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Tile. financial. tim era-A ljnittirte INCLUDING Bank and Quotation Section (Monthly) Railway and Industrial Section( ‘Quarterly) VOL. 87. State and City Section(Semi-Annually) Electric Railway Section(Thr-wre) SATURDAY, NOVEMBER 21 1908. The Throuitle. PUBLISHED WEEKLY. 1908. For One Year. $10 00 For Six Months 6 00 European Subscription (including postage) 13 70 50 European Subscription six months(including postage) Annual Subscription in London (including postage) £2 14 a.' Six Months Subscription in London (including postage) /1 lie. Canadian Subscription (including postage) $11 50 Subscription incliticles following Supplements-LOU B .11K AND QUOTATION (monthly) I STATE AND CITY (semi-annually) RAILWAY AND INDUSTRIAL(quarterly) ELECTRIC RAILWAY(3 times yearly) Terms of Advertising-Per Inch Space Transient matter per inch sli,aw co o(g gis ate lines) s) times $4 20 22 Three Months (13 times Six Months (26 times 50 00 Twelve Months(52 times) 87 00 CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel.Harrison 4012. LONDON OFFICE-Edwards cfe Smith,1 Drapers' Gardens, E. C. 83 Standing Business Cards WILLIAM B. DANA COMPANY, Publishers, P.O.Box 958. Front. Fine and Depeyster Ste., New York. Published every Saturday mommy by WILLIAM B. DANA COMPANY. William B. Dana,President; Jacob Seibert Jr:, Vice-Pros, and See.; Arnold G. Dana,Treas. Addresses of all,Office of the Company. Chicago Cincinnati Cleveland Detroit Milwaukee __ _ _ _ Indianapolis _ Columbus Toledo Peoria Grand Rapids_ _ _ Dayton Evansville Kalamazoo ) .ioringfleld, _ Lexington Rockford Akron Springfield, Ohio Canton _ Quincy _ South Bend __ _ _ Bloomington _ Jackson Decatur _ _ ..... Mansfield _ _ _ _ _ Jacksonville, Ill_ Ann A Adrian.......... Danville Tot. Mid. West CLEARING-HOUSE RETURNS. The following table, made up by telegraph, &c., indicates that the total bank clearings of all clearing houses of the U. S. for week end. Nov.21 have been $3,411,955,380, against $3,589,586,727 last week and $2,225,089,976 the week last year. Clearings-Returns by Telegraph Nov. 21 1908. 1907. % New York Boston Philadelphia Baltimore Chicago St. Louis New Orleans $1,816,602,420 156,632,187 116,424,386 22,899,766 227,811,780 60,853,861 16,934,090 $1,061,076,803 104,008,012 98,030,668 22,213,170 116,012,053 49,883,894 16,586,207 +71.2 +50.6 +18.8 +2.2 +37.2 +22.0 +2.1 Seven cities, 5 days Other cities, 5 days $2,417,958,490 418,978,649 $1,517,810,807 353,498,767 +59.3 +18.5 Total all cities, 5 days All cities, 1 day $2,836,937,139 575,018,241 $1,871,309,574 353,780,402 +51.6 +62.5 $3,411,955,380 $2,225,089,976 +53.3 Total all cities for week The full details for the week covered by the above will be given next Saturday. We cannot furnish them to-day, clearings being made up by the clearing houses at noon on Saturday, and hence in the above the last day of the week has to be in all cases estimated, as we go to press Friday night. We present below detailed figures for the week ending with Saturday noon, Nov. 14, for four years. Week ending November 14. Clearings at 1908. 1907. Inc. or Dec. 1906. 1905. $ $ $ $ New York 2,345,970,610 1.319,578,690 +17.8 2,196,881,137 Philadelphia _ _ 139,125,043 120,686,818 +15.3 163,125,078 2,151,172.696 159,645,581 Pittsburgh 42,834,284 51,935,767 -17.5 51,596,372 50,462,733 Baltimore 27,920,571 28,75:1,936 -2.9 31,907,590 32,816,863 Buffalo 9,267,160 8,534,565 +8.6 8,988,574 8,590.745 Albany 6,268,844 4,721,878 +32.8 6,637,878 5,635,740 Washington _ _ _ _ 6,438,627 4,970,268 +29.5 5,784,292 5,543,033 Rochester 4,254,866 3.877,251 +9.7 4,021,053 3,982,560 Scranton 2,458,501 , 2,195,665 +12.0 2,104,620 1,904,371 Syracuse 1,946,103 2,270,857 -14.3 2,295,261 1,810,965 Reading _ 1,502,013 1,441,237 +4.2 1.401,847 1,262 001 Wilmington 1,298,503 1,372,751 -5.4 1,387,301 1,241,216 _ 1,385,062 1,333,595 +3.8 1,223,368 1,302,297 Wheeling, Wilkes-I3arreW. Ye 1,639,958 1,235,160 +32.8 1.283,799 1,024,696 Harrisburg 1,269,798 1,013,019 +25.3 1,000,000 Erie 698,587 635,397 +9.9 823,392 657,510 York 869,844 768,046 +13.2 Chester 825,932 544,785 -3.5 528,722 552,572 Binghamton ___ 546,900 514.800 +6.2 662,200 623.600 Greensburg 594,604 443,700 +34.0 509,114 306,067 Franklin 275,000 256,421 +7.2 288,534 320,028 Trenton _ 1,384,565 Not Included in total Altoona 402,031 Not Included in total Total Middle_ _ 2,597,090,710 1,557,084,606 -1 66.8 2,482,450,132 2,428,655,274 _____ Providence BostonHartford New Haven Portland Springfield Worcester Fall River New Bedford_ _ Lowell Holyoke Total New Eng Week ending November 14. Clearings at- Terms of Subscription-Payable in Advance San Francisco_ _ _ Los Angeles Seattle Spokane Portland Tacoma Salt Lake City. _ _ Oakland Helena _ Fargo Sioux Falls San Jose Sacramento _ Stockton San Diego Fresno North Yakima_ Billings NO. 2265 Inc. or Dec. 1907. 260,802,237 197,606,634 +32.0 28,716,950 21,730,500 +32.1 16,271,078 17,036,051 -4.5 14,389,842 13,755,225 +4.6 13,294,463 10,442,624 +27.3 9,005,215 6,398,603 +40.7 5,931,700 4,963.600 +19.5 3,724,401 3,975,773 -6.3 3,300,201 1,315,980 +150.8 2,439,248 2,278,086 +7.1 1,885,029 1,569,079 +20.8 2,232,464 2,018,013 +10.6 1,167,078 772,082 +51.2 945,000 787,278 +20.0 708,795 1,590,938 -55.4 1,025,968 638,588 +55.7 828.841 540,103 +53.5 655,530 635,699 +4.7 710,000 500,000 +42.0 455,000 458,133 -0.7 715,748 5:35,000 +33.8 532,221 425,000 +25.2 495,152 413,481 +19.8 499,162 405,651 +23.1 290,000 276,319 +4.9 389.064 240,852 +61.5 361,083 231,679 +57.8 294,486 227,829 +29.3 162,896 149,909 +8.7 40,213 35,000 +14.9 358,856 Not included in total 372,279,065 291,973,709 +27.5 40,142.102 30,756,381 11,780,296 9,558,869 10,648,449 8,789,667 7,568,693 6,928,047 6,900.000 5,441,735 4,942,663 4,696,348 7,192,640 3,902,923 1,733,309 1,505,214 1,028,1(17 835,631 1,048,088 660,938 775,000 550,000 575,482 466.736 1,092,000 795,000 731,000 580,000 803.000 Not included 807,310 Not included 330,909 Not included 227,765 Not included 373,977,886 59,134,838 13,923,340 10.212,214 5,769,250 7,185,114 4,629,959 8,929,785 3,756,702 1,111,752 780,256 516,705 327,582 Total Pacific_ 96,157 829 75,459,489 +27.4 47,266,425 28,155,890 12,401,042 11,186,576 10,228,709 5,115,776 2,981.268 2,988,585 1,239,865 1.777,150 1,146,769 1,399,780 810,396 853,126 664,141 276,903 30,171,610 22.892.482 10,689,052 9,363.784 7,410,033 3,618,499 2,867,342 1.722.107 1,569.463 1,347.159 961,834 925,602 843,232 796,679 561.592 1,895,597 Tot. oth. West. 128,492,194 1905. 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 1,899,193 986,284 841,870 649,219 875,381 699,431 644,802 716,408 445,815 540,502 439,884 552,263 397,955 325,823 362,150 368,383 257,931 171,905 +30.5 +23.2 +21.2 +9.2 +26.8 +5.2 +84.2 +15.1 +23.0 +58.6 +40.9 +23.3 +39.1 +26.0 n total n total n total n total Kansas City._ Minneapolis Omaha _ _ St. Paul Denver St. Joseph Des Moines Sioux City Lincoln Wichita Davenport Topeka Colorado Springs. Cedar Rapids_ _ Pueblo Fremont St. Louis New Orleans_ Louisville Houston Galveston Memphis Richmond __ _ Savannah Atlanta Nashville_ Fort Worth Norfolk Birmingham _ _ _ Augusta Little Rock Knoxville Mobile Chattanooga _ Charleston __ Jacksonville _ _ _ Oklahoma Macon Beaumont Austin Vicksburg 1906. 222,007,886 25,686,450 17,581.098 15,408,467 9,994,605 7,735,339 4,767,400 4,496,868 3,387,018 2,723,679 1,763,847 1,649,422 725;398 720,357 566,917 850,861 790,655 604,587 495,000 333,454 474,733 404,980 473,793 441,617 325,606 388,238 436.815 293.744 154,097 325,882,931 44,974,905 12,631,532 8,014,461' 4,156,333. 5,428,098 4,153,633 7,015,704 902,884 1,124,303 435,122 116,277,507 88,836,796 +56.6 +23.0 +16.0 +19.6 +38.0 +41.4 +4.0 +73.5 21.0 +31.9 +19.2 +51.2 -3.9 +7.2 +18.6 +26.0 31,794,337 27,302.959 10,531,153 11,046,798 8,945,441 5,293,051 3,104,897 2,202,805 • 1,254,809 1,087.295 993,184 1,099,531 871,394 563,562 708,158 257,943 27.041,209 24,352,895 9.430,922 9,138,098 7,320,965 5,425,728 2,672,577 1,750,932 95,930,067 +33.9 106,881,407 91,853.618 70,799,899 56,791.833 +24.7 19,151,366 -1.1 18,931,791 10,240,495 +16.3 11.910,380 10,741,990 +57.5 16,9)8,615 6,880,500 +23.4 8,489,500 5.774,235 +26.5 7,301,229 6,814,384 +1.1 6,890,170 6,389,475 -22.5 4,949,040 5,548,350 +8.0 5,993,574 3,641,741 3.903.328 -8.7 4,480,657 +66.9 7,500,000 2,696,302 2,708,585 -0.5 2,166,666 2,239,748 -32.6 2,209,346 -2.3 2,159,205 2,046,230 1,189,561 +72.0 1,504,346 1,479.041 +1.7 1,442,361 1.387,225 +4.0 1,610,000 1,400,000 +15.0 1,722.956 2,100,000 +21.9 1,756,216 1,353,876 +9.7 1,772,458 +114.9 1,639,881 736,917 670,767 +9.9 642,540 405,000 +58.7 881,456 800,000 +10.2 552,717 Not included In total 67,379,233 28,687,882 13,575,289 14,095,542 10,039,000 7,263.163 6,890,960 5,818,924 5,693,996 3,782,141 4,648.849 3,218,455 2.403,280 2,092,993 2,225,102 1,604,649 1,976,285 1,540,842 1,518.529 1,484,821 • 1,057,776 884,469 450,000 69,273.390, 29,257,559 13,032.307 12,035,026 8,341,500. 9,575.581 5,790.774 7,519,962 5,023,815. 3,731,213 3,376.992 2,923,502 2,028,446 2,750,847 1,663,010. 1,308.417 1,358,410 1.524.863 1,678,037 1,428,532 984,710848,490 700,774 680,753 519,948 632.351 227,265 753,609 486,174 Total Southern 184,708.059 155,055,168 +19.1 188,332,180 184,859.167 3,589,586,727 2,340,305,298 +53.4 3,487,072,905 3,312,693,158 Outside N. Y. 1,243,616,217 1,020,726,608 +21.8 1,290,191,768 1,161,520,462 Total all 143,283,845 +36.8 7,453,800 +15.7 3,055,521 +17.6 2,344,796 +16.0 2.0111 325 +0.7 1,932,113 +14.3 1,624,73t +1.3 1,155,023 +23.8 905,969 .+33-5 591,901 '+18.6 453,944 -7.4 193,650,462 9,945,400 3,706,313 2,632,209 2,139,278 2,121,141 1,698,491 1.327,086 795,866 612,964 524,578 CanadaMontreal Toronto 169,096,334 Winnipeg 9,352,500 Vancouver 3,248,274 Ottawa 2,286,662 Quebec 2,184,087 Halifax 1,959,203 Hamilton 1,657,305 St. John 1,065,942 Calgary 786,993 ,London 508,979 Victoria 458,193 Edmonton 31,748,482 27,967,755 18,445,071 3,356,608 3,091,252 2,288,916 1,670,171 1,459,829 1,406.942 1,665,420 1,095,162 1,559,115 1,005,870 33,635,040 24,633,711 14,897,081 3,946,303 3,299,577 2,657,277 21172,335 1.'715,143 1,582,021 1,404,858 1,274,721 1,187,294 905,448 +23.8 -15.0 -6.3 -13.9 -19.4 -14.9 -7.9 +18.5 -14.0 +31.3 +11.1 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 2 31,029,970 186,294,827 8,627,700 3,593,808 2.719,622 2,011,514 2,'..08,48'.) 1,645,854 1,430,142 1,208,697 701,710 414,477 210.858,870 164,802,259 +27.9 219,153,793 192,605,372 96,760.593 93,156,809 +3.9 97,890,575 79,616,199 Total Canada_ -5.6 23.367,792 10,849,503 2,227,705 2,801.047 2,084.587 2,241,973 1,812,172 1,281,466 1,11b;oili 809,369 1322 THE CIIRONICLE [VoL. rocxxiiv. to end the Boer War," also "the statement attributed THE FINANCIAL SITUATION. to Emperor William that a majority of the German Emperor William has, it seems to us, taken a people are hostile to Great Britain;" this, as published, thoroughly open and creditable course in meeting the was "too strong," he said. "Too great stress also had complaints which so widely attended his indiscreet been laid upon the point in the interview dealing act in broadly overstepping the forms of statecraft. with German interests in the Pacific Ocean." If As it has turned out, however, his repentance and all these "exaggerations" were changed or toned prayer for forgiveness have not fully satisfied any down and so put into the form used by the Emperor, one. To us the most remarkable feature of the they would be of much smaller proportions than they whole incident is that the Emperor has so often in have been quoted, talked about and criticised. substance done the same thing as now, and the present The disposition even yet exists to exaggerate the transgression was so much a part of his personality commotion and governmental revolution in prospect that it is a surprise that such a bustle and ado should in Germany. No little excitement and feeling were have been made about it from the very start. exhibited in and out of the Reichstag last week, We presume the accident which got Prince von Bue- some speakers in that bady showing altogether more low mixed up in the matter, and made it seem to him heat than ,was warranted and less moderation than necessary that he should send his resignation to would be anticipated to sway a legislative body of .the Emperor, was what gave it its early prominence. Gerthans. The speech of the Chancellor the current Be that as it may, the kind-hearted and forceful week, Thursday, on the reassembling of the ReichsEmperor ought not be expected to change his character t4), if correctly reported, was not justified; there is no in a night. He has always been as he now is. Indeed, such hostile feeling in Europe against Germany as he it struck us that he had with great dignity,and without represented. On the contrary, England and France loss of personality, gotten himself out of the present have shown more than their share of readiness to meet serape. As we understand the fact, it was not entirely in conference with Germany and settle all the differhis fault that the ostracised interview was published. ences arising out of the action of Austria and the later Emperor William put it into the hands of his Chan- unrest of the Servians and Montenegrins. cellor for criticism and expurgation, and the Chancellor, in turn, sent it on to the Foreign Office, with inStock Exchange values, have the current week had it got How revision. into careful the most notable setback experienced since the elecstructions for seen exexplained, not have we that print after tion. This happened on Wednesday, was followed on the enterprise part of piece a was it that cept by a further dip Thursday, continued also with, of the phase worst affair The newspaper. recoveries, Friday. The upward movement the partial of has been that its publication has interrupted the has not during its progress been by any means heretoprogress of the negotiations in process of securing an fore continuous. As prices have reached their higher early settlement of the Balkan difficulties. levels they have been subject from time to time to The interview had the current week between the irregularities. Of course under ordinary circumEmperor and Chancellor von Buelow took place on stances there must always be two movements; a time Tuesday. It seems that the Chancellor arrived at hardly, if ever, comes when sellers at the Exchange the palace at eleven o'clock and was at once admitted are not represented. But there are days when it to the presence of the Emperor. The Chancellor appears as if buyers had lost heart and courage. Such asked the Emperor for a declaration, with permission a state induces free selling. Some rep orters tell us to publish the same, to the effect that in the future the present is one of that class. We doubt the diagthe Emperor would deal with State affairs only nosis. There is nothing in home conditions to warthrough the existing constitutional channels, namely rant it, except that our values got so high as to The Emperor at once become a mark for speculators. European conditions through the Chancellor. acceded to the request and the arrangement as agreed as related above created unrest there and the element upon appeared in the official gazette of the Empire of discredit in our securities which Europe was holding the same afternoon. It is as below: largely but loosely led to European selling; this selling In the course of the audience grantediby the Em- was the cause of the decline here. As that has been peror to Chancellor von Buelow, the Chancellor arrested, the recession in prices has inclined investors described to the Emperor the mood of the nation and speculators to take the surplus securities offered. and explained his position with reference to the debate in the Reichstag the previous Tuesday. The Emperor Arrangements have been made by Comptroller Metz listened to these explanations with great earnestness, and expressed his will as follows: to provide for the payment in London of the coupons Heedless of the obviously incorrect exaggerations, of the 12IA millions New York City bonds adverhis Majesty considered his principal aim to be to tised for sale on Monday; such payment will be secure the continuance of the Imperial policies under made at the fixed rate of 4 8780 per pound sterling, he the safeguard of constitutional responsibilities; approved the Chancellor's address in the Reichstag and it is expected that thereby the bonds will be more and assured the Prince of his continued confidence. attractive to foreign investors. There was already It will be noted above, the Emperor asserts, that this week a good local'inquiry for the securities when there were "incorrect exaggerations" in the "inter- issued, and the entire success of the emission seems to view" as published in the "Daily Telegraph". Prince be assured. It may be noted, though, that a taxvon Buelow confirmed this criticism of the Emperor, payer's suit has been instituted arid an injunction stating "that the statements contained in the 'inter- sought to retrain the sale of the bonds; this may cause view', as given in the 'Daily Telegraph', were in- delay in the issue, but probably only temporary. The Secretary of the Treasury on Thursday ancorrect, particularly that referring to the sending to the late Queen Victoria a detailed plan of campaign nounced an issue of 30 millions2% Panama Canal bonds, Nov. 21 19081 ,THE CHRONICLE bids for which will be opened Dec. 5. The bonds will be redeemable in ten years and payable thirty years from Nov. 1, and hence have a little longer life than those which have previously been emitted. When these securities shall have been placed, there will be outstanding $84,631,980 of Canal bonds out of a total authorized issue of 130 millions under the Spooner Act. 1323 that, by their very existence, are in restraint of trade, has been, and he thinks always will be, futile. Economic conditions change almost while we are talking about them, and no nation can carry on a succ3ssful and profitable domestic and foreign trade whic:a attempts to draw hard and fast lines, based on present conditions, for the business activity of the future. The Sherman Law unduly exalts the principle of competition and it fails to lay proper emphasis upon the public benefits which may follow from properly regulated co-operation. The public interest now urgently demands the amendment of the law in order to relieve, not the corporations, but the people themselves from the limitations upon their business activity which the Act imposes unnecessarily and unwisely In making this statement, Dr. Butler is stating the simple truth, and if Congress at the short session is to pass a new law, it should be with the idea of depending more upon the courts to mete out even and exactjustice, and less on Government officials, who,from the nature of things, can never be free from political influence. There are some indications that the matter of amending the Sherman Anti-Trust Law is to receive more intelligent consideration and more rational treatment than has been accorded it heretofore. To be sure, reports say that Mr. Roosevelt has not changed his views, and is still arguing that any amendment of the law must be on condition of giving the Federal Government larger control over corporations, with exemption from its operation of labor unions and agricultural associations, but the President's tenure of office is now short, and he is no longer able to dominate Congress in the old way. Moreover, the Hepburn Bill for amending the Sherman Law, which.; embodies these views, would appear to be steadily losing ground. It will be remembered that this measure originally had In rapid succession there have been developments the endorsement and the cooperation of the National affecting the Philadelphia Rapid Transit Co., and the Civic Federation, so much so that it became known as effect is altogether confusing, as some of the developthe "Civic Federation" bill. But we are now told ments tend to make the relations of the company to that, during the summer, the officials of the Federa- the city of Philadelphia more complicated and untion have come to the conclusion that the bill could be certain. A manufactu rer and property-owner named greatly improved, and are now at work on a new meas- Elmer E. Brode has brought suit in equity for the purure which will probably be submitted to Congress soon pose of having the agreement between the city and after the opening of the coming session. It is stated the company declared null and void. The parties that these men now entertain the belief that the prin- defendant in the suit are the city of Philadelphia, ciple of the old bill was wrong, and that instead of leav- Mayor Reyburn, the Philadelphia Rapid Transit Co. ing to an official of the Government or to the Inter- and the Market Street Elevated Railway Co. The State Commerce Commission the determination of complaint sets forth that the Act of the Legislature what trusts or combinations are good and .what bad, under which the agreement is made is in violation of the law itself should lay down the principle of differ- the Constitution of the State of Pennsylva nia, which entiation and its application should be left to the prohibits the General Assembly from authorizing any courts. city to loan its credit to any corporation, association, This is a happy awakening. There can be no doubt institution or individual. It is also alleged that the that it would be most unfortunate if, in amending the agreement is inoperativ e because it does not contain law, a condition should be created where our industrial the approval of the City Solicitor as required by law. corporations, large and small, should be placed at The complainant asserts that the Market Street Elethe mercy of politicians, or, what is the same thing, vated Railway Co. is not a party to the agreement, of Government officials, with power to dispense favors and that it would be possible for this company to and to decree the life or the death of any given con- perfect a rival system of railways after the present cern. We will be much safer if we trust for honest system of surface railways was turned over to the city and fair dealing to the courts. We notice, too, that in 1957 as contemplated by the agreement. a somewhat similar view was expressed by Dr. NichoThe fact is that the agreement has not been a very las Murray Butler, President of Columbia University, great success. It was designed to give the city such in an address which he made on Thursday night at a contingent interest in the company that the public the annual dinner of the Commercial Club of Kansas would co-operate in putting the street railway system City. He calls the Sherman Law a menace to the of Philadelphia upon a prosperous basis, so that the business of the country, and says an incredible amount city might obtain a share of the income of the comof nonsense has been talked before the American peo- pany; but just as soon as the purse of the public was ple for many years regarding the large industrial cor- touched by an attempt to increase the revenue of porations known as trusts. What is needed now, the company through an advance in fares, the public he says, is the intelligence and the courage to look the forcibly made it known that it preferred to have fares facts squarely in the face, to cease calling names,and remain undisturbed rather than to tax itself by the to inquire in what direction the highest public interest payment of higher fares. It was expected too that lies. Combinations in restraint of trade are obnoxious by allaying public clamor the credit of the•company to our sense of natural justice, and have long been would be improved, but in this there has also been forbidden by the common law, he points out. Whether disappointment. Indeed, the most conspicuous result a given combination, however1 is in restraint of trade of the alliance between the city and the street railway or not is,in essence, he declares, a matter for judicial company has been to plunge the railway into politics. inquiry and determination. Ii_;very attempt to lay This the manageme nt deplores, and Mr. P. A. B. down a general rule or a definition of combinations Widener, the father of the railway system, has de- 1324 THE CHRONICLE . 'dared that the company must be kept out of politics. As the agreement seems to fall short of accomplishing its purpose, it would not be surprising if the company failed to make a strong fight against its annulment. Still another ground urged in the complaint as a reason for the disrupting of the agreement is that it is undertaken to turn over to the city certain street railways which are beyond the city limits, such as the lines to Willow Grove and Doylestown and to Media and 'Chester. A marked change in the attitude of the daily press is noted since the Retail Merchants' Association, composed of the proprietors of department stores, had a conference with the proprietors of the Philadelphia newspapers. The editors were plainly told that by opening their columns for the use of agitators who sought to obtain notoriety through attacks upon the street railway company, they were not serving the public but simply playing into the hands of those who desired to make political capital or obtain free advertising. Since this conference the agitation has almost entirely disappeared. George H. Earle Jr., who recently resigned from the Union Traction board, has also resigned as a director of the Philadelphia Rapid Transit Co. and his resignation has been accepted. Mr. Earle has not a large personal interest in the companies, but some of the financial institutions of which he is President are stockholders. The vacancy in the Rapid Transit board has not yet been filled. The foreign trade statement for October 1908, made public Monday, indicates a satisfactory result, notwithstanding the value of exports for the period was moderately less than for the same month of 1907, and exhibits somewhat more of a decline compared with the result for October 1906. It is. however, to be said that the declines recorded in 1908 are more largely a matter of lower prices for the commodities than of a less quantity of goods exported. This is particularly true as compared with 1907, when cotton prices ruled much higher than now. In fact, upon the basis of prices in October 1907, this year's outflow of that single commodity would have shown.a value sufficiently greater to turn the 1908 loss in exports into a gain over last year and give a result a little larger than in 1906. In other words, the average price of the cotton exported in October 1907 was 11 9-16 cents per pound, whereas the current year the price was only 914 cents. On the basis, therefore, of last year's price, the value of this October's cotton shipments would have been 74 millions of dollars, as against the 58 millions actually reported, and the aggregate value of all commodities exported would have exceeded the month's total for 1907 by 8 millions and 1906 by about 1 million dollars. Certain items of imports, as for instance, luxuries, in October last furnish evidence of improving conditions of trade in this country. With the advent of bad times imports of luxuries largely decline, and do not come in for increasing attention again until general trade has become more active. We noted a month ago increasing imports of diamonds and other precious stones, automobiles, &c., as demonstrating that a similar situation was a feature of September. As stated above, the aggregate outflow of merchandise in 'October was $172,000,804, which corn- [VOL. Lxxxvn. pares with $180,253,296 for October 1907 and $187,353,348 for the like period of 1906. The articles for which advance figures are issued show collectively a small excess over a year ago, although some of the important individual items record declines. For instance, .in the breadstuffs division there is a loss of 31A millions of dollars, due to a smaller outflow of corn, wheat and flour, and moderate decreases in the shipments of provisions, and of cattle, sheep and hogs are to be noted. But cotton exports covered a value some 5 millions of dollars more than in 1907, and the outward movement of mineral oils was appreciably greater this year than last. It thus follows that the aggregate exports of the principal items (breadstuffs, provisions, cattle, &c., cotton and mineral oils) were 1j millions of dollars larger than for October, 1907, the comparison being between $101,022,246 and $99,977,210. Other articles of export the details for which will not be available In4i1 aftergthe close of the month therefore moved out less freely this year than /lost, for, as indicated above, the combined merchandise outflow shows a falling off of $8,252,492. For the ten months of the calendar year 1908 the total exports of commodities were $1,402,768,153, against $1,511,841,992 in the corresponding interval of 1907, or a falling off of 109 millions,and,contrasted with 1906, the decline reached 23 millions. Almost all items of exports share in the decrease from 1907, copper and manufactures thereof being the only conspicuous exception. The leading articles for which advance figures are obtainable account for a decline of, 19 millions, over 30 millions loss is to be found in iron and steel and manufactures, and approximately 12 millions in wood and manufactures, leaving less than 30 millions to be covered by all other commodities. iThe inflow of merchandise from abroad in October reached a value of $102,142,827, which, while the first total in excess of 100 millions recorded since November of 1907, was the smallest October aggregate since 1904. At the same time the decline from October of 1907 and 1906 are almost identical with the losses shown in exports. For the ten months since January 1 1908 imports of commodities, however, covered a value of but $900,658,289, or a falling off from the record total of 1907 of 3191 / 1 millions, a a loss of from millions and decline 1906 of 1659 79 millions from 1905. Compared with the ten months of 1907 the various articles going to make up our import aggregate show declines in value this year and many of conspicuous amount. In some cases, in fact, the value of the 'arrivals in 1908 have been barely half what they were in 1907. Chemicals, copper, cotton manufactures, diamonds, &c., hemp, flax, &c., and manufactures thereof, hides and skins, India rubber, iron and steel and manufactures, silk and manufactures, tin and wool, each record decreases ranging from 10 to 24 millions, and with such the status it is not difficult to comprehend an aggregate falling off of over 300 millions. The favorable, or export, balance of merchandise for the month was $69,857,977, against $68,340,675 in October 1907 and $69,224,996 in 1906. Of course , with imports, as shown, declining much greater than exports, the favorable balance for the ten months is very heavy; in fact, of -trecord proportions. For the period in 1908 it reached $502,109,864, against Nov. 211908.1 THE CHRONICLE 1325 .$291,857,072 in 1907 and $358,792,303 in 1906. The representatives. This act of the manufacturers cannot high-water mark up to this year was in 1900—$500,- fail to have a good influence, and is not the least of 255,451. the gratifying developments accompanying the industrial revival now in progress. The Lancashire (England) lockout settlement, the At the Cotton Growers' Conference, held at Memphis action on the wage scale by the Fall River Manufac- Nov. 10 to 12, and the Farmers' Union Convention turers' Association, the Cotton Growers' Conference at New Orleans, Nov. 12 and 13, the all-pervading at Memphis and the Farmers' Union Convention idea appeare d to be to devise some means of securing at New Orleans comprise a number of recent events higher prices for cotton. That is natural, because of considerable interest in cotton circles. As regards that staple is the chief product of those sections and in the termination of the lockout in Lancashire, an a large portion of them the only marketable product. occurrence much desired but somewhat deferred, Other matters of considerable importance were it was announced by cable Nov. 6 as having brought before the conference, but higher prices been effected that day by• the employers re- were the dominant thought. To bring about that ceding from their determination to put the 5% desider atum, various suggestions were made, and reduction into force in January of 1909 and ac- bankers from various sections of the South ceding to the request of the hands that it enforce- expressed their sympathy with the movement and ment be delayed until the first pay-day in March. offered all possible financial assistance in reaching That being granted, operations have been resumed in that end. It may be said with practically absolute the mills. The official agreement of settlerhent Dr& truth that in no section of the country is there any at hand by mail confirms the cable report fully. desire to see the cotton planter dispose of his product Commenting upon the settlement Mr.Macara, Presi- for less than its value. dent of the Masters' Federation, draws attention to the For the 'yield of 1907-08, notwithstanding the busifact that under the Brooklands agreement, the framing ness depression during most of the season, comparaof which ended the twenty weeks' stoppage in 1892-93, tively high and certainly remunerative prices were and which is still in force, the operatives (spinners) received by the planters, the crop being known to be have had advances in wages aggregating nearly 18%, a moderate one as crops now go. The current crop and the male card-room hands almost 23%, and no is of course being marketed at a lower level of values, reductions. He further remarks that the reduction but this is not surprising in view of the very liberal now scheduled will not take place until over seven moveme nt, which is taken to indicate a materially months after the time its enforcement was justified larger yield than a year ago. It may be that the under the agreement. The necessity of putting into moveme nt thus far is in no sense truly indicative of the operation an automatic scheme for the regulation of size of the current crop, large receipts being due in wages in order to perfect the organization of the large part to early maturity, but nothing authentic or cotton industry of Great Britain is also referred to, convincing has thus far been promulgated to combat and he incidentally states that such a scheme is already the idea of a large yield. almost perfected. The London Board of Trade, it is It should be possible, with farmers' unions, cottonannounced by cable, is furthermore making supreme growers' associat ions and other organizations repreefforts to prevent future disputes in the cotton trade. sented in every county in the South, for a central Its purpose is, by discussion and inquiry, at the ex- or general committee to secure, compile and dispense of the Government, every interest concerned to seminate reliable data, which would be of great be represented, to formulate some agreement that assistance to the planter in the marketing of his shall in a way be binding on all parties. It is to be product. It would then follow that the laws of hoped that the efforts of the manufacturers them- supply and demand would be truly operative. With selves or of the Board of Trade will result in the cotton, as with all other products, prices are largely evolving of some plan that will prove as effective as so controll ed, and efforts to arbitrarily fix values rarely that now operative at Fall River seems to be. if ever succeed. We are pleased to note that at both The Fall River Cotton Manufacturers' Association Memphis and New Orleans there was less antagonism at a meeting Thursday night made known its inten- shown toward cotton exchanges and other organization to continue through the next six months' period tions and individu als that have been erroneously the schedule of wages as it now exists. This action classed as inimical to Southern interests. Moreover, was entirely unexpected by the mill hands and by lawlessness, as represented by night riders, was genthe general public, as under the automatic working erally condemned. of the sliding wage scale a reduction to the minimum of 18 cents per cut of print cloths was warranted by The bank statement of last week showed, as the the average margin between cotton and cloth during most striking feature, an increase of $11,925,000 in the past six months. It was believed, as we intimated loans, according to the report of actual conditions, last week, that some modification of the reduction as the chief result of which deposits were augmented would be made when put in force in early December, $16,664,500 and reserve requirements $4,166,125; a but no idea was entertained that the manufacturers gain of $2,530, 100 in cash only partly offset such rewould, in this instance, abrogate their privilege quirements, so that the reserve was reduced by $1,entirely. In announcing the action taken, which 636,025, to $29,838,725. Computed upon the basis of was, of course, strictly voluntary, it was clearly deposits less those of $9,189,700 public funds, the stipulated that this waiving of rights by the manufac- surplus reserve was $32,136,150. Circulation was returers must not be taken as a precedent. This duced $2,270, 800, reflecting retirements of bank notes condition, put into the form of an agreement, was that were secured by the 3% Treasury certificates of readily accepted and signed by the Textile Council indebtedness which were in process of redemption 1326 [VoL. Lxxxvii. THE CHRONIcT.,g abroad, especially on the Continent, and the restricted consumptive demand. The disposition that appears to be manifested at the South to withhold exports and to store cotton in order to secure higher prices was reported as another factor in the situation. Selling of American stocks by London in our market contributed to a demand for remittance which was in The market for money was without special feature insufficient supply, and speculators took advantage this week; a low minimum prevailed for call loans of the fact to bid for bills. This disclosed a dearth of and an average slightly less than that of the previous offerings, particularly of sterling, and an attempt to week. Commission-house brokers were in competi- procure francs caused an advance in the rate for this tion with lending institutions to some extent; the com- class of exchange to within a small fraction of the goldparatively large accumulations of time .loans which export point. The rise in francs brought out offerings these brokers recently obtained, in expectation of of a round amount against a matured installment of requirements by their clients, seemed to be much in the issue of Mexican bondi that had been placed in excess of their patrons' needs and the resulting unem- Paris,and the market responded, though but slightly, ployed balances were placed on the market. Time to the pressure; another installment will be due before contracts were in only moderate request; the corpora- the close of the year, which will, to some extent, tion borrowing that seemed likely to result from new relieve the situation should it be tense. Compared with Friday of last week, exchange on issues of securities would, it WaS thought probable, was 10 points lower for long at 4 83§5@ Saturday directly be and not capitalists through be effected short was 10 points higher at 4 8585@ while 8360,' non4 that fact In the view of sought in the market. were unchanged. On Monday long cables 8590; any 4 to participating professional speculators are not 4 8365@4 8370, short 5 points to to points 10 rose extent in stock operations, short-term loans are not and cables 10 points to 4 8615@4 8620. 8595 8590@4 4 wanted, and even long maturities are unattractive by long was Tuesday 15 points higher at 4,8375@ On enare reason of high rates therefor. Mercantile houses short 10 at 4 86@4 8605 and cables points 8385, 4 paper make to couraged by the outlook for general trade 4 at points 8625@4 On Wednesday short 8630. 10 demand. good in are names more freely and the best to points 4 86 8595()4 5 and cables 5 points to fell comtrust and bank representing Money on call 8625; lo.ng 8620@4 was On Thursday unchanged. 4 this Exchange Stock the at loaned pany balances was market at strong an 25 points for of advance the banking 1%%; averaging 13'%, at and week at 2% 84@4 4 10 8410, of points for to short to 4 86@ long Time minimum. the as 1% institutions quoted of and 10 4 to 8610 cables 8625@4 for points 8635. 4 collateral were Exchange Stock mixed loans on good and in there 20 short of points Friday was rise a On for days, 332% ninety for and 331% 3% for sixty in points cables. 15 of six months, for and five for 3M@3U© 3% four, The following shows daily posted rates for sterling with some business reported for the latter period at 33/2%. Commercial paper of choice grade was sold at exchange by some of the leading drawers. 4% for sixty to ninety-day endorsed bills receivable Fri., Tues., Wed., ! Thurs., Fri., 16 Nov. 17 Nov. 18 Nov. 19 Nov. 20 Nov. 13 Nov. Mon.. and at 43/2% for four to six months' single names; 160 days 4 84;i 85 85 85 Brown 843,6 84;i 87 Bros. & Co l$Ight__ 4 8634 865i 87 87 the buying was chiefly by local and Western banks. 863 during the week; this week's redemptions will extinguish this form of pledges for bank circulation, as they were called for retirement Nov. 20. The above noted expansion in loans was due to activity in speculation on the Stock Exchange and also to syndicate operations in new bond issues. The Bank of England rate of discount remains unchanged at 23/2%. The cable reports discounts of sixty %@23/2%. The to ninety-day bank bills in London 23 open market rate at Paris is 231% and at Berlin and Frankfort it is 2%@2%%. According to our special cable from London, the Bank of England gained £82,740 bullion during the week and held £35,801,936 at the close of the week. Our correspondent further advises us that the gain was due wholly to receipts from the interior of Great Britain, exports having exceeded imports by £43,000. The details of the movement into and out of the Bank were as follows: Imports, £205,000 from India, unearmarked; exports, £248,000 (of which £100,000 to Buenos Ayres, £100,000 to Batavia, £40,000 to Bucharest and £8,000 to Gibraltar), and receipts of £126,000 net from the interior of Great Britain. Kidder, Peabody dr Co Bank British North Amer,ca • Bank of Montreal Canadian Bank of Commerce Keldelbrieh, Iekelhelmet az Co Lazard Freres Merchants Bank of Canada 160 days 4 84% Wight__ 4 863i 160 days 4 85 ISIght__ 4 87 f60 days 4 85 ISIght_ 4 87 160 days 4 85 1Sight__ 4 87 560 days 4 8434 1Sight__!4 863 160 days'4 8434 18Ight _ _14 863 160 days 4 85 iSight _ _14 87 84% 863,6 85 87 85 87 85 87 84% 86;i 84% 86% 85 87 8436 863i 85 87 85 87 85 87 84y2 86% 84% 80i 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 Rates for exchange on Friday weie 4 84@4 8410 for long, 4 8620()4 8630 for short and 4 8640@4 8650 for cables. Commercial on banks 4 8360®4 8370 and documents for payment 4 829@4 84%. Cotton for payment 4 823j()4 83, cotton for acceptance 4 8360@4 8370 and grain for payment 4 843.i@4 84%. The following gives the week's movement of money to and from the interior by the New York banks. Week ending Nov. 20 1908. Currency Gold Received by I Shipped by N. Y. Banks. N. Y. Banks. $4,425,000, 875,000 Net Interior Movement. wl $3,328,000 Gain $1,097,000 43,000 832,000 Gain $4,160,000 Gain $1,140,000 $5,300,000 The foreign exchange market developed a strong Total gold and legal tenders some extent tone this week. It was influenced to With the Sub-Treasury operations the result is as by speculation, bankers feeling confident that condi- follows. tions were such as to cause the maintenance of comNet Change in Out of Into paratively high rates at least for the remainder of the Bank Holdings. Banks. Banks. Week ending Nov. 20 1908, $1,140,000 year. They based their opinion upon the indications Banks'Interior movement,as above _ $5,300,000 $4,140,009 Gain 29,150,000 Gain 1,000,000 30,150,000 Sub-Treasury Operations the of grain, and exports of cotton former of smaller $35,450,000 $33,310,000 Gain $2,140,000 Total gold and legal tenders .. . being affected by the accumulation of the staple Nov. 21 1908.1 THE CHRONICLE I 1327 The following table indicates the amount of bullion reactionary and a hater of foreigners, she may well in the principal European banks. have shared, and undoubtedly did share to the full, the resentment of her subjects against the highNov. 19 1908. Nov. 20 1907. Banks of handed aggressions of European Powers on Chinese Gold. SUrer. Total. Gold. Total. SUrer. territory. When the general chapter of history, which £ £ England.. 35,801,93 35,801,936 30,485,751 I 30,485,751 France _ 134,172,513 35,697,669 169,870,182 108,368,807 37,365,825 145,734,632 began in 1895 and culminated in 1900, is soberly reGermany a 39,122,0 16,213, 55,335,00 25,795,000 10,695,000 36,490,000 Russiad 122,257,00 6,551,00 128,808,00 125,147,000 4,988,000130,135,000 viewed, it is impossible not to feel strong sympathy Aus. Hunb 48,760,00 12,397,0 61,157,00 45,610,00 11,531,000 57,141,000 Spain ____ 15,774,000 32,520,00 48,294,00 15,609,000 25,577,000 41,186,000 with the Chinese people, who, regarding their own as Italy 37,176,00 4,450,00 41,626,00 38,146,000 4,759,600 42,905,600 Netherl 7,902,60 3,874,1 11,776,70 7,641,800 4,934,500 12,576,300 an older and better civilization, beheld these EuroNat.Belg.a 4,068,667 2,034,33 0,103,000 3,312,667 1,656,333 4,969,000 Sweden _ 4,249,00 4,249,00 4,122,0 4,122,000 peans calmly proceeding not only to appropriate for Switzer! d 4,698,00 4,698,00 2,537,000 2,537,000 Norway 1,841,000 1,841,000 1,894,000 1,894,000 themselves actual blocks of territory on the Chinese Total week 455,822,711' 113,737,102 569,559,818 408,669,025 101,507,258510,176,283 Prev.week 453,684,58 113,195,334566,879,919 408,288,122 101,359,143 509,647,265 Coast, but to carve up, on paper, even the inland a The division (between gold and silver) given in our table of coin and bullion portion of the Empire into their so-called "spheres of In the Bank of Germany and the Bank of Belgium is made from the best estimate we are able to obtain; In neither case is It claimed to be accurate, as those banks influence." make no distinction in their weekly returns, merely reporting the total gold and It is probable enough that the Dowager Empress silver; but we believe the division we make is a close approximation. b The Austro-Hungarian Bank Statement is now issued in Kronen and Heller Instead of Gulden and Kreutzer. The reduction of the former currency to sterling and her advisers felt themselves threatened by a greater 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 immediate danger than did actually exist, and they order to reduce Kronen to Pounds, has altered the basis of conversion by dividing the amount of Kronen by 24 Instead of 20. could hardly have failed to be impressed with a sense d The total of gold In the Bank of Russia includes the balance held abroad— that Is, the amount held for Russian account in other Continental banks. The pro- of their own helplessness against it. At the same portion so held, and consequently duplicated in the above statement, Is about ene-quarter of the total. time, they undoubtedly overestimated the possibilities of sudden resort to wholesale violence, without the forms of war, as a means of frightening away the THE CHINESE EMPRESS. insolent outsiders. Either this state of mind, or else The simultaneous announcement last Sunday of pressure from powerful factions which they had bethe death of the young Chinese Emperor and of the come unable to resist, must be the true explanation remarkable woman who since 1861 has directed the of the so-called "Boxer uprising" of 1900. That Government of the Chinese Empire—first as the old demonstration failed completely and wretchedly. The Emperor's favorite, then as the Dowager Empress, Empress herself was for a time a fugitive. European controlling a series of feeble sovereigns--is an event and American soldiers marched through the streets which may or may not be pregnant with important of Pekin and ransacked the Imperial palaces and consequences in the world of politics. The longer treasure houses. In the end, the Empress wai comsequel to the death of this powerful woman sovereign pelled to come to terms; through her Ministers, she will serve, at any rate, to show just how far the reac- consented, first to formal and humiliating public tionary tendencies of her reign have been purely the apologies, to be made by delegates of the Chinese outcome of her personal will. This is always a matter Government to certain European Powers; second, of some doubt, even in the case of rulers with strong to the extension of trade privileges to European resipersonality; it can never be wholly certain, even in dents in China; third, to removal from the throne of governments under Western civilization, just how far her husband's nephew, who was known to represent pressure of powerful ministers or of influential court the reactionary and anti-European faction of the factions was of itself an element in forming the deci- Chinese people. sions of the ruler. It is even less possible to measure In other words, the result of the episode of 1900 was the exact situation in that regard in a government the complete surrender of this powerful woman like that of China, where the personal phases of gov- sovereign to the European intruders. Fortunately ernment are surrounded by a cloud of mystery. for herself and for China, there were other circumTaken in the light of the actual and visible record, stances in the case, and other lessons taught than the the career of this woman has been most extraordinary. lesson of the uselessness of a popular uprising against Born of low station and sold by her parents as a slave, foreign residents. Europe itself was startled by this given to the Emperor as a present for his harem, her plain demonstration of the Chinese people's temper. personal force made it possible for her to obtain al- The United States, under the auspices of the late most undisputed sway over the old Emperor; to place Secretary Hay, intervened as a mutual friend of both her own son on the throne as his successor, with herself China and Europe, taking the position strongly, in its as Regent; to create and dethrone another Emperor own behalf and in behalf of all other Powers interested on the death of that son, and finally to set in his place in China, that the integrity of the Empire must be a youth during whose nominal rulership she was on respected, and that aggression must be ended. Folall hands regarded as the responsible sovereign of the lowing this, at an interval of four years, came the Empire. Such a chapter of achievements is of itself Russo-Japanese War with its warning to Europe that sufficient to prove that her individual part in shaping it would no longer do to treat with contempt the fortunes of the Empire,during the past forty years, the belligerent possibilities of Oriental nations. must have been very great. Catharine of Russia is the Nevertheless, it may be said that the situation which nearest European parallel, and with her the analogy the Dowager Empress had spent her life in creating is not exact. It is not unreasonable to suppose that had been radically changed long before her death. some change in general policy may follow the death What her influence on affairs has been during the of such a ruler. period between 1900 and 1908 is most obscure. As a matter of fact, however, change in the Empire's Rumors have been heard, in circles of diplomacy, as policy had occurred before her death, and had come to a more or less sweeping change proposed in governas a result, not of the Dowager Empress's choice, but mental matters; they have been taken with a grain of the force of circumstances. Herself undoubtedly of salt, and have been considered by experienced 1328 THE CHRONICLE [VOL. Lxx xvn. knowledge beforehand that neither the State nor the critics rather as a sign of problems which were under Federal Government will furnish any financial aid, remote discussion than of actually adopted purposes,. they lend their credit; nor will they guarantee At the same time, it is noted as a fact of substantial nor will They will not even protect the investor importance that the new emperor, a child of three, anything. tion, as France has long since been will conduct the government under the regency of his against competi do; and this in spite of the fact that to father, Prince • Chun, who has long keen known as wise enough tion is not compatible with regucompeti one of the moderates in Chinese diplomacy. If the unrestricted ideas generally entertained as to this statesman are lation. The railroad does get one thing from the State, correct, his views regarding both China's relations eminent domain. The practical with Europe and China's institutions generally are namely the right of eminent domain, so far as the of of a character not unlike those entertained by the late working of the right usually is, he shows, the ed, concern Li Hung Chang. If this turns out to be correct, then corporation is by the railroad at a fair way of right the really important outcome of the change in the purchase of the ement, at a price fixed disagre of case the imperial throne will affect China's position in diplom- price, or, in present. conditions, Under rs. neighbo owner's by the acy rather than in its own internal affairs. business, the railroad the in e engage to conclud So far as can be judged through the obscurity which if we the orators which es," franchis and titles ents, has surrounded all of China's diplomacy in the past "munim this someof consist State, the from gets carrier few years, the reactionary tendencies imputed to the say the the right and domain of eminent right dubious Empress have led the Chinese Empire along two very what ed. regulat mistaken paths. One has been indicated b y the sort of to be Of course, Mr. Trumbull does not contend that there jealousy constantly shown in relation to Japan; the be no regulation whatever. The right of the should other was the undoubted dislike of the United States, to regulate corporations engaged in pubment Govern illustrated by the action of China's merchants in their has been too long upheld and admitted to so-called boycott, and in the encouragement supposed lic service turned over. But the questions, "How far to have been given to that demonstration from Pekin. be now the regulation go," and "What is a reasonable As a matter of fact, a broader view of Chinese relations should upon your capital if invested in railroads," to the politics of outside States plainly marks out the return he well says, answered by investors as well be, must facts that Japan is a natural and necessary ally of rs, for it takes two to make a bargain. lawmake by as China, and that the United States, under the circumthe right to regulate the railroads Britain Great In stances, is the one disinterested friend on whom China d as reasonable, but there they been accepte long has can rely to protect it against further unwarranted protect to railroads as well as to regudeal great a do If the aggression on the part of Occidental Powers. late them; and their rates are higher and their wages trend of China's diplomacy under the new regency is much lower than on American railroads. There is so guided as to encourage the best relations between this further difference between Great Britain and the China and these two outside Powers, it is by no United States: there they have only one Parliament, means impossible that the empire may itself come while in the United States we have forty-seven— before very long to cut a much more important figure forty-six States plus Congress. The preponderating in the diplomacy of the world at large. part of the business of transportation is inter-State or foreign commerce, and therefore the bulk of the A PLEA FOR THE RAILROAD& wages distributed in the States is earned in moving The address which President Frank Trumbull of the commerce. If the Federal Government is to preColorado & Southern Railway Co. delivered last such the rates at which this commerce is to be carried, month before the Board of Trade of Fort Worth, Tex., scribe should the States, it is asked, have power to inhas been reprinted in booklet form. It contains an why with the expenditure of the revenues, and in interesting discussion of familiar problems, but along terfere respects? somewhat novel lines. Mr. Trumbull, by reason of other national banks of the United States pay 13% The well qualiis his intimate knowledge of railroad affairs, capital and properly add each year fied to speak with reference to the railroads and their dividends on their large sums to their surplus; and Mr. Trumbull asserts functions in modern life and activities. mills pay as high as 66% dividends. He points out that the population of the United that some cotton with the railroad situation, and this t States has thus far doubled every thirty years, while Now, contras of the railroads in Texas. showing the arly with transportation necessities double faster than the popu- particul Texas Railroad Comthe of report printed lation, and already we have seen the railroads sadly The last of Texas railroads stock capital total the gives overtaxed. How is the growing population to be ade- mission the year dividends paid the During 0,000. $131,00 quately served? Government ownership has been sug- at equivalent to 9, to $287,78 ed amount s railroad gested and promptly discarded. Up to date there is by given. Most of stock amount the on 1% of only one answer—that is, by private capital. In the about 1-5 dividends. in cent a paid never have absence of Government ownership, we might, per- roads in Texas into money his putting ring conside is haps, describe the private capital which it is necessary If the investor this to d attracte be to is he how , business railroad to interest as an "employee," and he thinks we ought the satisbe enterprising man not to be surprised if that employee, like others, field of endeavor? Will the return on his investment? ry interest a statuto with should want to have something to say about the com- fied will ask to be allowed to pensation which it shall receive and the general con- Is it not more likely that he it any more disgraceditions under which it shall perform its work. If at "grow up with the country?" Is in building railroads than the present time we would like to put our money into ful to increase one's fortune in any other occupation? Mr. this great semi-public service, what are the terms of in selling lands, or the parable he conemployment? In the first place, we do it with the Trumbull' points out that in Nov. 21 1908.1 THE CHRONICLE 1329 demnation was not upon the man with ten talents, but three million dollars a year in taxes. People with upon the man with only one. money are not the only ones who are tired of oppression He makes no complaint on behalf of the railroads, under the guise of regulation. It is well. enough to for the railroads will endeavor to live under the existing govern an employee, but will any wise employer exlaws and regulations, but the law of compensation is pect to get the best results by handcuffing him, or always at work. If there is an excess of regulation, tying him to a post? Mr. Trumbull declares himself there is less of something else. If our money is in the in favor of the movement started in Texas for "Fewer railroad business, we get along with the regulation the Laws and Better Laws," and he thinks that this movebest we can. The point of importance to the com- ment is making rapid progress with the people. As a munity is, will we put in any more? Will the owner result of it, there will come less meddling with those be content to abdicate his functions as an officer or things which the officers and directors of railroads director? In the last few years the duties and re- are selected to attend to. "With that will come more sponsibilities of officers and directors have been subor- individual initiative, and with that will come the holddinated to administration by inexperienced commis- ing of directors to a stricter accountabil ity of their sioners. Will this tempt the investor or will it justify trusteeship—a stewardshi p for the public, for the emhim in tempting his friends into engaging in the trans- ployees, for the investors, in order to retain their portation industry? Every one will share the opinion confidence and by adequate rewards, such as obtain of Mr. Trumbull that the functions of regulation in other occupations, to attract more and more of their should be general in character and national in scope; money into the railroad service, and above all a due should be directed against oppression and discrimi- regard by all for the general welfare." Everyone, nation; and should be designed to secure so large a we are sure, will join in wishing all speed to the new measure of protection that service will be continually movement. improved, to the end that the people of America shall have the best railroad service in the world. THE ATLANTIC COAST LINE RAILROAD Reference is made to the working of the so-called REPORT. Stock and Bond Law in Texas—not with a view to During the last two fiscal years the Atlantic Coast finding fault, but to show the effects of the operation Line Railroad Company was subjected to conditions of that law. If one wants to issue bonds or stock on a such as to test the strength and endurance of the railroad in Texas, one must furnish the railroad first soundest properties. We say "two" years because, and obtain from Austin authority afterwards for the while .business depression did not come until the bonds and stock. Can any large enterprise be built latest year, in the year preceding the Atlantic Coast up in this way? In everything else it would be deemed Line, like the other leading Southern systems, only an absolute prerequisite that we should be sure of our perhaps a little more so, suffered. from adverse cirmoney before contracting to expend it. Continuing, cumstances and conditions which in their way were Mr. Trumbull says: quite as severe as those experienced in 1907-08. It "If you want to build, say, five hundred miles of, is necessary to take the two years together in order railroad in Texas, and a banker agrees to find the to appreciate the full extent of the strain which money for you, ask your lawyer to tell you what se- had to be met and endured. curities you can contract to deliver to the banker. Comparing the results for 1907-08 with those for You must build your railroad first. I leave it to you to say how you are to do it. Again, when your road 1906-07, the changes are not so very striking (although is in operation, you won't be very proud of it unless when the year is segregatedinto parts some differences business grows, and if it grows, as you hope, you will of quite considerable magnitude are revealed, to which need improvements every year. You must furnish we shall presently refer) but when the comparison is the improvements first and get the authority to issue extended a year further back the changes are seen to securities afterward. Usually, a certain amount of improvements can be paid for out of earnings, but if be very noteworthy, particularly in the ease of the you are to keep abreast of the times, not all of them net earnings, where the shrinkage has been of large can be financed in that way, any more than you would magnitude. If, when the period of decline in net think of building a good court house out of one year's income began, the company had not been so well, taxes. Yousoon find yourselfin a position where,in order circumstan ced in the matter of net income—that is to take care of more business, you must furnish more facilities; but you must first carry the business to if there had not been a large margin of income above earn the money to pay for the facilities. Can you do the requirements for charges and dividends—it would that in any other business? Now, what is the result? not have been possible for it to have passed so creditYour Stock and Bond Law has been in operation for ably through the lean period since experience d. about thirteen years, and during that time nearly all In reviewing the report for the previous year, we of the railroad construction in this State has been pointed out that this report revealed to what an financed by railroad corporations of other States, and not by selling Texas securities to investors. Why has unfortunate state Southern roads had been reduced this been so? Because it was absolutely necessary for under the many adverse circumstances against which some outside corporation with credit to stand sponsor. they were obliged to contend. The progress of the Is this the way to build up your State? Bear in mind that you still have fifty-five counties in which there is system, we showed, had not been checked as far as continued growth in traffic and gross income were not a mile of railroad. I leave the answer to you." concerned, but,on the other hand, operating cost had Should those who furnish money for railroads have increased to such an extent that the augmentation in any hand in making regulation wise and efficient? expenses was far outrunning the gains in gross earnWhy not, says Mr. Trumbull. Our forefathers ings. In addition, the legislatures of the different achieved their independence from Great Britain on the Southern States were further impairing the prospect proposition that there should not be taxation without and. outlook by reducing rates, and in other ways representation, and the railroads of Texas pay over increasing the difficulties under which railroad affairs 1330 THE CHRONICLE [VOL. LXXXVII. but in Atlantic Coast Line Railwere conducted. Stated briefly, gross earnings in company's resources), ny 4% certificates of indebtedness, which that fiscal year had been added to in amount of road Compa held in the treasury of the company. This $1,903,080, but expenses and taxes had moved up had been make the company's financial condition no less than $3,549,827, thus causing an actual loss in has served to extent. net in the sum of $1,646,747. In the year before that stronger to that is divided into parts, it readily beyear the When had there gross, in gain (1905-06), with $2,645,546 t that the road suffered severely from been $2,702,432 increase in expenses. Hence, for comes apparen business depression which followed these two earlier years combined, while gross had the effects of the the heels of the financial revulsion exrisen from $22,222,902 to $26,771,529, net earnings closely upon country in October and November had fallen away from $8,033,135 to $6,329,502. The perienced by the For the first five months of the fiscal augmentation in expenses occurred in face of increased of last year. earnings increased $712,084, showing a economy and efficiency of operation, being due entirely year, gross of the expansion of traffic and earnings to circumstances entirely beyond the control of the continuance such a marked feature of the years precedmanagers, such as higher wages and an enhanced which was the seven months, however, from December cost of materials, fuel, supplies and everything else ing. In ve, gross earnings fell off no less than inclusi appertaining to the operations of a railroad—also the to June, ed with the same months of the compar as 560 extra burdens imposed ,by State legislatures and $1,454, the net loss already referred to giving year, s previou railroad commissions. of $742,476. In the freight year the for gross This was the situation before the year under review in the twelve months amounted to the for loss the opened and before the depression in business had revenue er traffic there was an passeng the in but 3, come and overwhelmed the whole country. As a $704,52 attributable, howbeing last this 2, $195,59 of e consequence of this depression, instead of a gain in increas own ExposiJamest the to travel the to mainly gross earnings, such as had distinguished all the ever, s during progres in was which , Va., Norfolk in held preceding years, we have for 1907-08 a loss. At the tion year. fiscal the of months five first same time, the company found itself unable to reduce the The really gratifying feature in the operations for expenses to a like extent, and hence there is a further year is that, during the last six months, the mandecrease in net income on top of the exceptionally the t succeeded in getting control of the expense agemen heavy losses sustained in the two previous years. It is s and effected very substantial reductions in account unfortunately impossible to indicate the precise cost. We have stated that operating exng operati extent of the changes between 1907-08 and 1906-07, taxes for the twelve months record a deand penses owing to the fact that on July 1 1907 the new classi32 as compared with the twelve months $398,2 of crease fications of revenues and expenses promulgated by the however, for a further increase of except, ng; precedi Inter-State Commerce Commission became effective, $217,403 in taxes, which on this road, as on most and the figures for the latest year are on the basis others, are steadily rising, the reduction in expenses of these new classifications, while those for the previous would be $615,635. In the first six months of the year were based on the classifications in effect prior fiscal year the expenses, exclusive of taxes, increased to July 1 1907. Taking the figures, however, just $888,929, but in the last six months they were reas they stand, there is a decrease of $742,476 in gross, duced $1,504,564, thus making a net decrease for the offset by a reduction of $398,232 in operating exyear of $615,635. As indicating one of the drastic penses and taxes, leaving a loss of $344,244 in net to means by which this curtailment was brought about, be added to the losses of the two previous years. we may note that, beginning with February 11908, The company's annual, requirements for dividends all officers and employees receiving $3,000 or over and interest have been slowly rising with the additions per annum submitted to a cut in their salaries of about to stock and bonds made necessary by the new capital 10%. Of course wages of the ordinary railroad outlays required. Accordingly, the full effects of the workers were not reduced. As an additional element decline in income sustained are apparent only when the in the reduction in expenses, it appears that further surplus remaining above fixed charges is considered. economy in operations was attained, the entire deFor 1907-08 this surplus above charges is found to crease in the expenses occurring in the subdivisions have been $2,781,147, while for 1906-07 the amount' of expenses other than maintenance. Thus, notwithwas $3,117,955 and for 1905-06 it was $4,816,942: standing the shrinkage in traffic, there was a further Hence, as compared with two years ago, the amount increase in the train-load and a further increase in the available for dividends has 'been almost cut in half. earnings of the freight trains per mile run, with no It is evidence of the strength of the company's inincrease in the average rate received. come position that, even after this great loss, the diviConditions on this system are not such as to admit dends paid are shown to ihave been fully earned. Diviof a very high train-load, but nevertheless it is a fact dends are now charged against profit and loss, instead of no little significance that for 1907-08 the average of income, but it is nevertheless important to consider load was 185 tons, as against only 178 tons in 1906-07 their relation to the income. Therefore, it is interand but 167 tons in 1905-06. The trains earned esting to observe that, while the available net income $2 29 per mile run in the latest year, against $2 20 in was, as we have already seen, $2,781,147, the divi1906-07, $2 17 in 1905-06 and only $2 08 in 1904-05— dend requirements were somewhat less than this, this with an average rate per ton per mile in 1907-08 calling for $2,749,370, this covering 5% dividends on of 1.23 cents, against 1.31 cents in 1904-05. The the preferred stock and 53/2% on the common stock, maintenance expenses were actually somewhat heavier namely 3% in January 1908 and 23/2% in July 1908. in the latest year, and over 9% of the entire main It is proper to state, however, that the January semiand branch mileage was relaid with new rails, while annual dividend of 3% upon the common stock was line more ties were put in the track, more ballast placed, not paid in cash (it being deemed best to husband the v.21 1908.1 THE CHRONICLE mere lumber used ill new WI:4*AI* repairs, and more trestle filled than in the premious year, showing t,hat the road was well maintained. The figures in the report cover an average of 4,365 miles, the total length operated June 30 1908 having been 4,407 miles. As is known, the company also holds control of the Louisville & Nashville RR., 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 Louisville & 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 RR. giving as consideration $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 application of $5,000,000 of accumulated surplus. The Louisville & Nashville being operated separately, the Coast Line Railroad's investment in the same appears merely in the dividends received on its holdings of the stock of the company. As these dividends were 6% (until the change to 2 2% made in the semiannual payment in August 1908), the Coast Line has 'been getting $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 RR. 4% collateral trust bonds issued in part payment for the Louisville & Nashville stock purchased is only $1,400,000 per year. The Atlantic Coast Line RR. sold $930,000 of treasury bonds during the year and also issued $1,404,500 4% certificates of indebtedness, making $2,334,500 • together. But allowing for the• bonds retired, the increase in the amount of securities of the company in the hands of the public was only $1,842,500. On the other hand, the company spent $5,247,559 for new construction and additions during the year. Yet the company was as strong in cash on June 30 1908‘ as on June 30 1907, the comparison of cash holdings being $4,675,963, against $4,630,711. The report contains a discussion of the effects of the lower passenger rates forced upon the road in the different States through which the lines of the system run, showing that these lower rates are proving a serious burden. By agreement with the railroad commissions of most of the States served by the system there was put into effect on April 1 1908, as an experiment, reduced passenger rates, including 2-cents-per-mile interchangeable mileage tickets. Figures are given showing that the experiment is proving a costly one. The company had a large increase in through travel during the winter months to and from Southern resorts, but this came to an end with the month of April. As the result of this increase in travel, passenger revenues for April still showed an increase of $33,735, as compared with the corresponding month in 1907. But in May passenger receipts, as compared with 1907, fell off $49,384, in June $95,782, in July $92,122, in August $115,939 and in September $104,664. In other words, in the five months following April (the last month of the heavy through travel), passenger revenues fell off no less than $457,891, 1331 e9up.1 to 17.8 per cent. Of this, $164,000, we are told, tfi" be attributed to the holding of the Jamestow4 Exposition last year,and of the remainder an average of $50,000 per month is due to the lower passenger rates. It is well to,have the facts presented in such a clear and intelligible way, and it is to be hoped that this showing will have a salutary effect upon the authorities in the different States, inducing them to retrace their steps and adopt a more reasonable attitude hereafter towards the railroads. RAILROAD GROSS AND NET EARNINGS FOR SEPTEMBER. The improvement which is taking place in railroad earnings is made decidedly manifest in the compila"-tions we present to-day for the month of September. For the first time in any month this year there is a gain in net earnings. Of course, this gain is the result entirely of a reduction in expenses, but even the comparison as to the gross earnings is the best of any monthly exhibit of the year. Our tables cover 200,908 miles of road,and on these the falling off in gross reaches only $13,950,886, or 6.23%. This loss in gross was met by a reduction of $19,763,656 in expenses, producing a gain of $5,812,770 in net earnings-8.41%. What a con:trast this presents with the results for the periods preceding is evident from the figures for the nine months ending Sept. 30. These latter cover a much smaller extent of mileage, namely 162,869 miles, but the loss in gross reaches $224,792,698,or 14.14%; the reductioti in expenses was $161,861,721, leaving $62,930,977 shrinkage in net, or 13.66%. September. (114 roads.) 1908. Mlles of road__ 200,908 1907. January 1 to September 30. (102 roads.) Inc. or Dec. 198,274 +2,634 1908. 162,869 1907. 160,789 Inc. or Dec. +2,080 Gr.earna 210,014,059 223,964,945 —13,950,886 1364604279 1589396977 —224792698 Op.exp. 135,104,409 154,868,065 —19,763,656 966,905,703 1128767424 — 161861721 Net earn 74,909,650 69,096,880 +5,812,770397.698.576460,629,553-62,930,977 The reduction in expenses is evidence that the roads have succeeded in getting control of their expense accounts. In great part the reduction comes as the result of natural causes. In the first place, railroad labor, with the decreased demand for it, is decidedly more efficient than it was. In the second place, though wages of railroad laborers have not been reduced, the salaries of the higher officials have been cut in a number of instances. This is particularly true of the roads in the South. In the third place, now that there is freedom from traffic congestion, which existed in such a marked degree before the advent of business depression, and which made railroad operations so costly, it is possible to conduct the railroad transportation service with greater advantage, and, therefore, more cheaply. Then it must also be remembered that, with the volume of traffic less, many items of expenses naturally decline. In addition, of course, the tremendous shrinkage in railroad gross earnings sustained during 1908 has forced railroad managers to practice extreme economy, and consequently all repair work and renewals that can be deferred, not to speak of additions and improvements, have been put off to a more propitious time. What a pass things had'reached in 1907 in this mutter of operating cost is evident from our statement for September last year, showing that, with $13,172,222 increase in gross receipts, expenses had mounted up $16,766,725, causing an actual loss in net earnings at that time, on the roads reporting,of $3,594,503. In the years immediately preceding,too,the September record of the net had been somewhat disappointing. In the following wd show the totals for.the last thirteen years. Net Earnings Gross Earnings. XT. Year Given. [VoL. THE CHRONICLE 1332 Year Preceding. Increase or Decrease. Year Given. Increase or Year Preceding. Decrease. • $ $ $ $ S $ Sept 1896 57,053,112 58,277,749 -1,224,637 19,889,887 20,478,809 -588,922 +5,678,555 21,860,419 27,538,974 +9,704,576 62,866,514 72,571,091 1897 79,290,848 +2,283,232 31,520,183 30,352,609 +1.167,574 1898 81,574,081 77,606,66a+10,853,485 33,488,813 29,398,146 +4,090,667 1899 88,460,14 90,380,54 +1,893,683 34,073,853 34,790,545 -716,692 1900 92,274,231 96,359,674 +10,481,041 39,663,622 35,270,411 +4,393,211 1901 106,840,71 +901,152 99,662,81 +8,614,917 37.336,366 36,435,214 1902 108,277,73 1903 121,941,303 108,568,344 +13,372,963 41,781,513 37,410,861 +4,370,652 1004 124,045,37' 120,717,276 +3,328,100 45,628,707 41,023,532 +4,605,175 1905 129,462,517 118,616,511 +10,846,006 46,050,014 43,719,446 +2,930,568 126,782,987 +10,056,999 48,341,798 45,653,884 +2,687.914 1906 136,839.98 1907 191,220,00. 128.097,787 +13,172.222 41,818,855 45,413,358 -3,594,503 1908 210,014,05! 223,964.945 -13,950,886 74,909,65 69,096,880 +5,812,770 Jan. 1 to Sept. 30 1896 549,979,27. 541,713,358 +8,265,918168.267,741166.855.699 +1,412,042 1897 597,281,13! 