Full text of Commercial and Financial Chronicle : November 27, 1909, Vol. 89, No. 2318

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IN C L U D IN G
Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section

SATURDAY, NOVEMBER 27 1909.

VOL. 89.

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hxo.e

S ite
PUBLISHED WEEKLY.

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in clu d e s

fo llo w in g

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Published every Saturday mornin r by W ILLIAM B. DANA COMPANY
William B. Dana, President; Jacob Seibert Jr., Vice-Pros, and Sec.; Arnold
G. Dana, Treas. Addresses ol all, Office of the Company.

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

The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U. S.
for week end. Nov. 27 have been $2,990,443,958, against $3,­
428,355,070 last week and $2,098,946,781 the week last year.
1909.

1908.

New York...........................................
Boston................................................
Philadelphia.................. - ...................
Baltimore.............................................
Chicago...............................................
St. Louis.............................................
New Orleans...................................... .

SI.490,680,777
110,338,194
103,560,630
22,572,539
192,021,326
50,877,266
13,649,821

81,313,791,932
108,910,766
92,196,347
18,763,485
175,670,621
44,551,042
13,775,220

+ 13.5
+ 1.3
+ 12.3
+ 20.3
+ 9.3
+ 14.2
—0.9

Seven cities, 5 days......... ........... Other cities, 5 days...........................

SI,983,700,553
401,273,417

SI,767.659,413
352,964,318

+ 12.2
+ 13.7

Total all cities, 5 days.....................
All cities, l day................................ .

S2,384,973,970
605,469,988

S2.120,623,731
578,323,050

+ 12.5
+ 4.7

Total all cities for week...................

S2,990,443,958

S2,698,946,781

+

C le a r in g s — R e tu r n s b y T e le g r a p h N o v .2 7

%

10.8

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. 20, for four years.
W cek

en d in g

N ovem b er

20.

C le a r in g s a l -

1908.
New York_____
1’ h lla d c lp h la ____
Pittsburgh.........
Baltimore..........
Buffalo..............
Albany...............
Washington___
Rochester.........
Scranton...........
Syracuse...........
Wilmington.......
Reading.........
Wilkes-Barre . . .
Wheeling -------Harrisburg . ---Trenton ...........
Y ork ......... .......
E ric..................
Greensburg.......
Binghamton----Altoona.............
Chester.............
Franklin...........
Total Middle. B oston........
Providence ..
Hartford___
New Haven..
Springfield.. Portland 1__
Worcester__
Fall River__
New Bedford
Lowell.........
Holyoke........
Total New Eng

Electric Railway Section
State and City Section

In c. or
D ec.

1900.

S
$
.091,858,711 ,172,383,023 - \ 7 201,168,396 ,190,730,222
117,532,393 158,007,992
148,397,260 142.022,125
53,074,073
51,192,840
50,094,033
42,525,515 + 17'.8
20,529,859
29,202,946
31,827,973
27 020,474 + 17.8
8,852,023
8,382,712
10,308,228
9,270,307 + 11.1
7,512,844
7,715,600
5,401,008
0,425,789 +-16.9
5,744,059
0,848,777
4,500,295
0,207,914 +-9.3
3,388,905
3,321,804
4,382,369
3,856,038 +-13.0
2,559,642
2,109,118
2,085,195
2,421,162 +-5.7
2.659,500
1,979,305
2,096,645 +-26.9
2,230,984
1,413,599
1,514,294
1,187,085
1,105,663 + 27,9
1,058,689
1,418,570
1,309,970 + 20.7
1,210,229
1,409,705
1,284,047
1,207,170 + 10,8
1,172,997
1,800,319
1,099,107
1,017,152 + 15.0
1,345,285
1,357,478
939,558
997,093
1,229,531 + 10.4
2,038,995
1,416,721 + 43.9
956,920
730,379 + 31.0
651,563
756,193
791,287
099,050 + 8.1
709,534
477,351
003,984 —28.0
514,603
470,400
433,700
529,200 — 18.1
031,600
441,300
463,081
503,513 — 8.0
4.88,209
430,704 + 13.3
598,828
445.197
225,000
244,640 — 8.0
285,723
205,889
2,309,988,729 2,425,983,275 —2.3 1,491,900,287 2,470,069,060
180,722,027 187,431,119 —0.4 123,879.749 108,923,425
10,298,300
7,511,600 +37.1
8,489,900
0,753,000
3,577.029
3,068,747 + 10.0
2,725,380
3,697,912
2,850,031
2,292,498 + 24.0
2,111,509
2,713,444
2,675,000
1,713,470 + 50.1
1,727,095
1,880,210
1,727,024 + 15.4
1,993,297
1,851,315
1,713,114
1,925,383
1,631,709 + 18.0
1,490,910
1,595,803
1.099,008
1,378,445 + 23.3
1,152,808
887,310
1,150,890 +6.5
815,117
1,225,970
589,957
502,801
— 1.8
553,009
504,400
597,822
450,007 + 34.7
551,482
497,897
006,207
2 44,131,261




203,918,370

+ 2.5

113,309,750

191,905,943

C le a r in g s a t

NO. 2318.
W eek

—

en d in g N o v em b er
In c. or
D ec.

Chicago.............
Cincinnati.........
Cleveland_____
Detroit________
Milwaukee_____
Indianapolis----Columbus.........
Toledo......... .....
Peoria...............
Grand Rapids.. .
Davton .............
Evansville ........
Kalamazoo........
Springfield, 111 ..
Fort Wayne----Youngstowa----Rockford_____
Akron________
Quincy.............
Canton......... .....
Lexington_____
Springfield, O ...
South Bend........
Bloomington___
Decatur ...........
Jackson _______
Mansfield______
Jacksonville, 11.
Danville_______
Ann Arbor_____
Adrian _______
Lima.................

272,580,504
26,853,050
20,823,505
17,858,320
13,185,754
9,273,205
6,061,800
4,409,538
3,071,752
2,871,142
1,901,500
2,078,100
1,534,952
944,325
976,369
1,027,288
760,410
1,036,800
573,715
714,115
957,841
437,990
469,403
465,904
342,296
300,000
389,031
259,323
397,282
203,159
23,975
336,215

Tot. Mid.West,
San Francisco...
Los Angeles.......
Seattle .............
Salt Lake Clty..
Spokane_______
Portland ...........
Tacoma.............
Oakland.... ........
Helena_______
Sacramento.......
San Diego.........
Fargo ...............
Sioux Falls____
Fresno ...............
Stockton ...........
San Jose.............
North Yakima..
Billings.............

393,238,755

Total Pacific..

117,127,161

Kansas City___
Minneapolis........
Omaha_______
St. Paul.............
Denver.............
St. Joseph.........
Des Moines____
Sioux City_____
Wichita .............
Lincoln .............
Topeka........... .
Davenport..........
Cedar Rapids...
Colorado Springs
Pueblo .............
Fremont______
Duluth.... ..........
Tot. otli.West.
St. Louis______
New Orleans___
Louisville.........
Houston...........
Galveston_____
Richmond ____
Memphis...........
Atlanta.............
Savannah ..........
Fort Worth.......
Nash . file ..........
Norfolk.............
Augusta.-.........
Birmingham___
Little Rock........
Charleston.........
Chattanooga__
Jacksonville___
Knoxville.........
Mobile......... .....
Okahoma_____
Austin...............
Macon________
Beaumont ..
Vic tsfiurg___

48,020,947
15,368,188
14,203,863
8,827,188
4,774,416
9.450.000
5,958,561
1,832,520
1,091,075
1,460,012
1.094.000
969,700
1.050.000
830,874
755,208
645,549
480.000
315.000

205,497,591
28.447,800
10,202,758
14,459,605
12,501,341
8,515,821
5,485,800
3,445,424
3,311,376
2,230,001
1,803,428
1,998,813
1,111,342
950.000
823,272
716,230
565,014
700.000
489,878
609,838
047,779
410,418
435,299
467,501
425,492
275.000
327,379
252,284
280,153
140,113
40,012
253,715

+ 2.7
—5.6
+ 28.0
+ 22.8
+ 5.5
+ 8.9
+ 10.5
29.7
—7.2
+ 28.7
+ 8.8
+ 0.4
+ 38.1
—0.0
+ 18.6
+ 43.4
+34.5
+ 48.1
+ 17.3
+ 17.1
+ 47.9
+ 5.2
+ 7.8
—0.4
—19.6
+9.1
+ 18.8
+ 2.8
+ 41.8
+ 45.0
—40.1
+ 32.5
373,880,537 + 5.2
39,059,068 + 22.9
10,855,954 + 41.6
9,715,721 + 46.2
8,340,245 + 5.8
3,591,675 + 32.9
6,690,244 + 41.1
4,820,929 + 23.5
1,664,230 + 10.1
1,101,191 —0.9
979,296 + 49.1
856.000 + 27.8
821,832 + 18.0
680.000 + 54.4
684,007 + 22.5
586,258 + 28.8
430,305 + 50.0
300,000 + 00.0
241,901 + 30.2
91,430,560 + 28.1

51,006,112
44,654,967 + 14.2
26,934,237 + 6.4
28,649,510
12,910,133 +9.6
14,147,841
12,553,156 + 13.1
14,193,682
10,650,000
9,972,068 + 6.8
6,305,253
5,457,227 + 16.6
3,099,942 + 21.1
3,754,568
2,889,427 —9.7
2,608,491
2,710,337
1,554,738 + 74.4
1,359,420
1,209,455 + 12.4
1,457,102
1,241,337 + 17.4
1,219,044 —7.0
1,134,197
720,403 + 109.6
1,409,930
684,210 + 11.4
762,303
730,650
635,138 + 15.0
257,826
278,765 —7.5
7,045,616 Not Included In total
141,197,222 126,014,247 + 12.0
71,798,116
69,613,078 + 3 .1
22,895,324
20,301130 + 12.8
13,429,215
11,392,968 + 17.9
14,844,575
16,513,860 — 10.1
7.536.000
8,519,500 — 11.5
6,719,541 + 17.5
7,894,106
7,038,779 + 4.7
7,371,428
13,427,592
5,870,156 + 128.8
5.460.132 + 13.6
6,203,407
7,546.310 + 6.0
,001,256
3.152.132 + 14.2
3,601,567
. 3,587,192
2,958,503 + 21.3
3,109,0641
2,368,331 + 31.3
2.529.6401 2,046,151 + 23.6
2.105.314 — 1.0
2,083,715'
1,735,000 + 27.4
2,210,5311
1,511,299 + 1.3
1,531,320
1,559,385 + 2 1 .4
1,908,648
1.487.315 + 10.5
1,643,522
1,525,497 — 7.9
1,404,680
1,502,916 + 54.7
2.325.000
616,061 + 44.9
936,190j
906,879 + 53.3
1.390.000
683,774 + 4.9
609,270,
495,743 — 7.2
460,184

20.
1907.

192,133,238
20,946,050
15,769,925
13,805,053
10,220,518
5,755,214
4,580,500
3,421,567
1,199,436
3,014,183
1,280,619
1,804,312
072,100
912,038
597,780
1,300,649
043,056
475.000
538,969
440.000
427,513
399,701
330,266
326,027
245,883
240,185
197,941
225,421

236,307,338
25,899,650
17,098,684
18,519,131
10,144,522
7,792,776
5,379,200
4,561,313
2,915,765
2,525,635
1,830,945
1,865,673
1,035,496
785,316
745,651
587,363
658,767
645,003
434,940
486,054
524,787
349,366
398,406
411,135
302,675
295.855
386,695
184,016

125,806
35,000
275,000

206,375

281,404,956
25,955,099
8,130,322
7,483,654
3,866,045
2,632,085
4,074,497
4,572,783
1,118,318
848,008
697,500

343,281,532

507,725
565,000

666,729
405,270

503,500
400,000

268,707

61,354,736

50,202,544
12,564,955
10,042,570
8,249,214
2,691,122
7,221,026
4,771,429
3,188,504
984,789

29,172,659
23,141,424
10,268,290
10,626,943
7,751,682
3,359,392
2.732.1S2
1,744,826
1,158,842
1,522,567
806,537
824,042
580,351
632,59 6
578,863
211,421

101,256,859
28,038,564
21,720,727
9,951,565
10,389,928
7,773,277
4,603,195
2,780,811
1,856,560
1,058,183
1,088,376
989,819
915,433
536,670
694,845
614,866
246,465

95,132,620

93,257,284

57,033,388
19,071,961
8 901,056
9,414,468
6.299.000
6,168,418
5,855,345
5,263,998
5,839,598
4,418,567
3,924,992
2,684,846
2,145,762
2,087,196
1,148,377
1,793,546
1.620.000
1,238,854
1,420,732
1,452,624
637,860
765.000
727,538
372.000

67,121,524
25,466.335
11,268,469
14,355,291
9.420.000
6,195,786
5,493,292
6,195,8S0
6,914,510
4,347,987
3,386,340
3,180,258
2,098,768
3,392,141
1,890,579
1,701,313
1,538,107
1.300.000
1,517,006
1,977,951
1 , 110,012

893,964
400,000

192,671,542 183,556,754 + 5.0 150,285,858 181,168,513
Total all_____ 3,428,354,670 3,409,790.045 ~+(L5 2,223,394,213 3,381,440,057
Outside N .Y .. i 73T6,495,926; 1£37,407^022 '+87) 962,225,817 1,190,703,835
Total Southern

anada—

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

44,434,935
40,017,285
34,960,203
31,277,704
27,658,5591 22,158,528
7,372,207
4,357,551
3,979,248
3,983,133
2,750,152
3,690,442
2,175,238
2,248.461
2,639,233
2,072,306
1,524,190
1,709,113
1.934,549
1,640,078
1,811,179
1,453.093
1,184,262
1,130,239
1,148,826
974,434
1,158,703 Xot Included
133,572,831

+

11.0

—

10.8

+ 11.8
+ 24.8
+ 69.2
—0.1
—25.5
—3.2
+ 27.4
+ 17.9
+ 24.6
+ 4.8
+ 17.9
In total

116,712,367 + 14.4

32,843,903
25,000,000
15,031,008
3,893,178
3.253.792
2,735,906
1,925,631
1,544,130
1,411,406
1,714,598
1,230,112
1.264.793
971,830

35,252,708
28,705,577
14,580,255
3,417,338
3,544,936
2.065.095
2,051,158
1,536,608
1,243,293
1.700.096
894,625
1,104,485
812,627

92,820,287

96,908,761

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

1376

TIIE CHRONICLE
STATE A N D C IT Y SECTION.

With to-day’s issue of the “ Chronicle” we send to
our subscribers a new number of our “ State and City”
Section revised to date. The editorial discussions in
the same deal with “ The Investments of the Savings
Banks of This State” and “ Decision Regarding Meth­
ods of Assessing Franchise T a x .”

THE F IN A N C IA L S IT U A T IO N .
The repeated decisions extending the scope of the
Sherman Anti-Trust law are fast producing an intoler­
able situation in the business world. The interpre­
tation of that statute which the U. S. Court of Appeals
at St. Louis has just given in the Standard Oil Co. case,
is in line with that expressed in November last year
by the IJ. S. Circuit Court of Appeals for the Southern
District of New York in the case of the American To­

[V O L. L X X X IX .

It is obvious that under the foregoing definitions
and declarations many business men are unconsciously
offending against the law and inviting prosecution for
their acts. There is accordingly urgent need for
amending the law so as to bring it into consonance
with modern-day business requirements, for certainly
the ordinary man should not be denied the right to
extend his business by buying an existing plant or to
enter into partnership with the owner of such a plant
with the view to greater economy of operations. The
situation is urgent, and our merchants and business
men should see that Congress passes an amending Act.
They should not make the mistake of thinking that
the matter does not concern them— that the law is
applicable only to large combinations like the Standard
Oil and the Tobacco companies. When the Corpora­
tion Tax was under consideration by Congress the past
summer, our merchants could easily have killed it by

bacco Co.

No one will give himself any needless con­ taking concerted action to that end. But they did
cern over the predicament of either one of these great nothing. Year in and year out they had been accus­
industrial combinations, whose methods have not tomed to see sensational head-lines in the newspapers
always been free from criticism; but both decisions telling of the supposed iniquities of railroad and indus­
are so sweeping in their scope that a fear naturally trial undertakings, and hence the words “ Corporation
exists that other industrial undertakings may also be Tax” appeared to them to mean merely a new move
put under the ban whenever the Federal authorities against the pilloried railroads and large trusts. Now
choose to move against them. Nor is it merely cor­ they are waking up to the fact that the little private
porate enterprises that are involved. The hazard corporation, engaged exclusively in State trade, in
would appear to extend to private manufacturing con­ which they happen to have an interest, is included
cerns as well where, in the course of the extension of in the law— moreover, that not alone are they liable to
the business of the individual or the partnership,
competing plants may be taken over.

the tax if the corporation has made more than $5,000

As the Sherman law is now being interpreted and
applied, it is not possible even for two persons having

to be open to public inspection, in which some of the
essentials of their business will be disclosed.
The “ Wall Street Summary” on Wednesday pub­
lished a dispatch from Washington saying that “ the
Administration has no intention of taking advantage
of any construction which might be placed upon the
Standard Oil decision that is inimical to trusts at large,

net, but that they must also render an annual report,

competing establishments in different States to enter
into a partnership for the purpose of more advantage­
ously carrying on business. In the Tobacco Co. case,
Judge Lacombe, in expounding the views of the
Court, asserted that the 1890 Act, as construed by the
U. S. Supreme Court, prohibits every contract or unless there is public complaint of monopoly and op­
combination in restraint of competition. He said pression— in other words, that just because the law
that mere size is not the test, and made this important is construed to enable the Government to reach all
declaration: “ Two individuals who have been driving trusts and combinations does not mean that all trusts
rival express wagons between villages in two contigu­

will be attacked.” The necessary inference from this
is that prosecution or immunity is to depend upon
and operate a single line, restrain an existing compe­ executive discretion and judgment. In these circum­
tition, and it would seem to make little difference whether stances official favor will sooner or later be the sole
they make such combination more effective by forming a consideration controlling the course of action of
partnership or not.” This declaration derives addi­ Government officials; those standing high in the graces
tional significance from certain remarks contained in of the authorities will be left unmolested, while those
the concurring opinion of Judge Hook in the present who have incurred the displeasure of the authorities
Standard Oil case. Judge Hook argues that the will be made to feel the lash. Such a state of things
second section of the Sherman law (which makes an should not be tolerated by the business community.
offender liable to criminal proceedings) is much broader Nor, in drawing the needed amendments to the law,
ous States, who enter into a combination to join forces

in its scope than the first section.
He said it “ was
designed to extend also to monopolies secured by other

should the Government be allowed to graft on features

Judge Hook’s words denying the validity of such a
plea: “ Nor can arguments of reduced prices of pro­
duct, economy injoperation and the like haveweight.”

The death of William M. Laffan, the owner of
“ The Sun” of this city, is a distinct loss to the news­
paper world and to the community at large. The

intended to widen the scope of Federal authority.
means than by contracts, combinations and con­ The Central Government should not be endowed with
spiracies in restraint of trade, which, as these terms any further powers. The field of Federal activity
necessarily imply, require concert between two or should be rigidly limited and restricted. W e are sure
more persons or corporations. One person or corpora­ our people are not yet prepared to accept a law which
tion may offend against the second section by monopo­ under the guise of regulation would allow the Govern­
lizing.” Yet more important is Judge Hook’s further ment to pry into every business transaction or which
statement, saying that “ monopoly” as condemned by would permit the Government to have a Federal official
the statute, cannot be allowed to justify itself on the stationed at its pleasure at every business man’s elbow.
plea that the fruits of the same are good. Here are




Nov.

'll

THE CHRONICLE

19U9

“ Sun” has always held, a unique position by reason
of its independence and its caustic criticisms. This
distinction it gained under the editorship of Charles A.
Dana, and Mr. Laffan,by reason of his long connection
with the “ Sun” during the lifetime of Mr. Dana, fell
naturally into the same style of criticism and the same
habits and methods. It is noteworthy that just as
vigorous, pungent editorial articles have appeared
in the pages of the “ Sun” since the death of Mr. Dana
as while he was still alive. The circumstance affords
a remarkable instance of the impress of the mind of
one man upon another, especially where the recipient
was a man of heroic mental mould himself.
Mr. Laffan wielded a virile pen, but he never em­
ployed it for a mean purpose.

1377

as he himself was concerned— so much so that rela­
tively few men knew who was the guiding power
behind the influential newspaper he conducted.
The cotton situation, as it presents itself to us
to-day, has undergone no change since last we wrote
that would seem to warrant further enhancement
of value of the raw material, or even serve to maintain
the then ruling high level of prices. On the contrary,
latest developments, including the non-materialization
of a general killing frost, which was at that time
threatening, especially in Texas, to cut short a promis­
ing top crop then speedily developing, apparently
encourage expectations that the bull speculation and

Through the medium

manipulation would be ineffective ultimately and that
with its failure cotton would recede to a basis more in
accord with the laws of legitimate demand and supply.
The anxiously awaited report of the Census Bureau
paternalism and centralization and the extension on the amount of the staple ginned to Nov. 14 has,
of the functions of government . He was an implacable of course, been isssued, but, coming about as looked
foe of Roosevelt ism; and his denunciation of Mr. for, had no perceptible effect on the markets. It
Roosevelt’s acts of usurpation and attempts to stir showed that 8,109,737 bales had been ginned to the
up class hatred and to undermine social order will date mentioned, and there its real significance ended.
always be remembered. Nothing better than the
Efforts have naturally been made by those interested
of his newspaper he did valiant duty in the cause
of truth and justice. The American public is par­
ticularly indebted to him for the stand he took against

articles written or inspired

by him has appeared on

in forcing up prices to construe it as indicating a very

the subject. Many writers and newspapers have
opposed the Roosevelt theories and doctrines, but

much reduced yield, the rather large decrease in
amount ginned to Nov. 14th, as compared with 1908,

none
assumed a more uncompromising attitude
of hostility to them than did the “ Sun” under Mr.
Laffan.
In this he rendered most noteworthy
services. There was, and is, great need for a champion
of this kind. The tendency of the times is towards
paternalism, and self-seeking politicians for their
own ends are constantly endeavoring to foster a

being advanced as confirmatory of that view; and to
add strength to the claim, it is asserted that ginning
has gone on more rapidly this year than last. But
these claims are made without any seeming basis of
fact; a view almost too obvious to be referred to. Until
all the crop has been ginned, it is impossible to deter­
mine the percentage of the yield that had been ginned
notion that a panacea for all the ills of mankind is to to any certain date. And as cotton is still growing in

be found in government. Similarly a species of
contempt is being bred for the old theories of govern­
ment. Out of that and a desire for quick change
there has grown a disposition to disregard Constitu­
tional safeguards and restrictions. The “ Sun” under
his direction vigorously opposed these tendencies
and showed the dangers lurking in them.
On this mundane sphere there is nothing to be
feared from too little government but a great deal
from too much government. All history shows
that acts of oppression from which the peoples of the
world have suffered have followed from too much

many sections, it is manifestly impossible to estimate
the amount yet to be ginned. As regards last }rear,
the Census Bureau report showed ginning proceeded
more rapidly than in any earlier year, three-quarters
of the crop having been so treated by the middle of
November, but in 1907 and 1906 less than two-thirds
of the yield had been prepared for the market by that
time. This year the crop is still making growth every
day that general killing frost is being delayed in
Texas, and the situation is much the same in other
most southerly localities. Killing frost has occurred,
of course, over various districts of the South and has

centralization and from the lodging in despotic hands

been referred to from time to time, but it has in no

of governmental functions and powers. Mr. Laffan
was an art connoisseur ar d a trustee of the Metro­
politan Museum of Art. He made many trips to the
Near East, Far East and had a particularly intimate

sense been general, in that important sections have
thus far escaped it. For example, in Texas it has been
confined to more northerly portions, leaving the
major part of the cotton territory of the State un­
touched as yet. W ho, then, can say what proportion
of the yield has thus far been ginned?
It is thus clear that while the efforts to keep the
values of cotton up are continuing, the various move­
ments toward curtailment of production of cotton

knowledge of the countries of the Orient, where
liberty has never been a priceless possession, but
where government functionaries are by instinct
tyrants. No doubt this had its influence on his mind
and shaped his course with regard to political ten­
dencies at home. Mr. Roosevelt in one of his ebul­
litions of wrath vehemently denounced Mr. Laffan
and his newspaper just as he has denounced so many
others.
In time to come, however, history, we

goods, which those efforts made necessary, are making
progress. In Great Britain the curtailment plan now
in force is to be extended and kept operative until the

are confident, will say that in opposing Mr. Roose­

close of February; at some Continental centres of
manufacture, short time has already been determined

velt in attempts to override the Constitution and
revolutionize society, Mr. Laffan was acting in the

upon, and the German Cotton Spinners’ Association is
urgently recommending a considerable reduction in

cause of humanity. Another noteworthy trait of production of yarns. Furthermore, the movement in
his was that he believed in the impersonal character that direction in this country is receiving more atten­
of a newspaper, and practiced self-effacement as far tion. It is also to be noted that India cotton, which




1378

THE CHRONICLE

promises an important increase in yield, is in some in­
stances supplanting the American staple.

This being

the situation in the manufacturing lines, the prospect

[V O L. L X X X IX .

new light and speaking as a defender of State rights
and urging that maintenance of such rights unim­
paired is an industrial and political necessity.

This is
for the maintenance of the present high level of prices the point which makes the occasion notable; whether
for cotton is not good, unless, of course, the crop a reaction towards a limited and constitutional govern­
should turn out to be much smaller than it is believed ment is not beginning. If that comes because of a
to be by the conservative and well-informed.
tardy realization of the impossibility of performance
of more new work from Washington, we may con­
One incident of the dinner on Tuesday evening gratulate ourselves just the same. Indeed, is it not
which closed the session of the National Civic Federa­ according to human nature and experience that when
tion is worth mention. Speaking of insurance of one has been going along a wrong path he discovers
the laborer against the risks of his employment, Mr. that wrong results are coming, and then (rather than
Kingsley, of the New York Life, shifted to a frequent before) he realizes that there has been a departure
topic of his, the limitation put by the present law from sound principles?
of this State upon the new insurance written in a
year, his company being the only one thus far re­
The Rank of England’s 5 % rate has at last proved
strained by the maximum amount allowed. He urged so effective in drawing gold to London and in diverting
anew that insurance is inter-State commerce and South American and Egyptian demands to other
should therefore be relieved from control by the States centres that hopes were entertained abroad that a
by being brought under Federal cover. From this reduction to 4 j^ % would be announced on Thursday,
Senator Root dissented. The founders, he said, when the governors met to, inter alia, consider the
aimed to preserve distinctly the power and independ­ week’s transactions. International bankers in New
ence of the States. Yet the intermingling of people York did not for a moment anticipate any change in
and business has produced, from every quarter of the the Bank rate. They recognize that the political
horizon “ cries for Federal control of business which is crisis in Great Britain means unsteady security mar­
no longer confined within the limits of separate kets, an outflow of currency from London to the
States.”
Provinces during the general election campaign, and in
If these are heeded as to one subject (he said) they all probability extensive borrowing by the Government
must ultimately be as to all subjects; then what to meet the Treasury deficit that will be incurred before
becomes of local governments, and how will the the Budget can be engrossed on the statute books.
Central Government be equal to its load, since the Although the percentage of reserve to liabilities is
judicial and legislative branches are already “ driven much higher than usual when a 5 % rate is in force,
to the limit of their power to deal intelligently with it is noted that the Bank’s stock of bullion is still short
the subjects that are before them.” The country is of £40,000,000— the figure that is generally regarded
too great, and its interests too intricate and vast, “ to as comfortable; and that until this account is strength­
be governed as to the great range of our daily affairs ened, no lowering of the rate is probable, provided, of
from one central power in Washington.” So Mr. course, the higher charge can be enforced in the open
Root is not willing, in the anxiety for more efficiency, market. This week ninety day bills have been accepted
“ to overturn limits that have been wisely set by the at as low as 3 13-16% , and sixty days at a shade under
Constitution,” and he appealed against the disposition 4 % , while on the Stock Exchange the average charge
to pursue apparently desirable results to the extreme for carrying American stocks over to the new fort­
of violating “ the sovereign powers of the separate nightly account was not above the Bank’s minimum
States” or “ to reform the Constitution so as to put in discount figure. Whether, under these circumstances,
Federal hands the control of all the business that
passes across State lines.”
This is, of course, unimpeachably sound.

For if no

question of principle were involved— or if, as really
almost seems to be so sometimes, questions of principle
are deemed of only academic consequence— the
sufficient answer to the call for regulation of all busi­
ness by the Central Government is that the thing is im­
practicable. Allow that to be desirable, for argu­
ment's sake, the Government is already overloaded; it
can no more do everybody’s business successfully than

the 5 % rate will be adhered to until after the Parlia­
mentary contest is over remains doubtful. Perhaps
the monthly settlements will harden private discounts
in the new week. Treasury deficiency bills may
thereafter make their appearance, and then will follow
preparations for the onerous Jan. 1 disbursements.
The New York money market has undergone a
distinct change, and the larger banks are inclined to
the view that the firmness now shown will prevail

until well into 1910. Whereas accommodation was
The plea for plentiful early in the week at 4 % % for the shortest
centralizing, both by States and by the Federal Govern­ maturities, the rate on Wednesday was advanced to
a pyramid can stand firmly on its apex.

ment, finds support in the admitted fact that indi­
vidual and local managements are of limited and imper­

5%

bid for sixty days without attracting adequate

At the same time longer loans were placed
fect efficiency; but piling things upon one manage­ on a 4 % % basis, against, previously, 4 j/j% , and the
ment only makes the limitation and inefficiency worse. supply diminished appreciably. Among the banking
While commending Mr. Root now, we recall that it is houses that underwrite important new issues of securi­
not so very long since he publicly warned the States ties, the opinion prevails that the applications for
that unless they bestirred themselves and undertook capital on the part of the railroads, industrial corpora­
actively certain matters which were assumed to be in tions, municipalities (including New York City, which
their duties, “ constructions” of the Constitution has already announced an issue of $12,500,000 4 %
would be found whereby the Central Government bonds) and, possibly, the Federal Government, will be
would step in. It is pleasant to find him now seeing so heavy and so continuous during the next three




offerings.

Nov. 27 1909 ]

THE CHRONICLE

months that all available supplies of money will be
absorbed on terms ’attractive to lenders. Along with
these extensive borrowings, a wider demand for dis­
counts is expected; indeed, the amount of commercial
paper on the market is already larger than can be
readily negotiated at rates satisfactory to drawers;
hence there are moderate accumulations on brokers’
hands. In normal years interest rates at New York
become easy after the New Year requirements have
been met, but bankers contend that, for the reasons
here given, to say nothing of the animated speculation
that has apparently become customary, firmness
will last much longer than usual; some authorities
believe that the after-panic period of cheap money
has ended and that rates during 1910 will average
higher than during 1909.

The debate upon the Budget in the House of Lords is
stirring Great Britain as no other political subject has
done since Gladstone brought forward his proposal for
Home Rule for Ireland, and so anxious are the peers,
novices as well as veterans in the political arena, to
be heard, that the vote, instead of having been taken
on Thursday,

as originally intended,

will not be

reached until the coming week. The Chamber ad­
journed on Thursday until Monday next after a
remarkable demonstration in Parliament Square by
several thousand voters who favor the measures
embodied in Lloyd-George’s bill. Similar gatherings
are expected to be witnessed next week, this sort
of thing now being a popular method of impressing
upon legislators how the masses feel towards important
projects exciting deep public interest.

1379

tariff war between Great Britain and the United States
should the protectionists unexpectedly be placed in a
position to enforce their policy— “ unexpectedly” be­
cause the preponderance of sentiment is that the
Liberals will be returned, perhaps with a reduced
majority, at the general election, which may not now
be held until February. The House of Commons has
adjourned until Dec. 1, when Premier Asquith is
expected to make known the Government’s plan to
meet the financial exigencies of the situation.
The Irish Land Bill has at last been passed by the
House of Lords with certain amendments not specified
by the brief cables on the subject. On the whole the
scheme embodied in the original bill, enabling the
peasantry to become owners of the land they have
heretofore cultivated merely as tenants, has greatly
improved the material well-being of Ireland, and has
in some degree modified the dissatisfaction and the
distress that have existed there for so many genera­
tions. One defect of the plan is the inadequacy of
facilities for granting deserving tillers of the soil
banking accommodation to make the arrangement
feasible over a wider area.

The ordinary banks are

co-operating to some extent, but their powers are
limited. So-called people’s banks are also aiming to
foster the acquisition of land by poor farmers, but a
movement is being inaugurated, or at least urged, to
organize a strong agricultural bank, as was established
in Egypt for the benefit of cotton growers and other
peasants whose industry is hampered by a lack of capi­
tal and credit.

Ireland, happily, is showing evidences

of industrial prosperity. The Irish Department of
Agriculture reports that in June last the deposits- in
Irish joint-stock banks were approximately $9,400,000

Speeches have been made by many eminent noble­
men on both sides of the Chamber. Lord Rosebery
indulged in one of his characteristic addresses in which
he criticised the conservative peers for having brought
the Upper Chamber into so grave a position, a position,
as he declared, that threatened to cost it its life. He
admitted that the Budget taxed the Lords heavily

larger than in the same month of 1908, while savings
bank deposits showed an increase of about $2,900,000.
The phenomenal expansion in the imports of linen into
the United States during the current year was com­
mented upon a fortnight ago in these columns; it is
now announced by the American Vice-Consul at Cork

and that it had “ spread over the country like a fog,

that Ireland exported about $42,000,000 worth of

want of confidence and want of credit, the worst linen products in 1908 and that sales of Irish lace are
diseases that could affect commercial nations,” but now of unparalleled volume.
he declined to support Lord Lansdowne’s resolution.
The contention of Lord Rosebery and many others is

The announcement from London that the Chilian

that the House of Lords has since 1832 accepted the

Minister to Great Britain has deposited $1,000,000

finance bills sent up by the Commons, and that only
a measure striking at the very life of the nation would

with bankers, “ to the order of The Hague Arbitration
Court,” in connection with the famous Alsop claim of

justify rejection. The reply of the Conservatives is the United States, recalls an incident that has dragged
that, under the guise of a Budget, the Liberal Party in through a whole generation. In the news there is a
the Lower House has sought to impose legislation of a curious blending of the past with the present, of the
novel and disturbing character; that next year a nineteenth century with the twentieth century. When
provision for home rule or other vital issue might be
incorporated in the finance bill, and that if the present
Budget were accepted by the Lords without first
referring it to the country, there would be no means

the dispute first arose The Hague had not come to be
recognized as the Mecca of international peace, so to
speak, whereas to-day there is a welcome and growing
tendency to submit international misunderstandings

of staying the hand of the Commons. This view, it is
represented, is shared by the financial community,

to arbitration at the quaint Dutch city. There is no
guaranty that our State Department will consent to

who would, it is said, be, frightened at the prospect of
unrestrained legislation by radical reformers, who now

the conditions outlined by the Government of Chili,

and some of the Chilian people, according to the
latest dispatches, are not in favor of the course
exercise tremendous power within their party.
Alarmist predictions that capital would flee the now being pursued. The significance of the inci­
country should the Liberals be successful at the polls dent, however, lies in the new phase it has assumed.
may be viewed with caution; capital is not sacrosanct May it not be looked upon as a sign of the times,
in other countries either in Europe or America. Nor despite the insensate haste to build armaments,
need fears be generated just yet concerning a possible which Lord Rosebery this week told the House




THE CHRONICLE

1380

[V O L. L X X X JX .

of Lords and, therefore, the whole British nation, is chiefly of representatives of the cotton-manufacturing
threatening to precipitate the bankruptcy of Europe. industry. But as the Bureau gives no comparative
data, confining the report to showing the status of the
Building construction returns for October indicate various industries at the present time, it is impossible
a continuation of the activity that has been the feature to indicate the rate at which development has been
of operations in that important industry for some time going on from year to year. Still, the story is of in­
past. In fact it is to be noted that the estimated terest as showing the variety of manufacturing carried
expenditure contemplated under the permits issued
during the month in various sections of the country

on in the country. The statistics that have been com­
piled indicate that the number of factories in Brazil at

falls but little below the aggregate for September. As
compared with October of 1908, however, and due

present is 3,258, and details of 38 separate industries

to smaller operations this year in Greater New York,

3,258 factories is stated as $199,672,200, the annual

the current aggregate exhibits a merely nominal in­
crease. But it is to be remembered that last year’s
October aggregate was practically the largest for any
month of 1908, whereas this year’s total follows the
totals for a series of months in which new records of

output is valued at $222,459,900 and employment is
given to 151,841 operatives. Not unnaturally, also,
all but a very small percentage of the establishments

are given.

The aggregate capital invested in the

are located in districts where population is greatest.
Thus, over one-fourth of the whole number and more
activity were made. This is clearly apparent when we than one-third of the capitalization is represented by
state that for the period since Jan. la total of operations Rio de Janeiro and its suburbs.
has been reached well ahead of any previous similar
A noteworthy fact is that the textile industry is the
interval. Operations in Greater New York, as already most important one in the country, including as it does
intimated, were appreciably less in October this year
than in 1908, the construction work arranged for
reaching a total of estimated expenditure of only
$13,599,260, against $21,345,249 a year ago, or a
decrease of 3 6 .3 % , the various boroughs, except the
Bronx, sharing in the decline. Contrasted with 1907,
however, there is a gain of 8 .2 % . Outside of Greater

194 factories with aggregate capital of $80,511,300.
Moreover, 161 of these factories, employing 46,000
hands, are devoted to cotton-manufacturing, and their
annual output reaches a value of $40,507,800. Sugar
factories stand next in importance to the textile in­
dustry, with capital of $22,218,600, followed by brew­
eries, with capitalization of $8,296,800; foundries,

New York there are many conspicuous percentages
of increase at cities of leading importance, among

$6,889,200; match factories, $5,118,000,

which may be mentioned Newark, Cleveland, New
Orleans, Baltimore, Duluth, Portland, Ore., Tacoma

ments, in keeping abreast of the times, especially those
in Ilio de Janeiro and vicinity, are adopting electricity
as a motive power, energy being developed from a

mills $4,924,800.

and flour

Many of the industrial establish­

and Spokane. At the same time quite large losses
are reported for the month at St. Louis and San river near the city. Moreover, the availability of
Francisco. But the aggregate prospective outlay for electric power is assisting largely in the development
the outside cities (106 in number) in Oct. 1909, at of the industries of the country, the general power
$51,874,412, compares with $42,429,380 in 1908, an problem having been an important drawback, as that
augmentation of 2 2 .3 % , and, contrasted with the like generated from fuel has always been expensive in
period of 1907 the gain is 17% . For all the cities Brazil. This becomes plain when it is known that there
the aggregate is $65,473,672, against $63,774,629, or are no coal deposits worthy of the name in the country,
an excess of 2 .7 % , and compared with the month and the fuel imported becomes expensive after a 7,000of 1907 the increase is 1 4 .7 % .
mile haul.
For the ten months of the calendar year 1909 we
It is a notable feature of the Brazilian industrial
have returns for 82 leading cities of the country and
they furnish convincing proof of activity in building

situation, as often remarked, that, with one of the

construction.

world, only a very small percentage of its industries

They give an aggregate of intended

greatest deposits of fairly high-grade iron ore in the

expenditure for the period mentioned of 679 millions
of dollars, as against 465 millions for the ten months

have to do with iron-working in any form, and such
establishments, it is stated as a fact, use imported
of 1908, or an increase of 4 5 .9 % , and compared with material. This is said to be due to the lack of talent
the approximate outlay in 1907 (595 millions) there is in the iron-working lines, as well as to lack of fuel,
an excess of 1 4 .1 % . Greater New York’ s operations in and experiments made, with the aid of the Government,
the ten months of 1909 exceed those of last year by to establish such industries in the past, have proven
6 1 .2 % and 1907 by 3 5 .6 % , and outside of this city expensive. The Government now has undertaken
the increases are 3 9 .7 % and 6 .1 % respectively. With to secure the investment of foreign capital and the aid
present methods of building construction the activity of talent from abroad in the establishment of the in­
of operations has been reflected in no uncertain way in dustry. As regards the iron-ore deposits of Brazil,
the markets for structural steel, large sales having some interesting information is given in a paper pre­
been reported from month to month. Furthermore, it pared for the International Geological Congress that

is currently reported that contracts for upwards of
100,000 tons are now pending, but approximately half
of this total, it is stated, is for use in constructing the
Fourth Avenue (Brooklyn) subway.
Brazilian

industrial

Union. Indicative of the immensity of some of the
deposits, it is reported that Prof. Henry Gorceix,

comprehensively

founder of the mining school at Ouro Pieto, stated in
1881 that he had estimated the ore that Minas Geraes
might furnish at 5 billion tons, and believed that in

Government! support

doubling the estimate he would not be exaggerating.

and

are

The paper

is long and detailed, but it shows that iron ores of good
appearance are known in every State of the Brazilian

treated in a report recently issued by the Brazilian
Industrial Bureau, an organization working under




affairs

is to meet in Stockholm, Sweden, in 1910.

direction, and

composed

Nov. 27 1909.|

THE CHRONICLE

1381

The need of immigrants to aid in the development were greatly in excess of the exports, which were*
of Brazil is being fully recognized. According to cable most largely to India. The details of the movement
advices, the President of the republic has sent a mes­ into and out of the Bank were as follows: Imports,.
sage to Congress pointing out the necessity of making £950,000 (of which £318,000 from France, £ 2 0 0 ,OOO'
free grants of land to immigrants who, at their own from miscellaneous sources and £432,000 bought in
expense and on their own initiative, come to settle the open market); exports, £381,000 (of which £ 3 2 5 ,~
definitely in the country as farmers. The President 000 to India and £56,000 to various destinations),
recommends that the land thus granted should
become the property of settlers after two years’
occupation and effective cultivation and improve­

and receipts of £632,000 net from the interior of
Great Britain.
i

ment.

Money rates and quotations for commercial paper
close the week higher than they were at the opening.

The international movements of gold during Novem­
ber have been peculiarly interesting. High bank
rates have been a magnetic influence at London and
Berlin; since the first week of the month the Bank of
England’s reserve holdings have increased from
4 5 .5 2 % to 5 5 .9 3 % , while the Reichsbank has also
gained gold. Paris, on the other hand, has parted
with moderate quantities of the precious metal (fully
$7,000,000); but the stock held by the Bank of France
($712,000,000) is still extraordinarily, if not unneces­
sarily, large. Gold has gone from various centres
to London; Paris sent a considerable amount, Holland
contributed, so did Vienna, and, to relieve the English

On Monday and Tuesday 60 days’ and 90 days’ money
was obtainable at 4 3 4 % , while longer maturities ranged
from 434 @ 4 3 4 % . On Wednesday, however, lenders
marked up the charge for all periods at least 34 of 1 % .
Loans to tide over the end of the year were in demand
at 5 % , but few transactions were recorded, owing to
the paucity of the offerings. Ninety days’ accommo­
dation was raised to 4 3 4 @ 5 % , and four, five and six
months’ money was not available under 4 3 4 % - There
was, too, a noticeable relaxing of the pressure to lend,
even for the longer dates.

On Friday rates were

not quotably changed, but the undertone was again

Bank, metal was shipped from Trieste and Constanti­
nople to Egypt and from New York to South America.

very strong. The call-money market is being bene­
fited because of the retention by bankers of larger
sums than customarily for use from day to day.

Furthermore, the new consignments of bars from
South Africa are now regularly retained in London;

On the first two days of the week the range for
call loans was 43 4 @ 5 % , but on Wednesday a mini­

last Monday the Bank shared with India the
$2,500,000 offered, the price paid again being
only 77s. 9d., and the state of the exchanges

mum of
% for bankers’ balances was recorded be­
fore the close. A fall of this kind on the eve of a
holiday is not unprecedented, as financial institutions,
on finding themselves in possession of unnecessarily

indicates that the shipment
(about
vaults

$4,700,000)
of

the

will

London

due on Monday next

also

be

institution.

taken into

the

234

large balances, hasten to take advantage of the fa­

At New York

cilities provided by the call-money market. That is
the engagements of gold for export have this what happened on Wednesday; hence the incident is
week comprised $2,000,000 for Argentina by to­ of less significance than the quotation, standing by
day’s steamer and $1,100,000 for Canada. Last itself, might imply. On Friday the lowest quotation
Saturday $500,000 was taken for Argentina in addition was 4 3 £ % and the maximum 5 % , with renewals at
to the amounts previously announced and shipped 4 3 4 % • The average rate for the week has been
by that day’s steamer. The Sub-Treasury this
week

deposited

$1,000,000

with

the

local

fiscal

agent of the Philippine Treasurer and transferred

W o.

Commercial paper is being drawn more liberally than

moderate amounts to San Francisco. Brazil’s de­
mands for gold are believed to have been almost
satisfied, but Argentina, it is thought, will take a large
amount in payment for grain shipments to Europe.
These remittances from New York reduce our bankers’

financial institutions care to assimilate at this juncture.
New York banks and trust companies, now that time
money is worth from 434 to 5 % , are not anxious to
purchase bills yielding less than 5 3 4 % - The demand
for paper falls off markedly as money advances.
Offerings of bills from cotton houses are a feature at

indebtedness to London and thus minimize the possi­
bility of the direct exportation of gold across the
Atlantic.

present. At Boston the banks are losing deposits
rapidly on account of payments for raw cotton now

Foreign discount rates have all weakened this week.
At London the quotations are 3 % @ 3 % % for 90
days and 4 % for 60 days. The Paris private rate
is 2 % % , with the tendency towards a lower level.
At Berlin 4 % % is now quoted and at Frankfort

being shipped from the South— last Monday’s state­
ment of the Boston Clearing-House institutions dis­
closed a reduction of $8,024,000 in individual deposits.
Naturally, therefore, Boston banks are not in the New
York market for paper. Some business has been
done with Jersey and Pennsylvania and later on a
revival in the inquiry from the West will be in order.

4 3 4 % • The Amsterdam charge is 2 % % . There The choicest grades of four to six months’ single
were no changes during the week in official Bank names range from 534 to 6 % , while less attractive bills
rates in Europe, but on Friday the Bank of Bombay are quoted at 6 @ 6 3 4 % , although each bill of this
again raised its rate—-to 6 % . According to our
special cable from London, the Bank of England
gained

£1,209,996

held £36,546,155

bullion
at the

during

the

week

close of the week.

and

class is judged on its own merits. A number of 60 to
90 days’ endorsed bills receivable are being placed at
o@534% .

Our

correspondent further advises us that the purchases
in the open market, imports from France, &c.,

influences calculated to depress the market, advanced

and

to 4 8734 tor demand sterling and 4 SSj4 for cables

receipts

from




the

interior

of

Great

Britain,

Foreign exchange

rates,

notwithstanding special

[VOL.

THE CHRONICLE

1382

on Wednesday afternoon. It is understood that a
short interest which had repeatedly postponed cover­
ing operations finally entered the market on that day
and made considerable purchases. Persistent buying
by a very prominent international banking firm was
also noted by traders. The supply of commercial re­
mittance has been extremely light all through the
week, and the exports of gold to South America have
not brought a corresponding amount of exchange into
the open market.

But, by way of counterbalancing

all this, there has been a distinct lowering of dis­

F r i.,
N ov.

N ov.

J60 days ■1 84
Brown
Bros. & Co_____ ..(Sight-- 4 88
/ 60 days 4 84
Kidder, Bea..(Sight-. 4 88
j 60 days 4 84)*
Bank British
North America__ ..(Sight.. 4 88 V i
i 60 days 4 84
Montreal_______ ..(Sight.. 4 88
/ 60 days 4 84
Canadian Bank
of Commerce___ ..(Sight.. 4 8814
/GOdays 4 84
Heldelbach, Ickelhelmer & Co____ ..(Sight.. 4 88
/ 60 days 4 84
Lazard
Freres ________ ..(Sight.. 4 88
/ 60 days 4 84
Merchants’ Bank
of Canada______ ..(Sight.. 4 88

The

market

W e d .,

T u e s .,

M o n .,

19

22

23

N ov.

84 X
88
84
88
84)4
88)4
84
88
84
88)4
84
88
84
88
84
88

N ov.

84)4
88
84)4
88
84)4
88)4
84)4
88
84
88)4
84
88
84
88
84
88

LX X X IX .
F r i.,

T h u r s .,

24

84)4
88)4
84)4
88
84)4
88)4
84)4
88
84
88)4
84
88
84
88
85
88

N ov.

25 N

ov.

26

84)4
88)4
84)4
88
84)4
88)4
84)4
88
84
88)4
84)4
88)4
84)4
88
85
88

IIOLIDAY.

closed on Friday at 4 8 4 @ 4 8410 for

sixty days, 4 8 7 5 0 @ 4 8755 for demand and 4 8 8 0 5 ®
count rates abroad, a firmer tone in money here,
4 8810 for cables. Commercial on banks was quoted
foreigners have bought some stock on the Ex­
at 4 8 3 6 5 @ 4 8375 and documents for payment at
change, and there has arisen a keen inquiry for
4 83@ 4 83% .
Cotton for payment ranged from
gilt-edged bonds and short-term notes that will
4 83 to 4 8 3 % and grain for payment from 4 8 3 %
be paid off without fail during the early months
to 4 8 3 % .
of
1910.
That
French
and
English institu­
tions
not

should
illogical

find
in

these
view

securities
of

discount

attractive
rates

is

there

and the yield atfoided on what is tantamount to prime
commercial paper. The demand is confined to bonds
and notes maturing not later than six months hence;
during that period it is figured there will be $250,000,­
000 of such securities falling due; hence there is ample
opportunity for this kind of investment. The immi­
nence of new railroad stock issues is not of transcendent
interest to foreign exchange operators, inasmuch as

The following gives the week’s movement of money
to and from the interior by the New York banks.
S h ip p ed

R e c e iv e d b y
W eek

en d in g

26 1909.

N ov .

N .

Y . B an ks. N .

N e t I n te r io r

by

M o v e m en t.

Y . B an ks.

Currency..........................................
Gold .............. ...............................

S9,655,000
1,692,000

32,844,000 Gain S6.811,000
510,000
1,182.000 Gain

Total gold and legal tenders..........

311,347,000

34,026,000 Gain S7,321,000

With the Sub-Treasury operations and gold exports
the result is as follows.
26 1909.

In to

O ut o f

B a n ks.

B an ks.

N e t C h a n ge in

the greater portion of the principal offerings represent
mainly a re-arrangement of finances, not strictly new

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

SI 1.347,000
29,200,000

34.026.000 Gain S7,321,000
33.300.000 Loss 4,100,000

capital, as has been explained in previous issues of

Total gold and legal tenders--------

S40,547,000

337,326,000 Gain S3,221,000

this publication. At this moment there exists the
following somewhat anomalous situation: Money is
worth 1 % more in New York than in London and
2 % more than in Paris, these foreign centres are buy­
ing our securities, our cotton and grain are being ex­
ported, and normally gold is flowing at this season
from Europe to New York, whereas to-day exchange
rates are not far below the gold-export point and our
bankers are being called upon to remit gold to Brazil
and Argentina on behalf of European importers of

W e e k e n d in g N o v .

B an k

H o ld in g s .

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

*

25 1909.

B anks o f
G o ld .

S ilv e r.

T o ta l.

£

£

£

England. . 36,546,155
France__ 142,550,760
Germany . 39,012,400
Russia a._ 143,291,000
Aug. Hunb 56.990.000
Spain----- 16.091.000
Italy.d... 38.380.000
Neth’lands 10.080.000
Nat.Belg.d 4,249,333
Sweden .. 4,376,001
Swltz’land 5,031,000
Norway .. 1,797,00(

|

N ov .

G o ld .
£

36,546,155 35,577,714
35,933,760 178,484,520 135,287,868
12,179,050 51,191,450 45.265.000
6,719,000 150,010,000 122,402,000
11.928.000 08.918.000 48.874.000
30.797.000 46.888.000 15.778.000
4,000,000 42.380.000 37.176.000
2,816,800 12,896,800 8,078,700
2,124,667 6.374.000 4.140.000
4.376.000 4.248.000
5.031.000 4.705.000
1.797.000 1.732.000

26 1908.

. S ilv e r.

T o ta l.

£

£

35,577,714
35,670,042 170,957,910
11.300.000 56.565.000
6.419.000 128,821,000
12.523.000 61.397.000
32.611.000 48.389.000
4.450.000 41,626 000
3,927,100 12,005,800
2.070.000 6,210,000
4.248.000
4.705.000
1.732.000

coffee and grain. That a readjustment of conditions
cannot be long delayed is generally believed here.
Total week 498,394,645 06,498,277 604,892,925 403,264,282 108,970,142 <72,234,424
It may be significant that exchange for any l’ rev.week 494,411,63! 05,689,580 <00,101,219 400,255,555 108,624,156 <68,879,711
steamer sailing during the remainder of the year
a The total of gold In the Bank of Russia Includes the balance held abroad—
was offered by one well-known house on Wednes­
day

at

a few points

above

the

quotations

then

ruling.
Compared with Friday of last week, sterling ex­
change on Saturday advanced fully % c . per pound
for demand and cables, the former touching 4 8 7 %
and the latter just over 4 88. On Monday GO days
rose 20 points to 4 8370@.4 8380 on the easier mone­
tary conditions, while demand and cables fell 5 and
10 points, respectively. There was no change in long
sterling on Tuesday, but demand recovered to 4 87 %

that Is, the amount held for Russian account In other Continental banks. The
proportion so held and consequently duplicated In the above statement Is about
one-tenth of the total this year, against about one-ninth a year ago.
b The Austro-Hungarian Bank Statement Is now Issued In Kronen and ueiier
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Bounds 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 oc” y^sfp“ nnd®"^lJ“
London. In order to reduce Kronen to Bounds, has altered the basis of conversion
by dividing the amount of Kronen by 2-1 Instead of 20.
. ... .
d The division (between gold and sliver) given In our table of coin and bullion In
the Banks of Italy and Belgium Is made from the best estimates we are able to obtain
It is not claimed to be accurate, as the banks make no distinction
returns, merely reporting the total gold and silver; but we believe the division w«
make Is a close approximation.

TH E PROSPECT OF I N T E RN A T ION A L
PEACE OR WAR.
We have received this week a reprint of several
addresses, delivered at various places on the subject
of international arbitration and peace, and submitted

and cables to 4 88. Rates on Wednesday fluctuated
erratically. Opening higher, sight drafts sold up to
4 8765 and cables to 4 8815, remittance being very to the House of Representatives during its recent
The addresses, made on different recent
scarce and there having developed an inquiry for session.
occasions
by
Congressman Tawney of Minnesota, by
cables for the London stock market settlement; be­
President
Nicholas
Murray Butler of Columbia Uni­
fore the close the range receded to 4 8 3 8 5 @ 4 84 for
versity,
by
Mr.
Andrew
Carnegie and by Congressman
60 days, 4 8 7 5 0 @ 4 8755 for demand and 4 8 8 ®
Bartholdt
of
Missouri,
have been published before.
4 8810 for cables. On Friday, after the holiday,
demand was firm at 4 8 7 % bid and cables were quoted
4 8 8 0 5 @ 4 8810.
The following shows the daily posted rates for ster­
ling exchange by some of the leading drawers.




But the grouping of them in this compact and con­
venient shape brings the discussion to the front again
in a very convenient way. W e propose to use the
occasion for some comment on the general position

Nov. 27 1909.

THE CHRONICLE

of the peace movement at the present time, and we
shall base our own discussion of the matter on some
of the striking paragraphs in the four or five addresses
reprinted in the pamphlet.
Mr. Bartholdt presents the purpose of international
arbitration in a nutshell. It is, “ that our peace with
foreign nations shall be secured in exactly the same
manner as our domestic peace is secured; namely, by
referring all controversies to the courts for settlement.”
There is nothing new in this theory; it has, in fact,
stood at the basis of all previous discussions of the
subject. It cannot be said, however, that even in
principle it has met with such acceptance and appro­
bation as its adherents would have wished, aiid Mr.
Bartholdt deals with some of the objections raised
against its logical application. There is the argu­
ment, for instance, that no nation can surrender the
ultimate right of deciding what is for its own best
interest. Mr. Bartholdt answers: “ It is universally
recognized that no man should be a judge in his own
case. This plain dictate of justice requires no ex­
planation and is enforced wherever human interests
clash. Every nation on earth having a lawful govern­
ment insists upon a strict observance of this rule
within its own domain. But does the nation itself
in its dealings with other nations observe it? Not in
the least.” Or, to put the matter in the opposite
way, a course of procedure which is wise, just and ad­
vantageous for communities of individuals, ought
a fortiori to be wise, just and advantageous in the case
of one individual. Suppose, then, we shape our home
conduct after the international pattern. What would
happen? Mr. Bartholdt answers: “ Every house
would be an arsenal; men would walk about armed to
their teeth; we should relapse into barbarism.” The
policy defended by opponents of arbitration is, Mr.
Bartholdt continues, “ the kind of peace that prevailed
when might was right,” and that “ is the peace which
now prevails as between nation and nation, and which
the advocates of armaments and battleships uphold.”
Perhaps the most formidable obstacle which ad­
vocates of international peace encounter is a passive
assent to the general principle contended for, coupled,
however, with the objection that it is only a golden
dream, impossible of practical achievement. Is this
so? Mr. Bartholdt points out that “ within the last
five years, more than eighty treaties of obligatory arbi­
tration have been concluded between the nations, our
own country being a party to twenty-three of them.
This means that certain questions must be arbitrated,
while all others may be arbitrated by voluntary action.
. . . Public opinion in favor of peace has become
so powerful that thirty-five nations voted for obligatory
arbitration, and they represented in round figures
1,300,000,000 inhabitants, as against nine nations
with a little over 200,000,000 people who either re­
frained from voting or voted against it.”
If, then, there is so promising a beginning made
toward practical achievement in the field of interna­
tional arbitration, is there nothing which will auto­
matically and necessarily stimulate the movement
and hasten the thorough application of the principles
on which it rests? Dr. Butler, in his address reprinted
in the pamphlet at hand, points out the degree in which
more than one government of the world is “ staggering
towards bankruptcy,” and deduces from that fact the
inference that if this financial condition is actually a




1385

result of the craze for armaments, then of necessity
“ the practical sense of the world must be against it.”
Does it result from the military craze? The address
of Congressman Tawney settles that pretty con­
clusively.
During the fiscal year 1908, he shows us, our own
nation’s total expenditures for army and navy and
fortifications were 363d}% of our total revenue, while
expenditures made on account of wars past, including
all objects for which appropriations are made on that
account, were 31% of our total revenue. For the
fiscal year 1909, up to the time when Mr. Tawney’s
speech was made, he points out that 72% of all the
revenues collected had been spent in preparation for
war or for outlay occasioned by wars past. Speaking
further, on the basis of his own intimate knowledge
of the Appropriations Committee affairs, Mr. Tawney
remarks: “ This startling statement does not inti­
mate that we have yet reached the maximum craze
of armed peace. . . . None of the advocates of
armed peace are willing to suggest a limit beyond
which this increase shall not go.” Furthermore, “ the
annual expenditures of the United States, England,
Germany and France on account of preparation for
war, or, as it is said, that war nlay be prevented, are
to-day greater than the annual expenditures of any
one of these nations during any foreign war in which
it has ever engaged.” During the fiscal year 1908,
the public outlay by these four governments, on ac­
count of army and navy, approximated in round
figures $1,000,000,000. “ Add to this,” Mr. Tawney
concludes, “ the sums expended for the same purpose
by other nations of the world, and you will have a
grand total cost of armed peace so large that the
human mind can scarcely comprehend it.”
This is the phase of the question on which, as our
readers know, we have frequently insisted. It is per­
haps more pressing a consideration to-day than it has
been at any previous time. The fall in the price of
government bonds, pretty much throughout the world,
has become a most striking phenomenon of the day.
As to its meaning, there can be very little dispute.
The facilities of the loan market for equipping govern­
ment finances have in many quarters of the world
become seriously strained. In at least one great
European State, the Exchequer has been virtually
warned by the bankers that it must restrict its bor­
rowings. But the alternative in such a case, if outlay
for armament is not to be curtailed, is merely the
heaping up of fresh taxes on the people, and, as to-that
expedient, recent experience of Germany on the one
hand and of England on the other indicates pretty
plainly what may happen in politics if that recourse
is in turn to be overdone. It has, in fact, been frankly
alleged by European economists that in the craze for
military expenditure the time has either come, or is
very near, when more than one very important State
is beginning to take capital instead of income from its
subjects, through an oppressive burden of taxation
for its armaments.
With such considerations thrust before the public,
it is fair to ask whether the existing status can in
the nature of things continue. Statesmen, willingly
or unwillingly, have in increasing numbers been asking
the same question. Mr. Tawney quotes the state­
ment made by Mr. Asquith, when discussing the
English Naval Budget a year and a half ago, and re-

1384

THE CHRONIC IE

ferring to the so-called Dreadnought policy: “ We
do not wish to take a lead, but we want to do every­
thing in our power to prevent a new spurt in com­
petitive shipbuilding between the great naval Powers.”
Yet the new program of British armament went on,
and the experience of this past season, with its ex­
traordinary outbursts of popular apprehension and
“ war talk” throughout England, gives an idea of just
how far the Dreadnought policy has achieved any
desirable ends. As Mr. Carnegie correctly remarks in
his speech, cpioted in the Congressional pamphlet:
“ Whatever solution may be found of the war spectre
now so luridly appearing before us, this we now know
—it cannot be through' increased armament. The
last few weeks have torn that supposed panacea into
fragments. There is nothing left of it. But it has
served this great end: It has brought the nations face
to face at least with the truth that increased arma­
ments of one mean increased armaments of others,
with no gain to either.”
When the discussion has reached this stage, people
who still contend that international arbitration is
impossible are driven to offer other solutions to the
existing situation than continued increase in military
and naval expenditure; and what they very commonly
have to offer is the proposition that, when- cost of
armaments has reached to an intolerable height, war
will result and solve the question of itself. This, let
it be observed, is a somewhat striking change from
their old position, that great armaments make war
improbable. The new idea is, that they make it cer­
tain. The argument that war will somehow solve
the difficulty is well enough for unthinking people,
or for ambitious naval officers irritated over the
pruning down of estimates. It might, perhaps,
have possessed a grain of logic in the days when the
people of a conquered State were carried away to
slavery and its cities burned. But what happens
nowadays, as every man of the least intelligence is
aware, is that a new fleet is at the earliest possible
moment constructed to replace the old fleet destroyed
in an unsuccessful war. That, of course, means larger
expenditure than before, larger taxes than before,
and when all is done leaves the situation exactly what
it was before, except that the fiscal burden has grown
even more oppressive, with industry so far injured
or hampered by the long uncertainties of war that
it is much less able than before to meet that bur­
den.
Perhaps, in the last resort, it will be contended that
in such a case only the defeated nation suffers. But
such an argument will not stand the test of ordinary
experience, any more than it will stand the test of
ordinary common sense. Financially, the world is
to-day a unit. It is not so very long since the world
was taught emphatically what is meant to neutral
States by wholesale destruction of capital and by
wholesale demands to replace that capital, even when
the destructive practices were confined only to one or
two distant nations. This happened when the con­
test was of such a character, politically and geograph­
ically, that commerce suffered a minimum of hardship
or restraint. What the story would be, in the con­
ceivable event of such a European Armageddon as
even responsible European statesmen have despond­
ently foreshadowed, we leave to the enemies of inter­
national arbitration to imagine.




THE

[VOL. L X X X IX .

D E C IS IO N
O IL A N

D E C L A R IN G

THE

STANDARD

IL L E G A L C O M B IN A T IO N .

With each new adjudication of a case under the
Sherman Anti-Trust Law of 1890, that famous statute
is being given greater potency. We imagine that no
one supposed the Standard Oil Company could escape
condemnation under this Anti-Trust Law if the Fed­
eral Government, which brought the suit, could con­
vince the Court that the law applied to it. It was
obvious that there would be no difficulty in establish­
ing that the Standard Company, as exemplified by its
organization and business career, was engaged in an
attempt to monopolize trade (in oil), which is what
the statute interdicts. In that respect indeed the oil
company may be said to have been the most vulner­
able of any of the industrial combinations that the
Government could have selected for the purpose of
attack.
The Standard Company (or the Standard Oil Com­
pany of New Jersey as is its official title) in 1899 ac­
quired the majority of the stock of nineteen other
companies engaged in the business of producing, re­
fining and transporting oil, and these nineteen com­
panies in turn control the business and operations of
many other corporations engaged in the same line of
industry, so that altogether (according to the evidence
in the present case) the combination controls more
than 75% of the business of purchasing, refining, trans­
porting and selling petroleum and its products in this
country. It is also, of course, known that the Stan­
dard Company has always been active in attempts to
suppress competition and that it has never hesitated
as to the means to be employed to that end. Still,
as many of the acts that led up to the combination
long antedate the passage of the Sherman Law, and
the combination itself, though in a somewhat different
form, existed long before 1890, it was a question
whether to hold that it came within the purview of
that statute would not be making the law retroactive.
The Court, however, sweeps all objections on that
score aside. In these circumstances it was a fore­
gone conclusion that judgment would be against h
company.
The decision, as also the opinion in support of the
same, is in line with the various previous adjudications
under the law that have been handed down since the
decision of the United States Supreme Court in the
Northern Securities Co. case, rendered in March 1904.
Nevertheless, as each new opinion is received it be­
comes evident that the Anti-Trust Law is being made
more and more all-embracing under the interpreta­
tion of the courts. We deem it proper to say, too,
that as far as concerns the decree which has in this
instance been issued in execution of the judgment of
the Court, it is probably the most sweeping of its kind
of any that has ever emanated from a court of law. It
has been common remark ever since the announce­
ment of the present decision that the Standard Oil
combination has been legally killed so many times
during its long and successful business career that one
more judicial death decree will probably be no more
effective in circumventing its activities than previous
decrees to the same effect. On this occasion, how
ever, it would seem as if the ingenuity of its extensive
and very able counsel would be taxed to the utmost in
finding or contriving means of escape. This decree

Nov. 27 1909.)

THE CHRONICLE

1385

means to put the Standard Company and its pro­ of transportation, of petroleum or its products in
moters out of business. It has been drawn with that inter-State or international commerce or relative to
purpose in view, evidently with great care by the the quantities thereof purchased, sold, transported
Court itself. We refer to this feature first because it or manufactured by any of the corporations, which
is even more noteworthy than the decision itself.
will have the effect to restrain commerce among the
The fact is, the form of the decree is discussed at States.
length in the opinion, which was written by Judge
As if this were not enough, and so as to guard against
Walter K. Sanborn. The case was heard before four any possible loophole of escape, all the defendants
U. S. judges of the Court of Appeals of the Eighth parties to the combination, both individual and cor­
Circuit, sitting en banc in the United States Circuit porate, are absolutely “ enjoined and prohibited, until
Court at St. Louis, the other three judges being Willis the discontinuance of the operation of the illegal com­
Van Devanter, William C. Hook and Elmer B. Adams. bination, from engaging or continuing in commerce
All four members agree in the judgment and opinion, among the States or in the Territories of the United
though Judge Hook hands down a short supplemen­ States.” By its judgment the Court expressly declares
tary opinion of his own in concurring in the decision. that the individual defendants under Section 2 of the
There were seven individual defendants named in the law have laid themselves open to criminal prosecution.
bill of complaint besides the Standard Oil Company If now they should violate the terms of the present
itself and its numerous subsidiary companies. These decree, what further punishment would be in store
individual defendants were John D. Rockefeller, Wil­ for them?
liam Rockefeller, Henry H. Rogers, Henry M. Flagler,
As for the Court’s opinion, while the language is
John U. Archbold, Oliver H. Payne and Charles M. very clear the reasoning is not always convincing,
Pratt. The decree declares that they have united and some of the statements made are somewhat
with the Standard Company and other defendants to mystifying. The Government in presenting its case
form and effectuate a combination or conspiracy in went into the whole history of the oil business—showed
restraint of trade and commerce among the several how in 1865 John D. Rockefeller owned a refinery in
States such as is denounced as illegal by Section 1 of Cleveland, Ohio; how he and Samuel Andrews formed
the Anti-Trust Act of July 2 1890; and have combined the firm of Rockefeller & Andrews, which bought and
and conspired to monopolize and are continuing to operated this refinery; how in 1870 the successors of
monopolize a substantial part of inter-State and inter­ this firm vested their interest in the Standard Oil Com­
national commerce in violation of Section 2 of that pany of Ohio; how subsequently other, corporations
Act.
were formed; how in 1879 the title to a majority of the
The decree has been drawn with the view to pre­ stock of the company was placed with various indi­
venting this double violation of the law. And note viduals in trust; how in 1882 a new trust agreement
how very comprehensive it is. The Standard Oil Com­ was entered into conveying to nine trustees all the
pany of New Jersey is enjoined from voting stock in property of the various individuals and companies;
any one of the defendant companies and from exer­ how in March 1892 the Supreme Court of Ohio decided
cising or attempting to exercise any control, direction, that the making and operation of this trust of 1882
supervision or influence over the acts of any of the were beyond the corporate power of the Standard Oil
companies by virtue of its holdings of their shares. Company of Ohio and tended to create a monopoly;
The subsidiary companies, on their part, are enjoined how the trustees under the trust agreement of 1882
from declaring or paying any dividends to the Standard failed to make a division and distribution of the stocks
Oil Company and from permitting that company to held by them but simply made assignment to each
vote such stock of to direct the policy of any of the stockholder showing that he held a proportionate
companies or to exercise any control whatsoever over interest in the stocks of the different companies
their corporate acts by virtue of its stock control. which had been illegally combined; and how eventually
Moreover, the seven individual defendants and the the capital of the Standard Oil Company of New Jersey
corporations and partnerships that became parties was enlarged and its shares exchanged for the stocks
to the combination are enjoined from continuing it of nineteen other companies. Judge Sanborn ob­
or carrying it out and from entering into or 'performing serves that the acts of the defendants prior to July 2
any like combination the effect of ichich is or will be to 1890 did not violate the Anti-Trust Act of that year
restrain or monopolize inter-State commerce in petroleum because it was not then in existence. It is held,
and its products. The Court goes further and in ex­ however, that these acts of the defendants, and the
press terms forbids the use of certain specific methods effect of their transactions in the conduct of the oil
that might possibly be employed to get around or trade prior to 1890, are competent and material evi­
defeat the adverse judgment. The defendants are dence of the dominant purpose and the probable
forbidden (1) from placing the control of any of the effect of their similar transactions in that business
corporations in a trustee, or in a group of trustees, since that date.
by means of the holding of its stock or property by
Judge Sanborn asserts that the purpose of the Anti­
others than its equitable owners, or by causing the Trust statute was to keep the rates of transportation,
conveyance of the physical property and business of and the prices of articles in inter-State and interna­
two or more potentially competitive parties to the tional commerce, open to free competition. He rea­
combination to any party thereto. They are also sons that any contract or combination of two or more
forbidden (2) from making any express or implied parties, whereby the control of such rates or prices
agreement or arrangement together, or one with is taken from separate competitors in that trade and
another, like that adjudged illegal, relative to the vested in a person, or an association of persons, neces­
control or management of any of the corporations, or sarily restricts competition and restrains that com­
the price or terms of purchase or of sale, or the rates merce. As the Standard Oil Company of New Jersey




1386

THE CHRONICLE

controls the stocks of the nineteen other corporations,
competition between them has, he says, necessarily
been prevented. Accordingly, the conclusion is
reached that the whole transaction constituted a com­
bination and conspiracy in restraint of, and to monopo­
lize, commerce among the States and with foreign na­
tions, in violation of Sections 1 and 2 of the Anti-Trust
Act of 1890.
In support of the Court’s conclusion, the decision of
the U. S. Supreme Court in the Northern Securities
Co. case is cited. It had been urged by the defend­
ants that that case was not applicable in the present
instance, inasmuch as the corporations whose stock
was vested in a holding company in the Northern Se­
curities case were railway companies which were
charged with the discharge of public duties, their per­
formance of which was peculiarly subject to regulation
by the nation and the State, while the corporations
whose stock was vested in the Standard Oil Company
were private corporations. Replying to this argu­
ment, the Court said:
It is true that railway corporations owe duties to the
public which do not rest upon trading, manufacturing
and private transportation companies, such as the duty
to operate continually their railroads and the duty to
carry persons and property presented for transportation
at reasonable rates; but the power of Congress to regu­
late inter-State and foreign commerce and the exertion
of that power manifested in the Anti-Trust Act, em­
brace all persons and corporations engaged in such com­
merce, as is amply illustrated in the various applica­
tions of the Act which have been made in the seveial
decisions here cited.
The mischief against which that law was leveled
is not less threatening from a vast combination of
private corporations owning and using in inter-State
and foreign commerce property worth hundreds of
millions of dollars than from a combination of two
railway companies. The Act makes no distinction be­
tween them. It excepts neither class, and where
Congress has made no exception, it is not the province
of the courts to do so.
_
No countervailing reason overcomes these consid­
erations, and the vesting of the majority of the stock
of many potentially competitive private corporations
engaged in inter-State commerce in a holding company,
which would be violative of the Anti-Trust Act if
made by the stockholders of railway companies of
that character, must be subject to the condemnation
of that statute.

among the several States or with foreign nations vested
in a person or an association of persons by a combina­
tion is indicative of the character of the combination,
because it is to the interest of the parties that such a
power should be exercised, and the presumption is that
it will be.
The combination in that single corporation or person
by an exchange of stock of the power of many stock­
holders holding the same proportions, respectively,
of the majority of the stock of each of several corpora­
tions engaged in commerce in the same articles among
the States, or with foreign nations, to restrict compe­
tition therein, renders the power thus vested in the
former, Judge Sanborn reasons, greater and more
easily exercised, more durable and more effective than
that previously held by the stockholders, and it is
illegal.
We have already seen that the Standard Oil combi­
nation was particularly vulnerable to attack. Undei
the language of the opinion, however, it would seem
that any combination whose effect is in any material
way to restrain competition in inter-State commerce
would be equally open to condemnation, even if the
effort at monopoly were not so pronounced as in the
Standard Oil case. Court opinions in other cases
had, indeed, made the same thing plain. These pre­
vious decisions have, however, met with the criticism
that such an argument, if carried to its logical con­
clusion, would lead to an absurdity—would make
it impossible, for example, for two or more persons en­
gaged in the same line of business to enter into a part­
nership for the more economical conduct of the busi­
ness, since the inevitable effect of such a partnership
must be to stifle competition as between the individual
partners. Judge Lacombe, in the American Tobacco
case, last year, in his opinion, actually cited an exam­
ple to that effect. Evidently, to meet these obj ections,
we find in the present opinion the following attempt
to justify the prevailing interpretations:

Judge Sanborn contends that Congress has power,
under the commercial clause of the Constitution, to
regulate and restrict the use in commerce among the
several States, and with foreign nations, of contracts,
of the method of holding title to property, and of every
other instrumentality employed in that commerce so
far as it may be necessary to do so in order to prevent
the restraint thereof denounced by the Anti-Trust Act.
The test of the legality of a combination under the
Act is declared to be its necessary effect upon compe­
tition in commerce among the States or with foreign
nations. If its necessary effect is only incidentally
or indirectly to restrict that competition, while its
chief result is to foster the trade and increase the busi­
ness of those who make and operate it, it does not vio­
late the law. But if its necessary effect is to stifle
or directly and substantially to restrict free competition
in commerce among the States or with foreign nations,
it is illegal within the meaning of that statute.
Applying these rules to the case in hand, it is held
that the power to restrict competition in commerce




[VOL. LXXXIX.

Undoubtedly' every person engaged in inter-State
commerce necessarily attempts to draw to himself
to the exclusion of others, and thereby to monopolize
a part of that trade. Every sale and every trans­
portation of an article which is the subject of inter­
state commerce evidences a successful attempt to
monopolize that trade or commerce which concerns
that sale or transportation. If the second section of
the Act prohibits every attempt to monopolize any
part of inter-State commerce, it forbids all com­
petition therein and defeats the only purpose of the
law, for there can be no competition unless each
competitor is permitted to attempt to draw to himself
and thereby to monopolize some part of the commcrcc .
This is not, it cannot be, the proper interpretation
of this section. It must be so construed as to abate
the mischief it was passed to destroy and to promote
the remedy it provided. It was enacted not to stifle,
but to foster competition, and its true construction is
that while unlawful means to monopolize and to
continue an unlawful monopoly of inter-State and
international commerce are misdemeanors, and enjoinable under it, monopolies of part of inter-State
and international commerce by legitimate competition,
however successful, are not denounced by the law,
and may not be forbidden by the courts.
A similar attempt to explain away the extreme and
absurd possibilities of the law, as interpreted by the
courts, is found in the concurring opinion of Judge
Hook. We quote the following from Judge Hook’s
opinion.

Nov. 27 1909. |

THE CHRONICLE

Congress did not intend to impede legitimate com­
mercial activity nor put a limit to its fruits. The
genius and industry of man, when kept to ethical
standards, still have full play, and what he achieves is
his; and this applies as well to a corporation in which
the energies of many are concentrated under the
authority of law in a single organization. A railroad
company, for instance, which has extended its lines
across the continent and conquered the waste or
wilderness is not a monopoly within the statute
merely because its capital is great and it alone serves
the tributary country; and so of an industrial cor­
poration, the wisdom and business sagacity of whose
managers have foreseen and taken advantage of the
natural tendencies of trade and caused it to outstrip
all competition. Success and magnitude of business,
the rewards of fair and honorable endeavor, were not
among the evils which threatened the public welfare
and attracted the attention of Congress. But when
they have been attained by wrongful or un­
lawful methods, and competition has been crip­
pled or destroyed, the elements of monopoly are
present.

1387

$120,521,909. When he took hold of the property, it
had never paid a dividend to its shareholders. Mr.
Harriman, too, was slow in beginning the distribution
of profits, his policy having been to devote surplus
earnings to the improvement of the property, and the
company was not allowed to enter the ranks of thedividend payers until it was certain that the dividends
could be regularly maintained. Now 6% per annum
is being distributed, and a large surplus remains above
the requirements for that purpose, as we shall presently
see.

The report for the year under review furnishes new
evidence of the methods pursued in the management
and development of the property, and to which its
success must be attributed. It is proper to say, too,
that, thanks to the skill of Comptroller William Mahl,
all the accounts, whether of revenues, of traffic, of
operations or of finances, are presented in such a suc­
cinct way that it is possible to see at a glance what
has been accomplished and how the result has been
It is comforting to know that all the avenues of
attained. Considering what was achieved in the way
progress and development are not closed. But the
of operating efficiency in preceding years, further pro­
reasoning of Judge Hook would be more convincing if
gress in the same direction in 1909 would have been
there were some concrete instances of note where
deemed out of the question except that the report fur­
the views here expressed had been applied. The test
nishes the actual record, showing the additional head
of every rule is how it works in practice, and the
way made. With an average train-load already well
fact is that Court decisions have been following in
above 400 tons, who would have thought that a further
rapid succession, all declaring that agreements, con­
addition of considerably over 50 tons would be made
tracts and combinations, and even partnerships
to the average? And yet that, and more, is precisely
whose necessary tendency and effect is to restrain
what has been done. The addition on the lines east of
competition, no matter what their purpose or how
El Paso has been 53 tons and on the lines west of El
meritorious their aim, come under the condemnation
Paso (over which the bulk of the traffic is hauled) 55
of the statute. Public apprehension will hardly be
tons, making the increase in the average for the whole
relieved so long as this state of things continues.
system 57 tons, and raising this average from 403 tons
to 460 tons. The improvement in lading in this single
period of twelve months, it will be seen, was thus
T H E S O U T H E R N P A C I F I C C O M P A N Y ’S
over 14%. In the number of loaded cars per train,
F A V O R A B L E S H O W IN G .
the increase was over 19%. As indicating the pro­
Both in its income account and its financial condition, gress made during the last eight years, Comptroller
the annual report of the Southern Pacific Co., submit­ Mahl adds a line to the table showing that on June 30
ted the present week, makes a strikingly favorable 1901 the average train-load was only 305 tons. The
showing, being in this characteristic of the results that increase from that figure to 460 tons in 1909 represents
have distinguished the affairs of the company for the an addition of over 50%. In speaking of the reduc­
whole of the period during which Mr. E. H. Harriman tion in expenses, which was a feature of the year’s
guided its destinies. The report is for the twelve operations, and to which we shall presently refer, the
months ending June 30 1909, while Mr. Harriman’s report points out that this decrease followed from a
death did not occur until Sept. 14 1909, so the figures saving of about 14 cents per ton in the cost of fuel and
cover the last fiscal year of his domination of the com­ a decrease in the miles run by locomotives in revenue
pany’s affairs. During the whole of Mr. Harriman’s service, the result of a diminution in tonnage and
connection with this important company, it has had an better train-loading. The congested traffic conditions
uninterrupted record of progress and prosperity, ris­ of previous years, it is explained, had added greatly
ing to a higher plane of prosperity with each suc­ to the expenses for station and terminal service, but
ceeding year.
the return to normal -conditions enabled the com­
Mr. Harriman was elected Chairman of the Execu­ pany to effect large economies in this item of ex­
tive Committee on April 3,1901, and how the company’s pense.
traffic and revenues were developed and expanded
The circumstances mentioned were all factors in the
during his control of it will appear from the fact that saving in expenses, but we doubt that most persons
while, in the fiscal year ending June 30 1900, gross appreciate what an important part economy in train­
transportation revenues had been $63,920,414, by the loading has played in the general results. The freight
year ending June 30 1907 (the last full year of trade movement one mile fell off only 8% , but the mileage
prosperity before the advent of the panic) the total run by the freight trains was reduced over 20%. In
had risen to $126,194,360, having thus just about the previous year, with a decrease of less than 2% in
doubled, while in the two years since then, which the tonnage movement, the freight-train mileage had
covered a period of unfavorable trade conditions, only been reduced nearly 10%. As a result mainly of this
a relatively small portion of the tremendous gain estab­ reduction in train mileage, the trains earned $4 38
lished in the interval was lost, the total of the revenues per mile run in 1909, against only $3 59 in 1908 and
for the twelve months under review having been $3 53 in 1907.




1388

THE CHRONICLE

[V O L .

LXXXIX.

The gross revenues in the late year decreased expenses, $4,958,007 occurs under the latter head.
$2,755,012, following a decrease in the previous year We have already explained the reason for this de­
of $2,917,439. We are dealing with such large totals, crease. A considerable saving was effected by the
however, that in ratio the decline was only a little reduction in locomotive mileage, the result of better
more than 2% each year. At the end of 1909, fortu­ train-loading,while there was also a saving in the cost
nately, the course of revenues was upward where at the of fuel, besides which the diminution in traffic con­
end of the fiscal year 1908 it had been distinctly tributed to the same end and furthermore there was
downward. In 1907-08 the first six months lecoided a gain generally from the economies put into effect
$6,975,042 gain, while the last six months showed during the business depression. This last is also a
$9,892,482 loss, making the decrease for the twelve consideration to bear in mind with reference to the
months $2,917,439. On the other hand, in 1908-09 reduction in the maintenance expenses, the decrease
the first half-year ended with a decrease of $6,323,208, under the head of maintenance of way and structures
which was wiped out to the extent of $3,568,196 having been $2,550,101 and under maintenance of
by a gain in the second half-year, leaving the loss in equipment $1,059,333. In the case of the equipment
the gross revenues for the twelve months $2,755,012. outlays $447,149 of the decrease is explained as due
In brief, marked improvement and recovery was to a change prescribed by the Inter-State Commerce
established before the close of the year, and this Commission in the classification of operating ex­
improvement has continued since then, as is evident penses. It is worth noting, too, that the average
from the monthly returns which have come to hand cost of repairs and renewals per locomotive and per
car actually averaged higher than in the preceding
for the new or current fiscal year.
year,
except in the case of the passenger cars. The
It is evident, too, that the falling off in traffic which
company
spent an average of $3,182 per locomotive in
occurred in 1908-09 (treating the twelve months as a
1909,
against
$3,134 in 1908; an average of $962 per
whole) followed almost entirely because of the general
passenger-train
car, against $965,and an average of
business depression. The short-haul traffic, the
$122
per
freight-train
car, against $115.
traffic derived from the territory tributary to the lines
With
the
increase
in
net earnings, the income ac­
of the system, appears to have been actually on the
count
for
1909
shows
a
surplus
above fixed charges in
increase. That seems to be true certainly with
reference to the freight traffic and to some extent the sum of $26,879,402, as against a surplus in the pre­
also of the passenger traffic. We reach this con­ vious fiscal year of only $19,877,740. After providing
clusion from the fact that the shrinkage has been for the dividends on both classes of shares (the com­
almost entirely in the tonnage movement one mile. mon at the rate of 6% per annum), a favorable balance
In the number of tons of freight carried, the falling remains on the operations of the twelve months in
off was but 127,261 tons, or only about one-half of amount of no less than $9,477,966. This is after con­
1%; in the number of tons moved one mile, on the tributions of $572,800 to the sinking fund, $503,848
other hand, the decrease was 430,362,374 tons, or for additions and betterments and $363,964 towards
over 6 % % . That the proportion of long-haul traffic the reserve for depreciation of rolling stock. It is also
fell off is also evident from the fact that in 1908-09 independent of the proceeds of the sale of lands, which
revenue freight was hauled an average of only 256^ were $940,333.
The financial operations during the year were of
miles, while in 1907-08 the haul averaged 2 7 0 ^ miles.
great
magnitude and have served to place the company
Short-haul or local freight, is of course the most
in
easy
financial condition, just as in the case of the
desirable traffic to have, since it pays the best rates
Union
Pacific.
The balance sheet of the previous
and adds to the strength of a property. With the
fiscal
year
had
shown
that the company had made
increase in its local traffic the Southern Pacific in the
advances
to
the
proprietary
companies for the con­
late year averaged 1.15 cents per ton per mile on its
struction
of
extensions
and
new
lines, and for additions
freight traffic, as against 1.10 cents in 1907-08.
betterments,
equipment
and
terminal
propeitics, &c.,
The small loss in gross earnings in 1908-09 was
&c.,
in
amount
of
$103,332,584.
In
making
these ad­
greatly overbalanced by a large decrease in the
vances,
the
Southern
Pacific
Co.
had
incurred
a large
expenses, thereby producing a noteworthy gain in
floating
debt,
represented
by
outstanding
loans
and
net, thus reversing the situation of the previous year.
bills
payable
to
the
amount
of
$52,622,648.
l
o
ex­
In a word, with $2,755,012 loss in gross, there was
tinguish
this
floating
debt
and
to
provide
for
other
re­
$8,866,919 saving in expenses, producing a gain in
quirements
and
needs,
an
issue
of
$82,000,000
of
4%
net of no less than $6,111,907. In 1907-08 a decrease
of $2,917,439 in gross had been attended by an 20-year convertible gold bonds, dated June 1 1909,
augmentation of $4,397,720 in expenses, hence was created and offered to the shareholders at 96.
causing a loss in net in that year of $7,315,159. This Up to June 30 1909, $79,896,545 had been received on
contrast between the expense accounts of the two account of the subscriptions to these bonds. A con­
years makes it evident that the saving in the latest siderable amount of Southern Pacific RR. first refund­
year followed in no small measure from the fact that in ing mortgage bonds was also put out, and likewise some
the previous year expense accounts, as in the case Central Pacific Ry. bonds. Altogether, $107,409,545
of so many other large properties, had got beyond of new bonds were issued; on the. other hand, $13,247,­
control. This control was recovered in 1908-09 308 of bonds were retired, leaving the net addition
with the development of more favorable conditions for $94,162,237. The company also received $20,337,­
688 from the proceeds of the sale of treasury secmities,
efficient operations.
The late year’s decrease in expenses extended to all though as against this $8,102,397 of stocks and bonds
the different heads, though the bulk of the whole were purchased.
The company’s new capital requirements during the
amount is found under the so-called tianspoitation
twelve
months were large, no less than $36,643,008
expenses. Out of the $8,866,918 total decrease in



Not. 27 1909.1

having been spent for the construction and acquisition
of new lines and for additions, betterments and other
property. But the proceeds from the various sources
mentioned were sufficient to provide for this outlay
and pay off $52,472,648 of loans and bills payable and
leave the company with $32,190,997 of cash on hand
(as against only $6,145,731 cash on June 30 1908), be­
sides having $11,450,000 out in demand loans and time
deposits. A statement is given in the report showing
that, including this cash and demand loans and also
advances for construction and acquisition of new lines
of $84,073,969 on June 30 1909, as against $61,146,399
on June 30 1908, and also including materials, fuel and
supplies on hand and terminal real estate and some
other similar items, the company on June 30 1909
had aggregate current and deferred assets of $193,­
388,852, as against $144,987,194 on June 30 1908,
while the current and deferred liabilities were only
$29,906,565, as against $79,807,286, thus leaving
assets in excess of liabilities in amount of $163,482,286
for June 30 1909, as against $65,179,908 for June 30
1908. It is also stated that the Southern Pacific Co.
has in its treasury two-five-years 4% gold bonds to the
amount of $17,524,000, not included in any statement
of outstanding bonds, and against which the collateral
securities are on deposit with the trustee. It should be
noted that, evidently to protect its supply of oil,
which is now so largely used in the operation of the
road, the company acquired $5,147,811 more stock
in the Associated Oil Co., giving it an abso­
lute majority of the 40 millions stock of that com­
pany.
During the year, or rather on June 8 1909, the South­
ern Pacific Co. called for redemption its entire out­
standing preferred stock, amounting to $74,756,765,
at $115 per share, payable July 15 1909, and gave
shareholders the alternate option of taking a like
amount of Southern Pacific 4)^% gold bonds (to be
specially created for the purpose) and $20 per share in
cash, or to convert the preferred shares into common
stock, dollar for dollar. Practically all the preferred
shareholders elected to take new common stock, but
only $16,061,100 had actually been converted up to
June 30 1909.
In reviewing the report for the preceding year, we
referred to the fact that the company is building an ex­
tensive system of roads in Mexico. These roads cover
the whole of the Pacific Coast section of our neighbor­
ing republic, from the American border down to
Guadalajara. On June 24 1909 the Southern Pacific
Railway Co. of Mexico was incorporated in New Jer­
sey, with an authorized capital stock of $75,000,000,
all owned by the Southern Pacific Co., and took over
all the concessions and franchises of these Mexican
lines. Under these concessions 251 miles of road were
built during the year, making a total of 783 miles com­
pleted to June 30 1909, out of a total of 1,502 miles
projected. The Mexican Government has granted
subventions or subsidies, with some of these conces­
sions, payable part in bonds and part in cash. The
advances to the Southern Pacific Railway Co. of Mex­
ico, after crediting the proceeds of bond sales, amounted
on June 30 1909 to $29,885,105. Of the 719 miles of
road still to be built, the company has until November
1912 to complete 272 miles and until May 1914 to com­
plete the other 447 miles; 183 miles are actually under
construction.




1389

THE CHRONICLE

C H I C A G O ’S E L E C T R I F I C A T I O N P R O B L E M .

We gladly make room for the following letter from
Slason Thompson, the Manager of the Bureau of Rail­
way News and Statistics at Chicago. It appears from
Mr. Thompson’s presentation of the facts that the
proposed electrification of the steam railways within
the corporate limits of Chicago would be an impossible
task.
.
B U R E A U O F R A I L W A Y N E W S A N D S T A T IS T IC S .
C h ic a g o , N o v .
E d ito r

“ F in a n c ia l C h r o n ic le , ”

N ew

York,

N .

24 1909.

Y .

D e a r S i r : — In commenting on the opposition of railway
employees in Chicago to the proposed compulsory electri­
fication of the steam railways within the city’s corporate
limits, you say:
“ The electrification proceeding as proposed in Chicago is
in the same line of improvement as in New York, and it
cannot be halted by anybody’s resistance. Assuming this
is a desirable change— and trial seems to have shown it such
— opposition to it is a lost cause.”
If the facts and conditions were as predicated in this
paragraph, there would be no avoiding its conclusion. May
I ask your indulgence to indicate how the conditions in New
York and Chicago are so divergent that what may be the
former’s meat will surely be the latter’s poison?
The problem met and solved by the electrification of the
Manhattan terminals at a cost of §260,000,000— I include
both New York Central and Pennsylvania improvements
is confined wholly to 'p a ssen g er s e r v i c e . All told it involves
the electrification of less than five miles of right of way from
Harlem to 42d Street, although the New Haven is operated
by electricity for passenger service out to Stamford. The
Pennsylvania line does not come to the surface anywhere on

Manhattan Island.
Electrification is absolutely necessary to the successfu
operation of passenger service through tunnels. As you
well say elsewhere in the same issue, “ the public having
almost forgotten that underground transit could not have
been attained without electric hauling.”
Bearing in mind that your problem was how to handle
passenger traffic alone, and that over less than ten miles
of line above and below ground, let me present the mere
physical aspects of Chicago’s problem in which passenger
and freight traffic are inextricably involved:
S U M M A R Y O F R A IL W A Y T R A C K S , S W IT C H E S A N D IN D U S T R IA L
C O N N E C T IO N S W I T H I N T H E C O R P O R A T E L I M I T S O F
C H IC A G O .
M iles o f single track ( f i r s t ) . . 3 4 2 .9 9 N o . o f s w itc h e s_____________ 12,676
do
se c o n d t r a c k _________ 322 .51 N o . o f Industrial c o n n e c t'n s 1,581
294.88
do
th ird t r a c k __________
73.33 M iles o f Industrial t r a c k s ..
fo u r th t r a c k ________
48.71 T o ta l m iles o f all t r a c k s — *2,501.31
do
do
y a rd tra ck A sid ln g s . 1,4 1 8 .8 9
• E x clu s iv e o f d a ta n o t r e c e iv e d fr o m th r e e m in o r syste m s.

In order to make this vast network of railway tracks, with
their inseparable switches and crossings, as little obstructive
as possible to the civic development of Chicago, a large part
of it has been elevated at an enormous expense, borne wholly
by the railways, as the following figures from the report of
the Superintendent of Track Elevation for the year ending
Dec. 31 1908 show:
S U M M A R Y S H O W IN G M IL E S O F R A I L W A Y , S U B W A Y S A N D CO ST
O F T R A C K E L E V A T I O N IN C H IC A G O D E C . 31 1908.
Com pleted or
U nder Ordinance
U nder C o n str’ n .
B u t N o t B egu n .
Total.
M iles o f r a i lw a y _________
113.44
35 :2 8
148.72
M iles o f all t r a c k .............
748 .72
166 .29
915.01
S u b w a y s _____ _____________
559
161
720
C o s t ............................................$ 5 3 ,6 6 2 ,0 0 0
$ 19 ,000 ,00 0
$7 2 ,6 2 2 ,0 0 0

It will be perceived that with all the vast expenditure upon
track elevation that has impeded the economic operation of
railways in Chicago for the past fifteen years, scarcely onethird of the terminal tracks of Chicago have been raised.
Nor will it ever be necessary to raise them.
But if any portion of the terminal tracks are electrified,
it will involve the electrification of all, for the terminal facilities
of Chicago cannot be operated half-steam and half-electricity.
Nor can this electrification be confined to the tracks
within the corporate limits of Chicago. From its nature it
would have to include all the contiguous territory within the
belt lines running from Waukegan around the city to Indiana
Harbor. It could not stop short of North Chicago to the
north, West Chicago to the west and Joliet and Blue Island

1390

THE CHRONICLE

to the south. The Lake alone would limit its paralyzing
effect to the east.
•
Within the territory mentioned, but without the limits of
Chicago, there would of necessity be a transfer zone, common
to steam and electricity, where the railways would have to
maintain a double plant— double roundhouses, machine
shops, practically everything, including double capitaliza­
tion. Within this zone there are literally thousands of in­
dustrial plants, all tributary to Chicago.
Now let me present, as far as I can with available statistics,
an idea of the railway traffic of Chicago:
SU M M A R Y OF T H E P A S S E N G E R A N D F R E IG H T T R A F F IC
H A N D L E D B Y T H E R A I L W A Y S O F C H IC A G O .*
N u m b e r o f s u b u rb a n passen gers In an d o u t d a ily ____________________ 116,421
“
“
“
p assen ger train s in a n d o u t d a ily ................
1,504
“
“ th rou g h passen gers in a n d o u t d a ily _____________________ 23,096
“
“
“
p a ssen g er trains in a n d o u t d a ily ...........................
418
C ar lo a d s , fre ig h t i n _____________________________________________________
3,801
C ar lo a d s , fre ig h t o u t ___________________________________________________
2,098
L ess th a n c a r lo a d s , i n __________________________________________________
964
Less th an ca r loa d s, o u t _________________________________________________
1,464
N u m b e r o f fre ig h t train s h a n d le d d a lly ________________________________
410
T o ta l trains h a n d led d a ily _____________ _________________ ___________ ___
2,422
• B a s e d o n retu rn s fr o m 14 le a d in g s y s te m s. ,

.

You will understand from these figures how essentially
dissimilar are conditions in New York and Chicago. Besides,
it has been estimated that electrification of the steam rail­
ways of Chicago would cost approximately $400,000,000,
without adding anything to their efficiency in handling the
great freight traffic, which is the life of Chicago and its reason
for existence. You can figure how long that freight business
would stand the imposition of an uuremunerative investment
of $400,000,000.
From only one point of view, cleanliness, does the change
to electricity appear desirable, and it is believed that that
end would be achieved at a less staggering price.
Yours very truly,

S lason T hompson,

Manager.

ITEM S ABOUT B A N K S , B A N K E R S A N D TRUST GO’S.
— The public sales of bank stocks this week aggregate 52
shares and were all made at the Stock Exchange. The
prices paid were 3 to 5 points lower than the close last week.
Only one 5-share lot of trust company stock was sold at
auction.
S h ares. B A N K S — N ew Y o rk .
•10 C ity B a n k , N a tio n a l_______
*34 C o m m e r c e , N a t. B a n k o f . .
*8 F o u rth N a tion a l B a n k ____
T R U S T C O M P A N Y — N ew
5 C a rn egie T r u s t C o ____ _____

L ow .
- 410
. 188
_ 260
Y o rk .
- 165

H igh .
410
190
260

C lose. Last P revio u s
410
N o v . 1909—
190
N o v . 1909—
260
N o v . 1909—

Sale.
415
192
265

165

165

165

N ov.

1909—

* S o ld a t th e S to c k E x ch a n g e .

— A bill for the establishment in Cuba of a national cur­
rency system on a gold basis similar to that of the United
States was, according to the daily newspapers, introduced
in the Cuban Senate at Havana on the 19th inst. The gold
coins, it is stated, are to be of $5, $10 and $20, and the sub­
sidiary coins of silver, nickel and copper. The bill provides,
it is stated, that the amount of coin to be issued is to be de­
termined by a currency commission to be appointed by the
Government.
— The first meeting held by the National Monetary Com­
mission since the adjournment of Congress took place at
Washington on the 20th inst. The attention of the Commis­
sion was directed principally toward the issuance of the
reports bearing on financial questions which have been pre­
pared at its instance, and it was decided to proceed at once
with the publication of these volumes, the first of which, it
is understood, will be issued shortly after Congress convenes.
The reports are on a most elaborate scale, covering every
phase of banking practice both here and abroad. Altogether
some fifty or more volumes are promised.
— An argument against a central bank plan along the lines
of the Bank of England was presented by Victor Morawetz, former Chairman of the Executive Committee of the
Atchison Topeka & Santa Fe R R ., in an address before the
Finance Forum of the W est Side Y . M. C. A . on Wednesday.
Mr. Morawetz contended that the underlying defect of our
present system is that it makes no provision for the fluctua­
tions in credit and currency requirements. There are, he
said, 25,000 independent banks and trust companies in the
United States, each carrying on business for its individual




[V O L . L X X X IX

interest alone, independently of the others, and each at
all times seeks to lend its credit to the limit permitted
by law as long as it can make a profit by so doing. The
result is, he stated, that bank credits are expanded, specula­
tion is encouraged, and business operations are extended to
the utmost limit in normal times, while no reserve is held
back for use in times when an exceptional amount of cur­
rency is withdrawn from the bank’s reserve for use as a
circulating medium, or when an exceptional amount of bank
credit is needed. As a remedy, two things, Mr. Morawetz
held, must be provided for, namely:
F irst. P r o v is io n m u st be m a d e s o th a t In n orm al tim es a s u ffic ie n t
a m o u n t o f c u r r e n c y a n d o f c r e d it p o w e r shall be h eld b a c k as a reserve t o
be used o n ly in tim es w hen an e x c e p tio n a l a m o u n t o f cu r r e n c y o r o f ban k
cre d it Is n eed ed , a n d so th a t th e e x tr a a m o u n t o f cu r r e n c y o r o f cre d it
shall a gain be taken u p as s o o n as th e need fo r it shall h a ve p assed. S om e
slack sh o u ld be held in the ro p e o f cre d it In o r d in a r y tim e s to let o u t at
need a n d be d ra w n In a gain w h en the need passes.
S e c o n d . P r o v is io n m u st be m ade so th a t the flu ctu a tio n s o f b an k reserves
cau sed b y th e flu ctu a tio n o f th e a m o u n t o f cu r r e n c y w ith d r a w n fr o m the
banks fo r use as a cir c u la tin g m e d iu m m a y be co m p e n s a te d b y a co r re s p o n d ­
ing increase o r re d u c tio n o f th e o u ts ta n d in g b an k n o te cir c u la tio n , th e ban k
n otes b e in g ju s t as g o o d as g o ld fo r cir c u la tio n , b u t n o t as reserves.

In all civilized countries of the world except the United
States, he pointed out, it has been recognized that no safe
system of banking is possible without central regulation and
control over the aggregate expansion of bank credits. He
viewed as impracticable, however, the establishment in the
United States of a bank similar to the central banks in
Europe, and summed up his opinion as to the solution for
meeting the requirements of our own country as follows:
I
b c ile v e th a t th e n ecessary ce n tra l re g u la tio n and c o n tr o l o f th e e x p a n ­
sion o f ban k credits ’ in rela tion t o reserves an d th e necessary p r o te c tio n
o f flnanclal co n d itio n s can be a tta in e d in th e U n ited S tates w ith o u t the
cre a tio n o f a cen tral b a n k .
I b e lie v e th a t It ca n b e a tta in e d w ith o u t
c o n c e n tr a tio n o f b a n k in g re sou rces, w ith o u t c re a tin g a m o n o p o ly o f th e
right t o issue ban k n o te s, a n d w ith o u t a tt e m p t in g t o r e v o lu tio n iz e ou r
present b a n k in g a n d business m e th o d s , w h ic h In th e m a in h a v e se rved
the c o u n tr y w ell.
I sh o u ld p r o v id e th e n ecessary cen tral re gu la tio n and
c o n tro l b y e sta b lish in g a ce n tra l b o a r d e le cte d b y th e b a n k s, h a v in g
p ow er, w ith the a p p ro v a l o f the S e c r e ta r y o f the T re a s u ry , fro m tim e to
tim e to increase o r to d im in ish , .according t o th e needs o f ch a n g in g c o n d i­
tion s, the v o lu m e o f o u ts ta n d in g n otes Issued b y the ban ks in e xcess o f the
r e d e m p tio n fu n d s to be p r o v id e d an d k e p t up b y th em fo r th e r e d e m p tio n
o f these notes.

— Orion Howard Cheney has been appointed New York
State Superintendent of Banks, succeeding Clark Williams,
who recently became State Comptroller. Mr. Cheney had
been Second Deputy Superintendent of the Banking Depart­
ment since Sept. 1908. For six months prior to that time
he had served as Third Deputy, a post created at the 1908
session of the Legislature. For ten years from 1892 Mr.
Cheney had been in the employ of the Garfield National Bank
of this city, of which his uncle, Alfred C. Cheney, was
formerly President. He later turned his attention to law,
and at the time he became identified with the Banking
Department was senior member of the law firm of Cheney,
Schenck & Stockell.
The members of the Chicago Board of Trade on Tuesday
voted down proposed changes in the by-laws of their organ­
ization, one of which was intended to prevent corners. This
amendment, which was killed by a vote of 409 to 359, was
as follows:
“ If a co rn e r Is run an d there Is a d e fa u lt In th e c o n t r a c t, th e P re s id e n t
o f th e B o a rd o f T r a d e Is t o a p p o in t a c o m m it t e e o f th ree m em bers o f the
b o a r d , this c o m m it t e e to be a p p r o v e d b y th e b o a rd o f d ir e cto r s , a n d this
co m m itte e shall s a y w h a t th e tru e co m m e rcia l va lu e o f th e c o m m o d it y In
qu e stio n Is o n the d a y o f th e m a tu r ity o f the c o n t r a c t. T h e p rice e s ta b ­
lished b y this c o m m itte e w ill be th e o n e u p o n w h ich s e ttle m e n ts are to be
m a d e .”

Inasmuch as similar regulations have been in force for
some time on the New York Produce Exchange, it was gen­
erally expected that the Chicago body would indorse the
changes under consideration.
— To perfect the consolidation plans arranged betwce» the
Mechanics’ National Bank and the National Copper Bank
of this city, meetings of the respective stockholders will be
held on Dec. 23. The matters to be presented for the
ratification of the stockholders of the Mechanics concern the
question of increasing the capital of that bank from
$3,000,000 to $6,000,000, and amendments to the articles
of incorporation providing for the proposed change in the
name to the Mechanics’ & Metals National Bank, an enlarged
board and additional officers. The stockholders are t* be
asked to waive their rights to the additional capital, which is
to be used for the purpose of acquiring the assets and busi»ess
of the Copper bank. The Mechanics’ shareholders of date
Dec. 11 will receive, however, a cash dividend of 2 1 % , which

Columbus, Ohio
e x a r c h 9th, 1910

-cl ,

To the Depositors of the
Society for Savings

CLEVELAND, OHIO
The recent examination o f the affairs o f the
Society for Savings was made by Examiners from
this Department. This examination was careful
and thorough, covering all securities of every kind
and cash on hand. Every security was examined
and all cash was counted. It was found to be in
perfect condition; entirely within the law in every
respect, and with abundance of means to protect
every depositor.
W e are able to positively state that the bank
is in position to meet every demand upon it, and
no depositors have any cause for alarm.
Respectfully
(Signed)




B. B. SEYM OUR

Superintendent of Banks of Ohio

CHAS. R. DODGE

Chief Examiner in Charge

1391

THE CHRONICLE

Ho t . 27 1909.

has been declared, contingent upon the consolidation | — John Caldwell, a Vice-President of the Bank of Pitts­
becoming effective. The stockholders of the National Copper burgh, at Pittsburgh, P a., and Treasurer of the W estingBank, at the meeting scheduled for next month, will au­ house Air Brake Co., died suddenly on the 23d inst. M r.
thorize the issuance of $1,000,000 of new stock, which will be Caldwell, who was about seventy years of age, was born in
allotted at $200 per share, this serving to increase its Ireland. He went to Pittsburgh as a boy, his first employ­
capital and surplus from $2,000,000 to $3,000,000 each. ment being as a clerk in a grocery store. He had been iden­
The capital, $3,000,000, and the surplus and undivided tified with the Air Brake Co. from the time o f its organiza­
profits of $3,875,000 will then equal the capital, surplus tion in 1869, first as book-keeper and later as Treasurer.
and undivided profits at book value of the Mechanics , after
— A consolidation in Toledo is planned between the Dollar
the 2 1 % dividend has been declared. After the increase in Savings Bank & Trust Co. and the Ohio Savings Bank &
capital, the Copper Bank will be placed in voluntary liqui­ Trust Co., the union to be consummated under the name of
dation.
the latter. The capital of the Dollar Savings & Trust is
__ Thomas J. Lewis, in addition to being Vice-President $500,000 and that of the Ohio $600,000. The amalgamated
of the National Reserve Bank of this city, has been appointed institution will have $850,000 capital. It will have deposits
in the neighborhood of $4,600,000, about $3,600,000 repre­
Cashier in place of George W . Adam s.
__ The enviable record of a half-century’s connection with senting those of the Ohio '"Trust. The proceedings are still
one firm is held by Walther Luttgen, a member of the firm to be ratified by the shareholders.
of August Belmont &, Co. of this city, who has just completed
his fiftieth year with that house. Mr. Luttgen came to this
country from Germany with his parents when he was fifteen
years old, and after some previous business experience
became associated with the firm of August Belmont & C o .,
where he has remained ever since, having been admitted into
partnership in 1880.
— The tenth anniversary of the Flatbush Trust Co. of
Brooklyn Borough was celebrated on the 17th inst. with a
banquet at the Hotel Knickerbocker, the party later
adjourning to one of the theatres. An incident of the
evening was the presentation to John Z. Lott, President
of the company, of a loving cup. Mr. Lott has been at the
head of the institution since Feb. 1905.
The company
opened for business on July 20 1899 and on July 20 1909
reported deposits of $4 ,155,954. Warren Cruikshank, A . C.
Snyder and John H . Ditmas are the vice-presidents of the
company; Edmund D . Fisher is the Secretary and Franklin
Schenck is Assistant Secretary.
— The Kings County Trust Co. of Brooklyn Borough is
commemorating its twentieth anniversary by the issuance
of a souvenir pamphlet. The company started business in
Oct. 1889. In the interval it has paid out in dividends
$897,500, and although it started with a surplus of but
$250,000, has to-day surplus and profits of nearly $1,950,­
000. Its deposits amount to about $15,000,000. Julian D .
Fairchild has filled the office of President since 1893.
— Control of the Citizens’ Bank of Elizabeth, N . J ., is
reported to have been acquired by the Union County Trust
Co. of that city. Last May it was announced that control of
the bank had been taken over by interests connected with
the National City Bank of New York, the acquisition being
effected at $82 50 per $50 share. It is these holdings, it is
understood, which now pass to the Union Trust, the latter
paying $85 per share, at which price, it is said, the individual
holders will also be permitted to dispose of their stock. As
a result of the change in ownership, the bank will retire from
business, being taken over by the trust company. The bank
has a capital of $100,000 and deposits of about $650,000; the
trust company has $200,000 capital and deposits of over
$3,000,000.
— In the pamphlet being sent out by the People’s National
Bank of Pittsburgh, P a., giving the new statement for N ov.
16, there also appears the following interesting table depict­
ing the growth of the institution since its incorporation in
1865:
Yem r __

C a p it a l .

1 8 C 5 ..........................$ 1 ,0 0 0 ,0 0 0
187*
1,0 0 0 ,0 0 0
18 7 5 " I ” ............. 1 ,0 0 0 ,0 0 0
1880
1,0 0 0 ,0 0 0
1881 " I " ” ” . . . 1 ,0 0 0 ,0 0 0
1 8 9 * ......................... 1,0 0 0 ,0 0 0
1895 ......................... 1 ,0 0 0 .0 0 0
1 9 0 * .........
1 ,0 0 0 ,0 0 0
1905 ......................... 1 ,0 0 0 ,0 0 0
1009 ......................... 1 ,0 0 0 ,0 0 0

S u r p lu s a n d
P r o fits .

$53 ,7 7 4
8 9 ,6 7 5
174 ,630
248 ,374
298 ,219
549,183
901 ,1 2 5
1,1 8 2 ,8 6 7
1,5 6 5 ,8 4 7
1 ,826,508

D ep o sits.

$31 0 ,1 5 0
507 ,644
508 ,086
6 0 7 ,0 5 7
1,0 6 7 ,0 8 3
2 ,2 3 1 ,3 5 9
3 ,4 5 6 ,8 0 3
5,6 5 8 ,9 6 4
1 2 ,0 7 1 ,8 6 2
1 4 ,8 6 0 ,6 4 5

N et
E a r n in o s . D iv i d 'd s .

$11 3,77 4
505,901
514,955
3 73 .744
3 4 9 ,8 4 5
550 ,964
681 ,942
701 ,742
1 ,0 8 2 ,9 8 0
980,661

$60 ,000
470 ,000
430 ,000
3 0 0 ,0 0 0
300 ,0 0 0
300 ,000
330 ,0 0 0
420 ,000
700 ,000
720 ,000

— E . W . Shirk, President of the First National Bank of
Tipton, In d ., who was arrested in August on charges alleging
the misappropriation of funds of the bank, has been exon­
erated by the Federal Grand July. W ith regard to the in­
vestigation which has resulted in the exculpation of Mr.
Shirk, District Attorney Charles W . Miller says:
A th o r o u g h In v e s tig a tio n o f th e ch a rg e a ga in st M r. Shirk w as m a d e b y
th e G rand J u r y , a n d It w as fo u n d th a t th e re w as a b s o lu t e ly n o fo u n d a tio n
u p o n w h ich a b ill c o u ld b e b a s e d .
I c a n n o t s a y a n y th in g a b o u t w h a t e v i­
d e n ce w as s e c u r e d c o n c e r n in g this c a s e , a n d a ll th a t can b e g iv e n o u t is th a t
th e In v e stig a tio n w as m a d e a n d th ere w as n o fo u n d a tio n fo r th e fin d in g
o f an in d ictm e n t.

The charge against Mr. Shirk concerned the drawing by
him of a draft for $24,252 in his own favor on the day the
bank suspended. In protesting his innocence of any wrong­
doing in the matter, Mr. Shirk issued the following state­
ment, going to show that the payment represented the bal­
ance due him on a loan made by him to the bank in 1904:
I am P re sid e n t o f th e b a n k , a n d in 1904 C a shier M arker a s k ed m e to
loan the b an k $4 5 ,0 0 0 , g iv in g as a re a so n th a t th e reserve fu n d w as g e ttin g
lo w .
I le n t th e b a n k th e m o n e y , ta k in g its n o t e , sig n e d fo r It b y C ashier
M arker, an d le t this m a tte r run a lo n g until last J a n u a r y , w h e n I re q u e s te d
th a t the n o te be p a id .
I t n o w se e m s th a t M ark er d id n o t c r e d it m e w ith
th e a m o u n t o f th e lo a n o n th e b a n k ’s b o o k s o r m a k e a n y e n tr y w h a te v e r
o n the b o o k s s h o w in g th e tra n s a c tio n .
O f this I w as e n tire ly ig n o r a n t,
s u p p o sin g th a t it all a p p e a r e d o n th e b a n k 's b o o k s .
T h e m o n e y w as re p a id m e b y M ark er In J u n e a n d J u ly last. T h e last
p a y m e n t, w h ich w as b y d r a ft o n th e F irst N a tion a l B a n k , C h ica go, w as fo r
th e b a lan ce o f th e $45 ,0 0 0 an d in te re s t, a m o u n tin g to a little o v e r $ 2 4 ,0 0 0 .

William H . Marker, ex-Cashier of the bank, and Noah
R . Marker, former Assistant Cashier, were both in­
dicted on the 18th inst. ‘ It is reported that two in­
dictments were returned against W . H . Marker, one con­
taining 86 and the other two counts, and one indictment of
50 counts against Noah R . Marker. The charges against
W . H . Marker, it is stated, allege the embezzlement of $100,­
000 of the funds of the bank, the abstraction of sundry promis­
sory notes and credits, misapplication of funds, the making
of false entries in the books and false reports to the Comp­
troller of the Currency. Noah R . Marker is charged with the
alleged embezzlement of $100,000 from the funds of the bank,
the abstraction of notes and credits, the misapplication of
funds, and the making of false entries in the books. The
bank closed its doors on July 26, following the disappearance
of Assistant Cashier Marker, and the discovery of a deficiency
in its vaults.
It reopened for business on Aug. 16,
the resumption having been made possible through the
action of the stockholders in agreeing to provide sufficient
cash to cover all shortages and bad accoun ts.
— Willard F . Hopkins has been elected Cashier of the
Peninsular Savings Bank of Detroit. The post has been
vacant for nearly three years, since the promotion of John
H . Johnson to the presidency. Mr. Hopkins, it is stated,
will also be a member o f the bank’s directorate.

The foregoing shows material progress, particularly in the
amount set aside yearly to the surplus and profit fund, not­
withstanding the large dividend distributions. Robert
Wardrop is the well-known President of the institution. His
official assistants are D . E . Park, Vice-President; Hervey
Schumacher, Cashier, and W . D . Bell, S. Clark Reed and

— Among Chicago banks the statements of N ov. 16 show
the following. changes as compared with the last previous
statements (Sept. 1 ). A gain in the deposits of the Conti­
nental National Bank of 14 y 2 millions, due, however,
to its absorption of the commercial business of the American
Trust & Savings Bank, now an affiliated institution; the
Commercial National Bank shows a gain in deposits of
$2,200,000; the National Bank of the Republic of $1,500,000;
the National Live Stock Exchange of $900,000; the Hamilton
National over $500,000. Deposits in most of the other
national banks are less than three months ago, although in
the fourteen, taken together, the net increase is about
$2,000,000.
TheirJJtotal
d e p o sitsJ N o v. i 16j|[foot up

F . R . Flood, Assistant Cashiers.

$404,746,735.




JH

1392

THE CHRONICLE

As a whole, the ChicagoJStateJbanksJshow a decrease in
deposits of $28,000,000 between the last two calls; but a few
show substantial increases. These are: The Union Trust
Co., $1,200,000;
the Hibernian Banking Association,
$1,000,000; the Northern Trust Co., $800,000; the State
Bank of Chicago, $600,000; the Chicago Savings Bank and
W est Side Trust & Savings Bank, about $300,000 each; and
the Prairie State and Western Trust & Savings, $200,000
each.
— The Citizens’ Trust Co. of Chattanooga, Tenn., has
been incorporated with $100,000 capital. The incorporators
are identified with the Citizens’ National Bank, with which
the proposed institution will be affiliated. The Citizens’
National began business in July 1908 as a conversion of
the Citizens’ Bank & Trust Co.

[F rom o u r o w n c o rre s p o n d e n t.]

