short
Lino
lstg
6s..1922
F-A
1 1 17 117*1. HO OCt ’99 ... l l 8*2 120 ,
K O FtS A M By ref <•4s 1936 A-O
82
■82
82
86
1 st consol g 5s.............1946 J - J
H 2 *i 113*2 113
113
K C A M R<& B latgu
_ __ A-O
_ 100
2 113 l l s
KCi&MR<SjBlstgu5a.l92'J
Guar
refund
4s......
19
9
*
1
'
J-D
94
Sait
93*2
94
21 92*4 # 6*4
Oz’rk & Oh C 1st gu os g.1913 A-O 96*4 98
97*2
9 7 *2 ! il|* 9 7 " 98
Begistered.............IIl929 J -D
94 Jau’ 99
94
Li
St Louis So S e e liimoia Cent I
.Ufadoi Nor gold 6S..19261J-J 1 107*».
99*8 Aitg’99
99*8 10 0 ‘»
St L S W 1st g 4a bu ctfs. 1989 M-N, 92*2 93
92
92
9 l*j 95
Uni
N
J
R
U
&
C
Co
S e e Pa BK
2d g 4s mo bond otfa...pl989 J - J I 83*t 84
84 Nov’09
79
86
Utah Central S e e Bio Gr Wes
Consol gold 4s............... 1932 J -D1 7i *4 78
77*2
77*4
77** 81*4 Utah 3S North S e e Un Paciiic
G ra y’s P t T e r 1st g u g 6s 19471 J-D ;
101*8 Apr’ 07
Utica A Black B S e e N Y Cent'
St Paul <£> Dui S e e Nor Pacific
V audalia consol g 4 s __ 1955 F-A
98*2
Nov’Ofe!
St P Minn <&
>Man S e e Gt Nor
'
u ct'
J era Cruz OiPlstgu 4 *281934'J-J
jg P A a or ra t S e e S i or Pao I
06
96
Ver Val Ind A VV S e e Mo P 1
3 t P * S ’xCity 8'seCKtP Al&u
Virginia Mid S e e South Bv I
1 A >6 A Pass 1st gug 4s... 1943 J-J!
S3
68*2
33
87
92*,
Va
os
Southw’
t
1st
gu
5s.2003
J
-J
,
110
i ii' «& N P 1st sink i g 6 s. 1919 J J *98
HO Oct *09 . . . 1 1 0 1 1 7 * 2
Oct ’09
104 104
lstcousSU-yearos........1968 A-O1 vU
98
•ar F A West S e e All Coast L
>
98*2
98*4 6 9 7 >2 lU u
1st gold 5s...... 1939 M-N, 112 112 V, 112
Soioto Val A N E S e e Nor A VYl
112*4 1 8 1 1 1 7# 1 1 4 * 2
W abash
gold
03
...............
19
3
t)
F-A1
1U07
»
2d
101
102
Seaboard Air Line g 4s . . . I 960 A.o
82
23 101
105
88 Nov’09
63*2
91
*
,
“ Debenture seriesB __ 1939 J-J
100 JOi J 'ly ’09 .... 86 101
Ooll tr refund g 6s ........1911 M-N
99*4 99*8 9b*t
99*a]
95 *2 100 78
1 st Hen equip a fd g os..l92 1 M-S
101 102 *a May’UU . . . . 1 0 2 S . 1 0 2 * 2
Atl-Birm 30-yrlst g 4s.«1933 M-S ...... . 80
1
st
lieu
30
yr
g
term
4s.l954
J-J
87 May’09 . . . . 8 7
Oar Cent 1st con g 4 s...1949 J-J
67*2
0 U*2
1 st ref auu ext g 4s ....1956 J-J
74*8 Sale 74
1
, 4*4 4 2 4 7 1*4 8 0 ' ,
FlftCen* Pen 1st g ds.1918 J- J 100 ........107*4 Aug’OO'....
....
DetifeCU Ext 1st g 63 ..1941 J-J
1lb *4 Aug'09 .... 108 U U ,
1st land gr ext g o s ...1930 J-J
.....................
II
Dos Mom Div 1st g 4s.. 1939 J-J
83
9 1*2 J’ne’09 .... I 68»* 91*,
Consol gold os............ 1943 J-J 10 0 *2 ........'109 *2 Mar’06 " I I
76
82
78 j ’ly ’09 . . . . ' 7 8
■lot
Vm A
£s Ch
Ch1™
* 1st g 4s...1941
1941 A-O
80
G a * Ala By 1st con 6 s o l 945 J-J 103
■“
106*2 J'no’09
iu 2 *vi 106*2
Div
M-S 33
Ui *4 Aiuy’uU . . . . ! 9 0
88
Ga Car & No 1st gug 5s 1929 J-J 103 105 1 0 6 * 4 M a r ’ 0 9 ..J 105 106
91*2
Pitts Term 1st g 4S.19541J-D 47 Hal, 45
47
Seab A Boa lit 5s..........19201J - J 106*2...... 107*t J’ne’O’o mmmJ 108*4 107*4 Wab
23
42
66*4
Trust
Co
certfs..
1
48
Sale
43
7
|
43
55*4
6 hor Shr & So S e e M K 4 T
4 1 ',
2‘* goid 4«........... .*.".*.’.*.’.*.*1*9*54 J D
8
Sil Sp Oca 4 9 S e e Atl Coast L
7
14*2
«*-.
10 Sal,
8
10
So Oar A Ga S e e Southern
7 *4 14*4
Warren
s
e
e
Dei
Due
*
West
"
I
I
Southern Pacific G o Wash Cent S e e Nor Pao
Gold 48 (Cent Pac coll).fcl949 J-D
_ ........ 82*« DO7*
91»« 41 90
95*a : Wash O A VV S e e Southern
Registered................ *1949 J-D
86 .... 93*4 Aug’Ob .
85
93*, Wash Term! 1st gu 3*2S..l945 F-A
90*4 92*2 J’ne’09 ... 92*, 93*4
20-year conv 4s........</l929 M-S 102*« Sale 102
‘ “ 1922 97*2 107
West Alaryluud 1st g 4a... 1952 A-O 841* yale 84
95 1 82*8 as
Ceut Pac 1st ret gu g 4s 1949 F-A
97 Sale
97
D7*i. 47 96*2 987, ; G eu O ccu u v g is...........1952'A-O
67
67
6 111
Bogistereu................... 1941) jf-A ........... 9 6 * 4 96*4
73*8
Sop ’09 . . . . 96
97*4 | Trust Co certfs .........
....
68
09
69
8 02
Alort guar gold 3*28..,01929 J -D 8 8 * 4 8 9
73
88*4 Nov’Ub
88*4 93*, 1 W Va Cent <te P 1st g 6s *1911*1J •J ! 109*2
_
100 *2 Nov’09
Through st L 1st gu 4s ’54 A -0! ........ 94
100*2 102
92*4
92*21 i 92*2 95
111
112
*
»
Oet
’U
U
WestN
Y&
Pa
1st
g
o
s
..1037
J-J
112-.
...
H O 117
Qal Har A B A Istg 6s..l910 F-A
101*8 101*4
Gen gold 4s....................1943 A-O
90
92 j 91 Oct ’ 09 ... 87
Mex A Pac 1st g os__ 1931 M-N i*u*8*4 i 16**8
95*8
. . . . HO 112
Income os...........
34 Feb’07
Gila V G & N lstg u g o s. 1924 M-N: ..
2i0i>
— 104 J04*4 West No Car NeVSouth By
1
Hous E A W T 1st g os.1933 M-N; 103*>i 1*0*5* 105*4 May
09 ---- 103 106*4 Wheel’ " <fc L E 1st g os 1926 A-O
.
1st guar 5s reu......... 19 33 M-N 104
~
107 109
...... .
u ?i?m ‘a 1 W deelDir 1st gold os.. 1928
J -J ' ........!.....* 95 J ’iy ’ 08
U * TC 1stg 6 sm tgu.,1937 J-J 110 ........ l i o ^ u c t ’im *•••'"in
10 y 5g l l 0 l4 j Jbxton <fc I iiid sroid oa
lumj F - A
E :l
Coi-.sol s 6s lut guar...1013 A-O 109*4........
85 *, 9 83
19 3 d N° 9 3 m *"a l 9q ‘* 1uals !
consol 4s....... Ill 1:J4D M-S .""III *8*6*>
36*8'
i ' 83
Gen gold 4s int guar..1921 A-O 92
90
3
Jb {*
20-year equip s f 6s ...1922 J-J
06*8 ........ 99 Doc ’08
W«C° * N VVdlv 1st« 6s '30 M-N 116 i*18**
fAS. -pec 03 ... . • • • • • • - - - - - - i*Wilkes <&> East S e e Erie
|
A <S» N VV 1st gu g 08___1941 J-J 104
Morgan's La T 1st 7s. 1918 A o 117*2 12*6 fuAy1Jau»na ••••.KW'a 107 V j Wil A Sioux F S e e St P M<& Mi
................ . Wis Ceut 50-yr 1st gen 4s 1949 J-J
94 *2 Sale 94*2
1st gold 6a.................. 1920 J-J 114 ___ 116 Nov 0 6 .........................
95
83*2 037,
SupJfc Duldiv& term 1stis ’36 M-N
92*a 93 N o v’09 14 92*4
96

MISCELLANEOUS
ftlnniitnctiirlng Ok Hnliisu-inl
Armour&Co lstrealost 4 'ss’39 J-D 93*, Sale 93*,
4 21 92*4 96*2
Belli Steel 1st ext si 6s lazo J-J
90 sale 89*,
90
78 77
90*4
Ceut Leather 20-year g 6s.l926 A-O 99*8 Sale 99
4 8b 96*2 101
Corn Prod Bef s f g os....193i M-N 100 Sale 98
100
6 95 100
Distil sec Cor conv 1st g 6s.’27 A.O
74*4 Sail
75 i 72 73*2 787*
74*a
Gen Elcotnc deh g 3 *28..1942 F-A
80
84
10 -yrg debos................ 1 9 1 7 J-D 151 Salt
a i l l 136 155 *-,
Int Paper Co 1st con g 6s.191h F-A 104 I04*i
2 101
106*,
Consol conv s f g 6 s...... 1935 J.J
87
87*,
.... 86
8978
Int St Pump 1 st s f 5s__ 1920 M-S 96*4 96*8
11
96*4 96»,
Laokaw Steel 1 st g os__ 1923 A-O 99 Sam 96*4
98*4
17 93
99*2
*N Y Air Brako 1 st couv 6 s ’ 28 M-N H 6 Sate 115
16 108 116*2
R e p u b lic s lst<&coltros.l 934 A O 101*4 102
Jl*8l
98 102
Union Bag A P 1st sf 5s..l93u J.J
94*2 95*4 J4*a
11
91*4 98
U S LeathCo a f deb g 6s.. 1913 M-N
.... IU1*2 108*,
US Realty* I conv dob g 6 s ’24 J-J
90 Sale
16 84*4 92
st 81
U S uen
Bed <Ax itet
Bef 11st
s f gg 68.1931 J-J
90
94
95
.... 89
U S Rubber 10-yrcoll tr 6s.’ lb| J-D 104 *2 Sale
62 102*4 106
»JNo pries Friday; latest bid and a s k e d t h i s w e a k . « D u » J a n
6 D ae




....

BON US—Concluded.
M-N 104T8 Sale 104*«
M-N
106*2 1047,
J-D *9*7*1
07
j.;
94*8 94>, 94

105 384
10478
97 *.;
94 u

illitcelliineoua
Adams Ex col tr g i s ........ 194 M-S
92*2 93
92*4
92*4
Bush Terminal 1st 4s .* " I l 95 A-O
00
90*8 J’ly ’09
Consol os.................. II..19#„ J.J
95
96
90*2 Oct ’09
ChioJodb -Yard cal g 5s. 19 16 J-J ......... 105 100
’98
Det M <6 Mid gr incomes 1011 A-O .........
_ 38*2 Jan
Oct ’Ob
institfor Irrig W ks ,4*28 1043 M-N 95
y5 Oct ’09
Int Mercan Marine 4*2S..1922 A-O 71*2 Sale 79*4
7180 87
Int Navigation Is tsf5 s .l9 2 9 F-A
82
84
84 Nov’09
Newp No Ship A D D 5s <11900 J-J
96 Bale 96
95
10
N Y Dock 50-yr 1st g 4a.. 1051 F-A
94
94*4 Nov’09
Providence Sec deb 4 s___1957 M-N
90 Jan ’09
Provident Loan Soo4*<is.l921 M-S . . . . . .
95 J’ly ’ 09
8 Yuba Wat Co con g 6s..1923 J.J
........ u a J’ly ’#4
A n«* j n ,

a D i , NAw

102 * ,1 0 8
101*8 1 0 3 * ,
0 3*4 1 0 0
90*4 9 5 4
92
90
91*2

64
93*,
66*a

38*2 38*2

92*4 95*2
38*2 77

84

88*,
95

95*8
68
90

< n , t l n Maim

CHIOAGrQ STOOK EXOHA.NG-E—Stock Record—Daily, Weekly and Yearly
S T O C K
S a tu r d a y
N oo

13

—

H IG H E S T

N ov

A N D

r O W E S T
W ed n esd a y

T u esd ay
N oo

M on d a y

10

15

N oo

17

V A L E

N ov

♦11*
♦5 “
*100

14
847g
*214
*220 '
*130 132 *128%
*0712 08 *00
♦110 110% *110
141% 141% 142
14

♦5
100

*33%
♦___
O
*8% 9% ♦8%
10
6%
0%
Gl•>
6I2
40 “
40 *39
40 *39
80% *79
80% *79
8OI2
1712 ♦1612 17% 107s ir,% * 10%
62% 52% *52
63
IS
17
18
18
18
20
08 *60
*00
68
♦60
53 *52
53 *52
62 ♦52
46% 40% 4fl7g 40%
463# 46
103 *102 103 *102 103 102%
331«> 331o *33%

*102

2
10
102

141847g

6312
♦52
54 ♦53
118 ♦1
♦1
♦2
3
♦2
38% 38%
38
1301" 136'" 130
MOL 145U 140
*110 119% 119
23
23
127 127% 127%
03%
03% 04
44
*43

20

W eek

F r id a y

18

N ov

19

2
10
100

L a s t S a le

L a s t S a le

__

180
1%
5

___
___

102

223
25

25
985
___
25
100
100

187
___
29
6.110
10

20
20 *18
115
114 114
127 *124% 125%
97
07
97
122% *118% 122D
114
114 114

14
81%

*10

20

*19 ” 20

*18
114%
125%
97
124
1137.

20
115
127
97
121
1137«

20
114
124%
00'3
*123
111

lftlo 185g 18
20 *19
*19

18
20

7%
Apr’09
18M ♦18
181*
20
Nov’09

L a s t B a le

18

802

L a s t S a le

O u ts ta n d ­
In leresl
P e rio d

P r ies
F rid a y
N ov

19

185 Dee
3% Aug
10 Aug
119 Nov
47 J’ne
28 Deo
13 % Deo
30% Dec
4734 Nov
66% Nov
19 Jan
54 May
22 Dec
O’J iiDcc
71 Jan
31 Nov
103 J’ne

15% Nov 19
80 J ’nc 4
225% Oct 2y
132 J’ly 21
63 Nov 4
112 Sep 13

4 Feb
41% Jan
125 Jan
116 Apr
37 Mch
91 Jan

10% Nov
1 6% Dec
IDO Dec
128% Nov
03 Nov
104 Nov

1 Jan 2
5 Jan 6
27 Aug 26
6t% Nov 5
53 Apr 10
1 Apr 2i
2% Novl8
39% Oct 30
140 Sep 23

?s Dec
3 Dec

30 Jan
100 llav

40 Feb
1 Oct
2 Nov
20 Dec
100 Jan
% Feb
100 Jan
80 Jan

67% Dec
1% Aug
4 Apr
30% Aug
163 Sep
234 J eh
116 Dec
110 Oct

113 Jan
30 Jan
33 J’nc

137 Aug
42% Dec
46 J’ly

19 J ’ne
70 Jan
101% Jan
51 Mcll
91 Mch
80% Jan

20
97
120
87
115
103

21 J’ne 28
119% Sep 27
130 Sep 21
100 Oct 1
124 Nov 10
110'8 Aug 10
1 Mch M
144% Oct 20
12134 Oct 2d
114% Allg 6
20 Jan 18
161 Nov 9
104% Nov 19
1% Mcll 20

24 Jan
72 Jail
88% Jan

60 Dec
102 Dec
105% Sep

114% Jan
87 Jail
% J’ly

134 Jan
ICO J’ly
1*4 Jan

yi" Jan 4
25

J’ly
Dec
Aug
Dec
Nov
Dec

Mcll 15

1% J’ly

12 Jan

1134 6ct

17 Apr

Okie ago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
W e e k e n d i n g N o o . 19

Do FuU p a d ............
Western Stone______ 100

160 Jan
1 % Feb
Oi'Dec
Ml, J ’li
S3 Oct
20 Nov
934 Sep
15 Feb
30 Oct
68 Sep
12% Nov
42 Jan
1334 Aug
40 Aug
42 Aug
26% Apr
85 Apr

152 Oct 7
121% J’ly 1
25% Aug 3
881" Mayl9
130% Aug 13
60 Oct 30
47 Sep 10

20 Nov 17
977gJan 2
118% Feb 15
82 Jan 14
110 Jan 15
102 Jan 6
% Feb 25
65 ’ Jan 6
101 Jan 5
100% Jr, i 9
0 Feb 6
119 Jan 6
93% Jan 2
% Feb 12
2% Feb 20
33, Mch 10
IOI2 Mrh 1
16 Feb 10

Y ea s

V tq h es t

T sn v est

H ig h e s t

L ow est

P r ev io u s

(1908)

Railroads
Chicago City Ry_____100 180 Mch 8 190 Feb
4 Jan 22
Chicago A Oak P ark.100
1% Oct 22
I)o pref__________ 100
5 Oct 21 15 Jan
Chic Rys part ctf " l ” __ 100 Nov 17 119% J’Jy 2 i
Chic liys part ctf " 2 " __
33 Nov 10 45% Jan 2
Chic Rys part ctf “ 3 " __
20 Nov 15 30 J-.n 29
13%Jan 2
Chic Rys part ctf "4 ’’ __
8 % Oct 28
29%Jan 2
Chicago Subway_...1 0 0
434 Oct 7
Kans City Ry A Lt-.lOO 36 Feb 24 62 J’ly 7
Do pref__________ 100
79 Jan 8 86% MaylH
Metropol W S E lev ..l00
15% Sep 13 19 Mcll 8
Do pref__________ 100
47 Jan 14 5484 Nov 2
Northwestern Elev._.100
17 Novl7
25 May 0
Do pref__________ 100 63 Jan o 73 May 7
South Side Elevated..100 £0 Jan. 25 01 May 1
Streets W Stable C L.100 29% Apr 13 61*4 J ’ne 19
Do pref__________ 100
97 Feb 15 107% J’n el 8

20
114% 114
125% 124
97
97
125
114
113%

ter

1 1909

50
Do pref_____________
114
114% 114%
025 National Biscuit_____100
124 *125
120
Do pref__________ 100
157
90% 90%
437 National Carbon_____100
97
*123
125
6 Do pref__________ 100
115
113% *114
318 People sGasLACoke.. 100
11-10 Mch'09
142 142
138% 141% 137% 138% 139% 1401" 140 140-% 138% 139*8 3,600 Sears-Roebuck c o m .. 100
212 Do pref__________ 100
120% 120% 120% 120% 120% 120%
120% 1201" *120% 121
108% 108% 108% 108% 108% 108% 10S% 108% 108% 108% 10S% 108% 1,162 Swift A C o __________ 100
7
Feb’09
The Quake •Oats C o..100
L a s t S a l e 161
Nov'09
*157 100 *167 160 *157 100 *157 100
104% 101%
05
Do pref__________ 100
101 101
*104 105% *102% 103% *102% 105% 101 104
L a s t S a l e 1%
Apr’00
Unit Box Bd A P C o .100

*18
•114
♦120
*90%
*118%
114

R ange

R a n g e s in c e
Jan-

Miscellaneous
8,782 American Can_______ 100
77* Jan 30
1,620
Do pref__________ 100
71% Jan 0
. . . . American Radiator--100 200 Jan li
....
Do pref__________ 100 126 Jan 21
77 Amer Shipbuilding__ 100
541.8 Anr 21
65
Do pref__________ 100 101 Feb 24
2,205
% J’nelO
(A) A Co.........100
__ Booth
Do pref__________ 100
% May22
1,193
10 Mav24
48 J’nelO
1,540
10 Cal A Chic Canal A D.100 61% Jan 8
1 Apr 2 1
Chic Brew’g A Malt’g__
75 Do pref_____________
2% Apr 27
290 Chic Pneumatic Tool. 100 20 Mch24
43 Chicago Telephone__ 100 127 Jan 4
I)o rights___________
7 Chic Title A T r u s t ...100 117 Jan 13
188 Commonw’th-Edison. 100 107 Jar. 21
450
17*8 Feb 25
70% Mch 25
483 Diamond Match_____100 117 ' Jan 9
1,414 Illinois Brick.............. 100
33 Jan 20
53 Masonic T e m p l e . . . . . . . .
43 Jan 6

13% 14
13% 15% 14% 15%
83% 84% *83% 85
85
85%
O
*214
L a s t S a l e 225% Oct’O
Oct’OO
L a s t S a l e 132
*128%
07% *67% 68
67% 67% 67% 07%
*110
111
110% 111 111
1433a 1433j 1431" 144%
144% 143% 144
%
June’09
%
June’09
23
23
23
2312 22% 23%
64
647a 64% 05
64
64
54% 54% *53% 54%
64 *53
64 *53
Nov’09
1% L a s t S a l e 1
1% *1
1% *1
3
*2
2% 2% *2
3
♦2
3
3
38% 38% 38% 38% 38% 38% 38% 38% 38%
130 136
130
136
130% 130% *130 137
130
2% Mch'08
146 *115 146 *145 146
119%
119% 119 119 *119 119% 119 119 * lio
221" 221" 22% 22%
22% 22%
86% Oct’09
127 127
127 127% 120% 120%
127% 127 128
02% 02
04
02
03% 03% 63%
02
64
45
45 *43
*43
45
44 *43

13%
84
*214
*128%
07
67%
110% *110
142% 143
14%
85

STOCKS
CHICAGO STOCK
EXCHANGE

S h a res

Apr’09
Oct’09
Oct’09
100%
■ *98
100 100
33%
35 *33% 34% 33
*17
20
20
*10
20
__ *8% 9%
9% __
0%
6%
0
6%
6%
Nov’00
40
L a s t S a l e 40
80% *79% 80%
80% *79
18 *10% 17%
10% *10
52% 52% *52
54
53
18
17
17
17 *17
Aug’09
08
L a s t S a l e 70
64
52% 52%
63 *52
__
_
__
_
46% 46% 46%
102 % *101 104
103
103
L a s t S a le

2
10
102

S a les
Ot t h i

P R IC E S

T h u rsd a y

W e e k 's

I V (IS

R ange

R a n ge or

S o ld

to r
Y ea r

L a s t S a le

1909

NAME

and
I ’ ro/ U s

t

D iv id en d R eco rd

S u r p lu s

in g
S lo c k

t

. n

1907

in

1908

1J 8 T UsJ.

L a st P a id

%

An Dec 'US, 0
0
G
539,068
$100,00c
j-j July '09, 5
___
136,242 10
10
500,003
100 Mch’07
AmcrStrawbY. 1st G s -llll F - A
__
__ Oct. '09,2
93% Oct '09
93% 9078 Commercial National . . 7,000,000 3,343,0-16
Armour & Co 4 143----1039 .1 - 1)
__
8 y-j Oct. '09, 2
8
Aurora Elgin&Chlc 5s 1941 A - O ___ _____
«4,000,000 3,963,096
0 y-M July ’09. 1%
C
50,000
8,98?
Cal <5: So Clilc Ry Co
12 y-j Oct, '09, 3
1st M 5s...................1027 F - A ___ 102%
3,000,000 5,283,593 12
102 J’nc’09
102 102%
A-O Oct.' 09, 5
6
6
Cass Av & F G (St L) 53 '12 1 - .1
200,000
27,714
101% Oct '09
101 101% Drexel State__________
8
600,000
409,369
Ohio Board of Trade 4sl927 J - I) __ _ ..... 100 May'07
Drovers’ Dep National.
CM y-j Oct, '09, 2%
6 Q-J Oct. ’09, 1%
6
Chicago City Ry 5s__ 1927 F - A 103 Sale 102% 103% 53 102% 105
200,000
31,905
Englewood State--------12
12 Q-M Sen 30*09,4
Oilic Consol Hr & Mlt 0s__ •/ - .) . . . . . . . . 103 Apr'04
First National________ 8,000,000 8,220,177
10 Q-M Sep 30’09 2%
150,000
1G2.118 10
Ohio Consol Tree 4 Ms 1039 .1 - D . . . . . . . .
60 Apr’09
P’rst Nat Englewood__
60
50
542,805 Prlv ate Ba nk
Chic Audltorlumlst 5sl929 F - A __ ______ 90% Jan’OG
•'oretnm Bros B’k’ gC o. 1,000,000
8 y-j Oct. '09, 2
8
418,357
Chic Dock Co 1st 4S..1929 A - 0 . . . . . . . . . . . .
Fort Dearborn National 1,000,000
5
152,092
5
j -j July '09, 21*
Ohio Jo UR 1st M g 53.1045 M - S . . . . . . . . __
500,000
Hamilton National___
8 Q-J Oct. '09, 2
8
87 Feb'OG
807,040
Chic No Shore Elec 63,1912 A - O . . . . . . . .
Hibernian B’ k’ g Ass’n .. 1,500,000
10
j -j July '09, 5
85
121,561 10
Ohio Pno Tool 1st 5s.«1921 .1 - J 84% 85% 85
7
200,000
72
85% (Caspar State Bank-----10+ 2 Q-M Sen 30'09,2%
101% 45 100% 10234 Live Stock Exch’ge Nat 1,250,000
432,415
Chic Ry 5s...................1927 F - A 101% Sale 101
y -i Novi '09,1
95%. 95%
4
05%
4
03,864
7
Chic Rys 4-5s series “ A " A - O 95
300,000
93% 00% Monrie National______
851" 27
8 y-j Oct. '09, 2
3
841., 89% Nat Bank of Hepublle.. 2,000,000 1,134.917
Chic Rys 4-5s series “ B” J - D 85% Sale 85
3 y-j Oct. '09, 1%
£09,923
89
92% National City___ _____ 1,500,000
Chic Rys 4-5s series C" F - A . . . . 92cI4 91 Nov’ 09 ___
101
3 101 10238 National Produce______
F - A 101 101% 101
69,480 __ . . . . y-J Oct, '09, 1
250,000
101% 1023s North Avenue State__
67,012
200,000
Chic Rys Fund 6s_1913 F - A . . . . . — 101% July'09 . . . .
2M y-J Oct. '09. 1%
100.% 102% North Side State Sav’gs
0 Q-J Oct. *09, 1%
0
15,919
50,000
Chic Rys Tcm Ctfs 1st 5s __ _ _ . . . . . . . . 100% Nov’09 . . . .
___ . . . . .
66% Aug'03 . . . .
___ _____ North West State______
8,950
200,000
Chic It I i s P Hit 43..2002 ’M - N . . . . . . . .
s People’s Stk Yds State
300,000
M - S _________ 66% July’OS ___
60,000 Beg. b us. No V’09 V.89, p. 000
1 10234 103% Pra rlc National_______
. _______
103
103
70.677
250,000
Ohio Telephone 5s___ 1923 J - D 102% 103
49,940
8 Q-M Sep '09, 1%
8
2 101 103% Prairie State_________
500,000
Commonw-Edlson 5 a .io ‘.o M - S 102% 102% 102% Not’09
Jan '08, 2
2
4
12,173
Hallway Exchange —
250,000
Clilc Edison deb 6 s.1913 J - J __ _ ___ 10O Jne'08 __ _
_____
153,426 __
300,000
1st g 5s___ July 1020 A - O 1100 100% 10038 Oct '09 . . . . 100% 10134 S ecurity____________
6
0 y-J Oct. '09, 1%
78,211
200,000
100% 102% South Chicago Savings.
Debenture 5s___ 1926 M - S ___ ___ 100% Aug’09
11
y-j Oct. '09, 3
Commonw Elect 536194,' M - S 11013a Sale 102% 102.% . . . . 102 103*8 State Bank of Chicago.. 1,500,000 1,405.411 0 + 1
G
j-ii 3ep 30*09, 2
7
174,589
Illinois Tunnel 5s___ 1C23 J - D
250,000
80 Dcc'08
Stock Yards Savings__
0 SI-N Nov '09, 3
0
4G.883
Kan City Ry & Light
Union Bank of Chicago.
200,000
6
0 Q-J Oct. '09, 1%
65,310
Co 5s ...................... 1015 M - N
93
983,| s Union Stk Yards State
200.000
08% J'no’09
8 y-j July '09. 2
8
Knlck’ b’kcr Icc 1st 5s.1028 A - O
90 Mch'O'J
05
90 American Trust &'3avs. 3.000,000 2,755.558
812,439
7
7
y-j Oct. '09, 1%
Lake St El— 1st 5s---- 1923 J - J 84 Sale
84
84%
6
73
91 Central Trust Co oi 111.. 2,000,000
89,160 . . . .
Ihlcago Sav Bk & Tr__ 11500,000
1M y.-j Oct. '09. 1%
Incomo 53------------ 1E25 Feb
10 May'05 _
6
0
Motr W Side El—
y-j Oct. '09, 1%
Chicago Title & T rust.. 5,000,000 rl,373,397
4
3
A-O Oct. '09, 2
5,331
50,000
1st 4s................ ......1933 F - A 83% 83% 83%
2
83%
83
80% Citizens Trust & Savings
8+ 2 Q-J Oct. '09, 2%
606,021 10
_
600,000
Extension g 4s___ io:i8 J - J ___ !.1% 80% Nov'Oii
80% 84% Colonial Trust & Savings
0
200.000
North West El 1st 4 s .1911 M - S 94% Sale 91% 94%
97,307
7M Q-J Oct. '09, 2
92% 96% Drover t Trust & Savings
7
__
215,582
No W G-L & Coke Co 5s '28 Q - M
Harwell Trust Co______ 1,500,000
Q-J Oct. '09, 1%
98% Aug'Oj
08
09
y-M Sep 30'09, 4
Ogden Gas 5s_______ 1045 M - N 94% 95
First Trust & Savings.. 2,000,000 2,990,694
94%
94% 10
93
03
10,254 Incorp orated 1908 V.87.P.1138
200,000
Pcarsons-Tatt 5s_____1916 J - D 100 ___ 1003s Mch'09
lOOli 100% Guarantee Trust & Sav.
6 Q-J Oct '09, 2%
4 .4 0 s ________ ______
Harris Trust & Savings. 1,250,000 1,140,070
M - S 1)6 ___
96 Nov’09 __
06
93
4.60s Serlos E_________
97 ___
93
99% Illinois Tru .t & Savings 5,000,000 8,297,291 10 + 4 16+ 1 <7- Oct. '09,4
98 J’nc’09
0
200,000
6
44,201
4.80s Scries F ................. M - N 03 ___ 100 Mcll’09 — - 100 100% Kenwood irust&Savgs.
Q-J Oct. '09, 1%
2
200,000
LakcVIcw Tr ist<.":Savgs
39,045
Pro Gas L&C 1st 6 s..1915 A - O {121 .
12134 May’O’J
120 122
4M Q-J Oct. "09, 1%
Merchants’ Loan <5cTrCo 3,000,000 5,036,106 12
12
Refunding g 5s------1947 •M- S 102% 103
Q-J Oct. '09, 3
1027» 103
7 1027, 104
750,000
6
Metropolitan Trust&Sav
243,819
6 Q-J 3ep30*09,llf
Clilc Gas LitC 1st Gsl037 J - ,! 104 ___ 101
3 1033, 105
104
8
8 Q-J Oct, '09, 2
Consum Gas 1st Os.1936 J - D {102% Sale 102% 102%
2 102 102% Northern Trust Co_____ 1,500,000 2,123,341
6
200.00U
0
55,011
J-J July '09, 3
Mut’l Fuel Gas Ist5sl947 M - N ----- 102
102 Aug'09
101% 102 North-Western Tr&Sav.
6 Q-J Oct' '09, 2
200,000
6
100,9G4
South Sldo Elov 4 Ms-1024 J * J ----- 94
6
91
94
91% 96% s People’s Tr & Savgs—
500,000
8 Q-J Oct. '09, 2
Pullman Trust & Sav x s .
183,263 *8
Swift & Co 1 st g 5s...1014 J " J 100 1001" 100
100
2 100 102
200,000
95 J’nc'0!)
22,371 Beg. b u3.J'ly 12 ’l 9 V.89,p.141
Union El Loop) 5 s . .1943 A - O { ----- 93
02
96 Sheridan Tr A Sav Bank
Stockmen’s Trust & Sav
200,000
25,651
5
5
J-J July '09, 2%
Union Pacific conv 4s. 1911 M - N __ _ . . . . 114 Nov'04
80 ___
g l,000,000 1,263,035
0 Q-M Sep 30'0'j, 2
Unlo 1 Trust Co____
8
70
81
United Box Board col Gs’ HG - -----81
.81
Western Trust&SavIngs 1,000,000
0
0 Q-J Oct. '09, 1%
89
80
70% 81
201,660
1
General mtgo 6s_______ 3 • J ----- 80
200,000
G-l,80o Began busln: ss Sc pt 5 1908
Western Stone Co 5 s..1909 A - O - .............. 86% July'08 —
----- ------- Went Side Tr&SavBanl:
38,514
0
0 Q-J Oct. '09, 1%
200,000
N o t e . — Accrued Interest must beadded to all Chicago b ond
prices.
1
•Hid and asked prices, no sales' were made on this day.
t Sept. 1 (close ot business) t o r national banks and tJ^pt. 2. (opening of business) for State
nstltutlons. {No p.lco Friday: latest prlco tills week. aDue Dec. 31
DDue June . fc Also stock dividend of 33 1-3%. nCapltal and surp us to
bo Increased.
q Dividend) are paid Q-J, with extra payments Q-F.
r A) ot date April 29 1909. s Union Stock Yards State Bank_and People’*
Trust A Savings Bank consolidated under name of People's Stock Yards State Bank. V. 89, p. 000. • Capital to be Increased.




B id

A sk

l.o w

H ig h

N o.

L ow

H ig h

BOSTON STOCK EXOHANG-E—Stock Record, Daily, Weekly and Yearly
SH ARE PRICES— NOT PER CEN TU M PRICES
M onday
Nov. 15.

Saturday
NOV. 13.

Tuesday
Nov. 16.

Wednesday
Nov. 17.

Thursday
Nov. 18

Sales
oi ths
Week
Shares

Friday
Nov 10

STOC KS
B O STON STOCK
EXCHANGE

Range since Jan. 1
1909.

Range tor P evious Ycat
(1908)
Louest

Highest

R a ilroads
1201 *1203, 121 * 120*2 12034
13 U c h T o p & San la F e .1 0 0
98 Jan 13 1251.8 O ct 2
1011 D eo
67% Feb
104*4 *1041" 10512 104
101
65
D o p r e f____________ 100 ] 00% JilA 15 106 .1 ue 7
8:.t 2 Mcl
m u Deo
227 +227 230 *227
230
27 B oston & A lb a n y ____ 100 225 Jan
239% A pr 8
181 ? Jan
230 Deo
131
130 130
130
130
109 B oston E le v a te d .......... 100 124% Jan
132% A p r 22
121 .3 D ec
HO
230 * ____230
228
2291
25 B oston
L o w e ll_____ 100 224 Jan 12 235 M ch 19
2001., Feb
’228 Deo
150 +____ 150
150
150
299 B oston <& M ain e.......... 100 13212 -'an
153 N ov 4
HU Jan
111 Oct
Last Sale 152 July’09
D o p r o f____________ 100 151 Feb 26 160 A p r 3
136 F e b
166 Jan
*299 300 ♦295*
*299"
295 295 *295
____ *295
B oston & P r o v id e n c e . 100 295 Sep M 301 Jan 9
284 Jau
.01 N ov
* ____
181o
18i2
15
15
*15
16
*15
1/1"
20 B oston Sub u rban El C os. 11% Jan v 22 Feb
9 Mr:
13 Mch
771-1
*77
77
77*8
77
77
771,
*77
331
D o p r o f________________
'7% N o v 4,
CO*2 Jc.n 5
45 Jan
78 N ov
r
12
12
Last Sale111
Oct'O'J
B o s t o n * W o r E lec Cos __
12
8% No\
17 Jan
14%
10 M ay lo
52
52
Last Sale1
N ov’09
D o p r e f________________
00% Jan
62
Jan
b
£-5% O ct 7
•171 D ec
Last Sale 155 N ov'09
Chic Jun e R y A US Y . 100 J43 'a n 2' 162 .i 111-23
120 Jan
151'. D eo
11734 11734
117*2 117*2
78
D o n r e f_ _ ................. 100 115 N o v 5 123 J ’l y 0
120% D ec
102 J.t n
Last Sale 170 July’09
Con & M ont, Class 4 . . 100 170 Jan 2<i 173 M ch 6
105 Mch
163 D ec
Last Sale 139*2 Junc’09
Conn & Pass R iv p r e f . 100 J39 JAn _ 142% iMch26
133% Sep
138 A pr
Last Sale 270
O ct’09
C o n n e cticu t R iv e r ___100 207 Jan 15 175 M ch lc
203 D eo
244
130 130
*128
____ *120 131
130
130 130 *129
____ *129
F itch bu rg, p re f_______ 100 12S12 N o v l l 136 F eb 5
133 N o v
117
IOII IOII rlOOi.i 100% *90 100
*99 100
99*2 991" *99
99*2
Ga R y A E le c t r l;____ 100
101% N o v 13
75 Jan
80 D ec
07 A pr
*80
.
86 86 *85
*85
. . . I *85
____
D o p r o f . . _______ 100
___
79 Jan l l
88% Sep 15
81 O ct
86 D eo
Last Sale 195
O ct’09
Maine. C en tral_______ 100 195 O ct 11 195% Jan 13
103 Nov
J93 N ov
16
16
16
16
17
16
10
10 16
161"
161
1.215 Mass E le ctric C o s___ 100
IB Jan 12
19 O ct 1
13% N ov
H>5 Jan
80
80
80
79*4 80
80
SO*" *80
___
446
D o p r o f___________ 100
681 Jan 15
84 N o v 3
64 N ov
40 Jan
1541" 155
1581" 159 “ 15S
156 158
159
154*2
15412 155
2.097
100 h i53 N o v 8 174% J ’neM
178
161 N o v
Last Sale 149 Aug’09
100 146 F eb 4 149 A u g V NO Jilt*
145 A p r
Last Sale 210
O ct’09
100 200 A p r ia ’215 Sep 2 200 Api
205 F eb
195 190
*196
------ 195 195
195 195 *195
190
196
65
100 194 Jan 5 -00% Jan "8
190% D eo
175
36
36
1
100
20 A p r 27
40 ■I'n<S 5
31 D ec
T6
* ____ 118 *11612 117
117 117
116*2 117
110 117
117
117
296
100
90% Mch 2 117% A u g u:
95 D eo
70 Feb
* ____ 10312 :____ 1031 !____ 1031
____1031" * ------- 1 0 3 I2 1031" 1031
10
100
J02 D ec
D o p r o f,
97* A p r 5 107 A u g 3
88-% Jan
*201»s 20173 20178 201"8 2021, 2021., 2011" 201 % 2 0 3 203
(1727,
A
u
g
ll
204% 2047L
Feb
218%
185%
270
100
26
nlon P a cl
N ov
110% Mcl
*10212 10312 103 103 ♦102*4 103*.j n o i l " 1021" *1 0 2 *8 103*8 103l2 1031"
100
38
03% Mch 2 117% Au^ Hi
78-% Apr
D o p r o f.
97% N ov
Last Sale 1G8 N ov’09
100 165 Jan 20
75 API 17
160
101 N ov
92
921;
*92
92!
92
92
92
911" 92
91
91l:
A
p
r
2i'
’ l38
50
88 Jan 2
70 Ja n
91% •Sep
ns's
104 104
105
104 105
101 1" 104%
105
105
101
D ec
50 J02 O ct 12 ) 12 A p r 27
j 10
D o p ro f_________
96 Jau
Last Safe 145 July’09
100 J44 Mch 12 140 M ay 19
W ore N ash A Roeh
138 JTy
140 M ch
M iscella n eou s
49% 1,922 Am er Agricul C h c r a ..l0 0
481" 4S%
49
491
48
48*2
49
48*2 49*8
48
4814
60% A u g 12
33% Jan
N ov
Jan
10H2 1013, 101*1 102
* _____ 102
102
102
1011" 101*2 10H" 102
630
D o p r e f____________ 100
94 Jan 18 105 J'ly2.V
N ov
Me I
81"
81;
81"
81.
81"
81"
81
812
81"
812 9
812
480 Am er P neu S e r v i c e .. 50
D ec
6%
Jan
26
9%
Feb
2134 213, *21
2H " 2U2 * 211"
22
22
22
22
211" 22
357
D o p r q i„ ....................... 50
D eo
13 Jan I::
22% N o v 1
9% Feb
12234 12434 124 “ 1251" 1 2 3 !" 1241" 1241" 1241" 7,766 A m er Sugar R cfln___100 121 N o v l5 130 A p r 8
129 12912 121 129
90% Jan
137% N o v
120 123
123% 124% 110 125
121 % 2,057
1203, 122
121 1211" 121
D o p r6 f....................... 100 119 N ovJ5 131 A p r i ,
132
N
ov
100
Feb
141*4 14134 1417S 1427s 142 144b 143 144
1431? 144
143*2 141% 12,894 A m er T clep & Tele<y-.100 125% F eb r 145% Sep 29
132% N ov
90 Jan
3434 35
*34
35
*34l2 35
351, 35*4 * 3 4 1 " 35%
79 Am erican W o o le n ____ 100
40% A u g 27
32% D ec
27% F eb
16 Jan
1031.t 103% 10318 103*4 103*8 1031" 103 1031" 103*8 1031" 103% 103%
049
D o p r e f....................... 100
93% Jan 11 108 .J’ nelJ
06% N ov
77% Feb
Last Sale 8I.4
*7*"
8*2
*71"
812 *7*2 8*2
O ct’09
*7*2 8*2
8I.1 O ct 20
4% D eo
3% Apr
Boston L a n d _________ 10
3 Jan
♦ 145 147*2 T46 147
!146 147
146 147 *1 1G % 148
146!" 1461
" ‘ l4 Cum b T e le p A T e l e 100 125 Jan 25 147% N ov
128 N ov
90% J an
63
63
*631,
641,
61
6H4
6 6% 66-3,
65*4 651,
68
69
420 D om inion Iron A S t e e l..
21% D eo
19 N ovlO
181" Jan ll
14% Jan
*1114 11»
11*4 11*2
103, 11
11
11
1U, 1,040 East B oston L a n d _____ _•
13% .J’ 110
IU 4 11*2
11*4
7 Jan
8% N o v
4% Mcl
250 250
*
_____________250
250 250
...
250
250 250 * 2 5 0
230
195 Edison Elec I liu m ___100 245 Jan 2 260 A p r
253 N o v
201 Mcl
163l.i 1631., 162 1621" 163 1G3
243 G eneral E le c tr ic _____ 100
103% 161
D eo
150% F eb 24 173 A u g
111 Jan
75
75
70
♦75
75
75*8 751"
76
2,062 M assachusettsG asC os 10U
751.1
77
D eo
75*2 7 6
69 Jail
49 Me
77 N o v 19
*
*90
92
91
90
90
90
90
90
90
90
90
D o p r e f......................1 0 0
511
89 Jan
97 Apr Yu
77 Jan
N ov
■216 2171" 1 2 1 5 !" ------ 217 217 * 2 1 6 * 4 - - 217 217
216
216
19 M ergenthaler L in o ___ 100 :02»2 Mch 12 -.20 Feb 17
102 Apr
N ov
*3
3f
*3
31.
*3
31.1
*3
M exican T e le p h o n e .. 10
Last Sale 3
N ov’09
2 Jan
3% O ct 15
3*4
O ct
1 Mcl
121 124
122 122
121 1211" 1211s 122
122
122
12II4 1211, "C72 N E C o tto n Y a rn ____ 100
68 A p r 24 125 O ct 20
40 Mcl
N ov
114 1141
*114 115
114
114
1131" 114
1131" 1131; 1 131" 1131
155
D o p r e f.....................1 0 0
118 O ct 1G
93 Jan
Deo
75 Mcl
13434 1343', *134 1313, 1341a 135 ‘ 1 3 4 ls 13415 1313.1 135
*134 135
ICO N E T e le p h o n e ........... .1 0 0 126% Jan
i::o S ep 20
105 Jan
N ov
105 * _____ 102
O ct’09
105 *100 105
Last Sale 1.02
P a cin '-) C oast P o w e r .. 100
75 F e b 6 108 O ct 13
D ec
51% J ’m
191 193 *191 193 * 1 9 1 1 " 1 9 2 I " 191
193
“ ’ c5 P u llm an C o ___________ lo o 168 Jan 30 199 Au
19U2 191*- 3*191*2 193
174% N o v
147 Jan
111" 1U
*1U ____
45 R ecce B u t t o n - H o le .. 10
111" 111- 111" 111. 12 12 “ 11*2 11%
12 Sep 29
9% Jan 1).
9 A pr
1U% N ov
108U 1083.,
1 08 3, 109
513 Sw ift & C o . ___________ 100 100 Jan 9
1 0 8 1 ;----108% 108%
111
" Aug
88% Jnn
108% J ’ly
*2713 30
*26
28-3.,
281,
281"
200 T o rrln gto n . Class A . . 25
* 27% 30
281- *____ 28% 1____
28% N o v 19
20% M ay21
20 Jan
24 O ct
*27
...
*27
____
27
27
60
*27
____ + 2 7
*27
D o p r o f . ..............
25
35 N o v S
14% Jan 29
26% Deo
23 Mai
Last Sale H"
2 Apr 2
Union C op L ’d A M ’g . 25
<
2% Jail
1 Jan 2G
1% Mcl
140 147
148 152%. 151% 152
151 1" 152
*14512 147
1*232 U nited F ru it.................1 0 0 120% Jan 13 IC7 Sep 20
151*2 152
148 JTy
114% Jan
09
69*4 6912 69% 69G
69
691,,
68%
69
69%
69
09
2,298 Un S hoe M ach C o r p _ . 25 *54 M c b n
71 O ct 7
38% Jan
02% N ov
30
301"
30
30
30
3 0%
3012 30*2
30
30
31% Sep 21
D o p r e f______________25
344
2478 Jan
28% Jan 11
30 N o v
903.J 9 H 8 '90%
90*4 901"
901., 9H,
901" 903,
90*2 915s
913, 11,175 U S Steel C o r p _______100
58% N o y
26 Jan
41% F eb 24 94% O ct '
120 1261., 1*126 1263, 1263s 127
127
'126*4 1^6-34 126 1" 127
127
431
114 N o v
D o p r e f....................... 100 .07 F e b 23 131 O ct
87%> Jan
11
111.1 *111.1 113., 11*4 11*? 11% 12
12
1114 11*4
121 1,830 W est T cle p A T e l e g . .l 0 0
12% May
4 F eb
6% Jan 1L
9% N ov
90
89
*89
80
89
89
90
90
92
*89
90
92
92 N o v 19
80% Deo
44
69 Jan
D o p r e f____________ 100
76 M ch 3
M in in z
478
478
5
5
5%
5
5
5
51*
5% 1,185 A d venture C o n _______ 25
12% A u g
10% Mav28
1% Feb
5%
478 O c t 28
51.1
59
69%
59
59
58% 59
62 O ct ’
*58
59
59%
24 Apr
69
59
59
759 A llou ez_________________ 25
41% N ov
34 Jan 29
92
9234 94
89% 90%
941*
9133 9G% 55.096 A m algam ated C op per 100
96% N ov 19
92% 93%
46 Feb
83% N ov
65 F e b 2b
93% 95%
37% 37137*1 373
3712 377*
38% N o v l
37
37
37
20% Jan
37%
37%
37% 1,415 Am Z in c Lead A S m ._ 25
23 Mch 27
30 J ’ne ,
51% 52%
49% 80%
521a 52%
53
f-3
N
o
v
18
63
25
230 A n a c o n d a ___________
38% F e b 2G
28 Feb
73 N o v i
4434 45%
44% 46%
4512 40
44% 46l.i
41% 45%
46
46% 0,035 A rizona C o m m e r c ia l.. 25
4S% Sep 29
30 F o b 2',
14 Jan
40% D eo
*
.75 <e
.78
.75 *_
.75
Last Sale .60
N ov’09
1 F eu'
Arnold . . . ___________ 25
.40 Fob
45 Fel> 17
.00 Aug
12
ii3
4
111;
11%
H
I?
12%
12-%
12%
*10% 11
A
tlan
tic
_______________
25
3*.706
11*4
18 Jan
H»4
8 J ’ly 16
8 A pr
19% N o v
.06
.55
.55 + .55
* .55
.65 * .55
.60 * .55
.05 + .55
.60
100 Bonanza (D e v C o ) ___10
45 F e b 16 .80 M ay l
.26 O ct
.75 N o v
1G7S 171
16% 17
17
1/1
17
17%
17
17% 10,106 B ostonC on C A G (rets) £1
16% 17
17% N ov 19
10% M ch 15
10% Apr
IS% N o v
21-% 21%
21
21
21% 24%
21% 213|
21%
2178 3,880 B osA C orbC opA S U M ff
20% 21%
i2\« Jan
17% J ’ly 14
5
11% Apr
25 N o v
2978 31
32%
31% 33
32% 33%
331"
32% 331.1 33
3.T.* 29.353 B u tte C o a lit io n ..
. . is
33% N o v 19
21% F e b 24
16% Jan
30 Aug
100 101% 102 103
1071" 110% •1077# 110
5,989 C alum et A A r iz o n a .. 10
103 1041" 105 109
90% M ay 3 110 Jau 4
93 Feb
130 A u g
660 066
685 071
670 675
680
681
136 C alum et A H e cla ____ 2 f
070 075
673 075
585 F eb 20 G93 A u g 13 605 Mcl
700 Jan
403j 2,420 C en tennial____
40
38
40
40
39% 40%
40
39% 39%
’
25
377S 38
29 F e b .
44% Sep 3
06-34 N ov
21 Feb
100 Cons M creur G o l d . I . _ 1 10 J 'n e 20 .35 -a n 15
♦ .10
.10
=.10
.11
.16 ♦ .10
.16
.11
.10 " .10
.16 := .10
.46 J ’ ne
25 Mch
82
81
84
83
86% 14,820 C op per Range Con Co 100
83% 84%
85
84% 861"
83% 843s
8G% N ov 19
33% N o v
68% F eb 2o
55% Feb
8l,i
9% 1,245 D a ly -W e s t......................... 20
91.1
91.1
in,
9%
9
9*,
914
9’ 4
n't
y'.i
117* N ov
7% M ay2;
12 M ch 10
7 Jan
12
l s 12
12%
12% 123,
12% 12%
12%
13
1214 12%
East B u tte Cop M in ._ 10
10 Deo
16% A p r 20
8% D ec
7% Feb
*1%
*n4
200 Elm R iv e r ...................... 12
*1%
11,
*l-%
1%
2% Jan i f
1%
131
1%
1%
7% N ov
1 O ct 29
Hi
1*3
90 Mch
17
17%
17
173*
17%
171,
17% 4,641 F r a n k lin ....................... 25
10 A u g :
16% 10%
17
173s
17
13 F eb 25
0% Apr
19% N ov
115* 117*
19% 10%
11% 11%
12% 39,479 G iroux C o n s o lid a te d .
10% U%
11%
12% N o v l9
10*8 101"
73a J ’ n e 10
5
100
99
100 102
102
104
103
m il" 102 104
1,191 G ra n by C o n s o lid a te d -100
101
105
i o — JTV
90 F e b 20 ilu Jan i
80 Jan
12
ia u
13% 145*
12% 13
14
137S
14% N o v 16
14% 73,866 Greene C an an ca______20
13% Aug
9 F e b 26
6% Jan
11'4 14%
14
14
11% 14%
147, 15
14% 141"
14115 N o v 16
14% 1,540 H an cock C on solidated 25
14% 14%
8% Sep ll
63.,
7% A u g 1
67*
7
7
67,
7
7
7
3,045 H elvetia C op p er.............25
6 JT y 21
Ml
Mj
20
26%
26% 20-%
26%
33% F e b ll
26
261"
25% 25%
28
8,225 Isle R o y a lo (C o p p e r ). 2
25% 20%
22% A p r 27
17% Feb
20% Jan
M,
8%
84,
9% A u g 19
81?
81?
s%
83* 1,935 K err L a k e . . . ...............
7% A p r 30
8r\s 8%
fs
8<t
401" 42
41
41%
443« 19,861 Lake C o p p e r.................... 2
42%
40% 43%
44% N ov 19
40% 415,
40% 41
16 Jan 30
10 Sep
24% D eo
15% 15%
16
1634 16
15*5 10%
161.,
1578 10
161" 7,0QQ La Salle C o p p e r . . . . . 25
1634 F eb 16
17*5.1
10% J ’l y 10
12% Jan
17% Jan
6%
6%
6
7
18% M ay28
1)78 7
6%
6%
6-% 2,390 Mass C on sol____________ 25
Ml
6%
M4
4% M ch IS
H% A u g
2% Mcl:
.50
.65 * .50
+ .50
.05
.65 ■■.50
.0.)
.75
.75
.05 * .50
400 M a y flo w e r _____________ 25 .30 A p r 20 .75 N o v 19
.25 Jan
.75 JTy
*5
*5
61,
5
5
6
6*4
0%
5%
6
N
ovlO
2,994
5l.|
M
exico
Cons
M
A
S
.
.
10
8%
A
p
r
10
6*4
3% D ec
8 Jnn
614
177* 18%
17% 18
18
175,1 18%
1734 181,
18% N ov 16
177g 18
18% 14,887 M iami C op per _____
12% Feb 26
8% Sep
16% D eo 85,
♦Oil
6%
6%
0%
7
7
7
7
Mj
13% M ch 4
Ml
800 M ic h ig a n ............................25
7% Feb
15% N o f )
Ml
5% O ct 15
63
03%
63% 03%'
63% 03% *63
64%
64%
70%
Jan
8
*60% 02
04
M
oh
aw
k
-------------------------20
827
45 Feb
73 N o f ;
157% J ’ ly 10
.20
Nov-nn
.40 A p r 0
25 D ec
M ontana Con so C A O 10
19 F e b 11
l%Jnn
27% 28%
29
29
30
29%
30 30,216 N evada C o n s o lid a te d . 5
297,
28% 29%
29
29%
30 N ovlO
16% F e b 26
8% Jan
?0% N ov
10% 105*
10%
*10% 10%
10*2 107*
10% 10%
10% i<»,
10% 2,070 N lplsslng M in e s ____ _ 6
13
Sep
21
07s O ct 8
001.1 01%
821., 04%
63
64l,|
64% 08%
69% 76,394 N orth B u tt e .................. 15
612 023,
67%
86% Jan 2
40% Feb
47% j ’ly 10
8**4 N o v
8-1*
8
8
8%
117* A u g 0
8%
85,
8'* 5,710 N orth L ake ($8 p a id ) . 25
77S
8*4
8's
«>i
8
4% M ch 22
« __
.85 ^____ .85 +__
.85 !<____ .80
Last Sale .85
N ov'09
Old C o lo n y .......................25
85 N o v 6
40 J ’ ne 21
.60 Jan
1 JT y
54%
5434 55
54
54% 55
55
55%
55
65
56
55
60 A u g l l
3’,845 O jd D o m in io n --------------- 25
47% F eb 24
28 Jan
60% Deo
157
160
.60
67
ie o
60 +____ 100
159
LAD
160
163
O s c e o l a ..............................25 122 F eb 2-» 163 N0V19
77 Feb 135% Dee
29
29%
30
30% 31
31
29% ?04|
30%
29% 30%
31% 0,896 P a rrott (Silver A Cop) 10
26 F eb I
30% J ’ ne 10
31% Deo
10% Jan
88
*87
80%
87% 89
87
86
88
87
87
80
88
565 ' i l n c y . . ......................... 25
84 NOV 6
90 Jail 4
100 Aug
77 Feb
*1U
2
2
H,
*1%
2
2
i;8
112
555
ntn Fe (G old A Cop) 10
1% N o v l6
* 1*4
2% Jan 8
3% Nov
1% Apr
16% 161*
16% llii?
10% 16%
16SS
16% 16&,<?
16% 8,778 S h a n n O n --------------------- 10
16% 16%
i778 Jan 4
13% F eb 26
19% N ov
»% Feb
64% 04%
64% 65
64%
61
03% «l»s
64%
62% 04
(Mi
5,430 S u p e rio r--------------------- 25
30% N o v
34 Jan 6
60% N o v l l
14 Apr
14% 141?
14% 14%
14%
14%
15%
14%
14%
16
°u
p
e
r
Io
r
A
B
o
s
to
n
Min
10
14*2
15*2 4.353
18% May2»
13% N o v 6
16% 17
17
173.
17
17
173,
17-% 18
18 10.096 uperior JcPlttfc C o p p . 10
1754 177*
20% Nov
18% J’ly 0
12% Apr 27
14% O ct
*65
66
66
06
69
00
65
06
67
69
07
610 T a m a r a c k --------------------- 35
88 N ov
90 F e b 26
66 Mch
62 J ’ly 16
11
11
m
2
11%
n>j
11%
11%
11%
26 Aug
11*4
l l l j 11%
724 T r i n i t y . , . ..................
36
n ij
12% F eb
10 O ct 22
17% Jan 23
N ov’ 09
lO** N ov
U nited C o p p e r . 100
4% Mch
7% N o v 4
101.<Jan s
33
39*4
3834 3834 38% 38%
37*2 38%
38% 39i;
3C% N ov
38-% 387g 6*114 U nited StatcsC oalA O ll 25
9
Mcb
28 Jan 12
30% NovlO
553.1 66%
66%
56% 57
65*4 55*s
56% 57
67% 17,366 U S S m elt Ref A M in . fir
4678 N ov
56*4 56-4
28 M cl
59 Sep 21
39 F o b 25
53
53
52
52% 53
53
52*4 53
53
63
5212 53
2,632
37 Feb
D o p r e f . . . ............... Si
47 N ov
54 O ct 4
44 Jan 8
43.,
5
5
434
47S
5
6*S 4 15-16 5
4%
47S
4%
4% Sep
2,915 (Jtah -A pex M i n in g ...
5
G%Jan 2i
7 N ov
4 O ct 29
4434 453.,
463,
46
4 6-34 47
48-% 12,201 Utah C o n s o li d a t e d ..:
46l2 47
465s 47
46
291" J An
5
50 Alig
37i< F eb 24
48% N ovlO
53*8 58%
587s 5878 59% 69*
5778 58-3,
62
28% May
59*8
59*4 5914
2,502 Utah C op per C o . . . . . 10
62 N ovlO
53 Nov
39% F e b 20
4
4
4
*314
378 +334
4%
37*
3%
3% 1,050 V ic t o r ia ...................... 1 . 25
358
334
5% May 6
2*2 A pr
3 O ct 28
I Nov .
0
0
6
7
6*8
6'.l
5-34 6*8
6*4
6%
73., 3,220 W inona . . . . . ______
4% Jan
25
8-% S ep 20
•*.% Al)t 30
e7fiN ov
* ------ 150
148 150
149 150
149 150
149 150
150
160
232 W o lv e r in e ...................
26 130 MOhlH 168 A u g 12
115% Jan
1*6 N ov.
_ *238 23;
*2%
234
■21i
273___2%
21
"
2%
2%
2%
2*2
650 W y a n d o t ______________25
4 Jan IG
.50 Mnv
3%
0 B efore pay t of a isess’ts called in 1900.
* Bid and asked prices,
d N o n stock- • Ass’ t paid. » E x*stook
M
r h E x -rlgh ts. « K x -d iv . an d right*,..
*11973 1201s 12012 120*8 12H8 12138 12012
*10112 10512 +1041.1 1051.1 104*3 104*8 10434
228 228 *227 228
*228 230
227
130 130
131 131 *130
*130 131
:____230
230 230
*220
--150 150
150 150
14712 150

4

4

*86 __

*101

*101

1

2




.,

10,010

808

6

1335

Boston Bond Record

Nov. 20 1909. |
B O M )*
U .2
B O S T O N ST O C K E X C H ’ O S
£j
W kkk KirDiMti N o v 19
15^'
A m T e le p * T el coU tv 4 s .1929 J - J
C o n v e r tib le 4 s _____ ____ 1*.•:{*> M-S
A m VVn t Paper 1st s 16s * 1919 J - J
A riz Com Cop 1st c o n v Cs 1918 M O
Ai> n i on A S Fe g e n g 4 . 199.) A-O
A clln stm on t g 4 » ___ J ’ly 1995 N ov
S t a m p e d ................ J ’ ly 1995 M-N
5 0 -y e a r c o u v I s .............lO-m J-D
10-year co n v Os............ 19 w J -I)
SUVJUUW
» i1 OO
SS J.IU1W
L ln e s S«».
s .’ “JO
» »j A
t l C u lt A W
B oston E le c t 1. cuiisoi 68.1024 M-S
B oston A L ow ell 4 s ........... 1910 J - J
B oston os M aine 4 4 s . . . . . . 7944

P r ic t
F rid a y
N ov 29

W eek’ s
R a n ge or
Last Sale

i’S S

BONDS

Jictnge
i Since
J a n u a ry 1

-C
£I
^51

W eek K n d i .v o N o v 19

High, No Jmvi U ta h
92
8o ! 91*8 9 0 4
92 Sail*
9 1 7a
107** Sale 1104 ■, 107*. 184 I 92 A lo7*s
S‘ »
83 M ar’ O ii. . . . 1 83
90
185 1 3 130
185
U:I’V
1 in. 4 1 0 1 4
90\
99®s 1 « "
94 O ct Mb . . . . ' 9 2 4 9 4 4
92
95
94 4
9 3 4 N o v ’ 09 . ...]! 93
92
95
' 1 2 1 4 O ct ’ 09
102 4 1216$
107 4 120*8
120 4 ......... 120 *a A u g '09
13.. 59
73 -a
............ .
Op H,
<0
..................... 110
Keo 04 . . . . . . . . . . - - - - - ­
......................1 ,)l4 M ai 0 9
,100*^ 100 4
..................... 104 4 O ct 03
-

P rice
F rid a y
N ov 19

R a n ge
Since

W eek’ s
(s a
R ange or
Last Sale 1^*

a s k J.ow
H ig h ,. So J.o to H ig h
I
1A la
100 101 O c t ’ 0 9 . ... 1004101
Illin o is Steel deben 5 s___ 1910 J -J i ___
N o n -c o n v e rt d eben 6 s . . . 1913 A-Oj 101 Sale ll(H )\ 101 I 3 1 0 0 4 1 0 1 4
...................117 A p r ’ 08 .
la Falls A S io u x C i s t 7 s .. 1917 A -O
9C 4 96 >2 O c t ’ O0 . ’. ' . ' . f l u " *97**
95
K an C Clin A S pr 1st 5 s . ..1 9 2 5 A-O ;
........100 S e p ’ 0 9 . ...1 1 0 0 101
K an C F t S A G u lf e x t o s .. 1911 J-D
6 11 0 4 1204
K a n C F t S c o t t * M 0s . ...1 9 2 8 M-N 1 1 8 4 . ....... 118 4
1>3 4 '
94
K a n C M * B gen 4 s ........... 1934 M-S
9 5 4 ! 16 1 9 0
93 4 94 j 9 3 4
A s s e n te d in co m e 5 s ........1934 M- S
92 I 91
91 I 2 I 8 6 4 9 2 4
9l
....... 104
J ’n e ’09 .. . . .. 1 0 3 4 1 0 4
K a n C & M R y A Br 1st 5 s l9 2 9 A-O
M ain e Cen t co n s 1st 7 s . ..1 9 1 2 A-O ......... ....... 113 ’a X o v ’00 .
C on s 1st 4 s ........................ 1912 A-O ; .......... ........1 0 1 4 Sop MSI.
M
™ uro H ou gh A O nt 1st 68.1925 A-O ......... ....... 115 J 'n e ’o S ,
97 4 1 0 0
98
98 4!
98 i
™ 388 08*4 428 (rects> ........1029 ___
86 M a r’ 0 9 .
8 4 4 86
M e x ica n C entral c o n s 4 s .. 1 9 1 1 ’ J . J
116 A p r ’ 0 8 .
l j l 5 4 A p r ’ OS’,

102 4 A n g'04 . . . . .....................
104 4 104 v . 3 1 0 2 4 1 0 4 4
102 F e b ’09 . . . . 102 102
10U4 Sep ’ 08 . . . . (.....................

____________ _______ a y l9 2 0 iQ .
...............
fis..............................................1916 A-O
......... 11103 o c t ’ 07
0 B A <4 Iow a D iv 1st5 s . 1919! A-O
1 99®g i '0 0 4 N e w E n g la n d co n s g o s ... 1945 J . J
......... 9 3 4 J ’ l y '0 9
Iow a DlV 1st 4 s ................1919 A-O
............
B o sto n T e rm 1st 4 s .......... 1939 A-O
......
loo
A
p
r
’08
D eben tu re 5 s .....................C ‘ 13 M-N<
" 9 9 4 100
N Y N H A H con d eb 3 4S1950 j . . [
9
......... 100 O c t ’09
D en ver E x ten 4 s ............. 1922 F-A
H H 4102
C o n v deb 6s ( c t l s ) ............. 1918 J . J
............. 102 .May’ v'9
N ebraska E x ten 4 s ........ 1927 M-N|
98
4
99
O
ld
C
olon
y
gold
4
s
.................1924
F-A
.........
9
’
9
O
ct
’
09
B * 8 VV s t 4s................... 1921 M-S
‘ 8 9 4 92 i O reg R y A N av eon g 4 S ..1 9 4 0 J-D
.............. 82 4 N o v ’ 09
' I lliu ois D iv 3 4 a ............... 1949 J •J '
O reg SU B in e 1st g 6 s ........1922 F-A
J o in t bonds 6'e« G t N orth ern ;
j
R e p u b V a lle y 1st s r 6s. ..1 9 1 9 J - J
11
1 0 1 4 104
102
j
102
Ohio j c B y * Stk Yus 5s .1915 J-J 101*4 102
R u tlan d 1st co n gen 4 4 s . 1941 J -J
94
8 01
92
Coll iru s tr e tu n d in g g 481940 A-O, 92 . . . . . . 92
Rutland-C anaillan 1st 4 s l9 4 9 J -J
.. 1 1 8 4 F e b ’ 00 ... 1 1 8 4 1 1 8 4
Oh M il & S t P D u b D 6s .. 1920 J -J
S
avannah E lec 1st co n s os. 1962 J -J
.. 126 F e b '05
Oh M A St P W 11 V d iv 681920'; J -J
Seattle E le c 1st g 5 s .........1 9 3 0 F-A
io .i
.. 103 - hi, >09 . . . i o i
OUll. A N o M id i l s t gu 58.1931 M-N;
.. 106 J ’ l y ’ 09 . . . 102 1 0 6 4 T e r r e H au te E lco g o s . . . . 1929 J -J
Ohio A W M lcli gen 6s ---- 1921! J-D ]
T o r r in g to n 1st g 6 s ........... 1918 M-S
.. 91 D e o ’ 07 ................
O on con l * M on t con s 4 s ..1920, J -1),
U n io n P a o H it A 1 gr g 4 s. 1947 J •J
._ .
.. 112*4 Ian '03
Conn A Pass 11 1st g 4 s ... 1943 A-O
20-year co n v 4 s .................1927 J - J
06
F
e
b
’00
.
..
96
..
1
‘
>
C u rren t R iv e r 1st o s .........1927 A-O
U n ited F ru it g e n s f 4 4 8 .1 9 2 3 J - J
i'2
h
.
.
.
87
4 9 1 O ct ’ 00
D et O r Hap * VV 1st 4 s . .. 1946 A-O
U 8 Coal A O il 1st s t 6 s .. 1938 M-N
17 Nov 09
D om inion Coal 1st s i o s . .1 9 1 0 M-N:
........: . U S Steel C orp 10-60 yr 5 s . 1963 M-N
103 4 Api '0 5 .............
F itch b u rg 4 s ........................191 5,M-S.
..
; W e st E n d S t r e e t R y 4 s ____ 1915 F -A
96 A p r ’ 0 3 ...............
4s .
1^27 M* S;
..................................
BR 133 -j G old 4 4 s ........................................ 1914 M-S
133 Mat
Mi) . . . . 133
Frem t E lk & M o V 1st 6 s ..19 3 3 A-O
140
A
p
r
'0
5
...............................
| G ola de b e n tu re 4 s ..............1910 M-N
U nstam ped 1st 6s ...........1033 A-O
y 5 t.j
96
12 96 4 99 9 G old 4 s .............................................1917 F-A
96 4 96
O.. N 0 1 C B A Q c o ll lr 4 s l0 2 1 | J -J |
99
9 5 4 9 8 4 W e ste rn T elep li * T e l 5 s . 1932 J -J
95 4 ......... 95 >, N ot '09 . . . .
Bug! sleretl 4 s....................1921|Q-J ;
W isc o n s in Cent 1st gen 4 s l9 4 9 , J - J

Ncrva—Buyer pays accrued interest in addition to the purchase price tor all Boston Bonds.

Salt 1 994

9J4 25 9 7 4 1 0 9 4
1424 Nov 09 . . . . 134 1 1 2 4

101 A p r ’ 09
9 8 4 Sep '09
1 1 8 4 J iiii’ 09
105 D e c ’ 08
107 4 N ov’ 05
102 M at'02
98 4 M ay’06
104 4 O ct ’ 09
97 A p r ’ 07
100
109
1 0 2 4 A p r ’ 09
110 4 J ’ nn’ 09
964
964
152
160
1044
105
100 4 A p r ’ 09
, 1 0 1 4 J’ ue’ 09
. 99 N o v ’ 09
. 1 0 0 4 UCt ’ 09
Bale I 9 8 4
99
. 95 4 A p r ’ 09

» No price Friday; latest bid and asked,

. . . . 101 101
.... 9 5 4 9 8 4
.... 1 1 8 4 1 1 9 4

. . . 104

1064

**i i*o‘6*‘ i o T *
...
...
8
6
47

1024
1024
954
120
102 4

1034
1104
97
160
I0 8 4

.... 1 0 0 4 1 0 0 U

.... 1004
. . . . j 99
.... ! 9 9 4
16 96
.... 9 3 4

102 4
100^
IOO4
1U0^
05 4

lib la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
! S a le s \

riliai-e P r ic e * —N ot D o r C o u iu m P r i c e s
S a tu rd a y
A' ov 23

*40
45
4 1*8
*12 4
68 4
22
73
* 13
27 *»

1

T u esd a y
N o v '0

13 4

'*8*24
**8*24 ’ 8 2 4
106
18
18
18 *
*
30
*13
134 134

464
47 4
124
684
22
734

404
45
404
-1 2 4
60 4
22
72 4

27 “»

**27*4 27 4

•_____ 18
•.......... 36

*13

M onday
A ov 15

T h u rsd a y
A o v IS

.......... .........
8 2 4 82*4
*1‘05 i '00
106*4 106
18
18
174 18
36
36*4
35 4 3 5 4
14
* ........ 14

*45
47
12*.
68
29
734

m......

F r id a y
N ov 79

R a n g e S in c e
J a n 1 1909

ACTIVE STO CK S

'■}R ange fo r R revtou*

'I

Shares

Stocks see b elow )

Low est

H ign esi

R id \ A s k

I Rid 1 A s k

P H IL A D E L P H IA

R id

' A sk 1

Ph & Read 2d 6s '33. A-O ................... j
llo m ts
Con M 7s 1911....... J-D ....................
I ’rices are a l l ‘ ‘ and
E x Imp M 4s g ’4 7 .A-O ...................
in terest."
30 , 3 0 4
Terminal 5s g 1941.Q-F' 1184 120
01
9 1 4 A l V a l E e x t 7s 1910 A-O
P W & 13 col tr 4s ’ 21. J-J
99 4 100
A lt A L V E le o 4 4 s ’ 33.F'-A 1 '* * ’ **'' . . . . .
Portland R y ls t 5s 1930. ...................
A m Rys co n v 5s 1 9 1 1 .J-D . . . . . .
i2 i
Koch R y * L eon 5s ’5 1J-J
9 9 4 ........
A tl C ity l s t 6s g ’ lO .M -N i .........
* 47*
46
Spanish-Am Ir 6 s ’27 J-J ........ 102
B e r g A E B rw l s t 6s’ 21 J-J
U Trao Ind gon 6s’ 19.J-J ...................
B etliie Steel es 1 9 9 8 .Q -F
77
Un liys T r ctfs 4s’49J * J; ........ 77 4
C h o c * M o 1st 6s 1949 J-J
Ch O k * ( i gen 6 s ’ 19 J-.J
,1 0 6 4 United Rys I n v ls t c o lltr
s f os 1926............... M-N, 8 4 4 844
Col St R y 1st co n 6s 1932
, U Trao P it gen 6s ’97 J-J ........ 10 7
C on T r a c o f N J 1st o s . ’ 38
684
; W elsbach s f 6s 1930.J-D 86 , 8 6 4
K & A 1st M 5s 1920 M -N ;
1014
E le c & P e o T r stk tr ctfs, 90 4 1 9 0 4 , Wlks-R G&E con5s’55J-J
B A L T IM O R E
1
E q II G as-B 1st g 5s 1928
******
In a ctive S lo c k s
In dian ap olis R y 48.1933
864
35
•I n te r s ta te 4s 1948 ..F - A
60 4 Ala Cons C oa l* lron.100
i P re t........................... 100,
2 2 4 23 ;1L e h ig h N a v 4 4 s ’ 14.Q -J
Atlanta A C harlotte.. 100, 185
; R R s 4s g ........1 9 1 4 .CJ-F
Atlan Coast L (Conn)lOO, 335 350
* 12- , ••••" ] G en M 4 4 s g . 1924 ;U -F
Canton Co................... 100
98 100
L eh V O 1st 5s g *33..J -J ” " " ! i 0 9 "
j Leh V ext 4s 1 st 194 8.J-D 106
Cons Cot Duck C o rp ...50
6
6
108
20
18
P re fe rre d ...................50
2d 7s 1 9 1 0 .................M -S
30
C on sol 6s 1 92 8........J-D Illlll'iiiO** Georgia Sou A F la ...100,
93*4 9 4 4
ls t pref.....................100
A n n u ity 6 s ...............J-D ....... jiso
61 ! .........
2d prof...................... IOO] 73 i...**.
964 974
G o n c o n s 4s 2 0 0 3 .M -N
2
G-B-S
B
rew
ing..........
100
L
eh
V
T
ran
co
n
4
s
’35J
-l)
1*05*. i 00**,
B onds
N e w Con Gas 6s 1948 J -D 106
1 00 4
P rices are a ll “ a nd
N e w a rk Pass c o n 5s 1930
'
1 N Y P h < fc N o ls t 4 s '3 9 J-J
in terest."
Anaoostla A P ot 6s.......... 1024 102*4
116 1 1 0 4
In c o m e 4s 1 9 3 9 ...M -N
A tl A C h o x t4 4s ’ 10.J-J
99*4
44 | 44*« N o O h ioT rac coil 5 s’ 19. J -J
05
Atlan C L R R4sl962M -S
954
P e n n gen 6s 1910 . .. V a r
A tl Coast L(Ct)ctfs 6s J-D 100
88 i 89
C onsol 5s 1 91 9........V a r
Ctfs of iudebt 4 s....J -J
874 884
10 1 P en n & M d S teel co n 6s.
93
91
5-20 y r 4s 1926........ J-J
P a & N Y Can 6s ’3 9 .A-O
...* :? !
'1 1 6 4
! Balt CPUS* ls t 6 s ’ l l M-N 100*4
C on 4s 193 9............. A -O
Balt Fundg Os.1916 M-N 105 106
P e n n Steel 1st 5 s ’ 17 M -N
99 100
Exohauge 3 4 s 1930 J*J
P e o p le ’ s T r tr c e r ts 4s ’ 48 ......... : 9 7 4
B a lt * P ls t O s m l’ l l A-O 102 103
P Co l s t * col tr 6a’ 49 M-S; ......... '1 0 4 4
.........
92
B
S
P
A
0
ls
t
4
48
’
53F-A
93
OonJfc c o l tr os 1951M -N
904.1 9 7 4
Balt Thao ls t 6 s ..'29 M-N 108 110
* i i | 1 1 4 P h il Eleo g o ld tru st c t f s . 1 1 0 1 4 102
No Balt Dtv Os 1942 J-D 112 114
T r u s t o e rtlfs 4 s ................! 76 | 7 5 4
Ocnt’ t By oob 5 s 1U32 M-N 107
_
109
Pit> E g e u M 6 g '2 0 . A-O]
96*4 97
E xt A Imp Os.1932 Vl-B] 106
G en M i s g 1 9 2 0 .. A JbO.

....

j

#

112

1

.........

......

‘ Bid and asked; no sales on this day. 1! Ex-rl^hts.

||$7.30 paid.

Lowest

B a ltin ioi-(......... Con. G as El. B. <fc P o w . 100 30 M a r S 4 8 4 M a y l 2 j 20
42
D o p r e f.................... 100 76 M arlO 89 May 18 65
137 N orth ern C e n tr a l.......... 50 100 Jan 4 111 Jan 16 j 80
4
935 Seaboard ( n e w )............... 100 1 1 4 F e b 25 2 1 4 J ’ n e l4
3 10
D o 2d p r e f............. 100 2 2 4 F e b 2 4 41 -May 17 < 10
10
9 4 Feb 3 1 4 4 A u glO
loO U n ited R y * E lect r lo .. 60
P h ila d e lp h ia
H o A m e rica n C e m e n t......... 50 3 7 4 A p r 13, 43 J a n 2
251 A m e rica n R a ilw a y s .... 60 44*s J ’iy 8 4 6 4 Feo 18
7,905 C am bria S t e o l ................. 50 32 4 F e o 23 49 Sep 2 1
50 K le c t n o Co o f A m e r ic a 10 * 1 0 4 Jan 20 1 2 4 J ’ ly 14
320 E le o S torage B a tte r y .. 100 43 Jan 30 63 4 J ’ ly 30
4,814 G eu A sp h a lt tr c t l s ___ 100 15 4 Ja n 5 23*4 F eb is
3,476.
D o pref tr c t f s ___ 100 63 Jan o 75 4 N o v lS
9 4 Jan 21 15 rtp rlO
115 K e y s to n e T e le p h o n e ... 50
1,380 Bake S u p erior C o rp ___ 100, 143« Jan 6 3 3 4 M ay 8
1,083, Benigli C * N a v tr ctls. 60 96 J a n 6 1 2 1 4 A u g 11
28,808 L eh igh V a lle y ................. 50 67 F «b 2 3 113 Sep 21
4,798 P e n n sy lv a n ia H R .......... 50 6 3 4 F e b 24 7 5 » ,S e p 2 9
249 P h lladelp’aC o (P ltts ti). 50 4 0 4 F e b 24 4 9 4 A u g l6
1 4,l87|PhllaU eiplila E le ctric* . 25. 1 1 4 F o b 23 1 3 4 O ct 14
! 5.40J Phlla R a p id T r a n s i t .. . 50 2 4 4 Jan 5 3 6 4 A pr 28
23,309] R e a d in g ........................... 50 59 4 F e b 23, 86 >, Sep 21
D 5 4 Jau 16 7iau M ar30
1,500 T on opali M in in g .........
2,417 U n io n T r a c t i o n ............. 50; 6 0 4 J a u 5 5 8 4 i l a y 4
5,309| U n ited G as l m p t ........... 50| 84*8 Muyl3| 9 4 4 Feu 6

454
4 7 ;ij
12*8
6b 4
22
734

Y ear ( 1 9 0 9 )

°\Veek '• ( F o r R o n d s a n d J n a e liv s

37
•33
•82
824
1 0 6 4 106 4
18'4 19 4
3 /4 374
*13 4 14

* 2*7*4 '2 3 4

1lin e t iv o s t o c k s
I
A lle g h e n y V al p r b f___ 50,
A m ai A s b e sto s Corp.100,
x - r e fe r ie d ...................100,
A u e r Pipe M Ig......... 100,
B ell T ele p h o n e (P a ). 100,
C am bria I r o n ................. 60,
C en tral Coal * C ok e. 100.
C on sol T r a o o t N J ...1 0 0 1
D iam ond S tate S t e e l.. 10,
P r e f e r r e d ..................... 10!
E aston Con E le ctric 6,50.
E lec S torage B att___ 100,
P r e fe r r e d ................... 100]
F t W a yn e A W V ........100
G erm a n tow n P a ss........60
In dian ap olis S t........... 100,
Indiana U nion T r — 100,
In su ra n ce Co of N A . . 10;
In ter Sm P o w A Chein.50!
K ey ston e T elep h on e ..5 0 ,
P r e f e r r e d ..................... 50
K eystou oW a tch C a se.1 0 0
L it B r o th e r s ................... 10
L ittle S ch u y lk ill........... 50,
M lnehUl & Soliuyl H ..5 0
N H a v e n Iro n * S t e e l.5
N orth ern C en tra l......... 50;
N orth P e n n s y lv a n ia ..50
P en n sy lv a n ia S a lt........50
P en n sy lv a n ia s t e e l . .1 0 0
P r e f e r r e d ................... 100
P h lla Co (P itts ) p r e f...6 0
P h il Germ an * N o rr ls .5 0
PhDa T r a c tio n ................50
R a ilw a ys G e n e r a l... .. 1 0
Su sq u eli Iron <& S t e e l..5
T id ew a ter S teel........... 10
P r e f e r r e d ................... .1 0
U n io n T r of In d ......... 100
U n ited N J R R & 0 . . 1 0 0
U n it T r a c P itts p r e f .. 50
W a rw ick I r o n * S t e e l.10
W est J e r s e y «fe S eaS h .56
W estm orela n d C o a l....5 0
W ilk e s G a s * E l e c ..1 0 0




I

.... ....

404
45
4 /4
12 4
58 4
22 4
734

I’ l l I BA D E L P H I A

'W e d n e s d a y '
A on 1 7

324
424
264
84
24 4
34
194

1 H igh est

Jan 30
M ar 8 1 4
Jan 102
F eb , 15
Keb| 26
Jan 12
Mar
M ar
*’ eb
Jan
Feb
Jau
Jau

44»an

3®g Feb

7 8 4 Jan
62*8 F eb

54ui8 Jan

34 4 Mat5 4 Feb

<112 4 J’ ne

! 463i8 Feb
3 4 Jan
* 4 4 4 J ’ ne
| 73 4 Jan

B A L T IM O R E

43 D eo
4 6 4 N ov
40 4 D ec
1 1 4 Deo
47 4 DOC
1 9 4 D ec
5 9 4 D ec
9 M ay
17 D ec
9 7 4 D ec
7 6 4 D eo
sail# D ec
4 4 4 D eo
12*8 N ov
25 4 D ec
Tl11!# D ec
9 4 Apr
5 6 4 Apr
9 4 4 Deo

| R id ' A s):

Chas C ity R y l s t o s ’ 23 J-JI
Chas R y G * El 5s ’ 99 M -S
Cliarl C A A 2d 7s’ 10 A-O
C ity A S ub l s t o s . . ’ 22 J-D
O i l y * S u b (W a s ) ls t 6 s ’ 48
C o a l * I R y l s t 5 s ’ 20 F -A
Col A G r n v l s t 6S.1916J-J
C onsol G as 6 s ...1 9 1 0 J-D

5s............... ...1939 J-D

Ga A Ala ls t con 5 s ’ 46J-J
G a C arA N l s t 6 s g ’29J-J
Georgia P ls t 6 s .. . ’ 22 J-J
U aSoA F'la ls t 6s 1946J-J
G-B-S Brew 3-4» 1951M-S
2d income 5s 1951 il-N
Knox v Trao l s t 5 s ’28A.O
LakeR El ls t guos’42M-S
Macon RyA LU 8t58’63 J-J
Memphis St 1st 5s’ 45 J-J
M etSt(W a8h)lat6s’25.FA
Mt Ver Cot Duck 1st 6s.
N pt NAO P ls t 5s’38 M-N
N orfolk St ls t 6s ’4 4 .. J-J
North C en t44 s 1926 A-O
Series A 5s 1 9 2 6 ....J-J
Series B 5s 1 92 6___ J-J

D eo
D eo
D eo
D ec
D eo
N ov

100
91

88

101
107

1(18

103 104
1014 1014
108 110
100 (100 4
11041114

104 1044
104 1044
112 I l l4 4
108 109
4 14 42
12 i 1 24
103 105
1 1 2 4 ’ .........

94 4' l»6

99 100
108 n o
76
764
93 .....
103 ........
105
no
no
105 ........
105
105
824 8 2 4
103 4 107
104 105
92 4 93
854' 85*#
58>,l 59

Pitt Un Trac 5s 1997.J-J
Poto Val 1st 5s 1041., J-J
Sav Fla A West 5s ’34 A-O
Seaboard A L 4s 1950 A-O
Seab A Roan 5s 1926. J-J
South Bound 1 s t5 8 ..A-O
U El 1-AP lst 4 4 s ’29 M-N
Un Ry A El ls t 4s ’49 M-S
Incom e 4s 1949....... J-D
84
Funding os 1936...J-D
844
102
V a Mid 2d ser 6s ’ ll.M -S 10 1
3d series 6s 1916..M-S 106
4th ser 3-4-68 1921.M-S 105 .«••••
6th series 6s 1926.M-S 106 *«••••
90
Va (State) 3s new ’32.J-J
92
Fund debt 2-3s 1991. J-J
W est N O con 6s 1014 J-J 106 1074
W e sV a C A P lstO g ’ l l J-J 100*4 101
118
W ll A Weld 5 s ..1935.J-J n o

___

t

__

| $12 4 1'alcL * $ 1 3 4 paid, i $35 paid. aReoelptJ. b $23 paid, e $30 paid. <*$124 paid.

1336

THE CHRONICLE

[V O L . L X X X I X .