573,526,914 +23,754,225195,111,274175.600.757 +19,420,517 1898 699,037,384 647,766,658 +51,270,726 227,627,024 210,882,145 +16,744,879 1.81)1 748,504,47' 682,697,231 +05,807,248246.340,093210,111,861 +27,228,232 262,325,890 +24,121,568 1900 871,341,224 791,027,245 +80.313,979286.447,458 e ,1 , +41,274,359 , . . ., 1901 010,185.82' 823,901.338 1902 904,250,15V 855,692,47:' +48,563,681 290,769,623 288,396,455 +2,373,168 1903 1,022,929.407 890,150,78 +132778625 318,251,224 278,883,289 +39.367,935 1904 1.067,682.734 1,081,834,689 -14,151,9551323,555,294 342,447,585 -18,892,291 1905 1,165,230,177 1,080,579,295 +84,655,882353,587,404328,979,271 +22,603,133 1906 1,282.177,524 1,144,088,927 +138088 597 401,505,577 346,283,681 +55,221,896 1907 1,355,120,564 .198,674,598 +156445 066393,671,395378,461,225 +15,210,170 190: 1,364,604,27 1,589,396,077 -224792698:397,698,576 960,629,553-62,930.977 Note.-In 1896 the number of roads Included for the month of September was 136: In 1897, 131; in 1898, 128; in 1899, 123; in 1900, 128; in 1901, 113; in 1902, 108: 10 18198, „% IIV;310n7i114,175159;1n'' 1 26, c115X1 1 113431atit30 thegrniter119n0 ) irtur( .1899, 142; in• 1900. 141; In 1901, 122; in 1902, 127; in 1903, 128:3n 1904, 114; In 1905. 103; in 1906, 109; in 1907, 95; in 1908, 102. We no longer Include the Mexican roads or the coal-mining operations of the anthracite coal roads in our totals. 1t17r,1-, In the case of the separate roads the list of gains in net is a long one, while at the Same time there are .not ;a few instances of increase in gross, too. Of course reduced expenses are chiefly .responsible for the improved showing of net, but in not a few cases gains in gross have contributed to the same end. The Southern Pacific, for example, has $458,424 decrease in gross with $1,062,629 gain in net, but the Union Pacific has a gain in both gross and net, namely,$464,360 ;in the fort* and $1,416,011 in the latter. The Ateltison has a 'loss in the gross, but it amounts to tily $170,440, while the ,net earnings have run up $517,536 through reduced expenses. We need hardly say that Many roads are still obliged to report bah diminished gross and net. The Pennsylvania Railroad is a conspicuous type of this class, it having •suffered _decrease in gross for the Month, on the lines ,directly operated east and west of Pittsburgh, of $3,696,000, and a decrease in.net of $710,500. We annex a summary Of all changes in the separate roads for amounts in excess of $30,000, whether increases or decreases, and in ;both gross and net. nfellcrEeas R.es. PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTElI Increases. ' _ New Jersey__ $198,985 .ChLeago•Milw ec St Paul__ 5572,881 Central of. 464,360 N. Y New Haven & Huai_ *181,601 Union Pacific 178,993 Minn St Paul & S S M_ _ _ 449,331 Wabash 170, 10 200,030 Atoll Topeka'& Santa'F'e _ Northern Pacific 160,i 03 138,113 Cleve Cinc Chic dc St L_ _ Great Northern (2) 93,089 Pacific Coast. 154,888 Missouri Kansas dc Texas. 80,021 Atlantic Coast Line 156,643 Internet & Gt Northern 72,774 Buffalo Roch & Pittsburgh 144,124 Minneapolis & St .Louls_ _ t 143,800 50,304 Northern Central Pere Marquette • 141,55u 48,087 Bo ton dc Maine .Roek Island.., 140,079 48,252 DUluth & iron Range_ _ _ _ Chicago Great Western_ _ _ 131,000 Phila Balto dc Washington 124,536 Cinc New On & Tex Pac_ Representing 12 roada In 124,005 our compilation $2,227,149 Vandalla Decreases. Nashv Chatt dc St Louis.. 122,327 /y53,696,000 N Y Chicago & St Louis-. Pennsylvania (2) 115,146 Baltimore a Ohio 1,149,841 Mobile & Ohio 108,845 .N Y Cent & Hudson River a615,675 Toledo St Louis & Western 06,185 'TIMM! .eti4ral 575,698 Cinc Hamilton & Dayt__ _ 95,945 543,553 Wheeling & Lake Erie__ _ Chi-,;o littri & Quincy 87,032 82,028 .idiadciplirit & Reading . _ x905,847 Denver & p,lo Grande_ _ _ _ 470,160 Scabbard Air Line 72,184 Noiik & Western 464,999 Lake Erie - & Western__ _ _ 66,615 .Bake Shore & Mich So__ .. 458,424 Maine Central 65,834 Southern Pacific 4314924 Duluth So Sh & Atlantic_ 64,905 grand Trunk (3) Southern.. Alabama Great 423,601 58,885 Southern Railway • 54.525 339,253 Chicago Ind & St Louis & San Francisco_ 327,694 Weat Jersey & Seashore_ _ • Erie 46,100 320,358 N Y Susq & Western__ _ _ 43,098 Pittsburgh 86 Lake grle_ . 318,485 St Louis Southwestern__ _ 40,669 Lehigh Valley 306,567 Rutland 35,424 Michigan Central 301.835 Central of Georgia 32,142 Missouri Pacific (2) 32, 234,629 Yazoo & Mississippi Valley Louisville & Nashville_ _ _ 31.730 Chesapeake 4 Ohio,. 232,329 Canadian Pacific 226,587 Richm Freds & Potomac_ 31,769 Delaware & iludeon___ _ 214.794 'Dela .Lacka & Western__ . Representing 62 roads 211,753 Kinaits City Southern_ _ .. . in our compilation_ .516,108,759 201,439 LOUT !stand Note.-Figures in parenthesis after name of road indicate the number of lines er corepanies for which separate returns are given in our compilations. a These figures cover merely the operations of the New York Central itself. Including the various auxiliary and centrolled roads, like the Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate, (tn., the whole going to form the New York Central System, the result Is a loss of $2,092,615. x These figures are for the Railroad Company; the Coal & Iron Company reports a decrease of $415,130. // These figures cover the lines directly operated east and west of Pittsburgh and Erie. The gross on Eastern lines decreased $2,361,600 and the gross on Western lines decreased $1,334,900. PRINCIPAL CHANGES IN NET EARNINGS IN SEPTEMBER. Decreases. Increases, 2/5'710,500 Union Pacific 51,416,011 Pennsylvania (2) 256,454 Southern Pacific 1,062,629 Illinois Central Northern Pacific 180,887 813,401 Chicago Burl & Quincy__ _ 156,691 Lake Shore & Mich So 668,004 N Y New Haven & Hartf_ Michigan Central 155,541 580,806 Cleve Cinc Chic & St L__ Atch Topeka & Santa Fe_ 141,763 517,536 Delaware & Hudson Great Northern (2) 123,386 514,323 Duluth & Iron Range-___ 112,994 MInneap St Paul & S S M_ 439,916 Kansas City Southern- _ __ 410,350 Yazoo & Mississippi Valley 110,898 Chicago & North Western 408,363 Philadelphia & Reading.. x108,400 Louisville & Nashville 284,658 Lehigh Valley 104,566 Chicago Milw & St Paul 98,863 252,165 Pittsburgh & Lake Erie__ Missouri Pacific (2) 93,400 219,519 Buffalo Roch & Pittsburgh Southern Railway 77,896 170,516 Maine Central Erie 70,600 142,456 Lake Erie & Western_ _ _ _ Internet & Grt Northern66,542 134,615 Baltimore & Ohio Atlantic Coast Line 113,142 Wabash 65,611 Rock Island 110,670 Central of New Jersey_ _ __ 64,317 Chicago & Alton 107,309 N Y Cent & Hudson River a57,762 Pere Marquette 85,1393 Norfolk & Western 44,497 Boston & Maine 68,092 Canadian Pacific 36,745 Central of Georgia 57,890 Toledo St Louis & Western 35,982 Denver & Rio Grande-- - 54,750 Chicago Ind & Lotilsville_ 35,401 Grand Trunk (3) 47,422 Vandalia 33,097 Toledo & Ohio Central__ _ 90,900 Pacific Coast 31,603 Minneapolis & St Louis__ 37,195 N Y Chicago & St Louls__ 30,963 Wisconsin Central 32,006 Nashville Chatt & St L__ 30,063 Georgia Southern & Fla_ . 31,388 Chic St Paul Minn (lc 0._ 30,562 Representing 28 roads Seaboard Air Line In our compilation__ _53,036,322 Representing 33 roads in our compilation- - .58,852.678 a These figures cover merely the operations of the New York Central Itself. For the New York Central System the result is a gain of $838,121. x These figures are for the Railroad Company; the Coal & Iron Company reports a decrease of $90,487. y These figures cover lines directly operated east and west of Pittsburgh and Erie. The net on Eastern lines decreased $689,100 and the net on Western lines deereased $21,400. When the roads are arranged in groups, it is still true that every group records a falling off in gross, but, on the other hand, four of the eight groups are able to show larger net; moreover, in three of these groups the ratio of improvement in the net is quite large. In the Southern group it is 12.11%, in the Southwestern and South Pacific group it is 16.36%, and in the Northwest and North Pacifickroup it is 17.98%. SUMMARY BY GROUPS. Net Earnings. Gross Earnings. Section or CROUP. September. NewEng.(5 Tr,Lines(14 An.Coal (7) E.&Mid(10 Mid.W.(19) N. W. &.N Pac.(19) S. W. & PIM (17) south. (23) 'rot:11(114 Mexleati(4). 1908. $ 9,542,794 52,236.590 13,897,597 4,675,468 13,683,743 1907. 1908. 1907. Inc.(±)or Dec.(---) $ $ 8 3,185,17 9,967,680 3,033,75 59,698,914 16,316,68 15,929,781 15,372,7901 5,778,447 6,186,89' 5,372,375 1,454,72' 1,550,84W 15,080,654 3,666,304 3,913,90- $ -151,426 +386,909 -408,446 -96,122 -247,600 % 4.75 2.44 6.60 6.19 6.33 53,528,384 52,494,618 23,619,78 40,702,546 21,746,937 42,107,554 14,163,491 12,172,532 +1,990,958 16.36 23,870,361 6,976,471 6,222,797 +753,073112.11 210,014,059 223,964,94 2,207,752 Jan. 1 to S rt. 30NewEng.(6) 77.036,060 Tr.Lines(14) 418,082,771 An.Coal (6). 93,679,643 E &Mid (11) 38,406,107 Mid.W.(16). 82,209,031 N. IV. &N. Pa. (11)_ 169,895,324 , S. W. & S. Pic.(16). 309,946,064 South. (22). 175,354,276 2,724,203 74,909,65 767,311 19,034,9 69,096,88 352,43' +3.584.829l7.98 +5,812,77 8.41 -95,11911.02 76,932,872 17,018,70' 20,389,839 -3,371,129 16.54 506,023,71 110,529,701 134,279,780-23,750,024 17.68 106,424,891 35,474.881 40.501,03 t -5,026,149 12.41 -625,293 5.02 43,335.588 9,942.987 10,468,281 99,341,837 20,620,05 27,097,11:- ---43,477,06523.90 190,807,998 61,554,51! 65,797,289 -4,242,783 6.37 358,290,04 94,884,284 109,176,526 14,292,242 13.10 208,240,0.33 47,673,399 52,919,691 -5,246,292 9.91 Total(102) 1,364,604,279 1,589,396,977:397,698,57 i 460,629,553-62,930,977 13.66 Mexican (4) 22,660,070 25,851,993 8,298,572 8,359,211 -60,639 .73 .1.tllea7c,-The mileage for the above group Is as follows: New England, 5,712 miles in 1908,"agaInst 5,626 in 1907: Trunk Lines, 29,775, against 29,700; Anthracite Coal, 5,107, against 5,107: Eastern & Middle, 2,756, against 2,750; Middle western, 14,416, against 14,235; Northwest & North Pacific, 60,548, against 59,247; Southwest dr South Pacific, 52.085, against 51,417; Southern, 30,509, against 30,182; grand total, 200,908, against 198,274; Mexican, 3,556, against 3,536. OFFERING OF PANAMA CANAL BONDS. , by Secretary The following is the text of the circular issued for $30,. Cortelyou inviting proposals ,until December 5 Canal bonds, dated November 1 006,00 2% Patiaina 1908, payable in .30 years, and redeemable at the pleasure of the Government - after 10 years. Treasury Department, Office of the Secretary, Washington, November 18 1008. The Secretary of the Treasury oilers to the public $30,000,000 of the bonds of the Panama Canal Loan authorized by section 8 of the Act approved June 28 1902, and supplemented by Section 1 of the Act of December 21 1005. Both Acts are quoted below. [We omit these Acts.-E(11 The bonds will bear interest at the rate of 2 per cent per a.)! um; will be 'dated November 1 1908, and the interest will be paid quarterly on the !hit dais of February, May. August and November. They will be Issued In denominations of $20, $100 and $1,000 of coupon bonds, and of $20 THE CHRONICLE NOV. 21 1908.1 5100, $1,000 and $10,000 of registered bonds., They will be redeemable In United States gold .coin, at the pleasure Of the United States. after ten years from the date of their Issue, and will be payable thirty years from such date. They will be exempt from all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal or local authority. They will be avallable :to national banks as security for circulating notes upon the same terms as the 2 per cent consols of 1930, to wit: ,the semi-annual tax upon circulating notes, based upon the said bonds as security, will be one-fourth of 1 percent. They will be receivable, like all other United States bonds, as security for public deposits in national banks. The.law forbids their sale at less than par and provides that all citizens of the United States shall have equal opportunity to subscribe therefor. In pursuance of the above announcement, the Secretary invites bids for the bonds heretofore described, which must be submitted to this ,Departinent on or before the 5th .Of, December 1908 at ,4:30. p. m. Each bid. should state the amount of bonds desired by the subscriber, whether coupon or registered, the price he is willing to pay, and the'place where he desires to make payment—whether at the Treasury of the United States, or at the office of some . one of the assistant treasurers. at New York, Baltimore, ,Philadelphia, Boston, Chicago, St. Louis, Cinein.ati, New Orleans or San Francisco. Each bid should be accompanied by a certified check, drawn or indorsed to the order of the .Secretary of the Treasury, equal in amount to .2 per cent of the face value of the .bonds desired.. If the bid is accepted, the check will be collected and the proceeds applied toward payment for the bonds. If the bid Is rejected, the check will be returned indorsed.to the bidder. All,bids should be,addressed,to the Secretary of the, Treasury, pivIsion of Loans and Currency, and the envelopes inclosing then], should be Plainly marked, "Bids for Panama Canal Bonds." TiPon receipt and classification of the bids hereby invited, thc, successful • bidders will be advised of the acceptance of their bids, and they will be Instructed as to the date upon which payment is desired to be made at the Treasury or some'Sub-Treasury of the United States. In considering bids the bidders offering the highest prices will receive the. first allotment. Of two or more bidders offering the same price those asking for the smaller amounts of bonds will receive priority in allotment. The Department reserves the right to, permit bidders offering the highest prices to. Increase,the amount of their purchases. The bonds will be dated November 1 1908, and bidders will be required to Pay acciired interest on their bonds from that date to the date of payment. The Department also reserves the right to reject any Or all bids if deemed to be to the interest of the United States so to do. The bonds will be ready for delivery upon receipt of payment therefor. Prospective bidders desiring information not contained. In ,this circular may address the Secretary of the Treasury, Division of Loans and Currency, Washington, D. C., or the assistant treasurers at Chicago, St. Louis, New Orleans or San Francisco. . GEORGE B. CORTELYOU, Secretary. 1333 Currency Bill, it was inexpedient to call a convention at the present time. It was recommended, however, that steps be taken toward the formation of a permanent national organization for the purpose of studying the currency and banking question, and to this end the appointment of a committee of seven was authorized. The following are the resolutions bearing on the matter, which were adopted: Resolved: That this conference is deeply impressed with the necessity of having enacted into law a measure which shall reform our currency and banking system and place It upon a sound and equitable basis. It therefore recommends that the commercial bodies of the United States shall take under immediate consideration and give careful s udy to such legislation as may be required to accomplish this end. It also recommends that such commercial,bodies appoint special committees,for the study of what changes• are needed, so that they May be prepared to act In unison either in support Of the national monetary commission or along such lines as may be deemed best for the interests of the business community. Resolved: That this conference deems it unwise to call a convention at present, but it recommends that all commercial bodies join in the formation of a permanent national organization for the purpose of studying the currency and banking question, of disseminating , information,and keeping alive public Interest and carrying into effect the results of their conclusions Resolved: That a committee ot seven be appointed by the Chair to inv,te the co-operation of commercial and civic bodies and to recommend to them further details of organization, with especial reference to (a) Organization and Finance, (b) Education and Literature. tc) LejelatIon. The committee appointed consists of Irving T. Bush, of the Merchants' Association of New York; Francis T. Simnions of, the Chicago Association of Commerce; R. G. Rhett, of the CharleSton (S. C.) Chatnber of Commerce; Herbert E. Law Of the Merchants' Association, San Francisco'; Finley Acker Of the Philadelphia Trades' League; Wm. Geo. Bruce of the Merchants' & Manufacturers' Association, Milwaukee, and Lyman H. Treadway of the Chamber of Commerce, Cleveland. A luncheon was tendered the guests by the Association, at which Charles N. Fowler, Chairman of the House COmmittee on Banking and Chrrency, was a speaker. In the evening the Merchants' Association was host at a dinner io the delegates at the Jolly Mariners' Club, 100 Broad Street, during which Senator Nelson W. Aldrich; Chairman of the National Monetary Commission, told of the experiences of the sub-cornmittee on its recent trip abroad, made for the purpose of studying the monetary ITEMS ABOUT BANKS, BANKERS AND TRUST CO4 S. Methods of Europe. :---The public, sales of bank stocks this week aggregate —The requirements with regard to the keeping of the 474 shares, of which 462, shares were sold at auction and 12 circulation and redemption fund accounts of national banks shares at the, Stock ,Exchange. transactions in trust are hereafter to be more stringent, under instructions from company stocks reach a total.of 88 shares. A lot of 415 Comptroller of the Currency Lawrence 0. Murray, Who has shares of stock of the American ,Exchange National Bank was just issued to these institutions letters bearing on these ac. sold at 245, an advance of 5 points over last N.yeek's sale price. counts, as well as their savings deposits. With respect to The prices Paid for trust 'COMpanY stocks were in all cases the redemption fund and circulation accOunts, Comptroller higher than those 'paid at the hiSt previous sale', the greatest • • Murray says: increases being shown in the Stock of the New York Life It has come to the attention of this office that a large percentage of Insurance & Trust Co. (53 points), Astor 1.'fiiSt CO. (24% national banks do not properly keep their redemption fund and circulation accounts, many making no changes whatever ,in the redemption fund points)'and United States Trust Co.'(23 points). , upon the books. Separate accounts must be kept for circulation si/O?-es, ,BANKS—New york. 'Low If4th Close. 'I.4;t previous sale. shown and for the redemption fund. Whenever the Treasurer of the United 115 Amer. Exch. Nat. Bank-__ - '245 245 135'COMmerce,'Nat. Bank of._ 182H 183 ,320 *6 Corn Exchange Bank 320 3.5-0 350 5 Gallatin 'National Bank 514 fi 5l4I 9 Hanover National Bank 560 121 .Imp. & Traders' Nat. Bank_ 550 11 Market & Fulton Nat. Bank_ 2624 2624 60 Merchants' National Bank 1654 1654 75 ,Nassau Bank 2004 ,2004 10 New ,Netherland Bank 106 196 246 183 320 350 Nov. Nov. July • 5i44 Jan. 550 Oct. 262 I Oct. 1654 Oct. 2004 Mch. 196 1908-240 1908-175% 1908—315 1008— 1908— 1908— 1908— 1908— 486H 552 256 164H 205% BANK—Brooklyn. 25 Union Bank 155 155 155 TRUST COMPANIES—New York. , . 25 Astor Trust Co 3 . 00g 300H 3004 June 10 liroadWay Trust Co 135% 13514 135% Oct. 25 Carnegie Trust Co 173 Nov. 173 173 25.N. Y.,Lifc Ins. & Trust Co_ _110041108 1108 April 3 United States Trust CO 1150 1150 1150 Oct. * Sold at the Stock 'Exchange. at the Stock Exchange. 1908— 275% 1908— 1324 1908— 165 1908-1055 1908-1127 t Of this amount, four shares were 'sold • --..TwO New , York Stock Exchange memberships were reported transferred this week for $80,000 each. .The 'last previous transactibn is given as $75,000. States notifies the bank that notes have been redeemed for its account, the bank should show the amount In both the redemption fund and in the circulation account. All such accounts should be entered as debits in the redemption account and remittances when made should be credited to that account, thus showing the actual amount due to or from the bank In -this account. The amount of the bank's notes in the Treasury for redemption, as indicated by the notice referred to, should be entered as a debit In the circulation account, and that account should not be credited until new notes have been placed in circulation. In other words, the balance of the redemption account must be the actual amount due to or from the Treasurer, and the balance of the circulation account must be the actual amount of notes outstanding. "Whenever it is found that the accounts named are incorrectly shown upon the books,tpeexaminer is Instructed to advise the bank of the proper entries to be made,and to insist that the accounts be properly kept thereafter and to report the fact to this office. The exam ner must verify the redemption fund In every case by forwarding Form No. 2211 to the,Treasurer of the United States." The instructions iu‘the matter of the savings'deposits are as follows: "Hereafter this office will require all nation al banks to enter saving deposits as a separate item between Items No. 11 and 12 on credit plde of reports of condition, the total amount of deposits being extended In , the same manner as heretofore. "You are requested to Include only such accounts as are considered by 'savings, ,the depositor as deposits.' These deposits usually bank and the differ from commercial deposits in that they require the presentation of bank books when making withdrawals; or draw a higher rate of interest; or are subject to notice of withdrawal, and are permitted to be made in smaller amounts. "You, arc particularly requested to make this change on your next report of condition and to correct all blank reports now In your possession to show this item." —kePresentatives of conunercial organizations of 'a number Of the principal cities Were in,conference On Wednesday • at the office of the Merchants' Assoeiation Of ke* York., to lend •eotiSideration to measures for .currency 'reform and to ,deterinine the advisability Of 'holding 'a national ;currencY reform 'convention. by delegates from a1l the commercial • bodies of the 'United State. It i,vas the cOnierisils of the Meeting Mitt fn view of the existence of the National —The Court of Appeals at Albany has this week disposed Nfonetary Commission ,appointedlunder the Aldrich-Vreeland of the appeal from the action of the Appellate DiviSion of the 1334 THE CHRONICLE Supreme Court in the matter of the reduction in the receivership fees of the Knickerbocker Trust Co. of this city. On Tuesday the Court granted a motion of Deputy Attorney General Williams that the order of the Appellate Division be allowed to stand. The decision of the latter Court reduced the fees of the three receivers from $75,000 to $20,000 each, and the fees of their counsel from $75,000 to $20,000. —Edward King, for the past thirty-five years President of the Union Trust Co. of this city, died on the 18th inst., after several week's illness. Mr. King was born at Highwood, Weehawken,in 1833, and was a son of the late James Gore King,a prominent banker of this city, and a grandson of Rufus King, a former Minister to England. His mother, Sarah Rogers Gracie, was a daughter of Archibald Gracie. Edward King began his business career in 1853, when, following his graduation from Harvard, he entered the bankIng firm of James Gore King's Sons. In 1872 he served as President of the New York Stock Exchange, and during the panic of 1873 was made President of the Union Trust Co. Mr. King's election to the presidency occurred at a time when the affairs of the company were in a highly critical condition, the institution having in fact been obliged to suspend in 1873.. Under his able direction it has been raised to its present important position. Mr. King served as Chairman of the Committee of Trust Companies of New York City,recently dissolved, which came into being at the time of the panic last year for the purpose of extending aid to institutions requiring assistance. He was also a director of the Hanover National Bank of this city. —The Bank of Havana, at Havana, Cuba, has been placed in liquidation, its business having been taken over by the National Bank of Cuba. The arrangements for the consolidation of the two banks are understood to have been completed through J. P. Morgan & Co. and the National City Bank of New York, the last named having controlled the Bank of Havana. The absorbed institution was organized in 1906 and had a capital of $2,500,000. The National Bank of Cuba, whose head office is at Havana, has fifteen branches throughout Cuba. The absorption occasions no increase in its capital nor change in its officers. Edmund G. Vaughn is President and Samuel M. Jarvis, a Vice-President, is tis New York representative. —The directors of the Liberty National Bank of this city at a meeting on Thursday elected Zoheth S. Freeman a Vice-President of their institution. It Was also voted that the office of Second Vice-President be abolished, and Charles W. Riecks, whose title has heretofore been Second Vice-President and Cashier, will hereafter be designated as Vice-President and Cashier. Daniel G. Reid is also a Vice-President of the bank. Mr. Freeman comes from the Merchants' National Bank of this city, where he has held the positions of Vice-President and Cashier. Previously he was identified with the Hanover National Bank. —At a meeting of the directors of the Nassau Bank of this city on Wednesday,Edward Earl was advanced from the cashiership to the presidency to fill the vacancy arising through the death last month of William H. Rogers. Mr. Earl's connection with the bank covers a period of over twenty years. Starting as an Assistant bookkeeper in January 1887, he was made an Assistant Cashier in 1898, and at the annual meeting in January 1907 was elected Cashier, succeeding Mr. Rogers, who then became Second VicePresident. Although the latter was elected President of the bank later in the same month, Mr. Earl has virtually administered the affairs of the institution for nearly two years, owing to Mr. Rogers's long illness. —At a meeting of the directors of the Bowling Green Trust Co. of this city on Wednesday last, William Skinner, President of the William Skinner Manufacturing Co., was elected a director to fill a vacancy. —At a meeting on Tuesday last the stockholders of the European-American Bank of this city approved the plan, referred to in this department on the 7th inst., to increase the capital from $100,000 to $200,000. —Oliver Hart, a partner in the New York Stock Exchange house of Charles Head & Co., died suddenly on Saturday last at his home in this city. Mr. Hart was forty-one years of age. He entered the employ of the firm as an expert telegraph operator, and became a partner in 1904. [VOL. Lxxxvn. —The Corn Exchange, Bank of this city, which already has twenty-four branches, is preparing to open two new branches, one at 181st Street and St. Nicholas Avenue and the other on the Queens Borough Bridge Plaza, at Hunter Avenue and Academy Street, in the Borough of Queens. —The stockholders of the National Bank of North America of this city on Wednesday ratified the plan for the liquidation of their institution through the Assets Realization Co., with John W. McKinnon, Vice-President of the latter, as shareholders' agent. Action to this effect was taken on Oct. 21, but in order to give further opportunity to consider the question of reorganizing the bank, the meeting was then adjourned for a month. Out of the 20,000 shares, all but 113, held by an estate, approved the liquidation on Wednesday, thereby authorizing the payment of $275,000 to the Assets Company for advancing money for the purchase of some of the securities of the bank during the receivership and for fees and expenses attendant to liquidation. At the October meeting a committee was appointed by the minority stockholders with authority to confer with a committee to be appointed by the board of directors with a view to the resumption of the institution. It is Stated that no plans for reorganization were discussed at this week's meeting. The committee representing the minority stockholders continues in force,. however, and is expected ultimately to work out a plan for the rehabilitation of the bank. —A dividend of 21% was paid this week to the Stock Exchange creditors of the firm of A. 0. Brown & Co. of this city, which failed on Aug. 25. The money was available through the sale of the Stock Exchange seats of A.0. Brown and Lewis Ginter Young, the Board members of the firm, who were recently expelled from the Exchange. The seats, it is stated, brought $140,000. The total amount owed by the firm to members of the Exchange is said to have been $600,000. —Alfred Kessler and Rudolf E. F. Flinsch, of the failed firm of Kessler & Co. of this city, were granted a discharge from bankruptcy by Judge Hough in the U. S. District Court on Monday. The firm assigned on Oct. 30 1907 and was adjudicated bankrupt on Nov. 25 1907. William K. Gillett, the other partner, has not, it is stated, been discharged from bankruptcy, no application having come before the Court. Corrected schedules of liabilities and assets are reported to show liabilities of $9,801,892 and nominal assets of $9,403,343. —David Rothschild, the former President of the failed Federal Bank of this city, who was sentenced to nine years' imprisonment in May 1904, died suddenly in Sing Sing Prison at Ossining, N. Y., on Tuesday night. The Federal Bank,at 590 Broadway, and the Globe Security Co., at 150 Nassau St., in which Rothschild was also interested, went into receivers' hands in April 1904. Rothschild was arrested on the alleged charge of misappropriating about $200,000 of the bank's funds, but the specific offense upon which he was convicted was the discounting of a $10,000 note of the bank and surreptitiously placing the proceeds to his own account. —The Williamsburgh Trust Co. of Brooklyn Borough has been designated by the United States District Court as a depository for the moneys of bankrupt estates. —Archibald G. Loomis, a Vice-President of the Union Trust Company of Providence, was elected a director of the company at the annual meeting on Tuesday. The fourteen members of the board chosen at the time of the reorganization in April were re-elected, as were also the officers who have served since the reopening on May 4. —John 0. Miller has been elected Secretary and Treasurer of the People's Savings Bank of Pittsburgh to take the place of James K. Duff, who resigned on the 1st inst. to become associated with J. S. and W. S. Kuhn. Mr. Miller was heretofore Secretary and Treasurer of the Monongahela Trust Co. of Homestead,.Pa. —Addison S. Altaffer, former Discount Clerk of the failed Allegheny National Bank of Pittsburgh, was acquitted in the United States District Court at Pittsburgh on the 13th inst. of the alleged charge of aiding and abetting Cashier William Montgomery in the misapplication of over,$200,000 of the funds of the bank. Nov. 21 1908.1 THE CHRONICLE —Checks representing a dividend of 123/2% were distribu4d on the 16th inst. to the creditors of Wilson, Colston & Co. of Baltimore by Receivers Joseph Packard and Edwin G. •Baetjer. The firm was placed in receivers' hands on Feb. 3 1908. —The Depositors' Savings & Trust Co. of Cleveland, which was organized in 1906 by Mayor Tom L. Johnson, is in process of liquidation, the First National Bank of Cleveland having taken over its commercial accounts and the Cleveland Trust its savings accounts on Monday last. The decision to transfer the deposits of the company to the two institutions named was reached on Sunday following an examination of its assets made by the Associated banks of Cleveland. While these assets are said to be sufficient to pay all depositors in full, it is stated that the stockholders will probably not receive more than 50% on their stock, for which they paid $125 per share, the capital having been $300,000 and the surplus $75,000. The depositors were offered the option of immediate payment of their accounts in cash or credits in either of the liquidating institutions. The deposits of the company amounted on Saturday last, it is announced, to $750,118, consisting of $268,042 of commercial deposits; $304,747 of savings; $174,218 of certificates of deposit; $3,021 due other banks,and $90 in the trust department. The assets were given as $1,088,621, of which 8135,683 represented cash on hand. The company began business on December 15 1906, and has been identified in either a trust or depository capacity with the street railway enterprises of Mayor Johnson. The latter is reported to be the owner of 400 shares of the bank's stock. —The consolidation of the American National Bank of Cincinnati with the Fifth-Third National Bank under the arrangements heretofore referred to was effected on the 14th inst., when the assets of the first-named bank were removed to the quarters of the Fifth-Third National. H. A. Winans, who was Cashier of the American, has become an Assistant Cashier of the enlarged bank. The stockholders of the two institutions will formally approve the consolidation on the 24th inst. —At a meeting of the directors of the Harris Trust & Say ings Bank of Chicago on Wednesday, $250,000 was taken from the undivided profits of the bank and carried to the surplus account. The surplus now is $500,000 and the capital $1,250,000. The total capital, surplus and undivided profits, as of Nov. 17, are $1,960,000. —Helge Alexander Haugan, for nearly 30 years a Chicago banker, has recently been elected to the presidency of the Bankers' Club of Chicago. Born in 1847 in Christiana, Norway, he emigrated to Chicago when but 16 years old. Since its organization in 1891, Mr. Haugan has been President of the State Bank of Chicago, one of the rapidly growing financial institutions of that city. —E. B. Shaw, who was named to take charge of the First National Bank of Carroll, Iowa, which closed on Oct. 20, following the suicide of President W. L. Culbertson, died suddenly on the 12th inst. of hemorrhage of the brain. Comptroller Murray has appointed I. D. Fowler as receiver to succeed Mr. Shaw. —A 25% dividend was paid on the 14th inst. to the depositors of the Citizens' & Farmers' State Bank of Arkansas City, Kan., which closed its doors on the 6th inst. The deposits of the bank at the time of the suspension were, it is stated, $348,066. The dividend is reported to have been made without the sale of any of the institution's assets. —It was announced yesterday that William B. Ridgely, formerly Comptroller of the Currency, had retired from the presidency of the National Bank of Commerce of Kansas City, having disposed of his holdings in the bank to W. S. Woods, the former President, and his associates. The announcement that Mr. Ridgeley had transferred his holdings was made on Monday, following earlier reports that Dr. Woods and his friends had obtained control of between 12,000 and 13,000 of the 20,000 shares of the bank. Mr. Ridgely's resignation is accompanied by that of George T. Cutts as Vice-President and Edward Ridgely as Cashier. All of these officers were chosen to the management last spring, the reorganized bank opening under their direction on March 30, William B. Ridgely resigning asiComptroller of the Cur- 1335 rency to take the presidency. Mr. Cutts had served as receiver of the bank during its suspension. At the time of the close of the institution, on Dec. 5 1907, due to heavy withdrawals, Dr. Woods was President and W. A. Rule Cashier; Dr. Woods has continued as a director of the reorganized board. Others who were members of the old board and are still on the directorate are R. A. Long, J. J. Swof_ ford, J. J. Hein, D. J. Dean and H. C. Ward. —Through negotiations perfected on the 14th inst. between the National Bank of Commerce in St. Louis and the Commonwealth Trust Company,the latter has transferred to the bank its commercial banking business, and the two institutions are brought into close affiliation. As a result of the arrangements,the trust company will abandon its plans for the organization of a national bank under the name of the Commonwealth National Bank, the application to organize which was approved by the Comptroller of the Currency on August 24. While the company disposes of its commercial banking business (in the neighborhood of $8,000,000),it will continue to develop actively its savings deposits (of which it has over $1,000,000) and its trust farm, loan and real estate departments. Options for the purchase of all the stock of the company (par $100 per share) are understood to have been asked of the stockholders at $325 per share, the option to run for fifteen months from the 14th inst. The trust company has a capital of $2,000,000. According to the St. Louis "Globe-Democrat," there is to be a division among its shareholders of its surplus in the neighborhood of $4,000,000, including the amount paid by the bank (said to be $500,000) for the company's deposits. This dividend of $200 per share is to be paid when the stock is deposited with the trustees named in the option, and is to form part of the purchase price of $325. Tom Randolph, President of the Commonwealth Trust Company, and W. L. McDonald, Vice-President, have been elected Vice-Presidents of the National Bank of Commerce, and Samuel M. Kennard, Elias Michael and Samuel C. Davis of the board of the trust company have become members of the board of the bank. Other directors of the company will, it is expected, enter the directorate of the bank at the annual meeting in January. None of the directors of the trust company will sever their connection with that institution on account of their election to the board of the bank. It is reported that A. N. Edwards, Vice-President of the trust company, will become President of the trust company. B. F. Edwards, his brother, is at the head of the National Bank of Commerce, which in its statement of September 23 reported deposits of $52,540,718. The acquisition of the commercial accounts of the trust company will bring the deposits up to over $60,000,000. —Oscar Wells, for the past three years Cashier of the Fort Worth National Bank of Fort Worth, Tex., will retire from that post about Jan. 1 to take the cashiership of the Commercial National Bank of Houston. In the latter institution, Mr. Wells will take the place made vacant last spring by the resignation of Beverly D. Harris, who became Cashier of the South Texas National Bank. Mr. Wells will also be elected a director of the Commercial. —It is reported that Herbert H. Smock will resign as State Bank Commissioner of Oklahoma on Jan. 1 to become Vice-President of the Columbia Bank & Trust Co. of Oklahoma City. Mr. Smock served as Bank Commissioner while Oklahoma was still a Territory, and although a Republican, he was continued in office by the Democratic Administration which came into control at the 'time of the admission of Oklahoma as a State,a year ago. —It is reported that a second dividend was recently authorized to be paid to the depositors of the failed Merchants' & Planters' Bank of Lawton, Okla. The amount of the disbursement is 5%. The depositors are said to have previously received 10%. The institution closed it,; doors on Nov. 7 1907. —W. H. Macintyre, 49 Wall St., the New York agent for the Standard Bank of South Africa, Ltd. (head office Lon_ don), has favored us with the last annual report of the corporation's business. The Standard Bank of South Africa is banker to the Government of the Cape of Good Hope and. the British Government in the Cape Colony and Transvaal, and operates no less than 151 branches in Cape Colony, [voL. Lxxxvil. THE CHRONICLE 1336 Total receipts of flour,and grain at the seaboard ports for Natal, Transvaal, Orange River Colony, Basutoland, week ended Nov. 14 1908 follow: Africa. the its East 'By and Africa Central British Rhodesia, Rye* Oats, Barley, Corn, Flour. Wheal, latest statement, issued for Dec. 31 1907, we notice that debush. bush. bush. bush. bush. bbls. Receipts atand aggregate $89,438,899 of total a reached posits have 97p 77,200 230,boo 52,675 162,758 1,356,500 New York 12,851 116.316 46,375 669,928 65,554 Boston resources $127,368,249. The paid-up capital .was $7,536,- Portland, Me 99,985 43,795 815,864 98,843 153, the reserve fund $9,246,666, notes in circulation $4,- Philadelphia 29,793 3,814 74,330 40,355 244,372 63,788 Baltimore 3,740 16,662 12,944 10,602 4,465 646,665, outstanding drafts and acceptances $3,853,515, Richmond 48,500 135,000 17,845 94,000 New Orleans *_ _ _ _ bills receivable $12,368,140, rebate on bills not yet due Newport News_ _ _ _ 17,259 Norfolk 2,394 $214,375 and profit and loss account $743,175. The net Galveston 533,000 87,000 2,604 2,729 profit for the last six months of 1907, after allowing for all Mobile 204,286 112,606 2,988 Montreal 55,186 1,177,685 80,000 bad and doubtful debts, was $&56,820, exclusive of a balance Port Arthur 34,508 756,104 206,471 903,711 Total week 490,821 4,529,951 of $186,350 brought forward from the previous half-year. 47,977 456,051 3.989,191 1,168,1'50 1,259,290 162,928 Week 1907 Jan. 1 1908.16,172,513 102031,666 34,709,556 39,397,412 5460,067 2728,209 A. dividend at the rate of 14% per annum was declared at Since Since Jan. 1 1907_17,210,801 104896,254 81,179,950 48,640,163 4328,273 1888,924 the shareholders' last annual meeting, April 14 1908. Its * Receipts do not Include grain passing through New Orleans for foreign ports New York agent, Mr. Macintyre, also represents the Bank of on through bills of lading. throughout Australbranches 238 with Wales, South New The exports from the several seaboard ports for the week asia ending Nov.14 1908 are shown in the annexed statement: -At a meeting on Monday of the directors of the Royal Wheat, Corn, Flour, Oats, Rye, Barley, Peas bush. bush. bush, bush, bush. bbls. bush Exports fromBank of Canada (head office Montreal), H. S. Holt, hereto4,112 70,760 1,031,290 35,983 15,896 18,550 New York fore Vice-President, was elected President of the institution, Boston 13,420 258,844 1,918 141,828 _ _ _ - 588,000 to succeed the late Thomas E. Kenny. Edson L. Pease, who Philadelphia 17,210 15,878 360 316,000 Baltimore 9,643 62,933 210 351 172,000 _-_Orleans New Vice-President of has been General Manager, was chosen 17,259 'Newport News_ 5,995 91,897 64,000 Galveston the bank. 2,729 2,604 Mobile Montreal Norfolk Port Arthur fttottetartiiTommercuttt 25,306 2,394 1,113,682 8,496 16,969 80,000 Total week___ -3,623,816 2,690,472 Week 1007 24,392 35,719 20,014 36,694 25,822 180,674 305,212 929,386 199,255 English Financial Markets-Per Cable. The destination of these exports for the week and since The daily closing quotations for securities, &c.,at London, July 1 1908 is as below: ' as reported by cable, have been as follows the past week: Wheat ------Flour London. Thurs. Fri. Wed. Tues. Mon. Sat. Week ending Nov. 20. 23 1416 23 1-16 23 1-16 d 23 1-16 23 3-16 2334 Silver, per oz 84 7-16 84 7-16 8434 Consols, new, 234 per cents_ 84 7-16 84 5-16 8434 8434 84 9-16 8434 8434 8434 8434 For account French Rentes (in Paris)_fr_ 96.8734 96.80 96.8734 96.7734 96.75 96.9234 88Y 8734 00 8734 Amalgamated Copper Co_ 8734 1034 1034 11 1034 1034 bAnaconda Mining Co 1034 9734 99 9734 993.4 9834 Atchison Topeka di Santa Fe 9834 102 102 102 10134 101 101 Preferred 110 110 111 109 11234 10934 Baltimore & Ohlo 9234 9234 9234 92 9234 Preferred 9234 18234 18334 183 18434 18334 18334 Canadian Pacific 49 48% 47 48 4734 4734 Chesapeake & Ohio 13 14% 13 1234 9 10 Chicago Great Western 15334 152% 15334 1523% 15234 Chicago Milw. & St. Paul_ -.15334 3434 35 34% 33% 3534 Denver & Rio Grande, corn_ 3534 78% 79 79 79 79 78 'Preferred 3 34% 3434 36 3534 3634 3534 Erie. common 4934 5034 5034 4934 5034 First Preferred 5034 40 40% 39% 41 41 4034 Second Preferred 15334 151 150 15234 15034 15334 Illinois Central 12234 12134 12134 119 119 11934 Louisville & Nashville 18% 18 18 18 18 1834 Mexican Central 3 37, 35% 36 37 3634 Missouri Kansas & Tex., com.3634 71 7134 71% 71 7034 7034 Preferred. 54 54 53% 54 54 5434 National RR. of Mexico_ 11834 120 11834 117% 1183. N. Y.Central & Hudson R1v.11834 46 45 4534. 44% 4534 N. Y. Ontario &Western__ 4534 8534 85% 84% 85 86 Norfolk & Western, common 86 89 89 89 89 89 89 Preferred 160 161 15734 160%. 160 15734 Northern Pacific 67 6634 67 66% 6634 6634 aPennsylvania 7134 72 7234 71 , 72 7034 aReading Company 4534 4534 4534 46 4534 46 aFirst Preferred 4534 4534 4534 4534 4534 aSecond Preferred 4534 2334 24 24 22% 23 24 Rock Island Company 12134 1193 12134 12034 12034 ,4 12034 Southern Pacific 2434 2534 2634 2634 2534 Southern Railway, common_ 2734 6134 62 61 60 60 6134 Preferred 18834 % 1853 186 18734 18834 18634 Union Pacific, common 10034 100 98% 99 9934 9934 Preferred 59 57% 5934 58 5834 5934 U. S. Steel Corp., common 11634 117 115% 117 11634 11534 Preferred 15 15% 15% 15 15 1534 Wabash 3434 3536 3534 353.4 34 Preferred .._ 3434 65% 67 67 65% 6634 Extended 4s 6634 Since Since Since July 1 Week July 1 Week July I Week Nov.14. 14. and 1908. Nov. 14. Nov. week 1908. 1908. for Exports bbls. bush. bbls. bush. bush. bush. since July Ito86,602 1,093,040 United Kingdom_ A36,701 2,084,005 2,218,308 26,114,147 117,584 1,035,099 1,402,607 32,014,450 547,333 67,378 Continent 16,371 263,693 14,120 2,805 2,841 104,825 So. & Cent. Amer 32,425 560,445 445,833 22,889 150 West Indies 6,400 1,000 54,814 Brit. No. Am. Cols_ 1,450 681 135,821 14,275 8,156 Other Countries The world's shipments of wheat and corn for the week ending Nov. 14 1908 and since July 1 in 1908 and 1907 are shown in the following: Corn. Wheat. 1908. Exports. Week 'Nov.14. Bushels. North Amer. 5,318,000 2,048,000 nt1881all Danubian __ 992,000 Argentine -- 504,000 Australian.. 560,000 88,000 0th. countr's Since July). Bushels. 83,402,700 28,152,000 19,240,000 26,438,000 6,512,000 6,452,000 Since July I. 1907. 1908. 1907. Week Nov.14. Since July 1. Bushels. Bushels. 68,752,000 484,000 2,590,400 45,040,000 110,000 5,792,500 15,728,000 221,000 7,026,500 8,992,000 034,000 37,178,500 4,368,000 15,296,000 Since July 1. Bushels. 16,702,000 11,960,000 24,288,000 29,152,000 Total ____ 9,510,000 170,196,700 158,176,000 1,749,000 52,587,900 82,102,000 log The quantity of wheat and corn afloat for Europe on dates mentioned was as follows: Corn. Wheat. United Kingdom. Continent. a Price per share. b .£ sterling. Anus (gommercial and Aliscetianeons- 180,674 2,114,892 929,380 18,949,586 305,212 4,133,877 3,623,816 58,247,847 199,255 4,399,507 2,690.472 50,507,907 Total Total 1907 Bushels. Nov. 14 1908_ 16,480,000 Nov. 7 1908_ 16,720,000 Nov. 16 1907_ 16,600,000 Total. Bushels. Bushels. 14,320,000 30,800,000 13,840,000 30,560,000 11,240,000 27,840,000 United Kingdom. Continent. Bushels. 4,675,000 5,270,000 5,120,000 Total. Bushels. Bushels. 5,185,000 9,860,000 5,440,000 10,710,000 3,640,000 8,700,000 The visible supply of grain, comprising the stocks in Breadstuffs Figures Brought from Page 1371.-The stateat the principal points of accumulation at lake and granary figures collected by ments below are'prepared by us from ports Nov. 14 1908, was as follows: seaboard the New York Produce Exchange. The receipts at Western Oats, Barley, Rye, Wheal, Corn, last Saturday and bush. bush. bush. bush. lake and river ports for the week ending 204,000 000 9:0 48 921,000 97,000 , 2,15047000h. New York since August 1 for each of the last three years have been: 31,000 19,000 Receipts atChicago ___.. Milwaukee_ _ Duluth Minneapolis _ Toledo Detroit Cleveland _ _ St. Louiss_ Peoria Kansas City. Tot.wk.'08 Sante wk.'07 Same wk.'06 Flour. Wheat I Corn. Oats. Barley. Rye. bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs bu.56 lbs. 312,818 39,000 905,077 1,256,200 294,000 186,036 315,600 168,000 27,000 36,000 269,000 53,175 230,814 171,079 20,259 183,000 2,606,149 390,680 253,680 51,400 134,760 1,948,100 33,000 2,000 202,600 '124,000 54,000 62.400 18,600 6,800 9,460 231,530 112,200 25,135' 2,846 80,600 252,800 95,595 318,875 67,950 57,000 88,500 4,000 247,500 6,000 13,150 106,200 118,800 745,500 512,957 492,561 439,762 6,355,359 4,711,256 0,040,238 1,913,932 1,402,484 3,405,682 2,614,989 1,396,972 2,646,478 1,557,605 4,079,318 2,161,915 143,659 159,169 254,086 • Since Aug. 1 I _ 7,506,125 120,321,872 33,294,190 65,501,686 37,809,600 3,156,939 1908 6,121,215 91,579,621 61.812,651 79,096,316 30,974,740 3,237,189 1907 7,900,531 99,742,520 55,875,321 80,979,703 26,351,384 2,725,832 1906 107,000 1,202,000 500,000 539,000 604,000 724,000 3,263,000 413,000 517,000 4,5 1 18 98 :0100 3,590,000 2,355,000 6,586,000 Minneapolis 12,161,000 2,710,000 St. Louis 3,571,000 as City risa an. peo K 1,000 458,000 Indianapolis 3,034,000 On Lakes On Canal and River_ _. 5113,000 Boston Phlladelphla Baltimore New Orleans Galveston Montreal Buffalo Toledo Detroit Chicago Milwaukee Fort William hrthur iutA Pourt D 8,000 62,000 159,000 303,000 1,000 53,000 136,000 174,000 121,000 11,000' 24,000 21,000 38,000 46,000 317,000 27,000 95,000 231.000 113,000 33,000 205,000 224,000 1,138,000 297,000 230,000 700,000 352,000 11,000 62,000 82.000 9(3,000 56,000 35,000 971.000 1895,006 NM 34,000 r 1,279,000 1414:00800 2 Ua l ng -895,000 417,000 725,000 358,000 465,000 24,000' 24,000 9,969,000 , 1,049,000 1,531,000 Total Nov. 14 1908_ _50,500,000 1,274,000 10,135,000. 1,113,000 Total Nov. 7 1908-49,376,000 1,032,000 1,701,0 Total Nov. 16 1907...42,158,000 13,704,000 W1,632,090 Total Nov. 17 1906..30,370,000 :2,858,000,k11.1,248, 140,000 697,009 0.909 00 000 7:0 70 34 w3 -6,573,000 6,669.00W 6,025,000 42138,000 Nov. 21 1908.1 THE CHRONICLE 1337 DIVIDENDS. Auction Sales.-Among other securities, thefollowing,not The following shows all the dividends announced for the regularly dealt in at the Board, were recently sold at auction By Messrs. Adrian H. Muller & Son: future by all large or important corporations: Stocks. Stocks. Dividends announced this week are printed in italics. 25 The Fijardo Sugar Co_ _166 314 9 Hanover National Bank Name of Company. Per When Cent. Payable. Books Closed. Days InclusWe. 5)454 395 The Cuban-American 135 Nat. Bk. of Commerce_ Sugar Co., pref 80-81 18254 to 183 427 The Cuban-American 60 Merchants' Nat. Bank.16554 Sugar Co., common... 22 75 Nassau Bank of N. Y_ _ 20054 25 N. Y. Life Ins. & Trust 10 Home Life Insur. Co_ _ _301 Co 110054 to 1108 9 St. Nicholas Bk.of N.Y1 20 Chesebrough Mfg. Co.. 65 Metrop. Nat. Bic.,N.Y. r$12 consol 471 (70% paid in liguld'n.) 115 Amer. Ex. Nat. Bank_ _245 17 Imp. & Traders N. B__56 35 Christopher & 10th St. 25 Union Bank of Bklyn--155 RR.Co 10 Second Ave. RR. 9054 _ 20 11 Market & Fulton Nat10 Lincoln Safe Deposit Co_Co.180 Bank 25 Astor Trust Co 26254 300 %, 16 N: Y. CIG Penn. Teleph. 10 New Netherland Bank_196 & Teleg. Co 25 3 U. S. Trust Co 1150 14 Ohlo & Ind. Cons. Nat. 60 The McCormack Real & Mum. Gas Co Est. Co. (old stock), $6 375 Linden Cemetery Assn. $50 each $6.50 per sh. 10 Lehigii Vali. Transit Co. $1034 per sh. 224 Rosedale CemeteryAssn Trust cert., $50 each. $11.50 per sh. $1154 per sh. 10 United Cities Realty 15 Harrisburg Shoe Mfg. Corp., preferred 25 CO $60 lot. $30 Due bill secured by 101 1,200 Consol. Steamship Lines Hex. Amer. Min. Co_ _ $25 $454c. per sb. 100 Dunelectron Mine Co_ _ f r 25 Carnegie Trust Co 173 4 Guanajuat Cons. M. & 10 Broadway Trust Co- _ _ 135 3i lot. M. Co Bonds. $100 Mine Securities Corp. $5,000 Ind. Nat. & Ilium. Gas Co. 1st 6s (Cent. Tr. Co. cerl s 100 Gold King Consol.Mines of deposit) 1154 Co $2,000 Amer. Graphophone Co. 13,000 Utah Sou. Gold .Se Copt1 6. lot 85 deb. 5s, 1916 Mining Co., $1 each.$40 lot $1,000 Rosedale CemeteryAssn. 5 Model Poultry Co., $10 6% loan certs , 1917 4354 each $2,000 Linden Cemetery Assn. 5 Lawyers' Mtge. Co_ _ .._5 $ 21 5lot 6% loan certs., 1912 5054 3 Public Account'ts Corp_ 25 $200 Linden Cemetery Assn., 5 Penn. Cent. Brewing 6% loan certs. 1917 5054 Co., common $2 per sh. $10,000 Pitts. Shaw. & North. 5 Penn, Cent. Brewing RR.Co. 1st 5s, 1949.. F. &A. Co., preferred $7 per sh Aug. 1005 coupon's attached_ 6654 3 U. S. Casualty Co 202 $1,000 Duriand Co. bond __ _ _ 56 25 AM.Sparklets Co.,pref.1$10 $6,000 Dickson Mfg. Co. 1st 55, 10 Ain.Sparklets Co.,com I lot 1927, assumed by Amer.Loc. IN. V. Law Institute_ _ $100 Co., M. & N 100 5Q London & N. Y. Invest. 318,000 Catskill Elec, Ry. Co. Corp., Ltd., 810 each _$24 1st 55, 1949_ 16 30 General Elec. Chemical) $2,50Q,Dry Dock E. B. & Batt. Co RR. scrip (deposit receipt I$21 100 Pt, Chester Chem. Co..) lot. Unlon Tr. Co.,$25, bein6 1% 1,000 Ceoaticrtcli h City RR., $101 of face of cert., has been paid 60 $2,000 Lehigh Vail. Transit Co. 225 Alaska Tel. Co.,$10 ea. $1000 Cons. 4s, 1935 _ 54 5 Huntington Lt., Water lot,. 400 Lehigh Vali. Transit Co. ec Power Co bond scrip $140 Rodgers-Hite Co $25,000 Tacoma Gas Lt. Co. ‘lorristown, N. J., Safe tern. ref. 5s, 1926, J. & D.. 52 Deposit Co $2,000 White River RR.2-year 100 100 Standard 011 Co 6s, 1910 676 10054 & mt. 17 Worcester Nashua & $1,000 U. S. Talc Co. refunding Rochester RR. Co_ _ _140 6s, 1918 10054 & int. 5 Gallatin National Bank.350 Railroads (Steam). Atch. Topeka & Santa Fe, corn.(No.16) 235 Dec. 1 Holders of tee. Nov. 5 Atlantic Coast Line RR., common 2% Jan. 11 Dec. 19 to Jan. 11 Boston Revere Beach & Lynn 3 Jan. 1 Holders of rec. Dec. 15 Buffalo & Susq., pref. (guar.)(No. 26).... 1 Dec. 1 Holders of rec. Nov. 17 Chesapeake & Ohio (annual) 1 Dec. 22 Holders of rec. Dec.. la Chestnut Hill (guar.) 1% Dec. 4 Holders of rec. Nov. 20 CM. N.0. & Tex. Pac.. pref.(quar.) ig Dec. 1 Nov. 26 to Nov. 30 Cleveland & Pittsburgh. orig. guar. (qu.) 13 Dec. Holders of rec. Nov. 10 Special guaranteed (guar.) Dec. 1 Holders of rec. Nov. 10 1 Coiorado & Southern, common `, Dec. 15 Dee. 11 to Dec. 15 Cripple Creek Cent., pt. (qu.) (No. 12) 1 Dec. 1 fielders of rec. Nov. 20 Delaware & Bound Brook, guar. (guar.). 2 Nov. 30 Holders of rec. Nov. 20 Mexican Railway, first preferred 4d Nev. 27 Nov. 2 to Nov. 12 Second preferred %d Nov. 27 Nov. 2 to Nov. 12 New York Philadelphia & Norfolk 3 Nov. 30 Holders of rec. Nov. 10 Norfolk & Western, common ', Dec. 18 Holders of ree. Nov. 30 Northern Pacific (extra) $11 26 Dec. 3 Holders of rec. Nov. 19 North Pennsylvania (guar.) 2 (Nov. 25 Nov. 13 to Nov. 19 Pennsylvania ' 3 INov. Holders of ree. Nov. 5 Phila. Germantown & Norristown (guar.) 3 'Dec. 30 4 Holders of rec. Nov. 20 Pittsburgh Bessemer & Lake Erie. pref._ 3 Dec. 1 Holders of rec. Nov. 14 Southern Pacific, corn. (guar.)(No. 9) 1% Jan. 2 Preferred (No. 9) 3% Jan. 15 Holders of rec. Dec. 31 Union Pacific, common (guar.) 2% Jan. 2 Holders of rec. Dec. la White Pass & Yukon Jan. 15 Holders of rec. Jan. 1 2 Street a .1e.'t.i, t• Lit • Lys. American Railways (guar.) 1% Dec. 15 Nov. 29 to Dec. k Columbes Ry.', common (guar.)(No.22). Ili Dec. 1 Holders of rec. Nov.14a Grand Rapids 11y., common (quar.)........ 1 ,Dec. 1 Holders of rec. Nov. 15 Kansas City Ry. de Light, pref. (quar.) 1U Dec. 1 Nov. 20 to Dec. I Rochester Ry. & Ltght, pref. (guar.) lY, Dec. 1 Holders of rec. Nov. •.:1 St. Joseph Ry., Lt., Heat de Power, conz 1 Dee. 1 Holders of rec. Nov. 23 Washington (D. C.) Ry. & Electric, pref._ 254 Dec. 1 Nov. 21 'to Dec. 1 , Miscellaneous. Adams Express Dec. 1 Nov. 17 to Nov. 30 4 Amalgamated 'Copper (quar.) A Nov. 30 Holders of rec. Oct. 22 American Cotton Oil, common (annual). 3 Dec. 1 Nov. 13 to Dec. 3 Preferred 3 Dec. 1 Nov. 13 to Dee. 3 American Express 3 Jan. 2 Holders of rec. Nov.30,, American Gas 3 Dec. 1 Nov. 22 to Nov. 30 America!) Radiator, common (guar.). _ _ _ 1 Dec. 31 Dec. 25 to Dec. 31 Amer,Smeiters Securities, pref. A (guar.) 154 Dec. 1 Nov. 21 to Dec. I Preferred 13 (guar.)(No. 14) lq Dec. 1 Nov. 21 to Dee. 1 Alder. sugar Ref., corn. and pref. (guar.) 13( Jan. 2 Dec. 3 to Jan. 3 Amer. Telegraph & cable, guar (guar.)._ 13, 1 Dec. 1 Nov. 16 to Dec. 1 American Tobacco (guar.) 254 Dec. 1 Holders of rec. Nov. 14 Extra 754 Dee. 1 Holders of rec. Nov. 14 Borden's Condensed 1111k, pref. (guar.)._ 154 Dec. 15 Dec. 6 to Dec. 15 British Columbia Packers Ast'n., pref .. 334 Nov. 30 Nov. 11 to Nov. 20 Butterick Company (guar.) A Dec. 1 Holders of rec. Nov. It, Calumet df. Hecla Mining (guar.) $5 Dec. 19 Holders of rec. Nov. 21 Chichgo Telephone ((mar.) 2 Dec. 31 Holders of rec. Dec. 2., Consolidated Gas of New York (guar.)._ 1 Dec. 16 Holders of rec. Nov.10a b l`r0x ( arp it (*0 2 Dec. 15 Holders of rec. Nov. Diamond Match (guar.) 254 Dec. 15 Holders of fee. Nov. 30 Eastman Kodak, common (extra) 5 Dec. 1 Holders of rec. Oct. 31 General Chemical, common (guar.) 1 Dec. 1 Holders of rec. Nov 25 '., General Electric (guar.) 2 Jan. 15 Holders of rec. Dee. 3 Granby Cons. Min., Smelt. & Pow., Ltd_ $2 Dee. 15 Holders of rec. Nov. 28 Great Lakes Towing, preferred (qUar.).......- , 1% Dec. 15 Dee. 16 to Jan. 2 Imports and Exports for the Week.-The following are International Harvester, pt.(qu.)(No. 7) 1% Dec. 1 Nov. 17 to Dec. la the imports at New York for the week ending Nov. 14; also Kings County Elec. Lt. & Power (guar.). 2 Dec. 1 Nov. 21 to Nov. 30 Lehigh Coal & Navigation No. 122)..... 4 Nov. 27 Holders of rec. Oct. ii totals since the beginning of the first week in January: Massachusetts Gas Cos.. common 1 Dee. 1 Nov. 15 to Nov. 30 Preferred FOREIGN IMPORTS AT NEW YORK 2 Dec. 1 Nov. 15 to Nov. 30 Michigan State Telephone, common (qu.) 1 Dec. 1 Nov. 19 to Dec. Preferred (quar.)(No. 20) , 134 Feb. 1 Jan. 17 to Feb. I For week. National Biscuit, coMmon (guar.) 1908. 1907: 1906. 1905. 15 Jan. 15 Holders of rec. Dec.28a Preferred (guar.) (No. 43) 1% Nov. 30 Holders of rec. Nov16a Dry Goods Nattonal Lead, common (quar 1(No.20) _ _ $3,344,019 $3,173,408 $3,298,956 52,738,939 iy, Jan. 11Dec. 12 to Dec. 15 General Merchandise Preferred (guar.) (No. 68) 12,166,021 10,367,968 15,129,584 13,060,856 15 De'. 15 Nov. 21 to Nov. Niles-Bement-Pond. common (guar.)._ lA Dec. 2 Dee. 15 to Dec. 21 241 Total People's Gas Light & Coke (guar.) $15,339,429 $13,711,987 $18.428,540 515,799,797 154 Nov. 25 Holders of rec. Nov. 3 Philadelphia Electric Since January 1. 3 Dec. 15 Nov. 22 to Nov. 30 Dry Goods Pressed Steel Car. pref. (guar.)(No. 39).. 15j Nov. 25 $111,082,413 $165,529.768 $143,053,575 $124,396,068 Nov. 5 to Nov. 24 Quaker Oats, common (guar.) 434,608,190 590,735,497 536,812,596 498,839,794 134 Jan. 15 holders of rec. Jan. 4a General Merchandise Common (extra) % Jan. 15 Holders of iee. Jan. 4a Total 49 weeks Preferred (guar.) $545,690,603 $756,265,265 5679,866,171 $623,235,862 154 - Nov. 30 Holders of rec. Nov. is Quincy Mining (guar.) $1 Dee. 21 Dec. 1 lo Dec. 6 Sloss-Sheffield Stee & Iron, corn. (guar.) 1 Dec. 1 Holders of rec. Nov. 20 The following is a statement of the exports (exclusive of Standard Oil (guar.) $10 Dec. 15 Holders of rec. Nov. 19 U. S. Steel Corp., corn. (guar.)(No. 20). Si Dec. 30 Dec. 11 to Dec. 30 specie) from the port of New York to foreign ports for the Preferred (guar.) (No. 30) 154 Nov. 30 Nov. 6 to Nov. 30 week ending Nov. 14 and from Jan. 1 to date: hialtham IValch, preferred 3 Dec. 1 Holders of rec. Nov. 16 EXPORTS FROM NEW YORK FOR THE WEEK. a Transfer books not closed: b Formerly the American Grass Twine Co. Less incame tat. 1908. 1907. 1906. 1906. For the Week 515,395,1661 $11,272,175 511,208,725 $12.334,590 Previously reported 542,313,4881 557,442,962 538,246,116 473,490,819 National Banks.-The following information regarding Total 46 weeks 3557,708,65413568,715,137 8549,454,841 $485,825,409 national banks is from the office of the Comptroller of the Currency, Treasury Department. EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. NATIONAL BANKS ORGANIZED. Certificates Issued from November 10 to November Gold. 9,270-The Musselshell Valley Nati nal Bank of Hari ,wt n,14. Mont. Capital, $50,000. Philip I. M ule, President; _. C. Graves, Vice-President; C. N. Friday, Cashier; F. P. Marrs, Nssistant Cashier. Great Britain 9,271-The Natl nal Bank of Far RockaWay, N. Y. Capital, $50,000. France H. G. Heys at, President; J. Lauchhelmer, Vice-President; J. L. Germany Stanley, Cashier. Indies 9,272-The Lincoln County Nathnal Bank of Shoshone, Idaho. Capital, West Mexico $30,000. Jos. Keefer, President; Guss B. Keefer, Vice-President ; South America Gilbert J. White, Cashier. All other countires 9.273-The Whitman County National Bank of Rosalia, Wash. Capital, $40,000. W. E. Dwyer, President; A. J. St,ne, Vice-President; Total 1908 F. J. Wilmer, Cashier; W. 0. Palmer, Assistant Cashier. ConTotal 1907 veral, n ef the Whitman C,unty State Bank of Rosalia. Total 1906 9,274-The First National Bank of Mendon, 0. Capital, $25,000. A. H. Silver. Barber, President; E. G. Upton, Vice-President; C. B. Lair, Cashier. Great Britain LIQIRDATIONS. France •I 6,647-The City National Bank of Cordell, Okla., was placed In voluntary Germany liquidation November 10 1908. West Indies 4.358-The National Bank of Commerce in Denver, Colo., was placed in Mexico voluntary liquidation November 14 1908. South America All other countries INSOLVENT. Total 1908 4,913-The First National Bank of New Kensington, Pa., was placed in Total 1907 charge of a receiver November 9 1908. Total 1906 APPLICATIONS TO CONVERT INTO NATIONAL BANKS APPROVED. Of the alpvc imports The Citlzena' State Bank of Stoughton, Wis., into "The Citizens' National American gold coin and Bank of Stlughton." Capital, $50,000. The Farmers' National Bank of Monticello, Ga., Into "The Farmers' the exports during the National Bank of Monticello." Capital, $30,000. gold coin and $___ were Exports. Week. Imports. Since Jan.1 52,524,737 23,640,879 19,017,343 1,334,500 4,000 1,166,606 9,985 $970 Week. ,Since Jan.1 $13,129 $3,704,561 9,650 1,065,182 9,225 34,183 4,445 4,623,376 3,041 465,854 60,722 2,502,627 28,032 3,042,640 547,698,050 5155,684 315,438,423 36,756,972 21,110,672 37,133,969 5,963,954 129,722 93,854,313 $754,165 $32,491,743 4,409,000 41,900 898 258,006 3,400 350 5755.063 $37,204,399 1,199,218 44,582.157 417,763 42,357,597 $3,002 4,618 33 115,729 36,797 20,811 $70,076 68,514 115,335 167,676 1,562,930 897,730 664,550 $180,990 $3,546,831 76,659 3,096,113 80,927 2.136,837 for the week in 1908, $0,783 were $3,335 American silver coin. Of same time, $___ were American American' silver coin. Statement of New York City Clearing-House Banks.-The detailed statement below shows the condition of the No* Nov. York City Clearing-House banks for the week ending of averages the are banks separate the for figures The 14. figactual the totals, the of case the In the daily results. ures at the end of the week are also given. We omit two ciphers (00) in all cases. Banks. 00s omitted. [VoL.Lxxxvii. THE CHRONICLE 1338 Capital. Surplus. Loans. Average. Specie. LegoIs. Deposits. ReAverage. Average. Average. s've. % 3 $ $ $ $ $ 2,000,0 3,281,2 21,854,0 4,198,0 1,122,0 20,706,0 25.8 Bank of N. Y__ 2,050,0 3,305,2 32,850,0 18,785,0 1,476,0 49,100,0 41.2 Manhattan Co_ 2,000,0 1,661,6 20,565,0 4,776,0 1,372,0 22,516,0 27.5 Merchants' ___ 3,000,0 3,723,9 28,703,0 6,982,0 1,503,0 30,930,0 27.7 Mechanics' __ 1,500,0 4,804,2 29,831,8 6,085,1 2,443,7 33,017,4 25.8 America 6,757,0 26.9 301,0 7,416,0 1,482,0 578,6 1,000,0 Phenix 27.9 5,000,0 25,619,3 211,328,9 52,015,0 8,331,0 218,404,8 City 1,810,7 29,930,1 27.9 Chemical ----- -3,000,0 5,783,7 29,579,5 6,551,9 25.6 498,2 6,780,5 1,201,9 6,395,3 506,2 600,0 Merchants' Ex_ 8,012,8 26.6 743,4 9,744,7 1,366,4 1,000,0 2,445,8 Gallatin 65,4 2,030,1 27.2 487,2 2,246,2 149,2 500,0 Butch. & Drov_ 200,0 7,174,4 27.2 6,301,9 1,754,3 729.5 500,0 Greenwich 5,105,7 1,106,1 24,899,3 25.2 Amer. Exch.. 5,000,0 5,192,0 31,277,2 25,737,7 25.5 156,985,2 14,052,1 172,156,1 15,667,4 25,000,0 Commerce 7,314,2 26.6 619,6 3,000,0 2,490,4 11,207,4 1,297,5 Mercantile 3,316,4 27.4 634,2 276,9 3,479,0 846,8 500,0 _ Pacific 7,041,4 26.0 786,3 1,033,6 6,620,8 450,0 1,027,9 Chatham __ 2,174,6 26.0 50,9 514,7 2,075,5 457,9 200,0 Peoples' 80,302,1 27.0 9,782,8 11,700,8 67,674,7 9,932,1 3,000,0 Hanover 26.1 22,856,8 328,4 5,580,1 22,683,3 2,550,0 1,381,1 Citizens' Cent 5,317,8 26.4 815,7 589.9 4,799,0 372,9 500,0 Nassau 29.0 8,077,5 1,134,8 1,254,7 7,702,4 1,599,0 1,000,0 Ful'n Market & 166,9 13,070,4 25.1 2,000,0 1,142,0 12,604,2 3,115,9 Metropolitan _ 25.8 Corn Exchange. 3,000,0 5,156,3 42,629,0 7,370,0 5,655,0 50,291,0 25,983,3 28.1 Imp.& Traders' 1,500,0 7,308,2 27,059,5 5,535,0 1,744,0 106,037,0 26.1 3,000,0 9,583,4 91,380,0 25,755,0 1,929,0 Park 1,366,6 30.7 164,1 256,4 1,146,0 110,5 250,0 East River 26.0 29,330,0 2,803,0 4,793,0 27,225,0 3,000,0 3,365,7 Fourth 277,0 11,586,0 26.8 1,000,0 1,724,4 10,743,0 2,831,0 Second 10,000,0 16,699,0 123,927,3 34,414,8 1,268,7 128,859,2 27.9 First 26.4 Irving Exch.... 2,000,0 1,375,0 18,893,4 4,081,9 1,220,2 20,203,1 3,240,0 25.7 73,0 761,0 1,963,9 783,8 250,0 Bowery 28.2 7,821,8 712,7 1,425,5 7,060,2 1,105,3 500,0 N. Y. County.... 3,786,8 24.8 229,0 710,8 4,008,5 750,0 . 621,2 German-Amer _ 26.6 98,266,4 4,687,4 21,347,1 84,871,6 5,308,5 5,000,0 Chase 100,0 2,053,2 12,229 4 2,527,9 1,269,0 13,870,1 27.3 Fifth Avenue 3,491,0 23.2 595,0 215,0 3,595,4 897,2 200,0 German Exch.. 5,186,4 25.6 506,9 825,0 4,504,7 967,8 200,0 Germania 751,4 14,777,6 25.f 1,000,0 1,213,6 13,850,6 2,991,1 Lincoln 7,650,8 284 506,3 7,418,3 1,623,2 1,000,0 1,144,8 Garfield 3,016,0 24.( 344,4 '367,5 3,045,5 453,3 250,0 Fifth 1,000,0 2,061,9 10,959,8 1,894,1 1,077,0 11,217,5 20.9 Metropolis 4,494,0 27.1 253,0 984,0 4,031,0 777,1 200,0 Side West 1,000,0 1,649,7 21,693,0 5,641,0 1,548,0 26,409,0 274 Seaboard 608,9 15,355,2 274 1,000,0 2,480,3 15,732,2 3,544,1 Liberty 8,331,3 26.( 232,4 6,801,6 1,985,5 684,5 N. Y.Prod, Ex, 1,000,0 233,0 13,024,0 26.1 757,8 10,551,0 3,260,0 1,000,0 State 4,982,1 25.1 540,9 712,1 4,731,3 294,2 1,000,0 14th Street 160,6 18,231,6 26.9 2,000,0 2,445,5 18,904,5 4,614,2 Copper 79,004,5 1403,522,6 27.1 Totals, Average 126,350,0 163,720,1 1328,147,6 302,088,1 States de189,700, a decrease of 362,700 from last week; averages include United posits of $9,198,700, a decrease of $50,900 from last week. banks, not "Reserve on deposits" includes, for both trust companies and State the Trust only cash items but amounts due from reserve agents. In additionTrust ComCompanies also on November 14 held a bond reserve of $31,615,000. to panies in New York State are required by law to keep a reserve proportionate The pertheir deposits, the ratio varying according to location as shown below. exclusive of centage of reserve required is computed on the aggregate cf deposits, of time moneys held in trust and not payable within 30 days, and also exclusiveexclusive deposits not payable within 30 days, represented by certificates, and alsoBanks are of deposits secured by bonds of the State of New York. The State this case likewise required to keep a reserve varying according to location, but in deposits of exclusive the reserve Is computed on the whole amount of deposits, secured by bonds of the State of New York. RESERVE REQUIRED FOR TRUST COMPANIES & STATE BANKS State Banks-Trust Companies Total 01 which in Cash. Total Of which in Cash. Reserve Reserve Required. Now. By Feb.l. Required. Now. By Feb.L, Locationmi% 15% *25% 15% 10% 15% Manhattan Borough % 10% *20% 7%% 10% 15% Brooklyn Borough 6% 73, 7%% 15% 7i% 10% 15% Other Boroughs % 6% 5% *15% 5% 4% 10% Elsewhere in State to According 11909. Feb. and after on required reserve aggregate the * This is for Manthe State Banking Department, the present aggregate reserve requirement and for the rest of hattan is 20%; for Brooklyn, i73%; for other boroughs, 15%, the State, 123. %. Reports of Non-Member Banks.-The following is the statement of condition of the non-member banks for the week ending Nov. 14, based on average daily results: We omit two ciphers (00) In all cases. • Banks. Surplus. Capital. N. Y. City. Boroughs of Man.&Brx Wash. Hgts 100,0 200,0 Century _-_ Colonial --- 100,0 Columbia -- 300,0 Fidelity --- 200,0 Jefferson__ - 500,0 Mt. Morris.. 250,0 200,0 Mutual -_ _ 300,0 19th Ward_ 100,0 Plaza 23rd Ward.. 100,0 Union Exch 750,0 100,0 Yorkville _ Coal& I.Nat 500,0 NewNeth I'd 200,0 Batt.Pk.Nat 200,0 Borough of Brooklyn. 150,0 Broadway 252,0 Mfrs' Nat.._ Mechanics'. 1,000,0 750,0 Nassau _ _ _ _ 300,0 Nat. City 100,0 North Side_ Jersey City. 400,0 Nat 27.1 First 1408,087,1 79,752,2 302,108,3 1330,159,7 Actual figures Nov. 14. Hud.Co.Nat 250,0 200,0 Third Nat_ _ $52,431,800 and United States to amounted circulation Hoboken. averages, of basis the On Nov. 14: circulation, First Nat 220,0 deposits (included in (19..posit3) to 59,198.700 actual figure Second Nat. 125,0 350,375,100; United States deposits, 39,189.700. -The State Banking Department also now furnishes weekly Tot. Nov.14 7,847,0 Tot. Nov. 7 7,847,0 returns of the State banks and trust companies under its Tot. Oct. 31 7,847,0 charge. These returns cover all the institutions of this class in the whole State, but the figures are compiled so as to distinguish between the results for New York City (Greater New York) and those for the rest of the State. Furthermore, in the case of this city, besides reporting the results for the State banks and for the trust companies,separate figures are presented to indicate the totals for the State banks and trust companies in the Greater New York not in the Clearing House. In the following we give all the different sets of figures, indicating by plus(+)or minus(-)sign the changes from the previous week. To make the statement as comprehensive as possible, we start with the totals of the Clearing House banks as contained in the above, giving both the averages for the week and the actual figures at the end of the week. 207,5 145,3 500,6 425,9 175,2 673,3 264,6 317,8 470,4 39.8,3 182,2 818,9 393,3 708,0 231,9 142,4 420,1 775,2 836,1 939,3 575,6 216,7 Loans, Disc'ts and Investments. Specie. 77,0 1,013,0 29,0 1,666,0 3,813,6 563,3 5,761,0 500,0 73,3 910,0 25,9 3,288,4 1,922,6 374,5 26,8 3,393,0 60,8 3,592,4 3,123,0 228,0 1,570,0 166,0 6,358,0 1,162,9 51,8 3,380,2 4,671,0 911,0 1,558,0 134,0 992,2 196,3 2,892,6 5,460,9 9,921,4 6,962,0 4,227,0 1,572,5 Legal Tender and Bank Notes, Deposit with Net Other Clearing Banks. Deposits. &c. Agent. 952,0 116,0 37,0 126,0 229,0 2,063,0 209,0 504,2 881,4 5,483,6 221,0 6,438,0 252,0 461,0 858,3 190,5 23,7 202,3 228,8 3,091,1 300,2 82,1 3,012,3 783,5 35,5 5,0 3,905,2 503,4 423,6 425,5 1,030,0 5,258,3 618,3 4,620,0 320,0 1,457,0 1,832,7 208,1 54,7 6,820,4 451,8 380,0 4,263,4 146,4 806,4 650,0 166:6 5,127,0 285,0 15,0 1,638,0 291,0 44,0 1836,6 70,7 22,0 230,0 19,0 476,2 812,2 576,2 114,3 234,8 1,329,1 1,466,2 367,0 719,0 1,300,0 423,0 118,0 673,0 146,3 138,8 137,8 1,214,5 3,967,1 715,7 2,393,6 367,3 1,684,7 204,3 156,6 45,1 610,0 2,407,6 213,1 1,960,5 112,1 81,4 11 141,5 3,429,1 183,9 6,068,5 136,9 12,810,9 7,514,0 213:6 5,263,0 152,1 1,917,7 342,2 2,805,9 1,090,0 0,550,1 160,5 845,2 2,779,2 41,0 97,6 2,626,7 774,1 141,6 11,2 74,8 140,4 90,6 244,7 2,212,3 254,6 2,315,1 12,939,8 90,462,3 6,633,9 8,302,5 14,733,6 5,930,8 109686,5 12,939,8 90,116,4 6,502,1 7.820,9 13,569,5 5,679,8 107666,3 12,939,8 89,850,1 6,486,3 8,002,9 14,557,4 6,169,3 109027,6 New York City, Boston and Philadelphia Banks.-Below is a summary of the weekly totals of the Clearing-House banks of New York City, Boston and Philadelphia. The New York figures do not include results for non-member banks. We omit two ciphers in all these figures. Banks. Capital and Surplus. Loans. Specie. Legals, Deposits. a Circulation. Clearings. $ New York 1,631,634,9 Oct. 17- 290,070,1 1338,433,3 304,992,5 80,640,6 1416,647,9 53,309,4 53,195,9 1,599,252,1 Oct. 24.._ 290,070,1 1338,428,9206,290,2 81,122,9 1418,132,4 52,983,5 1,557,851,2 1411,416,3 81,280,8 305,162,4 1333,365,6 290,070,1 Oct. 31.._ 52,634,1 1,809,411,1 Nov. 7_ 290,070,1 1323,142,1 301,116,9 78,393,3 1308,920,9 52,431,8 2,345,970,5 Nov. 14_ 290,070,1 1328,147,6 302,088,1 79,004.5 1403,522,6 Boston. 10,311,0 142,992,1 Oct. 24__ 41,790,0 211,900,0 25,878,0 3,807,0 262,691,0 10,288,0 138,554,6 Oct. 31.._ 41,790,0 210,262,0 25,428,0 3.908,0 260,272,0 10,267,0 180,565,4 205,310,0 3,900,0 25,495,0 207,497,0 Nov. 7._ 41,790,0 10,198,0 186,294,8 265,734,0 Nov. 14__ 41,790,0 212,420,0 20,645,0 4,119,0 Phila. 13,924,0 112,574,4 302,667,0 NEW YORK CITY BANKS AND TRUST COMPANIES. 81,147,0 245,529,0 Oct. 24_ _ 54,390,0 302,045,0 13,931,0 106,441,7 81,618,0 Week ending November 14 1908. Oct. 31... 54,390,0 245,844,0 307,082,0 13,908,0 119,571,1 82,587,0 Reserve on P.C. Nov. 7.- 54,390,0 246,167,0 Loans and 309,087,0 13,357,0 139,225,0 Legats. Deposits. 82,175,0 Deposits. of Re- Nov. 14._ 54,390,0 247,425,0 Investments. Specie. 00.1 omitted. serve. 3 $ Clearing-House Boston and Philadelphia the Item 381,860,5 27.30 a Including Government deposits, and for Banks-Actual 1,330,159,7 302,108,3 70,752,2 1,408,087,1 deposits amounted to $9,198,700 "due to other banks." At New York Government +11,925,0 +1,871,2 +658,9 +16,664,5 +2,530,1 Boston, to $1,596,000 on Nov. 14 and at 7: Nov. on $9,249,600 against 14, Nov. on Clearing-House 7. 1,403,122,6 381,092,6 27.32 $1,593,000 on Nov. Banks-Aver-1,328,147,6 302,088,1 79,004,5 +6,601,7 +1,582,4 +971,2 +611,2 +5,005,5 State Banks343,831,2 102,805,9 30.6 58,448,9 a24,310,0 287,847,9 Average +5,784,1 -626,8 +5,697,0 -1,058,2 +242,2 Trust Companes971,721.7 287,786,4 32.5 82,324,1 a7,578,3 $90,068,6 Average +995,9 -6.977,5 -266,6 +386,8 +8,228,3 We shall be plead to furnish to institutions and investors copies State Banks and of our special circular describing 43 RAILROAD BONDS Trust Co's-not in Clear.-House 979,911,5 88,413,4 a15,374,2 b1,078,426,8 318,462,3 32.1 Listed upon the New York Stock Exchange +1,196,6 -6,125,2 -121.7 +729.6 +7.842,8 STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK. % of Week ending November 14 1908. NEW YORK WILLIAM AND PINE STS„ Reserve. Res. Deposits. Loans. 24.9 521,176,500 Branch offices: Chicago, Ill., and Albany, N. V $80,043,100 388,101,600 State Banks +384,200 +977,900 +1,080,700 24,247,200 19.0 122,021,300 131,977,400 Trust Companies -155,300 +198,600 .i865,100 aulttng and 4';inandat. Spencer Trask & Co. Increase over last week. -Decrease from last week. + reserve deposl a Includes bank notes. b After eliminating the Item "Due from deposits amount to tortes and other banks and trust companies in New York City", 8894,968,300, an Increase of $5,526,600 over last week's figures. are "net" both for Note.-In the case of the Clearing-House banks, the deposits deposits are shown. The . the average and the actual figures; in all other cases "gross" amounting to $9,deposits States United included figures actual e Clearing-Hous MOFFAT & W HI'I'E Members New York Stock Exchange. HANOVER BANK BUIL DING 5 NASSAU STREET. DEALERS IN INVESTMENT SECURITIES. Commission Orders Executed orCash Onl Nov. 211908.1 TIIE CHRONICLE ianher137 Q5azttte. Wall Street, Friday Night, Nov'. 20 1908. The Money Market and Financial Situation.-The upward movement of security values which was in full swing at the close last week practically reached a climax at that time. The aggressive demand for securities which followed the election was then about satisfied and business at the Exchange this week has been of a decidedly more conservative character. No change of importance has taken place in conditions which regulate or control the markets,and therefore prices have generally fluctuated within a narrow range this week. • The foreign markets have been somewhat disturbed by renewed discussion of the Balkan situation and perhaps some sales of American shares in London may be traced to that cause. The foreign bank statements make, as for some time past, a very strong showing; although the Bank of England's percentage of reserve is somewhat smaller than last week. The firmer tone in the local money market noted last week has not been maintained,and rates,especially for call loans, are lower. The.open market rates for call loans at the Stock Exchange during the week on stock and bond collaterals have ranged from 13/ 9% to 2%. To-day's rates on call were 13/2@2%. Commercial paper quoted at 4% for 60 to 90 day endorsements and 4M% for best single names. The Bank of England weekly statement on Thursday showed an increase in bullion of £82,740 and the percentage of reserve to liabilities was 52.67, against 53.03 last week. The rate of discount remains unchanged at 23/2% as fixed May 28. The Bank of France shows an increase of 23,800,000 francs gold and 3,675,000 francs silver. NEW YORK CITY CLEARING-HOUSE BANKS. 1908. Averages for week ending Nov. 14. Differences from previous week. 1907. Averages for week ending Nov 16. 1006. Averages for week ending Nov. 17. $ $ $ $ Capital 126,350,000 129,400,000 119,150,000 , Surplus 103,720,100 164,098.300 155,176,800 Loans and discounts__ _ 1,328,147,600 Inc. 5,005,500 1,192,010,400 1,039,397,800 Circulation 52,431,800 Dec. 202,300 51,357,200 55,844,400 Net deposits 1,403,522,600 Inc. 6,601,700 1,089,303,800 994,480,500 U. S. dep. (Incl. above) 9,198,700 Dec. 50,900 72,362,300 14,320,800 Specie 302,088,100 Inc. 971,200 170,347,900 183,006,400 Legal tenders 79,004,500 Inc. 611,200 67,085,400 48,311,100 Reserve held 25% of deposits 381,092,600 Inc. 1,582,400 350,880,650 Inc. 1,650,425 218,659,000 272,325,950 250,991,800 248,620,125 Surplus reserve ........ 30,211,950 Dec. 68,025 def.53,660,950 2,371,675 Surplus excl. U.S. dep. 32,509,125 Dec. 80,750 def.35,576,375 5.951,875 1339 Met. and Union Pacifies. The former responded to an urgent. ddInand by an advance of over 2 points. Inter. Mercantile Marine 43's have been unusually,active and advanced .1.4 5 points. A few other issues have been strong but. the advance in them is offset by a decline in others. The latter is especially noticeable in some of the industrial bonds. United States Bonds.-No sales of Government bonds have been reported at the Board this week. The following are the daily closing quotations; for yearly range see third page following. interest Periods 28, 1930 registered Q-Jan 28, 1930 coupon Q-Jan 38, 1908-18 registered Q-Feb 35, 1908-18 coupon Q-Feb 3s, 1908-18____small coupon Q-Feb 4s, 1925 registered Q-Feb 48, 1925 coupon Q-Feb 2s, 1936_Panama Canal coup Q-Nov Nov. 14 Nov. 16 Nov. 17 Nov. 18 Nov. 19 Nov. 20 *1033 *1035 *1033. *103% *1033. *10334 *104 *104 *104 *104 *104 *104 *10034 *10034 *100% *100% *1003 ,1 *100% *10034 *10034 *100% *1003 *1004 *1003 *100 *100 *100 *100 *100 *WO *12034 *12034 *12034 *nog 4,12034 *12034 *121 *121 *121 *121 *121 *121 % *10234 *10234 *10234 *10234 *10234 *1025 *This is the price bid at the morning board; no sale was made. Railroad and Miscellaneous Stocks.-Following the unusual activity and advance in prices which characterized the stock market last week, the volume of business has diminished about one-third and prices this week have been unsteady. The transactions have averaged a trifle more than 1,000,000 shares per day, as against 1,600,000 last week, and there has been practically no change in the tone of the Market from day to day. The demand has been fully offset by offerings bought or expected to be bought at a lower range of prices than that now prevailing, and, although fluctuations have been relatively narrow, almost the entire active list closes lower than last week. Louisville & Nashville has been a notably. strong feature. It advanced over 4 points,to 1203/8, and has held about half the gain. Baltimore & Ohio is fractionally higher and North West. closes at last week's price. On the other h nd, St. Paul, Great Northern, Pennsylvania, Reading and Erie are 2 points or more lower than a week ago. The copper stocks show a substantial reaction from their recent advance and American Sugar Refining has been weak, perhaps on account of the Government's suit against the company. Steel common, although nearly 3 points down, is still above its previous highest record, and the preferred is only little more than a point lower than last week. For daily volume of business see page 1347. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: STOCKS. Sales Week ending Nov. 20. for Week. Alice Mining Amer Steel Foundries_ _ _ Amer Teleg & Cable_ _ _ _ Chic Terminal Transfer_ Comstock Tunnel 1st 4s_ Des Moines & Ft Dodge_ General Chemical, pref pref__ Homestake Mining Kan & Mich trust rcts__ rcts Michigan Central Morris & Essex Nat Mex, prof tr rets__ _ NY&NJ Telephone... Peoria & Eastern RR Securities-Ills Cent stock trust certfs St L & S F-C dr E Ills new stock tr eertfs_ _ _ _ Sears, Roebuck & Co.,pf United Cigar Mfrs, pref. U 5 Leather, preferred__ preferred Vulcan Detinning Preferred Range for Week. Lowest. Highest. Range since Jan. 1. Lowest. I Highest. 