[V O L . L X X X IX .

is expected to give the Bank of England once more control of
that market, and, therefore, to make the 5 % rate effective.
The India Council offered for tender on Wednesday 40
lacs of its bills, and the applications amounted to 419 lacs,
at prices ranging from Is. 4 3-32d. to Is. 4>£d. per rupee.
Applicants for bills at Is. 4 3-32d. were allotted about 6 %
and above in full, while applicants for telegraphic transfers at
Is. 4>£d. per rupee were allotted about 6 % or the amounts
applied for.
English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
W e e k e n d in g N o v . 2 6 .
S a t.
M on.
S ilv e r , p e r o z ............................. d . 2 3 ) 6
23)4
C o n s o ls , n e w , 2 ) 4 p e r c e n t s . , 8 2 7 -1 6 82)4
F o r r e c o u n t _________ ______ 8 2 9 -1 6 82 %
F r e n c h K e n te s ( I n P a r is ) fr e s 9 9 .0 5
99.10
A m a lg a m a te d C o p p e r C o ______ 97 )6
96)4
b A n a c o n d a C o p p e r C o ................. 11
10)4
. A t c h . Tc p e k a A S a n t a F e . . . 1 2 3 )6
122)4
P r e f e i r e d . . ............................. . 1 0 7 ) 4
107
B a l t i m o r e A O h i o ......................... 120
119)4
P r e fe r r e d _______ _____________ 94
94
C a n a d ia n P a c i f i c ............................182
181)4
C h e s a p e a k e & O h i o ___________ 91
90)4
C h ic a g o M l l w . A S t. P a u l ___ 1 6 0 )4
159)4
D e n v e r A R i o G r a n d e ................. 49
48)4
P r e fe r r e d ........... .......................... 87
86)4
E r i c .......................................
3 433)4
%
F i r s t p r e f e r r e d ______________ 5 0 ) 4
50
S e c o n d p r e f e r r e d ___________ 41
41
I l l i n o i s C e n t r a l ............................. 1 50 14
150)4
L o u i s v il l e & N a s h v i l l e _______ 1 5 6 )4
155)4
M is s o u r i K a n s a s & T e x a s _____51 ) i
50
P r e fe r r e d __________
7 7 )4
77
N a t . R l l . o f M e x . , 1 s t p r e f . . 57
57
S e c o n d p r e fe r r e d . . . ................. 2 2 ) 4
22)4
N . Y . C e n t r a l * H u d . R i v e r . 1 3 6 )4
135)4
N . Y . O n t a r i o & W e s t e r n _____ 4 0 ) 4
48 'A
N o r f o lk A W e s t e r n ...................... 98
98
P r e f e r r e d ........................................ 9 3
92
N o r t h e r n P a c i f i c . . .......................1 4 8 )4
147)4
a P e n n s y lv a n ia ................................ 6 8 ) 4
67)4
a R e a d in g .......................................... 8 7 ) 4
86)4
a F i r s t p r e fe r r e d ____________ 47
47
a S e c o n d p r e f e r r e d ....................5 1 ) 4
51)4
R o c k I s la n d
...........................
4 1 )4
40)4
S o u t h e r n P a c i f i c _____ ________ 1 3 3 )4
131
S o u t h e r n I t y ........... ........
3 2 )4
82 H
P r e f e r r e d . _______________
72
72
U n io n P a c ific ......................
2 0 8 )4
205)4
P r e f e r r e d ___ _____________
1 06
105)4
U . S . S te e l C o r p o r a t i o n .............. 9 2 ) 4
89)4
P r e f e r r e d ................................
1 2 9 )4
129
W a b a s h ................................
2 1 21
P r e f e r r e d . . . ________________ 5 4
54
E x te n d e d 4 s ........... .. .................. 7 6
76

Tues.
23 H
82)4
82)4
99.05
94)4
10)4
121)4
107
119
94
180)4
89) 4
158)4
48)4
86)4
33)4
49)4
‘1034
150
155
49)4
76)4
57
2234
134)4

Wed.
Thurs.
F ri.
23)4
23)4
23)4
82 7-16 82)4
• 82)4
82 9-16 82 9-1
82)4
99.00
99.15
99.05
92
93)4
92)4
10)4
10 %
1034
122 )4
122)4
122)4
107
107
107
119)4
118)4
U S )4
94
94
181)4
182)4
182)4
89)4
89
88)4
159
"59
159
49)4
49
49
86)4
- - 86)4
33)4
33)4
33)4
49)4
49)4
49)4
41
40)4
40)4
150
151
150)4
155
155
155
49)4
49)4
49)6
___
76
76)4
___
57
57
22)4
22)4
133)4
131)4
131
48
48)4
98
97)4
91)4
91)4
. . '. .
147 34
147)4
67 34
67)4
67)6
86)4
87)4
88)6
47
47)4
___
51)4
5134
40
40
.
„■
132)4
131)4
133)4
32
32 H
32 34
71
70)4
71
206)4
206 %
c204)6
_ .
105
105
90
90)6
90)4
128
127 >4
127%
21J4
21)4
21
58
57
78
78

r
(
L o n d o n , S a t u r d a y , N o v . 20 1909.
The Stock Exchange throughout this week has been en­
gaged in liquidating accounts which have been carried over
toi a long time. Operators on the Exchange have been hop­
ing for months past that the fall in quotations had at last
come to an end. Therefore, the holders of long stocks held
___
on with grim determination. But this week a kind of ner­
___
vous^ attack seems to have seized most of them, and there
48k
___
98
has been selling upon an extraordinary scale, from Consols
___
92
downward.
I he chief fall has been in British railway stocks,
147
67)4
bouth and West African gold shares and Egyptian land
87
shares. But in fact there has been depreciation in almost
47
everything except Americans.
51)4
40)4
In 1 aris there is so strong a dislike of an income tax of
131)4
32
death duties and the like, that there is much sympathy felt
71)4
for the opposition here to the Budget, and, in consequence
206
104)4
French investment in London has quite dried up. On the
90)
4
other hand, French investment is reported to be much larger
128
than hitherto in American securities, and especially in Ameri­
20)4
54
can industrial securities. American railways are also receiv­
76
___
ing inoro attention than of old. But as yet the distrust of
a Price per share. b £ sterling, c Ex-dividend.
American railways in France has not been overcome. The
proposed copper combine is likewise attracting much atten­
tion in Paris, and has given a decided fillip to copper shares.
©cmxweuciai and jy^isccUaixcmrsHexus
1 he chief business in Paris, however, is the bringing out of
loans, which^are, succeeding one another with great rapidity,
National Banks.— The following information regarding
the recent lurkish loan was a decided success in Paris, and
national banks is from the office of the Comptroller of the
it is .soon to be followed by a Turkish municipal loan for a Currency, Treasury Department:
million sterling. Servia is also negotiating a loan, threeN A T IO N A L B A N K S O R G A N IZ E D .
quarters of which is to be reserved for France and one-quar­
N ovem ber 12 to N ovem ber 17.
ter for Berlin. Other countries are reported to be looking 9 .5 8 0 — T h e F irst N a tio n a l B a n k o f A s h la n d , A la . C a pital, $ 2 5 ,0 0 0 .
for financial assistance.
°
B e n n e tt VV. P r u e t, P re s.; E d ga r L . W h a t le y , F irst V Ic e -P r c s .;
C levela n d W . A lle n , S e c o n d V lc e -P r e s .; E . H . H aw k in s, Cashier.
In Germany the proposed copper combine has also made
9.5 8 1 —
T h e S c o tts b lu fl N a tio n a l B a n k , S co ttsb lu ir, N e b .
C a p ital, 3 5 0 ,0 0 0 .
favorable impression. It is expected that as so many other
W . H . O ste n b e rg , P re s.; J . O. M cNIsh a n d F r e d ’ k A le x a n d e r , V ic e ­
P residen ts; H . H . O ste n b e rg , Cashier; S u m n e r B u rn h a m , A ssistan t
combines have been successfully carried through that like
C o n v e rsio n o f the S c o tts b lu ff S ta te B a nk.
wise will be successful. It is hoped that if it is, the markets 9.582— C ashier.
T h e F irst N a tio n a l B ank o f D ie te rich , 111. C a p ita l, $25 ,0 0 0 . A . C.
for all the metals and for metal shares will improve. In fact
n re,., £La y s ’ p res.;
A . P a rk e r, C ashier.
r h e A n a c o n d a N a tio n a l B a n k , A n a c o n d a , M o n t.
C a pital, $ 1 0 0 ,­
there is already some, improvement in the shares of German 9 , 0 8 3 — 000.
C hristian Y e g e n , P re s.; P e te r Y e g e n , V Ico -P re s.; Chas. E
. F a rn sw o rth , Cashier; M. A . F u lm o r , A ssista n t Cashier.
mining companies, which gre chiefly coal and iron
The _
T h e F irst N ation a l B a n k o f C a p ito l H ill, O kla.
C a pital, $25,000
large amount of gold which the Bank of England has re­ 9,.»84— S.
R . R a y m o n d , P re s.; E. I). N lm s, V ic e -P r e s .; A . L . N lm s, C a shier'
ceived during the past fortnight has also made a very favora­ , „ , n ™
,
,
L IQ U ID A T IO N .
•
a l B a n k , A m c s b u r y , M ass., N o v . 8 1909
ble impression in Germany. Everybody now concludes that „ 511— rE?e "Nt oa eusmb kUerayg NNation
a tio n a l B a n k o f S alem . M ass., N o v . 11 1909 '
the monetary difficulty in London is over; that, therefore
6,5 7 0 — T h e F irst N a tio n a l B a n k o f T e m p le , O k la ., N o v . 15 1009.
'
it will not be necessary for the Imperial Bank to put up its
rate of discount, and if not, it is hoped that the improvement
D IV ID E N D S .
in trade, which is very general, will continue to make pro­
The
following
shows
all the dividends announced for the
gress.
1
future by large or important corporations:
A very large amount of gold has been received from abroad
during the week beginning with last Saturday. Allowing for
withdrawals from the Bank of England, the net receipts
When
Per
Books Closed.
have amounted to £1 ,2 7 5 ,0 0 0 . Moreover, the Bank of Eng­
Cent. Payable.
Name o f Company.
Days Inclusive.
land secured the greater part of the gold offering in the open
Railroads (Steam).
market on Monday. In addition to these large increases in Atch. Topeka A Santa Fc, com . (N o. 18) 3
Dec.
1 Holders of rec. N ov. 5
the Bank s reserves, demands for the metal have been di­ Atlantic Coast Line Company (quar. ) _____ 2)4 Dec. 10 Dec. 1 to Dec. 9
Atlantic Coast Line l ilt ., com m on ______
Jan.
3
10 fiec. 18
Jan. 10
verted. Gold has been sent from Paris and from Trieste to Boston A Albany (q u a r .)_________________ 2)6 Dec. 31 Holders of to
rec. Nov.30a
Jan.
3 Nov. 28
E gypt, and gold has gone from New York to Buenos Ayres Boston A L ow ell............. I . ............................ 4
to
Dec. 5
Boston & Maine, com mon ( q u a r . ) . ______
3 Holders of rec. Dec. la
134 Jan.
and Ilio. It is hoped, therefore, that the demands upon this Boston Revere Beach A L y n n . ________
3
Jan.
1 Holders of rec. Dec. 15a
Dec.
country are nearly ended. There has been a fall in the Cairo Buff, A Susq. R R „ prer. (quar.) (N o. 30) 1
1 Holders of rec. Nov. 23
RR. o f N .
(special) ......................
2
Dec. 15 Holders of rec. Nov.30a
exchange upon London which the best-informed think indi- Central
Chesapeake A Ohio (qu ar.)....... .................
1
Dec. 31 Holders of rec. D e c .lla
cate,s that the Egyptian demand is satisfied. It is understood Chestnut IIIll (q u a r .).- ............. ...... . ..........
4 N ov. 21
134 Dec.
to
Dec. 3
N . O: & Texas Pacific, pref. (quar.).
1 Holders of rec. N ov.24a
IH Dec.
that the Turkish demands will be mainly supplied from Paris. Cln.
Cleveland A Pittsburgh, reg. guar, (quar.)
IVx Dec.
1 Holders of rec. Nov. 10
In tact, the Bank of France has allowed some gold to go to
Special guaranteed (quar.) ....................
1
Dec.
1 Holders of rec. Nov. 10
Cripple Creek Central pref. (qu.) (N o. 16)
1
Dec.
1 Holders of rec. N ov. 20
Constantinople. With regard to Brazil, the hope is that the Detroit
A Mackinac, preferred________
3 ~
234 Jan.
‘6
to
Jan. 4
demand is now practically completed. But there is much Mexican Northern...................................
2
Nov. 30
5 to
N ov. 30
New York Philadelphia A N o r fo lk ...
ungertainty.
6
Nov. 30
Norfolk A Western, c o m m o n ............
234 Dec. 17
Upon the whole, the monetary position here has greatly Pennsylvania........... .............. ..................... .. 3
Nov. 30
Dec.
improved. At one time this week the rate of discount in Phlla. Germantown A Norristown (quar.) 3
4
Pittsburgh Bessemer A Lake Erie, pref.
3
Dec.
1
the open market fell to 4 1 -1 6 % , and it was feared that, in .->outhem
Pacific, com . (quar.) (N o. 13).
1)4 Jan.
3
consequence, the imports of gold might cease and that there ■Tenana Valley, preferred.......................... ..
to
Dec. ti,
3)4 bee.
6
i
Union Pacific, com mon (q u a r.)__________
t rec. Dec. la
2)4 Jan.
3 I
might even be an increase in the withdrawals. Since then VVhlte
Pass A Y ukon_______ _____
lb
to Jan. 15
Ian.
15 J
the rate in the open, market has somewhat stiffened. It is
Street & Electric Railways.
American Railways (q u a r.)_____________
1 to
Deo. 2
134 Dec. 15 J
hoped that it will be raised considerably next week, for on Brooklyn
Rapid Transit ( q u a r .).- ” ___
rs of rec. Dec. 10
11
Monday three millions sterling will have to be paid into the Chippewa Valley Ry. Ll. A P m ., pf. qu. ) 1D4 fan.
rs of rec. N ov. 30
)oc.
11
1 I
Bank of England for the Treasury bills recently issued. I Columbus (O .) y., com . (quar.) (N o. 20) 134 Jec.
Grand Rapids R y ., com . (quar.) (N o. 14)
1
1 I
Jec.
I he withdrawal of so large an amount from the open market




Dividends announced this week are printed in italics.

Name o f Company.
Street and Electric Railways—Con.
Kansas City R y . & L t., pref. (qu ar.)-----Halifax Electric Tramway, Ltd. (au ar.).
Massachusetts Electric Cos., preferred-----Norfolk Railway A L i g h t - .- ......................
Northern Ohio Tr. A Light (qu ar.)...........
Pensacola Electric C o., preferred..............
Preferred (extra ).......................................
Portland (O re.) Railway. Light A Power
com m on (quar.) (N o. 2 )..........................
Rochester Railway & Light, pref. (quar. ) . .
S t. Joscpn R y ., L ., II. A P ., com . (quar.)
Preferred (quar.) (N o. 2 9 )......................
W ashtngton(D .C .)R y.AE L.com . (N o .l) Preferred (N o. 1 1 ) . . ................- ...............
Banks.
Nineteenth W ard (monthly) (N o. 4 1 )-----Trust Companies.
Van Norden (monthly) (N o. 3 1 )................

Amalgamated Copper (qu ar.)......... ............
American Cotton Oil, com m on--------------Preferred — ............................ .................
American Express (q u a r.).................. ........
American G as------------------------- ---------------American Radiator, com mon (au ar.)-----Am erican Shipbuilding, common (.quar.)..
American Smelters Sec., pref. A (qu ar.).
Preferred B (quar.) (N o. 18)------------American Stogie, preferred........................
Amer. Sugar Refln., com . A pref. (quar.)
Amer. Teleg. A Cable, guar, (qu ar.)____
American T obacco, com mon (qu ar.)____
E x t r a ..........................................................
Associated Merchants’ , com . (q u a r.)-----Common (extra)____________ _____ ____
Borden's Condensed Milk, pref. ( q u a r .)..
Butte Coalition Mining (au ar.)__________
Butterlck Company (q u a r.)........................
Calumet & Iled a M ining (quar.)................
Canton Com pany............................................
Extra ............................................................
Central Leather, preferred (quar.)................
Childs Company, common (quar.)................
Preferred (quar.)...................... ...................
City & Suburban H om es..............................
Consolidated Gas of New Y ork (q u a r.).
Crex C a r p e t . . .. ..............................................
Diamond Match (qu ar.)_______ : ...............
duPont(E.1.) de Nemours Powd.,com.(qu.)
Preferred (quar.)..................................... ..
Eastman K odak, com . (qu ar.)................
Common (extra)................................... ......
Preferred ( q u a r . ) . .. ......... .....................
Federal M ining & Smelting, pref. (quar.).
General Asphalt, pref. (quar.) (N o. 10).
General Chemical, com mon (q u a r.).........
Preferred (quar.) _________ _____ _____
General Electric (qu ar.)..............................
Goldfield Consolidated Mines (q u a r.)------

Per
Cent.

When
Payable.

Statement of New York City Clearing-House Banks.—The

Books Closed.
Days Inclusive.

1K
1K
Ik
2
Vi
3
3d

Deo.
Jan.
Jan.
Dec.
Deo.
Deo.
Dec.

1
3
1
6
15
1
1

N ov. 20

to

Holders
NOv. 25
Holders
Holders
Holders

of rec.
to
of rec.
of rec.
of rec.

1
ik
i
2Vi

Dec.
D ec.
Dec.
Dec.
Dec.
Dec.

1
1
1
31
1
1

Holders o f rec. N ov. 12
Holders of rec. N ov.24a
Holders of rec. N ov. 15a
Holders of rec. D ec. 15
N ov. 14
to
D ec. 1
Nov. 14
to
D ec. 1

1K

Nov.

30 Holders of rec. N ov. 26

1

Nov.

30 Holders of rec. N ov. 26

$2
S4
Vi
5
3
3
3Vi
lVi
1
1 Vi
1 Vi
1
IK
IK
2 Vi
7Vi
IK
Vi
IVi
25c.
K
$8
lVi
50c.
IK
2
IK
2
1
2
Vi
2
2
IK
2Vi
2Vi
lVi
m
IK
1
lVi
2
30c.
20c.
IK
1

Dec.
Dec.
Nov.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Nov.
Nov.
Dec.
Deo.
Dec.
Dec.
Jan .
Jan.
Jan.
iDec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.

N ov. 30
1 N ov. 16 to
to
N ov. 30
1 N ov. 16
29 Holders o f rec. O ct. 28
1 N ov. 12
to
D ec. 2
1 Nov. 12
to
D ec. 2
3 Holders of rec. N ov. 30
to
N ov. 30
1 Nov. 21
to
Dec. 31
31 Dec. 23
to
D ec. 1
1 N ov. 17
1 Nov. 23
to
N ov. 30
1 Nov. 23
to
N ov. 30
1 Holders of rec. N ov. 15
3 Holders of rec. D ec. la
1 Holders of rec. N ov. 30
1 Holders of rec. N ov. 15
1 Holders of rec. N ov. 15
to
D ec. 1
30 N ov. 25
30 N ov. 25
to
D ec. 1
15 Dec. 5
to
D ec. 15
to
D ec. 1
1 Nov. 18
1 Holders of rec. N ov. 20
22 Holders of rec. N ov. 26
1 Dec. 21
to
Jan. 2
to
Jan. 2
1 Dec. 21
3 Holders of rec. D ec. 10
10 Dec. 5
to
D ec. 10
10 Dec. 5 to
D ec. 10
4 Holders of rec. D ec. 1
15 Holders of rec. N ov. 17
15 Holders of rec. N ov. 30
15 Holders of rec. N ov. 30
15 Holders of rec. N ov. 30
15 Holders of rec. D ec. 4
25 H oders of rec. Jan. 15
1 Holders of rec. N ov. 30
1 Holders of rec. O ct. 30
1 Holders of rec. N ov. 30
15 Holders of rec. N ov. 27
1 Holders of rec. N ov.20a
1 Holders of rec. N ov. 18
3 Holders of rec. Dec.18a
16 Holders of rec. Dec. 4a
.
........
1
31
i Holders o f rec. N ov. 10
i Nov. 12
to
Dec. 1
i Nov. 12
to
D ec. 1
i Nov. 24
to
D ec. 1
i Holders of rec. N o v . 19
15 Dec. 7
to
D ec. 15
15 Dec. 7
to
D ec. 15
30 Dec. 17
to
D ec. 30
27 Holders of rec. O ct. 30
27 Holders of rec. O ct. 30
15 Holders of rec. N ov.30a
3 Holders of rec. Dec.11a
3 Holders of rec. D ec.11a
1 Holders of rec. N ov. 13
1 Nov. 14
to
N ov. 30
1 Nov. 19 to
D ec. 1
1 Jan. 19
to
Feb. 1
15 Holders of rec. Dec.28a
30 Holders of rec. N ov. 16a
31 Dec. 12
to
Jnn. 2
1 Dec. 11
to
D ec. 14
16 Nov. 20
to
N ov. 23
31 Dec. 2
to
Jan. 2
20 Dee. 12
to
D ec. 20
15 Holders of rec. N ov.20a
15 Holders of rec. Jan. 4a
15 Holders of rec. Jan. 4a
30 Holders of rec. N ov. 15a
20 Nov. 21
to
D ec. 25
20 Doc. 8 to
D ec. 20
16 Holders of rec. Jan. 5
15 Holders of rec. Jan. 5
1 Holders of rec. D ec. 18
23 Holders of rec. D ec. 7
23 Holders of rec. D ec. 7
30 Holders of rec. N ov. 19a
30 Holders of rec. N ov. 19a
15 Holders of rec. N ov. 19
23 Holders of rec. D ec. 10
1 Holders of rec. D ec. 20
1 Holders of rec. D ec. 20
1 Holders of rec. N ov. 26
1 Holders of rec. N ov. 29
1 Holders of rec. N ov.20a
30 Dec. 11
to
D ec. 30
3(1 N ov. 6
to
N ov. 30
1 Holders of rec. N ov. 17
15 Holders of rec. D ec. 8

Internat. Harvester, pref. (qu.) (N o. 11)
International Nickel, common ( q u a r .) ...
Common (extra).................... .....................
Internat. Smelt. A Refln. (quar.) (N o. 2)
2
Kings Co. Elec. Lt. A P. (quar.) (N o. 39)
Laclede Gas Light, com . (qu ar.)......... ......
lVi
Preferred ....................................... ............
2Vi
Lanston M onotype Machine (qu ar.)_____
lVi
4
Lehigh Coal A Navigation (N o. 124)____
1
Extra ..........................................................
Lehigh it- Wilkes-Barre Coal Co. (N o. 1 ) . .
r>Vi
M ackay Companies, com. (quar.) (N o. 18)
IK
l
Preferred (quar.) (No. 2 4 ) - . . ..................
l
Massachusetts Gas Companies, com m on .
Preferred......... ............................................
2
Michigan State Telephone, com . (qu ar.).
lVi
Preferred (qu ar.).......................................
lVi
National Biscuit, com . (quar.) (N o. 45 ).
lVi
Preferred (quar.) (N o. 4 7 ) . . ................
IK
Nat. Enamel. <fc Stpg., pref. (auar.)____
IK
National Lead, com . (quar.) (N o. 2 4 ) . . .
IK
Preferred (quar.) (N o. 7 2 )____
IK
Nevada Consol. Copper (quar.) (N o. 1)
37K c.
Nllcs-Boment-Pond, com mon (quar.) . .
1 Vi
Philadelphia Electric (qu ar.)..... ..............
lVi
Quaker Oats, com mon (q u a r.)______
lVi
Common ( e x t r a ) ______ ______________
Vi
Preferred (qu ar.)...................... .................
lVi
51
Quincy Mining (q u a r .)..................... ..........
Railway Steel Spring, pref. (qu ar.)______
IK
3
Realty Associates (N o. 14)........................
1
E x t r a ....... .....................................................
Republic Iron & Steel, pref., (qu.) (N o.31)
IK
2
Safely Car Heating & Lighting (quar.)-----1
Extra
________ ______________________
IK
Sloss-Sheffleld Steel A Iron, com . (quar.)
%
Standard Oil (q u a r .)..................... .............. $10
Tennessee Copper.................... ....................... S I.25
2
Underwood Typewriter, com. (N o. 1 ).........
3
First and second preferred............ ..........
IK
United Cigar Mfrs., pref. (q u a r.)..............
United D ry Goods Cos., pref. (q u a r.)____
IK
IK
U. S. Cast Iron Pipe A F d y.,.pref. (q u .).
1
IJ. S. Steel Corn., com . (quar.) (N o. 2 4 ).
Preferred (quar.) (No '34)......................
IK
W altham W atch, preferred-......................
3
W om an's H otel (quar.) (N o. 4 ) _________
IK

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Deo.
Nov.
N ov.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Feb.
Jan.
Nov.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Nov.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
N ov.
Nov.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Nov.
Dec.
Dec.

D ec.

1

D ec. 2
D ec. 1
D ec. 1
N o v. 15
N ov. 15

dividends.

Auction Sales.— Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Stocks.
4 D et. T ol. A Iron. 2d pref.
(ctf. of deposit)......... ................. 9
40 Lima A Nor. R y . Co., c o m ___1 $10
525,000 Findlay Ft. W ayne A ) lot
W est. R y. Co. 2d Inc. 5s. 1945J
lOlIInll Signal Co., com m on............40
fiOOTUnlted Mining Co., S10 e a c h ..$5 lot
400'Am er. Nickel C o., $10 e a c h ..$67 lot
131Lockc brill C o . .................
1
5 Oil oh n Thom pson Mining Co.,
r $ 1 0 e a ch ._ ............. .................. . } $ 9 lot
7001E1 CrlSto Gold & Sliver Mining
[C o., 52 each...............................
60'Metropolttan Life Ins. C o -------160
50'Thom pson-Starrett Co., p r e f . . I l l
300 Compressed Air C o . . ................1
25!EdIson Electric Light Co. o f)$ 6 lot
Europe,' L td ......... .................--J
5 Carnegie Trust C o....................... 165




1393

THE CHRONICLE

Nor. 27 1909. j

Stocks.
20 Fraser Tablet Co. 1st pref.,
with 20 shares com . as b o n u s .. 20K
133 Albany Southern H R ., pref___32
20 Syracuse Bing. A N .Y .R R . C o .251
20 City of N. Y . Insurance C o____200
20 Brearly School, L t d .................... 90K
10 City of N. Y . Insurance Co.
(with rights)..................................200
100 Nat. Bank of North A m e r ic a .. 50
Bonds.
$50 Det. Tol. & Iront. AVi% bond
s c r i p ---------------------------------------- $5 lot
$40,000 Clearfield Creek Coal Co.
1st 5s, 1942: Jan. 1898 and sub­
sequent coupons attached............50
$1,000 Cleve. Akron & Col. R R .
1st 5s. 1927; M. A S ................108 & Int.
$1,000 Century Country Club 4s,
1954..................................................... 55
$500 Lotos Club Income 6s, 1 9 1 2 .. 68

detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Nov. 20.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
W e omit two ciphers (00) in all cases.
Banks.
00s omitted.

Capital.

Surplus.

$
$
Bank o f N. Y - .
3,374,4
2,000,0
Manhattan C o.
2,050,0
4,088,4
Merchants’ ____
1,642,1
2,000,0
Mechanics’ E x 3,767,3
3,000,0
America ______
1,500,0
5,674,1
P h e n lx _______
1,000,0
657,9
City .................. 25,000,0 29,046,9
Chemical _____
3,000,0
6,059,1
Merchants' E x 600,0
632,0
Gallatin_______
1,000,0
2,468,4
Butch. A D rov.
300,0
148,0
G reen w ich ____
500,0
779,7
American Exch.
5,000,0
5,220,0
Commerce......... 25,000,0 15,594,5
M erca ntile____
3,000,0
2,564,5
500,0
Pacific _______
898,9
C h a th a m _____
450,0
1,025,0
People’s ______
200,0
475,4
3,000,0 10,922,2
H an over...........
2,550,0
Citizens’ C e n t..
1,508,6
500,0
465,8
N a ssa u _______
Market A Fult’n
1,000,0
1,671,5
1,395,2
Metropolitan . .
2,000,0
3,000,0
5,310,9
Corn Exchange.
1,500,0
Im p. A Traders'
7,415,9
9,750,2
P a r k ........... ..
3,000,0
250,0
103,7
East R iv e r -----3,000,0
3,324,7
F o u r t h _______
1,845,4
1,000,0
Second ..............
F i r s t __________ 10,000,0 19,023,9
1,441,4
Ir v in g ................
2,000,0
250,0
811,7
Bowery ...........
1,598,3
500,0
N. Y . C ou n ty-.
649,7
Gcrman-Amer .
750,0
5,000,0
6,685,1
Chase__________
100,0
2,055,5
Fifth Avenue. .
200,0
886,1
German E x c h ..
1,040,4
200,0
G erm ania_____
1,000,0
1,373,8
Lincoln _______
1,000,0
1,148,8
Garfield......... ..
474,4
250,0
Fifth ..................
2,006,9
1,000,0
M etrop olis____
1,130,0
200,0
West Side_____
1,000,0
1,765,3
Seaboard...........
2,615,2
1,000,0
L ib e r ty ..............
1,000,0
738,7
N. Y . Prod. E x.
1,000,0
825,4
State ..................
1,000,0
331,0
14th Street-----2,000,0
2,734,3
Copper .............
1,000,0
305,2
Coal A Iron -------

Loans.
Average.

Specie. Legals. Deposits. ReAverage. Average. Average. e’ve.

$
18,504,0
29,000,0
17,794,0
26,618,0
22,135,1
8,668,0
170,196,4
28,379,8
6,609,5
8,519,6
2,250,8
7,328,7
28,934,1
144,715,1
14,433,4
3,868,3
6,729,7
2,327.4
62,100,5
22,051,2
6,227,0
8,020,7
12,934,7
40,099,0
26,026,0
81,310,0
1,368,0
22,022,0
12,116,0
98,670,2
20,206,3
3,464,0
7,846,6
4,111,4
71,521,5
12,950,2
3,540,0
4,719,0
16,132,8
7,287,9
3,408,1
11,423,0
4,427,0
19,051,0
16,519,7
7,609,5
13,512,0
5,348,6
26,097,4
5,501,0

S
2,933,0
6,933,0
2,683,0
4,902,0
3,579,1
1,682,0
36,819,8
4,513,4
1,513,0
1,028,3i
442,2
1,879,1
4,646,7
22,785,4
1,826,2
367,5
748,4
502,9
10,837,6
5,215,7
647,6
1,032,6
3,280,6
7,138,0
3,778,0
22,356,0
376,6
3,536,0
2,494,0
21,234,9
3,722,4
791,0
1,366,8
798,3
16,494,9
2,767,2
435,0
908,0
3,362,6
1,632,8
674,6
1,418,1
916,0
4,350,0
3,226,6
2,044,0
3,989,0
779,7
5,981,1
722,0

$
1,223,0
1,684,0
983,0
1,581,0
1,889,7
469,0
5,541,0
2,277,7
145,2
615,3
126,9
200,0
1,582,4
8,088,9
936,8
576,9
1,105,3
134,9
7,992,3
318,7
1,059,4
098,4
221,9
4,481,0
2,031,0
1,195,0
110,9
2,500,0
535,0
1,215,8
1,751,8
53,0
683,3
237,2
4,607,1
1,078,2
445,7
505,0
986,4
204,5
282,9
1,381,2
246,0
1,281,0
784,6
234,0
282,0
637,9
361,4
576,0

$
15,943,0
33,000,0
16,768,0
26,553,0
21,828,8
8,249,0
159,758,8
26,645,6
6,708,9
6,342,4
2,202,9
8,170,1
22,594,5
120,078,7
10,977,1
3,549,3
7,093,6
2,428,0
71,007,9
21,668,4
6,892,8
7,735,1
13,484,1
46,697,0
23,467,0
91,206.0
1,602,2
23,922,0
11,802,0
86,583,1
21,255,6
3,550,0
8,017,5
4,022,7
77,088,8
14,733.5
3,573,8
5,360,3
17,436,7
7,257.0
3,638,3
11,347,4
4,740,0
21,850,0
15,805,2
9,006,7
16,619,0
5,740,4
26.430,9
5,261,0

%
26.0
26.1
21.8
24.4
25.0
26.5
26.5
25.6
24.7
25.9
25.8
25.4
27.7
25.8
25.1
26.6
26.1
26.2
26.5
25.7
24.7
26.2
25.9
24.8
24.8
25.8
30.4
25.2
25.6
25.9
25.7
23.7
26.0
25.7
27.3
26.0
24.6
26.3
25.0
25.2
26.3
24.6
24.5
25.7
25.3
25.1
25.7
24.8
24.0
24.6

Totals, Average 127,350,0 177,371,8 1204,634,2 238,092,7 68,439,6 1187.694,1 25.8
Actual figures

Nov. 20.

1204,591,4 238,141,7 68,635,2 1187,528,6 25.8

—

On the basts of averages, circulation amounted to $53,022,200 and United States
deposits (included In deposits) to $1,664,700: actual figures N ov. 20, circulation.
$53,063,800; United States deposits, $1,676,700.

The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
ST A TE B A N K S AN D T R U S T COM PANIES.

Week ended N ov. 20.

Capital as of Sept. 14-----Surplus as o f Sept. 14-----Loans and investm ents..
Change from last week.

Trust Cos.
Slate Banks
State Banks
Trust Cos.
outside o f
outside o f
in
in
Oreater N . Y . Greater N . Y . Greater N . Y . Greater N . Y ,
$
26,075,000

$
61,675,000

38,495,200

$
8,708,000

$
7,725,000

163,689,700

10.585.699

10,155,540

289,903,000 1,108,549,200
+ 1,545.100
— 3,173.100

88,608,300
— 134,500

134.101,700
+ 556,100
....................

Specie ........................ ........
Change from last week.

45,337,400
+ 259,000

114,757,000
— 273.100

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

Legal-tenders A bk. notes
Change from last week.

23,751,400
— 669,000

13,025,700
— 673,500

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

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

328,151,900 1,131.537,400
— 3,250,400 — 6,732,500

94,098,700
+ 292,500

140,151.400
— 346,700

Deposits _______________
Change from last week.
Reserve on deposits.........
Change from last w eek.

86,522.600
— 136,200

132,845,500
— 1,933,000

19,618,700
+ 418,500

17,582,200
— 577,300

P. C. reserve to deposits..
Percentage last w e e k ..

26.9%
26.7%

15.6%
15.7%

21.5%
21.1%

13.0%
13.5%

+ Increase over last week.

— Decrease from last week.

Note.— "Surplus” Includes all undivided profits. "R eserve on deposits" In
eludes, for both trust companies and State banks, not only cash Items, but amounts
due from reserve agents. Trust companies In New Y ork State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required Is com puted on
the aggregate of deposits, exclusive o f moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within 30 days, repre­
sented b y certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, but In this case the reserve Is com puted on the whole amount
of deposits, exclusive of deposits secured by bonds of the State Of New York.
— Trust Cos.—
— State B a n k s Reserve Required or Trust Companies
Total
Of
Total
Of
and. State Banks
Reserve
which Reserve
which
Location—
Required, in Cash.Required. InCash
Manhattan Borough.................................................. -1 5 %
15%
25%
15%
Brooklyn B orough(wlthout branches In M an ba t.).15%
10%
20%
10%
Other Boroughs (without branches In M anhattan).15%
10%
15%
7V i%
15%
25%
15%
Any Borough with branches In Manhattan----------- 15%
Elsewhere In State____________________________
10%
5%
15%
6%
+ Increase over last week. — Decrease from last week.

1394

THE CHRONICLE

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York n o t i n th e C le a r in g
H ou se.
These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
House banks. In addition, we have combined each corre­
sponding item in the two statements, thus affording an aggre­
gate for the whole of the banks and trust companies in the
Greater New York.
N EW Y O R K C IT Y B A N K S AN D T R U S T COM PANIES.
1
Clear.-House
Banks.
ActualFigures

Week ended Nov. 20.

$

%

$
fN at. Banksl
Capital | Sept. I . . . )
(State Banks!
Surplus 1 Sept. 1 4 ..]

Clear .-Ho use State Banks A
Total o f all
Trust Cos. not Banks A Trust
Banks.
In C .-H . Aver. Cos. Average
Average.

127,350.000

127,350,000

177.371,800

177,371.800

Loans and Investments 1,204,591,400 1,204,634,200
+ 391,800 — 21,608,900
Change from last week

$

71:550,000

198,900.000

172,199.700

349,571,500

1,203,456,500 2,408,090,700
+ 1,173,020 — 20,435,700

V O L . L X X X IX ,
We omit two ciphers (00) in all these figures.

Capital
and
Surplus.

Banks.
Boston.
Oct. 3 0 ..
Nov. 6 . .
Nov. 1 3 ..
Nov. 2 0 ..
Phlla.
Oct. 3 0 ..
N ov. 6 . .
Nov. 1 3 ..
N ov. 2 0 ..

Loans.

$
40,300,0
40,300,0
40,300,0
40,300,0

$
208,859,0
206,374,0
209,176,0
201,204,0

56,315,0
56,315,0
56,315,0
56,315,0

262,877,0
260,106,0
258,747,0
256,108,0

238,141,700
— 1,314,500

238,092,700
— 3,805,500

121,040,700
— 407,800

359,133,400
— 4,213,300

L egal-tenders..... ..........
i Change from last week

68,635,200
— 225,400

68,439,600
— 128,200

621,345,300
— 1,167,200

89,784,900
— 1,295,400

Aggr’te money holdings
Change from last week

306,776,900
— 1,539,900

306,532,300
— 3,933,700

cl42.386.000
— 1,575,000

448,918,300
— 5,508,700

22,715,000
+ 1,332,900

22,715,100
+ 1,332,900
471,633,400
— 4,175,800

Money on deposit with
other bks. & trust cos.
Change from last week
Total reserve.............
Change from last week
Percentage to deposits
requiring reserve__
Percentage last w e e k ..

306,776,900
— 1,539,900

306,532,300
— 3,933,700

165,101,100
— 242,100

25.87%
25.94%

25.84%
25.59%

16.9%
17.1%

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

9,894,750

9,608,775

Legals. Deposits, a Circu­
lation.

S
23,878,0
23,956,0
23,325,0
23,086,0

$
4,716,0
4,731,0
5,143,0
4,410,0

67,433,0
69,442,0
69,401,0
70,928,0

Clearings.

$
258,794,0
264,406,0
257,823,0
248,895.0

S
7,059,0
7,043,0
7,013,0
7,024,0

%
169,542,1
204,588.5
175.354.4
186,722,0

306,425,0
308,712,0
305,310,0
305,598,0

16.814,0
16,869,0
16,828,0
16,826,0

141,966,8
147,184,5
149,526,3
148,397,3

a Including Government deposits and the Item "d u e to other banks.” At Boston
Government deposits amounted to $3,021,000 on N ov. 20, against $3,014,000 on
Nov. 13.

Imports and Exports for the W eek.— The following are
the imports at New York for the week ending N ov. 20: also
totals since the beginning of the first week in January:
FO R E IG N IM PO RTS A T N EW Y O R K .
For Week.

1909.

D e p o s it s -------------------- 1,187,528,600 1,187.694.100 a l , 150,354,700 2,338,048,800
Change from last week — 2,432,300 — 27,093,900
— 3,114,800 — 30,208,700
S p e c i e ......... ............ . . .
Change from last week

Specie.

1908.

1907.

1908.

S3,046,436
16,032,730

$3,004,362
9,407,418

$3,252,218
10,185,432

$3,316,954
9,123,668

$19,079,166 $12,411,780 $12,440,622 $13,437,650
Since Jan. 1.
Dry G o o d s .............— ............. $149,016,328 $110,495,418 $165,018,966 $143,092,571
624,671,366 450,933,766 594,919,694 536,002,015
S773,687,694 $561,429,184 $759,938,660 $679,094,586

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending N ov. 20 and from Jan. 1 to date:
E X P O R T S FROM N EW Y O R K F O R T IIE W E E K .
1909.
Previously reported................

1906.

1907.

1908.

$12,584,232
538,824,879

$13,675,649
554,350,845

$15,986,689
554,834,222

$16,131,282
527,346,189

$551,409,111 $568,026,494 $570,820,911 $543,477,471
+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item "D u e from reserve deposi­
tories and other banks and trust companies In New York City” ; with this Item In­
cluded. deposits amounted to $1,241,181,600, a decrease of $7,716,100 from last
week. In the esae of the Clearing-House banks, the deposits are "n e t” both for
the average and the actual figures, b Includes bank notes, c Of this amount State
banks held $14,603,300 and trust companies $127,782,700.

The following table shows the exports and imports of
specie at the port of New York for the week ending Nov. 20
and since Jan. 1 1909, and for the corresponding periods in
1908 and 1907:
E X P O R T S AN D IM PO RTS O F SPECIE A T N E W Y O R K .

The averages of the New York Clearing-House banks
with those for the State banks and trust companies
in Greater New York outside of the Clearing House compare
aa follows for a series of weeks past:

Qold.
W eek.

200
2,220,000

Loans and
Investments.

•5
Sept. 2 5 .. 2,543,778,6
2 . . 2,548,179,4
Oct.
Oct. 9 . 2,519,375,9
O ct. 1 6 .. 2,464,578,2
Oct. 2 3 .. 2,445,020,0
Oct. 3 0 .. 2,439,447.5
N ov. 6 . . 2.447,785,3
N ov. 1 3 .. 2,428,526,4
N ov. 2 0 .. 2,408,090,7

Deposits.
$
2,545,711,1
2.541.198,2
2,494,502,9
2,433,415,2
2,415,217,9
2.401,871,9
2,401,807,2
2,368,257,5
2,338,048,8

Specie.
$
405,999,3
398,308,5
386,769,7
380,588,6
384,151,8
378,354,1
370,910,2
363,346.7
359,133,4

Tot. M oney Entire Res.
Holdings. on Deposits

Lcgals.
$
94,153.5
92,258,2
91,625,6
93,689,4
93,694,9
93,572,2
91,315,1
91,080,3
89.784,9

$
500.152,8
490,566,7
478,395,3
474,278.0
477.846,7
471.926,3
462,225,3
454.427,0
448,918,3

S
525,896.1
514,587.8
502,420,3
497.581,3
499,840,3
494,500,4
485,366.9
475,809,2
471,633,4

► Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending Nov. 20, based on average daily results:
We omit two ciphers (00) in all these figures.

Banks.

Capi­
tal.

N. Y. City.
Boroughs oj
M an. A Brx.
$
Wash. Hgts
100,0
Century __
200,0
Colonial . . .
400,0
Columbia . .
300,0
Fidelity . . .
200,0
500,0
Jefferson. .
Mt. Morris.
250,0
200,0
M u tu al___
P l a z a _____
100,0
23d W a rd ..
200,0
U n.E x.N at. 1,000,0
Yorkvllle ..
100,0
New N eth’d
200,0
Batt.Pk.Nat
200,0
Aetna N at.
300,0
Borough o f
Brooklyn.
Broadway .
200,0
M frs.' N at.
252,0
Mechanics’ . 1,000,0
Nassau Nat
750,0
Nat. C ity ..
300,0
North Side.
200,0
Jersey City.
First N a t ..
400,0
Hud.Co.Nat
250,0
Third N a t ..
200,0
Hoboken.
220,0
First N a t..
125,0
Second Nat.

Sur­
plus.

$
243,1
154,4
283,5
452,9
164,3
657,7
283,8
322,3
410,6
95,4
934,4
456,0
258,4
140,5
316,8

Loans,
Disc'ts
and
Invest­
ments.

Specie.

Legal
Tender
and
Bank
Notes.

$
$
$
49,0
1,203,0
139,0
26,7
234,5
1,592,7
372,5
5,182,3
769,6
5,873,0
470,0
438,0
96,9
956,7
61,8
3,736,1
15,3
438,0
443,4
31,1
2,402,5
3,607,4
23,5
640,9
321,0
4,310,0
395,0
1,832,6
158,5
51,8
8,056,3 1,033,9 1,000,0
63,2
771,1
3,886,3
79,0
238,0
2,168,0
33,0
211,8
1,138,5
394,5
22,3
1,989,3

Deposit with—
Clear­
ing,
Agent.

$
147,0
80,0
565,9
821,0
114,8
130,9
322,3
357,4
522,0
221,9
134,3
207,8
207,0
45,2
55,1

$

225,7
84,2
5,2

252,0
7,0
25,5

$
1,188,0
1.820,7
6,526,3
7,042,0
980,4
3,412,6
3,091,3
4,219,6
5,061,0
2,074,4
7,949,1
5,010,5
2,263,0
1,036,5
1,804,0

2,211,395
5,000
48.442,450
4,030,820

Week.

Since J an . 1

$2,829
145
14,313
27,048
34.639

.$78,974
Total 1909................................... ...... $2,220,700 $82,529,517
280,045
603,250 48,301,300
Total 1908...................... ...................
36,756,972 12,413.079
Total 1907..........................................
**J]
Silver.
$649,190 $35,582,380
$2,303
3,725,550
25,400
230
11,090
200
116,127
2,085
50,212
7,400
59,226
141,402
19,474
30,712
Total 1909..........................................
Total 1908..........................................
T ota 1907..........................................

$682,190 $39,525,085
859,727 38,064,126
978,490 45,560,647

$215,700
105,405
18,211

$210,528
2.172,966
10,523
726,530
527,741
2,265,249
1,911,468
$7,825,005
15,718,468
49,547,638
$228,180
9,194
71,280
127,726
2,167,097
963,189
1,039,091
$4,605,757
3,652,230
3.114,324

Of the above imports for the week in 1909, $14,238
were American gold coin and $2,075 American silver coin.
Of the exports during the same time, $2,220,200 were Ameri­
can gold coin and $200 were American silver coin.

Other
Net
Banks, Deposits.
A c.

162,6
213,1

Since Jan.X

$13,958,120
$500 13,881,732

COM BINED RE SU LT S OF B A N K S AN D TR U S T COM PANIES IN
O REA TE R NEW Y O R K .
W e omit two ciphers (00) In all these figu res.
Week
Ended.

Imports.

Exports.

c o m b in ed

gattfcing atut f inancial.
INVESTMENT SECURITIES
O u r e ig h t-p a g e circu la r N o . 687 d escrib es several Issues o f sou n d
In vestm en t b o n d s y ie ld in g a b o u t 4 )4 to 5 ) 4 % .

Spencer Trask & Co*
W I L L I A M A N D P I N G S T S ..
NEW YORK
Branch o ffi ce s: C h ic a g o , I L L . , B o s t o n , M a s s ., A l b a n y . N. Y .

M

o f f a t

& W

h i t e

BANKERS
531,3 3,339,6
787,6 5,809,1
927,7 10,949,2
949,0 6,222,0
593,8 4,196,0
139,7 1,870,4

24,2
314,6
597,2
147,4
265,8 1,184,5
382,0
405,0
113,0
602,0
127,8
78,3

232,2
776,8
1,114,2
910,0
439,0
181,6

100,1 3,667,1
116,4 6,331,5
259,0 13,563,0
6,102,0
149,0 5,063,0
139,9 2,159,3

1,222,1
725,8
380,2

4,693,1
2,830,7
2,037,2

305,1
140,2
63,9

316,4
31,7
111,0

2,718,1
161,7
419,7

420,0
146,7
16,0

6,773,1
2,520,3.
2,378,2

626,5
232,6

2,581,4
2,576,0

98,8
74,4

8,5
92,5

138,4
53,4

88,8
302,7

2,132,8
2,958,1

Tot. N ov .20 8,147,0 12,290,4 95,099,4 6,597,7 7,909,9 11,107,7 2,713,9 107127,8
Tot. Nov. 13 8,147,0 12,296,4 95,534,5 6,601,3 8,492,6 11,161,0 2,678,1 108320,2
T ot. N ov. 6 8,147,0 12,296,4 96,038,8 6,682,7 8,327,7 11,519,0 2,876,3 109312,1

Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.




M e m b e r s New Y o r k S t o c k E x c h a n g e
6 N ASSAU S T R E E T .
NEW YO RK

THE RO O KERY
C H IC A G O

B A N K I N G an d E X C H A N G E o f e v e r y d e s crip tio n In c o n n e c tio n w ith

EXPORTS & IMPORTS

International Banking Corporation
60 Wal l St. . New Y o r k .
C A P I T A L & S U R P L U S . $6, 500 ,0 00
B R A N C H E S an d A G E N C IE S th r o u g h o u t th e W O R L D .

T H E IN T E R N A T IO N A L

BANK

Orga nized under the L a w s o f N. Y. State.
60 W al l St., New York
A c c o u n ts In v ite d .
In te re st p aid o n T e rm D ep osits.
T H O M A S H. H U B B A R D . President.

THE CHRONICLE

Nov. 27 1909. |

W&nlwx%f Qfejette.
W a l l S t r e e t , F r i d a y N i g h t , N o v . 26 1909
The Money Market and Financial Situation.— The para­
mount influence affecting the security markets on Saturday
and during the early part of the week was the U . S. Circuit
Court decision in the Standard Oil case, with which all our
readers are familiar. It was taken for granted that if the
Standard Oil Company has been conducting its affairs in
violation of the Sherman Anti-Trust law, other corporations,
and perhaps many of them, are liable to prosecution for the
same offence. Apprehensions in regard to the matter have,
however, subsided, and to-day the markets recovered a part
of the decline recorded earlier in the week.
Next in importance, perhaps, as a market influence has
been the money market, which has been distinctly firmer the
latter part of the week.
Rates for exchange, however, at
some of the important Western centers seem to indicate that
the movement of funds thither is subsiding. The situa­
tion abroad morever continues to improve. Gold to the
amount of $2,000,000 has been engaged for shipment to
South America and $1,100,000 for Canada.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2 ] ^ to 5 % . To-day’s rates on call were 4 % @ 5 % .
Commercial paper quoted at 5 @ 5 3 4 % for 60 to 90-day en­
dorsements, 5 ^ @ 6 % for prime 4 to 6-months’ single names
and 6 @ 6 j ^ % for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £1 ,200 ,99 6 and the percent­
age of reserve to liabilities was 55.93, against 54.45 last week.
The rate of discount remains unchanged at 5 % as fixed
Oct. 31. The Bank of France shows a decrease of 10,725,000
francs gold and an increase of 1,475,000 francs silver.
N E W Y O IIK C IT Y CLEA RIN G-H O U SE RA N K S.
1909.
Averages fo r
week ending
Nov. 20.

Differences
from
previous week.

1908.
Averages fo r
week ending
Nov. 21.

1907.
Averages fo r
week ending
N ov. 23.

S
s
S
S
127,350.000
126,350,000
129,400,000
C a pital.............................
177,371,800
163,720,100
104,098,300
Surplus_______________
Loans and discounts. - . 1,204,634,200 Dec. 21,608,900 1,332,773,100 1,187,998,400
59.207.400
47,901,300
201,100
53,022,200 Dec.
Circulation......................
Net deposits.................... 1,187,694,100 Dec. 27,093,900 1,414,028,300 1,079,818,800
08.409.400
9,174,000
1,664,700 Dec.
8,000
U. S. dep. (Incl. above)
168.799.100
238,092,700 Dec. 3,805,500 303,390,500
Specie . . ........................
47,052,000
79,716,200
68,439,600 Dec.
128,200
Legal tenders....... ..........
3S3,106,700
353,507.075

215.851.100
209,954,700

Reserve held__________
25% of deposits_______

305,532,300 Dec.
296,923,525 Dec.

3,933,700
6,773,475

!' Surplus reserve.........

9,608,775 Inc.

2,839,775

29,599,625 D f.54,103,600

10,024,950 Inc.

2,837,775

31,893,125 Df.36,986,250

1395

4 8410 for sixty days, 4 8 7 5 0 @ 4 8755 for cheques and 4 8805
@ 4 8810 for cables. Commercial on banks 4 8 3 6 5 @ 4 8375
and documents for payment 4 8 3 @ 4 8 3 % . Cotton for pay­
ment 4 83 @ 4 8 3 % and grain for payment 4 8 3 % @ 4 8 3 % .
To-day’s (Friday’s) actual rates for Paris higher bankers’
francs were 5 1 9 % @ 5 1 8 % for long and 5 1 6 % less 3-32
@ 5 1 6 % less 1-16 for short.
Germany bankers’ marks
were 9 4 % @ 9 4 % for long and 95 5-16 less l-3 2 @ 9 5 5-16 for
short. Amsterdam bankers’ guilders were 40 1 5 @ 4 0 17 for
short.
Exchange at Paris on London, 25f. 1 9 % c .; week’s range,
25f. 21 % c . high and 25f. 1 9 % c . low.
Exchange at Berlin on London 20m . 4 6 % p f.; week's range,
20m . 4 7 % p f. high and 20m . 4 6 % p f. low.
The range of foreign exchange for the week follows:
Sterling, Actual—
Sixty Days.
High for the w e e k .....................4 84%
Low for the week ___________ 4 83%
Paris Bankers' Francs—
High for the w e e k ..................... 5 18% less 1-16
Low for the week......... .............5 19% less 1-32
Germany Bankers' M arks—
High for the w eek......... .......... 94%
Low for the w e e k ----------------- 94 9-16
Amsterdam Bankers' Guilders—
High for the week___________ 40 02
Low for the w e e k ___________ 39 98

Cheques.
4 8765
4 8735

Cables.
4 8815
4 8785

5 16% less 3-64
5 16% less 1-32

5 15% less 1-16
5 16% less 1-16

95%
95%

95%
95 7-16 less 1-32

40 18
40 14

40 23
40 19

The following are the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago, 30c.
per $1,000 premium. St. Louis, 40c. per $1,000 premium.
Boston, 5c. per $1,000 discount.
Charleston, buying, par;
selling, l-10c. per $1,000 premium. Savannah buying,$1 50
per S I,000 discount; selling, par.
San Francisco, sight,
2 % c . per $1,000 premium; telegraphic, 5c. per $1,000 prem­
ium. New Orleans, commercial, 25c. per $1,000 discount to
par; bank, $1 per $1,000 premium.
Montreal, 6 2 % c . per
$1,000 discount.
United States Bonds.— Sales of Government bonds at the
Board only $500 3s coup., 1908-18, at 102. The following
are the daily closing quotations; /or y e a r l y r a n g e s e e th ird
p a g e f o ll o w i n g .
Interest
Periods

2s,
2s,

3s,
3s,
3s,
‘ts,
4s,
2s,
2s,

1930 ____ _____ registered
1930____ ..............coupon
1908-18.- _____ registered
1908-18 . . ..............coupon
1908-18-- ..sm all coupon
1925 ____ ......... registered
1925_____ ......... ...coupon
1930.Panama Canal regls
1938.Panama Canal regls

Q— Jan
Q — Jan
Q— Feb
Q— Feb
Q— Feb
Q— Feb
Q — Feb
Q— Feb
Q— N ov

Nov.

N ov.

N ov.

Nov.

24
22
23
20
*100 *100 *100 *100
*100 *100 ♦100 *100

*101% *101% *101% *101%
*101% *101% *101% *101%
*115% *115% *115%
*110% *110% *110%
*99% *99% *99%
*99% *99% *99%

Nov.
25

N ov.

20
*100
*100

*101%
*101%
H O LI*115% D A Y . *115 %
*116%
*116%
*99%
*99%
*99%
*99%

* This Is the price bid at the morning board; no sale was made.

1403.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
F o r d a i ly v o lu m e o f b u s i n e s s s e e p a g e

STOCKS.
Week ending N ov. 26.

Sales
fo r
Week.

Range since Jan. 1.

Range fo r Week.

100 113
10 12%
200 88
885 74
600 8%
200 25
720 20
100 57
100 145

Nov
Nov
N ov
N ov
N ov
N ov
Nov
Nov
N ov

Lowest.

Highest.

Lowest.
26
20
22
24
23
24
23
22
23

113
N ov
12% N ov
88 N ov
70% N ov
11% Nov
25% Nov
21
N ov
57
Nov
145
N ov

20
20
23
22
20
23
26
22
23

Highest.

67
Meb 113
9
Oct 16%
87% Nov 88
74
Nov 94%
5
Mch 11%
23% Feb 27
15
May 21
49% Mch 59
125
May 145

N ov
Jan
O ct
Apr
N ov
June
N ov
N ov
N ov

N ote.— The Clearing House now issues a statement weekly showing the total of
the actual figures on Saturday morning. These Ilgures, together with the returns
of separate banks, also the summary Issued by the State Hanking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the second page preceding.

Colorado Fuel & I, pref.
Des Moines & Ft D odge.
E I du Pont Pow, p r e f..
Ilomestake Mining_____
Keokuk & Des M olnes..
Peorla <fc Eastern--------St Joseph & Grand Isl_
First preferred.............
Twin City Rap Tr, pref.

Railroad and Miscellaneous Stocks.— The announcement
on Saturday morning of the decision referred to above
marked the beginning of a downward movement of prices
in the stock market, which has continued several days. All
classes of shares participated; there was practically no ex­
ception to the general trend of the market, and prices for a
long list of shares declined from 1 to 3 or 4 points. Before the
close on Wednesday there were evidences that the movement
had run its course, and from the opening to-day the market
has been strong, with a substantial recovery in nearly every
issue traded in.
New York Central sold off 4 points on the announcement
of a proposed new stock issue, which carried it 6 points below
last week’s closing price. It closes fractionally over 4 points
down. Delaware & Hudson has covered a range of 4 */4
points and closes near the lowest.
All the coppers followed the lead of Amalgamated, which
sold down 8 * 4 points. Less than half the latter has been re­
covered. Utah Copper, after losing nearly 4 points, closes
with a fractional net gain, as does Tennessee Copper. Other
stocks in this group have generally followed the market.
Foreign Exchange.— Foreign exchange rates closed the
week higher, notwithstanding weakness in European dis­
count rates. Trading was fairly active to-day, although the
source of the buying, or rather the reason for it, is still
somewhat uncertain.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 8 4 % for sixty-day and 4 8 8 % for sight. To-day's
(Friday’s) actual rates for sterling exchange were 4 8 4 @

Outside Market.— Saturday’s Court decision against the
Standard Oil Company, and the feeling this has engendered
with regard to the talked-of copper merger, has had a de­
pressing effect on “ curb” stocks this week, though to-day’s
trading showed a change for the better in copper stocks.
Boston Consolidated has been the exception to this, and un­
der rumors of a merger with Utah Copper has advanced from
1 7 % to 2 2 % , the close to-day being at 2 2 % . Butte Coali­
tion from 3 3 % dropped to 30 and recovered to 3 1 % . Cum­
berland Ely, after an early advance from 9 to 9 3-16, sold off
to 8 % and finished to-day at 8 % . Giroux sold up from 12
to 1 2 % , then down to 1 0 % , to-day’s transactions being up to
1 1 % , with the close at 1 1 % . Greene Cananea lost over
2 points to 12, the final quotation to-day being 1 2 % . Miami
at first sold up from 18 % to 1 8 % , then receded to 1 6 % , the
upward movement to-day carrying it to 1 7 % . The close
was at 1 7 % . Nevada Consolidated registered a drop of
about 3 % points to 2 6 % , but made a substantial recovery to
2 8 % , the close to-day being at 28. Ohio Copper improved
from 5 9-16 to 5 11-16, fell to 5 % and ends the week at 5 5-16.
Goldfield Consolidated rose from 7 11-16 to 8% a n d closed to­
day at 8 3-16. The absorbing feature of the week was
Standard Oil, which, after a drop of 1 2 % points to 690 on
Saturday last, broke to 645 on Monday, following the ad­
verse decision of the U . S. Circuit Court. The stock recov­
ered to 675 and sold to-day up to 679 and down to 670.
American Tobacco was also unfavorably influenced, losing
about 10 points to 420, though later it turned strong and sold
up to 435 and finally at 431. Guggenheim Exploration
opened the week at 236 and rose to 244. N . Y . Central
“ rights” were traded in for the first time between 5 % and 6.
In bonds, Missouri Pacific 5s, “ w. i .,” rose from 9 5 % to 9 6 % ,
having sold as low as 9 5 % . N . Y . Telephone 4 % s , “ w. i . / ’
sold up from 9 7 % to 9 7 % .
Outside quotations will be found on page 1403.

8urpluscxcl.

U. S. dep.




N ew

Y ork

S to ck

E x c h a n g e — S to ck
orC T T P Y T N G

ST O C K S --HIGHEST AND LOW EST SALE PRICES.
Saturday
Nov 20
119%
10431
135
116%
*91
78%
1775*
*68
316
873*
67
♦
20%
*61%
*34%
26%
1553*
174%
183%
*210
*155
*165
♦4%
* ____
*77
*100
565*
807*
807*
186
*560
47%
84%
*60
*15%
§30
33
49
40
142
81
14
80%
*108
*90%
147
22
65%
287*
50%
*80
44%
*70%
24
*53
*64
152
140
23
52%
*84
*136
*152
90%
48-58
747*
71
135
*55%
22
132%
69
*105
*94
158
47%
95%
*88
144
*106
*102
*106
1327*
*95
*105
166%
*91%
*100
39%
79%
*70
56
33
72%
1287*
31*8
70
35%
19%
*81*
54
693*
*108
202
103
41
*71%
20%
52%
34
*8
*16
*9
*50
*90

Monday
Nov 22

1203* 118%
1043* 104%
135% 134%
1173* 1157g
93
*91
7831 77
1783* 1765*
72
*68
3163 *310
883.
86
66
67
74 * -----205* 203*
61%
65
35% *33
25%
26%
1543,
157
174% 173
182
184
215 *218
160 *155
175 *165
*4
5
13
78
70
110 *100
57
56
807a *80%
307*
80
18434
189
595 *560
48
47
84%
8334
64
*60
161'
15%
30
29%
325*
333.1
49%
48
40
39%
141
143
813t, 80
141. *13%
801.
80
81
119 *108
92
*90%
1473* 146%
23121%
543$
603*
287*
29
513,
51
801- *80
4334
451,
*70
72
24
24
60
*53
63
*64
153% 151
140 *140
23
531? *53
89
*84
187
134%
155 *151
901* 90
50
47*8
747* *74
69
P
135
135
56
*55%
21%
22
133U 131%
*60
69
115 *105
*93
97
158
157
48
47
95%
95%
90
*88
1425*
145
110 *106
110 *102
119 *106
1335« 1323*
96% *94
1143/ *105
171% 1663,
92%
91%
101
101%
40%, 38®g
793,
7714
710 *70
561-1 55
333.1
32
72%
706*
13036 127%
32
307*
60
70%
3fi3,r 34%
185*
19®.(
93.
*3
541.)
53
69-3* 69
109 *108
2043* 200%
1041- 102
*40%
41
721- *71
207a
19%
517*
633
33%
34%
9
*8
18
*17
*9
10
51% *50
____ *89

1195*
104%
135
1163/
02
783*
1773/
72
317
87%
661,
74
20%
GIT
35
25%
1557*
174
182%
222%
165
175
4%
13
76
110
56181
80
186%
600
471/
84
04
15%
291j
331
481
39%
142
81%
14%
80

Tuesday
Nov 23

Wednesday
Nov. 24.

1183*
1043*
134%
115
91
76-5*
1757*
*68
*305
86%
*651*
* ___
19%
*61
32
*25%
1543*
173
*181
*215
*155
*160
♦4%
*
*74
*100
55%
80%
80
1845*
*580
463/
*83%
62%
15%
29
32%
48
397*
1407*
79%
*13%
80%

119%
104%
135
11534
91%
775*
176%
72
315
87%
68
74
20%
66
343*
26
155%
173
184
2201,
160
175
5
13
77
105
657*
80%
80
1851650
48
84%
621*
15%
29
33
48%
40
1417*
80%
14
80%

119 *108
92
90%
116%
147
213/
223*
557% 533/
287a *28%
*51
801- §80
441/
43%
*70%
71
*22
24
*53
60
*64
68
152
150%
142
140
*22
54% *52
89
*84
135
133
154 *152
90
*89
49
47*8
747* *73%
70%
69
135 *133
*55
56
217* *2H 1303/
132
*02
70
115 *105
9714 *93
1571- 157
47%
46^2
95
965,
____
90
1427*
144%
110 *106
110 *102
no
*105
132% 131%
961. *94%
1143 *105
1703s 167%
91% *90
101% 100
383*
391
783
763/
7D- *70
54
tm
313/
W s
72
71
1287* 127%
303/
31%
68
691;
343.,
35
19%
191*8
9%
54 W 53
69
09%
1091- *108
202»a 1993/
1023* 102%
42
*40%
72% *71
193/
20%
523/
53
34
32
*8
0
18
*17
10
*9
50
51%
____ *89

119
90%
1463/
225*
65%
29
51%
80
44
71
24
CO
68
1517*
140%
26
64%
8811351154
90%
485*
75
70
138
56
22
1313/
09
115
97
157%
465*
95%

119
1043*
*133
1153*
*90
763/
176%
*68
*305
80
*65
♦___
195*
*60
*32
*253*
1545*
*1723,
182%
*215
*150
*160
*4
11
76
*100
55%
81
§80
184%
*585
47
84
*60
*143/
*27%
327*
*48
*30
1413/
80
*131*8035

1199*
104%
135U
116%
92
77%
176%
72
315
87%
68
74
20%
65
347,
255*
155%
1741?
1825,
220%
160
175
6
11
70
105
55%
81
80
185%
620
48
84
64
15%
30
33
48%
3911423,
81
14
____

*1083*
903*
*146%
22%
543/
28%
50
*80
43%
703/
*22
*53
64%
151
*138
*21
53%
*83
133
*151
*89
477*
*733/
6812
*133
+55%
21%
127
*65
*105
*94
1563/
40%
947*
*88
1437* 143%
*105
no
*102
no
*105
no
132% 131%
9 6 '/ *94%
1143.1 *105
1703* 1683*
92%
02
100
100
381/
39
77%
77%
72
*70
553,
55
323,
72%
713,
1287* 128%
307*
31%
09%
69
36%
34%
19%
19%
*8
9%
53% *53
08%
69
109% *107%
2015* 200%
102% 102%
40%
41
72% *71
20%
21%
545*
56%
*32
32
*8
9
*16
18
*9
11
50
50
____ *89

119
903*
147%
227*
55%
28%
50180%
433*
703,
24
69
64%
1513/
142
26
53%
90
1343,
154
90%
48%
74%
69%
138
66
217*
131
69
116
97
187
47
95%
96
1443*
no
111)
no
132%
95
115
172
923/
101
39%
785*
72
57
33%
72%
12935
31%
69
34119%
9%
54%
09
109
2013*
1026*
40%
7212
21%
67
33
9
18
10
50
—

*

$
O
5
0
$

Sales of

Friday
Nov. 26.

Thursday
Nov. 25.

119%
1043*
135
1157*
92
77%
177%
*68
314
863/
*66

20%
*60
33
253/
1545*
*172%
182%
*215
*150
*100
*4
*10
75
*100
55
*80%
*80
1853/
580
47%
837*
*62
*15%
*27%
33%
48%
40
1423*
80113%
81%
*90
*108
*
147
2234
55%
§28
49%
*80
43%
701/j
*22%
*53
*64
151%
*138
*20
53%
*83
134%
*151
♦89%
48%
*73%
69%
*133
55%
21%
127
*66
*105
95
*155
*463/
95
*88
143%
*104
*102
*104
1313*
+94
+105
171
*901*100
39
79
*70
56%
333g
723.,
1293/
313*
69
35
19%
*8
53%
60'.
108%
201%
1021,
406*
*70%
205*
55%
33
8
§16
*9
*49
*89

R ecord,
TW O

1197*
104%
135%
116%
92
79
1783*
72
314%
873/
68
74
20%
65
331?
2534
156%
174%
183*, j
230
160
175
5
13
75
105
55
81%
8034
1853/
580
48
837*
64
15%
30
34
483/
40
143%
81
13%
81%
119
90%
147
24
56%
28
49%
80%
44%
703/
24
57
67
151%
142
26
53%
90
135
154
90%
491.1
74%
70%
138
55%
213,
129
69
115
95
157%
47%
95%
90
1447*
no
no
no
132
96
115
172%
921101
40%
80
72
57
34%
74%
130132
96%
35%
201,
915334
69%
1091203%
1023.,
405*
72%
2034
56%
33
8
16
11
51%

Week
Shares.
57,300
1.500
1.520
9,510
350
18,042
7,410
420
46,800
700
4,700
200
1,100
400
38,700
850
2,660

100
600
1,666
1,150
450
4,100
202
9,050
866
100
200
305
14,300
1,125
1,100
24,220
14.100
15
1,000
200
1,600
63,320
31,600
630
2,600
100
7,750
300
200
100
8,100
610
100
1,125
3,410
200
52,110
100
15,190
200
200
2,950
63,100
200
100
1,100
2,500
4.800
25,475

95,129
300
1190400
300
850
59,730
10,550
5,175
18,200
10,225
114,000
28,300
4,200
6,500
5,550
2,300
1,400
510
265,010
3,966
400
21.500
96,850
2,300
100
60
300

D a ily ,

W e e k ly

and

Y e a r ly

PAGES

STOCKS
N E W Y O R K STOCK
EXCHANGE-

Range since Jan. 1 1909.
On basis o f 100-share lots.

Range fo r Previous
Year (1908).

Highest.

Highest.

R a ilroads
977* Jan 13 125% O ct 2
A tch T o p e k a He San taFe
<V
D o p r e f____________ lOOU Jan 20 106% J ’neSU
A tlantic Coast L in e U R . . 1071a Jan 14 143% A u g 12
D a lt lm o r e & O h io --------- 103% F eb 23 122% J 'ly 29
96 A pr 12
91 N ov23
**
D o p r e f_____ ______
827* J ’ne 7
67 Jan 9
B rook lyn R a p id T rS n slt/^lan ad lan P a cific ----------- rl6 5 M ch 3 189% O ct 6
70% N o v 15
60% Jan 11
'C a n a d a S o u th e rn _______
Central ot N ew Je rse y___ 215 F e b 23 323% Sep 18
00 O ct 8
55% Jan 6
Chesapeake <& O h i o . . .
743j A p r 1
677* F eb 24
C h icago & A lton R R ____
78% M ch27
70 N o v 1
D o p r e f________ . . . .
21% N o v 4
/18 A u g 20
Chic G W es c t fs d e p 3d pd
64 N o v 3
6 D4 N o v 6
D o 4 % deben ctfs d e p .
357* N ov 4
27 A u g 16
D o pref “ A " c t f s d e p .
26% N o v 16
/1Pit, A u g 23
D o pref “ B ” c t fs 3d pd
141 F e b 23 165% Sep 18
Chicago M llw & St Paul
D o p r e f_______ _________ 15812 M ch 15 181 A u g 16
C hicago & N orth w estern 1731* F e b 24 198% A u g 18
D o p r e f________ . ______ 208 M ch 15 §230 A u g 7
Chic S t P M inn & O m aha 148 A p r 22 167 A u g 13
166% Jan 30 180 J ’ly 27
D o p r e f_____________
7 Jan 4
4 J ’ly 6
Chic Un T r a c ctfs stm pd
18% Jan 27
11 N ov24
D o p r o f.c t fs s t m p d . . .
79% F eb 16
18 Jan 29
Cleve Ctn. C hic & S t L . . .
D o p r e f________________ 100 Jan 4 105 Mch 22
68% Jan 8
51 O ct 23
C olorado & S o u t h e r n . . . .
86 M ay 1
76I2 Jan 2
D o 1st p r e f e r r e d . . . . . .
84% Jan 7
73% Jan 2
D o 2d p re fe rre d ___ . . .
elaw are & H u d s o n ___ 167*4 F eb 24 200 May 14
D eiaw
are L a ck & W e s t . 535 F e b 0 080 A p r 22
54 A p r 20
37% J an 0
D enver & R io G ra n d e—
90 F eb 10
79% Jan 6
D o p r e f________________
71*4 A u g 13
66 Jan 30
D etroit U n ited ___________
21 Jan 16
14*4 N o v 9
D uluth So Sh ore & Atlan
36% Jan 16
28 F e b 23
D o p r e f . . . _________ _
39 J ’ ne 7
22% M c h ll
66% A u g 9
36*2 Mch 11
h rl°D o 1 s t"p Y e fl1 1 I I II I
46 A u g 2
28% M c h ll
D o 2d p re f_________
1365* F o b 24 1677* A ug 12
G reat N orthern p r e f_____
88% A u g 12
65 1* Mch 12
Iron O re p ro p e rtie s___
17 Jan 4
13% N ov26
Green B a y & W , d eb c t f B
81% N o v 26
39 F e b 1
a E le c tr ic _______
H avan
90 Sep 10
83% Feb 6
D o p r e f____________
97 M ay 3 126 A u g 14
H ock V a l J P & M Co rets
94% J ’ ne 11
83 A p r 27
H ock ing V a lle y p r e f------C e n t r a l .._______ 137 F e b 23 162% A u g 12
I llinois
24% N o v 16
n te r b o r o -M e tr o p o llta n .
1158 M ch 23
67% N o v 16
36*4 Mch 23
D o p r e f . . ____________
36 A p r 15
27 F e b 24
tow a C en tral_____________
62 A p r 15
D o p r e f________________
48 Sep 9
82 Sep 14
C F t S & M tr c fs, pref
7434 Feb 2
K ansas C ity S o u t h e r n .. 37 F e b 23 60%
A u g 18
76% A u g 18
677* F e b 24
D o p r e f____________
29W A u g 2
1912 F eb 25
ake Erie & W e s t e r n ..
[ * D o p r o f_____________ 48 Jan 23 647* J ’ne 14
Lon g Isla n d ____________ _
71% M ay24
69 Jan 4
Lou isville & N ash ville___ 1121 Jan 29 16212 A u g 12
A t anh atta n E le v a te d ___ 140 N o v2 0 153% Jan 4
42 Jan 6
D L e tro p o llta n S t r e e t ___
18 J ’ly 2
05 Jan 8
M inneapolis & St L o u is ..
61 Sep 16
D o p r e f . . _____________
90 Jan 8
81 Mch 10
Minn St P & S S M a r io .. 132% Jan 2 149% Jan 8
D o Dret________________ 147 A p r 13 164% A u g 9
92 Sep 17
89 J ’ly 22
D o leased line c t fs ___
50% O ct 18
35% Feb 23
Mo K ansas & T e x a s _____
78% O ct 18
71 F eb 23
D o p r o f_________ ______
77% A u g 6
66 F eb 24
M issouri P a c i f ic _________
139%
A u g 12
ash C h att & St L o u is , 122% Jan 6
N a t R ys o f M ex 1st pref 44% A p r 6 61 Sep 16
26%
May22
21*2 N ov22
D o 2d p r e f_____________
N Y Central & H u d s o n . 120% Feb 21 147% A u g 18
69 N o v l9
4812 Mch 15
N Y C h ic & S t L o u is ____
D o 1st p re f____________ 100 F e b 20 100 F eb 20
95 N ovlO
76% A p r 6
D o 2d p r e f____________
N Y N H & H a r tfo r d ____ 1154 N o v l3 17434 J ’ne 14
565* J ’ ne 12
42% Feb 24
N Y O ntario & W e ste rn .
97 O ct 15
N orfolk & W e ste rn _____
84% Jan 6
92% J ’ly 28
D o a d ju stm e n t p r e f___
85% M ch 26
N orthern P a c ific . _____
133% F eb 24 159% A u g 12
76 M ch 3 111% O ct 7
Coast C o _____
P acific
100 Mcli 30 §106 Sep 28
D o 1st p r e f______
88 M ch 27 111 O ct 7
D o 2d p r e f_________
P e n n s y lv a n ia ____________ 126% F e b ‘>3 151% Sep 29
96% O ct 7
86% Jan 5
P lttsb Cln Chic & S t L . .
104 F eb 10 110% Sep 21
D o p r e f_____________
118 F e b 23 173% Sep 21
F> e n d in g ........... .........
96 A u g 23
89 M ch22
Lv
1st p r e f__________
90 Feb 1 104-% M ay 13
2d p r e f__________
207* F eb 24
423* A u g 12
R ock Island C o m p a n y —
575* F eb 24
D o p r e f_______________
82 N o v 4
73 J ’ly It
65% Mch 29
San F r, 1st p fo f
S t LD o<Jc2d
60% Sep 16
36 F e b 23
p r e f_________
34% N o v 26
20% F eb 2s
St L ou is S o u th w e s te r n ..
74% N ov20
47% Jan 6
D o p r e f________________
114% F eb 24 139% A u g 16
Southern P a cific C o _____
34 A u g l l
23 F e b 24
Southern v tr cfs s tm p d .
29
75 A u g 12
60 Jan 6
D o pref
do
40% A u g 23
30 F e b 24
'T e x a s & P a cific ________
42% Jan 18
10 J ’ly 2
T h ir d A ven u e (N Y ) ___
163* Jan 2
T o le d o R ailw ays <Sc Light
7 M ayl2
547* O ct 19
43
T o le d o S t L A W e s t e r n ..
. . F e b 26
741., Jan 4
D o p r e f________ _______
64*4 Eeb 24
Tw in C ity R apid Transit
97 Jan 2 111% O c t 1
I fn lo n P a cific _______
172% F e b 24 219 A u g 16
vJ
D o p r e f____ ’ ______ i94 M ch 1 118% A u g 16
47 Sep 13
U nit R ys I n v 't o f San Fr
30 F eb 25
77 Sep 14
D o p r e f_____________
50% F e b 26
243* J ’ne 15
a b a s h _____________
15 F e b 23
W D o p r e f________
0l-% J ’ne 15
41 F eb 23
% Nov
W est M d recta 3d p a i d . . *21 O ct 9
127* Jan 4
6 J ’ly 13
W heeling & L a k o E rie___
257* Jan 8
16% J ’ ly 13
D o 1st p re f_________
15% Jan 8
D o 2d p r e f_________
0% J ’ly 13
357* Jail 6
637* A p r 20
W isconsin Cen tral______
-lilj \fch81
91?* MavEO
D o nref T ru st C o ctfs

35

6

66 Feb
833* f e l l
69% Mcli
76% Feb
80 Jan
37% Feb
140 F eb
54 AIcli
160 Feb
25% Feb
10 Feb
47 Mcli
3% Feb
33% Mch
15% Feb
5 Feb
103% Jan
138 Jan
135% Jan
185 Jan
114 Feb
140% Jan
6* Apr
4 A pr
47% J ’ne
85% Feb
21 Feb
503* Jan
393* Feb
141% Feb
420 Jan
14% Feb
39% Mcli
32% Apr
6 Feb
113* Feb
12 Mch
24-3* Mch
10 Mch
113% Feb
48% Jan
8 Jan
20 Mel
§70 Jan
62 F eb
69 Mch
122% Feb
63* Jan
17% Feb
10 Feb
27% Feb
67 Aug
IS F eb
46 F eb
12 Jan
34 Maj
SO Feb
87% Feb
120 Jan
15 F eb
20 Mch
61 F eb
79% Jan
123% Feb
1712 Mch
46 Feb
28% Feb
973* Jan
90% Jan
24% Jan
00 Jan
60 Feb
1283* Jan
29% Feb
68 Feb
74 Mch
1167* Jan
65 Sep
90 May
79 Mch
1083* Jan
69 Jan
81% Mch
92% F eb
78 Jan
76 Jan
10% Feb
203* Feb
42 J ’ne
19% Feb
10 Mch
24% Feb
66% Feb
9% Jan
26% Mcli
123* Fob
16% Mch
6% O ct
12 Feb
33 Feb
781* Feb
110% Mcli
79% A pr
15 Jan
27% Jan
63* Mcli
13 Mcli
4% Mch
12% A pr
» 6 F eb
13% F eb

101% D ec
104 D ec
111% D ec
i l l 's D ec
9-: D ec
6934 D ec
180% Nov
68 Nov
229 D ec
693* Deo
087* D ec
79 D ec
145* Nov
68% Aug
<•3 I)eo
17% N ov
152% D ec
1643* D eo
185% D ec
224 D ec
160 D ec
174 D ec
7% D eo
18 D eo
70% D ec
99% D ec
69 D ec
79 D ec
76 D ec
1813*’, D ec
575 N ov
40% D<jc
83% D ec
66 N ov
183* N ov
333* N ov
86 N ov
613* D ec
41 D ec
148% D ec
76% N o v
17% D ec
40 D ec
84 D ec
104%Dcc
93 D ec
1493* N ov
20 D eo
49% D ec
32% D ec
67 D ec
76% D ec
423* D oc
72% D eo
26 D ec
58 D eo
66** D ec
1253* Dec
1543* D ec
44% D ec
66% D ec
90 D ec
135 N o v
161% D ec
43%
75%
07%
122

D ec
D ec
D ec
N ov

126 D eo
67% D ec
106 N o v
85 Dee
161 N o v
4778 D ec
86% N o v
88 D eo
1673* N ov
93% Jan
DO M ay
97 Jan
182% Deo
88* * D ec
1083* N ov
143% D eo
92 D eo
90 D eo
26% Deo
625* Deo
09 D ec
42% D eo
24 D ec
667* D ec
122% D eo
271* D ec
63% D ec
87% D ec
47 A u g
16% D eo
60 D ec
73% Deo
90** D ec
1847* N ov
98 N ov
40 D eo
69% D eo
20% Deo
533* Dee
13
26%
UD*
33%

D ec
D ee
N ov
D ec

B A N K S A N D T R U ST COM PANIES— B R O K E R S ’ Q U O TATIO N S.
Ask
BUl
____
348
____
2u0
440
430
1571? 162%
____
f 410
150
140
____
300
425
375
1188 fl'JO
____
310
330
335
135
125
lft5
175

BUt
Ask
Ask
aui
Ask
bia
Banks
Banks
B anks
Banks
290
Fifth A v o n . 4250
Irvin g N Ex 200
210
Mutual 11—
310
Prod E x ch 1i
__ R ese rve .. . .
Firth .......... 300
350
Jefferson D .
190
Nassau 11___ 216
F ir s t _______ 830
810
L ib e r ty ------ 555
New N e th ’ d 200
220
Seaboard - 14th S t «
155
Lincoln . . .
430
N ew Y ork C o 760
S e c o n d -----F o u r t h ____ t2C0
M anhattan^ 345
355
N ew Y o r k . 327% 337% Sherm an . .
G allatin —
330
M ark’ t& F ul 255
203
345
230
N ’ ht AD ayll
State H - - 1G a r fie ld ___ 290
12th W a r d .
M echanics’ . 300
300
420
19th W a r d .
Germ A m 1i 140
viercantlto . 185
2Jd W a rd H
190
115
N orthern . . 100
Union Exo .
G crra’n Ex1l 450
Merch E xch 160
240
Pacific 11___ 230
G erm ania 11 550
W ash H ’ u i
570
M erchants’ . 170
470
P a r k ............. 460
176
W est Side H
G reenw ich 11 260
M etropolis 11 390
295
265
400
P e o p le ’s D- - 280
V orkv llle D
H an over . . 020
630
M etropoTnll 187% 195
185
P h c’n l x ____ 175
Im p A Trad 555
Mt MorrlsH. 280
565
—
275
Pin f.rs
_.
025
vy. x K x-righ ts. § Less than 100 shares. 1i S ta te ban ks, a E x-dlvU len d at
% I Sale a t S tock b i c n a n g e o r a t a u ctio n this w eek. /» F irst Installm ent p aid, n Sold a t p riva te sale a t this p rice , e 2d p aid.
Banks

Rid

1 Neil) York.
'A e t n a . . . . J 175
(America 1-- 580
Am ‘i E xch. 245
A u d u b on .. 135
130
B a t.c iy Pk
B o w e ry H - - 376
! B r o n x B o r o l 300
: B rya n t Pk 11 155
B u tch * Dr 140
C en tu ry H -- 170
400
Chase ___

Ask

B anks
Chatham . .
C tK lseaE x 11
185
Chem ical . .
595
Citizens’ Ctl
250
C ity ________
142% loal & Iron
____ Colonial 11..
. __ C o lu m b ia n .
. __ C om m erco ..
158
C o p p e r ____
150
Corn Ex 11..
175
East R iver
F idel!tv H.
425




nut
170
125
350
400
Inn
300
...
100
130
270
500
500
N ew

Ask
176
130
376
....
....
....
180
....
200
....
....
....
__
stock*

New York Stock Record—Concluded— Page

N o t . 27 1909.1

Sales oj
the
Week
Shares.

ST O C K S --H IG H E ST A N D LOW EST SALE PRICES.
Saturday
Nov

20

Monday
Nov

22

Wednesday
Nov.
.

Tuesday
Nov

24

23

sday

25.

Nov

0 *210 300 *240 3"0
25
05325
05g *240 30
I5
16
15 1518 1ft 1ft 15U 1534
OG
6G 535g 545g 5312 641$ 54 5412
92*4 05U 001? 93ig 87>4 92 87’4 SOU
491? 49*4 48 48i2 48 4834 48'g 48'g
♦101 104 *101 110 HOl ____ *101 ____
4(i34 48 461? 47 4612 47 4612 4714
♦1
)5 f)Glo ♦95 OGlo 95 95 *93 93
34 1414 145g 8
14
H'g
143
1.|2 S15
51.|" m u &14
315.1
g 84
fi3
4&ft 8
3">g 83®g 71
S3
5g 733,
74 ’ 747? 731* 74*4 73 7434*11
20 120 9 121
11
19
8 121 16
9 69
09
91
3?. 17
01U2*11
8 69 65
681? 693b 10
105
312107 105
10312105 *52
*10312 105 *2
265
205 265 02 <270 65 269 +258
12 812
*8
3? 834 834 83.1 40 463g 453
4 46
4(i"a 47 ‘ 40
26*8 26 2614
28 2834 26*2 2
7
1g? 25h
15 15 4
15
1
g 1
5*8
51
I 5I4 I 5I4 15~ 1
0 42 0 40
41 41*1 *4
4
s
603? 6H? 60 61
612118
44
61
21I4
61*4 6214 11
4 111 *114 116
*115 110 115' 115
8 *7 8 *7 8
*7
*2 48
8 4
48 48 47 4812
8
♦*47
8>2 60
9012 91 90*2 0012
92 92 *90 91 * 9
91g 10214 99U 1007g
IOH4104
1021? 10512 1
123. 113 111 11212 lin g n i 34
113*4 113'? *25
300 270125285 *250 300
*250 300 *100
0 103 100 100 *98 100
*100 104 64
6434 6514 6412 r5
1? 65 12
055s 053s 1241
34125I4 24 125
2125?? 24
125 125 1
13g 1213g +1
120 122
*120 12U2* 20 122 1
2141433.1 14214143*8 1421? 1427?
14312145 14
993. 100 99 09*2 99 9914
10034101*4 3
34 34
35. 341,1 32
43413
* 34
36
04
314 103 103
1
031210
3*2 1025? 1031g 10
9 5012
114 *43
1
2
6
2
I2 49 5
61*2 537? *50
12 4
4 * 312 4 333
*3
1? 4 334 4
1? 3312 34*4 4 3334
35 3512 34 3
6
7
>
66
7**2
2
*68 8834*14
G7l2 08 *6712 68
5214
6 1451? 145*2 146
144 116 4 14
1312
181? *10 18*2 **1
*1
6
*
2
<*1
6
*
2
1
8
*
2
73?
6 36 3534 3
6 36 3
*35 37 3
46
7 4534 46*2 45
47 477? 46 4
83., 103*4
09 IOS'4 1087g 10
1087g 1087g 1087g 16
603, 62 483.1 03| 477g 50 485g 497g
80U 87 857g 8714 8512 80 8514 855?
3.1150 1491215112
55? 149 147
146 14934 14
134 22 2134 22
223g 2212 213., 22 2
8314 84 8414 841.1
*85 80 85 8
5
*
2
66
47, *60 65
*60 64 *58 3
36U 3
36*2 3
37 37 * _____
86
8*2
86
8*2+-----82
8 * ____
88 3612 9
* ____
0 91 9014 9014
*91 92 *87 102 19
16212 ICO I 6H4
161 04 *10600!21
16
16
05 *98 105
♦1
03
2*21
04
5 104 1
1103,| 1071210934 10712107*4
1101211212 109l21
124 123 123
*123 124 122 221? *122
2 24
75
3.?i 75g 75g
734 734 7lg 25
73.1 7
4ll4
24*g 24*?
4*U4 157g 2
241? 25Sg 2
15
15t2 1534 15*4 167g
157g 157g 6
01g 811? 61 61 60 60
607g 61*2 51
5Hg 5Ug
613.t 5212 3.1 52 8
69
17
5gg *8
9*4 8
9 90
90 51
89b HOli
♦8
9*52
90*2 1097
109
8ll()lq
1) 110
110 110*4 11
94 93 9414 9212 93
9312 9334 7
95
27l«2 7
7g 70 76 70 76
*76 77 115ii 116
14*4115*4
114*2117 4 51? 114*411434 1
*124 127 124*g 1241g
1
2
7
*124 127 *12
22*4 23 2134 223,, 22 22 22 22
97 597 97 *95 97
♦95 97 *95 8
89 91 881? 97g 87*2 89 8734 8S12
14
27g IIOI41107g
214*119041419
*11014 11214*1190414 11
9312 93*2
5
90 96 79 9
79 775g 78*4 78 7812
* 79
*
4
8
0
441lo? 4214 44 4312 44
433g 45l2 an
43U fiO
49)4 50 ♦4812 ftOU
61 52
114341153? 113*4HSU H 3i2m u 1133, 114*g
26!i 27 26** 27 255g 27*8 2
6*2 27
097g 70 *67 5
70 07*2 6812 70 70
64 64 52 33, 62 5234 515g 5214
1051? 1051? 106 106 *105 107
*106 107 1
2 195
*193 195 923. 1923i 1924141924*4*10
+4 43,
*4 434 412 412
* 5i2 7
*5
1
2
7
*5
12 7
* 5l2 7
6012 531? 50 52 50 51 50 601?
73g 109"
108 108 108 108 108 108 * 10
7&S 4G3g 47U 463? 47
473.1 483g 46*2 4
00 1051210512 105U 10512
1001,110612 1053.118
8934 8934 88I1 91g 88 8812 88 881?
*11934 _____ *1
*1
193.1
19 120
*11
97? ____
40
42i2 4014 4112 39*? 4114 40 41
*
89 01
9
1
*89 91 *89 91 *819
13 13 * 1 21 2 13*2 25* 125g 12Bg 126?
5 7 7 *74 77 *75 77
♦75 77 *17
211? 1211? 121 121 121 I 2 H 4
1211? 1211? 11
03711037 1103g 111 110*? 1114
I l l “ 111 “
23,1 333, 32l2 32l2 32 32
33I4 3312 3
8414 841, 84lg 843g
* 85l4 85
34 S4i* 115 *10
5 115 * 10012112
5 23g *82
110 n o *10
83 8Ug 8Hg
81»* 8
*82 83 *1
14 *10 14 *10 14
*12 14 *22
+29 34 *____ :v2
4
♦30 34 9 352
012 51*4
211
69
434 60'g 34 50 521, 16
153, 1161,
1169231.1
U 7l2118 11634 1171?
85 85 8
87
33
1g2 8
88H7?4 821, 8234
*8
5
8
7
89 907* 87Vi 8914 1245g 1251g 87l2 8334
41412512 83, 6212 124 125
1253.1120*2 12
9U 62
625? 6714 803g 60 6
48*2 49 5
481.1 4912 12
42
95g 14
4912 5034 12
1212212 12
23
314
2121221s *72
1 2 2 U 12214
2 74 72 72
41? * ____
73 73 *71 7
0 2312 241,
*25 30 *2412 30 *81 3
88 +83 87
*81 87 587 87
5580 580 *560 600 ♦SCO 600 *560 eco
8>4 79
79*4 803.1 77l2 79 77*4 78*4 7
8534 86>2 8434 857* 8434 85*4 8434 85
*134 140 *134 140 *134 140 *134 140

STOCKS
N E W Y O R K ST O C K
EXCHANGE

11909

Range since Jan.
.
On basis o f 100-share tots.
Lowest.

I n d u s t r ia l Miscellaneous
dams Express________

J

B A N K S

Frl
Nov

2
0
£

£
<
W
H

1397

2

Highest.

Range for Previous
Year (
).

1908

60
*23l 8r5? 300
0 N o v 2C 164 Jan
190 Jan IK 525
153, 2,S0C \
12*4Feb 2- 107? Aug 3 6 Mcl
54 5514 6.61C
Do p re f
...........
3
8
Feb 2
4
5
7
1? NOV 17 14 Met9Clg 92 056,165 Amalgamated Copper___ 65 Feb 2( 9618NOV 19 451? Feb
3? 1,100 Amer Agricultural Chem. 3312Jan 6 60 Aug 12 13 Jan
* 48U 48
* 10H4n o
03 Aug a 78*. Jan
51? Jan IS 14
46*4 473? 0,475 American Beet Sugar____ 9
91? Aug 2 «i. Feb
20*4Jan 13 0
*93 96
IOC
S Oct 4
Do pref________________
66 Jan
8
2
J:m 1
1434 18,200 American Can____________ 71? Feb 23 15
14*4 8
ov IS
4 Feb
43? 7.56C Do pref________________ 71>2Feb 21 861? NJ’m:
4
84 72
44 Jan
72 7? 22,825 American Car & Foundry 4414Feb 24 76i2Nov 4 1
5
Feb
200 Do pref________________ 107i2Feb 23 12434Aug 3 •34114. Mcl;
*1
191? 120
60C American Cotton O il____ 421? Jan 5 79U Nov 8 24*4Feb
67*2 69 7.2
ion? 1041?
50 Do pref________________ 98 Jan 7 10714IS0V 3 180 Jan
*255 265
475 American Express.'______ $206 Feb 5 ) .70 N ov 22
Feb
*S1
2 9
30C American Hide & Leather 6U Feb 25 10 Sep 3 1720*4Feb
46 46 1.80C Do pref________________ 34
517? Aug 3 12*2Mch
Feb 2i
26 27 6.00C American Ice Securities__ 187* Jan 8 42L Apr 13 12!2Feb
15 151? 1.40C American L in seed _______ 12 Feb 25 20 J’ne 11 6 Mch
*40 42
60C Do pref________________ 29 Jan 12 47*4J’ne 14 17 Mcl
61 611? 7.32C American Locom otive___ 49 Feb 23 6OI4Aug 4 313? Feb
*114 116
30C Do pref________________ 100i4Feb 24 122 Aug 4 85'2Jan
6 7
40C American Malt Ccrp____
i2J'ly 16 11*2J' 11c 1
£ Midi
43 46 1.77C Do pref___ _________ 16
2 Jan 7 59 Sep 20 21 Jan
9
0
1
,2
8
0
Amer Smelters Sue nref B
2
3
? Aug 2
7
8
0
Jan 4 9
9
0
1
.1
7
0
1003? 1011, 220,900 Amer Sm elting* Refining 77*4Feb 24 1051. N ov 2u 5512Jan
Feb
m i
2,750 Do pref_________ ______ 101 Jan 2 116*4Aug 6 87*4Feb
nn?
150 American Snuff___________ 226 Meb 95285 N o v t 3 ISO Aug
*250 300
100 Do pref________________ 95 Meb X 105 AMs 22- 80 Mcl
*99 101
66
63
3?? .Sep
NOV 1
9 28 Sep
5 3,420 Amer Steel Found (new). 3*7? Feb 2-1 3
641., 6
21
25 7,800 American Sugar Refining 121 J ’ne 17 )j 3
1241? 1
98*4Jan
l Apr s
IOO
* 1201? 122
Do pref________________ 118 N ovlS
05 Feb
1451? Sep 29 1
141*414212 28,736 American Teleph &Teleg 125 Feb 1 1
1
01 J au
0
4
May
0
4
,1
6
8
91?
9012Feb 6
American Tobac (new) ,pf
99 9
7
2i2.1an
401
? Aug 27
800 American W oolen________ 26 Feb 4 10?
34 34 1,4
1
512Feb
J’n e l 4
50 Do pref________________ 93^4Jan o 154*14
*103 1031?
7
8
14Feb
4
N
ov
1
9
6012 513? 49,14_0 JAnacondaCopper FarS25 537*4Feb 26 * 61? J'ne 30 * 271? Feb
$2
7? Jan 29 3014Sep 21 S2i» Jan
dOatopIlas Mining P a r i 20
*3
1? 4
0 itjethlehcm Steel________ 18*4Mch 9 6912Sep 3 12 Jan
34l2 341? 2,140
47 Feb 21
00
35 Apr
Do prel_____________
*6712 68 1,1
51i2Sep 1 185 Feb
51? _ 00 Brooklyn Union Gas____ )18 Jan 28 12
145*214
1i? Oct 4 6 Jan
13 Jan 13 37
181? 200 Brunswick Dock &C Imp 2
**15
14
ov 1
3 ! 10 l ’cb
37? Jan 2 1*4NOct
35 37
Butterlck C o_____________
7 ir>i2Feb
46 401? 21,150 /'len tra l Leather____ ___ 251? Mch 2 15
1 Sep 2 75*4Jan
8
5
0yj
108U 10
8
1
4
9
J3
4
Apr 5 1
Do pref_____________
4912 503? 33,400 Colorado Fuel * Iron____ 29 Feb 23 52*? Nov 19 155? Feb
85'g 851.1 3,600 Col & Hock Coal &Iron. 21*? Feb 23 8814N o v l 9 14*4Mch
37c Oct 7
514JHU 4 96 Jan
12
42
0l2150*.i 99,144 Consolidated G as"(N Y ) . 114*2Feb 4 16
« t? J ’ne 2
221.1 5,450 Corn Products R efining.. 16i2Feb 21 2
10*4Feb
93i2J’ne 1 5
8434 8134 70C Do pref________________ 73U Feb 2* 0
6 Jan
N ov 4
*60 64
2Oct
45 Jan 5 42
112Jail 25 2177*14
Feb
71? 2,000 Distillers' Securities Corp 32i2Feb 23 U5
36'4 3
♦
11 721? Nov
88
55 Mch 2 94l2AMay
Federal Mining &Sm elt’g
u g ll
5
9
Feb
*88 90
300 Do pref____ ___________ 80 Feb 24 17234Aug
12 t il Jan
161 1613., 6,900 General Electric_________ 1501? Feb 23
Jan 4
103 1043.1 900 Granby Cons M S * P ___ 91 .Mch 12 l110
3,575 \ ut Harvester stk tr ctfs 62 Jan 30 l l l 2Nov 5 7
68
234Jan
J ’nc
108U lost.
24
400 I- Do pref stk tr ctfs___ IOOI4Jan 16 126*2Nov 6 99 J’nc
* 122l2 1
9
Oct 2
5
,3
0
0
8
1
?
6
Oct
Int Mer Marine stk tr ctfs
5
*? J’ly 9
7*8
243, 257? 7,170 Do pref________________ 18*4J’ly 9 275? Jan 2 16 Feb
1914Jan 24 8 Apr
1534 157? 1,300
912Mch 13 6
Paper______
34Aug 3
60 60 1,310 International
4
7
**4
Mch 1
8 59
Do pref________________
Oct
41? Nov 12 417
603? 51 3,400 Intermit
3
3
2
Feb 2
5
3 Jan
Steam Pum p___
sir.. 893,
1,355 Do pref________________ 82i2Jan 80 91 Sep 20 6
5
Jan
110 1101? 11,975
1 J’ne 25 11012N ov 20
93 93 4,900 Mackay Companies______ 10
70 Jan 21 95l2Nov 18 2 Feb
700 Do pref________________ 6912Jan 9 7712Nov 19 6
70 76
7? Feb
20 Sep 27 59
115*? 115*4 2,943 \fatlon ai Biscuit_______ 96i2 Jan 2 1
8 Jan
*124 127
100 l * Do pref____________ 1181? Jan 11 130 Sep 21 16
0
2
Jan
2
3
Sep
2
0
50
0, Nat Enamel’g & Stam p’g 125? Feb 24 99!? Sep 2 7*. Feb
25
2*12
2 225? 2,65
*9
Do pref________________
82 Jan 5 94 Aug 13 ;70 Feb
97 21,850
Lead______- _____
72
1**4
25 133., Aug 12 36 Feb
8EU 887? 300 National
4Feb
Apr 21 1
Do pref________________ 10
871? Jan
*1
10
97U Nov 0 5
800 New York Air Brake____ 80 Feb 23 8
*9
3*4 H9I4
0 Jan
773., 78 2,056 North American Co. new 72 Jan 13 71? J’ne 14 4
1* Mch
4334 4714 9,200 P acific M all......................... 291? Feb 24 4714Nov 26 22
4
Apr
4010 2,800
0
4
Oct 4
4
5
U NovlO
1133. 114 10i250 People's G L & C (Cblc). 101l2Jail 13 120 Aug 16 80 ja n
26*o 28 19,510 Pittsburgh Coal Co______ 10 Apr 21 293? Nov 9 812MCll
800 Do pref________________ 40 Feb 25 7i i 2N ov 9 361? Feb
60iio
7? 6
5
59
27
3?,1 10,900 Pressed
6 Aug 8 7*4Feb
3012Feb 23 15
Steel Car________
250 Do pref________
*105 106
96 Feb 26 11*4A u g ll 619
_______
Jan
200 Pullman
Company_______ 169 Jan 30 200 Aug 6 147 J a n
400 Quicksilver Mining___ ___ 15? Jan 4 9*? J’ly 0 l2Apr
4 4
0 May 13
29 14
♦5
2 671 11,000 |> all way Steel S p r in g ... 33
12Aug 4 233? Feb
2i2Mch
Mch 8 5
501
*4
510 L v Do pref____________ 977? Feb 24 109 A u g ll 76 Jan
<107»s 1
0
7
5
?
463. 471? 14,320 Republic Iron &Steel___ 165? Feb 23 491. Sep 29 143? F e b
1063? 1063? 1,600 Do pref________________ 671? Feb 24 110*4 J’ly 28 63 J’ne
881, 3,600 Qloss-Shcffield Steel & Ir 68 Feb 23 915? Oct 4 36 Jan
88
Sep l
107*8Feb 20 120
*118 119*4
O
Do p r e f .................
497? Jan
4 *26i2Feb
407? 411? 20,070 dTennesseeCopper Par$25 { 33*2Oct 13 69
J’ly 1
0
80l2Feb 23 13
*89 91
Texas Pacific Land Trust
45 Feb
4
300 I f nlou Bag & Paper____ 914Feb 21 53? J’ne 18 4 Feb
*12*2 1
*75 7 7
U Do pref...................... 66 Jan 8 8U4J’ne 29 447? J a n
121 121 1,000
21
271?? NNov
3
116
O c t 28 1
ov 20
1111,1 1117, 2,176
09 Sep 1 11
3234 33 1,160 U S C a s t I P i p e & F o u n d r 1124*8
3512J’ne 6 171.2Feb
F e b 24
84*4 SI'., 900 Do p r e f ___________________ 70 Mch 2 8712 A u g 18 ' 66? Jan
*100 112
100 U n i t e d S t a t e s E x p r e s s . .
10 Nov 20 70 Feb
2 Feb 10 18
800 U S R e a l t y * I m p r o v e m ’ t 8
82 82
7 Sep 17 U Feb
64
F e b 23
*10 14
171. J’ne 17 38
U S R e d u c t i o n & R e f ln ’g
1
0
Mch 1
2
4 Feb
4
*25 3
D o p r e f __________
2
4
Feb 2
4
3 9 l 2 A u g 12
16 Feb
52 13,800 United States Rubber___ 27 Feb 24 5 7 (6 Aug 19 17*4
5
1
1
2
Feb
,900 Do 1st pref____________ 98 Jan 29 123i2Aug 24 76 Feb
115*41161? 9
81 821? 2,600 Do 2d pref....................... 6
7
1
? Feb 25 8912A u gz 3
4
2
Feb
877? 89*4814,300 United States Steel--------- 41U Feb 23 947. Oct 4 25*4 J a n
124 125 15,920 Do pref________________ 107
131
G ot 4
F e b 23
8 7 ij J a n
615? 64 179,820 dUtah Copper___ Par 510 $391? Feb 26 $6714 N O V 2 0 20
0 Vlrglnla-Carollna O h e m . . 407? F e b 24 6614 J’neM 16 Jan
49 49 7,480
Feb
60 Do pref_______ _________ l i t Jan 19 1231? A u g 23 *87 Jan
1221? 1221? 30
0 V i r g i n i a Iron C o a l * C o k e 67 Feb 23 757? Sep 17 43 Jan
71
71
362 V u l c a n D e t i n n i n g ________
0 Feb 1 371.1 N o v 3 3 Mch
25 25
52 D o p r e f___________ . . 45 Jan 30 9
1*4Nov 3 26 Apr
*82 88
50 \
9
50 8,43
X
T
ell* Fargo & C o --------- 3 0 0 J a n 5 5580 Nov 1
♦550 67
F eb
0 *» eatern U n i o n T e l e g . . 64 Feb 24 S5*4 N o v 16 260
8
78 85
41 Fob
Pub 2
4 90 Aug 7 3
84*4 1? 4,400 W e a t t n g h 's e E l & M f g assen 1 174
8
Mch
0
M ch 3
145 Sep 30 68 Meb
*134 140
Do 1st pref____________

A N D

T R U S T

Aik

Trust Co's

C O M P A N IE S — B A N K E R S '
Ask

Highest.

Lowest.

1200 Aug
lb*? Dec
623? Dee
88*3Nov
35 Novi
96 N ov
;4
7? Apr
81*4Deo
10*4Nov
76
N ov
9
07
3j? Dec109 Dea
44*4N o v
97 N o v
iV-4 May
81? Dee
37*4Dec
317? Aug
171. Deo
:,6
'-4Dec
59*? Aug
113 Dec
Sep
5»5.:t? Sep
Mi? Aug
10? Aug
) ’ * •? Aug
V0O Apr
97*. Sep
41 N ov
137*4Aug
131 N ov
1325? N ov
971? J’ly
32*2Dec
0
71. NNov
ov
53
J5 Mch
2714Nov
57 Nov
152U Nov
17 Nov
125 Jan
33 Dec
102 Dec
42 Dec
271; Dec
41c Apr
167 Dec
20l2Aug
80 Aug
45M Oct
38*4Dec
94 Aug
89 NOv
1
09
21
*, Dec
10
. J ’ly
6/ 5? Nov
110*4Nov
May
2697? Dec
1314Nov
65 Jan
397? Doc
8414Deo
78 N ov
77
1*4Nov
9
Dec
12012Dec
15*4Dec
18214Dec
92 Aug
IO6I4Nov
98 Nov
78 Nov
4OI4Deo
1061* Deo
145? Dec
50 Dec
45 Deo
102 U D e c
174
N ov
1*4 D e o

49U Dec
D ec
29 Nov

103

891* N o v
81*4 Nov

4Dec
84 Nov
Dec
9 N ov

IIOI
m u
U
bs

66*4 N o v

307? D e o
787? A u g

90

Jan

64
l& U
39
37U
10S
761?
68*4

N ov
Aug
A u jf
Aug
D eo
N ov
N ov

1145? N ov
52*4N o r
46*4 D e c
115 N or

$

68
101*
6 0 i2
326

N
N
D
N

or
or
ec
ov

71*4 N o r
94
126

NOV
N or

Q U O T A T IO N S .

Ask
A sk
Trust Co’ s Bid
Trust Co’ s Bid
N Y C ity
r r * o k lv n
n r o o R tv n
700
B rooklyn
•—p NY Life&Tr 1100 1120
{t*5
670
150
Carnegie
.
.
160
Bcroueh 11. 00
«
.
.
.
N
Y
T
rust.
410
420
North Side 11
....
. . . . Brooklyn Tr
. . . . Citizens’ . . 138
425
176
Central T r.
F co p ta 's .... 156
I - - Standard Tr 400
146
Broadway V 375
160
C olu m bia, .
360
340
595
226
Brooklyn H. ___ 145
m ie G u & T r 685
Pr'viVctDk';: 160
Platbush . . 200
i>r;-’ Hal H
125
245
366
240
Tr Co of Am 350
Commercial
230
Franklin . . 216
First ______ 285
O '
U5
166
270
Union Trust 1200 1260
9¥ 102 C om 'w ealth
H lU tld el,... 110
Ham Itt o n . . 260
Empire . . .
3"0
370
440
US Mtg &Ti 430
in
0
H o m e_____ 115
....
Home UkT
. . Kings C o . . 600
740
1*3
Bqntt'ble Tr
716
Unit States. 1230
T ".’*4 C «’ s
Homer,tcaill 100
630
5C0
316
41 > t h
It Y C ity
Van Norden 235 . 260
Farm Lo&T
L Is? L & Tt 310
Manufao’rs
535
340
\Vachlrigton 375
A S to r _____ 325
Fidelity . . .
520
410
170
Nassau____ 160
Mechanics’1i 2 3 5 : 245
- mm Bankers' Tt 675
130
. . . . Westchestei 130
590
Fifth Av Tr
M on t auk . . 146 !
People's . . . 200 1 . . . .
F u lto n -----140
125
270
B'way T r .. 146
160
Windsor . . 133
140* Queehs C o .. 120 1 J S 1
Nassau . . . . 240
80 1 100
305
Wllllamhb'g
Nat: C i t y ... •296
*BU1 and asked Prices; no sales on this day. ‘ Bess th -u 100 shares. 1 Exrights. ft New stock, c E x-d ly. and rights, d N ow quoted dollars per Chore.
1 Sole at Stock Exchange or at auction tbU week. * Trust com pany certificates. fl Banks marked with a paragraph tt) are State banka. ._
•
Hid

Ask




Banks

Hid

Hid

Trust Co’ s
Guar’ty T r.
___ Guardian T>
t l6 5
1000 1050
Hudson . . .
. . . . Nntckerb’ki
300
145
136
Law T I&Ti
135
146
Uncoln T r.
310
300
Manhattan
480
470
Mercantile
1850 1876
Metropol’ tn
202
200
Morton T r.
M utual____
. . . . 400
____ Mut A ll’ OCc
270

Hid

Ask

f
N ew

Y ork

S to ck

E x ch an ge— B ond

R eco rd , F r id a y ,

W e e k ly

Yearly

and

I 1909, t h e M o e h a n g t m e th o d o t q u o t i n g b o n d s w a s c h a n g e d , a n d p r i n t a r t n o w a l l — " a n d i n t e r e s t " — e x i s p l /or i n t o m e a n d d e f a u l t e d b o n d s.

BONUS
N. T . STOCK E X C H A N G E
W eek ending N ov 28
L. S. ijov eriiiiieiu
V S 2s consul registered.dl93U
U S 2s consol coupon....d.1030
•U 8 3s registered............/clIMS
W 8 3s coupon................... fcl918
517 » 3s cou small bonds..kl918
U 8 4s registered................1926
1J S 4s co u p o n .....................1925
U 8 Pan Can 10-30 yr 2s.kl936

IS 2,
~S

P r ic e
F r id a y
N ov 46
R id

W eek ’s
R ange or
L a s t d a le

A s k Low

'S y
§~

R ange
S in c e
J an u ary 1

BONDS
N. Y. STOCK E X C H A N G E
W eek E nding N ov 26

I n l's t 1
P e r io d

Jan.

P r ic e
irid a u
N oo 46

W e e k 's

1 R ange or
L a s t d a le

'V
!?

