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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
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13 0
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European Subscription six months(including postage)
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/1 lie.
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$11 50
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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
)ringfleld,
.i
o
_
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, W. Ye
Wilkes-I3arre1,639,958
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

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

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

169,096,334
9,352,500
3,248,274
2,286,662
2,184,087
1,959,203
1,657,305
1,065,942
786,993
508,979
458,193

210.858,870

164,802,259 +27.9

219,153,793

192,605,372




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 +21.9
2,100,000
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

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

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

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

+23.8
-15.0
-6.3
-13.9
-19.4
-14.9
-7.9
+18.5
-14.0
+31.3
+11.1

96,760.593

93,156,809

+3.9

97,890,575

79,616,199

-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
careful revision. How it got into the most notable setback experienced since the elecstructions for
print after that we have not seen explained, ex- tion. This happened on Wednesday, was followed
cept that it was a piece of enterprise on the part by a further dip Thursday, continued also with,
of the newspaper. The worst phase of the affair partial recoveries, Friday. The upward movement
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
he made at the fixed rate of 4 8780 per pound sterling,
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 91 cents. On the basis, therefore, of last
4
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 31 millions of dollars, due to a smaller outflow
A
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
/
decline from 1906 of 1659 millions and a loss of
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,
through capitalists and not be directly Saturday was 10 points lower for long at 4 83§5@
be effected
sought in the market. In view of the fact that non- 4 8360,' while short was 10 points higher at 4 8585@
professional speculators are not participating to any 4 8590; cables were unchanged. On Monday long
extent in stock operations, short-term loans are not rose 10 points to 4 8365@4 8370, short 5 points to
wanted, and even long maturities are unattractive by 4 8590@4 8595 and cables 10 points to 4 8615@4 8620.
reason of high rates therefor. Mercantile houses are en- On Tuesday long was 15 points higher at 4,8375@
couraged by the outlook for general trade to make paper 4 8385, short 10 points at 4 86@4 8605 and cables
more freely and the best names are in good demand. 10 points at 4 8625@4 8630. On Wednesday short
Money on call representing bank and trust com- fell 5 points to 4 8595()4 86 and cables 5 points to
pany balances loaned at the Stock Exchange this 4 8620@4 8625; lo.ng was unchanged. On Thursday
week at 2% and at 13'%, averaging 1%%; banking the market was strong at an advance of 25 points for
institutions quoted 1% as the minimum. Time long to 4 84@4 8410, of 10 points for short to 4 86@
loans on good mixed Stock Exchange collateral were 4 8610 and of 10 points for cables to 4 8625@4 8635.
3% for sixty and 331% for ninety days, 332% for On Friday there was a rise of 20 points in short and
four, 3M@3U© for five and 3% for six months, of 15 points in cables.
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.,
Nov. 13 Nov. 16 Nov. 17 Nov. 18 Nov. 19 Nov. 20
Mon..
and at 43/2% for four to six months' single names;
160 days 4 84;i
85
85
85
,
Brown
8436
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
%
to ninety-day bank bills in London 23 @23/2%. The
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%
,
8636
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,
year. They based their opinion upon the indications Banks'Interior movement,as above _ $5,300,000 $4,140,009 Gain $1,140,000
29,150,000 Gain 1,000,000
30,150,000
Sub-Treasury Operations
of smaller exports of cotton and of grain, the former Total gold and legal tenders .. . $35,450,000 $33,310,000 Gain $2,140,000
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
to do; and this in spite of the fact that
father, Prince • Chun, who has long keen known as wise enough
competition is not compatible with reguone 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
of eminent domain, so far as the
of a character not unlike those entertained by the late working of the right
ed, usually is, he shows, the
Li Hung Chang. If this turns out to be correct, then corporation is concern
right of way by the railroad at a fair
the really important outcome of the change in the purchase of the
case of disagreement, at a price fixed
imperial throne will affect China's position in diplom- price, or, in the
owner's neighbors. Under present. conditions,
by the
acy rather than in its own internal affairs.
in the railroad business, the
as can be judged through the obscurity which if we conclude to engage
So far
ents, titles and franchises," which the orators
has surrounded all of China's diplomacy in the past "munim
gets from the State, consist of this somefew years, the reactionary tendencies imputed to the say the carrier
dubious right of eminent domain and the right
Empress have led the Chinese Empire along two very what
mistaken paths. One has been indicated b y the sort of to be regulated.
Of course, Mr. Trumbull does not contend that there
jealousy constantly shown in relation to Japan; the
should be no regulation whatever. The right of the
other was the undoubted dislike of the United States,
ment to regulate corporations engaged in pubillustrated by the action of China's merchants in their Govern
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
must be, he well says, answered by investors as well
facts that Japan is a natural and necessary ally of
lawmakers, for it takes two to make a bargain.
China, and that the United States, under the circum- as by
In Great Britain the right to regulate the railroads
stances, is the one disinterested friend on whom China
has long been accepted as reasonable, but there they
can rely to protect it against further unwarranted
If the do a great deal to protect railroads as well as to reguaggression 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
The national banks of the United States pay 13%
is well qualihis 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
this with the railroad situation, and
t
States has thus far doubled every thirty years, while Now, contras
of the railroads in Texas.
double faster than the popu- particularly with the showing
transportation necessities
report of the Texas Railroad Comprinted
lation, and already we have seen the railroads sadly The last
stock of Texas railroads
growing population to be ade- mission gives the total capital
overtaxed. How is the
0,000. During the year the dividends paid
$131,00
quately served? Government ownership has been sug- at
9, equivalent to
discarded. Up to date there is by railroads amounted to $287,78
gested and promptly
of 1% on the amount of stock given. Most
only one answer—that is, by private capital. In the about 1-5
have never paid a cent in dividends.
absence of Government ownership, we might, per- roads in Texas
ring putting his money into
haps, describe the private capital which it is necessary If the investor is conside
railroad business, how is he to be attracted to this
to interest as an "employee," and he thinks we ought the
enterprising man be satisnot to be surprised if that employee, like others, field of endeavor? Will the
on his investment?
should want to have something to say about the com- fied with a statutory interest return
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
circumstanced 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 experienced.
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
When the year is divided into parts, it readily begain in gross, there had
(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
inclusive, gross earnings fell off no less than
appertaining to the operations of a railroad—also the to June,
560 as compared with the same months of the
extra burdens imposed ,by State legislatures and $1,454,
s year, giving the net loss already referred to
previou
railroad commissions.
of $742,476. In the freight
the situation before the year under review in the gross for the year
This was
the loss for the twelve months amounted to
opened and before the depression in business had revenue
3, but in the passenger traffic there was an
come and overwhelmed the whole country. As a $704,52
e of $195,592, this last being attributable, howconsequence of this depression, instead of a gain in increas
mainly to the travel to the Jamestown Exposigross earnings, such as had distinguished all the ever,
held in Norfolk, Va.,which was in progress during
preceding years, we have for 1907-08 a loss. At the tion
first five months of the fiscal year.
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
agement succeeded in getting control of the expense
heavy losses sustained in the two previous years. It is
accounts and effected very substantial reductions in
unfortunately impossible to indicate the precise
operating cost. We have stated that operating exextent of the changes between 1907-08 and 1906-07,
penses and taxes for the twelve months record a deowing to the fact that on July 1 1907 the new classicrease of $398,232 as compared with the twelve months
fications of revenues and expenses promulgated by the
preceding; except, however, for a further increase of
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 semi%
annual 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
+9,704,576 27,538,974 21,860,419 +5,678,555
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
1900 871,341,224 791,027,245 +80.313,979286.447,458 262,325,890 +24,121,568
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
-In 1896 the number of roads Included for the month of September was 136:
Note.
In 1897, 131; in 1898, 128; in 1899, 123; in 1900, 128; in 1901, 113; in 1902, 108:
10
98,
1
1755;1n'18
,
1
0
I 3 7i
0
1n 5
30
113
r ( 431
i tur) atit thegrniter19 c11X1 126„% I V;1 n 114, 19 '
.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.
n ll ER.
PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTElIfecreases.
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
eti4ral
'TIMM! .
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)
Alabama Great Southern..
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




-Figures in parenthesis after name of road indicate the number of
Note.
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 SM_
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
.11
+753,073112

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

.
Cortelyou inviting proposals ,until December 5 for $30,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
-E(11
21 1005. Both Acts are quoted below. [We omit these Acts.
)!
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 . per cent of the face value of the .bonds
2
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).
shown , upon the books. Separate accounts must be kept for circulation
si/O?-es, ,BANKS—New york. '
Low If4th Close. 'I.4;t previous sale.
and for the redemption fund. Whenever the Treasurer of the United
115 Amer. Exch. Nat. Bank-__ - '245
245
246
135'COMmerce,'Nat. Bank of._ 182H 183
183
,
320
*6 Corn Exchange Bank
320
320
3.50 350 350
5 Gallatin 'National Bank
514 fi 5l4I 5i44
9 Hanover National Bank
560
550
121 .Imp. & Traders' Nat. Bank_ 550
11 Market & Fulton Nat. Bank_ 2624 2624 262 I
60 Merchants' National Bank
1654 1654 1654
75 ,Nassau Bank
2004 ,2004 2004
10 New ,Netherland Bank
106
196
196

Nov.
Nov.
July
•
Jan.
Oct.
Oct.
Oct.
Mch.

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
300g 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
bank and ,the depositor as 'savings, deposits.' These deposits usually
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,
British Central Africa and East Africa. 'By its the week ended Nov. 14 1908 follow:
Rhodesia,
Rye*
Oats, Barley,
Corn,
Flour.
Wheal,
latest statement, issued for Dec. 31 1907, we notice that debush.
bush.
bush.
bush.
bush.
bbls.
Receipts at
reached a total of $89,438,899 and aggregate New York
posits have
97p
77,200
230,boo
52,675
162,758 1,356,500
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
1 1908.16,172,513 102031,666 34,709,556
A. dividend at the rate of 14% per annum was declared at Since Jan. 1 1907_17,210,801 104896,254 81,179,950 39,397,412 5460,067 2728,209
48,640,163 4328,273 1888,924
Since Jan.
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.
South Wales, with 238 branches throughout AustralNew
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
588,000
to succeed the late Thomas E. Kenny. Edson L. Pease, who Philadelphia _ _ _ - 316,000 17,210 141,828
360
15,878
Baltimore
9,643
210
351
Vice-President of New Orleans _-_- 172,000 62,933 17,259
has been General Manager, was chosen
'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
%
37,
353
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
1908.
1908. Nov. 14.
1908. Nov. 14.
for week and Nov.14.
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
-The stateBreadstuffs Figures Brought from Page 1371.
the principal points of accumulation at lake and
figures collected by granary at
ments below are'prepared by us from
seaboard ports Nov. 14 1908, was as follows:
the New York Produce Exchange. The receipts at Western
Oats,
Barley,
Rye,
Wheal,
Corn,
bush.
bush.
bush.
bush.
lake and river ports for the week ending last Saturday and
204,000
0
8 00
49:00
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 at
Chicago ___..
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
518
4, 81
9
:0100
3,590,000
2,355,000
6,586,000
Minneapolis
12,161,000
2,710,000
St. Louis
3,571,000
sa
peori
Kan.as City
1,000
458,000
Indianapolis
3,034,000
On Lakes
. 5113,000
On Canal and River_ _

Boston
Phlladelphla
Baltimore
New Orleans
Galveston
Montreal
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Fort William
P urt h
Do iutArthur

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

U ng
l
a -895,000
417,000
725,000
358,000
465,000
24,000'

0
24,00

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
0.9 9
00
377:0
w340000
-6,573,000
6,669.00W
6,025,000
000
42138,

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.180
Co_Bank
25 Astor Trust Co
26254
3 %,
00
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 lot
6.
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 5
$ 21 lot
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 Coti h
eacrtcli 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 Holders of rec. Nov. 20
4
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 Dec. 1 Nov. 16 to Dec. 1
,
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) _ _
$3,173,408 $3,344,019 $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.
Nov.
Pressed Steel Car. pref. (guar.)(No. 39).. 15j Nov. 25 Nov. 22 to Nov. 30 Dry Goods
$111,082,413 $165,529.768 $143,053,575 $124,396,068
5 to
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 14.
Gold.
9,270-The Musselshell Valley Nati nal Bank of Hari ,wt n, Mont. Capital, $50,000. Philip I. M ule, President; _. C. Graves, Vice-President; C. N. Friday, Cashier; F. P. Marrs, Nssistant Cashier.
Great
9,271-The Natl nal Bank of Far RockaWay, N. Y. Capital, $50,000. FranceBritain
H. G. Heys at, President; J. Lauchhelmer, Vice-President;
J. L. Germany
Stanley, Cashier.
9,272
-The Lincoln County Nathnal Bank of Shoshone, Idaho. Capital, West Indies
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
6,647-The City National Bank of Cordell, Okla., was placed In voluntary Germany •I
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.

-The
Statement of New York City Clearing-House Banks.
detailed statement below shows the condition of the No*
Nov.
York City Clearing-House banks for the week ending
The figures for the separate banks are the averages of
14.
the daily results. In the case of the totals, the actual figures 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
5,000,0 25,619,3 211,328,9 52,015,0 8,331,0 218,404,8 27.9
City
1,810,7 29,930,1 27.9
Chemical ----- -3,000,0 5,783,7 29,579,5 6,551,9
498,2
6,780,5 25.6
6,395,3 1,201,9
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 14,052,1 156,985,2 25.5
25,000,0 15,667,4 172,156,1
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
1,027,9
450,0
Chatham __
2,174,6 26.0
50,9
514,7
2,075,5
457,9
200,0
Peoples'
3,000,0 9,932,1 67,674,7 11,700,8 9,782,8 80,302,1 27.0
Hanover
328,4 22,856,8 26.1
22,683,3 5,580,1
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
8,077,5 29.0
7,702,4 1,254,7 1,134,8
1,599,0
1,000,0
Market & Ful'n
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 28.1
25,983,3
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
3,000,0 3,365,7 27,225,0 4,793,0 2,803,0 29,330,0 26.0
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
7,821,8 28.2
712,7
7,060,2 1,425,5
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 _
5,000,0 5,308,5 84,871,6 21,347,1 4,687,4 98,266,4 26.6
Chase
2,527,9 1,269,0 13,870,1 27.3
100,0 2,053,2 12,229 4
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,
time
moneys held in trust and not payable within 30 days, and also exclusive of
deposits not payable within 30 days, represented by certificates, and also exclusive
Banks 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
the reserve Is computed on the whole amount of deposits, exclusive of
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
,
736%
7%%
15%
7i% 10%
15%
Other Boroughs
5%% 6%
*15%
5%
4%
10%
Elsewhere in State
to
the aggregate reserve required on and after Feb. 11909. According
* This is
for Manthe State Banking Department, the present aggregate reserve requirement rest of
and for the
hattan is 20%; for Brooklyn, i73%; for other boroughs, 15%,
the State, 123. %.

-The following is the
Reports of Non-Member Banks.
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
302,108,3 79,752,2 1408,087,1 27.1 First Nat
1330,159,7
Actual figures Nov. 14.
Hud.Co.Nat 250,0
200,0
Third Nat_ _
and United States
Hoboken.
the basis of averages, circulation amounted to $52,431,800
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

-Below
New York City, Boston and Philadelphia Banks.
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 1,599,252,1
53,195,9
Oct. 24.._ 290,070,1 1338,428,9206,290,2 81,122,9 1418,132,4 52,983,5 1,557,851,2
290,070,1 1333,365,6 305,162,4 81,280,8 1411,416,3 52,634,1 1,809,411,1
Oct. 31.._
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
207,497,0 25,495,0 3,900,0 205,310,0 10,198,0 186,294,8
Nov. 7._ 41,790,0
Nov. 14__ 41,790,0 212,420,0 20,645,0 4,119,0 265,734,0
Phila.
302,667,0 13,924,0 112,574,4
NEW YORK CITY BANKS AND TRUST COMPANIES.
81,147,0
Oct. 24_ _ 54,390,0 245,529,0
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
14._ 54,390,0 247,425,0
Investments. Specie.
00.1 omitted.
serve. Nov.
3
$
Clearing-House
Boston and Philadelphia the Item
a Including Government deposits, and for
-Actual 1,330,159,7 302,108,3 70,752,2 1,408,087,1 381,860,5 27.30
Banks
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
14 and
Nov. 14, against $9,249,600 on Nov. 7: at Boston, to $1,596,000 on Nov.
on
Clearing-House
1,403,122,6 381,092,6 27.32 $1,593,000 on Nov. 7.
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 Banks
343,831,2 102,805,9 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.
Listed upon the New York Stock Exchange
-House 979,911,5 88,413,4 a15,374,2 b1,078,426,8 318,462,3 32.1
+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.
521,176,500 24.9
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.

+
a Includes bank notes. b After eliminating the Item "Due from reserve deposl
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.
"net" both for
-In the case of the Clearing-House banks, the deposits are shown. The
Note.
are
. the average and the actual figures; in all other cases "gross" deposits
to $9,e actual figures included United States deposits amounting
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/ to 2%. To-day's rates on call were 13/2@2%.
9%
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 *100%
,1
*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 *1025 *10234 *10234 *10234 *10234

*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 , and to-day
4
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 to 15. Central Foundry Os
4
4
sold up from 643 to 67 and American Writing Paper 5s
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 to 153 . Standard Oil
4
4
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 . Cumberland Ely from 83 sold up at one time
4
4
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 gat
Tueseay I 1, ew ay
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

or
[mule , 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
4
7612 Feb 10 1013 Nov17
10838 1093 10678 10914 10658 10712 10514 10714 88,500 DaltImore ./c Ohio_
4
-0174 1094
10612 10/
80 Jan 4 11633 Nov1.
510 I- Do pref
6
49013 0012
4103( *89
91
60
*90
90
90
08
62
*90
3714 Feb 10 5712 AL6410
8
5514 57
5512 5612 5414 561s 535 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
3
4
178 1/,.• 1775 178 4 1781.1 1787 178 1804 17734 179
54 Mob 4 68 Novl,
200 ,
69
‘ anada Southern_ _ - _
*64
68
68 *64
*64
68 68
69
09 - *66
*65
4
1110 Fcb 11 2113 Nov.11
*208 212
115 Central of New Jersey_
4
2113 2113.; ••210 212 1200 212 1208 208 *208 212
2513 Feb 111 4s/3 Nov20
8
4 473 4858 86.350 Chesapeake & Ohlo
4714 458 4718 458 473
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.
8
627
62
65
62
153
62
*55
6012 61
64
1513 Feb 15 39 Novl.
------------ . 1,500 Do 07 pref "A' _ _
37
36
39
3812 36
8
35, 3812 38
34
34
5 Feb 11 1718 Nov D
15 51,215
Do 44 prof "B"
8
1358 1513 1538 1658 1618 "118 1433 1718 145 1513 14
16312 Jan 2 150 Nov18
148 150
1403 14858 281,245 Chicago Milw ek St Paul
19813 14978 148 14913 14853 14958 148 150
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
4
12553 Jan 2 1593 Nov .
15873 159
15814 15812 157 , 157
4.854
Do pref instailm't ci
15713 15712 15778 15838 15834 151)
13513 Jan 2 1'4 Nov 1.,
17153 17334 11,044 Chicago & North kVeste
.1
8
17114 17112 1703 17112 1713 17312 172 17338 17134 174
4185 Jan 11 216 Oct....
Do prof
0211) 225 *210 225 *210 218 *210, 218 *210 218 *210 218
114 Feb 25 153Nov17
150 150
800 Chic St P Minn & ()1115
150 153 *150 155 *150 155
5149 152 *148 152
Nov a
14012 Jan 3
400 Do pref
168 168 *166 170 1<160 170 *165 170
165 167
6165 170
413 Novl.
8
5 Apr 3
4
4
1,000 Chic On 'I rm. etfs stm:
414 414 *113 414
414 414
413 412
413 414
4 Apr 10 1434 :A:, 13
1234 1312 *12
Do pref ctfs stropd_
1312 1113 1238 2,400
8
1338 1313 1334 1312 135
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
& Southern
4553 4614 45/2 46
40
4434 91)8 16,510 Colorado
8 454 4618 4434
4534 463
3
50 8 Jan 2 70 INotlI
6912 6912 69 69
4 6913 693, *6:93 70
693
Do 1st preferred _ _ _
69
4
693 6934 1.350
3934 Feb 1.11 5412 Nov11
62
Do 3d preferred....,
*61
1,150
6213 6258 62 62
6313 6378 .63
8
637 *6314 .64
14112 Feb 10 ,734 Novi
ware &
,
9.335 nein
5
177 17814 177 177; 177 17734 1761 17714 175 8 17612 17413 176
420 Jan 6 575 Novi
Hudson.60
569 - 660
565 56712 *500 565
500 tIelaware Lack & %Yes
568 568 *565 568
568
1414 Feb 19 304 Nov11
33 4 313
3
4
4 3212 323
3334 34
4 313 331, 5.100 Denver & Rio Grande_
3412 3514 3213 34
3914 Mch 2 7712 7o'. 1
pref
Do
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
4
.,83 Nov 18
6 Feb 11
9.530 Duluth So Shore & At/
, 1714 1712 17
17
4 1634 1714 1734 153.
3
4
164 163 116 1 103
3
1134 Feb 13 33 4 Nov18
Do pref
5,700
3133 3153 33.2
30
39 :1034 2078 30
.: 3113 3234 3013 31
12 Men 6 36 Nov11
33; 89,210 Uric
3
3
347 3533 3414 35 8 3413 3512 344 3434 3313 3414 32
24; Mch 4 50 Nov11
" DO 1st pref
5,300
4912 45; 4914 48; 4878 48
4814 4712 48
4834 4938 49
100 Novl
16 Mch 6
Do 2d pref
397 4038 .3914 40
8
9
3 '1 3912 39: 393 *3814 3914 377 3812 3,500
11334 Feb 10 141; Nov17
13938 1414 14034 1415 13913 1411.1 138 8 13958 13718 13914 95 000 Great Northern prof
3
8
3
1397 141
4812 Jan 2 7518 Nov13
Iron Ore properties_
74
74
75
73
7314. 743
4 '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 1534 174 .«..._„, Ti
-3
16
16
11 -16- 164 16 - : 16
20 Mcii24 35 Nov11,
Ilavana Electric.
3413 3412 1,500
35
*32
34
33; 34
*33
7
32 3 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
200 flock ingValley tr rects
97
*90
94
94
95 95
99 *934 97
*94
.......
69 Mobil/ 8813 Nov 14
88
200 Do prof
88 *87
90 *85
*8714 90 *85
88
8812 88
8812 12213 Feb 1/ 149; Nov17
4
3
1463 14714 145. 14634 38.150 I Ilinols Central
14714 1493 14813 1493, 1+,3 149
8
147 149
3
6 4 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
5
3434 3634 357 3714 3514 37
10 Feb 11) 3034 Nov17
2934 10.455 Iowa Central
3
4 2914 30 4 2913 2934 29
303
2413.4 3012 30
30
30
4
2713 Feb 19 483 Nov13
Do pref
4614 3,820
4812 0;34 4634 45
4334 47
4 48
3
46 4 473
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
4 8.360 Ikansas City Southern
3
3013 23 4 293
29
3034 2913 30
3012 30
3013 3078 30
46 Feb 19 6134 Nov13
Do pref
3
3 1.007
6314 6314 6212 6314 . 63 3 633
65
6414 0414 465
4
*643 65
12 Jan 4 25 Nov18
*22
24
2312 2,680 1 alte Erie & Western
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
30 Feb 6 55 Novl.
*50
54
54
*50
2,900 Long Island
54
53 *50
*59
9712 55
50
*43
8714 Feb 19 t2018 Nov la
11713 11914 14,640 Louisville de Nashville_
4
4
1153 11614 11512 1163 11.13 11012 11814 12018 11814 119
4
320 Jan 4 145 Nov it.
5,775 mantuittan Elevated_
144 14413 14313 14312 14213 1434 143 143
7
143 14434 144 145
4.. Aug
15 Feb 24
304 3013
31
31
950 16ActropOlitan Street
31
3134 31
4
313
3013 3012 3312 34
1412 Jan 2 2913 Jan '2%
__
Mexican Central
1814 Nov14
1412 May 1
4
4
8
,1
s 9,210
3
4
4
-- - 1814 17 4 114
-1734 ---- ---i - 1- —iii "isii- "iii Ygi" 776 iii -iii 175 -- Do Trust Co tents_
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
12 14712 14712 14713 14713 14712 14713 14712 148
14612 14734 14613 147
8
3514 75,500 Mo Kansas & Texas
1712 Mch 2 363 Novi
8
3614 345 3553 3414
3 35
3
3534 36 13 3513 3613 358 363
46 Feb 10 70 Nov11
69
Do prof
694 6953 68
4.350
6912 70
6934 6958 70
6812 69 , 69
2812 Feb 19 (1412 1144‘1,1.
8 6012 623 44,940 Missouri Pacific
6213 6414 6234 6413 62
635
4
8
627
8
623 6314 62
4
ash Chatt & St Lou's. 1173 Jan 2 119 Novl
*116 120 *116 120 *116 120
100
—
_- „,_ ____
119 119
1/013 Jan 2 11738 No'.!.
8
1143 11C% 76.265 LI I/ Central & Hudsc
--1
115 117 8 11553 117
115 116
4
1143 11512 1144 115
2413 Jan :3 52 Au% 14
5134 51
51
5134
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
9
7
7912 *78
83
8
*7
79
3
128 8Jan 6 161 Nov
159
158
710 N Y N Haven & Hartfc rd
15812 15813 *158 161 .15912 15912 *159 160
4
1693 160
29113 Feb 19 4.173 Nov11
4
.1
423 433 17,200 N Y Ontario & Western
4434 44
8 4331 4412 453.1 44
447
4412 401 44
3
58 Feb 10 84 4 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
3
1533 15412 15338 15512 15512 156; 15533 15734 z14234 145
103 Feb 10 145 Nov is
4
Do sub-scrip recta
142 143; 13834 1413 21,050
4
14012 14113 14114 142; 1423 14314 19318 145
65 Sep 22 5313 Jan 14
84
11.3acific Coast Co
*79
84
84
*811
*80
84
*78
84
*79
84
*80
110 May 2h 1)0 May2,
Do 1st pref
L
*90 100 *90 100 *90 100 *90 100 *90 100
*90 100
79 Mc1127 97 Jan 14
00
241 pref
Do
*80
90 *80
02 *80
90
*80
90
90 *SO
*80
10834 Jan '2 13112 Nov 4
38
4
8
129; 1305 12933 13012 1293 13012 12938 130. 12818 12914 12818 1291'4 77,050 Pennsylvania
69 Jan 7 88 Nov14
4
575 Pittsb Cin Chic & St L.
8534 853
88
*83
85
85
87
87
88
*82
88
485
3
814 Mch 3 108 4 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
4
78 Jan 2 893 Nov 11
794 IA' 1st pref
89
88
*8712 89
89 *...... _ 90
488
*89
90
4
8/13
88
16 Jan 6 891, Nov 1 I
700
2d wet
89 89 *--- 90 *8712 89
8813 8813 88% 89
89
• 89
1012 Feb 3 24 Nov14
4 2213 2314 224 221. 21; 2214 29,133 Rock island Company_
233
2234 2314 23
2312 24
4
• 2113 Feb 3 5113 Nov 1'
5034 49
Do pref
494 4734 4933 60,423
49; 5014 5012 5112 49
4958 507
4
42 J'ne24 613 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
8
10 Mch 7 225 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
8
4
1165.3 1177 1163 11713 117; 11812 1173 12018 11634 1181 1 11533 11813 38(1,961 Southern Pacific Co
8
3Jan 2 122512 May13
1063
121 12214 121 12114 12114 12112 5,820 1)o pref
4
120 120
1193 1204 12014 1208
2634 Nov13
918 Jan 1
8 24
253
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
8 5912 607
8 60
5934 607
4
123 Feb 29 33 Nov17
3114 3212 3114 3214 3012 31; 26.850 'I exas & Pacific
3
317 3231 3214 33
3
317 327
1512 Mch23 47 Aug 11.
35
31
325
31
8 30
3213 58,410 1 bird Avenue (N Y)_
3814 3434 38
4 36
3112 353
613 Oct 9 1514 May 2
10
300 Vciedo Railways & Lk ht
912 913 *9
912 01 *912 1012
91
1
10
*9
12 Feb 6 38 Nov17
36
---- --- 3714 3734 *35
St L & Western _
4 36
373
600 To:edo
4
373 *36
-,_
*3518 3712
33 Feb 3 6:12 Oct 5
6034 (30
Do prof
605, 60
60
6014 4,125
6033 6112 6013 618 6014 61
7814 Feb 7 9513 Nov17
,
NA 911
06
, 9.5
1,156 I win City Rapid TransIt.
95
9513 *95
9412 05
12 9312 04
93
11012 Moll 2 18 08 Nov lb
18214 183; 18134 18413 18053 1825F 17914 18158 821,790 I I nlon Pacific
4
18012 18113 1793 182
7914 Apr 2 98 Nov17
.
9614 9673 9513 9534 5,175 kJ
Do prof -__
961497
9778 97
98
97
4 97
963
4
15 Jan 24 343 Nov18
_..4 341); 3418 34
600 Unit Rys inv't of San I
34
4
343 343
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
8
634 Mch 3 1,5 Nov is
5
15 8 14; 1514 143 16 8 12.220 Wabash
3
15
4
14; 15
15
1514 1434 15
13 Mch 3 :3614 Nov20
Do prof
345 3614 44.550 * v
8
3
3312 3314 3438 3413 35 8 3418 357
3314 3334 33
Mcb14 1(i NI•i%
. 15
14
1412 14.R(1 W.stern 'aryiand__
, 141
151
143.1 1431 1416 151, 151A 1/Slo 15

170

ki

BANKS AND TRUST COMPANIES—BROKERS
Bid

Ask




flanks

1351

Ask

Banks

Ma

Ask

titi3
8No%
10814 Jan
18 Nov 101; Ja IL
.)8 Nov 13318 Jan
7538N o v 122 Jan
9412 Jan
/5 Nov
835 Jan
8
::634Nov
853 Feb
4
/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
4
33 May
8 Dec
17 J'iy
48 Nov
3
927 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'.
8
837 Jan
53 No'.
313
4Dee
8018 Jan
191, Jan
614 Oct
39 Jan
10 Nov
4414 Jan
.2)4 Nov
8
757 Jan
28 Nov
67 Jan
20 Nov
107120c1
18934 Jan
85 Jan
37 Oct
75 Oct
75 Oct
141. Jan
3 et
8 40
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
4
613 Jan
45 Mch
2812 Jan
11 Nov
4N
393 ov
6712 Apr
671; Jan
26 Dec
1454 Jan
8512N ov
80ct
i007
196 Feb
23 Dec
107 Jan
2753 Jan
46
123 ,0%
e
621J) c
60 Oct
.10 Oct
3
20 .1 No'.
53 Nov
441$ Dec
97 Dec
x8i) Dec
3
19 40c1
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
68 4Nov
3
100 Oct
71 Aug
1018Nov
20 Nov
8 Oct
1418 Nov
I. Oct

Jan
90 Jan
14014 Jan
168 Jan
4458 Mcif
4
723 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
8
1413 Jan
78 Jan
10512 Jan
13918 Jan
92 Jan
94 Jan
3018 Jan
,
641 Jan
70 - Jan
8
483 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
)4 ..,-- Nletropol'n11 1624 10/1:
514
i
fllanoverro 155, 3 t.
&T
_.
a60
---- Fidelity 11__ 165
Mt Moorish. 220
175
mp
York
11 200
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. II -- ,---- . New Neth'd 11136 - ---.....
---175 Lincoln _.., 485
St
Battei y Pk_ 11, 333 Coat & 1 ron 215
126
_
300 210
— - Fourth
- - New YorkCo 750
60 310
Manhattan11 3
Bowery h1.. 320
Colonial 1.- "
/350
.. New York _ 305 311
0 Gallatin
----- Niark't&Ful /26214
Bronx Borot 300
--_-- Columbia 11.. 400 50
285
N
--%
N'ht &Day11 -- 260
.lechanics'_ 255 213 •
160 Commerc. _ 118212 t183 Garfield __
-14&- ‘,
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 __ 155
230 Germ'n Ex11 471
•.:25
Jerch Exch 160
130 Copper __„,
entury 1— 170
. lerchan-3'.. /1,04 --.. Oriental 11._ -___ .....
11 525 .
....... Germ ania.
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
Plaza 11- _ 610
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
......
-0
30
-...
--..
•

Nov. 211908.