900 $2% Nov 16 $234 Nov 16 $134 100 10 Nov 17 10 Nov 17 434 100 75% Nov 16 7534 Nov 16 50 900 4 Nov 17 4 Nov 17 1% 2,000 16 Nov 20 16 Nov 20 16 1,130 15 Nov 17 17 Aov 16 5 31 97 Nov 18 97 Nov 18 89 710 93 Nov 14 9634 Nov 19 67 400 44% Nov 16 47 Nov 201 29 25165 25 165 Nov 19 165 Nov 19.165 130 184 Nov 17 184 Nov 17 165 52% Nov 16 5234 Nov 16 46 3 150 122 Nov 1.9 123 Nov 14 90 2,850 22 Nov 18 2434 Nov 18 13 62 90 190 60 100 97% 100 96% 20116 20 116 97 7% 3,280 47% Febl 8334 Feb 10 Mch 7534 Feb 8 Nov 20 Mch 17 May 9934 Jan 9634 Jan 47 Nov 165 Jan 184 Aug 5434 Feb 123 Apr 2434 Jan Nov Nov May April Nov June Nov Nov Nov Nov Nov Nov Nov Sept t Nov Nov Nov Oct Nov Nov Nov 16 91 Nov 18 79 Mch 94 Nov 14 65 Nov 18 07% Nov 16 96% Nov 20116 20 116 Nov 16 8)4 Nov 14 49% Nov 17 Nov 18 Nov 16 Nov 20 Nov 20 Nov 18 Apr 65 May 97% May 97 Jan 118 Mch 8)4 Apr 4934 50 86% 86% 95 3 25 Outside Market.-Trading in the "curb" market was diversified this week, the activity in bonds playing a leading part. Considerable business was done in the inactive industrials, while the mining shares for the most part were quiet, with a downward tendency to prices. Of the new issues of bonds, Illinois Central 4s, "w.i.", sold actively at from 9932 to 99% and at 99 9-16 finally. New York City 4s, "w. i.", sold up from 101 to 1023 4, and to-day at 1023/9. Philippine Ry. 4s, "w. i.", moved up from 953/9 to 963/9 and back to 95%. The issue was offered at 95 and interest, and was largely oversubscribed, both here and in Europe. Receipts for Consolidated S.S. 4s were also a feature, advancing from 123 4 to 15. Central Foundry Os 4 to 67 and American Writing Paper 5s sold up from 643 improved a point to 86. American Writing Paper preferred stock sold down from 19 to 18 and up again to 193j. Central Foundry preferred rose from 143 4. Standard Oil 4 to 153 at first moved up from 6633 % to 675, but the close to-day was at 670. Guggenheim Exploration gained 10 points to 195. Copper shares were weaker. Boston Consolidated fell from 173% to 163/9, recovered to 173/9, closing to-day at 16g. British Columbia declined from 8 to 73/9, rose to 83/9 and ends the week at 8. Butte Coalition dropped from 28 to 263 4. Cumberland Ely from 83 4 sold up at one time to 9 1-16, then declined to 8%. Greene Cananea weakened from 11% to 11. Nevada Consolidated sustained a loss of about 2 points to 18%, with the final quotation to-day 193/8. United Copper common fluctuated between 153/9 and 143%, closing at 143/9. The preferred moved up from 32 to 38. Outside quotations will be found on page 1347. New York Stock Exchange—stock Record, Daily, Weekly and Yearly 1 VI/II I'it• ,,a,es , ..reuw,s—HIGNEST AND LC)il,EST NitL A ?RICA'S 1 gatew ay Tueseay I 1, Nov. 18. Nov. 17. Salursai; 1 .tIondau Nov. 16. Nov. 14. Thursday Nov.D. Friday Nov.2o. 6, Went Shwa. l'14,DK. :31414.,K.b. NEW YORE STOC EXCANGE H [mule ,or previous Year 41007) Kano Since Jan. 1 1908. On basis oi 100-Mare to. LOWCJI II to hest Lowest i Railroads 66 Feb 14 97 Nov s 96; 9538 9634 9473 9578 9412 9512 53.920 A tch Topeka & Santa 9534 031 I 1.513 9614 96 813; Feb 17 6913 No'. 1 0918 4.815 E1. Do pref 9938 99 1,84 09 .9812 .03: 987 0918 9914 9912 99 6912 Men I 110 Nov11) 109 10112 5,750 Atlantic Coast Line RIC 10613 10812 10834 110 4,10412 101.r 405 10512 106 107 7612 Feb 10 10134 Nov17 Ohio_ ./c 10714 10514 88,500 DaltImore 10914 10838 10712 10658 10934 10678 -0174 1094 10612 10/ 80 Jan 4 11633 Nov1. 510 I-6 Do pref 49013 0012 4103( *89 91 60 *90 90 90 08 62 *90 3714 Feb 10 5712 AL6410 5514 57 5512 5612 5414 561s 5358 5514 5318 548 102,395 Brooklyn Rapid Transl • 5438 1..,i, 451334 Oct 23 64i *_ 64 Buffalo & Susoue, prof 60 4,.. 65 * 65 *_ _ __ 140 Fen 1, 18018 Nov18 176 178 28.600 f ,anadian Pacific 178 1/,.• 17754 17834 1781.1 1787 178 1804 17734 179 54 Mob 4 68 Novl, 200‘ 69 *64 ,anada Southern_ _ - _ 68 68 *64 *64 68 68 69 09 - *66 *65 Fcb 11 21134 Nov.11 1110 212 *208 115 Central of New Jersey_ 21134 2113.; ••210 212 1200 212 1208 208 *208 212 2513 Feb 111 4s/3 Nov20 4714 458 4718 458 4734 4738 4858 86.350 Chesapeake & Ohlo 4621 4534 .4633 46 46 10 Feb 13 43 Nov 18 4112 4018 4113 7,800 Chicago & Alton 131t_ 41 4174 43 4112 4214 4114 4134 4113 42 47 Mch29 71 Novi 75 *67 300 Do prof 75 *65 *68 71 75 69 72 •:•68 71 71 1458 Novi? 318 Feb 1 1212 55,010 Chicago Great Western 1014 1014 1238 1212 1458 1213 1458 1238 1313 10 :1312 Mc1411, 0814 Atm 4 1,100 Do 4% debentures. 6278 62 65 62 153 62 *55 6012 61 64 Novl. 39 1513 15 Feb -----------. 1,500 Do 07 pref "A' _ _ 37 36 39 3812 36 35,8 3812 38 34 34 5 Feb 11 1718 Nov D 1-5 51,215 Do 44 prof "B" 1358 1513 1538 1658 1618 "118 1433 1718 1458 1513 14 150 Nov18 2 Jan 16312 150 14858 148 1403 150 281,245 Paul 148 St Chicago ek 14958 Milw 14853 14913 148 19813 14978 138 Jan 3 163 Nov h 160 160 Do pref 1,023 161 16114 161 161 *160 162 *159 162 181 161 11812Jan 3 14478 Nov18 Do corn instailm't ci 144 144 . 144 14414 144 14412 144 14473 144 14414 *143 14412 6,035 12553 Jan 2 15934 Nov . 151) ci 15834 15873 , instailm't 157 159 157 15814 15838 4.854 pref 15812 Do 15778 15713 15712 Jan 2 1'4 Nov 1., 13513 17153 17334 11,044 Chicago & North kVeste 17114 17112 17038 17112 1713.1 17312 172 17338 17134 174 4185 Jan 11 216 Oct.... Do prof 0211) 225 *210 225 *210 218 *210, 218 *210 218 *210 218 Feb 25 153Nov17 114 150 155 155 ()1115 150 *150 & Chic *150 800 Minn P St 153 150 152 5149 152 *148 Nov a 14012 Jan 3 400 Do pref 168 168 *166 170 1<160 170 *165 170 165 167 6165 170 413 Novl. 58 Apr 3 4 4 1,000 Chic On 'I rm. etfs stm: 414 414 *113 414 414 414 413 412 413 414 1434 13 :A:, 10 Apr 4 ctfs pref stropd_ 1312 1234 1238 Do *12 1113 2,400 1312 1338 1313 1334 1312 1358 13 471,Joe 17 6934 Nov 13 6912 6734 6812 6733 6712 65 3,200 Cleve !In Chic & St L_ 6612 *-- 68 6914 67 69 8518 Feb 111 1.9 Nov13 Do prof —____ *95 100 *95 100 *95 100 *96 100 *96 100 *9812 100 21 Feb iv 4.14 Nov11 4553 4614 45/2 46 4434 91)8 16,510 Colorado & Southern 4534 4638 454 4618 4434 40 5038 Jan 2 70 INotlI 6912 6912 69 6934 6913 693, *6:93 70 Do 1st preferred _ _ _ 69 69 6934 6934 1.350 3934 Feb 1.11 5412 Nov11 62 Do 3d preferred...., 1,150 62 *61 6213 6258 62 6313 6378 .63 6378 *6314 .64 Feb 10 ,734 Novi 14112 & ware 9.335 nein 177 17814 177 177; 177 17734 1761,17714 17558 17612 17413 176 420 Jan 6 575 Novi Hudson.60 & %Yes 569 - 660 565 56712 *500 565 500 tIelaware Lack 568 568 *565 568 568 1414 Feb 19 304 Nov11 3334 3134 3212 3234 3134 331, 5.100 Denver & Rio Grande_ 3334 34 3412 3514 3213 34 3914 Mch 2 7712 7o'. 1 Do pref 1,204 7633 77 77 77 7712 76 470 77 7C7,3 7614 7614' 76 3212 ?qv 15 66 Nov17 650 Detroit United 56 56 5214 5314 5314 5413 56 5378 53% 5414 5414 *51 .,834 Nov 18 6 Feb 11 Shore & So At/ Duluth 9.530 , 153. 1734 17 1714 1714 17 1634 1712 164 1634 11631 1034 1134 Feb 13 3334 Nov18 Do pref 5,700 3133 3153 33.2.: 3113 3234 3013 31 30 39 :1034 2078 30 12 Men 6 36 Nov11 33; 89,210 Uric 3473 3533 3414 3538 3413 3512 344 3434 3313 3414 32 24; Mch 4 50 Nov11 5,300" DO 1st pref 4912 45; 4914 48; 4878 48 4814 4712 48 4834 4938 49 100 Novl 16 Mch 6 Do 2d pref 397 4038 .3914 40 39'1 3912 39: 3938 *3814 3914 377 3812 3,500 11334 Feb 10 141; Nov17 13938 1414 14034 14158 13913 1411.1 13838 13958 13718 13914 95 000 Great Northern prof 13973 141 Nov13 7518 2 Jan 4812 Ore Iron properties_ 74 74 75 73 7314. 7434 '7314 7418 7112 7314 25,330 7373 75 71 Mch19 84 Novi8 1 Green Bay & W ,deb ctf 84 8 Jan 14 1634 Nov17 deb ctf Do 59 ,1,Ii -11 -16- 164 16 -16: 1534 174 .«..._„, Ti -3 16 16 20 Mcii24 35 Nov11, 3413 3412 1,500 Ilavana Electric. 35 *32 34 33; 34 *33 3273 3:318 3314 34 170 Jan s 81 Oct 1 11 i Do pref *8312 88 88 83 *80 88 *83 *82 88 *8233 88 *82 62 Feb 10 1:6 Nov tr flock ingValley rects 200 97 *90 94 94 95 *934 95 99 97 *94 ....... 69 Mobil/ 8813 Nov 14 88 200 Do prof 88 *87 90 *85 *8714 90 *85 88 8812 -8812 88 12213 Feb 1/ 149; Nov17 14633 14714 145. 14634 38.150 I Ilinols Central 14714 14938 14813 1493, 1+,34 149 147 149 634 Jan 4 15 Nov11 1412 1234 1414 85.415 lnterboro-Itletropolitat 14 114 1434 1334 1473 1418 15 14 12 174 Feb 19 3814 ./too. 16 Do prof 3312 3412 29,135 35 3412 3658 34 3434 3634 3575 3714 3514 37 10 Feb 11) 3034 Nov17 2934 10.455 Iowa Central 3034 2914 3034 2913 2934 29 2413.4 3012 30 30 30 2713 Feb 19 4834 Nov13 Do pref 4614 3,820 4812 0;34 4634 45 4334 47 4634 4734 48 48 48 68 400 ii C Ft 8 & M. tr eta pi vi 57 Aug 11) 70 .11111 13 6712 6813 68 7013 *65 70 75 *68 70 *68 *68 18 Feb 26 3078 Nov14 3013 2334 2934 8.360 Ikansas City Southern 29 3034 2913 30 3012 30 3013 3078 30 46 Feb 19 6134 Nov13 Do pref 6314 6314 6212 6314 . 6333 6333 1.007 65 6414 0414 465 *6434 65 12 Jan 4 25 Nov18 & Erie *22 Western 24 2312 2,680 1 alte 24 2412 25 24 2334 24 2214 2213 23 34 May 2 53 Novl 5014 504 800 Li Do pref 53 5212 5212 50 55 55 *51 50 *50 50 Feb 6 55 Novl. 30 Island *50 54 54 Long *50 2,900 54 *50 53 *59 9712 55 50 *43 8714 Feb 19 t2018 Nov la 11713 11914 14,640 Louisville de Nashville_ 11534 11614 11512 11634 11.134 11012 11814 12018 11814 119 320 Jan 4 145 Nov it. 5,775 mantuittan Elevated_ 144 14413 14313 14312 14213 1434 143 143 1437 14434 144 145 4.. Aug 15 Feb 24 304 3013 31 31 950 16ActropOlitan Street 31 3134 3134 31 3013 3012 3312 34 1412 Jan 2 2913 Jan '2% __ Mexican Central 1814 Nov14 1412 May 1 Do Trust Co tents_ 9,210 4 —iii4 "isii4 "iii8 Ygi" ,1 7763 iii 17 4 -1114 -iii4 175s --- - ----1734 1814 ---i Mch 2 52 Nov 1. 48 46 *46 60 48 46 4,800 Minneapolis & St Louis 951.1 22 4312 45 44 94 61 Feb 20 55 Nov18 *82 86 86 130 prof *82 85 8312 85 330 4824 8218 83 *8012 83 7914 Jan 2 135 Nov ti, 13213 13213 13214 133 5,540 Minn St P & S 8 Marie_ 13213 13412 13313 134 13218 1348 134 135 12313 Feb 11 14912 Aug 24 Do prof 1,675 14612 14734 14613 14712 14712 14712 14713 14713 14712 14713 14712 148 35 1712 Mch 2 3638 Novi 14 75,500 Mo Kansas & Texas 3614 3458 3553 3414 3534 36313 3513 3613 358 3633 35 46 Feb 10 70 Nov11 69 Do prof 694 6953 68 4.350 6912 70 6934 6958 70 6812 69 , 69 Feb 19 (1412 1144‘1,1. 2812 6012 6414 6413 8 6213 635 6234 623 62 Missouri Pacific 4 44,940 6278 6238 6314 62 ash Chatt & St Lou's. 11734 Jan 2 119 Novl *116 120 *116 120 *116 120 100 — „,_ ____ _119 119 2 11738 No'.!. Jan 1/013 Central 8 & 1143 11553 11C% 8 1 -117 117 115 116 I/ LI 115 76.265 Hudsc 115 1144 11512 11434 2413 Jan :3 52 Au% 14 51 5134 5134 51 5014 2,100 N Y Chic & St Louis.,, 49 52 51 62 52 52 61 90 Jan 14 105 Nov 7 Do 1st prof 450 1021210212 10213 10212 10313 10312 *102 115 *101 115 *191 106 60 Feb 8 8112 Nov , 80 *73 81 500 Do 2d pref 81 79 *78 79 7912 *78 83 *78 79 158 159 710 N Y N Haven & Hartfc rd 12838Jan 6 161 Nov 15812 15813 *158 161 .15912 15912 *159 160 16934 160 29113 Feb 19 4.173 Nov11 423.1 4334 17,200 N Y Ontario & Western 4434 44 4478 4331 4412 453.1 44 4412 401 44 58 Feb 10 8434 Nov 83 8358 8212 8313 8214 8412 8314 84 11,810 Norfolk* & Western,_ _ _ 833483 84 83 74 Me1124 8738 Nov 7 90 00 *80 Do adjustment pref_ 90 *84 90 *82 00 *80 *80 90 *80 i163 Jan 2 157; Nov .8 13931 143 265,120 Northern Pacific 15333 15412 15338 15512 15512 156; 15533 15734 z14234 145 Feb 10 145 Nov is 103 sub-scrip 145 4 19318 Do 1413 recta 21,050 142 13834 14314 143; 14012 14113 14114 142; 14234 65 Sep 22 5313 Jan 14 84 11.3acific Coast Co *79 84 84 *811 *80 84 *78 84 *79 84 *80 2h 1)0 May2, 110 May 100 pref 1st *90 *90 100 Do L 100 100 *90 *90 100 *90 *90 100 79 Mc1127 97 Jan 14 00 Do 241 pref *80 90 *80 02 *80 90 *80 90 90 *SO *80 10834 Jan '2 13112 Nov 4 129; 13058 12933 13012 12934 13012 12938 130.38 12818 12914 12818 1291'4 77,050 Pennsylvania 69 Jan 7 88 Nov14 575 Pittsb Cin Chic & St L. 8534 8534 88 *83 85 85 87 87 88 *82 88 485 814 Mch 3 10834 Nov Do pref 0103 110 *103 109 *103 109 *103 109 *103 109 *103 108 9218 Feb 17 14114 Novl 138; 14058 13814 1408 13934 14114 138; 14114 13714 13918 13534 13(...; 868,600 I.)eadIng 89 78 Jan 2 8934 Nov 11 794 89 IA' 88 *8712 pref 89 1st 90 _ *...... 488 *89 90 8/134 88 16 Jan 6 891, Nov 1 I 700 2d wet 89 *--- 90 *8712 89 89 8813 8813 88% 89 89 • 89 1012 Feb 3 24 Nov14 2334 2213 2314 224 221. 21; 2214 29,133 Rock island Company_ 2234 2314 23 2312 24 4 Feb 3 5113 Nov 1' 2113 • 60,423 49 4933 5034 pref Do 49 4734 5112 494 5012 49; 5014 4958 507 42 J'ne24 6134 Jan 1c 100 St I, de San Fr 1st prei 60 60 *60 63 63 *55 65 65 *56 *55 65 *55 1914 Feb 13 36 Nov18 Do 3d pref 3412 36 334 338 8,250 35 34 31 341 34 33 32; 33 10 Mch 7 2258 Nov14 1,100 St Louis Southwestern_ 21 20 2038 261, 20 ---- ---- 21 2134 22; *2113 22 '2412 Feb 19 643, Nov14 53 0.700 Do pref 521, 5212 5112 53 5312 52 5434 5234 53; 53 53 6014 Feb 17 12018 Nov lb - 1181 1 11533 11813 38(1,961 Southern Pacific Co 1165.3 11778 11634 11713 117; 11812 11738 12018 11634 10633Jan 2 122512 May13 120 120 11934 1204 12014 1208 121 12214 121 12114 12114 12112 5,820 1)o pref 2634 Nov13 918 Jan 1 2538 24 2434 24 25 24; 26,430 Southern v tr cfs starnr ed 25% 28 2512 2638 2512 26 2512 Mch 5 61 Nov13 do Do pref 5973 58 58; 5714 5814 9,800 , 6014 58 5934 6078 5912 6078 60 Nov17 33 29 Feb 4 123 Pacific 3212 3114 & 3214 'I 26.850 3114 exas 3012 31; 3173 3231 3214 33 3173 327 1512 Mch23 47 Aug 11. 35 31 3258 30 31 3213 58,410 1 bird Avenue (N Y)_ 3814 3434 38 3112 3534 36 613 Oct 9 1514 May 2 & Railways Lk ht *9 913 10 300 912 912 Vciedo 01 1012 91 *912 1 10 *9 12 Feb 6 38 Nov17 36 --- 3714 3734 *35 3734 36 600 To:edo St L & Western _ 3734 *36 -,_ *3518 3712 ---33 Feb 3 6:12 Oct 5 6034 (30 Do prof 605, 60 60 6014 4,125 6033 6112 6013 6-18 6014 61 7814 Feb 7 9513 Nov17 Rapid It. , NA 911 Trans 06 , City 9.5 1,156 95 I *95 win 9513 9412 05 9312 9312 04 11012 Moll 2 18 08 Nov lb 18214 183; 18134 18413 18053 1825F 17914 18158 821,790 I I nlon Pacific 18012 18113 17934 182 7914 Apr 2 98 Nov17 . prof -__ 9614 9673 9513 9534 5,175 kJ Do 497 961 9778 98 97 97 97 4 963 15 Jan 24 3434 Nov18 _..-I 600 Unit Rys inv't of San 34 3434 3434 341); 3418 34 34 34 *3313 3358 *3313 34 2712 Jan 22 50 Oct 49 49 Do prof 49 800 4914 4913 49 49 49 49 49 49 49 634 Mch 3 1,58 Nov is 1558 14; 1514 1434 1638 12.220 Wabash 15 14; 15 15 1514 1434 15 13 Mch 3 :3614 Nov20 Do prof 3458 3614 44.550 * v 3312 3314 3438 3413 3538 3418 357 3314 3334 33 Mcb14 1(i NI•i% 14 1412 14.R(1 W.stern 'aryiand__ 151, 141. 15 143.1 1431 1416 151, 151A 1/Slo 15 170 ki BANKS AND TRUST COMPANIES—BROKERS Bid Ask flanks 1351 Ask Banks Ma Ask titi38No% 10814 Jan 18 Nov 101; Ja IL .)8 Nov 13318 Jan 7538N o v 122 Jan 9412 Jan /5 Nov 8358 Jan ::634Nov 8534 Feb /412No% 138 Nov 19513 Jan 6513 Jan 52 Nov 144 Nov '220 Jan 23(4 No'. 66 Jan 271. Jan 818Nov 48 Sep 69 - Jan 137 No'. 18 Jan 40 Dee 70 Feb :1 Dec 713 Feb 814Dec 2611 Jan 15713 Jan 9312Nov 130 Nov 16512 Jan -86 Nov 141 Jan 111 Oct 149 Jan 121$ Oct 205 Jan 185 Oct '234 Jan 106 Oct 1711 Jau 13713Dec 165 Jan 134 Oct 334 May 8 Dec 17 J'iy 48 Nov 9273 Jan 86 Dec 1081, Jan 17 No.) 3833 Jan 691. Jan 41 No.) 29i2Nov 581; Jan 2271. Jan 12353001 510 - Jan 36912Oct 4278 Jan 16 No'. 8378 Jan 53 No'. 3134Dee 8018 Jan 191, Jan 614 Oct 39 Jan 10 Nov 4414 Jan .2)4 Nov 7578 Jan 28 Nov 67 Jan 20 Nov 107120c1 18934 Jan 85 Jan 37 Oct 75 Oct 75 Oct 141. Jan 8340et 47 - Jan 2412001 861, Jan 72 Apr 63 Nov 114 Mcli 64 Nov 94 Jan (16 Nov 172 Jan 39 Jan 4780ct 7514 Jan 14 Nov ut2Nov 2873 Jan 51 Jan 29 Dec 80 Jan 60 Out 3034 Jan 18 Acit 6134 Jan 45 Mch 2812 Jan 11 Nov 3934N ov 6712 Apr 671; Jan 26 Dec 1454 Jan 8512N ov i00780ct 196 Feb 23 Dec 107 Jan 2753 Jan 12346,0% 621J)ec 60 Oct .10 Oct 203.1 No'. 53 Nov 441$ Dec 97 Dec x8i) Dec 19340c1 55 Nov 41 Oct 12738Nov 28 Oct 56 Oct 70 Oct 100120ct 9112No% 66 No'. 65 Nov 85 Dec .10312Nov 51 Oct 69130ct /0120ct /3 Oct 07 No'. 1114 No'. 2612No% 58 Oct 24 Nov 1 Nov 25 Nov 63140ct 100 Oct 10 Nov 2912 Nov 1712Nov 16 Nov 9 Dec 1634 Dec 2934 Nov 6834Nov 100 Oct 71 Aug 1018Nov 20 Nov 8 Oct 1418 Nov I. Oct Jan 90 Jan 14014 Jan 168 Jan 4458 Mcif 7234 Jan 0234 Jan 147 Jan 1304 Jan 636, Jan 110 - Jan 9131 Jan 189 Jan 4838 Jan 9214 Jan 9013 Jan 18912 Jan 134 Feb 12418 Jan 76 Nov 125 Melt 14138 Jan 78 Jan 10512 Jan 13918 Jan 92 Jan 94 Jan 3018 Jan 641,Jan 70 - Jan 4838 Jan 2512 Jan 6212 Feb 9614 Jan 11818 Jan 34 Jan 9412 Jan 37i8 Jan 123 Jan 29 Jan 3334 Jan 54% Apr 10812 Jan 183 Jan 06 MaY 62 Jan 7118 Jan 1812 Jan 3812 Jan 301- Jan QUOTATIONS 1114 Ask Ask Hid Banks Banks 3 t...,-- Nletropol'n11 1624 10/1: )4 1,4 55 fillano& rro 15 veT _. 11__ 220 a60 Fidelity 165 ---Mt 175 Moorish. mp 200 York 11 New OhAseaEx 185 ‘lutual II-- 285 30; _. Fifth Ave11.3800 ---- Irving N Ex 175 170 Aetna 1771: Chemical.,. 910 300 350 ,Jelterson 11 Fifth 180 Nassau 11— /20614 --America 11- 540 56) CItIzens' CU 15212 160 170 ____ New Amst_ _ 4 ,. 3221. 3771. First --- Liberty__ '500 __ City Amer Exch_ /245 25. 14th - . New Neth'd 11-13-6 - ---..... ---175 Lincoln _.., 485 St II -- ,--Battei y Pk_ 11, 333 12-6 Coat & 1 ron 215 . _ 300 210 — - Fourth Manhattan11 360 3-10- New YorkCo 750 Bowery h1.. 320 Colonial 1.- " /350 .. New York _ 305 3-11 ---- Niark't&Ful /26214 Bronx Borot 300 --_-- Columbia 11.. 400 5-0-0 Gallatin 285 N ht &Day11 -- 260 -13-•% N' 160 Commerc. _ 118212 t183 Garfield __ 1-4-&- ‘,.lechanics'_ 255 2 13... Bryant Pk 1! 160 150 1 9th Ward 11 —. 500 1.3) Germ Am 160 Consol't'd— 12./ Jercantile .. 145 Butch de Dr 160 .... 500 170 Northern __ 1-55 230 Germ'n Ex11 471 •.:25 Jerch Exch 160 130 Copper __„, entury 1— 170 . lerchan-3'.. /1,04 --.. Oriental 11._ -___ ..... ....... Germ ania.11 525 . 250 265 Corn Ex 11:: /12o haSe 250 Nir;- . lett-minus 6, .1/3 ._.. Pielfle 11_, 230 i3., Greenwich 1 951 31,i i ,,,t River. "'5 , 260 batham .025 than 100 snares. State bangs. a Ex-dividend an ,6 Bid and asaeu _prices' no say:s were maw:on tins day., r x.romts. I Sale at Stock Eactlange or at Suction this week. /1 First instlittnent paid. n Sold at private sale at this price. Banks litvhes, 1114 flanks 435 Park People's 11._ 300 Phenix ___ - 137 - 610 Plaza 11- _ Prod Each 11 155 Seaboard _ 350 ,econd --.- 350 ' 135 ihernvin 250 State 11 13th Ward 11 - _ 33d Ward li 61,r0 ./ nlon Es, 1 I k rig . u s Ask 495 310 165 625 165 370 ...... -30-0 -... --.. • Nov. 211908. BOW York StOCIE ite00ra—Conciuded--Page 2 eliVD/()IVNSTNALB PHIC.As NI , M Saturca.., Nov. 14 211,.noa,, Nov. 16 Tuesday Nov. 17 111 2234 1312 2914 501 1114 24 14 29 5613 1$ ednesaay Nov. 18 Thursday Nov. 19 1341 • :41,8 Friday Nov. 20. 0, Week Shares. MUCKS NEW YORK..STOCK. EXCHANGE han45. stew Jan. I Iv 's On boots 01 100-shrre tots Precloue Year 1 070 H Lowest Htvhes, Loire* -1112 3.550 Wheeling & take Erie— 412 Mch 7 1134 Nov 1.GZITLT --Oct L. 2312 3.000 I:o 1st pre! 121 Apr 16 7414 Nov 17 13 Oct 1412 3,305 Do 2(1 pret Feb 27 1534 Nov17 8 Oct 3134 10,800 Wisconsin Central 28 Feb 1134 Nov20 32 55 17 338 1 jJann 1312 Jan No, 11 62 13.500 Do pret. 33 Feb lo 62 Nov2 28 Oct I ndustryal& Miscellene *181 ou ___ *1811 _ 81 4 *181 - *181 _— *181 A darns Express 164 Jan 4200 Aug (50 Au, 1334 1434 131 -1-378 1378 '117 14t2 14 ; 1418 --1418 14 14 13.975 1-lilts-Chalmers 5 Mch u • 1473 Novl. 47 4734 4714 4738 4734 50 Aug 4778 4812 48 4534 4712 4758 11.000 . Do pre; 14 Mch 0 50 Nov17 8578 87 8538 8,34 851 8638 8514 8718 8434 8578 14 No% 8238 8512 106.525 Amalgamated Copper... 451 Feb 15 533,3 Nov 3034 3114 303 3034 31 ' 41)4Oct 3 1.3 32 2 510 32 11 13177 3358 32 : 8 3238 3112 32 3' jjjJja annne ' 1nIa. 10.000 A trier Agricultural Chen,. 13 Jan 4 3358 Nov15 lu Oct *94 95 *111 95 *91 05 32:53)18" Jan.jly*92 95 *91 97 Do pref 7813 Jau 5 8834 Sep /5 Oct 221 2334 21 us Feb 2238 2012 21 -21-18 2012 21 2012 2012 8,250 American Beet Feb 10 *2498 Apr . Sugar...912 231. /34No% Jan 80 80 80 82 • 82 82 *____ 82 100 Do met_ 65 Jan 23 80 Oct 14 i5 Met, 912 934 9 933 912 912 9 913 834 9 812 878 5.700 American Can 4 Feb 20 1014 Nov 1., 71. Apr 7458 7518 741 7538 7412 7434 7414 7434 7334 7438 73 3 Oct 7414 9,973 Do pret Jan 4 7534 Novl 44 34 No% 4634 4712 4078 .4738 4638 47 4605114; 4613 4634 46 4638 4512 461 : 12,500 American Car 41c Foundry 2512 Feb 13 4734 Nov 43 24380ct Jan 107 107 107 107 107 107 *10658 107 10612 10612 10613 10612 1,230 8414 Do pref Mch 4 108 Nov 7 18 Oct 35 3614 35 37 3512 36 36 3612 3534 3638 :3578 3612 7.900 American '2434 Feb 19 401,Nov Cotton 011_ 21 Nos *9212 95 9234 0134 *9212 95 *9212 95 *9212 95 *021 100 2 Do 85 pret (80 Nov13 97 Jan 16 70 No, *205 215 *205 215 1.206 215 *205 215 *205 215 *205 215 American Express . I 17)) Feb 26 4224 175 Oct : : 2 10 143 . u J j: ja aan 553 533 *512 614 *512 6 *534 6 400 American Hide It Leather 512 512 512 534 614 Nov 234 Feb 26 212No% 614 Jan 27 29 2712 28 2734 28 28 28 2712 27,2 2734 28 2.400 Do pre/ 1212 Mch 4 '2934 Nov 9 2912 Jan 10 Oct 2558 2534 2534 2634 204 28 27 2734 42612 2612 26 7.820 2612 American Ice Securities.. 10 212 F 5.1eeloh 8 85,0ct 5 1334 14 13 88 Jan 1312 1234 1318 1234 1234 1212 1234 *12 13 1.500 AmericanLinseed 3 14 118 A No ug v' 14 538Oct Jan 3012 30/8 *28 3041 3034 3J34 *28 13914 0 .; a31 3012 *27 30 30 *27 400 Do pref ! NoviA 3138 17 F ,! ugi , Niecbti 25 31 16120ct 5011 5534 68 5634 56 5/ 5512 5612 5512 5534 5414 5538 13,700 American 3214N0'. Locomotive..._ *109 111 110 110 10934 10.434 10912 10134 10918 10818 10812 10812 1,107 7534 Feb Do .pref 3513 Nov Jan 1157 8 3 83 Oct *712 734 73' 734 758 734 *714 712 *714 712 *714 712 700 American Malt Corp.... 3 Mch =15,.; Sep 16 212J'n, *45 47 48 46 *4512 41.31. *4512 47 *44 47 *44 100 47 Do_pre 21 Jan 13 5118 Sep ld IT No, 14 84 eb 1: r 84 JAa 0 78 2F 4 83 8333 8312 8334 8334 8334 8312 8312 x8214 83 3,700 Amer Smelters Sec pret B 70 Jan 17 8418 Aug 4 5318 Jan 60 Oct 9534 9678 9518 9634 9538 9638 9458 • 97 9438 96 9278 0518 138.945 AmerSmelting & 5512 Feb J7 107 Aug , 0% : ::seannbbe Jan 5814N JJJJ 2532113142 Relining 107 10134 10738 10738 10718 107:34 10634 107 : 1100 5 303 1 232 10612 10618 107 10718 2,442 Do pret 8734 Feb 26 11038 Aug 5 6134061 *190 300 *190 300 *203) 300 ____ *190 300 *190 300 American Snuff 80 A mti 1. 6 150 Oct 18 3 20 c 24 07013 s Aeppr 3 *93 95 *93 97 9/ 97 — 9712 *90 97 *93 100 Do pret 1\93, 470 3912 40 39 3912 40 40,2 -4012 41 40 5.120 Amer Steel Found (new) 39 40 40 28 Sep 29 41 Nov13 — *42 50 *40 50 *40 50 *40 50 *40 50 50 *44 Do old pre!' 2618 Feb 14 43 J'lv 39 - 20 Nov iii,,iii13512 23614 13134 13514 1321 1 13338 13218 13318 13134 1337 13238 13378 24,350 American 8 Sugar Refining 9834 Jan 2 13/34 Aug 31 9)23,1)04: *12912 135 *12812 135 4130 130 130 130 130 130 130 130 460 Do pret ,, 105 Nov Feb 15 130 1106 No, 13138 13238 13134 1328 13173 13212 131 13214 131 13134 13012 13112 41,300 American Teleph It Teleg 101 Jan 6 13238 Nov14 88 Oct 93 93 9314 9134 9238 93 9212 9318 9214 9212 9112 9112 2,770 American Tobac (new). 12 512.1. 31 J'yv 114 77 4aenk, S 9 138, N i pf 7 9834 Jan 60 Oct 3114 3178 3113 3112 3118 3138 3118 3158 29 6,100 merican Woolen 3114 2018 30 izi: 11 Oct *95 90 95 9512 9514 9514 9514 9514 9434 9434 9434 95 Do pret 1,145 7814 87, Feb 19 Nov i3 68 No, Jan 5214 5234 5153 5238 5134 5238 5114 5234 5014 52 /A 52,900 49 e 50 , nacondaCopper Par$25 62712 Feb 19 $5312 Nov 9 $25180ct 3 234 3 314 3 3 3 278 318 3,050 aBatopliasMining Par $20 $215 Jan 23 35.411- 3121, 3 21 3 $3 Oct 918 5,14y 27 2714 28 27 *25 2678 24 2418 2312 25 2312 2412 :3,370 Vet hichem Steel 12 Jan 2714 1.; • No% Novl n ,1i .:012.1 G5 .1 68 5012 5613 5612 56 5614 *55 56 54 5434 *50 5312 1,200 IP do pref 35 Apr s 57 Nov13 23 Nov 140 140,4 14014 14034 140. 140 *139 141 140 141 1,200 Brooklyn Union Gas_ _ xtiti Feb 21 148 Sep 15 140 140 60 Not, 125 May 1378 131 1334 14 1:334 1334 1378 1378 1378 1378 1312 15 2.550 Brunswick Dock &C Imp 6 Jan :3 15 Nov20 • Oct *2113 2412 x2213 2212 22 22 *22 24 23 23 *21 2314 330 Butteeck Co 510 Feb 7 425 Jan 15 27 Oct ea n b iJ.a 2 411 j 4 19 10 28 2812 21412 3048 29 30 28 2914 2734 281 3 273s 28 31.020 ,entral Leather 1512 Feb 10 3033 Aug 11 1178No% 40 Feb 100 100 100 101 9973 100 9953 100 9973 9978 9914 9973 2.577 V. Do pref 7r,4 Jan'2 1 1. Nov16 08 No% 40 4018 3912 4014 3034 4014 3818 4014 3838 3912 3734 3834 24,750 Colorado Fuel It Iron 1553 Feb 11 41178 Nov 7 5778 Jan 14 No, 2234 23 22 221 2212 2234 22 22, 1 22 22 3.000 Col & Hock Coal & Iron 22 *21 1434 Mel) 6 24 Maylo 14 Dec 142083814 APr 1491 15134 14834 152 15034 15118 140 151 149 15358 15012 15334 101,830 Consolidated Gas(N VI 98 Jan 3 15412 Sep 1, 74 Oet Met, 1913 1913 19 1912 19 19 19 1938 1812 1914 18 1914 8.793 Corn Products Relining_ 1034 Feb 10 2612 Aug 1 8 Oct 7012 7612 76 4334 Jan 70 7512 70 7512 7578 .7514 7514 *75 Do pref 7612 1.300 56 Jan 2 80 Aug u Jan 40 Oct 4145 50 *45 50 *45 50 *40 50 *45 50 *45 Crex Carpet 50 4712 Oct 313 494 Oct 2. 35 3518 3413 3434 34 35 3414 3458 3314 3334 3314 3358 5,400 Distillers Securities 25 &C- 'Tr Feb Corp 2114 Feb 19 11412 Aug 5 *72 --- 89 90 *72 90 *72 92 *72 *72 200 Federal Mining & Smeit'g 7512 J'ly 15 94 Aug 10 U) Oct 163 Jan 8712 8812 813 8834 8834 8838 88 88 *88 8812 *87 -8812 1,500 Do pret 59 Fee 10 89 Nov 1,, y7 Jan 41 Oct ...... I•ederal Sugar lief of N 55 J'1728 6812.1 95.2.. 42 Feb t.321. J .145 ;6.5- ii 45;559 g;55"irr ;55Do pref 7:31.. . Feb :5 100 J'1y 10 7(3 Feb 63 0 - dMaany 15534 157 155 15612 15513 15614 154 156 15312 15418 152 15312 6,800 General Electric ill Jan 2 158 Nov13 8912Oct *105 110 109 100 4105 110 10812 10812 107 107 *105 110 300 Granby Cons M S & P 792 b5834 Jan J:jin,e 12 1 311: 0 NN J'oo lyvvii 64 Oct 152 Feb 6512 66 65 . 68 .6412 65 64 8412 6312 64 65 1.900 tit liarvester 865 tr etre 65 *10812 10913 210678 10834 107 10714 10634 10714 107 107 10714 10,34 3,800 Do pref mtk tr etre._ 81 833 812 81 718 812 814 853 714 8 734 8 40,300 nt MerMarinestk tr ctlfs 6 Oct 26 9 A110 1 1 4120ct 22 23 2238 23,4 23 24 2214 2312 22 Do pref 22,2 2213 2314 30,250 16 Feb 25 24 Nov17 24 Apr 10 Nov 12 1238 1178 1234 1214 1238 1212 1314 1212 1314 1212 13 6,665 International Paper Apr 1 131 Nov18 2Nov 1812 Jan 71 587 8 5834 5914 58 *58 60 58 58 58 Do pref 3,250 5914 58 59 47 Oct 1 65 Jan 19. 61 Nov 8i Feb 3314 3418 3234 3314 3212 3'3 3214 3314 3112 3213 31 11,750 Internet Steam Pump 32 13 Jan 2 341 Nov14 8 Oct 41 Jan 80 8014 80 8331 80 80 80 80,1 8014 8014 80 80 1,900 Do. prel 50 Oct 81 Jan 76 78 77 77 77 7714 7714 77$ 77 77 7612 7(1. 1,350 Mackay Companies Faenb 2 .S Neopy 10 81-2 15 6 73 6 55 2 j 40 Oct 7514 Jan 7012 7012 *70 71 171 71 7012 7012 4,70 71 ,Do 485 Met 7034 7034 5978 Feb 25 7034 Nov 11 50 Oct 71 Jan 89 , .8914 8914 9038 *89 8312 8912 89 90 80 8778 •853r 3,225 atIonal Biscuit 68 Jan .3 13.12 NOv10 583120ct 8614 Jan 11914 11914 *117 11914 4117 119 *11/34 11914 *11734 11914 *11734 11914 200 Do pre! 102 Jan 2 12(1 J'Iy 22 90 No, 11738 Mch 12 12 121 1233 1214 1214 12 12 1214 12 1112 1158 1,500 Nat Enamerg & Stamo'll 712 Feb 14 1212 Nov 9 618No, 1538 Jan *30 82 *80 82 8112 8112 8113 8112 80 80 81 Do pref 481 330 §70 Feb 25 8112 Nov12 87 Feb 76 Sep 8414 8514 8:334 8534 8412 8538 8334 8512 8312 8458 8253 .8334 38,500 National Lead 36 Feb 10 92 Aug 7 7614 Jan 33 No, 106 100 106 106 106 108 10818 10614 1106 10C's x105 105 Do pref 815 87'2 Jan .6 16614 Nov18 103 Jan 80 Oct .714 7/ 7 712 634 7 612 7 638 61.3 612 23,800 Newhouse M & S_Par $10 $438 Oct 22 313's Jar,55 6 $5 Dec 12014 Apr 83 8312 83 8312 8314 8712 88 8934 8734 8519 8618 8812 7.165 New York Air. Brake.... 50 Jan 2 8934 Nov18 4712Dec 14112 Jan *7214 73 7234 7334 73 7314 7214 7214 71 2.965 .North American Co, new 7113 7118 73 421 Mch 5 7334 Nov16 89r• Jan 37 Nos 2934 30 2934 3112 3134 3213 31 3214 3034 32 13,910 !Pacific Mall 3053 31 24 Apr 20 3317 .119:62: 19 No% 100 10038 100 1003, 10014 10134 10312 102 4112 Jan 991, 10018 15,200 • eople's G L & C (Chic) 80 Jan 2 162 100 101 Nov18 /0140ct *1212 1312 1312 14 985 8 Jan 1312 1334 *13 1334 *13 14 *121i 1312 2,200 Pittsburgh Coal Co .812 Mel)17 143s Ma vlu 164 Jan / Nos *48. 4712 4714 4918 *10 50 • *48 50 *47 50 Do pret 4712 4712 3612 400 Feb 14 49 6058 Jan 53 Nov16 37 No% 3934 40 3934 4014 40 4012 3912 4012 3914 3934 3813 39 ('ceased 6,835 Steel Car. 1714 Feb 10 41 Nov 9 57 Jan 15585:93% *9912 100 9634 9.34 09 9402 *9812 9912 98 9334 *98 Do pref 1,010 99 69 Jan 3 9934 Nov16 9978 Jan (34 No'. *172 17412 174 174 *172 175 173 173 4175 175 173 epo Pullman Company 147 Jan 174. Nov16 (:1514 Nos 18118 Jan 4434 4478 4414 4514 *4414 4514 4414 4414 4378 4378 *42 173 allway Steel Spring-- '2334 Feb 8 4638 A,1, 1,930 44 5732 Jan 21120ct 10012 10013 *100 10$ 1,101 103 10034 10034 *10014 103 *10014 103 200 LL Do pre( 75 Jan 29 10034 Nov18 991. Feb /2 No, 2814 2318 2814 2878 2838 2834 2/84 2898 2712 2778 27 2734 13,050 Itepublic,31ron & 1434 Feb 11 29 Nov13 12 Oct 41 - Jan 89 8914 8812 8) 5512 89 88 88(2 8818 8813 8613 8818 6,640 Do pret 63 *rue 19 591. Nov13 100 Jan 50120ct 8112 8012 8012 5334 8134 8012 8112 80 81 70 8034 x78 4,581 Qloss-Sheftleld Steel &Irn 36 Jan 2 8134 Nov17 71e4 Jan 26 Oct *10812 _ *10812*10) 112 *109 _ __ *109 112 • Do pref 8712Jan 10914 Novl 80 Oct ,107 Jan 49 161 4912 111 4958 5114 4912 -5012 4014 5038 *100-4938 -5112 - Wea iTennesseeCopper Par$25 $'2512 Feb 17 $5214 Nov16 :17 Oct $5313 Met, 76 *75 375 76 *75 76 *75 76 75 *75 75 76 300 l'esas Pacific Land Trust 45 Feb 11 70 Nov11 85 Jan 42 Dec 914 914 100 I Tnion Bag & Paper.... 4 Feb21 818 Jan 112 Nov Oct 4 1385 65 --a- 0 - -8 1)o 800 • 4473 Jan o (118 Nov10 3u34Nov 61 Jan 2812 2812 -28- -2-8 - 28 28 17-4 2718 2718 27 27 S Cast Pipe & Foundt 1712 Feb 26 3014 Nov t 4912 Jan 17 Oct 76 75 75 *_.. 7512 ----- *70 a_ 7312 1.700 73 Do pref 100 5658Jan 2 7898 Aug to Nov 89 Jan 49 *00 98 *89 95 *90 *90 -95 95 *90 95 90 100 United States Express-70 Feb 18 90 Jan 5 No'. Jan .11/ 70 6018 6112 0314 8313 6314 64 6214 6234 *6112 6312 *60 3,300 s Realty & I mptovem't 3614 Feb 5 64 Nov17 62 yot2 Jan 36 Nov 1212 1212 13 13 13 13 *1112 13 1214 1214 *12 500 Ii $ Reduction & Refinine 13 4 Feb 21 1514 Aug s Jan 51.Nov 3014 *32 34 3'3 *31 34 33 *32 35 *32 34 Do prel *30 34 100 I'; Feb l)• 3,9 Aug 68 Jan 1314 Dec 36 36 35 38 3(3 35 3412 3534 3412 3412 34 2,800 United States Rubber— 35 1134 Feb 10 3712 Aug 7 1.31,Nov 5212 Fen 10538 10538 105 105 *10314 10314 *10312 105 104 104 104 104 Do 1st pref 700 it Feb 19 166 Nov 10978 Jan 62 'Oct *72 75 7412 7412 74 74 *72 75 *72 *72 75 75 Do 2(1 prel 300 42 Feb 21 75 Nov 6 7813 Jan 39 Nov 5714 5818 5634 58 5711 551 3 5658 5734 5614 5714 5412, 5638 747,910 United States Steel 2534 Jan 3. 5•34 Nov13 5038 Jan 21780ct 11314 114 113(j 11413 11313 114 11318 11378 11234 11:314 11213 113 57t. Jan '2 11458 Nov 3 25,215 Do pref /91851ov 10734 Jan 41)3, 5014 4834 41 34 4814 49 47 4878 4638 48 4612 47 18,530 /Utah Copper—Par $10 ..20 Jan 2 55234 Nov • ,13 Oct f3913 Meh 3812 3878 38 30 38 3912 3938 4038 3912 4013 3958 43 34,500 Virginla-Carolina Chem 16 Feb 27 43 Nov20 3933 Jan 1238Nov 115 115 *113 115 *11:3 115 - 11414 1141.1 11312 113 12 Do , pref 400 x8, Jan Nov14 115 2 Nov 75 108 Jan *6612 (38 81 6714 408 68 *661 - *66 68 *65 300 Virginia Iron Coal It Coke 43 Jan 7 (8 Nov 9 88 57 Jan 31 Oct *310 350 325 325 *3)0 350 *310 350 *310 350 *310 350 100 ells Fargo & Co.__ 4250 Feb 13 325 -Nov18 50 May 300 J'ne 6414 65 6413 65 602 6512 0434 6514 6412 6434 64 6.500 estern Union Teleg_ 65 41 Feb 19 ti5!2 Nov I/ 54 Dec 85 Jan 9113 92 9112 92 9112 94 9113 93 91 92 91 92 15 820 estIngh'se El &Mfg assen 38 Mch 11 94 Nos 17 32 Nov 154 Jan 120 120 *120 125 *115 125 12439 12431 110 110 *115 125 Do 300 1•11 tyro 58 1451• 24 1243, Nov18 1;1) Dec 4160 %Jay 11 2218 *12 2914 5614 1112 23 14 3014 57 11,53 2338 13,8 30 5714 1134 2414 1534 2912 5678 1114 23,3 1478 2914 5634 1134 1118 23,8 *22 1534 1318 2134 29 58 5834 1114 iI 2313 *21 131s *13 2914 2833 5734 5634 1 I N W BAN KS AN D TRUST COMPANIES—BA N KERS' QUOTATIONS HYI Ask lita Banks Ask I rust Co. Ask ! Hid Ask 1 rust Co's lila !rust Co's lita Ask 1 rust Co's Hta Ask Brooklyn N Y Guy . 425 Filth Av Tr Mut All'nci ..... :1;6 45 i.. tI rook.Yn 230 —. ,lechanics'1. 225 240 Bankers"rt 411 4(30 Fulton ____ 290 N Life&Tr Y 11108 ---irooklyn Tr 399 405 --- ,Iontatik __ 145 500 148 13owrg Grin 325 3_4 . 0 .. . Guar'ty Tr_ 475 :764i- X Y Trust_ 5.593 Citizens' _. 115 125 ..-. Nassau.... 240 '270 (('way Tr-- 113512 ...... Guardian Ti 175 400 ,. 185 Standard Tr 3'.:5 7_7 Flatbush — 5'200 Nat City__, 280 320 Carnegie _ 117 , --- Budson ___ 130 Ili. "ritleGu& Tr 410 Franklin iani llton __: 1! 2-1X 6 9 North Side 115150 .....- 110 175 Central .Tr.. 1750 Knickerb'Irr 301 -1`r Co of An, 295 Poop!!'3...., 150 _ 145 . Columbia — 215 5 1-5-5- Law 2 12 65 0 3_ I incoTinI Union Trust it 2. 1075 ,:lome 100 17 10 375 - 45., Prosp'ctPk11 140 1-6-0 - COmmerdal 1 &Ti'. 7-5 US Mtg &Tr 350 373 V.ings Co _. 450 5 .0 '175 l'erminal 11. s3 - - 130 ConUwealth Ntanhattan- 350 400 Unit States- T 11 5i; _ Lafayette_ 100 I 2 -r Unlonl.. 110 140 . 11-55:T.i.- - . Nft,rcantlie - 725 Empire ......:..... 4 20, 51 21,0- f. I si L Zs Tr 270 285 — Equit Me-. Hone.13k 1 _ 110 '25 [rust Co's 41-0- Ifetroporti0 59 • Tr 400 Washington 400 - - Nassau _-_. 10 175 HoMestead1 10 125 N Y CM 125 Farm Lora i \1 orton Tr_ 425 Westehestei 140 150- deople's _ _ 270 280 Winnow. , 400 425 Istm _.. T30014 195 2-0'5- - 1111Na( ___. 1015 1,19felltv _ ...... Windsor . 13(0 140 'N 111Inmsb e 801 100 * Bid and ask50 prices* no sales on thls day, 4 Less than 100 snares. 1 Ex-rIghts. b New stock. c Ex-div, and rIzlits. Now I quoted dollars per share. 1 Sale at Stock Exchange or at auction this week. s Trust Co. certificates. 1 Banks marked with a paragraph (11) are State banks. Illnks New York Wash 11%, 1, West , Side 1; Yorkville 11 Brooklyn Borough 1 _ Brooklyn _ Broa 1 First..... New York Stock Exchange—Bond Record, Friday, Weekly and Yearly OCCUPYING Bt'De, N. Y. STOCK EXCHANGE WICKK ENDING Nov '20 s Friday Nov 20 Week's Range or Last Bate POCH Range Since SZ a January 1 PAGE'. HON the N. Y. STOCK EXCHANGE WEEK Emmet Nov 20 Price Friday Nov 20 Wee/ca Range or Last Sate g • Range Since ••••• lanuary I But J-itpii No Low Rum Attit Low Eton No .4sii• Lew Cent of Ga RR—(Con) Bid 53 5212Nov103 •.•. 44 65 2d r•ef income g 5s stamped 1031 2 1041 / 2 / 2104 103',00t'08 / 1031 53 50 53 27 53 53 III pret income g 5s....7)1945 let 104 J'ly'08 2 / 104 1041 104 41 41 27 •..• Nov'tia • stampe be g '04100$4 1011 3d pref income 2 101 12 Sep / 100 101% 893,Feb'te, ..•• 811% 89% Aug'08 Chatt Div pur mon g 4E3.1051 J-D 92 100.4 102 Q•F 10034 1014j 100% J'ne'02 104 1041s J'ne'08 •••• 1001 2104% / -J J 58.1946 g lat Div Nor & Mao 107 Q-F 2 / 115 Nov'uo • .. 2 1011 / 4 Nov'08 / Mid Oa & Alt Div 5s. 1947 J -J 1001 2 / 1001 1001 Q-F 100 2 / 105 Dec'07 • ... 1940 J-J 1071 Mobile Div lst g 58 21221 / 1181 2 / 4 121 120% Nov'08 / 1201 1u3L, Nov'08 1,2 1061 2 / 41-N 1937 be g col Ga '08 of 13 sop & RR 2 / 2 / Jon 1203 4 1221 1231 121 F 4Sale 127 / 1271 127% 50 117 127% 1031 4 103, / 1031 2 Cent of N J gong gold 58.1987 J -J 145 4 Mar'013 / Q•N 102% 1241 2 Nov'08 .- 12012 1241 / 4 / 111 1 107 111 -J 111 bale 111 1921 Y-j .1 ered87 get 55.5 Regist Dock & Imp Am Fist-elan Government Le & Hutt It gen gug5s 1920 J -J 104% 2 / 981 101 Oct'O, Imperial Japanese Governmq 05 101 1912 58 75 Coal 91 13 Wllks & 90% Lou 85 Sale 2 / 911 90$,4 1925 F-A 2s / 2 101 101 Nov'08 Sterling LORD 41 2101 / 981 2s....g1910 Q-M 1003 / 2 89% 27 83% 90% / Con ext guar 41 4 8972 Sale 891 1925 96 2.4 / 2i1 series 41 U-S 81$,4 12 75 2 81$,4 / N Y 85 Long Br gen g 4s 1941 81% Sale 811 1931 J.J Steriing Joan 4a Co Pacific 102% 64 So See 4 / 2 / 10014 1021 Sale 1051 Pacific Cent 4102, 8 88 May,07 90 Repub 01 Cuba 5s exten debt.. .... 96 101 9e32 1)834 98% Nov'08 CentVermont let gu 948.01020 Q-F U 3 of Mexico a f g 58 of 1899 Q-J 2 931 / 2 / 2 Salt 931 / 031 901 2 Chas & say See At!Coast Line / 2 941 / 1954 J-D 2104 105 Sep 'OS / 2 / 102 1051 Gold 48 of 1904 A-0 1021 a1911 OittiS heel on es ices 22r gold Ohio heat $5 to & Z. Cites of era 115 IL) 107121161 t 2 / 1939 NI-N 114' Sale 115 1st °ousel g 5s 2Dee'07 / State and City Securities 1011 1939 M-N Mar'02 111 98 Registered 11420 -J J 104 2 / 4s 1031 fund Sale 44 104 6 104 Attie:tine curr SS 1992 J'ne'00 gold 11712 4128 General 110 A 104 May've Dist 01 Columbia 3-65FL 1924 F M1051 2 Dec'04 / 97 Registered 92 2 / 1111 2ti ta)/ 92 Louisiana new cense'45 1914 J -J 2 92/ 1 2 1 944 J-D 91 1992 Big sandy let 4s 112 Feb'06 108 :New York City— -J J 50.-1940 111% g 29a let 4 / 1113 4 Valley 1111 Sale Craig 105%112 il-N 1957 99 Oct ele 2a / 100 1)1', New 41 91)1,100 -J J 1989 g4s con Nov'ile ist R & A Div 101 14 104% 104¼ 191'7 11-N 104', 2J'ly'Ob / 1.1.31 2 93, 89 New 4 428 1989 J -J 4 32- 105 112 / 11134 Sale 1111 2 11111 / 2d consol g 40 2 leeu'ito / 1131 107 412e0 Corporate Stock 1957 M-N 104 Sale 104 104% 21 102 104, Warm Spr Val let g 50-1941 M-13 1917 95 Sep'08 95 96 95 , 412% aseessmt bon.10 MM '40 le lat gug 312 By 4 / 1021 2 / Greenbrier 101% 102% 78 Nov'Oe 7734 0734 78 4% Corporate Stock. 1957 M-N 1021Sale 101% Chic & Alt KR ref g 3s 1949 A-0 77 Ii 130 2 / 761 77%; New Yon, state—highway 76's 77 214-1950 J-J / 2 / 110 Aug'08 Raaway let lien 31 109 110 1958 M-S 1121 MaY'05 ••. Improvem't 4s ho -J J 1950 Registered 98 10014 Apt'07 2 / 10012 1001 97 10012 2 / Nona Carolina consol40 1910 J • J & Q—Denv D 4a 1922 F-A 1001 Burl Mar'07 115 Chic 126 A-0 101% 1919 40s 10012 101% 97 101% Sale Us J 1958 M General 4e 102 120 INIar'01) 93 1933 43' 1)3 , 86 92% 92% 93 So Carolina 4¼8 20-40 /Minim Div 31/23 96 96 95 J'iy'08 94 86$,4 Pue'08 .• 91% Tenn new settlement 30 1913 J • J 8634 8634! J -J —. Registered 93 '08 Oct 92 93 90 -J J 1991 2 / 21031 flout / 2•3e 10214103', 102$,4 103', 34 071 Virginia fund 4s Div Ills *41 41 2 / 371 2 43 / 42 221 104$,4 106 2 / 104.4 Oct 'Os 1051 13s deferred Brown Bros aft). A 19 j 194 Iowa Div sink fund 5s-19 Oct '1/t3 •... 96 101 100 100 102 Sinlung fund 4s litiliod 2 100% 100% / 21021 / 951 2/ -N 100%1011 A-C 7M 919 192 Nebraska Extension 48.1 . 997 lisoania Cent bee So Ely 2101% 1013,Oct'Us •--- 1011 / Registered 90 Oct V/ •-•• ...... 2 / 951 laba 511W See At Coast Line -N M-S 1 li 927 Div n 192 -1 U. Southwester Albany & Sum See Del& Hun Joint bonds See Great North 2 1 2 / 3 9714 103/ 10134 101$,4 Allegheny Valley See Penn RR 1913 NI-N 1011 Debenture 55 2 1053, / 4 1043, Oct'05 / 1041 4 1051 Alleg & West SeeBuilht&P Han & St Jos consol 06_1911 M-S 1043 2 2 / 851 78 2 / 851 2 861 2 1 / 85 85 51995 Q-J 85 Nov'08 ...• 8214 85 Ann Arbor 1st g 4s J J 1955 imp g h.: & 4s Hirer Ohio& 2 / 100 .1011 957 Sale 100 1004 1281,121) 122 Aug'08 .•. 122 122 Atoll T & S Fe—Gen g 40.1995 A-0 100 1st control g es 2100 / 951 1995 A-0 9634 100 k 119 Oct 'Op • 114 2 / 2 / 21161 111 / 1061 Registered N 1131 H- O A 7. 934 193 General °ousel 1st5a. .1 951 2 / 913t 13 83 4 / 4 Sale 911 / 911 /t1995 Nor 2Heb'uti / 1151 Adjustment g 45 1e2', II•N 1937 Registered 86 Apr'07 51095 Nov 112% • Registered 109% 107 107 ' 0 J'IY ••.. ' 5 Chic & Ind C Ey 1st 58 1938 J-J 2 93 / 914- 28 821 91 12 el% 51995 14-N Stamped / 1955 J-D 103 Sale 102% 103% 312 8534 10334 Chicago & Erie See Erie 2 / 2 / Nov'08 1301 Cony g 4s 41301 / 130'3 1171 2107 / 941 Chic In & Loulav ref &s.1947 J.J 4 107 / 107 Sale 1061 1017 198 sep '0.a 2 / 10-year cony g 50 106 108 gold 50 2 961- Ilitefunding / io 961 1947 J-J 1091 96¼ Mal WI Deuenture0 4e Series11 191U F-A t u0 10234 1023, Aug'ub •--.9812 Ni LOlii8V N A & Ch 1st 68,1910 J • J 1041/4 1911 F-A Series 1 'lib Sep 2 106 / 1031 4 1051 2 / 1.04, Nov'Oti 04 Mil & St P term g5s 1914 J -J 1013 F -A • Series K 104 11 100 1041 2 / 104 Sale 104 21 951 4 / 2 2 / 81 9 -J 981 J g 4s 98 series General A..01989 Sale 981 2 / S 2 / East Okla Div 1st It 40 1928 M1031 Oot '08 2 / 101 10312 1031 64 97 95 97 Q-J sale 2 / 961 01989 Registered 96% 112 Short Line 1st 4s J PM recta 911 it 8,314 4.15 2 92, / 4 1)2 2s series B 01989 J-J 1 General g 3/ N '05 Oet 4 Atl Knox & N •see L 111 1161 2 it 80 / 951 90 96 J-J Sale L 4 / Su & Chic Div g5s....1921 951 it-S Atlantic Coast 1st g 48.51952 112 Sep '08 .•-• 10 112 129% lede es hie Riv Div 58...1926 J -J 114 Charles & Say 1st g 76-1936 J •J 125 1041,104', 104,-.2 51r,)°06 ...• 04 104% 123% J'ne'08 •..• 1111 2 12i— / Chic & Pao Div eis 2 / 1111 Say If & W 1st gold 6:1_1934 A-0 1051 Ill 11112111 108% 11112 '04 2Jan J j I • j 1123 1° 9 921 1 P 2 / W & 5s Chic 1st g A-0 1934 2 / 106 Sep 'tie ...• 104', 1061 1st gold Se 1073, 114% No '05 1081 2 / Dak & Gt So g 5s 1231 2J'IY / Ala Mitt 1st gu gold 58 1928 M-N 2 / 1371 •90 2 Mar'06 / J 1391 j ° 94 4 1 192 19 es Far & g assu Sou ...... J -J 1038 1053, 4s 2 2 1 / g 1053 gu los 10 10212105% lat W 105% Bruns& 61 -J J 2 857 4 1910 2 / 553 2 851 4 & 887 7s D 853 Div lat Haat 74 o1952 101% Aprere -•.• 101% 101% 102% L & N coll g 48 2SeP' / 95 931 05 2 / 2 931 1st as / 931 2 / e 1013k2NOV 08 ••.• HAN 1091 10U, Sit Sp °ea & gu g 48 ..191b J -J J 9j 1° 91 19 LaCrosse & 1) 1st 5s 102% 103 10272 out'05 Atlantic & Dane See South Hy J • J 1910 Div 58 Point Mineral 2 12 100/ / 2104% 1 2 1041 / 1041 1041 2 / bait Austin its N W See Sou Pacific -J J 2 / 45 941 1910 94% 94% Sale 9434 So Minn Div 1st ils 90 2 1 101 10312 / 2 1031 / 10312sale 1031 ait it Ohio prior 1g3120.1925 J -J 90 Apr'05 Southwest Div let68.-19092 -2 Ill ....„ 111 Nov 0/3 ...• 108 111 89% 90 /41925 Q-J Registered 4 Sale 94)% 10034 121) 961 / 2102 I / Wie & Minn Div g 50—.1921 J -J 1051 51948 A-0 1001 Apetis •..• 1051 2 / 21051 / 2 / 10512 Hold 4s J-D 1910 L ea 95', 9514 Jily'Us 98 961 2 / ' Mil & No 1st 51943 Q-J 2 / 2Oct 'irb ...• 1081 / 2, / 1101 21101 / Registered 1101 120 um,'01 109 1st cense' ea 2 / 115% 1183,• 4 tle1 / Pitta J uno 1st gold es...1922 .j 89 4 117 11(31 1153 D :F j 4 3 5 1 91 'Ob 9 2 / 1 Oct 901 70.-1 cone 90 Northw 83 90 Ohio& 149 99 1)1) J'ne'lla 1001 2 / PJun &11 Div let g 312014125 1886-1926 Extensio 2Sale 951 / 961 2 96% 36 87 / Extension 4e 97 PL E W Va Sys ref 461041 II-N 0812Apeu8 9812 9834 92 9134, 921 Registered 2 92 / 8334 024 05 2 / 951 Si, ilb Sout•hw Div 1st g 312e...1925 J -J 4 06 / 981 A N M r ° 7 9 1 82 '06 188° Oct 312e gold 89 General h1925 .. Registered 89 80 Aug'08 841 4/1987 Q-F 95 2 / Registered 1051 Feb'07 •;tr 1021 Motion itiv 1st gu g 541-1911) V. 1.1112Mey'les 197 321111y A-0 111 es .1879-1929 fund 2 / 081 Apr'05 Sinking 109 M-S 8..1030 g412 c let it Oen Ohio 110 Aug'us 2 110 / 1081 1870-1929 A-0 110 2 / 10934 J'nel°7 • ClLorteWOOfllstgSSlUSii A-0 1111 2J'ly 'Uti / 2 1091 / 2 / 108 1091 fund 5s 1879-1929 A-0 1093,1091 tered lieZ 4 Sep '045 / Sink 1081 -1) 112 108.4 111 Ohio River RR let g 5E3 1936 A-u 104 Nov'u7 :0 10n¼ B61 A 9 , 0 92 , 1 1879-1 104 Registered '08 Sep 109 1001 4 / 109 1937 General gold bs 8 Nov'tes 100 1003 1615 4 ' 2 IOU's %1011 58 Debenture 1091 2 / 2Alar'114 / 1191 Pitta Cher &Tat 1st g es 11)22 A-0 10U 93.2 Noy'vb 119,2 1014, Registered 101 10 101 101 Pitts do West let g 4s 1917 J • J 101 Sale 101 107 105 10834 10834 Oct'Ua Noy'04 J-1) 100 Stet 181 By 1st gu g 412)31943 103 J'ne'147 ! 1 192 19 Debeture Registered Bat Creek & S bee Mich Cent 1101 108 12 11332 4 Oet'08 / 2113 1131 / deb Beech Creek Bee N Y C & if 107 109 104) J'Iy'ua Register May'ua 101% 10134 101$,4 Bellev & Car See Illinois Cent 1011410.1$, ois llin Iterea 3 let 5s 10 93 19 No g1s Bklyn & Montauk Bee Long 1 DM% 101 101% 101 Oct'08 St M-S & 1909 Paul 53 let 0 Ott L Coast Brune & West See Atl i 18 1111% 121 11934 Aug'ua 119 51-N & 1921 West let g thi L Mil 4 / Bulialo N Y & Erie See Erie 110 1131 2 / 13(.05 115 1 ' 114% . 1131 ICxt & Imp sfund g 5e 1929 F -A 21161 / 108 Ile 2 116 Nov'08 / Butialo it & P gen g 5a 1937 3,1-8 1151 1231 11212.IA.64/2 2 / Ashland Div g M-S es 1925 let 104 2 / 2 / 1011 1011 M-N 1011 2 / 1957 Mar'08 12.Feu'Uti • Como!412s 12e 124 -J J Div g Mich lat ea 1924 '07 98 Dec 1/914 101 1011 54)9 03 • All & West let g 4e gu.„199b A-0 incomes 103 103 2 / 103 J'ly'08 1943 2-J 1081 2 112 116 4 Cl & Mali 1st gu g 58 116 116 7M J-t 1163 911 114 1191 2 ChloItocklel & Pee es 19 / 11912Sep 'Ilts 2115 / 1121 2J'Iy'08 1 • Hoch & Pitts 1st g es 1921 F-A 120, 4 112/ / 1141 Registered 1917 J 117 117 117 Mar'Uti 2 / 1922 J -0 1223 2. / 91 1001 1001 2 1 / iuu bap, Consul let g 60 47"; 2 1 / lou General gold 4s 2 u7 / 061 961 2 MeY'ob / Butialo & Southwest See Erie 9812. Registered 8 5 J 4 9 1 J 2 3 8 871 2 / 91 Oct '08 89 90 2 / 2 891 / 2 112 531 / 57-1 Butt al, Susq 1st ref g 4s.c41951 J-J * 4 / 87.4 bale 871 97 J'ly'04 Burtjkt&N Bee ORI&P 1,1 A -0 g 41311 4s 1913t4 )M sntgSeri t1i ; ( tr 2 81) 1071 / fun 2111 ell / iCto . 1081 2Sale 10'70 / 1913 J.J 1081 2 Noy'00 1 1.11:/ Ian So 1st est es 2 / 911 N mIN J 4s 11912 N 1 4 105 / 981 2 / 2Sale 102% 1021 / 1021 1913 MOa 2 Jan'07 / 1101 .. M48 10034Iday'07 May'04 1913 M-S 113 Registered 1916 M-N N 40 9034 Ifeb'07 Carl)& ethawn Bee Ill Cent 90 045 Carolina Cent Bee Seab Air L 84 Aug'Ut 00 P48 . 74 1014 ic534 741 727 •Carthage& Ad Bee N Y C de 2 / 73 Sale 87 11,1--N 112 990 110 Chia It I & Pao RR 48 2 85 Aug'Ob 'Cedkt1a&N SeeStJR&N 2 65 / 621 1 11.1 11 , 912 00 1 2 Registered '18% 2 / 79 591 2 / 771 Cep Branca By See Mo Pao 76 Sate Ps V Coll trust gold 5s 112 114 114 Sep 08 2 / 'Cent of Us UR 1st g 50..p14/45 P-A 1161 2 1 / 971 4 1101 / Bur(led B & N orthern— 2 / 4 1081 / 4 Salt 1081 / 1081 1945 . emigre gold 5s 106 11672 2 1167 / 11672 1161 con let & col tr g 5s.1934 A-0 113 Apr'013 1945 Registered 1201 2Mar'03 / 2 / 761 76¼ 27 55 2Sale 74 / 761 • let pret income g 54...p1945 Oct 111 Nov'08 1061 4 / W re 0 1st ° N gu A A 4 1 3 2 fm 9 & 18 19 58.1 f' e 4.48 tl 65 i CR 73 rly 73 75 Stamped 60 2 45 & St L lat gu g 70 1927 -D 127 60 60 63 59 2u pret income g be....p1945 Oct Igoveriiiii mit consol registered d1930 1.. U 25 U 5 25 coined coupon...41930 klina IT 8 35 registered le1913 U S 3s coupon U S 38 ree small bonds-1c1913 U 8 38 eon small lionds /c191b 1925 U 8 48 registered 1925 U S 49 coupon USPan Can 10-30 yr 20.101936 -J -J A 2 B allISCKLLANKOUS BON Ws—Continued on Next Page. ,street Hallway 1945 A.0 g Eis Brooklyn Rap 1st refund cony g 4s 2002 J Ilk(Joy let con 50.1916 1941 J -J Bk Q Co& S con gu g 58 1941 M-N . Bklyu U u El let g 4-56 1950 F 1950 F-A Stamped guar 4-5s • Kings Co El 1st g F•A • stamped guar 4s 1949 F-A Nassau Elec gu g 4s 1951 J -J Conn 11y& L let& ref g 4120'51 4-2 . Stamped guar 412 1951 J •J Den Con 'It Co let g 5s 1933 A-0 'Dot United 1st con g 41.28 1032 J -J Havana Mee consol g 58 1952 F-A 1956 A-0 Inter-Met Coll 4s inter Rap T 3-yr cony 68 1911 NI-N Internal Itao coil tr 40 19411 J Manila Eleo let & coll 50 1953 M- S *Me price Friday; latest price this week. aDue Jan Street Railway 85 10 68 82 82 Sale 81 Met St By gen col tr g 54 1997 F-A 66 .Oct'08 .... 40 526 2002 A-0 65 Eat g 40 9912 Nov4/8 .—i. 93 102 13way& 7th Av lat e g581943 J-0 100 99 95 3 97 Av 184 544.1993 95 21-S gu g Vtli 99 95 Col& 98 96 95 95 Nov'08 LexAv& P latgug 541993 M-S 2 / 2 651 / 2 15 491 / 651 66 Third Ave RR con gu 4s 2000 J-J *115 66 66 32e 50 433 63 bale Cent Tr Co (serifs stamd.„ 2 / 1061 101 '08 1637 2 106 Oct / 106 1071 Third Ave By let g 6e, 2J'Ay'06 •... ...... / 931 Met W S El(Chic)1st g 46 1935 F -A 9012Sep '06 N Or! Ity & Lt gen 412e 1935 J -J 98 10 98 98 4 98 Sale 98 St J08 R7LIH & P let g 6037 11-1, 2Nov'06 / 1101 • at Paul City Cab con g Ge.1937 J -J 41% 40 Aug'Ob 40 Underground oh Lon 5e .1920 141-el 73 3 70 2 73 / 721 1933 J -J 72 2s / 41 2a 101) 20 2 / 221 '22 Sale 1948 22 Income es 101 84 '08 Oct 84 Union El(Chic) 1st g 613-1945 Alb 75 59 75 Nov'08 74 United Bits San Fre f 40.11127 A-0 85 824 21 76 82N Sale 82 United Ry8 St L let g 4E1.1934 J•J Saki Option a Noe ts Due May gDee Jess /*Due •I'ly kDue Ang *Due Uot 141)ae 2 91 102 101 101 101 4 / 2 476 Ws 791 / 791 77',Sate '/712 10814 17 993,1o3' 103 921 2 921 / 2 / 2 91 Oct'08 / 103 1041 76 93',102 2 101 / 10014 101 1001 2 / 2 100', 16 98 1021 / 2 1001 / 993, 1001 2 / 2 811 / 2Sep'08 .... 811 / 811 83 lb 77 56 86 • 84 84 80 .10 9 5 , 75 0 85 7934 80 77 95 Mar'08 101 2 / 21001 / 2 Oct'08 .... 931 / 1011001 95 J'ne'00 70 Oct'08 .. 69 70 75 86 Oct'08 .—. 86 94 91 87 2 3961 49% 751 / 751 2 / 731 2 Sale 72 / 2 101% 241 100 1013, / 10134 Sale 1011 657 64/ 4 .. 651 68 2Noy'08 1 . ) 41. . 2 / 98 May'06 • 4 Due Apr New York Bond Record-Continued-Page 2 Nov. 21 1908.1 0.. If. Y.STOCK EXCHANGE WEEK ENDING Nov 29 E .t-rice Friday Nov 20 ‘ 2 Wee/C'S ' Range Since Range or Last Sate :3 z. January 1 S -8 hLl. lityn IVO low HUII Ash Lou Chia Rock & Pac-(Con) / 4 102 Augq)9 , Choc ult.& i+ gen g Os .01919 J • J 1021 102 104 Consol gold 58 / 2 6 [0712109 1952 M-N 107 12 sale 10712 1071 AG 102 10112Sep '08 9834 101',, Xeok d 096 M 1st 111Ceui 56... ali193 st L. N 0 See Chic St L & Pitts see Peun 132 11121. 132 Ohio St P 54 &O con 6s 1930 J -1 132 Sale 132 93 93 Dec'03 / 28 1931 J .1 Cons 88 reduced to 31 12714 Aug'ub / 2 / 4 .24 1271 Ch 1-' & Minn 1st g tis 191.- ,4•N 1271 J 12834 129% Alar'04 Nor Wisconsin 1st 138 1113• 11634 Ang'08 116 12 117 11 A-0 11634 St P & City 1st g 112% Oct'08 112 113 Chic& West Ind gen g tis q1115. 14.11 113% 96 91 9512 97's 9434 Sep'08 195*. .1.4 Consol 50-year 46 Chic& W Mica see Pere Man; Choc0& Unit hee C It & '041 113 Oct. / 28-193, J • J 0111 ki&D 2tt gold 41 102 J'ne'07 ()in 1.) & 1st gu g 56 11141 11-N 46 Clincldo Ft W 70 70 Aug'00 70 70 Cin 1 & W 1st en - 48.195.; J -J 110 90 91 Aug'08 91 ' g58 1935 J •J Ind Dec & W let 107,2 Dec'02 ...... 1935 J.J 1st guar gold 5$ C & St L. OIStL.31, bee See l; C C St Oin & Olearfield & Malt See IS It & I' 9834 981 / 2 981 / 2 7 92 981 / 2 Olev Cin C& st I)gen g 48 1911.; •0 98 96 96 98 96 May'08 96 193: J -J Cairo Div 1st gold 46 94 951 / 2 9514 9514 Oct'Or Cin W & Id Div lst g 48 199, J •.1 951 / 4 98 99 9034 1)512 Nov'08 • St 1, Div 1st col tr g 48-199t, ti-N ...... 91 Oct '07 Registered 199i, 4•N 94 92 92 92 Feb'08 Sig a, Col Div 1st g 48 1941, M-s 92 98 Sep'06 ... W W Val Div let g 46 194t, J •J 105 Jan'04 • St L & C consul 13s 1924 VI- N 103 99 1151. 9912 4 93¼ 9912 1st gold 4s 14• F 07 Oct 'Os 97 97 Registered k193., 1061 / 21004, / 2 10812Sep'00 Cin S & CI con 1st g 5s .192' -J F 1071 114 114% 1144 Sep'00 0C 33 cousol 7a 1914 4-1) 1157e COlisOl sink fund Ie 1914 J•D 120 130 126 ISO Nov'08 Genera couttoi gold 68 1934 Remit:tiered P134 J • J J'ly'08 94 95 •- ...... 94 Intl In& W 1st pre:- 48.1940 A-0 .. O lnd & W 1st pi 6s...//193.. / 1 2J / 2 941 0412 1 85 Peo & East 1st con 48 194t, A •0 94 12 Sale 9412 68 .bad. 031.2 5478 31 35 Income 4a tpt. 543 Olev & Marietta see Penn Bat Olev & Pitts see Penn Co ' 73 73 731 / 2 41 5512 7312 1144, J J Col Midland 1st g 46 96 12' 82 96 96 Sale 9512 Colored)de 01oti let g 4s 1921 F A 88% Sale 881 80% 1936 M-N Reiland & ext 41201 / 2 S839 417 78 ()ohm &()molly' b'ed So Ity 00141 Hock Val See Hook Va. 001 41 Tol bee Hock Vat Col Coun & Term bee N & W COlin & Paw Rive 1st g 46.194. •; 91 01 91 Apr'Ob 1952 J J Cuba RR let 50-yr 5 g 1i.db .1):1klat21VVI:co6e=114' Del Lack & Western/ 2115 114% Nov'08 Morris& Essex let 7s 1914 ivt-N 1141 11412118¼ / 2 1201 / 4NOV'Ob 1915 -1) 1201 / 2 1181 / 21201 1st consol gnarls 127 J'ne1.16 Registered 1915 -1) 119 95 200t, JD 1 26 1st ref gu g 3/ / 212534 125 125 2 1161 / 2125 Y Lack & W 1st 86 1921 J •J 1221 113 112 Oct'08 1925 1- A •• Construction Os 1.08%11::. 100' 1001 / 2 102 Oct'08 971 / 2102 Term & improve 48.-11125 91 12 102 beL003 Warren 1st ref gu g 3126.2000 V- A 1211 / 2Apr'02) 0411 / 2125 Del.5 Hull 1st Pa Div 76 191", .s.1•S 120 149 aug'01 1111, ;• Registered 1001 / 2 Sale 1903 4 10078 86 9814 102.4 M-N 1943 1st &ref 4s 108 71 9412 1031 191u J -1) it)234 Sale 10212 / 4 10-yr cony deb 45 104/ 1 2Nov'08 / 2 116 104', J J •1U41 1 s list lien equip g 4 , 9812 98%98, 5 9134 99 1940 A •0 Alb de sus cony 3128 Norue. 129 12812121) Rene & Saratoga lst 7s 1921 v.•N Del Ely RR Bridge See Pa lilt 89 97 Ws 961 / 2 Deny & it Or let con g 46 19341 98 Jan'08 ..• 98 98 Consol gold 41 / 2s 94 1003 4 100 Oett'08 1g;•• Improvement gold 66 ' 98 Feb'0: 97 98 Rio Or Juno 1st gu g 56 1939 76 Dec'06. • Rio gr So 1st gold 46.-1940 86 85 Mar'08 ..• 65 Guaranteed 1944; / 2 981 941 / 2 / 2 981 831 / 2 9612 913/ 1 2 11139 Rio Or West lst g 4s 76 77 70 77 77 lige anti col trust 4sA 1940 97 Jan'02 Utah Cent Istgu g 46 a191; Des Moi & Ft D See 31 110 Sep '04 Des Mot Un Hy let g 58_191, 90 92 Meet)? Det & Mack 1st Lien g 46 191/5 891.2 Angq)b 88 / 2 80 .891 92 Gold 441 1995 Detroit Southern84 84 1 7734 84 84 Ohio Sou Div 1st g 46 1941 1121 / 2 1121 / 2 1 102 11212 112'2 Dui & Iron Range lst5s 1937 1061 / 2blank [0612106¼ Registered 1937 2d 65 1916 Dul Short Line See Nor Pao 1091.112 108 Alar'08 107%109 Dal So Shore & Atl g 56 1937 Vast of Minn See StP M & 11 1.2a8t Ten Va & Oa See So ity 107 1061 / 2May'0/3 10812 1061 / 2 Elgin Jol & East latit 56 1941 Elm Cort & No See Leh& N 99 105 3111V08 194- te-N 100 Erie let ext gold 48 . • 9 4 99 1051 / 2 Apr'001 1041 / 2 M-S 1919 10112104', 2d ext gold Os 99 Atat'0l8 9334 10012 111'2:; irt-8 111238 / 218 8d ext gold 41 / 2 1051 / 2 NOVidb 104 1061 192t, A-0 1051 / 2 4th ext gold 56 97 143 Oct '98 • - •. 98 98 1920 J -1) 5th ext gold 45 / 4 1251 / 4 117 1251 / 4 1921 39•b 12514 126 1251 let consol gold is 122 125 121 Oct'Ob 120 121 1920 let consul g fund 76 / 2 891 891 / 2 89 / 2 4 80 90 Erie let con g 48 prlor 1996 J -J • 881 79 Jan'08 79 79 Registered 199t, J -J 76 76 Sale 75 761 / 2 45 55 1st consol gen lien g 46-1996 4.4 85 12 Feb'07 Registered 199u J• 86 Sale 86 8814 69 67% 861 / 2 Penn coil tr g 48 1951 F 7034 Sale 78% 801 / 2 80 60-year cony 48 A 1953 A• 68 43 7() 3113 40 / 2Sale 137 70 do Series ii 1953 A-0 1371 / 2 115 Aug'08 • • 115 118 Bull N Y & Erie 1st 7s 191t J-1) 1161 / 2 1141 / 4 1 10812115 Ohio & Erie let gold 56_11182 .81.N 11414 Sale 1141 ()Lev & Mallon Val g 56.193/- .1-4 It/7 / 2Jan 11131 981 / 2 Apr'Ob 981 / 2 981 / 2 Jed RR 1st gu g 5s.....a19011 A-0 1003 Long Dock consol g 133_1936 A-0 12712121, 12)8 Sep'08 121 128 118 Sep'06 Coal.4 lilt 1st cur gu 68.1922 M-N 1061 Dock & Imp let cur 66 1913 -4 / 2 106 Mar'08 106 106 100 Feb'08 / 2 100 100 N 7& Green L gu Fr 66.1946 MN 1021 liOLas N. Y. STOCK-EXCHANGE WEEK ENDING NoV '20 3-.,. 41 1 4' . Price Friday Nov 20 1343 Wee/C's Range or Last Sate hangs mace January 2 114fit, .% LOW 11 gm. Low Erie--( Con) 105 Sep'08 105 105 11 Y Sue & W let ref 56 1937 4.4 102 1001 23) gold 412,9 / 4 Dec'0, .. 1937 F-A F-A 95',Nov'00 General gold 56 89 115 12 / 2 6 110 113 1121 / 2 1121 Terminal 1st gold 58 19 94 4:i M-N 113 Regis $5,000 each 1943 3/1-N Mid RR of N J lstg 66 1910 A-0 102 101 to:3 ; 11)2',Nov'Ob 102 Oct'u8 Wilk & Ea 1st gu g 56 1942 J-D 102 .00 1112 • 6, Ind 1st con eu g 08_1926 J -J 111 110% Aug'1)0 / 2 108 1131 Erie & Piths see Penn co Evans & T 1-1 1st cons 66 1921 -J 114 112 Jan '00 il2 112 / 4104 102 12 J'ly'Ob 1st general gold 58 1942 A-0 1001 96 103 Mt Vernon 1st gold 63 194 114 Apeti., 22 3 A-0 102 95 J'ne'lk• Suit Co Branch let g 58 1939 A-0 871 / 2 1/5 95 kargo 41 so See Ch 54 & St P lint& Pere M See Pere Mar Lela 041 Penin See Sea Air Line Fort St U D Co let g 41 105 Mar'10-. / 28.1941 J -J Let W & Den C lat g 6s t 104 115% 1921 J -D 115%116 115% 115% Ft W& ho Ur 1st g 43 1920 J.J 1S7 87% 5738 86 1 74 871 / 2 f al Har & S A See So Pao()0 96 Sep '00 Talk di:H.011882 1st 56.1913 A-0 96 98 Georgia & Ala See sea A Lane ' a Car & Nor See sea A .Line ,i0Orgia Pacific see So ity Gila V G & Nor See So Pao Co Gout'& Oswegat bee N Y Cent Grand Rap & list See Penn RR Gray's Pt Term See St L S W 983 Ut Nor-C B& Q coll tr 46 19 ,341 921 98 Sale 98 / 2 100 1,2 21 1 / 2 Nov'ut 97% 071 9212 Registered.h. Q-J Greenbrier ity See Ches & 100 95 Gull,ks 1 1st ref & t g Os 01952 .j 95 96 Oct'00 IA an & St J o See 13 & Q • ousatonic See N IN 1141 11 b 981210712 / 4 / 2 1071 Hock Val latconsolg4123 1999 4-4 1071 / 4 Sale 1071 10012 1001 10012Sep Registered J -J / 2 / 2 Col & H V 1st ext g 48_1 9b11 / 4 Nov'ut; 194 90 9 A-0 951 93 001 41 Tel let ex 46 96 J'ly'ub 90 96 1955 FHoust & W Tex See So Pac 1-Joust & Tex Cen See So Pac Co 10212 Aug'00 IUlnois Central let g 48 1951 J-J 10212 102 1031 / 2 107% Ap: 1. Registered 1951 4.3 10114 143 12 92 Aug'00 let gala 312a 1951 004 ind 9134 Aug'us 91 Registered 913 . 1,134 1951 89 Noviu, Extended 1st g 31 / 26 1951 A-0 91 70 Oct'V. let gold 36 sterling 1951 M.S 102 Aug'ut) / 2 Coll Trust gold 4a in 102 11)52 A-0 991 1.8 May'ty, A-0 Registered ...... 102 Sep 'lib L N t)& Tex gold 45 -19 95 52 3 11.N 981 / 4 102 97 Itay'll• Registered ...... 1953 11-N 102% Jan 't.,7 Cairo Bridge gold 4s. 1950 4-0 100 / 4 90 901 9014 S5 LoutsvDiv&Term g3123 1953 901 / 4 123 May'1Y,, Middle Div reg Os 1921 F-A 103 7812 Apr'W.i 78 Omaha Div let g 3s 1951 .A 704 Ain).'UO 7812 7614 76/ St Loins Div&tenn g 36 1951 .4-4 1 2 Registered 1951 .1-4 891 / 2Oct'us J- J 791 / 2 89's Gold 11.1118001 99 J -J Registered te 190 IN ov'm Spring Div 1st g 3/ 1 26 951 J -J 97% Aug'97 Western Lines let g 48 1951 122 Dee'u5 Bellev & Car 1st 68 1923 J-1) 97 Sep '08 97 190 Carb & Shaw let g 4e 1932 M.S /17 Oct'08 1121 / 2117 Ohio St L&NO g 6s 1951 J.1) 1193 4 Mar'04 4-11 Registered 881 / 4 Feb'u7 Gold 3128 196 51 .1-1) Registered 1951 19U Mar'08 Memph Div let g 46- 1961 4-0 LOU 100 9t$ St L Sou 1st gu g 4s as 98 1931 98 Y Ind B1& West seat:CC& St L 98 .1Apr'Ob Ind 11141 la 1st g 48 95 95 1959 95 110 Int dit Great Nor 1stg6s19l9 34-N 108 110 DA 110 / 2 28 gold 56 85 85 b 70 1901) 31-S 851 901 / 2 M-S 20 3d gold 48 40 60 Oct'u 110 Nov'ub Iowa Central let gold 68_1 10014 110 192 93! .1-1) 111. 78 78% 5. 70 '413% Gold 48 78 1951 r.A.S efierson RR bee Erie alA&UR See LS&51:, tx-an & Mich Burro!& (1 KOFtScibld biseStL&SF Htj&SIIi&B See stL& S 1' tia.n & Pacific See M K & T 73 Kan City Sou let gold 38 11151; A-0 7234 Sale 72% 10 69 74 63 Oct'00 itegisumett 1950 A-0 Kentucky Cent see L & N Keok & Des Mo See C it I&P Knoxville & Ohio See So Ity 112 Sep'Ob I ake Eno & NV lst g 56 11)37 J-1 11412 1061 / 2112 / 2 1031 / / 2 1031 2 1 100 109/ 1.-9 2d gold 56 1941 J -J 1051 1 2 . / 2 105 Oct'00 North Ohio 1st gu g 56 1945 A.-0 111) 1121 105 1051 / 2 Sho & Mich 38 See Y Cent 1 4 109% 1091 Leh Val N Y 1st gug 4123.1949 J-J 109/ 1021 / 2109% / 4 109% 109 108 Oct 'tits Registered 108 108 1940 4-4 • Lehigh Val(Pa)cons g4&2003 al-N 9334 J'ne'003 8712 95 Lou V Ter Ry lst gu g 58.1641 A-0 1151 11712Sep'00 / 2 108 117/ 1 2 Registered 1091 / 2OnL 1941 A-0 107 12J'1Y'00 Leh V Coal Colin gu g 58 1933 .1-4 109 .. Leh & N Y 1st guar g 46-11145 31-S 94 98% 9'7 May'ob 951 / 2 97 ' Registered 1945 M.S 11376 Jan'06 ha 0& N let pt 6s 11114 A-0 102 1061 / 2Jan 'Ott Gold guar 58 / 2 1914 A-0 991 Leh .111 Had R See Cent.of N J Leh & Wilkes b bee Cent of N J Leroy & Caney Val SesMoP Long Dock See .Erie 111 Long IsPti-lst con g 58./14931 Q.J 111 Sale 111 1 105 1121s, 1st consol gold 4s 931 / 2 /91931 General gold 4s 971 / 4 971 / 2 971 193s J-D / 2 971 / 2 7 831 gi / 2 97) 101 1 Ferry gold 41 101 / 2 101 / 26 1922 M-S 1011 Gold 46 / 2Oct'06 991 1932 .1-1) Coined gold. 4t4 94 94 96 1949 M-8 94 2 [01.. .. gi 94 Debenture gold 55 110 rne'94 1934 .1.1) Guar ref gold 4s.. 98 98 11)49 91881 90 118 e / 2 98 Bklyn & Mont 1st g 66-1911 M-8 1021 / 2 1st 5a 1 1001 / 4 Oct'usj.... 1001 1911 M-8 101. / 2i00/ 1 2 N I 13& M 13 let con g be 1936 A-0 102 1 2ov'UlS ..•. ...... 110141/ N Y & It B let g 56 •___ 1927 54-9 106 Apr'ili Nor SUB let con g gar/601932 Q-J 14141 109 Nov'06 ...... Louisiana & Ark 1st g 58.1927 It-S 100 98 Apr'OSi.... 98 98 (.1-.1 11S4JEL.LAN EU lie• HON On-Continued on Next easge. Gas and Electric Light Atlanta G L Co let g 56-1947 3-fl Bklyn U Gas lot con g 56 1946 M-N 1051 / 2 Cony deUen 13s 19011 M.S 136 140 Buttalo Gas 1st g Se 1947 A.0 • 57 Conmol Gas cony deb 66- 1909 - .150 152 Detroit City Gas g os 1923 J•J 1021 / 2103 Del Gas Co con 1st g 56.-1918 F -A 102 Ed.E111 Bee N Yli&E LIddis P Eqo L14 Y 1st oon g 56-1932 M-S 101 Gas& Elea Berg Cue g 56.1949 4-1) Gen Electric deb g 3126 1942 1 ' 4 • 831 / 2 10-yr g deb 5s 1917 J -D 133% Sale Gr Rap G L Co let g 6s 191(' F -A 119 Hudson Co Gas let g 58 1949 M-N 1011 / 2 Kau City(ido)Gas let g 581922 A-0 95 Kings Co El L & P g 5s 1937 A-0 101 Purchase money 66 .997 A-0 Rd El 11!An 1st con g 48 1931; J -J Gas and Electric Light Lac Gee LotSt List g56.81919 Q-1r 101% Sae 101% 102 1:- 99 1116 9212107 Ref and ext let g 56 1934 A.0 10036 100/ 101 101 .3 1 2 100% Nov'08 Milwaukee Gas L let 46 1927 M-N 119 140 95 Oct'08 ... 894% 96 91 96 / 2 103 54 1 601 88 1011 ; / 2 N YUELii&)Pg 66.-1948 4-0 102% 103 1021 103 155 Purchase money g4& 1949 F-A 8512 Sale 8512 1 87 76 88 931 Ed F.1 Ill 1st cony g 5s 1910 81/ 21021 / 2 10114 IS 9811130 / 2 1011 / 4 Sale 1011 98% 98% 1st consol gold 66 1995 J-J 10812841.16 10812 110 4 10742110 NY&QEI L&P 1st con g 661930 F-A 88 89 86 Ang'08 $9 - ,. 93 96 Mar'00.: 96 10 99 99 N Y & Rich Gan 1st g 58.1921 M-N * 92 99 96 99 611 / 2Oct '01 Pat S, Pas t8 & E con g 56.1949 M.S 10412 Nov105 __ 971 / 2 831 / 4 Pee Gras & C 1st con g 6.1 1943 A-0 1171 831 / 2 115 J'ne'1) 831 / 2 1 79 10712118 / 2 1331 / 2 1351 Refunding gold 5s / 213518 / 2 119 1061 1947 11-13 1031 / 4 Nov'08 / 2103% 1031 94 10311s^ 107% Dec'Ou & Cke lat gu g Os 1937 J-J 105 105 Nov'00 Ch 98 106 ' 102 J'ly'08 1011 / 2102 Con G Coot eh 1st gu g 58.'36 J-0 1031 / 2 103/ 1 2Oct'08 ... 96 108 99 Dec'00 Mn Fuel Gas let gu g 56.1947 31-N 101 Sale 101 101 1 92 1411 Syracuse Lighting 1st g 56.'61 J-D 1•712 1031 / 2 1031 / 2 10 103 1111 / 2 Trenton G & El let g 58 1949 M.n 110 bisy'06 83 Westchester Light'g g 56 1950 J-0 104 107 103 J'ly 08 90 88 Sep '08 *No price Friday; latest bid and asked this week.a Due Jan b Due Feb dr), A or e Dse slay A.Das J17 1cDne ng 0Duo Oct 41/26 Des sOgliss-1212110 11951 / 2 Nov'08 136 140 23 57 Oct'08 151 155 108 10216 1021 / 4 1 98% Sep NM 1314 littA N.Y. six)(44 EXCH A NOE Wic8.181JIN(, Nov 20 New York Bond krtce Priam, .Nov 20 iteves f 'canoe or Last sale Record --Confirmed-Page 3 hanqe Jantian, Big/. 15411 488 Lose tow ii &Art. 120 Lonisv & Nashv gen g (10 1930 J -D 120 121 120 Nov4.18 84 11078J'ne'u8 , 10 12 1111 7 1937 M•14 1i41. Geld 5's 33 05 101 194.) J • J 10014 Sale 10312 101 Untried gold 48 4 90, 11149 J -J 4Ply'06 1 101/ Registered 105 105 193 1910 A-0 Sing Lund scold 6s 103 Aug'03 102 105 1931 51-N 100 . Coll trust gold 5a 96 Oct -US 97 88 1431 4 / 5-20-yr col tr deed g 49 1923 A.0 Nov417 111 113 .1-D 6s a let Nash 1919 & H E 104 Mar4.8 10314 104 4 / LCui& Lex gold 440 1931 9•N 1051 122 Oct '06 ,122 :153 1930 J •J 122 N 0 & M 1st gold 644 4 51a006 / 1221 1931) J -J N 0 di/ M 2.1 gold Us 107'4 Atuf06 Pensacola Div gold de 192)i m.s 117 May'07 1921 M-8 101/ 81i.Divlstgold6s 4 Aug'147 / 621 198.. V1• s 63 2d gold 38 9338 944\- 94 Oct Os 86 941 , Atl Knox & Cm div 48-11165 M-N 1.1.11 J'Iy 1/6 Ati lsiiox 5s or let a531.94) .1 0 11/6 4.1m,'06 / 1081 Render Edge late I g 6s.1931 M•S Nov'08 9712 97 ii 9844 83 971/4 . Kentucky cent gold 4s 1987 J • J ut3'0;, 1)7h 971 4 / L&N & M & M let g4'25 19415 .11-S 8614 Sale 86 81;14 4 87 / 791 L& N•south M ;mot 48.1962 J .41 4 1101 '06 J'ly 4 11u), / 1101 .1931 F- A 111 N Fla & S lat gu g 98 491945 J -J / 41 N&C Eidgegengn g5s.113 Jan '08 13 113 • Penn & A tl 1st go g 66 1921 If-A 108 14 111 May'4,7 98 8 & N Ala con gu g 5s 1930 F-A 911.Jan'08 S 4 / 4 911 / 911 Jett Hoge Co gug 43 1945 L • L N A & Ch See CI 1%/1 ahon Coal See LS& M S Sale 99 99 92 (151, 13-1-anhattan Hy consol 48 1990 A-0 99 104 Apr'05 1/634 19111, AM Registered 1 4 Is 9614 100 4. / Stmpd tax exempt 1990 A-0 10038 Sale 1110 4 1001 MoRptdb B V hoe A 1 Cent 4 Sale 8238 / 821 821 4 15 74, / 4 F53. Ilex Cent consol gold 48 1911 J -4/ 1934 197 , 19 Nov 06 4 20.2 / 141 ' let consot income g 3s.a1931. J'ly 17 1714 .N 18 ly J 0008 10 38..a11)39 18--, g income 2d °onset( Kex Internal Is. con g 48.197'4 tri-S 80 Ifeb418 80 -i10Stamped guaranteed....1977 51-9 105 31.sy'ut. 191t. JO 1413X North let guid 6s 1(1011 Cent See N Y Cent Mid ot N J See Erie MilLS&W bee Chia & N Mil & North See Oh M ON St .14 / • 12712 Oct'08 42514 128 Kinn & St L 1st gold 78 1112r4 J -1 , 1271 4 1041 1 4 0,1'4 Aug'vb / -I, 10./ 101 103 191/1 Iowa Ex let gold 7s t18 Jan '0. Pacific Ex 1st gold 6s 1921 A.); IOU 113 -4 11ar'03 South West Ex 1st g 7s 111D, J D tilt) 103 1934 .5.1-N 1U5' 511.10 1041. 14,5 let(tomtit gold 5s 84 San. 110 1. 84 91 '7834 84 let and refund gold 48 1941- :WS J7 Apr'un , J •J • Des Al & Ft D 1st gu Kinn & St L gu smell0 & Oct 'Dv 961.100 MStP&SSM0ong4 intsru'458 J•J 100 101 100 J..0.6 102 MS1354 &A lstg 4 int gu 1921) J -J . &51 Blinn U n Nee St 4 101 wok, ion% 17 04 101 100, Ko Kan & Tex let g 48 1990 8; 85 btiJ4 1 67 7l. g499.1 F-A 20 gold 4s 100 4. 19334 1001 4 1, ,:") / 1944 51-N let ext gold 5s 84 3 7478 82 2004 M-S 82 .8a14. at let & refund 4s 4 to / 871 4 Salt; 87 / 871 71 11)36.1 -J 87 1. 4s / Gen e t 41 e4 54 b01 4 811 / 4 / 21/01 A-0 84 :Nut St 1.4Div let ref a 4s 103 Oct 'ub. 104 10 34-N 102'. 1940 58 g go 1st Wa Jo Dal 1-2 -.)Nov'.:4 95 / 1l-$1 024. Si Kan C & Pao let g 4s 1991 F-A 101) 108 uct '08 1033810s, ?do K & -6 1st gu g 5a 11/4. A -I) 1 ub3t. DM /Um 102 109 1042 6,1-1: hi K & Ok 1st gu 58 0,11 14:Nov'ur LObA,.19 4 L073t. 1 9,/ M. Katt Tot T 1st gu g5s 11142 31-S 103 1.00.1,3 ueTur /OW,1.4,u14 Sher Sh & SO let gu g 56 1943 J -0 1061 Nov'ot• 1118 4 / 2 14, 1u2. gug5s •S 1 . 5 11)43 lat Tex& Okla 4 113-4 1 id Nov't). / 11441 4 115 / -1920 31-N 1/31 lio Pacific 1st eon g 4 Sale Le0-14 lot 101, 17 88 102 4 Trust gold 58 stainve0.a1917 .514 FelPu'i / 1041 41917 51-S Registered 8 10.4 1920 F-A 101 salt, 10014 101%, .2 87, let coll gold Ss 78 Salt 7738 7834 401. 68 703, 1943 NI40-year gold loan 4s ie Mat't/b 88 12 95 111 1938 .9-N 3d 7s extd at 4% I. 83 elf1.18 87 85 Cent klr tty lat gn g 43 1911) 11 -A 4 Sep'ut 89, 133 h 8914 Can Branch U Plat sr 4s 1948 Mat'uf, • Leroy &C VA Llstg5s 1926 J -J 9114 IfelPub • 991 4 99,, / Pao Rot Oto let ex g 48.1938 k'-A 112 Deo'u, • 20 extended gold 5s 1938 J -J 11034 4.107, 1. 14-1. 4 L Ir Al& *gen con g 581931 A•0 110 'ur Oct .00 110 Gen con stamp aid g 5s 1931 A-0 88 8838 .21 68 b833e Untlied & ref gold 4e 1921' J -J „ 877 8b, 8 Si, M-N 82314 .6 thy & U Div 1st g 4s 1933 1071 4 Apr'Ot. / Venn VI & W lat g 58 11126 at- s KobJ & K C 1st cons g 58 1954 J -J 125 126 124 Dee'ut, Nov , uz •D 1,3 124 Mob & OlAte new gold 68 1927 J 103/ 4 J au'et 1 1051 4 103 / let extension gold 68..411127 0.4-J 114 88 Nov'ur 4 88 / 821 . .1938 .0-S 86 General gold 4s 10) 1123 8 Nov'Ur 4 1121 / a/21 4 / lidontgoin Div let g 4s..1947 F-A 73 75 Ilay'Ut 75 70 St L & Cairo coil g 4a..e1.113t, .1- I 101 Nov4)4 ... • Guaranteed g 48 9gil ", it &U coil 45 bee Southie Mohawg & Mal bee N I C& H Monongahela Riv See B elb Mont Cent bee St P M & M Morgan's La & '12 See S P Co Morris & Essex See Del L & W 4116 11534 116 / 4 11012116 kl ash Clint & St L lat 78 1913 J • J 1151 11038 Oct'Oz 1.151.4 112 4 192r A-0 11o38 let consol gold 5s 4 May'0. / 1161 Jasper Branch 1st g 64-1923 J -J ill'. Mar05 Melt M NV & Al Ist tis.„191, J -J 113 Ply 't)4 T & P Branch lat 64.-11117 J -J Nash nor & Sher bee L & N 10034 Nov'06 99 10034 Nat ot Max pnor lien 4128 1926 J • J 100'2 83 ,., 4 Sep 'ut / 831 '17 1951 A-0 81 1st consol 48 New 1,1 & 1) bee N Y .11 & tt N J June ktR See N Y Cent New & Cin Edge see Lou& N N I 13kln & Man Boh See L 1 4 / 931 4 0:, 871 / 93 931 4 931 / 4 94 / g 31.e 111117 J • N Y Cent db H 91 Oct'08 1)1 4 91 / 881 Registered 1997 J • J 954 114 94 Sale 1.334 65 JU 1934 at-N Debeu g 48 86 88 S5 L2 13 75 4a., 1(19b F-A 86 Sale 1 Lake Shore colt g 3/ 84 73 83. 26 title r4k. 83'. Registered 11)98 F-A 4 8.5 / 741 8612 85 Nov'08 86 MIelt Cent coil g 340- 1998 F-A 82.. 76 8214. 82 Nov'Ut, 1998 F•A Registered 99 99 99 Oct '1/8 91)34 Beech °recut let gu g 40 106 J • J 102 Mai'04 1936 J -J Registered 1936 J • J 102 2t1 gu gold 58 43314.51 A-0 1 Beeclitjr Ext 1st a 3/ Cart & Ad 1st go g 48 1981 J -0 • .•-• .•• . .• •••• •••• --•- ..• ••- 1/ 4'N 1t,1-1 3 It 11,44541 . ail/NU!. N. Y. STOCK EXCHANGE idiNa Nov .20 ' ,,,,. KKK 11::, •-•., . Prter bra.ao. Noe .e0 (Vora. rax?cvni. II reh.", Kano or Last sale i pl'ff ( 6' ,k eee ia'wary 1 Bat Ash Low A 1 cent & H (1.-(coutinv,ea, hose .11 ton Ji/g, Gouv&()awe lat sru a 5s 1942 3-I) 1,8 h .... J8 118 Mat 448 98 Molt 4k, Mal let gu sr.4s..1991 M-S ,,45 oet '0'. N .1 Juno it an let 4s. .1986 F-' 96 921 4102 / 4s...2000 M-N / 9614 Oct,oN Y hb Harlem g 31 9614 9614 ,07/ 4 Aug'ur 1 N Y J4 North 1st g 3s. .1927 A•0 105 107'.107'. N Y if, PA' lst eon y,u g 46 11193 A-0 98 it/0 Set,'Ut• • 00 100 Nor & Mont 1st gu g 58.1916 A •0 Vine I'reek rest attar 6:4.1932 .10 11814 .07 N,,, N.,-, 1101 4 / A-0 111 10 12 Norui, H W45,0 con lat ext 5s./11022 10878 112 1u5 Jan '0105 105 Oswe & R 2,1 gu g 5s...e191n F-A 102 R VI& UT R let gu it 5s.1918 3A-N Rutland let con a 4 1.e.1941 J -J --_-_, - .... . 103 Sep To, 103 1113 87 4 Oct '..z. / 861 82 og&f.eliam let gu 43 g1948 J.J 88'4 90 Aug'ut. 90 Hut-Canad 1st wit g 48.1949 J -J 85 116 , 12 1 10,'0) , St. Law & Adir let g 3s. 1111w J -J 112 112 133 125 Feb't b 1418 A .0 211 vol.! Ge 125 • 125 IPA Apr" 9934 993i (Ries & Elk lily go g4s.1922 J -J 1.T1 '4 95 ,•;, 5 8:04 95.4 Lake Shore gold 3428....1(1117 J -I) 95 9•A 1.3 Oct '0 •. 1497 3-l) 4 / 931 Registered 1/673 Sale 145/8 192, .44-S 1 618 9618 "4 Debenture g 48 1153,,' 01b 88.8 913 1,478 bale 04 --2 1931 M-N 25-year g 4s .. Ka A 4(4 R Istg•n o 5s.1938 J -J 110 ... 109 oet ,07 Mahon C11, RR let 5E4 1934 J -J 110 ii))) May us .110 100 Picts & 14 Erie 24i a 5s.a11128 A-0 102 130 J au 't).5 Pate Me K & Y 1st gu 68.1932 J• J 120 1934 J•J 115 241 g-usr 6a 08 Al°Kees &.13 V lat g 6a 1918 J -J . I 04 :11.1 Nib 99 5,ich Cent 1st consul tis 1009 31-S 11434 Oct'08 114.14 11434 19.31 M•8 11234 Os . 119 J netit) 4 / 1931 tot-M 1001 .Registered 4 / 1001 0)11114 Jan '01 48 1061 4 / Nov'Ut, Regtstered 90 J'ne to. 110 4 •41j1:-S 1 15 1 I 90 4e / J 14.5 S 1st g S1 90 Sep '08 88 9188 901 4 / 1952 M-N 4s . / 1st g 31 ilat C & Slur 1st g-ug 36 1989 J -P 4 Nov.8 / 1001 95%102 N V Chic& St L let g4s 1937 A-0 101 l's) sep 't,), 100 10108 1937 A 0 Registered 91'. 93 Oct'08 92 93 1931 IVI-N ,Debentures 4s West shore let 48 gu 2361 J -J 103 103J4 1,338 1413.4 19 98 104 4 192, / 4 Lu 961510215 2361 J -J 102 Li 8111t 1021 Registered ,7* I' & cireenw Lake .see Erie 1 Y & liar See N Y 1..; db. HUO , Y Lacg,& W see D L db W , y b 8: & W See Erie V A; Lone Br se,Cent of N .1 76 11515136 ,Sale 1351 4 136 / ‘; I' N H & ti-Cony tis 1948 J-J 1353 99 839. 14'. 11/0 8/ 80 100 1956 J -J Cony deben 3'-,s 112 112 Housatonic It con g 5s 1937 51-N 1 6 117.4 112 Marub ...... N 11 & Derby con cy 5,4 1918 M.N 1U7 .... . ...... 4 Y de North .. See N Y C de, H lu 921 99 4 / 4 99'4 / 95 0915 981 4 Y 0 & W ret let g 4s..g1992 M-8 4 J'ue'ut, 1 /01 / Regis $5,000 only g1992 71-S 4.Y & Put See N 1 C01, H. 4 Y& 11 13 See Long Island 4 1 S & W bee Ene 4 Y Tex & Al See 8o PacCo• 105 4 J'iie'l9. 1 99/ 4 901 / 991 1941 '51-N 4or & South let g5,1 4 / 12834 Oct '08 120 12814 ;on & West gen g Sa 1931 M-5 126 iniprovem!t & ex t g 68 11134 F.-A 198'. 117/ 4 1171 1 117'. Jun '01 4 / .. 68 g let River 5 123-4 126 126 A-0 126 126 126 1932 New 98, 4 8510 981 901 4 / N & W liy 1st con g is,jupc, A.I0 4 3 9214 9934 / Registered 91 Sep 't) / 1994; A-0 U/14 1)5-4 1/4 Oct 'yr 4 1/4 / 84,1 Dirt let 1.5 gen g 4s 1944 J -J i 78 94 .. 4 / 1141 10-25 year COI1V 45.-1932 J.1) 1)4 kale :-334 in.) .. 90 1.11 , 1 92 0 77 Pecali 0.5 C joint 4.1 1941 J -0 Fel, 'W., ,,,91. 00.5 T let gti g Os.... 1922 J •J 103 871,3 09 4 tho / 987400t '1)8 961 Soto V 4 N E lat gu g 4s 1989 .11•N ;ern' Mamie See Clii di N W . oith Ohio See L Erie & W 103 12 4 Sale 103 / 'JS)10414 ;or vac-Prior lien g 4s 1.911, '4 41 1031 11734 103 Regletered 1997 9-J 101.2 1u3 103 Nov'or 317 u8 13.2 . 741 Genera/ hen gold 3s....a2047 , 4 / i- k. ,1.' .3,' , '." '13 . ob Aug u812 71 71 Registered. a2047 ,4- b. , , 9612Jan Uz) 1)61 89 4 / St Paut.Dul Div 4,48. .1996 J •0 Dui abort L lat gu 58 11)le M-S u .8 & t.4 coil tr 4s see Ut Nor 4 s21 Nov't)8 / 116 121 1923 F-A 122 1231 61 P do N P gen g 6s 124) Uct 'ub . 1/6 120 Registered certinc's 11.123 .1 4•F 1.61 4 / 4 Ply '4.4 1 11.7 / 1931 N -A 10934 St Paul & Dul let 38 103'.-'l3 'Ur 4 / 241 5s 102 1031 1917 A-0 102 -2 198d J •I) 93 tbu 1,,0 J'ly 'vtt . 100 11)0 1st consoi gold 48 93 51ay'u, 1) Wash cent let g4,, 11/48 -0, ,9.9,3b„, 117 Aug'ub ;or k'ae Ter Oo let g 6a 1933 J -J ' '0-8 ;or Ity Cal bee so Pao ;or Wis bee CSC,I'M & 0 ;or & Mont See N 12 Cent k 1 nil & W bee C C C as 81 L 71lio Rix RR See oalt & 0 ire & Cal bee SoPac co re short lane See Un Pao is*ego ct, Rome See N Y C , 0 .11 6; St P bee C .12 It W 1 0/11 111 4111 / jao Coast Co lat g 58 111 1946 41-1) 111 act of Missouri See 510 Pac 102 103 103 J'ne'08 • 'win ER 1st real est g 443 1923 M-N 101 (4011801 gold 5s 1u5 Nov'U. 1911' .9•S 109 Consoi 201,)45 4 106 / .011 103 1v4 /06 Oct %di 194:, a.4 / 100 1051 Consol gold 4s 4 404 . / 1.348 M N 10334 Sale 1031 0. 0114 11834 DS cony eiti blti a -'s 1912 ..,. fs. 98 cult904 9614 Convertible g 8',28 96 Sale 9514 06 ; be 88 1915 J -D 99 J'ne't,', . Alleg Vat gen gu g 48_1942 Yi- 8 97 D A it It& lige lat gu 4s g.'3u b•-A ti5 4 out 'V. . / 1071 Phu/ilia/ & W Let g 4,1 1943 al.N it), Isn't).' 30t1 Bay & so 1st g 50 11)24 J -44 113 1101/4sep 114 .0 N.J RH/glean gen 48 11144 .v1-8 11/41 4 / U234 1061. 4 100 4, / 'eon Co-Onar 1st g 4,2)3 11121 J -4 106 107 1061 103,I,J'Iy '07 Registered 11)21 J -J nul2J'ne'ut, Guar 3438 coil trust reg 1937 .41-6 8 • L,Oct 't. . c,uar 3128 col/ tr seri% 11141 F-A 8838 8614 94 14 1)8-, Oct '1.6. 11 2'. 1,814 48 11)1u 51-N / "Fr Co certif's gu g 31 901 4 / (.4Lt 31.5 Cr aft; C 8414 8734 U... . ' 11)12 3-0 }:;•,04 ."- • • t' 134 el) n 48 tr ctrs D / (4 . 31 1944 J •0 87'. 931, 1)0-4 mai't.) J731 Oct'03 . 9714 100 Guar 13-25 year g 4s. 1931 4•0 110 .00.'03 ci & Mar lot gu g 4 128 1935 ai-N 1): 108.4 Aug'02 01.5 p gen gug41.2aserA.'42 3-.1 110311 series B 1942 A-0 10938 981 4 Dec'ti. / Series C 3128 9338 1114r 241-N 90 110 Series I/312s 90 May u8 _ 9438 1.(15o F-A • -•• • -- • • • .. •••• .• • - .• •- • -• 11081"--Contintiet. on Aext rage retegrapis and Telephone Coati and Iron 941 4 911 / 751 4 / Cot F & 1 Co gen a 1 g 58-1943 F-A 95 1 7912 96 95 Am fele')& 'Jet coil tr 4s 1929 J -J 9234 95 9115 Oct'08 3 6 M.S 19 o, .. :2 . .. ,iiii r4L, 11638 5.3 963 77 Aug'u8 convertibleucau,e. Convertible deb g 5s....1911 BA '75 77 ith 96 Sale Co let Cot Luel Co gen gold 68.1919 at-N 4 Oct'04 / 1071 8334 Mar408 ... 8534 8514 90 85 ti-J 4 Lin / Gr HIT Coal dc C Ist g 6810113 A-0 10238 Apr'06 1)137(. 9975 Nov u8 .... 921 149 Mich. State Telep. 1st 58.1924 F-A V7 14 84 Clean Bit Coal lets t 4s...1940 J -J 95 Apr'02 147 IS eat Union cot tr cur 02.119933; J -J 904 98 951. 4 / 921 (5 81 Col Inda lst& eoll Os cu.,11)34 F-A 4 230 385 / 91¼ 761 4 77 . 75 14 Salt, 75 en and res., est g.4 42s...1950 .4/1-5 91 9$ 91 86 75 54 Contin'talC 1t8 go:5814.195'. F -A 10758 Dec'04 MN 8514 4 84 / Cons4 831 / 841 Ten & Clear C & 1 let a 38.11126 J-1) sA mIti 107 May'97 nd 68-1911 ./4-5 1eetra 100 Ang'())- •..• WU 100 U 1 ,S l ntv4 4 Dec'06 / Kan& He& Chits 0;58.1031 J•J 1051 4 / 991 non lit el onlig rouustria, 11.115 Pleas Val Coal lot get 543.1928 J -J 105 Oct 'Ou 1t .3' -J : 9:4 11i Allis. balm-re 1st Is 8278 Sale 8212 831.• 21' 78 94 96 78 Feb'07 SUnday ereeg Co g 5a.....1944 3--I 80 let c 3s(rotsy28 .... 913 $ale 9534 Ant Ag 4 1 4 10 821 / 86 . 95 / 10212 1021 Tenn Coat gen 5s 4 1021. au, Cut uu ext. 4/ / 1V1 46 1 VS 1931 3-3 101 95 salt 42- It 4 15 / 751 recto Div 1st g tis.....al917 A-0 107 1071 100 1071 4 0)7 Nov'ur / 4 Am tilde & L let 81 g 68-11119 .11-8 / 93 1)0',, 95 U3 $ 48/ 4 75 1 109 1 114/ 10')- Amer Ice Secur deb g 68 11)25 A-0 73 . Birm Div 1st consol 68„,1917 J -J 109 Sale 109 75 75 OahiC M Co let gu g11sj999 J -0 107 110 108 0/..t, 104 108 97 Mat Ye .... 91 100 99 Ain Spirits Mig Ist g 0s 191. A1-5 ?qi.4 .. 83 102 34 101) 103 De Bar C &(Co gu g 68.11)10 F -A 102 Sale 1112 4 Sep '0 / 881 Am 1 bread let cot tr 4s 11)19 J • J 8104 1(6 Nov'08 1 19'. 90A, 111'. Valron Coal &Colst g 58 1949 M-8 80 1001 107 , 97 1/6 4•11 A-0 104 sal, 105 95 4 Am Tobacco .10-yr g Us. 19 / 77 IS. ($00, 71P., Vioror Fuel 1st s t Os 1933 J -J 4T-14)nebT0. F- A 76 1$ sate 7534 4s.. *No price Vriday; tateet Ind art/twitted. aDtte Jan o Due el) e Due.aar uuo .4.pr aDue 3'ty DUO .tug o Due ./ot p Due,ov q Due iieo a Option sale ...... ...... ...... New York Bond Record—Concluded—Page 4 Nov. 21 1908.1 iStINIJ N. Y, STOCK EXCHANGE WEEK END1110 Nov 20 71; Price Friday Nov 20 • hanije Since /ans,aro. Weeie a Range or Last Sale . . ISON11 N. '7; STOCK EXCHANGE Wgmg Exut5,4 Nov 20 'Prier Priaav Nov 10 1345 IfreelRange or Last Hair ' Range since January 1 Rio 4814 Low Penn Co--1(..07,t171.14ea/ Bich NO Low .11 eg -4111111ern roc co--( Lontinueu Btu , .48h Low H (.1 It No how ifton Erie & Pitts gu g 3Lots 13 1940 J J 92 Apr'07 9186 122,5 Aug'08 1211 Morgau's La as T 1st 76-1918 Au 111184 / 4 1221 / 4 Series C 9182 1941 .1 1 4 Apt '114 98/ 101-1, 1.6 •1st gold Us 1920 J -J . 108 Sep 'Olt Gr R& I exist gu 4/ 1 4811141 J r 10,134 No of Cal guar c 5s 112 Feb's)", 1938 A-0 115 Pitts trt W & C 1st 76 11)12 J -J 10934 1271 / 4 Oct'02 IOU Nov•08 Ore & Cal 1st guar g 5s 1927 J • J 103 t, 102 106 / 4 2d 7a 119 J'ne'06 1912 J • J 1091 10218 SO Pot Ar gu 1st g 68. .c19011 • 1011 / 4 _tug 9812103 107 Oct'08 3d 76 41912 A-0 10534 107 107 4 • 1st guar it Us c1910 J.3 103, 103.. Sep 9,8 •.• .,214 1031 / 4 / 4 Pitts I& Ash 1st con 58.192 4 -N 1101 116 May'05 •:o Pao of Cal-6s E& 2...1912 A•.) 105 194122'ne'08 - • - 04,5104,5 109 Sep PCC& St LetteicsA...11140 A•0 11/9 109 06,2 101 , 1 1st gold Us 1141 / 4 Dee'94 1912 A 109 Sep '08 Series B guar ,0714 109 1942 A•0 109 1st con guar ir 58 116 1987 11-N 111. 11212.1'ne'05 Series C guar / 4 1942 NI-N 1071 105 Pac of N Me:1st g 66-1911 ,01 Apt'Ur . •-• . 94 104 91) 99 Aug'08 Series 1)48 guar 1945 SI-N 99 99 So Pao'.;oast 1st au 48 a.1937 J -J • •. ... 91 98 Series E 31 9412 Oct '08 / 4 guar g 1940 F -A 944. 90 197 .2 Fair. Tex&NOSabDivlst g68 1912 51-S Series F 4s guar 1953 J.0 100 Con gold 5s PS-, Apt'09 194:1 J • J 100 934 9845 C St L & P 1st con g 56 1932 A-0 11412 1161 / 4 Nov'08 106 1163, o Pac RR 1st ref 48 9!'. 96 1)51 / 4 WA% •it,r, • 1-5 96 1935 J -J Pensacola & AU See L & Nash us ..... 108 105 southern—lst con g 55 541 / 4 109 1994 J -J Peo & East Neo 0 C & St L 1051 / 4 114 Nov't), Registered 1994 J • J Peo & Pek tin 1st g ds 12318Jan '08 1921 Q. ,434 76N Develop & gen 4s Ser A 195,1 A-0 75 Sale 71 761 / 4 2u gold 44as 10034 Deo'1).• 01921 -N 86 88 1 4 NovIob . ob & ohm 87/ . 871 75 / 4 tr g 4,4_1938 m-s Pere Marq—eh& W 51 453 1921 -D 109 Apr'02 107 Sep !th .. Mem Div 1st g 412-5s 1996 J -J 106 . . 96 107 Flint & PM g 68... .....1920 4.0 110 Sep 'ut3 ot1 10 110 St Louis dm 1st g 45 ta di) 88 1951 J -J 1st conaol gold 54 105 Nov't,8 193), 5-8 t')4'-, 105 108 Sep' ,.5 Ala Cen it 1st g 66 08 108 191e 1-4 109 Pt Huron Div 1st g 58 19311 A-0 1001 1 4 / 4 MaY'08 / 4 100/ o6 1001 All & Danv 1st g 4a 83 1, • 88 88 J •J 1948 Sag TUs& /I 1st szu g 48 1931 F-A 82 142 rue'ut, • - • 2t1 4s 1948 J • J PlnIB&W See Penn RE At!& Yad 1st g guar 45 1941, A•0 Philo & Reading cons 7s.1911 J Mar'06 1151 / 4 111 1,ab'u7 -• Col & Greenv 1st 65 1916 J•J 107 Philippine By 1st 30-yr 8146'37 J•J 971 / 4Sale 96 U7 977s, 97% 100 .Ply E T Va &(is Div g 5s 1930 J -J 11)8 lot) 11/04 Pitts tiu & et L See Fenn Co / 4 Con 1st gold Ss -02 11112 1956 51-N 11118112 lilts 1,11 Pitts Cleve & Tot See Bab 0 E Ten neon lien g 5s / 4 104 Oct 'ita ...• 97 105 M-8 1041 1938 Pitts Ft W & Ch See Penn Co Ga Midland 1st Ss 92 Nov'08 • •- 62 62 • 1946 A.0 62 Putts McKees & Y See N Y Col. / 4 I —02 Oct Pac tty 1st g ds . • 106 117 1922 J-.1 1171 Pitts 811 & L E 1st g 5s 1949 A-0 1151 / 4 109 i4 114 114 Oct '08 Knox & Ohio let ads 1925 J • J 116 117 Oct '08 .07 117 1st conool gold 56 9378 J 'ly 1141 / 1949 J 4 1)7 emu & Mr prior tie,, g5s 1945 J • J 5/ 1 4 Apr'06 Pitts & West bee LI& t.) Mortgage gold 46 78 Oct '08 78 78 1943 J -J D coding Co gen g 46 997k Sale 99% 100 10), 93 1001, Rich & Dan con g ds. 1915 J -J 109,5 1997 .1.j 199 4, Nov'ut 103 1091 / 4 LL Registered 97/ 1 4 1997 J -j 991 90 / 4 95 Aug'08 Deb 55 istamped 192 9-4 .11'ne't)8 u2 1927 A-0 99 Jersey Cent colt g 4s 1951 AO 9774 ., 9o1 18 Rich as Meck let g 46. 1948 SI-N 98/ 1 4 081 / 4 3 86 73 Oct,'0e, 76 75 Rensmeuter & Sar See 1)& H So Car & Ga 1st g 55 ' ,8 Nov'ur 9512 98 1911) M-N 100 Rich as Dan See South ay Virguna Mid ser C Us. 191 M-8 106 112 oct Rich & Meek See Southern 1081 / 4 Dec itn., Series D 4-58 S 10312 1921 Rio(Sr Vet See Deu & Rio Gr Series Ktos 113 Dec'0. 1926 M.S 103.2 Hoch & Pato See 13 It & P • • General ba / 4.93'00 1051 1936 tal-N 105 W1 121051 / 4 Rome Vat as Og See N Ceni Guar stamped 10504 COL 'os 1936 M-1‘1 106 1051 / 4 Rutland See N tent W 0 & W 1st ay gu 4 1924 F-A 841 / 4 961 / 4 asll'qi ag Tus a, ti See Pere Marq West NC lat con g_65_1914 J • J 107 105. 1 bey NJ, 1964100% 1../t Jo& or tat 1st g 4s 1941 J -J 92 Sale 92 92 2 92 & N Ala See L N St L& Cairo See Mob & Ohei :3isik Falls & Nor 1st gth 1931) J J 1.17 J'ly 'in, St L 615 Iron Mount see M P A-0 Illay'ue 105 I'er A of St L lot g 41 8-1931) / 4 102 105 St LK C,11, N See Wabash 11312Se9 'ur 1st con gold 66....18134.1944 F-A 06%113/ 1 4 St L M Br See'1' Kit A of St 1. 971 / 4 8.ov•Uts •-•• 1)01 Geri refund a t g se 1933 J -J / 4 971 / 4 St Louis & San Francisco— 111 Deu'Oo St L SI lige Ter gu g 5s 1930 A-0 General gold 66 1221 1931 / 4 115 .T'ly rex & N 0 See So Pao Co 113 115 General gold 56 1091 / 1931 411t)1 / 4 11.19 Nov't,8 Tex 85.Pac 1st gold 58 1171 / 4 103 109 1 99 1171 2000 / 4 St L& S if Rlt eons g 4s—'90 J • J 110 Jan '06 99 Al) e0t3 2,1 gold Inc 5,3 92 No, q2000 ... Southw Div 1st g 58-11147 A-0 97 100 hlay'08 100 100 110 Itlar'Uo J • .1 La Div ULlstgos 1931 ... Refunding g 48 7774 Sale 7734 1951 78 2ai 64.1 106,5 Nov't.4 / 4 713k; W.Min W051 , 1 W lstgu 5s'30 1?