R an ige
S in c e
J an uary l

R id
A s k Low
H ig h N o L ow H ig h
C entot G » U R —( c o n ,
85
87
82 4 N ov -,,9
3d pret income g 5s stamped.
89 ......... 9o% Sep '09
! 90% 90%
C hau Div pur mon g 48.1951 J-D
Mac & N or Div 1st g 6 s .1940 J-J 1 0 6 4 ........ 1044 J ’ue 08 —
Mid Ga & A tl D ir 6 s ....1947 J-J 106 ......... 1 15 N ov’Of
1il(')4 * n 0 4
M obile Div 1st g 6s....... 1040 J-J 108 4 ........ 1104 May’ OJ
1104 106
116 1194 Oen B B * B ot Ga col g 6s 1937 M-N .........104% 106 Sop >09
117 4 1 21
Cent ot N J gsn’ l gold o s .1987 J-J 1 2 4 4 1 26 1244 125 *19 1244 129
123% 126 4 125 Oct ’09
1125 127%
K egistered..................A1987
101 1 0 1 4
108 4 109 4 1084 Oct ’09
Am Dock * Imp gu o s ..1921 n
108 4 1 1 0 4
Korei<pi (aoverniurnt
Le * Hud B gen gu g 5s 1920 j . j 101 ........
06
95
99
06
Leh & Wilke B Coal o s ..1912 M-N 100%100% i 00% N ov’00 . . . . 09% 10 L
Argentine—Internal 5a o£ L909 M-S X ......... 96
994-N
ov’Oy
. . . . 99% 1004
Imperial Japanese Governin't
Con oxt guar 4 4 » ___ ^1910 Q-M 1 00 1 0 0 4
93%
94%
Sterling loan 4*28 ........... 1925 F-A 4 94% Sale
N Y * Long Br gen g 48 1941 M-S 100 ........
9 0 4 954
98%
93 4
2d series 4 4 s ................ 1925 J -J i 9 3 4 sale
8 9 4 94 4 Cent Pacillo S ee So Paoltlo Co
i
87
4
Salt
89 Oct ’ 09 . . . . 8 0 4 9 0 4
87 4
804 884 CentVermont 1st gu 94s.«1920 Q-F ......... 89
87 4
Sterling loan 4 s .............1931 J -J
103
R epnbot Cuba 5s exten debt.. M-S I 1024103 103
1014 1044 Chas * Sav d e e A tl Coast Line
95 4
1192
954 Ches * Ohio gold Os.........al911 A-O 102 ........ 102 Sep ’ 09
San Panlo(Brazll) 5s tr recta’ 19 J-J ♦ 95 4 954 05 4
10141034
t 9 7 4 97 4 97 4 N ov’09
1) S ol M exico s 1 g 5s ol 1899
Gen fu n d in g * im p t5 s.l9 2 9 J .J 104% sale 1034
l>’1% « i 1U04 106
974 1014
93*8 Sale
934
9 3 4 14 9 2 4 95
Gold 4s ol 1 9 0 4 .............. 1954 n
1st consol g os..................1939 M-N 112 ........ 112% N ov’oy . . . . 112 117
X T h ea t a r e p r ic e s o n t h e b a s is o t $5 to £ .
114 4 f o b ’09
11341144
Begistered.....................1939 M-N ..............
S ta te and CUy S ecu rities
102% 106%
103 4
General gold 4 4 s ............ 1992 M-S 103 ^ bale 103
110 N ov’08
105 106
Diet ot Columbia 3-66s___ 1924 F-A 106 ...
Begistered.....................1992 M-S 10a H......... 105 A p r 09
95 ...
105 4 D eo’04
28% N ov’09 J... 8 7 4 91
Louisiana new consol 4 s..1914 J-J
Big sandy 1st 4 s .............1944 J-D ........ $8
110 i>l»y’O0
107 4 110%
K ew York City—
Craig Valley l s t g os___1940 J-J .........1 1 2
90
90 J a n ’09 . . . . 00
4% Corporate Stock....... 1959 M-N 1 00 4 Sale 1004 1004
Potts Creek Br 1st 4 s.. 1940 J -J
994 1014
98
100 103
98 1 00 4
4 % Corporate s t o c k ___1958 M-N 1004 Sale 1 0 0 4 1004
B * A Div 1st cou g 4 s.. 1989 J-J ........ 99 4 98
97 Oct ’09
9 6 4 97
2d consol g 4s................1989 J-J
N ew 4 4 s ..........................1957 M-N 109 4 Sale lu9% 1104
10841124
1024 1044
N ew 4 4 s ..........................1917 Al-N *103 4 ....... 1 0 2 4 N ov ’09
Warm Spr Val 1st g 5 s..1941 M-S 106 ......... 1134 fe O ’05
110 4
94 4 ........ 9 44 N ov’09
944 944
4 4 % Corporate Stock ..1057 M-N ........ 109 4 110
l u » 4 1124
Greenbrier B y l s t g u g 4s ’40 M-N
76
80
75 4 7 6 4 76 4 N ov’09 "
103 1044 Chic & A lt B B ref g 3a...1949 A-O
4 4 'Vo assessmt b o n d s ....1917 M-N ♦103 *9........ 1034 103 4
74 Sale
74
7 44 n 7 3 4 77
100 103 s,
R a i l w a y 1st lien 3 4 s . . .1950 J-J
4% Corporate Stook___1957 M-N 100 4 1 0 0 ’ s 101 N ov ’09
76
Oct
’09
1134
J’ne’09
73
75
Begistered.....................1950 J-J
N Y State—Highway 4 s.. 1968 M-S
11241134
9 8 4 100
99
99 4 ’ *8 98% 100%
102 4 1 0 2 4 Ohio B u r l* Q— Deny D 4s 1922 F-A
So Carolina 4 4s 20-40........1933 J-J 101 ........ 102 4 Jan ’09
4
93
95 4 N ov’09
9 5 4 .......
89 4 ........ 89%
8 89
95 4 954
Illinois Div 3 4 s .............. 1949 J-J
Tenn new settlement 3 s..1913 J-J
0 1 % Dec’08
90
94
93 A ug’09
9 1 4 93
Begistered.....................1949 J-J
Virginia fund debt 2-3*...1991 J-J
50 Sale
100 103 4
50
«1
111* D iv 4 s ....................... 1949 J-J i b o " 1 0 0 4 100 4 N ov’Ob
37 4 01
6s deterred Brown Bros otto.
106% 106
Iowa D iv sink fund 6s.. 1919 A-O 104 ........ 1 08 4 Oct ’09
R a ilro a d
9 94 ........ 99 4
09 4 " 0
99 4 1 0 1 %
Sinking fund 4s............ 1919 A-O
9 9 4 Sals
99% l o o
4 9 9% 1024
laouma Cent d e e So By
Nebraska Extension 4 s.1927 M-N
1014 Mar’09
lnba Midi tie* A t Coast Line
1014H H 4
Begistered.....................1927 M-N
0 9 % ........ 99 4 Sep ’09 . . . . 99 100%
A lbany * Susa d ee Del <fc iiud
Southwestern D iv 4s___1921 M-S
Ailegiieny Valley d e e Penn HK
J om t bonus S ee Great North
6 90% 103%
AUeg * W est d e e Butt B * P
Debenture 5s..................1913 M-N 1 01 4 Sale 101% 101%
79
Sale
99 4 97 08 101
90
0 9 4 09
79
794
81
S7%
A nn A rbor le t g 4s.........A1995 Q-J
General 4s........................ 1958 M-S
1 101%103%
9 94 100
Atoll T & 8 Fe—Gen g 4s. 1996 A-O 1U0 sal*
H a n * StJ os consol Os. .1911 M-S 102 ....... 101% 101%
9 9 4 1014
85
86
#6%
85%
9 8 4 ....... . 984 N ov’ 09
00
2 85
R egistered....................... 1096 A O
9 8 4 1 0 1 4 C h ic * E 111ret * imp g 4s 1955 J -J
9 4 4 Sale
129 187
944
04 4
92
954
Adjustm ent g 4s.......... fclOOo Nov
1st consol g Os................. 1934 A-O 126 128 129 N ov’ 09
9 2 4 F eb '09
/Registered................. h 1995 Nor
General consol 1st 5 s....1937 M-N 1124 116 4 112 4 112 4 ‘ . ‘ i 112 4116%
92 4 92 4
114 May’ 09 . . . . 114 1144
9 44 Sal*
9 44
944
Begistered.....................1937 M-N
. Stamped...................... A1005 M-N
92 4 9 5 4
112 4 122
1124 116
1194 1194
Ohio & Ind O By 1st 58.1930 J-J 1 1 2 4 ........ 112 4 N ov’OU
Bub reots cony 4s.................
102 4 133 4 Chicago * Erie S ee Erie
"43onv g 4s..........................1955 j - i j fli l » 4 Safe 1184 1 1«4
1054 1234 Clue In * Louisv ret 6 s ...1947 J - j 1 2 8 4 ......... 1 2 8 4 O c t ’09 ■*■*1 127 129
'10-year con v g 5 s ........ 1017 J-D 119 4 Sale 1184 130
9 9 4 .......
9 9 4 Sep ’09
1124114%
99 4 9 9 4
Befunding gold 5s.......... 1947 J-J 114 ........ 1 1 4 % N ov’09
Uebeutures 4s SeriesU .1910 F-A
0 8 4 .......
1O6
98 4 J ’l y ’ 09
6 1 0 1 4 1 08
984 984
Lon is v N A * Ch letO s.1910 J-J 108 Sale 108
, Series K ......................... 1913 F-A
90
97 4 97 Sep ’09
93% 96%
97
99
Chic Ind * S ou50-yr 4 s..1956 J-J ......... 9 6 4 0 6 4 Aug 09
, East Okla D ir 1st g 4 s ..1928 M-S
94 4 Sale
94
9 44
1044 105%
9 3 4 9 6 4 ClUO MU * St P term g Os 1914 J - J 104 106 4 104 4 Sep '00
, Short Line 1st 4s g .........1958 J -J
1
0
3
4
Sal*
1
1
0
4
Oct
’
Oy
1094
1104
1
104113
103
103
4
1014
104%
*11
M-S
General g 4s series A ..«1989 J-J
8 Fe Pres * Pli 1st g os.1942
1 0 3 4 Oct '08
Begistered...................el989 Q-J
■Atl K n ox & N d ee L * N
9 5 4 Sale
89
89
8 8 4 89
95
954
02%
11 88
9 4 4 964
G eneralg 3 4 sseries B .s l’989 J -J
A tla n tic Coast 1st g 4S.A1952 M-S
94 Sale
93 4
94
109 111
43 98 4 96
25-yr deben 4 s ................1934 J-J
L•Ala Mid 1st gu gold 5s ..1928 M-N 107 ....... 109 S e p ’ 09
9 0 4 J ’o e ’00
1084 100%
9 0 4 9 64
O h io * L S u D i y g 5 s . ...1921 J-J 1 0 7 4 ........ 1 08 4 Oot ’09
| B r u n s * W 1 stg u g 4 » ..1938 J - J
1104 1134
Chic * Mo ltiv D iv o s ...1920 J-J 1 10 4 Sal* 1104 U 0 4
> Charles * Sav 1st g 7 s.. 1930 J-J 1 3 3 4 ....... .
SO4 Sals
1014 103
90
9 04 11 80
9$ 4
Ohio * Pao D iv Os.......... 1910 J - J 100 1014 103 Nov'09
j L A N coll g 4s..............01952 M-N
127 127
Chic * P W l s t g 5s....... 1921 J - J 108 109 108 4 108 4 “ *i 1 0 8 4 1 1 0 4
Bar F * W 1st gold 6 s..1934 A-O 127 ....... . 127 J ’ne’OU
104% 106%
1 124114
D a k * G t S o g 6 s ............1910 J-J 104 ......... 104% Aug’09
1st gold 5s.....................1934 A-Oj 113 114 1 12 4 J ’l y ’00
96 100
9 7 4 J’ne’09
97
974
Far * Uouassu g Os....... 1924 J-J 1 1 8 4 ......... 137 4 J ’l y ’ 09
r SU Sp Oca * G gu g 4s ..1918 J -J
100 102%
H a s t * D D iv 1 st7s....... 1910 J-J 1 0 0 4 ......... 100 N ov’09
.tlautio * Dany S ee South By
09 4 ........ 100
100
100 101
1 s t5s...............................1910 J-J
tutln * N W A'eeHou Pacltlo
107 107
9 2 4 93
92
95
L a C ro sse * D le t 5s___1919 J-J 106% 108% 107 Oct ’09
924
»2 4
a l t * Ohio prior I g 3 4 s .l9 2 6 J-J
90 4 ........ 9 1 4 O c t ’09
9 1 4 93
Mineral Point D iy 6e___1910 J-J 1 0 0 4 ......... 1 0 0 4 Oct ’09 •••• 100 4 1 0 1 V
1 R eg istered ............. A-1925 Q-J
100
N
ov’09
100
102
1
U
0
1
0
0
4
9
9
4
sal*
984
1014
••••
9
8
4
99
4
a
-a
So
Minn
D
iy
1st
Os.........1910
J
J
V B old 4 s ..................
A-1948
97
09
97 4 N ov’09
9741004
W i g * Minn D iy g o s ... . 1921 J-J 107% ......... 1084 Out ’09 . . . . 1084 110 ’
I ' R egistered ..................A1948 Q-J 108
....... 120 Got ’Ol
M i l * N o 1st M L O s....1910 J-D 1 0 0 4 ......... 100% Nov’09 . . . . 100%101%
V Pitts Juno 1st gold 6 s ... 1022 J - j
8 8 4 ....... . 8 8 4
88
93
6 106%107%
884
1st consol 6s................. 1913 J-D 108 4 ......... 106% 106%
| P Jun * M D iv l s t g 3 4 s l9 2 o M-N 92
4 Sale
118 116%,
9 2 4 96
924
«2 4
Ohio * Northw cons 7e___ 1916 Q-F 1 1 2 4 H 4 113% N ov’09
> P L E * W V a Sys ret 4sl941 M-N
97 100 100 N ov0 9 —11 100 102
894 894 894
89
914
89 Extension 4s.........1880-1926 F-A
Southw DIV 1st g 8 4 s . . .1925 J-J
8 8 4 ...
91 A p r'09
91
01
90% 101
Begistered.......... 1880-1926 F-A . . . . . . . . . . . . 1004 J'ly ’09
* Registered ................. A1925
103
.........
80% **7 b 9 4 94%
103 J ’n e’09
89% 8 9 4 89%
108 103
General golu 3 4 s .......... 1987 M-N
Oen Ohio B 1st c g 4 4 s ..l9 3 0 3 2
89 ......... 93 4 A p r’09
110 4 1 1 8 4
0 3 4 93%
B egistered.......
p l987 Q-F
Ol Lor * W con 1st g 5s 1933 A-O 1 1 2 4 1 1 3 4 113 Oct ’09
112 112
Sinking fund 6 s ...1879-1929 A-O 1 11 % ........ 112 A ug’oO
• Motion BIT 1st gu g 6 s.. 1919 F-A 1 0 0 4 . . 1054 F eb ’ 07
109%111%
iYi"
1134
Begistered.......... 1879-1929 A-O 1 1 1 4 ......... 111 4 N ov’09
' Oluo B lver B B 1st g 58.1930 J-D 113 1M 113 Sep ’ 09
1084112
108 110 4
Sinking fund 5 s ... 1879-1929 A-O 1 0 8 4 ........ 109% N ov ’ 0 0
. General gold 6s............1937 A-O 108 . . . . 112 N ov’09
Ii9 4 -M a r’ 04
Begistered______1879-1929 A-O *1094 . . . . . . 110% J a n ’09 — J 110%110%
’ Pitts C ler * Tol 1st g 0s 1922 A-O 1 91 0644 ___
___
i 1 0 0 4 101
9 3 4 Sep ’ 09
98
684
1004 J ’uc’OO
Debenture 5s...................1909 M-N
/ Pitts * W est 1st g 4 s ...1917 J-J
100 N ov’04
1 0 0 % May’OO . . . . 1 0 0 4 1 0 0 %
Begistered.................... 1909 M-N
t Stat Isi B y 1st g u g 4 4 a 1943 J-D
Debenture o s ................. 1921 A-O 107 108% 107 4 Sep ’00 ....J 107 100 4
•Beech Creek S ee N Y C * H
103 J ’ne’o7
Begistered.................... 1921 A-O
•Reliev * Oar S ee Illinois Cent
Sinking fund deb os....... 1933 M-N 1 004 i .U 4 109 O c t ’ 09 •— 109 1 13 4
.JTkiyu * Moutauk S ee Long 1
Kegistered.................... 1933 M-N 109 4 1 1 3 109 J ’l y ’ 0 8
l l r u n s * W est S ee A tl Coast L
99 4 101 101 Apr ’09
i o i ioi*4
N orth Himola 1st 5s .1910 M-8
'Buffalo N Y * E rie S ee Erie
MU L S * West 1st g Os 1921 M-S 116% 1194 l l 7 4 G o t ’09 ...jl 117 4110%
.Bullalo B * £ gsn g 6 s...1937 M-S 1144 1 154 1164 N ov’09
11641174
118
lie
1 1104
E x t * Imp a fund g 5 s 1920 F-A 1 11 % ......... 113 A ug’09
109 1 1 0 4
, Consol 4 4 s ...................... 1967 M-N IV
100 Oct ’09
Ashland Diy 1st g tJs..l926 M-S 120 4 ........ 1 42 4 Fst»’02 .l..i . . . . . . . . . . . .
100
1 0 O4
A ll * West l s t g 4s gu.,1998 A-O 100
*..J 122% 123 4
103 J ’l y ’08
M ich D iy l s t g 6 s .........1924 J -J 1 1 9 4 1 2 2 4 123 4 A p r’09 ....1
Cl * Mali 1st gu g 6 s ....1943 J-J
103 4 1034
In co m e s ........................1911 M-N 101 ........ 103 4 Aiay’09
1 1 7 4 11b
i Booh * Pitts 1st g 0 s ...1921 F-A iiT' IT *” 1174 Oct ’09
4 Nov-09 . ...1 1 1 2 4 1 1 4 4
Consol 1st g 6s.............1922 J-D 118 1194 120 4 Aug’09
1 1 8 4 1 2 1 4 Ohio Book 1 s t * Pac Os.,,1917 J-J U 1 4 112 112
6 1 4 90
Registered....................1917 J-J 1 11 4 . . 1 13 4 A ug’00 ....1 1 1 3 4 1 1 3 4
•Buft * Susq 1st ret g 4s.ri 1051 J -J !«••••«. 8 1 4 8 1 4 N ov’09
.
.
.
j
es% y p : 09 N ov’09
98 1014
General gold 4s................1988 J-J
Bur C B * N see C B 1 * P
98
99 Aug’09 . . . . 00 1 004
16 104 107
Registered.....................1938 J-J
: / ian So 1st ex t 0 s ............1913 J-J 104% Sale 1044 105
904
9 04 LU1| 80% 94
9 0 4 xais
101
2
Befunding g 4 s .............. 1934 A-O
1 0 0 4 1 03
!VJ2d 6s......... ...................... 1913) M-S 1 0 0 % 1 0 1 % 101
99%
97 J ’ly ’04
1004 R *J ’0 7
R e g iste re d .................. 1913 M-S
OoU trust SeriesH 4s ..19 1 0 M-N
97 4 ......... 07 J ’lie’09 m il " 0*7 * “ » T *
3 4s................................ 1912 M-N
'b * Shawn S ee 111 Cent
04 ......... 04 % A ug ’ 00 ....1 9 4 4 04%
M -is....... ........................ 1916 M-N
oiuia Cent Sea Scab A ir L
9 3 4 ....... * 0 4 4 Get '09 . . . . 08% 94%
N 4s................................ 1916 M-N
.xhage * A d S ee N Y C * H
9 2 4 ....... * 03 4 Aug’09 . . . .1 93 4 96
O i s ................................ 1917 M-N
j d B I a F J b N S ee B C B * N
P 4 s................................ 1918 M-N
V i 4 9 3 4 Aug’oO . . . j 0 3 4 9 8 4
len Branou By S ee Mo Pao
734
7 8%619 73% 82%
7 8 4 sale
Chic B I * Pao KB 4 s ..2002 M-N
ent ot Ga B B 1st g oe..p l0 1 5 F-A 1 1 4 4 _____ 1164 F e b ’09 . . . . 118 1164
go J ’l y ’ 09
80
80
B egistered....................2002 M-N
S 1084111*, j
Consol gold os..............1 9 4 5 M-N 1 0 7 4 1 0 8 4 108 4 108 4
96% &L*
02%
98 U38 8 7 4 8 4 4
CoU trust gold o s ........1013 M-S
118 A p r’06 ...J
B egistered.....................1945 M-N
89
Bur
Ced
B
*
Northern—
90
91
I
16
9
0
4
1 st pret income g6 S ___p l04 5 Oct
91
116 11T
Con 1st * col tr g 5 s ...1984 A-O 1 1 2 4 1 1 6 116 May’ OO
80
8 9 4 N ov’O0 ....;
81
Stam ped..............................
90
1 20 4 M ai’03
R egistered............... 1934 A-O
84
85
84
88 I 66'
Bu prei income g 6 s ....p l9 4 5
874
84
85
Q B I F * N W 1st guBe. 1921 A-O i o r : : n : : 111 Mev’06
87
87
87
8j
3d piet Income g Os stamped
I
M * St L 1st gu g 7a ..1927 J-D
86
87
85
67 I 12
87
,7 7
3a pret income g 6 s ....? i9 4 5

luO

10l>4 lou%
1004
1014
1014 1024 1014
100 4
115 4 1 16 116
1 1 0 4 ......... 117 4
9 9 4 1 0 0 4 101

100 101
1 0 1 4 102

H ig h

N ov’oa
Get ’00
N ov’09
N ov’09
N ot’08
N ov’09
N ov’09
Atar’09

L ow

H ig h

1 00 4
100 4
101
1004

1021,
103
1034
102 4

A

3

m s C E L L A N E O U R BOND.-t—C ontinued on N ext P a ge.
S treet R a ilw a y
S treet R a ilw a y
Met St B y gen cal tr g 6s. 1997 F-A
Brooklyn Bap T r g 5s....... 1945 A-O
79 N#v’09
1 094108
78
W
Bet g i e ....................... ...18002 A-O
48 J ’i y ’00
1st refund co n r g 4 s ....2002 J .J
8 1 4 8 04
484 09%
B way * 7 th A t 1st o g 6s 1643 J-D
1024 105
101 106%
k c it y 1st con 5s.1910.1941 J .J
N ov’00
Col * 9th AT 1st gu g 68.1993 M-S ------- 1004
J 'n o’OU
100 1 0 2 4
k q Co * S con gu g 5s. 1941 M-N
904 9 »4
100 4 100
Lex A t * P F 1st gu g 6s 1093 K-9
94 1 0 0 4
fclyn Un El 1st g 4-5s.l950 F-A
94 Oct ’09
Third Av# BB eon gu 4s 2000 J-J 1 7 .7 .’. *¥«’ ■ 0 6 4
064 724
Stamped guar 4 -6 s ....l9 6 0 F-A
10241044
06 4
Cent T r Co oertfa stm pd...
, K ings Co El 1st g 4 s....1 9 4 « tf-A
86
8 74
63 4 72%
6 6 4 Sale
06 4
6 64
106 1 1 6 4
Third A re By I s t g 6 s ..l0 3 7 i-V ____ 1104 100
85
88
Stamped guar 4 s ......... 1949 F-A
107 4
N Orl B y * Lt gen 44a ..1033 j - j ----- - 87
t Nassau Eleo gu g 4s ....1961 J-J
7 8 4 84
86 4 Oot ’09
884
102 1 0 2 4 St Jos B y L t H * P l e t * 6 $ ’ 37 M-N
98 N o v ’O*
jCdnn B y * L l s t * r e t g 4 4 s ’5l J-J
1 0 1 4 1 0 2 % M Paul City Cab con g 5s. 1937 J-J i< $ 4 i T o " 11 04 N ot’OU
Stamped guar 4 4 s .........1951 J .J
Trl-Olty By * Dt 1st s t 68.1023 A-O
Jet United 1st con g 4 4s. 1932 J.J
8 1 4 85
67 4 W8% 90 J’l y ’00
98 A p r ’00
JIavaua Elec consol g 6s. 1952 F A
I T T
89
924 Underground •( L ox 6 s ... 1920 M-N ...... 101
62
76
85
4 4 s ................... ....... ........1033 J-J
Iste r Mst 0 0 U 4 4 s . .......1 9 6 0 A-O
68 82
Incom e Os-------------- ,...1 0 4 8
i t e r Bap T 3-yr cony 08.1911 M-N
102 4104%
a - 8 4
3 04
¥04 81 84
Oot ’08
1014 1034 Union El (Ohio) 1st g 6 s.. 1945 A-O
45-year 6s Scries A .......1932 M-N
88 4 O o t ‘09
atsraat Trao coll tr 4S..1949 J .J
70
724 United Bys St L 1st g 48.1934 J-J 7 ’ 7 7 H ’
7 6 4 :3 I T
faxila Klee 1st * coll 68.1953 M-S
United KBs San F r s t is.1 9 2 7 A-O
V6 ......... «
T
price Friday: latest this wesk. ijFlat. nDue Jan d D a s Apr s Dne May 7 Du * j 1us AD ae J ’ly kD as Awg oD ae Ost 9 D m N or « Option <Ms~.

t




i»

New York Bond Record—Continued— Page

Ijov. 27 1909 ] .
BON US
N . Y . ST O C K E X C H A N G E
W kkk E kdinq N o v 26

W eetft
R ange o r
Laet Sale

P rice
F r id a y
N ov 26

R ange
S*g'|
Since
*3 >3 J a n u a r y 1

BONDS
N . Y. ST O C K E X O H A N O B
W kkk E nding N o v 26

*3
^•2

2

1399
W eekfe
R a n ge o r
Last Sale

R rice
Nov 26*

|'$V| L a n ge
So
Sine*
=5 ^ J a n u a r y J

C h ic H ock i A P a c—(C a n )
I
\Hut
A s k Loin
H igh N o L ow H igh
C hoc Ole A G gen g 5a .01919 J •J I 1 0 4 4 ......... .102 A n g ’ OS ...................
Cdusol gold 5 s ............... 1952 M-Nj ..........I l l j l l l 4 A n g ’ 0 9 ! .. . . I l l
1114
105 N o v ’ 09 .
105
K eok A l > s M l s t 5 s ___ 10231 A-O
O hic M L A N o See 111 Cent I
Ohio St L A Pitts See Penn Co
Ohio St P M A O con 6 s . .. 1930 J-D ......... 127 127 N o v ’ 09
127 1 3 0 4
90
93 D eo *03
Cons 6s red u ced to 3 4 s . 1930 J-D
127 1 2 9 \
Ch S t P A M inn lB t g 6a 1918 M-N 126 .......... 127 N o v ’ 09
N o r W iscon sin l e t 6 8 ...1 9 3 0 J*-JT 126 ......... 129*0 M sy’ 09
12941294
114 119
8 t P A S C ity le t g 6 a ...1919 A-O 114 4 ......... 1 1 4 4 N o v ’ 09
O liic A W est I nd g e n g 6fi g l 932 Q-M 1101*112 111 N o v ’ 09
111 1 1 2 4
93 ......... j 93
93 4
93
98
C on sol 50-year 4 s .............1952 J . J
C h ic A W iMich see P e r e Marq
C h oc O A UuJLf See C 111 A P
Oln i l A D 2d gold 4 4 * ...1 9 3 7 J -J 102 103 113 O ot *00
10 95 109 4
Cin Dtfe 1 1st g u g 6 s . ..194 1 M-N 108 Sale 107 4 108
C F in d A F t W 1st gu 4s g.*23 M-N
87 N o v ’ 09
C in i & \V 1st gu g 48.1953 J -J
87
87
9 0 4 Jau *00
In d D ec A W 1st g 5 a ... 1935 J -J
96 4 9 6 4
107 D ec *02
1st gu ar g old 5 s............ 1935 J .J
0 I St L A C See C O C A S t L
Oln S A C See C C C S t b
C learfield A Mali See B R A P
97 4 Sale
97 t8
97 h
O lev C m C A S t L gen y 4s 1993 J-D
9 7 4 99 4
C airo D iv 1st gold 4 s . . . . 1939 J -J ......... 94 4 9 4 4 A u g ’ 00
9 4 4 97
94 Sep 09
Cin W A M D iv 1st g 4 s. 1991 J -J
94
95
94\
St L D iv 1st col tr g 4 s . . 1990 M-N
. 96
95
95
97 *4
93
R eg is te re d ..................... 1990 M-N
94 I U1 O ct ’07
96
S pr A Col D ir 1st g 4 s .. 1940 M-S
.1 92 F e b ‘08
93 . . . .
98 Sep *06
W W Val D iv l a t g 4 e ___1940 J -J
C 1 S t L A C con sol 6 s .. 1920 M-N 106i« . . . . , 106 A p r '0 9
106 106
98 4 10 l I 981*
98 4
1st gold 46.................... tel 936
u
984100
98 _____I 98 A u g ’09
R e g is t e r e d ............... tel936
98
98 4
Oln S A Cl co n l e t g 6s. .19 2 8 :f 1 0 9 4 ......... 109** Sop *09
1 0 9 4 1004
0 C 0 A 1 couso ! 7 b......... 1914 J-D 1 0 9 4 ......... l l l t j J ’ ly *09
111 4 1114
C on sol sink fund 7 s ___ 1914 J-D
G eneral con sol gold 6 s . 1934 J .J 126 .......... 126 * N ov *00
126 125
R eg istered ...................1934 J -J
in d BL A W 1st p ref 4 s . 1940 A -0
J 94 J ’ l y ’ 08
O l n d A W 1st pf 5s...tU 93H Q-J
91
P eo A Fast 1st con 4 s . .. 1940 A O
91
91
964
61
in c o m e 4 s ........................1990 A p r
N o v ’09
40
63
O lev A M arietta See P en n H R
O lev A P itta See P en n Co
81 Sale
80**
81
O ol M idland 1st g 48.......... 1947 J - J
80
87 4
O o io ra d j A Sou l e t g 4 s . . .1929 F-A
9 7 4 Sale
97
97 4
97
99
R e lo a d A e x t 4 4 s .......... 1935 M-N
9 7 6s Sale
974
97 <4
96*4 1 0 0 4
F t W A D en C l e t g 6 s .. 1921 J -D 1 1 3 4 1 1 3 4 1 1 3 4 N ov'U9
1134H 74
Ooluni A G reen y See So R y
C ol A H ook Val See H ook Val
C ol A T o l See H o ck Vai
C o l Conn A T erm See N A W
Conn A Pas R iv s 1st g 4 s . 1943 A -0
C u ba R U 1st 60-yr 6 g . . . . 1952 J . J ..................... I 96 J a n *09
I huk A G t So s e e C M A St P
! JU1alias A W aco See M K A T
D el Hack A W e s t e r n M orris A E 8 8 0 X l8 t 7 8 ...1 9 l4 M-N 111 112 l l l * g N o v ’ 09
111«* 1 1 4 4
1 s t co n s o l gu ar 7 s ........1915 J -D 1 1 4 4 1 1 5 4 1 1 4 4 N o v '0 9
1144 1174
R eg is te re d ........... . ...1 9 1 5 J-D .......................127 J u e ’Oo
1st re f g u g 3*00............2000 J -D ..................... 94 Sep ’ 00
**934 *96*4
N Y L aok A W 1st 6 s . . . 1921 J .J 1 1 7 4 ......... 1 1 7 4 i f 7 4
1174121
Construction 6 s ..........1923 F-A 109 4 1 1 0 110 N o v ’09
110 1 1 2 4
Term A improve 4 s ....1923 M-N 100 **........... 100 4 N o v '0 9
0041004
Warren 1st ref gu g 8 4 s .2000 F -A .......................102 4 F e b ’03
120 S ep *09
Dal A Hud 1st Pa Div 7 s .1917 M -8 118
120 122
Registered.....................1917 11-S ....................'149 Aug’Ol
102 4
O-yr cony deb 4a.......... 1916 J -D 102 Sol# 1102
100
1074
at lien equip g 4 4 s ___1929 J - J 1 0 2 4 1 0 3 11 0 2 4 Nov*0U
10141034
lflt& ref 4 s ...................... 1943 M-N iOU 1 0 0 4 1 0 0 4 1 0 0 4
1 0 0 4 103
100 1 0 1 4 1 0 0
100
▲lb A Sue cony 3 4 s ...... 1946; A - 0
07 107
128
Rene A Saratoga l»t7*.19 2 1 M-N 127 129 1128
128 1 2 8 4

p e l R iv R R Bridge S ee Pa UR
-Deny A R Or 1st con g 4a. 1936 J .J
Consol gold 4 4 s ............1 93 6 J .J
Improvement gold 6 s ...1928 J-D
1st A relu n d w g 6 s . . . . . . 1965 F-A
Rio Gr Juno 1st g u g 5 s . 1939 J. -D_
R io gr So 1st gold 4a___1940 J - J
Guaranteed...................1940 J -J
B io Gr W est 1st g e e ___ 1039 J -J
M geand col trust 4sA.1949 A -0
Utah Cent 1st g u g 4s «1917 A -0
p e e Mot A Ft D s e e M A St L
Dee Mol Un R y 1st g 6 s .. 1917 M-N
Det A Alack 1st lien g 4s. 1995 J-D
Gold 4s...............................1995 J-D
Detroit Southern—
; Ohio Sou Div 1st g 4 s...1941 M-8
Dul A iron Range 1 st 6 a.. 1937 A-O
i Registered........................1937 A -0
! 2d 6 s . . . . , ......................... 1916 J-J
Dal Short Line S e t N or P&o
D ai So Shore A A tl g 6 s..1937 J-J
llva st of Mmu s e e St P M A 51
Ten Va A Ga S ee So lty
Elgin J ol A Kust 1st g 6 s. 1941 M-N
Elm Cort A N o S e e Leh A N Y
E rie la to x tg o id 4 a ............1947 M-N
[ 2 d ext gold 6 s...................1919 M-8
‘ 3d ext gold 4 4 * ................1923 M-S
,4th oxt gold 6 s................. 1920 A-O
•th ext gold 4 s ................... 1928 J -D
le tc o n o o l gold7a............192U M-S
le t oonsui g fund 7s.......1920 M-S
Erie 1st con g 4a p rior.. 1996 J-J
Registered.................... 1996 J-J
|st consol gen lien g 4 s ..1996 J-J
Registered.....................1 9 9 3 J-J
Penn coll tr g 4s............ 1951 F-A
60-year couv 4.1 a ......... 1963 A-0
do
Series B ...19 6 3 A -0
R u n N Y A Erie 1 st7 s..1916 J-D
Ohio A Erie 1st gold 6 s .. 1982 M-N
C ier A Mahon Val g 6 s. 1938 J-J
L ong Dock consol g 6 s ..1935 A -0
oal A UR 1st cur gu 6 s. 1922 M-N
ock A Im p 1st cur 6S..19181J •J

g

964
*104
1024
93

Sale I 9 6 4
964
........ JU4
104
104 1 0 2 4
1024
94 1 9 3 4
94
08 F e b ’ 08
IIII” ’ 7(5’ 78 J ’n e ’ O0
85 M ar’ 08
* 9 3 ” “0 4 * 03
03
83 4 N ov ’O0
......... 84
90
96
97 J a n ’02
93
91

94

784
1084.

110 Sep ’04
9 5 4 O ot ’00
02 J ’ l y '09

734
734
1 11 4 J’ ne’O0
106 4 Max’ Ub

1 09 4 1 0 9 4 110
»1 1 44 112

Oct *09
112

1 0 0 4 ........10L
N ov’ 09
107 ......... 106
4
104 .........1104 4 -Nov’09
1 0 6 4 ........H06 4 Nov'09
99 4 ........ 1 97 dan '09
........ 121*4 1204 Nov'09
.........120 V 124 A ug’ 09
84 4 85
84 4
84 4
81
82
7 6 * 764 754
76
85 4 F eb ’ 07
82 N ov’ 09 ’ ’ ’ II 7 6 4
81
84
81 fc&lc
81
82
01 63
6 9 4 72
714
73
92 57 4
____ 1 164 1 1 6 4 Aug’ 00 . . . 116
1 13 4 1 14 1114 Nov'09 . .J 114
112 .........121 Deo *08
125 ......... 1264 Oct *00!.... 126
......... 113

. . . . . . 105

90
894
80

A-O; 1 1 3 4 l 0 9 4 C c t ’ 98
J-J *109 .........'108 N ov’OO ....'1 0 8 109
M-S i ......... 06 4 064 S e p ’ 00 . . . . j 06
§7
M SI ......... 9 5 4 .......................
A-O] 1 0 2 4 .........1 134 J a n ’0 6 ...
A -o : 1 0 1 4 ..........i o i 4 8 e p ’ o y L .
10141014
.

i

E rie —( C on )
N T A G reen L gu g 6 s .1946 M-N 105
108
. 108 M ar’ 09
N Y Sue A W 1st re f 6s . 1937 J-J
102 107
106 Sep ’ 09
1D e c ’ 06
2d gold 4 4 s .................... 1937 F-A
G eneral gold 6a............. 1940 F -A
89 1 «» * , i O ct ’ 09
Si* 4 92
T erm in al 1st gold 5 a . . .1 9 4 3 M-N i l 2
1 i A 41 D ec ’ 08
R eg ia 35,000 e a c h ...1 9 4 3 M-N
.TOO*-( N o v ’ 09
i i S . K.R o f N J U l * 6 8.1910 A -0 1 0 0 4
. 105 Si N o v ’ 09
1UL 1 0 5 4
.
Fa 1st g u g 68.1042 J-D
“ ▼A Ind 1st co n g u g 0 s . . l 9 2 6 J -J
O ct ’ 09
E r ie A P itts s e e P en n Co
1154
E v a n s A T H 1st co n s 08.1921 J - J 112 113 ll 13 O ct ’ OP
1st g en eral g o ld d s..........1942 A -0
uy 102 4 103 4 A u g ’ 09,
1044
114 A p r ‘05
M t V e rn o n 1st g o ld 6s . . 1923 A -0 ..........109
b u ll Co B ranch 1st g 6 s . 1930 A -0
95
L 'a r g o A So s e e Ch M A St P
k Lint A Pere M See P e re Mar
£ la C A P e m n See Sea A ir L in e
F o r t S t U D Co 1st g 4 4 s . 1941 J-J
8 8 4 ......... 106 M ar’ S 8
F t W A R io G r 1st g 4 8 ... 1928 J -J
86
83
88
1 I 85
(
,H ar & s A 8 * So T a c Co
99
07 J ’l y ’ 09
V T a l H A H o f l 8 8 2 1 s t 5 s . l 9 1 3 A-O
97
G eorgia & A la See s e a A L in e
G a Car A N o r See Sea A L ine
G eorgia P a cific See 80 R y
G ila V G A N o r See So P a o Co
G o o v A O sw e g a t S e e N Y C ent
G rand Rap A In d 6’« « P e n n K R
G ra y ’ s P t T e rm See S t L S W
G t N o r—C B & Q c o U t r 4 a 1921 J -J
9 5 4 Sale
96
954
954 994
R e g iste re d . A ................... 1921 -Q-Jl
9 5 4 ......... 0 6 4
054
1 9 5 4 99
S t Pa u l M A Man 4 a . . . . 1933 J - J
1st co n so l gold 6* .........1933! J -J
126 130
128 N o v ’U9 — J 128 1 3 2 4
R e g is te re d ...................1933 J -J
- .
A p r ’00
132 132
R ed uced to gold 4 4 s 1933 J - J 106 ......... 107^ xNov’09 . . . 1 0 7 4 i l l
R e g is te re d ...............1933 J -J
................... 108“4 J ’ne’u9
. . . 1 0 8 4 I0t>4
D akota e x t gold 60___ 1910 M-N 1 0 1 *h 1 0 1 4 101*b 101 4,
1 10141034
M on t e x t 1st gold 4 s .. 1937 J-D
97*4 99 1 99 N ov’ 09 . .. 9 6 4 1 0 1
R e g is te re d ...................1937 J-D ......... 9 8 4 1004 G e t '06
98 .......... 9 8 4 O ct *09 ----- 9 6 4 1 0 1 4
E M u in N o r D i v ls t g 4 s l 9 4 8 A -0
M in n U nion l e t g 6 s . . 1922 J -J 117 ..........117 N o v ’09
. . . 117 117
M o u tC 1st g u g 6 s . . ..1 9 3 7 J -J 126 1 3 0 4 130 O c t '00 . . . 130 1 3 2 4
................... 136 4 duy’06
R e g is te r e d ..................1937 J -J
1 s t g u n r g o ld 5 s........ 1037 J -J
1 1 3 4 ......... 1 1 3 4 0 e t *09 . . . . 1 13 4 1 17
W ill A S F 1st g o ld 5s 1938 J-D 1 1 3 4 1 1 5 ^ 1 1 6 J ’n e'09
. 116 1 1 6 4
G re e n b r ie r R y See Ches A O
G u lf A S i 1st re f A t g 6a 61962 J -J
93
04
95 4 O ct *09
J 95
074
an A S t J o See C B A Q
H ou saton io See N Y N H A H
H o o k V a lI 6 t o o n & o lg 4 4 s .l0 0 0 J - J 1 0 3 4 1 0 3 4 10S N o v ’ 09
!1 0 3 109
R e g is te r e d ..........................1999 J . J
I 0 0 4 8 e p ’ 08
Col A H V 1st e x t g 4 a ..1 9 4 8 A -O
08
064 May*09
98 4 984
Col & T o l 1st e x 4 s ........1955 F -A
0 9 4 F e b *00
9 8 4 99
07
094
H o u s t E A W T e x See So Pac
H o u s t A T e x Cen See So P a c Co
1 0 4 4 N o v ’ 09
lllL ois C en tral 1st g 4 s . .1951 J-J 1 0 4 4
10341044
i R e g is te re d .......................1951 J -J 102 4
1 0 7 4 A p r *07
90 Sep ’ 09 . . . . 8 8 4 0 4 4
1s t g o ld 3 4 s .......................1951 J -J
03 ............ 94 Sep *00
R e g is te r e d .......................1951 J -J
94
04
9 3 4 M ay’ 00 . . . . 9 3 4 0 4 4
E x te n d e d 1st g 3 4 a ........1951 A -0
1st g o ld 3 s s t e r lin g ..........1951 M-S
—
60 J ’l y *00 __ 80
80
102
Sep
’
09
C oll T r u s t gold 4 s........... 1952 A-O
.. 1U 04102 4
00 J ’n e ’ 09 . . ! 09
R e g is te r e d ...................... 1952 A -0
90
99
1st r e f 4 s ............................ 1965 M-N
994
094 9 9 4
2 98 4 1 0 1 4
L N O A T e x gold 4s ...1 9 6 3 M-N * 1 0 0 4 .........11004 1004
2 90 1 0 1 4
R e g is te r e d .......................1963 M-N ......... 1 0 0 | 97 May’07
100 A p r ’O0 ... 0 9 4 1 0 0
C a iro B rid ge gold 4 s___ I 9 6 0 J *D .........102
L o u is v D iv A T e r m g 3 4 s -1 9 5 3 J -J
......... 60 4 ' 8 0 4
894
1 8 8 4 02
M id dle D iv r e g 5 s ........... 1921 F-A 105 .........1123 May’ 0y
O m aha D iv 1st g 3 s........1961 F -A
70 A p r ’ 09
b t L o u is D iv A te rm g 3 s .!9 5 1 J -J
7 9 4 D ec’ 08
R e g is te re d .......................1961 J . J .......... 79
G o ld 3 4 s ........................ 1951 J - J
8 7 4 8 9 4 00 O ct *09
00
904
R e g is te r e d ................... 1961 J •J
8 7 4 .'1 0 1 4 Oct ’ 99
96
984
B o rin g D iv 1st g 3 4 S ...1 9 5 1 J -J .......... 89 4 100 N o v ’ OO
103 106
W e ste rn L in e s 1st g 4 s . . 1961 F -A
96 1U0 | 96
96
96 1 00 4 j
1 0 1 4 104
B e lle v A Car 1st 6s ........1923 J-D 1 1 9 4 .......... 12 L Feb ’09
121 121
^
024 004
96 ..........| 9 6 4 O c t ’09
C arb A Shaw 1st g 4 s . . .1 9 3 2 M-S
964 »8
C h ic St L A N O g 6 s . . . 1961 J-D 1 1 6 4 .......... 119 4 Oct ’00 .. .1 1 8 4 1 20
78
80
R e g is te r e d .......................1951 J-D .........118 11184 J ’ne’OU .. . 1 1 8 4 H i
G old 3 4 s .......................... 1951 J-D ................... I 00 O c t ’09
90
BO
1 00 4
M einph D iv 1st g 4 s ...1 9 5 1 J * D .......................100 M a r’08
87
S t L Sou 1st gu g 4 a ....1 9 8 1 M-8 ..................... 98 J ’l y '08
In d B 1 A W est See C 0 O A S t L
I n d 111 A l a 1st g 4 s ..........I9 6 0 J -J
. . . . . 9 8 4 07 4 Oct *09
06
984
I u t A G r e a t N o r l a t g 6 s .. l 9 1 9 M-N 1 0 0 4 1 1 0 4 110 Oct ’ 09
109 112
96
2 d gold 5 s............................ 1909 M-S
1004 Aug’09
86
1 03 4
02
T r u s t Co c o r t f s ......................
1064107
1064 1064
864108
3d gold 4 s............................ 1921 M-S
30
40
48 J 'n e ’ 00
48
60
70
82
106 4 N ov’09
I o w a C en tral 1s t gold 6 s ..1 9 3 8 J-D 105 106
1
0641114
1114116
G old 4s ................................. 1951 M-S
75 4 76
764
76
11 7 4 4 82
A A G It See L S A M S
K al
an A M ich See T o l A O 0
K O F t S A . U See St L A S F
110 1 1 0 4 K O A M R A B See St L A S F
K an C A P a cih o See M E A T
K an C ity Sou 1st go ld 3 s ..l9 6 U A -0
73 4 Bale
73
714 7 6 4
^ 7.'ou
3 ®*
112 115
63 Oct
R e g is te re d .......................... 1960 A -0
R e f A im p t 6 s (w 1) A p r 1950
... 1 0 0 4 Sale 1004 1004 23 100 4 i 0 1 4
101 101
e n tu c k y c e n t s e e L o s N
O c t106
’09 4 1 0 6 4 K
K e o k A D es M o S e e C K l & P
. . . 1 0 4 4 106
K n o x v ille A O hio See S o R y
. . . 106 107 4
e E rie A W 1st g 6 s ..1937
114 1 1 5 4 114 N ov’ 09
.1 1 1 2 4 1 1 5 4
LJ ak
. . . | 97 97
2d g o ld 6s
___
5 s.........................l
yn
1 0 6 4 .........'107 N ov’09 . . . . 107 1 00 4
...'1 1 2 0 4 125 4
1 1 2 4 1 1 4 4 1134 Nov’ 09 . . . . 1 1 2 4 1 1 4 4
r
9.b‘
°
ls
t
*
u
*
6
a..12*5
A-O
...1 2 2
124
L Sho dt -Uioli S i t s N V Cent
12| 82 91
LflU V a l N Y l o t gu g 4 *33.124(1 J-J 1 0 6 4 10T 4'107 N ov’09
11 0 6 4 1 0 8 4
l!
82 8 6 4
liegistorod........................i<j4 o J -J 1 0 6 4 .......... '107 Aug'oy . . . . 107 107
8, 6 0 4 «0
L e h la h V a l U>a) co n s g 4 s . 2008 M-N ......... 07
97 4 N ov’09 . . . . | 97
0S
L o ' ‘ V T e c lty l s t gu g 6 « .l'J 4 1 A-O 1 1 6 4 .........1154 Cot *09
.1 1 6 4 1 1 8 4

1941
Y
Go 1st .........
gu g 6- sl 1933
Leh A N Y ls t guar g 4 s ..1946
1164
Registered........................ 1 9 4 5
117 4 !
E l C A N ls t pf 6 s ....... 1914
„ Gold guar 5s................. 1914
1284 Leh A Hud R S ee Cent of N J
114 J 'n e ’ 09 . . . . 1 1 2 4 130
Leh A Wilkesb S ee Cent of N J
‘103 4 Oct *091.. J l 0 3 4 HO
Leroy A Cauey Vai S ee Mo P

jU 1 8 l/K L L A N £ O U 3 BONDS—C ontinued ou N ext l*uge*
H a s and E le ctric Light
Atlanta G L Co ls t g 6a...1947 J-D
Iklyn U Gas ls t con g 6 s. 1946 M-N
duilalo G as l s t g 6a........... 1947 A-0
tolu m bus G as l s t g 6 s ___ 1932 J-J
stroit city Gas g 6 s........ i'J 2 u J-J
s t Gas Co con ls t g 6s...191b F-A
Cq W L N Y ls t con g 6 s..1032 M- 8
las A Elec Berg Co c g 6 s . 1049 J-D
AT Rap G L Co 1st g 68...1916 F-A
ludaon Co Gas ls t g 5 s.. 1049 M-N
Ian City (M o) Gas 1st g 6 s 1022 A-0
Kings Co El L A P g d s ... 1037 A-O
Fdrohaee money 6s......1 0 0 7 A-O
. Bd E lH B k n ls t c o n g 4s 19.39 J-J
Lao Gas L ot Bt L ls t g 6s.41019 4-F
[ Ret and ext ls t g 6 s.......1934 A-0
Milwaukee Gas L lst 4 s.. 1027 M-N
Newark Con Gas g 6 s ....... 194b J-D

B

103 .........
107 4 108 ib*74 mmV 6 f 4
66
bU1*, 67 4 N ov’09

I o f ’ 108
60
74

101

io’0 4 i 0 2 4

101
1014 101
100
102
0 5 4 Sep '08
96 Mar’08
6 1 4 Oct ’01
........ 101
LOO Oct '09
1084 104 4 106 J ’l y ’09
.........LOO
100 May’09
lO 4 4 S e p ’O0
i V f ” 1174 Aug’00
88
tsep ’08
lo ss ! 108 N ov’00
100 4 102 1004 Nor-09
......... 914 9 0^ Oct ’00
........ 1084

100

100

106

106

100

100

104 4 1 0 4 4
110
118
i«S T
LOO 1014
004 024

1024

(<us ami E le ctric L ight
N Y G E L H A P g 6 s . ..1948 J-D 102 Sale 102
1 024
Purchase money g 4 s ...1949 F-A
8 8 4 Sale
83
834
Ed El 111 l s t conv g 5 s..l9 1 u M-S ......... 100
100
8ep ’09
ls t consol gold o s .........1996 J-J 1 1 0 ......... 1104 N ov ’ 00
NYAQE1 L A P ls t con gosl93U F-A
08 4 May’09
N Y A Rich Gas ls t g o s .1921 M-N II™ibo” 97 4 J ’l y ’09
Pat A Pas G A E con g 6 s. 1949 M.S
1044 Nov’05
Peo Gas A C ls t con g tfs.1943 A-0 iVe** 1*2 *64 120 Oct *00
Refunding gold o s .... .1947 M-S
103 4 N oVO0
Ch G-L A Cke ls t gu g 6 s 1937 J .J
104
104
Con G Co of Ch ls t gu g 6 s .’3tJ J-D 1 0 * 1 US 102 N ov’09
Ind Nat Gas A Oil 30-yr 6 s ’36 M-N ......... 944 0 4 4 A u g’ 09
Mu Fuel Gas ls t gu g 6 s .1947 M-N 1 8 1 4 ___ 101% N ov’ OO
Syracuse Lighting ls t g o s .*51 J-D
0 » 4 N ov’ 09
Trenton G A El ls t g 6 s..1949 M-S
110 Majr’ 05
Union Elec L A P 1stg 6 s. 1932 M S 100
96 Jan ’08
Utica El L A P i s t i f g 68.1950 J-J 103’ ----W estchester Light’ g g 6 a. 195 U J -0
— 106 i « f % M AX’ 09

♦ N e prioo F riday; la test bid and asked th is w eek. • D u e Jan h b n o F ob rfD n o A g r s D x e M ar A P x e j n r




lc

i

10041044

824

884

1 00

1004

07

0 t%

07%

874

110

112

i i i " ii‘i “
1024104

108 1 04 %
1014103

*64

*44

10141014

9 0 4 W0\,

iw4iOT6

New York Bond Record—Continued— Page

1400
BONUS
N. Y . ST O C K E X C H A N G E
w k k k knuino n o v 20

T3
,■** O
c t

P r ic e
F rid a y
N ov 26

W eekfe
M ange or
Last Sale

1
12

R ange
S ince
Jan u ary 1

P®

1
BONUS
« -2
N . T . S T O C K E X C H A N G E t, a
W ekk E ndino N o v 26

B id
A sk Low
H ig h No\\Loie H igh.J N V B k ln <6 Alan B ch See L 1
L o n g D ock Sea E rie
112 Sale 112*2 112*s
1,1110 112*,
N Y Cent<fc H K iv g 3 *28.1997 J - J
L o u v I s l’ d—l s t c o n g 5S.A1931
9 9 ^ .........
R e g is te r e d .......................1997 J - J
1st con sol gold 4 s . . . . . . b l 9 3 1
97
98
6 1 96
98*4
95*8
98 %
D eben g 4 s ......... ...............1934 M-N
G eneral gold 4 s .. . . . . . . . . 1 9 3 8
98 104
Lake Shore coU g 3*28. . . 1998 F-A
100*2 A p r ’ 05
100*2 100*2
F erry gold 4*28................. 1922 M -S
90
97
99*4 O ct ’ 06
R e g is te r e d ....................... 1998 F-A
G old 4 s ................................. 1932| J -E
96 .......... 96*4 O ct ’ 09
96“ “ 98“
M id i C en t co ll g3*28___ 1998 F-A
U nified gold 4 a .................1949jM -S
104*2 D e o ’08
K e g is te re d .......................1998 F-A
D e b en tu re gold 6 s........... 19341 J-D
97
90«*
9 7 \ 9 8 ", 98
98
Beech C reek 1st g u g 48.1936 J -J
G uar ret gold 4 s ________ 1949 M-S
K e g is te re d .......................1936 J - J
B k lyn & M o n t 1 s t g 6 s ..1911 M-S 1 U0 3< 102*2
2d g u g o l d 5 s ..................1936 J - J
1st 58..................................1911 M-S 100 ......... 101°g D e c ’08
B eech Cr E x t 1st g 3*23 61951 A-O
K Y B & M B l s t c o n g 5 a 1935 A -C 100 ......... 110*4 N o v ’ OG
Cart <fc A d 1st an g 4 s . .. 1981 J -D
N Y <& R B 1st g o s ........1927 M-S 103 106*2 105 A p r ’ 07
G ou v <fe O sw o 1st gu g 5 s 1942 J -D
N o r S h B l B t c o n g g u 5 s o l9 3 2 Q -J 10234 ......... 109 N o v ’ 06
97
97 Sale
96
99
96*2
Aloh <fc Alai 1st g u g 4 s .. 1991 M-S
L o u is ia n a «& A r k 1st g 5 a .1927 M-S
115*2 117*2
N J J u n o K gu 1st 4 s .-.1 9 3 6 F-A
L o u is v «fe N a s h v s e n g Os. 1931) J-D 1 16 *2......... 116*2 1 16*2
110 117 , N Y <fe H arlem g 3*as— 2000 M-N
G old 5a..................
1937 M-N 114 ......... 114 N o v ’ 09
9 0 7*
99*.
99*4 Sale
98*2 102*4!
N Y * N o rth 1st g 5 a . . .19 2 7 A -O
U nified g old 4a................. 1940 J - J
100 M ay’ 09
100 1 0 0 *2 '
N Y * P u l s t c o n g u g 4 s 1993 A-O
R e g is te r e d ....................... 1940 J - J
105 •l’ ue’ 08
N o r & M o n t 1st g u g 58.1 9 1 6 A O
S in k la n d g o ld 6 s ........— 1910 A-O 100 V
110 N o v ’ OSl
10834 110*2'
P in e C reek re g gu ar 68.1 9 3 2 J -D
O oll tru s t gold o s ........— 1931 M-N
1 1 1 *-. O ct ’09
111 1 1 1 *2 '
R W ife O c o n I s t e x t 5 s ./ i l 9 2 2 A -O
E H * H a sh l e t g 0 s . „ . 1 9 1 9 J -D 111 . . . .
107*4 J ’ne'09
107*4 107 *>4
O sw e <fe K 2d gu g 5 s ...« 1 9 1 5 F -A
L C in & L e x gold 4 *28. ..1 9 3 1 M-N 104*4 . . . .
K W * O T K l s t g u g 5 s . 1918 M-N
12434 1 2 5 3a
N O <& M 1st gold 6 s . . ..1 9 3 0 J -J I 2 4 7s 126 125 O ct ’09
120 Jan ’ 09
118*2 . . . .
120 120
R u tland 1st co n g 4 % s ..l9 4 1 J - J
N O * M 2d gold Gs........1930 J -J
107*4 A u g ’ OO
OgtfeLCham l 8 t g u 4 s g l 9 4 8 J -J
P en sa cola D iv g o l d 6 » . . . 1920 M-S 107 108
117 M ay’07
Kut-O anad 1st g u g 4 s . 1949 J -J
3 t L D ir 1st g old 6a........1921 M-S 1 1 6 * 2 ....
68
75
71 M ay’ 09
71
71
2d gold 3 a ........................ 1980 M-S
St L a w * AiUr 1st g o s . 1996 J - J
.........
94
93*2
93*2
93*2 96*2
2d gold 6s .........................1996 A-O
A t l K n o x & C in d lv 4a . . 1955 M-N
116 J ’ly 06
U t i c a * B lk R t v g u g 4 s .l 9 2 2 J - J
A t ! K n ox cfc N o r l s t g 5 s l9 4 G J -D ......... 116
110 Jan ’09, — . 1 1 0 110
L a ke S h ore gold 3 *28. ...1 9 9 7 J-D
H en d er B d g e l s t s t g 6 s . l 9 3 1 M-S
9 8 34
R e g is te r e d ................... 1997 J -D
K e n tu c k y Cen t gold 4 s .. 1987 J •J ......... 97*2 97 N o v ’09; l Us 96
103 D e c ’08
D eben tu re g 4 s ..............1928 M -S
L*&N <&M «fe M 1st g 4 Hss 1945 M-S 104 . . .
91*2 92% 92 N o v ‘ 09
88
92 |
25-year g 4 s ................. .1 9 3 1 M-N
Life N -S ou th M jo in t 48.1 9 5 2 J - J
1 13*2 J ’l y ’ 09
K a A * G R ls t g u o 5 s .l9 3 8 J -J
112**115*4
N F la <fc S 1st g u g 5 s . . .1 9 3 7 F-A ......... 112
Alahon C’ l R R 1st 5 s .. 1934 J - J
N & O B d g e g e n g u g 4*281945 J - J 101 .........
109 1 1 0 34 | P itts * L E rie 2d g 5 s .a l0 2 8 A-O
P e n s * A t l l e t g u g O s..1921 F -A ..........110*4 110*4 N o v ’ 09
110*2 S e p ’ 09
110*, 116%
P itts A I o K * Y 1st gu 6s . 1932 J -J
S «fe N A la c o n gu g 5 s ..1 9 3 6 F -A 110 114
94
95*2
94 ......... 94 N o v ’ U9
2d g u a r d s .........................1934 J -J
L * J e ff B d ge Co gu g 4 a .. 1945 M-S
M c K e e s * B V I s t g O s 1918 J - J ,
L N A A C h S e e O l& U
AIicli C en t 1st co n s o l 6 s .1909 M -S
I ahon Coal Sea L S <fe M S |
92*2 100
97%
93
5 s .........................................1931 M -S I
97a4 98
Lanhattan
B y con sol 48.1990 A -0
a
104
A
p
r
’05
R e g is te r e d ................... 1931 Q-M
K egia tered ..................1990 A-O
99*4 10034
4 s . .......................................1040 J -J
Stm pd ta x e x e m p t ..1 9 9 0 A-O ......... 99*2 9 9 34 N o v ’09
R e g is te re d ................... 1940 J -J
M oK ’ ut <fe B V See N V C en t |
05
95
1
83*2
96*4
95
95*a
J L * S 1st g 3*28........ 1951 M -S
H e x C en t c o n s g 4 s...........1911 J - J
25** N o v ’0 9 ----- 24*2 27*2
23*2 25
1st g 3 *2 s .........................1952 M-N
1st c o n s in o g 3 s ......... <*1939 J ly
20
24
26*2 Apr'O tf . . . . 2 0 34 26*2
20-year d eb 4 s ................1929 A-O
2d c o n s ln o g 3s tr u s t r e c ta .. 1 . . . .
80 J ’l y ’ 0 9 1 .... 80
SO
M ex I n t e r n a l 1st c o n g 4s . 107 7,M-S
B a t c * S t n r l s t g u g i l s . 1989 J -D
80 F e b ’ 0 8 ; .. . .
N Y O h io * S t L 1st g 4s 1937 A -O
S tam ped g u a r a n te e d ...,.1 9 7 7 M-S
lOO®*May’ 09 . . . . LOO5* 101
R e g is te r e d .......................1937 A -O
M ex JMortli 1 s t gold 6 s . ...1 9 1 0
D e b e n tu re s 4 s ............... 1931 M-N
M ich C en t See N V C en t
W e s t Sh ore 1st 4s g u . . . 2361 J -J
M id ot N J See E r ie
R e g is te r e d .......................2301 J -J
MU L 8 ■& W See C h ic * N W
N Y * G ro e n w L a k e See E rie
MU A N o rth See Ch M. <fe St P
132*2 J ’ ne’ 00
132*2 133*2 N Y * H a r See N Y C * H ud
M in n * S t L 1st gold 7 s . . 1927 J-D 132 135
N Y L a ck & W See D L * W
P a cific E x 1st g old 6 a ...1 9 2 1 A-O 1 08 *4........ 118 J a n ’ 07
101*4 Mny’ 09
101*4 103** N Y L E & W See E rie
S ou th W e s t E x 1st g 7 s . 1910 J-D
107
107
107 111*2 N Y * L o n g B r See C en t o f N J
l e t c o n s o l g old 5 s ............. 1934 M-N 107 108
83*4 N o v ’ 09
83*4 87*4 N Y N H * Jll—C on v 6 s . . 1948 J -J
1st an d re fu n d g old 4 s . .1 9 4 9 M-S .......... 83
91*2 91*2
C on v d eben 3*28..............1956 J -J
D e s M * F t D 1st g u 4 s ... ’ 35 J -J ......... 9 1 34 91*2 O c t ’ 09
H o u s a to n lc R co n g 5 s ..1 9 3 7 M-N
M in n <fe S t L g u S e e B C B A U l
99** S9 *2 99 *» N o v ’ 09
1001
N H * D e rb y co n c y 5s. 1918 M-N
M S t P i f e S 8 M c o n g 4 1 n t g u ’ 38 J - J
99
98*4 99*4 99 J ’ l y '0 9
N Y * N o rth See N Y O & H 1
M S 3 M i f e A l 8 t g 4 i n t g u 1926 J - J
N Y O & W r e l 1 s t g 4»..< /1992 M-S
. _
M in n U n See S t P M «fcM
99\
98**101*4
99
99*9 99
R e g is $ 5,0 0 0 o n ly ......... o l9 0 2 M-S
M o K a n <fe T e x 1st g 4 s . . .1 9 9 0 J -D
86*4 87** 87*«
87*s
8 o34 8 8 3} N Y * P u t See . . Y C & H
2d gold 4 s .................. . . . . p i 9 9 0 F -A
103*4 169*2 N Y & R B See L o n g Isla n d
1st e x t g old 6 s .................. 1944 M-N 103a4 104*4 104*2 104*2
85
84*2 1434 8 4 \
83*4 87 7« N Y S * W See E rie
l e t & refu n d 4 s .................2004 M -S
89 % 90*2 90*2
* 9 % 9 3 7» N Y T e x & M See So P a o Co
9 0 34
G en s f 4 * 2 3 .. .. .. .. . .. .1 9 3 6 J - J
88
89*2 N o r * Sou th 1st g 5 s ..........1941 M-N
S t L D lv 1st ref g 4 s ___ 2001 A-O ......... 87*2 88 A p r ’ 09
105 O ct ’ 09
105 110
N o r f & W e s t ge n g 6s ........1931 M-N
D al <fo W a 1st g u g 6 s ...1 9 4 0 M-N
93
93
I m p r o v e m ’ t <fe e x t g 6 s ..1 9 3 4 F-A
K a n C & P a o 1st g 4 s . . .1 9 9 0 F -A I I I " ! " 9 3 " 93 A p r ’09
113 O c t '09
N e w R iv e r 1st g 6s ........1932 A-O
113 114*2
M o K <fe E 1st g u g 6 s . ..1 9 4 2 A-O .........112
N & W R y 1st co n g 48.1 9 9 6 A -O
M K <fe O k 1st g u 6 s ........1942 M-N 106*» 10034 lOO3, N o v ’ 09 . . . 1 0 6 34 1X2
110
K e g is te r e d .......................1996 A-O
M K •&T o f .T 1st g u g 6 s . 1942 M -S 105*2106*2 105 *2 N o v ’09 . . . 1 0 5
110*4 A p r ’ 09 . ..1 1 0 * 4 HOI*
8herSh<fe b o 1st g u g 68.1943 J -D ..........108
D lv ’ l I s t l * g e n g 4 s . . . l 9 4 4 J - J
107 S e p ’ 00 . . . 107 111%
Tex<fe O k l a l s t g u g o s . . . 1943 M -S ......... 104
10-25 y e a r c o n v 4 s . . . . 1932 J -D
P o ca h C * C Joint 4 s . . 1041 J -D
iM o P a c ific l s t o o u gO s ...1 9 2 0 M-N ..........111*4 112 N o v ’09 ,.. .' 112 116
1014*101“*
101
101
6 100*2 102*8
C C * T 1st g u g 5 s ......... 1922 J -J
r T r u s t g old 6s sta m p ed .«1 9 1 7 M -b
104*2 F e b ’ 07
K e g is t e r e d ............................ o l 0 1 7 M -S
, S c i o V & N E 1st g u g 4 b 1989 M-N
102 *».......... 102 *s N o v ’ 09
lU t j 103*4 I1N o rth Illin o is S e e Chi * N Wi
1st c oll g o ld 6 s ............................ 1920 F -A
81 Sal*
24 78*4 85 *s N o rth O hio See L E rie * W I
80*4
81
40-year g o ld loan 4 s .........1945 M-S
95*4 N o v ’OG
95*4 96-a N o r P a c—P r io r lien g 4 s .. 1997 Q J
3d 7s oxU1 a t 4% .........................1938 M-N9 5 34 ........
89
95*4
9 4 s* 95*2 9 4 7* N o v ’ 09
R e g is te r e d .......................1997 Q- J
C en t B r K y 1st g u g 4 s . 1919 F -A
88 *2 O ct ’ 09
87 •2 ...
88*2 91
G eneral lien gold 3 s . . ..<<2047 Q -F
Ceu B ran ch U P l s t g 4 3 . 1 9 4 8 J -D
110 M ar’ 05 '*’ *1
R e g istered "-. ................. a2047 Q -F
L o r o y * C V A L i s t g 5 s 1926 J - J
1003a 10 99*i 100*8
S t Paul-D ttl D iv g 4 s ....15)96 J -D
Pao it o f JUo l a t e x g 4 3 .1938 * - A 1003* Sale 1003,
D u l S h ort L 1st g u 5 s . . 1016 M- 8
■2d e x ten d ed g old o s . ..1 9 3 8 J - J 111 ........ 116 S e p ’ 09 . .. .! 112*2 116
109
3,1108% 112
C B<fe Q c o i l t r 4s N s sG tN o r
S t L I r A l& S g e u c o u g h s 1931 A-O 109 Sale 109
111 S e p ’ 09 . . . . 110*4 111*8
S t P & N P g e n g 6 s . ...1 9 2 3 F-A
G en c o n stam p g t d g 5s 1931 A-O ..........n o
8 7 ‘i
87 ®s 7 86
90*4
R e g is te re d c e r t i f ie s ..1 9 2 3 Q-F
8 6 * 2 ........
U n ified * ret g old 4 s . .1 9 2 9 J - J
87 >2 Sale
8 87
91
87 >2
38
S t P aul <& D u l 1st 6 s . . ..1 9 3 1 F -A
K iv <& G D iv 1st g 4 s . . 1933 M-N
107*2 A p r ’06
2d 5 s ..................................1917 A -O
V erd i V 1 * W 1st g 5 s .1926 M-S ......... 103
98 D e c ’ 08
1st co n so l g o ld 4a..........1988 J*D
M ob J «& K C i s t co n s g 5 s . 1953 J -J
. 119*2 126
W a sli C en t 1st g 4 s ..........1948 Q-M
'S lo b <fc O hio n ew g old 6 s ..10 2 7 J -D 120*8 121*2 122*4 A u g ’OO
117 118
N o r P a o T e r C o 1st g Os. .1 9 3 3 J -J
1st ex ten sion gold 6 s ../il 9 2 7 Q -J 117 118 11734 O ct ’09
80 Sale
89
89
l i 86*2 91
N o r B y Cal £ e « S o F a o
G en eral gold 4 s ................. 1938 M-S
, . 112*2 112^ N o r W is See C S t P M <fe O
M o n tgom D iv 1 s t g 6 s . .1947 F-A 10934 111*4 11234 O ct '09
76 Aiuy’ 08
N o r <fe M o n t See N Y C ent
St L * C airo coU g 4 s ..« 1 9 3 0 Q -F
06 101 N o v ’ 04
C C C & St L
G uaran teed g 4 s ........... 1931 J -J
O hInlod R&ivWR RSeeSee
Balt * O
M * O c o ll 4s See Southern
O re * Cal See So Pao Co
M oh a w k * Alai s e e N i ’ C & H
O re S h o rt L in o See Un Pao
M on ou gah ela U lv See B
O
O sw e g o <fe R om e See N Y C
M on t C en t See St P A1 * Al
T ) a o C oast Co 1st g o s . ...1 9 4 0 J-D
M organ ’ s L a & X See S P Co
X ao of M isso u ri See Alo Pao
M o r r i s * E s s e x See D el L & Wj
109*4 111 109*4 O c t ’03 . . . . 109*4 112*4 P e n n R R 1st real e s t g 4 s . 1923 M-N
ash C h a t * S t L l s t 7 s . l 9 1 3 J - J
N 1st con sol g old 68.......... 1928 A-O 110 112*4 110 N o v ’ 0 9 . . . . 110 113*8
C on sol g o ld 5 s .................... 1919 M -3
C on sol gold 4 s .................... 1943 M-N
J a s p er B ran ch I s t g 6 s . . l 9 2 3 J -J 105 *8..........116*2 M ay’ 07 . . . . ......................
C o n v e rtib le g 3 >2S............ 1912 M-N
M cM Al W * A l 1 s t 6 s ..1 9 1 7 J -J 108 : ........ 117*4 M a r’ 0 5 ...............................
C o n v e rtib le g 3 His.............1915 J -D
108 ..........113 J ’l y ’ 04 . . . j !......................
T * P B ra n ch 1 s t 6 s ___ 1917 J - J
C on sol gold 4 s ..................1948 M N
N a sh F lo r * S h ef See L * N
93*4 Sale
93*4
94 ! ID ' 92% 96
A lle g Val ge u g u g 4* . . . 1942 M- 8
N a t K ys o f A le x p r 11 \a 1957 J - J
88 Sale
88
88
14 86
S9
D K l i K >fe B ge 1st g u 4s g . ’ 36 F -A
G u ar g e u 4 s ...................... 1977 A -O
P h U aB al <fe W 1st g 4 » „ 1 9 4 3 M-N
N a t o f M ex p rior lien 4*23.1926 J -J 101*2..........102 A u g ’ 09 . . . . 102 103
8 3 7s ......... I 83*8 N o v ’ 09 . . . . 1 80
85
Sod B ay & S o 1st g 6 a ...1 9 2 4 J - J
1st co n s o l 4a.......................1951 A -O
U N J B B <6 Can g e n 4 8 .1 9 4 4 M- S
N s -v r H & D See N Y N H * H
N J J n n o K K See N Y C en t

............ i

3

gV O L . T.TXXI X .

3
P rice
F rid a y
N ov 26

M ange
S ince

IFee/c’ s
Mange or
Last Sale

ASk Loio
H ig h No 1JUew H igk
Sale
01
91
X 90*4 94*4
90
S8 3* 93*4
8 8 3» O ct ’ 09
05*8 Sale
95*4
95*8 38 93*8 96**
80
81
80*a
80*7, J
80*2 8 5 J4
80
70 N o v ’ OO
79
84*2
81 N o v ’OO
80*2 84*4
....
SO
82% J ’ne'00 . . . . 82
82 *2
100 .
100
N o v ’Otl
100 100*4
101 .
102 M a i’04
107 ,
84*2 .
97*2 A p r ’ 09
97*2 07*2
id
91

_

9 9 % ......... 10U*4 Sep ’09
9 1 * 8 ......... 105 * * e t’02
91 .......... 96*4 O ct ’08
108 112*2 108 O c t ’ 09
......... 100
bop ’08

109

124 130>2!l31*2 Jan ’ 09
1 0 8 7s 110 1109 O c t ’ 09
Ifn s Jan ’ 08
......... 1-0 5-*4- 105
. . . . . . lO b’ i

131 *-4 131*2
108*4 1 l l

101
91

102*g 91* *2 N ov’OG

100*4

09*2
91
90*4
115

Sale
91*2

91
91
02 J ’ n o’ 09
115 J ’ n e’ 00
125 F e b ’ 09
101 ........ 103*4 B’e b ’ OS
91*4 » a lr
91*4
91*4
9 0 * 4 ........
00 -2 O ct ’ 09
94*8 95
94*8
9 1 78
94 % bale
94**
04*2
112 *4........
112*2 n o
190 O ct ’ 07
..................... 100 M ay'08
127 ......... 130*2 J a n ’ 09
124

99*2
93*2
92
115

95*«
91
90*2 94*2
94*8 97
03
97*4

130*2 130*2

111

.............
101 B’ eb ’09
.......................115 O ct ’ 09
112 ..........119 .) ne’ UO
98*s ......... 98*4 O ct ’ 09
106*2 N o v ’ OO
90 J ’ UO08
........ 9 1 1 93*2 J ’i y ’ 09
93*4
02*4 93*2 93*4

101
115

101 bale
99*4 101
99 *2
99 * 2 ......... 09 >2
.......... 89*2 91 *2 Sop ’ 09
103*8
1 03 *8......... 103
100*8 100*2 100*2

99 *2 102 *4
100 100*2
9 1 3* 04
101 104*2
100 103*2

101
116

08*4 100*4
91*8
91*2

135 Sale 134
135*, 195 133*4 146
98*4 bale
9834
99*8 7 b 97*2 111*4
1 14 *4......... 118*2 D e o ’ Oo
107 107
107 A u g ’ 09
96*8 99*4

97 *2 Sale I 97*8
97*4
101*2 J ’u e ’ OO

101 .........
124*2.........
125 ..........
..........126
98*4 Said
. . . . . . 09
93 *« Sale
99 *2 bale
......... 90
105 .........
95
97 *s

101 O ct ’09 . . . . 101 104
125 O ct '09
6*4 128
126 129
125*4 N o v ’ OO
128*2 J’n e ’ 09
128*2
y « 100*2
98*2
90*2
97
97
97 J ’ly ’ 09
91
95
93
93*8
09*4
9 0 78
03*8lO 3*e
90 N o v ’ OO
SO** 03
100*2 F e n ’ 06
05
95
05
98*2

102*2 Sale 1102*8 102*8 46 101*2
101
......... 1 U 1V 1 02 N o v ’ OO
7 2 *2 Sale I 72*2
72*4
71*4
......... 71
7o
70
70
......... 96
95*» N o v ’ 09
95 *»

104
103
75
74*4
97 7.

1 17 *4........... 1177g N o v ’09
..................... 119 O ct ’ 09
112 *2..........117Q J ’l y ’ o7
104»a Sep ’ 09
104*2.
98*2 98 O ct ’09
92*2 J a n ’ 09
92
l U * * N o v '0 9
111

l l 7 7e 121
115 120*e

H I

108*2 112

104

104*4

07*2 09

92*2 02*2
U O “4 U 0 * i

..........'l l O L N o v ’ OO

103
109*2
3 101
100 Sale 160
lOOJg 16 07*2
95*4 Sale 95*8
JSl* 289 94*4
104 *2 Sale 104*e
104*2 74 103*4
100 . . . . . . 99 J ’ u e’ u7

104 Sale 104
■104
100*2 ......... 109*2 Jan 09
103 »ete 103
lj|3

105
109*2
I04>e
106*4
lo o
106*4

103 *e . . . . . . 104 J ’ n e’ 09
103*2 104
100 ..........102 J a n ’ 0 3 -----1 0 3 * 4 ......... 106*2 J ’ly ’ 09' . . . 104 106*9

M I S C E L L A N E O U S B O N D S — C o n tin u e d 011 N e x t P a g e

Coni nml Iron
Bufftfe S usq Iron 8 1 5 s . ...1 9 3 2 J-D
D e b e n tu re 5 s ................ a 1920 M-S

O01 H <fc 1 Co geu a I g 6 s.. 1943 F-A

C o n v e r tib le deb g 5 s___ 1911
O o lln d u ls t ife c o ll 5s g u _.1034
O on tin ’ tttlC l s t s f g u 6 s g .l 0 5 2
G r R iv Coaiifc O 1st g 6 s ..1919
Jeft <fe C lear U <fe 1 1 s t g 5 s .1926
K an «fc H C <fe C 1st s f g 5 s .l9 6 l
P o c a h Con C ollier l s t s i 5 s .’ 67
Sunday c r e e t Co g 5 » ----- 1944

Tenn Coal gen 5s........... 1951
Penn Dlv 1st g 6s.......<*1917
* •Birin D lv le t consol 6 s ..1917
Oah C M Co 1st gu g 6 s .1022
De Bar C <fe 1 Co gu g Os.1910
V ictor Fuel 1st s t 5s.........1053
V a lr o n Coai*feColst g 5 s .1949

F-A
F-A
F-A

AO

J-D
J -J
J -J
J J
J -J

A-O
J-J
J-D
F-A

J-J
M-S

T e le g ra p h nnd T elep h on e
98
D9 % N o v ’ 09
96 O ct ’ 00 •••V 00
97*2
07*v
7 04
97
87
87*4 J 'l y ’ 09
86
83 71
83*4 84 k 84
107*8 D ec ’ 04
■9 5 " i o o * L0'2fta Apr*06

04

98

9 7 3.
98

88*2

103*2 .
1U6
. . . . 87
98*2 99

105*2 D e o ’ 08
88 Sep ’ 1)9
78 F e u ’ 07
103*2 103*4
lorf A u g ’OO
1U6 N o v '09
110 J a n ’ Ou
103 N ov ’ 03
87 A u g ’ 09
00
09

• N o p n c e F r i d a y ; ia t e s tb ld a n d asked. a U u o J a n 5 D a s ' F e b




_

86

100
97%
100*4
87**
85

89

6 101 *2 104
106*4 109
106 108
110 110

_

6

87
95

87
100

A m T e le p <fe T e l co ll tr 4s 1929
C o n v e rtib le 4 » ....................1936
M ic h State T e le p 1st 5 s . .1924
Pac T e l «fc T e l 1at G s ......... 1037
W est U n ion c o l tr ou r 8s. 1038
Pd and real est g 4*28. . . 1950
C o n v 4s, S eries A ............1936
M u t Un T e l s fu n d 0 8 ...1 9 U
.M n n u lu ctu rin g Jk la A u a crial
A llis-C lialm ers 1st 5e........1936
A m A g Chem 1st c 5 s . . . . . 1028
Ain C o t Oil e x t 4*23............1015
Am H ide <b L l e t a f g 6 s . .1910
A m er lo e S ecu r deb g 6« . . 1025
Am S p irits M fg 1st g 08..101O
Am T n rea d 1st c o l tr 4 s. .1919
A m T o b u co o 40-yr g 6 s . . ..1 9 4 4
1951

aD u e.U ar d D n e A p r

A D ue . f l y A; D a s A u g

lit
F-A

J .J
J-J
M-N
MN
M-N

J -J
A-O

A-O
ji!
A-O

F-A

92
9 2 3b
165*4 Sale
#0 .......
•8*4 Sale
100 Sale
65*2 Sale
160*4 sale

92*« N o v ’09
106 *» 107% 762
09 N o v ’ UO
U8 %
08*4 70
109
lo o
7
05*4
6
95*2
lU0 *o 100*4 61
100 M ar’ oy . . . .

85
84*2 Salt,
84*e
101*. 102 1013, 101",
98 S
08*8
»8*e rale
10J
......... 102*4 102
73*1
10
78*4 73*2
06
97
W6 T» N o v ’ OO
03 N . v ’09
. . . . . . 93
107% 1 0 0 ",
1 67 *4 S a le
80*2
79
7 9 * 4 S a le

aD gcO M

9 1 * 96
92*8 107*8
98 100
99*2 0 « 34
08*2 102*2
93*4 90*8
84 102*8
95 100

80
39*4
06 108*2
06
0 8 34
06*4 103%
67
80
05 % 100
. . . 90*8 »■
02 104% 112%
345 74
91
105
le
2
t
8

p D a p N o v V d « # D « o « O p t ic * S a i t

Nov.

New York Bond Record—Concluded— Page

27 1909.1

BONDS
N. T. ST O C K E X C H A N G E
W kkk EHDr.N" X o v ‘. 0

^2
b

P rice
F r id a y
N ov V6

Week?*
R an ge o r
Last Sale

11
BONDS
p 3 ’l R ange
6 5 : S ince
11 N . Y. S T O C K E X C H A N G E
05 ^ J a n u a r y 1
W kkk E nding N ov 20

R io
104
P en n Co—G nar l e t g 4 % s .l9 2 1 J -J 104 1 0 5 4 1043, N o v ’09 . . . . fn°r
^ o of Cal guar g » ..........
A -O
......... 102 N o r ’ 09 . . . . 102
R eg istered ......................1921 J -J
Ore
Cal st guar
s.
J -J
......... 9 0 % J ’ n e’ 06
G uar 3% s coll tru st rog .1 9 3 7 M-S
So Pac ot Aria lat gu u Os.c’ lO J - J
90
,
91
J
’l
y
’
0
9
.
.
Gunr3%HColl tr sor B ...1 9 4 1 F -A
bo Paoof Cal— »
F
A-O
9 7 ^ N o v ’ 09 . .
T r Co c e r tif’s g u g 3*28.1910 M-N
97*8 98
st gold s .......................
A-O
G u 3*28 tr ctt« C ...............1942 J -D _____ ______ 90 A u g ’ 09 ...
st con guar g s ..........
M-N
90
.........
90%
M
uy’
09
...
G .. 3 *28 tr c t f s D .............. 1944 J-D
S Pac of N Alex la t g H.. U
J -J
G uar 15-20 j-ear g 4 s . . . . 1931 A-O ......... 98 4 98^4 N o v ’09 . .
So Pac Coast st gu s g .
J -J
Cl * M ar 1st gu g 4 *28..1 9 3 0 M-N 100*2......... H O Jan *05
M-S
Text&N O SabD lvlst g s . l
.....................11034
J
a
n
’
(>9
.
.
.
.
11034
ii(ja
4
Cl * X’ gou gu g4% sfeer A . ’ 42 J -J
u. ^ 0,*jrold a.....................
J -J
........
......
10Ua4 -109*4'
S eries B ...........................1942 A -O ..................... IO934 J 'l y '0 9
bo Pac R K st ref s ..........
J-J
96 A u g ’09 .., . j 96
96 , Southern—lat con g a
Sories C 3 4 s ..................1948 M-N ......... 97
J-J
93 96*2 90
M ay’08
Series 1) 3*2*..................1900 F-A
BegiatereU...............
! J-J
93 ........v 92 A p r ’07 . .
E r i e * P itts gu g 3 *28 B .1940 J J
Develop
gen s S o r A .
A-O
93 ......... 9 8 34 A p r ’ 04 . . . .................
Sevios C ...........................1940 J -J
■Mobtfe Oluoooll tr g s . .
' M-S
... 104 Hi O ct ’ 09 . . . . 104*2 104
G r K * I e x 1st gu g 4 % s 1941 j . j ; 104
Mom D iv st g * - s
J-J
107
P itts F t W * G 1st 7 s . -.1 9 1 2 j . j ...................... 107 O ct ’ 0 9 ____ U)7
bt Louis div st g s ___
J-J
2(17?.................................. 1912 j - j 10934 Sale 10*3* 1 0 8 J4 l 2 100*4 110
A la Con B st g s ..........
J-J
3<t 7 s ...............................*191 2 A-O .......................107 O c t ’0 8 .................
A tl & D a n v l s t g A s .........
J-J
.... 110 F e b ’ 09 . . . . 110
110
P itts Y A A sh 1st con 0s. 1927 M-N 108
d s ..................................
, J-J
P C C & 8 l L g U 4 % s A ...1 0 4 O A -O ..................... 1077a J ’ l y ’03 . . . . 1 0 7 \ 1 0 9 Hi
A t l * Yad st g guar ».
A-O
10734 108*g 1 0 7 7a N o v ’ O D i.... 107 7s 109
S ories 11 g u a r .........1942|A*0
Col
Greeny la t a........
U| J-J
S e n e s C g u a r ................ 1942 M-N 107*2..........112*3 J 'n e ’ 0 6 ................................
E T Va<fc Ga D iv g s . . l
! J-J
99 Hi.............100 A u g ’0 9 ______LOO 102
S e n e s 1) 4ftgu ar........... 1945 M-N
Con st gold s ..............
M-N
9 3 8b 9iHi 93*4 N o v ’ O&l.
S eries E 3*2 guar g . .. .l 9 4 9 ; F-A
93*4 98
E Ton rcor lien g s........
'M -s
99Hj ................................. !.,
S eries F 4« g u a r ......... 1903 J -O
Ga Midland st s............
! A-O
C B t L * P 1st con g 5 s .1932 A-O 113*4............'114 J ’ l y ’091 . . . . 114 116%
Ga Pac By lat g s..........
J-J
P on sa cola A A t l See L A .Nash
K nox
Ohio st g a ..
J-J
!
|
i
P oo t\j E ast See O O O * St L
alou <feBir prior lion g s
J-J
116 116 A u g ’ 09:. . . . J 116 i lG j
P oo .to Pole Un 1st g O s....1 9 2 1 O- r 107
Mortgage gold s.........
J-J
..................... 100*4 D e o ’ 05
2<( gold 4*28..................... 01921 !?u-N
Rich * Dan con g Os
J-J
P oro M :irq—G l i * \V M 6s 19211 J -D ......... 1 0 o 36 105 A u g ’09 . . . . 105 106
Deb a stamped...............
A-O
112 A u g ’09 . . . . 112 115 1 Rich
, F l i n t * P M g 6 a ...............1920:A -O ......... 112
Mock le t g s
M-N
106 1 0 9 Hi 1 0 6 HiN’o v ’09 . . . . 104*4 1 0 0 Hi
l e t con sol gold 5 s ...... 1939 M-N
bo Car
Ga st g a
M-N
-----P t H u ron D iv 1st g 68.1939 A-O 104
107 A u g ’09 . . . . 107 ........
IO8 H1
Virginia Mid ser O s
M-S
S ag T u b * 11 l a t g u g 48.1931 F-A
Series D - a . _ .............
M-S
P h il U * W See P en n K B
Series K ea........................
M-S
93 M ay’ 09
92
Philippines Hy lst8 U -y r a f 4s'37 J - J
General s .......................
M-N
P itts Cm 60 a t L b ee P en n Co
Guar stamped.............
M-N
P itts C lov e Ho T o l See B * O
w o Jo W lat cy gu s
F-A
P itta F t W Ho Oh See P on n Co
W e s t N U st con g a ..
' J-J
P itts M c K e e s £0 Y d « N Y Con
N Ala ,S>* L (to N
P itts all Ho 1j E 1st ft 0 s ....1940 A -O ..........115*3 116 J’ i y ’ 09 . . .
116 116*4 S p ok au oIn tcrn atlb tgS s
J-J^
Letoonsol gold 6 s............ 1943! J -J
3 8 7b J ’l y ’ 971 ...
’ 'ex A ol Ml Xj rat g *
A-O
P i t t s * W est See 3 * 0
J- st Con gold s . . . .
F-A
98*2
99
eading C o von g 4a....... 1997; J-J
98*2 Sale
98*2
101
Gen refund s f g » .........
J-J
R U egistorcu,......................1997 J -J y7*4 Sale 97*4 9 7 97Hi 100
St L M Bge Ter gu g s.
A-O
I J ers ey C en t 00LI g 4 s . ..1 9 6 1 A <> ......... 96 Hi 96*4
96*4
96*4 98*2 Tex
N O
So Pao Co
l! 02
O ct '09
■ Phlltt * B ead con s 7 s . .. 1911 ; J .D 103*8
102 102*4 Tex A Pao st gold s .........
J-D
1R en sselaer * Bar See D * li
d gold lnc a................... e
Mar
Biol 1 * Dun See S ou th B y
L a D iv B L st g a........
J -J
Btcli * M o ck See bouthu rn
W M in W < fc N W st gu a ’ JU;F-A
B io Gr W est See D on * B io Gr
T o l * O C la t g s ...............
J-J
.Booh * P itts See B B A P
Western D iv la t fla
A-O
Borne W a t * O g Sea N Y Cent
General gold b..................
J-D
R u tland See iN Y Con*
Kan * M st gu g s
A-O
in g T a t * H See P ero Morn
Tol P * W la t gold b
J-J
t) t J o * G r U l 1st g 4 n . . . 1947 J .J 9C 96*$
93
97
T o l b t L * W p r lio n g HaS
J-J
flt B A C airo See Mot) * Ohio
-year gold n..................
A-O
a t L * ir o n M ou n t See 51 P
Tor Hum * Butt st u .A
J-D,
.at L M B r See T K B A or S t L
l s t e r * D el st con g a
J-D
8 t L o u i s * S F — d o n g U s.1931 J . J 1 1 1 * 3 ...— 133'h Sep ’ 09
la t refund g a.............
A-O
122*3 134b4
1 G en eral gold 5 e.................I u 3 i _J - J 108*4 108*4 109 o o t ’oy
109 111
Dll Pac B it *
gr g S
J-J
tit L A a F U K co n s u 4 s ..'9 0 J •J
91*4 bale
n*4
91*4
Bog stored........................
J-J
91
96*3
G ou 15-20 yr At ..........1U27 M-N
89
89 S»
89*4 Sale
-yr couv s ......................
J -J,
88
W1&4
Boil lit w D iv 1st g Os.. 1947 A-O 100 *4.......... 100*2 A u g ’O O l.... 100*3 101
at * ref m.......................
M -S
Butum tiug g 4 s .............196 L J - J
84 *2 sale , 83*4
W JJ197 8 3 S 89
Ore By * N av con g a . l
J-D,
K C F t « A M o o u g U a..l92S M-N 117 *3 121*4 116 N o v 09 . . . . 1163b 130*3
Ore Short Line s t g a
F -A !
82^
. K 0 F t S A M B y ret g 4s 1U30 A-O
82 bole
82
J-J
st oonsol g s ................
6 82 ' 86 '
X C * M I t * B la t g u 6 « . 1929 A -O 100 ........
Guar refund b...............
J-D
97 *2 N o v '09 . . . . I 07
O z 'r k * Oh U 1st g u Os g.1913 A -O
96*4 93
Registered....................
J-D
98
Bt L ou is b o Sea Illin o is C en t |
TJtali * Nor gold a
J*J
92*a
92*2 18 91% 95
fit L b W 1st g 4 h bd O tis.1989 M-N
92*2 Sale
Uni N J HR *
Co
Pa RK
84
84
2d g 4s m o bond o t f s . .. p l 9 8 0 J - J
84 Sale
85
Utah Control
Bio Gr Wea
16 79
7734
78
} C on sol g o ld 4 s . . ...............1932 J-D
78 Male
Un Paoiilc
63 77% 81% U t a h * North
101 *« A p r ’07
G r a y 's P t T o r la t g u g 6s 1947 J -D
Utica * Black It
N Y Cent
a t P a u l * D u l See N o r Pacitio
audalln oonsol g s
F-A
b t P M in n A 51 un So.’ GC N o r
era Cruz <bPlatgu
J*J
□ii P * .Nor a' u.u dee N o r Pau
V er Vftl Ind * W
Mo P I
B t P * a ’ x C ity S e e U b t P M * 0
Virginia M m
South By
B A * A P ass 1 s t g u g 4 s . ..1 9 4 3 J -J; 8 7 \ Bale
87%
87 »4 18 87
92% Vft.to Southw’t st gu
J-J
p F * IS P 1st sin it [ g 5.8.1919 J -J
98 ........ . 104 O ot *00 . . . . l U i 104
st cons OU-ycur oa.........
A-O
B av F * W e s t See A t l C oast l !
aba«U st gold s ........
M-N
jBoioto V u l * N K ^ «n N or * W
d gold s ..................
F-A
[Seaboard A ir L in e g 4 s . ..1 9 6 9 A-O
63 Sole
83
Debenture series B ........
J-J
83
6 6 8 % 91
C oll tr rerund g 6 s ......... 1911 M-N
99%
09*4 dais
la t lien equip a fd g G
M-S
09%
3 96% 100%
Ati-Uu-ui 30-yrlsC g 4s.«1 9 3 3 M -8
«2 ....... . 84 N o v ’ 09 . . . . u i
la t lien
yr g term a.
J -J !
ut*
Car C o m 1st con g 4 a ...1949 J -J
9 0 * 3 ......... 86 J ’ l y ’ua
st ref and uxt g s ___
J -J
Fla C o n * P en 1st g 6 a .1918 J - J 100 ....... . 107*4 A u g ’OO
D e t * Oil E x t le t g a
J-J
lBt land g r e x t g 6 s . ..1 9 3 0 J -J
D eaM oln Div st g s
J-J
C on sol gold 6 b................1943 J -J 100 *8......... 109*2 M ar’ 06
.....................
Urn D iv st g Hia...........
A-O
G u A A iu B y 1st con 6s 0 1945 J -J 103 ......... IO 6 H1J ’ n e ’09
T o l * Oh DIV st g « . . .
M-b
1 0 2 % 106%
G a Car * N o 1st g u g 6a 1929 J •J 104 Sale 104
104
W ab Pitta Terui st g a
J*D
1 104 106
bettb * B oa lB t 6a............1920 J - J
1 0 5 * 3 ........ 107*4 J ’ne'Ob . . . . 10634 10-734
Trust Co oertfs..................................
Slier bhr * b o See Ai K * T
ttold « ...........................
J-D
SU b p O ca A G See A t l Coast L
Trust c o cortis.................................
Bo Car * G a See S outhern
Warren
Dei Dae * W est I
j
S ou th ern l'a c ilio Co—•
W ash Cent
N or Pac
91Ht Sale
G old 4s (C en t P a o c o ilj./c l9 4 9 J -D
00
91*a 19 00
* W
bouthorn
06% W ash
K e g ls t e r e d ................... £1949 J *D
80 ......... 93*4 A u g ’Oy
F-A
85
93% Wash Term ! lat gu * . .
2(J-year c o u v 4a......... ^1929 M-S I02*a Sale 101% io 2
922 97% 107
W est Maryland la t g a
A-O
96%
97
C en t P a c 1st rei gu g 4s 1949 F -A
90*4 bale
26 HD's U8»»
Gen As couv k a .............
A-O
90% Sep '09
R e g is te r e d .................... 1949 F -A
TruatC ocertfs.................................
I'd
I»T\
88% N o v ’ 09 3 2 88 a4 03%
M o r t gu ar gold 3 % s ../c l9 2 9 J -D
8834 89
W V u U o u t*
la t g a
J-J
T h ro u g h b t L 1st gu 4a ’ 54 A-O
93*4 92*-. N o v ’ OU __ :l 92% 96
90
WCBt N Y * Pa la t g s
J-J
101*4 A p r ’ OU ___ IOIH i IOIV,
G al lia r A S A la t g 6 « ..1 9 lO F -A
Gen gold s.........................
a A-O
M u x .* P a c 1 s t g 5 s ___ 1981 M-N 108*2 111 111*3 A p r ’ 09
110 112
Income s ........................
Nov
G ila V G A N la t gu g 6s . 1924 M-N
104% s e p ’ 09
104 104% W est No Car tfe# south By
H o u s E 1X5 W T la t g 5 a .1983 M-N i ’0'34 i ’o*6*“ 106 v» M ay’ OU
A-O
10d 100 ki W heel’ g * L E la t g s
l a t gu ar 5a r e d .......... 1933 M-N
103% 103%
W heel D iv st gold a ..
J-J
103 ......... 103 *3 A p r '09
H A T C 1st ft on m t g u . .1937 J - J 110 ......... 110 o u t '09
Extun * Imp gold a ...
F-A
109% 110%
C on sol g 6a in t g u a r ... 1912 A -O 109*4......... 109 % N ov ’ 09
10H% 1 0 0 %
R ii lat oonsol a..............
tl-S
G en gold 4s in t g u a r ..1921 A - o
93
93 % i i 93
-year equip s f s
J-J
93 *2 Sale
96
W a c o * N W d iv l s t g 6a '3 0 M-N 116 118
116 D e c ’ 06
Wilkea
Enel
Erie
A * N W 1st gu g 08___ 1941 J - J
tD M * M
104 ......... 107 *9 Ja n 'Ob . . . . io 7 % ib ? % WU * bloux F
M o r g a n ’ s La * T 1st 7 s . 1918 A o 117*2 120 1 2 2 *b Adggffi
W is Cent
-yr lHt ven a
J-J
l a t g o ld 8 s .......................1929 J - J 113 ......... 116 N o v ‘ 0 U • !•
S u p * D u id iv * term s t s
M-N

(tit

Xt

$%£ Sosih^ .
A 1

A r m o u r * Co l8 t r e a le s t 4 % s ’3b
B eth atfcul la t ux$.*u 6 8 ..l9 2 b
C en t L eather 20-year g 6a.l925
C orn P r o d B e l s 1 g 5a
193 j
Uiatii b e e Cor co u v la t g 5 a .'27
G eu D lc c t n c deb g 3 % a ..l9 4 2
10- y r g debO a-----, . . . . . , . 1 0 1 7
I n t P a p er ,Co la t con g b a .lb liC ou a ol,cou v s v 5 h........1035
In t
Punip . s t a £ 5a-----1029
Luck aw steel, . 1
••&....1923
N 1 A ir iir a k o nit. c o n y 6a ’ 28
R ep u b I * b 1st.* r oltr 5 s . 1931
U m on -B iig * P la t S i.5 a ..l9 3 i
0 b Death Co a ( duo it 6a .. 1913
U b R e a lt y * i c o n v d e b g 5 s ’ 24
U S Bed * H of 1 s t a f g 6a. 1931
U b R u b b e r 1 0 -y r c o li tr O s .’ ib

J-D
J-J
A-O
M-N
A-O
F-A
J-D
F-A
J.J
M-S
AO
M-N
AO
J-J

M-N
J -J
J-J
J -D

* N o p r ic e Friday; la test tiid and




93V Sale
93 v
6
93 V
89% -‘alt
90
85
s'JV
0 9 bale
98
09 % 47
9 8 , 09% 100 N o v ’ OU
V lV 76
7 1 ',
74%
8
33 N o v ’ Oil
....... U 9% 148%
150
26
104 104
Lo J % N o v 02
87 bale
87.
b7
9
......... 06% 96%
96% 52
99
99% 34
. . . .. .. 113 % U 3
113
1
101% baiti 1 0 1 ', 1 0 1 H 10
94% 95% 04% N o v ’ 09
105 ......... 106 N o v 09
82% 00
90%
00%
i
a ----. 93
USV K o v ’ OM
104 Sale 104
104% 41
asked this w e e k ,
a D uo Jan

1 4 0 1

P rice
F rid a y
N ov 76
tiia

Wee if*
R ange e r
Last Sale

/L$n Low

R an ge
»0
Since
^ ‘ J anu arti 1

H ig a N o L ew

Jiif/d

1938
i ’0 3 103% 104 M ar 00 . . . . 104 104
g6 1927
100%
101 % Jan ' 0 9 ___ 101% l o l %
102
HMH>«Pne’ 0S . . . .
6 L& .1912
114% D e c '04 . . . .
1
6
1912
116 M avr(J7 . . . .
1
6
1937
104 A p t 'O b ----6 1 11
........
n o J ’l y o K . . . . 8b% 02
1 4 1937
103 104
103 G e t 'U 9 ___ m u ^ 103
6 912
102 Halt- 102
102 | 1 302 102
6
1
9
4
3
01%
78 y;>% 06%
1
4
1955
94% •Hale
108 ■„ bale 108% 108% lOO 106 113%
6 ....1994
110 M av’ Oi* . . . . lu b lio * ^
1904
80% bale
SO
oa 76
a6
A 4
1906
1*0 6.-110
4 1038
80%
90
14 85% 90%
108 111 H. 11 0 % Sep '0 9 ___ 110% 113*a
1 1 4245 ...19961
86
4 bd
86% 8 7 1, bO
91
1951
1 6
1918
92 % 02% Get '0 9 . . . . 92% 92%
1948
8 '<% 92 J 'lie ’ O O ....
24
1948
83
1
4 1949
A
6 191
i0 9 J 'n e ’ OHi___ 100 i i o %
104%
110
6 930
111% N o v ’00 . . . . 109% H I %
113 % dale 113*3 118 >51 3 110% 114%
1
6
1956
106
5 1938
107 A p r ’ 0 0 1___ 105 107
65
67
65 N o v ’ OU___ 64
1 3
1940
68
113% 116% 113 N o v ’0 9 ____ 113 117
6
1922
116 116% 118% M*y*O0___ 118*4 118%
A
1 6 .1923
105%
6 1945
115% A p r ’ 0 6 ___
79 .
4
1945
82 N o v ’ U8
1 u 4Hj .
....1915
107% N ov ’09;
107% 111
104*3
107 'Jut ’ 09
6
1927
107 107
76 *2 .
76 <m*t ’ 08
A
4 ...1948
102*2 .
102% N o v '0 9
A 1 6 ....1919
101% 103%
107
.
112 O c t ’ 06
6 ...1916
lOe % .
108 % D ec ’ UU
45
1921
107% .
109 J ’l y '09
1920
, 109 109
5
1936
107% 109 A u g ’09
107 110%
ib*7** 108% 109% M ai '0 0
1936
107% 109%
90
9 6% Jau '07
4 ..1924
104*0
107 O c t '09 . . . . 107 109%
1
6 1914
8A
I
103*2 105
1063< 1U6%
106% Sep ’09
1955
106% 103
106% N o v ’ 09
106% 109
1
4 3?..1939
llo
116% G et ’09
115 117
1
5 1894-1944
97
97 N o v ’09
9&
y6
9S
4
1953 1 109
110% J ’ n e'09
110% 110%
5 1930
A
See
112 113% 112 N o v ’09 . . . . 1 1 2
119
1
5
2000
70
85
75
83 N o v ’ 09 . . . . ! 65
2
6
2000
103 d e p ’09 . . . . 103 106
1 5 19311
106% N-ov’ 04.
1 5
110*3 N o v ’ 09 ~ ;iI i!iio % i ’12%
......... I l l
6
19351
109 % ......... 112 b e p ’ 09 . . . . 1 1 2
112
g ...1035
104 *3 Sep ’09
6
1935
1 0 3 % 105
91 % N o v ’09 . . . 91% 95
......... 93
1
4 ....1990
92%
94
94 N ov ’09 . . . 86% 94%
4 ....1917
89% 90
89*2
89%
8038 0 1 » .
3 -1925
79% Sale 79% 8 0 % 11
10 i 79% 88%
60
4
1950
913* A p r '09 . . . . 91% 91%
1 48 1946
108 A u g'0 9 ___ i'l 07
108%
1
6 1928
U
86 ......... 86 G et '09 . . . 86
4
1952
89
102 % bale 101% 102% 66 101% 104**
1
4
...1947
1
1947
1 0 1 % ......... 102 N o v ’ 09 . . . . :101>34 103
20
4
1927
114% bale 113% 116% 881 ;102 124*4
1
4
02008 1 97% bale 97 % 97% 67, 96*4 100
07
9tr% 98 %
98 %
99%
4 946
lj 98
1 1 7 % ......... 117% 117%
6 117% 120%
1 6 ..1922
1946
1
5
112% 113% 113 N o v ’ Oi*
•1113 113
933*
94
4
1929
94 dale
47 92*4 y6%
94 Ja n ’ 09
1929
94
94
P938 A u g ’ U9
1 0 7 % 11
6 ..1926
99% 100%
0 See
See
See
See
4 ....1966
98% 98 N o v ’ 08
96 O ct ’ 09
4*281934
90
96
See
See
110 ......... 110 O ct *09 . . . 1 1 0
1 68.2003
117%
98
«9
99
09
1
1958
1 07% 100
1
6
1
9
3
9
111% bale 11134 112
101111% 114%
W 2
6
1939
101%
101%
101% Salt
7 101 105
1939
101
hd iOO JOi J ’l y '09 ...|| 86
102% M ay'09
8..1921
101
M
ay’O
t*
60
4 1964
87%
87
1 87
<6 % 2634 • 71% 80%
1
4 1936
74%
'*s -6 Sale
6 ..1941
Liu% A u g’ 09
108 1 1 1 %
J
’ne'O
j
1 4 ..1939
91%
68% 91%
S*
as
7 It
1 3
1941
80
78 J ’iy ‘ 09
78
88
1 4 1941
83
90
H«
91%
1 88
48
1 4 .1954
55%
*7 >a 4S*v 47%
3 42
50 326 41 d4
<7*,
17 ■a Sale
9
14%
2(1 4
1954
3
8 dale
7
77
3
9% 192
S % 8ale
1 4 ‘I
See
see
0
See
92% J 'h e ’ Ob
328 1946
92% 93%
84% 65 8 2 % 88
4 ...1952
......... 84% 84
4
1962
67 N o v ’ow
73%
61
68 -j 10 62
73
68%
1 0 0 % N o v ’09
r
6 1911
lUl)*!i 102
Xi 1
6 ..1937
i i 6 u a - 111
iu 110 117
4
194
UO
92
9 L O ct ’09
05%
87
6
<11943
34 F e b '07
6 ...1926
107** Sep 'Ob
107 109
1
95
56 19
192
38
0
105% D e c ‘ 08
......
4
1949
. 85% N o v ’ 09
90
......... 86
83
20
5 ...1922
9 8 % ......... 99 D e c '08 . . . .
.........
A
See
Sio8
60
4 1949
94% 40 89% 96%
94% bala
03%
1 4 ’36
92% 95
93 i f o v ’Od . . . .

M IS C E L L A N E O U S

W anlifacturing «Sr lndiiNtrlal

5

4
4

B O N U S —C o n c lu d e d .

D lu m ifn ctu r .n g t t In d u s t r ln l
92% 06% J d b'teei c o r p — < co u p .cU9G3 M-N 104% 8al«
b i 10-60 y r o s . ( r e g ..a i l » 6 8 M-N
77
90%
/ft-C ur Chum 1st 1 6 -y r 6 s 1923 J .D
06% 101
96*4 Sale
vVedtuaghouse E * M s f 5s ’31 J-J
9 5 , 100
94 bale
.U in c e ih iiico u s
73% 78%
A d am e E x col tr g 4 s .........19 4 8 M-S
80
84
93
136 155% h u sh T erm in al 1st 4 s........1832 A-O
90
L01 106%
C on sol o s .............................1955 J -J
95
S6
SdV C U i c J c * t Y ard c o t g 5 s . 1915 J -J
106
96% 96% U et M * M Id gr in com es. .1911 A-O
93
9 9 'v I n s t it fo r I r r ig W k s ^ H s 1043 M-N
95
108 116% In t M erca p M arin e 4 % s ..l9 2 2 A-O
71% bale
98 102
I n t N a v ig a tio n 1st s f 5 s . 1920 F-A
82
84
91% 98
N e w p N e b h ip * D D 6s d 1990 J -J
95
ll>4 V lUtiV X Y b o o k 60-yr 1st g 4 s .. 1951 F-A
94
94%
84V »2
P ro v id e n c e S e c deb 4 s . . . .1957 M-N
80
05
P r o v id e n t Loan S o o 4 % s .l9 2 1 M S
102% 106
b Y u ba W at C o co n g 6 a ..1023 J . J
........ . . . . . .
6 D u e F eb d D u e A p r e D u e May g D a e J ’ me A D u * .P lr

104%
104%
96%
94

105
375 102% 108
104%
101% 108%
97% 40 93% 100
04% 25 90% 95%

92% N o r ’ 09
90% J ’l y ’ 09
0 6% O ct *09
38%
95
70%
84
95
04%
90
05
112

O ct ’ 09
O et ’ 00
.71*4 47
N o v ’OU
N o v ’ 09
04%
2
J a n '09
J ’ ly ’ 09
J ’ l y ’ 04

pD e * N «v

02
90
91%

94
93 V
08%

38%
02*4
68%
H4
96
91
90
U5

38%
95%
77
88%
9b
95%
90
96

jO » t t a a £

C H IC A G O

STO CK

E X C H A N G E — S to o k R e c o r d — D a ily . W e e k l y

STOCKS— HIGHEST A N D LOWEST SALE PRICES
1 Saturday
Nos 20

2
*1*2
*0
10
100 100
32
33
20
. *812 9*2
6
6
, *38
39
8034
j *79
17
! 17
53
: 53
*17
18
*60
68
, *52
63
4653 473«
*102 103

Monday
Noi

2
* 1*2
*5
10
*99 100
32
32
❖
20
*812 9*2
6
6
*38
39
8034
*79
*163, 17
53
5312
18
*17
*60
68
*52
53
4634 4734
*102 103

Tuesday
Nov 23

Wednesday
Nov 24

*1*2
*5
*99
31^3
* ___
*8*2
*6
*38
*79
*1634
52l2
17*2
*60
*52
47
*102

2
10
100
33120
01?
6*2
39
803.1
17
53*2
17*2
68
63
4712
103

2
*1*2
*5
10
*99 100
32
3214
*
20
91?
*812
553
6*4
*3S
39
8034
*79
*1634 17
52
521;
18
*17
*60
68
*52
66
47
47*4
+ 102 103

143*
84
*214
*128*4
*67*2
*110
14238

14G
84
____
131
68
111
143

14*2
8334
*214
*128*4
*67*2
*110
*14412

1434
84*2
*214
*128*4
i 67*2
1H
145

1414
8312
*214
*128*4
67*2 *67*2
111 *110
14212
145

14*8
81*4
____
____
68
111
14212

f

233,8 231»
64 <8 6 434
*53
55
*1
1*8
3
3834 3834
137 *136

233.1 23*8
65
65
55
*53
l
1*8
3
*2
3S34 38
137
136

24
23-84
6512 65
55
*53
1
1*8
*2
3
38
38
136
135

2334
6512
65
1*8
3
381;
135

146
145
119*4 m o

145
119U

145
119

1

233«
6434
t *53
I *1
1 *2
3834
•13*

15
85*4

*145 146 *145
*119 119*? 119
223, 22U
•12634 127
, 63
64
| *43
| ____
' 1143,
*126
96-14
j*123
( 115

_
H634
127
9834
125
11538

r i38i"2 139
1*120*2 121
! 1083s 1083|
1*157
!«104

160
105

127
62
*43
116
*126
96-34
+ 123
114

131
68
111
115

K12634 127
63
631g
*43

127D 127 127
62*8 03
62l2
+43
116
115
127
12312
97
97
125 *123
11434 11378

145
118

1412
84

115
11538
125 *126
97
97
125 *123
11378 11334

138U 13834 138 139
1203s 1201; *12012 121
lOS'a 109
10878 1087s

1153S
127
97
125
1143s

13834 140
12012 1201*
1037g 109

*157 160 *157 160 *157
101*2 10112 10U2 1041-> *104

160
105

r< ____ ______
f' 18
f *19

1634 1734
18*8
16*8
20
*19
20
*10

10*4
17*8
20
*19

16”g
20

Thursday
Nov 25

Last Sale
Last Sale
H O L IDAY.
Last Sale
Last Sale
Last Sale
Last Sale

Last Sale
Last Sale

Sales
Friday
Nov 2 6

Week
Shares

180
A pr’09
U2
O'ct’09
5
O ct’OS
98
93
120
*32
3212
918
20
N ov’09
9
N ov’<)9
635
5*2
534
40
N ov’09
80U N ov’09
*16
17
200
*5214
5212
599
*16
18
100
70
Aug’09
52*2
52175
47
4712 5,0/0
103 N ov’09

1
/

Inter­
est
Period

Price
Friday
Nrv 26
Bid

Lmer S tr a w b 'd 1st C s .l S l
Lrm our & Co 4 V$s___ f.939
lu r o ra Elgin A C hic 5s 1941
"al & So C h ic R y Co
1st M 5e.......................19
iss A v & F G (St L) 5s ’ 12
lie B oa rd o f T ra d e 481927
Chicago C ity R y 5s___ 1 9 2 /
Jhlc C on sol Br A M lt 0s___
Jhlc C on sol T r a c 4*4s 1929
Jhlc A u d ft o r lu m ls t 5 sl9 2 9
. Jhlc D ock Co 1st 4 s . .1 9 2 9
[C hic J c R R 1st M g 5 s . 194
"Jhlc N o Sh ore Elec 63.1212
Jhlc P n c T o o l 1st 5 s .n l9 2 t
jllc R y 5s____________ 1927
C h ic R y s 4-5s series “ A ”
C h ic R y s 4-5s series “ B ’
I'- C h ic R y s 4 -5s series “ C”
K C h ic R y s coll 0 s . - .1 9 1 3
*■ C h ic R y s F u n d 0 s . .1 9 1 3
>' Chlo R y s Tern Ct£s 1st 5s
iC hlc R I A P R R 4 s . .2 0 0 2
6 C ollat tru st g 5s-----1913
(Chic T elep h on e o s ____ 1923
C o m m o n w -E d ls o n 6 s . 1942
V C h ic E d ison d e b 6 s . 1913
1st g 5s____ J u ly 1920
|
De b e nt ur e 5s____ 1921
! C o m m o n w E lect 5s6194r
SlU nols T u n n el 5s____ 1923
*K an C ity R y A L ight
i Co 5 1 ..............
1913
( K n lc k 'b 'k e r I c e 1st 5s. 1923
( l a k e St El— 1st 5 s . ..1 9 2 8
t I n c o m e 5s__________ 1925
iJXctr W Stdc El —
: 1st 4s_______________ 1933
t E x te n sio n g 4 S ....1 9 3 S
iT o r t h W est El 1st 4 s . 1 9 1 1
1N 0 W Q -L A C ok e Co 5s ’ 28
,O g d en Gas 5 s . _______ 1943
s5**arsons-Taft 5s___ ..1 9 1 0
r 4 . 10s ____ ______ _________
>> 4.6 0 s Series E _______ . . .
, 4.8 0 s Series F ________ _
BPep Gas L A O 1st 6s__1943
\ R e fu n d in g g 5s____ 1047
C h ic Gft3 L.AC l » t 5sl937
, C on su m Gas 1st 5 s. 1930
M u t’ I Fuel G as Is t5 s l9 4 7
auth Std* K iev 4 Vi3 .1924
Sw ift A Co 1st g 5s___ 1914
Jnion El L oop ) 5 s . . 1043
Jnlon P a cific c o n v 4 s . 1911
Jolted B o x B oa rd col Os’ >26
G eneral rntge O s . . . . . . .
/a s te r n S to n e C o 5 s . .1 9 0 9
No

— A ccru e d In teres';

F - A
J - D
A -O
F J j F J J F A \t A J F A 1 F F F MMJ uj A v\ HJ -

A
.1
n
A
J
I)
A
0
s
O
J
A
0
1)
A
A
A

103
....

Sale
« ...

---- ----------

B ‘ds
Sold

102
101*4
100
10278
103
50
9634
------

J'ne'OO
Oct '09
May'07
103*8
28
Apr‘04
A pr’09
Jan'0(5
------ —

87 F eb’06
8412 85*o
85
85
3
{ 101*4 Sale 101
101*4
8
{95
953g
9538N ov '09
{85
Sale
S5
85
7
(....
01,14
91 N ov’ 09
10I)7S
8
lOOJg Sale 1U078
____ ___
101*2 July'09 ____
{101
Sale 101
101
1
IS ____ ______
66*2 AugUS
S . . . . ____
66*2 July’08
5
103
103
D 1025„ 103
50
s 102*2 1*3
10212
102?-,
.... _
j
100
Jne'08
16
O 100*8 Sale 100*8 100l8
100-’>s Aug'09
s
vS { 10238 10234 10238 N ov’09 ____
D ------ --------80 Dec'08 —

M -N
A - O
J - J
Feb

82
8 412
------ ---------

98*4
96
84
16

J'ne’09
Mch'09
Nov'09
May'05 —

88
88
83
Sale
6
F - A
801 ■> N ov'09 ___
J - J ____ 81*4
04*8
95
34
M - S {9478 Sale
98*4 Aug'OJ
Q - M
94*2 N ov’09
U - N ____ 95
J - D 100 ____ 100*8 Mch'09
96 N ov’09 ___
96
____
VI- s
97
____
93 J'ne'09 ____
M -N
M- N
9 8 * 2 ____ 100 Mch'09
121*4 May'09
A - O
103 N o v ’09
v i - s 102*4 103
10412 104 N ov'09 ____
j - j 104
1021*
1021,
3
■r - d 10 zl, 103
10178
6
M - N 101 fg Sale 10178
94 Nov'09 ____
-I - J ____ 05
.1 - J 100 lu0*2 100 N ov ’09
A - O ____ 93
1
88
88
114 Nov'04
M- N
_ - __
80
81 N ov’Oj __
80 N ov’09
J - J ....
Jo
A - O ------ --------8512 July'08 —
m ust

180 Mch s
Hi O ct 22
5 O ct 21
08 N o v 26
3 is8 N o v : 3
20 N o v I 5
8*2 O ct 28
434 O ct 7
36 F e b 24
79 Jsn 8
15 i8 Sep 13
47 Jan 14
17 N o v l7
03 Jaa
o
60 ja r . 25
29U A p r 13
97 F e b 15

190 F eb
4 Jan 22
16 Jan 22
11912 J ’ly 28
4534 Jan
30 Jan 29
13*2 Jan
29*4 Jan
52 J ’ly
86*2 M ay 18
19 Mch 8
5 434 N o v 2
25 M ay 6
73 M ay 7
61 May
513.( J ’nelO
107*2 J ’ne 18

15*4 N o v l9
77# Jan 30
7l3|Jan 6
80 J ’ne 4
200 Jan It 225*4 O ct 29
126 Jan 21 132 J ’ly 21
68 N o v 4
541g A pr 21
101 F e b 24 112 Sep 13
139 A u g 27 145 N ov20
l j J ’nelO
1 Jan
5 Jan 5
14 May22
10 Mav24
27 A u g 26
6£5g N o v 5
48 J ’ne 16
51*4 Jan 8
58 A p r 16
] A p r 2/
1 A p r 2/
2*2 N o v 18
2*s A p r 27
3912 O ct 30
2o Alch24
127 Jan 4 140 Sep 23
117 Jan 18
107 Jar. 21
17*g Feb 25
7014 M ch 25
117 Jan 9
38 Jan 26
43 Jan 5

162 O ct /
1211; J ’ ly 1
251s A u g 3
8812 M ay 19
13034 A u g 13
69 O ct 30
47 Sep 16

20 N o v 17
97?g J an 2
118*4 F e b 15
82 Jan 14
110 Jan 15
102 Jan 5
*2 F eb 25
55 Jan 6
101 Jan 6
100i2 J;. i 9
6 F eb 6
119 Jan 6
98*2 Jan 2
s, F eb 19
2*4 F eb 26
334 M chlO
10i2 Mch 9
15 F e b 16

21 J'n e28
119*4 Sep 27
130 S ep 21
100 O ct 1
124 N o v 16
11978 A u g 16
1 M ch *0
144U O ct 20
12134 O ct 20
114*4 A u g 6
20 Jan 18
161 N o v 9
10412 N o v 19
i*>8 Mch 26
3*8 Mch 2
9*2 Jan 4
20 N o v 4
25 M ch 15

Range
for
Year 1909

100 Jan
l 5s Feb
GfjDec
8434 J ’ uc
38 Oct
20 N ov
934 Sep
15 Feb
30 O ct
68 Sep
12*4 Nov42 Jan
1334 Aug
46 Aug
42 Aug
2012 Apr
85 A pr

185 D ec
3*8 A u g
10 A u g
119 N o v
47 J ’na
28 D ec
13*a D ec
30*2 D ec
4734 N ov
86*2 N ov
19 Jan
64 May
22 D ec
62U D ec
71 Jan
34 N o v
103 J ’n«

4 Feb
4112 Jan
125 Jail
116 Apr
37 Mel
91 Jan

lO’ g N ov
/0?8 D ec
200 D ec
128*4 N o v
63 N o r
104 N o v

3

*8 D ec
D ec

JO
100

Jan
May

40 Feb
1 O ct
2 Nov
20 D ec
106 Jan
34 Feb
100 Jan
80 Jan

67*4 D ec
l ‘s A u g
4 Apr
3OI2 A u g
153 Sep
234 Feb
110 D ec
110 OoC

113
30
38

137 A u g
4212 D eo
40 J ’ly

Jan
Jan
J ’n<

10 J ’ne
70 Jan
10134 Jan
61 Me!
91 Mch
8012 Jan

20
97
120
87
115
106

J ’ ly
D ec
A ug
D eo
N ov
D eo

24 Jan
72 Jan
88*2 Jan

56 D eo
102 D eo
10534 Sep

U 434 Jan
87 Jan
*4 J ’ly

134 Jan
100 J 'ly
134 Jan

12

H2 J'ly

Jan

17*’ A p r

*113,*Oct’

bo A d ded t o all C h ica g o b ond

102
101

1021;
IOH4

10234 105
*60** *50

72
IOO0.4
9312
8414
89
1097g
101*2
10034

851S
10234
96*4
8912
«2I2
10233
1023s
10212

10234 10334
101 103*4
ib o i, 10*1*34
1005g 102*8
102 10338
93
95
73

983,1
96
91

83
8OI2
9214
98
93
100*4
96
98
100
120
1027S
10334
102
101*2
9 il2
100
88

86*2
84*4
96*2
99
98
10012
98
907j
100U
122
104
105
10234
102
963,
102
06

*7*0** *8* l"
70*4 81
prices.

NAM E
1008
C alum et N a t io n a l...
C h icago C it y ________ _
Jom m erclr.i N ational I .
C on tinental N a tio n a l___
C ook Co S tate S av in gs .
Corn E x ch a n g e N ational
D rexel s t a t e ____________
D rovers’ D ep N a tlo n a l.
Engievvood S ta te _______
First N a t io n a l _________
F rst N at E n g l e w o o d . ..
F orem an Bros B ’ k ’ g C o .
Fort D e a rb o rn N ational
H am ilton N a tio n a l____
H ibernian B ’ k ’ g A ss’ n . .
K aspar S ta te B a n k ____
Live S to c k E x c h ’ ge N at
M onroe N a tio n a l_____
Nat B ank o f R e p u b lic .
N ational C it y _______ _
N ational P r o d u c e ______
N orth A v e n u e S t a t e . .
N orth Side S ta te S a v ’ gs
N orth W est S t a t e _______
v P e o p le ’s Stk Y d s State
Prairie N a tio n a l________
Prairie S ta te ____________
R a ilw a y E x c h a n g e ____
S ecu rity . . . . . _________
South C h icago S a v in g s .
S tate B a n k o f C h ic a g o ..
S to ck Y a rd s S a v in g s___
Union B ank o f C h ic a g o ,
s U nion Stk Y a rd s State
A m erican T ru st A S a v s.
Central T ru st Co o*. 111..
h lca go Sav Bk A T r ___
C h icago T itle A T r u s t ..
'Itizens T ru st A Savings
Colonial T ru st A Savings
D rovers T ru s t A Savings
Farwell T ru s t C o _______
First T ru s t A S a v in g s ..
G u arantee T ru st A S a v .
Harris T ru st A S a v in g s .
Illinois T r u .t A Savings
K en w ood ir u s tA S a v g s .
Lake V ie w T ru st A Saves
M erchants’ L oa n A T rC o
M etropolitan T ru st ASav
N orthern T ru st C o _____
N orth -W e ste rn T r A S a v .
s P e o p le ’ s T r A S a v g s__
P u llm an T ru st A S av rs.
S heridan T r A Sav Bank
S to ck m e n ’s T ru st A Sav
Unlo 1 T ru s t C o . . . ____
W estern T ru stA S a v ln g s
W est Side T r A S a v B a n k
W o o d la w n T rA S a v B a n k

•Bid r.nd aakod p rices, n o sales w ore m ad e o n this d a y .
f N o v . 1* (d o s e of business) for n a tlo n a ’ ban ks an d
s titu tion s.
{ N o p .lc e F riday: latest price thts w eek . o D u « D ec. 31
fiDue Juno . k A lso s took d iv id e n d
increased.
q D ividend* are paid Q -J, w ith e x tra p a y m e n ts Q -F .
r A i o f date A p ril 29 1909.
* U nion
t & Savings Bank consolidated m w i w * v n £ o U ’ eApIp’a S^ock Yards S ta te Bank. V . 8 9 . p . 1 3 2 0 .-t A s o 1 d a te




Highest

Dividend accord
Week's
Range or
Last Sale

Ask. Low
High No. Lois High
100 Mch’07
1
U3l2
93*2
s U , *9*6*78
----------- —

1021s

Kangi ]or Previous Yota
(1908)

C h ic ago B a n k s a n d T r u s t O o m n m ie s

9312 Sale
..................
t ....

Range since
Jan- 1 1900
1lights..

R a ilroads
C h icago C ity R y ______100
C h icago & Oak P a r k . 100
D o p re f____________ 100
Chic R ys part c t f " l " ___
Chic R ys part c t f “ 2 ” ___
Chic R ys part c t f " 3 ” ___
Chic R y s p art c t f “ 4 " ___
C h icago S u b w a y _____ 100
Kans C ity R y & L t_ .1 0 0
D o p r e f____________ 100
M etropol W S E l c v .,1 0 0
D o p r e f . . _____ ___ 100
N orthw estern K ie v ___ 100
D o p r e f____________ 100
South Side E le v a t e d ..1 0 0
Streets W S table C L .1 0 0
D o p r e f . __. . . . __ .1 0 0

M iscella n eou s
14-?g
1458 2,783 Am erican C an_________100
8334
8-1*4 1,980
D o p r e f____________ 100
.
Last Sale 225*4 O ct’09
Am erican R a d ia to r__100
Last Sale 132
O ct’09
D o p r e f____________ 100
15 Am er S h ip b u ild in g ___ 100
*67*2
68
*110
111
60
D o p re f____________ 100
875 Am er T elep & T e le g ____
142
14212
B ooth (A) &C o ............. 100
Last Sale
D o p r e f____________100
23*2
2334 1.166 Booth Fisheries c o m ____
6514
60*2 1,265
Do p r e f . . . ____________
Last Sale 51*2 N ov’09 - ___
Last Sale 1
N ov’09 ____
Last Sale 2U
N ov’09
D o p r e f.
455
38*2
38*2
135
135
160
Last Sale
D o r ig h ts.
' 100
144
144
691
118*4 119
200
*22
28
86*4 O ct’09
Do
D o P r e f___
83 D iam ond M a tch ______ 100
127
127
63*4
63*4 1.215 Illinois B r ic k __________ 100
Last Sale
45 N ov’09
M asonic T e m p le _________
MUw & C h ic B rew in g____
20
N ov’09
D o p r e f________________
11512 115*4 1,175 N ational B iscu it___ . .1 0 0
*124
125
31
D o p r e f_____________100
*9634
97
332
Last Sale 124 N ov’09
D o p r e f___
.100
114
IM I4 1.148 eopli isGasL<
Last Sale 11-16 Mch'09
D o r ig h ts.
1397S 140
1,446
120*4 120*?
D o p r e f.
196
1087g 109
501
7
Feb'09
D o r ig h ts.
Last Sale 161 N ov’09
*10il2 106
D o p r e f________
20
Inlt B o x Bd & P
D o Full paid.
D o p r e f________
16*g * 1634 4.854
D o Full pa d .
6.
153g
165a

C h ic a g o B o n d R e c o r d
BONDS
C H IC A G O S T O C K
EXCHANGE
W eek sliding Nov. 26

STOCKS
C H IC A G O S T O C K
EXCHANGE

a n d Y e a r ly

Parlod

Last Dahl
%

An Oeo '08, 6

J-J July '09, 6
Oct. '69, 2
Q-J O ct. '09, 2
"5 *
6
Q-M July ’00, 11.
12
Q-J Oct. '09, 3
A-O O ct.' 09, 5
6
9 « Q-J Oct. '09, 2*.
6
Q-J Oct. '09, 111
Q-M Sep 30*09,4
12
10
Q-M Sep 30’09 21j
ate Ba nk
8
Q-J Oct. '09, 2
5
J-J July '09, 21.
8
Q-J Oct. '09. 2
10
J-J July ’09, 6
10 + 2 Q-M Sep 30’09,21j
4
Q -t Nov 1 '0 9 .1
8
Q-J Oot. '09, 2
3
Q-J Oct. '00, l*i
Q-J Oct. '09, 1
’ ’ j l i Q-J Oct. '09. 14
a Q-J Oct. '09, H i
10

Beg. b us. No v*'0‘5 V*.8»*p’ i320

**8*

2
....
11

7

6
0
8

7
lH
4
8+2
714
Inoorp ora tad

a

16 + 4
6
4H
12
§
i
0
us .J'ly
6
8
6
bustn
6

Q-M Sep* ’O0"T*1
Jan

'08. 2

(7o*t:*’*09*.*lT,

Q-J
Q-J Oct. ’0 9 ,3
J-D Sep 30'09, 2
M-N Nov '0 9 ,3
Q-J Oct. '09. l l t
Q-J July ’09, 2
Q-J Oct. '09. 134
Q-J Oct. '09, H i
Q-J Oot. *09, H|
A-O Oot. ■09. 2
Q-J Oot. ’09. 21t
Q-J Oot. *09, 2
Q-J Oot. '09, U|
Q-M Sep 30'09, I
1008 V.87,p.1138
Q-J Oot '09, 21*
9 N ov.20 '09.1
Q-J Oot. '09. 1*«
Q-J Oot. 1)9. H4
Q-J Oct. '09. 3
Q-J 3epS0’09.Hg
Oct. ’09. > I
July '0 9 .3
OoC '00. 2
V j Oot. '09. 2
12 V 9 V .8 9 ,p .l4 l
J-J July '09. 21t
Q-M Hep 80'09, S
Q-J Oot. -09, U*
ss He pt S 19<J«
Q-J Oot. *00, U t

ts

N o v . 17 (opaatn g o f business) fo r S ta te
o f 33 l - i % .
nCapItal and -ua-pus t e
S t o c k T a r d i S tate Bank and P e o p le *
S o p t , l 1900* WAS Of date Sept, a 10QP )

N ov. 27 1909.