Volume of Business at Stock Exchanges

E le ctric C om p a n ies
Indu.iir .... 3 n(j Ai:*re\
Bid
Ask
C h icago Edls in C o— See C hlcag o list
C °n so R u u b c r T i r e .. 100
4 1
3
e K in g s Co El L A P Co 100 rl3 0 133
P r e fe r r e d ..........
100
18
2S
TRAN SACTIONS ATfT H E ^N E W ^Y O R K ^TO pK EX CH AN G E
N .arragan( Frov) El C o . 50 *91L 93
D eb e n tu re 4s 1951 A AO / 34
37
N Y A Q El L A P o w C o -1 0 0
50 ”
Con S team ship L ines—
P referred __________ i o o
75
80
,r 4s 1057 rets JA J / 25
35
75
U nited Eleo o f N J . . . 1Q0
Stocks.
Corn P ro d R e f— See S tock fix e list
Railroad
1st
g
4s
1049.............
J-D
793,
Week ending
*80i2
Ac.
0 C ru cible S te e l___
100
State
u.
s
.
14
14«*
Noo. 11) 1909.
Shares. | Par value.
Bonds.
e
P
r
o
fjr
r
e
d
____
**100
Bonds.
Bonds.
84
841]
Telegraph & T eleph on e Bid Ask C u m berland -E ly Oopp‘ cr.6
*
9
*
,e
U3lt
S a t u r d a y ___ _ ______
e
A
m
e
r
T
e
lc
g
A
C
a
b
lo
.1
0
0
80
85
354,520 $32,154,500
e D ia m o n d M atch C o .1 0 0 127 1271]
$2,002,500
$49,000
Monday ____________
e C entral A So A m e r ..I C O 113
937,913
84,827,400
3.077.000
104,000
d u P o n t (E I )d e N e m P o .l00 127 129
$1,000 C o m m ’ l U u T el ( N Y ) . 25 110
Tuesday_____________
788,405
73,485,500
• P r e fe r r e d .............
100
6,373,O X
7 8 .X 0
87
89
Wednesday ________
Em
p
A
B
a
y
S
ta
te
T
e
l
.
100
65
687,946
62,042,100
2.817.000
e G o ld .4 B t 1 9 3 6 .. J AD
33.000
88
*5*666 F ran klin _______________ i o o
88l2
Thursday_________
45
717,724
62,197,300
Ecpn y L t Ss P (.!cllo t. III)
3.209.000
08.000
3,000 e G old A S to c k T o lcg .lO O 110
F rid a y ___________
887,017
75,783,450
3,991,500
221,500
06l2
V J L 60 1 0 5 5 -J -D
N Y A N J T e le p h — See St
E x c list E le c’ r^i" D
-p S ................. 100
20
25
T o t a l ........................ 4,273,525 $380,495,2501 $20,470,0x1
* N orth w estern T e le g . 50 108
$553,500
P r e i e ir e a ___________100
£5
$9,000 P acific A A t la n t ic ____ 25
60
75
E m pire S te e l...................100
10
7
S ou thern A A t l a n t i c .. 25
95
Sales at
P r e fe r r e d .....................i o o
80
Week ending Nov 19.
Jan. 1 to Noo. 19.
New York Stock
•General C h e m ic a l.. . 1 0 0
93'*
F
erry
C
om
p
a
n
ies
Exchange.
e P r e fe rre d .................. 100 ------ 3 104L
1909.
1908.
1909.
1908.
BI A N Y 1st Cs 1 0 1 1 .J-J
91
96
G oldfield C onsol M in e s .10
♦7l2 7»g
N Y A E R F erry s t k . 100
25
35
Stocks— Mo. s h a r e s ...
*13,
4,273,525
G old Hill C op p er ( w l ) .
1
6,319,535
2i4
189,411,160
1st
5s
1
92
2_______M-N
55
169,334,956
65
Par value__________ $380,495,250 $580,390,100
*141g 14L
G re e n e -C a n a n e a ______20
$17,368,145,600 $14,775,997,925 N Y A H o b 5s M ay '4 6 . J -D
97
9sl2
Bank shares, par_____
$14,100
G
uggenheim
E
x
p
lo
r
’
n
100
235
$103
240
$173,250
$136,300 rt g W * 34 53 l 049 M -N 106 107
Bonds.
eH a ck e n sa ck W a te r Co
N Y A N J 5s 104 6_____ J-J 95
100
Government b o n d s ...
$9,000
89
91
„ R e f g 4s ’ 52 o p ’ 1 2 . JA J
$702,200
$505,820 10th A 23d Sts F e r r y . 100
39
State b o n d s ....... ..........
553,500
Hall Signal C o................ 100
60
$984,000
55
34.210,400
75,777,500
1st
m
tge
5s
1
0
1
9
..J
-D
67
72*
R K . and mlsc. b o n d s..
20,470.000
8
H
avana
T
o
b
a
c
c
o
C
o
.
.
100
30.851,000
7
1.143.591.600
803,671,700 e U nion F erry s t o c k .. 100
30
31
100
P r e fe r r e d _______
10
20
c i s t 5s 1920...............M-N 95
97
Total bonds.
1st g 5s Jun o 1 ’ 2 2 . J-D
68
63
$21,032,50o| S31.835.0001 $1.178.504,2001
$879.955
H eck er-Jon es-Jew ell Mill
Short-Term Notes
1st 6s 1 92 2................M-S 105 100
D A IL Y TRAN SACTIO NS A ^ T H ^ B O S T O N AND P H IL A D E L P H IA
A m CIg ser A 4s '1 1 . .M -S
98
99
H e r’g -H a ll-M a r, n e w . 100
30
30
Ser B 4s M cli 15 '12 M -S
07
08
H
o
b o k e n L a n d A I m p .1 0 0
A m T el A T el g 5s '1 0 . J-J
997g 1 0 0 l 8
c 5s 1 91 0................. M AN
”9978
10038
Atlan
C
oast
L
5s
'1
0
.
M
-S
100
Boston.
H ouston O il.............
100
Philadelphia.
81*
8*4
Week ending
Cln H am A D 4 U s '0 8 . M -S / -----P r e fe r r e d .....................100
403*
Nov. 19 1909.
Listed Unlisted
Col t r g 4s 1 91 3_____ J-J 96'2 97*4 H udson R e a lt y .............100 1*00' 110
Bond
LUted
Unlisted
Bond
shares. shares.
101
C
C
C
A
S
t
L
5s,
Jun
e
'11
100ig
sales.
shares.
shares.
75
- In g e rs o ll-R a n d c o m . 100
sales.
Erie 6s, A p r 8 1 0 1 1 ..A - O
--e P r e fe r re d .......... ..
100
90
Saturday____________ 28,574
29,589
$43,000
3.O X
6,782
(n te rn a t’l Ila u k ’g C o .1 0 0 145 165
$14,200 In te rb R T g 6s 1011 Al-N 102 103
M onday_____ _______
14,928
9s)*g
53,197
KC
R
y
A
L
I
g
h
t
6
s
'1
2
.M
S
9S3g
47,500
10,664
16,463
In te rn a t’ l M er M ar— See S tk Ex list
45.500
T u e sd a y ...................... 78,796
09i2 100
47,719
102.000
10,591
18,340
51.500 Lack Steel 5s g 1 9 1 0 .M -S
Intern ation al N ick e l. .1 0 0 150 152
W ednesday__________ 41,430
ake S h A M So 5s ’ 10 F-A
997s 100l8
24,537
111,500
18,156
13,070
P r e f e r r e d .....................100
15,200 L
91
93
T h u rsd ay___________ 74,205
Lou A N ash g 5s '1 0 . M -S 100 10()38
35,300
43,000
27,633
7,968
1st g 5s 193 2..........A AO
94
33,585
93
F rid a y ____________ 77,326
45,364
99/8 lOOU In tern ation al S a lt____ 100
136,000
23,796
14,037
38,100 M ich Cent 5s 1910 .F -A
10
9
Minn A S t L g 5s '1 1 . F-A
99
991,
1st g 5s 1 95 1.............A -O / 47
55
Total ...................... '315,259
235,7061 S486.0001 93.846
F-A
997g 10018
235,7061
76,6601 $198,085 N Y Cent 5s 1 9 1 0 ..
8
Intern ation al S llv o r__100
12
V v G*rL i ? e' l
53 ’ 10-27 *U2% 4.1
P referred ______
100
09
N Y N H A H 5s ’ 10-’ 12 100 i o n 2
1st 63 1 94 8____
”j - D
109 111
N orf A W est 5s 1910 M -N 100b, 10058 Interm it S m elt A ItefglOO 160
176
Pa R R 5s M ch 15 ’ 10 A1-S 100i8 10012 Jones A L aughlln Steel Co
St L A San F r g 5 s ’ l l J A J
985s 99I2
All bon d ori es are n o w “ and in te re s t'' e x c e p t w here m ark ed “ I.*
3 f g 5s 1 0 3 9 ..M -N ____ * lOlig
„ 4 H % g n o te s’ 12op F A A
95i2 06l2 L a1st
ck aw an na S teel___ 100
67
68
S outh R y g 5s 1 0 1 0 .. F-A
9978 100i8 Lanston M o n o t y p e .
20 *18
I8I4
Bid Ask
Street R a ilw a y s
Street R a ilw a y s
Bid A** T idew ater 6s, 1013, guar 101 102
L a w yers’ M tge C o ____ 100 238
24212
N ew Y rk C ity
W
estln
g
h
’o
E1AM
6s
1010
100
Pub S erv C orp N J (Con)
;L c h A W llk es-B Coal 50 125
llle c c k St A Ful F s t k . 100
IS
20
R a p id T ran S t R y _ _ 1 0 0 240 250
1
*
10
**
L ord A T a y lo r ________ 100 100
o 1st m tge 43 1 9 5 0 .J-J
60
70
, „
R ailroad
1st 5s 1921.......... A-O
100
08 103
P r e fe r r e d .....................100
* B ’ y A 7tl> A v e stk __100 140 155
J O H o b <5c P a te rso n —
C h le G t W est com (w 1)100
29
•Lorlllard
(P
)
p
r
e
f
.
.
.1
0
0
130
c 2d m t'C 5s 1 9 1 4 . . J-J
9912 101
50
P referred (w i ) ____ i o o
4s g 101 0-------- M-N
7812 791
M adison S q G a r d e n .. 100
25
*40* *
Con 5s 1943— See Stock E xc list
Chic Peo A St L —
So J Gas E l& T rac.lO O 132
2d Gs 1 91 9................M -N
80 IOO
B 'w a y Surf 1st 5s gu 1924 102 104
P rior lien g 4 ^ s ’ 30,M AS / 88
Gu g 5s 11’ £3-----M-S
99*2
M anhattan T r a n sit. . 20
*2bi
2%
* C cn t'l C rosst'n s tk ._ 1 0 0
Con m tg g 5s 1 9 3 0 .J A J / 48
N o H u d Co R y 6s’ 14 J-J 1041;
M onongaliela R C o a l . . 50
*634 7U
- 1st m tge 6s 1 0 2 2 .M-N 1 80
95*
I n c o m e 5s, J u ly io"3o . . / ------ 10
53 192 8.................... J-J 104 105«2
at n „ P r e fe r r e d .................... 50 *2334 24
« Cen P k N & E R s t k .1 0 0
30
60
C hicago S u b w a y _____ lo 5
6i8
E x t 5s 1024____ M-N
100 103
115
inS * ^ ° r tS,a8re B o n d C o . . .1 0 0 11212
e C hr’ t ’ r & 10th St stk 100
80
90
F t W A D en C y s t d _ .1 0 0
97i2 10J
P a t C ity co n 6s 3 1 . J-D 117
IlNat Bank o f C u ba___ .1 0 0 1033 10434
Col <5;9th A v e 5s See S tock Kxc list
K ansas C ity S ou 5s A p r 1
.
2d 6s o p t 1 9 1 4 ..A -O 100
N a t’l S u r e t y ................... 100 185
D ry D E B * B—
1950 (w I) — S ee Stock E xc
xo Side El (Chic)
See Cli cago list
N evada C on s’ d C o p p e r 5 *29®8 *i9i»4
e 1st gold 5s 1 9 3 2 .. J -D
tk
Ex
Nat
R
y
s
o
f
M
e
x
ico
—
See
;
971 101
102 1031
N ev-U ta h Min A S m . 10
*1*
1*1,
c Scrip 5s 191 4____ F-A / 45
100
60
N o rth ’n Securities Stubs
102
«Nevv
Contra! C o a l . . . 20 ‘ 40
100
60
E igh th A v en u e s t o c k . 100 250 300
Pitts Bess A L E _______ 50 ♦331
N Y A ir B rak e 6s— S ee Stk E x c list
e S crip 0c 191 1___ F-A
95 I X
*68
P
r
e
fe
r
r
e
d
.......................50
Coni v o t tr c t f s . .
io o
N Y B iscu it Cs 1 0 1 1 .Al-S H0O
20
20l2 • R ailroad Securities Co—
e 42d A G r St F ’ y s t k . 100 209 220
o P referred ____
io o
e N ow Y o r k D o c k ____ 100
36
673.i
4*0*"
j
42d St M A St N A v e . 100
90
111 C stk tr cfs ser A ’ 52
90
80*2 8II2
4s l 93'J— See Stock Ex c list
e 1st m tg e 6s 1 9 1 0 .M -S
991; lOlA,
S
eab
oard
C
o
m
p
a
n
y
235
,
n
‘
t
R
y
3
San
F
ran
S
ee
Stk
)0
225
E
x
c
list
50
2d Incom e 0s 1 9 1 5 .J-J
—
74
1st p referred
d .............100
_____
fash R y A El C o____ i o o
6
10
*4
427g 44
In ter-M et— See Stl: Excli .ngc list
C om A 2d pref— See Bal t Exc list
P r e fe r r e d ________
io o
)0 104 108
90i. 91
L e x A v & P a v F 5s See Stk E x c list
S eab oard A ir L ine—
4s 105 1............... . . . . J - D
Nlplsslng Mines..........I
5
*101;i
107t
87
87;,t
M etrop ol St It. — See Stk E x c list
C o.I 5s e x t M ay ’ l l M08S8 99
)C
23.
N in th A v e n u e s t o c k __100 160 170
073* 97 «(
W est P a c 1st 5s *33. MGas Securities
>0
65 ‘ 68
S econ d A v en u e stock 100
Industrial and M lscel.
100
)0
98
e 1st m tg e 5s 1 9 0 9 .M-N
96
A dam s E xp g 4s 1947 J-D 1 94
95
N ew York
10 *22
223t
C onsol 5s 1943____ F-A
70
A h m e ck M in in g .
25 *245 *225
Cent U u Gas 5s ’ 2 7 . J-J 102 103
P r e fe r r e d ________ __ 10 *40
40*2
* S ix th A v en u e s t o c k . 100 115
A !}!a “ c o R e a lt y - .- I I I l O O H 5 120
Con Gas (N Y) — See Stk E x c list
.
Ittsburgh
C
oa
l—
See
S
m
list
;k
Exc
60
S ou B ou lev 5s 1 9 4 5 .. . J - J
Allls-Chalm ers Co 1st m tg
e M utual Gr.s_____
i o o 145 155
P op cM fgC o c o m (new) 100
70
10 05
So F er 1st 5s 1 9 1 9 .. . A - O
88
s
f
5s
1
9
3
6
s
e
e
S
to
ck
E
xc
fist
New A m sterd am G as—
Preferred (n e w )____ 100
10 85
90
T h ird A v e n u e — See S tock E x t
100 150 156
' I s / con sol 5s 1 0 1 8 .. J-J 100 1003, Am erican B o o k
10 100 105
T a rr y VV P A M 5s 1923 / 60
Am erican Brass............ *100 H 8 122
N Y A E R G a - 1st r)S '44 J-J 103 106
10 176£
230
85
Y k ersS tK R S s 1916 A-O
Am
erican
Chicle
co
m
'lO
O
225
Consol 5s 1945-.......... J-J
07 100
10 133 ' 1*3*8*
P r e fe r r e d ___________ i o o 1°4 107
2 8 th A 2 0 th Sts 5s ’ 9 6 A -0 /n lB
N Y A R ich m o n d Gas 100
32
i0 165 170
40
• T w e n ty -th ir d S t s t k . 100 200
Am G ra p h o p h o n c c o m 100
I 41 1438
10 107 110
N
Y
A
W
e
s
tc
h
e
s
te
r
L
’h
t
’g
—
32
P
r
e
fe
r
r
e
d
___________
100
U nion R y 1st 5s 19 1 ' F-A 100
D e b g 5s 1051 g u a r .^ -J
10 140 H 3
10312
W ostch est 1st 5s '43 J-J
A m er H ardw are
100 137 140
GO
98 100
5 *76
N or Un 1st 5s 1 9 2 7 ..M -N
10412
B rooklyn
A
m
M
alting
6s
1914
"
j
D
1°3,2
0 476
r
Stan
d
ard
Gas
c
o
m
.
.
100
*9*0**
I06
A tlan A v e n u e R R —
A m e r Press A s s o c ’n . ” 100
95
0
20
« P referred ______
io o
27*t
Con r>sg 1931 . .
A-O
98
A m S od a F o u n t c o m . 100
’■
0
56
66
1st 5s 1930............. 1 M -N
102 106
3*5*
B B A W E 5s 1 0 3 2 ..A - O
96
1st preferred________ 100 20
0
1
3
0
B r o o k ly n C ity S t o c k . 10 195
2d p referred ____
10O
2
J 1 22
26
Other Cities
Con 5s— See Stk E xch ngc
A m St Fou nd new — S ee S tl{ K* 1st
. »
1 / 4
Am Gas A E lec c o m . . 50 ♦45
104
B k ln H gts 1 t 5s 1941 A-O
68
1035___
A
AO
191
07
0
2u
30
P r e fe r r e d ....................so
♦43
B kln u u een s Co A S v b —
D e b 4s 1 0 2 3 .. .'T F A A
79
0 100
Amer L ight A T r a c t . . 100 270
0 1st g 5. '41 o p '1 6 . J-J
98
Am erican S u re ty ______50
'“ -*2
9
16
*1*9**
P re e r r e d ___________io o
104
Con rjuar 5c— Sec S ock E x .
6
***4
*i;
Am
erican
T
h
read
pref
5
9
60
[lay S tate G as________ 50
64
1 ‘ A m T o b a c c o Co c o m . .1 0 0 430 140
h
B k lyn R a p T ia n — See Stk Exc
■l 83
88
B ln g h 't'n (N Y ) Gas W k s
50
C on ey Isl it B k ly n ..1 0 0
45
85
A m er T y p cfd e r s c o m . 100
) r701
1st g 5s 1938...........A AO
93
703
98
l<t. "i.ns g 4s 1 9 4 3 .. T-J
101
08
P r e fe r r e d ___________ 100
78
t Ex.; 1st
rook lyn Un Gas— 6’eeStk E xc list
4
Con g 4s 1 9 5 5 ____ J A J
A m er W ritin g P a p e r . . 100
3
75
| 100 1001|
HUlfa.o C ity Gas s t k . .1 0 0
5
6
2j
27*2
Brk O A N 5s 1939 J-J
P r e fe r r e d ...............
100
95
) 190 210
1st 5s 1947— See S tock E xc list
G r’ p ’ t& L orS t 1st 6s A1AN
1st s f g 5s’ 19 o p ’ 0 0 . J-J
87
6812
i on Gas o f N ' 5s '3 6 . J-J
)
95 I X
90
04
K ings C El 4 c— See Stock Jlxc list
11
12
A tlG f A W In d S S L in e s .1 0 0
Consum ers L H A P o w __
) 163 168
N assau Ele •p r e f_____ 100
P
r
e
fe
r
r
e
d
___________
100
25
28
5s 1938................... . . J - D
T on opah Min (N evada)
110
1
*6I2
6*4
5s 1044...................... A O
Col tr g 5s 105 9____ J-J / 68
6JI0 Trenton P o tteries co m 1 )
1*0*3* l‘ u*4*l2! le a v e r (las A E le c ___ 100 140 14*5**
4
7
40 *15
B arn ey A Sm ith C o .r_ .l0 0
. . *3t 43 1051— See s t o c k E x . iIs.
)
60
95
Gen v. 5s 1049 o p .M -N
X
97
P
r
e
fe
r
r
e
d
___________
100
N VV bg& F iat 1st ex 4 Hs
115*4
90
120
95
)
17
30
E lizabeth Gas L t C o . .1 0 0 275
S teln w a y 1st 6s 1922 -J-J 104 100
)
69
Essex A H u dson G a s . 100 135 1*3*8** Bethl’ m Steel C orp— See S tk E.. 1st
71
Ollier C iliec
Bliss C o m p a n y c o m . . 50 130
) 113 116
Gas A El B ergen C o . . 100
75
78
B u ffalo S treet R y —
P r e fe r r e d ____________ 50 135
2d p re fe r
) 112 IU
e Gr R a p 1st -Is '1 5 . F-A
.
.
.
.
101
1st consol 5s 1931 F-A
B ond A M tge G uar ..1 0 0 270
a ih
nltetl Ilk N
93
) *52
G r’ t W est P o w 5s '4 6 . J-J
54
96
D eb 6s 1917.............A-O
B orden ’s C ond M ilk ..1 0 0 121 123
P r e fe r r e d .
H udson Co G a :_______ 100 132 135
1 *517*2 64lf
C olu m bu s (O) S t R y . _ i o o
P r e fe r r e d ___________ 100 100 109
Indiana
L
ighting
C
o
.
.
100
1
78A,
27
791*
29
P r e fe r r e d .................... t o o 104
British Col C op per . .
5
*71,
7*2
[ 4s 1958 o p _________F-A
1 107 110
67
70
O olum R y c o n 5s— SeePhi a IIj I
B u tte C oalition M ining 15 *33
33l8
Indianap olis G as______50
1712 22
*8*2 9
Crosut’ wr. 1st 5s '33 J-D 103
Casein Co o f A m c o m . 100
1
3
P r e fe r r e d ________
100
1st
g
5s
1052______A-O
21
80
29
X
• Conn U y A L tg c o m . 10C
P
r
e
fe
r
r
e
d
___________
10c
62
74
70
U
S
C
a
su
a
lty..................
100
Jackson Gas 6s g ’ 3 7 . A-O
95
216
e P referred ___ _
too
Casualty
Co
o
f
A
m
e
r
.
.
100
125
80
i40
....
e L a clede G as__________ t o o 109 109*i;
U
b
E
n
v
e
lo
p
e
c
o
m
.
.
.1
0
0
60
1st A ref 4 H — '.See” Stk Uxc
C elluloid C o .................... 100 131
133
e P re fe rre d __________ i o o
P r e fe r r e d ............... . . 1 0 0
94
115
11$
98
G rand R a pid s R y . . . i o o *109
Cent F irew orks c o m . .1 0 0
6
9
U S F in ish in g ________ 100 125 i135
M adison Gas 6s 1 9 2 6 . A-O 103 108
P r e fe r r e d ______
jo
P r e fe r r e d ___________ 100
65
89
65
P
r
e
fe
r
r
e
d
___________
100
N
ew
ark
Gas
6s
1
9
4
4
..Q
-J
110
1
H
i
130
t L otllsv St 5s 1930*.*. JA J 1051 I07l2
Central F o u n d r y _____ 100
11
2*.| U S Steel C o rp o ra tio n —
N ewark C onsol G a s ..1 0 0 100 1*0*1*
L y n n A B os 1st 5s '24 J -I) 10 I '07
P r e fe r r e d ________
100
13
15
114 1118
Col tr 3 f 5s ’ 51 o p t ’ l l
; Con g 5s 1 0 4 8 .. . J - D 106 107
* N ow Orl R y s A L g t .1 0 0
D
eb
6s
1910
o
p
*01-M
-N
25L J6J2 |N o H u d son L I U P o w —
68
72
Col tr s f 5s ‘ 51 not o p t 114*4 11161«
e P referred __________ i o o
C h esebrough M fg C o. .1 0 0 550
69*4 591
X
U S T I t Gu A In d e m ._ 1 0 0
....
i
Gen M g 4 M s’35 SceS l< Ex list d 5?«10£8 ....................... A A O 110
C ity In v e stin g C o____ 100
621- *6*7*1; •U tah C op per C o— S ee Stk K xc *let
Pacific Gas A E , c o m . 100
*
5
*8
*l2
67*4
P u b Serv C orp o l N J i o o 112
P r e fe r r e d ___________ 10c 100 102
14
W a te rb u ry Co c o m ___ 100
Preferred...................io
o
89
90
eClailln (H B> c o m ___ 100 102
I T r ctfs 2 % to 6 % p c r p c t 109 I00t2 l at A l ’as G a s A E le c .1 0 0
P r e fe r r e d ___________ 100
93
96
c i s t preferred______100
N orth Jersey S t R y .1 0 0
50
88
W estch ester A B r o n x T it
• Con g 5s 1 0 4 9 .. .M - S
10212
l
1st 4s 1943______/,1-N
«2d p r e fe rr e d _______ 100
791­ 80l2 M J oseph Gas 5s 1 9 3 7 .J-J 101
02
A M tgo G u a r_______ 100 160 1165
93
97
C ons T r a c t o f N J ..1 0 C
Col A H o ck C o a lA l p f 100
77 ' 73
78
95
W ostln g h ’ ao A ir B r a k e . 50 *143 145
W estern P o w e r c o m . 100
38*2 40
1st 5s 1 X 3 ...........J-D 105 106
1st g 5s 1017.............J-J
00
95
W est El A M fg 5s— SeeStk E xo 1Ut
P
r
e
fe
r
r
e
d
.....................i
o
o
58*2
6'9«4
W e.v 'k P a s R y 5s '30 J-J 108 n o
Col tr 6s O ct 1 9 5 6 ..J -J
93 104
W hlto K n o b M in ____ 10 * _
Consol Car H e a tin g ___ 100
25
:30
P r e f e r r e d .. ___ . . . . 10
Coi-.s R y L g tA R c fr lg .lO O
*> P or share.
W orth in g P u m p pref .1 0 0 107 i■fir*
E x -rlgh to. i> Basts. P y 0„ s OI, y tk> ,, X-f b u t UQt v o r y a o t , ye
t F lat price, » « o m . * Sa e p rice . * E x -d lv . v E x -r lg b i,. * N ow •took.-

101

Outside Securities




100l2

',

68'

102

...

1337

THE CHRONICLE

Nov. 20 1909. j

Jmrestwjsmi arxd Railroad intelligence.
RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. T h e r e tu rn s o f the e lec lfic rui
L a test G ross E a r n in g s .
H OADS.

W eek o r
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear.

L a test G ro s s E a r n in g s .

July 1 to L a test D a te .
C u rren t
Y ear.

P r e v io u s
Y ear.

ROADS.

July 1 to l a t e s t D a le
C u rren t
Y ear.

W eek or
M o n th .

J
*
$
5,175,649
6
A la N O * T ex P a c
2,486,003
L a k e Shore * M S
944,007
335,826
274,181 1,125,792
N O & N E a s t .. O cto b e r . .
1,404,615
n Lake E & W est
504,978
555,014
164,777
153,020
A la & V lck sb — r O cto b e r . .
819,638
C h ic Ind & South
451,904
479,785
137.773
124,700
V icks Shr & P a c.r O cto b e r . .
7,252,568
M ichigan Central
13,308
17,414
6,153
4,540
Ala T en u & N o rth . Septem ber
7,541,023
Oleve
C
C
&
St
L
.
22,433,361
25,434,887
8,732,775
7,024,704
k A tcli T o p & S F c . Septem ber
831,983
P eorla & Eastern ;
667,955
866,540
42,188
51,500
A tlan ta Illrra & A tl 1st w k N ov
331,750
C incinnati N o rth .
A tla n tic Coast Line Septem ber 2,173,130 1,002,600 5,830,732 5,220,512
4.452,702
P
itts
&
L
ake
Erie
.9,643,093
(/B altim ore & O hio Septem ber 7,767,836 6,668,412 22,221,337
882,377
R u tla n d ________
659,162
694,466
282,476
240,331
B a n g o r * A roostook Septem ber
2,554,145
25,280
N Y Chic & St L .
21,062
6,687
7,420
B ellefon te C e n tr a l.. O c t o b e r ___
3,7 3 2 ,4 4 7
T o ta l all lines____
B oston & M ain e___ rSeptem ber 3,083,048 3,648,101 11,658,848 .0 ,44 2,7 05
2,432,353
15,933
15,353
4,786
4,380
B rid g eton & S aco It Septem ber
5,552,160
180,501
134,443 5,611,551 2,935,745
B u ll Itoch & P lt t s .r 2d w k N ov
801,991
519,559
663,868
107,827
236.800
BuH alo & S u sq — r S eptem ber
633,672
264,500 4,821,700 4 ,071,700
360.800
C anadian N orth ern . 2d w k N ov
8,507,651
29,783,510
.
36,817,193
1,676,000
2,130,000
2d
wk
N
o
v
C a nadian P a cific —
3 ,1 1 5 ,6 7 0
263,700
247,800 4,305,935 4,139,163
C entral ot G e o r g ia .. 1st w k N ov
1,198,295
Cen tral o f N ew Jers Septem ber 2,228,715 2,200,731 6,722,657 6,517,401
2,271,721
918,712
340,338
326,475 1,018,112
Central V e r m o n t .,r Septem ber
4,0 6 7 ,0 2 7
1 ,500
1 ,623
C h atta n ooga S ou th . 3d w k O ct
0,305,323
10,997,699 0,534,086
531,176
C hesapeake & O h io . 1st w k N ov
ln c .4 ,4 2
a W est of P & E .
211,058
5,045,128 4 ,820,427
C h icago & A lton R y 1st w k N ov
,002 4 ,040,438
22,533,347 20,539,146
C h ic Burl & Q uincy Septem ber 7,806,737
,400 4 ,601,695
2,862,403
081,126
p C h icago G t W est Septem ber
,665 8,126,621
2,184,547 2,004,561
111,300
C ldc Ind & L ou lsv 1st w k N o v
34,171
',478
C ldc Ind * Southern — ‘-ee New Y ork Cen
17,057,383 16,097,742
C ldc M llw & S t Paul S ep tem b er 6,287,026
3,386,373
S
eptem
ber
Plilla
&
R
ea
din
g
19,738,375 17,523,657
Chic & N or W c s t ._ r S eptem ber 7,237,340
2,513,762
Coal & Iron C o . . Septem ber
3 ,767,217 3 ,380,970
Chic S t P M & O - . r Septem ber 1,423,223
5,900,135
T o ta l b o th c o s ___ Septem ber
1,091,817 1,095,518
01,684
Chic T erm T r a n s it u J u n o _____
125,413
Septem ber
875,126
2,450,626 2,136,276
Cln H am & D a y . . r S eptem ber
65,394
A u g u s t ___
Olev Cln c ld c * St i • ^'ee New \ ork Cen
11,972
1st
w
k
N
o
v
601,027
623,513
231,323
S
eptem
ber
C olorado M idland
5,690,375
S eptem ber
353,535
351,641 6,303,952 5,885,126
h C olorado & South 2d wk N o v
3,331,154
St L * San F ra n . Septem ber
37,930
42,3 31
20,687
22,408
C olum N ew h & Lau A u g u s t ___
891,361
Chic & East 111.. Septem ber
147,020
140,479
62,558
A u g u s t ___
C op per Itange
198,992
f E v an sv & T e r H Septem ber
14,288
42,624
14,633
S eptem ber
C o r n w a l l ____
10111882 3 1 ,E
T o ta l o f all lin e s. Septem ber
71,330
113,738
38,156
24,708
C o r n w a ll* L eb anon Septem ber
163,975
Septem
ber
422,857
484,537
141,227
158,808
Septem
ber
C u ba R ailroad
243,690
2d w k N ov
I D elaw are & I lu d . S eptem ber 1 ,618,010 1,653,683 4,867,835 4 ,716,826
582,392
S eptem ber
8,995,928 8,259,042
D el L a ck & W e s t, .r Septem ber 2,940,504
1,256,842
Septem
ber
8
,232,817
9,418,729
502,400
2d
w
k
N
ov
D en v & R io Grande
80,103
A tla n ta & B Ir m .r S eptem ber
314,578
432,808
23,561
D en ver N W & P a c . 1st w k N o v
6,640
F lorid a W e s t S h .r Septem ber
583,691
633,455
30,857
D c t T o l & Ir o n t syst 1st wk N ov
95,717
S
eptem
ber
682,434
671,690
43,300
1st
wk
N
ov
---------Ann A r b o r
10481094
S eptem ber
406,681
448,145
22,527
D e tro it & M ackinac 1st w k N ov
1,089,021
1st w k N ov
4,204.335 2,033,009
D ul * Iron R a n g e .r S eptem ber 1.454.173
194,067
M obile & O h i o . . . 1st w k N ov
993,708
1,292,197
66,478
D ul Sou Sh & A t l... 1st w k N ov
139,113
Cln N O & T P — . 1st w k N o v
1,743,579 1,568,443
554,405
Kl P a so & Sou VV.r Septem ber
61,492
A la G t S o u th ___ 1st w k N o v
13,714,456 12,895,010
Septem ber 4.875.173
E r i c ______________
36,327
1st
w
k
N
o
v
G
eorgia
So
&
Fla
•in.
E vansville & T o r e H aute— See R o c k Is
32,092
1st w k N o v
5,618
4,907
1,005
F airchild * N or E__ Septem ber
349,431
2d w k N o v
250,468
224,720
70,507
F on d a John s & G lov S eptem ber
6,206
Septem ber
605,392
680,810
267,440
G eorgia R a ilroad . S eptem ber
484,848
Septem ber
G eorgia South * Fla — Sec Soul hern Hal
16,207
1st
w
k
N
o
v
15,916,317
17,289,394
024.271
G rand T ru n k S y s t. 2d w k N ov
68,202
1st wk N o v
2,096,406 1,941,704
161,066
G r T ru n k W e s t. 4tli w k O ct
5,357
Septem ber
604,392
688,226
65,041
D et Gr H a v & Mil 4 th w k O ct
7
,414,595
Septem
ber
U
nion
P
a
cific
S
y
s
t
.
676,810
733,869
68,817
Canada A tla n tic. 4 th w k Oct
797,419
V a n d a lla ___________r Septem ber
24,761,764 20,996,340
G rea t N orthern Syst O cto b e r . . 7,072,574
111.191
V irginia & S ou W est S eptem ber
414,588
491,200
177,432
G ulf & Ship Is la n d . S eptem ber
491,275
2d w k N o v
W a b a s h _________
1,908,221 1.793.046
732.774
H o ck in g V a lle y ------ Septem ber
538,653
S ep tem b er
W estern M arylan
20,200,994 18,957.478
Illinois C e n tr a l____ O cto b e r . . 5,472,840
559,308
W est Jers’ y & Seash S eptem ber
i 3,222,982 3 ,095,069
202,000
I n tcru a t & G t N o r . 2d w k N ov
508,824
W h eelin g & L E . . r S e p tem ber
2,409,030 2,291,201
125,077
a In terocea n lc M c x . 2d w k N ov
1,234
W h lt c R I v (V t ) 2 wks end N o v 6
2d w k N ov
1,286,210 1.156,300
67,201
Io w a Central
28,123
W rlgh tsville & T e n . S eptem ber
618,260
220,382
681,589
K an aw h a & M i d i . . S eptem ber
1,029,736
Y a z o o & Miss V a il. O cto b e r
2,156,773 2,177.384
734,164
K ansas C ity S o u th . S eptem ber
388,478
40,000
616,456
K 0 M cx & O r ie n t .. 1st w k N o v
Current
L a ke Erie & W est’ n — See New Y ork Cen
Year.
P eriod .
V a riou s F iscal Years.
Septem ber 2,887,555
1 8,568,325 8 ,287,205
Leh igh V a lley .
l
116,526
30,182
108,130
L e x in g to n * E a s t .. S eptem ber
$50,314
31
t
o
O
ct
Jan
1
B
e
lle
fo
n
te
C
en
tral------------I
n
c
.144,
D
ie.383,
S
eptem
ber
373
L o n g Is la n d ________
Jan 1 to Sept 30 14,092,511
1 D elaw are & H u d s o n -------1
316,364
110,214
282,722
L ou isian a & A rkan. S eptem ber
34,838
O ct 31
to
Jan
1
5
292,254
254,120
M
a
n
is
t
lq
u
e
________________
105,840
S
eptem
ber
L o u ls v H cn d & St I
Jan 1 to O ct 31 6,251,000
a M exican R a ilw a y _______
0 17,708,337 16,500,014
L ou ls v * N a sh v ___ 1st w k N ov 1,015,530
a M exica n S o u th e rn ____________ Jan 1 to O ct 31 1,122,727
2
50,071
49,633
15,550
M acon & B lrm ln g’ m O cto b e r . .
( N Y Central & H u dson R iv e r . Jan 1 to S ept 30 67,749,419
1 2,470,017 2,311,217
828,413
M aine C en tral------- S eptem ber
L a k e Shore & M ichigan South Jan 1 to Sept 30 32,731,111
)
13,573
18,048
3,384
'Manistlque............ O c to b e r ___
Jan 1 to Sept 30 3 ,571,957
n L a ke Erie & W e s te rn _____
2
109,445
101,251
40,377
M aryland & Penna S eptem ber
C
h icago In d ian a & Southern Jan 1 to S ept 30 2,246,321
2,553,358
)
2,871,255
174,388
a M exican Intern at. 2d wk N ov
Jan
1 to S ept 30 19,842,937
M ichigan C en tral_____________
0 2,562,00C 2,311,900
104,100
a M exican R a ilw a y . 4 th w k O ct
2
422,404
416,615
C lev Cln C h icago & St L o u is . Jan 1 to S ep t 30 20,049,045
34,745
a M exican S outhern 1th wk O ct
Jan
to Sept 30 2,168,334
1
P
eoria
&
E
a
stern
___________
on<
Ccntr
M loh.'rau 1 entr i — >ce New Y
856,380
Jan 1 to Sept 30
C incinnati N o r t h e r n _______
8
312,773
309,742
15,700
1st w k N ov
M ineral R ange
Jan 1 to S ept 30 10,235,344
P ltts b u r ,h & L a ke E rie___
l 2,063,335 1,717,909
124.272
M inneap & St Louis 2d wk N ov
2,252,432
Jan
to
S
ept
30
1
R
u
t
l
a
n
d
____________________
8,450,203
0
9,856,576
514,250
M inn St P * S S Ml 2d w k N ov
N Y C h icago & St L o u is --------- Jan 1 to Sept 30 7,225,618
C h icago D lvlslonJ
Jan 1 to S ept 30 168928 898
T otal ail lin es___________
M issouri K an & T e x O cto b e r . . 2,856,104 2,824,6488 0,425,146 9,265,432
Jan 1 to Sept 30 8,826,764
N
orthern
C en tral_________
M o P a c & Iron Mt
d P e n n — East o f P lttsb & E r ie . Jan 1 to Sept 30 110448272
0 20,249,062 17,678,126
Central B r a n c h ./ 2d w k N ov 1,035,000
Tnc.9,22
Jan 1 to Sept 30
ci
W
est
o
f
P
ittsb
u
rgh
&
E
rie
.
505,962
5
553,667
W
k
N
o
v
6
37,451
b M obile J ack & K C
P h lla B a ltim ore & W a s h in g to n . Jan 1 to Sept 30 13,066,906
2,689,129
034,410
0 2,781,41:
N ash v C hatt & St L S eptem ber
Pitts Cln C h icago & St L o u is — Tan 1 to Sept 30 21,768,381
030,660
5 17,350,481 10.677,896
o N at R y s o f M exico 2d w k N ov
669,254
R io G rande J u n ctio n ------------------- D ec 1 to A u g 31
151,452
0,667
8
205,121
N cv a d a -C a l-O rcg on 1st w k N ov
T e x a s & P a cific -------------------------- Jan 1 to N o v 14 12,397,84?
19,922
Septem ber
6,867
9
18,44'
N ev a d a C en tral—
W est .Tcrscv •* S e a s h o r e .._____ Jan 1 to Sept 30 4,603,791
123,781
105.8 53
4
312,44*
N O G reat N o r t h . . S eptem ber

P r e v io u s
Y ea r.

__

____

Previous
Year.
$53,821
13,534.289
46,794
6,2 5 3 ,6 0 0
1,055,662
6 1,089,692
28,377,278
3 ,186,632
1,927,410
17,618,170
17,515,994
1,979,576
692,929
7 ,301,065
2.025,845
6,7 0 6 .5 9 0
148421181
8 ,289,164
99,039,272
2,500
11,953,506
19,105,890
553,460
11,434,774
4,295,091

AGGREGATES OF GROSS EARNIN G S— Weekly and Monthly.
Prev's Year

W e e k ly S u m m a r ie s.

Inc. or D ec.

%

M on th ly Sum m aries.

Cur’ nt Year Prev’ s Year

In c. or D ec.

t
+ 9,626,111
M onth Jan 1908 (894 r o a d s ).
10.84
w eek A u g (44 r o a d s )------- 16,740,145
+ 13,438,712
M onth Feb 1909 (893 r o a d s ).
10.42
w eek Sep (42 ro a d s )------- 11,521,265
I- 22,254,413
M onth Mch 1909 (890 r o a d s ).
9.69
w eek Sep (45 ro a d s )------- 12,317,219
+ 2,008,891
M onth A pril 1909 (895 r o a d s ).
12.41
Week Sept (45 r o a d s )------- 12,936,635
+ 27.149.711
M
onth
M
ay
1909
(893
r
o
a
d
s
).
17,285,767
13.82
w eek Sept (43 r o a d s )------+
2 6 ,373,397
M
onth
June
1909
(893
r
o
a
d
s
)
.
14.56
w eek O ct (42 r o a d s )------- 13,209,000
4-22,566,503
M onth J u ly 1909 (816 r o a d s ) .
12.46
w eek O ct
<47 r o a d s )------- 13,437,556
+ 27,560,148
M
onth
A
u
g
1909
(724
r
o
a
d
s
)
.
12.47
13,572,117
w eek O ct (45 r o a d s )------+ 2 5 ,5 9 3 ,1 1 0
M onth S e p t 1909 (711 r o a d s ).
10.55
w eek O ct (49 r o a d s )------- 19,677,242
+ 7,479.391
M onth O ct 1909 ( 48 r o a d s ).
15.92
weCIc N o v (43 r o a d s )------- 12,975,231
,, M exica n cu rren cy . t> Inclu des earnings ot G ulf * C h icago D iv is io n , c In clu d e s th e H o u s to n & T e x a s C entral an d Its s u h s iu m r y u u e a m u u w ji
years
<TO vveralines d ire ctly o p e ra te d , e In clu d es the N ew Y o r k * O tta w a , th e S t. L a w ren ce & A d ir o n d a ck and th e O ttaw a & N . Y . R y .. th e l a t t g
o f w hich b oln g a Canadian r o a d , does n o t m ake returns to the In te r-S ta te C o m m e rce C om m ission , f I n c l u d e E v a n sv ille & f t s , m S i i p f l i ! n M Um
th e Cleveland Lorain * W heelin g R y In 'b o th years
h In clu des earnings o f C olorad o & S ou th ern , t o r t W o rth & D e n v e r C ity and a U .„ ! f.
a
ce o tln g T rin ity * B razos V alley R R . k Inclu des In b o th years earnings ot D e n ve r E nid * G ulf H R ., P c c » s V a lle y S ystem a |jd
P h o e n ix R y .
T h ese ilgures d o n ot Include receipts fro m sale ot co a l, n In clu d es the N orthern O hio R R . ® ^ If^ r e s
a\flnn
TO o m
c o u n tin g __ n ot the new o r In ter-S ta te C om m erce C om m ission m e th o d , p In clu d e s earnings o f M ason C ity & F t . D o d g e an d W ise . M inn. & 1 a clflc. r In e M
figures arc on new basis p rescribed b y In te r-S ta te C om m erce C om m ission .
S

4th
1st
2d
3d
4th
1st
*d
3d
4th
1st




S
15,107,527
10,434,381
11,229,609
11,508,456
15,185,925
11,535,885
11,949,105
12,667,923
17,798,046
11,193,309

$
+ 1,632,618
+ 1,0 8 6 ,8 8 7
+ 1,087,610
+ 1,428,179
+ 2,099,842
+ 1,673,115
+ 1,488,451
+ 1,504.194
+ 1,878,296
+ 1,781,832

$
183,223,014
174.497.319
205.708.319
197,011,539
201,625,122
210 ,357 ,22 6
198,465,229
225,488,923
2 36 ,874 ,42 5
71,0 6 7 ,0 7 5

$
173,596,903
161,058,607
183,453,906
175,002,048
174,475,411
183 ,983 .82 9
175,398,726
197,928,775
2 1 1 ,281 ,31 5
63,587,684

THE CHRONICLE

1338

L a t e s t G r o s s E a r n in g s b y W e e k 3 .— F o r t h e fir s t w e e k o f
N o v e m b e r o u r fin a l s t a t e m e n t c o v e r s 4 3 r o a d s a n d s h o w s
1 5 .9 2 % in c r e a s e in t h e a g g r e g a t e , o v e r t h e s a m e w e e k la s t
y e a r.
F irst W eek o f N ovem b er.

1909.

P re v io u s ly r e p o r te d (25 r > a d s ).
A la b a m a G rea t S ou th ern
A tla n ta Birmingham & A tla n tic
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 ________________
Cine N ew O rl & T e x a s P a c ific . D en v er N o rth w e s t & P a cific ___
D e tro it T o le d o & I r o n t o n _____
A n n A r b o r ____________________
G e o rg ia S ou th ern & F lo r id a ___
K ansas C ity M ex ico & O r i e n t ..
M ineral R a n g e ___________________
M obile & O h i o . _________________
N e v a d a -C a lifo r n la -O r e g o n _____
R io G ra n d e S o u t h e r n ___________
T e x a s C en tra l____________________
T o le d o P eoria & W e s t e r n _______
T o le d o S t I.ou ls & W e s te rn ____

S
11,120,279
75,891
51,509
263 ,700
53 1,176
21 1,958
178,223
23,561
30,857
43,390
42,540
40,000
15,799
203 ,155
9,667
15,181
25,687
17,980
74,678

T o ta l (43 r o a d s ) ___________
N et in cre a s e ( 1 5 . 9 2 % ) _______

12,975,231 11,193,399 1,823,361
1,781,832

1908.

In crea se. D ecrease.

$
S
9,465,001 1,662,308
61,492
14,399
42,188
9 321
247,800
15,900
505,792
25,384
236,467
139,113
39,110
12,439
11,122
34,442
43,162
228
36,327
6,213
25,000
15,000
14,528
1,271
194,067
9,088
7,108
2,559
11,972
3,209
32,092
16,207
1 ,773
68,202
6,476

S
7,030

24,509
3,585

6,405

41,529

N e t E a r n in g s M o n t h ly to L a t e s t D a t e s . — I n o u r “ R a ilw a y
E a r n i n g s ” S e c t io n , w h ic h a c c o m p a n ie s t o - d a y 's is s u e o f t h e
“ C h r o n ic le ” a s a s p e c ia l S u p p le m e n t , w e p r in t th e S e p t e m b e r
r e t u r n s o f e a r n in g s a n d e x p e n s e s ( o r in t h e a b s e n c e o f t h e
S e p t e m b e r fig u r e s t h o s e f o r t h e la t e s t p r e v io u s m o n t h ) o f
e v e r y s t e a m - o p e r a t i n g r a i l r o a d i n t h e U n i t e d S t a t e s w h i c h is
o b lig e d
to m a k e m o n t h ly s t a te m e n ts to th e
In te r-S ta te
C o m m e r c e C o m m is s io n a t W a s h in g t o n .
T h e I n t e r - S t a t e C o m m is s io n r e t u r n s a r e a ll o n a u n if o r m
b a s is , b o t h a s t o r e v e n u e s a n d e x p e n d it u r e s , a n d p o s s e s s
s p e c ia l u t il it y b y r e a s o n o f t h a t f a c t .
I n a n u m b e r o f in ­
s t a n c e s t h e s e fig u r e s d if f e r f r o m
t h o s e c o n t a in e d
in
th e
m o n t h l y s t a t e m e n t s g i v e n o u t b y t h e c o m p a n ie s t h e m s e lv e s ,
t o r p u b lic a t io n , a n d in w h ic h t h e a c c o u n t s a r e p r e p a r e d in
a c c o r d a n c e w it h o ld m e t h o d s o f g r o u p in g a n d c la s s if ic a t io n
p u r s u e d in m a n y in s t a n c e s f o r y e a r s .
W e b r in g t o g e th e r
h e r e ( 1 ) a l l t h e r o a d s w h e r e t h e r e is a s u b s t a n t i a l d i f f e r e n c e
b e t w e e n t h e t w o s e ts o f f ig u r e s , s o t h a t t h o s e p e r s o n s w h o
t o r a n y r e a s o n m a y d e s ir e t o t u r n t o t h e c o m p a n y s t a t e m e n t s
w ill f in d t h e m r e a d ily a v a ila b le .
W e a ls o g iv e (2 ) t h e r e ­
t u r n s o f s u c h r o a d s ( e v e n w h e r e t h e fig u r e s c o r r e s p o n d e x ­
a c t ly w it h t h o s e in t h e I n t e r - S t a t e C o m m e r c e r e p o r t s ) w h ic h
g o b e y o n d t h e r e q u ir e m e n t s o f t h e C o m m is s io n a n d p u b lis h
t h e ir f ix e d c h a r g e s
to e a r n in g s a n d e x p e n s e s .
W e
lik e w is e in c lu d e (3 ) t h e fe w r o a d s w h ic h o p e r a t e e n t ir e ly
w it h in S t a t e b o u n d a r ie s , a n d t h e r e f o r e d o n o t r e p o r t t o t h e
F e d e r a l C o m m is s io n , a n d (4 ) M e x ic a n a n d C a n a d ia n c o m ­
p a n ie s .
W e a d d (5 ) t h e r o a d s w h ic h h a v e is s u e d t h e i r o w n
s t a t e m e n t s f o r S e p t e m b e r , b u t h a v e n o t y e t f ile d a n y r e t u r n s
f o r t h a t m o n t h w it h t h e C o m m is s io n .
F in a ll y (0 ) w e g iv e
t h e fig u r e s o f a n y r o a d s t h a t h a v e a lr e a d y s u b m it t e d t h e ir
O c to b e r s ta te m e n t.
------- Gross Warnings-----------------N et E irniri'is-------Current
F r e e ions
Current
P reviou s
Y ear.
Y ea r.
Y ea r.
Year.
S
S
8
3
Ala T erm & N o rth e r n ___S ept
6,153
4,5 4 0
3 ,t 2 0
2,576
J u ly 1 t o S ep t 3 0 .
17,414
13,308
8,914
7,242
8 ,7 3 2 ,7 7 5
7,92 4,794 73,286,818 73,057,545
25,43 -1,887 22,433,361 j 9 , 747 ,4 8 5 j i , 533,098
2 ,1 7 3 ,1 3 0
1,9 0 2 ,6 0 0
649 ,974
483,889
J u ly 1 to S ep t 3 0 _______ 5 ,830,732
5 ,2 2 0 ,5 1 2
1,3 2 3 ,2 1 3
1,023,946
7 ,7 6 7 ,8 3 6
0 ,668,112
2 ,9 6 3 ,5 8 4
2,4 9 3 ,2 5 8
2 2 ,2 2 1 ,3 3 7 19,6 13,093
7 ,9 1 1 ,2 1 0
7,3 9 9 ,7 9 9
B a n gor & A r o o s t o o k .b - S e p t
249,331
282,476
99,013
112,799
J u ly t to S ep t 3 0 .
694,466
659 ,162
276,334
216,441
B clle fo n tc C entral _b __ O ct
7,429
6,687
1,511
1,323
Jan 1 to O ct 3 1 .
50,314
53,821
9,648
4,1 6 8
B rk lgeton & S a co R iv e r
1,389
4,786
1,299
1,737
J u ly t to S ep t 3 0 .
15,353
15,933
6,934
6,315
Buft R o c h & P it t s , b ___Sep
819 ,5 1 9
626 ,938
161,348
3 25 ,952
J an 1 t o S ep 3 0 _______ 2 ,4 3 1 ,3 1 2
1,897,032
995,273
522 ,566
1 ,076,800
901 ,700
3 11 ,500
251 ,100
2 ,7 2 7 ,4 0 0
2 ,3 7 7 ,6 0 0
745 ,500
640,100
Canadian P a cK lc.a _____ S ept 8 ,3 2 3 ,1 7 8 6 ,3 9 1 ,6 7 2 3 ,4 3 1 ,8 9 0 2.11 4 ,6 0 S
J u ly 1 t o S ep t 3 0 _______ 2 2 ,8 9 0 ,1 9 3 1 9 ,070,510
8 ,8 7 5 ,8 1 9
6,9 6 8 ,0 8 0
C en t o f N ew J e r s e y . b . -S e p t 2,2 2 8 ,7 1 5
2 ,200,734
919 ,039
9 7 9 ,5 4 2
6 ,722,657
6 ,517,401
2 ,9 7 0 ,5 0 2
2 ,8 3 9 ,7 6 8
C h a tta n o o g a S ou th ern a S ep t
6,9 0 5
0,649
d e f4 ,0 0 8
d e f4 ,9 7 9
J u ly 1 to S ep t 3 0 ____ __
19,599
24,854
d c f 8 ,749
d ef0,381
C o lo r a d o M id la n d .a ____ S ep t
231,323
205 ,655
46,783
39,925
623,513
601,027
102,202
136,963
Colorado & Southern, b .
1 ,403,600
1,2 8 2 ,5 8 2
541 ,830
460 ,4 4 8
4 ,0 5 5 ,4 6 7
3 ,792,831
1,520,726
1,385,190
Copper R an ge, b ________ Aug
62,558
71,220
24,683
10,934
140,479
147,020
61,228
33,711
C u b a R R .............................S ep t
158,898
141,227
56,395
59,313
J u ly 1 to S ep t 3 0 .............
484 ,537
4 2 2 ,8 5 7
156,506
105,755
D elaw are & H u d s o n .b -S e p t 1,618,919
1,653,683
r673,999
r786,345
Jan 1 to S ep t 3 0 .............114,092,511 13,534,289 r 5 ,381 ,5 0 2 r 5 ,269,769
D en ver & R io G ra n d e .a S ep t 2,1 3 1 ,7 3 9
1 ,977,293
668,823
731 ,082
J u ly 1 to S ep t 3 0 ............. 6 ,1 6 8 ,9 2 9
5 ,4 2 6 ,5 1 7
2,0 4 6 ,9 7 3
1,919,543
D ulu th So Sh & A t l . b . - S e p t
310 ,5 0 2
237,717
120,342
70.218
J u ly 1 to S ep t 3 0 _______
904 ,176
686,381
312,883
192,63 1
Erie a .......... .. ...................... Sept 4 ,8 7 5 ,1 7 3
4 ,392,061
1,3 6 1 ,9 3 9
1 ,157,990
J u ly 1 t o S ept 3 0 ............ 113,714,455 1 2 ,8 9 5 ,0 1 0 3 ,7 6 6 ,0 3 4
3 ,4 5 3 ,9 4 0
F o n d a Joh n s & G lo v .a .S e p t
79,5 0 7
67,091
45,331
35,832
J u ly 1 to S ept 3 0 .......... ..
250 ,468
22 1,720
152,743
131,621
G e org ia R R . b ---------------- S ep t
267,119
91,836
257 ,075
5 6 ,8 9 7
695,392
162,317
680 ,810
7 8 ,1 1 9
G ra n d T ru n k o f C an ada—G rand T ru n k R y _____ Se
3 ,0 5 8 ,1 0 9
051,401
2 ,7 5 2 ,0 0 6
904,196
8 ,7 1 7 ,9 5 8
7 ,8 9 5 ,5 2 0
2,5 0 8 ,6 8 1
2,420,111
G rand T ru n k W estern S ept
520,715
4 90 ,810
156 ,215
133,829
J u ly 1 to S ep t 3 0 _______ 1 ,567,997
1,4 7 6 ,7 7 4
4 82 ,758
400 ,514
D et G r H a v & M ll w .- S e p t
180,060
164,268
54,991
46,718
J u ly 1 to S p t 3 0 ______
503,196
464 ,0 4 5
123,852
131,395
C a n a d a A t la n t ic _____ S ept
189,307
147,455
29,199
d e f 12,166
J u ly 1 to S ep t 3 0 ____ __
528,988
521,088
40,392
31,146

in addition




[VOL. L X X X I X .

------- G ross E a rn in g s-----N e t E a rn in g sC u rren t
P revio u s
P reviou s
Current
Y ea r.
Y ear.
Y ear.
Y ea r.
5
5
$
§
G re e n w ich & J o h n s o n v ilie . b J u ly 1 to S e p t 3 0 _______
29,3 0 9
29,264
15,520
15,614
G u lf & Ship I s la n d .a ___S ept
177,432
1 5 1 ,8 1 7
52,569
29,768
J u ly 1 to S e p t 3 0 _______
4 91 ,200
4 1 4 ,5 8 8
121,449
54,568
I lo c k ln g V a lle y , b _____ S e p t
73 2,774
648 ,110
3 06 ,959
270 ,825
.1 uly 1 to S e p t 3 0 . . .
1,908,221
1 ,7 9 3 ,9 4 6
773 ,7 9 0
725,122
Illinois C e n t r a l.a _______S e p t 5 ,0 5 3 ,6 1 5
4 ,8 3 0 ,2 0 8
956 ,434
844 ,6 7 5
•July 1 to S e p t 3 0 . .......... 1 4 ,7 2 8 ,1 4 5 13,746,084
2 ,2 3 6 ,2 1 7
2,2 2 8 ,2 0 6
g I n te r o c c a n ic o f M e xico S ept
512,03 1
489 ,142
160 ,1 0 4
156,476
J u ly 1 to S ep t 30 .
. 1 ,624,205
1,5 1 7 ,4 9 9
5 2 3 ,2 2 1
466 ,912
Io w a C e n t r a l .a _________ S ept
282 ,802
316 ,9 3 8
*94,871
* 9 2 ,5 0 0
J u ly 1 to S e p t 30
840 ,5 3 6
780 ,1 9 0
*1 8 9 ,1 0 9
* 2 1 9 ,5 0 9
K a n a w h a & M ic h ig a n .a S e p t
229 ,382
209 ,180
61,498
57,757
J u ly 1 to S e p t 3 0 ___
681,589
618 ,260
2 1 5 ,2 2 2
162,437
K an sas C ity S o u t h e r n .b Sept
734,16 1
2
4
9
,0
9
9
689 ,1 3 2
2 17,084
J u ly 1 to S ep t 3 0 . ______ 2 ,1 5 3 .7 7 3
2 ,1 7 7 ,3 8 4
695 ,7 8 4
8 3 0 ,3 4 5
L ittle Falls & D o lg e v i l le .b —
J u ly 1 to S e p t 3 0 _______
21,122
17,975
7,198
J an l to S e p t 3 0 ______
55,091
4 4 ,318
21,4 2 3
13,8 0 7
L o n g Isla n d ......................S e p t
I n c 144,460
I n c 97,855
J a n 1 to S e p t 3 0 _______
I n c 734,365
I n c 610,201
L ou isia n a & A r k . b ______ S e p t
110,214
98,654
44,226
24,627
J u ly 1 to S ep t 3 0 . ...........
316.304
282 ,722
113,373
69,155
M a n l s t t q u e .b _____________ O ct
3,384
2,889
d e f2 ,9 7 4
def264
J a n 1 to O ct 3 1 _______
3 4 ,838
46,7 9 4
d ot 127
dcf..\ 102
M arylan d & P e n n . a . . .S e p
4 0 ,3 7 7
37,942
16,433
14,675
J u ly 1 t o Sep 3 0 .
109,445
104,251
3 9 ,5 9 0
35,1 7 2
g M exica n I n t e r n a t _____ S e p t
650,751
531 ,619
2 6 4 ,2 4 7
197,962
J u ly 1 to S e p t 3 0 _______ 1,934,095
1,6 8 3 ,1 2 2
8 59 ,670
645,268
g M exica n L t & I’ o w C o . - O c t
517,271
519,631
3 0 9 ,4 7 5
3 9 2 ,6 6 5
M ineral R a n g e .b _______S e p t
74,966
7 2 ,675
15,568
15,7 4 3
J u ly l to S ept 3 0 _______
224,932
218,882
42,291
4 5 ,0 1 5
M Inneap & S t L o u i s . a .- S e p t
518 ,096
446 ,697
* 2 1 5 ,8 6 5
* 1 8 4 ,7 9 4
J u ly 1 to S e p t 3 0 _______ 1,2 6 0 ,5 8 5
1,1 0 0 ,4 9 5
* 4 5 9 ,9 4 7
* 3 93,272
M Inneap St P & S S M .a .A u g 1,204,104
961 ,360
4 8 9 ,6 1 0
2 9 2 ,7 8 0
J u ly 1 to A u g 3 1 _______ 2 ,3 4 8 ,6 2 6
1 ,9 1 1 ,4 6 9
896 ,9 6 8
624 ,324
C h ica go D i v i s i o n . a . . . A u g
729,867
677 ,964
2 6 7 ,3 8 5
2 II ,186
J u ly 1 to A u g 3 1 _______ 1 ,448,279
1,3 3 7 ,2 2 6
521 ,567
4 5 9 ,2 4 7
M o ICan & T e x a s , b ____ S e p t 2,475,819
2,3 7 1 ,7 4 7
922 ,605
8 4 2 ,3 4 8
J u ly 1 to S e p t 3 0 . ........... 6,5 6 9 ,0 4 2
6 ,4 4 0 ,7 8 4
2 ,2 6 5 ,9 1 9
1 ,9 7 4 ,9 6 3
M issouri P a c i f i c . b . _ ____S ept 1,663 ,839
4 ,1 0 6 ,9 0 6
1,58 1,776
1 ,378,726
J u ly 1 to S e p t 3 0 . ............13,246,902 1 1,630,120
4 ,1 1 9 ,7 3 4
3 ,8 6 8 ,4 2 7
N asliv C h a tt & S t L . b - . S e p t
934 ,410
930 ,220
233 ,470
250,474
J u ly 1 to S e p t 3 0 _________2 ,781,413
2 ,680,129
700 ,7 2 0
685 ,932
g N a tio n a l R y s o f M e x .- S e p t 3 ,7 8 2 ,1 5 5
3 ,7 1 7 ,0 4 9
1 ,291,602
1 ,4 3 8 ,7 9 7
J u ly 1 to S ept 3 0 ___
.1 1 ,4 4 5 ,0 6 3 11,101,879
4 ,2 6 0 ,6 6 3
3 ,9 6 0 ,4 3 2
N e v a d a - C a l- O r e g o n .b - . S e p t
58,156
36,8 9 0
35,400
2 1 ,5 6 7
J u ly 1 to S e p t 3 0 ______
146,706
104 ,875
87,828
58,641
6,867
N e v a d a C e n tra l. b ..........- S e p t
5,999
353
1,555
18,449
J u ly 1 to S e p t 3 0 _______
19,922
1,568
6,0 2 3
N ew J ersey & N ew Y o r k . b —
J u ly 1 to S e p t 3 0 ----------190,166
173,061
78,164
6 1 ,964
493 ,630
455 ,1 2 5
Jan 1 to S e p t 3 0 _______
174,820
122,504
N Y O n t & W e s t .a ........ S e p t
713 ,930
718,546
153,559
2 2 5 ,6 3 5
J u ly 1 to S e p t 3 0 ............. 2,432,353
2 ,3 9 2 ,1 8 9
786,158
9 0 4 ,5 0 0
N Y Susci & W e s t e r n .a .S c p t
316 ,2 4 8
241,133
78,098
66,842
801,991
7 36 ,305
J u ly 1 t o Sept 3 0 ---------197,650
2 0 8 ,9 5 8
N o rfo lk & W e s te rn , b -----S e p t 3 ,0 3 3 ,3 4 1 2,5 0 5 ,8 0 0
1,316,123
1 ,011,115
7 ,3 8 2 ,7 2 2
J u ly 1 to S e p t 3 0 ----------- 8,507,651
3,5 7 7 ,3 4 1
2 ,995,952
N orth e rn C e n t r a l .b ------ S e p t 1,0 9 1 ,5 1 9
1,032 ,7 1 9
253 ,413
311 ,213
8 ,2 8 9 ,1 6 4
Jan 1 to S e p t 3 0 ----------- 8 ,8 2 6 ,7 6 4
1 ,6 9 6 ,0 0 5
1,9 5 0 ,1 0 5
P a cific C o a s t ------------------ S ep t
7 14 ,352
578 ,107
175,909
1 12,319
J u ly 1 to S ep t 3 0 ----------- 2,271,721
1,751,213
607,623
285 ,0 7 3
P e n n s y lv a n ia — Lines d ir e ctly o p e r a te d —
E ast Of P itts & E r i e .b S c p t l3 ,8 44 ,559 12,0 8 9 ,2 5 9 4 ,5 7 1 ,4 7 7 3 ,6 2 9 ,4 7 7
Jan 1 to S ep t 3 0 _______110 ,448 ,27 2 9 9 ,0 3 0 ,2 7 2 3 1 ,7 0 6 ,4 0 1 27,592,601
W est o f P itts & E r i e ..S e p t
I n c . 1 ,8 2 6 ,500
In c . 8 6 7 ,4 0 0
Jan 1 t o S e p t 3 0 _______
I n c .9 ,2 2 2 ,500
8 47 ,000
P itts CIn Chic & St L . a -S e p t 2 ,9 1 4 ,6 3 5 2 ,3 9 7 ,6 6 5
98 1,280
765,041
Jan 1 t o S e p t 3 0 _______ 2 1 ,768,381 19,105,890
5 ,5 7 1 ,6 4 5
5 ,2 0 4 ,1 1 5
P ld la B a lt & W a s h .b _ .S e p t 1 ,572,890
1,395,490
511 ,166
3 9 4 ,7 6 6
J a n 1 t o S e p t 3 0 ........... .1 3 ,0 6 6 ,9 0 6 1 1 ,953,506
3 ,2 6 1 ,0 8 6
2 ,7 5 0 ,2 8 6
R e a d in g C o m p a n y —
P h lla & R e a d in g C o . b S e p t 3,677,901
3 ,3 8 6 ,3 7 3
1,552,451
1 ,367,026
J u ly 1 t o S ept 3 0 _______10,280,764
0 ,3 1 6 ,7 4 8 3 ,851,091
3 ,6 0 3 ,3 1 0
C oal & Iro n Co b . -S e p t 2 ,0 3 7 ,8 9 5
2 ,5 1 3 ,7 6 2 d e f7 0 ,9 2 1
154,430
J u ly 1 t o S e p t 3 0 _______ 5 ,415,154
6 ,5 9 0 ,5 5 6 d c f2 2 7 ,0 8 7
183,475
T o ta l b o th c o s . b ____ S e p t 5,7 1 5 ,7 9 6
5,9 0 0 ,1 3 5
1 ,481,530
1,521,465
J u ly 1 to S e p t 3 0 -----------15 ,695,918 15,907,303
3 ,6 2 4 ,0 0 4
3 ,7 8 6 ,7 8 5
R e a d in g C o m p a n y ___ S ept
150,119
126,491
J u ly 1 t o S e p t 3 0 _______
________
443 ,4 8 6
377 ,442
T o ta l all c o m p a n ie s ..S e p t
.
1,6 3 1 ,0 4 9
1 ,647,596
J u ly 1 to S ept 3 0 ................................................ " " "
4 ,1 6 4 ,2 2 7
4 ,0 0 7 ,4 9 0
R io G rande J u n c t i o n . .. A u g
85,8 4 5
65,394
n 25 ,753
7210,618
D e c 1 to A u g 3 1 _______
669,254
71200,776
553 ,460
72186,462
R io G ra nde S o u t h . b . . . S e p t
24,804
(let 590
52,032
20,892
J u ly 1 to S ept 3 0 _______
119,061
3 0 ,3 0 9
154,785
65,2 7 9
R o c k I s l a n d .b _________ S e p t 5 ,9 7 3 ,1 7 5
___________
5 ,6 0 0 ,3 7 5
2 ,0 4 8 ,6 8 5
2,0 0 3 ,6 2 6
J u ly 1 to S e p t 3 0 _______1 7 .3 6 6 ,9 0 9 1 5 ,7 0 3 ,6 1 0
5,0 5 4 ,3 9 2
5,025,363
S t L & San F ra n . b _ . - S e p t 3 ,7 2 1 ,6 3 2 3 ,3 3 1 ,1 5 4
1,038,966
1 ,1 4 1 ,7 3 7
J u ly 1 to S e p t 3 0 ..............10,6 7 7 ,2 6 4
9 ,3 5 3 ,7 0 8
3 ,3 1 4 ,4 5 5
2 ,834,423
C h ic & Eastern 111 .b.S e p t
990 ,667
801,361
361,006
268,010
J u ly 1 to S e p t 3 0 _______ 2 ,8 1 3 ,8 7 7
2 ,5 2 0 ,2 8 9
770 ,362
1 ,042,176
E v a n s v & T H te b - - S c p t
220,513
108,992
97,738
77,844
J u ly 1 to S e p t 3 0 _______
645 ,3 5 0
581,658
289,373
237,997
T o ta l all l in e s .b -------- S e p tlO .9 0 5 ,9 8 7 10,1 1 1 ,8 8 2
3 ,6 4 9 ,1 6 6
3 ,3 8 8 ,4 4 7
J u ly 1 to S e p t 3 0 .......... .3 1 ,5 0 3 ,3 9 9 2 8 ,1 5 9 ,3 5 5 1 0,600,396
8,8 6 8 .1 4 6
154,408
149,244
St J o s & Gr Isl b .............A u g
38,884
63,626
J u ly 1 t o A u g 3 1 ----------296 ,496
274 ,0 6 0
81,763
106,324
St L ou is S o u t h w e s t e r n .aS ep t
972 ,926
904,253
3 36 ,247
260,311
J u ly 1 to S e p t 3 0 ----------- 2,0 2 5 ,8 7 3
2 ,4 8 8 ,4 5 9
788,254
5 55 ,150
S o u th e rn P a c i f ic .a --------S ept 11,531,903 10,481,094
4 ,6 2 5 ,7 2 5
3 ,9 4 1 ,2 2 4
J u ly 1 t o S ep t 3 0 ---------- 3 3 ,6 5 7 ,2 1 8 3 0 ,0 3 3 ,1 3 8 13,140,491 11,0 1 3 ,5 8 4
T e x a s C e n tr a l.a ___________Sep
60,797
83,9 1 6
1,481
17,133
J u ly 1 to S ep 3 0 _______
225 ,469
243,823
14,710
56,204
T o le d o & O h io C e n t . a . - S e p t
398,653
484,848
153,310
214 ,798
J u ly 1 to S e p t 3 0 _________1,121,514
1,3 6 1 ,6 2 5
388 ,3 6 6
548 ,9 5 6
T o le d o P eoria & W e s t .b - S e p t
105,186
101,526
32,43 1
31,939
O c t o b e r -----------105,581
101,160
2 7 ,979
24,243
J u ly 1 to O ct 3 1 _______
401 ,747
399 ,442
112,757
105,195
T o m b ig b e e V a lle y _______S ept
6,230
5,357
2 ,0 7 5
2,015
J u ly 1 to S ep t 3 0 .......... ..
18,851
15,414
0 ,2 3 5
5,469
U n ion P a c i f i c . a -------------- S ep t 8 ,100,373
7 ,4 1 4 ,5 0 5 4 ,2 8 5 ,7 7 8
3,0 9 0 ,5 1 4
J u ly 1 to S ep t 3 0 _______ 23,583,841 2 1 ,1 3 9 ,7 4 9 12,3 1 1 ,9 0 0 10,833,992
W est Jersey & S e a s h .b - S e p t
622,408
559 ,308
227 ,2 0 2
198,902
Jan 1 to S ept 3 0 .......... .. 4 ,603,791
2 .4 0 5 ,0 0 1
1 ,3 4 5 ,1 5 7
1 ,062,657
Y a z o o & Miss V a ll c y .a -S e p t
775 ,743
764 ,601
30,3 9 4 d o fl0 8 ,1 4 5
J u ly 1 t o S e p t 3 0 ............. 2 ,1 8 6 ,9 9 5
1 ,086,799
d c f 8 1,698 d ct3 1 0 ,4 9 2
U lster & D e la w a r e .b —
J u ly 1 to S ept 3 0 .............
386,369
342 ,053
161,377
136,583
Jan
1 t o S ept 3 0 _______
816,818
732,587
281 ,917
203,471
Iioacts.

Inc.2,

THE CHRONICLE

Nov. 20 1909. |

ELECTRIC

IN D U S T R IA L C O M P A N IE S .
------- G ross lea rn ings---------C om pa n ies.
D em cra ra E le c tr ic C o . . O ct
Jan 1 t o O ct 3 1 - ..........
K e y s to n e T elep h on e C o a O ct
J u ly 1 to O c t 3 1 _______

a N et earnings here given are a fte r d e d u ctin g ta x e s,
b N et earnings here given are b e fo re d e d u ctin g ta x e s .
g T h ese results are In M exica n c u rre n cy .
) T h e c o m p a n y n ow Includes th e earnings o f th e D e n v e r E n h l & G ulf
R f t . . P ecos V a lle y system an d San ta Ee P re s co tt & P h o e n ix R y . In b o th
y ea rs.
F o r S ep . ta xes a m o u n te d to § 3 0 6 ,4 2 0 , again st § 305 ,694 In 1908,
a fte r d e d u ctin g w h ich , net fo r S ep . 1909 w as § 2 ,9 8 0 ,3 9 8 , a gain st §2,751,851
last y ea r
F or p eriod fro m J u ly 1 to S e p . 3 0 , ta xe s w ere § 862 ,334 In 1909,
a gain st §9 1 9 ,0 3 9 In 1908.
n T h ese llgurcs represent 3 0 % o f gross earn in gs.
k F or S ep t. 1909 a d d itio n a l In com e w as § 1 3 ,7 8 3 , a ga in st §1 1 ,8 0 7 in 1908,
a n d fo r p eriod fro m J u ly 1 t o S e p t. 30 w as § 4 1 ,7 4 8 In 1909, a g ain st §44,514
last year.
h F or S e p t. 1909 a d d itio n a l In com e w as §8 0 4 , a ga in st a d e llcit o f §13,557
In 1908, an d fo r p eriod fro m J u ly 1 to S e p t. 30 w as a d eficit o f §4,523 In 190 9,
again st a d eficit o f §1 0 ,3 5 8 last y ear.
r F o r S ep t. 1909 net fro m C oal D e p a rtm e n t w as a loss o f § 5 1 ,5 4 9 , again st
a cred it o f $12 5,65 4 last y e a r, a n d fro m Ja n . 1 to S e p t. 30 w as a cre d it o f
§4 8 5 ,8 1 0 In 1909, a gain st § 7 3 0 ,9 9 9 in 1908.

Interest Charges and Surplus.
I n t ., R en tals, & c .— — Iia l. of N et E 'n g s .P revio u s
Current
P revio u s
Current
Y ea r.
Y ear.
Y ear.
Y ea r.
§
$
$
§
£ 38 ,587
£27 ,588
84,577
83,294
£ 1 ,1 2 6
£64 ,108
249 ,460
244,741
243
1,268
1,066
257
2,430
7,078
2,5 7 0
1,738
596
1,141
656
643
1,866
1,829
4,516
5,068
578,543
603,665
370 ,4 9 6
375 ,8 7 7
1,646,297
1 ,696,567
1 ,3 2 4 ,2 0 5
1,143,201
31,3 5 0
3 1 ,3 5 0
c l , 465 e d e f.1,119
94,050
9 4 ,0 5 0 c d e f.3 3 ,3 4 3
C16.892
255,012
276 ,432
C312.884
C245.779
761,822
792 ,953
C854.147
C730.487
11,899
11,938
12,784
d e f 1,004
23,875
23,876
37,353
9,83 5
35,229
21,166
32,262
27,051
105,220
96,788
51,286
68,967
442 ,180
324 ,410
(1381,574
d497,071
1,2 6 3 ,6 5 5
965,426 d 1,077,790 (11,197,518
92,845
88,180
£ 3 3 ,7 4 2 £ ile f9 ,8 3 9
264,234
279 ,926
£47 ,010 £ d ct4 7 ,1 4 6
60,419
53,426
£ 42 ,122
£11 ,902
163,503
£11,023 .rd cf53,924
180,675

R oa ds.

B a n g or & A r o o s t o o k — S e p t
J u ly 1 to S ep t 3 0 -------B c lle fo n te C e n tr a l.......... . O c t
Jan 1 t o O ct 3 1 . . . .
B rid g eton & S a co R iv e r .S e p t
J u ly 1 t o S ep t 3 0 ---------Cen tral o f N ew J e r s e y ..S e p t
J u ly 1 t o S ept 3 0 _______
C olora d o M idlan d . . . S ept
J u ly 1 to S ep t 3 0 .............
C olora d o & S o u t h e r n ____ Sep
J u ly 1 t o Sep 3 0 -------- -C op p er R a n g e ___________A u g
J u ly 1 to A u g 3 1 ----------C u ba R R ________________ S ept
J u ly 1 t o S ep t 3 0 ----------D e n v e r & R io G r a n d e .-S e p t
J u ly 1 to S ep t 3 0 ----------D u lu th So Sh & A t l ------ S ept
J u ly 1 to S ep t 3 0 ----------G eorgia R R . . ------ — S ept
J u ly 1 t o S ep t 3 0 ____
G reen w ich & J o h n so n v iilc—
11,219
10,679
£4,0 4 2
£ 4 ,6 7 0
J u ly 1 to S ep t 3 0 _______
34,116
£21 ,993
£ d e f3 ,5 7 9
31,301
G u lf & Ship Is la n d ___.S e p t
98,768
£29 ,7 4 7 £d e f4 2 ,0 6 4
94,216
J u ly 1 t o S ep t 3 0 _______
£23 2 ,0 7 8
£19 0,31 7
115,227
120,143
H o ck in g V a l l e y . ....... .. . .S e p t
£495,451
345,461
357 ,324
£ 5 5 4,32 8
J u ly 1 to S ep t 3 0 . ____
£
42
,048
£ 4 2 ,6 8 5
28,502
22,754
K a n a w h a & M ic h ig a n ..S e p t
£ 1 5 4 ,5 8 5
79,783
68 916
£10 4,37 4
J u ly 1 to S ep t 3 0 _______
L ittle Falls & D o lg e v llle —
£3,650
£ 4 ,9 7 5
2,478
2,425
J u ly 1 to S ep t 3 0 ----------£6,501
£ 1 2 ,5 6 5
9,691
8,169
Jan 1 to S ep t 3 0 --------£10,541
25,605
18,028
£
2
6
,0
5
5
L ou isian a & A r k a n s a s ..S e p t
74,035
£26 ,3 3 2
54,986
£61 ,7 3 6
J u ly 1 to S ep t 3 0 _______
3,9 5 9
10,696
3,9 7 9
M arylan d & P en n ______Sep
12,474
11,876
11,876
23,296
J u ly 1 t o Sep 3 0 ____ .
27,714
13,189
M ineral R a n g e _________ S ept
£ 2 ,7 0 6
13,067
£ 2 ,403
39,583
J u ly l to S ep t 3 0 _____
£ 6 ,412
38,655
£2,7 6 9
M issouri K ansas & T e x .S e p t b 5 5 3,46 5
71614,548
£ 2 3 6,11 9
£37 0,17 4
J u ly 1 to S ep t 3 0 _______6 1 ,6 9 1 ,9 1 5 711,738,318
£ 5 8 3,27 7
£25 6,50 9
3,594
N e v a d a -C a l-O r c g o n ____ S ept
4,046
£ 18 ,760
£ 34 ,152
10,766
12,138
J u ly 1 t o S ep t 3 0 ----------£ 7 9 ,6 8 5
£49 ,898
N ew Jersey & N ew Y o r k —
56,061
51,944
J u ly 1 to S ep t 3 0 . ..........
£ 2 2 ,4 1 9
£ 1 0 ,4 5 6
140,200
149,710
Jan 1 to S ep t 3 0 ----------£ 2 6 ,6 9 3 £ d e fl6 ,5 3 4
92,626
93,920
64,639
133,009
N Y O n ta rio & W e s t . . .S e p t
275,329
287 ,850
498 ,308
629,171
J u ly 1 to S ep t 3 0 _______
437 ,060
461 ,460
574 ,055
854 ,663
N o rfo lk & W e s t e r n .. ..S e p t
1,314,847
2,1 8 9 ,2 9 4
1 ,681,105
J u ly 1 to S ep t 3 0 ----------- 1,388,047
873,541
751 ,649
880,000
774,415
R ea d in g C o m p a n y ---------Sept
2,6 2 0 .6 2 5
1,4 2 7 ,4 9 0
1,543,602
J u ly 1 to S ep t 3 0 ---------- 2,6 4 0 ,0 0 0
8,333
17.420
11,285
8,333
R io G ra nde J u n c t io n ___ A u g
125,776
75,000
111,462
75,000
D ec 1 to A u g 3 1 _______
18,960 £ d e f 19,062
£ 2 ,032
18,574
R io G rande S o u t h e r n ___S ept
56,776 £ d cf2 2 ,0 0 2
£12,041
56,804
J u ly 1 to Sc t 3 0 _______
166,828
£20 2,12 3
£ 1 3 6,34 4
St I,ou is S o u th w e s te r n . .S e p t
172,761
506,533
£3 9 3 ,6 3 6
£ 1 7 2,65 7
J u ly 1 t o S ep t 3 0 . . . . .
516,928
4,233
d e f2,322
T e x a s C e n t r a l . . ................. Sep
12,900
3,803
11,361
3,803
J u ly 1 to Sep 3 0 ............
10,907
44,843
39,666
£ 1 2 4,57 4
42,6 9 5
£ 1 7 7,25 7
T o le d o & O h io C e n tr a l--S e p t
119,992
135,849
£ 2 9 4,49 3
£433,271
J u ly 1 to S ep t 3 0 ----------26,155
23,861
£ 1 1 ,0 3 0
£7,5 7 2
T o le d o P eoria & W e s t ..S e p t
22,941
23,884
£ 6 ,094
£.3,250
O ctob er. —
-------------96,329
94,257
£16 ,387
J u ly l to O ct 31 . —
£23 ,8 2 4
U lster & D ela w a re—
57,193
60,937
£10 9,31 1
J u ly 1 to S ep t 3 0 ------ .
£ 8 4 ,8 6 7
171,721
157,029
Jan
1 to S ept 30 --------£ l 19,554
£53 ,9 9 2

------- G ross E a rn in g s----------------- N et E a rn in g s------Current
P reviou s
C u rrent
P reviou s
Y ea r.
Y ea r.
Y ear.
Y ear.
§
. 32,768
134,596

§
34,482
1 3 8 ,1 6 6

5
13,248
48,748

$
10,917
38,086

c A fter a llow in g fo r m iscella n eou s charges a n d credits to in co m e .
a T h ese figures are a fte r a llo w in g fo r o th e r in c o m e a n d fo r d is co u n t an d
e x c h a n g e . T h e sum o f $10 ,000 is d e d u cte d e v e r y m o n th fro m surplus an d
p la ced to th e c r e d it o f th e renew al fu n d .
h F ix ed ch arges Include ta xe s a m o u n tin g t o $79 ,099 fo r S e p t. 1900,
a gain st §1 1 4 ,7 0 0 In 1908, an d a d d itio n s and b e tte rm e n ts o f § 2 3 ,3 1 9 this
y ea r, again st §4.3,205; fro m J u ly 1 to S e p t. 30 ta xes w ere § 240 ,099 in 1909,
a gain st §29 1 ,0 5 2 ; a d d itio n s and be tte rm e n ts w ere § 8 3,938 fo r the sam e
p eriod , a gain st §9 9 ,7 2 0 the previou s year.
P rior to J u ly 1907 It w as the
pra ctice to Include these Items In the expen ses.
x
A fter a llow in g fo r o th er Incom e re ce iv e d .




AN D

TRACTION

Latest G ross E a rn in g s.
R oad.

W eek or
M o n th .

Current
Y ea r.

COM PANIES.

J a n . 1 to latest date.

P reviou s
Y ea r.

Current
Y ea r.

§
247,826 231,126 2,449,613
A m e rica n R y s C o ___ O c to b e r - .
149,141 137.387 1,158,406
cA u r E lgin & C h ic R y S e p te m b e r
230,721
32,892
34,348
B in gh a m to n S t. R y _ - A u g u s t ___
188,364 177.388 1 ,646,825
B lrm R y I.t & P o w e r . S e p te m b e r
103,903
12,603
12,833
B r o c k to n & P ly S t R y S e p te m b e r
99,350
11,922
11,978
C a m a gu e y C o ________ S e p te m b e r
170,388
22,006
22,000
C ape B re to n E lec C o . S e p te m b e r
141,318
17,545
C arolina P o w & L t Co S e p te m b e r
627 ,520
58,096
62,773
C en tral P en n T r a c ___O c t o b e r ____
633,858
60,654
63,763
C hariest C on R y G & E O c t o b e r ___
C h ica go R a ilw a y s C o . O c t o b e r ___ 1110,000 968,542 1 0,244,608
271,673
25,223
29.467
C leve P a ln esv & E ast O c t o b e r ___
962,103
95,842
107,570
D allas E le c tr ic C o r p . S e p te m b e r
146.564 124,023 6 ,7 7 6 ,4 7 3
D e tr o it U n ite d R y ___1st w k N o v
809 ,772
24,850
27,618
D u lu th -S u p e r T r C o . 4th w k O ct
E ast St L o u is & S u b . O c t o b e r ___ 191,775 178,644 1 ,672,853
426 ,8 7 5
43,828
El P a so E le c t r ic ____ S e p te m b e r
50,501
313,944
39,742
F a ir & C larksb T r C o. S e p te m b e r
43,674
Ft W a y n e & W abash
V a lle y T r a c tio n C o S e p te m b e r
132.736 122,442 1 ,038,350
894,605
G a lv -I lo u s E le c C o _ . S e p te m b e r
91,790
100,837
858,541
G rand R a p id s R y C o . O c t o b e r ___
76,003
82,520
H a v a n a E le ctric R y _ W k N o v 14
34,873 1 ,785,339
4 0 .816
H on olu lu R a p id Tran
305
3 7 ,7 2 5
& L a n d C o ________ S e p te m b e r
32,467
242,
H o u g h to n Co T r a c C o S e p te m b e r
28,732
23,934
3 73 ,252 357 ,508 3,174
Illinois T r a c tio n C o . . S e p te m b e r
350,
38,3 7 5
J a ck so n v ille E lec C o . S e p te m b e r
34,017
266,
K ansas C ity -W e ste rn S e p te m b e r
108,206 104,072
835,
L a ke S hore E lec R y . S e p te m b e r
54,239
321,
58,706
L e x & In te r R y s C o . J u ly --------369 ,446 335 ,077 3,116,
M ilw E lec R v & L t Co S e p te m b e r
99,820
706,
93,984
M ilw L t H t <Sc T r a c Co S e p te m b e r
75.817
58,124 3,376,
M ontreal Street R y . . W k N o v 13
154,540 151,055 1,257
N ashville R y & L igh t S e p te m b e r
202,156 172,675 1,634
N orth O h io T r & L t ._ S e p te m b e r
910
104,829
88,190
N orth T e x a s E lec C o . S ep tem b er
184,430 182,923 1,707
O
cto
b
e
r
.
.
N orth w est E lev C o . .
158,234 (1162,938 1,436
N o rf & P o rtsm T r C o. S e p te m b e r
228
26,781
41.468
O k la h om a C ity R y . _ J u ly _____
166
18,694
19,096
P a d u ca h T r & L t C o . S ep tem b er
184
17,417
21,649
P en sa cola E le ctric Co S e p te m b e r
P o r t l’d (O r) I ty L & P C o O c t o b e r ___ 426 ,707 372 ,398 3,974
R io de Jan eiro T ram
612,731 643,347 5,6 0 7 ,4 9 5
L ig h t & P o w e r ------- S e p te m b e r
St Josep h (M o) R y Lt
805 ,170
78,512
82,363
H e a t & P o w e r C o . O c to b e r . .
200.496 180.886 1.776.271
Sao P a u lo T r L t & P . S ep tem b er
451 ,817
48,404
49,523
S av annah E le ctric C o S e p te m b e r
568,494 385 ,946 4 ,3 7 6 ,6 7 0
Seattle E le ctric C o . . S e p te m b e r
134,436
13,724
13,651
S ou W isco n sin R y Co O c t o b e r ___
436,253
47,108
43,356
T a m p a E le ctric C o . . S e p te m b e r
217.737 222,892 1,9 8 1 ,4 3 5
T o le d o R y s & L ig h t . S e p te m b e r
67,891 3.3 0 6 .2 7 1
75,498
T o r o n t o R a ilw a y s ___ W k N o v 13
T w in C ity R a p T r a n . 1st w k N o v 134.565 123,363 5 ,901,123
U ndergrou n d El R y
of L on d on —
£553,755
T h re e tu b e lin e s ___ W k N p v 0 £13,455 £11,925
£432,804
£9,314
M e tro p o lita n D ls t. W k N o v 6 £10,521
£270,718
£5,400
£5,533
U n lte d T r a m w a y s . W k N o v 6
U n ite d R y s o f St L _ . O c t o b e r ___ 1039,267 949,914 9 ,265,653
624,261 581,329 5,4 5 7 ,0 3 9
U n ited R R s o f San Fr S ep tem b er
1 ,348,720
V irginia R y & P o w Co A u g u s t ___ 165,334
58,789
55",938
W ash B a lt & A n n a p . S ep te m b e r
295 ,190
34,836
28,381
W h a tc o m Co R y & Lt S ep tem b er
c Th ese hgures are fo r co n s o lid a te d c o m p a n y ,
the N orfolk C o u n ty Ferries.

5,239,158
750,743
1 ,682,180
435 ,796
3,303,131
130,207
405 .980
1.8 6 4 ,8 2 2
3 ,0 3 2 ,9 1 4
5 ,4 3 6 ,8 2 8
£50 9,96 0
£ 4 0 0 ,1 2 0
£299,216
8 ,8 1 0 ,5 3 9
5 ,0 7 9 ,3 3 6
260 ,170

d In clu d e s earnings of

Electric Railway Net Earnings.— The following table gives
the returns of ELECTRIC 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 N ov. 27 1909.
------ Gross Eitrn in gs-------- --------N et E a rm n gs------P reviou s
Current
P revio u s
Current
Y ea r.
Y ea r.
Y ea r.
Y ea r.
§
$
§
$
274,221
304
,982
278,221
313,848
A m er L ig h t & T r C o ___ .O c t
2 ,0 9 0 ,0 2 6
2,5 3 1 ,9 1 4
2 ,1 3 0 ,0 2 6
2 ,6 1 9 ,9 7 0
J a n 1 to O ct 3 1 . .
A u bu rn & S yracu se b —
62,147
72,254
130,865
134,499
J u ly 1 t o S e p t 3 0 . .
1 2 4 ,2 7 0
140 ,769
298 ,208
322 ,563
Jan 1 t o S e p t 3 0 . .
13,793
18,218
58,096
62,773
C en tral P en n T r a c C o ._ .O c t
124,312
164,326
591,214
627 ,520
Jan 1 t o O ct 3 1 . .
18,961
19,150
60,654
63,763
Chari C ons R y , G & E l.a .O c t
178 ,087
185 ,280
505,751
M ch 1 to O ct 31 .
515,188
9,495
13,587
25,223
C leve P a ln e sv A: E a s t.a .O c t
29,467
108 ,147
135,212
250,451
J a n 1 t o O ct 3 1 . .
271 ,673
171 ,7 6 0
3 4 7 ,8 5 5
960,568
C h ica go R a ilw a y s C o .a Sept 1 ,066,056
3 ,155,681
8 ,0 3 4 ,6 2 2
J a n 1 t o S e p t 30 .
9,1 3 4 ,6 0 8
87,841
98,569
178.644
E ast St L o u is & S u b .b . .O c t
191,775
7 9 4 ,4 5 8
761,641
J a n 1 to O ct 31 .
1 ,672,853
1 ,6 6 6 ,5 0 0
3 8 ,6 4 6
41,011
G rand R a p id s R y C o . b .O c t
76,003
82,5 2 0
390 ,2 2 8
454,071
858,541
784 ,570
J a n 1 to O ct 3 1 . .
190 ,287
237 ,986
372 ,398
426 ,707
P o rt(O re ) R y ,L & P C o .b .O c t
1 ,8 1 5 ,2 6 9
2 ,1 3 4 ,4 0 5
3,5 9 4 ,5 0 1
____ 3 ,9 7 4 ,3 5 4
Jan 1 t o O ct 31
3 77 ,588
411 ,299
949,914
U n ite d R y s o f St L ou is.a .O ct 1,0 3 9 ,2 6 7
3 ,1 6 5 ,1 4 5
8 ,8 1 0 ,5 3 9 3 ,4 1 9 ,9 8 0
9,2 6 5 ,6 5 3
Jan 1 to O ct 31 .
2 5 8 ,4 6 5
281,531
581,392
624,261
U n ited R R s o f San F r .b .S e p t
1 ,8 3 2 ,8 0 5
2 ,3 0 8 ,8 0 0
5,0 7 9 ,3 3 6
J a n 1 t o S ep t 3 0 _______ 5,4 5 7 ,0 3 9
a N et earnings here given are a fte r d e d u ctin g ta x e s ,
b N et earnings here give n are b e fo re d e d u ctin g ta x e s .
R oads.

Interest Charges and Surplus.

I N D U S 'l'R I A L C O M P A N IE S .

C om p a n ies—
K ey s ton e T elep h on e C o . - O ct
J u ly 1 t o O ct 31 --------

R A IL W A Y

N et E a rn in g s-------P rev io u s
Y ea r.
$
4 ,8 2 5
43,131
45,399
176,252

1339

— I n t ., R entals, & c .—
P rev io u s
Current
Y ea r.
Y ear.
§
§
A u bu rn & S y ra cu s e —
33,242
25,6 2 5
J u ly 1 to S ept 3 0 ---------79,341
73,444
Jan 1 t o S e p t 3 0 ----------13,917
Chari Cons R y , G & E l . . O c t
13,817
111,333
110,358
M ch 1 to O ct 3 1 . ..........
8,793
C leve P a ln e sv & E a s te r n .O c t
7,977
84,3 9 8
80,371
Jan 1 to O ct 3 1 .
4 9 ,4 9 0
4 8 ,826
E ast S t L o u is & S u b _ . .O c t
Jan 1 t o O ct 3 1 .
494 ,602
485 ,472
18,611
G ra n d R a p id s R y C o . . .O c t
19,315
184,907
Jan 1 to O ct 3 1 .
190,085
113,462
P o r t ( O r e ) R y ,L & P C o . . O c t
126,873
1 ,151,897
J an 1 to O ct 3 1 ---------- 1,2 3 8 ,2 0 8
233 ,845
232 ,267
U n ite d R y s o f St L o u is . .O c t
2,3 3 1 ,1 7 8
Jan 1 to O ct 3 1 _______ 2 ,3 3 3 ,8 9 9
x A fte r a llo w in g fo r o th e r Incom e r e ce iv e d .

— R al. o f N et E 'n g s .P reviou s
Current
Y ea r.
Y ea r.
§
$
£ 39 ,252
£ 61 ,668
5,233
73,947
4,794
50,814
4 9 ,079
267 ,039
21,696
263 ,986
111,113
896,197
170,032
1,086,081

£36,751
£ 5 1 ,0 5 5
5,144
6 7 ,7 2 9
1,518
27,776
3 9 ,0 1 5
3 0 8 ,9 8 6
2 0 ,0 3 5
205,321
7 6 ,8 2 5
6 6 3 ,3 7 2
143,743
8 3 3 ,9 6 7

THE CHRONICLE

1340
ANNUAL 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. 30. The next will appear in that of N ov. 27.
Atlantic Coast Line 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.)
The remarks, signed by Chairman Henry Walters and
President T . M. Emerson, together with the comparative
balance sheet, will be found on subsequent pages. Below
we give comparative statistics of operation and comparative
income account for two years. The details of operating
revenues and operating expenses, being given on a following
page, are here omitted.
O P E R A T IO N S A N D F IS C A h R E S U L T S .
O perations—
1908-09.
190 7-0 8.
1900-07.
1905-00.
4,4 3 4
4,3 6 5
4,3 4 6
4,3 2 7
A vera ge m ile s ___________
Passengers carried (N o .)
0 ,3 0 3 ,1 3 7
6 ,5 4 4 ,4 0 9
5,809,311
5,438,457
Pass, carried one m ile ._ 2 6 0 ,305 ,318 2 6 1 ,8 8 1 ,3 1 0 2 3 7 ,5 1 3 ,9 8 5 21 1 ,9 9 1 ,5 3 5
A v . rate p er pass, p er m . 2.224 c ts .
2.398 c ts .
2.562 cts.
2.564 c ts .
F reigh t (re v . ton n a ge) __ 1 0 ,242,568
10,077,109
10,117,555
9,392,201
T o n s on e m ile (rev en u e) 145 5421,830 1436141,810 1 193919,551 1344548,341
A v e r, ra te p er to n p er m .
1.259 c ts .
1.235 c ts .
1.235 cts.
1.292 cts.
Pass, earn s, p er train m .
$0.82
$0.89
$0.88
$0.83
F reigh t earns, per tv. m .
$2.44
$2.28
$2.20
$2.16
G ross earnings per m ile $5,896
$5,963
$6,159
$5,747
IN C O M E A C C O U N T .
In c. ( + ) or
1908-09.
1907-08.
D ec. (— ) .
O p era tin g r e v e n u e s _________________ .$ 2 6 ,1 4 4 ,0 6 5 $ 26 ,029 ,05 2
+ $ 1 1 5 ,0 1 3
O p eratin g exp en ses a n d t a x e s ____ _
18,062,899 2 0 ,0 4 3 ,7 9 4 — 1,9 8 0 ,8 9 5
$ 8,081,160
N et o p e r . rev e n u e , a fter ta xes —
In teres t a n d d iv id e n d s r e c e iv e d ____ . 2 ,4 5 3 ,3 6 0
445 ,405
R e n ts , hire o f eciu lpm en t, & c _______ .

$ 5 ,9 8 5 ,2 5 8 + $ 2 ,0 9 5 ,9 0 8
2 ,7 1 6 ,3 3 2
— 202,972
430 ,044
+ 15,361

$10 ,979 ,93 1

$ 9 ,1 3 1 ,6 3 4 + $ 1 ,8 4 8 ,2 9 7

D ed uct—
In teres t on fu n d ed d e b t , & e ___
. $ 5,023,888
$4,895,872
In terest on ccrtillca tes o f Indebti
s
862,754
862,754
In terest on 3 -y e a r n o t e s _______
.
221 ,705
2 50 ,000
In teres t on eciu lpm ent t r u s t___
.
151,420
169,433
R e n ta ls o f leased l i n e s . ...............
44,008
.
42,8 1 5
H ire o f e q u i p m e n t _____________
89,690
R e n ta ls o f te rm in a ls____________
.
48,569
3 8 ,730
2,0 1 4 .5 6 8
2 ,6 1 4 ,5 4 0
D iv id en d s on c o m m o n ( 5 ! 4 % ) .
79,8 3 0
79,830
D lv ld c n d s on preferred ( 5 % ) - 55,000
55,000
D lv s . on R . & P . " A ” s to c k (5 lA % ) -.

+ $12 8,01 6
— 28,295
— 18,013
— 1,193
— 8 9 ,6 9 0
+ 9,839
+ 28

T o ta l - ________________________ _____$ 9 ,1 0 0 ,5 4 9
$9,0 9 9 ,8 5 7
+$692
Surplus in com e fo r y ea r ........................ $1,8 7 9 ,3 8 2
$ 3 1 ,7 7 7 + $ 1 ,847.605
N o te .— D iv id e n d s are d e d u cte d fro m p ro fit an d loss a c c o u n t b u t arc here
d e d u cte d fo r the sake o f s im p lic ity . T h e d iv id e n d s a b o v e ch arged again st
th e earn in gs o f 1908-09, v iz ., 2 A
X % In J a n . 1909 and 3 % in J u ly 1909,
w ere paid In cash . O f the d iv id e n d s d e d u cte d In 1907-08, 3 % w as paid
In J a n . 1908 In A tla n tic Coast Line R R . 4 % ccrtillca te s o f Indebtedness
an d 2
in J u ly 1908 In c a s h .— V . 8 9 , p . 1141, 665.