- A 5-year gold notes 4 42_1908 40 1011 / 4 98 Nov'013 1091 / 4 Aug'08 rol & 0 C 1st g 56 Ca— iihN 1933 J -J St L M & So East gu 4/ 1 4g11109 .1.1) Iti me/'0s .. Western Div 1st g 5s 1935 A-0 KU & M con g 645-11128, M-N 114 1)3 Meet). 11 114, 971 / 4 May'uo ...4518 98 General gold 55 1935 .1-1) KOJftS&M Bs ref g 46 1936 A-c) 79 Sale 77 79 6(334 79 Kau & 51 1st gu g 45.-1990 A• b8 Oct'or K C as M & iilst subs-192i A-0 97 l'ol P & W 1st gold 48 ti4 84 7634 8 1917 .1 •.1 81 1/ 1 4 Oz'rk & Ch Clot gu5s g.11113 A-0 93 93 Nov 08 90, 4 93 Vol St L& W pr lieu g 3128 1925 4-4 95 90, 4 1 80 901 / 4 St Louis So See Illinois Cent 50-year gold 45 A- u 7d oats ls 67 18's 1950 19 79 St L S W 1st g 48 Od cUs.1.981 921 / 4 Sale 92 92',. -1 90 " 93 95 Dec't). 84 19 931 / 4 for Ham & Bun 1st g 45.41949 J 2d g 4s inc bond otis...p198: J•J 80 bale 80 3 80 80 I floter do Del let con g as 1928 JIi 11.8 65 109 lu9 1 103 109 , COusol gold 48 1, 56 193- J•D 77 Sale 77 80 1962 4-0 ts1 12 8t Nov 08 80 ) lot refund g 48 al • 81 . Gray's PtTer let gu g 5s 1947 J •D 100 / 4 Apr'07 1011 On Pao RR & gr g 48 — 1947 J -J 1011',sale 1.3 luJ 99 10334 St Paul & Dui See Nor Pacitic 1011 / 4 Registered 102 102 14147 J 102 95 St Paul 31 at Man 2d 138 11109 A-0 102 1031, 1031 / 4 Nov'08 96% Sale 116½ 1st & ref 4s(w 1) 1021 / 4 1061 92008 31/ 4 90% 61)1 9434 97 1st consul gold 60 193:, J • J 13 t1 13174 130, 2 12616131s / 4 20-yr cony 48 1927 J-J lob's Sale lusts .,169 83 106 Registered 1110 1301 ,5 / 4 4-1) 134 ,00,5 1000 Dec 1933 J •J 4 'Vti ore By & Nay con g 48 1946 sait • 10034 Reduced to gold 41 1 4 109% 091 / 4 1091,, Ii 102 1093-, / 4s-1933 J • J 109/ / 4 Nov'ur• One Short Line 1st g 6s-11122 F -A 121 / 1 4 1211 115 122 1161 Registered / 4Apr'01 / 4 161 / 4 sate 1,6 -4 116% 1933 J .J 1081 1st coursol g 56 194e J • :06 1161 / 4 1911, 6-N 1031 033bNov'08 Dakota ext gold Us / 4 Guar refund 46 / 4 10374 107'., 96 14: 4519 96 1929 4-0 90 sate 961 Mont ext 1st gold 46.-1937 101 Nov'08 101 5734 Maes,7 • 94 101 Registered 1929 J Registered 1001 / 4 Uot '0( 1937 .1-1) '07 Oct 100 Utah ets Nor lat 7a • 1908 J -J. E Minn Nor Div lst g 481948 A-0 93.4 1974/Sep 'Uo • Gold os . -• 1074 1926 J 5 1071 / 4 Minn Union let g 66 113 1922 124 May'05 1%.; .1 RR & C Co See Pa RH Mont C 1st gu g do 130 Apett, 1937 J • J 130 Utah Central See Rio (Sr W 128 130 Registered 1937 J -J 13814 .d.)'06 Utah & North See Un Patent 1st guar gold 58 / 4 1937 J -J 1141 113,5 Oct 't/o Utica 55 Black It See 4 Y Cent 111 44 114 Will & S if 1st gold 58 ,193, ,.1-1) 117 45 11512 Dee'013 anualla consol g 46 .1955 F-A 95 Os Nov'08 98 98 St P & Nor Pau see Nor Pao 1 era Cruz &Plat gu 444611134 J-J 915 Sep'06 „. StP & S'x City Nest:St P M &A) Vet Vat Dal as W See Mo $ A& A Pass lstgu g4s 1943 J•J 70 / 4Sale 8814 891 891 / 4 78 891 / 4 Virginia Mid See South By S So Preo & Ph 1st g 56_194: 04 1.102 Sep 9.17 Va es Southw't lot gu 58 2003 .1 -J 108 Oct'08 99 110 81 & N P 1st sink i g 58.1911, J J 110 out,'95 abash 1st gold 58 1011 12 110 11139 tU2 111 Sas'las West See Atl Coast L 2,1 gold 5s V 1_ 8412100 100 93 1931) F-A Scioto Val & N K See Nor& W Debenture series A 90 J'ne'v7 19319 J •.1 Seaboard Air Line g 4s 11.150 A.0 C7 31 4312 601 1 1,2 60 58/ 1 4 59 Series B / 4 2 37 • 65 1939 J -J 65 05 Coll tr refund g bs 1911 11,4-N 90"4 Oct '06 1st lieu equips I'd g 55 1921 M-S 361 / 4 / 4 901 102 Feb'98 100 102 Atl-Birm 30-yrlst g 48 611/33 M-S 88 Jan '07 70 1st lien 50 yr g term 46 1954 J•J .11tu'uu 113 Oar Cent 1st con g 40 1949 J•J 92 88 85 J '08 J• 1st ref and ext g 4s 88 85 J 0$o ½l000 371 86 bale 831 / 4 1956 / 4 651 / 4 Fla Cen 65 Pen 1st g 68 11118 J -J 98 10714 Aug'08 Det & Cli Ext. 1st g 66_11141 4.4 10374 110 1.10 lut) 100 1410 1st land gr ext g 58 J•J 871 Des Mann Div 1st g 46 1939 J -J / 4 07 Noy'04 Consol gold 58 1091 / 4 Ntar'05 115 1943 J -J Om 1)1v 1st g 31 A-0 / 48 83 Aug'uo 1941 Ga as Ala By 1st con 5801945 J -J 1011 / 4 Nov'or• 'rob & Cli Div 1st g 4s 1941 92 101'-. S 87_ 90 9686 J'ne1.7 Ga Car & No 1st in11458 1921' J -.1 103 12 1,,2 Oct 'Uts et Chats Bridge 1st g 65 19118 A-0 .02 102 IOU ..ila)%) Seal,& Roo 1st 5s / 4 106 Mar'07 192o J -J 1041 63 Wab Pitts Term let g 411 1954 .1-1) 60 631 / 4 54 Sher Stir & So See SI K & T zu gold 4,s 1954 .1.1) 10 Sale 10 11 811 Sp Oca & G See Atl Coast L Warren See Del 1,343 & West So Car & Us See Southern Wash Cent See Nor Pao Southern Pacific Co— Wash 0 & W See Southern Gold 48(Cent Pao coil) /c1941) J -D 94 Sale 94 94 Wash Term! 1st gu .25_1943 F-A 83/ 1 4 94 901 / 4 Aug'08 90,59W1 Registered k19411 .1-1) 84 rne'u7 West Maryland lat g 46 1952 4-0 79 Salt. 79 791 / 4 49 50 , Cent Pac 1st ref gu g 48 1940 F- A 97% bale 973 , Us 150 94 99 tien & cony g 4s / 4 62 1952 4-0 511 52. 3_ 30 44 52/ 1 4 Registered 1141 / 4 Oct'05 1949 If-A 95,5 ,U1 U41 106, Va Cent & P 1st g / 4 96 2 Atig'ut., 1911 r Mort guar gold 340..ic11129 J -1) 87.4 /381 In / 4 85 58 80 883b Weet N Y& Pa 1st g 58-193, 4-2 115N 117 116 0c4 108/ 1 4 116/ 1 4 Through St L 1st gu 4s'84 A-0 941 / 4 94 Oct 'Us Lieu gold 3-48 943 95'. AO 88 4 .43,5 Oct 1943 'Us 951 / 4 871 / 4 931 / 4, liar & S A 1st g 68_191t, F-A 103 4 Aug'08 Income 58 10134 101', 6194.3 Nov 34 Ifeb'u, Alex as Pao lat g5s 105 ..... 101 J7111 11131 Wee. No Car See south By 10 107 Gila V Li & N 1st gu g 58 1924 1031 / 4 105 Aug'ub Whew'g 41, L E 1st g 58. 1926 4-0 10118105 102 J'ne'U8I. 100 107 Hous E& W T 1st g 56 1933 10012 101 Jan 'ors Wheel Div 1st gold Ss .1142n J -J 95 J 'iy 'uo 96 103 1st guar Os red 111:3 VI-N 100.2 104 Aug'08 Exten & Imp gold 55.1930 F-A 100 104 981 / 4 Jae '06 904 981 / 4 1t&TCl8tg5singti 1937 J -J 1.11 111 Oct '08 RR 1st consul 4s--------11)41) 11-8 821 / 4 .0918112 521 / 4 86 1, 60 53/ 1 4 Consol g 66 int guar 1912 A-0 199 10734 Nov'07 20-year equips f ris .. 1922 J •.1 [WI 10611 198 108 Gen cold 4s int guar 1921 A-0 941 / 4 1)51 / 4 96 Oct'08 Wilkes 95 a, &sot 87 Erie See Waco& N W(lIvIstg 68.),, 117 116 Dee'06 WU & Sioux If See St P SI as Si ... && N W 1st tm 05 1041 4.2 10716 1091 / 4 Feb'06 Wto Cent 50-yr 1st gen 4. 1949 1.4 871 / 4 Saki 8714 8714 146 80 88 .11180.A.1.1.A1i 8.01;84 10 11:4—Conciuded. 97 1 Nit, i idimarin.1 picturing Miscellaneous Beth Steel 1st ext 81 55_1926 .14 84% 8718 85 Nov'08 Adams Li OOL Lr g 48 83 85 1948 M-S Cent Leather 20-year g 68.1925 A-0 961 / 4 Sale 9612 97 84 851 / 4 99 Am 88 Coot W Va g be 1921) M.N Consol Tobacco 50-yr g 45.11351 F-A 7632 761 / 4 20 62 781 / 4 11'kl'n IferryCo lot cont.g Os'48 F-A Distil seoCor cony 1st g 5s.'27 A.0 74 Sale 77 64 78 ClucJc& t Yard col g 58.1915 J .J Int Paper Co lot con g 68 11116 F -A 103 1.41 991 / 4 106 net X 61, 51 1,1 gr incomes. 1911 A-0 Consol cony s f g 55 19:35 J -J 851 / 4Sale 85 851 / 4 37 78 86 Int blercan Marine 4/ 1 4s 1922 A-0 Iut St Pump 10-yr cony. Us'13 J -J / 4 101.06 06 90 1001 99/ 1 4 Sate 991 / 4 &lit Navigation lets f581929 F-A Dackaw steel 1st y; 56.-1923 A •0 96,2 971 / 4 98 98 '2 84 Man Bch 98 & L gen g 44 1949 M-N Nat starch fg Co 1st(5 66 1920 V1-N 8312 Aug'07 90 Newp Ne Ship & I) D56,11990 J -J ...... Nat Starch co s I deb as 11123 J J 70 Apr'07 N Y Doak 50-yr let g 46 1951 If-A N Y Air .tirake 1st cony (Is '28 M-N 1071 / 4 106 107 94 87 107 Providence see deb 48 1957 Nt-N Repub I& S 1st& coltr 58.19:14 A-0 97 14 Nov'08 086$ 9212 Provident Loan Sot,4124 1921 11-13 us Leath Co 6 t deb gds 11/13 5-8 105 Sale •55 105 5 ,01 107 St Joseph Stk Ida 1st4126 1930 J -J US Realty & con v deb g 53'24 8534 gale 8472 86,512' 84,5 1161 / 4 -It L Ter CuppleaStat'n& Prop U S -steel Corp— j coup .61963 NI.N 1021 / 4 sale 102 103 341) 86,5103". Co 1st g 41 / 45 5-20 year-1917 J MN 102 Sale 1021 SI 10-60 yr Os. reg / 4 103 1 8534 1036$ o Yuba Wet Co con g 6s 1923 J•J Va-Car Chum col It bs g 1912 A-0 1051 / 4 / 4 1, 89 1051 / 4 1051 / 4 Sp Vat Wet Works let 66 1906 M'S 1061 Westin,.house E & Me 158 '31 J • J 93'2 salt 111,5 1141818 67 144½ U s Red & Rat 18t, ste 66 1931 No price o'rutay; dated' old and asked tlus weeli. a DUO J an b Duo aeb et Duo A.pr eDiesay g Due J'as 13,10 92/ 1 4 Sale 92,5 921 / 4 1 83 94 10044 J'ne't)2 41 Oa'06 100 Jan '011 160— 100 ; 45 7 Apr'08 4 421 / 4 47 • 6984 Sale 68/ 1 4 70 4, 418 63 72 I 85 85 83 44 75 84 • 50 Feb'02 ...... 96 Aug'08fie . *lir , 91 93 93 Nov'0886 93 1 86 Oct '07 bIl May'uti 87 .-eirbey'03 11.)012 -irr. ...mew memos. 90 112 3-11iVi4 11312.19y 100 90 Nev'U 78 -vr Duo ply 'Duo Ilet 80plasui Gals ; OFITCAGO STOOK EXOTIANGE-Stock Record-Daily, Weekly and Yearly STOCKS-HIGHEST AND LOWEST BALE PRICES Saturday Nov 14 Monday Nov 16 Tuesday Nov 17 Wednesday Nov 18 ThUlsday , Friday Nov 20 &ties en the IVeek Shares STOCKS CHICAGO STOCK EXCHANGE ' ----Railrons:_-__ _ ,.... *180.. __ *180 185 *180 180 180 *180 185 3 Chicago City Fly 185 100 *212 3 *212 3 *2 -3 Last Solc 212 *212 -3 Oct'08 ____ Chicago & Oak Park_100 *712 10 Last Sale 834 *712 10 Do pro *712 10 _ *712 10 100 *112 - *113 116 *113 116 *113 115 Last Sat( 110 Nov'08 --_.. Chic Rys part ctf Sep'08-*4612 -47 4614 4014 4618 461, 46 4612 4618 4618 45 46 737 Chic Rys part elf "1"."2" *2112 24 2338 2338 2338 2338 - 23 24 *21 *21 23 23 200 Clfc Rys part ctf -12 14 1112 1112 *11 *11 14 *11 14 *11 *11 25 Chic 113's part Of' 12 4" ,'3".:-23 23 22. 2234 22 2314 2338 23 23",13 2234 23 2278 615 Chicago Subway 155 Last Sau 4 May'08 ____ Chic Union Traction_100 __ Last Salc 18 Do pref July'07 ___ 100 47 47 *44 47 *4612 -43-----*44 48 -4-6 *46 -47 47 64 fans City Ry & Lt_100 *8312 85 *84 87 84 *84 *8212 84 83 8314 *83 Do pref 25 87 100 1634 *16 17 16 17 17 *16 *15 1712 17 17 Metropol W S Eley_._100 192 17 45 45 *4312 45 *4212 4512 45 *4312 45 45 45 Do pref 45 100 45 _. Last Sale 4612 May'08 ...- North Chicano Street-100 Last Satr 15 *15 16 *15 -1-6 *16 -20 *17 ____ Nov'08 .._ Northwestern Elev_100 Last Sat, 4833 Sep'08 _ _ *47 55 *47__ __ 50 *47 Do pref 100 *47 50 55 55 *53 55 55 53 *53 *54 *53 55 53 South Side Elevated _100 56 170 3234 3 ;38 ,270 Streets W Stable 0 L_100 3314 3353 3314 34 3238 3334 3314 3334 3338- 34 *100 ____ 100 100 *100 • __ *100 _... *100 101 *100 100 Do pref 5 101 Last Sale 28 June'08 __ West Chicago Street 100 Miscellaneous 914 912 958 10 914 938 100 914 934 834 918 812 878 3,817 American Can 100 7438 7512 7458 7478 7412 7434 7312 7418 73 7458 75 Do pref 74 1,814 __ *175 Last Sale 160 __ *176 ___ :1.76__ *176 Oct'03 __ American Radiator-100 100 *124 128 127 118 0125 fio *123 fio *128 138 *127 Do pref 135 327 5814 59 *57 5814 58 574 60 60 60 5714 58 58 370 Amer ShIpbuilding_100 100 *103 .-- *104 -_ 104 104 *104 __ *104 106 *104 Do pref 106 6 Last Sat, 10 July'08 -_Amer Straw Board 114 114 100 1 118 112 114 114 114 3. 8g Booth (A) & Co 114 100 6 6 534 6 6 514 6 6 Do pref 373 *578 6 5 5 55 *54 *51 55 5412 5412 *51 56 65 *54 *51 56 3 Cal & Chic Canal & D_100 Las! Sale 147 May'08 . Central Trust Bank-100 -- ____ _-118 *1 118 *1 118 *1 118 *1 1 1 *1 118 -51 Chic Brew'g & Mait'g *__ 4 *___ 4 __ ___ *__ *3 4 4 2 Do pref 2 100 28 28 2912 2912 2812 2918 28 *2712 2812 28 28 2818 565 Chic Pneumatic Tool-100 129 13014 12012 130 12712 130 12612 12612 12612 127 130 13012 1,295 Chicago Telephone-100 Last Sale 214 -..- ---- -- ____ ........ _-__ ......_ ____ Do rights Mch'08 _ 4.1212 ___ 114 114 114 11411 114 114 1,11419 115 *114'2 115 -105 Chic Title & Trust___100 10838 1-0812 10814 10812 10814 10812 10814 10814 10814 10814 108 10811 966 Commonw'th-Edison_100 100 13312 13352 134 134 13418 13412 134 134 134 13412 13112 131 1,150 Diamond Match 100 35 35 *35 36 *35 *35 • 36 3514 • 3514 *35 36 36 100 Illinois Brick Last Sale 42 Nov'08 _.__ Masonic Temple ---- ---- -___ ----_ ____ Last Sale 212 June'07 __ Milw & Chia Brewing --- ---- -- --- -- ----_ ___ Do pref Last Sal 20 _ July'08 _ - - •- Biscuit 100 16 55 16 55 16 ii512 16, :„.... ,- 89 8918 gi71 National 100 Do pref 11613 11612 *11712 119 *118 119 *118 119 36 11712 11814 '',/,17 118 100 *80 85 83 83 *83 83 83 8134 82 83 355 National Carbon 83 82 100 Do pref Last Sale 10914 Nov'08_ .. *10912 112 *109 111 *110 115 *110 115 102 9913 10012 7, 0014 101 •100 10012 10014 10012 10014 1013 e507 P ople'sGasL&Coke_100 49 4812 49 4834 49 ------ -- -49 *48 4978 49 49 425 sears-Roebuck com 100 97 100 Do pref 579 977 s 98 9812 973 4 4 9734 - 3 9738 984 974 98 98 98 100 10378 104 10312 104 1,642 Swift & Co 10418 10414 104 10438 104 10418 10334 104 124 124 12334 12334 125 The Quaker Oats Co_ _100 12212 12212 *122 125 *122 125 *122 125 pref , 100 Do 9712 98 98 98 98 466 *97 99 99 99 99 99 99 12 12 58 12 58 38 1,930 Unit Box Bd & P Co_100 12 12 *12 34 *12 58 3 314 31.2 314 338 338 333 100 314 358 Do pref 4,358 4 314 5,380 100 1514 Last Sale *15 ......_ -__ Nov'08 -- Western Stone *15 16 *15 16 *15 Mining Last Sale 3212 Jan'07 _ _ Bingham Con Mining- 50 Last Sale 10 Nov'06 _-_-_ Black Mountain -..... ---- ---- --__ ------Daly-West 20 Last Sale 16 Mar07 -- ---- ---- -7, ,...,,,,, ! __-..• w,,,,hnrd- Elliott_ _ 7,..01 0...). A Nov 19 *D. a., 112 8912 Interest Perlal Price Friday Nov. 20 Week's Range or Last Sate Lowest tqh641 160 Jan '24 180 J'ly 158 Feb 3 318 Aug31 7 Mehl6 10 Aug'28 8434 J'ne30 11312 Oct 213 38 Oct 3 47 .1'ne 3 20 Nov 6 2413 J'ly 8 934 Sep 22 13 Sep It 15 Feb 10 24 Aug 11 212Mch27 4 May2: 30 Oct I) 4734 Nov13 68 Sep 28 8612 Nov11 1214 Nov 2 19 Jan 22 42 Jan 6 54 May18 44 May 5 47 May2:3 1334 Aug 6 20 Jan 31 46 Aug Is 56 Mayll 42 Aug 24 71 Jan 13 2612 Apr 10 31 Nov17 85 Apr 20 103 Inc 25 Apr 13 31 May 4 4 Feb 13 4112 Jan 2 125 Jan 10 116 Apr 22 37 Mch 19 91 Jan 2 10 J'ly 7 1 Nov19 5 Nov20 40 Feb 2( 147 May 1 Oct 6 2 Nov20 21 Feb 26 106 Jan 3 34 Feb 25 100 Jan 4 80 Jan 3 113 Jan 2 30 Jan 22 38 J'ne 13 1038 Nov13 7512 Nov11, 160 Oct :2 12814 Nov11) 63 Nov11 104 Nov17 42 Jan 1) 30 Jan 11 100 fvfay13 56 Nov 4 147 May 6 118 Aug22 4 Apr 13 3012 Aug !, 153 Sep 11 '234 Feb '21 11412 Nov17 110 Oct 1 137 Aug 31 39 Jan 14 46 J'ly 19 J'ne23 70 Jan 3 10134 Jan 2 51 Mch 3 91 Mch23 8013 Jan 3 24 Jan 24 72 Jan 16 8812 Jan '2 11434 Jan 3 87 Jan :3 34 J'ly 17 112 J'ly 17 1134 Oct 30 20 J'ly 24 9234 Nov11) 120 Aug 5 85 Nov13 115 Nov 0 102 Novi:. 49 Nov11 984 Nov16 10534 Sep Si 134 Jan 20 100 J'ly l') 14 Jan 4 12 Jan 15 17 Apr 11 l'revWus Year (1907) 107 Lowest Highest 150 Meh 134 Nov 10 Oct 205 Apr 5 Jan 16 Apr 11 Oct 214 Dec 14 Apr 28 Nov 6834 Nov 17 Dec 43 Nov 3412 Apr 20 Sep 58 Apr 60 Nov 26 Oct 05 Apr 20 Meli 4612 Jan 614 Apr 1914 Jan 65 Jan 87 ,Tan 28 Jan 72 Jan 47 J'ly 2512 Jan 66 J'ly 90 Jan 34 Jan 99 May 35 Apr 3 Oct 714 Apr 60 Apr 3412 Nos 120 Dec 1404 Sep 112 Nov 130 Apr .,0 Nov 8013 Jan 80 Nov 109 Jan 30 Jan 40 Mch 2e Dec 40 J'ne 90 Dec 111 Feb 45 Oct 64 Jan 165 Feb 165 Feb 1 Jan. 1 Jan 5 Au 612 J'no 21 De, : 51 Feb U5 Oct 13412 Apr 95 Oct 11212 May 77 Oct 8753 Oct 10812 Nov 12912 May :34 Nov 57 May 46 Jan 41 Aug 212 Jan 212 Jan 25 Feb 27 Mcb 86 Jan 5818 Oct 91 Nov 11734 Jan 50 No 8414 Jan 9734 No 120 Jan 72 No 9258 Apr 20 No 57 Jan 95 Jan 67 No 7512 Nov 11312 Jan 100 Nov 17312 May 85 Oct 10231Jan 214 Apr 34 Nov 6 Jan 1234 Apr 30 Feb 16 Dec 3212 Jan 1213 Jan 1614 Apr 20 Jan Chicago Banks and Trust Coninanies Chicago Bond Record BONDS , CHICAGO STOCK EXCHANGE Week ending Nov. 20. leange Range Since Jan, 1 1008 Li'ds Sold Range Since Jan. 1 190* Bid Ask Loto High No, Low Ilioi Omer Strawb'd lit 6s_1911 J - J -- -- 100 Mch'07 9912 1-0-1-1 Dam Av & F 0 (St L) 53'12 J - J ----- 10012Sep'08 --- 100 May'07 __ DhIc Board of Trade 9s1927 J - D 155 Vii8 fa" Dhicago City By 5s___1927 0 - A 104 Sale 10314 104 Dhic Consol Br &Mit Ss__ J - J ---- -- 103 Apr'04 55 Aug'07 ------J D 434s-1939 Trac Consol "Jhic ,- 9634 Jan'06 3blc Auditorium lit 531929 F - A .,-,.. ---- -__ ---55 3hic Dock Co 1st 4s 1929 A - 0 351 -87 Feb 06 --------A 0 6s_1912 Elec Dhlc N., Shore Dhle Pneum Tool68 75 7178 7178 3 a1921 4. - J 7178 72 1st 5s 9514 1021: _1927 F - A 110212 Sale 10112 10212 65 )h10 By Is 19114 Sale 91 8678 911, 9114 10 Chl..: Rys 4-55 series "A" 8412 22 8412 Sale 84 78 851: Chic Rys 4-5s series "B" 8614 10 8614 Sale 86 75 87 Chic Rys 4-5s series "C" 10114 Sale 10114 10112 21 1711 101.5 Chic Rys coil 68,... 1913 $10014 1001- 101 Nov'08 10014 101 nic Rys Fund 6s.:___1913 102 Sale 102 1021, a'i Ohio Rys Tern COB 1st 58_ 0938 1021,2 3hic R I & P RR 4s__2002 IM - N ---- -- 79 Nov'04 --._ _ __ C011at Trust g 5s___1913 M- 5 --- -- 80 Apr'04 ,lommonw'aith- Edison. --- 1 - 00 June 08 __-- 100 1001, Chic Edison deb 6s1913 J - J ----1 97 1007, 1st g 5s _ _July 1926 A - 0 il0C1 Sale 0078 10073 9958 9934 11 9834 1003, _1028 M - S I9958 Sale Debenture21 103 M - 5 103 Sale 10238 103 Commonw Elect5sb1943 5s_-_,. 93_ Dec . 06 -90 . .....,.. D J 5s_ ___1928 Tunnel Illinois 55 ..93 96 Oct'08 --an City Ry &LtCo 5s 1011 M. N 9612 --_ sAt 921: 9012Aug'08 -. -8 Knick'b'ker Ice 1st 5s-1928 A - 0 -.... -__ 80 881 Lake St El-lit Si ___1928 J - J ---- -- 80 Nov'08 ---16 May'05 -___ _ ..,... 1925 Feb -- __ Income Si 51etr W Side El21 8214 83 8018 881 1st 4s 1938 F - A 8212 Sale 7912 794 4 7512 85 Extension g 4s 1938 J - J I.- 80 1)0 Dec'Ob ---_ North Chic St 1st 5s..-1900 J - J ---- -__ 1st Is getundl nq g 4;0_1931 A -0 ---- -.... 79 Aug'06 No Chic CityRy434s1927 M- N ------- 7 - 5 Feb'07 7 88 43 86 -96.1: North West El 1st 4s 1911 It. S 884 Sale Dgden Gas Si 94 804 94 ' 8 1945 M - N 93 Sale 93 99 99 99 Aug'05 ......, Pearsons-Taft Ss 1918 J - D 99 ..-__ 94 94 Sep'08 ...4.40s 95 M S 94 -_ 06 06 2 96 96 4.60s Series E 96 M N 8712Sep'08 -4.804 Series F 9712 971; 9'712 IM N _ Sep'08 117 Peo Gas L&C 1st 8s__1943 A - 0 -- --- 10912 117 04 1027, Refunding is _1947 M - S 1024 Sale 10278 10278 10 10334Nov'08 --9712 104 Chic Gas 1.&C5s_1st 5s 1937 J - .1 I.- 104 9434 102 Consum Gas 1st 5s_1936 J - D 102 10212 102 Nov'08 ---98 100 Mut'l Fuel Gas 1st5s1947 M - N ...... _-- 100 Sep'08 ....., 961 944 0412 0 92 south Side Eley 4155.1924 J - J 9412 Sale 100110ct'08 -- 93 1001: ivvIft & Co 1st g 5s___1914 J - J 10012 101 85 Oct'08 -jnion El (Loop) 5s___1945 A - 0 580 85 8'J 90 Union Pacific cony 4s_1911 fl- N ____ ____ 114 Nov'04 ---47 -11/; 47 Oct'08 -nited Box Board col Os'26 90 May'07 --- __ ..... est Chic St 1st 5s-__1928 M - N __ ___ 6812 Sep'05 ---- __ ___. 1909 F - A ____ Tunnel 1st 55 1914 J - D 73 June'07 _ __ Debenture 6s 7212 8a 8014 Jne'us ____ Consol g 5s rcts_ -11436 81- N 87 Dec'06 ..- ____ Wes DivCItyRy 41.01932 J - J ______ 8512 Jly'08 70 85-1: Nestern Stone Co 58-1909 A - 0 .. .. . rrniQt ht:LIAA,1-47.7. .II (Minn°, -AT AAA -n ...,.....ari intpreet hn n (I nrIna. - NAME. Outstand lag Stock Surplus and Profits DP;idend Record In 1906 In 1007 Per- Last Paid fed 8 Q-M Sept '08, 2 8 Bankers National $2,000,009 31,343,328 6 An. Dee '07, 6 Calumet National 5 35,810 100,000 J-J July '08, 5 10 Chicago City 166,041 10 500,000 Commercial National Q-.1 Oct '08, 3 12 3,000,000 4,351,738 12 Continental National 12 41 - 1 seeptt :08:2 6 8 (Q 8 4,000,000 3,626,402 6 Cook Co State Savings_ 3,744 50,000 12 -J ct '08,Q 3 Corn Exchange National 3,000,000 9,991,217 12 Drexel State 6 Q-J et '08, 112 200,000 58,330 Drovers Dep Natlonal_ 8 Q-J Oct '08. 212 600,000 8 380,606 Englewood State 0 Q-J Oct '08, 112 200,000 38,956 3 First National 12 Q-M ept '08, 3 8,000,000 8,071,029 12 First Nat Engle. ood 150,000 170,206 10+10 10 Q-M Sept '08, 212 Foreman Bros B'k'g Co_ 1,000,000 511,998 Priv a40 5811a nQjk:s.11 jouclty :0 Dearborn NatIonal. Fort 08:213 1,000,000 432,166 6 amliton National 500,000 158,125 :.lbernlan B'k'g Assn Q-J Oct '08. 2 8 8 1,500,000 968,677 Kaspar State Bank J-J July '08, 5 10 200,000 110,951 10 Live Stock Exchange Nat 1,250,000 ___ Q -M Sept '08, 212 402,696 (.2-1" ov '08, 1 i Monroe National 4 58,719 300,000 Jan Mutual Bank Jan '08. 412 415 90,186 250,000 Q-J Oct '08, 2 8 Nat Bank of Republic._ 2,000,000 1,285,034 6 National City 489,046 1,500,000 National Produce 59,866 Began 250,000 65,556 North Avenue State 200,000 1;2;2 ; I n:e : ai11---.I J 0c OctO uetg 21:068 8 8, 19 1 1 9,540 North Side State Savings 50,000 6 Q-J Oct '08, 11g 39,807 Oakland National 100,000 83,789 Prairie National "50,000 if Q-M Sept '08. 2 (33,197 d311 500,000 Prairie State Jan '08,2 4 9,822 250,000 Railway Exchange ZJt-c-- 12 1906 122,261 Organ iced 300,000 Security 79,011 6 Q-J ct '08, 112 200,000 Chicago Savings South 9+ 61 Q i. -.1 1) r Ocnte ;08:3 1,000,000 1,313,790 State Bank of Chicago 6 164,101 250,000 Stock Yards Savings 6 42,886 6 M-N Nov '08, 3 200,000 Union Bank of Chicago 6 62,700 200,000 6 Q-J Oct '08, 14 Union Stock Yards State 8 . :2 211 . 0 08 08, 8, American Trust dc Sans- 3,000,000 2,575,820 -4J Oct J uu li yr' Q:-4 . . k8 Si Q 7 Q-.1 Oct '03, 134 Central Trust Co of DI_ 2,000,000 1,010,953 112,841 n500,000 Q-.1 Oct '08, 14 Chicago Say Bk & Tr 6 5,000,000 11,428,335 Q-J Oct '08, 14 6 Chicago Title do Trust 6,960 3 50,000 CitIzens Trust & Savings 3 A - Oct '08, 2 502,984 10 Q-J Oct '08. 24 600,000 Colonial Trust eo Savings 10 85,269 Q-.1 Oct '08. 2 200,000 0 Drovers Trust & Savings Apr. 13 1907 148,206 Organ Ind 1,500,000 Farwell Trust Co 2,000,000 1,978,111 First Trust & Savings_ ci:.1- Oct '08, 2 650,140 tiarris Trust & Savings- 1,250,000 Illinois Trust & Savings_ 5,000,000 8,351,149 O .-74 1-674 q Sept '08, 4 , Kenwood Trust & Savgs 200,000 44,166 111 1) 08 8, 1 Q Oct ' 2 (1-1 200,000 36,063 Lake View Trust & Savgs Q-J Oct '08, 3 Merchants Loan de Tr Co 3,000,000 4,809,548 12 12 Q-J Oct '08, 14 6 Metropolitan Trust & Sas, (I 254,104 750,000 Q-J Oct '08, 2 8 Northern Trust Co 1,500,000 1,861,871 J-J July '08, 6 Northwest Trust h Savgs 48,424 200,000 People's Trust & Savings 82,048 200,000 Oct '08, I 8 182,528 Pulfman Trust & Savings k500,000 Q-F Nov 18, 2 if 499,811 8 500,000 Royal Trust Co 5 Stockmen's Trust & Say. 200,000 17,397 _- Q-M Sept '08, 2 UnionTrust Co 1,000,000 1,101,066 Q-J Oct '08, 112 6 216,706 6+1 Western Trust & Savings 1,000,000 Sept 5 190$ ss bu$1ne Began Tr & Say Bank 46,165 Side 200,000 West Q-J Oct '08. 11g 6 Woodlawn Tr&Sav Bank 29,388 200,000 8534 ", Bin anti asked prices; no sales were made on this day. I Sept. 23 for national ban:ts and Sept. 24 for State Inst tutions. I No price Frldayi latest price this week. a Due Dec. 31. 5 Dun June. 4 Includes special dividend of 30% paid Dec. 18 1906. lc Capital Increased from 44_00,000; Dividends are paid Q-4 “a extra a .stock divIdend of 33 1-3% being declared In part payment therefor. n Capital and surplus to be increased. navxncutz Q.F. As of date Sent 1 1908. Nov. 21 1908,) 1347 THE CHRONICLE Industrial and Miscel dui A ek Consul Car ileating_100 20 2712 Cons Hy Lgt&itefrig_luu Consul Rubber Tire_100 TRANSACTIONS AT THE NEW YORK :8TOCK. EXCI1ANGE 2712 100 20 Preferred __ DAILY. WEEKLY AND YEARLY. 90 Debenture 4s 1951A &O 37 3c. 4c. Cons Steamship Lines 100 145, 197s Coll tr 4s 1057 rctsJ&.i 98 Railroad. Stocks. Corn Prod Ref See Stock Exc list U. 8 &rite &c.. Week ending Ferry Companies eCrucl ble Steel 100 8 81z Bonds Bond.f. Bonds. Par value. Shares. Nov. 20 1008. 12 ePreferred Brooklyn Ferry stock 100 ° * 58 $49,000 338 58412 B & NY lot Os 1911J•J 192 -9-5- - Ci.mberiand Ely Coppe1r0.15 $054,275 $80,575,000 $4,342,000 Saturday ellianiond Match Co-100 133 1:)5 N V & E R Ferry stk.,100 40 60 127,500 6,303,000 1,101,131 102,548,100 Monday D0inis irlion as cCoopoppeerr 60 0 lt, *Isis lite 137,000 1st 5s 1922 6,773,500 M-N 40 1,091,684 100,034,900 Tuesday N Y & Bob 5s May 46 J-D 193 6,164,500 325,000 96 1.133,631 109,609,900 Wednesday , Econ'y Lt & P (Joliet, 1111 Hob Fy 1st Is 1946M-N 3105 ) "4 31 4,021,500 242,000 / 4 1,054,382 95,087,000 Thursday 1st &I s 1 je Is 1950_J-1) 5 9212 95 N Y & N J 5s 1946_J-J 494 -9ti-103,500 4,246,500 1,284,432 117,540,700 Friday Electric Boat 30 100 . _22_ 26 10th & 23d Sts Ferry 100 20 . , 00 100 60 75 1st mtge 5s 1919 J-D 150 $6,319,535 $580,300,100 $30,851,000. $984,000 Total P Eleererretrf,ecVd Vehicle 3 10(1 21 eUnlon Ferry stock. 100 19 e erSr er ad te lre 100 5 1)0 elst 58 1920 M-N SO Jan. 1 (o Nov. 20. Week ending Nov. 20. Sales at 100 12 Short-Term Notes - New York Stock . E uPlpr el rtf Pre 100 50 1907 1907. 1008. 1908. Exchange. Am Cig ser A 48 '11__M-S 49654 972 eFederal Sugar of N Y Se.. Site E x list 64 96 eGeneral Chemical__ -100 59 181,140,582 \ Ser B 4s Mch 15 1211 S 59514 See 169,334,956 6,319,535 2,457,084 Stocks-No. shares__ ePreferred 10(1 97 mer Light & Tr Os-See Gas $580,390,100 $218,806,100 $19,775,997,925 $15,708,541,550 Par value Goidlield Cosol n Mines_10 *634 8 ; 7 $396,200 $400 $11,500 $136,300 par Bank shares, :2 Gold Hill Copper 1 8.4t, 12 101i, At Am lan 99178 1()) re o& asT teL l g1586/16 1_ 0M j-S j 16° Bonds. 1005, Greene Canauea $309,800 Halt & Ohio 5s 1909_NI-S 110014 $505,820 $30,000 Government bonds___ Guggenheim 19 1 0 1 4 1 9 15 114 100 20 Explor'n & Ohio 6s J1y1 '10J-J 110134 1V14 04,057,300 Ches $084,000 75,777,500 2,206,500 State bonds Chic It I & Pao Gs '09A-0 410014 100%. eilackensack Water Co 378,033,800 803,671,700 30,851,000 15,630,500 BR.and mIse. bonds Ref g 4s '52 op '12_ -J-J 85 88 Chic & W Ind Is '10_F&A 110014 1003? Hall 38 100 33 Signal Co 70 1 Cio n C 10 Ha &msdctD L45§.4 s.s.j'00n8e11!ii, $442,900,900 C $870,955,020 Total bonds $31,835,000 $17,867,000 Havana Tobacco Co_100 9 11 Slot 101 100 16 Preferred 20 C Eo rines6 os i,GAap sr65 s 11.0 91 0, 1)::A F:A0 110018 100)2 99 1st g 5s June 1 22_J-I) 30 DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA 55 interb R 'I' g 6s 1911 Al-N 31-61IEXCHANGES. 4 10112 Hecker-Jones-Jewell Mill 1st 6s 1922 51-5 100 105 Is Mch 1910 111-S 1994 995 Her'g-H.all-Mar. new_100 35 45 Kan C So g Is Apr '12_J-J 19634 98 Philadelphia. Lack Steel g Is 1909-AI-S 19812 9912 Hoboken Land & ImplOu Boston. 3/..s 195 07 e5s 1910 158 g 1910 M-N Week ending Bond Unlisted Listed 7 Bond 10 §10) 5 Lake Sh & M So 55'10 F A 310078 1011s Houston Oil Listed Unlisted Nov. 20 14108. calci. shares. Preferred shares. um 20 30 sales. Lou & Nash g Is '10-M-S 11005 ,101 dwres. .71zares. nu o.Realty Hudson Hex Cent 5s July 1 1910 199 iOU 1UU 100 110 $62,800 Mich Cent Is 1910-F-A 410034 101 I , 11-R et com _100 70 0,946 16,039 13,761 $422,000 36,834 Saturday 74,300 Minn & St L g Is '11 _F-A 190 ePreferred 100 90 32,961 473,500 21.738 26,009 58,324 07 Monday 75,066 Missouri PacificInternat'l Bank'g Co_100 90 95 13,947 35,702 207,000 32,487 42,619 Tuesday 112,500 fis Feb10.10 convop F-A 5 98 100 Int'n1 Mer Mar See Stk 12,582 Exc list 34,516 317,200 33,820 52,224 Wednesday Bateman 57,028 10012 Nickel 1 0J 8 94 5 1s 0 8 2 410,500 16,261 3100 24,074 Natofhiex Is 17,972 ext A-0 to'09 42,889 Thursday 118,900 N Y Cent 5s 1910___F-A 410034 101 Preferred 274,000 19,809 23,404 31,s63 40,195 Friday - N Y 0 Lines Ego 5s'10-lb 1412% 4% 1st g Is 1932--__Aeco 83 8712 Inlesrtnzat4mitilm palt 2-0 g $500,599 N V N H & fi Is '08-'12 410(112 102 6 , 14 7 273,085 Total _ 155,01212,104.200 166,74 94,343 Norf & West 58 191011-N 110058 101 100 5 9 Pa RR Is Itch 15 '10 M-S 410078 10118 interuat'l Silver Preferred 100 67 60 Public Service Corp 5s- See St Rats 1st Os 1948 55 0 510 54 0 10 StLMS'east 43.s '09_J-D 594 St L &SF g 4§is '08_J-D 3100 10018 Lackawanna Steel...._TOU A weekly review of the Outside Market will be found on a preceding page. South'n coil tr Lanston Monotype-20 *12i, 13 5s '09_ A-0 599 100 98 Lawyers' Mtge Co 101. 220 South By g Is 1910_1:-A 193 103 eLeh & Wilkes-B Coal 5U 07 iOiStreet Railways Bid Ask Southern Ely 6s 1911.11-N Bid Ask Street Railways 100 123 135 Tidewater 6s, 1913, guar 49012 100 Lord do Taylor Pub Serv Corp N J (Con) New York City Preferred 100 97 100 U S Rubber g 5s '09_M-S 1100 10012 jC Hob & Paterson20 Bleeck St do Put F stic_100 14 98 eLorillard (P) . pref_100 125 135 Wabash Is, 490 4s 60 70 May 10 g: 1909 1950-J-J 7112 1999 M-N 571 I 1st mtge 45 Madison So Garden_ 10034 40 WestIngh El&M 68 1910 498 100 So J Gas Eltic Trao -100 120 e B'y & 7th Ave stk__100 121 140 2d Os 1919 M-N 75 Gu g Is 1953 M-S 409 -968 25 mtge 5s 1914__J-J 93 100 eNianhat Beach Co.-100 Railroad '2 No Hud Co Ry6s'14 J-J 4107 103 Con 581043 See Stoch Esc list Manhattan Translt__20 *212 234 ,j -J 1104 108 Chic Peo & St L pref_100 5s1928 B'waq Surf 1st 5s gu 1924 409 104 12 ii, Mitchell Mining Deposited stock Ext Is 1924____M-N 1100 102 e Cent') Crosst'n stk.._100 90 130 12 M 5 10 *'4,2' 8 11 Undeposited stock____ Pat City con (Ss 31 _J-D 1110 ... -12 1onongahela HCoal_5 e 1st mtgc 6s 1922 _M-N 95 110 rr Preferred 90 -ii1-2 Prior lien g4 5-§s'30M&S 80 2d 65_1919 opt A-0 1100 -80 e Con Pk N & ER stk 100 50 6,) Mortgage Bond Co..._100 95 99 Con rn tg gl5s 1930.J &J 45 92 So Side El (Mile) See Ch lcago list e Chet'r & 10th St stk 100 75 512 Nat Bank of Cuba-WO ta IN Income 158, July Col & 9th Ave 5s See Stock Eire list Syracuse R T Is'46_M &S 100 105 National Surety DryDEB&BTrent P & H Is 1943.21-D 495 100 Chic Subway Nevada Cons'd Coppe1r0 _5 0 * 13 15 9 1930_--2Ft W & Den Cy std_1 25 10023 1914 10 00 9 United Rys of St L95 e 1st gold Is 1932 __J-4) 90 Nev-Utah Min & Sm-10 *3 318 Nat Rys of Mexico 21 1958 100 Corn vot tr ctfs 35 65 e Scrip 55 1914_ ___F-A 50 Prl lien 4 §is'57(w 1)J-J 59012 9112 eNew Central Coal__ 2040 6012 100 60 e Preferred Eighth Avenue stock_100 200 270 N J Ter Dock & Imp_100 Gen M 451977 (vvi) Exo list A-0 Stock 48 1039__See Gen 101 6s 95 Scrip 1914---F-A e ' 2 13712 8412 NY Alr Brake os See Stck Ex-e- 1-iii11212 North'n Securities Stubs_ 4S3 Unl tRys SanFran See Stk Exc list e 42d ec Gr St F'y stk_100 215 205 Pitts Bess & L E 40 35 N Y Biscuit Os 1911_M-S 100 . 50 *32 100 3.3 43d St M & St N Ave.,100 30..... Wash Ry & El Co 100 _. 378812 90 Preferred 68 eNew York Dock 100 ' Preferred e 1st mtge Os 1910..M-S 195 -99 ePreferred ) *6° J-D 8712 89 eRallroad Securities Co!! 4s 1951 60 2d income as 1915-1-J 50 92 N Y Mtge dc Securi ty.1 . 8- 11 1(.11 1-3 43 Ill 0 stk tr cfs ser A '52 87 Inter-Met-See Stk Each tango list N Y TransportatIon_20 Oas Securities 3 4 Seaboard CompanyLox Av &Pavlo Is See SU; Exc list Mies-Bent-Pond com_100 95 100 1st preferred 100 New York Metropol St Ely-See Stk Exo list Niplssing Mines Com & 2d prof-See Bait pEfEC12 list Ninth Avenue stock .101) 160 190 Cent UnGas Is g '27_,T&J 6912 10112 eOntarlo Sliver 100 5 '14 118 -1,11: 1 Seaboard Air LineSecond Avenue stock_100- 60 Con Gas (II Y)-See 5th Exo list Otis Elevator corn--lig II 9417 Coll Is eat May '11 M-S 92 100 194 153 e 1st mtge 5s 1009_ M-N -95 08 e Mutual Gas Preferred Union Pacific 4s See Stk oh list New Amsterdam Gas79 76 Consol Is 1948___F-A Pittsburgh Brewing_ -50 41934 2014 1st consol 58 1948 J-J 110012 10112 * Sixth Avenue stock_1011 118 138 Industrial and Miscel Preferred 50 *39 40 NY dcERGas lot 58'49 4-J 4.104 108 85 Sou Boulev Is 1045-_J-J 160 ebur itnts ma gn h ufCaocatiu_rS ) Stk uu . ineeg._i Adams Ear) tr 45 1997 J-13 5934 9378 r Ex_ . ..c list Consul Is 1945 J-J 495 .00 95 So For 1st Is 1910_ A-0 185 Pope it 25 120 Ahmeek Mining 130 4:1 N Y & Richmond Gas 100 35 Third Avenue-See Stock Exc list preferred 100 100 Alliance Realty 30 32 - 115 Nor Un 1st Is 1927-M-N §95 100 90 Tarry W P & M 58 1928 70 2d preferred 100 1 3 Allis-Chalmers Co 1st rotg 85 e Standard Gas com_100 a ____ 75 YltersStiti.158 1046 A-0 75 8 I Is 1936-See Stok 00 Exch list Pratt & Whitn pref_100 95 10212 e Preferred 100 n 70 100 30 15 28th & 29th Sts 1st 5s '96 American Book 1st 5s 1930 140 11415712 Realty Assoc (13klyn) luu 135 111-N 5100 106 O Twenty-Third St stir 100 250 325 Royal Bak Powd coin 140 150 American 100 Brass Other Cities 107 97 192 1942 FA Union fly 1st Is 11:000:3 4 Preferred 15 0234 Chicle con1.100 0 4 American Amer Light de Tract-100 115 117 195 80 116 04° 5 4 Westohest 1st 5s '43 J-J 465 ii9 4 Safety Car Heat & Lt-lUU lb Preferred Preferred 100 97 5134 -iif398 19 216 Brooklyn Seneca Mining 25 *__ 55 A m n eGr 111 0 Cu) Preferredr a Hardwarep c o m tr g 6% notes-A-0 h ° p h o n e 110 115 100 Atian Ave 5s 1009___A-0 198 Singer Mfg Co 50 178 2 9812 Bay State Gas 100 x40 5212 A-0 190 Con 158 g 1931 Standard Cordage_ b00 1W( 1 ElInglft'n (N Y) Gas Wks B B & W E 58 1933 A-0 95 103 1st 51 g 511 '31 red_ A-0 23 AmMaltIng 6s 1919--J-D 103 167-27 1st g Is 1938_ ,...A&O 497 100 Brooklyn City stock_10 100 197 Adjust Si Is Apr 11911 Amer Press Assoc'n_100 900 212 3 Brooklyn Union bas deb 1.f0i. Con 58-See Stk Exch Exc list 35 Am Soda Fount com-100 i8 t S andard Coupler e,om10() 30 Os 1909 See Stk Each list Bkn figts lot 5s 1941 A-0 95 100 Preferred 5 100 3 41 1st preferred 30 110 9 100 Buffalo City Gas stock100 100 10 5 Bkln 0 Co & Sub See Stk Elm list ta Milling Co_10U 100 10 25 preferred 12 2 Standard 1st Is 1947-See Stock Exc list Bklyn Rap Tran-See Stk Exc list Preferred e Am new__A _Io 0 (, Found i St 9 180 1 912 _J-J 40 of N J Is '30 90 Gas Con 100 75 Bklyn_100 e Coney Isl & 1st Is 1930 68 1035 100 1st cons g 4s 1948__J-J 76 81 Consumers' L II & Pow‘1 1-0N Deb 4s 1023 (wi)..F&A :436 0 x66 45 _. 67 Standard Oil of N J85 1. 66 8 86 J-D 1100 58 1938 Brk C & N Is 1939_,J-J 93 100 Swift & Co-See Bost Stk Ex .list Am erican Surety 50 200 Gr'pt&LorSt 1st 68_14&N ..... -. Denver Gas & Elea _100 9318 -93th 1st 5s 1910-1914-J-J 310012 101, American Thread pref_5 *414 91 Gen g 5s 1949 op-M-N 89 Kings C El 98-See Stock Exc.. listeTexasdc Pacific Coal-100 355 75 90 _ Elizabeth Gas Lt Co_100 275 _. Mn Tobacco Co com_100 Nassau Elea prof. ___100 . . as Title Ins Co of N Y__100 105 110718 . Amer Typefders com -100 36 Is 1944 A-0 iiii. __ _ Essex & Hudson Gas_ 100 122 100 94 Preferred 98 Tonopah Min (Nevada)_1 *7 -60lot 98 1951-See Stock Exo Hsi- Gas & El Bergen Co_100 65 4 Amer Writing Paper-100 8 2 234 Trenton Potteries com100 PI W'bg&Flat lot ex 4 §,§s 100_. e Gr Rap G 1st Is '15-F-A 0812 101 Preferred, new__100 50 100 1812 20 55 Preferred 100 111 113 Hudson Co Gas Steinway 1st 6s 1022-J-.1 4100 11-0 100 30 40 1st s 1 g 55 19 op'09-J-J 85 87 'Prow Directory 23 Indiana Ltg Co (w. 1.)... 20 Other Cities Urflon Typewriter com110000 Barney & Smith Car-100 60 85 4s 1958 op (w. I.) _FA 50 Buffalo Street Elylst preferred 100 107 109 Preferred 50 25 40 lit Oonsol 581931__F-A 110112 10612 Indianapolis Gas 3d preferred * 16 512 0:4214 1; 44 Bethl'in SteelCorp- -Se 1e 0 58 0 tk 165 -1E 0 ;12° list 1st g 68 1052 A-0 §10312 106 A-0 484 Bob Os 1017 ferBrk Unpitred e0Note Corp-_5U *58 Bliss Company corn_ 5 115 120 96 Columbus (0) St Ry_100 9102 9812 Jackson Gas Is g '37_A-0 491 Preferred 122 105 107 100 Kansas 100 City Gas Preferred eUnited Cigar Mfg.P1-100 : Bond & Mtge Guar.-1 10 00 3 14 0,4 ) -e Laclede Gas 9 3 100 76 81 9 39 7 Colum Ry con 58-SeePhl la list United Copper 10 50 Borden's Cond Mlik-100 139 e Preferred _100 85 100 Crosst'svn 1st Is'33 J-D 1100 105 ijiPreferred 100 Preferred Madison Gas Os --70 1926..A-0 -1105 107 sConn Eli & Ltgcom_ 100 08 S 100 Casualty 5 *778 8 British Col Copper Newark Gas Os 1944 _Q-J 1128 131 80 ePreferred 100 75 U S Envelope com-1011 Butte Coalition Mlning 15 *2678 27 91 100 65 80 Newark Consol Gas-100 00 Grand Rapids Ry ePreferred 100 IN" sere InfeC rroeo df Am com-100 2 3 e Con g 5s 1048_ 100 78 83 J-[) 1104 105 Cap Preferred U SSteel Corporation-100 100 43 60 s Loulsv St Is-1-9-3-0-__J&J 1107 10734 No Hudson L H &-Pow8 I 5s '51 opt '11 $112 . 118 Col tr Amer-100 Co of Casualty 130 120 1938 Is 1102 Is '24 J-1) 103 A-01 95 lot & Dos Lynn Col tr s f Is '51 not opt i112 llf 100 125 130 1478 15 Pat & Pas Gas& Elec-100 80 -Il5 Celluloid Co e New On Itys & Lgt_100 U S 'lit Gu & Indem_101.1 60 69 ti 10 e Con g 5s 1040 M S 1101 103 Cent Fireworks com 100 100 35e Preferred 100 40 50 sUtah Copper Co-See &It FAG US$ , Preferred 93 Gen Hg 4 ;is '35 See S tk Ex list St Joseph Gas 58 1937-J-J 190 Waterbury Co. com...100 2 3 100 Central Foundry leiegr & telephone North Chic Street See Ch lents list Preferred --,....-1 100 14 100 17 Preferred 77 95 eAmer Teleg & Cable_100 75 Pub Serv Corp of N J .100 90 Westchester & Bronx Tit 80 00 Deb (Ss 1019 op '01 M-N eCentral & So Amer 11)0 105 103 74 Tr ctfs 2% to 6 %perpet 73 & Mtge Guar 100 195 210 .....1 Coil Is;notes '00.M- N 49612 0712 Comm'i Un Tel (NY)_25 110 120 Century Realty 100 _ Western Ice 70 Chesebrough Mfg Co-100 450 500 North jersey St fly 100 25-- . Emp & Bay State Tel 100 60 *fps_50 .. .001 50 City investing Co_.-100 9712 s -- We tingh Air Brake_ 100 42 73- Franklin 1st 4s 1048 M-N 571 & Mfg West El 6s-Sse St F..xe US 71 eGold & Stock Teleg _100 104 110 eClaflin (H B). com_100 90 -00 Cons Tract of N J__100 69 4 * 464 10 0 White Knob Min 100 90 95 40 elst preferred 1st 55 1933 Hudson River Teleph 100 35 JD 1103 104 9712 Preferred e2e, preferred_ .___100 92 New'kPasity Is '30 J-J 4107 108 eN Y & N J Telepla. _100 120 124 Worthing Pump pref-100 107 75 Rapid Tran St Ry_100 235 250 sNorthwestern Telei_50 102 110 Col & Hock Coal&I pf 100 65 90 70 J-J i 82 25 60 1st g 5s 1917 Pacific & Atlantic 1st Ss 1921 A-0 11013 Southern dr, A Him tin _ _ 25 83 08 Col tr 65 Oct 1956__J-J 1 95 101 •Per share. 4 Buyer pays accrued Int. a Ex-rIglats. b Basis. a Sells on Stk. Ex., but not very active. I New stock. is Nora. s Sate price. allm-dly4,j Volume of Business at Stock Exchanges Electric Companies Bid Chicago Edison Co See Ch Icago e Kings.Co El L&PCo 100 127 Narragan(Prov) El Co_50 &PowCo_10) 35 N Ye'reQErietil Pfer 100 68 United flee of N J__ wit 50 1st fr 48 1949_ _ .-1) 567 Ask list 130 94 40 72 Outside Securities 2,1 u : 16:0:: ...._. uI BOSTON STOOK EXCITTANGE-Stnek Renord. Daily, Weekly and Yearly Nil A :(1, Plii(Jr....- Nal'PEI; lite.,V 7'U 31 PRICE'S Saturday Nor/..14. . Monday Nov. 16. 2'uesday Nov. 17. W ednesday Nov. 18. 2 hursday Nor. 19. We, - q the le 7 may 0,colc e,arr Nov. 20. ' 9614 9614 *9814 9014 222 222 12614 1273; *220 133 I-3:3 ---- --300 3-00 10 10 *___. 56 *3 10 *50 52 149 149 0618 0618 *9(08 963/ *9514 9512 05 9514 9458 95 *9812 9912 *9878 094 *9914 10014 9834 9834 *91312 9912 222 222 222 222 22214 22214 223 223 222 222 126 127 121 128 12612 12712 128 12914 12912 12934 222 222 *212 _ _ 225 225 *225 __ *222 _ 13212 113 13212 133 133 133 1-3:3 133 133 131 150 150 ---- ---- -- --- ___ _,_ 300 300 300 300 *300 - 300 300 *300 , 10 10',. 11 11 1034 1034 1034 ‘1-03-4 * 1 -1-1------*50 59 56 *55 *56 58 56 59. 9 10 9 *313 To812 812 *812 10 *8 50 *__-, 52 50 52 50 50 50 51 50 ..._ 150 14712 14713 149 149 *____ 150 *...'_, 150 *_-Last Sale 120' Nov'08 Last Sale 16314 J'ne'08 ---Last Sale 13314 Oct'08 260 _ 130 128 130 *130 130 128 129 127 127 *iii 7634 7712 *77, 78 7612 -7-717712 7712 7734 --773. 7734 7734 81' Last Sal. 'll *80 81 *8)8 81 Oet'08 *80 *80 81 ___ ____ „..... ____ ..___ ____ ____ __Lest Sat' 190 Sep'07 1112 1112 1134 113 1112 12 1112 1112 13 12 11 12 5634• 55 55 57 551, 5412 5412 57 55 5734 5634 5734 --- ---Last Sal( 1 838 Apeog 159 159 158 159 15912 fiiii- iiiT2 fEcii; Ho" 15917 15912 160 __ ____ Last Sal( 140 Aug'08 _ _ Last Sat, 205 ()epos ..10L KS BOSTON STOCK HXCHANGE 1..aivit .tnte. Jan. I loos Lowest litilhe31 I e anyc un prereaut• Year (1107 LOUTS 11 loheS1 RAM 0,, us 061 Atch Top & Santa Fe_100 67% Feb 11 9614 Nov , 6/17N ,,, 10713 Jan 1 Do pref. 100 8112 Mch 3 9834 Nov 1 H. 1. 0 Jan 71134 No 81 Boston & Albany-.100 18112Jan 2 223 No', 19 180 D:t: 340 Feb 3,231 Boston Elevated 100 125 Feb 17 190 Jan 1, 11734 No, 152 Jan 102 Boston & Lowell 331 ,i011 100 200r4 Feb 31 225 Nov11, 200 iii 259 Boston & Malne 170 May 100 114 Oct 22 140 Jan 28 I 129 No b Do prey 100 136 Feb 1:. 156 Jan 22 150 Oct 165 Jan 18 Boston & Provldence_im, 284 Jan 10 301 Nov111 287 Oct 301 Ecb 295 Boston Suburban El Cos 9 Mob , 13 51, 1•/ 8 J'iv 15 Feb 400 Do prat_ 45 Jan 31 58 Nov17 67 Jan 50 AU 25 Boston & Wor Eke Cos-. 2834 Jriti 16 No 812 Nov1.9 17 Jan 25 230 41,34 Nov 5 602 Jan 11 Do pref 80 Jan 55 No% 33 ChIc•Junc Ry & USY.100 126 Jan 2 1 J'nr 11 128 Dee 160 Jan ____ Do pref. 9934 Oct 120 Jan . 100 102 Jan R 120 Nov 1 ____ Con & Mont. Class 4_100 16314 Mch 6 165 Mch • 110 Oct ' 188 Feb ____ Conn & Pass My prer_im, 13314 Sep 26 138 Apr 21 152 J'I% 156 Mob 10 Conneeticut River. -.101 244 Jan 14 20 Nov11- 244 Dec 280 Jan 236 Fitehbure pref 135 Jan 116 No 101 117 Jan: 2 131 Apr 21 302 (18 Ry• & Electric lot , ,, Apr 27 79 Jan 2, 6912 Doe 114 Mull jot. 131 Oct 19 81 Oct It __ _ _ Mch Do pref 148 73 (jet 10,, __ Alaine Central. 190 Au, Ms Jan 2,358 Mass Electric Cos 13 Nov11 2013 Jan 514 Jan 1 100 7 Dec DO prof 1,826 711; Jan 100 40 Jan 2 68 Nov 1 :7 Oct ____' Mealean Central . __ _ _I 01, 1538 Apr 25 19 MeliL) 253-4 Jan 14 Not 806 N Y N II & Hartford 1011 128 Jan 6 161 Nov 1, 1271, ,No, 1901. Jan ____ N orthern N 1-1 . 100 140 Joe 24 145 Apr 1 145 Dec 100 - Ja n __ Norwich & Wor pref_100 200 Apr o :05 Feb '1 205 Ni, 226' Feb 175 Jan 11 192 Nov16 175 Oct 29014 Jan 5g old Colony ,1 55 ____ iiii fif iiiii 1116 Igo 19034 191 191 _ 27 _ _ 28 _ 28 210 Rutland pref 28 100 l''5 Jan 16 29 An, '? -- 26 26 95 Jan 25 No, 8712 8712 1/13 9914 8811 88 -89 2812 'cattle ElectrIc. 8914 8914 82 Au, 106 70 Feb 1/ 8914 Nov21 04 Jan *87 • _- 87 08 98 OS *98 • , -- *98 „ Do prat 98 49 *98, 8334 Not 103 Jan - 9814 99 100 18% Jan 2 1,9 Nov10 18034 1-8212 17914 18114 8,290 Union Pacific 100 11013 Mon '2 114 Novl 181 1-81-3-8 180 18134 18214 183% 182 184 1. 013 Oct 1821. Jan 7834 Apr 4 97., No', 17 Do pref 217 9614 9714 *9514 -„.-_ 1834 Nut 9633 9731- *9612 9112 *9614 -,____ 93 - Jan *9612 971: 0634 97 ___, _ _ ___ ___ ____ ____ 4 A ermont & Mas160 160 100 150 Jan 13 It,))Nov 10 14518 No s170 Jan *89 --- 89 *MI -89 20 West End St 1 89 801 8 /4 Dee 88 50 76 Jan '2 9112 Sep lb 95 Jan 8812 89 50 96 Jan 2 .07 Nov ll. ___ 10612 100: 106 106 *1136-----------8 Do _pref 94 Not 110 Mch *10612 --- 10612 107 LastSale 140 sep.08 ........ Wore Nash & Roch--100 138 J'ly 9 140 M5,3 140 Au 197 Jan Miscellaneous 26 Jan 10 Oct 3312 3214 3234 3158 325,t 25,787 Amer Agricul Chem...100 13 Jan 3 1313 Nov18 324 32 3014 31/3 3058 311^ 31 7212 No, 94 95 Feb 943, 9914 95 95 Do pref 94 471 9412 95 05 9478 95 95 100 77 61c1,17 9513 Sep 7 812 712 .71: 7 778 712 733 814 814 12,386 Amer Pneu Service 814 31. Not 73 1434 Jan 312 9401. 4 Feb 19 50 91. Oct 1812 1913 1834 1034 19 33 Jan Do pre! 1712 1734 1734 18/7 912 Feb 21 21 61103- 1 1f34 19 1978 9,127 50 100 9914 Jan 2 13753 Nov 1, 93 -.Dec 13714 Feb 13131 13514 13214 13317 13214 13258 13312 1331. 13214 133 . 3.767 Aniet Sugar Renn 136 136 131 1311. ,31 131 130 1:303, 130 13014 130 130 0130 Do pref 241 13012 109 106 Feb 1/ 172 Nov 1, 105 Dec 13131 Jan 8914 Not 13412 Jan 13112 1323-p 13113 13212 13134 1323; 13114 13218 13114 1315 13038 13117 22,946 Amer Telep & Telex_ _i00 99 Jan 2 13212 Nov11. 31417 Jan 1314 No, 16 Jon 3 3134 Nov 1, 106 622 American Women 29 *29 29 31 31 3114 31 31 3013 3113 31 31 9513 96 69 Oct 1021. Jan 95 9517 95 9573 9614 95 Do pref 9517 0434 95' 1,497 7734 Feb 19 116,.; Nov lb 96 100 . 312 J'11,. 4 - Jan 3 Mc, Boston Lan d _ *3 :358 *3 3 Jan 7 352 *3 358 *3 358 Last Salt P,12 June'08 _ _ V* 931, Not 115 Jan 125 125 *125 12534 U 25 12134 *12512 12534 12534 126 *125 ii3 Cumber' Telep & Tel_100 9612Jan 11 126 Nov11 ,,.1914 Nov 4, 1434 Jan 9 *1958 2618 *1958 2013 1914 1914 *1512 1012 *1834 --9 25 Feb 1212 Oct 10 Dominion Iron ec Steel-1 813 -83, 8 818 *778 814 7 7 8% N ov 14 734 734 ____ 671 East Boston Land 414 Melt 13 _ 312 Oct 914 Jan 250 250 250 .248 248 1 245 249 *245 250 , 336 Edison Elec Man__ _100 '201 Mchli 26017 Nov11 185 Not 230 Jan 250 250 250 155 156 *15612 157 15112 15513 1551: 155 15513 15317 154 lob 111 Jan 2 157 Nov13 182 General Electric 153 us Oct 162 JIM 57 726 4,inssachusetts Gas Co8100 49 11.1c1,23 1313 5,L0 .. 5718 5712 67 57 51 5714 871, 51 57 57 57 93 Oct ON Jan 88 8612 8613 87 *87 87 87 86 Do pref___ _. _ 8634 87 8717 87 lob 112 77 Jan 2 90 Nov 'I 8612 40! 75 No', ____ 215 215 *____ 215 *____ 21912 4.....- 214 215 215 215 Mt-I, 11 Mergenthaler Lino- -106 192 Apr 16 , 215 Nov , , k5 No 3 - ' 317 3 0,723 Aleafertn Telephone 212 217 314 314 *234 234 3 273 33 434 Jan 114 Dec lb 3 Oct 1 Men 2 70 67 100 40 Mch 8 78 Nov2 75 J'IY 651. 68 *64_ 790 N E Cotton Yarn 68 46 Jo 7012 18 6812 6934 69 90 90 90 90 Do pre, 90 *89 90 90 Jail 89 90 39 80 Oct 88 -88 100 75 Mch2: 90 NovIt, 383 12714 128. 127 127 127 126 128 124 123 306 \ E Telephone 127 12412 125 .6 No, 126 Jan 100 105 Jan 4 128 Nov 1. 174 174 699 Pullman Co 173 173 17313 173 179 179 173 174 173 17.1 100 '47 Jan 2 17412 No', 1. 137 Not 182 Jan 9 Apr 10 It, Feb 21 571 Fleece Button-Hole.... 10 9 Not 11 Jan *934 10 *934 10 *934 10 *4)34 10 978, 10 10 10 752 Swift & Co 109 104%10-13, 104 1041: 104 10412 104 10413 104 1041. 104 100 8812 Jan 2 10813 J'ly 3 i .7612 Not 113 Jan 23 20 J'n. 23 23 2318 *22 22/0 Jan *22 311 Torrington Class A.._ 25 20 Jan 3 24 Oct 17 23 24 24 23 23 23 May2: '2614 J'ly Oct 26 2711; Do pref *25 2412 Not Nov'08 __ *25 25 23 26 26 Last Salt 26 26 *25 *25 26 212 Jan 4, 114 11c112; 678 Jan 1 Oct - Union Cop L'd & Avg_ 25 Nov'08 *112 2 *113 2 *112 2 Last Sale 134 *11'2 2 J'ly 19 148 Dec 11412J5n 2 10113 _10(, 130 120 132 132 United Oct 132 130 131 Fruit 13219 130 13218 130 132 132 6 1,51-3. 69 Jan 36 Oct 6112 14,014 Un Shoe Mach Corp__ 28 3812Jan 4 6238 Nov13 6034 60 60 69 61 5014 60 6112 6 • & 593s 611 1 2r, 2478'Jan 3 . 0 Nov L 29 Jan 235 Not 29 29 29 2934 *9 202 2911 Do pref 390 2934 30 *29 2934 30 5((7 Jan 22. Oct 573 4 5638 563 5714 4 5434 563,' 32,186 1 1 S Steel Corp 2 Jan 2 5534 Nov13 5714 5814 109 . 573s 5818 5678 58 7912 Not 10734 jail 101, 8712 Jan 2 114 Nov13 11312 114 11334 114 113 11318 11234 113 Do pref 745 11312 11312 11314 119 1112 NoV13 4 Feb 3 9 Jan 4 Not 9 10 912 912 1345 li, est Telcp & Teleg 100 912 912 *8 75s 9 758 734 73.1 82 Jan 50 Nov 85 85 *71 Do prof Last Sale 75 85 . *75 Nov'08_ 100 69 Jan 4, 80 Sep I *75 85 *75 7812Jan 46 Nov 9 '2614 No', 194 Feb 18 Last Salo 1578 NOY-08 __-_-_ Westing El & 51 fg..._ 50 ......... --;- ---- ---- ---- ---- ---- ---50 3478 Feb 11) 444 Sep 1. Do pref 76 Mal , 80 Feb Last Sal( 4913 Sep'08 __ .._ ___. -_- ------ --- ---- ---Mining 1214 /Walt, 612 Feb 112 Feb 21 812 812 818 814 812 878 81.1 25 834 9 58 Nov 9 9 812 1,451 Adventure Con 40 *39 7414 Jan 20 Oct 40 *40 3814 3934 *38 3313 40 41 25 24 Apr 23 413, Nov , 39 3814 255 A lionez 8472 8534 8273 S514 41,875 Amalgamated Copper 100 45 Feb P. 8.818 Nov 4 8513 87 424 Dec 121 Jan 8512 8f34 8534 863 8614 87 53 Jan 19 Not 25 2033 Jan 13 30 d tir 2 27 2713 2634 271: 2612 2714 8,022 Ant Zinc Lead & Sm 273 2714 2731 27 2717 27 524 _ 52 26 Oct . 4914 4812 75 Feb 25 213 Feb 19 53 Nov11 68 Anaconda _ __- 5273 5272, --------_ 914 Jan 12 36 13 414 JAapnr 24, 13 5 ;4 5 _ .._.: 5 5 5 1538 Jan 234 Oct 514 514 1,294 Are/1(11am 734 Oct 5 281 :May 3814 3834 3353 3914 3812 3914 3712 3813 374 3834 3634 -i7-7-2 113 895 Arizona Corrimerclal.... 28 25 410 Feb 14 .90 Au..:, 7 .35 Sep 2 Jan *____ .75 *____ .75 *__ .75 *.50 .75 Last Sal' .70 Aug'Os • _ Arnold 18 1814 1814 18 1,1560 Atlantic 8 Apr 22 1913 Nov 7 18 1814 22 Feb 18 18 612 Oct 25 1812 18'2 *1814 10 10 .25 Oct 7 .15 Nov1:: .35 Sep 700 Bonanza (Dev Co)_ .80 Jan *.51 .54 --,. *.51 .54 .51 .51 .50 .54 '5.51 .54 3314 Jan 852 Not 1014 Al/r13 184 Nov11 103 8,886 BostotiCone&G (rots) 41 1713 174 17 1712 164 1718 1934 1678 1614 1( 12 16 23 231 24 . 2234 2314 2214 23 12,076 llos &C'rb Cop &SLIM :, 1114 Apr 14 2414 Nov 9 23 233 2314 23'7 23 2634 2734 27 3713 2912 27 2713 2734 274 28 3913 Jan 10 Oct 2713 23 15 1513 Jan 2 30 Aug 4 7,101 Butte Coalition 11814'120 125 12613 120 125 3,047 Calumet & Arizona__ 10 1)3 Feb 20 130 Aug 1 12512 126 89 Oct 108 Feb 119 120 118 120 690 690 67 Co Ioniet & Becht ____ 25 r565 Men 1 700 Jan 11 835 Oct 1000 Feb 685 600 685 685 x675 675 600 695 (390 600 25 21 Feb 10 3634 Nov 4 3434 34 3414 3312 34 275 Centennial 47 Feb *3512 3612 3512 3534 3412 3412 *34 16 Oct .25 Oct .52 Jan Jo..9 Molt 6 1 .45 Cold_ .25 Curs • 141(•reur 506 .41 .41 .40 .40 .39 .39 *. 39 .40 *.39 .40 *.40 .43 4414 Oct 105 Jan 8114 5,616 Copper Range Con o0-400 5518 Feb 15 8378 Nov 9 8112 79 8214 81 8112 81 8113 8134 8114 8112 Si 2012 Jan *1012 11 712 Dec 1012 1634 1012 1013 1012 1012 10 310 Daly West 10 *1012 11 7 Jan 3 117 Nov 1., 20 418 Jan 2 214 2% Nov t, 34 Not 214 V- *214 212 *214 213 214 1,250 Elm River 212 212 *214 12 .99 Men 6 6 Oct 2914 mell 25 012 Apr 22 18 Nov16 1734 1634 1712 1634 17 1614 1634 13.942 Franklin 17 163 1678 1614 18 587 nraphy Consolidated_101, 50 Jan ," 110 J'1Y 36 107 107 65 Oct 161 Feb 107 107 10512 107 105 • 10714 10412 105 106 106 17% Apr 614 Oct 678 Jan 2 134 Aug 3 1118 7,133 Greene Cananea 20 1118 1112 1118 lit I 12 11 U 1113 114 1188 1134 514 Jan '2 Dec 278 Jan 22 Oct'08 .,.., Guanajuato Consol 158 J'ly 2 Last Sal( 13.1 5 1112 Oct 3)312 Jan 23 23 23 23 2313 23 2,043 Isle Royale (Copper) 25 1734 Feb 17 2614 Jan 2, 23 - 24 25 312 23 -2?' 25 10 Sep 22 17 Nov 9 16 103 4,388 Lel:c Copper 104 1614 1612 16' 16 15 1513 1513 1578 16 8 Oct 30 Feb 1414 1414 1411 1312 14 14 14 14 14/2 14 14 2,615 La Salle Copper 1414 25 1214 Jan 2 174 Jan 14 014 Jan 838 Aug 11 214 Meh Is 25 28 Not 7 2,140 IASS Consol634 71,1 7 74 714 612 714 Oh 534 *038 04 .90 Not 134 Jan Last Sob .60 051'03 ___ Mayflower 25 .25 Jan 10 .75 J'ly 3b *.55 .70 -8,55 .75 *.55 .75 *.55 .75 534 Not 1514 Jan 14 Jan 18 4 Oct 15 6 61. 6 614 10:968 Mexico Cons Al de S.... 10 534 713 ' 418 418 412 478 478 534 1412 Nov 9 22 Sep 83 4 Copper 7 13 -1311338 1314 ----t 1314 1358 13 13,711 'cm 1311 1273 1312 1312 1378 2412 Jan 634 Oct 714 Feb '15 1512 Nov 9 14 14113 1434 1413 1412 14 25 1,460 Michigan 1478 147 1434 15 1434 15 9612 Jan 37 Oct 25 45 Feb 19 '/3 Nov 7 69 6934 70 70 70 70 10 925 Mohawk 70 6913 70 70 70 31. May 1 Not 133 Jan 29 Oct 9 10 Consol -40 ‘fonttina C & c 630 .58 .58 *.55 .60 .55 .60 .60 .60 *.60 .70 *.55 .65 534 Not 2012 Jan 83s Jan 2 2034 Nov12 1918 1912 1812 1917 3,702 Nevada Consolidated_ 5 2018 201" 2018 20.* 1933 20 20-34 203 11 Ma% 63 8 Oct '12 93 8 612 10 934 614 whorse 73 61 S. Mine's & 658' . 1,195 7 634 714 7 78 15 4034 Feb 19 81134 Nov "( 30 Oct 120 Jan 8712 8834 8718 8734 8512 873 12,530 North Butte 8778 8814 8714 88 8714 88 I' J'ly 31 *.60 .75 *.60 .75 25 .50 Jan 15 .65 .65 *.60 .75 *.60 .75 *.60 .75 200 Old Colony 12 Sep 212 Jan 57 18 Oct 013 Feb 5712 5814 5734 577 5734 , 5,480 old Dominion 5812 5914 5814 59 25 28 Jan 2 51113 Nov 7 58, 583 118 122 122 123 124 124 123 123 123 124 *123 124 25 77 Feb 14) 12514 Nov 7 71 Oct 181 Feb 225 Osceola 36 Jan 2834 '2914 2813 20 834 Oct 2812 2878 28 1,007 Parrot'(Silver & Copp) 10 1012 Jan 11 30 Nov 0 28 28 27 28 28 e3 Jan 114 Jan'26 12 Dec phoenix Consolidated 25 12 Metal Last Sale .90 Oct'08 _ 1 1 *____ 1 *____ ---1 I,--9612 07 97 97 7() Oct 148 Feb 99 98 9312 981. 0812 100 *98 98 25 77 Feb 19 100 Aug 1 iki Quincy -578 Nov16 2 Alch26 2 Oct e1234 Jan 25 612 512 514 51: 54 573 514 512 5•14 512 4.182 Dhode Island 512 534 33 Nov11, 712 Jan ill Not 23 153 Apr 3 212, 212 21., 214 212 233 231 278 338 318 8.555 Santa Fe (Gold &Cop) In 3 24 Jan 134 1878 1818' 1378 1814 1812 184 1813 1818 1813 1712 18 718 Oct 934 Feb 19 1914 Nov 9 10 6,631 Shannon 3112 3034 3313 7.312 -•uperlor 2 29 2914 295 30 291 2912 3112 31 25 14 Apr 3 3312 Nov20 197 18 1812 19 1812 1758 1814 6,579 Superior & Pitts Cop 10 1418 Oct 17 20 Nov19 19 191j 20 1 12 20 83 ' 81 *83 • 85 t 83 82 84 84 51 Oct 170 Jan 83 85 35 *83 25 56 Mch 20 88 Nov 7 575 famarack 4214 Jan 1812 1817 18 18 934 Not 1812 19 19 1914 193 1312 19 19 1,601 Trinity' ,- 25 1218 Feb 19 25 Aug 11) 7714 Mch 141,2 1413 7 Dec 1538 1533 1934 1511 08 Nov11 Copper 5151124 1434 1514 1412 1518 143 15 1612 100 710 United 91. 22 Oct 36 36 400 100 2334 Apr 16 36 Nov21' Do pref 712 Not In 13 3- 5 Doted statesCoal &On 25 9 Mchn 3134 Nov 13 30 2934 30 301, 3014 3014 2912 294 30 3014 30 '3 704 Jan 4J3 , 45 2934 Oct 4414' 45 16.350 U.S Smelt Ref & Min. 50 28 Melt 0 4678 Nov ii 44 4614 4512 4678 4613 4614 4512 46 49 Jan 4678 4678 4634 4634 1.671 47 47 217g Oct 4 lf 47 ' 963.1 47 9,134 47 Do pret 30 37 Feb 10 47 Nov11 ' 6 :. 634 614 4,807 Utah-Area Mining.... 5 614 G12 6 613 658 7 Nov 7 438 Sep'10 618 1071 632 OS 79 Jan 2512 Oct 5 2912Jan 3 50 Aug '1 463)13,039 tjtith con&olldated 4612 4718 4678 4714 4,6,4612 47 4534 47 , 464. 48 .034 473 4,040 Utah Copper Co_._ 10 2878 May 8 53 Nov 9 491,2' 5014 4853 4,914 , Ws 4912 471.2 4834 465 48 1158 Feb *5 al '5' • 5 5 473 478 312 Oct '473 5 .213 Apr 18 25 6 Nov16 5• '434' 43) 780 Victoria 14. 'Jan al,Nov 64 61,4 e712Atur 7 (312 613 25 61* 412.1a/1 2 61a ¢12 6)2 ni2 *612 7! 61: 343 WIncna 93 - Oct 198 Feb 150 150 *162 - 154 150 510 153 '153 25 11512 Jan 2 155 Nov 10 15214 153 153 '15:1 41 Wolvetlne ,rt. ,z,,. 91, 91., 91. 91, *21,1 858 Jan. 21. 23,, 21. • 214 21,, 1.5ns Wi/Andr,t. - -- 25 .50 MaY25 33,1 Oct 3 .10 Nov ilcitorc par 8 of assess.'ts called in 1907. * .81d and asked prl es 0 New stock. e Ass t paid. 19 Ex-stock cis's, . is Ex-rtghts. a Ex,d1v. and deb*. ya7 Boston Bond -Record. Nov. 21 1908.1 , ,.., BOA 03 -BOSTON STOCK teXCH•G b. Z.. WEEK ENDolo NOV 20 .1:', a. .4 Price Week's E'n iRange or Niro 20 Last Sale Bid Ask Low High -5.Z. 15 32- Range aince January 2 1349 14t/A1.P. 4..§.. ii0STON STOOK EXCWGE t. t. WEEK ENDINO Nov 20-.5.,.t litgh A.2 tow Bell Telephone 4e....1908 4 ..) 084,100 ' 100 .1'ne'08 92 Sale 911 92¼ 38( 7844 92¼ km Teter)& Tal ooll tr 4s.1920 J -J / 4 Convertible 4s.. . ....1930 M. 95% 1227 8078 95% 95% Sale 944 '78341 78 4 AM Writ Payer late f bis a 1919 ,I.J 117834 Mar'08 ,ILIonTop 4113 8 Ve gen g 4a..1995 A-0 9914 99411100 Nov'08 .... 90 4.1100 Li. AdJuetment g 4s....J'Iy 1995 Nov 81' 891 / 4 Sep 'Or .... 85 91 J'Iy 1995 M-N 90h Stamped 91 91 91 Sep'08 Beaton Elect Light 1st 68.101/8 M.8 1924 M.8 Conedl Os 110 b'e0'04. n & Lowell 411 1916 J -J 101 Bop'06 .. 1944 J.J oston ob Maine 4/ 1 43 104 IQ OCt 106 104 104; Won Terminal let 3/ 1 42.1947 F.-A 11212Jan '03 . ..... 1918 J.J Bur al( Mo Itiv ex Os 104 Oct'07 Non-exempt Os 1918 J -J 102 Sep '05 1910 4-J Sinking fund es 9412 Apr'089'7 984 Butte & Boston let 6e....1917 A•0 100 J'ne'01 . Cedar Rap & Mo It lst 78.1916 M.N 117 J'ne'08 11'7 117 1900 J.D 2d 70 11118.111y 05 Cent Venni,1st g 48..May11121) 4.1f 80h 8ale 8014 80; 6 76 81's 0 B & Q Iowa Div let 58.1919 A.-0 11103 Oct'07 Iowa Div let 48 1919 A-0 9812 Ang'08 9634 1100' Debenture 68 1913 All•N IOU Apr'03 100 100 Denver Exton 45 1922 F-A 99' Oct '08 4 98'a 90 Nebraska Eaten 4s 1927 M-N 1 4 / 4 Oct'089838 100/ 1901 B&SW 5148 1921 M•8 9712 May'07 Illinois Div 312s 1949 4 -,) 118734 Ang'Or 86 1189 Joint bonds Nee 01 Northern Chic,J o ity & Mk Yds 55.1915 J•J 10234 Sale 1024 10234 23 99 103. Coll trust refunding g 401940 A.() 90 89 85 89 fly'08 Oh 5111 db St P Dub 10 6s..11120 J -J 118 J'ly'08118 118 Ch M &St P Wis V gliv 681.920 J .J 126 3%0'05 Chic & No Mich 1st gu 58.11131 M-N ('9 95 98; 99 Ang'08 Ohio & W Mich gen 58.....11121 J -D 100 100 Oct'0897 102 Concord & Mont cons 4s..1921 .1-1) .. 91 Dec'07 Conn & Pass It let g 4s...11143 A-0 11214 Jan '03 Current'Over let 55 1127 A-0 104 Nov106 .. 8i Det Gr Rap & W let 48...1946 A-0 817 61eY'08 . 80 DominionCoal 1st a f 53-1940 M.2.1 90 1192 91 Nov'U8 Fitchburg 15s 190, ME 98 Apr'07. 48 1915 M-8 1031 / 4 Api'05 . . 48 1927 51-S 96 Apr'0.- . 96 (16 Freint Elk & Mo V lattis..1933 A.-0 .... 128 42 Apt'Or.... 1 71428 1284 ... .. 140 Aur'05 .-.. Unstampeu 1st tie 1933 A-0 .... Gt Nor 0 11 & Q cell tr 4111921 J - J 96% Safe 96% 10:14 21) 621199at' 1921 (.4.J Regiatereti 48 901 / 4 Suit 904 96' : 1.12 WA 41M r ./-11Ce ',arida , Nob W Bta Illinois Steel deben 5s....1910 J•J Non•convertdebiin 5s...1913 21.0 la Falls &sioux Clot 7s..1917 A-0 Kan u Olin & Spr 1st fis...192:i A-0 Kan C Et 8 &Gulf 1st 75..1908 J-D Kan C Ft Scott & M 6s....1928 M-N Kan 0 M & B gen 4s 1934 M-8 Assented income 55 1934 M-S Kan C & lit Hy& Br let 531929 A-0 Maine Cent cons 1st 7s...1912 A-0 Cons let 48 1912 A-0 Mara Hough & Ont ist 68.1925 A-0 Mexican Central cons 43..1911 J -J lsteons ine 38 Jan 1939 Ply 20 cons inc 3s Jan 1939.Ply Mich Teleplet Is ' 1917 J.. J 51 inne Gen Elee con gi5e 1929 J -J Netv Eng Cot 'Yarn 5s....1929 F-A New Eng Teleph t3s 1908 A-0 68 1915 A-0 68 191e A-0 New Itutzland cons g 55...1945 J -J Boston Term let 4s 1931' A-0 NYNH&H con deb 3".s1931, j..) 01i1 Colony gold 4s 1924 F -A 0reg Ry & Nav con g 48..1946 J-1) oreg Sli Line 1st g Os 1922 F-A Repub Valley 1st s t 68...1911( 4.4 Rutland let con gen 4128.1941 J -J Rutland-Canadian let 481949 J -J Savannah Elec 1stcons 63.1952 J•J Seattle Elec 1st g 58 1930 F-A 2.erre Haute 11:1e0 g Os.,..1921' 3..,) Torrington 1st g be 1913 M-S Union Pao It ft di) 1 gr g 45.19.11 .1- J 20-yi ar cony 4e 1'(.1 , J-J United Fruit cony gen be 1911 0-8 U S Steel Corp 10-60 yr 58.1963 M-N West End Street Ry 48 1915 F-A Oold 4123 1914 M-8 Gold detienture 4a 19113 M-N 001645 1917 F-A Western Teleph db Tel 58.1932 4.4 Wisconsin Cent 1st gen 4511149 J -J Wisconsin Valley let. 78 .190 J -J Nora-Buyer pays aceruett merest in addition to the purchase price tor all Boston Bonds. {Veers teczAge 01. bast .sale Ask bow , Z. z Aange Since -g-a '' fartuarg 1 .H tuft .%. Low titgli 100 Nov'08 .... 9714 10014 i(1012 100; 1 05 100% 117 Apr'0- ... .17 117 96 96 Mar'Or .... 90 101 1'ne'08 ... IOU 101 114 44 116 11412 NOV.,I.,.... 109h 1164 90 .... r'712 91 89',, .'08-, 87 Sep'03 .... 87 8812 102 102 102 1 1003 102 113% Nov'06 1014 Sep '05 115 rne'08 .... 1 15 115 118138 Nev'03 ... 74 . 1, 85 16 Apr:Ur .... '110 1 161 / 4 11 15 4 Apr 08 .... j15',11514 • 10212 A iiii'04 1. ill 102 101 Sale 10018 101 100 Felf08 .... 100 100 / 1 4 1110Jan '07 . 14 1001 / 4 1.0012 Sep'Or .... 10( 100 100 1'193 Oct'08 . .. 79121193 084 Jqy ,,:- . _ 984 9812 1196(4.131y'Ur ....'0614110614 II(20 Oct '0,.. ... 103 '11120 102 / ug'07 .... .... ...... 107 13 Nov'05 102 Mai'02 981 / 4May'06 '105 Nov'Ur .... 100¼ 103 91 Apr'Uo 9912 Nov'00,. (103% 1(1031'. 1 '99'• 110334 ..... 11051 / 4 110638 4 118434106% (16 Jan '08 .... 110 117 110234 11102% 2 1166 103% 9614 b'eb'OS.... 9614 9614 1011 / 4 sep'08 ... lill 4 101% 102% Jan 't)t). 1184 Out'Us .... 9814 9911 96 Sale 95',, 01.1 1, 79 97 194¼,Sep'05 10938 A ea'05. 102 . No price Friday ; latest um awl Asked 1, b' at price. Philadelphia and Baltimore Stock Exchanges--Stock Record, Daily, Weekly, Yearly lluro •rices--Not ['or Centuni Prices Saturacto Nov 14 Manua u Nov 16 99 01 8 8 14¼ •14 1114 1138 .4512 39% 39¼ 1068 1068 914 9 87', 4014 10 941 / 4 94% 0114 69 214 2% 4141316 6531e 41 •40 12% 11 21% 23 69% 70516 • 43. •44% 444 151114 004 8838 8/34 46 3914 1034 91310 40'e 1112 9444 09 2 04% 4034 12 21% 69% 46 391'. 10% 10,4 40% 1.13, 95 7014 2114 65', 41. 1214 2234 70614 46 44% 44% 60 60 12 88', 11008 PHILADELPHIA ue•aa• Nov 17 4614 394 10% 104 401 / 4 9% 1/4118 7038 64% 40% 1218 21.'., 70 41 4934 90% Bid Ask :Ma t51,.,,41: 100¼. 47 714 404 41,2 '214 2134 '24 812 27 • 62 1004 100 104 4214 43 88 8 7 Nov lb *46 4612 .46 40 3104 39% 40 10% 108 1038 1068 10 104 10% 1134 4334 4312 45 4212 1014 101 / 4 10 10 / 4 Uti% 904 9814 901 71% 7012 72 0912 214 / 4 843ie OS's 6434 651 421 / 4 4142 42 42 1214 124 12 12 22 2114 21',, 21 18 704 60318 70316 68% .441 / 4 144 •414 45 44 .44 5 501 / 4 4914 41.13 , 91% 911 / 4 1321 / 4 91 28 28 ...... 71 Thursday 81) 71 / 4 254 471 814 8 90 trutau Nov 20 30 7114 984 .25 •71 9/34 98', •98 •8 11 .8 1518 15¼, •15 1112 11; .1138 714 99 99 8 8 1412 14". 11 12 12 inactive mocks Allegheny Val prof-.60 American Cement 50 LOU Pipe Mfg mer n ell Telophouo(Pa) 100 60 'brie Iron Central Coal & Coke.100 .100 ousel Trao of N nimonii State IStee1-10 J.lti 'Preferred Keaton Con Electric 0 50 Klee Storage Batt....100 Preferred 100 Yt. Wayne &W V 100 Germantown Pass 60 Indianapolis St 100 Indiana Union Tr 100 Insurance Co of N A..16 Inter Sin PoW .11 Chein.60 Keystouo Telephone ..50 . Preferred 50 KeystoneWatchease.100 1U Lit Brothers Little Sell uylkill 50 M11161011 & Schuyl 14_50 N It aven Iron & Stee1.5 50 Northel ii Central North Pen n sylviinbi 50 PennSylvatila Salt ' 50 Pennsylvania ,ieel..100 100 *Preterred • Phila Co(Pale) pref 50 kink Uernrin & Norria 50 5011111114 Tra,:tion 10 Itaitway.• General IS usquun Iron Bo Steel :5 Tide w.t i or Steel 10 , Pr .0 rreil ' 10 Touopali Mining of Nevi Union Tr of Ind 100 U nit eO N .1 1111 & 0_100 Iluu 'Frac Pitts pref..60 3'. 31"1,1 lion& Stee1.10 wesi .1 el'141.1,& SettiSli.50 Westilwrelanit (_'ont:;...6i, 'W )1 k(sx•(-ova it , Etne 1(8, Weanesttat, Nov 18 '46 38% .1038 10 41.2 912 96 12 69 2816 61118 41.2 x1168 211 / 4 6'71318 '4414 44; 41', 491 4834 91% 1038 39% 10% 10% 4314 101 / 4 9734 70% 2318 84% 42 121 / 4 '21', 0914 PHILADELPHIA Bonds Al Val E ext 75 1910 A-0 Alt &LVEleo I'233.F-A Am Rye cony 58 1911.J-D All City 1st Se g'19.31•N Balls Ter 1(456192(LJ-1) Berg& EBrw 1st 65'21J Betide Steel Os 11.198.4-E Choc& Me let Is 1949 J4 Ch Ok & G gen 58'19 J-J Col St By 1st con Is 1932 Con Trite of NJ let 5s.'33 & A 1st It 118 1020 51-N Elec & Peo Tr stk tr ctfs Eq 11 Gas-L let g 68 1926 44) II Top eon 58'23 A-0 Indianapolis Ity 4s.1933 Interstate 48 1943 ..F-A Lohig,11 N 412s '14.Q-J 1914.4-F Rita 45 g Gen M 412s g 1024.Q4 Leh V C 1st Is g '33..J-4 Leh V ext 48 1st 1948.J-D 2d 75 1910 M-S Consol 65 1923 J.D Annuity (i8 J.1) Gen cons 48 2003. Leh V Trau con 48 133J-D NeW Con Gas 58 1948 J-1) Nowark Pass con Is 1030 NY Pli&Nolst48'39J-J Income 48 11.139...51-N No011ioTrac con5s'111..1-.1 Penn gen 68 r 1:110-Var Consol r 1919 Penn & Mil Steel con 68. Pa & NY Can Is '39.A-0 Con 4s 1939 A-0 Penn Steel 1st 68'17 51-N People's Tr tr carts 4s'43 P Co let& col tr 5s'49 51-3 Con& col tr 5s 195151-N Phil Elee gold trust ctfo. Trust certif8 48 P & E gen IL 5 g'20.A-0 Oen 31 48 g 1020..Adc0 on this da . Lunge Since Jan 1 niue AurivE 8ales STOCKS of the IVeek (boy Bonds and 1nootirs Stooks see below) sltares 15% 11% Baltimore Con.Gas El. L. ds Pow-100 03 Do prel 100 11 Northern Central 60 500 Seaboard(new) 100 870 Do 20 prat 100 1,550 United By at, Electric i:ange for Previous Year(1907) lltahest Lowest 20 Jan I:, 27'., May13 66 Mar25 70 Apr z1 80 Jan 2 99 Novit 4 ['00 12 Ang24 10 ["CO lb 15 4 Novi.. 10 Jan r 12 Nov17 33' Jut, 8i) Ma) 781.2 No, 10 Nov 24 Dec ri% Oct 35 Jan 85 Jan 97 Jan 23', Jan 48 Jan 15 J'ne Philadelphia 75 American Railways__ 50 4234 Mar 1. 46 42 Nov17 431 4614 / 4 Dec 51 Jan 30 12,846 Cain brui, Steel 50 2818 Feb19 404 Nov 7 22 Oct 4718 Jan 301 Electric, Co of America 10 84Jan 25 101 10% / 42'nel:1, 7% Oct 1136Jan 10%4 14,92 (len Asphalt tr ale 100 3;Jan 9 IL', Nov..8 3 Oct Jan 42 12,047 Do prof tr Ufa __DM 1978Jan 45 Nov ,8 13% Nos 36 Jan 4 Dee 16 Jan 1)% 1,731 Lake Superior Corp. 100 338 Feb210 11 19Nov 96% 8,300 Lehigh C & N av tr()CM 60 78 4 Jan 2 97', Nov1 69 Oct 103 Jan 6134 .31,604 Lehigh Valley 50 52% FeU2e 72 Nov 0- 484,, Oct 7°7s Jan %No, 2 J an 214 2,480 Marsden Co 100 i5 .tth 20 Vs Apr2.1 50 64316 Jan 2 451118 Nov 4 x52 Nov 104118 Jan 014 2,68- Pennsylvania RR 41% 1,07, Pluladelpiat,o(Pitte0) 50 34 4 Mau' 3 421 / 4 Novlb 33% No% 48%4 Jan 1. Apr 11% 12,302 Philadelphia Electrict 25 512 eseb2, 12% Am; 6318 Nov / 4 J'ne 9 2414 Oct 10 ,112 No% 12016 May 214 6,61. Philo Rapid Transit 60 4121 50 461118 Febl; 703/8 Nov1,-. 35% Oct 611.1e. Jan 691,0 10,736 Rea,tlino• Nol'12 30%Nov 453•Jan 41 Do '1st prof 50 39 Jan 3 50 37 4 Jan 2 44% Nov 11 32 14 Oct 47 Jan Do 2i1 pie? 226 4414 50 X141., J'nein 56% Apr23 41% 41 6038 Jan 4,999 U Ilion Traction 92/ 1 4 Nov 8 61314 Oct 96 Jan 50 /318Jau 91', 23,741 United (las linpt Welethaell(%0 100 25 J'ne22 28 Noyli- 25 May 30 Feb '20 Bull 48/C 104; 9214 944 106 105 14 1/2 924 138 110% 102 1(01 10012 117% 97% us',. 103',, 115% US lot 0812 102 102 74; 75 147.30 paid. r 412, 4 PHII.ADELPHIA l'hi db Read 2d 155 '33.A-0 Con M 7s 1911 J-1) Ex Imp M 411 g Terminal Sag 1941.Q-I P W4114 B col tr 48'21.-14 Portland Ity let oa 1930. Hoch By& Leon 5s'54.14 Spanish-Am Ir (3s J-J U True Ind gen 158'111.J-J lin Ilya Tr ells 43'40J &J United Rye Inv 1st colltr M.N. sf -us 1026 U Trim Put gen 63 '1)7 J-J Welsbach 3 ESs 1930.4-1) Wlks-B(I&E con5s'55J-J BALTIMORE Stockm Ala Cons Coal& 1ion 100 Prof 100 Atlanta & Charlotte 100 Amu Coast Line 11I4 100 Allan Coast L (Conu)100 Canton Co 100 Cons Cot Duck Corp ..50 Preferred 50 Georgia Sou Ela...100 1st prof 100 '2(1. prof 100 (.1-13-8 Brewing 100 Bonds Anaeostia 86 Pot6s Atl & Ch ext 4125 Atlau C L It144s1952M-S Atl Coast L(Ct)ctts 55J-D Ct's of indebt 43. 5-21) yr 45 11)25 .1.4 halt C Pass 1st Os'11 M.N [(alt Eundg 08.1916 M.N Exchange 344s 193044 A-0 halt &P 1st 011n1 Halt Trite let 6s. '21) M-N No Balt Div 5s 1942j.D Conti(Ity con5s11130 M-N Ext& [nip 08.10:32 AI s Chas City It'.' 1,43,023.14 t .0 L .1 ‘.4 91)1..3 13 9.41a. Bta 48'- 101 118 981 / 4 994 101% 76 79% 80 77 77',, so 80 85 250 Ut) 8 2(114 28 19 13 80 85 70 (13 3 4 245 b5 100; 101 101 101; 115% 95, 100 79 78 85 101 106, 108 98' 9:1 101 11'2 119 108 104 ilAl• 1.0 to it. k.:150'91)51-3 elute lty Cheri C& A ext.58.'09 J -J 1910 A-0 20 Is City& Sub 18158-'22 J.D t 1ity & Sub( Was)let os'43 Coal A' 1 i(y let 50020e'-A Col&tirnv let tis.11116J-J Coneol Gas Os 1910 J-1) 11339 J-1) Os tie& Ala let coil 55'45J -J tilisCar&N Ist5eg'211J-.1 Georgia P 1st 65-'22 J -J tia.So & Fla 1st Os 1945J-J U-B-8 Brew 3-43 195151-8 2d income os 1951 51-141 Knoxy True 1st 58'28A-0 Laken El let gubs'4251-r: SlaconRy&LtIst53.56J-J Memplue St let 5s'46 J-J et8t(Waish)1at5s'26 FA Mt Ver Cot Duck let Is. pt N&O P let 50'28 M-N General 50.-1941 51.5 Norfolk 81 let 5s'44..J.J North Cent4418 1925 A.0 Series Ale 1926. .J -J -Series B Is 1926. Pitt Un Trac Is 1997.J-J Polo Val let Is 11141..J4 Sav Fla& West 56'34 A-0 Seaboard A 1243 1950 ASeab & Roan 55 1920.7-.1 South Bound 1st 60..A.0 (3 El L&P 1*t4128'29 M-N Un Hy& El 1st 48'49 M.S Income 45 1949 J. Funding ba 1136. J.1) Va Mid 20 tier 6s'11 31-._ 3,1 series Os 1916 31.. 4th ser 3-4-50 19'21 51-, 5th series be 1926 M... Va(State) 35 new' Eunddebt 2-3s 199/.J.J W est N C con 6811114 .1.4 iVeaVaC&P lett J-J Wit & Weld 544_1936.J.J '4''' 85 167 105 110 100 100 112 104 111 104 106 112 106 47 16% 102 110 95 103 7814 87'86 Ask 90 11014 104 114 1.044 1114 104 12 1061 / 4 115 1071 / 4 4734 17 96 913 7812 91) 88 102 111 111 105 100 105 58'-, 594 107 10712 104 105 92 93 81¼ 85% 54',, 56 83', 8312 10'2 104 104 104 9. 2 934 100 108 lue :014 110 112 a tteceint3 U 4'25 paid. c $311 paid. d 442 h paid' [Vol, Laxxvn. THE CHRONICLE 1350 4 lnuestment and igailroad $ntelligcnce. RAILROAD GROSS EARNINGS. The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other period. The returns of the street railways are brought together separately on a subsequent page. Latest Gross Earnings. ROADS. Week or Month. Current Year. Previous Year. July 1 to Latest Date. Current Year. Previous Year. Latest Gross Earnings. ROADS. Week or Month. Current Year. Previous Year. July 1. to Latest Date. Current Year. Previous Year. $ $ $ $ 5 $ 5 $ 29,969 b Mobile Jack & K C Wk Nov 7 33,975 508,577 583.633 Ala N 0 & Tex Pac. 944,007 1,073,953 Nashv Chatt & St L September 030,219 1,052,540 2.689,129 3.005,596 N 0 & N East--r 4th wk Oct 106,181 123,151 504,978 530.489 Nevada-Cal-Oregon 1st wk Nov 60,003 151,452 145,288 7,283 7.108 62,920 Ala & Vick r 4th wk Oct 451,994 57,274 548.621 Nevada Centra_.! ___ September 23,702 19,922 8,973 5,999 48,790 Vicks Sh & Pac_r 4th wk Oct 13,308 11,013 N Y C & Hud River September 8,420,315 9,035,990 23,938,294 27,069,728 3,506 4,540 41a Tenn & North__ September Lake Sh & M S._ September 3,617.328 4 082,327 10,723,781 12.023,128 c Ateh Top e. S Fe.. September 7,906,678 8,077,118 22,371,395 24,005,564 662,107 657,604 34,236 Lake Erie & West September 432,210 498,825 1,272,643 1,385,975 42,960 Atlanta firm & AU 1st wk Nov Chic Ind & South September 702.747 740,407 246,196 256.666 ktiantle Coast Line September 1,902,600 2,059,243 5,220,512 6,064,430 Michigan Cetnra: September 2,247.221 2,553,788 6,422,210 7,414,893 Baltimore & Ohio__ October... 0,594,989 7,790,677 25,004,555 30,231,938 659,162 L_ St & C C Cleve September 2,301,150 6,742,382 282,476 7,245,102 2,461.253 September Bangor & Aroostook 21,445 Peoria Si Eastern September 25,280 264,379 271,754 765,567 6,470 724,276 7,429 Bellefonte Central... October_ _ _ Cincinnati North_ September 104,426 94,310 297,254 273,788 r Sepetmber 3,648,190 3,789,749 10,442,704 11.607,601 Boston & Maine 15,933 17,133 & Pitts Lake 5,251 Erie 1,087,002 September 1,407,360 4,786 3,216,197 4,360,552 September Saco__ Bridgeton & Rutland September 278,918 314,342 2,890,098 3,661,931 791,964 894,185 Buff Roch & Pitts_r 2d wk Nov 141,387 193,775 N Y Chic & St L. September 232,600 4,071,700 4,023,800 766,971 832,117 2,250,121 2,576,130 janadlan Northern_ 2t1 wk Nov 264,500 1,581,000 29,783,510 30,631,903 Total all lines.... September 19716 112 21808727 57,036,865 84,699,450 janadian Pacific_ 2d wk Nov 1,676,000 277,000 4,369,000 4,764,000 NY Ont & Western September 715,966 693 363 2,377,263 2,419,766 Central of Georgia__ 2d wk Nov 233,800 Central of N Jersey_ September 2,200,734 2,399,719 6,517,401 7,500 505 N Y N H & Hart-_r September 4,819,232 5,000,836 13,749,187 15,380,498 241,613 284,711 312,706 Y September N Susq 738,166 288,491 West & 832,793 312,706 288,491 _ . _ _ _ July r Vermont Central 31,466 56,698 Norfolk Si Western_ September 2,505,800 2,975,960 7,382,722 8,901,787 4,375 2,222 Chattanooga South- 4th wk Oct Chesapeake & Ohio_ September 2,308,999 2,541,328 6,697,036 7,598,839 Northern Central... September 1,032,719 1,176,519 2,857,870 3,612,070 15,348 Northern Pacific_ October __ 7,122,972 7,002.719 25,440,127 27,749,754 11,179 5,566 4,881 Chesterfield & Lane September 578,107 737,995 1,751,212 2,231,423 September Chic & Alton By.._ 2d wk Nov 245,810 277,664 5,034,334 5,076,888 Pacific Coast Co 14,371,768 Chic Burl Si Quineir September 7,349,378 7,892,931 20,539,145 22,340,087 Pennsylvania Co-_r September 3,738,263 4,609,961 11,062,050 44,573,323 12089 250 14450 859 35,016,123 September E & P 3,128,432 Penn-East d 3,105,913 140,692 160,201 Chicago Great West 1st wk Nov Dec.5,061 ,800 d West of P Si E. September Dec.! 33 4,400 56,541 80,276 Wise 'Minn Si Pea September Pere Marquette__ September 1,269.002 1,218,698 3,527 250 3,674,516 181,434 162,067 ' Mason C & Ft D. September 94,570 2,106,486 2,307,201 Phila Bait & Wash_ September 1,395,490 1,528,400 4,213,305 4,651,795 Chic Ind & Loulsv_ 2d wk Nov 101,025 Pitts Cln Ch & St L. September 2,397,665 2.906,098 6,881,347 8,510,721 Chic Ind & Southern -See New York Cen tral. 31,163 27,314 10,099 0,478 Chic Milw & St Paul September 6,105,872 5,532,991 16,097,742 15,875,258 Raleigh & South p't September Mile Si North West_ September 6,537.827 6,525,120 17,523,656 18,929,222 Reading Company_ September 3,386,373 3,882,220 9,316,747 11,734,376 Coal & Iron Co__ September 2,513,762 2,928,892 6,590,555 8,768,541 Chic St Paul M & 0_ September 1,283,901 1,280,271 3,380,969 3,600,771 404,597 527,162 36,505 Total both cos___ September 5,900,133 6,811,112 15,907,303 20,502,917 34,953 :Chic Term Tran RR 2d wk Oct 524,413 418,324 125,413 157,182 717,908 813,853 2.101,254 2,488,732 Rich Fred & Potom September 'line Ham Si Dayt_r September 157,152 138,324 78,587 Rio Grande June__ August ___ 65,394 Cin N O&Texas Pea -See Sout hern Rail way. 252,610 13,361 238,935 14,096 Rio Nov wk 2d South__ Grande tral. Cen York Dincinnati Northern -See New Rock Island System September 5,690,375 5,641,388 15,703,600 16,367,673. :Rev Cin Chic & St L -See New York Can tral. 601,027 205,655 216,500 e St L Si San Fran September 4.183,695 4,522,048 11,775,591 13,569,911 660,101 Colorado MIdland_r September 639,874 581,657 108,991 217,074 5,839.385 324,642 f Evansv & Ter H September 5,692,134 334,435 Nov wk S Col & Sou System 2d Total of all lines_ Septembe r 10073062 10381411 28,060,857 30,577,460 275,775 294,013 23,100 17,457 Col Newb & Laur__ May 469,582 438.034 163,974 149,385 147,020 175,958 St Jos Si Grand Isl.. September 87,785 71,220 August Copper Range 14,288 19,337 64,197 St Louis Southwest_ 2d wk Nov 232,721 256.714 3,976,292 4,261.232 4,016 September Cornwall 1,654,859 582,391 36,281 71,330 119,836 San Pad LA & S La September 24.798 Cornwall & Lebanon September 422.856 141,227 145,155 443,455 Seaboard Air Line_r September 1,256,842 1,329,020 3,503,829 3,946,193 September Cuba Railroad 297.275 245,570 ! Delaware & Hud_ September 1,642,658 1,860,245 4,685,606 5,667,556 Southern Indiana__ August __ 129,211 160,005 10930518 30,033,137 33,817,619 Del Tack & West__r September 2,783,432 2,098,226 8,259,042 9,290,802 e Southern Pac Co__ September 10481004 1,091,568 22,302,298 Denver & Rio Gr_r 2d wk Nov 440,000 424,400 8,232.817 9,146.120 Southern Railway__ 2d wk Nov 1,106.721 170,298 19,819,827 3,512,712 4,103,869 37,191 Mobile & Ohio-- 2d wk Nov 183,685 641,312 36,309 734,074 Del To!& Iront Sys let wk Nov 37.650 Cln NO & Tex P. 1st wk Nov 139,113 165,448 2,758,305 3,283.896 731,665 44,869 808,210 1st wk Nov Ann Arbor 67,654 1,136,606 1,356,787 61,492 Ala Great South_ 1st wk Nov 20,225 . 24,007 426.907 500,599 Detroit & Mackinac 2d wk Nov 648,740 770,867 40,700 33,955 Georgia Sou & Fla 1st wk Nov Dui & Iron Range_r September 1,010,077 1,150,156 2,933,009 3,140,724 448,259 408,039 28,914 32,092 1st wk Nov 60,011 60,289 1,053,719 1.382,716 Texas Central Dui So Shore & Atl 2d wk Nov Texas & Pacific__ 2d wk Nov 347,909 309,149 5,388,990 5,872,070 1,568,442 508,732 r September Si Paso & S W 17,877 26,176 7,437 6,206 September 4,411,295 4,738,989 12,943,171 14.760.145 Tidewater & West_ September Erie 484,848 455,857 1,361,624 1,373,003 -stem. Toledo & Ohio Cent September Evansville & Ter H. -See Rock Island S) 481,279 434,201 23,294 20,448 1,342 4,857 1,662 4,111 Toledo Pe r & West 2d wk Nov Fairchild & Nor E. September 79,622 1,262,190 1,617,458 66,056 74,710 68,014 298,407 337.813 Toledo St L & West 1st wk Nov Fonda Johns & Glov October 17,923 15,414 5.540 5,357 257,075 265,778 680.810 744,666 Tombigbee Valley-. Spetember Georgia Railroad- September 153,154 128,145 70,500 61,659 Tor Ham & Buffalo August__ Georgia South & Fla -See Sout hern Rail way, 21,192,741 21,139,749 6,950,234 7,414,594 September SystPacific 858,085 15,873,233 Nov 910.509 Union wk 18,103,172 drand Trunk Syst- 2d 707,410 921,924 2,247,406 2,654,846 93,670 133,877 2,029.577 2,473,740 Vandalla r September 1st wk Nov Gr Trunk West 317,256 97,739 304,549 111,191 28,804 29,179 625,200 703,180 Virginia Si Sou West September net Gr Hay Si Mil 1st wk Nov 525,507 10,090,974 11,061,568' 483,378 2d Nov wk 50,066 39,282 Wabash 712,752 Nov 886.632 Canada Atlantic.. 1st wk 429,231 512,606 5,648,277 5,600,451 6,338,208 6,684,333 21,110,949 23,790,678 Western Maryland_ June Great Northern Syst October 559,308 605,408 2,022,730 2,237,239 2,066,328 2,483,545 W Jer Si Seashore- September Gulf Si Ship Island.. June 508,823 595,855 1,568,105 1,876,135 648,110 675,800 1,793,945 1,096,475 Wheel Si Lake Erle r September September Flocking Valley 700,506 700,043 2,021,627 2,177,633' 5,160,129 5,725,342 18,906,213 21,523,783 Wisconsin Central_r September Illinois Central.... October 28,123 65,541; 26,158 60,923 September Tenn Si Wrightsv 3,052,603 186,500 138,000 Nov 2,764,569 wk 2d Northern Inter Si Gt 982,370 973,677 2,969,160 3,288,221 1 Interoceanic Max. 2d wk Nov 102,515 135,928 2,236,936 2,768,112 Yazoo Si Miss Vail_ October 57,206 65,125 1,146,336 1,246,109 2d wk Nov Iowa Central Previous Current 209,180 211,551 618,260 628,250 September Kanawha Si Mich Year. Year. 803,910 891,179 2,981,294 3,545,687 Period. Various Fiscal Years. Kansas City South October 113.000 KC Ilex Si Orient- October 152.835 $53,821 Bellefonte Central Jan 1 to Oct 31 Lake Erie Si West'n -See New York Cen tral. 14,914,476 Jan 1 to Sept 30 13,420,795 1 Delaware Si Hudson Lake Shore Si M Sou -See New York Cen tral. 46.792 56.091; Jan 1 to Oct 31 Lehigh Valley ----r September 2,926,821 3.245,306 8,287,205 10,010,951 •ManIstlque 108,130 44,576 35,440 Jan 1 to Oct 31 6,261,800 1,644,200 152,041 Mexican Railway September Lexington Si East Dec.352, 894 Mexican Southern Jan 1 to Oct 31 1,054,379 1,135,737 September Dec.201, 439 Long Island 1,144,521 1,218,837 New York Central Jan 1 to Sept 30 64,600,001 74,000,620 Louisiana & Arkan. June Lake Shore Si Mich Southern_ Jan 1 to Sept 30 29,063,907 33,612,665 Lou/sv Si Nashville_ d wk Nov 906,295 918,525 17,291,433 19,128,845 13,488 33,906 Lake Erie Si Western 11,249 Jan 1 to Sept 30 3,313,310 3,818,512: 40,270 September Macon Si Binning 791,668 857,502 2,311,217 2,566.978 Chicago Indiana Si Southern-Jan 1 to Sept 30 2,097,064 2,239,905 temper tdaine Central 18,047 5,737 Michigan Jan 1 to Sept 30 18,157,401 21,248,8731 24,871 2,888 Central October Manistique 39,823 37,942 104,251 Jan 1 to Sept 30 17,758,364 19,684,8711 ptemper Cleve Cin Chic Si St Louis 106,558 Maryland Si Penn.._ Jan 1 to Sept 30 1,995,050 2,207,496 Peoria Si Eastern -J 2d wk Nov 559,072 867,825 s Mexican Central 753,592 694,33' 176,557 2,543,851 1 to Sept 30 Jan Cincinnati Northern 144,158 3,328,185 s Mexican Internat. 2d wk Nov Jan 1 to Sept 30 7,311,94' 11,402,59 Pittsburgh Si Lake Erie 191,000 236,000 2,311,400 2,671,900 C Mexican Railway_ 4th wk Oct 412,140 Jan 1 to Sept 30 2,020,011 2,280,681 34.798 Rutland 442.750 32,327 1 Mexican Southern th wk Oct New York Chicago Si St Louis Jan 1 to Sept 30 0,856,848 7,797,151 Michigan Central- See New Y ork Centr al. 325,081 Jan 1 to Sept 30 153870737 170071 07 14,479 Total all lines 318,948 15,339 2d wk Nov Mineral Range Jan 1 to Sept 30 8.288,964 9.958,3644 85,149 1,689,276 1,680,831 Northern Central 86,118 idinneap Si St Louis 2d wk Nov 249,100 Jan 1 to Sept 3090.036,872 123714 288,307 ErieSi 5,441,721 Pitts of Nov Penn-East 5,010,981 d than St P Si S S M_ 2d wk Jan 1 to Sept 30 Dec.16,27 5,900 d West of Pitts Si Erie Missouri Kan Si Tex September 2,371,747 2,278,658 6,440,784 6,791,607 Jan 1 to Sept 30 11,953,706 12,830,006; 835,000 Washington_ Si 919,000 17,270,126 Baltimore Nov Phila 18,793,592 wk 2d Mt_o Tron Si Pea lio Jan 1 to Sept 30 10,105,889 24,446.493 Louis St Si Chicago n pitte Cm 649.000 681.000 24.000 33,000 Central Branch_o 2d wk Nov 553,419 Dec 1 to Aug 31 621,541. Total system-__o 2d wk Nov 952,000 859,000 17,951,126 19,442,592 Rio Grande Junction Jan 1 to Nov 14 11,386,549 14,265.8131 s Nat RR of Mexico 2d wk Nov 267,749 299,888 5,162,265 6,085,447 Texas Si Pacific 320,940 16.906 Jan 1 to Sept 30 4.295,001 4,564,5911 15.243 385,556 West Jersey Si Seashore Hidalgo Si N E... 2d wk Nov AGGREGATES OF GROSS EARNINGS-Weekly and Monthly. Weekly Summaries. week Sept (40 roads)___.. week Sept (40 roads)..... week Sept (39 roads).week Sept (42 roads).week Oct (44 roads)---week Oct (40 roads)._ week Oct (42 roads)-week Oct i.45 roads)____ week wk Nov 45 roads)--__ 34 roads)..... 2d weekNew 1st 2d 3d 4th 1st 2d 3d 4th 1st % 3 $ 9,678,456 -983,075 10.16 -653.823 6,58 9,932,527 10,000,320 -425,461 4.25 13.839.794 -527,838 3.81 10,673,871 -371,900 3.48 10,849,128 -445,156 4.10 11,358,244 -519,799 4.58 16,918,106 -1,146,608 6.77 11,032,992 -354,814 3.22 -84.251 n Al 10.425.889 Cuent Year Prey's Year Inc. or Dec. $ 8,695,381 9,278,704 9,583,859 13,311,956 10,291,971 10,403,972 10,838,445 15,771.498 10,678,178 10.341.638 Monthly Summaries. Month Month Month Month Month Month Month Month Month Month Jan Feb Mch Apr May June July Aug Sept Oct Client Year Prey's Year hie. or Dee. 1908 (122 roads). 151,758.406 172,283,006 _20,524,600 1908 (123 roads).. 141,256,206 160,150,610 _18,804.404 1908 (126 roads). 162,495,089 187,435,350 _24,940,261 1908 (119 roads)- 154,137,168 190,048,156 -35,908,988 1908 (120 roads) 153,112,628 108,146.871 -45.034,243 1908 (113 roads). 146,270,130 179,397,094 -33,126,964 1908( 97 roads). 156.103.883 183,365,993 -27,262,110 1908 (105 roads). 179,781.772 209,690,782 -29,909,010 1908 (114 roads). 210,014,059 223,964.945 -13,950,886 1908( 47 roads). 65,180,556 67,809.430 -2,678,874 a Mexican currency. 1) Includes earnings of Gulf Si Chicago Division. 0 Includes the Houston Si Texas Central and its subsidiary fines in -years. a Covers lines directly operated. e Includes the Chicago Si Eastern Illinois in both years. I Includes Evansville Si Indiana RR. h In earnings of Col. Si South., Ft. Worth Si Denver City and all affiliated lines, excepting Trinity Si Brazos Valley Fut, It includes in both Years e of Denver Said Si Gulf RR.. Pecos Valley system and Santa Fe Prescott &Phoenix By. 1 These figures do not include receipts from sale of o Pig-ores here are on the old basis of accounting-not the new or Lnter-State Commerce Commission method. r These AMOCO are Oa the Pew nresertbed by the Inter-State Commerce CommIsslon. Nov. 21 1908.1 THE CHRONICLE 1351 miLatest Gross Earnings by Weeks.-Inithe table-which follows we sum up separately tlic earnings for the second week of No'vember. The table covers 34 roads and shows 0.81% decrease in the aggregate under the same week last year. -Gross Earnings-- -Net Earnings Previous Current Current Previous Year. Year. Year. Year. Roads. $ $ zChic Burl & Quincy_b_Sept 7,349,378 7,892,931 2,829,150 3,010,037 July 1 to Sept 30 20,539,145 22,340,087 7,346,178 8,286,646 Second week of November. 1907. 