BOW York StOCIE ite00ra—Conciuded--Page 2
eliVD/()IVNSTNALB PHIC.As

NI M
,

Saturca..
,
Nov. 14

.noa,
211,
,
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
L. Oct ---.GZITLT
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
313 10,800 Wisconsin Central
4
32171 jJann
5533 Jan
8
1312 Feb 28 1134 Nov20
11 No,
62
13.500
Do pret.
33 Feb lo 62 Nov2
28 Oct
I ndustryal& Miscelleneou
*181
___ *181181
_ 4
*181
- *181 _— *181
A darns Express
164 Jan
4200 Aug
(50 Au,
133 143
4 131 -- 4
137
8 1378 '11
14t2 14
7
; 1418 --1418 14
14
13.975 1-lilts-Chalmers
5 Mch u • 1473 Novl.
47
4734 4714 473
Aug
8 473 50
4
4778 4812 48
453
4 4712 475 11.000
8
. Do pre;
14 Mch 0 50 Nov17
8578 87
8538 8,34 851 863
14 No%
8 8514 8718 843 857
4
8 8238 8512 106.525 Amalgamated Copper... 451 Feb 15 53 ,3 Nov
3
3034 3114 303 3034 31
41)4Oct '311 8'nnne
32131773 jj-a'
1.510 jja1Ia.
32
32
33 8 32
5
: n
3238 3112 32
J
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
221 233
us Feb
8 2012 21
223
4 21
- -8 2012 21
2112012 2012 8,250 American Beet
Sugar...912 Feb 10 *2498 Apr .
231. Jan
/34No%
80
80
80
82 •
82
82 *____ 82
100
Do met_
65 Jan 23 80 Oct 14
i5 Met,
912 93
4
9
93
912
9
3 912
913
834 9
8 5.700 American Can
812 87
4 Feb 20 1014 Nov 1.,
71. Apr
7458 7518 741 7538 7412 743
3 Oct
4 7414 743
4 7334 743
8 73
7414 9,973
Do pret
44 Jan 4 7534 Novl
34 No%
4634 4712 4078 .4738 463 47
4605114;
8
4613 4634 46
463
8 4512 461 12,500 American Car 41c
:
2512 Feb 13 473 Nov 43
4
Foundry
24380ct
Jan
107 107
107 107
107 107 *1065 107
8
10612 10612 10613 10612 1,230
8414 Mch 4 108 Nov 7
Do pref
18 Oct
35
3614 35
37
3512 36
36
3612 3534 363
8 :3578 3612 7.900 American Cotton 011_
'2434 Feb 19 401 Nov
,
21 Nos
*9212 95
9234 0134 *9212 95
*9212 95 *9212 95
*0212 85
100
Do pret
(80 Jan 16 97 Nov13
70 No,
*205 215 *205 215 1.206 215 *205 215 *205 215 *205 215
American Express
. I
17)) Feb 26 4224
175 Oct ::
:
21 3 .n
10
4
Jau
jjaa
a
553 533 *512 614 *512 6
*53
4 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,
2.400
Do pre/
2 2734 28
1212 Mch 4 '2934 Nov 9
2912 Jan
10 Oct
2558 253
4 253 26 4 204 28
4
3
27
2734 42612 2612 26
2612 7.820 American Ice Securities.. 10 Felo 8
212 5.1eh 5
85,0ct
1334 14
13
88 Jan
1312 1234 1318 123 1234 1212 1234 *12
4
13
1.500 AmericanLinseed
3118 Aov '
14 N ug 1 4
538Oct
3012 30/8 *28
3041 3034 3J3 *28
1914 .;a31
30 Jan
4
3012 *27
30
30
*27
400
Do pref
!
3138 Fe b 2
17 Nicti 5 31 NoviAugi
, ,!
16120ct
5011 55 4 68
3
5634 56
5/
5512 5612 5512 5534 5414 55 8 13,700 American
3
3214N0'.
Locomotive..._
*109 111
110 110
1093 10.434 10912 10134 10918 10818 10812 10812 1,107
4
7534 Feb
Do .pref
3513 Jan 3 1157 Nov
8
83 Oct
*712 734
73' 73
4
75
8 734 *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
IT No, 140 8 Feb
84
17 2 A
84
4: J a r
83
8333 8312 83 4 83 4 83 4 8312 8312 x8214 83
3
3
3
3,700 Amer Smelters Sec pret B 70 Jan 17 8418 Aug ld
4
5318 Jan
60 Oct
9534 9678
9518 9634 953 9638 9458 • 97
8
8
943 96
8
927 0518 138.945 AmerSmelting &
5512 Feb J7 107 Aug ,
::seannbbe
5814N 0% :
JJJJ
Relining
107 10134 1073 1073 10718 107:34 10634 107
:1100
1 303
23252532113142 Jan
8
8
10618 10612 2,442
107 10718
Do pret
8734 Feb 26 1103 Aug 5
8
613 61
*190 300 *190 300 *203) 300
40
____
*190 300 *190 300
American Snuff
8
0 A ti 23 20713 se p 3
m c 4 00 Apr 16 150 Oct
.
18
*93
95
*93
97
9/
97
—
9712 *90
97
*93
100
Do pret
470 1\93,
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 1313 13514 1321 1 13338 13218 13318 1313 1337 1323 133 8 24,350 American
4
8
7
4
8
Sugar Refining
9834 Jan 2 13/3 Aug 31
4
9)23,1)04:
*12912 135 *12812 135 4130 130
130 130
130 130
130 130
460
Do pret
105 Feb 15 130 Nov ,, 1106 No,
13138 13238 13134 1328 13173 13212 131 13214 131 1313 13012 13112 41,300 American
4
Teleph It Teleg 101 Jan 6 13238 Nov14
88 Oct
93
93
9314 913
4 923 93
9212 9318 9214 9212 9112 9112 2,770 American Tobac (new). pf 7212. en S 917, N y 1i
8
15 1. k,
3713 J v 14
4a
8 '
983 Jan
60 Oct
4
3114 3178 3113 3112 3118 313
8 3118 3158 29
6,100 merican Woolen
3114 2018 30
izi:
11 Oct
*95
90
95
9512 9514 9514 9514 9514 943 943
Do pret
1,145
4
4 9434 95
7814 Feb 19 87, Nov i3
68 No,
Jan
5214 523
4 5153 523
8 513 52 8 5114 5234 5014 52
3
4
49
50 e 52,900 /A nacondaCopper Par$25 62712 Feb 19 $5312 Nov 9 $25180ct
,
4 3
3
23
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 1.; 2714 Novl
• No%
n
1i
.:012.1 ,
G5 .1
68
5012 5613 5612 56
5614 *55
56
54
543 *50
4
5312 1,200 IP do pref
35 Apr s 57 Nov13
23 Nov
140 140 4 14014 1403 140. 140 *139 141
,
4
140 141
1,200 Brooklyn Union Gas_ _ xtiti Feb 21 148 Sep 15
140 140
60 Not, 125 May
1378 131 133 14
4
1:33 133
4
4 13 8 137
7
8 137 137
8
8 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
e
4211 i. n
14 J ab
109 jaa
28
2812 21412 304
8 29
30
28
2914 273 281 3 273s 28
4
31.020 ,
entral Leather
1512 Feb 10 30 3 Aug 11
3
1178No%
40 Feb
100 100
100 101
997 100
3
9953 100
9973 9978 9914 9973 2.577 V. Do pref
7r,4 Jan'2 1 1. Nov16
08 No%
40
401
8 3912 4014 303 4014 3818 4014 3838 3912 373
4
4 383 24,750 Colorado Fuel It Iron
15 3 Feb 11 41178 Nov 7
4
5
577 Jan
8
14 No,
2234 23
22
221 2212 2234 22
221 22
,
22
3.000 Col & Hock Coal & Iron
22
*21
143 Mel) 6 24 Maylo
4
14 Dec
142083814 APr
1491 1513 148 4 152
4
3
15034 1511 140 151
8
149 153 8 15012 1533 101,830 Consolidated Gas(N VI
5
4
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 757 .7514 7514 *75
8
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 345
8 3314 33 4 3314 335
8 5,400 Distillers Securities Corp 2114 Feb 19 11412 Aug 5
3
25 &C- 'Tr Feb
*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 883
8 88 88
*88
8812 *87 Do pret
8812 1,500
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
;65- ii 45.
;55- 9g- ;55;55- "irr
Do pref
7:31.. Feb :5 100 J'1y
.
100 - d any
7(3 Feb
63 Ma
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 Jan 12 31:
b5834 J:jin,e 1 10
NN oo vvii
J'
ly
64 Oct
152 Feb
6512 66
65 . 68
.6412 65
64
8412 6312 64
65 65
1.900 tit liarvester 865 tr etre
*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 12 8 1212 1314 1212 1314 1212 13
3
6,665 International Paper
Apr 1
131 Nov18
1812 Jan
712Nov
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 32 4 3314 3212 3'3
3214 3314 3112 3213 31
3
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
3 . Noy
6
65 ja b 2
5 Fen 15 781-2 Se p 10
2
40 Oct
7514 Jan
7012 7012 *70
71
171
71
7012 7012 4
,70
71
485 ,Do Met
70 4 703
3
5978 Feb 25 7034 Nov 11
4
50 Oct
71 Jan
89 , .8914 8914 9038 *89
8312 8912 89
90
80
8
877 •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, 1173 Mch
8
12
12
121 1233 1214 1214 12
12
1214 12
1112 115
Nat Enamerg & Stamo'll
712 Feb 14 1212 Nov 9
8 1,500
618No,
153 Jan
8
*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 853
8 83 4 8512 8312 845
3
8 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
63
4 7
612 7
638 61.3
612 23,800 Newhouse M & S_Par $10 $43 Oct 22 313's Jar,55
6
8
$5 Dec
12014 Apr
83
8312 83
8312 8314 8712 88
8934 873 8519 8618 8812 7.165 New York Air. Brake.... 50 Jan 2 89 4 Nov18
4
4712Dec
14112 Jan
3
*7214 73
7234 7334 73
7314 7214 7214 71
2.965 .North American Co, new
7113 7118 73
421 Mch 5 73 4 Nov16
89r• Jan
3
37 Nos
293 30
4
2934 3112 313 3213 31
4
3214 30 4 32
13,910 !Pacific Mall
3053 31
3
24 Apr 20 3317 119:62:
19 No%
100 1003 100 1003, 10014 10134 10312 102
4112 Jan
8
991, 10018 15,200 • eople's G L & C (Chic) 80 Jan 2 162 .
100 101
Nov18
/0140ct
*1212 1312 1312 14
985 Jan
8
1312 1334 *13
1334 *13
14
*121i 1312 2,200 Pittsburgh Coal Co
.812 Mel)17
143 Ma vlu
164 Jan
s
/ Nos
*48. 4712 4714 4918 *10
50 • *48
50 *47
50
Do pret
4712 4712
3612 Feb 14 49 3 Nov16
400
605 Jan
5
8
37 No%
3934 40
3934 4014 40
4012 3912 4012 3914 3934 3813 39
('ceased Steel Car.
6,835
1714 Feb 10 41 Nov 9
57 Jan
15
585:93%
*9912 100
9634 9.34 09
9402 *9812 9912 98
9334 *98
Do pref
1,010
99
69 Jan 3 9934 Nov16
997 Jan
8
(34 No'.
*172 17412 174 174 *172 175
173 173 4175 175
173
epo Pullman Company
147 Jan
174. Nov16 (:1514 Nos
18118 Jan
4434 4478 4414 4514 *4414 4514 4414 4414 437 437 *42 173
8
8
allway Steel Spring-- '2334 Feb 8 463 A,1,
1,930
44
8
5732 Jan
21120ct
10012 10013 *100 10$ 1,101 103
100 4 10034 *10014 103 *10014 103
3
200 LL Do pre(
75 Jan 29 10034 Nov18
991. Feb
/2 No,
2814 2318 2814 2878 283 283
8
4 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 533 8134 8012 8112 80
81
4
70
8034 x78
4,581 Qloss-Sheftleld Steel &Irn
36 Jan 2 813 Nov17
71e4 Jan
26 Oct
4
*10812
_ *10812*10) 112 *109
_ __ *109 112 *100-•
Do pref
8712Jan
10914 Novl
80 Oct
49 161 4912 111 4958 5114 4912 5012 4014 5038 493 - - Wea iTennesseeCopper Par$25 $'2512 Feb 17 $5214 Nov16 :17 Oct ,107 Jan
8 5112
$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
4 Oct
1385
65
--a- 0
- 8
1)o
800 •
4473 Jan o (118 Nov10
3u34Nov
61 Jan
2812 2812 -28- -- - 28
2
8
28
17
4 2718 2718 27
27
S Cast
1712 Feb
Nov t
4912
17
76
75
75 *_.. 7512 ----- *70
a_ 7312 1.700 Do pref Pipe & Foundt 5658Jan 26 3014 Aug to 49 Oct 89 Jan
73
100
7898
2
Nov
Jan
*00
98
*89
95 *90
*90 95
95
*90
95
90
100 United States Express-70 Feb 18 90 Jan 5
70 No'. .11/ Jan
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
51.Nov
3014 Jan
*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
1097 Jan
8
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, 563 747,910 United States Steel
8
2534 Jan 3. 5•34 Nov13
503 Jan
8
80ct
217
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 387
8 38
30
38
3912 3938 403
8 3912 4013 395 43
34,500 Virginla-Carolina Chem
8
16 Feb 27 43 Nov20
393 Jan
1238Nov
3
115 115 *113 115 *11:3 115
- 11414 1141.1 11312 113 12
Do , pref
400
x8, Jan 2 115 Nov14
75 Nov 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 1•11 tyro
300
58 1451• 24 1243, Nov18
1;1) Dec 4160 %Jay
11
2218
*12
2914
5614

1112
23
14
3014
57

11 53
,
2338
8
13,
30
5714

113
4
2414
1534
2912
567
8

1114
23 3
,
147
8
2914
563
4

1134 1118
8
23, *22
153
4 1318
213
4 29
58
58 4
3

1114 iI
2313 *21
131s *13
2914 2833
573
4 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 ..... :;6i.. tI rook.Yn
145
230
lechanics'1. 225 240
—. ,
Bankers"rt 411
4(30
Fulton ____ 290 N Y Life&Tr 11108 ---- irooklyn Tr 399 405
--- ,
500
Iontatik __ 145
148
13owrg Grin 325 3_40 . 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 __
ianil
lton : 16
! 21X
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
155
--- Law
225
160
3
_
I incoTinI
Union Trust it 2. 1075 , lome
:
100 110
7
375 - 45., Prosp'ctPk11 140
160 - COmmerdal 1
-&Ti'.
75
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
I2
-r
Unlonl... 11-55110
140
:T.i - - . Nft
.
Empire ,rcantlie - 725
......:.....
40,
251
21, - f. I si L Zs Tr 270 285
0
— Equit Me . 400
Hone.13k 1 _ 110
'25
[rust Co's
410
- - Ifetroporti0 59 •
Tr
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 - - 1111Na( ___. 1015
1,19felltv _
-0'5
...... 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.
I Now 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 1041
2
/
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 Nov'tia •..• 27
g be stampe •
'04100$ 1011 101 12 Sep
3d pref income
2
/
4
100 101%
893,Feb'te, ..•• 811% 89%
Aug'08
Chatt Div pur mon g 4E3.1051 J-D 92
100.4 102
4
Q•F 1003 1014j 100% J'ne'02
1041 J'ne'08 •••• 1001
2104%
/
s
Mao & Nor Div lat g 58.1946 J -J 104
107
Q-F
2
/
115 Nov'uo •
..
2
/
4
/
Mid Oa & Alt Div 5s. 1947 J -J 1001
2
/
1001 1011
1001 Nov'08
Q-F 100
2
/
105 Dec'07 •
...
1940 J-J 1071
Mobile Div lst g 58
21221
/
1181
2
/
4
/
1201 121 120% Nov'08
1,2 1061
2
/
2
/
2
/
1203 1231 Jon RR & 13 of Ga col g be 1937 41-N 1271 Sale 1u3L, Nov'08
4
1221 sop'08
121
F
4
/
127
127% 50 117 127%
1031 103, Cent of N J gong gold 58.1987 J -J 145
4
/
1031 Mar'
2
4
/
013
Q•N 102%
1241 Nov'08 .- 12012 1241
2
/
4
/
111
1 107 111
.1
5
Registered87 -J 111 bale 111
Am Dock & Imp get 55. 1921 Y-j 104%
Fist-elan Government
Le & Hutt It gen gug5s 1920 J -J
2
/
981
101 Oct'O,
Imperial Japanese Governmq
05 101
75 85
91
Lou & Wllks 13 Coal 58 1912
2
/
911
90$,4 Sale 90%
1925 F-A
s
2
/
2
Sterling LORD 41
2101
/
981
s....g1910 Q-M 1003 101 101 Nov'08
2
/
2
/ 89% 27 83% 90%
2
Con ext guar 41
4 897 Sale 891
1925
96
.4
2
/
2i1 series 41
U-S
81$,4 12 75
2
81$,4
/
N Y 85 Long Br gen g 4s 1941
81% Sale 811
1931 J.J
Steriing Joan 4a
4
/
2
/
4102,Sale 1021 102% 64 10014 1051 Cent Pacific See So Pacific Co
8
,
88 May 07
90
Repub 01 Cuba 5s exten debt..
....
4
96 101
2
9e3 1)83 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
/
031 Salt 931
901 941 Chas & say See At!Coast Line
2
/
2
/
1954 J-D
2
/
2
/
Gold 48 of 1904
a1911 A-0 1021 104 105 Sep 'OS IL) 102 1051
heat era 22r ices on heel OittiS of $5 to Z. Cites & Ohio gold es
115
t
2
/
107121161
1939 NI-N 114' Sale 115/Dee'07
1st °ousel g 5s
2
State and City Securities
1011
1939 M-N
111 Mar'02
98
Registered
11420 J -J
2
/
fund 4s
Sale 1031 104
44
6 104
Attie:tine curr
SS 104
1992
11712 J'ne'00
General gold 4128
- A 110
104 May've
Dist 01 Columbia 3-65FL 1924 F
M1051 Dec'04
2
/
97
Registered
92
2
/
1111
2ti ta)/ 922
92
Louisiana new cense'45 1914 J -J
2
1
1
/
944
1992 J-D 91
Big sandy let 4s
112 Feb'06
108
:New York City—
4
/
4
Craig Valley let g 50.-1940 J -J
il-N 1113 Sale 1111 111% 29a 105%112
1957
99 Oct ele
2a
/
1)1',100
New 41
91)1,100
Nov'ile
ist con g4s 1989 J -J
4
R & A Div
101 1 104%
104¼
191'7 11-N 104',
2J'ly'Ob
/
1.1.31
,
93 2
89
New 4 4
28
1989 J -J
4
/
4
1113 Sale 1111 11111 32- 105 112
2
/
2d consol g 40
2
/
1131 leeu'ito
107
412e0 Corporate Stock 1957 M-N 104 Sale 104
104% 21 102 104
Warm Spr Val let g 50-1941 M-13
,
1917
95 Sep'08
95
96
95
%
, 412 aseessmt bon.10
By latgug le '40 MM
4
/ 312 101% 102%
1021
2
/
Greenbrier
78 Nov'Oe
4
773
073 78
4
4% Corporate Stock. 1957 M-N 1021Sale 101%
Chic & Alt KR ref g 3s 1949 A-0
77
Ii 130
2
/
761
77%;
New Yon, state—highway
76's 77
14-1950 J-J
2
/
2
/
110 Aug'08
Raaway let lien 31
109 110
1958 M-S 1121
Improvem't 4s
ho MaY'05 ••.
1950 J -J
Registered
4
98
1001 Apt'07
2
/
10012 1001
97 10012
1001
2
/
Nona Carolina consol40 1910 J • J
Chic Burl& Q—Denv D 4a 1922 F-A 101% Sale 10012 101% 40s 97 101%
126 Mar'07
1919 A-0 115
Us
J
1958 M
General 4e
102
120 INIar'01)
93
1933
43 86
1)3 ,
'
92% 92% 93
So Carolina 4¼8 20-40
/Minim Div 31/23
96
96
95 J'iy'08
94
86$,4 Pue'08 .•
91%
Tenn new settlement 30 1913 J • J
4 63
863 8 4!
J -J
Registered—.
93
92 Oct '08
93
90
2
/
21031
flout 2•3e 1991 J -J
/
10214103', 102$,4 103', 34 071
Virginia fund
Ills Div 4s
*41
2
/ 41
371
2
/
42
221 43
104$,4 106
2
/
104.4 Oct 'Os
1051
13s deferred Brown Bros aft).
194 A
Iowa Div sink fund 5s-1919 j
100 102 100 Oct '1/t3 •... 96 101
Sinlung fund 4s
litiliod
100%
2
/
21021
/
951
2/
1927 A-N 100%1011 100% Oct'Us
Nebraska Extension 48.1919 M-C 997
.
lisoania Cent bee So Ely
2101%
1013,
/
•--- 1011
Registered
90 Oct V/ •-•• ......
2
/
951
laba 511W See At Coast Line
92
-1 1 M-S
Southwestern Div U. 1927 li-N
Albany & Sum See Del& Hun
Joint bonds See Great North
1
/
4
2
/
4
3 971 1032
1013 101$,4
Allegheny Valley See Penn RR
1913 NI-N 1011
Debenture 55
Oct'05
2
/
4
/
1041 1053,
4
Alleg & West SeeBuilht&P
Han & St Jos consol 06_1911 M-S 1043 1051 1043, Nov'08
2
/
851
2
/
851 2 78
2
861
1
/
852
85
51995 Q-J
85
4
...• 821 85
Ann Arbor 1st g 4s
2
/
100 957
.1011 Ohio& h.: Hirer & imp g 4s 1955 J J
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
2
/
951 100
4
1995 A-0 963 100 k 119 Oct 'Op
•
114
2
/
2
/
21161
111
/
1061
Registered
3 H
19 7 A N
General °ousel 1st5a. .1934 . -O 1131
951
2
/
t
4
/ 913 13 83
4
/
911 Sale 911
/t1995 Nor
2
/
1151 Heb'uti
Adjustment g 45
1937 II•N 1e2',
Registered
86 Apr'07
51095 Nov
112%
Registered
107 J'IY 0 ••.. 107 109% •
'
'5
Chic & Ind C Ey 1st 58 1938 J-J
2
/
914 28 821 93
2
91 1
el%
51995 14-N
Stamped
/
4
4
1955 J-D 103 Sale 102% 103% 312 853 1033 Chicago & Erie See Erie
2
/
2
/
Cony g 4s
41301
/
130'3 Nov'08
1171
2
/
941107
Chic In & Loulav ref &s.1947 J.J 1301
4
/
107 Sale 1061 107
1017
198 sep '0.a
2
/
-year cony g 50
10
106 108
2
/
iio
961 961- Iltefunding gold 50
1947 J-J 1091
96¼ Mal WI
4
Deuenture0 4e Series11 191U F-A
t u0 1023
1023, Aug'ub
•--.9812 Ni
LOlii8V N A & Ch 1st 68,1910 J • J 1041/4
1911 F-A
Series 1
2
/
1031 106
4
2
/
1.04, Sep 'lib
04 Nov'Oti
Mil & St P term g5s 1914 J -J 1051
1013 F -A
• Series K
104
2
/
4
/
2
/
81
9 2 21 951 981
General g 4s series A..01989 J -J 104 Sale 104 Oot '08 11 100 1041
981Sale 98
2
/
S
2
/
East Okla Div 1st It 40 1928 M2
/
10312 1031
1031
64 95
97
2
/ 97
01989 Q-J 101
Registered
96% sale 961
112
Short Line 1st 4s J PM recta
4
911
2
4 1)2
1
/
s
General g 32 series B 01989 J-J 111/ 92, 1161 Oet'05 it 8,31 4.15
N
4
Atl Knox & N •see L
2
/
951 it 80
96
4
/
Chic & L Su Div g5s....1921 J-J 114
951 Sale 90
it-S
Atlantic Coast 1st g 48.51952
112 Sep '08 .•-• 10 112
129%
lede es hie Riv Div 58...1926 J -J
Charles & Say 1st g 76-1936 J •J 125
-.2 ,
1041,104', 104, 51r )°06 ...• 04 104%
123% J'ne'08 •..• 1111 12i—
2
/
Chic & Pao Div eis
2
/
1111
Say If & W 1st gold 6:1_1934 A-0 1051
2Jan'04
1123
91° •I J
1921 j-j Ill 11112111 Sep 'tie ...• 108% 11112
2
/
Chic & P W 1st g 5s
A-0
1934
2
/
106
1st gold Se
104', 1061
1073,
114% No '05
1081
2
/
Dak & Gt So g 5s
1231
2J'IY •90
/
Ala Mitt 1st gu gold 58 1928 M-N
2
/
1371
2
/
1391 Mar'06
94
4
192 J
191°j
Far & Sou assu g es
......
2
2
1
los/ 1053 1053, 10 10212105%
Bruns& W lat gu g 4s 1038 J -J
2
4
1910 J -J 105%
2
/
553 61 74
2
851 857 853
4
887
Haat & D Div lat7s
o1952
101% Aprere -•.• 101% 101%
102%
L & N coll g 48
2
/ '5
95
931 SeP 0
2
/
2
1st as
/
931 931
2
/
e
1013k2NOV 08 ••.• HAN 1091
10U,
Sit Sp °ea & gu g 48 ..191b J -J
°
91 J
1919 j
LaCrosse & 1) 1st 5s
102%
2
1027 out'05
Atlantic & Dane See South Hy
1910 J • J 103
Mineral Point Div 58
2
/
2
1
/104%
2
/
2
/ bait 1041 1041
Austin its N W See Sou Pacific
2
/
941 45 90
1910 J -J 1041 sale 1031 1031 12 100 10312
94%
94% Sale
4
943
So Minn Div 1st ils
2
/ 1 101
2
/
10312
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
4
/
2102 I
/
Wie & Minn Div g 50—.1921 J -J 1051
51948 A-0 1001 Sale 94)% 1003 121) 961
2
/
21051
/
2
/
10512 Apetis •..• 1051
Hold 4s
1910 J-D
L ea
4
95', 951 Jily'Us
98
961
2
/
' Mil & No 1st
51943 Q-J
2
/
2
/
2,
/
1101
21101
/
Registered
1101Oct 'irb ...• 1081
120 um,'01
109
1st cense' ea
2
/
115% 1183,•
4
/ tle1
Pitta J uno 1st gold es...1922 .j 89
4
:F 1153
2
/
1913 j
901 90 Oct 'Ob
Northw cone 70.-1915 4 D 1001 117 11(31 J'ne'lla
83
90
Ohio&
149
99
1)1)
2
/
PJun &11 Div let g 312014125
1886-1926 Extensio
2
/
961 Sale 951
2
/ 96% 36 87
Extension 4e
97
PL E W Va Sys ref 461041 II-N
0812Apeu8
981 9 3
2 84
92
913 921 92
4,
Registered
2
/
4
833 024
05
2
/
951
Si,
ilb
Sout•hw Div 1st g 312e...1925 J -J
4
/
981 06
19 °
82 M A
89 Oct'06
General gold 312e 188° 9 7 r-N
h1925
..
Registered
89
80 Aug'08
841
4/1987 Q-F 95
2
/
Registered
1051 Feb'07
.r
Motion itiv 1st gu g 541-1911) V•;t 1021
111
1.1112Mey'les
197 321111y
2
/
Sinking fund es .1879-1929 A-0 110
109 Apr'05
it let c g4128..1030 M-S 081
Oen Ohio
110 Aug'us
2
/
1081 110
1870-1929 A-0
2
/
1093 J'nel 7
4
°
• ClLorteWOOfllstgSSlUSii A-0 1111
1093,1091 1091J'ly 'Uti
2
/
2
/
2
/
108 1091
Zfund
lie tered 5s 1879-1929 A-0 10n¼
4
/
Sink
1081 Sep '045
-1) 112
108.4 111
Ohio River RR let g 5E3 1936 A-u 104
104 Nov'u7
9
,
, :
1 0 A0
1879-192 B61
Registered
109 Sep'08
1001 109
4
/
1937
General gold bs
8
100%1011 1003 Nov'tes
4
'
2
IOU's 1615
Debenture 58
1091
2
/
2
/
1191 Alar'114
Pitta Cher &Tat 1st g es 11)22 A-0
10U
93.2 Noy'vb
119, 1014,
2
Registered
101
10 101 101
Pitts do West let g 4s 1917 J • J 101 Sale 101
107
4
4
105 1083
1083 Oct'Ua
J-1)
100 Noy'04
Stet 181 By 1st gu g 412)31943
103 J'ne'147
!
1
192
19
Debeture Registered
Bat Creek & S bee Mich Cent
2
1101
108 12 1133
4
/
2113 1131 Oet'08
/
deb
Beech Creek Bee N Y C & if
107 109
104) J'Iy'ua
Register
4
101% 1013
Bellev & Car See Illinois Cent
1011410.1$, 101$,4 May'ua
ois let 5s
Illin
9 3
1 10
193
No g1sterea
Bklyn & Montauk Bee Long 1
101 101%
101 Oct'08
Ott0 & St Paul let 53 1909 M-S DM%
Brune & West See Atl Coast L
i 18 1111%
4 Aug'ua
Mil L & West let g thi 1921 51-N 119 121 1193
4
/
Bulialo N Y & Erie See Erie
110 1131
2
/ 1 13(.05
114% 115 1131 '
.
ICxt & Imp sfund g 5e 1929 F -A
21161 116 Nov'08
/
108 Ile
2
/
/2
Butialo it & P gen g 5a 1937 3,1-8 1151
11212.IA.64
2
/
Ashland Div let g es 1925 M-S 1231
2
/
2
/
1011 1011
M-N 104
1011 Mar'
2
/
1957
08
• Como!412s
12e 12.Feu'Uti
Mich Div lat g ea
1924 J -J 124
'07
4
98 Dec
1/91
101
1011 54)9 03
• All & West let g 4e gu.„199b A-0 1081
incomes
103 103
2
/
103 J'ly'08
1943 2-J
2 112 116
4
Cl & Mali 1st gu g 58
116
116
9 7J
114 1191 ChloItocklel & Pee es 1911 M-t 1163
2
/
11912Sep 'Ilts
2
/
1121 115
2
1
• Hoch & Pitts 1st g es 1921 F-A 120
4
112/J'Iy'08
/
1141
Registered
1917 J
117 117
,
117 Mar'Uti
2
/
1922 J -0 1223
2
/ 47";
2
1
Consul let g 60
2
1
lou/ bap, iuu/ 1001 . 91 1001
General gold 4s
2
/
061 u7
961 MeY'ob
2
/
Butialo & Southwest See Erie
9812.
Registered
8
5
19 3 J J
19 8 4-2
871 91
2
/
89 Oct'08
90
2
/
2
/
2
/
Butt al, Susq 1st ref g 4s.c41951 J-J *
4
/ 57-1 112 531 891
87.4 bale 871
97 J'ly'04
Burtjkt&N Bee ORI&P
,
4
3) A -0
1
(s
2
/
2111
/
Cefun; t Seri
itoll trting g 41311 4s 191t M-11
.
2
/
1913 J.J 1081Sale 10'70 1081 81) 1071
2
1
1.11:/ Noy'00
Ian So 1st est es
2
/
911
mN
J 4s
11
1912 NIN
4
/
981 105
2
/
2
/
1021 Sale 102% 1021
1913 MOa
2
/
1101 Jan'07
..
M48
4
1003 Iday'07
1913 M-S
113 May'04
Registered
1916 M-N
N 40
4
903 Ifeb'07
Carl)& ethawn Bee Ill Cent
90
045
Carolina Cent Bee Seab Air L
84 Aug'Ut
00
P48
. 74 1014 ic53 741
727
•Carthage& Ad Bee N Y C de
2
/
4
73 Sale
110112 -N
Chia It I & Pao RR 48 299087 11,185 Aug'Ob
'Cedkt1a&N SeeStJR&N
2
/
621 65
,
100 11.1
2912 11 1
Registered
2
/
2
/
Cep Branca By See Mo Pao
Ps
V Sate 771 '18% 76 591 79
Coll trust gold 5s
112 114
114 Sep 08
2
/
'Cent of Us UR 1st g 50..p14/45 P-A 1161
2
/
971 1101
4
/
Bur(led B & N orthern—
2
/
4
/
4
/
1081 Salt 1081 1081 1
1945
2
.
emigre gold 5s
106 1167
2
/
2
1167 1161 1167
con let & col tr g 5s.1934 A-0
113 Apr'013
1945
Registered
1201Mar'03
2
/
2
/
761
76¼ 27 55
2
/
761 Sale 74
..p1945 Oct
• let pret income g 54.
111 Nov'08
4
/
3
1924 A -°
65
itlf'& N W
CR e 18fmre 1st gu 58.1 9 1 A-0 1061
73
73 rly 4.48
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
1..
U 25 consol registered d1930
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
.28
'Dot United 1st con g 41 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
.
526 Oct'08 .... 40
2002 A-0 65
Eat g 40
.
9912 Nov4/8 .—i 93 102
13way& 7th Av lat e g581943 J-0 100
99
3 95
97
95
Vtli Av 184 gu g 544.1993 21-S
99
95
Col&
98
96
95
95 Nov'08
LexAv& P latgug 541993 M-S
2
/
2
/
2
/
651 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
/
101 1061
'08
1637
2
/
106 1071 106 Oct
Third Ave By let g 6e,
2
/
931 J'Ay'06 •... ......
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
, 98 Sale 98
St J08 R7LIH & P let g 6037 11-1 4
2
/
1101 Nov'06
•
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
s
2
/
41
2a
2
/
221 101) 20
1948
22 Sale '22
Income es
84 101
Oct '08
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
Noe a Option Saki
ts Due May gDee Jess /*Due •I'ly kDue Ang *Due Uot 141)ae