Cincinnati New Orleans

Texas Pacific Railway.
30 1909.)
President W . W . Finley, Cincinnati, O ., Oct. 14 1909,
wrote in substance:
{R ep ort fo r F is c a l

&

Y e a r e n d in g J u n e

G eneral R esu lts.— T h e gross o p e r a tin g reven u es decreased $ 65 ,068 , o p e r ­
a tin g exp en ses d ecrea sed $958,796 an d net o p e ra tin g revenue Increased
$ 89 3,72 8.
“ O th er In c o m e ” d e cre a se d $ 29 4,98 6. P erm a n en t Im p ro v e ­
m en ts, a d d itio n s and b e tte rm e n ts , w h ich re v e rt to lessor u nd er lease. In­
crea sed $ 3 3 8 ,4 7 5 , an d th e d iv id e n d s o n preferred s to c k Increased $18 ,889 .
T h e 5 % d iv id e n d o n c o m m o n s t o c k , a m o u n tin g to $150,000 (w hich In
1907-08 w as ch a rg ed a gain st in c o m e .— E d .] w as p aid d u rin g the y e a r b u t
ch a rg ed to p rofit an d loss. T h e b a la n ce ca rrie d to p ro llt an d loss Increased
$ 38 0,12 5.
T h e decrea se o f $29 4,98 6 In o th e r In com e Is d u e c h ie fly to re d u ce d
receip ts fro m th e p er d iem rental o f fre ig h t cars.
Im p r o v e m e n t In business
w ill h a ve the effect o f re-esta b lish in g th e usual In com e fro m this s ou rce.
Im p rovem en ts.— T h e ch arge o f $ 6 7 8,47 5 to p e rm a n e n t im p ro v e m e n ts
Includes the p ro p o r tio n a te a m o u n t w h ich Is b e in g ch a rg e d a n n u a lly to
Incom e fo r e x p e n d itu re s fo r se c o n d m ain tra ck , b rid g e s, sign als, bu ild in gs,
A c . T h ese d eferred charges o n a c c o u n t o f p e rm a n e n t im p ro v e m e n ts
w ill b e ta k en care o f th rou gh In com e a c c o u n t , o n a p r o p o r tio n a te basis,
p rior to A p ril 1 1911.
C o n tra ct has b e e n m a d e fo r re p la cin g th e p re se n t s tru ctu re a t H igh
B rid g e, Iv y ., w ith a h ea v ier ste e l s tru ctu re d esign ed fo r d o u b le tra ck , and
w ork Is p rogressin g th ereon .
It w ill be n ecessa ry In o r d e r to secu re m ore
e c o n o m ic a l op e r a tio n o f th e p r o p e r ty , an d as fast as the resou rces o f the
c o m p a n y p erm it, to rebu ild o r s tren gth en o th e r brid ges an d v ia d u cts so
as to p erm it o f the use o f h e a v ie r p ow er.
F in a n cia l.— T h ere w ere paid du rin g the y e a r $ 30 0,00 0 o f the 5 % c o n s tr u c ­
tion n otes o f A p ril 2 1906 an d $16 5,00 0 o f th e 6 % c o n s tru ctio n n o te s o f
D e c. 2 1907, le a v in g ou ts ta n d in g as o f Ju n e 30 1909 $ 6 0 0,00 0 o f th e fo rm e r
Issue and $25 2,00 0 o f the latter.
T h e ch arges to ca p ita l a c c o u n t a m o u n te d to $37 3 ,9 0 1 , co n sistin g o f
$374,768 p a y m e n ts m ade o n a c c o u n t o f new a n d a d d itio n a l e q u ip m e n t, and
less net cr e d it o f $867 to real estate.
O f th e a d d ition a l $500,000 o f c u m u la tiv e 5 % p re fe rre d s to c k h e re to fo re
a u th oriz ed b y th e b o a r d , 4,534 shares o f $100 ea ch w ere d isp osed o f at par.
I t has been d ecid ed n o t to Issue the rem ain in g 466 sh ares a t this tim e.
P r o c e e d s o f th e shares sold will be used to p a y fo r the c o n s tr u c tio n o f the
new s tru ctu re o v e r th e K e n tu c k y R iv e r a t H igh B rid g e , K y .
R ep aration C la im s.— D u rin g th e y e a r p a y m e n ts w ere m ade In co m p ro m ise
settlem en ts o f lu m b er rep aration claim s g r o w in g o u t o f th e 2 cen ts a d v a n ce
In rates on y e llo w pine lu m b e r In 1903, w h ich p a y m e n ts w ere ch arged to
p rollt a n d loss. T h ese rep a ra tio n cla im s result fro m litig a tio n grow in g
o u 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 t e d th a t all claim s o f
this natu re w ill be settled d u rin g the co m in g y ear.
M a in ten a n c e .— T h e charges to m a in te n a n ce o f w a y and stru ctu res show
an Increase o f $14 1 ,5 2 6 , o r 2 1 .5 7 % , d u e ch le lly to charges fo r rep lacem en t
o f b rid ges; 121,251 ties w ere p la ce d In the m ain track; 2,807 to n s , o r 21.01
m iles, o f new 8 5 -lb . steel rail, and 1,902 to n s, o r 18 m iles, o f new 75-lb
s teel rail w ere laid ; 154,869 c u b ic yards o f b allast s to n e , slag an d screenings
w ere p la ced In the track .
T h e ch arges to m a in ten a n ce o f e q u ip m e n t a c c o u n t a m o u n te d to 5 1 ,5 0 0 ,­
705 , a d ecrease o f $48 4 ,7 9 3 , o r 2 4 .4 2 % .
O v e r $ 1 0 0,00 0 o f this r e d u ctio n Is
d u e to the sm aller n u m b er o f fre ig h t cars d e s tr o y e d an d oth erw ise disposed
o f d u rin g the present y ear.
A d d ition a l F a cilities .— E x p e n d itu re s a g g re g a tin g $20 6,71 9 w ere m ade
d u rin g the y e a r fo r a d d ition s and b e tte rm e n ts , w h ich w ill revert to the C ity
o f C in cin n ati u n d er the lease. T h e s u p e rstru ctu re o f th e a p p ro a ch to the
V in e S tr e e t term inal In C in cin n ati, O ., Is n earin g co m p le tio n .
W h en this
v ia d u c t a p p ro a ch a n d c o n n e c tin g tracks are co m p le te d an d p u t Into o p e r a ­
tio n , it w ifi en ab le this c o m p a n y to d o Its o w n s w itch in g , an d m ake a m aterial
re d u ctio n In s w itc h in g charges paid co n n e ctio n s .
D u rin g th e y e a r all o f th e s e co n d m ain track w h ich w as u n d e r co n s tr u c ­
tion w as c o m p le t e d an d p u t In s e rv ice , w ith th e e x c e p t io n o f s e co n d track
n ea r C ed ar G ro v e , K y ., w ork o n w h ich w as su sp e n d e d p e n d in g im p ro v e d
c o n d itio n s . A rra n g em en ts h a ve now be e n m a d e to c o m p le te this plcfce o f
unfinished se c o n d tra ck . T h e len gth o f s e co n d m ain tra ck c o m p le t e d and
in serv ice o n Ju n e 30 1909 w as 67.1 0 m iles.




[V O L . L X X X I X

T h e railw ay form s an Im p orta n t link b e tw e e n the m ain line o f th e S o u th ­
ern R a ilw a y S y ste m an d th e te rrito ry re a ch e d th ro u gh C in cin n ati and
th ro u g h D a n v ille an d L o u isv ille , K y ., via the S t. L o u is -L o u is v ille lines o f
the S ou th ern R y .
T h e s e c tio n b e tw e e n D a n ville, K y ., and H arrlm an
J u n ctio n , T e n n ., han dles th e h e a v ie st tra ffic an d a t th e sam e tim e Is the
m o st e x p e n s iv e to o p e r a te , a n d It Is these co n d itio n s w h ich Justified th e
e x te n s iv e d o u b le -tra ck in g th ro u g h th e m ountains b e tw e e n D a n v ille , K y .,
an d H arrim an J u n ctio n , T e n n .
O P E R A T IO N S . E A R N IN G S . E X P E N S E S A N D C H A R G E S .
1908-09.
1907-08.
o p era tio n s—
1905-06.
1906-07.
33 5
336
335
M iles op e ra te d
336
1,269,963
1 ,3 1 8 ,3 0 4
1,318,631
N o . o f pass, c a r r ie d . . . .
1 ,379,433
66,9 0 5 ,8 4 0
6 7 ,3 2 1 ,2 4 5
P a ss, ca rried 1 m ile ____ 65,8 1 5 ,8 3 2
70,5 4 5 ,2 0 0
2.1 5 cts.
2.32 Cts.
2.14 cts.
2.25 cts.
R e v . p er pass, p er m ile .
4 ,299,008
4,2 7 7 ,3 9 4
4 ,9 0 5 ,6 8 7
4 ,852,253
T o n s r e v . fre igh t m o v e d
T o n s fre ig h t m o v e d 1 m . 7 8 1 ,795,057 77 5 ,2 6 2 ,2 4 5 856 ,9 2 2 ,4 6 7 80 0 ,4 5 4 ,6 3 0
0 .7 5 cts.
0.76 cts.
0.7 7 cts.
R e v e n u e p er ton p e r m .
396
341
378
" " '4 2 4
A v . tr. lo a d (re v .) to n s .
$1.58
$1.45
$1.61
$1.51
E a rn . p er pass, train m .
$2.90
$2.60
$2.90
E a rn , p e r i g t . train m ile
INCOM E ACCO U NT.
190S-09.
1908-09
1907-08.
Oper. Revenues—
S
S
2,745,059
F r e ig h t ...................... 5,995,670 5,924,807 Total net revenue
Passenger ...................1,417,496 1,554,675 Taxes accrued______ 237,760
Mail, express & misc. 378,450
373,593
Operating incom e.2,507,299
Other rev. from oper.
35,366
38,975
Hire of equip— b a l-- 101,456
43,149
Total oper. rev___7,826,982 7,892,050 Inc. from lnves., &c_
Oper. Expenses—
Total gross income 2,651,904
Malnt. of way, & c . . 797,598
656,073
Malnt. of equip_____1,500,705 1,985,498
Deductions—
Traffic expenses____ 205,254
198,384
Transportation e x p .2,355,231 2,985,293 Rental to Cincinnati. 1,232,650
General expen ses___ 210,863
203,199 Misc. int. & rentals. 224,255
Permanent Improv’ts 678,475
Total oper. e x p __ 5,069,651 6,028,447 Dlvs.on p f.stk .(5 % ). 118,889
Net oper. revenue.-2,757,331 1,863,603 D lv.on com .stk .(6% ) *150,000
Outside operations—
net d e fic it _______
12,272
11,023
Total dedu ctions.-2,404,269
Total net revenue.2,745,059 1,852,580 Balance, surplus____ 247,635

1907-08.
1,852,580
221,002
1,631,578
377,268
62,323
2,071,169
1,233,850
229,809
340,000
100,000
150,000
,053,659
17,510

* Deducted by the com pany from prollt and loss, but here shown for the sake of
simplicity.
B A L A N C E SH EET JU N E 30.
1909.
1908.
Assets—
Liabilities—
$
$
Equipment owned. 6,216,533 5,841,764 Common s to ck __
Trust equipm ent. . 1,941,640 2,478,600 Preferred stock . . .
M isc.prop.* secur. 1,033,790 1,023,790 payments account
196,872
new pret. stock .
197,446
Tools ifc machinery
507,675 5% gold notes-----506,234
Real estate & bldg.
514,781 6% gold notes-----392,703
Supplies A mater's
937,931 1,395,229 Reserve for requireConstr.of tr’ ks.& c.
420,688
341,166
ments of lease - C a s h ............... ........
94,524
Rem ltt's In transit
135,217 Reserve for renewal
Agents A conduc
331,083
305,372
of equ ipm en t.-U. S. Government.
11,615
36,297 Reserve for taxes.
Bills re ceiva ble.-.
10,032
8,254 Mlsccll. reserves-.
Individuals A c o s .
273,183
492,450 Equip, obligations
Non-adjust.claims.
56,143
98,879 Rent A Int. accr’d
203,108
212,995 Unpaid v ou ch ers..
Traffic balances . .
Payments acct.new
Unpaid wages____
preferred stock.
427,269
129,700 Traffic balances . .
21,633 Due to lmllv.A cos.
Miscellaneous-____
25,686
Bills payable.........
M iscellaneous____
Profit and loss____
Total assets____13.079.608 13,740,676

1909.
$
3,000,000
2,453,400

1908.
•S
3,000,000
2,000,000

600,000
252,000

129,700
900,000
417,000

445,185

277,185

1,257,978
180,409
193,251
1,941,640
280,076
477,272
309,437
404,610
46,613
250,000
54,317
<1933,419

946,638
182,803
139,184
2,478,600
283,220
868,617
285.181
495,505
68,500
480,275
27,028
761,238

Total liabilities. 13,079,608 13,740,676

a After deducting payments In settlement of various claims, 853,088, and adjust­
ments of miscellaneous accounts, 522,365.— V. 89. p. 1141.

Georgia Southern & Florida Railway.
Y e a r e n d in g J u n e 30 1909.)
The report of President Finley, dated Oct. 20 1909, shows;
{R e p o r t f o r F i s c a l

G eneral R esults.— G ross o p e ra tin g reven u es Increased $ 3 3 ,3 9 2 , b u t
o p e ra tin g expen ses w ere d ecreased $ 2 0 4 ,8 6 5 , so th a t net o p e ra tin g reven u e
Increased $ 23 8,25 7. T h e decrease o f $146,191 In o th e r Incom e w as due
t o decrease In receipts fro m hire o f e q u ip m e n t. T h e “ b a lan ce o f Incom e
o v e r ch a rg e s” w as $ 2 0 0 ,2 8 8 , again st 8 10 9,39 8.
D ivid en d s on first and
se c o n d preferred s to c k called fo r $88 ,100 an d “ a d d itio n s an d b e tte r m e n ts "
a m o u n te d to $ 9 ,695, o r a decrease o f $ 6 ,8 3 3 , le a vin g to be carried to cred it
o f profit and loss $10 2 ,1 9 3 , c o n tr a s tin g w ith $4,470 In 1907-08.
124,207 cross-ties an d 75 sets o f s w itch -tie s w ere p la ce d In the track d u rin g
th e y e a r, as c o m p a re d w ith 123,816 cross-ties and 82 sets o f sw itch -tie s for
t h e p reviou s y ear.
B o n d s.— $20 0,00 0 first co n s o lid a te d m o rtg age 4 % b o n d s Issued d u rin g
t h e y e a r fo r b e tte rm e n ts and im p ro v e m e n ts arc In the treasu ry.
O u tlook .— T h e business depression p revailin g th ro u g h o u t the co u n tr y for
n e a r ly tw o years c o n tin u e d to h a v e a d verse c lfe c t o n the t r a ffic o f the c o m ­
p a n y . a lth o u g h In a dim in ish in g d egree, until M arch 1909, d u rin g w h ich
m o n th , and until the clo se o f th e fiscal y e a r, the earnings w ere In excess o f
c o rre s p o n d in g periods o f 1908.
W ith the se ttlem en t o f the business u n ­
certa in ties in ciden t to the rea d ju stm e n t o f the t a r llf.a fu rth er im p ro v e m en t
Is e x p e c t e d , p a rticu la rly In lu m b e r, w h ich still co n stitu te s the largest single
Item o f tr a ffic h an d led .
T h ere have been e re cte d d u rin g the y e a r In th e c o u n tr y th ro u gh w h ich
th e road runs 10 lu m b e r m ills, tw o o f w h ich have d a lly cu ttin g c a p a c ity o f
7 0 ,000 fe e t; 1 c o tto n s e e d -o il m ill, 1 fe rtilize r fa c to r y , 1 Ice m a n u fa c to r y ,
7 c o t to n gins, 1 c o t to n w areh ou se, 5 tu rp e n tin e stills, 2 e le ctr ic -lig h t plan ts
an d 1 w ater w o rk s.
O n the T e rm in a l line at J a c k s o n v ille , F la ., a nu m ber
o f Industries h a ve also been lo ca te d , In clu din g a large c r co s o tln g plan t n ow
in cou rse o f co n s tr u c tio n .
S p ecial d f o r t s are b e in g m ad e to p ro m o te the
raising o f increased qu a n tities o f fru its and ve g e ta b le s.
O P E R A T IO N S , E A R N IN G S , A c.
O perations—
190 8-0 9.
1907-08.
1906-07.
M iles o p e r a t e d _________
395
395
395
P assengers c a r r i e d ____
6 43 ,597
689 ,266
721 ,237
26,6 7 2 ,6 4 1
2 6 ,7 1 1 ,2 8 6
Pass, carried 1 m i l e . ..... 2 7 ,2 2 3 ,7 7 7
R e c ts . p e r pass, per m ile
2.22 cts.
2.4 6 cts.
---------.
T o n s fre ig h t c a r r ie d ____
904 ,362
867 ,510
990 ,996
T o n s fre ig h t ca rried 1 m .1 1 0 ,2 5 2 ,5 2 4
96,4 8 9 ,4 4 1 106 ,249 ,36 0
R a te per to n p er m ile 1.040 c ts .
1.117 c ts .
_______

1905-06.
395
627,833
23,6 0 0 ,0 6 6
_______
859,561
8 6 ,8 0 9 ,0 3 9
_______

IN C O M E ACCOUNT.
1908-09. 1907-08.
1908-09.
Oper. Revenues—
S
S
$
l .147,151 1.078,111 Total net revenue............573,172
656,305 Taxes accrued.................. 98,807
604,866
218,512
222,803
10,617
Other rev. from oper.
Operating Income____474,865
22,117
Other Income___________ 48,553
Total oper. r e v . . . 1,996,937 1,963,546
: Total gross Income__ 522,018
Oper. Expenses—
218.010
Malnt. o f way, & c._ 183,842
Deduct—
Malnt. of equipment 331,828
435,359
Traffic expenses-----63,297
63,056 Interest on bond s........... 271,900
Transportation e x p . 761,378
822,277 Int. on equip, obligations 13,042
General expenses___ 101,073
108,182 Additions & betterments 9,695
Other d e d u ctio n s---------- 37,088
Total oper. e x p __ 1.442,018 1.046,884 Dlvs. on 1st pt. stk. (5 % ) 34,200
554,919
316,662 Dlvs. on 2d p f. stk. (5 % ) 54,200
19,936
v. 18,253
Total dedu ctions.....4 2 0 ,7 2 5
Total net revenue__ 573,472 ' 336,598' Balance, su rplu s.. . . . . . 102,193

1907-08.
8
336,598
92,626
243,971
194,745
438,716
270,975
17,776
16,528
40,566
34,200
54,200
434,245
4,470

THE CHRONICLE

Nov. 20 1909,

CO N DE N SED B A L A N C E SH EE T JU N E 30.
1909.
1908.
1909.
Liabilities—
S
Assets—
8
8
Road & equipment 9,932,206 9,874,263 Stock (see " R y . &
Incl.” S e c tio n ).. 3,768,000
333,000
259,000
Trust equ ipm en t-.
243,332 Bonds (see “ Ity. &
443,332
Securities o w n e d ..
In d .” S e c tio n ).. 6,038,000
142,716
140,453
Materials ^supplies
Equip, obligations
259,000
Cash (Including for
48,296
205,430 Taxes not due-----321,891
Interest)_______
Reserve
funds____
201,331
Agents and con19,701 Interest and dlvs.
d u c t o r s _______
20,887
due and unpaid.
97,087
16,485
U. S. G ovt, (mall)
6,042
Audited vouchers.
70,151
Individuals & com 69,031
86,295 Pay-rolls (J u n e )-61,729
p a n le s ................
81,321
72,634 M iscellaneous____
70,874
Leased r a il............
718,556
103,780 Profit and loss____
94,360
M iscellaneous-----T o t a l __________11,350,774 11,097,637
— V. 89, p. 1068.

CO N DE N SED B A L A N C E SH EE T J U N E 30.
1908.
1909.
1909.
1908.
Assets—
S
L ia b ilitie s S
S
S
R oad and equlp’ t_36 .941,980 36,942,220 Stock (see “ R y . &
Securities pledged
Ind. Section” ) . 26, 000,000 26,000,000
under m tge____
291,500
291,500 Bonded debt (see
Capital stock sub­
"R y . & Ind.Sec.") 15,,613,000 15,613,000
sidiary co s_____ 3 560,000 3,560,000 Stock and bonds
543,307
Additions— capital
543,307
75,059
c a lle d __________
50,559
Securities for Mid­
Sinking funds ac­
60,821
land R R . stock
64,381
crued ..................
and bonds_____
543,306
543,306 Interest & rentals
147,290
Mlscel. securities. 1 556,541 1,556,541
147,290
accrued, not due
20,670
Materials & supp.
182.393 Bills payable_____ .
136,043
Sinking funds____
119,889
117,604
187.393 Int., rentals, & c . .
91,638
Cash In hand and
99,965
89,647
P a y -r o lls ................
in transit______
114,845
361,296
456,652
182,562 Audited vouchers.
U. S. G ovt., agts.,
137,387
65,032
Due connect, lines
conductors, &c_
3,503
47,381
3,503
53,778 D uesubsld. c o s ___
Indlvids. & c o s ___
360,365
462,523
348,283
484,933 Res. funds, m alnt.
Miscellaneous____
714,860
809,324
43
716 Profit and ioss____

1908.
3.768.000
5.838.000
333,000
46,285
104,497
97,247
123,145
56,943
61,693
668,826

T o t a l .................. 11,350,774 11,097,637

Virginia & Southwestern R y.
30 1909.)
Pres. W . W . Finley, Bristol, Sept. 21 1909, wrote in brief:
(.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

T o t a l ....... .......... 44,162,666 43,935,900
— V. 89, p. 1069.

P h ysica l C on d ition .— T h ere w ere laid d u rin g th e y e a r 562 to n s o f new
80-Ib. steel rail, as again st 762 to n s In th e p re v io u s ye a r: also 5 5,550 cross
ties w ere p u t in th e m ain t r a c k , as again st 5 2 ,2 4 3 .
W eight o f H ail in M a in T rack Owned J u n e 30 1909— T otal M ile s Ballasted.
W e ig h t r a ils _____________________85-lb.
80-lb. 7 5-lb. 70-lb. 60-lb.
Total.
Miles ____________________________6 2 .0 0 21.2 5 20.2 5
6.8 0 4 1 .0 0
151.30
B a ll a s t _______________ - _________ ____________ . . _______ Slag. C in d er. Total.
M iles _____________________________________________________108.18
6.0 0
114.18
A steel b r id g e , con sistin g o f three riv e te d truss sp an s, Is bein g co n s tr u c te d
o v e r th e C lin ch R iv e r , a t C lln c h p o r t, V a ., t o re p la ce a w o o d e n H o w e truss
b rid ge. T o t a l len g th o f b ridges o n line o w n e d Ju n e 30 1909: Iron an d steel
s tru ctu res, 3 ,1 3 5 fe e t: w o o d e n stru ctu re s, 2 5,120 fe e t: t o ta l, 2 8 ,2 5 5 fe e t.
T h ere w ere illlcd d u rin g th e y e a r 1,192 lineal fe e t o f w o o d e n trestles. T h ere
w ere r c -b u ilt d u rin g th e y e a r 5,780 fe e t o f sta n d a rd trestles.
A su b sta n tia l Im p rov em e n t has been m a d e In th e e q u ip m e n t d u rin g the
y e a r. T h e e q u ip m e n t Jun e 30 1909 c o n siste d o f: L o c o m o t iv e s , 29; passen­
g er cars, 14; o ffic e r s ’ ca r, 1; fre ig h t cars, 2 ,763; road se rvice cars (In clu din g
22 c a b o o s e s ), 57; steam w re ck in g -cra n e , 1. O f this e q u ip m e n t 4 lo c o m o ­
tiv es, 250 b o x cars an d 1,250 g o n d o la cars are u n d er e q u ip m e n t tru sts.
A d d ition s an d b etterm e n ts d u rin g th e y e a r h a v e a ggrega ted $15 ,5 4 4 .
N ew C on stru ction .— C o n stru ctio n w o rk o n th e H o ls to n R iv e r line fro m
M occa ssin (Jap, V a . , t o P ersia, T e n n ., w h ich w as resum ed a b o u t M arch 1
1909, Is p rogressin g s a tisfa c to r ily , an d It Is e x p e c te d th a t this line w ill be
c o m p le te d a n d re a d y fo r o p e r a tio n a b o u t J a n . 1 1910.
O PER ATIO N S. EA K N IN Q S, CH ARGES, A c.
1908-09. 1907-08.
■
1908-09. 1907-08.
8
S
A v. miles o p era ted ..
188
170
44,655
49,149
Passengers carried -. 236,608
249,818 General expenses___
Pass, carried 1 m lle.4,619,689 5,320,461
812,316
Av.rets.p.pass. p. m . 2.96 cts. 2.71 cts. Total oper. expenses 773,654
250,184
Tons carried (rev.) -.1,545,412 1,310,147 Net oper. revenue.. 362,632
49,243
42,909
Taxes accrued...........
Tons carried one mile
(revenue)______ 108,721.112 86290,481
207,275
A v. rets. p. ton p. in, 0.88 cts. 1.01 cts. Operating Income__ 313,389
119,182
Hire of equip.— bal.
72,566
Operating Revenues— S
S
2,917
10,348
869,775 Rentals, Interest, &c.
F r e ig h t ....................... 959,576
144,451
P a ssen ger.................. 136,906
329,374
33,787
Total gross Income 396,303
Mall, express, A c . . .
32,364
14,487
Deduct—
Oth. rev. from oper.
7,440
22,392
Rentals, Int., disc.,& c. 23,465
Total oper. r e v ...1.1 3 6 ,2 8 6 1,062,500 Rcplacem ’ t of trestles 20,000
Interest on bonds and
169,524
equipment notes. . 238,876
Operating Expenses—
159,953 A dd’ ns & betterm ’ ts
69,893
15,545
Mnlnt. of w ay, & c .. 144,354
285,007
Malnt. of equipment 227,697
12,204
261,809
Total deductions. 297,886
Traffic expenses____
12,123
67,565
305,943 Balance, surplus____
98,417
Transport'n expenses 344,825
BAL/ lN CE SH. KET JU N E 30.
1909.
1908.
1909.
1908.
Liabilities—
S
S
Assets—
S
S
Cost of road---------- 5,996,412 5,657,038 Capital stock ......... 2,000,000 2 000,000
Cost of equipment 2,066,190 1,166.190 Funded d e b t____ 7,000,000 4,070,000
163,750 1,136,700
Trust equipment .
163,750 1,130,700 Equip, obligations
Fund for constr’ n
Res. for malnt. of
150,000
H olstonR tv.ext.
743,532
way, & c..............
154,648
144,483
Material and s u p ..
81,764
103,043 Other reserves____
80,136
108,551
Mlscel. securities.
448,991
18,991 Int. due & accrued
355,000
Disc, on secur’s sold 220,114
Bills payable.........
28,388
Cash .................
235,047
26,204 Unpaid wages-----28’,467
67,890
Leased rail a c c t ..
11,14.3
21,674 Audited vouchers.
209,196
33,377
Individuals & co s .
83,817
31,604
29,386 Individuals & co s.
M iscellaneous____
5,735
248,241
10,990 Front and loss____ ♦210,279

Iowa Central Railway.

General R esults. — T h e s l i g h t I n c r e a s e I n t r a n s p o r t a t i o n r e v e n u e s r e f l e c t s
th e w id e s p r e a d d e p r e s s io n , w h ic h , fo r a g r e a t p a r t o f th e y e a r , s e r io u s ly
d is tu r b e d c o m m e r c e th r o u g h o u t th e c o u n t r y .
T h e I n c r e a s e o f 1 7 . 3 3 % in o p e r a t i n g e x p e n s e s Is p r i n c i p a l l y d u e t o t h e
t o t a l d e s t r u c t i o n b y fi r e o f t h e c o m p a n y ' s s h o p s a t M a r s h a l l t o w n , l a . , in
O c t . 1 9 0 7 , w h ic h n e c e s s ita t e d u n u s u a lly la r g e e x p e n d it u r e s d u r in g th is
fis c a l y e a r f o r r e p a ir s t o , a n d r e n e w a ls o f , b o t h l o c o m o t i v e s a n d c a r s .
T h e s e d e la y e d r e p a ir s w e r e , h o w e v e r , a b o u t c o m p le t e d a t th e c lo s e o f th e
year.
T h e I n c r e a s e o f $ 1 0 0 ,1 1 8 In h ir e o f e q u i p m e n t a n d r e n t a ls f o r t r a c k ­
a g e a n d t e r m i n a l s Is m a i n l y d u e t o t h e u s e o f a g r e a t e r n u m b e r o f f o r e i g n
c a r s , o w in g t o a la r g e p o r t io n o f th e c o m p a n y ’ s c a r e q u ip m e n t b e in g
s h o p p e d f o r r e p a ir s , fo r th e r e a s o n s t a t e d a b o v e .
T h e I n c r e a s e o f $ 1 2 ,5 0 3 in I n t e r e s t o n f u n d e d d e b t Is d u e t o in t e r e s t o n
a d d i t io n a l firs t a n d r e f u n d in g 4 s is s u e d f o r a d d i t io n s a n d b e t t e r m e n t s .
R e v e n u e s fr o m t r a n s p o r t a t io n o f p a s s e n g e r s In c r e a s e d $ 3 1 ,6 5 9 , o r 6 .6 0 % ,
b e i n g p r i n c i p a l l y In r e c e i p t s f r o m t h r o u g h p a s s e n g e r s .
T h e r e w a s a s l ig h t d e c r e a s e In f r e i g h t r e v e n u e o f $ 2 4 ,2 5 9 .
T he com ­
m e r c i a l d e p r e s s i o n p r e v a i l i n g d u r i n g a g r e a t p a r t o f t h e y e a r r e s u l t e d In l e s s
t o n n a g e o f c e r t a i n h i g h - c l a s s c o m m o d i t i e s , a n d t h e c o n s e q u e n t lo s s In e a r n ­
in g s t h e r e f r o m w a s f u r t h e r a u g m e n t e d b y a d e c r e a s e In t h e a v e r a g e m il e s
c a r r ie d p e r t o n o f 7 .3 7 % , b e in g d u e m a in ly t o th e d iv e r s io n o f fr e ig h t t o
t h e n e a r e s t j u n c t i o n p o i n t s In o r d e r t o f a c i l i t a t e it s m o v e m e n t d u r i n g t h e
s t r ik e o f t h e m e c h a n ic a l e m p lo y e e s In t h e e a r lie r p a r t o f t h e y e a r .
T h is
l o s s I n r e v e n u e , h o w e v e r , w a s In a m e a s u r e o f f s e t b y a n i n c r e a s e o f 4 . 0 5 %
In t h e a v e r a g e r a t e r e c e i v e d p e r t o n p e r m i l e .
A verage Cost o f R ep airs and R enew als p er L ocom otive and P e r C a r p er A n n u m •
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
$ 2 ,9 3 2
$ 2 ,0 0 3
$ 2 ,0 1 8
l o c o m o t i v e _________________
p a s s e n g e r - t r a i n c a r _______________________
719
270
405
55
19
43
f r e i g h t - t r a i n c a r __________________________
A d d ition s and B etterm ents. — T h e r e w e r e e x p e n d e d d u r i n g t h e y e a r f o r
a d d i t io n s a n d b e t t e r m e n t s $ 4 7 4 ,1 4 3 a n d f o r e q u ip m e n t $ 3 9 3 ,4 5 9 , a t o t a l o f
$ 8 6 7 ,6 0 2 , w h ic h w a s c h a r g e d t o c a p it a l a c c o u n t .
T h e a d d itio n s a n d b e t ­
te r m e n ts In clu d e d :
B a l l a s t i n g & r c c t l f y ' g g r a d e s . $ 9 ,8 9 0 1 N e w s i d i n g s a n d s p u r t r a c k s
( 5 . 8 3 m i l e s ) ____________________$ 3 9 , 5 1 0
B r i d g e s a n d c u l v e r t s ......... . . . 3 2 2 , 1 8 5
B u i ld in g s & s t a t io n g r o u n d s . 7 4 ,9 7 9 | S h o p m a c h in e r y a n d t o o l s . . 2 7 ,5 7 8
T h e e x p e n d it u r e s fo r a d d it io n a l e q u ip m e n t In c lu d e d : S e v e n 8 -w h e e l l o c o ­
m o t iv e s , 1 30 c o a l ca r s (4 0 -to n s c a p a c it y ), 2 0 0 b o x ca r s (3 0 -t o n s c a p a c it y )
and
12 c a b o o s e c a r s , $ 3 0 4 , 6 4 2 ; I m p r o v e m e n t s t o e x i s t i n g e q u i p m e n t s ,
$ 5 ,8 7 8 ; p a y m e n t s o n a c c o u n t s o f n e w e q u ip m e n t p u r c h a s e d b u t d e liv e r y
o f w h ic h w a s n o t c o m p le t e d t o J u n e 3 0 , $ 8 2 ,9 3 9
P er
P er
P er

N eto E q u ip m en t T ru st. — I n a d d l t l o n j t o t h e e q u i p m e n t p u r c h a s e d a n d
p l a c e d in s e r v ic e d u r in g t h e y e a r , r e fe r r e d t o a b o v e , t h e r e w e r e a ls o c o n ­
t r a c t e d f o r t w e lv e 1 0 -w h e e l c o n s o lid a t io n fr e ig h t lo c o m o t iv e s , 1 00 s te e l
g o n d o la ca rs , e a ch o f 5 0 -to n s c a p a c ity a n d 250 co a l ca rs , e a ch o f 4 0 -to n s
c a p a c i t y , d e liv e r y o f w h ic h h a s b e e n c o m p le t e d s in c e th e c lo s e o f th e fis ca l
year.
T h e p a y m e n t f o r th is e q u ip m e n t w a s p r o v id e d f o r b y t h e Issu e o f
t r u s t n o t e s t o t h e a m o u n t o f $ 3 5 7 , 3 6 6 , a p o r t i o n o f w h i c h Is p a y a b l e I n 3 0
m o n t h l y I n s t a l l m e n t s o f $ 1 , 2 4 5 5 3 e a c h , a n d t h e r e m a i n d e r In 1 0 a n n u a l
I n s t a llm e n t s o f $ 3 2 ,0 0 0 e a c h , a n d t o J u n e 3 0 1 9 0 9 n o t e s t o t h e a m o u n t o f
$ 6 ,2 2 7 6 5 h a d b e e n p a id .
B o n d s .— T h e r e w e r e I s s u e d d u r i n g t h e y e a r $ 6 2 8 , 0 0 0 ’ ’ f i r s t & r e f u n d i n g ’
4 % b o n d s t o r e im b u r s e th e c o m p a n y fo r c a s h e x p e n d e d fo r a d d it io n s a n d
b e tte rm e n ts.
“ F ir s t & r e fu n d in g ” 4 % b o n d s t o t h e a m o u n t o f $ 1 ,6 7 4 ,0 0 0
w e re s o ld , a n d a p o r t io n o f th e p r o c e e d s r e a liz e d th e r e fr o m w a s a p p lie d t o
t h e l i q u i d a t i o n o f t h e fl o a t i n g d e b t , l e a v i n g In t h e t r e a s u r y J u n e 8 0 b o n d s
o f t h is Issu e t o th e a m o u n t o f $ 3 9 5 ,0 0 0 , c o n s t it u t in g a fr e e a s s e t.
M is s is sip p i R iver B r id g e .— T h e b r i d g e o v e r t h e M i s s i s s i p p i R i v e r a t
K e l t h s b u r g b e i n g w h o l l y I n a d e q u a t e f o r o u r p r e s e n t t r a f f i c , It w a s d e c i d e d
t o r e p la c e It w it h a m o d e r n a n d m o r e s u b s t a n t ia l s t r u c t u r e .
T h e new
b r id g e w ill b e c o m p le t e d e a r ly in J a n . 1 9 1 0 , a n d w it h th e u s e o n t h a t s e c ­
t io n o f th e r o a d o f th e h e a v ie s t m o t iv e p o w e r th e n e c e s s ity o f d iv id in g
h e a v i l y l o a d e d t r a i n s a n d s w i t c h i n g t h e m o v e r In s e c t i o n s w i l l b e e l i m ­
in a te d .
T h is w ill e ffe c t a m a te r ia l s a v in g in c o s t o f o p e r a t io n a n d a ls o
e x p e d it e th e m o v e m e n t o f tr a in s a t t h a t p o i n t .

New York Susquehanna & Western 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.)
PresF. D . Underwood, Oct. 19 1909, writes in substance:




30 1909.)

Pres. Edwin Hawley, N. Y ., Oct. 1, says in substance:

T o t a l __________10,056,495 8,170,216
T o t a l ...................10,056,495 8,170,216
* A fter deducting $130,000 reserve for roadway and structures and other Items
aggregating $6,379.— V. 89, p. 1282.

Expenses— R R . . . 2,120,119 2,390,375
Total charges____1,018,032
957.766
Balance ............................................................ ....................... „ .sur.l06,867def 147,006
* Includes In 1908-09, besides rentals accrued for lease of other roads, $20,000,
other rents aggregating $166,947 for hire of equipm ent (balance), Joint facilities, &e.

T o t a l __________44,162,666 43.935,900

(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

,

T h e gross reven u e fro m o p e r a tio n d ecrea sed $ 7 ,3 2 9 . T h e d ecrea se In
o p e r a tin g exp en ses w as $ 3 9 1 ,1 7 6 , o r 1 6 % less th a n th e p re v io u s y e a r.
O p era tin g In com e a m o u n te d t o $ 1 ,0 4 0 ,2 7 2 , a n Increase o f $ 2 9 9 ,7 1 2 , or
4 0 .1 5 % .
T h e p r o p e r t y has been fu lly m a in ta in e d , th e d ecrea se In o p e r a t­
ing ex p en ses bein g p rin c ip a lly d u e t o th e fo llo w in g causes:
( l ) R e d u c tio n
($210,708) in m a in ten a n ce o f w a y a n d s tru ctu re s. T h e decrease Is p rin ­
c ip a lly In th e Item s o f tics , rails an d o th e r tra ck m a te ria l, there h a v in g been
u n u su ally large e x p en d itu re s m ade an d ch a rge d t o these a c c o u n ts d u rin g
th e p rev iou s y e a r .
(2) R e d u c tio n ($115,114) In m a in te n a n ce o f e q u ip ­
m en t, due ch le lly t o ch an ge in cla ssification o f o p e r a tin g e x p e n se s m ade
J u ly 1 1908, w h ich e lim in a te d fro m o p e r a tin g e xpen ses th e ch a rge fo r d e ­
p re cia tio n o n b o r r o w e d e q u ip m e n t.
(3) R e d u c tio n ($37 ,4 3 2 ) In tra n s­
p o r ta tio n e x p e n s e s , p rin c ip a lly d u e t o decrease in th e c o s t o f fu e l, o w in g
t o a red u c e d ra te p e r to n .
T h e In com e a c c o u n t sh ow s th a t th e c o m p a n y ,a f t e r h a v in g e x p e n d e d $13 ,320 fo r a d d itio n s a n d b e tte rm e n ts d u rin g the cu rren t y e a r, carried a cre d it
balan ce o f $10 6 ,8 6 7 t o p rollt a n d loss a c c o u n t.
IN C OM E ACCOU NT.
Note — The figures for gross earnings and operating expenses In 1907-08 having
been somewhat revised In order to afford a proper comparison, and the figures after
“ operatng Income” for 1907-08 not being given In this year’s report, we have
changed the Item of “ rcnts-Jolnt facilities” from S27.678 to $35,655 In order to
strike the proper balance for the year.
1908-09. 1907-08.
1908-09. 1907-08.
Operating Revenue
S
S
$
s
Freight........ ..............2,478,366 2,490,705 Expenses— Other op.
86,354
123,141
P a ssen ger.................. 600,503
571,061
Mali, express. & c__
97,227
103,398
Total expen ses...2,206,474 2,513,515
Ratio of exp. to earn.(67.83% ) (77.10% )
Earnings— R R ...3 ,1 7 6 ,0 9 6 3,165,165 Net earnings— R R . . 1,055,977
774,790
Earnings—O th e ro p .
76,649
94,910 Net earnings— All op. 1,046,272
746,560
Interest & dividends
35,121
28,545
Total earnings------3,252,745 3,260,075 Rcnts-Jolnt facilities
43,506
35,655
Operating Expenses—
Malnt. of way, A c . . 392,039
602,748
Total net In c o m e ..1,124,899
810,760
Malnt. of equipment 354,183
469,296
Deduct—
Transpor'n expenses 1,139,125 1,176,558 Interest on b o n d s ... 816,665
816,665
Traffic expenses____
24,341
20,213 Sinking fund, rentals
General e x p e n s e s ...
57,304
52,567
78,401
and miscellaneous. *188,047
Taxes ......................... 153,127
68,993 A dd’ ns and lm prov’ ts
62,700
13,320

1341

O utlook.— T h e r e e x i s t s a t t h i s w a i t i n g a m o s t h o p e f u l o u t l o o k r e s p e c t i n g
b u s in e s s f o r th e e n s u in g y e a r .
A n u m b e r o f n e w e n te r p r is e s w e re e s t a b ­
li s h e d o n t h e li n e s o f t h e c o m p a n y d u r i n g t h e y e a r , w h il e a n u m b e r o f o l d e r
o n e s w e r e g r e a t ly e n la r g e d , a n d w it h th e p r o m is in g c o n d it io n o f th e c r o p s
a n d a n I m p r o v e m e n t In g e n e r a l b u s in e s s , t h e e a r n i n g s f o r t h e c o m i n g y e a r
s h o u ld s h o w a m a r k e d Im p r o v e m e n t.
T h e c o m p a n y h a s n o flo a tin g In ­
d e b t e d n e s s o t h e r t h a n Its c u r r e n t d e b t s f o r v o u c h e r s a n d p a y -r o l ls , & c .
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
190 5-0 6.
M iles o p e ra te d Jun e 3 0 . .
558
558
558
558
O perations—
1,001,314
93 0 ,4 1 7
737 ,438
682 ,353
P a ss, carried ( N o . ) _____
Pass, carried on e m i l e . . 27,33 0 ,9 4 8
2 5 ,4 0 6 ,9 8 1
2 2 ,6 4 0 ,8 2 4 2 1 ,4 6 2 ,4 9 9
1.889 c ts .
2.243 c ts .
2.194 c ts .
R a te per pass, p e r m ile .
1.872 cts.
R e v . fre igh t (ton s) c a r ’ d 2 ,3 5 5 ,7 1 7
2 ,2 9 1 ,1 5 2
2 ,3 8 1 ,9 6 4
2 ,3 3 7 ,0 3 5
F reigh t (ton s) c a r ’ d 1 m . 383 ,3 1 0 ,4 4 4 4 0 2 ,4 4 7 ,5 5 9 3 9 9 ,3 7 4 ,4 3 9 4 0 3 ,0 9 4 ,1 3 7
R a te per to n per m ile
0.6 1 6 c ts .
0.592 cts.
0.6 2 8 c ts .
0.591 c ts .
A v . train lo a d (re v .) to n s
262
278
288
277
E arn s, per pass, train m .
7 3.55 c ts .
6 9.80 c ts .
71.7 7 c ts .
_______
E arn s, per fg t . trhln m . .
$1.61
$1.64
$1.81
$1.64
G ross earnings p e r m ile .
$5,338
$ 5 ,3 2 9
$ 5 ,589
$5,282
IN C O M E ACCOU NT.
N ote.— The operating expenses In 1907-08 having been somewhat revised In order
to afford a correct comparison and the figures after "operating Income” for 1907-08
not being given In this year’s report, we have changed the Item of “ other Income"
from $184,273 to $161,796 In order to strike the proper balance for the year.
1908-09. 1907-08.
1908-09. 1907-08.
Earnings from —
$
$
S
S
P a ssen ger.................. 511,646
479,987 Taxes .........................
89,103
86,843
F r e ig h t .......................2,359,557 2,383,816
Mail, express & misc. 144,444
138,672
Operating Incom e. 454,872
809,121
Other In co m e ............ 113,650
161,796
T o t a l ...................... 3,015,647 3,002,475
Expenses—
568,522
970,917
Malnt. of way, & c . . 330,590
378,685
Disbursements—
Malnt. o f equipment 596,028
322,446 Interest on bonds___ 611,763
599,260
Traffic expenses____ 107,370
102,377
65,392
Transp’n expenses..1 ,3 3 2 ,294 1,196,932
82,321
*184,279
G e n e ra l...................... 105,390
106,071 D eprec’n on equlp’ t
' 248,138
8,745
.T o t a l ...................... 2,471,672 2,106,511
Total . ................ ..1 ,0 4 4 ,1 8 0
755,718
Met oper. revenue.. 543,975
895,964 Balance fo r y e a r ., def.475,658sr.215,199
:

* Includes hire of equipment, S13L614, and rentals, <&c., $52,665.

THE CHRONICLE

1343

C O N D E N S E D B A L A N C E S H E E T J U N E 30.
1907.
1908.
1909.
$
$
$
2 6 ,9 3 2 ,4 7 6
2 7 ,8 5 1 ,5 0 5
2 9,157,401
618,541
C oal m in es, lan ds, & c ___
619,711
619,711
271.607
303,402
S u p p lies on h a n d _______
280,411
423 ,258
430 ,030
Cash ________ _______ ___
113,688
265,028
310 ,4 7 0
302,161
V a riou s a c c o u n ts r e c e lv .
3 ,2 7 0 ,0 0 0
1 ,441,000
395 .0 0 0
B on d s and s t o c k ________
407 .000
P a .C o fo rln s .o n L lv e s ,& c .
43,600
21,463
9,712
In terest on b on d s ow n ed

1906.
$
2 6 ,8 8 9 ,5 1 0
618,541
225,997
267,295
263 ,617
3 ,2 7 0 ,0 0 0

3 0 ,9 7 7 ,5 8 2

3 1 ,8 2 4 ,5 1 0

31,5 7 8 ,5 6 0

1 4,199,455

14,1 9 9 ,4 5 5

1 4 ,199,455

13,137,294

12,9 9 0 ,2 9 5

1 2,990,295

113,060
215 ,0 1 7
310 ,279
78,055
29,915
125,498
2,7 3 8 ,1 0 8

111,220
200,899
1,632,500
50,397
84,399
32,436
2 ,5 2 2 ,9 0 9

126,860
141,333
1,875,000
84,758
83,553
2,0 7 7 ,3 1 4

30,9 7 7 ,5 8 2

3 1 ,8 2 4 ,5 1 0

3 1 .5 7 8 .5 6 0

A s sets—

3 1 ,2 8 5 ,0 8 4
L ia bilities—S to ck s (see “ R y .& I n d . ”
S ection ) _____________ 14,1 9 9 ,4 5 5
B o n d s (see “ R y .& I n d . ”
S ection ) _____________ 13,7 6 5 ,0 9 5
351 ,138
E q u ip , trust n o t e s _____
127,618
I n t. d u e a n d a c c r u e d ___
4 4 9 ,5 7 7
V o u ch e rs an d p a y -r o lls .
B ills p a y a b le ____________
74,889
T a x e s a c c r u e d , n o t ilu e .
25,831
U n a d ju s te d a c c o u n t s ___
29,031
E q u ip , r ep la cem en t fund
P rollt an d loss s u rp lu s . _ 2 ,2 6 2 ,4 5 0
3 1 ,2 8 5 ,0 8 4

T o t a l _____________ —
— V . 80, p. 103.

43,600

United Fruit Company.
30 1909.)
The full text of the remarks of President Andrew W .
Preston, affording many particulars regarding the property
and its business, and also comparative income account and
balance sheets for two years, will be found on subsequent
pages. Further facts compiled from the report and the usual
comparative tables for several years follow:
( 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 .

L O C A T IO N A N D B O O K V A L U E O F P R O P E R T Y O W N E D .
--------- To tal A creage---------- — P la n ts anul E q u ip m en t, B o o k C o s t.—
1907.
1908.
1909.
1908.
1907.
1909.
$7,9 2 4 ,5 0 8
$ 8 ,501,014
$8,4 4 8 ,3 2 2
C osta R ic a 160,918 183,269 181,184
6 ,171,206
6 ,328,288
6 ,9 4 7 ,7 0 2
67,956
68,505
C uba
___ 90,258
534,721
271,917
50,000
847,770
50,000
G u atem ala 50,000
2,3 5 2 ,3 3 2
2 ,311,444
29,822
29,079
2,324,299
J a m a ica . . 29,636
533,080
18,203
18,203
412 ,2 7 5
S an to D om .
R epub. of
353 ,7 1 7
11,213
415 ,519
374 ,268
C olom b ia 26,085
11,265
R ep u b. of
3,0 6 3 ,0 5 4
4 ,7 0 6 ,0 1 0
38,873
38,508
3 ,8 5 6 ,3 7 2
P a n a m a . 53,048
T o t a l * . . '115,945 399 ,388 396 ,692 $ 23 ,089 ,62 9 $ 2 2 ,359 ,27 0 $ 2 0 ,628 ,93 2
A ls o leases 5,041 acres In C osta R ic a an d 21,971 acres In J a m a ica .
B O O K C O S T O F C O M P A N Y ’ S L A N D S , & c.
1907.
1908.
1909.
$9,0 2 9 ,0 2 6
$ 8,970,880
L a n d s................
$ 9 ,0 0 2 ,3 7 2
1,100,474
1,202,773
H ouses an d b u ild in g s___
1,3 0 0 ,8 9 9
3 ,8 5 0 ,8 3 7
4 ,2 6 8 ,6 0 8
C u lt i v a t io n s ____________
4,7 1 8 ,1 5 0
691 ,499
771 ,442
705 ,303
L iv e s t o c k _______________
193,088
199,688
T o o ls an d m a c h in e r y ___
192,303
2,9 3 0 ,7 8 6
4,0 7 3 ,1 9 7
R a ilw a ys* _____________
4 ,8 6 5 ,5 0 9
85,659
80,729
T e l e p h o n e s _____________
92,574
337,341
342,341
341,211
W h a rv es, lig h ters, & c . .
500 ,370
591,702
M erch andise (s to r e s )___
007,501
549 ,719
504,309
M aterial on h a n d _______
450,207
1,287,533
Su g ar m i l l . . .......................
1 ,287,533
1,287,533

1906.
$8,5 4 9 ,4 1 4
1,032,183
2 ,874,592
641,197
175,765
1,906,995
85,659
346 ,015
475,843
395 ,415
1,244,533

T o t a l ................................$ 2 3 ,089 ,62 9 $2 2 ,3 5 9 ,2 7 0 $2 0 ,6 2 8 ,9 3 2 $ 1 7 ,7 8 7 ,6 1 2
* In clu d es $90,000 represen tin g In vestm en t In C h an gu ln ola C a n al, o n
the Isth m u s o f P a n am a.
T o ta l h ead o f ca ttle S e p t. 30 1909, 1 7 ,3 5 2 , a ga in st 17,641 in 1908 an d
16,334 In 1907; horses an d m u les, 3 ,2 1 4 , a g a in st 3 ,3 0 0 In 1908 and 3,1 7 6 In
1907; m iscella n eou s, 271, a gain st 245 In 1908 and 144 In 1907.
R a ilw a ys
o w n e d , 524 m iles, again st 420 m iles In 1908 and 315 m iles In 1907.
A
C
C
O
U
N
T
.
IN C O M E
1907-08.
1906-07.
1905-06.
1908-09.
N et earns, fto m trop ica l
$ 3,720,402
$6,0 6 1 ,9 1 0
$3,723,511
fru its an d o th e r o p e r .. $3,8 7 1 ,8 3 3
180,485
227,099
M iscella n eou s In com e ___.
516,817
3 17 ,580
$4,041,091

$6,2 8 9 ,9 0 9

$ 3 ,000,887

$220,771
1 ,707,042
(8 % )

$94,746
1,584,484
(8 % )

$99,982
1,419,350
(7 H % )

$114,354
1,235,745
(7 % )

T o ta l d e d u ctio n s

$1,927,813
f $2,4 6 0 ,8 3 7
10,036,450

$ 1 ,6 7 9 ,2 3 0
$2,301,861
9 ,7 5 2 ,0 5 0

$ 1 ,5 1 9 ,3 3 2
$ 4 ,770,577
5,523,033

$1,3 5 0 ,0 9 9
$ 2 ,550,788
3,4 9 3 ,7 7 3

T o ta l s u r p l u s ___

$1 2 ,4 9 7 ,2 8 7 $12 ,113 ,91 1 $1 0 ,2 9 4 ,5 1 0
1,940,000
,) ---------------

$ 6,044,562

$ 1 2 ,497 ,28 7 $10 ,173 ,01 1 $ 1 0 ,294 ,51 0

$6,0 4 4 ,5 0 2

542,460

520,629

. $4,3 8 8 ,6 5 0
f D educt—
In te r e s t o n b o n d s .

.
.

R a tc o f d iv id e n d .

D irect ch arges to p rollt
an d l o s s . . ..........
'

490,482

137,461

$ 9 ,7 5 2 ,0 5 0
$5,523,933
.$ 1 2 ,0 0 0 ,8 0 5 $1 0 ,0 3 6 ,4 5 0
B A L A N C E S H E E T S E P T . 30.
A s sets—
1909.
1908.
1907.
P la n ta tion s an d e q u ip m e n t___________$2 3 ,0 8 9 ,0 2 9 $ 22 ,359 ,27 0 $ 2 0 ,628 ,93 2
1,574,907
3,5 4 0 ,1 6 7
C a s h _______________
2,7 2 4 ,0 7 0
1,880,399
2,3 0 8 ,6 0 9
A c c o u n ts c o lle c t ib le _____ _____________
1,480,753
52,000
O ld C o lo n y T r u s t C o ___________________
__________
148,836
A d v a n c e p a y m e n t s ___________
132,040
"156,902
2,4 8 2 ,7 2 5
M iscellaneous in v e s t m e n t s _______ . .
1,977,212
2,4 3 8 ,0 4 4
*5,207,040
A d v a n c e s _____________________________ * 8 ,4 7 1 ,0 4 8
3 ,018,756
1,448,271
N ine B a y C o. co m m o n s t o c k _________
1 ,449,528
1,446,000
1,731
11,030
4,358
O th er a c c o u n t s ________________________
T o t a l . . ...................................
.$ 4 0 ,756,494 $ 35 ,215 ,17 8 $32,721,183
L iabilities—
C a p ital s t o c k ___________________________ $21 ,340,000 $21 ,3 2 8 ,3 0 0 $18 ,525 ,00 0
52,000
1.156.000
C on v . b d s . (ca lled fo r p a y ’ t M c h .1 ’ 08)
.
1 ,600,000
Serial d e b e n t u r e s _____________________
1 ,440,000
1.600.000
4 J 3 % sin kin g fu n d d e b e n tu re s ................... 4 250,000
" 672",531
700 ,864
A c c o u n ts p a y a b le _____________________
898,529
460 ,106
4 54 ,505
S igh t d ra fts an d a c c e p t a n c e s ________
376 ,590
600 ,000
Bills p a y a b le ___________________
.
D i v i d e n d s _____________________________
426 ,504
426 ,800
370 ,500
39,228
A c c r u e d Interest and m isce lla n e o u s. .
77,5 2 0
42,513
1 0,036,450
I n c o m e a c c o u n t , su rp lu s_____________ 12 006 ,8 0 5
9,752,051
T o t a l . .......................... .............................. $40 ,7 5 6 ,4 9 4 $ 35 ,215 ,17 8 $ 3 2 ,721 ,18 3
* A d v a n c e s In 1909 Include; T o N lpe B a y , $ 1 ,5 1 2 ,5 9 4 ; N orth ern R y .,
$ 3 ,2 2 7 ,4 6 1 ; T r o p ic a l F ru it S team sh ip C o ., L t d .. $ 3 ,7 3 0 ,9 9 3 .
N o te .— T h e Insurance fu n d assets, a m o u n tin g S e p t. 30 1909 to $63 3 ,9 1 5 ,
are n o t In clu d ed In the a b o v e ba la n ce s h e e t.— V . 8 9 , p . 1000.

American Steel Foundries.
Y e a r e n d in g J u l y 31 1909.)
This company, having works at Chester, Franklin, Sharon
and Pittsburgh, P a., Alliance, Ohio, Hammond and Indiana
( R e p o r t fo r F i s c a l




[V O L . LX X X I X

Harbor, Ind., Granite City and East St. Louis, 111., reports
through its President, W m . V . Kelley, under date of Chi­
cago, Oct. 1:
G eneral R esults.— It w as p o in te d o u t In the last a n n u al re p o r t th a t m u ch
o f the c o m p a n y ’s to n n a g e Is d e riv e d eith er d ir e ctly o r in d ire c tly fro m
railroad s, p a rticu la rly fo r cars a n d lo c o m o tiv e s . T h is class o f business
w as the last t o r e c o v e r fro m the p a n ic o f 1907; In fa c t , up to th e end
o f the fiscal y e a r it w as v e r y sm all. T h e m iscella n eou s steel castin gs
business w as also m u ch slo w e r In retu rn in g t o n orm al co n d itio n s than
m o st b ran ch es o f th e steel tra d e .
As a resu lt, th e c o m p a n y suffered
se v e r e ly fro m the re d u ce d c o m m e rcia l a c t iv it y w h ich fo llo w e d the p a n ic:
to w h at e x te n t is b e st sh ow n b y the fo llo w in g :
C om parative Statem ent o f G ross Sales Y ears ending J u ly 31.
190 8-0 9.
1907-08.
1906-07.
1905-06.
$7,1 3 8 ,0 0 9
$ 8 ,9 6 4 ,1 8 9
$ 1 9 ,463 ,52 1
$1 5 ,2 9 7 ,4 9 0
' W h ile the net Incom e sh o w n fo r th e y e a r m a y be s o m e w h a t d is a p p o in tin g ,
it Is a s a tisfa ctio n to k n o w th a t d u rin g t w o v e r y tr y in g years th e c o m p a n y ’s
w o rk in g c a p ita l has been k e p t in ta ct an d its p lan ts a n d orga n iza tion
m ain tain ed at a p o in t o f e ffic ie n c y w h ich w ill en a b le it t o h an dle a large
v o lu m e o f business p r o m p tly .
T h e net Incom e o f $19 ,846 is a rriv e d at a fte r d e d u ctin g all Interest and
o th e r charges. In clu din g $526,701 fo r repairs and m ain ten an ce and $113,481
fo r d e p re cia tio n o f llx e d p ro p e rtie s, anil also a fte r a p p ro p r ia tin g $17 6,68 3
t o increase the sin k in g fu n d fo r the lirst m o rtg a g e b o n d s.
T h e la tte r Item ,
w hile necessarily a ch arge a gain st In com e, Is re a lly a s e ttin g aside o f profits
fo r the p u rp ose o f liq u id a tin g d e b t , an d It increases th e b o o k va lu e o f t h e '
stock .
*
, ,
T h ro u g h th e sin k in g fu n d $ 1 5 1,00 0 first m o rtg a g e b o n d s w ere retired
du rin g the y ear t o J u ly 3 1 , an d th e a cc r e tio n s s in ce , to g e th e r w ith the
ann u al Installm ent p a y a b le to the tru stees this d a te (O c t. 1) w ill purch ase
a t least $15 2,00 0 m ore, m a k in g a to ta l retired to d ate o f $ 9 9 0,00 0 o u t of
the origin a l Issue o f $ 3 ,5 0 0 ,0 0 0 .
T h e sum o f $48 ,844 w as e x p e n d e d an d ch a rg e d t o c a p ita l a c c o u n t du rin g
th e y e a r fo r a d d itio n s t o p la n t a n d e q u ip m e n t.
In a d d itio n , $86,563 w as
e x p e n d e d fo r im p ro v e m e n ts an d ch a rged t o th e d e p re cia tio n reserve.
O utlook.— Since th e clo se o f the fiscal y e a r there has been a m aterial
increase in th e d e m a n d fo r the c o m p a n y ’s p r o d u c ts , an d orders In such
liberal v o lu m e h a ve been secu red th a t It has been fo u n d necessary t o p u t
all o f the c o m p a n y ’s p lan ts In full o p e r a tio n .
It Is be lie v e d t h a t, unless
som e u n e x p e cte d d istu rb a n ce o ccu rs , a g o o d v o lu m e o f business w ill c o n ­
tin u e , a n d th at the result fo r the en su in g fiscal y e a r s h o u ld be sa tisfa c to r y .
IN C O M E A C C O U N T .
1908-09.
1907-08.
1900-07.
1905-00.
G ross sales............................... $ 7 ,1 3 8 ,0 0 9 $ 8 ,9 6 4 ,1 6 9 $19 ,463 ,52 1 $ 15 ,297 ,49 0
E a rn , fro m o p e r . o f plants
a n d o f su b sld . c o s .(a ft e r
d e d u ctin g m fg ., sellin g,
a d m ’ n a nd head district
1 ,520,937
621 ,050
2,8 9 3 ,6 4 2
o ffic e e x p e n s e ) ________
569 ,440
70,018
147,758
72,866
O th er In co m e ____________
63,126
P rofit o n sale o f C o m m o n ­
134,099
w ealth Steel C o. s t o c k .
----------T o ta l i n c o m e - ..................
C harges—
In terest on b o n d s ________
In terest on d e b e n tu re s —
S in k, fu n d 1 0 -30-year bds
I n t. on b o rro w e d m o n e y .
E xpen ses o f b o n d I s s u e ..

$ 6 3 2,56 6
$23 2,30 0
137,472
128,003
1,464
_______

$23 2,30 0
68,730
154 ,089
.............
_______

$23 3,19 2

$192,241

105 ,000
39,030

8 7 ,5 0 0
48,377
14,634

T o ta l ch a rg e s_________
B a la n c e ___________________
D ed uct D ep recia tio n —
B u ild in g s, p la n t, m a ch in ­
e r y and e q u ip m e n t ____
P u rch . o f p a t. rig h ts, & c .

$49 9,23 9
$13 3,32 7

$45 5,72 5
$313,089

$377,828
$ 2 ,7 2 2 ,7 7 9

$342,753
$ 1 ,2 5 4 ,2 0 2

$113,481
-----------

$ 2 0 7 ,9 1 1
46,733

$233,682
110,000

$221,541
23,1 4 0

T o ta l d e p re c. c h a r g e s ..
S u r p l u s -----------------------------

$113,481
$19,846

$25 4,64 4
$58 ,445

$34 3,68 2
$ 2 ,3 7 9 ,0 9 7

$244,681
$1,009,521

$708,814

$ 3 ,1 0 0 ,6 0 7 $ 1 ,5 9 0 ,9 5 5

B A L A N C E SH EET J U L Y 31 (INCI. UDINO S U B S ID IA R Y C O M P A N IE S .)
1909.
1908.
1909.
1908.
Liabilities—
8
S
Assets—
S
S
Capital s tock ......... 17,184,000 17,184,000
Real estate, plant,
equipment, & c . 19,912,251ol9.768,220 Mortgage b o n d s .. 3,108,000 3,259,000
4% d e b e n tu re s... 3,436,800 3,436,800
Expenditures, ad­
100,000
ditions & Imp’ tS
48,844
144,031 Notes payable____
570,391
440,785
Other real e s ta te ..
298,630 298,630 Accounts payable48,895
105,091
Securities................ 6389,703
671,698 P a y -ro lls _________
Sinking fund.........
40,558
14,875 Accrued Interest on
bonds & deben­
Inventories______ 3,782,725 2,176,050
144,311
144,311
tures....................
Accts. & bills rec’le
(less reserves).. 1,206,619
730,140 R ese rv e s.............. 1.347.196 c l , 128,795
Coll, time lo a n s ...
...........
1,500,000 Prollt and liss,
surplus ..................
78,292
58,445
Cash ......................
218,389
479,312
Insur. premiums,
46,756
47,682
&C., prepaid__
T o t a l ..................25,944,475 25,830,038

T o t a l ...................25,944,475 25,830,638

a After deducting 814,295,575 net surplus arising from readjustment of capital,
including general surplus and bond sinking fund appropriations, In accordance with
stock reduction plan of Jan. 3 1908.
6 Includes com pany bonds at cost, S95.146; Commonwealth Steel Co. notes se­
cured by first mortgage, 8170,000, and miscellaneous Investments, S124.557.
c Reserves Include bond sinking fund, $331,372; depreciation and renewal 81,015.
824.— V. 88, p. 1439.

Adams Express Company.
30 1909.)
The report filed with the Massachusetts Railroad Com­
mission for the year ending June 30 1909 compares as follows:
( 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

19 0 8 -0 9 .

1907-08.

$

$

D educt
Charges .
D iv s. (8 "( ) . . .

1908-09.
$
198,425
1 ,200,000

1907-08.
$
51,168
900 ,000

N et e a rn s. . l,8 4 9 ,5 6 3 d e f .1 0 2 ,0 1 9 | T o t a l ---------M isc. in c o m e . 1,010,105
1 ,134,188 |S u r p l u s _____

1 ,398,425
1,401,243

1,011,108

G ross e a r n s . .2 8 ,8 5 3 ,5 4 6 20,958,581
O p e r. e x p ____ 2 7 ,0 0 3 ,9 8 3 2 7 ,0 6 0 ,6 0 0

21,001

T o t . n et Inc. 2 ,859,068
1 ,0 3 2 ,1 6 9 )
M iscella n eou s Incom e Includes d iv id e n d s on s to c k s , $30 8,82 9; Interest
on b o n d s , $24 6 ,8 1 8 ; Interest on o th e r s e cu ritie s, $44 5 ,8 1 2 ; an d m isccla n e o u s. $8,646.
In a d d itio n the p ro fit on the sale o f se cu rities, It Is said, n etted the c o m ­
p a n y $418,978; se ttle m e n t o f cla im s p rior t o curren t fiscal y e a r, $05 0,03 6:
an d m iscella n eou s, $11 4 ,7 0 2 .

Assets—
Cost of equipment
Land and b ld g s .. .
Cash ......................
Loans ....................
B o n d s ....................
Stocks ---------------M iscellaneous____

B A L A N C E S H E E T J U N E 30.
1909.
1908.
1909.
Liabilities—
•S
$
S
2,450,12.3 2,409,555 Miscellaneous cur
248,710
rent liabilities..
.3,694,778 4,094.94S
71,625 1,564,603 Profit and l o s s . . . 20,206.877
1,451,919 1,260,930
6,151,054 3,618,875
0,0.38,877 4,659,993
249,294
591,211

1908.
S
272,694
,051,504

T o t a l ................ 20,455,587
T o t a l .................. 20,455,587 17,924,198
N o te.— T he c o m p a n y Is a jo in t a s s o cia tio n an d It has o u ts ta n d in g IA ),0 0 0
shares, e q u iv a le n t to the s to c k o f a c o r p o r a tio n , b u t h a v in g n o p a r v a lu e .
T h ere are also t w o series o f co llateral trust b o n d s ($ 1 ..,0 0 0 ,0 0 0 and $2 1 ,­
000 ,0 0 0 re sp e ctiv e ly ) w h ich w ere issued as d is trib u tio n s o f treasury assets.
T h e c o m p a n y on June 30 1909 ow n e d 3,8 8 4 w a g o n s and 3,918 horses.
— V . 89, p . 1282.
•

1343

THE CHRONICLE

Nov. 120 1901).]

New England Cotton Yarn Co.

American Express Company.

(B a la n c e S h eet o f S e p tem b er

30 1909.)

( 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

The report filed with the Massachusetts Railroad Com­
mission for the year ending June 30 1909 compares as below.
The earnings include those of the National and Jackson
express companies.
1 90 8-0 9.
1907-08.
C arriage o f m erch an d ise and p r o p e r t y .......... ............$3 0 ,7 7 2 ,8 0 3 $2 9 ,3 0 9 ,8 7 8
F in a n cia l e a r n in g s _____________________ ______ _______
1 ,13G,9 18
i ,2 3 » ,/b 5
$ 31 ,909 ,72 1 $30,548,0-13
a r n in g s .
T.LULciL
o ta l gross
fc ic ioo e
----------------------------------------------9 O / l A 1 r*7R
3 0,072,271
O p e r a tin g e x p e n s e s -------------------- --------------------------------2 u .4 0 1 .0 r0 ‘
.............— ----------------------------------$ 2 ,448,043
N et e a r n in g s . .
In te r e s t a n d r e n t a l s ---------------- ----------------------- ...........
*°

$476,372
1,652.622

T o t a l n e t in c o m e ---------------------------------------------------C h a rg e s ............... ....................... - ...................................

$349,703

$ 2,128,994
$310,043

D iv id e n d s ( 1 2 % ) - - ....................- ........................................

2 ,1 6 0 ,0 0 0

2 ,1 6 0 ,0 0 0

$2,470,043
T o t a l d e d u ctio n s — .......... .............................................$2,509,763
C u m in s fo r v ear
__________________________________ $1,3 1 3 ,4 5 3 d e l . $341,048
T o ta l surplus begin n in g o f y e a r ----------------------- - - - 1 ^ 0 7 8 ,4 6 9
1 5 .451,060
N e t d e b i t s t o p r o f i t a n d l o s s ---------------------------------------------

1 ,5 8 6 ,0 1 0

____•>! ,0 4 3

T o ta l surplus a t en d o f y e a r ---------------------------------$14 ,8 0 5 ,3 0 5 $1 5 ,0 7 8 ,4 6 9
M ote.— T h e d e b its t o profit an d loss In 1908-09 in clu d e : Doss o f $36,871
o n sales a n d r ed em p tion o f b o n d s; $ 1 ,6 8 7 ,6 6 4 to c o v e r earnings a n d e x ­
penses a ccru ed p rior t o Ju ly 1 1908, b u t n o t a c c o u n te d fo r u n til th a t d a te
as per ord er o f the In te r-S ta te C o m m e rce C o m m issio n , to t a l 5 ,724,53.),
a ga in st w h ich Is cre d ite d $137,919 gain o n sales o f b o n d s a n d s to ck s o w n e d ,
le a v in g net d e b its o f $ 1 ,5 8 6 ,6 1 6 .
,
In terest an d ren tals, $1,375,17.3 In 190 8-0 0, in clu d e Interest on s to c k s
a n d b o n d s , & e., $1,126,999 : ren tals fro m real e s ta te , $10 2,01 7; cre d it to
a d d itio n s a n d b e tte r m e n ts , $14 6 ,1 5 7 .

25 1909.)

There was a decrease in profit and loss surplus during the
year of 872,915. This was apparently after the payment
of (approximately) $250,000 for interest on the first mort­
gage bonds, $120,000 (6 % ) in dividends on the preferred
stock, $234,000 (6 % ) on the common stock and about
$57,000 for sinking fund payment on the first mortgage
bonds. No statement of profits is furnished for the late
year. The profits for manufacturing, &c., in previous
years available for interest, dividends, &c., were as follows:
In 1907-08, $736,000; in 1906-07, $1,498,000; in 1905-06,
$930,700. The profit and loss surplus was increased in 1907-08
$311,552, after allowing for thepreferred dividend ($120,000),
but nothing for the 6 % common dividend, which was also
paid; in 1906-07 the increase was 8574,985 after providing
for 6 % ($354,000) on both classes of stock. Compare V . 87,
p. 1356. As to proposed lease, see statement on a following
page; also see V . 89, p. 1284, 724.
B A L A N C E SH EET.
Sep. 25’09. Sep. 26’ 08.
S
S
Liabilities—
Preferred s tock ___ 2 , 00 0 ,0 0 0 2 ,000.000
8,465,8911Common s t o c k __ . 3,900,000 3.900.000
2,394,846 1st M. 5 % bon d s. 5,005,000 5.060.000
1,509,075 Notes <t accts.pay. 1,449,023 1,432,795
52,378
45.4S0
1,220,366 Reserve for s u s p ..
178,968
234,702
419,986 Reserve fordeprec.
10,744 Profit and loss____ 1,323,851 1,396,767

Sep. 25 ’09. Sep.26 '08
$
S

Assets—
Real estate, mach.
& Improvements 8,467,276
M erchandise_____ 3.1S7.958
A c c t s .* notes re c.
867,753
C a s h ___________
983,769
In vestm en t______
406,236
Suspense account.
18,066
Renewal account.
26,998

B A L A N C E S H E E T J U N E 30.
1909.
1908.
1909.
1908.
Liabilities—
S
S
Assets—
S
S ___
Cost of equipment 1,000,000 1,000,000 Stock ( “ Interests") 18,000,000 18,000,000
24,403
Land & buddings. 9,363,709 9,343,659 Current liabilities.13,059,372
C a s h ....... ............... 8,133.056 2,135,790 Profit and loss,
surplus ..............14,805,305 15,078,469
Bills & notes rec’lo 5,612,320
194,200
Bonds
................ 6,791,094 6,157,629
S t o c k s .....................14,770,373 14,271,594
Mortgage _______
164,125
-----------

T o ta l.................... 13,958,056 14,020,908
— V. 89, p. 1284.

T o t a l .................. 45,864,677 33,102,872
T o t a l ...................45,864,677 33,102,872
T h e c o m p a n y o n Jun e 30 1909 o w n e d 3,783 e x p re ss w a g o n s , 1 ,3 .0 pun
an d 4,972 h orses.— V . 89, p . 1282.

G eneral R esu lts.— D u rin g th e ye a r th e c o m p a n y finished 3 2 3 ,9 0 2 ,6 3 3
yards o f g o o d s (e q u iv a le n t t o 184,035 m ile s), an Increase o f 6 9 ,5 0 8 ,7 2 4
o v e r the p re v io u s y e a r. T h e gross Incom e fro m p r o d u c tio n w as $ 5 ,5 5 8 ,7 2 7 ,
an increase o f $1,0 9 1 ,0 0 2 o v e r th e p re v io u s y e a r.
D isbu rsem en ts fo r t h e
m ain ten an ce an d renew al o f b u ild in g s, m a ch in e ry , & c., are In clu ded In th e
charges fo r m ain ten an ce a n d general e x p e n se s, w ith also $103,561 fo r in te r ­
est o n cu rren t bills p a y a b le .
D u rin g th e y e a r d iv id e n d s o n th e c o m m o n s t o c k w ere In au gu ra ted b y
th e p a y m e n t o f 1 % A p ril 1 1909 an d 1 % J u ly 1 1909. T h e re has be en ap pro n ria te d fo r general d e p r e c ia tio n $21 3 ,2 2 5 , le a v in g a b a la n ce o f $ 2 4 0 ,9 9 3 ,
w h l.'h has been carried t o th e cre d it o f surplus a c c o u n t , in cre a sin g th a t
a c c o u n t fro m $ 2 ,0 0 0 ,0 0 0 to $ 2 ,2 4 0 ,9 9 3 .
N ew Stock and B o n d s.— T h e s to ck h o ld e rs o n O ct. 15 1908 v o t e d t o in ­
crease th e au th o riz e d 7 % cu m u la tiv e pre fe rre d s to c k In th e su m o f $40 0 ,0 0 0
a n d the a u th o riz e d c o m m o n s to c k b y $ 1 ,0 0 0 ,0 0 0 , an d also a u th o r iz e d the
d ire cto rs t o Issue su ch new shares fro m tim e t o tim e a t n o t less th a n p ar.
T h e $40 0,00 0 o f new p re fe rre d s to c k w as o ffe r e d t o th e s to c k h o ld e r s on
O ct. 21 1908 a n d w as larg e ly o v e r s u b s c r ib e d .
O n e -h a lf o f th e $ 1 ,0 0 0 ,0 0 0
a d d itio n a l co m m o n s t o c k w as o ffe re d t o th e s to ck h o ld e rs on A p ril 15 1909
an d w as also la rg e ly o v e r s u b s c r ib e d (V . 8 8 , p . 1 0 0 5 ).
D u rin g th e y ea r
5 1 0 0,00 0 o f th e c o n s o lid a te d m o rtg a g e 5 % b o n d s w ere also s o ld . T h ese
sales realized th e su m o f $ 1 ,0 0 0 ,0 0 0 w h ic h w as used t o re d u ce th e d e b t of
th e c o m p a n y . T h e sin k in g fu n d also a c q u ir e d $69 ,000 o f 5 % u n d e rly in g
b o n d s d u rin g th e y e a r.
A cq u isitio n o t Q ueen D y ein g C o .— T h e pu rch ase o f th e en tire $1,5 0 0 ,0 0 0
c a p ita l s to c k o f th e Q ueen D y e in g C o. o f P r o v id e n c e , R . I ., has been c o n ­
clu d e d since Ju n e 30 1909. T h e p u rch a se p rice w as $ 2 ,0 0 0 ,0 0 0 , o f w h ich
$50 0,00 0 w as p aid in cash , $75 0,00 0 In 5 % 2 5 -y e a r first m o rtg a g e b on d s
o f the Q ueen D y e in g C o ., d a te d J u ly 1 1909, re d e e m a b le a t 1 0 4 % , gu a ra n ­
te e d b y this c o m p a n y , $50 0 ,0 0 0 In 7 % c u m u la tiv e p referred s to c k o f the
Q ueen D y e in g C o ., w ith o u t v o t in g p o w e r, r e d e e m a b le a t 1 1 0 % , a n d guar­
a n te e d b y this c o m p a n y , b o th as to p r in cip a l an d d iv id e n d s , an d $25 0,00 0
in th e p re fe rre d s t o c k o f this c o m p a n y .
T h e c a p ita liz a tio n o f th e Q ueen
D y e in g C o . w as Im m e d ia te ly re-a rran ged an d n ow stan ds as fo llo w s : $75 0,00 0
o f b o n d s, $ 5 0 0 ,0 0 0 preferred s to c k and $75 0,00 0 c o m m o n s t o c k , th e la tter
rep resen tin g th e in terest o f this c o m p a n y In th e Q ueen D y e in g C o. T h e
pu rch ase o f this large p la n t, finishing b la ck g o o d s e x c lu s iv e ly , w as v e r y
desirable a n d at th e p rice p a id It is b e lie v e d w ill p r o v e a v e r y s a tisfa c to r y
In vestm en t.
(V . 8 8 , p . 1377.)
A d d itio n s and R en ew als.— D u rin g this p e rio d a d d itio n s a n d renew als
h a v e been m ade t o th e differen t p la n ts a m o u n tin g t o $37 1 ,7 8 4 , o f w h ich
$133,304 w as a d d e d t o th e pla n t a c c o u n t an d $23 8,48 0 w as ch arged t o o p ­
e ra tin g e x p e n se s. T h e gen eral d e p r e c ia tio n Item o f $ 2 1 3,22 5 a lre a d y re ­
fe rre d t o co v e rs th e $13 3,30 4 a d d e d t o th e p la n t a c c o u n t a n d $79,921 a d d i­
tio n a l, th e net result b e in g a re d u c tio n in the b o o k v a lu e o f th e p la n ts In
th e last-n a m ed su m , n o tw ith s ta n d in g th e e x p e n d itu r e o f $ 3 7 1,78 5 (as
a lre a d y stated ) In a d d itio n s an d ren ew als.

United States Express Company.
(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.)

1908-09.
1908-09.
1907-08.
$
5
5 „
G ross receip ts 1 6 ,8 5 1 ,8 6 4 16,983,638 N et fro m trans. 451 ,7 0 4
441,331
E x p e n s e s ____ 1 6,400,160 16,945,904 O th er in c o m e .

1907 08.

8 9 3 ,0 3 5
37,734 T o t a l net I n c .
N e t fro m tran s. 451 ,704
iilv ld e n d s ___________________________________________ (4 % )4 0 0 ,0 0 0

507,664
(5 )5 0 0 ,0 (0

B a la n ce , s u r p l u s ....................................................................

$

37,7 3 4
469 ,9 3 0

7,664

493 ,035

B A L A N C E S H E E T , J U N E 30.
1908.
1909.
1908.
1909.
S
S
..
Liabilities
S
Assets—
000,000
10
,
000,000
3,248,883
Capital
s
to
ck
.........
10
,053,596)
Heal e s t a t e ......... Notes payable____1 ,882,054
989,300)
Equipment ...........
Balt. & O . contract 816,666 1,016,667 Foreign accounts
284,521
p a y a b le ...............
Investm ents......... 7 ,464,051 7,224,226
431,546
263,474
895,924 1,081,926 Traffic balances . .
Cash ......................
7,500 Money orders balColl. & other loans ,000,351
160,935
54,215
331
ance ----------------37
M iscellaneous____
209,775
343,739
403,729 Travelers’ checks.
419,362
Duo from a gen ts.14,050
72,012 Interest a ccru e d ..
14,171
Foreign accts. rec.
6,618
6,571
93,994
87,530 Unpaid dividends.
Int.& dlvs.accrued
6,392
Operating charges
Rents receiva ble..
,368,472 1,659,000
Express earnings
accrued _______
339,016
159,728
and money order
R e se rv e s................
460,332
com mls. accrued
530,000 Profit and loss
26,032
1,252,724
639,469
Traffic balances . .
surplus
Sundry accounts In
104,819
58,076
suspense ......... -

,

Total _................15,345,027 13,730,880
— V . 89, l). 1 0 7 1 ,1 0 0 0 .

T o t a l .................. 15,345,027 13,730,880

Iron Steamboat Co. of New Jersey.
(R e p o r t fo r F is c a l

Y e a r e n d in g O c t .

31 1909.)
1 90 6-0 7.
$233,528
86,028
3 1 ,0 0 0

190 5-0 6.
$ 2 4 2,66 5
80,226
2 6 ,0 4 5

17,709

18,372

18,687

T o t a l -------------------------- ... $ 3 7 7 , 3 5 0
E x p en se s —
O p era tin g e x p ., repairs, & c.$24 9,58 3
35,393
R e n ts _______ ____ ______ . . .
T e r m , charges & w h a r fa g e .
16,851
.
8,578
T a x e s and I n s u r a n c e .-17,778
D r e a m la n d -------------------- . . .

$34 8,34 0

$36 8,92 8

$36 7,62 3

$20 1,38 8
33,8 8 4
17,383
7,511
18,469

$215,573
38,0 6 6
24,451
14,224
26,9 9 9

$211,547
34,116
27,039
10,588
34,763

. ..$ 3 2 8 ,1 8 3
. $49 ,167
.
1 ,350

$27 8,63 5
$69 ,705
10,2 1 0

$319,313
$40 ,615
8,658

$318,053
$49 ,570

$50,517

$79 ,915

$58 ,273

$49,570

$25,000

$ 2 5 ,0 0 0
1,0 8 5

$25,000
8,881

$25,000
7,745

T o ta l In te re s t------------ ____ $25 ,000
B a la n ce, sur. o r d e f ------- .su r.$ 2 5 ,5 1 7

$26 ,085
s u r .$53,830

$33,881
s u r .$24,392

$32 ,745
s u r .$16,825

E a rn in g s—
190 8-0 9.
T ic k e t sales, C on ey I s la n d .$214,406
F ish in g r o u t e ----------------------90,540
C h arters ------------------------ -- 29,023
H u d s o n -F u lto n c e le b ra tio n . 25,2 0 0
P riv ileg es, & c ----------------------18,181

1907-08.
$221,384
83,721
25,525

N et e a r n in g s ---- ---------“ O th er In com e” _______

T o ta l I n c o m e ________ . . .
D ed uct—
In teres t o n b o n d s -------- . . .
O th e r I n t e r e s t - . . .............

“ O th er In com e” In 1908-09 Inclu des $ 1 ,350 fo r 135 shares ca p ita l s to ck
s o ld a t par; in 1907-08, $10 ,210 fo r 1,021 shares, a n d In 1906-07 $8,658 fo r
p rofits on sale o f O scaw an n a Isla n d .
M ote.— T h e d iv id e n d o n the ca p ita l s t o c k , 5 % , p a id N o v . 15 1909, calls
fo r $ 15 ,217 .
G EN ERAL B A L A N C E SH EET OCT. 31.
1908.
1909.
1908.
1909.
§
Liabilities—
$
Assets—
S
S
303.000
Cost of property____1,000,000 1,000,000 Capital stock Issued, 304,350
97,000
95,650
Bills receivable_____
20,725
19,500 do do In treasury.
100.000
Valley G rove_______
8,744
8,744 1st mtgo. 5% bonds. 100,000
500.000
500,000
Repair shops_______
5,690
5,690 2d mtge. 4% bonds
50,689
Cash ...........................
41,047
16,755 Profit and loss______
76,206
Q T o t a l ...................... 1.076,206 1,050,689
V. 89, p. 1226.




T o t a l ...................... 1,076,206 1,050,689

T o ta l.................... 13,958,056 14,020,908

United States Finishing Company, Norwich, Conn.
(R e p o r t fo r F is c a l

Y e a r e n d in g J u n e

30 1909.)

President J. H . Wright, Norwich, Conn., Oct. 21 1909,
wrote in brief:

IN C OM E ACCO U NT Y E A R EN D IN G JU N E 30.
190S-09.
1908-09. 1907-08.
s
S
S
5.558,727 4,467,726 Net earnings.............. 863,918
176,700
3,859,753 3,234,285 Interest on bonds

1907-08.

s

488,401
179,000

309,401
. 687,218
182,000
. 203,000
30.000
Com. dlv. ( 2 % ) ------.
127,401
. 213,225
1,744,149 1,269,848
781,447
880,231
None
Balance to surplus.. 240,993
.2,000,000 2 ,000,000
488,401
863,918
1,698,974 1,233,441
36,407
45,175

Total surplus......... 2,240,993 2,000,000
B A L A N C E SHE
1909.
1908.
1909.
Liabilities—
S
$
S
7,555,000 7,634,921 Common sto ck .......... 1, 500.000
Preferred s to ck _____ 3, 000.000
Sterling
Im prove­
175.000 Bonds ou tsta n d in g..2 982.000
ment Co. s t o c k ... 175,000
1,215,529 1,339,980 Notes payable......... .. 595.000
461,727 Accounts payable___ 200,340
854,750
860,555
613,971 July dlvs.& cou p on . . 142,500
717
269 Sinking fund_______
717
Cash in sinking fund.
S u r p lu s ....................... 2 240,993
T o t a l .................... 10,661,55110,225,868

1908.
S

1 , 000,000
2,600,000
2.951.000
1.325.000
229.099
120,500
269

2 , 000,000

T o t a l ...................... 10,661,55110,225.868

Bonded Debt June 30 1909—
Total.
U. S. F. Co. 1st M. 5 % . due July 1919.............. $1,750,000
Sterling D . & F. Co. 1st 5s 1926-------------------500.000
Silver Spring B. & D . Co. 1st 6s 1910________
500.000
U .S . F . Co. cons. M. 5 % , due July 1 1929____ 3,500,000

Redeemed.
$463,000
55,000
“ V"

Outstand’ g.
$1,287,000
500.000
445.000
750.000

" 1/ ” Reserved for retirement o f above underlying Issues, $2,232,000; reserved for
account of U. S. F . Co. 1st M. bonds In sinking fund, and underlying bonds, $314,000;
bonds In treasury available for Issue, $204,000; outstanding consolidated bonds,
$750,000.
,
.
. _ ..
The total number o f stockholders June 30 1909 was 927; preferred, 751, com m on.
179.— V . 89. p. 1071. 781.

1344

THE CHRONICLE

American Shipbuilding Co., Chicago and Cleveland.
( 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.)
The report, signed by President James C. Wallace and
Chairman W . L. Brown, says in brief:

_

S ta tu s.— T h e close o f Its fiscal y e a r finds th e c o m p a n y w ith Increasin g
business a n d a brigh ter o u tlo o k In m a n y w ays th an d u rin g the p re v io u s year.
T h e c a p ita l s to c k rem ain s u n ch a n g e d .
R e g u la r q u a rte rly d iv id e n d s o f
1 M % h a ve been paid o n the p re f. s to c k . T h e re h a ve been n o In cu m ­
bran ces p la ced u p on the p r o p e r ty d u rin g th e y e a r.
A d d itio n s .— T h e w ork o f en la rgin g the sm all d r y d o c k at the S u p erior
pla n t has been c o m p le te d , a n d th a t p la n t Is n o w e q u ip p e d w ith tw o d ry
d o c k s th a t w ill d o c k th e largest vessels o n the L a k es. T h e b o ile r sh op at
L ora in has been c o m p le te d .
W o rk w as started o n a n ew 7 0 0 -fo o t d r y d o ck
a t th e B u ffa lo plan t a b o u t D e c. 1 1908, an d It Is e x p e c t e d w ill be re a d y fo r
op e r a tio n a b o u t N o v . 15.
A n A c t passed b y the P a rliam en t o f the D o m in io n o f C an ada im p o sin g a
d u t y o f 2 5 % o n all repairs d o n e t o C anadian vessels in the U n ite d States
b eca m e o p e r a tiv e as o f J u ly 1 1908.
In asm u ch as this c o m p a n y had d ry d o c k e d an d repaired 56 C a n adian vessels fro m J u ly 1 1907 t o J u ly 1 1908,
a n d a fte r J u ly 1 1908, d u e t o the A c t , the c o m p a n y p r a c tic a lly had no
C a n adian vessels t o d o c k o r re p a ir. It was co n sid e re d Im perative th a t this
c o m p a n y sh ou ld h a ve a d r y d o c k an d sh ip b u ild in g pla n t In C an ada. T h e
c o m p a n y has fin a lly secu red a s a tisfa cto ry site an d a g reem en t w ith the c ity
o f P o r t A rth u r, the P ro v in c ia l G o ve rn m e n t o f O n tario a n d the D om in ion
G o v e rn m e n t o f C a n ada to establish the largest s h ip b u ild in g and d r y d o ck
p la n t in the D o m in io n , a n d w o rk has been sta rte d clea rin g the grou n d s,
a n d a c o n tr a c t fo r th e co n s tr u c tio n o f the d r y d o c k w ill be let w ith in a short
tim e .
It is h o p e d a n d e x p e c te d to h a v e th e plan t In fu ll o p e r a tio n w ithin
18 m on th s.
V essels B u ilt.— A t L ora in , 5, ca rry in g c a p a c it y , 4 2 ,0 0 0 net to n s; at
C lev ela n d , 3, c a rry in g c a p a c ity , 12,000 net to n s; a t D e tr o it, 2, ca rry in g
c a p a c it y , 6,500 net ton s; to ta l vessels b u ilt, 10, ca rry in g c a p a c it y , 60,500
net to n s .
T h e c a rry in g c a p a c ity Is based on 19-feet d ra u gh t.
T h e c o m p a n y n ow has u nd er c o n tr a c t 16 vessels.
O w in g to th e Increas­
in g v o lu m e o f business th ro u g h o u t the co u n tr y In n early all b ra n ch e s, the
o u t lo o k Is m u ch brigh ter th an It has been fo r th e past t w o y e a rs. T h e
general vessel Interest o f the L akes is a n ticip a tin g the busiest last tw o
m on th s o f n a v ig a tion th a t th e L ake tra d e has k n o w n in a g o o d m a n y years.
T h e passenger business o f the L akes has been b e tte r this y e a r th an e v e r
b e fo r e , an d tw o o f th e new vessels c o n tr a c te d fo r are large on e s, s p e cia lly
b u ild in g fo r th a t tra d e.
R E S U L T S F O R Y E A R S E N D I N G J U N E 30.
1 90 8-0 9.
190 7-0 8.
1906-07.
1905-06.
10
23
25
30
V essels b u ilt ( N o . ) --------C a rryin g c a p a c ., net ton s
60,5 0 0
168 ,000
234 ,000
261 ,500
$1,713,908
N et e a rn in g s_______ _____ a $ l ,257,722
52,3 0 7 ,7 7 9
52,4 4 3 ,2 1 7
D Iv. on p ref. s to c k ( 7 % )
553,000
553,000
553,000
553 .000
D lv . on c o m m o n s t o c k . _
_________
(6)4 5 6 ,0 0 0
(6 )4 5 6 ,0 0 0
(4 )3 0 4 ,0 0 0
D e p r e c. & m a in te n a n c e .
194,851]
497 ,168
421 ,286
1
R es erv e fo r m a in ten a n ce
387,961
300 .0 0 0
R e b u ild in g clocks, & c ___
184.793J
204 ,166
85,5 5 9
B a la n ce, s u rp lu s ..........

5325,078

531 6,94 7

5 5 9 7,44 5

5779,372

a D arnings In 1908-09 in clu d e $20 0,00 0 c o n tin g e n t earnings o n u n fin ­
ished co n s tr u c tio n .
N ote.— The directors in July 1909 declared an annual dividend of 4% on the
$7,600,000 common stock (comparing with 6% In 1906 and 1907 and none in 1908),
payable 1% quarterly beginning Sent. 1909.
B A L A N C E SH EET JU N E 30.
U ! ■.
1909.
1908.
M'
1909.
1908.
A. 83CtS~~“
$
J$
$
Liabilities—
8
,900,000
Plants & property 17,220,249 17,182,021 Stock, preferred.. 7,900,000
,600,000
A dd’ ns A lmprov’s
83,894
487,820 Stock, com m on__ 7,600,000
Accounts and bills
Bonds & st'k.s(cost) 904,900
,673,668
p a y a b le _______
416,872
Materials on hand.
466,937
589,863
654,572
A cc’ ts & bills rec’ le 3,058,845 3 .582,872 Reserve funds____ *1,159,243
596,610 S u rp lu s__________ *6,423,652
Due on bonds sold
,012,558
..............
Cash ____________
823,561 1 ,195,482
206,130
Work under constr. 941,382
Total assets____23,499,768 23,840,798

Tot. liabilities..23,499,768 23,840.798

♦Reserve funds (total $1,159,243) Include In 1909: For maintenance, $500,000;
for Insurance, $181,967; dividends (payable July 15), $138,250; sundries (taxes,
rents, liability Insurance, expenses, & c.), $239,026; contingent earnings on un­
finished construction, 1908-09, $100,000.
N o te .— In a d d itio n t o th e fo re g o in g , there exists a c o n tin g e n t lia b ility
fro m th e g u a ra n ty o f first m o rtg a ge b o n d s o n steam sh ip s b u ilt b y the c o m ­
p a n y , a g g reg a tin g $ 1 ,7 3 3 ,0 0 0 , an d carry in g Interest.
x In the a n n u al rep orts o f the c o m p a n y possible profit o n c o n s tru ctio n
c o m p le te d s h o r tly b efore the end o f each fiscal y e a r, o r nearing co m p le tio n
a t th a t d a te , has n ot been in clu d e d In th at y e a r's earnings, p e n d in g a c tiv e
o p e r a tio n o f the steam ers, possible claim s o r a d d itio n a l w o rk . T h e A u dit
C o. has In clu ded this p r o fit .— V . 8 9 , p. 995, 350 .