1908. Increase. Decrease Chic Ind & Loulsv_a___Sept 485,235 170,956 135,555 539,760 July 1 to Sept 30 1,425,980 1,595,404 $ 536,782 $ 404,318 $ $ Buffalo Rochester & Pittsburgh 141,387 193,775 52,38E zChIcago Milw do St P_b.Sep 6,105 872 5,532,991 2,479,210 2,194,552 Canadian Northern 264,500 232,600 31,900 July 1 to Sept 30 16,097,742 15,875,258 6,304,899 6,386,913 Canadian Pacific 1,676,000 1,581,000 95,000 Central of Ge rgia 233,800 43,20C zChic & North West'n b_Sept 6,537,827 6,525,120 2,779,789 2,369,439 277,000 July 17,523,656 18,929,223 6,849,474 6,635,164 Sept 1 30 to Chicago do Alton 245,810 277,604 31,854 Chic New Orleans & Tex Pac-See under Southern Ry System below Chicago Ind & Louisville 101,925 94,570 7,355 Colorado & Southern 334,435 324,642 9,793 rChic St P Minn & 0_ b.Sept 1,283,901 1,280,271 490,749 459,361 Denver & Rio Grande 440,000 424,400 15,600 July 1 to Sept 30 3,380,970 3.600,771 1,172,895 1,148,300 Detroit 6: Mackinac 20,225 3,782 zCinc 24,007 Ham 717,908 813,853 So Dayton b_Sept 186,798 183,263 Duluth Sluth Sh re & Atlantic60,011 27E 60,289 July 1 to Sept 30 2,101,254 2,488,732 505,702 549,085 Grand Trunk of Canada Grand Trunk Western Colorado MIdland_a____Sept 205,655 858,085 216,500 52,424 910,509 39,925 50,347 Detroit Grand Haven do Mil_ July 1 to Sept 30 660,101 601,027 136,963 158.594 ' Canada Atlantic Colorado & Southern_b_Sept 1,282,582 1,269,727 460,448 468,713 International & Great Northern 186,500 138,000 48,500 July 1 to Sept 30 3,792,831 3,574,708 1,385,190 1,193,900 Interoceanic of Mexico--_-_-__ 102,515 33,412 135,928 87,785 10,934 71,220 Aug 32.490 Iowa Central 7,911 Copp r Range_ b 57,206 65,125 July 1 to 175.958 Aug 147.020 33,711 31. 78.175 Louisville de Nashville 12,23( 906,295 918,525 Mexican Central 108,752 Cornwall. b 550,072 19,337 Sept 4,016 667,825 203 11,188 Mexican International July 1 to Sept 30 144,158 32,391 64,197 14,288 176,557 857 38,988 Mineral Range 15,339 860 14,479 Cornwall & Lebanon_ ___Sept 5,818 24,798 15,414 36,281 Minneap us & St Louis 969 86,118 85,149 July 1 to Sept 30 16,332 119,836 71,330 54,570 Minneapolis St Paul do S S M__ 288,307 39,207 249,100 Cuba RR Miss ,url Pacific ec Iron Mtn_ 59,313 Sept 141,227 145,155 36,129 84,000 919,000 835,000 July 1 to Sept 30 Central Branch 165,755 422.856 125,169 443,455 9,000 33,000 24,000 Mobile ea Ohio 4,387 Delaware do Eastern-b 183,685 179,298 National RR of Mexico 36,130 July 1 to Sept 30 263,749 299,888 def6,282 27,639 def3,154 23,857 Hi(lal:ro & Northeastern 1,662 Delaware & Hudson_ 15,243 16,006 r775,320 b_Sept 1,642,658 1,869,245 r917,08$ Rio Grande Southern 14,006 13,361 735 Jan 1 to Sept 30 13,420,795 14,914,474 r5,156,275 r5,926,716 St Louis Southwestern 23,992 232,721 256,714 zDel Lack & Western_ b_Sept 2,783,432 2,998,226 1,255,857 1,258.712 Southern Railway 1,106,721 1,091,568 15,153 July 1 to Sept 30 8,259,042 9,290,802 3,580,107 4,143;441 Texas & Pacific 347,909 309,149 38,760 Toledo Peoria & Western 2,84(1 Denver 6: Rio Grande a_Sept 1,977,293 2,059,321 20,448 23,294 673,192 731,082 Wabash 42,181 483,378 525,567 July 1 to Sept 30 5.426,517 6,206,920 1,919,543 2,170,856 Detroit & Mackinac_a__Sept 92,623 109,346 28,688 26,812 485,47C Total (34 roads) 10,341,638 10,425,889 401,219 July 1 to Sept 30 294,466 338.528 94,093 76,743 Net decrease (0.81%) 84,251 zDuluth & Iron Range b Sept 1,010,077 1,150,156 720,421 843,807 July 1 to Sept 30 2,933,009 3,140,724 2,112,325 2,202,069 • For the first week of November our final statement covers Duluth So Sh ec Atl_bSept 237,717 302,122 70,248 88,934 July 1 to Sept 30 686.381 965,173 192,631 299,507 45 roads and shows 3.22% decrease in the aggregate under Val Dunkirk Allegh of Pittsb-b the same week last mar. July 1 to Sept 30 75,857 76,387 4,805 14,562 185,355 201,301 def10,077 Jan 1 to Sept 30 13.352 First week of November. 1908. 1907. Increase. Decrease. E XE rileliaso & Southw_b__Sept 508,732 202,052 1,568,442 July 1 to Sept 30 615,254 $ $ $ $ Sept 4,411,295 4.738,989 1,175,426 1,004,910 Previously reported (33 roads)_ 10,054,094 10,406,900 265,165 617,971 to July 12,943,171 3,496,529 Sept 14,760,145 1 30 3,956,037 Alabama Great Southern 61,402 67,654 6,162 Atlanta Birmingham 6: Atlantic Fairchild & Northeast b Sept def1,411 1,662 1,342 42,960 • 242 34,236 .8,724 Chicago Great Western July 1 to Sept 30 4,111 def 862 160,201 4,857 def1.052 140,602 19,500 Cln New On & Texas Pacific__ _ 139,113 26,335 Fonda Johns & Glov_a__Oct 165,448 74,710 37,391 68,914 38,073 Detroit &I :Mackinac 20,038 3,191 23,229 July 1 to Oct 31 169,012 298,497 337,813 184,205 Detroit Toledo & Ironton 36,309 882 37,191 Genesee & Wyoming_ bAnn Arbor 44,869 37,650 7,219 July 1 to Sept 30 29,594 38,230 13,382 16,774 Georgia Southern & Florida, 33,955 40,700 6,745 Jan 1 to Sept 30 76,209 96,251 28,383 42,847 Mobile Jackson & Kansas City 33,975 29,969 4,006 Nevada-California-Oregon 257,075 7,108 Sept 175 Georgia RR_b 265,778 7,283 56,897 48,929 Rio Grande Southern July I to Sept 20 680,810 1,154 11,972 744,666 13,126 78,119 106,607 Texas Central 32,092 3,178 28,914 Georgia So & Fla-See under Southern By System below Total (45 roads) 10,678,178 11,032,992 307,801 662,615 Grand Trunk of CanadaNIA tipnrofiezp LI 22.7..1 354.814 Grand Trunk Ry____Sept 2,772,931 3,091,200 918,795 859,423 July 1 to Sept 30 8,003,932 9,333,459 2,523,767 2,721,346 Net Earnings Monthly to Latest Dates.-The following Grand Trunk West'n..Sept 478,864 591,279 101,467 112,902 shows the gross and net earnings to latest dates of all STEAM July 1 to Sept 30 1,463,844 1,725,661 308,780 294,909 Detroit Gr flay & Mil_Sept railroads furnishing monthly statements. The compilation 150,861 160,108 41,852 35,039 July 1 to Sept 30 449,177 517,795 118,012 113,390 includes every road from which we can get a return of this Sept Canada Atlantic 148,915 207,313 def7,056 16.060 character, and in that form is given once a month. Early July 1 to Sept 30 526,555 615,611 47,205 69,591 returns are published from week to week, as soon as issued, zGreat Northern-b Sept 5.861,777 5,723,664 2,733,423 2,219,100 14,772,741 17,106,345 5,585,147 6,796,023 but for tile convenience of our readers all the roads making July 1 to Sept 30 Sept 648,110 675,800 returns are brought together here in the week in which we Hocking Valley-a 249,844 265,707 30 1,793,945 1,996,475 Sept 1 to July 663,682 734,231 publish our monthly article on net earnings-say,about the Sept 4,830,208 5,405,906 Illinois Central-a 844,675 1,101,129 20th of tile month. Besides the companies furnishing monthly July 1 to Sept 30 13,746,084 15,798,421 2,228,205 3,191,735 returns, we have added this time the roads which make quarterly Interborough Rapid Transit Co-b July 1 to Sept 30 5,328,887 5,155,127 2,653,178 2,536,561 returns. Jan 1 to Sept 30 17,931,563 17,211,675 9,753,821 9,497,243 -Gross Earnings-- -Net Earnings - x Internat & Gt Nor_ b_Sept 725,633 645,612 252,111 Current 109,655 Previous Current Previous July 1 to Sept 30 1,808,603 1.806,569 401,516 150,849 Year. Year. Year. Year. Roads. $ U Interoceanlc of Mexico Sept 489,142 $ 618,934 $ 156,476 • 157.404 $ Alabama Great Southern-See under Southern Ry System below July 1 to Sept 30 1,547,409 1,842,106 466,912 451,097 Ala Tenn & Northern.. _Sept Sept 282,802 300,586 892,499 8113,207 4,540 3,506 2,578 1,623 Iowa Central_a July 1 to Sept 30 780.190 July 1 to Sept 30 806,000 8219,509 8252,535 13,308 11,013 7,242 5,296 Atch 'I op & Santa Fe.. b_Sept 7,906,678 8,077,118 /3,049,302 J2,531,856 Kanawha & Michigan_a_Sept 209,180 211,551 $1,221 57,757 July 1 to Sept 30 22,371,305 24,005,564 18,505,653 17,560,824 July 1 to Sept 30 618,260 628,250 83.745 162,437 vAtlanta Birm & Atl_a_Sept 163,363 303,195 171,154 265.761 891.179 49,318 46,326 Kansas City South_a__ _ _Oct 803,910 July 1 to Oct 31 2,981,294 3,545,687 1,044,056 1,231.832 July 1 to Sept 30 462,458 502,409 139,784 125,748 Sept 2,926,821 3,245,306 1,109,287 1,213,853 Atlantic Coast LIne.aSept 1,902,600 2,059,243 483,889 349,274 Lehigh Valley-b to 30 July Sept 1 8,287,205 10,010,951 3,050,346 4,008,245 July 1 to Sept 30 5,220,512 6,064,430 1,023,946 873,507 35.440 44,576 Baltimore & Ohlo_b_Oct 6,594,989 7,700,677 2,516,640 2,493,303 Lexington & Eastern_ b_Sept 4,042 14,852 July 1 to Sept 30 108,130 July 1 to Oct 30 152,041 23,209 25,004,555 30,231,938 0,405,882 9,892,444 51,663 Long Island- b Bangor & Aroostook_ b_Sept Sept dec 201,439 dec 4,470 282,476 112,799 Jan I to Sept 30 July 1 to Sept 30 dec 442,780 Inc 544,850 659,162 216,441 Bellefonte Central_ b_ _ _- Oct 7,429 6,470 2,483 Louisville & Nashy_b__Sept 3,954,648 4,189,277 1,475,513 1.067,150 1,323 Jan 1 to Oct 31 July 1 to Sept 30 11,284,747 12,741,768 4,002,305 3,564,287 53,821 16,181 52,835 9,648 ZBoston & Maine_lb____Sept 3,648,190 3,789,749 Sept 791,668 857,502 269,210 . 347.106 895,239 xMaine Central- b 081,132 July 1 to Sept 30 Sept 1 to 30 July 2,311,217 2,566,978 805,935 1,019,053 10,442,704 11,607,601 3,233,609 3,640,695 Jan 1 to Sept 30 ' Oct 27,438,707 31,310,677 6,856,430 8,082,615 Manistique_b 2,888 5,737 1,359 clef 264 Boston Revere Beach & LynnJan 1 to Oct 31 48,792 56,091 def2.435 def5,928 July 1 to Sept 30 202,242 205,584 58,438 Maryland & Penna_a-_Sept 62,967 37.942 39,823 14,675 15,834 Jan 1 to Sept 30 654,722 645.372 80,022 95,906 July 1 to Sept 30 104,251 106,558 35,172 37.171 Bridgt'n & Saco Riv_b_Sept 5,251 4,786,2 1.970 g Mexican Central 09 1 May 2,794,474 2,995,982 989,438 897,031 July 1 to Sept 30 15,033 17,133 7,435 6,345 July 1 to May 31 32,869,443 28,492,109 9,940,929 8,576.542 Buffalo Roch & Pitts_ b_Sept 626,939 771,063 254,748 0 Mexican Internat'l__ __Sept 161,348 531.619 683,426 197,962 194,263 July 1 to Sept 30 1,897,034 2,325,081 859,563 522,567 " July 1 to Sept 30 1,683,122 2,241,029 645,268 667,656 Canadian Northern Sept 001,700 758,300 209,100 Mineral Range_b 251,100 Sept 72,675 67,870 4 1 5 5 . 04 7 1 3 5 13,759 2,377,600 2,618,200 July 1 to Sept 30 787,500 640,100 July 1 to Sept 30 218,882 216.503 50,560 Sept 6,391,672 6,423,452 2,114,608 2,151,353 Minneap & St Louisa -Sept 446,697 Canadian Pacific_a 373,923 k184,794 k143,804 July 1 to Sept 30 19,070,510 20,441,003 6,968,080 7,228,481 July 1 to Sept 30 1,100,495 1,082.746 k393,272 k380,535 Central of Georgia_a _.-Sept 1,014,608 1,046,750 240,564 Minn St P & S S M_b___Sept 1,498,465 1,049,134 308,656 840,560 400,644 July 1 to Sept 30 2,758,163 2,966,085 635,780 666,461 July 1 to Sept 30 3,409,934 3.165,959 1,589,129 1,175,336 Central of New Jersey b_Sept 2,200,734 2,399,719 979.542 1,043,859 Mo Kansas & Texas_b_Sept 2,371,747 2,278,658 842,348 860,652 July 1 to Sept 30 6,517,401 7,500,505 2,839,767 3,390,023 July 1 to Sept 30 6,440,784 6,791,607 1,974,963 2,685,984 Chattanooga South_a_ _July 11,146 15,081 1,142 1,042 Missouri Pacific-6 Sept 4,106,966 4,408,801 1,378,726 1,126,561 Chesapeake do Ohlo_b__Sept 2,308,099 2,541,328 11,636.126 13.191,592 3,866,427 3,696,439 July I to Sept 30 948,515 034,406 July 1 to Sept 30 6,697,036 7,598,839 2,711,719 2,862,621 Mobile & Ohio-See under Southern Ry System below Chesterfield & Lane_ b__Sept 4,8815,566 1,323 Nashv Chatt & St L_b__Sept 930,219 1,052,546 2,378 207,095 238,058 July 1 to Sept 30 11,179 15.348 4,619 2.681 2,689,129 3,005.896 July 1 to Sept 30 612,553 677,114 Chicago & Alton_a Sept 1,171,481 1,148,722 3407,212 g Nat RR of Mexico_ _ _ _Sept 1,117,224 1,332,849 3517,891 393,336 481.169 July 1 to Sept 30 3,370,493 3,277,525 31,534,533 81,072,570 July 1 to Sept po 3,524,124 4,145,550 1,337,132 1,393,619 Chic Gt 'Western- b Sept 789,718 741,466 165,842 166,049 Hidalgo &N . thea t_ Sept 69,76788,994 9,537 19,594 July 1 to Sept 30 2,135,162 2,232,651 458,814 516,645 July Ito Sept 30 220.621 261,58332,536 57.480 • 1352 THE CHRONICLE [VOL. LICXXVII. --Cifess Earnings- --Net Earnings -Gross Earnings- -Net Earnings Previous Current Current Previous Current Previous Premous Current Year. Year. Year. Year. Year. Year. Year, Year. $ $ Roads. $ $ $ 8 $ $ Roads. Sept 7,414,594 6,950,234 3,999,514 2,583,503 Union Pacifica 21,567 22,546 35,690 July 1 to Sept 30 35.496 21,139,749 21.192,741 10,833,992 8,415,452 Nevada-Cal-Oregon_b _Sept 43 0:43 62 4 88 5861 102,648 104,875 July 1 to Sept 30 260,718 Sept 797,419 227,621 921.924 zVandalla-b 1,555 8,973 670.968 612,729 Juy 1 to Sept 30 5,999 2,247,4062,654.846 Sept Nevada Central- b 6,023 2,815 Virglnia & Southw'n_b_Sept 111,191 23,702 19,922 July 1 to Sept 30 32,878 51,102 97,739 115,186 131.709 304,549 July 1 to Sept 30 317,255 New Jersey & New York-b 62,029 40,491 Wabash_ b 176,577 173,126 July 1 to Sept 30 848,474 2 319.906 2,498,899 Sept 782.863 120,437 35,690 400,357 455,272 Jan 1 to Sept 30 6,774,861 7,411,060 2,325,507 2,626.560 July 1 to Sept 30 199.202 New London Northern_b198,902 605.408 West Jersey & Seash_b_Sept 559,308 27,485 10,893 296,556 271,737 30 July 1 to Sept to Sept 30 1 4,295,091 4,564.591 1,062,557 1,117,657 Jan 15.270 def44,274 777.817 692,116 Jan 1 to Sept 30 134,243 136,555 595,855 zWheel & Lake Erie_ b_Sept 508.823 N Y Cent & Hud Riv__ _Sept 8,420,315 9,035,990 2,723,105 2,780,867 517,443 482,241 July 1 to Sept 30 1,568,105 1,876%135 64,600,001 74,000,625 16,130,338 18,020,475 Jan 1 to Sept 30 b_ Central_ 250,042 _Sept zWIsconsin 287,237 700,043 700,506 394,909 Lake Sh & Mich So__Sept 3,617,328 4,082,327 1,062,013 826,082 801,919 July 1 to Sept 30 2,021,627 2,177.633 29,063,997 33,612,665 8,476,249 7,099,778 Jan 1 to Sept 30 & Tennille_b_Sept 58,888 512 146 28,123 26,158 83,752 154,352 Wrightsv 498,825 Lake Erie ec Western_Sept 432,210 to Sept 30 517,102 1 July 60,923 516,816 65,541 514,499 988,694 3,313,310 3,818,512 Jan 1 to Sept 30 Miss Valley_a_Sept 2,753 764,601 796,628 & def108.145 Yazoo 102,028 256,666 89.818 246,100 Chic Ind & Southern_Sept 1,988,799 2,314,544 def310,492 def13,349 July 1 to Sept 30 641,579 788.653 2,097,064 2,230,905 Jan 1 to Sept 30 68,971 649,867 a Net earnings here given are after deducting taxes. Michigan Central--- Sept 2,247.221 2,553,788 18,157,491 21,248,873 4,361,278 3,784,584 b Net earnings here given are before deducting taxes, Jan 1 to Sept 30 After allowing for net revenue from outside operations and deducting e 658,115 2,461,253 813.650 Clev Cln Chic & St L_Sept 2,301,160 Is $54,266 In Sept. 1908, against $23,130 last year. 17,758,364 19,684,871 4,061,153 4.959,380 taxes, operating Income Jan 1 to Sept 30 from July 1 to Sept. 30 Is $124.078 In 1908 and $69,866 In 1907. and 82,451 271,754 82,794 al ex ca currency.. results ar Peoria & Eastern____Sept 264,379 „. gThe 336,284 498,442 1,995,050 2,207,490 Jan 1 to Sept 30 h For September 1908 additional Income showed a deficit of $13,557, 94,310 28,495 35 353 against a credit of $5,948 In 1907, and for period from July 1. to Sept. 30 104,426 Cincinnati Northern--Sept 157,166 753,592 694,335 102,036 was a deficit of $10,358 In 1908, against a credit of $25,827 last year. Jan 1 to Sept 30 The company now Includes the earnings of the Denver Enid 4 Gulf RR., 223,064 321,927 Pitts & Lake Erie_ __ _Sept 1,087,002 1,407.360 system and Santa Fe Prescott & Phoenix fly. In both years. 7,311,945 11,402,596 1,551,076 2,584.626 Pecos Valley Jan 1 to Sept 30 For Sept. taxes and rentals amounted to $305,343, against $239,520 in 120,091 314,342 122,152 1007; after, deducting which, net for Sept. 1908 was $2,744,049, against Sept 278,918 Rutland 666,176 $2,292,336 last year. For period from July 1 to Sept. 30 taxes and rentals 572,923 2,020,010 2,280,681 Jan 1 to Sept 30 213,260 882,117 244,223 were 5017,986 in 1908, against 4720,500 In 1907. N Y Chic & St Louls_Sept 766,971 k For Sept. 1008 additional income was $11,807, against $17,158 In 1007. 6,856,848 7,797,151 1,536,042 1,870,482 Jan 1 to Sept 30 for period from July 1 to Sept. 30 was $44,514 In 1908, against $46,595 Sept10,716.112 21,808,727 5,947,138 5,109,017 .and Total all lines last year. 38,449,654 976 42,115,071 153.870,737179071, 30 Sept to 1 Jan n These figures represent 30% of gross earnings. p For September miscellaneous .charges and credits to income was 5N IC N H & Hartford_ b Sept 4,819,232 5,000,836 1,662,020 1,818,711 13,749.187 15,380,498 4,710,417 5,365,672 $15,317, against $10,954 in 1907, and f .r period from July 1 to Sept. 30 July 1 to Sept 30 .$44,913 In 1908, against $29,779 In 1907. was 224,202 220,448 693,363 715,966 N Y Ontario & West_a_Sept r For Sept. 1908 net from Coal Department was $89,654, against $102,669 948 892,938 7:79 88 2 14 2.377,263 2,419,766 July 1 to Sept 30 year, and.from Jan. Ito Sept. 30 was $534,999 In 1908, against $734,513. last 67,213 284,711 241,613 N Y Susq & Western_a_Sept s After all, wing for miscellaneouS charges and creolts t, Income for the 197,654 210,616 832,793 738,166 July 1 to Sept 30 m nth of September 1908; total net earnings were $473,757, against $418,Norfolk & Western_b_Sept 2,505,800 2,975,960 1,011,115 1,055,612 423 last year. and for period from July 1 to Sept. 30 were $1,382,414 this against $1,106,859 2,995,952 3,305,653 8,901,787 Year. 7,382,722 July 1 to Sept 30 V After allowing for net revenue from outside operations and deducting 311,213 297,913 NOrthern Central_b____Sept 1,032,719 1,176,519 operating income is $1,389,283 In S pt 1908. against $1,151,702 last taxes, 1,949,905 2,021.805 8,288,964 9,958,364 Jan 1 to Sept 30 year, and from July 1 to Sept. 30 Is $3,761,252 In 1908, against 42,859,559. 5Northern Pacific_b___ _Sept 6,800,962 6,591,932 3,533,583 2,720,182 v In accordance with the contract of June.30 1908 between the Atlantic 18,317,155 20,721,682 8,711,316 8,946,656 & .Birmingham Construction Co. and the ,Atlanta Birmingham & Atlantic July 1 to Sept 30 the Construction Co., as the part of expenses chargeable .to it on xPenna Conipnny_ b_ ., _ _Sept 5,713,263 4,609,961 1,601,507 1,608,635 RR. Co., 11,0132,050 14,371,768 4,737,581 5,197,263 account of the untInIshed.condition of the work and the Interference by its July 1 to Sept 30 with the operation, pays pac.h month to the Railroad Co. such portion work Pennsylvania-Lines directly operated of the operating expenses as equals the excess of the total operating ex. East of Pitts & Erie b_Sept12,080,259 14,450,659 3,629,477 4,318,577 penses above 70% of the total operating revenue. 99,036,872 123714.972 27,600,901 33,908,601 Jan 1 to Sept 30 x These figures are on the basis of accounting required by the Inter-State • Commerce Commission. dee 21,400 dec 1,334,400 West of Pitts & Erle_ -Sept , dec2,550.900 •z Includes $102 other Income for Sept. 1908. against $80 In 1907, and for dec16,275,900 Jan 1 to Sept 30 July 1 to Sept. 30 includes $200 In 1908, against $267 last year; from period 433,114 , 325,805 x Pere Marquette_b____Sept 1,269,002 1,218,698 earnings of the Dublin & Southwestern RR. are included In both years. 3,527,250 3,674,516 1,062,219 1,011,297 the July 1 to Sept 30 394,766 1,526,490 386,866 Interest Charges and Surplus. 1,395,496 Phila. Balto & Wash_ b_ _Sept, 11,953,706 12,830,006 2,750,486 2,634,080 Jan 1 to Sept 30 -Int., Rentals. &e.- -Bat. of Net E'ngs.765,941 2,906,098 842,894 Previous Current Current Previous Pitts On Chic& St L_a_Sept 2,397,665 1 87 84 19,105,889 24,446,498 5,258,968 5,8%1:3 Year. Year. Year. Year. Jan 1 to Sept 30 . $ .5 $ $ Roads. 10,099 9,478 2,3! 56 Raleigh & Southport_a_Sept 31,163 7,250 7.843 27,314 38,587 83,294 _Sept .._ 30 Sept to1 July Bangor & Aroostook 1.146 July 1 to Sept 30244,741 , Reading CompanY- . ,,llii) 6 ,06 257 303 Oct1 Mlle & Reading b-_:.Sept 3,380,373 5,882.220 1,367,026 1",475,426 Bellefonte Central 0,316,747 11,734,376 3,603,310 4,597,752 13,151 7,078 2,570 3,030 July 1 to Sept 30 Jan 1 to Oct 31 154,439 2,928,892 244:926 , Coal LIG Iron Co.b__Sept 2.513.762 Revere Beach & 183,475 582,750 Boston 6,590,555 8,708,541 549,310 18,104 551.648 17,182 July 1 to Sept 30 July 1 to Sept 39 Lynn-. 53,643 548,270 x57,310 48,461 Jan 1 to Sept 30 Total .both.'eos_ b .__ __Sept 8.900,135 . 0,811,112 1,521,465 1,720,353 • • 3,786,785 20,502,917 15,907,303 5,180,503 30 Sept to 1 July Boston & Maine 126,491 2,354,692 2,391,051 51,037,930 x1,286,311 129,349 July 1 to Sept 30 Reading Company- _Sept 7,061,672 6.570,918 377,442 5408,238 52,021.563 386,140 30____. _ Jan 1 to Sept 30 1 to SeptJuly 593 656 1,647,956 '1,849,702 Bridgeton & Saco River_Sept 643 1,377 °I"ota1 all companles_Sept 30 6 6:764 1.830 5,655 4,164,227 5,538 1.780 4,515 3 43 July 1 to Sept July 1 to Sept 30 _Sept New 603,665 Jersey_ 674,715 369,144 31,763 375.877 of, 157,182 Central 125,413 ft!ch ni Freds & Pot____Sept 1,600,567 1,586.216 1,143,200 1,803,597 118,848 524,413 July 1 to Sept 30 148,123 418,524 July 1 to pept 30 n19,618 c10,948 31,350 Sept 78,587 30,647 cdef1,119 n23,576 Colorado Midland. 65,394 Rio Grande Junction 2„Ang n166,037 n18 3, 16: 94,050 c41,479 621,541 c16,892 46 1 91,940 18 553,419 July 1 to Sept 30 Dec 1 to Aug 31 20,892 c256,846 54,810 258,540 Colorado & Southern.. -Sept 276.432 c245,779 52,032 Rio Grande Southern_ b_Sept 65,279 166,964 c543,129 Sept 30..____ 741,418 to c730.487 792,953 57,922 1 July 154,786 . July 1 to Sept 30 . 29,053 Aug def1,003 11,937 12,437 'Sept 5,690,375 5,641,388 1,806,267 1,693,125 Copper Range .. Rock Xsland11 9,836 53.300 23,875 24,875 July 1 to Aug 31 15,703,609 16,367,573 4,479,953 4,315,994 July 1 to Sept 30 1,122,235 4,522,948 x18,924 54,219 & 1,169,535 3,585 Cornwall 3,548 4,183,695 _Sept Lebanon_ St Louts & San Fr_ a__Sept, 74 545.213 x10,781 10,846 10.616 July 1 to Sept 30 11,775,591 13,569,911 3,169,873 3,4757 1 July 1 to Sept 30 1 Cuba RR 75 217,074 , 68,809 :01. 7,800 27,051 28,329 32,202 198,991 Sept Evansv & Terre li _a_Sept 40,182 6311,874 „210,892 68,968 190,560 34,987 p81,657 96,787 July 1 to Sept 30 July 1 to Sept 30 . (79 d376,483 3:0 d497,071 76 01 Denver & Rio Grande_Sept 307,325 19 354,132 Sept16,073,662 16,3!•1,411 2.997.312 2,87 Total all lines_ii 912,608 1,041,396 d1,197,518 d1,277,198 July 1 to Sept 30 28,060,850 30,577,400 7,860,718 7,964,0281 July 1 to Sept 30 71,504 149.385 Delaware & Eastern163.974 St Joseph & Grand Isl_b Sept 211 13,003 xdef28,094 xdef16,247 177,828 to 21,812 1 150 30 469,582 Sept July 438,034 July 1 to Sept 30. ' Dunkirk A legh Vali & PItts178,281 zSen Ped L Ang & S L b Sept 582,391' 51,261 13,630 xdef7,426 12,403 483,057 July 1 to Sept 30 July Ito Sept 30 1,654,859 20,722 xdef29,127 xdef 6,761 19,500 Jan 1 to Sept 30 260,310 271,9:6 944,920 St Louis Southwestern a Sept 904,253 92,025 xdef9.839 555,150 803,004. Duluth So Sh & AtI____Sept 92.893 x6,272 July 1 to Sept 302,488,460 2,743,022 278,023 542,804 285,182 xdef47.145 July 1 to Sept 30 341,446 310,8841 zSeaboard Ali- Line_ b_ _Sept 1,256,842 1.329,026 864,110 870,295' Genesee & IVyomIng3,503,820 8,946,193 July 1 to Sept 30 9,849 6,925 6,970 6,412 July 1 to Sept 30 Southern Pacide_a Sept10,481,004 10,039,518 3,941,224 2.878,595 21.040 20,486 7,343 _ 22,361 Jan 1 to Sept 30 July 1 to Sept 30 .30,033,137 33,817,619 11,013,534 9,625,617 idef7,820 53,426 57,813 511,902 Southern Rallway_b__Sept 4,474,573 4,898,264 y1,541,144 y1,321,625 Georgia RRto Sept 30 Sept 163.503 171.037 xdef53.924 xdcf02,033 July 1 July 1 to Sept 30 12,720,977 14,611,744 y4,219,327 y3,330,985 x244,844 Sept 99,162 67,650 5100,317 Valley flocking 249,794 234,540 Ohlo_a & $90,990 782,145 Sept Mobile 205,886 5688.934 221,585 5495,451 July 1 to Sept 30 646,453 721,268 July 1 to Sept 30 2,248,429 2.722,718 181,257 157,950 Interborough Rapid Transit CoGine N 0 & Tex Pac a Sept , 651,989 776,525 2,899,164 2,619,050. 591,189 5209.071 July 1 to Sept 30 568,784 477,170 July 1 to Sept 30 1,951,858 2,313,681 8,410,478 7,784.795 52,304,165 x2,474,132 Jan 1 to Sept 30 7,4,830 71,436 Alabama Gt South'n a Sept 286,067 345,552 519,269 542,684 22,755 20,951 218,228 181,907 Kanawha & Michigan_Sept 884,593 1,069,170 July 1 to Sept 30 558,249 88,917 64,025 5104,373 July 1 to Sept 30 e28,439 e60,445 Georgia SO & Flab.. _Sept 162,179 173,536 11,848 10,696 3,970 3,986 88:20 e2 1 Maryland & Penne 30 Sept 16 e143,115 533,933 448,763 July 1 to Sept 30 25,233 23,234 11,938 July 1 tO Sept 11.038 28.501 Sept 102,683 83,916 17,133 Texas Central 51,077 x2,706 Sept 13,067 11,817 76,785 Mineral Range 297,700 243,823 July 1 to Sept 30 515,630 56,412 30,408 38,055 July 1 to Sept 30 40566,206034 xTexas & Pacific_b_ _ __ Sept 1,192,888 1.302,075 5411.286 5236.119 Texas_ & -_Sept 8530,576 Kansas 8614,548 Ito 862,146 3,230,816 3,774,151 July 1 to Sept 30 81,734,318 81,637,909 5256.509 51,172,172 July 1 to Sept 30 def 606 7,437 43 6,206 Tidewater & Western. b Sept 84,765 56,100 153,293 150,995 26,176 1,168 , 2.337 Nashville Chatt & St 17877 . July Ito Sept 30 214,908 159,568 462,206 452,085 July 1 to Sept 30 455,857 214,798 484,848 167,376 Toledo & Ohio Cent_a_ _Sept 519,931 x18,760 3,943 4,046 42 548,956 6:8 67 23 3 Nevada-Cal-Oregon-- - 1,361,624 1,373,003 67 July 1 to Sept 30 553,010 549,898 11,606 12,138 July 1 to Seca 30 21,271 99,566 123,107 Toledo Peo 4 West'n_b_Oct New York& Jersey New 102,223 437,889 04,144 397,548 July 1 to Oct 31 10,456 clefI 1 ,790 53,446 July 1 to Sept 30 07,274 P133,256 92,323 def18,719 def52,731 11(1)11/ 11 TolSt,Louls & West-a--Sept 292,271 ; 388,457 Jan 1 to Sept 30 p302,269 ' 907,535 1,131.688 p344,903 New London & NorthernJuly 1 to Sept 30 ' 30 Sept 63,394 zdef32,493 zde.f47,356 tO 62988 5,540 2,015 1,354 5,357 July 1 TOnibigbee Valley . _.:Sept 165,3705def133,5215def178,225 5,169 164.964 17,923 15,414 [4,671 Jan 1 to Sept 30 July 1 to MIA 30 • Nov. 21 1908.1 Roads. THE CHRONICLE -Int., Rentals, &c.- -Bat. of Net E'ngs.Current Previous Current Previous Year. Year. Year. Year. $ $ 1 $ N Y Ontario & Western_Sept 91,193 80,555 133,009 139,893 July 1 to Sept 30 223,833 629,173 263.767 724,961 Norfolk & Western 437,060 434,793 574,055 Sept 620.819 July 1 to Sept 30 1,314,847 1,287,540 1,681,105 2,018,113 Reading Company_ ....Sept 870,742 779,331 868,625 078,960 July 1 to Sept 30 2,605,875 2,612,226 1,558,352 2,954,417 Rio Grande Junction_ __Aug 8,333 8,333 11,285 15,243 Dec 1 to Aug 31 74,999 74,999 91,038 111,462 Rio Grande Southern_ _Sept 18,930 20,518 x799 x2,032 July 1 to Sept 30 56,684 61,574 x12,941 x7,770 St Louts Southwestern_ _Sept 166,828 164,674 x136,344 x153,942 July 1 to Sept 30 506,533 501,268 x172,654 x456,113 Texas Central Sept 2,584 2,584 25,977 14,549 July 1 to Sept 30_ _. _ 7,752 69,013 7,752 48,452 Toledo & Ohio Central Sept 39,666 43,069 x152,362 x177,257 July 1 to Sept 30 119,992 123,075 x433,270 x398,521 Toledo Peoria & West__ _Oct 23,117 1,096 23,545 154 July 1 to Oct 31 94,433 22,569 94,894 13,288 C After allowing for miscellaneous charges and credits to income. d These figures are after allowing for other income and for discount and exchange. The sum of $10,000 Is deducted every month from surplus and placed to the credit of the Renewal Fund. A Fixed charges include taxes amounting to $114,700 for Sept. 1908, against $52,000 In 1907, and additions and betterments of $43,205 this year, against 850,407; from July 1 to Sept. 30 taxes were $294,052 In 1908, against $157,724; additions and betterments were $99,720 for the same period, against $205,446 the previous year. Prior to July 1907 it was the practice to include these Items In the expenses. z After allowing for other income recelved. Name of Road. 1353 Latest Gross Earnings. Week or Month. Current Previous Year. Year. Jan. 1 to latest date. Current Year. Previous Year. $ $ $ $ Houghton Co Tr Co_ _ September 23,934 197,497 23,878 189,708 Illinois Traction Co__ September 357,508 344,966 2,973,051 2,722,482 Jacksonville Eleo Co_ September 294,282 34,017 32,651 316,480 Kansas Clty Ry & Lt September 537,301 534,923 4.579,655 4.439,983 Knoxville By & Lt Co September 48,634 447,072 52,823 421,700 Lake Shore Elcc Ry_ S'eptember 91.942 96.188 Lex & Inter Rys Co___ September 64,048 59,195 420,783 466,589 Little Rk By & El Co September 54,655 57,029 495,818 466,801 Memphis Street Ry__ September 143.044 140,902 1,190,765 1,198,675 Metrep West Side El_ October -_ 221.992 243,474 2,131,484 2,257,809 Milw .Elec Ry & Lt Co September 335,076 338,327 2,866,823 3,833,617 Milw Lt Ht & Trac Co September 93,984 93,232 659,707 635,268 Montreal Street Ry__ Wk Nov 14 56,802 57,456 3,228,695 3,128,564 Nashville Ry & Light September 151,751 151.675 1,167,334 1,152.950 NJ & HR Ry & FyCo October... 47,056 42,508 457,943 411,921 North Ohio Tr & Lt_ _ October_ _ _ 157,532 155,291 1,579,081 1,615,073 North Texas Elec Co_ September 88,190 93,468 Nor & Portsm Tr C)September 1162,938 295.611 11,395,234 1477,297 No Westchester Lt f- o August ___ 9,559 8,706 76.529 68,355 Northwestern Elev _ October __ 182,915 168,649 1,591.386 1,430,598 Oakland Traction /.o. September 235,023 247,939 2,082,486 2.058,540 Oklahoma City P. September 28,485 25,859 205,485 196,520 Peekskill Light & RR August_ , 16.864 16,760 , 107,473 108492 Portland Ry L & P Co September 373.288 361,582 3,222,109 2.925.548 Porto Rico Rys Co... September 277,234 34,082 30,162 257,924 Rio de Janeiro Tram Light & Power__ September 643,347 541,132 5.239,158 4,629.746 St Joseph (Mo) IV Lt Heat & Power Co__ October __ 750,742 723.614 78,512 73,050 Sao Paulo 'Sr Lt & P_ September 180,886 177.581 1,682.180 1,534,758 Savannah Electric Co September 52,894 435,797 446,400 48,404 Seattle ElectricCo__ _ September 385,946 359,423 3,300,218 2,996,102 Miscellaneous Companies. South Side Elevated- October __ 174,514 180.838 1,761,191 1,639,969 13,724 130.166 128.811 12,636 -Gross Earnings-- -Net Earnings-- Sou Wisconsin Fly Co Oct her __ Springf'd(III)R&L Co October... 82,570 87,272 Previous Current Current Previous Syracuse Rap Tr Ry., 814,044 ._ '106;198 107,982 843.488 Year. Year. Year. Year. Tampa Electric Co__ September August43,356 43,078 383,976 405,979 Roads. 3 S $ Toledo Rys & Light. September 222,891 208,684 1,864,822 1,888,321 Abington & Rockland Elec Toronto Rallway..___ Wk Nov 14 67,891 64,208 Light & Power Co_b_Sept 1,565 Twin City Rap Tran_ 1st wk Nov 123,363 116,553 5,436,827 4,791 4,504 1.777 5,169.561 Jan 1 to Sept 30 12,213 IC Underground El By 40,675 36,400 15,270 of LondonBuffalo Gas Co Sept 21,077 Three tube linos.. Wk Nov 7 £11,925 £10,690 £521;7 July 1 to Sept 30 39,544 44,225 5 0 £337,445 Metropolitan 1)Ist_ Wk Nov 7 £9,494 £8,986 £407,746 £353,149 Cumb Tel & Tel Co_t- - _Sept 508,131 503,721 197,466 219,411 United Tramways_ Wk Nov 7 £5,533 £5,848 £300,623 2296,174 Jan 1 to Sept 30 4,554,714 4,351,788 1,912,677 1,650.489 United RRs of San Fr August ___ 576,700 317,769 4,486,909 3,013,295 Cuyahoga Teleph Co___Sept 69,249 06,144 31,100 United Rys of St L__ 37,891 949,914 971,322 8,810,539 9,087,659 Demerara Elect Co October__28,381 29,033 Sept 10,358 260,169 10,111 4,668 Whatcom Co Ry & Lt September 255.552 4,509 Jan 1 to Sept 30 89,636 87,768 68 37,602 38,306 Ed ElecCo(Brockton) _ b.Sept 16,471 17,296 7,520 c These figures are for consolidated company. f No earnings for Detroit Jan 1 to Sept 30 151,315 136,447 17 22 'Jackson & Chicago Ry. for Jan. 1907 included In these figures. k Does not 8,2 64,215 57 .Fall River Gas Wks_ b_ _Sept include the Charing Cross Euston & Hampstead Ry for first six months 38,825 35,807 20,108 Jan 1 to Sept 30 300,812 283,435 120,574 115 6,3 830 4 of 1907. !Decrease due to Jamestown Exposition last year. Houghton Co El Lt_ b_ -Sept 19,749 19,681 0,988 Street Railway Net Earnings.--The following table gives Jan 1 to Sept 30 167,634 172,364 94 88 79 82 9, 78,363 Ilud Riv Elec Pow Co_a July 84,262 27,226 the returns of STREET railway gross and net earnings 98,323 26,064 Jan 1 to July 31 703,343 256,183 reported this Week. A full detailed statement, including.a 640,599 320,266 Keystone Teleph Co_a_ _Sept 87,656 86,592 41,457 roads from which monthly 44,784 returns can be obtained, is givpn Lowell Elec Lt Corp_ b_Sept 26,328 9:,37840241 28,250 12,304 once a month 10,100 in these columns and the latest statement of Jan 1 to Sept 30 244,039 226,165 92,353 this kind Will be found in the issue of Oct. 31 1908. The next 4 Mexican Lt & Power Co.Oct 519,651 392,685 276 451,096 1 Minn General Elec. b- --Sept 81,898 38,885 will appear in the issue of Nov. 28 1908. 76,108 47,485 Jan 1 to Sept 30 712,727 335,859 639,241 380,769 -Gross Earnings- -Net Earnings Pacific Coast Sept 578,107 Current 143,922 737,995 Previous 112,319 Current Previous July 1 to Sept 30 Yesar. 1,751,212 2,231.423 285,073 Year. 407,601 Year. Year. Roads. $ Victor Fuel Co.b $ Sept $ 168,799 221,296 36,278 48,734 Brockton & Plymouth b Sept 12,603 11,620 5,925 3,170 July 1 to Sept 30 499,484 677,474 99,268 143,783 Jan 1 to Sept 30 96,206 94,855 25,221 31,878 Camaguey Co a Net earnings here given are after deducting taxes. Sept 11,921 6,772 5,359 3,574 Jan 1 to Sept 30 b Net earnings here given are before deducting taxes. 86,140 56,013 39.627 29,158 g These results are In Kexlcan currency. Cape Breton Elect Co_ b- Sept 22,006 .23,671 10,301 Jan 1 to Sept 30 181,822 178998 , 74,848 6 14 1, 439 03 2 . Interest Charges and Surplus. Central Penn Trac Co....Oct 58,096 . 60,227 13,793 8,834 Jan 1 to Oct 31 591.213 -Int., Rentals, &c.-- ---:Bal. of Net E'ngs.622,116 124.313 126,769 Current Previous Current Previous Chailestoh Cons*RyG&E.Oct 60,655 58,551 18,961 18,679 Year. Year. Year. Year. Mch 1 to Oct 31 505,751 482,661 178,086 178,2062 Roads. $ $ $ $ Dallas Corp_ Elect -Sept b_ _ _ 95,842 45,632 $2,762 31,963 Abington & Rockland Elec 43,828 Light & Power Co..- -Sept 45,556 10,490 14,384 328 :5921 12:7481 073 El Pas) Elect Co_ b__ - _Sept Jan 1 to Sept 30 362,996 386,519 Jan 1 to Sept 30 103,585 86,995 2,484 3,071 9,142 Galv-Houston Eiec 91,794 Co b Sept Cumb Tel & Tel Co_ ..... _ .Sept 97,651 45,170 44,709 43,766 ,40,424 175,645 157,042 Jan 1 to Sept 30 792,654 Jan 1 to Sept 30 783,544 316,867 320,053 341,846 534,676 1,570,831 1,295,813 23,878 23,934 Cuyahoga Teleph Co.....Sept 12,133 .11,855 11,283 11,250 19,850 Houghton Co Tract Co b Sept 26,608 Jan 1 to Sept 30 197,497 189,708 83,005 77,021 Ed Elec Co (Brockton)- -Sept 1,143 ,11477:,821.3223,11) 4,669 2.851 Internat'l By Co (Buffalo)- bJan 1 to Sept 30_ _ _ _ _ 17,416 9,898 46,799 July 1 to Sept 30 1,349,900 1A81.479 614,55'0 6 7 9.ef Fail River Gas Works__ _Sept 2,450 2,001 17,658 Jan 1 to Sept 30 3,422,071 3,593,482 1,367,661 1,383,2 5 Jan 1 to Sept 30 15,031 13,964 105,3.43 101,866 Crosstown St Hyb 'oughton H 4,494 Co Elec Lt_ _ Sept 3,455 5,494 6,415 July 1 to Sept 30 167,933 187,484 78,421 88,353 Jan 1 to Sept 30 27,629 34,078 44,285 54,860 Jan 1 to Sept 30 475,085 513,851 194,884 207 . ,738 Lowell Elec Light Corp_Sept 3,366 3,485 6,824 8,819 Sacks nville Elect Co_ b-Sept 34,017 15,645 ta,aao 32.651 31,118 to 25,023 Sept 30._ _ 61,235 66,779 ,Jan 1 Jan 1 to Sept 30 316.480 394,282 117,662 116,830 160,000 'Mexican Lt & Power Co.Oct 208,000 116,74 i 184,685 Montreal St Ry Co Oct 328,608 311,898 160,484 147,323 Minn General Elec Co_ _ _Sept 26,628 32,310 15,175 12,257 Northern Ohio Tr &LCo-Oct 157,532 155,201 67,274 62,590 Jan 1 to Sept 30 266,003 202,714 114,766 133,11:, Jan 1 to Oct 31 1,579,081 1,615,073 689,787 665,780 'Victor Fuel Co _ _ __Sent 17,117 19,255 x25,079 x38,79x38,79 1) North'h Texas Eke Co b Sept 88,190 93,468 38,874 43,315 July 1 to Sept _- 30 51,007 58,083 x64,961 x108,461 Savannah Elect Co- b- _Sept 48,404 52,894 20,742 --20,894 Jan 1 to Sept 30 435,797 446,400 ' 0 These results are In Mexican currency. 136,561 163,285 .r After allowing for other Income receh.ed Seattle Elect Co-b Sept 385,946 359,423 175,994. 149,694 Jan 1 to Sept 30 3,300,218 2,996,102 1,293,702 1,191,130 STREET RAILWAY AND TRACTION COMPANIES. Springfield (Ill) Ry & Lt_Oct 82,570 87,272 42,306 49,217 Tampa Elect Co-b10 Sept 43,356 ,92 43,078 16,651 5 Latest Gross Earnings. Jan. 1 to latest date. Jan 1 to Sept 30 405,979 383,976 128,904 95,436 Name of Tri-City Ry & Light- _ - _Oct 161,217 Road. 152,283 Week Or 72,461 Current Previous Current 53,797 Previous Month. Year. United Rys of St Louis a_Oct 949,914 Year. Year. Year. 971.322 377,589 363,872 Jan 1 to Oct 31 8,810,539 9.087,659 3,165,145 3,181,193 Co Ry&Lt_ b_Sept 28,381 29,03311,018 11,984 American Rys Co__ _ October _ _ 230,984 242,300 2,341,175 2,477,685 Whatcem Jan 1 to Sept 30 260,169 255,553 105.522 108.543 eAur Elgin & Chic By September 137,387 139,193 1,057,915 1.074,813 a Net'earnings here given are after deductimr taxes. Bangor By k Elec Co September 39,909 37,150 b Net earnings here given are before deducting taxes. Birth fly Lt & Power September 177,891 108,578 1,586,026 1.604,295 12,603 Brockton & Ply St By September 11,620 96,206 94,855 Interest Charges and Surplus. September 1.1921 Catnaguey Co 6,772 86,140 56,013 Cape Breton Elec Co_ September 22,006 23,671 178.998 181,822 -Int. Rentals, &c.- -Bal. of Net E'ngs.Oct bee Central Penn Trac_ 58.096 60,227 622.116 591,213 Current Previous Current Previous 60.6.5 Igliarlest Con,Ry G&E Oct 'ber _ 58.551 625.250 590.471 Year. Year. Year. Year. Cleve Painesv & East AtIgunt_ _ 32,132 35,125 192.712 190,468 Roads. 8 $ $ $ Dallas Electric Corp September 95,842 95,632 2.222 1,833 Detroit United RY- 1st wk Nov 124,508 122,522 6,019,665 6,072,295 Brockton & Plymouth_ _Sept 4,092 948 Jan 1 to Sept 30 18,893 18,906 091utb Street Ry- - - 2d wk Nov 17,379 6,315 12,985 16,743 766,586 733,167 East St Louis & Sub. October _ 178,644 208,014 1,666,498 1,788,910 Cape Breton Elect Co-Sept 4,961 4,862 5,340 6,531 ElPaso Electric Septembre 43,828 45,556 386,510 362,91)6 Jan 1 to Sept 30 42,606 41,285 32,242 23.117 Falrm& Clarksb TrCo September 41.934 38,328 309,142 282,693 Charleston Cons RyG&E.Oct 15.074 14,941 3,887 3,738 Ft Wayne & Wabash Mch 1 to Oct 31 119,363 118,715 58,723 59,491 Valley Tractloh Co! September 122,442 125,732 937,622 978,700 Galv-Houst Eke Co_ September 27,957 Sept 28,391 91,700 97,651 4,805 792,654 3,572 783,544 Dallas Elect Corp . _ Grand Rapids By Co_ October 76,002 75,403 El Paso Elect CoSept 7,133 5.956 ,3,357 8,428 Havana Electric Ry. Wk Nov 15 34,873 34,610 1,649,307 1,555,564 Jan 1 to SePt 30 , 60,600 48,651 43.985 38,344 FlOnolulu Rapid Tran 20,121 19.495 25.049 .. _ 25,214 . & Land 30.665 29.679 250,019 A 11,11114 239.566 Galv-Houston Elect Co,Sept Jan 1 t,o Sept 30........ 171,450 157,645 148.597 159,222 [VOL. LXXXVII. THE CHRONICLE 1354 -Int., Rentals, &e.- -Bal. of Net E'ngs.Current Previous, Previous Current Year: Year. Year. Year. , $ $ $ Roads. 7,170 7,O51) 4,798 4,963 Haisghton Co Tract Co--Sept 37,254 42,945 40,367 40,060 Jan 1 to Sept 30 Iiternat'l Ry Co (Buffalo)x333,083 z415,391 270,796 287,519 July 1 to Sept 30 772,591 z552,931 z649,631 854.486 Jan 1 to Sept 30 RySt Elloastown 28,999 38,089 50,263 49,422 July 1 to Sept 30 x49,688 z63,846 146,480 147,806 Jan 1 to Sept 30 6,613 5,201 7,829 9,032 Jalissonville Elect Co_--Sept 43,408 64,860 51,970 74,254 Jan 1 to Sept 30 133,004 119,455 27,868 27,480 Co Oct Ry St Montreal 23,495 19.221 43,369 43,779 Northern Ohio Tr&Lt Co_ Oct 263,257 229,997 426,530 435,783 Jan 1 to Oct 31 23,658 13,776 29,539 15,216 Neeth'n Texas Elect Co_Sept 4,855 5,633 15,261 15,887 Sept Savannah Elect Co 4,142 123,761 39,524 132,419 Jan 1 to Sept 30 82,649 82,884 66,810 93,345 Sept Seattle Elect Co 554,964 622,133 569,006 738,738 Jan 1 to Sept 30 638 12,114 10,287 4,537 Sept Tampa Elect Co 107,307 11,399 84,037 21,597 Jan 1 to Sept 30 231,483 143,743 132,389 United Rys of St Louls_Oct 233,846 2,315,214 865,979 833,967 2,331,178 31 Jan 1 to Oct 7,529 4,455 2,073 8,945 Whatcom Co Ry & Lt_ -Sept 44,862 63,681 36,566 68,956 Jan 1 to Sept 30 z After allowing for other Income received. ANNUAL REPORTS. LiabilitiesPreferred stook.. .., -Common stock • • Coin. stk. Rich. & P. RR.,class "A"_ Common stock,subscribed, not issued Brunswick & Western income bonds_ Equipment 4% trust bonds Atl. Coast Line RR.3-year gold notes Certificates of indebtedness Bonded debt L. & N. RR. collateral bonds Trust equipment obligations Freight cert. Jackson & Southern RR Audited vouchers and pay-rolls Due other companies and individuals_ Coupons due and unpaid Dividends declared, unpaid Interest accrued, not due Taxes accrued, not due Int. on equip. trust bonds accrued- Interest on 3-year notes accrued_ Reserves for betterm'ts &improve-is Profit and loss surplus Total liabilities 1908. $ 1,596,600 47,537,600 1,000,000 1907. .$ 1,596,600 47,537,600 1,000,000 66,000 66,000 4,500,000 4,048,000 5,000,000 5,000,000 21,568,100 21,568,100 79,304,450 79,464,450 35,000,000 35,000,000 207,000 1,502,348 910,328 437,756 1,225,829 1,026,831 499,798 53,973 83,333 2,050,765 8,838,896 247,000 2,365,574 1,388,438 439,831 1,466,206 1,026,684 499,798 60,000 83,333 1,510,201 9,099,543 1906. ,$ 1,696,600 41,960,000 1,000,000 4,557,600 21,568,700 77,708,850 35,000,000 16,667 287,000 1,664,525 826,027 434,809 1,329,478 1,003,684 499,798 2,180,436 9,297,364 212,167,607 213,919,359 201,951,538 x The item $3,196,907 above referred to as amount "due by other companies and individuals," includes bills receivable, $649,787; accounts receivable, $692,347; advances to subsidiary companies, $1,111,192; traffic balances, $382,834; due from companies and individuals,$360,747; which were formerly included and r the heading "due by other companies and individuals," or "property, construction and equipment' account. -V.86, p. 1528. Gulf & Ship Island Railroad, (Report for FisCal Year ending June 30 1908.) President J. T. Jones, Gulfport, Miss., Oct. 10 1908,says: General Results.-The first four months of the year gave promise of a continuation of the remarkable success which has attended the development of your road, and.taking them as an index, the year's business would have exceeded past records had It not been interrupted by one of the most severe panics in the history of this country. This resulted in an immediate and heavy decrease In all classes of earnings, the revenue from freight suffering most. Practically all the sawmills and industrial plants along the road ceased operations. At this writing, Oct. 16 1908, practically all of the mills, alarge percentage of which had been idle for several months, have resumed business, July, and we are pleased to report a steady increase in gross receipts foran inAugust and September of the current fiscal year September showing crease of approximately 25% over May 1908, in which receipts were the the far So 1907. In October business began depression the since lowest gross receipts for October 1008'have more than maintained this rate of EARNINGS. EXPENSES, CHARGES, &e. Increase, and we therefore believe that the earnings for the entire fiscal will largely exceed those covered in this report. Comparisons with previous years are Inaccurate, the figures In 1907-08 year During the year the Hotel Hattiesburg was sold to the Great Southern haying been compiled according to the new system prescribed by the Hotel Co., the railroad company, however, retaining a lease for 99 years Inter-State Commerce Commission. on that part of the ground floor used by it as a passenger depot. The dredge 1905-06. 1904-05. 1906-07. 1907-08. Operationsboats Cape Charles and Dredge No. 2 were sold to the Gulfport Towing Co. 4,307 4,327 4,346 4,365 Average miles Gulfport Harbor.-The export of lumber decreased from 306,374,000 4,628,862 5,438,457 5,809,311 Passengers carried (No.) 6,544,469 to 254,744,000 feet, the latter figures, however, being In excess of any feet 198,673,437 211,991,535 340 237,513,985 mlle_261,881, one carried Pass. since the opening of the port except the year ended June 30 1907. year cts. 2.564 cts. 2.463c1s. 2.562 2.398 cts. Av.rate per pass. perm_ Bonds.-During the year the funded debt was Increased by the issue of 9,392,201 8,365,222 Freight (rev. tonnage)_ _ 10,077,109 10,117,555 of mortgage 6% gold bonds on account of the construction of $1,000,000 1344548341 1171869073 1493910551 6141810 (revenue)_143 Tons one mi 1.313 cts. the new line from Mendenhall to Columbia, which has been in operation 1.292 cts. 1.235 cts. Aver, rate per ton per m. 1.235 cts. $0.83 $0.88 $0.76 since 1906. $0.89 Pass. earns. per train m_ Under the sinking fund provisions of the "first refunding and terminal $2.16 $2.20 $2.07 $2.28 tr. m_ Freight earns. per. with $5,747 $6,159 $5,160 mortgage,"$58,000 bonds were bought by the company and deposited $5,963 Gross earnings per mile_ the sinking fund. $ 5 $ $ the trustee, making a total of $210,000 of bonds now in Operating Revenue-The total charges to cost of road ($87,556) Equipment. and Road of 17,374,526 18,443,695 15,383,081 Cost 17,739,172 Freight proper accounts were 6,083,991 5,436,174 4,893,331 and equipment ($265,602) were $353,158, while the 6,279,584 'Passenger and the two 694,366 770,756 645,411 credited with the sale of the Hotel Hattiesburg ($298,236) 810,479 Express at cost, the balance of the proceeds of sale, $89,607, ($112,156) boats 611,400 619,623 618,551 587,898 dredge Mall carried to being transaction, on the the company to 861,687 682,528 representing the profit 743,759 611,919 Miscellaneous include filling the credit of profit- and loss. The roadway improvements additions $30,938; Gulfport, at freight completion depot $5,360; 26,771,529 22,222,902 24,868,448 26,029,052 bridges, Total earnings and new sidings, and betterments, shop machinery and tools, $8,281, Operating Expenseseight locomotives ($125,005), embraced new equipment The 3,427,550 &c. 3,909,738 3,820,253 3,147,650 $12,991, &c. way, of Maintenance purchased 3,092,087 3,946,013 2,225,363 six passenger train cars ($44,016), additional cost on 500 flat cars Maintenance of equip_ __ 4,093,947 8,904,690 7,478,765 in 1907 ($7,380), floating equipment rebuilt ($45,023), &e. 432,7861 10,988,157 Traffic expenses $5,061 to 54,047 and from decreased from -Earnings freight Earnings. expenses 9,968,3295 Transportation road, 658,002 743,470 656,427 593,990 earnings from passengers decreased from $1,703 to $1,394 per mile of 1.662 General expenses averaged as compared with the previous year. The freight earnings avearnings passenger and mile, per ton per cents 1.697 16,082,329 against 19,587,378 18,971,742 as 13,445,768 cents, Total expenses 8,786,119 7,184,151 8,777,135 eraged 2.964 cents, as against 2.849 cents per passenger mile. The number 7,057,310 Net earnings 15;22% and the Lumber of decreased one mile carried 809,870 tons 854,649 1,072,052 744,000 revenue of Taxes passengers carried one mile decreased 21.30%. 6,3 9,502 7,976,249 8,033,135 Operating Expenses.-Measures to bring about a reduction in operating Operating revenue__ _ 5,985,258 2,225,929 were not productive of the desired results until about the close of 2,409,656 2,716,332 2,011,034 expenses Int. and divs. on secur 340,005 263,771 265,714 the fiscal year. The decision of the Supreme Court of the United States, Rents and miscellaneous a430,044 requiring railway companies in this territory to refund two cents per 100 9,002,929 10,542,183 10,309,883' pounds advance in rates on lumber moving to Ohio River points has re9,131,634 liZTotal income sulted in a flood of claims against the carriers, as each shipment is claimed Deduct54:74 69 4,8 4.884,168 4 by two or more parties. Although not a party to the advance and deriving 4,781,518 36 4,895,872 &c.. debt, funded on 'Int. 862,766 862,792 856,744 862,754 no revenue from it, your road has been forced to handle thousands of these Int. on certs of indebt 83,333 250,000 claims, which has resulted in an increase of over $9,000 in general expenses Interest on 3-year notes_ 169,433 _ _ trust__ equip. on Int. for the year.ts 40,921 39,536 39,076 44,008 now apparent that depressed conditions have resulted in a lower Rentals of leased lines and 89,690 wage rate as well as a decrease In cost of most classes of supplies Hire of equipment 38,730 which should become an important factor In the reduction of _ _ __ material, Rentals of terminal 41,394 13,785 49,615 operating expenses for the coming year. Miscellanewis 5 50 Operating expenses per mile of road amounted to $5,493, as against 5:73 Divs. on common _ _ ..(5302,614,540 (6)2,852,256(6)2,578,800(5)1,0663 79,830 79,830 86,335 $5,770 in 1907. Ample charges for depreciation of rails, ties, bridges, 79,830 Divs. on pref. (5%)- - - 60,000 50,000 buildings, wharves and on all equipment have been made and included in 60,000 55,000 Diva, on R.& P."A"stk - these figures. 8,443,870 8,877,060 7,742,256 ttention is called to changes in form of some of the appended 9,099,857 Total 2,098,312 2,567,628 statements. These changes have been rendered necessary by the adoption 125,869 31,777 Surplus Income for year of accounts as required by the Inter-State Commerce Comsystem new of a a Includes $132,499 rent of tracks Included under different heads in mission. For purposes of comparison, statistics for the preceding year former years. shown according to the new system, and in some instances, therefore, are b Dividends In 1907-08 are deducted from profit and loss account (see a cannot be reconciled with those shown in the annual report for last year. subsequent page), but are here deducted for the sake of simplicity. Of OPERATIONS AND FISCAL RESULTS. the dividends 3% was paid in In Jan. 1908 in Atlantic Coast Line RR. 4% 1904-05, 1905-06. 1906-07, 1907-08. • certificates of indebtedness and 23.5%in July 1908 in cash.-V. 85, p. 1517, 275 307 284 307 operatedAverage miles 1576. Operations475,651 440,169 669,732 571,246 See profit and loss account on a'subsequent page. Passengers carried 13,434,222 Passengers carried 1 mile 14,439,262 18,347,549 12,210,543 2.757 cts GENERAL BALANCE SHEET JUNE 30. 2.903 eta. 2.849 cts. Rate per pass. per mile_ 2.964 cts. 1,175,859 1,361,094 1,449,404 moved 1,197,331 freight Tons 1906. 1907. 81.899,448 1908. 100,600,107 Tons freight moved 1 m* 91,406,165 107,817,374 $ $ $ 1.700 cts. Assets1.650 cts. per mile*__ 1.662 cts. 1.697 cts. 226 Property and equipment 140,087,708x138,663,345x132,283,090 Rate per ton 245 258 load, rev.(tons) 257 $1.10 306,000 shares L. & N. RR.Co. stock 45,554,221 45,554,221 45,534,221 Av. train $1.37 $1.50 $1.09 4,614,450 3,298,850 Earn. per pass. train m_ $3,83 3,609,450 Atl. Coast Line RR. Co. first cons $4.04 m. $4.38 train $4.28 freight Earn.per 778,000 738,000 818,000 Jacksonv. & S. W. pur. money 4s_ _ _ $6,731 $8,090 3,835,000 3,835,000 Gross earnings per mile_ Atl. Coast Line RR.Co. certs. of Ind.. 2,430,500 3,301,930 3,029,229 3,272,576 Other Investments *Not Including company's freight. Atl. Coast Line RR. of S. C. bonds $ $ $ Gross Earnings500,000 500,000 675,000 with Farmers' Loan & Trust Co_ _ 1,830,1091 1,518,881 291,721 280,501 Freight 303,390 1,875,520 Fund for renewal of rails 2,136,639 522,6701 428,008 4,500,000 16,667 Passenger 4,048,000 Trust equipment 95,223 85,928 Mall, express and misc 500,000 288,948 Equity in trust equipment 35,543 transportation 33,510 Other 1,478,317 2,895,165 2,088,044 Material and supplies 2,130,700 Subscriptions to capital stock 1,875,520 2,136,639 2,483,545 Total open revenue._ 2,066,328 4,194,161 5,118,030 4,241,488 --Cash Expenses Operating 150,000 150,000 Depotict-for equipmentfruit-E,6ii6:: 544,398 530,545 436,351 431,514 Maintenance of way, &c. 434,476 Cash for coupons 375,911 336,642 983,177 538,980 Maintenance of equip't_ 534,446 1,342,610 Agents' balances 1,400,137 13,209 15,710 Traffic expenses 166,013 Remittances in transit 761,092 714,976 expenses Due by other cos. and individuals_ - _ x3,196,907 x2,405,451 x2,467,680 Transportation 76,661 88,365 expenses 173,475 General 135,047 226,431 Unadjusted claims 38,955 46,333 142,712 115,713 Taxes ' 141,991 Interest and dividends receivable- 1,342,610 1,400,137 1,810,227 1,732,573 Total 212,167,607 213,919,359 201,951,538 Tata! assets Atlantic Coast Line Railroad. (Report for Fiscal Year ending June 30 1908.) The remarks signed by Chairman Henry Walters and President T. M.• Emerson, together with the comparative tables of income and the balance sheet, will be found on subsequent pages. Below we give statistics of operation and comparisons for four years. THE CHRONICLE Nov. 21 1908. 1907-08. Per cent of oper. exp. & taxes to oper. revenue Net earnings Other Income Total Income DeductInterest Sinking fund Hire of equip., rents. &c. Total deductions Balance, for year Dividends, 4% 1906-07. 3 1905-06. 1904-05. 3 (83.85) 333,755 27,064 (72.89) 673,318 26,826 (65.52) 736,502 27,731 (71.58) 532,910 6,794 360,819 700,144 764,233 539,704 310,547 49,840 8,200 259,243 49,840 73,589 256,538 49,246 57,174 257,596 49,330 53,328 368,587 360,254 362,958 382,672 def. 7,768 sur. 317,472 sur. 401,275 sur. 179,450 240,000 240.000 200,000 220,000 CONDENSED BALANCE SHEET JUNE 30, 1907. 1908. 1908. 1907. LiabUWesAssetsRoad and equip1.14,727.044 14,784,278 Capital stock 6,000,000 6,000,000 165,602 Materials & tamp_ 215,877 Funded debt 6,000,000 5,000,000 7,433 Securities due for 25,386 Cash 46,125 21,968 Cash in transit_ construction ___ 1,240,000 2,240,000 126,100 Car trust notes..__ 379,804 Cash, finan. ag'ts. 126.890 335,210 Bills receivable 36,340 200,869 Unpaid pay-rolls. 97,289 71,514 Agts. & conduct'rs 15,896 126,100 37,823 Int. due on bonds_ 126,890 Accts. receivable.. 136,923 110,893 Acced int. on Ws_ 15,000 Unexpired in.sur_ 10,094 336,846 13,767 Vouchers & acets. 142,500 Sinking fund 222,144 120,000 156,830 Bills payable 30,000 Unearned interest 15,500 Accrued taxes__ 16,700 on car tr. notes_ 1,000 10,816 25,851 Unpaid dividends_ 1,000 Miscellaneous__ __ 181,750 11,345 12,498 Sinking fund 247,064 103,563 91,953 Res .for est. Habil_ 655,226 Mantenance res've 801,814 511,013 338,434 Surplus 14,847 7,775 Miscellaneous Total assets .._..15,510,448 15,738,344 -V.87. p. 936. Total liabilities_15,510,448 15,738,344 St. Louis Rocky Mountain & Pacific Company. (Report for Fiscal Year ending June 30 1908.) The first formal annual report of this company covers the operations since the organization in 1905. •The remarks of President Koehler, with income account and balance sheet, are given at length on a subsequent page. The report also contains an elaborate report on the company's coal holdings, prepared by the mining geologist Dr. Orestes St. John. The coal area owned covers more than 800 square miles and is stated to be the largest body of coal land under one ownership in the United States. A map of the property may be found in our "Railway Supplement & Industrial Section," page 115.-V. 87, p. 286. Pere Marquette Railroad. (Report for Fiscal Year ending June 30 1908.) President William Cotter, Detroit, October 6, wrote in substance: Reorganization, &c.-This report Includes operations for the full fiscal year, including the operations of the receiver from July 1 1907 to Dec. 14 1907, when tile property was turned over to the reorganized company. (Sec plan consummated V. 85, p. 41, 100, 1519.) The statistics and tables shown throughout this report include the operations over Pere Marquette RR., the Lake Erie & Detroit River Ry. and the London & Port Stanley Railway. Gross earnings and other income for year 1006-07 have been re-stated in order to place them on the same basis as 1007-08 figures, which have been compiled in accordance with requirements of the Inter-State Commerce Commission. Capital Stock.-During the year the capital stock was increased from $28,000,000 to $28,500,000 as per consolidation agreement of August 12 1907,which provided for the merger of the "Pere Marquette RR. Co." with the "Pere Marquette RR. Co. of Indiana." Bonds, ctc.-The bonded debt was increased $6,552,523 as follows: P. M. refunding 4% bonds Issued account of G. R. K. & S. E. 1st Mortgage 5% bonds $88,000 Issued account of equipment bonds and notes 1,014,000 Issued account of new equipment (35 locomotives) 484,000 Issued account of additions and betterments 339,000 Pere Marquette 6% debentures due in 1912 5,000,000 American Car & Foundry Co. equipment 515,000 Total $7,440,000 Deduct equipment bonds and notes, $687,477, and Grand Rapids Kalkaska & South Eastern RR. 5% bonds, $200,000, retired during year, total 887,477 1355 OPERATIONS, EARNINGS, EXPENSES, &c. 1905-06. 1906-07. 1907-08. 2,390 2,362 4,579,279 4,970,081 4,366,048 178,707,930 167,061,923 157,485,567 1.972 cts. 1.851 cts. $0.8212 $0.8292 9,289,930 9,538,512 8,866.962 1580267,400 1715405,481 1624353,350 0.602 cts. 0.582 cts. 311.69 287.68 322.02 $1.87374 31.73267 $5,840 $5,797 Inc.(+) or Earnings$ $ Dec. (-). Freight 9,380,223 9,769,733 -389,510 Passengers 3,308,489 +16,115 3.292,374 Mall, express &c, 1,003,164 +106,861 896,303 Average miles operated Passengers carried Passengers carried 1 mile Earnings per pass. per mile Earnings per pass. train mile Revenue tons carried Revenue tons carried 1 mile Earnings per rev, ton per mile Tons per freight train mile Earnings per freight train mile Gross earnings per mile Total earnings ExpensesMaintenance of way, &c Maintenance of equipment Traffic expenses Transportation expenses Marine operations General expenses 13,691,876 13,958,410 -266,534 1,658.834 1,966,751 306,096 5,848,314 332,356 314,440 1,639,447 1,975,221 269,386 5,370,937 356,935 365,425 +10,387 -8,470 +36,710 +477,377 -24,579 -50,985 Total expenses P. c. of expenses to earnings Net earnings Taxes 10,426.791 (76.15) 3,265,085 553,239 9,977,351 (71.48) 3,981.059 477,817 +449,439 +(4.67) -715,974 +75,422 Net oper. Income Other income 2,711,846 x445,282 3,503,242 394,772 -791,396 +50,510 Total net income DeductInterest on bonds Rentals Interest on bills payable Interest on receivers' certificates 3,157,128 3,898,014 -740,886 2,731,618 674,433 41,763 102.981 2,578,917 717,918 51.782 117,176 +152,701 -43,465 -10,019 --14,195 Total Balance, surplus or deficit 3,550,795 3,465,792 def393,667 sur432,222 +85,003 -825,859 z Other income includes hire of equipment, amounting in 1908 to $213,445. RESULTS FOR THREE YEARS-OLD BASIS. Fiscal Year. Gross. Net. OM. Inc. Int., Taxes, &c. Balance. 1906-07.-414,214,195 $4,236,843 $138,988 $3.943,609 sur.$432,222 1905-06_ 13,430,170 3,497,076 161,353 *4,519,376 def. 860,947 1004-05- 12,667,420 2,751,643 441,036 3,215,110 def. 22.431 *Interest, taxes, &c., In 1905-06 Includes taxes for years 1902 to 1905. CONSOLIDATED GENERAL BALANCE SHEET JUNE 30. 1908. 1907. 1906. Assets$ $ $ Franchise and prop., incl.leasehold__ 87,669,927 83,491,731 79,645,072 Stocks and bonds owned a9,894,815 05,946,684 6,142,415 Other investments 329,534 415,550 405,203 Chic. Cin. & Lou. RR. settlement.-. 400.000 Due for advancesFrom Chic. Cincinnati & Louisville 424.222 423,464 From Toledo R.& Terminal Co 70,000 85,000 Other companies 6,509 6,509 Materials and supplies 903,518 890,272 833,234 Cash on hand 301,273 809,705 599,076 Agents and conductors 543,818 797,272 843,616 Bills collectible 447,710 991,358 488,275 Bills receivable 12,810 14,460 13,350 P. 0. Department 67,038 26,948 62.153 companies Express 76,316 15,448 62,329 Deposit for Interests and dividends 729,562 731,181 706,698 Sundry persons 106,395 49,033 36.756 Unearned int. on Pullman notes 589,193 Deferred assets 383,582 294,795 218,921 Profit and loss June 30 642,920 2,186,066 1,495,491 Total 102,604,405 97,280,528 92,032,349 LiabilitiesPere Marquette RR. common stock_ 2,611,300 16,000,000 16,000,00* Pere Marquette RR. preferred stock_ 11.061,300 12,000,000 12,000,000 Outstanding stock subsid. cos 14,827,400 L. E. & D. Ry. common stock 1,400,000 1,400,000 1,400,009 Fund. debt (incl. leased and auxil. lines) 59,873,282 c49.073,293 c49,993.293 Receivers' certificates 600,000 2,238,360 1,619.180 Equip. oblig'ns (Incl. leased & auxil. 7,497,893 lines) 8,259.553M 4,708,000 Unpaid vouchers 1,456,633 1,707,139 2,088,853 438,244 Unpaid wages 510,750 441,094 40,280 Bills payable 609,812 884,812 Matured interest and dividends 681,647 706,393 Open accounts 185,153 540.152 Deferred liabilities 308,060 376,232 37 13 0 78 4 7, :0 4985 8 298 Equipment renewal account 365,435 1,670 711 305,923 C. H. & D. Kleybolte equipment 549.948 618 602 687,436 Taxes accrued 284,411 Interest accrued 424661,073972 425126,585829 399,765 Net Increase $6,552,523 The refunding bonds, $1,925,000, s issued are held as follows: Deposited with Pullman Co. as collateral under extension agreeTotal 102,604,405 97,280,528 92,032,349 $750,000 ment dated Dec. 5 1907 Deposited as collateral under Eastern Equipment Co. extension Stocks and bonds owned in 1908 Include: Pledged, $8,067,962: held In a 500,000 treasury, $1,826,853. b Stocks only. c After deducting $3,175,000 owned agreement dated Feb. 7 1908 (V. 86, p. 548, 721, 920.) Deposited with J. P. Morgan & Co. for account for Pere Marby the company.-V. 87, p. 1301. 813. 675,00 quette RR. Co. and held as a treasury asset_ As a part of the reorganization plan, stockholders subscribed for $8,American Steel Foundries. 000,000 of the new company's 6% five-year debentures,the proceeds of which have been used In paying the floating debts of the former company (Report for Fiscal Year ending July 31 1908.) and receivers' certificates,and for other corporate purposes, In accordance President Wm. V. Kelley, Chicago, Nov. 5 1908 writes: with the plan of reorganization. During the year the amount of.receivers' certificates was decreased from General Results.-The gross sales for the year were $8,964.169 as com$2,238,360 to $600,000: of this last amount $230,000 was paid in July 1908, for the preceding year: $15,297,496 for the year leaving $370,000 yet to be paid. as soon as presented, regardless of date pared with $19,463,321 1905.06 and $9,053,609 for 1904-05. Much of this company's tonnage of maturity. is derived either directly or indirectly from railways, particularly for cars Capital Expenditures.-These aggregate for the year $946,158 as follows: and locomotives, and because of the violent business depression which Amount paid receiver of the Cincinnati Hamilton & Dayton commenced in September and October of 1907 the railways have done By. Co. on account of Kleybolte equipment (award nothing in the way of purchasing new equipment and their __ _ _ __ - _ - ____ of arbitrators) _ ____ _ $68,744 substantially purchases of repair parts have been held down to a minimum. MiscellMater al turn shed n con eat n wit build g 1 750 gondola business suffered almost as Much as that relating to railways. coal cars (80,000 lbs. capacity) Purchased during the year 27,844 aneous The great and sudden decline in business made it impossible to operate Amounts paid to retire sundry equipment trust bonds 687,467 the company's plants to more than 15 to 20% of their capacity for many For additions and betterments, notably new bridges and mil. erts months. Expenses were reduced whereever practicable, but it is im(net), $79,876; rails fastenings, &c., $40,813; new side tracks by a reduction in expenses to offset such an enormous loss In the possible $26,237_ filet), 162,103 volume of business; therefore, however disappointing the showing may be. During the year the total charges to additions and betterments were It is believed stockholders will appreciate that every effort has been made $288,596. The credits, amounting to $126,493, represent tracks or prop- and that the organization has been maintained at such a point that the erty removed or sold, making a net charge of $162,103, which represents company can immediately profit from any resumption of business. the actual condition to the property account. Inventories July 31 1908 were, as usual,taken by actual count and weight, Track.-There were 641,075 cross ties used during the year; 57.55 miles and values applied were based on cost, except where market were of track were ballasted with gravel. There were 16.64 miles of 85-pound lower, in which case the market value was used. Provision hasprices been made lines. main steel rail laid on for the depreciation of all buildings, machinery and equipment by the Settlement with C. H. & D.-During the fiscal year the claims of this deduction from gross earnings for the year of $207,911. In addition company against the Cincinnati Hamilton & Dayton By, Co. and all proper charges have been made for repairs, renewals and maintenance counter-claims of that company, growing out of the lease of March 1 (Including patterns and relining of furnaces), amounting to $576.985 and 1905 and other transactions, have been determined by Hon. Judson Harmon absorbed in manufacturing costs. and Hon. W. W. Crapo, arbitrators, pursuant to an arbitration agreement Additions, &c.-During the year $144,031 was charged to capital account, dated August 12 1907, which was approved by the United States Court. on a conservative basis for additions, new construction, machinery and The claims and counter-claims were presented to the arbitrators In printed equipment. In addition $108,343 of the amount heretofore reserved form, and in April 1908 the arbitrators awarded to the Pere Marquette for depreciation was applied to minor additions and improvements. RR. Co. the sum of $1,364,387 (which Included interest to April 30 1908) Of the total amount named, 3231.130 was expended in connection In full settlement of all claims against the Cincinnati Hamilton & Dayton steel casting plants, in accordance with the plans referred to In the with last Ry. Co. over and above ail counter-claims of the latter. The arbitrators annual report The expenditures already made, together with a comparaalso settled the liabilities In respect to the Kleybolte equipment. tively small amount still to be applied, will result In bringing the depart- ments of all of the steel *fisting plants Into a fairly well-balanced condition, and while expenditures are always necessary to keep Buell plants up to date, • no present plans are contemplated involving any large expense. Status.-The company has no debts (aside from bonds and debentures) except current bills, and all of these which are due and approved have been paid, advantage being taken of all cash discdunts. Sinking Fund:-During the year advantage was taken from time to time to secure bonds for sinking fund purposes at attractive prices, with the result that the sinking fund and accretions for the year to Oct. 1 1908 will pay for $171,000 of the 6% bo ds, making the total retired at that date $835,000 out of the original issue of $3,500,000. Change in Capitalization, &c.-Under date of Jan. 3 1908 a plan for a ehange in the character and amount of the capital stock was submitted and on June 12 was approved by the stockholders. (V. 86, p. 170, 1531; V. 87, p. 348.) All of the new stock has been issued and most of the old stock has been exchanged for then new stock, securities and cash. The plan adopted provided for the cancellation of all the outstanding stock, both preferred and common, and the issuance in lieu thereof of $17,184,000 new stock of one kind and class, without distinction or preference between any of the holders thereof; also the issuance of $3,436,800 of 4% 15-year debentures and the payment of•$515,520 cash, distributable as follows: to the preferred stock 77% In new stock, 20% in debentures and 3% in cash: to the common stock 25% in new stock. The plan also provided that any surplus arising from the retirement and cancellation of stock and the accumulated surplus up to August 1, 1907 should be applied (I) against the cash to the preferred, stockholders; (2) to provide for the debentures; (3) to reduce the cost of properties account. After absorbing necessary expenses in connection with the plan, and applying the surplus as provided, the net result is the present capital stock $(17,184,000), an amount which may fairly be considered as representing the value of the company's assets In excess of its bonded debt.and on which under normal business conditions dividends should be earned and paid; a- reduction In the property account of substantially $15,000,000 and a permanent working capital sufficient for ordinary conditions; furthermore, owing to the change In the amount of authorized and issued stock, the company is enabled to comply with the requirements of certain States In which it has heretofore had no legal standing. The reduction in the capital stock of the American Steel Bolster Co., of which this comnany Is the beneficial owner, authorized before the last annual report and balance sheet, has been consummated. Annual Meeting.-As the time between the close of our fiscal year and the date of the stockholders' annual meeting. as previously fixed, was too short for the proper preparation of accounts, reports, &c., the by-laws have been changed, making the annual meeting date, begininng 1908, the first Thursday next preceding the first Friday in December. Outlook.-While the volume of business Is still small and far from satisfactory,there has been Ik distinct improvement since August 1. Now that the Presidential election is settled, It is believed progress toward normal sonditions will continue more rapidly. Orders not received during any particular year is not business lost, but simply delayed. INCOMB ACCOUNT. 1906-07. 1905-06. 8,964,169 Gross sales Earnings from operation of plants and of subsidiary corananies (after deducting manufacturing, selling, administration and head district 621,056 office expense) 147,758 Other income Profit on sale of Commonwealth Steel Co. stock, 19,463,521 15,297,096 2,893,642 72,866 1,526,037 70,018 Total income ChargesInterest on bonds Interest on debentures Sinking fund 10-30-year bonds Interest on borrowed money Expenses of bond Issue 768,814 3,100,607 1,506,055 232,300 68,736 154,689 233,192 192,241. 105,000 39,636 87.500 48,377 14,634 Total charges Balance Deduct DepreciationBuildings, plant, machinery and equip. Purchase of patent rights, &c 455,725 313,089 377,828 2,722,779 342,753 1,254,202 207,911 46,733 233,682 110,000 221,541 23.140 Total depreciation charges Surplus _ 254,644 58,445 343,682 2,379,097 244,681 1,009,521 1907-08. 134,099 BALANCIE SHIMS' JULY 81 (inducting Subsidiary Companies). 1908. . 1907. AssetsReal estate, plant, equip't, &c. .a19,768,221 34,231.623 Expenditures, ad462,173 ditions dr impqm 144,031 298,630 298,630 Other real estate__ 614.721 3671,698 _ Securites__ 1,486 14,875 Sinking fund 2,176,050 1,583,i79 Inventories Meta & bills reele (less reserve/0_ 730,140 3,795,027 Coll, time loans...._ 1,600,000 770,422 479,312 Cash Insur. premiums, 61,822 47,682 &c., prepaid Total [VoL. Lxxxv.u. THE CHRONICLE 1356 25,830,638 41,819,083 1908. Liabilit(es$ Capital stock 17,184,000 Mtge. bonds 3,259,000 4% debentures 3,436,800 Accounts payable.. 570,391 48,895 Pay-rolls Accrued interest on 144,311 bonds &debs.._ c1,128,795 Reserves Profit and loss, surplus 58,445 Total 1907, $ 33,050,000 3,411,000 1,079,191 159,019 75,576 .770,040 3,274,257 25,830,638 41,819,083 a After deducting $14,295,575 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. S Includes company bonds at cast, in anticipation of sinking fund requirements, 3223.372: Commonwealth Steel Co. notes secured by 1st mtge., 3330,000, and miscellaneous investments. 3118.326. c Reserves include bond sinking fund, 3154,689; depreciation and renewal, $974,106.-V. 87, p. 1301, 348. United Fruit Company. (Report for the Fiscal Year ending Sept. 30 1908.) The remarks of President Andrew W.Preston will be given in a subsequent issue. Comparative income account and balance sheet for several years and further facts from the report follow: LOCATION AND BOOK VALUE OF PROPERTY OWNED. Total Acreage-- -Plants and Equipment, Book Cost-1906. 11)07. 1908. 1908. 1906. 1907. Gosta Rica.183,269 181,184 158,775 $8,501,014 $7,924,508 $6,340,019 6,171,206 5,638,150 6,328,288 67,956 68.505 56.363 Cuba __ 271,917 88,814 534,721 Honduras_ Guatemala 50,000 50,000 50,000 2,311,444 2,270,830 2,352,332 Jamaica__ 29,822 29.079 20,079 533,086 526,317 412,275 Santo Dorn 18,203 18,203 18,203 n. of 353,717 b 11,266 11,213 10,309 316,927 374,268 f a. .mo ReAlunba 3,063,034 2,597,556 18,173 38,508 21,172 3,856,372 396,692 843,901 $22,359,270 $20,628,932 $17,787,612 Totals.. Resgu *Also leases 4,64,2 acres In Onetta Rica and 21,971 acres in Jamaica. BOOK COST OF COMPANY'S LANDS, &c. 1905. 1906. 1908. 1907. $8,970,886 $9,029,026 $8,549,414 $8,517,207 Lands 965,404 1,032,183 1,100,474 1,202,773 Houses and buildings 2,477,048 2,874,592 4,268,608 3,856,837 Cultivations 507,783 771,442 691,499 641,197 Live stock 150,608 190,688 175,765 193,688 Tools and machinery__ _ 1,430,081 4,073,197 2,936,786 1,966,995 Railways* 85,659 85,651) 85,659 86,729 Telephones 346,015 337,341 346,015 342,341 Wharves, lighters, &c 713,431 475,8431 591,702 560,370 Merchandise (stores)- _ _ 549,719 395,415f 564,369 Material on hand 846,553 1,344,533 1,287,533 1,287,533 Sugar mill otal $22,359,270 $20,628,932 $17,787,612 $16,039,789 Includes $90,000 representing inve ztment in Changuinola Canal, on the Isthmus of Panama, otal head of cattle Sept. 30 1908. 17,641, against 16,334 In 1907 and 14,885 In 1906; horses and mules, 3,360, against 3,176 In 1907 and 2,068 in 1906; miscellaneous, 245, against 144 in 1907 and 195 In 1906. Railways owned, 420 miles, against 315 miles in 1907 and 212 miles in 1906. INCOME ACCOUNT. 1906-07. 1907-08. Net earningsfrom tropical fruits and other oper_l $3,723,511 $6,061,910 f ___ Earnings of sub-cos_ Miscellaneous income_ _ _ _ 317,580 227,999 Total income DeductInterest on bonds Dividends Rate of dividend $4,041,091 1905-06. 1004-05. $3,720,402 1$1,446,914 I. 170,807 180,485 143,028 $6,289,909 $3,900,887 $1,761,640 $94,746 1,584,484 (8%) $09,983 1,419,350 (7M%) $114,354 1,235,745 (7%) $128,843 1,167,792 (7%) $1,679,230 Total deductions Balance,surplus for year_$2,361,861 0,752,050 Surplus previous years $1,519,332 34,770,577 5,523,933 $1,350,099 $2,550,788 3,493,773 $1,296,635 $465,014 3,157,951 $12,113,911 $10,294,510 $6,044,562 Total surplus Extra div.Aug.1 '08(10%) 1,940,000 10,173.911 $10,294,510 $6,044,562 Balance Direct charges to profit 542,460 520,629 137,461 and loss $3,622,965 Surp. as per bid. sheet_ -310,036,450 39,752,050 $5,523,933 BALANCE SHEET SEPTEMBER 30. AssetsPlantations and equipment -Cash -------------Accounts collectible Old Colony Trust Co Advance payments Miscellaneous Investments Advances Nipe Bay Co. common stock Other accounts $3,622,965 120,191 33,493,774 1008. 1907. 1906. $22,359,270 $20,628,932 $17,787,612 1,574,907 2,413,006 3,540,167 1,880,399 1,480,753 1,154,611 52,000 148,836 156,902 190.739 2,438,644 2,482,725 2,562,013 *5,267,040 3,018,756 2,482,510 1,448,271 1,446,000 1,731 11,030 9,191 $35,215,178 $32,721,183 $26,590,683 Totid Liabilities$21,328,300 $18,525,000 $17,961,000 Capital stock 52,000 1,156,000 1,820,000 Cony. bis.(called for pay't Mch.1'08) 1,600,000 1,600.000 Serial debentures 898,529 672,531 522,362 Accounts payable 460,106 376,590 441,296 Sight drafts 600,000 Bills payable 426,564 370,500 314,317 Di I lends 42.513 30,228 Accrued interest and miscellaneous 16.775 10,036,450 9,752,051 6,523,938 Income account, surplus Total 335,215,178 $32,721,183 $26,599,683 * Advances in 1908 include: To Nipe Bay, $1,532,216 Northern By.. $2,830,752; Tropical Fruit Steamship Co., Ltd., $904,072. Note.-The insurance fund assets, amounting Sept. 30 1908 to $606,912, are not included In the above balance sheet. 87, p. 351, 170. New England Cotton Yarn 00. (Report for Fiscal Year ending Sept. 30 1908.) President C. M. Weld, Boston, Nov. 17 1908, says: Owing to the business depression prevailing during the last twelve months, we have been unable to operate our spindles to theirfull capacity, without accumulating a stock of yarn, which we did not consider wise. The profits for the year have been $736,000. Dividends of 6% on both common and preferred stocks have been paid, and $57,800 has been paid into the sinking fund and $57,000 of bonds have been canceled; $25,000 additional bonds have been canceled from proceeds of real estate sales. 5% each on the common The directors have declared four dividends of 13, stock, payable Oct. 11008. Jan. 1, April 1 and July 1 1909. During the year we have remodeled departments 11-12, replacing old spindles with the most modern machinery, and adding greatly to the dyeing plant. Department 17 is now in process of remodeling, the old mules being replaced by new spinning frames and cornbers added, Since Oct. 1 the volume of business has greaty increased, so that we are now running full, with the exception of department 17. which will start shortly. No exact statement of profit and loss can be compiled from the data furnished, there being some small credits and charges not shown in the printed statement. The following, however, cannot be far from the truth: APPROXIMATE RESULTS FOR YEAR ENDING SEPT. 26. 1905-06. 1904-05. 1906-07. 1907-08. $930,700 $510,000 $736,000 $1,498,000 Profits from mfg., &c_ _ DeductInterest on first mortgage $263,150 $260,300 $257,100 $253,000 5% bonds, say (6)120,000 (6)120,000 (0)120,000 (1 3)30,000 Preferred dividend See note. (6)234,000 Common dividend • 200,000 231,000 Renewal & IMp't accts. 58,000 57,000 57,000 57,800 Sinking fund Inserted by Editor to 16,585 15,000 23,915 Cr. 6,352 make accts. balance $367,735 $652,300 $923.015 $424,448 Total charges & divs_ Surplus account (Inc. $142.266 $278.400 balance $574,985 $311,552 sheet)_ per Note.-The first lvidend on the common stock, 6%, was declared in Dec. 2 July 1907, payable In four Installments ef 135 % each,Sept. 3 and the three 1907 and March 2 and June 1 1908. This dividend, or rather sheet balance the in thereof, remaining then appear unpaid, installments of Sept. 281907,and the entire sum required theretr was evidently charged second aeainst the income account for the year ending that day. Thewas dividend on the common shares, also 6%, canine. f r $234,000, the defirst clared in July 1908, payable, like No. 1, In fur installments, but does not t payable till Oct. 1 1908. This dividend installment w s 11, was not presumably of and Sept. 28 1908 appear in the balance sheet 1907-08. C :vered into the year's accounts, since payable after the el se of In other words, being almost a year ahead on Sept. 26 1907 as regards the c onm-n st^ck dividends, the company, it appears, allows the exceput an additional debit on this account, t! 'vii year 1907-08 to pass with, El although the'dividend was declared as before.-Ed. . Nov. 21 1908.1 THE CHRONICLE BALANCE SHEET. Sep. 26 '08. Sep. 28 '07. ep. 26 '08. Sep. 28 '07* Asseis— $ ' IdaMites— $ $ Real est., mach'ry Preferred stock_ _ 2,000,000 2,000,000 & improvemts_ 8,465,891 8,498,429 Common stock..._ 3,900,000 3,900,000 Merchandise 2,394,846 2,647,748 1st mtg.5% bonds 5,060,000 5,142,000 Acels¬es rec'le 1,509,075 1,167,769 Notes&acels pay.. 1,432,795 910,794 1,220,366 784.218 Res've for suspense Cash 5.302 52,378 Investment 419,986 424,540 Reserve for deprec 178,968 116,358 Suspense account_ 10,744 13,894 Divs, corn. stock _ al75,500 Renewal account_ 155,369 Profit and loss_ _ _ _ 1,396,767 1,085,215 Total 14,020,908 13,536,598 *Includes three quarterly dividend sof June 1 1908.—V. 87, D. 1001. Total 14,020,908 13,536,598 %,payable Dec. 1 1907 and March and GENERAL INVESTMENT NEWS 1357 mittee are Myron T. Herrick, Hugo Blumenthal and J. Horace Harding (V. 86, p. 720; V. 87, p. 414).—y. 87, p. 812, 740. Chicago Milwaukee & St. Paul Ry.—Denial Regarding New Bond Issue.—The report that an issue of $100,000,000 bonds would probably be authorized at no distant day, covering the Pacific Coast extension, is emphatically denied. The "Journal of Commerce & Commercial Bulletin, quoting Chairman Roswell Miller, says: "There Is absolutely no truth in that story," he said. "You cannot deny It too emphatically. Not only IS it not true that the St. Paul road has no Intention whatever of issuing any such bonds, but moreover It has no intention of authorizing the issue of any bonds coast.. against the lines of the company which are being built through to the ' Mr Miller added that the new unbonded mileage of 1.500 miles will be a source of excellent credit to the St. Paul company If ever It should wish to raise new funds.—V. 87, p. 1237. 1010. RAILROADS, INCLUDING ELECTRIC ROADS.. Chicago Railways. Suit on Gulranty.—See Chicago ConAlbany & Greenbush Bridge Co.—Change in Management. —The following new directors and officers. are announced, solidated Traction Co. above.—V. 87, p. 1237, 1159 Chicago Subway Co.—Authoritative Statement.—J. B. four of the directors, Messrs. Sheehan, Smith, Young and Runkle, being also directors of the Albany & Hudson RR. Russell & Co., New York, Chicago, &c., the financial agents of the company,have issued a circular dated Nov.10,saying (V. 87, p. 1237): Henry Seligman of J. & W. Seligman & Co., New York; William I' in substance: Sheehan of Parker, Sheehan & Hatch, New York; Randal Morgan of PhilaKnowing the desire of investors who are now receiving Chicago Subway delphia; R. A. C. Smith of New York; Robert C. Pruyn of Albany; W. A. bonds in exchange for their Tunnel bonds to become acquainted with th& Marburg of Baltimore; A. M. Young; J. B. Mayer, both of New York; present standing and the future prospeets of the bonds, we beg to submit and H.11. It kel f Pla'nfliel . . J. some data on the subject subsequent to our descriptive letter of March 10 Officers: President, Henry Seligman; Vice President, R. A. C. Smith;. 