2 91 102
101
101
101
4
/
2
/
791 476 Ws 791
77',Sate '/712
10814 17 993,1o3'
103
921 921
2
/
2
/
2
/
103 1041 91 Oct'08
76 93',102
2
/
4
1001 101 1001 101
2
/
2
/
2
/
993, 1001 1001 100', 16 98 1021
2
/
2
/
2
/
811 Sep'08 .... 811 811
83
lb 77
56
86
• 84
84
80 .10 9
5
75 ,
0
5
8
4
793 80
77
95 Mar'08
101
2
/
21001
/
2
/
1011001 Oct'08 .... 931
95 J'ne'00
70 Oct'08 .. 69
70
75
86 Oct'08 .—. 86
94
91
87
2
/
751 3961 49% 751
2
/
731 Sale 72
2
/
2
/
4
1013 Sale 1011 101% 241 100 1013,
657 64/
4
68
2Noy'08
1
.41 .. 651
)
.
.
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
1952 M-N 107 12 sale 10712 1071 6 [0712109
AG 102
1011 Sep '08
2
983 101',,
4
Xeok d 096 M 1st
56...
ali193 st L. N 0 See 111Ceui
Chic St L & Pitts see Peun
1930 J -1 132 Sale 132
132
11121. 132
Ohio St P 54 &O con 6s
93
93 Dec'03
/
2
8
Cons 88 reduced to 31 1931 J .1
12714 Aug'ub
/
2
/
4
.24 1271
Ch
1-' & Minn 1st g tis 191.- ,4•N 1271
J 1283
4
129% Alar'04
Nor Wisconsin 1st 138 1113•
4
1163 Ang'08
4
116 12 117 11
A-0 1163
St P & City 1st g
112% Oct'08
112 113
Chic& West Ind gen g tis q1115. 14.11 113%
96
4
91
9512
97's 943 Sep'08
195*. .1.4
Consol 50-year 46
Chic& W Mica see Pere Man;
Choc0& Unit hee C It &
'041
8-193, J • J
113 Oct.
/
2
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
'
Ind Dec & W let g58 1935 J •J
2
107, 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'
983 981
4
/ 981 7 92
2
/
2
981
/
2
1.; •0 98
Olev Cin C& st I)gen g 48 191
96
96
98
96 May'08
96
193: J -J
Cairo Div 1st gold 46
94
951 951
/
2
4
9514 Oct'Or
Cin W & Id Div lst g 48 199, J •.1
951 98
/
4
4
99
903
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 93¼
9912
.
4
991
2
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 1071
F
114 114%
e
1144 Sep'00
0C 33 cousol 7a
1914 4-1) 1157
COlisOl sink fund Ie
1914 J•D
120 130
126
ISO Nov'08
Genera couttoi gold 68 1934
Remit:tiered
P134 J • J
94
95
.
Intl In& W 1st pre: 48.1940 A-0 . •- ...... 94 J'ly'08
O lnd & W 1st pi 6s...//193.. / J
1
2
/
2
941
0412
1 85
Peo & East 1st con 48 194t, A •0 94 12 Sale 9412
2 547 31 35
8
68
.
Income 4a
tpt. 543 bad. 031.
Olev & Marietta see Penn Bat
Olev & Pitts see Penn Co '
2
73
73
731 41 551 7312
/
2
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
/ S83 417 78
2
9
()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
6e=114'
1VVI:co
.1):1lat2
k
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
2
6
1st ref gu g 3/
/
2
125
4
2 1161
/
2125
Y Lack & W 1st 86 1921 J •J 12211253 125
113 112 Oct'08
1925 1- A ••
Construction Os
1.08%11::.
100' 1001 102 Oct'08
/
2
971 102
/
2
Term & improve 48.-11125
91 12
102 beL003
Warren 1st ref gu g 3126.2000 V- A
1211 Apr'02)
/
2
0411
/
2125
Del.5 Hull 1st Pa Div 76 191", .s.1•S
120
149 aug'01
1111, ;•
Registered
/
2
8
4
4
1943 M-N 1001 Sale 1903 1007 86 981 102.4
1st &ref 4s
108
4
71 9412 1031
191u J -1) it)23 Sale 10212
/
4
10-yr cony deb 45
104/Nov'08
1
2
/
2
116 104',
J J •1U41
1
list lien equip g 4 ,s
9812 98%98, 5 913 99
4
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
962
/
1
Deny & it Or let con g 46 19341
98 Jan'08 ..• 98
98
Consol gold 41
/
2
s
94 1003
4
100 Oett'08
Improvement gold 66 1g;••
'
98 Feb'0:
97
98
Rio Or Juno 1st gu g 56 1939
76 Dec'06. •
Rio gr So 1st gold 46.-1940
08
86
85 Mar' ..• 65
Guaranteed
1944;
/
2
941 981 961
/
2
/
2
831 981
/
2
2
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. Angq)b
2
891
88
2
80 . /
92
Gold 441
1995
Detroit Southern
84
84
1 773 84
4
84
Ohio Sou Div 1st g 46 1941
1121 1121 1 102 11212
/
2
/
2
112'2
Dui & Iron Range lst5s 1937
1061 blank
/
2
[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 May'0/3
/
2
10812 1061
/
2
Elgin Jol & East latit 56 1941
Elm Cort & No See Leh& N
194- te-N 100
Erie let ext gold 48
•
9
4 3111V08 . 99 105
99
/
2
1041 Apr'001
/
2
M-S 1051
1919
10112104',
2d ext gold Os
8
99 Atat'0l8
933 10012
4
111'2:; irt-8 11123
/
2
8d ext gold 4118
/
2
1051 NOVidb
/
2
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
/
4
/
4
117 1251
/
4
1921 39•b 1251 126 1251 1251
let consol gold is
122 125 121 Oct'Ob
120 121
1920
let consul g fund 76
/
2
891 4 80
/
2
/
2
90
Erie let con g 48 prlor 1996 J -J • 881 891 89
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
4
703 Sale 78%
801
/
2
80
-year cony 48 A
60
1953 A•
68 43
7() 3113 40
/
2
70
do
Series ii 1953 A-0 1371 Sale 137
/
2
115 Aug'08 • • 115 118
Bull N Y & Erie 1st 7s 191t J-1) 1161
4
/
2
/
4
Ohio & Erie let gold 56_11182 .81.N 1141 Sale 1141 1141 1 10812115
()Lev & Mallon Val g 56.193/- .1-4 It/7
/
2
11131Jan
981 Apr'Ob
/
2
981 981
/
2
/
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 106 Mar'08
Dock & Imp let cur 66 1913 -4
/
2
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 4'
1 .

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 Dec'0,
23) gold 412,9
/
4
..
1937 F-A
F-A
95',Nov'00
General gold 56
89
115 12
/
2
1121 1121 6 110 113
/
2
Terminal 1st gold 58 194:i M-N 113
94
1
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 1942 A-0 102
114 Apeti.,
23
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-.
8.1941 J -J
/
2
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% 573
86
1 74
8
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
983 341 921 100
Ut Nor
,
98 Sale 98
/
2
-C B& Q coll tr 46 1921
1,21
/
2
97% 071 Nov'ut
9212
Registered.h.
Q-J
Greenbrier ity See Ches &
100
95 95
Gull,ks 1 1st ref & t g Os 01952 .j
96 Oct'00
IA an & St J o See 13 & Q
• ousatonic See N IN 1141 11
/ b 981210712
4
/
2
Hock Val latconsolg4123 1999 4-4 1071 Sale 1071 1071
/
4
10012 1001
1001 Sep
2
Registered
J -J
/
2
/
2
Col & H V 1st ext g 48_1949 A-0 951
9b11 Nov'ut;
/
4
19 0
9
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 1021
2
102 1031
/
2
107% Ap:
1. Registered
1951 4.3 10114
143 12
92 Aug'00
let gala 312a
1951
004 ind
913 Aug'us
4
91
Registered
913 1,13
.
1951
4
89 Noviu,
Extended 1st g 31
/
2
6
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 - 952 11.N
1953
981 102
/
4
97 Itay'll•
Registered
......
1953 11-N
102% Jan 't.,7
Cairo Bridge gold 4s. 1950 4-0 100
/
4
90
901
901
4
S5
LoutsvDiv&Term g3123 1953
901
/
4
1Y,
123 May' ,
Middle Div reg Os
1921 F-A 103
7812 Apr'W.i
78
Omaha Div let g 3s
1951 .A
704 Ain)
.
'UO
7812
761 762
St Loins Div&tenn g 36 1951 .4-4
4
/
1
Registered
1951 .1-4
891 Oct'us
/
2
J- J
791 89's
/
2
Gold
11.111
8001 99
J -J
Registered
te
190 IN ov'm
Spring Div 1st g 31
/
2
6
9
951 J -J
9
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 Mar'04
4
4-11
Registered
881 Feb'u7
/
4
Gold 3128
1951 .1-1)
196
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_192 .1-1) 111.
1001 110
193!
4
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
4
73
Kan City Sou let gold 38 11151; A-0 723 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 1031
/
/
2
2
1 100 1092
1.-9 2d gold 56
1941 J -J 1051
/
1
.
/
2
North Ohio 1st gu g 56 1945 A.-0 111) 1121 105 Oct'00
105 1051
/
2
Sho & Mich 38 See
Y Cent
/
1
Leh Val N Y 1st gug 4123.1949 J-J 1094 109% 1091 109%
1021
/
2109%
/
4
109 108 Oct 'tits
Registered
108 108
1940 4-4 •
4
Lehigh Val(Pa)cons g4&2003 al-N
933 J'ne'003
8712 95
Lou V Ter Ry lst gu g 58.1641 A-0 1151
11712Sep'00
/
2
108 1172
/
1
Registered
1091 OnL
/
2
1941 A-0
107 1 J'1Y'00
2
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 97 '
/
2
Registered
1945 M.S
6
1137 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
1 105 112 s,
1
1st consol gold 4s
931
/
2
/91931
General gold 4s
971 971 971 971 7 831 97 gi
/
4
/
2
193s J-D
/
2
/
2
)
/
2
101
1
Ferry gold 41
101
/
2
101
/
2
6
1922 M-S 1011
Gold 46
/
2
991 Oct'06
1932 .1-1)
Coined gold. 4t4
94
94
96
1949 M-8 94
2 [01.. 94
.. i
g
Debenture gold 55
110 rne'94
1934 .1.1)
Guar ref gold 4s..
98
98
11)49 91881 98
90 118 e
/
2
Bklyn & Mont 1st g 66-1911 M-8 1021
/
2
1st 5a
.
1001 Oct'usj.... 1001i002
/
4
1911 M-8 101 1
/
2
/
1
N I 13& M 13 let con g be 1936 A-0 102
41
1
2
1101 /ov'UlS ..•. ......
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
' • 831
4
/
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 1003 100/ 100% Nov'08
6
101 101 .3
1
2
Milwaukee Gas L let 46 1927 M-N
119 140
95 Oct'08 ... 894% 96
91
96
/
2
54
1
601 N YUELii&)Pg 66.-1948 4-0 102% 103 1021 103
88 1011 ;
/
2
103 155
Purchase money g4& 1949 F-A 8512 Sale 851
1
87
2
76
88
931
Ed F.1 Ill 1st cony g 5s 1910 81/
21021
/
2
/
2
4
1011 Sale 1011 1011 IS 981
/
4
1130
98% 98%
1st consol gold 66
1995 J-J 10812841.16 10812 110
4 1074
2110
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 99
611 Oct '01
/
2
Pat S, Pas t8 & E con g 56.1949 M.S
10412 Nov105 __
971
/
2
831 Pee Gras & C 1st con g 6.1 1943 A-0 1171
/
4
831
/
2
115 J'ne'1)
831 1 79
/
2
10712118
/
2
1331 1351 119 1061
/
2
Refunding gold 5s
/
213518
/
2
1947 11-13 1031 103% 1031 Nov'08
/
4
/
2
94 103
11s^
107% Dec'Ou
& Cke lat gu g Os 1937 J-J 105
105 Nov'00
Ch
98 106 '
102 J'ly'08
Coot eh 1st gu g 58.'36 J-0 1031
1011
/
2102
Con G
/
2
1032Oct'08 ... 96 108
/
1
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 1031 10 103 1111 Trenton G & El let g 58 1949 M.n
/
2
/
2
/
2
110 bisy'06
83
Westchester Light'g g 56 1950 J-0 104 107 103 J'ly 08
90
88 Sep '08
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,




11951 Nov'08
/
2
136
140
23
57 Oct'08
151
155 108
1021 1021 1
6
/
4
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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
8J'ne'u8
1107
,
10 12 1111 7
1937 M•14 1i41.
Geld 5's
2 101
4
33 05 101
194.) J • J 1001 Sale 1031
Untried gold 48
,
90 4
11149 J -J
4
1
101/Ply'06
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
111 Nov417
1919 .1-D 113
H & Nash let a 6s
E
104 Mar4.8
1031 104
4
4
/
LCui& Lex gold 440 1931 9•N 1051
122 Oct '06
,
:153 122
1930 J •J 122
N 0 & M 1st gold 644
4
/
1221 51a006
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
/
621 Aug'147
198.. V1• s 63
2d gold 38
\8
933 944 94 Oct Os
86
941
,
Atl Knox & Cm div 48-11165 M-N
/6
1.1.11 J'Iy 1
Ati lsiiox 5s or let a531.94) .1 0 11/6
4
/
1081.1m,'06
Render Edge late I g 6s.1931 M•S
9712 Nov'08
97 ii 984
83
4
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
4
861 Sale 86
;
81 14
4
/
791 87
L& N•south M ;mot 48.1962 J .41
4
1101 J'ly'06
4
/
1101 11u),
.1931 F- A 111
N Fla & S lat gu g
98
91945 J -J
4
/
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
99
99
92 (151,
13-1-anhattan Hy consol 48 1990 A-0 99 4 Sale 104
1/63
Apr'05
19111, AM
Registered
1
8
4
/
4
Stmpd tax exempt 1990 A-0 1003 Sale 1110 4 1001 Is 961 100 4.
MoRptdb B V hoe A 1 Cent
4
/
821 Sale 823
8
821 15 74 4 F53.
4
/
,
Ilex Cent consol gold 48 1911 J -4/
4
193 197 19 Nov 06
,
4
/
141 20.2
' let consot income g 3s.a1931. J'ly
17
1714 .N 0008
18
10
18--,
2d °onset( income g 38..a11)39 J ly
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
1
4
/
-I, 10./ 1041 0,1'4 Aug'vb
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 '783 84
4
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
,
100 4 101 wok, ion% 17 04 101
Ko Kan & Tex let g 48 1990
8;
85
btiJ4
.
7l 1 67
g499.1 F-A
20 gold 4s
4
100 4 1933 1001 1, ,:")
.
4
/
1944 51-N
let ext gold 5s
84
3
747 82
8
2004 M-S 82 .8a14. at
let & refund 4s
4
/
871 to
4
/
871 Salt; 87
71
11)36.1 -J
87 1
.
s
4
/
Gen e t 41
e4
54
b01 811
4
/
4
/
21/01 A-0 84 :Nut
St 1.4Div let ref a 4s
103 Oct 'ub.
104
102'. 10
Jo Wa 1st go g 58 1940 34-N
Dal
1-2 -.)Nov'.:4
/
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024.
Si
Kan C & Pao let g 4s 1991 F-A 101)
108 uct '08
1033
810s
,
?do K & -6 1st gu g 5a 11/4. A -I)
1 ub3 DM
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t.
102 109
1042 6,1-1:
hi K & Ok 1st gu 58
0,11 14:Nov'ur
LObA,.19
4
1
9,/ L073t.
M. Katt Tot T 1st gu g5s 11142 31-S 103
1.00.1,3 ueTur
/OW,1.4,u14
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1118 Nov'ot•
4
/
2
1u2. 14,
1
.
Tex& Okla lat gug5s 11)43 5 •S 1/31
4
/ 113-4 1 id Nov't).
11441 115
4
/
-1920 31-N
lio Pacific 1st eon g
,
101 4 Sale Le0-14 lot
17 88 102 4
Trust gold 58 stainve0.a1917 .514
/
1041 FelPu'i
41917 51-S
Registered
4 101%, .2 87, 10.4
8
1920 F-A 101 salt, 1001
let coll gold Ss
8
4
78 Salt 773
783 401. 68
703,
1943 NI-year gold loan 4s
40
ie Mat't/b
88 12
95
111
1938 .9-N
3d 7s extd at 4%
83 I. elf1.18
87
85
Cent klr tty lat gn g 43 1911) 11 -A
,
89 4 Sep'ut
133 h 8914
Can Branch U Plat sr 4s 1948
Mat'uf,
• Leroy &C VA Llstg5s 1926 J -J
9114 IfelPub • 991 99,,
4
/
Pao Rot Oto let ex g 48.1938 k'-A
112 Deo'u,
•
20 extended gold 5s 1938 J -J
4 4.107,
1103
. .
1 14-14
L Ir Al& *gen con g 581931 A•0
110 Oct'ur
.00 110 Gen con stamp aid g 5s 1931 A-0
88
8
883 .21 68
e
b833
Untlied & ref gold 4e 1921' J -J
„
877
8b, Si, .6
8
M-N
4
8231
thy & U Div 1st g 4s 1933
1071 Apr'Ot.
4
/
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
,
1,3 124
Mob & OlAte new gold 68 1927 J •D 114
103/ J au'et
4
1
1051 103
4
/
let extension gold 68..411127 0.4-J
88 Nov'ur
.1938 .0-S 86
4
/
821 88
gold 4s
.
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10)
1123 Nov'Ur
8
4
/
a/21 1121
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
iegil
it &U coil 45 bee South 9 ",
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 1153 116
/
4 11012116
4
kl ash Clint & St L lat 78 1913 J • J 1151
8
8
1103 Oct'Oz
1.151.4 112 4
192r A-0 11o3
let consol gold 5s
4
/
1161 May'0.
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
4
1003 Nov'06
99 1003
4
Nat ot Max pnor lien 4128 1926 J • J 100'2
83 ,.,
4
/
831 Sep 'ut
'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 0:, 871 94
4
/
93
931 931
4
/
4
/
g 31 e 111117 J •
.
N Y Cent db H
91 Oct'08
1)1
4
/
881 91
Registered
1997 J • J
954
114
4
94 Sale 1.33
65 JU
1934 at-N
Debeu g 48
86
88
S5 L2
13 75
a., 1(19b F-A 86 Sale
4
/
Lake Shore colt g 31
84
83. 26 73
title r4k. 83'.
Registered
11)98 F-A
4
/
741 8.5
8612 85 Nov'08
86
0- 1998 F-A
MIelt Cent coil g 34
82..
76
8214. 82 Nov'Ut,
1998 F•A
Registered
99
99
99 Oct '1/8
4
91)3
Beech °recut let gu g 40 106 J • J
102 Mai'04
1936 J -J
Registered
1936 J • J 102
2t1 gu gold 58
4
1
3
Beeclitjr Ext 1st a 3/ 314.51 A-0
Cart & Ad 1st go g 48 1981 J -0
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6
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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
o921102
4
/
4
/
9614 Oct,
s...2000 M-N
N Y hb Harlem g 31
9614 9614
,07/ Aug'ur
4
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
,
.4
Vine I'reek rest attar 6:4.1932 .10 1181
.07 N,,, N,
4
/
A-0 1101 111 10 12 Norui,
H W45,0 con lat ext 5s./11022
8
1087 112
1u5 Jan '0105 105
Oswe & R 2,1 gu g 5s...e191n F-A 102
A-N
R VI& UT R let gu it 5s.1918 3
,
Rutland let con a 4 1.e.1941 J -J --_-_, - .... . 103 Sep To
103 1113
87
4
/
861 Oct '..z.
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 , 12 110,'0)
,
St. Law & Adir let g 3s. 1111w J -J
112 112
133 125 Feb't b
0
1418 A .
211 vol.! Ge
125 • 125
IPA Apr"
993 993
4
i
(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
8
1 61
9618
"4
Debenture g 48
1153,,' 01b 88.8 913
8
1,47 bale 04 --2
1931 M-N
25-year g 4s ..
Ka A 4(4 R Istg•n o 5s.1938 J -J 110
...
110
07
109 oet ,
Mahon C11, RR let 5E4 1934 J -J
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
115
1934 J•J
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
1143 Oct'08
4
14
114. 1143
4
19.31 M•8 11234
Os
. 119 J netit)
4
/
1931 tot-M 1001
.Registered
4
/
1001
0)11114 Jan '01
48
1061 Nov'Ut,
4
/
Regtstered
90 J'ne to.
110
4
1 1 41j1:I
15 • -S
90
4
/
J 14.5 S 1st g S1e
90 Sep '08
88
8
918
901
4
/
1952 M-N
4
/
1st g 31s .
-ug 36 1989 J -P
ilat C & Slur 1st g
4
/
1001 Nov.8
95%102
N V Chic& St L let g4s 1937 A-0 101
l's) sep 't,),
100 1010
8
1937 A 0
Registered
91'.
93 Oct'08
92
93
1931 IVI-N
,Debentures 4s
8
4
West shore let 48 gu 2361 J -J 103 103J4 1,33 1413. 19 98 104
4
/
,
2361 J -J 102 Li 8111t 1021 192 4 Lu 961510215
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
,
4
/
‘; I' N H & ti-Cony tis 1948 J-J 1353 Sale 1351 136
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
1
/01 /J'ue'ut,
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g1992 71-S
4.Y & Put See N 1 C01, H.
4 Y& 11 13 See Long Island
4 1 S & W bee Ene
Co•
4 Y Tex & Al See 8o Pac
105
4
1
99/J'iie'l9.
4
/
991 901
1941 '51-N
4or & South let g5,1
4
/
1283 Oct '08
120 1281
4
;on & West gen g Sa
4
1931 M-5 126
iniprovem!t & ex t g 68 11134 F.-A 198'.
117/ 1171
4
1
117'. Jun '01
4
/
.. 1932 A-0 123-4 126 126
River let g 68
5 126 126
126
New
98, 8510 981
4
4
901 3 9214 993
4
/
N & W liy 1st con g is,jupc, A.I0
4
/
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91 Sep 't)
/
1994; A-0
4
U/1 1)5-4 1/4 Oct 'yr
4
/
84,1 1/4
Dirt let 1.5 gen g 4s 1944 J -J
i 78
4
94 ..
4
/
1141
10-25 year COI1V 45.-1932 J.1) 1)4 kale :-33
in.) .. 90
1.11 , 0 77
1
92
Pecali 0.5 C joint 4.1 1941 J -0
,,,91. Fel,'W.,
00.5 T let gti g Os... 1922 J •J 103
.
3
871, 09
4
/
987
961 tho
400t '1)8
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
/
'JS)10414
-Prior lien g 4s 1.911- '4 41 1031 Sale 103
;or vac
,
4
1173 103
Regletered
1997 9-J 101.2 1u3 103 Nov'or
31
13.2 . 7 u8
741
Genera/ hen gold 3s....a2047 , k.
4
/
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,1.,' '." '13
,
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71 Aug ob
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a2047 , b
4- . ,
,
9612Jan Uz)
1)61
89
4
/
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Dui abort L lat gu 58 11)le M-S
u .8 & t.4 coil tr 4s see Ut Nor
4
/
116 121
1923 F-A 122 1231 s21 Nov't)8
61 P do N P gen g 6s
124) Uct 'ub .
1/6 120
Registered certinc's 11.123 .4•F 1.61
4
/
1
4
1
11.7 / Ply '4.4
4
1931 N -A 1093
St Paul & Dul let 38
103'.-'l3 'Ur
4
/
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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)-0, ,9.9,3b„,
Wash cent let g4,,
11/48
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
/
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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
/
.011 106
103 1v4 /06 Oct %di
194:, a.4
/
100 1051
Consol gold 4s
4
/
4
1.348 M N 1033 Sale 1031 404 .
4
4
0. 011 1183
DS
4
cony eiti blti a -'s
1912 ..,. fs.
98 cult90
9614
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96 Sale 951
06 ; be 88
1915 J -D
4
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
/
1071 out 'V. .
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
/
,
4
U23 1061.
4
/
'eon Co-Onar 1st g 4, 11121 J -4 106 107 1061 100 4
2)3
,
I
103, J'Iy '07
Registered
11)21 J -J
nul2J'ne'ut,
38
Guar 34 coil trust reg 1937 .41-6
8 • L,Oct 't. .
c,uar 3128 col/ tr seri% 11141 F-A 883
4
861 94 14
8
1)8-, Oct '1.6.
11 2'. 1,
814
4
/
8
"Fr Co certif's gu g 31 11)1u 51-N
901
4
/
(.4Lt 31.5 Cr aft; C
8414 873
4
) U...
11)12 3-0 }:;•, 4 ."- • • t' 13 el' .
4
0
4
,
n
4
/
(4 . 31 tr ctrs D
8
1944 J •0 87'. 931 1)0- mai't.)
1
J73 Oct'03 .
4
971
100
Guar 13-25 year g 4s. 1931 4•0
'03
110 .00.
ci & Mar lot gu g 4 128 1935 ai-N
1):
108.4 Aug'02
11
01.5 p gen gug41 2aserA.'42 3-.1 1103
.
series B
1942 A-0 10938
981 Dec'ti.
4
/
Series C 3128
8
933
1114r 241-N
90
110
Series I/312s
90 May u8 _
8
943
1.(15o F-A
• -•
•

• -

•
-

•

•
..