Buffalo (N. Y .) Gas Co.
31 1908.)
Pres. Alex. C. Humphreys, Oct. 31, writes in substance:
(R e p o r t f o r th e S i x M o n t h s e n d in g D e c .

Change in F is c a l Y ea r.— T o m eet requ irem en ts o f th e N ew Y o r k P u b lic
S ervice C om m ission , S econ d D istrict, the c o m p a n y ’s fiscal y e a r was ch an ged
In M ay 1908 so as t o en d Ju n e 30 Instead o f S e p t. 30, and w as su b se q u e n tly
ch a n g ed t o en d D ec. 31.
It has been d eem ed a d v is a b le t o c o v e r In this
re p o r t th e six m on th s t o D e c. 31 1908.
[ ‘ r ices.— T h e results as n o w rep o rte d arc based u p o n 95c. as the price fo r
th e gas furnish ed to the c it y .
W h ile that price Is e q u ita b le , a n d , we
b e lie v e , can be e n fo r ce d , It Is to be borne In m in d th a t th e qu e stio n o f
price Is n ow bein g litig a ted , as later e x p la in e d .
T h e B u ffalo N atural Gas C o. co n tin u e s to furnish gas a t 3 0 c. p er 1,000
c u b ic feet a n d , as the gas Is used fo r fuel and a lio fo r Illum ination through
W e lsb a ch bu rn ers, th e c o m p e titio n co n tin u e s t o be d iffic u lt t o m eet.
S a les.— O ur sales o f gas fo r the s ix m on th s w ere decreased 2 .4 1 % .
In
th‘e p reced in g nine m on th s th ere w as a decrease o f 1 .2 5 % .
In the n ext
p reced in g fiscal y ea r there w as a tlccrease o f 3 .6 7 % .
E x te n s io n s .— D u rin g th e six m on th s there w ere m a n y new m eters c o n ­
n ected t o ou r lines, esp ecia lly In o u tly in g d istricts, m ak in g a net Increase
o f 805 .
W h ile th e a vera ge c o n s u m p tio n th ro u gh these new m eters set In
th e o u tly in g d istricts Is sm all, this featu re o f th e business afford s d istin ct
en cou ra g em en t t o the m an a ge m e n t.
In the p re ce d in g nine m on th s the
net increase w as 523 a n d d u rin g the n e x t pre ce d in g fiscal y e a r It w as 1,038.
D uring the six m on th s there w as a net increase in c o o k in g s to v e s and
oth er ap p lia n ces o f 310 , con tra stin g w ith 324 an d 464 re s p e ctiv e ly fo r the
p reced in g nine m on th s and the n e x t p re ce d in g fiscal y e a r.
G eneral R esu lts.— T h e p rofits fo r th e six m on th s fro m gas sales w ere
$14 3 ,0 0 2 , an d there w as required fo r b o n d Interest (2 J ^ % on $ 5 ,805,000 )
$14 5 ,1 2 5 , s h ow in g a d eficit o f 5 2 ,123.
D u rin g the six m on th s $22 ,759 w as e x p e n d e d fo r e x te n sio n and renew al
o f p lan ts an d m ains; the a m o u n t so e x p e n d e d th e p re v io u s nine m on th s
w as $22 ,874 .
T h e surplus o f q u ick assets o v e r floatin g d e b t Is $81 ,6 2 6 . T h ere are In
th e treasu ry $95 ,000 b on d s a v a ila b le as a d d itio n a l w o rk in g ca p ita l.
P r ic e o f Gas L itig a tion . — T h e ap p e a l o f the c it y fro m th e o rd e r v a ca tin g
Its in ju n ctio n (com p a re V . 87, p. 1662) has been a rgu ed an d th e Court
has han ded d o w n a d ecision m o d ify in g th e ord e r a p p ea led fro m b y red u cin g
th e sum required t o be : aid b y the c it y on a c c o u n t fro m 75 cents to 70 cents.
T h e case has n ot as y e t been trie d . T h e c it y has m ade partial p a y m e n ts
u p o n its bills as required b y the d ecision .
I h op e th a t the in com in g adm in istra tion w ill eith er n e g o tia te a fair
c o n tr a c t w ith the c o m p a n y or a p p e a l t o the P u b lic S e rvice C o m m ission to
fix the price o f gas In B u ffalo. T h e c it y alon e can set the c o m m is s io n In
m o t io n —-the c o m p a n y Is pow erless. T h e present a d m in istra tio n seem s to
be con ten t t o let the In com in g a d m in istra tio n fa ce the situ a tio n an d p ro v id e
th e fu n ds n ecessary t o liq u id a te the large sum w h ich I am ad v ise d cith e r
th e cou rts o r th e C om m ission w ill finally aw ard to the c o m p a n y fo r the gas
c on su m ed b y the c it y sin ce J u ly 1 1907, and fo r w h ich o n ly a partial p a y ­
m en t has been m a d e.
S ince m y last rep ort th e a c tio n b ro u g h t In th e F ed eral C ou rt t o have the
Gas & E lectric C om m ission ru lin g d eclared u n co n stitu tio n a l w h ich p u rp o rte d
t o fix the price o f th e c o m p a n y ’s p r o d u c t at 9 5 c. p er 1,000 has been d is ­
c o n tin u e d , the C ou rt o f A p peals h a v in g passed u p o n a like d e cisio n In the




!

[ V o l . L XXXIX

F iv e cen ts p er 1,0 0 0
S a ra to g a case In fa v o r o f th e c o m p a n y ’s co n te n tio n .
o n all gas bills p a id b y con su m ers d u rin g this p e rio d w as Im p ou n d ed b u t,
has fin a lly been p aid o v e r t o th e c o m p a n y p u rsu an t t o an o rd e r o f th e C ou rt.

The results for the 6 months
periods as follows:

compare with previous

6 M o s .e n d .
9 M o s .c n d .
D ec. 31 ’08. J u n e 30 '0 8 .
N e t p r o f i t s ----------------514 3,00 2
522 8,65 8
In te re st on b o n d s ..............
145,125
2 1 7 ,6 8 7
B a la n ce , sur. o r d e f ____ d c f.5 2 ,1 2 3
Dec. 31
1908.
Assets—
S
Plant & equipm ’t . 14,725,363
Materials & supp’s
93,151
Treasury bonds___
95,000
Gas bills receivable
55,915
City of B u ffa lo ___
80,203
Other accts. & bills
r e ce iv a b le __ __
52,293
Open construction
a c c o u n t s ______
14,246
Cash _ __________
57,057
Prepaid accounts.
8,986

su r.$ 1 0 ,9 7 1

— Y ears end. S ep t. 30—
1 90 6-0 7.
1905-06.
$ 2 8 7 ,4 5 2
5318,076
2 9 0 ,2 5 0
2 9 0 ,2 5 0
d e f.5 2 ,7 9 8

s u r .528,426

B A L A N C E SHEET.
June 30
Dec. 31
1908.
1908.
Liabilities—
$
S
14,702,604 Stock, com m on___ 7,000,000
93,456 Stock, pref., 6 % . . 1,713,000
95,000 Gold 5% bonds__ 5,900,000
31,744 Bench repairs____
6,886
118,852 Bills payable_____
50,000
Accounts payable.
48,887
71.554 Consum’s deposits
73,841
Reserve for imp'ts
63,563
23,355 Oth. reserves, & c.
18,070
48,675 a A ccr'd taxes, &c.
61,643
7,997 Accrued interest..
72,563
Profit and loss____ 6173,761

T o t a l ....... .......... 5,182,214 15,193,238

June 30
1908.
$
7,000,000
1,713,000
5,900,000
10,527
50,000
147,395
72,557
63,563
16,094
45,379
174,722

T o t a l .................. 5,182,214 15,193,238-

a Already charged to operating. 6 The profit and loss account was credited
during the 0 months ending Dec. 31 1908 with $22,190 for adjustments not appli­
cable to the six months.— V. 89, p. 1283; V. 87, p. 1662.

Federal Mining & Smelting Company.
( R e p o r t f o r F i s c a l Y e a r e n d in g A u g . 31 1909.)
S T A T IS T IC S F O R Y E A R E N D IN G A U G U S T 31.
1908-09.
1007-08.
1906-07.
T o n s m in e d , t o t a l_______________________
832 ,568
599 ,850
888 ,9 5 0
C on cen trates and sh ip p in g o r e ________
122,764
93,811
130,373
M etal c o n te n ts — L e a d , in to n s ________
56,904
43,988
59,746
S ilve r, In o u n c e s ________________________ 3 ,111,931
2,8 0 3 ,6 2 8
3,6 8 9 ,2 9 8
N et earnings ----------$ 1 ,1 8 5 ,0 4 0
$ 1 ,0 6 7 ,0 3 7
$2,5 3 2 ,2 5 0
D iv id e n d s on p referred s to c k ( 7 % ) . _ _
$83 9,02 7
5839,023
$839,02
D iv id e n d s o n co m m o n s t o c k . . . . ____(1 J.<J)89,89l (1 K ) 8 9 , 894 (18 ) 1078,719
D e v e lo p m e n t a c c o u n t w ritte n o f f ____
285 ,656
184,666
300 ,000
Surplus o f d e ficit fo r y e a r ........................ d e f . $28,631 d e f .546 ,546 su r.$314,509
Surplus fo r p re v io u s y e a r _______________ 1 ,790,047
1 ,836,593
1,522,084
T o ta l su rp lu s............. ..............

$ 1 ,7 6 1 ,4 1 6

$ 1 ,7 9 0 ,0 4 7

$ 1,836,593

B A L A N C E SH EE T AU G . 31.
1909.
1908.
1909.
1908.
Assets—
$
S
Liabilities—
$
S
P ro p e rty ................ 18,895,125 18,854,532 Common s to c k ___ 6,000,000 6,000,000
Material and sup­
P f.stk .(7% c u m .) .12,000,000 12,000,000
plies __________
128,133
189,980 A cc’ls payable___
239,130
292,201
Aec’ ts receivable.
265,938
254,399 D lvid’ds payable.
209,757
209,757
Cash ......................
921,106
993.093 S u rp lu s.................. 1,761,416 1,790,046
T o t a l ---------------20,210,302 20,292,004
— V. 89. p. 1070.

T o t a l ____

.20,210,302 20,292,004

Pittsburgh Brewing Company.
Y e a r e n d in g O c t. 23 1909.)
President F . W . Mueller says:
(R ep o rt fo r F is c a l

S ince the return o f business c o n fid e n ce , sales h a ve sh o w n a s te a d y In­
crease, an d I fe e l Justified in p re d ic tin g th a t It w ill n o t be a g re a t w hile
until the c o m p a n y w ill be d o in g Its n orm al v o lu m e o f business.
IN C O M E ACCO U N T.
1907-08.
1908-09.
761 ,807
721,153
Sales (N o . o f b a r r e ls )___
$5,5 7 5 ,6 4 8
G ross e a rn in gs____________ $5,3 2 4 ,1 7 6
4,2 8 6 ,0 0 2
E x p en ses _______________
3 ,8 5 0 ,3 4 0

1906-07.
943 ,695
$ 6 ,9 4 1 ,4 9 9
4,7 1 0 ,1 6 8

1905-06.
930,604
$0,404,499
4 ,1 9 0 ,3 6 0

N et e a rn in g s___________ $1,4 7 3 ,8 3 6
D ed uct—
I n t e r e s t --------------------------$379,140
P r e f. d iv id e n d s ( 7 % ) . . .
427 ,002
C o m . d iv id e n d s ( 5 % ) . . .
298,107
D e p r e cia tio n ___________
369 ,587

$ 1 ,289,046

$2,231,331

$ 2 ,304,139

$379,140
427,002
298,108
185,397

$37 9,14 0
427 ,002
298,109
054,772

$379,140
427 ,002
298,108
688,263

T o t a l ................................$ 1 ,4 7 3 ,8 3 6
S u r p l u s .......... .....................
.............
P re v io u s su rp lu s_______
4 ,085,233

$1,2 8 9 ,0 4 7
4,0 8 5 ,2 3 3

$ 1 ,759,023
$472,308
3 ,6 1 2 ,9 2 5

$1,792,513
$511,626
3 ,1 0 1 ,3 0 0

T o ta l s u rp lu s_________ $ 4,085,233

$4,0 8 5 ,2 3 3

$4,085,233

$3,612,926

B A L A N C E S H E E T O C T . 28
1909.
1909.
1908.
Liabilities—
■S
S
$
Plant & equipm ’ t.18 ,977,683 18,771,307 Bonds................—
550,239 Preferred s to c k __ 6 , 100,100
Cash ......................
547,492
Bills rec. & m tges. 1 ,972,393 1,976,054 Common sto ck __ 5,962,250
228,072
607,895 Due for m dse.........
577,176
A cc'ts receivable. 250,000
Bills payable_____
Construction acc’ ts
2,650
128,657 Mortgage paya ble.
18,600
Impts. at brew’s
566,128 lies.for State tax,&c
43,506
568,003
Brewery Invent’ les
29,965 Accrued Interest on
30,165
Gen. office Inv’tory
bonds. 4 months
385,589
457,579
126,380
Sinking fund acc’ t.
Undivided profits. 4,085,234

1908.
8
6,319,000
6 , 100,100
5,962,250
71,478
250,000
2,000
99,451
126,380
4,085,234

23,015,894
Total ..................23,133,142 23,015,894
N o te .— U n sold s to ck s an d b o n d s In tre a su ry: $18 1,00 0 b o n d s o f th e $6 , ­
500,000 a u th o rize d : 7,998 shares o f p re f. s to c k (p a r $ 5 0 ), o r $399,900 o f th e
$ 6 ,5 0 0 ,0 0 0 a u th o rize d : 10,755 shares co m m o n s to c k (p ar $ 5 0 ), o r $537,750
o f th e $6,5 0 0 ,0 0 0 a u th o r iz e d .— V . 8 9 , p . 1226.

Independent Brewing Company of Pittsburgh.
( R e p o r t f o r F i s c a l Y e a r e n d in g O c t. 23 1909.)
R E S U L T S O F O P E R A T IO N S .
1008-09.
1007-08.
1006-07.
$

$

1905-06.

$

Sales (b a r r e ls )___________
In c o m e , all s o u r c e s _____
C ost o f p r o d u c ’ n & o p e r .

4 23 ,349
2,778,604
2 ,1 5 5 ,5 2 9

429,443
2,844,486
2 ,432,238

510,820
3,4 3 4 ,0 7 4
2 ,5 1 1 ,2 5 5

500,322
3.306,541
2 ,202,347

P rofits o n s a le s _______
D isbursem en ts—
In te re st o n b o n d s _______
P referred dlvs. ( 7 % ) ----C om m o n d lv s . ( 1 % ) ------In t. o n b o n d s c o n s tlt.c o s.
D e p re cia tio n ___________

623 ,075

412 ,248

803 ,710

1,014,194

270,000
-----------------5,557
246,547

270,000
315 ,000
45,0 0 0
6,008
231,899

270 ,000
3 1 5 ,0 0 0
4 5,000
4,600
127,705

270,000
315 ,000

522,104
100,971
502,420

867 ,007
d e f .455 ,659
058 ,078

T o ta l d is b u r s e d _______
B a la n ce fo r y e a r ________
U n d lv . profits p r e v . y r s .
R e s e rv e fo r p re f. d lv .
N o v . 1905 ___________
U nused res. fo r d c p r e c 'n
N e ts u r . & u n d lv . p r o f.

762,314
713,866
:nir. 131,405 SUr.300,328
826,673
201,018

_______
_______
603,391

2,330
126,536

78,750
246,577
502 ,420

958,078

826,673

B A L A N C E SH EE T.
Oct.23 ’ 08. Oct.SI ’ 08
Oct.23 ’ 09. Oct. 31 '08.
S
Liabilities—
S
$
Assets—
S
Heal estate, & c__ 11,673,307 11,582,272 Common s tock __ 4,500,000 4.500.000
4.500.000
Preferred
s
tock
_
_
4,500,000
106,875
Cash ................. . .
102,253
871,132 Bonds____________ 4,500,000 4.500.000
918,072
Hills receivable . a .
467,620 Bonds of constitu­
A cc’ ts receivable. 443,336
97,510
ent com panies..
85,229
1,567,750
Securities at p a r ..61,570,750
283,559
180,609
11,654 Accounts payable.
Office furniture___
11,654
C605.155
593,136
Bills payable-------Insurance, taxes,
74,349 Capital stock tax
& c., unused____
36,887
due ..............- - 20,474
73,750
Im p rovem en ts___
13,237
Bond Interest ac­
Materials and fin­
81,000
crued ..................
81,000
314,243
ished p r o d u c t..
294,343
502,420
Undivided profits.
603,391
T o t a l ..................15,063.839 15.069,644

Total

15,063,839 15,069,644

a Bills receivable are secured by judgm ent notes and mortgages.
6 Includes *450,000 bonds, $534,850 preferred and $581,050 common stock of
Independent Brewing Co. and $4,850 stocks o f other companies.
,
.
c Bills payable Include notes for $375,000 given as part of purchase price of the
Loyal Hanna Brewery.— V . 89, p . 1225, 352.

Granby Consolidated Mining, Smelting & Power Co., Ltd.
( 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.)
Pres. J. Langeloth, New York, Sept. 9 1909, says in brief:
T h e w ork o f en largin g an d re m o d e lin g th e furn aces has be e n c o n tin u e d ,
and six en larged fu rn a ces are n o w In o p e r a tio n , w hile th e rem ain in g tw o
are e x p e c te d to be In o p e r a tio n b y a b o u t O ct. 1. T h ese re m o d e le d fu r­
naces a r c effectin g g re a t sa vin gs.
D u rin g th e pro ce ss o f rebu ild in g ,
sm eltin g o p e r a tio n s had to be c o n d u c te d u n d e r d ifficu ltie s , a ffe ctin g costs
to a con sid era b le e x te n t, e s p e cia lly In the e arlier part o f the year.
In co n s e q u e n ce o f the gre a t fo re s t llres In A u g u s t 1908, w h ich d e v a sta te d
a co n sid era b le area In British C o lu m b ia , w h en ce o u r c o k e su pplies are re ­
c e iv e d , an d d e s tr o y e d railroad bridges an d trestles, no fuel cou ld be had
fo r several w eek s , and o v e r on e-h a lt o f the w ork s had to be closed d o w n .
It Is v e r y s a tisfa cto ry to re p o rt a m aterial r e d u c tio n In th e c o s t o f m in ing
an d sm eltin g p er ton o f ore: these lo w e r costs e stablish ed du rin g the last
few m on th s sh ou ld be m ain tain ed d u rin g the cu rre n t business year, and
c o n s e q u e n tly the c o s t price p er p o u n d o f c o p p e r r e d u c e d .
L a st y e a r this
c o s t , a fte r d e d u ctin g th e va lu e o f gold an d silve r, a m o u n te d to 10c .,
again st 1 0 .2 4 c., 10.14c. and 8 .3 5 c ., r e s p e c tiv e ly , the th ree previou s years.
T h e av era g e price realized fo r c o p p e r w as 13.22c. per l b ., again st 1 3 .3 3 c.
last y ea r, an d fo r s ilver 5 1 .2 5 c. p e r o z ., again st 5 6 .2 5 c. last y e a r.
T h e e x p e c te d Im p rove m e n t In the price o f c o p p e r did n o t m aterialize,
m a in ly o n a c c o u n t o f the v e r y large p r o d u c tio n , w h ich fo r a con sid e ra b le
p a r t o f the fiscal y ea r e x c e e d e d co n s u m p tio n , a n d th is, up to a few m on th s
a g o , w as still c on sid era b ly be lo w w h at It w as du rin g th e p eriod prior to the
p a n ic. O f late these c o n d itio n s h a ve ch a n g e d m aterially fo r the b e tte r.
O ne d iv id e n d o f 2 % w as paid o n D ec. 15 1908, a m o u n tin g to $ 27 0,00 0.

Local Manager A . B. W . Hodges, Grand Forks, B. C .,
Aug. 11 1909, writes:
T h e m ines s h ip p ed to the s m e lte r du rin g the p ast y e a r 963 ,510 tons o f
ore as against 858 ,132 tons the y e a r p r e v io u s , and the sm e lte r treated
984,733 tons o f d r y ore , In clu din g 19,944 ton s o f cu sto m s o re s , w hich was
o n ly a b o u t 100,000 tons m ore than the pre v io u s y e a r.
O u r to n n a ge cou ld
easily h a ve been o v e r the m illion m ark , b u t It w as th o u g h t an o p p o r tu n e
tim e to enlarge o u r fu rn aces an d c o n v e r te r c a p a c ity : co n s e q u e n tly , e igh t
fu rn aces w ere o n ly o p era te d a b o u t th ree m o n th s , w hile the rest o f the y e a r
w e w ere op era tin g seven and m o st o f the tim e s ix .
W e drilled o v e r 8,000
fe e t o f holes du rin g the y e a r, and o u r o re reserves are largely Increased and
w e h ave ore In sigh t fo r many' years to co m e .
T h e grade o f the ore last y e a r w as n o t as g o o d as the y e a r p re vio u s, the
e x tr a c tio n last y ear bein g 21.81 lb s. o f c o p p e r , .2724 ozs. o f silver and
.0434 ozs. g o ld p e r to n .
In co m p a r a tiv e ly new o re b o d ie s , the higher and
lo w e r grades can be m in ed and se le cte d a t w ill, b u t w hen the w ork in gs h ave
been w ork ed fo r e ig h t o r nine y e a rs, a tim e c o m e s w hen It Is a d v isa b le to
ta k e e v e r y th in g o u t; c o n s e q u e n tly the o re ca n n o t be k e p t as clea n .
O ur
th ree m ain tunnels an d o u r large s h a ft are all e q u ip p e d w ith e le ctric lo c o ­
m o tiv e s , cars, crushers, A c ., and can take o u t a nd crush from 4 to 5 thousand
ton s p er d a y . A ll repairs an d m in e im p ro v e m e n ts are ch a rged to d a lly
o p e ra tin g expen ses.
T w o years a go It w as d e cid e d still fu rth e r to enlarge all th e fu rn aces an d
c o n v e r te r p la n t, so th a t we w o u ld h a ve a sm e ltin g c a p a c ity o f from 3,5 0 0 to
4,5 0 0 tons p er d a y , an d all this w ork has g o n e o n du rin g the p ast y e a r . T h e
c o n v e r te r p la n t n ow has a c a p a c ity o f a b o u t 4 0 ,0 0 0 ,0 0 0 p o u n d s p e r y e a r.
A ll o f o u r engine room s, co n ta in in g b lo w in g en gin es, blo w e rs, e le ctrica l
m otors an d g en era tors, a rc housed In ste e l and b rick firep roof buildin gs.
In fa c t, b y O cto b e r n e x t th e s m e ltin g p la n t will b e In the high est sta te o f
e ffic ie n cy .
T h e p r o d u c tio n o f c o p p e r fo r th e p ast y e a r w as 2 1 ,8 5 8 ,8 0 5 p o u n d s, as
a gain st 2 1,126,926 p ou n d s the y e a r b e fo r e .
T h e to ta l c o s t p e r p o u n d o f
c o p p e r p r o d u c e d , refined an d s o ld , a fte r d e d u ctin g th e v a lu e o f g o ld and
sliver, w as 10c ., as again st 1 0 .3 1 c. th e y e a r p re v io u s.
R E S U L T S F O R Y E A R S E N D E D J U N E 30.
1908-09.
1905-06.
1907-08.
1906-07.
G ross Incom e fro m s a l e s .* $ 3 ,9 8 3 ,5 3 7
$ 4,751,059
$ 3 ,7 9 0 ,1 8 4
$4,5 2 1 ,5 4 9
W o r k in g e x p . a t m ines &
sm elter, freig h t, refin­
3 ,0 1 3 ,3 9 6
2 ,442,456
in g, selling (c g e n .e x p . 3 ,1 3 6 ,1 2 2
2 ,697,165
170,266
154,156
F oreign ores p u r c h a s e d .
166,280
230,277
T o ta l e x p e n s e s ----------- $ 3 ,302,402
$681,134
N et p r o fit ...........................
D educt—
$74,841
E x p lo r a tio n e x p e n s e s . .
B on u s to e m p lo y e e s ------(2)2 7 0 ,0 0 0
D iv id en d s p a id _________
1 0 ,0 0 0
D e p recia tion f u n d --------82,787
In te r e s t p a id ____________

$3,1 8 3 ,6 6 2
$60 6,52 2

T o ta l d e d u c t io n s ____
$437,628
Surplus o r d eficit fo r y r . S .$243,506
Surplus fro m p r e v . y e a r .
2,455,181

$927,099
D . $320,577
2,775.758

$ 1,696,918
S . $228,019
2,5 4 7 ,7 3 0

$830,753
S .$992,864
1,5 5 4 ,8 7 5

T o ta l n et su r. Ju n e 30 $ 2 ,6 9 8 ,6 8 7

$2,455,181

$ 2 ,7 7 5 ,7 5 8

$2,547,739

$ 2 ,5 9 6 ,6 1 2
$ 1 ,9 2 4 ,9 3 7

$2,927,442
$1,8 2 3 ,6 1 7

.............1
$76 ,918
$20,753
$ 2 3 ,1 0 0 /
(5 )6 7 5 ,0 0 0 (1 2 )1 ,6 2 0 ,0 0 0 (6 )8 1 0 ,0 0 0
--------------------228,999

* In clu d es $ 21 ,901 ,52 8 lb s. c o p p e r fine a t an a vera ge o f $0.1322; 335,521
o z . sliver line a t an a v era g e o f $0.5125; 45,761 o z . g o ld line a t an average
o f $2 0 .
„
,
T h ere w as e x p e n d e d In the last fiscal y e a r In new c o n s tr u c tio n , e q u ip m e n
a t the m ines and sm elte r, $23 3,99 4; fo r a d d itio n a l m in in g p ro p e rtie s
$11 ,952 ; to ta l, $ 24 5,94 6. A ll d e v e lo p m e n t w o rk , renew als and repairs
h a ve b een ch a rged to w ork in g exp e n se s.
M ine d e v e lo p m e n t, 9,707 lineal
feet; d ia m on d drill d e v e lo p m e n t, 8 ,3 2 8 .5 lineal fe e t.
G ra n b y o r e sm elter, 964,789 d r y tons; fo re ig n o re sm e lte d , 19,944 d ry
to n s . N et c o s t per lb . o f c o p p e r , a fte r d e d u ctin g v a lu e o f g o ld and silver,

$ 0 . 10 .

B A L A N C E SHEET JU N E SO.
1909.
1908.
1908.
1909.
Assets—
S
$
Liabilities—
8
S
Capital stk. issued 13,500,000 13,500,000
Ileal estate, mach.,
bldgs. & equip. 15,452,996 16,238,437 Accounts & bills
890,895
p a y a b le ----------971,044
Stocks, bonds and
bills receivable.
981,503 1,008,013 Dlvs. held for liqui­
dator ..................
1,429
1,323
Cash * copper on
600,469
421,625 S u rp lu s.................. 2,698,687 2,455,181
lmn<l___________
Fuel & store supp.
136,801
185,324
Total
...1 7 ,1 7 1 ,7 6 0 10,853,399
— V. 87, p. 1302.

T o t a l .................. 17,171,760 16,853,399

International Textbook Co., Scranton ,Pa. •
(B a l a n c e S h e e t o f M a g .31 1909.)
No income account is furnished. Report says in substance
U n d er th e term s o f th e m ortg age (o f th e C olliery E n gin eer C o.) $4,166 60
Is p aid e v e r y m o n th to the C o u n ty .Savings B a n k , trustee o f the m o rtg a ge ,
t o Invest as a sin k in g fu n d fo r the r e d e m p tio n o f the b o n d s secu red b y th c




1345

THE CHRONICLE

Nov. 20 1909.3

m o r tg a g e .
U p t o M ay 31 1909 5448,334 h ad been d e p o site d w ith th e
tru stee [d u rin g y e a r 1 90 8-0 9. $ 5 0 ,5 3 4 .— E d .].
O f this a m o u n t 522 8,00 0
has been a p p lie d b y th e tru stee sin ce M ay 31 1904 t o th e r e d e m p tion o f
228 b o n d s, le a v in g $22 0,33 4 still in the han ds o f the trustee t o be ap p lied
In th e m a n n er p ro v id e d in th e m o rtg a g e to w a rd the r e d e m p tio n o f the
re m a in in g b o n d s.
W h e n 551 ,666 m ore is p a id t o th e tru stee, w h ich w ill
be In a y e a r , all o f th e b o n d s w ill be p a id o ff.
'
T h e a c c o u n ts p a y a b le , $19 0,77 8 as a b o v e , c o v e r the salaries, com m ission s,
& c., fo r th e m o n th o f M ay 1909, p a y a b le th e fo llo w in g m o n th .
T h e surplus ($ 3 ,7 1 5 ,4 6 8 ) represents p ro fits In e xcess o f d iv id e n d s an d
p rem iu m s o n c a p ita l s to c k an d Is Inclu ded In th e real and person al p r o p e r ty
o f th e c o m p a n y .
[T he su rp lu s, It w ill be o b s e r v e d , Increased $475,471
d u rin g th e y e a r 1 9 0 8 -0 9 .— E d .]
T h e d e d u ctio n s m ad e fro m th e a c c o u n t , “ p lates o f te x t b o o k s an d p u b li­
c a t io n s ,” t o p r o v id e fo r d e p r e c ia tio n , a m o u n te d up t o M ay 31 1909 t o
532 2,11 2 [In 1908-09 t o $ 1 5 ,4 1 5 .— E d .].
F ro m th e item “ fu rn itu re and
m a ch in e ry'” th e d e d u ctio n s fo r d e p re cia tio n a m o u n t t o M ay 31 1909 t o
$ 1 5 8,62 7 [In 1908-09 t o $ 2 1 ,6 2 7 .— E d .].
B A L A N C E SH EET M A Y 31.
1909.
1908.
1909.
1908.
Liabilities—
S
S
j\.sscts~~~
S
S
Ileal estate & bldgs.
941,079
920,526 Capital stockfauth.)
l’ lates of publlcat’ ns 1,483,484 1,398,190
*10,000,000— (V.
84, p. 6 2 S ).......... 6,000,000 5,927,700
Furniture & m ach.
306,493
306,272
Text-book,supp.,& c.
329,593
359,059 1st M .5% bds.of Col.
Agcy.establishment.
405,403
396,092
liery Engineer Co.
— V. 79, p. 2799. 272,000
282,000
Accounts receivable 4,245,725 4,310,651
Stock of other c o s . . *1,762,050 1,314,000 Accounts pa ya b le -- 190,778
258,388
220,334
179,780 Surp. (excess of as­
Sinking fund______
Cash item s________
484,084
523,515
sets over llabil’s )- 3,715,468 3,239,997
T otal...................... 10,178,246 9,708,085

T o ta l......... ............ 10,178,246 9,708,085

* This Includes stock of the Technical Supply Co., for which the com pany paid
$300,000: stock of the International Correspondence Schools, par value $100,000:
stock of the International Educational Publishing Co.— 30,000 shares of preferred
and 55,500 shares of com m on— par value S4,275,000; and also the stock of smaller
corporations.— V. 87, p. 1417.

New Haven Iron & Steel Company.
Y e a r e n d in g A u g . 31 1909.)
President Kennedy Crossan says in substance:
•
(R e p o r t fo r F is c a l

T h e o p e ra tio n s fo r th e ye a r sh ow a slight net p ro fit, w h ich , w hile u n sa tis­
f a c t o r y , is n everth eless, we b e lie v e , cr e d ita b le , ta k in g Into co n sid era tion
th e u n u su al c o n d itio n s th a t h a ve m ade It d iffic u lt t o keep th e m ills ru n n n g
p r o d u c t iv e ly , n a m e ly , th e general business depression d u rin g th e greater
p o r tio n o f th e y e a r, a n d , o f m ore seriou s co n s e q u e n c e , th e s te a d ily Increas­
in g use o f m e rch a n t steel In p la ce o f m e rch a n t Iron.
A n u m b e r o f o u r fo rm e r
large c u sto m e rs h a ve ch a n g e d o v e r t o steel d u rin g th e p a st fiscal y e a r, and
as o u r e q u ip m e n t w o u ld n o t p erm it o f increased c a p a c ity In steel bars.
It has been Im possible t o run the m ills e x c e p t w ith r e d u ce d o u t p u t , th e r e b y
Increasin g the co st o f p r o d u c tio n .
Plans h a ve n o w been v ir tu a lly c o m p le te d w h e r e b y It Is h o p e d th a t b y
N o v . 1 1909 th e c o m p a n y w ill be p r o d u c in g m e rch a n t steel on a scale that
w ill cause a great Increase In th e m o n t h ly o u t p u t .
T h e c o m p a n y , w ith
these ch an ges In e ffe c t, sh o u ld be a b le t o secu re a large, s te a d y v o lu m e o f
business fo r steel bars, w h ich th u s fa r w e h a ve been co m p e lle d to o v e r lo o k .
All repairs h a ve been ch a rged a ga in st th e o p e r a tio n o f th e p la n t, as has
been o u r c u s to m .
RESU LTS FOR
G ross sales . ________ .
F inished p r o d , on h a n d .

Y E A R S E N D I N G A U G . 31.

1 90 8-0 9.
$27 6,71 7
27,023

190 7-0 8.
$31 8,53 2
2 9 ,100

5 19 05-06.
$595,113
32,7 1 0

$59 2,69 2
$30 3,54 0

$627,823
$32 0,06 7

T o t a l ............ ..............
D ed u ct— M aterial u s e d . .
F inished p r o d , o n han d
(p re vio u s y e a r ) ____

$30 3 ,7 4 0
$13 6,69 5

G ross p r o fit s _________
G en . & o p e r . e x p e n s e s ..

$ 1 3 7,94 5
135,118

$13 6,73 7
156,860

$256,442
237 ,1 9 5

$27 5,87 6
250 ,197

N e t p r o fit ____________
O th e r In co m e ___________

$ 2 ,827
1,133

d e f$20,123
4,291

$19 ,247
a3,226

$25 ,679
37

T o ta l in c o m e ..................
D ed u ct—
A c c o u n ts ch a rged o f f
D ivid e n d _______________

$3,960

d e f$ 1 5 ,8 3 2

$2,484
_______

$1,019
(6 % )3 0 ,0 0 0

I )a l.,s u r . o r d e f i c i t ..
Surplus pre v io u s y e a r . .
T o ta l surplus A u g . 31

2 9 ,1 0 0

s u r .$ l,4 7 6
6 5 ,387
$66,863

$347,632
$17 0,65 5

190 6-0 7.
$ 5 5 2,45 2
4 0 ,2 4 0

4 0 ,2 4 0

d e f .$46,851
112,238
$65 ,387

3 2 ,7 1 0

$22,473
(a)
(6 )$ 3 0 ,0 0 0
d e f.$ 7 ,5 2 7
119,765
$ 1 1 2,23 8

31,8 8 0

$25 ,716
(a )$ 3 ,1 8 7
_______
s u r.$ 2 2 ,5 2 9
97,236
$11 9,76 5

a O f the $3,187 ch a rged o il In 1905-06, $135 s u b s e q u e n tly c o lle c te d Is
In clu ded In “ o th e r in c o m e ” In 1906-07.
b T h e p rofits o f 1905-06 are d e riv e d fro m ten m o n th s ’ o p e r a tio n , ow in g
t o a strike d u rin g the last t w o m on th s o f th e y e a r.
G E N E R A L B A L A N C E S H E E T A UG. 31.
A ssets—
P lan t & I m p r o v e m e n ts .
M aterials o n h a n d _______
Cash on h a n d ___________
O rga n iza tion & c h a r t e r ..
A cco u n ts r e c e iv a b le ____
S urpen se a c c o u n t _______
Bills r e c e iv a b le _________
S to ck s an d b o n d s _______

1909.
$370,567
71,847
15,022
8,969
50,219
_______
16,415
49,3 2 6

1908.
$37 0,36 5
86,976
5,453
8,9 6 9
3 6 ,722
429
13,411
49,3 2 6

1907.
$ 3 7 0,36 5
100 ,925
14,308
8,9 6 9
6 5 ,8 5 0
----------2 2 ,136
4 8 ,3 2 6

T o t a l .......... .....................
L ia b ilities—
C a pital s t o c k ____________
A cco u n ts p a y a b le _______
Surplus ________
T o ta l ................. ..............
— V . 89, p . 781.

$58 2,36 6

$58 2,36 6

$57 1,65 2

$ 6 3 0,87 9

$623,657

$50 0,00 0
15,502
66,863

$50 0,00 0
6,265
65,387

$50 0,00 0
18,641
112,238

$500,000
3,8 9 2
119 ,7 6 5

$571,652

$ 6 3 0,87 9

1906.
$37 0,23 8
107 ,210
37,0 3 8
8,969
34,033
----------17,842
48,3 2 6

$62 3,65 7

Torrington (Conn.) Company.
Y e a r e n d in g S e p t . 1 1909.)
President Henry H . Skinner, Sept. 14 1909, writes in sub­
stance:
(R e p o r t-fo r F is c a l

General R esu lts.— T h e business o f y o u r su b sid ia ry c o m p a n ie s Is n o w s h o w ­
ing a s te a d y gain o v e r a y ear a g o .
O w in g t o Im p ro ve m e n ts m a d e In v o u r
v ariou s plan ts, th e co st o f p r o d u c tio n has been m a te ria lly re d u c e d . T h e
in sta lla tion o f new m a ch in e ry In th e S prin gfield fa c t o r y , re p la cin g m ost of
the o ld m a ch in ery, has been c o m p le te d , an d th e c o s t w ritte n o il.
T h c business o f y o u r G erm an f a c to r y sh ow s large g ro w th , an d th a t o f
th e English fa c to r y Is g o o d . T h e affairs o f th e S ta n d a rd C o m p a n y are
s a tisfa c to r y , an d th e pu rch ase p rice o f v a lu a b le rights a n d p a te n ts has been
w ritten o ff.
„ ,
T h e sm all fa c to r y o f A . H . S m ith & C o. o f N ew H a v e n , C o n n ., w hich
y o u o w n , has been d is co n tin u e d , an d th e business r e m o v e d t o T o r r in g to n ,
as the business can be co n d u c te d In the E x ce lsio r N eedle C o m p a n y ’s plant
m ore e c o n o m ic a lly . T h e e x p e n se a n d loss In cid en t t o r e m o v a l h a v e been
ch a rg e d o ff.
T h e net earnings o f y o u r s u b sid ia ry co m p a n ie s h a v e been m u ch a b o v e
th e Interest an d d iv id e n d requ irem en ts o f y o u r c o m p a n y , an d orders now
In hand Indicate th at th e co m in g y e a r sh o u ld be e v e n m ore sa tisfa c to r y .
P la n ts .— Y o u r m ain p la n t is the E x ce ls io r N eedle C o ., T o r r in g to n , m a n u ­
fa ctu rin g sew in g-m a ch in e needles, k n ittin g -m a ch in e needles and h ook
needles, also m ach in ery an d som e m in o r a rticles; It e m p lo y s fro m 900 to
1,000 o p e ra tiv e s . T h e S tan d ard C o ., T o rrin g to n o f w h ich y o u ow n 6 9 % ,
e m p lo y s 250 op e ra tiv e s; tills c o m p a n y m an u factu res sp o k e s, nipples an d
pedals fo r b ic y c le s . T h e N a tion a l N eedle C o ., S prin gfield, m a n u fa ctu rin g

THE CHRONICLE

1346

sew in g -m a ch in e n eedles, e m p lo y s a b o u t 250 o p e r a tiv e s . T h e C o v e n try
S w a gin g C o ., L t d ., o f C o v e n t r y . E n g ., m a n u fa ctu re s b ic y c le spokes
a n d n ipples a n d s ew in g -m a ch in e n eedles. T h e M etallw aaren G esellsch aft,
m . b . H ., o f A a ch en , G e rm a n y , m a n u fa ctu re s se w in g-m a ch in e needles,
k n ittin g -m a ch in e needles a n d h o o k needles.
Y o u m a in ta in selling agen cies in N ew Y o r k , P h ila d e lp h ia , B o s to n , B r o c k ­
to n , L y n n an d M ilw au k ee; L o n d o n a n d L e ice ste r, G la sgow , V ien n a and
B u en os A y re s .
„
T h e cash ba la n ce o n h an d S e p t. 1 1009 w as $12 0 ,7 0 3 . Y o u r c o m p a n y
h a sin o in d eb ted n ess o th e r th an its m o rtg a g e b o n d s.
I N C O M E A C C O U N T F O R T H E Y E A R S E N D I N G S E P T . 1.
1905-06.
1906-07.
1907-08.
1008-00.
$
$
S
f" R eceip ts—
208 ,138
181,500
138 ,359
179,500
D iv id e n d s fro m s u b -c o 3.
6,223
2,791
2,518
3,656
M iscellaneous In c o m e . 2 0,000
Sale o f la n d _____________
lOO",833
110,000
110,000
R e n t a l s _________________

no",666

T o ta l r e c e ip ts ________
P a um en ts—
In terest o n b o n d s ----------D iv id en d s on p ro f. (7 % )
D Ivs. on “ A ” c o m . (8 % )
D iv s. on “ B ” c o m . (8 % )
Salaries & d ir e cto r s ’ fees
S u n d ry p a y m e n t s ----------P u rch a se o f m a c h in e r y . .

293 ,246

270 ,877

294,291

3 15 ,194

50,000
7 0 ,000
8 0 ,000
80,000
8,830
1,331

50,000
70,000
8 0 ,000
80,000
9,300
1,591
33,854

50,000
70,000
80,000
80,000
8,250
1,126

50,000
70,000
80,000
80,000
8,480
949

T o t a l p a y m e n t s _____
Surplus fo r y e a r ________
Cash a n d cash assets en d
o f y e a r __________
— V . 89, p . 724.

200,161
s u r.3 ,0 8 5

3 21 ,745
d e f.5 3 ,8 6 8

289,376
4,915

289,429
25,765

129,763

126,679

180,497

166,781

GENERAL
'

INVESTMENT

NEWS

RAILROADS, INCLUDING ELECTRIC ROADS.
Albany Southern R R .— D o u b l e - T r a c k i n g . — J. G. White

& Co. Inc., engineers and contractors, New York, have just
been awarded'the contract for the double-tracking of this
third-rail electric road between Rensselaer and Kindcrhook
Lake, N . Y ., as well as the straightening of curves and a
large amount of track-rehabilitation work. Compare V . 89,
p .°U 4 0 , 1222.

[VO L. L X X X IX .

U n ifie d b o n d s to th e fu rth e r a m o u n t o f $ 2 3 ,5 6 2 ,0 0 0 are re se rv e d to re tire
th e sam e a u th o riz e d a m o u n t o f A tla n tic C oast L in e R R . 4 % c e rtifica te s o f
in d e b te d n e ss If th e h olders o f th e la tte r e le ct to ta k e th em p rio r to M arch 1
1910.
O n ly $21 ,5 6 6 ,0 0 0 o f these certifica te s w ere o u ts ta n d in g Ju n e 30
1909, th e rem ain d er b e in g reserved to retire preferred shares u n e x ch a n g ed .
O f th e re m a in d e r o f th e U nified 4s $ 8 4 ,0 9 0 ,0 0 0 is sot aside to retire u n d e r ­
ly in g b o n d s, w hile $7 7 ,3 4 8 ,0 0 0 Is fo r fu tu re c o n s tr u c tio n , im p ro v e m e n ts
an d sim ila r p u rp o se s.
If the unified m o rtg a g e b o n d s are n o t re q u ire d to
re tire the ce rtifica te s o f In de b te d n e ss, t h e y are av a ila b le fo r the uses o f the
c o m p a n y , w ith $ 7 7 ,3 4 8 ,0 0 0 fo r new p r o p e r t y , u p o n w h ich the unified
m o rtg a g e w ill be a lien .
T h e new 4 % d e b e n tu re c o n v e r tib le b o n d s w ill fall d u e In 1939, b u t th e y
w ill be re d e e m a b le a fte r s ix yea rs a t 105 an d co n v e r tib le a t the o p t io n o f
the h o ld e r Into c o m m o n s to c k o f th e c o m p a n y a t p ar fo r the b o n d s an d a t
$135 a share fo r th e s to c k a t a n y tim e a ft e r Ja n . 15 1910 an d until Jan.
1920. T h e holders o f th e 4 % ce rtifica te s o f in d e b te d n e s s o f th e railroad
c o m p a n y h ave th e r ig h t, until M arch 1 1910, to e x ch a n g e th e ir ce rtifica tes
fo r d e b e n tu re b o n d s, p ar fo r p ar. T h is is is an a lte rn a tiv e p ro p o s itio n fo r
th e o n e to e x ch a n g e their ce rtifica te s fo r un illed m o rtg a ge b o n d s a t par
C om p a re V . 89, p . 1141.
Baltimore & Ohio R R .— N e w D i r e c t o r . — R . S. Lovett,

President of the Union Pacific R R ., has been elected a di­
rector to succeed the late E . II. Harriman.— V . 89, p. 1158,
1138.
Boston & Maine R R .— A d d i t i o n a l D i r e c t o r s R e p r e s e n t i n g
N . Y . N . H . & H . R R . C o . — M r . T u t t le R e -e l e c t e d P r e s i d e n t .—
At a meeting of the board on Nov. 16 Lucius Tuttle was re­
elected President and Charles S. Mellen, President of the
New York New Haven & Hartford R R .; J. P. Morgan, of
New York, and William Skinner, of Holyoke, Mass., were
elected directors, to succeed Messrs. Lindsay, Rich and
Ryder, who resigned. Mr. Ryder remains Clerk of the
board a n d II.E .F ish er continues Treasurer of the company.
A n e x e c u tiv e c o m m itte e w as a p p o in t e d , c o n sistin g o f P resid en t T u ttle ,
Charles S. M ellon, F . C. D utnalne, o f C o n co r d , M ass.; S am uel H e m in g w a y ,
o f N ew H a v e n ; J. P . M organ, o f N ew Y o r k , an d R ich a rd O ln c y , W illia m
Skin n er an d A le x a n d e r C och ra n e, o f B o s to n .
T h e b o a r d c o n sists o f 19 m e m b e rs, 12 o f w h o m n o w reside in M assachusetts,
2 In M aine, 1 In N ew H am psh ire, 2 in C o n n e c tic u t, l In V e rm o n t (M r.
V a il is g iv e n as resi lin g a t L y n l o i , V e rm o n t) a n d 1 in N ew Y o r k .
A m a jo rity o f the b o a r d , as well as a m a jo rity o f the e x e c u tiv e c o m m it t e e ,
Is a ffilia te d w ith the N ew Y o r k N ew H aven & H a rtfo rd R R ., if n o t d ir e ctly
rep resen tin g th a t c o m p a n y ’s In terest In the s t o c k .
C om p a re V . 8 9 , p . 992,
84 6 .
•

Alberta & Great Waterways R y.— B o n d s S o l d i n L o n d o n .
Boston & Worcester Street R y . — N e w S to c k a n d B o n d s .—
— Press reports announce the successful offering in London The. Massachusetts Railroad Commission has been recpiested
on N ov. 10 and 11 by J. S. Morgan & Co. at 11 0% of $7,­ to sanction (1) an increase of stock from $2,025,009 to not
400,000 5 % first mortgage gold debenture bonds of $1,000 exceeding $2,525,000, to be olFered to shareholders at $100
each, due Jan. 1 1959, but redeemable,all or a n y ,a ta n y time per share, to provide for extensions, improvements and
after Jan. 1 1919 at 1 1 2 ^ % . Interest payable J. & J. in additional rolling stock; (2) an issue of 20-year 4 j ^ % bonds
London at office of J. S. Morgan & Co. at fixed rate of not exceeding $500,000 for improvements and refunding
$4 86 2-3 per £ 1 . Mortgage trustee, Standard Trusts Co. $46,000 Framingham Union 5s matured.— V . 87, p. 1418.
of Winnipeg. The principal and interest of the bonds are
Buffalo Rochester & Pittsburgh R y .— N e w D i r e c t o r .—
unconditionally guaranteed by the province of Alberta by
endorsement on each bond in the form appended below, in Harry Yates has been elected a director to succeed his father,
accordance with an Act of the Legislative Assembly of the the late Arthur G. Yates.— V. 89, p. 1222, 1114.
Canadian Northern R y .— R e p o r t . — For year ending June 30:
Province, passed inJFeb. 1909. An advertisement says:
T h e c o m p a n y Is In corp ora te d u n d e r an A c t o f th e L egisla tive A sse m b ly
o f the P r o v in c e o f A lb e r ta , C a n a d a , w ith p o w e r to co n s tr u c t an d o p e ra te
a ra ilw a y ru n n in g fro m E d m o n to n , th e ca p ita l o f the p r o v in c e , n o r th ­
e a s te rly to a p o in t a t o r n ear P o rt M a cM u rra y , an d fro m a p o in t n e a r the
w estern en d o f L a c la BIche to the eastern end th e r e o f, w ith term inals a t
the C itv o f E d m o n to n . T h e net p r o c e e d s o f the presen t Issue w ill be
a n n lled to the c o n s tr u c tio n an d e q u ip m e n t o f th e said railw ay an d term in als,
anil w ill b e p aid o u t b y the T re a su re r o f th e p r o v in c e fro m tim e to tim e
a g ain st en g in eers’ c ertifica te s.
... ...
„
T h ese gu a ra n teed first m o rtg a g e b o n d s re p re se n t $20 ,000 p e r m ile on
350 m iles o f r a ilw a y , tog eth e r w ith $40 0,00 0 In re sp e ct o f the c o s t o f the
term in als a t E d m o n to n , o r $ 7 ,4 0 0 ,0 0 0 In all. T h e b o n d s a r c also a first
charge u p o n rollin g s to c k an d e q u ip m e n t.
[T h e G eneral M anager Is
E A . Ja m es, E d m o n to n ; VV. R . & D . ( ). C lark, b an k ers o f K an sas C ity ,
h ave been a c tiv e In p r o m o tin g th e e n te rp rise .— E d .]
G uaranty (to be endorsed on each o f the d efin itive bond s).
P a y m e n t o f th e prin cip a l sum secu red b y this b o n d and Interest thereon
fro m this d a te , p a y a b le s e m i-a n n u a lly a t the rate o f five p e r c e n tu m p er
a n n u m , Is h e r e b y g u a ra n te e d b y the G o v e rn m e n t o f A lb e rta .
S i g n e d ,_________________________ P r o v in cia l T reasu rer.

Altus Roswell & El Paso R R .— R e c e iv e r s h i p D e n i e d .—
Judge Cotteral in the Federal Court on Nov. 11 denied the
application of the McCullough Construction Co. of St. Louis
for the appointment of a receiver.

F isca l
Gross
Y ea r—•
E arn ings.
19 0 8 -0 9 ______ $ 10 ,581 ,76 7
1 9 0 7 -0 8 _____
9,7 0 9 ,4 6 2
— V . 89, p . 1279, 1141.

O perating
E x p en ses.
$ 7 ,0 1 5 ,4 0 5
6,6 7 6 ,7 7 0

N et
E a rn in g s.
$ 3 ,5 6 6 ,3 0 2
3 ,0 3 2 ,6 8 6

F ix e d
Charges.
$ 2 ,9 1 9 ,6 1 7
2 ,3 5 3 ,7 5 7

B a la n ce,
S u rp lu s.
$64 6,74 5
678 ,929

Central of Georgia R y . —
fro m

D a rn in g s o f F is c a l

S u i t s to R e c o v e r I n c o m e I n t e r e s t
Y e a r 1907-08.— The trustees of the

first, second and third income bonds on Nov. 15 filed suits in
the Superior Court at Savannah, G a., to recover the 5 %
interest claimed to have been earned from the operations of
the fiscal year ending June 30 1908 and to have been properly
payable on Oct. 1 1908.
I t is cla im ed th at the a c c o u n ta n ts o f the tru stees, a fte r a th o r o u g h Inves­
tig a tio n , fo u n d th a t a fte r p a y in g all p rio r charges the c o m p a n y h ad a v a il­
ab le o u t o f th e earnings o f the fiscal y ear 1907-08 fo r th e p a y m e n t o f the
full 5 % interest o n the three classes o f b o n d s, eallln g fo r $ 7 5 0 ,0 0 0 , the sum
o f $ 1 ,6 3 7 ,0 7 6 , Inclu din g the earnings o f the O cea n S team sh ip C o ., a m o u n tin g
t o $ 67 0,84 7.
C om pa re de cisio n o n lia b ility fo r p a y m e n t o f Interest from
earnings o f llscal ye a r 1906-07, V . 8 9 , p . 592; V . 8 8 , p . 143 6.— V . 89,
p . 777 , 592.

Charlotte Monroe
R e c e iv e r s h i p

& Columbia R R .— C h a n g e i n C o n t r o l .—
P r o c e e d i n g s D i s m i s s e d . — Control of this road

T h e c o n s tr u c tio n c o m p a n y c la im e d there w as d u e It a b o u t $20 ,000 fo r
b rid g e -b u ild in g co n tr a c ts an d th a t th e gen eral liab ilities o f the road,
a m o u n tin g to a b o u t $ 5 0 ,0 0 0 , w ere far In e xcess o f the assets.
P residen t
K en n e d y a d m itte d th a t the sum d u e the brid g e b u ild in g c o m p a n y was
$6 8 6 , w h ich had b e e n ten d e re d . T h e bonu ses d u e fro m T e x a s tow n s are
cla im ed to ag g reg a te $ 5 5 0 ,0 0 0 , an d fro m tow n s In O k la h o m a $ 14 1,00 0.
T h ere are s ta te d to be g ra d e d a n d r e a d y fo r rails 150 m iles fro m A ltu s to

extending from McBee on the Seaboard Air Line R y. to
Jefferson, 22 miles, changed hands last August and again in
September, being now held by “ Ohio parties” . Receiver­
ship case has been settled and dismissed without the appoint­
ment of a receiver.

T h e c o m p a n y w as In corp ora ted In O k la h om a In A p ril 1908 w ith $ 3 ,0 0 0 ,­
000 au th oriz ed s to c k to build a line a p p ro x im a te ly 400 m iles In len gth , e x ­
ten d in g fro m A ltu s , O k la .,t o R o s w e ll, N . M ., an d th en ce t o El P a so , T e x .
P resid en t, E d w a rd K e n n e d y , H o u s to n , T e x .; S e c r e ta r y , H E . C h apm an ,
A ltu s , O k la .; T reasu rer, J . S . W o o d .
Anderson (S. 0.) Traction Co.— S o l d .— This property has

U n d er the new o rg a n iz a tio n th e d ire cto rs are L o r a n A . K e rr, M cB ee, S. C .,
P residen t an d G eneral S u p e rin te n d e n t; W . S. B la k e n e y , S e cre ta ry and
T reasurer; Ellis 11. K e rr, F . M. T o w n s le y an d W . H . K essler.
B on d
Interest is p aid an d the c o m p a n y Is now “ o n a llrm basis, h a v in g a s tro n g
lo ca l c o m p a n y ’s interests larg e ly d e p e n d e n t u p o n Its s e rv ice t o th e m ”
F o r th e y e a r e n d in g Ju n e 30 1900 th e gross earnings w ere $15 ,4 0 2 ; n et,
a fte r ta x e s , $ 5 ,673; Interest o n b o n d s, $ 2 ,1 7 3 .— V . 89, p . 918 , 410 .

been sold by E . W . Robertson, who bid it in at receiver’s
sale on Oct. 12, to a Greenville, S. C ., syndicate composed
of L. W . Parker, W . J. Thackston, II. J. Haynesworth,
J. B . Duke and B . N . Duke.

Chicago Great Western R y . — V o t i n g T r u s t C e r tific a te s
J. P. Morgan & Co., reorganization managers,
announce that voting trust certificates in engraved form,
pursuant to the plan of reorganization, will be ready for issue
on and after N ov.. 22 1909 in exchange for certificates of
deposit duly endorsed and surrendered and upon which all
calls have been paid.— V. 89, p. 992, 592.
Chicago Milwaukee & St. Paul R y .— E a r n i n g s .— For
2 months ending Aug. 31:

T h e G reen ville A n d erson & S p a rta n b u rg T r a c tio n C o ., It Is s a id , w ill be
org a n ized to tak e o v e r the p r o p e r ty an d e x te n d the ro a d fr o m B e lto n to
G reen ville an d fro m G reen ville to S p a rta n b u r g .— V . 89, p . 1068, 102.

Atlantic Coast Line R R .— R e p o r t .— See “ Annual Reports”
on a preceding page.
N e w S e c u r i t i e s .— 1
The shareholders on N ov. 16 approved
the propositions to authorize (1) an issue of not exceeding
$200,000,000 mortgage bonds bearing not over 4 % interest;
(2) $23,562,500 4 % convertible debenture bonds in order to
provide an alternative method of retiring certificates of
indebtedness, and (3) to increase the common stock to a suf­
ficient amount to retire the debenture bonds. Compare
V. 89, p. 1141.
T h e $200 000 ,0 0 0 b on d s w ill be k n o w n as un ified m o rtg a g e 4 % 5 0 -y ca r
g old b on d s d u e D ec. t 1959. O f the total n a m e d , $ 1 5 ,0 0 0 ,0 0 0 Is to be
issued to retire the J a ck s o n v ille & S o u th w e ste rn b o n d s. ($ 2 ,0 0 0 ,0 0 0 au ­
th orized o f w h ich o n Ju n e 30 1909 $ 1 ,8 3 3 ,0 0 0 had be e n Issued a n d $ 1 ,0 1 5 ,­
000 w ere In the treasury) W ilm in g to n C o lu m b ia & A u g u s ta b o n d s ($ 1 ,6 0 0 ,­
000 6s d u e Ju n e l 191 0 ). A t la n t lc C o a s t L in e R R . n o te s ($ 2 ,9 7 0 ,0 0 0 3 -y e a r
5 % g old n otes w ere o u ts ta n d in g Jun e 30 1909 d u e M arch l 1910; a n a dclltlon al $ 2 ,0 3 0 ,0 0 0 had been pu rch ased an d c a n ce le d p rio r to Ju n e 3 0 ), and
to p a y fo r 'Im p r o v e m e n ts .




R e a d g .—

Tw o
O perating
N et
T a x es
Other Interest, hire
B a la n ce,
M os.
revenues.
earnings,
accrued, in com e, cquipm 't, & c.
su rplu s.
1 9 0 8 .- -$ 1 0 ,7 6 9 ,458 $ 3 ,3 2 9 ,7 8 2 $41 3,25 4 $ 4 0 4,06 0 $ 1 ,5 9 0 ,8 2 5 $ 1,729,763
1 9 0 6 ...
9 ,991,869 3 ,8 2 5 ,6 8 8 395 ,0 8 6 ______ _______________
____ - - - ­
" O t h e r In c o m e ,” .as a b o v e , $ 4 0 4 ,0 6 0 , in clu d es: In c o m e fro m o th er
s ou rce s , $57,220; rents r e c e iv e d , $37,827: re ve n u e fro m o p e r a tio n o ' s le e p ­
in g, p a rlo r an d d in in g cars, e le v a to r s, hotels an d restau ran ts, $309,013
(th e la st-n a m e d a m o u n t c o m p a rin g w ith $206,892 In the sam e 2 m o n th s o f
190 8).
“ In te re s t, hire o f e q u ip m e n t, & c .,” $ 1 ,5 9 0 ,8 2 5 , Inclu des: In terest
a c c r u e d d u rin g th e tw o m o n th s, $1,1 1 0 ,8 3 2 ; hire o f e q u ip m e n t, 5177,947;
rents p a id , 560,196; e xp en ses o f o p e r a tio n o f sle e p in g , & c ., ca rs, e le v a to rs,
& c., $241,851 (th e la st-n a m e d a m o u n t co m p a r in g w ith $ 7 o ,o J o In the sam e
m o n th s o f 1 9 0 8 ).
S a l e o f D e b e n t u r e s . — Kuhn, Loeb & Co. and the National
City Bank, who in June last purchased $25,000,000 of the
25-year 4 % debentures due July 1 1934, it is understood,
have agreed to take $5,000,000 additional of the $50,000,000

Nov. 20 1009

THE CHRONICLE

issue as required, making $30,000,000 in all purchased or
under option by them. Compare V . 89, p. 1279, 1223.
Chicago Terminal Transfer R R . — S a l e J a n . 6 .— The fore­
closure sale is advertised to take place Jan. 6 1910 at the
Grand Central Passenger Station, 5th Ave. and Harrison
S t., Chicago. Upset price, $15,140,000.
T h e p r o p e r ty Is to be sold u n d er fo re clo s u re o f th e 4 % m o rtg a g e o f 1897,
s u b je c t to $39 4 ,0 0 0 C h icago G rea t W e ste rn R a ilro a d b o n d s d a te d 1886 and
to a certa in m ortg a g e to the c it y o f C h icago fo r $ 6 5 0 ,0 0 0 , In a c c o r d a n c e
w ith th e d e c r e e en tered b y the C ircuit C ou rt o f the U n ited S tates f o r the
N orth ern D is trict o f Illin ois, E astern D iv isio n , o n F e b . 20 1 90 7, an d a m e n d ­
m en ts th ereto o n Ju n e 5 1907 an d J u ly 15 1908, r e s p e c tiv e ly , an d orders
en tered su b s e q u e n t th ereto , an d p ursuan t to an a n cilla ry d e cre e In In d i­
a n a . A s Is w ell k n ow n , th e 13. & O . R R . ow n s a large p a rt o f th e p referred
s t o c k , an d In A p ril 1907 w as gra n te d p e rm ission to ta k e u p a t p a r th e
$ 1 5 ,1 4 0 ,0 0 0 1st 4s o f 1897.

1347

Kansas City (Mo.) Railway & Light Co.— P r o p o s e d R e ­
An election will be held in Kansas City
on Dec. 16 to vote on ratifying Ordinance No. 3203, approved
N ov. 1 1909, granting:
n e w a l o f F r a n c h i s e s .—

uuu cue ivansas Ldiy cc w e s i p o r t
« e i t K y . C o ., w h ich e x te n s io n is fo r a lo n g e r p e rio d th a n 30 y e a r s ." — V .
o 7 , p . 3 7 , 810 , 1605.

K ansas City Southern R y .— B o n d s R e a d y . — The New York
Trust Co. is delivering engraved coupon bonds upon sur­
render at its office of its interim certificates for “ refunding
and improvement mortgage” 5 % bonds.— V . 89, p. 1065,
1089.

The amended petition of the minority stockholders’ pro­
tective committee protesting against the foreclosure decree,
representing, it is said, about 24,000 shares, was to have
some up for hearing before Judge Kohlsaat in the United
States Circuit Court of Chicago on N ov. 18.

Lake Superior & Ishpeming R y .— B o n d s C a l l e d .— The
company has called $45,000 first mortgage bonds for pay­
ment on Jan. 1 1910 at 105 and interest at the Farmers’
Loan & Trust Co., New York, leaving $130,000 of the issue
outstanding.— V . 85, p. 1462.

T h e c o m m itte e a tta ck s th e v a lid it y o f th e B . & O . lease an d m akes o th e r
a lleg a tion s, m a n y o f w h ich are sim ilar t o th e co n te n tio n s u rge d b y the
preferred s to c k h o ld e r s p rio r t o th e a c c e p ta n c e o f th e o ffe r o f th e B . & O .
t o p u rch ase th eir s t o c k .

Lima (Peru) Urban Ry.— B o n d s C a l l e d .— Sixteen 6 % gold
bonds have been called for redemption Jan. 1 1910. Cou­
pons due that day will be paid after that date at the offices
of W m . Salomon & Co. and W. R. Grace & Co., New York
City.— V . 88, p. 1253.

Cincinnati New Orleans & Texas Pacific R y .— N e w D i r e c ­
Oscar G. Murray, George W . Perkins, William Cotter
Metropolitan Street R y ., New York .— D e c i s i o n o f S u p r e m e
and Norman B . Ream have been elected directors to succeed
G. F . Brownell, C. A . Ilinsch, Lawrence Maxwell Jr. and C o u r t . — The United States Supreme Court on Monday denied
the application of the Guaranty Trust Co. of New York to
F . D . Underwood.— V . 89, p. 1141.
allow an appeal to be taken directly to that Court from the
Cleveland Cincinnati Chicago & St. Louis R y .— B o n d s
order of Judge Lacombe authorizing the receivers to issue
A u t h o r i z e d .— The stockholders on Wednesday authorized
certificates ranking ahead of the general collateral trust and
a new issue of bonds limited to $20,000,000, of which it is
refunding mortgages.
understood about $9,000,000 will be issued in the near fu­
T h e G u a ra n ty T ru st C o m p a n y ask e d th e S u p re m e C o u rt, In v ie w o f th e
ture. Compare V . 89, p. 720, 778.
Im p o rta n ce o f th e m a tte r a n d th e Im p e n d in g fo re clo s u re sale, t o a d ­
N e w D i r e c t o r .— George F . Baker of New York has been
v a n c e Its a p p e a l fo r e a rly h earin g. T h e M o rto n T ru st C o m p a n y , tru stee o f
th e r e fu n d in g m o r tg a g e , a n d th e M e tro p o lita n Secu rities C o . also a p p lied
elected a director.— V . 89, p. 1279, 1141.
fo r w rits o f ce rtio ra ri to re v ie w th e a p p ea ls still p e n d in g b e fo re th e C ircu it
t o r s .—

Colorado & Southern R y .— N e w D i r e c t o r . — Samuel Thorne
has been elected a director to succeed Grenville M. Dodge.
— V . 89, p. 990, 933, 912.
Columbus (0 .) Delaware & Marion (Electric) R y .— P r o ­
te c tiv e C o m m i t t e e .— Representatives of the refunding or con­
solidated mortgage, the coupons of which are now in de­
fault, and of underlying mortgage bonds of the system, met
in the office of Attorney T . E . Powell at Columbus, O ., on
N ov. 11, and appointed the following committee to pro­
tect their interests:
W . F . B u rd cll, V ic e -P r e s id e n t o f th e S ta te S a v in g s B a n k & T r u s t C o.;
C a leb L . M c K e e , o f th e b ro k e ra g e llrm o f C aleb L . M c K e e & C o ., and
F ran k S. S ta ln a k er, P resid e n t o f th e C a pital N a tio n a l B a n k o f I n d ia n a p o lis .
D e p o s ita r y , S ta te S av in gs B ank & T r u s t C o . o f C olu m bu s.
T h e d e p o s it ag reem en t gives th e c o m m itte e fu ll p o w e r o v e r th e b o n d s
fo r all pu rp oses o f p r o te c tio n fo r th eir o w n e rs, an d In case o f fo re clo s u re
p roceed in g s these are to b e In stitu ted an d m ain ta in e d b y th e c o m m itte e
w h ich Is to d o all things It m a y d e e m rig h t an d b e s t fo r th e Interest o f the
b on d h o ld e rs .
T o p a y th e exp en ses o f the c o m m itte e a n d a n y an d all legal
proceed in g s w h ich m a y be b ro u g h t, an assessm ent o f 5 % o f the fa c e valu e
o f th e d e p o s ite d b on d s Is to be le v ie d .
T h e b on d s to be d e p o s ite d are th e $ 91 5,00 0 C ol. D e l. & M arlon R y . c o n ­
s o lid a te d m tg e , $1 ,0 0 0 ,0 0 0 C o lu m bu s D elaw are & M arlon E le c tr ic R y .
1st m t g e ., th e $28 5,00 0 C o lu m bu s N orth ern R a ilw a y P o w e r and E q u ip m e n t
1st m tg e . a n d the $ 30 0,00 0 M arlon R a ilw a y , L ig h t & P o w e r C o . b o n d s.
O f these b o n d s, the re ce iv e r has b een a u th o riz e d to p a y the c o u p o n s o f the
C olu m bu s N orth ern R y . P o w e r an d E q u ip m e n t, an d a p p lic a tio n has been
m a d e to p a y the c ou p on s o f th e C o lu m bu s D elaw are & M arlon R R . 1st
m tg e . b on d s.
T h e c ou p on s are n o w In d e fa u lt o n th e c o n s o l, m tg e . b o n d s.
T h e co m m itte e states th at It sees n o n e ce s s ity a t p resen t fo r a fo re clo su re
su it, as the roa d Is bein g w ell h a n d le d a n d Is m a k in g co n sid e ra b le a b o v e
o p e ra tin g ex p en ses and fixed ch a rge s, an d It Is b e lie v e d th a t It ca n be
b ro u g h t arou n d In g o o d sh ape w ith o u t a fo re clo s u re su it.
U ntil it is seen
there is no ch a n ce fo r a re o rg a n iz a tio n an d It Is a p p a re n t th a t th e b o n d ­
holders w ill lose b y d e la y , It Is p r o b a b le th a t m atters w ill be a llo w e d to
rem ain as a t p r e s e n t.— V . 8 9 , p . 847 , 592.

Dayton & Union R R .— M a t u r i n g B o n d s .— The $225,000
first mortgage bonds maturing Dec. 1 1909, together with
the coupons then falling due, will be paid on and after that
date at the American Exchange National Bank. The
amount required for their payment is already in the sinking
fund.— V . 73, p. 1312.
Detroit United R y . — P a y m e n t to C i t y . — President J. C.
Hutchins on N ov. 13 sent to the Common Council a letter
saying that the company has decided to pay without contest
the occupation tax of $300 a day called for by the Hally
resolution adopted by the Council Oct. 26 last. The tax is
for the privilege, after N ov. 14, of operating cars in the
streets where the franchises have expired, but without waiver
by the company of any of its rights. The letter declares
that the city is wrong in the contentions of the Hally reso­
lution, and says that the company acquiesces to the de­
mand for $300 a day “ simply to avoid trouble until we can
have a better adjustment of our relations.” — V . 89, p. 993.
Georgia & Florida Ry .— T h r o u g h L i n e O p e n e d .— 'Through
service, it is announced, will be begun on Monday between
Augusta, G a., and Madison, Fla. The first passenger train
was run on N ov. 16. Pending completion of the link into
Augusta, the company will use the tracks of the Central of
Georgia from Milieu to Augusta. The company now has about
280 miles in actual operation and 20 miles additional under
construction, which it is expected will be completed soon
after Jan. 1.— V . 89, p. 778.
Grand Trunk Ry. of Canada.— A c q u i s i t i o n . — See Pontiac
Oxford & Northern R R . below.— V . 89, p. 1216, 993.
Hudson & Manhattan R R .— B o n d s O u t s t a n d i n g . — The
company has recently increased the outstanding amount of
its first mortgage 4J^s due 1957 from $51,500,000 to $ 5 4 ,­
500,000.
A considerable amount of these bonds is owned
by the Hudson Companies, and has been pledged by it to
secure its several issues of notes. Compare V . 89, p. 1280.




C ou rt o f A p p e a ls in o r d e r th a t th e e n tire m a tte r m ig h t be h eard a t o n e tim e.
r h e C?m rt h o,1!ls
th e a p p lic a tio n s w ere p rem a tu re w hile th e a p p ea ls
w ere still p e n d in g In the lo w e r C o u rt. T h e e ffe c t o f th e d e cisio n Is t o p erm it
th e m a tte r t o rem ain w ith th e C ou rt o f A p p e a ls .
P
S a l e A d j o u r n e d . — The foreclosure sale has been adjourned
to Jan. 22.— V . 89, p. 1142, 411.

Missouri Pacific R y .— $29,806,000
M o rtg a g e”
h o ld ers o f

“ F ir s t a n d R e fu n d in g
B o n d s U n d e r w r it te n a n d O f fe r e d at 95 to S h a r e ­
R e c o r d D e c . 8.— The company announced on

N ov. 17 its plan for making a mortgage to secure not ex­
ceeding $175,000,000 “ first and refunding mortgage” bonds,
of which $29,806,000 Series A have been underwritten by
Kuhn, Loeb & Co. and are offered at 95 to shareholders of
record Dec. 8 in amounts equal to 3 6 % of their respective
holdings. The bonds now offered will bear 5 % interest and
will be convertible, dollar for dollar, into stock at option of
holder from Sept. 1 1912 to Sept. 1 1932 (see circular below).
Subscriptions (see full particulars in advertisement on another
page) will be received at the Guaranty Trust Company,
28 Nassau Street, New York, on or before Jan. 21 1910 on
warrants which will be issued as soon as possible after Dec. 8.
Subscriptions are payable in New York funds at the aforesaid
trust company either in installments, which for a $1,000
bond are: At the time of subscription, on or before Jan. 21
1910, $350; on or before March 4 1910, $300; and on or
before April 15 1910, $300 (for $500 bonds, just half
these amounts), or optionally as follows:
S u b scrip tio n s m a y be p a id l o r In lu ll a t th e tim e o 1 m a k in g s u b s c r ip tio n
o n o r b e lo r e J a n . 21 1910, In w h ich case th e a m o u n t p a y a b le w ill be $944 44
per $1,000 b o n d , o r $472 22 p e r $500 b o n d ; o r , a lte r th e p a y m e n t o l th e
llrst in sta llm en t o n o r b e lo r e J a n . 21 1910, as a b o v e p r o v id e d , th e re m a in d er
o f th e su b s c r ip tio n m a y b e p a id in lu ll o n o r b e lo r e M arch 4 1910 b y navlm r
$598 20 per $1,000 b o n d o r $299 10 p er $500 b o n d .
B o n d s w ill be issued w ith c o u p o n s m a tu rin g S e p t. 1 1910 a t t a c h e d , a n d
th e lo re g o in g p a y m e n ts Include an a d ju s tm e n t o f a c c r u e d Interest t o
M arch 1 1910.
D e n o m in a tio n s $500 a n d $ 1 ,0 0 0 (c * & r * ).

Besides providing for the payment of floating debt, the
sale of this $29,806,000 of bonds will furnish a considerable
amount of new capital for improvements and additions not
only on the Missouri Pacific Lines, but also on the St. Louis
Iron Mountain & Southern system, as set forth below.
A b s tr a c t o f C ircu la r L e tte r o f P re sid e n t G e o rg e J . G o u ld , N o v . 17 1909.
L ie n o j N ew B on d s, D irect M ortgage on 3 ,7 7 9 M ile s F irst M a in T rack.
T h e new b o n d s, o l w h ich $ 2 9 ,8 0 6 ,0 0 0 a r c o ffe r e d fo r s u b scrip tio n , are to
b e se cu re d b y d re ct m o r tg a g e o n 3 ,7 7 9 .2 4 m iles first m ain track an d 951.68
m iles o th e i tr a c k .
The K ansas & C o lo ra d o P a cific R y . C o ., Central B ran ch
l t y . C o. an d certa in o th e r su b -c o m p a n ie s h a v e b een co n so lid a te d w ith the
M issouri 1 acU lc R y . C o . an d th e lines o f o th e r co m p a n ie s h old in g title to
a u x ilia ry lines (e x c e p tin g the leased B o o n v illc S t. L ou is & S outhern R y
C o ., c o n tro llin g a b o u t 44 m iles) w ill b e p r o m p tly c o n v e y e d to the M issouri
P a cific , so th a t th e " fir s t and re fu n d in g m o r tg a g e ” w ill be a d ir e ct m o r t­
g a g e , an d e v e n tu a lly a first m o r tg a g e , o n p r a c tic a lly th e en tire m ileage
(e x c lu s iv e o l th e S t. L ou ts Iro n M o u n ta in & S o u th e rn sy ste m ) n o w o w n e d
o r c o n t r o lle d .
#
A F irst L ien on 165 M ile s ; R em ainder Subject to only $ 6 6 ,293 ,00 0
U nderlying B on d s.
T h e b o n d s w ill a t o n c e b e a d ir e ct first m o r tg a g e o n 165.23 m iles first
m ain tra ck o f th e afo re sa id m ile a g e , and In re sp e ct o l the rem ain in g m ileage
will be s u b je c t o n ly t o $ 6 6 ,2 9 3 ,0 0 0 u n d erlyin g b o n d s (o u t o l the $85,993 000
fo r th e r e fu n d in g o f w h ich p ro v isio n w ill be m ade In th e m ortg a ge) o u t ­
s ta n d in g a ft e r th e r e tire m e n t o f $19 ,7 0 0 ,0 0 0 u n d e rly in g b o n d s to b e Im ­
m e d ia te ly d e p o s ite d w ith the trustee
A fte r N o v . 1 1920 a F irst L ie n on 3,0 7 9 M il e s o f the P resen t 3 ,7 7 9 M ile s .
O f su ch $ 6 6 ,2 9 3 ,0 0 0 u n d erlyin g b o n d s, $ 4 3 ,0 2 5 ,0 0 0 m atu re on o r b efore
N o v . 1 1920, a fte r w h ich d a te th e new m o r tg a g e will be a first lien o n a t
le a s t 3 .0 7 9 .4 6 m iles o u t o f the p resen t to ta l m ileage o f 3,7 7 9 24 m iles b y
a d ir e ct m o rtg a g e o n 1,712.41 m iles th e re o f a n d b y the d e p o s it o f a t least
$ 3 8 ,4 4 1 ,0 0 0 o u t o f a to ta l lim ite d to $ 4 3 ,2 1 9 ,0 0 0 o f b o n d s secured b y first
m o r tg a g e o n 1 ,3 6 7 .0 5 m iles. T h e m o rtg a g e w ill p r o v id e th a t n o u n d erlyin g
b o n d s m a y b e e x te n d e d e x c e p t th a t b o n d s n o w p ledged to secure th e $ 2 4 ,­
0 12 ,000 5 % colla tera l trust b o n d s , d u e 1917 and 1920, m a y be e x te n d e d
to th e m a tu r ity o f said collateral trust b o n d s.
M ortga ge D ebt only A b ou t $25 ,500 p er M il e , in cl. the $29 ,8 0 6 ,0 0 0 N ew B on ds.
T h e m o r tg a g e d e b t u p o n lines secu rin g the m o rtg a g e , a fte r th e Issue o f
th e $ 2 9 ,8 0 6 ,0 0 0 n e w b o n d s. In clu d in g all o u ts ta n d in g u n d erlyin g b o n d s,
w ill b e a t th e rate o f a b o u t $ 2 5 ,5 0 0 p e r m ile o f m ain tra ck , e x clu s iv e o f the
s e c u r ity to b e a ffo r d e d b y p le d g e o f a t least $ 5 ,3 0 0 ,0 0 0 b o n d s o f S t. L ou is
Iro n M o u n ta in & S o u th ern o f th e Issue h e re in a fte r d e scrib e d .

1348

THE CHRONICLE

A ls o to C over E q uip m ent V a lu ed at $ 1 8 ,6 2 1 ,2 9 7 Subject to U nderlying Bonds
.
— A fte r A cq u ired P r o p e r ly .
T h e n ew m ortg a ge w ill fu r th e r b e a lie n , s u b je c t to ce rta in o f the o u t ­
sta n d in g u n d erly in g b o n d s, o n the en tire e q u ip m e n t, va lu e d a t $ 18 ,621 ,29 7,
and o n a ll o th e r railroad p r o p e r ty n ow o w n e d b y this c o m p a n y , o r b y a n y
o f th e c o m p a n ie s w h ose p r o p e r ty Is to be c o n v e y e d to It as a fo re sa id , and
u p o n a n y o th e r p r o p e r t y h e re a fte r a c q u ir e d fo r use In c o n n e c tio n th erew ith,
an d u p on a n y a d d itio n s , e x te n s io n s , Im p ro v e m e n ts, & c., a cq u ire d b y
m eans o f a n y o f the b o n d s o r th e ir p r o c e e d s . T h e m o rtg a g e w ill pro v id e
fo r the p r o p e r m a in te n a n c e o f the p r o p e r ty .
P r o v is io n s R esp ectin g T rust Ind en tu re o f F eb . 15 1905, A c .
Tills c o m p a n y has a g r e e d th a t n o fu rth e r Issues u n d e r Its 4 0 -y e a r 4 %
g o ld loan tru s t In den tu re o f F e b . 15 1905 shall b e m ad e in a d d itio n to the
$ 3 7 ,2 5 5 ,0 0 0 b o n d s n o w o u ts ta n d in g th e re u n d e r, an d th a t It w ill n o t part
w ith the shares o f s to c k o f S t. L . Iron M t. & S ou th ern at a n y tim e pled ged
u n d er said trust In d en tu re, a n d th a t th e sam e shall n o t be e n cu m b e re d to a
g r e a te r e x te n t w hile a n y o f th e “ first an d re fu n d in g ” b o n d s are o u tsta n d in g.
P u rp oses fo r w hich the $ 2 9 ,8 0 6 ,0 0 0 S er. A B on d s now O ffered w ill be Issu ed .
(a) $ 1 9 ,7 0 0 ,0 0 0 a ga in st the d e p o sit o f a like a m o u n t o f u n d erlyin g b o n d s.
S o m u ch o f the p r o c e e d s o f said b o n d s as m ay n o t be used to p a y u n ­
fu n d e d d e b t , b u t n o t less than $ 4 ,6 5 3 ,2 5 0 , w ill be paid o u t b y the m ortg age
tru s te e fro m tim e to tim e o n ly to reim bu rse the c o m p a n y fo r b etterm en ts
m a d e a fte r the d a te o f m o rtg a g e .
(b) $ 5 ,3 0 0 ,0 0 0 to a cq u ire a t n o t less than 95 a like a m o u n t o f im p r o v e ­
m e n t b o n d s o f the S t. L ou is Iron M ou n ta in & S ou th ern R y . C o ., ot the
Issue (lim ited to $25 ,0 0 0 ,0 0 0 ) h erein a fter d e s crib e d , to be d ep o site d w ith
the tru stee ot "fir s t a n d re fu n d in g m o r tg a g e .”
(c) $ 4 ,8 0 6 ,0 0 0 a ga in st d e p o sit o f p a r in cash , to b e e x p e n d e d fo r a d d i­
tion s, b e tte r m e n ts , & c., as sta te d in (g) b e lo w , u n d e r ca re fu l restriction s.
P u rp o se s fo r w hich the R em ainder ($145 ,1 9 4 ,0 0 0 ) o f the $ 17 5,00 0,0 00 “ F irst
and R efu n d in g ” Bon ds are R eserved.
(d) $ 6 6 ,2 9 3 ,0 0 0 fo r the refun din g o f a like a m o u n t o f u n d e rly in g b o n d s.
(e) $4,6 4 0 ,5 0 0 If n ecessary in such re fu n d in g to p r o v id e fo r prem iu m s
an d discou n ts.
(/) $6,5 0 0 ,0 0 0 to retire a like a m o u n t o f equipm ent obligations n o w o u t ­
sta n d in g a fte r su ch o u ts ta n d in g a m o u n t o f e q u ip m e n t o b lig a tio n s shall
h a v e been r e d u ce d to $ 6 ,5 0 0 ,0 0 0 . Said o b lig a tio n s , m atu rin g fro m D ec. 1
1909 to M ay 1 1917, w ere issued u p o n e q u ip m e n t c o s tin g $12 ,820 ,71 6.
(g) $ 4 8 ,0 6 0 ,5 0 0 fo r exten sion s, add itions, betterm ents and equipm ent, an d
fo r the a c q u is itio n o f b o n d s secu red b y first m o rtg a g e u pon un ion d e p o ts
an d sta tion s a nd un ion term in al fa c ilitie s , u n d e r carefu l re striction s.
(A n y
b on d s n o t needed u n d er (d) and (e) w ill be a v a ila b le fo r sam e p u rposes.)
T h e c o m p a n y m a y reissue fo r su ch p u rp oses u nd er like re strictio n s b on d s
Issued u nd er said m ortg a g e w h ich shall b e c o n v e r te d Into s to c k an d c a n ­
c e le d , b u t o n ly to an ag g re g a te a m o u n t n o t e x c e e d in g $ 40 ,000 ,00 0.
(ft) $ 1 9 ,7 0 0 ,0 0 0 to acquire a lik e a m o u n t o f 5 % im provem ent m o rtg age
5 0 -y ea r g old bom ls o f the St. L o u is Iron M o u n ta in A Southern R y . C o ., to be
Issued fo r a d d itio n s , p erm an en t Im p ro v e m e n ts , & c., and to be d e p o site d
w ith the trustee o f th e “ first an d refu n d in g m o r tg a g e .”
Said Im p ro v e m e n t
b on d s w ill be a d ir e ct first m o rtg a g e o n 227 .57 m iles o f lirst m ain track
an d a d ir e ct m o rtg a g e, s u b je c t to e x is tin g Hens, o n 2,9 0 2 .0 5 m iles o f first
m ain tr a c k , c o n s titu tin g p r a c tic a lly th e en tire sy ste m o f the S t. L . Iro n M t.
& S o u th e rn , e x c e p t a p p ro x im a te ly 4 3 .5 5 m iles o f co n tr o lle d lines w herein
th e Interest o f the c o m p a n y w ill be m o rtg a g e d .
D escrip tion o f “ F irst and R efu n d in g " M ortga ge 50- Y ea r Gold B on ds.
T h e b on d s w ill b e a r In terest n o t e x c e e d in g 5 % , p a y a b le s em i-an n u ally
(M . & S . ) , an d w ill m a tu re S e p t. 1 1959. T h e m o rtg a g e w ill be dated
S ep t. 1 1909.
T h e $ 2 9 ,8 0 6 ,0 0 0 b on d s o t S eries A w ill b e convertible at h o ld e r's o p t io n ,
a t fa ce v a lu e , s u b je c t to th e c o n d itio n s p re scrib e d in the m o rtg a g e , Into
s to c k o f the c o m p a n y a t p ar d u rin g the p eriod c o m m e n cin g S e p t. 1 1912
an d en d in g S e p t. I 1932, and w ith in su ch p e rio d up to 30 d a y s p rio r to a n y
d a te fo r th e r e d e m p tio n th e re o f w h ich m a y be n a m e d In a n y call fo r re­
d e m p tio n .
,
„
T h e en tire Issue o f b on d s is s u b je c t to r e d e m p tio n a t o p t io n o f c o m p a n y
a t 1 10 % an d in terest on S e p t. I 1917, o r o n a n y Interest d a y thereafter;
an d if all p le d g e d b on d s o f the S t. L ou is Iron M o u n tain & S ou th ern R y . Co
shall be r e d e e m e d , a like a m o u n t o f " fir s t and r e fu n d in g " b o n d s m a y be
r e d e e m e d a t 1 10 % an d in terest o n S e p t. 1 1917, o r o n a n y Interest d a y
th e re a fte r.
D en om in a tion s $500 a n d $1,000 ( c * & r * ).
P rin cip al an d
interest p a y a b le in g old o f present sta n d a rd w ith o u t d e d u ctio n fo r a n y tax
u n d er a n y law o f U n ited S tates o r a n y S tate o r m u n icip a lity .
P o s itio n o f M is s o u r i P a c ific R y . C o.
T h e M issouri P a cific R y . C o. o w n s a b o u t 4 0 % o f the s to c k o f the D e n ve r
& R io G ra n de R R . C o ., the la tte r e x te n d in g fro m th e M issouri P a cific's
w estern term in u s a t P u eb lo to S alt L ake C ity , w hile the D en ver & R io
G ra n de R R . C o. ow n s a m a jo rity o f the ca p ita l s to c k o f the W estern P a clllc
R y Co .w h o s e line, e x te n d in g fro m S alt L a ke C ity to San F ra n cis co , Is
n ow r a p id ly nearin g c o m p le tio n .
T h e M issouri P a cific R y . C o. will thus
b e c o m e an in tegral p a rt o f an Im p o rta n t tr a n s-co n tin e n ta l line e x te n d in g
fro m th e M ississippi R iv e r a t S t. L o u is, th ro u gh the h eart o f the A m erican
C o n tin e n t, to the P a cific C oast a t San F ra n cis co , aside fro m the co n tro l
w h ich it a lre a d y possesses o f a sy ste m o t lines e x te n d in g th rou gh the
S ou th w estern S tates to the M exica n b o rd e r.
T h is m ortg a g e will p r o v id e the financial m a ch in e ry n ecessary to d e v e lo p
th e te r rito r y o c c u p ie d b y the c o m p a n y ’s lines and w ill p e rm it the in a u g u ­
ra tion o f a b etterm en t p rogram resu ltin g In the e c o n o m ic a l h an dlin g o f all
bu sin ess. T h e au th oriz ed a m o u n t o f th e b o n d s secu red is c o n s e r v a tiv e and
is ju stified b y the Increase In business han dled d u rin g the past ten years
an d the p resen t rate o f d e v e lo p m e n t o f the te rrito ry traversed .
S t o c k h o l d e r s ’ M e e t i n g J a n . 18.— The shareholders will meet
Jan. 18 to vote on the following propositions:
(a) T o a d o p t a c o d e o f b y -la w s fo r the c o m p a n y .
(ft) T o ra tify a lease bea rin g d a te J u ly 15 1909 o f th e R o o n v llle S t. L ou is
& S ou th ern R y .
(c) T o r a tify th e p u rch ase o f th e w h o le o r a n y p a rt o f th e fo llo w in g
prop erties: C arthage & W estern R y . C o ., J o p lin & W estern R y . C o .,
S t. L ou is O ak K ill & C a ron d e le t R y . C o ., S edalia W arsaw & S ou th w estern
R y . C o ., K ansas C ity N orth w estern R R . C o ., N ebrask a S ou th ern R y . C o .,
O m a h a B elt R y . C o ., O m a h a S ou th ern R y . C o ., P a cific R y . C o. in N ebraska,
P u e b lo & S ta te Line R R . C o. an d K ansas & A rka n sas V a lle y R y .
(d) T o a u th orize an Increase o f the b o n d e d d e b t b y the a m o u n t o f $ 1 7 5 ,­
0 0 0 ,0 0 0 m ortg a g e gold b o n d s, all o r a n y p a rt, as the b o a rd o f directors
m a y d e te r m in e , to be c o n v e r tib le a t the o p t io n ot the holders Into s to c k o t
th e railw ay c o m p a n y .
,
„
(e) T o a u th orize the purch ase fro m tim e to tim e o f n o t to e x c e e d $ 2 5 ,­
0 0 0 ,0 0 0 b on d s o f S t. L ou is Iro n M ou n ta in & S o u th e rn R y . C o.
C o r n e li u s V a n d e r b ilt a D i r e c t o r . — It is stated that Cor­
nelius Vanderbilt has consented to become a member of the
board and of the execuitve committee.— V . 89, p. 1281,593.

Norfolk & Southern R y. — I n v e s t i g a t i o n O r d e r e d .— No
answers having been interposed to the charges made by
Fergus Reid, a minority bondholder (owning, it is said,
8100,000 bonds) in the bill filed by him Oct. 2, Judge Waddill on N ov. 12 at the request of the receivers appointed
W . W . Olds Sr. as special master to investigate the charges.
Mr. Reid interposed the bill with a view to haying the Court
delay the ordering of the foreclosure sale pending an investi­
gation. The Court, however, refused to do this, the sale
being set down for Dec. 7.
•The d ec r e e d irects th e special m a ster to In vestig ate and re p o r t to the
C ou rt w h eth er the c o m p a n y at the tim e o f Its o rg a n iz a tio n re ce iv e d In part
p a y m e n t for $ 16 ,000 ,00 0 o f Its b on d s certa in s to ck s ( v iz ., 20,000 shares
o f N orfolk & S ou th ern R R ., 1,765 shares o f A tla n tic & N orth C arolina,
an d 389 shares ot th e R a le ig h & P im lic o S ou n d R l t .) a t a v a lu a tio n o f
$ 1 ,3 1 6 ,1 0 3 , w h ich . It w as a lle g e d , the N o rfo lk & S ou th ern R y . a lre a d y
ow n e d ; an d if s o , w h o d e liv e re d said s t o c k , w h o re ce iv e d the b on d s In
ex ch a n g e th e re fo r, an d w h a t, If a n y , stun o f m o n e y Is d u e , and b y w h o m ,
to the N orfolk & S ou th ern R y . b y reason th ereof; w h e th e r E d w a rd S w eet
& C o. p aid to th em selves o r o th ers o u t o f the fu n d s o f the c o m p a n y $150,000
as co m p e n s a tio n fo r c o n d u c tin g the u n d erw ritin gs o f th e N o rfo lk & S o u th ­
ern; w h eth er S w eet & C o. o u t o f N o rfo lk & S ou th ern fu n d s h eld b y them
p a id th e T ru st C o. o f A m e rica $ 2 5 6,00 0 as co m m issio n s fo r m a k in g the




[V O L . L X X X I X ,

said N o rfo lk & S ou th ern a lo a n o f $ 1 2 ,8 0 0 ,0 0 0 ; w h e th e r all o f th ese things
as ch a rged b y the p e titio n e r, If d o n e , w ere p r o p e r ly d o n e , a n d If n o t , w h a t
su m s o f m o n e y m a y b e , an d b y w h o m , d u e to th e N o rfo lk & S o u th e rn R a il­
ro a d C o.