1008 (V. 86, p. 720.) Secretary, J. A. Byrne of New York; Treasurer, Joseph R. Swan,Treasurer The subway began about Sept. 1 the regular handling of freight from of the Union Trust.Co. of Albany. Its receiving stations to the several railroad freight houses. The first iThe company, which owns a bridge across the Hudson River at Albany, month's business made the remarkable showing of paying all expenses and was 'incorporated under special charter in 1879 and has outstanding $600. charges, not including bond Interest. October showed an increase of 190 capital stock, but no bonds.—Ed.1 7,000 cars of freight, which, while satisfactory. Is only a beginning. The original plans of the company have been carried to completion with Baltimore & Ohio RR.—Nets Directer.—L. F. Loree has the opening of the 60 miles tunnels, and its ability to move freight been elected a director to succeed Charles Steele, who re- from all the freight houses asof fast as it comes In, for 24 hours in the day, more than doubles the efficiency of the present railroad freight facilities. signed.—V. 87, p. 1015, 1005. The company has at present no bonds to sell, its policy being to develop Boston Elevated Ry.—Increase of. Capital Stock.—Th(‘ the business to such an extent that the financial showing will command the bonds the price justly due for them. The entire $17,000,000 of shareholders having voted on Nov. 18 to increase the capital for bonds outstanding have been placed through our house and have netted stock from $13,300,000 to $19,950,000 (par), the • company the company from 85 to 05 and we suggest that it any holders of the new bonds wish to sell part or all of their holdings that they correspond has applied. to the Massachtisetts Railroad Commission for Subway with us or call at one of our offices, as we will be In the market to trade In pfivilege to issue' the $6,650,000 of the additional: stock. the bonds.—V. 87. p. 166. An exchange says: Cincinnati Dayton & Ironton RR.—Protective Committee.— The default on Nov. 1 on the interest of the $3,500,000 mortgage bonds, now an underlying obligation of the Cincinnati 'Hamilton & Dayton,has been followed by the formation of tile following bondholders' protective committee, Boston & Maine RR.—Outlook for Dividends.—John L. which requests deposits of tile bonds with the Equitable Billard of Meriden, Conn., who in July last acted as pur- Trust Co. of New York: W. Krech, President of the Equitable Trust Co. of New York, chased of $10,994,900 of the company's stock from the New D.Alvin W. C. Skilton, President of the Phoenix Insurance Co. of Hartford, York New Hawn & Hartford RR. Co.,is quoted as saying: and Franklin Q. Brown,a member of the firm ofRedmond & Co. of this city. I do not believe that the rate of dividends will be cut from 6 to 5, or The committee announces, by advertisement on another to 4%, In order to create a larger surplus for permanent impr wement. The road is capable with a n :rmal business of paying 6% and still retaining page, that it has arranged with the Equitable Trust Co. to impr wements. This Is the plan which will be full med. purchase all of the Nov. 1 coupons of bonds which are dea surplus f I have not heard of any other. The directors were surprised at the condition of the road in general and posited with it on or before Dec. 21 1908.—V. 57, p. 1038 the manifest value of the pr-perties. The terminals are in good c nCincinnati Hamilton & Dayton R y.—Bondholders' Comdition and n 'where Is it advisable to make any great outlay. We can take care of a pile -f traffic. Attenti on is going to be paid to the passcn, cr mittee.—&e Cincinnati Dayton & Ironton RR. above.— end of the business al ng w th the impr wement in other departments. V.87, p. 1237, 479. We believe business is going to be better and as It grows we shall gradually Decatur (Ill.) Railway & Light Co.—Earnings.—For calenetpand our c oistructIve work.—Y. 87, p. 1237, 1009. Buffalo Rochester & Pittsburgh Ry.—Director.—W. T. dar' years 1901 to 1907 and for 9 months ending Sept. 30 1908: Noonan, of Rochester, N. Y., has been elected a director 9 mos. 1908. yr 1907. yr 1906. yr 1905. yr.1904. Yr.1903. earnings-4252,517 $341,770 $312,104 $273,744 $249,057 $220,962 to succeed J. H. Hocart, who resigned.—V. 87, p. 1009, 812. Grass Net after taxes._$112,154 $153.167 $135,686 $126,419 $117,351 $92,648 Interest charges on $1,300,000 of bonds, $65,000 per annum.—V. 75, Chicago Consolidated Traction Co.—Time Extended until Dec. 14.—The committee of which J. N. Wallace is Chair- p. 1961. Detroit Toledo & Ironton Ry.—Sale of Collateral for 5% man representing the general mortgage OA% bonds announces that more than a majority of the $6,750,000 general Gold Notes.—The United States Mortgage & Trust Co., as mortgage bonds have been deposited under said agreement, trustee for the issue, gives notice that Adrian H. Muller dc nad.that the time for the deposit thereunder of the remainder Son will sell at public auction on Dec. 3, for time account of of said bonds has been. extended until Dec. 14 1908, after the trustee, the collateral securing the $5,500,000 5% gold which date no bonds will be received except on such condi- collateral trust notes dated 1905. This collateral consists tions as the committee may impose. The depositaries are of $5,000,000 414% consolidated mortgage bonds of the the Central Trust Co., New York, and the Illinois Trust & Detroit Toledo & Ironton, $3,001,000 of tile preferred stock of the Ann Arbor RR. Co. and $2,190,000 of the common savings Bank, Chicago, Ill.'(compare V. 86, p. 1528). Suit to Establish Guaranty.—At Chicago on Nov. 17 J. stock of the Ann Arbor RR. Co. The securities will be sold Nelson Vance, Edmund A. Cummings and Henry G. Fore- in two lots, the bonds in one, the stock in the other. See man, representing the committee of general mortgage bond- noteholders' plan in V. 87, p. 1300. Erie RR.—Purchase of December Coupons.—J, P. Morgan holders of which William F. Harrity is Chairman (V. 87, p. 165, 346), brought suit in the Superior Court to hold the. & Co. announce that they will on or before Nov. 30 purchase Chicago Railways Co., as successor of the Chicago Union at par for cash the coupons due Dec. 1 from the $709,500 Traction Co., liable for the latter's guaranty of principal and New York & Erie RR. fifth mortgage 4% bonds and from interest on the $1,200,000 generals represented by the the $2,380,000 Buffalo New York & Erie RR.first mortgage committee. The interest on the generals was defaulted 7% bonds. Compare V. 87, p. 1300, 1238. June 1 1908. Illinois Central RR.—Official Statement as to Neu, Bonds.— Status of Underlying Bonds.—Judge Grosscup on Nov. 12 President S. T. IIarahan, under date of Chicago, Nov. 16 stated that he was not fully convinced that tile interest on 1908, writes to Kuhn, Loeb & Co., New York, saying in tile underlying bonds was not earned, and he therefore substance: advised "tile holders of these underlying bonds, their idenThe refunding mortgage 4% gold bonds,of which you have purchased are to be part of an authorized issue of $110,000,000 (with tity not being known, to constitute a committee to confer $20,000,000. the privilege to the company to issue $10,000,000 additional, as hereinwith the Court upon this matter." Compare V. 87, p. 1299, after stated), to be issued and reserved as f Al)ws: 4,14; V,. 86, p. 1284, 1159.—V. 87, p. 1299. Reserved to retire a like amount of prior lien bonds $18,766,000 be presently issued for corporate purposes (being the present Chicago Great Western Ry.—Notice to Holders of 5% Toissue) Gold Notes.—The committee of which Otto T. Bannard is To be available for issue, fr,m time to time, to provide for the 20,000,000 construction of additional main track, tunnels and bridges, Chairman announces that more than 80% of the 5% gold the purchase of real estate, the Improvement of the property, notes held in this country have been deposited with the funding of indebtedness, paying f r constructing, completing and impr vine; the company's lines of railroad, and Ifr other committee and proved with the Special Master in St. Paul. corporate purposes,as provided in the mortgage $1,234,000 Undeposited notes should be deposited immediately with the These bonds are to be secured by mortgage on the main line of the New York Trust Co., No. 26 Broad St., New York, and tile Illin is Central RR. (Including the very valuable Chicago terminals), on the so-called Purchased lines of the company,en the Springfield Division, committee will endeavor to have them included, although on the St. Louis Divisi ,n, on the Chicago Havana 6c Western, on the Ranthe time for proving them has expired. the line, Cairo on toul Bridge approach. and on that part of the railroad on the Chicago Bunfn-ton & N^rthern RR. Co. lying beMr. Tweed Added to Stockhiilders' Committee—Charles H. purchased frDubuque, East Illinois, and Portage, Ill., which Is not located on hafa been'added to the protective committee headed tween the original way lands of the Illinois Central RR. Co., comprising a mileby John W, Castles, representing the holders of stock', both age of 2,014.56 miles. subject to existing Issues of bonds, aggregating common. and preferred. Th'e other znerribers of the coal- $58,766,000, for the retirement of which, on or before maturity% b rids Of the total Increase the proceeds of $5,500,000 (par) are to be used to pay for the original cost of the Cambridge subway and the proceeds of $1,150,000 for the construction of the East Cambridge elevated and the West End elevated lines. The issue price asked is $110 per share, making the total proceeds of stock, If sold at this price, $6,050,000 for subway and $1,265,000 for elevated structure. Compare V. 87, p. 1237, 1089. f this issue are reserved as above'stated. THE CHRONICLE 1358 in additions' Tke eystem of railroads covered by th mortgage comprises, Central RR.'CO. to said terminals, substantially all the lines of the Illinois ), Ill., with Cair to Chicago Of south and Dubuque owned In fee east of extending from Sprin,,the exception of the so-called Litchfield Division, the Suth miles, 97.59 of distance •a Ill., Junction, Bridge to field. Ill., branch, 3.96 miles. Chleage branch, 4.76 miles, and the Blue Island only be issued to acquire the Oahe additional $10,000,000 bonds may in which case the lien property of the Indiana')oils Southern RR. Co., first mortgage the of the refunding bonds is to be extended to cover as a property of that company. a surplus over fixed had company the 1008 30 a. For the year ended June report V. 87, p. 932, 939.) charges and rentals of $7,996,399. (Compare mortgage for the year ended this by covered the lines of income net The charges was *8,389,907, June 30 1908 applicable to the payment of fixed of these lines, including and the charges for interest on the funded debt the present Issue of $20,000,000 of "refunding mortgage bonds," amounts to only $2,979,345. and will mature The bonds purchased by you will be dated Nov. 1 1908 of $1,000 United Nov. 1 1935. They will be issued in denominations weight and fineness. States gold of, or equal to, the present standard of November 1. Interest at the rate of 4% per annum will be payable May 1 and of registration The bonds will be Issued as coup on bonds, with the privilege e for bonds registered as to principal; coupon bonds will be exchangeabl may be re-exchanged for coup on as to both principal and Interest, which in the m ortgage. bonds upon payment of the charges theref or provided thereof) may be redeemed The entire issue outstanding (but nit any partaccrued on N iv. I interest % and 5 107 at company at the option.of the date thereafter, up n n ot less 1918, or up on any semi-annual interest principal and interest will be Both otice. n ous previ weeks' thirteen than or taxes which the railroad compayable without deduction for any tax or retain therefrom under any present pany may be required to pay thereon State. county or municipality any of or States, United the of law or future therein. be a legal investment for savings We are advised that these bonds will87, p. 1300, 1089. banks in the State of New York.—V. Inter-State Commerce Commission.—Temporary Injunction Restraining Enforcement of Order Reducing Freight Rates from Atlantic Seaboard to Missouri River.—Se editorial remarks last week, page 1263.—V. 87, p. 544. Lehigh & Hudson River Ry.—Report.—For year ending June 30. Comparison with previous year is inaccurate, the figures in 1907-08 being prepared according to the new method of accounting: Net Gross Fiscal Earnings. Earnings. Year— $243,995 $851,519 1907-08 304,283 844,334 1906-07 —V. 86, p. 1285. Other Income. $24iii Int., tares, Balance, &c. Surplus $11,532 $232,463 43,387 285.139 Los Angeles (Cal.) Pacific Co.—Refunding Plan.—A Los Angeles paper says: plan in view to take The Los Angeles-Pacific Company has a refunding provided the consent of 80% up the $12,500,000 bonds Issued March 1906, no difficulty is concerned, is this as far So secured. is bondholders of the $15,000,000, the additional anticipated. The new issue will amount stoand betterments. The bonds $2,500,000 being required for improvement Southern Pacific Company. will bear 4% interest and be guaranteed by the which will probably be It is also proposed to form a holding corporation, this has not been finally denamed the Southern California Railways, but • 531. p. 85, cided upon.—V. Massachusetts Electric Companies, Boston.—New Stock Issues by Controlled Companies.—The Massachusetts Railroad Commission on Nov. 14 sanctioned the issue by this company's subsidiaries of $1,096,300 6% preferred stock at 110, namely by the Boston & Northern $723,600 and by the Old Colony $372,700. Neither of said companies has at present preference shares outstanding; practically all of their common shares are owned by the Massachusetts Electric Companies. "Boston News Bureau" of Nov. 16 said: Lxxxviz. that —The application was opposed by the bondholders. The Court says must be kept in repair; otherwise there would be a breach of the covenants of the lease for which it could be termlnated.—V. 87, p. 1301, 1238. the road Montgomery (Ala.) Street Ry.—Control Returns to'Montgomery.—Richard Tillis, a Montgomery capitalist, who three years ago sold his stock interest in the property to a Philadelphia syndicate, but retained a block of the company's bonds, has bought out the syndicate and proposes to improve the property. Mr. Tillis is quoted as saying: The Montgomery Light & Water Power Co. had nothing whatever to do with the purchase. I alone am the purchaser and I will control and conduct the company In the future. I shall inaugurate a system of continuous Improvements with special reference to the suburbs. I shall not only Improve the service in the suburbs, but I will extend the system further into them whenever the traffic justifies it. Compare V.81, p. 1792; V. 82, p. 929. Philippine Railway.—Offering of Bonds with Interest Unconditionally Guaranteed by Philippine Government under Act of Congress of the United Stoles.— William Salomon &.• Co., New York and Chicago, received subscriptions this week at 95 and interest (see advertisement on another page) for $4,000,000 of the authorized issue of $15.000,000 first mortgage 30-year 4% sinking fund gold bonds, available as security for United States deposits. Tie sebonds are dated July 1 1907 and are due July 11937. but are subject to redemption at 110 and interest on any int r •st date. Principal and interest payable in New York in Unitd States gold coin, and in London at the fixed rate of exchange of $4 86 per pound sterling, and in Amsterdam at the filed rate of exchange of fl. 2.49. The bonds are issued and the interest thereon guaranteed by the Philippine Government, in accordance with the terms of an Act of the United States Congress dated Feb. 6 1905. Subscriptions were received in London by Glyn, Mills, Currie & Co.; in Amsterdam by Hope & Co., and in Washington, D. C., by the Bureau of Insular Affairs, United Stat, s War Department. follows: "In view oj A statement authorized by the Secretary of War invited bids for the construction the fact that the Philippine Government bid of the Philipthe has accepted and Islands, Philippine the of railroads in referred to, and has exepine Railway Co. for the construction of railroads and in view of bonds, their the Interest of guaranty of contract the cuted necessity of the fact that the Philippine Government realizes the paramount in view of the of railroads for the welfare of the Philippine people, and of the success in takes the Philippine which Government interest intense of the enterprise undertaken by the Philippine Railway Co., the Secretary War authorizes the Bureau of Insular Affairs to receive subscriptions for bonds." these The Tre,tsury Department has announced that when the deposits of public moneys with the various national banks are reduced, it will require that bonds other than the following be first w I thdraw n: United States, Philippine, Philippine Railway, Porto Rican and Hawaiian. The subscription lists were clost d at 3 p. m. on Thursday, the bonds having been largely ov( rsubscribed. It is understood that large subscribers to the issue will receive a comparatively small percentage 01 their subscriptions, probably not more than 25%. Private investors who applied for smallamounts will obtain proportionately larger allotments. Extractsfrom Letter of President Charles M.Swift, N.Y.City, Oct. 10, 1908. years Construetion.— Construction work has been under way for about two the Island of Cebu, on the islands of Panay and Cebu. The main line on compreliminarily was length, in from miles to Danao 60 Argao, extending 20 and placed in construction operation in May 1008. On Panay the $1,096,300 6% preferred stocks pleted road, extending from the terminus at Iloilo to Pototan, have been of It is probable that no offering ofmeeting miles the parent of Potocompany, from next north annual the extending after an additional 20-mile section, completed, and will be made till offered to stockholders of the Massaexpected to be ready for operation In December 1908. Terminals, month. This stock will either be location bankers at a price of not less than 110 in tan, is chusetts Electric Cos. or sold to companies with harbor frontage at Iloilo, are about 75% completed. Final will ultimately receive the from operating for the balance of the projected mileage have been completed, either case. The two less than $1,205,930, all of which will be surveys exception of the northern section of the line in Negros. Equipthe sale of this stock a total of not with floating obligations in the hands of the ment, consisting of 12 locomotives, 23 first and second-class passenger used to retire the $1,954,000 of public on Oct. 1 last. cars and 80 box cars, is now in service, In addition to construction equipCompanies in Respect to Floating Debt ment, including 100 flat cars. Two additional Baldwin locomotives have Position of Massachusetts Electric Tdh. _ere been eBe on Oct. 1 1908 officially revised for "Chronic!e)." ese bonds arc secured by a first mortgage lien on the railway ordered.Bonds—These ITotal forward $4,104,000 Notes payable,Bos.&Nor_$2,720,000'Held of the company in the Philippine Islands, and under the property by Mass. Elec. Cos 2,115,000 lines Notes payable, Old Colony 1,384,000 terms of the concession are only Issued against comeleted mileage to the of the cost, as approved by the Phileopine Government. 05% of extent I In Bal. $4,104,000 hands of public_$1,989,000 Total Interest Guaranty.—The Government of the Philippine Islands guaranthe operating Companies will be able to Practically speaking, therefore, floating by eni irsement on each bond, the full 4% annual interest on these tees, by the held public. their obligations of made by the pay off all but $700,000 which continued improvement in bond e, /Lis, until their maturity or redempti on. Any payments subject There are $800,000 treasury bonds, and which are more than enough to Government under this guaranty rank as a lien up n the property, market conditions will make saleable, 87, p. the lien of first bonds. mortgage the to 812. cover this $700,000 floating debt.—V. and "Railway 108 and 109, Metropolitan Street Ry., New York.—Foreclosure to be Hastened.—For the purpose of expediting the sale of the road under foreclosure, Judge Lacombe has decided to conduct himself the hearings in the suit brought by the Guaranty Trust Co., as trustee, under the collateral trust mortgage of 1897, instead of referring the case to a master in accordance with the usual procedure in such matters. It is thought probable the sale may take place about the middle of the winter and the receivership then be wound up. Judge Lacombe says: claims of contract and "The priority of various other liens andsale. Whoever purchasesother the creditors will be determined after the claims of the contract creditors property will have to make good the valid If litigated. been the have claims such and those entitled to relief after property will be taken out of purchasers do not make good such claims the their hands" This will not interfere with the maturing of reorganization plans after due deliberation by the joint reorganization committee (V. 87, p. 1301), since it is expected the committee will bid in the road at the sale and pay for the same with the deposited bonds. The bondholders, as owners, can then run the road, leaving all questions as to the priority of the various liens and the validity of claims for which provision is to be •made in the reorganization plan to be subsequently determined by litigation or otherwise. A similar course is to be followed in regard to the Third Avenue road, but the sale, it is understood, will take place after that of the Metropolitan Company. Proceeds of Receivers' Certificates for Leased Line.—Judge Lacombe on Nov. 16 authorized the receivers to expend, for the improvement of the Madison & Fourth Ave. line, $200,000 of the proceeds of the $3,500,000 receivers' certificates authorized in March last. Compare map, &c., pages Industrial Section"; also wording of guaranty, ti rms of concession and other particulars in V.85, p. 794.—V.86, p. 795. St. Joseph (Mo.) Railway, Light, Heat & Power Co.— Listed.—Tlie Pi iladelphia Stock Exchange 1 as listed $115,000 additional first mortgage 5% gold bonds due 1937, making VI e total amount listed to date $4,161,000. Initial Dividend.—An initial dividend of 1% has been declared on tie $3,500,000 common stock, payable Dec. 1 1908 to shareholders of record Nov. 23.—V. 84, p. 1248. Toledo Ann Arbor & Detroit (Electric) Ry.—Sold.— This partly constructed trolley road, extending from the Ohio and Michigan State line to Ann Arbor, was bid in at master's sale in Toledo on Nov. 16 for $60,000 by Curtiss M. Steudell and Valentine H. Sorghner of Chicago, representline. ing a Chicago syndicate, which proposes to complete the —V. 85, p. 470, 347. Toledo & Western (Electric) RR.—Payment of Overdue & Intcrest.—Chairman J. R. Nutt of the Toledo Railways Nov. 11 Light Co. committee, it is said, announc, d on July 1 that the $37,500 required to meet the int( rist due $250,000 1908 on the $1,250,000 first 5s of the T. & W. andhad been first 5s of the Toledo Fayette & West( rn Ry. We have deposited with the Cleveland Trust Co., trustee. being paid.— not heard, however, that the coupons are V. 87, p. 39. Washington Water Power Co., Spokane, Wash.—Proposed undertake to New Bond Issue.—It seems inexpedient to expenditure finance entirely by the sale of stock tie large arrangerequired for extensions, and as a more permanent ment of the company's debt is desirable, the board of trustees NOV. 21 1908.1 THE CHRONICLE unanimously recommend that the stockholders at a meeting called for Dec. 1 authorize a new issue of $15,000,000 30-year gold bonds, dated July 1, either 1909, 1910 or 1911, bearing interest at the rate of not over 5% per annum, payable semi-annually, to be secured by a mortgage containing a provision that the bonds are only to be issued for the retirement of debt outstanding at the date of the mortgage, and thereafter for extensions, additions and betterments to the extent of half their cost. With the authorization in hand of this new issue of bonds, the board of trustees will be able, when favorable opportunity offers, to arrange for retiring the $3,000,000 6% notes and also a sufficient amount of the bonds of July 1 1899 to make the new bonds readily marketable. It has been ascertained that a large part of the bonds of 1899 would be exchanged for such new bonds on payment of a cash bonus of not exceeding 10%. An official circular dated Nov. 5 further says: Growth of Business.-The business of the company from January to October, inclusive, of this year compares with the same period in the two preceding years as follows: 10 Mos.'08 10Mos.'07 10 Mos.'06 Gross earnings $2,005,906 $1,698,631 $1,305,374 Net earns. beyond open exp. & taxes.. 878,654 660,991 Total stock&debt outstanding Oct. 31 10,161,839 5 1 8,736,275 68 99 5,5) 6,4 Considering the general depression business during the present year, this gain In earnings is remarkable. Additions and Eztensions.-During the present year the long-distance transmission line to the Big Bend country west and southwest of Spokane has been completed and the company is now supplying power to Davenport, 45 miles west of Spokane, and as far as Lind, 103.5 miles southwest of Spokane, and to the intermediate towns of Reardan, Ritzville, &c. Additions have been made to the Post Falls plant of apparatus for 3,000 electric horse-power and to the Spokane hydraulic plant of motor-generator apparatus for 5,350 electric-horse-power. The steam relay. plant Ott Spokane has been completed and hal a total capacity of 19,000 dectric horse-power. Considerable work has been don en the water-powet development at Little Falls and also on placing the wires underground within the lire limits in Spokane. The original live-year contracts with the principal mines In the Coeur d'Alene mining district having expired this summer, renewal contracts for Mother term of five years have been signed on similar terms, but for Increased amounts of power. The company has now built a duplicate power transmission line to the Coeur d'Alenes, and thus, with Its reserve steam power plant, can give assurance of its ability to give the best possible service to that important mining district. It is expected that during the next three years an average sum of at least $2,000,000 annually will be required to provide for necessary extensions. After that period the requirements for new capital may possibly be less. The principal items are: Completing the development of water power at Little Falls, which will have a capacity of 30,000 electric horse-power; commencing the development of the Upper Falls at Spokane; cost of water storage in Lake Coeur d'Alene; placing wires underground in fire limits in Spokane; extensions of lighting system in Spokane; extensions of longdistance power transmission lines; and on the street railways, additional cars, street paving and re-laying tracks, bridges, possibly some extensions of railway lines. New Bond Issue.-In fixing the amount of the issue, the board has considered that the territory which the company serves is a rapidly growing one and that in thirty years the business of the company is likely to have a large development. In 1899, when the $2,000,000 issue was authorized, the gross earnings were $397,155; for 1908 they are estimated at about $2,460,889. The restriction of the issue of bonds to half the cost of extensions is a conservative one; the remainder of the cost of extensions would be supplied from sales of stock and from surplus earnings. If a satisfactory price can be obtained, an issue of $6,000,000 of the new bonds may be made on July 1 1909 to be used as follows: (1) $2,000,000 either for r tiring the bonds of 1899, or to be held by the trustee against such bonds of 1899 as are not exchanged; the bonus of 10% 'cash would be paid lay the company out of earnings. (2) $4,000,000 to be sold and he proozeds used to pay the $3,000,000 notes and the balance for extens ons. If this transacton Is arranged, the annual interest charge after Joly 1 1909, 5% on $6,000,000, will be $300,009, and the current earnings beyond operating expenses and taxes wIl be over four times that amount, making the new bonds a safe investment. prospects of the company are excellent. The maintenance Out of dividends at the rate of 7% seems well assured. The earnings for 1008 will probably be over 11 % on the stock after making a full allowance for depreciation. Stockholders also receive some addition to their dividends from the premium on rights of new stock at par. On Jan. 2 1909 the capital stock will be about $6,000,000. The circular Is signed by the finance committee, consisting of W. A. White, Frank Lyman, Hinsdill Parsons, Francis S. Bangs, George H. Southard, Harold T. White and Theodore F. Hicks. Compare V. 86, p. 669, 854, 863. in 06 Wheeling & Lake Erie RR.-Receivers' Certificates.Press despatches state that Judge Tayler in the United States Circuit Court at Cleveland, Ohio, on Nov. 17 authorized receiver Worthington to issue $1,859,000 of 6% receiver's certificates, redeemable at any time after one year, of which it is stated $1,820,000 will be put out at present. The order of the Court does not specify whether they shall rank ahead of the bonds. The certificates, it is reported, have all been sold in the East.-V.87, p. 1161, 879. Winona (Ind.) Interurban R,y.-Extension-New Securities.-Touching the report that $300,000 had been raised to complete the Peru division from Warsaw to Peru, 44 miles (of which 11 miles is in operation), an officer of the company writes: The Peru division is bonded for $850,000. Additional preferred stock to the amount of $150,000 will be sold to complete the line. All the common stock is held in trust for the Winona Assembly & Summer School Association. It will cost $395,000 to complete this division; $300,000 has been pledged by the directors; $115,000 in subsidies Is due and collectible when the first car runs over the line.-V. 86, p. 230. 1359 Bethlehem Steel Corporation.-Purchase of San Francisco Dock Property.-The company, it is reported, has agreed to purchase, through the Union Iron Works, the stock of the San Francisco Dry Dock Co., consisting of 15,000 shares. Exchange papers say. The property consists of two large store docks at Hunters' Point and three floating docks at the foot of 16th Street. It is intended to operate the dry docks in connection with the Union Iron Works, with a view to expediting and economizing ship overhauling and repairs In San Francisco harbor. The larger dry dock at Hunter.' Point is 750x30 and Is considered "one of the finest in the world"; the smaller 490x24ft. There is also at Hunter's Point a pumping plant with a capacity of 150,000 gallon, per minute. Extensive marine repair shops are to be In tailed at the Hunters' Point site, about 10 acres. It is planned to erect at some time In the near future a dock 1,050 ft. long and 34 ft. deep. The principal stockholders lathe dry dock company are said to be D.O. Mills, William Babcock, J. C. Coleman and Edward Coleman, Antoine Bore' and the Union Iron Works, which has held a tenth interest. The price to be paid I s reported to be "considerably more than " $100 per share.-V.86, p. 916. A. 400th & Co., Chicago.-Reorganization Plan.-The stoekholArs' protective committee, consisting of George R. Nichols, Z. P. Brosseau, Charles T. Trego, Charles G. King and Donald R. McLennan, sent to the shareholders on Nov. 18 a circular saying: Since our selection by you as a protective complittee of stockholders on Oct. 1 1908 we have devoted a great deal of time to investigating the condition of your company and formulating for your approval a plan for the reorganization of Its affairs. Our unanimous conclusion Is that your company has sufficient assets and earning power to justify a reorganization, if a reasonable settlement can be reached with the company's creditors. The plan which we propose contemplates the organization of a new company with a capital stock of $6,054,400, consisting of 32,150 shares of preferred stock and 28,394 shares of common stock, and the purchase by such company under judicial sale of all the assets of A. Booth & Co. free from all claims of its creditors, exeept mortgage and other liens. To accomplish this It is proposed to have the new company issue its twenty-year 5% first mortgage bonds for such an amount at will permit a fair and reasonable settlement of the claims of the creditors of A. Booth & Co. and, if deemed advisable, to provide further working capital. Each outstanding share of the preferred stock of your company will be exchangeable for a share of the preferred stock of the new company and each share of the common stock will be exchangeable for a share of the common stock of the new company. It being however, essential to provide the new company with at least $600,000 of cash capital, the plan contemplates that this shall be raised by an assessment of $10 against each share of the preferred stock and $3 50 against each share of the common stock, and that the payment of this assessment by each stockholder of the old company shall be a prerequisite to the exchange of his stock for like stock in the new company. To justify this assessment upon the common stock, the dividends upon the preferred stock of the new company will be made non-cumulative, instead of cumulatlye, as in your company, anti the present dividend rate on the preferred stock (8% per annum) will be reduced to 7% per annum. It is also proposed to retire 2,000 shares of the preferred stock held by the Booth 'amity. In this way the preferred dividend requirement of the new company will be $48,150 per year less than in the present company. which Is equivalent to a yearly dividend of $1 73 per share upon the common stock of the new company. The Booth family have also generously put at the disposal of your committee a considerable amount of stock, and with this your comlnittee has been able to induce a gentleman of excellent business capacity and unquestioned integrity to become a stockholder, and to accept the presidency and management of the new company, if the plan of reorganization is made effective, and a reasonable settlement with the creditors can be secured. The creditors' committee approves the selection of the gentleman above referred to. Stockholders holding 16,783 shares of preferred stock and 9,968 shares of common stock (whose assessments aggregate $303,416) have already signed this agreement. If you wish to join in this plan please sign the inclosed agreement and return the same to us, care of our attorney, Henry S. Robbins, 814 Home Insurance Building, Chicago, by Dec. 1 1908. No payments or deposits of stocks under this agreement will be requested until your committee shall have reached with the creditors' committee a basis for the settlement of your company's debts, which shall meet the approval of your committee. We realize that this plan leaves It to the judgment of your committee and the President of your company to decide the terms of settlement with the company's creditors; but we have not found any way to escape this. It would be unreasonable to ask the many creditors to deal with your committee In the settlement of their indebtedness before the committee Is placed In a position to make good its promises of reorganization. Unless this plan of reorganization is generally accepted by the stockholders we see no way In which a forced sale of the assets to pay the creditors can be avoided. Upon such a sale It seems certain that there would not be enough realized to pay the creditors In full, and that your stock would become worthless. (Current reports say that Frank C. Letts, now President of the National Grocery Co. has been selected as President of the reorganized company. The Indebtedness is now said to aggregate $5,800.000. Compare V. 87, p. 676. The auditors who have been examining the company's affairs have made a report, but nothing' authoritative regarding its contents is available for publication.-Ed.1-V. 87, p. 1302,741. Champion Coated Paper Co.-New Stock.-The shareholders will vote Dec. 15 on increasing the common stock from $1,040,000 to $1,500,000. Shareholders will have the right to subscribe for the new stock.-V. 86, p. 171. Colorado Springs Electric Co.-Offering of Debenture Notes.-Bertron, Storrs & Griscom, 40 Wall Street, are offering the unsold portion of a block of $250,000 three-year 6% debenture gold notes dated Oct. 1 1908 and due Oct. 1 1911, but redeemable at any interest period at par and interest. Interest payable April and Oct. 1 at New York and Colorado Springs. Colorado Title & Trust Co., trustee. A circular says: Capitalization. First mortgage 5% bonds due April 1920, authorized and Issued $1,000,000 Three-year 6% notes, authorized, $300,000, Issued 250,000 Six per cent preferred stock, authorized, $500,000, issued none Common stock, authorized and issued 1,000,000 INDUSTRIAL, GAS AND MISCELLANEOUS. Earnings for the Year ending Sept. 1 1908. American Telephone & Telegraph Co.-Results.-For ten Gross $385,242 Bond Interest $50,000 Net 131,417 Interest on notes months eliding Oct. 31: 15,000 Balance, equal to % on outstanding stock 66,417 1908, .1907. Income from dividends The purpose of these notes Is to pay off the floating debt, pay for a new $12,550,557 *11,170,202 Interest'and other revenue from associated and unit and for proposed Important extensions. etc. A cia se In the licensed coin antes 8,087,075 6,740,410 to tes will prevent the company from putting any mortgage liens on its Telephone trait c (net) 3,144,643 property unless the notes share equally in such lien. An agreement 3.473,494 Real estate 73,639 has been entered into also by the company with the trustee that the pro135,516 Other sources 647,908 320,019 ceeds of the preferred stock when sold will go toward the retirement of these -- notes at par. Total Income $24,804,552 $21,448,015 The company supplies electricity and power te Colorado Springs and 1,:xpenses 1,736,060 1,664,810 Colorado City, an aggregate population of about 40,000, and it Is owned by the United Gas & Electric Co., which also owns the gas company In Net earnings $23,158,402 $10,784,105 Colorado Springs, the Pikes Peak flydro-Electric Co., and controls the Deduct interest 6,380,746 6,068,231 remaining water rights for power in that district. The United Gas & plvidend for 9 months (0°9 April, July and Oct 0,280,624 7,803,084 Electric Co. will this year finance another water power company near COorado Springs of *,000 k.w. capacity, which will supply the Colorado Balance, surplus Springs Electric Co., under contract, with sufficient power to meet its $7,488,122 5.82,70 -V 87, P. 1301. needs for many years to come. 1360 THE CHRONICLE The Colorado Springs Electric Co. operates under four separate franchises, three for electric light and power and one for steam heating. These franchises expire in twenty-five years. See also V. 87, P. 288. Columbus & Hocking Coal & Iron Co.—Brick Plant in Operation.—Henry S. Haskins, a member of the executive committee, is quoted as saying: October We started our new brick plant at Kachelmacher, Ohio, about an output of 1111,This is the largest plant of its kind in the world, having bricks a day and we over 120,000 bricks a day. The output now Is 40,000 have more orders are increasing our output as rapidly as possible. Weexceeding low cost onlhand now than we can fill for some time. With the the brick operations of fuel and raw material as compared with 0th r plants, from coal. can greatly exceed any revenue heretofore received the last The coal industries of the company have been increased during 5,000 tons year, so that the output has been raised from 3,000 to nearly were last year, and the a day. The orders are much heavier than theyCompare V 36, p. 1527. outlook for the remainder of the year is bright. Consolidated Railway Lighting & Refrigerating Co.— Statement Divided.—The balance sheets of this company and its controlled companies were published in last week's "Chronicle," but, through a mishap in the makeup, the balance sheet of the Railway & Stationary Refrigerating Co. and the concluding remarks, followed the caption "Pullman Company" on page 1298, while the remainder of the statement appeared on page 1299. General Electric Co.—Results for Three and Nine Months Sales billed to and orders received from customers for the three and nine months ending Oct. 30 in the years 1904 to 1908 compare: 1904, 1905. 1906. 1907. 1908. Three mos. $16,428,965 $11,263,792 $8,352,128 Orders rec410,397,117 $14,581,382 Sales billed 12,166,509 20,300,967 15,859,050 10,602,761 9,683,882 Nine mos. Orders rec_$30,054,924 $49,677,500 $45,395,887 $38,042,489 $26,301,141 Sales billed 31,001,323 55,782,633 41,774,812 29,346,507 28,252,962 —V. 87, p. 482. Harbison-Walker Refractories Co., Pittsburgh, Pa.—Report.—For year ending Sept. 30: [VOL. Lxxxvn. Northeastern Telephone Co.—Foreclosure Sale.—The company's property will be sold under foreclosure sale at Portland, Me., on Dec. 16. The upset price is said to be $275,000. Compare item regarding New England Telephone & Telegraph Co. in V. 87, p. 815.—V. 87, p. 742. O'Gara Coal CO.—Two New Directors.—W. H. Marshall, President of the American Locomotive Co., nd A. G.Palmer, New York, have been elected directors, dr. Palmer succeeding the late James Kerr. W. A. Brewerton has been elected Secretary.—V. 86, p. 606. Pope Manufacturing Co.—Offer of Reorganization Committee Approved.—Vice-Chancellor Howell, at Newark, N.J., on Thursday authorized the receivers to accept the offer of the reorganization committee to purchase the plants and other assets for $1,500,000. A final dividend of 25%, will be paid to the creditors and the receivership ended. Compare V. 87, p. 952 and plan V. 87, p. 350. Pullman CO.—Favorable Decision Affirmed.—The United States Circuit Court of Appeals at New Orleans, La., on Nov. 14 affirmed the decision of the lower Court in January last restraining the enforcement of the order of the Texas Railroad Commission reducing sleeping-car rates. Compare V. 86, p. 173; V. 84, p. 274.—V. 87, p. 1298, 1163. Sagamore Manufacturing Co., Fall River, Mass.—New Stock.—The shareholders have voted to increase the capital stock from $900,000 to $1,200,000. Stockholders have the right to subscribe at par to one share of new stock for every ,three shares of their present., holdings. Subscriptions, it iS said, Aite payable 25% March:1,25% July 1 and 50% Sept. 11909.:,Compare V.87, p. 1241.. St. 0 air Steel 00.—OfferinO. of Guaranteed Bonds.—The bond department of the Union Trust Co. of Chicago is offering New Con- Interest Pref.Dio. Com.Div. Balance. at 1.01 and interest a small block of St. Clair Steel Co. first Net (4%). Surplus. struc.,&c. on Bonds. (6%). Profits. $311,816 mortgage gold 5% bonds, an .underlying issue of the United 1907-08_41,148,406 $133,038 $127,938 $575,614 1906-07_ _ 1,962,168 317,432 136,688 576,000 $90,000 842,049 States Steel Corporation, and guaranteed, principal and in—V. 86, p. 231. terest, by the Crucible Steel Co. and by the United States Independent Brewing Co., Pittsburgh.—Report.—See Steel Corporation. (Compare United States Steel Corpora"Annual Reports." tion, V. 80, p. 1120, and Crucible Steel Co.,V.79, p.1267).— No Dividend.—The company, it is announced, will not V. 74, p. 1095. declare at present the usual dividend on the $4,500,000 7% San Francisco Dry Dock Co.—Sale.—See Bethlehem cumulative preferred stock. Quarterly dividends of 19j% Steel Corporation above. each were paid on the preferred shares from May 1905 to Spring Valley Water Supply Co., San Francisco.— August 1908, both inclusive. The common stock has received only two dividends, 1% each, in August and Nov. Municipal Water Supply Voted.—See San Francisco in "State & City Department".—V. 87, p. 1014. 1907. Standard Iron Mining & Furnace Co.—Meeting—Default. New Officers.—Peter Hermes has been elected President to succeed John Benz and Justus Mulert has been made Chair- —A meeting of the bondholders has been called for Nov. 28 by the Real Estate Trust Co. of Philadelphia, trustee for man of the executive committee.—V. 87, p. 1240, 1013. Laclede Gas Light Co., St. Louis, Mo.—Earnings.—For' the first mortgage bonds, to take such action as a majority of the holders may deem necessary, in view of the fact that year ending March 31 last: Net Bu arlaptitucs e: interest on the $2,500,000 of outstanding bonds has been in Interest Gross Year on Earnings. S Bonds. Earnings. ending— $1,693,188 $905,000 188 defatilt since and including Jan, 1 1904.—V. 84, p. 1433. $3,795,361 Mar 31 1907 1,495,083 , , 658764 836319 3,524,440 $788,764 Siiffolk (Va.) Gas Co.—Sold.—At the foreclosure sale Dec. 31 1906 761 1,317,385 ,389 555,906 3,318,219 Aug. 31 1905 which took place in Suffolk on Nov. 19 under order of the —V. 86, p. 1103. property was bid in by Massachusetts Lighting Co., Boston.—New Stock— United States Circuit Court, the York, the mortgage trustee, Acquisitions.—The shareholders will vote Dec. 1 on increas- the Columbia Trust Co. of Newoutstanding, it is said, more $33,000. There are now ing the capital stock to an amount not yet decided upon, for $100,000 receiver's certificates. Compare V. 86, 13• than and improvements, for and the additions for provide to 425; V. 83, p. 1233. purchase of control of the following companies from Col. 797, Tennessee Copper Co.—Possible Distribution to ShareFrank S. Richardson their outstanding capital stock being given as reported at a late date; North Adams Gas holders.—Sce Tennessee Chemical & Fertilizer Co. in V. Light Co. stock outstanding, $100,000, no bonds; Adams 87, p. 1241.—V. 87, p. 617. 'Co., stock outstanding, $17,300; Williamstown Gas Light United Box Board & Paper Co.—Offer for Scrip.—The Gas Co., stock issued, $20,000; Stamford (Vt.) Gas Light reorganization committee, in order to ivlieve its depositary Co., stock not stated.—V. 87, p. 742. from excessive routine work, will pay for the small amount McOlintic-Marshall Construction Co. of Pittsburgh._ of outstanding fractional scrip (dating from the reorganizaIncrease of Stock.—This Pennsylvania corporation, owning tion of 1902) 'at the rate of $4 for each $100, par value, large structural steel mills at Pittsburgh, Pottstown and represented in the preferred stock of that corporation, and Carnegie,Pa.,having a capacity of about 150,000 tons yearly, 75 cents for each $100, par value, represented in the comrecently increased its capital stock from $900,000 to $5,- mon stock. This scrip must be delivered at the office of C. C. Adsit, Chairman of the Committee, 224 La Salle St., 000,000. A Pittsburgh paper says: some important additions to Its Chicago, on or before Nov. 24, in order to secure this price. The company has recently completed plants. The increase was formal merely, as fir a long time the value of Deposits under Plan.—A circular mailed Nov. 19 says: are pleased to report a very the property has been In excess of the capital. Members of the reorganization committee Oct. 21, and deposits are being I._ R. Providence, response to their circular letter ofWe Co., favorable Lighting Narragansett Electric have every assurance from volume. made In a steadily increasing that they will pay the installments as Option to Subscribe.—A circular announces that at a special both large and small stockholders new a chance to put its affairs company the was give it thus 12 voted and due to Nov. become held they meeting of the stockholders The box-board business is steadily improving. on a sound business basis. issue $500,000 "debenture certificates bearing interest at There marked growth in October over September. The output has a was prices are more satisfactory. The new company is bound the rate of 4% per annum, payable quarterly on the first increasedinand prosperity of the country, and if the stockholders to share the general days of April, July, October and January of each year, of company will give their aid, the committee feels that Its promises the said company of at Compare plan V. 87. p. 1163. stock made good. than capital more the shares of for 10,000 can be $50 per share." These debentures certificates will be reUnited States Envelope Co.—New Bonds Offered.—H. W. deemed by the company in stock on Jan. 1 1913, or sooner Poor & Co., New York and Boston, are offering for sale, by at the option of the directors. Every stockholder of record advertisement on another page of this issue of the "ChronDec. 1 1908 will be entitled to subscribe for one new de- icle," at prices to yield the investor about 5h%,the unsold benture, (par $50) for every eight shares of his present portion of the present issue of $2,000,000 first mtge.5% serial holdings. gold bonds dated Dec. 1 1908 and due in annual installments of the company, 170 West- on Dec. 1 from 1910 to 1934, both inclusive, $50,000 yearly Subscriptions must be made at the office at 1908 12 19th and Dec. o'clock between Dec. 1st minster St. Providence,of unless subscription has 1910 to 1924, $100,000 yearly 1925 to 1929 and $150,000 assignments rights will be accepted noon. No' must be paid between Jan. 1 and Jan. 4 yearly 1930 to 1934, but callable at 104 and interest on or first been made. Subscriptions for fractional parts of a will not Issue certificates 1909. The company Dec. 1 1919. Interest payable June 1 and Dec. 1 share. Certificates will be ready for delivery Jan. 1 1909.—V. 87, p. 1241. after at Old Colony Trust Co., trustee, Boston, Mass. Par $1,000 Co.—New Yarn Director.—Joseph Cotton New England c*. A circular says in substance: Remick has been elected a director to succeed Gov. Draper, The $2,000,000 bonds area first mortgage on all the company's properties value (including the proposed new Springfield mill), having a replacement who resigned. (Cash, $223,374: over $3,500,000. Current assets June 30 1908:supplies, of page:— preceding a on Reports Report.—See "Annual $691,609) accounts and bills receivable, $661,907; merchandise and or more than 2% $1,576,890, making total assets of over $5,000,000, Net V. 87, p. 1091, 229. earnings for this bond Issue (see balance sheet V. 87, p. 478). times interest six or Niagara Falls Power Co.—See Cataract Power & Conduit times issue, average years this nearly seven of 30% past IPS charges on these bonds Co. in V. 87,.p. 1302.---V. 87, p. 221. Nov. 21 1908. THE CHRONICLE Abstract of Letter from Treasurer Wm.0.Day,Springfield, Mass., Nov. 2 '08. The company has sold (to El. W. Poor & Co.) $2,000,000 5% serial gold bonds, dated Dec. 1 1908. The total authorized Issue is $2,500,000. The mortgage provides that the $500,000 reserved bonds can be issued only for new properties at not to exceed 75% of cost, if Issued prior to Dec. 1 1019. Thereafter they may be Issued at cost provided In either case net earnings for the fiscal year next preceding the issue of allor any part of said bonds shall have been at least three times the annual Interest charges on both the bonds outstanding and to be issued. The bonds maturing after 1919 can be called for payment at 104 and Interest. The Issue Is secured by a mortgage to the Old Colony Trust Co. of Boston as trustee, constituting a first lien on all the lands, buildings and machinery now owned or hereafter acquired. The company was organized in 1808 to consolidate the business of the Logan, Swift ec Brigham Envelope Co., the Whitcomb Envelope Co. and the W. H. Hill Envelope Co., all of Worcester, Mass.; the Morgan Envelope Co., P. P. Kellogg & Co. and Springfield Envelope Co., all of Springfield, Mass.; the Holyoke Envelope Co., Holyoke, Mass.;Plimpton Mfg. Co., Hartford, Conn. The White, Corbin & Co. Rockville, Conn., and National Envelope Co of Milwaukee, Wis., now olWaukegan, Ill. A new factory is to be built immediately at Springfield, Mass., at an approximate cost of $300,000. The proceeds of the bonds sold will be used to retire $1,100,000 outstanding first mortgage 6% bonds, called for payment at 104 and interest; to retire $174,000 Waukegan Realty Association certificates; to complete payment for land purchased for factory sites at Springfield; the balance remaining to be used for the erection of the new factory at Springfield and for additional working capital. Tile $131,000 5% debenture bonds remaining outstanding, out of an original issue of $250,000 bonds,are being paid off at the rate of about 435,000 per annum. With the application of the proceeds of the bonds as above stated, the company will have no bonded debt, with the exception of the new first mortgage 5% serial gold bonds and the $131,000 5% debentures, and will have practically no floating debt or other liabilities other than current monthly bills. Net Earnings for Fiscal Years ending June 30 (see V. 87, 1907-08. 1906-07. 1905-06. 1904-05. 1903-04. 1902-03.' 1901-02 $551,168 $721,987 $662,827 $532,053 $572,091 $559,063 $485,010 The above net earnings have been reached after deducting all expenses for maintenance and considerable expenditures for improvements. Expenses for improvements, betterments and renewals charged tagainst income since organization have aggregated approximately $500,000. The company has practically no bad 'debts, the average loss sinee. organization In 1898 having been about 1-1)3,of 1% per annum. The properties are lin excellent physical condition. Since Its organization the company hastpaid dividends amounting to $2,090,625 on the $3,750,000 outstahdIng preferred stock, has charged to depreciation $716,870 and has accumulated a surplus, invested In the plants, of $861,922. Directors.—Charles H. Hutchins (President); James Logan (First V.-P. and General Mgr.); G. Henry Whitcomb (2d V.-P.); Louis H. Buckley (Asst. Gen. Mgr.); D. Wheeler Swift and Samuel E. Winslow, all of Worcester, Mass., Robert W. Day (3d V.-P.), William 0. Day (Treasurer); Frederic A. Bill, Frederick T. Kellogg and Charles L. Long, all of Springfield, Mass.: James M. Plimpton, Hartford, Conn.; Albert Hale and Felix Rackemann, Boston, Mass. Bonds Called.—All of the outstanding first mortgage 6% bonds dated 1898 have been called for redemption at 104 and interest at the office of the Old Colony Trust Co. in. Boston on Dec. 10 1908. Treasurer William 0. Day announces (see advertisement on another page): Bon'tholders desiring to exchange their bonds for the new first mortgage 5% serial gold bonds should at once forward their bonds to H. W. Poor & Co., 33 Congress St., Boston, Mass. who will present the same for redemption and make the necessary exchange; provided such bondholders will state the series of the new 5% bonds desired and such series have not already been sold. Bondholders desiring cash for their bonds should at once forward such bonds to H. W. Poor & Co., who will attend to the redemption thereof, and remit the amount received on the surrender of such receipts: or such bondholders may, if they desire, present their bonds for redemption directly to said Old Colony Trust Co. 1361 holders of $14,604,810. It had further accumulated, up to May 31 1908, undivided profits of $7,381,847. Nature of Business.—The company Is directly engaged In the manufacture of acids, chemical fertilizers and similar products, and is the largest dealer In such fertilizers In the United States. It is also engaged In the mining of sulphur pyrites and of phosphate rock—through the Charleston (S. C.) Mining & Mfg. Co.—and has larger holdings of phosphate lands than any other company In America. It likewise manufactures—through the Southern Cotton Oil Co.--various products from cotton seed, including several grades of oil, soap, lard and by-products. It Imports and deals in foreign chemical prpducts, notably potash, having valuable potash interests In Germany. In perfecting Its Independent facilities for securing raw materials, for manufacturing and for distributing Its products, the company utilizes a large number of subsidiary companies, of which the chief are the Charleston (S. C.) Mining & Mfg. Co. and the Southern Cotton 011 Co.. owned entirely by it. The properties include numerous fertilizer mills, oil mills and ginneries, scattered through the South, so as to facilitate its operations, and a considerable mileage of railway, with large equipment, tank cars, tugs, barges and other transportation equipment, necessary for tile prover conduct of the business. (Compare V. 87, p. 283, 161.) Option to Holders of Collateral Trust 58.—The bankers, it is announced, will purchase the $4,500,000 old collateral trust 5s at 105 and interest, or exchange them at this price for the new 5s at 941 / 2 and interest. Any of the old bonds not purchased or exchanged will be called and paid off at 105 on April 1 1909.— V. 87, P. 1092, 952. Waterbury Company (Cordage).—Dividend Omitted.— The directors of the Waterbury Co. of New Jersey having decided not to declare the usual quarterly dividend on the $1,000,000 common stock, all owned by the holding company, the Waterbury Co. of West Virginia, the latter has omitted the usual quarterly distribution due Nov. 1 on its own $2,500,000 stock (all of one class). The $574,000 cumulative preferred stock of the New Jersey company, which is all held by the public, received on Nov. 1 its regular %IcTitarterly dividend of 2%; the New Jersey Co. also has outstanding $153,500 of its $500,000 collateral mortgage 6s, due April 1 1916. Annual Dividend Record Since 1904. 1905. 1906. 1907. 1908 Waterbury Co. of N. J., common___ 12 8 10 3 do preferred.. do 8 8 8 8 Waterbury Co. of West Virginia—---2 4 In 1908 the West Va. Company paid three quarterly dividends of % of 1% on Feb. 1, May 1 and Aug. 1, while the New Jersey company paid 1% quarterly on the same dates. Compare V. 80, p. 1738; V. 84, p. 275, 577; V. 85, p. 1649. Westinghouse Electric & Manufacturing Co.—Plan Declared Operative.—The readjustment committee yesterday declared operative the modified or substitute plan for the readjustment of the Westinghouse Co., which plan is based upon the so-called "merchandise creditors' plan." Compare plan, V. 86, P. 922; V. 87, p. 101, 875. The consummation of the plan will require approximately $14,200,000 of new assenting stock, to be issued to holders of the merchandise debt and bank debt and to stockholders who have subscribed for new stock in cash. Of the present Mithorized assenting stock, $12,500,000 is reserved against the convertible gold bonds and'$23,940,000 is issued, leaving only $9,560,000 unissued. It is therefore necessary to increase the authorized capital, and at a special meeting of stockholders, which is now set for Nov.24 1908,it isproposed to authorize $10,000,000 of additional stock, the increased stock to have all the rights and privileges of the present absenting stock. The arrangements finally approved also involve the election of a board of sixteen directors, which is to be divided into four classes of four members each,the term of one class expiring each year. It is also proposed, in compliance with the plan, to constitute a proxy committee, to remain in existence for five years. It is hoped to have the receivership ended at an early day.—V. 87, p. 1241, 1163. Out of courtesy to the old bondholders, they are affordci,d the first opportunity to make selections from the new issue at the circular prices. There are no other terms of change.—V. 87, P. 1163, 478. Virginia-Carolina Chemical Co.—Bonds Offered.—Blair & Co. and Hallgarten & Co., both of New York, are offering by advertisement on another page, at 943 and interest, yielding the investor over§W/ the unsold portion of $12,000,000 first mortgage 5% golde'bonds, dated Nov. 2 1908 and due Dec. 1 1923, but redeemable at 105 or for sinking fund at 1023'. Annual sinking fund $300,000. Interest payable •June 1 and Dec. 1. Denomination $1,000, coupon or —After an absence of nearly a yuar in a tour around the 'registered, interchangeable. Authorized, $15,000,000, of which $3,000,000 are reserved for three years. Central world, Edwin L. Lobdell has reopened his banking office in "The Rookery", Chicago; but has removed from the Rotunda Trust Co. of New York. trustee. Abstract of Letter from President S. T. Morgan, Richmond, Va., Nov. 10 1008. to a pleasant suite of rooms on the 8th floor, fronting La New Bond Issue—The authorized Issue Is $15,000,000; but the present Salle Street. Mr. Lobdell, has taken into partnership his' Issue is for $12,000,000, with a provision that the remaining $3,000,000 son, C. W. Lobdell and Irving Randall. The firm will do shall not be issued within three years. From the proceeds tile present outstanding collateral trust bonds, $4,500,000, will be paid oft. Of the a generalinvestmentand banking business;negotiate additionnew Issue $300,000 will be retired each year, such bonds to be called, If al capital for old and well managed corporations, wishing necessary, at 1024 and interest. The entire Issue may be redeemed at to enlarge; deal in bonds and securities, and conduct a special 105 and Interest. The bonds will be secured by (1) a first mortgage upon all real estate and department in the interest of its clients, which will keep plants owned in fee by the Virginia-Carolina Chemical Co., and (2) a pledge •of all the shares of the Southern Cotton Oil Co. ($10,000,000), all the shares them informed of developments, favorable or unfavorable, of the Charleston (S. C.) Mining & Manufacturing Co. ($2,219,200), a as they occur, affecting the value of their securities. controlling Interest In the Einigkeit (potash) Co. and the Chemical Works —To net the investor 5%%, Chas. B. Van Nostrand, Schonebeck, Ltd. (costing this company more than $3,000,000), and all other stocks owned by this company in other companies at the time of investment banker at 36 Wall St., this city, is to-day offerthe execution of the mortgage. ing by advertisement on another page, $65,000 Eastern It is agreed (1) that, If, and when it can lawfully be done, the property of the Charleston (S. C.) Mining & Mfg. Co. shall also be mortgaged as Pennsylvania Railways Company first mortgage 30-year security. and (2) that on the existing properties owned in fee by subsidiary 5% gold bonds due 1936. These bonds are stated to be companies the stocks of which are pledged hereunder there are no mortgages and shall be none during the term of these bonds. It is further free of tax in Pennsylvania and are offered at 90 and interest. agreed that the current assets of the Chemical Company and subsidiaries Of the $6,000,000 authorized, $3,002,500 is outstanding. shall at all times exceed the current liabilities by the amount of the outFor the 12 months ending June 30 1908 the company standing bonds. Properties, &c.—The physical properties owned by this company and by earned gross $532,049, net $196,204; after deducting $147,813 subsidiaries all of whose stock Is owned by it have actually cost over.$25,000,000, and Is believed to he worth considerably in excess of this amount. for interest on bonds, &c., its surplus was $48,391. For This amount does not include the German properties (costing over $3,000, the three months ending September 30 1908 the net earnings 000) above referred to. From the proceeds of these bonds the surplus quick are said to show an increase of over 60%. Special circular assets (which on May 31 1908 amounted to $12,943,164) will be Increased to approximately $19,000,000. The amount of the total assets, after the will be mailed upon request. issuance of these bonds, in excess of all other liabilities will be over $47,—William A. Read & Co. are offering on another page 000,000, as follows: Property In the United States (over) $25,000,000; property in Germany (over) $3,000,000; surplus quick assets (about) the 4 per cent 30-year city of Philadelphia bonds which $19,000,000. Capitalization: Preferred stock Issued, $18,000,000; com- were awarded to them this week. These bonds are legal mon stock issued, $27,984,400; total stock, $45,984,400. Bonds (colinvestments for savings banks,insurance companies,execulateral trust 55) to be refunded by present issue, $4,500,000. Earnings.—The net earnings available for interest payments have been tors and trustees in New York, Massachusetts, Connecticut, as follows, the average for the seven years being $3,598,594: &c., and for trust funds and executors in Pennsylvania. Years ending June 15 —Years ending May 31— 1904-05. 1903-04. 1902-03. 1901-02. Price and particulars may be had on' application at the 1907-08. 1906-07. 1905-06. 5 3 $ offices of the bankers in New York, Boston, Philadelphia 3,529,481 4,025,508 3,830,693 2,781,056 3,474,562 3,440,064 4,108,795 and Chicago. See advertisement on another page. During the 13 years since organization, improvements, betterments, —Harry B. Powell & Co., Woodstock, Vt., offers $15,000 renewals and repairs have been made from income,to the amount of $6,682,808 and charged to operating expenses. Tne,,go,rnpany has also paid to Blaine-Washington 6% electric-light bonds at par and inholders of preferred stock 52 consecutive dividends, amounting to $11,270. - $43, and to holders of common stock $3,334,497, making a total to stock- terest. THE CHRONICLE 1362 Lxxxvii. ports and Riocurnenis, ATLANTIC COAST LINE RAILROAD COMPANY. SEVENTY-FOURTH ANNUAL REPORT-FOR THE YEAR ENDING JUNE 30 1908. Richmond, Va., November 17 1908. 4,227.66 Mlles owned June 30 1907 Mlles not owned but operated under leases and trackage 140.31 contracts 4,367.97 7.05 Miles owned but not operated by this Company Mlles operated June 30 1907 Miles added during fiscal year: Additional lines to Factories, Mills, &c 4,360,92 Total miles operated June 30 1908 4,406.63 Average mileage operated during year 4,364.72 45.71 .INCOME ACCOUNT. Increase (+) or Decrease (-). 1907. 1908. $26,029,052 40 $26,771,528 54 -$742,476 14 Operating revenues -398,232 38 99 20,442,026 61 20,043,794 taxes& Operating expenses Net operating revenues, less $5,985,257 79 taxes *3,146,376 69 Other Income $9,131,634 48 Gross Income 6,222,066 97 Interest and rentals $2,909,567 51 Miscellaneous deductions from Income $6,329,501 55 -344,243 76 2,673,427 79 +472,948 90 $9,002,929 34 5,871,188 97 +128,705 14 +350,878 00 $3,131,740 37 -$222,172 86. 13,784 96 x128,420 04 INTEREST AND RENTALS. 1907, $4,872,868 32 862,766 00 7,850 00 83,333 33 (*) 3,450 00 40,921 32 $6,222,066 97 $5,871,188 97 ;. * Interest on Equipment Bonds in11907 was charged in operating expens's. • Operating revenues decreased 2.77 per cent. Operating expenses and taxes decreased 1.95 per cent. Net operating revenues,less taxes, decreased 5.44 per cent. • The ratio of operating expenses and taxes to operating revenues was 77.01 per cent, as compared with 76.36 per cent for the previous year. DIVIDENDS. Dividends were paid as follows during the year: $79,830 00 To Preferred Stockholders, 5% $2,669,540 00 To Common Stockholders, 5j.% upon the dividend stock common The January semi-annual of 3 per pent, included above, was not paid in cash, but in A. C. L. RR. Co. 4 per cent Certificates of Indebtedness purchased at 93, and held in the Treasury of this Company as an asset, as shown in the balance sheet of June 30th 1907. OPERATING REVENUES. The operating revenues and expenses for the year ended June 30 1908, as compared with those for the preceding year, were as follows: 1908. $17,739,171 93 6,279,583 91 810,479 15 587,897 66 62,419 67 549,500 08 1907. $18,443,695 09 6,083,991 33 770,755 83 611,400 10 60,712 18 800,974 01 Decrease. Peret. 3.92 $704,523 16 195,592 58* 3.21 39,723 32* 5.15 23.502 44 3.84 1,707 40* 2.81 251,473 93 31.40 $26,029,052 40 $26,771,528 54 $742,476 14 OPERATING EXPENSES AND TAXES.e. 1908. Maintenance of way and structures- --- $3,820,253 30 Maintenance of equip4,093,946 64 ment Traffic expenses $432,786 24* Trans10,401,115 50 portation expenses9,968,329 26 656,427 33 General expenses 1,072,051 84 Taxes *20,043,794 61 2.77 per ce. 1907. $89,484 25 2.29 3,046,012 76 1447,933 88x 3.75 10,988,157 38 587,041 88 5.34 $3,909,737 55 743,470 30 854,649 00 $20,442,026 99 87,042 97 11.71 217,402 84x 25.44 $398,232 38 1.95 * This Item last year was included In transportation expenses. Increase. On July 1 1907 the new classifications of operating revenues, operating expenses, &c. promulgated by the InterState Commerce Commission, became effective. The figures for the period covered by this report are based on the new classifications while those for the previous year are based on the classifications in effect prior to July 11907. FREIGHT TRAIN MILES AND LOADING. Average number of freight cars per train mile increased 5.82 per cent. Average number of loaded cars per train mile increased 1.89 per cent. Average number of tons of freight per train mile increased 3.78 per cent. Loaded freight car mileage decreased 5.60 per cent. Empty freight car mileage increased 5.26 per cent. Net decrease in bonded debt $452,000 COMPANY'S OWN SECURITIES IN ITS TREASURY. Bonds sold during the year $930,000 Four per cent Certificates of Indebtedness issued In dividend to stockholders $1,456,100 Less fractional amounts purchased (4) 75 51,600 1,404,500 liondsArawn to_retirei:$40,000 Freight Certificates $2,334,500 40,000 $2,294,500 1908. ;4,885,921 67 Interest on Funded Debt 982,754 00 Indebtedness of Interest on Certificates 6,650 00 Interest on Freight Certificates 250,000 00 Interest on Gold Notes of March 1 1907 Interest on Eq pment Bonds of March 1 1907 169,433 33 3,300 00 Interest on Brunswick & Western Income Bds. 44,007 97 Rentals Total * Increase. Atlantic Coast Line Railroad Co., Jacksonville & Southwestern Pruchase-Money Mortgage Bonds, issued for Freight Certificates retired $40,000 Total increase $40,000 Equipment Trust Bonds retired $452,000 Freight Certificates retired 40,000 492,000 +114,635 08 $2,781,147 47 $3,117,955 41 -$336,807 94 Net Income in * Includes $132,499 15 rent of tracks previous to this year, Included also $32,266 20 Increase of interest upon earnings: miscellaneous operating current accounts and $306,675 92 increased income from investments. x Includes hire of equipment and rent of terminala, which In 1907 were charged in operating experises. Freight Passenger Express Mall Excess baggage Miscellaneous CAPITAL ACCOUNT. There has been no change during the year in common or preferred stock or certificates of indebtedness, the amount of each outstanding at the close of the year being the same as on June 30 1907. BONDED DEBT AND FREIGHT CERTIFICATES. Increased securities of the Company;In the hands of the public_ _$1,842,500 INVESTMENTS. Of the First Consolidated Bonds held in the Treasury June 30 1907, there were deposited $75,000 with the Farmers' Loan & Trust Company as additional security for the lea§e of the Georgia Railroad. The 2,00Q shares of stock of the Atlanta Belt Line owned by this Company were sold at par to the Atlanta & West Point Railroad Company in accordance with the terms under which it had leased said Belt Line. TRAFFIC. Your Company, in common with all the railroads in the country, experienced a heavy decrease in earnings during the last seven months of the fiscal year on account of the business depression then existing. Gross operating revenues for the first five months of the year increased $712,083 81 over the same months of the previous year, while for the last seven months they decreased $1,454,559 95 as compared with the same months of the previous year, resulting in a net decrease in operating revenges for the year of $742,476 14, or 2.77 per cent. The effect of the business depression was particularly felt in our freight traffic, revenue from which showed a decrease for the year of $704,523 16, or 3.82 per cent. Passenger traffic shows a gross increase of $195,592 58, or 3.21 per cent. This is attributable to the travel to the Jamestown Exposition, held in Norfolk, "Va., which was in progress during the first five months of the fiscal year, and to an increase in through passenger traffic. Local or intraState passenger traffic revenue showed a decrease, due to• the decreased rates in the various States in which we operate, to which reference was made in report for previous year. FreightTons of freight earning revenue decreased Tons carried one mile decreased Mileage revenue freight trains decreased Tons per freight train mile increased PassengersNumber of passengers carried Increased Number carried one mile Increased Mileage revenue passenger trains increased Passengers per train mile Increased 0.40%. 3.87" 7.91" 3.78" 12.65% 10.25" 2.22" 8.82" OPERATING EXPENSES. Although our Operating Revenues, as hereinbefore stated, began to show a decrease commencing with the month of December 1907, it was not until January 1908 that we were able to show a decrease in Operating Expenses. From the first of February officers and employees receiving three thousand dollars or more per annum submitted willingly to a reduction in their salaries of about ten per cent. For the first six months of the fiscal year Operating Expenses showed an increase of $888,928 85, by comparison with the same months of the previous year, while for the last six months of the year Operating Expenses showed a decrease of $1,504,564 07, resulting in a net decrease for the year of 8615,635 22, or 3.14 per cent. By reference to the details of our Operating Expenses,. appearing elsewhere in this report, it will be noted that the. entire decrease is in the sub-divisions of Operating Expenses other than maintenance. Our maintenance expenses (Way and Structures, and Equipment) show an increase for the year of $58,449 63 by comparison with the previous year. Notwithstanding the business depression and the resulting loss of revenue and lack of demand for cars, our rolling stock has been well maintained, the number of freight cars needing repairs being 21 per cent less in number in October. 1908 than October 1907, when there was a heavy demand for equipment. THE CHRONICLE Nov. 21 1908.1 During the year we put in our main lines an average of 473 ties per mile, as compared with 400 ties per mile in the previous year, an increase of 73 ties per mile, or 18.25 per cent. INDUSTRIAL. Notwithstanding the unfavorable conditions existing during a part of the fiscal year, through the efforts of our Agricultural and Immigration Department, 667 settlers were located on our lines in the different States, and engaged in agricultural pursuits. The figures given cover heads of families only. In addition, a large number of settlers were located on our lines by private organizations, real estate agents, etc. all of whom have the co-operation of our Agricultural and' Immigration Department. One hundred and fifty-four industries, consisting of factories, mills, Stc., were located on our lines during the fiscal year. TRUST EQUIPMENT. Previous to January 1 1908 deliveries were completed of all the equipment covered by Equipment Trust Indenture dated March 11907. DOUBLE TRACK. At the close of the year there were 86.31 miles of double track in operation. RAIL RELAYING AND INCREASE IN SIDE TRACKS AND YARD TRACKS. There were laid during the fiscal year 5.92 miles of additional industrial tracks and 99.225 miles of side and, yaed tracks, a total of 105.145 miles. There were relaid the following: 157.32 miles with 85-1b. rail; 17.13 with 75-1b.; 120.76 with 70-1b.; 3.63 with 65-lb.; 36.61 with 604b.; 4.84 with 56-lb.; 48.44 with 50-1b.; making a total of 388.73 miles, or 9.04 per cent of our entire main line and branch mileage. PASSENGER RATES. By agreement with the Railroad Commissions of most of the States which we serve, as an experiment there went into effect on April 1 1908 reduced passenger rates, including two cents per mile interchangeable mileage tickets. The experinient is proving it very costly one, as shown by the following figures. The large increase of through travel which we handled during the winter to and from Southern resorts came to an end with the month of April. 1363 Our passenger revenues, both through and local, from April 1 to October 11908, have been as follows: 1908. $539,354 437,044 404,633 441,370 427,097 407,532 April May June July August September $2,657,030 Increase. Decrease. 1907. $505,619 $33,735 486,428 $49,384 500,415 95,782 533,492 92,122 543,036 115,939 512,196 104,664 53.081,186 $33,735 $457,891 From this statement it will be seen that,in the five months following April, the last month of the heavy through travel, passenger revenues fell off $457,891, equal to 17.8 per cent. Of this $164,000, or 6.4 per cent, is to be attributed to the Jamestown Exposition held last year at Norfolk. Of the balance, an average of $50,000 per month is due to the decreased passenger rates. NEW CONSTRUCTION AND ADDITIONS. On July 1 1907 there remained unexpended appropriations for authorized work $6,168,792 06. During the year additional expenditures were authorized to the amount of $686,085 98, making aggregate of $6,854,878 04. The following amounts were expended during the year: New mainline, branches and double track $721,399 23 ., Changing gauge Shops and machinery Freight yards and terminals Passenger stations and other buildings and fixtures Fuel and water stations Real estate Grade and:line revisions Sidings and spurs Bridges, trestles and culverts Increased weight of rail Various Advances Equipment 66,574 59 275,735 47 365,323 99 207,684 61 30,370 79 1,952 60 11,844 88 110,944 13 5,553 95 265,135 13 14,143 24 101,183 33 3,069,713 02 $5,247,559 01 Thus leaving unexpended a balance on June 30 of about $1,607,319 03. Work covering about $1,125,000, included in this, has been indefinitely postponed, so that there remained authorized expenditures on June 30 1908 cf about $482,319 03. Over $2,000,000 of additional First Consolidated Bonds will be available for delivery to our treasury as soon as the above new construction and additions now approaching completion are finished. H. WALTERS, T. M. EMERSON, Chairman. President. GENERAL BALANCE SHEET. June 30 1907. ASSErS. June 30 1908. $138,663,344 81 IConstruction and Property lEquipment 306,000 shares of $100 par value each of Louisville & Nashville RR. Co. stock, and 3,060 shares of $100 par value each of Louisville Property Co. stock (deposited with 45,554,220 58 The New York Trust Company, Trustee) 4,614,450 00 Atlantic Coast Line RR. Co. First Consolidated 4% Bonds 778,000 00 Atlantic Coast Line RR. Co., J. & S. W. RR.,Purchase-Money 4% Bonds 3,835,000 00 Atlantic Coast Line RR. Co., New 4% Certifleates of Indebtedness • 3,301,930 13 Other Investments 500,000 00 Bonda deposited with Farmers' Loan & Trust Company 201,721 39 Reserve Fund-For renewals of rails 4,500,000 00 Trust Equ, Ipment 500,000 00 Equity in rust Equipment 2,805,165 11 Materials and Supplies Current AssetsSale Deposit and Trust Co., deposit to pay Equipment Trust Bonds Cash on deposit and in hands of Treasurer Cash deposited to pay coupons Agents' balances • Remittances in transit a Bills Receivable a Accounts Receivable a Advances to Subsidiary Companies a Traffic Balances a Due froin companies and individuals Due by other companies and Individuals 8,169,339 23 Deferred AssetsUnadjusted claims in hands of Freight Claim Agent Interest and Dividends Receivable 316,187 95 $150,000 00 4,104,160 87 436,550 84 983,176 88 2,405,450 64 $173,475 48 142,712 47 $121,157,215 21 18,930.493 30 45,554,220 58 3,609,450 00 818,000 00' 2,430,500 00 3,272,576 13 575,000 00 303,390 24 4,048,000 00 288,948 12 2,088,043 45 $150,000 00; 4,241,487 751 434,475 84; 534,445 85' 166,012 94. 