••••

.• • -

.•

•-

• -•

11081"--Contintiet. on Aext rage

retegrapis and Telephone
Coati and Iron
941
4
/
751 911
4
/
2
Cot F & 1 Co gen a 1 g 58-1943 F-A
95
1 791 96
95
4
Am fele')& 'Jet coil tr 4s 1929 J -J
923 95
9115 Oct'08
8
o,
..
. 19
..
,
5.3
963 iiii r4L, 1163
77 Aug'u8
convertibleucau,e. :23 6 M.S
Convertible deb g 5s....1911 BA '75
77
ith
96 Sale
4
Co let
Cot Luel Co gen gold 68.1919 at-N
4
/
1071 Oct'04
4
833 Mar408 ... 853 8514
90
85
ti-J
4
/
5
8
Gr HIT Coal dc C Ist g 6810113 A-0
1023 Apr'06
1)137
149
(. 997 Nov u8 .... 921 Lin
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
/
91¼
761 230 385 77
4
.
75 14 Salt, 75
91
91
9$
2s...1950 .4/1-5
en and res., est g.4 4
86
54 75
8
Contin'talC 1t8 go:5814.195'. F -A
1075 Dec'04
MN
4
851
4
/
Cons4
/
841 831 84
Ten & Clear C & 1 let a 38.11126 J-1)
107 May'97
100 Ang'())- •..• WU 100
U 1 1etr mIti nd
l ntv4 ,Sea sA 68-1911 ./4-5
4
/
Kan& He& Chits 0;58.1031 J•J
1051 Dec'06
4
/
991
non lit el onlig
rouustria,
11.115
Pleas Val Coal lot get 543.1928 J -J
105 Oct 'Ou
1t
9:4 .3'
11i: -J
8
Allis. balm-re 1st Is
827 Sale 8212
831.• 21' 78
94
96
78 Feb'07
SUnday ereeg Co g 5a.....1944 3--I
80
4
let c 3s(rotsy28 .... 913 $ale 953
Ant Ag
4
1
4
/
86 . 95 /
10212 1021 10 821 1021. au, Cut uu ext. 4/
Tenn Coat gen 5s
4
/
6
1V1
4
1
VS
1931 3-3 101
95 salt
42- It
4
/
751 15
recto Div 1st g tis.....al917 A-0 107 1071 0)7 Nov'ur
100 1071 Am tilde & L let 81 g 68-11119 .11-8
4
/
4
/
93
1)0',, 95
U3
$ 48/ 75
4
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
/
881 Sep '0
Am 1 bread let cot tr 4s 11)19 J • J
8104
1(6 Nov'08
1
Valron Coal &Colst g 58 1949 M-8
80 1001 Am Tobacco .10-yr g Us. 195 1 A-0 104 sal, 105
107 ,19'. 90A, 111'.
97
1/6
94•1
4
/
77 IS. ($00, 71P.,
)
Vioror Fuel 1st s t Os
1933 J -J
4T-14 nebT0.
4
F- A
76 1$ sate 753
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
Ifreel
Range 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
918
6
122,5 Aug'08
1211 1221
Morgau's La as T 1st 76-1918 Au 111184
/
4
/
4
Series C
918
1941 .1
2
/
1
4
98 Apt '114
101-1,
1.6
•1st gold Us
1920 J -J
.
108 Sep 'Olt
Gr R& I exist gu 4/
1
4811141 J r 10 13
,4
No of Cal guar c 5s
112 Feb's)"
,
1938 A-0 115
Pitts trt W & C 1st 76 11)12 J -J 1093
4
1271 Oct'02
/
4
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
1021
SO Pot Ar gu 1st g 68. .c19011
•
8
1011 _tug
/
4
9812103
4
107 Oct'08
3d 76
41912 A-0 1053
107 107
4
• 1st guar it Us
c1910 J.3 103,
103.. Sep 9, • • .,21 1031
8 .
/
4
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 Dee'94
/
4
1912 A
109 Sep '08
Series B guar
,071 109
1942 A•0 109
4
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 guar g
9412 Oct '08
/
4
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
934 984
5
C St L & P 1st con g 56 1932 A-0 11412
1161 Nov'08
/
4
, o Pac RR 1st ref 48
106 1163
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
541 109
/
4
1994 J -J
Peo & East Neo 0 C & St L
Nov't),
1051 114
/
4
Registered
1994 J • J
Peo & Pek tin 1st g ds
12318Jan '08
1921 Q.
,43
4
76N
Develop & gen 4s Ser A 195,1 A-0 75 Sale
71
761
/
4
2u gold 44
1003 Deo'1).•
4
01921 -N
as
86
88
1
4
ob & ohm
87/ NovIob . . 75
871
/
4
tr g 4,4_1938 m-s
Pere Marq—eh& W 51 453 1921 -D
109 Apr'02
106
107 Sep !th .. 96 107
Mem Div 1st g 412-5s 1996 J -J
.
.
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 MaY'08
/
1
/
4
/
4
o6
1001 1004
All & Danv 1st g 4a
83
1, •
88
88
1948 J • J
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
1151 Mar'06
/
4
,
111 1 ab'u7 -•
Col & Greenv 1st 65
1916 J•J 107
Philippine By 1st 30-yr 8146'37 J•J
971Sale
/
4
96
U7
977
s,
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
•
1938 M-8 1041
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
937 J 'ly
8
1141
/
1949 J
4
1)7
emu & Mr prior tie,, g5s 1945 J • J
5 Apr'06
/
1
4
Pitts & West bee LI& t.)
Mortgage gold 46
78 Oct '08
78
78
1943 J -J
D coding Co gen g 46
, Rich & Dan con g ds. 1915 J -J 109,5
997 Sale 99% 100 10), 93 1001
k
1997 .1.j
199 4, Nov'ut
103 1091
/
4
LL Registered
97/
1
4
1997 J -j
991 95 Aug'08
90
/
4
Deb 55 istamped
192
9- .11'ne't)8
4
u2
1927 A-0 99
Jersey Cent colt g 4s 1951 AO 977
.,
9o1
4
18
Rich as Meck let g 46. 1948 SI-N
98
/ 081 3 86
1
4
/
4
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 Dec itn.,
/
4
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
1051.93'00
1936 tal-N 105
21051
W1 1
/
4
Rome Vat as Og See N Ceni
Guar stamped
1050 COL 'os
4
1936 M-1‘1
106 1051
/
4
Rutland See N
tent
W 0 & W 1st ay gu 4 1924 F-A
841
/
4
961 asll'qi
/
4
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
105 Illay'ue
I'er A of St L lot g 41
8-1931) A-0
/
4
102 105
St LK C,11, N See Wabash
11312Se9 'ur
1st con gold 66....18134.1944 F-A
06%1134
/
1
St L M Br See'1' Kit A of St 1.
971 8.ov•Uts •-• 1)01 971
/
4
Geri refund a t g se
•
1933 J -J
/
4
/
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 11.19 Nov't,8
/
4
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)
,
2,1 gold Inc 5,3
92 No e0t3
q2000
...
Southw Div 1st g 58-11147 A-0 97
100 hlay'08
100 100
110 Itlar'Uo
La Div ULlstgos
1931 J • .1
...
Refunding g 48
777 Sale 773
1951
4
4
78 2ai 64.1 713k;
106,5 Nov't.4
/
4
W.Min W0511 W lstgu 5s'30 1?- A
,
5-year gold notes 4 4
/
4
2_1908 40 1011
98 Nov'013
1091 Aug'08
/
4
rol & 0 C 1st g 56
Ca— iihN
1933 J -J
St L M & So East gu 4/g11109 .1.1)
1
4
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 May'uo ...4518 98
/
4
General gold 55
1935 .1-1)
KOJftS&M Bs ref g 46 1936 A-c) 79 Sale 77
79
6(33 79
4
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
843 8 /
76 4 81 1
1917 .1 •.1
14
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
7d oats
ls 67
18's
1950 A- u
19
79
St L S W 1st g 48 Od cUs.1.981
921 Sale 92
/
4
92',. -1
90 " 93
95 Dec't).
84 19 931 for Ham & Bun 1st g 45.41949 J
/
4
2d g 4s inc bond otis...p198: J•J
80 bale 80
3
80
JIi 11.8
80
I floter do Del let con g as 1928
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
1011 Apr'07
On Pao RR & gr g 48 — 1947 J -J 1011',sale 1.3
luJ
99 1033
4
St Paul & Dui See Nor Pacitic
1011
/
4
Registered
102
102
14147
J
95 102
St Paul 31 at Man 2d 138 11109 A-0 102 1031 1031 Nov'08
/
4
,
96% Sale 116½
1st & ref 4s(w 1)
1021 1061
/
4
92008 31/
4
4
90% 61)1 943 97
1st consul gold 60
193:, J • J 13 t1
1317 130, 2 12616131s
4
/
4
20-yr cony 48
1927 J-J lob's Sale lusts
.,169 83 106
Registered
/
4
134 Dec'Vti
1933 J •J 1301
4
ore By & Nay con g 48 1946 4-1) 1110 ,5 sait ,00,5 1000
• 100 4
3
Reduced to gold 41
s-1933 J • J 1094 109% 091 1091,, Ii 102 1093
/
1
/
4
/
4
/
4
One Short Line 1st g 6s-11122 F -A
-,
121 / 1211 Nov'ur•
1
4
115 122
1161 sate 1,6 -4 116%
Registered
/
4Apr'01
/
4
161
/
4
1933 J .J 1081
1st coursol g 56
194e J •
:06 1161
/
4
bNov'08
1911, 6-N 1031
033
Dakota ext gold Us
/
4
Guar refund 46
4
/ 96 14: 4519 96
4
1037 107'.,
1929 4-0 90 sate 961
Mont ext 1st gold 46.-1937
101 Nov'08
101
573 Maes,7 •
4
94 101
Registered
1929 J
Registered
1001 Uot '0(
/
4
1937 .1-1)
100 Oct '07 •
Utah ets Nor lat 7a
1908 J -J.
E Minn Nor Div lst g 481948 A-0 93.4
1974/Sep 'Uo • - 1074 1071
Gold os
.
•
1926 J
5
/
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
4
1381 .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 4 114
4
Will & S if 1st gold 58 ,193, .1-1) 117 4
,
11512 Dee'013
5
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 44
915 Sep'06 „.
4611134 J-J
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 78
/
4
891Sale 8814
891
/
4
891 Virginia Mid See South By
/
4
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 1,2 60
31 4312 601
1
584
/ 59
1
Series B
/
4
2 37
• 65
1939 J -J
65
05
Coll tr refund g bs
1911 11,4-N
90" Oct '06
4
1st lieu equips I'd g 55 1921 M-S
361 901
/
4
/
4
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
113 .11tu'uu
Oar Cent 1st con g 40 1949 J•J
92
88
85 J '08
J•J
1st ref and ext g 4s
88
85
0$o ½l000 371 651
8
6 bale 831
/
4
1956
/
4
/
4
Fla Cen 65 Pen 1st g 68 11118 J -J
98
1071 Aug'08
4
4
Det & Cli Ext. 1st g 66_11141 4.4 1037
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 Ntar'05
/
4
115
1943 J -J
Om 1)1v 1st g 31
A-0
/
4
8
83 Aug'uo
1941
Ga as Ala By 1st con 5801945 J -J
1011 Nov'or•
/
4
'rob & Cli Div 1st g 4s 1941
92 101'-.
S 87_ 90
968 J'ne1.7
6
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
/ 54
4
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
/ 94
1
4
901 Aug'08
/
4
90,59W1
Registered
k19411 .1-1)
84 rne'u7
West Maryland lat g 46 1952 4-0 79 Salt. 79
79 /
1
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
1952 4-0 511 62
52. 3_ 30
44
524
/
1
Registered
1141 Oct'05
/
4
1949 If-A
95,
5
,U1
U41 96
106, Atig'ut.,
Va Cent & P 1st g
/
4
2
1911 r
Mort guar gold 340..ic11129 J -1) 87.4 /381 85
In 80
/
4
58
883b Weet N Y& Pa 1st g 58-193, 4-2 115N 117 116 0c4
108/ 1164
1
4
/
1
Through St L 1st gu 4s'84 A-0
941 94 Oct 'Us
/
4
Lieu gold 3-48
95'.
88
4
1943 AO 943 951 .43,5 Oct 'Us
/
4
871 931,
/
4
/
4
liar & S A 1st g 68_191t, F-A 103 4
Aug'08
Income 58
1013 101',
4
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' 41, L E 1st g 58. 1926 4-0
g
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 Jae '06
/
4
904 9 /
81
4
1t&TCl8tg5singti 1937 J -J 1.11
111 Oct '08
RR 1st consul 4s--------11)41) 11-8 821
/
4
.0918112
521
/ 86
4
1, 60
534
/
1
Consol g 66 int guar 1912 A-0 199
1073 Nov'07
4
20-year equips f ris
..
1922 J •.1
[WI
10611 198 108
Gen cold 4s int guar 1921 A-0 941 1)51 96 Oct'08
/
4
/
4
Wilkes a, &sot See Erie
95
87
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 1071
6
1091 Feb'06
/
4
Wto Cent 50-yr 1st gen 4. 1949 1.4
871 Saki 871
/
4
8714 146 80
4
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 Sale 9612
/
4
97
84 851 99
/
4
Am 88 Coot W Va g be
1921) M.N
Consol Tobacco 50-yr g 45.11351 F-A
763
2
761 20 62
/
4
781 11'kl'n IferryCo lot cont.g Os'48 F-A
/
4
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
991 106
/
4
net X 61, 51 1,1 gr incomes. 1911 A-0
Consol cony s f g 55
19:35 J -J
851Sale
/
4
85
851 37 78
/
4
86
Int blercan Marine 4/ 1922 A-0
1s
4
Iut St Pump 10-yr cony. Us'13 J -J
/
4
99 Sate 991 101.0 06 90 1001 &lit Navigation lets f581929 F-A
/
1
4
6
/
4
Dackaw steel 1st y; 56.-1923 A •0 96, 971 98
2
/
4
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$ Provident Loan Sot,4124 1921 11-13
9212
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 53'24 853 gale
4
847
86,512' 84,5 1161 -It L Ter CuppleaStat'n& Prop
2
/
4
U S -steel Corp— j coup .61963 NI.N 1021 sale 102
/
4
103 341) 86,5103".
Co 1st g 41 5-20 year-1917 J
/
4
5
MN 102 Sale 1021 103
SI 10-60 yr Os. reg
/
4
1 853 1036$ o Yuba Wet Co con g 6s 1923 J•J
4
Va-Car Chum col It bs g 1912 A-0 1051
/
4
/
4
/
4
/
4
1061 1051 1, 89 1051 Sp Vat Wet Works let 66 1906 M'S
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

924 Sale
/
1

92,5
921 1
/
4
83
94
10044 J'ne't)2
41 Oa'06
100 Jan '011
160— 100 ;
45
7 Apr'08
4 / 47 •
421
4
698 Sale 68
4
/
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

-11iVi4
112 3
11312.19y 100
90 Nev'U

78 -vr

Duo ply 'Duo Ilet 80plasui Gals ;

OFITCAGO STOOK EXOTIANGE-Stock Record-Daily, Weekly and Yearly
-HIGHEST AND LOWEST BALE PRICES
STOCKS
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 83
*712 10
4
Do pro
*712 10
_
*712 1
0
100
*112
- *113 116 *113 116 *113 115
Last Sat( 110 Nov'08 --_..
Sep'08-- Chic Rys part ctf
*4612 -47
4614 4014 4618 461, 46
4612 4618 4618 45
46
737 Chic Rys part elf "1"."2"
*2112 24
2338 2338 2338 233
8 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 ,'3".:-12
'4"
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
47
*44
48
46
*46 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 -*17 ____
*16 20
16
Nov'08 .._ Northwestern Elev_100
Last Sat, 483
3 Sep'08 _ _
*47
55 *47__ __
50
*47
Do pref
100
*47
50
55
55
*53
55
55
53
*53
*54
*53
55
53
56
170 South Side Elevated _100
3234 3 ;38 ,270 Streets W Stable 0 L_100
3314 3353 3314 34
3238 333
3
4 3314 3334 33 8- 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
95 10
8
914 93
8
100
914 934
8
83
4 918
812
87 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
14
114 114
100
1
118
1
12
114 1
114
38g Booth (A) & Co
.
114
100
6
6
53
6
514 6
4 6
6
Do pref
373
*57
8 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
1083 10812 10814 10812 10814 10812 10814 10814 10814 10814 108
8 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 _
- - •- 100
16 55 16 55 16 ii512 16, :„.... ,- 89 8918 gi7 National Biscuit
1
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
973
100
Do pref
579
s 98
4
4 973 9812 977
973 4
973 9 4 974 98
8 8
98
98
100
10378 104
10312 104
1,642 Swift & Co
8
10418 10414 104 1043 104 10418 10334 104
124 124
12334 1233
125 The Quaker Oats Co_ _100
4
12212 12212 *122 125 *122 125 *122 125
,
100
Do pref
9712 98
98
98
98
466
*97
99
99
99
99
99
99
12
12
58
12
5
8
3 1,930 Unit Box Bd & P Co_100
8
12
12
*12
3
4
*
12
58
3
2
314 31.
8
314 33
33
8 333
100
314 358
Do pref
4,358 4
314 5,380
100
Last Sale 1514 Nov'08 -- Western Stone
*15 -__ *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

l'revWus Year
(1907)

107

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
4
93 Sep 22 13 Sep It
15 Feb 10 24 Aug 11
212Mch27
4 May2:
0 Oct I) 4734 Nov13
3
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

103 Nov13
8
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

Highest

150 Meh
13 Nov
4
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
973 No
4
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
3 Nov
4
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 1011
--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
"Jhic Consol Trac 434s-1939 J - D ---- ---- 55 Aug'07
3
,- 96 4 Jan'06
3blc Auditorium lit 531929 F - A .,-,..
---- -__ ---55
3hic Dock Co 1st 4s 1929 A - 0 351 -Elec 6s_1912 A - 0 ------ 87 Feb 06 ---Dhlc N., Shore
Dhle Pneum Tool
8
68
75
717
8 717
8
3
a1921 4. - J 717 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
8
Ohio Rys Tern COB 1st 58_
093 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.
Chic Edison deb 6s1913 J - J ----- --- 100 June 08 __-- 100 1001,
3
1
97 1007,
1st g 5s _ _July 1926 A - 0 il0C1 Sale 0078 1007
9958 993
4
11
9834 1003,
8
_1028 M - S I995 Sale
Debenture21
103
Commonw Elect5sb1943 M - 5 103 Sale 10238 103
5s_-_,.
93_
.
. 90 Dec 06 -Tunnel 5s_ ___1928 J - D .....,..
Illinois
9
55 .. 3
96 Oct'08 --an City Ry &LtCo 5s 1011 M. N 9612 --_
sAt
9012Aug'08 -. -8 921:
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 El
21
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 ------- 75 Feb'07
7
88
43
86 - .
961:
North West El 1st 4s 1911 It. S 884 Sale
Dgden Gas Si
9
4
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
117 Sep'08 -_ 10912 117
Peo Gas L&C 1st 8s__1943 A - 0 -- --- 04 1027,
Refunding is
_1947 M - S 1024 Sale 10278 10278 10
4Nov'08 --1033
9712 104
Chic Gas 1.&C5s_-5s 1937 J - .1 I.- 104
1st
943 102
Consum Gas 1st 5s_1936 J - D 102 10212 102 Nov'08 ---4
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
- 93 1001:
100110ct'08 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 47 Oct'08 -11/;
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 70 851:
Nestern Stone Co 58-1909 A - 0 .. .. .
-47.7. .II (Minn°, -- n (I nrIna. rrniQt ht:LIAA,1
AT AAA - ...,.....ari intpreet
n
hn

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
:
Q 1 ep 08 12
46 ( 1 se tt : 8 2
8
8
4,000,000 3,626,402
6
Cook Co State Savings_
3,744
50,000
12
-J
ct '08, 3
Q
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. 2
600,000
8
380,606
12
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
01
Foreman Bros B'k'g Co_ 1,000,000
511,998
Priv a4 58 1a n k 1
Qj:s.1 jouclty
Fort Dearborn NatIonal. 1,000,000
:8 2
0 : 13
0
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 Jan '08. 412
Mutual Bank
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;2I n:e : 0ct 21 68,1
; a11---. OctO ue g : 8 9
i I
J
081 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-.1 rc e ;0:3
i. O nt 0
1)
8
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 .8
0:
08
08,
American Trust dc Sans- 3,000,000 2,575,820
4
Q:-J J uu li .8 211
.Si Q-4 Octyr' , 2
.
k
4
7
Q-.1 Oct '03, 13
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
Oct '08, 2
6,960
3
50,000
CitIzens Trust & Savings
3 A502,984 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
q Sept '08, 4 ,
Illinois Trust & Savings_ 5,000,000 8,351,149 O-74 1674
. Kenwood Trust & Savgs
200,000
44,166
1) 1
08
Q
2 (1-1 Oct '8, 111
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$
46,165 Began bu$1ne ss
Side Tr & Say Bank
200,000
West
Q-J Oct '08. 11g
6
Woodlawn Tr&Sav Bank
29,388
200,000

534
8

", 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
95
10° 58 8
$49,000
B & NY lot Os 1911J•J 192 -- - - Ci.mberiand Ely Copper.15 *33 58412
$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
D0n ras co p ppe
60 0 iis ilion Coo err
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 "4 31
Hob Fy 1st Is 1946M-N 3105
)
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
9ti
N Y & N J 5s 1946_J-J 494 - -103,500
4,246,500
1,284,432 117,540,700
Friday
Electric Boat
30
100 . 26
_22_
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 rSrrl ead
e te er
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 uPlprert
Prel f
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
-No. shares__
Stocks
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 Mines_10 *63 8
n
4
;
7
$396,200
$400
$11,500
$136,300
par
Bank shares,
1
8.4t,
12
Atlan e oastel g 6/160M -S 1 8 1 ) 1, Gold Hill Copper
A m r & T L 158 1_ j j 6° (10i:
9917 ) 2
Bonds.
1005, Greene Canauea
$309,800 Halt & Ohio 5s 1909_NI-S 110014
$505,820
$30,000
Government bonds___
Guggenheim Explor'n 100 1904 19 15
114
20 11
04,057,300 Ches & Ohio 6s J1y1 '10J-J 110134 1V14 eilackensack Water Co
$084,000
75,777,500
2,206,500
State bonds
Chic It I & Pao Gs '09A-0 410014 100%.
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 Signal Co
38
100 33
70
Cio Ham dc L 5s. .
101
$442,900,900 C n C & stD4 §.4 sj'00n8e11!ii,
$870,955,020
Total bonds
$31,835,000 $17,867,000
Havana Tobacco Co_100
9
11
Slot 101
100 16
Preferred
20
C rie os Gap 5 1001) :A :A0 110018 100)2
Eons6i,A sr6s 1.91, F
:
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 3161I- 10112 Hecker-Jones-Jewell Mill
EXCHANGES.
- 4
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.
n
u
Hudsono.Realty
Hex Cent 5s July 1 1910 199 iOU
1UU 100 110
$62,800 Mich Cent Is 1910
I , 11-R et com _100 70
0,946
16,039
13,761 $422,000
4
36,834
-F
-A 41003 101
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. convop F-A 5 98 10
12,582
Exc list
34,516
317,200
10
33,820
52,224
0 Int'n1 Mer Mar See Stk
Wednesday
57,028 Natofhiex Is ext to'09 A-0 3100 10012 Bateman Nickel
- 0J 85 1s8
1
94
02
410,500
16,261
24,074
17,972
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
Inlern at4mitl palt 26 14
st z
im
g
-,
0
7
273,085 155,01212,104.200 166,74 94,343 $500,599 N V N H & fi Is '08-'12 410(112 102
Total
_
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
5104 100
50
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 5s '09_
Lanston Monotype-20 *12i, 13
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 iOi
Street 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
4s g: 1999
70
7112 Wabash Is, May 10 1909 490
M-N 571
I 1st mtge 45 1950-J-J 60
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
96
Gu g Is 1953
M-S 409 - 8 25 mtge 5s 1914__J-J 93 100
eNianhat Beach Co.
Railroad
-100
'2
No Hud Co Ry6s'14 J-J 4107 103
Stoch Esc list
Con 581043 See
Manhattan Translt__20 *212 2 4
3
,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
50 4,2 8
1
Undeposited stock____
Pat City con (Ss 31 _J-D 1110 ... -12 1onongahela HCoal_50 *' ' 11
e 1st mtgc 6s 1922 _M-N 95 110
rr
Preferred
90
-ii12
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 Coppe1 _5 *15
r00 139
1930_--2- 10023
Ft W & Den Cy std_10
0 95
2
1914
10
United Rys of St L95
e 1st gold Is 1932 __J-4) 90
Nev-Utah Min & Sm-10 *3
318
Nat Rys of Mexico
100 1958 21
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) A-0
Gen 48 1039__See Stock Exo list
Scrip 6s 1914---F-A 95 101
e
'
-- i
11212 8412
North'n Securities Stubs_ 4S3 2 13712 NY Alr Brake os See Stck Exe 1- iiUnl 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 _. 37Preferred
68 eNew York Dock
100 8812 90
'
Preferred
99
e 1st mtge Os 1910..M-S 195 ePreferred
)
J-D 8712 89 eRallroad Securities Co!! *6°
4s 1951
60
2d income as 1915-1-J 50
92
N Y Mtge dc Securi ty.1(.11 13 - 113
-.
8
1
4
Ill 0 stk tr cfs ser A '52 87
-See Stk Each tango list
Inter-Met
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 p 12 list
EfEC
Ninth Avenue stock .101) 160 190 Cent UnGas Is g '27_,T&J 6912 10112
eOntarlo Sliver
100 '14 -1,11
5
118
1
:
Seaboard Air Line-See 5th Exo list
Second Avenue stock_100- 60 Con Gas (II Y)
Otis Elevator corn--lig II
9417
Coll Is eat May '11 M-S 92
100 194 153
95 08 e Mutual Gas
e 1st mtge 5s 1009_ M-N 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
) ts ma h Coaurin g S u u Ex_ ..
Adams Ear) tr 45 1997 J-13 5934 9378 ritneburgn ufacti _See._itk . .list
c
Consul Is 1945
J-J 495 .00
95
So For 1st Is 1910_ A-0 185
it
25 120 130 Pope
Ahmeek Mining
4:1
N Y & Richmond Gas 100 35
Third Avenue-See Stock Exc list
preferred
100 30
100
Alliance Realty
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 Stok0 Exch list Pratt & Whitn pref_100 95 10212
0
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 Brass
100 107
Other Cities
97
1942 F- A 192
Union fly 1st Is
11:000:3 45234
Preferred
100 404°
Chicle con1.100 195
American
Amer Light de Tract-100 115 117
80
1164
5
Westohest 1st 5s '43 J-J 465
ii9
4
Preferred
Preferred
100 97
98
1216 - 3 Safety Car Heat & Lt-lUU lb
95134 iifBrooklyn
Seneca Mining
25 *__ 55
Am eGr a h°p hone co m 1110
n
Cu) tr g 6% notes-A-0 110 115
Preferredr Hardwarep
100
Atian Ave 5s 1009___A-0 198
Singer Mfg Co
50
17
8 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
7
1st 51 g 511 '31 red_ A-0 23
AmMaltIng 6s 1919--J-D 103 16-27
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
Buffalo City Gas stock100
109 30
100 100 110
5
Bkln 0 Co & Sub See Stk Elm list
ta
100
10
25 preferred
12
2 Standard Milling Co_10U
1st Is 1947-See Stock Exc list
Bklyn Rap Tran-See Stk Exc list
Preferred
_Io(, 9
1
90 e Am St Found new__A 0 i - 912 40
Bklyn_100 75 100 Con Gas of N J Is '30 _J-J 180
e Coney Isl &
1st Is 1930
68 1035
100
1st cons g 4s 1948__J-J 76 81 Consumers' L II & Pow‘100 85 8
Deb 4s 1023 (wi)..F&A :45
4 5 67 Standard Oil of N J-1- N x661. 666
36
_.
8
J-D 1100
58 1938
Brk C & N Is 1939_,J-J 93 100
Swift & Co-See Bost Stk Ex list
. Am
erican Surety
93th
50 200
Gr'pt&LorSt 1st 68_14&N ..... -. Denver Gas & Elea _100 9318 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.. list
eTexasdc Pacific Coal-100 75
355
90
_ Elizabeth Gas Lt Co_100 275 _. Mn Tobacco Co com_100
Nassau Elea prof. ___100 . .
as Title Ins Co of N Y__100 105 110
. Amer Typefders com -100 36
. __ _ Essex & Hudson Gas_ 100 122
Is 1944
A-0 iiii
718
100 94
Preferred
98 Tonopah Min (Nevada)_1 *7
-- 60
lot 98 1951-See Stock Exo Hsi- Gas & El Bergen Co_100 65
Trenton Potteries com100
4
Amer Writing Paper-100
8
2
234
,
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 110
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
*512 1;
1642
0 14 44
:
Bethl'in SteelCorp- -See8 tk10 12°
100 165 list
50 - E
;
1st g 68 1052
A-0 §10312 106
A-0 484
Bob Os 1017
Unitederrk 0
pr f B e Note 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
100
Kansas City Gas
100 105 107
Preferred
Bond & Mtge Guar. 100 34,
-10 0 104 -- eUnited Cigar Mfg.P1-100 : 97
)
e Laclede Gas
9
3
100 76
81
3
9
Colum Ry con 58-SeePhl la list
United Copper
100
5
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 1926..A-0 1105 107
--- -70
sConn Eli & Ltgcom_ 100 08
S Casualty
100
5 *77
British Col Copper
Newark Gas Os 1944 _Q-J 1128 131
80
ePreferred
100 75
8 8
U S Envelope com-1011
8
Butte Coalition Mlning 15 *267 27
91
100 65
80 Newark Consol Gas-100 00
Grand Rapids Ry
ePreferred
100 IN"
seIn Co d
2
3
e Con g 5s 1048_
100 78
83
J-[) 1104 105 Capreferreof Am com-100
Preferred
U SSteel Corporation-100
100 43
60
0
Pow193 __J&J 1107 10734 No Hudson L H &s Loulsv St Is----Col tr 8 I 5s '51 opt '11 $112 . 118
Is 1938
A-01 95
- Casualty Co of Amer-100 120 130
& Dos lot Is '24 J-1) 1102 103
Lynn
Col tr s f Is '51 not opt i112 llf
100 125 130
Il5 Celluloid Co
1478 15 Pat & Pas Gas& Elec-100 80 e New On Itys & Lgt_100
U S 'lit Gu & Indem_101.1 60 69
ti
10
e Con g 5s 1040
M S 1101 103 Cent Fireworks com 100
100 35e Preferred
100 40
50 sUtah Copper Co-See &It FAG US$ ,
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 --,....-100
100 14
1
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
-100 9712 s -- We tingh Air Brake_
.001
50 City investing Co_.
100 42
73
- Franklin
1st 4s 1048
M-N 571
& Mfg 6s-Sse St F..xe US
West El
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
j
•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,