The United States Circuit Court of Appeals on N ov. 16
issued an order directing Judge Waddill to show cause on
N ov. 23 why Fergus Reid should not be allowed to appeal
from the decree ordering the sale of the property. If the
appeal is allowed, the sale will probably have to be adjourned.
J u d g e W a d d ill based his a c tio n in d e n y in g the a p p e a l o n the g ro u n d th a t
M r. R eid is n ot a p a r ty t o th e suit b r o u g h t b y th e T ru st C o. o f A m erica
a g ain st th e N o rfo lk & S o u th e rn R y ., as h e, be in g a m in o r it y s t o c k h o ld e r
s p o k e a n d a c te d th ro u gh his tru stee.
It Is alleged th at a sale o f the p r o p ­
e r ty is n eith er necessary nor e x p e d ie n t, b eca u se the p ro p e rtie s o f th e c o m ­
p a n y are in c o m p le te and im p e rfe ct, an d the Im p ro v e m e n ts w h ich . It w as
s ta te d , w ere t o h ave been m ad e w ith th e p ro ce e d s o f th e r e ce iv e rs ’ certifi­
c a te s, h a v e n o t been carried o u t; also th at the earnings o f th e p r o p e r ty ,
u n d e r the C o u rt's c o n tr o l, are Im p ro v in g an d in crea sin g d a lly ; an d fu rth er,
th at th e trustee is In co m p e te n t to represent him In the c o n te s t as to th e
v a lid ity o f certa in b o n d s w h ich u n d er the re o rg a n iz a tio n p lan m a y be used
to w a rd th e p urchase o f the road at the fo re clo s u re s a le .— V . 89, p . 1224;
1142.

New Joint Line.
Conversion of Bonds—Amount of Stock
Entitled to Participate in Subscription for New Stock.

Northern Pacific R y .—
— See Union Pacific
R y. below.— V . 89, p. 1138, 1153, 912.
Pennsylvania R R . —
— The
opportunity afforded to the convertible bondholders to ex­
change their bonds for stock at the established rates in time
to take part in the subscription for 2 5 % new stock at par
expired Nov. 15, when it was found that the amount of
capital stock entitled to participate in the new allotment
is 8330,071,350. The amount of 1902 bonds converted is
839.963.000 and of 1905 bonds 813,100,000, leaving uncon­
verted of the two issues as of Nov. 15 810,037,000 and
886.840.000 respectively.
— The Pennsylvania system on N ov. 16
placed orders for 10,000 freight cars as additions to present
equipment, as follows:

New Rolling Stock.

P en n sylvan ia R R . L in es East o f Pittsburgh, 5,000 C ars.
P ressed Steel Car C o .; H o p p e r , g o n d o la coa l cars, 3 ,5 0 0 , a n d steel
und erfram e llat cars, 5 0 0 ---------- -------------------------- ----------------------------------4,0 0 0
S tan d ard S teel Car C o .; H o p p e r , g o n d o la coal c a r s --------------------- 1,000
P en n sylva n ia R R . L ines W est o f Pittsburgh, 5,000 C ars.
P ressed Steel Car C o .: S teel c o k e cars, 2,500; g o n d o la ca rs, 1,500;
b o x cars, 5 0 0 _____________________________________________________________4,5 0 0
R a ls to n S teel Car C o .:
B o x c a r s ______
_____________________________
500

First Passenger Train from Neiv Jersey to Long Island

.—

Officers and directors of the road made a trip of inspection on
Thursday from Harrison, N . J., through the company’s
Hudson and East River tunnels to Long Island City. The
train consisted of four cars and locomotive, the electrical
equipment being still incomplete. The company, it is
officially announced, hopes to begin using the tunnels be­
tween Manhattan and Long Island City by March 1 next
and the tunnels from New Jersey to Manhattan by June 1
1910.— V . 89, p. 1281, 1224.
Prntiac Oxford & Northern R R .
— A press dispatch dated Nov. 16 states that the road
extending from Pontiac to Caseville, Mich., 100 miles, will
pass into the possession of the Grand Trunk R y . at midnight
Nov. 30.— V . 89, p. 42.
Public Service Corporation of New Jersey.
—
etc.— J. P. Morgan & Co., New York, and
Drexel & Co., Philadelphia, arc offering at 96
and int.
the unsold portion of 88,000,000 general mortgage 5 %
gold bonds. Authorized, 850,000,000; outstanding, 813,­
590,000.
Dated Oct. I 1909 and due Oct. 1 1959. Trustee,
Fidelity Trust Co. of Newark, N. J. Par, 81,000 (c*).
These bonds are liable to be drawn at 105 and interest,
either for the sinking fund on or after Oct. 1 1913,when the
annual sinking fund of 8209,500 begins, and, at the option of
the corporation, are redeemable on Oct. 1 1919 or on any
interest date thereafter.

Trunk.

—Reported Sale to Grand

—Bond Offer­

ing Earnings,

A b s tr a c t ot L etter o f P residen t T h o m a s N. M cC a rte r. D ated N o v . 1 1909.
O rga n iza tio n , In c o r p o r a te d u n d er th e law s o f N ow Jersey In 1903 u n d er
a perpetu al ch a rte r, an d o p e r a te s — e ith e r d lie c t ly o r th io u g h the m edium
o f su b sid ia ry c o r p o r a t io n s — all the gas, e le ctric an d street ra ilw a y business
th ro u g h o u t the larger cities a n d m ore p o p u lo u s d istricts o f thei S ta te ,
e x c e p tin g the shore resorts, the gas business o f the c ity ot L llza b e th and
the street railw ay business In T r e n to n . T h e co r p o r a tio n serves a p o p u la tion
o f l 500 000 In the ra ilw a y b ra n ch o f Its business, 1,600,000 In its gas
b ra n ch an d 1,700,000 in its e le ctric b r a n c h .
* Kn „ An „ „ „
,
...
B on ds. - T h e to ta l a u th o rize d Issue ot b o n d s is $ 5 0 ,0 0 0 ,0 0 0 , o f w h ich
there is a lre a d y o u ts ta n d in g $5 ,5 0 0 ,0 0 0 ; a m o u n t sold t o y o u , $ 8 ,0 0 0 ,0 0 0 ;
totai o u tsta n d in g , Inclu din g the present Issue, $ L l,o ()0 ,0 0 0 .
lh e re m a in d er
ot the au th orize 1 issue Is reserved fo r e x te n sio n s and b e tte rm e n ts, b u t on ly
a n d w hen (up to $2 5 ,000 ,000 b o n d s at par) the Incom e o f the c o r p o r a tio n fo r
the p reced in g 12 calen d ar m o n th s , to g e th e r w ith th e Incom e fro m th e p r o p ­
erties o f w h ich the c o r p o r a tio n Is the lessee, fo r th e sam e p e r io d , a fte r d e ­
d u c tin g o p e ra tin g e x p e n se s, ta xes and ren tals, shall ex ce e d the sum to ta l
o t the an n u al Interest pa ya b le u p o n a ll the b o n d s then o u ts ta n d in g , t o ­
g eth er w ith those at the tim e a b o u t t o be Issued, b y an a m o u n t o f n o t less
than 7 5 % o f the a n n u al interest; an d In case o f the Issuance o f b o n d s o v e r
an d a b o v e $ 2 5 ,0 0 0 ,0 0 0 . then o n ly w hen such e xce ss o f in com e shall e x ce e d
the interest on all b o n d s o u ts ta n d in g , in clu d in g th ose a t the tim e a b o u t t o
be Issued, b y an a m o u n t o f n o t less than 100 % o f tho ann u al Interest.
Capital S t o c k - -\ e w Is sue , T h e a u th o rize d c a p ita l s to c k is $ 2 5 ,0 0 0 ,0 0 0 ,
o f w h ich $18 ,5 0 0 ,0 0 0 has a lre a d y been issued fo r cash a t p a r. T h e s t o c k ­
h olders h a v e re ce n tly s u b s c r ib e d , w ith p ractical u n a n im ity , t o a fu rth er
a llo tm e n t o f s to c k , t o be co n s u m m a te d b e fo re tho close o f the presen t y e a r ,
s > th a t b y D ec. 31 1909 the to ta l o u ts ta n d in g ca p ita l s to c k w ill a m o u n t to
at least $ 2 4 ,3 0 0 ,0 0 0 , all o f w h ich w ill have been Issued fo r cash a t p ar.
S ecu rity fo r Bon ds. T h e co r p o r a tio n op erates und er lease all Its e lect n o
p ro p e rtie s.
It ow n s e v e r y share o f s to c k , e x c e p t d ir e cto r s ’ shares, or t n o ­
lle Service G as C o .,” w h ich o p era tes, u n d er lease, a ll tho gas p ro p e rtie s c o n
trolled b y the c o r p o r a tio n . T h e c o r p o r a tio n also ow n s 98.61 % pi V K * ,,j
0 00 ,000 s to c k o f the “ P u b lic S ervice R y . C o .,” w h ich o p e ra te s, e ith e r tit
r e c tly o r under lease, a ll the street ra ilw a y sy s te m c o n tr o lle d ny m e eoi
p o r a tlo n .
T h e b o n d s a ie secured b y —
n , » i , rocrawH,™
(1) A lirst lien u p on leases fo r at least 900 yo a rs fro m th e n r e s p e t t n e
d ates o f the fo llo w in g gas an d e le ctr ic co m p a n ie s :
E ssex & H u dson Gas C o.
S om erset U n io n & M id d le se x L t g .C o.
H u d so n C o u n ty G as C o .
G as &
C o . o f B ergen C o u n ty .
E ast N ew ark G as L ight C o.
U n ite d E le c tr ic C o. o f N ew J c is e y .
N i c h o l s EL L t. & I>. C o. o f N u tle y .
M id d lesex L ice. L t . & 1 o w e r C o.
S o u th J e rse y G as, E le c. & T r a c . C o . P a te rs o n A I assaio G as « E lec. C o.
A lso an o p e ra tin g ag re e m e n t w ith the Plainfield G as L ig h t C o.
T h e fra n ch ises ot said lessor c o m p a n ie s are p c r p o tu a l, e x c e p t as t o a f e w
g ln o r ,g r a n ts .

Elea.

jS o t .

20 1909.]

THE CPIRONICLE

-

(2) A first lien u p on the fo llo w in g $ 1 4 ,0 7 9 ,4 9 5 b o n d s (par v a lu e ), d e ­
p osited w ith the trustee:
N orth Jersey S treet R a ilw a y C o . 4 s . _________________________ ______ $ 7 ,2 3 0 ,0 0 0
Je rsey C ity H o b o k e n & P aterson Street R a ilw a y C o. i s ................. 1 ,498,000
U n ited E lectric C om p a n y o f N ew Jersey 4 s . ___________________ 683 ,000
154,000
E liz a b eth P lainfield & C entral Jersey R a ilw a y C o . 5 s ____________
O range & P assaic V a lley R a ilw a y C o. 5 s _________________________
8 3 ,000
S om erset U n ion & M id dlesex L igh tin g C o. 4 s ___________________
572,000
C en tral E lectric C o. 5 s _____________________________________________
20,000
S om erset L ig h tin g C o. 5 s . . ___________________________ _________—
21,000
S o u th J ersey G as, E lectric & T r a c tio n Co. 5s---------------------------------- 2 ,7 1 5 ,0 0 0
274 ,000
E liza b eth & R a rita n R iv e r S treet R a ilw a y C o. 5 s -------------------------M id d lesex E le c tr ic L igh t & P o w e r C o. 5 s . ---------- — ------------------16,000
G as & E lectric C o. o f Morgen C o u n ty 5 s ------ --------------- -------------------101,000
P u b lic S erv . C orp . o f N . J . p erpetu al in te re st-b e a rin g c e rtifica te s
712 .495
(3) A first lien u p on $ 4 ,8 9 1 ,4 7 5 ca p ita l s to c k (p ar value) d e p o s ite d w ith
the trustee:
D ep o sited . Total Issued
S om erset U nion & M id dlesex L igh tin g C o
$12 2,40 0
$ 1 ,0 5 0 ,0 0 0
M id dlesex E lectric L ig h t & P o w e r Co — .
— ..
174,500
175,000
N ich ols E lec. L igh t & P ow er C o ., N u tlc y , N . J . _ .
24,7 5 0
25,000
P aterson & P assaic Gas & E lectric Co ------------ .
2 6 9 ,7 0 0
5 ,0 0 0 ,0 0 0
C itizen s’ E lectric L ig h t, H eat & P ow er C o _ .
---4 1 ,2 2 5
41,400
P u b lic S ervice Gas C o ____________
3 ,9 5 8 ,9 0 0
3 ,9 6 0 .0 0 0
(4) A lion u pon the fo llo w in g $ 5 7 ,9 8 8 ,7 0 0 ca p ita l s to c k (par v a lu e ), now
ow n ed b u t s u b je c t to a p rio r pledge d a te d June l 1903 (F id e lity T ru s t C o .,
t r u s t e e ):
Pledged.
Issu ed .
U n ite d E lectric C o. o f N ew J e r s e y _________ . . . . $ 1 9 ,5 9 4 ,0 0 0
$2 0 ,000 ,000
O range & P assaic V a lley R a ilw a y C o ......................
921 ,5 0 0
1,000 ,000
P u b lic Service R a ilw a y C o . . ____________. . . .
3 7 ,4 7 3 ,2 0 0
3 7 ,4 7 7 ,2 0 0
(5) A lien on all the real e sta te an d p erson a l p r o p e r t y now o w n e d (p ar
ticu la rly d escrib ed In the m o rtg a g e ) o r h ereafter a c q u ir e d :
G ross learnings of the Si/stem Controlled hi/ the C orporation , includ ing M i s ­
cellaneous In com e, fo r tlie 4 Y ears and 9 M onths ending S ep t. 30 1909.
1905.
1906.
1907.
1908.
9 M o iths 1909.
$ 19 ,909 ,84 2
$ 2 1 ,4 9 8 ,8 2 6
$ 2 3 ,6 2 8 ,0 4 4
$ 2 4 ,2 6 7 ,6 8 7
$19,286,261
Increase In gross fo r first 9 m on th s o f 1909 o v e r first 9 m o s . o f ’0 8 _ $ 1 ,654,204
Statem ent o f O perations o f C orporation fo r 12 M o s . end. S ep t. 30 1909.
G ross earnings (in clu d in g m iscella n eou s in c o m e ) . . .
$ 2 5 ,921 ,80 2
O p era tin g e x p en ses, ta x es, rentals an d fixed charges o f leased
and co n tr o lle d com p a n ie s
..... ......... ................. ...........
2 3 ,2 3 5 ,5 3 3
----------------------------------------- $ 2 ,6 8 6 ,3 5 9
N et e a r n i n g s . . . -------------I n t . on P u b . S erv. perpetu al in t.-b e a r in g c c rtfs .
$832 992
I n t . on c o ll. n otcs ($ 3 6 2 ,5 0 0 ) & c o n v . n otes ($ 1 8 2 ,2 9 2 ). 544,’ 792
56,477
In terest on m iscella neous o b lig a tio n s .
. ..........
I n t . on P u b lic S ervice general m o rtg a g e b o n d s hereto’
fore is s u e d ................ ................................................... .......... 246,871
----------- —
1,681,132
S u r p l u s ----------------------------------------------------------------------------------------- $ 1 ,0 0 5 ,2 2 7
As the c o n v e r tib le n otes a b o v e m e n tio n e d h a ve been co n v e r te d Into s to c k
o f the c o r p o r a tio n , Interest thereon Is n o lo n g e r p a y a b le , a n d as the c o l­
lateral n otes have been paid olT from the p ro ce e d s o f th e b o n d s sold to y o u
th a t Item o f Interest Is also elim in a te d .
A p p lica tion of A b ove-M en tio n ed Statem ent o f E a rn in g s to P resent Status.
N et e a r n in g s .-------- ------------------------------------------------------------------------------$ 2 ,6 8 0 ,3 5 9
In t. on perpetu al in terest-b ea rin g c e r tific a t e s .x
. ..$ 8 3 2 ,9 9 2
Interest on m iscella n eou s o b lig a t io n s ____________
.
56,477
In t. on $1 3 ,5 0 0 ,0 0 0 gen. m tg e . 5 % sin k , fund 50y e a r gold b on d s o f P u b . S e rv . C o rp . o f N ew J e rse y 675 ,000
---------------- 1,5 6 4 ,4 0 9
b a la n c e ,

s u rp lu s---------- --------------------------------------------------------------- x $ l,1 2 1 ,8 9 0

x T h e a u th orized Issue o f “ p e rp e tu a l In terest-bearing ce rtifica te s ” Is
$ 2 0 ,2 0 0 ,0 0 0 : a m o u n t n o w o u ts ta n d in g , $ 1 9 ,8 4 8 ,2 5 5 : th eir a n n u al interest
ra te, w h ich w as 4 % fo r the Interest p a y m e n ts due N o v . 1 1908 a n d M ay 1
190 9, w ill be 4 'A % N o v . 1 1909 and M ay 1 1910: 5 % N o v . 1010 and M ay
1911; 5 K % N o v . 1911 an d M ay 1912, an d 6 % th e r e a fte r .— E d .
U pw ard s o f $3 0 ,0 0 0 ,0 0 0 has be e n sp en t In the last six years In Im provin g
an d u p b u ild in g the p rop erties c o n tr o lle d , an d th e y are n o w , In m y ju d g ­
m e n t, in a m ost s a tisfa c to r y c o n d itio n fo r e c o n o m ic a l o p e ra tio n .

The new stock issue referred to above was
offered to shareholders of record Sept. 27 1909 in amounts
equal to 2 5 % of their respective holdings for subscription
between Oct. 1 1909 and Oct. 15 at par, with interest from
Oct. 1 at 5 % per annum until such subscription is paid.
N ew

S t o c k .—

S u b scrip tion s w ere a n d are p a y a b le In casli a t the o ffic e o f th e com p an y
in N ew a rk , N . J ., e ith e r In full b e tw e e n O ct. 15 an d D e c. 24 1909 o r Ir
th ree Installm ents, as follow s: $34 p er share o n O ct. 26 1909, w ith lnteresl
as aforesa id : $33 per share o n N o v . 26 1909, w ith Interest, and $33 Der share
o n D ec. 24 1909 w ith in te re st.
C ertificates o f s u b s crip tio n fo r w hol
shares u p on w hich all in stallm en ts h a v e been paid w ere an d a r c exeli inn-f
a b le on o r a fte r O ct. 15 1909 fo r s t o c k , w h ich w ill p a rticip a te In all divl
d en d s p a y a b le a fte r S e p t. 30 1909.— V . 89, p. 848 , 721,
Q u e b e c R a i l w a y , L i g h t & P o w e r C o . — N e iv S e c u r i t i e s , <fcc.
— The company announces its intention to apply to the
Parliament of Canada for an Act amending the Act of incor­
poration by authorizing an increase of the capital by the
issue of debenture stock and additional common stock, etc.
This is, no doubt, one step in the consolidation proposed
under title of Quebec Railway, Light Heat & Power Co.
Compare V . 89, p. 1281.
S t. F r a n c o is
R e c e i v e r s h i p .—

C o u n ty

( E le c t r ic )

R y .,

F a r m in g t o n ,

M o .—

Circuit Judge Killian at St. Genevieve, Mo.,
on Nov. 0, on application of the Central Trust Co. of Illinois,
trustee of the second mortgage, appointed Mayor William
It. Taylor and M. P. Cayce of Farmington as receivers.
Default was made Oct. 1 in the payment of interest on the
$75,000 5 % general mortgage bonds. There arc also $125,­
000 of 5 % first mortgage bonds.

1349

s e r v ic e .
T h e fix in g o f th e term s u n d e r w h ich fra n ch ises are g ran ted Is held
t o be v e s te d In th e lo ca l a u th o r itie s . C o m p a re V . 8 9 , p . 220.
T i t u s v i l l e S o u t h e r n R R . — I n c r e a s e o f S t o c k — B o n d I s s u e .—
The company on N ov. 17 filed in the office of the Secretary
of State of Pennsylvania a notice of increase of capital stock
from $250,000 to $1,000,000 and of the authorization of
$600,000 bonds.
mi J le c o m p a n y w as In co rp o ra te d In P e n n s y lv a n ia last m o n th t o bu ild fro m
1 ltu sv llle t o O il C ity , 25 m iles. T h e In co rp o ra to rs w ere: J . L . Strou se
(P resid en t) . N ew Y o r k ; Charles E. W e llb o r n , W e s to n , N . J .; C. B . M iller,
H . \\ . F r y , C. I . M iller, S . H . M iller a n d C harles H . H o llin g e r o f H arrisbu rg.

.—Sale

T o le d o U r b a n & I n t e r u r b a n R y
N o t C o n f i r m e d .—
The “ Toledo Blade” of N ov. 15 states that Judge Manton
on that day entered an order refusing to confirm the sale o n
Aug. 23 last to the Toledo Bowling Green & Southern Trac­
tion, and permitting Walter E . Terhune, a bondholder, to
become a party to the foreclosure suit. The action of the
Court, it is said, in effect opens up the whole case.
T h e o b je c tin g b o n d h o ld e r alleg es th a t th e p lan en te re d Into b y th e m o r t­
ga g e tru stee Is a fra u d u p o n th e rig h ts o f th e h olders o f the first m o r tg a g e
b o n d s .— V . 89, p . 529.

lads.

T re n to n &

N ew

B r u n s w ic k

P ? e s ld e n t f J ? R

„ rll, .

1

m aJorlty be in g o w n e d b y th e C om m ercia l

I^ I^ ?m In g to n . U o ^

°

th ° o p e ra tIo n o t the r o a d ’

S t . L o u is I r o n M o u n t a in & S o u t h e r n R y . — P rop osed Im ­
p r o v e m e n t B o n d I s s u e .— See Missouri Pacific Rv
a b o v e __

V . 89, p. 226, 105.
S o u t h S h o re T r a c t io n C o .
G r a n tin g F r a n c h i s e .— The

J'

'

H ig h est C ou rt S u s ta in s D e c is io n

RR.—Plan—

F u rth er

W h e re a s , It will requ ire th e raising o t a p p r o x im a te ly $ 1 8 0,30 0 to p a y o ff
th e cla im s w h ich are b y law e n title d to be p aid p r io r to the b o n d s secu red
b y the said tw o m o r tg a g e s . In clu d in g r e c e iv e r ’s co s ts, b a ck ta x e s , liens,
& c ., an d also to p r o v id e th e m o n e y s fo r repairs an d b e tte r m e n ts , it Is
a g re e d th a t the p r o p e r ty . If a c q u ir e d b y the c o m m itte e at fo re clo s u re sale,
shall b e tu rn e d o v e r to a new c o m p a n y to be ca lled “ E liza b e th & T r e n ­
to n R R . C o .,” o r b y so m e o th e r n a m e, an d to be In co rp o ra te d p u rsu an t
to the sta tu te o f N ew J e rse y e n title d “ A n A c t c o n ce rn in g ra ilr o a d s " ( R e ­
v ision o f 190 3).
S ecu rities to b e authorized b y E llz ib e lh & T ren ton Tilt.
P re fe rre d s to c k In $50 shares e n titlin g the h olders to cu m u la tiv e
d iv id e n d s o f 5 % p er a n n u m , an d to p re fe re n ce to the p a r value
th e re o f an d a c c u m u la te d d iv id e n d s in th e d is trib u tio n o f the
assets o f the c o r p o r a tio n , b u t w ith o u t a n y v o t in g p o w e r
($119,700 a t least shall rem ain In the treasu ry fo r fu tu re d is p o ­
sition) , t o t a l -------------------------------------------------------------- ------------------------$ 3 0 0,00 0
C om m o n s to c k In $50 shares ($88,650 a t least o f w h ich shall rem ain
in th e tre a su ry fo r fu tu re d is p o s it io n ), t o t a l ______________________ 900 ,0 0 0
S uch b o n d s se cu re d b y first m tg e . u p o n all o f said r o a d w a y , e q u ip ­
m e n t, fra n ch ises and p r o p e r ty p u rch ased as m a y be n ecessary
am i la w fu l, w h ich m a y be h e re a fte r Issued fo r c o m p a n y needs n o t fixed
T h e Im m e d ia te issues o f s t o c k , n a m e ly ($180,300) p re fe rre d an d ($ 8 1 1 ,­
350) c o m m o n , all fu ll p a id , will ta k e the p la ce o f all o f the o ld b o n d s d e ­
p o s ite d an d In fu ll liq u id a tio n th e r e o f, an d shall be d is trib u te d as fo llo w s(a)
E a ch o f th e d e p o s itin g b o n d h o ld e rs shall be e n title d to re ceiv e
c e rtifica te s fo r n ew c o m m o n s to c k In an a m o u n t equ a l to 2 5 % o f th e p ar
v a lu e o f th eir b o n d s so d e p o s ite d .
(6)
T h e c o m m itte e shall re ce iv e c o m ­
m o n s to c k , $ 3 6 0 ,6 0 0 , and fu ll-p a id p referred s t o c k , $ 1 8 0 ,3 0 0 , an d In o rd e r
to raise th e fu n d n ecessary fo r th e p u rp oses h e re in b e fo re sp ecified shall
o ffe r to e a ch o n e o f th e d e p o s itin g b o n d h o ld e rs th e right to p u rch ase o f
said $ 1 8 0,30 0 p re fe rre d s to c k at par in a m o u n ts e q u a l to 1 0 % o f the b on d s
d e p o s ite d b y th e m , r e s p e c tiv e ly , w ith a bo n u s in c o m m o n s to c k eq u a l
t o 200 /o o f th e p a r valu e o f th e pre fe rre d s t o c k p aid fo r .
S ee also in ­
fo rm a l a g re e m e n t w ith P u b lic S e rv ice C o r p o r a tio n in V . 89, p . 1282.
U n i o n P a c i f i c R R . — N e w J o i n t L i n e .— The Camas Prairie
R R . was incorporated in Oregon on November 4 to operate
as, a joint line for the Union and Northern Pacific between
Riparia, Washington and Grangeville, Id a., about 150 miles.
O f th e Joint li e th e p o r tio n fro m R ip a r ia , W a s h ., t o L e w isto n , I d a .,
78 m iles, w as b u ilt b y th e O regon R R . & N a v ig a tio n C o . (U n io n P a cific
sy ste m ) an d th a t fro m L e w isto n to G ra n ge ville , 67 m iles. Is th e L a p w a l
b ra n ch o f th e N orth ern P a cific .— V . 8 9 , p . 1064, 1069, 1072, 995.
U n it e d R a ilw a y s C o . o f S t . L o u is . — E xch a n ge of
C e r t i f i c a t e s .— The voting trustees for the common

T ru st

stock
under the agreement of Nov. 1 1904, which expired bjr limita­
tion on Oct. 31, give notice that the trust certificates may
now be exchanged for the shares of the common stock repre­
sented thereby.

T h e trust certifica tes issued b y B row n B ros. & C o. o f N ew Y o r k are e x ­
ch a n ge a b le at the o ffic e o f th a t firm In this c it y an d th ose Issued b y th e
N a tion a l B a n k o f C o m m e rce o f S t. L ou is a t the o ffic e o f th a t c o m p a n y .—
V . 89. p . 1224.

&

W a s h in g t o n ( D . C .) R a ilw a y
E le c t r ic C o . — F ir st D iv i­
d e n d o n C o m m o n S t o c k .— The directors have declared the
11th semi-annual dividend of 2 ] / 2 % on the $8,500,000 pre­

ferred stock and also an initial dividend of 1 % on the
$6,500,000 common stock, both payable on Dec. 1 1909 to
holders of record N ov. 13 by check from company's office.
— V. 88, p. 997.
W e s te rn
M a r y la n d
R R . — S o l d .— A t foreclosure sale in
Baltimore yesterday the property was bid in by Henry E .
Cooper and Frank C. Nj cod emus Jr. of New York, repre­
senting the reorganization committee, for $6,500,000, the
upset price. Compare V . 89, p. 1142.
IN D U S T R IA L ,

r'o o nA

( E le c t r ic )

1 he plan of reorganization prepared under date of
Oct. 26 1909 by A . M. Taylor, II. M. Vancourt, E . C. Miller,
A . B. Farquhar and Clarence L. Harper, acting as a com­
mittee on behalf of the holders of deposited bonds of 1901
($924,500 out of $1,000,000) issued by the Trenton & New
Brunswick R R ., and also as a committee on behalf of the
holders of deposited bonds of 1904 ($744,000 out of $803,000)
issued by New Jersey Short Line R R ., provides in effect:

G A S

A N D

M IS C E L L A N E O U S .

P a . — S to ck D i v i ­
company, which recently increased its author­
ized capital stock from $3,200,000 to $20,000,000, has an­
nounced a stock dividend of 5 0 0 % , calling for $16,200,000
of the new stock.— V . 89, p. 1282.
A lu m in u m
d e n d .— This

C o . o f A m e r ic a ,

P it t s b u r g h ,

A m a lg a m a t e d
A s b e s to s
C o r p o r a t io n ,
L t d . — O p t io n
I n c l u d e B o n d s i n P u b l i c O f f e r i n g .— See notice advertised

to

by

Court of Appeals on Oct. 26
affirmed the decision of the Appellate Division, First Depart­
ment, rendered on July 10 last, which directed the Public
Service Commission to approve the franchise granted by the
Board of Estimate to build its road from Jamaica to and
across the Quccnsboro Bridge.

syndicate managers on a previous pag
L i s t e d i n P h i l a d e l p h i a .— The Philadelphia Stock Exchange
has listed the $8,125,000 common and $1,875,000 preferred
stock.— V . 89, p. 1282.

T h e ru lin g o f th e Cou rt is o f great im p o rta n ce gen era lly In th a t it u p h old s
the H oard ot E stim ate o f tills c it y In its co n te n tio n th a t th e sole fu n c tio n o f
th e P u b lic S erv ice C om m issio n , as the su ccessor o f the o ld H oard o f R a il­
r o a d C om m ission ers, Is t o de te rm in e w h eth er the co n s tr u c tio n o f a new road
o r an e x te n s io n o f an old ro a d Is a necessity or co n v e n ie n ce fo r the publl

Aug. 18
1909, was recently filed at Chicago to James I. Burke, cov­
ering property in Ohio, Michigan and Illinois, to secure
$350,000 first mortgage 6 % demand notes.




A m e r ic a n F a r m P r o d u c t s C o . , C h ic a g o a n d N e w
M o r t g a g e .— A 6 % mortgage for S.350,000, dated

Y o rk .—

1350

THE CHRONICLE

T h e c a p ita liz a tio n o f the c o m p a n y o n N o v . 19 w as: C o m m o n s to c k a u ­
th o r iz e d , $ 1 ,5 0 0 ,0 0 0 ; issu ed, $90 0,00 0; a n d p re fe rre d s to c k (7 % noncu m u lattv e) a u th o r iz e d , $2,0 0 0 ,0 0 0 ; o u ts ta n d in g , $ 8 2 5 ,0 0 0 . P a r o f shares,
$100. D eb en tu re b o n d s, a u th o r iz e d issu e, $ 2 ,0 0 0 ,0 0 0 ; o u ts ta n d in g ,
$97 4,00 0; d a ted 190(5 an d d u e J a n . 1 1910, b u t s u b je c t to call a t 1 0 2 H .
In tere s t J . & J. a t M o rto n T r u s t C o ., N ew Y o r k . T h e o ffic e r s a re ; G eo. F .
P a rk er, P res.; H . L . W ile y , V ic e -P r e s .; T h o s . S tu rgis, V I c e -P r e s ., and
T h eo C och eu J r ., S ec. an d T r e a s .
N ew Y o r k o ffic e , 100 B r o a d w a y . A
r e d u c tio n in th e ca p ita l s to c k t o o k place a b o u t a y e a r a g o .
C o m p a re V .
8 3 , p . 816; V . 8 6 , p . 110.
A m e r i c a n G a s C o . — D i v i d e n d I n c r e a s e d . — The company

has declared a semi-annual dividend of 3 ^ % on its $1,700,­
000 capital stock, payable Dec. 1 to stockholders of record
N ov. 20, comparing with 3 % paid June 1 last. This is an
increase of ^ of 1 % and places the stock on a 7 % dividend
basis. Distributions at the rate of 6 % per annum have been
paid regularly since 1892.
C o n tr o lle d C o m p a n y M e r g e r . — See Peru Gas Co. below
A c q u i s i t i o n . — The company, it is announced, has pur­
chased a majority of the stocks of the following companies,
and will merge them with the People's Gas Co. of Pottstown,
(whose $100,000 stock was already owned V . 88, p. 1251),
into one large company, with ample means for extensions
and improvements:
S u b u rb a n G as C o. o f P h ila d e lp h ia , capital s to c k $ 1 ,5 0 0 ,0 0 0 (V . 8 6 , p .
147 4; v. 77, p . 203 8); J en k in to w n & C h elten h a m Gas C o ., ca p ita l s to c k
$10 0 ,0 0 0 c o m m o n an d $37 ,500 5 % p referred (V . 8 9 , p . 4 7 3 ); H u n tin g d o n
V a lle y L ig h t & P ow er C o ., s to c k $20 0,00 0; N o rth P enn G as C o ., s to c k
$ 3 0 0,00 0 (V . 88, p . 1502); CoatesvIU e Gas C o ., s to c k $ 6 0 ,0 0 0 .— V . 8 8 , p . l 315
A m e r ic a n
L a u n d ry
M a c h in e r y
C o . — P r e fe r r e d
S t o c k .—

Breed & Harrison, Cincinnati, have recently been selling
some of the 7 % preferred stock at 110.— V . 89, p. 1282.
P>‘ A m e r i c a n M a l t C o r p o r a t i o n . — N e w D i r e c t o r . — Thomas S .
Ollive has been elected a director, succeeding Louis L. Stan­
ton. Mr. Ollive has also been elected to the board of the
American Malting Co.— V . 89, p. 1220.
A m e r i c a n T e l e p h o n e & T e l e g r a p h C o . — P u r c h a s e o f In te r e s t
i n W e s t e r n U n i o n T e l e g r a p h C o . — President Vail announced
on N ov. 16 that the company had “ obtained control of a
substantial minority interest in the shares of the Western
Union Telegraph Co.” Neither the amount of shares ac­
quired nor the price paid is made public, but current rumor
“ understands” the transaction to embrace $20,000,000 to
.$25,000,000 par value of the .$99,787,000 Telegraph stock,
with probably voting rights on an additional amount, the
purchase including, it is said, the Gould holdings at possibly
.$85 a share. While the Telephone Company assumes no
financial obligations towards the Telegraph Company, the
two properties are to be operated in close harmony and in­
creasing interdependence to the- advantage of both corpora­
tions as regards operating cost and with much improve­
ment in facilities for the public. The MackayCom panies
is the largest single stockholder in the Am . T . & T . Co.
(V . 89, p. 848.) President Vail says:
F r o m the v e r y c o m m e n ce m e n t o f the te le p h o n e business it has been
th o u g h t th a t a close co op e r a tio n — the m ak in g o f o u r business the a u x ilia ry
to the o th e r b u s in e s s — w ou ld g iv e a d d itio n a l p u b lic serv ice as w ell as result
In large e co n o m ie s b o th to the p u b lic and to th e c o m p a n y .
T h ere is m u ch
to gain b y the Joint c o n s tr u c tio n a n d m ain ten an ce o f p la n t and b y the c o m ­
m on use to the g rea test p ossible e x te n t; b u t the g re a te st a d v a n ta g e w ou ld
fo llo w the p la cin g o f the m illions o f te le p h o n e su bscrib ers in close and re ­
lia b le c o n n e c tio n w ith the r e ce iv in g and d isp a tch in g o f the teleg ra p h
o ffic e s .
W lill; som e p rov is io n fo r this, a fte r a m an n er, exists t o -d a y , a
la c k o f h a rm on y and co -o p e ra tio n betw een the c o m p a n ie s and an in a b ility
to a gree o n fixing resp on sib ility has lim ited Its u tiliz a tio n to cases o f absoute n ecessity
T h e h a rm o n y an d co -o p e ra tio n necessary, It Is b e lie v e d ,
can n ow lie establish ed an d the resu ltin g a d v a n ta g e s m ade a v a ila b le to the
n u b ile
[T h e recen t sale o f $25 ,0 0 0 ,0 0 0 N . Y . T e le p h o n e C o . b o n d s (V . 89,
D 849) w h ich p r o v id e d n o t o n ly fo r e x ten sion s b u t also fo r fu n d in g the
large floa tin g d e b t o f the c o n s titu e n t co m p a n ie s d u e to th e A m . T . & T .
Co fo r a d v a n ces on a c c o u n t o f co n s tru ctio n , p la ce d th at c o m p a n y In p os­
session o f a large a m o u n t o f re a d y cash a v a ila b le , it Is su p p o s e d , fo r a c q u i­
sition *, like th e p resen t.— E d .]— V . 89, p. 1282, 995.
E a r n i n q s . — Results for ten months ending Oct. 31:
J
1909.
1908.
In c o m e from d iv id e n d s .......... .................. --------------------- ^ 1« ’ oh7 ’ o 5 In terest an d o th e r reven u e fro m a sso cia te d cos__
8,881,897
8,U87,07o
T e le p h o n e t r a ffic (n e t ) -----------------------------------------’*.609,592
O th er s o u r c e s ______________________________________

1 ,137,208

b i7 ,9 0 8

T o ta l In co m e ___________________________________ $27 ,7 7 9 ,8 7 9 $ 2 4 ,594 ,55 2
E x p e n s e s . . - ................. - ...........................................- ............ 2 ,0 9 5 ,1 92
7364)61
N e t earnlners
_______ - ______ - ___ ___ § 2 5 ,6 8 4 ,0 8 7 $ 2 2 t858i-191
D e d u c t in te re s t: 11 / . I . . - - _______________________ a $ 6 ,0 3 4 ,5 1 5 $ 6 ,380,746
D lv . fo r 0 m on th s (6 % ) A p ril, J u ly an d O c t ............. 11,963,758
9 ,289,624
B a la n ce , su rp lu s__________________________________ $7,6 8 6 ,4 1 4

$7,188,121

* In 1900 all m a in ten a n ce an d d e p r e c ia tio n Is ch a rg e d a g ain st e xp en ses
m o n th ly , in stead o f b e in g p a rtly p r o v id e d fo r b y an e x tr a o r d in a r y charge
In D ecem b er, as h e r e to fo r e .
In o r d e r th at a true co m p a ris o n m a y be m ade
b e tw e e n 1908 an d 1909, th e 1908 llgures as n ow p re se n te d Inc ude in e x ­
penses fo r c&ch m o n th 1-12 o f th e e x tr a o r d in a r y p io v ision fo r d e p re cia tio n
w h ich w as m ade In D e c. 1908.
n
,
a In terest in clu d es $15 ,726 e xce ss o f Interest paid o n n ego tia b le s to ck
r e c e ip ts , o v e r d iv id en d s re ce iv e d fro m s to c k a c q u ir e d In e x ch a n g e fo r such
r e c e ip ts .— V . 8 9 , p. 1282, 995.
Arkansaw Water Co., Little R ock ,A rk.— B o n d s O f f e r e d .—

J. S. & W . S. Kuhn, Pittsburgh, &c., arc offering for sale the
remainderof the 5 % refunding gold bonds, par.$1,000,dated
1894 and due Feb. 1 1914, which were reserved to retire the
6s due Aug. 1 1909.

A u th orized Issue o f r efu n d in g b o n d s, $ 2 ,0 0 0 ,0 0 0 ; held fo r b e tte rm e n ts ,
$ 75 0,00 0; o u ts ta n d in g , $ 1 ,2 5 0 ,0 0 0 . G u a ra n te e d , p rin cip a l a n d in te re st, b y
A m erica n VVater W ork s & G u arantee C o ., P itts b u r g h .
In te re st r . & A .
a t F a rm ers’ L oa n & T ru s t C o ., N ew Y o r k ; tru stee.
A n n u al reven u e 1909,
$16 7 ,4 7 7 ; Interest an d op e ra tin g exp en ses, $14 4 ,9 2 9 ; b a la n ce , s u rp lu s,
$ 2 2 ,5 4 8 .— V . 7 4 , p . 682 .
Associated Oil Co., San Francisco.— D i s s o l u t i o n o f V o t in g
T r u s t .—

The directors voted on N ov. 9 to terminate the
voting trust which was created at the organization of the
company eight years ago. The certificates of stock will be
issued on presentation of the trust certificates at the transfer
office in San Francisco. The voting trustees resigned but,
it is stated, will act as directors until the annual meeting in
March. Vice-President and General Manager W . S. Porter
is quoted as saying:




[ VOL. L X X X I X .

T h e trust a g reem en t w as c o n c e iv e d in o r d e r th a t th e c o n tr o l o f the
c o m p a n y m ight rest w ith these e le v e n m en a n d th a t all fa cilities necessary
fo r the m in in g , tr a n s p o r ta tio n anil m a rk e tin g o f oil m ig h t be co n s tru cted
w ith d is p a tch .
In eigh t ye a rs w e h a ve sp e n t $ 1 6 ,0 0 0 ,0 0 0 .
W e have
c o n s tr u c te d a p ip e line fro m th e K e rn llelds to P o rt C o s ta , a d ista n ce o f 280
m iles; a n o th e r fro m C oa lln ga to the C o a st, 110 m iles: an d w e are bu ildin g
a n o th e r fro m the M c K lttr lc k llelds, v ia C oa llnga to P o r t C o sta , a d istan ce
o f 190 m iles.
W e also h a ve c o n s tr u c te d tan k s at a d v a n ta g e o u s p o in ts In this S ta te, at
H o n o lu lu , in A la s k a ,a n d elsew here, a n d w c h ave had bu ilt eigh t steam ers
a n d vessels fo r the tr a n s p o r ta tio n o f o il. T h e re Is n o w b u ild in g a t N e w p ort
N ew s th e ‘ ‘J . A . C h a n s lo r,” a large tan k ste a m e r.
W e feel th a t the Im p ort­
an t w ork o f tr a n s p o r ta tio n has n o w been d o n e an d th a t th e tru st deed
sh o u ld be retired a n d th a t the c o m p a n y sh o u ld resum e the s ta tu s o f an
o r d in a r y c o r p o r a t io n .— V . 88, p . 1432.

Cambria Steel Co., Philadelphia .— N e w P r e s i d e n t . — Presi­
dent Powell Stackhouse having announced his decision to
retire from active business, it is stated that he will be
succeeded after the next annual meeting by Charles S. Price,
who for some years past has been the Vice-President and
General Manager.— V . 88, p. 1375.
Cleveland & Buffalo Transit C o .— E x t r a D i v i d e n d s .— The
company paid on N ov. 1 the regular quarterly dividend of
1 M % and an extra dividend of l j ^ % .
F o r a n u m b e r o f ye a rs th e c o m p a n y has p aid q u a rte r ly d iv id e n d s of
1 H % an d tw o e x tra d iv id e n d s o f 1 'A % , m a k in g 8 % fo r the y e a r. T h e
present d iv id e n d , we u n d e rsta n d , co n tin u e s this pla n . T h e au th o riz ed
s to c k is $ 1 ,5 0 0 ,0 0 0 , o f w h ich $ 1 ,2 5 0 ,0 0 0 Is u n d e rs to o d t o be o u ts ta n d in g ,
par $ 1 0 0 .— V . 86, p . 483 .

Consolidated Casualty Co. of Chicago.— M e r g e r .— This
company, it is announced, has secured more than $150,000
additional resources and strengthened itself in many ways
by taking over the National Casualty Insurance Co. of
Louisville, K y .
M r. C. C. M cC h ord, w h o w as P re sid e n t an d G en eral C o u n se l o f the
N ation a l C a su alty In su ran ce C o. o f L o u isv ille , b e c o m e s V ic e -P r e s id e n t
and d ir e cto r o f the C o n so lid a te d C a su alty C o ., w ith h e a d q u a rte rs a t L ou is­
ville . Mr. M cC hord w as fo r m a n y yea rs a m e m b e r o f th e S ta te R a ilroad
C o m m ission o f K e n tu c k y , and also fo r a lo n g tim e P r e s id e n t o f th e N ation a l
A s s o c ia tio n o f R a ilro a d C om m ission ers.
T h e C o n s o lid a te d C a su alty C o. w as o rg a n iz e d a b o u t a y e a r a g o and now
has o v e r 1,000 s to ck h o ld e rs In 26 S ta te s, o v e r $2,0 0 0 ,0 0 0 business In fo rc e ,
an a c tiv e a g e n c y fo rc e in 5 S tates and several th ou san d p o lic y -h o ld e r s . T h e
o ffic e r s are: P residen t, R o b e r t B . A r m s tr o n g , A ssistan t S e c r e ta r y o f the
T r e a s u r y , C h ica g o , III.: V ic e -P r e s id e n ts , M . J. W a d e , M em ber o f D e m o ­
cr a tic N a tio n a l C o m m itte e , Iow a C ity , la .; C . II. B u rras, C h ica g o , 111.; an d
C. C. M cC h ord, L o u isv ille , K y .; S e c r e ta r y an d T re a su re r, A . S . M itchell.
H om e o ffic e , C h arleston , VV. V a .; e x e c u tiv e o ffic e s , 18th ilo o r, M ajestic
B u ild in g , C h icago.

Dominion Coal Co., L td ., Montreal.— O p t io n o n S to c k —
President James ltoss announced on N ov. 13
that, desiring to retire from business, owing to the condition
of his health, he had agreed to sell the $5,000,000 common
stock owned by him to a syndicate at $95 a share on condi­
tion that all shareholders be offered the same terms. The
syndicate is understood to represent the Dominion Iron &
Steel Co., and the purchase, if consummated, is expected to
be followed by an alliance of the two corporations through a
holding company, if not by complete consolidation. Press
reports suggest the possibility of negotiations later on for
a further merger with the Lake Superior Corporation and
Nova Scotia Steel & Coal Co. A press dispatch says:
M e r g e r P l a n .—

W h en in terv iew ed o n S a tu rd a y e v e n in g M r. R o s s co n firm e d th e r e p o r t
th at he had a greed to sell to a sy n d ic a te c o m p o s e d o f E . R . W o o d , Sir H en ry
P c lla tt, W . M A it k c n , an d o th e rs, the 50,000 shares o f c o m m o n s to ck o f the
D om in ion Coal C o. now held b y him at the p rice o f $05 per sh are, p a y a b le
$25 p e r share in cash In 30 d a y s an d 10 Installm ents o f $7 each p er share,
pa y a b le at intervals o f th ree m on th s d u rin g a p eriod o f 2 A y e a rs, w ith
Interest a t the rate o f 4 A % , p a y a b le q u a rte rly .
T h e sale Is c o n tin g e n t u p on o th e r shareh olders b e in g p e r m itte d to a c c e p t
sim ilar term s b y d e p o s itin g th e ir shares w ith in 30 d a y s w ith the R oy a l
T ru st C o. a t M on trea l, d u ly assign ed and e n d o rse d In bla n k .
It a t the end
o f 30 d ays the sy n d ic a te sh o u ld fall to m ake s a tisfa c to r y arran gem en ts to
purch ase the shares so d e p o s ite d o n sim ila r term s, M r. R o s s has the right
to term in ate the n e g o tia tio n s w ith the s y n d ic a te .
T h e h olders o f o v e r
45,000 shares o f Coal C o m p a n y s to c k , he Is In fo rm e d , has a g r e e d w ith the
sy n d ic a te th at th ey will retain their shares an d p a r ticip a te In th e p ro p osed
M erger o f the tw o co m p a n ie s to the e x te n t o f their p resen t h o ld in g s .—V .
8 9 , p . 106.
Dominion Iron & Steel C o., Montreal.— A m a l g a m a t i o n
S c h e m e .— Sec Dominion Coal Co. above.— V . 89, p. 595, 289.

Eastern Oregon Light & Power Co .— B o n d s O f f e r e d .—
The Marshall & Ilsley Bank, the Fidelity Trust Co. and
Tweedy, Underwood & Edgar, all of Milwaukee, arc offering
at par and interest the unsold portion of $750,000 “ first and
refunding” mortgage 6 % bonds, dated Oct. I 1909 and due
Oct. 1 1929, but subject to call at 105 and interest on any
interest payment date. Interest payable A . & O. at Fidelity
Trust Co., Milwaukee, trustee.
Denomination $500 and
S l,0 0 0 (c * ). A circular says in substance:
T h e c o m p a n y Is a co n s o lid a tio n [in co rp o ra te d u n d er th e law s o f O regon
w ith $ 1 ,5 0 0 ,0 0 0 o f au th o riz e d ca p ita l s to c k o n M ay 3 190 9.— E d.]
o f the F re m o n t P ow er C o ., th e B a k er L ig h t & R ow er C o. an d the G rande
M onde E lectric C o . , anil ow n s all o f the a v a ila b le w ater p o w e r In the v icin ity
o f B a k e r .C it y an d La G ra n de an d furnish es e le ctric ligh t an d p o w e r to
those cities and the n e ig h b o rin g tow n s o f H aines, N orth P o w d e r, U n ion
H o t L a k e , C o v e an d B o u rn e . T h e P residen t Is l la y N y e o f the N yeS c h n e id e r -F o w le r C o ., o w n ers o f grain e le v a to rs.
T h e prin cipa l s to c k ­
holders arc stro n g fin a n cia lly an d h a ve a large In vestm en t In this p ro p erty
o v e r and a b o v e the b o n d e d d e b t.
[T h e F r e m o n t P o w e r C o. w as Incor­
p o r a te d in 1907 w ith
$3 0 0 ,0 0 0
s t o c k , s u b s e q u e n tly Increased to
$ 5 0 0 ,0 0 0 .— E il.[
„
. .
,,
. . „
T h ese b on d s a rc a first m o rtg a g e o n all the p r o p e r ty rights and fra n ch ises

fu tu re exte n sio n s and Im p ro v e m e n ts, $2,00 0 ,0 0 0 ; o u ts ta n d in g , $7.>0,000.
A d d itio n a l b o n d s can be Issued o n ly to the e x te n t o f 8 0 % o f the actu al
c o s t o f the c o m p a n y o f a d d itio n a l pro p e rtie s acq u ire d o r p e rm a n e n t im ­
p ro v e m e n ts m ade w ith the a p p ro v a l o f F id e lity T ru s t C o ., trustee.
T h e c o m p a n y ow n s fo u r w a te r p o w e r plants h aving a present m axim u m
d e v e lo p m e n t o f 3 ,4 4 0 h orsc-p o iv e r and a m in im u m developm ent, ot 1,800
h o rse -p o w e r, w hen running 24 hours per d a y all the, y e a r , an d a steam
p o w e r reserve plan t o f 600 h o rse -p o w e r a t B aker C ity; also 139 m iles of
transm ission lines and franchises ru n n in g, w ith o n e m in or e x c e p tio n , w ell
b e y o n d 1929
T h e prin cipa l so u rce o f w ater su p p ly Is O live Cake, In the
Blue M ountains. A reservoir sy ste m has be e n c o n s tru cte d
h aying a
presen t storage c a p a c ity o f 2 71 ,000 ,00 0 c u b ic fe e t and ca p a b le o t h clng
increa sed w ith o u t d iffic u lty to 1,000,000,000 c u b ic fe e t ca p a c ity
O live
L a k e Is w ithin the U n ited S tates fo re st reserve and is fed b y w ater from
m eltin g s n o w , thus Insuring a m p le w ater su p p ly .
A t all o f th e plants
the fall o t the w a ter Is o v e r 1,000 fe e t, g iv in g a pressure o f nearly 500 lbs.
p er squ are In ch . T h e c o m p a n y serves a largo te rrito ry w h ich Is ra p id ly

Nov. 20 1009.

THE CHRONICLE

b e in g d e v e lo p e d .
E a stern O re g o n w ith Its lu m b e r, fa rm in g , ca ttle raising
an d m in in g , Is certa in o f g re a t fu tu re gro w th an d p ro sp e rity
B a k er C ity
Is th o m etrop olis o f E astern O re g o n . T h e h y d r o -e le ctr ic p o w e r p la n t
can transm it e le ctric p ow e r e c o n o m ic a lly w ith in a radius o f 100 m iles, t n c
high p rice o f coa l Is here a g reat fa c to r In the use o f e le ctr ic ity fo r p o w e r
pu rp oses. T h e a v a ila b le w a te r s u p p ly w ill m ak e It possible to Increase the
presen t c a p a c ity s ev en -fold as the requ irem en ts o f the c o m m u n ity d e v e lo p .
Com bined E a rn in g s fo r the Y ea r ending J u n e 30 1909 and E stim a ted fo r
Y ea r ending J u n e 30 1910.
F is c a l
Gross
N et
B on d
B a lan ce,
Y ea r—
E a rn in g s.
E a rn in g s.
Interest.
S u rp lu s.
1 9 0 8 - 1909 (a c t u a l)------------- $101,059
$90,560
$2 n ’ s ? s
124,708
# 0 4 ,3 8 0
00,328
1 9 0 9 - 1910 ( e s t i m a t e d ) ___ 191,859
^ In clu d es Interest o n $400,000 B a k e r E ight & P o w e r C o. (list 0s, $24,000
an d on (a verage $0 7 3 ,0 0 0 — E d .) E a stern O regon L ig h t & P o w e r C o . llrst 0s,
$40 ,3 8 0 .
East Ohio Gas Co.— F a v o r a b l e D e c i s i o n . — The Supreme

Court of Ohio on Oct. 19, reversing the Common Pleas and
Circuit Courts, held that the company has the right to with­
draw its pipes from the city of Akron and give up the service
in that city if it desires. The opinion was given at some
length in the “ Progressive Age” of New York for N ov. 15.
The Court on Nov. 12 refused to grant a rehearing of the case.
T h e fra n ch ise o f 't h e c o m p a n y In A k ro n p r o v id e d fo r a revision o f the
rates a t s ta ted p eriod s, a t the e x p ir a tio n o f o n e o f w h ich the C ou n cil llxcd
a ra te n ot s a tisfa c to r y to the c o m p a n y , and it th re a te n e d to w ith d raw Its
s u p p ly o f gas. T h e c it y o b t a in e d an in ju n c tio n d e n y in g the rig h t o f the
gas c o m p a n y , w ith fra n ch ises in num erou s c itie s , to a b a n d o n o n e w ith o u t
g o in g o u t o f business e n tire ly .
,
,
,
T h e cou n cils o f th o tw o cities had o rd e re d a re d u c tio n In th e rate to
22 a n d 20 cents re s p e c tiv e ly .
, ,
T h e d ecision is bein g w id e ly q u o te d as h o ld in g th a t u n d er th e O hio laws
In determ in a te fra n ch ises, In w h ich n o term is m e n tio n e d , are n o t p e rp e tu a l
b u t m a y be r e v o k e d b y th e gra n tin g p o w e r. T h e “ O h io S ta te .Journal’ ’
o f N o v . 3 s a y s : “ T h ere are b u t fe w franchises in O h io w h ich are perpetu al
u n d er th e d e cis io n , as it p la in ly states th a t o n ly w here a fra n ch ise has been
ex p r e s s ly g ra n ted In p e r p e tu ity can a cla im be m ain tain ed fo r a neveren d in g g r a n t .”
R a te F i x e d . — The Common Councils of Canton and Akron

on N ov. 13 and 15 respectively passed ordinances continuing
for 5 years the present 30-cent rate, the rate thereafter to be
35 cents for another 5 years.— V . 89, p. 228.
Goldfield Consolidated Mines Co.— E x t r a D i v i d e n d . — The
company, it is announced, has declared the usual quarterly
dividend of 30 cents a share, payable Jan. 1, and an extra
dividend of 20 cents a share, payable Jan. 31.— V . 89, p. 351.
Great Lakes Engineering Co., Detroit.— N e w S t o c k . — This
company has filed notice of increase of capital stock from
$1,500,000 to $2,500,000. A $1,000,000 plant is to be
built at Ashtabula, O. Compare V . 89, p. 1070.
Huckins Hotel & Office Building of Oklahoma City, Okl.—
B o n d s O f f e r e d . — Francis, Bro. & Co., St. Louis, are offering
at par and interest $223,000 first mortgage real estate 6 %
gold bonds dated Feb. 1 1909, maturing serially until 1924.
Denomination $1,000. Principal and interest (F . & A .)
payable at Mississippi Valley Trust Co., St. Louis, trustee.
Authorized and outstanding $275,000. A circular says:
T h e b u ild in g Is lo ca te d on co rn e r 200 ft . b y a vera ge o f 125 f t . an d c o n ­
tains 443 room s. It Is c o n s tr u c te d alo n g m o st m o d e rn Ideas In su ch a m anner
as to p erm it of Its use eith er as an o ffic e b u ild in g o r a h o te l.
F ee o f land
a p p ra ised at $ 19 5,00 0: m ain b u ild in g e re cte d a t a c o s t o f o v e r $40 0 ,0 0 0 ;
a n n e x ap p ra ised at $ 10 0,00 0: to ta l v a lu a tio n , $ 7 5 5 ,0 0 0 .
In a d d itio n
th e b on d s are secu red b y the jo in t an d several o b lig a tio n o f J o se p h H u ck in s
J r ., M arqu an d Iluckin.s, P aul H u ck in s a n d L eon \V. H u ck in s, each o f
w h om person a lly has sign ed th e b o n d s as co -m a k e rs w ith the c o m p a n y .
T h ese fo u r persons each ow n o n e -s ix th Interest in the Josep h H uckins
E sta te (ow n er o f the p r o p e r tie s ), the n et in co m e o f w h ich aggregates
m ore than $10 0,00 0 a n n u a lly . T h e b o n d s m atu re in ann u al Installm ents
o n Eel). 1 fro m 1911 to 192 1, v iz .: $ 10 ,000 , 1911; $ 1 0 ,0 0 0 , 1912; $ 4 ,0 0 0 , 1915
$ 1 5 ,0 0 0 , 1917; $1 5 ,0 0 0 , 1918: $ 15 ,000 , 1919; $ 15 ,000 , 1920; $25 ,0 0 0 , 1921;
$ 2 5 ,0 0 0 , 1922; $25 ,0 0 0 , 1923, an d $74 ,0 0 0 , 1924.

Illinois Brick Co., Chicago.— O n C h ica ijo R e g u l a r L i s t .—
The $4,000,000 stock has been placed on the regular list of
the Chicago Stock Exchange.
T h e ba la n ce sh eet o f S e p t. 30 sh ow s a profit and loss su rplu s o f $ 2 2 7 ,4 8 3 ,
con tr a s tin g w ith $171,091 D e c. 31 1908, an in crea se o f $ 56 ,392 ; cash on
h a n d , $ 3 ,1 0 9 , against $73 ,717 o n D e c. 31; a c c o u n ts r e c e iv a b le , $26 6 ,7 1 1 ,
a ga in st $ 2 0 6 ,1 3 7 .— V . 89, p . 290.

International Agricultural Corporation.— A c q u i s i t i o n .—
This company has acquired the Prairie Pebble Phosphate
Co. (of Florida), having, it is said, an output of 500,000 tons
a year of phosphate rock. The stockholders of the Buffalo
Fertilizer Co., with plant located at Buffalo, N. Y ., and the
Pennsylvania Fertilizer Co., with factory near Scranton, Pa.,
have also voted to sell out to the International.— V .8 9 ,p.997.
International Steam Pump Co.— E a r n i n g s . — For the seven
months ended Oct. 31 1909 the company’s net earnings, in­
cluding those of the Power & Mining Machinery Co., were
$852,236, as compared with $647,386 for the same period
of the preceding year, an increase of over 3 0 % .
Ill O cto b e r the net Incom e e x c e e d e d $19 8 ,0 0 0 , an Increase o f n e a rly 100%
o v e r tho a vera ge m o n th ly net In com e fo r the p r e ce d in g six m o n th s.
In the
b est p reced in g y ea r the net Incom e w as a t th e rate o f $17 8,00 0 p er m o n th .
T h e ord ers o f recen t m on th s e q u a l. It Is sta te d , the p resen t m a x im u m can a cltv o f the plants and seem to fo re sh a d o w e ven larger earn in gs fo r the
b a lan ce o f the fiscal y e a r .— V . 89, p. 1070, 596.
International Time Recording Co., Endicott, N . Y . — F i r s t
D i v i d e n d o n C o m m o n S t o c k . — The directors on N ov. 13 de­

clared the 35th consecutive quarterly dividend of 1 % % 0,1
the $1,060,000 7 % cumulative preferred stock, payable
Dec. 1 to stockholders of record Nov. 20 1909; and also an
initial dividend of 1 % on the $1,075,000 common stock,
payable Jan. 1 1910 on stock of record N ov. 20 1909.
1 T h e earnings fo r the past y e a r, It Is sta te d , sh o w o v e r 2 0 % earn ed on
the c o m m o n , w ith better results p ro m ise d fo r 1910. T h e c o m p a n y Is s u p ­
posed to c o n tro l a b o u t 8 5 % o f the tim e -r e c o rd in g business o f the w orld .
B on d s o u ts ta n d in g , $28 0,00 0; retired sin k in g fu n d s ta te d as $35 ,0 0 0 y e a rly .
— V . 86, p. 1470.
Jenkintown & Cheltenham Gas Co.— C o n s o l i d a t i o n . — See

American Gas Co. above.— V . 89, p. 473.
Lehigh Coal & Navigation Co., Philadelphia.— F i v e - Y e a r
E x t e n s i o n o f V o t in g T r u s t . — The directors voted on Nov. 15
to recommend to the shareholders that the present five-year
voting trust agreement, which expires on March 1 1910. be
extended for another period of five years; also that the mini­




1351

mum selling price for the stock deposited be raised from its
present figure of $135 a share to $175 a share; and that the
voting trust be increased to six members by the addition of
former President Lewis A . Riley. The present members,
R . Dale Benson, Edw. Walter Clark, George H . Frazier,
Erskine Hewitt and George II. Earle Jr., will be re-elected.
— V . 89, p. 1144.
Lord & Taylor, New Y ork .— N o D i v i d e n d o n C o m ­
m o n S t o c k s in c e A u g u s t . — This company, which has re­
cently been paying quarterly dividends at the rate of 8 %
per annum on its $3,000,000 common stock, informs us that
“ there has been no dividend paid on the common stock since
Aug. 1909.” As the dividend has been fully earned, the
suspension, it is supposed, is merely temporary, owing to
special circumstances. No successor has yet been chosen
to E . P. Hatch, President, who died recently.
A n n u a l D ivid en d R ecord o f Com m on S to c k .
1905.
1906.
1907.
1908.
1909.
4J4%
6 %%
7 ?£%
8%
2-2-2 —
— V . 8 4 , p . 274.
Massachusetts Gas Companies.— N e w S e c r e t a r y . — E . P.

Page, of Philadelphia, has been elected Secretary, succeeding
Frederick Tudor, who resigned.— V . 89, p. 1221, 1070.
Massilon (O.) Electric & Gas Co.— B o n d s O f fe r e d — E a r n ­
i n g s . — Cramp, Mitchell & Shober, Philadelphia, are offering,
at 9 5 l/ i and interest, yielding about 5 .3 0 % , a block of 1st M.
gold sinking fund 5s dated 1908, due Jan. 1 1948, but callable
on any interest date at 105 and interest. Interest J. & J.
at N. Y . Trust Co., trustee. Total authorized, $500,000;
outstanding, $160,000; reserved for improvements and ex­
tensions at 8 0 % of cost, $340,000. Earnings for year end­
ing Oct. 1 1909, gross, $48,045; net, after taxes, $19,403;
interest on above bonds, $8,000; balance, surplus, $11,403.
Monmouth (111.) Gas & Electric Co.— See Monmouth Pub­
lic Service Co. below.— V . 80, p. 1179.
Monmouth (111.) Public Service Co.— C h a n g e i n C o n t r o l —
N e w N a m e , cfee.— On Oct. 4 1909 the Monmouth Gas & Elec­
tric Co. (V . 80, p. 1179) filed at Springfield, 111., a certificate
increasing its capital stock from $200,000 to $600,000 and
changing the name of the corporation to the Monmouth Pub­
lic Service Co.
T h ese ch an ges fo llo w e d the pu rch ase o f th e s to c k h old in gs o f th e M ainland
s y n d ica te b y new In terests, in clu d in g re p re se n ta tive s o f th e S c h o tt E n g i­
neerin g C o. o f C h ica g o , w h o also a c q u ir e d the J. F . Searles Ice p la n t a n d
franchises an d p ro p o se to establish a d is trict s te a m -h e a tin g p la n t. T h e
d ire cto rs (and office rs) n o w are: P re sid e n t, W . H . S c h o tt, C h icago; V ic e P r c s ., F . W . H a rd in g; S e cre ta ry , J . W . C len d en in g , a n d T reasu rer, W . D .
B r e re to n , all o f M o n m o u th : an d F re d E . H a rd in g.

New York Telephone Co.— B o n d s O f f e r e d . — N . W . Harris
& Co., New York and Boston, and the Harris Trust & Sav­
ings Bank, Chicago, are offering by advertisement on another
page “ first and general mortgage”
bonds dated Oct. 1
1909 and due N ov. 1 1939, at the market price, abou t9 7 %
and interest, at which they yield an income of about 4 .6 5 % .
Interest payable in New York, M. & N .
Denominations:
coupon bonds, $500 and $ l,0 0 0 (c *); full registered bonds,
$1,000 and $5,000, and multiples (r*). The company may
at its option redeem all bonds outstanding, but not a part,
at 110 and interest on Nov. 1 1910, or on any interest day
thereafter on three months’ notice. Trustees, Farmers’
Loan & Trust Co., New York, and John H . Parsons. Bonds
of this issue have also been offered by the Northern Trust Co.
of Chicago and Kidder, Peabody & Co., Boston. An au­
thoritative statement says in substance:
T h e c o m p a n y Is a co n s o lid a tio n o f all the “ B e ll” te le p h o n e co m p a n ies
o p e ra tin g In N ew Y o r k S tate u n d e r S ta te an d m u n icipa l fra n ch ise s, n a m ely
N . Y . T e le p h o n e C o.
(C en tral N . Y . T e le p . & T e le g . C o.
N ew Y o r k & N ew Jersey T e le p . C o . (B e ll T e le p h o n e C o . o f B u ffalo.
[The C en tral N . Y . T e l. & T e l. C o ., a b s o r b e d In 1909 the H u d so n I tiv e r
T e le p h o n e C o. o f A lb a n y , & c., also it Is u n d e rs to o d the E m p ire S ta te T e l.
& T e l. C o .— E d .]
,
, ,
T h is Is the te le p h o n e c o m p a n y o p e ra tin g in th e C ity o f N ew \ o rk a n d It
is the o n ly c o m p a n y o p e r a tin g a c o m p re h e n s iv e te le p h o n e sy ste m t h r o u g h ­
o u t the S ta te . T h e c o m o a n y Is co n tr o lle d b y the A m erica n T e le p h o n e &
T e le gra p h C o. th rou gh the o w n e rsh ip o f the w h o le o f Its share c a p ita l.
T h o share c a p ita l o u ts ta n d in g Is $ 8 5 ,6 7 2 ,8 0 0 .
T h e $25 ,0 0 0 ,0 0 0 b o n d s n o w o u ts ta n d in g fo rm part o f an Issue o f llrst
an d general m o r tg a g e " b o n d s lim ite d t o $ 7 5 ,0 0 0 ,0 0 0 gold o r Its e q u iv a le n t
in sterlin g o r fra n cs. T h e m o rtg a g e p r o v id e s th a t a sin k in g fu n d o f 1%
o f the b o n d s Issued w ill be ap p lie d t o th eir p u rch ase an d c a n ce lla tio n In a n y
ye a r In w h ich b o n d s can be pu rch ased a t o r u n d er p a r. S u b je c t t o $ 3 ,­
8 3 6 ,0 0 0 o f o u ts ta n d in g m o rtg a g e In debtedn ess, w h ic h m u st re p a id and
ca n ce le d at m a tu r ity , the m o rtg a g e secu rin g the a b o v e b o n d s Is a llrst
ch a rge on the en tire assets o f the c o m p a n y , in clu d in g real e s ta te t o the
valu e o f $ 1 5 ,0 0 0 ,0 0 0 , to g e th e r w ith u n d e rg ro u n d c o n d u its in the c itie s
o f N ew Y o r k , Jersey C it y , A lb a n y , B u iralo an d e lsew h ere.
In fa c t . In all
o f the prin cip a l cities an d in m o st o f the la rge r to w n s th e e x c h a n g e p r o p e r ty
Is u n d e rg ro u n d c o n s tr u c tio n .
A ssets and L ia bilities o f the C o n stitu en t C o m p a n ie s form in g the P rcscn
C om p a n y as o f J u n e 30 1009 (and sin ce slightly varied in C on solidation .)
L ia b ilities— ($ 1 2 5 ,8 6 9 ,0 1 4 )
A ssets— ($125 ,8 6 9 ,0 1 4 )
R e a l esta te & c o n s t r u c t.$10 8 ,0 6 8 ,0 8 7 C a pital s t o c k --------- $88 ,3 5 1 ,1 2 5
964,878 Surplus an d r e s e r v e s ._ 2 0 ,7 8 9 ,6 1 4
F u rn itu re an d t o o ls -----3 ,9 6 2 ,0 0 0
Su p plies an d s h o p s ----------- 2,8 0 4 ,5 1 2 B on d e d d e b t . - ........
26,000
Bills a n d a c c ts . re c e iv a b le 7 ,9 4 2 ,6 8 2 R e a l esta te m tg e . n o t e s .
C a s h _____________________
3 ,0 6 3 ,0 0 8 B ills a n d a c c o u n t s p a y ­
a b le ____________________
6 ,7 4 0 ,2 7 5
S to ck s a n d b o n d s ----------- 2,8 6 7 ,8 7 8
S in k in g fu n d s ----------------157,989
A n n u a l S u rp lu s E a rn in g s o f C onstituent C o s. B efore R ed uctions fo r Interest.
1901
1905.
1906.
1907.
1908.
$ 8 ,2 3 5 ,0 0 0
$ 8 ,6 1 0 ,0 0 0
$ 8 ,5 6 8 ,0 0 0
$ 9 ,8 5 1 ,0 0 0
$ 1 0 ,2 4 5 ,0 0 0
T h e surplus earnings fo r 1909, p a r tly e s t im a t e d , sh o w a s u b s ta n tia 1
Im p ro v e m e n t o v e r 1908.
Interest c h a rg e s, In clu d in g in terest on th e
presen t £5 ,0 0 0 ,0 0 0 , o r $ 2 5 ,0 0 0 ,0 0 0 b o n d s , w ill be $ 1 ,3 1 5 ,6 1 0 p e r a n n u m .
T h e p ro ce e d s o f the present Issue w ill b e a p p lie d t o th e r e p a y m e n t o f
a d v a n c e s o b ta in e d fo r im p ro v e m e n ts an d the a c q u ir e m e n t o f a d d it io n a l
p r o p e r ty . T h e p ro ce e d s o f the n e x t $ 2 5 ,0 0 0 ,0 0 0 o f b o n d s w h en Issued w ill
be used s o le ly fo r the a c tu a l co st o f Im p ro v e m e n ts a n d a d d itio n s .
A fte r
the Issue o f $ 5 0 ,0 0 0 ,0 0 0 b o n d s , a d d itio n a l b o n d s ca n be Issued o n ly t o the
e x te n t th a t an e q u a l a m o u n t o f cash is re c e iv e d b y th e c o m p a n y fo r new
s to c k issued a t n o t less th a n p a r In a d d itio n to th e c a p it a l o u ts ta n d in g
a t the d a te o f the m o rtg a g e . T h e m o r tg a g e d e e d a ls o p r o v id e s t h a t It Is
the In ten tion th at the to ta l a m o u n t o f b o n d s o u ts ta n d in g u n d er the m o r t ­
ga ge , to g e th e r w ith the o u ts ta n d in g m o rtg a g e in d e b te d n e ss a b o v e m e n ­
tio n e d , shall n ever e x c e e d o n e -th ir d o f the va lu e o f the assets o f the c o m p a n y
as certified b y Its ba la n ce s h e e t.— V . 8 9 , p . 92 4 , 849 .

For oilier In v e s tm e n t N ew s see pages 1355-1356

1353

THE CHRONICLE

§kjm*is and

[VOL. L X X X IX .

.

ATLANTIC COAST LINE RAILROAD COMPANY.
S E V E N T Y -F IF T H A N N U A L R E P O R T — FO R T H E FISC AL Y E A R
R i c h m o n d , V a . , N o v e m b e r 16 1909.
T o th e S to c k h o ld e r s o f th e A t l a n t i c C o a s t L i n e R a il r o a d C o . :

The Board of Directors of the Atlantic Coast Line Railroad
Company respectfully submits the following report for the
fiscal year ended June 30 1909:
M iles o w n e d Ju n e 30 190 8____________________________________ 4 ,2 7 3 .3 7
Allies n o t o w n e d b u t o p e r a te d u n d e r leases a n d tra ck a g e
c o n t r a c ts _________________ ______ _______ _____ ___________ ____ 110.31
M iles o w n e d b u t n o t o p e r a te d b y this C o m p a n y _________

4,4 1 3 .6 8
7.03

M iles o p e r a te d Ju n e 30 1908_________________________________
M iles a d d e d d u rin g fiscal y ear:
N ew m ain lin e, G o ld s b o r o , N . C ____________________ 3.7 0
W ilc o x , F la ., to F e r r y , F la __________________________39.20
W in s to n , F la ., to T ig e r B a y , F la __________________ 25.30
T r a c k a g e r ig h ts _________________________________________ 3.91
A d d itio n a l lines to fa c to r ie s , m ills, & c ____________ 5.31
97.48
28.09
---------

09.39

T o ta l m iles o p e r a te d Jun e 30 190 9____________________________ 4 ,4 7 6 .0 2
A v era g e m ileage o p e r a te d d u rin g y e a r -----------------------------------4,434.41
M ileage o w n e d Jun e 30 1 90 9__________________________________ 4 ,3 6 6 .6 4
IN C O M E A C C O U N T .
Increase ( + ) or
D ecrease (— ) .
1909.
1908.
+ $115,012 37
O p era tin g r e v e n u e s .......... .......$ 2 0 ,144 ,06 4 77 $ 2 6 ,0 2 9 ,0 5 2 40
O p era tin g ex p en s es & ta xes _ 18,002,899 27 2 0 ,0 4 3 ,7 9 4 01 — 1,9 8 0 ,8 9 5 34
N et o p e r a tin g r ev en u es, less
t a x e s ----------------------------------- $ 8 ,0 8 1 ,1 6 5 50
O t h e r i n c o m e - ...........................
2,8 9 8 ,7 6 5 69

$ 5 ,9 8 5 ,2 5 7 79
3 ,1 4 6 ,3 7 6 69

G ross in c o m e ............................$ 1 0 ,9 7 9 ,9 3 1 19
In te r e s t an d r e n t a l s .............. 6 ,302,583 08

$9,1 3 1 ,6 3 4 4 8 + $ 1 ,8 4 8 ,2 9 0 71
6 ,2 2 2 ,0 6 6 97
+ 8 0 ,5 1 6 11

$4,0 7 7 ,3 4 8 11

$ 2 ,9 0 9 ,5 6 7 5 1 + $ 1,767,780 60

M iscella n eou s
d ed u ction s
fro m in c o m e ---------------------

48,568 64

N e t i n c o m e _________ _________$4,0 2 8 ,7 7 9 47

+ 2 ,0 9 5 ,9 0 7 71
— 2 4 7 ,0 t l0 0

128 ,420 04

— 79,851 40

$ 2 ,7 8 1 ,1 4 7 4 7 + $ 1 .8 47,632 00

■
IN T E R E S T A N D R E N T A L S .
1909.
In terest on F u n d e d D e b t _______________________ $5,015,138
In terest on C ertificates o f In d e b te d n e s s _____
862 ,754
In terest o n F reig h t C e r t ific a t e s _______________
5,450
In terest on G old N otes o f M arch 1 190 7____
221 ,7 0 5
In terest o n E q u ip m e n t B on d s o f M arch 1 1907
151,420
In terest o n B ru n sw ick & W e s te rn I n c . B o n d s
3,3 0 0
R e n ta ls __________________________________________
4 2 ,8 1 5

34
00
00
20
00
00
48

$6,3 0 2 ,5 8 3 08

1908.
$4,885,921
862,754
6,050
250 ,000
169,433
3,3 0 0
44.0 0 7

67
00
00
00
33
00
97

$ 6 ,2 2 2 ,0 6 6 97

Operating revenues increased 0 .4 1 % .
Operating expenses and taxes decreased 9 .8 8 % .
T Net operating revenues, less taxes, increased 3 5 .0 2 % .
The ratio of operating expenses and taxes to operating
revenues was 6 9 .0 9 % , as compared with 7 7 .0 1 % for the
previous year.
D IV ID E N D S .

Dividends were paid as follows during the year:
T o P referred S tock h old ers 5 % equals
T o C o m m o n S tock h old ers 5>$ e q u a lsO P E R A T IN G
1909.
F reig h t _____ - - - ..$ 1 8 ,3 2 8 ,1 7 6 31
5 ,8 4 2 ,0 5 9 34
P a ssen ger________ . . .
E x p ress ................. . . .
820 ,334 89
M a ll________ ______ . . .
607 ,372 96
E x cess b a g g a g e .- . . .
7 2 ,295 05
M iscella n eou s____ . . .
4 73 ,826 22
T o t a l___________ - .- $ 2 6 ,1 4 4 ,0 6 4 77

...

..

$79 ,8 3 0 00

REVENUES.
1908.
$17 ,739 ,17 1 93
6,2 7 9 ,5 8 3 91
810 ,479 15
587,897 66
62,419 67
549 ,500 08

In crea se.
P .C .
$589,004 38
3.32
*437 ,524 57
*6.97
9,8 5 5 74
1.22
19,475 30
3.31
9,8 7 5 38
15.82
*75,673 86 *13.77

$ 2 6 ,0 2 9 ,0 5 2 40

$11 5,01 2 37

0.44

* D ecrease.
O P E R A T IN G E X P E N S E S A N D T A X E S .
1909.
1908.
D ecrease.
P .C .
M ain ten an ce o f w a y
an d stru ctu res - ____$3,5 6 6 ,7 0 2 57
$17 8,39 4 18 4.76
$ 3 ,7 4 5 ,0 9 6 75
M ain ten an ce o f eq u ip m e n t ___________ ____
4 ,0 8 5 ,9 6 8 79
4 0 4 ,5 1 2 04
3 ,6 8 1 ,4 5 6 75
9.90
T r a ffic e x p e n s e s .. ____
430 ,092 13
2,622 90 0.61
4 3 2 ,7 1 5 03
T ra n sp o rta tio n e x p e n .
8,5 2 0 ,7 1 3 87
1,387,893 58 14.01
9 ,9 0 8 ,6 0 7 45
G eneral e x p e n s e s . ____
744,396 09
799 ,354 75
54,958 66 6.88
T a x e s ___________ . ____
1,072,051 84
*47 ,4 8 6 02 *4.43
1,119,537 86
T o t a l .................... ____ $ 18 ,062 ,89 9 27

$2 0 ,0 4 3 ,7 9 4 61 $ 1 ,9 8 0 ,8 9 5 34

0.88

* In crease.
F R E IG H T T R A IN

M IL E S A N D

L O A D IN G .

Average number of freight cars per train mile increased
9 .6 4 % .
Average number of loaded cars per train mile increased
9 .8 3 % .
Average number of tons per freight train mile increased
4 .7 8 % .
Loaded freight car mileage increased 6 .2 3 % .
Em pty freight car mileage increased 6 .7 0 % .
C A P IT A L ACCO U N T.

There has been no change during the year in the issues of
common and preferred stocks and certificates of indebtedness,
the amount of each outstanding at the close of the year being
the same as on June 30 1908.
B O N D E D D E B T , F R E IG H T C E R T IF IC A T E S A N D N O T E S .

The bonded debt of your company was increased during
the fiscal year by the issue of the following:




F irst Consolidated M ortga ge F i f ty - Y e a r 4 % C old B on ds—
F o r p u rch ase o f ro llin g s t o c k ____________________________ $56 1,00 0
F o r p u rch ase o f W in s to n & B o n e V a lle y R a ilr o a d ___
275 ,000
F o r c o n s tr u c tio n , a d d itio n s an d b e tte r m e n ts _________ 2,3 1 0 ,0 0 0
,
------------------$ 3 ,1 4 6 ,0 0 0
J a ckson ville A Southw estern P u rc h a se -M o n e y M ortga ge 4 %
F ifty - Y ea r Gold B o n d s—
F o r c o n s tr u c tio n o f e x te n s io n fro m A n d e r s o n , F la ., to
P e r r y , F la ----------------------------------------------------------------------- $97 5,00 0
E x ch a n g e d fo r $40 ,000 F re ig h t C e rtilie a te s___________
40,000
----------------- 1 ,015,000
T o ta l Increased m o rtg a g e b o n d issue fo r th e iiscal y e a r _______ $ 4 ,1 6 1 ,0 0 0

.4,406.63

Less m ilea ge d e d u c te d a c c o u n t o f line r e v isio n s____
.30
Less m ileage fo rm e r ly u n d er le a s e ____________________ 27.79

E N D IN G JU N E 30 1909.

E q u ip m e n t T ru st B o n d s r e t ir e d ...............................
$45 0 ,0 0 0
F re ig h t C ertificates r e tir e d ______________________________
40,0 0 0
T h r e e -Y e a r 5 % G old N o te s , d a te d M arch t 1907,
re tire d -------------2 ,0 3 0 ,0 0 0
B run sw ick & W e ste rn In c o m e B o n d s r e t ir e d _____
.
10,000
------------------ 2 ,5 3 0 ,0 0 0
N e t I n c r e a s e ................ ........... ................ ..................... ................................$ 1 ,6 3 1 ,0 0 0
C O M P A N Y ’S O W N S E C U R I T I E S IN I T S T R E A S U R Y .
F irst C o n so lid a te d M ortg age F o u r P e r C en t B o n d s —
D ra w n fro m T r u s t e e ----------------------------- -----------------------$ 3 ,1 4 6 ,0 0 0
P u rc h a se d ________________________________________
325 ,0 0 0
J a ck so n v ille & S o u th w e ste rn P u rch a se -M o n e y M ort­
ga g e 4 % B o n d s —
R e c e iv e d in se ttle m e n t o f a d v a n ce s fo r co n s tr u c tio n
975 ,000
R e c e iv e d fo r F re ig h t C ertificates r e tir e d _______
40,000
C ertificates o f In d e b te d n e s s (n e w ):—
F ra ctio n s p u r c h a s e d __________________________
300
$ 4 ,4 8 6 ,3 0 0
F irst C o n so lid a te d A lortgage 4 % B o n d s sold
4 ,5 0 0 ,0 0 0
N e t de cre a se In secu rities o f th e C o m p a n y In C o m p a n y ’s
T r e a s u r y ____ _________________________________________________

$13 ,7 0 0

On June 30 1909 there had been purchased and canceled
82,030,000 of the Five Per Cent Three-Year Gold Notes,
due March 1 1910.
T R A F F IC .

The business depression referred to in the previous year's
report is reflected in operating revenues for the first five
months of the fiscal year, the months in question showing a
decrease of $1,199,610 15, or 1 1 .0 2 % . Beginning, however,
with the month of December 1908, operating revenues began
to record an increase, with the result that the last seven months
show an increase of $1,314,622 52, or 8 .6 8 % , thus showing
for the year an increase of $115,012 37.
_ Passenger revenue shows a decrease for the year of $437,­
524 57, or 6 .9 7 % .
Practically the entire decrease is at­
tributable to the reduction in local, or intra-State, passenger
rates and mileage tickets, to which reference was made in
the Seventy-third and Seventy-fourth Annual Reports.
Average receipts per passenger per mile were the lowest in
the history of your Company, being 2.244 cents per mile,
a decrease of 6 .4 2 % as compared with the previous year.
F reigh t—
T o n s o f fre igh t earn in g re v e n u e in cre a s e d ........................................................1 .6 4 %
T on s carried o n e m ile in c re a s e d ________________________ __________ ______ 1 .3 4 %
M ileage o f reven u e fre igh t trains d e c r e a s e d ............................................
.2 .8 7 %
T o n s p er fre ig h t train m ile in c re a s e d ____________________________________4 .7 8 %
P a ssengers—•
N u m b e r o f passengers ca rried d e c r e a s e d _________ ______ _______ ______ 3 .6 9 %
N u m b e r carried o n e m ile d e c r e a s e d _________________________________
.0 .6 0 %
M ileage o f re ve n u e passenger trains in c re a s e d _____________________ ____1 .4 0 %
P assen gers p er train m ile ____________________________________ .
_____ 0 .0 0 %
O P E R A T IN G E X I’ E N S E S .

During eight months of the previous year every possible
economy in operating expenses consistent with full main­
tenance was enforced by the management to meet the loss
of revenue from rapidly decreasing earnings. By July 1908
everything had been accomplished on this line except a gen­
eral reduction in wages.
Co-operation on the part of all
officers and employees was cheerfully given. The work of
all employees became more efficient, both from their own
efforts and from the greatly increased facilities made ef­
fective about the same time.
This keen appreciation of necessity continued throughout
the present year, and to that more than to any other cause
we owe the excellent net results in this report.
The reduction in cost of Maintenance of W ay and Struc­
tures is due entirely to securing ties, lumber and other ma­
terials at reduced prices and to more efficient and steady
track labor.
The decrease in Maintenance of Equipment is principally
due to increased efficiency of work in our shops and to de­
creased charges to Renewals, because less value of equipment
was destroyed or scrapped.
The decrease in Transportation outlay is largely explained
by handling a greater number of tons of freight with fewer
trains on better maintained schedules, and by saving $484,­
936 48 in cost of fuel and $457,243 14 in loss and damage to
persons and property.
IN D U S T R IA L .

#

Good progress was made in locating settlers on our line
during the year, and several flourishing colonies were estab- ^
lished at various points. This important work is being ac- *
tively handled by our Agricultural and Immigration Depart­
ment, which co-operates with real estate agents and organiza­
tions along our lines.
In the course of the year 1,151 settlers (heads of families)
located on our lines in the various States and engaged in agri­
cultural pursuits, and 140 factories, mills and other manufac­
turing industries were located at local points upon our lines.

THE CHRONICLE

Nov. 20 1909.J
DOUBLE TRACK.

At the close of the year there were 86.31 miles of double
track in operation and work was well under way on the second
track from Tar River to Battleboro, N . C., a distance of 7.22
miles, including a new double-track bridge over Tar River. It
should be completed by Dec. 1 1909. At this writing the
contract has been let to construct a second track from Folkston, Cia., to Callahan, Fla., a distance of 22.37 miles.
R A I L R E L A Y I N G A N D IN C R E A S E IN S I D E T R A C K S A N D Y A R D
TRACKS.

There were laid during the year 5.31 miles of additional
industrial tracks and 15.29 miles of side and yard tracks, a
total of 20.00 miles.
There were relaid the following: 159.82 miles with 85-lb.
new rail; l mile with 70-lb. new rail; 0.52 mile with 85-lb. re­
leased rail; 30.59 miles with 70-lb. released rail; 10.97 miles
with 05-lb. released rail; 40.87 miles with 00-lb. released
rail; 75.24 miles with 50-lb. released rail; 22.45 miles with
50-lb. released rail; making a total of 347.46 miles, or 3 .3 % ,
of our entire main and branch line mileage. In addition, a
fraction of a mile of 75-lb. new rail was laid, and 0.27 of a
mile of 35-lb. released rail was placed in side tracks.
GENERAL.

On Feb. 18 1909 your Company purchased the Winston
& Bone Valley Railroad, extending from Winston, Fla., to
Tiger Bay, Fla., a distance of 25.3 miles, and work was com­
menced on an extension of the line from Tiger Bay to Fort
Meade, Fla., on the Charlotte Harbor Division. The ex­
tension in question will be 3.47 miles in length, and will be
ready for operation in the fall of 1909.
The extension from Anderson, Fla., to Perry, Fla., a dis­
tance of 74.73 miles, was completed during the year, and the
operation of trains into Perry began on Jan. 18 1909. The
cost of this extension was paid for by the issuance of 8975,000
Jacksonville & Southwestern Purchase-Money Mortgage 4 %
Bonds.
The large decreases in operating expenses were in— •
M ain ten an ce o t w a y an d s t r u c t u r e s - ....................
$178,301 18
M ain ten an ce o f e q u ip m e n t ________________________
404,512 04
T r a f f i c . . _________________________ _________________- ............- ............
2,622 90
T r a n s p o r t a t io n ------------------------------------------------------------------------------- 1,387,803 58
G en era l____________________________________________________________
54,058 66
$2,028,381 36

In the latter part of August and early part of September
1908, unprecedented floods in Virginia, North Carolina, South
Carolina and Georgia seriously affected operations on your
Company’s lines in those States. Water covered the lower

1353

tracks at Petersburg, V a ., and bridges and trestles were
impassable for several days at Cape Fear River, both near
Wilmington and near Fayetteville, at Pee Dee River, and
at Santee River on both the Charleston and Augusta divi­
sions; also at the smaller waterways in the same area. The
trestle over the Santee on the Augusta Division was badly
damaged and about two miles of it had to be rebuilt.
During the year contracts were let for the construction of
about 5 ^ 2 miles of steel viaduct at Pee Dee, Santee and
Savannah rivers, to replace the present wooden trestles
at those points. Steel girders will rest on concrete piers
and pedestals having pile foundations. The work was
actively under way during the latter months of the fiscal
year, and it is expected that the entire work will be com­
pleted early in 1910. These improvements will make per­
manent crossings at these important rivers on the main line,
and it is estimated that the work will cost §1,0 00,0 00 .
The following table shows the equipment owned and leased
under car trusts on hand at the close of the past seven years:
1003.

1904.

1905.

1906.

1907.

1908.

1909.

L o c o m o t iv e s _____________
451
672
669
467
641
506
545
P a ssen ger train c a r s ____
505
602
564
606
505
530
523
F re ig h t train c a r s . ____ 13,072 14,439 15,530 18,108 23,009 23,668 24,508
W o r k e q u i p m e n t .. ____
396
424
657
409
593
600
450

There were purchased and put in service during the year
500 box cars and 50 phosphate cars, and the additional pur­
chase of 500 box cars, 25 phosphate cars, 11 caboose cars,
1 two-track eight-car capacity freight barge, 6 passenger
coaches, 2 combination mail and baggage cars, 1 air-brake
instruction car and 4 express cars was authorized, deliveries
to be made in the fall of 1909.
The equipment of your Company has been carried on its
books at an amount far below its cost.
At the close of the fiscal year §5,139,194 49, the difference
between cost and book value, was written up in “ Cost of
Equipment” account, of which amount $4,680,547 27 was
credited to Reserves, “ Depreciation previous to July 1 1907,”
and the balance, $458,047 22, credited to Profit and Loss.
In ascertaining amount to be credited to Reserves for de­
preciation previous to July 1 1907, annual depreciation of
3 % was applied for freight train cars and 2 % for all other
equipment.
*

*

*

*

*

*

*

T . M. E M E R SO N , P r e s i d e n t .
II. W A L T E R S ,

C h a irm a n .

G E N E R A L B A L A N C E S H E E T J U N E 30.
J u n e 30 1008.

ASSETS.