THE

1403

C H R O N IC L E

Bid
.4st
I n d u a n d Misce
4
Consol Rubber T ir e .. 100
3
23
18
Preferred ...................100
37
Debenture 4s 1951 A AO / 34
Con Steamship Lines—
25
Coll r 4s 1957 rets JAJ 1 20
Corn Prod R ef— See Stoek Exc 1st
1<(
Crucible Steel______ 100
87
e Preferred_________ 100
suj
Cumberland-El; Copper.5 *•1.
1261'
e Diamond Match Co .1 0 6
128
'
13*
duPont(E I)deN cm P o.100
87
90
^Preferred______ ..1 0 0
331*
eGold 4 Ms 1 93 6 ..J AD
Ecou’ y Lt A P (Joliet. Ill)
93
Is:. M 2 f g 5s 195 6 .J-D
Electric B oat_________ ‘.00
Preferred...................100
Empire Steel_________ 100
P referred__________ 100
^’General Chemical___100
e Preferred_________ 100
*8
81*
Goldfield Consol Mlnes.10
Gold Hill Copper (w 1). 1 *13.
2R
Greene-Cananca_____ 20 *121; 1234
4o
Guggenheim E xplor’h 100 24o
eHackensack W ater Co
99
88
Ref g 4s *52 op ’ 1? .J AJ
55
53
Hall Signal Co. co m ..100
8
7
Havana Tobacco C o ..100
17
14
P referred __________ 100
63
63
1st g 5s June 1 ’ 2 2 .J-D
Hecker-Jones-Jewell Mill
1st 6s 1922...............M-S 105 109
35
39
Her’g-H all-M ar, n e w .100
Hoboken Land A I m p .100
*99*7;
e 5s 1910................. MAN
834
8'.
Houston O il__________ 100
P referred _________ .100
38! 41
Hudson R ealty...........100 100 110
75
e Ingersoll-Rand co m . 100
96
e Preferred_________ 100
(nternat’l B ank’g C o .100 135 i50
ln tcm a t’ 1 Mer Mar— S e c S tk E- 1st
International N ick e l..100 15J 155
9U 921*
P referred __________ 100
93
94
1st g 5s 1932......... A AO
9
11
International Salt____100
52
1st g 5s 1951............A-O / 4a
10
International Silver__100
99 101“
P referred __________ 100
1st 6s 1948.............. J-D 109 111
Internat Smelt A Re/glOO 150 170
Jones A Laughlln Steel Co
1013*
1st s f g 5s 1 9 3 9 ..M -N
64
66
Lackawanna Steel___100
133*
Lanston M o n o ty p e .. 20 *18
Lawyers’ Mtge Co____ 100 238 •421*
eLeh A Wtlkes-B Coal 50
Lord A Taylor________ 100 100* n o "
98 (03
Preferred__________ 100
eLorillard (P) pref___100 130
20 Vo"*
Madison Sq G a rd e n .. 100
80 100
2d 6s 1919...............M-N
*214
Manhattan Transit___20
*____
Monongahela R Coal__50
f
Preferred___________ 50 *23>4
Mortgage Bond Co___100 1121? *1*5**
10334
1043*
Nat Bank of Cuba____ 100
Nat’l Surety_________ 100 195
Nevada Cons’ d Copper 5 *2):
2*««
*l'g
Nev-Utah Min A S m . 10
20
60
eNew Central Coal___20
Exc
'1st
N Y A ir Brake 6s— S e e Stk
N Y Biscuit 6s 1 01 1 .M-S noo
36 *40 ”
e New York D ock____ 100
81
78
e Preferred_________ 100
N Y Mtge A S e cu rity.100 225 ;3$
*4>4 5
N Y Transportation__20
N1les-Bcm-Pond com .100 100 105
Nlplssing Mines______
5 *1014 101*
21? 3
c Ontario Silver______ 10C
65
58
Otis Elevator com ____ 100
95
98
Preferred . . . _____ .100
Pittsburgh B re w in g .. 50 ♦22i4
*
_
_
*4*l‘
P referred___________ 50
Pittsburgh Coal— S e e Stk Exc' iist ;
67
72
PopeMfgCo com(new) 100
85
90
Preferred (new )____ 100
105
Pratt A W hitney p r e f.100
Producers O il............. . 1 0 0 1?6
Realty Assoc (Bklyn) .100 132 1*3*5*
Royal ” ak Powd com .100 165 170 .
P reiorred__________ 100 107 110 V
Safety Car Heat A L t.100 138 142
Seneca Mining_________ 25 *76
Singer Mfg Co________100 480
251? 261*
South I A S com (w 1) .100
541? 55
Preferred (w 1)____ 190
1
3
Standard Cordage____ 100
25
1st M g 5s ’31 red . A-O / 20
• ,
Adjust M 5s Apr 1 1931
30
Standard Coupler com 100 ' * 5
Preferred______ .. .1 0 0 100
10
*1*9**
Standard Mtlltag C o ..100
48
£3
P referred_______. . .1 0 0
83
8«
1st 5s 1930...............M-N
Standard Oil of N J ..1 0 0 670 676 ■
list
Swift A Co— Sec Boat Stk Ex
1st 5s 1910-1914___J-J 100 1001*
Texas C om pany______100 190 210^
Co 105
eTexas A Pacific Goal. 100
Title Ins Co of N Y ...1 0 0 163 168
Tooopah Min (Nevada) 1 *«1,
4
f
Trenton Potteries com 130
£0
69
Preferred, n e w ____ 100
30
*7
Trow Directory_______100
68
70
Union Typew riter comlOO
1st preferred.. . . . . 1 0 0 113 115
2d preferred______ 100 112 114
£21*
United Bk Note Oorp. 60 *62
Preferred___________ 50 *6Z12 £41*
77
78 (
United Cigar Mfrs------ 100
e Preferred------------------100 105 119 .
*884
United Copper________ 100
21
29 ]
P referred__________ 100
U S Casualty_________ 100 215
50
U S Envelope c o m ...1 0 0
P referred__________ 100 115 118
U S Finishing.............. 100 180 140 ’
P referred__________ 100 n o 116 3
U S Steel Corporation—
Col tr a f 5s '51 opt ’ l l 1141j
Col tr 8 f 5s ‘ 51 not opt 114l2
U S Tit Qu A Indem ._100
«Utah Copper Co— S e e Stk
W aterbury Oo com — 100
Preferred________ 100
Westchester A Bronx Tit
A Mtge Guar______ 100 1621?
Westlngh’so Air B ra k e .50 * . . _
West El A Mfg 5s— SeeStk Exc
Whlte Knob Min____ 10 * . . . .
Preferred________
10 * ____
W orthing Prime rve'.lO O 107 f i r
< 3 a_e price, x Bx-dlv. tr Ex-rigbi*. * New stoak<~>

B id
A sf
Elccisin I’ om orn ics
Ohlca o
, i (, i — S e e C
eK I g O ) -_d L.C ? 5 100 hlcag oils!
«an
1 . n
111 J o . 50 1281 131
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
93
N Y A v E L A .o i/C o .1 0 0
DAILY. WEEKLY AND YEARLY.
Prefer d _________ 100 *60
United I jc r f N J ...1 0 0
77 *8*0*
R ailroad
1st g 4s 19-19_______J-D
75
Ptr'o
ccc.
V . s.
7914
W eek endin')
B on o.
L o .-.s.
B onds.
Shares. I Par value.
Telegraph & T e'e phone
N ov . 26 1909.
75
e Amer Teleg A C a b le .100
85
Sl,6'R,r
J
jn .c n
683,412 S61.133.700
* Central A So A m tr._10 0 113
Saturday ..................
74,600
3,100,600
8500 Oomm'l Un Tel (N Y ) . 25 110
Monday ______. ____ 1.298,175 112.367,200
97,500
4.012.500
65
Wrap A Bay State T e l. 10(
Tuesday____________ 1,245.648 107,094,800
3,478,000
197,500
Franklin____________ :.100
45
Wednesday ________ 1,007,867 85,238,200
: ................. HOLI D A Y ...........
e Gold A Stock Tel e g . 100 110
Thursday___________ "
”i 49*566
770.938' 69.397,250
3.369.500
N Y A N J Teleph — S e c St : Ex
Friday__________ ___
" Northwestern T eleg. 50 108
8500 PaclQc A A tlantic____ 25
$530,500
60
T o ta l____________ $5,006,040 $435,231.1501 815.656.000
Southern A A tla n t ic ..
95
Jan. 1 to N o v . 26.
W eek ending N ov 26.
Sales at
Ferry Companies
New York Slock
B A N Y 1st 6s 1 9 1 1 .J-J
92
1909.
1008.
Exchange.
N Y A E R Ferry stk.10 0
25
1st 5s 1922________M-N
55
194,417,200
173,237,040
3,902,0S4
5.000,040
Stocks—No. shares...
H ob 5s May ’46 J-D
97
Par value_________ $435,231,150 $359,459,375 $17,803,376,750 $15,135,457,300 N YHAobF
y 1st 5s 1946 M-N 106
$5,200
$178,450
$138,800
82,500
Bank shares, par........
N Y A N J 3s 1946____ J-J
95
Bonds.
39
$516,820 10th A 23d Sts Ferry-100
$500
$702,700
$11,000
Government bonds—
1st
mtge
5s
1
9
1
9
..J
-D
67
78,517,500
34,740,900
530,500
2,740,000
State bonds................
29*2
829.113.700 e Union Ferry s t o c k ..100
15,656,000 25,442,000 1,159,247,600
RR. and misc. bonds..
e 1st 5s 1920_______M-N
95
$16,187.0001 $28,193,000' $1,194,691,2001 $908,148,020
Total bonds.
Short-Term Notes
98
Am Cig ser A 4s ’ 11..A1-S
99
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
97
98
Ser B 4s Mch 15 ’ 12 M-S
EXCHANGES.
997g 1001,
Am Tel A Tel g 5s ’ 10. J-J
Atlan Coast L 5s ’ 10.A1-S 100 100Sg
Philadelphia.
Cln Ham A I) 4s 1 91 3 .J-J
96*4 97
W eek ending
C C C A St L 5s, June ’ l l 100 101
U nlisted I B on d
Listed
Unlisted
B on d
N ov. 26 1909.
L isted
Erie Os, Apr 8 1 9 1 1 ..A -O
shares.
shares.
sales.
shares.
shares. | sales.
Interb R T g 6s 1911 M-N 10*2*1? 10314
9838 99
KC R yA L ight 6s ’ 1 2 .M-S
$25,500 Lack Steel 5s g 1 9 1 0 .M-S
8,694
37,456
$73,000
35,875
993S 100
16,818
16,864
58,500 Lake ShAM So 5s ’ 10 F-A
75,500
68,300
16,326
59,380
997g lOOlg
12,587
28,900 Lou A Nash g 5s '10.M -S 100 1003g
45.729
58.000
12,344
71,689
9,546
36,300 Mich Cent 5s 1 9 1 0 ...F -A
52.000
12,475
57,656
29,879
99/g lOOlg
-HOLT DAY
Thursday
99
Minn & St L g 5s ’ l l .F - A
9934
13,662
76,0C0|
13,811
59,100 N Y Cent 5s 1010____ F-A t 997g lOOlg
37,632
47,924
N Y C Lines Eqp 5s ’ 10-27 U U % 4.20
61,3531 $208,300 N Y N H A H 5s ’ 10-’ 12 100 10134
208,6011 283,025 $334,5001 71,7741
Norf A West 5s 1910 M-N lOOlg 1005g
Pa R R 5s Mch 15 ’ 10 M-S lOOlg 1003g
O u ts id e
S e c u r it ie s
98*4 993g
St L A San F rg 5s ’ l l JAJ
9512 9034
4 {4 % e n o te 8 ’ 12op FAA
997g lOOlg
South R y g 5s 1910_F-A
Al! bond prices are now “ and interest’’ except where marked “ f.
Tidewater 6s, 1913, guar 101Sg 1017g
Westlngh'e E1AM 6s 1910 100 IOO84
B id
A sk
Bid
As*
Street Railways
Street R a ilw a y s
New Y rk City
Pub Serv Corp N .T (Con)
Railroad
18
20
Rapid Tran St R y .. l 0 0 240 250 Chic Gt W est com (w 1) 100
'Bloeck St & Ful F stlc. 100
29
27
CO 70
\ 0 1st mtge 4s 195 0 .J-J
1st 5s 1021......... A-O 106
55
57
Preferred (w i)____ 100
140
145
ie B 'y A 7th Ave stir__100
J C Hob A Paterson—
Chic Peo A St L—
9912 101
4s g 1949......... M-N
78I2 79b
• e 2d m t/e 5s 1 9 1 4 ..J-J
Prior lien g -lH s’30M AS / 88
So J Gas ElATrac-100 132
! Oon 5s 1943— S e e Stock Exc list
Con m tg g 5s 193 0 .JAJ I 48
99I2 100
Gu g 5s 1953___M-S
fB’way Surf 1st 5s gu 1024 102 104
Incom e 5s, July 1 9 3 0 ..
No Hud Co R y 6s’ 14 J-J 1041c
k ‘Cent’1 Crosst’ n stk_100
Chicago Subway_____ 100 "'s'i'j
95
Gs 1928.................. J-J 104 1061? Ft W A Den Cy std_.100
1st mtge 6s 102 2 .M-N / 80
9712
60
100
103
30
E
xt
5s
1024____
M-N
«C e n Pk N A E R s t k .1 0 0
Kansas City Sou 5s A pr 1
90
80
Pat City con 6s 3 1 .J-D 117
e Ohr’ t’r & 10th St stk 100
1950 (w 1) — S e e Stock Exo
2d 6s op t 1 91 4 ..A -O 100
Ool&9th A ve 5s S e e Stock Exc list
Nat R ys o f M exico — S e e S tk Ex
So Side El (Ohlc) S e e Ch ‘cago list
D ry D E B * B—
North'n Securities Stubs. 100
971r 101 Syraouse R T 5s ’ 4 6 .MAS 102 10312 Pitts Bess A L E _______50 *33i2
< 1st mold 5s 1 93 2 ..J -D
60 Trent P A H 5s 1943.J-D 100 102
c'Scrip 5s 1914____ F-A / 45
Preferred ________
50 *68
Eighth Avenue stook.100 260 300 United R ys ot St L—
eRallroad Securities Co—
20I2 21
Com vot tr ctfs____ 100
e Scrip 6s 1 9 1 4 .. .P-A / 95 100
IU O stk tr cfs ser A ’ 52
67L 07*2 Seaboard Company—
e Preferred_________100
« 4 2 d A Gr St F ’y s t k .100 200 220
__ _
Gen 4s 193 4— S e e Stock Exc list
74
76
1st preferred______ 100
92d St M & St N A v e . 100
99i2 lOOR UnitRys Son Fran S e e Stk Exc list
Com A 2d pref — S e t Bal t Exc list
e 1st ratge Gs 1010.M-S
44 Seaboard A ir Line—
2d Income 6s 1015. J-J / 60 ___ Wash R y A El C o____ 100 X 42
92
P referred_____ ____ 100 x 90
Inter-Met — S e e Stk Excb vngc list
Co.l 5s ext May ’ l l M-S 981i 99
801? 8712 West Pac 1st 5s ‘33__M-S
968j 9714
4s 1951...................... J-D
L ex A v A PavF is See Stk Exc list
M etropol St R y — S e e Stk Exc list
industrial and Mlsccl.
9414
N inth Avenue s t o c k ..100 100 170
das Securities
Adams Exp g 4s 1947 J-D ; 94
15
20
1Second Avenue stock . 100
Ahmeek Mining________ 25 *215 230
9b 100
; e 1st mtge 5s 190 9 .M-N
N ew Y ork
Alliance R ealty_______100 115 120
76 Gent Un Gas 5s ’ 2 7 . . J-J 101 102L AUls-Chalmers Co 1st mtg
I Consol as 1043____ F-A - 70
Sixth Avonuc stook.100 115 130 Con Gas <N Y) — S e e Stk Exc list
s f 5s 1936— S e e Stock Exc list
60
85 a Mutual Gas_________100 145 155 American B ook_______100 160 156
fflou Boulev 5s 1948___J-J
88
92 Now Amsterdam Gas—
B o Per 1st 5s 1 91 9 .__A -0
American Brass_______100 118 122
(third Avenue — S e e Stock Exc list
1st consol 5s 1 9 4 8 ..J-J 100 1001* American Chicle c o m .100 223 227
80 N Y A E R G a ■1st 5s *44 J-J 103 106
| Tarry W P & M 5s 1923 / 50
Preferred__________ 100 104 107
85
95
90 100 Am Graphophone com 100
14
■ YkersStRRSs 1946 A-O
Consol 5s 1945_____ J-J
32
40
i28thA29th Sts os ’ 96A-O f . . . . 20 N Y A Richm ond Gas 100
32
Preferred__________ 100 30
£ Twenty-third St stk . 1 0 0 900 250 N Y AW estchesterL’ht’g —
Amer Hardware_____ 100 137 140
(Union R y 1st 3s 19 r .F -A 100 102
104I2
Deb g 5s 1954 guar.J-J 102 10312 Am Malting 6s 1 9 1 4 ..J -D
00
75
98
101)
. Westcliest 1st 5s '43 J-J
Nor Un 1st 5s 1 92 7 ..M -N
Amer Press Assoc’n . .l 0 0 * 8 “ 105
Brooklyn
* Standard Gas co m . .100 . . . . . . . . Am Soda Fount c o m .100
___ ___
* Preferred. __
1 00
TAtlrtn A venue R R —
1st prefen-ed_______100 2S“ 3*6*
101
98
2
6
1st 5a 1930_ _
M-N 102 106
, Con 3s g 1031......... A-O
2d preferred_______100
96 101
|B B A W F- 5s 1 9 3 0 .. A-O
Am St Found new — S e e S tk Ex list
O th er C it ie s
[Brooklyn City S tock . 10 195 198
6s 1935___________ A AO 101 104
list
*4512 461?
70
Am Gas A Elec com __50
72
i Con 5s— S e e Stk Excb
Deb 4s 1923............ FAA
102
*44
45
P referred__________ 50
21712 2221*
IBklnHgts 1st 5s 1941 A-O ' T
American Surety_____ 50
Ymer Light A Traot__100 274 276
liBkln Queens Co A Sub—
American Thread pref
0 *4*2 ' 6
106
98 101
Pro’erred . _
100 104
J 0 1st g
’ 41 op ’ 1 6 .J-J
Am T obacco Co c o m . . 100 430 435
1 Amer Typefders c o m .100
Bay State Gas_______ 50
45
4$
h
■ Con guar 5s— S e e Stock Exc list
Bingh’t’ n (NY) Gas Wlcs
98 101
IBklyn Rap Tran — S e e Stk Exc list
P referred__________ 100
93
98
85 100
1st g 5s 1938..........A AO
99 100
tCDncy 1st & Bklyn_100
Deb g 6s 1939____ M-N
85 Brooklyn Un Gas— SaeStk Exc list
St2 3*2
78
! 1st cons g 4s 1948..J-J
Amer Writing P a p e r .. 100
6
6
85 Buffalo City Gas s t k ..100
2 (I
76
25
C o n g 4s 1955____JAJ
P referred__________ 100
95 100
1st Gs 1947— S e e Stock EXO list
8*12
87
, Brk O & N 6s 1939 J-J
1st s f g 5s’ 19 op '0 9 . J -j
00
94
. . . . Con Gas of N ' 5s ’3 0 .J-J
10l2 11
C r ’ p ’ tALorSt 1st r>s MAN
A tlG fA W lndSSLlnes.100
27
K ings C E! 4s— S e t Stock Exc list Consumers' L H A Pow—
P referred__________ 100
25
....
....
(Nassau Bio ■pref_____ too
70
5s 1988_______ ____ J-D n o
Col tr g 5s 1959____ J-J / 68
5a 1 9 4 ................. A-O 103 lOdlfi Denver Gas A Eiec___100 140 144
Barney A Smith C a r .. 1 00 n 40
46
96
97
1st 4s 1951— S e e Stock Exc Us;
120
P referred__________ 100
Gen r; Gs 1949 op .M -N
90
95
N W 'bgA Ftat 1st ox 4 Ms
Elizabeth Gas Lt C o .. 100 275 . . . . IJeUil’m Steel Corp — S e e S tk Ex list
Gteinway 1st 6s 1 922..J-J 103 108 Essex A Hudson Gas. 100 1J6 138
Bliss Company c o m .. 50 130
79
O ther C itie s
77
P referred______ ___50
135
Gap A El Bergen C o ..100
Buffalo Street R y—
Bond A Mtge Guar___100 270 277*2
« Gr Rap 1st 5s ’1 5 .F-A . . . - 101
93
96
, 1st consol 5s 193 1 .F-A 100 109 Or’t W est Pow 5s '4 6 .J-J
Borden's Cond M ilk .. 100 121 124
; Deb 60 1917............A-O 108 109 Hudson Co Ga:;______ 100 132 i$5
P referred__________ 100 106 109
06
;Columbus (O) St R y .,1 0 0
27
98 Indiana Lighting C o ..100
British Ool Copper . _ 5 *7
714
%
\ Preferred................ .100 103 100
07
70 Butte Coalition Mining 15 ♦8 U4 3D.
4s 1958 o p ..............F-A
Colum R y con 5s— SrePlit 'a list
17*2 22
4
Indianapolis Gas
50
~aseln Co of Am c o z a .io o
8
! Crosrt’ wr. 1st 5s ’33 J-D 103 106
80
90
Preferred__________ 100
70
60
1st g 5s 1952..........A-O
74
« Conn Ry A Ltg co m . 101‘
95
125 140
IT Jackson Gas 5s g' 3 7 . A-O
80
85 e Laclede Oas__r_____ 100 110 no>s
. e Preferred_____ ...1 0 C
131 133
95 1U0
! 1st A ref 4 U o — Arc Stk Exc list
9
e Preferred_________100
6
[Grand Rapids R y ____ 100 109 111 Madison Gas 6s 1020. A-O 103 108
P referred
55
05
.100
89
891? Newark Gas 6s 1944_0-J 130
' P referred__________ 100
214
entral Foui
.100
1
*
2
IO0 I4 106*,, Newark Consol Gas_100 100 10*1
\e Loulsv St 5s 193 0 ..JA J
13
16
P referred
.100
106 107
72
Lynn A Bos 1st 5s *24 J-D 1011? 107
68
a Con g 5s 1948___J-D
9 o p ’0 1 . A1-N
25
2#b No Hudson L H A Pow—
i» New Orl Rvs A Lgt-100
M f e C o .. 100 550 600
.
631? 59
621? 57l2
1 . c Preferred-------- . . .1 0 i
5S 1038....................A AO n o
Gen M g 4 Ms’ 35 6’eeS tk Ex list Pacific Gas A E, 0 0 m . 100 6012 57*2
P referred__________ 10C 100 10*
113 ' 141?’
90i2 'CiaflJn (H B) c o m . . . 100 102
ub
Scrv
Corn
of
N
J.100
8vl?
P
referred................
.100
l * T r ctfs 2% to 6% pcrpet 100 1001?
93
96
88
e lst preferred_. . .1 0 0
Pat A Pas GasAHiec.100
60 . . . .
101 102*2
«2d preferred_______100
92
e Con g 5s 1949___M-S
N orth Jersey St R y.100
791? 801? St Josenh Gas 5s 1937. J-J
S6
99
;o ! A Hook Coal A l pf 100
1st 4s 1 0 4 3 .....7 ,V-N
73 Western Pow er com .100
23
29**
1st g 5s 1917............J-J n %
Cons Tract o t N J . . 10 < 77
68
O d tr 6s Oct 1 9 5 6 ..J-J n 93
1st 5s 1033 „ _ _ J - D 105 100
P referred__________100
27
■Ne>v” :P asR y 3* 750 J-J 108 n o

V i l n m

e

o f

B u s in e s s

"• l’cr share, a E x -n g h u ;. t liasi/-.




a t

S t o c k

E x c h a n g e s

c Sella on S tk . Ex., but nas v o r y tt.OttvtL J Flat p r ic e ,

a N am .

B O S T O N

S T O C K

E X C H A N G E —

SHARK PRICES— NOT PER CEN TU M PRICES
SalurJaN ov. 20

Monday
Nov. 22

Tuesday
Nov 23

Wednesday
N ov. 24.

Thursday
Nov. 25.

Friday
Nov 26

S t o c k
Sates
o/ the
Week
Shares

R e c o r d .

D a ily ,

ST O C K S
BO STON STOCK
EXCHANGE

W

e e k ly

a n d

Range since Jan. 1
1909.

e a r ly

Range lor P-eviovs year
(1908)

HUjl'.eSt

R a ilroads
98 Jan 13 1251S O ct 2
*119*8 11978 *118*4 119
20 Atch T o p & San ta F o .1 0 0
118*4 1183.1 *119*8 119*8 TH AN K S *1193.i 120
1045s 1045s
125
*104*2 10ol2 *10412 lOolo *10414 105*1 *104*1 105*4 G IVING
D o p r e f_____________100 1003) Jar. 15 106 J lie !
230
230
DAY.
200 Boston <Ss A lb a n y _____100 235 Jan 4 239*4 A p r 8
227 227 *227 229
228 229
228 230
*130
132
130 130
110 B oston E le v a te d ______ 100 13-1*4 J an 7 132*8 A p r 22
129 129
130 130 *131 132
♦
Last Sale 22912 N ov’09
230 * ___ 230 * ___ 230 * ____230
B oston & L o w e ll______ 100 224 Jan 12 235 M ch 19
150 150
150 * ____ 151 *147 149
149
149
B oston & M ain e______ 100 1321* Jan 2 153 N o v 4
Last Sale 152 July’09
D o p r e f_____________100 151 F eb 26 160 A p r if
295
295
*295
*295
7 B oston & P r o v id e n c e . 100 295 Sep 14 301 Jan 9
*295
22 Feb 3
l!3 4 Jan 2
15
. 15
251 B oston S u b u rban El C os.
15
15
*15
18*
15
15
15
15*8
*76*o 77
17* N o v 4
54
60*2 Jan 5
7612
7612
76*2 7612
*77
D o p r e f________________
76*2 76*?
14*2 . i c l m
12 * ____
* ____
12
O ct’09
12 * ___
*10
10 MavlO
12
Last Sale 11
B o s t o n * W o r E lec Cos —
*
£514 O ct 7
52
_
52
51
51
**50
62 * ___
51 N o v2 4
D o p r e f________________
5U 2 * ___
162 J ’ ne23
154 154
3 Chic Ju n e R y & U S Y -1 0 0 143 Jan
118 118
75
D o p r e f___________ .1 0 0 115 N o v 6 123 J T y <’
. . . . . . . . 117*4 117*4 118 118
Last Sale 170 July’09
Con & M on t, Class 4 ..1 0 0 170 Jsci 26 173 M ch b
Last Sale 13912 June’09
Conn & Pass RIv p r e f - 100 139 Jan 2 142*2 M ch 25
O ct’09
Last Sale 270
C on n ecticu t R iv e r ___ 100 267 Jan 15 275 M ch lo
131 131 *131 132
131
85 F itch b u rg , p r e f . . ____ 100 12102 N o v l l 136 F eb 5
131 131
131
130 130
100
9934 9934
100
310 Ga R y & E le c tr ic ____ 100
9812 98*2
75 Jan 6 101*4 N o v 13
*99
99*4
9912 99
85*2 Sep 15
N ov’09
*85
79 Jan 14
—
*85
—
*87
88
Last Sale 86
*85
—
D o p r e f___ _________100
Oct'09
Last Sale 195
Maine C e n tra l_________100 195 O ct 11 195,4 Jan 13
19 O et- 1
11*4 Jan 12
165 Mass E le ctric C o s____ 100
1612
16
16
16
16
16*2 *1512 16*o *1512 10*2
84 N o v 3
79
SO
80
*78
80
58*2 Jan 15
285
79
80
80
79
7912
D o p r e f____________ 100
157
157 158
1,395 N Y N H & H a r t f o r d - 100 ft 153 N o v 8 i7478 J ’n el4
157 158
157
157 15712
158 158
Aug’09
Last Sale 149
N orthern N H ............... 100 146 F e b 4 149 A u g 9
O ct’09
Last Sale 210
N orw ich & W o r p r o f-1 0 0 200 A p r 13 215 Sep 2
196
195
Old C o l o n y . . ................ 100 194 Jan 6 200*8 Jan 8
19512 195*2 196 196 *196*4 . . . . 196 196*4
40 J ’ne 5
N ov’09
26 A p r 27
36
Rutland p r e f_______ . . 1 0 0
96 Seattle E le c tr ic _______ 100
90*4 M ch 2 117l2 A u g 16
116*4 I I 6I4
116*4 H 6*J 117 117 *116*4 117 *116*4 117
9712 A p r 6 107 A u g 3
19
10312 10312
* 103*^ 10312 103*o * ___
10312 104 104
D o p r e f_________- . - 1 0 0
2037. 204
169 Union P a cific ................ 100 *1722$ F eb 26 218S4 A lig n ,
20178 20212
201*8 201*8 200*4 200*8 ROllg 201*8
93*2 M ch 2 117*4 A u g 10
10
*10212 10312
*10234 10334 1017s 1017g *102*8 103*8 *1021^ 1031s
D o p r e f_____________100
12 V erm ont & M ass____ 100 165 Jan 20 175 API 17
166
166
U818 A p r 23
92
92l2
9Uo 92
88 Jan 2
257 W est E nd S t ...........—
00
91*2 92
92*2 92*2
9112 911o
10412 10412
* ____ 105
29
*104 107 *104 106
—
D o p r e f______________ 50 102 O ct 12 112 A p r 27
—
Last Sale 145 July'09
W ore N ash & R ooh __100 144 M ch 12 146 M ay 19
rtlisccllanoous
60*4 A u g 12
1,822 Aroer Agrieul C h e m .-lO O
48
48
33*4 3an 2
48*o 49
48
48*2
49*4 49*4
48*4 48*4
94 Jan 13 105 J ’ly 22
195
101*2 102*2
*10U2 102I2
D o p r e f_____________100
10212 10212 102 103
10212 103
978 F eb 23
812
463 Am er P n eu S e r v i c e .. 50
8*2
658 J an 26
8*2
8=8
8*4
8*4
8*2
8*2
8*2
8*2
22*2 N o v 1
21*4 2110
2112 2112
13 Jan 13
477
D o p r e f______________50
2114 2 U2 211, 211o 2 Uo 2 U?
125
1,544 Am er S ugar R etin — 100 121 N o v 15 136 A p r 8
125
124*4 125*4 124 1251o 12134 1251) 124 125
684
121*2 122
D o p r e f________
121 121*4 12134 I 2D4 121 12 U2
100 119 N o v 15 131 A p r la,
122 122
1413.J 14238 6,160 Am er T e le p & Teles'__100 12514 F e b 1 145*8 Sep 29
14234 143
142to 14331 14212 143
144*2 145
40ls A u g 27'
33
*34
3412
. . . . *34
137 Am erican W o o le n ____ 100
3412
35
2712 F e b 4
34*2 3412 34
922
931* Jan 16 108 J ’ n e 11
103*4 103*2
D o p r e f_________
100
103*4 103*2 10234 1031? 103 103*8 1031.1 10312
8*4 O ct 26
334
A
p
r
1
O
ct’09
8*2
*7*2
812
8*2
*7*2
L
a
st
Sale
Boston
L
a
n
d
___________
10
*7*2
8*4
*7*2
8*2
" io o Cum b T e le p * T e l e g . 100 125 Jan 25 147*2 N o v W
*1457s
147 147 *14612 ____ *145'8 ____ *14512 ____
69*4 N o v 26
*68*4 68*4
69
69
530 D om inion Iron & S t e e l ..
6934 *69*34
1312 Jan It
68*4 68*4 * 68*2 69
137, J ’ne V
1034 11*4
11
11
7 Jan 4
11*4
890 East B o sto n L a n d _______
* 10*1 11*4 *11
250 250
250 250
85 Edison E lec I l i u m . __100 245 Jan 2 260 A p r 1
250* 2*5*0**
251 251 *250
189 General E le c tr ic ______100 la(W3 F eb 24 173 A u g 7
*163 163*o 160*2 I 62I4 *160 161 *160 161
16112 10112
77l2 N o v 2 l
1,042 M assachusottsG asC os 100
76S4 77
59 Jan 5
76
76
76*?
76
77*o
76*4 76*4
77
0 / A p r 23
277
D o p r e f__________ 100
89 Jan 5
90*2
901o
90
90*4
*89*2
90
90*4 90*4
89*8 90
222
2 M ergenthaler L i n o . , . 1 0 0 20312 Mch 12 220 F e b 17
*219
220 220 *2191S 220 *219 221
*217
3*4 O c t 15.
31,1
100
*3
2
Jan
5
10
M
exican
T
elep
h
on
e__
*3
*3
*3
3*4
3*4
3
3
3*4
584 N E C o tto n Y a r n ____ 100
11834 11912
63 A p r 24 126 O ct 26
120 120
119 119
120 121
* 121*2 122
163
D o p r e f___________ .1 0 0
93 Jan 2 118 O ct 16,
112 11212
11H2 11112
113
113 113*0 *
11312
168 N E T e le p h o n e .,_____ 100 12(1*4 Jan 5 139 Sep 20,
135
135
134 135 *134 135
135 135
*134 135
Oet’OO
76 F o b 6 108 O o t 13
P acific C oast P o w e r__10Q
105 *
103 * ____105
Last Sale 102
105 * ___
193
**70 Pullm an C o ___________ 100 168 Jan 30 199 A u g 7
193
192 192*4 192 192
193 193
193 193
12 Sep 29
12
9*4 Jan 11
*11*2
Reece B u tt o n -H o le __10
11*2 11*2
11*2 111? *1U 2 12
* 11*2 12
10834 10834 *597 Sw ift & C o ................_ ._ 1 0 0 100 Jan 9 11412 A u g 6
108*4 109*4 10834 109
109 109
1085, 109
29 N o v2 0
86 T orrin gton . Class A . . 25
204 M aySl
29
29
*28
29
2834 2834
29
29
36 N o v 8
24*4 Jan 29
59
*2*8**
D o p r e f___________ - 25
*28*
. . . . *27
. . . . *27
____
♦27
. . . . *27
2 Apr 2
1 Jan 26
O ct’OG
U nion C op L*d & M ’g . 25
Last Safe 1*2
150 152
151*2 *646 U nited F r u it.................. 100 126*c Jan 13 167 S ep 20
151
151 152
150 152
151*2 152
.
O ct . 7
71
67
68
67?s 4,677 Un S h oe M aoh O orp__ 25 z54 M ch 19
67
68*2 68*o 6778 68
67*e 68
31*4 S ep 21
28)a J an 11
30
450
30
3014 30
D o p r e f__________
25
2978 30
30*2 30*o
947g
O ct 4
4W4
F
a
b
34
14,789
U
S
Steel
C
orp
_____.
.
1
0
0
87*2 88*4
*88*
91
87*2 89*4
87*2 883,8
89
*8*9*2
363
D o p r e f____ _______ 100 107 F e b 23 131 O ct 4
125*4 125*4
126*4 126*4 125 1251o 124*8 125*4 *12434 125
12*4 M ay 6
I 2I4 1212
1,400 W est T e le p & T el e g . . 100
12
12
12
12*4
0*sJ(H* U
12*s 12*4
92 N o v 19
36 M ch 3
11
89
D o p r e f______ ______ 100
90
89
*89
90
*9012
92
90
♦____
00
M in ing
10*2 MnyiiS
55s
47g O ct 28
760 A d venture C o n . . . . . . 25
Sl2
5*8
5*4
5*4
5*2
534
6
*512
62 O ot 1
180 A llouez_________________ 25
84 Jan 29
59
*57
58
*57
67*? * ____ 58
68
68
58
96*2 N ov 19,
65 F o b 26
9178 61,966 A m algam ated C op per 100
90*4
91
93*8
87*3 92*4
8778 8978
93
95*2
387ji N o v 5
23 Mch27
3612 1,090 Am Z in c Lead & S m „ 25
36*2
36*4 37
36*2 37
371?
37
37*4 38
63»8N o v 20
3Sla F e b 26
80 A n a c o n d a ____ ________ 25
4934 4 934
50*8 50*8
53*1 635S 51*2 52*8
48*4 Sep 29
30 F e b 36
4*6*75 9,363 A rizona C o m m e r c ia l.. 25
*45*
4434 45*2
4412 45
45*4
4512 45*4 45
1 F ob 1p
45 F e b 17
N ov'09
A r n o ld _________________ 25
♦____ .75 * ___
.76 * ............ 75
Last So# .60
.75 ¥___
18 Jan 2,
8 J ’ly 16
*255 A tlan tic ____________
25
IH 2 I D 4
* 1H2
12
12t2
12*4 121?
11*2 11*2
*12
.45 F e b 16 X0 M ay T
800 B onanza (D e v O o )___ 10
.60
* .5 5
.60
.55
.55
.60 *.55
.60 *.55
*.55
28*4 N o v 26
10*4 M ch 16
2138
22*4 79,877 B ostonC on C& G (rets) £1
1934 2158
17*4 19*4
17*2 19*8
17*8 19*3
• A te
226* J An 7,
1718 JT y 14
5
22
22l2 6,695 B o s * C o r b C o p * S U M g
21i2 22I4
22
22is
21*8 221o
2112 21U
33b8 N ov 19
213g F e b 24
31*2 17.419 Butte C o a litio n _______ 16
3012
30*4 307s
30*2 31*4
3U 2 32*4
3214 33
119
Jan s
98*4
M
ay
3
1,668
C
alum
et
&
A
r
i
z
o
n
a
..
10
105
«
105l2
104
107
105
10512
108
108*4 10912 106
32 C alum et & H e cla ___ _ 25 685 F e b 26 695 A u g 13
680
*670
680 680
685 685
680 080
680 685
44li S ep 3
29 F e b 1
105 C en ten nial_____ . . . . . 26
40
*38*2
39
39
38
38
*38
39
3934 40
1 .10 J 'n e 26 .35 -a n 16
Cons M tocu r G o ld ____
N ov’09
Last Sale .11
.17
.10 *.12
.16 * .1 2
*.10
.10 *.10
86*4 N ov 19
68*2 F e b 26
6*423 C op per Range Oon C o 100
83
84
83*4
84
83
83
84
841,8
8412 85*8
12 M ch 19
7*2 May2s
2,910 D a ly -W e s t--------------------- 20
9
8
9*4
9*o
10
10
9*4
9
912
9
l(iS8 A p r 20
7i»
F
e
b
1
East
B
u
tte
C
op
M
i
n
..
10
3,001
12i4
12
12*4
12
121.1
12*4
12*2 13
12*4 13
2i2 J an 16
1 O ct 29
12
110 Elm R iv e r ..................
134
*1*4
1*.|
1*8
1*2
1*2
1*2 *1*4
1*8
1J4
19 A u g 3
13 F eb 25
1,019 F r a n k lin _______________ 25
16*2 17
17
*16*2 17
*lfti2
17
16*4 16*4
17
I2I4
N ovlO
73g
J
’n
e
l6
15,965
11
G
iroux
C
o
n
s
o
lid
a
te
d
.
6
107s 1178
10*2 1U«
11*4
1012 11*8
117S 12
90 F e b 26 110 Jan 4
328 G ra n by C o n so lld a te d -1 0 0
103
103 104 *102 103
103
103 103
105 105
1458 N o v lO
9
Feb
26
1234
32,670
G
reene
C
ananea______20
12
123j
12*4
12*2
13*8
12*8
14*4
13*8
1338
21*4 N o v 26
2134 8,814 H a n co ck C on solid ated 25
8*4 S ep 10
20*4
18
20
20*4
17*2 17 *2 17
14U 15
7*2 A u g 1.
6 J ’iy 21
2,800 H elvetia C o p p e r___ . . . 2 5
634
67g
7
67g
7
7
V
6°$
7
3314 F e b 19
22*8 A p r 27
3,350 Isle R oy ale (C o p p e r ). 25
26*4 26*i *26*4 26*o
27
2612
26*., 27*4
261.4 277,
9*8 A u g 19
7l2
A
p
r
30
708
K err L a k e ____________
5
8**
8*8
8*s
8*,s
8*8
8*4
5*8
8*4
54*8 N o v 26
16 Jan 30
*54*3.i 37,898 Lake C o p p e r___________ 25
*49*
46
4834 50i2
43
49
61
45
44
liA. F e b lb
10J4
J
’ly
10
2,433
16
La
Salle
C
op
per______
25
10
18
16
16
1534
16
15*4
16*4
16
I8I4 May 28
4*4 A lch ls
6
734
7
7*2 1,995 Mass C o n so l__________ 26
610
6*4
6*8
6*8
6*4
6*2
.30 A p r 29 .75 N o v 19
200 M a y flo w e r_______ . . . . 25
.75
* ____
65
.65 * .50
.75
.75 *.50
.65
.65
8 N o v l9
1,320
534
3*2
A
p
r
16
M
exico
Cons
M
&
S
.
.
10
512
5*2
*558
6*4
5*?
5*o
6*4
5*2
5*2
1858 NOV26
1234 Feb 26
1738
1758 11,085 Miami C o p p e r_______ _ 5
17
171s
17
17*8
17*2 18
18ls 18*8
13*4 M ch 4
110 M ic h ig a n _______. . . . . 25
594 O ot 16
7
6J4
634
7
7
7
* 6*> 7
6*2
6*2
70*8 Jan 8
700 M oh aw k________
6212
25 z57*» JT y 16
62
63
63
63
64
•2*2 63
64
61
.40 A p r t;
19 F e b 11
M ontana C on so 0 & O 10
N ov’09
Last Sale 20
30 N ovlO
16*991
N
evada
C
o
n
s
o
lid
a
te
d
.
5
16*2
F
e
b
26
277
8
2812
267S
28*s
297?
28*1
29*.|
27*4
28*4
29*8
13 Sep 2)
978 O et 8
5
Id s
1038 2,184 N! pissing M ines . . . . .
103g 10*2
1012 10*2
10*2 101o 1012 10*?
85*4 Jaii 2
47*4 J 'ly 10
643.i
65»4 35,731 N orth B u tte___ _____ 15
6334 643|
S21 j 60*4
66^4
6512 68!2 64
117j A u g 9
4*2 M cb22
31,124
N
orth
L
a
ke
(28
p
a
i
d
)
.
25
938
1
0
9
10*4
9*2
10*2
8
8*2
8*8
8*4
86 N o v 6
40 J ’n e 2 l
Old C o lo n y -------------------25
N ov’09
Last Sale .85
.80 *____ .85
♦____ .85 ♦____ .85 * ___
59 A l l g ll
47*4 F e b 24
5312
53*2 *507 Old D o m in io n .. . . . . . 25
*541o 5510 54
541?
53N 53*2
55
55
105 O s c e o l a __________ . . . . 25 122 Feb 26 103 N ovlO
160
160
159 160
♦____ 161
160 160
160 160
3014 J ’ne 10
26 F e b 1
31*4 3,376 P a rrott (S ilver & Cop) 10
30
30*2
30
30*2
31
31
31*4 30*2 31*4
99 Jan 4
84 N o v 6
221 Q u in cy ________ . . . — 25
87
87
87
87
87
87
87
87
87
86
278 Jan 8
l l j N o v 16
045 Santa Fe (G old & Cop) 10
2
2
2
2
2
2
2
2
1778 Jan 4
131,
F
e
b
26
S
h
a
n
n
o
n
_______
.
.
.
.
.
10
3.686
‘ 16**4 'less
16*4 16*4
16*4 16*8
16*8 16*4 10*4 16*8
34 Jan 6
6 614 N o v ll
2.918 S u p e r i o r .. . ____ . . . . . 26
65
6412
63*4 66
6412 65
6412 65
64*2 65*2
I 8I2 May2b
13»* N o v 6
15*4
15*4 1.388 S u p erlor& B oston Min 10
15
15
15
15
14*o 15
1412 15
1812 J ’ly o
127g A p r 27
1,975 Su p erlor& P ltta C o p p . 10
17
16*4 17*,
1634
16*2 167s
1634 1 67g
175, 18
90 F e b 26
62 JT y 10
97 T a m a r a c k ___ . . . . . . . 26
07
68
66
69
*66
68
68
67
10
O
ct
22
17»g
Jan 23
’
l
l
*
'll*
T
r
in
ity
-------------—
.
36
1*275
12
11
11
n
11
11*4 11*4
11*4
16*4 Jan x
7*8 N o v 4
U nited C o p p e r___ . . . 1 0 0
Last Sale
28 Jan 12
39** Nov 16
*491 U nited StateaCoal&OU 25
38
38
38
38
38
38*2 38*2 38
50 Sep 2J
39 F e b 25
55
55*2 4.806 U S Sm elt Ref * M in . 00
65^4 66*2
55*4 55/R 55*8 5634
57*4
54 O c t 4
44 Jan 8
5212
D o p r e f________ . . . 50
5212
940
5212 52*o
62 2 63
63
62*3 63
63
6*4 Jan 20
434
4 O et 39
47,
5
*4*4
4t3 412
385 U ta h -A p ex M in in g , .c. 5
5
5
47,
37*4
F
e
b
24
4 9 * 4 Nov26
6,453
Utah
C
o
n
so
lid
a
te
d
__
_
5
47
47
48
46*4
47*4
46*2 4638
48
49*4 .47
66
Nov2 0
633s 3,037 Utah C op per C o . . . . . 10
39*4 F e b 2b
62
6034 6 U 2
59*2 62
6414 66
61*8 65*8
5*2 M ay 6
200 V ictoria ______. . . . . __ 26
3 Oct 28
3*2
4
4
3*4
334
*3*2
3*4
♦3*4
3*4
8*s
S
ep 20
4
*
Apr
30
8*8
6,610
W
inona
___
.
.
.
.
.
.
__
_
25
8
7*4
7*2
7*2
7*2
7*8
7*4
8*3
7*2
168 A u g 12
148
‘ *
*145
20 W olverin e ______________25 139
149 149 *145 149
*148 151 *150 162
4 J a n ui
2
238
W
y
a
n
d
o
t
.
.
.
.
.
.
.
—
26
a
n
2
1,765
23.,
2*4
»
s
*2*4
2ia
2*4
2*3
» B efore pay A o f assess: ts called in 1900.
’ "Bid w i u k c d .P Q c t a . > . % n r jt p o k
$ A » » 't p a id , . « j & c v i * (Hr. ’ M f t r l f ht*-




f

Highest

675s Feb
83*2 Mel
181*2 Jan
Vl21i» D ec
20!llj“ Feb
H i O ct
136 F eb
284 Jan
9 Mel
46 Jan
8l2 N ov
47K D ec
126 Jan
102 J nn
163 Dae
133*4 Sep
V44
.Inn
!44 Jan
117 Jan
07 A p r
(T O ct
193 N o v
8*4 Jan
40 Jan
128 Jan
140 Jne
200 A pr
175 Jan
15 Jan
70 F e b
88ss Jan
110*2 Meb
73*4 A pr
150 Jan
76 Jan
pis •Ian
138 J'ly
33 Jan
77 M<T
4 F ob
6*2 F e b
09*4 Jan
106 F e b
1)9 Jan
16 Jan
77*4 F eb
3 Jan
00*2 Jan
14*4 Jan
4*4 Meb
201 Mch
111 Jan
49 Mob
77 Jan
192 Apr
1 Mel,
40 Mol!
76 Mob
105 Jan
51*2 J'ne
147 Jan
5) A pr
88*2 Jan
20 Jan
23 May
1*4 M cl)

114*2 Jan
3812 Jan
247* Jan
a j Jan
87L Jan
J F eb
69 Jan

101', Dec
10414 Dec
:30 Dec
140 - A l l
22* Deo
140 Jan
166 A l l
!>0l N o v
13 Mch
.‘ 8 N ov
17 Jan
<i0ij Jan
16111 I)eo
12012 D e c
105 Men
138 A nr
263 D e c
133 N ov
80 D ec
80 D e c
193 N o v
13*4 N o v
04 N o v
101 N o v
145 A p r
306 F e b
196' D e c
34 D e c
95 Dec
102 D e c
1865a N o v
07J8 N ov
161 N o v
911? Sep
i-10 D ec
140 Mch
35
96
12
23

N ov
N ov
Dec
D ec

1373s Nqv

1'3:> N ov
13£lo N o v
323s D ec
9018 N ov
4i2 D e c
128 N o v
2**4 D e c
8*8 N ov
253 N o v
102 D ec
00 D e c
ao ,N ov
215 N o v
3 O ct
58 N o v
93 .D e c
12S N o v
79 D ec
1J412 N o v
10*2 N o v
108i2 JTy
24 O ct
201 • D ec
2*2 Jan
148 JT y

62*s NOV

30 N o v
68*4 N o v
114 NOV
9*2 N o v
80*4 De®

H A pr
.25 O et
10*4 A p r
11*4 A p r
1.51,2 Jan
83 F eb
z5fi5 Mph
21 F e b
,26 Mch
651s F eb
7 Jan
8*4 D ec
.99 Mch
tt** Apr

1214 A u g !
41*2 N h v
88*8 N*0V
f p J 'n e
63 NQV
405, D ec
.90 A u g
191, N tfv
.75 N o v
181, N o v
25 Nov*(
30 A u g j
130 A u g ,
700 Jan
3ID4 N o v
,45 J ’ ne
83's N o v
117, N ov
10 D eo
2*4 N o v
19*2 N o v

"58 Jan
07, Jab

110 JT y
13*, A u g ,

Hg F eb
24 A p r
48 Fab
20*4 J a n

£8

F eb

14
.40

Jan
F eb

17*4 Feb

26*4 Jau

10 Sep
l£i4 Jan
2*4 Mch
.25 Jan
312 D ec
8*4 Sep
7*4 Feb
46 Feb
.27 D ee
8*8 Jan

2414 D eo
17*4 J a a j
83, A u r
.75 J T ?
8 Jaw 1
16*2 DOW :
16*2 N o v I
73 NOv 1
1*8 Jan
?0*4 N o v

40*4 Feb

8 9 *4

Nov ,

.50 Jan
28 Jan
77 F eb
IOI2 Jan
17 Feb
1*8 A pr
9*4 Feb
14 A pr

1
60*,
135*2
3U ,
100
3*,
19*4
361*

JT y
D eo
D ec
D ec
Au*
N .o v !
N ov
N ov

*14*4 (Jet*
69 Meb
12*i Feb
4*>, Mch
9 Meb
38 Mch
87 Feb
4*j Sep
29*g Jan
387, May
tl» A p r
4*z Jan
115*2 Jan
JU) Mav

20*,
88
26
16**
80*4
407,

NOV
NOV
Aug
NOV
NOV
NOV

47 Nov
7 Nov
60

Aug

58 Nov
« Nov

r7*iN ov
IS6 N 0V1
l* i O et {

Nov. 27 1909.1

1405

B oston B ond R e co rd

|s

1

BONDS
B O S T O N ST O C K K X C I T B X
w in k n d ik o N o v 26

W eek’ s
B a n gs
B a ngs or 10.0
S ince
Last Sale ;«H«o J a n u a r y 1

P rice
F rid a y
N ov 26

I

P
*3

P rice
F r id a y
N ov 26

B a n ts
Since
J a n u a ry l

H iw i
J, " "
o .g h
High, ffo I m ix H ig h
99®, 101
.........! 99*4
*2*4 47| 91 *8 96*4 Illin o is Steel d eben 6 s . . ..1 9 1 0 J .J
99*4 j
92
101
100*, 101*2
105*, 107*»l 76 92*4 107 »» I N o n -c o n v e rt d eben 6 s. ..1 9 1 3 A-O 101 Hale 101
A p r ’08',
83 M a r'09 . . . . 83
83 I l a Falls A S io u x C i s t 7 s .. 1917' A-O
......... 117
94
97
185 N ot ’ 09 . . . . 130 190 !; K an C C lin A Snr 1st 5 s . .. 19251 A-O
95 ......... 1 96*3
100 101
Sep ’09
......... 100
99*3 100*4 99®, N o v ’ 09 . . . . 9»s« 101*3 ' K an C F t S A G u lf e x t 6s .. 19ll| J-D
119 1 3 116*4 120*4
92** 94** K an C F t S co tt A M 6 s . ...1 9 2 8 M-N 119 Sale 119
94 O ct ’ 09;—
93
95
94
94*3 K an C M A B ge n 4 s ........... 1934 M-S
9 3 “,. N o . >09 . . . . 93
92*3 ......... 03*4 N o v '0 9 . . . J 90
93
95
A s s e n te d in co m e 5 s ........1934 M-S
92
91 Nov'O0|....| 86*3 92 ‘j
121** O ct ’ 09; i ” ** 102*3 121**
91
107*. 120*4 K an C A M Ity A B r 1st 5 s l9 2 9 A-O 104*3 ......... 1104 J ’ n e '0 9 i___ ] 103*a 104
110*3....... 120*4 A u g ’ 09
4 69
73 >3 M ain e C en t co n s 1st 7 s . ..1 9 1 2 A-O
......... 1113’ , N o v ’ 0 6 !....;
69*4
69 *a Hale
69*s
110 F e b ’0 4 '...- i .....................
C ons 1st 4 s ........................ 1912 A-O
......... !l01>4 Sep ’ 05|___
100*4 M ar’09 . — I 100*4 100*4 M am H ough A O n t i s t 68.1925 A-O
......... 115
J’n e ’0 8 ;___1
104*3 O ct ’08 . . . . ! ..................... M ass G as 4*33 (r e c ta )........1929 ___
98*5 18 97 *3 100
98 ‘j Sale 1 98
......... 86 M ar’ 091. . . J 84** 86
112*3 Jan ’0 3 -----j ..................... n M e x ica n C en tral c o n s 4 s . . 1911 J - J
l s t c o n s i n c 3 s ..........Jan 1939 J ’ly
102 O ct ’ 09 . . . . ' 102 102
......... 'll 16 A p r ’ O S i....
1]15 *4 A p r ’ 0 8 ___ 1
99*3 Jau ’ 09 . . . . 99*3 99*s|| 2 d c o n s i n c 3 s ........... Jan 1939 J ’ ly
M ich T e le p ls t 5 s ................. 1917 J- J
100 J ’ n e’ 01 . . . .
M in n e G en E le c co n g 5s 1929 J .J
117 J’ ne’ 08 . . . .
______ !102*3 A ii|t’U4
I l l ' s J ’ly ’0 5 . . . . , ................... N e w E n g C ot Y arn 5 s ___ 1929 F-A
104*2 104*4 104 *51 9 102S, 104*4
88 | 1 81
90*3 N e w E n g T e le p h 5 s ............1915 A-O
............ '103 F e b ’ 09' ...11102 102
87
88
88
5s............................................ 1916 A-O
11103 O ct ’ 07 . . . .
........... 100*3 Hep :08
99«* J ’l y ’ 09 — . | 09** 100** N e w E n g la n d co n s g 5s.. .1 9 4 5 J - J
B o sto n T e rm 1st 4 s ........1939 A-O
100 A p r ’ 08 . . . .
O c t ’ 0 9 '. . . . 99*3. 100
N Y 'N H A H co n deb 3*381956 J-J
. 09 *«
99*4 60! 97»* 109*4
M ay’ 09 . . . . 'T i l l *3 102 I C on v deb 6s ( c t f s ) ......... 1943 J . J
.142*4 N o v 09 . . . . 134 142*4
99 O ct ’09 ....II 98®, 99 j |Old C olon y gold 4 s .............1924 F-A
.1 0 1 A p r ’00 . . . . 101 101
.! 987* S e p ’00 ___i| 987, 9 8 7»
80*4 N o v ’ 09 ....|| 89*4 92 liO reg R y A N a v con g 4 s . . 19461 J-D
||Oreg Sh L in e 1st g 6s ........1922; F-A
6 I l7 * e ll 9 * *
.1117*4 1 l7 **
7 101*3 104 1' R e p u b V a lley 1st s f 6s . . . 1919 J - J
101*4 Sale 101*4 101*4
.1 0 5
D e c ’08
R u tland 1st con ge n 4 * o s .l9 4 1 'J - J ................... . 107*2 N ov’ 05
94
03 N o v ’ 09 . . . . '! 91
92*3 93
'
R
u
tland-C
anadian
Ist4
sl9
4
9
|
J-J|
...................
. 102 M a i’ 02
118*4
Savannah E lec 1st co n s 58.1952 J -J ................... . 98*2 M ay’ 06
126 F e b ’ 05
103 I S eattle E le c 1st g 5 s......... 1930; F-A ' .................... . 104*4 O ct ’ 09 . . . . 104 106*8
108 Hep ’ 09 . . . j ' i o i
106 J ’l y ’ (*6 . . . . 102 106*4 ’ T e r r e H a u te E le c g 5 s . ...19201 J-J | ................... J 97 A p r ’ O? . . . .....................
T o r r in g to n 1st g o s ........... 1918;M -S .................... , 100 N o v ’ 09 . . . 100 102
91 D e o ’ 07
U n io n P a c R B A 1 g r g 4 s . 1947! J - J ................... 1 0 2 s* A pi ’ 09 . . . 102*4 103*4
112*4 J a n ’ 03
.................... . 110*2 J ’n e ’ 09 . . . lU-i®, 110*2
96 •| 2 0 -y e a r c o n v 4 s .................19271 J . J
96 F e b ’09 . . . . I 96
...................
96
96 *s
6 95 *, 97
92*3 U n ited F ru it gen s f 4 *38.1923 J . J
90*a 91 O ct ’09 ___ 1 87
97 >5 N ov «9 ....* 96*3 977, U S Coal A O il 1st s f 6s . . 1938 M-N ................... 160 N o v ’ 09 . . . 120 160
U S Steel C orp 10-60 y r 5 s . 1963|M-N 104** Salt 104** 105
36 102*4 108*8
103 *« A p i ’ 05
W est E n d S tre e t R y 4 s ___ 1916|F-A ................... , 100*2 A p r ’09 . . . 100*2 100*3
06 A p r ’ 68
| G old 4 >28............................. 1914 M-S .................... .101*4 J’ tie’ 09 . . . 100*4 102*3
133
138 M ar’ 09 . . . . 1 3 3
99 100*8
II G old d eu en tu ro 4 s ........... 1916 M-N .................... . 99 N a v ’ 09
140 A p r '05
99** 100*.
96*3
96®4I 12 95*4 99 I! G old 4 s .................................1917: F-A .................... . 100*2 o c t ’ 09
18 96 100*8
98*3 Sale I 98*4
064, N o v ’09 . . . . 05*4 98*a W este rn T elep h A T e l 58.1932! J . J
99
037, 9* *8
,, W is c o n s in C en t la t g e n 4sl949| J - J i ................... . 95 *$ A p r ’ 09

JHa

A m T e le v A T e l c o ll tr 48.1929 j - j
C o n v e r tib le 4 s.................. 1936 M-S
A m W rit P a ver 1st s f 6s g 1919 J - J
A r iz C om Cop 1st c o n v 6 s 1918 M-S
A ten T o p A 8 P e g e n g 4 s .. l 9 9 6 A -O
A d ju s tm e n t g 4 s . . . . J ’ ly 1995 N ot
S t a m p e d ................ J ’ ly 1996 M-N
60-year c o n r 4 s ..............1956 J-D
10-year c o n v 5 * .............. 19171 J-D
A tl G u ll & W I 8 3 L in e s 5 8 .’ 59| J-J
B oston E le c t L Consol 68.1924 M-S
B oston A .Lowell 4 s............ 1916 J - J
B oston «fc M aine 4 k s .......... 1944 J -J
B oston T erm inal 1813*33.194/ F-A
B o r A M o B iv con s 6s — 1918 J -J
S in k in g fund 48............... 1919 J -J
B u tte A B oston 1st 6 s — 191i A-O
Cedar R ap A M o R 1st 7 s.191b M-N
2d 7 s ..................................... I s09 J-D
C en t V erm t 1st g 4 « ..M a y l 9 2 0 Q -F
0 B A 4 Iow a JDiv 1st 68.1919 A-O
l o w a D l v 1st 4 s ..............1919 A-O
D eben tu re 6 s ................... U l o M-N
D on ver K xten 4 s . . . .. .. .1 9 2 2 F-A
N ebraska JCxteD 4 » .........1927 M-N
B A S W s I 4s................... 1921 M-S
Illin o is D ir 3*38................1949 J -J
J o in t bonds See G t N orth ern
Ohio j o B y A Stk Yds 5s .1915 J-J
C oll tru st refu n d in g g 481940 A-O
Oh MU A S t P D u b D 6 s .. 1920 J - J
Oh M A S t P W le V <1tv 681020 J -J
O bit A N o M ien 1st gu 6s. 1 9 3 1 M-N
Ohio A W M id i gen 6 s ___ 1921 J -D
C on cord A M on t c on s 4 s ..1 9 2 0 J-D
Conn A Pass B 1st g 4 s . ..1 9 4 3 A-O
C u rren t R iv e r 1st 5 s ......... 1927 A-O
D e t G r R a p A W 1st 4 s . . . 1946 A-O
D om inion Coal 1st s f 5s. .1940 M-N
F iton bu rg 4 s ......................... 1916 M-S
4 s .......................................... 1927 M-S
F r e m tE lk A M o V 1st 6 s .. 1933 A-O
U nstam ped 1st 6 s........... 1933 A-O
G t N o r O B A Q c o ll tr 4s 1921 J -J
R eg ia tered 4 s ..................... 1921 Q -J

*0

BONDS
B O ST O N STOCK B X C H ’ GK
W e e k F.xw.va N o v 26

A sk 1,010

92*4 Hale
105*s Sale

|

100
102

MOTS—B u y e r pays a oorued In terest In ad d ition to th e p u rch ase p rice fo r all B o sto n B on ds.

' N o p rice F r id a y ; latest hid and asked.

1 F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share 1'rlcos—Not Per Coutrun Prices
S a tu rd a y
N ov 20

M onday
N ov 22

T u esd a y
N ov 23

I W ednesday
| N ov 24

\Sales !
F r id a y
N ov 2 6

T h u rsd a y
N ov 25

R an ge Since
Jan 1 1 2 0 2

A C T IV E S T O C K S

I* k e e k ( ' » r B o n d s and, In a ctive
Shares
Stocks see below )

Low est

H igh est

|'Kangs t o r P reviou s
Y ea r(1 2 0 8 )
| Lowest

H igh est

I

106

10«**4 *105*3106*3

105

B a lt i m o r e
........Con. G as KL L . A P o w . 100 30 M ar 8 4 2 * sM a y l2
37
33
........1
D o p r e f.........................100 76 M a r l6 89
M a y l8
82
82*4
133 N o rth e rn C e n tr a l.......... 50 100 Jan 4 111 Jan 16
*106 106*8
*18*8 19 | 360 Seaboard ( n e w )................ 100 11*4 F e b 26 2 1 * * J ’n e l4
250 D o 2d p r e f........................100 22*4 F e b 2 4 ' 41
M » jl 7
*35
37 ;
L 'T .m t n i ,
KA
D 3 . b 'a K ‘J 1 4 2 . A , , . . I l f
867 U n ited 'Dvr
By A E
le c t r ic .. 60
0*4
F e b 3j 1 4 * » A u g l6
14
14*4

106*8 *104

18*1* 1 8 * 4 * ......... 187,
36
36
.....................
........ 1 3 7*
13», 137,1

20
66
80
4
10
10

Jan 30
M ar 8 1 S
Jan 102
F eb 16
Feb 26
Jan 12

D ee
D ee
D ss
D eo
D eo
N ev

P h iln d e lp liia
A m e rica n C e m e n t......... 50 377, A p r 13 43 Jan 2 32*8 M ar 43 D ee
A m erican R a ilw a y s .... 60 44*, J ’iy 8 46*4 beu 18 42*4 M ar 46*3 N ov
Cam bria S t e e l ................. 60 327* F eo23. 49 Sep 21 267* F ob 40 >3 Deo
E le c t r ic Co o f A m e r ic a 10*107, Jan 20 127, J ’ ly 14
8*3 Jan 11*« Deo
E le c Storage B a tte r y .. 100 43 Jan 30 63*2 J ’ ly 30 24*3 Feb 47*3 Deo
19 \ Dee
3*5 Jan
G en A sp halt tr c t i s ___ 100 16 J a n 5 25*4 F e b i d
D o pref tr c tfs . . . . 100 63 Jau 5 76*3 N o v 13 1 9 7* Jan 69*2 Dee
9 May
4 *30 an
K e y s to n e T e le p h o n e ... 60
9*2 Jau 21 15 A p r 19
3®, Feb 17 D ee
Lake S u p erior Corp
100 14*4 Jan 6 337, M ay 8
78*4 J an 07** D ec
L om gh O A N a v t r c t f s . 60 96 J a n 6 121*4 A u g l l
Feb 23 113 Sep 21 52*, F eb 7 6*4 Deo
L eliigh V a lle y ................. 60S 67
P e n n sylva n ia H R ......... 50, 03 *» F eb 24 7 5 ", Sep 29 54*i* J an 6« 4 « D ec
P liiladolp’ aCo ( P it ls b ) . 60 40*2 F e b 24' 49*4 A u g l6 34 *3 l ia r 44*4 D eo
P h iladelph ia E le c tr ic ).
5*2 Feb 13** N ov
1174 F o b 23 13*, O ct 14
24 \ Jan a 1 36*2 A pi 28 U12 ** J ’ ne 26 *3 D eo
Phlla R apid T r a n s i t . . .
R e a d in g ...........................
69*2 F e b 23 8 6 J, Sep 21 j 46»i, F eb 71l l i» D ee
37, Jan
9>* A p r
6®, Jan 16 7**i* MarJO
T on opali M in in g .........
507, Jan 5 1 587, M ay 4 * 44*3 J ’ ne 66*4 A p r
U ruon T r a c t i o n .............
84*, May 13, 04*2 Feb 6 I 73**Jan| 94*4 D eo
U nited G as I m p t ...........

*2

27*4 2 ? >3

1)4
98

114*,
100

liu *2 60 7*
48*3 49
1C 3
13
-0 * , 26*4
fc37]y85*li9
•b -» 6 J»
I>2 >2 52*3

90*» 90**

27®,
114
1*6*3
66*4
4 m>2
127,
26*3
83*4
6**ie
62*2
89*„

27*4
114
99
66*3
48 *s
13 |
26*,
85*,
6**!*
62*2
HU**

P u t * .4 D E I .I ’ ll IA
1m u :liv e S t o c k s
•
Alleuih'-nv V a l p r b t ....5 0
A m ai A s b e sto s C orp. 100
p retet i o d ................... 100
A 111ci Pipe M fg ......... 100
B ek T on phon e (P a ). 100
C am bria i r o n ................. 50
C entral Coal A C ok e. 100
C onsol T ru e of N J ... 1 0 0
Uui 1no 1111 s t a t e S t e e l.. 10
P i e f r r i c u ..................... 10
EasLiu Con E lectric 6.60
E lec Storage B a t t ....l 0 0 .
P ie fe r n -il................... 100
F t W ayn e A W V ........100
G erm an tow n P a ss ........50
Indianapolis S t ........... 100
Indiana U nion T r . . . .1 0 0 '
In su ra n ce Co of N A..10|
In ter Sm Pnw A C b e m .5 0
K eyston e T elep h on e ..5 0 '
P referred .....................60
K eysioneVVstohCaee.lO O
L it B r o th e r s ................... 10
L ittle S uliuylkU l........... 50
M tnehill A S ch u y l 11..5 0
N H a v en ir o n A S t e e l.5
N orth ern C en tra l......... 60
N orth P e n n s y lv a n ia ..50
P en n sy lv a n ia S a lt........60
P en n sylva n ia s t e e l . .1 0 0
Prut e r r e d ................... 100
P h ila C o (P itts ) p r e f ...00
Phil G erm an A N o r r is .00
p h ila T r a c tio n ................50
R a ilw a y - G en era l........10
Susiiuea iro n A S t e e l..5
T id ew a ier S te e l........... 10
P r e i t r r e d ..................... 10
U n ion T f o f l n d ......... 100
U n it e d N J R B A O .. 100
U n it T ra e P itts p r e f .. 50
W a rw ick Iron A S teel. 10
w e s t J e r s e y A S e a 811.50;
W estm oreland C o a l....50
W ilk es G as a E ioc.,1001

Bid

A sk '

P H IL A D E L P H IA

30
01
i ‘23
46*3
.........

' 68*4
.........
22*3
11*3

100*4
115
44
88*3
.........

__
11

•Bid aud asked; no sales on this day. 1! Ex-rl^hta.




B id

A s k ;|

P H lliA D E I iP H I A

i B id

ij Ph A R ead 2d 6s ’ 3 3 . A-O
Con M 7s 1 91 1........J-D
E x Im p 61 4s g ’ 4 7 .A-O
......... M T erm in al 6s g 1 9 4 1 .Q -F
P
W A B co l tr 4 s ’ 2 1 .J-J
03
;
.........
98*3 P o rtla n d R y 1st 6s 1030.
K och R y A L e o n 5 s ’ 54J-J
Shaft U h-A jn I r 6s ’ 27 J-J'
!!!!”
U 'T ra c ln d g e n 5 s ’ 19.J-J
112
U n R y s T r c t fs 4s’ 49J A J
105
106*4 U n ited R y s I n v l s t c o l l t r
s f o s 1 92 6................. M -N
U T r a c P it ge n 5s ’97 J-J
106*3
W o lsb a cli s f 5s 1 93 0.J-D
W lk s-B G A E c o n 5 s ’65J-J
90*3 91
......... !
BALTLUOKK
I n a c t iv e .S to ck s
. . . . . . 8 6 1* |
60*3 A la C on s C oa lA I r o n .100
.........
. . . ,| P r e f .............................. 100
A tla n ta A C h a rlo tte .. 100
: A tla n Coast L (Conn)lO O
109 li Canton Co*............ ... .1 0 0
C ot D u ck C o r p ...5 0
105
108 II Cons
P r e f e r r e d .....................50
120 , G e e rgia s o u A F l a ...1 0 0
150 | 1st p r e f.......................100
2d p r e f........................ 100
96*a 06*4
G -B -S B r e w in g ........... 100
f
Bonds
106
P rices are a l l “ an d
in terest."
........ ......... 1 A n a c o s tt a A P o t 5 s . . . .
AU A Oh e x t 4 *as ’ 10. J-J
.........
A tla n C L R R 4 s l9 5 2 M -S
......... 11 A t l Coast L( Ct) ctfs 5s J-D
C tfs o f in d e b t 4a-----J-J
y r 4s 1 9 2 5 .. . . . . J - J
......... U 6 Hi]| B a5-20
ltC P a s s 1st 5 s ’ l l M -N
B a lt F u n d g 58.1916 M -IT
07 Hi;! E x ch a n g e 3*2* 1030 J-J
104*3! B a lt A P 1st 6s m 1 ’ l l A-O
’96®, 97*4 B S P A O lst4 *38 ’ 5 3 F -A
101*3 102 j B a lt T ra o 1st 6 s . . ’ 29 M -N
1 N o B a lt D lv 5s 1942 J-D
74*3 76
C en t’ l R y c o n 5 s l9 3 2 M -N
E x t A Im p 68.1932 M -S
......... : : : : : : :
||?7.30 paid, t $12 *, paid. t$l3*3p aid . 4 $35 paid.

B on ds
P r ic es are a ll “ a n d
in terest."
30*4
91*3 A l Val K e x t 7s 1910 A O
A 11 A L V E 1e c 4 *2.V3 3. If-A
A m ttys c o n v 5s 1 9 1 1 .J-D
A tl C ity 1st 5s g ’ 1 9 .M -N
47
B e r g A E B r w 1 s t Os’ 21 J -J
B e th le S teel 6s 1 9 9 8 .Q -F
......... C h oc A M e 1 st 6s 1049 J-J
Ch Ok A G g e n 5 s ’ 19 J-J
C ol St R y 1st co n 5s 1932
O o u T r a o o f N J 1st o s . ’ 33
E A A 1st 61 5s 1920 6I-N
E le c A P e o T r stk tr ctfs
Kq II G as-L 1st g Os 1928
......... i In d ian ap olis R y 48.1933
I n te r s ta te 4s 1043 ..F - A
L e h igh N a v 4*28 ’ 14.Q -J
23
l il t s 4s g . . , . . 1 9 1 4 .Q -F
G e n 61 4*aft g . 1 9 2 4 .0 - F
12*3
L eh V C l e t 6s g ’ 3 3 . . J -J
......... L eli V o x t 4s 1st 1948. J-D
2d 7s 1 9 1 0 ................. M -S
C on sol 6s 192 3........J -l)
:
A n n u ity (5s...............J - D r
G en c o u s 4s 2 0 0 3 .M -N
106*4 L e h V T ra n con 4 s ’35 J -D 1
N e w Con Gas 5s 1948 J-D
e w a r k P ass c o n 6sTD30
* [ N
N Y P h A N o 1st 4s ’ 39 J-Jl
116 I I n c o m e 4s 1 9 3 9 ...M -N
44*3 N o O liio T ra c co 115 s’ l 0. J -J .
P e n n ge n 6s 1910 . . . V a r ’
89 | C on sol 5s 1 91 9........V ar
P en n A 61d S teel co n OS.
P a A N Y Can 5s ’ 39. A-O i
ij
C on 4s 19 3 9 ............. A-O
P e n n Steel l e t 6 s ’ 17 6I-N
P eo pie’ s T r tr c e r ts 4s ’ 48
P C o l s t A c o lt r C s ’49 M -S
C o u A co l tr 6s 1 95 1M -N
1 1 *4 P liil Eleo g o ld tru st c tfs .
T r u s t c o it it s 4 s ...............
P A E ge n M 6 g ’2 0 . A-O
G en 61 4s g 192(7.. A A O
!

\Ask

B A L T IM O R E

Bid, ^ A sk

Chas C ity R y 1 st 6a’ 23 J -J 100
88
Chas R y G A E l 6s ’ 99 AI-S
90
Chari C & A 2 d 7 s ’ 1 0 A -O
118 118*< C ity A S ub 1st 6 s .. ’ 22 J-D 107 108
104
9 0 ‘s ......... C ity A S u b (W a s )l8 t 5 s ’ 48 103
C o a lA 1 R y 1st 5 s ’ 2 0F -A 101
101*,
00*. 99*< Col A G r n v Is tO s .1910 J-J 106 108*3
......... 102 ii■j C onsol G as 6 s . .. 1910 J-D 100*4 100*4
6 s ........................1939 J-D 111
111*3
77*3 Ga A A la 1st con os '45J-J 103*4 104
G aC ar A N l s t 6 s g ’ 29 J-J IU4 104*3
.........
84*3 84*4 G eorgia P 1st 6 s .. . ’ 22 J-J 110 112
GaSo A F la 1st 5s 1945J-J 108 kuw
107
41
G-B-S B re w 3-4s 1951M -S
U*3
86*4
12
11
2d in com e 5s 1051 M -N
102
106
K n o x v T r a c 1st 5s ’ 2 8 A -0 104
L a k e R E l 1st g u 5 s ’ 42M -S 1JO
06
96
M acon R y A L t l s t 5 s ’53 J-J
27
26
9 9 'j 09*4
M em ph is S t 1st 6s’ 45 J-J
75
M e tS t(W a sli)l8 t5 8 ’ 2 5 F A 108 110
76*4
Alt V e r C ot D u ck le t o s .
330 345
N p t N A O P l s t 6 s ’ 38 M -N ......... I..........
96 100
6
6*3 N o rfo lk St 1st 5 s ’4 4 . .J-J
N o rth C e n t4 *3S 1926 A -O 103
17*3 19
110
Series B 6s 1 9 2 6 .. .. J-J
93
04*3
107
P itt U n T ra c 6s 1997. J J
73
107
i ' o P o to V al 1st 6s 1 9 4 1 ..J-J 196
1*3
Sav Fla A W e st 5 s ’ 34 A -O
Seaboard A L 4s 1060 A-O
83 k 83**
107
Scab A R oan 5s 192 6. J-J 106
106**
102*4 102*4 S outh B ou n d 1st 6s ..A -O 105
93
92
U El L A P 1 et 4 *ss’ 29 M -N
85*4 86
94*4 95*4 U n R y A E l 1st 4s ’49 M -S
100
In c o m e 4s 1 9 4 9 ........J-D
60*4 81
......... j
84
84*3
86
88 | F u n d in g 6s 1 9 3 6 ...J -D
92
0 4 *3' V a M i d 2 d s e r t fs ’ U .M - S 101*3
--w 100*4 101
3d series 6s 1 9 1 6 ..Al-8 100
105
4th ser 3-4-5s 1921. M-S 107
106
99
6th series 5s 192 6. M -8 107
100
00
102
V a (S tate) Ss n ew ’ 3 2 . J-J
90
111
F u n d d e b t 2-3e 199 1. J-J
01*3 92*3
107 110
W e s t N C eon 6s 1014 J-J 105
112
W e s V a C A P l s t e g ’ l l J - J 100*4 j o i n '
114
119
107
W il A W e ld 5 s ..1 9 3 5 .J-J
109

'2

__
__

aR eceiptA 6 *25 paid. c$30pald. d$42*« paid. ,

THK CHRONICLE

1406

[V O L . L X X X I X .

fm je s tm jm i a n d HaxZranu. S u telliq en ce.
RAILRO AD

GROSS

EARNINGS.

T h j 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.
W e 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 electric railways are brought together separately on a subsequent page.
Latest G ross E a rn in g s.
n o ADS.

Week, or
M on th .

Current
Year.

July 1 to Latest Date.

P revious
Year.

A la N O & T e x P a c
66,000
N O & N E a s t - .r 1st w k N o v
33.000
A la & V lc k s b ___r 1st w k N ov
29.000
V ick s Shr & P a c.r 1st w k N o v
6,153
Ala T en n & N o r t h . Septem ber
k A tc h T o p & S F e . O c t o b e r ___ 9,4 14,348
58,857
A tla n ta B lrm * A tl 2d w k N o v
A tla n tic C oa st Line Septem ber 2,173,130
(/B altim ore & O h io . O c t o b e r ___ 7,660,821
B a n g o r * A r o o s to o k S ep tem ber
249,331
B ellefon te C en tra l. . O c t o b e r ___
0,687
B o s to n & M ain e___ rSeptem ber 3,983,948
B rid g e to n & S a co R S ep tem ber
4,389
B u ff R o c h & P it t s .r 3d w k N o v
183,916
B u ffa lo & S u s q ___r S eptem ber
236,890
C anadian N o rth e r n . 3d w k N o v
357,900
C anadian P a c i f i c . . . 3d w k N o v 1.993.000
Central o f G e o r g ia .. 2d w k N o v
276.300
Central ot N ew Jers S ep tem ber 2,228,715
Central V e r m o n t . _r S ep tem ber
349,338
32
C h a tta n ooga S o u th . ItU w k O ct
2,131
2 ,22 1
C hesapeake & O h io . 2d w k N o v
589,575
505,791
C h icago & A lt o n R y 2d w k N o v
335,617
256.821
C h ic Burl & Q uincy S eptem ber 7,806,737 7,349,378
981.126
V C h icago G t W c s t- Septem ber
110,498
Chlo In d & L o u ls v . 3d w k N ov
100,937
Chic Ind * Southern — See New Y ork Cen Iral.
C h ic M llw & S t Paul S ep tem b e r 6,287,926 6,105,873
Chic & N or W e s t .. r S ep tem ber 7,237,349 8,537,8
C h ic S t P M & O - . r S ep tem ber 1,423,223 1,283,902
91,684
C h ic T erm T r a n s R R J u n e _____
86,082
875.126
729,889
Cln H a m & D a y .- r S e p tem b e r
Clev Cln C h ic * .it 1, — See New Y ork Ceu l ral.
C olora d o M idlan d
S ep tem b e r
231,323
20
A C olo r a d o & S ou th 2d w k N o v
353,535
351,641
22,408
O olum N e w b * Lau \ u g u s t ___
20,687
C op p er R a n g e _____ A u g u s t ___
62,558
71,220
C o r n w a l l ____
14,633
-September
4,016
C o r n w a ll* L eb a n on S eptem ber
38,150
24,798
158,898
141,227
C u ba R a ilr o a d _____ -September
I D elaw are & H u d . Septem ber 1,618,919 1,653,683
D el L a ck & W e s t - .r S ep tem ber 2,940,504 2.783,432
173,100
441 ,200
D e n y * R io Grande 3d w k N o v
20,955
14,734
D e n v e r N W & P a c . 2d w k N o v
32,215
D e t T o l & Ir o n t Sys 2d w k N o v
36,916
37,642
A n n A r b o r . .......... 2d w k N o v
37,794
D e tr o it & M ack in ac 2d w k N o v
20,225
21,129
D u l & Iron R a n g e .r S ep tem ber 1.454.173 1,010,077
D u l Sou Sh * A t l . . 2d w k N o v
69,547
60,011
El P a so & S ou W .i S eptem ber
554,495
508,732
E r i e ............................ S eptem ber 1.875.173 4,392,661
E v an sville & T erre H aute— See R o c k Is land Syst
F a irch ild & N o r E . . Septem ber
1,995
1,602
F o n d a J oh n s * G lov O cto b e r ___
71,198
61,383
G eorgia R a ilroa d . . Septem ber
267,449
257,075
G eorgia S ou th & Fla — S ec S out iern Ral vay.
885,456
G rand T ru n k S y s t . . 3d w k N o v
840,743
121,166
108,839
G r T ru n k W e s t . . 2d w k N o v
42,752
37,944
D et Gr H a v & Mil 2d w k N ov
57,833
43,112
C anada A tla n tic . 2d w k N ov
G reat N orth ern Syst O cto b e r . . f,072,374 0,223,608
177,432
151,817
G ulf & Ship I s la n d . Septem ber
732,774
648,110
H o ck in g V a lle y ____ Septem ber
Illin ois C e n t r a l____ O cto b e r . . 3,47 2 .8 4 9 5,211,394
190,000
196.000
Jntern at & G t N o r. 3d w k N ov
125,077
102,605
A In te r o ce a n lc M e x . 2d w k N ov
66,650
54,300
I o w a C en tra l_______ 3d w k N o v
229,382
209,180
K an aw h a & M ic h .. Septem ber
861,897
K an sas C ity S o u th . O cto b e r ___
803.910
34,200
K C M ex & O r i e n t .. 2d w k N o v
25,200
L ake Erie * vvest'n — See New Y ork Cen trai.
L eh igh V a lle y _____ O cto b e r ___ 3,344,380 3,227,459
L e x in g to n * E a s t .. Septem ber
39,182
35,441
In c . 144, 160
L o n g Is la n d ________ S eptem ber
L ou isiana & A rk a n . Septem ber
110,21.4
98,654
L o u ls v H cn d & S t L Septem ber
105,349
88,040
L o u ls v & N a s h v ___ 2d w k N o v 1,052,085
914,085
M acon * BIrm Ing’m O cto b e r . .
15,530
14.062
M aine C en tra l____ t Septem ber
701,608
828,413
M a n ls tlq u c_________ O c t o b e r ___
3,384
2,889
M arylan d & P e n n a . S ep tem ber
40,377
37,942
a M exica n I n t e m a t . 2d w k N o v
174,388
134,920
a M exica n R a ilw a y . 2d w k N o v
134.300
135,100
a M exica n Sou th ern 2d w k N ov
22.527
22,496
M loh .rnn C entra1— See N ew V ork Centr
M ineral R a n g e _____ 2d w k N o v
14,583
‘ 15,339
M ln neap & S t L ouis 3d w k N qv
105,085
89.063
M inn St P & S S M ) 3d w k N o v
433,820
492,785
C h icago D iv is io n /
M issouri K a n & T e x O cto b e r . .
,856,104 2,824,648
M o P ao * Iro n M tl
O entral B r a n c h ./ 3d w k N o v 1.006.000
972.000
& M obile J a c k & K C W k N o v 13
32,681
36,295
N ash v C h att & St L Septem ber
930,220
034,410
a N at R y s o t M exico 2d w k N o v
838,155
93 d ,669
N evada- C a l-O rcgon 2d w k N o v
6,583
7.215
N e v a d a C en tral____ S ep tem ber
5,099
6,867
■N O G rea t N o r t h ___ O c t o b e r ___
48.821
117,863

Current
Year.
s

$

1 ,1 9 t ,792
588,014
508,785
17,414
34,879,235
925,397
5,830,732
29,882,158
691,466
21,062
11,658,848
15,353
3,79 5 ,4 9 7
663,868
5,179,601
38,810,193
4,5 8 2 ,2 3 5
6 ,722,657
1,018,112
27,038
11,587,274
5,380,745
22,533,347
2.862,103
2,414,097

998,007
536,978
478,994
13,308
30,711,677
710,142
5,220,512
26,634,952
659,162
25,280
10,442,705
15,933
3 ,070,188
549,559
4,32 9 ,3 0 0
31,434,510
4,383,363
6,517,401
918,712
32,222
10,040,777
5.077,248
20,539,146
2,207,423

17,057,383 16,097,742
19,738,375 17,523,657
3,767,217 3 ,380,970
1,091,817 1,095,518
2,450,620 2,136,278
623,513
601,027
6,303,052 5,885,126
42,331
37,930
140,479
147,020
42,624
14,288
113,738
71,330
484,537
422,857
4,807,835 4,716,826
8,995,928 8 .259.042
9,891 ,829 8,674,017
453,763
329,312
620,607
665,670
709,484
720,076
469,274
426,906
4,20 4 ,3 3 5 2,933,009
1,361,744 1,053,719
1,743,579 1,568,443
13,714,456 12,805,010
cm .
5,618
4,907
286,104
321,660
695,392
680,810
18,174,850 16,763,060
2,337,508 2,144,731
672,615
772,027
830,406
761,04)5
24,761,764 20,996,349
491,290
414 ,588
1,908,221 1,793,940
20,200,991 18,957,478
3,455,781 3,291,602
2,400,030 2,291,204
1,352,800 1,210,690
081,589
018,260
3 ,0 18,670 2,981.294
650,479
414,088
11,912,705 11,514,664
110,526
108,130
I n c .383, 373 •
316,364
282,722
202,254
254,120
18,850,402 17,414,099
50,071
49,633
2,470,017 2,31 1 ,2 1 7
13,573
18,948
109,445
104,251
2,871,255 2,553,358
2,82 3 ,6 0 0 2,509,900
464,116
457,389
327,356
2,108,420
10,246,621

325,081
1,806,872
8,884,029

9,423,146

9.265,432

21,255,962 18,650,120
589,902
538,643
2,781,413 2.689,129
17,350,189 10,677,896
212,344
158.035
18,449
19,022
430 ,656
172,882

July 1 to Latest Data

Latest Gross E arn ings.

Previous
Year.

n o ADS.

W eek or
M onth.

Current
Y ear.

Previous ’
Year.

Current
Year.

P revious
Y ea r.

8
8,860,782
1,269,028
516,505
282,597
2,557,817
2,623,288
300 ,935
124,582
1,533,377
301 ,245
844,016
2214 172
713,030
5,354,172
316,248
209,774
3,033,344
1,091,519
7,589,339
714,352
1,962,547
13844,550
In c. 1,82
1,509,461
1,572,800
2,069,747
14,265

e N Y C * H ud R Iv .
L a k e S hore * M S
n L ake E & W est
C hic In d & South
M ichigan Central
C love C C & St L .
P e o ria & Eastern
C incinnati N o rth .
P itts & L ake Erie
R u t l a n d ________
N Y Chic & S t L .
T o ta l all lin es____
N Y O nt * W estern
N Y N H * H a r t...
N Y Susq & W e s t ..
N o rfo lk * S o u t h ..r
N o rfo lk & W e ste rn .
N orthern C e n tr a l..
N orthern P a c i f ic ..r
P a cific C oast C o ___
P en n sy lv a n ia C o . . r
d Pen n— E of P * F
(I W est o f P & E .
Pere M a rq u e tte___r
Phlla B a lt & W a s h .
Pitts Cln Ch & S t L .
R a leigh & S o u th p ’ t
R e a d in g C o m p a n y .
P h lla & R e a d in g .
Coal & Iro n C o . .
T o ta l b o th c o s ___
R ich F r c d c r & P o t .
R io G rande J u n e . . .
R io G rande S o u t h ..
R o c k Isla n d System
S t L & San F r a n .
C h ic & E ast I I I ..
t E v a n sv & T e r II
T o ta l o l all lin es.
St Jos * Gr Is la n d .
St L ou is S o u th w e s t.
San F ed L A & S L .r
S eab oard A ir L ln e .r
A tla n ta & B Irm .r
F lorid a W e st S h .r
S o u th ern I n d ia n a .!
c S ou thern P a c C o . .
S ou thern R a il w a y ..
M ob ile & O h i o . . .
Cln N O & T P ___
A la G t S o u th ____
G eorgia So * F la .
T e x a s C en tral_____
T ex a s & P a c ific ____
T id e w a te r & W c s t .r
T o le d o & O hio Cent
T o le d o P e o r & W est
T o le d o St L & W e st
T o m b lg b e e V a ll e y .,
u n io n P a cific S y e t.
V andatla________ _r
Virginia & S ou W est
W a b a s h ......................
W estern M aryland r
W est Jers’ y & Seash
W h e e lin g A L E
r
W h lt e R lv (V t ) 2 wks
W rlg h tsv illc & Tenn
Y a z o o & Miss V a il.

3,677,901
$ 3 7 ,8 9 5
5,715,706
143,901
85,845
16,886
5,973,175
3,721,632
990-.607
220,513
10905987
147,185
250,757
655,40:
1,139,456
88,580
7,815
120,762
11531903
1,144.925
203,132
172 609
75,800
43,356
27,934
345,759
6,270
398,653
19,201
93,001
6,230
8,100,373
803,432
102,443
553,290
010,392
622.408
045,313
1,395
37,809
985,251

3,386,373
,513,762
5,900,135
125,413
05.394
14,096
5,800,375
3,331,154
891,361
198,092
10111882
103,975
243,690
582,302
1,256,842
80,103
6,640
95,717
10481001
1,050,515
210.562
136,412
59.394
36,327
35.530
344,574
6,206
484,848
19,982
68,912
5,357
7,414,595
797,410
111.191
506,718
538,653
559,308
508,821
1,234
31,213
1,020,736

V a riou s F iscal Years.

Bellefonte Central.

Jan 1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
I to
1 to
1 to
1 to
1 to
1 to
1 to
1 to

M a n ls t lq u e _________
a M exican R a ilw a y .

Jan
Jan
Jan
Jan
L a k e Shore * M ichigan South Jan
n L ake Erie & W e s te rn _______
C h icago In dian a & S ou thern Jan
M ichigan C en tral......................... Jan
C lev Cln C h icago & S t L o u is . Jan
P eoria & E a stern _____________ Jan
C incinnati N o r t h e r n _________ Jan
P ittsb u rgh * L a k e E rie.......... Jan
R u t l a n d ........ ................................ Jan
N Y C h icago A St L o u is.......... Jan
T o ta l ail lin es............................... Jan
Jan
Jan
it We.st ot P ittsbu rgh & E rie. Jan
P h lla B a ltim ore & W a sh in g to n . Jan
P itts Cln C h icago & S t L o u i s . . . Jan
R io G rande Junction____;______ D eo
Jan
W est Jersey * Seashore_______ Jan

O ct
Sept
O ct
N ov
N ov
S ept
S ept
S ept
S ep t
S ept
S ep t
S ep t
S ep t
S ept
S ept
S ep t
S ep t
Sept
Sept
S ept
S ept
O ct
Aug
N ov
S ept

31
30
31
14
14
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
31
31
21
30

550,314
14,002,511
34,838
6,511,800
1,104,439
07,740,419
32,731,111
3,571,957
2,246,321
10,842,937
20,049,045
2,108,334
856,380
10,235,344
2,252,432
7,325,618
168028 898
8,826,764
110448272
I n c .9,22
13,066.906
24,738,128
669,254
12,743,607
4,603,791

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
Weekly Summaries.
1st
2d
3d
4 th
wt
2d
Sd
4th
1st
2d

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

Sep
S ep
S ep t
S ep t
O ct
O ct
O ct
O ct
N ov
N ov

(42
(45
145
(43
(42
(47
(45
(49
(43
<45

r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )-----r o a d s > .. i .

Gur’nt Year Prev’s Year Inc. or D ec .

s

11,521,265
12,317,219
12,930,635
17,285.767
13,209,000
13,437,556
13,572,117
19,577,242
12,975,231
13.430,158

s
10,434,381
11,229,609
11,508.456
15,185,925
11,53 5 ,8 8 5
11,949,105
12,667,923
17,798,916
11,193,399
11,09 1 ,3 2 5

+
+
+
+
+
+
+
+
+
+

s
1 ,0 8 8 ,8 8 7
1 ,0 8 7 ,6 1 0
1 .4 2 8 ,1 7 9
2,099,842
1*.673,115
1,488,451
1,504.194
1,8 78,296
1,78 1 ,8 3 2
1,758,833

%
10.42
9.69
12.41
13.82
14.56
12.40
12.47
10.53
16.92
15.05

Monthly Summaries.
M onth
M onth
M onth
MOnth
M on th
M outh
M onth
M bnth
M onth
M o n th

Jan .1908
F e b 1909
M ch 1909
A p ril 1909
M ay 1909
Jun e 1909
J u ly 1909
A u g 1909
S e p t 1909
O ot 1909

(894
(893
(890
(895
(893
(893
(816
(724
(711
( 48

r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
ro a d s ).
r o a d s ).
ro a d s ).
r o a d s ).
r o a d s ).
r o a d s ).

CXir'ut Year Prev’s Year

s

183,323,014
174,497,310
205 ,708 ,31 9
1 97 ,011 ,53 9
201 ,625,122
2 10 ,357 ,22 0
198,463,339
225,483,923
236 ,8 7 4 ,4 2 5
7 1 ,0 0 7 ,0 7 8

$
173,596,903
161,058,607
183,453,906
178.002,648
174,479,411
183,983.829
175,898,720
197 ,928,775
2 11 ,281 ,31 5
6 3 ,587,084

Inc. or Dee.

*

S

+ 9,626,111
+ 13,438,712
+ 22,254,413
+ 2,008,891
+ 27,149,711
+ 26 ,3 7 3 ,3 0 7
+ 22.506,503
+ 27,500.148
+ 3 5 ,893,110
+ 7.479,391

5.54!
8.341
12.13
12.50
1 5 .5f)
14.3.1
12.8 3
13.92
12.11
11.76

<J Covers lines cjlrectly operated, e Includes the New Y ork & Ottawa, the St. Lawrence A Adirondack and the Ottawa A N . Y . Ry.* the latter
o f which, belncr a Canadian road, does not make returns to the Inter-State Commerce Commission. / Includes Evansville
Indiana R R .
a Includes
th e Cleveland Lorain A Wheeling R y in both years, h Includes earnings of Colorado A Southern, Fort W orth A Denver (2 ty and all affiliated Mnco, ct*
•eptln* Trinity & Brazos Valley R R . k Includes In both years earnings of Denver Knid A Gulf R R ., Pecos Valley System an d Santa Fe P rescott dfj
Phoenix R y . I These llgrures do not include receipts from sale of coal, o Includes the Northern 6h lo R R . o Figures here are on the old basis of ac-J
counting— not the new or Intcr-Stato Commerce Commission m ethod, p Includes earnings of Mason City A F t . Dotfre a n d W lao. Jdiun. A P a e lflo , r Theeni
figures are on new basis prescribed by Inter-State Comraeroo Commission.
-------------Jfcars.




Latest Gross Earnings by W eeks.— In the table which
follows we sum up separately the earnings for the second week
of November. The table covers 45|roads and shows 1 5 .0 5 %
increase in the aggregate over the same week last year.
1900.

1908.

In crea se.

$
75.800
58,857
189,591
369 ,800
2,1 3 0 ,0 0 0
276 ,300
589 ,575
335,617
119,652
172,609
353 ,535
502 ,400
20,955
21,129
36,9 1 6
37,794
69,547
43,356

$
59,394
42,187
134,443
264 ,500
1 ,6 7 6 ,0 0 0
244 ,200
505,791
256,821
101,925
136,412
351,641
440 ,0 0 0
14,734
20, 25
3 2 ,215
37,642
60,011
36,327

$
16,406
16,670
55,148
105,300
454 ,0 0 0
32,1 0 0
83,784
78,796
17,727
36,1 9 7
1,894
62,400
6,221
904
4,701
152
9,536
7,029

f Second W eek o / N ovem ber.
A la b a m a G reat S o u th e r n ___
A tla n ta B irm in gh am & A tla n tic
B u ffa lo R o c h e s te r & P ittsb u rg h
C a n adian N o rth e r n _____________
C a n adian P a c ific ________________
C en tral o f G eorg ia _______________
C h esapeake & O h io _____________
C h ica go & A l t o n ________________
C h ica go In d & L o u is v ille ----------Cine N ew O rl & T e x P a c ------------C o lo ra d o & S o u th e rn ---------------D e n v e r & R io G ra n d e ---------------D e n v e r N orth w est & P a c ific —
D e tro it & M a ck in a c-------------------D e tro it T o le d o & I r o n t o n --------A n n A r b o r -------------------------- D u lu th Sou th S hore & A tla n tic .
G eorgia S ou th ern & F l o r i d a . . .
G rand T ru n k o f C a n a d a -----------'
G rand T ru n k W e s t e r n --------D e t G rand H a ven & M l l w ..
C anada A t l a n t i c -------------------.
In tern a tion a l & G reat N orth ern
In te r o ce a n lc o f M e x ic o _________
I o w a C e n t r a l____________________
K ansas C ity M exico & O r i e n t ..
L ou isville & N a sh v ille_________
M exica n I n t e r n a t io n a l_________
M exica n R a ilw a y ________________
M exica n S o u th e rn _______________
M ineral R a n g e ___________________
M in neapolis & St L o u is ________
M in neapolis St P aul & S S M . . 1
C h ica go D iv is io n ____________ J
M issouri P a cific _________________
M obile * O h io ..................................
N a tion a l R y s o f M e x ic o ________
N ev a d a -O a llforn la -O reg o n ____
R io G ra n de S o u th e r n ___________
St L ou is S o u th w e s te rn _________
S ou th ern R a ilw a y _______________
T e x a s C en tra l____________________
T e x a s & P a c ific _________________
T o le d o Peoria & W e s te rn _______
T o le d o St L ou is & W e s te rn -----W a b a s h __________________________
T o ta l (45 r o a d s ) -----N e t Increase (1 5 .0 5 % ).

924,271

854 ,223

70,048

202,000
125,077
67,201
34,200
1,0 5 2 ,0 6 5
174,388
134,300
22,527
14,583
124,272
514,259

191,000
102,605
61,807
25,200
914 ,085
134,920
135,100
22,496
15,339
90,841
435 ,500

11,000
22,472
5,394
9,000
137,980
39,468

1 ,035,000
203,132
930,669
7,215
16,886
250 ,757
1,157,608
27,934
349 ,698
20,333
93,001
565 ,349

930,000
210,562
838 ,155
6,583
14,096
243,690
1,085,052
35,539
349,431
20,447
68,912
491 ,274

105,000

800

33,431
78,759
7,430

92,514
632
2,790
7,067
72,556
7,605
267
i 14
24,089
74,075

Net Earnings Monthly to Latest D ates. — T h e

16,705

ta b le

f o l­

r a ilr o a d s

a n d o f in d u s t r ia l c o m p a n ie s r e p o r t e d t h is w e e k :

$

$

$

,660,821
2 ,640,333
2 ,089,910
/B a l t im o r e & O h l o . b ___ O ct ) 77,660,821
6 ,9 9 1 ,8 6 0
J u ly 1 to O ct 3 1 .
.29,8 82,158 2 6 ,0 3 4 ,9 5 2 1 0 ,557,543 10,089,708
B o s to n & M ain e, b —
3 ,9 9 0 ,4 4 2
J u ly 1 to S ep t 3 0 .
11,658,848 1 0,442,704
294,088
B u ffa lo R o c h & P i t t s . b . - O c tt
721,198
800 ,898
J u ly 1 to O c t 3 1 _______ . 3 ,2 3 2 ,2 1 0
1,289,361
2 ,018,230
C anadian N o rth e r n _____ O ct t 1,3 8 4 ,2 0 0
4 80 ,700
1 ,172,700
J u ly 1 to O c t 3 1 _______ 4 ,1 1 1 ,6 0 0
1,2 2 6 ,2 0 0
3 ,5 5 0 ,3 0 0
D ela w a re L a ck & W e s t ’ n . b —
J u ly 1 to S ep t 3 0 _______. 8 ,9 9 5 ,9 2 7
8,2 5 9 ,0 4 2
4,2 5 1 ,0 0 1
Jan 1 to S ep t 3 0 . .......... 2 5 ,3 2 3 ,0 6 3 23,9 3 1 ,2 3 8 11,3 9 4 ,9 5 2
S yra cu se B lngh & N Y . b —
J u ly 1 to S ep t 3 0 _______
267,780
274 ,469
146 ,444
Jan 1 to S ep t 3 0 _______
701 ,075
728 ,320
334 ,703
F o n d a J oh n s & G lo v e r s . _ O ct■
71,198
61,383
41,1 1 6
J u ly 1 to O ct 3 1 _______
321 ,6 6 6
2 80 ,104
193,860
K ansas C ity S o u t h e r n .b .O c t:
861 ,8 9 7
803 ,9 1 0
324 ,453
J u ly 1 to O ct 3 1 _____
3 ,0 1 8 ,6 7 0
2 ,9 8 1 ,2 9 4
1 ,0 2 0 ,2 3 7
L a k e S h ore & M id i S o . b —
1 2 ,486,003 10,5 5 0 ,6 8 8
5 ,2 0 7 ,2 3 7
3 2 ,6 9 1 ,5 2 8 2 8 ,3 8 1 ,1 6 0 1 2 ,274,114
L eh igh & H u dson R iv e r , b —
J u ly 1 to S ep t 3 0 _______
334 ,217
237,428
110,909
L eh igh V a lle y , b ...................O ct; 3 ,3 4 4 ,3 8 0
3 ,2 2 7 ,4 5 9
1 ,462,534
J u ly 1 to O ct 3 1 _______ 11,912 705 11,514,064
4 ,7 5 2 ,0 7 9
M inn St I> & S S M .a S e p tt 1,669,434 1,4 9 8 ,4 6 5
858 ,030
J u ly 1 to S ep t 3 0 _______ 4 ,0 1 8 ,0 0 0 3 ,4 0 9 ,9 3 4
1 ,7 5 4 ,9 9 7
C h ica go D iv is io n .a ___ S ep t ;
706,890
231,941
732 ,530
J u ly 1 to S ep t 3 0 _______ 2,1 8 0 ,8 0 9
2 ,044,117
753 ,507
N ew L o n d o n N o rth e r n , b—
J u ly 1 to S ep t 3 0 _______
4 4 ,1 4 0
271 ,737
302 ,162
Jan 1 to S ep t 3 0 _____ I
138,415
697 ,105
843,371
N ew Orl G reat N o r t h . b . O c t;
41,182
117,803
48,821
J u ly 1 to O ct 3 1 _______
144,911
172,882
430 ,656
P itts Cln C h ic & S t L . a . O c t: 2 ,9 0 9 ,7 4 7
1,011,801
2 ,5 0 0 ,2 1 2
Jan 1 to O ct 3 1 .
24,7 3 8 ,1 2 8 2 1 ,0 1 2 ,1 0 2
6 ,5 8 3 ,4 4 6
R a leig h & S o u t h p o r t , a . - O c ti
14,205
12,266
7,070
J u ly 1 to O ct 3 1 --------__
48,5 3 5
39,5 8 0
18,822
R u tla n d , b —•
J u ly 1 to S ep t 3 0 _______
882 ,377
796 ,502
337 ,207
Jan 1 to S ep t 3 0 _______ 2 ,2 5 2 ,4 3 2
2 ,0 2 4 ,9 0 5
658,904
S t J osep h & Gr Is la n d , b S e p t■ 147,185
163,975
29,892
J u ly 1 to S ep t 3 0 _______
443,681
438 ,0 3 5
1 11 ,655
T id e w a te r & W e s t ’ n . b - - O c t:
6,276
0,206
855
J u ly 1 to O ct 3 1 _______
26,065
24,083
4,254
W r lg h ts v & T e n n l l l c .b . - O c t:
237,809
034,243
20,380
J u ly 1 to O ct 3 1 ............. 2110,517
095,167
48,1 0 5

3 ,2 3 3 ,6 0 9
267,576
790,142
420 ,100
1 ,060,200
3,5 8 0 ,1 0 8
9 ,9 2 3 ,1 7 7
133,001
305,551
37,391
169,012
332,723
1,163,068
4 ,0 7 7 ,7 1 4
9,683,981
59,809
1,390,619
4 ,4 4 0 ,9 0 5
7 35 ,66 <
1 ,3 5 9 ,9 9 2
258 ,547
717 ,795
27,485
4 9 ,4 4 0
12,140
29,379
700,862
5 ,064,977
4,108
11,418
284,910
502,360
71,505
177,829
d ef650
518
15,903
32,7 2 0

IN D U S T R IA L C O M P A N IE S .
------- G ross E a rn in g s-------- --------N et E a rn in g s-------Current
P reviou s
Current
P reviou s
C om pa nies—
Y ea r.
Y ear.
Y ear.
Y ear.
5
S
3
3
C u ra b crl’d T el & T el Co b O c t
535,324
516,381
234,209
232,934
Jan 1 to O c t 3 1 ............. 5,2 9 2 .9 5 3
5 ,071,096
2 ,169,624
2 ,2 7 2 ,8 3 2
G rea t W estern P o w e r C o—
Ju n e 1 to S ep t 3 0 _______
280,128
-----------------191,014
O k la h om a Gas & F,1 C o . . S e p t
4 3 ,369
32,677
14,468
13,961
J u ly 1 to S ep t 3 0 .............
124,841
90,296
37,1 7 2
44,4 7 0

— B a t. o f N et E ’ n gs.—
P reviou s
Current
Y ear.
Y ea r.
$
$

2 ,4 0 0 ,1 2 0

2,354,691 x\ ,7 60,734 * 1 ,0 3 7 ,9 3 0

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

2,304,001 1 3 ,2 4 5 ,7 6 1 * 1 ,9 1 6 ,2 1 8
8 ,1 6 4 ,1 6 7 * 9 ,0 8 1 ,3 5 6 * 5 ,3 1 1 ,9 7 4

29,303
145 ,948

35,468
158,632

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

* 1 7 7 ,4 5 5
* 3 8 9 ,3 8 3

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

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

64,354

29,075

d e f4 ,4 8 5

62,988
188 ,964
4 7 ,098
188,748

6 2 ,9 8 8 * d e f 15,843 * d e f3 2 ,4 9 3
1 9 0 ,9 3 5 * d e f4 1 ,8 3 8 * d e f 133,862
2 2 ,460
* 7 ,2 8 0
* d e f 302
87,4 4 7
* 1 5 ,8 2 2 * d e f2 5 ,0 7 1

188,441
561 ,229

188 ,206
5 6 0 ,0 4 5

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

I N D U S T R I A L C O M P A N IE S
— I n t ., R en tals, & c .—
P rev io u s
C u rrent
Y ea r.
Y ea r.
C om p a n ies—
$
$
41,801
4 4 ,4 1 0
C u m b e rl’ d T e l & T e l C o .O c t
385 ,268
424 ,222
Jan 1 to O ct 3 1 _______
G rea t W e s te rn P o w e r C o—
155 ,1 6 7
Ju n e 1 t o S e p t 3 0 _______
21,1 0 6
2 1 ,216
O k la h o m a G as & El C o . . S e p t
19,658
17,600
J u ly 1 to S e p t 3 0 ----------7,184
6,796
S an D Iego Cons G a s& E lC oS ep
42,2 0 4
4 4 ,728
A p ril 1 to S e p t 3 0 -----------

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

-B a l. o f N et E ’n g s .—
P reviou s
C u rrent
Y ea r.
Y ea r.
$
$
188 ,524
192,408
1 ,7 8 4 ,3 5 6
1 ,8 4 8 ,6 1 0
35,847
d e f7 ,1 4 5
26,870
10,335
59,441

d e f6 ,7 4 8
17,514
9 ,6 2 5
59,226

* A ft e r a llow in g fo r o th e r In com e re c e iv e d .

ELECTRIC

A t c h T o p & San ta F e . b . O c t 9,4 4 4 ,3 4 8
8 ,2 7 8 ,3 1 6 *3,5 8 7 ,4 9 9 .13,006,500
J u ly 1 to O c t 3 1 _3 4 ,8 7 9 ,2 3 5 3 0 ,7 1 1 ,6 7 7 J13,334 ,9 8 4 )\ 1,539,598




B o s to n & M aine—
J u ly 1 to S e p t 3 0 _______
D ela w a re L a ck & W e s t ’ n —
J u ly 1 to S e p t 3 0 _______
J an 1 to S e p t 3 0 _______
S y ra cu se B ln gh & N Y —
J u ly 1 t o S e p t 3 0 _______
Jan 1 to S e p t 3 0 . . . .
L a k e S h ore & M ich S o —
J u ly 1 to S e p t 3 0 _______
Jan 1 to S e p t 3 0 . . ___
L eh igh & H u d so n R iv e r —
J u ly 1 to S e p t 3 0 _______
N ew L o n d o n N o rth e rn —
J u ly 1 to S e p t 3 0 _______
Jan 1 to S e p t 3 0 _______
N ew O rl G rea t N o rth e rn O ct
J u ly 1 to O ct 3 1 . . . .
R u tla n d —
J u ly 1 to S e p t 3 0 _______
Jan 1 t o S e p t 3 0 _______

R A IL W A Y

--------G ross E a rn in g s-----------------N et E a rn in g s— —
Current
P rev io u s
Current
P revio u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.

$

R en tals, & c .—
P rev io u s
C u rrent
Y ea r.
Y ea r.
$
$

R oads.

"756

13,450,158 1 1,691,325 1,775,538
1,758,833

--------Gross E a rn in g s----------------- N et E a rn in g s-------C u rrent
P rev io u s
Current
P rev iou s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
3
5
5
3
San D ie g o C on s G as & E lS e p t
31,9 0 3
27,891
17,131
1 6 ,8 0 9
187 ,406
166 ,747
104,169
1 0 1 ,4 3 0
A p ril 1 t o S e p t 3 0 .............
a N e t earnings here g iv e n a re a fte r d e d u ctin g ta x e s ,
b N e t earn in gs here g iv e n a re b e fo r e d e d u ctin g ta x e s.
/ In clu d e s th e C levelan d L o ra in & W h e e lin g R y . In b o th years.
/ T h e c o m p a n y n o w Inclu des th e earn in gs o f th e D e n v e r Enid & G u lf R R . t
P e c o s V a lle y sy s te m an d S an ta F e P r e s c o t t & P h o e n ix R y . In b o t h y e a rs .
F o r O c t o b e r ta x e s a n d ren tals a m o u n te d to $ 3 0 8 ,6 3 5 , against $29 8,73 6 In
1908: a fte r d e d u c tin g w h ic h , n e t fo r O c to b e r 1909 w as $ 3 ,2 7 8 ,8 6 4 , a ga in st
$ 2 ,7 0 7 ,7 6 4 last y e a r .
F o r p e rio d fro m J u ly 1 to O ct. 31 ta x e s an d rentals
w ere $ 1 ,1 7 0 ,9 6 9 In 1909, a g a in st $ 1 ,2 1 7 ,7 7 5 in 1908.
.
z In c lu d e s $141 o t h e r In com e f o r O c to b e r 1909, again st $69 In 190 8, a n d
f o r p e rio d fro m J u ly 1 to O c t . 31 in clu d e s $424 In 190 9, again st $269 la st
year.
T h e earn in gs o f th e D u b lin & S o u th w e ste rn R R . are Inclu ded In
b o t h y e a rs.
C o m p a n ies.

Interest Charges and Surplus.

31

lo w in g s h o w s th e g r o s s a n d n e t e a r n in g s o f S T E A M

R oads.

1407

THE CHRONICLE

Tfkrr. 27 1909. j

AND

TRACTION

Latest G ross E a rn in g s.
C om pa n y.

A m e rica n R y s C o ___
cA u r E lgin & C h ic R y
B in gh am ton S t. R y . .
BIrm R y L t & P o w e r .
B r o c k to n & P ly S t R y
C a m a gu e y C o . .
C ape B reton E le c C o .
C arolina P o w & L t Co
C en tral P en n T r a c . .
Ch ariest C on R y G & E
C h ica go R a ilw a y s Co
C leve P a ln esv & East
D allas E le ctric C orp
D e tr o it U nited R y ___
D u lu th -S u p e r T r C o .
E ast S t L ou is & S u b .
El P a so E le c tr ic ____
F a ir & C larksb T r C o .
Ft W a y n e & W abash
V a lle y T r a c tio n Co
G a lv -H o u s E le c C o . .
G rand R a p id s R y C o .
H a v a n a E le c tr ic R y .
H on olu lu R a p id Tran
& Land C o ..
H o u g h to n Co T r a c Co
Illin ois T r a c tio n C o . .
J a ck s o n v llle E le c C o .
K ansas C ity -W e ste rn
L a k e Sh ore E le c R y .
L e x & In te r R y s C o .
M llw El R y & L t C o .
M llw L t H t & T r Co .
M ontreal S treet R y . .
N a sh ville R y & L ight
N o rth O hio T r & L t . .
N o rth T e x a s E lec C o .
N o rth w e st K iev C o . .
N o rf & P o rts m T r C o .
O k la h o m a C ity R y . .
P a d u ca h T r & L t C o .
P en sa cola E le c tr ic C o
P o r t l’d (O r ) R y L & P C o
R io (le J an eiro T ram
L ig h t & P o w e r ____
St Joseph (M o) R y Lt
H eat & P ow er C o .
Sau P a u lo T r L t & P .
S av annah E le c tr ic Co
Seattle E le ctric C o
Sou W isco n sin R y Co
T a m p a E le ctric C o . .
T o le d o R y s & L ig h t .
T o r o n to R a ilw a y s . .
T w in C ity R a p T ran _
U ndergrou n d El R y
of London—
T h ree tu b e lin e s —
M etro p o lita n D ls t.
U n lte d T r a m w a y s .
U n ited R y s o f St L . .
U n lte d R k s o f San Fr
V irgin ia R y & P o w Co
W ash B a lt & A n n a p .
W h a t c o m C o R y & Lt

W eek or
M o n th .

Current
Y ear.

CO M PAN IES.

J a n . 1 to latest date.

P reviou s
Y ea r.

Current
Y ea r.

P rev iou s
Y ea r.

$
247 ,826
O c to b e r . .
137,563
O c t o b e r ___
34,348
A u g u s t ___
188,364
S e p te m b e r
S e p te m b e r
12,833
11,978
S e p te m b e r
22.000
S e p te m b e r
O c t o b e r ___
22,251
O c t o b e r ___
62,773
O c t o b e r ___
63,763
O c t o b e r ___ 1110,000
O c t o b e r ___
29,467
S e p te m b e r
107,570
2d w k N o v 148,765
O c t o b e r ___
87.235
O ctob er.
191,775
S e p te m b e r
50,501
O c t o b e r ___
37,714

$
231 ,126 2 ,449,613
121,525 1,295,969
230,721
32,892
177,388 1 ,646,825
103,903
12,603
99,350
11,922
170,388
22,006
163,569
17,753
627,520
58,096
633,858
60,654
968 ,542 10,244,608
271,673
25,223
962,103
95,842
123,044 6 ,9 7 0 ,2 3 5
810 ,837
78,880
178,644 1 ,672,853
426 ,875
43,828
351,658
34,656

591*214
6 2 5 ,5 5 0
9 ,0 0 3 ,1 6 4
250 ,451
824 ,3 5 3
6 ,1 8 5 ,0 4 9
734,001
1 .6 6 6 .5 0 0
3 8 6 ,5 1 9
3 2 2 ,3 8 7

S e p te m b e r
S e p te m b e r
O ctob er. .
W k N o v 21

132.736
100,837
82,5 2 0
39,091

122,442
91,790
76,003
35,501

1 ,038,350
894,605
858,541
1 ,824,430

978 ,699
7 92 ,654
7 8 4 ,5 7 0
1 ,6 8 4 ,8 0 8

S e p te m b e r
S e p tem ber
S ep tem b er
S e p tem ber
S e p te m b e r
O c t o b e r ___
J u ly _____
O c t o b e r ___
O c t o b e r ___
W k N o v 13
O c t o b e r ___
O c t o b e r ___
S e p te m b e r
O cto b e r
S e p te m b e r
J u iy _____
S e p te m b e r
S e p te m b e r
O c t o b e r ___

3 7 ,725
28,732
373,252
38,375

32,467
23,934
3 5 7 150s
34,017

87,678
94,255
58,706
54,239
376 ,355 334 ,6 7 7
67,471
77,696
58,124
75,817
148,992 141,815
184,815 157,532
88,190
104,829
184,430 182.923
158,234 d l 62,938
26,781
41,468
19,096
18,694
17,417
21,649
426 ,707 372 ,398

282.548
305 ,614
197.499
242 ,425
3,174 ,865 2 ,973,051
350 ,586
3 1 6 ,4 8 0
266 ,914
252 ,883
929 ,316
874 ,8 8 8
321 ,654
3 2 8 ,5 6 5
3,493 ,240 3 .2 0 1 .5 0 1
7 2 7 ,1 7 7
783 ,825
3.436 ,828 3 ,2 2 2 ,9 3 0
1,415 ,675 1 ,309,348
1,818 ,987 1 ,5 7 8 ,0 8 5
770 .5 4 9
910 ,119
592 ,007
1,707 ,708 I ,
395 ,234
1.436 ,199 I I ,
148,384
228 ,194
170 ,049
166 ,825
153 ,376
184 ,050
3,974 .354 3 .5 9 4 .5 0 1

O c t o b e r ___

645 ,1 9 5

652,586

6,2 5 2 ,6 9 0

5 ,8 9 1 ,7 4 4

O c to b e r . .
O c t b o e r ___
S e p te m b e r
S e p te m b e r
O c t o b e r ___
S e p te m b e r
O ctob er. .
W k N o v 20
2d w k N o v

82,363
205,146
49,523
568,494
13,651
47,108
239,374
76,482
129,301

78,512
181,966
48,404
385 ,946
13,724
43,356
218,074
66,787
119,851

805 ,170
1 ,981,417
451,817
4 ,3 7 6 ,6 7 0
134,436
436,253
2,2 2 0 ,8 1 0
3,3 8 2 ,7 5 3
6 ,030,424

750 ,743
1 ,8 6 4 ,1 4 6
4 3 5 ,7 9 6
3 ,3 0 3 ,1 3 1
1 30 ,207
4 0 5 ,9 8 0
2 ,0 8 2 ,8 9 7
3 ,0 9 9 ,7 0 1
5,5 5 6 ,6 7 9

W k N o v 13 £13,480
W k N o v 13 £10,931
W k N o v 13
£5,286
O c t o b e r ___ 1039,267
S e p te m b e r
624,261
A u g u s t ___ 165,334
S e p te m b e r
58,789
S e p te m b e r
34,836

£12,120
£9,926
£5,192
949,914
581 ,392

£567,135
£443,735
£276,004
9,265,653
5 ,457,039
1,348,720

£52 2,08 0
£41 0,04 6
£30 0,40 8
8 ,8 1 0 ,5 3 9
5 ,0 7 9 ,3 3 6

55,938
28,381

295,190

2 6 0 ,1 7 0

___

___

c T h ese figures are fo r c o n s o lid a te d c o m p a n y ,
the N o rfo lk C o u n ty Ferries.

2 ,3 4 1 ,0 3 8
1 ,1 7 9 ,4 4 0
211 ,1 3 4
1 ,5 8 1 ,7 6 3
9 6 ,2 0 6
8 6 ,1 4 5
181 ,844

d In clu d e s e a rn in gs o f

THE CHRONICLE

1408

Electric Railway Net Earnings.— In the following we show
both the gross and the net earnings to latest dates of all
E L E C T R IC railways from which we have been able to pro­
cure monthly returns. The returns of the different roads
are published by us each week as soon as received, and
once a month we bring together all the roads reporting, as
is done to - d a y .

R oads.
A u ro r a E lg in & C h ic ____ O ct
J u ly 1 to O ct 3 1 . _____
B in g h a m to n Street R y . - A u g
Jan 1 t o A u g 3 1 _______
B irm in g h a m R y L & P a S e p t
J a n 1 t o S e p t 3 0 ------------B o s to n S u b E C o s ______O ct
B r o c k & P ly m S t R y — S e p t
J a n 1 t o S e p t 3 0 ----------C a m a g u c y C o m p a n y — S ep t
J a n 1 t o S ep t 3 0 . -------C a pe B r e to n E le c C o ___ S e p t
Jan 1 t o S e p t 3 0 ------------C a rolin a P o w & L t C o ___ O ct
C en tral P e n n T r a c C o ___ O ct
J a n 1 t o O ct 3 1 ................
Chari C ons R y , G & E l.a .O c t
M ch 1 t o O ct 3 1 ................
C h ica g o R a ilw a y s C o .a - S e p t
.T/in 1 tn Stent. .TO
C lev e P a ln e s v & E a s t .a .O c t
J a n 1 t o O ct 3 1 ________
C lev S o u th w & C o l . b ___O ct
Jan 1 t o O ct 3 1 _________
D allas E le c tr ic C o r p -------S e p t
J a n 1 t o S e p t 3 0 _________
c D e t r o lt U n it e d _________ O ct
J a n 1 t o O ct 3 1 ________
D u lu th -S u p e r io r T r C o b O ct
J a n 1 t o O c t 3 1 ------------E a st S t L o u is & S u b . b . . O c t
J a n 1 t o O ct 3 1 ................
E l P a so E le c t r ic C o -------S ep t
J a n 1 t o S e p t 3 0 ________
F a ir m o n t & C la r k s b .b .O c t
J a n 1 t o O ct 3 1 _______
F t W a y n e & W a b V a i l .. S e p t
Jan 1 t o S ep t 3 0 ................
G a lv -H o u s to n E le c C o . .S e p t
J a n 1 t o S e p t 3 0 _________
G ra n d R a p id s R y C o . b . . O c t
J a n 1 t o O ct 3 1 ................
H on o lu lu R T & L C o .b .S e p t
Jan 1 t o S ep t 3 0 ------------H o u g h to n C o T r a c C o .- S e p t
J a n 1 t o S e p t 3 0 _________
Illin ois T r a c tio n C o . a . - S e p t
0U
Jan 1 t o S ep t 3 0 _______
J a c k s o n v ille E le c C o — S e p t
J a n 1 t o S e p t 3 0 -------------K an sas C ity W estern R y . a —
J u ly 1 t o S ep t 3 0 ------------L ake S h ore E l R y . a -------O ct
J a n 1 t o O ct 3 1 ------------L e x in g to n & I n t e r u r b ..J u l y
Jan 1 t o J u y 3 1 ------------M llw E l R y & L t . b ____ O ct
Jan 1 t o O ct 3 1 _______
M llw L t H t & T r C o . b . - O c t
Jan 1 t o O ct 3 1 ________
M on treal S treet K y . b - . O c t
N ash v ille R y & L t C o . a . O ct
Jan 1 to O ct 3 1 ------------N ew Y o r k S ta te R y s . b —

C urrent
Y ea r.
S
137 ,563
6 18 ,016
34,348
230,721
188,364
1 , 64 6 ,8 2 5
68,162
12,833
103,903
1 1 ,978
9 9 ,350
2 2,000
170,388
22,251
163,569
62,773
627 ,520
63,763
515,188
1 ,0 6 6 ,0 5 6
Q.1.T4.60R

P rev io u s
Y ea r.
S
1 21 ,525
561 ,555
32,892
211 ,134
177,388
1 , 581,763
70,098
12,603
96,206
11,922
86,145
22,006
181,844
17,753

2 9 ,467
271 ,673
81,523
7 48 ,517
107 .570
962,103
7 11 ,475
6 , 6 74 ,908
87,235
810 ,837
191 ,775
1 , 672 ,853
50,501
4 26 ,875
3 7,714
35 1 ,6 5 8
132,736
1 , 0 38 ,350
100 ,837
8 9 4 .6 0 5
8 2 ,5 2 0
858,541
3 7 ,7 2 5
305 ,614
28,732
2 42 ,425
3 73 ,252
3 , 174,865
3 8 ,3 7 5
3 50 ,586

58,096
591,214
6 0 ,654
505,751
960 ,568
8 , 034 ,622
25,223
250,451
69,427
648 ,625
95,842
824 ,353
613 ,127
5 , 937 ,982
7 8,880
734,001
178,644
1 , 6 66 ,500
4 3,828
3 86 ,519
3 4,656
32 2 ,3 8 7
122,442
978 ,699
91,790
792,654
76,003
78 4 ,5 7 0
3 2 ,4 6 7
282,548
23,934
197 ,499
357 ,508
2 , 973,051
3 4.017
31 6 ,4 8 0

0,405
108,147
27,887
230 ,273
32,763
248,878
20 0 ,4 7 7
2 , 130,079
3 2 ,8 0 3
3 8 7 ,4 0 0
87,841
794,458
10,490
107,497
2 2 ,020
201 ,789
61,469
425,231
4 5 ,170
3 32 .045
38,646
390 ,228
16,178
124,555
12,132
8 5,555
161 ,499
1 , 2 51 ,599
15.645
125,429

100,486
9 4,255
92 9 ,3 1 6
54,239
3 21 ,654
376 ,355
3 , 493 ,240
77,696
783 ,825
35 4 ,0 0 7
148 ,992
1 , 4 1 5 ,6 7 5

9 6 ,046
87,678
8 74 ,888
58,706
3 28 ,565
3 34 ,677
3 , 201,501
67,471
727 ,177
3 28 ,608
141 ,815
1 , 309 ,348

41,132
44,501
439,871
19,518
84,775
187,459
1 , 767,172
44,719
458 ,923
179,272
59,799
579,353

38,625
40,260
38,972
21,211
9 9 ,409
168,722
1 , 548,931
36,911
41 6 ,1 5 9
163,184
58,927
523,069

86 2 ,2 4 0
dl 62,938
N o rfo lk & P o r t s m o u th . _ S ep t
158,234
Jan 1 t o S ep t 3 0 ------------- 1 , 436 ,199 d l , 397 ,234
184,815
N o r O h io T r & L t C o ____ O ct
157,532
J a n 1 t o O ct 3 1 ________ 1 , 8 18 ,987
1 , 578 ,085
104 ,829
N orth ern T e x E leo Co . . S e p t
8 8,190
Jan 1 t o S ep t 3 0 _________
9 10 ,119
770 ,549
41,468
O k la h om a C ity R y ---------J u ly
26,781
Jan 1 t o J u ly 3 1 . . ___
228 ,194
148,384
O ra n ge C o u n ty T r a c t C o . a —
6 2,155
J u ly 1 t o S ep t 3 0 ________
■ 67,801
18,694
P adu cah T ra c & L t C o ..S e p t
19,096
J a n 1 to S ep t 3 0 ------------170,049
166 ,825
17,417
21,649
P e n sa co la E le c tr ic C o . . S e p t
153 ,376
Jan 1 t o S ep t 3 0 ------------184 .050
1
,
3
96
,428
P h ila d elp h ia C o m p a n y .a .O c t 1 , 641 ,008
9 , 250,111
A p r 1 t o O ct 3 1 ________ 1 0 , 4 93 ,707
372 ,398
42 6 ,7 0 7
P o r t (O re) R y ,L & P C o. b .O c t
3 , 594,501
Jan 1 t o O ct 3 1 . ............. 3 , 974,354
645 ,195
6 52 ,586
R io d e J a n eiro T r ,L & P a . O c t
J a n 1 t o O ct 3 1 . ............. 6 , 2 52 ,690
5 , 891 ,744
82,363
7 8 ,512
S W os(M o) R y .L .H & P C o b .O c t
8 05 ,170
750,743
... Jan 1 to O ct 3 1 ................
20
5
,1
4
6
181,966
S a o P a u lo T ra m L & P a . O c t
1 , 864 ,146
J a n 1 t o O ct 3 1 ________ 1 , 9 81 ,417
4 9,523
48,404
S a v a n n a h E le c tr ic C o . - S e p t
4 5 1 ,8 1 7
Jan 1 t o S ep t 3 0 ................
4 35 ,796
568,494
285,496
S ea ttle E le c tr ic C o ______S ep t
Jan l t o S e p t 3 0 ________ 2 , 37 6 ,6 7 0
3 , 303,131
43,356
4 7,108
T a m p a E le c tr ic C o _____ S e p t
J a n 1 to S e p t 3 0 ________
4 05 ,980
436 ,253
218,074
239,374
T o le d o R y s & L ig h t .b . . . O c t
2 , 082 ,897
J a n 1 t o O ct 3 1 ________ 2 , 2 20 ,810
3 54 ,095
T o r o n t o R a ilw a y C o ------ S ept
379,981
2 , 629,222
Jan 1 t o S ep t 3 0 ------------- 2 , 857,291
554,166
T w in C ity R a p T r C o . b . O c t
596,962
5 , 31 9 ,9 6 7
Jan 1 to O ct 3 1 ................ 5 , 7 73 ,382
U n d erg rou n d E lec R y s — L o n d o n —
£ 52,337
M e tro p o lita n D ls t r ic t .O c t
£ 53,990
B a k er S t & W a t e r lo o - - O c t
£ 15,851
£ 15,511
£ 24,798
G t N o r P ic k & I ) _____ O c t
£26,733
£ 16,167
C h ar Cr E u s & H a m .. O c t
£17,640
£ 30,126
L o n d o n U n ited T r a m .O c t
£26,151




P rev io u s
Y ea r.
S
54,484
280,326
14,374
86,132
69,822
653,615
22.752
5.925
26,645
5,362
39,632
10,301
75,892
8,231

Current
Y ea r.
$
63,791
315 ,433
17,323
100,714
82,611
7 23 ,156
19,732
3,474
3 1 ,8 4 7
5,762
4 6 ,066
10,590
64,582
9,451
62,046
18,218
164,326
1 9 ,150
1 85 ,280
34 7 ,8 5 5
3 , 155,681
1 3 ,587
135,212
3 0,130
289,904
33,058
334,093
23 9 ,9 7 6
2 , 500 ,875
37,682
3 32 ,857
98,569
761,641
20,627
166 ,415
23,361
217,993
61,672
429,811
44,474
3 69 ,950
41,011
454,071
20,973
149,674
14,703
110 ,725
157 ,157
1 , 286,464
17,568
148,688

13,793
124,312
18,961
178,087
171 ,760

323 ,033
69,861
6 02 ,836
8 4 ,0 1 5
83 0 ,4 5 7
47,043
40 0 ,1 0 7
16,811
8 2,226

68,104
559,963
67,274
6 65 ,785
38,874
306 ,556
5,882
43,204

26,438
8,201
6 6,712
8,821
79,179
662,018
4 , 097,853
237 ,986
2 , 134,405
282 ,716
2 , 504,518
3 9 ,196
387 ,473
125 ,647
1 , 2 29 ,906
17,493
1 58 ,639
263,153
1 , 86 2 ,4 5 6
19,855
178,018
109 ,655
957,041
199,146
1 , 407 ,655
319 ,788
3 , 063 ,640

3 3 ,480
8,206
67,283
5,381
4 0,815
583,206
3 , 709 ,688
190,287
1 , 815 ,269
268,241
2 247 949
3 9,009
3 68 ,462
118,457
1 , 182,554
20,742
145,201
175,994
1 , 356 ,675
16,652
132,324
98,092
043,091
193,153
1 , 232,478
288,274
2 , 682,050

£ 26,546
£ 8,143
£ 12,443
£ 7,623
£ 7,881

£ 23,64
£ 7,91
£ 10,04
£ 6,39

£13,54

[V O L . L X X X IX

------ -G ross E a rn in g s----------------- N et E arningsP reviou s
Current
P rev io u s
C urrent
Y ea r.
Y ea r.
Y ea r.
Y ea r.
J
$
3
%
949,914
3 77 ,588
U n ite d R y s o f S t L o u Is .a .O c t 1 ,0 3 9 ,2 6 7
4 11 ,299
8 ,8 1 0 ,5 3 9 3 ,4 1 9 ,9 8 0 3 ,1 6 5 ,1 4 5
J a n 1 t o O ct 3 1 ____ 1 . 9,26 5 ,6 5 3
581,392
624,261
25 8 ,4 6 5
U n ite d R R s o f San F r .b .S e p t
281,531
5 ,0 7 9 ,3 3 6
1 ,8 3 2 ,8 0 5
Jan 1 t o S e p t 3 0 ............. 5 ,4 5 7 ,0 3 9
2 ,3 0 8 ,8 0 0
79,999
V irgin ia R y & P o w C o . . A u g
165,334
Jan 1 t o A u g 31
1,34 8 ,7 2 0
590,721
25,629
55,938
58,789
W a sh B a lt & A n n a p olis S ep t
2 4,039
72,687
J u ly 1 t o S e p t 3 0 _______
172 ,505
151 ,545
50,878
15,878
W h a t c o m C o R y & L t - .S e p t
28,381
11,018
3 4,836
J a n 1 t o S e p t 3 0 _______
260 ,170
127,503
109,523
295 ,190
R oads.

a N et earnings here g iv e n are a fte r d e d u ctin g ta x e s ,
b N e t earnings here g iv e n are b e fo r e d e d u ctin g ta x e s .
c T a x e s f o r 1908 are in clu d e d In ex p e n se s; fo r 1909 th e y are In clu ded In
charges.
d In clu d e s th e gross earnings o f th e N o rfo lk C o u n ty F erries, lease fo r
w h ich e x p ire d A p ril 1 1909.