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

::: ...._.
160
:

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 I3:3
---- --300 3
00
10
10
*___. 56
*3
10
*50
52
149 149

0618 0618 *9(08 963/ *9514 9512 05
9514 945
8 95
*9812 9912 *987 094 *9914 10014 9834 9834 *91312 9912
8
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 13:3 133 133
131
150
150
---- ---- -- --- ___ _,_
300 300
300 300 *300
- 300 300 *300
,
10
10',. 11
11 * 1 --103 10 4 103 ‘ - 4
4
3
11
4 103------*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 -7714 773
7712 7712 773 --- . 773
4 773
4
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
4• 55
563
55
57
551, 5412 5412
57
4
55
5734 5634 573
--- ---Last Sal( 1 838 Apeog
15912 fiiii
- iiiT2 fEcii; Ho" 15917 15912 160 159 159 158 159
__ ____
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
, 11734 No, 152 Jan
100 125 Feb 17 190 Jan 1
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)
4
253- 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
,55 ____ iiii fif iiiii 1116 Igo 19034 191 191
1
_
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 „ 9814 99
-Do prat 98
49
*98,
833 Not 103 Jan
4
100 18% Jan 2 1,9 Nov10
4
1803 18212 17914 18114 8,290 Union Pacific
4 - -3100 11013 Mon '2 114 Novl
181 181 8 180 1813 18214 183% 182 184
1. 013 Oct 1821. Jan
7834 Apr 4 97., No', 17
Do pref
217
9614
9714
11834 Nut
963 973 *9612 9112 *9614 -,____ *9514 -„.-_
93 - Jan
3
*9612 971
3
: 06 4 97
___,
_ _
___ ___ ____
____
4 A ermont & Mas-100 150 Jan 13 It,))Nov 10 14518 No
160 160
s170 Jan
89
*89 --- 89
*MI 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
.100 13 Jan 3 1313 Nov18
3312 3214 3234 3158 325,t 25,787 Amer Agricul Chem..
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
77
:
8
712
73
814 12,386 Amer Pneu Service
3 814
814
31. Not
73
1434 Jan
312 9401.
4 Feb 19
50
91. Oct
1812 1913 183 103
33 Jan
Do pre!
4
4 19
1712 1734 1734 18/7
912 Feb 21 21 61103- 1
1f34 19
197 9,127
8
50
.Dec 13714 Feb
100 9914 Jan 2 137 3 Nov 1,
93 5
8
13131 13514 13214 13317 13214 1325 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
4
13112 1323p 13113 13212 1313 1323; 13114 13218 13114 1315 13038 13117 22,946 Amer Telep & Telex_ _i00 99 Jan 2 13212 Nov11.
31417 Jan
1314 No,
16 Jon 3 313 Nov 1,
4
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
773
96
100 . 4 Feb 19 116, Nov lb
312 J'11 .
,
4 - Jan
3 Mc,
Boston Lan d _
*3
:
358 *3
3 Jan 7
352 *3
3 8 *3
5
3
58
Last Salt P,12 June'08 _ _
V*
931, Not 115 Jan
125 125 *125 1253 U 25 1213 *12512 1253 1253 126 *125
ii3 Cumber' Telep & Tel_100 9612Jan 11 126 Nov11
4
,,.4
4
4
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 *77
8 814
7
7
8% N ov 14
73
4 73 ____
4
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 5L0 ..
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___ _. _
863 87
8717
87
4
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
7
234 3
2 3 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
4 69
68
46 Jo
7012 18
6812 693
90
90
90
90 90
Do pre,
90
90 Jail
*89
89
88
90
39
80 Oct
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
*93 10
4
*4) 4 10
3
9 8 10
7,
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 Oct 26
2711; J'ly
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
4
Last Sale 13
*11'2 2
_10(, 11412J5n 2 148 J'ly 19 10113 Oct 120 Dec
130 132
130 131
130
130
132 13218 132 13219 132 132
.
1,5136 United Fruit
69 Jan
36 Oct
8
6112 14,014 Un Shoe Mach Corp__ 28 3812Jan 4 623 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
293 30 *29
4
2934 30
5((7 Jan
4
22. Oct
4 5638 5714 5434 563 32,186 1 1 S Steel Corp
4
2
5714 5814 563 573
109 . Jan 2 553 Nov13
,'
8
573 5818 567 58
s
7912 Not 1073 jail
12
101, 87 Jan 2 114 Nov13
11312 114
11334 114
113 11318 11234 113
Do pref
4
745
113 11312 11314 119
12
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
73
4 731
.
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
8
12 878
81.1
25
834 9
5 Nov
8
9
9
812 1,451 Adventure Con
40
*39
7414 Jan
20 Oct
40
4
*40
3814
393 *38
3313 40
41
25 24 Apr 23 413, Nov ,
39
3814
255 A lionez
847 853
2
8513 87
4 827
4
424 Dec 121 Jan
3 S514 41,875 Amalgamated Copper 100 45 Feb P. 8.818 Nov 4
4 853 863
8512 8f3
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 _
_
26 Oct
. 4914 4812
7
75 Feb
25 213 Feb 19 53 Nov11
68 Anaconda
_ __- 5273 52 2, -------- 52
6
1314 J an 24, 3914 Jan 14 A pr 2
13
5
;4
5
_ .._.:
5
5
5
153 Jan
8
23 Oct
4
514 514
1,294 Are/1(11am
734 Oct
8
5
i77
2
4 3353 3914 3812 3914 3712 3813 374 3834 3634 - -- 113 895 Arizona Corrimerclal.... 2
281 May
:
3814 383
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
700 Bonanza (Dev Co)_ 10 .25 Oct 7 .15 Nov1:: .35 Sep
.80 Jan
*.51 .54 --,.
*.51 .54
.51 .51
.50 .
54 ' 51 .
5.
54
3314 Jan
85 Not
2
1014 Al/r13 184 Nov11
103 8,886 BostotiCone&G (rots) 41
8 1614 1( 12 16
4
1713 174 17
1712 164 1718 193 167
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 10 363 Nov 4
3434 34
4
3414 3312 34
275 Centennial
4 3412 3412 *34
47 Feb
*3512 3612 3512 353
16 Oct
1 .25 • Molt 6 .45 Jo..9 .25 Oct .52 Jan
Curs 141(•reur Cold_
506
.41
.41
.40 .40
.39 .39 *. 39 .40 *.39 .40
*.40 .43
4414 Oct 105 Jan
8114 5,616 Copper Range Con o0400 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 163 13.942 Franklin 17
163 1678 1614 18
4
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
8
27 Jan 22
Oct'08
.,.., Guanajuato Consol
158 J'ly 2
Last Sal( 13.1
5
1112 Oct
3)312 Jan
4
23
23
23
23
2313 23
2,043 Isle Royale (Copper) 25 173 Feb 17 2614 Jan 2,
2?'
23 - 24
25
312 23 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 Consol63
4
71,1
7
74 714
612 714
Oh 534
*038 04
.90 Not
13 Jan
4
Last Sob .60
051'03
___ Mayflower
25 .25 Jan 10 .75 J'ly 3b
*.55 .70 -8,55 .75 *.55 .75 *.55 .75
53 Not
4
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 47
4
47
8 53
8
83 Sep 22 1412 Nov 9
4
Copper 7 13
-- ----t
1338 1311314 13,711 '
cm
7
1314 1358 13
1311
127 1312 1312 13 8
3
1512 Nov 9
2412 Jan
634 Oct
714 Feb '15
14
14113 143
25
4 1413 1412 14
1,460 Michigan
1478 147
143 15
4
143 15
4
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
13 Jan 29
3
630 ‘fonttina Consol C & c 10 -40 Oct 9
.58
.58
*.55 .60
.55 .60
.60 .60
*.60 .70 *.55 .65
534 Not
3
2012 Jan
8 s Jan 2 20 4 Nov12
3
12 1917 3,702 Nevada Consolidated_ 5
1918 1912 18
2018 201" 2018 20.* 1933 20
20-34 203
8 Ma% 11
93 Oct '12
8
612 63
614
whorse Mine's & S. 10
73
61 1,195
658' 934
.
634 7
714
7
78
15 4034 Feb 19 81134 Nov "(
30 Oct 120 Jan
4 8512 873 12,530 North Butte
4 8718 873
87
12 883
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
(Silver & Copp) 10 1012 Jan 11 30 Nov 0
2834 '2914 2813 20
834 Oct
2812 28 8 28
7
1,007 Parrot'
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
*98
. 0812 100
98
25 77 Feb 19 100 Aug 1
iki Quincy
-4
578 Nov16
2 Alch26
2 Oct e123 Jan
:
25
612 512
514 51
54 5
1
514
73
512 5•4
512 4.182 Dhode Island
512 53
4
33 Nov11,
712 Jan
ill Not
23
153 Apr 3
212, 212 21.
,
214 212
23 2
3
31
27
8 338
318 8.555 Santa Fe (Gold &Cop) In
3
24 Jan
134 1878 1818' 1378 1814 1812 184 1813 1818 1813 1712 18
3
718 Oct
9 4 Feb 19 1914 Nov 9
10
6,631 Shannon
3112 303
4 33 7.312 -•uperlor
2
29
2914 295
30
291
2912 3112 31
13
25 14 Apr 3 3312 Nov20
197
8 1814 6,579 Superior & Pitts Cop 10 1418 Oct 17 20 Nov19
18
1812 19
1812 175
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
18
1312 19
19
1,601 Trinity'
,- 25 12 Feb 19 25 Aug 11)
7714 Mch
141,2 1413
7 Dec
153 153
08 5151124 1612 Nov11
8
Copper
1434 1514 1412 1518 143 15
3 1934 151 1
100
710 United
91.
22 Oct
36
36
3
400
100 23 4 Apr 16 36 Nov21'
Do pref
712 Not
In
13
3- 5 Doted statesCoal &On 25
9 Mchn 3134 Nov 13
4 30
30 293
301, 3014 3014 29
3014 30
12 294 30
'
3
70 Jan
4J3 , 45
2934 Oct
4414' 45 16.350 U.S Smelt Ref & Min. 50 28 Melt 0 4678 Nov ii
44
8 4613 4614 4512 46
4614 4512 467
4
49 Jan
4678 4678 4634 4634 1.671
47
47
217g Oct
4 lf 47 ' 963 47
.1
9,134 47
Do pret
30 37 Feb 10 47 Nov11
' 6 :. 63
614 4,807 Utah-Area Mining.... 5
4
614 G12
6
613 658
7 Nov 7
438 Sep'10
618 1071
63
2 OS
79 Jan
2512 Oct
5 2912Jan 3 50 Aug '1
8
46)13,039 tjtith con&olldated
3
4612 4718 467 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' 50
14 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• '43
4'
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
. called in 1907. * .81d and asked prl es 0 New stock. e Ass t paid. 19 Ex-stock cis s
'ts
ilcitorc par 8 of assess
.
' , 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
3
2-

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
km Teter)& Tal ooll tr 4s.1920 J -J
/ 92¼ 38( 7844 92¼
4
Convertible 4s.. . ....1930 M.
8
95% 1227 807 95%
95% Sale 944
41
'783 78 4
4
AM Writ Payer late f bis a 1919 ,I.J
11783 Mar'08
.
,ILIonTop 4113 8 Ve gen g 4a..1995 A-0 991 99411100 Nov'08 .... 90 4.1100 Li
4
AdJuetment g 4s....J'Iy 1995 Nov
81'
891 Sep 'Or .... 85
/
4
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 41
/
4
3
104 IQ OCt 106
104 104;
Won Terminal let 3 2.1947 F
/
1
4
.-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
4
963 1100
Debenture 68
1913 All•N
IOU Apr'03
100 100
Denver Exton 45
1922 F-A
99' Oct '08
0
98'a 9 4
Nebraska Eaten 4s
1927 M-N
'0898 8 100/
3
1
4
/
4
1901 Oct
B&SW 5148
1921 M•8
9712 May'07
Illinois Div 312s
1949 4 -,)
11873 Ang'Or
86 1189
4
Joint bonds Nee 01 Northern
Chic J o ity & Mk Yds 55.1915 J•J 1023 Sale 1024 1023 23 99 103.
,
4
4
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
'0897 102
100 Oct
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 Api'05 . .
/
4
48
1927 51-S
96 Apr'0.- .
96 (16
Freint Elk & Mo V lattis..1933 A.-0
.... 128 4 Apt'Or.... 1 71428 1284
2
... .. 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 Suit 904
/
4
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

4
100 Nov'08 .... 9714 1001
i(1012 100; 1 05 100%
117 Apr'0- ... .17 117
96
96 Mar'Or .... 90
101 1'ne'08 ... IOU 101
114 4 116 1141 NOV. ,.... 109h 1164
4
2
,I.
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
11813 Nev'03 ...
8
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
.
/
4
1.0012 Sep'Or .... 10(14 1001
100
100

1'193 Oct'08 . .. 79121193
084 Jqy ,,:- . _ 984 9812
4
061411061
1196 4.131y'Ur ....'
(
II(20 Oct '0,.. ... 103 '11120
102 / ug'07 .... .... ......
107 13 Nov'05
102 Mai'02
981May'06
/
4
'105 Nov'Ur .... 100¼ 103
91 Apr'Uo
9912 Nov'00,.
(103% 1(1031 .
'
1 '99'• 11033
4
4106%
8 4 11843
..... 11051 11063
/
4
(16 Jan '08 .... 110 117
11023 11102%
2 1166 103%
4
9614 b'eb'OS.... 9614 9614
1011 sep'08 ... lill 4 101%
/
4
102% Jan 't)t).
1184 Out'Us .... 9814 9911
96 Sale 95',,
01.1
1, 79
97
194¼,Sep'05
1093 A ea'05.
8

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
8
1114 113
.4512
39% 39¼
106 106
8
8
91
4 9
87', 4014
10
941 94%
/
4
0114
69
214 2%
4141316 6531e
41
•40
12%
11
21%
23
69% 70516
•
43.
•44% 444
15111 004
4
883 8/3
8
4

46
3914
1034
91310
40'e
111
2
9444
09
2
04%
403
4
12
21%
69%

46
391'.
10%
4
10,
40%
1.13,

95
7014
2114
65',
41.
1214
223
4
70
614
46
44% 44%
60
60 12
8
88', 1100

PHILADELPHIA

ue•aa•
Nov 17

4614
394
10%
104
401
/
4
9%
1/4118
703
8
64%
40%
1218
21.'.,
70
41
493
4
90%
Bid

Ask

:Ma t51,.,,41:




100¼.
47
714

2
404 41,

'214 213
4
'24

812
27 •

62
1004
100
104
4214 43
88
8

7

Nov lb

*46
4612 .46
40
3104
39% 40
10%
108 103 106
8
8
10
10
4 10% 113
4
433
4 431 45
2
4212
1014
101 10
/
4
10
/
4
904
9814 901 Uti%
71% 7012 72
0912
214
/
4
4
OS's 643 651 843ie
421 414
/
4
42
42
2
121
4
124
12
12
22
211 21',, 21 18
4
704 60318 70316 68%
.441 144
/
4
•414 45
44
.44
5
501 4914 41.13
/
4
,
91% 911 1321 91
/
4
/
4
28
28

......

71

Thursday

81)

71
/
4

254
471
81
4
8

90

trutau
Nov 20

30
7114
984

.25
•71
9/34 98', •98
•8
11
.8
151 15¼, •15
8
8
1112 11; .113

714
99
99
8
8
1412 14".
11 12 12

inactive mocks

Allegheny Val prof-.60
American Cement
50
LOU
mer Pipe Mfg
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%
.103
8
10
41.2
91
2
96 12
69
2816
61118
41.
2
x116
8
211
/
4
6'71318
'4414
44; 41',
491
483
4
91% 103
8

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. No,
2
10 Nov
24 Dec
ri% Oct

35 Jan
85 Jan
97 Jan
23', Jan
48 Jan
15 J'ne

Philadelphia
75 American Railways__ 50 423 Mar 1. 46 4 Nov17 431 Dec 51 Jan
4
2
461
4
/
4
30 12,846 Cain brui, Steel
8
50 281 Feb19 404 Nov 7 22 Oct 4718 Jan
301 Electric, Co of America 10 84Jan 25 1012'nel:1,
10%
/
4
7% Oct 113
6Jan
10%4 14,92 (len Asphalt tr ale
.
100 3;Jan 9 IL', Nov .8
3 Oct
Jan
42 12,047
8Jan
Do prof tr Ufa __DM 197
45 Nov ,8 13% Nos 36 Jan
4 Dee 16 Jan
8
1
)% 1,731 Lake Superior Corp. 100 33 Feb210 11 19Nov
96% 8,300 Lehigh C & N av tr()CM 60 78 4 Jan 2 97', Nov1
69 Oct 103 Jan
613 .31,604 Lehigh Valley
4
50 52% FeU2e 72 Nov 0 484,, Oct 7 s Jan
°7
%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 Novlb 33% No% 48%4 Jan
/
4
1. Apr
11% 12,302 Philadelphia Electrict 25 512 eseb2, 12% Am;
6318 Nov
/
4
214 6,61. Philo Rapid Transit
60 4121 J'ne 9 2414 Oct 10 ,112 No% 12016 May
-.
.
50 461118 Febl; 703/8 Nov1, 35% Oct 611.1e Jan
691,0 10,736 Rea,tlino•
Nol'12 30%Nov 453
41
Do '1st prof
•Jan
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
603 Jan
8
4,999 U Ilion Traction
921 Nov 8 61314 Oct 96 Jan
/
4
8Jau
50 /31
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 ‘. 91)1..3 13 9.41a.
4

Bta

48'-

101
118
981 994
/
4
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
473
4
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
92
.

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
Cleve C C & St L_ September 2,301,150 2,461.253 6,742,382 7,245,102
282,476
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 Erie September 1,087,002 1,407,360 3,216,197 4,360,552
5,251
4,786
Saco__ September
Bridgeton &
Rutland
September
278,918 314,342
2,890,098
791,964
894,185
Buff Roch & Pitts_r 2d wk Nov 141,387 193,775 4,071,700 3,661,931
N Y Chic & St L. September
4,023,800
232,600
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
janadian Pacific_ 2d wk Nov 1,676,000 277,000 4,369,000 4,764,000 NY Ont &lines.... September 19716 112 21808727 57,036,865 84,699,450
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 N Y Susq & West
September
738,166
288,491
832,793
288,491 312,706
Vermont r July _ _ _ ._
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
160,201 140,692 3,105,913 3,128,432 d Penn-East P & E September 12089 250 14450 859 35,016,123
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 Grande South__ 2d wk Nov
York Cen tral.
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
f Evansv & Ter H September
wk Nov 334,435 324,642 5,839.385 5,692,134
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
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 30,033,137 33,817,619
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 22,302,298
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,
wk Nov 858,085 910.509 15,873,233 18,103,172 Union Pacific Syst- September 7,414,594 6,950,234 21,139,749 21,192,741
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
2d wk Nov 483,378 525,507 10,090,974 11,061,568'
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
Northern 2d wk Nov 186,500 138,000 3,052,603 2,764,569 Wrightsv Si Tenn
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 Central
Jan 1 to Sept 30 18,157,401 21,248,8731
24,871
2,888
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'
Jan 1 to Sept 30
Cincinnati Northern
144,158 176,557 2,543,851 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
Nov 288,307 249,100 5,441,721 5,010,981 d Penn-East of Pitts Si Erie- Jan 1 to Sept 3090.036,872 123714
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
12,830,006;
lio Pea Si Tron Mt_o 2d wk Nov 919,000 835,000 17,270,126 18,793,592 Phila Baltimore Si Washington_ Jan 1 to Sept 30 11,953,706 24,446.493
Jan 1 to Sept 30 10,105,889
pitte Cm n Chicago Si St Louis
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 Nov 45 roads)--__
wk
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
-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
o Pig
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 1 to Sept 30
17,523,656 18,929,223 6,849,474 6,635,164
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 So Dayton b_Sept 717,908
813,853
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 Aug 31.
175.958
147.020
33,711
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
Dunkirk Allegh Val 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. Eril
XE eliaso & 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
July 1 to Sept 30
12,943,171 14,760,145 3,496,529 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_ b
Ann 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 Canada
NIA 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
1,793,945 1,996,475
July 1 to Sept 30
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
July 1 to Sept 30
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
July 1 to Sept 30
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 & Lynn
Jan 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
4,786,209
1.970 g Mexican Central
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
45.043
15 715
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
0 434
62:4388
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
Sept 2 319.906 2,498,899
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_bJersey & Seash_b_Sept 559,308
198,902
605.408
27,485
10,893 West
296,556
271,737
30
July 1 to Sept
4,295,091 4,564.591 1,062,557 1,117,657
Jan 1 to Sept 30
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
250,042
zWIsconsin Central_ b_ _Sept 700,506
287,237
700,043
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 1 to Sept 30
498,825
Lake Erie ec Western_Sept 432,210
517,102
July
60,923
516,816
65,541
514,499
988,694
3,313,310 3,818,512
Jan 1 to Sept 30
2,753
796,628 def108.145
Yazoo & Miss Valley_a_Sept 764,601
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
e After allowing for net revenue from outside operations and deducting
658,115
2,461,253
813.650
Clev Cln Chic & St L_Sept 2,301,160
17,758,364 19,684,871 4,061,153 4.959,380 taxes, operating Income Is $54,266 In Sept. 1908, against $23,130 last year.
Jan 1 to Sept 30
from July 1 to Sept. 30 Is $124.078 In 1908 and $69,866 In 1907.
82,451
271,754
82,794 and
al ex ca currency..
Peoria & Eastern____Sept 264,379
„.
gThe results ar
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
and Santa Fe Prescott & Phoenix fly. In both years.
7,311,945 11,402,596 1,551,076 2,584.626 Pecos Valley system rentals amounted to $305,343, against $239,520 in
Jan 1 to Sept 30
For Sept. taxes and
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 year.
Total all lines
153.870,737179071,976 38,449,654 42,115,071 last These figures represent 30% of gross earnings.
1 to Sept 30
Jan
n
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
224,202
220,448 was .$44,913 In 1908, against $29,779 In 1907.
693,363
715,966
N Y Ontario & West_a_Sept
r For Sept. 1908 net from Coal Department was $89,654, against $102,669
948:794
892,938
7
881 2
2.377,263 2,419,766
July 1 to Sept 30
last year, and.from Jan. Ito Sept. 30 was $534,999 In 1908, against $734,513.
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
7,382,722 8,901,787 2,995,952 3,305,653 Year. against $1,106,859
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
8,288,964 9,958,364 1,949,905 2,021.805 taxes,
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
part of expenses
it on
xPenna Conipnny_ b_ ., _ _Sept 5,713,263 4,609,961 1,601,507 1,608,635 RR. Co., the Construction Co., as the the work and thechargeable .toby its
Interference
11,0132,050 14,371,768 4,737,581 5,197,263 account of the untInIshed.condition of
July 1 to Sept 30
work with the operation, pays pac.h month to the Railroad Co. such portion
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
period from July 1 to Sept. 30 includes $200 In 1908, against $267 last year;
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
386,866
Interest Charges and Surplus.
1,395,496 1,526,490
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
8
381
19,105,889 24,446,498 5,258,968 5,8%1: 47
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 Bangor & Aroostook .._ _Sept
27,314
38,587
83,294
1 to- Sept 30
July
1.146
July 1 to Sept 30244,741
,
Reading CompanY- .
,
,llii)
6
257
303
Oct1,06
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 1 to Sept 39 Lynn-.
6,590,555 8,708,541
549,310
18,104
551.648
17,182
July 1 to Sept 30
July
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
••
15,907,303 20,502,917 3,786,785 5,180,503 Boston & Maine 1 to Sept 30
July
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
68:7643
1.830
5,655
4,164,227 5,536 43
1.780
4,515
July 1 to Sept
July 1 to Sept 30
674,715
369,144
31,763
375.877
of, New Jersey_ _Sept 603,665
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 n186: 61
13,
94,050
c41,479
621,541
c16,892
4 18
91,940
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
741,418
c730.487
792,953
57,922
July 1 to Sept 30..____
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
x18,924
54,219
3,585
3,548
4,183,695 4,522,948 1,122,235 1,169,535 Cornwall & Lebanon_ _Sept
St Louts & San Fr_ a__Sept,
71
545.213
x10,781
10,846
10.616
July 1 to Sept 30
11,775,591 13,569,911 3,169,873 3,4757 4
July 1 to Sept 30
1
75
217,074 , 68,809
:01. Cuba RR
7,800
27,051
28,329
32,202
198,991
Sept
Evansv & Terre li _a_Sept
210,892
40,182
6311,874 „ .
68,968
190,560
34,987
p81,657
96,787
July 1 to Sept 30
July 1 to Sept 30
(79 019
d376,483
d497,071
7
354,132
Sept16,073,662 16,3!•1,411 2.997.312 2,873: 601 Denver & Rio Grande_Sept 307,325
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 & Eastern
163.974
St Joseph & Grand Isl_b Sept
211 150
13,003 xdef28,094 xdef16,247
177,828
21,812
469,582
July 1 to Sept 30
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
249,794
234,540 flocking Valley
& 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 Co
Gine 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
Sept
3,986
8 : 11
e28 206 Maryland & Penne
e143,115
533,933
448,763
July 1 to Sept 30
25,233
23,234
11,938
July 1 tO Sept 30
11.038
28.501
Sept
133
102,683
83,916
17,
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
Kansas & Texas_ -_Sept 8614,548 8530,576 5236.119 5411.286
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
427 237 Nevada-Cal-Oregon-- - 548,956
66:863
1,361,624 1,373,003
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 Jersey & New York102,223
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
1 /
11( 11 1
TolSt,Louls & West-a--Sept 292,271 ; 388,457
) 1
Jan 1 to Sept 30
p302,269
' 907,535 1,131.688
p344,903 New London & Northern
July 1 to Sept 30 '
63,394 zdef32,493 zde.f47,356
tO Sept 30
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
-- Sou Wisconsin Fly Co Oct her __
-Gross Earnings-- -Net Earnings
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 London
Buffalo Gas Co
Sept
21,077
Three tube linos.. Wk Nov 7 £11,925 £10,690 £521;7 0 £337,445
July 1 to Sept 30
39,544
44,225
5
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_
£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 Wk Nov 7 £5,533
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
6028
37, 68
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
8 12
64,215
57,272 '
Jackson & Chicago Ry. for Jan. 1907 included In these figures. k Does not
.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 ,34 of 1907. !Decrease due to Jamestown Exposition last year.
6 830
8
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
,
829489
9 87
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 once
28,250
12,304
10,100
a month 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
644393
1 1, 02
.
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 Elect Corp_ b_ _ _ -Sept
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 Co b Sept
91,794
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)- b
Jan 1 to Sept 30_ _ _ _ _
17,416
9,898
46,799
July 1 to Sept 30
1,349,900 1A81.479
614,55'0
6 9.ef
7
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 Hy- b
'oughton Co Elec Lt_ _ Sept
H
4,494
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,
207,738
884
.
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 Sept 30
25,023
._
_
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-b10,925
Sept
43,356
43,078
16,651
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
28,381
29,03311,018
11,984
American Rys Co__ _ October _ _ 230,984 242,300 2,341,175 2,477,685 Whatcem1Co Ry&Lt_ b_Sept
Jan
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
.
11114
& Land
30.665 29.679
250,019
A 11,
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
St RyElloastown
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
Oct
St Ry Co
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
865,979
833,967
2,331,178 2,315,214
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_
-is
Reserves for betterm'ts &improve
Profit and loss surplus
Total liabilities