649,786 93 692,346 80, 1,111,192 00 382,833 71 360,746 84 8,723,328 75 $226,450 84 141,990 85 368,441 69 I $212,167,607 47 $213,919,359 20 Total Assets • Included n 1907 In Agents' balances. a These Items heretofore included under the heading "Due by other companies and individuals" or "Property, construction and equipment" account. June 30 1907. $1,596,600 00 • 47,537,600 00 1,000,000 00 $21,566,600 00 500 00 1,000 00 - 52.365,574 18 1,388,438 41 439,830 84 1,466,206 00 31,026,884 16 41)0,707 92 60,000 00 83,33333 LIAB.ILITIES. $50,134,200 0 66,000 00 Brunswick & Western RR., Income Bonds 4,500,000 00 Equipment Trust 4% Bonds 5,000,000 00 Atlantic Coast Line RR. Co., Three-Year 5% Gold Notes Certificates of IndebtednessNew Certificatea of Indebtedness, 4% Old Certilleatea of Indebtedness, 4% Certificates of Indebtedness, W. & W. RR., i% 21,568,100 00 70,464,450 00 Bonded Debt secured by mortgages on railroads 35,000,00000 Louisville & Nashville RR. Collateral 4% Bonds 247,000 00 Freight Certificates Jacksonville do Southwestern RR Current LiabilitiesAudited votiehers and pay-rolls Due to other companies and individuals Coupons due and unpaid Dividends deelared unpaid 5,660,049 43 Deferred T4abailiesBond interest accrued, net due Taxes accrued, not due Interest on Equipment Trust Bonds accrued, not due Interest on Three-Year Notes accrued, not due 1,669,815 41 1,510,200 00 Reserves for replacdtnents, betterments and improvements 9,000,543 46 Profit and loss.s}trplus $213,919,359 20 Total Liabilities June 3 1008. Capital StockPreferred Common Common Class "A" Richmond & Petersburg RR $1,596,600 00 47,537,600 00 1,000,000 00 $50 134,200 00 66,000 00 4,048,000 00 5,000,000 00 $21,560,600 00 500 00 1,000 00 21,568,100 00 79,504,450 00 35,000,000 00 207,000 00 $1,502,348 12 920,328 16 437,755 84 1,225,829 25 • 4,086,261 37 $1,026,830 83 490,797 92 53,973 33 83,333 33 1,663,935 41 2,050,764 64 8,838,896 05 $212,167,607 47 THE CHRONICLE 1364 [VOL. Lxxxvn. ST. LOUIS ROCKY MOUNTAIN & PACIFIC COMPANY. FIRST ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1908. dred years, with "an enormous reserve tonnage in the remaining 477,000 acres of the tract." From the accompanying map, which is taken verbatim from the map of the "Coal Fields of the United States," published by the United States Geological Survey in May 1908, under the direction of Mr. Marius R. Campbell, it will be seen that the Government authorities estimate that the Raton field, controlled almost in its entirety by your Company, contains more than 30 billion short tons of coal. It should be borne in mind that this estimate is from a geological rather than a coal mining standpoint. The mining experts just referred to place the coal available for actual mining purposes at considerably less than this estimate. The Government coal map is also instructive as indicating that south of the "divide," or mountain range which lies along the boundary between Colorado and New Mexico, the nearest available coking coal to the Southwestern territory is that owned by your Company. In the course of an address before the National Geographic Society on Jan. 22 1907, Mr. Campbell said: "Good coking. coal is scarce in the Western fields. The principal source of supply is the Raton or Trinidad field, in southern Colorado /and northern New Mexico. Seventy per cent of the coke produced in the Western fields comes from this region. Certain peculiarities of coals within the bituminous class have led to distinctions which are of great importance; thus, the property of coking, which is limited entirely to the bituminous class, has given to coals possessing this peculiarity a value far above those coals having similar composition, but which do not possess this characteristic. The reason why one coal will coke and another will not is not understood; COAL PROPERTY-LOCATION AND EXTENT. The St. Louis Rocky Mountain & Pacific Company is apparently it does not depend upon chemical composition, operating in a well tested coal territory—one which has long but rather upon some physical property which no one has been of great interest to individual mining geologists and been able to define. A practical test is the only way by several United States geological surveys, and which has which the coking properties of a coal are determined." In view of the scarcity of good coking coal in the West, yielded coal in considerable volume for many years. By reference to the accompanying map (see pamphlet re- where the consumption of coke for smelting purposes is port), it will be seen that this coal area which is generally rapidly growing, the value of your Company's coal deposits referred to as the Raton Coal Field, and which formed part for the development of the Far West, the Pacific Coast,the of what was known as the Maxwell Land Grant, is located Southwest and Mexico, can hardly be over-estimated. The in Colfax County,in the northeastern corner of New Mexico. coke now produced comparse most favorably with that from Geologically speaking, the Raton field extends into Colorado, Pennsylvania and West Virginia, so that by reason of its but by usage it has been divided into two districts—the coal and coke the Raton district is becoming to the regions 'Trinidad," on the Colorado side of the boundary line, and referred to above what the bituminous coal fields of Pennthe "Raton," on the New Mexico side. This distinction sylvania and West Virginia are to the Eastern industrial is recognized in the literature of the United States Geological centres. COAL MINING AND COKING FACILITIES. Survey. The coal of known economic value in this field is found On assuming control of the property, steps were at once "Laramie formation";— the term geologists in what the taken to enlarge the Company's coal mining and coking faa formation of some 1,800 feet in total thickness, and con- cilities. With this end in view, there has been created at and of sandstone shales. strata The alternating sisting of Koehler a first-class coal mining and coking plant, equipped principal members or strata of the formation are remarka- with the best modern electric haulage, power house and and this areas, the extensive facilitates over bly persistent washer, and 210 bee-hive ovens, as well as houses for emtracing of strata and their exploration and certain iden- ployees and other necessary buildings. There has been conof or diamond drilling prosmeans drift tification by structed at Gardiner 100 new bee-hive coke ovens,and the pecting. There are three distinct horizons, which are con- 86 old coke ovens at that point have been rebuilt. A coal the coal the which of in half and formation, fined to the lower mining plant has been developed at Brilliant and five miles seams are located. In the lowest horizon is found the "main" of standard-gauge railroad constructed to connect the plant In a feet. 12 maximum of with thickness or "Raton" coal, at this point directly with the Atchison Topeka & Santa Fe the middle horizon occurs the "Tin Pan" coal, 5 to 6 feet Railway. The mines at the plants referred to have been deupper horizon Canon" the is "Potato in thickness, and in the veloped to a present capacity of 3,500 tons of coal daily. coal, whose maximum thickness is about 8feet. Structurally In addition to this, the coal mining plant at Van Houten of New portion the Mexfrom southern this area is different has been improved so that it now has a daily capacity of ico, where the continuity of the strata has been interfered 3,000 tons. details For additional concernmovements. with by earth In brief, the Company has in operation at Koehler, Briling the geology of the region, you are referred to the report liant and Van Houten ten drift mines provided with adementioned. previously of the geologist water works, railway tracks, tipples power quate plants, and coal, steam good especially of scarcity the Realizing and other facilities, and equipped with modern electric haulappreciating and Southwest, the the in coal, good coking age. The capacity of these mines has been developed to significance of this enormous coal field to this rapidly devel- 6,500 tons per day—the actual output for the calendar year Mountain & Rocky Pacific Louis St. the oping territory, 1907 being somewhat over 900,000 tons. Company was organized, and on July 7 1905 took over the The two coking plants at Koehler and Gardiner have 396 of land miles in square 299 fee acquiring property, thereby first-class modern coking ovens, with a capacity of 180,000 for necessary mining in surface and rights coal simple and tons per annum. 513 additional square miles, a total of some 812 square miles . In addition to the foregoing, and in anticipation of the grade high with bituminous acres—underlaid —520,325 natural increase in demand from a broad and developing steam and coking coal, low in sulphur and well adapted to market, prospecting has been done, surveys completed and in size equivalent to threearea an is This transportation. plans perfected for doubling the present output when requarters of the State of Rhode Island. The Company's quired, without further cost for tins class of work and with title to the property is perfect, being originally a patent from small outlay for railroad construction. A very promising the United States, subsequently confirmed by the United field is but a few miles from the present Koehler mines, and States Supreme Court. a short distance from the railroad. Near Gardiner there In this connection your attention is called to the report of but another extensive area of coal with a seam from 7 to 13 the Mine Inspector of the Territory of New Mexico to the is in thickness, which can be developed quickly and Secretary of the Interior,for the fiscal year 1907,in which the feet cheaply. The output'from the "Tin Pan" vein is peculiarly Inspector says: to domestic uses, and special attentionis being "The coal fields of Colfax County embrace the largest, well adapted to this department in response to a demand for doundisturbed area of coal lands in North America, and proba- given mestic coal, which promises to reach large proportions. bly the greatest undisturbed coal fields in the world." " MARKETS. Special detailed reports on the coal property have been The demand for fuel coal from all the great railroad sysmade by three well known geologists and mining engineers. These authorities agree in estimating the amount of weii•ka- tems of the Southwest and Mexico is large, constant and ble coal in 42,800 acres actually proven by diamond drilling increasing. There lire'broad and steadily growing markets less than 350,000,000 tons, or enough for domestic.coal in _Nte\V Mexico, Western Texas, Oklahoma, and prospecting,at not' to permit of an output of 3,500,000 tons a year for one hun- Kansas and California; and for steam coal in New Mexico, Report of the President. St. Louis, Mo., October 17 1908. In submitting the first formal report of the St. Louis Rocky Mountain & Pacific Company, it is deemed desirable to include therein a brief reference to the history of its organization and a short description of its properties, in order that such data may be permanently recorded for reference purposes. An additional reason for some detail at this time lies in the fact that it is recognized that the public is entitled to the fullest knowledge concerning an organization of such recent origin, and one which is certain to be intimately associated with and to play an important part in the industrial development of the great Southwest. Before proceeding to details, permit me to state that your company owns in northern New Mexico: 1. All the coal in an area of more than 800'square miles. This is an area one and one-half times the size of the anthracite coal district of Pennsylvania, and about five times the size of the Connellsville Basin. Competent mining geologists estimate that the 42,800 acres of this tract thus far prospected and proven by drilling contain at least 350,000,000 tons of high-grade bituminous coal of excellent steam and coke producing quality. It is the largest body of coal lancl under one ownership in the United States. 2. The St. Louis Rocky Mountain & Pacific Railway. This is a railroad of standard gauge and modern equipment, operating 106 miles of main line and branches, with 14 miles of sidings, and connecting the Company's coal lands directly with three great railroad systems. Nov. 21 1908.1 THE CHRONICLE 1365 Arizona, Western Texas and Mexico—the "El Paso market." In this same market the demand for coke for smelters doubles every few years, and is now so much greater than the combined output of all Western ovens that thousands of tons will still have to be imported from Pennsylvania fields. For shipments of coal and soke to all points south, the Company, by reason of location, has an advantage in freight rates, as compared with the Trinidad district immediately across the boundary line in Colorado, for the latter is separated from the Raton district by a high mountain range. ment of the Company's railroad, coal mines and plants. Time is required not only to open up but coking also to develop capacity in coal mines. The produci of the Company's mines is now at least 6,500 tons ng power per day, or, say, 1,600,000 tons per year,assuming but 250 days of actual operations. During the period of construction and development the Company has accomplished a result which it has been able to earn from its commercialis unique, in that operati ons a sum more than equivalent to the amount of its entire fixed charges, including interest on the bonds issued for constru RAILWAY PROPERTY. ction purPrior to the organization of your Company, the Raton poses. The importance of this fact as an index to the future earning power of the property is apparent when field was dependent for transportation facilities upon a it is realized sin- that while this "construction" interes gle railroad. Realizing the many advantages which would t been a large item from the first, increased revenue due has result from securing competitive service, arrangements to the completion were of the construction work and improvements immediately made to construct a lien traversing is necessarily of Comthe comparatively recent date. Not pany's holdings and giving direct connection with have the earnings three taken care of fixed charges, but the only trunk lines—the Atchison Topeka & Santa Fe, the work of construction hats Colorado been done without the depleti on & Southern and the El Paso & Southwestern Favorab le for construction company profits.of the Company's resources arrangements for the interchange of traffic are . in with force The outlook for future business is exceedingly promising. these lines. Started in February 1906, the road was com- The great Southwest pleted in February 1907, and taken over operating from the Middle Westis the Mecca for immigrants coming by the department on July 1 1907. This gives your Compa to acquire the cheaper lands of New ny own- Mexico, Texas, Oklahoma and Arizona ership and control of 120 miles of railroad, consisting . of 106 Mineral development is growing apace, and new smelting miles of main line and branches and 14 miles sidings of It . is plants are constantly in of standard gauge and modern equipment and was of construction, while the built un- capacity of the existing process smelters is being everywhere inder conditions which insured to your Compa very ny the creased . best possible construction at the minimum cost. ,•,, The demand for coal and coke must, consequ In addition to providing for the Company's coal an,d coke ently, increase, and with a return of normal conditi traffic, the road serves a prairie and valley country devote ons the growth d will be by leaps and bounds. During the Fall to cattle raising and to agriculture. The land produces and Winter of wheat, oats, barley, alfalfa and sugar beets. In the valleys 1907-1908 no less than 500;000 tons of coke were imported Pennsyl from vania and West Virginia by smelting companies are many orchards in bearing. The Railway has made accessible a large timber region. A portion of this timber is operating in Arizona and adjacent territory, because the Rocky Mounta in companies were unable to produce enough now being developed by friendly interests, who have re- to supply the demand, and they feared a coke famine cently built through the heart of a rich forest territo . For ry, the the same reason, immense quantities of coal were taken from Cimarron & Northwestern Railway. This corpora tion is Illinois . during If the period when the demand was so now about ready to place its timber on the market in very great we had possessed our present capacit considerable quantities. The St. Louis Rocky y, our net earnMounta in & ings would have been between $80,000 and $100,000 per Pacific Railway furnishes the only outlet for the tonnag e of month. this new road. The Elizabethtown, Baldy and Cimarroncito These purchases did not arrive until after the smelters mining districts are tributary to the Railway were vely. partially shut down because of the depress Placer gold mining has been carried on for manyexclusi ion in the copper years, and industry. The demand for new supplies of coal and coke copper and iron are found also in the same districts. A. during the calendar year to date has, fresh impetus has been given to prospecting and mine therefore, been much debelow normal . The coke stocks in smelters' hands are now, velopment by the completion of the Railway. however, being rapidly depleted, so that the smelter s will shortly be in the market again as buyers. With CAPITAL STOCK. the completion during the past year of our new coke ovens and There is outstanding the total of the authorized issue of $1,000,000 non-cumulative 5% preferred stock and $10,- mining facilities at Koehler and Gardiner, we are now in a positio n to take care of this business, and, having such a 000,000 common stock. The preferred stock is withou t great advantage in relative location, can make voting power, but has priority over the common stock much lower as to prices than Pennsyl vania or other Eastern producers, and dividends and assets. The common stock has been placed thus are certain to secure orders for all the coke which we can in a voting trust until such time as dividends of 5% on the manufacture. The only effective competi preferred stock and 4% on the common stock have been tion which we are called upon to meet comes from the Trinidad and Dawpaid for five consecutive years; otherwise the voting trust son fields. Over the former we have an advantage of fully expires on July 6 1915. ten cents a ton in freight rates on account of our relatively • FUNDED DEBT. greater proximity to the markets, while in both cases these Of the St. Louis Rocky Mountain & Pacific fileds have only their surplus product for sale, the authorized issue of $15,000,000 First Mortga Company's part of their output being absorbed in the busines greater s of their Year Sinking Fund Gold Bonds, there were ge 5% Fifty- respective owners. June 30 1908 $7,150,000, of which amountoutstanding on REPLAC EMENT RESERVE FUND. $200,000 were issued during the fiscal year 1907-1908, in A sufficient amount is set aside from earnings for ultimat ge at par, e for $50,000 First Mortgage 5% Fifty-Yearexchan replace ments and renewals. During the fiscal Bonds of 'the St. ended Louis Rocky Mountain & Pacific qmpany,and June 30 1908 the amount thus set aside by theyear for improv eCombin ments. Companies was $111,549 67. The total amount which ed was credited to this reserve fund on June 30 1908, after IMPROVEMENTS AND ADDITIONS. deducting all items chargeable against the fund, was $169,738 65, During the year $335,505 04 was expended for improv e- as shown in the Combined Balance Sheet included in ments and additions. Some sixty employees' houses the Auditor were 's, report herewith. built in connection with Koehler operations, making AND COKE OUTPUT FOR THE FISCAL of 125 such dwellings at that point. A washing and a total STATEMENT OF COAL YEARS 1906, 1907 AND 1908. crushing plant for preparing coal for the Koehler coke ovens The following is a condensed statement of the Compan y's completed, with capacity of 1,200 tons per day. A was coal and coke output consince it began operations: siderable amount of electric equipment was installed during Coal Mined Coke Produced the year at Koehler. Year— in Tons. in Expended During Year ended June 30 1908. Willow Mines Brilliant Koehler Koehler Coke Ovens Gardiner Coke Ovens Prospecting Furniture and Fixtures. General Office Furniture and Fixtures, Hospital Advances to Contractors Total $33,654 13 22,408 56 139,848 61 122,153 31 6,057 60 4,021 20 535 40 280 43 6,455 80 $335,505 04 • EARNINGS. In the Auditor's report a statement of income from all sources will be found covering the fiscal years and 1908, the full period since the Company's 1906, 1907 operations began. .Over this full period—from July 7 1905 to June 30 1908—gross revenue amounted to $3,427,268 60 income to $1,269,150 87. Fixed charges absorb and net ed 345 36,leaving a balance of $326,805 51,from which $942,reserves against depreciation and renewal to the amoun t of $169,738 65 have been set aside. It should be borne in mind that the profits of your Company to date, although highly satisfactory, were the results of operation during the period of construction and develop- 1906 1907 1908 543,291 674,630 918,456 Tons. 45,394 80,428 80,719 As the productive capacities of our new coal mines coking ovens, as well as our transportation facilities, and were in process of development during the year 1907 and a portion of 1908,it was not until recently that the maxim um ca-. pacity was large enough to take care of the needs of our mal markets. The revival of general business activit norprogressing, will find our plants capable of meeting they, now larger and constantly increasing demand which may be confide ntly expected. IN GENERAL. In view of the Company's enormous coal holdings (a tonnage so great that the output may be increased to an almost unlimited extent), its excellent railroad facilities for distribution of fuel, its wide markets,and the steadily growin demands for its products, the management feels that it g fully! warranted in being strongly optimistic regarding is the future growth and success of the enterprise. The books and accounts of both the parent and subsidiary companies have been examined by Certified Public tants, and their certificate confirming the AuditorAccoun 's statements appears herewith. [Vot. Lxxxvii. TIIE CHRONICLE 1366 The Board of Directors desires me to express its appreciation of the efficient services of both officers and employees, to the justice of which I take great pleasure in personally COMMERCIAL EPITOME. testiyfing. Respectfully submitted, Friday Night, Nov. 20 190 HENRY KOEHLER JR., Plainly enough business conditions in this country continue President. to improve. Prices in various industries are higher. Collections are reported somewhat better and retailers' stooks are said to be down to a low stage. Confidence is steadily inPATTERSON, TEELE & DENNIS. creasing everywhere, though there is no disposition of any CERTIFIED PUBLIC ACCOUNTANTS. where to force the pace. On the contrary, the improve27 1908. Oct. 30 Broad Street, New York, ment is proceeding along conservative lines. St. Louis Rocky the of To the Stockholders and Bondholders LARD on the spOt has been in moderate demand, partly Mountain ct Pacific Company: export. Prices have shown irregularity, but on the for St. Louis the Rocky of We have examined the accounts the tone has been firm,With the Offerings light. Westwhole St. Rocky Louis the and Mountain & Pacific Company ern 9.90c. and City 9;13c. Refined lard has been in fair from their organizaCompany, Mountain & Pacific Railway demand and firm. Continent 10.05c., South America tion in 1905 to June 30 1908, and hereby certify that the 10.75c. and Brazil in kegs12.25c. The speculation in lard published ,Balance Sheet, and Consolidated Income Account futures at the West has been active, with prices irregular. herewith, are correct, and in our opinion fairly state the pro- At times the market has felt the depressing effects of liberal Companies. the of fits and financial position receipts and realizing,as well as more or less selling for the PATTERSON, TEELE & DENNIS, &cline. But prominent interests have given Supped whenCertified Public Accountants. ever it has been needed and there has been considerable investment buying as well as some buying for foreign account. ROCKY MOUNCONSOLIDATED BALANCE S1IEET7--ST. LOUIS ROCKY TAIN & PACIFIC, COMPANY AND ST LOUIS MOUNTAIN & PACIFIC RAILWAY CONT. PAN -AS AT JUNE 30 1908. ASSETS. $1:8,710,017 45 61,001 00 Colt of Pro.perty'and Equirithent Other Investments $18,771,018 45 Total Invested Assets Current A ssetsCaSh$240,43678 150,000 00 First Mortgage Bonds unsold 4,486 80 Notes Receivable 127,229 76 Accounts Receivable 46 1I,951 on hand Coal and Coke 6,94595 Sundry Accounts 541,044 75 Total Current Assets 85,624 30 Materials and Supplies 10,094 50. Assets Other $19,407,782 09 Total Assets LIABILITIES. St. Louis Rocky Mountain ec Pacific Co.$10,000,000 00 Common Stock 1,000,000 00 Preferred Stock 7,150,000 00 First Mortgage Bonds St. Louis Rocky Mountain & Pacific By. Co. 185,000 00 Car Trust Notes $18,335,000 00 Total Capital Liabilities Current LiabilitiesUnpaid Wages Notes Payable Accounts Payable Accrued Interest Sundry Accounts $41,416 44 95,000 00 35,632 09 196,833 51 9,315 80 $378,197 84 367,778 74 169,738 05, 157,066 86 Total Current Liabilities Deferred Liabilities Reserved against Depreciati2n of Plant and Equipment__ _ _ Surplus $19,407,782 09 Total Liabilities St. Louis Rocky Mountain & Pacific Railway Company guarantees principal ($120,000) and interest on First Mortgage 7% Ten-Year Gold Bonds of the Cimarron & Northwestern Railway Company. INCOME ACCOUNT. Following is a combined statement of revenue from all sources for the full period since the Company's operations commenced-from July 7 1905 to June 30 1908, inclusive. Earnings from Railway operations are included since its formal completion-June 30 1907: Fiscal Year ended June 30. 1908. 1907. 1906. Gross Revenue Cost, Expenses Taxes DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Thurs. Mon. Tues. Wed. Sat. 9.27;4 9.27% 9.20 ---9.273i 9.30 9.15 9.15 0.2755 0.45 0.5734 9.27M 9.4234 9.42M 9.40 9.25 November delivery lanuary delivery May delivery PORK on the spot has been firm. Trade has been quiet but supplies are light, especially of clears. Mess $15 75® $16 50, clear $20®$24 and family $18®$19 50. Cut Meats have been in moderate demand and generally steady. Pickled hams 10®11c., pickled bellies, 14®10 lbs., 103j(4) 1134c. and pickled shoulders 63'®7c. Beef has bee,, in fair demand and generally steady. Mess $12 50®$13, packet $14 50®$15, family $16®$16 50 and extra India mess $24 50®$25. Stearines have been dull and steady; 2 @,11c. Tallow has been quiet oleo 10®103'c. and lard 103/ 4e. Butter has been fairly active and and steady; City 53 2c. Cheese has been quiet firmer; creamery extras 30®303/ 4c.; large and firm; State, f. c., small, Sept., fancy, 133 2c. Eggs quiet and firmer; Western firsts 33@34c. 133/ OIL.-Cottonseed has been moderately active and firm; 2®42c.; winter 45M®483'c. Linseed summer white 403/ has been firmer. There has been a larger demand on new orders and withdrawals on old contracts have been liberal. City, raw, American seed, 48®49c.; boiled 49©50c.and Calcutta, raw, 70c. Lard has been steady with a fairly active jobbing trade. Prime 72®75e. and No. 1 extra 51 ®53c. Olive has been quiet and firm on small supplies; yellow $1 15®$1 25. Cocoanut has been fairly active and 3 c. Peanut 3 c. and Ceylon 6M®64 firm; Cochin 7M®74 has been hsa been quiet and steady; yellow 65®80c. Codand Newmoderately active and steady; domestic 38®40c. foundland 40®42c. COFFEE on the spot has been quiet and steady. Rio No. 7, 6Y2@6/sc. and Santos No. 4, 7%(:)84c. West India growths have been quiet and steady; fair to good Cucuta 8®93-c. The speculation in future contracts has been confined largely to sWitching from near to distant positions. Many who have sold December have replaced the coffee with purchases of September and October at differences of 15 to 20 points. On the whole, the market has been firm. The European advices have been favorable and, though Europe has sold here to some extent, there ha'S been buying at times by prominent spot interests. The closing prices were as follows: Total. 764,039 03 1,127,233 71 1,535,995 86 3,427,268 60 and 500,796 13 650,735 17 1,006,586 43 2,158,117 73 Net Inconie 263,242 00 476,498 54 520,409 43 1,269,150 87 Interest Charges Other Ded`uetIons 204,465 31 314,258 29 19,929 43 386,548 53 17,143 80 905,272 13 37,073 23 Total Dednctions 204,465 31 334,187 72 403,692 33 942,345 36 58,777 59 Balance Reserved for Replacenients and Depree'n_ 27,832 12 142,310 82 125;717 10 326,805 51 35,398 22 105,508 31 169.,738 65 30,945 47 106,912 60 19,20879 157,066 86 Surplus -A leaflet calling attention to Republic of Cuba Internal Gold Loan 5s'ha'S been isSued by D. Arthur' Bowinan, Third National. Bank Building, St. Lotii8'. The bonds are deSaribed in a' manner to givethose with moderate sums'for investment a clear idea of the security offered.. The investment yield iS placed at 614%. . . -The United States of Mexico 4% bonds of 1904, drawn for redemption Dec. 1, will he paid on that date at the office of Speyer k Co., 24 Pine St. The numbers of the. bonds drawn are advertised in another coluMri. -An interesting list of miscellaneous bonds is advertised • in this issue by Arthur Lipper & Co.• The bonds offered nclude issues yielding from 4% to 63'%• -The attention' of. investors- is called to the' list' of highgrade' bonds' advertised on • another" page' by Messrs. Simon Borg & Co. November December January February 5'.050 5.05e. 5.05c. 5.10c. March' April May June 5.200. 5.20q. 5.20c. 5.20c. July' August September October 5.25c. 5.25c. . 5.30e. SUGAR.-Raw has been dull and steady. Centrifugal, .and 96-degrees,test,3.94c., muscovado,89-degrees test,3.44c molasses, 89-degrees test, 3.19c. Refined has been moderately active and irregular. Granulated 4.60(4)4.80c. Teas have ruled steady, with a fair jobbing demand. Spices have been moderately active and generally firm. Wool has been strong and active. Hops quiet and firm. PETROLEML-Refined has been firm and in active demand• fof domestic and export account. Refined barrels g.50e., bulk 5c. and cases 10.90c. Gasoline has been in good demand and firm; 86-degrees in 100-gallon drums 19c.; drunts $8.50 extra. Naphtha has been fairly active and steady; 73©76-degrees in 100-gallon drums 16e.; drums $8.50 extra. Spirits of turpentine has been quiet and firm to at 4236. Rosin has been quiet and steady; common good strained $3.10®$3.15. TOBACCO.-There has been some increase in the demand ig kintOwinit for ddindstic leaf. The consumption of cigars'exceptional ly larger, and as manufacturers as a rule hold buy More small supplies, they have been compelled to. thainly to freely. Purchases, however, are still confined are asking small lots, especially as growers in sonic sectiOns quiet. higher' prices. Havana and Sumatra have been and eleeCOPPER has been easier; Lake 143/®14%c. trolytic 14@143ie. Lead hag been quiet and steady at 4.35®4.40c. Spelter has been quiet and firm at 5.06© 303e. 5.15c. Tin has been naore active and firm'; Straits Iron has been fairly active and steady: Na. 1 Northern $16.75@$17.25; No. 2 Southern $16.75®$17.25. Nov. 21 1908 THE CHRONICLE COTTON. On Shipboard, Not Cleared for- Friday Night, Nov. 20 1908. THE MOVEMENT OF THE CROP as indicated by our telegrams from the South to-night is given below. For the week ending this evening the total receipts have reached 402,709 bales, against 472,528 bales last week and 484,481 bales the previous week, making the total receipts since the 1st of September 1908, 3,954,832 bales, against 2,966,665 bales for the same period of 1907, showing an increase since Sept. 1 1908 of 988,167 bales. Receipts at- Sat. Mon. Tues, Wed. 1367 Thurs. Fri. Great Nov. 20 at- Britain. France New Orleans.._ 17,647 8,575 Galveston ___ _ 84,864 44,495 Savannah ___ _ 5,982 Charleston_ Mobile 6,900 7,400 Norfolk 7,000 New York__ _ _ 1,800 300 Other ports 30,000 GerOther Coastmany. Foreign wise. 13,043 14,633 55,701 30,904 7,302 2,450 13.02i Leaving Stock. --53,898 209,139 3,270 219,234 120,136 1,500 17,234 124,745 300 300 33,896 2,800 30,128 44,481 19,356 26,356 13,803 5,800 77,287 70,000 21,559 Total. 900 2,800 34,000 6,000 Total 1908 154,193 60,770 123,974 56,787 27,226 422,950 Total 1907.._ '64,244 50,651 99,198 40,124 291,947 Total 1906._ 103,711 58,282 75,242 37,730 57,657 43,719 338,611 Total. 645,046 531,179 818,701 Galveston 20,211 • 20,454 51,592 26,374 Port Arthur_ _ ____ 26,912 18,899 164,442 Corp.Christi,&c---------------2,i3-4. 0 2,i215 New Orleans.... 12,782 12,005 13,266 20,637 16,535 11,529 86,754 Mobile 1,177 4213 ,6 247 52 3,549 19,504 Pensacola ----------- ---------5,237 5,237 Jacksonville, &c. ___ 343 1,541 1,884 Savannah 10,209 9,776 11,740 7,523 7,420 9,381 56,049 Brunswick 5,675 _-5,675 Charleston 1,003 1,i-1:4 -73 -i -iii 1,468 2,1)26 8,061 Georgetown 240 241 Wilmington 2,719 1,836 2,543 1,560 3,005 3,355 15,01E Norfolk 3,935 6,490 4,7'78 4,297 3,776 4,199 27,476 Wport News, &c. ----------_ ____ 218 216 New York ____ 400 401 Boston 15 136 ---916 24 ' 565 1,651 Baltimore 7 114 7,119 Philadelphia_ 12 ___ 47 75 139 --------------Totals this week_ 52,051 56,767 --90,209 64,131 02,039 77,512 402,701 Cotton futures have advanced, owing to various causes. Among them were some decrease in the receipts, improvi ng trade and a reduction of the differences on the higher grades, whereby the New York contract, in the general estimation, has been strengthened. The idea is that it will now compare more favorably with that of New Orleans and Liverpool. Moreover, the spot markets have been generally firm, spinners' takings have reached a large aggregate, exports have been liberal,and doubt is expressed here and there as to the possibility of some of the very large crop estimates being realized. Certainly, the crop movement at various interior points has latterly shown a very noticeable decrease. The belief in some quarters, too, is that the large receipts and ginning thus far this season must be set down as partly the effect of exceptionally good weather. But other imf. The following shows the Week s total receiptsiothe total portant factors in the making of prices lately have been since Sept. 11908, and the stocks to-night, compared with steady buying by Wall Street, purchases at times on quite a last year: large scale by spot interests, and, finally, a sharp demand from Liverpool to liquidate straddles, which involved pur1908. . 1007. Stock. chases here of January, March and May. These straddle Receipts to November 20. This Since Sep This Since Sep in other words, were originally made by buying in Liverpoos, Week. 1 1908. week. I 1 1907. 1908. 1907. and selling here. Latterly, those who made them-have beenl Galveston 164,442 1,560,027 95,609; 772,369 330,370 153,136 selling across the water and buying here, the effect being to Port Arthur11 ---- ,246 6,292: 23,488 - -.---- hold Liverpool in check, while it helped to advance Corpus Christi, &c 2,849 17,885 prices 58711 6,364 New Orleans at New York. Believers in better prices are encouraged 86,754 668,741 85,174! 488,576 263,037 196,185 Mobile 19,504 154,074 19,552! 130,634 74,609 by the resumption of work in factories, an increase in spot 44,663 Pensacola 5,237 41,510 5,800 35,794 Jacksonville, &c_ sales of raw cotton at Liverpool-on some days they were 1,884 13,572 363 3,324 Savannah 56,049 789,274 70,1071 .800,211 141,979 169,i.0513 12,000 to 14,000 bales-and predictions of late that the next Brunswick 5,675 99,714 5,6411 82;140 23,251 10,249 report by the Charleston 8,060 113,156 10,599 129,813 Census Bureau on the ginning, which will be 34,196 34,709 Georgetown __ 240 404 - ____I ..-___ issued to-morrow, will not prove to be of so bearish a tenor Wilmington __ 15,018 220,294 21,1841 263,595 28,1:16 25, iiiii as was Norfolk for a time assumed. The speculation on occasions 27,475 226,592 26,5581 208,946 40,159 33,211 Newport N., &c_ 218 2,338 has broadened somewhat; it has at no time, however, at2431 3,631 New York 400 469 352 759 ,087 139 , 66 8 3 tained anything like the proportions witnessed a few years Boston 1,656 4,750 225 994 8,104 4,781 Baltimore 7,114 29,758 2,724 14,779 22,611 5,873 ago, in the height of the Sully excitement, though some of Philadelphia 134 1,028 135 1,239 9,453 6,512 the interests which were instrumental in bringing about the -------------- ----------Total 402,700 3,954,832 351,145 2,966,665 1,067,996 823,126 speculative boom at that time are now underst ood to be arrayed on the bullish side again. It is remarked that outsiders are buying more freely-that is, operators in Chicago and In order that comparison may be made with other years, further west, and also in New England and in parts of the we give below the totals at leading ports for six seasons: South. One thing which has prevented the bullish propaReceipts atganda from having more effect is the enormous receipts 1908. 1907. 1906. 1905. 1904. 1903. receipts which are still very large despite Some recent Galveston 164,442 95,609 149,173 121,741 re97,881 150,075 duction. It PLArthur,&-c. • 2,849 is felt, however, that should the crop move6,879 ,8,919 7,128 22,307 8,542 New Orleans_ 86,754 85,174 100,044 103,726 112,241 108,504 ment diminish sharply and trade continue to improve, the Mobile 19,504 19,552 13,032 15,174 13,511 8,079 effect on prices might be Savannah -- _ 56,049 70,107 marked. To-day prices were 68,767 64,303 45,047 43,221 Brunswick 5,675 5,641 irregula 7,389 9,386 r, 8,998 ending slightly higher. Liverpool advices were 9,394 Charleston,&c 8,300 10,599 5,566 5,318 5,654 4,706 better than expected and Liverpoo Wilmington 15,018 21,184 l continued to buy here 14,548 15,878 20,886 15,267 Norfolk 27,475 in 26,558 liquidat 26.922 33,021 ing straddles. Some of the Wall Street houses 31,862 25,025 N'port N., &c 218 243 708 769 729 194 bought, but All others_ _ _ _ others were taking profits. Certain spot inter16,425 9,509 15,555 8,601 10,793 12,357 ------ ------------------- ests were understood to be buying January and selling July. Total thls wk_ 402,709 351,145 410,623 ----385,045 369,909 385,364 A big Houston estimate for to-morrow was something of a ------------------- ----Since Sept. 1_ 3,954,t32 2,966,665 3,874,350 ----3,713,503 4,210,278 3,654,871 damper. Moreover, the South, which had been selling on hedges all the week, continued to sell. The Census report The exports for the week ending this evening reach a total of to-morrow is awaited with a good deal of interest. The of 205,768 bales, of which 98,107 were to Great Britain, National Ginners' -Association, it is understood, the 16,651 to France and 91,010 to the rest of the Continent. amount ginned up to Nov. 13 at 9,600,000 bales. puts A local Below are the exports for the week and since Sept.,1 1908: crop estimate of 14,000,000 bales was the signal for local board-room selling, but Wall Street supported the market. Week ending Nov. 20 1908. From Sept. 1 1908 to Nov. 20 1908.. Another local estimate was 12,750,000 bales. Spot cotton Exported toExported tohere has been quiet and firm. Middling uplands closed at Exports fromGreat I ContiGreat I 9.50c., an advance for the week of 25 points. ContirUain.Wence neni. Total. Britain. 'France. nent. Total. The official quotation for middling upland cotton in the Galveston ____ 48,097 33,613 81,710 472,922205,446 417,450 1,095,818 Port Arthur_ New York market each day for the past week has been: 4,342 6,904 11,246 Corp.Chris.,&c. New Orleans__ 32,564 6,998 12,482 Mobile Pensacola 5,237 Fernandina Savannah 7,430 39,608 •Brunswick 'Charleston_ _ 1,425 Wimington_ ,Norfolk 'Newport News New York.... 5,832 2,223 2,500 Boston 1,469 'Baltimore __ 3,133 Philadelphia __ 350 1,000 Portland, Me_ San Francisco 1,807 Seattle Tacoma Portland, Ore Pembina Detroit 52,044 5,237 47,038 1,425 10,555 1,469 3,133 1,350 1,807 59 59 171,566 60,516 172,270 404,352 16,804 25,288 18,657 60,749 7,865 9,637 24.649 42,151 Nov. 14 to Nov. 20Middling uplands 50,001 51,398 309,634 411,033 18,332 45.478 63,810 5,725 30,804 36,529 41,846 152,307 194,153 9,600 300 9,900 19 0087..c 48,998 14,191 37,535 10,733 IMP 9,463 1199056 0 1904 1903 1902 1901 85,694 128,883 6,128 43,663 34,260 46,193 4,011 13,474 8,757 4,500 976 8,757 '4,500 976 In addition to above exports,.ouri telegrams to-night also give us the following amounts of c:?tten on shipboard, not cleared at the ports named. We add similar figures for New York Mon. Tues. Wed. Thurs. 9.35 9.45 9.55 9.55 Fri. 9.50 9 t 10.90 11.00 11.15 10.00 11.30 8.50 8.00 1990_c 1899 1898 18(17 1896 1895 1894 1893 10.25 7.56 5.38 5.81 7.62 8.38 5.68 7.94 1892_c 1891 1890 1889 1888 1887 1886 _ 1885 9.44 1884_c 8:8 10 2 1888 8 83 2 10.25 10.00 10.38 9.10 9.44 10.44 10.50 10.62 12.00 11.06 12.19 9.44 11.19 1881 1880 1879 1878 1877 MARKET AND SALES AT NEW YORK. Spot Market Closed. Total 98,10716,651 91,010205,768 005,732367,676 1,302,8382,576,246 Total 1907____ 128,25431,817102,901262,973 934,054274 ,686 888,7052,098,045 Sat. 9.35 NEW YORK QUOTATIONS FOR 32 YEARS. The quotations for middling upland at New York on Nov. 20 for each of the past 32 years have been as follows: Futures 3farket Closed. Saturday.. Quiet, 10 pts. adv.. Steady MondayQuiet Steady Tuesday -- Quiet, 10 pts. adv.. Very steady. Wednesday Quiet, 10 pts. adv Steady Thursday. Quiet Barely steady Friday.... Quiet, 5 pts. Very steadyTotal Sales of Spot and Contract. Con- ConExport sum'n. tract. 100 "ilob 100 100 700 600 600 Total. [VoL. Lxxxvn. THE CHRONICLE 1368 Tuesday, Nov. 17. Wednesday, Nov. 18. Thursday, Nov. 19. Friday. Nov. 20. AT THE INTERIOR TOWNS the movement-that is, FUTURES.-The highest, lowest and closing prices at follows: as the receipts for the week and since Sept. 1, the shipments New York the past week have been the week and the stocks to-night, and the same items for 2i II 21 r1 1 g.1 111 II -41 81 81 81 61 for the corresponding period for the previous year-is set .0 i @I @I @I @I @I @I @I el out in detail below. @I @I @I @I n ci . . . .. o0mer.00movhm0-.0000000,-.0110 0. l000-nm000mo .1 k 10h.OhONCOCNChOWN.NC4044.hc:00h.0000 .1, 4, .te'll0 t ...." II wI II wl II wI 001 II tn0 61 . '66 1 ° I ' RO.W.9" .. tp.t...1c1nn. E8 0,4 40000-0-400004 . .0-04001,-...* ..' . CV 04000000000-M . 8 g S SI' I IS48 S 22 42 2 1 81 I SSIS .. .. .. .. 0. CO .. ... .. I @ @I 21 21 , ®01 21 21 21 @1 21 ®1 21 CO wo r-co o00 . . 00 NN .N C. 0 dci dci 10 060; c,i 106 Ow pioi II Ow 22 g2 22 27-: IS 28 18 8g 8; 6g 22 II .. .. .0 00 .0. .000 .... .. 21 9®I0-; °I 21 @)19 99 Q)!R ®l 21 21 21 °IR 21 oo RR RR 99 901 RI I'm 00 "11" l w"l w" Rcl RR RR 00,-i' 00001 11 23 12 88 8S 88 1g 22 4% .. 0. .. .. 0 0. .0 .. ..... 21 @I 21 @cliR 21 ®1R 21 21 @IR 21 21 oo 0001 21 wR ww RR RR 1101 00000 loo wod loo oicsa odoi 11 Oog „„ 00 12 26 gg II 24 12 22 68 Ig g6 11 gg . .. .. .. .. ..0 .. ... 21 21 @I @.10 21 ®1w (-00t.0-000 21 61 .0, 21 @1CO., 21 .. °4- ,. .'O0 "II" Id -d o'd lc'"11" :!:2 COg 18 SA 2g ,. c,;(„; .. ... c:: 00 0 00 ici Oa; 11. 22 12 21 2g 11 . .. ... W 06 o.,,, 2! 21 81 81 21 °I, ®I (000 21 21 21 °ICO !I oo (OX t... t.,C.... oo RR IR RR 00 cic, woo 1.6 oioi il oiod loo ow 0006 il 0000 1 01 1 4 m.,r,-. ,n000eum .• ommovOomNom..ennmemom.,poo0Ni1-0I NOOVO Atok h4.101000000-4w.40014C00400. -0 0n01.'0.' 000.011' .0°. CO 00"0nt"0°.I000 00 V'eq i merno 00 , ino,-. CO oo..omOvevimOnhni.NocomoN,4eqnvoNt 000000001o.00m,,000-0010000,.01h000-000000000m00000100 m 7no.. o o.1 comitiWnn.i.mm . hocci.anohocCoOnh,,nM%-.6 00 NN n.nvekinnNo 01 n 01 61 18' 01 NO .mommegOomm,rmhomomfloomer t m mno74,...m 16 . hm n h oo ... m-..-:m momm0..10 om Q?. meloggmhoOomh om moo,m mano mr..o,v.,S... m4mm,4.,... m.00 l noo * 3 rv7436 ......,;-;4; 8;O 2 44 .-Sta . . .. . .-. . . ... . I%;1g=28varg 7 -1,-,A-s-1..:l. . 1 1 .. ...:. 1 . AR. ... c.1. t .f.t ..-.-..0-. ; N 44440.NO0.w ,i. .4.NO . 10 .4f.N.40N. ('1 . . v .0 0 g0'00,r000000.r0-0000ho0-o...0000oon0000 0- .4 . co ®I ,... 2! 21 21 21 °I 000 81 81 ,,,,... 21 00 @! 00 °I 00 ®1 0 0. CO N 000000-1-1-00000 , 00000000=0.1N00ho O .000001.0000VVN vcsPlo•INnnoo ‘1. 9 9 A . 00-m,mm00rme=0-0-m000.mv,-.000-00.00m0v0,-. n ,2 0.-toN.,-lockim,,roN,-.hhonNoom..a.vnmhmohno m .t". t". .c10 0 . 9°.wol't"I°.°.".0.1 1 ✓ w'° N. N4.M..1, 03 CO 04 la CO . . . n. a ,.:‘,.4,s,....... .4,..iN",...,.. S6 12 S4 g8 11 11 18 274 86 IA g2 II .. ... .. ... .. ... .g .4 tO , 00 • vonmno.rmzohommeverom.,,roonNmoo ,000,rwt .00 h0one10oo000-eq.hoom,-.0mmo0vo 000,-0000000 10 w0000oO,Oc-oOCC,-,CO 00900 I09-"1.99.0100 ' R RR hekl o 0,1.00-.44001011i. 00h00o.a..000101i00 00 00 0 0 CO 6 II II ' ' 0 I' c" II"l'°" lw 0O " gg gg gg gg I gg i gg gg gg ggIgg gg gg dCo .0 00 .W g 00 00 rc.) 0.0 2g252 g Azt(2g g 0 ' '. ' 3 1 gA ick.):;Pk.)ig0.1gOggUrgEigPa.4gUaCkAP4014P4F.51g5 s 6 .4 g ,. 1 -4 -„; -,A- ,_, •>: .;50 ....: -4 -.z • `-",WA8.,:••=4.;• THE VISIBLE SUPPLY OF COTTON to-night, as made 0!14A.gEt10 as follows. Foreign is stocks, 4.68 -p48 -.44 ,i,;vegp3kg(Ng05§; O gi ; i up by cable and telegraph, ggPV.044Eg.to0MA237151W111.1ftr.u ., as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday w806,sg.c36Adp. evening. But to make the total the complete figures "I he above totals show that the interior stocks have infor to-night (Friday), we add the item of exports from' the United States, including in it the exports of Friday creased during the week 42,086 bales and are to-night 319,357 only. bales more than at the same time last year. The receipts 1907. 1906. 1908. 1905.. November 20bales. 484,000 644,000 428,000 725,000 at all the towns has been 132,078 bales more than the same Stock at Liverpool 20,000 13,000 12,000 19,000 Stock at London 44,000 32,000 35,000 38,000 week last year. Stock at Manchester Total Great Britain stock Stock at Hamburg Stock at Bremen Stock at Havre Stock at Marseilles Stock at Barcelona Stock at Genoa Stock at Trieste 532,000 18,000 266,000 156,000 4,000 15,000 • 21,000 6,000 708,000 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 1,000 782,000 13,000 310,000 126,000 2,000 4,000 28,000 2,000 OVERLAND MOVEMENT FOR THE WEEK AND SINCE SEPT. 1.-We give below a statement showing the overland movement for the week and since Sept. 1, as made up from telegraphic reports Friday night. The results for the week and since Sept. 1 in the last two years are as follows: 486,000 321,000 279,000 485,000 1907-------1908Since Since 1,029,000 751,000.1,267,000 1.018,000 November 20Total European stocks Week. Sept. 1. Week. Sept. 1. 49,000 45,000 87,000 53,000 StoppedIndia cotton afloat for Europe_ _ _ 950,573 576,000 96,058 17,150 29,333 a171,953 Via St. Louis American cotton afloat for Europe 882,212 844,169 76,000 49,000 55,000 42,759 83,000 9,090 118,522 10,672 Via Cairo Egypt, Brazil,coc afloat for Europe 167,000 2,163 171,000 147,000 192,000 817 1,799 424 Via Rock Island Stock in Aexandria, Egypt 15,547 283,000 322,000 95,000 397,000 2,947 26,750 3,935 India Bombay, Via in Louisville Stock 8,861 823,126 1,157,312 1,373,204 1,067,996 1,500 13,566 1,893 Via Cincinnati Stock in U.S. ports 17,714 558,545 631,748 3,874 40,089 784,797 465,440 9,024 Via Virginia points Stock In U. S. Interior towns 30,807 50,291 8,239 46,206 7,519 20,823 55,205 9,847 Via other routes, &c U. S. exports to-day 213,909 43,707 4,169,828 3,783,031 4,096,721 4,535,561 74,128 427,884 Total gross overland Total visible supply Deduct shipmentsOf the above, totals of American and other descriptions are as follows: 3,436 17,771 36,005 Overland to N. Y., Boston, &c__ - 0,304 American17,205 4,302 14,770 1,501 bales. 381,000 537,000 347,000 634,000 Between interior towns Liverpool stock 19,891 1,145 11,232 35,000 26,000 35,000 1,170 28,000 Inland, &c., from South Manchester stock 438,000 239,000 212,000 453,000 Continental stock 54,867 _ 8,883 11,975 62,016 950,573 576,000 844,169 882,212 Europe to be Total deducted for afloat American 823,126 1,517,312 1,373,294 1,067,906 U.S. port stocks 159,042 34,824 62,153 365,868 465,440 558,545 631,748 Leaving total net overland * 784,797 U. S. Interior stocks 46,206 50,291 7,519 29,823 U.S.exports to-day _ * Including movement by rail to Can ada. a 8,500 bales added as cor3,611,828 2,990,031 3,301,721 3,712,561 rection since Sept. 1. Total American East Indian, Brazil, cfec.81,000 91,000 103,000 107,000 Liverpool stock The foregoing shows the week's net overland movement 20,000 12,000 19,000 13,000 London stock been 62,153 bales, against 34,824 bales for the week has 6,000 9,000 3,000 7,000 Manchester stock 82,000 67,000 30,000 last year, and that for the season to date the aggregate 48,000 Continental stock 87,000 49,000 53,000 45,000 India afloat for Europe of 206,826 49,000 76,000 83,000 net overland exhibits an excess over a year ago 55,000 Egypt, Brazil, &c., afloat 171,000 167,000 147,000 bales. 192,000 Stock in Alexandria, Egypt 95,000 283,000 322,000 397,000 Stock in Bombay, India 1907 1008 Sept. 1 Week. 1Veek. Sept. 1. In Sight and Spinners' takings 558,000 793,000 795,000 823,000 Total East India, hc 402,709 3,954,832 351,145 2,066,665 3,611,828 2,900,031 3,301,721 3,712,561 Receipts at ports to Nov. 20 Total American 159,042 34,824 365,868 to 62,153 overland 20 Nov. Net 48,000 580,000 4,169,828 3,783,031 4,096,721 4,535,561 Southern consumption to Nov. 20_ _ 46,000 487,000 Total visible supply 5.99d, 6.11d, 510,862 4,807,700 433,969 3,705,707 6.00d. 5.07d. Total marketed Middling Upland, Liverpool 18,730 384,857 11.75c. Interior stocks in excess 11.10c. 42,086 669,602 11.20e. 9.50e. Middling Upland, New York_ 8 15-16d. 9 9-16d. 105id. , I” gd. Liverpool Brown, Egypt, Good 452,609 8.70d. 12.00d. 9.00d. 8.00d. Came into sight during week.. _ _ _ 552,948 Peruvian, Rough Good, Liverpool 4,090,564 5,477,302 534d. 5 13-16d. 5 11-16d. 4 13-16d. Total in sight Nov. 20 Broach, Fine, Liverpool 5 5-16d. 5 9-16d. 53id. 4 11-16d Tinnevelly, Good, Liverpool 476,792 78,283 857,552 North. spinners' takings to Nov. 20_128,412 Total Continental stocks Continental imports for the past week have been 281,000 bales. The above figures for 1908 show an increase over last week of 247,898 bales, a gain of 386,797 bales over 1907, an increase of 73,107 bales over 1906, and a loss of 365,733 bales from 1905. Movement into sight in previous years: Week1906-Nov.23 1905-Nov. 24 1904-Nov.25 1903-Nov.27 , „ Bales. ', 543,863 ., )15)507,322 502,613 512,695 Bales. Since Sept. 1906-Nov. 23- -----5,166,725 4,971,698 1905-Nov. 24 5,647,741 1004-Nov. 25 4,840,715 1903-Nov. 27 Nov. 21 1908.] THE CHRONICLE 1369 QUOTATIONS FOR MIDDLING COTTON AT OTHER Augusta, Georgia.-There has been rain on one MARKETS.-Below are the closing quotations of middling past day the week, the rainfall reaching one inch and forty-n cotton at Southern and other principal cotton markets for hundre ine dths. The thermo meter has averag ed 49, ranging each day of the week. from 38 to 60. Shreveport, Louisiana.-It has been Closing Quotations for Middling Cotton onWeek endinq The thermometer has averaged 53, rangindry all the week. g from 28 to 77. November 20. Sarday. Monday. Tuesday. Wed'day. Thursd'y Vicksburg, Mississippi.-There has been . Friday. only a trace Galveston rain during 9 1-16 the week. The thermometer has averag of 9 1-16 9 1-16 9;-' 93 9% ed New Orleans_ 8% 8 15-16 9 52, the highest being 76 and the lowest 28. Mobile 8% 8% 8% 8% 8 15-16 8 15-16 Selma, Alabama.-We have had rain on oneda Savannah 8 13-16 8 13-16 8 13-16 831 831 831 y during the Charleston 8 13-16 8 13-16 8 13-16 531 week,the rainfall being five hundredths of 8% 831 Wilmington 8% 8 13-16 8 13-16 8% 8% 8% thermometer 46, highest 72, lowest 27. an inch. Average Norfolk 9 1-16 9 1-16 9 1-16 9% 931 % Boston 9.25 Madison, Florida.-There has been no rain 9.35 9.35 9.45 9.55 9.55 Baltimore the past week. 9)4 931 9% 9% ay, ay, The thermometer has averaged 54, the highest Philadelphia- 9.60 9.60 9.70 9.80 being 75 and 9.80 9.75 Augusta 9% the lowest 9% 9% 34. 931 9% 931 Memphis 9% 9% 9 3-16 934 9' Mobile 931 , Alabama.-Fine weather in the interior and St. Lou 931 9% cotton 9 93-1 931 Houston picking is practically completed. Considerable 9 9 1-16 931 9% 9% cotton is Little Rock 8% 8% 8% 8% being 8% held 8% for higher prices.- We have had rain on two days during the week, to the extent of six hundredths NEW ORLEANS OPTION MARKET.-The inch. The thermometer has averaged 52, ranging of an highes t from lowest and closing quotations for leading options 35 to 75. Orleans cotton market for the past week have beenin the New Montgo mery, Alabama.-Weather delightful. Picking is as follows: about finished, one killing frost early in the week. It has Sarday, Monday, Tuesday, Wed'day, Thursd'y rained Friday, on one day during the past week to the extent of Nov. 14 .Nov. 16 .Nov. 17. Nov. 18. Nov. 19. Nov. 20. nine hundredths of an inch. The thermometer has ranged Novemberfrom 32 to 75, averaging 51. _ ® ___ _ ® _ _ ® ___ __ ® _ Range _ ® _ __ ® Closing 8.86 - 8.85 - 8.96 - 8.90,94 8.85,87 Stateburg, South Carolina.-Much needed rain has fallen 8.86 Decemberwith great benefit on one day of the week, the rainfall reachRange 8.79-.85 8.80-.83 8.82-.92 8.89-.97 8.88-.03 8.80-.91 Closing 8.81-.83 8.80-.81 8.91-.92 8.93-.94 8.88-.80 8.90-.91 ing one inch and twenty-five hundredths. The thermo meter Januaryhas averag ed 48, ranging from 33 to 72. Range 8.78-.84 8.78-.82 8.81-.90 8.86-.96 8.85-.01 8.80-.92 Charlot Closing te, North Carolina.-Rain has fallen 8.80-.81 8.79-.80 8.89-.90 8.91-.92 8.87-.88 $.91-.92 Februaryweek, the rainfall being one inch and twenty during the Range -three hun- @ -- ® - 8.85-.86- @ -- 8.97- @ - dredths. The Closing thermometer has ranged from 30 to 68, 8.83-.85 8.81-.83 8.88-.90 8.90 - 8.86 - 8.90-.92 Marchaveraging 46. Range 8.83-.89 8.82-.86 8.85-.95 8.91-.02 8.92-.06 8.87-.98 The following statement we have also receive Closing 8.85-.86 8.84-.85 8.94-.95 8.96-.97 8.93-.94 8.96-.97 d by teleAprilgraph, showing the height of rivers at the points named _ ® __ 0 __ ® __ ® _ _ ® _ _ ® Range at 8 a. m. of the dates Closing given: 8.88-.89 8.88-.89 8.98-.99 8.99-.01 8.96 - 8.97-.99 MayRange Closing JuneRange Closing JulyRange Closing ToneSpot Options 6 4 Nov. 20 1908. Nov. 22 1907. 8.97-.08 8.94-.10 8.90-.01 Feet. Feet. 9.02-.03 8.97 - 9.00-.01 New Orleans Above zero of gauge_ 3.6 4.9 Memphis Above zero of gauge_ 5.6 12.8 _ @ ___- @ -- ® - Nashville Above zero of gauge.. 7.5 11.1 9.02-.03 8.96-.98 9.01-.02 Shreveport Above zero of gauge_ 0.1 2.5 Vicksburg Above zero of gauge_ 6.5 11.2 8.91-.95 8.95-.03 8.99-.08 8.95-.05 8.93-.03 8.92-.93 9.02-.03 9.03-.04 8.97-.98 9.01-.03 JUTE BUTTS, BAGGING, ETC.-The demand for bagging during the past week has been light, with prices Quiet. Steady. Firm. Steady. Steady. Steady. V'y st'y Steady. Steady. Steady. at 7 cents per yard for 2-1b. domestic bagging and nominal 6Y 8.90-.95 8.88-.91 8.92-.01 8.91-.92 8.89-.90 9.00-.01 _ ® _ _ 0 _- ® _ 8.93-.05 8.90-.92 9.00-.01 8.93-.98 8.95-.96 Steady. Steady. L cents per yard for re-woven and inferior foreign. Jute butts dull at 2@•3 cents per lb. for bagging quality. WEATHER REPORTS BY TELEGRAPH.-Our reINDIA COTTON MOVEMENT FROM ALL PORTS ports by telegraph from the South this evening indicat .e that favorable weather has been quite general during the week November 19. 1908. 1907. 1906 and that as a result the gathering of the croP has progres Receipts atsed Since Since very satisfactorily. The movement of the crop to Week. Sept. 1. Week. Sept. 1. Week.1 Since Sept. 1. marlet has continued oft a liberal scale. Bombay 22,000 1 95,000 28,000 145,000 44,000 161,000 00 Galveston, Texas.-We have had rain on one day the week, to the extent of fifty-six hundredths of an inch. past For the Week. The Since September 1. thermometer has averaged 55, ranging from 38 to Exports from72. Great ContiAbilene, Texas.-Dry all the week. The thermo Great Contimeter Britain. nent. Total. Britain. nent. has ranged from 24 to 82, averaging 53. Total. Bombay Corpus Christi, Texas.-We have had rain on one 1908 day 8,000 8,000 73,000 during the week, the rainfall being forty hundre 73,000 1907 13,000 13,000 dths of an 100,000 100,000 1006 nch. Average thermometer 55, highest 70, 13,000 13,000 2,000 139,000 141,000 lowest 40. CalcuttaFort Worth, Texas.-There has been rain on 1908 2,000 2,000 one day of 2,000 8,000 10,000 1007 the week, to the extent of one hundredth of an inch. 1,000 7,000 8,000 The 1906 1,000 1,000 1,000 thermometer has averaged 52, the highest being 12,000 13,000 Madras 76 and the 1908 lowest 28. 1,000 7,000 8,000 1907 1,000 1,000 Palestine, Texas.-There has been rain on one day during 5,000 14,000 19,000 1906 1,000 5,000 6,000 the week, to the extent of six hundredths of an inch. All others1908 thermometer has averaged 52, ranging from 28 to 76. The 1907 1-0366 5,000 San Antonio, Texas.-Rain has fallen on two days during 1906 1,000 36,000 37,000 the week, the rainfall being twenty-one hundredths of an Total all-------inch. The thermometer has ranged from 32 to 78, aver1908 - 15,000 15,000 5,000 134,000 139,000 . 1907 1,000 14,000 15,000 aging 55. 11,000 147,000 158,000 1906 14,000 14,000 5,000 192,000 197,000 Taylor Texas.-It has rained on one day of the week, the rainfall reaching two hundredths of an inch. Average ALEXANDRIA RECEIPTS AND SHIPMENTS OF thermometer 53, highest 76, lowest 30. New Orleans, Louisiana.-There has been rain on one day COTTON.-Through arrangements made with Messrs. Choremi, Benachi & Co., of Boston and Alexandria, of the week, to the extent of one hundredth of an inch. we The now receive a weekly thermometer has averaged 57. cable of the movements of cotton at Alexandria, Egypt. The following are the receipt Helena, Arkansas.-Weather was cool the s and first part of the shipments for the past week and for the corresponding week week, but has now turned warmer. Picking has been rapid of the previou s two years: and cotton yards are congested. Only a trace of rain has fallen. The thermometer has averaged 50, rangin from g Alexandr ia, Egypt, 26 to 79. 1908 1907. 1906. November 18. Little Rock, Arkansas.-We have had no rain during the Receipts (cantars)week. The thermometer has ranged from 26 to 74, averag This week 310,000 370,000 ing 50. 340,000 Since Sept. 1 1,867,806 2,786,687 2,753,075 Nashville, Tennessee.-Picking and marketing continue active. There has been no rain during the week. The thermometer has averaged 49.3, the highest being 73.3 and Exports This Since This Since This Since (bales)Week. Sept. 1. tveek. Sent. 1. Week. Sept. 1. the lowest 26. To Liverpool Savannah, Georgia.-We have had rain onrone day during 9,250 34,534 16,750 78,241 8,250 73,294 To Manchester 8,500 22,662 5,250 60,207 the week, the rainfall being one inch andfsixty-tw ____ 52,808 To Continent 8,250 62,654 9,750 77,248 6,750 76,410 To America dredths. The thermometer has • ranged from 38 o hun2,250 9,401 1,750 10,192 1,500 9,408 to 72, ----averaging 53. Total exports 28,250 129,341 33,500225,888 16,500 211,920 Charleston, South Carolina.-There has been rain on one day during the week, the rainfall being two inches and fiftyNple.-A cantar Is 99 lbs. Egyptian bales weigh about 750 lbs. six hundredths. Average thermometer 52, highest 71, This statement shows that the receipts for the week lowest 38. were ' 310,000 , cantars and the foreign shipments 28,250 bales • * Optional. t.:43 g:883 12:888 1T,SSS [VOL. THE CHRONICLE 1370 Lxxxvn. 7 le3s. ba2 Total 5 . WORLD'S SUPPLY AND TAKINGS OF COTTON PENSACOLA-To Liverpool-Nov. 20-Vivina, 5,237 7,430 7,430 17-Llansanor, The following brief but comprehensive statement indicates SAVANNAH-To Havre-Nov. To Bremen-Nov. 14-Montrose, 7,046w _Nov. 17-Serrana, the week and since at a glance the world's supply of cotton for Nov. 20-Ecelesia, 8,972 10,110_ 8 20 15 from which To Hamburg-Nov. 14-Montrose,50-Nov.20-Ecclesia,100 26 150 Sept. 1,for the last two seasons,from all sources To Reval-Nov. 14-Montrose, 150 200 statistics are obtainable, also the takings, or amounts gone 200 e, To Riga-Nov. 14-Montros To Gothenburg-Nov. 14-Montrose, 1,50_ __Nov. 20-Elcceout of sight, for the like period. 250 sia, 100 200 To Warberg-Nov. 20-Ecelesia, 200 1907., 1908. Cotton Takings. To Barcelona-Nov.18-Delphine, 12,230 0 23 300 ' 12 300 e . 18-Delphin Week and Season. To Genoa-Nov 1,425 Week. Season. Season. .Week. CHARLESTON-To Liverpool-Nov. 13-Cromarty, 1,425 ov. 14-Michigan, 350__ _ _Nov. 16Liverpool-N BOSTON-To 1,436590 3,565,153 3,921,930 Visible supply Nov. 13 Saxonia, 369.... _Nov. 17-Canadian, 750 1,714,982 2,291,844 BALTIMORE-To Liverpool-Nov. 18-Quernmore, 3,133 Visible supply Sept. 1 American in sight to Nov. 20_ _ _ 552,948 3,477,302 452,699 4,090,564 PHILADELPHIA-To Manchester-Nov. 13-Manchester Trader, 28,000 95,000 145,000 22,000 _ 350 Bombay receipts to Nov. 2,000 0 66,000 403 3'13 58,000 7,000 To Hamburg-Nov. 11-Dortmund, 400 Other India ,ship'ts to Nov. 19_ 600 249,000 50,000 372,000 41,000 Alexandria receipts to Nov. 18_ To Napies-Nov. 13-Taormina, 600 72,000 10,000 1,807 95,000 1,807_ 9,000 Maru, Kong Other supply to Nov. 18* SAN FRANCISCO-To Japan-Nov.17-Hong 4,553,878 7,674,284 4.107,852 7,052.408 Total supply 205,768 Total Cotton freights at New York the past week have been as 4,169,828 4,109,828 3,783,031 3,783,031 follows, quotations being in cents per 100 lbs.: Fri. 384,050 3,504,456 324,821 3,269,377 Wed. Thurs. Tues. Mon. Sat. Total takings to Nov. 20 12 311,050 2,842,456 217,821 2,436,377 Liverpool-DI: v ___ 12 12 15 15 15 Of which American 662,000 107,000 833,000 Manchester-Nov__ 73,000 11 11 11 11 11 11 Of which other 18 18 18 18 18 18 Havre 20 20 20 20 20 20 Bremen * Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c. 25 25 25 25 25 25 Hamburg 20 20 20 20 20 20 FALL RIVER WA GE SCALE CONTINUED.-The Antwerp 26 26 26 26 26 26 Ghent, via Antwerp 32 32 32 32 32 in 30 n rers' Associatio Manufactu River Reval-Nov Fall the of action 30 30 30 30 30 30 Gothenburg_ _ _ _ ._ _ 25 25 25 25 25 25 deciding to continue for the next six months period the Barcelona d rect __ _ 20 20 20 20 20 20 Genoa of making instead reduction force, 33 in 33 33 33 now as 33 schedule 33 wage Trieste 46 I 45 45 45 45 45 Japan to the minimum of 18 cents per cut of print cloths warfolthe we have Liverpool from cable -By LIVERPOOL. ranted by the margin between cloth and cotton the past six lowing statement of the week's sales, stocks, &c.,at that port to referred more is It d. months, was quite unexpecte Nov. 20. Nov. 13. Nov. 6. Oct. 30. 56,000 50,000 40,000 bales_ 31,000 Sales of the week specifically in the Financial Situation to-day. 1,000 1,000 took which speculators Of 1,000 1,000 1,000 Of which exporters took_ -_ 1,000 REVISION OF DIFFERENCE BETWEEN GRADES 41,000 41,000 35,000 27,000 American Sales, 5,000 5,000 9,000 -At the meeting of the rt.vision committee Actual export 7,000 AT NEW YORK. 79,000 84,000 46,000 54,000 of the New York Cotton Exchange hç,lcl Wednesday, Nov. Forwarded 484,000 455,000 409,000 411,000 Total stock-Estimated 381,000 348,000 305,000 18, the differences that will determine contracts until the Of which American-Est_ _ _304,000 112,000 134,000 53,000 middle of next $eptember were officially established. Pre- Total imports,of the week__ _ 96,000 102,000 120,000 46,000 92,000 Of which American in each instance, 370,000 350,000 miums on high grades were slightly reduced 364,000 266,000 Amount afloat 325,000 in 308,000 326,000 237.000 Of which American but the only reduction in the low-grade penalties was new and old rates are the case of strict good ordinary. The The tone of the Liverpool market for spots and futures subjoined. each day of the past week and the daily closing prices of Old New Difference. Difference. spot cotton have been as follows: 1.75 on 1.50 on Fair 1.50 on 1.30 on Strict middling fair Saturday. Monday. Tuesday. Wed'day. Thursday. Friday. Spot. 1.25 on 1.10 on Middling fair .75 on .66 on Fair Fair Fair 'Strict,good middling .50 on .44 on Market, 1 business Good Good business Good middling 12:15 } Moderate business .25 on .22 on doing. demand. demand, middling doing. Strict doing. P. M. J demand, Basis Basis Middling .30 off .30 off 5,07 5.07 5.07 5.02 Strict low middling 5.04 5.01 off Mid.Upi'ds 1.00 off 1.00 middling Low 1.62 off 1.50 off 8,000 14,000 12,000 10,000 Strict good ordinary 8,000 7,000 Sales 2.50 off 2.50 off 200 500 500 Good ordinary 500 500 300 .35 on .35 on Spec.&exp. Strict good middling tinged Val. middling Val. middling unch. Steady at Steady at St'y, at Good middling tinged at Irreg. Steady Steady, Futures. .20 off .20 off 405 pts. 102 pts. to 1 pt.A 0134 Strict middling tinged un340234 .30 off .30 off Market 1 decline. pts. adv. decline. Middlin tinged decline, J phanged. pts. adv. 1.00 off 1.00 off opened Strict low middling tinged 2.25 off 2.25 off st'y Barely at Steady st'y at Bly Low middling tinged at Steady Quiet at Steady, 1.00 oil 1.00 off Market Middling stained 1 pt. dec.to 3340534 at 406 20234 4 34©i pt. 234 pts. dec. pts. adv. pts. adv. pt. adv. pts. 34 advance. advance, 1 P. M. MANCHESTER MARKET.-Our report received by DeductVisible supply Nov. 20 1 cable to-night from Manphester states that the market conMerchants tinues quiet for both yarns and shirtings. prices are not willing to pay present prices. We give the for to-day below and leave those for previous weeks of this and last year for comparison. 323 Cop Twist. 834 lbs. Shirt- Cot'n ings. common Mid. (!pt's to lines:. s. d. d. s. d. d. Oct. • 9 8 11-160 9i 5 lA 08 4% 9% 5 13- 08 6 116 8 11-16 • 23 85 @9I 5 1 ©8 6 30 8% © 9% 5 13©8 6 New 6 814 9% 5 1 078 6 9 5 0 08 6 13 8 20 8 0 8% 4 10608 6 0 I 1907. 1908. 84 lbs. Shirt- Coi'n trigs, common to finest. LI pi's 323 Cop Twist. d. s.d. d. 4.96 10 9-160 4.99 109-160 5.04 10 7-160 4.09 109-160 1034 0. d. 11% 6 4 @100 11% 6 3 @100 11% 6 2 @100 11% 6 1340 9 11 0 11% 6 1 09 10 5.00 6 1 09 9 5,03 10% 0 6 1 09 8 5.07 104 0 1134 1134 The prices of futures at Liverpool for each day are given below. Prices are on the basis of upland, good ordinary clause, unless otherwise stated. The prices are given in pence and 100ths. Thus: 4 70 means 4 70-100d. d. 6.52 6.54 6.19 5.93 5.91 5.87 6.00 Fri. Thurs. Wed. Tues. Mon. Sat. Nov. 14 124 1234 124 4 124 4 1234 4 1234 4 12 34 4 to Nov. 20. p.m. p.m. p.m. p.m. p.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. d. a. d. d. d. d. d. d. d. d. d. d. 84 4 7934 82% 82 8034 8434 8534 8434 85% 88 8434 Nov 7434 7534 7434 7534 78 75 74 70 73 72 A 71 Nov.-Dec. 73 7034 6934 73 74 73 7434 77 74 Dec.-Jan_ ....„ 4 68 71 7334 7234 4 67 A 70A 70 69 7234 7334 7234 74 77 Jan.-Feb_ 73% 73 7034 6934 7234 74 73 74 77 '4 68 71 Feb.-Mch. A 73% 7234 70 73 74 73 7434 77 4 683471 71 Mch.-Apr. 75 78 74% 73 Apr.-May. ...._ 4 69 7134 71.347034 7334 7434 7334 74 75 74 7534 7834 75 7334 4 6934 72 72 71 May-June 75 73% 1 m 7434 7534 74 76 79 73% 70 1 6 72 4 69 72 7 June-July 72 73 74 7234 7434 77% July-Aug_ ..4683471 6634 69 72 68 66% 69 67 A 4 62 65 65A 63 Aug.-SeP60 62 66 61 64 6234 62 5834 4 57 60 5034 Sep.-Oct _ 56 54 4 53 5534 5534 5434 57% 5834 5634 5734 60 Oct.-Nov_ :ill -As shown on a previous page, the SHIPPING NEWS. the past week have exports of cotton from the United States s in detail, as made reached 205,168 bales. The shipment telegraphic returns, are as follows: up from mail Total bales. Fridfiy, Nov. 20 1908. -Nov. 13-Arabic, 1,299 upland, 50 Liverpool YORK-To NEW import3,182 , upland, -Armenian 17 Prices for wheat flour have shown few changes of Sea Island,400 foreign_ _ _ _Nov. 5,031 has been 100 Sea Island ance during the week. Trading in the local market 101 101 aha, 13-Minneh v. To London-No 700 on a restricted scale, few buyers being disposed to purchase 700 To Manchester-Nov.12-Canning, Sea, Island 1,943 At the large To Havre-Nov.'14-Quito, 1,893 upland, 50 280 on any other than a hand-to-mouth basis. 280 Hudson. 18To Dunkirk-Nov. 1,000 milling centres at the Northwest and the Southwest there To Bremen-Nov. 18-Konig Albert, 1,000 .the 1,300 in the demand, though in To Barcelona-Nov. 19-Panaghl LyklardoPoulo, 1,300 100 has been some falling off To Naples-Nov. 18-Luislan11, 100 late. .Withof done been has 100 business a good aggregate To Trieste-Nov. 17-Argentina, 100 beenl iberal, 11,706- - -Nov. GALVESTON-To Liverpool-Nov. 14-Inkum, drawals on old contracts at the Northwest have 19-Lugano, in excess of the 18-Almerian,6,762; Civilian, 20,878._ _ _Nov. continued of has the mills output the 48,097 and 8,751 has been quiet To Bremen-Nov. 12-liderton,8,889- _Nov. 16-Konakry, n at this time last year. Corn meal 19,712 productio -- _... 10,825... and easy. quiet been has Rye flour steady. 818 and To Hamiurg-Nov. 12-Canterbury, 816 moderate range of 5,652 To Antwerp-Nov. 14-Greystoke astle, 5,652 Wheat has see-sawed within a very 2,259 To Barcelona-Nov. 17-Clara, 2,259 conflicting factors in the of the under influence values 3,401 • To Trieste-Nov. 17-Clara, 3,401 1,571 general situation. The drought in Argentina has been broken To Venice, Nov. 17-Clara, 1,571 200 The cash trade, To Mestre-Nov. 17-Clara, 200 but drought still prevails in this country. 11,064 NEW ORLEANS-To Liverpool-Nov. 16-Logician, ,15,000 32,564 both domestic and foreign, has been quiet, and the receipts _ __Nov. 16-Wanderer,6,500_ __Nov. 19-blercian 6,998 ahead of those of last year, To Ilavre-Nov. 18-Virginia, 6,998 2,050 have been running'a good deal To Barcelona-Nov. 14-Sicania, 2,050 recent advance in prices. the 18-Francesca of the -Nov. stimulus under 2,399.. , partly To Genoa-Nov. 14-Slcania 9,332 towards lukewarm Ciampa, 6,933 been have markets foreign The 1,10 To Naples-Nov. 14-Sicania, 1,100 and BREADSTUFFS. Nov. 21 1908.1 THE CHRONICLE interests, though, on the other hand, they have not declined inneh. Harvesting is under way in Argentina. In some cases estimates of the exportable surplus of that country have been increased to 112,000,000 bushels. Speculation has been less confident on the bull side, owing largely to three things: first, the breaking of the drought in Argentina; second, the lack of any considerable export demand; and third, the largeness of the receipts at the West. On the other hand, however, the drought in the Southwest, it is insisted, will lead to a large decrease in the acreage. It is also worthy of remark that some of the estimates of the exportable surplus of Argentina, so far from being 112,000,000 bushels, as some say, or even 104,000,000, as others put it, are only 83,000,000 to 93,000,000 bushels. That would make a sharp contrast with the total during the present season of approximately 135,000,000 bushels. Even if it is cut down to 112,000,000 'bushels, the decrease might, conceivably, prove to be a very important factor in the making of prices, at least for a time. If the total is to be almost cut in half, as an estimate of 83,000,000 bushels would suggest, then, it is argued, not without reason, that the effect would prObably be still more marked. And the world's stocks, it is worth while to notice, decreased for the week sorne 675,000 bushels in contrast with a considerable increase for the corresponding period last year. Some reports, too, insist that a further reduction of approximately 22,000,000 bushels will have to be made in the estimate on this year's yield of Argentina. To-day prices were firmer in the main owing to reports of a brisk cash demand at the Northwest;bullish Argentine reports; better cables-than expected, dry weather in the Southwest and general buying. DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Sett.' Mon. Tues. Wed. Thurs. Fri. 112% 11234 11234 11234 112% 11234 1133 11234 114% 11334 113%, 114 115% 11534 11434 11534 11434 114 DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. December deliver In elevator -.10334 10234 10334 10334 10334 10434 May delivery in elevator 10734 107 10834 10834 10734 10834 July delivery in elevator 101% 10134 102% 10234 10234 102% No. 2 red winter December delivery in elevator May delivery In elevator Indian corn futures have shown some irregularity, but the tone during much of the week has been firm. Farmers have manifested more disposition to sell at times in certain sections, but the attitude of most of the country has been to sell only sparingly. Therefore the receipts have continued on a disappointingly small scale and the cash market has ruled firm. Unfavorable husking reports have been •received of late and strong Chicago interests have given the market support at times. Leading cash interests at the West' are believed to be friendly to the long side and to have accumulated considerable holdings of December. Other cash interests have sold. To-day prices were firmer on bullish husking reports, strong cables, a firm and active cash market at the West, buying by cash interests, light country offerings and covering of shorts. 1371 THE DRY GOODS TRADE. New York, Friday Night, Nov. 20 1908. In practically all divisions of the market there has been steady and substantial improvement during the past week. The stronger tone which developed after the election has been well'maintained, with a still firmer tendency in some lines, and while conditions are becoming more settled, and there is less tension in the market as a whole, the demand for goods his -continued large and trade has broadened perceptibly. As for some time past, cotton goods have been relatively more active than other lines, and there has been somewhat freer purchasing of the former, both for near-by and future requirements. It is noteworthy, however, that in some quarters buyers of cotton goods are now disposed to operate a little more conservatively, not thatthey doubt the permanency of the higher values already established, or that they have revised their views as to probable requirements, but because they are coming to realize that their own activity may serve to force prices higher; on the other hand, considerable businessis being tendered,especially on bleached cottons, in anticipation of still further advances, and leading jobbers have been covering spring requirements on a somewhat larger scale. In the men's wear trade, agents handling lines of worsteds are much encouraged by the duplicates that are being received on spring lines; and they report an improved outlook for the fall season; the demand for spot goods has, apparently, not been checked by recent advances. There has been some betterment in dress goods, but this division of the market has responded slowly to the improved conditions noted in other directions, and business has been unevenly distributed. Trade in spring silks is active, with the prospect, according to agents, for a full season's business on both fancy and staple lines. DOMESTIC COTTON GOODS.-The exports of cotton goods from this port for the week ending Nov. 14 were 10,493 packages, valued at $528,309, their destination being to the points specified in the tables below. New York to Nov. 14Great Britain Other Europe China India Arabia Africa West Indies Mexico Central America South America Other countries Total -1908-Since Jan. 1. 729 aoa 1,326 2,368 20,968 589 12,981 2,676 29,233 895 9,247 1,265 25,232 42 1,497 350 13,704 974 36,857 1,014 19,744 Week. 11 10,493 171,518 --1907-Since Week. Jan. 1. 1 1,496 28 2,384 ___ 21,138 6,078 -----25,810 3 4,017 342 20,390 27 2,087 224 11,607 400 39,754 674 23,052 1,699 157,813 The value of these New York exports since Jan. 1 has been $10,660,954 in 1908, against $9,643,206 in 1907. Domestic cottons have been ordered somewhat more freely for this year's shipment, and in various'qUarters there is a growing disposition to cover future needs. Bleached goods" and wide sheetings, especially, have moved in large volume, DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. the recent advance in sheetings causing no abatement in Sat. Mon. Tues. Wed. Thurs. Fri. the demand. Certain tickets of fine dress ginghams for Cash corn 7134 7134 71 71 7234 7234 spring are reported as well sold up, and substantial orders December delivery in elevator 72 7234 7234 72% 7234 72 May delivery In elevator 71 7034 7034 7134 7134 7134 have been placed on staple ginghams. Colored cottons are \-(Ty firm, and some leading mills are said to be under DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. orders well into next year. Orders for printed goods, especially Sat. Mon. Tues. Wed. Thurs. Fri. December delivery in elevator 63% 6234 6234 6334 63% 63% from the West and South, have reached large proportions May delivery In elevator 63 62% 62% 63 63 6334 July delivery In elevator 6234 6134 6234 6234 6234 62% in the aggregate; border effects have continued to figure prominentl y in the demand, but interest in other styles is inOats for future delivery in the Western market have ruled firm, though there have been no marked changes in prices. creasing: Linings are active both for the current season and for spring, particularly sa!teens with a firmer tendency; The receipts have increased at times, only, however, to diminish again, and the cash market at the West has been numerous complaints are being made about slow deliveries by finishers. Miscellaneo us export trade has been only fair; strong,with a fair shipping demand from the East. Leading cash interests have sold rather freely at times, but commis- some sales of standard drills have been made for shipment to India, business but with the Far East has been interrupted sion houses have bought, and there has been more or less scattered covering of shorts. To-day prices were firmer with by developments following the death of the rulers of China. The print cloth market has ruled active and strong; it is rethe rest of the list. Cash interests bought and shorts covered. The receipts were light and a goodishipping demand ported that bids of 331c. have been declined for regulars on contract, while sales of 28 inch 64x60s are noted at that was reported at the West. figure for'shipment in the early part of 1909. Standard wide DAILY CLOSING PRICES OF OATS IN NEW YORK. goods are quoted at 4:Mc., or 3ic. higher than a week ago, Sat. Mon. Tues. Wed. Thurs. Fri. No. 2 with' demand steady. 34-54 5334-54 5334-54 5334-54 6334-54 WOOLEN'GOODS.-The primary market for dress goods 5334.54 White clipshows little change. As already stated, business has conped, 34 to361bs5534-5736 5534-5734 5534-5734 5534-5734 5534-5834 5534-5834 tinued to be distributed'unevenly, some producers being well DAILY CLOSING PRICES OF OATS IN CHICAGO. sold up while others report trade as unsat'sfactory. Secondary' diStribtiterS'have been operating more freely, and stock Sat. Mon. Tues. Wed. Thurs. Pri. Ddeenilid dellVery in elevator 4834 4834 4934 4934 4931 4934 goods have again been in fair request. Fancy piece dyes May delivery In elevator 51 5034 51 5134 5134 5134 have July delivery In elevator been taken in a satisfactory manner for prompt ship4634 46% 4634 4634 4034 4034 In 01 ; staple'worS teds have also moved well, and there 'has The following are closing quotations: been some further improvement in the demand for 'spring. FLOUR. Broadcloth have s continued in good request, but the diffi$3 25@$3 75 Kansas straights LoW'grades: $4 85 "; $5 00 culty Second clears 35.1D 3 60 Blended clears of securing deliveries as desired has'caused buyers to 5 300 Clears 4 00 4 25 Blended patents take 00 more' 6 60 6 interest in fabrics. other In men's wear *lines, Straights 4 70 4 80 Rye flour 3 60 4 .45 agents have received further Patent, spring' 840 1 575 Buckwheat flour duplicates on worsteds for 200 275 CO Patent, winter, 4 85 10 Graham flour 3 0064 4 10 spring, and there has been an active call for light-weight Kansas clears 4 75 Corn meal 4 10 4 10 overcoatings in popular shades 3 75 for. prompt shipment: A G RAIN N. firmer tendency is :noted in certain lines of light-weight Wheat, per bush.c, Corn (newY, per bush.c. N. DultIthINO. 1 ;13% No.'2 mixed 72% suitings and woolens, some fancy woolen goods for men's N. Duluth. No. 2 !1334 No2 yellow'' wear 11,1 ving been advanced 23.c. to Sc. a yard. Nominal Red Winter, No. 2 f.o.b.;12 % No. 2 white Nominal. FM? EIGN DRY GOODS.-Imported dress goods, espe•• Hard " 11434 Rye, per blisICOats, per hush,No. 2 Western 76% cially light-weight wersteds of medium and light grades, Natural white State and Jersey 54 il' 5534 Nominal and fancy silk piece goods have been in active,demand, with No. 2 mixed 5334 e54 ' Barley --Malting 65 ;Z7C1 Natural white dipped 55.4.5814 Feedln,, 60@61 a large volume of business put through. Linen's taken in For other tables usually given here, see paste 1336. good quantity fOr both immediate and spring shipment. THE CHRONICLE 1372 ME MID CITY DEPAVIVENT, News Items. Alabama.-Result of Vote on Constitutibnal Amendments.Returns indicate the defeat on Nov. 3 of the two constitutional amendments relating to formation of new counties and the election of Senators and Representatives; also the time of holding Legislative sessions. A favorable vote was polled on the amendment relating to the construction of public roads. See V. 86, p. 679. The vote, furnished by the Secretary of State, is as follows: 27,915 "for" to 37,351 "against" on the amendment relating to the election of Senators and Representatives and the time of holding Legislative sessions. 40,386 "for" to 45,181 "against" the amendment relating to the formation of new counties. 