Interest Charges and Surplus.
— I n t., R en tals, & c .— — B a l. o f N et E 'n g s .—
C urrent P r e v io u s
C urrent
P rev io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
S
$
§
3
24,413
26,753
A u ro r a E lgin & C h ic a g o . O ct
3 4 ,378
27,731
117 ,077
169,568
J u ly 1 t o O ct 3 1 _______
110,758
198 ,356
9,135
5,8 57
B in g h a m to n S treet R y . - A u g
8,5 1 7
8 ,188
72,429
2 0,329
Jan 1 t o A u g 3 1 ----------65,803
2 8,285
13,632
B o s to n S u b E l C o s______O ct
13,303
9,4 4 9
6,100
1,641
1,833
4,0 9 2
B r o c k & P ly m S t R y . - . S e p t
1,833
16,346
20,331
6,3 1 4
Jan 1 t o S e p t 3 0 ----------15,501
5,062
4,962
C ape B r e to n E le c C o ___S e p t
5,528
5,339
46,154
45,131
18,428
Jan 1 to S e p t 3 0 ----------30,761
4,212
725
5,239
7,506
C a rolin a P o w & L t C o _ _ _ O c t
21,448
40,598
Jan 1 t o O ct 31
13,817
5,144
13,917
5,233
Chari Cons R y , G & E l . .O c t
6 7,729
110,358
7 3 ,947
M ch 1 t o O ct 3 1 _______
111,333
1,518
8,793
7,977
4,7 9 4
C leve P a ln e sv & E a s te r n .O c t
2 7 ,776
84,398
80,371
50,814
J a n 1 t o O ct 3 1 _______
7 ,3 2 6
C lev S o u th w & C o l---------O ct
26,358
20,561
3,772
2 8 ,2 7 6
248,141
41,763
Jan 1 t o O ct 3 1 _______
2 01 ,997
4,8 0 6
D allas E le c tr ic C o r p ____ S e p t
2 5,100
27,957
7,949
255 ,196
Jan 1 to S e p t 3 0 _______
264,024
78,897 d e fl5 ,1 4 6
155,972
£9 7 ,3 2 0
£73 ,461
133,379
D e tr o it U n it e d _________ O ct
1 ,3 52,239 ;£ 1 ,0 5 6 ,9 1 8
£ 8 2 9 ,2 0 0
Jan 1 to O ct 3 1 _______ 1,565.480
d20 ,757
d l8 ,9 1 7
13,886
D u lu th -S u p e rio r T r C o .O c t
16,925
d l8 5 ,6 6 7
144 ,010
101,823
Jan 1 to O ct 3 1 _______ d l8 8 ,8 4 7
E ast S t L o u is & S u b ____ O ct
4 8 ,826
4 9 ,0 7 9
3 9 ,0 1 5
4 9 ,4 9 0
Jan 1 t o O ct 3 1 ____ _
494 ,602
4 85 ,472
26 7 ,0 3 9
30 8 ,9 8 6
E l P a so E le ctric C o .......... S ep t
12,442
3 ,3 5 7
8,1 8 5
7,133
Jan 1 to S e p t 3 0 .............
64,512
94,417
4 2 ,9 8 5
71,998
F alrm & C larksb T r C o . . O c t
£1 2 ,2 8 8
12,655
12,344
£ 1 4 ,4 2 5
£ 1 0 9 ,2 0 5
Jan 1 t o O ct 3 1 _______
£13 0 ,4 0 6
123,803
116,606
2 5,050
G a l-H o u s E le c tr ic C o . . . S e p t
28,242
21,650
20,120
Jan l t o S e p t 3 0 ----------148,590
195 ,368
183,455
174,582
2
0 ,0 3 5
G rand R a p id s R y C o ____ O ct
19,315
18,611
2 1 ,696
205,321
184,907
2 63 ,986
J a n 1 t o O ct 3 1 _______
190 ,085
6,121
£1 5 ,1 5 4
£ 1 0 ,6 6 0
H on olu lu R T & L C o . . S e p t
6,378
53.944
£7 6 ,4 5 9
55.757
£9 9 ,4 6 7
J a n 1 to S ep t 3 0 _______
4,963
6,216
4,8 4 7
7,1 7 0
H o u g h to n Co T r a c C o . . .S e p t
4 2 ,6 0 9
56,938
4 2,946
Jan 1 to S e p t 3 0 .............
53,787
9,032
0,013
J a c k s o n v ille E le ctric C o .S e p t
9,522
8,046
83,597
Jan 1 t o S e p t 3 0 _______
41,832
84,662
64,026
K an sas C ity W e ste rn R y —
20,587
£ 2 0 ,8 9 0
£1 8 ,1 5 2
2 0,625
J u ly 1 t o S ep t 3 0 .............
34,290
5,9 7 0
35,454
9,047
L a k e Shore E le ct R y . - . O c t
34 4 ,5 4 7
3 22 ,010
Jan 1 t o O ct 3 1 _______
95,324
65,962
100,560
£ 7 1 ,9 2 7
112,764
£ 80 ,734
M llw E lec R y & L t _____ O ct
Jan 1 t o O ct 3 1 _______ 1 ,0 6 5 ,6 0 6
994 ,230
£ 74 4,82 3
£ 60 1,59 2
M llw L t H t & T r C o ____ O ct
65,386
58,587
£2 4 ,4 3 9
£2 3 ,2 5 8
Jan 1 to O ct 3 1 _______
597,153
£ 27 2,56 8
646 ,235
£ 26 3,87 2
M ontreal S treet R y _____ O ct
3 1 ,079
3 0 ,180
148,193
133,004
N ash ville R y & L i g h t . . . O c t
20,776
26,098
3 2 ,829
33,023
Jan 1 to O ct 3 1 ...........
328 ,306
31 9 ,6 2 0
203,449
251 ,047
N ew Y o r k S ta te R y s —
J u ly 1 to S e p t 3 0 _______
258 ,550
140,156
N o rf & P ortsm T r a c C o .S e p t
917
63,053
0,803
67,187
Jan 1 t o S e p t 3 0 ---------d e f3 2 ,620
583,273
502,583
19,563
2 3 ,495
N o r O h io T r a c & L t C o . .O c t
44,114
4 3 ,779
39,901
227,263
Jan 1 t o O ct 3 1 _______
437 ,456
393,001
438 ,522
23,658
N orth ern T e x a s E le c C o S e p t
17,190
15,216
29,853
154,685
1 02 ,300
144,256
245,422
Jan 1 to S e p t 3 0 ----------O range C o u n ty T r a c t C o—
7,957
9,116
18,481
2 4,364
J u ly 1 t o S ep t 3 0 . --------6,613
1,588
6,7 5 0
1,456
P a d u ca h T r a c & L t C o . . S e p t
61,689
62,443
5,023
4 ,8 4 0
Jan l to S e p t 3 0 ----------4 ,3 3 5
4,351
4,480
1,030
P en sa cola E le c tr ic C o . - S e p t
39,048
38,348
4 0,129
2,467
Jan 1 t o S e p t 3 0 ----------126,873
113,462
111,113
P o r t ( O r e ) R y ,L & P C o . - O c t
76,825
1,23 8 ,2 0 8
1 ,1 5 1 ,8 9 7
896 ,197
Jan 1 t o O ct 3 1 ____ _
663 ,372
21,521
20,760
17,675
St J o s(M o ) R y .L .H & P C o .O c t
18,249
213,601
205,302
173,872
Jan 1 to O ct 3 1 . ...........
163 ,160
1
7,445
17,554
48
S av a n n a h E le c tr ic C o . - S e p t
3,1 8 8
156 918
154,395
1.721
Jan 1 t o S e p t 3 0 _______
d cf9 ,1 9 4
106,944
93,346
156,209
S e a ttle E le ctric C o _____ S ep t
82,648
932,601
801 ,053
9 29 ,855
555,622
Jan 1 to S e p t 3 0 _______
4 ,6 1 5
4,538
15,240
12,114
T a m p a E le ctric C o .......... S e p t
41,931
25,768
130,087
Jan 1 t o S e p t 3 0 _______
106 ,556
71,953
£ 3 4 ,2 8 5
7 5,615
T o le d o R y s & L ig h t C o . - O c t
£2 6 ,3 2 6
7 07 ,696
727 ,818
£23 1 ,6 6 7
Jan 1 to O ct 3 1 _______
£ 2 3 8,65 4
d l3 8 ,6 6 6
179,538
T w in C ity R a p T ra n C o .O c t d l4 0 ,2 5 0
149,608
Jan 1 t o O ct 3 1 _______ d l , 388,761 d l , 283,788
1 ,0 7 4 ,8 7 9
1 ,3 0 8 ,2 0 2
232 ,267
2 33 ,845
U nited R y s o f St L o u i s . .O c t
179,032
143,743
2 .3 3 1 ,1 7 8
J a n 1 t o O ct 3 1 _______ 2 .3 3 3 .8 9 9
1,086,081
83 3 ,9 6 7
25.169
2 9 ,079
W ash B a lt & A n n a p o lis .S e p t
d e f 1,130
d e f3 ,4 5 0
88,134
75,270 d e f 15.447 d c f2 4 .3 9 2
J u ly 1 t o S ep t 3 0 ----------8,0 6 9
8,946
2 ,0 7 2
W h a t c o m Co R y & L t - .S e p t
7,809
74,290
72,957
3 0 ,5 6 6
Jan 1 to S e p t 3 0 .............
53,213
R oads.

d In clu d e s d iv id e n d s on preferred s t o c k .
x A fte r a llo w in g fo r o th e r In com e r e c e iv e d .

AN N U A L REPORTS.
Annual Reports.— The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since Oct. 30.
Tnis index, which is given monthly, does n o t include
reports in to-day's “ Chronicle.”

Nov. 27 1909.1

1409

THE CHRONICLE

R ailroads.
Page.
Electric Railways (Continued)
Page.
T h e gross earnings fo r th e y e a r w ere larger th an f o r th e p re v io u s y e a r ,
Alabama Great Southern.....................1276 Boston A W orcester Street B y -------1222
b u t o w in g t o h e a v y e x p e n d itu re s fo r r e la y in g tr a c k (o v e r $40,000 h a v in g
Alabama & Vicksburg______ _______ 1222 Montreal Street B y ...............................1220
been e x p e n d e d d u rin g th e p a st tw e lv e m o n th s fo r th a t p u r p o s e ), th e n e t
Ann A rbor..........................._ .................1218 Northwestern Elevated R l t .................1278
Incom e sh ow s a sm all d ecrease.
Atlantic Coast Cine.................. 1340, 1352
Industrials—
1 P h y sica l C on d ition .— T h e c o n d itio n o f th e p ro p e rtie s Is first-class.
O ver
Baltimore & O hio...................... 1138, 115S Adams Express C o — ...................
134210 m iles o f new 7 5 -lb . rail has been laid , an d a co n sid e ra b le a m o u n t o f o th er
Bangor & A roostook.....................
1219 American Cotton Oil C o______ 1278, 1285
tra ck has been re -la id w ith h e a vie r rail. T h e r o a d b e d , fro m a tie s ta n d ­
Canadian N orthern...............
1346 American Express C o...............
1343
p o in t , w as n e v e r In b e tte r c o n d itio n .
D u rin g th e y e a r w e h a ve ren ew ed
Central Verm ont................................
1223American Malt C o rp o ra tio n ..............1220
o v e r 10,000 ties on th e M id lan d T e rm in a l R y . a n d 2 0 ,0 0 0 ties on the
Chicago Burlington & Q u in cy .1139, 1151 Amrelcan Malting C o-----------------------1221
I 'lo r c n c e & C ripple Creek R R . , an d h a ve filled tw o large b rid ges o n th e
Chicago A Eastern Illinois___
1218 American Shipbuilding C o----------------1344
M id lan d t e r m in a l R y . an d tw o o n th e F lo re n ce A C ripple Creek R R .
O ur
Chic. B ock Isl. & Pacific l i l t . .1130, 1164 American Steel Foundries C o...............1342 w o o d e n brid ges are n o w n e a rly a ll filled, an d w ill requ ire v e r y little o u tla y
Chic. Itock Isl. & Pacific B y . .1 1 3 9 ...
Buffalo (N. Y .) Gas Co. (6 m o s .)..1 3 4 4
fo r repairin g in fu tu re .
A ll o f o u r lo co m o t iv e s , fre ig h t cars a n d o th e r
Cine. New Orleans A T ex. P a cific .. 1340 Commonwealth Edison Co., Chicago 1278 e q u ip m e n t are in first-class c o n d itio n .
Cleveland Valley * Term inal............ 1223 Consumers Gas Co. of T oron to......... 1143
, T o n n a g e -O u t lo o k .— T h e ore to n n a g e o u t o f th e C ripple Creek D istrict
D etroit A M ackinac________________ 1219 Edison Electric Ilium. Co. of Boston 1221
I01"i y I.° Pa s '; y e a r has sh ow n a su b sta n tia l Increase o v e r th e p rio r y e a r,
Detroit Toledo A Ironton___________ 1217 Federal Mining A Smelting C o ----------1344
an d the p ro sp e cts fo r th e fiscal y e a r 1909-10 are e n co u ra g in g .
D u rin g th e
Evansville A Terre H aute...................1220 Granby Consolidated Mining, Smelt­
n ° I t h e .la t e y e a r there w as a sligh t decrease In ore to n n a g e , b u t
ing & Power Co., L t d ...............
1345
Georgia Southern A Florida_________ 1340
t is is fu lly o n s e t b y Increased to u rist an d o th e r p assenger b u sin ess, an d
Grand Trunk B y . of Canada (semi­
Independent Brewing C o., P ltts b ..l3 4 4
„
^
1 s .arc th a t th e n e t earnings fo r the co m in g y e a r w ill be in
annual m eeting).......................
1216 International Paper C o ..................... ..1 1 4 0
CXr>^o0f T
s t ’ ? s 'YS,d o ,Po t a n tic ip a te a n y u n u su ally large e x p e n d itu r e s .
Great Northern ................
1138, 1145 International Text B ook Co. (bal.
J d ” ” 6 '— iF le C r,PPle Creek D rainage A T u n n e l C o ., w h ic h is
Iowa Central...............
1341
sheet May 3 1 ) . ..........
1345
p h h d ln g the R o o s e v e lt tu n n el t o drain the m ines o f th e d is t r ic t t o a deep
Iron
Steam
boat
Co.
of
New
J
e
r
s
e
y
..l3
4
3
Mexican International_____________ 1142
le v e l, has r e ce n tly s ecu red , b y sale o f s t o c k , $16 0,00 0 t o c o m p le te this
Minneapolis A St. L ouis____________ 1276 Massachusetts Gas Companies______ 1221
i : 3 be in g pushed m o re v ig o r o u s ly th a n e v e r.
T h e tu n n el is
Mobile A O hio......... ..............
..1 2 1 9 Mergenthaler Linotype C o . . ...............1278
^f\v c n flt the rate o f o v e r 400 fe e t per m o n th , an d th e c o n tr a c to r s
New Orleans A Northeastern............ 1223 Nat’l Casket Co. (bal. sheet Sept. 1)_ 1140
e * P c e t th a t the w a te r cou rses w ill be rea ch ed an d the d rain age o f th e m ines
New YorkS usq. A W estern--------------1341 New England Cotton Yarn (bal.
w ill be g in w ith in o n e y e a r. T h is is a m o s t Im p orta n t u n d e rta k in g , and
Northern P acific______________ 1138, 1153
1343
sheet Sept. 2 5 )............
w ill g re a tly Increase o u r earnings as s o o n as the e d i c t o f this d e e p e r drain age
B ock Island Com pany________ 1139, 1162 New Haven Iron A Steel C o......... .......1345
Is sh ow n In the m in es.
The o u t lo o k fo r th e fu tu re Is e n co u ra g in g .
St. Joseph A Grand Island--------------1277 Pittsburgh Brewing C o......................... 1344
— --------1908-09------------- --------------1907-08-------------St. Louis A San Francisco------1140, 1167 Standard Milling C o.............................1222
In i. on
D ivid en d s
In t. on
D ivid en d s
Toledo St. Louis & W estern ........... 1218 Torrlngton (Conn.) C o......................... 1345
R eceipts from —
B d s .,& c .
~ ~
o n Stock.
B d s .,& c .
on S tock.
Tonopah & Goldfield-------------------------1277 United Fruit C o........................ 1342, 1354
F lo re n ce A C ripp. C rk. R R .$ 6 1 ,5 0 0
3 % $ 3 0 ,0 0 0 $ 6 1 ,5 0 0 (2 > 3% ) $25 ,000
Vicksburg Shreveport A Pacific____ 1224 United States Express C o ___________ 1343
G olden C ircle R R ___________ 10,500
(6 % ) 10,500
10,500
(8 % ) 14,0 0 0
Virginia A Southwestern..................... 1341 United States Finishing C o.................1343
Canon C ity A C rip. C rk. R R 10,500 (6 % ) 10,500
1 0 ,500
(8 % ) 14,000
Electric Railways—
United States Steel Corp. (3 mos.
M idlan d T e r m i n a l __________ 2,145
( 1 % ) 10,000
2,2 5 1 (4 y2 % ) 4 5 ,0 0 0
Boston Elevated B y .......................
1279
and 9 mos. end. Sept. 3 0 ).................114q C o lo ra d o T r a d . & T r a n sfe r .
2,5 0 9 (2 0 % ) 40,000
2,151
(1 5 % ) 3 0 ,0 0 0

T R A F F IC S T A T IS T IC S .
190 8-0 9.
1 9 0 7 -0 8 .
190 6-0 7.
A v e ra g e m iles o f r o a d ___________
9 ,6 2 6 .4 3
9 ,5 0 5 .6 1
0 ,4 0 0 .5 9
P a ssen ger tra ffic—
R a il passengers c a rried , N o -----1 8 ,7 2 3 ,0 1 4
1 9 ,0 8 0 ,2 0 5
1 7 ,3 4 4 ,8 8 5
R a il passengers ca rried 1 m l l c . - l , 3 6 6 ,8 8 6 ,3 6 4 1 ,4 5 2 ,1 4 7 ,4 5 6 1 ,3 8 6 ,8 6 4 ,3 6 8
A v e r , m iles c a rrie d — all p a ss—
3 9 .1 8
3 0 .6 2
37.93
A v e r , r eceip ts fro m each p a s s ..
$0 .8 6
$0 .8 6
$0.80
A v e r , receip ts p er p ass, p er m ile
2.1 8 5 c ts .
2 .1 7 4 c ts .
2.113 cts.
R e c e ip ts p er m ile m ain t r ’ k (c) .
$3,961
$4,176
$3,993
R e c e ip ts p e r r e v . tr. m ile (a) (c)
$ 1 .8 4
$1.94
$ 1 .8 5
A v e r. N o . pass, p e r tr a in _______
74
79
76
Freight tra ffic—
T o n s c a rried ,. Incl. c o ’s f r e ig
_ h t.
2 8 ,1 2 2 ,4 4 3
2 8 ,9 0 8 ,9 1 3
20,871.901
T on s carried 1 m i l e . ...................... 7 ,2 1 3 ,9 9 3 ,4 2 0 7 ,8 4 5 ,0 0 2 ,5 1 5 7 ,095,891 714
T on s p e r m . o f r o a d — all f r ’ t (c)
7 4 9 ,3 9 4
824 ,251
849 424
A« v
, m2iles
h au led— all fre lg h t .
. .e. r-----56 .52
270 .53
267 .6 7
F relg h t r e v . p er m ile m ain trk . (c)
7 ,1 2 1
7,3 3 3
7,8 9 4
A v e r , re ce iv e d fro m ea ch t o n . .
$3 .0 8
$3.11
$3.08
A v . p er ton per m .— c o . fre ig h t .
1.154 c t s .
1.097 Cts.
1.0 9 8 c ts .
R c c ’ ts p e r r e v . tr. m ile— c o m ­
m ercial fre ig h t (b) (c)______
$4.38
$3.59
$3.53
T o n m iles p er r e v . tra in m ile—
all f r 't (a v . ton s p er tr.) (b) (c)
4 6 0 .5 0
403 .38
3 7 9 .8 0
T o n m iles p er t r a ffic m ile, all
f r ’ t (a v . ton s p e r train) ( c ) _ .
341 .9 2
324.71
3 7 5 .7 9
T on s p er lo a d e d ca r m .— all f r ’ t(c)
21.43
19.78
20.53
a B ased o n reven u e p assen ger an d all m ix e d train m iles, b u t e x c lu d in g
m ileage o f lo co m o tiv e s h elp in g, b B ased o n re ve n u e fre ig h t a n d all m ix e d
train m iles, b u t e x c lu d in g lo co m o tiv e s h elpin g; as p re scrib e d b y th e I n ­
ter-S ta te C om m erce C om m ission o f th e U n ite d S ta te s, c B a sed o n rail
lines o n ly (e x c lu d in g se c o n d t r a c k ).
IN C O M E A C C O U N T .
1908r09.
1906-07.
1907-08.
O perating revenues—
$
$
$
P a ssen ger.......... .. ......................................... .$ 3 4 ,3 4 5 ,3 3 9 $35,800,5921
M all, ex p ress, A c _____
5 ,4 9 2 ,8 5 7
5,5 0 4 ,2 8 8 I
F reig h t ...................... ...................1 . 1 _____ 6 9 ,8 7 8 ,8 8 0
7 1 ,0 7 3 ,5 6 8 )1 1 5 ,6 3 0 ,1 7 6
R e v s , fro m o p e r . o th e r th an tra n s p ’ n
1,1 2 9 ,3 2 8
1,1 6 7 ,1 1 8 J
O u tsid e o p e ra tio n s — reven u e
9 ,6 7 5 ,5 0 4
9 ,7 3 1 ,3 5 4
1 0 ,5 6 4 ,1 8 4
120 ,5 2 1 ,9 0 9 123 ,276 ,92 1 6,194
T o ta l r e v e n u e s .,.- ,,................
1
O perating exp en ses—
M ain ten an ce o f w a y an d s tru ctu re s
14,5 3 3 ,1 3 5
14,379,763
M ain ten an ce o f e q u ip m e n t _______
T r a ffic e x p e n s e s .........................................
2,0 6 9 ,9 4 0
7 1 ,135,261
T r a n sp orta tion e x p e n s e s --------------------- 3 2 ,8 4 6 ,1 9 3
G eneral e x p e n s e s -----------.----------------------3 ,3 6 2 ,8 4 4
O u tsid e o p e r a tio n s — e x p e n s e s ..........
8,6 0 4 ,2 5 8
9 ,130,071
. 7 9 ,5 8 4 ,3 7 5
. 4 0 ,9 3 7 ,5 3 4
. 5 ,2 7 2 ,3 4 9
. 4 6 ,2 0 9 ,8 8 3

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

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

D ed uctions—
.
■
• In teres t, sin k , f d ., A c . (n e t ).
_ 17,6 4 3 ,5 9 7
17,269,014
1 7 ,7 2 0 ,5 2 0
• L an d d e p t , a n d S ou th ern P a cific C o.
expen ses a n d t a x e s _________________
641 ,7 1 6
685 ,7 7 1
819,071
A d d itio n s an d b e tte r m e n ts ----------------603 ,972
282 ,052
503,848
R e s erv e fo r d c p r e c ’ n o f rollin g s t o c k .
585 ,455
009,251
3 6 3 ,0 6 4
1 9 ,330,480
19,0 1 9 ,5 1 8
18,779,736
B a la n ce fo r d iv id e n d s --------------------------- 2 6 ,8 7 9 ,4 0 2
27,0 9 8 ,5 9 3
10,877,741
D iv id e n d s on p r e f. s t o c k ( 7 % ) ----------4 ,9 9 2 ,1 0 6
2 ,7 6 9 ,8 7 9
5 ,2 4 0 ,6 5 2
D iv id en d s on c o m m o n s t o c k --------------- 1 2,344,604
1 0 ,3 8 7 ,0 8 6
1 1 ,8 7 0 ,0 5 0
R a te o f d lv . o n c o m m o n s t o c k _____
(6 % )
(6 % )
(5 M % )
D iv id en d s o n s t o c k o f p ro p rie ta ry
com p a n ies held b y p u b lic ___________
264
1,002
48
San F ran , fire loss, A p ril 190 6_______
1 25 ,507
S u rv ey s A c ------------------------------------------"01,402
19,027
7,4 8 8
T o t a l - ------------- ------------------------------------ 17,101,436
17,131,727
13,290,008
9
7- 7- ,9
B a la n ce, su rp lu s.......... .................. - - - - —,4
»—
. . .6.6.
x.,,.*v/o,„a
2,7 4 6 ,0 1 4
1
4 ,4 0 8 ,5 8 5„
• F o r details in th e years 1908-09 a n d 190 7-0 8, see a s u b s c a u e n t 'n a v e __
V . 8 9 , p . 1142, 722 ,
*
p K

Cripple Creek Central Railway.
Y e a r e n d in g J u n e 30 1909.)
President Henry M. Blackmar, New York, Sept. 28 1909,
says in brief:
{R ep ort fo r F is c a l

G eneral R esu lts.— T h e Incom e o f o u r c o m p a n y a p p lic a b le t o d iv id e n d s
fo r th e fiscal y ear en d in g Ju n e 30 1909 w as $ 1 8 1 ,7 0 9 .
D u r in g th e a b o v e
p eriod the d iv id e n d o f 4 % has been m a in ta in e d on the p referred s to c k
a n d , in a d d itio n , $60 ,0 0 0 ch argeable t o th e fo rm e r y e a r has been p a id on
the preferred s to c k . T h e c o m p a n y has passed t o su rp lu s th e sum o f
$ 1 ,6 1 5 , an d th e n et Increase In th e surplus o f th e u n d e rly in g c o m p a n ie s Is
$ 3 1 ,8 0 4 . T h o c o m p a n y had o n han d In cash on Ju n e 30 1909 the sum
of| $ 1 2 0 ,6 0 4 , an d Is in e v e r y w a y In g o o d fina ncial c o n d itio n .




T o t a l .......................................$87,154
$ 1 0 1,00 0 $86 ,902
$ 1 2 8 ,0 0 0
T o ta l o f all
-$ 1 8 8 ,1 5 4
-$ 2 1 4 ,902 IN C O M E A C C O U N T .
,
1908-09.
N et in co m e (as a b o v e ) _____________
$ 188,154
7,581
O th er In co m e __________________________
$195,735
T o ta l I n c o m e . .....................................
E xpen ses N ew Y o r k o f fi c e ___________
$14,026
P referred d iv id e n d ........ ..................... -* (6 % ) 180,000
.
C o m m o n d i v i d e n d . . ............. ..
„ l o t a l ...........- ...................- ....................... B a lan ce, s u rp lu s.........................................
Surplus p re v io u s y e a r .......................
T o ta l s u rp lu s..........................

1907-08.
$ 2 1 4,90 2
7,154

190 6-0 7.
$ 2 8 2 ,7 9 0
10,055

$22 2,05 6
$29 2,84 5
$13 ,869
$14 ,775
(2 % ) 6 0 ,0 0 0 (4 % ) 120 ,000
( 3 % ) 7 5 , 0 0 0 (6 % ) 150 ,000

$19 4,02 6
51,709
617 0,90 6

$148,869
$73,187
97,812

$28 4,77 6
$ 8 ,0 6 9
C89.743

$17 2,61 5

$17 0,99 9

$97,812

A fte r d e d u ctin g (6) $94 fo r a d ju s tm e n ts d u rin g th e y e a r a n d (c) $315
accru e d Interest.
• T h e p referred d iv id e n d s as a b o v e In clu de in 1908-09 3 % p a id S e p t. 1
1908 fo r the 9 m o n th s e n d in g Ju n e 30 1908 and 1 % e a ch p a id D e c. 1908
a n d M arch a n d Ju n o 1909; in 1907-08 1 % each p aid J u ly a n d O c t . 1907.
-F
lo r . <£.
reek—
____
. C
. r .ip
. . C
_____
M id la n d Term inalR ailroads
1908-09.
1907-08.
1908-09.
1907-08.
G ross In co m e .......................
$470,898
$452,702
$260,093
$ 2 5 5,44 9
O p era tin g e x p e n s e s ____
323,901
277 ,977
174 ,652
150 ,644
$14 6,99 7
$17 4,72 5
N et ea rn in gs_________
$ 1 0 4,80 5
O th er I n c o m e _____ _____
689
666
354
$14 7,68 6
$175,391
T o ta l In c o m e _________
$85 ,895
$ 1 0 5,15 9
In te re s t on b o n d s . ____
$60 ,000
$60,000
$20 ,269
$20 ,834
O th er In terest___________
1,500
1,500
1,800
1 ,8 0 0
R e n ts o f track s, A c ____
1,080
1,060
581
571
R e n ta l leased lin e s____
*37,958
3 9 ,1 6 0
H ire o f e q u ip m e n t ______
5,101
26,615
” 2',747
14,331
T a x e s ...................... ............
11,016
13,678
5,941
7,374
S in k in g fu n d ____________
12,841
10,9 8 6
D iv id e n d _______________ (3 % )3 0 ,0 0 0 (2 H )2 5 ,0 0 0 ( 1 % ) 10,000 (4M )45,00<>
T o ta l d e d u c tio n s _____
$146,655
$167,013
$54 ,179
$10 0 ,8 9 7
B a la n ce . ________ ______
$1,031
$8,378
$31 ,716
$4,262
Surplus p re ce d in g y e a r s .
$59 3,19 6
$ 4 4 2,17 9
$896,882
$737,408
P ro fit a n d loss a d j u s t . .
D r .3 ,1 4 0
142,639
12,361
155,212
T o ta l surplus Ju n e 3 0 .
$59 1 ,0 8 6
$593,196
$94 0,95 9
$89 6 ,8 8 2
• In clu d e s G old en C ircle, $ 1 9 ,0 0 4 , an d C anon C ity & C rip. C r., $ 1 9 ,1 6 6
4A
OS
ZA

30 1909.)
On subsequent pages is given the report of the board of
directors, signed by Robert S. Lovett, Chairman of the
Executive Committee; also the comparative income account
for two years on the new basis prescribed by the Inter-State
Commerce Commission, the balance sheet for two years and
other tables. Below are the principal traffic statistics and
comparative income account for three years, compiled for the
“ Chronicle.”
Y e a r e n d in g J u n e

COLORADO TR A D IN G &
1908-09. 1907-08.
Gross ear.- In g s ......... $071,920 $626,715
31,823
16,910
Net Income------------Surp. previous year.
29,653
32,752
Miscellaneous
455
32,728

£*■

Southern Pacific Company.

{R e p o r t fo r F is c a l

TR AN SFER C O M P A N Y .
1908-09. 1907-08Dividends paid prior
to June 30 1907.....
$16,000
Bad debts, A c ..... ..............
6,737
D iv id e n d s ______ (20% )40.000(15)30,000

T o t a l ....................... $61,931
$82,390
T o t. Slri*. June 3 0 . $21,931
$29,652
C R IP P L E CR E E K CE N TR A L IIY . CO B A L A N C E SH EE T JU N E 30.
1909.
1908.
1909.
1908.
Assets—
S
$
Liabilities—
S
$
Stooks, bonds, A c.,
Preferred stock ______ 3,000,000 3,000,000
(V . 81, p. 1488)..5.432,158 5,414.191 Common s tock ........... 2,500,000 2,500,000
Due from sub. co s ___
2,372
. . . . Sundry remittances
C a s h ....... ...........
120,604
142,082
for payments due
Deposit with Kessler
after June 3 0 ______
*4,859
7,604
& Co., of doubtful
3,302
3,773
Dividends unpaid___
v a lu e ....................... 125,641
126,104 Surplus .....................
172,615
170,999
T o t a l .......................5,680,776 5,682.377

T o t a l ...................... 5,680,776 5,682,377

* Includes Flor. A C. C. R R ., $3,670: C. C. A C. C. R R ., $873; Mid. Term.
R y .. $450; Col. Trad. A Trans. Co., $739.
FLORENCE <t- C R IP P L E CR E E K RR. B A L A N C E SH EET J U N E 30.
1909.
1908.
1909.
1908.
Assets—
$
S
Liabilities—■
S
$
Road A eq u ip m e n t..2,599,350 2,599,350 Capital stock..............1,000,000 1,000,000
Due from Individuals,
First mt g e . bonds. . . 1.000,000 1,000,900
6,279
companies, A c ___
8,948 Vouchers A pay-rolls
28,291
~~
29,038
Due from agents and
Traffic balances____
4,847
7,814
c o n d u c to r s ______
464
586 Notes payable______
25,000
25,000
Materials A supplies.
21,356
25,464 Accrued t a x e s .,.
5,080
5,080
Cash .......................
12,526
14,600 Rental accounts____
5,575
Traffic balances,___
22,496
17,081 Rail renewal_______
"o ', 175
Cripple Creek Central
6,947
Equipment renewal.
’ 5’ 384
Railway Cp______
3,670
3,670 Miscellaneous
2,815
3,797
M iscellaneous............
4,099
5,185 Profit and loss............ 591,086
593,196
T o t a l ...................... 2,670,241 2.674,885
T o t a l .......................2.670,241 2,674,885
M ID L A N D T E R M IN A L R Y CO. B A L A N C E SH EE T J U N E 30.
1909.
1908.
1909.
1908.
Assets—
S
S
Liabilities—
8
$
Road A equipm ent- .2 351,624 2,351,624 Capital stock..............1,000,000 1,000,000
Due from railroads
First mortgage bonds 395,000
407,000
34,083
20,806 Vouchers A pay-rolls
and Individuals__
33,630
36.727
Due from agents and
Traffic balances____
18,202
15,672
1,046 First mtge. coupons.
1,349
c o n d u c t o r s ............
375
875
30,900
8,942 Notes payable______
Materials A supplies.
10,000
10,000
618
1,151 Equipment renewals
Sinking fund a c c t s ..
3,818
4,304
Cash _____ _________
15,654
18,321 Equip, lease warrants 24,000
24,000
Cripple Creek Central
C. C. drainage tunnel
438
1,225
450
450 Accrued lnt. A taxes
Railway C o. ____
7,326
7.376
2,395
3,760 Rail, A c., renew, sus.
Miscellaneous ...........
3,325
1,016
Sinking fund_____ _
______
1,023
Profit and loss............ 940,959
896,882
T o t a l ...................... 2

2,406,101

T o t a l ...................... 2,437,072 2,406,101

G O L D E N C I R C L E R R . A N D C . C . & C .C . R R . B A L A N C E S H E E T S J U N E
G o ld en

A s se ts —
Road and equipment
Florence & Cripple
Creek R R .........
Profit and lose_____

C .

C .

<£•

G o ld en

30 1909'
C . C .

&

C . C . R R .
—
C ir c le .
C ir c le .
C . C . R R .
5350,000 8350,000 Capital stock......... 5175,000 $175,000
First mortgage bonds 175,000 175,000
1,020
1,020
1,887
1,968 Accrued taxes........988
896
1,225
1,215 Audited vouchers__
1,175
C. C. Central RR __
1,197
L ia b ilitie s

Total...................$353,112 8353,183

Total...................$353,112 8353,183
—V. 89. p. 847.

GENERAL IN VESTM EN T
R A IL R O A D S ,

IN C L U D IN G

NEWS.

E L E C T R IC

R O A D S .

New Stock, Refunding,

A t la n t a & W e s t P o in t R R . —
cfee.—
T h e s h a r e h o ld e r s w i l l m e e t D e c . 1 4 1 9 0 9 t o c o n s id e r r e t ir i n g
o r r e f u n d in g t h e $ 1 ,2 3 2 ,2 0 0 6 % c e r t if ic a t e s
o f in d e b t e d n e s s
( s u b j e c t t o c a l l a t c o m p a n y ’ s o p t io n ) a n d a ls o t h e q u e s t io n o f
in c r e a s in g t h e c a p it a l s t o c k .
T h e s to c k n o w a m o u n ts to
$ 1 , 2 3 2 , 2 0 0 a n d is r e c e iv i n g d i v id e n d s o f 6 % p e r a n n u m .
— V . 71, p . 963.

Listed.

A t la n t ic & D a n v ille R y . —
E x c h a n g e h a s lis t e d $ 7 5 0 ,0 0 0
4%

— The
a d d it io n a l

b o n d s .— V . 7 9 , p . 9 6 7 .

N e w Y o r k S to c k
se c o n d m o rtg a g e

Bonds Offered.

A t la n t ic Q u e b e c &
W e s te rn R y .—
— The
d ir e c t o r s o n N o v . 17 o ffe re d in L o n d o n , t h r o u g h th e L o n d o n
C it y & M id la n d B a n k , a t £ 9 8 p e r b o n d , £ 1 7 5 ,0 0 0 5 % f ir s t
m o r tg a g e d e b e n tu r e b o n d s o f £ 1 0 0 e a c h , th e r e m a in d e r o f
a n is s u e r e s t r ic t e d t o £ 5 2 5 , 7 0 0 , a s m e n t io n e d b e lo w .
The
b o n d s a r e r e - p a y a b le a t p a r o n J u ly 1 1 9 3 5 , b u t c a n b e
re d e e m e d b y th e c o m p a n y a t s ix m o n t h s ’ n o t ic e o n J a n . 1
1 9 1 5 , o r o n a n y s u b s e q u e n t J u ly o r J a n . 1 a t £ 1 1 0 .
A fu ll
h a lf - y e a r ’s in t e r e s t w ill b e p a y a b le o n J u ly 1 1 9 1 0 .
In te re s t
g u a r a n t e e d f o r f iv e y e a r s b y p le d g e o f s u b s id y w h e n r e c e iv e d
a s b e lo w s t a t e d .
A n a d v e r t is e m e n t s a y s in s u b s ta n c e :

Under Special Act of the Canadian Legislature passed In 1903 the com­
pany was authorized to construct two railways, viz.: ( 1 ) a (projected) line
through the Interior from Gaspe to Edmunston (260 miles), and (2) the
Gasne section, 102 >4 miles,of which 20 miles from New Carlisle to Port
Daniel Is opened for traffic, 20 miles more Is carrying construction traffic
and the remainder to Paspeblac Is expected to be opened next autumn.
Gaspe Harbor Is situated Immediately south of the entrance to the St.
Lawrence River and is some 18 miles long and 4 miles broad.
The Act empowered the Issue of first mortgage debenture bonds to an
aggregate amount of £1,866,000. Accordingly, these railways so author­
ized, with their appurtenances, have been mortgaged by trust deeds to
secure an aggregate Issue of such bonds to the authorized amount. Hut
first mortgage debenture bonds to the amount of £350,700 only have
been issued up to the present date, and the company has recently precluded
itself from Issuing more than the £175,000 now offered by entering Into an
agreement with the contractors for the railways ( 1 ) to restrict the total
issue of first mortgage debenture bonds to £525,700; (2) to provide for
future payments in excess of that amount under the contract by an issue
of consolidated bonds instead of by the remaining authorized Issue of first
mortgage debenture bonds.
, _
. ,
L a n d S u b s i d i e s .— By agreements with the Government of Quebec, the
company Is entitled, subject to the conditions of those agreements, to a
subsidy of 400,000 acres of land In respect of its Gaspe or coast section, or
w ich the company Is entitled to an Immediate grant of 80,000 acres, the
right to all land subsidies has been conveyed to the trustee.
G u a ra n ty
o f In terest fo r F iv e
Y e a r s .— Under agreements with the Do­
minion Government and orders of the Governor In Council, the company is
entitled, subject to the conditions of those agreements and orders, to the
following subsidies In respect of Its Gaspe or coast section: $6,400 per mile
on 102 miles, 5652,800; for bridges. $250,000; total subsidies, $902,800;
deduct amount already received, $156,672; balance, 8746,128. This
balance, as and when received, will be paid over to the trustees for the
bondholders, and be applicable towards payment of Interest on the 5%
first mortgage debenture bonds to Dec. 31 1915.
Director- The Right Hon. the Earl of Ranfurly. G.C.M.G., President;
Maior Dudley Henry Alexander, C.M.G., Vice-President; William Motfatt,
Edward Bruce Read, James Millington Synge, all of England; and Joseph
Lavoie, Esq., Vice-President, of Canada. London office, 87 Strand. Com­
pare sale of Atlantic & Lake Superior, possibly to this company, V. 89, p.
468; V. 87, p. 740, 165; V. 85, p. 97.— V. 87, p- 1418; V. 8 6 , p. 167.

New Mortgage.

A t la n t ic S h o re L in e R y . —
6 % m o r tg a g e f o r $ 5 0 0 ,0 0 0 h a s b e e n

f ile d

— A 6-m o n th s ’
w it h th e F id e lit y

T r u s t C o . o f P o r t la n d , M e ., a s t r u s te e .— Y . 8 5 , p . 3 4 4 .

Elevated Service to Forest Hills.

B o s t o n E le v a t e d R y . —
R e g u la r e le v a t e d s e r v ic e t o F o r e s t H i l l s w a s s t a r t e d N o v . 2 2
o n a n 8 - m in u t e s c h e d u le , e x c e p t d u r in g r u s h h o u r s , w h e n
t r a in s a re r u n

e v e r y 5 m in u t e s . — V . 8 9 , p . 1 2 7 9 .

Dividend Guaranty.

B u f f a lo R o c h e s t e r & P it t s b u r g h R y . —
T h e s t o c k h o ld e r s o n N o v . 2 2 v o t e d t o g u a r a n t e e d iv id e n d s
a t th e r a t e o f 6 % o n th e $ 2 5 0 ,0 0 0 a d d it io n a l s t o c k o f th e
C l e a r f i e l d & M a h o n i n g R y . , r e c e n t l y a u t h o r i z e d , t h e is s u e
h a v in g b e e n in c r e a s e d f r o m $ 7 5 0 ,0 0 0 t o $ 1 , 0 0 0 , 0 0 0 , a s s t a t e d
in

[VOL. LXXXIX.

THE CHRONICLE

1410

V . 8 9 , p . 1 2 2 2 .— V . 8 9 , p . 1 3 4 6 .

Special Dividend of

C e n t r a l R a ilr o a d o f N e w J e r s e y . —
2% .
— T h is c o m p a n y , $ 1 4 ,5 0 4 , 0 0 0 o f w h o s e $ 2 7 ,4 3 6 , 8 0 0 s t o c k is
o w n e d b y t h e R e a d in g C o m p a n y , d e c la r e d o n
N o v . 23 a
s p e c ia l d iv id e n d
o f 2 % , p r e s u m a b ly fr o m
t h e d iv id e n d
o f 6 j/ 2% d e c l a r e d t h e s a m e d a y o n t h e s t o c k o f t h e L e h i g h &
W i lk e s - B a r r e C o a l C o . , $ 8 , 4 9 1 , 1 5 0 o f w h ic h is o w n e d b y
t h e r a ilr o a d .
W h e t h e r t h e c o a l d i v id e n d is a n a n n u a l p a y ­
m e n t is n o t m a d e k n o w n .
T h e 2 % d is t r ib u t e d b y th e C e n ­
t r a l m a k e s 1 0 % fo r th e y e a r.
T h e s p e c ia l d iv id e n d c a lls
f o r $ 5 4 8 ,7 3 6 ; t h e c o a l d iv id e n d b r in g s in $ 5 5 1 ,9 2 5 .
The
r a i l r o a d d i v id e n d is p a y a b l e D e c . 1 5 t o h o ld e r s o f r e c o r d
N o v . 3 0 .— V . 8 9 , p . 8 4 3 , 7 7 7 .

Cash Payment

C h ic a g o L a k e S h o r e & E a s t e r n R y . —
.— U n ­
d e r t h e t e r m s o f i t s 6 0 - y e a r le a s e o f t h is p r o p e r t y , t h e E l g i n
J o l i e t & E a s t e r n R y . h a s a g r e e d t o p a y o v e r t o t h e C h ic a g o
L a k e S h o r e A E a s t e r n $ 4 ,0 0 0 ,0 0 0 c a s h , a n d t h e r e c e n t in ­
c r e a s e o f th e o u t s t a n d in g c a p it a l s t o c k o f t h e E . J . & E .
f r o m $ 6 ,0 0 0 ,0 0 0 to $ 1 0 ,0 0 0 ,0 0 0 ( V . 8 9 , p . 4 1 ) w a s p r e s u m a ­
b l y i n c o n n e c t i o n w i t h t h i s le a s e a n d p a y m e n t .
B o th com ­
p a n ie s a r e c o n t r o lle d b y t h e U n it e d S t a t e s S t e e l C o r p o r a t io n ,
a n d t h e C h ic a g o L a k e S h i r e & E a s t e r n R y . o w n s t h e e x ­
c lu s iv e r a ilw a y a n d t e r m in a l f a c ilit ie s o f th e U . S . S te e l C o r ­
p o r a t io n ’s n e w p la n t a t G a r y , I n d . , a n d a t t h e S o u t h C h ic a g # a n d J o lie t p la n t s o f th e I llin o is S te e l C o .




Bonds Offered.

— W m . A . R e a d & C o . , N e w Y o r k , C h ic a g o ,
B o s t o n a n d B a lt i m o r e , h a v in g s o ld p r iv a t e ly o v e r t w o - t h ir d s
o f t h e p r e s e n t is s u e o f $ 9 , 0 0 0 , 0 0 0 f i r s t m o r t g a g e 6 0 - y e a r
4 ^ % g o ld b o n d s , a r e o f f e r in g t h e r e m a in d e r , b y a d v e r t is e ­
m e n t o n a n o t h e r p a g e , a t 1 0 6 )^ a n d in t e r e s t , n e t t in g 4 .2 0 % .
T h e se b o n d s a re d a te d 1909 a n d d u e Ju n e 1 1969, b u t re ­
d e e m a b le a t 1 1 0 a n d in t e r e s t in w h o le o r in p a r t b y lo t o n
a n y in t e r e s t d a t e a f t e r J u n e 1 1 9 1 9 , o n f o u r w e e k s ’ p u b lis h e d
n o t ic e .
I n t e r e s t J . & D . in N e w Y o r k .
P a r $ 1 ,0 0 0 (c * ).
A u t h o r iz e d
is s u e
$ 2 0 ,0 0 0 ,0 0 0 ;
p re se n t
is s u e
$ 9 ,0 0 0 ,0 0 0 .
T ru s te e , N e w Y o r k T r u s t C o .
P r in c ip a l a n d in t e r e s t g u a r ­
a n te e d b y e n d o rs e m e n t b y th e E lg in J o lie t & E a s t e r n R y .
C o . a n d th e U n it e d S t a t e s S te e l C o r p o r a io n .
T hese bond s
a r e s t a t e d t o b e a le g a l in v e s t m e n t f o r N e w Y o r k _ a n d M a s ­
s a c h u s e t t s L i f e in s u r a n c e c o m p a n ie s a n d f o r s a v in g s b a n k s
in M a in e , N e w H a m p s h ir e a n d R h o d e I s la n d .

Abstract of Letter from President A. F. Banks, Chicago, July 26 1909.
I s s u e d f o r 50% o f C a s h C o s t . — The $9,000,000 bonds are secured by
the first and only mortgage on all of the railways, terminals, equipment,
franchises, (eases and all other property now owned or hereafter acquired.
The property represents an investment of at least $18,000,000, which in­
cludes 121 locomotives and 9,098 freight cars. The company also has valua­
ble trackage rights over other railroads.
No further bonds can be issued except for construction, Improvements,
betterments or equipment, and only to an amount not exceeding 50% of
the actual cost thereof.
,
,
.
The company now owns 326 miles of tracks, Including main tracks and
side tracks, and embraces in all a total of 654 miles of tracks owned and
operated under trackage rights. It furnishes the exclusive railroad terminal
facilities for the new plant of the United States Steel Corporation at Gary,
Ind., and the plants of the Illinois Steel Co. at South Chicago, Joliet and
B on d s

The'enUre outstanding capital stock of $9,000,0001s owned by the Illinois
Steel Co., a subsidiary company of the U. S. Steel Corporation, and has
been issued at par, for cash expended on the property pledged under the
mortgage securing these 4>*% bonds. It thus represents an Investment
equal to the amount of the bonds outstanding, and this Investment remains
a continuing equity junior to the bonds.
F i v e - Y e a r A v e r a g e N e t E a r n i n g s $1,791,304.— The earnings of the com­
pany, less operating expenses and taxes, for the five years ending Dec. 31
1904 to 1908, inclusive, liave averaged per year $1,791,304. Prior to June 1
1909 the company paid annual rentals, Interest and other charges aggregat­
ing $1,248,880. Provision has been made by the issue of these bonds
by which none of those rentals and charges will be payable, with the excep­
tion of a charge of 856,000 per annum for rentals of leased lines. The only
fixed charge, therefore, against Income, after the deduction of operating ex­
penses and taxes, with the exception of $56,000 per year rental for leased
lines above referred to, will be the Interest on Its present $9,000,000 of first
mortgage bonds, amounting to $405,000.
G u a r a n t y a n d L e a s e . — The Elgin Joliet & Eastern Ry. Co., which, to­
gether with the U. S. Steel Corporation, guarantees the principal and In­
terest of the bonds. Is a very Important freight-carrying road. In addition
to paying the Interest on Its bonded Indebtedness, it has paid 4% per annum
on Its capital stock during the past eight years
of 1
lease g» wvuva , u„
pj ____ ___ _ ____ __ _________ ___ _
over other roads. This lease runs for a period of 60 years, expiring at the
maturity of the C. L. S. & E. Ry. bonds.— V. 89, p. 224, 41.

Extensions Authorized

Impending New Stock Issue.
C h ic a g o

W e s te rn R y .—
— •
— T h e s t o c k h o ld e r s a t t h e r e c e n t
a n n u a l m e e t in g a p p r o v e d t h e c o n s t r u c t io n o f n e w lin e s a n d
b r a n c h e s in S o u t h D a k o t a , I o w a , I llin o is a n d W is c o n s in a g ­
g r e g a t in g a b o u t 4 6 5 m ile s .
I t is c u r r e n t l y r e p o r t e d t h a t ,
o n a c c o u n t o f t h is w o r k a n d im p r o v e m e n t s c o n t e m p la t e d ,
t h e c o m p a n y w ill p r e s e n t ly o ff e r t o it s s t o c k h o ld e r s t h e r ig h t
t o s u b s c r ib e f o r a b lo c k o f n e w s t o c k , p r o b a b ly $ 2 0 ,0 0 0 ,0 0 0
to

&

N o rth

$ 3 0 ,0 0 0 ,0 0 0

in

a m o u n t.— V .

89,

p.

1068,

992.

.—Passenger Rate Increased.

C h ic a g o P e o r ia & S t . L o u is R R
— T h e r e c e iv e r s u n d e r t h e t e m p o r a r y

in j u n c t io n

g ra n te d

la s t

m o n t h b y th e U n it e d S t a t e s C ir c u it C o u r t r e s t r a in in g th e
e n f o r c e m e n t o f t h e I llin o is 2 - c e n t p a s s e n g e r r a t e la w o n N o v .
2 2 in c r e a s e d t h e r a t e f r o m 2 t o 3 c e n t s p e r m ile t o n o n - c o m ­
p e t it iv e p o in t s .

The road will continue to sell mileage books at $20 per t,000 miles, and
the rate to the principal cities will be on a 2-cent basis. Notwithstanding
this, it is expected the change will result in a profit from passenger business
against a loss heretofore.— V. 89, p. 1141, 778.

.—Control Pur­

chased.

C u m b e r la n d & W e s t e m p o r t E le c t r ic R y
— H e n ry L . D o h e rty & C o . o f N e w Y o r k h a v e p u r­
c h a s e d c o n t r o l o f t h is r o a d , w h ic h r u n s f r o m C u m b e r la n d
to
L o n a c o n in g ,
M d .,
25
m ile s .
C o m p a re
s ta te m e n t
in
“ E le c t r ic

R a ilw a y ”

S u p p le m e n t .

.—Default on Equipment

Notes

D e t r o it T o le d o
&
Iro n to n R y
.— W e l e a r n t h a t t h e l a s t c o u p o n p a i d o n t h e 4 j ^ %
e q u ip m e n t t r u s t n o te s d a t e d J u n e
1 1 9 0 5 , o f w h ic h $ 1 ,­
6 5 6 ,0 0 0
r e m a in
u n p a id , w a s t h a t o f D e c . 1 1 9 0 7 .
On
a c c o u n t o f t h e d e f a u lt , t h e e q u ip m e n t f o r w in c h t h e n o t e s
w e r e is s u e d w a s b y o r d e r o f C o u r t s u r r e n d e r e d t o t h e A m e r i ­
c a n C a r & F o u n d r y C o ., b u t a s n o a d ju s tm e n t h a d b e e n
m a d e o f t h e o r ig in a l o b lig a t io n , t h e la t t e r w a s in c lu d e d in t h e
b a la n c e s h e e t o f J u n e 3 0 la s t .
C o m p a re a n n u a l re p o rt,
V .

89, p.

1 2 1 7 .— V .

89, p.

1279,

1217.

Lease Guaranty, &c.

E lg in J o lie t & E a s t e r n R y . —
—
— See
C h ic a g o L a k e S h o r e & E a s t e r n R y . a b o v e .— V . 8 9 , p . 4 1 .

—New Officers

E r ie R R .
.— C h a r l e s A. P e a b o d y h a s b e e n
e le c t e d a d ir e c t o r t o s u c c e e d t h e la t e E . I I . H a r r im a n a n d
e x - J u d g e R . S . L o v e t t h a s b e e n c h o s e n to f ill th e v a c a n c y
in t h e e x e c u t iv e c o m m it t e e .
Jo h n C . S tu a rt, w h o h as been
G e n e r a l M a n a g e r f o r s e v e r a l y e a r s , b e c o m e s V ic e - P r e s id e n t
in c h a r g e o f t h e o p e r a t in g , m a in t e n a n c e a n d m e c h a n ic a l
d e p a rtm e n ts .— V .

as to Interest Only
G ra n d T ru n k

89,

p.

1064,

1083,

286.

.—New Bonds to Be Guaranteed

W e s te rn R y
.— I n o u r i s s u e o f O c t . 3 0 m e n t i o n w a s
m a d e o f th e o ffe r o f th e c o m p a n y to g iv e e it h e r c a s h o r
f ir s t m o r tg a g e 4 s , d u e 1 9 5 0 , f o r th e $ 5 6 3 ,0 0 0 N o r t h - W e s t e r n
G r a n d T r u n k R y . 6 s, m a t u r in g J a n . 1 1 9 1 0 .
A t t e n t io n w a s
a ls o c a lle d t o t h e s t a t e m e n t t h a t t h e n e w 4 s w o u ld , u n li k e
e a r l i e r b o n d s o f t h e s a m e is s u e , b e g u a r a n t e e d a s t o p r i n c i p a l
a s w e ll a s in t e r e s t b y t h e G r a n d T r u n k R y .
O n in q u ir y
w e le a r n t h a t t h e c i r c u l a r o f O c t . 1 4 w a s n o t q u i t e c o r r e c t ,
t h e g u a r a n t y r e m a in in g , a s b e f o r e , a n u n c o n d it io n a g u a r a n t y

NOT. 27 1900.j
o f in t e r e s t o n ly .
c o r d in g ly .

The

14:11

THE CHRONICLE
a d v e r t is e m e n t h a s b e e n

changed

ac­

The Treasurer has heard from nearly 90% of the holders of North Western
Gr&nd Trunk Ry. bonds, and In each case they advise that cash will be
expected on Jan. 1 1910. Accordingly, the company will arrange to retire
all of these bonds In cash, as there Is but little probability that the holders
will accept a 4% bond at par In exchange for tliclr 6 % bonds.— V. 89, p.
1141.

New First

Mortgage Bondholders’ Committee.

H o lm e s b u r g T a c o n y & F r a n k f o r d E le c t r ic R y . —
— The
com pany
h a v in g
d e f a u lt e d o n t h e c o u p o n s d u e N o v 1 1 9 0 9 , a n d r e c e iv e r s h a v in g
b e e n a p p o in t e d b y th e U n it e d S t a t e s C ir c u it C o u r t f o r t h e
E a s t e r n D is t r ic t o f P e n n s y lv a n ia , a P h ila d e lp h ia p r o t e c t iv e
c o m m it t e e , c o n s is t in g o f J a c o b S . D is s t o n , C h a ir m a n ; G e o r g e
B . A t le e a n d I le n r y B a in J r . , w it h C . B r a d f o r d F r a le y , 1 8 1 5
L a n d T i t l e B l d g . , a s S e c r e t a r y , a n d G e o r g e Q u in t a r d I I o r w it ; z
a s c o u n s e l, w i l l o n o r b e f o r e D e c . 2 0 r e c e iv e d e p o s it s o f t h e
f ir s t m o r t g a g e b o n d s a t t h e T a c o n y T r u s t C o . , d e p o s it a r y , o r
T h e W e s t E n d T r u s t C o ., a s a g e n t o f th e T a c o n y T r u s t C o .

1%%

a s e m i- a n n u a l d iv id e n d o f
o n th e ($ 2 0 ,5 5 7 ,4 0 0 ) p r e ­
fe rre d s to c k .
T h is c o n t r a s t s w it h 1 J^ % p a id la s t J u ly a n d
w it h 1 % in J a n . 1 9 0 9 , w h e n d i s t r ib u t i o n s t o s h a r e h o ld e r s
w e r e re s u m e d a f t e r a n in t e r v a l o f f o u r y e a r s .— V . 8 9 , p . 3 4 8 .

Plan Abandoned New

Company Formed.
M e m p h is

R a ilr o a d T e r m in a l C o .—
— S e e M e m p h is U n io n

— V. 84, p. 570.

—
C o . b e lo w .

S t a t io n

Bonds Notes.

M e m p h is U n io n S t a t io n C o .—
—
— T h is c o m ­
p a n y , in c o r p o r a t e d in T e n n e s s e e o n S e p t . 2 9 1 9 0 9 , w it h
$ 1 0 0 ,0 0 0 c a p it a l s t o c k , h a s m a d e a m o r tg a g e to th e B a n k e r s
T r u s t C o . o f N e w Y o r k , a s t r u s t e e , t o s e c u r e a n is s u e o f
$ 3 ,0 0 0 ,0 0 0 5 0 - y e a r 4 % g o ld b o n d s .
A b lo c k o f th e s e b o n d s ,
i t is u n d e r s t o o d , h a s b e e n p le d g e d t o s e c u r e a n is s u e o f 2 - y e a r
5 % n o t e s d u e N o v . 1 1 9 1 1 , in t e r e s t M . & N .
J . L . L a n c a s t e r , o f M e m p h is , w r it in g t o t h e “ M a n u f a c ­
t u r e r s ’ R e c o r d , ” s a id :

We are organizing the Memphis Union Station Co. for the purpose of
constructing commodious and convenient passenger terminals in the city
of Memphis, primarily to handle the passenger traffic of the Louisville &
H udson &
M a n h a tta n R R .
Nashville R R ., the Nashville Chattanooga & St. Louis R y., the Southern
R y., the St. Louis Iron Mountain & Southern Ry. and the St. Louis South­
30 1909—
— T h e e a r n in g s f o r t h e y e a r
western R y.; but If the Rock Island, the Frisco and the Illinois Central
e n d in g J u n e 3 0 1 9 0 9 , d u r in g w h ic h t h e lin e s w e r e o n ly p a r t ly
roads can be induced to join In the use of the proposed station, the facilities
will be made ample to accommodate them.
in o p e r a t io n ( c o m p a r e V . 8 9 , p . 1 2 8 0 , a n d “ R a i lw a y a n d
The necessary agreements have been reached among the five lines first
I n d u s t r ia l” S e c t io n , p a g e 0 4 ) , a s r e p o r t e d t o t h e P u b lic
named covering the terms upon which the station will be constructed and
operated. All expenses will be apportioned among the lines using the
S e r v ic e C o m m is s io n , w e re :
facilities upon the user basis.
IN C O M IC A C C O U N T F O R
Y E A R E N D I N G
J U N E 30.
It Is estimated that the terminals to provide for these five lines will cost
Operating revenue------------- 3743,701 Operating Income__________$706,029 $2,000,000, and If the other roads join the expenditure will be Increased
as may be required to amply provide for them.
Operating expenses________ 530,347 Non-opcratlng income______________ 18,235
[The Incorporators were: M. H. Smith, President of the Louisville &
Net operating revenue_____$213 354 Gross Income......................... $724,264 Nashville R R .; J. W. Thomas Jr., President of Nashville Chattanooga &
Net from Hudson Terminal
D ed u c t—
St. Louis Ry.; Fairfax Harrison, Vice-President of Southern Ry.; j L
Buildings_______________ 560,994 Interest on funded debt
Lancaster, President of Union Ry. and also of the Iron Mountain R R . Co.
(sec note below)________ $632,967 of Memphis, and C. W. Nelson, Assistant General Manager of the St. Louis
Total net revenue_______ $774,348 Other deductions_________ 26,927 Southwestern Ry. Co.]
Taxes accrued____________
68,319
The larger plan of the Memphis Railroad Terminal Co. was dropped last
llilil
------------- Total deductions...................$659,894 July after some $1,200,000 had been expended In buying land, owing to
Operating Income__________________________ $706,029 Balance, surplus_$64,370
Inability on the part of the roads concerned to agree on apportionment of
expenses, &c. Compare V. 84, p. 570.
N o t e .— The total Interest requirements for the year were $2,584,933, of
which $1,951,966 was charged to construction account, as representing in­
M ilw a u k e e E le c t r ic R a ilw a y & L ig h t C o .—
— The
terest payments during the construction period on portions of the road
N e w Y o r k S t o c k E x c h a n g e h a s lis t e d $ 6 ,4 3 7 ,0 0 0 r e f u n d in g
from which there were no receipts from operation.
B A L A N C E
S H E E T
J U N E
30 1909.
a n d e x t e n s io n m t g e . 4 ) ^ % b o n d s , d u e 1 9 3 1 .— Y . 8 8 , p . 1 5 6 1 .
A s s e t s ($106,889,695).
L i a b i l i t i e s ($106,889,695).
M o b ile J a c k s o n &
K a n s a s C it y R R .
C a sh __________________
$705,462 I' unded debt___________ $57,462,000
518,226 Stock and scrip________ 44,823,653
A cc’ ts with affll’ted cos._
— T h e f ir s t in s t a llm e n t o f $ 2 5 0 p e r s h a r e r e q u ir e d
105,418 Stock reserved to redeem
Other accounts receivable
1,429
Int. and dlv. receivable.
secur. of constlt. cos.
14,191 f r o m s t o c k h o l d e r s u n d e r t h e m o d i f i e d r e o r g a n i z a t i o n p l a n
Materials, supplies and
Taxes accrued_________
332,127 h a s b e e n c a l l e d a n d i s p a y a b l e o n o r b e f o r e D e c . 8 a t t h e
construction plant----990,879 Interest on funded debt,
654.225 o f f i c e o f t h e M e t r o p o l i t a n T r u s t C o . , 4 9 W a l l S t r e e t .
Free Investments_______
58,000 I)ue for wages_________
73,117
Special deposits-----------35,120 Other acc’ts payable____
Payment of the remaining installments may be made at the same time
320.226
Prepayments (lnsur.,&e.)
23,074 Other unfunded debt___
276,357 at the option of depositing stockholders. Interest at the rate of 5% per
annum will be allowed upon all payments, to be adjusted upon delivery
Fixed cap. Dec. 31 1908.103,157,416 Liability for completed
Other suspense (car pur­
of new bonds in accordance with the modified plan. Payments from de­
construction, payable
chase agreement)_____ 1,242,220
In bonds to be Issued._ 2,055,000 positing stockholders residing abroad will be received up to and including
Corporate deficit_______
52,449 Accr’d amort, of capital.
93,448 Dec. 22. Compare plan, V. 85, p. 1577; V. 87, p. 1664.— V. 89. p. 9 1 9 .
Current constr’ n fd. acc’t
785,351
N e w Y o r k C e n tr a l & H u d s o n R iv e r R R . C o .
P’ ' Funded debt Includes $5,000,000 New York & Jersey bonds, $51,­
25%
— T h e c o m p a n y is o f f e r in g t o
500,000 Hudson & Manhattan Ry. bonds, $42,000 purchase-money bonds
and deferred payments of $920,000, due under the 5% car trust In semi­ s h a r e h o l d e r s o f r e c o r d D e c . 1 0 , b y a d v e r t i s e m e n t o n a n o t h e r
annual installments beginning Sept. 1 1909. Compare V. 89, p. 1347, 1280.
— V . 89, p . 1280.

June

Balance Sheet.

—Earnings for Year ending

Listed.

—First Installment

Called.

Subscribe for

Sale of Land.

— T h e c o m p a n y a n n o u n c e s it s p u r p o s e to
s e ll a p a r t o f t h e r e a l e s t a t e o w n e d i n t h e b l o c k b o u n d e d b y
C h r is t o p h e r , H u d s o n , G r e e n w ic h a n d W e s t T e n t h s t r e e t s ,
a b o u t 2 2 ,0 0 0 s q u a r e fe e t in e x t e n t , w it h a f r o n t a g e o n H u d ­
s o n , G r e e n w ic h a n d W e s t T e n t h s t r e e t s ( in c lu d in g t h e c o r ­
n e r o f G r e e n w ic h a n d T e n t h s t r e e t s ) . — V . 8 9 , p 1 8 4 7 , 1 2 8 0 .

—Commission

Rejects Offer to Build Extensions.

I n t e r b o r o u g h R a p id T r a n s it C o ., N e w Y o r k .
— T h e P u b lic S e r v ic e C o m ­
m is s io n , F i r s t D is t r ic t , in a le t t e r d a t e d N o v . 2 4 , r e je c t e d
t h e c o m p a n y ’s p r o p o s it io n o f J u n e 3 0 la s t , a s a m e n d e d S e p t .
2 2 , t o b u ild a t it s o w n e x p e n s e e x t e n s io n s in M a n h a t t a n a n d
t h e B r o n x a n d t h ir d - t r a c k p r e s e n t e le v a t e d lin e s .
C o m p a re
V . 89, p . 778, 664.

Listed.—

v

K a n a w h a & M ic h ig a n R y . —
T h e N e w Y o r k S to c k
E x c h a n g e h a s lis t e d t h e $ 2 ,5 0 0 ,0 0 0 s e c o n d m o r t g a g e 2 5 - y e a r
5 % b o n d s , d u e 1 9 2 7 , o ffe r e d e a r ly t h is m o n t h .
C o m p a re
b o n d o f f e r in g V . 8 9 , p . 1 2 8 0 , 1 2 2 3 .

Debenture Issue Sanctioned.

Long
I s la n d
R R .—
— The
P u b l ic S e r v ic e C o m m is s io n , S e c o n d D i s t r ic t , o n N o v . 2 0
g a v e it s s a n c t io n t o t h e p r o p o s e d c r e a t io n o f a n is s u e o f
$ 1 6 , 5 0 0 , 0 0 0 4 % 1 0 - y e a r g o ld d e b e n t u r e b o n d s , t o b e is s u a b le
t o t h e P e n n s y l v a n ia R R . f o r a d v a n c e s a s f o llo w s :

Issuable presently for the Indebtedness of the company to the
Pennsylvania RR. Co., said Indebtedness being for advances
used for additions and betterments_______________________ $4,396,500
Issuable presently In payment of Indebtedness to the Penn­
sylvania R R , Co., which Indebtedness “ appears to have
been Incurred In the payment of an operating deficit of the
Long Island R R .” The debentures In this case are to be
used only upon the express condition that neither the same
nor the Indebtedness evidenced thereby shall at any future
time be capitalized or converted Into stock or long-time
bonds without further application to the Commission and
proof made to Us satisfaction that such Indebtedness was
Incurred for purposes which arc the proper subjects of capital­
ization and not for an operating dellclt
_
l 666 452
Reserved to be Issued on account of further additions ’ and
’
’
Improvements and advances received therefor, but only upon
supplemental order after submission of proofs as to the
expenditures made and the advances received
10 437 048
...............
’
— V. 89, p. 529.

.—To Authorize

Issue.
Los

Bond

A n g e le s P a c if ic C o
$ 2 0 ,0 0 0 ,0 0 0
— T h e s h a r e h o ld e r s w i l l v o t e J a n . 6 o n a u t h o r i z i n g a n
is s u e o f $ 2 0 , 0 0 0 , 0 0 0 4 0 - y e a r 4 % b o n d s t o p r o v i d e f o r im ­
p r o v e m e n t s a n d a d d it io n s a n d f o r th e r e t ir e m e n t , d o lla r f o r
d o lla r , a t o r b e fo r e m a t u r it y o f e x is t in g b o n d s to a n a m o u n t
a g g r e g a t in g , i t is s a id , $ 1 0 ,6 5 6 , 0 0 0 .
A L o s A n g e le s p a p e r
says:

Besides the building of a 4-miIc subway from the terminal on III11 St. to
Western Ave, which will be discussed at the meeting, It is proposed to erect
a 12-story building on Hill St. near 4th; all the lines of the Los Angeles
Paclllc will be standardized and new coaches will be built. The bonds
may bo underwritten by the Southern Paclllc Co.— V. 87, p. 1358.

from to

Basis

M a s s a c h u s e tts
3
3 j/ £ %

—Dividend Increased

E le c t r ic C o m p a n ie s .
.— T h e t r u s t e e s o n W e d n e s d a y d e c l a r e d




New Stock.

—Option to

p a g e , u n d e r d a t e o f N o v . 2 3 , t h e r ig h t t o s u b s c r ib e a t p a r
( $ 1 0 0 p e r s h a r e ) , a t t h e o f f ic e o f T r e a s u r e r E d w a r d L . R o s s ite r, N e w Y o r k , o n o r b e fo re J a n . 10, to th e e x te n t o f 2 5 %
o f r e s p e c t iv e h o ld in g s , f o r t h e $ 4 4 ,6 5 8 ,0 0 0 n e w s t o c k a u ­
t h o r iz e d b y t h e d ir e c t o r s a t m e e t in g s h e ld O c t . 2 7 a n d N o v .
10.
S u b s c r ip t io n w a r r a n t s w il l b e m a ile d t o s t o c k h o ld e r s
o n D e c . 18.
S u b s c r ip t io n p a y m e n ts m a y b e m a d e o n a n d
a fte r J a n . 3 1910 a n d m u s t b e m a d e o n o r b e fo re J a n . 20
1 9 1 0 , f o r w h ic h s t o c k h o ld e r s w i l l r e c e iv e s t o c k a n d s c r ip
c e r t if ic a t e s a t t im e s u c h p a y m e n t s a r e m a d e , s t o c k t o c a r r y
a l l d iv id e n d s d e c la r e d a f t e r J a n . 1 5 1 9 1 0 .
T h e o u t s t a n d in g 5 % 3 - y e a r g o ld n o te s ( $ 2 5 ,0 0 0 ,0 0 0 ) m a ­
t u r in g F e b . 1 1 9 1 0 w il l b e a c c e p t e d a t p a r a n d a c c r u e d in
t e r e s t in p a y m e n t o f, o r t o w a r d , a n y s u c h s t o c k s u b s c r ip t io n s .
T h e P u b l ic S e r v ic e C o m m is s io n , S e c o n d D i s t r ic t , o n T u e s ­
d a y , i n a u t h o r i z i n g t h e n e w s t o c k is s u e , s t i p u l a t e d t h a t —

Of the proceeds of the sale, $21,966,615 48 Is to be used for the discharge
of that amount of the $25,000,000 3-year 5% gold notes maturing Feb. 10
1910. No part of the proceeds shall be used for the discharge of the re­
maining principal of these notes, the Commission finding that the $3,033,­
384 52 Is not properly chargeable to capital account. The remainder of
the proceeds, $22,691,384 52, may be used on account of acquisitions, ex­
tensions and Improvements according to a schedule filed with the Commis­
sion. Not more than $9,000,000 Is to be used for the purchase of m e w
equipment and rolling stock. See also V. 89, p. 1223.— V. 89, p. 1281.

ment.

Receivers’ Certificates for Equip­

N o r f o lk & S o u th e r n R R . —
— J u d g e W a d d ill in th e F e d e r a l C o u r t a t R ic h m o n d
o n N o v . 1 9 m a d e a n o r d e r a u t h o r i z i n g t h e r e c e i v e r t o is s u e
$ 4 4 2 ,8 6 5 1 - y e a r 5 J ^ % r e c e iv e r ’s c e r t if ic a t e s , d a t e d D e c . 1 ,
t o p u r c h a s e a d d it i o n a l r o l li n g s t o c k a s f o llo w s :

495 box cars costing $685 each and 104 flat cars at $535 each. The
certificates will be in denominations of $ 1,000 each, except one for $685.
— V. 89, p. 1348, 1224.

New Officers.

P a n - A m e r ic a n R R . —
— D a v id E . T h o m p s o n ,
U n it e d S t a t e s A m b a s s a d o r t o M e x ic o , w h o r e c e n t ly p u r c h a s e d
c o n t r o l ( V . 8 9 , p . .7 2 1 ) , w a s o n N o v . 1 8 e le c t e d P r e s i d e n t .
T h e n e w d ir e c t o r s a n d a d d it i o n a l o f f ic e r s c h o s e n w e re :

Directors: David E. Thompson, E. N. Brown, President of the Natlmma
Railways of Mexico; I’ orflrlo Diaz Jr., son of President Diaz of Mexico; Ra­
fael Donlde, an attorney; J. B. Body, representing S. Pearson & Sons,
London; Governor Guillermo Landay Escandon, Chief Executive of the
Federal District of Mexico; Pablo Macedo, Chairman of the board of dlrec
tors of the National Railways; Rosendo Pineda, a lawyer, and Kenmeth
McLaren of New York.
New Officers: E. M. Wise, formerly of the Louisville & Nashville; Vice­
President and General Manager; Ira Briscoe, a banker of Mexico City,
Treasurer, and Louis D’Antin, Secretary to the board of directors and the
President.— V. 89, p. 721.

dena.

P a s a d e n a ( C a l. ) R a p i d T r a n s i t C o . —
— P r e s id e n t H o r a c e M . D o b b in s

Stock Offered in Pttsttannounces:

Capital stock Is $3,000,000. Of this the company has placed o v e r
$2,250,000 and has left less than 7,500 shares: 6,000 shares have b e e n
reserved for the people of Pasadena. This stock is selling at $100 p e r
share, Its par value. There has been set aside 1,000 shares of stock as a
popular subscription allotment, of which each resident of Pasadena so
desiring may purchase not exceeding one share (par value $ 100 ) at $50
per share. (The company Is building an electric railway between Pasadena
and Los Angeles, which. It Is said, will have no grade crossings, and w t t i b e

20% shorter' than the existing line. The fixed charges and Interest on
bonds Is estimated at $125,000 yearly and “ dividends on the lull amount
ol preferred stock will be $6,000.” )

Completion of Tunnel No.

P e n n s y lv a n ia R R . —
3 .— W it h
t h e c o m p le t io n N o v . 2 3 o f t h e t h ir d t u n n e l o f t h e P e n n s y l
v a n ia R R . u n d e r th e E a s t R iv e r t o S u n n y s id c Y a r d , L o n g
I s l a n d C i t y , t h e c o n s t r u c t io n o f t h e c o m p a n y ’ s t u n n e l lin e s
f r o m B e r g e n H i l l , N e w J e r s e y , to S u n n y s id e Y a r d h a s b e e n
a c c o m p lis h e d , w it h t h e e x c e p t io n o f 1 5 0 f e e t in t h e a p p r o a c h
o f T u n n e l “ D ” t o S u n n y s id e Y a r d a n d s o m e w o r k a t t h e
L o n g I s la n d s h a f ts .
A l l o f t h is w o r k , i t is s t a t e d , w i l l b e
c o m p le t e d b e f o r e t h e e n d o f t h e y e a r .
C o m p a re V . 89, p.

Report.
Majority of Stock Owned.

S o u th e r n P a c if ic C o .—

— S ee o th e r p a g e s o f to - d a y ’s

is s u e .

— See

“ I n d u s t r ia ls ”

b e lo w .— V .

89,

p.

_
A s s o c ia t e d
1142,

,
O il

Co.

under

722.

Receivership.

S to n e C a n y o n P a c if ic R R . , C a lif o r n ia . —
— T h is
c o m p a n y in 1 9 0 8 m a d e a m o r t g a g e fo r3 $ 6 0 0 ,0 0 0 t o t h e G u a r ­
a n t y T r u s t C o . o f N . Y . , a s t r u s t e e , c o v e r in g it s 2 2 m ile s o f
r a ilr o a d , w it h t h e a d d it io n a l s e c u r it y o f a m o r tg a g e m a d e b y
t h e S t o n e C a n y o n C o n s o lid a t e d C o a l C o . o n it s c o a l p r o p ­
e r t y , s u b j e c t t o a n u n d e r ly in g is s u e o f c o a l b o n d s a m o u n t ­
in g , i t is u n d e r s t o o d , t o $ 5 3 0 , 0 0 0 .
C o a l m in in g h a s b e e n
p r e v e n te d b y lit ig a t io n a n d th e U . S . C ir c u it C o u r t a t S a n
F r a n c is c o r e c e n t ly a p p o in t e d W a lk e r A . D o d g e a s r e c e iv e r
fo r
th e
r a ilr o a d
and
H ood
M cK a y
as
r e c e iv e r
fo r
fo r th e co a l p r o p e rty .
I t is a lle g e d t h a t , c o a l m in i n g h a y in g
c e n s e d , t h e r e is n o t h in g f o r t h e r a ilr o a d t o t r a n s p o r t .
Com ­
V . 8 8 , p . 376.

New Control.

U n it e d R a ilw a y s , P o r t la n d , O r e .—
— T h e con­
t r o l o f t h is c o m p a n y , w h ic h h a s in o p e r a t io n 2 5 m ile s o f t r a c k
( 1 0 m ile s in t h e c i t y a n d 15 m ile s o u t s id e ) w a s r e c e n t ly s o ld
( a lo n g w it h
th e R u t h
T r u s t C o ., a s u b s id ia r y c o m p a n y
o r g a n iz e d t o f in a n c e t h e e x t e n s io n s ) t o n e w in t e r e s t s t h a t
d e n y a f f ilia t io n w it h a n y o t h e r r a ilr o a d a n d c la im to h a v e
a m p le f u n d s f o r c o n s t r u c t io n .
T h e n e w o w n e rs p ro p o s e to
e x t e n d th e r o a d 13 m ile s to F o r e s t G r o v e .
T he com pany,
w e a r e in f o r m e d , h a s $ 3 ,0 0 0 ,0 0 0 e a c h o f s t o c k a n d b o n d s
o u t s t a n d in g .

,

T. L. Greenough will remain as President. The new board ot directors
consists of T. L. Greenough, A. G. Emmons, L. B. Wlckersham and F. E .
Bowman, all of Portland, Ore.; J. H. Hulbert of Iowa and Charles D. Fullen of Seattle. Mr. Fullen was made Vice-President to succeed Joseph E.
Healy. A. G. Emmons was re-elected Secretary and General Counsel and
L. B. Wlckersham was retained as General Manager. Compare V. 84, p.
1308.
IN D U S T R IA L ,

G A S

A N D

M IS C E L L A N E O U S .

Consolidation Negotiations

A m a lg a m a t e d C o p p e r C o .—
.—
T h e n e g o t ia t io n s f o r t h e m e r g e r o f t h e A m a lg a m a t e d C o p p e r
C o . , t h e C o l e - R y a n p r o p e r t ie s a n d t h e G u g g e n h e im in t e r e s t s ,
i t a jp p e a r s , a r e p r o c e e d in g n o t w i t h s t a n d in g t h e d e c is io n in
th e S t a n d a r d O il c a s e re fe rre d to o n a n o th e r p a g e .
The
p r o p e r t ie s w h ic h i t is t h o u g h t m a y b e in c lu d e d a r e s t a t e d ,
w it h t h e ir o u t s t a n d in g c a p it a l s t o c k , t o b e a p p r o x im a t e ly :

$
1 C o le -R y a n P r o p e r tie s —
.153,887,900 Internat. Smelt. & Refin.
5,000,000 Butte Coalition...............
] Calumet & Arizona_____
G u g g e n h e im P r o p e r tie s —
Amer. Smelt. & R efill._.100,000,000 Chemung.______________
Amer. Smelt. Secur. Co. 77,000,000 Giroux_________________
Nevada Consolidated — 10,000,000 Greene-Cananea________
Cumberland-Ely----------- 6,500,000 Keweenaw____________
Guggenheim Exploration 20,335,100 North Butte___________
Utah Copper___________
7,259,500 OJlbwayS_______________
Superior & Pittsburgh..

A m a lg a m a te d
U n ited

C o p p er C o

M e ta ls S e llin g C o .

Total Guggenheim___ 221,094,600
The

U ta h

Copper

C o .,

it

$
10,000.000
15,000.000
2,000,000
2,000,000
6,150,000
50,000,000
5,000,000
6,000,000
2,100,000
15,000,000

Total C ole-R yan......... 113,250,000
is

th o u g h t,

m ay

a c q u ir e

th e

B o s t o n C o n s o lid a t e d C o p p e r & G o l d M i n in g C o . o n t h e b a s is
o f 1 sh a re o f U ta h (p a r $10) fo r 2 ^
sh a re s o f
B o sto n
C o n s o lid a t e d s t o c k ( t o t a l a u t h o r iz e d s t o c k , £ 7 7 5 , 0 0 0 in £ 1
s h a r e s , o f w h ic h o n S e p t . 3 0 1 9 0 8 £ 6 2 5 ,0 0 0 h a d b e e n is s u e d ) ,
b r in g in g a ls o t h a t p r o p e r t y in t o t h e a m a lg a m a t io n s c h e m e . —
V . 89, p. 471, 283.

Bond Issue.

A m e r ic a n C a n y o n W a t e r C o .—
— T h is c o m p a n y ,
in c o r p o r a t e d
in
C a lif o r n ia la s t J u n e w it h
$ 1 ,0 0 0 ,0 0 0 o f
a u t h o r iz e d s t o c k , th e in c o r p o r a t o r s b e in g W . O . B o w e r s
a n d ’A '. L . D a r r o w o f S a c r a m e n t o ; J . I I . B u f l u m o f F a i r O a k s ,
a n d o t h e r s , s u b s e q u e n t ly a c q u ir e d t h e p r o p e r t y o f t h e N o r t h
F o r k s D i t c h C o . , a n d t h e n f ile d a m o r t g a g e w i t h t h e F i r s t
F e d e r a l T r u s t C o . o f S a n F r a n c is c o , a s tr u s te e , to s e c u re
a n is s u e o f 2 0 - y e a r 6 %

g o ld

bond s.

The proceeds of the bonds, It was said, would be used In perfecting an
Irrigation system to supply water to Orangeville Bluffs, Fair Oaks and
about 2,000 acres of land In Sacramento County, Cal.
A m e r ic a n

L ig h t

&

T r a c t io n

C o .—

Earnings.

— The

r e s u lt s

f o r t h e 9 m o n t h s e n d in g S e p t . 3 0 w e re :
E a r n s .fr o m
O th e r
N et
P r e f.D iv .
Common B a l a n c e ,
S u b -C o s .
In co m e.
P r o fits .
(4 H %)
1909 ..$2,081,652 $224,470 $2,226,932 $640,629 (7%)$590,226 $996,077
1908'... 1,669,277 182,529 1,815,805 640,629 (5% ) 345,476 829,700
— V. 89, p. 920, 412.
N in e

M o s .

Earnings of

Controlled Properties.
A m e r ic a n

O c t.

31

Pow er

1909 a n d

A m e r ic a n
m o n th s

P n e u m a t ic

e n d in g

S e p t.

S ix

& L ig h t C o ., N e w Y o r k .—
— F o r O c to b e r a n d 12 m o n th s

e n d in g

1908:

In terest

O p e ra tin g

—
P r o fits .
1909....................
$222,227
1908______________ 131,32i
— V. 89, p. 848, 472.

— For

th e

s ix

F ix e d

D ie s .

C h a rg es.

P a id .

$58,735
44,074

$61,675
61,075

P d . to

B a la n c e ,

O u ts id e r s .

S u r p lu s .

$101,817
24,883

$689

Listed.

A rm o u r &
C o . ( P a c k e r s ) , C h ic a g o . —
— The New
Y o r k S t o c k E x c h a n g e h a s a u t h o r iz e d t o b e lis t e d t h e $ 3 0 ,­
0 0 0 ,0 0 0 r e a l e s ta te f ir s t m o r tg a g e 4 % b o n d s , d u e 1 9 3 9 , o n
n o t ic e o f e x c h a n g e f o r in t e r im c e r t if ic a t e s .
— F o r y e a r e n d in g O c t . 2 3 1 9 0 9 :

Earnings.

Y ccit ending_____
Y e a r e n d in g '
E x p e n d i t u r e s — O c t .23 ’09.
O c t . 24 ’08.
O c t . 23 ’09.
O c t . 24 '08.
Mfr. and sales.. 58,059,290 S10,167,607 Int.on bor.mon’y 51,137,163 81,586,761
361,808 Admin, expens. 1,576,787
531,279
Armour car lines
741,030
870,794 Taxes, Ins., &c_
Allied companies 1,908,454
208,205 Reserve for dls83,881
Net mlsceli’ous.
count&oth.expenses of pro­
2,500,000
posed bd. Issue
Total recelpts.SlO,582,905 S11,60S,474
Total dlsburs. S3,454,980 f6.308.475
Balance, surplus for the year............................................ $7,127,945
§5,300,000
—V. 89, p. 1282, 920.

Bonds

Offered.

A s s o c ia t e d
Gas
&
E le c t r ic
C o .,
N ew
Y o rk .—
— W . H . N e w b o ld ’s S o n & C o . a n d M o n t g o m e r y ,
C lo t h ie r & T y le r , b o t h o f P h ila d e lp h ia , a r e o f f e r in g a t 9 7 ) ^
a n d in t e r e s t , y ie ld in g
a b o u t 5 .1 5 %
in c o m e , t h e u n s o ld
p o r t io n
o f th e
p r e s e n t o u t s t a n d in g
is s u e
o f $ 1 ,3 2 5 ,0 0 0
“ f ir s t m o r tg a g e b o n d a n d s t o c k c o lla t e r a l t r u s t 5 %
g o ld
b o n d s ” d a te d J u ly 1 1 9 0 9 a n d d u e J u ly 1 1 9 3 9 , b u t re d e e m a a b le a t 1 0 5 a n d in t e r e s t .
In te re s t J . & J .
A u t h o r iz e d
$ 5 ,0 0 0 ,0 0 0 .
P h ila d e lp h ia T r u s t , S a f e D e p o s it a n d I n s u r a n c e
C o ., tru s te e .
D e n o m in a t io n s $ 1 ,0 0 0 a n d $ 5 0 0 c * .
F re e of
S t a t e t a x in

P h ila d e lp h ia .
O u ts ta n d in g

C o m b in ed

E a rn in g s

o f

th e

$214,447

$131,784

63

S u b s id ia r y

P r o p er ties

E x ce p t

th e

D e la w a r e

SUA? controlling Interest In the Associated Gas & Electric Co. (incorporated
In New York State March 17 1906) Is owned by W . S. llarstow & Co.
Mr. Barstow was for many years General Manager of the Brooklyn Edison
Co. The officers are William T. Morris. President; W. S. liarstow V ccPresident* O Clement Swenson, Treasurer; Jos. B. la y lo i, Secretary,
T. VV. Summers, Gen. Manager. New York Office of company, 50 Pine
Street; Ithaca office, Cayuga and Green streets.
E a r n in g s o f C o n tro lled C o m p a n ie s fo r
Y e a r e n d e d J u n e S O 1909.
G ross
ed rn s.

G ross

N et
a fter ta x e s .

ea rn s,

N et
a fter ta x e s.

$4,023
Ithaca HI. Lt. & P. $83,133 $40,677 Canlsteo Gas L t .. $8,189
3,675
Ithaca Gas Lt___
65,697
27,234 Penn Yan Gas L t. 12,944
5,005
Newark Gas L t—
15,507
Homer & Cortland
10,835
Gas Light......... 42,381
17,858 Van Wert pas L t. 29,290
Norwich Gas & El.
33,587 12,588 Bethlehem Consol.
35,064
67,259
Hornell Gas Light
37,584 22,462 G a b ................... __________________
Total of above_____________________________________ $395,571 $170,421
[The New York Public Service' Commission, Second District, recently
sanctioned new mortgage bond Issues, the present Issues thereof to be
applicable approximately as follows:
„ .
.
__ N e w M o r t g a g e ------- I s s u a b l e t o R e t i r e — E x t e n . A
T o ta l.

P r e s ’l I s s .

O ld

B d s . O th .O b l ig .

Hornell Gas Light Co___ $250,000 $112,000 $95,000
Penn Yan Gas Light C o .. 100,000
55,000
45,000
Lyons Gas Light C o____ 100,000
50,000
40,000
Norwich Gas & Elec. Co. 250,000 170,000
85,000
Ithaca Gas Light Co___ 400,000
260,000 200,000
Homer & Cort. Gas Light 250,000 160,000 100,000
Palmyra Gas & Elec. Co. 100,000
60,000
40,000
Newark Gas Light & Fuel 100,000
60,000
30,000

Y . 89, p .

79

a b ov e

C o u n ty E le c tr ic C o . fo r
Y e a r e n d i n g J u n e 30 1909.
Gross earnings.................... .$395,571 IPresent Interest charges------ *$81,250
Net after taxes....................... 179,421 [Surplus .,--------------------98 171
Includes Interest charges upon the present Issue and on the Bchlchem
Consolidated Gas Co. bonds. [$500,000 1st mtge. gold bonds dated 1904
and due April 1 1924, but subject to call; Interest rate for first 10 years 3 % , for
next 5 years 3 1 4 % and 4% thereafter.— Ed) Neither the earnings nor
Interest charges on the Delaware County Electric Co. are Included, as this
company was organized only In July 1909. It Is expected that the above
earnings will be considerably Increased by the expenditure of new money
from a portion of this issue of bonds and by the surplus earnings of the
Delaware County Electric Co. A small minority of the stock of several
subsidiary companies Is still Interested In a proportionate amount of this

Sur. over fixed chgs$20,584

•This Is Interest on bonds not owned by American Power & Light Co.,
also Interest on floating debt.
, _
.... . . ,
N o t e — The company began business In September 1909, but for com
paratlve purposes the earnings o f its local properties are given Irrespective
of the dates of their acquisition.— V. 89, p. 920, 848.

C a p ita liz a tio n .

Present issue....................$l,325,000|Pref. stock 6% (non-cum.
Two-Year 6% notes_____
280,000
par, $100)------------------- $500,000
|Com. stock (par $100)---- $600,000
A b s t r a c t of L e t t e r from P r e s i d e n t W i n . T . Morris, N e w York. J u l y 2 8 1 9 0 9
These bonds will be secured, when exchanges now taking place arc com­
pleted, by $1,082,000 first mortgage bonds, which will be the entire amount
as first mortgage bonds outstanding, covering the company’s plants In nine
fiferent cities and towns, and will thus be a first mortgage by collateral
In the properties as stated below; also by $1,355,250 In stocks of sub­
sidiary companies.
■. , ,
, ,
, ___.__
The remainder of the bonds of this Issue are reserved for the following
purposes: in exchange for further first mortgage bonds of subsidiary com­
panies, which may be Issued for extensions and improvements only at 80%
f cost, and only If earnings on such subsidiary company for previous year
have been double the Interest charges on all bonds issued and to be issued
In exchange for securities of subsidiary companies not yet exchanged,
In payment of new property at 80% of cost and under the above restrictions
as to earnings.
. ,
,
,
,
. .■
The subsidiary companies whose entire bonded debt or its cash equivalent
Is deposted as collateral for the above bonds are as follows:
Ithaca (N.Y.) Gas Light Co.
|Penn Yan (N.Y.) Gas Light Co.
Hornell (N.Y.) Gas Light Co.
Ithaca (N.Y.) El. Lt. & Pow. Co.
Norwich (N.Y.) Gas & Electric Co. Canlsteo (N.Y.) Gas Co.
Homer & Cortland (N .Y.) Gas Lt. Co Van Wert (O.) Gas Light Co.
Newark (N .y .) Gas Lt. & Fuel Co.
.....
.
A majority ot the stocks of the above companies, together with the two
following, arc deposited as additional collateral:
. . .
Bethlehem Consolidated Gas Co., Bethlehem, Pa. (see that co. below.)
Delaware County Elec. Co., Philadelphia City Lino to Media, Pa.
A sinking fund is provided on each of the mortgage bonds Issued deposited
as collateral for this issue. The trustee shall surrender such bonds for
cancellation only If an equal amount of associated bonds can be purchased
at 105 and Interest or better. These bonds must be purchased. If possible,
on the Philadelphia Stock Exchange and canceled.
If they cannot be
purchased at this price, subsidiary companies may use the money Tor
improvements and extensions. Most of the franchises are perpetual,
and where not perpetual are for a long term except at Cortland, llils
franchise matures In 1911 and will doubtless be renewed for 25 years.

Pooling Agreement.




-Results.

Co.

30

M o n th s

------ M o n t h o f O c t o b e r ----- — 12 M o s . e n d . O c t . 31--------1909.
1908. I n c . i . % )
1908-09. 1907-08. I n c . ( % )
Gross Income.......... $64,654 $54,523
19
$816,748 $675,390
21
Net Incom e............ 25,662
16,470
55
276,708
189,819
46
•Interest.........3.078
4,966
2
62,261
58,035
7
$11,504

S e r v ic e

LXXXIX

R e c e ip ts —

1348.

p a re

[VoL.

THE CHRONICLE

1412

A s s o c ia t e d

I m p r o v 'ts

fV lM

O '

9,000

1,000
10,000
35,000
50,000
40,000
20,000
6°-00° nn„
5.000
15.000
23,000
7,000

Termination of

O il

C o .,
San
F r a n c is c o .—
— H o ld e r s o f t r u s t s t o c k c e r t if ic a t e s w ill
m eet
S a n F r a n c is c o J a n . 18 1 9 1 0 to v o te u p o n th e t e r m in a ­
t io n o f t h e p o o lin g a g r e e m e n t o f F e b . 2 8 1 9 0 2 .
C o m p a re

at

Majority of Stock Owned by Southern Pacific Co.
1350.

..

...

„

lh e re ­
p o r t o f th e S o u th e r n P a c if ic C o . o n o t h e r p a g e s o f t o - d a y s
“ C h r o n ic le ” (se e t a b le N o . 1 2) s h o w s t h a t t h e S o u t h e r n l a c if ic o n J u n e 3 0 la s t o w n e d $ 2 0 ,0 0 9 ,0 0 3 o f t h e $ 4 0 ,0 0 0 ,0 0 0

o u t s t a n d in g s to c k
q u ir e d $ 5 ,1 4 7 ,8 1 1

already employ 8,000 men. The large plants of the Solvay 1 rocess Co.,
Peninsular Salt Co., Michigan Carbon Works and Detroit Iron & Steel Go.,
the repair shops of the Michigan Central RR. Co., and I'ort Wayne, the
United States Army post, lie within the territory.
The territory outside of Detroit, to which this company furnishes gas,
extends nine miles along the Detroit River. This, too. Is a manufacturing
district In which employment Is provided for over 4,600 men. Among
its principal industries are the Michigan Alkali Co., Great Lakes Engineering
Works, Detroit Shipbuilding Co. and Pennsylvania Salt Co. It has two
Interurban lines giving half-hourly service to the centre of Detroit.
The company’s plant, supplying the entire territory, is located in Detroit.
It has been entirely rebuilt during the last six months. A coal gas plant
has been installed, with machinery for handling coal and coke. [Water
gas sets held for reserve— Ed.] New purifying apparatus Is now in use.
Contract has been let for a holder of 500,000 cu. ft. capacity, which will
give a total holder capacity of 825,000 cu. ft. $153,000 has been spent
upon improvement and additions to the plant, mains, &c., since the
present management acquired the property last January. I be territory
Is now well covered with mains of ample size.
An aggressive campaign shows from Jan. 1 to Sept. 30 1909:
Gas ranges sold_____________ 1,634 Gross Income____ - _________ $53,565
Services run________________ 1,471 Net (after taxes)___________ 24,608
New consumers_____________ 1,495 * Bond interest--------------------- 17,744
6,864
Total consumers Sept. 30____ 3,883 Surplus____________________

o f t h e A s s o c ia t e d c o m p a n y , h a v in g a c ­
s t o c k d u r in g t h e p r e v io u s f is c a l y e a r . —

Listed on London Exchange.

V . 89, p . 1350.

C a n a d a I r o n C o r p o r a t io n .—
The
London
S to c k
Exchange
m o rtg a g e b o n d s d u e J u ly

has

1 1938.

lis t e d

£ 5 0 0 ,0 0 0

1 st

C o m p a re V . 8 8 , p . 1131.

.—Bonds Offered —

C a s t le V a lle y C o a l C o . , S a lt L a k e C i t y
P e a b o d y , I lo u g h t e li n g & C o . , C h ic a g o , a r e o f f e r in g a t p a r
a n d in t e r e s t t h e u n s o ld p o r t io n o f t h e p r e s e n t is s u e o f 8 3 5 0 , ­
0 0 0 f i r s t m o r t g a g e 0 % s e r ia l g o ld b o n d s , b e in g p a r t o f a n
a u t h o r i z e d is s u e o f $ 5 0 0 , 0 0 0 , d a t e d S e p t . 1 1 9 0 9 a n d d u e
$ 2 5 ,0 0 0 e a c h h a lf y e a r , b e g in n in g O c t . 1 1 9 1 0 a n d e n d in g
A n r i l 1 1 9 2 0 b u t r e d e e m a b le in t h e r e v e r s e o f n u m e r ic a l o r d e r
a t th e e n d o f a n y y e a r a t 1 0 5 a n d in t .
(c * ).
P r in c ip a l a n d s c m i- a n n . in t . p a
o f f ic e o f P e a b o d y , I lo u g h t e lin g & C o .
& S a v in g s B a n k , C h ic a g o .
A c ir c u la r

P a r $ 5 0 0 a n d $ 1 ,0 0 0
y a b le in C h ic a g o a t
T ru s te e , F ir s t T r u s t
s a y s in s u b s ta n c e :

Tho total authorized issue is 5500,000: now issued to complete railroad
and mine equipment and to furnish working capital, 5.'150,000; reserved for
the acquisition of additional property and the construction of additional
improvements, at not to exceed 50% of the actual cash cost of same, and
oniv upon approval of Peabody, Iloughteling & Co., $150,000.
These bond's are secured by an absolute first mortgage upon all the prop­
erty now owned or hereafter acquired, located in Emery County, Ltan.
125 miles southeast of Salt Lake City, and comprising approximately 4,oo0
acres of land, of which about 1,000 acres arc bituminous coal lands, con­
taining 400,000,000 tons of coal, together with eight miles of the Castle
Valley R R , (under construction), locomotives, l'olling stock, houses and
equipment of a capacity of 2,000 tons per day. There has also been de­
posited with the trustee, as additional security, the entire capital stock oi
the Castle Valley HR., which connects the property with the Utah Southern
R y., in which It owns a half Interest, and with the main line of the Denver
& Rio Grande.
,
. ,
,
Based entirely on the annual capacity of the first unit, now being in­
stalled, the net earnings should not be less than 51 per ton, or $500,000 per
annum, while the maximum yearly Interest charge against the present issue
of bonds is only $21,000. Sinking fund, 20 cents per ton on all coal mined
up to and Including 1,000 tons per day, and 5 cents per ton in excess of
1,000 tons per dav. James G. Bcrryhlll of lies Moines, la., and W . V.
Rice of Salt Lake City, Utah (Treasurer of tho Nevada-Douglas Copper Co.],
have a large cash investment behind these bonds, and are well able to pro­
tect their property to the fullest extent.
[The company is reported to have been organized last July with $o,000,000 capital stock. Over two-thirds of the stock is understood to be held by
Interests.identified with the Nevada Douglas Copper Co. and J. H. Mays
o f Salt Lake City, a director of the Copper Co., Is President of the Coal
Company.— Ed.]

Purchase of

Stock.

C o lu m b u s
( O .)
C it iz e n s ’ T e le p h o n e
C o .—
— P r e s id e n t H u n t in g t o n , o f t h e H u n t in g t o n N a t io n a l
B a n k o f C o lu m b u s , O . , a n n o u n c e d o n N o v . 17 t h a t h e w o u ld
b u y a t p a r a n d in t e r e s t t h e ( $ 8 1 0 ,0 0 0 ) p r e f ’ d s t o c k a n d a t
9 7 j/4 ( p a r
le s s
2
c o m m is s io n ) ,
th e
com m on
s to c k
( $ 7 5 0 ,0 0 0 ) , p r o v id e d h e c o u ld g e t a m a j o r it y o n o r b e fo re
N o v . 22.
O v e r $ 1 , 3 0 0 , 0 0 0 o f t h e s t o c k , i t is s a id , w a s t u r n e d
in .
T h e p u r c h a s e , i t is s u p p o s e d , w a s m a d e in t h e in t e r e s t
o f t h e s a m e p a r t ie s w h o
r e c e n t ly b o u g h t c o n t r o l o f t h e
C u y a h o g a T e le p h o n e C o . , & c .
S ee V . 89, p . 1283, 1225.

New Stock.
f ile d
$100

w it h

M in in g

&

S m e lt in g

Co.

of

s to c k

fro m

$ 5 ,5 0 0 ,0 0 0

P r e s id e n t ,

YV.

D .

to

iz in g —

1. The increase of the capital stock from $5,000,000 to $6,000,000
(all of one class) by the Issue of 10,000 additional shares of new stock of
the par value of $100 each.
2. An issue of 5% bonds to an amount not exceeding $3,000,000, to
be secured by mortgage upon the property, rights, privileges and franchises
of the company. In 1902 a mortgage for $3,000,000 was made covering
the mills at Milllnocket and Madison and some 634.000 acres of timber
lands. Of these bonds $2,310,000 (5s due July 1, 1927) remain out­
standing, interest J. & J., at Knickerbocker Trust Co., New York.— Ed.]
Holders of the existing stock of record have the right of subscribing at
par both for the new stock In the proportion of one share for each 5 shares
of present stock held by them and also for $3,000 of bonds for each fifty
shares of stock so held by them
One of the directors has agreed to take
upon these terms and without any commission or discount, whatever
amount of such additional stock and of such bonds stockholders shall
fail to subscribe for.

w ill p r o v id e a d d it io n a l w o r k in g c a p it a l.

Report.

sh a re s

N et
P r o fits .

Earnings.

D e t r o it G a s & C o k e C o .—
S u b u rb a n

G a s C o . b e lo w .— V .

— S e c T id e ­

p.

1852.

.

D e t r o it &
S u b u rb a n
G a s C o .—
— B a k e r,
A y l i n g & C o . , B o s t o n , a r e o f f e r in g a t 9 5 a n d i n t e r e s t , y ie l d i n g
a b o u t 5 ) 4 % , a b lo c k o f f ir s t m o r tg a g e 5 %
g o ld b o n d s ,
d a te d D e c . I 1908 a n d d u e D e c. 1 1928,
b u t s u b je c t to
r e d e m p t io n o n a n y in t e r e s t d a y a f t e r D e c . 1 1 9 0 9 a t 1 0 3
and
in t e r e s t .
T ru s te e ,
C it iz e n s ’ S a v in g s
&
T ru s t
C o .,
C le v e la n d , O h io .
I n t e r e s t p a y a b le J . & D . , a t C le v e la n d
or N ew Y o rk.
P a r $ 1 ,0 0 0 c * .
A c ir c u la r s a y s in s u b sta n c e :

Capital stock (In $100 shares, all of one class— E d .)---------------$600,000
First mortgage bonds authorized, $2,000,000; in hands of trustee
for future construction and betterments at 85% of cost,
$1,434,000; issued____ ____________ ______________________566,000
Earnings about twice bond Interest. Sales of gas for year ending June 30
1909 were 62,721,500 cubic feet. Our engineers advise that tho number
of possible consumers In territory served, based on present population,
would be about 8,000. Assuming a probable Increase up to 6,000 con­
sumers, total sales of 120,000,000 cubic feet, should be reached within
the next few years. There is no gas competition In territory and electric
light rates are 12c. to 14c. per kw. hour. Total miles of mains, 41; number
of’ services, 2,757; meters, 3,367; street lamps, 169; cost of gas coal, 52 65
per ton on track. Coke is now sold Just as it comes from the retorts at
$3 35 on cars. The management has Inaugurated a vigorous selling cam­
paign and expects to double the present net earnings In about two years.
[The C. H. Gelst Co. of Chicago late In 1908 acquired tho Detroit Gas
&
Coke Co., formed in 1905 as a consolidation of the Detroit Suburban
Gas Co., Detroit Gas Lighting & Coke Co., &c., and in January 1909
organized the Detroit & Suburban Gas Co. to take over the property.
Pres O II. Geist; Vice-Prest., & Gen. M a n .,I.C . Elston Jr.; Sec.-lreas.
J. N.'McCallum, Chicago.— Ed.]
A b s tr a c t o f L etter fro m

V ic e -P r e s id e n t & G en era l M g r ..

I . C . E ls t o n J r -

This company supplies the 18th Ward of Detroit, the city of Wyandotte,
and the villages of Ford, Ecorsc and River Rouge, M idi., containing
a total population of 42,000,of which the 18th Ward of Detroit has 27,000.
The rapid iucrease in the population of Detroit during the last few years
Is duo almost entirely to its manufacturing enterprises. The territory
supplied by this company Is distinctly a manufacturing district, haying
excellent transportation facilities, both by rail and water; Its industries




dend

c e n ts

C o .,

o f 20

P a .—
B a la n c e .
S u r p lu s .

$682,027
311,816

S a n F r a n c is c o .—

Extra

N ew s”
of
to -m o rro w
x t r a d is t r i­
n t h ly d i v i­

p e r s h a r e .”

On Dec. 31 1908 the capital stock consisted of 100,000 shares of $100
each ($10,000,000), with $23 12 % per share paid in, or $2,312,750 in all.
During April 1909 the outstanding stock was made to consist of 400.000
shares of $25 each, or $10,000,000 by the issue of four shares of the par
value of $25, In place of each part-paid share of $100; the monthly
dividend, therefore, 80c. per share, was then reduced to 20c. per share.
(From January to March 1905 the monthly dividend had been 50c. per
share; in April 1905 it was increased to 65c. and in July 1908 to 80c.)
Bonds outstanding $1,175,000 first gold debenture 5s, due Oct. 1 1919.
The total surplus Dec. 31 1908 was $6,536,668. The San Irancisco Stock
Exchange reports the $25 shares as paid in full, but we are Informed un­
officially that they have not as yet been declared full paid, being only
$5 7818 per share paid up, though the expectation is that they will be de­
clared full paid within a year, In order to dlstripute the accumulated surplus.
E a rn in g s

— S e e D e t r o it

81,

C o m m e r c ia l S u g a r

D iv .

(6% ).
$575,379
575,614

$119,187
127,938

— The
“ San
F r a n c is c o
C o m m e r c ia l
O c t . 1 4 s a id :
“ T h e c o m p a n y w ill p a y a d iv id e n d
in a m o u n t $ 2 0 0 ,0 0 0 ( 2 % ) .
T h is is t h e s e c o n d e
b u t io n t h is y e a r , in a d d it io n t o t h e r e g u la r m o

Listed.

Successor Company.
Successor Company.
Bonds Offered.

P r e f.

In terest
o n B o n d s.

$150,286
133,038

Dividends.

H a w a iia n

of

M a th e w s.

D e la w a r e R iv e r S t e e l C o . —

N ew C o n s tr u c ., & c .

1908-09...$1,526,879
1907-08... 1,148,406
— V. 87, p. 1417.

Profits from operations — $1,12.2,2471 D e d u c t —
Net income
_______
917,4551Dividends on pref., 2 % ------$600,000
Balance, surplus for 6 months, reserved for working capital.........- .217,455
Tlie above earnings represent solely the operations of the Com Products
Refining Co. and do not include dividends received from subsidiary com­
panies as the earnings are stated In the company’ s annual reports.
— V. 89, p. 1225, 780.
w a t e r S te e l C o . b e lo w .

P it t s b u r g h ,

H a r b is o n - W a lk e r
R e f r a c t o r ie s
C o .,
— F o r y e a r e n d in g S e p t . 30:

C anada, L td .—

$ 7 ,5 0 0 ,0 0 0 , in

New Stock and

G re a t N o rth e rn P a p e r C o ., B a n g o r, M e .—
— T h e s t o c k h o ld e r s m e e t o n N o v . 2 9 t o v o t e o n a u t h o r ­

The new mill has for two years been operating at full capacity and the
whole output of the three mills, namely those at Mlllinocket, East Millinocket and Madison in Maine, has been at the rate of 500 tons daily. The
company has not suffered from water shortage as have companies in many
other sections of the country. No dividends have been paid since the
three quarterly distributions of 1
each in 1907. Compare V. 85, p.1405

— O n N o v . 1 0 s u p p le m e n t a r y le t t e r s p a t e n t w e r e
t h e S e c r e t a r y o f S t a t e o f C a n a d a in c r e a s in g t h e

each.

Y o r k .— A N e w Y o r k c o r­
O ffic e ,6 0 W a ll S t .
See
b e lo w .

Bonds.

and

C o rn
P ro d u c ts
R e f in in g
C o .—
— The
New
Y o rk
S t o c k E x c h a n g e h a s lis t e d $ 5 ,0 0 0 ,0 0 0 f ir s t m o r t g a g e 5 %
2 5 - y e a r b o n d s d a te d M a y 1 1 9 0 9 , w it h a u t h o r it y t o a d d
f r o m t im e to t im e $ 5 ,0 0 0 ,0 0 0 a d d it io n a l b o n d s o n n o t ic e o f
is s u a n c e a n d d i s t r ib u t i o n , m a k in g t h e t o t a l a u t h o r iz e d t o
b e l i s t e d $ 1 0 , 0 0 0 ,0 0 0 .
— F o r 6 m o n th s e n d in g A u g . 31 1909:

&

D o h e r t y O p e r a t in g C o . , N e w
p o r a t io n ,
c a p it a ls t o c k $ 1 0 0 ,0 0 0 .
M a s s illo n
E le c t r ic & G a s
Co.

1502.

C o n s o lid a t e d

c a p it a l

•All of the $566,000 bonds were not outstanding during the entire
period of nine months.
_ „ , ,, .
A careful and conservative estimate for the calendar year 1910 indicates
sales of 120,000,000 cubic feet with net earnings of $54,000.
In all the territory the company has liberal franchises, extending well
beyond the life of the bonds. There are no burdensome restrictions.

T h e p ro c e e d s o f th e n e w s to c k a n d b o n d s w ill c o v e r th e
c o s t o f n e w c o n s t r u c t io n r e c e n t ly c o m p le t e d o r in p r o c e s s

lA %

V . 88, p.

1413

THE CHRONICLE

Nov. 27 1909.]

S ta tem en t

fo r

C a le n d a r

Y ea rs.

G ro ss.
N e t.
D iv id e n d s . B a l.,S u r .
y p n r __
1908
$3,937,396 $2,086,473
$1,120,000 5900,173
2,796,0491,025,663 780,000 245,663
i907............................
The results here shown include “ sundry net profits.” additional to profits
on sugar, of $36,733 In 1908, against $21,076 In 1907.— V. 79, p. 2460.

Liens Filed

Mortgage.

I n d e p e n d e n t T e le p h o n e
Co. of
O m a h a .—
—
— O n N o v . 1 8 lie n s f o r c o n s t r u c t io n m a t e r ia ls w e r e
f ile d a g a in s t t h is c o m p a n y a s f o llo w s : A u t o m a t ic E l e c t r i c C o . ,
C h ic a g o , $ 6 ,2 2 9 ; F . B is s e ll C o . , O h io , $ 1 ,5 9 0 ; S t a n d a r d
U n d e r g r o u n d C a b le C o ., P it t s b u r g h , $ 7 ,7 9 1 .
A m o rtg a g e
w a s m a d e in 1 9 0 7 to t h e T i t le I n s u r a n c e & T r u s t C o . o f L o s
A n g e le s , a s t r u s t e e , t o s e c u r e n o t e x c e e d in g $ 3 , 3 3 0 , 0 0 0 5 %
b o n d s , o f w h ic h $ 1 ,5 0 0 ,0 0 0 o r m o r e a r e o u t s t a n d in g .
Com ­
p a re V . 89, p . 414; V . 84, p . 1370.

Called Bonds.

I n t e r n a t io n a l S a lt C o .—
s u e d in 1 8 9 2 b y t h e K a n s a s S a lt C o .
S a lt C o .) h a v e b e e n c a lle d a n d w ill b e p a
a t t h e A m e r ic a n T r u s t & S a v in g s B a n k

p.

— T w e n t y b o n d s is ­
(H u tc h e n s o n -K a n s a s
id a t 1 0 2 a n d in t e r e s t
J a n . 1 1 9 1 0 .— V . 8 8 ,

1311.

—Decision of Highest State
Court on Method of Fixing Special Franchise Tax.
J a m a ic a

t o r ia l in
p . 1225.

(N . Y .)

“ S ta te

K n ic k e r b o c k e r

W a t e r S u p p ly .

and
Ice

C it y ”
C o .,

s e c t io n

is s u e d

C h ic a g o . —

— S e e e d i­
to -d a y .— V . 8 9,

Earnings.

— The

e a rn ­

in g s f o r t h e n in e m o n t h s e n d in g S e p t . 3 0 1 9 0 9 w e re : N e t
a f t e r c h a r g e s , $ 5 5 0 ,4 5 7 , a g a in s t $ 2 2 6 ,6 7 3 f o r th e c o r r e s p o n d ­
in g p e r io d in 1 9 0 8 ;
d iv id e n d s o n p r e fe r r e d s t o c k ( 4 ) ^ % ) ,
$ 1 3 5 ,0 0 0 ;
b a la n c e , s u r p lu s , $ 4 1 5 ,4 5 7 , a g a in s t $ 9 1 ,6 7 3 in
i9 0 S . — V .

89, p.

723,

229.

Stock to Be Issued at Present.
L a n s to n

M o n o ty p e

M a c h in e

.—No New

C o . , P h ila d e lp h ia
— T h e c o m p a n y c o n f ir m s

th e

1414

THE CHRONICLE

c u r r e n t r e p o r t t h a t t h e r e is n o p r e s e n t in t e n t io n o f is s u in g
a n y o f t h e $ 5 , 0 0 0 , 0 0 0 s t o c k r e c e n t ly a u t h o r iz e d ; a ls o t h a t i t
e x p e c t s t o m a in t a i n t h e d i v id e n d r a t e o f a t le a s t 6 % f r o m
now on.
T h e e a r n in g s a r e d e c la r e d t o b e b e t t e r t h a n e v e r
b e fo re .
S o m e 3 ,0 0 0 o f t h e c o m p a n y ’ s m a c h in e s a r e n o w in
u s e .— V . 8 9 , p . 1 1 4 4 , 9 9 8 .

Relief Asked from Further Sinking

Fund Payments.

^L e h ig h V a lle y C o a l C o .—
— T h e c o m p a n y o n N o v . 17 b e g a n a n e q u it y
s u it in t h e C o u r t o f C o m m o n P le a s a t P h ila d e lp h ia a g a in s t
t h e G i r a r d T r u s t C o . , t r u s t e e f o r t h e b o n d is s u e o f 1 8 9 1 m a d e
b y t h e D e la n o L a n d C o . , a s k in g t h e C o u r t t o r e lie v e t h e C o a l
C o . a f t e r J a n . 1 fr o m f u r t h e r p a y m e n t s to th e s in k in g fu n d .
T h e c o m p a n y s ta te s t h a t th e a m o u n t o f th e s in k in g fu n d ,
w it h th e a n n u a l p a y m e n t t o b e m a d e o n J a n . 1 1 9 1 0 , w ill b e
$ 1 ,0 0 0 ,0 0 0 , o r m o r e t h a n s u f f ic ie n t t o p a y o f f t h e $ 1 , 0 8 2 , 0 0 0
o u t s t a n d in g 5 % b o n d s d u e J a n . 1 1 9 3 2 .— V . 8 9 , p . 8 4 5 .

dend.

L e h ig h
&
W ilk e s - B a r r e
Coal
C o ., N e w
— T h is c o m p a n y
on T uesday
d e c la r e d
of 6 ^ %
o n it s $ 9 ,2 1 2 ,5 0 0 s t o c k , o f w h ic h
o w n e d b y th e C e n tra l R R . o f N e w Je rs e y .
See
u n d e r “ R a i l r o a d s ” a b o v e ; a ls o a n n u a l r e p o r t in

Divi­

Y o rk .—
a
d iv id e n d
$ 8 , 4 9 1 , 1 5 0 is
th a t co m p a n y
V . 89, p. 991.

Bonds Offered.

Earnings.