1908.
$
1,596,600
47,537,600
1,000,000
66,000
4,048,000
5,000,000
21,568,100
79,304,450
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

1906.
1907.
$
,
.$
1,696,600
1,596,600
47,537,600 41,960,000
1,000,000
1,000,000
4,557,600
66,000
4,500,000
5,000,000
21,568,100 21,568,700
79,464,450 77,708,850
35,000,000 35,000,000
16,667
287,000
247,000
1,664,525
2,365,574
826,027
1,388,438
434,809
439,831
1,329,478
1,466,206
1,003,684
1,026,684
499,798
499,798
60,000
83,333
2,180,436
1,510,201
9,297,364
9,099,543

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:

-The first four months of the year gave promise of a
General Results.
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
lowest since the business depression began In October 1907. So far the
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
largely exceed those covered in this report.
Comparisons with previous years are Inaccurate, the figures In 1907-08 year will the year the Hotel Hattiesburg was sold to the Great Southern
During
haying been compiled according to the new system prescribed by the
Co., the railroad company, however, retaining a lease for 99 years
Hotel
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.
Operations4,307 boats Cape Charles and Dredge No. 2 were sold to the Gulfport Towing Co.
4,327
4,346
4,365
Average miles
-The export of lumber decreased from 306,374,000
Gulfport Harbor.
4,628,862
5,438,457
5,809,311
Passengers carried (No.) 6,544,469
254,744,000 feet, the latter figures, however, being In excess of any
Pass. carried one mlle_261,881,340 237,513,985 211,991,535 198,673,437 feet to
2.564 cts.
cts.
2.463c1s. year since the opening of the port except the year ended June 30 1907. of
2.562
2.398 cts.
Av.rate per pass. perm_
-During the year the funded debt was Increased by the issue
Bonds.
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
Tons one mi (revenue)_1436141810 1493910551 1344548341 1171869073 $1,000,000 from Mendenhall to Columbia, which has been in operation
1.313 cts. the new line
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.
Freight earns. per. m_
$5,747
$6,159
$5,160 mortgage,"$58,000 bonds were bought by the company and deposited with
$5,963
Gross earnings per mile_
fund.
$
5
$
$
the trustee, making a total of $210,000 of bonds now in the sinking
Operating Revenue-The total charges to cost of road ($87,556)
Cost of Road and Equipment.
17,739,172 18,443,695 17,374,526 15,383,081
Freight
($265,602) were $353,158, while the proper accounts were
6,083,991
5,436,174
4,893,331 and equipment
6,279,584
'Passenger
the two
694,366
770,756
645,411 credited with the sale of the Hotel Hattiesburg ($298,236) and
810,479
Express
611,400
619,623
618,551 dredge boats ($112,156) at cost, the balance of the proceeds of sale, $89,607,
587,898
Mall
to the company on the transaction, being carried 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
26,029,052 26,771,529 24,868,448 22,222,902 bridges, $5,360; completion freight depot at Gulfport, $30,938; sidings,
Total earnings
shop machinery and tools, $8,281, and new
and betterments,
Operating Expenses
($125,005),
3,427,550
3,909,738
3,147,650 $12,991, &c. The new equipment embraced eight locomotives purchased
of way, &c. 3,820,253
Maintenance
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.54,047 and
432,7861 10,988,157
Traffic expenses
-Earnings from freight decreased from $5,061 to
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
18,971,742 19,587,378 16,082,329 13,445,768 cents, as against 1.697 cents per ton per mile, and passenger earnings avTotal 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
809,870
854,649
1,072,052
744,000 of revenue tons carried one mile decreased 15;22% and the Lumber of
Taxes
passengers carried one mile decreased 21.30%.
-Measures to bring about a reduction in operating
6,3 9,502
7,976,249
8,033,135
Operating Expenses.
Operating revenue__ _ 5,985,258
2,225,929
2,409,656
2,716,332
2,011,034 expenses were not productive of the desired results until about the close of
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
Deduct6
85 : 44
4, 94 7 6 by two or more parties. Although not a party to the advance and deriving
4.884,168
4,781,518
3
'Int. on funded debt, &c.. 4,895,872
862,766
862,792
856,744 no revenue from it, your road has been forced to handle thousands of these
862,754
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
Int. on equip. trust__ _ _
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
89,690
wage rate as well as a decrease In cost of most classes of supplies and
Hire of equipment
38,730
__ _ _
material, which should become an important factor In the reduction of
Rentals of terminal
41,394
13,785
49,615 operating expenses for the coming year.
Miscellanewis
:
Operating expenses per mile of road amounted to $5,493, as against
5 735
Divs. on common _ _ ..(5302,614,540 (6)2,852,256(6)2,578,800(5)1,066350
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
new system of accounts as required by the Inter-State Commerce Comof a
a Includes $132,499 rent of tracks Included under different heads in mission. For purposes of comparison, statistics for the preceding year
therefore,
former years.
are shown according to the new system, and in some instances,
are deducted from profit and loss account (see a cannot be reconciled with those shown in the annual report for last year.
b Dividends In 1907-08
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.
•
-V. 85, p. 1517,
certificates of indebtedness and 23.5%in July 1908 in cash.
275
307
284
307
Average miles operated1576.
Operations
475,651
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
1,197,331
freight moved
Tons
1906.
1907.
1908.
100,600,107 81.899,448
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 rev.(tons)
245
258
load,
257
$1.10
306,000 shares L. & N. RR.Co. stock 45,554,221 45,554,221 45,534,221 Av. train pass. train m_
$1.37
$1.50
$1.09
4,614,450
3,298,850 Earn. per
$3,83
3,609,450
Atl. Coast Line RR. Co. first cons
$4.04
$4.38
$4.28
Earn.per freight train m.
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
522,6701 2,136,639
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
33,510
Other transportation
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
Operating Expenses
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
173,475
135,047 General expenses
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
Deduct
Interest
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.
LiabUWesAssets
Road 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
Expenses
Maintenance 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
Deduct
Interest 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 advances
From 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
Liabilities
Pere 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
3708, 898
134:02
774985
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
a Stocks and bonds owned in 1908 Include: Pledged, $8,067,962: held In
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 Mar-V. 87, p. 1301. 813.
by the company.
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,
leaving $370,000 yet to be paid. as soon as presented, regardless of date pared with $19,463,321 for the preceding year: $15,297,496 for the year
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 repair parts have
purchases of
been held down to a minimum. MiscellMater al turn shed n con eat n wit build g 1 750 gondola
business suffered almost
coal cars (80,000 lbs. capacity) Purchased during the year
27,844 aneous great and sudden decline as Much as that relating to railways.
The
in
Amounts paid to retire sundry equipment trust bonds
687,467 the company's plants to more than business made it impossible to operate
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
possible by a reduction in expenses to offset such an enormous loss In the
$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,
-There were 641,075 cross ties used during the year; 57.55 miles and values applied were based on cost, except where market
Track.
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 made
been
main lines.
steel rail laid on
for the depreciation of all buildings, machinery and equipment by the
-During the fiscal year the claims of this deduction from gross earnings for the year of $207,911. In addition
Settlement with C. H. & D.
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.
-The company has no debts (aside from bonds and debentures)
Status.
except current bills, and all of these which are due and approved have
been paid, advantage being taken of all cash discdunts.
-During the year advantage was taken from time to time
Sinking Fund:
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.
-Under date of Jan. 3 1908 a plan for a
Change in Capitalization, &c.
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.
-As the time between the close of our fiscal year and
Annual Meeting.
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.
-While the volume of business Is still small and far from satisOutlook.
factory,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
Charges
Interest 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.

Assets
Real 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
0_ 730,140 3,795,027
(less reserve/
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
ub. af
ReAlna mo.
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
Deduct
Interest 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.
-The insurance fund assets, amounting Sept. 30 1908 to $606,912,
Note.
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.
,
The directors have declared four dividends of 135% each on the common
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_ _
Deduct
Interest 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 sheet)_
$574,985
$311,552
per
-The first lvidend on the common stock, 6%, was declared in
Note.
2
July 1907, payable In four Installments ef 135 % each,Sept. 3 and Dec.
three
1907 and March 2 and June 1 1908. This dividend, or rather the sheet
thereof, then remaining unpaid, appear in the balance
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 declared in July 1908, payable, like No. 1, In fur installments, but does first
not
,
installment w s 11 t payable till Oct. 1 1908. This dividend was not
appear in the balance sheet of Sept. 28 1908 and presumably
C :vered into the year's accounts, since payable after the el se of 1907-08.
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 excep,
t! 'vii year 1907-08 to pass with ut an additional debit on this account,
El
-Ed. .
although the'dividend was declared as before.

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&notes 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 against the lines
coast..
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
delphia; R. A. C. Smith of New York; Robert C. Pruyn of Albany; W. A. bonds in exchange for of investors who are now receiving Chicago Subway
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
was 'incorporated under special charter in 1879 and has outstanding $600. charges, not including the remarkable showing of paying all expenses and
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
of
Baltimore & Ohio RR.—Nets Directer.—L. F. Loree has the opening ofplans60 the company have been carried to completion with
the
miles
to move freight
been elected a director to succeed Charles Steele, who re- from all the freight houses asof tunnels, and its ability hours in the day,
fast as it comes In, for 24
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
bonds the
due for them. The entire $17,000,000 of
shareholders having voted on Nov. 18 to increase the capital for theoutstanding price justlyplaced through our house and have netted
bonds
have been
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
has applied. to the Massachtisetts Railroad Commission for Subwayor call at one of our offices, as we will be In the market correspond
with us
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
chased of $10,994,900 of the company's stock from the New D.AlvinC. Skilton, President of the Phoenix Insurance Co. New York,
W.
of
York New Hawn & Hartford RR. Co.,is quoted as saying: and Franklin Q. Brown,a member of the firm ofRedmond & Co. ofHartford,
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.
$341,770 $312,104
$249,057
to succeed J. H. Hocart, who resigned.—V. 87, p. 1009, 812. Grass earnings-4252,517 $153.167 $135,686 $273,744 $117,351 $220,962
Net after taxes._$112,154
$126,419
$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
tity not being known, to constitute a committee to confer $20,000,000. are to be part of an authorized issue of $110,000,000 (with
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
Chicago Great Western Ry.—Notice to Holders of 5% To be presently issued for corporate purposes (being the present
issue)
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
New York Trust Co., No. 26 Broad St., New York, and tile Illin is Central RR. (Including the very valuablethe main line of the
Chicago terminals),
on
lines of the company,en the
committee will endeavor to have them included, although on the so-called Purchased on the Chicago Havana 6c Springfield Division,
the St. Louis Divisi ,n,
Western, on the Ranthe time for proving them has expired.
line, on the Cairo Bridge approach. and on that part of the railroad
toul
Mr. Tweed Added to Stockhiilders' Committee—Charles H. purchased fr on the Chicago Bunfn-ton & N^rthern RR. Co. lying beDubuque, Illinois, and
Ill.,
hafa been'added to the protective committee headed tween East way lands of the IllinoisPortage, RR. which Is not located on
the original
Central
Co., comprising a mileage of 2,014.56 miles. subject to existing Issues of bonds, aggregating
by John W, Castles, representing the holders of stock', both $58,766,000,
for the retirement of which, on or before maturity% b rids
common. and preferred. Th'e other znerribers of the coalOf 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

Tke eystem of railroads covered by th mortgage comprises, in additions'
RR.
to said terminals, substantially all the lines of the Illinois Central Ill., 'CO.
with
to Cair ),
owned In fee east of Dubuque and south Of Chicago
from Sprin,,the exception of the so-called Litchfield Division, extending
to Bridge Junction, Ill., •a distance of 97.59 miles, the Suth
field. Ill.,
3.96 miles.
Chleage branch, 4.76 miles, and the Blue Island branch, to acquire the
issued
Oahe additional $10,000,000 bonds may only bein which case the lien
Indiana')oils Southern RR. Co.,
property of the
first mortgage the
of the refunding bonds is to be extended to cover as a
property of that company.
30 1008 the company had a surplus over fixed
a. For the year ended June
939.)
report V. 87, p.
charges and rentals of $7,996,399. (Compare mortgage for the 932, ended
year
The net income of the lines covered by this
the payment of fixed charges was *8,389,907,
June 30 1908 applicable to
lines, including
and the charges for interest on the funded debt of these
the present Issue of $20,000,000 of "refunding mortgage bonds," amounts
to only $2,979,345.
The bonds purchased by you will be dated Nov. 1 1908 and will mature
of $1,000 United
Nov. 1 1935. They will be issued in denominations
States gold of, or equal to, the present standard of weight and fineness.
May 1 and November 1.
Interest at the rate of 4% per annum will be payableprivilege of
registration
The bonds will be Issued as coup on bonds, with the e for bonds
registered
as to principal; coupon bonds will be exchangeabl
both principal and Interest, which may be re-exchanged for coup on
as to
in the m
bonds upon payment of the charges theref or provided may be ortgage.
thereof)
redeemed
The entire issue outstanding (but nit any partaccrued interest on N iv. I
at the option.of the company at 107 5 % and thereafter, up n n ot less
date
1918, or up on any semi-annual interest
principal and interest will be
than thirteen weeks' previ ous n otice. Both
or taxes which the railroad compayable without deduction for any taxretain therefrom under any present
pany may be required to pay thereon or any State. county or municipality
or future law of the United States, or of
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,
$232,463
532
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 the consent of 80%
up the $12,500,000 bonds Issued March 1906, provided
bondholders is secured. So far as this is concerned, no difficulty is
of the
$15,000,000, the additional
anticipated. The new issue will amount to
The bonds
$2,500,000 being required for improvements and betterments. Company.
interest and be guaranteed by the Southern Pacific
will bear 4%
which will probably be
It is also proposed to form a holding corporation, has not been finally dethis
named the Southern California Railways, but
cided upon.—V. 85, p. 531. •

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.

—The application was opposed by the bondholders. The Court says that
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.

"In view oj
A statement authorized by the Secretary of War follows: construction
invited bids for the
the fact that the Philippine Government has accepted the bid of the Philipthe Philippine Islands, and
of railroads in
has exepine Railway Co. for the construction of railroads referred to, and in view
cuted the contract of guaranty of the Interest of their bonds, and
Philippine Government realizes the paramount necessity
of the fact that the
of railroads for the welfare of the Philippine people, and in view of the
intense interest which the Philippine Government takes in the success of
of
the enterprise undertaken by the Philippine Railway Co., the Secretaryfor
War authorizes the Bureau of Insular Affairs to receive subscriptions
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.
Construetion.— Construction work has been under way for about two years
Island of Cebu,
on the islands of Panay and Cebu. The main line on the
extending from Danao to Argao, 60 miles in length, was preliminarily comPanay 20
pleted and placed in construction operation in May 1008. On have been
6% preferred stocks
It is probable that no offering of the $1,096,300
miles of road, extending from the terminus at Iloilo to Pototan,
after the annual meeting of the parent company, next completed, and an additional 20-mile section, extending north from Potowill be made till
stockholders of the
month. This stock will either be offered to price of not less than Massa- tan, is expected to be ready for operation In December 1908. Terminals,
110 in
bankers at a
chusetts Electric Cos. or sold to companies will ultimately receive from the with harbor frontage at Iloilo, are about 75% completed. Final location
operating
for the balance of the projected mileage have been completed,
either case. The two
$1,205,930, all of
be surveys
sale of this stock a total of not less than obligations in the which willthe with the exception of the northern section of the line in Negros. Equiphands of
consisting of 12 locomotives, 23 first and second-class passenger
retire the $1,954,000 of floating
ment,
used to
public on Oct. 1 last.
cars and 80 box cars, is now in service, In addition to construction equipment, including 100 flat cars. Two additional Baldwin locomotives have
Position of Massachusetts Electric Companies in Respect to Floating Debt been
Th
_ered.
eBe
Chronic!e)."
on Oct. 1 1908 officially revised for "
ese
ordered.Bonds—These bonds arc secured by a first mortgage lien on the railway
ITotal forward
$4,104,000
Notes payable,Bos.&Nor_$2,720,000'Held by
property of the company in the Philippine Islands, and under the
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
Government.
$4,104,000 I Bal. In hands of public_$1,989,000 extent of 05% of the cost, as approved by the Phileopine
Total
Interest Guaranty.—The Government of the Philippine Islands guaranthe operating Companies will be able to
Practically speaking, therefore, floating
irsement on each bond, the full 4% annual interest on these
obligations held by the public. tees, by eni their
of their
pay off all but $700,000
maturity or redempti on. Any payments made by the
t in bond e, /Lis, until
subject
There are $800,000 treasury bonds, which continued improvemen
and which
than enough to Government under this guaranty rank as a lien up n the property,
market conditions will make saleable, 87, p. 812.are more
to the lien of the first mortgage bonds.
cover this $700,000 floating debt.—V.
"Railway and
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 other
"The priority of various other liens andsale. Whoever purchases the
creditors will be determined after the claims of the contract creditors
property will have to make good the valid
have been litigated. If the
and those entitled to relief after such claimsproperty 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 11
Nov.
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
required for extensions, and as a more permanent arrangement 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
1
8,736,275
6
6, 85,5)
499 5
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
-V.87, p. 1161, 879.
been sold in the East.
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
of common stock (whose assessments aggregate $303,416) have shares
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:
We started our new brick plant at Kachelmacher, Ohio, about October
an output
1111,This is the largest plant of its kind in the world, having a day and of
we
over 120,000 bricks a day. The output now Is 40,000 bricks more
We have
orders
are increasing our output as rapidly as possible. the exceeding low
cost
onlhand now than we can fill for some time. With
of fuel and raw material as compared with 0th r plants, the brick operations
can greatly exceed any revenue heretofore received from coal. the last
The coal industries of the company have been increased during
year, so that the output has been raised from 3,000 to nearly 5,000 tons
a day. The orders are much heavier than they were last year, and the
outlook for the remainder of the year is bright. Compare V 36, p. 1527.
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.
Orders rec410,397,117 $14,581,382 $16,428,965 $11,263,792 $8,352,128
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
Bura titus
alp ce: interest on the $2,500,000 of outstanding bonds has been in
Interest
Gross
Year
on Bonds.
Earnings.
S
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
761,389
1,317,385
555,906
3,318,219
Aug. 31 1905
which took place in Suffolk on Nov. 19 under order of the
—V. 86, p. 1103.
was bid in by
Massachusetts Lighting Co., Boston.—New Stock— United States Circuit Court, the property
York, the mortgage trustee,
Acquisitions.—The shareholders will vote Dec. 1 on increas- the Columbia Trust Co. of New
$33,000. There are now outstanding, it is said, more
ing the capital stock to an amount not yet decided upon, for $100,000 receiver's certificates. Compare V.
86, 1
3•
provide for additions and improvements,and for the than 425; V. 83, p. 1233.
to
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.
'
Gas Light Co., stock outstanding, $17,300; Williamstown
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:
price.
The company has recently completed some important additions to Its Chicago, on or before Nov. 24, in order to secure thissays:
plants. The increase was formal merely, as fir a long time the value of
Deposits under Plan.—A circular mailed Nov. 19
In excess of the capital.
to report a very
the property has been
Members of the reorganization committee are pleaseddeposits are
response to their circular letter We have and
Narragansett Electric Lighting Co., Providence, R. I._ favorable a steadily increasing volume. of Oct. 21, every assurance being
from
made In
announces that at a special both large and small stockholders that they will pay the installments as
Option to Subscribe.—A circular
held Nov. 12 it was voted to they become due and thus give the new company a chance to put its affairs
meeting of the stockholders
on a sound business basis. The box-board business is steadily improving.
issue $500,000 "debenture certificates bearing interest at There was a marked growth in October over September. The output has
annum, payable quarterly on the first increased and prices are more satisfactory. The new company is bound
the rate of 4% per
general prosperity of the country, and if the
to
days of April, July, October and January of each year, of share in the will give their aid, the committee feels that stockholders
Its promises
the company
shares of the capital stock of said company at can be more than made good. Compare plan V. 87. p. 1163.
for 10,000
per share." These debentures certificates will be reStates Envelope Co.—New Bonds Offered.—H. W.
$50
United
deemed by the company in stock on Jan. 1 1913, or sooner Poor & Co., New York and Boston, are offering for sale, by
the option of the directors. Every stockholder of record advertisement on another page of this issue of the "Chronat
Dec. 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
company,
Subscriptions must be made at the office of the19th 1908 at170 West- on Dec. 1 from 1910 to 1934, both inclusive, $50,000 yearly
12 o'clock
and Dec.
minster St. Providence, between Dec. 1st
and $150,000
will
'
noon. No assignments of rightsmust be accepted unless subscription has 1910 to 1924, $100,000 yearly 1925 to 1929 interest on or
be paid between Jan. 1
first been made. SubscriptionsIssue certificates for fractional and Jan. 4 yearly 1930 to 1934, but callable at 104 and
parts of a
not
1909. The company will ready for delivery Jan. 1 1909.—V. 87, p. 1241. after Dec. 1 1919. Interest payable June 1 and Dec. 1
share. Certificates will be
Mass. Par $1,000
Cotton Yarn Co.—New Director.—Joseph at Old Colony Trust Co., trustee, Boston,
New England
substance:
elected a director to succeed Gov. Draper, c*. A circular says infirst mortgage on all the company's properties
Remick has been
The $2,000,000 bonds area
(including the proposed new Springfield mill), having a replacement value
who resigned.
$223,374:
$3,500,000. Current assets June 30
Reports on a preceding page:— of over and bills receivable, $661,907; merchandise1908: (Cash, $691,609)
Report.—See "Annual
and supplies,
accounts
$5,000,000, or more than 2%
$1,576,890, making total assets of over
V. 87, p. 1091, 229.
this bond Issue (see balance sheet V. 87, p. 478). Net earnings for
Niagara Falls Power Co.—See Cataract Power & Conduit timesseven years average nearly 30% of this issue, or six times interest
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% gold bonds, dated Nov. 2 1908 and due
e'
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
& taxes- 20,043,794 61 20,442,026 99 -398,232 38
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.%
dividend upon the common stock
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

e.
OPERATING EXPENSES AND TAXES.

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

4
147,933 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
of Indebtedness
Interest on Certificates
6,650 00
Interest on Freight Certificates
250,000 00
Interest on Gold Notes of March 1 1907
Bonds of March 1 1907 169,433 33
Interest on Eq pment
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
* Includes $132,499 15 rent of tracks previous to this year, Included in
earnings: also $32,266 20 Increase of interest upon
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.
Freight
Tons of freight earning revenue decreased
Tons carried one mile decreased
Mileage revenue freight trains decreased
Tons per freight train mile increased
Passengers
Number 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 EquIpment
,
500,000 00 Equity in rust Equipment
2,805,165 11 Materials and Supplies
Current Assets
Sale 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 Assets
Unadjusted 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 Indebtedness
New 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 Liabilities
Audited 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 Stock
Preferred
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
geologists term the "Laramie formation";— taken to enlarge the Company's coal mining and coking fain what the
a formation of some 1,800 feet in total thickness, and con- cilities. With this end in view, there has been created at
sisting of alternating strata of sandstone and shales. The 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
bly persistent over extensive areas, and this facilitates the 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 contification by means of diamond drilling or drift pros- 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
fined to the lower half of the formation,and in which the coal 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
or "Raton" coal, with a maximum thickness of 12 feet. In 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 dein thickness, and in the upper horizon is the "Potato Canon" 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
this area is different from the southern portion of New Mex- 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.
with by earth movements. For additional details concernIn 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 adepreviously mentioned.
of the geologist
quate power plants, water works, railway tracks, tipples
Realizing the scarcity of good steam coal, and especially and other facilities, and equipped with modern electric haulcoal, in the Southwest, and appreciating the age. The capacity of these mines has been developed to
good coking
significance of this enormous coal field to this rapidly devel- 6,500 tons per day—the actual output for the calendar year
oping territory, the St. Louis Rocky Mountain & Pacific 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
property, thereby acquiring 299 square miles of land in fee first-class modern coking ovens, with a capacity of 180,000
coal rights and surface necessary for mining in tons per annum.
simple and
513 additional square miles, a total of some 812 square miles . In addition to the foregoing, and in anticipation of the
—520,325 acres—underlaid with high grade bituminous 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
transportation. This is an area equivalent in size to three- 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.
Gardiner there
In this connection your attention is called to the report of but a short distance from the railroad. Near from 7 to 13
another extensive area of coal with a seam
the Mine Inspector of the Territory of New Mexico to the is
developed quickly and
Secretary of the Interior,for the fiscal year 1907,in which the feet in thickness, which can be Pan" vein is peculiarly
cheaply. The output'from the "Tin
Inspector says:
special attentionis being
"The coal fields of Colfax County embrace the largest, well adapted to domestic uses, and
to this department in response to a demand for doundisturbed area of coal lands in North America, and proba- given coal, which
mestic
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
'
and prospecting,at not less than 350,000,000 tons, or enough for domestic.coal in _Nte\V Mexico, Western Texas, Oklahoma,
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
the Company's mines is now at least 6,500 tons ng power of
per
say, 1,600,000 tons per year,assuming but 250 days day, or,
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
operations a sum
more than equivalent to the amount of its entire
fixed
including interest on the bonds issued for constru charges,
RAILWAY PROPERTY.
poses. The importance of this fact as an index ction purPrior to the organization of your Company, the Raton
earning power of the property is apparent when to the future
field was dependent for transportation facilities upon a
it is realized
single railroad. Realizing the many advantages which would that while this "construction" interest has been a large
item from the first, increased revenue due to the
result from securing competitive service, arrangements
completion
were of the construction work and improvements
immediately made to construct a lien traversing
is necessarily of
the Com- comparatively recent date. Not only
pany's holdings and giving direct connection with
have the earnings
three
trunk lines—the Atchison Topeka & Santa Fe, the Colorad taken care of fixed charges, but the work of construction hats
o been done without the depletion of the Compan
& Southern and the El Paso & Southwestern Favorab
y's resources
le for construction company profits.
arrangements for the interchange of traffic are .
in force with
The outlook for future business is exceedingly promisi
these lines. Started in February 1906, the road
ng.
was com- The great Southwest is the Mecca
pleted in February 1907, and taken over
for immigrants coming
by the operating from the Middle West to acquire
department on July 1 1907. This gives your Compa
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 smeltin
miles of main line and branches and 14 miles sidings
g
of
. It is plants are constantly in process
of standard gauge and modern equipment and was
built un- capacity of the existing smelter of construction, while the
der conditions which insured to your Compa
s is being everywhere inbest possible construction at the minimum cost. ny the very creased.
,•,,
The demand for coal and coke must, consequ
In addition to providing for the Company's coal an,d coke
ently, intraffic, the road serves a prairie and valley country devoted crease, and with a return of normal conditions the growth
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
from Pennsylvania and West Virginia by smelting
are many orchards in bearing. The Railway has made accompanies
cessible a large timber region. A portion of this timber is operating in Arizona and adjacent territory, because the
Rocky Mountain companies were unable to produce
now being developed by friendly interests, who have
enough
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
Cimarron & Northwestern Railway. This
taken from
corporation is Illinois. If during the period when
now about ready to place its timber on the
the
market in very great we had possessed our present capacitdemand was so
considerable quantities. The St. Louis Rocky
Mountain & ings would have been between $80,000 y, our net earnPacific Railway furnishes the only outlet for the
and $100,000 per
tonnage of
this new road. The Elizabethtown, Baldy and Cimarroncito month.
These purchases did not arrive until after the smelters
mining districts are tributary to the Railway exclusi
were
vely. partially shut down because of the depress
Placer gold mining has been carried on for many years,
and industry. The demand for new supplie ion in the copper
copper and iron are found also in the same districts.
s of coal and coke
A.
fresh impetus has been given to prospecting and mine de- during the calendar year to date has, therefore, been much
below normal. The coke stocks in smelters' hands
velopment by the completion of the Railway.
are
however, being rapidly depleted, so that the smelter now,
s will
shortly be in the market again as buyers. With
CAPITAL STOCK.
the completion during the past year of our new coke
There is outstanding the total of the authorized issue of
ovens and
$1,000,000 non-cumulative 5% preferred stock and $10,- mining facilities at Koehler and Gardiner, we are now in a
position to take care of this business, and, having
000,000 common stock. The preferred stock is withou
such a
t great advantage in relative location, can make
voting power, but has priority over the common stock
much lower
as to prices than Pennsylvania or other Eastern
dividends and assets. The common stock has been placed
producers, and
thus are certain to secure orders for all the coke
in a voting trust until such time as dividends of 5% on
the manufacture. The only effective competi which we can
preferred stock and 4% on the common stock have
tion which we
paid for five consecutive years; otherwise the voting been are called upon to meet comes from the Trinidad and Dawtrust son fields. Over the former we have an
expires on July 6 1915.
advantage
ten cents a ton in freight rates on account of our of fully
relatively
•
FUNDED DEBT.
greater proximity to the markets, while in both cases
Of the St. Louis Rocky Mountain & Pacific
fileds have only their surplus product for sale, the these
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
REPLACEMENT RESERVE FUND.
$200,000 were
issued during the fiscal year 1907-1908, in
A sufficient amount is set
for $50,000 First Mortgage 5% Fifty-Yearexchange at par, replacements and renewals.aside from earnings for ultimate
Bonds of the St.
During the fiscal year ended
'
Louis Rocky Mountain & Pacific qmpany,and
for improve- June 30 1908 the amount thus set aside by the Combined
ments.
Companies was $111,549 67. The total amount which
was
credited to this reserve fund on June 30 1908,
IMPROVEMENTS AND ADDITIONS.
ing all items chargeable against the fund, was after deduct$169,738
During the year $335,505 04 was expended for improv
e- as shown in the Combined Balance Sheet included in 65,
ments and additions. Some sixty employees' houses
the
were Auditor's,report herewith.
built in connection with Koehler operations, making
of 125 such dwellings at that point. A washing and a total STATEMENT OF COAL AND COKE OUTPUT FOR THE FISCAL
YEARS 1906, 1907 AND 1908.
crushing plant for preparing coal for the Koehler coke ovens
The following is a
completed, with capacity of 1,200 tons per day. A was coal and coke output condensed statement of the Company's
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
1908—gross revenue amounted to $3,427,268 60 June 30
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
pany to date, although highly satisfactory, were the Comresults
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
of 1908,it was not until recently that the maximportion
um
pacity was large enough to take care of the needs of our ca-.
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
nage so great that the output may be increased to an (a tonalmost
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
ants, and their certificate confirming the AuditorAccount'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 improveOct. 27 1908.
30 Broad Street, New York,
conservative lines.
of the St. Louis Rocky ment is proceeding along been in moderate demand, partly
To the Stockholders and Bondholders
LARD on the spOt has
Mountain ct Pacific Company:
for export. Prices have shown irregularity, but on the
We have examined the accounts of the St. Louis Rocky whole the tone has been firm,With the Offerings light. Westand the St. Louis Rocky
Mountain & Pacific Company
3c. Refined lard has been in fair
ern 9.90c. and City 9;1
Mountain & Pacific Railway Company,from their organiza- demand and firm. Continent 10.05c., South America
and hereby certify that the
tion in 1905 to June 30 1908,
10.75c. and Brazil in kegs12.25c. The speculation in lard
Consolidated Income Account and ,Balance Sheet, published futures at the West has been active, with prices irregular.
our opinion fairly state the pro- At times the market has felt the depressing effects of liberal
herewith, are correct, and in
fits and financial position of the Companies.
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.
MOUNCONSOLIDATED BALANCE S1IEET7--ST. LOUIS ROCKY
TAIN & PACIFIC, COMPANY AND ST LOUIS ROCKY
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
1I,951 46
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 Liabilities
Unpaid 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
oleo 10®103'c. and lard 103/ @,11c. Tallow has been quiet
4
and steady; City 53 e. Butter has been fairly active and
2
firmer; creamery extras 30®303/c. Cheese has been quiet
4
and firm; State, f. c., small, Sept., fancy, 133 c.; large
2
133/c. Eggs quiet and firmer; Western firsts 33@34c.
-Cottonseed has been moderately active and firm;
OIL.
2
summer white 403/®42c.; winter 45M®483'c. Linseed
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
3
firm; Cochin 7M®74c. and Ceylon 6M®64c. Peanut
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.