$ 1 2 1 ,1 5 7 ,2 1 5 21
1 8,930,493 30
45,554 ,220
3,609 ,450
818 ,0 0 0
2,430 ,500
3,272 ,576
575
303 ,390
4,048 ,000
288 ,948
2,088 ,043

58
00
00

00
13

,000 00

24
00
12
45

$ 1 5 0,00 0 00
4 ,2 4 1 ,4 8 7 75

4 3 4 ,4 7 5
534 ,445
166,012
649 ,7 8 6
692 ,3 4 6

84
85
04
93
80

1 , 111,102 00

382 ,833 71
360 ,7 4 6 84

C o n stru ctio n an d P r o p e r ty
C ost o f E q u ip m e n t _______
3 0 6 ,0 0 0 shares o f $100 p a r v a lu e e a ch o f L o u is v ille & N a sh ville R R . C o . s t o c k , and
3 ,0 6 0 shares o f $100 p ar va lu e each o f L o u isv ille P r o p e r ty C o .’s s to c k (d e p o s ite d
w ith T h e N ew Y o r k T ru s t C o m p a n y , T r u s t e e )______________________
A tla n tic C oast L ine R R . C o. First C o n s o lid a te d F o u r P e r C en t B on ds
A tla n tic Coast Line R R . C o ., J . & S. W . R R . P u rch a se -M o n e y F o u r Per C en t B o n d s
A tla n tic C oast L in e R R . C o. N ew F o u r P e r C en t C ertilicates o f In d e b te d n e ss
O th er I n v e s t m e n t s _____________ ____________________________ _______________________
B on d s d e p o s ite d w ith F a rm e rs’ L oan a n d T ru s t C o m p a n y _____________________
R es e rv e F u n d — F o r renew als o f ra ils_____________________________________________
T ru st E q u ip m e n t
E q u ity in T ru st E q u ip m e n tM aterial
~ plies
"
lals an d' Sup
C u rrent A s s e ts —
S afe D e p o sit an d T ru st C o ., d e p o s it to p a y E q u ip m e n t T ru st B o n d s _________________
Casli o n d e p o s it an d in han ds o f T re a su re r— -----------------------------------------------------------------Cash reserved fo r p a y m e n t o f T h re e -Y e a r F iv e P e r C en t N o te s m a tu rin g M arch 1 1010
Cash reserved fo r p a y m e n t o f WI1. C ol. & A u g . R R . S ix P e r C en t B o n d s m atu rin g
Ju n e 1 1910 _________________________
Cash d e p o s ite d to p a y c o u p o n s _______
A g e n ts ’ b a l a n c e s ________________ ______
R e m itta n ce s In t r a n s i t ________________
Bills R e c e iv a b le ________________
A c c o u n ts R e c e iv a b le ___________
A d v a n c e s to S u b sid ia ry C om pa n ies
T r a ffic B a la n ce s_________________
D ue fr o m C om p a n ies a n d In dividu als

J u n e 30 1909.
$12 3 ,2 3 7 ,1 3 8 32
2 4 ,5 5 4 ,3 7 0 66
4 5 ,5 5 4 ,2 2 0
2 ,5 8 0 ,4 5 0
1 ,8 3 3 ,0 0 0
2 ,4 3 0 ,8 0 0
3 ,2 6 0 ,4 6 9
575 ,000

3 ,5 9 8 ,0 0 0 00
3 5 8 ,7 0 8 12
1 ,8 4 9 ,4 7 2 54
$15 0 ,0 0 0 00
3 ,4 0 5 ,5 3 1 59
2 ,9 7 0 ,0 0 0 00
1,600 ,000
443 ,015
346 ,344
172 634
673 408
557 735
690, 581
415 643
246 313

00
84
74
53
66
50
01
24
17

8 ,7 2 3 ,3 2 8 75
$22 6,45 0 84
141,000 85

$ 5 0 ,1 3 4 ,2 0 0 00

66,000 00

4 ,0 4 8 ,0 0 0 00
$ 2 1 ,5 6 6 ,6 0 0 00
500 00
1,000 00
2 1 ,5 6 8 ,1 0 0
7 9 ,5 0 4 ,4 5 0
3 5 ,0 0 0 ,0 0 0
207 ,000

00

1 ,5 0 2 ,3 4 8
456 ,7 2 0
4 6 3 ,6 0 7
4 3 7 ,7 5 5
1 ,2 2 5 ,8 2 9

12
93
23
84
25

$ 1 ,0 2 6 ,8 3 0
4 9 9 ,7 0 7
53,073
83,3 3 3

83
92
33
33

2 95 ,948 38
T o ta l A s s e t s ........................... ................................................................... .....................................................................................$ 2 2 1 ,7 9 8 ,7 8 6 50
L IA B IL IT IE S .

$ 1 ,5 9 6 ,6 0 0 00
4 7 ,5 3 7 ,6 0 0 00

$ 5 , 000,000

$17 2 ,0 7 5 99
123,872 39

368,441 69

J u n e 30 1008.

1 , 000,000 00

1 1 ,6 7 1 ,2 0 8 37
D eferred A ssets— •
U n a d ju s te d cla im s In b a n d s o f F re ig h t C laim A g e n t .
In te re st a n d D iv id e n d s R e c e iv a b le . . _____________

$21 2 ,1 6 7 ,6 0 7 47

00
00
00
00

9,086,261 37

1,6 6 3 ,9 3 5 41
2 ,0 5 0 ,7 6 4 04
8 ,8 3 8 ,8 9 0 05
$ 2 1 2 ,1 6 7 ,6 0 7 47




58
00
00
00
53
00

C a pital Stock—
P referred _________
C o m m o n ___________
C o m m o n Class " A ” R ic h m o n d & P e te rsb u rg R R .
B ru n sw ick & W e s te rn R R . In c o m e B o n d s...............................
E q u ip m e n t T ru s t F o u r P e r C en t B o n d s ...................... ................ ..
C ertificates o f In debtedness—
N ew C ertilicates o f In d e b te d n e s s , F o u r P e r C e n t _____________
O ld C ertilicates o f In d e b te d n e s s F o u r P e r C e n t............... ................
C ertificates o f In d e b te d n e s s , W . & W . R R . S e ve n P e r C e n t.

J u n e 30 1909.
$ 1 ,5 9 6 ,6 0 0 00
4 7 ,5 3 7 ,6 0 0 00

1 ,000,000 00

$ 2 1 ,5 6 6 ,6 0 0 00
500 00
1,000 00
2 1 ,5 6 8 ,1 0 0
8 3 ,6 6 5 ,4 5 0
3 5 ,0 0 0 ,0 0 0
167 ,000

B o n d e d d e b t se cu re d b y m ortg a ges o n r a ilr o a d s ________________
L ou isv ille & N a sh ville R R . C ollateral F o u r P er C ent B o n d s ___
F re ig h t C e rtilicates, J a ck s o n v ille & S o u th w e ste rn R R _______
Current lA a bilities—
T h re e -Y e a r F iv e P er C en t G o ld N o te s (d u e M arch 1 1 9 1 0 )____
A u d ite d v o u ch e rs an d p a y r o ll s ___________________________ ______
D ue to o th e r c o m p a n ie s and In d iv id u a ls___________ ______ _______
T r a ffic B a la n ce s.......... .............. ..
.
_
_______
C ou p o n s d u e a n d u n p aid
..................
..
D iv id e n d s de cla re d an d u n p a i d .......................................................... ....

$ 2 ,9 7 0 ,0 0 0
1 ,4 2 9 ,7 8 8
488 ,834
4 5 1 ,9 9 0
4 4 6 ,2 9 5
1 ,4 6 8 ,2 1 7

00
19
91
64
84
25

D eferred L ia b ilities—
B o n d Interest a c c r u e d , n o t d u e
.....................................
T a x e s a c c r u e d , n o t d u e _________________________________
In te re st o n E q u ip m e n t T ru s t B on d s a c c r u e d , n o t d u e .
In te re st o n T h r e e -Y e a r N o te s a c c r u e d , n o t d u e _______

$ 1 ,0 7 2 ,1 6 0
4 9 9 ,7 9 7
47,973
4 9 ,5 0 0

84
92
33
00

R ese rv e s fo r b e tte rm e n ts an d I m p r o v e m e n ts_________
P ro fit an d loss s u rp lu s ___ __________ _____________________

$ 5 0 ,1 3 4 ,2 0 0 00
56,000 00
3 ,5 9 8 ,0 0 0 00

00
00
00
00

7 ,2 5 5 ,1 2 6 83

1 ,6 6 9 ,4 3 2 09
7,4 3 6 ,1 5 1 64
1 1 ,2 4 9 ,3 2 5 94

T o ta l L i a b i l i t i e s . . . ................................................................................ ...................................................................................$22 1 ,7 9 8 ,7 8 6 50

1354

THE CHRONICLE

[VOL. L XXX1X.

UNITED FRUIT COMPANY.
TEN TH AN N U A L REPORT— FOR TH E

FISCAL Y E A R E N D E D S E P T E M B E R 30 1909.

Office of the United Fruit Company,
131 State Street, Boston, Mass.
November 15 1909.
T o the S t o c k h o ld e r s —

Your Board of Directors submits the following report of
the Company’s business for the fiscal year ended Septem­
ber 30 1909:
IN C O M E A C C O U N T F O R T H E Y E A R .
T o ta l n ot earnings for the y e a r , a fte r d e d u ctin g $004,302 54
e x p e n d e d fo r b e tte r m e n ts , w ere:
F r o m ban anas an d m iscella n e o u s tro p ica l fru its _____________ $ 2 ,7 0 2 ,9 1 4 01
F r o m the su gar b u sin ess________________________________________
1,168,918 04
N e t ea rn in g s ........................................................ ..................... ..............$ 3,871,832 65
M iscella neous In c o m e ____________________________________________
516,816 81
T o ta l In c o m e ________ . __________ . ______ _______ ______________ $4,3 8 8 ,6 4 9 46
D e d u c t Interest o n d e b e n tu re s _________________________________
220,770 83
B a la n ce , net Incom e fo r the y e a r ____________________________ $4,167,878 63
A g a in st in c o m e th ere h ave b e e n ch a rg e d th e fo u r re gu la r
d iv id e n d s , a g g r e g a tin g ....................................... .................................
1 ,707,042 00
B a la n ce, surplus fo r fiscal y e a r ______________________________ $ 2 ,4 6 0 ,8 3 6 63
B r o u g h t forw a rd fro m th e clo se [of th e pre v io u s y e a r a sur­
plus o f ...................................................................... ................ .................. 1 0 ,030,449 87
M aking the to ta l a m o u n t a t c r e d it o f In com e a c c o u n t____ $12 ,4 9 7 ,2 8 6 50
D ir e c t ch arges have b e e n m ad e a g ain st In com e a c c o u n t to
c o v e r d iscou n t a n d com m issio n o n th e C o m p a n y ’s 4 K %
d eb en tu res , d a te d Ja n u a ry 1, 1909, a n d to p r o v id e fo r the
a d ju s tm e n t o f tr o p ica l In v e s tm e n ts _________________________
490,481 90
B a la n ce , surplus, S e p te m b e r 3 0 , 1909_______________________$1 2 ,0 0 6 ,8 0 4 60
BETTERM ENT

E X P E N D IT U R E S IN C L U D E D
O P E R A T IN G A C C O U N T S.

IN

CURRENT

Under this head are expenditures as follows:
F or
For
For
For
For

n ew ban an a an d ca n e fie ld s ................................................... ............$243,053
fa r m , o ffic e an d com m issa ry bu ild in gs a t tro p ica l d iv isio n s 141,872
railw ays an d railw ay e q u ip m e n t .________________ ___________ 131,274
tr a m w a y s________ _______ _______________________________________
73,397
b o a ts , w h a rv es, tele p h o n e s , e t c ., a t tro p ica l d iv isio n s____
14,794

48
91
09
25
81

$604,392 54
T R O P I C A L D IV I S I O N S .

The Company’s tropical investments, aggregating $23,­
689,028 75, are shown in detail on pages 13 to 17 in com­
parative tables [See tables on a previous page under “ Annual
Reports.” ] During the year the Company made expendi­
tures for new properties and for improvements aggregating
$1,934,751 56, of which $1,330,359 02 was charged to capital
account; the balance, $604,392 54, having been absorbed in
operating expenses. The Company’s properties in Santo
Domingo were disposed of by sale, and the proceeds invested
in sugar properties in Cuba.
The betterment expenditures for the past year have
resulted in the addition of some 5,000 acres of bananas,
which is offset, however, by the sale of banana properties in
Santo Domingo. The inventories have been increased by a
net addition of 67.38 miles of railway and 37.51 miles of
tramways, 5 locomotives and 84 freight cars.
The Company's sugar mill produced 120,120,340 pounds of
sugar and 2,770,688 gallons of molasses, as against 68,042,500
pounds of sugar and 1,887,706 gallons of molasses in the
previous year.
Work was concluded on 2,250 acres of new cane which will
be available for the 1910 crop, and five miles of railway
constructed to serve these new fields. There will be avail­
able for the crop of 1910 at Banes the cane from 24,720
acres of fields owned by the Company.
C U R R E N T A SSE TS A N D C U R R E N T L IA B IL IT IE S .

Accounts collectible, $2,308,609 48, comprise mainly bal­
ances due for sales of fruit, and are considered good for their
face value.
Cash on h an d S e p te m b e r 30 1909 w a s...............................................$2,724,069 49
C urrent lia b ilitie s____ ______ _____________________________________ 1,642,168 87

This represents items pertaining to current transactions.
C A P IT A L ST O C K A N D F U N D E D D E B T .
C a p ital s t o c k ............................................ ...................................................$ 2 1 ,3 4 0 ,0 0 0 00

There has been no change in the amount of capital stock
outstanding except the issue of $11,700 to dispose of the
balance issuable under subscriptions made in accordance
with the offer to stockholders of July 11 1908.
The list of stockholders numbers 6,160 names, an increase
of 252 for the year. The average number of shares held by
each stockholder is 34.
F u n d ed D ebt.
S erial five p e r c e n t d e b e n tu re s _________________________________ $1,440,000 00

These notes were issued under date of June 1 1907, and
mature in ten equal annual installments, the first installment
of which was due and paid June 1 1909.
F o u r an d o n e-h a lf p e r c e n t sin kin g fu n d g o ld d e b e n tu re s -------$4,250,000 00

These debentures are dated January 1 1909, mature July 1
1923, and arc redeemable at the rate of ten per cent annually
commencing July 1 1914. They were issued to provide funds
for the construction of steamships of the Tropical Fruit
Steamship Company, Limited.
IN V E S T M E N T S .
N i p e B a y C o m p a n y . — The Nipe Bay Company’s sugar mill
produced 91,888,400 pounds of sugar and 2,673,808 gallons
of molasses, as against 39,487,560 pounds of sugar and
1,058,067 gallons of molasses the previous year.




Net earnings from operation f or the year amounted to
$446,920 99, and were applied to the paym ent of interest on
the Company’s mortgage and floating debt, the latter repre­
sented by the advances made by the United Fruit Company,
on which interest is charged at the rate of six per cent. A
reduction of $19,621 72 was made in the indebtedness to the
United Fruit Company.
Under date of June 1 1909 there were issued $3,500,000 in
five-year first mortgage six per cent notes, to provide for the
retirement of $2,750,000 in three-year six per cent notes,
which matured on that date. The balance of the funds ob­
tained from this issue was used for development and as
working capital.
The prospects for a largely increased output of sugar for
the coming season and the excellent physical condition of the
cane fields and milling plant give promise of earnings which
should provide for further reduction of indebtedness, or for
extension of canefields and enlargement of manufacturing
capacity. For the crop of 1910 the Company has available
over 22,000 acres of cane.
N o r t h e r n R a il w a y C o m p a n y . — In the early part of the year
heavy floods caused considerable damage to the roadbed of
the Costa Rica Railway Company, Limited, and destroyed
the large bridge over the Iteventazon River, interrupting
traffic and particularly delaying shipments of coffee from
farms in the interior of Costa Rica. The bridge has been
replaced by a new steel structure of such construction that a
recurrence of the disaster is not apprehended. Large sums
have been expended in replacing old bridges with new struc­
tures of steel and concrete. All of this expense has been
absorbed in operating accounts.
T r o p i c a l F r u i t S t e a m s h i p C o m p a n y , L i m i t e d . — -Three steam­
ships, the “ Abangarez,” “ Turrialba” and “ Atenas,” referred
to in the report for 1908 as having been contracted for, have
been delivered by the builders and placed in service. These
are of 5,000 tons gross register, with passenger accommoda­
tions for 100 first-class and 25 second-class, and are supplied
with most approved devices for proper handling and carriage
of fruit.
.
Four additional steamers, generally similar in dimensions
and appointments, have been contracted for and will shortly
be placed in service.
This will make a total of thirteen vessels owned by this
Company, specially built for the service. The only liability
of this Company, outside of its indebtedness to the United
Fruit Company, is represented by £320,000 in serial deben­
tures, which mature in the years 1909 to 1918. The United
Fruit Company’s equity in these vessels now amounts to
$4,475,000.
E ld e r s & F y f f e s , L i m i t e d . — The bsuiness of this company
continues to be ably managed and is showing a very satis­
factory increase.
GENERAL.

The effectiveness of our organization and the resourceful­
ness of our employees under sudden difficulties were strikingly
shown at the time of the disastrous floods in the early part
of the year in our Central American divisions. Conditions
that would have demoralized an ordinary force were skilfully
overcome, and shipments were made with wonderful regu­
larity.
Respectfully submitted, by order of the Board of Directors.
A N D R E W W . P R E STO N , P r e s i d e n t .
C O M P A R A T IV E S T A T E M E N T O F IN C O M E A C C O U N T F O R T H E
F IS C A L Y E A R S E N D E D S E P T E M B E R 30 1909 A N D 1908.
1 90 9.
1908.
In crea se.
N et earnings a risin g fro m the
p r o d u c tio n and Im p o rta tio n
$3,723,511 56
$14 8 ,3 2 1 09
o f trop ical p r o d u c t s _______ $ 3 ,8 7 1 ,8 3 2 65
317 ,579 56
199,237 25
M iscellaneous In c o m e ________
516 ,816 81
T o ta l In co m e_______________ $ 4 ,3 8 8 ,6 4 9 46
L ess— In te re st o n b o n d s ____
220 ,770 83

$4,041,091 12
94,7 4 6 47

$347,558 34
126,024 36

B a lan ce, n et In co m e _______ $ 4 ,167,878 63
D iv id e n d s d e cla re d (see f o o t ­
1 ,707,042 00
n o t e ) . - .......................................

$ 3 ,9 4 6 ,3 4 4 65

$22 1,53 3 98

1,584,484 00

122 ,5 5 8 00

Surplus fo r fiscal y e a r ____ $2,4 6 0 ,8 3 6 63
Surplus In com e at close o f
p re v io u s y e a r _______________ 10,0 3 6 ,4 4 9 87

$2,3 6 1 ,8 6 0 65

$ 9 8 ,9 7 5 08

0 ,7 5 2 ,0 5 0 18

284 ,399 69

T o ta l s u r p lu s ......................... $12 ,4 9 7 ,2 8 6 50 $ 1 2 ,1 1 3 ,0 1 0 83
$38 3,37 5 67
E x tr a d iv id e n d o f 10 % p aid
A u g u s t 1 1908____ ^.............................................
1,9 4 0 ,0 0 0 00 * 1 ,9 4 0 ,0 0 0 00
B a l a n c e .......... ..................... ..$ 1 2 ,4 0 7 ,2 8 6 50 $1 0 ,1 7 3 ,0 1 0 83 $ 2 ,3 2 3 ,3 7 5 67
Less— D ir e c t ch arges to profit
an d l o s s ...................... ..............
490,481 90
137,460 06
353 ,0 2 0 94
B a la n ce , su rp lu s.................... $12 ,0 0 6 ,8 0 4 60 $1 0 ,0 3 6 ,4 4 0 87 $ 1 ,0 7 0 ,3 5 4 73
D IV ID E N D S .
F o u r q u a rte rly d iv id e n d s w ere d e c la r e d an d ch a rg e d to In co m e a c c o u n t
d u rin g the y e a r, v iz .:
„
„„
D iv id e n d paid J a n u a ry 15 1909, 2 % _______________________ $426 ,642 00
“
“ A p ril
15
“
2 % __________
426 ,8 0 0 00
“
’ • J u ly
15
*’
2 % ..........................................
4 2 6 ,8 0 0 00
**
" O cto b e r 15
"
2 % _______________________
426 ,800 00
$ 1 ,7 0 7 ,0 4 2 00
D IR E C T C H A R G E S TO P R O F I T A N D L O S S .
T h is Item , a m o u n tin g to $490,481 90, Inclu des d is c o u n t an d co m m ission
o n the C o m p a n y ’s 4>5 % D eben tu res issued J a n u a ry 1, 1909, and a lso
p ro v id e s fo r a d u jstm e n ts In th o C o m p a n y ’s tr o p ica l In vestm en ts.
• D ecrease.

13 55

THE CHRONICLE

Nov. 20 1909

COMPARATIVE BALANCE SHEET, SEPTEMBER 30 1909 AND 1908.
1909.

A S S E T S .

Plantations and Equipment (See Exhibits A to •E” ) -----Current Assets:
Cash --------------------------------------------------------------Accounts Collectible-----------------------------------------

1908.

$2,724,069 49
2,308,609 48

Old Colony Trust Co., Trustee—
Funds for payment of 5% Convertible Boncis.
Advance Payments—
,, _
..
Charters, Wharfage and Steamship Supplies. _
Unclaimed Dividends and Unpaid Coupons------NIpe Bay Co. Advances----------------------------------Northern Railway Co. Advances. - - - - - -------------Tropical Fruit Steamship Co., Ltd., Advances..
NIpe Bay Co. Common Stock--------------------------Miscellaneous Investments----- ----------- --------------

132,040
4,357
1,512,593
3,227,461
3,730,992
1,449,528
1,977,211

148,835
1,730
1,532,215
2,830,752
904,071
1,448,271
2,482,724

07
75
91
16
95
57
59

$21,340,000 00

Capital Stock----------------------------------Funded Debt—
Convertible 5% Gold B o n d s .- - ..—

*52,000

00

88
75
63
17
64
43
55

*16,795
2,627
•19,621
396,708
2,826,921
1,257
*505,512

81
00
72
99
31
14
96

$35,215,178 27

$5,541,315

45

$11,700

00

4,250,000 00
*160,000 00 4,038,000

00

$21,328,300 00
$52,000 00

$4,250,000 00
1,440,000 00

5,690,000 00

1,600,000 66

5,707 75

Interest Accrued not yet .due on Bonded Debt.
Income Account (Surplus)--------------------------------

*$52,000 00
1,652,000 00

1,642,168 87

*6,853 00

12,560 75
672,531 51
460,105 47

760,863 82
396,696 35
57,808 70
426,800 66

02

$1,149,162 41
428,210 07 1,577,372 48
3,455,306 49

$40,756,493 72

Unclaimed Dividends and Unpaid Coupons.
Current Liabilities—
Accounts Payable---------------------------------Sight D rafts-----------------------------------------A cceptances-----------------------------------------Notes P ayable__________________________
Dividend payable October 15-----------------

$1,330,359

$1,574,907 08
1,880,399 41
5,032,678 97

52,000 00

L I A B I L I T I E S .

July 1 1923.

In crea se.

$22,359,269 73

$23,680,628 75

600,000 00
426,564 00

2,159,200 98

88,332
*63,409
57,808
*600,000
236

31
12
70
00
00

*517.032

11

71,812 50
12,006,804 60

26,666 67
10,036,449 87

45,145 83
1,970,354 73

$40,756,493 72

$35,215,178 27

$5,541,315 45

The Company’s Insurance Fund Asset of $633,944 94 shown on page 18 [pamphlet] is not included In the above balance sheet.
$11,700 in the Company’s stock was Issued during the year to stockholders in accordance with the Company s oirer of July 11 1908.

Midvale Steel Co.

— Litigation.— Four suits have been
brought in the Federal Court at Pittsburgh by the Krupp
interests of Essen, Germany, involving the right of the com­
pany to use its present process of making armor plate.
It Is alleged that the defendant Infringes certain patent rights. The right
to manufacture armor plate In this country by the Krupp process, It Is said,
Is held by the Bethlehem Steel Corporation and the United States Steel
Corporation. The two companies last named have for some years Idled
the requirements of the Navy Department, but about 3 or 4 years ago the
Midvale company began the manufacture of armor plate by a secret pro­
cess, and Its product having stood the tests of the Navy Department, the
company has since shared In the awards. Compare V. 83, p. 99.— V. 88,
p. 156.

Moline

Plow Co.

(111.)
— Stock Dividend.— This Illinois cor­
poration, manufacturer of agricultural implements, wagons,
vehicles and grain drills, which recently increased its capital
stock from $6,000,000 to $7,000,000 has issued the new
shares as a stock dividend of 16 2 -3 % to all shareholders of
record N ov. 1 1909.
The stock Is all of one class. Officers: G. A. Stevens, President; F. G.
Allen, Vice-President; C. R. Stevens, Secretary and Superintendent;
C. A. Banister, Treasurer. Office, Moline, 111.— V. 83, p. 1039.

Navarro Refining Co.— Sale.— See Standard Oil Co. below.
New England Cotton Yarn Co.— Lease Approved.— The

shareholders voted on N ov. 16 to accept the proposition of
the Union Mills “ to lease all the property and assets of the
New England Cotton Yarn Co. for 99 years, and, in addition
to all other charges and expenses, to pay therefor during
said lease dividends at the rate of 6 % upon the [$2,000,000]
preferred stock and at the rate of 7 % % upon the [$3,900,000]
common stock of the Yarn Company.” The terms on which
the companies may hereafter be merged were correctly given
in small type last week. The rental is as stated above.
Report.— Sec “ Annual Reports” on a previous page.— V.
89, p. 1284.
— Consolidation.— See American Gas
Co. above.— V . 88, p. 1502.
— Extra Dividend.— The com­
pany has declared an extra dividend of 2 5 % on its $2,556,000
of capital stock, payable Nov. 22. In Oct. 1906 an extra
payment of 5 0 % was made. Compare V . 83, p. 1040;
V. 81, p. 730.
— Consolidation.— Notice was filed at
Indianapolis on Nov. 13 of the merging under this title of
the Peru-American Gas Co. and the Peru Gas Co. The
capital stock of the consolidated company is $300,000. Onehalf of the outstanding stock is owned by the American Gas
Co. of Philadelphia (Compare V . 88, p. 1251), which will
operate the property. New bonds, if any, not stated. The
Peru-American Gas Co. has had outstanding $60,000 1st 6s,
due July 1 1916. Secretary, W . L. Fox.
— Sale.— See Standard Oil Co. below.
— V . 85, p. 226.
Sales of Subsidiaries.—
Judge Calhoun in the District Court of Travis County at
Austin, T ex ., on Oct. 26, in the suits brought by the Attor­
ney-General for alleged violation of the Texas Anti-Trust
laws awarded judgments aggregating $201,650, as follows:

North Penn Gas Co.
Pepperell Manufacturing Co.
Peru (Ind.) Gas Co.

Security Oil Co.
Standard Oil Co. of New Jersey.—

Standard OH Co. of Indiana, $62,050; Security Oil Co., $78,300; Union
Tank Line Co. (estimated value of 65 oil tank cars leased to the Texarkana
& Ft. Smith R y.), $60,000; Navarro Refining Co., $1,300.
The charters are declared forfeited and a perpetual Injunction granted
restraining the companies from doing business In the State. Guy A.
Collett of Austin Is continued as receiver of the Union Tank Line and his
Jurisdiction Is extended so as to Include the refineries of the Security Oil
Co. and Navarro Refining Co. at Beaumont and Corsicana, respectively.
It Is not expected that appeals will be taken.

The sale of the property of the Security Oil Co. and Navarro
Refining Co. and of the 65 tank cars belonging to the Union




Tank Line under the judgment is to take place on Dec. 7 at
Austin, T ex., the property of the Security Oil Co. being
subject to a mortgage securing an issue of $2,500,000 bonds.
New Subsidiary.— Officers of the Standard Oil Co. and of
its subsidiary, the Prairie Oil & Gas Co., on Nov. 12 secured a
20-ycar Oklahoma charter for the Oklahoma Pipe Line Co.,
with $2,500,000 capital stock, to build the 8-inch pipe line
from a point near Tulsa, in the Oklahoma oil fields, to a point
in Leflore County, on the Arkansas State line, 150 miles, a
portion of the line to the Baton Rouge refinery.
Through Arkansas the Standard’s line from Oklahoma to the Caddo,
La., oil llelds will be built by the Prairie OH & Gas Co., connecting at
Caddo for Baton Rouge. The capacity of the Oklahoma line, to be com­
pleted by March next, will be 15,000 barrels dally. It will, it Is said,
probably be two years before the Baton Rouge refinery will take the full
15,000 barrels dally from Oklahoma. The Prairie Company will continue
to be the Standard’s oil-purchasing and leaseholding body In this State.
W. S. Fitzpatrick, general attorney of the Prairie Oil & Gas Co., issued a
statement saying that the new company is formed solely for the purpose of
complying with Oklahoma laws In building the pipe line.— V. 89, p. 230, 48.

Suburban Gas Co., Philadelphia.
Sunday Creek Co.

— Consolidation.— See
American Gas Co. above.— V . 86, p. 1474.
— Ouster Suit.— Prosecuting Attorney
Tom O. Crossan on Nov. 11 filed in the Circuit Court for
Perry County, O ., a suittooust the company from the State.
The company was Incorporated In New Jersey on June 30 1905. In
addition to other grounds alleged in the petition, there are two important
specifications upon which the ouster Is invoked, viz.; (1) That the com­
pany, by permitting Its stock to be held unlawfully by the Hocking Valley
R y., has abdicated the powers conferred upon it by the State of Ohio, and
s therefore divested of its authority; and (2) that by holding the stocks of
kindred and competing corporations it is violating the laws of the State.
— V. 89, p. 221, 167.

Union Tank Line.— Sale.— See Standard Oil Co. above.
United Fruit Co.— Report.— See other pages of this issue.

— V. 87, p. 170.

Listed.— The New York Stock Exchange has listed the
$2,134,000 additional stock which was offered to stockhold­
ers of record on Oct. 29 last for subscription at par, the stock­
holders having the right to apply the 1 0 % cash dividend
disbursed N ov. 15 to pay for the same. Compare V . 89, p.

1000.

Wells, Fargo & Co. (Express), New York City.—

New
Stock— 3 0 0 % Dividend.— The directors voted on Thursday
to call a meeting of the shareholders for Dec. 22 to act on a
proposition to increase the capital stock from $8,000,000
to $24,000,000.
It was also voted that “ as soon as possible after such in­
crease be authorized, a dividend of $300 per share (3 0 0 % )
be paid out of the accumulated surplus earnings to the stock­
holders of record on such date as may be fixed by the board
and that the $16,000,000 of new stock be offered for subscrip­
tion to such stockholders at par pro rata according to their
respective holdings— viz., in a proportion of two shares of
new stock for each share of old.”
The shareholders will, therefore, in effect receive a cash
dividend of 100% and a stock dividend of 2 0 0 % . Compare
annual report in V . 89, p. 916.
— Large Interest Sold.— See
American Telephone & Telegraph Co. above.— Y . 89, p.
1014, 1000, 991.

Western Union Telegraph Co.

W est Virginia Pulp & Paper Co. (of Delaware), New York.

— Consolidation of Controlled Companies.— This Delaware
Corporation, which at the time of its formation in 1899
took over the capital stock of the West Virginia Pulp &
Paper Co. (of West Virginia) and Morrison & Cass Paper
Co. (of Pennsylvania), and in 1906 acquired the capital
stock of Williamsburg Paper Mfg. Co. (of Pennsylvania),
took over as of Nov. 1 1909 the business of these subsidiary

1356

THE CHRONICLE

companies and also the business of its ally the West Virginia
Spruce Lumber Co., operating in the vicinity of Cass, W . Va.
The real estate which has been held by the subsidiary
companies will be transferred to West Virginia Pulp & Paper
Co. of Delaware, which therefore becomes the direct owner
of the several properties. The company has a daily capacity
of 800 tons of pulp and paper, its mills being located at Ty­
rone, Penn., Piedmont, W . V a ., Luke, M d., Davis, W .V a ,,
Covington, V a ., Mechanicville, N . Y ., and Williamsburg,
Penn. The mills of the Duncan Company at Mechanicville
were acquired in 1901. It also owns about 100,000 j acres
of timber lands in the Cheat River Valley and holds_40,000
acres recently acquired in the Elk River Valley.

[VOL. LXXXIX

C O M M E R c lA L T lE P r r O M E ^

Friday Night, Nov. 19 1909
With more seasonable weather such as has latterly pre­
vailed, it is believed that trade, which has been increasing
in spite of all drawbacks, will further improve. Meantime
prices are generally steady, and although some slackening
in the iron and steel business is reported, the transactions in
other departments of trade arc augmenting Money con­
tinues comparatively dear but the sentiment in trade is
everywhere one of confidence tempered by conservatism.
The West Virginia Pulp & Paper Co. has $10,000,000 of authorized
L A R D on the spot has advanced, owing to the continued
capital stock, of which $8,250,000 is issued, par S100.
Trade has been dull,
Funded debt, $2,835,800, viz.: (1) bonds (5%) issued in 1901 (V. 78, p. strength of the live-hog situation.
291, 347), due July l 1921, but subject to call in any amount prior to however, buyers being more disposed to hold aloof, owing
July 1 1911 at 105, thereafter at par. Sinking fund beginning July 1 1911
$110,000 yearly. Par $500 and $1,000. Interest J. & .1. at Equitable to predictions of a larger movement of live hogs in the near
Guarantee & Trust Co., Wilmington, Del. These bonds cover the property future.
Prime Western 13.80c., Middle Western 13.80c.
of Morrison & Cass Paper Co. of Tyrone, Pa., and of West Virginia Pulp
Refined lard has advanced on small
& Paper Co. at Luke, Md., Davis, W. Va., and Covington, Va.: also about and City 1 3 ^ @ 1 3 ^ c .
60,000 acres of the timber lands In Cheat River Valley. Of the original receipts of live hogs at rising prices.
Continent 14.05c.,
issue, $1,500,000, $200,000 have been canceled and $200,000 are now
Specula­
In the treasury, leaving $1,100,000 outstanding. (2) Frst mortgage bonds South America 14.65c. and Brazil in kegs 15.65c.
Issued May 1 1904 (V. 80, p. 1001) for $ 1,000,000, secured by plant at tion in lard futures has been active. The undertone of the
Mechanicville, N. V., of which $106,000 are in the treasury, leaving $89 1,000 market has been strong with an upward trend to quotations
outstanding. Interest rate 5% per annum, payable M. & N. at Washington
Trust Co., N. Y., trustee. (3) Debenture bonds dated July 1 1906 for despite irregularity at times due to liquidation. The princi­
$850,000, of which $8,200 are in the treasury, leaving $8 11,800 outstanding. pal factor in the speculation continues to the strong liveInterest 5% , payable quarterly (Q.-J.) at office of company, 200 5th Avc.,
Mew York City. The officers are: John (1. Luke, President: David L. hog situation.
Luke, Vice-Prest.: Adam K. I like, Treas.; Charles A. Cass, Secretary.
— V. 86, p. 1535.

Wilkes-Barre (Pa.) Gas & Electric Co.— 1st Mortgage
Bonds Offered.— Henry & West and Graham & Co., both of
Philadelphia, are ofTering at 102 and interest 8500,000 “ con­
solidated (now first) mortgage” 5 % gold bonds dated Jan. 3
1905 and due Jan. 1 1955, but redeemable at llO a n d in t.,
upon three months’ notice. Total authorized, $3,000,000;
outstanding, $2,553,000. Free of tax in Pennsylvania.
A circular says in substance:

DAILY CLOSING PRICES OF LARD FUTURES IN
S a t.

November delivery____13.25
January delivery______ 12.05
Alay delivery................. 11.50

M o n .

T u es .

W ed .

13.42K 13.20
13.05
12.10 11.87^ 11.97J4
11.50
11.30
11.4214

C H IC A G O .

T h u rs.

13.25
12.00
11.45

E r i.

13.15
11.87J4
11.40

P O R K has been strong and moderately active. Mess
$25 7 5 @ $ 2 6 , clear $24 5 0 @ $ 2 6 50 and family $26 50. Beef
has been firm and active. Mess $11 @ $11 75, packet
$12 5 0 @ $ 1 3 , family $14 5 0 @ $ 1 5 and extra India mess
$ 2 0 @ $ 2 1 . Cut meats have been quiet but firm; pickled
hams, regular, 1 2 ^ @ 1 2 % C.; pickled bellies 1 3 ^ @ 1 4 ^ c . ;
The calling for redemption of all prior bonds heretofore outstanding pickled ribs 13J^@ 14c.
Tallow has been quiet and firm;
results in the consolidated bonds becoming a llrst and only mortgage upon
Stearines in moderate demand and firm; oleo
all the property now owned or hereafter acquired., Franchises perpetual, City 624c.
a n d , with respect to gas, exclusive.
Population served over 70,000.
15J 4@ 10c.; lard 1 3 @ 1334c.
Butter firm and fairly active;
A b s tr a c t s fro m L e tte r o f P r e s id e n t W in . H . C o n n y n g h a m , O c t. 21 1 9 0 9 .
creamery extras 30)4c. Cheese quiet and firm; State, f. c.,
Since 1905, under the present management, the property has been
Oct. best, 16c. Eggs quiet and
greatly Improved and enlarged; the price of gas and electricity reduced and Sept., fancy, 1 6 ;
the volume of business about doubled. The gas works have a capacity higher; Western firsts 3 2 @ 3 3 c .
of 1,200,000 cubic feet; holder capacity 800,000 cubic feet: 55 miles of
O IL .— Linseed has been quiet at an advance due to higher
mains with services and meters to 7,872 customers using not only light but
3,437 gas-using appliances. The capacity of the electric plant, Including prices for seed. City, raw, American seed, 6 5 @ 6 6 c .; boiled
a recently installed 1,500 k.w. turbo-generator unit of the latest type Is
Cottonseed oil quiet and
3,200 k.w.: a distributing system of some 190 miles of cables supplies a 6 6 @ 6 7 c .; Calcutta, raw, 75c.
total connected capacity of over 5,000 k.w. to 1,750 customers, including irregular; winter 6 .9 0 @ 7 .4 9 c .; summer white 7 .0 5 @ 7 .2 5 c .
street lighting, general lighting, &c.
•
The company has outstanding $1,500,000 capital stock, upon which It Cocoanut has been quiet and steady; Cochin 9 )4 c .; Ceylon
pays dividends of 4% per annum. Of the $3,000,000 bonds authorized, 8 j 4 @ 8 2 4 c- Olive has been quiet and steady at 8 0 c .@ $ 1 25.
there are outstanding $2,553,000 and the remaining $417,000 can only be Lard has been quiet but firmer with higher raw material;
Issued for the actual cost of extensions and additions when fully com­
prime $1 10; No. 1 extra 5 9 @ 6 2 c . Cod has been quiet and
pleted and paid for.
steady; domestic 3 8 @ 4 0 c .; Newfoundland 4 0 @ 4 2 c .
E a r n in g s fo r T w e lv e M o n th s
e n d in g
S e p t . 30 1909.
......... ....... $122,019
Gross earnings---------- -------- $426,070 I Fixed charges
CO FFEE on the spot has been quiet but firmer. Rio
Net earnings (after ta x es).. 227,760 Surplus________ _____
10 5.74 1
N o. 7, 8J4C4 Santos No. 4, 824@ 8J 4c. W est India growths
— V. 89. p. 1071.
have been firmer and more active; fair to good Cucuta
d % @ 1 0 c . The speculation in future contracts has been
— Frank A . Rugglcs, Boston, has compiled and published active of late with a rally in prices after quietness and desi folder embodying a 12-year statistical history of the
ression early in the week when the market was dominated
Boston national banks for the period 1898-1909. The tabu­
y heaviness in the European markets and local and foreign
lation gives for each year the capital, average surplus and
selling. On Thursday there was brisk buying on a crop
profits, average deposits, high and low prices and amount
estimate by a well-known Santos house putting the Santos
of dividends paid, arranged in such form as to readily show
crop at 8,000,000 to 8,500,000 bags and the Rio at 2,500,000
the progress of each bank from 1898 to the present time. It
to 2,750,000 bags. Closing prices were as follows:
also indicates the consolidations, absorptions and liquida­
. .6.15c. IM arch...................6.60c.lJuly _____
6.80c.
tions which have occurred during that time. The price of November........
December --------- 6.45c. A p ril___________ 6.65c. A u gu st__________ 6.80c.
January---------- 6.50c. [May _____________6.70c. (Septem ber_______6.80c.
the folder is $1.

E

— W ith the recent dissolution of the note brokerage house
of James A . Benedict & Co., Mr. Benedict has become a
general partner in the firm of Hollingshead & Campbell,
which has offices at 11 Pine Street, New York, and Phila­
delphia, Chicago, St. Louis, Boston, Hartford and Seattle.
The general partners in the firm will be John P. Hollingshead,
William D. Campbell, William G. Heath, William M. Pep­
per, Harold W . Lahey and James A . Benedict.
— W in. A. Read & Co. are offering in this issue a list of
investment securities— City of Ottawa and City of Toronto
bonds; Canadian Northern, guaranteed by the Province of
Manitoba; General Rubberbonds, guaranteed by the United
States Rubber and the Rubber Goods Mfg. Co. These latter
are offered at a price to net about 5 .0 5 % . The list includes
Seaboard Air Line 5s, tonetover 5 .1 5 % , and Lehigh Valley
second 7s, to net 4 % .
— The new Stock Exchange firm of Barrett, Rodewald &
Co., 20 Broad Street, started business this week. The firm
is composed of John J. Barrett, for many years a financial
reporter on the New York “ Herald;” Arthur F. Rodewald
and Francis B. Mallaby, formerly identified with Huhn,
Edey & Co. Mr. Barrett will represent the firm upon the
floor of the New York Stock Exchange.
— Waldo I. Schuman and Ernest F . Dunham have formed
a co-partnership under the name of Shuman & Dunham, 20
Broad Street, this city, for the transaction of a general
brokerage business in bonds.
— Eugene Meyer Jr. & Co., 7 Wall S t., New York, have
issued a circular regarding the United Dry Goods Companies,
with particular reference to the value of its preferred shares
as an investment.
— John A . McElroy was to-day elected a member of the
New York Stock Exchange.
Ilis address will be care of
Farson, Son & Co., 21 Broad S t., New York City.




February------- .6.55c. |June___________ 6.75c. |O c to b e r _________ 6.80c.

S U G A R .— Raw has been quiet with the tone easier of late.
Centrifugal 96-degrees test 4.92c.; muscovado 89-dcgrees
test 3.92c.; molasses S9-degrees test 3.67c. Refined has
been quiet and steady; granulated 5 .0 5 @ 5 .l 5 c . Teas have
been in moderate demand and firm. Spices have been quiet
and firm. Wool dull and easier. Hops dull and steady.
P E T R O L E U M .— Refined has been moderately active and
firm. Barrels 8.0 5c ., bulk 4.55c., and cases 10.45c. Gaso­
line has been in fair demand and firm; 86 degrees in 100gallon drums 1824c.; drums $8 50 extra. Naphtha has been
quiet and firm; 7 3 @ 7 6 degrees in 100-gallon drum; 1624c.
drums $8 50 extra. Spirits of turpentine quiet and firm at
5 8 @ 5 8 )4 c .
Rosin quiet and easy; common to good strained
$4 15.
TO B AC C O .— The activity in the cigar manufacturing in­
dustry has of late been reflected in some increase in the
demand for domestic leaf and a further improvement in
business is generally expected, as manufacturers as a rule
are believed to have made large inroads upon reserve supplies.
The 1909 crop of Burley and other grades of Kentucky
tobacco, it is reported, will be the largest ever raised. It is
estimated that the yield will approximate 400,000,000
pounds, of which about one-half is Burley.
It is said that
the pools and independents will sell early. Sumatra and
Havana have been fairly active. Prices have ruled firm.
COPPER has been firmer though less active. Consumers
are buying sparingly, apparently in many cases having
covered their requirements over the remainder of the
present year. Lake 12 24 @ 1‘JMjC., electrolytic 13 J 4 @ 1 3 /4 c .
and casting 13 @ 1 3 14 c. Lead quiet and steady at 4 .3 7 ) 4 @
4.42 l/ 2c. Spelter quiet at 6 .2 5 @ 6 .4 0 c . Tin quiet; spot
3024c.
Pig iron has been less active, though firm in the
main. N o. 1 Northern $18 7 5 @ $ I 9 50; No. 2 Southern
$18 2 5 @ $ 1 9 25. Steel billets have been active with a large
business in light rails, spikes and structural material.

NOV. 20 1900. |

THE CHRONICLE

1357

COTTON.

On

Friday Night, November 19 1909.
T H E M O VEM EN 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
278,293 bales, against 367,454 bales last week and 401,448
bales the previous week, making the total receipts since
Sept. 1 1909 3,874,076 bales, against 3,954,832 bales
for the same period of 1908, showing a decrease since
Sept. 1 1909 of 80,756 bales.__________________
R e c e ip ts

a t

—

M

S a t.

Port Arthur___
Corp. Chrlstl, <Scc
New Orleans----G ulfport----------Mobile ............
Pensacola--------Jacksonville, &c.

T h u rs.

W ed .

F r i.

1T

o ta l.

17,755 15,750 34,730

11,025 16,171

17,803 113,303

804

6,799

l l ',046 13', 527

2,462 2",462
3,402 47,266

l",3 56

1,713

2,283

7,803

l'.OSO
11,792

f.008

1,137

2,082
2,827
*506

4,088

Brunswick------Georgetown-----W ilm ington-----N orfolk----- -----Newport N., &c.
New York--------Baltimore______
Philadelphia----Totals this week.

T u es.

o n .

f ,

1,099

8',983

906
5,227 6,937
14,650
’ 794 2,408
____
1,419
3,648
2,4 83 3,855
3,150
1,940,
'i0 2
85
566
—

3,170
43,202
14,650
6,756
25
11,851
3,855
19,346
1,940
187
1,297

'806

1,720
1 ,1 2 4

O',053

5,390

1.455
4,563

’ 455
25
2,174
4,348

l',073
1,975

i5

'1 97

" 5

"954

57,004 34,322 42,758 60,802 278.293

38,025 45,322

The following shows the week’s total receipts, the total
since Sept. 1 1909, and the stocks to-night, compared with
last year:
1909.
N o v em b er

10.

T h is
W eek .

1908.

S in ce

S ep

1 1909.

T h is

S to ck .

S in ce

W eek .

S ep

1 1908.

Galveston_______ 113,303 1,305,063 164,442 1,560,027
39,017
11,246
Port Arthur____
18,388
2,849
17,885
2,462
CorpusChrlstI,&c.
17,266 502,239 86,754 668,741
New Orleans___
7,981
Gulfport . . -----8,983 124,238 19,504 154,074
M obile_________
41,510
55,415
5,237
Pensacola---------16,814
1,884
13,572
3,170
43,202 950,66 1 56,049 789,271
5,675
99,714
14,650 163,714
B runswick.. ..
6,756 154,161
8,060 113,156
Charleston . . ----25
549
240
404
Georgetown ___
Wilmington ----- 11,851 227,162 15,018 220,294
Norfolk................ 19,346 276,744 27,475 226,592
1,910
4,992
218
2,338
N’port News, 8cc.
187
1,534
400
469
New York______
1,656
1,297
3,255
4,750
B oston -------------7,114
29,758
21,594
Baltimore_______
3,855
134
1,028
552
Philadelphia___
—
Total-------------- 278,293 3,874,076 402,709 3,954,832

1909.

1908.

239,551

339,370

212,848
723
45,491

263,037

190,153
19,713
34,398

141,979
23,251
34,196

11,126
32,093

28,140
40,159

126,639
2,134
13,805
7,276

83,087
8,104
22,611
9,453

74,609

935,950 1,067,996

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1909.

1908.

1906.

1005.

1904.

Galveston__
Pt. Arthur,&c.
New Orleans .
M obile______
Savannah __
Brunswick__
Charleston, &c
W ilmington..
Norfolk .
N’port N., &c
Alf others___

113,303
2,462
47,266
8,983
43,202
14,650
6,781
11,851
19,346
1,910
8,500

164,442
2,819
86,754
19,504
56,049
5,675
8,300
15,018
27,475
218
16,425

95,609
6,879
85,174
19,552
70,107
5,641
10,599
21,184
26,558
243
9,599

149,173
8,919
100,044
13,032
68,767
7,389
5,566
14,548
26,922
708
15,555

121,741
7,128
103,726
15,174
64,303
9,386
5,318
15,878
33,021
769
8,601

97,881
22,307
112,241
13,511
45,047
8,998
5,654
20,886
31,862
729
10,793

Total this wk.

278,293

402,709

351,145

410,623

385,045

369,909

R e c e ip ts

a t—

1907.

Since Sept. 1. 3,874,076 3,054,832 2,966,665 '3,874,350 3,713,593 4,210,278
1
'

The exports for the week ending this evening reach a total
of 227,673 bales, of which 87,743 were to Great Britain,
38,217 to France and 101,713 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1909:
W eek

en d in g

N ov.

E x p o r te d to
E x p o rts
fro m

—

G rea t \
B rita in . F r ’n ce.

19 1909.
—

[C o n tln en t.

T o ta l.

F rom

S e p t.

1 1908 t o
E x p o rte d

G rea t
B rita in .

F

I
r a n c e .!

N ov .
to

—

19

1909.

C o n tln en t.

T o ta l.

Gilveston___ 50.204 24,818 60,132125.154 368,725'261,689 389,699 1,020,113
_ 16,780 1,000 21,237 39,017
___
___
Port Arthur__
___ ___ 1,150 1,150 _____
.
Corp.Christl.&c
8,101
8,101
___ ___
___
___ 157,949 71,244 75,692 304,885
New Orleans..
—
___
—
15,609 29,529
Mobile...........
11,198 56,336
....
___ ___
___
20,210 20,374
Pensacola----16,399 56,983
___ ___
___
___
.
7,258
7,258
Gulfport-------Savannah ----- 15,367 7,797 25,632 48,796 158,985 70,663 261,223 480,871
___ 10,914
62,877 5,496
Brunswick___ 10,914
61,160 129,533
___ ___ 11,962 11,962
Charleston___
11,820
82,694
70,874
___ ___ 10,700 10,700 76,138 i s jo o 121,803 213,641
Wilmington__
___ ___
__ ■___
___
Norfolk____ _
4,800
45
4,845
___ ___
___ _____
..
Newport News
224 8,848 61,655 22',733
New York___ 3,022 5,602
49^012 133",400
Boston .......... 1,895 ___
53 1,948 59,805
6,292
66,097
___
___ 1,033 1,033
Baltimore___
9,441 L202
21,109 31,752
___ 6,341
Philadelphia .. 6,341 ___
21,457
7,492
28,949
___ ___
___
___
___
Portland, Me..
___ —
827
San Francisco.
827 _____
627
7^627
—
—
—
___
_____
__ "7",
Seattle .........
4,996
4,996
—
—
—
___
_____
___
Tacoma.........
100
100
—
—
—
—
_____
___
Portland, Ore.
200
200
__ —
....
___
_____
__
Pembina........
550
550
—
—
—
—
Detroit...........
...... —
Total.........

87,743 38,217 101,713 227,673 1.053,509,499,630^1,124,809 2,677,948

Total 1908___ 98,107 16,651 91,010 205,768 905,732367,676|l,302,8382,576,246
1
1
1

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.




19

—

S h ip b o a r d .

N o t

G er­

G rea t

C le a r e d

O th e r

fo r

—
L e a v in g

C o a st­
w ise .

T o ta l.

S to ck .

1,332
7,447
800
4,000
2,500
22,160

52,464
83,942
5,870
7,000
15,982
23,660
4,900
32,000

160,384
155,609
184,283
27,398
29,509
8,433
121,739
22,777

Total 1909. _ 67,479 24,633 71,167 24,300 38,239 225,818
Total 1908.. 154,193 60,770 123,974 56,787 27,226 422,950
Total 1907.. 64,244 50,651 99,198 37,730 40,124 291,947

710,132
645,046
531,179

N o v .

a t

New Orleans..
G alveston___
Savannah ___
Charleston___
M obile_______
N orfolk ______
New York___
Other ports__

B rita in .

F r a n ce

15,188
35,291
r .500
1,500
1,000
13,000

m a n y .

F o reig n

12,890 15,115
7,939
2,400 25,443 13,361
1,370 3,700
3,000
6,973
5,009
r,66o
—

“ 566
18,000

2',66o
1,000

—

Speculation in cotton for future delivery has been less
active, and though prices for a time advanced, they have
within a day or two reacted. It has been rumored that some
leading bull operators were reducing their lines, one in par­
ticular. The Revision Committee on Wednesday reduced
the differences on the low grades, which may have the effect
of bringing such cotton to New York. Moreover, the stock
at New York is steadily increasing, in spite of the fact that
the near positions are at a substantial discount. Liverpool
and Memphis operators have been selling freely. Spot cot­
ton at Liverpool has continued dull, and many reports from
the South state that it is difficult, if not impossible, to sell
at current quotations. Domestic mills seem to be for the
most part buying from hand to mouth, considering present
prices artificial, and believing that sooner or later there
must be a return to more normal values. Eastern spinners
are especially averse to buying at present quotations, and
European mills have been purchasing less freely. The sales
of print cloths at Fall River have fallen off materially. The
speculation in futures has greatly diminished and it has be­
come largely a professional affair, and reports of selling by
leading operators have had an unsettling and depressing ef­
fect. Manipulation has been very obvious, confined, ap­
parently, to a few large operators. The general public
seems disposed to hold aloof after the recent sharp and sud­
den decline. Wall Street, the South and the W est have
from time to time sold freely. The Bombay movement has
been large, and not a few conservative interests are of the
opinion that the American crop has been considerably un­
der-estimated. At Liverpool the daily spot sales have been
only 5,000 to 6,000 bales, and the private advices from that
market of late have pointed to at least a temporary reaction.
On the other hand, the receipts have fallen off, the spot mar­
kets have been reported steady and some 5,000 bales were
sold here on Thursday. The exports have been liberal and
some favorable reports have been received as to the condi­
tion of trade on the Continent of Europe, though a rumor that
many mills at Manchester were resuming full time has been
denied. A good deal of interest centers in the forthcoming
Census Bureau report of the ginning up to N ov. 14, which
will be issued on the 22d inst., and also in the Government
crop estimate, which will appear Dec. 10. Bears now think
these may not be so bullish as was at one time expected.
Conservative interests in the trade think, however, that 15
cents more than discounts anything bullish in the situation,
and they deprecate anything like undue speculation. To­
day prices declined on the National Ginners’ Association re­
port putting the ginning to N ov. 14 at 8,096,000 bales,
unexpectedly weak cables from Liverpool, small spot sales
there, bearish pressure and liquidation. Later an advance
took place on small receipts, bull support, commission-house
buying and covering of shorts. Prominent Chicago and New
Orleans interests were reported to have bought. Spot cot­
ton here has been quiet. Middling uplands closed at 14.80c.,
an advance for the week of 5 points.
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 mid___ 0.66 on
Good middling___ 0.44 on
Strict middling___ 0.22 on

Middling........... c. Basis Good mid. tlnged.c. Even
Strict low. mid___ 0.25 ofl Strict mid. tinged..0.15 ofl
Low middling____ 0.75 off Middling tinged...0.25 off
Strict good ord___ 1.20 off Strict low mid.ting.0.75 off
Good ordinary___ 2.00 off Low mid. tinged... 1.75 off
Strict g’d mid. tgd.O 35 onl Mlddlln stained__ 1.00 off

The official quotation for middling upland cotton in the
New York market each day for the past week has bee»:
N o v . 13 t o N o v , 19—
Sat.
Middling uplands____________ 14.75

M on.

14.80

T u es.

14.95

Wed. T h u r s .
14.95 14.90

F r i.

14.80

N E W Y O R K Q U O TA TIO N S F O R 32 Y E A R S .
1 90 9.C ......1
1 9 0 8 _____ . . .
1 9 0 7 _____ . . . 1
1 9 0 6 _____ . . . 1
1 9 0 5 _____ . . . 1
1 9 0 4 _____ . . . 1
1 9 0 3 _____ . . . 1
1 9 0 2 _____ . . .

4 .8 0
9 .5 0
0 .8 0
1 .1 0
1 .1 5
0 .0 0
1 .3 5
8 .4 0

1 9 0 1 . e _____. .
1 9 0 0 ________- . 1
1 8 9 9 _______ . .
1 8 9 8 ............ . .
1 8 9 7 ________. .
1 8 9 6 ________. .
1 8 9 5 ............... .
1 8 9 4 ________ . .

8 .0 0
0.0 6
7 .5 6
5 .3 8
5 .8 8
7 .6 8
8 .3 8
5.6 8

1893 _ c.
1 89 2--.
1 8 9 1 ...
1 8 9 0 ...
1 8 8 9 ...
1 8 8 8 ...
1 8 8 7 ...
1 8 8 6 ...

_____ 8 . 0 6
_____ 9 . 4 4
_____ 8 . 3 1
_____ 9 . 5 0
_____ 1 0 . 2 5
_____ 1 0 . 0 6
_____ 1 0 . 3 8
_____ 9 . 1 9

1 8 8 5 . c ___ . . . 9 . 4 4
1 8 8 4 ______ . . . 1 0 . 4 4
1 8 8 3 ______ - - . 1 0 . 5 0
1 8 8 2 ______ . . . 1 0 . 5 6
1 8 8 1 ______ - - . 1 2 0 0
1 8 8 0 ______ . . . 1 1 . 0 0
1 8 7 9 ______ . . . 1 2 . 2 5
1 8 7 8 ______ . . . 9 . 4 4

M A R K E T AN D SALES A T N E W Y O R K .
F u tu r es
S p o t

M a rk et

C lo s e d .

S a les

o f

S p o t.

Saturday..
M onday-. .
Tuesday . .
Wednesday
Thursday .
Friday----Total__

Q u ie t____________
Quiet, 5 pts. adv__
Quiet, 15 pts. a d v ..
Q u ie t__________ .
Quiet, 5 pts. d e c __
Quiet, 10 pts. d e c ..

S p o t

a n d

C o n tra c t.

M a rk et
C lo s e d .

C on -

C o n ­

sum’n.

tr a ct.

Steady______
S teady.........
Steady______
Steady______
Steady______ 5^000
F irm ----------

::::

5,000

....

T o ta l.

“566

'3 6 6

'1 6 6

5', 166
500

500

900 5,900

THE CHRONICLE

1358

F U T U R E S .— The highest,"lowest^and ^closing prices at
New York the past week have been as follows:

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1908.1007. 1906.
428,000
644,000
20,000

12,000

44,000

32,000

708,000
16,000
128,000
120,000
3,000
12,000
14,000
28,000

472,000
12,000
129,000
61,000
4,000
26,000
46,000
. 1,000

. 575,000

486,000

321,000

279,000

751,000
Total European stocks_______.1,493,000 1,018,000 1,029,000
49,000
45,000
87,000
India cotton alloat for Europe__ . 58,000
844,169
882,212
950,573
Amcr. cotton afloat for Europe--. 831,097
76,000
55,000
49,000
Egypt,Brazil,&c.,a!lt.for Europe-. 71,000
167,000
171,000
192,000
Stock In Alexandria, Egypt_____. 173,000
283,000
322,000
95,000
Stock In Bombay, India________ . 174,000
823,126 1,157,312
Stock In U. S. p o r t s ----------------- . 935,950 1,067,996
465,440
558,545
Stock In U. S. Interior towns----- . 663,704
784,797
50,291
U. S. exports to-day----------------- . 26,100
29,823
46,296
4,169,828 3,783,031 4,096,721
in and other descriptions are as follows:
537,000
347,000
35,000
26,000
239,000
212,000
844,169
950,573
823,126 1,517,312
465,440
558,545
46,296
50,291

3,611,828 2,990,031 3,301,721
Total Am erican_____________ .3,821,557
3
E a s t I n d i a n , B r a z i l , & c .—
107,000
103,000
81,000
Liverpool stock_________________. 86,000
20,000
12,000
13,000
London stock__________________ .
8,000
9,000
6,000
7,000
Manchester stock______________ .
11,000
82,000
67,000
48,000
Continental stock______________ . 24,000
49,000
45,000
87,000
58,000
India afloat for Europe_________ .
76,000
55,000
49,000
Egypt, Brazil, &c., afloat__ ____ . 71,000
167,000
192,000
Stock In Alexandria, Egypt____ . 173,000
171,000
283,000
95,000
322,000
Stock In Bombay, India________. 174,000
793,000
Total East India, &c_________ . 605,000
558,000
795,000
Total American_____________ .3,821,457
3
3,611,828 2,990,031 3,301,721
.4,426,457 4,169,828 3,783,031 4,096,721
Middling Upland, Liverpool____ .
5.07(1.
7.72d.
Middling Upland, New York___ . 14.80c.
9.50c.
Egypt, Good Brown, Liverpool.12Md.
9 H d.
Peruvian, Rough Good, Liverpool1 9.25d.
8.00(1.
Broach, Fine, Liverpool__
.
7Md. 4 13-16(1.
.6 15-16(1. 4 11-16(1.

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532,000
18,000
266,000
156,000
4,000
15,000
21,000
6,000

381,000
771,000
771,000
42,000
28,000
438,000
551,000
882,212
831,697
935,950 1,067,996
784,797
663,701
663,704
29,823
20,106

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Hamburg________
.
6,000
Brem en______________ . 210,000
Havre_________________. 313,000
Marseilles________
.
2,000
.
8,000
Barcelona---------. 35,000
Genoa................ ..
.
1,000
Trieste---------------

6.00d.
5.99(1.
11.20c.
11.10c.
10 d . 9 15-16(1.
12.00d.
8.70d.
55»(1. 5 13-16(1.
5 5-l6d. 5 9-16(1.

Continental imports for the past week have been 135,000
bales.
The above figures for 1909 show an increase over last week
of 172,778 bales, a gain of 256,629 bales over 1908, an in­
crease of 643,426 bales over 1907, and again of 329,736 bales
over 1906.




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A m e ric a n —
Liverpool stock___________ bales..
.
Manchester stock_________
Continental stock -_______
American afloat for Europe........
U. S. port stocks______________ .
U. S. Interior sto ck s___________
.
U. S. exports to-day______

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T H E V IS IB L E S U 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.

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N o v e m b e r 10—
1009.
Stock at Liverpool________ bales. 857,000
484,000
Stock at L on d on _________________
8,000 13.000
Stock at Manchester-------------------53,000 35.000

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F A L L R IV E R PR O FITS A N D T H E COTTON S IT U A ­
T IO N .— In our editorial columns to-day will be found an
article under the above caption.
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.

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The above totals show that the interior stocks have in­
creased during the week 31,786 bales and are to-night 121,093
bales more than at the same time last year. The receipts
at all the towns have been 110,110 bales less than the same
week last year.
O V E R L A N D M O VEM EN T F O R T H E W E E K AN D
SINCE SE PT. 1.— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
N o v em b er
X h ip p e d

—

19—•
W eek .

.25,826
.

Via Rock Island .

852

. 1,639
. 7,498
Via other routes, &c----------------- . 8,246
D ed u ct

S h ip m en ts

—

. 5,339
.
984
. 1,197

Between Interior townsInland, &c., from South

S in ce
S e p t.

S in ce

1.
117,868
60,080
2,834
26,020
12,781
31,641
42,403

37,833
19,672
424
3,935
1,893
9,024
9,817

1.
171,953
118,522
1,799
26,750
13,566
40,080
55,205

293,627

82,628

427,884

26,935
4,667
12,786

9,304
1,501
1,170

36,005
14,779
11,232

W eek .

S e p t.

Total to be deducted--------------. 7,520

44,388

11,075

62,016

Leaving total net overland *______52,267

249,239

70,653

365,882

* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 52,267 bales, against 70,653 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 116,629 bales.
--------- 1909--------In

S ig h t

a n d

--------- 1008--------- -

S in ce

S p in n er s ’

S in ce

1.
.278,293 3,874,076
. 52,267
249,239
. 52,000
598,000

W eek .
S e p t . 1.
402,709 3,954,832
70,653
365,868
48,000
497,000

.382,560 4,721,315

521,362 4,817,700
42,086
669,602

Came Into sight during week.. .414,346 ...............
Total In sight Nov. 19________ ________ 5,301,856

563,448 ________
. - . 5,487,302

W eek .

T a k in g s.

Interior stocks In excess.

1.111,301

S e p t.

691,563

128,412

857,552

Movement into sight in previous years:
W e ek —
1907— Nov.
1906— Nov.
1905— Nov.
1904— Nov.

B a le s .

22 ______________ 452,699
23. . - ................... 543,863
2 4 _____________ 507,322
25______________502,613

B a le s .
1—
22 . - ...... ......... 4,090,504
23........ ...........
24---------------- .4,971,698
25------------------5,647,741

S in ce S e p t.

1907— Nov.
1906— Nov.
1905— Nov.
1904— NOV.

Q U O TATIO N S FO R M ID D L IN G COTTON AT O T H E R
M A R K E T S — Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.

C lo s in g
W e e k e n d in o
N o v em b er

19.

S a t’d a g .

Galveston------- 14 3-16
New Orleans__ 14 %
14 7-16
14 3-16
14 %

Q u o ta tio n s

M o n d a y .

14 3-16
14 %
14 7-16
14 %
14 5-16
1 4 %

Norfolk"_______ 14^
14.75
14 %
Philadelphia — 15.00
14 %
15
15
14 3-16
Little Rock----- 14 %

1 4 %

14.75
14 %
15.05
14 ' A
1 4 %

15
14 3-16
1 4 %

fo r

M id d lin g

C o tto n

T u esd a y .

W c d 'd a y .

T h u rsd ’y.

o n —

14 %
14 7-16
14 7-16

14 5-16

1 4 %

1 4 %

1 4 %

14 7-16
1 4 %

1 4 %

1 4 %
1 4 %

14 %
14 7-16

1 4 %

1 4 %

14 % @

—

1 4 %

1 4 %

14 %
14.80
14 %
15.20

1 4 %

1 4 %

1 4 %

15
15
14 5-16
14

1 4 %
1 4 %
%

14 9-16
14.95

14.95
14 %
15.20

1 4 %

15
15
14 7-16
14 %

F r id a y .

15.15
14 %
15
15
14 %
14 %

1 4 % @
1 4 %

S a t'd a y ,

13.

M o n d a y ,
N o v .

15.

W O R L D ’S S U P P L Y A N D T A K IN G S OF COTTON .

14.90
14 54
15.05

W eek .

W e d 'd a y ,

T h u rsd ’y,

N o v .

N o v .

17.

18.

F r id a y ,
N o v .

19.

—
R a n g e __
Closing-----

N o v em b er

- — @ — — @ — — © — — © — — © — — @ —
. 14.30 — 14.30 — 14.44 — 14.46 — 14.33 — 14.45 —
14 .34-.51 14.43-.57 14.49.64 14.65-.81 14.52-.76 14.39-.68
Closing_____ 14.50-.51 14.44-.45 14.64-.65 14.66-.68 14.53-.54 14.66-.67
J a n u a ry —
14.49-.67 14.60-.75 14.66-.84 14.52-.98 14.67-.95 14.54-.83
Closing. . . . . 14.66-.67 14.60-.61 14.80-.81 14.82-.83 14.68-.69 14.81-.82
F eb ru a ry —
— @ — — @ — — © — — @ .14 — @ — — © —
Closing.------- 14.77-.79 14.71-.73 14.92.95 14.94-. 96 14 .80-.81 14.93-.95
M a r ch —
14.77.97 14.92-.06 14.95-.14 15.14-.31 14.98-.28 14.91-.15
Closing ------- 14.95-.96 14.92-.93 15.12-. 13 15.15-. 16 15.01- 02 15.13 - . 14
A p r il—
— © — — @ — — © — — © — — © — — @ —
Closing----- - - 14.99-.00 14.96-.98 15.16*.18 15.18-.20 15.05-.06 15.17-.19
M a y —
Range --------- 14.91-.12 15.07-.20 15.11-.30 15.31 -.48 15.17-.45 15.08-.34
Closing____ _ 15.ll-.12 15.07-.08 15.29-.30 13.32-.33 15.18-.19 15.31-.32
.J u n e —
Range ___ — © — — @ — — @ — — @ — — © — 15.36 —
Closing-...... _ 15.15-. 17 15.11-.13 15.33-.34 15.36-.38 15.23-.24 15.3 5-.37
J u ly —
Range ______ 15.03-. 20 15.20-.31 15.26-.39 15.43-.55 15.30-. 55 15.2 1- .44
Closing______ 15.20-.22 15.17-.19 15.38-.40 15.42-.43 15.30-.31 15.42-.43
S e p tem b e r —
Range ______ — © — 13.20-.34 — © — 13.32-.48 — © .20 — © —
Closing______ 13.20 — 13.20 — 13.30 — 13.40 — 13.16- .19 13.30 —
T o n e

—

S p o t____
O ptions-------

Quiet.
Steady.

Steady.
Steady.

F irm .

Steady.

Steady.
Steady.

Easy.
Steady.

F irm .

Quiet.

* Nominal.

W E A T H E R R EP O R TS B Y T E L E G R A P H .— Our re­
ports by telegraph from the South this evening indicate that
the weather has been fairly favorable on the whole during the
week, and that as a result the gathering of the crop has made
good progress. The movement of the crop to market has
been fairly liberal.
Galveston, cfee., Texas.— W e have received no telegraphic
weather reports from Texas this evening.
Little Rock, Arkansas.— W e have had rain on three days
of the past week, the precipitation being one inch and fortytwo hundredths. Average thermometer 54, highest 70,
lowest 32.
Memphis, Tennessee.— Marketing progressing well. Kill­
ing frost and ice on Wednesday morning. There has been
rain on three days during the week, to the extent of three
inches and twenty-five hundredths. The thermometer has
averaged 59.1, the highest being 79.2 and the lowest 32.
Mobile, Alabama.— Cotton movement shows a decrease.
It is reported that supply on plantations is light. Freezing
weather in the interior this morning. W e have had rain on
three days during the week, the rainfall reaching twenty-five
hundredths of an inch. The thermometer has ranged from
36 to 78, averaging 01.
Montgomery, Alabama.— W e have had rain on two days
during the week, the rainfall being forty hundredths of an
inch. Average thermometer 62, highest 78, lowest 37.
Savannah, Georgia.— W e have had rain on one day during
the week, the rainfall being one hundredth of an inch.
Average thermometer 05, highest 77, lowest 40.
Selma, Alabama.— There has been rain on one day during
the week, to the extent of forty-four hundredths of an inch.
The thermometer has averaged 59 .5, the highest being 79
and the lowest 29.
Madison, Florida.— It has been dry all the week. The
thermometer has averaged 01, ranging from 35 to 81.
New Orleans, Louisiana.— W c have had rain on three days
of the past week, the precipitation being one inch and four
hundredths. Average thermometer 04.
Shreveport, Louisiana.— W e have had rain on three days
of the week, to the extent of nineteen hundredths of an inch.
The thermometer has averaged 50, the highest being 77 and
the lowest 34.
Vicksburg, M ississippi.— W e have had rain on three days
the past week, to the extent of one inch and three hundredths.
The thermometer has averaged 02, ranging from 35 to 82.
Helena, Arkansas.— Cotton is nearly all picked, but rain
has interfered with the work. W e have had rain on three
days during the week, the precipitation reaching three inches
and fifty-three hundredths. The thermometer has ranged
from 32 to 79, averaging 58.
Charleston, South Carolina.— W e have had rain on two days
of the week, to the extent of twenty-six hundredths of an inch.
The thermometer has averaged 57, the highest being 73 and
the lowest 42.




1,931,022
414,346 5,301,856
265.000
84.000
56.000
4.000
308.000
48.000
51.000
6.000

American In sight to Nov. 19__
Bombay recelptsto Nov. 18___
Other India shlp'ts to Nov. 18. _
Alexandria receipts to Nov. 17Other supply to Nov. 17*______

S ea so n .

W eek .

S ea so n .

4,253,679

15
15
14 V i
14 % s

T u esd a y ,

1908.

1909.

C o t t o n T a k in g s .
W eek an d S eason .

1 4 %

1 4 %

N o v .

16.

Charlotte, North Carolina.— N ot much selling at the de­
cline. W e have had rain on one day during the week, the
precipitation reaching seven hundredths of an inch. The
thermometer has ranged from 30 to 75, averaging 56.

%

" " N E W O R LEAN S O P TIO 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:
N o v .

1359

THE CflRONICLE

Nov. 20 1909.]

3,921,930

1,714,982
563,448 5,487,302
95.000
22,000
78.000
9.000
249,000
41,000
72.000
9.000

Total supply___________ ____ 4,810,025 7,912,878 4,566,378

7,696,284

—
Visible supply to N ov. 19__ __ . 4,426,457 4,426,457 4,169,828

4,169,828

D ed u ct

Total takings to Nov. 19______
Of which A m erican __ __ _
Of which other______ ______

396.550 3.526.456
321.550 2.852.456
674,000
75,000

383.568 3.486.421
324.568 2.934.421
59,000
552,000

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

IN D IA COTTON M O V E M E N T FRO M A L L PO RTS.
N ov em b er
R e c e ip ts

18.

at

1909.
i

—
W eek .

Bombay______ _.............

F or
fro m

—

Bombay—
1909____
1908
1907........
Calcutta—

S e p t.

th e

W eek .

S e p t.

| .B r ita in .

n en t.

& C k in a

| S in ce
j S e p t . 1.

W eek ,

S e p tem b e r

C o n ti­

G rea t
ltr ita ln .

T o ta l.

1.

95,000 28,000

S in ce

J apan

145,000

1.

J a p a n

&• C h i n a .

n en t.

T o ted .

16,000 18,000 34,000
8,000 10,000 18,000
13,000
...... 13,000

3.000

51,000
73,00(1
100,000

41,000
46,000
33,000

99,000
119,000
133,000

2.00U
4,000

__

2,000
2,000
1,000

6,00(1
8,000
7,000

6,000

8,000
16,000
8,000

1,000

2,000
1,000
5,000

4,000
7,000
14,000

1,000
2,000

7,000
10,000
19,000

2,000
5,000
2,000

7,000
2,000
5,000

34,00(1
46,000
26,000

4,000
5,000

41,000
52,000
36,000

3,000 17.000 18,000 38,000
___ 15,000 12,000 27,000
1,000 14,000 1,000 16,000

14,000
5,000
11,000

95,000
134,00(1
147,000

___

A le x a n d r ia ,

1,000
2,000

2,000

1,666
5,000

1,000

R EC E IP TS

E g y p t,

N o v em b er

17.

(cantars) —
This w eek ___________
Since Sept. 1_________

R e c e ip ts

(bales) —

Liverpool___________
Manchester.................
Continent__________
America.___________

AND

1908.

360,000
2,311,573

310,000
1,867,806

W eek .

S in ce
S e p t.

1.

3.250 50,573
8.750 41,583
7.750 70,491
4.250 13,998

T h is
W eek .

42,000 151,000
58,000 197,000
38,000 196,000

S H IP M E N T S.

1909.

T h is

To
To
To
To

1.

W eek .

C o n ti­

A L E X A N D R IA

E x p o rts

1907.

S in ce

84,000 265,000 22,000
______ 1________

G rea t

1908....................
1907....................
Madras—
1909....................
1908____
___
1907........
......
All others—;
1909
2,000
1908....................
1,000
1907____
Total all—
1909____
1908____
1907........

1908.

S in ce

370,000
2,786,687

S in ce
S e p t.

1907.

!

1.

T h is

!

S in ce

W e ek . S e p t.

1.

9.250 34,534 ,16,750 78,241
8,500 22,662 5,250 60,207
8.250 62,654 9.750 77,248
2.250
9,491 1.750 |10,192

Total exports________ 24,000 176,645 28,250 129,341 33,500 225,888

E G Y P T IA N C R O P — Messrs. L . H . A . Schwartz
Co.
of Boston have advices from R . & O. Lindemann, Alexan­
dria, of date Oct. 29, as follows:
Crop accounts, though no doubt painted as black as possible by specu­
lators and growers, have continued most gloomy. The weather in October
was not favorable, and even it November should be very satisfactory, it is
questionable how much gain could be made. Worms and infiltration of
water, owing to the high Nile, arc given as the principal causes of the
damage, while fogs have also played their part. It is still difficult to give
an exact Idea of the final outturn, but It Is unquestionable that the expec­
tations of last summer must be abandoned and that the crop will be short. ■ '

J A P A N E S E COTTON M IL LS.— Through the courtesy of
Mr. O. Shoji, Secretary of the Japan Spinners’ Association,
we have obtained the details of operations of the cotton mills
in Japan for 1908-09, and give them below in conjunction
with the results for each of the three preceding years:
Y ea rs

1908-09.

e n d in g

1907-08.

J u n e

30—

1906-07.

1905-06.

39
36
48
49
Establishments___ No.
1,483,497
1,731,587
1,637,000
1,450,949
Spindles----------------- “
. 9,243
10,358
9,626
9,136
L o o m s .............- — - ‘
15,494
15,399
Hands employed, male
15,093
15,497
59,846
63,303
••
•• female"
65,620
69,136
Consumption—
American------------ lbs. 99,731,317 99,749,700 125,348,898 117,370,750
261,325,507 254,088,900 241,128,168 207,366,983
I n d ia n ----------------“
12,130,708
7.283,934
6,654,144
7,688,183
E gyptian-----------261,742
608,559
Japanese-----------55,579,575 74,510,692 73,107,070 97,493,190
Chinese -------------11,617,750
7,011,566
9,380,766
6,555,943
O th e r ----------------- “
440,414,917 445,418,241 453,402,782 436,788,165
Total --------------“
873,576
906,805
Equaling 500-lb.net bales
880,830
890,836
Yarn produced.........lbs. 367,869,200 375,298,200 394,872,610 377,561,700
Piece goods produced yds 164,537,299 145,241,613 137,367,216 133,730,887
Stock of raw' cotton held
408,354
322,342
357,534
279,872
at mills—400-lb. bales
*+'Numbcr of bales of cotton ginned from the growth of 1909 to Oct. 18
1909,'and.comparatlvejStatlstlcs to the corresponding datOi.lnjl908, 1907
and 1906."
i

1360

THE CHRONICLE

(M ANCHESTER M A R K E T .— Our report received by
cable to-night from Manchester states that the market
continues quiet for both yarns and shirtings. The demand
for both India and China is poor. W e give the prices for
to-day below and leave those for previous weeks of this and
last year for comparison.
1909.

1908.

8K

lb s . S h ir t
In n s, co m m o n

2s C op
T w ist

d.
Oct.
8 9%
15 10
22 um
29 m i
Nov
5m i
12 i m
19 10N

-

to fin e s t.

d. 9. d.
10N
io n
10 %
1134

©
©

11' ( 5 6 @9 11
1134 5 6 @9 11
1134 5 6 @9 11

0b

5
f>
5
5

M id .

32* C o p

U p l 's

T w ist.

8. d.

®
©
©
©

834 l b s .

C o fn

334 @9 9
4 @9 9
434(49 9
6 @9 11

d.

d.

7.27
7.41
7.37
7.71

8 11-16®
8 11-16(4
85/
©
8y ,
@

S h irtin g s , co m m o n

C o t’n

to fin e s t.

U p fs

d. 8 d.

7.59 83*
7.72 834
7.72 8

9 34 5
5
m
934 5
934 5

a. d.

d.

134 @8 434 4.96
134@8 6
4.99
1 ©8 6
5.04
134@S 6
4.99

934 5 1 @8
9 5 0 @8
834 4 1034 @8

©
©
@

M id

6
6
6

5.00
5.05
5.07

R E V IS IO N OF D IF F E R E N C E B E T W E E N G R A D E S
AT N E W Y O R K .— A t the meeting of the revision committee
of the New York Cotton Exchange held Wednesday, N ov. 17,
the differences that will determine contracts until next
September were officially established. Premiums on high
grades were slightly reduced in each instance, but the only
reduction in the low-grade penalties was in the case of strict
good ordinary. The new and old rates are subjoined.
O ld

N ew
D iffe r e n c e .

D iffe r e n c e .

F a ir__________________________________________ 1.50 on
1.50 on
1.30 on
Strict middling fair____________________________1.30 on
1.10 on
Middling fair__________________________________ 1.10 on
.06 on
Strict good middling---------------------------------------- .66 on
.44 on
Good middling________________________________ .44 on
Strict middling________________________________ .22 on
. 2 2 on
M iddling........................................ ..........- ......... .
Basis
Basis
Strict low middling----------------------------------------- .25 off
.25 oil
Low middling-------------------------------------------------- .75 off
.00 off
Strict good ordinary____________________________1.20 off
1.0 5 oir
Good ordinary_________________________________ 2.00 off
1.75 oft
Strict good middling tinged___________________ .35 on
.35 on
Val. middling'
Good middling tinged_____________________ Val. middling
.15 olt
Strict middling tined__________________________ .15 off
.25 oil
Middling tinged_______________________________ .25 off
.60 off
Strict low middling tinged_____________________ .75 off
1.75 off
Low middling tinged___________________________1.75 off
.75 off
Middling stained_______________________________ 1.00 off
In addition to these grades, the following are to be Included In the list
after March 1 1910, when the so-called “ quarter grades” are to be revived:
Fully good middling, 55c. on; barely good middling, 33c. on; fully middling,
11c. on; barely middling, 12c. off, and fully low middling, 42c. off.
S H IP P IN G

N E W S .— A s s h o w n o n a p r e v io u s p a g e , t h e

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 c t . 20.
Sales of the week____________ . 53,000
Of which speculators took_._ 1,000
Of which exporters took___ . 2,000
,
Sales, American_____________ . 41,000
Actual export________________. 3,000
Forwarded__________________. 66,000
Total stock— Estimated______.672,000
672,000
591,000
Of which American— Est__ .591,000
Total Imports of the week____.114,000
114,000
Of which American________ 100,000
Amount afloat_______________ 404,000
Of which American________ .362,000
362,000

T o ta l b a le s.

NEW YORK— To Liverpool— Nov. 12—Arabic, 432 upland, 617
Sea Island----------------------------------------------------------------------To Manchester— Nov. 17— Camoens, 2,973--------------------------To Havre— Nov. 13— Floride, 5,452 upland, 50 Sea Island, 75
foreign___________________________________________________
To Marseilles— Nov. 17— Madonna, 25---------------------------------To Hamburg— Nov. 17— President Grant, 0------------------------To Genoa— Nov. 17— Hamburg, 215------------------------------------GALVESTON— To Liverpool— Nov. 12— Monarch, 22,04 5 . - . Nov.
13— Mercian, 14,456.-_Nov. 16— Memphian, 13,703______
To Havre— Nov. 12— Norseman, 24,818------------------------------To Bremen— Nov. 15— St. Quentin, 9,210_ - .N ov. 16— Matteawan, 10,700.--N ov. 18— Angus, 5,724____________________
To Hamburg— Nov. 11— Nauplla, 1,424------------------------------To Antwerp— Nov. 18— Angus, 498------------------------------------To Barcelona— Nov. 16— II Piemonte, 2,575------------------------To Genoa— Nov. 12— Ganges, 4,201__ Nov. 16, II Piemonte,
11,120 __________________________________________________
To Trieste— Nov. 15— Irene, 1,871--------------------------------------To Venice— Nov. 15— Irene, 2,000__________________________
To Mexico— Nov. 15— Rhelhgriif, 800_______________________
TEXAS CITY— To .Mexico— Nov. 8— Norhelm, 1,150____________
SAVANNAH— To Liverpool— iVov. 18— Glenfruln, 9,165; Oriana,
3,248; Venus, 1,604______________________________________
To Manchester— Nov. 18— Venus, 1,350_____________________
To Havre— Nov. 13— Agnes, 7,797--------------------------------------To Bremen— Nov. 12— Glenmorag, 10,628_-.Nov. 13— Maria
Itlokmers, 9,132__________________________________________
To Hamburg— Nov. 18— Gladestry, 672_____________________
To Riga— Nov. 13— Marla RIckmers, 100...............................
To St. Petersburg— Nov. 13— Maria RIckmers, 50— ...............
To Flume— Nov. 17—Teresa, 500----------------------------------------To Barcelona— Nov. 17— Teresa, 900-------- ------------ ------------To Genoa— Nov. 17— Teresa, 1,900--------------------------------------To Trieste— Nov. 17— Teresa, 1,500.................................. .........
To Venice— Nov. 17— Teresa, 250__________________
BRUNSWICK— To Liverpool— Nov. 15— Kingsway, 10,014--------CHARLESTON— To Bremen— Nov. 17— Den of Mains, 11,962--.
WILMINGTON— To Bremen— Nov. 15— Soutra, 10,700-------------BOSTON— To Liverpool— Nov. 15— Ivernla, 1,099...N o v . 16—
Cymric, 796........
To Yarmouth— Nov. 5— Boston, 53------------------------------------BALTIMORE— To Hamburg— Nov. 13— Badenla, 625---------------To Antwerp— Nov 12— Maryland, 408------------ -------------------PHILADELPHIA—To Liverpool— Nov. 12— Haverford, 4 ,3 2 5 -..
To Manchester— Nov. 11— Manchester Commerce, 2,016.........
SAN FRANCISCO— To Japan— xNov. 16— China, 827-------------------

1,049
2,973
5,577
25
9
215

S p o t.

S a tu r d a y .

Market, 1
12.15 3
P. M. . J

25,634
1,424
498
2,575
15,330
1,871
2,000
800
1,150
14,017
1,350
7,797
19,760
672
100
50
500
900
1,900
1,500
250
10,914
11,962
10,700
1,895
53
625
408
4,325
2,016
827

Total ............................................................... ...................................227,673

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
G rea t
B rita in ,

F ren ch
p o rts,

G er-

—O

m a n y .

9
New Y o rk _____ 3,022 5,602
Galveston_____ 50,204 24,818 27,058
Texas City_____ ___
___
___
Savannah_____ 15,367 7,797 20,432
Brunswick_____ 10,914
___ 11,962
Charleston_____ ___
___ 10,700
Wilmington___
___
Boston _______ 1,895
625
Baltimore_____ ____
Philadelphia-.. 6,341
San Francisco.. ____
T o ta l............. 8 7,74 3 38,217 70,786




t h .E u r o p e

N o r th .

—■Al e x

S o u th .

& c.

.,
J a p a n .

T o ta l.

___ ____
8,848
800 ------ 125,154
1,150
1,150
5,050 ____ ____ 48,796
10,914
11,962
10,700
1,948
1,033
6,341
827
827

...
215
498 21,776
150

1,056 27,041

2,003 827 227,673

.

2,000
39,000
6,000
88,000
742,000
664,000
164,000
153,000
413,000
355,000

12.
38,000
2,000
1,000
30,000
13,000
83,000
756,000
674,000
110,000
85,000
461,000
398,000

19.
27,000
3,000
1,000
21,000
3,000
74,000
857,000
771,000
178,000
164,000
391,000
327.000

N o v .

N o v .

M on d a y.

T u esd ay.

W ed n esd a y.

T h u rsd ay.

F r id a y .

Quiet.

Quiet.

Dull.

Dull.

Dull.

Dull.

Mid. Upl'ds

7.64

7.71

7.71

7.82

7.82

7.72

Sales____
Spec.&exp.

4,000
300

6,000
500

6,000
2,300

5.000
1.000

5,000
500

3,000
200

Market
opened

Steady at Steady at Quiet at
\ 3 points 11@13 pts. 3@5 pts.
j
advance.
decline.
decline.

Market
4
P. M.

Quiet at
1 Easy at
6@834 pts. 9@1434
pts. adv.
J decline.

F u tu res.

Steady at
7©8 pts.
advance.

Quiet at Very irreg.
3@4 pts. 9© 12 pts.
decline.
decline.

Quiet at
Firm at Qulet.unch. Quiet at
1 pt. dec.to 6©12 pts. to 2 pts. 8© 11 pts.
lHpts.adv. advance.
decline.
decline.

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.
T h e

p ric es

a re g iv e n

N o v .13
12J*
lo
N o v .19. p.m.

Sat.

November
Nov.-Dec.
Dec.-Jan.
Jan.-Feb.
Feb.-Mch.
Mch.-Apr.
Apr.-May.
May-June
June-July
July-Aug.
Aug.-Sep.
S cp.-O ct.
Oct. -Nov.
Nov.- Dec.

in

p en ce a n d

Mon.

100t h s .
Tues.

7.41

T h u s,

Wed.

m ea n s

7 41-100d.

Thurs.

Frl.

4 12 X
4 12 X
4
4
12 34 1 2 X
4 12 X
l?.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
7
7
7
7
7
7
7
7
7
7
7
6
6

6

d .
ft.
d .
d .
d .
d .
d .
d .
d .
d .
d .
51
55 50 34 54 6234 66
41
62 34 6534 52 55
41
51
55 50 34 54 62 34 66
62 34 6534 52 55
41 34 52 55 34 5134 55 62 34 66 34 63 !66
53 34 5534
65 68
56 58
43 34 54 57 34 53 34 57 34 6534 69
45 34 56 60 56 60 68 72
67 70 34 58 60
59 63
71
75 70 73 60 34 62 34
48 34 60 63
50 34 6134 64 34 61
64 34 72 34 76 34 71
74 34 62 64
52 63 34 66 34 63 66 34 74 78
72 34 70 64 6534
50 34 62 65 6134 65 72 34 70 34 7134 75 62 04
48 34 6034 63 60 63 34 71
74 34 69 34 73 60 34 62 34
16 127 34 30
27 30 34 37 40 35 39
26 34 28 34
70 34 81 8134 78 82 34 88 34 89 34 85 89 34 80 80 34
58 34167 34 67 34 65 69 74 34 75 70 74 65 66
59 60
52 34 |61 34 6134 59 63 68 34 69 63 34(68

DOM ESTIC E X P O R T S
OF CO TTON
MANUFAC­
T U R E S .— W e give below a statement showing the exports
of domestic cotton manufactures for September and for the
nine months ended Sept. 30 1909, and, for purposes of
comparison, like figures for the corresponding periods of
the previous year are also presented:
Q u a n tities
C o tto n

50,204
24,818

5.
46,000

N o v .

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:

e x p o r t s o f c o t t o n fr o m t h e U n it e d S ta te s t h e p a s t w e e k h a v e
r e a c h e d 2 2 7 ,6 7 3 b a le s .
T h e s h ip m e n ts in d e ta il, a s m a d e
u p fr o m m a il a n d te le g r a p h ic r e tu rn s , a re a s fo llo w s :

[VOL. LXXXIX

o f

M a n u fa ctu r es

( c o lo r e d

and

E x p o rte d to

o f

u n co lo re d

—

)

United K ingdom ..______ yards
Germany _______
______
Turkey In Europe ............. ..........
Other Europe.......... ....................
British North America........... .
Central American States and British
Honduras____
____
Mexico ________ _______ _____ _
C uba........... .................. .............
Other West Indies and Bermuda...
Argentina ......................................
Brazil_________
____
f’hlle _______
_____
Colombia ............. ............. ..........
Ecuador ........................................
__________
Venezuela______
Other South America_____ ______
A den.............. ......... ......... .........
Chinese Empire......... ..................
British East Indies......... ................
Hongkong ____________________
Japan_________________________
British Australasia.... ...................
Philippine Islands......................- ­
Other Asia and Oceania..................
British Africa__________________
Allother Africa...............................

M o n th s

en d . S e p t.

30. 9

1909.

1908.

321,803
70
281,248
23,260
648,071

159,772
400
289,430
60,250
433,525

M os.

e n d in g

1909.

S e p t.

30.

1908.

1,751,292
30,602
1,313,971
409,322
6,666,401

1,889,883
25,784
1,246,086
635,064
4,320,696

1,986,326 22,824,363
179,050 1,342,536
2,007.645 1,514,207 17,389,784
2,805,484 3,329,149 34,485,450
145,782
90,164 1,522,976
302.010
200,517 2,040,870
664,697 7,031,179
978,044 11,901,451
1,400,382
01,408 1,923,761
204,889
505,011 3,994,829
553,004
644,977 5,942,657
436,215
1,676,600 2,277,500 10,792,420
9,027,666 7,582,100 111,238,906
1,056,700 1,452,600 7,960,599
46,364
29,430
780,115
2,272
44,273
124,127
516,745
576,637 5,773,701
304,654 8,978,096
1,643,837
417,440
194,372 2,228,557
682,457 7,862,903
346,100
330,042 1,809,294

20,608,048
1,360,545
oi803|715
22,002,573
678,045
1,486,588
5,824,002
7,133,712
894,255
3,830,901
4,970,942
18,355,582
66,045,065
6,137,690
302,311
169,125
5,047,604
0,689,538
1,571,760
3,681,326
1,301,808

Total yards of above.................. 29,143,890 24,528,991 317,120,122 196,069,248
Total values of above__________ §1,764,537 $1,461,110 §18,918,173 §12,482,021
$.0637
$.0597
$.0596
$.0599
Value D cr vard_________________
V a lu e

o f

O th er

M a n u fa ctu r es

to —
—
United Kingdom-----------: ............
Belgium_______________________
Germany
Other Europe__________________
British North America___________
Central American States and British
Honduras___________________
Mexico - .
Cuba_________________________
Other West Indies and Bermuda...
South America_________________
Chinese Empire_________ ______
Japan_________________________
British Australasia.........................
British Africa....................
Other countries............. .................
o f

W e a rin g

C o tto n

E x p o rted

A p p a rel

Waste cotton_________ ___ ____
Y a rn .............................................
All other........... ............................

$55,045
165
936
7,568
114,133

$88,334
300
8,937
7,554
66,813

$522,058
2,132
64,623
52,633
1,076,562

$758,602
1,351
95,783
43,206
734,714

63,664
20,605
23,510
12,906
11,357
1,490
1,119
23,623
12,735
45,803

24,986
18,174
25,622
8,623
0,377
1,810
1,003
9,121
7,721
28,605

502,629
195,746
282,416
129,942
71,200
18,725
6,455
215,101
115,011
338,139

341,031
202,867
205,241
80,438
52,507
51,298
20,324
179,238
126,146
102,805

168,898
19,982
256,193

261,326
59,541
204,342

1,445,639
354,216
2,622,583

1,935,364
354,137
2,167,989

Total manufactures of................ $2,604,269 §2.290,425 §20,963.989 $20,001,122

DAILY CLOSING PRICES OF OATS IN NEW YORK.

BREADSTUFFS.

S a t.