L o n g - B e ll L u m b e r C o ., K a n s a s C it y , M o .—
—
— F r a n c is , B r o . & C o . a n d th e W m . R . C o m p to n
C o . , b o t h o f S t . L o u is , a n d th e b o n d d e p a r t m e n t o f th e
M ilw a u k e e T r u s t C o . , M ilw a u k e e , h a v e r e c e n t ly b e e n o f f e r in g
a t p a r a n d in t e r e s t “ f ir s t a n d r e f u n d in g m o r t g a g e ” 6 % g o ld
b o n d s , d a te d M a y 1 1 9 0 7 , s u b je c t to c a ll a t 101 ^
and
in t e r e s t o n a n y in t e r e s t d a t e a n d m a t u r in g s e r ia lly $ 3 0 0 ,0 0 0
e a c h s ix m o n t h s u n t il a n d in c lu d in g M a y 1 1 9 2 0 , a n d th e r e ­
a f t e r $ 3 2 5 ,0 0 0 e a c h s ix m o n t h s u p t o a n d in c lu d in g M a y
1922.
P r i n c i p a l a n d s e m i- a n n u a l in t e r e s t p a y a b le a t C e n t r a l
T r u s t C o . o f I llin o is , C h ic a g o , t r u s t e e .
A c ir c u la r s a y s :

Bonds authorized, $9,000,000: matured and paid Nov. 1 1907 to Nov. 1
1909, $1,400,000: held by trustee to retire ($864,000) underlying liens,
$900,000: bonds outstanding (Including amount now offered), $6,700,000.
Sinking fund $3 50 per 1,000 feet on all timber cut.
Secured by mortgage on some 384,000 acres of long and short leaf yellow
pine timber lands, of which over 371,000 acres are owned In fee simple,
located In Calcasieu, Rapides and Sabine parishes, Louisiana, and San
Augustine, Angelina and Sabine counties, Texas. Appraised value of
property covered by mortgage, $23,604,920, viz.: long and short leaf
yellow pine timber, 4,120,984,000 feet, log scale at $5 per 1,000 feet, $20,­
604,920; seven complete lumber manufacturing plants with dally capacity
of 1,300,000 feet, which cost $3,700,000, $3,000,000. The bonded debt
Is at the rate of $1 84 per 1,000 feet, log scale, of standing timber, which
has a market value of $5 per thousand feet.
N et

E a rn in g s

fo r

P a st

F iv e

Y ea rs

A p p lic a b le

to

B o n d

In ter es t.

1804.
1905.
1906.
1907.
1908.
$849,815
$1,708,734
$2,330,488
$2,034,492
$918,471
Financial Statement of June 30 1909, shows: capital stock, $5,506,185'
surplus, $5,394,291: reserve, $3,034,346; or a total net worth of $13,­
934,823 above all Indebtedness. Compare V. 84, p. 1431; V. 81, p. 214.
— V. 89. p. 1226.
v

Preferred Stock Offered.

M c C r u m - H o w e ll C o . , N e w Y o r k . —
— G a v e t & P o r t e r , 4 5 K i l b y S t . , B o s t o n , a r e o f f e r in g a t
p a r ($ 1 0 0 a s h a re ) w it h b o n u s o f 2 0 % in c o m m o n s t o c k ,
t h e u n s o ld p o r t io n o f $ 9 0 0 ,0 0 0 n e w c u m u la t iv e
p re fe rre d
s t o c k , d iv id e n d s 7 % p e r a n n u m , p a y a b le q u a r t e r ly F e b . I
& c.
T r u s t C o . o f A m e r ic a , tr a n s fe r a g e n ts .
G eo. H . B u rr
& C o . , o f N e w Y o r k ( f is c a l a g e n t s o f t h e c o m p a n y ) , F a r s o n ,
Son
& C o . o f C h ic a g o , a n d S c u l ly , P a i n t e r &
B eech of
P i t t s b u r g h , a r e a ls o o f f e r in g , in d e p e n d e n t ly , b lo c k s o f t h e
s to c k .
G a v e t & P o r t e r in a c ir c u la r , s a y in s u b s ta n c e :

[VOL. LXXXIX

e q u a l to 1 % o f t h e t o t a l b o n d s o u t s t a n d in g .
in s u b s ta n c e :

A

c ir c u la r s a y s

Henry L. Doherty of New York Is President of the Massillon Electric &
Gas Co., which company Is operated by the Doherty Operating Co., Insuring
capable management. [The Massillon Electric & Gas Co. was Incorporated
in Ohio Jan. 4 1908 as successor of Massillon Light, Heat & Power Co.— Ed.]
A b s t r a c t of L e t t e r from P r e s i d e n t H e n r y L.. D o h e r t y O c t . 2 9 1 9 0 9 .
This company distributes electric current for light and power In the
city of Massillon and the town of Canal Fulton, and also owns the gas
works and gas distribution system In Massillon, but the latter has not been
operated since natural gas entered the field. Present population, over
14,000 and rapidly growing. Total station capacity, 900 h. p. In engines,
540 k. w. In electric generators and 420 light capacity In arc machines.
Electric franchise In Massillon, granted May 4 1909, Is unlimited as to
time, and contains no unusual restrictions or features. Also owns a 25-year
heating franchise granted May 4 1909, and contemplates ultimately to
supply steam for heating purposes. The artificial gas franchise, granted
In 1856, Is unlimited as to time and contains no unusual restrictions
The
present Income from street lighting In Massillon and Canal Fulton under
10-year contracts expiring In 1916 Is In excess of $15,000 per annum. The
metre rate In Massillon for residence lighting Is 10c. per k. w. hour and
the rate for the business district is 8c. per k. w. hour. There is no electric
competition.
Capital stock, all common (par of shares $100)_________________ $500,000
Authorized Issue of bonds, $500,000; reserved for betterments and
extensions, $340,000: outstanding____________________________ 160,000
Additional bonds can only be Issued for 80% of cost of new property.
E a r n i n g s f o r t h e Y e a r 1908, a n d f o r t h e Y e a r e n d i n g O c t . 1 1909.
Y ea r
|
Y ea r
1908. 1908-09.1
1908. 1908-09
Gross earnings_____$45,610 $48,045 5% Int. on $160,000
honds.....................$8,000
$8,000
Net, after taxes___ 18,113 19,403
|Surplus .................. 10,113 11 403
The earnings from operation for the calendar year 1909 will be In excess
of 2 H times the bond interest. The company has no floating debt except
current accounts not yet due, and it has accumulated a surplus of $18,000
since Jan. 1 1908 (21 mos.), nearly half of which Is cash in the treasury
[J. W. McClymonds Is Vice-President; YV. E. Russell, Secretary, and
Robert R. Choate. Treasurer and General Manager.]

In Possession.
M e t r o p o lit a n

S t e a m s h ip C o . (o f N e w J e r s e y ) , B o s t o n . — •
— T h is
com pany,
r e c e n t ly
in c o r p o r a t e d in
N e w J e r s e y w it h $ 3 ,0 0 0 ,0 0 0 c a p it a l s t o c k , t o o k t it le o n o r
a b o u t N o v . 2 4 to t h e p r o p e r t y o f t h e M e t r o p o lit a n S t e a m s h ip
C o . o f M a in e , r e o r g a n iz e d p e r p l a n i n V . 8 8 , p . 1 5 6 2 .— -V 8 9
p . 1070.

Securities, &c.

N o rth e rn
Pow er
C o .,
L td .,
M o n t r e a l . — N ew
— T h e s h a r e h o ld e r s m e t a t t h e o f f ic e o f t h e
c o m p a n y , C a n a d a L if e B ld g . , M o n t r e a l, o n N o v . 17 1 9 0 9 ,
a n d v o t e d t o in c r e a s e t h e c a p it a l s t o c k f r o m $ 1 0 ,0 0 0 ,0 0 0 t o
$ 1 5 ,0 0 0 ,0 0 0 a n d th e b o n d e d d e b t fr o m $ 7 ,5 0 0 ,0 0 0 to $ 1 0 ,­
0 0 0 ,0 0 0 .
T h e c h a n g e is m a d e b e c a u s e p r e s e n t p la n s p r o ­
v id e f o r t h e d e v e lo p m e n t o f s o m e 4 5 ,0 0 0 h . p . in s t e a d o f
a b o u t 1 5 ,0 0 0 h . p . , a s o r ig in a lly c o n t e m p la t e d .
A co n tra c t
h a s b e e n le t t o S . P e a r s o n & S o n s , L t d . , o f L o n d o n a n d
M e x ic o , f o r c o n s t r u c t io n , u n d e r t h e s u p e r v is io n o f t h e c o m ­
p a n y ’s e n g in e e r s .
W i t h t h e r a t e s f o r p o w e r w h ic h t h e c o m ­
p a n y e x p e c t s t o r e c e iv e , n a m e ly , $ 1 0 0 p e r h o r s e - p o w e r p e r
a n n u m , g o l d — 't h e d e v e l o p m e n t o f 2 0 , 0 0 0 h . p . , i t i s s a i d ,
s h o u ld p r o v id e n o t o n ly f o r in t e r e s t a n d s in k in g f u n d o n t h e
b o n d is s u e , b u t a l s o f o r a d i v i d e n d o n t h e s t o c k .
M e x ic a n

Incorporated under the Canadian Companies Act Jan. 20 1909 with
$10,000,000 of authorized capital stock. In shares of $100 each, to estab­
lish under perpetual concession granted by the Republic of Mexico an
hydro-electric power plant at La Joya, on the Conchos River, State of
Chihuahua, In northern Mexico, for the purpose of supplying electrical
energy to the cities, towns and numerous mines of the State of Chihuahua.
A mortgage was made to the Montreal Trust Co., as trustee, to secure an
Issue of $7,500,000 5% sinking fund 30-year gold bonds, dated Jan. 1 1909,
denomination $500 and $1,000, Interest J. & J. In Montreal, New York and
London. The financial plan Issued In February last called for the Issue of
$7,500,000 of the capital stock and the sale at 90 of $5,000,000 of the
bonds (largely oversubscribed), In orler to build dam and transmission
lines of sufficient capacity for 25,000 h. p. and the Immediate Installation
of hydraulic and electric machinery to develop 15,000 h. p. The cost of
Increasing the plant to 25,000 h. p. was estimated at not to exceed $530,000
gold. Estimated revenue from sale of 15,000 h. p. at $75 gold, $1,125,000;
net, $1,035,000; bond Interest, $250,000; sinking fund, $100,000; balance,
surplus, $685,000. The enterprise was financed by the Canada Electric
Syndicate, 232 St. James St., Montreal.
Directors: G. F. Greenwood, Montreal, late Manager of Havana Electric
R y., President; E. B. Greenshlelds, Montreal, Vice-President; Edwin Han­
son, Montreal: S. J. Moore, Toronto: J. D. Patterson, Woodstock, Ont.:
S. M. Brookfield and Hon. B. F. Pearson, Halifax.
A technical journal recently said: "The Mexican Northern Power Co.
has practically completed negotiations for the purchase of a second con­
cession for the establishment of a large hydro-electric plant and system
of transmission lines In tho State of Chihuahua. This concession was
owned by Gov. Enrique C. Creel of Chihuahua, Paul Glnther of Santa Ro­
salia, and others. It authorizes the Installation of a hydro-electric plant
on the Conchos River about 17 miles above Santa Rosalia, State of Chihua­
hua. A large dam will be built across the river, by means of which about
24,000 h. p. will be developed. It Is proposed to build transmission lines
from the proposed hydro-electric station to tho city of Chihuahua and the
mining districts of Parral, Santa Eulalia, Almolaya, Nalca, and others.
The concession also embraces the right to Irrigate 150,000 acres of the
Conchos River Valley land from the water of this storage reservoir.”

Incorporated under the laws of Connecticut (on Feb. 27 1901) and
has been for many years successfully engaged In the manufacture of the
“ Richmond” line of radiators, heating boilers and enameled ware (bath-tubs,
lavatories, sinks, &c.), ranking as the largest Independent manufacturer
of these goods In the United States. Original capital stock, $600,000
preferred and $600,000 common; present Increase $900,000 preferred and
$900,000 common; total stock, $1,500,000 preferred and $1,500,000
common. Both stocks are represented by tangible assets at cash valuations
good-will, trade-marks and patents being eliminated. With the addition
of the undivided profits of $300,000, the actual book value of the common
stock Is placed at $60 per share.
This Increase In capital Is to retire the bonded debt of $260,000 and
to liquidate the floating debt of $450,000, the balance to be used as ad­
ditional working capital. The net earnings for the past live years ayeraged
annually $122,000; Interest requirements (now applicable to dividend,
$53,000; total, $175,000; requirement for preferred dividend, $105,000;
for surplus or common stock dividend, $70,000. The volume of sales for
current year will exceed $1,500,000, which on the same basis of net operat­
ing profits (20% on sales) would yield $300,000 applicable to dividends.
A conservative estimate of sales for the coming year Is $2,000,000, which
should yield operating profits of $400,000, and It Is our belief that the
earnings will exceed 20% on Its $1,500,000 of common stock, after payment
of preferred dividends.
The active management Is In the hands of President L. G. McCrum of
New York City and Vice-President George D. Howell, Unlontown, Pa.
The property consists of three modern plants, representing a cash Invest­
ment of $1,500,000. The boiler plant Is located at Norwich, Conn., the
M ia m i C o p p e r C o .
.— S e c r e t a r y H e r m a n
radiator and enamelcd-ware plants at Unlontown, Pa. The company has
also secured the sole rights for an Improved patented vacuum cleaner, C o o k , 4 2 B r o a d w a y , N e w Y o r k , a n n o u n c e s t h a t t h e s h a r e ­
with many superior features General offices and show room at Park Ave.
h o ld e r s w i l l m e e t N o v . 2 7 t o v o t e o n p r o p o s it io n s —
and 41st St., N. Y. City.
The by-laws have been amended to provide that after the present Issue of
To authorize the Issue of $1,500,000 10-year 6% 1st mort. convertible
$260,000 bonds now outstanding of the original Issue of $300,000 have gold bonds, the entire amount outstanding to bo redeemable at option of
been retired from the proceeds of this Issue, no bonds can be created, company on any semi-annual Interest date on or after Jan. 1 1912, and up
except with the consent of 75% of all stockholders, the preferred stock to or until Jan. l 1915, at 105% and Interest, upon four months’ notice,
having the same voting power as the common. This makes the preferred and at any time after Jan. 1 1915 at par and Interest; the holder or regis­
practically a first lien.
tered owner of any bond to be entitled at any time on or before Jan. 1 1915
to convert such bond Into fully paid stock at the rate of $17 per share,
M a c k a y C o m p a n ie s , N e w Y o r k . —
to wit.; 58 82-100 shares of stock for each and every bond of the par value
4%
5 % . — T h e d ir e c t o r s h a v e d e c la r e d
of $1,000.
To approve a contract dated Nov. 1 1909, made with the General Devel­
t h e r e g u la r q u a r t e r ly d iv id e n d
of 1%
(N o . 24) on
th e
opment Co. (of Delaware), to underwrite all said bonds fo r a banking com­
$ 5 0 , 0 0 0 , 0 0 0 p r e f e r r e d s t o c k a n d a ls o a q u a r t e r ly d i s t r ib u t i o n
mission of 1% and an underwriting commission of 5% .
To authorize An Increase In the capital stock from 600,000 shares of the
( d iv id e n d N o . 1 8) o n t h e ($ 4 1 ,3 8 0 ,4 0 0 ) c o m m o n s t o c k , th e
par value of $5 each ($3,000 000) to 700,000 shares ($3,500,000), in order
la t t e r b e in g 1
c o n t r a s t in g w it h
1%
q u a r t e r ly s in c e
to provide for the conversion of the bonds of said series.
[Each stockholder of record Nov. 6 Is entitled to subscribe at par until
J u ly 1 9 0 6 , a n d p r io r to t h a t ( J a n . 1 9 0 5 to A p r il 1 9 0 6 ) 1 %
3 p. m. Dec. 15 for one bond of the par value of $1,000 for every 400 shares
s e m i- a n n u a lly .
B o t h t h e d iv id e n d s w ill b e p a id J a n . 3 1 9 1 0
Of stock 1-eld. Subscriptions are to be paid to Julius H. Susmann, Treas­
t o s h a r e h o ld e r s o f r e c o r d D e c . 11 1 9 0 9 .— V . 8 8 , p . 1 0 0 5 .
urer, 42 Broadway New York City, In two installments, to wit., 10% on
Dec. 15 1909 and 90% on Jan. 10 1910.]
M a s s illo n
(O .)
E le c t r ic
&
Gas
C o .—
.—
[The Miami Copper Co. was Incorporated In Delaware on Nov. 30 1907
to take over 200 acres of mineral land located 6 miles west of Globe, Ariz.,
C r a m p , M i t c h e l l & S h o b e r , P h il a d e l p h ia , P a . , a r e o f f e r in g
on which the General Development Co. had expended large sums for de­
at 95
a n d in t e r e s t , y ie l d i n g a b o u t 5 . 3 0 % , t h e f ir s t m o r t ­
velopment. Of the original $3,000,000 authorized stock, $1,000,000 was
offered at par ($5 a share) In March 1908, and was oversubscribed. In 1908
g a g e g o ld 5 % s in k in g f u n d b o n d s , d a t e d J a n . 1 1 9 0 8 a n d
a further amount was offered In New York and London.]

—Convertible Bonds

Stock Raised from

to

Dividend Rate of Common

\i% ,

Bonds Offered

x/i

due Ja n . 1 1948,
e s t o n a n y in t e r e
in N e w Y o r k C
t r u s te e . S in k in g

b u t s u b je c t to re d e m
s t d a te .
P a r $ 1 ,0 0 0
it y .
New
Y o rk T ru
f u n d b e g in n in g N o v




p t io n a t 1 0 5 a n d in t e r ­
V ic e - P r e s i d e n t C h a n n in g in a r e c e n t r e p o r t s a id :
(c* ).
In te re s t J . & J .
Estimates of cost Indicate that this copper can bo produced—sold In New
st Co. of N ew
Y o rk ,
York— for 9c. per pound, and If we assume a selling price of 13c., thero will
. 1 1 9 1 3 t o a n a m o u n t ' be a 4c. a pound profit, which would give a total net proflt In sight of $22.-

400,000. The company now owns 068 acres of land, of which 2o0 .acres
are strictly mineral. Of this, as above mentioned, 40 acres have been de­
veloped; 60 acres probably contain nothing, leaving 150 acres of ground
on which the prospects are extremely good.
_ ,
.
[Directors; Pres. Adolph Lewlsohn, Vice-Pres. J. Parke Channtng,
Treas. Julius H. Sussman, Wm. H. Nichols, Jacob Langeloth, Walter I.
Rosen and S. A. Lewlsohn, all of New York; J. W. Estabrook, Boston, and
Ralph C. Lupton, Wilmington, Del.]
N a t io n a l

Dividend.

— A

A cm e

M a n u f a c t u r in g

lo c a l

1415

THE CHRONICLE

ItfOV. 27 1909

paper

C o .,

C le v e la n d . —

Stock

says:

The company has declared a stock dividend of 20%, payable to holders
of record Nov. 11, Increasing the stock from $l,2o0,000 to $1,800,000,
the amount authorized. No cash dividends have been paid since the panic.
A stock dividend was paid about three years ago. I he company manufac­
tures milled screws, nuts and the Acme machine screw machines. The
officers are: W. D. B. Alexander, President; E. C. Henn, Vice-President;
A. W. Henn, Secretary and Treasurer.
[Secretary Henn, asked to confirm the foregoing statement, writes.
rim
matter Is correct In part, but not entirely so. Ours Is a close corporation,
and the Information asked for would hardly be of general Interest. ]

Dividends

( T h e ) N e w R iv e r C o ., M a c d o n a ld , W . V a . —
G e n e r a l M a n a g e r S . D i x o n , w r i t i n g o n O c t . 2 1 , s a id :

.—

There have not been any dividends paid on the preferred stock since
November 1908 because of the very light demand for soft coals during that
period and the exceedingly low prices had for same. It would look as
though we shall not pay any dividends on this preferred stock before April
or May 1910, and by that time we trust business conditions In the country
will be normal. The dividend on the preferred stock Is cumulative, and I
trust we may llnd ourselves In position to make up the deferred dividends
next year.— V. 89, p. 166.

&

Contracts.

N ia g a r a L o c k p o r t
O n t a r io P o w e r C o .—
— A
c o n t r a c t h a s b e e n c lo s e d w i t h t h e A m e r ic a n L o c o m o t i v e C o .
to s u p p ly p o w e r to th e la t t e r c o m p a n y ’s w o r k s a t D u n k ir k ,
N . Y .
D e liv e r y w ill b e m a d e fr o m L a c k a w a n n a to D u n k ir k
o v e r t h e lin e s o f t h e B u f f a lo & L a k e E r i e T r a c t io n C o . ,
w h ic h is a ls o a c u s t o m e r o f t h e p o w e r c o m p a n y .

G ross

E a rn in g s

a s

O ffic ia lly

R e p o rte d

fo r

a

S e rie s

o f

Y ea r s.

1903.
1904.
1905.
1906.
1907.
1908.
$48,815
$54,839
$61,771
$62,133
$68,257
$74,216
Abstract of Letter from Pres. H. G. Runkle, Plattsburgh, N.Y.,N ov.l2 1909
The company does the entire gas and electric business in Plattsburgh
and vicinity. It owns two water power developments on the Saranac
River, the outlet of the Upper and Lower Saranac Lakes. The principal
development Is located about three miles from Plattsburgh; It includes
two units, aggregating 1,300 h.p. rated capacity, with solid concrete dam,
built on bed rock, developing a head of 17 feet. A smaller plant of 600 h.p.
rated capacity Is situated In Plattsburgh. The gas plant has a dally
capacity of 240,000 cubic feet.
C a p ita liz a tio n —
A u th o r iz e d .
Issu ed .
Capital stock [$100,000 Is pref. 6% non-cum.— Ed.]. $225,000 $225,000
Funded d bt first mortgage 5s___________________
500,000
340,000
The remaining $160,000 bonds may be Issued only for 75% of the cash
cost of additions and extensions, and then only when the net earnings for
the preceding twelve months are equal to at least twice the annual Interest
on all bonds outstanding. Including those proposed to be Issued.
E a rn in g s
Y e a r e n d i n g A u g . 31 1909 a n d S u r p l u s a f t e r P r e s e n t I n t . C h a r g e s .
Gross receipts_____________ $82,0461Present Interest charge--------$17,000
Net earnings (after tax es).. 25,730] Balance, surplus..................... 8,730
The population of Plattsburgh has grow from 7,010 In 1890 to 10,184
In 1905, and continues to increase; It Is considerably augmented in the
summer months.
The company Is managed by men long Identified with the electric lighting
and gas business and provides good service at fair rates. Franchise
favorable In terms and without limit of time.
This company was Incorporated under the laws of New York State on
Aug 16 1909 as a consolidation of the Plattsburgh Light, Heat & Power Co.
and the Lozier Light & Power Co. The Vice-President Is Geo. M. Cole;
Secretary, O. J. Nichols; Treasurer, H. E. Barnard. Address of company,
Plattsburgh, N. Y.

Status

P o rtsm o u th
B e r k le y
&
S u f f f o lk
W a t e r C o .—
.—
J . S . & W . S . K u h n , P i t t s b u r g h , & c . , h a v e is s u e d a c i r c u l a r
o f f e r in g t h e 5 %
4 0 - y e a r g o ld b o n d s , d a t e d N o v . 1 1 9 0 4
( g u a r a n te e d b y A m e r ic a n W a t e r - W o r k s
G u a ra n te e C o .
o f P it t s b u r g h , P a . ) , s a y in g :

&

The company's contract with the Buffalo Lockport & Rochester Railway
has been extended from 3 to 25-years In conjunction with an arrangement
by which the power company will use the railway company's 60,000 volt
line from Lockport to a point within six miles of Rochester. This line
will enable the power company to serve a large number of towns along the
line of the railway. Including Mlddleport, Medina, Albion, Holly, Brockport and Spcncerport, and will also form a valuable auxiliary to the trans­
mission lines of the power company between Lockport and Rochester.
Compare earnings In V. 89, p. i284.

E a r n i n g s S t a t e m e n t 1909—
F i n a n c i a l S t a t e m e n t 1909—
Capital stock___________ $500,000 Annual revenue_________ $191,758
125,796
Authorized bonded d e b t.. 2,500,000 Int. and operating charges
Bonds outstanding--------- 1,463,500
Net revenue...................
$65,962
Bonds held for betterments 1,036,500
Since the American Water Works & Guarantee Co. purchased this plant,
five years ago, the net revenues have been more than trebled. Population
supplied, 65,000.
The water supply Is obtained from Lake Kilby, a lake about three miles
In length, ample for all requirements. In addition the company controls
N ip e B a y C o .—
— F o r th e y e a r e n d in g S e p t . 3 0 1 9 0 9 :
other lakes and reservoir sites capable of developing a supply equal to
Net earnings (after deductD e d u c t­
50.000. 000 gallons per day. The main pumping station Is at Suffolk, Va.
in g
$42,140 for betterInterest on mortgage notes.$180,000 The water Is pumped through 20 miles of 20-inch cast Iron conduit to
m ents__________________ $446,020 Other Interest & discounts. 146,781
Portsmouth, where another pumping station furnishes the pressure for
Interest on debentures_____ 96,000 Portsmouth and Berkley, and this Is supplemented by a third station at
Balance, surplus, for year---------------------------------------------------- 24,139 Berkley. At Suffolk there Is a modern fllltratlon plant of 6,000,000
The company’s sugar mill produced 91,888,400 lbs. of sugar and 2,673,808 gallons capacity, constructed of concrete with settling basin and a device
gallons of molasses, against 39,487,560 lbs. of sugar and 1,058,067 gallons for aerating the water prior to filtration. At Portsmouth there is a large
of molasses the previous year.— V. 88, p. 568.
receiving or distributing basin. The pumping capacity at Suffolk is
24.000. 000 gallons dally capacity, consisting of six machines arranged
O k la h o m a G a s & E le c t r ic C o . , O k la h o m a C i t y . —
for a duplication of 6,000,000 gallons capacity In both high and low service;
— I n c o n n e c t i o n w i t h t h e is s u e o f S I , 0 0 0 , 0 0 0 f i r s t m o r t ­
at Portsmouth the pumping capacity Is 12,000,000 gallons, consisting
of four machines, arranged fora duplication of 6,000,000 gallons capacity.
g a g e 5 % b o n d s n o t e d r e c e n t ly ( V . 8 9 , p . 1 2 8 4 ) , H . M . B y l The pipe system consists of more than 100 miles of pipe. The rights of
le s b y & C o . , C h ic a g o , t h e m a n a g e r s , w r it e a s o f N o v . 1 :
way for Its pipe lines and street mains are largely owned In fee. Compar*
The company owns and operates the entire gas and electric business In V. 89. p. 476.
Oklahoma City and the adjoining town of Capitol Hill, serving a population
P o u g h k e e p s ie ( N . Y . ) L ig h t , H e a t & P o w e r C o
In excess of 45,000 and supplying gas and electricity for light, heat, fuel
— T h e P u b lic S e r v ic e C o m m is s io n , S e c o n d
D is t r ic t ,
and power. Under a favorable contract running until 1934, the company
purchases natural gas for distribution through mains of adequate size to o n O c t . 1 4 a u t h o r i z e d t h e c o m p a n y t o i s s u e t h e r e m a i n i n g
take care of the large Increase In business confidently expected, and owns
two artificial gas plants, with which to augment the supply of gas If neces­ $ 1 0 0 , 0 0 0 5 % g o l d b o n d s u n d e r i t s $ 6 0 0 , 0 0 0 m o r t g a g e d a t e d
sary. Both plants are thoroughly modern. The company owns valuable N o v . 1 1 9 0 1 .
T h e s e b o n d s , i t is s t a t e d , h a v e b e e n s o l d t o
real estate In the centre of the city, where its plants arc located. Fran­
a B o sto n h ouse.
chises expire In 1934 and are entirely satisfactory In their terms.
The
company
plans
to erect a new gas plant, generating coal gas, with a
N o .o t I lo r s e -P o w
m
G a s
E le c tr ic
C ity
1 6 -C a n d le-P .
capacity of 450,000 cubic feet per day, making, with Its present water-gas
M o to rs , o f M o to rs .
S e p t . 30—
M ete rs .
M ete rs .
A r c s .
E q u iv a len t.
plant, a total generating capacity of 1,000,000 cu. ft. a day. Additions and
218
1,339
lO oT T r.____ 1.722
2,173
224
28,287
improvements In the electrical department, it is estimated, will bring up
358
2,059
1907 ............. 2,696
3,280
235
39,922
the total cost of the changes to $371,597. The bonds now authorized will
420
2,213
1908 _______ 3,398
3,809
250
57,461
be used to discharge $82,439 obligations incurred on capital account and
643
3,008
1909 ........... 5,637
5,616
322
83,441
for further outlays as above. Compare V. 74, p. 1041.
Sec earnings, &c.. In V. 89. p. 1284.

Report.

Further

Facts.

.—Bond

Issue.

Bonds Offered.

O r e g o n (111.) P o w e r C o . —
— W illia m F o r k e ll
& C o . , 1 1 5 A d a m s S t . , C h ic a g o , h a s r e c e n t ly b e e n p la c in g a t
p a r a n d in t e r e s t $ 1 6 0 ,0 0 0 f ir s t m o r t g a g e 6 %
s e r ia l g o ld
b o n d s , b e i n g p a r t o f a n a u t h o r i z e d is s u e o f $ 3 0 0 , 0 0 0 , c o v e r ­
in g w a t e r p o w e r a n d lig h t in g p la n t s .
B o n d s d a te d J u ly 1
1 9 0 9 , d u e $ 5 , 0 0 0 a n n u a l l y o n J u l y 1 f r o m 1 9 1 2 t o 1 9 3 1 in ­
c lu s iv e a n d $ 2 0 0 ,0 0 0 o n J u ly 1 1 9 3 2 .
D e n o m in a t io n s $ 1 0 0 ,
$ 2 0 0 , $ 5 0 0 a n d $ 1 ,0 0 0 ( c * ) .
R e d e e m a b le a t a n y in t e r e s t
d a t e a t 1 0 2 I n t e r e s t p a y a b le J . & J . a t t h e C h ic a g o
T i t l e & T r u s t C o . , C h ic a g o , t r u s t e e .
A c ir c u la r s h o w s :

Capitalization: Capital stock (In $100 shares), $300,000; first mortgage
bonds (authorized), $300,000; present Issue, $160,000: In escrow, $140,000.
The unissued bonds can only be used for 85% of the actual cost of addi­
tions, betterments, &c. The company owns one of the oldest water powers
In northern Illinois, dating back to 1844. This water power alone Is worth
$175,000. There Is In addition a dam 990 feet long with a minimum ca­
pacity of 2,000 h.p. and a maximum of 3,000 h.p.; a fireproof power house
of stone, concrete and steel; 70 miles of copper circuit conductors and
about 3,000 cedar poles with full equipment, cross-arms and insulators.
The present net earnings derived from the 800 h.p. are over twice the In­
terest charge on bonds Issued.
S t a t e m e n t o f E a r n i n g s f o r Y e a r s e n d i n g O c t . 1 1009.
Y e a r s —■
G ro ss.
N e t.
B o n d In t.
B a l.,s u r .
1908-00 (a ctu a l).........................$46,000
$25,000
$9,600
$15,400
.........
...........
1009-10 (estimated)..................... 58,000
34,000
The company operates under 25-year franchises In Oregon, Amboy,
Polo and Compton, 111., and with unlimited franchises In Sublette. Lee,
Sliaws and Franklin Grove. In Oregon, HI., the company does the street
lighting, furnishes power for several manufacturing plants, Including the
Schiller Plano Co., and a large amount for heating and lighting residences
and stores. Population of cities and villages served and to be served,
35,000. [Officers: Pres., F. G. Jones; Sec., G. H. Jones; Treas., A. M.
Searlcs. Office, Oregon, 111.]

Extra Dividend.

P a c if ic
M ills , L a w r e n c e , M a s s .—
— The
d ir e c t o r s h a v e d e c la r e d a d i v id e n d o f 6 % ( $ 6 0 p e r s h a r e )
a n d a n e x t r a d iv id e n d o f 4 %
($ 4 0 p e r s h a re ) o n th e $ 3 ,­
0 0 0 ,0 0 0 s t o c k ( p a r $ 1 ,0 0 0 ) , p a y a b le
D ec. 1 on
s to c k of
r e c o r d N o v . 1 9 , m a k in g a t o t a l o f 1 6 % f o r t h e y e a r 1 9 0 9 .

1893 ( P e r C e n t . )
1894 t o '90. 1000. 1001 t o 1904. 1905. 1906.
1907.
10 yrly.
30
10 yrly. 10&10 ex. 12
12&20 ex.
— V. 88, p. 298, 104.
D iv id en d

R a te

S in ce

1908. 1909.
12 12&4ex.

.—Bonds Offered

R e a lt y

e n d in g

A s s o c ia t e s ,

O c t.

B r o o k ly n ,

N .

Report.

Y .—

— Fo r

y e a rs

31:

F is ca l

T o ta l

E x p en s es

Y e a r __
R e c e ip ts ,
a n d In t.
1908-09 .......... ..$ 8 8 8 ,155 $443,019
401,221
1907-08 ............ - 854,470
— V. 89, p. 1286.

D iv id en d s

R eserv e fo r

P a id .

P r e f., S h a r es .

(6) $239,994
(8) 319,992

$37,603
40,334

B a la n c e ,
S u r p lu s .

$167,539..
92,023--

Stock.

.—New

R o b e rts, Jo h n so n &
R a n d S h o e C o ., S t. L o u is
— T h e s h a r e h o ld e r s w i l l v o t e D e c . 14 o n in c r e a s in g t h e
c a p it a l s t o c k fr o m S 3 ,7 5 0 ,0 0 0 to $ 5 ,0 0 0 ,0 0 0 , b y r a is in g b o t h
com m on
s to c k
and
p re fe rre d
s to c k
fro m
$ 1 ,8 7 5 ,0 0 0
to
$ 2 ,5 0 0 ,0 0 0 .
T h e n e w s h a r e s , w h i c h w i l l b e is s u e d J a n . 1 ,
h a v e a lr e a d y b e e n s u b s c r ib e d b y p r e s e n t s t o c k h o ld e r s a t
p a r ($ 1 0 0 p e r s h a r e ) in a m o u n t s e q u a l t o 3 3 1 -3 % o f t h e ir
r e s p e c t iv e h o ld in g s .
T h e c o m m o n s t o c k is q u o t e d o n t h e
S t . L o u is S t o c k E x c h a n g e a t a b o u t $ 3 2 7
ta r y H . C . W o o d o n N o v . 22 w ro te :

p e r sh a re .

S e cre ­

All the new stock has been subscribed and all of the stockholders have
given written consent to this Increase. The date on which the next semi­
annual dividend on the common stock will be declared Is not positively
fixed, but It will be about Dec. 10. That dividend will be larger than
our last semi-annual dividend (7H % May 17 1909). The preferred divi­
dends are fixed, viz., 6% per annum payable H of 1% monthly on the 1st
of each month. This increase In capital stock will make our company by
far the largest shoe company as to capital resources In the United States.
Our fiscal vear closes Dec. 10. Our shipments will aggregate this year
about SI 1,500.000, which will be a gain In shipments over last year of
about $1,250,000.
We are Just completing our handsome new store and office building on
the corner of 15th St. and Washington Ave. This building Is composed
of Bedford stone, steel and concrete. Is 10 stories above ground, with
basement and sub-basement, 107 feet front on Washington Ave. and 136
feet on 15th St. It is unquestionably the finest store and office building
devoted exclusively to shoes In the United States. We will move Into
this building about Dec. 1. [The letter-head shows: Officers and directors:
J Johnson, Pres.; J. C. Roberts, VIce-Pres.; O. Johnson, Vice-Pres.;
F C Rand, 2d Vice-Pres.; J. T. Pettus, 3d Vice-Pres.; C. D. P. Hamilton,
4th Vice-Pres.; H. C. Wood. Sec.; D. C. Biggs, Treas.; R. N. Warmack,
II. E. Wagoner and T. Moreno.]— V. 84, p. 54.

.—Not Purchased

S a lin a ( K a n . ) W a t e r W o r k s
C o
.— T h e
c it y o f S a lin a v o t e d
N o v . 2 n o t t o is s u e $ 2 0 2 , 7 4 9 b o n d s
f o r th e p u r c h a s e o f t h e c o m p a n y 's p la n t .
T he com pany
w a s r e o r g a n iz e d in 1 8 8 3 a s a M a in e c o r p o r a t io n .

Stock Offered.

d a t e d S e p t . 1 1 9 0 9 , d u e S e p t . 1 1 9 3 9 , w it h o u t o p t io n o f p r io r
p a y m e n t.
P a r $ l, 0 0 0 c * .
In te re s t M . & S ., a t M a n h a tt a n
T ru s t C o ., N e w

a b le

Y o r k , tru s te e .




San

D ie g o

Pref.

( C a l. ) C o n s o lid a t e d G a s & E l e c t r i c C o . —
— W illia m P . B o n b r ig h t & C o ., N e w Y o r k , & c .,
h a v e r e c e n t ly b e e n o f f e r in g t h e 7 % p r e f e r r e d s t o c k a t t h e
m a r k e t , y ie ld in g 7 .2 2 % .
A m o u n t a u t h o r iz e d , $ 2 ,5 0 0 ,0 0 0 ;
o u t s t a n d in g , $ 1 ,0 0 0 ,0 0 0 .
D iv id e n d s ( 7 % p e r a n n u m ) p a y ­

P la t t s b u r g h ( N . Y . ) G a s & E le c t r ic C o
.—
P e r r y , C o f f in & B u r r , B o s t o n , a r e o f f e r in g a t 9 7 a n d in t e r e s t ,
y i e l d i n g 5 .2 0 % , t h e c o m p a n y ’ s f i r s t m o r t g a g e 5 % g o l d b o n d s ,

Q .- J .

1416

THE CHRONICLE

W a r n i n g s f o r T w e l v e M o n t h s e n d i n g A u g . 31.
—
G ro ss.
N e t.
C h a rg e s. B a t. fo r d iv s
1908-09.................................$103,530
$242,341
$88,212
$154,129
1907-08
........................... 354,724
224,036
83,549
140,487
Dividends have been paid on tile pref. stock since organization In 1905
at rate of 5% up to April 1909; since then 7% . The common stock ($700,­
000) Is on a 5% dividend basis. Compare V. 88, p- 1563, 1135.
Y ea r

—Bonds Offered.
%

S e c u r it y ( M d .) C e m e n t & L im e C o .
— H am b le t o n & C o . , B a lt im o r e , a r e o f f e r in g a t 9 8
a n d in t e r e s t ,
w it h a b o n u s o f 3 0 % in c o m m o n s t o c k , t h e u n s o ld p o r t io n o f
t h e p r e s e n t is s u e o f $ 6 5 0 , 0 0 0 f i r s t m o r t g a g e 6 %
2 0 -ye a r
s in k in g f u n d g o ld b o n d s d a t e d N o v . 1 1 9 0 9 a n d d u e N o v . 1
1 9 2 9 , b u t s u b je c t t o c a ll, a ll o r a n y p a r t , a t 1 0 5 a n d in t e r e s t .
In te re s t M . & N .
S a f e D e p o s it & T r u s t C o . , B a lt im o r e ,
tru s te e .
M in im u m
s in k in g
f u n d , $ 3 6 ,0 0 0 y e a r ly ,
b e g in s
M a y 1 1911.
A c ir c u la r s a y s in p a r t :

Incorporated under the laws of West Virginia, being a consolidation o
the Maryland Portland Cement Co., Hagerstown, Md., and the Berkeley
Lime Stone Co., near Martinsburg, W. Va.
C a p i t a l i z a t i o n —•
A u th o r iz e d . In
T r e a s u r y . O u ts ta n d in g
First mortgage 6% bonds-------------------$1,000,000
$350,000
$650,000
Preferred stock, 7% cumulative.........
750,000
150,000
600,000
Cominonstdck--------------------1,250,000
250,000
1,000,000
The $350,000 bonds in the treasury can be Issued only for new acquisi­
tion and construction at 75% of their actual cost. The bonds are an abso­
lute first mortgage on all property now owned or hereafter acquired con­
sisting of real estate, plants, crushers, kilns, &c., which, we are Informed
have cost to date, for acquisition and development, $600,000, and which
the company has purchased with Its preferred and common stock. This
Issue of bonds is to supply the necessary funds for Increasing the presen
output of the cement plant at Hagerstown, Md., from approximately 250 000 barrels to a capacity of over 700,000 barrels of cement per annum,
and to build upon the Berkeley Line Stone property additional lime kilns,
crushers, &c. When these additions are completed, the $650,000 bonds
will be an absolute llrst lien on property which, with the working capital,
will have cost approximately $1,200,000.
E s t i m a t e d E a r n i n g s . — .Vet profits from 500,000 bbls. Portland cement,
$125,000; 150,000 tons fluxing stone, $30,000; 50,000 toms crushed stone,
$7,500; 8,000 tons pulverized stone, $5,200; 600,000 bushels lime, $30,000,
5,000 tons pulverized quick lime, $1,750; 11,000 tons hydrated lime,
$8,250; revenue from rental of houses, $3,000; total net profits, $210,700.
Deduct: Interest on $650,000 bonds, $39,000; sinking fund, $36,000; 7%
dividends on $600,000 preferred stock, $42,000; balance, surplus, for com­
mon stock, $93,700.
O f f i c e r s : A. W. Paige, New York, President: Lorlng A. Cover, Baltimore
Vice-President and Treasurer; H. B. Warner, Secretary.

New

Stock.

S h e r w in - W illia m s
C o .,
P a in t s ,
& c .,
C le v e la n d . —
— T h e s h a r e h o ld e r s w i l l m e e t D e c . 2 0 f o r t h e p u r p o s e
o f in c r e a s in g it s c a p it a l s t o c k f r o m $ 6 ,0 0 0 ,0 0 0 , it s p r e s e n t
c a p it a l s t o c k , c o n s is t in g o f $ 4 ,0 0 0 ,0 0 0 c o m m o n s t o c k a r id
$ 2 ,0 0 0 ,0 0 0 p r e f e r r e d , t o s u c h a m o u n t a s t h e s t o c k h o ld e r s
m a y a t s a id m e e t in g d e t e r m in e .

At last accounts there was outstanding $4,000,000 common stock
$500,000 7% pref. and $500,000 6% pref., while $1,000,000 7% preferred
was authorized, but unissued. Dividends on common 10% per annum
since 1898, payable Q.-F.l dividends on preferred payable Q.-M. No
bonds. H. A. Sherwln, Pres.; W. H. Cottingham, Pres.; S. P. Fenn,
VIce-Pres. and Treas.; A. W. Frank, Secretary. See V. 88, p. 382.

Description of Plant

S ie r r a & S a n F r a n c is c o P o w e r C o .—
.—
T h e S t a n is la u s E le c t r ic P o w e r d e v e lo p m e n t h a v in g b e e n
a c q u ir e d b y t h is n e w C a li f o r n i a c o r p o r a t io n , w h ic h is c o n
t r o lle d b y t h e s a m e in t e r e s t s a s t h e U n i t e d R a i l r o a d s o f
S a n F r a n c is c o , S a n d e rs o n
P o r t e r o f N e w Y o r k a r id S a n
F r a n c i s c o , t h e e n g in e e r s in c h a r g e o f c o n s t r u c t io n , h a v e
is s u e d in p a m p h le t f o r m t w o a r t ic le s r e g a r d in g t h e e n t e r ­
p r is e w h ic h a p p e a r e d r e c e n t ly in
a t e c h n ic a l j o u r n a l. —
V . 89, p. 849.

&

S o u t h B a lt im o r e S te e l C a r & F o u n d r y
S t e e l C a r C o . b e lo w .— Y . 8 9 , p . 2 9 1 .

C o .— S e e S ta n d a rd

Called Bonds.

S o u th e rn S ta te s L a n d C o .—
— T h ir t y - s e v e n
m o rtg a g e
b o n d s w e re d r a w n
fo r r e d e m p t io n
on N o v .
1
a t $ 5 1 2 5 0 p e r b o n d , w it h a c c r u e d in t e r e s t , a t t h e K n ic k e r ­
b o c k e r T r u s t C o ., N e w Y o r k . — Y . 8 6 , p . 1347.

Bond Issue.

S o u t h e r n T e le p h o n e C o . o f F o r d y c e , A r k , —
—
A p re s s d is p a t c h f r o m P in e B lu f f , A r k . , o n N o v . 19 a n n o u n c e d
t h e f ilin g o f a m o r t g a g e to t h e D o s h a B a n k & T r u s t C o . o f
A r k a n s a s C it y , A r k . , f o r $ 1 5 4 ,0 0 0 , c o v e r in g t h e t e le p h o n e
c o m p a n y ’s p r o p e r t y in s e v e r a l c o u n t ie s .

Offered in Canada.
S ta n d a rd

M o to r

C o n s t r u c t io n

C o .,

N ew

Y o rk .—

Stock

— T h e c o m p a n y r e c e n t ly o ff e r e d , b y a d v e r ­
t is e m e n t in a C a n a d ia n p a p e r , $ 1 0 0 ,0 0 0 o f it s c a p it a l s t o c k ,
t o t a l is s u e $ 1 , 8 0 0 , 0 0 0 , s h a r e s $ 1 0 e a c h p a r ; n o p r e f e r r e d
s to c k .
C o m p a re V . 8 8 , p . 1376.

Lower Federal Court
Orders Dissolution for Violation of Sherman Anti-Trust Act
Appeal to Be Taken to Supreme Court.
Acquisitions.
New Subsidiaries.
S ta n d a rd

O il

v io u s p a g e ; a ls o
S ta n d a rd

Co.

of

N ew

J e rs e y .—

—
— S e e e d it o r ia l o n a p r e ­
V . 8 3 , p . 1 2 9 3 , 1 2 3 3 .— V . 8 9 , p . 2 3 0 , 4 8 .

S te e l

Car
C o .,
P it t s b u r g h .—
—
— C o n t r o l w a s r e c e n t ly a c q u ir e d o f t w o
c a r b u ild in g p la n t s f o r m e r ly o w n e d b y th e S o u t h B a lt im o r e
S t e e l C a r & F o u n d r y C o . o f B a lt im o r e a n d th e M id d le t o w n
(P a .) C a r W o rk s .

The Baltimore company had lately been reorganized (V. 89, p- 291;
V. 88, p. 382, 1065) as tlie Baltimore Steel Car & Foundry Co., Incorporated
In Maryland on Sept. 16 1909 with $1,500,000 stock; the Standard Steel
Car Co. paid $340,000 for the plant, which sum, with other casli assets,
It was thought by the voting trustees of the Baltimore company would
afford the creditors of the old Baltimore concern between 55 and 60 cents
on the dollar In cash. The Middletown Car Co., Incorporated on Aug. 13
1909 to take over the bankrupt Middletown car works, filed at Harrisburg
on Oct. 13 1909 a certificate of Increase of capital stock from $5,000 to
$400,000. The Forged Steel Wheel Co., another subsidiary of the Standard
Steel Car Co., Is building at Lyndora, Pa., a new steel mill which, It is
said, will cost $2,000,000. The plant of the Standard Is reported to have
a maximum capacity of 120 cars a day. An additional tract of 20 acres
was recently acquired at Butler, Pa., on which within a year it Is proposed,
to erect a building to house a steel passenger coach department.— V. 85,
p. 1579.

—Sale of Bonds of Subsidiary of Baldwin Locomotive Works
S ta n d a rd S te e l W o r k s

C o u n ty , P a .
.—
B r o w n B r o s . & C o . , P h ila d e lp h ia , a r e o f f e r in g p r iv a t e iy , a t
p a r a n d in t e r e s t , 8 1 , 7 6 4 , 0 0 0 f ir s t m o r t g a g e 5 % g o ld b o n d s ,
d a t e d J a n . 1 1 9 0 8 a n d d u e J a n . 1 1 9 2 8 , w it h o u t o p t io n o f
e a r lie r r e d e m p t io n .
A u t h o r i z e d is s u e $ 5 , 0 0 0 , 0 0 0 ; o u t s t a n d ­
in g , i n c lu d i n g a m o u n t n o w o f f e r e d , $ 3 ,8 0 0 ,0 0 0 ; r e t ir e d b y




C o ., B u r n h a m , M if f lin

[VOL. LXXXIX.

s in k in g f u n d , $ 2 0 0 ,0 0 0 ; r e s e r v e d f o r f u t u r e im p r o v e m e n t s
a n d a d d it io n s , a t n o t e x c e e d in g 7 5 % o f c o s t o f s a m e ,
0 0 0 ,0 0 0 .
T h e e n t ir e $ 3 , 0 0 0 , 0 0 0 c a p it a l s t o c k is o w n e d b y
th e B a ld w in L o c o m o t iv e W o r k s .
T h e n e t e a r n in g s f o r th e
c a le n d a r y e a r 1 9 0 9 ( t w o m o n t h s e s t im a t e d ) a r e g iv e n a s
$ 1 ,0 0 0 ,0 0 0 ; b o n d in t e r e s t , $ 1 9 0 ,0 0 0 ; s in k in g f u n d , $ 2 0 0 ,0 0 0 .
A v e r a g e n e t e a r n in g s f o r th e f iv e y e a r s 1 9 0 5 to 1 9 0 9 , a b o v e
$ 6 0 0 ,0 0 0 , n o t w i t h s t a n d in g t h e e x t r e m e b u s in e s s d c c r e s s io n o f
1908.
S e e f u r t h e r p a r t ic u la r s in V . 8 6 , p . 2 3 2 .

—Dividends Resumed

T ennessee C o p p e r C o .
.— A d i v i d e n d
o f 5 % ($ 1 2 5 p e r s h a r e ) h a s b e e n d e c la r e d , p a y a b le D e c . 2 3
o n s to c k o f re c o rd D e c. 1 0 .
T h is is t h e f ir s t d is t r ib u t io n
s in c e t h e s e m i- a n n u a l d i v id e n d o f t h e s a m e a m o u n t p a id
in S e p t . 1 9 0 8 .
S t o c k is $ 5 ,0 0 0 ,0 0 0 ; p a r , $ 2 5 .
D iv id en d

R ecord .

04. J a n . ' 05. J u l y ’ 06. J a n . ’ 0 7 . A u g . ’ 0 7 . F e b . ’ 08. S e p . ’ 08. Dec.’OO.
5%
5%
5%
5%
5%
8%
5%
5%
5%
Compare V. 87, p. 617; V. 88, p. 569; V. 89, p. 668, 999.

J u l y ’O S. J a n .’

New Directors.

T e x a s C o m p a n y ( O il) , H o u s t o n . —
— E . C.
L u f k in o f H o u s t o n ( n o w V ic e - P r e s id e n t a lo n g w it h A r n o ld
S c h la e t o f N e w Y o r k ) a n d G . L . N o b le o f H o u s t o n h a v e b e e n
a d d e d to th e b o a r d o f d ir e c t o r s .
B A L A N C E

S H E E T

O F

T E X A S

A u g .

C O M

31 '09.

A S S €tS ~ ~ m

$

J u n e

P A N Y .

30 '08.

M a y

$

$

1 ’07.

*P1 nt account-...................................' 15,123.440
858,300
Other Investments_________ _____ . .
Stocks of oil, crude and refined and
in process.......................- .................. 4,577,609
Unexpired Insurance________________
83,867
1,072,000
Bonds and mortgages______________
Accounts and bills receivable_______ 5,750,123
Cash on hand______________________
792,391

12,814,237
858,300

6,974,778
866,908

Total............ ...................................... 28,257,730
L ia b ilitie s —
Capital tock..............................
12,000,000
6% gold debentures_______
6,000,000
Accounts and bills payable________
2,333,699
Suspense acct, (for doubtful accts.).
77,312
Insurance reservefund_____________
500,000
Sinking fund and depreciation account 2,146,719
Surplus____________________________
5,200,000

20,577,906

13,612,586

11, 000,000

8 , 000,000

3.393,864
86,847
400,000
1,697,195
4,000,000

521,630
79,986
250.000
260,970
500.000

3,685,583
37,229
1,000,000
1,719,052
463,50 1

1,347,131
9,' 48
1,00 ,000
2,050,003
1,363,817

Total................................................... 28,257,730 20,577,906 13,612,586
•Plant account Includes Investments In real estate, leases, rights of way,
pipe lines, tankage, refineries, ships, cars, terminals, distributing stations,
producing properties, wells and equipment.
A c e r t if ic a t e
to $ 1 8 ,0 0 0 ,0 0 0
v e r s io n o f t h e
8 2 5 , 8 8 1 , 1442;

o f in c r e a s e o f c a p it a l s t o c k f r o m $ 1 2 , 0 0 0 , 0 0 0
w a s f ile d O c t . 2 5 1 9 0 9 , p r e p a r a t o r y t o c o n ­
$ 6 ,0 0 0 ,0 0 0 d e b e n t u r e s .
C o m p a re Y . 8 8 , p .
V . 89, p . 1144, 1286.

Extra Dividend to Complete
Back Years.
T h o m p s o n -S ta rre tt

Record of Common Stock for

( C o n s t r u c t io n )
C o .,
N ew
Y o r k .—
8%
— - T h e d ir e c t o r s o n M o n d a y d e c la r e d , a lo n g w it h
t h e u s u a l s e m i- a n n u a l d iv id e n d o f 4 %
o n th e $ 1 ,0 0 0 ,0 0 0
c o m m o n s t o c k , a n e x t r a d iv id e n d o f 1 G % o n c o m m o n to c o m ­
p le t e t h e r e c o r d o f 8 % p e r a n n u m f o r t h a t s t o c k s in c e it s
d a t e o f is s u e . — V . 8 6 , p . 1 4 1 3 .

Successor Company.

T id e w a t e r S te e l C o ., C h e s te r , P a . —
—
F . J . L is m a n , C h a ir m a n p r e fe r r e d s t o c k h o ld e r s ’ c o m m it t e e ,
a n n o u n c e s t h a t t h e p la n t a t C h e s t e r , P a . , w h ic h w a s b o u g h t
in ; it f o r e c lo s u r e s a le , h a s b e e n d is p o s e d o f t o t h e D e la w a r e
R iv e r S te e l C o . , a P e n n s y lv a n ia c o r p o r a t io n , f o r a n a m o u n t
s u f f ic ie n t t o p a y o ff t h e f lo a t in g d e b t a n d p a y 2 0 % o n t h e
par

v a lu e

o f T id e w a t e r

S te e l

p re fe rre d

s to c k

in

6%

bond s.

The Delaware River Steel Co. (incorporated about :Nov. 15,) has an
authorized capital stock of $500,000, of which $300,000 has been paid up
In cash, and a bonded debt of $250,000, Interest at 6% , payable $100,000
on Nov. 20 1910, $75,000 on Nov. 20 1911, $75,000 on Nov. 20 1912.
Interest payable semi-annually May 20 and Nov. 20 at the office of the
Railways Company General, 30 Broad St., New York. The officers of the
Delaware River Steel Co. are: President, Charles Hart, of Coatesvlllc, Pa.;
Treasurer, Myron A. Wick; Secretary, It. II. MCCurdy, the two fatter
officer's of Youngstown, O.— V. 89, p. 1071, 724.

First Dividend

on Common Slock.
U n d e rw o o d

T y p e w r it e r C o ., N e w Y o r k . —
— T h e d ir e c t o r s h a v e d e c la r e d a n i n i t i a l
q u a r t e r ly d iv id e n d o f 2 % o n t h e $ 2 ,0 0 0 ,0 0 0 c o m m o n s t o c k ;
a ls o a r e g u la r s e m i- a n n u a l d i v id e n d o f 3 % o n t h e $ 5 0 0 ,0 0 0
f ir s t p r e fe r r e d a n d 3 % o n t h e $ 1 ,0 0 0 ,0 0 0 s e c o n d p r e fe r r e d
s t o c k , a ll p a y a b le J a n . 1 o n s t o c k o f r e c o r d D e c e m b e r 2 9 .
P a r o f p re f.,
$100; of co m m o n , $50 .
C o m p a re V . 7G, p .
1 3 5 9 .— Y . 8 4 , p . G 3 0 .

Listed

U n io n E le c t r ic L ig h t & P o w e r C o . o f S t. L o u is . —
.—
T h e N e w Y o r k S t o c k E x c h a n g e h a s lis t e d $ 5 ,5 0 0 ,0 0 0 re ­
f u n d in g a n d e x t e n s io n m o r t g a g e 2 5 - y e a r 5 % b o n d s , d a te d
1908, d u e 1933.
C o m p a r e c ir c u la r o f f e r in g th e s e b o n d s ,
V . 8 7 , p . 1 4 2 5 ; V . 8 G, p . 1 0 4 6 .
— F o r G m o n t h s e n d in g J u n e 3 0 1 9 0 9 :

Earnings.

D e d u c t—
Total commercial Income-$1,277,258
266,972 Interest accrued__________ $420,037
Miscellaneous Income___
Gross Income, all sources. 1,544,230 Dividends, 3 % .................... 296,550
93,669
Net Inc., after taxes, &c_.
811,056 Balance, surplus__________

Compare earnings In V. 87, p. 1425.— V. 88, p. 311.
U n it e d S ta te s
F o r O c to b e r a n d
C o n s o lid a te d

R e a lt y & I m p r o v e m e n t C o .—
G m o n t h s e n d in g O c t . 31 1 9 0 9 :

P r e lim in a r y
In co m e A c co u n t
en d ed
O c to b e r S I
O c to b e r.

fo r

1909.

O c to b e r

a n d

.-

S ix

M o n th s

O c to b e r.

D e d u c t—
$
$
100,884 Int. on mtgs.,&c. 51,246
824,722 ICxp. of manag’t.
35,657
Int. on deben__
55,350
703,893
Total dedu c.. 142,153
39,293 Balance ............. 142,074
.
Dividend 6 mos. ________
363,663
284,228 1,668,703
Balance, surp. 142,074 427,608

R e c e ip ts fr o m —
$
Interest_______
77,349
Investments___ 133,295
Profit on build­
ing contracts. 126,567
Profit on real cst.
&c., sales___
7,016

Total g r o ss...

6 Mos.

Earnings

-V . 89, p. 025.

Bonds, Earnings, Ac
W e s te rn

U n it e d

G a s & E le c t r ic C o ., A u r o r a , &
.— T h e
b o n d d e p a rtm e n t o f
w a u k e e T r u s t C o . is o f f e r in g a t 9 8 a n d in t e r e s t a
“ f ir s t a n d
r e f u n d in g
m o rtg a g e ”
5%
g o ld
bond

c . , 111.—
th e M il­
b lo c k o f
s,
d a te d

Nov. 27 1909. J

THE CHRONICLE

Feb. 1 1905; total authorized $5,000,000; issued and out'
standing Oct. 1 1909, $2,405,500; reserved to retire under­
lying liens, $934,500; in escrow for future extensions and
improvements, $1,000,000. A circular says:
The bonds reserved tor extensions and Improvements can only be Issued
at 70% of the cost of new construction, and then only when earnings, after
deducting all operating expenses and taxes, are equal to or In excess of
1 0 % of the face value of all outstanding bonds and on those it Is proposed
to Issue. Since 1900 gross earnings have Increased 40.4% and net earn­
ing 49.0%, while Interest charges have Increased but 11.7%. Surplus
earnings, after payment of all Axed charges. Increased 95.8%.
\r.h e n d i n g
J u ly
31.
1907-08.
1908-09.
1906-07.
1905-00.
53 1
488
511
450
Miles of gas main July 31
29,839
27,890
26,243
22,389
Gas meters In use July 81
635,095,300 686,090,700 725,146,400
1,680
1,233
1,451
1,899,914
1,971,269
1,933,286
Kilowatts sold
- - 1,022,590
$823,755
$773,003
$712,739
$580,542
Gross earnings - ....
$401,238
$362,824
$333,822
Net earnings (after taxes) $208,124
164,558
152,627
159,795
147,235
Interest charges___
$181,195
$203,029
$236,680
Balance _ ------$120,889
Dividends of 0% have been regularly paid on the preferred stock (now
$1 500 000) since the consolidation In 1905. All other profits have been
appropriated for betterments and extensions. This has resulted In the
expenditure from this source of over $400,000. Gas plants are maintained
at Aurora, Elgin, Joliet and La Grange. From these plants gas through
531 miles of mains Is distributed to 35 cities and towns, all within a radius
of 45 miles from Chicago. At Aurora the electric light system is owned
and operated; also a steam heating plant. Compare V. 8 6 , p. 1535; V. 81,
p. 1052; V. 89, p. 49.
Wilkes-Barre (Pa.) Gas & Electric Co.— Bonds Offered.—

Graham & Co. and Henry & West, of Philadelphia, arc
offering, by advertisement in another column, at 102 and
interest, $500,000 first mortgage 5% bonds. This issue
of bonds is now a first and only mortgage on the entire
property, all the underlying bonds having been lately called
for redemption.
The company Is showing a steady Increase in earnings and at the present
time Is earning double its Interest charges and a sum equivalent to about
7% on Its capital stock, which has been paying dividends at the rate of 4%
for some time past. The securities are listed on the Philadelphia Stock
Exchange and are well known throughout Pennsylvania. Sec further
facts In V. 89, p. 1350.

(H. D.) Williams Cooperage Co., Leslie, Ark.— Bonds
Offered.— Francis, Bro. & Co., St. Louis, are offering at par
and interest $250,000 first mortgage (3% gold bonds dated
Dec. 1 1908, maturing serially $50,000 Dec. 1 1911,
$50,000 Dec. 1 1912, $75,000 Dec. 1 1913 and $75,000
Dec. 1 1914, but subject to call on any interest day at par
and int. Authorized and outstanding issue, $350,000.
Denomination $1,000 (c*). Principal and interest (J. & D.)
payable at Mississippi Valley Trust Co., St. Louis, trustee.
A circular says:

Secured: (1) by direct obligation of the company; (2) by endorsement
on each bond of personal guaranty of II. I). Williams; (3) by a llrst mort­
gage on 14,300 acres of timber land owned In fee and timber rights on
additional tracts, all situated In various counties In Missouri and Arkansas,
and purchased at a cost of $218,232, together with mills, equipment and
materials representing a valuation of $642,317, making In all property
valued at $860,549 as security. The company has been In successful
operation for many years; net earnings have averaged over $80,000 a year
for the last live years. Sinking fund under mortgage, $5 for each cord of
bolts for staves and headings, with the equivalent for all other kinds of
timber or logs cut and manufactured, and the entire selling price less 2 0 %
for timber cut and sold.

Xenia (O.) Gas & ElectricJCo.— Consolidation.— This com­
pany was incorporated Nov. 1 under the laws of Ohio with
$200,000 of authorized capital stock, in $100 shares, of which
$100,000 has been issued, as a consolidation of the Xenia
Lighting Co. and the Citizens' Electric Light & Power Co.
The new company has made a mortgage to the Dayton (O.)
Savings & Trust Co., as trustee, to secure not exceeding
$200,000 first mortgage 5s, of which $100,000 outstandingThe bonds are dated Nov. 1 1909 and due Nov. 1 1929, but subject t
call any time on 4 months’ notice at 105 and Interest. Interest M. & S.
at Dayton. President, P. H. Flynn; See., M. E. Llle; Treas., C. M. Hypes.
The Citizens Electric Light & Power Co. at last accounts had $30,000 stock
and was supplying 60 Nernst lamps and 2,500 Incandescents. The Xenia
Lighting Co. was Incorporated on Sept. 28 1909 with $20,000 capital stock,
as successor of the People’s Gas & Electric Light Co. (V. 89, p. 475),
foreclosed.
The last-named has been supplying 156 enclosed arc lamps
and 5,500 Incandescents.

Yakima Valley Power Co., Kennewick, Pasco and North
Yakima, Wash.— Bonds Offered.—The Sharp & Irvine Co.,
Spokane, Wash., is offering at par and interest, in denomina­
tions of $1,000, the first mortgage 5% gold bonds, being
part of an authorized issue of $300,000, due Jan. 1 1929,
covering electric-light and power, also water-works system,
in the rich Yakima Valley, Wash.
Extracts from Letter of President Robert 0 . Strahornof Spokane (President
North Coast RR. Co. and President Northwest Light & Power Co.)
The company Is organized under the laws of the State of Washington,
with an authorized capital of $300,000, of which $200,000 has been issued
and $ 100,000 remains In treasury. Authorized bond Issue, $300,000,
Interest payable In January and July at Seaboard National Bank, N6 w York.
The proceeds of the bonds and stock Issued as above have been used In
the purchase of the electric lighting and water-works systems of Kenne­
wick and Pasco, Wash., and In the construction of a power transmission
line from the city of North Yakima, Wash., to Pasco, a distance of about
100 miles; also In the construction of an electric lighting system for the
cities of Suunyslde and Mabton, Wash., and for materials entering Into the
construction of plants at such towns as Granger, Grandview, Klona and
Wapato. Several small branch transmission lines afe being built and
considerable other property and material have been acquired, altogether
at a total Investment to date of something like $450,000. The bonds arc
a Arst lien upon all of this property.
The earnings of the two plants now In operation, viz.: Kennewick and
Pasco, amount to about $5,000 per month, or $60,000 per year, tills
Including returns from certain power contracts In the vicinity. These
earnings are Increasing rapidly, and It Is believed will easily reach $75,000
for the year 1910. Earnings from other plants not now In operation, but
to be In full operation within a few months, will, It Is believed, reach an
aggregate during 1910 of $25,000, to which will be added returns from a
large number of Isolated power plants now being arranged for to supply
power for pumping for Irrigation as well as various manufacturing and
other enterprises. Altogether It Is believed to be a conservative estimate
to Ax the total gross earnings for the year 1910 at not less than $125,000,
with net earnings of about $75,000. Interest on bonds, $15,000.
The Yakima Valley, of which about 100 miles in length Is covered by
our transmission line and Its branches, Is generally recognized as the
richest portion of the State, and capable of being densely settled.
Officers: Robert E. Strahorn, President; H . J . Hanson, Vice-President
and A. G. Smith, Secretary and Treasurer.




1417

— At the United States Land & Irrigation Exposition,
now being held in the Chicago Coliseum, the Trowbridge &
Niver Co. will maintain a fully equipped office for two weeks,
for the reception of their friends and to distribute information
regarding the various irrigation bond issues handled by this
firm. Their exhibit covers 0,500 square feet, and consists
of several immense relief models of irrigated districts, with
actual running water and minature farms; comprehensive
displays of grains, fruits and vegetables raised on irrigated
soil; large panoramic views of irrigated sections; sagebrush,
and the actual soil in which it grows; and moving picture
lectures illustrating in the most effective manner the wonder­
ful evolution which has been produced by irrigation.
_— The Boston banking firm of Jose, Parker & Co. h is been
dissolved. Chauncey D. Parker, who will liquidate the
firm’s assets, has formed a new co-partnership, under the
name of C. D. Parker & Co., which will conduct a general
banking and investment business at the old location, 78
Devonshire St. Those associated with Mr. Parker are
Charles It. Adams, Bowen Tufts, Merton E. Crush, Harold
B. Lament, Alfred S. Whittemorc, Louis G. Keyes, Edward
L. Bennett, Manning W. Morrill, Harry L. Spencer, Arthur
E. Shivelle, Arthur H. Middemass and Edward A. Colgon.
— J. & W. S. Kuhn Incorporated, investment bankers,
of Pittsburgh, Chicago and New York, and now one of the
largest bond houses in this country, advertise an interesting
announcement in to-day’s issue of the “ Chronicle” regarding
the guaranteed irrigation bonds and guaranteed water-works
bonds which the firm is offering to investors. These securi­
ties represent the two largest irrigation enterprises, public or
private, in the United States. Circulars and booklets will be
sent on request.
— S. C. Osborn & Co., brokers and financial agents, of
Seattle, Wash., are now occupying their handsome quarters
in the newly constructed Arctic Club Building in that city.
The firm is installing one of the most complete and up-todate safe deposit vaults in the West, containing over 10,000
boxes. Mr. Osborn intends adopting the novel plan of
keeping the vaults open night and day so as to accommodate
the many hundreds of members who make the Arctic Club
their home.
— The personnel of the firm of Boyne, Ring & Co., which
was formed with the dissolution of the firm of James A.
Benedict & Co., is as follows: Paul Bayne, George Stuart
Ring, Charles A. Worthington, S. G. Bayne, T. Wistar
Brown, Charles Lathrop Pack and Joseph Seep. The four
last named are special partners. The firm has offices in
New York at 55 Wall Street (the National City Bank
Building), Chicago, Philadelphia and Hartford.
— Attention of investors is called to the choice list of guar­
anteed tax-exempt stocks being offered by Plympton, Gardi­
ner & Co. on another page. The list comprises stocks guar­
anteed by the Pennsylvania R R ., N. Y . Central & Hudson
River R R ., Illinois Central R R ., Delaware Lackawanna &
Western R R. and Chicago & Alton R R ., netting from 3.73%
to 4 % . Particulars will be furnished upon request at either
the New York or Chicago offices.
— The Stock Exchange house of J. C. Wilson, San Fran­
cisco and Los Angeles, will about December 1st open two
new branches, one in the Coronado Hotel, Coronado Beach,
and the other in the magnificient new Palace Hotel, San
Francisco. Mr. Wilson is the only resident member in
California of the New York Stock Exchange. His Eastern
correspondents are Harris, Winthrop & Co., New York
and Chicago.
— The stock and bond house of A. G. Edwards & Sons,
St. Louis, has taken part of the second floor of the Mer­
chants’ Laclede Building, directly over its present quarters,
for the use of their bond department. The new quarters
will be very spacious and will provide ample room for the
firm’s increasing bond business. The New York City office
is at No. 1 Wall Street.
— Mr. James N. Wright, who was formerly manager of
Rudolph Kleybolte & Co.’s Chicago office, and more recently
a member of the firm of J. H. Causey & Co., Denver, has
opened offices in the Century Building, Denver, Col., under
the firm name of James N. Wright & Co. The new firm will
deal in high-grade municipal, railroad and corporation bonds.
— The New York Stock Exchange firm of W. S. Lawson,
GO Broadway, has this week opened an uptown branch at
489 Fifth Avenue, opposite the new building of the New York
Public Library at 42d St. and Fifth Ave. William B.
Averill, member of the firm, will be in charge of this branch
office.
— Joseph Walker & Sons, bankers, 20 Broad St., New
York, have issued an interesting brochure for distribution,
entitled “ High Grade Railroad and Industrial Preferred
Stocks as Investments.” Particular attention has been
given to an analysis of the railroad stocks.
— J. G. White & Company announce the opening of a
branch office in the First National Bank Building, Chicago,
Illinois. Mr. Charles T. Mordock will be in charge as
manager.
— Chas. C. Harrison Jr. & Co., bankers, Fifth and Chest­
nut streets, Philadelphia, have issued a circular on the stock
of the Pennsylvania Railroad Company.
— Plympton, Gardiner & Co. have opened a London office
at No. 54 Old Broad Street, E. C., under the management of
John R. Sofio and George E. Musgrove.

1418

THE CHRONICLE

[Voi,. l x x x i x .

§k;pwls and documents.
SOUTHERN PACIFIC COMPANY.
TW EN TY-FIFTH ANNUAL REPORT— FOR THE Y EA R ENDED JUNE 30 1909.
New York, November 11 1909.
To the Stockholders of the Southern Pacific Company:
The Board of Directors submit herewith their report of the operations and affairs of the Southern Pacific Company
and of the Proprietary Companies for the fiscal year ended June 30 1909.
PROPERTIES AND MILEAGE.
The transportation lines constituting the Southern Pacific System June 30 1909, were as follows:

D I V I S I O N S .

A.

B.

—

M ile a g e
S o u th ern

o f lin e s
P a c ific

b e lo n g in g to
C o m p a n y :

C o m p a n ie s

w h o se

c a p ita l

sto ck s

a re

p r in c ip a lly

ow n ed

bu

M a in

S eco n d

T ra ck .

T ra ck .

M ile a g e

o f

lin e s

b e lo n g in g

M o r g a n ’s L o u i s i a n a
o w n in g th e m :

C —

&

to

T ex a s

C o m p a n ie s
R R .

&

S S .

w h ose
C o .,

c a p ita l
bu t

sto ck s

w h ich

a re

a re

p r in c ip a lly

o p er a te d

b y

th e

ow n ed

bu

Total-______________________________________________________________________________

9,624.90

it

48.61
116.39
8.05

691.27
114.06
1,206.27
46.05

10.90

188.18
61.66
169.11
306.99
45.30
6.67
224.03
46.90
53.20

2.00

40.06
3.89
1.27
10 51

125

3.00
3.00
114

5,071

th e

15.64

to

L in es .

C o m p a n ie s

Iberia & Vermilion R R ___________ _______ _____ _______ ____________________
Direct Navigation Co__ _____ ______ _________________________________ 11111111111111111

M ile a g e o f lin e s o p e r a te d b y th e S o u th e r n P a c if i c C o m p a n y u n d e r le a s e s
s to c k s a r e o w n e d o th e r w is e th a n b u th e S o u th e r n P a c if i c C o m p a n y .

F e rr ies .

th e

(1) — Operated by the Southern Pacific Company under leases to It:
Central Pacific R y __________________________________________________ ____________
__ 1,517.60
Oregon & California R R ___________________________ ______ __________________ I I I I I I I I I . .
666.07
Southern Pacific R R ___________________________________________________________________ *3,534.84
South Pacific Coast R y ______________________________ _______ __________________________
97.13
(2) — Operated by the Companies owning them:
Morgan’s Louisiana & Texas Railroad & Steamship Co__________ _____ ______________ __
350.95
Louisiana Western R R _________________________________________________________________
198.28
Texas & New Orleans R R .....................................................................-•___ ___________________
452.31
Galveston Harrisburg & San Antonio R y ---------- - -------- --------------- --------------- ----------------- 1,338.37
Houston East & West Texas R y ...............................................j _______________ ___________
190.94
Houston & Shreveport R R ...................................................................................... ........................
39.78
Houston & Texas Central R R _____________ ______ _____ _______ _______________________
789.01
Nevada & California R y ---------------------------------------------------------------------------------------422.18
Southern Pacific C om pan y.-------------------------------------- -- ----------------------------------------11.80
—

W a te r
S id in g s .

bu t w h ose

4.52
228.78

3,164.21

75
18.90

5,385

c a p ita l

New Mexico & Arizona R R ___________________________ _______ _________________ _______
Sonora Railway_________________________________________ ______________________________
T o ta l..................................................................................................... .............. ........................
Total mileage June 30 1900_______________________________________________
Total mileage June 30 1908_______________________________ _______ ______________ "
Increase____________________________________________________________________________

88.19
263.45

11.26
23.98

351.64

35.24

9.976.54
9,834.33

228.78
222.30

3,199.45
3,050.04

18.90
10.69

5,385
4,895

142.21

6.48

148.81

8.21

490

* Includes line of Southern Pacific R R . Co. from Mojave, Cal., to the Needles, 242.51 miles, leased to the Atchison Topeka & Santa Fe Railway
Co. until September 1 1979, for an annual rental of $218,133 00: also 12.98 miles leased to other companies.

pm The details of the mileage of the railways owned or leased and of the ferries and water lines are shown in Table No. 1
of the Comptroller’s report.
The additions to the miles of railway owned or operated and the changes during the year in first, second and addi­
tional main tracks of the respective companies and companies organized in their interest, were as follows:
A d d itio n s .
F ir st
M a in
T ra ck .
C a lifo r n ia

N o r th ea s ter n

C en tra l C a lifo r n ia

R a ilw a y :

D e d u c tio n s.

A d d itio n a l
M a in
T ra ck s.

F ir st

A d d itio n a l

M a in

M a in

T ra ck .

T ra ck s.

4.31
4.10
2.80
11.31

R a ilw a y :

5.15
C en tra l

P a c ific

R a ilw a y :

Roseville to Loomis, (built . . . . . ___ ______ _____________________________________ ______
^transferred from sidings___________ _________ ____________ ___________

4.53

1.96
.27
.32

C oa st

L in e

R a ilw a y :

Remeasurements____

G a lv e sto n

H a r r is b u r g

&

______ __________________ ____ _______ _________ _______ ______

S a n

A n to n io

6.49

.01

.02

R a ilw a y :

Glldden to M. P. No. 7 on La Grange Branch, change In line________________________________

3.5 9
.77

.02
N ev a d a

&

C a lifo r n ia

R a ilw a y :

Mojave to Searlcs, built, opened for traffic October 20 1908 _____________________________
Scarlcs to Mabel, built, opened for traffic April 18 1909.......................... ............................
_

48.30
.02

O reg on

&

C a lifo r n ia

R a ilro a d :

39
S o u th

P a c ific

C oa st

R a ilw a y :

3.00
1.70
S a c ra m e n to

S o u th e rn

S o u th e rn

P a c ific

R a ilro a d :

4.81
3.30

R a ilro a d :

1.89
9.58
1.04
1.61
1.20
.11
T ex a s

&

N ew

O r le a n s

R a ilro a d :

t* Gallatin to Rusk, built, opened for traffic April 15 1909_______________________ _______
ii Rcmeasurcments___________________________________ ________ ____________ _________
T o ta l__ . . . . . . . _______________________ _____________________________________

7.79
.05
151.38

6.49

9.17

.01

During the year there was a net increase in sidings of 148.81 miles.
The average number of miles of railway operated for the year, for which the accompanying statements of revenues
and expenses are submitted, was 9,626.43 miles.
Excluding the Mojave division, leased to the Atchison Topeka & Santa Fe Railway Company, and mileage leased
to other companies, the operated mileage of the Company’s lines, on June 30 1909, comprised 9,357.61 miles of ‘ ‘Proprie­
tary,” 351.64 miles of “ Non-proprietary” and 11.80 miles of “ Owned” lines— a total of 9,721.05 miles.




1419

THE CHRONICLE

Nov. 27 1909. |

INCOME FOR THE Y EA R.
The cross receipts and disbursements of the Southern Pacific Company in respect of its leased lines and of the Pro­
prietary Companies in respect of lines not leased, and the other receipts and disbursements of the Southern Pacific Com­
pany and of such Proprietary Companies, after excluding all offsetting transactions between them were as follows:
Y ea r
J u n e

Average miles of railway operated

proprietary and non proprietary------------------------------- —

T R A N S P O R T A T IO N

O P E R A T IO N S .

dealt- with a- i X f f e ii,bm fons)

IN C O M E

O T H E R

T H A N

F R O M

T R A N S P O R T A T IO N

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

O P E R A T IO N S .

Interest on bonds owned of Southern Pacific Co. and of Proprietary Companies (Table No. 4)._
Interest on bonds owned of companies other than Proprietary Companies Cl able No. 4) —
Dividends on stocks owned of companies other than Proprietary Companies (la blc ]\o. o) —
Income from lands and securities not pledged for redemption of bonds-------------------------------Income from sinking funds pledged for the redemption of bonds----- ------- - ------------------------ Balance of Interest received on loans and of Interest accruing to June 30 on open accounts

F I X E D
C H A R G E S .
,
Interest on outstanding funded debt of Southern Paclllc Co. and Proprietary Companies--------Sinking fund contributions and Income from sinking fund Investments------------ --------------------

rentals for lease of road, for joint tracks, yards and other facilities, viz.:
' Collections ................ ......................... ..........................................................................
Payments------------------------------------- ----------------------------------------------------------------- 333,oez 5b

Y ea r

E n d ed

30 1909.

J u n e

+
—

E n d ed

30 1908.

In crea se.
D ecrea se.

9,626.43

9,505.61

+ 120.82

$110,846,404 46
9,675,504 28

$113,545,566 52
9,731,354 25

— $2,699,162 06
— 55,849 97

$120,521,908 74

$123,276,920 77

— $2,755,012 03

$67,191,874 66
8,604,258 34
3,788,242 14

$76,005,494 05
8,657,557 84
3,950,140 02

— $8,813,619 39
— 53,299 50
— 161,897 88

$79,584,375 14

$88,613,191 91

— $9,028,816 77

$40,937,533 60

$34,663,728

86

$1,033,081
824,758
1,065,759
729,366
181,531

68

$893,645
867,711
992,492
821.858
205,800

39
80
22
12
00

+ $6,273,804 74
— $139,436
+ 42,953
— 73,267
+ 92,491
+ 24,268

67
72
50
85

+ 1,306,515 35
+ 25,076 20

124,148 61
35,101 30

1,430,663 96
60,177 50

28
08
46
62
15

+ $1,278,600

$5,272,348 99

$3,993,748 33

$46,209,882 59

$38,657,477 19

+ $7,552,405 40

$17,196,370 39
572,800 00
404,051 30

$16,103,960 75
548,531 85
874,614 05

+ $1,092,409 64
+ 24,268 15
— 470,562 75

$18,173,221 69

$17,527,106 65

+ $646,115 04

66

I e s s

Surplus over llxed charges------------------------------------------------------ ----------- -------- --------------------O T H E R

C H A R G E S .

Miscellaneous expenses— * - ,
.
Taxes and other expenses of .Southern Paclllc Company..................................................................
Additions and betterments pavable from income of Southern Paclllc Company—
----- —
Reserve for depreciation of rolling stock owned by Southern Paclllc Company and leased to
other companies ------------------------------------------------------------------------------------------------------------Total other charges__________ _________________________________________________________

529,624 89

257,492 38

+ 272,132 51

$17,643,596 80

$17,269,614 27

+ $373,982 53

$28,566,285 79

$21,387,862 92

‘ +$7,178,422 87

$103,286
246,181
54,934
414,668
503,847

$110,788
233,836
26,991
270,098
282,952

95
00
68

92
75

363,964 08
$1,686,883 38

58 5,454 76

— 221,490 f 8

$1,510,122 31 |

+$176,761 07

___ _____$26,879,402 41
$27,254 55
37,206 90
--------------64,461 45

Surplus over fixed and other charges brought over
Appropriated lor su rveys----------------------------Appropriated lor water power examinations..

$26,814,940 96

B alan ce---------------------------------------- ----------- -------------a s

69
85
96
94
69

$19,877,740 61 1 +$7,001,661 80

$26.879.- 02 41

A p p lie d

— $7,501
+ 12,344
+ 27,942
+ 144,569
+ 220,895

64
15
72
98
06

fo llo w s :

Dividends on stocks of Southern Paclfla Company, viz.:
Preferred stock— 3 M percent, paid January 15 1909
••
“ — 3H percent, payable July 15 1909.

$2,616,490 21
2,375,616 21

Common stock—
percent, paid January 1 1900------------“
“ —
percent, paid April 1 1909-----------------“
“ — i y i percent, payable July 1 1909------------“
" — 1 y 2 per cent, payable October 1 1909_____
Dividends on stocks of Proprietary Companies held by the Public.

_____________$21,822,834 54
$2,965,716 08
2,965,716 08
3.206.586 08
3.206.586 08
264 00
-------------------- 12,344,868 32

4,992,106 42

$9,477,966 22

Surplus after payment of dividends

The year’s income is charged with $572,800 00 for sinking fund contributions and income from sinking fund invest­
ments pledged for the redemption of bonds. The proceeds from the sale of lands, also pledged for the redemption of
bonds, amounted to $940,333 02. These sums, aggregating $1,513,133 02, are dealt with as profit and loss items and
accrue' to the shares of the Companies in the reduction of their bonded indebtedness.
*
The results of the year’s operations, compared with those of the preceding year, were as follows:
P e r C en t.

1.27

Average miles of railway operated----------------------------------------Gross operating revenues and revenues from outside operations
Operating ex pen se and expenses of outside operations----------T a x e s ...................... ............................................................................
Revenue over expenses and taxes--------------- --------------------- r-Income other than from transportation operations------- ---------Total surplus........ .............................................................................
Fixed charges.....................................................................................
Other charges---------------------------------------------------------------- ------Surplus over llxed and other charges_________________________

$2,755,012 03
8.866,918 89
161,897 88
$6,273,804
1,278,600
7,552,405
373,982
176,761
7,001,661

74
66

40
53
07
80

2.23
10.47
4.10
18.10
32.01
19.54
2.17
11.71
35.22

The effect of the general business depression which set in during the fall of 1907 continued to the close of January
1909
In consequence, the first half-year ended December 31 1908 closed with a decrease in the gross operating revenues
of $G 323,208 68, against the first half-year ended December 31 1907. The recovery from this depression, which was
first evidenced in a slight increase in the revenues for February 1909, increased the gross operating revenues in the second
half-year ended June 30 1909 $3,568,196 65 over the second half-year ended June 30 1908, leaving a net loss in the gross
operating revenues for the year of $2,755,012 03, or 2.23 per cent.
.
The details of the transportation revenues and expenses are fully dealt with under “ Transportation Operations.
The details of the interest and dividends collected on bonds and stocks owned are shown in Tables Nos. 4 and 5. The
details of interest paid and accrued to June 30 1909 on the funded debt are shown in Table No. 6.
The increase of $1,306,515 35 in the balance of interest received on loans and of interest accruing to June 30 on open
accounts other than with Proprietary Companies resulted principally from advances made to the Southern Pacific Rail­
road Company of Mexico and to other companies, for the construction and acquisition of new lines.
The expenditures for additions and betterments to the properties of the South Pacific Coast Railway Co., the New
Mexico & Arizona Railroad Co. and the Sonora Railway, are, under the provisions of their leases to the Southern Pacific
Companv payable by the latter, and are, therefore, a charge to its income. These expenditures amounted to $503,847 75..
The increase of $220,895 69 over last year was principally for the electrification of steam lines in and about Alameda and
The expenditures for “ Betterments” (enlargements or improvements of the existing roadway, structures, equipment
Qr other facilities) amounted to $1,081,985 87; the expenditures for “ Additions” (additional roadway, structures, equip­




1420

THE CHRONICLE

[V O L . L X X X I X .

m e n t , o r o t h e r fa c ilit ie s n o t t a k in g th e p la c e o f a n y th in g p r e v io u s ly e x is t in g ) a m o u n t e d t o $ 3 ,2 3 0 ,0 7 3 4 5 , a t o t a l o f $ 4 ,3 1 2 ,­
0 5 9 3 2 , w h ic h w a s c h a r g e d t o C a p ita l A c c o u n t .
T h e d e ta ils o f th e se e x p e n d it u r e s a r e s h o w n in T a b le N o . 2 5 .
T h e i n c o m e h e re in r e p o r t e d a p p lie s o n ly t o th a t o f th e S o u t h e r n P a c ific -C o m p a n y a n d o f th e “ P r o p r ie t a r y C o m p a ­
n ie s ” r e p o r t e d in T a b le N o . 14.
A s t a t e m e n t o f th e in c o m e a n d t h e a ffa ir s o f o t h e r c o m p a n ie s w h o s e c a p ita l s t o c k s a re p r in c ip a lly o w n e d b y th e S o u t h e r n
P a c ific C o m p a n y w ill b e fo u n d in T a b le N o . 3 6 .
T h e C o m p a n y ’s o w n e r s h ip o f s t o c k o f th e P a c ific M ail S te a m s h ip C o m ­
p a n y is s lig h t ly o v e r o n e - h a lf .
I t s i n c o m e a n d its a ffa ir s a re t h e r e fo r e s e p a r a t e ly r e p o r t e d a n d w ill b e fo u n d in T a b le N o . 3 7 .
A c o m b in e d s t a t e m e n t o f th e I n c o m e A c c o u n t , th e P r o fit a n d L o s s A c c o u n t , a n d th e R e c e ip t s a n d D is b u r s e m e n ts
fr o m a ll s o u r c e s o f th e S o u t h e r n P a c ific C o m p a n y a n d o f th e P r o p r ie t a r y C o m p a n ie s w ill b e fo u n d in T a b le s N o s . 2 , 3 a n d 7 .
T h e d e ta ils o f th e I n c o m e A c c o u n t a n d o f t h e P r o fit a n d L oss A c c o u n t o f th e S o u t h e r n P a c ific C o m p a n y a r e s h o w n in T a b le s
N o s . 9 a n d 10, a n d o f t h e P r o p r ie t a r y C o m p a n ie s in T a b le s N o s . 14 a n d 15.
C A P IT A L ST O C K .
A t th e a n n u a l m e e tin g o f t h e s t o c k h o ld e r s o n A p r il 7 1909 r e s o lu t io n s w e re a d o p t e d a u t h o r iz in g a n in c r e a s e o f t h e
c o m m o n c a p ita l s t o c k o f t h e C o m p a n y b y th e a m o u n t o f $ 1 0 0 ,0 0 0 ,0 0 0 , t o b e issu ed fo r s u c h la w fu l c o r p o r a t e p u r p o s e s
a n d u p o n su ch la w fu l te r m s as s h o u ld b e d e te r m in e d b y th e B o a r d o f D ir e c t o r s .
S u b s e q u e n tly $ 6 3 ,0 7 7 ,0 0 0 o f th is a d d i­
t io n a l s t o c k w a s se t a p a r t a n d re se r v e d to b e issu e d in e x c h a n g e f o r th e “ F o u r P e r C e n t T w e n t y - Y e a r C o n v e r t ib le G o ld
B o n d s ” a u th o r iz e d t o b e issu e d .
O n J u n e 8 19 09 th e S o u th e r n P a c ific C o m p a n y c a lle d f o r r e d e m p t io n its e n tir e o u t s t a n d in g p r e fe r r e d c a p ita l s t o c k ,
a m o u n t in g to $ 7 4 ,7 5 6 ,7 6 5 p a r v a lu e , a t th e ra te o f $ 1 1 5 p e r sh a r e , p a y a b le o n o r b e f o r e J u ly 15 1 9 0 9 .
T h e s h a r e h o ld e rs
w e r e a t t h a t tim e o ffe r e d th r e e o p t io n s , v i z .:
(1 ) t o e x c h a n g e s u c h s t o c k fo r a lik e a m o u n t o f S o u th e r n P a c ific C o m p a n y ’s
F o u r a n d O n e -I I a lf P e r C e n t G o ld B o n d s , a n d $2 0 p e r sh a re in ca sh ; (2 ) t o c o n v e r t s u c h s t o c k in t o th e c o m m o n s t o c k
o f th e C o m p a n y , d o lla r f o r d o lla r ; o r (3 ) t o su rr e n d e r su ch s t o c k o n J u ly 15 19 09 a n d r e c e iv e $ 1 1 5 p e r sh a r e in c a s h .
T h e c h a n g e s in th e c a p ita l s t o c k s o f th e S o u th e r n P a c ific C o m p a n y a n d o f th e P r o p r ie ta r y C o m p a n ie s d u r in g th e y e a r
w e r e as fo llo w s , v i z .:
Stocks of the Southern Pacific Company outstanding at the beginning of the year
C om m on .............................................................................................. ..............................................................................................$197,849,258 04
Preferred . .....................................- ................................................................................................................................................. 74,800,405 00
. . .
-----------------—— $272,715,721 04
Issued during the year:
Common Stock, issued in exchange for a like amount of preferred stock converted___ ____________________________________________ 10,001,100 00Retired during the year:
Preferred Stock, In exchange tor a like amount of common stock Issued_______________ _____ ____ _____ ______ ___$10,001,100 00
72,000 00
Preferred Stock, In exchange for temporary receipts for Four and One-Half Per Cent Twenty-Year Bonds__________
Preferred Stock, In treasury canceled___ ____ _____________________________ _____________________ _______________ .
100,598 00
■
--------------- ------- -

$288,770,821 04

10,289,098 00

Outstanding June 30 1909______________ ___________________________ ________________________________ _____ __________________ _ .$272,537,123 04
Common and Preferred Stocks of the Proprietary Companies outstanding at the beginning of the year_________________$335,410,272 00
Issued during the year:
Central Pacific Railway Company Four Pev Cent Cumulative Preferred Stock, for reimbursement of expenditures
for additions and betterments other than on the Ogden-Lucln cut-off______ _________________________________
200,000 00
Stocks of Proprietary Companies outstanding June 30 1909______________________ ______________ ______ ________ $335,010,272 00
o icn e d
b \
/ S o u th e r n P a c ific C o m p a n y , v iz .:
Deposited against the issue of Southern Pacific Company common capital stock____________ _______ $103,920,133 00
Deposited under Southern Pacific Company Four Per Cent Mortgage (Central Pacific Stock Collateral) 81,074.200 00
Deposited under Southern Pactilc Company Two-Flvo Years Four Per Cent Mortgage__ _____ ______
50,084,000 00
Free In treasury........................................................................................................ - ................................. ........ 33,508,005 50

S lo c k s

Stocks free In treasury of Morgan’s Louisiana & Texas Railroad & Steamship Company____________

$335,192,398 50
349,500 00
----------------------- 335,541,898 50

Leaving outstanding In the hands of the Public__________________________________________ ______ ________________________________

74,373 50-

Amount of stocks outstanding June 30 1909________________________________________ ______ _________________ ______________ $272,011,497 14
Decrease during the year_______________________________________________________________ _______ _________________________________

$178,598 00

T h e d e ta ils o f th e s t o c k s o w n e d b y th e S o u th e r n P a c ific C o m p a n y a re s h o w n in T a b le N o . 12 a n d b y t h e P r o p r ie t a r y
C o m p a n ie s in T a b l e N o . 18.
FUNDED DEBT.
A s s t a t e d in th e la st a n n u a l r e p o r t , th e a d v a n c e s t o th e P r o p r ie t a r y C o m p a n ie s fo r th e c o n s t r u c t io n o f e x te n s io n s , fo r
a d d it io n s , b e t t e r m e n t s , e q u ip m e n t a n d t e rm in a l p r o p e r tie s , fo r th e c o n s t r u c t io n o f n ew lin e s, a n d f o r t h e a c q u is it io n o f
p r o p e r tie s d e e m e d im p o r t a n t in th e d e v e lo p m e n t o f th e b u sin e ss o r in th e e c o n o m ic a l o p e r a t io n o f t h e p r o p e r tie s o f th e
s e v e r a l c o m p a n ie s c o n s t it u t in g th e S y s te m , u p to J u n e 30 1 9 0 8 , a m o u n t e d t o $ 1 0 3 ,3 3 2 ,5 8 4 9 6 .
T o p r o v id e th e fu n d s fo r th e se p r e s e n t r e q u ir e m e n ts a n d fo r fu tu r e b e t te r m e n t s a n d a d d it io n s in c id e n t t o th e p o lic y o f
im p r o v e m e n t , a n d fo r o t h e r c o r p o r a t e p u r p o s e s , th e B o a r d o f D ir e c to r s o f th e S o u t h e r n P a c ific C o m p a n y , o n F e b r u a r y 19
1 9 0 9 , a u th o r iz e d a n issu e o f $ 8 2 ,0 0 0 ,0 0 0 , fa c e v a lu e , “ F o u r P e r C en t T w e n t y - Y e a r C o n v e r tib le G o ld B o n d s ” t o b e d a t e d
Ju ne 1 1909.
T h e p r iv ile g e w a s g iv e n t o th e h o ld e r s o f th e s t o c k o f th e C o m p a n y t o s u b s c r ib e t o th e se b o n d s a t 96 p e r
c e n t , o n o r b e fo r e A p r il 20 1 9 09, t o th e e x t e n t o f 30 p e r c e n t o f th e ir r e s p e c t iv e h o ld in g s , p a y m e n t t h e r e fo r t o b e m a d e
in t h r e e in s ta llm e n t s , v i z .: o n e -th ir d o r $ 3 2 0 p e r b o n d a t th e t im e o f m a k in g th e se s u b s c r ip t io n s , o n o r b e fo r e A p ril 20
1 9 09; o n e -th ir d o r $ 3 2 0 p e r b o n d o n o r b e fo r e J u n e 1 19 09; a n d o n e -th ir d o r $ 3 2 0 p e r b o n d o n o r b e fo r e J u ly 12 1 9 0 9 .
The
s u b s c r ip t io n s a m o u n t e d t o $ 8 1 ,8 1 4 ,0 0 0 , fa c e v a lu e , a n d $ 7 9 ,8 9 6 ,5 4 5 71 t h e r e o f w a s r e c e iv e d to J u n e 30 1 9 09.
T h e B o n d s th u s a u th o r iz e d a r c c o n v e r t ib le in t o p a id -u p sh a res o f th e c o m m o n c a p ita l s t o c k o f th e C o m p a n y a t $ 1 3 0
p e r sh a re o f $ 1 0 0 p a r v a lu e o n o r a t a n y t im e b e fo r e J u n e 1 1 9 1 9 , o r , if b e fo r e t h a t d a t e c a lle d fo r r e d e m p t io n , u p t o t h ir ty
d a y s p r io r t o t h e r e d e m p t io n d a t e m e n t io n e d in th e ca ll fo r r e d e m p t io n .
T h e y a re r e d e e m a b le a t 105 p e r c e n t o f th e fa c e
v a lu e t h e r e o f a n d a c c r u e d in te r e s t o n M a rch 1 19 14, o r o n a n y s e m i-a n n u a l in te r e s t d a t e th e r e a ft e r u p o n n o t less th a n
n in e t y d a y s p r e v io u s n o t ic e .
O n J u n e 8 1909 th e B o a r d o f D ir e c t o r s a u th o r iz e d a n issu e o f “ F o u r a n d O n e -h a lf P e r C en t T w e n t y - Y e a r G o ld B o n d s ”
t o a n a m o u n t n o t e x c e e d in g $ 1 0 0 ,0 0 0 ,0 0 0 , f o r th e p u r p o s e o f b o r r o w in g m o n e y fo r c o r p o r a t e p u r p o s e s .
T h ese b o n d s
w e r e a u th o r iz e d , p r im a r ily , t o p r o v id e fo r th e o p t io n g iv e n t o th e h o ld e r s o f t h e p re fe rr e d c a p ita l s t o c k o f th e S o u th e r n
P a c ific C o m p a n y t o e x c h a n g e s u ch s t o c k fo r a lik e a m o u n t o f b o n d s a n d $ 2 0 p e r sh a re in c a s h .
P r e fe r r e d S t o c k t o t h e
a m o u n t o f o n ly $ 2 2 7 ,0 0 0 w a s th u s e x c h a n g e d .
T h e r e m a in in g b o n d s a u th o r iz e d h a v e n o t b e e n is s u e d .
T h e c h a n g e s in th e fu n d e d d e b t o f th e S o u th e r n P a c ific C o m p a n y a n d o f th e P r o p r ie ta r y C o m p a n ie s d u r in g th e y e a r
w e r e a s fo llo w s , v i z .:
Bonds, Equipment Trust Obligations. Three Per Cent Notes ot the Central Pacific Railroad Company In favor of the United States of
America, and other fixed Interest-bearing obligations of the Southern Pacific Company and of the Proprietary Companies outstanding
at the beginning of the year, Including Income bonds to the amount of $6,354,000, and First Mortgage Five Per Cent Bonds of
the Texas Transportation Company to the amount ot $350,000, the property of which was purchased by the Texas A New Orleans
R R . Co., June 1 1896, subject to, but without assuming, the mortgage, and which have not heretofore been taken up In this state­
ment --------------------------- -------- ------------------ ------------- ---------------------------------------------------------------------------------------------- ------------------- $384,305,621 10
Sold during the year:
Southern Pacific Company:
Four Per Cent Gold Bonds (Central Pacific Stock Collateral) Issued In exchange for a like amount
$200,000 00
of Preferred Stock of the Central Pacific Railway Company deposited with the Trustee________
Four Per Cent Twenty-Year Convertible Gold Bonds Issued for the hereinbefore mentioned purposes
(subscription to $81,814,000 face value)______________________________________________________
79,896,545 71
Temporary receipts for Four and One-Halt Per Cent Twenty-Year Gold Bonds Issued In exchange
for a like amount of Preferred Stock surrendered and canceled------------------------------------- ----------72,000 00
----------------------- $80,168,545 71
Central Pacific Railway Company:
First Refunding Mortgage Four Per Cent Bonds released on payment of Three Per Cent Notes to
United States of America amounting to $5,881,271 56, due August 1 1908 and February 1 1909 $5,882,000 00
Through Short Line First Mortgage Four Per Cent Bonds, Issued for reimbursement of expenditures
for additions and betterments on the Ogden-Lucln cut-off from October 1 1904 to June 30 1908
441,000 00
------------------- —
6,323,000 00
Southern Pacific Railroad Company:
First Refunding Mortgage Four Per Cent Bonds Issued for the following purposes, viz.:
,
For additions, betterments, extensions and branches____________ _______ _______ ______________ $6,352,000 00
For equipm ent------------------------------------- -------- ----------------- -------------------------------------------- ---------7,013,000 00
For outstanding old bonds paid off and deposited with Trustee____________ ________ ___________
0,053,000 00
For expenses of refunding outstanding old bonds.............. - ..................................................................
1,500,000 00
----------------------- 20,918,000 00
------ — ------------- 107,409,545 71




$401,715,160 81

Nov. 27 1909,

THE CHRONICLE

1421

Retired during the year:
Southern Pacific Company:
Six Per Cent Steamship Bonds purchased and canceled-. -------------------- -----------------------------------------------------------Central Pacific Hallway Company:
First Refunding Mortgage Four Per Cent Bonds, purchased from payments to .Sinking Fund and canceled________
Three and One-Half Per Cent Mortgage Gold Bonds:
•
Purchased from sale of lands and canceled- - .......... —
— .........- ------ — — ____
$137,000 00
Purchased from sale of securities and canceled. ........ ............
....... - - - - ------------ _ -----------82,500 00
— -------------- -------------------------------27,500 00
Purchased from Sinking Fund and canceled--------

$71,000 00
25,000

217,000 00

Notes of Central Pacific Railroad Company In favor of the United States of America, due August 1 1908 and Febru­
ary 1 1009, of $2,940,635 78 each, paid off------------------------------------ ----------- . _____________ . . . . _________
Houston & Texas Central Railroad Company:
Bonds called for redemption or purchased from proceeds of lands sold and canceled:
First Mortgage Five Per Cent Bonds-------------------------------------- -------------------- --------------------$508,000 00
Consolidated Mortgage Six Per Cent Bonds------------------------------------ . ..
------301,000 00
„
„
, „ .
. .
Southern Pacific Railroad Company:
S. P. R R . (of Arizona) First .Mortgage Six Per Cent Bonds, Series “ A, ’ due March 1 1909, paid ofT
First Refunding Mortgage Four Per Cent Cold Bonds, purchased from payments to Sinking Funds
and canceled------------------------------------------------ ------------------------------------------------------------------------Texas & New Orleans Railroad Company:
Six Per Cent Equipment Bonds paid o - - - - - - - - - - - - - . .................................................................
Payment to State of Texas for account of Schcol Fund Debt.....................- ........................................

00

,881,271 56

869,000 00

$6,000,000 00
12,000 00

.012,000

00

142,036

66

$136,000 00
6,036 66
13,247,308 22

.................... $478,467,858 59
___________ 12,549,000 00

Deduction: °lfonds deposited as collateral under Southern Pacific Company Two-Five Years Four Per Cent Mortgage

Amount of funded and fixed Interest-bearing debt, Southern Pacific Company and Proprietary Companies, Including $6,354,000 Income
bonds, outstanding June 30 1909...... ............................................ .............................. ...............
............................ .......' _________ $405,918,858 59
Increase during the year------------------------------------------------------------------------------------------------------------------------------------------------------------------- $94,162,237 49
The above outstanding bonds are held as follows:
Outstanding In the hands of the Public_____________________________________ ____________ . ________ __ . $449
Free In treasury of Southern Pacific Company . ____
______ ____ - ---------------- $1,957,000 00
Free In treasuries of Proprietary Companies . . . . __________________________________ _______ —
694,500 00
Held by Sinking Funds_______________________________ _________ _________________ _______ ____
13,639,000 00
---------- -----------------i 6

$465,918,858 59

The discounts and commissions, amounting in the aggregate to $6,530,891 32, on the entire subscription ($81,814,000)
to the “ Four Per Cent Twenty-Year Convertible Bonds” and on other capital issues during the year of the Southern Pacific
Company and of the Proprietary Companies, were written off to Profit and Loss.
The total amount of bonds outstanding and the annual interest accruing thereon are shown in detail in Table No. 8;
the amount of bonds owned by the Southern Pacific Company in Table No. 13; the amount owned by the Proprietary
Companies in Table No. 18, and the amount in Sinking Funds in Table No. 20.
ASSETS AND LIABILITIES.
The details of the assets and liabilities of the Southern Pacific Company are shown in Table No. 11 and those of the
Proprietary Companies in Tables Nos. 16 and 17. The value of the granted lands belonging to the Central Pacific Railway
Company, to the Oregon & California Railroad Company, and to the Southern Pacific Railroad Company, which remained
unsold at the close of the year, is not included in the assets of said companies, but the proceeds and all transactions in
respect of said lands are shown in Tables Nos. 21 and 22.
The resources of the Southern Pacific Company and Proprietary Companies for the year, and the disposition made
thereof (excluding offsetting accounts between them), briefly stated, were as follows:
c ash on hand July 1 1908_________________________________________ _______ _______ ; __________ ____________________________________
Received from the issue of new securities___________________ _________________________________________ _____________$107,230,947 71
_________ _______________ ..
__ __________________ 13,247,308 22
D e d u c t securities retired_________________

$6,145,731 90
93,983,639 49

D ed u ct

stocks and bonefs purchased.

Equipment sold to Proprietary Companies._____ . ..
... ...
_____________ ____________________________ _ ________
Decrease In material and supplies on h a n d ..________________ _______________ ______________________ _____ __________________________
Collection of current cash assets____ ________ ______________________________________________________________________________________
Increase In current cash liabilities------------ ------------------- -------- --------------------------------- -------- --------------------------------------------------- -------- -----Increase In reserve funds and other contingent liabilities________________________________ _____ _______________ _____ ________________
Dross operating revenues___________________ ____________________________________ _______ __________________ _____ .$120,521,908 74
Interest, dividends and other collections.---------------------------------- -------- --------- -------- -------------------------------------- ------------8,758,971 80
D ed u ct

12,235,291
8,154,444
2,130,279
3,477,339
2,571,927
238,662

00
18
86

56
01
54

Total revenue------------ ----------------------- ---------------------------- --------- ------------------------------------------------ --------------------- $129,280,880 54
operating expenses, taxes, fixed charges and other Income charges __ ________________
__________________ 98,979,316 77
30,301,563 77
Total resources for the year_____________ _________________________ __________________________________________

A p p lie d

a s

.$159,238,879 31

fo llo w s :

Construction and acquisition of new lines, additions, betterments and other property _________________ . .
$36 643,008
Payments to sinking and trust funds
382,607
Advances for closing Colorado River Crevasse
............... ...............*’
.............
251,713
Increase In contingent assets _________
414,993
Dividends on preferred and common stocksIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIHIIIIIHI 17 ,336,974
Discount on capital Issues during the year ami other profit and loss charges___ ________
.
__ ____
_
8 ,095,937
Loans paid olT ------------------------------------------------,472,648
Loaned on demand and on time deposits_________ IIIIIIIIIII_IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.HI 'll ,450,000
Balance- Cash on hand June 30 1909.

-$127,047,881 90
32,190,997 41
$159,238,879 31

The stocks and bonds of the Southern Pacific Company and of the Proprietary Companies outstanding June 30 1909
are held as follows:
B on d s
C om m on

S lo c k .

P r efe rr ed

S to ck .

a n d

F ix e d
B e a r in g

Stocks and bonds of Southern Pacific Company.

$213,910,358 64

— Deposited under S. P. Co. 2-5 years 4 per cent mortgage. ______ ________________
Free lu treasury.................. ..
Held by Sinking Funds for redemption of bonds

$58,626,765 00

O b lig a 's .

$119,555,045 71
$1,835,000 00
14,000 00
1,715,000 00

D e d u c tio n

Total deduction. ... — .......... ........

O th e r

In ter es t­

$137,953 34
$137,953 34

$3,564,000 00

Amount outstanding In the hands of the Public

$213,772,405 30

$58,626,765 00

$115,991,045 71

Stocks and bonds of Proprietary Companies ___

$309,816,273 00

$25,800,000 00

$358,912,812

88

$275,904,333 00
33,497,065 50
349,500 00

$25,780,000 00

$10,714,000
1,943,000
694,500
11,924,000

00
00
00
00

$309,750,898 50

$25,791,000 00

$65,373 50

$9,000 00

$213,837,778 80

$58,635,765 00

— Deposited against issue of Southern Pacific Company common stock and bonds
Owned by Southern Pacific Company free
Owned by Proprietary Companies
Held by Sinking Funds for redemption qf bonds

D e d u c tio n

Total deduction______________ _____ ___
Amount outstanding in the hands of the Public__________

.

T o ta l

o f

S to ck s a n d
in th e h a n d s

b o n d s o f S o u th e rn
o f th e P u b li c

P a c ific

C o m p a n y

a n d

P r o p rieta ry

------------------------- -------------------- . .

_

C o m p a n ie s

11,000 00

$25,275.500 00
$333,637,312

88

o u ts ta n d in g

$449,628,358 59

The details of the stocks and bonds owned by the Southern Pacific Company (pledged or free), and the increase or
decrease during the year are shown in Tables Nos. 12 and 13.
The Southern Pacific Company has in its treasury Two-Five Years Four Per Cent Gold Bonds to the amount of $17,­
524,000, not included in any statement of outstanding bonds for which the collateral securities are deposited with the
Trustee to secure the payment of these bonds.




THE CHRONICLE

1422

VOL. LXXXIX

The combined assets and liabilities of the Southern Pacific Company and the Proprietary Companies, other than capital
assets and liabilities (excluding offsetting accounts between them) were as follows:
________
T o ta l J u n e SO
C u rren t

a n d

D e fe r r e d

A s se ts .

$32,190,997
11,450,000
13,288,462
13,094,643
84,073,969
17,349,958
18,170,954
3,769,866

Advances for construction and acquisition of new lines, including electric lines..
Advances for closing Colorado River Crevasse---------------------------------------------Total Current and Deferred Assets------------------------------------------------C u rren t

a n d

D e fe r r e d

1909

T o ta l J u n e

41
00
55
32
29
96
45
36

$193,388,852 34

L ia b ilitie s .

Deferred liabilities___________________________________________________________

$150,000
16,122,637
11,958,366
1,675,561

00
53
77
19

30 1908

$6,145,731 90
16,765,802
15,224,923
61,146,399
15,860,787
26,325,398
3,518,152

11
18
18
15
63
65

$144,987,194 80
$52,622,648
15,356,105
10,769,812
1,058,719

26
72
78
98

$26,045,265 51
11,450,000 00

$48,401,657 54
$766,531 81
1,188,553 99
616,811 21

$65,179,908 06

$98,302,378 79

------------------------------------------------------------- ------------- -----------------

$4,935,697 98

$4,520,704 94-

$414,993 04

.—
Insurance, replacement and depreciation funds provided for by deductions
from revenues and by charges to operating expenses------------------------Reserves for replacement and depreciation of iloating equipment and rolling

$5,052,632 64

$4,960,196 30

$92,436 34

a ssets

lia b ilitie s ,

$52,472,648 26

$49,900,721 25

$79,807,286 74

C o n tin g e n t

*8,154,444 18

251,713 71

$29,906,565 49

C o n tin g e n t

$3,477,339 56
2,130,279 86

22,927,570 11
1,489,171 81

$163,482,286 85

Total Current and Deferred Liabilities--------- -------------- ------- . . . .

D ecrea se.

In crea se.

v iz

Principal of deferred payments on land contracts--------------------- -----------Fund for refunding outstanding old bonds of Southern Pacific R R . Co______
Unadjusted claims and accounts_________________________________________

6,534,446
374,178
973,452
3,497,849

$1,215,128 02
109,237 20

7,749,574 19
483,416 08

17
88
88
96

3,000,711 42

973,452 88
497,138 54

$16,432,560 53

$16,193,897 99

$238,662 54

♦Free equipment of Southern Pacific Company sold to Proprietary Companies.

SINKING FUNDS.

Amount to the credit of the Sinking Funds of the Southern Pacific Company and of the respective Proprietary Companies at the beginning
$15,643,698 59
of the year_______________________
Receipts during the year:
$341,100 00
Income from investments-----------307,000 00
Annual requirements of mortgages
708,100 00
Total receipts to be applied to redemption of bonds
Total ........................................... ...........................................................................................................................................................................$16,351,798 59
amount paid for the following bonds purchased and canceled:
$74,oo0 00
$71,000 face value Southern Pacific C o . Steamship First Mortgage Six Per Cent Bonds----------------------------- --------$110,000 face value Central Pacific Ry. Co. Three and One-Ilalf Per Cent Mortgage B o n d s ..--------------------------100,142 64
$25,000 face value Central Pacific Ry. Co. First Refunding Mortgage Four Per Cent Gold B onds-------------------24,625 00
$12,000 face value Southern Pacific R R . Co. First Refunding Mortgage Four Per Cent Bonds...............
1M 13 00
$210,730 64
135,300 00
Income from investments taken up in "Incom e” account
-----------------346,030 64
L ess

Balance June 30 1909, consisting of the cost of bonds purchased for investment and cash investment, viz.:
Southern Pacific Company--------------------------------------------------------------------- ------------------------------Proprietary Companies----------------------------------------------------------------------------------------------------------

$594 00
16,005,173 95
-------------------- $16,005,767 95

The Sinking Fund transactions of each Company, the securities held, and cash on hand for account of each fund, are
shown in detail in Table No. 20.
LAND DEPARTMENT.
The transactions in respect of the lands pledged for the redemption of bonds were as follows:
80,464
$301,864 91
515,842 75

Number of acres sold-------------------------------------------------------------------------------------------------------------------------------------------------- Total amount of sales (cash and principal of deferred payments)_____________________________________________________
Interest on deferred payments and other collections........................................ ................................................................................
Total-----------------------------------------------------------------------------------------------------------------------------------— Expenses and taxes_____________________________________________________________ - ­
Amount applied to payment of interest on Central Pacific Ry. Co. 3 H Per Cent Bonds

D e d u c tio n s

Amount
Average
Number
Amount

$324,519 90
46,302 88

$817,707 66
370,822 78
$446,884 88
3 75
14,408,217
$1,893,582 38

remaining for redemption of bonds_____________
price received per acre--------------------------------of acres of land remaining unsold June 30 1909
of land contracts outstanding June 30 1909------

The above statement includes transactions in respect to the lands formerly belonging to the Houston & Texas Central
Railway Company. Under the Trust Indenture executed by Frederick P. Olcott, the purchaser thereof at foreclosure sale,
the proceeds from the sale of these lands are to be applied to the purchase and cancellation of bonds of the Houston &
Texas Central Railroad Company issued under its First Mortgage and its Consolidated Mortgage.
The cash payments to the respective Trustees, to be applied by them to the redemption of bonds, amounted to $1,­
133,676 80. Bonds to the amount of $991,000 00, face value, were either purchased or called by them, for redemption,
and cancled after payment. On June 30 1909 there remained in the hands of the Trustees and of the Companies $1,040,­
056 92 for the further redemption of bonds.
The details of the year’s transactions of each company are shown in Table No. 21, and the accounts with the respec­
tive Trustees in Table No. 22.
CAPITAL EXPENDITURES.
The expenditures by the Proprietary Companies for the construction of new lines, for additions and betterments to
oompleted lines, and for equipment, charged to capital account, were as follows:
Expenditures for new lines, viz.:
Galveston Harrisburg & San Antonio Railway:
Surveys of new lines____________________
Houston & Shreveport Railroad:
Surveys of new lines______________________
Houston & Texas Central Railroad:
,
Extension from Mexla to Nelleva------------Real estate_______________________________

$1,657 66
3,061 17
$10,596 38
409 75

Louisiana Western Railroad:
Extension from Eunice to Mamou------------------------ - —
Settlement of old construction claims, completed lines

$2,195 57
155 65

Morgan’s Louisiana & Texas Railroad & Steamship Co.:
Extension from Lafayette to Fort Alien--------------------Extension from Bayou Sale to South Bend-----------------

$286,050 58
15,409 13

Southern Pacific Railroad:
Extension—W yo East------------------------------------------------------------------------------------------------------------------------------------Extension from Tres Pinos to Lime R ock------------------------------------------------------------------------ -------- --------------------Extension from Benedict to Smeltzer--------------------------------------------------------------------------------------- -------- ------------Extension from Empire to Rossi---------------------------------------------------- --------------------------------------------------------------Extension of San Ramon Branch_______________________ ______ - -------------- ----------------------------— -------- ----------Extension of Fresno Branch to Famosa----------------------------------------------------------- ---------------------------------------------Extension from Araz to Laguna Dam____________ _____ __________________ _________ ______ __________________
For 137 locomotives and 15 baggage, 10 baggage and express, 15 dining, 134 chair, 27 passenger, 4,637 freight
and 49 road-service cars---------------------------------------------- ---------------------------------------------------------------------------Texas & New Orleans Railroad:
Extension from Gallatin to Rusk
Extension to Port Arthur_______




$23
19,823
104,197
168,380
312,509
11,185
85,164

11,006 13
2,351 22
301,459 71

66
42
48
20
16
06
14

7,013,598 02
$141,534 72
3,502 12
■ ——

7,714,881 14
145,036 84
$8,179,453 87

Nov. 27 10u9.J

THE CHRONICLE

1423

Expenditures for Additions and Betterments (Table No. 25), viz.:
R o a d w a y , T ra ck
a n d
A p p u r ten a n ce s —
Ballast------- ------- ---------------------------------- --------------------------------- ------------------ ------------ ----------------$102,494 76
Bridges, trestles, culverts and grade crossings------------- ------------------------------------------------ .
. 458,018 54
Changes in line, revision of grades, widening embankments and tunnel Improvements..
.
583,784 74
Electric power transmission____________________________________________________________________ . 388,478 13
Interlocking, block and highway crossing signals---------- ---------------- ----------------------------------- -------- ----- 401,453 90
Main tracks----------------------------------------------------------------------------------------------------------------------------------1,213,755 72
Real estate, right of way and grounds, and fencing right of way------------------------------------------.
61,958 08
Sidings and passing tracks---------- -------- --------------------------------------- ----------------------------------------------- . 48 3, 434 23
Telegraph and telephone lines___________________________________________________________ . .
28,410 34
$3,721,788 44

A p p u r ten a n ce s —
Engine houses, shops, machinery, tools, &c-----------------------------------------------------------------------------------$217,057 70
Roadway, buildings, machinery, tools, &c----------------------------------------------------------------------------------42,401 20
Station buildings, terminal yards and appurtenances--------------------------------------------------------------------- 611,312 35
Water stations and water supply--------------------------------------------------------------------------------------------------- 111,028 82

B u ild in g s , S tru ctu r es a n d

981,800 07

—•
100 box c a r s .................................................. ............................................... - ....................................................$109,823 22
Floating equipment in course of constructon----------------------------------------------------------------------------------- 134,326 92
Additions and Improvements to existing equipment----------------------------------------------------------25,984 90
Cost of equipment charged to replacement accounts in excess of the amounts to the credit of the several
replacement accounts-------------------------------------------------------------------------------------------------------------23,669 79

E q u ip m e n t

293,804 83
T otal...
Less credits.
L ess

$4,097,393 34
181,486 27
$4,815,907 07

expenditures paid from Income of Southern Pacific Company, viz.:
South Pacific Coast Railway______________________________________
New Mexico & Arizona Railroad_________________________________
Sonora Railway______________________ ____________________________

$405,276 78
64,649 12
34,101 85

503,847 75

4,312,059 32

$12,491,513 19

—
Proceeds from sale of real estate_______________
Proceeds from sale of rock and other collections
Miscellaneous collections________________________
Surveys written off and other adjustments______
Change of line, Palisade, Nev---------------------------

D e d u c tio n s

$28,357 92
5,121 63
14,925 86
6,635 92
10,205 73
----------------

Net expenditures for capital account of Proprietary Companies

65,247 06

$12,426,266 13

The details of the expenditures for capital account of the Proprietary Companies are shown in Table No. 19.
ADDITIONS AND BETTERMENTS.
The expenditures for additions and betterments amounted to $4,815,907 07. Of this sum, $4,312,059 32 was charged
to the capital account of the respective Companies and $503,847 75 to the Income Account of the Southern Pacific Company.
The expenditures for the lines in Louisiana amounted to $54,414 50; for the lines in Texas, $636,326 36; and for the lines
west of El Paso, Texas, and Ogden, Utah, $4,125,166 21, of which sum $98,570 97 was expended on the lines of the New
Mexico & Arizona Railroad and of the Sonora Railway. The details of these expenditures, which are shown in Table
No. 25, include improvements completed during the year and improvements in course of construction.
The principal additions and betterments to the roadway, track and appurtenances completed during the year were
as follows:
L in es
R o a d w a y ,

T ra ck

a n d

A p p u r ten a n ce s.

Track ballasted with stone (track mll< s ) ___ ____ ____ _
..
Track ballasted with gravel (track miles)_________ J________

T o ta l.

. _______ . . _
__________________

o f

E l

E a st
P a so .

L in es W est
o f E l P a s o .

6.06
37.44

Total track ballasted (track miles)__________________________________________ ____________

16.06
37.44

43.50

Wooden structures replaced with steel structures (lineal feet)_________ ________ _________________________
Wooden structures replaced with culverts (lineal feet)____________ __________________________________
Wooden structures replaced with embankment (lineal feet)_______________________ ______ ________
Total wooden structures replaced (lineal feet)__________________________________________________

.

Steel structures built replacing wooden structures (lineal feet)_____ ____________________________ .
Steel structures replaced with heavier structures (lineal feet)__________ _____________ .

43.50

1,381
7,169
9,364

150
2,137
2,860

1,231
5,032
6,504

17,914

5,147

12,767

1,381
2,466

150
2,233

1,231
233

3,847

2,383

1,464

Stone, concrete cr brick arch culverts (lineal feet, transversely to track)___________________________________

6,314
698
Vltrllied pipe culverts (lineal feet, transversely to track)_________________________ _____________ _____
1,453
Rail top culverts (lineal feet, transversely to track)__________________ ________________________ . .
1,370
Ballast deck culverts (lineal feet, transversely to track). . . __________ _____ __________________________
148
10,420
Right of way fenced (track miles)________ ______________________________ _______________________
3.02
293.88
Main tracks built (miles).... ...... . .
_________ ________________ ___________
4.53
140.04
Sidings, passing tracks and yard tracks taken up (mIU5S) 111111111II11 H i : 11111T11111T11111111111111111
24.49
Additional telegraph and telephone wire strung on existing poles (miles)____ __________ _______ ____________
247.88
Material moved widening cuts and embankments and lining trestles (cubic yards)_____
291,662
Roadbed widened (miles)_______________
*
6.00
Excess weight of new rails used In renewals (tons) (charged to operating expenses)
9,965.94

342
1,453
1,271

.50
150.00
12.58
5.18

6,314
356
1,370
148
9,149
2.52
143.88
4.53
127.46
19.31
247.88
291,662
6.00
9,965.94

^
Although but 4.53 miles of second tracks were completed during the year, work is progressing on about 24 additional
miles.
The changes in line, completed or in course of construction, were as follows:
N ew

L in es .

M a x im u m
E a st o r

L O C A T IO N .

T o ta l

L e n g th .

F ir st

L in es

E a st o f E l

S econ d

M a in

M a in

T ra ck .

T ra ck .

G ra d e— F e et

N o r th

B o u n d .
D ista n c e

S a v in a

S a ved
(M ile s ).