45,794 "for" to 25,806 "against" the amendment relating to the construction of public roads. [VOL. Lxxxvm Bond Proposals and NedotlatIons this week have beian as follows: Ashburn, Turner County, Ga.-Bond Election.-We are advised that an election will be held to vote on the question of re-offering for sale the $10,000 5% gold coupon school bonds offered without success (V. 87, p. 889) on Aug. 12. Ashland, Jackson County, Ore.-Bond Offering.-Proposals were asked for until 8 p. m. yesterday (Nov. 20) by M. F. Eggleston, City Recorder, for the following bonds: $47,500 4 % electric-light bonds. Maturity $2,500 yearly on Sept. 1 from 1911 to 1929 Inclusive. 30,000 4% electric-light bonds dated Nov. 1 1908. Maturity Nov. 1 1928, $15,000 subject to call after Nov. 1 1918. Denomination $500. Interest semi-annually at the City Treasurer's office or at some designated depository in New York City. The result of this offering was not known to us at the hour of going to press. These bonds were offered but not awarded on Oct. 15. Belle Plane School District (P. 0. Belle Plaine), Scott County, Minn.-Bond Sale.-This district on Nov. 16 sold the $6,000 5% coupon refunding bonds described in V. 87, p. 1313, to the First National Bank of Shakopee at 102.875 and interest. Following are the bids: Florida.-Amendments to State Constitution Defeated.The indications are that the three proposed amendments to the State Constitution submitted to a vote on Nov. 3 were defeated. One of these relates to salaries of certain judges and justices another to the establishment of courts, and a 'was given in full in V. 86, p. 870, provides a First Nat. Bank,Shakopee_$6,172 50 Kane Sc Co., Minnealiolls_ _$6,050 75 third, which State Bank, Belle Plaine_ _ _ 6,150 00 Minnesota Loan F0 Trust special tax for the support of certain State institutions. Hardware Dealers' Fire InCo., Minneapolis 6,035 00 Illinois.-Amendment to State Constitution Adopted.-It is surance Assn., Minneap_ 6,101 50 S. A. Kean, Chicago 6,006 00 Nat,.,Bk., Belle Plaine 6,077 50 John P. O'Brien, Boston....par Sc mt. understood that the Nov. 3 electiOn resulted in favor of the First Minn. Scandinavian Relief Wells &Dickey Co., Muneamendment to the State Constitution relating to the Illinois.r apolls 6,066 60 Assn., Red Wing par and Michigan Canal. As previously stated, the amendment Maturity part yearly on Nov. 14 from 1909 to 1918 inauthorizes the Legislature to provide for the issuance of not clusive. exceeding 20 million dollars' worth of bonds, to bear not more Bergen County (P. 0. Hackensack), N. J.-Bonds Authan 4% interest, to construct a deep waterway canal from the plant of the Sanitary Drainage District of Chicago, at or thorized.-This county has authorized the issuance of $158,near Lockport, in Will County, to a point at or near Utica 000 bridge bonds. in La Salle County, and to erect, equip and maintain power Blandford Special Fire District (P. 0. Blandford), Hampplants, locks, bridges, dams and appliances suitable for the den County, Mass.-Bonds Authorized.-It is stated that on This power. water the of utilization development and Nov.7 this district voted to issue $25,000 4% water bonds. amendment is printed in full in V. 85, p. 1289. Brady, Tex.-Bonds Not Sold-Bond Olfering.-Up to Kansas.-Constitutional Amendments Defeated.-The two Nov. 17 no award had yet been made of the $20,000 5% proposed amendments to the State Constitution relating to 10-40-year (optional) coupon street-improvement bonds the disqualification of judges to hold certain offices and to offered on Nov.2 and described in V.87, p. 1189. Proposals the compensation of members of the General Assembly will be received at any time. A. R. Crawford is City Secwere defeated, it is understood, at the Nov. 3 election. retary. See V. 85, p. 1534, where the last-mentioned amendment was Buffalo, N. Y.-Bond Sale.-On Nov. 20 the $200,000given in full. (serial) waterMichigan.- Constitutional Amendment Voted.- Judging 20-year school and the $100,000 1-20-year described in V. 87, p. 1313, from the returns received, the proposed Constitutional, refunding 4% registered bonds issue to the Buffalo amendment relative to the taxation of property by a State were awarded as follows: The former Co. at 102.81 and the latter issue to A. B. Board of Assessors carried by a large majority. See V. German InsuranceNew York City at 100.65. Twenty-twoLeach & Co. of 85, p. 1534. were received. bids Constitutional of Amendments. -The Minnesota.-Defeat Canton School District (P. 0. Canton), Ohio.-Bonds Nov. 3 election resulted in the defeat of three proposed They Constitution. related to. Voted-Bond Offering.-The election held Nov. 3 (V. 87, State amendments to the the payment by the State of damages to growing crops by p. 1110) resulted in a vote of 6,619 "for" to 2,892 "against" hail and wind; the exemption of church property from taxa- the issuance of the $22,500 bonds for alterations and firetion,and a tax levy for construction of roads and bridges. escapes and $37,500 for building additions to the school.. The first two were given in V. 85, p. 1289, and the other in These securities carry 4% interest and mature in 1928. V 87, p. 1189. Although the indications are that the fourth Proposals will be received until Dec. 15. W. C. Lane is Clerk amendment relating to the qualifications of superintendents Board of Education. of county schools (V. 85, p. 1289) also failed to secure a Olarkesville Habersham County, Ga.-Bond Sale.-The majority, the returns up to the present time make this a $5,000 5% 20-year street-improvement bonds which failed little doubtful. to sell on Sept. 15 (V. 87, p. 961) have been taken at par by Nebraska.-Constitutional Amendments Adopted.-The re- Saunders & Phillips, contractors, of Clarkesville, in payturns received to date (Nov. 13)indicate the adoption of the ment for work performed. two amendments to the State Constitution dealing with the Coitsville Township (P. 0. Station A, Youngstown),, election of judges of the Supreme and district courts and Offering.-James S. Palmer, making a change in the requirements as to the investmentof Mahoning County, Ohio.-Bond public auction at 10 a. m. Township Clerk, will offer at the educational funds of the State. See V. 85, p. 817. Dec. 7 $20,000 432% coupon road-improvement bonds. Ohio.-Amendments to the State Constitution Defeated.- Authority, an Act of the General Assembly passed April 22 Although the official vote is not available, it is practically 1904, as amended April 9 1908. Denomination $500. certain that the three proposed constitutional amendments Date Dec. 1 1908. Interest July 1 at a bank in Youngswere defeated on Nov. 3. These amendments related to the town. Maturity $10,000 on July 1 in each of the yearsmethod of passing bills, to finance and taxation and to a 1932 and 1933. Bonds are tax-exempt. Certified check change in the period for holding the regular session of the on some bank in Youngstown for $1,000, payable to the general Assembly. The latter two were given in full in the Township Clerk, is required. Total debt, including this "Chronicle" of July 11, page 111. issue, $82,000. Assessed valuation $2,000,000. South Carolina.-Constitutional Amendment Adopted.-The Columbus, Ga.-Description of Bonds.-The $250,000of 8 Article the Conproposed amendment to Section 7 of City stitution, relating to municipal bonded indebtedness (V. 43%.gold coupon refunding bonds authorized by the 1 1909 87, p. 1039), is understood to have carried at the Nov. 3 Council on Nov. 4 (V. 87, p. 1314) will be dated Jan.Interest and mature Jan. 1 1939. Denomination $1,000. election. semi-annually at the City Treasurer's office. Bonds are South Dakota.-Amendments to State Constitution De- free from all taxes. feated.-The two proposed constitutional amendments inCorlett (P. 0. Station D, Cleveland), Cuyahoga County,. creasing the salary of the Attorney-General and changing the provisions of the Constitution in regard to taxation, Ohio.-Bond Sale.-The $2,017 Electric Street and the were defeated by the voters on Nov. 3. See V. 86, p. 681. $8,517 Windfall Avenue 5% coupon sewer assessment bonds, the Toledo, Ohio.-Bonds Declared Valid by Circuit Court.- described in V. 87, p. 1190, were awarded on Nov. 11 to and (103.768) $10,931 National for Bank of Cleveland First of decision the Judge affirmed Circuit Court on Nov. 14 The 15 Brough in the Common Pleas Court (V. 87, p. 1194), uphold- accrued interest. 'The former issue matures on Sept. legality of the $525,000 43% bridge bonds sold in as follows: $500 in 1911, $517 in 1914 and $1,000 in 1918; ing the while the latter issue matures on Sept. 15 as follows: $500 August. $500 in 1910, $517 in 1911 and $1,000 yearly from United States.-Offering of Panama Canal Bonds.-Sub- in 1909, 1918 inclusive. to 1912 scriptions will be received on or before Dec. 5 by George B. Corona, Riverside airtinty, Cal.-Bond Election.-AcCortelyou, Secretary of the Treasury, for $30,000,000 2 instructed by gold coupon or registered Panama Canal bonds. The cording to reports, the Otty Attorney has been an election Treasury circular inviting subscriptions will be found in full the City Trustees to $repare an ordinance for io vote on the issuance of $90,000 bonds. in our editorial columns on.a preceding page. Nov. 21 1908,1 THE CHRONICLE Cuyahoga County (P. 0. Cleveland), Ohio.-Note Sale.The $12,907 and the $49,000 5% River Road No. 2 improvement notes offered on Oct. 31 (V. 87, p. 1190) have been sold to Otis & Hough of Cleveland. Daytona, Volusia County, Fla.-Bonds Voted.-The election held Nov.16 resulted in a vote of 50 "for" to 10 "against" the proposition to issue the $35,000 5% school-building bonds mentioned in V. 87, p. 1255. Maturity April 1 1929. Decatur, Ga.-Description of Bonds.-We are informed that the $15,000 water and $15,000 school 5% 30-year bonds disposed of on Nov. 3 to J. H. Hilsman St Co. of Atlanta at 103-a basis of about 4.81% (V. 87, P. 1255), are in denominations of $500 and are dated Jan. 11909. Interest semi-annual. Maturity Jan. 1 1939. Denver, Colo.-Bond Election.-It is reported in local papers that an election will be held some time next spring to vote on the question of issuing bonds to purchase 120 acres of State land to enlarge City Park. It is further stated that the city has a contract with the State to purchase this land at $1,000 per acre. East Rochester, Monroe County, N. Y.-Bond Offering.Proposals will be received until 8 p. m. Nov. 24 by Emory D. Lapham, Village Clerk, for the following 4% gold coupon bonds: 1373 Fairmont School District No. 19 (P. 0. Fairmont), Fillmore County, Neb.-Bond Offering.-Proposals will be received until 8 p. Ifl. Dec. 1 by C. A. E. Holmes, Secretary Board of School for the $27,500 5% coupon schoolbuilding bonds voted Trustees, (V.87, p. 181), on May 11. Authority an Act of the Legislature approved Feb. 26 1879. Denomination $500. Date July 1 1908. Interest semi-annually, in New York City or at the County Treasurer's office. Maturity July 1 1928, subject to call, however, as follows: $2,000 yearly on July 1 from 1913 to 1917inclusive,and all alter July 11918. Certified check for 1% of bid is required Official circular states that there has never been any in the payment of principal or interest. This districtdefault has no debt at present. Assessed valuation $329,000. Bonds will be delivered as follows: $12,500 on Jan. 2 1909 and $15,000 in blocks of $5,000 at such times as the board shall elect, but not later than July 2 1909. Fayette, Jefferson County, Miss.-Bonds Voted.-A vote of 49 "for" to 14 "against" the issuance of $3,000 light and water-plant bonds was the result, it is reported, of an election held Nov. 10. Fort Morgan, Morgan County, Colo.-Bond Sale.-James H. Causey & Co. of Denver have been awarded $8,000 6% 20-year sewer bonds at 97 and interest. Denomination $500. Date May 1 1908. Interest semi-annual. $102,500 bonds for the purchase of the water-works system belonging to the Despatch Water Co. Denomination $4,100. 35,000 bonds for the purchase of sewers belonging to the Despatch, Franklin, Ky.-Bonds Voted.-The general election reSewage & Reduction Co. Denomination $1,400. sulted in favor of the proposition to issue $20,000 bonds for 6,500 sewer-extension bonds. Denomination $260. The above bonds will be dated Dec. 1 1908. Interest the construction of sewers. The vote was 395"for"to 57 annually at the National Bank of Commerce in Rochester. "against." See V. 87, p. 829. Maturity one bond of each issue yearly on Dec. 1 from. 1913 Fruitdale School to 1937 inclusive. Certified check or bank draft for 5% of refused.-AccordingDistrict, Alameda County, Cal.-Bonds to reports, the $100,000 5% 1-20-year the bonds bid for, payable to the Village Treasurer, is re- (serial) school-building bonds awarded on Sept. 28 to the quired. First National Bank of Oakland (V. 87, p. 962) have been refused East Troy, Wis.-Bond Sale.-An issue of $3,500 337 by that institution on the grounds that there was an 0 water-works-extension bonds offered on Oct. 5 was awarded error in the call for the election. to William Kuecher and C. A. Mulam. Denomination $500. Glendive, Dawson County, Mont.--Bond Offering.Date Oct. 1 1908. Interest payable in April. Maturity Proposals will be received until 10 a. m. Dec. 7 by the City from 1912 to 1918 inclusive. Clerk for the $15,000 6% coupon water-extension El Centro, Imperial County, Cal.-Bond Offering.-Pro- voted (V. 87, p. 1191) on Oct. 19. Authority pagebonds posals will be received until 6 p. m. Dec.8 by F. G. Havens, Laws of 1897. Denomination $1,000. Date Jan. 2 226, City Clerk, for $40,000 5% septic-sewer bonds. Denomi- Interest semi-annually in Glendive or New York City. 1909. Bonds nation $1,000. Interest May 1 and Nov. 1. Maturity are tax-exempt. $2,000 yearly on Nov. 1 from 1909 to 1928 inclusive. CertiGrand Forks, N. D.-Warrant Offering.-Proposals will be fied check for 5% of bonds bid for, payable to the City received up to Dec. 15 by W. H. Alexander, City Auditor, Treasurer, is required. for "$75,000, more or less," 7% coupon paving assessment Elkton, Huron County, Mich.-Bond Sale.-On Nov. 10 warrants. Denomination $1,000. Interest annual. MaChas. H. Coffin of Chicago was awarded a $6,000 10-20-year turity $5,000 yearly on Jan. 1 from 1914 to 1928 inclusive. (optional) Water-works bond at 100.10 for 53s. The fol- Certified check for 5% of bid is required. lowing bids were received for 6s. Warrants Not Sold.-All bids received on Nov. 2 for the H. T. Holz & Co., Chicago..-$6,031 'John Nuveen & Co., Chicago Par 1100,000, more or less," 7% coupon paving assessment S. A. Kean, Chicago 6,0061W. A. Hamlin & Co. Detroit. par warrants described in V. 87, p. 1191, were rejected. Elkton Bank, Elkton 6,000 National Bank of Flint par Grant's Pass, Josephine County, Ore.-Bonds Defeated.Date Nov. 11908. Interest annual. At a recent election the voters defeated a proposition to issue Ellaville, Schley County, Ga.-Bond Offering.-Proposals $94,000 Rogue River water-plant bonds. will be received until 12 m. Nov. 23 by the City Council for Harrison County(P.O. Gulfport), Miss.-Bond Offering.$3,000 5% water bonds. Denomination $500. Interest annual. Maturity $1,500 on Jan. 1 in each of the years Proposals will be received until 12 m. Dec. 7 by the Board 1917 and 1922. The city has no bonded debt at present. of County Supervisors, F. S. Hewes, Clerk, for $10,000 5% bonds to purchase a convict farm and equip the same. W.0. Murray is Mayor and C. L. Battle, Recorder. Denomination $100. Date, day of Issuance. Interest anElmwood Place (P. 0. Station P, Cincinnati), Ohio.- nually Bond Offering.-Proposals will be received until 12 m. subjectat the County Treasurer's office. Maturity 25 years, Dec. 2 by Andrew Hoffman, Village Clerk, for $25,000 5% check to call after 5 years. An unconditional certified public-hall and public-office-building bonds. Authority dent for $500, made Payable to John Scarborough, PresiBoard of County Supervisors, is required. Sections 2835 and 2837, Revised Statutes. Interest semiHarrison County (P.0. Logan),Iowa.-Bonds Defeated.-annual. Certified check for $500, payable to the Village Treasurer, is required. Accrued interest to be paid by pur- The question of issuing $100,000 court-house bonds was chaser. Bonds will be delivered within ten days from time defeated at the election held Nov. 3. of award. Haverhill, Essex County, Mass.-Bond Offering.-Pro• R. posals will be received until 10 a. m. Nov. 24 by Arthur Elsberry, Lincoln-County, Mo.-Bond7,Sale.-The Wm. T. Compton Bond & Mortgage Co. of St. Louis purchased $10,- Jacobs, City Treasurer, for $58,000 4% coupon bonds. De000 5% 15-year (average) electric-light bonds on Nov. 5 nomination $1,000. Date April 1 1908. Interest semi-anat par and accrued interest plus the cost of blank bonds. nually at the First National Bank in Boston. Maturity Denomination $500. Date Nov. 1 1908. Interest semi- April 1 1918. The genuineness of these bonds has been cerannual. tified to by the City Trust Co. of Boston, who will further certify Enterprise, Wallowa County, Ore.-Bonds Not Sold.-The Story, that the legality of the issue has been approved by Thorndik City Recorder informs us, under date of Nov. 7, that no whose opinion e, Palmer & Thayer of Boston, a copy of will be delivered to the purchaser. disposal has,yet been made of the $30,000 5% 10-20-year Haverstraw, N. Y.-Bond Offering.-Proposals will be (optional) water-works bonds offered on Oct. 20 and dereceived until 2 p. m. Nov. 25 (date changed from Nov. scribed in V. 87, p. 1041. by the Board of Village Trustees, Henry F. Dorf, Clerk,23) for Erie Township (P. 0. La Came), Ottawa County, Ohio.- $70,000 coupon sewer bonds at not Bond Offering.-Proposals will be received until 12 m. Denomination $2,500. Date Jan. exceeding 5% interest. 1 1909. Interest semiNov. 25 by Chas. H. Fritsche, Township Clerk, for $4,000 annually at the People's Bank in 5% coupon bonds. Authority Section 2835, Revised Stat- $2,500 yearly on Sept. 1 from 1910 to Haverstraw. Maturity utes. Denomination $1,000. Date Nov. 23 1908. Inter- are free from all taxes. This village 1937 inclusive. Bonds has no debt at present. est semi-annually at the Township Treasurer's office. Ma- Assessed valuation $2,383,475. turity.$1,000 yearly on Nov. 23 from 1918 to 1921 inclusive. Hawkinsville County (P. 0. Rogersville), Tenn.-Bond Bonds are tax-exempt. Certified check for 5%, payable to the Township Treasurer, is required. Bonded debt, includ- Sale.-The $40,000 4% road-improvement bonds offered without success on May 22 (V. 86, p. 1359) were disposed of ing this issue, $8,000. Assessed valiiation $433,400. at par on Oct. 29 to Duke M. Farson of Chicago. Date Aug. Escambia County (P. 0. Pensaco*), Fla.-Bonds De- 1 1908. Jeated.-The proposition to issue th'e)$200,000 good-road Helena,' and bridge bonds mentioned in V. 87,.,p. 496, was defeated gold water Mont.-Bond Sale.-On Nov. 16 the $600,000 5% bonds described in V. 87, p. 1042, were awarded at the election held Nov. 12. . to the American Light & Water Co. of Kansas City, Mo., 1374 THE CHRONICLE n continuing until Nov. 23, at 2 o'clock, the time for $604,600 (100.760 and interest. A bid was also re- a resolutio bids." receiving for $604,i offering of Cincinnat Co. & Roth Weil, ceived from ' . in each of 500. Maturity on Oct. 1 as follows: $100,000 Ga.-Bonds Voted.-The issuance of County, HUT Lula, the years 1918 and 1923 and $400,000 in 1928. $5,000 school-building bonds Maturing part-yearly from vote Henrico County (P. 0. Richmond), Va.-Bond Election.- one to twelve years inclusive, has been authorized by a on to vote stated, it is 1909, 21 Jan. 6.' to held 23 of be will election An the question of issuing the $300,000 road-improvement Mansfield School District (P. 0. ,Mansfield), Ohio.bonds mentioned in V. 87, P. 182. Bond Offering.-Proposals will be received until 12 m. Nov. Hollister School District, Benito County, Cal.-Bond 24 by the Board of Education at the office of J. E. Nelson, 2% coupon bonds. *Authority Section Sale.-On Nov. 2 the $2,000 5% bonds offered on that day Clerk, for $17,50043/ (V. 87, p. 1191) were awarded to the Farmers' & Merchants' 3994, Revised Statutes. Denomination $1,000, except one Bank of Hollister at par. This was the only bid received. bond of $500. Date day of sale. Interest March 15 and Denomination $200. Date Jan. 1 1909. Interest semi- Sept. 15. Maturity $500 on March 15 1920 and $1,000 eddy annual. Maturity 1919. six months from March 15 1920 to March 15 1928 inclusive. Bid must be uncondieional and be Hornellsville School District No.7(P.0. Hornell), Steuben Bonds are tax-exempt.furnished by the Board of Education. form County, N. Y.-Bonds Voted.-A proposition to issue made on a blank e bonds was Certified check for 10% of bonds bid for, drawn on a Mans-purchas site and -building school 4% $30,000 Date field Bank and made payable to the Clerk Board of Education favorably voted on Nov. 10. Denomination $1,000. $2,000 yearly is required. Bonds to be delivered within six days from the Jan. 1 1909. Interest semi-annual. Maturity time of award. Official circular states there is no litigation on Jan. 1 from 1914'to 1928 inclusive. pending or threatened against the Board of Education; also Nashed.Authoriz that there has never been any default in the paYrnent of Huntsville, Ala.-Refunding Bonds City of the meeting obligations. ville, Tenn., papers state that at the $25,000 Council on Nov. 4 the Mayor was authorized to fund and Marion County (P. 0. Marion), Ohio.-Bond Sales.-On due now are of 6% bonds. Ten thensand of these bonds to Oct. 31 an issue of $11,200 5% 6A-year (average) Pleasant the others mature in ten years, the city having the option Hill Free Turnpike road bonds was disposed of to Hoehler take them up. They will be replaced with 5% bonds. & Cummings of Toledo. Date Nov. 1 1908. Interest March Im0'. (P. Imperial Valley Union High School District and September. perial), Imperial County, Cal.-Bond Election Proposed.On Oct. 31 the La Rue Bank Co. of La Rue was awarded to is stated, d, The School Trustees have been petitione it $3,800 5% 15-year Linwood Free Turnpike bonds for $3,970 not or hold an election for the purpose of deciding whether -the price thus being 104.473., Denominations $90, $100, "at least $40;000" school-building bonds shall be issued. $105, $110, $115, $120, $125, $130, $140, $150, $155, $170 and $180. Date Oct. 1 1908. Interest' March Jackson, Tenn.-Bond Offering.-Proposals will be re- $160,September. and ceived until 12 m. Nov.27 by C. E. Griffin, Chairman Finance aid On Nov. 14 the $8,000 4M% coupon refunding turnpike Committee, for $125,000 5% coupon refunding railroadre of bonds described in V. 87, p. 1315, were awarded to the bonds. Authority Chapter. 564, Acts of the Legislatu Davies & Bertram Co. of Cincinnati at 101.937 and accrued 1907. Denomination $1,000. Date Jan. 11909. Interest interest. Following are the bids: semi-annually at the Second National Bank in Jackson. Davies & Bertram Co., Cln.$8,155 00 lAlb. Kleybolte & Co. Cln.$8,100 00 Maturity Jan. 1 1929. Certified check for $1,000, payable' 8,092 50 Scott & Co., Columb.8,121,50'Hayden, Miller & co., circular 13arto, W. E. Heknlss, Marlon_ ___ 8,111 00 Cent. Tr. & Safe Deposit to the Mayor and Aldermen, is required. Official 80 8,084 1 Cincinnati Co., Bank, Clevethe payment National in First states that there has never been any default 8,104 001Hoehler & Cummings, Tol_ 8,057 50 d ana Im of principal or interest. Bonds are exempt from taxation. ssac County (P.0: Metropolis), Ill.-Bonds Defeated.Kutztown, Berks County, Pa.-Bonds Not to be Offered The question of issuing the $50,000 bonds mentioned in taken be will steps at Present.-We are informed that no V. 87, p. 1042, was defeated at the election held Nov. 3. in regard to issuing the $7,000 4% borough and fire-hall spring. next before 891) Medina, Orleans County, N.'7 -Bond Sale.-On Nov. 13 bonds voted on Sept. 5 (V. 87, p. $30,000 4-18-year (serial) registered village-hall-conthe have Sale. -We ond Cal.-B District, School Creek Lewis bonds described in V. 87, p. 1256, were sold to the struction 5-16-year 6% $6,000 27 July on that advised just been r Savings Bank of Rochester as 4.15s. The other Rocheste H. James to awarded were bonds -building (serial) school of about bidders were as follows: Adams & Co. of Los Angeles at 107.30-a basis 087 001Ed.Seymour&Co.,N.Y--b$30,059 00 In- N.W.Harris & Co., N.Y_a$30, 1 1908. Aug. Date $500. ation Denomin , N. Y. c30,425 00 $5,095%. N.W.Halsey & Co., N.Y_ a30,035 1010'Connor&Kahler 001Farson, Son & Co., N. Y. c30,776 70 a30,021 Sons,Cleve_ & W.J.Hayes terest annual. c30,008 00 Hough, & 00 Cleve__f a30,020 IOUs Buff__ Erie Co. Say. Bk., 1 d31,050 00 1 Lexington School District (P. 0. Lexington), Ky.-Bonds school-building 30-year 4% $75,000 Awarded in Part.-Of the a For 4.25s. b For 4.40s. c For 4.50s. d For Si. awarded bonds advertised to be sold on Aug. 6, $55,000 were i of the The above bidders also offered accrued interest in addition client Cincinnat a to on Nov. 12, according to reports, their bids. A bid for 4.20s was also received from the ac65 and par $981 at to Co. Security Savings Bank & Trust Bank of Medina, while Edmund Seymour & Co. of g Union remainin the that stated crued in-Lrest. It is further City alee made an offer for 4s. Bends are dated York until the of New be not disposed will $20,000 bonds of this issue 1908.. money is needed. See V. 87, p. 182, for a description of July 15 Memphis, Tenn.-Bonds Authorized.-On Nov. 14 the these securities. City's Secre-The Bonds. of tion board of the Legislative Council passed the ordinance -Descrip lower Tex. , Lockhart jail bonds 40-year 5% $25,000 for the issuance of the $1,009,500 4% coupon the providing that us tary advises (V.87, 101.20 at of Dallas Swain of registration) bonds; a description of which N. privilege (with H. to 17 Oct. awarded that the was given in V. 87, p. 1256. As alreadY explained by us, p. 1192) are in denomination of $500 each, and July. these bonds will be issued to refund alike amount of sectiri interest on the same is payable in January and the e), 0. Lockridg (P. ties of the Artesian Water Co. which were assumed by District School Lockridge Independent d: purchase was 24 plant the Oct. resulted when city held election Iowa.-Bonds Voted.-The Sal?.in favor of the question of issuing the $3,000 10-year schoolMiamisburg, Montgomery County, Ohio.-Bond $16,000 mentioned in $6,080 Linden Avenue and the the 14 house bonds at not exceeding 6% interest, Nov. On V: 87, p. 1042. We are advised, however, that these bonds Central Avenue 4% 1-10-year (serial) coupon imprbizement will not be placed on the market until about May 11909, assessment bonds described in V. 87, p. 1256, were awarded -Bond Offering. to the First National Bank of this city at par and accrued Logan County (P.0.Bellefontaine), Ohio. frorn Albert Kley25 by W. 8. -Proposals will be received until 1 p. m. Nov.ditch bonds. interest. A bid at par was also received bolte & Co. of Cincinnati. Jones, County Auditor, for $19,090 4 Authority Sections 4481 and 4482, ReAsed Statutes, and Minneapolis, Minn.-Bonds A thorizecl.-Ordinances proalaws amendatory and supplementary thereto. Denomin for the issuance of $250,000 rtrUnk:-line-sewer-construc-, viding and 1 1 July Jan. tion $500. Date Nov. 25 1908. Interest $50,000 fire-engine-house bonds were passed by the and tion each six $1,500 at the County Treasurer's office. Maturity on Nov. 13. These securities are in addition to Council ty ri on , $2,000 inclusive months from July 1 1909 to Jan. 1 1914 voting-machines and $50,000 fire-engine-house $116,200 h(. of cash deposit A July 1 1914 and $2,000 on Jan. 1 1915. authorized (V. 87, p. 1257) by the City recently bonds is r, required. Treasure $250, made payable to the County s l. d i c n o n B ou C states circular Official Nov. 3 Delivery on or before Nov. 28 1908. Defeated.-Papers state that the election held there has never been any defaillt in the payment of principal resulted in the defeat of a proposition to issue $500,000 bonds or interest. plant. „ - fer the construction of a municipal electric Long Beach, Los Angeles County, Cal.-Bond Election. of tering -Bond Y. N. County, question Mt. Vernon ,Westchester An'election will be held Dee. 15 to vote on the will be received until 8 p. in. Dec: 1 brthe' City s Proposal plant. l water a municipa for bonds issuing diSpesal-works bonds. Cal:-Bond Council for $40,000 4% sewerageLos Angeles County (P. 0. Los ArigeleS), 1 1908: Interest semiDec. tion Date $1,000. Denomina 00 the$3,500,0 te regard d Offering Again Postpone -In • Maturity $20,bonds which were anthially at the office of the CitY Treasnrerand 1949. Certi43/% G-:40-year (serial) gold highWay 1 in eath of the years 1948 D. on 000 the -1256), p. "Los 87, : (-V4 9 . Nov. to have been offered on for $1,000 is required. Bends will be certified cheek fied "pending Jii1g6, that states 10 States Mortgage Angeles Times" of Nov. to as to their genuineness by the Unitedlegality:approved toBorilweIrs decision in the injunction suits brought New York City,,and their of Co. Trust :& the sale of on action taking opinion., strain- the Supervisors from by Caldwell & Reed, New York City, a coprof which the good-!roads bends, the' Bdafd yesterday e morning passe'd Nov. 21 1908.] THE CHRONICLE will be delivered to purchaser. Bonds will be delivered on Dec. 8 1908. A. W. Reynolds is City Clerk. Bid to be made on form furnished by the city. Accrued interest to be paid by purchaser. Securities are exempt from taxation. Monroe, Green County, Wis.-Bond Sale.-On Nov. 17 the $20,000 5% coupon street, sewer and water-worksimprovement bonds described in V. 87, p. 1257, were sold to Devitt, Tremble & Co. of Chicago at 106.45. A list of the bidders follows: Devitt, Tremble&Co-Chl_$21,290 00 Lawrence Barnum & Co., MacDonald, McCoy & Co., New York $21,064 00 Chicago 21,236 00 FirstNat.Bk s. 21,050 00 Mercantile Tr.Co.,St.Louls 21,222 60 Trowbridge .,Monroe,Wi & Myer Co., Harris Trust & Savings Chicago 21,017 00 I* Bank, Chicago ___ 21,214 00 H. T. Holtz & Co., Chic_ 21,016 00 Parson, Son & Co. Chic..21,213 50 Thos. J. Bolger Co., Chic_ 21,012 00 E.H.Rollins & Sons, Chic_ 21,176 00 N.W.Halsey & Co., Chic_ 20.978 00 Merchants' Loan & Trust Woodin, McNear & Moore, Co., Chicago 21,116 00 Chicago 20,956 00 Mason, Lewis & Co.,Chic_ 21,110 00 Well, Roth & Co., Cinch'. 20.900 00 Minnesota Loan & Trust Seasongood do Mayer, Cin_ 20,863 20 Co., Minneapolis__ 21,100 00 Rudolph Kleybolte Co, John Nuveen & Co., Chic_ 21,095 50 Inc., Cincinnati 20,666 66 First Trust do gavings Commercial Savings Bank, Bank, Chicago 21,082 001 Monroe, Wis 20,175 00 1375 Philadelphia, Pa.-Certificate Sale.-The $3,500,000 4% 30-year registered or coupon certificates for various municipal purposes described in V. 87, p. 1114, were sold on 18 to Wm. A. Read & Co. of New York City at 103,533Nov. and accrued interest-a basis of about 3.802%. The bids.were as follows: Wm. A. Read & Co., Harvey Fisk & Sons New York (tor all)._103.533 and A. B Leach & 1 $200,000__103.740 Co.,N.Y.&Phlla.(all or part)_103.199 1 200,000__103.560 ( $100,000_103.004 Robert GendInning I 200,000._103.380 Corn Exchange Na-I 100.000__102.875 & Co.. Philo 200,000__103.20 tIonal Bank, Phil-1 100,000__102.75 1 100,000_103.02 adelphla I 100,000__102.625 J 100,000__102.84 I. 100,000-102.50 1 500,000_103.44 Farson, Son &•Co. I 500,000_103.13 and O'Connor & Abraham White, 1 500,000_103.04 Kahler, N. Y__ Gal or none) 102.837 trustee, New York} 500,000.._103.02 Drexel & Co. and 1 500,000.._102.97 Brown Bros. & 1 500.000_102.87 Co.. Phil _ .(all or none)..,102.769 ) 500,000_A02.53 Ed. B. Smith_-& Co. Chas. Harrison Jr.' 100,000._103.398 and Kountze Bros., & Co 100,000__103.329 New York (all or none) 102.68 Redmond & Co., 1 N. W. Halsey & Co., Philadelphla____(all or part).103.2723 New York $1,000,000-102.678 Newburger, BenderNorthern Trust Co., son & Loeb and Philadelphia 250,000..A01.62 Wm. Salomon & John Bothwell 5,000.-101 Co., New York_.(allornone).103.2113 H. F. Bachman & Co. Philo (all or none)__103.10 Maturity $1,000 yearly on Jan. 1 from 1910 to 1927 inclusive and $2,000 on Jan. 1 1928, The above bonds are now .eing offered to investors by Newark, N. J.-Bonds Proposed.-The Board of Works proposes to petition the Common Council to authorize the the purchasers, Wm. A. Read & Co. See advertisementon a preceding page. issuance of $100,000 water-system-improvement bonds. Pittsburgh, Pa.-Bond Sale.-The following 4% coupon New York City.-Suit to Enjoin City Bond Sale.-Justice Seabury of the Supreme Court yesterday reserved decision (with privilege of registration) bonds, described in V. 87, p. 1316, were awarded on Nov. 16 to the Sinking Fund Comon the application of David Meyer, a taxpayer, for an in- mission at par. junction to restrain the sale of $12,500,000 city bonds $150,000 park-im provement bonds. Maturity $15,000 yearly on Nov 1 advertised for Monday. The plaintiff claimed that the city from 1909 to 1918 inclusive. 8,300 judgment -funding bonds. Maturity $2,075 on Nov. 1 In had exhausted its borrowing capacity but Corporation each of the years 1913, 1918, 1923 and 1928. Counsel Pendleton submitted figures to show that there is Pleasant Ridge School District (P. 0. Pleasant Ridge), a margin of $50,000,000 at the present time. Hamilton County, Ohio.-Bonds Voted.-Local papers Norfolk, Va.-Bonds Authorized.-On Nov. 12 the Mayor port that the issuance of $50,000 school-house bonds rewas approved the ordinance providing for the issuance of the authorized by a vote of 213 to 107 at a recent $20,000 school-building-annex bonds mentioned in V. 87, Under date of Nov. 15 these papers further report election. that the p. 1043. bonds will be placed on the market within the next two Northampton, Mass.-Correction.-We are advised that weeks. Pocahontas, Va.-Bond Offering.-Proposals will be rethe $25,000 borrowed by this city from the First National Bank of Boston (V. 87, p. 1315) was negotiated at 3% ceived until 8 p. m. Nov. 30 by W. W. Brenaman, City interest and not 332% discount as reported in last week's Recorder, for $60,000 6% bonds in coupon form. The proceeds of these bonds will be used for the following purposes: "Chronicle". Maturity March 11 1909. Ocean View (P.O. Ind.Sta. L,San Francisco),Oal.-Bond $25,000, or as much thereof as may be necessary, to be used Election.-The Board of Town Trustees has instructed the to pay off and discharge existing indebtedness of the town; Town Attorney to prepare a resolution providing for the $15,000 to $20,000 thereof for the improvement of the streets and sewers of the town and the remainder thereof holding of an election to vote on general-improvement bonds for the purpose of erecting, improving, heating,f to the amount of $10,000. and properly equipping public-school buildings." urnishing AuthorOklahoma City, Okla.-Bond Offering.-Proposals will be ity vote of 96 to 18 at election held Oct. 8. Denomina tion received until 5 p. m. Nov. 23 by Geo. Hess, City Clerk, for $1,000. Date Jan. 1 1909. Interest annually on May $10,000 detention-hospital and $15,000 hospital 5% bonds. Maturity thirty years. Cashier's or certified check for 1. Date Nov. 16 1908. Interest semi-annual. Maturity of bonds bid for is required. Bonds are exempt from I% town twenty-five years. Certified check on an Oklahoma bank taxes. or New York exchange for 5% of bid, payable to the City Pontiac, Mich.-Bond Offering.-Proposals will be reClerk, is required. ceived until 8:30 p. m. Nov. 30 by Joseph H. Thorpe, Orange School District (P. 0. Orange), N. J.-Loan Clerk, for the $10,000 5% coupon fire-department City Authorized.-The Board of Education on Oct. 29 authorized voted (V. 87, p. 1257) on Nov. 3. Denomination bonds $1,000. the President and Secretary to issue a $1,100 note to pur- Date Jan. 1 1909. Interest semi-annually at the American chase school furniture. Savings Bank in Pontiac. Maturity $1,000 yearly on Jan. I. Orrville, Wayne County, Ohio.-Bond Election.-It is from 1910 to 1919 inclusive. Certified check for $500, paystated that an election will be held Dec. 14 to vote on a able to Ira E. Dunlap, City Treasurer is required. Bonds are tax-exempt. Purchaser to furnish blank bonds. proposition to issue $20,000 water-works-extension bonds. Portsmouth, N. H.-Bond Sale.-On Nov. 14 the $50,000 Oxford, Lafayette County, Miss.-Bids Rejected.-Proposals were asked for until Nov. 3for the $25,000 5% coupon 10-19-year (serial) refunding and the $12,000 2-5-year (serstreet-improvement bonds voted (V. 87, p. 1113) on Oct. 8. ial) sewer coupon bonds described in V. 87, p. 1316, were All bids received were rejected. Denomination $500. Date awarded to the Portsmouth Savings Bank of Portsmouth Dec. 1 1908. Interest annually in Oxford. Maturity as follows: the former issue, $25,000 as 33's and $25,000 as 4s at 100.325, and the latter issue at par for 33s. FollowDec. 11928. Bonds are tax-exempt. ing are the other bids received: Paducah School District (P. 0. Paducah), Ky.-Bonds $50,000 $12,000 Defeated.-An election held Nov. 3 to vote on the question E. Bonds. Bonds.II M. Farnsworth do Co a99.57 599.27 of issuing the $100,000 5% school-building and improvement Lee, Higginson a Co j a99.418 a98.50 bonds mentioned in V. 87, p. 1257 resulted in the defeat of 15100.533 599.751 N. W. Harris & Co j a98.029 that proposition. a98.0211 16100.021 6100.021 Pascagoula, Jackson County, Miss.-Bonds Voted.-It A. B. Leach & Co I a95.05 15100.12 is reported that an election held recently resulted int),vote C. E. Denison do Co 6102.07 5100.33 Merrill, Oldham & Co of 206 to 11 in favor of the issuance of water-works system Perry, b100.149 Coffin do Burr -5100.10 68 bonds. E. H. Rollins & Sons b100.08 599.07 A. Fernald & Co Passaic, N. 3.-Bond Sale.-Negotiations have been com- Geo. 5100.07 599.09 Bond do Goodwin D99.51 099.06 pleted for the sale of $90,000 bonds. a For 3%s. b For 4s. Pittsfield, Berkshire County,Mass.-Bond Sale.-On Nov. The above bidders are all from Boston. 19 the $100,000 4% coupon (with privilege of registration) Puyallup, Pierce County, Wash.-Bonds Deleated.-The refunding water bonds mentioned in V. 87, p. 832, were question of issuing $16,000 bonds was defeated at an elecawarded to Wm.A. Read & Co.of New York City at 104.819 tion held Oct. 31. and accrued interest. The bids were as follows: Rainier, Ore.-Bond Sale.-On Nov. 5 Giebisch & Joplin Wm. A Read & Co.. N. Y-104.819 Moffat & White, New York-104.357 were awarded the $5,000 10-20-year (optional) coupon water Perry, Coffin & Burr, Boston 104.747 Jackson do Curtis, Boston___10 4.31 Kountze Bros., New York.-104.71 Biodget, Merritt & Co., Bost_104.28 7 bonds described in V.87, p. 1193,at par for 6s. R. L. Day do Co., Boston__ _104.640 Crocker & Fisher, Boston...104.237 Blake Bros. do Co., Boston__104.646 Merrill, Oldham & Co., Bost_104.22 Redfield, Spink County,S. D.-Bond Olfering.-Proposal 9 s E. H. Rollins do Son, Boston_104.610 Estabrook & Co., Boston___104.16 will be received until 8 p. m. Dec. 7 for $18,000 sewer A. B. Leach do Co.. N. Y____104.58 Adams & Co., Boston bonds 104.13 at not exceeding 5% interest. Authority vote of 397 to N. W. Harris & Co., Boston_104.579 Win. Edmunds & Co., Bost_104.09 123 Whicher, Young do Conant. H. W. Poor do Co., Boston_104.08 at the Nov. 3 election. Maturity twenty years. H. T. Ih Boston 104.57 E. M. Farnsworth & Co.,Bos_104.04 Patch is City Auditor. 0. E. Denison do Co., Boston_104.511 Parkinson & Burr, Boston__ _104.03 Pfaelzer & Co.. Boston 104.39 American Banking Co 102.813 Red Lodge, Mont.-Bonds Not Yet Sold.-Up to Nov. 5 Denomination $1,000. Date Nov. 11908. Interest semi- no award annually at the City Trust Co. in Boston. Maturity $5,000 (optional)had yet been made of the $30,000 5% 10-20- year coupon sewer-sys tem-co nstruction bonds offered yearly on Nov. 1 from 1913 to 1922 inclusive. without success (V. 87, p. 832), on Aug. 27. The City 1376 THE CHRONICLE Lxxxvit. the State Comptroller on Oct. 25 (V. 87, p. 1194) have been sold. South Bethlehem, Northampton County, Pa.-Bonds Voted.-This borough has voted to issue $75,000 bonds. Date of offering not yet determined. Sparta, Kent County, Mich.-Bond Offering.-Proposals Rich.. be received until 12 m. to-day (Nov. 21) by the Village will Sinking Fund Commissioners.. Par 'Branch. Cabell & Co., 97.00 Estabrook & Co., New York_ _98.125 I mond n & Co., for the $20,000 5% electric-light bonds voted (V. 87, Council 96.78 BaltImore_ Kountze Bros., New York___97.03 IHambleto on Aug. 6. Denomination $1,000. Date Sept. 15 499) p. Bonds Proposed.-An ordinance providing for the issuance 1908. Interest annually at the Chase National Bank in of $60,000 street-improvement bonds has been referred New York City. Maturity $1,000 yearly on Sept. 15 from to the Finance Committee for further action. 1910 to 1929 inclusive. Certified check for $200, payable Ridgway School District (P. 0. Ridgway), Pa.-Bonds to E. G. Anderson, Village Clerk, is required. Net debt, the 3 on Nov. issuance polled was Voted.-A favorable vote this issue. Assessed valuation $580,000. Real value (estiof school-building bonds. V. 87, p. 1193. mated) $1,000,000. Spirit Lake Independent School District No. 63 (P. 0. Riverside, Cal.-Bond Election Proposed.-Through local papers we learn that it is proposed to hold an election some Spirit Lake), KootenaA County, Idaho.-Bond Offering.time in October or November to determine whether or not Porposals will be received until 12 m. to-day (Oct. 21) by the voters are in favor of issuing $240,000 bonds for improv- H. Davenport, District Clerk, for $15,000 5% gold coupon school bonds. Authority election held August 15 1908. ing the streets, the city hall and the parks. Rome, N. Y.-Bond Sale.-The following bids were re- Denomination $750. Date Sept. 1 1908. Interest semi20 ceived on Nov. 18 for the $90,000 4% 0-year water-supply annually at the District Treasurer's office. Maturity years, subject to call after 10 years. bonds described in V. 87, p. 1316: & Wright, N. Y_100.25 Spotsylvania County (P. 0. Spotsylvania), Va.-Bond N. W. Halsey & Co., N. Y__100.81 Wadsworth 100.711 Oneida County Say. Bank_ _100.2125 Kountze Bros. N. Y Postponed.-We are advised that,owing to injunction Election 4 N. Co., Y____100.1 & Estabrook 100.69 Y N. Co., ' Trust Columbia N. Y____100.079 proceedings,the election which was to have been held Nov.17 J. D. Everitt & Co., N. Y......100.43 A. B. Leach & Co., Par W. N. Coler & Co., N. Y„..100.29 Rome Savings Bank (V. 87, p. 1194) to vote on the propositions to issue about St. Joseph, Mo.-Bond Sale.-On Nov. 14 the $400,000 $60,000 Courtland Road District bonds and the $40,000 4% 10-20-year (optional) coupon bonds described in V. 87, Chancellor Road District bonds, has been postponed indefip. 1316, were awarded to Lee, Higginson & Co. of Chicago nitely. at 99.079. Springfield, Mo.-Bond Sale.-We are informed that Following are the bids: the month of October this city disposed of $10,000 during St. Lee, Higginson & Co.,Chic-- 99.079 Mercantile Trust Co., ued in anticipation of the collection of taxes to bondsiss 98.25 Louis A. G. Edwards & Sons,St. L.. local investors. Maturity three months. E. H. Rollins & Sons, Chic-198.518 Blake Bros. & Co., N. Y.- - - -J Stanislaus County (P. 0. Modesto), Cal.-Bonds Defeated. city St. Paul, Minn.-Bond Sale.-On Nov. 18 this -Both the proposition to issue the $45,000 bonds to conof privilege (with awarded the $50,000 4% 30-year coupon struct a jail and the one to issue $75,000 bonds to build a registration) fire-department bonds described in V. 87, p. bridge (V.87, p. 1194) were defeated on Nov. 3. Only 1,031 at Chicago of Bank 1257, to the Harris Trust & Savings votes were cast in favor of the former proposition, while 1,154 102.094-a basis of about 3.882%. were against it, and the latter issue received a vote of 868 Following are the bids: "for" to 1,333 "against." 101.299 Boston____ Co., & Day L. A. B. Leach & Co., Chicago_..102.02 IR. Steele County (P. 0. Sherbrooke), N. D.-Bond Sale.IMacDonald,McCoy&Co.,Chic 101.26 Lee, Higginson & Co., Chic_ _101.766 'Blodgett, Merritt & Co.,Bost.101.157 Nov. 10 the $15,349 coupon Fuller's Lake Drain No. 1 N. W. Halsey & Co., Chicago 101.52 On Bank, Savings & Trust Crocker & Fisher, Boston_ _ _101.377 IFirst 101.15 nt bonds, described in V.87, p. 1257, were awarded assessme Chicago I _101.334 Cleveland_ & Co., Dennison IE. H. Rollins & Sons, Chic 100.72 Kane & Co. of Minneapolis for $15,370 (100.136) for 6s. to R.M. Grant & Co., N. Y_ _ _101.311 'Mercantile 21 St. Louls_100. Co., Tr. Capital Nat. Bk., St. Paul_ _101.307 for 7s: held The following offers were received a par San Francisco Cal.-Bonds Voted.-The election the Wells & Dickey Co., Minneap_100.55 IS. A. Kean, Chicago 'in favor of the proposition to issue Nov. 12 resulted bonds. of preparing expense and fees attorney's for p. $700 a Less $600,000 432% water-supply bonds mentioned in V. 87, Maturity Jan. 1 1914. 1194. Denomination $1,000. Date Jan. 1 1909. Interest from Steelton, Pa.-Bond Sale.-Henry & West of Philadelphia semi-annual. Maturity $100,000 yearly on Jan. 1 have purchased $22,000 434% 15-year bonds dated Dec. 1 1910 to 1915 inclusive. Santa Paula, Cal.-Bond Sale.-On Nov. 9 $7,000 5% 1908. Interest semi-annual. gold,coupon improvement bonds were awarded to the First • Stryker, Williams County, Ohio.-Bond Offering.-ProNational Bank of Santa Paula at 100.728 and accrued inter- posals will be received until 12 m.,Nov.27,by M. E. Bolles, est. These securities were awarded to the same bank on Village Clerk,for $1,000 434% coupon tile-drain-construction Sept. 14 (V. 87, p. 833), but owing to a defect in the original bonds. Authority Section 2835 Revised Statutes. Denomiordinance it became necessary to re-advertise for bids. nation $500. Date Nov. 1 1908. Interest semi-annually Denomination $500. Date Sept. 1 1908. Interest Jan. 1 at the Village Treasurer's office. Maturity $500 in 1910 and July 1 at the City Treasurer's office. Maturity $1,000 and $500 in 1911. Certified check for 10% of bonds bid yearly on Jan. 1 from 1909 to 1915 inclusive. for, payable to the Village Treasurer, is required. Purdays Saratoga County, N. Y.-Bond Offering.-Proposals will chaser to pay accrued interest. Delivery within 10 award. of time from e, K. Walbridg John by 10 Dec. m. be received until 3 p. Summit, Union County, N. J'.-Bond Offering.-ProCounty Treasurer (P. 0. Saratoga Springs), for $100,000 5% will be received from 8 p. m. to 8:30 p. m. on Dec. 1 posals 2, 12, Article Section 6, ivision Sub-d y road bonds. Authorit Common Council for $70,000 4M% funding bonds the County Law. Denomination $1,000. Date Feb. 5 1909. by d in V. 87, p. 1194. Denomination $1,000. Ma's mentione Treasurer office. County the at ually Interest semi-ann years. Certified check, payable to the "City thirty turity in1914 to.,1918 Maturity $20,000 yearly on Feb. 5 from of Summit" (or cash) for $500 is required. clusive. Delivery of bonds Feb. 5 1909. among The official notice of this bond offering will be found found be among will The official notice of this bond offering nt. Departme this in the advertisements elsewhere the advertisements elsewhere in this Department. Terrell, Kaufman County,Tex.-Bonds Awarded in Part.Sdoto County (P. 0. Portsmouth), Ohio.-Bond Offering. state that of an issue of $15,000 4% 10-40-year Reports N. Fred. by -Proposals will be received until 12 m.Nov.27 ) lighting-plant bonds, $12,000 have been sold to Tynes, County Auditor, for $40,000 4% coupon bridge re- (optional oners' Court for the Kaufman County School Commissi 2834a, Sections the building and repairing bonds. Authority This issue of $15,000 bonds was registered par. at $500. Fund Date tion 871 and 22b, Revised Statutes. Denomina ler on Nov. 11. Comptrol State the County Treasby Dec. 1 1908. Interest semi-annually at the Union Bridge, Carroll County, Md.-Bond Sale.-The urer's office. Maturity $5,000 yearly on Dec. 1 from 1913 to Bank of Union Bridge bought $1,200 5% 1920 inclusive. Bonds are free from taxation. Cash de- First National ) fire-apparatus bonds on Oct. 31 at (optional -year to the County 5-20 payable posit or certified check for 10% of bid, 3.113% to the optional date and of about basis a 108.68at debt present. no Auditor, is required. This county has full maturity. Denomination $100. to 4.347% about Assessed valuation $15,486,982. annual. 1 1908. Interest Nov. Date of Seattle, Wash.-Bonds Defeated.-A proposition to issue Vicksburg, Miss.-Bond Sale.-Seasongood & Mayer $400,000 garbage bonds submitted to the voters on Nov. 3 Cincinnati were the successful bidders on Nov. 16 for the of which failed to carry. $225,000 432% coupon sewer bonds, a description , Shawnee School District (P. 0. Shawnee), Okla. Bond was given in V. 87, p. 1195. The price paid was $226,283 yearly Election Proposed.-This district proposes to hold an election or 100.57. Maturity on Dec. 1 as follows: $500 to allow the voters to decide whether or not $120,000 school- from 1909 to 1927 inclusive and $215,500 in 1928. D. Watertown School District (P. 0. Watertown), S. exbuilding bonds shall be issued. that it is Slidell, La.-Bonds Voted.-Reports state that an election Bonds to Be Offered Shortly.-We are advised bonds voted on held Nov. 12 resulted in a vote of 56 to 15 in favor of the pected that the $65,000 school-buildingon the market. placed will be bonds. p. 121) soon 87, uilding (V. -school-b 30 high June of issuance Waverly, Minn.-Bond Sale.-This village sold $4,000 5% Union Smith County (P. 0. Tyler), Tex.-Bond Sale.-Th e -year (serial) refunding bonds on Oct. 29. The -10 7 tion house -construc $160,000 4% 10-40-year (optional) courtsuccessful bidder' the was lis of Co. Minneapo nt Investme y b d registere bonds offered without success on Sept. 1 and Clerk writes us that these bonds will probably not be reoffered sooner than next spring. Richmond,Va.-Bond Sale.-The Sinking Fund Commission purchased the $251,700 4% 34-year coupon or registered refunding bonds described in V.87, p. 1193, on Nov. 17 at par. The bids received were as follows: Nov. 21 1908.] THE CHRONICLE 1377 paying 100.675. Denomination $1,000. Date July 1 1908. by purchase r. Maturity $3,000 yearly on Dec. 1 from 1909 Interest semi-annual. to 1918 inclusive. Total debt, this issue. Assessed valuaWaynesville, Haywood County, No.Caro.—Bond Sale.— The $25,000 5% 30-year water-works-improvement bonds tion, $4,000,000. The official notice of this bond offering will be found among proposals for which were asked until Oct. 6 (V. 87, P. 835) were bought on Oct. 20 by A. J. Hood Sr Co. of Detroit at the advertisements elsewhere in this Department. par. Denomination $1,000. Date Sept. 1 1908. Wilcox School District No. 62 (P. 0. Wilcox), Kearney Westchester County (P. 0. White Plains), N. Y.—Bond County, Neb.—Bond Offering.—Proposals will be received Offering.—Proposals will be received until 2 p. m. Dec. 2 by until 12 m. Nov. 24, by Ira M. Rhodes, District Secretary, for $9,973 6% building bonds. Denomination $1,000, Joseph B. See, County Treasurer, for $240,000 43% regis- except one bond for $973. Date Jan. 1 1909. Interest / tered court-house bonds. Denomination $5,000. Interest semi-annually at the First National Bank of Lincoln. Mafrom Nov. 1 1908, payable semi-annually. Maturity $10,000 turity Jan. 1 1929. Certified check on a local bank for 10% of bid, payable to J. A. Burford, District Treasurer, is yearly on Nov. 1 from 1914 to 1937 inclusive. Certified check on a State or national bank or trust company for 5% required, Youngstown School District (P.0. Youngstown), Ohio.— of the bonds bid for is required. Bonds will be certified to Bond Sale.—On Nov. 16 the following 43/2% coupon bonds as to genuineness by the United States Mortgage Sr Trust described in V. 87, p. 1196, were bought by the Fifth-Third National Bank of Cincinnati for $60,511 (108.053): $16,000 Co. of New York City. The official notice of this bond offering will appear among due Sept. 1 1925, $20,000 due Sept. 1 1926 and $20,000 due Sept. 1 1927. the advertisements in this department next week. Western May Drainage District, Ark.—Bonds Not Sold.— Bond Offering.—No satisfactory offers were received on Canada,its Provinces and Municipalities. Nov. 13 for the $90,000 bonds at not exceeding 6% interest, Berlin, Ont.—Debenture .—A vote will be taken described in V. 87, p. 1195. Proposals for these securities on Jan.4 on the question ofElection issuing $11,000 5% fire-station, will be received at any time. Chas. W. Jones (P. 0. Corn- debentures maturing part yearly for 20 years. ing) is District Secretary. Boundary Creek School District, Alberta.—Debenture Sale. West New York (P. 0. Station 3, Weehawken), Hudson —This district recently sold $1,000 debentures to J. Addison County, N. J.—Bond Sale.—On Nov. 5 the $200,000 5% Reid of Regina, 30-year coupon or registered funding bonds offered on Aug. Brantford, Ont.—Debenture Election Proposed.—Ther 6(V.87, p. 122), were disposed of at par and accrued interest e is talk of holding an election in Jan. 1909 to vote on a proposito the Hudson Trust Co. of Hoboken. tion to issue $100,000 Collegiate Institute building debenWest Seneca, Erie County, N. Y.—Stony Point Fire Dis- tures. trict No. 1.—Bond Offering.—Proposals will be received until Buena Vista School District No. 1837 Dec. 1 by Hugh E. Donowick, Secretary Board of Fire Com- Alberta.—Debenture Offering.—Proposals (P. 0. Monvel), were asked for missioners,for $30,000 Stony Point Fire District No. 1 bonds. up to and including yesterday (Nov. 20) by W. E. Lee, Denomination $1,000. Date Dec. 1 1908. Interest (rate District Secretary-Treasurer, for $1,000 7% coupon schoolbuilding not to exceed 6%)payable semi-annually at place designated Interest and furnishing debentures. Denomination $100. annually in Stettler at either the Merchants' Bank NEW LOANS. NEW LOANS. $15,000 $492,500 CITY OF PLAINFIELD, N. J. City of Charleston,S.C. 4% BONDS. FIRE HOUSE BONDS. Pursuant to resolutions adopted by the Com- Treasurer. If all bids are rejected, all checks mon Council of the City of Plainfield, N. J., at a will be returned. All proposals for bids must be meeting thereof held November 9th, 1908, and submitted on forms the of duly approved by the Mayor, notice is hereby prepared for that purpose, proposal especially copies of which may given that on FRIDAY', THE TWENTY- be obtained from the City Clerk or from the SEVENTH DAY OF NOVEMBER, 1908, AT Columbia Company Trust in the City of New EIGHT O'CLOCK P. M., at the Council Chamber, No. 149 North Avenue, Plainfield, N. J., the York. The bonds will be engraved under the superCommon Council of said city will receive and vision of and certified as to genuineness by the open sealed proposals for the purchase of fifteen Columbia Trust Company of New York. thousand dollars ($15,000) of Fire House Bonds Each proposal, together with the certified check Galled for by said resolutions. accompanying the same, shall be enclosed in a The Fire House Bonds referred to are coupon sealed envelope endorsed "Proposals for Fire bonds In the denomination of five hundred dollars House Bonds," and addressed "The Common ($500) each, and will bear date the first day of Council of the City of Plainfield, N. J.," and December, one thousand nine hundred and eight, delivered to the Common Council at the time and and be payable December 1st, 1918, and will place specified in this advertisement. bear Interest at the rate of four and one-half per No bid for less than par and accrued interest centum (4% %) per annum, payable semi-annu be accepted. ally. Principal and Interest will be payable in will The right to reject any or all bids is expressly gold coin of the United States of the present by the Common Council, together with standard of weight and fineness, at the office of reserved that of waiving any informalities or defects. the City Treasurer In said city. The forms of At the time and place appointed, to wit, Friday, both bonds and coupons are on file in the office of the twenty-se day of November, 1908, at the City Clerk, and there open to inspection by eight o'clock venth p. m., at the Council Chamber, bidders. The bonds will be delivered to the pur- No. 149 Avenue, Plainfield, N. J., the chaser at the office of the City Treasurer of the Common North will immediately proceed to City of Plainfield, N. J.,or, at the option of the unseal theCouncil bids sealed proposals, and publicly or purchaser on written notice to the City Clerk, at announce the contents in the presence of the the office of the ColumblaTrust Company In the parties bidding, or their agents, provided said City of New York, on Dec. 1st, 1908, at eleven parties agents choose to be then and there o'clock a. m., unless a subsequent date shall be present,orand also make proper record of the mutually agreed upon between the purchsaer prices and terms upon the minutes of the Comand the City Treasurer. Council. A certified check for two per centum (2%) of mon Dated Nov. 9, 1908. the par value of the bonds bid for, payable to the By order of the Common Council, Treasurer of the City of Plainfield, N. J., must JAMES T. MacMURRAY, accompany each bid. All such checks, except the City Clerk. checks of the party or parties whose bids shall be WILLIAM F. ARNOLD, accepted, will be promptly returned by the City City Treasurer. Established 1886. H. C. Speer & Sons Co. First Nat, Bank Building,Chicago CITY' COUNTY AND TOWNSHIP BONDS. MacDonald, McCoy & Co., MUNICIPAL AND CORPORATIOA BONDS. 113x La Salle Street, Chicago BLACKSTAFF & CO. Sealed bids will be received by the undersigned until 12 o'clock noon Tuesday, Decenlber 1908, for $492,500, or any part thereof, of the 1, City of Charleston Bonds, dated July 1, 1908, and payable 30 years after date, with interest thereon at the rate of 4 per cent per annum, payable semiannually on the 1st day of January and July In each year, the Coupon due Jan. 1 to be detached Said bond to be issued under the authority of an Act of the General Assembly entitled, "An Act to Authorize the City Council of Charleston, S.C., to Issue Coupon Bonds at a Rate of Interest not Exceeding 4 Per Cent Per Annum,for the Purpose of Taking Up or Exchanging the 4 PerCent Coupon Bonds of said City Maturing on January and July 1, 1909," approved on the 13th day of1 February, 1907. And of an Ordinance of the City of Charleston "To Provide for Issuing Coupon Bonds, with Interest at the Rate of 4 Per Cent Per Annum, for the Purpose of Tak ng Up or Exchanging the 4 Per Cent Coupon Bonds Maturing on January 1 and July 1, 1909." Successful bidders to deposit with the undersigned within 24 hours after notification an amount equal to 5 per cent of such successful bid, and to pay for and receive said Bonds on or before the 23d December, 1908. Any successful bidder failing to make such 5 per cent deposit shall be dropped and the next highest bidder to take his place. City 4 per cent Bonds maturing January 1, 1909, will be accepted at their face value In payment of any accepted bid. )4,4114 The right to reject any or all bids is reserved. J. 0. LEA, City Treasurer All bids to be marked "Bids on Bonds.". .g $30,000 West Seneca, Erie Co., N. Y. Stony Point Fire District INVESTMENTS BONDS 1832 Walnut Street PHILADELPHIA Proposals will be received until TUESDAY, DECEMBER 1ST, by Hugh E. Donowlck. Secretary of Board of Fire Commissioners, for the sale of Thirty Thousand Dollars of Stony Point Fire District bonds. Denomination $1,000. Date December 1st, 1908. Interest not to exceed 6%, payable semi-annually at place designated by purchaser. Due $3,000 annually, commencing December 1st, 1909. Assessed valuation $4,000,000. No other debt. Private sale. HUGH E. DONOWICK, Secretary. LIST OF SPECIALTIES ON REQUEST MUNICIPAL AND RAILROAD BONDS. LIST ON APPLICATION. WEBB & CO., BEAB ONGOOD & MAYER, Mercant INVESTMENT SE017EITIKS. ile Library Building CINCINNATI. 74 BROADWAY. NEW YORK LVoL. Lxxxvn. THE CHRONICLE 1378 yearly. Certified or the Traders' Bank. Maturity $100 ry-Treasurer, Secreta District the to e payabl $100, for check present. Assessed at debt no has district This d. require Is valuation for 1908 $100,000. Calgary, Alberta.-Debentures Voted.-The propositions Dec. 1 1908, for the to issue 432% 20-year debentures dated 10 following purposes, carried at the election held Nov. for (V. 87, p. 1259): $78,000 for water-works, $35,000 paving subways and $32,000 for paving streets. The vote be was 156 to 10. The debentures, we are advised, will placed on the market some time in December. ies Dundas, Ont.-Debenture Sale.-The Ontario Securit Nov. 2 for the Co. of Toronto was the successful bidder on ng debentures $20,000 5% gold coupon high-school-buildi was 102.785. described in V. 87, p. 1196. The pricetopaid 1928 inclusive. Maturity part yearly on July 1 from 1909 $5,055 5% -The Sale. re ebentu Ont.-D IF East Toronto, Nov. 9 (V. 87, p. 1259) 30-year school debentures offered on Toronto at 113.333 and were awarded to Wm. C. Brent of accrued interest. Following are the bids: 5.617 $5,729 lOntario Secur. Corp., Toron__$ Wm. C. Brent, Toronto _ _ 5,527 5,698 I Acmillus Jarvis & Co., G. A. Stimson & Co., Toronto_ Tor- 5,471 I Wm.A. MacKenzie & Co.,Tor. 5,639 Ltd.,Tor Corp., Sec. Dominion 5,635 I Wood. Gundy & Co., Toronto_ Annexation.-On Dec. 15 this town will be annexed to the City of Toronto. e), Ont.-Bids. East Wawanosh Township (P. 0. Belgrav res awarded debentu e drainag year 1-2053/2% $2,500 -The Corporation, Ltd., ies Securit on Domini the to 29 Oct. on the following of Toronto at 105.04 (V. 87, p. 1259) attracted list of bids: W. A. MacKenzie & Co., Dominion Securities Corp., $2,543 Toronto $2,626 IP Ltd., Toronto 2,600 Ontario Securities Company, Dominion Bank 2,507 Toronto 2,600 Toronto. Wood. Gundy & Co., 2,500 2,568 Hanson Bros., Montreal A. E. Ames & Co., Toronto o Finch, Ont.-Debenture Sale.-Wm. C. Brent of Torontng maturi res debentu orks water-w 53/2% $4,718 bought has part yearly for twenty years.. -An Foam Lake School District, Sask.-Debenture Sale. n Reid issue of $1,200 debentures has been sold,to.J. Addiso of. Regina. -J. Greenwood School District, Sask.-Debenture Sale. this of Addison Reid recently purchased $1,400 debentures district. Humboldt, Sask.-Debenture Sale.-The $7,500 6% ned in water-supply and fire-protection debentures mentio of V. 87, p. 1196, have been disposed of to Wm. C. Brent Toronto. Maturity part yearly for twenty years. Kemptville, Ont.-Debenture Sale.-The $6,000 5% cou31 pon school debentures advertised to be sold on Oct. for have been awarded to Osborne & Francis of Toronto ma$6,129 05 (102.15) and accrued interest. Debentures and ture part yearly on Dec. 31 from 1909 to 1928 inclusive are described in V. 87, p. 1112. Langham, Sask.-Debenture Sale.-The $5,000 6% firein protection and local-improvement debentures mentionedCo. & n Stimso A. G. to d awarde been have 830, p. 87, V. of Toronto. Maturity part yearly for twenty years. Lanigan, Sask.-Debenture Sale.-Wm. C. Brent of Toronto has been awarded $13,200 6% public-park debentures. Maturity part yearly for fifteen years, beginning six years from date. McCargar School District No. 2147 (P. 0. Moose Jaw), Sask.-Debenture Sale.-An issue of $1,200 10-year schoolbuilding debentures has been purchased by the Security Loan Co. at par for 7s. Denomination $120. Date Dec. 1 Oki 1908. Interest annual. Meaford, Ont.-Debenture Sale.-An issue of $23,443 5% town-hall debentures has been disposed of. Wm. C. Brent of Toronto was the successful bidder. Maturity part yearly for twenty years. Montreal, Que.-Offering of 4% Stock.-The City Treasinscribed urer is offering at par by popular subscription 4% to stock in sums of $5,000 and upwards. The amount be sold in this manner must not exceed $2,000,000. Interest is payable May 1 and Nov. .1. Notre Dame de Grace, Que.-Debenture Sale.-The $50,000 4% 40-year debentures for which proposals were asked until Nov. 2 (V. 87, p. 1113) have been awarded to Hanson Bros. of Montreal at 86.86. NEW LOANS. $70,000 NEW LOANS, CITY OF SUMUCT, N. J. CITY OF PLAINFIELD, N. J. 432% BONDS STREET IIVIPROVEIYIENT BONDS. $31,000 all ED by the City Treasurer. If all bids are rejected, SEALED PROPOSALS WILL BE RECEIV for bids PursuantIrtoir Resolutions adopted d. the City of Summit. Common checks will be returned. All proposals by the Common Council of Council of the City of Plainfiel N.rJ., the forms of proposals on d submitte be on 9, must m., p. Novembe 8:30 held to 8 N. J.. from at a regular meeting thereof for that purpose, copies of 1908, by the Mayor, notice especially prepared p.,1 TUESDAY, DECEMBER 1ST,at Clerk or a public 1908, and duly approved hour, which may he obtained from the City and opened at the last-namedCouncil is hereby given that FRIDAY. THE TWENTY- from Company in the City of held be Trust a to Columbi the Common EIGHT AT NOV., 1908, meeting of the said OF H been DAY has SEVENT Issue the of of legality City the In The , No. New York. at the same time at the City Hall, O'CLOCK P. M., at the Council Chamber by Delafield & Longfellow, Esqs., of Summit. N J.: 149 North Avenue, Plainfield, N. J., the Com- examined be will % e opinion 43i of favorabl whose Issue City, $70,000 York the New open For the purchase of city will receive and N. J.,of the denomi- mon Council of said the purchase of Thirty-one furnished to the purchasers. bonds of the city of Summit, sealed proposals for superthe under engraved be In years, thirty will bonds payable The each, 00 ImproveStreet $1,000 ) of nation of ess by the Certificates and Thousand Dollars ($31,000 the said resolutions and vision of and certified as to genuinen Issued to pay off Improvement Act of March ment Bonds called for by ordinances therein re- Columbia Trust Company of New York City. Certificates of Indebtedness,under the other resolutions and check certified the towns, with cities, ated together , incorpor proposal Each ing 23d,1899, authoriz in a this State to fund ferred to. to are accompanying the same shall be enclosed townships and boroughs ofand The Street Improvement Bonds referred for Bonds" and ls matured the "Proposa endorsed envelope ness sealed indebted d Dollars Thousan One their floating in the denominations of City the of Council Common "The d as of the first day and addresse maturing bonds. in a sealed ($1,000) each, and will bear date of Plainfield, N. J.," and delivered to the ComEach proposal must be enclosed of September, One Thousand Nine Hundred and in of specified name the place with and time the at endorsed mon Council er Septemb as follows: envelope properly ng the subject matter Seven, and he payable September 1st of each this advertisement. the bidder and designatithe Common Council of 1st, 1912, one bond; and par value and accrued than leas for bid No , bonds; two inclusive both of the bid and directed to year from 1913 to 1918, . the City of Summit, N. J. prices In writing as and September 1st of each year from 1919 to 1924, Interest will be accepted The right to reject any and all bids Is expressly Bidders will state their both Inclusive, three bonds. Said bonds will Council, together with Common the by reserved and one-half four of well as in figures. ied by a bear interest at the rate informalities or defects. Each proposal must be accompan per annum, payable semi- that of waiving any (4% %) centum per d, to wit, Friday, of $500 00; appointe amount At the time and place Interest will be payable certified check or cash to the day of November, 1908, at. it shall be made annually. Principal and If certified check is furnished N. Chamber in gold coin of the United States of the present the twenty-seventh Council rethe without J.. at m., p. Summit. o'clock payable to the City of standard of weight and fineness, at the office of eight Plainfield, N. J., the The forms of No. 149 North Avenue, serve. Immediately proceed to of Summit. the City Treasurer in said city. will City Council the of Council Common in the file Common office on The proposals and publicly right to accept both bonds and coupons are n by unseal the bids or sealedin the presence of the N. J., reserve to themselves the -mentioned of the City Clerk and there open to inspectio the contents or reject any proposals for the above providing said of bidders. The bonds will be delivered to the pur- announce agents, Interests their or the bidding for best deem parties may bonds as they chaser on Tuesday, December 1st, 1908, at the and there parties or agents choose to be then the City. of the office of the City Treasurer of the City of Plainalso make proper record of the and present, on r the purchase By direction of the Common Council of field, N.J., or, at the option Common of the minutes the upon terms and prices City of Summit, N. J. written .notice to the City Clerk, at the office of Council. J. EDW. ROWE, the Columbia Trust Company In the City of New City Clerk. Nov. 9, 1908. Dated York. By order of the Common Council, A certified check for two per cent (2%) of the face value of the bonds bbl for, payable to the JAMES T. MacMURRAY, must J., Treasurer of the City of Plainfield, N. except City Clerk. : accompany each bid. All such checks F. ARNOLD, M WILLIA shall bids whose parties the checks of the party or r, Treasure City be accepted will be promptly returned by the $3,000 RED BAY. ALABAMA, 6% SCHOOL BONDS. sale Sealed proposals will be received for the 01 $3,000 6% School bonds. For full particulars address GEO. W. SIMS, Mayor. Blodget, Merritt & Co. HUNT, SALTONSTALL & CO., exchange Investment Securities Members ot New York Stock BANKERS Perry, Coffin & Burr, 00 STATE STREET BOSTON STATE, CITY AND INVESTMENT BONDS. RAILROAD BONDS 60 State Street, 6o State Street, - Boston 30 Pine Street, - New York BOSTON. R. T. Wilson & Co. nts Bankers & Commission Mercha ss WALL STREET NEW YORK Nov. 21 1908.1 THE CHRONICLE O'Dellville School District, Alberta.-Debenture Sale.J. Addison Reid of Regina has bought $1,200 debentures. Omeemee School District, Sask.-Debenture Sale.-This district recently disposed of $2,500 debentures. J. Addison Reid of Regina was the successful bidder. Ottawa School District, Alberta.-Debenture Sale.-J. Addison Reid of Regina has been awarded $1,600 debentures. Parry Sound, Ont.-Debenture Sales.-The $14,000 5% 20-year water and light debentures for which proposals were asked until Nov. 3 (V. 87, p. 1113), have been awarded to the Dominion Securities Corporation, Ltd., of TorOnto, for $14,218-the price thus being 101.557. G. A. Stimson & Co. of Toronto, offering 100.187 and crued interest, were the successful bidders on Nov. 17 acfor the $3,200 5% local improvement debentures mentioned in V. 87, p. 1197. Following are the bids: Stimson G. A. & Co., Toronto-$3,206 Wood, & Co.,Toronto-$3,185 W.A. MacKenzie & Co., Tor_ 3,204 Wm.C.Gundy Brent, Toronto 3,170 A. E. Ames & Co.,Toronto___ 3,200 Isaac Allen 2,880 Dominion Sec.Corp.,Ltd.,Tor. 3,185 Maturity part yearly for ten years.. Pleasant Grove School District, Alberta.-Debenture Sale. -An issue of $1,200 debentures has been disposed of to J. Addison Reid of Regina. Port Arthur,Ont.-Debenture Sale.-On Nov.14the following 5% debentures, described in V.87, p.1260, were awarded to Wood, Gundy & Co. of Toronto at 101.505 and accrued Interest: $3,400 due in 20 years, $25,000 due in 15 years for telephones, $7,000 due in 15 years to purchase copper wire and $32,000 due in 15 years for electric lights. Following is a list of the offers received: 1379 Port Stanley, Ont.-Debenture Sale.-On Nov. 14 $10,000 5% public-school debentures described in V. 87,the p. 1197, were awarded to the Ontario Securities Co. at 100.61. The other bidders were as follows: Geo. A. Stimson & Co., I Wm. C. Brent, Toronto--$9.831 00 Toronto $10,051 001Brouse, Mitchell & Co., A.E.Ames & Co.,Toronto 10,014 001 Toronto 9.76150 Maturity part yearly on Dec. 31 from 1909 to 1928 inclusive. Revelstoke, B. 0.-Debenture Sale.-This city on Oct. 15 sold the $3,300 (Series N) new fire-alarm-system $5,000 (Series 0) park 5% 25-year debentures describedand p. 894, to W. A. MacKenzie & Co. of Toronto at in V. 87, 92.50 and accrued interest. Saskatoon, Sask.-Debenture Sale.-The followin were received on Nov. 11 for $30,610 sewerage and g bids water-works 532% 30-year debentures of this city: $26,000 Ontario Securities Corporation (110.38) Wood, Gundy & Co. (109.05) Dominion Securities Corporation, Ltd. (106.11) W. A. MacKenzie & Co. (103.87) Nay & James, Rcglna (103.41) Win. C. Brent (102.03) Aemilius Jarvis dc Co. (98.03) $82,486 12 61,733 20 60,068 87 58,800 80 58,540 44 57,759 18 54,494 With the exception of Nay & James, the above bidders are from Toronto. Interest semi-annual. Tweed, Ont.-Debenture Offering.-P. T. Bowlby, is offering at private sale $5,000 5% gold registered Reeve, granolithic-walk debentures. Date Oct. 6 1908. Interest annually at the Traders' Bank in Tweed. Maturity part yearly on Oct. 6. Debentures are tax-exempt. Total debt this issue. Assessed valuation 1908, $548,402. Wood,Gundy & Co., Tor-$68,453 00 G. A.Stimson & Co., Tor_267,400 -4 00 Vernon, B. 0.-Debentures Voted and Sold.-An election J. M. Robinson & Sons__ 68,074 00 Wm,C. Brent, Toronto__ 66,829 00 Dominion Securities Corp., A.E. Ames & Co.,Toronto 66,726 00 was held Nov. 2 to vote on the question of issuing the followLtd.,Toronto 67,562 36 AemillusJarvls&Co., Tor- 66,380 00 ing 5% debentures: $3,000 due in 15 years for lighting the Port Hope, Ont.-Debenture Sale.-The • followin g 5% with arc lamps and $2,200 due in 10 years local-improvement debentures have been sold to G. A. streets alarms. The former proposition carried by a vote offor fire102 to Stimson & Co. of Toronto; $5,900 due part yearly for 31 and the latter by a vote of 92 to 41. We are advised twenty years and $2,176 due part yearly ,for eight years. that these debentures have already been disposedrof. NEW LOANS. i29511,000 NEW YORK CITY Four (4%) Per Cent. GOLD TAX EXEMPT STOCK AND BONDS Issued in Coupon or Registered Form Interchangeable at will after Purchase To Be Sold Monday, Nov. 23, 1908, At 2 o'clock P. M. AS FOLLOWS: $12,090,090 Corporate Stock, Payable November 1, 1958 $500,060 Assessment Bonds, Payable November 1,1918 EXEMPT FROM ALL TAXATION COUPON INTEREST PAYABLE AT OPTION OF HOLDER NEW YORK OR LONDON THESE STOCKS AND BONDS ARE LEGAL INVESTMENTS FOR TRUST FUNDS Ssend bins in a sealed envelope enclosed in the addressed envelope. A DEPOSIT OF TWO PER CENT. OF PAR VALUE MUST ACCOMPANY BID. Such deposit must be in money or certified check upon a New York State Bank, or Trust Company, or a National Bank For fuller information see "City Record," published at Room No, 2, City Hall, New 'York. Consult any Bank or Trust Company, or address HERMAN A. METZ, Comptroller, City of New York 280 Broadway, New York, $100,000 Saratoga County, N.Y., 5% Bonds Notice Is hereby given that sealed proposalswhich will be considered as bids when openedwill be received by the undersigned, until the 10TH. DAY OF DECNMBER, 1908, AT 3 0 CLOCK P. M.,for the purchase of one hundred thousand dollars' worth ef bonds of Saratoga County, New York, to be Issued to pay for State Roads Nos. 240, 241, 242, 243, 244, 340, 441, 442, 443, 610 and 611, In Saratoga County. The bonds will bear date cf February 5th, 1909, and they will be of the deer.istInation of ;1,009 each thereof, to an amount of see hundred thousand dollars, with interest at the rate of five per centum per annum, payable at office of the Treasurer of Saratoga County, the on all sums unpaid, semi-annually, on the 5th day of ary and the 5th day of August,In each andFebruevery year hereafter until paid. Said bonds will mature, as aforesaid, on the 5th day of February, in each year, as follows: February 5th, 1014 $20,000 $20,000 1199115 6 $20,000 1912 7 820,000 The purchase price to be paid an(1 $2t90e919 )onds to be delivered on the 5th day of February, 1009, at the office of the Treasurer of Saratoga County, at 439 Broadway, Saratoga Springs, N. Y., between the hours of 0 and 12 a. m. The undersigned reserves the right to reject any or all bids which are not, In his opinion, advantageous to the interest of said county. Proposals must be sealed and endorsed "Proposals for bids," and should be enclosed in a wrapper addressed to the undersigned, at Saratoga Springs, N. Y., where on the 10th day of December, 1908, they will be opened by the Chairman of the Board of Supervisors of said county and the undersigned. Saratoga Springs, N. Y., November 18th, 1908. JOHN K. WALBRIDGE. Treasurer of Saratoga County. Assessed valuation of Saratoga County ;26,396,503 00 Population, 61,089. Bonded or floating indebtedness, $59,000 00 The bonds will be signed by the Treasurer, and countersigned by the Chairman of said Board and the signatures certified to by the Clerk of the Board of Supervisors. Authority to Issue-An Act adopted by affirmative vote of all the members present at a meeting of the Board of Supervisors of Saratoga County on the 18th day of November, 1908, the same being more than a two-thirds vote of all the members elected to said board, and by the authority given said board under subdivision 6 of Section 12 of Article 2, of the County Law. A copy of the day's proceedings of the Board of Supervisors authorizing said bond sale will be furnished on appnean,,n. Cuban Securities A SPECIALTY FRANCKE THOMPSON & ROBB Members N. Y. Stock Exchange 43 Exchange Place Telephone 6444 Hanover BRANCH OFFICH itrtstol Bulldtng, 5th Ave. and 4..id Telephone 1658 Bryant [VOL. Lxxxvn. THE CHRONICLE 1380 rrust Companies. Trust(companies. Meg Mtn Trust Compaq of IN DI, Chartered 1853 45 and 47 Wall Street. CAPITAL, SURPLUS AND UNDIVIDED PROFITS, - $2,0000,00.00 $13,243,128 35 r. Guardian. Trustee, Court Depositary and In This Company acts as Executor, Administrato other recognized trust capacities. deposits. on rates It allows interest at current and other property, real or personal, for estates, It holds, manages and invests money, securities corporations and individuals. EDWARD W. SHELDON, President. WILLIAM M. KINUSLEY, Second Vice-Pres WILFRED J WORCESTER, Asst. Secretary W. Bayard Cutting, Charles S. Smith, William Rockefeller, Alexander E. Orr. Trust Company JOHN CROSBY BROWN, Vice-President. HENRY E. AHERN, Secretary. CHARLES A. EDWARDS. 2d Asst. Secretary TRUSTEES. JOHN A. STEWART. Cluztrinan of the Board. Payne Whitney, John Clat1ln, William H. Macy Jr., Edward W Sheldon. John J. Phelps. William D. Sloane, Chauncey Keep, John S. Kennedy, Gustav H. Schwab, George L. Rives, D. 0. Mills, Frank Lyman, Arthur C. James. Lewis Cass Ledyard, George F. Vletor, Lyman J. Gage, James Stillman, -- --- John Crosby Brown. Manhattan illinoisTrust8eSavingsBank 20 Wall Street Corner Nassau NEW YORK .CHICAGO Capital and Sttrplu.s S1.3,1200,000 Pays Interest on Time Deposits, Current and Reserve Accountts Deals in Investment Securities and Foreign Exchange. Transacts a General Trust Business. CORRESPONDENCE INVITED UNITED STATES MORTGAGE & TRUST COMPANY NEW YORK SURPLUS, $4,000,000.00 CAPITAL, $2,000,000.00 THE Trust Company of America 37-43 WALL STREET, NEW YORK. LONDON OFFICE: 95 Gresham St.. London, E. Cl, COLONIAL BRANCH: 222 Broadway DIRECTORS JOSEPH J. O'DONOHUE Jr. LOWELL M. PALMER STEPHEN PEABODY E. CLIFFORD POTTER JOHN J. RIKER WA. F. SHEEHAN UEORUE R. SHELDON HENRY F. SHOEMAKER JAMES W. TAPPIN OA KLE1011 THORNE ROBERT B. VAN CORTLANDT W. K. VANDERBILT Jr. JOHN E. BORNE WM. H. CHESEBROUOH RICHARD DELAFIELD ASHBEL P. FITCH ANSON R. FLOWER H. B. HOLLINS JAMES S. KUHN FRANK R. LAWRENCE CORD MEYER SETH M. MILLIKEN RANDAL i'llOROAN MORGAN J. O'BRIE` Invites Personal and Business Accounts. Acts as Trustee, Executor, Administrator, Guardtan and in All Fiduciary Certifies MuniCapacities. cipal and Corporation Bonds. 1.311311i1 55 Cedar St. 73rd St.& B'way 125th St. & 8th Ave. Adrian H Muller & Son AUCTIONEERS. Regular Weekly Sales Wilkinson, Reckitt, Williams & Co. CERTIFIED PUBLIC ACCOUNTANTS NEW YORK CHICAGO PHILADELPHIA 52 Broadway Marquette Bldcf. . Mutual Life Bldg, LONDON, ENGLAND Leadenhall STOCKS and BONDS EVERY WEDNESDAY. Office, No. 55 WILLIAlti STREET, Corner Pine Street. Albert Kleybolte & 409 Walnut Street, CINCINNATI, 0. Municipal, County, State, MELLON NATIONAL BANK PITTSBURGH One of the 20 big banks of the country. Thoroughly equipped to handle the accounts of other banks. A. W. MELLON, Prest. W. S. MITCHELL, Cashier and Iligh•Grade Public Service Securities Correspondence Solicited. $15,000 Electric-Light Bonds Blaine, Washlrgton. 6 altered at a very attractive price. Correspoi.de..ce HARRV B. POWELL 86 CO. NVoodstock. Vermont PRIMROSE dc BRAUN New York City Bank, Trust and Fire Insurance Stocks 43 EXCHANUE PLACE . NEW YORK