Friday, Nov. 19 1909.
Prices for wheat flour have been stationary during the
week, with the trading dull and largely in the nature of re­
sales by speculators. In the large milling centres of the
Southwest trade has also been very quiet, and the reports
from Chicago are to the effect that the demand there has
fallen off materially. Even at the Northw est there has been
a noticeable slackening of new business, though the mills
in that section continue to grind at not far from their full
capacity on old orders. Rye flour and corn meal have been
quiet and steady.
W heat has been irregular, swayed by conflicting influences.
December, for example, has advanced, but other months
have receded. At times shorts have covered freely, in spite
of very large world’s shipments. A blizzard has raged at
the Northwest. Argentina advices in some cases have been
bullish, and the crop movement to our Western markets
has been much smaller than that of a year ago. Instead of
increasing, as many had expected, the visible supply in this
country last Monday showed an actual decrease of nearly
700,000 bushels. At Duluth there has been a sharp falling
off in supplies. The stock at Minneapolis has also decreased
somewhat. December has apparently
been oversold.
Moreover, within a day or two there has been an increased
milling demand at Minneapolis, where cash premiums have
been firm. Contract stocks at Chicago have been decreas­
ing, and at times European markets have been rising. The
available world’s supply fell off for the week 1,059,000
bushels, against a decrease for the same time last year of
only 673,000 bushels. The total world’s supply is put by
some statisticians at about 8,000,000 bushels less than that
of a year ago and 2,000,000 bushels less than that of 1907
at this time. On the other hand, however, export trade
has continued dull, and at the Southwest sales to millers
have been small. Favorable crop reports have been re­
ceived from Argentina, Australia, India and from our South­
western States. The Australian crop is estimated by a
Liverpool statistician at 78,000,000 bushels, against 65,­
128,000 last year, with an exportable surplus this year of
48,000,000 bushels. The Punjab, it is said, will raise an
unprecedentedly large crop. Bears enlarge, moreover, on
the absence of an export demand for American wheat, the
predictions of a considerably increased acreage of winter
wheat in this country, the large shipments from Russia, the
lack of aggressive bullish speculation and an idea that
present prices amply discount anything that may be called
at all bullish in the general situation. To-day prices ad­
vanced early on continued small receipts, firm cash markets
at the Northwest, buying by elevator interests and covering.
Later on liquidation and dulness on the spot caused a setback.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
„
„
. . .
,
.
S a tM o n .
T u cs .
W ed . T h u rs. F r i.
126 % 126 ' A 12r>':'. 124 % 125 'A
No. 2 red winter, f. o. b --------------- 127
December delivery In elevator----- 115
1 1 6 %
l i e % lie
1 1 6 %
117
May delivery In elevator--------------111M 1 1 2 % 1 1 2 % H IM 1 1 2 % 112M
DAILY CLOSING PRICES OF W HEAT FUTURES IN CHICAGO.
S a t.

M o n .

T u cs.

W ed . T h u rs

December delivery In elevator----- 105M 107M 107M 106M 108
May delivery In elevator--------------104 % 105 % 105 M 104 % 1 0 6 %
July delivery In elevator-------------- 9 6 %
07 M 06 %
0 6 %
97

F r i

108-14
105 M
90M

Indian corn futures have been nominal here. At the West
speculation has been active. Prices here and at Chicago
have been stronger, owing to the fact that the weather dur­
ing much of the time has been unsettled and therefore un­
favorable for putting the corn in marketable condition.
This has caused active covering at times and also not a little
new buying. There is a belief among some close observers
that the short interest is heavy. Within a day or two,
however, the weather has been clear and cold over most
sections, causing active selling for both long and short
account. To-day the market was dull, with prices slightly
lower on favorable weather and liquidation.
D A IL Y CLOvSING PR ICE S OF NO. 2 M IX E D C O R N IN N EW YORK.
S a t.

M o n .
%
%

T u es .

W ed .

T h u rs.
%
7 1 %

F r i.

T h u rs.

F r i.

72
73
73
72
72%
Cash corn_______________________ 72
December delivery in elevator----- 70 %
71
71 %
7 1 %
71
May delivery In elevator---------------- 68 M 68 M 69 %
69 M 69 M 69 %
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
S a t.

M o n .
%

December delivery In elevator___ 59 M 60
May delivery in elevator_________ 60 M 61 M
July delivery In elevator_________ 60M
61 %

T u es .
6 0 %

61 %
60 M

W ed .

60
61 %
60 M

60 M
61 M
61

59 M
61 %
60 M

Oats for future delivery in the Western market have
moved within narrow limits, the fluctuations being largely
in sympathy with the changes in corn. Receipts have been
light, but stocks of contract grade at Chicago are much
larger than a year ago and supplies in the hands of farmers
are believed to be heavy. Cash interests have sold to some
extent. On the other hand there has been more or less
covering and cash prices have been firm with a somewhat
better demand at times. To-day prices opened firm with
wheat, but later sagged slightly under scattered liquidation
and selling by cash houses.




1361

THE CHRONICLE

Nov. 20 1909.

M o n .

T u es.

W ed .

T h u rs.

F r i.

Nat’l white.44 M-46
44M-46
44M-46
44M-46
44 M-46 4 4 % - 4 6
White cl’p’d45M-48M 45%-4S% 45M-48M 45M-48M 45M-48M 45%-4S%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
S a t.

M o n .

December delivery In elevator___ 3 9 %
May delivery In elevator_________ 41 M
July delivery In elevator_________ 3 9 %

3 9 %

3 9 %

42
39 M

T u es.

41 %
39 %

W ed .

T h u rs.

F r i.

39M 39M
41M 41 M
3 9 %
39 M

39
41M
39 M

The following are closing quotations:
FLOUR.
40@S4 60 Kansas straights, sacks. $5 00@S5 25
60@ 5 90 Kansas clears, sacks.... 4 50 (S> 4 65
35<3> 5 50 City patents__________ 6 45@ 6 75
00@ 5 25 Rye flour_______ ____ . 3 90(45 4 45
40@ 5 70 Graham flour_________ . 4 50@
00 @ 5 30 Corn meal, kiln dried... 3 30@ 3 3 5
50 @ 4 75
GRAIN.
Wheat, per bushel—
Corn, per bushel—
Cents
N. Duluth, No. 1________ 51.17M
No. 2 mixed ________ elev. 7 2 %
N. Duluth, No. 2__________ 1.15M No. 2 yellow__________ f.o.b. 73
Red winter. No. 2... .f.o.b . 1.25M
No. 2 white---------- f.o.b. Nominal
Hard winter, No. 2_______ 1 . 2 1 % Rye, per bushel—
Oats, per bushel—
Cents.
No. 2 Western------------ f.o.b. 77
Natural w h ite ..______ 44M @46
State and Jersey-------------Nominal
White clipped________ 45M @48M Barley— Malting _________ Nominal
Nominal
Mixed-----------------------Feeding, c. 1. f., N. Y ______ 62@64
$4
5
5
5
5
5
4

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

at

—

|

F lo u r.

W h ea t.

C orn .

O a ts .

(

B a rley .

R ye.

60 l b s . b u s h . 56 l b s . b u s h . 32 l b s . b u s h . 4 8 l b s . b u .56 l b s .
427,200 1,363,750 1,812,450
865,004
40,000
221,100
325,500
38,500
486,200; 32,000
160,694
2,525,269
561,496
17,403
2,954,630
430,640
57,290
632,170
71,760
83,200
31,500
36,000
-------3,200
14,860
15,460
55,278
77,297
122,262
6,013
13^659 IIIIII
322,465
350,400
516,610
96,200
6,036
267,100
95,600
32,000
93,431!
1.100
191,400
122,300
717,150
........-| --------7,450,832 2,416,462 3,506,624 2,748,160 171,499
0,355,359 1,913,932 2,614,989 1,396,972, 143,659
4,711,256 1,402,484 2,646,478 1,557,6051 159,169

b b ls .1 9 6 lb s . b u s h .

Chicago___
Milwaukee..
Duluth........
Minneapolis.
Toledo........
Detroit........
Cleveland ..
St. Louis...
Peoria____
Kansas City.

209,9641
105,525
13,290

Tot.wk.’09
Same wk. '08
Same wk. ’07

458,790
512,957
492,561

9,781
1,980
50,950
67,300

Since Aug. 1
1909____ 7,572,788 127,550,686 45,641,667 67,308,045 33,048,268 3,246,077
1908____ 7,500,125 120,321,872 33,294,190 65,591,686 37,809,600 3,156,939
1907____ 6,121,215 91,579,621 61,812,651 79,096,316 30,974,740,3.237.189
1
l-rHK'-'iSt

Total receipts of flour and grain at the seaboard ports for
the week ended N ov. 13 1909 follow:
R e c e ip t s a t—
New York_____..
Boston ............ ...
Philadelphia . . . . ..
Baltimore______..
Richmond........ ..
New Orleans * .. . .
Newport News.. . .
Galveston......... __
Mobile...............
Montreal......... . .

F lo u r,

W h ea t,

b b ls.

bu sh .

C orn ,

28,250

O a ts ,
bu sh .

bu sh .

236,018 1,094,900
53,761
713,742
651,850
74,163
87,714
77,970
39,998
6,924
21,343
38,600
5,714
___
101,000

B a riev
(r u s h .

.

108,000
38,650
68,443
175,988
24,952
110,000

656,175 191.300
116,720
93,780
9.666
_
_
34,241
__
58,642
__
33,000

86,000
32,193

L-_*.

1,387,034

___
___

1,885
27,778
2,268

__
__
__

.....
_. - -

60
180,238

644,226 1,172,856
Total week___.. 509,599 4,114,838
756,104
903,711
Week 1908_____.. 490,821 4,529,951
Since Jan. 1 1909..14,797,512 82,459,413 35,606,580 38,399,517
Since Jan. 1 1908..15,808,611101,713,923 31.848.8S5 38,524,864

R ye.
bu sh .

46,181

246,481 31,931
206,471
34,508
6079,678 1030,782
5372,670 2547,066

* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending N ov. 13 1909 are shown in the annexed statement:
C orn ,

W h ea t,
bu sh .

E x p o rts fr o m -

F lo u r,

bu sh .

5,930
1,000
26,000
162,999
52,000

.3,480,087
.3,623.816

331,122
180,074

752
88,146
15,530 1,200
79,000 ___
29,322 ......
3,753
21,000
k
A
<
1171
i 1‘i
7,000 .........
60
5,456
25,000 .........
276,168 5,765
305,212 36,094

sl“,666
32,193

R ye,
bu sh .

B a rley ,
bu sh .

P ea s,

.....
.....
__

75,362

__
___
__

1,897
_
_
__
.

........
"""

........

O a ts ,
bu sh .

b b ls.

.1,073,568
. 335,314
. 739,000
111,205
New Orleans___ . 25,000
Newport News__■ -------Galveston..........
Mobile........... .
’l.iVe'.ooo

.....

bu sh .

40

__

........

.....

........
........
75,362
1,937
24,392 35,719

........

The destination of these exports for the week and since
July 1 1909 is as below:
-W h ea t—
S in ce

1
1909.

J u ly

W eek
E x p o rts f o r w eek a nd

N ov.

13.

S in ce

S in ce

1
1909.

J u ly

W eek
N ov .

13.

b b ls.
b b ls.
bu sh .
s in c e J u ly 1 to —
United Kingdom....152,031 2,081,241 1,980,962
Continent............. .. 79,411 684,291 1,493,864
5,261
So. & Cent.*Amer... 15,707 291,414
West Indies______. 26,300 496,111
......
58,820
Brit. No. Am. Cols.. 2,290
80,998
429
Other Countries___.
.........
Total____ ____ .276,168 3,692,875 3,480,087
Total 1908........... .305,212 4,133,877 3,623,816

W eek

13.

1
1909.

J u ly

N ov.
bu sh .

bu sh .

bu sh .

68,955

136,857 1,195,508
128,142 1.335,277
35,357
86.152
29,766
767,329
1,000
17.622
—
11,592

36,535.433
58.247,847

331,122 3,413,4S0
180,674 2,114,892

22,423,067
13,907,902
133,834
1,675
________

The world’s shipments of wheat and corn for the week
ending Nov. 13 1909 and since July 1 1909 and 1908 are
shown in the f o l l o w i n g : ___________
1

W h ea t.

1908.

1909.

E x p o rts .
W eek
N ov.

13.

S in ce
Jxdy

1.

| B u s h e ls .
North Amer. 4,087,000! 56,541.000
Russian----- 5,920,0001 89,832,000
Danubian . . 184.000 9,592,000
......... 1 12,648,000
Argentine . .
Australian.. 320.0001 4,324,000
Oth. countr1s 296,000 22,888,000
B u s h e ls .

|

1.

| W eek
|Noa.IS.

B u s lu ls .

B u s h e ls .

S in ce
J u ly

C om .

1909.

1908.

S in ce
J u ly

1.

B u s h e ls .

S in ce
J u ly

1.

B u s lu ls .

83,402,700' 327,000 3.328.000 2,590,400
28,152.000’ 221,000 6.029.000 5.792.500
19,240,000 255,000 7.359.000 7.026.500
28,438,000'1,131,000 48,046,000 37,178,500
6,512,OOOi .........
6.452,000
_____

Total----- 10807000] 195,825,000 170,196,700 1,934,000J 64,762,000 52,587,900

THE CHRONICLE

1362

[VOL. L X X X I X .

Business in domestic cottons showed an increase, not in
all lines, but a broader demand coming forward from retailers
for various staples, and distributers, especially of fall do­
Corn.
mestics, have continued firm. A little irregularity devel­
Wheal.
oped
in the market for drills and sheetings, owing to some­
United
Untied
Total.
what freer offerings in certain quarters, but this pressure to
Total.
K ingdom. Continent.
Kingdom. Continent.
sell does not appear to have disturbed the larger interests.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Announcement of an advance in the jobbing price by printers
N ov. 13 190 9.. 13.600.000 13.280.000 26,880,000 3.825.000 5.695.000 9.520.000
N ov. 6 1 9 0 9 .. 13.920.000 14.320.000 28.240.000 5.270.000 5.695.000 10*965,000
of staple goods quickened the demand for prints generally,
N ov. 14 1908. . 16.480.000 14.320.000 30.800.000 4.675.000 5.185.000 9.860.000
retailers and cutters having placed substantial orders pend­
N ov. 16 1907. . 16.600.000 11.240.000 27.840.000 5.120.000 3.640.000 8.760.000
ing the advance which takes place next week, while lines
other than staples have been taken more freely. Colored
The visible supply of grain, comprising the stocks in
wash fabrics, particularly those of fine construction, have
granary at principal points of accumulation at lake and
been in request for spring delivery, and buyers are finding
seaboard ports N ov. 13 1909, was as follows:
these lines rather scarce, as jobbers in some instances are
AM E RICA N G R A IN STOCKS.
well sold ahead. A fair demand has continued in evidence
Wheat.
Corn,
Barley,
Oats,
Rye,
for heavy cottons for,prompt and near-by delivery, but the
bush.
bush.
bush.
bush.
bush.
aggregate for future shipment has been small, mills generally
234.000
1,046,000
5,000
240,000
New Y ork . . .................. 1,375,000
233.000
............. ..
382,000
3,000
1,000
being unwilling to accept much business for next year’s de­
484,000
48,000
1,000
Pnlladelphla ..................
livery, owing to uncertainty as to the course of the staple.
236.000
783,000
401.000
170,000
Baltim ore- - - ..............r _
_______
93,000
152.000
192.000
New Orleans
Outside of moderate sales of prints for Manila, export trade
__________
176,000
327.000
has continued quiet. The market for cotton linings for
52.000
2,302,000
274.000
763.000
441.000
B u ffa lo ......... ..............
958,000
28.000
42.000
T o l e d o ......... ..................
318.000
1,000
prompt and near-by delivery has shown little activity, and
................
589,000
91.000
114.000
158.000
132.000
D e tr o it .........
while some business has come forward for spring, most fac­
53.000
.................. 1,664,000
155.000
3.997.000
390,000
39.000
67.000
567.000
70.000
Milwaukee - - ..................
tors have hesitated to accept orders for next year, preferring
77.000
1.043.000
1.027.000
D u lu th ......... ................ 7,148,000
to await developments in the gray goods market. The
240.000 1.076.000
23.000
1.490.000
Minneapolis - .................. 2,687,000
6,000
122.000
385.000
print cloth market has ruled quiet, with most of the trading
48.000
St. Louis — .................. 1,980,000
745.000
398.000
between second hands at slight concessions from current
7,000
1.211.000
..................
10,000
19,000
market prices; both regulars and standard wide goods, how­
125.000
270.000
.........
444,000
136.000
175.000
839.000
ever, have remained firm and unchanged.
891.000
33.000
258.000
On Canal and R iv er__
583,000
W O O L E N G OODS.— The primary men’s wear market
2,409,000 13,703,000 1,050,000 4,133,000
Total N ov. 13 1900, -28,587,000
has not displayed much life, as the warm weather has op­
2,423,000 13,808,000
743,000 4,334,000
i Total N ov. 6 1909.-29,475,000
erated against a brisk demand for heavy-weight fabrics,
CAN AD IAN G R A IN !S TOCKS.
and most of the duplicate business on spring lines has already
Wheat,
Corn,
Oafs,
Rue,
Barley,
been forwarded. Results of the spring trade have not been
bush.
bush.
bush.
bush.
bush.
92,000
38,000
392,000
M on treal__ .................. 1,156,000
uniformly satisfactory to producers, some mills faring much
____ 4,402.()()<)
better than others; cancellations, furthermore, have boon
___ - . 2-625.000
extensive and are still being received in numerous quarters.
In the dress goods market the principal demand has come
92,000
392,000
T otal N ov. 13 1909--11,975,000
38,000
119,000
291,000
Total Nov. 6 1909-.12,098,000
42,000
from retailers who have operated steadily on fabrics for the
current season and have made unusually heavy purchases
SU M M ARY.
Rue.
Oats,
Barley,
of goods for spring needs; in fact, in some quarters retailers’
Corn,
Wheat,
bush.
bush.
bush.
bush.
bush.
engagements
for spring are said to be larger than for some
2,409,000 13,703,000 1,050,000 4,133,000
American . . . ................. 28,587,000
392,000
38,000
time past.
92,000
F O R E IG N D R Y G OO DS.— The call for imported woolen
2,447,000 14,095,000 1,050,000 4,225.000
13 1909_ .40,562,000
2,465.000 14,099,000
743,000 4,453.000
0 1909.-41,573,000
and worsted fabrics has been somewhat less active. Linens,
9,969,000 l.OlO.OUl) 6,573,000
1,531,0w0
14 1908.-50,500,000
both dress linens for spring and housekeeping lines for
1,701,000 1,032,000 6,025,000
16 1907. .4 M 58, i >> 3.704,000
2,858,000 11,248,000 1,632,000 4,286,000
T otal NOV. 17 1900--39.370.000
prompt and near-by delivery, have continued active and
—
■----strong. In the burlap market a fair business has been con­
summated on the basis of last week’s prices.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

T H E DRY GOODS TRADE.

N e w Y o r k , F r i d a y N i g h t , N o v . 19 1909.
While a moderate amount of business developed in certain
lines, especially in fine cloths, the primary cotton goods
market during the week was generally quiet, both buyers
and sellers operating in a hand-to-mouth way and apparently
being disposed to await the course of distribution and of the
raw material market, although on some goods buyers would
no doubt have taken hold quite freely for the future if they
could have secured lower prices. First hands as a rule con­
tinued firm in their views. In the market for print cloths
and convertibles, various constructions have been sold at
slight concessions by second hands, largely in the way of
a readjustment of holdings, but the volume of such sales
has not been large and they have had no appreciable effect
upon the general market situation. Jobbers reported a
fair, steady trade, with distinct evidences of a broadening
demand for staples from retailors. Staple prints were ad­
vanced M e . a yard in the early part of the week, the new
jobbing price of 5j^ c. to take effect Nov. 24. Additional
lines of fall underwear and hosiery were opened; leading
houses handling woolen and worsted hosiery report satis­
factory bookings, but demand for underwear, including cot­
ton lines, has been comparatively slow and irregular. The
dress goods market has ruled firm with an advancing ten­
dency; most of the business done has come from retailers,
who have purchased liberally for immediate and spring de­
livery. Men’s wear lines have been quiet, as the bulk of the
spring business has now been placed and unseasonable
weather has checked demand for heavy-weights.
D OM ESTIC CO TTON G O O D S.—-The exports of cotton
goods from this port for the week ending Nov. 13 were 3,G38
packages, valued at $258,323, their destination being. to^the
points specified in the tables below:
---------1009--------- ---------------- l o o s --------S in ce
s in c e
J a n . 1.
W eek . J a n . t.
1,783
11
721
1,039
309
1,315
100,173
2 ,368
20,918
15,400
389
12,881 I
2 5,295
2 ,070
2 8 ,090 1
1 4,840
895
9,123
3 0 ,0 7 9
1,205
25,087
1,558
42
1,490
12,354
350
13,485
4 7 ,5 0 9
974
3 6,487
20,041
1,014
19,830

N ew Y ork to N ovem ber 13—
W e ek .
G rea t B r ita in ___________________
110
O th er E u ro p e — __________
92
C h in a ---------------------------------------------------------I n d i a ----------------------------------------------------------__
A r a b ia ------------------ -------------------------------------A f r i c a ------ ---------083
W e s t In d ie s ............................
1,012
M e x ic o ............ ................................
09
C en tral A m e r ic a ----------------------------------------- 263
S o u th A m e r ic a .........................- ...................- - 808
O th er c o u n tr ie s -------- ------------------------535
T o t a l _______ ________________________

3,0 3 8

3 40 .977

10.493

109.439

The value of these New York exports since Jan. 4 has been
$18,772,047 in 1909, against $10,527,274 in 1908.




Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Nov. 13 1909 and since
Jan. 1 1909, and for the corresponding periods of last year,
were as follows:

Nov. 20 1909.1

THE CHRONICLE

News Items.
Bath County (P. 0 . Owingsville), K y .— B o n d s

D e c la r e d
V a l i d .— T h e f o l lo w i n g r e g a r d in g a r e c e n t d e c is io n u p h o l d in g
t h e v a l i d i t y o f a n is s u e o f r e f u n d in g b o n d s o f t h is c o u n t y is
t a k e n f r o m th e C in c in n a t i “ E n q u ir e r ” o f N o v . 13:
T h e F ed era l C ou rt a t R ic h m o n d , I i y ., y e s te r d a y d e cid e d an Im p o rta n t
case In v o lv in g an Issue o f b o n d s b y B a th C o u n ty . T h e b o n d s sta ted u p o n
th e ir fa c e th a t th e y w ere Issued t o refu n d th e In debtedn ess o f th e c o u n t y
a n d th e y w ere Issued b y th e F iscal C ou rt an d sold fo r m ore th a n th e ir par
v a lu e t o ban k ers In this c it y . It w as cla im e d b y th e o ffic e r s o f th e c o u n t y
th a t th e a m o u n t e x c e e d e d th e Indebtedness a llo w e d b y law a n d th a t th e re ­
fo re th e b o n d s w ere Illegal, b u t th e C ou rt d e c id e d th a t It w as th e d u t y
o f th e c o u n t y o fficers t o d eterm in e w h e th e r the d e b t w as a legal o n e o r
n o t , a n d th a t th e y had d eterm in ed It t o be legal, an d h ad so sta te d o n the
fa c e o f the b o n d s , and th a t th e y c o u ld n o t disp u te th e le g a lity o f th e b o n d s
a fte r th e y h a d been p u rch a sed fo r fu ll va lu e b y b o n a fide h o ld e rs.

Birmingham-North

Birmingham,

A la.— C o n s t i t u t i o n a l i t y

o f “ G r ea te r B i r m i n g h a m ” A c t to be D e c id e d b y S ta te S u p r e m e
C o u r t .— A n e a r l y d e c i s i o n i s e x p e c t e d f r o m t h e S t a t e S u p r e m e
C o u r t o n t h e v a lid it y o f th e “ G r e a t e r B ir m in g h a m ” A c t
p a s s e d b y t h e L e g is la t u r e o n A u g . 2 0 1 9 0 9 a n d u n d e r w h ic h
N o r t h B ir m in g h a m a n d o t h e r m u n ic ip a lit ie s a r e to b e c o m e
a p a r t o f t h e c it y o f B ir m in g h a m o n J a n . 1 1 9 1 0 .
A p r e v io u s
A c t o f th e L e g is la t u r e p r o v id e d f o r t h is c o n s o lid a t io n o n
O c t. 1 1909.
T h is la t t e r w a s h e ld u n c o n s t it u t io n a l, a n d a
s im ila r c o n c lu s io n h a s b e e n r e a c h e d in
t h e lo w e r C o u r t
r e g a r d in g th e
new
A c t.
O n
N o v . 9 C h a n c e llo r A .
H .
B e n n e r s d e n ie d t h e a p p lic a t io n o f t h e c it y o f B ir m in g h a m
t o e n jo in t h e is s u a n c e o f $ 2 1 7 ,0 0 0 b o n d s b y t h e c i t y o f
N o r t h B ir m in g h a m .
I t w a s c la im e d t h a t a s N o r t h B ir m i n g ­
h a m w o u ld b e c o m e a p a r t o f th e c it y o f B ir m in g h a m o n
J a n . 1 1 9 1 0 t h e is s u e o f b o n d s w a s u n r e a s o n a b le a n d u n ­
n e ce ssa ry .
I n a n s w e r to t h is i t w a s a r g u e d t h a t th e n e w
“ G re a te r
B ir m in g h a m ”
A ct
w as
u n c o n s t it u t io n a l.
The
C h a n c e l lo r u p h o ld s t h is c o n t e n t io n , s t a t in g t h a t t h e b i l l is
u n c o n s t it u t io n a l f o r th e re a s o n t h a t i t h a d
never been
p r o p e r ly a d v e r t is e d .
T h is is t h e s e c o n d t im e t h e C h a n c e llo r
h a s d e c id e d a g a in s t t h e c i t y o f B ir m i n g h a m in it s a t t e m p t
t o e n j o in t h e is s u a n c e o f b o n d s b y N o r t h B ir m i n g h a m .
I n M a r c h 1 9 0 9 h e d is s o lv e d a n in j u n c t io n w h ic h h e h a d
p r e v io u s ly g r a n t e d r e s t r a in in g t h e la t t e r c i t y f r o m is s u in g
$ 5 ,0 0 0 ,0 0 0 b o n d s v o te d in
A p r il 1 9 0 8 .
V . 88, p. 698.
A f t e r th e in ju n c t io n h a d b e e n g r a n t e d th e “ G r e a t e r B ir ­
m in g h a m ” A c t w a s d e c la r e d u n c o n s t it u t io n a l a n d in d is ­
m is s in g t h e c a s e t h e C o u r t h e ld t h a t i n v ie w o f t h is t h e r e
w o u ld b e n o c o n s o lid a t io n o n O c t . 1 1 9 0 9 a n d , t h e r e f o r e ,
B i r m i n g h a m , a s a m u n i c i p a l i t y , n o l o n g e r had a n y e q u i t y i n
th e ca u se .

Colorado.— C o n s t it u ti o n a l A m e n d m e n t s .— The 1 9 0 9 Legis­
lature, prior to its adjournment, provided for the submission
to the voters at the general election in N ov. 1 9 1 0 , four
amendments to the State Constitution.
The first of these alters Section 6 of Article V and pro­
vides that each member of the General Assembly shall receive
as compensation for his services the sum of $1,000 for each
biennial period, payable at the rate of $ 7 per day during
both the regular and special sessions, the remainder, if any,
payable on the first day of the last month of each biennial
period; together with all actual and necessary traveling
expenses to be paid after the same have been incurred and
audited, and the said members of the General Assembly shall
receive no other compensation, perquisite or allowance what­
ever. No General Assembly shall fix its own compensation.
Under the existing law each member of the General Assembly
receives as compensation for his services $ 7 for each day's
attendance and 1 5 cents for each mile necessarily traveled
in going to and returning from the seat of government.
The second proposal changes Section 3 of Article X I con­
cerning the debt limitation of the State. The limitations
are the same as before, except that provision is made for the
creation of a bonded indebtedness to the amount of $ 2 , 1 1 5 , ­
0 0 0 , for the purpose of paying the principal and accrued
interest of all the outstanding warrants issued by this State
during and for the years 1 8 8 7 , 1 8 8 8 , 1 8 8 9 , 1 8 9 2 , 1 8 9 3 , 1 8 9 4
and 1 8 9 7 . In the event of this amendment being adopted,
the section referred to will read as follows. The portion to
be added we indicate by means of italics. A somewhat
similar amendment was rejected by the voters in N ov. 1 9 0 8 .
See “ Chronicle” of Dec. 1 2 and 1 9 1 9 0 8 .
S ection T h re e (3) o f A r tic le E le v e n ( X I ) o f th e C o n stitu tio n o f th e S ta te
o f C olora d o shall he a m en d e d so as to read as follow s:
“ S e c . 3 . T h e S ta te shall n o t c o n tr a c t a n y d e b t b y loan In a n y fo r m ,

tra cte d In a n y o n e y ea r to p r o v id e fo r d e ficien cies o f re v e n u e , shall n o t
e x c e e d o n e -fo u rth o f a m ill o n each d o lla r o f v a lu a tio n o f ta x a b le p r o p e r ty
w ith in the S ta te , and th e aggregate a m o u n t o f su ch d e b t shall n o t a t a n y
tim e e x c e e d th ree-fou rth s o f a m ill o n each d o lla r o f said v a lu a tio n , until
th e va lu a tion shall equal o n e h un dred m illion s o f d o lla rs, an d th e re a fte r
su ch d e b t shall n o t ex c e e d o n e h un dred th ou san d d olla rs, an d th e d e b t
Incurred In a n y o n e y e a r fo r e re ctio n o f p u b lic b u ildin gs shall n o t e x ­
c e e d on e-h a lf m ill o n each d o lla r o f said v a lu a tio n ; an d the a ggrega te
a m o u n t o f su ch d e b t shall n e v e r a t a n y tim e e x c e e d the sum o f fifty th ou sa n d
dolla rs (e x c e p t as p ro v id e d In se ctio n five o f this a r tic le ), an d In all cases
th e va lu a tion In this section m e n tio n e d shall b e th a t o f th e assessm ent last
p reced in g th e crea tion o f said d e b t.

Provided, that, in addition to the amount of debt that may be incurred, as
above, the State may contract a debt by loan for the purpore of paying the prin­
cipal and accrued Interest of all the outstanding warrants issued by this Stale
uring and for the years 1887, 1888, 1880, 1802, 1893, 1804 and 1807; said
ebt to be evidenced by registered coupon interest-bearing funding bonds to an
a mount not exceeding * 2 ,1 1 5 ,0 0 0 , or so much thereof as may be necessary to
pay said warrants and interest thereon.
Said funding bonds shall be dated December 1 1 01 0, shall be payable at the
option of the Stale of Colorado at any time after ten years from their date, shall




1363

be absolutely due and payable fif t y (50) years after their date, and shall be o f
m e d enom ination o f one-hundred dollars (5100) each, o r a n y m ultiple thereof.
T h e interest on said bonds shall be payable sem i-an n u a lly at the rate o f three
p e r cent p er ann um at the o ffic e o f the Slate T reasurer, or at som e place in the
c ity o f N ew Y o r k , V . S . A . , and the p rin cip a l o f said bonds shall be payable
at the o ffic e o f the State Treasurer.
N o such bonds shall be issued excep t at p a r and accrued interest, and u p on
the contem p ora neous surrender and cancellation o f a like am ount o f prin cip a l
and interest o f said w arrants
S a id bonds to an amount, equaling the p rin cip a l o f said w arrants now held
b y the p ublic school fu n d s shall be registered b y the State A u d ito r and State
1 reasu rer in the nam e and fo r the benefit o f a n d payable o n ly to said fu n d ,
and shall not be transferable.
A n d all such bonds to an am ount equaling the interest on said warrants now
held in the school fu n d shall be sold b y the Slate T reasu rer at not less than par
and accrued interest: and th e proceeds thereof pa id in to the school fu n d , and dis­
tributed to the several counties and school districts o f the State fo r school p u r­
p oses, in the proportion s and in the m anner required by law.

The amendment also provides for the creation of a Debt
Funding Board, prescribes how the votes shall be cast, the
terms of exchange, &c., &c.
Two other amendments, one relating to the Board of Land
Commissioners and the other to the State University, will
also be presented to the electors of this State in 1910.
Connecticut.— Savings Bank Investment Law Amended.— At
the 1909 session the Legislature passed three Acts concern­
ing investments by savings banks. One of these, repealing
Chapter 204 of the Acts of 1905, which allowed savings
banks to invest their deposits in the first mortgage gold 4s
due 1951 of the Southern Indiana Railway Co., has already
been referred to in these columns (V . 88, p. 1329). Of the
other Acts passed, one (Chapter 222, Public Acts of 1909)
amends Section 3428 of the General Statutes so as to allow
savings banks to invest their deposits in the obligations of
fire districts and sewer districts. The amendment is to sub­
division 5, which now reads as follows, the new words being
italicized:
(5) In the obligations o f any o f the counties, towns, cities, boroughs,
school districts, fir e districts and sewer districts In this State.

The other Act passed in 1909 (Chapter 23, Public Acts of
1909) is an amendment to Section 3429 of the General Stat­
utes, relating to the investment in mortgages on land in ad­
joining States. The sections referred to is given below, the
words in italics being those added by the new law:
SECTION 3429.— W hen M ortga ges M a y be Afa d e in A d jo in in g States.—
A n y savings bank In the towns o f Putnam , B rooklyn and Kililngly m ay
loan on land located In the C ounty o f P rovidence In the State o f R hode
Island; any savings bank In the town o f Ridgefield m ay loan on land lo ­
cated In the C ounty o f W estchester In the State o f New York- any savings
bank In the town o f Enfield or In the town o f Stafford m ay loan on land
located In the County o f H ampden In the State o f Afassachusetts- and any
savings bank In the town of Stonlngton m ay loan on land located In the
County o f Washington In the State o f R hode Island: and a n y savings bank
in the town o f S a lisbury m ay loan on land located in the cou n ty o f B erksh ire
in the State o f M assachusetts and on land located in the C o u n ty o f D u tch ess
in the State o f N ew Y o rk .

Illinois.— Sfafe
E c o n o m y L ig h t

&

S u p re m e C ou rt D ism is s e s S u it
A g a in st
P o w e r C o . — The decision of Judge Mack,

dismissing the action brought by the State to prevent the
Economy Light & Power Co. from completing a dam at
Dresden Heights, on the Desplaines River, was affirmed by
the State Supreme Court on Oct. 26. V . 89, p. 1143. The
action was brought by the State in order to secure the land
leased by the company for the purpose of utilizing the same
in connection with the proposed deep waterway or canal to
extend from the present power plant of the Chicago Sanitary
District to a point in the Illinois River at or near Utica, in
La Salle County. A constitutional amendment authorizing
the issuance of $20,000,000 bonds for this purpose was
adopted in November 1908. V . 87, p. 1372.
S t a t e S u p r e m e C o u r t to
Law
A m e n d m e n t . — The

P a ss

on

C o n s titu tio n a lity

of Tax

Chicago
“ Tribune” prints the
following regarding a suit brought to test the constitution­
ality of the amendment to the tax law passed by the last
Legislature :
The Supreme Court will be asked to pass upon the constitutionality o f the
amendment to the Juul tax law, passed by the last general assem bly.
In a test case filed to-d ay Judge Creighton held the Act to be Invalid
because he holds It conflicts with the constitution of the State.
The law provides that assessments shall not exceed 3 per cent o f the
assessed valuation, and has an effect upon every county In the State
outside of Cook. The A ct was passed after the Busse bond bills were
enacted Into laws. It was drafted for the purpose o f having all the tax
levy laws conform , but It Is contended the new A ct Is In conflict with
other statutes and the constitution.
T h e te st case w as filed b y S u p e rv iso r B o o t h o f S p rin g fie ld , w h o h o ld s In
his p e titio n th a t u n d e r th e n e w law It Is Im p ossible fo r c o u n tie s t o le v y a
s u fficie n t a m o u n t t o p a y cu rren t ex p e n se s.

Montana.— C o n s t it u ti o n a l A m e n d m e n t . — The voters of this
State will have presented to them at the general election to
be held in N ov. 1910 an amendment to Section 9 of Article
X I I of the Constitution, relating to revenue and taxation,
and also providing for an increase in the tax levy. This
section when amended will read as follows. The changes
to be made are indicated by italics and the portions to be left
out by brackets. A t the N ov. 1908 general election a similar
amendment was rejected.
Section 9.— The rate o f taxation [or] o n real and personal property fo r
State purposes, (In any one year,] excep t as hereinafter provided, shall never
exceed [three (3)] two and one-half (2 H ) mills on each dollar o f valuationand whenever the taxable property [In] o f the State shall am ount to (one
hundred million dollars (5100,000,000)] s ix hundred m illion dollars (S600 000,000), the rate shall [not] never exceed [two and one-half mills (2H)1
two (2) mills on each dollar of valuation [and whenever the taxable prop­
erty In the State shall am ount to three hundred millions (5300,000,000), the
rate shall never thereafter exceed one and one-half (1 y2) mills on each

shall h a v e re ce ive d a m a jo rity o f all [the] v o te s ca st fo r and against It a t
su ch e le ctio n ; provided, that in the addition to the levy for State purposes
above provided for, a special levy in addition may be made on live stock for
the purpose of paving bounties on wild animals and for stock inspection, pro­
tection and indemnity purposes, as may be prescribed by law, and such special
levy shall be made and levied annually in amount not exceeding four (4) mills
on the dollar by the State Board of Equalization, as may be provided by law.

New York City.— C h a r te r C o m m i t t e e B e g i n s H e a r i n g s .—
The Committee appointed^by the Legislature to report on

THE CHRONICLE

1364

[V o l . L X X X I X

o r title in su ra n ce p o lic y In s o m e c o m p a n y I n c o r p o r a t e d u n d e r th e laws
the revised city charter drafted by the Ivins Commission | oc al te
this S ta te c e r tify in g said b o n d 3 o r n o te s t o be th e first lien o n th e land
commenced public hearings on November 17.
m o r tg a g e d .
— H e a rin g in D e b t C a s e P o s tp o n e d
— C o n s t it u ti o n a l A m e n d m e n t s . — A t the general
election in N ov. 1910 there will be submitted to a vote of u n t i l N o v e m b e r 22.— Owing to the sudden illness of Hon.
the people four proposed amendments to the State Consti­ John G. Carlisle, one of the counsel for the State of W est
tution. Three of these, if carried, will change the following Virginia, the hearing in the debt controversy suit which
sections of the Constitution: Sections 6 and 7 of Article IV commenced N ov. 4 was adjourned until N ov. 22. At the
relating to the apportionment of Senators and Representa­ conclusion of the present hearing Special Master Charles E .
tives, Section 32 of Article I with reference to the legislative Littlefield will prepare his report for the United States
function regarding taxation, and Section 1 of Article I X Supreme Court. V . 89, p. 868.
requiring a uniform rate of taxation. The other amendment
is entirely new and provides for the creation of railroad dis­
— B o n d C a s e S e t t l e d . — Papers re­
tricts. This amendment, which we give in full below, allows port that Judge McCredie of the Superior Court has finally
the State or any county, municipality or railroad district disposed o f the case involving the validity of the 860,000
therein to purchase or build, lease or operate under bonds voted by this district in February. V . 88, p. 706.
certain restrictions, any railroad within the State meeting It is said that “ the case originated out of a protest filed by
the requirements of the Act.
a number of residents of a tract of land near the town of
S ection 1. T h e p e o p le o f th e S ta te o f O re g o n , o r th e L egisla tive A sse m ­
White Salmon, who contended that their land could not be
b ly , m a y c r e a te railroad d is tricts , w ith in th e S ta te , e m p o w e re d to c o n ­
s tr u c t ra ilroa d s, o r o t h e r h ig h w a y s, to serve said d istrict.
included in the proposed district for the reason that they
S ection 2. T h e S ta te , o r a n y c o u n t y , m u n ic ip a lity o r railroad d is trict
already had a water system to supply them sufficiently with
o f th e S ta te , m a y p u rch a se o r co n s tr u c t railroad s, o r o th e r h ig h w a y s,
water for all purposes.”
A settlement was reached by al­
w ith in th e S ta te , an d lease o r o p e r a te th e sam e.
S ection 3. T h e S ta te , o r a n y c o u n t y , m u n ic ip a lity o r railroad d is tric t,
lowing the parties in question to withdraw their land from
m a y p le d g e Its c r e d it, l e v y gen eral ta x e s , o r cre a te a special lien u p o n la n d ,
the district, whose boundaries were modified accordingly
a n d also u p o n th e real e sta te o f a n y t o w n , o r to w n s, b e n e fite d , o r d o a n y
o t h e r a c t n ecessa ry to cre a te a fu n d fo r th e p u rch a se, o r co n s tr u c tio n , o r
by an order of the Court.

Virginia-West Virginia.

Oregon.

W hite Salmon Irrigation District (P. O. White Salmon),
Klickitat County, W ash.

o p e r a tio n o f railroads o r o t h e r h igh w a ys w ith in th e S ta te .
S ection 4 . T h e S ta te m a y c o n d e m n , u n d e r th e p o w e r o f em in en t d o m a in ,
o r p u rch ase a n y railroad o r h ig h w a y w ith in this S ta te .
B u t in case o f

sh all n o t op e ra te a n y ra ilro a d , o r o t h e r h ig h w a y , unless c o m p e lle d so to d o
fo r g o o d reason s, o r unless ju s tlfle d In so d o in g b y a su p e rio r p ro fit o r re ­
s u lt, b u t n o ra ilroa d , o r o th e r h ig h w a y , o r a n y p a rt th e r e o f, shall be leased
fo r a less ren tal th an w ill p r o v id e fo r th e p a y m e n t o f th e Interest an d fixed
ch a rges, an d a p r o p e r sin k in g fu n d fo r th e r e tire m e n t o f th e d e b t , o r If
th ere b e n o d e b t , then fo r a re a so n a b le retu rn u p o n th e In v e stm e n t, su ch
as w ou ld b e d em a n d ed b y p r iv a te c a p ita l.
S ection 6 . N o ra ilro a d , o r o th e r h ig h w a y , o w n e d b y th e S ta te , o r a n y
c o u n t y , m u n icip a lity o r railroad d is tric t, shall be so ld to a p r iv a te pe rso n ,
o r c o r p o r a tio n , n or d isp o se d o f , e x c e p t to th e S ta te , o r a p u b lic c o r p o r a ­
tion th e r e o f, an d a n y su ch tran sfer o r a m a lg a m a tio n shall n o t Im pair th e
o b lig a tio n s Issued in b eh a lf o f th e ro a d o r h ig h w a y tran sferred o r a m a lg a ­
m a ted .
S ection 7 . S o m u ch o f S e ctio n s 5, 7 , 8 , 9 an d 10 o f A r tic le X I . o f th e
S ta te C on s titu tion as c o n flic t w ith th e p ro v is io n s o f this a m e n d m e n t, an d
a n y o t h e r parts o f th e C o n s titu tio n in c o n flic t w ith th e p u rp o s e o f this
a m e n d m e n t are h e r e b y r e p e a le d in so fa r, o n ly , as th e y c o n flic t w ith the
p u rp oses o f this a m e n d m e n t.
B u t n o th in g in this a m e n d m e n t shall be c o n ­
s tru ed as in a n y w a y Im pairing th e rig h t o f th e p e o p le u n d e r w h a t Is k n o w n
as th e In itiative an d r e fe re n d u m .
F ile d in th e o ffic e o f th e S e c r e ta r y o f th e S ta te F e b . 23 1909.
C o n s t it u t i o n a l C o n v e n t i o n . — The Legislature has passed an

Act (Chapter 162, Laws of 1909) providing for a special elec­
tion to be held the first monday in June 1911 to elect dele­
gates to meet in convention for the purpose of making a
general revision of the State Constitution.
— V o te
on
C o n s t it u t i o n a l
A m e n d m e n t s .—
According to Philadelphia papers the official count on the
ten proposed constitutional amendments submitted to the
voters on N ov. 2 shows that with the exception of No. 7,
relating to district election boards, all carried. See V . 89,
p. 867.

Pennsylvania.

Port of Coos Bay, Coos County, Ore.— S a l e

of

B onds

E n j o i n e d .—

It is reported that a temporary injunction has
been served on the Port of Coos Bay Commission enjoining
them from disposing of the 8500,000 5 % harbor improve­
ment bonds which were to have been awarded on N ov. 9.
V . 89, p. 951. The suit was started by J. W . Bennett,
acting as attorney for the Bennett Trust Co. and the Southern
Oregon Co., and the injunction was issued by County Judge
John Hall in the absence of J. S. Coke, Judge of the Circuit
Court.

San Francisco, Cal.— P u r c h a s e

of

P la n t

o f C o u n ty

L in e

W a t e r C o . — Final steps have been taken by the city for
acquiring the plant of the County Line Water Co. A
resolution ratifying and confirming the agreement, dated
November 5, was passed by the Board of Supervisors on
November 8. The company, it is said, is to receive 830,000,
of which 85,000 is to be held in escrow to protect the city
from loss in operating the plant and 85,000 to be used in
extending the mains and making other improvements.
The property is one of those authorized to be acquired in
connection with the proposed municipal water system. It is
estimated that an expenditure of somewhere in the neighbor­
hood of 840,000,000 will be necessary to complete this
system. The plan was approved by the voters on Nov. 12
1908. See V . 87, p. 1494.
— I n v e s t m e n t s f o r S a v i n g s B a n k s . — Provision was
made in Section 13 of the Bank Guarantee Law passed by
the 1909 Legislature of this State (V . 88, p. 1410) for the in­
vestment by any State bank or banking and trust company
maintaining a savings department of not more than 8 5 %
of the total amount of savings deposits in any of the following bonds:

Texas.

1. In b on d s o r In terest-bearin g n o te s o r o b lig a tio n s o f th e U nited S tates
o r o f those for w h ich the faith o f th e U n ite d S ta te s Is p le d g e d fo r the p a y m entTof prin cipa l an d Interest.
2. In bond s o f a n y c it y , c o u n t y , to w n o r s ch o o l d is tric t, o r o t h e r s u b ­
d iv ision o f this S ta te, now o rg a n iz e d , o r w hich m a y h e re a fte r be o rg a n iz e d ,
and w h lch ,ls now o r m a y h ereafter be a u th o r iz e d to Issue b o n d s und er the
C on stitu tion and laws o f this S ta te , w h ich has n o t d e fa u lte d in the p a y m e n t
o f a n y part o f eith er prin cipa l o r Interest th e re o f w ith in five years previou s
to m ak in g such Investm ents.
3 . In bon d s o f the S tate o f T e x a s , o r o f a n y S ta te o f th e U n ion th a t has
n ot w ith in the last five years p re vio u s to m ak in g su ch In vestm en t d e fa u lte d
in th e p a y m e n t o f a n y part o f eith e r p rin cipa l o r In terest th e re o f.
4 In th e first m ortg age b on d s o f a n y ste a m o r e le ctr ic railroad the In­
c o m e o f w hich Is s u fficie n t to p a y all o p e ra tin g exp e n se s an d fixed ch arges,
w h ich has its d o m icile In this S ta te .
5 In b on d s o r n otes secu red b y first m o rtg a g e , d eed o f trust o r o th e r
valid lien on u n in cu m b e re d Im p roved real e s ta te , to run fo r a term o f not
lon g er than ten yea rs, situ a ted In this S ta te , w orth at least tw ice the a m o u n t
loa n ed th ereon , su ch b o n d s o r n otes to be alw a ys a c c o m p a n ie d b y a c o m ­
p le tc a b s tr a c t o f title to th e p r o p e r ty m o rtg a g e d and an a t t o r n e y ’s certifl-




Bond Calls and Redemptions.
Denver,

Colo.— Bond Calls.— T h e
c a lle d f o r p a y m e n t O c t o b e r 3 1 :

f o llo w in g

were

bonds

S A N IT A R Y S E W E R B O N D S .
East Side Sanitary Sewer District N o. 1, bonds N os. 71 to 73, Inclusive.
Harman Special Sanitary Sewer District N o. 1, bond No. 23.
Highlands Special Sanitary Sewer District N o. 7. bonds N os. 33 and 34.
IM P R O V E M E N T B ON DS.
East Denver Im provem ent D istrict No. 1, bonds N os. 120 to 122,
Inclusive.
East Denver Im provem ent District No. 2, bonds 88 to 90, Inclusive.
North Side Im provem ent District No. 2, bonds 16 and 17.
North Side Im provem ent District N o. 5, bond N o. 1.
Ogden St. Im provem ent DIst. N o. 1, bond N o. 15.
Sherman Street Im provem ent District No. 1, bond No. 10.
South Broadway Im provem ent District N o. 2, bond N o. 50.
South Capitol Hill Im provem ent District N o. 1, bonds Nos. 29 and 30.
South Side Im provem ent District N o. 1, bond N o. 42.
Thirteenth Street Im provem ent District N o. 1, bond N o. 24.
P A R K B ON DS.
Highland Park District, bonds Nos. 256 and 257.
I n a d d it i o n t o t h e a b o v e , t h e f o l lo w i n g b o n d s h a v e a ls o
b e e n c a lle d f o r p a y m e n t a n d w il l b e r e d e e m e d o n N o v . 3 0 :
Storm S ew er B on d s.

South Capitol Hill Storm Sewer D lst.— Bond N o. 40.
S a n ita ry S ew er B on d s.

East Side Sanitary Sewer DIst. N o. 1— B ond N o. 74.
N orth Denver Sanitary Sewer DIst. N o. 5 — Bonds Nos. 25 to 44, lncl.
Im provem ent B on ds.

East Colfax A ve. Im provem ent DIst. No. 1— Bonds Nos. 55 to 57, lncl.
East Denver Im provem ent DIst. N o. 1— Bonds Nos. 123 to 128, Inclusive.
East Denver Im provem ent DIst. N o. 2— Bonds N os. 91 and 92.
Eighteenth Avenue Im provem ent DIst. N o. 1— Bond N o. 57.
South B roadway Im provem ent DIst. N o. 2— Bond N o. 51.
South Capitol Hill Im provem ent DIst. N o. 1— Bond N o. 31.
South Side Im provem ent DIst. N o. 1— Bond N o. 43.
W est Denver Im provem ent DIst. N o. 1— B ond N o. 99.
S idew alk B on ds.

Capitol Hill Sidewalk DIst. N o. 1— Bonds N os. 81 to 95, Inclusive.
East Capitol Hill Sidewalk DIst. N o. 1— Bonds N os. 11 to 57, Inclusive.
P a v in g B on d s.

Alley Paving DIst. N o. 2— Bond N o. 2 5.
Champa St. Paving DIst. N o. 1— Bonds Nos. 87 to 103, Inclusive.
Curbing Bonds.
South Side Curbing DIst. N o. 2— Bond N o. 19.

Lawrence, K an. — Bond Call.— O n J u l y 1 t h i s c i t y c a l l e d
f o r p a y m e n t b o n d s n u m b e r e d 7 to 1 1 0 in c lu s iv e , 1 1 2 , 1 1 4 ,
1 1 6 , 1 1 8 , 122 a n d 1 2 4 , a ll f o r 8 1 ,0 0 0 e a c h , a n d 1 to 10 in ­
c l u s i v e f o r 8 5 0 0 e a c h . T h e s e b o n d s w e r e is s u e d J u l y 1 1 8 8 6 ,
d u e J u ly 1 1 9 1 6 , w it h o p t io n o f p r io r p a y m e n t a f t e r J u ly 1
1906.
A l l b e a r in t e r e s t a t 5 % , p a y a b le a t t h e N a t io n a l
P a r k B a n k in N e w Y o r k C it y .
T h e c i t y h a v in g e x e r c is e d
it s o p t io n t o c a ll t h e s e b o n d s o n J u ly 1 1 9 0 9 , in t e r e s t c e a s e d
o n th a t d a te .
N o t i c e o f t h is c a l l w a s g iv e n in V . 8 9 , p . 2 9 S ,
b u t w e h a v e b e e n r e q u e s t e d t o m e n t io n t h e m a t t e r a g a in ,
a s u p to N o v . 13 a ll o f th e b o n d s h a d n o t b e e n p re s e n te d
fo r p a y m e n t.

Ohio County (P. O. W heeling), W . V a .— Bonds Drawn for
Payment.— B o n d s N o s . 3 9 , 5 9 , 7 3 , 1 8 4 , 1 4 6 , 5 6 a n d 4 8 o f
t h e 4 } ^ % 5 - 3 0 - y e a r lo a n h a v e
D e c . 1 a t th e G e r m a n B a n k in

been d ra w n
W h e e lin g .

fo r

r e d e m p t io n

Republic of Mexico.— Bonds Drawn for Redemption.— In
a cc o rd a n c e
th e 4 %

w it h

th e

p r o v is io n s o f t h e a g r e e m e n t g o v e r n in g

g o ld d e b t o f 1 9 0 4 o f t h e R e p u b lic o f M e x ic o , b o n d s

w e r e d r a w n f o r r e d e m p t io n a t t h e o f f ic e o f S p e y e r &

C o . , in

t h is

in

c it y ,

under

th e

s u p e r v is io n

of

th a t

fir m

and

th e

presence of the Consul-General of Mexico at New York, to
the number of 131 for the series “ A ” bonds for 81,000 each
and 48 of the series “ B ” bonds for 8500 each. The desig­
nated bonds will be payable at par on Dec. 1 next and will
be paid at the option of their holders on presentation thereo
at any of the places at which interest on said bonds is pay­
able. Speyer & Co. also , call attention to bonds of this
Mexican loan drawn for the sinking fund on May 15 1908>
N ov. 16 1908 and May 14 1909 which have not been pre­
sented for redemption, but on which interest has ceased.
T h e o f fi c i a l n o t i c e o f t h i s b o n d ca ll w i ll be f o u n d a m o n g th e
a d v ertisem e n ts

o n a p r e c e d in g p a g e .

Nov. 20 1909.’

THE CHRONICLE

Bond Proposals and Negotiations this week
fare bean as follows:

1365

Bee County (P . O. Beeville), T ex.— B o n d E l e c t i o n R e s c i n ­
are advised that the $65,000 court-house bond
election which was advertised to take place N ov. 6 (V . 89,
p. 1097) was not held on that day.
d ed — W e

Albert Lea, Minn.— B o n d a n d C e r tific a t e S a l e . — The
$60,500 5% paving bonds and certificates offered on Nov. 15
Belmont, Belmont County, Ohio.— B o n d O f f e r i n g . — Pro(V. 89, p. 1293) were disposed of, the certificates to Butler
osals will be received until 12 m . N ov. 30 by James E .
Bros, for $51,000 and the bonds to the Albert Lea State
•avis, Village Clerk, for $1,500 5 % bonds to purchase land
Bank of Albert Lea for $9,641.
for a cemetery.

S

D e n o m in a tio n $50 0. D a te N o v . 1 1909. In te r e s t M arch an d S e p te m ­
ber.
M atu rity S e p t. 1 1914, th e c e r tific a te s , h o w e v e r , b e in g s u b je c t to
ca ll a t a n y tim e.

D e n o m in a tio n $ 1 0 0 .
D ate N o v . 1 1909.
In te r e s t a n n u a lly a t th e B el­
m o n t N a tio n a l B a n k .
M a tu r ity p a rt y e a r ly fro m 191 0 t o 1917 In clu sive.
C ertified ch e ck fo r 1 0 % o f b o n d s o ld f o r , p a y a b le t o t h e V illa ge T reasu rer,
Is re q u ire d . P u rch a se r t o p a y a c c r u e d In terest.
B o n d s are t a x -e x e m p t .

Alvin School District (P. O. Alvin), Brazoria County, Tex.
V o t e d . — The $20,000 school-building bonds sub­
r Benicia, Solano County, Cal.— B o n d E l e c t i o n . — The City
mitted to the electors on Nov. 9 (V. 89, p. 1022), were, it is Treasurer writes us that an election will be held about Janu­
stated, favorably voted. The vote was 81 to 11.
ary to vote on the question of issuing $100,000 bonds.
Amarillo Independent School District (P. O. Amarillo),
Benoit, Bolivar County, M iss.— B o n d O f f e r i n g . — Proposals
Potter County, Tex.— B o n d E l e c t i o n .— An election will be will be received until Dec. 7 by M. M. Thompson, Mayor,
held Nov. 20 to vote upon a proposition to issue $100,000 5% for $10,000 6 % water-works bonds. The town reserves the
10-40-year (optional) school-building bonds.
right to reduce the amount of bonds to be issued to $8,000
Amboy, Blue Earth County, Minn.— B o n d S a l e .— The if said amount should cover the cost of the plant. Certified
$4,000 5% 10-year water-works bonds voted on Aug. 31 check for $500 is required. These bonds were offered with­
(V. 89, p. 868) have been sold to the Union Investment Co. out success as 5s (V . 89, p. 1235) on N ov. 2.
of Minneapolis.
— Bonds

D e n o m in a tio n $ 1 ,0 0 0 .
D ate N o v . 1 1909.
In terest s e m i-a n n u a lly
a t th e N orth w estern N a tio n a l B a n k o f M in n eapolis. T o ta l b o n d e d d e b t,
In clu d in g this Issue, $ 7 ,0 0 0 .
A ssessed v a lu a tio n $ 2 7 9 ,0 3 5 . R e a l v a lu a ­
t io n $ 8 5 0 ,0 0 0 .

Amite

City, Tangipohoa Parish, La.— B o n d E l e c t i o n
This city proposes to hold a $25,000 bond

P r o p o s e d .—

Benton Township (P. O. A lvem o ), Cheyboygan County,
Mich.— B o n d O f f e r i n g . — Proposals will be received until 12 m .
N ov. 30 by Isaiah Cuture, Town Clerk, for $6,000 5 % coupon
bridge bonds.

A u th o rity A c t 4 7 , P u b lic A c ts o f 190 7.
D e n o m in a tio n $ 50 0.
D ate
N o v . 30 1909.
In terest a n n u a lly a t th e F irst N a tio n a l B a n k o f C h e b o y g a n .
M a tu rity p a rt y e a r ly fo r 12 yea rs.
B o n d s are e x e m p t fro m t a x e s . C erti­
fied ch e ck fo r $10 0, p a y a b le t o C h as. Slas J r ., T o w n s h ip T reasu rer, Is
re q u ire d . N o b o n d e d o r floatin g d e b t a t p resen t. A ssessed v a lu a tio n 1909,
$ 29 1,14 0.

election.
Andrews, Cherokee County, No. Car.— B o n d O f f e r i n g .— •
Further details are at hand relative to the offering of the
Big Horn County School District N o. 28, W y o .— B o n d
$20,000 coupon water-works bonds mentioned in V. 89, p.
868. Proposals will be received until Nov. 30 by W. B. S a l e . — On N ov. 9 this district placed $5,000 6 % 1-10-year
Fisher, Town Clerk.
(serial) school-house-completion bonds with James H . Causey
D e n om in a tion t o su it pu rch a se r.
D a te O c t . 1 190 9. In te r e s t (n o t
e x c e e d in g 6 % ) J an u ary an d J u ly in N ew Y o r k C ity .
M a tu rity 30 yea rs.
C ertified c h e c k fo r $ 50 0, p a y a b le to th e T o w n T re a su re r, Is re q u ire d .

& Co. of Denver at 101.50.

A list of the bidders follows:

Jas. H . C ausey & C o ., D e n v e r .$ 5 ,0 7 5 J o h n N u v e e n <fc C o ., C h ic a g o ..$ 5 ,0 3 1
W m . E. S w e e t & C o ., D e n v e r_ a 5 .1 0 5 S . A . K e a n & C o ., C h ic a g o ____ 5,025
S ta te o f W y o m in g ........... ............5,050
C. H . C o ffin , C h ic a g o _________ 4,901
W y o m in g S e c. & T r. C o _______ 5,050
D en om in a tion $500.
D a te Ja n . 1 1910.
In te r e s t sem i-a n n u a l.

Ansonia, Conn.— B o n d s A u t h o r i z e d . — This city has au­
thorized the issuance of $75,000 sewer bonds. We are in­
informed under date of Oct. 26, however, that it is not likely
a Bid n o t a c c o m p a n ie d b y th e r e q u ire d c e r tifie d c h e c k .
that they will be placed on the market for a year to come.
Blackwell, K ay County, Okla.— B o n d S a l e . — This city has
Asbury Park, N. J.— C e r tific a t e S a l e . — The Asbury Park
& Ocean Grove Bank of Asbury Park, offering par and ac­ sold $20,000 bonds.
crued interest, was the successful bidder on Nov. 15 for the
Boeme Independent School District (P . O. B oem e),
$38,761 24 5% Springwood Avenue improvement assessment Kimball County, T ex.— P u r c h a s e r s o f B o n d s . — Ulen, Suthercertificates described in V. 89, p. 1293. Maturity part lin & Co. of Chicago were the purchasers of the $15,000 5 %
yearly from 1 to 5 years inclusive.
10-40-year (optional) school bonds disposed of on Sept. 8.
Ashtabula, Ashtabula County, Ohio.— B o n d O f f e r i n g .— See V . 89, p. 1098. Denomination $500. Date Aug. 2
1909.
Interest annual.
Proposals will be received until 12 m. Dec. 8 by Frank W.
Wagner, City Auditor, for the following 5% coupon improve­
Boone County (P. O. Lebanon), In d.— B o n d s N o t S o l d .—
ment bonds:
The $200,000 3J ^% coupon court-house-building bonds of­

$24 ,3 0 0 O ak S treet p a v in g b o n d s.
D e n o m in a tio n s $500 a n d $20 0. M a­
tu r ity $2,700 y e a r ly o n O c t . 1 fro m 1910 to 1918 In clu sive.
2 ,4 0 0 ,C o lu m b u s , G reen , & c., streets sew er b o n d s.
D e n o m in a tio n $80 0.
M a tu rity $800 y e a r ly o n O ct. 1 fro m 1910 t o 1912 In clu sive.
3 .0 0 0 D e p o t and A n n streets sew er b o n d s.
D e n o m in a tio n $ 60 0. M a­
tu r ity $1,200 y e a r ly o n O ct. 1 fro m 1910 to 1912 Inclu sive.
6.0 0 0 W est P r o s p e c t S tre e t sew er b o n d s.
D e n o m in a tio n $500. M a­
tu r ity $1,500 y e a r ly o n O ct. 1 fro m 1910 t o 1913 In clu sive.
In terest on April 1 an d O ct. 1 a t th e C ity T re a su re r’s o ffic e . C ertified
c h e c k on a nation al b an k fo r $500, m a d e p a y a b le t o th e “ T rea su rer o f the
C ity o f A s h ta b u la ," Is re q u ire d . P u rch a ser to p a y a c c r u e d In terest.
P r op osa ls m ust be su b m itte d o n a bla n k fu rn ish ed b y th e C ity A u d ito r .
T h ese b on d s w ere oirered on O ct. 30 b u t all bids re ce iv e d o n th a t d a y
w ere r e je c te d .

Athol, Mass.— N o t e s A u t h o r i z e d . — Wo see it reported that
the town has authorized the issuance of $7,000 bridgeconstruction notes in denominations of $1,000.
Attalia School District (P. O. Attalia), Walla Walla
County, Wash.— B o n d S a l e .— An issue of $4,500 5% 1-15year (optional) school-building bonds was sold on Sept. 20
to the State of Washington. Denomination $500. Date
Nov. 1 1909. Interest annual.
Austin, Tex.— B o n d E l e c t i o n .— According to Dallas papers,
this city is contemplating holding an election for the purpose
of voting on the issuance of $100,000 street and $150,000
sewer bonds.
Avoca, Luzerne County, Pa.— B o n d s V o t e d . — The ques­
tion of issuing $40,000 5% Main Street improvement bonds
carried by a vote of 278 to 65, at the election held Nov. 2.
Date of offering not yet determined.
Bagley, Clearwater County, Minn.— B o n d s N o t S o l d .—
No award has yet been made of $12,500 bonds, proposals
for which were asked until Sept. 25.
Baird Independent School District (P. O. Baird), Callahan
County, Tex.— B o n d s N o t S o l d .— This district has not yet
disposed of the $20,000 5% 10-40-year (optional) schoolhouse bonds described in V. 89, p. 548.
Balsam, Itasca County, Minn.— B o n d O f f e r i n g .— Proposals
will be received until 1 p. in. Nov. 27 by Herman Brandon,
Town Clerk, at Release, for $10,000 coupon bonds at not
exceeding 6% interest. Denomination $1,000. Maturity
$3,000 in 5 years, $3,000 in 10 years and $4,000 in 15 years.
These bonds were offered but not sold on July 24.
Bay City, Bay County, T e x . — B o n d s V o t e d . — Dispatches
state that this city on Nov. 10 adopted a proposition to float
$13,000 bonds for the extension of water mains and street
improvements. The vote cast was 68 “ for” to 8 “ against.”
Beaufort, Beaufort County, So. Car.— B o n d s V o t e d .—
Reports state that the electors of this town voted on Nov. 4
to issue bonds for a water-works and an electric-light plant.




fered on N ov. 15 and described in V . 89, p. 1235, failed to
attract any bidders.
Bowling Green, W ood County, Ohio.— B o n d s D e f e a t e d .—
The election held N ov. 2 (V . 89, p. 1023) resulted in the
defeat of the $25,000 sewage-disposal-plant bonds.
Brady School District (P. O. Brady), McCulloch County,
T ex .— B o n d E l e c t i o n . — An election will be held in this dis­
trict some time in the near future, it is stated, for the pur­
pose of voting “ for” or “ against” the issuance of school­
building bonds.
Bristol County (P. O. Taunton), M ass.— N o t e S a l e .— R . L.
Day & Co. of Boston were the successful bidders on N ov. 18
for the two issues of 4 y 2°/0 7-year notes, aggregating $40,­
000, described in V . 89, p. 1294. The price paid by them
was 105.859.
Following is a list of the proposals submitted:
R . L . D a y & C o ., B o s t o n ____ 1 0 5 .8 5 9 1B lo d g e t t ,M e r r ltt & C o .,B o s
105 .076
A d a m s & C o ., B o s t o n _______ 105.534 |B lak e B ros. & C o ., B o s t o n . .1 0 3 .2 0

Brownwood, Brown County, T ex.— B o n d s V o t e d . — Of a
total of 124 votes cast at an election held Oct. 18, only 10
were against the issuance of $20,000 5 % water-works-ex­
tension bonds. Maturity Jan. 1 1950, subject to call after
20 years.
Bruno, Pine County, Minn.— Rond S a l e . — This town sold
$5,000 6 % 18-year (average) funding bonds on N ov. 10 to
the Security Trust Co. of St. Paul at par and accrued inter­
est. Purchaser to furnish blank bonds. Denomination
$1,000. Date N ov. 1 1909. Interest semi-annual.
Buffalo, N . Y .— B o n d O f f e r i n g .— Proposals will be received
until 12 m . Nov. 29 by George M. Zimmermann, City
Comptroller, for $115,000 sewer and $371,966 66 Elmwood
Avenue improvement 4 % registered bonds.
T h e fo rm e r Issue Is au th o riz e d b y C h apter 82. L a w s o f 1909 and m atu res
D e c. 15 192 9, w hile th e la tte r Issue Is a u th o rize d b y C h a p ter 295 L a w s o f
1909 and m atu res D e c. 15 1914.
D ate D e c. 15 1909. In te re st sem i­
a n n u a lly a t th e C ity C o m p tr o lle r ’s o ffic e o r at th e G ala tln N a tio n a l B a n k
In N ew Y o r k C ity t o suit p u rch a ser. B o n d s are ta x -e x e m p t
An u n ­
c o n d itio n a l certified c h e ck f o r 2 % o f b o n d s b id fo r , draw n on an In corp ora ted
b a n k or tru st c o m p a n y , a n d m a d e p a y a b le t o th e C ity C o m p tro lle r Is
re q u ire d .

Butler, Butler County, Pa .— B o n d S a l e .— W e are informed
that the $25,000 4 % bonds mentioned in V . 89, p. 425, were
issued on Oct. 1. Interest is payable in Butler. Bonds
are tax-exempt.
B utts County (P. O. Jackson), Ga.— B o n d E l e c t i o n .—
If the reports in local papers are correct, an election will be
held Dec. 11 to vote on propositions to issue 85,000 bridge­
building and $15,000 road-improvement bonds.

THE CHRONICLE

1306
Canastota, McCook C o u n ty ,'S . D ak.—

S a l e .—

Bond

The

State School Fund ^recently purchased $10,000 5% water­
works bonds at par. Interest Jan. and July.
Candor, Tioga County, N . Y . — B o n d S a l e . — On Oct. 18
$18,000 4% 2-19-year (serial) school-house bonds were sold
to the Owego National Bank and the Tioga National Bank,
both of Owego, for $18,065 (100.361) and accrued interest.
Denomination $1,000. _Date Oct. 1 1909. Interest semi­
annual.
Carrollton, Carroll County, Ohio.— B o n d O f f e r i n g . — Pro­
posals will be received until 12 m. Dec. 8 by Ross McLaugh­
lin, Village Clerk, for the following 4% coupon street-im­
provement bonds:
$3,6 1 0 ( c i t y ’s p ortion ) b o n d s .
D e n o m in a tio n $361.
1 2 ,4 3 0 assessm ent b on d s.
D e n o m in a tio n $ 1 ,243.
A u th o rity S ection s 2835 an d 2 8 3 5 b , R e v is e d S ta tu te s.
D ate M ay 1
1910.
In terest M arch 1 and S e p t. 1. M atu rity o n e b o n d o f each issue
y e a r ly on S e p t. 1 fro m 1 9 H t o 1920 In clu sive. C ertified ch e ck fo r 5 % o f
b o n d s b id fo r , p a y a b le t o th e V illa ge T reasu rer, is r e q u ire d .
P u rch a ser
t o p a y a c c r u e d Interest.

Cascade'County'School District No. 29, M ont.— B o n d s

O f­

f e r e d b y B a n k e r s . — School

6% 15-year bonds amounting to
$6,000 are being offered to investors by Reynolds, Watson
& Co. of Chicago. Denomination $500. Date May 1 1909.
Interest semi-annually at the First National Bank in Chi­
cago. Total debt, including this issue, $8,000. Assessed
valuation 1908 $608,500. - Real valuation (estimated) $1,­
000,000.
Centreville, Tenn.— B o n d E l e c t i o n P r o p o s e d . — According
to reports the Board of Mayor and Aldermen has been
petitioned to call an election to vote on the question of
issuing $30,000. water-works and electric-light bonds.
Centreville, Wilkinson County, M iss. — B o n d S a l e . — The
$2,500 6% watcr-works-extension bonds mentioned in V. 89,
p. 486, have been purchased by the Thos. J. Bolger Co. of
Chicago. The securities are dated July 1 1909 and mature
$100 yearly from 1910 to 1928 inclusive and $600 in 1929.
Chambers County (P. O. Anahuac), Tex.—

C e r tific a t e O f ­

f e r i n g . — Proposals

will be recevied until 3 p. m. Dec. 15 by
II. II. Jackson, County Judge, for $50,000 court-house and
jail certificates at not exceeding 5% interest. Interest an­
nually at the Chambers County State Bank in Anahuac.
Maturity “ on or before 20 years.”
Cincinnati, Ohio.— B o n d O f f e r i n g . — Proposals will be
received until 12 m. Nov. 30 by Ernst Von Bargen, City
Auditor, for $135,000 4% hospital-improvement bonds.
A u th o rity S ection s 2835 a n d 283 7, R e v is e d S ta tu te s.
D e n o m in a tio n
$500.
D a te N o v . 1 1909.
In terest sem i-a n n u a l.
M a tu rity 20 years.
B on d s are e x e m p t fro m ta x e s . C ertified c h e ck fo r 5 % o f b o n d s bid fo r,
p a y a b le t o th e A u d ito r, is re q u ire d .
P u rch a ser t o p a y a c c r u e d interest.
B id s m u st b e m a d e u p o n blan ks fu rn ish ed b y th e C ity A u d ito r .
A u t h o r i z e d . — Ordinances were passed recently pro­
viding for the issuance of the following 4% coupon bonds:

K B onds

s i o 000 lift-b rid g e b o n d s.
M a tu rity 30 y e a rs.
D a te N o v . 1 1909.
3 000 b o n d s t o Im p rov e th e P ea rl S tre e t P la y g r o u n d .
D a te N o v . 15
’
1909
M a tu rity 5 years.
4 000 D on h a m A v en u e e x te n s io n b o n d s .
D e n o m in a tio n $500.
D ate
’
D e c. 1 1909. M a tu rity D e c. 1 1949.
700 B eech G ro v e A v en u e e x te n s io n b o n d s.
D a te D e c. 1 1909. M a­
t u r ity D e c . 1 1949.
D e n o m in a tio n $500. In tere st s em i-an n u ally a t th e C ity T reasu rer’s o ffic e .

Claremont, Sullivan County, N . H . — B o n d s D e f e a t e d . — An
election held Nov. 6 resulted in the defeat of a proposition
to issue $12,000 water bonds.
Clay County (P. O. Manchester), K y

— B o n d s D e f e a t e d .—

An election held Nov. 2 resulted in the defeat of a propo­
sition to issue $20,000 bridge-building bonds.
Clay County (P. O. Moorhead), Minn.— B o n d s

O f fe r e d b y

B a n k e r s . — The

Union Investment Co. of Minneapolis is of­
fering for sale $60,000 4 j^ % drainage bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te J u ly 1 1000.
In te re st se m i-a n n u a lly in
M in n eapolis.
M a tu rity o n J u ly 1 as fo llo w s . $ 12 ,000 in 191 o, $14,000 In
191 6, $16 ,000 in 1917 and $18 ,000 in 1919.

Clay Creek Drainage District, Clay and Yankton Counties,
So. D ak. — B o n d S a l e — McCoy & Co. of Chicago have pur­

chased $33,000 6% 11-year drainage bonds.

Coleman

County,

Te x . —

B onds

R e g i s te r e d .—

The State Comptroller on Oct. 27 registered the $30,000 5%
water-works bonds described in V. 89, p. 946.
Cold Springs, Stearns County, Minn.— B o n d S a l e . — An
issue of $11,000 5% water-works bonds has been sold. The
bonds are now being offered to investors by the Union In­
vestment Co. of Minneapolis.
D e n o m in a tio n $500.
D ate O c t . 15 1909. In te re st a n n u ally a t
w estern N a tion a l B ank in M in n eapolis.
M atu rity o n O c t . 15
$500 y e a r ly from 1910 to 1927 in clu sive an d $1,0 0 0 in each o f
1928 an d 1929. T o ta l d e b t, this issue.
Assessed v a lu a tio n
R e a l v a lu a tio n (e s tim a te d ), $30 0 ,0 0 0 .

R, Colfax County (P. O. Raton), N . M ex.— B o n d s

the N o rth ­
as fo llo w s:
th e years
$13 0 ,0 0 0 .

O f fe r e d b y

B a n k e r s .—

Reynolds, Watson & Co. of Chicago are offering
to investors $54,000 5% 20-30-year (optional) refunding
bonds. Denomination $1,000. Date Sept. 1 1909. In­
terest semi-annually at the Central Trust Co. in Chicago.
Bonds are tax-exempt.
Collin County Common School District No. 62, T ex.—

On Nov. 10 an issue of $2,000 5% 10-20year (optional) bonds was registered by the State Comptroller.

B o n d s R e g iste r e d —




Colorado Springs School District N o. 11 (P. O. Colorado
Springs), Colo.— B o n d E l e c t i o n . — The voters of this district

will have presented to them on Dec. 18 the $250,000 bond
proposition. (V. 89, p. 1294) to build a Technical High
School and improve the grammar school buildings.
Colton, Minnehaha County, So. D ak. — B o n d S a l e . — Chas.
S. Kidder & Co. of Chicago have purchased $8,000 6% 20year water-works bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate J u ly 1 1909.
In te re st se m i-a n n u a lly at
the C o lto n S tate B a n k in C o lto n . T o t a l d e b t $ 1 1 ,0 0 0 .
A ssessed v a lu a tio n
1908 $ 11 7,97 7.
R ea l v a lu a tio n (e stim a te d ) $ 4 0 0 ,0 0 0 .

Columbus, Ohio.— B o n d s A u t h o r i z e d . — The City Council
recently passed ordinances providing for the issuance of the
following coupon assessment bonds:
$2,5 0 0 4 % S tim m el S treet b o n d s .
D e n o m in a tio n $50 0. D a te n o t later
than D e c. 1 1909. M a tu rity M arch 1 1 9 2 1 , s u b je c t t o call a fte r
S e p t. 1 1910.
„
_
^
x
4 .0 0 0 4 % C apital S treet b o n d s.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te n o t later
than D ec. 1 1909. M atu rity S e p t. 1 1921, s u b je c t t o call a fte r
S e p t. 1 1910.
_
. .„ „ „
200 \
se w e r-co n s tru ctio n b o n d .
D a te n o t later th a n D e c . 1 1 9 0 9 .
M a tu rity M arch 1 1915, s u b je c t to call a fte r M arch 1 1 9 1 0 .
1.000 4 % S u lilva n t A v e n u e b o n d s.
D ate n o t later th a n J a n . 1 191 0.
M atu rity M arch 1 1921, s u b je c t t o call a fte r M arch 1 1910.
In terest M arch 1 a n d S e p t. 1 a t th e C ity T re a su re r’s o ffic e .

Cooke County (P. O. Gainesville), T ex.— B o n d

O f f e r i n g .— :

Proposals will be received until Nov. 22 by C. It. Pearman,
County Judge, for $100,000 4>^% coupon Justice Precinct
No. 1 road-improvement bonds.
A u th o r it y S pecial R o a d L a w , A c ts o f 1905.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te A u g . 1 1909.
In te re s t o n A p ril 10 at th e 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 atu rity 40 y e a rs , s u b je c t to call in a n y a m o u n t a fte r
10 years. T h e c o u n t y has n o d e b t a t p resen t. A sse sse d v a lu a tio n 1909,
$6,7 0 0 ,0 0 0 .

Corlett (P. O. Station D , Cleveland), Cuyahoga County,
Ohio.— B o n d O f f e r i n g . — Proposals will be received until 12 m.

Nov. 24 by W. H. Jantzen, Village Clerk, for $4,000 5%
coupon Windfall Ave. grading and sewer bonds.
A u th o r it y , S e ctio n s 2835, 2836 and 2 83 7, R e v is e d S ta tu te s .
D e n o m i­
n ation $500.
D ate N o v . 1 190 9. In te r e s t s e m i-a n n u a lly a t th e S ou th
C levelan d B anking C o. o f C le ve la n d .
B on d s a re t a x -e x e m p t .
M a tu rity
$2,000 o n N o v . 1 in ea ch o f th e yea rs 1914 a n d 191 9. C ertified c h e c k fo r
5 % o f a m o u n t bid is re q u ire d .
B ids m u st be m a d o u p o n b lan k s furnish ed
b y the V illage Clerk.

Coshocton School District (P. O. Coshocton), Coshocton
County, Ohio.— B o n d s V o t e d . — This district has voted to

issue $30,000 bonds. We are informed that they will not
be sold before March 1910, and if it is found that the amount
of bonds voted is in excess of what is needed for the proposed
improvements, the issue will be reduced.
Cottage Grove, Lane County, Ore.— B o n d O f f e r i n g . — Pro­
posals will be received until 7:30 p. m. Jan. 3 1910 for $100,­
000 5% gold coupon bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate M arch 1 1910.
In te re st se m i-a n n u a l.
M a tu rity 25 years. C ertified ch e ck fo r $100, p a y a b le to th e M a y o r, is re­
q u ire d . C. H . Van D e n b u r g Is C ity R e c o r d e r .

Craven County (P. O. Newborn), N o. Car.— B o n d s

P ro­

p o s e d . — This

county, it is reported, has under consideration
the issuance of $100,000 road bonds.
Cuyahoga County (P. O. Cleveland), Ohio.— B o n d

S a l e .—

It is stated that the four issues of 4 y2% coupon bonds de­
scribed in V. 89, p. 1295, were disposed of on Nov. 17 as
follows: $36,400 Center Ridge Road (county’s portion)
bonds awarded to Tillotson & Wolcott of Cleveland for $37,­
190 (102.17) and the $5,750 assessment and the $38,250
(county’s portion) Brecksville Road bonds and the $12,500
Center Ridge Road assessment bonds awarded to the First
National Bank of Cleveland at 101.93, 102.13 and 102.10
respectively. The $5,750 bonds mature part yearly on
Oct. 1 from 1910 to 1919 inclusive, while the other issues
mature part each six months from April 1 1910 to Oct. 1
1919 inclusive.
David City, Butler County, N eb. — B o n d s R e g i s te r e d . — The
State Auditor has registered an issue of $40,000 water and
light bonds.
Dayton, Ohio.— B o n d S a l e .— The following award was
made on Nov. 15 of the five issues of 5% coupon bonds decribed in V . 89, p. 1099:
2,200 sto rm -w a te r-se w e r b o n d s a w a rd e d t o H a y d e n , M iller
C leveland fo r $2,202 50— th e p rice thus be in g 1 00 .113 .

D en o m in a tion $500. D a te J u ly 1 1909.
In te r e s t a n n u a lly a t the First
N a tion a l B ank o f C h icago.
M a tu rity J u ly 1 1920, s u b je c t to call, h o w ever,
o n J u ly 1 as follow s: $2,000 in 1910, $5,500 in e a ch o f the years 1911, 1913
an d 1916, $5,000 in 1912 an d 1914 an d $4,500 in 1915.

Coleman,

VOL. L X X X I X .

& C o. of
M atu rity

i 000 W a v n e 1 A v e n u e Im p ro v e m e n t b o n d s a w a rd e d t o S e a so n g o o d &
’
M ayer o f C incinnati a t 105 .175 . M atu rity $1,000 in ea ch o f the
years 1913, 1915, 1917 an d 1919.
1 400 R ic h m o n d A v e n u e sew er b o n d aw ard ed t o H a y d e n , M iller & C o.
’
o f C leveland fo r $1,401 50— th e price thus be in g 1 00 .107 . M aL 300 Sew er dlstric\ N o . 4 b o n d s a w a rd e d t o C. E . D enison & C o. o f C leve'
lan d fo r $11,804 10— the p rice thus b e in g 104.461.
M atu rity on
O c t . 1 as fo llo w s : $1,300 In 1010, $1,0 0 0 y e a r ly fro m 1911 t o 1918
Inclusive an d $ 2 ,000 In 1919.
_
5 500 ge n e ra l-stre e t-im p ro v e m e n t b o n d s aw ard ed t o C. E . D enison (t c o .
o f C leveland fo r $8,772 9 0 — th e price thus b e in g 1 0 3 .2 5 .
M atu rity
o n O ct. 1 as fo llo w s : $1,5 0 0 In 1910 an d $1,000 y e a rly fro m 1911
t o 1917 in clu sive .
W e are Inform ed th a t, In a d d itio n t o the a b o v e , p ro p o sa ls w ere also asked
ntll N o v . 15 fo r $9,000 W e b s te r S treet brid ge b o n d s.
w ere sold to
. E . D enison & C o. o f C levelan d fo r $9,079 2 5 — th e price thus b ein g 1 0 0 .8 8 .
he prem iu m s ottered fo r th e en tire s ix Issues fo llo w s :
$8,5 0 0 $2,200 $ 1 ,400 $9,000 $ 11 ,300 $4,000
bonds.
bonds, bonds, bonds, bonds.
bonds.
........................ $79 25 $504 10
-----. E . D en ison & C o ., C le v .$ 2 7 2 90

These

[ayden,M iller&Co.,Clevc. 248 00
easongood & Mayer,C ln. 262 00

ayton S a v .& T r .C o .,D a y . 240

00
00
00
75
75
00
10
50

lft h -T h lr d N a t.B k .,C in c _ _ 238
ew First N at. B k ., C o lu m . 234
rov.S av.B k.& T r.C o.,C ln. 233
& H arrison. C l n c l n .. 233
tty N at. Bank, D a y t o n .. 221
fe ll, R o t h & C o ., C l n c i n .. 211
hio S a fe D c p .& T r .C o .,T o I. 170
arr, A llam an & K e n n e d y .
D a y t o n ..................................................

reed

$2 50
....
2 00

$1 50
----

56 00
402
- - - - ‘ «2 00

00$204 00
207 00

18 00 460 00 - - - - - ........................
---^ 2 00
190 00
1 00
51 00 4 0 o 00 197 00
.........................
22 50 411 32 180 00
------------10 00 48o 90 - - - - - ­
------------^0
19o 20
........................
35 5 ? 409 40 .............
........................
‘H 7 j ...............................
. . . n„
1 80
...........................................
1 3 l 00

Nov. 20 1901). I

THE CHRONICLE

B onds
V o t e d . — At the election held N ov. 2 (V . 89, p.
947), the propositions to issue the levee and Stewart Street
bridge bonds were favorably voted upon.
Delaware, Delaware County, Ohio.— B o n d S a l e . — The
$5,250 5 % coupon refunding bonds described in V . 89, p.
1295, were sold on N ov. 16 to the Delaware Savings Bank of
Delaware at 104.59 and accrued interest. A list of the
bidders and the premiums offered by the same follows:
D e l. S a v .B k ., D e la w a r e ____ $241 00 H a y d e n , M iller & C o ., C lcv e .$ 1 9 0
D e l. N a t. B k ., D e la w a r e .- . 235 00 R o b e r t M . S en ior, C in cin n ati 180
N ew F irst N . B k ., C olu m bu s 222 00 F irst N a t. B k ., C le v e la n d .. 178
B a rto , S c o t t & C o ., C o lu m b . 217 87 W e ll, R o th & C o ., .Cincinn ati 176
S e a s o n g o o d & M ayer, C l n . . 211 57 W . R . T o d d & C o ., C ln _____ 165
M a tu rity p a rt y e a r ly on M arch 1 fro m 1 0 1 1 t o 1020 In clu sive.

00
00
00
10
00

Dinwiddie County (P. O. Dinwiddie), V a .— B o n d S a l e .—
An issue of $102,500 5 % 20-30-ycar (optional) road bonds
has been disposed of at par to local investors. The sale of
part of this issue was mentioned in V . 89, p. 1295. Denomi­
nation $1,000. Date May 1 1909. Interest annual.
Dodge City, Ford County, K an.— B o n d O f f e r i n g . — Pro­
posals will be received until 6 p. m . Dec. 15 by Pearl Trebil•cock, City Clerk, for $75,000 of the $100,000 4 ) ^ % water­
works bonds voted on Aug. 28. Y . 89, p. 947.
A u th o rity C h a p ter 101, L a w s o f 190 5. D e n o m in a tio n $ 1 ,0 0 0 . D a te
S e p t. 30 1909. In terest J a n . an d J u ly a t th e S ta te fiscal a g e n c y , th e S tate
T r e a s u r y In T o p e k a .
B o n d s are free fr o m all ta x e s a n d w ill n o t be d eliv ered
b e fo re n e x t J a n u a r y .
M a tu rity 30 y e a rs , s u b je c t t o call a fte r 10 years.
C ertified ch eck fo r 2 % o f b id , p a y a b le t o th e C ity C le rk , Is re q u ire d . B o n d e d
d e b t a t presen t $ 5 7 ,0 0 0 ; no flo a tin g d e b t . A ssessed v a lu a tio n 1909, $ 2 ,6 9 1 ,­
431 .

Duval County (P. O. Jacksonville), Fla.— B o n d O f f e r i n g .—
Further details are at hand relative to the offering on N ov. 29
of the $250,000 5 % gold coupon road-improvement bonds
mentioned in V . 89, p. 1295. Proposals will be received un­
til 12 m . on that day by P. D . Cassidy, Clerk of the County
Commissioners. These securities arc part of the issue of
$1,000,000 bonds authorized at the election held Oct. 26 1909.
D en om in a tion $ 1,000.
D a te D e c. 1 1909.
In te r e s t se m i-a n n u a lly In
J a ck s on v ille.
M atu rity D e c. 1 1939.
O fficia l c ircu la r sta te s there Is n o
litig a tio n pen d in g o r th re a te n e d a lfe ctln g In a n y m a n n er this Issue o f b o n d s .

East San Jose (P. O. San Jose), Santa Clara County, Cal.—
O f f e r i n g . — Proposals will bo received until 8 p. m .
N ov. 30 by C. O. Russell, Town Clerk, for $60,000 5 % gold
coupon sewer-construction bonds.
B ond

A u th o r it y v o t e o f 187 to 51 at e le ctio n h e ld O c t . 5 1909.
D e n o m in a tio n
$750. D a te D eo. 1 1909. In te re st se m i-a n n u a lly a t th e T o w n T r e a s u r e r ’s
o ffic e . M atu rity $1,500 y e a r ly o n D e c. 1 fro m 1910 to 1949 In c lu s iv e .
B id m ust be u n con d itio n a l an d b e a c c o m p a n ie d b y a c e r tifie d c h e c k fo r
5 % o f bhl, m ade p a y a b le to th e P re sid e n t B o a rd o f T o w n T ru s te e s . T h e
b on d s will be d e liv e re d w ith in fifte e n d a y s fro m th e d a te o f a w a rd .

El Paso, El Paso County, T ex .— B o n d s V o t e d . — The propo­
sition to issue the $110,000 5 % 20-40-year (optional) street­
opening bonds mentioned in V . 89, p. 1024, carried by a
vote of 461 to 140 at the election held N ov. 9.
Emery County (P. O. Castle D ale), U tah .— B o n d E l e c t i o n .
P r o p o s e d . — According to reports, this county purposes hold­
ing an election to vote on a proposition to issue $35,000
bridge bonds.
Enid School District (P. O. Enid), Garfield County, Okla.
— B o n d E l e c t i o n . — An election will be held soon to vote upon
a proposition to issue $250,000 high-school-building bonds.
Evangeline Township School District No. 1 (P. O. Boyne
City), Charlevoix County, Mich.— B o n d O f f e r i n g . — Proposals
will be received until 2 p. m . Nov. 27 by J. M. Harris, Secre­
tary Board of Education, for $12,000 5 % coupon bonds.
Denomination $1,000. Date Dec. 1 1909. Interest is
payable in Boyne City. Maturity $1,000 yearly on March 1
from 1911 to 1922 inclusive. Bonds are exempt from all
taxes. Certified check for 5 % , payable to the Secretary, is
required. Total debt, not including this issue, $33,000.
Assessed valuation for 1909 $1 ,300,000.
Everett, W a sh .— F i v e o f th e P r o p o s e d A m e n d m e n t s to the
C i t y C h a r te r C a r r i e d . — A t an election held in this city on
November 2, five out of eleven amendments to the city
charter were, according to Seattle papers, adopted. The
successful amendments relate to the maintenance of city
scales and the delivery of a certificate of weight; the creation
of a free municipal employment agency; letting of city
printing; limit of time for filing damage claims against city,
and making ordinances effective five days after publication.
Early returns had all of the eleven amendments defeated, as
was reported by us in last week’s “ Chronicle.”
Fillmore Union High School District (P. O. Fillmore),
Ventura County, Cal.— P r i c e P a i d f o r B o n d s . — C. E . Woodside & Co. of Los Angeles advise us that they paid 105.50 for
the $40,000 5 % 15)^-year (average) school bonds awarded
them on Oct. 19. This is on an interest basis of about
4 .5 0 4 % .
Denomination $1,000. Date Jan. 9 1910.
In­
terest annual.
Fort W orth, T ex.— B o n d O f f e r i n g . — Proposals will be
received until 12 m . Dec. I by W . J. Gilvin, Commissioner
of Finance and Revenue, for the $65,000 fire-hall, $135,000
street-improvement, $25,000 light-extension and $275,000
water-works extension 4 y 2 % bonds voted on Oct. 12.
V . 89, p. 1099.
D en om in a tion $ 1 ,0 0 0 .
D a te S e p t. 1 190 9.
In te re st se m i-a n n u a lly at
th e H a n ov er N a tion a l B a n k In N ew Y o r k C ity .
M a tu rity S e p t. 1 1949,
s u b je c t to call a fter S e p t. 1 1929. C ertified c h e ck tor 1 % o f the b o n d s bid
fo r , p a y a b le to the C om m issio n e r o f F in a n ce a n d R e v e n u e , Is requ ired .
B o n d s R e g i s te r e d . — The $150,000 5 % 20-40-ycar (optional)
sewer-system-extension bonds sold on Oct. 25 to William II.
Eddleman, President of the International Fire Insurance Co.
(V . 89, p. 1177), were registered on Nov. 9 by the State
Comptroller.




1367

Gloucester, M ass.— B o n d O f f e r i n g . — Proposals will be
received until 5 p. m . Nov. 23 by the Finance Committee,
care of Edward Dolliver, City Treasurer, for $20,000 4 %
coupon bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te N o v . 1 1909.
In te re s t se m i-a n n u a lly a t
th e First N ation a l B a n k o f B o s to n .
M a tu rity $ 2 ,0 0 0 y e a r ly o n N o v . 1
fr o m 1910 to 1919 In clu sive.
P u rch a ser to p a y a c c r u e d In terest.
B on d s
h a v e be e n ce rtifie d to as to th eir genuineness b y th e C ity T ru st C o . o f
B o s to n . T h e le g a lity o f this Issue has be e n a p p ro v e d b y R o p e s , G ra y &
G o rh a m o f B o s to n , a c o p y o f w h o se o p in io n w ill be d e liv e re d to p u rch a ser.