C u rv a tu re
D eg rees

(

p er

West

o r

M ile .
S o u th

B o u n d .

in

).

O ld
L in e.

N ew
L in e.

O ld

N ew

L in e .

L in e.

D a te

O p en ed

to th e P b lic .
fo r
T r a ffic .

P a so .

Allcyton, Texas, to Colorado R iv e r..............................
Between Glldden and M. P. No. 7 on La Grange Branch
L in es
IVesf o f E l P a s o .
Alca to D ivide.. ____________________________________
Dceth to Wells__________________ _____ _______________
Piute to Argenta______________________ _______ ______ _
Rocklin to Colfax— East bound-------------------------“
‘
“ — West B o u n d ...............................
Oswego to Cook_______ ____ ______ _______________

3.17
3.62
53
10.31
16.01
8.81
5.28

16" 31
3~1~02
—

.56
3.59

13.65
37.90

50.90
50.23

15.84
52.80

49.00
49.26

15.84
52.80

Dec. 1 1908
Nov. 12 1908

2.29
3.73
.75
.53
.03

23.22
157.76
114.97
4181.58
1247.34
269.00

f05.60
55.70
52.80

79.20
21.12
21.10
79.20

105.60
19.80
52.80

79.20
21.10

April 18 1909
In progress.

58.10

10.60

105.60
79.20

105.60
52.80

••
“

* Descending grades for entire distance.

The principal improvements completed and in progress, other than for roadway, track and appurtenances are:
Central Pacific Railway.— At Imlay, Nevada, there were completed a 12-stall brick and concrete engine house; a
brick and concrete power house, 50x140 feet; a brick and concrete oil house, 18x20 feet; an ice house, 30x60 feet; a
two-story frame passenger and freight station; nine four-room and six three-room cottages for employees; a two-story frame
hotel and eating house, 30x90 feet; a steel water tank of 350,000 gallons capacity and a pipe line about 33,490 feet in
length. The total cost of these improvements was $163,073 24. At Hazen, Nevada, there were completed a 6-stall brick
and concrete engine house and a steel-deck turntable— total cost, $45,323 19; and the construction of additional yard
tracks and re-arrangement of the yard, estimated to cost $70,000, is progressing. There were also built a new passenger
ferry steamer, “ Melrose,” of 2,662 gross tonnage, and a combined steam tug and fire boat, “ A jax.”
Galveston Harrisburg & San Antonio Railway.— At San Antonio, Texas, a steel viaduct, a concrete subway and a brick
and concrete freight station arc prgoressing. The estimated cost of these improvements is $263,200.




THE CHUONICLE

1424

[VOL. LXXXIX

Oregon & California Railroad.— At Albany, Oregon, a concrete block passenger station, 30x130 feet, costing $16,216 85,
was completed; and at East Portland, Oregon, a concrete station building, estimated to cost about $18,000, is progressing.
Southern Pacific Railroad.— At San Pedro, Cal., a new slip and wharf, 3,680 feet in length by 24 feet in width, estimated
to cost $259,000, is nearing completion; at Richmond, Cal., a subway, costing $59,307, was completed. At Los Angeles,
■Cal., three tubular boilers, one 20-ton crane, and electric motors and switchboard, .costing $30,872, were added to the
shop facilities.
South Pacific Coast Railway.— The change of gauge from three feet to standard gauge, progressing for several years, has
been completed, and the entire mileage, consisting of 105.18 miles of main tracks and 46.05 miles of sidings, is now standard
gauge.
'
#
San Francisco Ferry Suburban Traffic.— To provide for the constantly increasing traffic to and from San Francisco,
the Companies are electrifying and double-tracking their steam lines from Alameda Mole to Melrose, a distance of 8.42
miles, and to High Street, Alameda, a distance of 6.91 miles; also from Oakland Junction to 20th Street and San Pablo
Avenue, Oakland, a distance of 1.84 miles— a total of 17.17 miles double track. This improvement, including equipment
and power stations, will involve an expenditure of about $4,500,000.
EQUIPMENT.
The changes in equipment during the year were as follows:
C o n d em n ed , d e­
A d d ed

s tr o y e d , s o ld o r
tr a n s fer re d a n d
c re d ite d

to

p la ce m en t

Locomotives ..............................................................................................
Baggage cars------------------------------------------------------------------------------Baggage and mall cars........................................ ................................... ..
Baggage and passenger cars.................... ........... ............................. .......
Baggage, mall and passenger cars___________ _________ ___________
Business cars__________________________
■Chair__________ _________ _______ ____________ __________ ______
Composite ________
Dining c a r s .._____________________ _____ _____ ____ __ __________
Instruction____
. ___________ _________________ __ ______
Motor' (gasoline.)_______ _________________________ ________ ________
Observation cars_________ __________ ___________________________
Passenger cars________________________________________
— ------Narrow-gauge passenger train cars------------ ------ - ------------- - - .........
Box curs ............................ ......................... .. - *------------------------- Caboose c a r s .---------------------------------------------------------- ----------- -------...............
Plat cars................................... ...................... .........
Fruit cars-----------------------------------------------------------------------------------Furniture c a r s ..--------------------- ------ ----------------- -----------------Gondola cars------------ ---------------------------- -------------------------- ------------Gondola cars (drop bottom) . .................... .................................. . . . . .
Gondola cars (hopper bottom )_____________________________________
Itefrigertaor cars— _______ _ . ____ ___________________ . . . . . .
.Stock cars________________ _______ ___ ________ ______ __ ______
Tank cars.. . _ ____ _____ __________________ _ . .
Narrow-gauge freight-train cars...................... ......... .............................
Work equipm ent.. .......... .....................
.
Amount credited or charged___________ _________

R e ­

R e p la c e m e n t

C a p ita l

A c co u n ts .

A c co u n t.

A c c 'ts

i

40
1,480
1)
621
20
4
149
20
5
53
42
31
533

* Sold by Southern Pacific Company to Proprietary Companies.

x

F r ee
S o u .

to —

A s se ts
P a c .

137
25
___

•158
*19
14

• ___
8
3
i
— ...
2
22
___
428
15
459
' __ - 1
10
300
130

134,

*134

15

*16

1__

1.357
210
115

$2,413,629 30

T o ta l.

C o .

8
6
22
2
8
2
l
15
2
8
__ 1.885
19
073

15
2
"41
___
287
4
*1,143

27
___
1,170

200
251
4
783

$2,096,085 30

ch a rg ed

29
____
8
2
____

45
3
1
2
3

a n d

69
087
1,1 13

*210
*65
40
"133
69
*087
*1,393

49

222

.

,

i
00
340
1
__ _
200
1
4
1,054

1,382,389 65

$7,135,519 56 £$8,166,759 27

Credit.

The 2 Mallet compound locomotives, consolidation type, added during the year averaged 213 tons total weight of
engine without tender and 197 tons upon drivers, but there were added 6 eight-wheel locomotives, averaging 54.60 tons
total weight of engine without tender and 36.70 tons upon drivers, which reduced the average for locomotives added during
the year to 94.70 tons total weight of engine without tender and 76.28 tons upon drivers.
There remained to the credit of the respective replacement accounts at the close of the year an aggregate of $511,441 98.
The locomotives and cars owned, and their capacity at the close of the year were as follows:
T h is

Y ea r.

L a st

Y ea r.

In crea se.

________________
__ _ _ ________

1,822
15

1,858
16

Total........................................................................................................................................

1,837

1,874

131,565
71.62
108,013
58.80

132.147
71.12
108,588
58.44

.50

1,736
35

1,722
36

14

Locomotives, standard gauge________ ______
.
“
narrow gauge________________ ______________

(S ta n d a r d

G a u g e .)

Total weight, excluding tenders—tons___________________________ _
Average total weight, excluding tenders—tons_____________________________
Total weight on drivers—t o n s ...____ _ . . ____ ____________ _______ ________
Average total weight on drivers— tons_________________ . . ______________
Passenger-train cars, standard gauge*.
“
“
“
narrow gauge__________

... _________ ___________________________

D ecrea se.

_ _____

.36

P e r

C t.

36
1

1.94
6.25

37

1.97

582
575

.44
.70
.53
.62

1

.81
2.78

27

________________

1,771

1,7 >8

13

.74

Freight-train cars, standard gauge
__
. . ..
______ ______
____________ .
“
“
“
narrow gauge------------------------------------------ ----------------------------------

44,188
390

43,411
417

777

1.79
0.47

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

44,578

43,828

750

__________ ____________

1,632.708
37.58

1,532,194
35.00

100,514
1.68

Work equipment, standard gauge . . . .
.
.
.
. _____________
“
**
narrow gauge________ ____________________________________________ _

5.375
23

4,850
27

525

Total------------------------------------------------- ------------- ---------------------------- ------------ . . .

5,398

4,877

521

Total

___

Total capacity of standard-guage cars—tons______
Average capacity of standard-gauge cars— tons_____

..

The equipment owned by the respective companies is shown in Tables Nos. 23 and 24.
the capacity, and the service of all equipment, are shown in Tables Nos. 32, 33 and 34.

. . .

1.71

. .

6.56
4.68
10.83
14.81

4

10.68

The changes during the year,

TRANSPORTATION OPERATIONS.
The results of the year's transportation operations compared with those of the preceding year are as follows:
T h is

Average miles of railway operated- ----------------- ------------------------------- ..
R e v e n u es .
Passenger, including extra baggage
____________________
Mall and express_______ ______ . .
. __________________________ .
Freight
_ _ _ ______ _____ _________ _____________ _______________
Switching, rentals and all other sources____ __________________ _____ Total rail lines
- - _
_______________________
Outside operations— revenue_______________ _________________ __________
Total revenues

____________
O p e ra tin g

L a st

Y ea r.

9,626 43
$34,345,339
4,628,261
69,878,880
1,993,923

36
29
14
67

1.27

$143,131 39

$1,455,253 09
192,352 89
1,194,687 47

4.06
3.99
1.68
7.73
2.38
.57

$120,521,908 74

$123,276,920 77

$2,755,012 03

2.23

54
96
97
58
34

14.03
6.86
4.10
13.11
4.42

$76,005,404 05
8,657,557 84

$8,813,619 39
53,299 50

11.59
.62

$75,706,133 00

$84,663,051 89

$14,725,775 74

$38,613,868 88

--_ $8,866,918 89
$6,111,906 86

15.83

Total rail lines............ ...............
Outside operations— expenses........ ............... .......................... ............... .....

$07,191,874 66
8,604,258 34




45
18
61
28

$2,699,162 06
55,849,97

$14,533,135
14,379,762
2,069,939
32,846,193
3,362,844

----------------

$35,800,592
4,820,614
71,073,567
1,850,792

P .C t.

D ecrea se.

120 82

$113,545,560 52
0,731,354 25

Maintenance of way and structures
__________________
Maintenance of equipment___
______________________
Traffic expenses______ ________
___ _____ ________
Transportation expenses_______
_________ ____
General expenses--------------------------------------------------------------------------- ------

Total expenses___________ __________

In crea se.

$110,846,404 46
9,675,504 28

E x p en s es .

Gross revenues over total expenses------------------------- ---------

Y ea r.

9,505 61

25
48
51
00
42

$17,083,235
15,430,095
2,160,430
37,804,200
3,518,531

70
44
48
58
76

$2,550,100
1,059,332
90,490
4,058,007
155,687

10.47

Nov. 27 1909.]

THE CHRONICLE
T h is
P a ssen g er

Y ea r .

L a st

Y ea r.

In crea se.

D ecrea se.

P .

C t.

T r a ffic .

Revenue passengers ca rried .._____________ ___________________________
Revenue bassengers carried one m i l e . . .......................... ................... .........
Revenue from passenger trains per mile of road______________ ______ (a)
Revenue from passenger trains per r e v e n u e t r a i n mile...................(a) (6)
Average revenue per passenger per mile............................................ .. .......
Average distance carried______________________ ____________
_______
F r eig h t

1425

39,337,735
1,541,212.518
$3,961 01
$1 84
2.185 cents
39.18 miles

41,393,734
1,640,036,373
$4,175 84
$1 94
2.174 cents
39.62 miles

22,713,143
6.055.858,314
629,087
$7,121 07
$4 38
1.154 cents
256.52 miles

22,840,404
6,486,220,688
682,357
$7,333 27
$3 59
1.097 cents

2,055,999
98,823,855
$214 83
$0 10

.011 cents

4.97
6.02
5.14
5.15
.50
1.11

.44 miles

T r a ffic .

(Way-bill Tonnage.)

Tons of revenue freight cairlcd one m ile,------- -----------------------------------Ton miles per mile of road—revenue fieight---------------------------------------(a)
Revenue ‘per r e v e n u e t r a i n mile-------------------------------------------------(a) (c)
Average receipts per ton per mile— revenue freight....................................

$0 79
.057 cents

127,261
430.362,374
53,270
$212 20

.56
6.64
7.81
2.89
22.01
5.20
5.18

14.01 miles

(a)
Based on traffic over rail lines only, length of ferries used between rail stations excluded In distance over which traffic was moved, (6) Revenue
passenger train and a l l mixed train miles, but excluding mileage of locomotives helping, (c) Revenue freight train and a l l mixed train miles, but
exeluding mileage of locomotives helping.

Compared with the preceding year, the per cent of operating expenses (including expenses of outside operations) to
the gross revenues (including those from outside operations) was as follows:

R a il L in es
R a il L in e s
O n ly .

For “ Maintenance”
For ‘ Operation’ ( T

(M a in te n a n c e
r a ffic

o f

E x p e n s e s

,

W a y

a n d

S tru ctu res,

T ra n s p o rta tio n

a n d

E x p e n s e s

,

M a in te n a n c e
a n d

G en era l

a n d O u ts id e
O p e ra tio n s.

26.08
34.53

o f E a u iv m e n t)
E x p e n s e s )..

Total this year___________________________________________________________

60.61

62.89

Total last year_____________ ____ ______ ________ _____________________________ _____ _______ __

66.94

68.68

The transportation revenues and operating expenses for the year for all lines, distributed among the respective primary
accounts, are shown in Table No. 27, and for each company in Table No. 28. The details of passenger and freight traffic
are shown in Tables Nos. 29 and 30.
There was a decrease in the operating expenses for the half-year ended December 31 1908 of $9,120,617 70, but1 in
the second half-year ended June 30 1909 the operating expenses increased $253,698 81, a net decrease for the year' of
$8,866,918 89, or 10.47 per cent. The decrease in expenses for the first half-year resulted from a diminution in the amount
of traffic moved and from the economies put into effect during the business depression of the preceding year. A consider­
able saving in expenses was also effected by the reduction in locomotive mileage— the result of better train loading.
In the following statements, the operating expenses, distributed as provided for in the classification of the Inter-State
Commerce Commission, have been combined under comprehensive titles of accounts so as to present the year’s results in
a concise form:
M A IN T E N A N C E O F W A Y

T h is

A v e r a g e m ile s — fir s t a n d a d d i t io n a l m a in t r a c k s . .
B a l l a s t ............... .................
T i e s ____________
R a l l s ____________________________
F r o g s , s w itc h e s a n d o t h e r t r a c k m a te r ia l

Y ea r.

9,858.22

_____________________________

T o t a l m a t e r i a l r o a d w a y a n d t r a c k . . ............................................... .............
R e p a i r s o f r o a d w a y a n d t r a c k _____________________ _______ _______ _________
B r i d g e s , t r e s t l e s a n d c u l v e r t s _______________
B u i l d i n g s , g r o u n d s a n d a p p u r t e n a n c e s ...................................... ......................
S n o w a n d s a n d f e n c e s a n d s n o w s h e d s _______ .
E l e c t r i c p o w e r , t e l e g r a p h a n d t e l e p h o n e l i n e s ...................................... ..
S u p e r in te n d e n c e
S t a t i o n e r y a n d p r i n t i n g __________________________ _________ _______________
O th e r e x p en ses . .
T ota l

AND STRU CTU RE S.

__________

C o s t p e r m i l e — a l l m a i n t r a c k s ____

L a st

Y ea r.

In crea se.

9,700.22

$171,831
2,065,206
1,294,691
1,414,415

84
05
11
24

$294,686
2,760,790
511,313
1,479,143

86
43
77
79

$4,946,144
5,419,665
1,177,362
1,876,373
130,954
165,997
726,198
29,200
61,238

24
25
39
58
91
75
93
02
18

$5,045,934
6,747,648
1,435,192
2,433,543
275,189
204,974
826,398
34,742
79,610

85
36
79
70
29
79
75
80
46

D ecrea se.

P e r

158.00

C en t.

+ 1.63
$122,855 02
695,584 38

$783,377 34

— 41.69
— 25.20
+ 153.20
— 4.38

64,728 55
$99,790
1,327,983
257,830
557,170
144,234
38,977
100,199
5,542
18,372

61
11
40
12
38
04
82
78
28

— 1.98
— 19.68
— 17.96
— 22.90
— 52.41
— 19.02
— 12.12
— 15.95

$14,533,135 25

$17,083,235 79

$2,550,100 54

— 14.93

$1,474 21

$1,745 96

$271 75

— 15.56

The following rails, ties, tie plates and continuous rail joints were used in making renewals, and the entire cost thereof
charged to operating expenses:

T h is

Miles of new steel rails ------------------------------------- ------------Per cent of renewals of all rail in track, Including sidings
Number of burncttizcd ties_______________________________
Number of other tics___________________________________
Total number of ties_____________
_
Equal to miles of continuous track.
Per cent of renewals of all ties in track, Including sidings..
Number of tie plates_________________
Equal to miles of continuous track_______. _
Number of continuous rail Joints________ __
Equal to miles of continuous tracks______” ” ”

Y ea r.

541.07
4.14
1,551,217
1,726,175
3,277,392
1,162.31
8.89
4,071,970
722.05
349,306
496.17

L a st

Y ea r.

303.80
2.37
1,234,890
2,713,718
3,948,608
1,410.22
11.01
3,053,358
545.24
276,100
392.19

+
—

In crea se.
D ecrea se.

+ 237.27
+ 1.77
+ 316,327
— 987,543
— 671,216
— 247.91
— 2.12
+ 1,018,612
+ 176.81
+ 73,206
+ 103.98

The weight of rails per yard in main line and branches at the close of the year was as follows:

M ile s

o f

m a in

a n d

e x c lu d in g m ile a g e
a g e r ig h ts .

seco n d

tra ck

o p er a te d

50-16.

o p er a te d ,

u n d er

tr a ck ­

T o ta l.

Main and second t r a c k _________________ 5,573.64
Total_____________ _______ ___________ 9,887.45
Per cent of total miles of track...............
Per cent last y e a r ......................................

100.00
100.00

141-15. 96- l b .

90-16.

80-16.

76-/6. ! 75-16.

70-16. 65-16. .61.5 a n d 56-16. 54-16. 52-16.
| 60-16.

1.11 20.56 252.28 2.809.95 91.81 2,261.30
_____| 110.65
.98
105.12 95.22 423.13 ib ‘ 72 67.29,1.670.29 237.84 231.68
.65
........
252.28
2,915.07
1.76 20.94
187.03 2,684.43 10.72 67.29-1,780.94 238.82 231.68
2.55
29.48
.02
.21
1.89
27.15
.11
.681 18.01
2.42
2.34
1.48
30.46
.01
.21
2.361
23.82
.11 ------- j 18.69
2.84
2.59
I

a n d

les s

th a n
5 0 -1 6 .

25.00
88.72 1,382.77
88.72 1,407.77
.90
.91

14 24
16.52

At the Wood-preserving plants of the lines east of El Paso, 247,363 lineal feet of piling and 1,198,095 feet B. M. lumber
were creosoted and 401,220 cross-ties were burnettized; on the Pacific System lines, 307,450 lineal feet of piling and 943,070
feet B, M. lumber were creosoted and 1,589,464 cross-ties were burnettized. .
^
^ ^




THE CHRONICLE

1426

[VOL. LXXXIX.

MAINTENANCE OF EQUIPMENT.

T h is

Y ea r.

$5,848,394
1,527,519
5,399,991
323,(529
341,903

L ocom otives____________
Passenger train cars ____
Freight train ca rs_______
Work equipment_________
Floating equipm ent-------Equipment borrowed----Shop machinery and tools
Superintendence_________
Otner expenses_________

L a st

298,856 08
540,515 72
98,952 20

P e r

D ecrea se.

5851 16

19
19
19
46
01
53
91
48
48

C en t.

29,972 28

— 15.78
— 1.03
— 24.28
— 3.52
— 100.00
— 31.19
+ 2.14
— 23.25

51,059,332 96

6.86

5286,228
56,412
103,774
12,458
447,149
135,495

11,308 24

515,439,095 44

514,379,762 48

Total ----------------------

In crea se.

Y ea r .

$5,847,543
1,813,748
5,456,404
427,404
354,362
447,149
434,351
529,207
128,924

35
39
54
58
62

80
65
88
39
53
83

$447,149 53 of the above decrease resulted from a change in the classification of operating expenses. In the revised
classification of operating expenses as prescribed by the Inter-State Commerce Commission, effective July 1 1908, pay­
ments for “ Equipment Borrowed” were eliminated as an item chargeable to operating expenses. These payments now
appear as “ Hire of Equipment” in the Income account.
The companies have not made any charge for “ Depreciation” of equipment as contemplated by the Inter-State Com­
merce Commission’s new accounting regulations, but, as in the past, have charged to operating expenses (less salvage) the
original cost (estimated, if not known) or purchase price of all equipment condemned, destroyed, sold or vacated from
any cause during the year. The amount thus charged is reported under the item of “ Renewals” in Table No. 27, and
amounted to $1,365,771 92, against $1,270,011 76 last year.
The average cost of repairs and renewals per locomotive and per car per annum, and the average number of serviceable
locomotives and cars owned during the year were:
,
A v er a g e
T h is

for renewals----------

---------------------- -------- -----------------------------------------

T o t a l__________________________________________________________ ______ _______

. ______ ___ __________________________

___

___________

____

P e r

T h is

Y ea r.

$3,089 70
44 54

$3,182 11

$3,134 24

$910 33
51 90

5893 80
71 77

5962 23

$965 57

$103 65
19 05

$92 06
23 39

5122 70

5115 45

______

A v era g e

A n n u m .

L a st

52,973 37
208 74

T o t a l--------------------------------------- ----------- ----------------------------------------------------------

Total

C ost

Y ea r.

S e rv ice a b le

N u m b er.

L a st

Y ea r.

Y ea r.

1,846

1,818

1,759

1,742

44,011

44,312

The equipment owned by the respective Companies is shown in Table No. 24, and the capacity, the service, and the
average cost of maintenance, are shown in Tables Nos. 32, 33 and 34.
TRAFFIC EXPENSES.
T h is

Y ea r.

5857,529
414,008
571,942
226,458

Outside agencies
Advertising____
Superintendence .
Other expenses ..

L a st

16
69
87
79

$2,069,939 51

Y ea r.

$871,400
402,682
665,188
221,159

P e r

D ecrea se.

In crea se.

47
64
36
01

$11,326 05

93,246 49

5,299 78

— 4.19

$90,490 97

52,160,430 48

C en t.

— 1.59
+ 2.81
— 14.02
+ 2.40

$13,871 31

TRANSPORTATION EXPENSES.
T h is

L a st

Y ea r.

$7,988,454
6,453,241
5,136,827
8,222,464
647,573
2,709,161
1,345,488
287,355
55,626

Locomotives, fuel for -------------------------------Locomotive service other than fuel -----------Train service______________________________
Station and terminal service --------------------Ferry and river se rv ice --------------------------- Injuries, loss, damage, and other casualties
Superintendence__________________________
Stationery and printing ---------------------------Other expenses-------------- -------- -------------------

$32,846,193 00

Y ea r.

$9,362,016
7,480,442
6,015,539
9,350,313
641,521
3,282,100
1,314,929
287,607
69,728

54
74
76
62
69
05
49
07
04

$6,052 03

252 75
14,102 58
54,958,007 58

— 13.11

44
55
00
60

572,939 36

30,558 67
—

C en t.

— 14.67
— 13.73
— 14.61
— 12.06
+ .94
— 17.46
+ 2.32
— .09
— 20.22

$1,373,562
1,027,200
878,712
1,127,848

$37,804,200 58

P e r

D ecrea se.

In crea se.

98
29
76
22
66
41
82
82
62

The decrease in these expenses resulted from a reduction of about fourteen cents per ton in the cost of fuel, and a
decrease in the miles run by locomotives in revenue service, the result of a diminution in tonnage and better train loading.
The congested traffic condition of the previous years had added greatly to the expenses for station and terminal service,
but the return to normal conditions enabled the Company to effect large economies in this item of expense.
There was an increase in the number of loaded cars per train of 19.12 per cent and in the number of tons per train
of 14.16 per cent.
.
The work done by the transportation department of the rail lines is shown in the following table:_____________
+
—

Mileage of freight c a r s , I ------1 -------------------—

---------------- ------------------------------------------------------------------

Total locomotive mileage In service for which the attendant expenses are charged to "Transportation Expenses"..................

In crea se.

P e r

D ecrea se.

C en t.

— 52,699,162 06
--- 1,958,007 58
■
— 98,823,855
— 1,013,253
— 214,588
— 430,362,374
— 631,009,095
— 38,949,329
— 3,742,534
— 5 009.638

— 2.38
— 13.11
— 6.02
— .75
— .95
— 6.64
— 8.04
— 7.20
— 16.33
— 9.58

The average number of tons of freight per train, of loaded cars per train (excluding caboose), and of tons per loaded
car for the year, were:
*
R ev en u e

a n d

C o m p a n y

T o n s

p er

+
—

F r eig h t.

(Way BUI Tonnage.)

L o a d ed

T ra in .

C a rs

+
—

In crea se.
D ecrea se.

p er

T o n s

T ra in .
P er C en t

In crea se.

o f

D ecrea se.

T o n s.

P er

T o
C a rs.

C t.

P er

C t.

T o ta l C a r
M ile a g e .

p er L oa d ed

+
—

C a r

M ile a g e

C a rs.

T o n s.

L oa d ed

C a r

In crea se.
D ecrea se.

T o n s.
T o n s.

P e r

C t.

Lines east of El Paso_____ ____________________
Lines west of El Paso_____ ______________________

386.07
503.46

+ 53.32
+ 55.34

16.03
12.35

19.05
24.42

+ 3.32
+ 3.63

21.11
17.46

71.39 + 4.17
72.37 + 1.08

20.74
20.61

— .41 ~~ 1.94
4.41
— .95

Average all lines____________ _

. _________

460.50

+ 57.12

14.16

22.43

+ 3.60

19.12

72.04 + 2.14

20.53

— .90

30 1901 ___________________

305.34

-----

17.38

A v er a g e

a ll

lin e s

J u n e

.

17.57

71.97

4.20

* Tons miles per revenue freight train and all mixed train miles.

The cost of fuel for locomotives per locomotive mile in revenue service for which the expenses are charged to trans­
portation expenses was 16.985 cents per mile run against 17.813 cents in the preceding year, and for the entire ‘ 'trans­
portation Expenses” 69.489 cents, against 77.420 cents in the preceding year.




THE CHRONICLE

Nov. 27 1909.j

14 21

GENERAL EXPENSES.
T h is

Y ea r.

5348,549
1,643,814
496,707
219,599
125,048
305,079
224,044

L a st

88
51
99
13
45
71
75

Y ea r.

5319,143
1,740,447
463,866
256,623
153,812
354,935
229,702

53,362,844 42

D ecrea se.

In c re a se .

529,406 36

52
79
20
38
92
86
09

P e r C en t.

25
47
15
34

+ 9.21
— 5.55
+ 7.08
— 14.43
— 18.70
— 14.05
— 2.46

5155,687 34

—4.42

596,633 28

32,841 79

37,024
28,764
49,856
5,657

53,518,531 76

GENERAL.
There was appropriated during the year for additions, b etterm en ts, equ ip m en t, term inal p roperty, and for the con­
struction or acquisition of new lines, th e sum of $ 4 5 ,1 0 2 ,4 2 2 .
T he expenditures for account of these appropriations
am ounted to $ 3 1 ,0 4 4 ,8 3 0 , leaving $ 1 4 ,0 5 7 ,5 9 2 unexpended, which am ou n t has been brought over into the current fiscal
year.
T he concessions granted for the construction of certain lines in the R epublic of M exico, referred to in the last annual
report, were on June 24 1909 transferred to the Southern Pacific Railroad Com pany of M exico, a corporation incorporated
in the S tate of New Jersey, with an authorized capital stock of $ 7 5 .,0 0 0 ,0 0 0 , all of which is ow ned b y the Southern Pacific
C om pan y.
T h e new Com pany acquired all the rights, property and franchises of the Cananea Y a q u i R iver & Pacific
Railroad C om pan y, and the several concessions granted b y the R epublic of Mexico to the Cananea Y a q u i R iver & Pacific
Railroad Com pany and to the Southern Pacific C om pany.
Under these concessions there were com pleted during the year 2 5 1 .7 4 miles of railw ay, a total of 7 8 3 .8 5 miles com ­
pleted to June 30 1909 out of a total of 1 ,5 0 2 .7 1 miles projected.
T he concession to the Southern Pacific C om pany provided
for a subsidy of 1 2,5 0 0 pesos per kilometer (2 0 ,1 1 6 pesos per m ile), payable in F iv e Per Cent N ational Redeem able D ebt
Bonds of the R epublic of Mexico up to the am ount of five million pesos, which have been received. T h e remainder of
the subvention will be paid in cash in ten annual paym ents w ithout cause of profit, th e first p ay m en t to be m ade six
m onths after the respective line which causes the subvention has been constructed and approved b y the Secretary of Com ­
m unications and Public W o rk s.
T h e advances to the Southern Pacific Railroad C om pany of M exico, after crediting against th em the proceeds from
the sale of the hereinbefore-mentioned bonds, am ounted on June 30 1909 to $ 2 9 ,8 8 5 ,1 0 2 13.
A m ap showing the Southern Pacific lines in the R epublic of Mexico will be found on page 3 0 . [See p am p hlet report.]
T he mileage projected under the concessions, the miles of railway com pleted, under construction, and remaining to be
constructed, are as follow s:
R e m a in in g

V

to B e B u ilt.

C o n str u cte d
to

P r o je c te d .
J u n e

852.69
650.02

Main Line— Empalme to Guadalajara________ _____ _____________________________________________
Branch Lines__________________________________________________________________________________
Total

_________________

j

______________________________________ ___ ~ 1,502.71*""

;

U n d er

30 1909

C o n str u ctio n .

594.43
189.42

86.02
96.62

783.85

182.64

T o

B e

B u ilt.

172.24
363.98
1

536.22

Under the concessions to the Southern Pacific C o m pa n y, 2 7 2 .2 4 miles remain to be com pleted b y N ovem ber 191 2 ,
and , under the concession to the Cananea Y a q u i R iver & Pacific Railroad C om pany, 4 4 6 .6 2 miles to be com pleted b y
M ay 1 9 1 4 .
>
In addition to the com pleted lines of railway reported under “ Properties and M ileage” and the railway of the Southern
Pacific Railroad Com pany of M exico, hereinbefore referred to , construction is progressing on the follow ing lines:
T ra ck

G r a d in g

G r a d in g

C o m p le te d .

C o m p le te d .

P r o g re ss in g .

M ile s .

M ile s .

91.23

M ile s .

M ile s .

95.48
52.57
10.63

41.45
10.45

L e n g th
P r o je c te d
R a ilw a y —
Imperial Junction, California, to near Yuma, Arizona ______________________________
L o u isia n a A
T ex a s H R . &
S S . C o .—■
Lafayette to Port Allen, Louisiana_____________________________________________ BayoU Sale to South Bend, Louisiana-------------------------------------------------------------------o u isia n a
W e ste rn
R a ilw a y —
Eunice to Mamou, L ouisian a--------- ------------------------------------------------------------------------- |

In te r -C a lifo r n ia
M o r g a n 's

L

o f
L in e.

10.76

8.62
9.24

Under the pension system , put into effect on January 1 1903, there are carried on the pension rolls 421 em ployees*
T he p aym en ts to them for the year am ounted to $ 1 5 2 ,3 0 7 6 0 .
I t is w ith sorrow announced to the stockholders that M r. W illiam D . Cornish, who has been a Director of this Com ­
p an y since April 9 1902, and Vice-President since June 24 1904, died on N ovem ber 7 1908; and th a t M r. Edw ard H . Harrim a n , whose nam e is inseparably connected with this com p any, died on Septem ber 9 190 9 .
T h e Board of Directors by
suitable resolutions prom ptly recorded their appreciation of the character and service of each of these distinguished men
and a copy of those relating to M r. Ilarrim an are appended to this report.
T he accom panying report of the Comptroller shows fully and in detail the financial and other transactions of the
Southern Pacific C om pany and of the Proprietary Com panies.
B y order of the Board of Directors,
R O B E R T S. L O V E T T ,

Chairman Executive Committee.

EDWARD

H . H A R R IM A N .

New Y o r k , Septem ber 14 190 9 .
A t a special m eeting of the Board of Directors of the Southern Pacific Com pnay held in the City of N ew Y o r k on
the 14th d ay of Septem ber 1909 the following tribute to the m em ory of Edw ard H . Harrim an was unanim ously ad opted:

In memoriam
EDWARD HENRY HARRIMAN,
President, from Septem ber 26 1901, and Chairman of E xecu tive Com m ittee Southern Pacific C om pany from April 3 1901
to Septem ber 9 1909.
'
T h e Board of Directors of the Southern Pacific C om pany records with the deepest sorrow the death of E dw ard H enry
Harrim an at A rden , on the afternoon of Septem ber 9 1909, in his sixty-second year.
T ak en aw ay in the prime of his life, at a tim e when in ordinary course he m ight have looked forward to m an y m ore
years of accom plishm ent, he leaves a record of d evelopm ent and organization in railroad affairs w ithout parallel, which
will live as an im portant part of the industrial history of the country, a lasting m onum ent to his m em ory.
In his death, n ot only the companies of which he was head, bu t the country as well, suffer irreparable loss, and w e,
his friends and associates on the B oard , deeply 'm ourn the death of friend and chief.
Resolved, that this brief tribute to his m em ory be inscribed upon the m inutes of the C om pan y, and that an engrossed
copy be furnished to his fam ily, to which the Board tenders its deep sym p a th y in their great sorrow .
A true copy.
A tte st:
A L E X . M IL L A R ,




Secretary.

THE CHRONICLE

1428

[VOL. LXXXIX.

NO. 2— COMBINED INCOME ACCOUNT YEA R ENDED JUNE 30 1009— SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES
(Revenues and Expenses of “ Proprietary” and “ Non-Proprietary” Lines and Miscellaneous Income of the Southern Pacific Company and Proprietary
Companies, combining details shown In Tables Nos. (0 and 14.)
Operating expenses (and taxes) of proprie­
tary lines, Interest on funded debt and all
other expenses of proprietary companies
as shown In detail In Table No. 14--------$93,304,293 6fi
Operating expenses, taxes and all other ex­
penses Incurred In connection with the
operation of the following non-proprietary
Ines:
New Mexico & Arizona R R ________
$523,232 64
Sonora R ailw ay___________________
1,267,662 75
Expenses of Southern Pacific Company:
(Table No. 9):
Expenses of operating steamship lines__ $5,681,711 70
Interest on funded debt, viz.:
105,030 00
Six per cent steamship bonds-------------Four per cent bonds (C. P. stock collat­
1,225,406 67
eral) __________ ______ __________—
290,120 00
Four per cent 2-5 year bonds-------------272,713 33
Four per cent convertible bonds---------Interest due to Proprietary
Companies on advances
and open accounts------- 51,287,983 60
L e s s Interest due from Pro­
prietary Companies, In­
cluding Interest charged
to Oregon & California
RR. Co_________________ 1,077,025 42
210,958 24
Rental to Central Pacific Ry. Co________
10,000 00
Rental to Oregon & California RR. Co__
5,000 00
Rental to Southern Pacific RR. Co______
10,000 00
235,411 14
T a x e s_________________________________
175,707 78
General and Miscellaneous Expenses____
Annual payments for redemption of 6 per
75,000 00
cent steamship bonds_________________
Premium on $71,000, face value, 6 per
cent steamship bonds redeemed---------3,550 00
Reserve for depreciation of rolling stock
363,964 08
owned and leased to other companies..
27,254 55
Cost of surveys written oil------------------Cost of examinations for water power
37,206 90
written off------------------------------------B a la n c e

to

p r o fit

a n d

lo ss

(T a b le

N o .

3) —

1,790,895 39

Revenues of proprietary lines and miscel­
laneous Income of proprietary companies
as shown In detail In Tabic No. 14______
Revenues of the following non-proprietary
lines:
New Mexico & Arizona R R _______
Sonora Railway----------------------------

$115,699,347 49
$395,729 06
909,644 27

Revenues of Southern Pacific Company
(Table No. 9):
Gross revenues from operation of steam
ship lines___________________________ $6,499,739 40
Interest on bonds owned of companies
other than Southern Pacific Company
and proprietary companies___________
866,911 80
Interest on bonds owned of Southern Pa­
cific Company and proprietary com­
panies_______________________________
726,445 39
Dividends on stocks owned of companies
other than proprietary companies____
986,652 22
881,308 88
Rentals from lease of road.........................
Hire of equipment-------------------------------- 1,581,573 01
Rentals from lease of joint tracks, yards,
and terminal facilities_______________
193,338 00
Miscellaneous rentals___________________
333,992 26
Net proceeds from sale and lease of lands.
22,374 17
Balance of Interest on loans and on open
accounts other than with proprietary
companies___ _____ _________________ 1,542.107 84

1,305,373 33

13,634,443 57

8,729,034 39
26,814,940 96
$130,639,164 39

$130,639,164 39

NO. 11— ASSETS AND LIABILITIES—SOUTHERN PACIFIC COMPANY— JUNE 30 1909.

A S S E T S .

J u n e

30 1909.

J u n e

30 1908.

—
Stocks and bonds as shown In detail In
Tables Nos. 12 and 13........................... $304,330,088 67 $316,565,379 67
Steamships as shown In detail In Table
3,660,259 29
3,660,259 29
No. 23.......................................................
Sinking funds as shown In detail In Table
144 00
594 00
No. 20.......................................................
C a p ita l

A s se ts

$307,990,941 96 $320,225,782 96
—
Cash------------------- -------------------------------- $31,783,013 42
11,450,000 00
Demand loans and time deposits-----------715,341 64
Loans and notes receivable-------------------2,075,972 26
Agents and conductors.-----------------------Income accrued to June 30th on securities
687,062 39
owned----------------------------------------------2,488,730 86
Individuals and companies_____________
1,240,594 82
U. S. Government transportation_______
9,561,451 26
Material, fuel and other supplies.............
C u rren t

A s se ts

$5,763,465 53
1,710,489 68
1,825,932 11
830,449
3,232,614
2,013,811
10,541,985

71
73
14
09

$60,002,166 65 $25,918,747 99
—
Advances for construction of new lines — $63,976,457 32 $44,310,194 11
Advances for acquisition of new lines and
11,309,290 94
12,686,817 70
property-------------------------------------------7,410,694 27
5,526,914 13
Advances for acquisition of electric lines.
Rolling stock----------------------------------------- £10,257,687 40 £18,424,446 67
7,900,951 96
7,913,267 05
Steamships and other floating equipment
15,081,566 27
16,561,634 89
Real estate and other property................
240,109 75
249,096 49
Wood preserving plants_________ _____
2,390,628 10
1,518,189 75
Individuals and companies-------------------Advances for closing Colorado River
3,518,152 65
3,769,866 36
Crevasse------------ ------------------------------D e fe r r e d

A s se ts

$124,343,711 23 $108,711,254 58
P r o p r ie ta r y C o m p a n ie s —
Direct Navigation Co___________ _______
Galveston Harrisburg & San Antonio Ry.
C o ____________________ ______ _______
Houston & Texas Central RR. Co--------Louisiana Western RR. Co-------------------Morgan’s Louisiana & Texas RR. &SS.Co.
Oregon & California RR. Co----------------- Southern Pacific Terminal Co___________

$36,704 98
10,502,434 45
6,435,863 90
104,495 77

$27,813 12
10,870,265
686,213
40,745
298,049
7,741,965
111,458

53
64
29
96
77
50

$17,079,499 10 $19,776,511 81
C o n tin g e n t A s s e ts —
San Antonio & Aransas Pass Ry. Co._
Unadjusted accounts, Proprietary Com­
pany ------------------------------------- ------

‘ $3,980,736 58

$3,981,007 97

228,652 65

114,490 75

L I A B I L I T I E S .

J u n e

30 1909.

J u n e

30 1908.

—
Common s t o c k ............................................. $213,910,358 64 $107,840,258 64
58,626,400 00 74,863,300 00
Preferred stock________________________
Preferred stock— subscription receipts out
365 00
3,163 00
standing_______________________ _____
First mortgage six per cent steamship
bonds, due January 1 1911__________
1,786,000 00
1,715,000 00
Four per cent gold bonds (Central Pacific
Stock Collateral), due August 1 1949
30,618,500 00 30,418,500 00
Two-five years four per cent gold bonds,
due June 1 1910:
Authenticated by Trustee. .$30,000,000
Less
deposited
with Trustee. .$5,223,000
Less In treasury. 17,524,000
--------------- 22,747,000
7,253,000 00
7,253,000 00
Four per cent Twenty-Year Convertible
79,896,545 71
Gold Bonds--------------------------------------Temporary receipts for Four and One72,000 00
Half per cent Twenty-Year Gold Bonds
C a p ita l

L ia b ilitie s

$392,092,169 35 $312,173,221 64
—
Coupons matured—unpaid____ ________
Coupons due July 1____________________
Interest accrued on bonds and loans to
June 30, but not due_________________
Dividends due—unpaid_________________
Dividends due July l, 15 and October 1.
Bonds satisfied of mortgage but not pre­
sented_______________________________
Traffic and car service__________________
Loans and notes payable________ _______
Vouchers and pay-rolls_________________
C u rren t

L ia b ilitie s

$114,897 47
3,124,482 50

$125,332 47
2,888,492 50

2,435,195 62
54,523 20
8,794,585 17

2,234,251 63
59,764 96
8,555,803 97

651,200 62
7,950,119 46

1,000
958,393
52,472,648
6,899,476

00
76
26
64

$23,125,004 04 $74,195,164 19
D e fe r r e d L ia b ilitie s —
Pacific Mall Steamship Co______________
Taxes assessed but not due_____________
Wells, Fargo & Co.’s express contract—

—
Central Pacific Ry. Co........ ........................
Houston East & West Texas Ry. C o ----Houston & Shreveport RR. Co________
Houston & Texas Central RR. Co____
Louisiana Western RR. Co__________ . .
Morgan’s Louisiana & Texas RR. & SS.Co.
Nevada & California Ry. C o ____________
South rn Pacific RR. Co_______________
Texas & New Orleans RR. Co...... ............
P r o p rieta ry

C o m p a n ie s

$21,501 86
213,974 67
176,000 00

$60,675 22
209,020 63
208,000 00

$411,476 53

$477,695 85

$4,746,870
227,280
68,799
351,186
76,422
70,964
90,996
34,862,690
851,955

06
41
37
20
97
41
84
93
54

$4,238,359 59
13,807 99
23,240 27
55,947 02
26,597,509 41
621,240 56

$41,347,475 73 $31,550,104 84
C o n tin g e n t

L ia b ilitie s

—

M arine Insurance f u n d .......................................
S te a m sh ip Insurance fu n d _________________
F lo a tin g e q u ip m e n t r e p la ce m e n t fu n d —
R o llin g s to c k re p la ce m e n t f u n d ___________
R e s e r v e fo r d e p re cia tio n o f rollin g s t o c k . .
Insu ran ce f u n d -------------------------------------------U n a d ju s te d cla im s and a c c o u n t s ................
In d iv id u a ls and c o m p a n ie s ________________
P rin cip a l o f d e fe rre d p a y m e n ts o n land
c o n tr a c ts - * _____ __________ ______ _______

$4,209,389 23
Total assets

$4,095,498 72

$513,625,708 17 $478,727,796 06

Total liabilities ......................
B a la n c e to

cre d it o f p r o fit

a n d

lo ss

Total liabilities.................... .

$3,186,137
1,607,697
4,694,006
293,597
866,996
131,305
2,340,496
70,253

15
54
36
88
10
50
48
19

$3,195,687
1,607,697
3,055,462
208,462
2,502,164
32,630
1,915,918
4,059

63
54
65
71
52
45
16
28

141,061 62
128,027 08
$13,331,418 18 $13,563,144 56
$470,307,543 83 $431,959,331 08
43,318,164 34 46,768,464 98
$513,025,708 17 $478,727,706 06

• Includes $3,398,000, face value, San Antonio & Aransas Pass Ry. Co. Income Four Per Cent Bonds, on which Interest Is payable on January 1 of
each each year, only If earned, out of net earnings and Income.
x Decrease represents $8,166,759 27 equipment sold to Proprietary Companies.




1429

THE CHRONICLE

Nov. 27 1909.}

N 0. 3 — COMBINED PROFIT AND LOSS JUNE 30 1009— SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES
(Combining details as shown In Tables Nos. 10 and 15.)

D iv id en d s

o n

sto ck s

o f

P r o p rieta ry

C o m p a n ie s ,

Balance June 30 1908, viz.:
Southern Pacific Company'______________ 546,768,464 98
D e d u c t — Adjustment In leasehold oper­
ations years 1905 and 1906________ *3,229,935 71

v iz :

Central Pacific Ity. Co., P referred.
$,>48,000
00
Central Pacific Ry. Co., C o m m o n ........... 4 ’° ’} £ ’™n ™
Houston & Shreveport RIl. Co-----------40,000 99
Louisiana Western RR. Co------------- - - - 9Z9’999 99
Morgan’s Louisiana & Texas RR. & SS.Co
600,000 00
Nevada & California Ry. C o ....................
nnn’nnn 99
Southern Pacific RR. Co...... .................... 8 ,?99’999 99
Southern Pacific Terminal Co— .............
120,000 oo
314,161,640 00
Less paid to Southern Pacific Co------------ 14,161,376 00

D iv id en d s

o n

sto ck s

o f

S o u th e rn

P a c ific

C o m p a n y ,

5264 00

vi^ - :

Preferred— 3 ' A per cent paid Jan. lo 1909 32,616,490 21
Preferred— 3 M per cent payable July lo 2 375 616 21
4,992,106 42

Common— 1 \ 4 per cent paid J'')t*',,l 1 l ?99n
Common— 1 ' A per cent paid April 1 1909
C o m m o n -! H per cent payable July 1

'999 7 !9 99
2,96o,716 08
Q8

° T

3,206,586 08

o

? _

Per

P-ayable.

° Ct: - 1

543,538,529 27

Proprietary Companies__________________ 5 6 3 ,0 15 ,4 78 59
A d d — Adjustment In leasehold opera­
tions years 1905 and 1906_________ *3,229,935 71

12,344,604 32

66,245,414 30

T o ta l........................................................................... 5109 ,783,943 57
26 ,814,940 96
Balance from Income account (Table No. 2 )------------------190,398 49
Proceeds from sale of unpledged lands___________________
Proceeds from sale of lands pledged for the redemption of
940,333 02
bonds__________ _____ _____________________ _________ _
50,913 11
Collection of ( Id accoun ts______________________________
Annual payments to sinking funds and Income from sinking
572,800 00
fund Investments_____________________________________
86,202 43
Adjustments In unsettled claims and accounts__________
254,576 28
Rental for Bay Shore Line for the year 1908......................
Net earnings of Cananea Yaqul River & Pacific RR. Co.,
from May 1 1902 to June 24 1909, used for additions,
betterments, and for construction of new lines, Included
1.636,975 76
In sale of property to Southern Pacific RR. Co. of Mexico

T o ta l---------- ----------- - ....................- - - — ----------- 517 ,336,974 74
6 ,530,891 32
Discount and commission on capital Issues during the year
Fund for refunding outstanding old bonds of Southern
,500,000 00
Pacific RR. C o - .- .................- ..........- ..................................
254,576 28
Rental for Bay Shore Line for the year 1908.......................
24,775 80
Uncollectible accounts written off...........................................
30,936 45
Adjustments In unsettled claims and accounts...................
9,333 49
Losses San Francisco fire, April 1906...................................
Balance June 30 1909, viz.:
Southern Pacific Company.........................543,318,164 34
Proprietary Companies............................ 71,334,431 20
114,652,595 54
5140.340.083 62

T o ta l.

5140.340,083 62

T o ta l-------------------- --------------------------------------

* Proportion of the reserve fund written off last year accruing to the Proprietary Companies.

N0

NO 17— PROPRIETARY COMPANIES— LIABILITIES JUNE 30 1909.

16— PROPRIETARY COMPANIES— ASSETS JUNE 30 1909.
T o ta l
A S S E T S .

C a p ita l A s s e ts

J u n e

30 1909.

724,764,759
16,005,173
560,839
527,549
Total-------------------------------------------------

C u rren t

A s se ts

30 1908.

$
$
715,790,651 78 *702,581,535 54
9,756,058 08
8.974,107 97

—

75 *712,338,403 62
95 15,643,554 59
733,339 23
39
507 012 13
81

741,858,322 90 *720,222,300 57
—------

L I A B I L I T I E S .
C a p ita l L ia b ilitie s

407,983
341,183
360 434
13,148
1,000,852
91,368
789,788

99
51
73
41
22
66
64

382,266
445,216
513,415
11,825
1,014,682
200,429
832,012

37
93
04
95
98
91
62

—

J u n e

30 1909.

$
309,816,272 00 309,816,272 00
25,800,000 00 25,600,000 00

____ ______ ___________

Total

* L ia b ilitie s

—

Interest accrued on bonds to June 30,
Bonds satisfied of mortgage but not pre-

694,529,084 88 *680,264,393 10

565,681 18
388,005 00

438,812 43
400,675 00

636,906 39
8,361 00

644,791 76
8,181 00

775,483 78

72.000 00
3,533,192 06

57,500 00
4,682,038 09

607.000
103,713
6,298
266,946
150.000
2,373,088

7,524,711 00

8,915,771 67

5,106,000 26

Stocks owned—unpledged (Table No. 18)

641,409 47
539,227 58
337,626 41

573,683 02
530,111 13
337,626 41

Total..........................................................

1,518,263 40

1,441,420 56

1.833 98
5,383 90

2.258 42
5,266 37

Bonds to be exchanged for refunding
T o t a l .......... ..............................................

D e ter re d

A s se ts

P r o p r ie ta r y

Galveston

—

D e fe r r e d

C o m p a n ie s

Harrisburg

—
& San Antonio

Morgan’s Louisiana & Texas RR. & SS.Co
Oregon & California RR. Co.......................

Total..........................................................

C o n tin g e n t

A s se ts

141 341
16,194
42,046
34,015
201,743
1.833
30,543

73
35
03
33
65
98
11

53
55
40
61
59
42
03

474,936 06

325,105 02

41,347,475 73

31,550,104 84

—

Individuals and companies_____________

43,815
11,080
11 ,304
19,783
104,780
2.258
34.558

6,653
353,869
45,581
358,090

13
59
80
63

116,423
13,785
294,830
54

12
84
33
20

L ia b ilitie s

—

Sinking funds uninvested (Table No. 20).
Total__________ ______ _____ _________

P r o p rieta ry

Galveston

C o m p a n ie s

Rarrlsburg

—
& San Antonio

Morgan’s Louisiana & Texas RR. & SS. Co

Total____________ 1.................................

C o n tin g e n t L ia b ilitie s —
Floating equipment replacement fund-----

Principal"of"deferred payments on land
Fund for refunding outstanding old bonds

Total Assets---------------------------------------

30 1908.

$

914,758 78

Bonds owned—unpledged (Table No. 18).
Cash and bonds deposited against bonds

J u n e

Funded and other fixed Interest-bearing
debt (Table No. 8)------------------------- - 356,878,812 88 *336,796,849 54
2,170,000 no
2,034,000 00
Equipment Trust Obligations (Table No.8)
5,881,271 56
Three per cent Notes to U. S. of America.

C u rrc

—

T o ta l

T o ta l

T o ta l
J u n e

00
92
23
17
00
37

755,411 18
419,117 54
89,555 94
1,264,084 66

606,000
30,713
110,490
283,084
150,000
1,880,653

00
92
23
56
00
67

4,553,402 57

507,495 29
71,286 84
2,242 00
581,024 13

4,971 32
18,656 99
42,046 03
16,194
146,488
45,842
30,543
3,667
23.873
142,651

35
18
57
11
96
85
70

27,884 13
11,304 40
11,080
139,359
51,964
16,086
4,516
43,815
18,981

55
36
13
53
84
53
81

474,936 06

324,993 28

17,079,499 10

19,776,511 81

195,364
511,441
127,492
1,026,949
21,040
38,036

70
98
45
24
38
22

806,090 29

164,199
919,285
124,180
1,039,308
1,386
40,039

27
04
68
42
08
48

1,075,693 69

973,452 88

764,195 15

425,093 58

Total.................... ......................................

3,699,868 14

3,364,092 66

3,856,415 54

5,914,218 55

Profit and loss (Table No. 15)----------------

75,190,846 74

68,929,697 14

707,344,319 84 *777,794,114 60

Total Habllltles.........................................

797,344,319 84 *777,794,114 69

• Includes 5350,000 on account of the First Mortgage 5 % Bonds of the Texas Transportation Co., the property of which was purchased by the
Texas & New Orleans R R . Co. Juncl 1896, subject to, but without assuming, the mortgage, and which has not heretofore been taken up In this statement




1430

j [VOL. LXXXIX.

THE CHRONICLE

NO. 12 and 13— SOUTHERN PACIFIC COMPANY— STOCKS AND BONDS OWNED JUNE 30 1009.
D istrib u tio n
T o ta l

T o ta l

iss u ed
S T O C K S

a n d
o u ts ta n d in g
J u n e

30 1909

ow n ed

b y
S o u th e rn
P a c ific
C o m p a n y .

P r o p r ie t a r y C o m p a n ie s — *
Central Pacific Ry. Co.— C o m m o n __ ____________ 67,275,500 67,275,500
Central Pacific Ry. Co.— Preferred______________
13,800,000 13.800.000
Direct Navigation Co_____________________________
50,700
200
Galveston Harrisburg & San Antonio Ry. Co______ 27,084,372 27,056,600
Houston East & West Texas R y. Co_______________
1.920.000
1,918,200
Houston & Shrevenort R R .C o ____________________
400,000
397.600
Houston & Texas Central R R . C o _________________ 10,000,000
9,998,300
Louisiana Western R R . Co___________________ _.
3.360.000
3,360,000
Morgan’s Louisiana & Texas R R . & SS. C o . . . ......... 15.000.
000
15,000,000
Nevada & California R R . Co_____________________
4,425,700 4,425,700
Oregon & California R R . Co.— Common___________
7.000.
000
6,970,198
Oregon & California R R . Co.— Preferred__________ 12.000.
000
11.991.000
South Pacillc Coast R y. Co_______________________
6.000. 000 6,000,000
Southern Pacific R R . C o_________________________ 160,000,000 160,000,000
Southern Pacific Terminal Co_____________ _______
2,000,000
1,999,600
Texas & New Orleans R R . Co_____________________
5,000,000
4,909,500
Total Proprietary Companies.
335,316,272 335,192,398

—
Associated Oil C o___________________ . .
40,000,000
Beaver Hill Coal Co_________
500,000
Cananea Yaciui River & Pacific R R . Co.............
Central California Ry. Co__________________ _
30,000
Coast Line Ry. Co______________
100,000
Coos Bay Roseburg & Eastern R R . & Navigation Co 2,000,000
Corvallis & Eastern R R . Co______________________
I . I 10,001)
Gila Valley Globe & Northern Ry. Co_____________
2,000,000
Goose Lake & Southern Ry. Co_________ _____ ____
Independence & Monmouth R R . Co____________
25.000
Inter-California Ry. Co________________________
216,000
Kern Trading & OH Co____________ _________ . . .
1,000,000
Lincoln Northern Ry. Co______________________
11,200
Los Angeles Ry. Co___________________________
5.000.
Maricopa & Phoenix R R . Co__________________
1.000.
Merced Canon Ry. Co___________________________
100,000
Mexican International R R . Co____________________
Northwestern Pacific R R . Co___________________
3 5 ^ 0 0 0 ,0 0 0
Orovllle & Nelson RR. Co________________________
13.000
Pacific Electric Ry. Co___________________________ 20,000,000
Pacific Fruit Express Co___________________
_ 10,800,000
Pacific Mall Steamship Co_________ .
20,000,000
Rio Bravo Oil Co_____________________ ______ . . I I
850.000
Rubicon Water & Power Co______________________
500,500
Sacramento Southern R R . Co_________ ____ ______
100.000
San Bernardino & Redlands RR. Co_______________
200,000
San Francisco & Napa Ry. Co____________________
55.000
Southern Pacific Co.— Comm on.__________________ 213,910,358
Southern Pacific Co.— Preferred__________________
Southern Pacillc R R . Co. of Mexico........................... 75,000,000
Sunset R R . Co_________________ ______ _______ _
500,000
Wells, Fargo & C o.’s Express_____________________
8,000,000
Stocks of other Oil Companies____________________
Stocks of Land and Town Sites Companies________
Stocks of Miscellaneous Companies..........................

D e p o s ite d

In crea se
o r

a g a in s t is s u e

D ecrea se

o f S .P .C o .

d u r i n g th e
Y ea r.

C o m m o n

o f S to ck s

a n d

D e p o s ite d
u n d er S . P .
C o .

(C.

P .

4%

C o lla te r a l

S to ck .

M o rtg a g e .

$

+200,000
27,005,600
3.310.000
4.994.000

123,619,033
4,997,500
+ 200,000 163,926,133

D e p o sited
u n d er S . P .
C o .

S to ck

C a p ita l

B o n d s ow n ed

)

2-5 Y
4%

'r s

b y

S o u th e rn

P a c ific

C o .

T o ta l
A m o u n t

A m o u n t

D e p o sited .

F r e e .

M o rtg a g e .

67,274,200
13,800,000

67,274,200
13,800,000
,005,600
,905,000
395.000
,996,000
,310,000
994.000
380.000
945.000
980.000

1.300
'" 2 6 6

707,033
995,000
997,500

51.000
13,200
2,600
2.300
50.000
6,000
45,700
25,198
11.000
,000,000
,292,967
4,600
2,000

81,074,200 56,684,000 301,684,333

33,508,065

1,905 ,000
395i,000
9,996 ,000
10",666' 666
4,380, 000
6,945, 000
11,980, 000
9,088
1,995

O th e r C o m p a n ie s

Total Other Companies___________ _______ _____
T o ta l____________
Asia Steamship Co__
Persia Steamship Co.

20,069,
500,

+ 5,147,811

30 ,000
100 000
2,000 000
1,110 000
2,000 000
12 ,750
216 ,000
1,000 ,000
11 ,200
000
2,250 ,000
500
1,000 ,500
50 ,000
4,172 ,100
17,500 000
13, 000
10,000, 000
5,400, 000
10,010, 000
849, 500
500, 500
100, 000
200, 000
55, 000
137, 953
75,000,
250
1,530,
1,566,
106,
1,198,

+ 1,410,000

1,997,000

‘ — 406,666

4,164,100

+ 55,800
— 106,598
+75,000,000

1,997,000

30,000
100,000
2,000,000
1,410,000
3,000

12,750
216,000
1,000,000
11,200
2.250.000
500,000
500.500
500,000
50.000
4,164,100
8,000
17,500,000
13.000
10,000,000
5.400.000
5,000
10,005,000 10,005,000
849.500
500.500
100,000
200,000
55.000
137,953
248,500

248,500

2,000,000

2,000,000

+300,000

159,239,437 +78,901,013
£100
£100

20,069,003
500,000

-2,500,000

75,000,000
1,500
1,530,000
1,566,644
106,666
1,198,620

4,164,100

494,431,835 +79,101,013
£100
£100

B O N D S .

—*
Carson & Colorado Ry. Co. first mortgage 4 % ______
2,000,000
2,000,000
Central Pacific Ry. Co. first refunding mtge. 4 % __
— 12,203,000
Central Pacific Ry. Co. 3 M % mortgage___________
— 2,000
Central Pacific R y. Co. Through Short Line first
mortgage 4 % _____________________ ____________
9,640,000
1,340,000
+441,000
Galveston Harrisburg & San Antonio R y. Co. second
mortgage, Eastern Division, 6 % ________________
—374,000
Galveston Harrisburg & San Antonio Ry. Co. equip­
ment 6 % ______________________________________
1.558.000
1,558 ,000
Galveston Harrisburg & San Antonio Ry. Co. second
mortgage M. & P. Extension 6 % ___ ____________
6.354.000
1,110 ,000
Galveston Houston & Northern R y. Co. first mort­
gage 5 % ----------------------------------------------------------800,000
800, ,000
Gulf Western Texas & Pacific Ry. Co. first mort­
g a g e s^ ,_________ ___ __________________________
2.224.000
2,224, 000
Houston & Shreveport R R . Co. first mortgage 0 ?,', _ _
150.000
150, 000
Houston & Texas Central R R . Co., Lampasas Ex­
tension, first mortgage 5 % _____________________
450.000
425,000
New York Texas & Mexican Ry. Co. first mortgage,
Matagorda Division, 6 % _________________ ______
842.000
518
Oregon & California RR. Co. flrst|mortgage 5 % ____ 17,745,000
32
Southern Pacific R R . Co. first consolidated mort­
gage 5% of 1893 ______________ _____ ___________
4,127,500
243,000
Southern Pacific R R . Co. first mortgage 6 % of 1875.
— 15,000
Southern Pacific R R . Co. first refunding mtge. 4 % . .
— 7,332,000
Texas & New Orleans R R . Co. first mortgage, Maine
Line, 6 % ____________ ______ ________ _________
862,000
Texas & New Orleans R R . Co. first mortgage, Dallas
Division, 4 % ________________________________
3,997,000
1,190,
Texas & New Orleans R R . Co. equipment 6 % . . .
476,000
476,
— 136,000
Total Proprietary Companies.
12,657,000 —19,621,000
P r o p rieta ry

C o m p a n ie s

1,340,000
1.230.000

1.230.000

1.110.000

1.110.000

800,000

800,000

2,224,000
150.000

2,224,000
150.000

425.000

425.000

548.000

548.000

328,000

32,000
243,000

561,000

561,000

1,190,000
476,000

1,190,000
476,000

10,714,000

10,714,000

1,043,000

O th e r C o m p a n ie s —

Associated Oil Co. first mortgage 5 % ____ _____ ___
2,833,000
750 ,000
Calexico School District 6 % ___________________ ___
3 ,000
Coos Bay Roseburg & Eastern R R . Nav. Co. first
mortgage 6 % . . _______________________________
625,000
625 ,000
Corvallis & Eastern RR. Co. first mortgage 4 % ___
1.410.000
1,410, ,000
Los Angeles Interurban Ry. Co. first mortgage 5 % .
9.020.000
4,510, ,000
Los Angeles Pacific Co. general consolidated mort­
gage 5 % ------------------------------------------------------ 5.784.000
893 000
Mexican Consolidated Public Debt 3 % ____________
£ 12 300
Northwestern Pacific R R . Co. first refunding mort­
gage 4 y 3 % -------------------------------------------------------5.694.000 .5,694,000
Northern Pacific Terminal Co. first mortgage 6 % __
3.470.000
,000
Pacific Electric R y. Co. first mortgage 5 % _________
8.494.000
770,,000
Riverside & Arlington R R . Co. first mortgage 4 % ..
200,000
140,,000
San Jose-Los Gatos Interurban Ry. Co. first mort­
gage 5 % _______________________________________
500,000
50 000
SUsbee School District 6 % ___
_____
2 500
Southern Pacific Co. (C. P. Stock Collateral) 4 % . . . 30,618,500
1,819 000
Sunset RR. Co. first mortgage 4 % __
______
316,000
158 000
U. S. of Mexico Redeemable Internal Debt 5 % ____
£5,000 000
Bonds of other companies
3,119 ,600
Total Other Companies...........................................
25,021,400

+ 1,410,000
+ 128,000
— 240,000

— 500
+ 200,000
+ 5,000,000
+ 147,600
+ 6,645,100

1,835,000
142,000
1,977,000

Total Bonds---------------------------------Total S to ck .___________________________________
Total Stocks and Bonds...... ................................... I ................. 532,110,

+ 66,125,113 168,090,233

82,125,500 331,289,933 200,820,302

• Companies whose revenues and expenses, transportation and traffic statistics are embraced In the accompanying statements for ’ ’Proprietary Com­
panies.” x Mexican currency.
v
' 6
*




% \ x t (& m m a e m a i % h n z z .
COMM ERCIAL EPITOM E.
F r i d a y N i g h t , N o v . 26 1909.
The story is still of a gradual awakening of the business
of the country. Transactions increase, the crops are bring­
ing good prices, the weather is more seasonable, labor is
actively employed and railroad earnings show substantial
gains over those of last year. Though pig iron is quiet, fin­
ished iron and steel are active at rising prices.
L A ltD on the spot has ruled firm, though prices show no
marked change for the week. Trade has been quiet but re­
ceipts of hogs have been comparatively light at strong prices.
Prime Western 13.90c., Middle Western 13.75c. and city
133^c. Refined lard has been quiet and firm. Continent
14.10c., South America 14.65c. and Brazil in kegs 15.65c.
The speculation in lard futures has been active at an advance
in prices. The principal factor continues to be the strong
live-hog situation. The movement has not increased as some
had expected. Packers have sold freely of late, but there
has also been buying by packers, while commission houses
have made large purchases.
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN C H IC A G O .
S a t.
M on .
T u es.
W ed.
T h u rs.
F r i.
N o v e m b e r d e l i v e r y _____ 1 3 . 2 5
J a n u a r y d e l i v e r y ............... 1 1 . 9 2 1 4
M a y d e l i v e r y ........................ 1 1 . 4 2 J 4

1 3 . 1 7 'A
1 1 .9 2 1 4
1 1 .4 2 1 4

1 3 .2 0
1 1 .9 5
1 1 .5 0

1 3 .3 0
1 2 .1 0
1 1 .6 2 1 4

R o llday.

1 3 . 3 7 'A
1 2 .2 2 1 4
1 1 . 6 714

P O R K on the spot has been firm on the strength of hogs.
Trade has been quiet but stocks are small and offerings have
been light. Mess $25 7 5 @ $ 2 6 , clear $24 5 0 @ $ 2 6 50 and
family $26 50. Beef has been firm, though less active; mess
$11 @ $11 75, packet $12 5 0 @ $ 1 3 , family $14 5 0 @ $ 1 5 and
extra India mess $ 2 0 @ $ 2 1 . Cut meats have been firm, with
a moderate trade; pickled hams, regular, 123^ @ 13c.; pickled
bellies 1 3 3 ^ @ 1 4 ^ c ., pickled ribs 13J^@ 14c. Tallow has
been quiet and firm; city 6 % c . Stearines have been quiet
and firm; oleo 1 5 ^ @ 1 6 c . and lard 1 3 @ 1 3 ^ c .
Butter has
been quiet and firmer; creamery extras 3 lJ ^ @ 3 2 c . Cheese
has been quiet and firm; State, f. c., Sept., fancy, 16j^c.
Eggs have been quiet and steady; Western firsts 3 1 @ 3 4 c .
O IL .— Linseed has been quiet and firm; city, raw, Ameri­
can seed, G 5@ 66c.; boiled 6 6 @ 6 7 c .; Calcutta, raw, 75c.
Cottonseed has been quiet and irregular; winter $ 7 @ $ 7 35,
summer white 6 .9 5 @ 7 .2 5 c . Lard has been dull but strong
on the firmness of the raw material and small supplies of pro­
duct; prime $ 1 1 0 , No. 1 extra 5 9 @ 6 2 c . Cocoanut has been
quiet and strong; Cochin 9 ^ © l O ^ c . , Ceylon 8 ^ c .
Olive
has been cpiiet and steady at 8 0 c .@ $ 1 25. Cod has been
moderately active and firm; domestic 3 8 @ 4 0 c . and New­
foundland 4 2 @ 4 4 c .
CO FFEE on the spot has been quiet and firm; Rio No. 7,
8 j^ c ., and Santos No. 4, 8 % @ 8 % c .
West India growths
have been quiet and firm; fair to good Cucuta 9% j@ 10 c .
The speculation in future contracts has been moderately
active, with rather narrow fluctuations in prices. The drift
of the market has in the main been downward, owing to
weakness in the European markets and liquidation for Wall
Street, local and foreign account. There has also been some
selling, attributed to roasters.
N o v e m b e r . . . ___. . 6 . 3 5 c .
D e c e m b e r ________ 6 . 3 5 c .

1431

THE CHRONICLE

Nov. 27 1909.]

______________ 6 . 7 5 c .
M a rc h
_____
.6 .5 0 c . J u ly
A p r i l _______________ 6 .5 5 C . A u g u s t _____________6 . 7 5 c .
___________
6 .6 5 S
c .e p t e m b e r ________ 6 . 7 5 c .
J u n e ________________ 6 . 7 0 c . O c t o b e r ________
6 .7 5 c .

J a n u a ry

................6 .4 0 c. M a y

F e b ru a ry

_________ 6 . 4 5 c .

COTTON.
F r i d a y N i g h t , N o v e m b e r 26 1909.
T H E M O V E M E N T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
204,284 bales, against 278,293 bales last week and 367,454
bales the previous week, making the total receipts since
Sept. 1 1909 4,078,360 bales, against 4,368,485 bales
for the same period of 1908, showing a decrease since
Sept. 1 1909 of 290,125 bales.
Sat.

M on.

T u es.

W ed.

T h urs.

F r i.

Total.

G a lv e s to n . ___
P o r t A rth u r ___
C o rp . ChrlstI, & c
N ew O r le a n s ..
G u l f p o r t ________
M obile _________
P e n s a c o l a _______
J a c k s o n v ille , & c.
S a v an n ah _______
B ru n sw ick .
C h a r le s t o n _____
G e o r g e t o w n ____
W i lm i n g t o n ____
N o rfo lk ______
N e w p ’ t N ew s, &c
N ew Y o r k _______
B o s t o n _________
B a ltim o re _____
P h il a d e l p h i a ___

8,274

11,218

27,432

11,631

12,721

13,097

84,3 7 3

1,894
1,911

1,894
36,701
____
8 ,8 8 5

—

—

T o ta ls tills w e e k .

26,661

32,842

R eceipts at—

6,300

6,412

6,800

8,654

6,624

1,530

1,946

2,095

1,558

984

4,424

1,063
5,760

5,430

178
4,843

2,897

794

893

1,282

1,081

1,500
2,500

2,471
2,840

936
18
1,293
3,2 1 6

51

156
17

525
326

47,393

874
1,460

941

124

296
117

•

772

2,741
2 5 ,782
7,0 9 0
6,8 3 2
58
7,914
15,281
1,255
977
635
3,8 6 6

1,500
2,428
7,090
1,846
40
1,776
4,324
1,255
3,8 6 6
—

—

—

3 0 ,1 1 6

25,473

4 1 ,7 9 9 204,284

The following shows the week’s total receipts, the total
since Sept. 1 1909, and the stocks to-night, compared with
last year:
1909.
R e c e i p t s to
N ovem ber 26.

G a l v e s t o n _________
P o r t A r t h u r . ___
C o r p u s C h r Is tl,& c .
N e w O r l e a n s _____
G u l f p o r t _________
M o b i l e ____________
P e n s a c o l a _____ .
J a c k s o n v ille , & c _
S a v a n n a h _________
B r u n s w ic k
. . .
C h a r l e s t o n ________
G e o rg e to w n
. .
_____
W ilm in g to n
N o r f o lk .
________
N e w p ' t N e w s , <5cc.
B o s t o n ___________
B a l t i m o r e _____ . .
P h i l a d e l p h i a _____
T o t a l ____________

1908.

T h is
W eek .

S in c e S e p

8 4 ,3 7 3

1 ,3 8 9 ,4 3 6 1 6 4 ,8 2 6 1 ,7 2 4 ,8 5 3
3 9 ,0 1 7
7 ,6 2 9
1 8 ,8 7 5
2 ,3 6 8
2 0 ,2 8 2
2 0 ,2 5 3
5 3 8 ,9 4 0
9 0 ,9 0 6
7 5 9 ,6 4 7
_________
7 ,9 8 1
1 7 3 ,6 5 9
1 9 ,5 8 5
1 3 3 ,1 2 3
4 1 ,5 1 0
5 5 ,4 1 5
1 9 ,5 5 5
1 ,5 4 3
1 5 ,1 1 5
8 3 9 ,1 8 9
4 9 ,9 1 5
9 7 6 ,4 4 6
1 7 0 ,8 0 4
1 0 ,6 4 9
1 1 0 ,3 6 3
8 ,4 5 9
1 2 1 ,6 1 5
1 6 0 ,9 9 3
454
50
607
2 3 5 ,0 7 6
2 0 ,8 7 3
2 4 1 ,1 6 7
2 9 2 ,0 2 5
2 5 5 ,9 6 8
2 9 ,3 7 6
6 ,2 4 7
168
2 ,5 0 6
2 ,5 1 1
1 ,7 6 4
2 ,2 3 3
5 ,5 8 2
3 ,8 9 0
832
2 5 ,4 6 0
4 ,6 8 0
3 4 ,4 3 8
552
30
1 ,0 5 8

1 ,8 9 4
3 6 ,7 0 1
8 ,8 8 5
2 ,7 4 1
2 5 ,7 8 2
7 ,0 9 0
6 ,8 3 2
58
7 ,9 1 4
1 5 ,2 8 1
1 ,2 5 5
977
635
3 ,8 6 6
—

1 1909.

T h is
W eek

S tock.

S in c e S e p

1 1908.

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

1909.

1908.

2 5 9 ,4 0 0

3 1 4 ,3 4 9

1 5 3 ,0 3 1
723
5 2 ,9 4 2

2 9 5 " ,2 0 6

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

138172
1 0 ,9 9 7
2 7 ,3 9 8

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

2 0 ,5 1 1
4 0 ,3 4 7

1 33 ", 9 8 5
2 ,2 5 4
1 8 ,5 4 1
1 0 ,9 4 8

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

7 1 ,9 0 2

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

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
R e c e ip ts a t—

G a lv e s to n . .
P t.A rth u r ,& c .
N e w O r le a n s .
M o b il e
______
S a v a n n a h ___
B r u n s w ic k _
C h a r l e s t o n , <Scc
W L m ln g to n .
N o r f o l k ______
N ’p o rt N ., & c
A l l o t h e r s _____
T o ta l th is w k .

1906.

1905.

1904.

8 4 ,3 7 3
1 ,8 9 4
3 6 ,7 0 1
8 ,8 8 5
2 5 ,7 8 2
7 ,0 9 0
6 ,8 9 0
7 ,9 1 4
1 5 ,2 8 1
i)o
8 ,2 1 9

1 6 4 ,8 2 6
9 ,9 9 7
9 0 ,9 0 6
1 9 ,5 8 5
4 9 ,9 1 5
1 0 ,6 4 9
8 ,5 0 9
2 0 ,8 7 3
2 9 ,3 7 6
168
8 ,8 4 9

8 6 ,0 2 8
1 0 ,2 6 4
9 3 ,8 0 7
1 2 ,1 5 3
6 3 ,6 2 9
6 ,6 7 9
7 ,1 0 4
1 8 ,3 6 7
2 2 ,0 4 5
273
1 2 ,9 6 8

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

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

9 5 ,5 3 6
6 ,2 2 9
1 1 1 ,1 8 9
1 7 ,1 9 6
6 9 ,0 6 0
1 3 ,3 2 1
8 ,5 1 9
1 3 ,3 6 0
3 3 ,0 6 8
354
9 ,6 5 2

2 0 4 ,2 8 4

4 1 3 ,6 5 3

3 3 3 ,3 1 7

3 9 0 ,8 3 8

3 2 2 ,6 1 0

3 7 7 ,4 8 4

1909.

112

1908.

1907.

SU G A R .— Raw has been quiet and easier. Centrifugal, S i n c e S e p t . 1 . 4 , 0 7 8 , 3 6 0 4 , 3 6 8 , 4 8 5 3 , 2 9 9 , 9 8 2 4 , 2 6 5 , 1 9 7 4 , 0 3 6 , 2 0 3 4 , 5 8 7 , 7 6 2
96-degrees test, 4 .3 6 @ 4 .4 2 c .; muscovado, 89-degrees test,
S .8 6 @ 3 .9 2 c ., and molasses, 89-degrees test, 3 .6 1 @ 3 .6 7 c .
The exports for the week ending this evening reach a total
Refined has been steady with new business light and with­ of 177,462 bales, of which 59,428 were to Great Britain,
drawals on old contracts small. Granulated 5 .0 5 @ 5 .15c. 49,254 to France and 68,780 to the rest of the Continent.
Teas have been dull and firm. Spices have been quiet and
steady. Wool has been dull and firm.
Hops have been
dull and steady.
Week ending N ov. 26 1909. From Sept. 1 1909 to Nov. 20 1909.
Exported to—
Exported to—
P E T R O LE U M .— Refined has been quiet and steady.
Exports
Conti- i
from —
Great \
Conti­
Great
Barrels 8.05c., bulk 4.55c. and cases 10.45c.
Gasoline has
Britain. Frnce.' nent.
Total. Britain. France.
nent. j Total.
been in good demand and firm; 8 6 degrees, in 1 0 0 -gallon
drums, 1 8 % c .; drums $ 8 50 extra. Naphtha has been G a lv e s to n ____ 8,673 19,906 19,638 48,217 377,398 281,595 409,33711,068,330
Port A rthur__
10,780
1,000
39,017
21,2371
moderately active and steady; 7 3 @ 7 6 degrees, in 100-gallon Corp.
ChrlstI, Ac
8,101
8,101
drums, 1 0 % c .; drums $ 8 50 extra. Spirits of turpentine New O rleans.. 44,465 29,348 17,823 91,636 202,414 100,592 93,515 396,521
15,609 29,529
.............
11,198
56,336
has been quiet and steady at 58]/£c. Rosin has been quiet Mobile
20,210 20,374
16,399:
P e n sa co la ___
56,983
and steady; common to good strained $4 1 5 @ $ 4 20.
____
____
.............. |
7,258
7,258
G ulfport...........
13,251 13,251 158,985 70,663 264,474! 494,122
Savannah ____
TO BACCO.— Trade in the local market for domestic leaf Brunswick____
62.877
71,287. 139.660
10,127 10,127
5,496
* I
____
____
____
11,820
70,874
82,694
has again fallen off of late, but there is a feeling among Charleston____
____
____
____
76,138 15,700 121,803, 213,641
ilm ington__
many that a permanent improvement in business is not far W
.
____
____
____
4,800
____
15!
N o r fo lk ______
4,845
____
____
____
____
_______
____
..............
distant. Meantime supplies in the hands of manufacturers Newport News
5 ,5 2 4
6 4 ,2 0 4 2 2 ,7 3 3
N e w Y o r k ____
2 ,5 4 9
____ 1 2 ,9 7 5
5 1 ,9 8 7
1 3 8 ,9 2 4
arc generally reported to be light.
Havana and Sumatra
3 ,2 4 1
____
251
3 ,4 9 2
6 3 ,0 4 6
0 ,5 4 3 '
9 ,9 4 1
500: ------- 1
500
have been fairly active. Prices in general have been firm. B a l t i m o r e ------1,202 2 L 1 0 9 i 3 2 ’, 2 5 2
____
____ j
____
____
____
P h ila d e lp h ia . .
2 1 ,4 5 7
7 ,4 9 2
2 8 ,9 4 9
C O PPER has been firmer though quiet.
Purchases have P o r t l a n d , M e . .
____ ! _____!
____
____
_______
____
____
_______
____
6 23
623
8 ,2 5 0
8 ,2 5 0
been limited to small lots. Some export business has been S a n F r a n c is c o .
____
____
..............
____
4 ,0 9 2
4 ,0 9 2
.............
9 ,0 8 8 !
9 ,0 8 8
reported. Lake 1 3 ^ @ 1 3 % c ., electrolytic 1 3 % @ 1 3 ^ c . and ST ea ac ttle
____
____
____
____
_______
o m a _______
100'
100
____
____
____
____
_______
200:
casting 1 3 ’<(@13J^c. Lead has been dull and steady at P o r t l a n d , O r e .
200
____ J _____
____
____
_______
a ...........
550
550
4 . 3 7 ^ @ 4 . 4 2 J^c.
Spelter has been dull and steady at PD ee mt r ob iitn________
—
—
—
—
—
—
..............
..............
0 .3 0 @ 6 .4 5 c . Tin has been quiet and firm; spot 31c.
Iron
T o t a l _______ 5 9 . 42S 4 9 ,2 5 4 6 8 ,7 8 0 1 7 7 ,4 6 2 1 ,1 1 2 ,9 3 7 5 4 8 ,8S4 1 ,1 9 3 ,5 8 9 2 ,8 5 5 ,4 1 0
has been easier here and at Pittsburgh.
In the latter
market 15,000 tons of basic iron which had been carried by T o t a l 1 9 0 8 ____ 1 8 8 ,5 7 7 3 7 .7 4 9 1 7 8 ,4 7 1 4 0 4 .7 9 7 1 ,0 9 3 ,7 4 1 4 0 5 ,8 8 6 jl, 4 8 2 ,2 3 4 2 ,9 8 1 ,8 6 1
a capitalist outside of the industry was offered at a decline
In addition to above exports, our telegrams to-night also
of 25c. It is contended, however, that there is no prospect
of any material drop in prices. No. 1 Northern $18 5 0 @ give us the following amounts of cotton on shipboard, not
$19 25; No. 2 Southern $18 2 5 @ $ 1 8 75. Western roads cleared, at the ports named. W e add similar figures for
New York.
have placed large contracts for steel rails during the week.




1432

THE CHRONICLE
On

N ov . 2 6 at—

S hipboard, N ot C leared to r—

Great
Britain. F ra n ce

N e w O r le a n s . _
G a l v e s t o n _____
S a v a n n a h _____
C h a r l e s t o n _____
M o b i l e ________
N o r f o l k ...............
N e w Y o r k _____
O th e r p o r ts . .

1 ,0 2 3
5 3 ,2 3 9
2 ,5 5 0

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

2,666

8 ",6 3 4

'566

T o ta l 1 9 0 9 ..
T o ta l 1 9 0 8 ..
T o ta l 1 9 0 7 ..

7 7 ,7 1 2

7 5 ,8 7 7

Other
F oreion

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

8 ,7 6 0
2 0 ,9 2 3

l '. lO O

f,2 0 0
1 7 ,0 0 0

2 ,3 6 6
3 ,0 0 0

5 6 ,5 8 0
6 1 ,4 8 4
5 8 ,0 5 6

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

1 8 ,0 0 0

100,100

G er­
m any.

C oast­
w ise.

Total.

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

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

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

Speculation in cotton for future delivery has been moder­
ately active at irregular and on the whole lower prices.
Bull speculation has not been able to put quotations back
to where they were before the recent bad break. One
thing which has militated seriously against a rise has been
the continued dulness and depression in Liverpool. Another
is the dulness of the spot trade in this country. Spinners
at home and abroad arc plainly averse to paying present
prices and they are, therefore, buying from hand to mouth.
Moreover, Liverpool has continued to sell in New York
against purchases across the water, the straddle being
made on the theory that New York prices are altogether
too high and those in Liverpool not relatively high enough
from the straddle view-point. The differences between
the two markets have narrowed to about 30 points, which is
something abnormal. They ought to be, it is contended,
some GO to 70 points. Then, too, there has been some
increase in the size of the crop estimates. In other words,
less is heard about estimates of 10,000,000 to 10,500,000
bales, though some of the bulls still stick to such figures.
There has been heavy liquidation not only in New York,
and New Orleans but also in Liverpool, where the Continent
in particular has been a heavy seller. Trade reports from
Manchester and other parts of Europe have been less favor­
able.
In this country, too, the dry goods trade, partly
owing to unseasonably warm weather, has not been in an
altogether satisfactory state. It is stated that spot cotton
at the South is selling on a tenderable basis at New York,
and that every effort will be made to bring cotton to this
point. The stock here has recently increased materially.
The crop of East India, it is said, is something like a million
bales larger than that of last year and many believe that
the yield in this country is 11,500,000 to 12,000,000 bales,
to which must be added 1,400,000 bales carried over from
last year. This, with an excess of possibly 1,000,000 bales
in India and what many consider an inevitable reduction in
the consumption at present high prices, will, it is believed,
provide ample supplies during the present season. Latterly,
however, prices have rallied somewhat under bullish manipu­
lation and some decrease in the receipts. Also Liverpool,
after being very depressed most of the week, has rallied
within 24 hours, partly on covering of shorts and partly
on American manipulative buying. The spot sales there,
however, have been of merely nominal proportions for a
couple of weeks past. The contention of many conservative
interests is that supplies are ample, prices unduly 4high, and
that sooner or later the bullish bubble will burst. Bulls,
on the other hand, insist that prospective supplies are
inadequate and values must be affected accordingly. To-day
prices advanced in response to a rise in Liverpool. Stocks
in the world showed a smaller increase for the week than a
year ago, but, on the other hand, spinners’ takings for the
week showed a sharp falling off compared with those for the
same week of 1908. December notices to the amount of
about 1 0 ,0 0 0 bales were in circulation and caused some
liquidation of December. Spot cotton has been quiet.
Middling uplands closed at 14.75c., showing no change for
the week.
The rates on and off middling, as established N ov. 17 1909
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
F a i r ...........................c . l 5 0
S t r i c t m i d . f a i r _____1 .3 0
M id d l i n g f a i r _______ 1 .1 0
S t r i c t g o o d m k l _____0 .6 6
O o o d m i d d l i n g _____0 .4 4
S t r i c t m i d d l i n g _____0 .2 2

on
on
on
on
on
on

M i d d l i n g .................c .
B a s is
S t r l c t . l o w . m k l _____0 .2 5 o ff
L o w m i d d l i n g ............0 .6 0 o ff
S t r i c t g o o d o r d _____ 1 .0 5 o ff

G o o d m i d . t ln g e d . c .
E ven
S t r i c t m i d . t i n g e d . . 0 . 1 5 o ff
M id d l i n g t i n g e d ___ 0 .2 5 o ff
S t r i c t lo w m i d . t i n g . 0 .6 0 o ff
Good ordinary____ 1.75 off L o w m i d . t i n g e d ___ 1 .5 0 o ff
S t r i c t g ’d m i d . t g d . O 3 5 o n M id d l i n g s t a i n e d ___ 0 .7 5 o ff

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
N ov. 20 to N ov. 2 6 —
M id d lin g

S a t.
u p l a n d s .................................1 4 . 7 0

/M o n .
Tues.
W e d . T h u rs .
1 4 .8 5
1 4 .7 0
1 4 .6 0
H .

F r i.
1 4 .7 5

N E W Y O R K Q U O TATIO N S F O R 32 Y E A R S .
1 9 0 9 .C_. . .1 4 . 7 5
1 9 0 8 ____ . . 9.45
190 7____ . .1 1 . 4 0
19 0 6 ____ . .1 1 . 4 0
1905____ . . 11.75
1 9 0 4 ____ . . 9.70
1903 ____ ..1 1 . 3 0
1 0 0 2 ____ . . 8.55

1 9 0 1 .c . . .
1 9 0 0 ____
18 9 9 ____
1898____
1897____
189 6____
1 8 0 5 _____
1894_____

. . 8.00
.1 0 .1 2
. . 7.75
. . 5.50
. . 5.81
. . 7.02
. . 8.62
. . 6.00

1 8 9 3 .C . . .
1892____
1891
189 0____
1889____
1 88 8____
1887____
18 8 0 ____

. . 8.12
..1 0 . 0 0
8.12
. . 9.44
. 10.25
. . 9.83
. .1 0 . 5 0
. . 9.19

1885.C
1 8 8 4 ..
1882
1882. _
1881 . .
1 8 8 0 ..
1 8 7 9 ..
1 8 7 8 ..

M A R K E T AN D SA LES AT N E W Y O R K .
S p ot M arket
Closed.
S a tu rd a y ..
M onday—
Tuesday . .
W ednesday
T h u rs d a y .
F r i d a y ___
P i T o ta l

Q
Q
Q
Q

u ie t,
u ie t,
u ie t,
u ie t,
. .
Q u ie t,

10 p ts .
15 p ts .
15 p ts .
10 p ts .
. ____
15 p ts .

F u tu res
M a rk et
C losed.

d e c . . S t e a d y ________
a d v . . F i r m _________
d e c . . B a r e ly s te a d y
d e c . . B a r e ly s te a d y
H O L I D A Y .
a d v ..

__




Sales o f S p ot and Contract.
C onC on ­
S p ot. sum* n. tract.

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

L ea vin g
S tock.

2 0 ,4 5 3
9', 0 3 3 1 5 2 , 9 7 8
2 3 ,4 7 0
7 ,0 0 0
2,666
2 0 ,5 0 2
3 ,3 0 0
1 6 ,7 4 7
1 6 ,7 4 7
5 ,5 0 0
3 8 ,0 0 0

Total.

—
: : : :
: : : :

29

29

29

29

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T H E V IS IB L E SU P P L Y OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse­
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the United
States, including in it the exports of Friday only.
N ovem ber 2 6 —
S t o c k a t L i v e r p o o l ------------------ b a le s .
S t o c k a t L o n d o n ....................................
S t o c k a t M a n c h e s t e r ______________
S
S
S
S
S
S
S

1009.
8 4 0 ,0 0 0
7 ,0 0 0
5 6 ,0 0 0

1908.
5 4 7 ,0 0 0

T o t a l G r e a t B r i t a i n s t o c k s _____
t o c k a t H a m b u r g __________________
t o c k a t B r e m e n ___________________
t o c k a t H a v r e ______________________
t o c k a t M a r s e i l l e s _________________
t o c k a t B a r c e l o n a ________________
t o c k a t G e n o a ______________________
t o c k a t T r i e s t e _____________________

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

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

T o t a l C o n t i n e n t a l s t o c k s ...............

5 6 0 ,0 0 0

12,000

3 5 ,0 0 0

1907.
6 4 9 ,0 0 0
1 7 ,0 0 0
4 5 ,0 0 0

1906.
5 0 7 ,0 0 0

71 1 ,0 0 0
1 6 ,0 0 0
1 4 6 ,0 0 0
1 1 6 ,0 0 0
4 ,0 0 0

5 5 0 ,0 0 0

1 4 ,0 0 0
2 8 ,0 0 0

4 6 ,0 0 0

12,000

21,000
6,000

8,000

3 5 ,0 0 0

12,000

1 8 2 ,0 0 0
1 1 4 ,0 0 0
4 ,0 0 0

6,000
1,000

5 8 2 ,0 0 0

3 3 6 ,0 0 0

3 6 5 ,0 0 0

T o t a l E u r o p e a n s t o c k s - ............... 1 , 4 6 3 , 0 0 0 11 , 1 7 6 , 0 0 0
I n d ia c o tto n a llo a t f o r E u r o p e . . .
6 0 ,0 0 0
5 0 ,0 0 0
A m e r . c o tto n a flo a t f o r E u r o p e . .
8 9 7 ,4 8 6
9 0 0 ,2 3 1
E g y p t , B r a z il, & c ., a f lt . f o r E u r o p e .
8 2 ,0 0 0
6 3 ,0 0 0
S t o c k I n A l e x a n d r i a , E g y p t ______
1 9 9 ,0 0 0
2 1 7 ,0 0 0
S t o c k I n B o m b a y , I n d i a ............... ..
2 2 5 ,0 0 0
9 2 ,0 0 0
S t o c k I n U . S . p o r t s ______ ________
9 0 8 , 4 3 8 11 ,0 5 1 , 2 8 2
S t o c k I n U . S . I n t e r i o r t o w n s ____
6 9 7 ,7 5 9
8 2 0 ,9 8 0
U . S . e x p o r t s t o - d a y ______ ________
1 ,9 5 7
3 7 ,5 7 2

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

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

4 ,4 0 8 ,0 6 5

3 ,8 3 7 ,5 4 6

4 ,3 5 5 ,0 3 1

68,000

O f t h e a b o v e , t o t a l s o f A m e r ic a n a n d o t h e r d e s c r ip t io n s a r e a s f o llo w s :

A m e r ica n —

L i v e r p o o l s t o c k _______________ b a le s . .
M a n c h e s t e r s t o c k .......................................
C o n t i n e n t a l s t o c k _____________________
.
A m e r i c a n a f l o a t f o r E u r o p e ______ .
U . S . p o r t s t o c k s _____________________
.
.
U . S . Interior stocks ________________
U . S . e x p o r t s t o - d a y ..................... ... .

7 6 3 ,0 0 0
4 4 8 ,0 0 0
3 0 ,0 0 0
5 0 ,0 0 0
53
5 3 ,30, 0 0 0
5 3 5 ,0 0 0
8 9 7 ,4 8 6
9 0 0 ,2 3 1
9 90 08 8, 4, 43 38 8 1 , 0 5 1 , 2 8 2
6 09 9
7 7, 7, 7
5 59 9
8 2 0 ,9 8 0
1 ,9 5 7
3 7 ,5 7 2

3 ,8 5 1 ,6 4 0

J1 ,8 2 3 , 0 6 5

E ast In d ia n , B razil, & c .—
L i v e r p o o l s t o c k ............................
.
L o n d o n s t o c k ________________
.
M a n c h e s t e r s t o c k ____________
.
C o n t i n e n t a l s t o c k s -------------------------------.
I n d i a a f l o a t f o r E u r o p e ____________ .
E g y p t , B r a z il, & c ., a f l o a t . .
.
S to c k In A le x a n d r ia , E g y p t
_.
S t o c k I n B o m b a y , I n d i a . . . ..............

7 7 ,0 0 0
7 ,0 0 0
6 ,0 0 0
2 7 ,0 0 0
6 0 ,0 0 0
8 2 ,0 0 0
___
1 9 9_____
,0 0 0
2 2 5 ,0 0 0

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

T o t a l E a s t I n d i a , & c ......................... 6 8 3 , 0 0 0
.3 ,8 5 1 ,6 4 0

5 8 5 ,0 0 0
:1 , 8 2 3 , 0 6 5

T o t a l v i s i b l e s u p p l y ______
4 ,5 3 4 ,6 4 0
M i d d l i n g U p l a n d , L i v e r p o o l ______
7 .6 2 d .
M i d d l i n g U p l a n d , N e w Y o r k _____
1 4 .8 0 c .
E g y p t, G o o d B ro w n , L iv e r p o o l. .
V* d .
P e r u v ia n , H o u g h G o o d , L iv e r p o o l
0 .2 5 d .
B r o a c h , F in e , L iv e r p o o l
7M d.
T l n n e v e l l y , G o o d , L i v e r p o o l _____6 1 5 - 1 0 d .

12

9 9 ,0 0 0

12,000

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

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

3 ,0 4 0 ,5 4 6

!1 ,5 1 6 , 0 3 1

101,000
1 7 ,0 0 0
11,000

8 1 ,0 0 0

8,000

1 8 5 ,0 0 0
2 8 9 ,0 0 0

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

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

8 3 9 ,0 0 0
i3 ,5 1 0 , 0 3 1

8 0 ,0 0 0
4 6 ,0 0 0

68,000

4 ,4 0 8 ,0 0 5 3 ,8 3 7 ,5 4 0 4 ,3 5 5 ,0 3 1
.0 8 (1 .
6 .1 8 ( 1 .
0 .1 9 ( 1 .
9 .4 5 c .
1 1 .7 0 c .
1 1 .4 0 0 .
0 3 -16d.
0 -1 6 (1 .
H d.
8 .7 0 ( 1 .
7 .9 0 ( 1 .
12.00(1.
5
.
4 1 3 - 1 6 (1 .
5 % d.
5}Sd.
4 1 1 -1 6 (1 .
5%(l.

10

10

Continental imports for the past week have been 89,000
bales.
§&The above figures for 1909 show an increase over last week
of 108,183 bales, a gain of 120,575 bales over 1908, an
increase of 697,094 bales over 1907 and a gain of 179,009
bales over 1906.

Nov. 27 1909,

THE CHRONICLE

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.

N 33
C losing Q uotations fo r M id d lin g Cotton o n -

ILeefc ending
N ovem b er 27.
G a lv e s t o n ______
N ew O rlea n s___
M o b i le __________
S a v an n ah ______
C h a rle sto n _____
W ilm in g t o n ____
N o r f o l k ________
B o s to n ________
B a lt i m o r e ______
P h ila d e lp h ia ___
A u g u s t a ________
M e m p h is _______
S t. L o u is _______
H o u s t o n _______
L ittle R o c k ____

M on d ay. Tuesday. W ed 'd ay.
14 7-16
14 %
14%
14 %
14 % @ %
14%
14.80
14 %
14.95
14%
14%
15
14 %
14%

14 7-16
14%
14%
14%
14%
14%
14%
14.70
14%
15.10
14%
14%
15
14%
14%

14%
14%
14%
14 5-16
14 3-16
14 3-16
14%
14.85
14%
14.95
14%
14 %
14%
14%
14 3-16

14%
14%
14%
14%
14%
14%
14%
14.70
14%
14.85
14%
14%
14%
14 3-16
14 3-16

H O L I­
DAY.

14 5-16
14%
14 3-16
14 3-16
14% @ %
14%
14%
14.60
14%
15.00
14%
14%
14%
14 5-16

N E W O R L E A N S O PTIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
S a t'd ay, M onday, T uesday, W ed ’day, T h ursd’ y, F r id a y ,
N o v . 20. N o v . 22. N o v . 23. N o v . 24. N ov. 25. N ov. 2 6 .
CO
^ ^

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2 r ,4^ 2 r J£t£5! ^ 2 C>Csa,-4MCi^,0 0 > *i‘ 0sl^ ,2>,:'5*sl ,v10CiC'OOC*OH^>-M30
m

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The above totals show that the interior stocks have i n ­
during the week 34,055 bales and are to-night 123,221
bales less than at the same period last year. The receipts
at all the towns have been 173,434 bales less than the same
week last year.
c r ea s ed

O V E R L A N D M O VEM EN T FO R T H E W E E K A N D
SINCE SE PT. 1 .— W e give below a statement showing the
overland movement for the week and since Sept. 1 , as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:

D educt shipm en ts—
O verlan d t o N . Y .
In la n d , & c ., fro m S o u t h .

m oo
W eek.
25,517
16,709
594
1,513
1,234
8,326
2 0 ,685

S in ce
S ep t. 1.
201,470
135,231
2,393
28,263
14,800
48,415
75,890

-4 5 ,7 1 7

345 ,344

78,578

506,462

. 5,478
- 1,022
584

32.413
5,689
13,370

ESI 7,3 0 6
1,148
1,564

43,311
15,927
12,796

T o t a l t o be d e d u c te d ___________. 7,084
7,084

51,472

10,018

72,034

L e a v in g to ta l net o v e rla n d * ............. 38,633

293 ,872

68,5 6 0

434,428

* In clu d in g m o v e m e n t b y rail t o C a n ada,
co r re c tio n sin ce S e p t. 1.

a 6,0 0 0 a d d e d S t. L o u is as

The foregoing shows the week’s net overland movement
has been 38,033 bales, against 68,560 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits a decrease from a year ago of 140,556 bales.
In Sight an<HSpinners‘
1900 s in c e
T a kin gs.
W eek .
S ep t. 1.
R e c e ip ts a t p orts t o N o v . 2 6 ...............204 ,284 4,078 360
N et ov erla n d t o N o v . 2 6 ____________ 38,633
293 872
S ou th ern c o n s u m p tio n to N o v . 2 6 . . 52,000
650 000

-1 9 0 8 S tn ce
W eek .
S ep t. 1.
413 ,653 4 ,3 6 8 ,4 8 5
6 8 ,560
434 ,4 2 8
4 9 ,0 0 0
546 ,000

5 ,022,322
614 ,596

531,213 5,3 4 8 ,9 1 3
36,183
705 ,7 8 5

------ 328 ,972

567 ,396
5 ,636,828

2 6 .1 0 3 ,6 5 7

W eek—
1907— N ov .
1906— N ov .
1905— D ec.
1904— D e c.

6,0 5 4 ,6 9 8

947,274
1 p r e v io u s y e a rs :
S a le s . I S in ce S ep
t. 1—
-------• B a les.
2 9 .............................. 407 ,524 1907— N o v . 2 9 ......................... 4 ,4 9 8 ,0 8 8
3 0 .............................. 522,247 1906— N o v . 3 0 _______
5 ,688,972
I ..............................436,461 1905— D ec.
1 ................
5,4 0 8 ,1 5 9
2 .............................. 515,075 1904— D e c. 2 ...........
6 ,1 6 2 ,8 1 6
795 ,2 2 0

89,722

Q U O TATIO N S F 0 R T
,M ID D LIN G COTTON AT O T H E R
M A R K E T S .— Below arc the closing quotations of middling
cotton at Southern and others principal cotton markets for
each day of the week.




@ .46 — • @ — — @
14.57 — 14.53 — 14.32

— — @
— 14.20

—
—

— @ —
14.42 —

14 .4 6 -.5 8 14.4 4 -.6 8 14.4 3 -.5 8 1 4.27-.3 8
1 4.46-.4 8 14.64 — 1 4.42-.4 3 14 .2 6 -.2 7

14 34- 54
14.47-.4 9

1 4 .6 1 -.8 0 1 4.62-.8 6 14 .5 8 -.7 7 14.4 5 -.5 9
1 4.65-.6 6 14.83-.8 4 14 .6 1 -.6 2 1 4 .4 6 -.4 7

14 5fi- 74

— @ — 14.7 3 -.9 0 — @ — — @ —
14 .7 7 -.7 9 14.9 5 -.9 7 1 4 .7 3 -.7 5 1 4.58-.6 0

— @ —
1 4.77-.8 0

1 4.93-.1 2 1 4.93-.1 8 1 4.90-.0 8 1 4.75-.9 0
1 4.98-.9 9 15.15-. 16 1 4.93-.9 4 1 4.77-.7 8

14.91- 05
14.98 —

— @ — — @ — — @ — — © —
15.02-.0 4 1 5.19-. 21 1 4.97-.9 9 1 4.81-.8 3
15.1 2 -.3 0 1 3.10-.3 7 13.10-.2 7 14.94-.0 8
1 5.18-.1 9 15.33-.3 4 1 5.11-.1 2 1 4.95-.9 6

H O L IDAY.

— @ —
15 .0 1 -.0 3
1 5.08-.2 3
1 3 .1 5 -. 17

— @ — — @ — — @ — — © —
1 5.22-.2 4 1 5.37-.3 9 15.1 5 -.1 7 14.99-.01

— @ —
1 5 .2 0 -.2 2

15.29-.3 1 15 .2 3 -.4 5 15.21-..37 1 5 .0 4 -.1 9
1 5.28-.2 9 1 5.44-.4 5 1 5.21-.2 2 1 5.05-.0 6

15.18-.31
15.26-. 28

— @ — 13.28-.3 8 13.25 — — © —
13.10 — 13.38 — 13.25 — 13.15 —

13.30 —
13.32 —

— @ — 12 .7 0 -.7 5 — @ — — @ —
12.50 — 12.78 — 12.65 — 12.55 —

— (<D —
12.64 —

F irm .
S te a d y .

F irm .
S te a d y .

Q u ie t. ; Q u iet.
S te a d y , jB a ’ly s ty

F irm .
S te a d y .

V.
tS3<Z

ma

_______ i o n n ___
N ovem b er 2 6 —
S in ce
S h ip p ed —
W eek .
S ep t. 1.
V ia S t. L o u is ....................................... 13.831 a l3 7 ,6 9 9
V ia C a ir o ..................................................1 2,932
73,012
V ia R o c k Is la n d ___________________
50s
3,402
V ia L o u is v i ll e _____________________ 2,107
28,127
V ia C in c in n a ti__________
1,753
14,534
V ia V irginia p o in t s ................
5,088
30,729
V ia o th e r rou tes, & c _______________ 9,438
51,841

N ovem ber—
R a n g e _______
C lo sin g_______
D ecem ber—
R a n g e _______
C losin g_______
J a n u a ry —
R a n g e _______
C losin g_______
F ebru a ry—
R a n g e _______
C losin g_______
M a rch —
R a n g e _______
C losin g_______
A p r il—
R a n g e _______
C losin g_______
M ay—
R a n g e _______
C losin g_______
J u n e—
R a n g e _______
C losin g_______
J u ly —
R a n g e _______
C lo sin g_______
Septem ber—
R a n g e _______
C lo sin g_______
Ocober—
R a n g e _______
C lo sin g_______
T on e—
S p o t ________
O p t io n s _____

W E A T H E R REP O RTS B Y T E L E G R A P H .— Our ad­
vices by telegraph from the South this evening denote that
the weather has continued favorable during the week, and
that in consequence the picking of the crop has made good
progress.
G a l v e s t o n , T e x a s . — W e have had no rain the past week.
The thermometer has averaged 64, ranging from 50 to 78.
A b i l e n e , T e x a s . — Dry all the week.
The thermometer has
ranged from 40 to 82, averaging 61.
C o r p u s C h r i s t i , T e x a s . — W e have had no rain during the
week. Average thermometer 71, highest 8 8 , lowest 54.
I1o rt W o r t h , T e x a s .— Dry all the week.
The thermometer
has averaged 58, the highest being'80 and the lowest 36.
P a l e s t i n e , T e x a s .— There has been no rain during the week.
The thermometer has averaged 58, ranging from 36 to 80.
S a n A n t o n i o , T e x a s . — W e have had no rain during the
week. The thermometer has ranged from 44 to 84, aver­
aging 64.
q
T a y l o r , T e x a s . — It has rained on one day of the week to
an inappreciable extent. Average thermometer 60, high­
est 82, lowest 38.
N e w O r l e a n s , L o u i s i a n a . — There has been rain on one day
the past week, the rainfall being twelve hundredths of an
inch. Average thermometer 63.
V i c k s b u r g , M i s s i s s i p p i . — There has been rain on one'day
of the week, the rainfall being fifty-three hundredths of an
inch. The thermometer has averaged 60, ranging from
40 to 79.
H e l e n a , A r k a n s a s . — Considerable rice will be planted next
season. Rain has fallen on one day during the week, the
precipitation reaching thirty-two hundredths of an inch.
The thermometer has ranged from 35 to 77, averaging 5 5 .5 . 4
M e m p h i s , T e n n e s s e e . — W e have had rain on one,'day of the
week, the rainfall being thirty-two hundredths of an inch.
The thermometer has averaged 55.3, the highest being 76.4
and the lowest 36.7.
.1 4
N a s h v i l l e , T e n n e s s e e . — Cotton picking is about overhand
ginning is drawing to a close. W e have had rain the past
week, the precipitation being forty-six hundredths of an
inch. Average thermometer 62, highest 73, lowest 41. ~
M o b i l e , A l a b a m a . — Fine weather in the interior.
Ginning
is completed in most sections. W e have had rain on one
day of the week, to the extent of one hundredth of anGnch.
The thermometer has averaged 59, the highest being 7 7 and
the lowest 38.
».-y . , L,.7 i t<
M o n t g o m e r y , A l a b a m a .— W o have had rain on”one~day of
the past week, the rainfall being nineteen hundredths of an
inch. Average thermometer 55, highest 79, lowest 30.
S e l m a , A l a b a m a . — Rain has fallen on one day of the week,
the precipitation reaching twelve hundredths of an_inch!
Average thermometer 51, highest 78, lowest^.30.

[VOL.

THE CHRONICLE

1434

S a v a n n a h , G e o r g i a . — W e have had rain on one day during
the week, the rainfall reaching five hundredths of an inch.
The thermometer has ranged from 38 to 73, averaging 0 8 .
M a d i s o n , F l o r i d a . — W e have had rain on one day of the
past week, the rainfall being thirty hundredths of an inch.
The thermometer has averaged 60, the highest being 79 and
the'lowest 35.
,
...
,
C h a r lo t t e , N o r t h C a r o l i n a .— Planters are not selling much
cotton. The week's rainfall has been thirty-five hundredths
of an inch. Average thermometer 51, highest 71, lowest 31.
C h a r le s t o n , S o u t h C a r o l i n a .— Rain on two days of the
week, to the extent of twenty-nine hundredths of an inch.
The thermometer has ranged from 38 to 69, averaging 53.
L i t t l e R o c k , A r k a n s a s .— W e havej had rain on one day
of the week, the precipitation reaching fifty-eight hundredths
of an inch. Average thermometer 56, highest 74, lowest 38.

W O R L D ’S SU P P L Y AN D T A K IN G S OF CO TTON .

Alabama
.
800.977 1,020,724
744,627
834,910
944,391
Arkansas
557,677
665,232
385,528
453,658
309,280
Florida ............
51,635
51,497
35,454
42,278
56,628
Georela
- I - 1.559,671 1,564,037 1,388,694 1,193,147 1,439,392
Louisiana"
217.436
341,953
351,241
552,919
282,936
Mississippi'____
731,092
1,086,183
794,992
792,778
666,042
North Carolina.
466,513
451,434
399,050
384,275
510,202
Oklahoma..........
476,523
322,051
484,657
484,996
363,241
South Carolina.
913.407
938,926
851,361
654,458
912,603
Tennessee..........
184,451
243,493
139,959
142,661
156,152
Texas.................. 2,100,970 2,863,528 1,705,529 2,995.791 1.826,125
All Other states
43,385
46,751
19.573
30,331
33,588

1,7 1 4 ,0 8 2
5,0 5 4 ,6 9 8
138.000
8 3 .0 0 0
302 .0 0 0
8 4 .000

T o ta l s u p p ly ---------------------------- 4 ,9 2 0 ,4 2 9

8 ,412,850 4,8 5 0 ,2 2 4

8 ,3 7 6 ,6 8 0

D educt—
V isib le s u p p ly N o v . 2 6 --------------- 4 ,5 3 4 ,6 4 0

4,5 3 4 ,6 4 0 4 ,4 0 8 ,0 6 5

4 ,4 0 8 ,0 6 5

1.065,438
536,023
60.291
1,540,749
663,423
1,031,644
519,427
529,277
930.713
195,873
2.653,203
40,585

| Since
W eek. \ Sept. 1.

Week.

97.000

43,000

362,000

Japan
AChina Total.

nerd.

Bom bay—
1909____
1908
1907
Calcutta—
1909
1908
1907
Madras—
1909
1908
1907
All others1909
1908
1907____
Total all—
1909____
1908____
1907____

138,000

42,000| 187,000

Japan
A China.

Total.

1,000

57.000
85,000
104,000

67,000
63,000
44,000

128,000
138,000
149,000

4 ,06c
1,000

2,000
3,000
1,000

6,000
9,00(1
8,000

8,000

8,000
20,000
9,000

1,000
1,000
1,000

3.000
2,001
5,000

4,000
7.00C
15,000

1,000
2.00C

2,000
2,000

9,000
2,001
5,000

34,000
46,001
27,000

4.00C
6,000

43,000
52,000
38.000

6,000 26,000 36,000
4.000
9,000 24,001
2.000 13,000
12,000 20,000
71000
1,000

18,000
7.00C
12,000

101.000
147,000
154,000

68,000
67,000
50,000

187,000
221,000
216,000

4,000

_____________
1,000
f.666
_____________
L 000
_____________

2,000

1,000
_____________
1,000
_____________
1,000
_____________

____

2,000
_____________
_____________
1,000

1,000

u p f r o m m a il a n d t e le g r a p h ic r e tu r n s , a r e a s fo llo w s :
N E W Y O R K — T o L iv e r p o o l— N o v 19— C e ltic, 1,201 u p la n d , 448
Sea I s la n d ........ ..................................................................- ...................................noo
T o L o n d o n — N o v . 19— M in n eapolis, 9 0 0 . .............................- - - - - - uuu
T o G en oa— N o v . 19— P rlnzess Ire n e , 9 0 0 . . . N o v . 24— C e d ric.
^
To8 N°aples— N o v . 1 9 — Prtnzess I r e n e , 1 ,1 2 5 .....................................
lA jj®
T o V e n ice — N o v . 23— A lice , 5 0 ...................... ..................................... T o S y ra — N o v . 23— A lice . 100.......... .......................- - - - - ...................
.
G A L V E S T O N — T o L iv e r p o o l— N o v . 22— D ic ta to r , 8,673 — - - - - 8 >e7J
T o H avre— N o v . 19— M o n ta u k , 1 0 ,7 0 0 — N o v . 22— G lenllnlas,
9 206 ________________________________________________ - __________ 19,906
T o B rem en — N o v . 19— N o rd e rn e y , 1 1 , 0 6 4 . . ------------------------------T o C h ristiania— N o v . 24— T h e lm a , 2 0 7 --------------------------------------T o G o th e n b u rg — N o v . 24— T h e lm a , 1 ,2 5 0 ----------------------------------T o B a rce lo n a — N o v . 24— E m elia, 3 ,0 2 4 ..............................................
T o T rieste— N o v . 24— E m elia, 2 ,6 4 3 ------------------------------------------- “ •
T o V en ice— N o v . 24— E m elia, 1 ,4 5 0 ...............
N E W O R L E A N S — T o L iv e r p o o l— N o v . 20— L o u isian ian , 4 , 7 6 5 . . W a y fa r e r , 1 0 ,6 9 1 .. . N o v . 24— M agician , 1 0 ,0 0 0 .......................
T o L o n d o n — N o v . 24— Ja m a ica n , 1 ,5 5 1 --------------------------------------T o M anchester— N o v . 22— A lb a n ia n , 4 ,3 2 5 --------------------------------T o B elfast— N o v . 24— Carrlgan H e a d , 3,133 — . . —
— 3,133
T o H avre— N o v .
23— M e x i c o ,7 ,8 4 8 — N o v . 24 — Irish m a n ,
21 500
___ ____________ ___ ____________ - - - 2w,«J4o
T o B rem en— N o v . 19— A frica n P rin ce , 1 4 ,3 9 1 --------------------------T o H a m b u rg — N o v . 20— E lb e , 7 7 3 . .................................................
. VA
T o A n tw erp — N o v . 24— H o m e r, 1 ,3 6 9 ----------------------------------------1 in n
T o O p o r to — N o v . 23— B a rk F o r tu n a , 1 0 0 ----------------------------------- . }}:[;
T o G enoa— N o v . 20— L u lse, 1 ,1 9 0 -----------------------------------------------. i ’ Ao,,
rA N N A H — T o B rem en — N o v . 23— H lllb ro o k , 11.086
- - - - - - - ll.u » o
T o H a m b u rg — N o v . 22— H o h e n fe ld c , 1 ,9 6 5 — N o v . 25— V o o r J N S W I C K — T o B rem en — N o v . 22— C a m b y scs, 1 0 ,1 2 7 ...............

R EC EIPTS

AND

8,000
11,000
20,000

190 9.

1908,

1907.

R eceipts (cantars) —
T h is w e e k --------------------S in ce S ep t. 1 -----------------

3 70 ,000
2 ,6 8 4 ,1 8 2

400 ,000
2 ,265,871

380 ,000
3,1 6 0 ,6 8 7

S in ce
T h is
W eek . S ep t. 1.

To
To
To
To

L iv e r p o o l------------------ - 7,0 0 0
M a n c h e s te r....................
C o n t i n e n t ------------------- 16,500
A m erica ----------------------- 2,250

T o t a l e x p o r t s .......... —

T h is
S in ce
W eek . S ept. 1.

S in c e
T h is
W eek . S ep t. 1.

6.250
57,498
41,462 16,000
8,5 0 0
86,947
1.250
16,340

7,750 85,991
40,841
3 8 ,587 11,500 71,707
71,0 9 5 10,250 87,498
2,250 , 1 2 ,4 4 2
10,662

N o v. 5.
N o v . 12.
Sales o f th e w e e k ----------------------------- 46,0 0 0 3 8 .000
2,000
O f w h ich sp e cu la to rs t o o k . .
---­
O f w h ich e x p o rte rs t o o k -------------------- 2,000 1,000
30.0 0 0
3 9 ,0 0 0
S ales, A m e r ic a n ..........................
13,000
A ctu a l e x p o r t ........................................... J ’ XXX 83.000
F o r w a r d e d .......................................
756 .000
T o ta l s t o c k — E stim ated
------- 742 ,0 0 0
674 .000
O f w h ich A m erica n — E s t — 664 ,0 0 0
110.000
T o ta l Im ports o f th e w e e k ------85.000
O f w h ich A m e rica n _________
A m o u n t a flo a t______________________ 413 ,000 461 .000
O f w h ich A m e rica n ______________ 3 5 5 ,0 0 0 3 98 .000

10
105*
105*
105*
1 0
105*
lo t*

85* lbs. Shirt­
ings. common
to finest.
d. s. d .

d,

s.

@
®
@

105* 5
10% 5
H5* 5

4 @9
45* @ 9
6 @9

@
@
@
<3

5
HH 5
HM 5
5
11

6
6
6
5




UOU
2ol

4 ’ 0BZ

N o v. 19.
27.000
3.0 0 0
1.000
2 1 .0 0 0
3 ,0 0 0
7 4 ,000
857 .0 0 0
7 7 1 .0 0 0
178.000
164.000
3 9 1 .0 0 0
327 .0 0 0

N o v . 26.
34.000
1,000
1,000
2 5 .0 0 0
7 ,0 0 0
70.0 0 0
8 4 0 .0 0 0
763 .0 0 0
6 0 .0 0 0
3 7 ,0 0 0
4 1 9 .0 0 0
3 5 1 .0 0 0

T h e to n e o f th e L iv e r p o o l m a r k e t f o r s p o ts a n d fu t u r e s
e a c h d a y o f t h e p a s t w e e k a n d t h e d a i ly c lo s in g p r ic e s o f
have

been

as

f o llo w s :

Spot.

Saturday.

M onday.

Tuesday.

Market, 1
Dull. \
12:15P.M.J

Dull.

Flat.

Dull.

______________

______

Wednesday. Thursday.
Quiet.

D ull.

Friday.
D ull.

Mid. U pl’ds

7.76

7.68

7.73

7.04

7.59

7.62

S a le s .........
Spec.&oxp.

3,000
200

5,000
500

4,000
300

6,000
500

6,000
500

4,000
600

Futures.
Steady at Barely st’ y
Market
1 5 @ 6 pts. at 4 @ 6 pts.
decline.
opened
J advance.
Market
P .M .

Quiet at
3 @ 5 pts.
advance.

1 Barely st’ y Unsettled, Steady at
5*@15* 1 pt.dec. to 1 @ 2 pts.
i pts. adv. 5* pt. adv. decline.

Steady at
6 @ 8 pts.
decline.

Steady.

Steady at
1 @ 2 pts.
advance.

Firm at
Easy at
Steady at
75* @105* 3@ 55* pts. 95*@115*
pts. adv.
pts. dec.
decline.

@9
(§ 9
@9
@9

Cot’n
M id.
Upl's

85* lbs. Shirt­
ings, common
to finest.

32 j Cop
Twist.
d. a

d.

d.

s. d.

Cot’n
Mid.
Upl’s
d.

d.

d.

9
9
11

7.41 8 11-16®
7.37
7.71

1

%

1> *@ 8
1 @8
1> *@ 8

6
6
6

4.99
5.04
4.99

7.59
7.72
7.72 8
7.62 75*

@
@

5 1 @8
5 0 @8
85* 4 105* @ 8
85* 4 10 @ 8

6
6
6
5

5.00
5.05
5.07
5.08

11
11
11
10

IS
in

i

95* 5
5
5

v*

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
T h e prices are given in pence and lOOths.
M on.

Sat.
N o v . 20
12K
to
N o v. 26. p .m .

12H
p .m .

d.

1908.

1909.

O ct.
15
22
29
Nov
6
12
19
26

_________ -

25,750 202,247 3 2 ,000 161,185 31,750 257,638

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market is
quiet for both yarns and shirtings. Merchants are buying
very sparingly. W e give the prices for to-day below and
leave those for previous weeks of this and last year for
comparison.

32* Cop
Twist.

flflrt

L IV E R P O O L .— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:

SH IP M E N T S.

A lex a n d ria , E g y p t,
N ovem ber 24.

E xp ort (bales) —

9.1--- Tinhorn Inn

T o t a l...................................................................................................................... - 1 7 7 ’ 462

s p o t c o tto n

A L E X A N D R IA

-

S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m t h e U n it e d S ta te s th e p a s t w e e k h a v e
r e a c h e d 1 7 7 ,4 6 2 b a l e s .
T h e s h ip m e n t s in d e t a i l, a s m a d e

__T a T.lirpmnnl--- Mnv

Great 1 Continenl.
Britain.

1,000 6,000 26,000 33,000
7,000 19,000
12,000
_____________
l'.OOO 4,000 11,000 16,000
_____________

LJuiv/pv *•*''*** *------- -

442 .159
356 .159
86,000

T o Y a rm o u th — N o v . 16— B o s to n , 5 0 . . . N o v . 19— B o s to n , 2 0 1 .
B A L T I M O R E — T o L iv e r p o o l— N o v . 19— V c d a m o r e , 5 0 0 ....................
S A N F R A N C IS C O — T o J a p a n — N o v . 23— M anchuria, 6 2 3 ----------S E A T T L E — T o Ja p a n — N o v . 20— S u v erlo, 1 ,4 5 0 .. . N o v . 23— Aki
M a ru , 2 ,6 4 2 ................................................................................- ..............-

Since September 1.

For the W eek.
Exports
from —

1 Since
Week. | Sept. 1.

Since
Sept. 1.

i^muiatco icu iip w

3.8 7 8 .2 1 0
3 .2 3 9 .2 1 0
639 ,000

385 .789
298 .789
8 7 ,000

T o t a l takin gs t o N o v . 2 6 .............
O f w h ich A m e rica n ----------------O f w h ich o t h e r -------------------------

1907.

1908.

1909.

S eason .

4 ,1 6 9 ,8 2 5
1,931,022
5,636,828
362 .000
59.000
358 .000
66.000

IN D IA COTTON M O V E M E N T FROM A LL PO RTS.

Receipts at—

W eek .

S eason .