-Raw has been dull and steady. Centrifugal,
SUGAR.
.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.
-There has been some increase in the demand
TOBACCO.
kintOwinit
for ddindstic leaf. The consumption of cigars' ig
ly
larger, and as manufacturers as a rule hold exceptional
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
Total 1906._ 103,711 58,282 75,242 37,730 40,124 291,947
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- .
40 2,i2
15
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-:4
1
-- 3i
7-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
since Sept. 11908, and the stocks to-night, compared with steady buying by Wall Street, of prices lately have been
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 straddles,
Receipts to
November 20.
This Since Sep This Since Sep
in other words, were originally made by buying in Liverpoo
l
Week.
1 1908. week. I 1 1907.
1908.
1907.
and selling here. Latterly, those who made them-have been
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
86,754 668,741 85,174! 488,576 263,037 196,185 at New York. Believers in better prices are encoura
ged
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
1,884
13,572
363
3,324
-on some days they were
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 for a time assumed
Norfolk
27,475 226,592 26,5581 208,946
. The speculation on occasions
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 tained anything like
- 83
Boston
the proportions witnessed a few years
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
irregular, ending slightly higher. Liverpool advices were
7,389
9,386
8,998
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
26,558
26.922
33,021
31,862
25,025 in liquidating straddles. Some of the Wall Street houses
N'port N., &c
218
243
708
769
729
194 bought, but others were taking profits.
All others_ _ _ _
16,425
Certain spot inter9,509
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 ---------- ----- damper. Moreover, the South,
3,713,503 4,210,278 3,654,871
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, puts
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. 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 to
Exported to
here 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

1908..c
0 7

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 12
8:80 18882
83
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.

Total.

100

"ilob
100

100

700

600

600

[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,
-The highest, lowest and closing prices at
FUTURES.
as follows:
the receipts for the week and since Sept. 1, the shipments
New York the past week have been
for the week and the stocks to-night, and the same items
21 II 2i
1
r 1 g.1 111 II -41 81 81 81 61
for the corresponding period for the previous year-is set
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2g252 g
Azt(2g g

0

' '.
'
3 1 gA
1gOggUrgEigPa.4gUaCkAP4014P4F.51g5
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6 .4
•>: -4
.
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-.z .: -4
A g ,. 1
• `-",WA8.,:••=4.;•.;50 -„; -,- ,_,
THE VISIBLE SUPPLY OF COTTON to-night, as made
8 8
0!14A.gEt10,i,;vegp3kg(Ng05§; O gi i
is as follows. Foreign stocks,
4.6 -p4 -.44
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
c
w806,sg. 36Adp.
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
-We give below a statement showing
SINCE SEPT. 1.
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
1.018,000 1,029,000 751,000.1,267,000
November 20Total European stocks
Week. Sept. 1.
Week. Sept. 1.
49,000
45,000
87,000
53,000 StoppedIndia cotton afloat for Europe_ _ _
96,058
17,150
29,333 a171,953
Via St. Louis
American cotton afloat for Europe 882,212 844,169 950,573 576,000
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
95,000 283,000 322,000 397,000
2,947
26,750
3,935
Via Louisville
in Bombay,India
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 shipments
Of 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
American
17,205
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
_ 11,975
8,883
62,016
576,000
882,212 844,169 950,573
Total to be deducted
afloat for Europe
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
week
6,000
9,000
3,000 has been 62,153 bales, against 34,824 bales for the
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
62,153 365,868
overland to Nov. 20
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_
105id. 9 15-16d. 8 9-16d.
,
I”gd.
Brown, Liverpool
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
78,283 476,792
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
-Nov. 24
1905
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
-Nov. 24
1905
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,
-There has been rain on one day the
MARKETS.
-Below are the closing quotations of middling past week, Georgia.
cotton at Southern and other principal cotton markets for hundredths.the rainfall reaching one inch and forty-nine
The thermometer has averaged 49, ranging
each day of the week.
from 38 to 60.
Shreveport, Louisiana.
-It has been dry all the week.
Closing Quotations for Middling Cotton onWeek endinq
The thermometer has averaged 53, rangin
g from 28 to 77.
November 20. Sarday. Monday. Tuesday. Wed'day. Thursd'y
Vicksburg, Mississippi.
. Friday.
-There has
Galveston
rain during the week. The thermo been only a trace of
9 1-16
9 1-16
9 1-16
9;-'
93
9%
meter has averaged
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.
Savannah
-We have had rain on
8 13-16 8 13-16 8 13-16 831
831
831
Charleston
8 13-16 8 13-16 8 13-16 531
week,the rainfall being five hundredths of oneday during the
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.
9.35
9.35
9.45
-There has been no rain the
9.55
9.55
Baltimore
9)4
931
9%
9%
ay,
ay,
The thermometer has averaged 54, the highest past week.
Philadelphia- 9.60
9.60
9.70
9.80
being 75 and
9.80
9.75
Augusta
9%
the lowest 34.
9%
9%
931
9%
931
Memphis
9%
9%
9 3-16
934
9'
Mobile, Alabama.
931
-Fine weather in the interior
St. Lou
931
9%
9
93-1
931
Houston
picking is practically completed. Considerable and cotton
9
9 1-16
931
9%
9%
cotton is
Little Rock
8%
8%
8%
8%
being held for higher prices.- We have had rain
8%
8%
on
days during the week, to the extent of six hundredths two
NEW ORLEANS OPTION MARKET.
inch. The thermometer has averaged 52, ranging of an
-The highest
from
lowest and closing quotations for leading options
35 to 75.
in
Orleans cotton market for the past week have been the New
Montgomery, Alabama.
as follows:
-Weather delightful. Picking is
about finished, one killing frost early in the week. It has
Sarday, Monday, Tuesday, Wed'day,
Thursd'y Friday,
rained 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
November
from 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
8.86 December
with great benefit on one day of the week, the rainfal fallen
Range
8.79-.85 8.80-.83 8.82-.92 8.89-.97 8.88-.03 8.80-.91
l
Closing
ing one inch and twenty-five hundredths. The thermoreach8.81-.83 8.80-.81 8.91-.92 8.93-.94 8.88-.80 8.90-.91
meter
January
has averaged 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
Charlotte, North Carolina.
Closing
8.80-.81 8.79-.80 8.89-.90 8.91-.92 8.87-.88 $.91-.92
-Rain has fallen
February
week, the rainfall being one inch and twenty during the
Range
-three hun-@ - ® - 8.85-.86- @ - 8.97- @ - dredths. The thermo
Closing
meter has ranged from 30 to 68,
8.83-.85 8.81-.83 8.88-.90 8.90 - 8.86 - 8.90-.92
March
averaging 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
April
graph, showing the height of rivers at the pointsby tele_ ® __ 0 __ ® __ ® _ _ ® _ _ ® named
Range
at 8 a. m. of the dates given:
Closing
8.88-.89 8.88-.89 8.98-.99 8.99-.01 8.96 - 8.97-.99

MayRange
Closing
June
Range
Closing
July
Range
Closing
Tone
Spot
Options

6

4
Nov. 20 1908. Nov. 22 1907.
8.90-.95 8.88-.91 8.92-.01 8.97-.08 8.94-.10 8.90-.01
Feet.
Feet.
8.91-.92 8.89-.90 9.00-.01 9.02-.03 8.97 - 9.00-.01 New Orleans
Above zero of gauge_
3.6
4.9
Memphis
Above zero of gauge_
_ ® _ _ 0 _- ® _ _ @ ___- @ 5.6
12.8
- ® - Nashville
Above zero of gauge..
7.5
11.1
8.93-.05 8.90-.92 9.00-.01 9.02-.03 8.96-.98
Shreveport
Above zero of gauge_
9.01-.02
0.1
2.5
Vicksburg
Above zero of gauge_
6.5
11.2
8.93-.98 8.91-.95 8.95-.03 8.99-.08 8.95-.05
8.95-.96 8.92-.93 9.02-.03 9.03-.04 8.97-.98 8.93-.03
JUTE BUTTS, BAGGING, ETC.
9.01-.03
-The demand
ging during the past week has been light, with prices for bagSteady. 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
Steady.
6Y

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 at
sed
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.
Great
-Dry all the week. The thermometer
ContiBritain. nent. Total. Britain.
nent.
has ranged from 24 to 82, averaging 53.
Total.
Bombay
Corpus Christi, Texas.
-We have had rain on one day
1908
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.
Calcutta
Fort Worth, Texas.
-There has been rain on one day of
1908
2,000 2,000
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.
5,000
14,000
-There has been rain on one day during
19,000
1906
1,000
5,000
6,000
the week, to the extent of six hundredths of an inch.
All others
1908
thermometer has averaged 52, ranging from 28 to 76. The
1907
1-0366 5,000
San Antonio, Texas.
1906
-Rain has fallen on two days during
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.
-Through arrangements made with Messrs.
New Orleans, Louisiana.
-There has been rain on one day COTTON.
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 receipts and
Helena, Arkansas.
-Weather was cool the first part of the
week, but has now turned warmer. Picking has been rapid shipments for the past week and for the corresponding week
and cotton yards are congested. Only a trace of rain has of the previous two years:
fallen. The thermometer has averaged 50, rangin from
g
Alexandria, Egypt,
26 to 79.
1908
1907.
1906.
November 18.
Little Rock, Arkansas.
-We have had no rain during the
week. The thermometer has ranged from 26 to 74, averag Receipts (cantars)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.
9,250 34,534 16,750 78,241 8,250 73,294
-We have had rain onrone day during
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
Nple.-A cantar Is 99 lbs. Egyptian bales weigh
about 750 lbs.
six hundredths. Average thermometer 52, highestfifty71,
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
b 23.
Total 5ales
.
WORLD'S SUPPLY AND TAKINGS OF COTTON
PENSACOLA-To Liverpool-Nov. 20-Vivina, 5,237
7,430
7,430
or,
The following brief but comprehensive statement indicates SAVANNAH-To Havre-Nov. 17-Llansan _Nov. 17-Serrana,
To Bremen-Nov. 14-Montrose, 7,046w
the week and since
at a glance the world's supply of cotton for
Nov. 20-Ecelesia, 8,972
10,110_
8
2
150
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
e,200
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
23
'0
12 300
. 18-Delphine 300
Week and Season.
To Genoa-Nov
1,425
Week.
Season.
Season.
.Week.
CHARLESTON-To Liverpool-Nov. 13-Cromarty, 1,425
BOSTON-To Liverpool-Nov. 14-Michigan, 350__ _ _Nov. 16- 1,436590
3,565,153
3,921,930
-Canadian, 750
Nov. 13
_Nov. 17
Visible supply
Saxonia, 369....
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
66,000
403
3'130
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
95,000 SAN FRANCISCO-To Japan-Nov.17-Hong Kong Maru, 1,807_ 1,807
9,000
Other supply to Nov. 18*
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
-The Antwerp
FALL RIVER WA GE SCALE CONTINUED.
26
26
26
26
26
26
Ghent, via Antwerp
32
32
32
32
32
30
of the Fall River Manufacturers' Association in Reval-Nov
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
33
33
33
33
33
schedule as now in force, instead of making reduction Trieste
33
wage
46 I
45
45
45
45
45
Japan
to the minimum of 18 cents per cut of print cloths warcable from Liverpool we have the fol-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
months, was quite unexpected. It is referred to more
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
which speculators took
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
Sales, American
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
1.00 off
1.00 off Mid.Upi'ds
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
Good middling tinged
Steady, Irreg. at Steady at St'y, unch. Steady at Steady at
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
Low middling tinged
Steady at Bly st'y at Steady at Barely st'y
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.
P. M. 1 advance, advance. pts. adv. 34 pt. adv. pts. adv. pts.
MANCHESTER MARKET.-Our report received by
Deduct
Visible 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.
4 7934 82% 82 8034 8434 8534 8434 85% 88 8434 84
Nov
7434 7534 7434 7534 78 75 74
70 73 72 A 71
-Dec.
Nov.
7034 6934 73 74 73 7434 77 74 73
Dec.-Jan_ ....„ 4 68 71
4 67 A 70A 70 69 7234 7334 7234 74 77 7334 7234
Jan.-Feb_
73% 73
7034 6934 7234 74 73 74 77 A 73% 7234
'4 68 71
Feb.-Mch.
70 73 74 73 7434 77 74% 73
4 683471 71
Mch.-Apr.
7434 7334 75 78
-May. ...._ 4 69 7134 71.347034 7334
Apr.
74 75 74 7534 7834 75 7334
4 6934 72 72 71
May-June
76 79 75 73%
72 71
4 69 72 71 60 m 7434 7534 74 7434 77% 73% 72
June-July
73 74 7234
July-Aug_ ..4683471
72 68 66%
4 62 A 65A 65 63 67 69 6634 69 66 62 60
Aug.-SeP6234
4 57 60 5034 5834 62 64 61
Sep.-Oct _
5634 5734 60 56 54
-Nov_
4 53 5534 5534 5434 57% 5834
Oct.

: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.
1,299 upland, 50
YORK-To Liverpool-Nov. 13-Arabic,
NEW
import17-Armenian,3,182 upland,
Prices for wheat flour have shown few changes of
Sea Island,400 foreign_ _ _ _Nov.
5,031
market has been
100 Sea Island
101 ance during the week. Trading in the local
v. 13-Minnehaha, 101
To London-No
700 on a restricted scale, few buyers being disposed to purchase
-Nov.12-Canning,700
To Manchester
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.
18-Hudson.280
To 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
.WithTo Naples-Nov. 18-Luislan11, 100
100 aggregate a good business has been done of late.
To Trieste
-Nov. 17-Argentina, 100
beenl iberal,
- -Nov.
GALVESTON-To Liverpool-Nov. 14-Inkum, 11,706drawals on old contracts at the Northwest have
-Lugano,
19
excess of the
18-Almerian,6,762; Civilian, 20,878._ _ _Nov.
48,097 and the output of the mills has continued in
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...
818 and steady. Rye flour has been quiet and easy.
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
g factors in the
To Barcelona-Nov. 17-Clara, 2,259
values under the influence of conflictin
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.
-To Liverpool-Nov. 16-Logician, 11,064
NEW ORLEANS
quiet, and the receipts
_ __Nov. 16-Wanderer,6,500_ __Nov. 19-blercian,15,000 32,564 both domestic and foreign, has been
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
advance in prices.
, 2,399..-Nov. 18-Francesca
partly under the stimulus of the recent
To Genoa-Nov. 14-Slcania
9,332
Ciampa, 6,933
foreign markets have been lukewarm towards
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
December delivery in elevator
up, and substantial orders
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
prominently 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
!
The receipts have increased at times, only, however, to and for spring, particularly sa teens with a firmer tendency;
diminish again, and the cash market at the West has been numerous complaints are being made about slow deliveries
by finishers. Miscellaneous 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
sion houses have bought, and there has been more or less to India, but business with the Far East has been interrupted
scattered covering of shorts. To-day prices were firmer with by developments following the death of the rulers of China.
the rest of the list. Cash interests bought and shorts cov- The print cloth market has ruled active and strong; it is reered. 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.
5334.54
-The primary market for dress goods
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'worSteds have also moved well, and there 'has
The following are closing quotations:
been some further improvement in the demand for 'spring.
FLOUR.
Broadcloths have 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
6 60 take more' interest in other fabrics. In men's wear *lines,
6 00
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
275 CO 200
Patent, winter,
4 85
10 Graham flour
3 0064 4 10 spring, and there has been an active call for light
Kansas clears
-weight
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.
••
Hard "
11434 Rye, per blisIC-Imported dress goods, espeOats, 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. 4
581
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.
-Result of Vote on Constitutibnal Amendments.
Alabama.
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:
-We are
Ashburn, Turner County, Ga.-Bond Election.
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.
-Pro-Bond Offering.
Ashland, Jackson County, Ore.
posals 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:

-Amendments to State Constitution Defeated.
Florida.
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
'
third, which 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
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
-It is
Illinois.-Amendment to State Constitution Adopted.
surance Assn., Minneap_ 6,101 50 S. A. Kean, Chicago
6,006 00
Plaine
understood that the Nov. 3 electiOn resulted in favor of the First Nat,.,Bk., Belle Mune- 6,077 50 John P. O'Brien, Boston....par Sc mt.
Minn. Scandinavian Relief
r Wells &Dickey Co.,
amendment to the State Constitution relating to the Illinois. 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
-Bonds AuBergen County (P. 0. Hackensack), N. J.
than 4% interest, to construct a deep waterway canal from
-This county has authorized the issuance of $158,the plant of the Sanitary Drainage District of Chicago, at or thorized.
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.
-It is stated that on
-Bonds Authorized.
utilization of the water power. This Nov.7 this district voted to issue $25,000 4% water bonds.
development and
in full in V. 85, p. 1289.
amendment is printed
-Bonds Not Sold-Bond Olfering.-Up to
Brady, Tex.
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
-On Nov. 20 the $200,000-Bond Sale.
Buffalo, N. Y.
given in full.
Michigan.- Constitutional Amendment Voted.- Judging 20-year school and the $100,000 1-20-year (serial) waterfrom the returns received, the proposed Constitutional, refunding 4% registered bonds described in V. 87, p. 1313,
amendment relative to the taxation of property by a State were awarded as follows: The former issue to the Buffalo
and the latter issue to A. B.
Co.
Board of Assessors carried by a large majority. See V. German InsuranceNew at 102.81
York City at 100.65. Twenty-twoLeach & Co. of
85, p. 1534.
were received.
-Defeat of Constitutional Amendments.
-The bids
Minnesota.
-Bonds
Canton School District (P. 0. Canton), Ohio.
resulted in the defeat of three proposed
Nov. 3 election
amendments to the State Constitution. They related to. Voted-Bond Offering.-The election held Nov. 3 (V. 87,
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
-Constitutional Amendments Adopted.-The re- Saunders & Phillips, contractors, of Clarkesville, in payNebraska.
turns 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
-Bond Offering.-James S. Palmer,
making a change in the requirements as to the investmentof Mahoning County, Ohio.
Township Clerk, will offer at public auction at 10 a. m.
the educational funds of the State. See V. 85, p. 817.
bonds.
- Dec. 7 $20,000 432% coupon road-improvementApril 22
-Amendments to the State Constitution Defeated.
Ohio.
Authority, an Act of the General Assembly passed
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
-The $250,000Columbus, Ga.-Description of Bonds.
Article 8 of the Conproposed amendment to Section 7 of
City
stitution, relating to municipal bonded indebtedness (V. 43%.gold coupon refunding bonds authorized by the 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. 1
and mature Jan. 1 1939. Denomination $1,000. Interest
election.
Treasurer's office. Bonds are
-Amendments to State Constitution De- semi-annually at the City
South Dakota.
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
-Bond Sale.
-The $2,017 Electric Street and the
the provisions of the Constitution in regard to taxation, Ohio.
were defeated by the voters on Nov. 3. See V. 86, p. 681.
$8,517 Windfall Avenue 5% coupon sewer assessment bonds,
- described in V. 87, p. 1190, were awarded on Nov. 11 to the
Toledo, Ohio.
-Bonds Declared Valid by Circuit Court.
and
Circuit Court on Nov. 14 affirmed the decision of Judge First National Bank of Cleveland for $10,931 (103.768)
The
in the Common Pleas Court (V. 87, p. 1194), uphold- accrued interest. 'The former issue matures on Sept. 15
Brough
$1,000 in 1918;
ing the legality of the $525,000 43% bridge bonds sold in as follows: $500 in 1911, $517 in 1914 and
while the latter issue matures on Sept. 15 as follows: $500
August.
$1,000 yearly from
-Sub- in 1909, $500 in 1910, $517 in 1911 and
United States.-Offering of Panama Canal Bonds.
1912 to 1918 inclusive.
scriptions will be received on or before Dec. 5 by George B.
-Bond Election.-AcCorona, Riverside airtinty, Cal.
Cortelyou, 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 (V.87, p. 181), on May 11. Authority
Trustees,
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 construction of sewers. The vote was 395"for"to 57
The above bonds will be dated Dec. 1 1908. Interest
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 District, Alameda County, Cal.
-Bonds
to 1937 inclusive. Certified check or bank draft for 5% of refused.
-According to
the bonds bid for, payable to the Village Treasurer, is re- (serial) school-building reports, the $100,000 5% 1-20-year
bonds awarded on Sept. 28 to the
quired.
First National Bank of Oakland (V. 87, p. 962) have been
refused by that institution on the grounds that there was an
East Troy, Wis.-Bond Sale.
-An issue of $3,500 337
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 bonds
El Centro, Imperial County, Cal.
-Bond Offering.-Pro- voted (V. 87, p. 1191) on Oct. 19. Authority page 226,
posals will be received until 6 p. m. Dec.8 by F. G. Havens, Laws of 1897. Denomination $1,000. Date Jan. 2 1909.
City Clerk, for $40,000 5% septic-sewer bonds. Denomi- Interest semi-annually in Glendive or New York City.
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.
Date Nov. 11908. Interest annual.
-Bonds Defeated.
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.
$3,000 5% water bonds. Denomination $500. Interest
-Bond Offering.
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 at the County Treasurer's office. Maturity 25 years,
Bond Offering.
-Proposals will be received until 12 m. subject
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.
annual. Certified check for $500, payable to the Village
-Bonds Defeated.-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•
Elsberry, Lincoln-County, Mo.-Bond7 Sale.-The Wm.R. posals will be received until 10 a. m. Nov. 24 by Arthur 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 that the legality of the issue has been approved by
Enterprise, Wallowa County, Ore.
-Bonds Not Sold.
-The Story, 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.
(optional) water-works bonds offered on Oct. 20 and de-Proposals will be
received until 2 p. m. Nov. 25 (date changed from Nov. 23)
scribed in V. 87, p. 1041.
by the Board of Village Trustees, Henry F. Dorf, Clerk, 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.
Nov. 25 by Chas. H. Fritsche, Township Clerk, for $4,000 annually at the People's Bank in 1 1909. Interest semi5% 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.
Bonds are tax-exempt. Certified check for 5%, payable to
-Bond
-The $40,000 4% road-improvement bonds offered
the Township Treasurer, is required. Bonded debt, includ- Sale.
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,'
-On Nov. 16 the $600,000 5%
and bridge bonds mentioned in V. 87,.,p. 496, was defeated gold water Mont.-Bond Sale.
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
Weil, Roth & Co. of Cincinnati offering $604,- for receiving bids."
ceived from
'
500. Maturity on Oct. 1 as follows: $100,000. in each of
Lula, HUT County, Ga.-Bonds Voted.-The issuance of
the years 1918 and 1923 and $400,000 in 1928.
$5,000 school-building bonds Maturing part-yearly from
- one to twelve years inclusive, has been authorized by a vote
Henrico County (P. 0. Richmond), Va.-Bond Election.
election will be held Jan. 21 1909, it is stated, to vote on of 23 to 6.'
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.
-Bond 24 by the Board of Education at the office of J. E. Nelson,
Hollister School District, Benito County, Cal.
-On Nov. 2 the $2,000 5% bonds offered on that day Clerk, for $17,50043/% coupon bonds. *Authority Section
2
Sale.
(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.
be uncondieional and be
Hornellsville School District No.7(P.0. Hornell), Steuben Bonds are tax-exempt. Bid must the Board of Education.
-A proposition to issue made on a blank form furnished by
-Bonds Voted.
County, N. Y.
e
was Certified check for 10% of bonds bid for, drawn on a Mans$30,000 4% school-building and site-purchas bonds Date field Bank and made payable to the Clerk Board of Education
favorably voted on Nov. 10. Denomination $1,000. yearly is required. Bonds to be delivered within six days from the
$2,000
Jan. 1 1909. Interest semi-annual. Maturity
time of award. Official circular states there is no litigation
Jan. 1 from 1914'to 1928 inclusive.
on
pending or threatened against the Board of Education; also
Authorized.- Nash- that there has never been any default in the paYrnent of
-Refunding Bonds
Huntsville, Ala.
meeting of the City obligations.
ville, Tenn., papers state that at the
$25,000
Council on Nov. 4 the Mayor was authorized to fund due and
-On
-Bond Sales.
Marion County (P. 0. Marion), Ohio.
now
of 6% bonds. Ten thensand of these bonds are the option to
Oct. 31 an issue of $11,200 5% 6A-year (average) Pleasant
the others mature in ten years, the city having
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
(P. 0'. Im- and September.
Imperial Valley Union High School District
perial), Imperial County, Cal.-Bond Election Proposed.
On Oct. 31 the La Rue Bank Co. of La Rue was awarded
The School Trustees have been petitioned, it is stated, to $3,800 5% 15-year Linwood Free Turnpike bonds for $3,970
or not
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,
Date Oct. 1 1908. Interest' March
-Bond Offering.-Proposals will be re- $160, $170 and $180.
Jackson, Tenn.
September.
ceived until 12 m. Nov.27 by C. E. Griffin, Chairman Finance and Nov. 14 the $8,000 4M% coupon refunding turnpike
aid
On
Committee, for $125,000 5% coupon refunding railroad- of bonds described in V. 87, p. 1315, were awarded to the
re
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' 13arto, Scott & Co., Columb.8,121,50'Hayden, Miller & co.,
8,092 50
to the Mayor and Aldermen, is required. Official circular W. E. Heknlss, Marlon_ ___ 8,111 00 1 Cent. Tr. & Safe Deposit 8,084 80
Co., Cincinnati
in the payment First National Bank, Clevestates that there has never been any default
8,104 001Hoehler & Cummings, Tol_ 8,057 50
ana
Im d
of principal or interest. Bonds are exempt from taxation.
ssac County (P.0: Metropolis), Ill.-Bonds Defeated.
-Bonds Not to be Offered
Kutztown, Berks County, Pa.
of issuing the $50,000 bonds mentioned in
steps will be taken The question was defeated at the election held Nov. 3.
-We are informed that no
at Present.
V. 87, p. 1042,
in regard to issuing the $7,000 4% borough and fire-hall
-On Nov. 13
891) before next spring.
Medina, Orleans County, N.'7 -Bond Sale.
bonds voted on Sept. 5 (V. 87, p.
-We have the $30,000 4-18-year (serial) registered village-hall-conCreek School District, Cal.-Bond Sale.
Lewis
struction bonds described in V. 87, p. 1256, were sold to the
just been advised that on July 27 $6,000 6% 5-16-year Rochester Savings Bank of Rochester as 4.15s. The other
-building bonds were awarded to James H.
(serial) school
bidders were as follows:
Adams & Co. of Los Angeles at 107.30-a basis of about N.W.Harris & Co., N.Y_a$30,087 001Ed.Seymour&Co.,N.Y--b$30,059 00
Denomination $500. Date Aug. 1 1908. In- N.W.Halsey & Co., N.Y_ a30,035 1010'Connor&Kahler, N. Y. c30,425 00
$5,095%.
c30,776 70
W.J.Hayes & Sons,Cleve_ a30,021 001Farson, Son & Co., N. Y. c30,008 00
terest annual.
Erie Co. Say. Bk., Buff__ a30,020 00 IOUs & Hough, Cleve__f d31,050 00
1
1
Lexington School District (P. 0. Lexington), Ky.-Bonds
-Of the $75,000 4% 30-year school-building
Awarded in Part.
a For 4.25s. b For 4.40s. c For 4.50s. d For Si.
bonds advertised to be sold on Aug. 6, $55,000 were awarded
The above bidders also offered accrued interest in addition
to a Cincinnati client of the
on Nov. 12, according to reports,
Co. at par and $981 65 ac- to their bids. A bid for 4.20s was also received from the
Security Savings Bank & Trust
Bank of Medina, while Edmund Seymour & Co. of
g
crued in-Lrest. It is further stated that the remainin Union
will not be disposed of until the New York City alee made an offer for 4s. Bends are dated
$20,000 bonds of this issue
1908..
money is needed. See V. 87, p. 182, for a description of July 15
-On Nov. 14 the
-Bonds Authorized.
Memphis, Tenn.
these securities.
-The City's Secre- lower board of the Legislative Council passed the ordinance
-Description of Bonds.
, Tex.
Lockhart
4% coupon
bonds
tary advises us that the $25,000 5% 40-year jail(V.87, providing for the issuance of the $1,009,500 on of which
(with privilege of registration) bonds; a descripti
Oct. 17 to H. N. Swain of Dallas at 101.20
awarded
explained by us,
p. 1192) are in denomination of $500 each, and that the was given in V. 87, p. 1256. As alreadY amount of sectiri
these bonds will be issued to refund alike
on the same is payable in January and July.
interest
Water Co. which were assumed by the
Lockridge Independent School District (P. 0. Lockridge), ties of the Artesian was purchased:
election held Oct. 24 resulted city when the plant
-The
-Bonds Voted.
Iowa.
-Bond Sal?.
in favor of the question of issuing the $3,000 10-year schoolMiamisburg, Montgomery County, Ohio.
mentioned in
and the $16,000
house bonds at not exceeding 6% interest, these
On Nov. 14 the $6,080 Linden Avenue
bonds
imprbizement
V: 87, p. 1042. We are advised, however, that
Central Avenue 4% 1-10-year (serial) coupon were awarded
will not be placed on the market until about May 11909,
assessment bonds described in V. 87, p. 1256,
-Bond Offering. to the First National Bank of this city at par and accrued
Logan County (P.0.Bellefontaine), Ohio.
25 by W. 8. interest. A bid at par was also received frorn Albert Kley-Proposals will be received until 1 p. m. Nov.
ditch bonds. bolte & Co. of Cincinnati.
Jones, County Auditor, for $19,090 4
Authority Sections 4481 and 4482, ReAsed Statutes, and
-Bonds A thorizecl.-Ordinances proMinneapolis, Minn.
laws amendatory and supplementary thereto. Denomina- viding for the issuance of $250,000 rtrUnk:-line-sewer-construc-,
Jan. 1 and July 1
the
tion $500. Date Nov. 25 1908. Interest
tion and $50,000 fire-engine-house bonds were passed by
at the County Treasurer's office. Maturity $1,500 each six ri ty Council on Nov. 13. These securities are in addition to
inclusive, $2,000 on
-house
months from July 1 1909 to Jan. 1 1914
h(. $116,200 voting-machines and $50,000 fire-engine
July 1 1914 and $2,000 on Jan. 1 1915. A cash deposit of bonds recently authorized (V. 87, p. 1257) by the City
Treasurer, is required.
$250, made payable to the County
o cds
Bnnil.
Nov. 3
Delivery on or before Nov. 28 1908. Official circular states Cou
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
-Bond tering
County, N. Y.
question
Mt. Vernon ,Westchester
An'election will be held Dee. 15 to vote on the
brthe' City
Proposals will be received until 8 p. in. Dec: 1works bonds.
issuing bonds for a municipal water plant.
sewerage-diSpesal-Bond Council for $40,000 4%
0. Los ArigeleS), Cal:
Los Angeles County (P.
1908: Interest semi$3,500,000 Denomination $1,000. Date Dec. 1
Offering Again Postponed -In regard te the- which were anthially at the office of the CitY Treasnrer• Maturity $20,highWay bonds
and 1949. Certi43/% G-:40-year (serial) gold
-1256), the "Los 000 on D. 1 in eath of the years 1948
p.
.
to have been offered on Nov. 9 (-V4: 87, "pending Jii1g6, fied cheek for $1,000 is required. Bends will be certified
10 states that
States Mortgage
Angeles Times" of Nov.
to as to their genuineness by the Unitedlegality:approved
toBorilweIrs decision in the injunction suits broughtsale
of :& Trust Co. of New York City,,and their
taking action on the
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
Mercantile Tr.Co.,St.Louls 21,222 60 Trowbridge .,Monroe,Wis. 21,050 00
& 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 Nov.
18 to Wm. A. Read & Co. of New York City at 103,533 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.
1 500,000_103.44 Farson, Son &•Co. 100,000-102.50
I 500,000_103.13
and O'Connor &
Abraham White, 1 500,000_103.04
Kahler, N. Y__ Gal
trustee, New York} 500,000.._103.02 Drexel & Co. and or none) 102.837
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,
on the application of David Meyer, a taxpayer, for an in- mission were awarded on Nov. 16 to the Sinking Fund Comat par.
junction to restrain the sale of $12,500,000 city bonds $150,000 park-improvement
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.
had exhausted its borrowing capacity but Corporation
1 In 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 reNorfolk, Va.-Bonds Authorized.
-On Nov. 12 the Mayor port that the issuance of $50,000 school-house bonds was
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
weeks.
Northampton, Mass.
-Correction.
-We are advised that
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
to pay off and discharge existing indebtedness of the
Election.
-The Board of Town Trustees has instructed 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. Denomination
received until 5 p. m. Nov. 23 by Geo. Hess, City Clerk, for $1,000. Date Jan. 1 1909. Interest annually on May 1.
$10,000 detention-hospital and $15,000 hospital 5% bonds. Maturity thirty years. Cashier's or certified check for
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, City
Orange School District (P. 0. Orange), N. J.
Clerk, for the $10,000 5% coupon fire-department bonds
-Loan
Authorized.
-The Board of Education on Oct. 29 authorized voted (V. 87, p. 1257) on Nov. 3. Denomination $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
awarded to the Portsmouth Savings Bank of Portsmouth
All bids received were rejected. Denomination $500. Date
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. M.
Bonds.
Bonds.II
Farnsworth do
a99.57
599.27
of issuing the $100,000 5% school-building and improvement Lee, Higginson a Co 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
A. B. Leach & Co
Pascagoula, Jackson County, Miss.
I a95.05
-Bonds Voted.
-It
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, Coffin
b100.149
do Burr
-5100.1068
bonds.
E. H. Rollins & Sons
b100.08
599.07
Geo.
Passaic, N. 3.
5100.07
-Bond Sale.
599.09
-Negotiations have been com- Bond A. Fernald & Co
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.
The above bidders are all from Boston.
-Bond Sale.
-On Nov.
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___104.31
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.-Proposals
9
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 bonds
A. B. Leach do Co.. N. Y____104.58 Adams & Co., Boston
104.13
at not exceeding 5% interest. Authority vote of 397 to 123
N. W. Harris & Co., Boston_104.579 Win. Edmunds & Co., Bost_104.09
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-system-construction 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.
-Bonds
South Bethlehem, Northampton County, Pa.
-This borough has voted to issue $75,000 bonds.
Voted.
Date of offering not yet determined.
-Proposals
-Bond Offering.
Sparta, Kent County, Mich.
Rich..
will be received until 12 m. to-day (Nov. 21) by the Village
Sinking Fund Commissioners.. Par 'Branch. Cabell & Co.,
97.00
Estabrook & Co., New York_ _98.125 I mond n & Co.,
electric-light bonds voted (V. 87,
BaltImore_96.78 Council for the $20,000 5%
Kountze Bros., New York___97.03 IHambleto
p. 499) on Aug. 6. Denomination $1,000. Date Sept. 15
-An ordinance providing for the issuance 1908. Interest annually at the Chase National Bank in
Bonds Proposed.
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
-Bonds to E. G. Anderson, Village Clerk, is required. Net debt,
Ridgway School District (P. 0. Ridgway), Pa.
was polled Nov. 3 on the issuance this issue. Assessed valuation $580,000. Real value (esti-A favorable vote
Voted.
of school-building bonds. V. 87, p. 1193.
mated) $1,000,000.
-Through local
-Bond Election Proposed.
Spirit Lake Independent School District No. 63 (P. 0.
Riverside, Cal.
-Bond Offering.papers we learn that it is proposed to hold an election some Spirit Lake), KootenaA County, Idaho.
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.
-The following bids were re- Denomination $750. Date Sept. 1 1908. Interest semi-Bond Sale.
Rome, N. Y.
20
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:
N. Y_100.25
Spotsylvania County (P. 0. Spotsylvania), Va.-Bond
N. W. Halsey & Co., N. Y__100.81 Wadsworth & Wright,
100.711 Oneida County Say. Bank_ _100.2125
Kountze Bros. N. Y
-We are advised that,owing to injunction
Election Postponed.
'
Trust Co., N. Y 100.69 Estabrook & Co., N. Y____100.14
Columbia
79 proceedings,the election which was to have been held Nov.17
J. D. Everitt & Co., N. Y......100.43 A. B. Leach & Co., N. Y____100.0
Par
W. N. Coler & Co., N. Y„..100.29 Rome Savings Bank
(V. 87, p. 1194) to vote on the propositions to issue about
-On Nov. 14 the $400,000 $60,000 Courtland Road District bonds and the $40,000
St. Joseph, Mo.-Bond Sale.
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.
-We are informed that
at 99.079.
Springfield, Mo.-Bond Sale.
Following are the bids:
during the month of October this city disposed of $10,000
St.
Lee, Higginson & Co.,Chic-- 99.079 Mercantile Trust Co.,
bondsissued in anticipation of the collection of taxes to
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
-Bonds Defeated.
Stanislaus County (P. 0. Modesto), Cal.
-On Nov. 18 this city -Both the proposition to issue the $45,000 bonds to con-Bond Sale.
St. Paul, Minn.
(with privilege of struct a jail and the one to issue $75,000 bonds to build a
awarded the $50,000 4% 30-year coupon
registration) fire-department bonds described in V. 87, p. bridge (V.87, p. 1194) were defeated on Nov. 3. Only 1,031
1257, to the Harris Trust & Savings Bank of Chicago at 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."
Day & Co., Boston____101.299
A. B. Leach & Co., Chicago_..102.02 IR. L.
-Bond Sale.
o.,Chic 101.26
Steele County (P. 0. Sherbrooke), N. D.
IMacDonal
Lee, Higginson & Co., Chic_ _101.766 'Blodgett, d,McCoy&C . ost.101.157
Merritt & Co ,B
N. W. Halsey & Co., Chicago 101.52
On Nov. 10 the $15,349 coupon Fuller's Lake Drain No. 1
Trust & Savings Bank,
Crocker & Fisher, Boston_ _ _101.377 IFirst
101.15
assessment bonds, described in V.87, p. 1257, were awarded
Dennison & Co., Cleveland_ _101.334 I Chicago
IE. H. Rollins & Sons, Chic 100.72
to Kane & Co. of Minneapolis for $15,370 (100.136) for 6s.
R.M. Grant & Co., N. Y_ _ _101.311 'Mercantile Tr. Co., St. Louls_100.21
Capital Nat. Bk., St. Paul_ _101.307
for 7s:
held The following offers were received Kean, Chicago
-The election
-Bonds Voted.
a par
San Francisco Cal.
the Wells & Dickey Co., Minneap_100.55 IS. A.
'
Nov. 12 resulted in favor of the proposition to issue p.
$700 for attorney's fees and expense of preparing bonds.
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
-Henry & West of Philadelphia
-Bond Sale.
Steelton, Pa.
semi-annual. Maturity $100,000 yearly on Jan. 1
have purchased $22,000 434% 15-year bonds dated Dec. 1
1910 to 1915 inclusive.
-On Nov. 9 $7,000 5% 1908. Interest semi-annual.
-Bond Sale.
Santa Paula, Cal.
-Bond Offering.-Progold,coupon improvement bonds were awarded to the First • Stryker, Williams County, Ohio.
National 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. Pur-Proposals will chaser to pay accrued interest. Delivery within 10 days
-Bond Offering.
Saratoga County, N. Y.
of award.
be received until 3 p. m. Dec. 10 by John K. Walbridge, from time
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
road bonds. Authority Sub-division 6, Section 12, Article 2, posals
the Common Council for $70,000 4M% funding bonds
County Law. Denomination $1,000. Date Feb. 5 1909. by
d in V. 87, p. 1194. Denomination $1,000. MaInterest semi-annually at the County Treasurer's office. mentione
"City
1914 to.,1918 in- turity thirty years. Certified check, payable to the
Maturity $20,000 yearly on Feb. 5 from
$500 is required.
of Summit" (or cash) for
clusive. Delivery of bonds Feb. 5 1909.
among
The official notice of this bond offering will be found
The official notice of this bond offering will be found among
in this Department.
the advertisements elsewhere
the advertisements elsewhere in this Department.
-Bonds Awarded in Part.
Terrell, Kaufman County,Tex.
-Bond Offering.
Sdoto County (P. 0. Portsmouth), Ohio.
by Fred. N. Reports state that of an issue of $15,000 4% 10-40-year
-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
Sections 2834a, the Commissioners' Court for the Kaufman County School
building and repairing bonds. Authority
par. This issue of $15,000 bonds was registered
871 and 22b, Revised Statutes. Denomination $500. Date Fund at
County Treas- by the State Comptroller on Nov. 11.
Dec. 1 1908. Interest semi-annually at the
-The
Union Bridge, Carroll County, Md.-Bond Sale.
urer's office. Maturity $5,000 yearly on Dec. 1 from 1913 to
$1,200 5%
taxation. Cash de- First National Bank of Union Bridge bought Oct. 31 at
1920 inclusive. Bonds are free from
bonds on
)
posit or certified check for 10% of bid, payable to the County 5-20-year (optional fire-apparatus the optional date and
Auditor, is required. This county has no debt at present. 108.68-a basis of about 3.113% to Denomination $100.
about 4.347% to full maturity.
Assessed valuation $15,486,982.
1
Interest annual.
-A proposition to issue Date Nov. g, 1908. -Bond Sale.-Seasongood & Mayer of
-Bonds Defeated.
Seattle, Wash.
Vicksbur Miss.
$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,
-This district proposes to hold an election or 100.57. Maturity on Dec. 1 as follows: $500 yearly
Election Proposed.
to allow the voters to decide whether or not $120,000 school- from 1909 to 1927 inclusive and $215,500 in 1928. S. D.
Watertown School District (P. 0. Watertown),
building bonds shall be issued.
ex-Bonds Voted.-Reports state that an election Bonds to Be Offered Shortly.-We are advised that it is on
Slidell, La.
bonds voted
held Nov. 12 resulted in a vote of 56 to 15 in favor of the pected that the $65,000 school-building the market.
June 30 (V.87, p. 121)will soon be placed on sold $4,000 5%
of high-school-building bonds.
issuance
-Bond Sale.-This village
Waverly, Minn.
-Bond Sale.-Th e
Smith County (P. 0. Tyler), Tex.
29. The Union
-10
house -construction 7 -year (serial) refunding bonds on Oct.
$160,000 4% 10-40-year (optional) courtsuccessful bidder'
registered b y Investment Co. of Minneapolis was the
bonds offered without success on Sept. 1 and

Clerk writes us that these bonds will probably not be reoffered sooner than next spring.
-The Sinking Fund Commission
Richmond,Va.-Bond Sale.
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 Departme
nt.
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,
yearly on Nov. 1 from 1914 to 1937 inclusive. Certified
is
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 Election
described in V. 87, p. 1195. Proposals for these securities on Jan.4 on the question of issuing .—A vote will be taken
$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
mon Council of the City of Plainfield, N. J., at a will be returned. bids are rejected, all checks
meeting thereof held November 9th, 1908, and submitted on the All proposals for bids must be
duly approved by the Mayor, notice is hereby prepared for that forms of proposal especially
given that on FRIDAY', THE TWENTY- be obtained from purpose, copies of which may
the City Clerk or from the
SEVENTH DAY OF NOVEMBER, 1908, AT Columbia
Trust Company in the City of New
EIGHT O'CLOCK P. M., at the Council Chamber,
No. 149 North Avenue, Plainfield, N. J., the York. bonds
The
Common Council of said city will receive and vision of and will be engraved under the supercertified as to genuineness by the
open sealed proposals for the purchase of
thousand dollars ($15,000) of Fire House fifteen Columbia Trust Company of New York.
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
bonds In the denomination of five hundred coupon sealed envelope endorsed "Proposals for Fire
dollars
($500) each, and will bear date the first day of House Bonds," and addressed "The Common
December, one thousand nine hundred and eight, Council of the City of Plainfield, N. J.," and
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
centum (4% %) per annum, payable semi-annu- will bebid for less than par and accrued interest
accepted.
ally. Principal and Interest will be payable in
The right to reject any or all bids is expressly
gold coin of the United States of the present
standard of weight and fineness, at the office of reserved by the Common Council, together with
that of waiving any informalities or defects.
the City Treasurer In said city. The forms of
At the time
both bonds and coupons are on file in the office of the twenty-seand place appointed, to wit, Friday,
the City Clerk, and there open to inspection by eight o'clock venth day of November, 1908, at
p. m., at the Council Chamber,
bidders. The bonds will be delivered to the pur- No. 149
chaser at the office of the City Treasurer of the Common North Avenue, Plainfield, N. J., the
will immediately proceed to
City of Plainfield, N. J.,or, at the option of the unseal theCouncil sealed
bids or
purchaser on written notice to the City Clerk, at announce the contents proposals, and publicly
the office of the ColumblaTrust Company In the parties bidding, or theirin the presence of the
agents, provided said
City of New York, on Dec. 1st, 1908, at eleven parties
o'clock a. m., unless a subsequent date shall be present,or agents choose to be then and there
and also make proper record of the
mutually agreed upon between the purchsaer prices and terms
upon the minutes of the Comand the City Treasurer.
A certified check for two per centum (2%) of mon Council.
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
City Clerk.
checks of the party or parties whose bids shallthe
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
for $492,500, or any part thereof, of the 1, 1908,
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
of Taking Up or Exchanging the 4 PerCentPurpose
Coupon
Bonds of said City Maturing on January 1 and
July 1, 1909," approved on the 13th day of 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.,

BEABONGOOD & 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
for $100, payable to the District Secretary-Treasurer,
check
present. Assessed
Is required. This district has no debt at
valuation for 1908 $100,000.
-The propositions
Calgary, Alberta.-Debentures Voted.
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, $35,000vote
paving subways and $32,000 for paving streets. The be
was 156 to 10. The debentures, we are advised, will
placed on the market some time in December.
-The Ontario Securities
Dundas, Ont.-Debenture Sale.
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.
paid
described in V. 87, p. 1196. The priceto 1928 inclusive.
Maturity part yearly on July 1 from 1909
-The $5,055 5%
IF East Toronto, Ont.-Debenture Sale. 9 (V. 87, p. 1259)
Nov.
30-year school debentures offered on Toronto at 113.333 and
were awarded to Wm. C. Brent of
accrued interest. Following are the bids:

$5,729 lOntario Secur. Corp., Toron__$5.617
Wm. C. Brent, Toronto
_ _ 5,527
5,698 I Acmillus Jarvis & Co.,
G. A. Stimson & Co., Toronto_ 5,639 I Wm.A. MacKenzie & Co.,Tor. 5,471
TorSec. Corp., Ltd.,Tor
Dominion
Toronto_ 5,635 I
Wood. Gundy & Co.,

-On Dec. 15 this town will be annexed to the
Annexation.
City of Toronto.
e), Ont.-Bids.
East Wawanosh Township (P. 0. Belgrav
d
$2,500 53/2% 1-20-year drainage debentures awarde
-The
Ltd.,
Oct. 29 to the Dominion Securities Corporation,
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
Toronto. 2,600
Wood. Gundy & Co.,
2,500
2,568 Hanson Bros., Montreal
A. E. Ames & Co., Toronto

-Wm. C. Brent of Toronto
Finch, Ont.-Debenture Sale.
ng
bought $4,718 53/2% water-works debentures maturi
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.
-The $7,500 6%
Humboldt, Sask.-Debenture Sale.
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.
87, p. 830, have been awarded to G. A. Stimson &
V.
of Toronto. Maturity part yearly for twenty years.
-Wm. C. Brent of ToLanigan, Sask.-Debenture Sale.
ronto 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),
-An issue of $1,200 10-year schoolSask.-Debenture Sale.
building debentures has been purchased by the Security
Loan Co. at par for 7s. Denomination $120. Date Dec. 1
Oki
1908. Interest annual.
-An issue of $23,443 5%
Meaford, Ont.-Debenture Sale.
town-hall debentures has been disposed of. Wm. C. Brent
of Toronto was the successful bidder. Maturity part yearly
for twenty years.
-The City TreasMontreal, Que.-Offering of 4% Stock.
inscribed
urer is offering at par by popular subscription 4% to be sold
stock in sums of $5,000 and upwards. The amount
in this manner must not exceed $2,000,000. Interest is
payable May 1 and Nov. .1.
-The $50,Notre Dame de Grace, Que.-Debenture Sale.
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,bids
SEALED PROPOSALS WILL BE RECEIV
PursuantIrtoir Resolutions adopted
of Summit.
will be returned. All proposals for
J.,
by the Common Council of the City
Common Council of the City of Plainfield. N. 9, checksbe submitted on the forms of proposals
must
held November
8 to 8:30 p. m., on
N. J.. from
at a regular meeting thereof
for that purpose, copies of
1908,
p.,1 TUESDAY, DECEMBER 1ST,at a public 1908, and duly approved by the Mayor, notice especially prepared
or
hour,
which may he obtained from the City Clerk
and opened at the last-namedCouncil to be held is hereby given that FRIDAY. THE TWENTY- from the Columbia Trust Company in the City of
Common
AT EIGHT
1908,
meeting of the said
In the City of SEVENTH DAY OF NOV.,
The legality of the Issue has been
New York.
at the same time at the City Hall,
O'CLOCK P. M., at the Council Chamber, No. examined by Delafield & Longfellow, Esqs., of
d, N. J., the ComSummit. N J.:
whose favorable opinion will be
Issue of 43i% 149 North Avenue, Plainfiel
For the purchase of the $70,000 of the denomi- mon Council of said city will receive and open New York City, purchasers.
bonds of the city of Summit,N. J., thirty years, sealed proposals for the purchase of Thirty-one furnished to the be engraved under the superThe bonds will
Street Improve$1,000 00 each, payable In
) of
nation of
Certificates and Thousand Dollars ($31,000 said resolutions and vision of and certified as to genuineness by the
Issued to pay off Improvement
of March ment Bonds called for by the
Company of New York City.
Certificates of Indebtedness,under Act
ns and ordinances therein re- Columbia Trusttogether with the certified check
the other
Each proposal,
ing incorporated cities, towns, ferred to. resolutio
23d,1899, authoriz
State to fund
accompanying the same shall be enclosed in a
townships and boroughs of this
Street Improvement Bonds referred to are sealed envelope endorsed "Proposals for Bonds"
The
the matured and
their floating indebtedness and
in the denominations of One Thousand Dollars and addressed "The Common Council of the City
of the first day
maturing bonds.
to the Comin a sealed ($1,000) each, and will bear date as
Each proposal must be enclosedthe name of of September, One Thousand Nine Hundred and of Plainfield, N. J.," and delivered specified in
with
envelope properly endorsed the subject matter Seven, and he payable as follows: September mon Council at the time and place
ng
the bidder and designatithe Common Council of 1st, 1912, one bond; and September 1st of each this advertisement. than par value and accrued
No bid for leas
of the bid and directed to
year from 1913 to 1918, both inclusive, two bonds;
the City of Summit, N. J. prices In writing as and September 1st of each year from 1919 to 1924, Interest will be accepted.and all bids Is expressly
The right to reject any
Bidders will state their
with
both Inclusive, three bonds. Said bonds will
reserved by the Common Council, together
well as in figures.
ied by a bear interest at the rate of four and one-half
ties or defects.
Each proposal must be accompanof $500 00; per centum (4% %) per annum, payable semi- that of waiving any informali
appointed, to wit, Friday,
amount
At the time and place
Interest will be payable
certified check or cash to the
of November, 1908, at
it shall be made annually. Principal and
If certified check is furnished N. J.. without re- in gold coin of the United States of the present the twenty-seventh day the Council Chamber.
p. m., at
payable to the City of Summit.
standard of weight and fineness, at the office of eight o'clock
Plainfield, N. J., the
The forms of No. 149 North Avenue,
serve.
of Summit. the City Treasurer in said city.file in the office Common Council will Immediately proceed to
on
The Common Council of the City
or sealed proposals and publicly
the right to accept both bonds and coupons are
unseal the bids
N. J., reserve to themselves
in the presence of the
-mentioned of the City Clerk and there open to inspection by
or reject any proposals for the aboveInterests of bidders. The bonds will be delivered to the pur- announce the contents agents, providing said
bidding or their
bonds as they may deem best for the
chaser on Tuesday, December 1st, 1908, at the parties or agents choose to be then and there
parties
the City.
of the office of the City Treasurer of the City of Plain- present, and also make proper record of the
By direction of the Common Council
field, N.J., or, at the option of the purchaser on
prices and terms upon the minutes of the Common
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.
Dated Nov. 9, 1908.
York.
By order of the Common Council,
A certified check for two per cent (2%) of the
of the bonds bbl for, payable to the
face value
JAMES T. MacMURRAY,
J., must
Treasurer of the City of Plainfield, N. except
City Clerk. :
accompany each bid. All such checks
WILLIAM F. ARNOLD,
parties whose bids shall
the checks of the party or
City Treasurer,
be accepted will be promptly returned by the

$3,000
RED BAY. ALABAMA,
6% SCHOOL BONDS.

sale
Sealed proposals will be received for the
1
0 $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,Gundy &
W.A. MacKenzie & Co., Tor_ 3,204 Wm.C. Brent, Co.,Toronto-$3,185
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 the
$10,000 5% public-school debentures described in V. 87, 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
sold the $3,300 (Series N) new fire-alarm-system on Oct. 15
and
(Series 0) park 5% 25-year debentures described in $5,000
V. 87,
p. 894, to W. A. MacKenzie & Co. of Toronto at
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.
J. M. Robinson & Sons__ 68,074 00 Wm,C. Brent, Toronto__ 66,829
-An election
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 • following 5%
local-improvement debentures have been sold to G. A. streets with arc lamps and $2,200 due in 10 years for firealarms. The former proposition carried by a vote of
102 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
Send bins in a sealed envelope enclosed in the addressed envelope. A DEPOSIT OF
s
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 proposals
which 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 all
on
sums
unpaid, semi-annually, on the 5th day of February and the 5th day of August,In each and every
year hereafter until paid.
Said bonds will mature, as aforesaid, on
day of February, in each year, as follows: the 5th
February 5th, 1014
$20,000
$20,000
1199115
6
$20,000
1912
97
820,000
The purchase price to be paid an(1 9 9
$2t0e91
)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.
rates on deposits.
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
Marquette Bldcf.

,
Mutual Life Bldg.

EVERY WEDNESDAY.
Office, No. 55 WILLIAlti STREET,
Corner Pine Street.

PHILADELPHIA

52 Broadway

STOCKS and BONDS

LONDON, ENGLAND
Leadenhall

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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102