Grand Ledge, Eaton County, Mich.— B o n d S a l e . — The
S50,000 4 % coupon bridge-building bonds described in V .
89, p. 1100, were bought on N ov. 1 by Spitzer & Co. of Toledo
at 100.024 and accrued interest, less $700 for expenses. The
other bidders were:
P a r, less—
H arris T r . & S a v . B k ., C h ica go a$835 G rand
L e d g e S ta te
Bank,
W o o d ln , M cN e a r & M o o re .
G rand L e d g e ______________ a $ l,2 5 0
C h i c a g o ---------------------------------al.OOO T h o s. J . B o lg e r C o ., C h ic . . a l , 4 9 5
H . W . N o b le & C o ., D e t r o i t . . a l , 100 S . A . K e a n & C o ., C h ic a g o ___2,450
a A n d a c c r u e d Interest.
J o h n N u v e e n <5c C o . o f C h ica go b id fo r 4
a nd 5 % b o n d s.
M a tu rity
$ 5 ,0 0 0 in ea ch o f the ye a rs 1913, 1915, 1917, 1919, 1923, 1925, 1927, 1929,
1931 an d 1933.

Grand Rapids, Mich.— B o n d S a l e s . — On N ov. 1 $58,000
street and $8,000 sewer bonds were awarded to the Sinking
Fund at par and accrued interest for 4)^ s.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te M ay 1 1909.
tu r ity M ay 1 1910 a n d 1911.

In te re st s e m i-a n n u a l.

M a­

The four issues of coupon bonds offered on N ov. 15, and
described in V . 89, p. 1295, were disposed of as follows:
$80,000 4 ) ^ % 2-5-year (serial) street bonds awarded to the
Kent State Bank, representing R. L. Day & Co. of New
York City, at 100.60, and the three issues of 4 % 20-year
bonds aggregating $200,000 awarded to the Harris Trust
& Savings Bank of Chicago at 102.50.
Purchasers to pay
accrued interest. Following are the bids:
$ 1 0 0,00 0 $50 ,000 $ 50 ,000 $ 80 ,000
p u m p in g sta- en gin e
w ater
street
tion bonds, bonds,
bonds,
bonds.
H arris T ru st & S av in gs B a n k , C h i c a g o . . $ 102,560 $51 ,2 8 0 $51 ,280 _______
K e n t S tate B a n k , fo r R . L . D a y & C o .,
(fo r three Issues).......................................... ...............$20 1 ,8 0 0 ----------------- $80 ,480
M atth ew F in n , D e tro it ( fo r 3 Issues)____ __________ 2 0 4 ,2 1 0 --------------- 8 0 ,3 0 0
First N a t. B a n k , D e tro it (fo r 3 I s s u e s )..--------------- 2 0 4 ,5 6 0 ___________________
R e y n o ld s , W a ts o n & C o ., C h ica g o (fo r
the en gine a n d w a te r b o n d s ).................................... .......... $ 1 0 2 ,3 5 0 ____ _________
F irst N a tio n a l B a n k , C le v e la n d _________
_______
_______
_______
8 0 ,3 0 7
S e a s o n g o o d & M ayer, C in cin n a ti________
_______
_______
5 0 ,790 _______
C h ild , H ulsw lt & C o ., G ra n d R a p id s
(fo r $10 ,000 street b o n d s )..............................................................................
10,112

Grand Rapids, Itasca County, Minn.— B o n d O f f e r i n g .—
Proposals will be received until 8 p. m . Dec. 3 for $12,928
coupon Third Street improvement assessment bonds at not
exceeding 6 % interest.
In te re st se m i-an n u al.
M a tu rity p a rt y e a r ly fro m o n e t o five years In­
clu s iv e . C ertified c h e ck fo r 5 % o f b o n d s b id fo r Is re q u ire d . T h e a m o u n t
o f b o n d s t o be Issued m a y be r e d u ce d b y th e a m o u n t o f assessm ents p a id In
cash p rio r t o th e d a te o f sale. W . C. Y a n c e y Is V illa ge R e c o r d e r .

Grand Saline Independent School District (P. O. Grand
Saline), Van Zandt County, T ex .— B o n d s R e g i s t e r e d . — An
issue o f ;$3,000 5 % 10-30-year (optional) bonds was regis­
tered on N ov. 3 by the State Comptroller.
Granite, Greer’ C ounty,'O kla.— B o n d J S a l e . — The $30,000
water-works and the $15,000 electric-light 5 % 20-year bonds
voted on June 12 (V . 89, p. 60), have been bought by Chas.
S. Kidder & Co. of Chicago.
D e n o m in a tio n
N e w Y o r k C ity .

$500.
D a te J a n . 1 1909.
In te re st se m i-a n n u a lly In
T o ta l d e b t , these issues.
"
■ .
3K1

Grayson County Common School District No. 105, T ex.—
The State Comptroller registered $1,200
5 % bonds on N ov. 12. Maturity 10 years, subj'ect to call
after 5 years.
Grayson County Common School District No. 108, T ex.—
B o n d s R e g i s t e r e d . — W e are advised that the State Comp­
troller on N ov. 12 registered $1,500 5 % 5-15-year (optional)
bonds. M
A
' . . { J ..!>*.JL_L •’
’
# M 4
- Greenville, Hunt County, T ex.— B o n d s D e f e a t e d . — A propo­
sition to issue $20,000 water-works-improvement bonds was
defeated, it is stated, bv a vote of 37 “ for” to 297 “ against.”
Greenburgh,~Westchester"County^ N . Y . — Rond S a l e *^The $92,000 Elmsford drainage bonds offered on Oct. 15
and described in V . 89, p. 948, were sold to Adams & Co.
of New York City for $92,200 (100.21) for 4^£s. Maturity
part yearly on Oct. 6 from 1910 to 1931 inclusive.
W GreenvilleYSchool District, Plumas" County, Cal.— B o n d
S a l e . — On N ov. 4 S10,000 6 % 1-20-year (serial) school-build­
ing and improvement bonds were disposed of to F . W .,
M. A . and A . J. Schieser of Greenville at 106.02— a basis of
about 5 .2 4 7 % .
The bids were as follows:
B o n d s R e g i s t e r e d .—

F . W ., M. A . an d A . J . Sch lleser, G re e n v ille _________________________ 106.02
F irst N ation a l BankTof A u b u r n __________________________________ . . . 105.2510
S ta te B oa rd o f E x a m in e rs ____ ___________ _____________________________.104.50
B a rroll & C o ., San F r a n cis c o __________________________________________ 103.185
D e n o m in a tio n $500.
D a te J a n . 1 1910.
In terest se m i-an n u al.

Greensboro, N . C.— B o n d E l e c t i o n P r o p o s e d . — This city
is contemplating, according to reports, the holding of an
election to vote on the question of issuing $35,000 additional
school-building bonds.
- -.j j \ d ; ..j 4 i 4 j
Gresham, Multnomah County, Ore.— B o n d E l e c t i o n .—
On Dec. 7 this city will vote upon the question of issuing
$15,000 and $5,000 sewer bonds.
< 1 i -3 -1 4 -4
Hancock School District (P. O. Hancock), Houghton
County, Mich.— P u r c h a s e r o f B o n d s . — The Superior Na­
tional Bank of Hancock was the purchaser of the $20,000
school bonds recently disposed of. See V . 89, p. 1237.

1368

THE CHRONICLE

[VO L. L X X X IX .

These securities were awarded on July 12 to the Rudolph
Kleybolte Co. In c., of Chicago (V . 89, p. 550), but subse­
quently refused by them. The bonds were then submitted
to the voters for the second time and again authorized.
jgjjj

Jones County (P. O. Anson), T ex .— B o n d O f f e r i n g .—
Proposals will be received until 10 a. m. N ov. 22 by Jas. P .
Stinson, County Judge, for the $100,000 5 % coupon court­
house-construction bonds voted on Oct. 2.

Hardin County (P. O. Kenton), Ohio.— B o n d O f f e r i n g . —
Proposals will be received until 12 m . Nov. 22 by Elmer J.
Carey, Auditor, for $20,400 5 % ditch-construction bonds.

A u th o r it y C h ap ter 149 , L a w s o f 1899.
D e n o m in a tio n $50 0.
D a te
N o v . 10 1909.
In te re st A p ril anil O ct. In A u stin a n d a t the Chase N a tio n a l
B a n k In N ew Y o r k C ity .
M a tu rity 40 y e a rs, s u b je c t t o call a fte r 10 yea rs.
B o n d s are t a x -e x e m p t . C ertified c h e ck fo r $25 0, p a y a b le to th e C o u n ty
J u d g e , Is re q u ire d .
B o n d e d d e b t , In clu d in g this Issue, $13 3 ,0 0 0 .
F lo a t ­
in g d e b t , $ 1 2 ,0 0 0 . A ssessed v a lu a tio n fo r 1909 $ 1 4 ,5 8 8 ,6 1 0 .

A u th o r it y S ection s 4479-4481 an d 4482 R e v is e d S ta tu te s, w ith a m e n d ­
m en ts a n d su p p lem en ts t o sa m e.
D a te N o v . 22 1909.
In te re st sem i­
a n n u a l.
M atu rity as fo llo w s : $8,200 In 1910, $6,710 in 1011, $4,850 in 1912
a n d $640 in 1913. C ertified ch e ck fo r $500 o n a b a n k In K e n to n , p a y a b le
t o th e C o u n ty A u d ito r , Is r eq u ire d .
P u rch a se r t o p a y a c c r u e d Interest.

Hart Township (P. O. H art), Oceana County, Mich.-—
A proposition to issue $40,000 4 } ^ % high­
way-improvement bonds will be submitted to a vote of the
people on N ov. 23. Maturity $2,000 yearly from 1911 to
1930 inclusive.
B o n d E l e c t i o n .—

Hazel Graded Common
H azel), Calloway County,
will be received until 12
Secretary of the Board of
school bonds.

School District No. 74, (P. 0 .
K y .— B o n d O ffe r in g .— Proposals
m . Dec. 1 by E . B . Houston,
School Trustees, for $3,500 5 %

Joshua Independent School District (P. O. Joshua),
Johnson County, Texas.— B o n d s R e g i s t e r e d . — Bonds amount­
ing to $2,400 were registered on N ov. 10 by the State Comp­
troller. They carry 5 % interest and mature in 10 years,
but are subject to call after 5 years.
Kanawha County (P. O. Charleston), W . V a .— B o n d s
D e f e a t e d . — According to local papers the proposition to issue
$180,000 road bonds submitted to the voters on Oct. 30
(V . 89, p. 796) failed to carry.
Kandiyohi County (P. O. W illm ar), Minn.— B o n d s O f ­
f e r e d b y B a n k e r s . — In their circular for November, the Union
Investment Co. of Minneapolis is offering to investors $5,000
4 x/i % drainage bonds dated May 1 1909. '

A u th o r it y C h apter 113, S ectio n 4 48 1, K e n t u c k y S ta tu te s.
D e n o m in a ­
tio n $50 0.
D ate O c t . 1 1909. In te re st a n n u a lly a t th e B a n k o f H azel.
M a tu rity 20 yea rs, s u b je c t to call a fte r 5 y e a rs. N o d e b t a t p resen t.
A ssessed v a lu a tio n $ 15 0,00 0.

In te re st s e m i-a n n u a lly a t the N o rth w e ste rn N a tio n a l B a n k in M in neapolis.
M atu rity J u ly 1 1916. T o ta l d e b t , In clu d in g this Issue, $ 1 5 3 ,7 7 9 .3 7 .
A s­
sessed v a lu a tio n $ 8 ,1 1 3 ,4 4 6 .
R e a l v a lu e (estim ated ) $ 1 9 ,0 0 0 ,0 0 0 .

Hazleton, Gibson County, In d.— B o n d S a l e . — An issue
of $4,500 5 % 12-20-year (serial) coupon water-works bonds
has been purchased by Chas. S. Kidder & Co. of Chicago.

B ond

D e n o m in a tio n $50 0.
H a z le to n .
B on ds are
v a lu a tio n $22 9 ,6 3 0 .

D a te F e b . 1 1909.
In te re st se m i-a n n u a lly In
t a x -e x e m p t . T o t a l d e b t , th is Issue.
Assessed

Hempstead Union Free School District No. 24, N . Y . —
S a l e . — An issue of $3,000 5 % bonds has been sold.
Interest is payable at the Bank of Long Island in Far
Rockaway. *
1 Hollywood Union High'School District, Cal.— B o n d S a l e .—
It is reported that the $100,000 4 ^ % polytechnic-highschool bonds offered on N ov. 8 and mentioned in V . 89, p.
1177, were awarded to James II. Adams & Co. of Los
Angeles at 101.503.
►' Hominy, Osage County, Okla.— B o n d O f f e r i n g . — Proposals
will be received by G. F . Stohr, Chairman Board of Trustees,
for $36,000 water and sewerage bonds.
Hondo Independent School District (P. O. Hondo),
Medina County, Texas.— B o n d s R e g i s t e r e d . — On N ov. 10
the State Comptroller registered $10,000 5 % 5-40-year
(optional) bonds of this district.
Hood County (P. O. Granbury), T ex.— B o n d E l e c t i o n . —
Upon petition of tax-payers in District N o. 1, an election
has been ordered for N ov. 20 to vote on the question of issuing
$25,000 road bonds.
Hood River, Wasco County, Ore.— B o n d s V o t e d . — Oregon
papers state that this city on N ov. 12 authorized the issu­
ance of bonds for the installation of a municipal water system
by a vote of 170 “ fo r " to 80 “ against."
Houston, T ex.— B o n d O f f e r i n g . — Proposals will be re­
ceived until 12 m. Dec. 15 for the $100,000 4 ^ % street-pav­
ing bonds mention of which was made in V . 89, p. 796.
B ond

D a te S e p t. 7 1909.
In tere st se m i-a n n u a lly a t th e U n ion T ru s t C o. In
N ew Y o r k C ity .
M a tu rity 30 y e a rs, s u b je c t t o call a fte r 20 yea rs. C erti­
fied ch e ck on a H o u s to n ban k fo r 1 % o f (b o n d s , p a y a b le _to H . B . R ic e ,
M a y o r , Is req u ired .
D a n . C. S m ith J r . Is C ity S e cre ta ry .

Itasca County School District No. 1, Minn.— B o n d s O f ­
Bonds to the amount of $80,000 are be­
ing offered to investors by the Union Investment Co. of
Minneapolis.

fe r e d b y B a n k e r s .—

^ D e n o m i n a t i o n $ 1 ,0 0 0 .
D a te Auer. 2 1909.
In terest at the rate o f 5 % ,
p a y a b le sem i-a n n u a lly In M in neapolis o r N ew Y o r k C ity . T o ta l d e b t,
In clu d in g this Issue, $11 0 ,0 0 0 .
A ssessed v a lu a tio n $ 5 ,0 4 6 ,6 6 6 .
R eal
v a lu a tio n (estim ated) $ 1 0 ,0 9 3 ,3 3 2 .

Jackson Parish (P. O. Vernon), L a .— N o B o n d E l e c t i o n . —
Referring to the reports that an election was to have been
held Oct. 26 to vote on the question of issuing court-house
bonds, the Clerk of the Court advises us that this election,
which will not be held until N ov. 30, is not to vote on the
issuance of bonds but is merely a referendum, the Police Jury
having allowed the people to vote on whether two mills of
the regular ten mills which is levied every year shall be set
aside for a court-house for Jackson Parish and whether a
court-house shall be built now at Vernon in said Parish.
“ If it is voted to build and the tax is levied, certificates of
payment will be issued by the Police Jury for unpaid portions,
since a proposition of this kind has been made in view of such
an authorization.”
Jamestown, Chatauqua County, N . Y . — B o n d S a l e . — On
N ov. 12 N . W . Harris & Co. of New York City were awarded
$50,000 4 ) ^ % 20-year hospital bonds at 105.21 and interest—
a basis of about 4 .1 1 6 % . Denomination $1,000. Date day
of issue. Interest semi-annual. These bonds were offered
without success (V . 89, p. 1296) on Oct. 27.
Jefferson, Ashtabula County, Ohio.— B o n d E l e c t i o n . —
Local papers state that an election will be held Dec. 4 to
vote upon the question of issuing $20,000 sewage-disposalplant bonds.
Johnstown, Cambria County, Pa.— B o n d S a l e . — On Nov. 16
the Washington Investment Co. of Pittsburgh bought
$30,000 4 % bridge bonds at par. Denomination $1,000.
Maturity 1925, subject to call after 1915. These bonds were
offered but not sold (V . 89, p. 1237) on N ov. 1.




Kansas City Park District (P. O. Kansas C ity), M o.—
S a l e . — Two issues of 7 %
park bonds, aggregating
$140,755 30, were sold on N ov. 15 to the Travelers’ Insurance
Co. of Hartford at 105.14 and accrued interest. A bid at
par was also received from the Fidelity Trust Co. of Kansas
City.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate J u ly 1909. In te re st s e m i-a n n u a l.
M atu r­
ity p a rt y e a r ly fro m on e t o tw e n ty y e a rs In clu sive, b u t s u b je c t t o call a t
a n y In te re st-p a y in g p e r io d .

Kenton, Hardin County, Ohio.— B o n d S a l e . — On N ov. 15
$4,300 sewer-assessment and $4,500 water-works (city’s
portion) bonds were disposed of, the former issue to the New
First National Bank of Columbus at 102.162 and the latter
issue to J. W . Dougherty of Kenton at par. Purchasers to
pay accrued interest. Following are the bids:
5 4 ,3 0 0
$ 4 ,5 0 0
bonds.
bonds.
$4,4 6 0 00
N ew F irst N a tio n a l B a n k , C o lu m b u s_________________ $4,393 00
J . I I . D o u g h e r ty , K e n t o n ____ ________________________ _________ 4 ,5 0 0 OO
F irst N a tio n a l B a n k ,} F o r b o th Issues__________________ ______ $8,8 0 5 00---------C le v e la n d ,
/ F o r sew er b o n d s ................................ 4,3 8 2 00
_______
S e a so n g o o il & M ayer, C in c in n a ti______________________ 4,3 6 5 79
_______
K e n to n S av in gs B a n k , K e n t o n . . _______ _______________ 4,351 00
_______
B reed & H arrison, C in c in n a ti________ _________________—------- - 8 ,8 1 0 0 0 ---------All b id d ers otfered a ccru e d Interest In a d d itio n t o th eir b id s. T h e $ 4 ,3 0 0
sew er b o n d s c a rry Interest a t th e rate o f 5 % , p a y a b le se m i-a n n u a lly In
A p ril an d O tc o b e r .
D e n o m in a tio n $86 0.
D ate S e p t. 10 1909.
M a tu rity
$860 y e a r ly o n A p ril 1 fro m 1911 to 1915 In clu sive.

K ey W e st, Monroe County, Fla.— B o n d s V o t e d . — On N ov. 9
the electors authorized the issuance of the $240,000 5 %
30-50-year (optional) street-improvement bonds mentioned
in V . 89, p. 427. The vote was 855 “ for” to 207 “ again st."
Kirkland, Childress County, T ex .— B o n d O f f e r i n g . — Pro­
posals will be received at any time by J. W . Wilder, Secre­
tary, for $8,000 5 % 10-40-year (optional) school bonds.
Certified check for 2 % of bid is required.
Klamath Falls, Klamath County, Ore.— B o n d s A u t h o r i z e d .
— An issue of $45,000 sewer bonds will, according to reports,
shortly be offered for sale by this city.
Knoxville, Tenn.— B o n d s A u t h o r i z e d . — Ordinances provid­
ing for the issuance of the following 5 % coupon assessment
bonds were passed Oct. 4:
$2,569 93 I m p r o v e m e n t D istrict N o . 68 b o n d s. D e n o m in a tio n 2 b o n d s o f
$1,000 an d o n e b o n d o f $569 93.
7,2 0 6 48 Im p r o v e m e n t D istrict N o . 60 b o n d s .
D e n o m in a tio n 7 b o n d s
o f $1,000 each an d o n e b o n d o f $206 48.
5,088 79 Im p r o v e m e n t D istrict N o . 53 b o n d s.
D e n o m in a tio n 4 b o n d s
o f $1,000 ea ch , on e b o n d o f $544 39 an d on e o f $544 40.
A u th o rity C h apter 278 , A cts o f 1905, an d a m e n d m e n ts; C h a p te r 549 ,
A cts o f 1909.
D a te A u g . 27 1909.
In te re st a n n u al. M a tu r ity , A u g . 27
1914.

In addition to the above, ordinances have also been passed
providing for the issuance of $5,741 85 Improvement District
N o. 43 and $774 23 Improvement District N o. 46 5 %
coupon bonds.
T h e fo rm e r Issue Is In d e n o m in a tio n s o f $ 1 ,0 0 0 , e x c e p t o n e b o n d o f
$741 85, w hile the la tte r issue co n sists o f o n e b o n d .
D a te O ct. 1 1909.
In te re st a n n u a lly In K n o x v ille .
M a tu rity O ct. 1 1914.

Las Vegas, Lincoln County, N ev.— B o n d s V o t e d . — A re­
cent election resulted in favor of the issuance of $30,000
bonds for a sewerage system.
Latah County (P. O. Moscow), Idaho.— N o B o n d E l e c t i o n
P r o p o s e d . — According to the Clerk, there is no truth in the
reports that this county is considering the question of hold­
ing a $100,000 bond election.
Laurel, Yellowstone County, M ont.— B o n d E l e c t i o n . — In
response to our inquiry as to what action had been taken in
the matter of issuing the $10,000 bonds which, it was re­
ported, this town had under consideration, we are advised
that an “ election for water-works and sewer-system bonds
will be held in December.”
Lavonia, Franklin County, Ga.— B o n d O f f e r i n g . — W . N .
Harrison, Town Treasurer, is offering at private sale the
$5,000 5 % school bonds voted (V . 89, p. 797) on Sept. 4.
D e n o m in a tio n $500.
D ate N o v . 1 1009.
In te re st a n n u al.
N o bonded
o r floa tin g d e b t a t p resen t. A ssessed v a lu a tio n 1009 $ 6 0 0 ,0 0 0 .

Lebanon, Warren County, Ohio.— P r i c e P a i d f o r B o n d s .—
The price paid for the $2,000 5 % 2-year refunding bonds
awarded on N ov. 1 to local banks (V . 89, p. 1296) was par
and accrued interest. Denomination $500. Date Oct. 1
1909. Interest annual.

Koy. 20 1909 i

THE CHRONICLE

1 3 6 9

Massac County (P. O. Metropolis), 111.— Bonds Defeated.—
Lehigh, Coal County, Okla.— Price Paid for Bonds.— We
are advised that the Thos. J. BolgerCo. of Chicago paid 105 The voters of this county on Nov. 2 defeated a proposition
for the $12,500 6% 25-year electric-light bonds, the sale of to issue $25,000 road and bridge bonds. The vote was 489
which was mentioned in Y. 89, p. 1296. The bonds were “ for” to 613 “ against.”
awarded on April 22.
Massillon School District (P. O. Massillon), Ohio.— Bonds
Lemmon, Perkins County, S. D.—Bond Offering.— Pro­ Defeated.— The election held Nov. 2 resulted in the defeat
posals will be received until Dec. 6 by W. W. Webb, City of the propositions to issue the $80,000 high-school and
Auditor, for $25,000 water-works bonds at not exceeding $20,000 graded school bonds mentioned in V. 89, p. 1101.
Mecklenburg County (P. O. Boydton), Va.—Bond Sale.—
5% interest.
Authority, election held June 15 1909. Maturity 20 years. Certified An issue of $50,000 5% road-improvement bonds has been
check for $500 is required.
purchased by the Thos. J. Bolger Co. of Chicago.
Denomination $1,000. Date May 1 1909. Interest annual. Maturity
Lincoln, Neb.— Bond Sale.— The Lincoln Safe Deposit part
je ir ly from 1910 to 1940 inclusive.
& Trust Co., offering to pay par and accrued interest and also
Tenn.— Interest Rate on Paving Bonds Increased.
furnish blank bonds, was the successful bidder on Nov. 15 — Memphis,
Local papers report that at a meeting of the Board of
for the four issues of 1-10-year (serial) assessment bonds, ag­ Public Works held Nov. 15 an ordinance was passed on
gregating $11,225, described in V. 89, p. 1296. The First its final reading increasing the rate of interest on the $425,000
National Bank of Cleveland offered par and accrued interest paving bonds to 4J^%. This action is urged, owing to the
and $27 premium.
unsuccessful attempts to sell these bonds at a lower rate of
Linden, Marengo County, Ala.— Bond Offering.— Propos­ interest.
als will be received until 12 m. Nov. 22 by John E. Hecker,
Meridian, Lauderdale County, Miss.—Bonds Authorized.—
Mayor, for $10,000 5% gold coupon school-building bonds. The City Council recently authorized the issuance of $50,000
Denomination $1,000. Date July 1 1909. Interest semi-annually at bonds to pay the city's portion of street paving.
the National Park Hank of New York City. Maturity 1934. Bonds are
exempt from taxation. Certified check for $500, payable to the Mayor,
Mexia School District (P. O. Mexia), Limestone County,
is required. Total debt, this issue. Assessed valuation 1909 $220,000.
Tex.— Bonds Authorized.— According to Texas papers an
Lockland, Hamilton County, Ohio.— Bond Offering.— issue of $10,000 school bonds has been authorized by this
Proposals will be received until 12 m. Dec. 13 by C. E. Troy, district.
Village Clerk, for $2,250 4 j^ % McLaren Avenue (village’s
Middlesex County (P. O. Lowell), Mass.— Note Offering.—
portion) bonds.
Proposals will be received until 10 a. m. Nov. 23 by the
Authority, Sections 50, 50a, 51, 52 and 53, Municipal Code. Denomi­ County Commissioners, Levi S. Gould, Chairman; Samuel
nation $225. Date Oct. 1 1909. Interest semi-annual. Maturity Oct. 1
1919. Certified check for 5% of bonds bid for, made payable to the O. Upham and Chas. H. Richardson, for $35,000 4 %
Village Treasurer, Is required. The bonds will be delivered within 10 days training-school notes.
from the time of award.

Purchaser to pay accrued Interest.

Lorain, Lorain County, Ohio.— Bonds Authorized.— This
city has authorized the issuance of $8,000 bonds. We are
informed, however, that they will not be issued for some
time.
Los Gatos School District (P. O. Los Gatos), Santa Clara
County, Cal.—Bond Election.— This district, according to
San Jose papers, will shortly ask the voters to decide whether
they are in favor of the district issuing $10,000 bonds for
the installation of a complete new heating, ventilating and
sanitary apparatus for the local grammar school or $60,000
bonds for an entire new school building.
Macon, Ga.— Bond Offering.— Proposals will be received
until 12 m. Nov. 23 by It. J. Taylor, President Macon Bond
Commission, for the following coupon bonds:
$10,000
14.000
16.000
5.000
16.000

4%
4%
4%
4%
5%

ref’d’g bonds.Denomination $1,000. Maturity Dec. 1 1931.
ref’d’g bonds.Denomination $1,000. Maturity Jan. 1 1932.
ref’d’g bonds.Denomination $1,000. Maturity Jan. 1 1933.
ref’d’g bonds.Denomination $1,000. Maturity Jan. 1 1934.
and 5M % market-house bonds. Denomination $500. Ma­
turity Jan. 1 1918.
30.000 4
and 4)1% deficiency bonds. Denomination $1,000. Ma­
turity July 1 1927.
6.000 3% and 3 M % bridge and Improvement bonds. Denomination
$1,000. Maturity March 1 1911.
10.000 3% and 3M % bridge and Improvement bonds. Denomination
$1,000. Maturity March 1 1910.
10.000 3% and 3 V i % bridge and Improvement bonds. Denomination
$1,000. Maturity March 1 1926.
20.000 3% and 3 H % bridge and Improvement bonds. Denomination
$ 1 , 000 . Maturity March 1 1931.
84.000 5% and 5 H % sewer bonds. Denomination $1,000. Maturity
July 1 1923.
The first four issues have been put out by the City of Augusta, while the
remaining ones have been Issued by the City of Macon. The above are not
new Issues, but securities held by the Bond Commission of Macon as a sink­
ing fund for the redemption of Macon 6 % bonds due Jan. 1 1910.

Mapleton, Blue Earth County, Minn.— Bond Sale.— The
First National Bank of Mapleton was awarded the $7,000
5% refunding bonds described in V. 89, p. 1237, on Nov. 15
at 101 and accrued interest. A list of the bidders follows:
First Nat. Bank, Mapleton.$7,070
U. M. Stoddard & Co., Minn.7,068
Security Trust Co., St. Paul 7,040
Minn. Loan Sc Tr. Co., Minn.7,025

00 S. A. Kean & Co., Chicago..$7,021
50 F. E. Magraw, St, Paul------- 7,000
00 C. H. Coffin, Chicago...............6,901
00

A bid was also received from the Wells & Dickey Co. of
Minneapolis. The bonds are dated Jan. 1 1910 and mature
$1,000 yearly on July 1 from 1913 to 1919 inclusive.
Marion, Marion County, Ohio.— Bond Sale.— The $1,350
4% Prospect Street improvement (city’s portion) bonds
described in V. 89, p. 1101, were sold on Nov. 11 to the
Marion Savings Bank Co. of Marion for $1,351 (100.074)
and accrued interest. There were no other bidders. Ma­
turity $450 on March 1 in each of the years 1912 and 1913
and $450 on Sept. 1 1912.
Marshall, Harrison County, Tex.— Bond Sale.— The
$35,000 5% 10-40-year (optional) water-system-improve­
ment bonds described in V. 89, p. 1296, were sold on Nov. 15
to the Thos. J. Bolger Co. of Chicago at 101.50 and accrued
interest.
Marshall County (P. O. Plymouth), Ind.— Bonds Au­
thorized.— The County Council has authorized the issuance
of $15,000 coupon court-house-repair bonds at not exceeding
5% interest.
Denomination $1,000. Date Dec. 10 1910. Interest annually at the
First National Bank of Marshall County In Plymouth. Maturity $2,000
yearly on Dec. 10 from 1911 to 1916 Inclusive and $3,000 on Dec. 10 1917.
Bonded debt, this Issue. Assessed valuation 1909, $17,849,120.

Martinsville, Henry County, Va.—Bond Offering.— Pro­
posals will be received until 12 m. Dec. 4 by Jno. W. Carter,
agent, for $35,000 5% coupon electric-light (4th Series)
bonds.
Date Dec. 1 1909. Interest semi-annually at the Town Treasurer’s of­
fice. Maturity Dec. 1 1943. Deposit of 2% of bid required.




Authority, Chapter 351, Acts of 1909. Denomination $5,000. Date
Dec. 1 1909. Interest semi-annual. Maturity $5,000 yearly on Dec. 1
from 1911 to 1917 Inclusive. Accrued Interest, if any, to be paid by the
purchaser.

Middletown, Butler Co., Ohio.— Bond Sale.— On Nov. 15
the $7,610 4 % % 1-10-year (serial) coupon Fourth Street
and Middle Alley paving assessment bonds described in
V. 89, p. 1297, were awarded to Hoehler & Cummings of
Toledo at 101.425 and accrued interest— a basis of about
4.208%. Following are the bidders and the premiums of­
fered by the same:
Hoehler & Cummings, Tol-.$108 501Well, Roth & Co., Cincln___ $88.75
First National Bank, Cleve.. 108 001 New First Nat. Bank, Colum. 83.71
Seasongood S c Mayer, Cincln. 90.00|Prov. Sav. Bk. & Tr. Co., Cln. 76.10

Mifflin Township School District (P. O. Munhall), Alle­
gheny County, Pa.— Bond Sale.— This district on Nov. 12,
it is stated, awarded the $65,000 4 % % school bonds described
in V. 89, p. 1238, to J. S. & W. S. Kuhn Inc., of Phila­
delphia. Maturity $5,000 on Nov. 15 every 3 years from
1912 to 1933 inclusive and $5,000 yearly from 1935 to 1939
inclusive.
Miller County (P. O. Tuscumbia), Mo.— Bonds Defeated.—
An election held Oct. 29 resulted in the defeat of a proposi­
tion to issue $30,000 court-house bonds.
Milwaukee County (P. O. Milwaukee), W is.—Bond Elec­
tion.— It has been decided to submit a proposition to issue
court-house-construction bonds to a vote of the people at
the next election in April.
Mingus Independent School District (P. O. Mingus),
Palo Pinto County, Tex.— Bonds Not Sold.— Up to Oct. 19
no sale had yet been made of the $8,500 5% 20-40-year
(optional) school-building bonds offered on Oct. 4 and
described in V. 89, p. 873.
Mississippi Levee District, Miss.— Maturity of Bonds.—
We are informed that the $450,000 4J^% bonds, the sale of
which was mentioned in V. 89, p. 1238, mature Sept. 1 1934,
but are subject to call after Sept. 1 1919.
Mitchell County (P. O. Bakersville), N. C.— No Bond
Election.— We are advised that the reports that a $200,000
railroad-aid bond election would be held in this county are
erroneous.
Monessen, Borough School District (P. O. Monessen)
Westmoreland County, Pa.— Bond Election.— An election
will be held in February to vote on the issuance of $50,000
coupon building and refunding bonds. Denomination $1,000.
Monguagon Township School District No. 1, Wayne
County, Mich.— Bond Sale.— W. E. Moss & Co. of Detroit
have been awarded $7,000 4
1-7-year (serial) refunding
school bonds at 100.385. Following are the bids:
W . E. Moss S c Co., Detroit.$7,027 0 0 1Farwell Trust C o., Chicago.$7,017 00
Bumpus-Stevens Co., Det. 7,025 501
Denomination $1,000. Date Nov. 18 1909. Interest semi-annual.

Montgomery, Ala.— Bids Rejected.— We are informed that
all proposals submitted on Nov. 15 for the $50,000 5% pav­
ing bonds described in V. 89, p. 1178, were irregular. They
were therefore rejected.
Montgomery County (P. O. Red Oak), Iow a.— Bonds De­
feated.— The voters of this county on Nov. 9 defeated a
proposition to issue $50,000 hospital bonds.
Monticello School District, Tex.— Bonds Voted.— A propo­
sition to issue school bonds has been favorably voted by
this district.
Morgan Township (P. O. Ardmore), Carter County, Okla.
— Bond Offering.— The Township Board, G. J. Erwin, Clerk,
is offering for sale $40,000 6% road-improvement bonds.
Authority election held June 26 1909; also an Act of the Legislature ap­
proved March 20 1909. Date July 1 1909. Interest semi-annual. Ma­
turity 25 years, subject to call after 10 years.

THE CHRONICLE

1 3 7 0

[VOL LXXXIX.

Mountain View (P. 0 . Knoxville), Knox County, Tenn.—■ of Education informs us that this district is now ready to
Bonds Voted.— The proposition to issue the §20,000 5 }4 % offer for sale the §10,000 brick-school-house bonds voted
30-year street bonds mentioned in V. 89, p. 1101, was (V. 89, p. 243) last July.
favorably voted upon October 30.
Obion, Obion County, Tenn.— Bond Election.— An election
Mount Pleasant, Titus County, Tex.— Bond Election.— It is will be held shortly, it is stated, to vote upon propositions to
reported that the election to vote on the question of issuing issue §30,000 bonds for electric-light and water-works,
the §32,000 school-building bonds (V. 89, p. 1101) will be 815,000 for streets and side-walks and §10,000 for school
purposes.
held on Nov. 27.
Ogallala, Keith County, Neb.— Bonds Defeated.— An
Murray, Calloway County, K y.— Bond Offering.— Pro­
posals will be received until 8 p . m . Dec. 17 by J. T. Parker, election held Oct. 19 resulted in the defeat of a proposition
City Clerk, for §23,000 5% water-works and electric-light to issue §25,000 5% water bonds.
Okeene, Blaine County, Okla.— Bond Offering Postponed.—
bonds.
Authority Chapter 80, Article VI., Section 3637, Kentucky Statutes. The time for receiving bids on the §30,000 6% 25-year
Denomination $300. Date Jan. I 1910. Interest semi-annually at the
Bank of Murray. Maturity 20 years, subject to call after 5 years. No debt water-works bonds described in V. 89, p. 1238, has been
extended from Nov. 15 to Dec. 15. Interest June and De­
at present. Assessed valuation $777,956.
Myrtle Point, Ore.— Bond Offering.— Proposals will be cember.
received until 7:30 p. m. Dec. G by I. E. Rose, City Re­
Oklahoma.— Bonds Offered by Bankers.— In their circular
corder, for §22,000 gold coupon water bonds (Series “ B” ) for October the H. 0. Speer & Sons Co. of Chicago is offering
at not exceeding 6% interest.
to investors the following 6% school district bonds, the sales
Denomination from $100 to SI,000. Date Dec. 13 1900. Interest semi­ of which have not been previously reported in the “ Chronicle”
annual. Maturity 30 years, subject to call after 20 years.
for $500, payable to the City Recorder, is required.

Certiiled check

Natchez, Miss.— Bond Election.— An election will be held
on Jan. 28 1910, it is reported, to vote upon a proposition to
issue §50,000 bonds in aid of the Mississippi Western RR.
New Bern, Craven County, No. Caro.— Bond Offering.—
Proposals will be received until Dec. 7 by F. T. Patterson,
City Clerk, for the §50,000 5% coupon paving bonds voted
on Oct. 12.
Authority, Special Act, Chapter 61, Private Laws of 1907. Denomina­
tion $1,000. Date, day of sale. Interest semi-annual. Maturity 30
ears.
Ccrtifled check for $250, made payable to the "City of New Bern,”
S
i r e q u ir e d .

New Britain, Hartford County, Conn.— Bonds Not to be
Issued at Present.— We are informed that no action will be
taken looking towards the issuance of the §250,000 4%
30-year water-supply bonds described in V. 89, p. G14,
“ for some time.”
New Castle County (P. O. Wilmington), Del.— Bond Sale.
— The Wilmington Savings Fund Society on Nov. 16 was
awarded, it is stated, the 845,000 4% gold coupon highwayimprovement bonds described in V. 89, p. 1297. The price
paid by them was 101.125. Maturity §15,000 on July 1
in each of the years 1953, 1954 and 1955.
Newcastle School District (P. O. Newcastle), Henry
County, Ind.—Bond Sale.— An issue of §21,000 4
re­
funding bonds was awarded on Nov. 10 to Breed & Harri­
son of Cincinnati at “ par and expenses.”
Denomination $500. Date Nov. 10 1909.
turity “ 10 to 20 years.”

Interest semi-annual.

Ma­

Newton, Jasper County, 111.— Bonds Voted.— Bond Offer­
ing.— An election held Nov. 2 resulted in favor of a proposi­
tion to issue §5,000 5% coupon water and light bonds. Ma­
turity part yearly on Dec. 1 from 1920 to 1924 inclusive.
The vote was 186 “ for” to 133 “ against” . Proposals for
these bonds will be received until 7 p. m. Nov. 22 by J. W.
Matheny, City Clerk.
Denomination $1,000. Date Dec. 1 1909. Interest annually in Newton.
Bonds are tax-exempt. Certified check for $250, payable to the City Clerk,
Is required. Bonded debt, including this issue, $15,200. Assessed valua­
tion, $254,259.

A m o u n t
P la ce Iss u in g B o n d s—
O ffer ed .
Adair County S. D. No. 37____$1,000
Atoka County S. D. No. 26___ 10,000
Choctaw County S. D. No. 1 0 .. 1,000
Choctaw County S. D. No. 15._ 1,000
Choctaw County S. D. No. 2 1 .. 3,000
Coal County S. D. No. 3 _______ 6,000
Craig County S. I). No. 18........... 1,000
Craig County S. D. No. 54_____ al,200
Creek County S. D. No. 31--------- 5,000
Garvin County S. D. No. 27____4,000
Haskell County S. D. No. 10___02,875
Haskell County S. D. No. 4 2 .. . 2,500
Hughes County S. D. No. 1___ c l ,600
Hughes County S. D. No. 17__ 1,500
Hughes County S. D. No. 47__ 8,000

Johnston County S. D. No. 3 4 .. 8,000
Johnston County S. D. No. 3 7 .. 5,000
Latimer County S. D. No. 10__ 1,000
Latimer County S. D. No. 18__ 2,000
LeFlore County S. D. No. 3 __ 5,500
Le Flore County S. D. No. 3 5 .. 3,500
Le Flore County S. D. No. 7 1 .. C750
McClain County S. D. No. 6 ___ 9,000
McClain County S. I). No. 7 ___ 1,000
McClain County S. D. No. 40__ cl ,250
McIntosh County S. D. No. 2 8 .. 1,500
McIntosh County S. D. No. 60. 1,000
Marshall County S. D. No. 4 __ 12,500
Mayes County S. D. No. 5_____ 1,500
Mayes County S. D. No. 15____ 1,500
Mayes County S.D. No. 49______ 1,000
Mayes County S. D. No. 50__ /850
Mayes County S. D. No. 54__ 0800
Muskogee County S. D. No. 6 6 . 1,500
Muskogee County S. D. No. 75 At,400
Muskogee County S. D. No. 87. 1,500
Okmulgee County S. D. No. 39.al,200
Okmulgee County S. D. No. 40.al.200
Osage County S. D.No. 15____ 2,000
Osage County S. D.No. 27____ 3,000
Osage County S. I).No. 45___
500
Osage County S. D.No. 52_____2,000
Pawnee County S. D. No. 9 ___ 5,000
Payne County S. D. No. 103__ 4,000
Pittsburg County S. D. No. 19. 5,000
Pittsburg County S. D. No. 25. 4,000
Pittsburg County S. D. No. 45. 1650
Pittsburg County S. D. No. 63. 9,000
Pittsburg County S. D. No. 6 6 . 7,000
Pontotoc County S. D. No. 4 7 .. 3,500
Rogers County S. D. No. 38___ e l,250
Sequoyah County S. D. No. 5_. 5,000
Sequoyah County S. D. No. 15. 1,500
Sequoyah County S. D. No. 16. A400 .
Sequoyah County S. 1). No. 21.A1.400
Sequoyah County S. D. No. 24. 1,500
Sequoyah County S. I). No. 44. 2,000
Sequoyah County S. D. No. 46. 1,500

D a le o f
B o n d s.

D a te o f
M a tu r ity .

July 1 1929
1909
July 1 1929
25 1909
July 1 1929
7 1909
July 1 1929
23 1909
Jan. 1 1929
17 1909
9 1909 $3,000 Jan.l’ 17&’24
July 1 1919
7 1909
July 1 1919
10 1909
July 1 1929
1 1909
Jan. 1 1929
3 1909
Jan. 1 1929
1 1909
July 1 1929
9 1909
July 1 1929
1 1909
Jan. 1 1929
15 1909
13 1909/$l,000Jan 1’ 14,$3,1000,’ 10&$4,000, 24
Jan. 1 1929
Juno 15 1909
July 5 1909 $2,500 J’ly l’ 19&’29
July 1 1929
Aug. 9 1909
July 1 1929
July 29 1900
Jan. 1 1929
Juno 22 1909
Aug. 9 1909
July 1 1929
Feb. 20 1909
Jan. 1 1929
Jan. 1 1929
Juno 9 1909
Jan. 1 1929
June 26 1909
Jan. 1 1920
June 1 1909
Jan. 1 1929
June 3 1909
Jan. 1 1929
Juno 30 1909
Jan. 1 1929
Jan. 1 1909
July 1 1019
Aug. 17 1909
July 1 1929
July 13 1909
Jan. 1 1929
May 10 1909
Jan. 1 1924
Men. 13 1909
July 1 1919
July 13 1909
July 1 1929
Aug. 30 1909
July 1 1929
Aug. 25 1909
July 1 1919
Aug. 19 1909
July 1 1910
Aug. 3 1909
July 1 1919
Juno 4 1909
July 1 1929
July 24 1909
July 1 1020
July 3 1909
Jan. 1 1929
April 24 1909
July 1 1929
July 7 1909
July 1 1929
July 15 1909
May 13 1009/$ 1.OOOJan. 1 24 , ’26,
1
’28 and ’ 2 0 .
Jan. 1 1920
Mch. 20 1909
April 1 1929
April 1 1909
Jan. 1 1929
July 15 1909
July 1 1919
J unc 21 1909
July 1 1929
Juno 1 1909
July 1 1929
July 14 1909
July 1 1929
Aug. 2 1909
Jan. 1 1924
Aug. 1 1909
July 1 1919
May 25 1909
Jan. 1 1919
April 20 1909
Jan. 1 1919
Aug. 4 1909
Jan. 1 1919
Juno 28 1909
Jan. 1 1929
May 11 1909
April 1 1909 /$ 1,000 Jan. 1 1919
\ 500 Jan. 1 1929
July 1 1909
July 1 1929
Jan. 1 1929
May 19 1909
Aug. 18 1909
July 1 1919
Aug. 12 1909
July 1 1919
July 6 19091f$400 July 1 1912,
i.1914, 1916 & 1919
July
Sept.
Aug.
July
May
June
Sept.
Juno
July
Aug.
June
Aug.
July
May
May

1

Nickerson, Reno County, Kan.— Bonds Defeated.— A prop­
osition to issue §35,009 water and light bonds was defeated
at the election held Nov. 2.
Noble Township (P. O. Belle Valley), Noble County, Ohio. Tillman County S. D. No. 249..15,000
— Bonds Not Sold.— No bids were received on Nov. 6 for an Tulsa County S. D. No. 5______ 1,500
Washington County S. D. No. 5 2,000
issue of §3,200 4% bonds offered on that date.
Washington County S. D. No. 12 1,500
Norris City School District No. 28 (P. O. Norris City), Washington County S. D. No.21 c l ,600
White County, 111.— Bond Sale.— During the month of Oc­
a One $200 bond; ft one $375 bond; c four $ 100 bonds; e ono $250 bond;
tober the YVm. It. Compton Co. of St. Louis purchased
/ one $350 bond: g one $300 bond; A one $400 bond; i ono $150 bond.
§4,900 6% school bonds on a basis of 5% .
Kxcept as otherwise Indicated, the abovo bonds are In denominations of
Denomination $309. Date Aug. l 1909.
from 1911 to 1920 Inclusive.

Interest annual.

Maturity

$500. Interest Jan. 1 and July 1 at the National Bank of Commerce In
New York City.

North Platte, Lincoln County, Neb.— Bond Offering.—■
Omaha, Neb.— No Action Yet Taken.— Up to Nov. 13 no
Proposals will be received until 12 m. Nov. 30 by Chas. F. action had yet been taken looking towards the issuance of
Temple, City Clerk, for the §100,000 5% coupon water-works the §6,500,000 4% 30-year coupon bonds voted on May 4
bonds mentioned in V. 89, p. 950.
to purchase the plant of the Omaha Water Co. See V. 88,
Authority, Section 8927, Chapter 37, Cobbey’s Compiled Statutes of p. 1267.
Nebraska. Denomination 51,000. Date Oct. 1 1909. Interest semi
Date of Offering Not Yet Determined.—-We are advised that
annually at the ilscal agency in New York City. Maturity 20 years, subject
to call after 5 years. Certitied check for $1,000, payable to the City Clerk. up to Nov. 10 it had not yet been decided when the §50,000
Is required.
5% park bonds voted on Nov. 2 (V. 89, p. 1297) would be
Norwood, Hamilton County, Ohio.— Bond Offering.— Pro- placed upon the market.
osals will be received until 12 m. Dec. 8 by L. II. Gebhart,
Pacific County (P. O. South Bend), Wash.— Bond Offer­
ity Auditor, for §1,859 73 4 j^ % Feldman Ave. improve­
ing.— Further details are at hand relative to the offering on
ment bonds.
Dec. 6 of the §150,000 court-house and jail-construction
Date Nov. 23 1909. Interest annual. Maturity part yearly from 1910
Proposals will bo
to 1919 Inclusive. Certiiled check for 5% of bonds, payable to the City bonds mentioned in V. 89, p. 1178.
Treasurer, is required. The amount of bonds to be sold may be reduced received until 4 p. m. on that day by N. R. Whitcomb,
if part of the assessment in anticipation of which they are Issued is paid
County Treasurer.
In cash.
Authority vote of 796 to 206 at election held Aug. 24 1909. Denomina­
Bond Election.— Local papers state that this city is prepar­ tion $1,000. Date Jan. 4 1910. Interest (rate not to exceed 6 % ), payable
at the County Treasurer’s office in South Bend, the State
ing an ordinance providing for an election to submit to the semi-annually
Treasurer’s office in Olympia or at the Ilscal agency of the State of Washing­
voters the question of issuing §55,000 paving (city's portion) ton In New York City, at the option of the purchaser. Maturity 10 y e n r s ,
to call after 2 years. Certiiled check for $1,000, payable to the
bonds. It appears that this proposition was defeated at subject
County Treasurer, is required. Bidders are requested to submit alternative
an election held Nov. 2.
bids; one for the entire issue of bonds to lie delivered Jan. 4 1910 and tno
Nueces County (P. O. Corpus Christi), Tex.— Bonds De­ other for the bonds to be delivered $75,000 Jan. 4 1910 and $7o,000 June 1
feated.— It appears from early returns that the question of
Palestine, Anderson County, Tex.— Bonds Authorized.—•
issuing court-house bonds was voted down at a recent elec­ An issue of §18,000 fire-station bonds has, according to re­
tion.
ports, been authorized by this city.
Palm Beach County (P. O. West Palm Beach), Fla.—
Oakwood Independent School District (P. O. Oakwood),
Leon County, Texas.— Bond Offering.— The Secretary Board Bond Election.— The election to vote on the question of issu-

g




N o v . 20 1009 i

THE CHRONICLE

ing the $200,000 4 j^ % 30-year macadam and hard-surfacedhighway bonds mentioned in V. 89, p. 1102, will be held
Dec. 14. Interest semi-annual.
Palo Pinto County Common School District, No. 26, Tex.
— Bonds Registered.— The State Comptroller registered $1,500
5% 10-20-year (optional) school-house bonds on Nov. 2.
Pana, Christian County, 111.— Bonds Defeated.— An elec­
tion held Nov. 2 resulted in a vote of 200 “ for” to 254
“ against” a proposition to issue $5,000 5% Elm Street pav­
ing bonds.
Pecos School District (P. O. Pecos), Reeves County, Tex.
— Bonds Voted.— It is reported that this district recently
unanimously voted to issue $25,000 school building bonds.
Pensacola, Escambia County, Fla.— Bond Offering.— Pro­
posals will be received until 12 m. Nov. 24 by R. M. Bushnell,
Chairman Board of Bond Trustees, for $100,000 4)^ % gold
coupon paving bonds.
Authority, Chapter 5530, Laws ot 1005. Denomination, $1,000. Date
Jan. 1 190G. Interest semi-annually at the U. S. Mortgage & Trust Co. in
New York City. Maturity Jan. 1 1936. Certified check on a bank in Pen­
sacola for 2% of the bonds bid for, payable to the Hoard of Trustees, is re­
quired. Tile bonds will be certified as to their genuineness by the U. S.
Mortgage & Trust Co. of New York City. The legality of the issue will be
approved by Dillon & Hubbard ot New York, a copy of whose opinion will
be delivered to the purchaser. Bids must be made on blank forms furnished
by the city. Bonds will be ready for delivery In New York at 12 m. Dec. 8
1909. Purchaser to pay accrued interest. These bonds were offered on
Sept. 29, but all bids received on that day (V. 89, p. 1102) were rejected.

Peoria, 111.— No Bond Election.— The Comptroller denies
the report that an election will be held Nov. 23 to vote on
the question of issuing $50,000 43^% bonds.
Pittsfield, Berkshire County, Mass.— No Bonds to be
Issued this Year.— This city has authorized the issuance of
$250,000 refunding bonds. We are advised that it is not
expected that these bonds will be issued this year but that
possibly they will be placed on the market in Jan. 1910.
Pontiac, Oakland County, Mich.— Bonds Voted.— At the
election held in this city on Nov. 1 (V. 89, p. 1102) a pro­
position to issue $82,000 4)^ % water-improvement bonds
was carried.
Date Jan. 1 1909. Interest semi-annual.
fied check for $500 is required.

Maturity 30 years.

Certi­

Portland, Ore.— Bonds Proposed.— The City Auditor writes
us under date of Nov. 10 that “ there is to be a sale of $2,­
000,000 bridge bonds provided the proceedings in the matter
of the proposed bond sale are declared legal.” He further
states that the city is also considering the advisability of
issuing $500,000 public-dock bonds. This information was
received in reply to our inquiry as to whether or not the re­
ports were true that the issuance of $250,000 bridge bonds
had been authorized. See V. 89, p. 1239.
Reedsburg, Sauk County, W is.— Bond Offering.— Pro­
posals will be received until 7:30 p. m. Dec. 1 by A. W.
Iluebing, City Clerk, for $20,000 5% coupon bonds.

Denomination $500
Date Jan. 1 1910. Interest semi-annually at the
City Treasurer’s office. Maturity part yearly on Jan. 1 from 1924 to 1930
inclusive. Certified check for 5% of bid, payable to the “ City of Reeds­
burg,” is required. Bonds will lie delivered on or before Jan. 2 1910.

Richmond County (P. O. Rockingham), No. Car.— Bond
Offering.— Proposals will be received until 12 m. Dec. 6 by
B. F. Reynolds, Clerk of the Board of Commissioners, for
$15,000 5% coupon Beaver Dam Township road bonds.

Authority Chapter 512, Public Laws of 1907. Denomination $1,000.
Date Jan. 1 1910. Interest semi-annual. Maturity 30 years. Bonds
are exempt from all taxes. Certified check for $500, payable to the Board
of County Commissioners, Is required. Assessed valuation for 1909,
$ 12 2 ,0 1 2 .

Ridgway School District (P. O. Ridgway), Elk County,
Pa.— Bonds Offered by Bankers.— J. S. & W. S. Kuhn Inc.,
of Pittsburgh are offering to investors $22,500 4)^ % 10-30ycar (optional) coupon high-school-building bonds. These
securities were offered without success as 4s on Sept. 6.
Rising Sun, Woods County, Ohio.— Bonds Voted.— This
place recently voted to issue $3,000 bonds for electric lights.
Rome, N. Y .— Bond Election.— Dec. 1 has been decided
upon by this city for the submission to the voters of a propo­
sition to issue $05,000 additional water bonds.
Rosenberg, Fort Bend County, Tex.— Bonds Registered.—
Street-improvement 5% bonds aggregating $3,000 were regis­
tered on Nov. 12 by the State Comptroller. Maturity 12
years, subject to' call after 1 year.
Salina, Saline County, Kan.— Bonds Defeated.— On Nov. 2
the voters defeated the proposition to issue the $202,749
bonds to purchase the water plant. V. 89, p. 1102. The
vote was 457 “ for” to 727 “ against.”
Salt Lake City School District (P. O. Salt Lake City),
Utah.-—Bond Election Proposed.— According to local papers
this district will in all probability hold an election early in
January 1910 for the purpose of ascertaining whether or not
the electors are in favor of issuing $500,000 school-building
bonds. „
Sandpoint School District No. 1 (P. O. Sandpoint), Bon­
ner County, Idaho.— Bond Sale.— During July this district
disposed of $10,000 10-20-year (optional) bonds dated July
1909.
San Francisco, Cal.— Rond Offering.— Further details are
at hand relative to the offering on Dec. 6 of the following
bonds, mention of which was made in V. 89, p. 1298:

$1,200,000 5% fire-pro tcctlon bonds dated July 1 1908. Maturity $30,000
yearly from 191G to 1955 inclusive.
1,000,000 5% sewer bonds dated July 1 1908. Maturity $25,000 yearly
from 1915 to 1951 inclusive.
800,000 5% school bonds dated July 1 1908. Maturity $32,000 yearly
utj
from 1914 to 1938 Inclusive.




1371

440.000 5% hospital bonds dated July 1 1908. Maturity $22,000 yearly
from 1913 to 1932 inclusive.
200.000 5% garbage-system bonds dated July 1 1908. Maturity
$10,000 yearly from 1911 to 1930 Inclusive.
360.000 4 H % water-supply bonds dated Jan. 1 1909. Maturity
$60,000 yearly from 1910 to 1915 inclusive.
Proposals for these bonds will be received until 3 p. m. on that day
(Dec. 6 ) by John E. Behan, Clerk Board of Supervisors. The 5% bonds
described above are part of the $18,200,000 bonds voted on May 11 1908
(V. 8 6 , p. 1361), of which $8,680,000 has been disposed of to date, as fol­
lows: $3,280,000 sold on Sept. 8 1908 to E. H. Rollins & Sons of San Fran­
cisco and N. W. Harris & Co. of Los Angeles at their joint bid of 107.15
(V. 87, p. 768) and $5,400,000 sold on Feb. 8 1909 at 112.33 (V. 8 8 , p.
464) to a syndicate composed of Speyer & Co., N. VV. Halsey & Co. and the
National City Bank ot New York;
The $360,000 water-supply bonds are
the unsold portion of the Issue of $600,000 bonds voted Nov. 12 1908
(V. 87, p. 1376), of which $240,000 were sold on June 28 1909 to James
II. Adams & Co. of San Francisco (V. 89, p. 120) at 101.27 and interest.
The bonds being offered for sale Dec. 6 are in denominations of $1,000.
Interest semi-annually at the City Treasurer’s office on the 5% bonds,
in New York City, at option of the purchaser. Bid must be unconditional
and be made on a blank furnished by the Supervisors. Bonds are exempt
from all taxation and will be delivered, approximately one-half (Including
all of the water-supply bonds) prior to Jan. 1 1910, and the remaining por­
tion between Jan. 15 and Feb. 1 1910. Certified check (or cash) made paya­
ble to the Clerk Board of Supervisors, for 5% of bid Is required: no such de­
posit, however, need exceed $10,000. Purchaser to pay accrued interest.
The opinion of Dillon & Hubbard relative to the legality of the bonds will
be furnished to the successful bidder.

San Mateo Union High School District (P. O. San Mateo),
San Mateo County, Cal.— Bond Election.— An election will be
held Nov. 26, it is reported, to vote upon the question of
issuing $100,000 high-school-building bonds.
Santa Barbara County (P. O. Santa Barbara), Cal.—Bond
Offering.— Proposals will be received by this cou nty, it is
stated, until Nov. 26 for an issue of $100,000 road bonds.
Santa Cruz, Santa Cruz County, Cal.—Bonds Proposed.—
This city is considering the advisability of issuing bonds for
municipal improvements.
Santa Monica, Los Angeles County, Cal.—Bond Election
Proposed.— The City Council is considering the advisability
of holding an election on Dec. 9 to vote upon the question of
issuing $20,000 automobile-fire-engine and hose-cart bonds.
Scioto County (P. O. Portsmouth), Ohio.— Bonds Pro­
posed.— Referring to the reports that this county has under
consideration the issuance of $400,000 4% road bonds,
the Auditor has advised us that there is “ nothing doing in
this matter at present.”
Seattle, Wash.— Bond Election.— This city proposes hold­
ing an election, according to local papers, for the purpose
of having the voters decide whether bonds amounting to
$2,000,000 for park extension work shall be issued. A propo­
sition to put out $400,000 bonds for sanitary purposes will
also be presented to the voters of this city.
Seattle School District No. 1 (P. O. Seattle), King County,
Wash.— Bond Election.— A proposition to issue $500,000
1-20-year (serial) coupon school-building and site-purchase
bonds will be submitted to a vote of the people on Dec. 4.
Shelby County (P. O. Center), Tex— Bond Election Pro­
posed.— Reports state that a petition is being circulated
requesting the Commissioners’ Court to order an election to
vote on the question of issuing good-road-construction bonds.
Shelby School District No. 32 (P. O. Shelby), Polk County,
Neb.—Bonds Voted.— On Nov. 6 this district favorably voted
to issue $4,000 4
additional school bonds. The vote cast
was 93 “ for” to 9 “ against.” Maturity Jan. 1 1930, subject
to call July 1 1918. Date of sale not yet decided.
Sheldon Township (P. O. Sheldon), Iroquois County, 111.—
Bond Sale.— McCoy & Co. of Chicago have purchased $15,­
900 5% road bonds.
Denomination $500, except one bond of $400. Date Aug. 2 1909. In­
terest semi-annually at the Bank of Sheldon. Maturity on Aug. 2 as fol­
lows: $2,000 in 1912, $6,500 in 1913 and $7,400 in 1914. Total debt, $32,­
400. Assessed valuation, $750,414.

Shreveport, Caddo Parish, La.— Bond Election.— The elec­
tion to vote on the propositions to issue the $167,000 funding
and the $250,000 paving and sewerage 4% 10-40-year
(optional) bonds mentioned in V. 89, p. 951, will be held
Nov. 23. Denomination $1,000.
Sioux Falls, So. Dak.— Bond Offering.— Proposals will be
received until 9 a. m. Nov. 30 by Lewis Larson, City Auditor,
for $178,500 5% refunding bonds.
Date Jan. 1 1910. Interest semi-annually In New York City. Maturity
on Jan. 1 as follows: $35,000 in 1915, $43,500 in 1920 and $100,000 in 1930.
Certified check for $10,000, payable to the City Treasurer, is required.

Smith County (P. O. Carthage), Tenn.—Bond Election.—
An election will-be held Feb. 26 1910 to vote upon a propo­
sition to issue $100,000 4% road bonds.
Smith Township (P. O. Beloit), Mahoning County, Ohio.—
Bond Sale.— The $17,000 4 j^ % coupon road-improvement
bonds described in V. 89, p. 1102, were sold on Nov. 15 to
the New First National Bank of Columbus at 102.041 and
accrued interest. A list of the proposals submitted follows:
New First Nat. Bk., C o L .$17,347 OOlSeasongood & Mayer,Cln.$17,321
Otis & Hough, Cleveland- 17,345 00|Spitzer & Co., Toledo___ 17,227
Tillotson & Wolcott Co.,
IFirst National Bank, CleveClevetand____________ 17,333 20( land ___________ _____ 17,198
Hayden, Miller & Co.. CIev.17,322 00 Weil, Roth f t Co., CIncin. 17,184
Maturity part yearly on Sept. 15 from 1912 to 1923 inclusive.

30
00
00
00

Solano County (P. O. Fairfield), Cal.— Bond Offering.—
Further details are at hand relative to the offering on Dec. 6
of the $250,000 5% gold coupon court-house-construction
bonds mentioned in V. 89, p. 1102. Proposals for these
bonds will be received until 10 a. m. on that day b y G . Y.
Halliday, County Clerk and ex-officio Clerk of the Board
of Supervisors.

Authority election held Sept. 18 1909, also Title 2 of Part 4 of the Political
Code. Denomination $1,000. Date Aug. 1 1909. Interest annually in
Fairfield at the County Treasurer’s office. Maturity $10,000 yearly for
twenty-five years. Certified check for 2% of bid is required. This county
has no debt at present. Assessed valuation $22,027,892.

1372

THE CHRONICLE

South Biltmore (P. 0 . Biltmore), Buncombe County,
No. Car.— Bond S ale. — An issue of §2,000 6% bonds has been
awarded to the American National Bank of Asheville.
South Greensburg (P. O. Greensburg), Westmoreland
County, Pa.— P rice P aid for B on d s. — We are advised that the
price paid for the §25,000 15-30-year (optional) coupon
street-improvement bonds awarded on Oct. 26 to J. S. &
W. S. Kuhn Inc. Pittsburgh (V. 89, p. 1239) was 104.70.
This is on an interest basis of about 4.564% to the optional
date and about 4.707% to full maturity.
The bonds carry semi-annual Interest at the rate of 5% .
$500. Date October 1 1909.

Denomination

Springfield Pleasure Driveway and Park District (P. O.
Springfield), Sangamon County, 111.— Bond O ffering. — This
district will offer at public auction at 3 p. m. Dec. 6 §20,000
4% coupon park bonds.

Denomination $500. Date Sept. 1 1909. Interest annually In Spring­
field. Maturity on Sept. 1 as follows: $2,000 In 1911 and $1,000 yearly
from 1912 to 1929 Inclusive. Kate Griffiths Is Secretary of th District

[VOL. LXXXIX.

Shoemaker, Clerk and Recorder, for §83,000 4j/£% coupon
bonds.
A uthoity Section 2905, Political Code. Denomination $1,000. Date
Jan. 3 1910. Interest semi-annually at County Treasurer’s office. Ma­
turity 20 years. Uonds are exempt from taxes. Certified check for $500,
payable to the County Treasurer, Is required. Bonded debt Sept. 1 1909
$67,000. Floating debt $116,792. Assessed valuation 1909 $7,776,755

Wadesboro, Anson County, No. Caro.— Bond Election
Proposed.— This town intends to hold an election to vote on
the question of issuing bonds.
Waller County (P. O. Hempstead), Tex.— Bonds Voted.—
The voters of this county on Nov. 2 decided in favor, it is
stated, of issuing §25,000 road bonds. There were 258 votes
cast “ for” and 16 “ against.” the proposition.
Washington, Beaufort County, No. Car.— Bond Offering.—
Further details are at hand relative to the offering on Nov. 22
of the §25,000 5% gold street-improvement bonds men­
tioned in V. 89, p. 1026. Proposals will be received until
12 m. on that day by W. B. Windley, City Clerk.

Springville, Utah County, Utah.— Bond E lection. — On
Authority Chapter 281, Private Laws, 1907: also vote of 293 to 34 at
Nov. 30 the voters will decide on the question of issuing $30,­ election held Sept. 14. Denomination $100 to $1,000. Date Jan. 1 1910.
Interest semi-annually at the First National Bank of Washington. Ma­
000 water-works bonds.
turity 50 years. Bonds are exempt from taxes. Certified check for 2%
Stark County (P. O. Dickinson), No. Dak.— Bond O ffering. of bkl, payable to the City Treasurer, Is required. Official notice states
that there has never been any default In payment of any obligation and
— Proposals will be received until 2 p. m. Dec. 6 by J. S. that there Is no litigation pending or threatened concerning the validity of
White, County Auditor, for the §60,000 funding bonds men­ these bonds. Bonded debt. Including this Issue, $129,000. Floating debt,
$19,060. Sinking fund $6,287. Assessed valuation 1909, $2,431,537.
tioned in V. 89, p. 1026.
Wathena, Doniphan County, Kans.— Bonds Not Yet Sold,
Authority Sections 2555 to 2562 Inclusive, Article 21, Revised Codes of
1905. Denomination $1,000. Maturity 20 years. Bonded debt at — No sale has yet been made of the §7,000 5% electric-light
present $6,500. Floating debt $75,000. Assessed valuation, 1909,
bonds mentioned in V. 89, p. 682.
$ 4 ,5 8 5 ,7 4 3 .
Denomination $500. Date June 1 1909. Interest semi-annual. Ma
Stephen, Marshall County, Minn.— Bonds D efeated. — The urlty
1929. subject to call at any Interest-paying period.
question of issuing §3,000 park bonds did not meet with the
Watsonville, Santa Cruz County, Cal.— Bond Sale.— An
approval of the voters at the recent election.
election will be held Nov. 22 (date changed from Nov. 15)
Stephens County (P. O. Duncan), Okla.— Bonds N ot to be to allow the voters to determine whether or not §22,000 5%
Issued at P resent. — In connection with the reports that this 40-year auxiliary-sewer-system bonds shall be issued.
county contemplated the issuance of §25,000 road bonds,
Waurika School District (P. O. Waurika), Jefferson
the Clerk writes us that “ the bond proposition will not be
County, Okla.— Bond Sale.— M. L. Turner, President West­
taken up before the spring of 1910.”
ern National Bank of Oklahoma City, has purchased §20,000
Stoneboro, Mercer County, Pa.— Bond S ale. —-We are ad­ 6% 20-year bonds dated July 1 1908. Denomination §500.
vised that the amount of 4 j^ % 5-25-year (optional) water­ Interest semi-annual.
works bonds awarded on Nov. 1 to the First National Bank
Wausau, Marathon County, Wis.— Bond Offering.— Pro­
of Stoneboro was §6,500, and not §65,000, as reported in
V. 89, p. 1298. The price paid was 100.75. Denomi­ posals will be received until 12 m. Nov. 26 by the Finance
nation §100. Date Nov. 1 1909. Interest semi-annual. Committee of the Common Council for the following 4%
coupon bonds:
Bonds are tax-exempt.
$45,000 school-building bonds. Maturity $5,000 yearly on Dec. 30 from
Sulphur Springs, Hopkins County, Tex.— Bonds Regis­
1920 to 1928 Inclusive.
15,000 sewer-construction bonds. Maturity on Dec. 30 as follows: $1,000
tered. — The $10,000 5% coupon water-works-improvement
In 1921 and $2,000 yearly from 1922 to 1928 Inclusive.
bonds described in V. 89, p. 1026, were registered by the
Authority Sections 925-133, 942 and 943, Statutes of 1898, together with
all Acts amendatory thereof or supplementary thereto. Denomination
State Comptroller on Nov. 11.
$1,000. Date Dec. 30 1909. Interest semi-annually at the City Treas­
Swarthmore School District (P. O. Swarthmore), Dela­ urer’s office. Bonds are free from all taxes. H. 13. Marquardt Is City
ware County, Pa.— Bonds D efeated. — A vote of 86 “ for” to Comptroller.
Waxahatchie, Ellis County, Tex.— Bonds Voted— Bond
129 “ against” was cast on Nov. 2 on the question of issuing
Offering.— The election held Oct. 12 (V. 89, p. 952) resulted
$60,000 school bonds.
in a vote of 103 “ for” to 61 “ against” the issuance of §17,000
Terrell, Kaufman County, Tex.— Bond Election. — A prop­ water and §3,000 school-building 5% 1-40-year (serial)
osition to issue §10,000 electric-light and water bonds will, bonds. Bids for these bonds will bo received until Jan. 1910.
according to reports, be voted upon at an election to be held
West St. Paul (P. O. St. Paul), Ramsey County, Minn.—
Nov. 23.
Bond Sale.— Local improvement bonds amounting to §5,000
Texarkana, Bowie County, Tex.— Bond E lection. — This were disposed of on Nov. 2 to the Security Trust Co. of St.
city has authorized the calling of an election on Dec. 14, at
which time the question of issuing §200,000 5% 40-year Paul at par and accrued interest. Purchasers to furnish
bonds for the purpose of constructing a municipally-operated blank bonds. The securities carry semi-annual interest at
the rate of 5% and mature in 20 years. Denomination
water-works svstem will be placed before the voters.
$1,000. Date Nov. 1 1909.
Toledo, Ohio.— Bond O ffering. —'Further details are at
Wichita Falls, Wichita County, Tex.— Bond Offering.—
hand relative to the offering on Dec. 1 of the §300,000 4%
F. B. Noble, Mayor, is offering at par and accrued interest
coupon Cherry St. Bridge bonds mentioned in V. 89, p. 1103. the §17,500 4 j^ % street-improvement bonds described in
Proposals will be received until 7:30 p. m. on that day by
V. 89, p. 952.
Amos McDonnall, City Auditor.
Denomination $500. Date Juno 1 1909. Interest annually In April.
Denomination $1,000. Date Aug. 1 1909. Interest semi-annually at
the United States Mortgage & Trust Co. In New York City. Maturity
$150,000 on Aug. 1 In each of the years 1940 and 1941. Certified check on
a national bank In Toledo for 5% of bonds bid for, payable to the City
Auditor, Is required. Purchaser to pay accrued Interest.

Maturity 40 years, subject to call after 10 years.

1919 Inclusive and $3,394 50 In 1020.
10,536 82 village’s portion bonds. Denomination $500, except one bond
of $1,036 82. Maturity $1,000 yearly on Dec. 1 from 1911 to
1919 Inclusive and $1,536 82 In 1920.
Date Dec. 1 1909. Interest semi-annually at the Village Treasurer’s
office. Certified check for 10% of bonds bid for, payable to the village of
Utica, Is required.

Denomination $500. Interest semi-annually at the fiscal agency In
New York City. Maturity 25 years. Certified check for 1 % of Issue, payable
to the City Treasurer, Is required.

Williamson County (P. O. Georgetown), Tex.—Rond
Election.—-The §100,000 4 j^ % court-house-building bonds
Trenton, N. J.— Bond O ffering. — Reports state that pro- to be voted upon Dee. 14 (V. 89, p. 952) will mature in 40
osals will be received until 12 m. Nov. 23 by W. J. B. years and be subject to call after 10 years.
Willoughby, Lake County, Ohio.— Bond Offering.— Pro­
tokes, City Treasurer, for §200,000 4% city-hall bonds.
Interest semi-annual. Maturity 30 years. Certified check for $5,000 posals will be received until 12 m. N ov. 29 by C. C. Jenkins,
Is required.
Village Clerk, for §2,500 4J^% coupon electric-light-plantTrenton School District (P. O. Trenton), Wayne County, improvement bonds.
Mich.— D escription of B on d s. — The $7,000 4)^ % refunding
Denomination $500. Date Sept. 1 1909. Interest semi-annually at
school bonds recently awarded to W. E. Moss & Co. of the Cleveland Trust Co. In Willoughby. Maturity $500 each six months
Sept. I 1917 to Sept. 1 1919 Inclusive. Bonds arc tax-exempt. Cer­
Detriot at 100.385 (V. 89, p. 1179) are in denomination of from
tified check for $100, payable to the Village Treasurer, Is required. Pur­
§1,000 and are dated Nov. 18 1909. Interest semi-annual. chaser to pay accrued Interest.
Maturity §1,000 yearly.
Wilmington, Del.— Bid.— We are informed that the high­
Triadelphia School District (P. O. Triadelphia), W . Va.— est bid received on Nov. 11 for the §200,000 4% water-works
Bond S ale. — This district has sold an issue of §43,000 bonds, bonds offered on that day was one of §197,074 submitted
which are to be used for the erection of a new public-school by Blodget, Merritt & Co. of Boston. As reported in V. 89,
p. 1299, all proposals were rejected.
building.
Woodruff, Spartanburg County, S. C.— Bonds Defeated.—
Tucumcari, Quay County, N. Mex.— Bonds Voted. — Sewer
bonds amounting to $78,000 were favorably voted by this According to reports, an election held Oct. 18 resulted in
the defeat of a proposition to issue §300,000 water-worksplace at an election held Nov. 9.
Utica, Licking County, Ohio.— Bond O ffering. — Pro­ system bonds.
posals will be received until 12 m. Nov. 24 by E. L. ManWoodward, Woodward County, Okla.— Bond Offering.—•
tonya, Village Clerk, for the following 5% Main St. bonds: Proposals will be received until 7:30 p. m. Nov. 29 by A. J.
$21,394 50 assessment bonds. Denomination $500, except one bond of
$1,894 50. Maturity $2,000 yearly on Dec. 1 from 1911 to Viets, City Treasurer, for §26,000 5% water-works bonds.
Wymore, Neb.— Bond Offering.— Proposals will be re­
ceived until Nov. 24 by C. H. Hanson, City Clerk, for the
§30,000 4% refunding bonds mentioned in V. 89, p. 1181.

Valley County (P. O. Glasgow), Mont .— Bond O ffering .—• Denomination $1,000. Maturity Deo. 1 1925, subject to call after
Proposals will be received until 2 p. m. Dec. 6 by W. B. Dec. 11915.
.



N o v . 20 1909

THE CHRONICLE

Yellowstone, Sweet Grass and Carbon Counties Joint
School District, Mont.— Bond Sale.— The Security Trust Co.
of St. Paul was successful in bidding for $5,000 5% 10-15year (optional) school bonds. They were awarded the bonds
on Nov. 9 at par, interest and cost of blank bonds. The
securities are issued jointly by Yellowstone County School
District No. 64, Sweet Grass County School District No. 34
and Carbon County School District No. 47. Denomination
$1,000. Date Jan. 1 1910. Interest semi-annual.
Yellowstone County School District No. 2, Mont.— Bond
Sale.— On Nov. 13 $19,000 10-20-year (optional) school­
building bonds were purchased by the Harris Trust & Sav­
ings Bank of Chicago at 100.35 for 4)^s. A list of the bids
received follows:
Harris Tr. & S. B., C hic.*$19,000 50
Woodln, McNear & Moore,
Chicago _____________ *19,043 00
Win. 12.Sweet&Co.,Dcnv..*19,579 00
A. B. Leach & Co., C hic..*19,485 00
First National Bank,* fal 9,423 00
Cleveland___________ l 19,189 00
Merch. N. Bk., Billings..*19,385 00
Coffin & Crawford, Chic..*19,380 00
20

Farson, Son & Co., Chlc.*$19,209 00
American Trust & S av.1*19,248 00
Bank, Chicago_______ \dl9,670 00
John Nuveen & Co., Chic.*19,070 00
S. A. Kean & C o . . C ld c ...1/19,589 00
H. B. Palmer&Co.,Helena!/19,403 00
C. H. Coffin, Chicago___ t/19,251 00

* For 5s. * F o r4 H s . d F o r S H s. v For 0s. a Bonds to run straight
years without an option.
Denomination $1,000. Date Dec. 1 1909. Interest semi-annual.

Youngstown, Ohio.— Bond Offering.— Proposals will be
received until 2 p. m. Nov. 22 by ffm . I. Davies, City
Auditor, for the following 5% bonds:
$1,100 Rice Ave. extension bonds. Maturity Oct. 1 1911.
500 South Side Park Improvement bonds. Maturity Oct. 1 1911.
5,335 Emerson Place paving bonds. Maturity $1,067 yearly on Oct. 1
from 1911 to 1915 Inclusive.
5,000 Illinois Ave. paving bonds. Maturity $1,012 yearly on Oct. 1
from 1911 to 1915 Inclusive.
4,725 East Wood St. paving bonds. Maturity $945 yearly from 1911 to
1915 Inclusive.
665 Caledonia St. sewer bonds. Maturity $133 yearly on Oct. 1 from
1911 to 1915 Inclusive.
640 Davis St. grading bonds. Maturity $128 yearly on Oct. 1 from
1911 to 1915 Inclusive.
3,860 Glenaven St. paving bonds. Maturity $772 yearly on Oct. 1 from
1911 to 1915 Inclusive.
2,375 Logan Ave., et al., sidewalk bonds. Maturity $475 yearly on
Oct. 1 from 1911 to 1915 inclusive.
Date Nov. 29 1909. Interest semi-annually at City Treasurer’s office.
Certified check on a national bank, for 2% of each Issue bid for, payable
to the City Auditor, Is required. Bids must be made upon each issue
separately. Purchasers must be prepared to take the bonds not later than
Nov. 29, the money to be delivered at one of the banks In.,Youngstown or at
the City Treasurer's office.

NEW LOANS.

1373

Canada, its Provinces and Municipalities.
Abernethy, Sask.— Debenture O ffering. — Proposals will be
received by H. H. Turner, Secretary-Treasurer, for $3,000
permanent-improvement debentures.
Aylmer, Que.— Debenture S ale. — This town recently dis­
posed of $10,000 5% debentures to Geo. A. Stimson & Co.
of Toronto. Maturity part in 1937 and part in 1957.
Battleford, Sask.— Debenture S ale. — On Nov. 6 the $18,000
5}/£% debentures described in V. 89, p. 1241, were awarded
to C. H. Burgess & Co. of Toronto. Maturity part yearly
for 20 years.
Beaverton, Ont.— D ebenture S ale. — The $7,000 4J^%
school debentures for which proposals were asked until
Nov. 1 (V. 89, p. 1181), have been awarded to J. A. Proctor
of Beaverton at par. Maturity part yearly for 30 years.
Birtle, Man.— D ebenture Sale. — Reports state that the
$18,800 43^% refunding and town-hall construction deben­
tures and $5,000 4% telephone debentures offered on Oct. 22
(Y. 89, p. 877) have been awarded to J. Addison Reid & Co.,
Ltd., of Regina.
Elstow, Sask.— Debenture O ffering. — T. B. Carlton, Secre­
tary-Treasurer, is offering for sale the $2,000 permanent im­
provement debentures mentioned in V. 88, p. 1160.
Grey County, Ont.— Debenture Sale N ot Consum m ated .—
The recent sale of $20,000 debentures to the Dominion Se­
curities Corporation of Toronto has been canceled.
It is
said that the county in publishing its by-law failed to comply
with the statute. It is thought that the debentures will be
re-offered in January.
Halbrite, Sask.— Debenture O ffering. — This place is offer­
ing for sale $3,000 debentures for permanent improvements.
F. A. Mills is Secretary-Treasurer.
Hochelaga School District (P. O. Hochelaga), Que.—
D ebenture S ale. — The $55,000 43^% coupon school-building
debentures offered but not awarded on Oct. 12 (V. 89, p.
1105) have been sold, it is stated, to J. F. Lacasse at 100.50
and accrued interest.
Jerome School District No. 1506 (P. O. St. Elizabeth),
Man.— D ebenture A w ard. — The $1,000 5% debentures, bids

INVESTMENTS.

INVESTMENTS.

CITY OF STAMFORD, CONN.

HUNT, SALTONSTALL & CO.,

4% GOLD BONDS

M e m b e r ) N ew Y o r k S to c k E x ch a n g e

Sealed proposals will be received by the
Treasurer of the City of Stamford In the Stamford
National Bank on the 26TH DAY OF NOVEM­
BER, 1909, at 12 o ’clock M., when they will be
publicly opened, for

Investment Securities

PERRY, COFFIN & BURR
Investment Bonds

© 78,000

$ 4 5 ,0 0 0 P u b li c P a r k B o n d s o f I h c C i t y o f S t a m ­
f o r d (C o u p o n B o n d s ) .
$ 3 3 ,0 0 0 F r e e P u b li c L ib r a r y B o n d s o f th e C i t y o f
S ta m fo rd (C o u p o n B o n d s ).

The principal of said bonds Is payable Decem­
ber 1 , 1939, In gold coin of the United States of
America, of the present standard of weight and
fineness, and the interest at the rate of 4% per
annum Is payable In gold coin semi-annually on
the first days of June and December of each
year, principal and Interest payable In New York.
Proposals should be enclosed In a scaled en­
velope addressed to the City Treasurer and
endorsed “ Proposals for Bonds of the City of
Stamford.” Each bid must be accompanied by
a certified check or bank draft to the order of the
City Treasurer of Stamford for 2% of the par
value of the bonds bid for, the amount of said
check or draft to be credited upon said bid If
accepted and to be returned forthwith If not
accepted •
Said bonds will bear date of December 1, 1909
the purchaser to pay accrued Interest, If any, on
the bonds to the date of delivery.
The City Treasurer reserves the right to reject
any or all bids.
WILLIAM N. TRAVIS,
City Treasurer.

60 ST A T E S T R E E T
BOSTON

W E OW N AND

60 State Street, Boston

M cCOY & C O M PA N Y

OFFER

Formerly M acDonald, MoOoy A Ce.

MUNICIPAL BONDS

Municipal and
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T a x Exem pt Anywhere in the United States
W rite for Particulars

ULEN, SUTHERLIN & 00. 181 La Salle Street, - Chicago
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ESTABLISHED 1885

F. WM. KRAFT

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LAW YER

First Nat. Bonk Bldg., Chicago

CITY", CO UNTY
p A K jn Q
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CHICAGO, ILL.

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Blodget, Merritt & Co.

TORONTO, CANADA

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LEONARD H, HOLE,

W. N. C O L E R & CO.,
BANKERS
43 CEDAR ST.. NEW YORK.

INVESTMENTS.

6 0 S T A T E S T R E E T , B O ST O N
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STATE, CITY & RAILROAD BONDS

THE AMERICAN MFG CO.

W E B B & C0„
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MANILA, SISAL AND JUTE

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74 BR O A D W A Y . NEW YO RK

CORDAGE.

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Bank and Trust Company Stocks

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65 W all Street,




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New York

N E W Y O R K AND B R O O K L YN
BOU GH T A N D SOLD

2 WALL ST.. NEW YORK.

[VOL. LXXXIX.

THE CHRONICLE

1374

for which were received on Oct. 25 (V. 89, p. 1241), have
been awarded to Brent, Noxon & Co. of doronto. lhe
purchasers bid 98.10 on Oct. 25.
Langham, Sask.— Debenture Sale.— According to reports’
this town has sold 82,000 5% 20-year debentures to Nay
& James of Regina.
Lanigan, Man.— Debentures Not Sold.—’An issue of $3,500
6% debentures, due part yearly for 15 years, was offered
without success on Oct. 20. A letter received by us on
Nov. 15 states that they will be placed on the market
again in the near future.
Lefield SchoolDistrict No. 1984, Alberta.— Debenture
Sale.— This district has sold $1,300 5 A
l % 10-year debentures
to H. O’ Hara & Co. of Toronto.
Monarch School .District, Sask.— Debenture Sale.— Nay &
James of Regina have bought $2,000 5 ^ % debentures of
this district. Maturity part yearly for ten years.
Moose Jaw School District No. 1 (P. O. Moose Jaw), Sask.
__Price Paid for Debentures.— We are advised that the price
paid for the $25,000 5% coupon school-building debentures
awarded on Oct. 28 to C. H. Burgess & Co. of Toronto
(V. 89, p. 1242) was 101.308.

Parkerton School District No. 2429, Sask.— Debenture
Sale.— An issue of $1,200 10% school-building debentures
was awarded on Oct. 8 to J. Addison Reid & Co., Ltd., of
Regina at 101.125. Date Oct. 8 1909. Interest annual.
Maturity Oct. 1919.
Phoenix, B. C.— Debenture Sale.— It is stated that $7,000
6% debentures due in 1921 have been sold to C. H. Burgess
& Co. of Toronto.
Portage la Prairie, Man.— Debenture Sale.— According to
reports $70,000 5% debentures have been disposed of to the
Ontario Securities Co. of Toronto. Maturity $50,000 in
thirty years and $20,000 in forty years. Interest semi-an­
nually in Toronto or Montreal.
Redvers, Sask.— Debenture Offering.— An issue of $1,000
permanent improvement debentures is being oflered for sale.
A. G. Ray worth is Secretary-Treasurer.
St. Louis, Que.— Debenture Sale.— The $850,000 4J^%
40-year debentures described in V. 89, p. 1242, were sold
on Nov. 9 to the Merchants’ Bank of Canada at 104.25 and
accrued interest— a basis of about 4.278%. The other
bidders were:
T. Bastlen________ _____ _______ 1041Hanson Bros., Montreal..............Bar

Scarboro Township, Ont.— Debenture Sale.— Geo. A. Stimson & Co. of Toronto have been awarded $16,000 4J^%
school debentures due part yearly for thirty years.
Outlook, Sask.— Description of Debentures.— We are ad­
Shelburne, Ont.— Debenture Sale.— The Toronto firm of
vised that the $2,500 local-improvement debentures, the Geo. A. Stimson & Co. was recently awarded an issue of
sale of which to J. Addison Reid & Co., Ltd., of Regina, was $6,000 4% debentures. The securities, which are guaran- , ■
mentioned in V. 89, p. 1300, were awarded during the month teed by the County of Dufferin, mature part yearly for \ i
of September. The debentures carry 6% interest, payable thirty years.
annually in December. They are dated Sept. 1909 and
Strathcona, Alberta.— Debenture Sale.— J. Addison Reid
mature part yearly from 1910 to 1923 inclusive.
& Co., Ltd., of Regina have purchased the $15,000 telephone
Outremont Catholic School District (P. O. Outremont), debentures offered on Nov. 1. V. 89, p. 1105.
Qu e.—-Debenture Slae.— The $50,000 4J^% 40-year coupon
Waterford, Ont.— Debenture Sale.— An issue of $11,000
school-building and site-purchase debentures offered on 5% debentures was awarded recently to Geo. A. Stimson
Nov 15 (V 89, p. 1300) were sold to W. Graham Browne Co. of Toronto. They mature part yearly for ten years.
& Co. at 98.50 and accrued interest. Following are the bids:
Yorkton, Sask.— Debenture Offering.— Proposals will be
... nr.,.,m nrownc & Co
9 8 .5 0 1W ood. Gundy & Co., Toronto-94.30
sT el^i^^im lop0* Co.,
I :i9 8 .o a IO i^ r lo Securities C o - T o r ,.-03^234 received until Dec. 14 for $40,000 5% 30-year high-school
Denomination to suit purchaser. Date Dec. 1 1909. interest senn
debentures.
.
annually in Montreal. This district has no other debt. ________________

Denomination SI.000. Date Nov. 1 1909. Interest annually at the
Canadian Hank of Commerce In Moose Jaw. Maturity part yeaily on Nov, 1
for thirty years.

MISCELLANEOUS.

MISCELLANEOUS.

FORREST & CO.
BANKERS

Municipal and Seasoned
Corporation Bonds
FR E E OF T A X

421 CHESTNUT ST..

PHILADELPHIA. PA.

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No. 2 WALL STREET, NEW YORK

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Negotiations, Investigations, Reports,
United States, Canada, or Foreign
Tribune Bulldln*. 184 Nassau Street
N EW YORK N V

Telephone 4218 Beckm»n

R. T. Wilson & Co.
Bankers & Commission Merchants
33 W A L L STREET

-




c o n fo r m ity

w ith

th e C h a r te r

or

th e C o m p a n y ,

s u b m it

th e

fo llo w in g

•

sta tem e n t o f

its a ffa ir *

31 s t o f D e c e m b e r , 1008.
Premiums on Marine Bisks from 1 st January. 1908, t o ^ ls t December. 1908...................*3,307.807 24
------------------Premiums on Policies not marked oil 1st January, 1908-------------------------------,
__ $4,051,190 25
Total Marine Premiums----------------------------------------------------------------------------------------.
Premiums marked oil from 1st January, 1908, to 31st December, 1908--------------------------$3,333,483 55
th e

855 61

544»,Hoa ox

Losses occurred, ^°s^ma ted" and" paid "in" i90SI” I I ” % Iim L 2 7 4 ',8 2 2 22 $1,695,477 68
Less Salvages----------------------------------$279,988 33
lle-lnsuranccs---------------------------------- 199,555 37

N EW YORI

479,543 70
$1,215,933 98

Expcnscs°^1nc\ucUng*offfccTrssalarTes and cIerks’'com*pensatfon, stationery.
newspapers, advertisements, etc-------------------------------------------------------

AND

-

in

atk in s

MUNICIPAL

ar B R O A D W A Y

T ru s tee s,

Losses paid during the year which were estimated In 1907

LIST OF SPECIALTIES ON REQUEST

P.

New York, January 21st, 1909.
T h e

Interest received during the year.............................................. S? ? o * n f 9 99
Bent less Taxes and Expenses.................................................. 142,032 22

1332 Walnut Street
PHILADELPHIA

H. W

ATLANTIC MUTUAL INSURANCE COMPANY.
on

B L A C K S T A F F & CO,

John

OFFICE OF TH E

Premium notes and Bills Becelvable
Cash In the hands of European
Bankers to pay losses under pollclcs payable In foreign countries.
Cash in Bank....................................

1,377,905
30!),U3l
429,9o0

Aggregating___________________ $12.824,105

_

' _____ .

L I A B I L I T I E S .

ASSETS.
United States & State of New York
Stock. City. Bank and other be________________ $o,442,792 00
CUritics
Special deposits in Banks &TrustCos. 800,000 00
Beal Estate cor. Wall & WllliamSts.,
& Exchange Place-$4,299,426 04
Other Beal Estate &
claims due the com­
p an y .......................
75,000 00 4,374,426 04

E!2eU?edd- - - d- — - C
-8- - — 82.310.433 00
Premiums on Untcrmlnatcd Risks717,712 70
Ccrtlllcatcs of Prollts and Interest
Unpaid ---------- - — r - -----------a w
ns
Return Premiums Unpaid-----------121,473 00
Ccrtlllcatcs of Fronts Ordered Re­
deemed, Withheld for Unpaid
22,339 35
Prem ium s---------------------------- Ccrtlllcatcs of Prollts Outstand­
7,363,410 00
ings.-----------------------------------06
270,000 00
Real Estate Reserve Fund-----nr
0o
18
Aggregating...................................$11,066,101 06

A dividend of Interest of Six per cent on the outstanding certificates of profits willIbo paidHo the
holders thereof, or their legal representatives, on and after Tuesday the second of I ebruary nexi.
The outstanding ccrtlllcatcs of the Issue of 1903 will be redeemed and paid to the hoi ers tnerew.
or their legal representatives, on and after Tuesday the second of I-cbriiary next, from vvmcn date all
intpri-st thereon will cease. The certificates to be produced at the time of payment ana canceica.
A dividend of Forty per cent Is declared on the net earned premiums of the Company for the year
en d in g slst Dc “ mbcrY 1908 for which, upon application certificates w illb e Issued on and aftei
Tuesday the fourth of May next.
_ By order of
» ° ar,dX MCC c ___ _
Q. STANTON FLOYD-JONES, Secretary.
T R U S T E E S .

GUSTAV AMSINCK,
FRANCIS M. BACON,
JOHN N. BEACH,
WILLIAM B, BOULTON,
VERNON H. BROWN,
WALDRON P. BROWN,
JOHN CLAFLIN.
GEORGE C. CLARK,
CLEVELAND H. DODGE,
CORNELIUS ELDERT,
RICHARD H. EWART

HERBERT L. GRIGGS.
CLEMENT A. GRISCOM,
ANSON W. HARD.
LEWIS CASS LED YARD,
FRANCIS H. LEGGETT,
CHARLES D. LEVER1CH,
LEANDER N. LOVELL,
GEORGE H. MACY,
CHARLES H. MARSHALL,
W . II. H. MOORE.

NICHOLAS F. PALMER.
HENRY PARISH,
DALLAS B. PRATT,
GEORGE W. QUINTARD,
A. A. RAVEN.
JOHN L. B IK E R ,
DOUGLAS ROBINSON.
GUSTAV H. SCHWAB.
WILLIAM SLOANE,
ISAAC STERN,
WILLIAM A . STREET,

A. A. RAVEN, P r e s i d e n t .
CORNELIUS ELDERT, V i c e - P r e s i d e n t .
SANFORD E. COBB. 2d V i c e - P r e s i d e n t .
CHARLES E. FAY, 3d V i c e - P r e s i d e n t .
JOHN H. JONES STEW ART, 4 t h V i c e - P

r c s ld e n