328 ,972
97.000
3,000
50.000
15.000

A m erica n In sigh t t o N o v . 2 6 . .
B o m b a y re ceip ts t o N o v . 2 5 —
O th er In d ia sh ip ’ ts t o N o v . 2 5 . .
A lexan d ria re ceip ts t o N o v . 2 4 .
O th er s u p p ly to N o v . 24 * ---------

Total crops....................... 13,086,005 11,057,822 12,983,201 10,495,105 13.451.337
Per cent ginned
73.3
66.0
65.9
65.9
71.5
72.8
T h e statistics o f this rep o rt In clu de 123 ,858 ro u n d bales fo r 190 9, 173,908
fn r i on« 142 ‘MO fo r 1907 200.866 fo r 1906. T h e n u m b e r o f Sea Isla n d
bS cs°ln ciu d ed ’ Is168,607 fo r 1909, 56/701 fo r 1908, 4 4 ’ ®9f^ o.rnVg07 am i 30,671
fo r 1906. T h e d istrib u tion o f th e S ea Isla n d c o t to n fo r 19°®
“ tates Is
F lorid a 23 477- G eorg ia , 3 8 ,9 1 3 : S o u th C a rolin a, 6 ,2 1 7 . T h e sta tistics in
this rep ort fo r i9 0 9 are s u b je c t to s lig h t c o r re c tio n s w h en c h e c k e d again st
thn in d iv id u a l retu rn s o f th e gln n ers b e in g tra n s m itte d b y m a ll,
lh e
c o rre cte d statistics o f th e^ qu an tlty o f c o t t o n g in n e d th is session to N o v . 1
are 7 ,0 1 7 ,8 4 9 bales.

November 25.

W eek .

V isib le s u p p ly N o v . 1 9 --------------- 4 ,4 2 6 ,4 5 7

1904.

1909.

1908.

1909.

C o tto n T a k in g s .
W e e k an d S e a so n .

CENSUS B U R E A U 'S R E P O R T ON COTTON G IN N IN G .
State or
Territory—

L X X X IX

N ovem ber
N o v .-D e c .
D e c .- J a n .
J a n .- F e b .
F c b .-M c h .
M c h .-A p r.
A p r.-M a y .
M a y -J u n e
J u n e -J u ly
J u ly -A u g .
A u g .-S e p .
S e p .-O c t .
O c t .-N o v .
N o v .- D c c .

7
7
7
7
7
7
7
7
7
7
7
6
6
6

d.
55 5*
55 5*
56
58 5*
61
63 5*
65
66 5*
05
63 5*
30
81 54
67
61

T u es.

T h us, 7 55 m eans 7 5 5 -100d.
W ed.

T h u rs.

FrI.

4
4
12 H
4
12 X
4
12"5i
4
125*
p .m . p .m . p .m . p .m . p.m . p .m . p .m . p .m . p .m . p .m .
d.
48
48
48 5*
51
53
5554
56 5*
58 5*
57
55 t*
22
73 5*
58 5*
52 5*

d.
55
55
55 5*
57 54
60 5*
03 54
65
67
655*
64
30 5*
82
07
61

d.
53
53
53
55
57 5*
605*
62 5*
64 5*
63
61 54
28
80 54
66
60

d.
d.
44
54
44
54
44
54
56
46 5*
58 5* 49
61 5* 51 H
63 5* 53
60
55 54
64 5* 54
63
52 54
28 54 19
72
80
65 5* 58
59 5* ,52

d.
4254
425*
42 5*
45
47 5*
50 5*
50 5*
55
53 5*
51 54
18
72 5*
58
52

d.
39
44 5*
45
41 54
44
405*
51 5*
51
53
475*
21
70
57 5*
5154

d.
37
37
37 5*
40
425*
45 5*
47 5*
49 5*
48
46
135*
09
55
49

d.
42
42
43
46
48 5*
51
53 5*
55 5*
54
52
1854
73
59
53

d.
47 5*
47 5*
48
51
53 5*
56 5*
58 5*
60 5*
59
57 5*
24 5*
78 5*
64 5*
58 5*
i

Nov. 27 1909. |

THE CHRONICLE

1435

The following are closing quotations:

B R E A D STU F FS.

FLOUR.

26 1909.
W in t e r . lo w g r a d e s____ $4 40
$4 60 K ansas stra ig h ts, s a c k s .$51 0 0 ® >5125
W in te r p a te n ts ___________ 5 60
5 90 K ansas cle a rs, s a c k s ___ 4 50 @ 4 ;6 5
P* Prices for wheat flour have been at a standstill and the W in te r stra ig h ts__________ 5 35
5 50 C ity p a te n ts ___________ 6 55 @ 6 85
W
in
t
e
r
c
le
a
r
s
......................5
00
5 25 R y e f lo u r .______________ 3 9 0 @ 4 45
same is practically true of the trading. In fact there has
S p rin g p a te n ts ___________ 5 40
5
70 G ra h am flo u r __________ 4 50 (
been practically no market here on some days. A leading S p rin g s tr a ig h ts ...................5 00
5 30 C orn m e a l, kiln d r ie d __ 3 2 0 C
grain operator of Chicago who is now here says that the flour S p rin g c le a rs______________4 50
4 75
G R A IN .
trade of the entire country is in the same position as New
p e r bu sh el—
C orn , p e r bu sh el—
C en ts.
York in that distributors, both large and small, had accumu­ W hNe.a t,
D u lu th , N o . 1...................$1.1 8 *4
N o . 2 m ix e d _______ e le v .
72*4
lated supplies or had contracted for flour for such a long
N . D u lu th , N o . 2 __________ 1.16*4
N o . 2 y e l l o w _____ f .o . b .
72
R e d w in te r, N o . 2 ___ f . o . b . 1.26*4
N o . 2 w h i t e _f .o . b . N o m in a l
time ahead that a dull period of greater or less extent is
H a rd w in te r. N o . 2 _________1.21*4 R y e , p e r bu sh el—
inevitable. The mills at the Northwest continue to turn out O ats, p e r bu sh el—
C en ts.
N o . 2 W e s te rn ____ f .o . b .
77*4
N atu ral w h ite __________ 44 *4 @ 4 6
S ta te a n d J e r s e y . .
N o m in a l
large amounts of flour on old contracts. Some reports from
W h ite c lip p e d .................. 4 5 * 4 @ 4 8 * 4 B a rle y — M a lt in g ____
N om in al
that section indicate that new orders have been light. Rye
M ix e d ___________________ N o m in a l
F e e d in g , c.l.f.. N .Y .
63
@ 65
flour and corn meal have been dull and steady.
The statements of the movement of breadstuffs to market
Wheat has been quiet and net changes for the week are
slight. The unsettled condition of the market may be indicated below are prepared by us from figures collected by
illustrated in part by the fact that while December has de­ the New York Produce Exchange. The receipts at Western
clined here it has advanced at the W est. The receipts have lake and river ports for the week ending last Saturday and
been small, owing partly perhaps to wet weather at the since August 1 for each of the last three years have been:
W est. Rumors are afloat that Northwestern millers hold
Wheat.
Barley.
Oats.
R ye.
very large amounts of the December option and will call for Receipts at—
the wheat. Six million bushels, according to some reports,
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.l8lbs. 6u.56 lbs
197,787j
388,700
1,149,550
are held in this way at the Northwest. At the same time, C h ica go___
665,923
1,601,000
48.000
M ilw aukee..
118,000
166,100
41,800
22.000
367,900
304,500
it is of interest to observe, the contract stock at Chicago D
u lu th ..
5,570
1,657,907
30,663
409,563
130,995
is only about 1,500,000 bushels. Cash wheat at the North­ Minneapolis.
1,850.490
65,640
64,140
529,760
313,800
Toledo . .
35,000
124.000
33.000
1,000
west has been in the main firm. A somewhat better milling D e tro it..
6,097
4,613
27,780
12,786
demand has prevailed at Kansas City. The world's avail­ Cleveland
1,603
3,367
157,732
81,028
14,800
75,260
St. Louis___
311,481
233,395
329,600
9,054
53,300
able supply increased last week only 835,000 bushels, as Peoria
..
64,200
19,805
264.000
81,246
69,600
4,300
contrasted with an increase over three times as great for the Kansas City.
543,900
85,800
84.000
same week last year. W et weather has been reported in
T o t.w k .’09
468,517
4,981,363
2,149,697
2,971,955 2,110,846
179,157
Argentina and at times European markets have shown an Sam ew k. ’08
515,145
7,461,217
2,680,708
3,362,287 2,131,752
148,576
429,564
4,686.252
1,981,014
2,329,970 1,131.283
121,397
upward tendency. On the other hand, however, the export Same wk. '07
trade has continued dull and some large interests have sold Since Aug. 1
1909......... 8,041,305 132,532,049 47,791,364 70,280,000 35,159,114 3.425,234
freely. The short interest among the rank and file of traders
1908......... 8,021,270 127,783,119 35,974,898 68,953,973 39,941,352 3,305,515
has been considerably reduced. According to some reports
1907......... 6,550,779, 96,265,873 63,793,665 81,426,286 32,106,023 3,358,586
Texas millers have been trying to re-sell cash wheat recently
purchased at the Southwest. It is also said that Texas
lo ta l receipts of flour and grain at the seaboard ports for
millers have been endeavoring to cancel recent purchases
for January shipment. The crop outlook in Europe is on the the week ended N ov. 20 1909 follow:
Flour,
Wheat,
Corn,
Oats, Barley,
Rye,
whole considered favorable. Take it all in all, however, the
Receipts at—
bbls.
bush.
bush.
bush.
bush.
bush.
market has shown a fair degree of steadiness. James A . New Y o r k _______ 225,768 1,166,000
58,500
824,775 222,575
B
o
s
t
o
n
___________
72,533
358,452
73,260
114,575
835
Patten says he has no trades out in wheat. He is supposed
Portland, Me_____
______
168,000
to be interested in cotton rather than grain at the present P h iladelphia.........
88,514
488,544
49*907
126*884
1,000
66,202
291,701
115,897
39,361
time. To-day prices advanced early on better cables than Baltimore________
10,517
R ic h m o n d _______
4,725
21,814
15,942
33,886
6,114
expected, small receipts, firm cash markets, commission- New
Orleans * ____
23,203
133,200
191,700
62,700
5,382
house buying and covering of shorts. Later on bearish N ewportN ews____
N orfolk...................
3,500
pressure and liquidation caused a decline. Prominent cash Galveston________
______
60,000
102.000
1,000
interests sold. It was reported that large purchases of cash M o b ile .................... 10,478
18,200
648', 264
153,725
77,642
wheat were made for shipment to Chicago for delivery on Montreal........... ...... 35,950
December contracts.
Total week......... 530,255 3,184,171
801,210 1,356,906 302,052
16,586
F r id a y , N o v .

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN N E W Y O R K .
„
.
. .
,
.
S a t.
2 re d w in ter f . o . b . .................125*$
D e ce m b e r d e liv e ry In e le v a t o r -------116
M a y d e liv e ry In e le v a t o r ....................112**

No.

M on.
125*<$
117 M
113 1*

T u es.
1 2 0 *<J
1 1 6 *$
113

W ed . Th urs.
120H
H oll116**
day.
113**

F r i.
1 2 6 **
115**
113*4

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN C H IC A Q O .
„
.
. „
,
S a t. M o n . T u es. W ed. T h urs. F r i.
D e ce m b e r d e liv e ry In e le v a t o r ------ 108
109 ** 108 % 108*4 H o ll- 107*4
M a y d e liv e ry In e le v a t o r ....................105*4 106*4 100
100*4
a d y . 106*4
J u ly d e liv e ry In e le v a to r .................... 96*4 97*4
97*4
97*4
97*4

Indian corn futures in the local market have been nominal.
At the West the trading has been fairly active with prices
firm. The principal factor has been wet weather over many
sections of the corn belt. This, according to not a few
reports, has not only delayed husking, but has also lowered
the quality of the corn. Receipts have been small. Some
Argentina crop reports are to the effect that locusts have
reatly increased and that there is a good deal of appreension about the crop. To-day there was no trading
here. At the West the market was quiet with December
ending easier on liquidation and better weather and later
months closing a shade higher, owing to unfavorable crop
reports and covering.

g

D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N I N N E W Y O R K .
_ ,
S a t. M o n . T u es.
Cash c o r n ______________________________ 72
72
72
D e ce m b e r d e liv e ry In e le v a t o r ___
71
71
71*4
M ay d e liv e ry In e le v a t o r ....................I l0 9 * 4 09 *4 69 *4

W ed. T h u rs. F r i .
72
H o ll- 72*4
71 *4 d a y . 71 *4
69*4
69*4

D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S I N C H IC AQ O .
S a t.
D e ce m b e r d e liv e ry In e l e v a t o r .. . 59
M ay d e liv e ry In e le v a t o r ___________ l e i *4
J u ly d e liv e ry In e le v a to r ____________ 60*4

M on.
60
61*4
____
60*4

T u es.
60
61*4
__
01

W ed. Th urs. F r i .
60
H olt- 59 *4
61 *4 d a y . 62
61
61 *4

Oats for future delivery at the West have been extremely
dull with corresponding fluctuations in prices. Receipts
have continued small, but on the other hand the cash
demand has been light and it is considered only a matter of
time when the crop movement will increase materially.
Meantime stocks of contract grade at Chicago are heavy and
it is predicted that there will be large deliveries on December
contracts on the first day of that month. To-day the
market was dull with prices closing a fraction higher on
small receipts, light offerings and covering of shorts.
D A I L Y C L O S IN G P R I C E S O F O A T S I N N E W Y O R K .
xr .
1 u ,. , .
•„
M on.
T u es.
W ed.
T h urs.
F r i.
N atu ral w h ite 44 *4-40
44*4 -4 6
44*4 -46
4 4*4 -40
11011- 44 *4-40
W h it e c lip p e d .45 *4-48 *4 45 *4 -4 8 *4 45 *4 -4 8 *4 4 5 * 4 -4 8 * 4
d a y . 45*4 48*4
D A I L Y C L O S IN G P R I C E S O F O A T S F U T U R E S I N C H IC A Q O .
___ ___.
.
,
,
S a t. M o n . T u es. W ed . T h urs. F r i.
£ ^ ? b.?r d d l v c r y In e le v a t o r ..........39
38 *< 39
39
H o ll- 39 H
M a y d e } v e r y n e le v a to r ...................... 41 * 4 41*4
41*4
41*4
d a y . 42*4
u ly d e liv e ry In e le v a to r ...................... 39*4 39*4
39*4
38*4
* 39*4




Week 1908.............. 514,915 3,621,203 1,201,976
656,360 274,365
13,241
Since Jan. 1 1909.15,333,767 85,643,584 36,404,790 39,76o!423 638L730 1047 368
SlnceJan. 1 1908.16,323,528 105335,126 33,050,861 39,180,224 5647,035 2560,307
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending N ov. 20 1909 are shown in the annexed statement:
Wheat,
Exports from —
bush.
New Y o r k ______ 865,321
Portland, Me____ 168,000
B o s to n .................. 537,570
Ph iladelphia____ 525,000
Baltim ore.............. 243.888
New O rleans____
17,200
N ewportN ews.....
............
Galveston_______
52,000
M obile....................
............
Montreal_________ 1,127,000
N orfolk......... ..........................

Corn,
bush.
4,876

Flour,
bbls.
79.730

*1*7*038
10,300
125,777
19,000

22,378
31,400
46,863
10.730
6,382
3.500
10,478
64,000
3.500

Total week____3,559,979
Week 1908........... 3,324,329

238,191 277,961
525,869 232,969

*43*666
18,200

Oats,
bush.
4,218

Rye,
bush.
..........

Barley,
bush.
20,196

Peas,
bush.
542

"III

III"

*1,356

4,000

.......... 129,000

6,545

10,211
45,908

.......... 149,196
68,553 87,190

T

666

8,669
7,907

The destination of these exports for the week and since
July 1 1909 is as below:
-F lou r- WheatSince
Since
Week
July 1
Week
July 1
Exports for ueek and N ov.20.
1909. Nov. 20.
1909.
since July 1 to—
bbls.
bbls.
bush.
bush.
United K in g d o m ...134,009 2,215,250 1.934,895 24,357,902
C ontinent.................. 86,376
770,667 1,623.884 15,631,786
'
So. & Cent. A m e r .. 19,363
310.777
1,200
135,034
West Indies................ 37,134
533,245
1,675
Brit. N o. Am. Cols.
400
59,220
Other Countries____
679
81,677
68,955
T otal..................... 277,961 3,970,836 3,559,979 40,095,412
Total 1908............... 232,969 4,366,846 3,324,329 61,572,176

Week
Nov. 20.
bush.
172,544
38,571
2,300
23,476
1,350

Since
July\l
1909.
bush.
1,368,052
1,373,848
88,452
790,805
18,922
11,592

238,191
625,869

3,651,671
2,640,761

The world’s shipments of wheat and corn for the week
ending N ov. 2 0 1909 and since July 1 1909 and 1908 are
shown in the following:
Wheat.
Exports.

1909
Week
Nov. 20.

Bushels.
North Amer 7.141.000
R ussian____ 7.600.000
Danublan . .
80.000
424.000
Argentine . .
A ustralian..
192.000
O th .countr’s 440.000

Since
July 1.
Bushels.
63.682.000
97.432.000
9.672.000
13.072.000
4.516.000
23.328.000

Com .
1908.
Since
July 1.

1909
Week
Nov. 20.

Bushels.
Bushels.
89,228,700
195.000
30.024.000 382.000
20.024.000 246.000
27.069.000 1,556.000
6.720.000
6.914.000

Since
July 1.

1908.
Since
Jtily 1.

Bushels.
3.523.000
6.411.000
7.605.000
49,602,000

Bushels.*
3,147,400
6.081.500
7.561.500
38,291,500

‘ T o t a l____ 15877000 211,702,000 179,979,700 2,379,000^ 67,141,000

55,091,900

' The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

THE CHRONICLE

1436

[VOL. L X X X IX .

The value of these New York exports since Jan. 1 has been
$18,991,379 in 1909, against $10,752,550 in 1908.
United
United
Domestic cottons generally moved steadily but moderately.
Total.
Kingdom. Continent.
Total.
Kingdom. Continent.
Drills and sheetings, though firmly held by mills, displayed
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
™ore or less price irregularity, owing to offerings by second
5.185.000 8.840.000
N ov. 20 190 9.- 16.240.000 15.360.000 31.600.000 3.655.000 5.695.000 9.520.000
„„n ds, and trading was spasmodic. Fine cotton dress-goods
N ov. 13 190 9.. 13.600.000 13.280.000 26.880.000 3.825.000 4.930.000 9.265.000
were in better demand, numerous re-orders being received.
N ov. 21 1908-- 17.440.000 13.010.000 30.480.000 4.335.000 3.520.000 9.080.000
5.560.000
26.680.000
N ov. 23 1907-. 16.520.000 10.160.000
Colored cottons, including denims, plaids, &c., ruled com­
paratively quiet; buyers showed resistance to the extreme
The visible supply of grain, comprising the stocks in prices asked, but were willing to operate moderately where
granary at principal points of accumulation at lake and sellers’ prices are based on 13c. cotton. As already noted,
seaboard ports N ov. 20 1909, was as follows:
the new price on standard staple prints took effect on Wednes­
AM E RICA N G R A IN STOCKS
day, and demand since then has not been active. Advances
Barley,
R ye,
Oats,
Com ,
Wheat,
bush.
bush.
bush.
bush.
on some lines of tickings serve to stimulate the demand for
bush.
286,000
6,000
1,085,000
219.000
New Y o r k ....................... 1,386,000
other lines, which remained unchanged, and also led buyers
243.000
B o s t o n . - ..............
470,000
‘ l'.ooo
55,000
to call for prompt delivery of goods under order. Holiday
26,000
P h iladelph ia--------------305,222
2,000
168,000
391.000
378.000
Baltim ore....... ...............
trade in fancies and novelties is steadily increasing,
ln e
180.000
217.000
New Orleans ..............- 153,000
market for print cloths, both narrow and wide, was quiet
441.000
Galveston.................
221,000
355,000
37.000
1,092,000
11,000
B u ffa lo ............................. 2.S55,,000
during the week. Mills continued firm, but second hands
1,000
44.000
293,000
33,000
Toledo
875,000
io ie d o - - - - o-a t..............
115,000
made further concessions on standard wide goods, which are
3,000
88,666
156.000
112,000
D etroit
___________
569,000
quoted at 5 % to 6 c.; regulars are held at 4c.
65.000
4.036.000
124.000
C h i c a g o : :: : : .....................1,723,000
W O O L E N GOODS.— The feature in the dress-goods mar­
84.000
37.000
664.000
54.000
M ilw aukee-.................... « w w o o o
728.000
110,000
885.000
ket was the brisk demand from jobbers for additional sup­
6,583,000
D u lu th ....... ...........
968.000
261,000
1.417.000
l'e'.ooo
M inneapolis..................... 2,688,000
plies of seasonable fabrics, such as serges, lustre goods and
48.000
6,000
401.000
42.000
St. Louis______________ 2,002,000
848.000
other staple lines for prompt delivery; houses in a position
436.000
Kansas City....................... 3>392’599
"o
'.o
o
o
1.169.000
11.000
Peoria--------- ---------------10,000
toimake quick shipment found no difficulty in securing full
272.000
110.000
342,000
In d ian ap olis..................
prices asked. Orders from the cutting-up trade for spring
521.000
158,000
On L a k es........... - .......... 2,399,000
454.000
402,000
On Canal and R i v e r . ..
continued to be received, interest centering largely on
serges, panamas and diagonals. While the men’s wear mar­
Total N ov. 20 1909. . 27,630,000
ket generally cannot be called active, a substantial amount
Total N ov. 13 1909.-28,587.000
C A N AD IA N G R A IN STOCKS
of business is being booked by leading factors for spring; the
Barley,
R ye,
Oats,
Com ,
Wheat,
bush.
bush.
bush.
principal producer, it is said, now has a larger volume of
bush.
bush.
126,000
425,000
32,000
orders in hand for the spring season than in many years.
Montreal........... ...............
5‘19,S29
Fort W illia m ..-............ 4,269,000
The call for woolens has rapidly increased and has not
Port Arthur......... ...........
reached extensive proportions; in fact, many looms formerly
Other Canadian------------ 3,520,000
126,000
employed on worsteds are reported to have been turned on
425.000
32.000
Total N ov. 20 1909.-11,093,000
92.000
392.000
38.000
carded wool goods, while considerable woolen fabrics ma­
Total N ov. 13 1909.-11,975,000
SU M M ARY.
chinery, which has been idle for some time, past has been
Barley,
Rye,
Oats,
Com ,
Wheat,
bush.
put in active operation. Some tentative orders have already
bush.
bush.
bush.
bush.
3.353.000
832,000
2.631.000 13.919.000
been placed on worsteds and fancy woolen suitings for the
American ........................n ’ noannn
126.000
Corn.

Wheat.

C anadian______________11,093,000

32.000

425.000

Total N ov. 20 1909.-38,723,000
Total N ov. 13 1909.-40,562,000
Total N ov. 21 1908.-52,920,000

2.663.000
2.447.000
1.904.000

14.344.000
14.095.000
9,054,000

832,000
1.050.000
1.087.000

3.479.000
4.225.000
6.539.000

T H E DRY GOODS TR AD E .
N ew
Y o r k , F r i d a y N i g h t , N o v . 26 1909.
Owing to the holiday, trading in most quarters of the cot­
ton-goods market, both primary and secondary, was rela­
tively quiet this week. Although reports of coneessions by
second hands on some lines,
^
sheetings, were more numerous,
and selling agents as a rule showed no disposition to press
sales, preferring apparently to await developments in the
distributing trade. Buyers,
distributing
~
— , on
— the
— . other hand, still displayed much conservatism in operating for the future, in
the business done during the week, fine cotton goods were
taken more freely than the medium and coarse constructions,
and some mills are said to have booked fair orders and dupli­
cates on plain fine cloths for delivery throughout the first
half of 1910
Jobbers enjoyed a moderate business on staple
and other lines; fair orders were received for staple prints in
anticipation of the higher price which became effective on
Wednesday, but the aggregate of such orders was rather
below expectations, and the new price seems to have checked
trading for the present, at least on the restricted lines, other
prints Offered at prices slightly below the recent jj c rease
met with a ready sale. The movement of cotton goods under
order continued large, and merchants generally were anxious
to get such merchandise as early as possible. Re-orders for
fancies and novelties were more in evidence, with some diffi­
culty experienced in meeting all requirements. Reports
from most retail centers note a further improvement in de­
mand, especially for napped fabrics and cotton blankets,
largely as a result of more seasonable weather. Export
trade with the Far East continued practically at a standstill,
owing to the high prices; the latter also served to restrict
business with miscellaneous ports. While the men s wear
market as a whole ruled quiet, a fair duplicate business was
h o n k e d for next spring by leading producers, which would
tadfitethat^wholePsaleScloythiers h lvS not fully covered their
requirements; some roders have also been placed for next
fall. Some orders have also been placed for next fall.
The primary dress goods market showed considerable ac­
tivity, a brisk demand coming forward from jobbers for

dGDOM ES 1 TC° C O T T D ^ C— The exports of cotton
goods^rom this port for the week ending N oy. 20 were S1,952
packages, valued at $219,332, their destination being to the
points specified in the tables below. ^____
1908—
N ew Y ork to N o v . 20—
W eeh
G rea t B r ita in ......................................................
O th er E u ro p e ......................................................
Ch\na ....................................................................... m
.................. 2 5,295
A r a b ia
W e s t I n d i e s ................................ - .....................

298

C en tral A m e r i c a ..............................................
S o u th A m e r ic a ...................................................
n .lm
n nnntries
t r ir s ____________ _____ _________1 ,0 0 0
O
th err ^
cou

Total




.2 ,9 5 2

S in ce
J a n . 1.
1,805
1,056

W eek .
85
62

14,843
3 6 ,9 7 7
1,606
12,736
4 8,080
21,134

225
146
629
26
412
1,265
412

S ince
J a n . 1.
806
1,377
20,918
12,881
2 8 ,315
9,269
25,716
1,522
13,897
37,752
20,248

34 5 ,9 2 9

3 ,2 6 2

172,701

neF O R E IG N °D R Y G OODS.— Imported woolen fabrics were
in fair request, but worsteds dragged somewhat. Although
prices of linens remained firm, trading for spring delivery
was less active, as the bulk of the business for that season has
been placed; housekeeping linens were actively sought for
prompt and near-by shipment. Burlaps ruled quiet, with
an easier undertone noted in the market for futures, while the
spot market held steady to firm; prices remain quotably
unchanged.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending N ov. 20 1909 and since
Jan. 1 1909, and for the corresponding periods of last year,
were as follows:

Nov. 27 1900.j

S tate

THE CHRONICLE

aw33 city
STATE

A N D

C IT Y

D e pa r t m e n t ,
S E C T IO N .

A new number of our “ State and City” Section, revised to
date, is issued to-day, and all readers of the paper who are
subscribers should receive a copy of it. The editorial dis­
cussions in the same deal with “ The Investments of the
Savings Banks of this State” and “ Decision Regarding
Methods of Assessing Franchise T a x .”
N e w s

I t e m s .

Idaho.— B o n d s D e c la r e d U n c o n s t i t u t i o n a l . — The State Su­
preme Court has declared unconstitutional the $73,000
bonds, to test the legality of which the Board of Regents
of the State University brought a friendly suit. See V . 89,
p . 944.
Indiana.— G r a v e l R o a d L a w o f 1905 D e c la r e d U n c o n s t i t u ­
t i o n a l . — The State Supreme Court has declared unconstitu­
tional that portion of the Highway Act of 1905 (Chapter
167, Laws of 1905) which provides for the construction of
gravel roads by special taxation. The act in question
prescribes two methods which may be used by county com­
missioners in taxing property to raise money to provide for
the construction of these roads, namely, by assessments on
the lands benefited or by levying a special tax on all the
roperty in the township in which the road is built. Under
ection 46 of the 1905 Act, gravel roads may be built
upon petition of a majority of the land-owners in the
county whose land is to be benefited by the proposed
improvement. In this event the expenses incurred in con­
nection with the work are defrayed by taxing all the lands
benefited. The other method of taxation is set forth in
Sections 62 to 80 inclusive.
Under Section 63 gravel
roads may be built upon petition of fifty freeholders and
voters of any township having within its limits a town or
city with a population of 30,000 or less. In order to pay
the bonds issued to raise money for the cost of work started
upon such a petition, the county commissioners are given
power (Section 76) to levy a special tax upon the prop­
erty of the township “ including the town and cities, if such
there be, of less than 30,000 inhabitants.” It is this part
of the law that the Court decides is unconstitutional.
It is
held that the provisions arc such as to make the same a local
and special Act. The opinion states that “ these require­
ments of the law manifestly exclude, first, every township
which does not have an incorporated town or city with a
population of fewer than thirty thousand; second, every and
all townships which have no incorporated city or town what­
ever.
. . . Can it, with any color of reason, be claimed
that townships, wherein there is an incorporated city of less
than thirty thousand inhabitants, are in a class by them­
selves, so as to afford a reasonable basis for making a law
applicable to improving highways applicable alone to
them?”
As to the effect of the decision on the validity of gravel
road bonds now outstanding, variously estimated to amount
to from $25,000,000 to $50,000,000, we quote the remarks
of Louis B. Ewbank, an attorney of Indianapolis, given in
the Indianapolis “ News” of N ov. 22:

S

" T h e five d ecision s h o ld in g th e law o t 1005 u n c o n s titu tio n a l, w h ich
p r o v id e s tor ‘ gra v el roads b y t a x a t io n ,’ did n o t de cla re a n y b o n d s a lre a d y
Issued to be in v a lid . T w o o f the cases m e re ly d e cid e d th a t b o a rd s o t c o m ­
m issioners co u ld be e n jo in e d fro m Issuing a n y m ore gravel road b on d s
u n d er th a t p a rticu la r la w , and in the o th e r th ree cases th e C o u rt held th at
a p r o c e e d in g to co n s tru ct a g ra v e l road u n d e r th a t law m u st b e dism issed
It tim e ly o b je c tio n Is m ade b e fo re a n y b o n d s h a ve be e n issu ed.
" B o n d s w h ich h a ve a lre a d y b e e n sold an d th e p ro ce e d s used In b u ild in g
g ra v e l roads are fu lly p r o te c te d b y the C o n stitu tio n o f the U n ited S tates
an d b y th e rule o f e s to p p e l, w h ich has o fte n be e n a p p lie d b y o u r S u p rem e
C ou rt.
“ S ection 10 o f A r tic le 1 o f the U n ite d S tates C o n stitu tio n p r o v id e s th a t
‘ N o S ta te shall
. . . pass a n y
. . . law Im pairing the o b lig a tio n
o f c o n t r a c ts .’ A n d u n d er re p e a te d d ecision s o f the S u p rem e C o u rt o f the
U n ited S ta tes an d also o f the S ta te S u p rem e C o u rt, o u ts ta n d in g b on d s
issu ed u n d er th e law fo r m akin g 'g ra v e l road s b y t a x a t io n ’ c o m e w ith in
th e p r o te c tio n o f this rule.
“ T h e S u p rem e C ou rt o f In d ia n a has also fre q u e n tly laid d o w n th e p r in c i­
ple th a t w hen th e p eop le o f a c o m m u n ity h ave ben efited b y a p u b lic Im ­
p r o v e m e n t, w ith o u t o b je c t io n , th e y are e sto p p e d to d e n y th efr lia b ility
l o r Its c o s t.
“ T h e d ecision s last w ee k w ere all cases In w h ich o b je c tio n s w ere Inter­
p o s e d to th e Im p rov em en t p ro ce e d in g s b e fo r e a n y b o n d s had been so ld o r
a n y w ork had been d o n e to w a rd Im p rovin g th e h igh w a ys.
" T h e grea ter p art o f th e o u ts ta n d in g gra vel road b o n d s w as n o t e ven
Issued u n d er the law held to be u n c o n s titu tio n a l, b u t u n d e r o th e r sta tu te s
w h ich d o n o t h a ve th e d e le c t fo u n d in this o n e ."

Certain lawyers have also expressed the opinion that all
gravel road bonds issued prior to March 5 1909 are legal for
the reason that the Legislature on that date passed an
Act legalizing “ all gravel road bonds sold up to that tim e.”
The Act referred to legalizes bohds which may have been
issued under Chapter 209 of the Laws of 1907, also Chapter
167, Laws of 1905, as amended by Chapters 46, 265 and 96
of the Laws of 1907. Another Act passed by the Legislature
of 1909 legalizes gravel road bonds issued under Chapter 127,
Laws of 1907. Other legalizing Acts were also passed in
previous years. The legalizing Acts of 1909 are printed in
full below:
Chapter 74, haw s o f 1009.
S ection 1.
B e it e n a cted b y the G eneral A s s e m b ly o f the S tate o f In dian a:
T h a t In all cases w here the board o f com m ission ers o f a n y c o u n t y In the
S ta to o f In d ia n a h a ve p r o ce e d e d and c o n s tr u c te d o r h a ve c o n tr a c te d to
c o n s tr u c t free g ra v el, sto n e o r o th e r m a ca d a m ize d roads u n d er and b y
v ir tu e o f an A c t en titled " A n A ct c o n ce rn in g h ig h w a y s ,” a p p ro v e d M arch 8
1005, an d as am en d ed b y an A ct e n title d “ An A c t to am e n d se ctio n s 70
an d 75 o f a n A c t en titled ‘ A n A ct c o n ce rn in g h ig h w a y s ,’ ” a p p ro v e d F e b . 25




1437

190 7, as fu r th e r a m e n d e d b y an A c t a p p ro v e d M arch 12 1907, e n title d “ A n
A c t to a m e n d s e c tio n s e v e n ty -fiv e (7 5 );of an A c t en title d ‘A n A c t co n c e r n in g
h ig h w a y s ,’ a p p r o v e d M arch 8 1905, a n d fix in g th e tim e th a t b o n d s shall
m a tu re a n d th e m o d e an d m a n n er o f th e sam e, an d rep ealin g all law s a n d
p a rts o f law s In c o n flic t th e re w ith , a n d de cla rin g an e m e r g e n c y ,” an d as
fu r th e r a m e n d e d b y an A c t a p p ro v e d M arch 2 1 90 7,” an A c t to am en d
s e c tio n 63 o f an A c t e n title d “ A n A c t c o n ce rn in g h ig h w a y s ,” a p p ro v e d M arch
8 1905; also w here s u ch road s h a ve been c o n s tr u c te d u n d er an d b y v ir tu e
o f an A c t e n title d " A n A c t c o n c e r n in g th e c o n s tru ctio n o f free gra vel o r
o t h e r m a ca d a m iz e d road s o n th e b o u n d a r y lin e b e tw e e n c o u n tie s , p r o v id in g
fo r th eir lo c a tio n , th e m a n n e r o f th e ir c o n s tr u c tio n , and p r o v id in g fo r th e
p a y m e n t o f th e sam e an d fo r th e ir m a in te n a n ce an d o t h e r m atters p r o p e r ly
c o n n e c t e d th e r e w ith , re p e a lin g all law s an d p arts o f law s In c o n flic t th ere­
w ith , a n d d e cla rin g an e m e r g e n c y ,” a p p r o v e d M arch 9 1907, an d have
Issued a n d sold b o n d s o f th e c o u n t y o r h a v e Issued b o n d s o f th e c o u n t y
th a t rem ain u n sold u n d e r said A c ts to p a y fo r th e c o s t o f th e c o n s tr u c tio n
o f said road o r ro a d s , In clu d in g th e c o n t r a c t p rice t o g e th e r w ith th e c o m ­
p e n s a tio n a llo w e d the vie w e rs an d en gin e e rs, e xp en ses o f th e e le ctio n , o f
p o s tin g n o tic e s o f p u b lic a t io n , an d all o t h e r e xp en ses a n d all the acts
a n d ord e rs o f a n y an d all o f said b o a rd s o f c o m m is s io n e r s, a n d a n y and
all b o n d s Issued b y th em th e re u n d e r, an d b y v ir tu e th e r e o f, w h e th e r sold
o r u n s o ld , be a n d th e sam e are h e r e b y In all resp ects legalized a n d m ad e
v a lid ; P rovid ed , T h a t n o th in g In this A c t shall in a n y w a y a ffe c t a n y
su it n o w p e n d in g In a n y o f th e co u rts o f I n d ia n a , b u t th e sa m e shall b e
heard a n d d e te r m in e d th e sam e as If this A c t had n o t b e e n passed; A n d
provided fu rth e r, th a t n o th in g herein shall b e con stru ed to lega lize a n y
b o n d s In e xcess o t th e lim ita tio n o f fo u r p er ce n tu m o f th e assessed v a lu a tio n
o f th e t a x a b le p r o p e r t y o t th e to w n sh ip s as n o w p r o v id e d b y la w .
S ection 2. W h e re a s , an e m e r g e n c y e x ists f o r tn e Im m e d ia te ta k in g effe c t
o f this A c t . th e sa m e shall b e in fu ll fo r c e a n d e ffe c t fro m a n d a fte r Its
passage.
C h apter 117 , L a w s o f 1 90 9.
S e c tio n 1. B e It e n a c te d b y th e G en eral A s s e m b ly o f th e S ta te o f
In d ia n a : T h a t all b o n d s h e r e to fo r e Issued o r a t t e m p t e d to b e Issued b y ,
an d all a c ts o f th e b o a rd s o f c o m m issio n e rs o f th e s e v e ra l co u n tie s In the
S ta te o f I n d ia n a , u n d e r th e te rm s an d p ro v is io n s o f an A c t a p p r o v e d
M arch 8 1907, an A c t e n title d " A n A c t c o n c e r n in g th e c o n s tr u c tio n o f free
g ra v e l, sto n e o r o th e r m a ca d a m iz e d ro a d s a n d fo r th e p a y m e n t o f the costs
th e re o f an d th e ir m a in te n a n ce , d e cla rin g an e m e r g e n c y ,” a p p r o v e d M arch 9
1903, an d d e cla rin g an e m e r g e n c y , a p p r o v e d M arch 4 190 5, are h e r e b y
legalized an d d e cla re d v a lid ; P ro v id ed , T h a t n o th in g In th is A c t shall a ffe c t
a n y p e n d in g litig a tio n .
S ection 2.
W h e re a s, an e m e r g e n c y e x ists fo r th e Im m e d ia te ta k in g effe c t
o f this A c t , th e r e fo r e , th e sam e shall b e In fo r c e a n d e ffe c t fro m a n d a fte r Its
passage.

Kentucky.— C o n s t it u ti o n a l A m e n d m e n t A d o p t e d . — While
official figures are not available, it is said that the amend­
ment to the Constitution permitting State aid to counties
for public roads submitted on N ov. 2 was adopted by a
majority of at least 4,000 votes. The amendment was
printed in full in V . 89, p. 945.
Port of Coos B ay, Coos County, Ore .— I n j u n c t i o n D i s ­
The injunction issued by County Judge John Hall
restraining the Board of Commissioners from levying taxes,
or disposing of the $500,000 5 % bonds which were to have
been sold Nov. 9, has been dissolved by Judge John S. Coke
of the Circuit Court. He holds that the complaint upon
which a temporary injunction was issued by County Judge
Hall (V . 89, p. 1364) did not afford sufficient grounds for
such action. This leaves the Commissioners free to go
ahead. It is said, however, that the case will be argued
on its merits at the December term of the Circuit Court.
s o l v e d .—

Texas.— C o n d i t io n o f S ta te F u n d s . — The State Permanent
School Fund of Texas on Aug. 31 1909 contained SI 16,805 64
in cash and $15,508,210 78 of various investments. The
value of land and land notes owned by the fund, which forms
its largest asset, is not obtainable for Aug. 31 1909. These
land accounts are kept in the State Treasurer’s office and a
detailed report is made only every two years. On Aug. 31
1908 the fund held $38,406,222 51 land notes and owned
8 ,000,000 acres of land, having an estimated value of
$16,000,000. In the following table we give the details of
the investments held Aug. 31 1909 and the details of land
notes and land owned on Aug. 31 1908.
$ 1 ,6 2 5 ,0 0 0
229 ,500
7 99 ,100
8 0 ,000
1 ,2 1 8 ,0 0 0
4 0 5 ,7 5 0
4 ,8 1 1 ,7 9 5
3 0 4 ,3 0 0
843 ,6 4 0
3 1 1 .0 0 0
8 ,2 0 0
8 4 8 ,4 0 0
2 3 ,0 0 0
1 17 ,547
4 ,5 0 0
2 ,3 5 4 ,3 0 9
7 4 .2 0 0
6 1 .2 0 0
4 1 1 ,9 3 5
3 2 9 ,8 6 3
8 6 ,6 1 5
297,312
2 00 .000

S ta te b o n d s, 3 s ______________________________________
S ta te b o n d s , 4 s _______________________________________
S tate b o n d s, 5 s _______________________________________
S ta te b o n d s, 7 s _______________________________________
C o u n ty b o n d s, 3 s ____________________________________
C o u n ty b o n d s, 3 M s ---------------------------------------------------C o u n ty b o n d s, 4 s -------------------------------------------------------C o u n ty b o n d s, 4 M s __________________________________
C o u n ty b o n d s, 5 s ____________________________________
C o u n ty b o n d s, 6 s ____________________________________
C ity and In depen den t s c h o o l d is tric t b o n d s , 3 s . _
C ity a n d In depen den t s ch o o l d is tric t b o n d s, 4 s . . .
C ity and In depen den t s ch o o l d is tric t b o n d s , 4 H s.
C ity and In depen den t s ch o o l d is tric t b o n d s, 4 Ms.
C ity an d Indepen den t s c h o o l d is trict b o n d s , 4 Ms.
C ity an d In depen den t s c h o o l d istrict b o n d s, 5 s . . .
C ity an d In depen den t sch o o l d istrict b o n d s, 6 s . . .
C o u n ty c o m m o n s ch o o l d is trict b o n d s, 5 s _________
B on d s o f H o u s to n & T e x a s C en tral R R -----------------B o n d s o f G a lv e sto n H a r. & San A n to n io R y -------B o n d s o f W a sh in g to n C o u n ty R R __________________
B o n d s o f T e x a s & N ew O rleans R R ., 6 s---------------S tate P e n ite n tia ry R R ., 5 s__________________________

00
00
00
00
00
00
00
00
00
00
00
00
00
55
00
98
00
00
84
72
90
79
00

T o ta l in v e stm e n ts A u g . 31 190 9________ ___________________ $ 15 ,508 ,21 0 78
U n in v e ste d cash A u g . 31 1909_______________________________
$116,805 64
Land
Land
Land
Land
Land

n o te s,
n o te s,
n o te s,
n o te s,
n o te s,

10s
8 s ..
5 s ..
4 s ..
3 s ..

L a nd N otes A u g . 31 1 90 8.
..............................................
$7,6 0 5
..............................................
178 ,829
............ ..........
1 ,6 2 5 ,6 4 2
..............................................
63,254
.............................................. 3 6 ,5 3 0 ,8 9 0

T o ta l land notes A u g. 3 1 , 1908

85
51
49
48
20
$ 3 8 ,4 0 6 ,2 2 2 53

L a n d s.
O n A u g. 31 1908 th e S tate P e rm a n e n t S ch o o l F u n d o w n e d
8 ,000 ,000 acres o f lan d h a v in g an e stim a te d v a lu e o f $2
an a c r e _________________________________________________________$ 1 6 ,0 0 0 ,0 0 0 00
L a nd L eased b y Slate P erm an en t School F u n d A u g . 31 1908.
1,256 acres a t 4 M cen ts p er a cre.
2 ,5 6 0 ,4 1 2 acres a t 3 ce n ts p er a cre .
11,520 acres a t 3 1-6 cen ts per acre 183 ,355 acres at 5 cen ts p er a cre .
970 acres at 5 M ce n ts p e r a c r e .
230 ,532 acres at 3 \i ce n ts per a cre.
9,863 acres a t 6 ce n ts p er a c r e .
638 ,6 9 0 acres at 3 M cen ts p er acre .
640 acres a t 7 ce n ts p er a cre .
13,120 acres a t 3 M cen ts p er a c r e .
28 acres a t 10 ce n ts p er a cre.
296 ,812 acres a t 4 ce n ts p er acre.
160 acres a t 13 ce n ts p er a c r e .
3,8 4 0 acres a t 4 M cen ts p er acre.
4 .3 acres a t 116 12-43C. p e r a c r e .
6,4 2 6 acres at 4 M cen ts per a cre .
. .* 3 ,9 5 7 ,6 2 8 .3 a cres
T o t a l n u m b e r o f acres le a s e d ------- ____
* In c lu d e d In the 8 .0 0 0 .0 0 0 a cres m e n tio n e d a b o v e .

In addition to the Permanent School Fund, which is the
largest and most important carried by the State of Texas,
• there are a number of others. The condition of these funds

[VOL. l x x x i x *

THE CHRONICLE

1438

A third resolution changes Section 7 of Article X III.,
relating to the limitation of State tax that may be levied on
property for State purposes. A similar proposal was rejected
C o n d itio n o f th e P e r m a n e n t U n iv e r s ity F u n d .
Gash on hand Aug. 31 1909----------------------------------------------J56.15 b y the electors in 1908. The following indicates how the
State bonds, 3s, Aug. 31 1909.................................$216,000 00
section is to be amended— new matter being printed in
State bonds, 5s, Aug. 31 1909__________________ 364,500 00
---------------- $580,500 00 i talics and matter to be eliminated being enclosed in brackets:

on Aug. 31 190{ns’ reporte<Tas_follows, the land leases being
as of Aug. 31 1908:

Land notes, 10s, Aug. 31 1908_________________
Land notes, 5s, Aug. 31 1908.................................

$1,255 89
45,975 53
---------------47,231 42
2,072,225 acres of land leased, value $2 per acre Aug. 31 1908. 8,144,450 00
Grand total____________________________________________ $8,772,237 57
L a n d L ea sed
b y P erm a n en t
U n iv e r s ity F u n d
A u g . 31 1908.
378,560 acres at 5 cents per acre.
3 8 4 , 8 4 0 acres at 2 cents per acre.
14,080 acres at 6 cents per acre.
257,243 acres at 3 cents per acre.
825,022 acres at 7 cents per acre.
61,440 acres at 4 cents per acre.
32,000 acres at 8 cents per acre.
119,040 acres at 4 H cents per acre.
C o n d itio n

o f

P erm a n en t

O rp h a n

A s y lu m

F u n d .

Cash on hand Aug. 31 1909_______________________________
State bonds, 3s, Aug. 31 1909__________________ $2,000 00
State bonds, 5s, Aug. 31 1909--------------------------- 29,800 00
---------------Land notes, 3s, Aug. 31 1908--------------------------- $38,730 24
Land notes, 5s, Aug. 31 1908-------------- ----------- - 14,867 85
----------------

$31,800 00

Grand t o t a l ------------------------------------------------------------------

$87,418 74

$2,020 65

SECTION 7. The rate of taxation on property for State purposes shall'
never exceed eight mills on each dollar of valuation, t o b e a p p o r t i o n e d a s
fo llo w s :

N o t

g en era l S ta te
d is tr ic t

to

exceed

fo u r

a n d

p u r p o s e s ; n o t to

sch ool

o n e -h a lf

exceed

p u r p o s e s ; n o t to

f o r h ig h -s c h o o l p u r p o s e s ; th a t p a r t
p u r p o s e s s h a ll c o n s titu te a fu n d to
b e a p p o rtio n e d

to

th e

c itie s

a n d

th ree

exceed
o f
b e

m ills

on

m ills

o n e -h a lf

on

m ill

ea ch
ea ch
on

d o lla r

o f

v a lu a tio n

fo r

d o lla r

o f v a lu a tio n

fo r

each

d o lla r

o f

v a lu a tio n

th e S ta te t a x a p p o r tio n e d to h ig h -s c h o o l
c a lle d th e “ h ig h -s c h o o l f u n d ," a n d s h a t

s c h o o l d is tr ic ts

m a in ta in in g

h ig h

sch o o ls

in

th e

m a n n e r th e L e g is la tu r e m a y p r o v id e .
And whenever the taxable property
within the State shall amount to [two hundred] f o u r h u n d r e d million dollars,
the rate shall not exceed five mills on each dollar of valuation; [and whenever
the taxable property within the State shall amount to three hundred million
dollars, the rate shall never thereafter exceed four mills on each dollar of
valuation]; unless a proposition to Increase such rate, specifying the rate
proposed and the time during which the same shall be levied, be first sub­
mitted to a vote of such of the qualified electors of the State as. In the year
next preceding such election, shall have paid a property tax assessed to
them within the State, and the majority of those voting thereon shall vote
In favor thereof In such manner as may be provided by law.

A fourth resolution to be offered in 1910 proposes an
amendment to Section 2 and 3 of Article X ., regarding
the public-school system and also the State school fund.
C o n d itio n
o f P e r m a n e n t A g r ic u lt u r a l a n d M e c h a n ic a l C o lle g e F u n d .
Virginia-West Virginia.— H earing in Debt Case to be Re­
Cash on hand Aug. 31 1909----------------------------------------------$30,364 24
State bonds, 3s________________________________ $35,000 00
sum ed D ec. 28.— The hearing in the debt-settlement case
State bonds, 7s----------------- --------------------- --------- 174,000 00
---------------209,000 00 before Special Master Littlefield, which was adjourned re­
cently, owing to the illness of John G. Carlisle, one of the
Grand total Aug. 31 1909_______________________________ $239,364 24
Counsel for West Virginia, will be resumed Dec. 2S. It is
o f P e rm a n e n t B lin d A s y lu m
F u n d .
C o n d itio n
expected that Mr. Carlisle will have recovered sufficiently
Cash on hand Aug. 31 1909----------------------------------------------554 10
by that time to make the final argument for his State, but
State bonds, 3s, Aug. 31
1909_________ $20,000 00
State bonds, 4s, Aug. 311909___________________ 57,000 00
the new date is said to have been agreed upon with the dis­
State bonds, 5s, Aug. 31
1909-------------56,900 00
^
^
tinct understanding that the case will proceed then whether
Land notes, 10s, Aug. 31 1908------------------------$623 57
Mr. Carlisle is present or not. V. 89, p. 1364.
Land notes, 5s, Aug. 31
Land notes, 3s, Aug. 31

1908_________
1908--------------

53,598 09

12,555 18
32,791 25

B o n d C a lls a n d R e d e m p t io n s .
Grand total____________________________________________

$179,924 10

Allegheny County (P. O. Pittsburgh), Pa.— Bond C all .—
C o n d itio n
o f
P erm a n en t
D e a f a n d
D u m b
A s y lu m
F u n d .
Interest will cease on Jan. 1 1910 on the following registered
$875
09
Cash on hand Aug. 31 1909-----------------compromise bonds, dated Jan. I 1863 and due Jan. I 1913:
State bonds, 3s, Aug. 31 1909------------- ...............$22,000 00
Nos. 750, 751, 753, 754, 755, 757, 763, 764, 765, 766, 767,
State bonds, 4s, Aug. 31 1909--------------- ............... 18,000 00
..............
54,100
00
State bonds, 5s, Aug. 31 1909..................
768, 769, 770, 771, 772, 773, 774 and 775. They will be
6,000 00
State bonds, 7s, Aug. 31 1909--------------- ..............
100,100 00
redeemed at the County Comptroller’s office in Pittsburgh.
..........
.
$930
82
Land notes, 10s, Aug. 31 1908------------St. Joseph, Mo.— Tenders of Bonds Requested. — Tenders
Land notes, 5s, Aug. 31 1908--------------- _______ 33,855 81
Land notes, 3s, Aug. 31 1908--------------- ............... 46,504 24
81,290 87 will be received until Jan. 1 1910 by Thos. Shaffer, City
Comptroller, for the sale to the city of the following bonds:
Grand total_____________________________________________ $182,265 96 3 % % refunding issue of 1901, 4% refunding issue of 1903,
C o n d itio n
o f P e r m a n e n t S la te L u n a tic A s y lu m
F u n d .
4% electric and sewer issue of 1904, 4% public sewer issue
$81 27 of 1904, 3 lA % judgment funding issue of 1901 and 4%
Cash on hand Aug. 31 1909
--------­
State bonds, 3s,Aug. 31 1909---------------------------- $15,000 00
judgment funding issue of 1906.
State bonds, 4s,Aug. 31 1909__________________
30,000 00
State bonds,

5s,Aug. 31 1909.----------

72,100

00

117,100 00

Land notes, 3s,Aug. 31 1908---------------------------- $22,617 12
Land notes, 5s, Aug. 31 1908------- •------------------8,303 22
Land notes, 10s, Aug. 31 1908-------------------------1,242 49

32,163 14
$149,344 41

Grand t o t a l ---------- ------------------------------------------------------

The figures for the fiscal year Aug. 31 1908 were published
in^the “ Chronicle” Nov. 28 1908, page 1435.
Utah.— Constitutional Amendments.— The Legislature of
this State at its 1909 session adopted joint resolutions pro­
viding that at the next general election to be held in Novem­
ber 1910 four amendments to the State Constitution shall
be voted upon. One of these alters Section 1 of Article
X IV ., relating to the limit of State indebtedness, so that
hereafter the State may contract debts to meet casual deficits
or failures in revenue and for necessary expenses not exceed­
ing in the aggregate at any one time an amount equal to one
and one-half per cent (1 ^ % ) of the value of the taxable
property contained therein. Under the present law the limit
of incurring such indebtedness is $200,000. In the following,
changes proposed are printed in italics and the portions to
be eliminated are given in brackets:
SECTION 1. To meet casual deficits or failures In revenue, and for
necessary expenditures for public purposes, Including the erection of public
buildings, and for the payment of all Territorial Indebtedness assumed by
the State, the State may contract debts not exceeding In the aggregate at
any one time [the sum of $200,000 over and above the amount of the
Territorial Indebtedness assumed by the State. Dut when the said Terri­
torial Indebtedness shall have been paid] a n a m o u n t e q u a l t o o n e a n d o n e h a lf
th e

p er

cen tu m

o f

th e

la st a s s e s s m e n t f o r

v a lu e
S ta te

o f

th e

ta x a b le

p u rp o ses,

p ro p erty

p r e v io u s to

o f

th e

S ta te,

th e in c u r r in g

a s

sh ow n

o f su ch

bu

in d e b t­

the State shall never contract any Indebtedness, except as In
the next section provided. In excess of [the sum of $200,000] s u c h a m o u n t ,
and all moneys arising from loans herein authorized shall be applied solely
to the purposes for which they were obtained.
.
ed n ess

B u t

The section referred to in the foregoing follows:
SECTION 2. The State may contract debts to repel Invasion, suppress
Insurrection or to defend the State In war; but the money arising from the
contracting of such debts shall be applied solely to the purpose for which
It Is obtained.
.
* w ** M * < * * * &

Another amendment to be voted upon alters Section 4 of
Article X IV ., pertaining to the limit of indebtedness of
counties, cities, towns and school districts. This section
when amended will appear as given below:
SECTION 4. When authorized to create Indebtedness as provided In
Section 3 of this Article, no county shall become Indebted to an amount.
Including existing Indebtedness, exceeding 2% . No city, town, school
district or other municipal corporation, shall become Indebted to an amount,
Including existing Indebtedness, exceeding 4% of the value of the taxable
nroDerty therein, the value to be ascertained by the last assessment for
State and county purposes previous to the Incurring of such Indebtedness;
except that In Incorporated cities the assessment shall be taken from the
last assessment for city purposes; provided, that no part of the Indebtedness
allowed In this section shall be Incurred for other than strictly, county, city
town or school district purposes: provided, further, that any city [or town]
o f t h e f i r s t a n d s e c o n d c l a s s when authorized as provided In Section 3 of this
Article may be allowed to Incur a larger Indebtedness, not [exceeding] t o
e x c e e d four per centum, a n d a n y c i t y o f t h e t h i r d c l a s s , o r t o w n , n o t t o e x c e e d
e ig h t p e r c e n tu m
additional, for supplying such city or town with water,
artificial lights or sewers when the works for supplying such water, light
and sewers, shall be owned and controlled by the municipality.




B o n d P r o p o s a l s a n d N e g o t ia t io n s this week
fe&ve
as follow s:
Alameda, Cal.— Bonds A uthorized. — Local papers report
that the Council Committee has authorized the issuance of
$187,500 bonds for the following purposes: $15,000 to repair
and improve the Wilson School; $35,000 to complete the
construction of the Eighth Street School; $100,000 to build
a new school; $7,500 to install a Gamewell red light policesignal system, and $30,000 to construct an intercepting
sewer on the south side.
Albemarle, Stanley County, No. Caro.— Bond O ffering. —
Proposals will be received until 2 p. m. Nov. 29 by R. L.
Smith, Town Attorney, for $3,000 refunding school and
$10,000 street-improvement 5% coupon bonds.
The former Issue Is authorized by Chapter 344, Public Laws of 1901,
while the latter Issue Is authorized by Chapter 71, Public Laws of 1907.
Denomination $1,000. Date Jan. 1 1910. Interest semi-annually at place
designated by purchaser. Maturity 1940. Certified check for $500, pay­
able to the Town Treasurer, is required. Ponded debt, at present, $20,000.
Assessed valuation, $914,445.

Amarillo Independent School District (P. O. Amarillo),
Potter County, Tex.— Bonds Voted. — We see it reported that
the proposition to issue the $100,000 5% 10-40-year (op­
tional) school-building bonds mentioned in V. 89, p. 1365,
was favorably voted upon Nov. 20.
Archer County (P. O. Archer City), Tex.— Bond Sale.— On
Nov. 15 the $20,000 4% coupon jail-building bonds described
in V. 89, p. 1235, were awarded to the Southern Structural
Steel Co. of San Antonio at par. Maturity Aug. 10 1949,
subject to call after 5 years.
Bartlesville, Washington County, Okla.— Bond O ffering.—
Proposals will be received until 5 p. m. Dec. 6 by L. C. Pol­
lock, City Clerk, for $40,000 city-hall and $20,000 fire-equip­
ment 5% bonds. Interest semi-annual. Maturity 20 years.
Beaumont High School District, Cal.— D escription of
B on d s. — We are informed that the $18,000 6% high-school
bonds awarded on Oct. 13 to the Riverside Savings Bank &
Trust Co. of Riverside at 109.161 (V. 89, p. 1097) mature
$1,000 yearly from 1911 to 1928 inclusive. Denomination
$1,000. Date Sept. 20 1909. Interest annual.
Beckham County (P. O. Sayre), Okla.— Bonds Defeated.
A recent election resulted in the defeat of a proposition to
issue $85,000 court-house and jail bonds.
Bellaire School District (P. O. Bellaire), Belmont County,
Ohio.— Bond O ffering. — Proposals will bo received until 12
m. Dec. 15 by II. A. Lichtenberger, Clerk of the Board of
Education, for $9,000 4% school bonds.
Denomination $1,000. Date Aug. 30 ,1909. Interest semi-annual.
Maturity 7 years. Certified check for 5% of bonds bid for, payable to tho
Hoard, Is required.

Nov. 27 1909. i

THE CHRONICLE

1 4 3 9

Belmont County (P. O. St. Clairsville), Ohio.— Bond Of­
ferin g . — Proposals will be received until 12 m. Nov. 29 by

Council for the $20,000 5% coupon water-works and elec­
tric-light improvement bonds voted on Oct. 12. V. 89, p.
1099. Denomination $1,000. Maturity 30 years. Bonds
are exempt from city taxes.
Denomination $500. Date Dec. 1 1900. Interest payable at the County
Treasurer’s office. Certified check for $200, payable to R . VV. Archer,
Dade County (P. O. Miami), Fla.— Bond Election Post­
Treasurer, Is required.
poned. An election which was to have been held Nov. 23
Bergen and Hudson Counties, N. J.— Bonds P roposed . — to vote on the question of issuing $150,000 funding and
The Joint Committee of County Freeholders proposes to road-improvement bonds was postponed until Jan. 3 1910.
issue $18,000 bonds, it is stated, to improve the Belleville
Dayton, Ohio.— Bond Offering.— Proposals will be received
Turnpike.
nn
m‘ ^ ec’
by Edward Philipps, City Auditor, for
Beverly, Burlington County, N. J.— Bonds D efeated. — Ac­ $6,000
5% coupon fire-engine bonds.
cording to reports an election held Nov. 23 resulted in the
000- Datc Nov. 1 1909. Interest semi-annually In
defeat of a proposition to issue $60,000 sewerage-system T a r i f f r'V.0n $uMaturity
$2,000 yearly on Nov. 1 from 1910 to 1912
n* upconditlonal certified check on a national bank for $300,
bonds.
o n D e o ^ S 1*909the
^ uclltor' ls required. The bonds will be delivered
Brawley, Imperial County, Cal.— Bond Election. — An elec­
tion will be held, it is reported, on Nov. 30 to vote on the
— Bonds Proposed.— Local papers report
question of issuing $62,500 sewer and water-works bonds.
that this city will be on the market about the end of next
month
with
$216,000
school bonds.
Breckenridge, Wilkin County, Minn— Bond Sale. — The
two issues of 5% coupon bonds offered without success on
Dinwiddie County (P. O. Dinwiddle), Va.— Bonds Awarded
Sept. 11 (V. 89, p. 795), have been disposed of as follows:
in 1 art.— Recent advices from the County Clerk indicate
$5,000 perm ane n t^-Improvement bonds awarded to the Sinking Fund that only $20,000 of the authorized issue of $102,500 5%
35,000 coupon bonds sold on Sept. 1 1 to the Thos. J. Bolgcr Co. of Chicago 20-30-year (optional) road bonds have been disposed of.
At par.
from previous information we judged that the entire issue
Bucyrus, Ohio. Bonds P roposed . — Reports state that an had been sold. See V. 89, p. 1367.
Douglas, Mass.— Bond Offering.— Proposals will be
ordinance has been passed on its first reading providing for
the issuance of $16,000 street-improvement (city’s portion) received until 10 a. m. Nov. 30 by Walter E. Schuster, Town
bonds.
*
Treasurer (P. O. East Douglas), for $40,000 4% coupon
L oans A uthorized. — Ordinances providing for the issuance water bonds.
of the following loans were recently passed, it is reported,
Denomination $1,000. Date July 1 1909. Interest semi-annually at
City Trust Co. in Boston. Maturity $2,000 yearly on July 1 from
by the City Council: $16,000 street-paving (city’s portion) the
1914 to 1933 Inclusive. Bonds are tax-exempt and will be ready for de­
bonds and $3,200 Poplar Street paving notes.
livery Dec. 1 1909. The genuineness of these bonds will be certified to
the City Trust Co. of Boston, who.wlll further certlfyRhat In the opinion
Centre, Shelby County, Tex.— Bonds Voted. — Reports °by
r Ropes, Gray & Gorham this issue Is a valid obligation of the town,
state that an election held recently resulted in favor of the lotal debt, this issue.
question of issuing bonds for the extension and improvement
Duluth, St. Louis County, Minn.— Bond Offering.— Pro­
of the water works.
posals will be received until 7:30 p. m. Dec. 13 by H. W.
Charleston, Utah.— Bond Sale. — The State of Utah re Cheadle, City Clerk, for $50,000 5% gold coupon Garfield
Avenue paving bonds.
cently purchased $3,800 5% electric-light bonds at par.
E. E. Shepherd, Auditor, for $2,000 4J^% coupon Belmont
Road bonds.

Denomination $500, except one bond of $300. Interest May and Novem­
ber. The bonds are subject to call after 10 years.

Chicago Sanitary District, 111.— B id s. — We are informed
that the following bids were submitted on Nov. 24 for the
$2,500,000 4% coupon bonds described in V. 89 p 1236McCoy & Co., Far well Trust Co., American Trust & Savings’
Bank, N. W. Halsey & Co., Wm. A. Read & Co. and the
Hibernian Banking Association, all of Chicago, bid $2,452 075
for the issue. Lee, Higginson & Co. offered $2,441,132 50
for the bonds.
Clover Flat School District, San Diego County, Cal.— Bond
Election.—-A n election will be held, it is stated, on Nov. 26 to
vote on the question of issuing $1,300 bonds.
Coalinga, Fresno County, Cal.— Bond E lection. — It is
reported that the question of issuing $60,000 6% school bonds
will be decided on November 30.
Cold Spring, Stearns County, Minn.— Bonds Voted'.— The
question of issuing $11,000 water-works bonds was authorized
by a vote of 36 to 32 at an election held Nov. 22. It is exasC4/
^1G
^ lnnes°ta will purchase these bonds
Collinsville, Rogers County, Okla.— Bond O ffering.— W. J.
I attison, 1own Clerk, will sell at public sale on JNW. 29 at
2 p . m . $30,000 water-works and $7,500 sewer 6% bonds.
Colonial Beach, Westmoreland County, Va .— Bond Elech on 1 ostponed.— Ihc down Council has petitioned the Cir­
cuit Court of Westmoreland County to order an election on
the question of issuing $10,000 improvement bonds.
Colusa County (P. O. Colusa), Cal.— Rond E lection.—
Reports state that an election has been called for Dec 21
to vote on a proposition to issue;$600,000 bonds for highways.
Corlett (P. O. Station D, Cleveland(), Cuyahoga County,
Stole.— Oh Nov. 24 the $4,000 5% coupon
Windfall Ave. grading and sewer assessment bonds described
m V 89, p. 1366, were awarded to Otis & Hough of Cleveland
at 104.125 and accrued interest. Other bidders were:
First Nat. Bank, Cleveland $4,163 00|Scasongood
Maturity $2,000 on Nov. 1 In 1014 and 1919.

&

Mayer, CInc_$4,161 25

Crosby School District, Harris County, Te x . — Bonds
Voted . It is stated that a proposition to issue $10,000
school-building bonds was voted upon Nov. 17 and carried
by a vote of 40 to 10.
Cummingsville School District, Kern County, Cal.— R o n d
O ffering.— P roposals will be received until Dec. 2 for $3,500
5% bonds.
Custer County (P O. Miles City), Mont . - B o n d S a l e . - On
NoY™7 the S50’000, wagon-bridge bonds described in V. 89,
p 1294, were awarded to the Harris Trust & Savings Bank
of Chicago at 100.30 for 4 ^ s . A list of the bidders follows:
Harris Tr. &Sav. Bk., Chic.a$50,150
E. Denison & Co., Clevc.6$51,056
Security Tr. Co., St. P aul.. aSO.l.io P,’
McCoy & Co., Chicago.........051,007
Woodln.McNear&Moore.Chl. 051,710 l;arson, Son & Co., Chicago. 050,875
N. VV. Halsey & Co., C hic.. 051,095
t i ? i Cu (lnVChta|I0- ......... 050,751
A. B. Leach & Co., Chicago. 051,520 n
a a “ v,Houffh, Cleveland__ 050.750
E, H. Rollins f i Sons, Denv. 051,375 g
- A - Kean * Co., Chicago. 050,625
John Nuvcen & Co., Chicago 051,200 Seasongood & Mayer, Cine. 050,600
Coffin <fc Crawford, Chicago. 051,125 Well, Roth & Co., Cincin__ 050,550
Union Invest. Co., MInneap. 051,075
a For 4 >$s. 0 For 5s.
Maturity Jan. l 1930, subject to call after 10 years.

Cuthbert, Randolph County, Ga.— Bond Offering.__Pro­
posals will be received until 8 p. m, Dec. 7 by the Mayor and




un
nyinCi % Cr 8n
,Gc?
eral 1Laws
$OUU,1 $
1 UU and $o0.
Date
Jan.
1910of 1909.
InterestDenominations
spml-nnniiflllv $1,000,
At thp
American Exchange National Bank In New York City. Maturity SI0,000
r
A
°
nJ
& a - 1 ^ " V 1 9 1 1 t0 1015 Inclusive.
Bids must be unconditional
and be accompanied by an unconditional certified check or a certificate of
fi°r
b o a d l 1)1,1 *or- made payable to the
City of Duluth. Official circular states there has never been a default
In the payment of bonds or interest; also that there is no controversy pend­
ing or threatened affecting the corporate existence or boundaries of the city.

East Aurora School District, Kane County, 111.— Bonds
Voted.— Local papers state that a recent election resulted in
favor of a proposition to issue $150,000 school-building bonds.
The vote was 1,198 “ for” to 156 “ against.”
Fargo, No. Dak.— Warrant Offering.— Proposals willlbe
received until 5 p. m. Dec. 20 by N. C. Morgan, City Auditor,
for $80,000 water and sewer warrants.
1 n?n3IinJ?illnf'tIon JDOOO.
Maturity part yearly on April 15 from 1911 to
1920 Inclusive. Certified check for $500 Is required.

Glendale School District (P. O. Glendale), Los Angele
Lounty, Cal.— Bond Election.— An election will be held
Dec. 4, according to reports, to vote on the question of
issuing $4,000 bonds.
Gloucester, Mass.—Bond Sale.— The $20,000 4 % 1-10-year
(serial) coupon bonds described in V. 89, p. 1367, were sold
011 i
j°
^aPe Ann National Bank of Gloucester
at 101.JO and S3 premium. Purchasers to pay accrued in­
terest. The other bidders were:
Edmund Bros. & Co..............101.89
Blodget, Merritt & Co., B os.101.089
R . L. Day & Co., Boston___ 101.679 City Nat. Bank, Gloucester.. 101.05
Adams & Co., Boston______ 101.65
Blake Bros. & Co., B o sto n ...101
Merrill, Oldham & Co., B os..101.279

Grand Junction, Mora County, Colo.— Bonds Offered by
Bankers.— H. T. Holtz & Co. of Chicago are offering to in­
vestors $20,000 5% 10-20-year (optional) refunding water­
works bonds. Denomination $1,000. Date May 1 1909.
Interest semi-annually at Kountze Bros, in New York City.
RaPids, Mich.-—Bond Election Proposed.— There is
talk of holding an election next spring to vote on the ques­
tion of issuing $100,000 park bonds.
Grand Valley Irrigation District, Garfield County, Colo.—
Bond Llechon. Reports state that a bond election will be
held Dec. 16.
Greenwood, Leflore County, Miss.—Bond Offering— Pro­
posals will be received until 8 p . m . Dec. 7 by Gid Montjoy,
Mayor, for $20,000,drainage and $10,000 funding 5% bonds..
. A uth<?(!ty
i3Q
4in5 ' 34T
2 0 ’ ChaPter 99, Laws of 1906.
Denomlnatlo11
$500. Date freb. 1 1910. Interest annually at the City Treasurer’s office
in Greenwood. Maturity 20 years. Certified check for 10% of bonds,
payable to the Mayor, Is required. Official notice states that the city has
ever defaulted In payment of interest or principal, and that there Is no
litigation pending or threatened. Purchaser to pay accrued Interest.

Hardin County (P. O. Kenton), Ohio.— Bond Sales.— It is
stated that on Nov. 22 the $20,400 5% ditch-construction
bonds described in V. 89, p. 1368, were sold to the First
National Bank of Cleveland for $20,637— the price thus
being 101.161. Maturity part yearly from 1910 to 1913
inclusive.
, «
i
Reports further state that the First National Bank of
Cleveland was also awarded $5,000 pike bonds at 101.54.
"*Harris County School District No. 25, Te x . — Bonds Voted
— According to reports, only 1 of 25 votes cast at an election
held Nov. 17 was against the question of issuing S16.000
school-building bonds.

THE CHRONICLE

1440

Hart Township (P. 0 . Hart), Oceana County, Mich.—
Bonds Defeated.— The electors on Nov. 23 defeated the
proposition to issue the $40,000 4 }^ % highway bonds
mention of which was made in V .8 9 ,p . 1368. The vote was
189 “ for” to 202 “ against.”
Hartford School District (P. O. Hartford), Sebastian
County, Ark.— Bond Sale.—This district recently awarded
$10,000 6% school bonds to Lewis W. Thomson of St.
Louis. Interest semi-annually in St. Louis.
Haskell County School District No. 30, Okla.— Bond Sale.
— This district has disposed of $5,000 6% school bonds to the
Oklahoma Bond & Trust Co. of Guthrie at 102. Date
Nov. 1 1909. Maturity July 1 1929.
Hawkins County (P. O. Rogersville), Tenn.— Bond Offer­
ing.— Proposals will be received until 1 p. m. Dec. 17 by
J. R. Sanders, Secretary Board of County Commissioners,
for $40,000 4y2% bonds.

keepsie for $6,510— the price thus being 100.153. A bid at
par was also received from Geo. M. Hahn of New York City.
Lone Free School District, Kern County, Cal.— Bond
Offering.— Proposals will be received until Dec. 2 for $3,UUU
6% bonds.
Louisville, Stark County, Ohio.— Bids Rejected.— The fol­
lowing bids, both of which were rejected, were received on
Nov.°15 for the $32,000 4 % 6-37-year (serial) coupon sewerconstruction bonds described in Y. 89, p. 1025:
Well. Roth & Co., Cln.par less a$8501 Otis & Hough, Clev.par less a$l,000
a For attorney’s fees and other expenses.

Authority Chapter 518. Acts of 1007. Denomination $1,000. Interest
semi-annual. Maturity $ 1,000 In 1950 and $3,000 yearly from 1951 to
1963 Inclusive. Certified check for $1,000 Is required.

Hayfield, Dodge County, Minn.— Bonds Defeated— An
election held Nov. 18 resulted in the defeat of a proposition
to issue $1,200 6% water-main bonds. The vote was 22
“ for” to 33 “ against.”
Helena School District No. 1 (P. O. Helena), Lewis and
Clark County, Mont.—Bonds Defeated.— The election held
Nov. 13 (V. 89, p. 1296) resulted in the defeat of a proposition
to issue $50,000 4 ^ % school bonds. The vote was 33 “ for
to 47 “ against.”
Jackson, Miss .— Bonds Proposed.— There is talk of issuing
$325,000 bonds for pure water, paved streets and school im­
provements .
Jefferson County School District No. 4, Mont.— Bond Of­
fering .— Reports state that proposals will be received until
Dec. 4 for $5,000 5% coupon school-building bonds. Ihese
securities were offered without success (V. 89, p. 679) on
Aug. 21.
'
Johnson County High School District, W y.— Bond Offer­
ing.— Proposals will be received until to-day (Nov. 27) at
Buffalo for $25,000 5 }4 % building bonds.

Bond Sale.— On Nov. 19 the above bonds were disposed of
at private sale to Seasongood & Mayer of Cincinnati at par
and accrued interest.
# t
Lovell, Bighorn County, W yo.—Bonds Voted.— 1Thisi city
has voted to issue $25,000 bonds. Date of sale not yet
determined.
.
Lyons, Burt County, Neb.— Bonds Defeated— An election
held Nov. 16 resulted in the defeat of a proposition to issue
$6,000 electric-light bonds.
Macon, Ga.— Bond Sale.— The following award was made
of the bonds offered by the sinking fund on Nov. 23:

Authority Chapter 67, Laws of 1905, also vote of 140 “ lor” to none
••against” at election held Oct. 2 1909. Denomination
.000. Uate
Dec. 31 1909. Interest Jan. 1 and July 1 at the Stock p o w e rs National
Bank In Cheyenne or at the County Treasurer’s office. Maturity Dec. 3i
1934. Certified check for 10% of amount bid Is required. Official notice
states that there Is no litigation or controversy pending or toeatened con
ccernlng
c r u u i K the
m e validity
v a u u u y of
u i these
m c o c bonds,
u v u u o » the boundaries
^
------ of the municipality or
the titles of the officials to their respective offices.

Kenmore, Erie County, N. Y .— Bonds Voted.— A recent
election, it is stated, authorized the issuance of the following
bonds: $100 for an extension ladder, $400 for a chemical
engine, $3,000 forjlighting extension and ^$3,600 to extend
the water mains. ,
La Grande, Ore.— Bond Offering.— Proposals will be re­
ceived until 4 p. m. Dec. 9 by D. E. Cox, City Recorder,
for $50,000 5% refunding water bonds.
Denomination $1,000. Maturity 20 years, subject]to’call after]10 years.
Certified check for $5,000 Is required.
■

Lebanon, Pa .— Bond Election Proposed— An ordinance
is before the Common Council providing that the question of
issuing improvement bonds be submitted to a vote of the
people at the election in Feb. 1910. It is proposed to issue
these bonds to construct a Hazle Dyke Flood Channel, to
lower the bed of the Quittapahilla Creek from Fourth Street
tojPatridge Avenue and construct an intercepting sewer. It
is estimated that the improvements will cost $100,000 or
$ 1 1 0 ,0 0 0 .

^

,

.

n

Lexington, Dawson County, Neb.— Bonds Declared ta r ­
ried.— On Nov. 18 Judge Hostetler of the District Court dis­
solved the injunction which had previously been granted
restraining the issuance of $50,000 school bonds. The bonds
were voted on Aug. 30 (V. 89, p. 1237) but it was alleged
that some of the favorable votes on the bonds had been cast
by illegal voters. A recount was had and the bonds declared
carried by a majority of one vote.
Lexington Township School District No. 11, Mich.— Bond
Sale .— School-building 5% bonds amounting to $20,000
were purchased on Nov. 17 by Reynolds, Watson & Co. of
Chicago at 107.72— a basis of about 4.20% .
Denomination $1,000.
and $10,000 In 15 years.

Interest annual.

[VOL. LXXXIX.

Maturity $10,000 in 10 years

$45,000 4 % refunding bonds (4 i s s u e s ) of the city of Augusta awarded to
*
W . E. Bush of that city at 95 If and Interest.
. . . .
1 « nno
and 5 if% city of Macon market-house bonds awarded $1,000
16.000 5% a n a s H .P arker at 106.264 and Interest and $15,000 to Solo­
mon & Co. of Macon at 105.39 and Interest.
_ h
30 000 4 R % and 4 K % Macon deficiency bonds awarded to W . E. Bush
8/ o o o 5% anc^'s^%a Macon*sewer*bonds*3awarded $34,000 to Solomon

84.000 5% ana °
neon at 108.18 and interest, $47,000 to the American
National Bank Vt 108.07 and Interest and $3,000 to Walter
Turpin of Macon at 106.50 and Interest.
The bids received for $46,000 3% and 3 M % Macon bridge
ment bonds, also offered on Nov. 23, were rejected. The bonds offered
were not new Issues, but securities held by the Bond Commission of Macon
as a sinking fund for the redemption of Macon 6 % bonds due Jan. 1 1910.

Madisonville, Hamilton County, Ohio.— Ronds Authorized.
— An ordinance was passed recently providing for the issu­
ance of $3,500 4% 25-year fire-department bonds.
_
Memphis, Tenn.— Bonds Offered by Bankers .— According
to reports, the Harris Trust & Savings Bank of Chicago is
offering to investors $350,000 4J^% 35-year bonds dated
AUJ 3 o n V l £ .—The $425,000 4 ^ % paving bonds offered
on Nov 22 (V. 89, p. 1369) were awarded, it is stated, to
the Bank of Commerce & Trust Co. of Memphis for $428,200,
the price thus being 100.752.
Middlesex County (P. O. Lowell), Mass.— Note Sale.— On
Nov. 23 the $35,000 4% 2-8-year (serial) training-school
notes described in V. 89, p. 1369, were awarded to R. L.
Day & Co. of Boston, at 101.459 and accrued interest— a
basis of about 3.681%.
Following are the bids:
R L Day &Co., Boston----- 1 0 1 .4591Blake Bros. & c O;’ Boston
100.80
Blodget?Merrlt &Co.. Boston 101.297 Capital Sav Bank & Tr. C o.,100
Adams & Co.. Boston---------101.17 [
.
.

Minersville, Schuylkill County, Pa.— Bond Election. An
election will be held Feb. 1 1910 to vote upon a proposition
to issue $35,000 4% street-paving bonds.
Morton County (P. O. Richfield), Kan.— Bonds Voted.—
If the reports in local papers are correct, the voters ot this
county on Nov. 15 authorized the issuance of bonds to aid
the Gulf & Northeastern Ry.
Motley County (P. O. Matador), Tex.— Bonds
The State Comptroller registered an issue of $25,000 5%
5-40-year (optional) road-improvement bonds on Nov. 17.
Mount Pleasant, Titus County, T e x .— Bond Offering.—
Proposals will be received until 8 p. m. Dec. 7 by J. V.
Moore, Mayor, for $10,000 5% bonds. Interest semi-annual.
Maturity 40 years, subject to call $250 yearly. Certified
check for 5% is required.
Mountain View (P. O. Knoxville), Knox County, Tenn.—
Bond Offering.— Proposals will be received until 1 p. m.
Dec. 1 by Jno. M. Allen, Chairman of Finance Committee,
for the $20,000 5 ^ % coupon street-improvement bonds
voted on Oct. 30. V. 89, p. 1370.

Assessed valuation 1909, $218,930.

Muncie, Ind.—Bonds Proposed.— The Mayor has recom­
Litt’e Rock, Ark.—Bonds Offered by B a n k e r s 'T heW il- mended the City Council to authorize the issuance of $35,­
liam R. Compton Co. of St. Louis is offering for sale $19,000 000 bonds.
„
, _ ,
n
Newburgh, Orange County, N. Y . — Bond Sale. On
5 % % improvement bonds.
Denomination $500. Interest Feb. 1 and Aug. 1. Maturity part yearly Nov 22 the $158,000 4% 20-year registered water-works
on Aug. 1 from 1914 to 1918 Inclusive.
bonds described in V. 89, p. 1297, were awarded to A. B.
Livermore, Alameda County, Cal.—Bond Election Pro­ Leach & Co. of New York City at par and accrued interest.
posed .— Papers state that the Board of Trustees proposes There were no other bidders.
to call an election to allow the voters to determine whether
Newburyport, Mass.— T em porary L oa n . — A loan of $30,­
or not $10,000 public-library and park bonds shall be issued.
000 has been negotiated, it is reported, with the Institution
Livingston School District (P. O. Livingston), Polk or Savings of Newburyport at 4.35% discount. Maturity
County, Tex .—Bond Offering .— Proposals will be received
until 1 p.'Jm. Dec. 1 by James E. Hill Jr., President School March 20 1910.
New Castle County (P. O. Wilmington), Del.— P rice P aid
Board, for $25,000 5% registered school bonds.
■* Denomination $500. Date Oct. 1 1909. Interest March 1 at the Chase for Bonds.— W o are informed that the price paid for the
National Bank in New York City. Maturity forty years, subject to call $45,000 4% gold coupon highway-improvement Donas
after 20 years. Certified check for $500, payable to the President of the
awarded on Nov. 16 to the Wilmington Savings Fund Society
School Board, is required. B
|KLivonia, Livingston County, N. Y .— Bond Sale.— An issue was 100.25 and accrued interest, and not lU l.i^o, as reof $6,500 5% 1-13-year (serial) water bonds dated Dec. 1 norted in V 89, p. 1370. A bid below par was also received
,J
& J
1909 was sold on Nov. 23 (o Isaac W . Sherrill of Pough­ From W N.; ( $ « fcC o , ot NowJYork (Sty.




Nov. 27 1909.j

the

c h r o n ic l e

Newport, Campbell County, Ky.— Bonds Not to Be Issued,
at Present.— We are informed that no action will be taken
looking towards the issuance of the $100,000 street-improve­
ment bonds voted on Nov. 2 (V. 89, p. 1297) before Febru­
ary or March of next year.
New Rochelle, N. Y .— Certificate Offering.— According to
reports, proposals will be received until 8 p. m. Nov. 30 by
W. G. Itainsford, City Clerk, for $200,000 6% certificates
of indebtedness.
They will be dated Dec. 1 1900 and mature Aug.
for 5% is required.

1

1910.

J. F. Burgess, Secretary Board of Education, for $150,000
coupon school bonds.
Denomination $1,000. Date July 1 1909. Interest semi-annually at
the State fiscal agency in New York City. Maturity 20 years. Certified
or cashier’s check on a national bank of Omaha for 2% of bonds bid for,
payable to the district, is required. Purchaser to pay accrued interest.

Orange, N. J.— Bonds Proposed.— According to Newark
papers this city proposes to issue $90,000 4% lighting-plant
bonds.
Orange, Orange County, Va.— Bond Sale.— On Nov. 18
the $20,000 5% coupon water-works bonds mentioned in
V. 89, p. 1238, were sold to the National Bank of Orange
at 100.525.

Certified check

Newton, Jasper County, 111.— Bond Sale.— On Nov. 22
the $5,000 5% coupon water and light bonds described in
V. 89, p. 1270, were awarded to the Farwell Trust Co. of
Chicago at 104.14. Other bidders were as follows:

Denominations $100, $500 and $1,000. Date Dec. 1 1909. Interest
annually at the Town Treasurer’s office. Maturity 30 years, subject to
call after 15 years.

Thos. J. Bolger Co.. Chicago.-$5,1011A. G. Edwards & Sons, St
L o u is __________
$5,032
S. A . Kean & Co., Chicago— 5,100
John Nuveen & Co., Chicago.. 5,076 VV. H. Compton Bond & Mort­
Harris Trust & Savings Hank,
gage Co., St. Louis________ 5,017
C h icago__________________ 5,065 John O’ Brien & Co____________5,000
Maturity part yearly on Dec. 1 from 1920 to 1924 inclusive.

New York City.—Bond Offering.— Proposals will be re­
ceived until 2 p. m. Dec. 10 by Herman A. Metz, City
Comptroller, for $12,500,000 4% gold registered or coupon
corporate stock as follows:
$6 ,000,000 4% corporate stock for various municipal purposes, maturing
May 1 1959.
6,000,000 4% corporate stock for water supply, maturing May 1 1959.
500,000 4% corporate stock for the construction of a library building In
Bryant Park, maturing May 1 1959.

Stock issued in coupon form can be converted at any time
into registered stock, and stock issued in registered form
can be converted at any time into coupon stock in denomina­
tions of $1,000.
The above bonds are exempt from all taxation. Interest
from and including Dec. 10 1909 will be payable semi­
annually on May 1 and Nov. 1. On all stock which may
be issued in coupon, form interest will be paid at the option
of the holders at the office of the City Comptroller in New
York or by the city’s agent in London, Eng., at the rate
of $4 8780 to the pound sterling.
Either money or a certified check drawn on a trust com­
pany or State bank doing business in New York State or
upon a national bank, to the order of the City Comptroller,
for 2% of the par value of the stock or bonds bid for, must
accompany proposals.
Chapter 274 of the Laws of 1904, which applies to the sale
of bonds of the City of New York, provides that “ all-on-none”
bids cannot be considered by the Comptroller unless the bid­
der offering to purchase “ all or none” of the bonds offered for
sale shall also offer to purchase “ all or any part” thereof.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Niles, Trumbull County, Ohio.— Bonds Authorized— The
City Council has passed an ordinance, it is stated, providing
for the issuance of $1,500 water-main-extension bonds.
Niles, Runnels County, Tex.— Bonds Voted.— An election
held Nov. 1G resulted in favor, it is stated, of a proposition
to issue $20,000 water-works bonds.
Northampton, Mass.— Temporary Loan.— A loan of $40,­
000, due March 12 1910, has been negotiated with the
Northampton Institution for Savings at 5% .
Northampton School District (P. O. Northampton),
Northampton County, Pa.— Bond Offering.— Proposals will
be received until 7 p. m. to-day (Nov. 27) by E. T. Diefenderfer, Secretary, for $70,000 4 j^ % bonds.
Interest payable at the Coplay National Bank of Coplay. Certified
cheek for 5% of bid Is required. These bonds were olTcred as 4s on Oct. 6 .
See V. 89, p. 1101.

Oakland, Alameda County, Cal.— Bonds Voted.— Local
papers state that the election held Nov. 15 (V. 89, p. 1238)
resulted in favor of propositions to issue bonds aggregating
$3,333,000. The vote was as follows:
City-hall bonds— 10,077 "fo r” to 853 "against."
Harbor Improvement bonds— 10.065 "fo r” to 774 "against.”
Fire and police telegraph building bonds— 9,953 "fo r” to 879 “ against.”

Annexation Authorized.— An election held Nov. 1G resulted
in favor of the question of annexing to the City of Oakland
the thirty-six square miles of territory formerly known as
Brooklyn and Oakland townships. The vote in the annexed
territory is given as 2,179 to 837, while Oakland is said to
have cast 7,928 votes “ for” and 160 “ against” the proposi­
tion.
Oakwood Independent School District (P. O. Oakwood),
Leon County, Texas.—Bond Offering.— Further details are
at hand relative to the offering of the $10,000 5% coupon
brick-school-house bonds mentioned in V. 89, p. 1370. Pro­
posals will be received by Jno. A. Childress, President Board
of Education.
Denomination $500. Date July 10 1909. Interest annually in Austin.
Maturity 40 years, subject to call after 10 years. Certified check for $500,
payable to the President Board of Education, is required.

Omaha School District (P. O. Omaha), Neb.— Bond Offer­
ing.— Proposals will be received until 10 a. m. Dec. 4 by




1441

Otero Irrigation District, Otero County, Col.—Bond
Offering.— Proposals will be received until 10 a. m. Dec. 13
by H. Savage, Secretary Board of Directors (P. O. La Junta),
for $150,000 6% bonds. Interest semi-annual. Maturity
part yearly from 11 to 20 years inclusive.
Painted Post, Steuben County, N. Y .— Bond Sale.— On
Nov. 18 the S 10,000 water-works system bonds described
in V. 89, p. 1298, were awarded to Isaac W. Sherrill of
Poughkeepsie at 100.10 and accrued interest for 4.45s.
The bids were as follows:
L W .„sh®rrlA1!; Poughkeepsie....................... ............................100.10
J. J. Hart, Albany.
------------------------------------------------- 100.10
Adams & Co., New York...................................................
ioo 11
First National Bank, Cleveland________________________ looios
Maturity $400 yearly on July 1 from 1914 to 1938 Inclusive.

for 4.45s
for 4.45s
for 4 75s
for 4 80s
'

Perris Union High School District, Cal.— Bond Election
Postponed.— It is stated that the $25,000 bond election
which was to have been held Nov. 6 (V. 89, p. 1178) was
postponed.
Phoenix School District No. 1, Ariz.— Bids Rejected—
Bond Offering.— All bids received for the $125,000 5%20-year
gold coupon school-building bonds offered on Nov. 15 were
rejected. Proposals are again asked for and will be re­
ceived this time until Dec. G.
Philadelphia, Pa.—Loan Authorized.— The Finance Com­
mittee of the Councils has favorably reported upon a bill
authorizing a loan of $1,200,000 for general municipal pur­
poses. The loan will carry 4% interest and mature within
four months.
Placerville School District (P. O. Placerville), Eldorado
County, Cal.—Bond Election.— This district will hold an
election on Dec. 22 to decide on the issuance of $20,000
bonds.
Plainfield, N. J.— Bond Offering.— Proposals will be
received until Dec. 10 for the following 4% bonds: $45,000
for the erection of a school-building, $10,000 for school
furniture and $43,000 for sewer improvements.
Poland, Mahoning County, Ohio.— Bond Offering.— Pro­
posals will be received until 7 p. m. Dec. 20 by W. H. Stew­
art, Village Clerk, for the following 5% bonds:
$3,250 sidewalk-construction bonds. Maturity $650 yearly on Oct. 1 from
1911 to 1915 inclusive.
500 general street-improvement bonds. Maturity $100 yearly on Oct. 1
from 1920 to 1924 inclusive.
Date Dec. 20 1909. Interest semi-annually at the Village Treasurer’ s
office. Certified check on a national bank for 2% of bonds bid for, payable
to the Village Clerk, is required. Purchaser must be prepared to take the
bonds not later than Dec. 27, the money to be delivered at the Farmers’
Deposit & Savings Bank or at the Treasurer’s office.

Portsmouth, Ohio.— Bond Offering.— Proposals will be
received until 12 m. Dec. 21 by Filmore Musser, City Auditor,
for $72,000 4% coupon street-improvement assessment
bonds.
Denomination $500. Date Dec. 1 1909. Interest semi-annually at the
City Treasurer’s office. Maturity $8,000 yearly on Dec. 1 from 1912 to
1920 Inclusive. Bid must be unconditional and be accompanied by a
certified check for 2% of bonds bid for, made payable to the City Auditor.

Preble County (P. O. Eaton), Ohio.— Bond Sale.— An
issue of $5,972 4 j^ % ditch bonds was disposed of on Nov. 13
to Orange Markey of Eaton for $5,980 75— the price thus
being 100.146.
Denominations $188, $150, $52 and $40. Date Nov. 13 1909. Interest
semi-annual. Maturity part each six months to Nov. 13 1919 Inclusive.

Pulaski County (P. O. Pulaski), Va.— Bond Election.—
We see it reported that an election will be held Dec. 4 to
vote on the question of issuing bonds for the Pulaski Magis­
terial District.
Red Branch School District, Tex.— Bond Sale.— This dis­
trict is reported as having sold at par $1,200 bonds to the
Permanent School Fund of Grayson County.
Rock Creek School District, Tex.— Bond Sale.— An issue
of $1,500 school-building bonds was recently disposed of, it
is stated, to the Permanent School Fund of Grayson County
at par.
Rock Hill, York County, S. C.— Bond Election Proposed.—
Local papers report that a special committee appointed by
the City Council has recommended that an election be called
to vote on the question of issuing bonds for the following
purposes: $100,000 for sewerage, $150,000 for water and
$35,000 for lights.
Sabetha, Nemaha County, Kan.— Bonds Voted.— Reports
state that this city has voted to issue $65,000 water-works
bonds.
Salida School District No. 7 (P. O. Salida), Chaffee
County, Colo.— Bonds Not Sold.— The $34,000 5 % 10-20-year
(optional) coupon high-school-building bonds described in
V. 89, p. 951, were offered but not sold on Nov. 19.

Salina, Kan.— Bond Sale.— On Nov. 15 C. F. McAdams
of Salina was awarded $20,000 4J^% 20-year refunding
bonds at 100.75. Denomination $1,000. Date Nov. 29
1909. Interest May and Nov. 15.
San Angelo, Tom Green County, Tex.— Bond Offering.—
Proposals will be received until 4 p. m. Jan. 3 1910, it is
stated, for the $15,000 5% central-fire-station bonds voted
(V. 89, p. 1102) on Oct. 12.
► Interest semi-annual. Maturity 40 years, subject to call after 20 years.
Certified check for $500 Is required.

San Bernardino City High School District (P. O. San Ber­
nardino), San Bernardino County, Cal.— Bond Sale.— Jas. II.
Adams & Co. of Los Angeles are reported as having pur­
chased $35,000 5% gold school bonds for $37,315— the price
thus being 106.614. These securities were awarded on
Oct. 11 to the American Savings Bank of Los Angeles, but
were subsequently refused by them. See V. 89, p. 1239.
San Francisco, Cal.— Bond Election.— It is reported that
Dec. 28 has been decided upon as the day on which to vote
on the question of issuing the $45,000,000 bonds for the
Hetch Hetchy water system. See V. 89, p. 1239.
San Jacinto High School District (P. O. San Jacinto),
Riverside County, Cal.— Bond Sales Not Consummated.— We
are advised that the sale of the $15,000 high-school-building
bonds to the Riverside Savings Bank of Riverside (V. 89,
. 742) was canceled, as it was found that the issue had not
een advertised for the required time. The bonds were then
re-advertised and awarded to the American Savings Bank
of Los Angeles, but we are now advised that this sale also
fell through. The securities carry 5j^ % interest and
mature in 40 years.
Santa Barbara, Cal.— Bond Offering.— Proposals will be
received until 5 p. m. Dec. 2 by Alfred Davis, City Clerk,
for $40,000 4)^2% water-works-extension bonds.

C

Denomination $1,000. Date Sept. 1 1908. Certified check on a bank In
Santa Barbara for $1,000, payable to the City Treasurer, Is required.

Sapulpa, Creek County, Okla.— Bonds Not Sold.— No bids
were received for $250,000 water, $50,000 sewer and $15,000
fire-department bonds offered on Nov. 15.
Saugus School District, Los Angeles County, Cal.— Bond
Offering.— Proposals will be received until 2 p. m. Nov. 29
by the Board of Supervisors for $4,000 4 Yz% bonds. De­
nomination $400. Date Nov. 29 1909. Interest annual.
Maturity $400 yearly on Nov. 29 from 1910 to 1919 inclusive.
Schenectady, N. Y .— Certificate Offering.— Proposals will
be received until 11 a. m. Dec. 8 by O. S. Luff man, City
Comptroller, for $100,000 certificates of indebtedness issued
in anticipation of taxes.
Authority Section 78, Chapter 55, Laws of 1909. Date Dec. 8 1909.
Interest rate to be named In bid. Maturity Feb. 25 1910. Certified check
on a bank or trust company for 1 % of certificates bkl for, payable to the
City Comptroller, Is required. Purchaser to pay accrued Interest.

Sherman, Grayson County, Tex.—Bond Election.— An
election will be held, it is stated, on Dec. 20 to vote upon
propositions to issue $12,000 water and $8,000 streetimprovement bonds.
Shreveport, Caddo Parish, La.— Bonds Voted.— The elec­
tion held Nov. 23 resulted in favor of the propositions to
issue the $167,000 funding and $250,000 paving and sewer­
age 4% 10-40-year (optional) bonds mentioned in V. 89,
p. 1371.
Sioux Falls, Minnehaha County, S. D .— Bond Offering —
Further details’are at handjrelative to the offering on Nov. 30
of the $178,500 5%':jcoupon refunding bonds mentioned in
Y. 89, p. 1371. The .bonds will be sold at auction at 9 a. m.
on that day by Lewis Larson, City Auditor.
Authority, Art. 23, Chapter 14, Revised Codes of 1903. Denomination
$500. Date Jan. 1 1910. Interest semi-annually at the Chemical National
Bank in New York City. Maturity on Jan. 1 as follows: $35,000 In 1915,
$43,500 In 1920 and $100,0Q0 In 1930. Certified check for $10,000, payable
to the City Treasurer, Is required.

Smithville, Bastrop County, Tex.— Bonds Registered.—
An issue of $1,500 5% 1-26-year (optional) school-house
repair bonds was registered on Nov. 17 by the State Comp­
troller.
Solano School District, Cal.— Bond Sale.— On Nov. 1
$2,000 6% 1-4-year (serial) building bonds were awarded to
the Bank of Suisun, Suisun City, at par.
Denomination $500.

Date Nov. 4 1909.

Interest annual.

South Bend, Ind.— Bond Offering.— Proposals will be
received until 11 a. m. Dec. 2 by Fred. W. Martin, City
Comptroller, for $30,000 4% street and alley-improvement
(city's portion) bonds.
Date Dec. 1 1909. Interest semi-annually at the National Park Bank
In New York City. Maturity Dec. 1 1929. Bid must be accompanied by
a deposit of $100. Purchaser to pay for the printing of the bonds. De­
livery on or before Dec. 20 1909. Official advertisement states there Is no
litigation pending or threatened against the city; also that no default has
ever been made In the payment of obligations.

Spokane, Wash.— Bond Sale.— On Nov. 22 the $500,000
bridge-construction and the $500,000 water-extension and
funding 25-year gold coupon bonds described in V. 89, p.
1102, were awarded to a syndicate composed of the Harris
Tust & Savings Bank, E. H. Rollins & Sons, A. B. Leach
Co. and N. W. Halsey & Co., all of Chicago, at 102.43 for
4 i^s— a basis of about 4.34% . The following bids were
received for i } 4 % bonds:
$500,000

b r id g e

b o n d s.

Harris Trust & Sav. Bank, K. H. Rol-1
11ns & Sons, A. B. Leach & Co. andJCldcago ..$512,150
............
N. VV. Halsey & C o ............................J
Kountze Bros., New \ o rk _____________________ 511,415
M. and J. D. Finley. Spokane___________________ 507,001
Exchange National Bank, Spokane---------------------- 506,850




[VOL. LXXXIX.

THE CHRONICLE

1442

$500,000

w a te r b o n d s

$512,150
511,415
507,001
506,850

Stanton County (P. O. Johnson), Kan.— Bonds Voted.—■
It is stated that this county on Nov. 15 voted to issue bonds
in aid of the Gulf & Northeastern Ry.
Sweetwater Independent School District (P. O. Sweet­
water), Nolan County, Tex.— Bond Offering.— Further de­
tails are at hand relative to the offering of the $10,000 5%
coupon school-building bonds mentioned in V. 89, p. 1240.
Proposals will be received by M. B. Howard, Secretary.
Denomination $1,000. Date July 10 1909. Interest semi-annually at
the First National Bank of Sweetwater or at the State Treasurer's office
In Austin. Maturity 40 years, subject to call after 10 years. Bonded debt,
including this issue, $22,000. No lloating debt. Assessed valuation 1909,
$1,604,000.

Tacoma, Pierce County, Wash.— Bond Offering— Pro­
posals will be received until 10 a. m. Dec. 22 at the office of
John W . Linck, Mayor, for $100,000 4
electric-light
and power-system bonds.

Denomination $1,000. Interest semi-annually at the fiscal agency of
the State of Washington in New York City. Maturity 20 years. Certi­
fied check for 51,000 is required. Bonds will be delivered within 30 days
after Dec. 22 1909.

Texas County School District No. 8, Okla.— Bond Sale.—
The Oklahoma Bond & Trust Co. of Guthrie recently pur­
chased $8,000 6% refunding bonds at 102. Date Nov. 8
1909. Maturity July 1 1929.
Thermalito Union School District, Butte County, Cal.—
Bonds Voted.— A proposition to issue $10,000 5% 1-10-year
(serial) gold school bonds carried by a vote of 69 to 25 at an
election held Nov. 11. Denomination $1,000. Interest
semi-annual.
Traverse City, Mich.— Bonds Defeated.— A proposition to
issue $16,000 bonds was defeated on Nov. 17 by a vote of
147 “ for” to 268 “ against.”
< t
Trenton, N. J.— Bonds Not Sold.—-The $200,000 4% 30year city-hall bonds offered on Nov. 23 (V. 89, p. 1372) did
not attract any bidders.
Troy, N. Y .— Bond Sale.— An issue of $40,000 4% 1-20year (serial) registered water-works bonds, proposals for
which were asked until Nov. 23, was awarded to Hiram W.
Gordinier, City Comptroller, as Trustee of the Sinking Funds.
The price paid was par and accrued interest. Date Aug. 15
1909. Interest semi-annual.
Two Harbors, Lake County, Minn.— Bond Sale.— The
$15,000 5% gold coupon refunding bonds described in V. 89,
p. 1298, were sold on Nov. 15 to the First State Bank of
Two Harbors at 101.333. Following are the bids:
First State Bank, Two Harb.$15,200IS. A. Kean & Co., Chicago..$15,150
C. H. Coffin, Chicago______15,1511
Maturity Oct. 1 1919.

Tyler, Tex.— Bonds Not Approved.— The Attorney-Gen­
eral’s office recently refused to approve an issue of $11,000
bonds for the purpose of constructing and laying water
mains in North Tyler connecting with the mains of the Tyler
Water Co. Assistant Attorney-General J. T. Sluder holds
that the bonds conflict with Section 3 of Article X L of the
Constitution, which provides that “ No county, city or other
municipal corporation shall hereafter become a subscriber to
the capital stock of any private corporation or association or
make any appropriation or donation to the same or in any
wise loan its credit.”
Union School District, Butte County, Cal.— Bonds Voted.—
According to reports, a proposition to issue $10,000 bonds
carried by a vote of 69 to 25 at a recent election.
United Irrigation Districts of Mesa County a n d Palisade,
Col.— Bond Election.— At a joint meeting of the Directors of
the Mesa County Irrigation District and the Palisade Irri­
gation District held Nov. 20, it was determined, according to
reports, to call an election for Dec. 16 to vote on the question
of issuing $176,000 bonds to build a diverting dam across
Grand River, aloove Palisade. It is proposed to bond each
district equally.
Utah.—Bonds Purchased by State Funds during September
and October.— The following bonds were purchased during
the months of September and October with State funds:

Maturity
dated Aug. 1 1909. ------- - Aug.
, - .1 1929, subject to call after Aug. 1 1914.
' _No^
"
" $6,000 6 % school bonds, dated
Uinta County School District
May l 1909. Maturity May 1 1920, subject to call after May 1 1914.
Garfield County School District No. 5—$3,500 5% school-!mprovement
bonds, dated Oct. 12 1909. Maturity July 1 1920, subject to call after
JU,lrhc1 flra1 1 our Issues mentioned, aggregating $46,562 80, were sold (luring
September, while the last-mentioned issue was disposed of during October.
The 5% bonds brought par while the 6 % Issue was disposed of at 101 ..38. 4

Utica, Licking County, Ohio.— Bond Sale.— The New First
National Bank of Columbus was awarded on Nov. 24 the
two issues of 5% 2-11-year (serial) Main Street bonds,
aggregating $31,931 32, described in V. 89, p. 1372, at
104.411 and accrued interest. Following are the bids:
New FIrstNat.Bk.,Colum.$33,339
First Nat. Bank, C levc.. 33,228
Farmers' Bank, Utica----- 33,219
Hoehler & Cummings, Tol. 33,181
Hayden,Miller & Co.,Clev. 33,110

82
32
32
57
32

Security Savings & Trust
Co., Toledo----- - - - ------ s 2
First Nat. Bank, U tica-. J3.002 32
Scasongood & Mayer, Gin. S i , V T £ Z i
Well, Roth & Co.. Cine.. J2,90o 22

Vaiden, Carroll County, Miss.— Bond Offering.— Proposals
will be received until 7:30 p. in. Dec. 8 by C. L. Armstrong,
City Clerk, for $21,000 water bonds recently voted. Certi­
fied check for $1,050 is required.
Victoria County Common School District No. 13, Tex. •
Bonds Registered.— On Nov. 18 an issue of $3,000 5% 10-year
chool-house bonds was registered by the State Comptroller.

tfOY. 27 1909.1

THE CHRONICLE

1443

W o b u r n , M idd lesex C o u n ty, M a s s .— B o n d O f f e r i n g .—
Proposals will be received until 7 :3 0 p . m . N o v . 30 b y John C. C a n a d a , its P r o v i n c e s a n d M u n ic i p a li t i e s .
B u c k , City Treasurer, for $ 4 0 ,0 0 0 4 % coupon bonds.
Battleford, Sask.— Price Paid for Debentures.— We are in­
Denomination $1,000. Date July 1 1009. Interest semi-annually at
the Second National Bank of Boston. Maturity $4,000 yearly on July 1 formed that the price paid for the $18,000 5J^% debentures
from 1910 to 1919 Inclusive. Official circular states that the genuineness awarded on Nov. 6 to C. H. Burgess & Co. of Toronto
of these bonds has been certified to by the City Trust Co. of Boston, who (Y . 89, p. 1373) was $18,138 (100.766) and accrued interest.
will further certify that In the opinion of Storey, Thorndike, Palmer &
Debentures Voted.— It is reported that the rate-payers of
Thayer, this Issue Is a valid obligation of the city. The bonds will be
ready for delivery Dec. 1 1909.
this town have authorized the issuance of $10,000 sidewalk
Y o n k e rs, N . Y .— B o n d O f f e r i n g .— Proposals will be re­ debentures.
ceived until 12 m . N o v . 30 b y James T . Lennon, City
Elgin County (P. O. St. Thomas), Ont.— Debenture Sale.—
Com ptroller, for the following 4 j ^ % registered bonds:
The Ancient Order of United Workmen recently purchased
$40,000 water bonds. Maturity $1,000 yearly on Nov. 1 from 1910 to $20,000 4^2% 10-year house of refuge and registry debentures
1949 inclusive.
50.000 city-hall bonds. Maturity $2,500 yearly on Nov. 1 from 1910 to at par.
1929 Inclusive.
Exeter, Ont .— Debenture Sale.— On Nov. 19 the $22,000
40.000 school bonds. Maturity $2,000 yearly on Nov. 1 from 1910 to
1929 Inclusive.
5% water-works debentures described in V. 89, p. 1299,
50.000 revenue bonds. Maturity April 1 1914.
were
awarded to Brent, Noxon & Co. of Toronto at 102.222.
Date Nov. 1 1909. Interest April 1 and Oct. 1. Certified check for
2% of the bonds bid for, payable to Gideon H. Peck, City Treasurer, Is The bids were as follows:
required. Purchaser to pay accrued interest. Bonds will be ready for Brent, Noxon & Co., Tor_$22,489 001C. H. Burgess & Co., Tor.$22,373 70
delivery on Dec. 7 1909. The opinion of Delafleld & Longfellow of New Steiner, Dunlap & Co.,Tor 22,401 00] G. A. Stimson & Co., T or. 22,241 00
York City as to the validity of the bonds will be furnished to the purchaser.
Maturity part yearly for 20 years.
Y o u n g s to w n , O h io .— B o n d S a l e .— T he follow ing bids were
Glen Ewen, Sask.— Debenture^Sale.— The $1,00017%
received on N o v . 22 for the nine issues of 5 % bonds, aggre­
10-year permanent-improvement debentures mentioned tin
gating $ 2 4 ,2 6 0 , described in V . 8 9 , p . 1373:
V. 89, p. 1241, have been disposed of to the Northern Crown
$1,100
$500 $5,335 $5,060
$4,725
Bank.
b o n d s.

b o n d s.

First Nat. Bank, Cleveland. 1,102 50
Firemen’s Pension Fund,
Youngstown----------------al,109 79
nayden.MllLr&Co.,Cleve..l,106 00
M. D. Kiolnzahler & Co.,
Youngstown---------------------- 1,105 50
New First Nat. Bk.,Colum.1,102 00
Seasongood <SoMayer, Cine.. ______
Otis & Hough, Cleveland... ______
Well, Roth & Co., Clncln... . . . . . .

b o n d s.

b o n d s.

b on d s.

500 00a5,478 60a5,196 60a4,8550 10
a504 45 5,434 23 5,154 1 1 4 , 8 1 2 88
503 00 5,473 00 5,190 00 4,847 00
501 50
__
______
______
_.
$005
b o n d s.

5,420 36
5,470 50
5,475 0 0
5,471 00
5,436 25
$640
b o n d s.

Guelph, Ont .— Debenture Sale.— The $50,000 5% 30-year
hydro-electric-plant and machinery debentures described %
in
V. 89, p. 1300, were 3old on Nov. 16 to the Ontario Securities
Corporation of Toronto.

4,75000
5,190 00 4,821 00
Markdale, Ont .— Debenture Sale.— The
5,192 58
5,189 00 4,846 66 works and the $3,000 fire-hall 4y2% 10 and
5,158 10 . .
tures voted on Sept. 13 (V. 89, p. 1028), have
$3,860
$2,375
b o n d s.

b on d s.

S
S
$
$
First National Bank, Cleveland______ a668 50 aC43 40a3,962 15a2,435 60
Firemen’s Pension Fund___________ 666 10 a643 10 3,731 79 2,419 17
Hayden, Miller & Co . . . ............................................ 3,959 00 2,414 0 0
M. D. Klelnzahlei & Co . _________ 666 00 641 00 3,876 00 2,380 00
New First National Bank........ ......................................... 3,005 00 2,402 00
Seasongood & Mayer............ ......... .. ........................... 3,943 53 2,429 00
Otis & Hough...... ......... ......... ............................
........... 3,959 00 2,436 00
« Successful bidders.
Otis & Hough bid for $10,000 bonds or none. All bidders offered ac­
crued interest in addition to their bids.

$7,000 water­
30-year deben­
been purchased

by Brent, Noxon & Co. of Toronto.

Miniota, Man.— Debenture Offering.— Proposals will be
received until 12 m. Dec. 7 by Wm. Howard, SecretaryTreasurer, for $12,000 4% telephone-system debentures.
Interest semi-annual. Maturity 20 years.
Moncton, N. B.—Bonds to Be Issued Shortly.— Reports
state that this place will be on the market next year with
an issue of bonds.

NEW LOANS

INVESTMENTS.

$ 1 2 ,5 0 0 ,0 0 0

HUNT, SALTONSTAll & CO.,
M e m b e r s N ew Y o r k S to c k E x c h a n g e

NEW YORK CITY

In v e s tm e n t S e c u r itie s
60 S T A T E S T R E E T
BOSTON

Per Cent. Gold Corporate Stock
PAYABLE MAY 1 1959

W E OW N AND

O FFER

MUNICIPAL BONDS

Exem pt from all T axation

Tax Exem pt Anywhere In the United States

I s s u e d in C o u p o n o r R e g is t e r e d F o r m

ULEN, SUTHERLIN & 00.

I n t e r c h a n g e a b l e a t w ill a f t e r P u r c h a s e

617 Flnt NIL Bank Bldg, CHI CAGO, ILL

ToBe Sold Friday, December 101909

W rite for Particulars

F. WM. K R A F T
rj

LAW YER

Specializing in Examination of

At 2 o ’ c lo c k P. M.

Municipal and Corporation Bonds
1312 F I R S T

COUPON IN TEREST PA Y A BLE
A T O P T IO N O F H O L D E R

IN N EW

Y O RK OR

LONDON

N ATIO N A L B A N K

BLDQJ

CHICAGO, ILL.

Blodget, Merritt & Co.
H A N K ER S

6 0 S T A T E ST R E E T , BOSTON
3 0 P IN E S T R E E T , N E W Y O R K

A LEGAL INVESTMENT FOR TRUST FUNDS

STATE, CITV & RAILROAD BONDS

Send bids In a sealed envelope enclosed In the addressed envelope. A DEPOSIT OF TWO
PER GENT 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.

Charles M. Smith & Co.

Consult any Bank or Trust Com pany, or add ress

H E R M A N A . M E T Z , C o m p tr o lle r C ity o f N ew Y o rk




280 B roa d w a y, N ew Y ork.

C O R P O R A T IO N A N D
M U N I C IP A L

BONDS

FIRST NATIONAL BANE BUILDING
CHICAGO • * '~ r

[VOL LXXXIX.

THE CHRONICLE

1444

Montreal, Que.—Loan Election.— Reports state that an
election will be held Dec. 21 to vote on a lighting-plant
by-law which shall provide for the issuance of bonds, deben­
tures or inscribed stock to the amount of 152,000,000. The
loan, if authorized, will carry interest at a rate not to exceed
4% and mature within 40 years.
North Colchester Township, Ont.— Debenture Sale.— G. A.
Stimson & Co. of Toronto were recently awarded 159,633
5% 10-year debentures.
North Vancouver, B. C.— Debenture Sale.— On Nov. 18
the 830,000 4 K % 30-year general debentures, 817,474 40
5% 20-year local-improvement debentures and 815,000
4J^% 30-year water district debentures, described in V. 89,
p . 1242, were awarded to Geo. A. Stimson & Co. of Toronto
at 96.30. The bids were as follows:
G A Stimson & Co..Toronto $60,1601 AemilUis Jarvis & Co., Toron.$58,015
C ’ H Buries” & Co., T oron .. 58.667 Bank of British North Amer. 57,407
Dominion Secur.Corp..Toron. 58,295 Wood, Gundy & Co., Toronto 57,162
General Securities Co_______ 58,1421Brent, Noxon & Co., Toronto 50,079

Stamford Township, Ont.— Debenture Sale.— Gn Nov. 20
the $8,700 5% coupon local improvement debentures de­
scribed in V. 89, p. 1301, were awarded to G. A. Stimson &
Co. of Toronto at 103,275 and accrued interest. The follow­
ing bids, all from Toronto houses, were received:
G. A. Stimson & Co_________ $8,985 Wood, Gundy & Co-------------- $8,857
H. O’ Hare & Co......................... 8,943 VV. A. MacKenzle & Co----------- 8,800
C. H. Burgess & Co__________ 8,937 Aemilius Jarvis & C o ............- 8.707
Brent, Noxon & Co---------------- 8,911 Dominion Securities Corp--------8,793
8,787
Steiner, Dunlap & Co_________ 8,890 Ontario Securities Co----- Date Dec. I 1909. "interest ’on Dec. I at the Townshipi Treasurer’s
office. Maturity part yearly for 20 years. Debentures ar? ®
•
0i n
3,11 tflXGS
r\nhnnfii»*n
ln/ > lluU fl(T t'.VllQ issue, X2().883
6SSCCl valuaDebenture rlobf
debt, including"this
$26,883.■ j\SS
Assessed
tion 1909 $1,456,660.

Toronto, Ont.— Debenture Election.— An election will be
held, it is stated, on Jan. 1 1910 to vote upon a proposition
to issue 8769,000 Bloor Street viaduct debentures.
Victoria County (P. O. Lindsay), Ont.— Debenture Sale.—The 820,000 4% 20-year debentures offered on Nov. 15
(V. 89, p. 1301) were awarded to the Ontario Securities Cor­
poration of Toronto at 95.785. A list of the bids received
follows:

Orillia, Ont.— Debenture Sale.— C. H. Burgess & Co. of Ontario Securities Corp...........$19,157 Dominion Secur. Corp., Ltd-$19,054
Toronto were the successful bidders on Nov. 15 for the five C. H. Burgess & C o .................. 19,132
IW. A. MacKenzle & Co................ J9.0o2
issues of 4 1^}% coupon debentures aggregating 8143,000, Aemilius Jarvis & Co------------ 19,115|G . ,\. Stimson & Co-----------It. C. Matthews & Co________ 19,110W ood, Gundy * Co------------ 19.012
described in V. 89, p. 1242.
Brent, Noxon & Co_________ 19,082 II. O’ Hara & C o..................... 18,882
Dunlop & Co---------- 19,082 i
Petrolea, Ont.— Debenture Offering.— Proposals will be re­ Steiner.
The above bidders are all of Toronto.
ceived until Nov. 29, it is stated, for the following 4 ^ %
Weyburn, Sask.— Debenture Sale.— Nay & James of
debentures:
Regina recently bought $28,000 5% 40-year debentures.
$2,000 ‘‘ Petrolea Debenture Act” debentures. Maturity 30 years.
Wilcox School District No. 1633 (P. O. W ilcox), Sask.—4,000 “ Waterway Bridge” debentures. Maturity 20 years.
2,743 brick pavement debentures. Maturity 20 years.
Debenture Sale.— J. Addison Reid & Co. of Regina purchased
11,792 brick pavement debentures. Maturity 20 years.
on Nov. 5 $600 5 j^ % 10-year furnace debentures tor $60o—John McHattle Is Town Clerk.
the price thus being 100.833. Date Nov. 5 1909. Interest
Richmond Township, B. 0 .— Debenture Offering.— Further annual.
details are at hand relative to the offering on Dec. 1 of the
Winnipeg, Man.— Debenture Election.— An election will be
$275,000 water-works and $75,000 road-improvement 4 y2% held Dec. 14 to vote upon propositions to issue $50,000
coupon debentures mentioned in V. 89, p. 1242. Proposals public baths and gymnasium, $50,000 Central Park Art
will be received until 12 m. on that day by S. Shepherd Gallery and Museum and 8150,000 conduit-construction
(P. O. Rural Route No. 1, Eburne), Clerk of the Municipal
debentures.
Council.
Young School District, Sask.— Debenture Sale.— This dis­
Denomination $100 or more. Date Dec. 1 1909. Interest semi-annu­
ally at the Northern Crown Bank In Vancouver. Maturity Dec. 1 1959. trict recently disposed of $2,400 5»^% debentures to Nay &
Total debt. Including these issues and local improvement debentures, James of Regina.
Maturity part yearly for 10 years.
$610,321 50. Assessed valuation 1909, $2,621,370 50.

ACCOUNTANTS.

INVESTMENTS.

INVESTMENTS,

PERRY, COFFIN & BURR

M U N IC IPA L BONDS

Investment Bonds

W. A. MACKENZIE & CO.,

Arthur Young & Co.

TORONTO, CANADA

Certified Public Accountants

C A N A D IA N

60 State Street, Boston

(IL L IN O IS )

F O R R E S T

& C O .

BANKERS

M cC O Y

&

Municipal and Seasoned
Corporation Bonds

C O M PA N Y

Formerly Mao Donald, McCoy & Co.

Municipal and
Corporation Bonds

181 LaSalle Street, - Chicago

m

F R E E OF TAX
CHESTNUT ST..
PHILADELPHIA. PA.

8LACKSTAFF

& CO . L Y B R A N D ,
RO SS BRO S &
MONTGOM ERY
Street

IN V E S T M E N T S
1332 Walnut
PHILADELPHIA

ESTABLISH ED 4885

H . C . Speer &

Sons C o .

First Nat. Bank Bldg., Chicago

Certified

LISTOFSPECIALTIESQNREQUEST

CITY, CO UNTY
D flM D S
Jo
A N D SCHOOL

h n

H.

W

a t k in s

MUNICIPAL
BIRD 8.COLER

LEONARD H. HOLE.

Public

A ccou n ta n t*

( P e n n s y lv a n ia )
L a n d T i t l e B u ild in g
P H IL A D E L P H IA .
C it y I n v e s t in g B ld g ., 1 6 3 B r o a d w a y
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P IT T S B U R G H .
F i r s t N iiilm ia l B n n k B ld g .,
C H IC A G O

AND

W. N. C O L E R & CO.,

RAILROAD BONDS

BANKERS
43 CEDAR ST.. NEW YORK.
IN V E S T M E N T S .

No. 2 WALL STREET, NEW YORK

JAM ES P A R K

P. J. G00DHART & CO.,
H a n k ers

WEBB & C 0„

N e w Y o r k , 3 0 P in e S t r e e t
M i l w a u k e e , 0 3 3 W e l l * B id s
C h ic a g o , 1 3 1 3 M o n a d n o c k B lo c k
K a n s a n C it y , 1 1 0 6 C o m m e r c e B ld g ,

37 B R O A D W A Y

-

-

NEW

YORK

Telephone 2240 Rector

& CO.

C E R T IF IE D P U B L IC A C C O U N T A N T S

New York,Chicago, Cincinnati and
London, England.
A U D IT O R S
FOR
F IN A N C IA L
IN S T IT U '
TXONS, I N D U S T R IA L A N D
M IN IN G C O M P A N IE S
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3 2 6 W n l n u t 8 t „ C in c in n a t i

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74 BROADWAY, NEW YORK

Bank and Trust Co. Stocks
M U N ICIPA L A N D

R A IL R O A D

BONDS
Bank and Trust Company Stocks
NEW YORK AND BROOKLYN
BOUGHT AND SOLD

C L IN T O N G IL B E R T ,
2 w a l l ST„ NEW YORK.




56 Pino Stroot,

-

NEW Y O R K

Telephone 4261 John.

L I S T O N A P P L IC A T IO N

SE A S0N G 00D &

ALFRED ROSE & CO.,
CERTIFIED PUBLIC ACCOUNTAMT*

LOOM IS, CON ANT & CO.

M A Y E R , CERTIFIED PUBLIC ACCOUNTANTS

Mercantile Library Building
CINCINNATI

30 B ro a d Street, N ew Y o rk
mol A UKH TirnniL